TTTT TTTTT TTTT T_T_T_T_T TTTTT TTTT TTTTT TTTT TTTTT Annual Report and Accounts Company Number 5196041 Registered Charity Number 1105580 Tudortrust Tudortrust Trustees, report for the year ended 31 March 2025 Contents Introduction Structure, governance and management Grant-making policy and aims Objectives and activities Achievements and performan 11 Looking ahead 14 Financial review 15 Statement of Trustees, responsibilrties 20 Independent Auditorfs Report to the Members of The Tudor Trust 22 Reference and administrative information 27 Financial statements 29 Statement of Financial Activitie5 29 Balance Sheet 30 Statement of Cash Flows 31 Notes to the annual accounts 202412025 32 T T Chairfs Introdurtion In 2024/25, it was importantforthe TudorTrust to resume its core grant-making activities. The Trust had been closed to new applicants since 2022. Asa newlyformed board in 2024. with a mandate from the outgoing Trustees to focus on racial justice. we were keen to reopen and start centring our grantee partners in our work. Building on the Tudor Trusys rich history. with a reputation for flexible. relational and progressive funding practices, it was- in part- within this spirit that we relaunched the grants programme. We comrnitted £10 million towards organisations with a 'vision for a world that moves beyond racism and racial inequities to one where inclusive communitie5 thrive in all our systems and structures.. Organisations committed to changing systems, regenerative approaches, equity, justice, and building assets within communvcies. We are incredibly proud of ourfirst set of partners. They embody many of the qualities outlined in our Change We Seek framework, launched in April 2025. We are still in the early stages of this renewal process. We are still learning, while practicing with urgency and patience. As this journey continues, we will, however, remain committed to centring the dignity and knowledge of the historically marginalised in our work. I wanttoexpress mysincere gratitudeto ourCEO. Raji Hunjan, and the teamfortheirtireless efforts. This work requ ires exceptional relationship management skills. experience of what tt means to be '1 n service. to the community, humility, thoughtfulness and compassion. The team exemplifies these qualities. l am hugely grateful to the Trusys outgoing Chair. Matt Dunwell, for his support, and the new Board. Collectively, they understood how important it would be for us to be trusted enough to sit around the tables of prospettive partners and communities we were seeking to work with, not the other way around. And how vital itwill be for us movingforward to absorb riskon their behalf sothey can then build and develop the assets to enable them to imagine new futures and respond, in real time, to crisis. As we move beyond grant-making as a vehicle for change and utilise all our assets to support our grantee partners. that level of trust and commitmentthey have demonstrated will be vital. The Tudor Trust will endeavour to build on this first year by continuing to partner with organisations and individuals whose work is creative. community-led, racially just. and offers systemic solutions - the type of work that will make the world a better place, the world as it should be. Derek Bardowell Chair Tudortrust T T CEO'S Introduction In this reporting year we committed around £IOm in new grants to communities focused on systemic change. In addition. we continued to commit significant resources to supporting our existing grant partners. As is usual practice for Tudor, we use a proportion of our capital to make grants. Our overall organisational expenditure was made up of £8,543K in income and £3,985K in capital. Behind our 2024/25 grant-makin& we delivered on an 18-month workplan with a racial justice mandate from the outgoing family led Board to transform The Tudor Trust. In line with Tudor's long- standing commitmenttocommunities, we agreed an understanding of racial justice as a lens through which we support community led prartices thatalso build power and resource systems change work. Ourtransformed approach to grant-making prioritises depth of relationships and working in collaboration, over volumes of grants. This means we can commit to longer term relationships and multi- year funding that enables organisations to move frorn surviving to thriving. We want to understand what ittakes to build resilience when ourgrant partners are operating in an economically challenging environment. As we deepen this understandin& we are committed to sharing with the funding sector more widely. In 2024, we also welcomed new staff and began to build a pennanent senior leadership team. l am grateful to all our staff for their commitrnent to developing our grant making in ways that centre grassroots wisdom and supports communities to build alliances. At the same time, they developed grant making processes and systems to ensure we paid attention to good governance and due diligence. Together we took a lea rning approach to all our work. We understood that we do not have all the answers, and that our ongoing relationships with our grant partners will support us to go deeper into our emerging strategy. All staff at Tudor would like to extend our thanks tothe departing Board, and especially Matt Dunwell, who remained asthe Chairof Tudor until October2024. His generosity and humility in sharing his knowledge and giving us encouragernent has helped us bridgeto a new iteration of Tudor. l am also delighted to be working with Derek Bardowell as the new Chair and look forward to continuing Tudorfs journey with his wisdom and leadership. Raji Hunjan CEO Tudortrust Page 4 T T Structure, Governance and Management On lstmarch 1955 Sir Godfrey Mitchell endowed a charitable trustwith a gift of shares in the construction company George Wimpey. In 1979 this trust became known as The Tudor Trust. The Tudor rd Trust's governing document is its memorandum and articles (incorporated 3 August 2004 and amended th by special resolution(s) dated 29 May 2014). The Trust was incorporated as a company limited by 5t guarantee on l April 2005, with all assets and lia bilities of the previous Trust being tranSfer￿d to the current legal entity on that date. The company is also registered with the Charity Commission (registered th 20 August 2004). No changes were made to our governing documents in this reporting year. Changes were made to the composition of the Board, alongside a review of all terms of reference and decision-making processes. Trustees Trustees are listed on page 27 of this report. The Board of Trustees appoints the Trustees and, while the articles of association providefor a minimum of six, there are currently 8 Trustees. The composition of the Board is kept under review and if additional Tnjstees are needed. we look to recruit new members with relevant skills and experience. Following a review in 2024, the Board identified the need for people and culture, and social investment experience. Following a wide and extensive recruitment process overseen bYCaden￿. two Trustees were appointed inJuly2024: Ozzie Clarke-Binns and Georgina Wilson. In line with the planned and well-publicised exit of the previous Board, Francis Runacres, Holly Baine and James Long resigned in April 2024 and Monika Barlow in July 2024. Matt Dunwell stepped down as Chair in October 2024. A bespoke indue(ion programme was designed which included one to one meetings with the Chair and the Chair Designate. as well as the Senior Leadership Team, and conversations with the CEO regarding the ongoing transformation. All new Trustees attended a staff and Trustee away day in July 2024, which formed the basis on which new strategy was developed. In addition. a handover report between new and outgoing Trustees wa5 comrnissioned and written by Stephen Bediako. Louise Mousseau and Fancy Sintha. The report, Staying Brnve, was an opportunity for outgoing Trustees to share their ambitions and hopes for a future iteration of Tudor. A public version of this report was later published. Tudortrust PaJe 5 Decision Making The Board of Trustee5 Usually meets three times a year and holds ultimate responsibility forthe Trust. The Board agrees the strategy of The TudorTrust. reviews and confirms policy decisions, provides oversight on grant making policies and reviews and oversees financial and investment movements. A robust and extensive review was undertaken during the yearto ensure the smooth transition to an oversight model of governance, to replace the previous family model of governance. Through an external review, we examined the effectiveness of the Board and sub-committees, which led to a new sub- committee structure with updated Terms of References. Roles and responsibilities of all Trustees were also reviewed to ensure updated compliance with regulatory frarnework5. In addition, a new Scheme of delegation was approved to give clarityto all major decision makingand delegation of duties. The following sub-committees met during the year with the remit to support the compliance and fiduciary functions and duties of the Board thereby ensuring more robust and effective governance. l. Finance and Investment Committee- The overall purpose of this Committee is to assist Trustees in their duty to oversee and to support the staff in effectively developing and delivering policy forthe charity in the areas of finance, risk, investment and audit. The Committee usually meets four tirnes each year. 2. People and Culture (P&C) Committee-The overall purpose of this Committee is to assist Trustees by providing oversight and advice on the developrnent and implementation of an inclusive strategy in alignment with the overall strategy of the Tudor Trust. The Committee will ensure that the People and Culture strategy is underpinned by a Justice, Equity, Diversity and Inclusion {JEDI) framework, an understsnding of anti-racist/anti-oppression principles, and agreed behaviours across all of Tudorfs practices. The Committee usually meets twice each year. The overall responsibility of governance sits with the full Board which includes all matters relating to strategy, including a wider conversation about investments. risks, communications. and organisational culture. The Board agreed that three meetings will be held in a year, that are the equivalent of a full day. In addition. there will be an annual staff and Trustee away day. Day-to-day operation of the Trust The Trustees delegate the day-to-day tnanagement and operation of the Trust to the Senior Leadership Team (SLT) under the leadership of the Chief Executive. The SLTcomprises of the Chief Executive. Head of Finance & Resources, Head of People & Culture and Head of Programmes. Given the emergent nature of our work, the SLT composition and structure will be kept under review. Tudortrust PaJe 6 T T Grant-making Policy and Aims The Tudor Trust operates forthe public benefit. The beneficiaries of The Tudor Trust a￿ the communities and organisations that we fund. work with. and support, as well as the organisations themselves. The Trustees have considered the Chartty Commission's general guidance on public benefitwhen reviewing Tudor's aims and objectives and when planning future activities. setting grant-making policy and making grants. When Sir Godfrey Mitchell endowed the charitable trustwith an expendable endowment, he specified that the Trustees should be able to apply the funds to any charitsble purpose. Over the year5 the breadth of these objects and powers has allowed the Trustees to reassess how best we can make best use of Tudor's funds. In 2024, Trustees reviewed our grant rnaking policies and in line with an oversight model of governance, they delegated grant making to the Executive. It remains the responsibilityof the Board to approve strategies and grant-making plans. Individual grants, up to £3m are approved by the CEO. A grant-making rnanual with all policies, processes and due diligence guidance has been developed. In addition, all grant agreements and templates have been updated. Extemal expertise, including legal advice was sought in developing new processes and systems. We are very grateful to Alex Cole-Hamilton, from Power and Integrity, Joss Saunders from Oxfam GB for their extensive support along-side additional supportfrom Russell Cooke forthis piece of work. Objectives and Activities During this period, Tudor launched its first funding round following the majortransformation of the organisation. As part of its newchange We Seek strategy, Tudor isfocusingon providingfewer, but larger and longer-term grantsto organisations and leaderstackling social injustice through a racial injustice lens. We made two capital grants. to Civic Square and Hood Futures CIC (Hood Futures). Both organisations sit side by side in Ladywell. Birmingham. occupying a large plot of land situated by the canals. The land was a prime location for gentrification and luxury housing. Following a Significant period of time in which both organisations worked closelywith the landowners, offers were accepted to purchase the land, and plans were drawn up to demonstrate the community benefit, not just to residents in Birmingham, but to communities across the country who could strengthen their understanding of how to unlock assets for community use in perpetuity. Civic Square and Hood Futures have ambitious plans for the future. Tudortrust TTTkn*41 Civic Square is a decade-old projert that has grown from a small, volunteer-led gathering into a movement attracting thousands. Its mission is to bring new voices into civic life and to demonstrate alternative models of land and building stewardship. Civic Square will transform Tubeworks into a flagship, community-owned hub and Neighbourhood Public Square- one that integrates workspace, cultural programming, climate resilience, and community wealth building. Civic Square has secured a capital grant of £900Kfrom Tudortowards the purchase of the Tubeworks land for Civicsquare in Ladywood. Tubeworks is backed by a planned £25m endowment and will host a vibrant mix of micro- economies, from a café and micro-factoryto renewable energy generation; all operating under a Covenant for Neighbourhood Social and Ecological Benefit to ensure the land remains dedicated to community purposes in perpetuity. Byembedding the use of multi-capital value creation into its operations and pioneering alternative financing models, Civic Square's ambition is to seed regenerative prartices, expand neighbourhood agency, and create a blueprint for how wealth can be re-ynvested into thriving, future- ready comrnunities across the UK. Hood Futures is an emergingforcefor community-led regeneration. Rooted in the needs and priorities of local residents. the organisation work5 to create opportunities, spaces, and networks that build agencyi inspire creativity, and strengthen neighbourhood resilience. A capital grant of £IM was approved by Tudor towards the purchase of the land and building to be known as Abuelos in Ladywood. Their next step is the creation of Hood Futures Studio which will be a permanent base and will serve as a hub for enterprise, learning, and cultural activity. This acquisition will anchor Hood Futures. work in securing community-owned premises, ensuring that its programmes can developfree fromthe pressures of commercial rents. The Studio will provide adaptable space for skills training, creatNe production, entrepreneurship, and events, designed to evolve with the community's needs. By investing in local infrastructure and embedding ownership in the hands of the community, the arnbition is to create an intergenerational centrefor cultural production, education, and enterprise, with an emphasis on creative industries, skills development and local economic empowerment. They will model how local communitie5 can use asset ownership as a plarform for systemic change and the overall a mbition is tocreate a lasting platform for innovation. cultural expression. and neighbourhood-led change. Together. Civic Square and Hood Future5 offer complementary approaches and models of community-led regeneration: one large-scale and long-term, the other agile and hyperlocal. Both anchor wealth and decision-making in the community, prioritising social and ecological benefit. These investments create not just buildings, but platforms for lasting change. demonstrating how targeted capital grants can unlock new futures for neighbourhoods and set blueprints for community ownership nationwide. Tudortrust PaJe 8 I*T T Strategic Grants Our multi-year grants ranged from £SOOk to £lm. They are designed to enable organisations to go beyond their day-to-day work, to build their long-term, sustainable organisational plans, and scale their ambitions. Our role is to walk along-side our grant partners, so that we can better understand the systern in which they are operating, and howwe can make future grants in the interest of power building and systems change. Two examples of these grants are Coffee Afrik and Runnymede TrusL Coffee Afrik 15 a lived experience-led community organisation working across East London. They collaborate with women and young people from Black and Global Majority communities to run community hub5 providing life-saving services, building knowledge, skills, and connections in the pursuit of power. Their work is varied, and ranges from service delivery through to systemic change. They have a strategicgoal of developing governance practices within community-based organisations that are community led. Tudorfs learning interest in this work is in how communty-led governance can increase resilience. improve accountability, and create a governance blueprint that shifts decision-making power into the hands of communities themselves. Runnymede Trust is an independent, evidence-based organisation that exists to tackle structural racism in oursociety. Theyare highly collaborative and inclusive, forthe purpose of working towards a societythat is free from racism. Theytake a non-partisan approach to addressingthe challenge5 of today, for example the aftermath of the summer riots of 2024, which were fuelled by Islamophobia. Tudorfs learning interest in theirwork 15 to understand what ittakesto build resilience in organisations that are lived experience led. This means understanding what it takes to build resilience in lived experience-led organisations in 'hostile environments,. including how funding. partnerships, and infrastructure can be designed to safeguard their mission, their people and their long-term impact. Exploration Grants We recognise that building lasting change requires not only resourcing individual organisations but also investing in the wider ecosystem in which they operate. Alongside ourlarger, multi-year commitments. we made a series of smaller grants of up to £IOOK to seven "Exploration Partners-: Decolonising Economics, Land In Our Names CIC, Material Cultures, People Dem Collective, Sistren Legal Collective. Tripod, and Ubuntu Wornen Shelter. These organi5ations a￿ at the forefront of rethinking economics, land, culture. justice and the law. Their explorations will generate learning for the Trust, the sector and communities more broadly, about how to support transformative shifts. Exploration grants are designed to support organisations to develop their plans and strategies, deepen their practice. and strengthen their role within interconnected movements for racial justice. We prioritise organisations that form part of the ecosystem in which our multi-year grantees are operating. This way, we Tudortrust T T can startto understand the inter-dependence between differentwork and how we can encourage collaboration. Exploration grants allow usto: Understand interde ndence: Learn how organisations such as Ubuntu Women Shelter and Sistren Legal Collective contribute to movements that are also strengthened by larger. multi-year partner5. By learning about how their work intersects with groups such as the Ubele Initiative or the Runnymede Trust, we can begin to map the conditions needed for deeper collaboration and systemic shifts. Encoura e collaboration and knowled e sharin The Bjack Feminist Fund, Decolonising Economics and the Good Ancestor Movement hold distinctive approaches that can inform and inspire Tudorfs group of grant partners. Investing in them create5 space for cross-learning across ferninist. racial justice and movement- building traditions. Su uildin For newer or smaller organisations, flexible support at this Stage enables organisations and the leaders behind them, to consolidate their strategies, strengthen governance, and test ideas without the immediate pressures of scaling. This strengthens the pipeline of leadership and innovation in justice ecosystems. Resourcing groups working at the intersections of community organising, creativity, and systemic change allows us all to learn and explore how different approaches interlink and reinforce one another. This is not about isolated projects, but instead weaving together dtverse forms of knowledge, leadership, and practice into a living ecosystem of change. Sistren Legal Collectlve and Materlal Cultures are examples of this. Part of the multi-year partner network, they embody an emerging model of equitable ecosystems, one that thrives on interdependence, cultural grounding, and shared power. When seen together. these approaches reveal a powerful cycle of resilience and renewal. The legal empowerrnent and advocacy of Sistren Legal Collective provide grounding for systemic change. ensuring communitie5 can challenge injustice, defend rights, and build collective power. The regenerative design and place-based practice of Material Cultures nurture the conditions for long-term sustainability, reconnecting communities with land. resources and new possibilities for regeneration and living well together. Individually, each organisation is making vitsl changes. Connected, they create something larger: a web of mutual reinforcement where care. knowledge, and strategy circulate between comrnunities. They illustrate how justice-driven work does not sit in silos- legal ernpowerment is connected to cultural chan£e, cultural change is connected to material practice, and material practice is connected to systernic transformation. Tudortrust Pagp 10 T T These strategic and exploration grants us to hold both depth and breadth in Tudorfs grant-making: sustaining multi-year anchor organisation5, while also resourcing the ecosystem of groups around them to grow, connect, and imagine new possibilities. By walking alongside this mix of partners. we intend to better understand how funders can nurture interdependence, collaboration and long-term systemic change. Responsible Exits of Legacy Grants Duringthis period, Tudor provided £1.4m in smallertop-upgrants of up to £80Keach, to 31 organisations. These grants were made to support grant-holders whose grants were coming to an end, were first funded in 2022 and 2023 and who had not previously benefited from longer-term Tudor funding. In addition, Tudor broughtforward the release of £4.3m in grants to 93 legacy grant-holders to enable organisations to stabilise their operations and plan with greater certainty. Achievements and Performance Bullding Strategy Much of this reporting year was spent delivering on our widely publicised 18-month plan, in line with our transformation. Key to this was building a strategy that combined organisational culture with grant-rnaking plans that put communities at the forefront. In April 2025, we launched Change Weseek. This is a blueprint for how we intend to move forward with all our work. taking a total asset approach. Change We Seek enables us to take an emergent approach to our developing strategy over the longer term. Our grants become the learning opportunitythrough which we understand how we can work in partnership with communities to build systems that are more just and equitsble. As we learn we will continue to change and course correctso thatwe continueto contribute to a diverse civil society in the interest of thriving communities. We have understood racial justice as a lensthrough which we tackle all forms of injustice. We believe that it Is important to address the inherent power imbalance between funders and grantees by working together and being led by the experiences of those we fund. Tudortrust PaJe11 T T People and Culture To help us to prepare forthis new way of working, we took time to rebuild our people and culture strategies. This began with a behaviours framework. Through this. we have learned to understand our work as deeply relational and reqUI￿S all of us to embody our behaviours individually and as an organisation. These are: bravery. creativity, compassion, curiosity, humility and integrity. Together, as a team, we rebuilt all our staff policies and procedures. using this framework. Taking an asset- based approach, we want all our staff to be able to contribute effectively to all of Tudorfs work. Equally we want staff to be able to go back out into the field and continue to build their leadership practices. We therefore anticipate that our staff will stsyatTudor between three tofive years, recognising that some will leave sooner than this. For this reason, we encourage professional development and offer coaching SUPPOrt. Recruitment Extensive staff and Trustee recruitment took place during this reporting period. This included Senior Leadership roles. Office Manager and three new Programme Officers. We used this to develop a recruitment practice to encourage a diverse range of applicants. This included deprioritisingthe need for previous experience of philanthropy, which widened the field further. We are grateful to Priya Cinar, whowas secondedto Tudorfrom A Little Bit of HR, and her commitment to supporting the team and leading on the development of our people and culture strategies. Grant Making We took an invitation only approach to making new grants so that we could build our systems and processes alongside distributing funds. We started by funding organisations that we identified as working in ways that are creating pathways to systems that are inherently more just and equitable. A learning lens enabled us to make decisions based on what we wanted to understand, rather than comparing organisations to each other. Byworking in this way. our intention was to reduce competition and build deeper relationships based on trust. We moved away from written application processes to a series of conversations which led to a deeper undersL3nding of the organisations, ambitions and challenges. Tudortrust Pap 12 Governance This was a significant year in which the new Board worked togetherto build their governance approach and practice. They took time to get to know each other and redevelop the comrnittee's structure. From this, governance policies and processes were updated in line with Charity Commission regulations. We are grateful to Vanessa Johnson-Burgess from A Little Bit of HR and Alex Cole-Hamilton from Power and Integrity for their support to the Board and to the Chair. Communlcations Through our engagement with our stakeholders, we learnt about the importance of transparency in philanthropy, and we have received positive feedback about our commitment to learning out loud. Wetook the time to update our website and tocreate some new contentsuch asa short video, as well as regular blogs and newsletter. We are grateful to Nina Kowalska, who worked alongside us in a consultancy capacity to oversee this work. We alsoworkedwith an external communications agency, ESPR. We published a report, Staying Brave, that gave insights into our early thinking about our new strategv, making transparent what we are seeing more widely that we were influenced by. The themes in the report cover total assets, racial justice and differentforms of governance. History Project We recruited a new staff memberto undertake a social history projert so that we can better understand the development of Tudor over the last 70years, in the wider political, social and economic environment. This is firstand foremost forinternal stakeholdersto ensure institutional memory and to digitise key documents. This will also help us to understand how to archive paper- based materials. Operational Matters We invested in an office refurbishment to reflect our more collaborative ways of working and making decisionstogether. This has also made it possiblefor usto offer out meeting space and desks to our partners and wider stakeholders. In addition. we have refitted our top floor to offer a larger workshop style space to our partners goingforward. This is in recognition that so many of our partners are now working remotely and need access to space forwhole in-person meetings. It's also an opportunity for us to get to know our wider stakeholders better. Tudortrust 13 Looking Ahead Goingforward, with our Change Weseek blueprint asthe foundations on which to achieve our goals, we will continue to build our strategy in ways that get us closer to the work at the grassroots, sothat we can build networks and collaborative ways of working amongstour partners and their stakeholders. We call this eco-system building. Grant Maklng Our grant making will continue to be by invitation only so that we can deepen our learning, building relationships to identify more organisations who are committed to working collaboratively and creating interconnectivity across the UK. Our budgeted spend for 2025/26 is £13m. We will regularly update our website as we progress ourgrant making. We will continue to pay attention to transparency and due diligence in our workflows and will tender for a new database that works more efficiently with our model of grant making. Learnlng and Sharing Knowledge With a new Learning and Knowledge Lead now in post, we are developing our plan5 for capturing learning and demonstrating impact. We wantto rnove awayfrom a data driven, metrics-based approach toa way of rneasuring what is changing in our understanding of the sector. how our relationships are deepening, and what that tells us about challenges and opportunities. We will be exploring a range of different tools to support this from storytelling, social media and software for capturing learning. Transparency and Accountability As we continue to make grants, we are committed to sharing how we are making decisions and what is influencing us. We will strengthen our website and social media presence by: Commissioning a new website Developing new content in the form of blogs and podcasts Attending / speaking at events Developing plans for influencing philanthropy. Publishing further reports Tudortrust Page 14 T T Relmaglnlng Governance With the foundations of an oversight model of governance in place, we now want to consider how governance could be more impactful in a contextwherethe strategy isemergent. This includes: Building in opportunities for learnin8 and engaging with partners Creating space for discussion about annual spend and the future of Tudor Skills review in preparation for further Trustee recruitment Soclal Investments We will begin to develop a model of social investments that centre community wisdom and encourage a greater flow of capital, beyond grants towards intersectional work through the lens of racial justice. People and Culture We will keep under review our emerging working prattices and a550ciated policies to ensure that our staff continue to feel supported and have a focus on their professional development as well as good exits. A further review of staffing strurture so thatwe continue to expand the te3m-to ensure capacity to deliver on the elements of our work as set out in this section. Physical Office Spa We plan to operationalise our commitment to sharing our physical space with wider stakeholder5, and this will be communicated through ourwebsite. We will also plan for a refurbishment of our basementfloor, which could also be utilised forexternal use. Financial Review Forthe year under review, Tudor entered new grant cornmitments to the value of £IO.I million (2024: £15.8 million), comprising 26 (2024: 409) individual grants. Notes 4, 4A and 5, on pages 33 and 34 of the financial ststements, provide further analysis of the grant commitments made in the year. In line with a policy adopted some years ago, which is periodically reviewed (and will be fully reviewed in 2025/2026), Tudor's expenditure continues to exceed its income. Net charitable expenditure for the year was £4 million (2024: £12.8 million) and was funded through investrnent incorne and capital withdrawals from the expendable endowment. Tudortrust Page 15 The Trustees monitor the long-term real return of the portfolio and recognise that, in some years, this will result in the underlying value of the fund increasing and in other years diminishing. At this year's balance sheet date, the investments were valued at £231 million {2024: £245.7 million). This is a reflection of movements in the markets duringthe financial year. The market movement on investments has changed the yearfs net expenditure position to a deficit of £5 million (2024". Surplus £4.7 million). Income earned on Tudor's investment portfolio this year has increased to £8.5 million (2024: £6 rnillion). As an endowed foundation. Tudor does not engage in public fvndraising and does not use professional fundraisers or comrnercial participators. Remuneration The Trustees consider the Board of Trustees, and the Senior Leadership Team as the key management personnel of the charity, in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. During theyear, three of the Trustees were remunerated and their remuneration is set out in note 5 tothe accounts on page 35. This remuneration is paid in accordance with Tudor's memorandum. Trustees are required to disclose all relevant interests and register them with the Head of Finance & Resources and, in accordan￿ with the Trust's conflicts of interest policy, withdraw from decisions where a conflict of interest arises. The Chair reviews the conflicts of interest register. The remuneration of the paid Trustees, and all staff has traditionally been reviewed annually and usually increased in accordance with the Consumer Price Index induding owner-occupied housing costs {CPIH). All staff salaries are also benchmarked against similar roles within the sectorto ensure that the remuneration set is fair. Investments Tudor has adopted an investment policyfor its expendable endowment which seeksto optimise performance through a diversified asset portfolio applying a medium risk Strategy. This is reflerted i n its assetallocation as shown in note 7 on pages 36-37. The performance of the portfolio is rnonitored monthly and reviewed on a quarterly basi5 by the Finance and Investment Committee. At these meetings Trustees discuss investment strategy and asset allocation. Investment performance and market trends are discussed with the Trust's investment managers at regular meetings. Tudortrust P4e 16 T T Tudor has operated a responsible investment policyforover 25years. It seeksto invest in companies that demonstrate socially responsible values. and which offer the potential for sustainable growth in the future. This positive, long-temi approach to investing is a key part of the strategyforthe portfolio. Negative screening, where industrysectors orcompanies are excluded from investment, may limitfuture opportunities- however some investments are not held asthey are inimical to the work of the Trust. During the yearthe decision was taken to divest from Companies who are not signatories to the UN Global Compact network. Tudor remain5 a lon8-term social investor in ameliorating society's ills and its investment strategy continues to lookfor long-tem performance rather than short-term gain. Sarasin manages a global equity portfolio for Tudor: The Responsible Fund. At the year-end Tudor's equity portfolio was valued at £155.9 million (2024: £170.74 million). Liontrust manages Tudor's SRI Corporate Bond Fund, which was valued at £45.09 million (2024: £46.05 million) at the year end. In February 2025 a decision was made to divest the investment in Liontrust and move the Corporate Bonds to Tribe Impact Capital, and Columbia Threadneedle, on the basis that this was a better frt with the organisational values. This transfer was finalised in July 2025. The market value of Tudorfs investments at 31st March 2025 was £234.1 million (2024: £248.9 million), including social investments. The portfolio at this date comprised 68% UK and global equities. 19%fixed interest holdings, 4% in Real Estate Funds, 8% in cash and 1% as social/unlisted investments (2024: 69%, 19%, 4%, 7% and 1% respectively). Current and future cashflow requirements are reviewed at each Finance and Investment Committee meeting with the aim of meeting cash flow needs by making drawdowns from the investments when market conditions are favourable. During the year in review, the financial markets have had some periods of growth but have, in the main. been somewhat volatile. As Tudor holds an overseas equity Portfolio the Finance and Investment Committee has agreed to allow Sarasin to hold limFted forward foreign exchange positions to mitigate, partly, the effect of sterling movements. Valuations have seen large swings in the year, sometimes on a monthly basis. We end the year with an investment loss totalling £1.3 million (2024: £17.5 million gain). Tudor'5 Portfolios are all managed against a range of indicators and benchmarks deemed to be appropriate by the Trustees. The Trustees are committed to seeking good long-term performance from the funds and therefore monitorthe performance of the equity portfolio againstthe MSCI All Countries World Index. Tudortrust PaF 17 T T Sodal Investments Tudor has been interested in using part of its endowmentfor social investmentfor a number of years. The Trustees have continued to discuss how social investment might enhance Tudor's work and how this is best reported. We look for good opportunities for social investment which are closely aligned with Tudor's aims but are mindful of the time and resourceswell-judged social investment requires and the need to balance this with Tudor's core work as a grant maker operating in a difficultfunding environment. Atthe year end the value of social investments held was £3.2 million (2024: £3.16 million), representing 1.4% (2024: 1.26%) of the endowment. There have been no changes to the social investment portfolio during the year. The Trustees plan to fully review the existing social investments and the overarching social investment policy during the financial year 202512026. Reserves Under the terms of the Trust Deed, the Unrestricted Fund is expendable at the Trustees, discretion. All unexpended funds are therefore held in the Unrestricted Fund. The Trustees intend to continue monitoring the value of the Fund in real terms to ensure that they are able to achieve both income and capitsl appreciation soas to maintain theexisting level of charitable glvingforthe foreseeable future. At the year end the value of unrestricted reserves held was £226 million (2024: £231 million). Risk Management The Trustees are responsible for establishing and monitoring internal control systems within the Trust. During the year as part of the external governance review, the risk register wasfully reviewed. This led to the development of an enhanced risk register and risk matrix. The Trust has a formal risk management process to assess business risks and implement risk management strategies in the context of the Trusys plan to deliver itsobjectives. This involves identifyingthe types of risks itfaces. categorisingthem in terms of potential impactand likelihood of occurrence and identifying means of mitigating the risks. The Board reviewed the major risks which may impact on the operatlons of the Trust on an ongoing basis and are satisfjed thatthe system of intemal controls currently in place is adequate, whilst recognising that it is designed to manage ratherthan eliminate risk. Tudortrust Pa38 18 •UI*T T The following are the areas of the work which have been identified as currently holding the most risk in terrns of underrnining the delivery of our strategy based on the Change We Seek framework: 1. (Grant making) Staff and Trustee lived and learned experience of the field may lead to more conflicts of Interest. As we work to strategically build an eco-system around racial justice, we will find that we are funding more organisations with whom we have preexisting relationships. Given the increased number of staff and Trustees within Tudor who have lived or have professional experience with proximity to many of the organisations thatTudorare likely to fund. we have added further guidance to ourcurrent conflict of interest policyto explain ourapproach to perceived conflicts of interest 2. (Grant maklng) Ongoing relationships between grantees that do not revert back to traditional power dynamics. Through our learning we recognise the inherent power imbalance between funders and funded organisations, which can lead to a lack of trust. We continue to review our processes and policies to balance our legal requirements as set out bythe Charitycommission with our commitrnent to developing positive, collegiate relationships. 3. (Flnance) Finance and Investments. Investments undermine ourvision and mission As we move forward and build the capacity and learning of the current team, we will be in a stronger position to stsrt to align ourgrant-makingstrategywith our investrnents. In thefirst instance we are budgeting a £5m spend on social investments where our primarygoal is alignment to Change We Seek. 4. (External) Public perceptions or adverse publicity. As we move forward with our grant makin& we want to ensure we are communicating our learning in ways that are understood by our widerstakeholders. We have therefore taken the following actions." Updated the website to ensure transparency in our work. Provided information about our new grant making and how we develop grants. Produced a short video that explains Tudorfs new strategy, which is available on our website. Following a tender process. all of the above was achieved with support of an external PR Agency. who we will continue to retain going fonvard. Tudortrust P4e 19 5. (External) Polarised political climate We are mindful of the need to support our grant partners and our wider stakeholders $0 that they are able to fulfil their strategic aims and missions. without unwanted backlash. Our Programme Officers are in regularcontact with ourgrantees. Auditor Sayer Vincent LLP has indicated its willingness to continue in office. Statement of Trustees, Responsibilities The Trustees (who are also directors of The Tudor Trust for the purposes of company law) are responsible for preparing the report of the Trustees and the financial statements in accordance with applicable law and United Kingdorn Accounting Standards (United Kingdom Generally AC￿pted Accounting Practice). Cornpany law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the State of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable companyforthat period. In preparing these financial statements, theTrustees are required to: Select suitable accounting policies and then apply them consistently; Observe the methods and principles in the Charities SORP. Make judgements and 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; and Prepare the financial staternents on the goingconcern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that 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 irregularitie5. Tudortrust T T In sofar as the Trustees are aware: There is no relevant audit infomiation of which the charitable company's auditors are unaware. and The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. The Trustees are responsible forthe maintenance and integrty of the corporate and financial information included on the charitable cornpany's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the Trustees of Tudor Trust on l Ortober 2025 and signed on their behalf by: Derek Bardowell Jonathan Bell Chair Trustee/Dirertor Tudortrust P8J8 21 T T Independent Auditorfs Report to the Members of The Tudor Trust Opinion We have audited the financial statements of The Tudor Trust (the'charitable company,) for the year ended 31 March 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standards, including FRS 102 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 company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its incorne and expenditure for the year then ended Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice Have been prepared in accordance with the requirements of the Companies Act 2006 Basls 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirernents that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard- andwe havefulfilled ourother 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 Concem In auditing the financial statements. we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial ststements 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, may cast significant doubt on the Trust'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. Tudortrust PwJe 22 I*T T Other information The other information comprises the information included in the Trustees, annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other Information contained within the annual report. 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 notexpress anyform of assurance conclusion thereon. Our responsibility is to read the other information and, in doing SO, considerwhetherthe other inforrnation is materially inconsistentwith the financial statements or our knowledge obtained in the course of 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 this gives rise to a material misstatement in the financial statementsthemselves. If, based on the workwe have performed, we conclude that there is a material misstatement of this other information, we are required to report thatfact. We have nothingto report in this regard. Opinions on other matters prescribed by the Companies Act 21XJ6 In our opinion, based on the work undertaken during the audit: The information given in the Trustees, annual report forthe financial year for which the financial statements are prepared isconsistent with the financial statements; and The Trustees, annual report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exceptlon In the light of the knowledgeand understanding of the charitable companyand its environment obtained during the audit, we have not identified material misstatements In the Trustees, annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: Adequate accounting records have not been kept, or retums 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 specified by law are not made; or We have not received all the information and explanations we requi￿ for our audit; or The directors were not entitled to prepare the financial statements in accordance with the srnall companies regime and take advantage of the small companies, exemptions in preparingthe Trustees. annual report and from the requirementto prepare a strategic report. Tudortrust T T Responsibilities of Trustees As explained more fully in the statement of Trustees, responsibilities set out in the Trustees, annual report, the Trustees (who are also the directors of the charitable company for the purpose5 of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fairview, and for such internal control astheTrustees determine 15 necessary to enable the preparation of financial staternents that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disc105ing, as applicable, matters related to going concern and using the going concern basis of accounting unless theTrustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltor's responsibllitles forthe audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether dueto fraud orerror, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurdnce but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material mi55tatement 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 onthe basis of these financial statements. Irregularities, including fraud, are instances of nonw 13 0.950 291 231.241 226,5XI FUS￿ baiayts at er#l dthe 13 226,204 231.241 The statern*it of ftMrKiai acU¥fjt*5 and￿e5 ail gaysand rxwistd in t￿)￿at. ofthe ZOZ4 Srat¢wt of F￿￿aLAc￿lI1es 15 ind￿. at rbDte 21. 29 Balance Sheet As at 31 March 2025 Company numter: 5196041 Notes 2025 2024 EOCKI Fixed Assets Investrnents 230,856 3,239 813 245,745 3,157 823 Social investments Tangible assets 234,908 249,724 Current Assets Debtor5 10 670 258 Cash at bank and in ha￿1 1,080 1,339 5,462 Current liabilities Creditors: affK)unts falllng due wlthln one year 11 18,499) {16,265) Net current assets l (Ilabllltles) 13,0371 114,927) Total assets less current liabllltles 231,871 234,799 Credltors: amounts fallTng due after more than one year 12 (5,667) 13,558> Net assets 226,204 231.241 Funds Ljnrestricted fund 13 IZ6,098 106 230,950 291 Restrfcted fund 13 226,204 231,241 The financial statements were approved and authorised for issue by the Trustees of the Tudor Tntst on Derek Bardowell Trustee/Dlrector Jonathan Bell TrusteelDirector Staternent of Cash Flows Year ended 31 March 2025 2025 £ocAJ 2024 Net cash used in operating actfvlties (note 14) (18,615) 125,1611 Cash flows from inyestlng actlvltles: Interest and dividends Proceeds from sale of investments Purchase of investments FoThvard foreign exchange transactions Repayments from social investments Purchase of sodal Investments Purchase of fixed assets 8,543 121.167 (105,830) (495) 5,951 61,015 {49,3601 (2271 {1) 155) Net cash provided by investing activities 23.615 17,636 Change fn cash and cash equvvalents in the year (7,526) Cash and cash equivalents at the beginning of the year 19,696 27,222 Cash and cash equivalents at the end of the year Inote 15) 24.697 19,696 31 Notes to the Accounts 1. Accounting policles Basis of accounts preparati The flnancial statemènts haye been prepared in accordan￿ wth A(ccunting and Reporting by Charities: Statement of ReC￿mMendéd PracticÈ applicable to charities weparing their accounts in accordance with the Flnancbal Rewtlng Stsrndard applicable in the UK and Republic of Ireland {FRS 10ZI - (Charities SORP FRS 102), The Finandal Ryrtlng Standard aP￿iCabLe in the UK ar￿ RepuL4ir of Ireland IFRS 1021 and the Companies Att 2006. Assèts and liabilities are initially recogni5ed at historical cost or transaction value utkns othenrfse stated In the relevant accounting pelicy or note. In applying the financial wF*xtin8 fra[new0￿. the Trurtees ha¥e made a [K￿ber of subjective judgernents, for exarnple in respect of 51gnificant acCo￿tIng estimates. Estlmates and JudEements are continually evaluated and are based crfj historical experien￿ and other factors, Indudlng eXpectatiOr￿ of future events that are believed to be reasonable under the circurn5tances. nature of the estimat5￿ rnea￿ the actual outcrn could differ from those estimates. Any significant ests"mates and Judsements allectinq these financtal statements are detaTled within the relevant accojnting poilcy below. Tudor Is a public b*iefit entlty as defined by FPS 102. Tudor Is also a Charitable cornpany limited by guaralltee and Is 1Trcorp￿ated in the United Kingthjm. In the event of the company being wound up, the liabilTty in respect of the guafdntee is limited to £1 per member uf thè company. The registered office addre55 15 7 Ladbroke Grove. L￿d￿, W11 380. In ￿eW of the level of Invertments held at the balance sheet date the tnstees are of the Opinic￿ that the Tnxt is a going concern. The trustees conslder thfs at eath board meeting and are of the vlew that the Tudor Tnjst bwll remain able to meet its cornmltments as thty arise for a period of at least 12 months from the date of this report. The Trust has M materlal (wrtalntles. The results of the subsidiary The Family Centre Tntst have not been consolidated wtth the accounts in the year to 31 March 2025 or prior year. This Is due to the Immaterfal nature of the transactlons thrixryh this charfty during the year. Further detsils of the Fwnlly Centre TnJ5t are given in note 18. Irwestments All investments are stated at market value. It is the Tntst's polfcy to keep ydluatlt￿ up to date such that when investments are sold there is no gain or105s arising. As a result the Statement of Financial Activities ISOFAI only Tncludes those tsnrealised 105ses or gains arising frorn the investment portfollo throughwt the year. Any chan4e in fair vaLue will bè rectismised in the statement of financial actfvlties. During the yÈar Tudor has taken sterting hedge Fhxitlons against the effect of fluctuat%cx)s In the Euro and US dollar as TLKlorfs equFty portfoLTO 15 mainly held in these curre¢Kies. Provisions are re¢owised a monthly i)asis. The hedge position is realised on a quarterty basis and the resulting cash movement is recognlsed through the 50Fk The accounting policy for finarKia instruments is included as note 111. Social inYe5tments a￿ canled at fair value where practlcable OtheTh￿ at crrt les5 impalm￿rt. S￿h investments are subject to regulw revfew. and any thminudon ts charyed to the SOFA. Inve5trrents valuation5 are not enhanced lo tyv)￿ than orfglnal c(>st. T￿or consider5 au sc(lal Invèsunents to be mixed tive investments, ratkr than programme related investments. Notes to the Accounts 1. Accounting pollcie51contlnued> Investment Income Investment Income is stated on an accruals ba5T5 and includes the related tax credit. A5 a charity the Trust has an exemptlon to Income tsix and capital gains tsx granted by HM Revenue and Cu5tom5. Voluntary Income Income Is recognlsed when the charity has entitianent to the funds. any wf0mlan￿ conditions attached to the income have been met, it Is probable that the IrKome be received and that the amount can be measured reliably. Tanglble flxed assets Fixed assets acquired with a value below £1.(W are evaluated for capltallsatlon based on tre economlc benefit derived in Lse. All other assets are capitali5ed on acqui51tion. The value of freehold land cannot be separately identified as the entire cost of the freehold property is depreciated. The impact cf this is not material. Depreciation is calculated to wrIte￿[f the cost less resldual value of tangible assets on a straight-line basis over their estimated ￿fuL economic ITve5 a5 Freehold tmthldlng Furnlture, flttlngs and equipment Computer equipment Fffty years Ffve to ten years Three to fi￿ yea Resources expended Cost of generatlng funds The fees due in respect of investrnent managers. sekvlces a￿ charged against expenditure as the cost of generating funds. Charltable donatfons Grants awarded are charged In full agalnst expenditure when a grant has been approved by the Trustee C¢ymmittse and communicated to the redpient; herKe the Trust is considered to have a legal or constructive obligation. irrespective of the tlme perfod It may cover. Grants awarded but unpald at the balaftce sheet date arè recognised as grant commitmnts under creditors. Grants withdrawn or cancelled in the year are credited new grnnt corrtmTtments made In the same year. Support costs All expenditure incurred In the course of grant rnaking 15 shown a5 5UPPJrt Costs. Resources utilised for this purpose are defined as staff time, office expery5es, accommodation and ￿ costs. As noted below no costs are allocated to governance costs. Governance costs Govemance costs relate to thrert expenditure incwred Tn Compli￿￿e with the constitutional and statutory requirements of the Trust. Lhje to the way fn whlch the Trust w0￿S it 15 difficult to attrtbute a meanTngful breakdown of staff costs and other 5UPPOrt costs relating to governance vmrk. Notes to the Accounts 1. Accounting polldes {contfnued) Exchange galns and losses All realised and unrealised exchange gains ￿ losse5 rm investments are accounted for In the SOFA. Leased assets The cost of operating lease5 Is ch¥ged to the Statement of Flnandal Activities on a strnlght Ilne basls. Pension schemes The Trust Makes payments to defined contribution pension schemes on behalf of empl¢)yees. The assets of the schemes are held separately from those of the Trust In Independently administered funds. The penslon cost charge represents contrtbution5 payable to the fuThJs durfng the year. The Trust has Th) liability uTraer the schemes other than the payment of th¢)5e contributions. Funds All unexpended fund5 are held in the General Fund lexpendable endowment) which can, under the terns of the Trust Deed, be used at the discretion of the trustees. Re5trlcted funds are to be used f(Y specific as laid down by ￿ donor. VAT Statu5 and Irrecoverable VAT Tudor cannot be registered for VAT. ALI VAT SLrffered by the Trust is irrecoverable and all expenditure TS stated gross of VAT. Finandal Instruments With the exception of the listed investments descrkned above and derivative fina￿la[ instruments as descrlbed below, the charity only has finarKial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recoqnlsed at transactlon value and subsequently IT￿&Sured at their settlement value wfth the exceptlon of bank loans which are subsequently measured at amortised cost L￿]ng the effective interest method. The Trust uses forward foreign currency contrarts to reduce exposure to foreign exchange rates. Derivatives are Initially recognised at fair value on the date a derivative contract Is entered into and are subsequently re- measured at their fair value. Changes in the fair value of der*vatTve5 at the reporting date are taken to the relevant incomelexpenditure heading(sl in the SOFA as appropriate. The Trust does not currently apply hedge accounting for foreign exchange derivatives. Cash at bank and in hand Cash at bank and cash in hand include5 tr￿ regular bank account. Short tenn highly liquid inYe5tsnents th a Short mawrity of three mnths or less trfjm the date of acquisitTon or opening of the deposlt or slmllar account arè reported within fixed asset Investments as cash, are included within the Statement of cash flows as cash cash equivalents. Notes to the Accounts Total 2.116 ￿￿ed￿ter¢￿ é67 174 742 747 y￿th Qldefpe¢pie ¢r4ryr&ty 1J 2.186 19 In H￿th gJ)stsncei Leirrlr Finutha15Kthity (rfmlnal Jlryfke 11 i¢q 12 71 1￿077 ls.xo T¢xJL Ublle IN¢l￿¥•a£ Cfvk syr* rtfr*f FTlvn&, F4mllles Q Tra¥•Ekn ProJettTalliYM lllkk F*￿ISt Fu￿1 Lafid In tstrt1*Y￿C1c pod 1Q) str4r* Lwl Oth• 10.aTT Notes to the Accounts 5. Expenditure al Grants approved 2025 Number 2025 2024 Number 2024 Mainstream grants approved durin¥ the year Immediate support grants ma¢Je during the year Wellbeing grants made during the year Grants cancelled or adjusted during the year 26 10,OTT 15,710 {274 15.486 26 10,077 387 No grants were fully cancelled in the year12024." 22). adjusknents were made to 1 other grant12024: 2). bl Resources expended 2025 Total 2024 Total Management of grants Staff costs 960 58 66 176 103 38 137 Depreciation £commodatlon costs IT costs TnJ5tee remurteration Trustees. expen5e5 163 119 63 2,21JO Professlonal support cost5 151 224 Profes51onal support costs include amounts paid to cor￿ultants and professional advisor5 who are providing benefiaarie5 With expert 5UPPOrt. They also TrKlude costs a550ciated with work around rtew grantmaking approaches and the implementallon of Tudorfs behavtours. Governance costs Legal & professlonal fees Auditorfs remuneration 36 28 49 21 70 Notes to the Accounts 5. Expenditure (continued) The Tr￿tee5 are reimbursed for out-of-pxket travel and yjbsistence expenses. Durlng the year. 6 trustees 12024: 41 received reimbursement of £2,548.52 (2024: £8,558.06) for travel exp￿￿* 5ub5i5tence and overnight accornmodation. There is provislon In the Memorandum of Association that no more half of the trustee board can be offered reasonable remuneratlon. Members of the Trustee Commlttee can work up to 60 day5 a year for the Tr￿t with other trustees worfting up to 25 da￿. 2024 Total Total James Long Monlca Bartow Ftolly Baine Saba Shafi ChristTenna Fryar Derek Bardowell 21 21 19 23 In addition on 4th July 2014, following a change to T￿rf$ Meff￿rdnd￿. the Charfty Ccthmlssl¢)n gave Its consent to remunerate Christopher Graves (a Tnstee) in hi5 role as Exeartrve Director of the Trust. Chrfrstopher retired on 30th April 2023 and therefore there were no costs irKurred in the financial year. His remuneration in the previo￿5 year to 31 March 2024 was £10,055.09 and Tudor made pension contributions of £1,106.06. None of the other Trustees received remuneratlon. cl Net expenditure for the year 2025 Total 2024 Total This 15 Stated after charging: Operatlng leases Audltoffs remur*ration (net of VATI - statutory a￿Jit Depreciation 86 19 20 37 Notes to the Accounts 6. Employment costs 2025 2024 Wages and saiar(es Tern)ination payments Temporary staff Social Security costs Penslon costs Insurance costs 570 9f2 283 ln 112 24 35 The averase head count for the year wa5 12.8 12024= 19.91. ￿ average full-tlme equivalent MmbÈr of employees durtng the year was 9.1 r2024: 19.3). The followng number of ernployees re¢eNed emrAoyee benefits lexdudin¢ ernploytr r*n$i￿ costs and empwr natl¢Mal Insurance) duth8 the year tetween: É60,0(KJ . É69.999 £70,(O) . £79,999 £90,0th1 . £99,999 £f20,¢XJO- £1Z9,999 Tudor conslders that Its key management personnel are the Trustees. the Chief Executive, the Head of Ffinan￿ and Resources, the Head of Pecyle and cultu￿ and the Head of Pmgramrnes. The total emptoyment benefits of Ihe key Mana￿￿t pef50nnel linciuding employer natTonal insuRnce and employer pension contributions) were £313,249 12024.. £403.2321. 7. Investments 2025 2ff24 Falr value of Investments at 1 April Purchases at cost durins the year Sales woceeds on dlsF4)sal Forward foreign exchange transactions in year Increase I Idecreasel In InVest￿rtt cash heid Net gain on change in fair value 245,745 105.830 {121.1671 495 1,289 {1,336) 247,531 49.360 {61,0151 1248) 17,422) 17.539 Falr valu• of Inv•stm?nts at 31 Marth 230.856 245.745 With the exception of the Unlisted UK lixed Interest 5nVest￿t5 and Unlisted Jerw-based Real Ertate Fund all investments are listed investments. 38 Notes to the Accounts 7. InvestsThènts (contlnued) Falr Yalue c(#nwtsed- 2025 2024 UX equlty InvestsTrents UK flxed interest investmel 12.222 45.093 143.720 35 19.904 27,350 46,057 143.394 1651 18.615 10.394 Forelgn exchange hedge Cash on deF•)sit awalting anvestr￿rf held In the UK Unlfisted Jèrsey.based Real Estate 230.856 245.746 D•rl¥atlve flnand41 Instrurnents. for•ly •xmp Eypenthturè lirnl end of yEar at 51art of year Restrkted fund Salvaire Grant funds 185 106 Total rertrirted funds 291 11851 106 Totsi unrestslcted fund 230.950 8,$43 112.3431 11.0521 226.098 Total funds 231.241 8.543 112,5281 11.0521 2Z6.204 Net ¢wrern Creditors >1 year Net a55ets Represented ty. Vnre5tr1rted fund 234.9rxi 6.710 15,6671 235.951 Resttlrted fund5 1116 6.816 15,6671 236,057 Restricted funds L￿rill¥ the 2019 year Tudor was asked to d1str1￿le the c105ing f￿ts of salVaf￿ {dwrity number: 11507091 to chartknes workln8 In the crSminal justice sphere ￿thin the greater %*ffleid area. This wa5 fully expended during the financiaL ar. fund of £106K from an ar￿￿￿ 1 year Net a￿ets Unrestrfcted fund Restricted funds Represented by: 249,n5 115.218} 291 (3.5581 230,950 291 249,n5 114.9271 {3,5581 231,241 42 Notss to the Accounts 14. Reconciliation of net lexpendlture) to net cash flow from operating actlvities 2025 2024 Net (expendlturel for the rewrtwry period las per the Statement of financial activftles) Dewe￿atIon charles Investment income Other w￿¥ements cffl social investments Movement in Forelgn exchange hedge Movement In working capital." increase In debtors decrease Tn creditors decrease in grant commltments Cash outflow from ¢)perating aCtI￿tIeS 13,9851 (12,7761 66 8,543) (5.951) 182 (134) 1412) 1471} (5,6591 15,9281 {18,6151 I25,1￿> 15. Analys7s of cash and cash equfivalents At31 htsrch 2025 At31 2tY24 Cash at bank and in hand InYe5trnent cash 4.793 19.904 18.615 24.697 19,696 16. Grant commltment reconcillatlon 2025 2024 Commltment at the start of the ￿ar Payable in les5 than one year (note 11) Payable in ffl0￿ than one year1nots 121 15.987 3.558 19.545 17,034 8,583 Z5,6f7 Grants committed during the ￿ar {note Sal 10,077 15,760 Grants wrftten back or adjusted (note 5a) 274 Grants paid during the year (15.736) 21,558 Commitment at the end of the year Payable In less than one year (note 11) Payable In more than one year Inote 121 8.219 5.667 13.886 15.987 3,558 19.545 43 Note5 to the Accounts 17. Operating lease commitments The Trust5 total future minlmum ￿se pa￿￿￿ts under ￿n￿nceu¥ble operatlng lea5e5 is as fcilcfv+S for eath of the follovAn4 palods: 2025 2014 Paydble wlthln QAe year Payable within two to five year5 95 In the hlarch 2023, Tudor entered irtto a r￿W lease agreement for the office equlw*nt for three year5 wilh an annual charge of £8.064. In November 2024, Tudor entered into a E￿w lease agreement for further offlce eqUa￿ent for four years I•￿th an ann￿71 (harye of £622. 18. Related organisations In 2Q)9. Ihe Board agreed to firnance the con5tsuctlon of a lamlly Ytsftor5' centre at Worrnwood 5cNbs throu￿ The Famlly Centre Tnjst, a new charitable company. The Tudor Trust Is the sole member of the Family Cèntre Trust. Ail Tnsrees of FCT are apw>inted by the Tudor TNst. c¢rnlderfng future apwlntrnents. at Leart thrEe Ttrt￿￿ rnust be fjndlvldua15 neitkn directors of the Tudor Trurt nor employed by the Tudor Trust, The cenlre continued to operate throughwt the year and transacti￿$ through FCT are now minimal. In M&rth 2020. following a review, the tnjstees took the deci￿0￿ to wind the charity up have instructed solicitots. F￿$ ￿lan￿ sheet 15 as follows: these entries have not been consolidated Into the accounts in this xcounth.ng period. 21715 2024 Cath at bank and in hand Credltrjrs: amounts due withln one year 17 17 14) 10 13 19. Capltal and other commftments In Decerntser 2015. Tudor entered Into a legal a4rethrtht vrith Palana to invest £7.500,(0) In their Real Estate Fund l. At this yearf5 balance sheet date £375.Z45 of the commltment rernained to be t*awn. In June 2018, Tudor entered Into a legal agreernent wlth Paioma to invest £7.5ts),IXQ In their Real Estate Fund 11. At thi5 year's balance sheet date £1,917,086 of the commitment remalned lo be dravm. In October 2022. Tudor entered into a legal agreement wlth Paloma to in¥e5t £7.YXI,(W in thetr Real Estate Fund 111. At thi5 yearf5 balan sheet date E4.101,049 of the commltment remafrfftl to be dra￿. Notes to the Accounts 20. Related party transactlons Christopher Graves was both the salaried director of Tudor and a Tnjstee until 30 April 2023. Full details of his remuneratlon are set out in note 5. There were no other related party transartions. 45 Notes to the Accounts Note 21. Statement of Financial Artivltles for the previous year (incorporating an Incorne and expendlture account) Year ended 31 March 2024 Unrestrlrted Re5tritted 2024 2024 Total 2024 Note5 Income Donations Investment Income 13 5.951 5,951 Total income 5,951 5.951 Expenditure Costs of raisi￿ fund5 Investment ManJgement Costs Expendlturè on charitable activitte5 Grantmaking Grants approved Grants ￿thdrawn managen￿￿t of grants Professional support costs Govemance costs Cost of qrantmaklni 747 747 415a 15.760 12741 2,21X) 224 15,760 12741 2,21XI 224 70 17,980 5b 5b 5b 17,980 Total èxpèndlture 18.n7 18,n7 Net {expendlture)Ilncome before 8aln$ and losses on investments 112.7761 112,776) Net gains on investments Decreaselllncreasel in provlslms on soclal Investments 17.539 {711 17,539 171) Surpluslldeficitl for the year and net rnovement In f￿d$ 4.691 4,691 Funds balance at be8inning of year 13 226.259 291 226,550 Funds balance at the ena of the year 13 230.950 291 231,241 The statement of financial actiMtles lrtcludes all galns and losse5 recognlsed In the year. All incoming resource5 and restyjrces expended derive fr{￿ continuing activities. 46