2025-03-31-accounts

Docusign Envelope ID.- EE3D3F61_179144FtkBBA&2F57164BC5D3 Annual Report the Campden Charities Trustee a Publ ic Benefit Entity Registered company number- 05093340 Registered charity number- 1104616 the Campden Charities Registered charity number- 1003641 The Directors present their report for the year ending 31st March 2025 Registered offices: 27a Pembridge Villas London Wll 3EP Telephone: [phone]

Docusign Envelope ID.. EE3D3F61-179144FtkBBAC-2F57164BC5D3 Contents Structure, Governance and Management Trustees, report Trustees, responsibilities in relation to the financial statements 18 Auditorfs report 19 Audited annual accounts 23

Docusign Envelope ID.. EE3D3F6l-l79l44F￿BBA&2F57164BCSD3 nent Directors & Co-opted Trustees Mr C Manners Mr R Anderson Mr R Bricout Dr C Davis Mrs Caroline Foord Ms F Manthos Ms J Mills Ms J Soulieux Ms M Thomas Mr M Richards Lady C Faulks Chairman HR Liaison Trustee HR Liaison Trustee Chair Governance Committee Chair General Purposes Committee Chair Investment Committee stsff Mrs A Ala Ms C Alcorn Mr5 Svitlana Andriyovitch Ms L Bonnie-milthorpe Ms J Cantor-Alim Ms U Clery Mrs E Dimitrova Mr C Ennis Ms F Farjani Mr M Filipiak Mrs Harshitha Karuna Nagraj Ms N Januchta Ms S Julienne Ms N Khrushcheva Ms Lucy Laver Miss Rayana Mohammed Ms Monika Ozgovercin Mr B Pitrola Miss J Sealy Ms M Sheehan Ms L Spellman Mr A Woolgar-Toms Programmes Director Office Manager (To January 2025) Accounts Assistant (From May 2024) Grants Officer (From January 2025) Cleaner Grants Officer Accounts Assistant (From December 2024) Grants Officer (To June 2024) Programmes Manager Accounts Assistant {From September 2024) Accounts Assistant (From February 2024 to August 2024) Programmes Manager Grants Officer Finance Director Grants Officer Grants Officer (To May 2025) Applications Officer Accounts A55i5tant Grants Officer Grants Officer (From April 2024} Clerk's Business Manager {From March 2025) Chief Executive Officer & Company Secretary

Docusign Envelope ID.. EE3D3F61-I79144F￿BBAc-2Fs7l64BCSD3 Professional advisors & agents Auditors Griffin Stone Moscrop & Co 21-27 Lamb's Conduit Street London WCIN 3GS Bankers HSBC 69 Pall Mall London SWIY SEY Asset Mana ers RBC Brewin Dolphin 2nd Floor 5 Callaghan Square Cardiff CFIO 5BT NATWEST Fulcrum Asset Management 9th Floor, Bishopsgate London EC2M 4RB Marble Arch House, 66 Seymourst, London WIH 5BT Troy Asset Management 33 Davies Street London, WIK 4BP Cazenove Capital l London Wall Place London EC2Y SAU Savi115 PIC 33 Margaret Street London WIG OJD IT IS Consultants Itertech Commet House Calleva Park, Aldermaston, Berkshire RG7 8JA Insurance Consultants Marsh Commercial l Floor Gail House Lower Stone Street Maidstone ME15 6NB HR Consultants Starford Veryan, Blackberry Lingfield West Sussex RH7 6NQ Gallagher th Floor Temple Point l Temple Row Birmingham B2 5LG

Docusign Emielope ID". EE3D3F61-179144FtkBBAC-2F57164BC5D3 I KUSI KEPUKI Chairman's Introduction and report on significant activities Strengthening Foundations and Deepening Impact Over my past five years as a trustee, I've seen the Charitie5 grow in reach, resilience, and purpose. As the social and economic challenges facing our community have become more complex, the Charities have responded with compassion and practical action - ensuring that more people receive the support they need to take steps, however small, towards stability and hope. Since 2020/21, the number of grants approved each year has risen from around 1,600 to nearly 2,900 in 2024/25 a remarkable increase that reflects not only the level of need, but also the determination and adaptability of our team. In that same period, our total direct financial 5UPPOrt has almost doubled, exceeding £2.8 million this year. This growth has been matched by an unwavering commitment to ensuring that each grant, each intervention, is delivered thoughtfully, with an eye on long-term impact rather than short-term relief alone. Whether it Is helping someone into education, training, or more secure work, our support provides a crucial bridge for people facing entrenched barriers. As Trustees, we recognise that this continued growth and complexity bring new re5pon5ibilities. This year, we have undertaken Significant activity to further strengthen the Charities, governance- from reviewing our policies and oversight processes to necessary work to review the Charities, articles. We have also reviewed the Charities, investments, reallocating £15M to a long-term asset fund through Fulcrum Asset Management, and a further £15M to a discretionary portfolio with Cazenove Capital. Cumulatively, these measures ensure we are well prepared for a more comprehensive strategic review in 2025/26, which will shape how we deliver on our mission in an increasingly challenging external environment. It remains deeply important to the Board that if Lord and Lady Campden were to visit the Charities today, they would recognise in our work the spirit and intention of their original bequests: practical help, given with care and dignity, enabling people in hardship to build better futures for themselves and their families. On behalf of the Board of Trustees, l extend our gratitude to our staff, partners and all who contribute to this work. Together, we continue to stand alongside those in our community who need the Charities, services most- and who inspire us every day with their resilience and determination to move forward. Charlie Manners

Docusign Envelope ID.. EE3D3F61-179144FD-BBAC-2F57164BC5D3 CEO'S Report A Year of Determined Progress and Incremental Development This year has been one of determined progress- a year in which the Charities have delivered more practical support than ever, while navigating the growing pressures facing the communities we serve. In the twelve months to March 2025, we approved 2,865 grants, with a total value of £2.83 million (excluding organisations), supporting 1.537 individuals, including 390 new beneficiaries- a record figure that highlights both the scale of local need and our commitment to reaching those who need us most. These numbers have grown significantly over recent years. Since 2020/21, the total amount awarded has almost doubled, and the number of grants has risen by around 80Y.. Behind each of these grants are people facing a complex web of challenges - from persistent low income and debt to poor mental and physical health, insecure housing and isolation. Approximately 60% of new applicants disclosed one or more significant barriers at the point of contact. Physical and psychological health issues remain the most common, while caring responsibilitie5, recovering from addiction, and historic offending records are also frequent factors. The presence of multiple barrier5 often means that people need more than financial help alone - they need patient, skilled, long-term support. Our progress has been incremental but determined. This year, we have seen clear signs that our approach - combining practical grants with personal support- continues to help people take tangible Steps towards greater stability: 269 individuals were supported into vocational training or study - with over 80¥. successfully completing their courses. The number of people looking for work through our Employment Routes Programme rose by 43%, demonstrating both increased demand and trust in our services. Our Sustaining Employment Programme has supported people not jUSt into jobs, but to remain in work, with a 35% increase in beneficiaries progressing in their employment or increasing their income. More than 400 individua15 Struggling with debt were given direct support and referrals to specialist advice services. Small but vital interventions - such as help with travel costs, school uniforms, household essentials, or a grant to make a home liveable - remain the backbone of what we do. These practical forms of assistance reduce immediate stress and help people direct limited income towards other priorities such as energy bills or healthy food. Much of this progress is possible because of our proactive outreach. By Strengthening partnerships with schools, community organisation5 and local networks, we continue to reach those whose needs might otherwise remain hidden. Our Grants Officers, whose skill and dedication are the foundation of our work, remain focused on each individual's journey however long or unpredictable that path may be. And yet, the reality is that we now sit at a point where demand increasingly outstrips supply. The persistence of deep poverty, rising living costs and changes to welfare policy all mean

Docusign Envelope ID.. EE3D3F6I-179144F[￿BBAC-2F57f64BCSD3 that more people are turning to charities like ours for support that cannot be found elsewhere. As Trustees and staff, we recognise that it will be vital in the coming years to ensure that the Charities remain sufficiently resourced and equipped - not only to meet urgent needs today, but to respond flexibly and sustainably to whatever the next few year5 bring. l am immensely proud of the way our team, our partners, and our supporters have responded to this challenge with compassion, professionalism and unwavering commitment. Together, we continue to stand alongside hundreds of people every year, helping them navigate hardship, build confidence and take practical steps towards a better future. I'm grateful to all those on whom I'm able to lean as sounding boards or for guidance - be they fellow third sector worker5, business leaders, trustees or colleagues. Alex Woolgar-Toms

Docusign Envelope ID". EE3D3F61-179144FtkBBAC-2F57164BC5D3 History The Campden Charities were founded by endowments in the wills of Baptist, Viscount Campden and Elizabeth, Viscounte55 Dowager Campden who died in 1629 and 1643 respectively. The endowments were for the good and benefit of the poor of the Parish 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. These were added to by two subsequent bequests, the first being an addition of twenty pounds of unconfirmed origin and assumed to be from Edward, Lord Noel; the second an even more obscure acquisition of land which today forms Clanricarde Gardens known as 'Cromwell's Gify and ascribed to Oliver Cromwell in 1651, the very year in which Charles 11 fled into exile. 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. Governance The Campden Charities Trustee (ccr) is an incorporated body of Trustees, a company limited by guarantee not having share capital (company number- 5093340), incorporated on the 5 th of April 2004, and registered as a separate charity {number - 11046161 to act as the Trustee of the Campden Charities. The CCT undertakes no activities other than to act as Custodian and managing Trustee of the Charities. th A Uniting Order granted by the Charity Commissioners in a letter dated 25 January 2005 came into effect on l April 2005 to unite CCT and Campden Charities under the charity number of CCT. The reporting and accounts are aggregated. The Trustees are directors of the CCT and are appointed according to its Articles of Association. They are referred to as Trustees throughout this report. Trustees must be selected according to their Special knowledge of the area of benefit, their familiarity with aspects of the Charitie5' work and expertise relevant to the Charities, operations. New trustee5 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 responsibilitie5. Training need5 are identified, and suitable provision made. Ih At an Extraordinary General Meeting held on the 20 February 2￿6 the Trustees passed a resolution, making 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. Thi5 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 place at the Annual General Meeting. Day-to-day operational management of the CCT, the Campden Charities, its staff and a55ets 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

Docusign Envelope ID.. EE3D3F61-179144FtkBBAC-2F57164BC5D3 extraordinary grants are made by the Trustees. Grants of under £IOk are approved under financial authoritie5 delegated to the Executive team. On the 27th March 2009 the Trustees obtained an Order from the Charity Commission permitting the expenditure of the unapplied total return on the Charities, assets. This allow5 greater flexibility in investment strategies and reduce5 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 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 Campden Charities Trustee is a public benefit entity. The Trustees adhere to the Charity Commission's guidance under the Charities Act 2011, as amended in 2022. The Charities, income and assets are directed to supporting Kensington residents in financial hardship who meet defined eligibility criteria. Trustees balance the needs of current beneficiaries with long-term sustainability to ensure the Charities objects can be met in perpetuity. Applicants are required to have lived in Kensington for at least two years, with exceptions for survivors of domestic abuse and unaccompanied minors (one yearl. Financial need is assessed Using recognised poverty thresholds, including the Minimum Income Standard for working households. The Charities prioritise employment support, and education as a route to financial independence. Grants are tailored to individual needs, and funding is also provided to not- for-profit organisations that support eligible individuals. Trustees believe that financial support is most effective when paired with advice and guidance, delivered by the Charities, staff and partners. This integrated approach justifies a larger staff team than is typical for a grant-maker of comparable size. The Trustees remain committed to using resources effectively to deliver meaningful, lasting improvements in beneficiaries, lives. Since 2006, Campden Charities, grant programme5 have evolved significantly. The Trustees have adopted objective financial hardship criteria to identify potential beneficiaries, focussing on supporting individuals into employment and towards financial independence. Household5 may face complex, interrelated barriers: debt, limited education, age-related challenges, and mental or physical health issues- making progress less straightforward. The Trustee5 recognise that, for some, financial independence may not be achievable in the short to medium term. In response, the Charities have expanded its team to build stronger

Docusign Envelope ID.. EE3D3F61-179144FtkBBAG2F57164BC5D3 relationships with beneficiaries and partnered with local organi5ations to address specific needs more effectively. Initially, success was judged by the number of individuals helped into employment and the per capita cost of doing so. However, the Trustees recognise that securing employment is not always a pathway to true financial independence. Many roles are low-paid, insecure, or part- time, and the high cost of childcare, particularly for lone parents, can make work unsustainable. The transition from benefits can also be financially challenging. The majority of the Charitie5' workand funding therefore relates to smaller, incremental steps in beneficiaries, journeys. Since the introduction of the current grant programmes in 2006, the Charity has awarded over £40.3 million in grants to individuals and organisations. Programme Performance In 2024/25, Campden Charities awarded £3,288,005 in grants - a 27.2Yo increase from the £2,584,691 distributed in 2023124. This growth reflects both rising costs due to inflation and a more Strategic outreach approach, including enhanced publicity for the Charity's programmes, particularly those supporting young people. Pension A £80,754 was given to individual beneficiarie5 of state pension age down again on the previous year by 16.910/0 and in keeping with expectations for this, now c105ed, programme. New applicants are admitted to the Gateways programme. Cam den Scholars £385,903 was awarded to help young people from disadvantaged background5 to attend university courses- up 43.1% on 2023124. This stunning result must be seen in light of recent trends which saw fewer young people moving onto the Campden Scholarships programme, as they took time to consider their options. Em ment Routes £507,830 was expended in support of individuals seeking work or looking to gain new skills and qualifications- up 31.7¥0 on 2023/24. Youn Peo le's Grants £255,252 was given via programmes focusing on young people/school leavers and those taking further training whilst considering their options- up 29.9¥0 on 2023124 due to another year of purposeful outreach efforts in local schools. Sustainin Em ment £986,546 was given to help those in low paid work to help them sustain employment and improve their prospects- up 26.8Yo on 2023124. This remains our largest grant programme as the ongoing impact of cost-of-living increase5 tends to affect people in this situation the most. io

Do¢usign Envelope ID.. EE3D3F61-179144FtkBBAC-2F57164BC5D3 Gatewa £620,190 was given to improve the circumstances of those unlikely to achieve employment in the short to medium-term- an unprecedented increase of 66.8¥0 on 2023124. Whilst need constituted the greater part of this programme, it was telling to see support for education increase in near lock step - suggesting increasing confidence to engage in formal training or a newjob search. Via the Gateway5 programme, colleagues work with individuals to identify opportunities to 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. As at the end of March 2025 there were a total of 1537 active beneficiary cases: 84 Pension Age; 432 Gateways; 307 Employment Routes, 113 Campden Scholars, 153 Young people and 448 in Sustaining Employment. Total grants to local organisations declined by 7.3% as against 2023/24, with 33 organisations receiving a total of £451,531 in support of the Charities, objects. Five fewer organisations made referrals in 2024-25. Given the considerable success in reaching new beneficiaries over the last couple of years, the Trustees will be commencing a full-scale review of both individual and organisational grant programmes in Autumn 2025. Risk Management The principal risks to which the Charities are exposed are reviewed annually and monitored via an operational and fraud risk register. 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 mitigations 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 2025 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 are responsible for the prudent investment of the Charity's assets, obtaining professional advice where appropriate, with the objective of generating stable growth and increasing income to support grant-making activitie5, while preserving or enhancing the real value of the capital over the long term. Review of advisors The Trustees have agreed a cycle of review for all advisor5. Auditors, commercial property agents, residential lettings managers, valuing surveyors and project managers are each reviewed at least every four years; banking arrangements and are reviewed every five year5, li

Docusign Envelope ID.. EE3D3F61-179144FtkBBAC-2F57164BC5D3 and fund managers at least every three years. Insurance brokers are reviewed annually, and 501icitors are engaged according to the Charities, needs. Investment erformance The Charities, investments comprise cash, equities, fixed interest stocks, direct property holdings, and funds composed of securities and both real and private assets. At the 31st March 2025 the endowment funds stood at £164,354,882 - the same as a year earlier. The main sources of income during the year were dividends and rental income. Income for 2024/25 totalled £4,270,053 as compared to £4,315,465 in 2023/24, a decrease of 1.05Yo. This was attributable to an allocation of investment funds to illiquid assets during the year. The yearfs results show a net outflow (before other recognised gains and losses) of £1,251,755 as compared to the previous year's net outflow of £417,404. The revenue reserve carried forward at 31 March 2025 was £321,956, a decrease of 35.1% on the reserve in 2024. 2024/25 saw a modest rise in the market valuation of the Charities, listed investments from £73,010,094 at the end of March 2024 to £74,980,087 a year later, a c.2.7Yo increase. The Charities, property portfolio comprise5 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 % managed in-house by the Clerk, and the remainder managed by two external manager5. A portion of capital is held in freehold5 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. Set against ongoing uncertainty around parliamenys intent as regards marriage value from lease extensions and freehold enfranchisement, the value of the Charities, property portfolio at 31st March 2025 was £86,659,500. This, after allowing for a Sale during the year, was down £1,536,170 on the previous year. However, professional valuations, while required for reporting, can differ materially from actual market outcomes. Recent disposals, both at significantly higher prices than the reported valuations illustrate that such assessments are not definitive measures of realisable value. Total Return and Revenue Reserve The Trustees agreed a combined Total Return & Revenue Resenie polioi in November 2010. Each year, a budget is Set for the following year. Projecting an initial total transferred to the revenue reserve being the difference between projected income and spending, which may be positive or negative (the Budgetsetting Rules remain under review). The final revenue reserve in the budget after the transfer is to be maintained at a minimum of IO¥o of budgeted expenditure to facilitate cash flow. The budget will project a draw down from capital as required to meet this cash flow 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 funds will be drawn from securities POrtfolio5. The budget and revenue reserve value is reviewed at the 6 rnonth point in the cycle. 12

Docusign Envelope ID.. EE3D3F61-l79l44FD-BB￿2Fs7l64BCSD3 No cash reserve is to be 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. Asset value, distribution of assets and revenue resenie are reviewed annually as a five-year rolling cycle to ensure that they keep pace with inflation. The historic 3Yo spending base and the distribution of assets between property and securities may be adjusted accordingly. After a drawdown of £1,077,387, and a transfer between revenue and endowment funds, the revenue reserve at year end 2024125 is £321,956, which is 5.3¥0 of the £6,078,434 spend budget set for 2025/26. The rolling budget projected a capital drawdown of £2,491,185, however, to maintain a notional IOYO reserve, an additional £245,229 would be required at the close of 2025126, if spending and projected income remained as budgeted. In view of unprecedented increases both in applicant numbers and the value of grants made, the Trustees, decision was to keep the whole budget setting process under review, pending conclusion of their wider strategic review in 2025126. 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 advi50r5 and agents according to agreed policy through their Clerk. The following statements of investment aims to guide their asset managers: Royal Bank of Canada Brewin Dolphin RBC Brewin Dolphin's main fund represents about 15% of the Charities, total fund5 and the Trustees consider its risk profile in the context of their overall investment Strategy. The objective of the fund is total return with emphasi5 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 ￿ AllShare, the ￿ 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 fund has a target of a total return of 6.0% per annum over the long term. The fund is a long-term 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 Management The allocation to Troy Asset Management's Trojan Ethical Fund is held directly and hence 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 globally in government and public securitie5 (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 asset5 will be invested su bject to ethical exclusion criteria. The policy of the f und 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. 13

Docusign Envelope ID.. EE3D3F61_179144FI>BBAC.2F57164BC5D3 Fulcrum Asset Management During the year, Trustees allocated £15M from RBC Brewin Dolphin to a long-term asset fund via Fulcrum. Thi5 Diversified Private Market5 (DPM) strategy helps overcome many of the hurdle5 faced when accessing private market5, including complexity, transparency (performance and costs) and accessibility. DPM aims to achieve long-term capital growth, and an Illiquidity premium by investing acr055 private Real Estate, Infrastructure, Natural Resources, Alternative Equity and Credit markets. To this end, the Fulcrum Alternative Solutions Team works with a broad panel of illiquid specialist asset managers with the goal of delivering improved outcomes. Cazenove Capital During the year, £15M was transferred to Cazenove from RBC Brewin Dolphin. Funds previously earmarked for property purchase were amongst those funds transferred, in line, with the Trustees, updated investment strategy and with a view to achieving a greater allocation to US equities. The objective of the Cazenove portfolio is to provide income and capital growth over the long term. The strategy is actively managed and invests directly in a global portfolio of around 80 leading companies. The portfolio is diversified across regions and sectors, aiming to outperform across the market cycle. Ethical statement The Trustees invest in assetsthat are reasonablyexpected to achieve acceptable performance in accordance 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 of the assets of the Charities. Trustees reviewed their position on ethical investment in line with Charity Commission guidance in 2021 subsequently transferring their holdings in the Trojan Fund to the Trojan Ethical Fund. Remuneration 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 performance of senior staff is reviewed by the CEO. the performance of other staff is reviewed by respective managers. The CEO'S performance is reviewed annually by the Chairman against agreed targets. Based on this review, the Chairman makes a recommendation to the Board, which then determines the CEO'S remuneration. Evaluation It remains the Trustees, view that identifying progressive steps that individual beneficiaries take toward a better future is the most meaningful measure of the Charities, impact. Trustees In view of forthcoming Trustee retirements, a recruitment exercise was conducted during the year. New appointments will be made in the 2025/26 financial year. 14

Docusign Envelope ID: EE3D3F6l_179144F￿BBAc-2Fs7l64BCSD3 Approach to grant making The Trustees, objective is to support those from financially disadvantaged households to achieve financial independence, and make lasting, sustainable improvement5 to their lives. 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. Support IS not restricted to a single grant, assistance may be provided over time, including multiple grants where necessary, until circumstances improve. 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) individua15 With whom the Charities are working. The Trustee5 may consider partnership arrangements with these organisations (excluding schools) to fund work that enhances the Charitie5' SUPPOrt for individuals. The Trustees do not accept unsolicited applications from organisations. The Trustees are guided in their grant making by two fundamental principles: Inde endence Grant5 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 a5 an independent local grant maker. Fairness Trustees seek to ensure the application process is fair to all potential beneficiaries. All applications are made and considered in the same manner. Legal advice is taken to ensure the programmes are equally accessible to those with disabilities. Distribution of grants The governing scheme directs Trustees to allocate half of the Charities, income to relieving need and half to advancing education, with flexibility to redirect unused funds. Whilst potentially straightforward to make grants to academically able scholars, it is considerably more challenging to provide meaningful financial support directly to those experiencing the most challenging circumstance5. The Trustees rely upon the highly personal grant making process to ensure that all are considered according to their need. Similarly, adults who have experienced long-term unemployment may become demoralised and may find themselves in a 'benefits trap,, where low paid work leaves them financially worse off. Lone parents frequently struggle to finance childcare limiting their ability to make the most of training and educational opportunities. Many also carry significant debt. In response to these and other challenges, the Trustees employ a large Grants team which can build up a relationship with families in need, and work with them to tailor individual packages of assistance. Grants Officers also actively seek ways to work with other not-for-profit partners to support the Charities, beneficiaries. The Trustees believe that the resources of the Charities are well deployed 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 individuals Grants are made in response to direct applications from individuals ('self-referra15') 15

Doujsign Envelope ID: EE3D3F61_179144F￿BBA￿2Fs7l64BCSD3 responding to the Charities, publicity or word-of-mouth and referrals are also welcomed 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 focus is on outcomes for individual beneficiaries rather than responding to organisational requests. In 2024125 four partner organi5ation5 were funded to provide a range of advice services, support in volunteering, and counselling. £273,031 was given in this way. These organisations provided direct assistance with the plans developed for each individual beneficiary working collaboratively with their Grants Officer. Referral 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; £178,500 was granted in such a way during the year. REFERRALS (Needl Avondale Park School 4.SlJ) Bwnd The Classroc CherryTree Foundatioi) 15.INX) Colville Primarysthool Community Development4 ￿1 DaI￿rn0 Trusr 3,0(Kl 4.5(KJ Evolve Housing and Support Field Lane Foundation 7.5(J) It For Lrfe Youth CIO 9,0(K) Golbome & ma￿lIa Nursery Klds On The Green Isc Lancaster West Children's Communty Network Look Ahead Housing & Care Making Comrnunitie5 work and 8row Mon8olian Communtty Oreanisatlon MOI YOUTHS ￿Mited 1,5LKI 27.(KK) 7.5(K) 7,5(K) Neeya CIC NKf generation CIC 1.5(M) ottavia Foundation Oxford Gardens Primarysthool Prosperts Ken￿ngton Ltd Isc Response Cornrnunty Projects Salvation Army Housing A550ciation SMART (St Mary AbtX)ts Rehabilitation and training) 75C 1,5(Kl St Clernent James Centre 12,(KK> St Clement & St James School Trust 4.SC¥) st Frands of Asslsl Prfmary School Charity st fjiles Trust The Space 16,5(K) 178,5(K) 16

Docusign Envelope ID". EE3D3F61-l79144Ft￿8BAc-2Fs7l64BCSD3 PARTNERSHIP FUNDING 2024-25 Nova New Opportunities Nucleus £140.OC £77.031 £40.(M)O £16,(K)O Turning Point Volunteer Centre Kensington £273,031 The Trustees, report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Trustees, report was approved by the Board on 16 September 2025 and signed on its behalf by: Mr Charles Manners- Chairman Ms Michelle Thomas- Chair. General Purposes Commtttee 17

Docusign Envelope ID.. EE3D3F6l-l79l44F￿BBAc-2F57164BCSD3 TRUSTEES, RESPONSIBILITES IN RELATION TO THE FINANCIAL STATEMENTS The trustees (who are also directors of The Campden Charities Trust￿ 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 AC￿pted Accounting Practi￿). 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 that they grve a true and fair view of the state of affairs of the charitable company and of the profft or loss of the charitable company for that period. In preparing these financial statements. the trustees are required to- select suitable accounting policies and apply them consistently. observe the methods and principles in The Charities Statement Of Recommended Practice (SORP). make judgements and accounting 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 con￿rn basis unless it is inappropriate to presume that the charitable company wll conb.nue 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 accuracy at any time the financial position of the charitable company and enable them to ensure the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable 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 charitable company's auditor is unaware" and the Trustees have tsken all steps they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. 18

Docusign Envelope ID.. EE3D3F6l-179l44F￿BBAc-2Fs7l64BCSD3 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 cornpany,) for the year ended 31 March 2025 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 Kingdom Accounting Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally AC￿pted Accounting Practice). In our opinion the financial statements- give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure for the year then ended; have been properly prepared in accordan￿ with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordan￿ with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) ({ISAs (UK)) and applicable law. Our responsibilities under those standards are fvrther described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan￿ 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 concluded that the TrUSt￿s, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going con￿rn are described in the relevant sections of this report. Other infonnation 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 opinion 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 conclusion thereon. 19

Docusign Envelope ID.. EE3D3F61-179144FtkBBAC-2F57164BC5D3 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 kno￿edge obtained in the audrt or otherwise appears to be materially misstated. If we identrfy 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 misstatement 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 information given in the Trustees, reportforthe financial yearforwhich the financial statements are prepared is consistent with the financial statements. the Trustees, report has been prepared in accordan￿ 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 2006 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 visited by us. or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of Trustees, remuneration specrfied by law are not made., or we have not received all the information and explanations we require for our 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 in preparing the Trustees, report and from the requirement to prepare a Strategic report. Responsibilities of Trustees As explained more fully in the trustees, responsibilities ststement. the Trustees (who are also the directors of the charitable company for the purposes 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

Docusign Envelope ID.. EE3D3F61-179144FD-BBAC-2F57164BC5D3 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CAMPDEN CHARITIES TRUSTEE .continued In preparing the financial statements, the Trustees are responsiblefor assessing the charitable company's ability to continue as a going concern, disclosing, 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 realistic alternative but to do so. Auditorfs ￿SponSibl11t1eS for the audlt of the financial ststements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assuran￿ is a high level of assurance, but is not a guarantee that an audit conducted in accordan￿ with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, 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-complian￿ with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularrties, 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 controls are being implemented as designed., and verifying that material balances within the Balance Sheet are supported by third paty 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 misstatement 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 ref]ected in the financial statements. as we will be less likely to become aware of instances 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 maintain professional scepticism throughout 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 sufficient 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 omissions, misrepresentations, or the override of internal 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 effectiveness of the charitable company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. 21

Docusign Envelope10.' EE3D3F61-179144FD-BBAC-2F57164BC503 Conclude on the appropriateness of the director's use of the going cOn￿M basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. 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. rf 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 charitable 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 achieves fair presentation. We communicate with those charged with g0Veman￿ 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 them in an auditors, report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company's and its trustees, as 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 2025 Griffin Stone Moscrop & Co is eligible to act as an auditor in temis of section 1212 of the Companies Act 2006. 22 Griffin Stone Moscrop & Co

Docusign Envelope ID: EE3D3F6l-179144F￿BBA￿2F57q64BC5D3 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 31 MARCH 2025 Unrestricted Endowment Funds Funds Total 2025 Total 2024 Note Income and endQ￿Tnents from: Donations and legacies Charitable activities Investments Other Total income and endowments 86,558 86,558 4,270,053 20.938 4,377.549 57,951 4,315,465 24,178 4,397,594 4,270,053 20.938 107,496 4,270.053 Expenditure on: Raising funds Investment management costs Charitable activities Other costs 1,065,085 1,065.085 4,228,081 336,138 5,629,304 1,118,663 3,409,905 286,430 4,814,998 4,228,081 336,138 4,564,219 Total resources expended 1.￿5.085 Net incomel(expenditure) before other recognised gains and losses Net gainsl{losses) on investments Net incomel(expenditure) (4,456.723) 3.204,968 1.077,387 4,282,355 {1.251.755) 1,077,387 (174,368} (417,404) {143,307) (560,711 } 13 (4.456,723) Transfer between funds 15 4,282,355 (4,282,355) Other recognised gainsl(losses): Gainsl(losses) on revaluation of operating premises Net movement in funds (413,809) (174.368) (174,368} (974.520) Reconciliation of funds: Total funds brought forward Totsl funds carried forward 496,324 164,354,882 164,851,206 165,825,726 321,956 164.354,882 164,676,838 164,851,206 All incoming resources and resources expended derive from continuing activities. The charity has no recognised gains or losses for the year other than the resutts above. The Statement of Financial Activities for the prior year is shown in Note 2 to the financial statements. The notes on pages 27 to 43 fomi an integral part of these financial statements. 23

Docusign Envelope ID: EE3D3F61-179144FtkBBAC-2F57164BC5D3 THE CAMPDEN CHARITIES TRUSTEE (Registered company No". 05093340) BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Fixed assets: Tangible assets Investments 16 17 1,909,237 161,639,587 1,907,246 162,655,694 Total T￿ed assets 163.548,824 164,562,940 Current assets: Debtors Investments Cash at bank and in hand 18 19 1.728,080 918,123 38,936 1,468,038 418,710 41,175 Total cunEnt assets 2,685.139 1.927,923 Liabilities: Creditors.. Amounts falling due within one year Net Cu￿nt assets 20 {1,550,600} (1,637,339) 1.134,539 290,584 Total assets less cunpnt liabilities 164,683,363 164,853,524 Credi(ors'. Amounts falling due after more than one year 21 6,525 2,318 Total net assets 164,676.838 164,851,206 The funds of the charity: Endowment funds 164,354,882 321,956 164,354,882 496,324 Unrestricted funds 25 Totsl charity funds 164,676,838 164,851,206 The financial statements have been prepared in accordan￿ the provisions applicable to entitses subjact to the small companies regime. For the year ending 31 March 2025 the ￿rnpanY wa5 entttled to exemption from audit under section 477 of the Companies Act 20CkS relating to small companies but as this company is a charity, it is subject to audit under the Charities Act 2011. Directors, responsibiif(ies= The members have not required the company to obtain an audit of Its finanoal statements for the year in question in accordan￿ with section 476", The Directors ad(novAedge their responsibilities for complying wth the reqU1￿ments of the Act with respect to accounting records and the preparation of financial ststements. Approved by the Board on 2025 and signed on ts behalf by.. Mr Charles Manners- Chaimian Ms Michelle Thomas - Chair, General Purposes Committee The notes on pages 27 to 43 fom an integral part ofthese financial statements. 24

Docusign Envelope ID.. EE3D3F61-179144FD-BBAC-2F571648C5D3 THE CAMPDEN CHARITIES TRUSTEE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash flows from operating activities: Net cash used in operating activities (5,849,826) (5,321,610) Cash flows from investing activities: Dividends, interest and rents from investments Proceeds from the sale of propety. plant and equipment Purchase of property, plant and equipment Proceeds from sale of investments Purchase of investments Net cash provided by investing adivities 3,545,399 3,987,344 2,122,500 (14,308) 52,726,635 (52,033.226) (10,778) 12,822,867 (12,135,456) 6,347,000 4,663,977 Cash flovr3 from financing activities: Net cash provided by (used in) financing activities Change in cash equivalents in the period Cash and cash equivalents at l Apn"I 2024 497.174 (657,633) 459,885 1,117,518 Cash and cash equivalents at 31 March 2025 957,059 459,885 Re¢oncilTation of cash flows from operating activities Net income/(expenditure) for the year Adjust for: Depreciation charges (Gainslllosses on investrnents Dividends, interest and rents from investments Lossl{profrt) on sale of f￿ed assets (Increase)Idecrease in debtors Increasel(decrease) in creditors (174.368) (560,711) 12,317 (1.077,387) 12,956 143,307 (4.270.053) (4,315,465) (257,803) {82,532) (926,937) 325,240 Net cash used in operating activities (5,849,826) 15,321,610) Analysis of cash and cash equivalents Cash in hand Overdrafts Cash equivalents on deposits 38,936 41,175 918.123 418,710 Total cash and cash equivalents 957,059 459,885 25

Do¢usign Envelope ID.. EE3D3F61-179144Ft>BBAG2F57164BCSD3 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 . continued Analysis of changes in net debt At 1 April Cash flows 2024 New Fair value Other At 31 March finance movements non-cash 2025 leases changes Cash Overdrafts Cash equivalents on deposits 41,175 (2,239) 38.936 418,710 499,413 918,123 459,885 497,174 957,059 Financial lease obligations 459,885 497,174 957,059 The notes on pages 27 to 43 form an integral part of these financial statements. 26

Docusign Envelope ID.. EE3D3F61-179144FtkBBAC-2F57164BC5D3 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies 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 102), and the Companies Act 2006. The Campden Charities Trustee meets the defin[t￿n of a public benefit entty under FRS 102. It is a privale 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 liabilities are initially recognised at historical cost or transaction values unless othe￿iSe stated in the relevant accounting policy note(s). The financial statements are prepared in sterfing, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. Going concern The Truslees consider that there are no material uncertainties about the Charities, ability to continue as a going COn￿rn. Fund accounting policy Unrestricted funds are general fvnds that are available for use at the trustee's discretion in furtherance 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 Ihese 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 Charty Commission made an Order giving the charity the power to apply the unapplied total return on r(s assets for charitable purposes. This policy was implemented on 1 April 2009. Further details of each fund are disclosed in note 24. Incoming resources Investment income is recognised on a receivable basis. Resources expended Liabilities are recogni5ed as soon as there is a legal or constructrve obligation committing the Charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings Ihat aggregate all costs related to the category. Costs of generating funds are investment management f￿s. Charitable expenditure comprises those costs incurred by the charity in the delivery of tts aclivities and services for its beneficiaries. It includes both costs that can be alIc￿ated 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 instance between Pensions and Relief in Need and Advancement of Edu&ation. 27

Docusign Envelope ID.. EE3D3F61.17g144F￿BBAc-2Fs7l64BCSD3 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 .continued The income of each moiety may then be applied to meet expenditure as specrfied by the Scheme. If, in any year the income ofAdvancement 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 rtself the 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 Commrttee the authority to approve new organisations for Referral Related Funding in excess of four grants of £1500. Consideration of subsequent Referral Related Funding is delegated to the Executive, as is consideration of grants to individuals not exceeding £10.000 under a Cascade of financial authorty levels. The Board reviews all grant payments made under these delegations. Grants are recognised in full in the Statement of Financial Acttvities when a recommendation for a grant is ratrfied. Governance and Support costs Staff costs and general expenses are spif( between Support and Governance costs on the basis of the percentage of lime devoted by each employee to each of these activities. Support costs are allocated further on the basis of working time between Relief in Need and Advancement of Education. Govemance costs include costs of the preparation and examination of the statutory accounts and the cost of any legal advice to trustees on governance or constitutional matters. Govemance costs are split between Relief of Need and Advancement of Education, which for both 2025 and 2024 is 500/ts Relief of Need and 500A 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 criieria. 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 2025.The Trustees have decided nol 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 20 % per annum and 33 1130/0 per annum respectively. Certain items below this amount may be capitalised al the discretion of the Trustees. Investments Fixed asset investments comprise of investment properties and listed investments. Investment properties Investment properties are included in the balan￿ sheet at valuation, established by professional valuers. In recent times, the Trustees, policy was to revalue the charty's entire property portfolio over a rolling five-year pertod. As part of a wider strategic review of the charfty's investments, this will be conducted on an annual basis for at least the nexl two financial years. Listed investments Listed investments are stated at mid-market value at the balance sheet date. Overseas investments are translated into sterling at the rates ruling at the year end. 28

Docusign Envelope ID.. EE3D3F61-l79144Ft￿BBAc-2Fs7l64BCSD3 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 . continued Realised gains and losses on investments are calculated as the difference belween sales proceeds and their market value at the start of the year. or their subsequent cost, and are charged or credbted to the statement of the financial activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the yearand are credited or charged to the statement of financial activities based on the market value at the year end. Pensions The charty contributes to a mutti-employer pension scheme or, alternatively, contributes to the employees. own private pension arrangements. These contributions are charged to the Statement of Financial Activtties when paid. Other In the application of the charty's accounting policies. the Trustees are required to make judgements, estimates and assumptions about the 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 reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects onty that period, or in the period of the revision and fLrture periods where the revision affects both current and future periods. The significant area in which estimation has been applied is considered to be in detennining the value of investments. Where possible and appropriate, professional valuations have been obtained from qualffied individuals. therefore although these areas are subject tojudgement, the trustees considerthe values to be appropriale. 29

Docusign Envelope ID.. EE3D3F61-179144FD-BBAC-2F57164BC5D3 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 .continued Statement of Financial Activities (including income and expenditure account and statement of total recognised gains and losses) for the year ended 31 March 2024 un￿strICted Funds Endowment Funds Total 2024 Income and endowments from: Donations and legacies Charitable activrties Investments Other 57.951 57,951 4,315,465 24,178 4,397,594 4,315,465 24,178 82,129 Total income and endowments 4,315,465 Expenditure on: Raising funds Investment management costs Charitable activities Other costs Total resources expended 1,118,663 1,118,663 3.409,905 286,430 4,814,998 3.409.905 286,430 3,696,335 1,118,663 Net incomellexpenditure) before other recognised gains and losses Net gainsl(losses} on investments Net incomel(expenditure) (3,614,206) 3,196,802 (143,307) 3,053,495 (417,404) (143,307) (560,711) (3,614,2¢￿) Transfer between funds 3,196,802 (3,196,802) Other ￿cogniSed gainsl(losses): Gainsl{losses)) on revaluation of Operating premises Net movement in funds (413,809) 1413,809) (417,404) (557,116) (974,520) Reconciliation of funds: Total funds brought forward Totsl funds carried forward 913,728 496,324 164,911,998 164,354,882 165,825,726 164,851,206 Income from donations and legacies Unrestricted Funds Endowment Funds Total Funds 2025 UnTestri¢tedl Total Funds 2024 Donations 30

Docusign Envelope ID.. EE3D3F61-179144FtkBBA&2F571648C5D3 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 .continued Income from charitable activities Unrestricted Funds Endowment Total Funds Funds 2025 Unrestrictedl Total Funds 2024 Relief of Need Returned grants 86,558 86,558 57,951 Investment income Unrestricted Endowment Total Funds Funds Funds 2025 Endowmentl Total Funds 2024 Income from investment properties Income from listed investments Interest income 3,034,242 1,132.217 103.594 3,034,242 1,132,217 103.594 3,002,906 1,175,562 136,997 4,270,053 4,270,053 4,315,465 Operating leases Not later than one year Latsr than one year and not later than five years Later than five years Investment properties on leases 1.307.686 4,238.318 19,680,123 Leases for two of the investment properties have provisions for RPI annual increase. Other income Unrestricted Endowment Total Funds Funds Funds 2025 un￿stricted1 Total Funds 2024 Charity discounts Insurance and other claims 5,000 15,938 5,000 15,938 5,100 19,078 20,938 20,938 24,178 31

Doe￿ign Envelope ID.. EE3D3F61-179144FD-BBAC-2F57164BC5D3 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 .continued Investment management costs Unrestricted Endowment Funds Funds Total Funds Endowmenu 2025 Total Funds 2024 Property management fees Legal fees Irrecoverable VAT Property management expenditure Bad debt written off Refurbishmenl of properties Investment management administration costs 97,416 10,195 74,883 97,416 10,195 74,883 112,550 22,921 82,131 655,402 29,958 655,402 29,958 702,933 18,405 197,231 197,231 179,723 1,065,085 1,065,085 1,118,663 Details of charitable activities Grant funding of activities Direct Services allocated Support costs allocated Total 2025 Total 2024 Relief of Need Advancement of Education 2,291,386 996,619 264,743 266.200 204,567 204,566 2,760,696 2,229,303 1,467,385 1,180,602 3,288,005 530,943 409,133 4,228,081 3,409,905 Direct Services costs Relief of Advancement Need of Education Total Relief of Advancernent 2025 Need of Education Total 2024 Third party training Employment costs 1,460 1,460 264,740 529,483 254,543 266,200 530,943 254,543 1,280 1,280 254,543 509,086 255,823 510,366 264.743 264,743 Support costs Relief of Advancement Need of Education Total Relief of Advancement 2025 Need of Education Total 2024 Employment costs Office expenses Depreciation of tsngible fixed assets 158,578 42.910 3,079 158,577 317,155 117,842 42.910 85.820 36.343 3,079 6,158 3,239 117,842 235,684 36.343 72,686 3,239 6,478 204,567 204,566 409,133 157,424 157,424 314,848 32

Docusign Envelope ID.. EE3D3F61-l79144Ft￿8BA￿2F57lfj4BC5O3 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 -continued Grant making Grants to Grants to institutions individuals Total Grants to Grants to 2025 institutions individuals Total 2024 Relief of Need Advancement of Education 451,531 1,839,855 2,291,386 996,619 996,619 451,531 2,836,474 3,288,005 487,268 1,330,068 1,817,336 767,355 767,355 487,268 2,097,423 2,584,691 Details of granls awarded in respect of each organisation during the year are disclosed in the Charities. Annual Report. Other expenditure Unrestricted Funds Endowment Funds Totsl Funds 2025 Unrestrictedl Total Funds 2024 Governance costs: Employment costs Establishment costs Office expenses Irrecoverable VAT Trustee expenses Audrtors, remuneration Legal and professional costs Depreciation of tangible fixed assets 183,386 25,033 67.743 22,068 183,386 25,033 67,743 22,068 154,132 24,409 53,246 23,503 8,400 23,349 6.159 8,400 23,349 6,159 8,000 16,662 6,478 336,138 336,138 286,430 Loss on disposals of fixed assets 336.138 336,138 286,430 Operating leases Not later than one year Later than one year and not laterthan five years Later than five years Operating equipment 360 720 33

Do¢usign Envelope ID.. EE3D3F6l-179144Ft￿BBAc-2Fs7l64BCSD3 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 . continued 10 Trustee's remuneration and expenses The trustees re￿iVed no remuneration during the year. No Trustee was reimbursed for expenses incurred during the year (2024 - no Trustee). 11 Net expenditure Net expenditure is stated after charging.. 2025 2024 Auditors, remuneration - audit services Depreciation of owned assets 8,400 12,317 8,000 12,956 12 Employees. remuneration The average head count of persons employed by the charty during the year, analysed by category, was as follows-. 2025 2024 Grant making and advice to beneficiaries Management and administration of the charty 12 17 16 The aggregate payroll costs of these persons were as follows: 2025 2024 Wages and salaries Social security Other pension costs 848,467 84,597 96,960 1,030,024 731,470 79,886 87,546 898,902 34

Docusign Envelope ID.. EE3D3F61-179144FtkBBA&2F57164BC5D3 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 .continued During the year, the number of employees other than the key management personnel who received employee benefits (excluding employer National Insurance Contribution and employer pension costs) falling within the following ranges was.. 2025 2024 £60,000 - £70,000 £70,000 - £80,000 £80,000 - £90,000 £90,000 - £100,000 Key management personnel During the year, the number of senior employees who received emoluments falling within the following ranges was: 2025 No. 2024 £90,000 £100,000 £110,000 - £120,000 £120,000 - £130,000 £130,000 - £140,000 The total amount of employee beneffts received by the key management personnel (including employerfs National Insurance Contribution) was £135,441 (2024- £123,925). During the year, defined contribution pension contributions on behalf of these staff amounted to £11,440 {2024- £11,000}. 13 Gainsl{losses) on investments Unrestricted Funds Endowment funds Total funds 2025 Endowmentl Total funds 2024 Gainsl{losses) on disposal of investment properties Gains/(losses) on disposal of investments Gainsl(losses) on revaluation of investments Gainslllosses) on Foreign EX of investments Gainsl(lossesl on revaluation of investment properties 603.300 603.300 7%,784 796,784 (175,529) 1,098,703 1,098,703 6,965,546 114,770 114,770 (1,536,170) {1,536,170) {6,933,324) 1,077,387 1,077,387 (143,307) 35

Docusign Envelope ID.. EE3D3F61-179144FD-BBAC-2F57164BC5D3 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 .continued 14 Taxation The company is a registered charity and is, therefore, exempt from Corporation Tax. 15 Transfer between funds Unrestricted Funds Endowment funds Allocation of the unapplied total return 4,282,355 (4,282,355) 16 Tangible fixed assets Long leasehold Plant and and other interests machinery in land and including motor buildings vehicles Total Cost or valuation: As at 1 April 2024 Revalualion Additions Disposals As at 31 March 2025 Depreciation: As at 1 April 2024 On disposals Charge for the year As at 31 March 2025 1,883,5Crf) 90,228 1,973,728 14,308 14,308 1,883,500 104,536 1,988,036 66,482 66,482 12,317 78.799 12,317 78,799 Net book values: As at 31 March 2025 1.883.500 1,883,500 25,737 23,746 1,909,237 1,907,246 As at 31 March 2024 The historical cost of leasehold properties held, as at 31 March 2025 is £1,380,856 (2024.. £1,380,856). 36

Docusign Envelope ID.. EE3D3F61-179144FD_BBAC-2F57164BC5D3 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 .¢ontinued 17 Investments held as fixed assets Investment properties Listed investments Total Market value: As at 1 April 2024 Revaluation Additions Disposals As at 31 March 2025 89,645,600 (1.536,170) 50,070 (1,500,000) 86.659.500 73,010,094 1,213,472 52,926.596 152,170,075) 74,980,087 162,655,694 {322,698) 52,976,666 (53,670,075) 161,639,587 Net book value As at 31 March 2025 As at 31 March 2024 86,659.500 89.645,600 74,980,087 73,010,094 161,639,587 162,655,694 Propety valuations were prepared by Savills in accordan￿ with the Valuation Standards. Guidan Notes and Appendices contained in the RICS Valuation- Global Standards, effective from 31. January 2022, incorporating intemational Valuation Stsndards (IVS) (the"Red Book"), including the UK National Supplement. Nolwithstanding some uncertainty around the impact of the government's proposed reform of leasehold, the Trustees 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 2025 is £69,612,201 (2024.. £61,394,146). Of the total value of listed investments. £50,331,618 (2024.. £49,584,970) represents overseas investments and £24,648,469 (2024: £23,425,124) represents UK inveslments. 37

Docusign Envelope ID.. EE3D3F61-179144Ft>BBAC-2F57164BC5D3 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 .continued The investment fund and application of total retum to the endowed funds is summarised below: Movements in the Total Return Fund for the year: 2025 2024 Opening value of pem￿nent endowment Less.. amount maintained in permanent endowment fund Unapplied total retum as at 1 April 2024 Investmenl relurn - net incomel(expenditure) Allocation of unapplied return Revaluation of operating premises Unapplied total retum as at 31 March 2025 Add '. amount maintained in pemianent endowment fund Pemianent endowment fund including unapplied total return as at 31st March 2025 164,354,882 25,028.740) 139,326,142 4,282,355 (4,282,355) 164,911,998 25,028,740 139,883,258 3,053,495 (3,196,802) 413,809 139,326,142 25,028,740 139,326,142 25,028,740 164,354,882 164,354,882 Statement of Unapplied Totsl Return since March 2009 Unapplied total retum brought forward Total retum for the year Less.. total return applied for the year Revaluation of operating premises Unapplied total retum as at 31 March 2024 95,024.652 4,282,355 {4,282,355) 95,581,768 3,053,495 (3,196,802) 413,809 95,024,652 95,024,652 18 Debtors 2025 2024 Other debtors Prepayments and accrued income 1,355,675 372,405 1,728,080 907,329 560,709 1,468,038 19 Current assets investments 2025 2024 Cash equivalents on deposits 918,123 418,710 38

Docusign Envelope ID.. EE3D3F61-179144FD-BBAC-2F57164BC5D3 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 .continued 20 Creditors: Amounts falling due within one year 2025 2024 Bank loans and overdrafts Grants payable Other creditors Accruals and deferred income 751,971 284.504 514.125 1,550,600 821,360 267,773 548,206 1,637,339 Deferred income comprises rent and ground rent charged in advance. Deferred income reconciliation 2025 2024 Balance at 1 April Amount released to income Amount deferred in the year 369,902 369.902 354,993 404,130 404,130 369,902 Balance at 31 March 354,993 369,902 21 Creditors: Amounts falling due after more than one year 2025 2024 Multi-employer pension scheme deficf( charges 6,525 2,318 The charity contributes to a mutti-employer pension scheme where il is not possible to identify separately the assets and liabilities of the participating employers on a consistent and reasonable basis. The present values of the multiemployer pension scheme deficit charges are provided by the Pensions Trust using discount rates which would give the same reSU￿S as using a full AA corporate bond yield curveto discount the same recovery plan contributions. The rate of discountwas 4.840/012024_ 5.31 % ). 39

Docusign Envelope ID.- EE3D3F61-179144FD-BBAC-2F57164BC5D3 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 . continued 22 Members. liability The charity is a private company limited 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 charity in the event of liquidation. 23 Related parties - Controlling entity The charity is controlled by the trustees. There have been no related party transactions in the reporting period. 24 Analysis of funds At 1 April Total income Total Net gainsl Other 2024 and expenditure losses recognised ondowments gainsl losses Transfer At 31 Mar¢h between 2025 funds Unrestricted Funds Unrestricted income fund 496,324 107.4% (4,564,219) 4,282.355 321.956 Endowment Funds Permanent endowment 164,354,882 4,270,053 (1,065,085) 1,077.387 164,851,2￿ 4.377.549 {5,629,304) 1,077,387 4.282,355 164,354,882 164,676,838 25 Unrestricted Funds 2025 2024 General Reserves At 1 April 2024 From Advancement of Education To Pensions and Relief of Need 496,324 913,728 560,200 (734.568) 316,289 (733,693) (174,368) 321,956 1417,404) 496,324 At 31 March 2025

Docusign Envelope ID.. EE3D3F61-17Y144FtkBBAC-2F57164BCSD3 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 .continued 2025 2024 Pensions and Relief of Need At 1 April 2024 Moiety surplus for the year 1,556,818 1,556,818 1,083,643 1,083,643 Less.. Expenditure on Pensions and Relief of Need 2,291,386 1734,568) 734,568 1,817,336 {733,693) 733,693 Transfer from general reSe￿e At 31 March 2025 Advancement of Education At 1 April 2024 Moiety s￿￿luS for the year 1,556,819 1,556,819 1,083,644 1,083,644 Less.. Expenditure on Advancement of Education 996,619 560,200 (560,200) 767,355 316,289 (316,289} Transfer to general reserve At 31 March 2025 Summary of Revenue Reserve At 1 April 2024 ProfiU(loss) for the year At 31 March 2025 496,324 (174,368) 321,956 913,728 {417,404) 496,324 Trustees have designated the uses of the Revenue Reserves to be.. Contingency against loss of income Sinking fund for equipment replacement At 31 March 2025 241,956 80,000 321.956 416,324 80,000 496,324 41

Docusign Enveiope ID.. EE3D3F61-179144Ft>BBAC-2F57164BC5D3 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 . continued 26 Net assets by fund Unrestricted Funds Endowment Total Funds Funds 2025 Tangible assets Inveslments Current assets Creditors.. Amounts falling due within one year Creditors.. Amounts falling due after more than one year Net assets 25,737 1,883,500 161,639,587 831,907 1,909,237 161,639,587 2,685,139 1.853.232 (1.550.600) (1,550,600) (6,525) 321,844 (6,525) 164,676,838 164,354,994 Unrestricted Funds Endowment Total Funds Funds 2024 Tangible assets Investments Current assets Creditors.. Amounts falling due within one year Creditors.. Amounts falling due after more than one year Net assets 23,746 1,883,500 162,655,694 (184,312) 1,907,246 162,655,694 1,927,923 2,112,235 (1,637,339) (1,637,339) (2,318) (2,318) 164,851,206 496.324 164,354,882 42

Docusign Envelope ID.. EE3D3F6l-l79144F￿BBA&2FS7164BCSD3 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 .continued 27 Financial instruments 2025 2024 Financial assets that are debts instruments measured at fair value= Listed Investments 74,980,087 73,010,094 Financial assets that are debts instruments measured at amortised cost.. Other Debtors 1,355,675 907,329 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 instfuments measured at cost 918,123 38,936 957,059 418,710 41,175 459,885 Financial liabililies measured at amortised cost: Grants Payable Other Creditors Total financial liabilities measured at amortised cost 751,971 284,504 1,036,475 821,360 267,773 1,089,133 Income, expense, gains or losses, including changes in fair value, recognised on.. Financial assets measured at fair value Interest Income Total income, expense, gains or losses, including changes in fair value 3,027,704 103,594 7,965,579 136,997 3,131,298 8,102,576 43