REGISTERED CHARITY NUMBER: 1107412 Report ol the Trustees and Unaudltod Flnancial Statsments for the Year Ended 31 March 2025 for THE MICHAEL AND BETff LITTLE TRUST Knox Cropper LLP Charterejj A￿ntants Office Suite 1 Haslemere Hous8 Lower Street Haslemere Su￿EY GU27 2PE THE MICHAEL AND BETff UTTLE TRUST Contents of the Fffinanclal Ststoments forthe Year Ended 31 March 2025 Pago Relerenco and Admln18tratlve Detallg Report of the TTU8ts98 2 to 6 Independgnt Examlnef8 Report Statomont of Flnanclal Aetlvttles statèment of Flnanclal Posltlon Not08 to tho Flnanclal Statements 10 to 18 Dotallod Statoment of Financlal Acllvltl88 19 THE MICHAEL AND BETTY LIThLE TRUST Reference and Admlnistratlve Detall8 for the Year Ended 31 March 2025 TRUSTEES Lucy Blackgrove Hilary Graham Christ(wh8r LItUe Dr Helen Liitlo Martin Little Peter Little Elizabeth Moore Katheri￿ Shwton PRINCIPAL ADDRESS 12 Stantcffl Drive Chichester Wost Sussex P0195QN REGISTERED CHARITY NUMBER 1107412 INDEPENDENT EXAMINER Knox Cropper LLP Chartered Ac￿untants Off￿8 Suite 1 Haslemere House Lower Street Haslemere Surrey GU27 2PE BANKERS C. Hoat8 & Co. 37 Fleet Slregt London EC4P 4DQ FINANCE ADVISERS Cadro TechnoIc￿leS Limitad Bert(eley Square House Befke19y Square LorKlon W1J 6BD IQ ca[Ht￿ Partners LLP 95 Regent Street Cambrvjge C82 1BQ Page 1 THE MICHAEL AND BETTY LirrLE TRUST Report of the Trustees for the Year Ended 31 March 2025 The Iiustees present their report vAth the ffinancial statem8nts of thè charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and ReportJ"rwJ by Charilies.. Statement OF Recommènded Practice applicable to charities preparing their accounts in accordance with the Fin8ncial Repx)rbng Standard applicable in the UK and Rèpublic of Ireland (FRS 102) (effecfive 1 janu￿ 2019). OBJECTIVES AND ACTIVITIES Oblectlves and alm8 Alms The aims of The Michael and Betty Littl6 Trusl are urKJar the disL¥etion of the Trustees to make grants for charitable PUfFA)ses to individuals. other chanlles or voluntary ￿dIeS ￿￿th an emphasis on slL*ness, distress, education, human rffJhts and religion. Objects The 04.ects of th8 charrty are.. To further such Charitab￿ purpcÉ6s in UK or overseas by Relieving th059 in fin8nrial need. hardship or distres8', Relieving the sick and protecbng and preservirNJ public health", Advancing education,. Promoting human rights., AdvanorvJ Such of the world's religions as are recognised uNJer ErKJlish Charfty I￿. Tre long term aims ofihe charlty are to expend its resources In the wrsuil of these objects. Publlc banoflt The Trusle8s confirm Ihal they have considered the general guidan￿ issued by the Charity Comm188ion in connection wilh public benefit in setting thè objectives of the charity and in particular they havB ￿nSid•r8d how planned activitie5 further the charilvs objecis. Page 2 THE MICHAEL AMO LITTLE TRUST Raport of tho Tru8tee8 for tho Yèar Ended 31 March 2025 OBJECTIVES AND ACTIVITIES Grant Maklng Pollcy The Trust has establi8hed its grant maklrng policy to achieve ils objects for the public benefft. The tTUSt8es recognise thal the Trust's objectives will often requlre the provision of health. education. basic needs and other related piovision to those in need. The grant makt'ng policy will b& revièwed annualty by the Irusteos and may be changed in accA)rdane£ wth the truste6s' views ol the most effeclive apwlicatsLy) of avalablè fijnds to ensure that 11 refiects the charity's obj'ects and advan￿3 public benefrt. Approach The Michael & Betty Little Trust delivers its key ctjlectives thrO￿￿h the following grant4naking vehicles: Major Grants The tru5tee5 acknowledge Ihe value of wothing with trusted third parf*s to deliver projecls in linè with its prioril￿S lo maximSse the impact of its support and where Other oKganisab'ons have greater expertise. Small Grants Th8 trusle8s Mll, frcrfn time to tlrne. choose to make small g￿ts - normally on&off - to trusted third partias by wh￿h to furt her the Tnjsl's Objects. Proposals for support from the Trust are made via the Trustees at thar meetirys. Truste8s musl be In agre8menl that the grant meets one or more of the Trusfs ot4eclivas. Geographlcal Area The Iru$lees wish to support causes in both the UK oversea8. DuriThJ the year, overseas donation5 were made lo Sant Just Solidarl In Spain. Du8 Dlllgenco I grants will be svbl8Ct to the Trusfs Due Diligenc8 Poly having teen undertaken. Recognising their duty to safeguard ¢haritable assets. tnjstees ￿)n￿mI that any third paty organisation recelviro support from the Trust musl be.. UK registered charity., or, - an organisalion that carries Out actNities that are ￿nsIstent with c*arity otieclives. In resFect of organis8tion$ outslde of the UK, the Trust wll ensure that such organisalions are either registered with the 8ppropriate focal re9ulator or public authorilies andlor have In pla￿ appropriate gov8rnanG8 and financ4al haThJlirKJ polici85 and procedures to ensure the approlxiate 5aleguarding 8ThJ use of the Trusfs charitable ftjnds. ACHIEVEMENTS AND PERFORMANCE Achlevement and Performanco The Michael and Betty Litite Trust ¢ommenced operations In 2004, as the residual b6néfidary of the estate of Michaal Littfe. A fijrther £19.459 in residual balances was received in 2025, and &Jdilional donations from Truste&s in 2015. 2018, 2020, 2021 and 2023. DuriThJ the year, the Truskn made vatb)us g￿￿tS in accordance with Ihe obie(As of the Charity. Details of these grants are provided in noie 510 th8 Financial stat￿ents. The Trust will monitOT the perfOrrnan￿ of its granls programme usiThJ repx)rt8 fr￿1 grant recipients. Thasg reports, induding the Finan￿al Ststements of reclpienl inslilutions, will inftuenc8 whgthef cf not further gianls wim b8 madè to that bcmjy. Page 3 THE MICHAEL AND BEfTY LirrLE TRUST Rèport ol the Trustees for tha Year Ended 31 March 2025 ACHIEVEMENTS AND PERFORMANCE Investmont pollcy and performance L15ted Investments were managed under the terms of an investment managemènt agreement with CADRO. The investment m8nager is require(i lo make investments on bghall of the Trust in lin6 wlth bènchmad(s that have been set and against vthich perfo rmance is measured. Inveslm6nl performanea is revithv&l by the TnBte85. vtho r￿1ve perioth reports on matters pertinent to its investmènt poIFcy. Truslees have adopted 8 strategy of generating income from Invasting in a range of asset5 With a lowlmedivm risk PTofiSe. This should typically Provide modesl caprtal gr￿￿h. a predominant fLXUS on ￿coMe generatirKJ a55ets. The following illustrates the current weightings expressed in per￿ntsgeS of tho Trust's invesknent funds: Ov8rs6as Equities 4.37%12024'. 1.16%) UK Equities 23.94OA (2024.'38.20%1 North Amaric81 Equllies 23.99% (2024.. NIL) Cash and absolute relum 2.96% (2024.20.79%) Fixed incom8 21.17% {21724.' 20.37%) Sustainable Equitles 14.35% {2024.' 10.89%) Liquld Alternatives 6,360/0 (2024.. 6.52%) Tactical Opportunty 2.84V.12024.' 2.07%) At year end, the portfolio tot81 retum amwntsd to 5.55% (2024.. 3.48%). Unlisted Investments are managed by IQ CaFittal Growlh Fund l LP which focjjses cm investments into grc*Nth-8tage companies. The Michael and Betty Litue Twsl has CC￿Mitted £3m to the Fund. reFfesenling 3% of the total fund. As of 31 st March 2024 the total contribullon is £2.35m (2023.'£2.1&n). 8oclal Inv08tments Century-Te¢h Ltd. The Trust holds 162886 A Ordinary Shares and 202684 Ordinary Shares 818 rJ)5t of £2m { 2023.. £1m; 2022: £lml. These investments are a mixed motive Investrnent as il has thè objective of supporting ￿luca￿On, in line with Ihe Charity's objective5, as well as investrnenl return a Nil Falr Value as of 31st March 2024. Tlme to Spara Llmltgd The Trust invested £50.000 lo aquire 320,202 Ordinary Sha￿S. Time to Spare Limited is a new company buildlr•3 Ihe operaling system for Ihe tharity sector. The Trust's decAsb)n to Invest is to.. 1 }support other ¢hgritias and 2) Increase the impact of charitable giwry beligf. Thè Dacapo Muslc Foundatlon Llmltèd The Trust invested £40.000 lo acquire 4.CX)O.CrtX) r￿W ordinary shwes of £0.1 eath. The Trust's agreement to Invest is to aid the provision lo train teachers to teach music to students on a selective and inc*Jsive basis. promoting and advancing Jucalion and as Such falls within Ihe stated objects.ve of the Charity. Programme Related Investmont Keep me posted - Yurtle The Trust acquired 3.336 Seed preferen￿ Shares at a cost of £30.000 during the year. This invesknant reflects the Trust's commitment to supporting individuals. aligning wlh Keep Me Posled Ltd's mission to promote independ@nt living in an ageing world, while also helping familtes provide care in a way that minimises fingncial strain. MIs81on Houslng Llmlt8d The Trust invested in an equty loan linked to a property in Lo￿lon acquired for £460.IX(i. The Loan is interest fr8è and the terms are for 5 ye8rs with a maturity repayment date ogth June 2027. Page 4 THE MICHAEL AND BETfY LrrTLE TRUST Report of the Trustees for the Year Ended 31 March 2025 ACHIEVEMENTS AND PERFORMANCE London R•clalmed In line wth our commitment to supporting social enterprises and charitable initiatives, th8 tharity provided a £120,￿0 in18resl-Iree loan to London Reclaimed in 2023. LoTrJon Redaimed is a charity dedicated to helping young pet¥)le gain the skills and opportunities needed to step into employment. The loan, structurèd as a social investment, aligns With our mission to create lasting soc4al impact It Is repayable over a ￿riod of seven years and is expected to contribLrte to the charity's long-term sustainability while 5UPWrting vulnerable young people in Iheir transition inlo the workfoTCe. Digltal Idenllty Nel U.K Llmlted The Trust holds 200,OIXI shares under the EIS l￿d[al$1￿j scheme launched Octcthr 2022 at £5 p8r share - £1m invested in the year. FINANCIAL REVIEW Financlal p061tlon The Trust's work is entirety reliant on don8￿1 inccffie and investment retums. Inv6Stment income in th8 year amounted to £4,12712024'. £37,420). £28,307 donatk)ns were made to Ihe Trust in Ihe year 12024.. Nil). The Charity's tol81 Income for th& year amwnted to £32.437 (2024.. £38,127). Rasources expended amounted to £532.126 (2024: £897.927 } and in addition there were unreallsed losses of £602,515 (2024: £163,944) and realised gains of £40.455 (2024.. losses £215,538). Th8 Balance She8t records unrestrlcted furKls of £4.905.004 (2024.. £5,966,757. The A8sets comprised the 587,0931nvestmenl Portfollo amounting to £4,778.e17 (2024: £5,379,864) and Net Current Assets of £126,387 {2024: £587,093). Resorve8 poIIcy The Charity seeks to maintain ￿ investment Portfollo e4pable of produc4ng a totsl retum to support Tru5te85' C￿leCtIveS In grant making in line wilh th8 Chariivs ctyects. In January 2025, the trustees re*Awe(I the charity's iiv891ment p￿ICY to 8nsur8 that the chanty's reserves are managed prudently. The rewew considered the balan￿ be￿een achIe￿ng a reasonable retum on investsnents and maintaining thè security and IiquKlity of the fuTrJs. in line wilh the charity's loiYJ4emi finanrial obieclivas and risk aFplite. Total funds held by tha Charity at 31st March 2025 ￿n￿nted to £4.9)5,(Y)4 All funds are unTastrlthd. Golng concem The Trustses have 8 reasonab￿ expectation that the charity has adequat8 resources to conkn'nue oper8tions for the foreseeable future. The golng concErn basis has therefore wntinued to b8 used in preparing the fin8n¢ial stalements. Th8 Board has consideted the short and long term health of the charity and is conlenl that the measures taken by the cknarity, together with a robust investment portfolio. proNTrJ85 assurance that th& w.ng COn￿M ba￿S is apwopriate in w8paring the financial statemgnls. FUTLIRE PLANS The Trustees will b6 focuslng on. - Continuing lo support the Charities ￿ causes identifi•J by TNsteos: - Monltoring the investment monies atKI 0)nSid￿l￿a opp(Ntunits8 fLY ifKXeaS￿ rètums: - Keep 8dmink8ts8tion expenditure to a nwnIm￿n. STRUCTURE, GOVERNANCE AND MANAGEPIENT Governlng docum8nt The Michael and Bety Little Trust is an UnInC￿0[aIed Charity governed by a Trust Deed dated 20th December 2004. Recruitment and appolntmant of new truslee8 The Michael and Betty Little Trust i8 governed by a Board of Trust*s whose members are elected as the need aris6s. The Trustees who h8ve served during Ihe period are set oul above. Page 5 THE MICHAELAND BErrY UThLE TRUST Report of the Trustees forthe Year Endèd 31 March 202S STRUCTURE, GOVERNANCE AND MANAGEMENT Organlsatlonal structure The Board of T￿￿te8& administers the charily. The Board meets on a regular basis. The day lo day operalions of the tharity are administered by the Truslg85. To factlitale effeclive operations. indmdual Trustees have delegated authority. within terns of delegation approved by the Trustee5. for operational matters indudlng financ8. Induc￿on and tralnlng of new trustees New Trustees will be provlded with detailed information on their legal Obl￿atIonS undor charity law aThJ whal the rok will 8ntail. Their tralning needs wll be assessed. and trainirwJ provid￿1 if required. In addrtKJn. new Trugtee5 will be provided with Copies of.. the Deed of the Charity - Board papers from the last year including a¢c4wnts lfvher8 nece55ary Trustees wlll b8 encouraged to attend appropriab exlemal trainiTha evènts where these will lacilitate the undertaking of thelr role. Key managèmont remunèration No remuneration, directly or indreclly. was pa¥J Of Is payable for the p8r*Jd to any Trustee. There arg no other key management personnel. Rlsk management ConsiJ8ralion is given to the major ￿SkS to whl¢h the tharity is expos&J, as wlenliw by th8 Trustees. The Trustees consider variabilty of investment returns to constltute the ¢harity'8 maj'or financial risk. This risk is millgated as far as is possibk Ihrcwh regular reviews wilh th8 Investrnent M8n8gement advisors. The risk of bank failure followirvj the financial cxisis was considered by the Trustees aThJ Upc￿ r8Vi8W it was consldered that the banking and investment servi￿S are $￿ure, but the sriuation sh￿Id be monilor&d regularty. Approved by order of the board of truste9s on 28 January 2026 8nd 8igned on Is behall by.. Peter Little- Trustse Page 6 Independent ExamlneJ on its behall by- Peter LitUe- Trustee The notes fom part of these fin8rKi81 slatements Page 9 THE MICHAEL AND BErrY LI￿LE TRUST Note5 to the Financlal Statements for the Yéar Ended 31 March 2025 ACCOUNTING POLICIES Basls of preparing the flnanclal statomènts The finanual stalemenls of the charily. whlch is a public bèneft entity under FRS 102. hav8 been prepared in accordan￿ vthh th8 Charities SORP {FRS 102) 'Accounb'ng and Reporting by Chatities". St8t8menl of Re0￿Mmended Practi￿ appluble to charitEs preparing their accounts in accordance with the Finan￿al Reporting standard applicable in Ihe UK and Republic of Irela￿￿ (FRS 102) {effective 1 January 2019),. Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Républic of Ireland. and the Charities Act 2011. The finanaal slaiemenls have been prepared under the hislorical cost cOn￿nb.0n, with Iha exception of investments which are included at market value. as modified by the revaluation of certain assets. Th8 Trustees consider that there are no ￿n￿rtaIn￿e$ about the Chwitys ablty lo continue a5 a goyng concern. The d)arity has laken advantago of the followiTrJ disclosure exemption in preparing thes8 flnanclal statements, as pemiitted by FRS 102 'The Financial ReportiThJ Standard applicable in the UK and Rewt4ic ol Ireland,: the requirements of Section 7 St8teffEnt of Cash FI¢JN& crftlcal accountlng Judgements and key 8our¢os of oslimatlon uncgrtalnty The application of accounting sland8rd$ arKI policies requiTes the Trusteès to make eskn'mates and assumptions about fijture evenls that dlrectly affect Ihe charitls reported finantial condriion and operating Ffjrfomianc*. The accounting estimates and assumpts'ons discussed are those that the Trustèes wnsider to b& most uiticol lo th8 fin8n¢lal 8tatemenls. An accounbro estimate is considered critical if both (a) the nature of e8b'mates or assumptions Is malerial due to the level of subjecbvty and judgement involved, and (bl Ihe Impact wilhin a ￿aSOnable range of outcomes of the estimates and assumpts'ons is malo(ial to the tharilV$ financlal coTrJition or operating perf0mlan￿. The Trus188s have considered the risk of estimallon untsrtainty causing a material adjustsn8nt to the carrying amounts of assets and liabiltss wllhin the next financlal year. and consider there to bo no Signifi￿nI judg8ments or estimates in thg accounts. In¢ome All Income Is rec￿nISed On￿ tha tharity has enbtlemenl to the In￿*￿0. it is probablg that the In￿Me will be re￿IVed. and the amount of Income recelvable Can be measured reli8bly. Donat￿nS are recognised when th8 Trust has bean notified in wrib'ng of the amo￿t and 8ettlement dat8. If a donation is subj.éel to coTrlitions that require a level of FXrforMan￿ ￿fOre the charlty is entitled to the funds. the income Is deferred arvj not recogniged unbl either thoso condition5 are fijlly ffleL or the fijlfilmenl of these conditlons is wholly within the control of the charity. 8nd rt is Probable that those Condi￿n8 VMII be fvlfilled in Ihe reporting period. Legacy gifts are r9cognlsed on a cosW-cas8 basis followlng the grantMvJ of probate when the 8dmini8lratorlexecutor for Ihe estate has communicated in writing b)th the amount and settlement date. In tho event that the gift is in the form of an asset other than cash. or a financial asset traded ¢)n a recogni5ed sllxk exchange. recognition is suiiecl to the value of the gift teing reliably measurable with a degro8 of reasonable accuracy and the title to the asset having been transferred to the charity. Interest on funds held on deposit is included vthen I￿1¥able and Ihe amcwt can be me8sur8d reliably by the charity., this is normally upon nohfication of the interest pahl or payable by Ihe bank Dividends are recognisad once the divtdend hos been declared and nolifulion has I￿n Ter￿￿ed of the dividend due. Thts is normalty upon notific91ron by our Snvestrnent advi%Jr ol the divide￿1 yield of Investrnent portfolKJ. Expendlture Liabilit￿5 are recognised as exwnditure as soon as there is a legal or constnJctiv6 obligation committing the charity to that expenditure, It is pr¢)babl8 that setuement wll be required. and the arno￿t of the oblw3ation can bè measured reliably. All expenditure is accounted for ¢)n an ￿￿val8 basis. All eX[￿se$ IndudirwJ support costs and g0Veman￿ ¢osts are albcaled or apportioned lo the applicable expendilure headirvJs. Page 10 conlinued..- THE MICHAEL AND BETTY LITTLE TRUST Note8 to tho Flnancial Statements - ¢onlinued for the Year Ended 31 March 2025 ACCOUNTING POLICIES - contlnued Expendlture Grants payabl8 are payfflents mad& to third paTbes in Ihe furtheran¢￿ of the charitable oty'8cts of the TrusL In the cas8 of an unconditional grant offer this is a¢cnJed once the r8¢ipienl has t￿en notifiad on the grant award. The nolificalion gives the re￿plent a reasonable expectation Ihat they wll ree£ive lh& (y)8-year or mulli-year grant. Grants awards that are subj.ect lo the recipient fulfilling perFoTmanc8 coTrJilions are only a(￿￿ed whèn the reciptonl has been nolified of the ￿an1 and any iemalning unfulfilled condition attaching to that grant is outside of tha control ol the Trust. Provisions for grants are mad& when Ihe intention to make a grant has been conNnunicated to the recipient but there is uncertainty as to Ihe limi￿ of the grant or the amount of grant payabie. The provision for a mulli-year grant 18 rec￿3niSed al Its wesent valuo Whe￿ setllement is due over more than one year from the date of the award, Ihere are no unfulfilled p8rformance o)ndits'ons under the control ol the Trust Ihgt would petmit the Trust lo avoid making th8 future pa￿ent{S}. settlement is prcthble, and the effect of discounting is material. The discount rate Is the average rate of investrnenl yield in Ihe year in which Ihe grant award is made. The discount rale is regardwj by the trustees as providing the mosl current available estimats of tha opportunty cost ol money ref*cling the tlme value of mcThy to the Trust. Ralslng fund8 The costs of generatlng funds consisi of Investment managoment costs and certaln18gal fee$. Charltablo actlvltles Costs of charitablg acuvlties indude gr8nts made. govemance costs and appLYtionm8nt of support costs. Allocation and apportlonmfrnt of c06ts Support costs have been allocated be￿een governance o)sts and othèr support cosls. Governance costs cornprise all costs involving the public acoJun18bilily of Ihe charity and Its wmpliantrA wlth regulation and goc*J practice. These costs indude costs relaled to Stalutory audit legal fe8$ logether wih an apportionment of overhead and support costs. Investments LISTED INVESTMENTS Llsled Investments are a form of basic financial investment and are initially reeJ)gnised al Ihelr transaction V81￿ and subsequently measured at tsir value IFV) as at the balance sheet date using the c40sing quoted matket price. Thè statement of finanaal aclivib.es inckKfes the gains and losses arising on revaluations and disposals Ihroughout the year. Reallsed g81ns and losses on lisled investments are (alorfaled as the difference bebNe&n sales proceeds 8nd their opening carrying value or their purchase value If acquired subsequent to the first day of the financial year. Unrealised gains and losses are ca1￿lated as the diff8rence betsveen th8 fair value al the year end and tr￿1r carrying value. Listed Investments are managed under Ihe tetms of gn mvestment managemènt agreement with . CADRO. The investment manager 15 required to make investments on b8haSf of Ihe Trust In line with b&n¢hmaths that have been set and against ￿lch performance is measured. Investment performarKe is rew&YwJ by the trusteos.. who re￿1ve FfjriO(lic reports on m9tlers pertinent to its inveslment policy. Trustees have adwled a strategy of generating incomè from invesling in a raroe of assels with a lowlmedium risk profib. Thls sh￿Id typicalty provide M￿jest capit81 growth. with a pradominanl focus on income generating assets. UNLISTED INVESTMENTS Unlisted Inveslmenls are inilialty recognised al ther tran5actton value and 3ubsequenUy measured al FV as al thg balan￿ sheet date usirg the investment m8n*J8ment valuation. Unlisted Investments are managed by IQ Capilal Growth Fund l LP focuses on nve5tsnents into growlh-stage Investe8S. Page 11 Continued... THE MICHAEL AND BETTY LITTLE TRUST Notes to the Financlal Statements - contlnued for the Year Ended 31 March 2025 ACCOUNTING POLICIES - contlnued Invostmonts SOCIAL INVESTMENT Social Inveslmenls are investrnents made with the prwnary aim to furthoring ihe charit8tAe objectives of the Trust, while also generalirKJ 8 finanaal return. Social Investments are 8ro mèasufed at cost less any impaiunen( unless feliablè falr walua information becomes available. in which case they are measured at fair value. Unlisted mlxod motlvè Investments Losses are iecognised as an investsnent impaTh)ènt in the"gaitV(losses)" on itw8strnents' line in the SOFA. Unllstsd programme rèlated lffive6lmonts An impalfment Ioss 8rising on a prrJJramme relat￿ investrnent is rec£rfJni5e(l a8 a cost within "expenditure on charitable acbvities" in the SOFA. The Trust does not 8cquire pul options, dgrivali￿s or other complex ￿na￿la1 instrumerts. The main fomi of financ181 rl$k faced by the chaity is that of volatil'ty in equity mathets and investment markets due lo wider economic C￿￿rtIons, the attitude of investcKs to investment risk, and thaThJes in sentiment con¢grnlng equities and withln particular sectOf8 or 8ub 8ectors. Taxatlon The charity is exempt from tax on ts dlarilable aclivlknes. Fund accountlng Unrèstricted fu￿1$ consist of those fiJTrJs bthich the tharity may use in fvrtheranG8 of its charitable objects at the discretion of the Trustees. Reslrictsd funds exist for silu81ions where a th)nor requires that a donation must bo spent on g particular wrpose or wh8ro furKl$ have been raised tor a Specif￿ purpose. Debtors Trade and other debtors are r8¢cgnised at the s&tt18ment am￿nt due after any trade dlscounl offered. Pr$paym8nts are valued at the amount prepaid not of any trade discounts due. Cash at bank and Sn hand Cash bank and cash In hand indudes cash a￿1 short term highly ￿Uld In￿lments wilh 8 short maturity of three months or less from the dale of acquisttion or Cfjenmig of the deposit or simllar account. Crndltor$ gnd provlslong Creditors and provisions are recogni8ed where the chanty has a pre5enl Obl￿atiOn resultsro frC￿ a past eV8nt that will probably result in the transter of funds lo a third party and the amount due to selUed the obligab.on can be measured or estimated ￿lIablY. credito￿ and provisions are nomially recc¥Jnised at their seltlement amount after allowing for any trade discounts due. Flnanclal Instruments The Charity onty has financial assets and financial liabilrtles of a kind that qualify as basic ffinancia instruments. Baslc finanaal instruments are inilialty recognised at transaction value and subsequently measured at their settlement valu6 with the exception of bank loans whrch are subsequently measured at amortFsed cost using thè effeclive interest methcrfj. Page 12 CLsDlinued... THE MICHAEL AND BE￿ urrLETRUST Notes to thg Flnancial Statements - contlnued for the Year Ended 31 Mar¢h 2025 INVESTMENT INCOME 2025 2024 Income from list￿1 investment Deposit account interest Interest Teceivable 1,016 970 10,990 33,399 2,300 1,721 12,976 37.420 RAISING FUNDS Investment rnanagoment Costs 2025 2024 Investment Managefg Fees 36,168 28,903 CHARITABLE ACTIVITIES COSTS Grant fuThYing of adiviligs (see note 5) Support costs (see note 6) Direc Costs Totals Grants Charitable Activities Governance Costs 410,398 410,398 79,712 6,849 79,712 5.849 79,712 410,398 5,849 495,959 GRANTS PAYABLE 2026 2024 Grants 410,398 859,820 Page 13 continued... THE MICHAEL AND Brn LIThLETRUST Notes lo tho Flnanclal Stat•m8nts - contlnuèd for the Year Ended 31 March 2025 GRANTS PAYABLE - contlnuèd Tha total grants pald to institutions dur￿￿ thè year vms as follows.. 2025 2024 Akder Trust Doclors in Oislress Crossover Youth Centre Easebourne School First Give Girfs Netsvoth. The Home Start lQng's Arms London Rodaimed Mummy's Stsr PACSO Refugees 81 Home Regenerate UK Shannon TTUSt Wells Trusl Imagine11 Trust West London Welcome Sexpresion:UK Furnishing Futures Pedal Peopla Prison F8mily Support Vol￿S of Children Law for Chang8 Buddy Up Rain Edge Internation81 Centre S8nt Just Solidari The perfect place Jewish care ly Foundation, The Detenli¢Jn actton Chefs in schools Ealing + Acion 28,000 30.000 25,000 15.000 10.000 40.000 45,000 80.000 35.000 35.000 30.000 6,000 7,500 5,000 12,000 21,000 6,000 30,000 42,500 42,IXIO 42,000 120,000 6,000 25,000 43,800 1,01)0 15,000 10,000 1,000 25,OCJ) 73,000 40,0 10,0 F4),007 25,000 8,000 50,000 14.313 28,CQO 20,C￿0 20.c(JO 50,C(J0 10,CIJO 15,Cl)O 0,098 20.000 410,398 859,820 Page 14 continued... THE MICHAEL AND BErrY LITTLE TRUST Notes to thè Flnancial Statemènts - continued for th& Y•ar Ended 31 March 2025 SUPPORT COSTS Governan Flnan Totals GovernanGe Costs 413 6,436 6,849 £4,536 Govemanc8 costs relate to Independent Examination cost for the year (2024.. £4,320). TRUSTEES, REMUNERATION AND BENEFrrs Thero w6r8 no trustees, remuneralion or cther konefits for the year anded 31 March 2025 nor for the year ended 31 March 2024. Trustees, exponsos There were no trustees. expenses paid lor ts year ended 31 March 2025 nor for th8 year ended 31 March 2024. FIXED ASSET INVESTMENTS Cash and settbments pending Listsd inveslments Unlisted Investments Totals MARKET VALUE Al 1 April 2024 Additions Disp¢)sals Revaluations 1,738,334 283.625 1901.828) 68,209 3,455.857 375,000 2,262 33,944 5,196,453 692,569 {901,8281 (313,5251 1381,734 At 31 Mar¢h 2025 1.188,340 3,449.123 36,206 4,673,669 NET BOOK VALUE Al 31 Maich 2025 1,188,340 3,449,123 36,208 4,673,669 At 31 March 2024 1.738,334 3,455.857 2.262 5,196,453 There were investrnenl assets outskle the UK in 2025. The Trust hehl the followiThJ fOr8￿jn-li￿ted inveslments with CADRO in 2025. Cr￿nprisIng equity securities tradod on sto¢k exchanges across UK and Europe primarity. The lisled investments were valued al their closirKJ mart is focused cffi inNpstsn8nls Into 9r￿h-stag￿ inve5tees of IQ Capital Fund 11 LP and IQ Capital Fund 111 L.P. The final dose was completed on 2￿h O¢tob6r 2020. with the fund reaching ils £IC(Jm cap size. As of 31st March 21Y25 IQ Capital Growth Furvj l L.P FMV stsnds al £114.8m ofwhlch the Trusts holds a 3% share The historical cost of Investment 8$ al 31s1 Mard) 2025.. Listsd investments £1,122,776 Unlksled investmen15 £2,689,414 Page 16 continued... THE MICHAEL AND BErrY LITTLE TRUST Notes to the Flnanclal Statements - contlnued for the Year Ended 31 March 2025 SOCIAL INVESTMEKrs Pfogramme related investments equity Mixed motive investments Tota15 MARKET VALUE At 1 April 2024 Addltions Impaimients 133,499 1,449 (30,000) 49,712 183,211 1,449 {79,7121 149,712 At 31 Marth 2025 104.948 104.948 NET BOOK VALUE At 31 March 2025 104.948 104,948 Al 31 March 21Y24 133.499 49.712 183.211 Cosl or v8lu8tion 8t 31 March 21r251s represented by.. MSxed motlvo Invostmonts Equity Totals Valuation in 2021 Valuation in 2022 Valuation in 2023 Valuation in 2024 Valuation in 2025 1,060,712 11,060,712) 90,000 (40,288) (49,712) 1,060,712 11,060,712) 197,600 114,389) <78,263) 107,600 25.899 (28.551) 104,948 104948 10. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2025 2024 London Redaimed L08n IQ Capital inleresl accrued 93,000 101.000 275,736 Page 17 continued... THE MICHAEL AND BETfi LIThLE TRUST Notes to the Financial Stsloments - continued for tho Yoar Ended 31 March 202S 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Accrued expenses 8,796 13,920 12. CONTINGENT LIABILITIES As set out in Note 10, the charily has invested in a numbèr of unqLKJled entitie5 as part of its soe481 invaslments strategy. The Trustees are $8b'sfied that these social investrnents arè qualifying investments for lax putposes and therefore no provision hag been mad6 in the acwunts for t8x payab￿. However, should HMRC determine Ihat they are non-qualifying Investments, a tax liability ￿ountsng to app￿XiMatelY £110.583.20 wouhj bg payable. This amount is disclosed as 8 contlngent liabilily on the basis Ihat, In the judgment of the Twgtees, although not probabke, the possibilty ol a liabilty arising is not remote. 13. CAPITAL COMMITMENTS The Michael and Betty Litt18 Trust total commitrnenl to IQ Capital Growth FurKI I LP £3m. As of 31st March 2025 Ihe total contribution amounts to £2,699.7CQ with a remaining commitment of £300.300, 14. RELATED PARTY DISCLOSURES UNLISTED INVESTMENTS Richard Little (former Trustee to 22nd June 2020) and mèmber of Ihe Little family, ￿lch comprne the majority of the Board of Tnjstees. is on the thi80ry board ofThe IQ C84)ital Gro￿ Fund l L P (Note 81.. SOCIAL INVESTMENTS Richard Little Is a Direclor al Cenlury-Teth Limiled in whth the Trust has Invested £2m to date. No income was receN8d in 2025, 2024 ￿ 2Lr23 In resF¢¢t ofthese invesbnènts. Page 18 THE MICHAEL AND BETfY LrrrLE TRUST Detalled Statement of Financial A¢tivities for thg Year Ended 31 March 2025 2025 2024 INCOME AND ENDOWMENTS Donatlons and legacles Legacies 19,469 Investment Income Income from listed inveslm8nt Deposit account inleresl Interest re￿Ivable 1.016 970 10,990 33,399 2,30D 1,721 12.976 37,420 othfrr income Foreign Exchange Gains 707 Total Incomlng re80urce8 32,435 38.127 EXPENDITURE Investment management costs Investment Managers Fees 36,168 28.903 Charltable actlvltles Impaimenl108ses for tangible fix8d assets Grants to institutions 79,712 410,398 4,101 859,820 490,110 863,921 SupportC08ts Finance Sundries Bank charges 100 413 413 783 Governance ¢08ts Ind8P8ndent ex. remn Accountancy and ￿gaI fees 4,536 900 4.320 5A36 4.320 Totsl resources expended 532,127 897,927 Net expendlture before galn8 and losses (499.6921 (859,800) Reallsed recognlged gains and Iossgs Realised gainsl{losses) on Axed asset investments 40,456 (121,405) Net expenditure (459.237) (981,205) Thls paJe does not fomi part ofthe statulory financial statements PaJe 19