Charity number: 1126568 THE SHM FOUNDATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 THE SHM FOUNDATION CONTENTS Page Reference and Administrative Details of the Charity. its Trustees and Advisers Trustees. Report 2-29 Independent Auditor's Report on the Financial Statements 30-32 Consolidated Statement of Financial Activities 33 Consolldated Balance Sheet Charity Balance Sheet 35 Consolidated Statement of Cash Flows Notes to the Financial Statements 37-50 THE SHM FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2025 Trustees Professor M Biriotti Professor H Moore DBE Professor S Fidler Charity registered number 1126568 Principal office 20-22 Bedford Row London United Kingdom WC1R 4EB Independent auditor James Cowper Kreston Audit Chartered Accountants and statutory Auditor The White Building 4 Cumberland Place Soulhamplon S015 2NP Bankers Lloyds TSB PO Box 72 Bailey Drive Gillingham Business Park Kent ME8 OSL Page 1 the SHM foundatlon TN@ SNM Foundation Annual Report Sepiember i024 - ALJgusi 2025 01 Ouryèar 08 Arts 02 U5 09 Our future plan 03 Ourvalue5 10 Our board 04 Ourfocus aT&a 11 Our partner5 Table of contents. 05 Qyrwrat glart 12 Policy on rÈ2ÈNÈ 06 &Wellteing Educatlon 8 14 51atpmpnts of LIUS￿S resp)n￿bIlitI I￿￿thOu[[hèI￿ttè4￿b 5epnreniarhatk DfDJr 4Wè luri￿ o.)gvif berof0urleamx￿￿r PTof•K5or5w2014lr￿￿r￿n[ rinanG¥lsUPkW.tQStrFwhpnaDOyJ5-.•lntho embor Lb&202%2026ke5 fAgcharyeo￿IrAe hMwpForlBdth al lhpin1er￿t￿ncf￿*￿￿rn 0￿rfla¥hIp￿rDg.3rnrne. 2Iwrlewhodi￿JcThrg WOthexpErle￿e&ndtr￿l￿l To￿l￿￿ètre￿￿55IkneU 19 Our Future Plans We rernwin commttted to 5toying relev8nt wnd responslve tothe ever-changing world that we live in and Ihe evolving needs of our partners. Ouifuture Oan5 rÈfl*tth15OnQOingt47mmitmEnttOEt￿U1I Ofour￿￿￿KCQTrt nuestoeiwnoand reach more |1￿￿r<￿Jn The Ember Fun Khuluma tr￿1￿9 a￿f￿r11rtats￿ ￿r1r￿Tartlc￿wFa E￿w￿rOWUrppecp1e wI￿V￿tr￿J5￿1W1D9 4rArt5s1rW¥￿ts1PfjrOMrnl1￿vrttr4l￿￿￿rl EW ￿￿￿dI¥￿￿e4thie￿eSa1￿￿nSUnrytrne3rt5 r￿haS￿￿1￿1r￿￿5h5￿5l rEeloourThxertcyAI lurprow5*￿￿hl1I￿l￿ fy)Ththe ￿rI￿p￿ti builda bJlur& AtrjithpdartS1￿5tytt4l￿rfjtQ beco￿￿￿4(￿￿551￿jp todNfr5e3rts5tsandcumrruJniUe5 vthileErnpov￿n dIS￿nb￿￿￿5l.￿nd￿r5(c￿￿the(o1tln￿￿ ￿￿f0. 20 We extend our hearrFelt gratitude to our Co-founder5 and Co-chair& Profe550r Dame Henrietta Moore and Profe550r MauriceBiriotti IOBEI. along With our Trustee. Professorsatsh Fldler. foi Iheir Invaluable guidante. motivation. and supwrt wc arc a150 dclightcd to 5ha¢ that SHM Foundation Africa Is now lully operational, based In Nairobi. Kenya We are deeply gratefijl to our Directors. Rose Waithaka. Amisa Rashid. and Rosebella Iseme. Cathy Mputhia and C Mputhia AdvOca￿s. whose dedication has been Instrument31 In e%13bli£hing the Foundation and ensuring It5 Succe￿, and Timolhy Kipkeu, and Humphrey Mathenge for their contributions to the Marakvtyet Programme and operaiions of the Foundation 21 Our Partners We are deeply grateful to our |ong-5tanding supporters, the Vitol Foundation, whose Invaluable contributions harfe played a pivoial role In translorming the Glo￿1 Mental Health field and advancing eflorts toward more sustainable mental healih funding ICONIO Im Foundation We also extend our hearifelt thanks to our 5upporters-the Kokoro Change. ICONIQ and the Schotsner Foundation. We are truly honoured LhaL Lhey have chosen io with US its grow ihe Ember Fund. In addition. It has been a pleasure to collaborate with Ihe wellbeln9 pfolect. a nettvoTk ol funder% working to place ￿￿11￿￿1￿9 at the heart of all thty do We a￿ equally delighted to be parL of tho Fundor Safoguarding Co113borarive a nomyrk of funders orking tweiher on ￿1￿UardIng SCHOONER AFAICAID to tho continuod supporLof our co-fvnders-the Telle$ Foundation-we have been able to continue to 5UPPOrt the amazing y￿rk of Zumbido Health ITr South Africa Lastly. our5incere gratirude goes to SHM Productions Limited our principal pariner and steadfast pillar of Support Their unwavering commitment has been In5trumenial to our5ucce55-Ihank youl 22 Our Policies £286,389.03 lomaiDtainf￿￿ ￿5*￿51￿ the¥lun￿are reLets* Tru1M•s,￿n￿Id•r￿lQTrQI￿￿1orIb￿•￿ndIh y4t•rnBaThd prOrqdur￿*o￿In￿•lh•Th. 011￿￿T￿£t￿3(e￿Iret￿rshr￿ sh3￿hOld￿lsoISH rith5toTheSHhi FoUTrJal￿￿a1Ong￿iha￿n￿5thErernIShtb￿ placèlor contiiiue lo keeOth￿epr￿￿ *r￿nC￿ard 5JLndhnarKial management Ttust¢es'¢oni6der•tSoM*ltma)orrlsksandth• y&t•msDndpraceduresi•mDnagethem. Iaceforrevl￿0lry￿￿Sandwl1ICQntlnUet&￿Eepth￿￿p￿￿es nder￿￿ Our Financials Il•wln¥pv•J*¢i•i KokoroChan9p VrtolFouDdabo NIQ p￿d[l(l￿r￿￿￿1I9￿ard IhpSH El￿ber￿aIrnerf￿AItt￿oI[￿BYQ1 I1was￿de £W160A8 £20,000.00 Agf4ntW4srn•dttOW4rdsth• £2.000.00 £513.54 Our Financials £1,010.903 Totaldomtlonla￿j9r1￿rt* f £505.2ZI fram SHM Productlons Llmlted. O w* v*c•lv•d a giant from leONIQ forthè Embev Pvolect. O w* r•e•l￿d grantsfrom vitol Foundatlon forth• Ember Project. O w* Mc•lv*d agrant Attd donatlons from Schooner Foundallon for the Ewnbvw Prole¢t. Statement of Trustees, responsibilities SlandardslUThlted KlngdomGeneralIy￿CÈPI&J ACCO￿￿11￿ Practi￿7 fina￿laI￿atem￿nt*t￿TDj5te￿aie r￿UIredt .Obs•w￿th￿m￿thud5lr￿pn￿￿1p￿s4fthICh4r1ts￿s5ORFlFNs1D2l,. +Make jUdgqrnentsandaEr￿￿tI￿es￿ThIt51hatgrBre￿sD￿a￿Q3ndprudfjnt .sttt•Wh*thttap￿1tt*trthvKA￿￿￿ngsitrt￿tdslFRs7O2)h•￿b•*nl￿I0W•￿.Wb)I¢l1O￿j￿pmrk￿I4•pt4tyr•5dl*b￿t￿•*lwknth• Ilnanci￿5late￿enty- ￿k￿CharIty4￿CcounlSand Reports) RegulaTioThs2008and the prLWi￿nXOfthETwstdeEd Theyare3150re5Wn51k￿&r￿￿fé￿ard1ngtP￿￿￿tSOFtheth3rltya￿d ￿order¢I[￿•T￿￿bthsOI[th bc*)rdofTTusi¢¢&andsionrd otsi￿Ir￿halrbv the SHM foundation CvntarttlEtail5". THE SHM FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SHM FOUNDATION Opinion We have audited the financial statements of The SHM Foundation (the 'parent charily'l and Ils subsidiaries Ilhe 'group'l for the year ended 31 August 2025 which comprise the Consolidated Statement of Financial Aclivilies, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Slalemenl of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Awounting Practice). The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In our opinion the finanei81 statements.. give a true and fair view of the slate of the Group's and of the parent Charity's affairs as al 31 August 2025 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended", have been propedy prepared in accordance wrth United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audilorfs responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial stslements, 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 un￿rtaiNlieS relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charity's ability lo continue as a going concem 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 concem are described in the relevant sections of this report. Page 30 THE SHM FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SHM FOUNDATION ICONTINUEDI other information The other information comprises the information included in the Annual Report other than the financial stslements and our Audilorfs Report Ihereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except lo the exlenl otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise lo a material misslalement 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 lo report in this ￿gard. The comparative information for the year ended 31 August 2024 was not audited and, accordingly, no audit opinion is expressed on that information. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities IAceountS and Reports) Regulations 2008 requires us to report lo you if, in our opinion". the information given in the Trustees. Report is inconsistent in any material respect with the financial statements., or the parent Charity has not kept sufficient accounting records., or the parent Charity financial slalements are not in agreement with the accounting records and returns,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Statement, the Trustees are responsible for the preparation of the financial slalemenls which give a true and fair view, and for such internal control as the Trustees determine is ne￿$Sary lo enable the preparation of financial statements that are free from material misslatemenl, whether due lo fraud or error. In preparing the financial slalements, the Trustees are responsible for assessing the Group's and the parent charity's ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charity or lo cease operations, or have no realistic aliernalive bul to do so. Page 31 THE SHM FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SHM FOUNDATION ICONTINUEDI Auditorfs responsibilities for the audit of the financial statements Our objectives are lo 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 IUKI will always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial stalemenls. Because of the inherent limitations of an audit, there is a risk that we will not delect all irregularities, including those leading to a material misststemenl in the financial statements or non-complian￿ with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial slatemenls, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The specific procedures for this engagement that we designed and performed to detect material misstalemenls in respect of irregularities, including fraud, were as follows.. Enquiry of management and those charged with govemance around actual and potential litigation and claims., Enquiry of management and those charged with govemance to identify any material instances of non- compliance with laws and regulations., Reviewing financial statement disclosures and testing lo supporting documentation lo assess compliance with applicable laws and regulations., Performing audit work to address the risk of irregularities due lo management override of controls. including testing of joumal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and ￿VIewIng accounting estimates for evidence of bias. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al". www.frc.or .uklaudilorsres onsibilities. This description forms part of our Auditor's Report. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale lo the charity's trustees those mallers we are required lo slate to them in an Audilo¢s Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and itgtrustees, as a body, for our audit work, for this report, or for the opinions we have formed. James Cowper Kreston Audit Chartered Accountsnls and slalutory Auditor The White Building 4 Cumberland Place Southampton S015 2NP Dale.. 7 May 2026 Page 32 THE SHM FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025 As restated Total Jnds 2024 Unrestricted funds 2025 Restricted funds 2025 Total funds 2025 Note Income from: Donations and legacies Investments 498,691 2,647 512,212 1,010,903 2,647 1,437,492 3,251 Total income 501.338 512.212 1.013,550 1,440,743 Expenditure on: Charitable activities 731,326 254,280 985,606 916,637 Total expenditure 731.326 254,280 985,606 916,637 Net lexpenditurellincome Transfers between funds 1229,988} 5,838 257,932 15,8381 27,944 524,106 14 Net movement in funds 1224,150} 252.094 27,944 524,106 Reconciliation of funds: Total funds brought forward 581.514 923.415 1.504,929 980,823 Total funds carried forward 357,364 1,175,509 1,532,873 1,504,929 Page 33 THE SHM FOUNDATION CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2025 As restated 2024 2025 Note Current assets Debtors Cash at bank and in hand 285,348 1,290,500 542,187 985,934 1.575.848 1,528,121 Current liabilities Creditors.. amounts falling due within one year 12 42,9751 123,1921 Net current assots 1.532,873 1,504,929 Total assets less current liabilities 1.532.873 1,504,929 Total net assets 1.532,873 1,504,929 Charity funds Reslricled funds Unrestricted funds 14 1.175.509 923,415 Designated funds General funds 14 17,790 339.574 11,952 569,562 14 Total unrestricted funds 14 357.364 581,514 Total funds 1,532,873 1,504,929 The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. Professor H L Moore Trustee Dale." 17 April 2026 The notes on pages 37 to 50 form part of these financial stalemenls. Page 34 THE SHM FOUNDATION CHARITY BALANCE SHEET AS AT 31 AUGUST 2025 As restated 2024 2025 Note Current assets Debtors Cash at bank and in hand 285,348 1,267,247 542,187 985,934 1.552.595 1,528,121 Current liabilities Creditors.. amounts falling due within one year 12 41,9881 123,1921 Net current assots 1.510,607 1,504,929 Total net assets 1.510.607 1,504,929 Charity funds Restricted funds Unrestricted funds 14 1,175,509 923,415 Designated funds General funds 14 14 17.790 317,308 11,952 569,562 Totsl unrestricted funds 14 335,098 581,514 Total funds 1,510,607 1.504,929 The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. Professor H L Moore Trustee Dale.. 17 April 2026 The notes on pages 37 to 50 form part of these financial stalemenls. Page 35 THE SHM FOUNDATION CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025 2025 2024 Cash flows from operating activities Nel cash used in operating activities 304.566 13,7231 Change in cash and Cash equivalents in the year Cash and cash equivalents at the beginning of the year 304.566 13,7231 989,657 985.934 Cash and Cash equlvalents at the end of the year 1,290,500 985,934 The notes on pages 37 to 50 form part of these financial statements Page 36 THE SHM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities." Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared lo give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the exlenl required to provide a 'lrue and fair, view. This departure has involved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The SHM Foundation meets the definits'on of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise slated in the relevant accounting policy. The Consolidated Statement of Financial Activities ISOFAI and Consolidated Balan￿ Sheet consolidate the financial statements of the Charity and its subsidiary undertaki'ng. The results of the subsidiary are consolidated on a line by line basis. 1.2 Income All income is recognised On￿ the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are included in the Statement of Financial Activities on a receivable basis. The balan￿ of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where Income is re￿iVed in advance of enlillement of re￿ipt, ils recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is re￿ived, the income is accrued. Gifts in kind donated for distribution are included al valuation and recognised as Income when they are distributed to the projects. Gifts donated for resale are included as Income when they are sold. Income lax recoverable in relation to investment income is recognised at the time the investment income Is receivable. 1.3 Expendituro Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each acb'vity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs allribulable to a single activity are allocated directly to that activity. Shared costs which contribute lo more than one activity and support costs which are not allributable lo a single activity are apportioned betwèen those activities on a basis consislenl with the use of resources eg allocating property costs by floor areas or per capila, staff costs by the time spent and other costs by their usage. Donated staff costs have been allocated based on the number of hours worked on each activity based on an average hourly rate. Donated facilities costs have been allocated based on a proportion of office expenses determined by floor space used. Page 37 THE SHM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accounting policies (continued) 1.3 Expenditure {continued} Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject lo conditions which have not been met al the year end are noted as a commitment, but not accrued as expenditure. Al expenditure is inclusive of irrecoverable VAT. 1.4 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group," this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 1.5 Debtors Trade and other debtors are recognised at the settlement amount after 8ny trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 1.6 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.7 Liabilities Liabilities are recognised when there is an obligation al the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in selllement, and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the Charity anticipates it will pay to settle the debt or the amount il has received as advanced payments for the goods or services il musl provide. 1.8 Financial instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 1.9 Pensions The Group operates a defined Contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year. Page 38 THE SHM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accounting policies (continued) 1.10 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtheran￿ of the general objectives of the Group and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular PLJrposes. The aim and use of each designated fund is sel out in the notes lo the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial stalemenls. Investment income, gains and losses are allocated lo the appropriate fund. Critical aeeounting estimates and areas of judgement Estimates and judgements are eonlinu811y ev81u8ted and are based on historic81 experience and other factors, including expectations of future events that are believed lo be reasonable under the circumstances. Critical accounting estimates and assumptions.. The Charity makes estimates and assumptions concerning the future. The resulting accounts'ng estimates and assumptions will, by definition, seldom equal the related actual results. There are no accounting estimates which are considered material. Page 39 THE SHM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Income from donations and legacies As restated Total fvjnds 2024 Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Donations Donations from SHM Productions Limited Expenses paid on behalf of the charity Donated staff and facilities Other donations 337,492 2,374 158,052 773 337.492 2,374 158,052 773 284,000 1,326 137,481 786 Total donations 498,691 498,691 423,593 Grants 512,212 512,212 1,013,899 Total 2025 498,691 512,212 1,010.903 1,437,492 Total 2024 as restated 423,593 1,013,899 1,437,492 Investmgnt income Unrestricted funds 2025 Total funds 2025 Total ftjnds 2024 Interest re￿1vable 2,647 2.647 3,251 Total 2024 3,251 3,251 Page 40 THE SHM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Analysis of grants Grants to Grants to Institutions Individuals 2025 2025 Total funds 2025 Total Jnds 2024 Health Arts Learning and citizenship Other 54,834 20,000 58,161 2,514 4,756 59.590 20.000 58,161 2,514 124,037 32,549 5,000 135,509 4,756 140.265 161,586 Total 2024 161,586 161,586 Page 41 THE SHM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Analysis of grants Icontinuedl The Group has made the following material grants lo projects during the year.. 2025 2024 Name of project Marakwel Education Project Ember Primadonna Festival Khuluma The SHM Foundation 58,161 $4,146 20.000 689 2,513 32,549 124,037 5,000 135,509 181,586 Analysis of expenditure on charitable activities Summary by fund type Unrgstricted Restricted funds funds 2025 2025 Total 2025 Total 2024 Health 623,987 16,238 23,358 27,006 40,737 173,605 20,000 58,161 2,514 797.592 36.238 81,519 29.520 40.737 789,668 Arts Learning and citizenship Other Governance cost 46,130 51,658 29,181 731,328 254,280 985,606 916,837 Total 2024 490,232 426,405 916,637 Page 42 THE SHM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Analysis of expenditure by activities Activities undertaken directty 2025 Grant funding of activities 2025 Support costs 2025 Total funds 2025 Total fvjnds 2024 Health Arts Learning and citizenship Other Governance cost 438,998 16,238 16,135 27,006 59,590 20,000 58,161 2,514 299,004 797.592 36.238 81,519 29,520 40.737 789,668 7,223 46,130 51,858 29,181 40,737 498,377 140,265 346,964 985.606 916,637 Total 2024 485,622 161,586 269,429 916,637 Anatysls of support Costs Total funds 2025 Total funds 2024 Staff costs 90.826 215,401 40.737 73,217 167,031 29,181 Workshop team expenses Governan 346.964 269.429 Auditovs remuneration 2025 2024 Fees payable lo the Charity's auditor for the audit of the Charitys annual accounts 12.000 2,382 Fees payable lo the Charity's auditor in respect of". Accountancy services 2,000 4,695 Page 43 THE SHM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 staff costs Group 2025 Group 2024 Charty 2025 Charity 2024 Wages and salaries Social security costs Pension 104,161 10,987 3.713 94,680 9,300 3,787 97,773 10.987 3.264 94,680 9,300 3,787 118,861 107,767 112.024 107,767 The average number of persons employed by the Charity during the year was as foll()ws'. Group 2025 No. Group 2024 No. Charty 2025 No. Charity 2024 No. Employees No employee received remuneration amounting to more than £60,000 in either year. 10. Trustees. remuneration and expenses During the year, no Trustees re￿iVed any remuneration or other benefits12024 - £NILI. During the year ended 31 August 2025, no Trustee expenses have been ineurred12024 - £NILI- 11. Debtors Group Group As restsled 2025 2024 Charity Charty As restated 2025 2024 Oue within one year Other debtors Prepayments and accrued income 20 285,328 20 285,328 542,187 542,187 285,348 542,187 285.348 542,187 Page 44 THE SHM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 12. Creditors: Amounts falling due within one year Group 2025 Group 2024 Charty 2025 Charity 2024 Trade Creditors Other taxation and social security other creditors Accruals and deferred income 22,715 2,043 3.230 14,987 14,031 427 22,715 2,043 3.230 14.000 14,031 427 1,657 7,077 1,657 7,077 42,975 23,192 41,988 23,192 13. Prior year adjustments An error was identified in the recognition of restricted grant income in the prior year financial statements. In the year ended 31 August 2024, income relating to a threevyear restricted grant was not fully accrued. A review of the grant terms confirmed that there were no performance conditions or other reslriclions deferring reC(￿nitIon Ljnder the Charities SORP IFRS 1021. The income should therefore have been recognised when the charity became entitled to the funding. Accordingly, accrued income and restricted grant income for the year ended 31 August 2024 have been in¢￿ased by £532,234. Comparative figures have been restated lo COr￿¢t this error. The impact on the statement of financial position as al 31 August 2024 is as follows.. Accrued income InC￿aSed by £532,234 Restricted funds increased by £532,234 Page 45 THE SHM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 14. Statement offunds statement of funds - current year Balance at 1 September 2024 Balance at 31 August 2025 Transfers inlout Income Expenditure Unrestricted funds Designated funds Ember fund Transformation fund Khuluma 1.132 10,820 1,132 10,820 5,838 5,838 11.952 5.838 17,790 General funds General Funds- all funds 569,562 501,338 1731,326} 339,574 Total Unrestrlcted funds 581.514 501.338 1731.326} 5.838 357,364 Restrlcted funds Ember Khuluma Zvandiri The Young Motherfs Lounge Royal Academy of Music Me Later Leer 871,088 36.306 604 509,976 1219,011} {27.023} {604} 1,162,053 9,283 3,646 11,244 527 2,236 7,642) {5,838) 527 923,415 512,212 1254,280} {5,838) 1,175,509 Total of funds 1,504,929 1,013,550 1985,606} 1,532,873 Page 46 THE SHM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 14. Statement of funds Icontinuedl Restricted funds Ember Ember Is a mental health initiative of the SHM Foundation which finds, mentors and funds eX￿lIent, community-based mental health initiatives in low-resour￿ sellings so that they can grow and thrive. Khuluma Khuluma Productions is a continuation of OLJr long-standing program, Khuluma. which we have been running in South Africa since 2013. The project aims lo support long standing Khuluma mentors with their mental health & wellbeing. and enhance their employability skills. Zvandiri Zvandiri is a community-based organisalion in Zimbabwe that seeks to ensure adolescents living with HIV have the knowledge, skills and confidence to live healthy, safe and fulfilled lives. Through Zvandiri, adolescents living with HIV are trained and mentored to provide prevention, treatment, care and support setvices to their peers. The Young Mother's Lounge The project aims to scale up an integrated virtU81 support system for pregnant and bre8Stfeeding mothers living with HIV to improve health & wellbeing. Royal Academy of Music We have worked on a project with the Roy81 Academy of Music, an institution that nurtures talent, scholarship and performance at the highest level of classical music. Programmes dedicated lo community outreach, and to widening aC￿sS lo and participation in the Academy's activities, are core lo their mission. Page 47 THE SHM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 14. Statement of funds Icontinuedl statement of funds - prior year Balan￿ at 1 September As restated 2023 Income Expenditure Balance al 31 August 2024 Transfers inlout Unrestricted funds Designated funds Ember fund Transformation fund 1,132 10,034 1,132 10,820 786 786 11,166 11,952 General funds General Funds - all funds 634,$40 426,058 1490,2321 18041 569,562 Total Unrestrlcted funds 634,540 426,844 1490,2321 10,362 581,514 Restricted funds Ember 291,592 5,965 604 867,766 46,133 1277,9751 115,7921 110,2951 871,088 36,306 604 Khuluma Zvandiri Goalkeepers AT2030 Project Noor The Young Motherfs Lounge Royal Academy of Music Me Later Leer 67 {67} 18,984 10,293 6,813 11,438 527 118,9841 110,2931 1103,1671 11941 100,000 3,646 11,244 527 346,283 1,013,899 1426,4051 110,3621 923,415 Total of funds 980,823 1,440,743 1916,6371 1,504,929 Page 48 THE SHM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 15. Summary offunds Summary offunds- current year Balance at 1 September 2024 Balance at 31 August 2025 Transfers inlout Income Expenditure Designated funds General funds Restricted funds 11,952 569,562 923,415 5.838 17,790 339,574 {5,838) 1,175,509 501,338 512,212 1731,326} 1254,280> 1.504.929 1.013,550 1985.606} 1.532,873 Summary offunds- prior year Balanee al 1 September As restated 2023 Income Expenditure Balance al 31 August 2024 T￿nSferS inlout Designated funds General funds Reslricled funds 11,166 18041 110,362} 11,952 569,562 923,415 634,540 346,283 426,058 1,013,899 1490,2321 1426,4051 980,823 1,440,743 1916,6371 1.504,929 Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Current assets Creditors due within one year 400,339 142,9751 1,175,509 1.575,848 142,9751 Total 357,384 1,175,509 1,532,873 Page 49 THE SHM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Analysis of net assets between funds Icontinuedl Analysis of net assets between funds - prior yoar Unreslricled funds 2024 Reslricled funds 2024 Total fvjnds 2024 Current assets Creditors due within one year 604,706 123,1921 923,415 1,528,121 123,1921 Total 581,514 923,415 1,504,929 17. Related party transactions During the year the charity entered into the following transactions with SHM Productions Limited.. 2025 2024 Donations made to SHM Foundation Donated use of premises Donated use of staff Expenses paid on behalf of the charity 339,866 26,010 137.345 284,000 23,943 113,538 1,326 503,221 422,807 At the year end, £Nil12024.. £Nill was due to SHM Productions Limited & £987 to SHM Foundation Africa Limited. The donations from The SHM Foundation to SHM Foundation Africa Limited is £40,000. The following Trustees of SHM Foundation are also directors and shareholders of SHM Productions Limited.. Professor M Biriotti and Professor H L Moore. 18. SHM Foundation Africa Limited SHM Foundation Africa Limited is a company limited by guarantee (certificate number CLG-MPF6LDI, domiciled in Kenya. It is a wholly controlled subsidiary of The SHM Foundation, with control arising through the Foundation's rights lo appoint the entity's governing board. The subsidiary was incorpoffited in January 2024 to deliver programme activities across East Africa, with operations commencing in March 2025. The ￿sUltS of SHM Foundation Africa Limited have been consolidated from the date operab'ons commenced. For the year ended 31 August 2025, SHM Foundation Africa Limited reported income of £40,000, and as at 31 August 2025 had net assets of £22,266. Page 50