2024-03-31-accounts

Annual Report of the Campden Charities Trustee a Public Benefit Entity Registered company number- 05093340 Registered charity number- 1104616 the Campden Charities Registered charty number- 1003641 The Directors present their report for the year ending 31st March 2024 Registered offices.. 27a Pembridge Villas London W113EP Telephone: [phone]

Contents structure, Governance and Management 3to6 Trustees, report 7t017 Trustees, responslbllities in relation to the flnancial statements 18 Auditor's report 19to22 Audited annual accounts 23to43

Structure, Governance and Management Directors & Trustees Co-o ted Trustees Mr C Manners Mr R Anderson Mr R Atkinson Mr S Berwick Dr C Davis Mr D Hawkins Ms F Manthos Ms J Mills Mr R Qrr-Ewing Ms J Soulieux Ms M Thomas Mr C Townsley Mr M Richards Lady C Faulks Chairman HR Liai80n Trustee (To Jun6 2023) Vica Chairman HR Liaison Trustse (To June 2023) Chair Governance Committee Chair General Purposes Commi118e (To June 20231 Chair Invastmeni Committee Staff Mrs A Ala Ms C Alcorn Ms J Cantor-Alim Ms U Clery Ms J D'souza Mr C Ennis Ms F Farjani Miss C Fontes Silverstre Mrs H Karuna Nagraj Ms N Januchta Ms S Julienne Ms N Khrushcheva Ms L Laver Miss R Mohammed Ms M Ozgovercin Mr B Pitrola Miss J Sealy Mrs E Strokova Mr A Woolgar-Toms Grants Director Office Manager Cleaner Grants Officer Grants orricer (From April 2023 to January 20241 Gr2nts Officer Grants Manager Grants Qfficgr {To July 20231 Accounts Assistant (From February 20241 Grants Manager Grants Offic8r Finance Director Grants Officer {From April 20231 Grants Officer (From April 20231 Applications Officer (From April 2023) Accounts Assistant Grants Officer Accounts Assislant {from March 2023 ID February 20241 Chief Executive Officer & Company SeGrotary

Professional advisors & agents Auditors Bankers HSBC 69 Pall Mall London SW1Y SEY Asset Mana ers RBC Brewin Dolphin 2nd Floor 5 Callaghan Squ?re C3rdiff CFIO 5BT Grfffln Stone Moscrop & Co 21-27 Lamb's Condull Street London INC1N 3GS NATWEST g, FIDor, Bishop8gate London EC2M 4RB SavTlls PIC 33 Margaret Stre6t London W1G OJD ITIIS Consultants Insurance Consultants HR Consultants Starford Veryan, Bleckbeiry Calleva Part(, Lingfteld Wesl Sussex RH7 6NQ Ilertech Commel House Aldermasion, Berkshire RG7 8JA Marnh Commercial 1st Floor Gail House Lower Stone Street Maidstone ME15 6NB Gallagher 71h Floor Temple Point l Ternple Row Birmingham B2 5LG History The Campden Charities were founded by endowments in the wills of Baptist Viscount Campden and Elizabeth Viscountess Dowager Campden who died in 1629 and 1643 respectively. The endowments were for the good and benefit of the poor of the ParisFI forever to put forth one poor boy or more to be apprentices 'The Charities, area of benefit was, and remains, the old Parish of Kensington. The current scheme interprets the original objects in terms of providing grants for the relief of need and for the advancement of education. Grants are made directly for the benefit of individual residents of Kensington who are in financial need and to organisations that assist those individuals. The Campden Charities Trustee (CCT) is an incorporated body of Trustees, a company limited by guarantee not having share capital (company number - 5093340), incorporated on the 5th of April 2004 and registered as a separate charity (charity number 1104616) to act as the Trustee of the Campden Charities. The CCT undertakes no activities other than to act as the Custodian and managing Trustee of the Charities. The Trustees are directors of the CCT and are appointed according to its Articles of Association, They are referred to as Trustees throughout th is report. Trustees must be selected according to their special knowledge of the area of benefit, their familiarity with aspects of the Charities, work and expertise relevant to the Charities, operations. New trustees may be elected by the existing trustees after a three-month period of attending the Charities, meetings as observers and familiarising themselves with its work, New trustees receive induction into the Charities, procedures and their responsibilities. Training needs are identified, and suitable provision made. A Uniting Order granted by the Charity Commissioners in a letter dated 25th January 2005 came into effect on 1 St April 2005 to unite CCT and Campden Charities under the charity number of CCT. The reporting and accounts are aggregated. At an Extraordinary General Meeting held on the 20th February 2006 the Trustees passed a resolution, the effect of which was to make the Incumbent of the present

Benefice of St Mary Abbots, Kensington the sole ex-officio Trustee and to confer nominating rights on the Parish and the Royal Borough for two and three Trustee positions respectively. This Is currently under review, such as to ensure alignment with the needs of the Charities, and governance best practice. The Chairman of the Charities is elected annually from the body of Trustees. This election takes pla￿ at the Annual General Meeting. Day-to-day operational management of the CCT, the Campden Gharities, its staff and assets is the responsibility of the Clerk to the Trustees, Mr Alexander Woolgar-Toms who acts as Chief Executive Officer and Company Secretary. All policy, partnership funding decisions and extraordinary grants are made by the Trustees. Grants of under £1 Ok are approved under financial authorities delegated to the Executive team, On the 27th March 2009 thè Trustees obtained an Order from the Charity Commission permitting the expenditure of the unapplied total return on the Charities, assets. This allows greater flexibility in investment strategies and reduces the impact of volatility on the funds available for grant giving through all market conditions. The Trustees selected the March 1991 valuation of £25,028,740 as the value for the permanent endowment. Principal obJectives and activities The objects in the revised 2004 scheme governing the Campden Charities are., 'To relieve either generally or individually persons resident in the fomier Parish of Kensington and the former Royal Borough of Kensington who are in need of financial assistance by means of the payment of pensions and of grants to individuals and organisations and to advance the education and training (Including vocational, social, recreational and physical} of those residents as aforesaid who are in need of financial assistance by means of grants to individuals and organisations to the intent that one half of the Charities, income available for grant giving shall be applied to the relief of need and the other half to the advancement of education save that if in so far as income in any one year is not required for application for the advancement of education, it may be applied to the relief of need. The objects of The Campden Charities Trustee are.. 'To relieve either generally or individually persons resident in the former Parish of Kensington and the former Royal Borough of Kensington who are in conditions of need hardship and distress and to promote the education and training (including vocational, social, recreational and physical) of those in need of financial assistance by means of grants to individuals and organisations. The Trustees, statement of purpose is. The Trustees seek to respond to the needs of people living in the Old Parish of Kensington, alleviating financial poverty by giving grants and by supporting education and vocational training for those in financial need.

Public benefit statement The Campden Charities Trustee is a public benefit entity and the Trustees have given due consideration to the Charity Commission's published guidan￿ relating to the Charities Act 2011 , and as amended in 2022. The Trustees seek to ensure the application of the Charities, funds/inGome for the benefit of those residents of Kensington in financial need and meeting the Charities, criteria. In determining the funds available for grant giving, the Trustees give due consideration to the needs of current and future beneficiaries such that the Charities will be able to fulfil their objects in perpetuity. Trustees currently regard two years as the minimum qualifying period for residency in Kensington (save for rehoused survivors of domestic abuse and individuals arrived as unaccompanied minors, for whom the requirement Is one year), Criteria used to identifyfinancial need are based on the minimum income a household needs to remain above the poverty line. For working households, the minimum income standard guidelines are the point of referen￿. There is a particular focus on advancing the education of beneficiaries to give them such skills and knowledge as will enable financial independence, and support those in low-paid employment to help progression to more sustainable employment. Strenuous efforts have been made, through publicity and by encouraging local organisations to refer potential beneficiaries, to ensure that all those who might qualify for assistance are aware of the opportu nities available via the Charities. Each individual applicant Is assessed, and a grant made according to their specific needs. Eligible charitable not-for-profit organisations are funded where their work has been demonstrated to assist individual beneficiaries to take steps towards financial independence or to support older beneficiaries in financial need. It is the Trustees, view that their grants are more effective when accompanied by appropriate advice and guidance. This guidance is provided by the Charities, own staff, funded partner organisations, and others. For this reason, the Trustees believe that the staff time provides added value to the grants awarded to beneficiaries and forms a crucial part of the fulfilment of their objectives. Consequently, the Charities employ a larger staff team than might be typical for a grant maker of its size. The Trustees seek to make the most cost-effective use of the Charities, funds to make lasting, meaningful and positive change to beneficiaries, lives, helping them to engage with, and contribute to their community and wider sociefy. Trustees continue to devote the resources necessary to attempt to measure the outcomes and efficiency of the Charities, work.

Trustees, Report Achievements and Performance The current grant giving programmes have been in development since 2006 when the Trustees took a decision to identify potential beneficiary households according to objective financial hardship criteria. The initial ambition was to assist these households to become financially Independent largely through providing support and funding training to help beneficiaries Into employment. However, it became clear that the majority of beneficiary households faced a range of barriers and that their progress was far from straightforward. These barriers included debt, limited education, age and mental and physical health issues. Trustees acknowledged that there were many beneficiaries for whom, in the short to medium term, financial independence was not a realistic goal. Trustees have expanded their staff team to build relationships with beneficiaries and also partnered with local organisations to address particular issues. Initially the Trustees judged success by the number of individuals helped into employment and the per capita cost of doing so. However, the majority of the Charities, work and funding related to much smaller steps in the benefiGiaries' journeys. At the Trustees, seventh annual conference in 2015 they considered evaluation in terms of more modest stages of individual progress, The evaluation data for 2015 to 2023 attached to this report is the result of an on-going exercise to accumulate Information about the progress of individuals and the effectiveness of the Charities, programmes. The Trustees have also come to appreciate that obtaining employment is not ne￿sSarilY the end of the journey to financial independence. Low paid jobs are often impemanent and part-time work, zero hours contracts are common. The high cost of childGare can make work unaffordable particularly for lone parents. The transition from benefits can be a painful one and many beneficiaries find they cannot sustain employment. The Trustees therefore established a sustaining employment programme to support beneficiaries in such circumstances and to help them progress to sustainable work. Since the Introduction of the current grant giving programmes in 2006 over £37 million has been given in grants directly to individuals and to organisations.. £37,059,614 £8,321,347 to local charitable organis2tions £10,559,092 to benef iciaries of pension age £4,85 ,978 to Campden scholars & other young people £13,3 9,198 to benef icia ries of worl<ing age During 2023124 a total of £2,584,691 was given in grants, a 18.60/D Increase on the £2,178,602 given in 2022123. This increase was driven both by inflationary pressures

on the purchase of goods and a more strategic approach to outreach, increasing publicity for the Charites, various programmes, especially those for young people. £97,189 was given to individual beneficiaries of pension age down 3.70/0 on the previous year. This was in line with expectations as the Pension Age programme is no longer open for new referrals and beneficiaries frequently roll off the scheme when statutory fundinglallowances exceeds the eligibility threshold., new applicants of state pension age are admitted to the Gateways programme, £269,491 was awarded to help young people from disadvantaged backgrounds to attend university courses- up 3.4 % on 2022123. As with recent years, fewer young people are moving onto the Campden Scholarships programme, as they take time to consider alternative routes to their chosen careers. £385,408 was given in support of individuals seeking work, or looking to gain new skills and qualifications up 25.8 /0 on 2022123, and back to levels prior to 2022. Future publicity will be targeted to encourage more beneficiaries into training and education (however funded), and Grants Officers will continue to work with existing beneficiaries encouraging them to consider education as a route to employment. £196,472 was given via programmes focusing on young peoplelschool leavers and those taking further training whilst considering their options- up an impressive 37.90/0 on 202W23 due to considerable outreach efforts in local schools. £777,453 was given to help those in low paid jobs to help them sustain employment and irnprove their prospects - up 25.5 /0 on 2022123. Outreach via new organisations has inGreased numbers on Sustaining Employment, such that it is now our largest grant programme. The ongoing Cost of Living Crisis tends to affect people in this situation the most and the programme has been crucial in addressing both need and serious lack of support generally for people on low salaries, who have fewer sources of financial support available to them. £371,410 was given to improve the circumstances of those unlikely to achieve employment in the medium term - up 420/0 on 2022123. Grants Officers continue to see evidence of how people's mental health was affected by the pandemic, resulting in a lack of confidence in engaging in formal training or looking for work. Via the Gateways programme, colleagues have been able to work with these individuals to identify ways in which they can improve their circumstances and encourage them to explore different options including attending a gym, undertaking voluntary work or completing short courses with the aim to supporting them towards an employment pathway in the medium to long term. The number of active cases varied throughout the year, but as at the end of March 2023 there were a total of 1,227 active beneficiary cases: 92 Pension Age., 311 Gateways,. 204 Employment Routes, 91 Campden Scholars, 138 young people and 381 in Sustaining Employment. Overall, funding granted to local organisations remained almost exactly in line with 2022123, with 38 organisations receiving a total of £487,268 in support of the Charities, objects. 12 new organi5ations made referrals during the year and the marginal

decrease in Partnership Funding was evened out by increased Referral Related Grant Funding. Risk Management The principal risks to which the Charities are exposed are reviewed annually and monitored via a risk register, In 2016, a fraud risk supplement was added. Trustees take independent professional advice on both specific operational risk and their financial controls, and a rolling review throughout the year ensures that policies, processes and tnitigations remain fit for purpose. All financial processes and grant giving procedures are codified in a Finance Manual and a Grants Manual. Committee procedures, protocols and conduct are also codified and regularly reconsidered. Following the 2024 review, the Trustees are comfortable that they have identified the Charities, key risks and have satisfied themselves that the mitigations in place and under development offer a sufficiently robust and proportionate response. Financial Review Investment owers and olic The Trustees invest the assets of the Charities after seeking relevant professional advice to provide a stable and increasing income over time for the grant giving programmes whilst at least maintaining the real value of the assets. Review of advisors The Trustees have agreed a cycle of review for all advisors. auditors, commercial property agents, residential lettings managers, valuing surveyors and project managers are each reviewed every four years. Banking arrangements and solicitors are reviewed every five years. Fund managers are reviewed at least every three years. Insurance brokers are reviewed annually Investment erformance The Charities, investments comprise equities, fixed interest stocks and direct property holdings. At the 31st March 2024 the total endowtnent funds were valued at £164,354,882 Gompared with £164,911,998 at 31 sl March 2023, a decrease of 0.34'/0. The Trustees instructed Savills to rebase valuations for its whole direct property holding, the first time this had been undertaken in some years. Taking into account the uncertainty around marriage value from lease extensions and freehold enfranchisement the total net book value of investment properties decreased by £6,885,328 down 7.13D/o on 2022123. Despite a c.40/0 drop in prices for prime London property in the first quarter of 2024, there are Indicators that it will be a better year than 2023 with increased demand from those that wanted to move in 2023 but held back due to rising Inflation and rising interest rates. The main sourGes of income during the year were dividends and rental income. The income for 2023124 totalled £4,315,465 as compared to £4,038,561 in 2022123, an increase of 6.9 % . This increase was due both to continuing recovery of rental values in the property portfolio, and an Increase in investmenl income from securities.

The yearfs results show a net outflow of £417,404 as compared to the previous yearfs net inflow of £79,290. The revenue reserve carried forward at 31 sl March 2024 was £496,324, a decrease of45.70/0 on the reserve in 2023. 2023124 saw a rise In the market valuation of the Charities, listed investments from £66,691 ,908 at the end of March 2023 to £73,010,094 a year later, a 9.5 /0 increase. The Charities, property portfolio comprises residential and commercial properties within the area of benefit, including some of the Charities, earliest possessions, stretching back to the 17th Century. The estate is managed in three parts with c.25 0/0 managed in-house by the Clerk, and the remainder managed by two extemal managers. A portion of capital is held in freeholds that produce little income. However, these properties occasionally release capital through enfranchisement and lease extensions. It is the Trustees, view that the property portfolio diversifies risk and allows a more flexible approach to securities investment. The securities fund maintained for propety purchase decreased from £7,896,297 to £7,509,701 during the year. This included capital drawdowns totalling £1,200,000 for the smoothing of cash flow. Tota5 Return and Revenue Reserve The Trustees agreed a combined Total Return and Revenue ReseNe policy on the 23rd November 2010. EaGh year a budget is set for the following year based on an expenditure of no more than 3% of the previous year's closing capital value, projecting an initial total transferred to the revenue reserve being the difference belween projected income and spending, which may be positive or negative (this Budget Setting Rule will be under review during the 2024125 financial year). The final revenue reserve in the budget after the transfer is to be maintained at a minimum of 10 % of budgeted expenditure to facilitate cash flow. The budget will project a draw down from capital as required to meet this cash f]ow requirement. In years where capital is required to balance the budget it will be drawn from the most efficient source at the time. If liquid funds have accrued from the property portfolio these will be used, otherwise fu nds will be drawn from securities portFolios. The budget and revenue reserve value is reviewed at the 6 month point in the cycle. No cash reserve Is held as a matter of policy. Liquid funds are held by fund managers that are sufficient to cover cash flow. Any cash received from property transactions is treated as part of the asset base and utilised in the most effective manner, The asset value, the distribution of assets and revenue reserve are reviewed annua51y as a five-year rolling cycle to ensure that they keep pace with inflation. The 30/0 spending base and the distribution of assets between property and securities may be adjusted accordingly. The revenue reseNe at year end 2023-24 is £496,324 which Is 9.40/0 of the £5,268,445 spend budget set for 2024125. The rolling budget projected that, to maintain a 10 % reserve to facilitate cash flow, a capital draw down of £959,910 would be required at the close of 2024125. As a result of a modest increase in income this drawdown should be reduced by £10,944 to £948,966 if spending and projected income remain within budget. io

Trustees and their rofessional advisors and a ents The Investment Committee meets a minimum of four times a year to review and monitor the actions and performance of their agents. Trustees engage and instruct their professional advisors and agents according to agreed policy through their Clerk. Trustees prepared the following statements of Investment aims to guide their asset managers: Royal Bank of Canada Brewin Dolphin R8C Brewin Dolphin's main fund represents about 25Q/o of the Charities, total funds and the Trustees consider its risk profile in the context of their overall investment strategy. The objective of the fund is total return with emphasis on capital growth, There is no income target nor are there benchmark ranges. There is to be an equity and growth bias and hence there is toleration for a higher risk than would be expected from a balanced charity mandate. The performance of the fund is assessed in terms of the FT AIIShare, the FT World and the FT Government All Stocks Indices, The intention of the Trustees in providing a total return mandate with no income target or benchmark ranges is to allow greater flexibility in the management of the portfolio in terms of the asset allocation. The Property Fund is to allow for the cash movements required for Ihe property portfolio. This fund can vary in size considerably due to purchases and sales. When the fund is less than £2.5m, there should be a buffer of at least £500,000 in cashlfixed interest stock. When the fund value is in excess of this, the fund is usually managed to a more conventional income and growth, diversified risk mandate. The fund has a target of a tota5 return of 6.0 % per annum over the long term. The fund is a long-temi fund and accordingly, while important, volatility is not paramount. Inflation is the primary risk to the fund because the intention is to maintain the real value. The Fund's benchmark is the MSCI WMA Private Investors Balanced Index. Troy Asset Iwanagement The allocation to Troy Asset Management's Trojan Ethical Fund is held directly and hen￿ is invested according to the fund's published objectives: to achieve growth in capital and income in real terms over the longer term. The policy is to Invest globa51y in government and public securities (such as sovereign debt and treasury bills), corporate bonds, equities and equity-related securities, private equity, precious metals, cash, cash equivalents and deposits. The Fund's asset allocation will be broadly in line with that of the Trojan Fund but assets will be invested subject to ethical exclusion criteria. The policy of the fund is to invest substantially in UK and overseas equities and fixed interest securities but it may also invest in collective investment schemes and money market instruments. Ethical statement The Trustees review their investments regularly to ensure that the assets held are eth ically in keeping with the spirit of the Charities. The Trustees invest in assets that will achieve aGGeptable performance in a¢cordance with the investment aims to provide for the needs of current and future beneficiaries. The Trustees cannot use their investment powers to make moral statements at the expense of the performance li

of the assets of the Charities. Trustees reviewed their position on ethical investment in line with Charity Commission guidance in 2021. Subsequently they transferred their holdings in the Trojan Fund to the Trojan Ethical Fund. the nificant activities and events durin ear Considerable resource was committed to a range of Schools Outreach activities in the area of benefit, with a resultant 26 % increase in the number of people supported through the Young Person's Grant Programme. The addition of an Applications Officer to the Grants function has considerably streamlined the processes for onboarding new enquirers. Review of and changes to the Board Committee Structure which now features committees dedicated to Governance, Investments and General Purposes, providing a robust model of corporate governance. The Trustees switched property managers on a large part of its estate and will be working with Savills on a new strategic plan for the Charities property portfolio. The Trustees updated and formalised their governance processes for the Princess Louise Holiday Fund, a small but historic part of the Charities, activity. The Charities, social media presence was strengthened through a range of new initiatives and exciting new branding. The website had a dedicated area added specific to young people and QR codes have been introduced to increase the accessibility of information. An ongoing review of safety measures for colleagues has seen the roll out of individual alarms and new ways of working to protect our most important resource. Specific support for medical students was reviewed and increased to support those undertaking clinical placements. comprehensive review of employee benefits was undertaken with a comprehensive suite of health and wellbeing options approved for all colleagues. Important work on Values and Culture was begun with participation of colleagues and trustees. A wider review of Investment rnanagers was completed and will come into effect in new financial year. Plans for the comin ear Continue Initiatives to make Campden Charities an exemplary employer in terms of staff support, care, and management In co-operation with external advisors (Including ongoing work on organisational values). Ongoing review of grant making criteria to ensure we are meeting the needs of the community. Continue to develop outreach particularly with schools and colleges, residents, associations, housing associations and the volunteer sector in Kensington. Utilising existing nebNorks and identifying new forums for engagement. Seeking to develop our apprenticeship programme and encourage more take up as part of an updated schools and young people outreach programme. Moving to Beta testing of online referrals from organisations. 12

Begin a strategic review of the Charities, activities including around support for young people, seeking new partnerships within the community and exploring non-financial opportunities, Development of a new Investment strategy and review of the Investment Policy. Review the rules around budget setting in support of ensuring sufficient resource for delivering the Charities objectives. Ongoing review of key professional advisors. The Trustees are pleased that the grant giving programmes continue to make progress in understanding and addressing need within the area of benefit. They are confident that their financial planning will continue to ensure that sufficient funds are available to develop these programmes. Remuneration The CEO'S performance is reviewed annually against agreed targets by the Chairman The Chairman makes a recommendation to the Board which determines the CEO'S remuneration accordingly. The Charities are a London Living Wage employer and staff salaries are benchmarked periodically. The General Purposes Committee advises on inflation related increases to staff salary scales annually. The performan￿ of senior staff is reviewed by the CEO,. the performance of other staff is reviewed by respective managers. Aftermath of the pandemic Trustees and staff remain committed to supporting in a flexible and timely manner, those among our beneficiaries who have been particularly severely affected by the pandemic. Work will continue to ensure that the office environment is best set to accommodate our colleagues and allow access to our beneficiaries. Remote working pro￿sseS have been retained for part of the working week to provide flexibility and to enable Grants Officers to provide support in the community. Evaluation Trustees continue to believe that identifying the progressive steps that individual beneficiaries make toward a better future for themselves is the best representational measure of the effectiveness of the Charities, funding. This evaluation model, started in 2016, is being built upon as cumulative data accrues and will inform future grant giving policy. staff The year saw an important innovation in the grants function with the appointment of Monika Ozgovercin as our first dedicated applications officer. Meanwhile, Joan D'souza left to pursue other opportunities whilst Catia Fontes Silvestre returned to art school, and left with our very best wishes- Rayna Mohammed and Lucy Laver joined the team as Grants Officers. In the finance function, Harshita Karuna Nagraj joined as an Accounts Assistant following the departure of Elena Strokova. 13

Trustees Dan Hawkins, Christopher Townsley and Robert Atkinson retired as Trustees at the June 2023 AGM. All three had served multiple terms and were thanked by the Chairman for their various contributions across a range of the Charities, activities. Approach to grant making The Trustees, objective in making grants is to help financially disadvantaged individuals and families achieve financial independence, to make a lasting, sustainable change to their lives, helping them to engage with and contribute to society. We seek to do this by identifying the needs of individuals and tailoring packages of support to help them overcome the obstacles they face in improving their circumstances. This help is not restricted to a single payment, we want to continue to help people until such time as their circumstances change. this may mean making a number of grants, sometimes over a period of years. The Trustees award grants to eligible non-statutory not-for-profit organisations as well as state schools that have successfully referred (and continue to support) individuals with whom the Charities are working, After twelve months of receiving such referrals, the Trustees may enter into partnership arrangements to fund work delivered by these organisations (not schools) that is judged as enhancing the support offered by the Charities to individuals. The Trustees do not ac￿pt unsolicited applications from organisations. The Trustees are guided in their grant giving by Iwo fundamental principles: Inde endence Grants will not be made to replace statutory services" neither are the Trustees party to local or central Government initiatives or political priorities. The Trustees value their position as an independent local grant maker. Fairness Trustees seek to ensure the application prO￿sS Is fair to all potential beneficiaries. All grant applications are made and considered in the same manner. There are no privileged applicants and individual Trustees are required to declare an inlerest where necessary. The Trustees take appropriate legal advice to ensure their programmes are equally accessible to those with disabilities. Distribution of grants The scheme governing the Charities (see page 5 above) directs the Trustees to apply one half of the Charities, income to the relief of need and the other half to the advancement of education save that if in so far as income in any one year is not required for application for the advancement of education, it may be applied to the relief of need. The young people whom the Trustees wish to assist with educational support are those from impoverished backgrounds. often those young people in greatest need have at some stage become disenfranchised from formal education and find it difficult to re-engage without extensive professional advice and support. Whilst it is relatively straightforward to make substantial grants to academically able scholars, it is more 14

Ghallenging to provide appropriate financial support directly to those individuals who may need it most. Similarly, adults who have experienced long periods of unemployment often become demoralised; they may find themselves in a 'benefits trap, where they would be financially worse off in low paid employment. Lone parents often cannot finance childcare that would enable them to make the most of training and educational opportunities. Many of those most in need have also accumulated significant debt. In recognition of these and many other issues, the Trustees employ a large Grants team such that instead of funding individuals at arm's length, Grants Qfficers can build up a relationship with families in need, and work with them to tailor individual packages of assistan￿. Grants Officers also actively seek ways to work with other not-for-profit partners to support the Charities, beneficiaries. -Fhe Trustees believe that the resources of the Charities are well depSoyed not only in making grants but also in funding a team of Grants Officers that can offer advice services and bring significant 'added value, to the grants made. Direct grants to indivlduals Grants are made in response to direct applications from individuals {'self-referrals') responding to the Charities, publicity or word-of-mouth and referrals are also welcorned and encouraged from all not-for-profit organisations and statutory agencies. Grants to organisations Organisations operating within the area of benefit are eligible for funding where their work directly supports that of the Charities with existing and potential beneficiaries. The grant funding of organisations Is considered in two ways, partnerships and referral related grants. In either case, the foGUS is on outcomes for individual beneficiaries rather than responding to organisational requests. In 2023124 five partner organisations were funded to provide a range of advice services, support in volunteering, and counselling. £298,268 was given in this way, These organisations provided direct a8sistance with the plans developed for each individual beneficiary working collaboratively with their Grants Officer. PARTNERSHIP FUNDING 2023-24 Hestia Housing and Support Nova New Opportunities Nucleus Turning Point Volunteer Centre Kensington £33,000 £92,000 £77,268 £38,000 £60,000 £298,268 15

Fleferral related funding is intended to help organisations working in a more general way with individual beneficiaries but still within the Charities, objects. Such funding may lead to future partnership funding. Any not-for-profit organisation working within the Charities, broader objects is eligible to receive funding to support each individual beneficiary they introduce to the Charities, grants programmes; £189,000 was granted in such a way during the year. REFERRAL RELATED GRANT FUNDING (Need) Al-Hasaniya Moroccan Women's Centre Car8rs Nétwork Community Development 4 All Dalgarno Trust Evolve Housing and Support Family Friends Field Lane Foundation Fit For Life Youth CIC Kensington Citizens Advice Bureau Kensington & Ghelsea Mental Health Association Kids On Thè Green Look Ahead Housing & Care Luminary Limited Making ComrNLJnities Work and Grow Mongolian Community Organis8tion M01 YOUTHS Limited Neeya CIC NXT generation CIC NHS Foundation Trust Octavia Found8tion Persi8n Care Centre Progressay Impact Prospects Kensington Ltd Response Community Projects Salvation Army Housing Association SMART (St Mary Abbots Rehabilitation and training) Solidarity Sports st Charles Catholic Primary School St Clement James Centre st Clement & St James School Trust st Francis of Assisi Catholic Primary School St Giles Trust St Thomas, CE Primary School 3,000 1,500 38,000 4,500 4,500 1,5QO 6,DOQ 15,000 3,000 1,500 1,500 10,500 1,500 1,500 12,000 10,500 1,5DO 4,500 1,500 3,000 1,500 1,500 7,500 1,50Q 12,000 3,000 1,500 4,500 7,500 6,000 4,50Q 7,500 6,000 189,000 16

The Trustees, report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 20C)S relating to sma15 companies. Trustees, report was approved by the Board on behalf by.. 2024 and signed on its Mr Charles Manners- Chairman Ms Michelle Thomas - Chair, General Purposes Committee 17

TRUSTEES, RESPONSIBILITES IN RELATION TO THE FINANCIAL STATEMENTS The trustees (who are also directors of The Campden Charities Trustee for the purposes of company law) are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and the Financial Reporting Standard (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied thst they give a true and fair view of the state of affairs of the charitable company and of the profit or loss of the charitable company for that period. In preparing these financial statements, the trustees are required to.. select surtable accounting policies and apply them oonsistently., observe the methods and principles in The Charities Statement Of Recommended Practice (SORP)., make judgements and acGounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. prepare the financial statements On the going concern basis unless it is inappropriate to presume that the charftable company continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable aGcuracy at any time the financial position of the charitable company and enable them to ensure the financial statements comply with the Companies Act 2a06. They are also responsible for safeguarding the assets of the charitab5e company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware= there is no relevant audit information of which the Gharitable company's auditor is unaware., and the Trustees have taken all steps they Dught to have taken to make themselves aware of any relevant audit information and to establish that the audrftor is aware of that information. 18

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CAMPDEN CHARITIES TRUSTEE Opinion We have audited the financial statements of The Campden Charities Trustee (the 'charitable company,) for the year ended 31 March 2024 which comprise the Statement of financial activities, the balance sheet, the statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdorn Accounting Standards, including Financial Reporting Standard 1 D2 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements,. give a true and fair view of the state of the charitable carnpany's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income ar)d expenditure for the year then ended., have been properly prepared in accordance with United Kingdorn Generally Accepted Accaunting Practice., and have been prepared in accordance with the requirements of the CDmpanies Act 2008. Basis for oplnion We conducted our audit in accordance with International Standards on Auditing (UK) {{ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilit'ies for the audit of the financia5 staternents section of our report. We are independent of the charitable cornpany in accordance with the ethical requirements that are relevant to our audit of the financial statements In the United Kingdom, including the Financial Reporting Council's Ethieal Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have Goncluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, rnay cast signif icant doubt on the Charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. other Information The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditors, report thereon. Our opiniDn on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance Gonclusion thereon. 19

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CAMPDEN CHARITIES TRUSTEE . continued In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material rnisstatement of the other information, If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the informatioii given in the Trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, report. We have nothing to report in respect of the following matters in relation to which Companies Act 20Q6 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not vissted by us. or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of Trustees, remuneration specified by law are not made. cr we have not received all the information and explanations we require for Dur audit. or the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions ir) preparing the Trustees, report and from the requirement to prepare a Strategic report. Responslbilities of Trustees As explained more fully in the trustees, responsibilities statement, the Trustees (who are asso the directors of the charitable company for the purpo)ses of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 20

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CAMPDEN CHARIT5ES TRUSTEE .continued In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disGlosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realisti'c alternative but to do so. Audltor's respon5ibllities for the audit of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from rnaterial misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conduGted in accordance with ISAS (UK) will always detect a material rnisstatement when it exists, Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: carrying out substantive checking to supporting documents on a sample basis of individual transactions within income and expenditure to give comfort that on a sample basis the SOFA does not contain any irregular items. carrying out walk-through testing to verify that the charity's accounting systems and contrDIs are being implemented as designed. and verifying that material balances within the Balance Sheet are supported by third party evidence to confirm the existence and valuation of these balances at the balance sheet date. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material rnisstatement in the financial statements or non-compliance with regulation. This risk increases the More that compliance with a law or regulation is removed from the events and transactions reflected in the financial staternents, as we will be less lilcely to become aware of iristances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAS (UK), we exercise professional judgment and aintain professional S￿ptICisM throughoLrt the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suff icient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional ornissions, misrepresentations, or the override of intemal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectivenes5 of the charitabSe company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness Df accounting estimates and related disGlosures made by the direGtors. 21

Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidenGe obtained, whether a rnaterial uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going COn￿rn. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors, report. However, future events or conditions may cause the Gharitable company to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events In a manner that aGhieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in Internal control that we identify during our audit. Use of the Report This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to thern in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not acGept or assume responsibility to anyone other than the charitable company's and its trustees, a5 a body, for our audit work, for this report, or for the opinions we have formed. Griffin Stone Moscrop & Co Chartered Accountants Statutory Auditors 21-27 Lamb's Conduit street London, WC1N 3GS 2024 Griffin Stone Moscrop & Co is eligible to acf 88 an atjditar terms of section 1212 of the Companies Act 2006. 22

THE CAMPDEN CHARITIES TRUSTEE STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT AND STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES) FOR THE YEAR ENDED 3q MARCH 2024 Unrestricted Endowment Funds Funds Total 2024 Total 2023 Note Income and endowments from. Donations and legacies Charitable aGlivilies Snvestments other Total income and endowments 110 122,861 4,038,561 5,024 4,166,556 57,951 57,951 4,315,465 24,178 4,397,594 4,315,465 24,178 82,129 4,315,485 Expendlturg on. Raising funds Investment management cost8 Charitable activities Other costs Total resources expended 1,118,663 1,118,663 3,409,905 286,430 4,814,998 880,490 2,898,471 308,305 4,087,266 3,409,905 286,430 3,696,335 1,118,663 Net incomel(expenditure) before other recognised gains and10sses Net gainsl(losses) on investments Net Incomel(expenditure) (3,614,206) 3,196,802 {143,307) 3,053,495 1417,4041 79,290 {143,3071 {3,509,646) 1560,7111 {3,430,356) 13 (3,614,206) Transfer betweon funds 15 3,196,802 (3,196,802) Other recognised galnslllosses): Gainsl(losses) on revaluation Of operating premises Net movement in funds {413,809) {413,8091 (974,520) (3,430,356) 1417,404) 1557,116) Reconclliatlon of funds: Total funds brought forward Total funds carried forward 913,728 164,911,998 165,825,728 169,256,082 496,324 164,354,882 184,851,206 165,825,726 All incoming resources and resources expended derive from continuing activities. The Gharity has no recognised gains or losses for the year otherthan th& results above, The Statement of Financial AGlivities for the prior year is shown in Note 2 to Ihe financial statements. The notes on pages 27 to 43 form an integral part of these financial statements 23

THE CAMPDEN CHARITIES TRUSTEE (Registered company No: 050933401 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets: Tangible assets Investments 1,907,246 162,655,694 2,323,233 163,222,836 17 Tot81 fNed £ssets 184,562,940 165,546.069 Current a55ets: Debtors Investments Cash at bank and in hand 18 19 1,468,038 418,710 41,175 476,556 1,011,798 105,720 1,594,074 Total current assets 1,927,923 Liabilities.. Creditors.. Amounts falling due within one year N8f current assets 20 (1,637,339) (1,309,455) 290,584 284,619 Total assets less Gurrpnt liabilities Creditors: Amounts falling due after more than one year 184,853,524 165,830,688 21 2,3181 (4,962) Total net assets 164,851,206 165,825,726 The funds of the charity., Endowment funds 164,354,882 496,324 164,911,998 913,728 Unrestricted funds 25 Total charity funds 164,851,206 165,825,726 The financial statemgnts hav8 been prepared in accordance with the provisions applicable to enlilies subject to the small companies regimo. For the year ending 31 March 2024 the company was entided to exomplion from audit under Section 477 of the CoTMpaNies Act 2006 relating to small companies but as this company is a charity, it 15 subject to audit under the Charities Act 2011. Directors, responsibilities: The membets have not required the company to obtain an audit of its financial statements for the year in quests.on in aG¢ordanct with section 476., The Dlrectors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and e preparation of financial statements. Approved by the Board on 2024 and signed on ils behalf by, Mr Charles Manners- Chairman Ms Michelle Thomas- Chair, General Purposes Committee The notes on pages 27 to 43 form an integral part of these financial statements. 24

THE CAMPDEN CHARITIES TRUSTEE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operating activities: Net cash used in operating activltles (5,321,810) (4,074,720) Cash flows from investing activities: Dividends, interest and rents from investments 3,987,344 4,015,054 Purchase of property, plant and equipment Proceeds from sale of investments Purchase of investments Net cash prnvided by Investing actlvities 110.778) 12,822,867 {12,135,456) (77,996) 22,682,5Q2 (22,704,446) 4,663,977 3,915,114 Cash flows from flnancing activitie5: Net cash provided by (used in) flnancJng activities Change in cash equivalents in the period Cash and cash equivalents at 1 Aprll 2023 1657,633) {159,606) 1,11.7,518 1,277,124 Cash and cash equivalents at 31 March 2024 459,885 1,117,518 Reconciliation of cash flows from operating activitles Net income/(expenditure) for the year Adjust for., Depreciation charges (Gainslllosse5 on investments Dividends, interest and rents from investments Lossllprofit} on sale of fixed asselg {Increase)Idecrease in debtors Increasel(decrease) in creditors 1560,711) (3,430,356) 12,956 143,307 11,490 3,509,646 14,315,485) 14,038,561) 527 (181,4191 53,953 (926,937) 325,240 Net cash used in operating actlvities 15,321,610) (4,074,720) Analysis of Cash and cash equivalents Cash in hand Overdrafts Cash equivalents on deposits 41,175 105,720 418,710 1,011,798 Total Cash and cash equivalents 458,885 1,117,518 25

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 .continu8d Analysis of Ghanges Sn not debt At 1 April Cash flows 2023 New Fair value other At 31 March finance movements non-cash 2024 leases changes Cash Overdrafts Cash equivalents on deposits 105,720 (64,545) 41,175 1,011,798 <593,088) 418,710 1,117,518 (657,6331 459,885 Financial lease obligations 1,117,518 (159,606 1117,518 The notes on pages 27 to 43 form an integral part of these financial statements. 26

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting polloies Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019) - (Charities SORP {FRS 102)>, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021, and the Companies Act 2006. The Campden Charities Trustee meets the definition of a public benefit entity under FRS 102. 11 is a private company incorporated in England and Wales, limited by guarantee and having no share capital. The address of the registered office is 27A Pembridge Villas, London, W113EP. Assets and liab ilities are initially recognised at historical cost or transaction values unless othe￿iS8 stated in the relevant accounting policy notels). The financial statements are prepared in sterling, which is the functional currency of the charity, Monetary amounts in these financial statements are rounded to tha nearest £. Going concem The Trustees consider that there are no material unGertainties about the Charities, ability to continue as a going concern. Fund accounting policy Unrestricted funds are general funds that are available for use at the trustee's discretion in furth8rance of the objectives of the charity. Funds designated as 'Endowment' in the financial statements represent the Charities, permanent endowment to be retained for investment. The Trustees have the discretion to transfer these funds between suitable asset classes. However, until March 2009 the trustees had no power to convert this capital into income. On 27 March 2009 the Charity Commission made an Order giving the charity the power to apply the unapplied total return on its assets for charitable purposes. This policy was implemented on 1 April 2009. Further details of each fund are disclosed in note 24. Incoming resources Invèstment income is recognised on a receivable bas1S. Resources expended Liabilities are recognised as soon as there is a legal Dr conslruclive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Costs of generating funds are investment management fees. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries, It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. In dealing with the income of the year, the Trustees are governed by a Scheme of the Charity Commissioners dated 22 July 2004. The annual net income for the year is divided equally in the first i nstance between Pensions and Relief in Need and Advancement of Education. 27

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 . continued The income of each moiety may then be applied to meet expenditure as specified by the Scheme. If, in any year the income ofAdvanGement of Education is not fully spent, the Trustees may apply the unspent portion for Pensions and Relief in Need. Grants payable are payments made to third parties in the furtherance of the charitable objectives. The Board reserves to itself th8 authority to approve non-standard grants to individuals exceeding £10,000 and partnership funding to organisations. The Board delegates to the Chair of the General Purposes Gommittee the authority lo approve new organisations for Referral Related Funding in excess of four grants of £1500. Consideration of subsequant Referral Related Funding is delegated to the Executive, as is Gonsideration of grants lo individuals not exceeding £10,OQO under a cascade of financial authority levels. The Board review5 all grant payments made u nder these delegations. Grants are recognised in full in the Statement of Financial Activitie5 when a recommendation for a grant is rattfied. Governance and Support costs Staff costs and general 8xpenses are split between Support and Governance costs on the basis of the percentage of time devoted by each employee to each of these activities. Support costs are 811ocated further on the basis of wort(ing time between Relief in Need and Advancement of Education, Governance costs include costs of the preparation and examination of the statutory accounts and the cost of any Segal advice to trustees on governance or constitutional matters. Governance costs are split between Relief of Need and Advancement of Education, which for both 2024 and 2023 is 50,/0 Relief of Need and 500/0 Advancement of Education. Commitments Campden scholarships are awarded on the presumption that they will be continued until the end of the course provided the student Continues to meet the criteria This commitment is funded from future income. Tangible fixed assets and depreciation Leasehold land and buildings in use by the Charities are included in the balance sheet at the revalued figures provided by Savills in March 2024.The Trustees have decided not to depreciate these assets in view of the fact that anticipated residual values exceed costs of the assets concerned. Office and computer equipment with a cost of £500 or more are capitalised and depreciated on a straight-line basis of 20Q/o per annum and 33 113Dk per annum respectively Certain items below this amount may be capitalised at the discretion ofthe Trustees. Investments Fixed asset investments comprise of investment properties and listed investments. Investment properties Investment properties are included in the balance sheet at valuation, stablished by professional valuers. In recent times, the Trustees, policy was to revalue the charity's entire property portfolio over a rolling fNe-year period, As part of a wider strategic review of the charity's investments, this wi15 be conducted on an annual basis for al least the next two financial years. Listed investments Listed investments are stated at mid-rr8rket value at the balance sheel dale. Overseas investrnents are translated into sterling at the rates ruling at the year end. 28

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 .continued Realised gains and losses on investments are calculated as the differ&nce between sales procaeds and their market value at Ihe start of the year, or their subsequent cost, and are charged or credited to the statement of the financial activities in Ihe period Df disposal. Unrealised gain5 and losses represent the movement in market values during the year and are credited or Charged to the statement of financial activities based on the market value at the year end. Penslons The charity contributes to a multi-employer pension scheme or, alternatively, Contributes to the employees, own private pension arrangements. These contributions are charged to the Statement of Financial Activities when paid. other In the application of the charity's accounting policies, the Trustees are required tc make judgernents, estimates and assumptions about th8 carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are revi@wed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in th8 period of the revision and future periods where the revision affects both current and futur8 periods. The Significant area in whiGh estimation has been applied is considered to be in determining the value of investments. Vvhere possible and appropriate, professional valuations have been obtained from qualified individuals, therefore although these areas are subject to judgement, the Iru51ees consider the values to be appropriate. 29

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 . continued Statement of FSnancial Activities (Includlng income and expendlture account and statement of total recognised gains and losses) for the year ended 31 March 2023 Unrestricted Funds Endowment Funds Total 2023 Income and endowments from: Donations and legacies Charitable activities Investments Other Total income and endowments 110 122,861 110 122,861 4,038,561 5,024 4,166,556 4,038,561 5,024 127,995 4,038,561 Expenditure on. Raising funds Inv8slm6nt management costs Charitable activities Other costs Total resources expended 880,490 880,490 2,898,471 308,305 4,087,286 2,898,471 308,305 3,206,776 880,490 Net incomel{expenditure) before other reGognis8d gains and losses Net g8inslllosses) on investments Net Incomel(expenditure} (3,078,781) 3,158,071 {3,509,6461 (351.5751 79,290 (3,509,646) {3,430,358) (3,078,781) Transfer betw@en funds 3,158,071 13,158,071} other recognised gainsl(losses}' Gainslllossesll on revaluation of Operating premises Net movement in funds 79,290 (3,509,646) (3,430,356) ReconGlliation of funds: Total funds brought forward Total funds carried forward 834,438 913,728 168,421,644 164,911,998 169,256,082 165,825,726 InGome from doriations and legacies Unrestricted Fund5 Endowment Funds Total Funds 2024 Unrestrictedl Total Funds 2023 Donations 110 30

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 , continued InGome from charrtable activities Unrestricted Funds Endowment Total Funds Funds 2024 Unrestrictedl Total Funds 2023 Relief of Need Retumed grants 57,951 57,951 122,861 Investment income Unrestricted Endowment Total Funds Funds Funds 2024 Endowmgntl Total Funds 2023 Income from investment properties Income from listed investments Interest income 3,002,906 1,175,562 136,997 3,002,906 1,175,562 136,997 2,838,326 1,189,156 31,079 4,315,485 4 315,465 4,038,561 Operating leases Not later than one year Later than one year and not later than five years Later than five years Investment properties on leases 1,131,985 4,123,500 20,878,317 Leases for two of the investrnent properties have provisions fo r RPI annual Increase. Other income Unrestricted Endowment Total Funds Funds Funds 2024 Unrestrictedl Total Funds 2023 Charity discounts Insurance and other claims 5,100 19,078 5,100 19,078 5,024 24,178 24,178 5,024 31

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 . continued Investmant management costs Unrestricted Endowment Funds Funds Total Funds Endowmenv 2024 Total Funds 2023 Property management fees L8gal fees Irrecoverable VAT Property managem@nt expenditure Bad debt written off Refurbishment of properties Investment management administration costs 112,550 22,921 82,131 112,550 22,921 82,131 120,525 2,468 60,117 702,933 18,405 702,933 18,405 508,791 13,801 179,723 179 723 174 788 1,118,663 1118,663 880,490 Detalls of charltablo activities Grant funding of activities Dlrect Services alSocated Support costs allocated Total 2024 Total 2023 Relief of Need Advancement of Education 1,817,336 767,355 2,584,691 254,543 255,823 510,386 151,424 157,424 314,848 2,229,303 1,933,589 1,180,602 964,902 3,409,905 2,898,471 Dlrect Services costs Relief of Advancement Need of EduGation Total Relief of Advancement 2024 Need of Education Total 2023 Third party training Employment costs 1,280 1,280 254,543 509,086 208,778 255,823 510,366 208,778 2,270 2,270 208.778 417,558 211,048 419,826 254,543 254,543 Support costs Relief of Advancement Need of Education Total Relief of Advancement 2024 Need of Education Total 2023 Employment costs Off ice expenses Depreciation of tangible fixed assets 117,842 38,343 3,239 117,842 235,684 107,787 36,343 72,688 39,362 3,239 6,478 2,873 107,786 215,573 39,363 78,725 2,872 5,745 157,424 157,424 314,848 150,022 150,021 300,043 32

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 . continued Grant making Grants to Grants to Institutions individuals Total Grants to Grants to 2024 institution5 Individuals Total 2023 Relief Df Need Advancement of Education 487,268 1,330,068 1,817,336 767,355 767,355 487,268 2,097,423 2,584,891 487,115 1,087,654 1,574,769 603,833 603,833 487,115 1,691,487 2,178,602 Details of grants awarded in respect of each organisation during the year are disclosed in the Charities, Annual Report. Other exp&nditure Unrestricted Funds Endowment Funds Total Funds 2024 Unrestrictodl Total Fund5 2023 Governance costs: Employment costs Establishment costs Off ice expenses Irrecov8rable VAT Trustee expenses Auditors, remuneration Legal and professional costs Depreciation of tangible fixed assets 154,132 24.409 53,246 23,503 154,132 24,409 53,246 23,503 165,681 24,050 64,156 30,484 8,OOQ 16,682 6,478 8,000 16,662 6,478 8,000 9,662 5,745 286,430 286,430 307,778 Loss on disposals of fixed assets 527 286,430 286,430 308,305 Operating leases Not later than one year Latsr than one year and not later than five years Later than five years Operating equipment 360 1,080 33

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 . continued 10 Trustee's remuneration and expenses The trustees received no remuneration during the year. No Trustee was reimbursed for expenses incurred during the year (2023 - no Trustee). Net expenditura Net expanditure is stated after charging: 2024 2023 Auditors, rernuneration - audit services Depreciation of owned assets 8,000 12,956 8,000 11,490 12 Employees. remuneration The average head count of persons employed by the charity during the year, 8nalysed by category, was as follows= 2024 No. 2023 No. Grant making and advice to beneficiaries Managem8nl and administralion of the charity 16 The aggreg2te payroll costs of these persons were as follaws.. 2024 2023 Wages and salaries Social securtty Other pension costs 731,470 79,886 87,546 898,902 668,572 65,081 65,157 798,810 34

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 .continued During the year, the number of employees other than the key management personnel who received employee benefits (exclud ing employer pension costs) falling within the following ranges was.. 2024 2023 £60,000 - £70,000 £70,000 - £80,000 Key management personnel During the year, thp number of senior employees who received emoluments falling within the following ranges was.. 2024 2023 No, £70,000 £80,000 £90,000 £1 QQ,000 £11Q,000- £12Q,000 The total amount of employee benefits received by the key management personnel (including mployer's National I nsurance Contribution) was £123,92512023 - £195,464). During the year, defin8d contribution pension conlributions on behalf of these staff amounted to £11 ,GIOO {2023- £5,705). 13 Gainsll105ses) on Investments UnrestrScted Funds Endowment funds Total funds 2024 Endowmenu Total funds 2023 Gainsl{losses) on disposal of investment properties Gainsl(lossesl on disposal of investments Gainsl{Iosses} on revaluation of investments Gainsl(losses) on revaluation of investment properties (175.5291 1175,529) 668,787 6,965,546 6,965,54e (3,530,626) 16,933,324) {6,933,3241 (647,807) {143,3071 (143,307) (3,509,646> 35

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 . Gontinued 14 Taxation Tho company is a registered charity and is, therefore, exempt from Corporation Tax. 15 Transfer between funds Unrestricted Funds Endowment funds AllocatlDn of the unapplied total return 3,196,802 (3,196,802) 16 Tangible fixed assets Long Seasehold Plant and and other interests ma¢hinery In land and Including motor bulldings vehlcles Total Cost or valuatlon: As 8t 1 April 2023 Revaluation Additions Disposals As at 31 March 2024 Depreciation: As at 1 April 2023 On disposals Charge for the year As at 31 March 2024 2,295,570 (413,8091 1,739 81,189 2,376,759 (413,809) 10,778 9,039 1,883 500 90,228 1,973,728 53,526 53,526 12,956 66,482 12,956 66,482 Net book values: As al 31 March 2024 As at 31 March 2023 1,883,500 2,295,570 23,746 27,863 1,907,246 2,323,233 The historical cost of leasehold properties held, as at 31 March 2024 is £1,380,856 (2021.. £1,379,117). 36

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 , continued 17 Investments held as fixed assets Investment properties Listed Investments Total Market value. As at 1 April 2023 Revaluation Additions Disposals As at 31 March 2024 96,530,928 (6,933,324) 47,996 66,891,908 8,965,546 13,020,749 {13,668,109 73,010.094 163,222,836 32,222 13,068,745 13,688,109 162,855 694 89.645 600 Net book value As at 31 March 2024 As at 31 March 2023 89,845,600 96,530,928 73,Q10,094 66,691,908 162,855,694 163,222,836 Property valuations were prepared by Savills in accordance with the Valuation Standards, Guidance Note8 and Appendices contain8d in the RICS Valuation- Global Standards, effective from 31st January 2022, incorporating international Valuation Standards (IVS) (the Red Book ), including the UK National Supplement. NolJMithst8nding some uncertainty around the impact of the government's proposed reform of leasehold, the TruSt￿S are satisfied that, within current extended margins of error, the stated values are the closest that can be achieved to fair value in the circumstances. The historical Cost of listed investments held as at 31 March 2024 is £81,394,146 (2023-. £60,859,339). Of the total value of listed investments, £49,584.970 (2023. £44,003,244) represents overseas investments and £23,425,124 (2023.. £22,688,664) represents UK investments. 37

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 . continued The investment fund and application of total return to the endowed funds is summarised below.. Movements in the Total Return Fund for the year: 2024 2023 Opening value Df permanént endowment Less: amount maintained in permanent endowment fund Unapplied total return as at l April 2023 Investment return - net incomellexpendilure) Allocation of unappli8d return Revaluation of operating premises Unapplied total return as at 31 March 2024 Add '. amount maintained in permanent endowment fund Permanent endowment fund including unapplied total return as at 31st March 2024 164,911,998 25,028,740 139 883,258 3,053,495 (3.196,802) 413,809 139,326,142 25,028,740 168,421,644 25,028,740) 143,392,904 (351,575) (3,158,071) 139,883,258 25,028,740 164,354,882 164,911,998 Statement of Unapplied Total Return since March 2009 Unapplied total return brought forward Total return for the year Less: total return dpplied for the year Revaluation of operating premises Unapplied total return as at 31 March 2024 95,581,768 3,053,495 (3,196,802) 413 809 95,024,e52 99,091,414 1351,575> {3,158,0711 95,581,768 18 Debtors 2024 2023 other debtors Prepayments and accrued income 9D7,32g 560,709 1,468,038 355,934 120,622 478 556 19 Current assets investments 2024 2023 Cash equivalents on deposits 418,710 1,011,798 38

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 . continued 20 Creditors.. Amounts falling due within one year 2024 2023 Bank loans and overdrafts Grants payable Other creditors Accruals and deferred income 821,360 267,773 548,206 1,637,339 573,396 257,412 478,647 1,309455 D8ferred income comprises rent and ground rent charged in advance. Deferred InGome reconciliation 2024 2023 Balance at 1 April Amounl released to income Amounl deferred in the year 404,130 404,130 369,902 367,778 367,778 404,130 Ba18nce at 31 March 369,902 21 Crpdltors: Amounts falling due after more than one year 2024 2023 Multiomployer pension scheme deficit charges 2,318 4,962 The charity contributes to a multi-employer pension scheme where it is not possible to identify separately the assets and liabilities of the participating employers on a consistent and reasonable basis. The present values ofthe mulli-employer pension scheme doficit Gharges are provided by the Pensions Trust using disGount rates which would give the same results as using a full AA corporate bond yield urve to discount the same recovery plan contributions. The rate ofdiscountwas 5.310/0 (2023- 5.52 % ). 39

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 .continued Members, Ilability The charity is a private company limtted by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the charty in the event of liquidation. 23 Related parties - Controlllng entity The charity is controlled by the trustees. There have been no related party transactions in the reporting period. 24 Analysis of funds At l Apr]l Totsl Income Total Net gains1 other 2023 and expenditure losses recognised endowments galnsl losses Transfer At 31 March between 2024 funds Unrestricted Funds Unrestricted income fund 913,728 82,129 (3,696,335) 3,196,802 498,324 Endowment Funds Permanent ndowment 164 911,9g8 4,315,465 11,118,663} (143,3D7) {413,809) (3,196,802 165,825,7?6 4,397,594 14,814,998) (143,3071 (413,8D9) 164,354,882 164,851,206 25 Un restricted Fu nds 2024 2023 General Reserves At 1 April 2023 From Advancement of Education To Pensions and Relief of Need 913,728 834,438 316,289 1733,693) 525,113 {445,823) 1417,404) 496,324 79,290 913,728 At 31 March 2024 40

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 . continued 2024 2023 Pensjons and Rellef of Need At 1 April 2023 Moiety surplus for the year 1,083,643 1,083,843 1,128,946 1,128,946 Less.. Expenditure on Pensions and Relief of Need 1,817,336 {733,6931 733,693 1,574,769) {445,823) 445,823 Transfer from general reserve At 31 March 2024 Advancement of Education At 1 April 2023 Moiety surplus for the year 1,083,644 1,033,644 1,128,946 1,128,946 Less.. Expenditure on Advancement of Education 767 355 316,289 {318,289) 603,833 525,113 {525,1131 Transfer to general reseNe At 31 March 2024 Summary of Revenue Reserve At 1 April 2023 ProfiV<Io8sI for the year At 31 March 2024 913,728 (417,4041 496,324 834,438 79,290 913,728 Trustees have designated the uses of the Revenue ReseNes to be: Contingency against loss of income Sinking fund for equipment replacement At 31 March 2024 416,324 80,000 496,324 833,728 80,000 913,728 41

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 . continued 26 Net assets by fund Unrestrlcted Funds Endowment Total Funds Funds 2024 Tangible assets Investments Current assets Creditors,, Amounts falling due within on8 year Creditors.. Amounts faS1ing due after more than one year 23,746 1,883,500 162,655,694 (184,312) 1,907,246 182,655,694 1,927,923 2,112,235 (1,637,339) {1,637,339) (2,318} 496,324 {2,3181 164,851,206 Net assets 164,354,882 Unrestricted Funds Endowment Total Funds Funds 2023 Tangible assets Investments Current assets Creditors.. Amounts falling due within one year Creditors-. AmDunt5 falling due after more than one year Net assets 27,683 2,295,570 163,222,836 (606,408) 2,323,233 163,222,836 1,594,074 2,200,482 (1,309,455) (1,309,455) (4,962> 913,728 (4,962) 165,825,726 164,911,998 42

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 . continue 27 Financial Instruments 2024 2023 Financial assets that are debts instruments measured al fair value.. Listed Investments 73,010,094 86,691,908 Financial assets that are debts instruments measured at amortised cost: other Debtors 907,329 355,934 Financial assets that are debts instruments measured at cost.. Current Asset Investments in Cash Cash at bank and in hand Financial assets that are debts instruments measured at cost 418,710 41,175 459,885 1,011,798 105720 1,117,518 Financial liabilities measured at amortised cost.. Grant5 Payable other Creditors Total financial 5iabilities measured at amortised cost 821,380 267,773 1,089,133 573,396 257,412 830,808 Income, expense, gains or losses, including changes in fair value, recognised on.. Financial assets measured at fair value Interest I ncome Total income, expense, gains or losses, including changes in fair value 7,965,579 136,997 {1,892,6831 31,079 8,102,576 11,661,604) 43