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2026-03-31-accounts

Company Number: 5840786 Charity Number: 1115154

THE RUMI FOUNDATION

REPORT AND ACCOUNTS

For the year ended

31 MARCH 2026

THE RUMI FOUNDATION

CONTENTS PAGES
Trustees and advisors 2
Trustees' annual report 3 - 10
Independent auditor's report 11 - 13
Consolidated Statement of Financial Activities 14
Consolidated Balance Sheet 15
Parent Charitable Company Balance Sheet 16
Consolidated Statement of Cash Flows 17
Notes to the accounts 18 - 31

THE RUMI FOUNDATION

TRUSTEES AND ADVISORS

Trustees and Directors S Malcolmson
D Muriithi
B Pollard
Secretary S Malcolmson
Registered office 1st Floor
Clutha House
10 Storey's Gate
London
SW1P 3AY
Bankers National Westminster Bank Plc
Piccadilly and New Bond Street
63 Piccadilly
London
W1J 0AJ
Auditor S&W Audit
Chartered Accountants & Statutory Auditor
45 Gresham Street
London
EC2V 7BG
Tax Advisors S&W Partners LLP
Chartered Accountants
45 Gresham Street
London
EC2V 7BG
Legal Advisors Wedlake Bell LLP
71 Queen Victoria Street
London
EC4V 4AY
Property Advisors Coreprop Group Limited
92 Banner Street
London
EC1Y 8JU
Company registration number 5840786
Charity registration number 1115154

2

THE RUMI FOUNDATION

TRUSTEES' ANNUAL REPORT incorporating the Strategic Report and Directors' Report

The Trustees present their report and the accounts for the year ended 31 March 2026.

Structure, Governance and Management

The Rumi Foundation ("the Foundation") is a charitable company limited by guarantee, established under a Memorandum and Articles of Association adopted by the Foundation on incorporation on 8 June 2006, as amended by the Articles of Association adopted on 27 October 2019. The Foundation was registered as a charity on 7 July 2006. In the event of the company being wound up members are required to contribute an amount not exceeding £1.

The Trustees of the Foundation are also directors for the purposes of company law under the company’s Articles and are shown on page 2 to this report. The Trustees who served during the year are listed below:

Organisational structure

The Rumi Foundation has a Board made up of three Trustees who meet at least twice a year and are responsible for managing the business of the Foundation. The Foundation retains third party professional managers to oversee its property portfolio. The Foundation's legal advisors are Wedlake Bell LLP.

At the year end the Foundation's corporate structure includes one subsidiary, Hundred Squared Limited, which is dormant and is 100% owned by the Foundation. The Trustees appoint the directors of the subsidiary.

Trustees’ recruitment and appointment

Under the requirements of the Articles of Association the Trustees are appointed for fixed terms in office of a maximum of three years, and on retirement are eligible for re-appointment subject to the conditions in the Articles. New Trustees are recruited by the board and are selected for their experience and knowledge of the areas in which the Foundation operates.

The Trustees have adopted a skills matrix and are recruited for their expertise and experience. The role of Trustee does not carry any remuneration, as such all Trustees give their time freely and no Trustee remuneration was paid in the year (2025: £Nil). In accordance with its expenses policy the Foundation can reimburse Trustees' travel costs, however no Trustees were reimbursed in the year (2025: £2,798). Trustees are required to disclose all related interests, any such interests or transactions are shown in Note 20 and, in accordance with the Foundation's policies, withdraw from decisions where a conflict of interest arises.

The Trustees have adopted a Trustees' Roles and Responsibilities Policy, which includes a Trustees' Code of Conduct.

Trustee Induction and Training

As part of their induction programme any new Trustees are made aware of their responsibilities as Trustees.

The existing Trustees recognise the need to have regular training on their roles and responsibilities and continuously seek to educate themselves to improve their skills and best practices. The Trustees appoint specialist advisors for professional support where necessary.

Risk Policy

The Trustees have adopted a Risk Assessment Register which considers the major risks to which the Foundation is exposed and sets out systems and procedures to mitigate them. The Trustees have reviewed the risks in the year and consider the major risk to be the safety of, and investment returns on, its funds. The Trustees seek professional advice to manage risks as appropriate.

3

THE RUMI FOUNDATION

TRUSTEES' ANNUAL REPORT incorporating the Strategic Report and Directors' Report (continued)

The Trustees have specifically considered a number of business risks such as: the credit-worthiness of its tenants and debtors, the risk of changes in interest rates and the risks associated with property investment. The Foundation has made investments where the Trustees believe such risks are as low as possible and the Trustees seek professional advice where appropriate.

Reserves policy

The Trustees have formalised the Foundation’s reserves policy with reference to Charity Commission guidance (CC19). The Trustees have adopted a policy which defines free reserves as funds which are available for use by the Foundation, which are deemed to be those that are readily realisable in liquid investments, excluding any funds whose uses are restricted or else designated for any particular purposes (no such funds currently exist).

The policy specifies that the Foundation's free reserves should not, as a minimum, fall below the amount required to run its charitable activities for at least one year should there be any call for funds on the Foundation, bearing in mind the levels of stable income which the Foundation currently receives. The Foundation's charitable giving and associated overheads, amounts to approximately £0.64m per annum (2025: £0.89m) and the free reserves did not fall below this target.

At the year end, the aggregate cash position of the Foundation and its subsidiaries (together 'the Group') was around £6.0 million and this represented the Foundation's free reserves balance. The Group expects to receive around £7.0 million in annual rental income from its investment properties.

The Trustees are comfortable that the level of reserves held at the end of the financial year are suitable, despite being in excess of the levels required by its long term policy, detailed above. This year the Trustees have continued their cautious approach to the Foundation's finances and, in the coming year, plan to use excess reserves to continue with the policy of reducing levels of debt and to diversify the Foundation's investment portfolio. The Foundation maintains a large cash balance and projects relatively secure rental income from its UK real estate investments in the coming year, which will provide a source of continuing reliable income.

The Trustees have examined the future anticipated cash flows of the Foundation and are satisfied that the Foundation has sufficient resources to meet its continuing obligations.

Investment Policy

The Trustees have created an investment policy to further the Foundation’s charitable objectives and are aware of the Charity Commission’s guidance (CC14) on the importance of managing risk in the formation of the Foundation’s investment policy. As the Foundation’s charitable objectives include the furtherance of charitable purposes both in the UK and overseas, the investment policy aims to invest its funds to create revenue streams in areas where the Foundation is undertaking or planning to undertake charitable activities. The Foundation's investments are split geographically between the U.K. £133,216,698 and the Rest of the World £4,039,243.

The investment policy is to make appropriate investments achieving a reasonable balance of risk and reward in a range of both short and long-term investments. The Trustees leverage their own investment skills and also seek independent advice where appropriate to ensure that this balance is met.

The current investment strategy of the Foundation is to continue to build its capital base and to reduce debt. In the current economic environment, the Trustees consider an appropriate target return to be 3% - 5%, in a blend of income and capital appreciation. The Trustees have regard to environmental, social and ethical considerations in evaluating potential investment opportunities for the Foundation.

The focus of the Foundation’s investment policy for the year was to maintain its income-yielding investments and to maximise the value of those investments through good asset management techniques. The Foundation’s realised return of approximately 5% on investment in the current financial year was within the target range.

4

THE RUMI FOUNDATION

TRUSTEES' ANNUAL REPORT incorporating the Strategic Report and Directors' Report (continued)

The Trustees also recognise that by making social investments the Foundation can invest to directly meet its charitable objects. During the year the Foundation did not add to its existing programme related investment. The investment was made exclusively to further the charitable aims of the Foundation by providing seed funding to scientific projects that will bring benefit to all mankind and relieve poverty. Any future financial return is not the primary reason for making the investment and on the basis the Foundation does not expect a financial return for approximately 3-5 years, at least, an impairment has been recognised against these investments thereby reducing the carrying value of accumulated programme related investments. Further details of the programme related investment are given in Note 13.

During the financial year, the Trustees continued to improve the Foundation's existing property portfolio by renovating vacant units and improving common parts, whilst renegotiating rents with existing tenants. Investment properties have been valued by the Trustees taking account of independent professional advice.

Rental income was consistent with the previous year and is expected to increase as vacant offices are let. The Foundation monitors the covenants of its tenants to maximise the sustainability of its rental income. Rates of return on bank deposit accounts decreased during the year, with the Foundation earning interest on its cash deposits of £183,149 (2025: £130,466). During the year the Trustees added £249,837 (2025: £595,119) to the Foundation's other financial investments. Their intention in making these investments is to reduce risk and diversify future revenue streams. The value of the Foundation's other financial investments at the year end was £4,599,427 (2025: £3,989,210).

Fundraising Policy

The Foundation is in compliance with the Charities (Protection and Social Investment) Act 2016. The Foundation does not fundraise from the general public and has not subscribed to any bodies that promote fundraising standards. The Foundation has not received any complaints about fundraising or of the activities of any person acting on behalf of the Foundation.

Grant-Making Policy

The Trustees have an established grant making framework whereby the Foundation works with large, established foundations to, together, support smaller, grassroots organisations that are making changes in an innovative way. The purpose of this grant making framework is to leverage the Foundation's impact by building up and maintaining strong long-term relationships with its strategic grant partners, which enables the Foundation to scale the impact of its activities. Furthermore, the Foundation's general policy is to enter into longer-term relationships as it enables the Foundation to build up a more meaningful and productive dialogue with the grant recipient.

As part of its due diligence procedures on potential grant recipients, the Foundation ordinarily meets with every organisation it is considering funding and interviews them. Where appropriate the Foundation then records the terms on which it provides its grants in written grant agreements using Grant Offer Letters, and Terms & Conditions and Grant Reporting Forms. The Foundation monitors the application and impact of its grant funding by meeting with each grant recipient on a regular basis to carry out a detailed assessment of the grant activities. In addition, the Foundation conducts site visits to the projects supported by some of its larger grants.

Objectives and Activities for the Public Benefit

The objects and purposes of the Foundation as set out in its Articles, are:

5

THE RUMI FOUNDATION

TRUSTEES' ANNUAL REPORT

incorporating the Strategic Report and Directors' Report (continued)

The Trustees confirm that they have referred to the Charity Commission’s general guidance on public benefit when exercising their powers and duties and also when reviewing the Foundation's aims and objectives, when setting the grant-making policy for the year and planning future activities.

The Trustees are satisfied that the processes and activities of the Foundation satisfy the public benefit test set out in s.4 Charities Act 2011.

The Foundation carries out these objects in the shorter term by providing financial support to schools, universities, healthcare and educational programmes that have a specific focus on the advancement of education, the relief of poverty, or both. The Foundation also provides financial support to schools in the most disadvantaged areas of the world, aimed at both educating disadvantaged members of the public and relieving poverty. In the longer term, the Foundation seeks to promote and support research into scientific and human advancement at educational institutions, specifically in areas which will further the education of, and relieve poverty amongst, the disadvantaged. This will further the Foundation's objects of the relief of poverty and promoting education. The intention is to partner with those particularly focused around social sciences, healthcare, technology and creative industries, where any innovation is most likely to further the Foundation's objects. The Trustees are aware that such collaborations may also lead to significant private benefit. Any projects supported will be carefully assessed for this risk and measures will be implemented to ensure any private gain is incidental to the benefit provided to humanity as a whole. The Foundation also aims, in particular, to support the education of girls.

Achievements and Performance during the period and plans for the future

The Foundation continued to work with existing charitable partners and sought to identify new long term partners to help fulfil its charitable vision.

The Foundation focused its partnerships this year on the education, empowerment and advancement of young people in our society today, and as part of that education, also on community engagement and civic involvement. Education provides a route out of poverty for young people and prevents future generations from having to experience poverty. Also, by having educated, motivated people actively engaging with their community, the benefits of any educational programme or one designed to relieve poverty can be brought to individuals that were not initially involved with that programme.

The Foundation assesses how its giving meets its objects and measures the success of the programmes or other charities it has funded against a number of criteria. These include the number of people that have been helped, has the project or organisation grown and is there potential for future growth, the objective and subjective impact any funding has had on a community or organisation and whether any future giving will provide further impact. When measured against these criteria the Foundation had a very successful year. Future giving will continue to be measured against these criteria. The Trustees will continue learning from and improving their work and seeking the best opportunities for the Foundation to further its objects.

Details of grant funding and charitable expenditure are set out in Note 8. Further details of selected initiatives are set out below.

Drawing on their experience of working with charitable partners in previous years, the Trustees wanted to explore whether the networks the Foundation has built could successfully be used to connect charitable organisations with each other, they have continued to implement this vision during the year. As the Foundation has continued to mature, the Trustees were increasingly able to identify the unique ability of the Foundation to work with large, established foundations all around the world and at the same time to support smaller, grassroots foundations that are making change in innovative ways. Through the Trustees' unique networks, the Foundation can match these young changemakers with established foundations, further helping their growth and allowing them to access funding and recognition on a larger scale. The Foundation acts as a mentor and accelerator for social impact enterprises and organisations.

6

THE RUMI FOUNDATION

TRUSTEES' ANNUAL REPORT

incorporating the Strategic Report and Directors' Report (continued)

The Trustees use their networks and entrepreneurial skills to find innovative organisations that are making change at the grassroots level and provides these charities with funding to develop their ideas and to experiment and test how they can make the most impact. The Foundation provides guidance and mentorship and local networks to these young founders, and then connects the charities with larger, global organisations who help them grow, can provide them with additional levels of funding, and can give them access to best practices and networks of similar organisations around the world.

As the Foundation has entered into discussions with its grantees, it has also become clear how important it is for these charities to receive some unrestricted funds to allow them to satisfy their core costs, rather than to restrict funding to specific projects and not to underlying costs. The Trustees work with the grantees, particularly the smaller charities, to ensure that they are allocating the Foundation’s funds wisely, are acting in accordance with the Trustees’ suggestions and guidance, and that their impact is measured against the criteria given above. Where funds have been allocated to support a particular project, this is indicated below.

Free the Children UK

The Foundation continued its relationship with Free the Children UK, a U.K. based charity that works with young people. Its aims are to help young people advance in life by providing support in activities which develop skills and capabilities to enable them to participate in society as mature and responsible individuals. These activities empower young people to create change, locally and worldwide, achieving transformative outcomes for themselves and others.

Representatives of the Foundation met with Free the Children UK to more fully understand how the charity operates, its vision for the future and how the Foundation can help support the charity so it can further its mission.

The Foundation agreed to provide core funding to Free the Children UK, and the Trustees will be working closely with the charity to increase its activities and bring greater impact to those who need it most. The Trustees intend for this grant to act as a seed and catalytic donation, seeking innovative opportunities particularly using Artificial Intelligence (A.I.) for increased growth and impact. Also by engaging with their large networks they will aim to bring further additional supporters and funding to the charity.

The Trustees look forward to deepening their relationship with Free the Children UK over the coming years, and to supporting the charity as it increases the scale of its beneficial impact on young people. The Foundation's grant to Free the Children UK will assist in educating disadvantaged members of the public and relieve poverty, furthering its charitable objects.

UK Education

The Migration Museum

The Migration Museum explores how the movement of people to and from Britain across the ages has shaped who we are, as individuals, communities and as a nation. The museum is located in Lewisham in South London and stages engaging exhibitions and dynamic events, alongside a far-reaching education programme for primary, secondary, university and adult learners. The museum also has a growing digital presence and convenes a knowledge-sharing Migration Network of museums and galleries. The grant furthers the Foundation's objects of education of disadvantaged members of the public and the relief of poverty.

7

THE RUMI FOUNDATION

TRUSTEES' ANNUAL REPORT

incorporating the Strategic Report and Directors' Report (continued)

Equality Education

Renaissance Foundation

The Renaissance Foundation is a key grassroots organisation that seeks to empower young people aged 1218 experiencing significant challenges in their lives. The Renaissance Foundation runs a 3 year tailored outreach programme which aims to inspire and support disadvantaged young people facing barriers to education, work and fulfilment. The Renaissance Foundation also offers a space known as the Hub, where young people, including young carers who care for family members that may have physical or mental health problems or substance abuse issues, can gain some respite. Representatives of the Rumi Foundation have met regularly with the Renaissance Foundation to assess the impact of its giving.

Global Institute for Women's Leadership

The Foundation continued its partnership with the Global Institute for Women’s Leadership. The Global Institute for Women’s Leadership (GIWL) at King’s College London works to create a world in which being a woman is not a barrier to becoming a leader, combining research, policy influence, and practical programmes to dismantle systemic obstacles to women’s advancement.

GIWL’s mission is grounded in three core pillars:

▪ Rigorous research — mapping global data, conducting new studies on gender inequality, and examining issues such as women’s political leadership, workplace barriers, gender norms, and wellbeing.

▪ Policy engagement — translating evidence into actionable recommendations for governments, employers, and international organisations, and challenging structural inequalities that limit women’s leadership opportunities.

▪ Practical programmes — delivering training, events, and public engagement initiatives that amplify women’s voices and support their pathways into leadership.

GIWL is a globally recognised hub driving evidence‑based change to advance women’s leadership. Through influential research, policy advocacy, and programmes that elevate women’s voices and capabilities, the Institute works to reshape the structures that hold women back and to build more equitable, inclusive societies. The Foundation's support strengthens GIWL’s ability to expand its research, amplify its global impact, and develop innovative initiatives that empower women at every stage of their leadership journey.

Representatives of the Foundation met with representatives of the GIWL to discuss the application, use and impact of the Foundation's grant. The grant furthers the Foundation's objects of education of disadvantaged members of the public and the relief of poverty.

Other Initiatives

The Foundation also supported a number of other organisations including institutions within the creative industries, educational projects and children's charities in the UK and across the globe to further all of the Foundation's objectives.

8

THE RUMI FOUNDATION

TRUSTEES' ANNUAL REPORT

incorporating the Strategic Report and Directors' Report (continued)

Financial Review

The year to 31 March 2026 was one of consolidation for the Foundation. The Trustees made the decision to dispose of one of the investment properties early in the year, using half of the proceeds to pay down debt and retained the remainder for working capital and investment purposes. This resulted in a decline in the income from its investment portfolio from the prior year. The Foundation's income is mainly rental income derived from its investment property portfolio, the operation of which has inherent costs associated with it. During the year the Trustees increased their focus on controlling costs, seeing these also decline from the prior year. The Foundation also benefitted from paying down some of its debt early in the year, which, along with reductions in the base rate of interest over the course of the year, resulted in reduced borrowing costs, year on year, by 13.6%.

The Trustees, having sought independent third party advice, thought it appropriate to increase the value of the investment property portfolio reported in these financial statements to reflect the current market conditions. This decision was made with the expectation that the value of the portfolio is likely to continue to appreciate further over the next 2 or 3 years. The Trustees also reviewed the Foundation's other financial investments to arrive at a current fair value, with the value of those being impaired when compared to the initial amount invested being exceeded by those whose value have been uplifted.

The Trustees have made a strategic decision to further reduce the Foundation's debt, in order to better manage its risks and place the Foundation on a more secure footing for the long term notwithstanding that it will reduce the level of grant making in the short term.

Going Concern

The Trustees, with a mind to the potential for fluctuations in the economy at home and abroad in the short to medium term, consider that the investment and reserves policies they have put in place are sufficient to allow the Foundation to continue to meet its charitable purposes for the foreseeable future. The Trustees will be monitoring the economy and seek to find ways for the Foundation to support those most impacted and in greatest need.

Trustees’ Responsibilities Statement

The Trustees (who are also directors of The Rumi Foundation for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) and The Financial Reporting Standard 102. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the parent charitable company and the group and of the incoming resources and application of resources, including its income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

9

THE RUMI FOUNDATION

TRUSTEES' ANNUAL REPORT

incorporating the Strategic Report and Directors' Report (continued)

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the parent charitable company and Group's transactions and disclose with reasonable accuracy, at any time, the financial position of the parent charitable company and Group 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 parent charitable company and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

In accordance with Section 485 of the Companies Act 2006, the Trustees confirm that S&W Audit (a trading name of S&W Partners Audit Limited) has been reappointed as auditor of the company.

Awareness of relevant audit information

The Trustees of the company confirm that, in fulfilling their duties as Trustees, they have:

Approved by the board of trustees and signed on behalf of the board

S Malcolmson Date: 30 June 2026

Trustee

10

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE RUMI FOUNDATION

Opinion

We have audited the financial statements of The Rumi Foundation (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2026 which comprise the Consolidated Statement of Financial Activities, the Consolidated & Parent Charitable Company Balance Sheets, the Consolidated Statement of Cash Flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Report and Accounts, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Report and Accounts. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the 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 statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

11

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE RUMI FOUNDATION (CONTINUED)

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report included within 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:

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on page 9, the trustees (who are directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 and under section 151 of the Charities Act 2011, and report in accordance with those Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

12

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE RUMI FOUNDATION (CONTINUED)

We obtained a general understanding of the group’s and parent charitable company's legal and regulatory framework through enquiry of management in respect of their understanding of the relevant laws and regulations. We obtained an understanding of the group’s and parent charitable company's policies and procedures in relation to compliance with relevant laws and regulations. We also drew on our existing understanding of charity regulation.

We understand that the group and parent charitable company complies with the framework through:

In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the group’s and parent charitable company's ability to conduct operations and where failure to comply could result in material penalties. We have identified the following laws and regulations as being of significant in the context of the charitable group:

To obtain evidence about compliance with the significant laws and regulations identified above, we made enquiries of the Trustees as to the risks of and any instances of non-compliance with laws and regulations, reading minutes of meetings of the Trustees and enquiring into any correspondence between regulators and the parent charitable company.

The senior statutory audit led a discussion with all members of the engagement team regarding the susceptibility of the group’s and

parent charitable company's financial statements to material misstatement, including how fraud might occur. The key areas identified as part of the discussion were the risk of manipulation of the financial statements through manual journal entries, and the incorrect treatment of the valuation of investment properties.

The procedures we carried out to gain evidence in the above areas included testing:

The senior statutory auditor was satisfied that the engagement team collectively had the appropriate competence and capabilities to identify or recognise irregularities.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the parent charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charitable company, and the parent charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Daniel Quilter

Senior Statutory Auditor, for and on behalf of S&W Audit Statutory Auditor Chartered Accountants Date: 30 June 2026

45 Gresham Street London EC2V 7BG

13

THE RUMI FOUNDATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING THE INCOME & EXPENDITURE ACCOUNT

FOR THE YEAR TO 31 MARCH 2026

Total Funds
31 March 2026

Notes
£
Income from:
Voluntary income
4
905,000
Investment income
5
6,872,305
Other trading income
6
221,727
Expenditure on:
Raising funds
Administrative costs
7
104,918
Real Estate Management
Administrative costs
7
2,177,828
Interest payable
7
5,242,444
Charitable activities
7
633,582
Net gain on investments
1,588,985
Net movement in funds
1,429,245
Funds as at 1 April
62,435,450
Funds as at 31 March
Total income
Total expenditure
7,999,032
8,158,772
63,864,695		 Total Funds
31 March 2025
£
1,070,000
7,852,155
116,958
95,415
2,786,968
6,065,525
893,531
898,798
96,472
62,338,978
9,039,113
9,841,439
62,435,450

All income and expenditure derive from continuing activities.

All funds are unrestricted.

14

THE RUMI FOUNDATION

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2026

Notes
Fixed Assets
Tangible fixed assets
12
Investments
13
Investment properties
14
Current Assets
Debtors
15
Cash and cash equivalents
16
Creditors: amounts falling due within one year
18
Creditors: amounts falling due after more than one year
19
Represented by:
Unrestricted charity funds
Accumulated fund
Net Assets
Net Current Assets		 2026
£
1,544,423
4,729,427
132,526,514
1,008,745
6,009,774
(4,729,258)
(77,224,930)
63,864,695
63,864,695
63,864,695
2,289,261
138,800,364
7,018,519		 2025
£
1,625,197
4,119,210
138,350,050
987,794
4,452,601
(4,636,349)
(82,463,053)
62,435,450
62,435,450
62,435,450
804,046
144,094,457
5,440,395

The accounts were approved and authorised for issue by the Board of Directors on 30 June 2026 and were signed on its behalf by:

S Malcolmson Director

Company Number: 5840786

15

THE RUMI FOUNDATION

PARENT CHARITABLE COMPANY BALANCE SHEET AS AT 31 MARCH 2026

Notes
Fixed Assets
Tangible fixed assets
12
Investments
13
Investment properties
14
Current Assets
Debtors
15
Cash and cash equivalents
16
Creditors: amounts falling due within one year
18
Creditors: amounts falling due after more than one year
19
Represented by:
Unrestricted
Accumulated fund
Net Assets
Net Current Assets		 2026
£
1,544,423
4,729,527
132,526,514
1,008,745
6,009,774
(4,729,358)
(77,224,930)
63,864,695
63,864,695
63,864,695
138,800,464
2,289,161
7,018,519		 2025
£
1,625,197
4,119,310
138,350,050
987,794
4,452,601
(4,636,449)
(82,463,053)
62,435,450
62,435,450
62,435,450
144,094,557
5,440,395
803,946

The Foundation has taken advantage of the exemption under section 408 of the Companies Act 2006 from publishing its individual income statement, statement of other comprehensive income and related notes.

The company’s gain in the year ended 31 March 2026 was £1,429,245 (2025: £96,472).

The accounts were approved and authorised for issue by the Board of Directors on 30 June 2026 and were signed on its behalf by:

S Malcolmson Director

Company Number: 5840786

16

THE RUMI FOUNDATION

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR TO 31 MARCH 2026

Operating activities
Notes
Net movement in funds
Depreciation charge
Amortisation of capitalised expenses
Interest paid
Interest received
Change in debtors
Change in creditors
Revaluation gain
Impairment of investments
Investing activities
Additions to fixed assets
Additions to investment properties
Proceeds from disposal of investment properties
Additions to investments
Proceeds from disposal of investments
Interest received
Financing activities
Loans repaid
Interest paid
Increase / (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at the end of the year
16
Net cash generated from operating activities
Net cash generated from / (used in) investing activities
Net cash used in financing activities		 2026
£
1,429,245
122,342
84,550
5,242,444
(183,149)
(20,951)
(145,214)
(2,789,213)
1,200,228
(41,568)
(132,409)
7,000,000
(249,837)
100,000
183,149
(5,000,000)
(5,242,444)
1,557,173
4,452,601
6,009,774
4,940,282
6,859,335
(10,242,444)		 2025
£
96,472
120,906
39,724
6,065,525
(130,466)
(110,728)
344,682
(898,798)
237,500
(19,775)
(270,338)
-
(845,119)
-
130,466
(635,000)
(6,065,525)
(1,940,474)
6,393,075
4,452,601
5,764,817
(1,004,766)
(6,700,525)

17

THE RUMI FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR 31 MARCH 2026

1 Legal status

The Rumi Foundation ("the Foundation") is a private company limited by guarantee (Company number: 5840786) and a registered charity (Charity number: 1115154) incorporated in England and Wales. The address of the registered office is 1st Floor, Clutha House, 10 Storey's Gate, London SW1P 3AY.

In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £1 per member.

The average number of employees in the year was nil (2025: nil).

2 Accounting policies

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the period.

(a) Basis of preparation

The consolidated financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) 2022 - (Charities SORP (FRS 102) 2019), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The financial statements have been prepared under the historical cost convention as modified by the valuation of certain assets including investment properties, in accordance with the Group's accounting policies.

The group's functional currency is sterling (£).

The Foundation is a public benefit entity and the Group is a public benefit group, as defined by FRS 102.

The principal accounting policies of the Group are set out below.

(b) Going concern

These financial statements have been prepared on a going concern basis.

The Trustees have reviewed their forecasts for the coming year, taking into account the impact of the high interest rate environment we are currently operating in. The Trustees have also given consideration to the financial covenants attached to the Foundation’s loan facility. The current covenants are due to be reviewed later in 2026 but ongoing discussions with the lender have indicated that no changes to the existing arrangements are anticipated. The Trustees therefore believe there to be sufficient headroom during the period of the going concern assessment. The Trustees noted that the Group has a diverse investment property portfolio, consisting of a number of properties with a range of uses, its covenants with its tenants are strong, and it also has a portfolio of other financial investments contributing to a consolidated net current asset position of £2,289,161 at 31 March 2026. Therefore the Trustees consider that there is reasonable assurance the Group and the Foundation will have sufficient resources to enable them to continue in operation for the foreseeable future, being a period of no less than one year from the date of approval of these Financial Statements. Accordingly, the going concern basis has been adopted in the preparation of the financial statements.

18

THE RUMI FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR 31 MARCH 2026 (continued)

(c) Basis of consolidation

The group financial statements incorporate the financial statements of the Foundation and entities controlled by the Foundation (its subsidiaries) prepared to 31 March each year. Control is achieved where the Foundation has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities.

The results of subsidiaries acquired during the year are included in the Statement of Financial Activities from the effective date of acquisition or up to the effective date of disposal, as appropriate.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the group.

All intra-group transactions and balances and any unrealised gains and losses arising from intra-group transactions are eliminated in preparing the consolidated financial statements.

The Foundation has taken advantage of the exemption under section 408 of the Companies Act 2006 from publishing its individual income statement, statement of other comprehensive income and related notes.

(d) Business combinations and goodwill

Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the group.

The cost of a business combination is the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the group in exchange for control and the costs directly attributable to the business combination. The consideration transferred includes the estimate of any asset or liability resulting from a contingent consideration arrangement where the transfer of further consideration is probable and can be measured reliably. Identifiable assets acquired and liabilities and contingent liabilities assumed in the business combination are measured initially at their fair values at the acquisition date. Contingent liabilities are only recognised where the fair value can be measured reliably.

The group measures goodwill at the acquisition date as the excess of the cost of the business combination over the acquirer’s interest in the net amount of the identifiable assets, liabilities and contingent liabilities recognised. Subsequently goodwill is amortised on a straight line basis over its useful life of three years.

When the excess is negative, the negative goodwill arising is recognised separately on the face of the balance sheet and released up to the fair value of the non-monetary assets as the non-monetary assets are recovered and otherwise in the periods expected to be benefited.

19

THE RUMI FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR 31 MARCH 2026 (continued)

2 Accounting policies (continued)

(e) Income

All income is included in the Statement of Financial Activities when the Group is entitled to the income and the amount can be quantified with reasonable accuracy and the receipt is considered to be probable.

Voluntary income is received by the way of donations and is included in full in the Statement of Financial Activities when receivable.

Investment income relates to interest on bank deposits, rental income arising from investment properties, returns on financial investments and interest on long term secured debt. Investment income is recognised on an accruals basis. Rental income is recognised as earned with the cost of any lease incentives being spread equally over the lease term. Any rental income relating to future periods is recognised in deferred income.

Other trading income relates to sales of development properties and other miscellaneous income.

(f) Expenditure

Expenditure is recognised on an accruals basis, as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which relates.

(g) Taxation

The tax expense represents the sum of the tax currently payable and any deferred tax.

The current tax charge is based on the taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. The Group’s activities are charitable and therefore, to the extent that any surpluses are applied to its charitable objects, the Group is not liable to tax. In addition, its subsidiaries incur no current tax charge as, should they ever make a profit which would otherwise be taxable, those profits would be distributed to the Foundation by way of Gift Aid and thus no tax liability would arise.

20

THE RUMI FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR 31 MARCH 2026 (continued)

(h) Taxation (continued)

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date, and where it is probable that a tax liability will arise. Deferred tax on investment property revaluation gains are not recognised where it is probable that the crystallised profits will be donated to the Group such that no tax liability will ultimately arise.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised. Deferred tax is charged or credited to the Statement of Financial Activities, except when it relates to items charged or credited directly to other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income.

Whilst the tax expense is immaterial, it is recognised as a part of the cost of the relevant activity, rather than being disclosed separately in the Statement of Financial Activities.

(i) Tangible Fixed Assets

Tangible fixed assets are valued using the cost model and are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing an asset to the condition necessary for it to operate in the manner intended for it by the trustees.

Other than freehold land, depreciation is charged on assets so as to allocate their cost less their residual value over their estimated useful lives, using the straight line method.

Depreciation is provided on the following basis:

Freehold buildings - 4% straight line Fixtures and fittings - 20% straight line

(j) Investments

Investments are initially recognised at cost and subsequently at fair value, if this can be measured reliably; or if fair value cannot be measured reliably, at cost less impairment. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.

(k) Social Investments

Programme related investments are held at fair value, if this can be measured reliably; or if fair value cannot be measured reliably, at cost less impairment. Where a decision is taken that a programme related investment should be held to generate a financial return and that the primary motivation for holding it is no longer to further the objects of the Foundation, it will be transferred to the main investment portfolio and measured accordingly.

21

THE RUMI FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR 31 MARCH 2026 (continued)

(l) Investment properties

Investment properties which are properties held to earn rentals and / or capital appreciation are initially measured at cost and subsequently at fair value. Revaluation surpluses and deficits are recognised as part of the Statement of Financial Activities.

Where there is a mixed use property, the fair value of the investment element is included in Investment Properties and the cost is included in Tangible fixed assets, in accordance with FRS 102.

(m) Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the Group becomes a party to the contractual provisions of the instrument.

Trade (including rental) and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Group will not be able to collect all amounts due.

Loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to proceeds received net of direct issue costs. These liabilities are subsequently measured at the amortised cost, using the effective interest rate method.

The effective interest rate is the rate that exactly discounts estimated future cash flows through the expected life of the financial asset or liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

(n) Cash and cash equivalents

Cash and cash equivalents includes cash in hand and bank deposits with maturities of three months or less.

(o) Recognition of liabilities

All expenditure is recognised once there is a legal or constructive obligation committing the Group to the expenditure.

(p) Funds structure

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group. Restricted funds are subject to restrictions on their expenditure imposed by the donor; currently there are no restricted funds.

22

THE RUMI FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR 31 MARCH 2026 (continued)

(q) Foreign currency transactions

All transactions denominated in foreign currencies are translated at the rate of exchange ruling at the time of the transaction. All foreign exchange differences are taken to the Statement of Financial Activities in the period in which they arise. At the balance sheet date, monetary assets and liabilities denominated in foreign currencies are translated using the closing rate.

3 Key sources of estimation uncertainty and judgements

The preparation of the financial statements requires the use of estimates and assumptions that affect the amounts reported for the assets and liabilities as at the balance sheet date and the amounts reported for income and expenses for the year. Although these estimates and associated assumptions are based on historical experience and management's best knowledge of current events and actions, the actual results may ultimately differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.

Significant management judgements

Financial instruments classification

The classification of financial instruments as "basic" or "other" requires judgement as to whether all applicable conditions as basic are met. This includes consideration of the form and its return.

Recognition of grants payable

Grants payable are recognised at the earlier of payment or when a constructive obligation to the grant recipient arises. The point at which this occurs requires the exercise of judgement in the cases of conditional grants which have been advised to the recipients.

Significant management estimates

Valuation of investment property

Investment properties are included in the financial statements at fair value at the year end, as required by FRS 102. Fair value is estimated based on expected future net income from the properties and market yield rates. The value of the investment properties is detailed in note 14.

Valuation of unlisted investments

Unlisted investments are included in the financial statements at fair value at the year end, if this can be measured reliably, or if fair value cannot be measured reliably, at cost less impairment. The value of the unlisted investments is detailed in note 13.

Valuation of Programme Related Investments

The Trustees make a judgement in relation to the classification of investments between those made primarily for financial return and those held for non-financial objectives. Impairments to programme related investments are charged to Charitable Activities.

Programme related investments form a portfolio managed separately from the Group’s other investments. These investments are held primarily to further the charitable aims of the Group rather than to provide a financial return. They are held at fair value, if this can be measured reliably; or if fair value cannot be measured reliably, at cost less impairment.The value of the programme related investments is detailed in note 13.

23

THE RUMI FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR 31 MARCH 2026 (continued)

Group Company Company
4 Voluntary income 2026 2025 2026 2025
£ £ £ £
Donations 905,000 1,070,000 905,000 1,070,000

The income from donations was £905,000 (2025: £1,070,000) for the group. All income was unrestricted.

In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the accounts.

5 Investment income
Rental income
Returns on investments
Bank interest
6 Other trading income
Other income
Gain on exchange		 2026
2025
£
£
6,569,468
7,721,689
119,688
-
183,149
130,466
6,872,305
7,852,155
2026
2025
£
£
221,727
109,347
-
7,611
221,727
116,958
Group
Group		 2026
2025
£
£
6,569,468
7,721,689
119,688
-
183,149
130,466
6,872,305
7,852,155
2026
2025
£
£
221,727
109,347
-
7,611
221,727
116,958
Company
Company

24

THE RUMI FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR 31 MARCH 2026 (continued)

7 Total Expenditure - Group
Basis of
allocation
Costs directly allocated to activities
Grants
Direct
Other charitable activities
Direct
Investment property expenses
Direct
Provision for doubtful debts
Direct
Support costs allocated to activities
Accountancy
Direct
Bank charges and fees
Direct
Interest on bank loans
Direct
Governance costs allocated to activities
Audit fees
Apportioned
Legal and professional
Direct
Other
Apportioned
Total expenditure		 2026
£
-
-
-
-
-
-
-
-
-
16,667
-
88,251
104,918
104,918
Raising		 2025
£
-
-
-
-
-
-
-
-
-
20,867
-
74,548
95,415
95,415
funds		 2026
2025
£
£
-
-
-
-
1,941,850
2,465,436
-
25,223
1,941,850
2,490,659
99,599
99,923
2,184
2,116
5,242,444
6,065,525
5,344,227
6,167,564
16,667
20,867
29,277
98,855
88,251
74,548
134,195
194,270
7,420,272
8,852,493
Real Estate Management		 2026
2025
£
£
683,665
560,616
(155,000)
237,500
-
-
-
-
528,665
798,116
-
-
-
-
-
-
-
-
16,666
20,867
-
-
88,251
74,548
104,917
95,415
633,582
893,531
Charitable activities		 2026
2025
£
£
683,665
560,616
(155,000)
237,500
1,941,850
2,465,436
-
25,223
2,470,515
3,288,775
99,599
99,923
2,184
2,116
5,242,444
6,065,525
5,344,227
6,167,564
50,000
62,601
29,277
98,855
264,753
223,644
344,030
385,100
8,158,772
9,841,439
Total

25

THE RUMI FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR 31 MARCH 2026 (continued)

8 Grants and charitable expenditure
Material Grants
Charitable Objective
Free the Children
Education
Clinton Foundation
Education
Obama Foundation
Education
Royal Foundation
Education
Other Grants
Equality Education
Education
UK Education
Education
North America Education
Education
UK Creative Industries
Kotowari
Education
UK Healthcare
Relief of poverty
Education - Promotion of
the Arts		 2026
£
550,000
-
-
-
75,000
43,500
14,230
935
-
-
683,665
 2025
£
-
154,515
154,515
100,000
50,000
59,371
-
15,000
24,715
2,500
560,616

All grants were made to institutions. Further details of the key grants made during the year can be found in the Trustees' Annual Report.

9 Auditor's remuneration
Accountancy and advisory fees
Fees payable to the Group's auditor for the audit of the
Group's financial statements.		 2026
£
50,715
5,675
56,390		 2025
£
48,530
17,310
65,840

10 Trustees' remuneration and expenses

No trustees received any remuneration during the year (2025: £Nil). No trustees were reimbursed for their travel costs (2025: £2,798). During the year a company controlled by a trustee received £70,000 (2025: £70,000) for the provision of accountancy services to the group, as detailed in Note 20.

11 Corporation Taxation

The Foundation is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

26

THE RUMI FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR 31 MARCH 2026 (continued)

12 Tangible fixed assets
Cost
At 1 April 2025
Additions
At 31 March 2026
Depreciation
At 1 April 2025
Charge for the year
At 31 March 2026
Net Book Value
At 31 March 2026
At 31 March 2025
13 Investments
Group
At 1 April 2025
Additions
Fair Value Uplift
Impairment
Disposal
At 31 March 2026
Company
At 1 April 2025
Additions
Fair Value Uplift
Impairment
Disposals
At 31 March 2026		 Fixtures and
Fittings
Land and
Buildings
Total
£
£
£
185,663
2,110,000
2,295,663
41,568
-
41,568
227,231
2,110,000
2,337,231
89,840
580,626
670,466
37,942
84,400
122,342
127,782
665,026
792,808
99,449
1,444,974
1,544,423
95,823
1,529,374
1,625,197
Unlisted
Investments
Program
Related
Investments
Subsidiaries
£
£
£
3,989,210
130,000
-
249,837
-
-
1,660,608
-
-
(1,200,228)
-
-
(100,000)
-
-
4,599,427
130,000
-
3,989,210
130,000
100
249,837
-
-
1,660,608
-
(1,200,228)
-
-
(100,000)
-
-
4,599,427
130,000
100
Group		 Fixtures and
Fittings
Land and
Buildings
Total
£
£
£
185,663
2,110,000
2,295,663
41,568
-
41,568
227,231
2,110,000
2,337,231
89,840
580,626
670,466
37,942
84,400
122,342
127,782
665,026
792,808
99,449
1,444,974
1,544,423
95,823
1,529,374
1,625,197
Total
£
4,119,210
249,837
1,660,608
(1,200,228)
(100,000)
4,729,427
4,119,310
249,837
1,660,608
(1,200,228)
(100,000)
4,729,527
Company

At 31 March 2026, the Foundation's investments were held in the UK and RoW.

Programme related investments form a portfolio managed separately from the Foundation’s other investments. These investments are held primarily to further the charitable aims of the Foundation rather than to provide a financial return. They are held at fair value, if this can be measured reliably; or if fair value cannot be measured reliably, at cost less impairment, which is the case in this year.

Unlisted Investments are held at fair value, or if fair value cannot be measured reliably, at cost less impairment. 27

THE RUMI FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR 31 MARCH 2026 (continued)

14 Investment properties

Group
At 1 April 2025
Additions
Disposals
Amortisation of fees
Revaluation gains
At 31 March 2026
Company
At 1 April 2025
Additions
Disposals
Amortisation of fees
Revaluation gains
At 31 March 2026		 Freehold
£
131,105,650
132,409
(7,000,000)
(84,550)
1,136,890
125,290,399
Freehold
£
131,105,650
132,409
(7,000,000)
(84,550)
1,136,890
125,290,399		 Leasehold
£
7,244,400
-
-
-
(8,285)
7,236,115
Leasehold
£
7,244,400
-
-
-
(8,285)
7,236,115		 Total
£
138,350,050
132,409
(7,000,000)
(84,550)
1,128,605
132,526,514
Total
£
138,350,050
132,409
(7,000,000)
(84,550)
1,128,605
132,526,514

Historical cost of freehold properties at 31 March 2026 amounted to £121,380,809 (2025: £128,876,892) for the Group and Foundation. Historical cost of leasehold properties at 31 March 2026 amounted to £7,194,164 (2025: £7,194,164) for Group and Foundation. Additions are comprised of improvements to some of the properties during the year.

Investment properties have been valued by the Trustees taking account of independent professional advice. Fair value is estimated based on expected future net income from the properties and market yield rates.

15 Debtors
Trade debtors
Other debtors
Accrued income
Prepayments		 2026
2025
£
£
359,679
447,465
2,410
2,374
445,265
354,887
201,391
183,068
1,008,745
987,794
Group		 2026
2025
£
£
359,679
447,465
2,410
2,374
445,265
354,887
201,391
183,068
1,008,745
987,794
Company

28

THE RUMI FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR 31 MARCH 2026 (continued)

16 Cash and cash equivalents
Cash at bank and in hand
Cash equivalents		 2026
2025
£
£
2,441,774
2,918,601
3,568,000
1,534,000
6,009,774
4,452,601
Group		 2026
2025
£
£
2,441,774
2,918,601
3,568,000
1,534,000
6,009,774
4,452,601
Company

During the year, the Group reviewed its clasification of cash balances in accordance with FRS102. As a result, the gross cash at bank and in hand balance has been reclassified into two separate categories: cash at bank and in hand and cash equivalents. Cash equivalents represent amounts held on fixed term deposits, maturing in 3 months or less.

17 Operating leases with tenants

The Group leases out all its investment properties under operating leases. The future aggregate minimum rentals receivable under non-cancellable operating leases are as follows:

Due:
Not later than one year
Later than one year but within five years
Later than five years		 2026
2025
£
£
4,103,874
3,902,282
6,558,981
8,593,871
3,967,144
4,504,144
14,629,999
17,000,297
Group		 2026
2025
£
£
4,103,874
3,902,282
6,558,981
8,593,871
3,967,144
4,504,144
14,629,999
17,000,297
Company

None of the leases entered into give tenants the right or option to purchase or contain contingent rents.

18 Creditors: Amounts falling due within one year

Trade creditors
Accruals and deferred income
Other creditors
Other taxes and social security costs		 2026
2025
£
£
236,510
304,048
2,432,708
2,719,744
1,847,865
1,360,694
212,175
251,863
4,729,258
4,636,349
Group		 2026
2025
£
£
236,510
304,048
2,432,708
2,719,744
1,847,965
1,360,794
212,175
251,863
4,729,358
4,636,449
Company

29

THE RUMI FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR 31 MARCH 2026 (continued)

19 Creditors: Amounts falling due after one year

Secured loan
Secured bank loan
Other creditors
Bank loans
Amounts due within two to five years		 2026
2025
£
£
18,000,000
19,500,000
57,716,037
61,216,037
1,508,893
1,747,016
77,224,930
82,463,053
2026
2025
£
£
57,716,037
61,216,037
57,716,037
61,216,037
Group
Group		 2026
2025
£
£
18,000,000
19,500,000
57,716,037
61,216,037
1,508,893
1,747,016
77,224,930
82,463,053
2026
2025
£
£
57,716,037
61,216,037
57,716,037
61,216,037
Company
Company

The secured bank loan is secured with a charge against the entirety of the properties to which the loan relates, the value of the properties offered as security is £134,570,000 (2025: £140,406,000). The loan is repayable in 2028, and interest on the loan accrues at 2.15% above SONIA.

The Secured loan is secured by a second charge against the security properties in the above note. The loan is repayable in September 2029 and interest on the loan accrues at a fixed rate of 8%.

20 Related party transactions and key management personnel

Key management are those persons having authority and responsibility for planning, controlling and directing the activities of the Foundation. In the opinion of the Trustees, key management are the board of Trustees. The Trustees appoint specialist advisors for professional support where necessary.

During the year Aristeia Accounting Limited, a company controlled by Stuart Malcolmson who is also a Trustee of the Foundation, invoiced £70,000 (2025: £70,000) for the provision of accountancy services, of which £5,519 (2025: £10,000) was unpaid at the year end.

During the year David Muriithi, a Trustee, received £nil (2025: £2,798) for his travel costs, which were wholly incurred whilst fulfilling his duties as a Trustee.

21 Financial instruments

Financial instruments
Financial assets 2026
2025
2026
2025
£
£
£
£
Company
Group
Financial assets measured at fair value
through the profit & loss 4,599,427
3,989,210
4,599,527
3,989,310

All other financial assets and liabilities are measured at amortised cost.

30

THE RUMI FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR 31 MARCH 2026 (continued)

22 Subsidiaries

Details of the company's subsidiaries at 31 March 2026 are as follows:

Nature of Class of shares 2026 2025
Name of undertaking Registered business held % Held % Held
Direct Direct
Hundred Squared 12602560
Limited England and Wales Dormant Ordinary 100 100

Summary financial information of the significant subsidiaries at 31 March 2026:

----- Start of picture text -----
Hundred
Squared
Limited
2026
Turnover -
-
Expenses
-
Profit / (Loss)
Assets 100
Liabilities -
Net Assets 100
----- End of picture text -----

23 Analysis of changes in net debt



Cash and cash equivalents
Cash and cash equivalents		 At
Non-Cash
1 April 2025
Cash Flows
Movement
4,452,601
1,557,173
-
At
31 March 2026
6,009,774
Borrowings
Debt due within one year
Debt due after one year		 4,452,601
1,557,173
-
-
-
-
(80,716,037)
5,000,000
-
6,009,774
-
(75,716,037)
Total Net Debt (80,716,037)
5,000,000
-
(76,263,436)
6,557,173
-
(75,716,037)
(69,706,263)

31