PS FOUNDATION Charty No: 1123570 (England and Wales} cr￿panY No. 6525171 (A Company Limited by Guarantee and not haV￿g a Share Caixtal) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Kingston Burrowes Audit Ltd 308 Ewell Road Surf)iton Surrey KT6 7AL PS FOUNDATION (A Company knmite(I by Guarantee and not having a Share Capital) Annual Re[￿ and Financial Statements For the year ended 31 March 2025 Pagg Rep￿t ofthe TrustseslDirectors Independent Audttorfs Report Statement of Financial A¢tivilie$ Balance Sheet Cahs Flow Statement 10 Notes to the Financial Ststements PS FOUNDATION (A Company Limited by Guarantee and not having a Share Capital> REPORT OF THE TRUSTEESIDIRECTORS FOR THE YEAR ENDED 31 MARCH 2025 The Board of TrusteeslDiredors prwnts its report and finanryal statemertts for the year erKled 31 March 2025. Rtf?rence and Admlnistrative Infonnatlon Charity Name.. PS Foundation Charty Registration Number. 1123570 (England and Wales) Company Registr8tKJn Nun*)er. 6525171 Registered Office arKI Operational Address: Warren House. Warrenets Lane. Weybridge. Surrey, Iff13 OLQ Board of DIreCtorn￿rustees who Served during the year. Vin Murria Sunil Bhalla ma￿ Butt John Forrister Graham Mark Nolan Chair Ch￿f Officer Vice Chair Treasurer Auditors Kingston BuTrowes Audit Lld, 308 Ewell Road, Surbrton, Surrey, KT6 7AL Legal Aifvisors Addleshaw Godddard. 3 SovereKJn Square. SoverevJn StreeL Leeds, LS1 4ER Bankers Coutts & Co. 440 Strand. London WC2R OQS Objectives and Actlvltles The charity's obj.ects and principal adi¥it*s are pursued worbjwrde and are.'- Ihe advancement of education-, the relief of sickness.. Ihe promotion of sustainable devdopment by the relief of poveTty aThJ improvement of conditions in socially disadvantaged communitie5- the provision of facilrt]"es in the interests of social welfare for recreation or other lei8tJre time occupatton of individuals who have need of such facil￿"eS by reason of their youth. ag8, infi'miity or disability. financial hardship or social Circumstances the object of improving their condttions in lrfe. The activities that we carry out are desCri￿d al)ove. These activities are undertaken to meet our objectives and aims and to further our charitable pury)oses for the public benefit In setting and reviewing our objectives and aims, and in planning and caryirMJ out our activities. we have given due regard to the public benefft guidanco published by ts Charity COmmiss￿n. Achlevements and P¢rfomiance The Charity believ￿ Ihat education and famity support arp majof factors in tacklin9 poverty aTKI eontinuos tr) review ways of providing scholarships and other education faciliks to improve the opportunitses that would othermse be denied to poorer families. It makes grants at the discretion of the Board and after carefully considering the needs of an indmdual or organisation. In the period we have continued to support young adults through tertiary education programmes in both India and the UK helping them to secure qualificatsons that will signtficanty increase their prospects. PS FOUNDATION (A Company Limited by Guarantee 8ThJ not having a Share Capital) REPOR T OF THE TRUSTEESDIRECTORS FOR THE YEAR ENDED 31 MARCH 2025 Achievgmgnts and Perfomiance (Lx)nt'd) We support smaller UK charities on a one-off basis and details of these can be found in Note 3 to the Financial Statements. The econom￿ dimate continues to be chaI￿ngIng for many peop￿ particula where heatthcare and education facilibes are not as robust as the UK or under ￿￿Mense strain. As in previous yearB. a number of indivKlualÈ and familios recaivad grartts which were typically in cag09 of hardship or to vulnerable. disadvantaged sections of the communty to finance education or gtve access to healthcare. Our strategy includes provbjing emergency funds in cases where a disaster has occurred. We finance higher education to drive improved outcomes for individu￿$ and their families. We also try to focus on sustainability wrthin communities by providing grants to create small scale sustainable businesses which can provide future employment opportunities and to finance educati¢)n which in turns he￿$ families out of the poverty trap. Flnanclal Revlew and Rexrves PoliGy In the period we received no donations but as in the past, the Charity has Teceived verbal commitments from a founding trustee that she intends to continue to donate in sufficierkt amounts lo fvnd the charity's need should its investments generate insufficient income. We hold suffiaent liquid financial asgets to meet all commitments most of which are discrets"onary. We received £0.5m in investment wthme & donations 12024.. £0.4ml. In addition lo the ongoing activrbes. the charrty has a150 priorTlised building stronger partnerships wth local organisations to exte¥KI tts reach and maximise impact collatK>raltng wrth educational institutions and heakheare providerg. The charity ¢ontinueJ to have negligible costs. havirvJ Thi salaries or overheads and being njn voluntarily by the Trustees. Those Trustees opeTated in the same manner as previous years and have commrtted to continue to function this way for the foreseeab￿ future and as a consequence expect running costs to continu8 to be negligi￿e. Al donatKJns and grants made in its charitable aclivities are discretionary and none have. nor is it intended 11 have, future financing commitrnenls. The charity had a net surplus for the year of £1.3m12024.. £1.4ml. All funds are unrestricted in nature and at the year-end totalled £25.8m12024.. £24.6m). The chartty retains sufficient liquid resources to meet its needs and adjusts tts donations accordingly based on income received in the current year and current balan￿. As such it maintains sufficient liquid rosources in a risk top tier UK bank afMI at the end of the repotting period held £10.2m in cash reserves 12024.. £4.7ml. The charity maintains such 5iquidity trj ensure that rt is able to meet its foreseeable liabl1￿leS as they fall due. As al the close of the year and at the current level of grant activtty, the chaiTty has a￿uate cash resenfe8 and as grants are discretionary and currentty create no long-temi obligation. the Board aro satisfied that Suff￿lent reseNes are maintsined. The o￿anISat￿)n has mitiyated its finan¢Èal risk by adopting a reserves policy which is oullin8d above. Annual accounts and retums are filed vth Companies House and the Charity Commission. In-house financial monitoring is undertaken to ensure the charity operates in accordance wrth its Governing Document and Objects. A quarterly income and expenditure revw is undertaken by the Board. During the year the charity had no employees aThJ was managed and operated by the TTUStees voluntariw. The charity p￿n5 to contsnue its actr"vib"es in the forthcoming years subj'ect to satisfactory funding arrangements and hopes that by supporting individuals they will eventualty tum their success into supporting others, thus furthering *he charity's aims. We are pleased to yupport a nUm￿r of individuals achieving degrees and post degree qualifications which we hcye will improve their lives and make Contribu￿nS to their environments. PS FOLINDATION (A Company Limiled by Guarantee and not having a Share Caprtal} REPORT OF THE TRUSTEESIDIRECTORS FOR THE YEAR ENDED 31 MARCH 2025 Trustees. Regponslblllties Slatement The trustees (who are also directors of PS Foundation for the purposes of company lawl are responsible for preparing the Trustees. Annual Report and the financial statements in accordance with applicable law and Untted Kingdom Acwnting Standards {United Kingdom Generalty AC￿pted Acttounting Practice). Company 18w wuires th8 tnjstees to prepare financial ststements for each financial year. vr￿er company law the trustees must not approve the financial ststements unless they are sab'sfi&l that they gwe a true and fair view ol the state of affairs of the charitable company and of the Incomi￿ resources and application of resources. including the income and expendiiure. of the char¢lable company for that period. In preparing these financial statements. the trustees are required to: select suitsble accounting policies and then apply them consistenty,. observe the methods and principles in the Charities SORP 2019 (FRS 1021,. mgke judgements and estimates that are ￿aSOnable and prudenL prepare the financial statements on the going COr￿n basis unless it is Thiappropriate to presume that the charitable Company will continue in operation. The trustees are responsible for keeping adequats accounting records that disclose with reasonable accuracy at any time the financial position of Ihe charitable Company and enable them to ensure Ihat the financial statements compty wrth the Companies Act 2006. They are atso responsible for safeguarding the assets of the charltable company and hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. there is no re￿vant audtt information of which the tharitable company's auditor is unaware,. and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit infom)ation and lo establish fhat the auditor is aware of that infomiation. This report has been prepared in accordance 7thfyth the special provisions of Part 15 of the Companies Act 20￿ relating to small companies. Aoproved by the Board of Trustees aThl signed on its behalf by.. Mark Butt, Treasurer I l D¢ceMbLr 2025 PS FOUNDATION (A Company LimEted by Guarantee and not hamng a sha￿ Capitsl} REPORT OF THE TRUSTEESIDIRECTORS FOR THE YEAR ENDED 31 MARCH 2025 8tru¢tur¢, Gov¢man¢è and Managemènt The organisalion is a charitabte company limited by guarantee. incorporated on 5th March 2008. The company was established under a Memorandum and Artide$ of Association. In the event of the ¢ompany being wound up members are required to contribute an amount not exceeding £10. PS Foundation has a Board of Trustees which currenljy comprise5 five membeTr #nd which meely regularty. The Board is responsibEe for the govemance. strategic direction and policy of the charrty. Th8 Board occasionally enlists support of other advisors such as legal or human resou￿ specialists as and sthen the need occurs. In cdLaboration the Board, the Chairperson is responSi￿e for ensL¢ring that the charity implements the strategy developed by the Board. delivers 5erviLY3 which meet the objectives of the charity. enhances the chartty's reputation and offers best value lo its current and potenttal stakeholders. The directors of the company are known as the Board of Trustees. The Board carries out regular reviews of its skill sets 8nd endeavours to re¢ruit as required in order lo fO￿ard the work of the charity. Each Trustee serves for a perirxl of a year after which they can be re-elected. Procedures have been implemented by the Board ￿1¢h are de￿gned to identify and manage conflicts of interest and loyalty arKI provide for managemenl of donations. Plans for the Future In 2026 we expect to see CLYrtinued distress due to economic uncertsinty and global pressures with upward trends in eosts and this informs our plans. In the coming one to three years. we wll explore opportunities to Work with partner5 have established infrastructure where our funding can significantly help achieve their aims and therefore our own. Our key objectivgs for 2026 aro: Continue to provide educalion supp￿( and explore opportunities to provide scholarship programmes Establish strategic links with partner charities that hav& established infrastruclures deSvering on objectives consistent wrth ours that StTuggle wth fvnding We will continue to measure our success based on feedback and expect to report anTrual￿ on pr(¥ress. INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF: PS FOUNDATION (A Company timited by Guarantee and not having a Share Capital) Oplnlon We have audited the financial statements of PS Foundation (the 'chaTitable company'} for th9 year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheel and notes to the financial statements, induding a summary of significant accounting policies. The financial reFXJrting framework that has been applied in their preparation is applicable law and United lQngdom Accounting standards, including Financial Reporting Stsndard 102 The Financial Reporting Standard applicable in the UK arKI Republic of Ireland (Unrted Kingdom Generalty Accepted Accountsng Pra¢11￿}. In our OPIn￿n the financtal statements: give a true and fair VBW of the state of the charitabk company's affairs as at 31 Matth 2025, and of its incoming resources afKI application of resour￿, including ils income and expenditure, for the year then ended", have ￿en property prepared in accordance with United lfjrKJdom Generally Accepted Accounting Practice,. and have been prepared in accordance wrih the requirements ofthe Companies Act 2006. Basis for opinion We conducted our audit in accordan¢e wtth International Standards on Auditing (UK} IISAS (UK)) and applicable law. OLtr responsibilittes under those slandards are fvrther deScri￿d in the Audilorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance the ethical requirements that are relevant to our audit of the financial staternents in UK, including the FRC'S Ethical Standard, and we have fUlfil￿d our other ethical responsibilities in accordance with these requirements. We believe Ihal the audit evid?n¢e we have obtained is suffiaent and appropriate to provide a basis for our opinion. Conclusions relating to going concem In auditing the financial statements. we have concluded t￿* the trustees, use of the going concem basis of accounliro in the preparation of the fina￿la1 statements is appropriate. Based on the woik we have performed, we have not identified any material Un￿rtaInlieS relating to events or conditions that, indNidualty or collectively. may cast significant doubt on the charitable company's ability to continue as a going concern for a period ol at ￿atst tWe￿e months from when the f￿anCIal statements are authorised frjr issue. Our responsibilities and the responsibiti1￿S of the trustees respect to going concem are dos¢Tibed in the relevant sections of this reporL Other Informats)n The trustees are responsible for the other infomiation contained vathin the Trustees. Report. The other infomiation comprises the information included in the Report of the Tru$teeslDirectors, c)ther than the financial slatements and our auditorfs report thereon. Our opinion on th8 financial slaternents does not cover the other information and, except to the extent otherwise 8xpIKrtty stated in our report, we do not express any fotm of assurance condusion thereon. In connection with our audit of the financial statements, our responsibil¢ty is to read the other infomation and, in doing so, consider whether the other infomiation is materially inconsistent with the financial statement5 Qr our knowledge obtsined in the audit or otherwise appears lo be malerially misstated. If we Klenbfy such matenal inconsistrncies or apparent mate¥lal mlsslatements, we are regukred to deleiTninE whether this gives rise to a material misstalement in the Iinancial stslements or a material misstatement of the other infomiats"on. If. based on tha work we have perfom)ed. we conclude thal there ￿ a material misstatement of this other infomiation. we ar& required to report that fact. INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF.. PS FOUNDATION (A Company Limited by Guarantee and not having a Share Capitsl) Icontd... We have nothing to report in this regard. Oplnlons on other matters pre￿ribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the auditr. the infomiation given in the trustee5' report {incorporating the directors. report) for the financial year f¢x which the financial staternents are prepared is consistent with the financial statements., and the directors. rewrt has been prapared in accordance with applicable legal requirements. Matters on which we are required to report by exceptlon In the light of our krthvledge and understarKling of the charitable company and its environment obtsined in the course of the audit we have not identified material misstatements in the directors, report. We have nothing to report in respect of the fo]l¢)wing matters in relation to which the Companies Act 2006 requires us to report lo you rf. in our opinion.. adequate accounting recLYds have not LEen kepL or retums adequate for our audit have not been received from branches not visited by LSS" or the financial statements are not in agreement vrith the accounting records and retums., or certain disclosures of directors. remuneration specified by law are not made., or we have not received all the infomiation and explanations we require for our audit" or the trustees were not entrtled to prepare the financral statements in accordance with the small companies. regime and take athantage of the small companies. exempti(￿8 in preparing the directors. report and from the requirement to prepare a strategi¢ reporL Responslbllltles of tNstees explained more fulty in the Trustees Responsibiif(ies Statement (set out on pages 3 and 4), the trustees {who are also the directors of Ihe charttsble company for the purposes of company law) are responsible for the preparation of the finan￿￿ slatements and for being satisfied that they give a true and fair view, and for such internal control as the trustees deterniine is necessary to enable the preparation of financial statements that are free from malerial misstatement. whether due to fratyj or error. In preparing the financial statements, the trustees are resKx)nsible for assessing the charitable company's ability to ¢onlinu& as a going concem, disclosing, as applicable, rnatte￿ related to going concam and using Ihe going concern basis of accounting unless the trustee5 either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do so. Audllovs responsibllities for the audit of the financial statements Our objectives are to obtain reasonable assurance about ￿er the financial statements as a whole are free from material misstatement. whether due to fraud or error. and to issue an audilorfs report that includes our opinion. Rea50n8ble assuran￿ is a high kvel of assurance but is not a guarantee that an audit conducted in accordance with ISAS {UK) will a￿VaYS detect a material misstaternent when it exists. Mi5slatements can arise from fraud or error and are considered material rf, indivKlually or in the aggregate, Ihèy could r8asonably be expected to influence the economic decisions of users taken on the basis of these financial statements. INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF.. PS FOUNDATION (A Company Limrted by Guarantee aml not having a Shore Capilal) Icontd... Irregularities, indudiNJ fraud. are instances of norbcowliance with laws aryl regulations. We design procedLires in line with our responsibilÉties, outlined above. to detect malerial misstatements in respect of iThegularities, including fraud". The specific procedures for this engage￿nI and the extent lo which thesa are capable of detecting irregularities, induding fraud is detailed below.. Enquiry of manaoement and those charged 7*thh govemance about actual and potents'al litigation or claims and the identification of non-compliance with laws and regUlat￿)nS. RevEwing minutes of meetings of those charged with governance. Reviewiw financial statement disclosures and testing to supporting d￿umen￿tK)n to assess compliance with appluble laws and regulations. Auditing the risk of management override of controls, including testing joumal entries and other adjuslments appropriateness.. and assessing whether the judgements made in making accounting estimates are indicative of a potential bias. Performing anatyts'cal procedures to identify any unusual or unexpgrAed relationship5 that may indicate risks of matertal misststement due to fraud. Professional S￿plicI$M in course of the audrt arKI with audil samkling in matsrsal audit areas. Because of the inherent ￿mItationS of an audit, there ts a risk that we will not detect all irregularities. including those leading to a material misstatement in the finanaal statements or non-compliance with regulation. This risk increases the more thal compliance with a law or regulation is removed from the evenls and transactions rellected in the financial statements, as we wll be less likely to become aware of instances of non-COfTtpli8nce. The risk is aso greater regarding ¢￿egUlaritieS occurring due to fraud rather than error, a¥ fraud Inv{￿ intentional concealment. forgery. collusion, OMIS￿on or mi5representalion. A further description of our responsibilities for the audil of the financial statements 18 k)cated on the Financial Reporting Council's website at.. www.frc.org.ukJauditorsresponsibilities. Ths description forms part of our audrtorfs reporL Llse of our report This report made solety lo the charitable companYs member3, as a body. in accordance with Chapter 3 of Part 16 of the Compantes Act 2006. Our audrt work has been undertaken so that we might stale to the charitable company's meM￿r$ those matters we are required to slate lo them in an audttorfs report and for no other purpose. To the fijllest extent permitted by law, we do not ac￿pt or assume responsibility to anyone other Ihan the char[ta￿e company and the charitable company's members as a body. for our audtt work, for this r￿Or￿ or for the opinions we havo form6d. Kevin Fisher BA FCA CTA (Senior Statutory Audrtor) For and on behalf of lQng5ton Buryowes Audrt Ltd Statutory ALKlitors 308 Ewell Road Surbiton Surrey KT6 7AL l5- 1z- 2025 PS FOUNDATION (A Ccffipany Limited by Guarantee and not having a Share Capital} STATEMENT OF FINANCIAL ACTivrriES (including Income and Expendibjre Accounti FOR THE Y&4R ENDED 31 MARCH 2025 Total Funds 2025 Total Funds 2024 INCOME Donations and ￿aCleS Investments 28,000 354,822 559,684 559,684 382,822 EXPENDITURE Charitable activities 525.228 523.262 NET IDEFICITYINCOME BEFORE INVESTMENT GAINS 34.456 (140,440) Net gainslllossesl on investrnent assets 955.752 1.954.962 Net Ilossesygains on revaluation of fixed assets 307.536 {444,319) NEf MOVEMEKt IN FUNDS 1,297.744 1,370,203 RECONCILIATION OF FUNDS Balances brought forvrdrd at 1 April 2024 24.557.752 23.187.549 Balances carried forward at 31 March 2025 £25,855.496 £24,557,752 All fijnds are unrestrtcted in nature and aN income arKJ expendtiure derive8 from continui)g activitÉes. The Statement of Financial Activit￿ indudes all recognised gains and losses recognised during the year. The notes form part ofthese Financial Statements. PS FOUNDATION (A Company Limiled by Guarantee and not having a Share Capital) Company No: 6525171 BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Notes FIXED ASSETS Tangible assets Investments 1.809,099 13,818,692 6.361,111 14.755,114 15.627.791 21.116.225 CURREwf ASSETS Debtors Cash at bank and in hand 10.230.705 4,663.219 10.230,705 4,663.219 CREDITORS: Amounts faI￿ng due within one year 1,221,692 NET CURRENT ILIABILITIESYASSETS 10.227.705 3,441,527 NE[ ASSETS £25,855.496 £24,557.752 FUNDS Unrestricted General fvnd Building fijnd 24.046.397 1.809.099 18.196,641 6.361,111 TOTAL FUNDS £25,855.496 £24,557,752 These financial State￿*￿tS have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small conwanigs. Approved by the Board ofTrustees on11 2025 M. Butt Trustse and Treasurer The notes form part ofthese Financial Statements. PS FOUNDATION (A Company Limrted by Guarantee and not having a Share Capital) Company No: 6525171 CASH FLOW STATEMENT AS AT 31 MARCH 2025 2025 2024 Cash flows from operating activities Net movement in funds per statement of finanual activities Adjustments for.. Depreciation L*arges Dividends and interest receNatAe {Gains} I losses on revaluation of investments (Increase) I decrease in debtors Increase I IDecrea5e} in ueditors 1.297.744 1.370,203 (559.6841 {1.263,288) 1354,822} {547.138} 1,883 1,003,383 {1,218,692) Net cash pmvideal by/(used in) operating activities {1.743.920) 1A73.509 Cash flows from investing activities Dividends and interest received Purchase of investrnents Proceeds from sale of investsnents Proceeds from sale of propety 559,684 3S4,822 (1.747,171) (2.242,8621 3,639,345 1,060,210 4,859,548 Not cash provided by/(used in) invesllng actlvhles 7.311.406 (827.830) Change in cash and cash equlvalènts In the year 5.567.486 645.679 Cash and cash equiv8lents brought forward 4.663.219 4.017.540 Cash and cash equivalents cavrled ft*Th•ard £10.230.705 £4,663,219 2025 2024 Anatysis of Cash and cash equivalents Cash al bank and in ha￿1 £10,230,705 £4,663,219 10 PS FOUNDATION (A C(mpany Limrted by Guaranlee and not having a Share Capital) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Icontd 1. ACCOUNTING POLICIES Company Status The company is a private company. lirnited by guarantee. has no share capital and is registered in England and Wales. The members of the company are the tru?teos listed on page 1. In the cvcnt of the charity being wound•UP the liabilty in respect of the guarantee is limited to £10 per rneTnber. The registered office is gNen in the Relerence and Administrative Infomiation on page l. Basis of preparation and assossment of going concem The financial statements have been prepared under the historical cost convention, modiffed to include eertsin items at fair value. The financial statements have been prepared in accofdance wrf(h Accounting and Reporting by Charities". Statement of Recommended Practice applicable to charities preparing their accounts in accordan￿ wth the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019. the Firk7ncial Reporting Standard applrable in the Uniteé Kingdom and Republie of Ireland IFRS 102), the CharTtie8 ArA 2011. the Companie5 Ad 2006 and UK General Accepted Accounting Practice. The charity constitutes a public benefft entity as defined by FRS 102. The Iruslees consider that there are no material uncertainties about the Chaiitys abilty to continue as going con￿M. The signthcant accounling polictes applted in the preparation of these finanaal ststements are set out below. These poI￿leS have been CAMSiStantly applied to all years presented unless otherwise stated. Income rgcognilion Items of income are reccgnised in the financial statements when all of the fdk)wing crileria ar8 met. The charity has entitlemenl to the fijnds: any performance conditions have been met or are fulty wtthin the control of the chaiity., there is sufficient certainty that re￿Ipt of the income is considered probabte,. and the amount can be measured reliably. Expenditure recognltlon Expenditure is recognL8ed On￿ there is a legal or constructive obligation to make payment to a third party, it is probable that seluement will be required and the amount can be measured reliabty. Expenditurg on charitable activiti'es comprises ma5nty of grants to institutions and individuals. ExpendibJre includes those Costs of a direct nature which can be allocated to a specific activity. It also includes indirect costs. includirg governance costs that do not relate to a specific aclivty but are necessary to support those &tM"Ètes. Fund accounting Unrestricted general funds are freely available for use in furthera￿￿ of the objects of the charity and which have not been desKJnated for particular purposes. Designated funds are unrestrthd fijnds set asKle by the trustees for parti￿lar purposes. Restricted funds are funds which can onty be used in accordance with Specif￿ restrictions imposed by tliv dT)iior or wl)idi hav¢ been raised for a particular purpose. Taxation The company is a registered charÉty and is exempt from Corwjratson Tax on its charitatAe activities. 11 PS FOUNDATK)N (A Company Limitad by Guarante¢ and not having a Share Capital) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 kL4RCH 2025 Icontd... 1. ACCOUNTING POLICIESlcontd Investment properties Invèstmènt propèrties are initialtry recognised at cost arKI subsequently measured al fair value {open market value) * the end of each financial reporting period. The Trustees use their judgement to assess the fair value of investment in land by analysing infomialion available from the public domain and utilising established propejty Indi￿$. Gains or losses on revaluation are reco9nised in Ihe ststement of Financial Activit￿. Investments Unquoted investments in companies are initially valued at cost. The Trustees use their judgement to assess the fair value of UTNUOted investments on a regular basis by anatysing information available from the public domain and where practical from the investee company. Provisions against cost are made as soon as appropriate in the light of adverse circumstances - for example. where an investment performs significanuy below exteetstions. Gains or losses on revaluation are recognised in the Statement of Finanaal ActNities. Investments in unqLEOted companies are in ordinary shares or instruments capable of being converted into ordinary shares. Cost rewesents the acquisition cost of each investrnent. Because of the inherent uncertainties of valuing thinly traded securities, the amounts likely to be realh8ed on disposal of these investments may drfler ￿gn￿ican￿Y from the values stated above. Listed equity investrnents are inibally recognised at transaction price and subsequently measured at fair value (market value based on published stock ex¢hange value) at the end of each reporting period. Gains or losses on revaluation are r￿agnised in the Statement of Financial Activities. Debtors and creditors Debtors and creditors with no stated ￿terest rate and receNable or payable wthin one year are recorded at Iransaction price. Any losses arising from impaFrmellts are reeognised in expenditure. INCOME 2025 2024 Donations and legacies Other donations 28,000 Investrnents Bank interest D¢vidend$ from invesbnenis 194.141 365,543 102,297 252,525 £559,684 £382,822 l of the income re¢eNed in 2025 and 2024 was unrestricted in nature. 12 PS FOUNDATION (A Company Limiied by Guarantee and not having a Share Caprtal) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025lcontd... EXPENDITURE ON CHARITABLE ACTIVITIES Grants to Grants lo Instiiubons IndNi¢knals Total 2025 Total 2024 Direct costs Educat￿n81 Sickness Hardship General Welfare Other Disadvantage 60,428 72.510 15.000 187,182 14.221 1.742 83,236 74,649 74,252 98,236 187,182 340,655 51,000 60,000 50.502 6,000 £335.120 £99.199 £434,319 508.157 Support costs Property costs Bank and asset cuslody fees Legal fees G0Veman￿ (see rK)te 4) 6,000 11,142 1,307 72,460 13,871 1.234 £525,228 £523,262 Recipients of Institutional grants were.. Princes TrLtst St Georges Bristol Universty Cardiff University Centre for Entrepieneurs Niagra College Claremont Schwl Eikon Charity Nottingham University Ou•￿ard Bound Reading Universty Sakhia Sodhi Day Schct*l Crisis UK Just Giving 8￿j Shivia Diversity Global Giving Kingston Un￿e￿Ity Paras Chopra Play Therapy R&R Health Ruth Strauss Salvation Army Sennies The Soke Tracey Brittain 6,000 23,537 9,250 9,250 10,000 27,500 11.537 32,708 50.0(NJ 50,000 20,600 50.000 14,103 10.000 150.000 187 1,200 502 15,000 15,000 5,000 1,832 2,313 15,000 1.020 10.500 7,950 1.200 6,720 3.600 2.390 £335,120 £228,779 AU of the exF*nditure in 2025 and 2024 was unrestricted in nature. 13 PS FOUNDATION (A Company Limited by Guarantee and not having a Share Capital) NOTES TO THE FINANCiAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 l(x)ntd... GOVERNANCE COSTS 2025 2024 Legal fees Auditorfs remuneration 69,300 3,160 1,234 £72,460 £1,234 STAFF COSTS The average number of em￿oYeeS during the year was Nil (2024 . Nil). No employees received total eryloyee beneffts (excluding employer pension contributions} of more than £60,000 during the year {2024. Nil) TANGIBLE FIXED ASSETS Investm8nt Propety Costlvaluation at 1 April 2024 Additions Disposals Unrealise