Docusign Envelope ID." 3816172248A7-8C6&834tk02BD11DB41CC R¢gisler¢d Charity Nwmber 112710S VENTURE￿$ TRUST ENDOWMENT FUND AAMual Report *Dd Fiunci•l St*t¢m¢¥Jts 31 Augwst 21 Docusign Envelope ID." 3816172248A7-8C6&834tk02BD11DB41CC VENTURERS TRUST ENDOWMENT FUND REPORT AND FINANCIAL STATEMENTS 2025 Contents TRUSTEE. OFFICERS AND PROFESSIONAL ADVISERS TRUSTEE'S REPORT INDEPENDENT EXAMINERS. REPORT TOTHE TRUSTEE OFTHE VENTURERS TRUST ENtK)WMENT FUND STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEET NOTES TO THE FINANCIAL STATEMENTS Docusign Envelope ID." 3816172248A7-8C6&834tk02BD11DB41CC VENfuRERS TRUST ENDOWMEKf FUND TRUSTEE, OFFICERS AND PROFESSIONAL ADVISERS TRUSTEE SMV Trustee Cornpany Limited Merchants. Hall The Promenade Clifton Bristol BS8 3NH GOVERNING DOCUMEN'T Trust tked dated 31 Augu4 2008 CONsfiTUTION Unincorpgrdted Charitable Trust REGISTERED OFFICE Merchants. Hall The Promenade Clifton Brisiol BS8 3NH BANKERS Natwesi Bank plc Trinity Quay 2 2ry1 Fknor Avon StrEet Bristol BS2 OPT SOLicfTORS Womble Bond Dickinson (UK) LLP 3 Temple Quay Temple Back E&st Bristol BSI 6DZ INVLSTMENT ADVISERS Rathbones Invcstment Management Ltd. 30 Gr￿h3￿ Strtd. L(Mthn. EC2V 7QN Evelyn Partners Inv¢51ment Management LLP, Ponwall Plac¢, P(th¥all Lane. Bristol. BS16NA INDEPENDENT EXAMINER Bishop Fl￿nIng Audit Lhrniied 10 Temple B Bristol BSI 6FL Docusign Envelope ID." 3816172248A7-8C6&834tk02BD11DB41CC VENTURERS TRUST ENDOWMENT FUND TRUSTEE'S REPORT The TN51e¢ presents its ann￿] report and ihe financial Aa¢eM￿ of ihc e[KlO￿ni fund for the yezr ended 31 Augusl 2025. The Tru51¢e ha5 adopted the provisions of theACC￿l￿{InS andReportingby Choriiies.. Siai¥m¢Ki ofRe¢oniMiefrthd Pr(Jciice opplicableffoclkiriii*SpreporYngihEiruccounlsinarcorda￿E ii'ifhihe FinuncialRgwlingSioRdurdapplicuble in ihe UK arydRepiiblic ollreland(FkS 102), in rKeparin8 the annual report finarKial Matemenrs of the Chariiy. REFERENCE AND ADMINISTRATIVE INFORMATION Venturers Trust Endowm¢ni Fund {th¢ Charity) is r¢gi#¢r¢d as 8 thariry. numbw 1127105 (Englatyl and Wales). Dethils of the Tr￿￿te, officers and PTofe5sional adyb￿[S al￿ othcr informalion 4re set oul OR pa8e l. STRUCTURE GOVERIYANCE AND MANAGEMEiYr GtsverTr*•¢t The Charity is governed by ? TnLSt t)e¢d m￿¢ on 31 Augu51 2(M)8 which was amended on 01 September 2012, 14 Novrrnber 2012, 02 May 2019 and 04 July 2019. SINclure and Managemtot During the yeaT ended 31 AU8U￿ 2025. theTrustee SMV Tn￿ee Comwdny Limiied. Listed below are those m¢mt*rs who have s¢tv¢d Bo¥d of SMV Tnsie¢ Company Limi*d during ihe year". Robcrt Boums Jonathon Baker Kaiharin¢ Finn Michael Bothamlry Pa¢rick Lkspard David Frced Gillian Camm Nick Baker Karl Tucker David Powell Mark Burchfield Heaiher Frankham Professor Sir Steven W Laura Marshall Tracey Killen Dr Jacqueline C(wni5h Gail kn88 Martino Burgtss Sue Blatchford Fiona Frano)mlx Lee Gardhol Anita Kimber (Ikceased 23 Jule J)25) {Retired 10 N'oycmlxr 2024) {R￿1r*I 10 Noveml*r 20?4) {Rdir&l 10 Noyanttr 2024) IRetirul 10 Novtmber 2025) IR¢tira 10 Nov•nb¢r 2025) IRdir•J 10 NovanlKr 2025) {App)in*d 10 Now¢mt¢r 2024) {ApFQlllt￿ 10 Novemirr 2024) {App)inied 10 Nov¢mt¢r 2024) {AppDillt•J 10 Novanirr 20?J) (Aprx)in*d 10 November 2025) (App)in¢4J 10 Novemiv 20?5) (Ap￿Irthj 10 NovemFKr2025) In prdctice the EndowmeTht Fund is managed by the SMV Youth suTrTrCrynmiu¢e Ifom)tyly ihe Endowmeni and Fund Raising Commiiteel. which reported dire¢tly to the TTUStee. Con¥nit*e members are èppoirtted by the Trn5tee. The mernber5 of this Committee are follows.. Trevor Smallwood Dr Steve Allpress John Lay¢¢xk Chris Patterson Gall Bragg Peter Rilett Karl Tucker Tracey Killen Laurd Marshall Fiona Frdncombe Jonathon Baker Kaiharine Finn (Retired 31 Aug￿1 2025) (Retired JI Augrytst 2025) (Retired Jl Auguy 2025) (Appointed I September 2024) (Appointed I Sepiember 2024) (Appoinied I Sep*mber 2024) Chair {Appointed I September 2024> IAppoin*d I S¢p¢ember 2024) (App(Mnied 10 November 2025) (Appointed 10 November 2025) (Apwn*d 10 Novemlxr 2025) Docusign Envelope ID." 3816172248A7-8C6&834tk02BD11DB41CC VENTURERS TRUST ENDOWMENT FUND TRUSTEE'S REPORT (￿￿11•￿ed} OWECTIVES AND AcfivwriES On I" Sepiernber 2024. the Venturers Trusi schwls join& ihe E-Acf Mulii A¢adrmy Trust. In xcordaDr¢ wilh the provisions in the original Trust Dttd. on *h September 2024 VenturersTrust retired a5 Tnt5ree and appointed the Master Wardens and Commonalty of Merchant Veniurers of the City of Bristol as Trwiee. On 13 S¢p[em￿r 2024 the Masier Wardcns and Commonalty of Merchani Vent￿¢r5 ofthe City of Bri￿01 retl￿d as Trustee and appoillted SMV Trustee Company Limited. The Endowment and Fund Raisin8 Committee was renamed SMV Youth 5u&committee on I September 2025. Cb*rit8ble Objectives The Trusi¢¢ confims thai it ha5 rcfcrrd to the guidance C0rrtair￿d in ihe Charity Cornmi55ion'5 8enerdl 8uidance on public benefit when reviewiTh8 the Ctharity's ￿rnS and objectives and in planning fuiure activiiies. From I Septemb¥ 2024. thcobiects of the VenturersTrust Endowrnent Fund reverted to tIK)se provided for in theoriginal scheme and reflect the (l)j¢c￿ of ihe Mooipeli¢r Colkgiate Trwt which are." To advan¢e the education of young people under the a8e of 25 thr￿8￿ I l) The provision. fflaintenance and SUPTX)rt ofcollegiate Sthy)l and Montpelier High School 12) The supwt of educational activiiies anywhue in the arrd of benefit 13) The provision of bursoriffj s¢holaTships 8rdnts or ￿her payrnents to youn8 twle in need of fjnancial ￿lstance to assist Ihem in pursuing their edueaiion eiih¢t ai Collegiaie S¢trw)ol. Montpelier High sch￿)1 or elsewhere in the area of benefit. Objectlves for the yt*r The objectives for Ihe year were lo maximise income fmm investhients aThl Frfovide grants and aSsi￿ance in accordance with tht chariiable objects of the Trusi. Stratryit Reporl The Trustee provided gravts during the year and funded or partly futNJed activities rangin8 frorn ￿sIstance with school trLP5. re5Ldeniial trips. Supp￿ for eXtra￿rTicular clubs and worksI￿p$. Going Coneer The Truslee believes thai the charity will be able to maifflain posiiive wh flows for the fo￿$¢Cable fuiure. The fund has a healihy cash and investment p)silion which ¢nable5 il to meet its obligation& As a result. the goin8 concern basis of accounting has b¢en ad¢wled. Fityancl#l Revltw #thd results for the year In¢om¢ is derived from donaiions and ge￿atr￿ from invested No irtome is derived from fundraising from the public. In 2025 £101,295 was provided to the forn￿ Venturers Tntst se1￿15 (2024.. £140.025) irt line with the schools. requirements. The decrease in 2025 w&s primarily ￿￿ed io the kvel of applications received. In 2025 £3,(￿0 was provided to South Bristol Youth (2024.. £nil). There h&s been 3 2.60wb decrease in inveAmeni value during ihe perrod {2024: 8% increase) and a 4.6V(+ dividend yield (2024.. 4.2•th). The Trus¢ has a low to rnoderate apwoach to risk. The Endowmeni Fund has appointed rhe Society of Merchant Venturers to &ssisi with oversight of the Ithve*mo)t Advisers aml to nb)n11￿ invemment perfom)ance. RESERVES POLICY Urtder the trrrThs of the tked of Gift dated 31 August 2(K18 the pernianent element of ihe Trust Deed iothlling £1 million cannot be spcnt unless apwoved by the Charity C(xnmis5ion. Athlitionally. £109.6?4 of the amount transferred in from Merchants, A¢Jdemy EtKlowmeni FUMI is a pernweni ¢Thlowme¢Ji and may only be spent on such iemls for the replaccmrnt of the amouThl spent as the Charity Commission may appn)ve in ￿v￿¢. The Trnst •ims ￿ dis¢ribu* its income in accwdance with the criiuia as stated in its objectiyes. Docusign Envelope ID." 3816172248A7-8C6&834tk02BD11DB41CC VENTURERS TRUST ENDOWMENT FUND TRUSTEE'S REPORT (eOAt1•￿ed) INVEsfMENT POLICY The Tru51'5 inveslrnent poliry is io maximise i￿Ome aval￿ble and 8*)erats wital appreciation to supp)n the Chariiable objec1& The investrnent poticy balances lon8-terni capital 8Towth. to preserve the pennanent element of the Endowment FUTWJ, wilh shon-term retums ￿ enhance ihe grant making xiiviry. GRAiYfMAKING POLICY During the year ended 31 August 2025 all grants were m* ￿ Venturu5 TTUSI. with the excwion of I grant io South Brisiol Youth for £3.OIM) 12024.. £nil). Th¢ Enthjwment arml Fund Raising Cornmittee receives 8rant requesls and recomm¢nd5 thc l¢vcl of grarit to TrU￿¢t for 4)woval. PRINCIPAL RISKS AND UNCERTAINTI&S The Governing document wovides the Trustee with a wide rdThging wwer of inVCSlmcnt. and iherefore the major risk is in res￿ of the placing of inveslmenis. The Deed of Gifi Se￿ oui reuri¢¢ions on the investm¢nts and ihe TTUSt¢e has specific duties of Ca￿ in r￿pect of ihc suitability ar¥J diversity of inve51m¢llts and the cA)ligaiion io seek proper advice in respect of ihese. The Tru￿ ha5 a low to ￿M￿J¢rate aprffoach to risk. The risks are mili8ated by using an I]￿ependertI prOf￿$lOnal firm of Inve￿Ment Managers. FUTURE PLANS The Twustee will Work collaErf)ratively with o￿nisationS already *JP￿rting y(yJn8 pe(yle to overcome barriers and a¢hieve success. The Yo￿lh Strategy focuses on three clear goals: Delivering equal access to enrichin8 experience5 that ￿lId confidence and broaden I￿rizOn$ through sport, the art4 music, culiure and outd(M)r learnin8. Empowerin8 youn8 people to believe in their potential. devel￿ leadership skills and play active roles in iheir c(Hnmuniiies. Brid8in8 the gap between ed￿atIOn and employmenL creating meaningful links bdween young people, further education and local employers Statemenl of Trnslee's respollsibililie5 Under charity law. the Trn5tee is responsible for weparin8 the Trustee's Annual Report and financial statetnenis for e&ch rinancial year which show a tn￿ and fair view of the ￿ate of affairs of ihe charity and of the exce55 of incorne over expenditure for thai period. TheTrus¢¢e has elected towepare the financial si*ements in a￿ordanCe with UK ACCO￿¢1￿8 Standards. in¢ludiDg FRS 102 The FiThanc￿l K¢poriing &iuthrdapplicable in ihe UX and Repiiblic ofJiEland. In weparing thHe flnaneial *alemen￿ theTnLStre is required to.. select Sltitable accounting ￿liCIeS aThl then aw>ly them consisiently: make judgTn¢nts ar￿ cstimates that art rtasonable at¥J pnthi. siaie whether ihe Tecommendaiions of lh¢ S(aiem¢ni of Recommended Praciice have been followe4 subject to any material departures disclosed and explained in the financial siatcments; assess ¢he Chariry's ability io wn(inue as a going Cotscm dixlosin& 85 applicable, matters relaied to going use ihe going ¢on¢em basis of accounting wiless they either intMd io liquidaie ih¢ chariry ￿ io cease operdiions, or have no realistic alternative I￿l to so. The Trusiee is required io act in accorda￿¢ with the irust deed ofthe Charity. within the framework of trust law. li is ie$ponsLble for keeping proper accounting records sufficient to disclose at any time. with reasonable accuracy, the financial posiiion of thecharity * ihai ¢ime. and io enable it io ensure th*. where any stst¢ments of a¢¢ounis are Prepared by it under section 132{1) of the Tharities Aci 2011. those stateTnents of accounts comply with the requiiemenis Of regulations under thai provision. li is responsible for such internal control as it (ktcrniines 15 necessary to enable t prepardtion of flnancial Statements that are free from rnaterial misstalernent. whetherdueto fraud or error, and has general responsibiliiy for iaking such steps as are rea$￿ablY open (o it th safeguard the assets of the charty and to prevent and detect fraud and other irresularitiC5. Docusign Envelope ID." 3816172248A7-8C6&834tk02BD11DB41CC VENTURERS TRUST ENDOWMENT FUND TRUSTEE'S REPORT (toAliAwd) The tru5¢ee 15 r¢sp)115iblc forthe main￿￿4nce and integrity of the finar￿l&l and oiher information included on ihe charily's websit¢. L¢gI￿all￿n in the UK governing the preparaiiijn dissemination of financia] swements may differ from le8151ation in other j￿$d]CtIOns. Slgned for *thd ￿ bth*ifof th* T￿￿4¢ JMMB* tr, Dir¢etor M¢rcb8nt5' HAIL The Proubell*dt. Cllftoll, Brlst4)L ￿ 3NH Dalr: J4 ApIttL 1016 Docusign Envelope ID." 3816172248A7-8C6&834tk02BD11DB41CC VENTURERS TRUST ENDOWMENT FUND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF THE VENTURERS TRUST ENDOWMENT FUND I report to the charlty Twsiee on my examin*ion of the a¢￿ints of the ¢harity for the year ¢nded 31 August 2025. Responsibilitie$ *Ad b*sis rfftrre￿rt As th¢ Trusie¢ of ihe chariiy you are r¢¥*)nsible for I1￿ preparntion of the accounls in accordance with the Tequircments of the a)aritie5 Act 2011 ('the 2011 A¢tJ. I report in respeth of my examinaiion of the charity's accounts carried out under seclion 145 of the 2011 Act and in carrying out rny examination I have followed all the appliuble Dir¢aions given by the Charity C(Mnmission under section 14515llbl of ihe 2011 Ad. Independent examinerfs st*tememl Your atten¢ion is drawn to the faci th* the dwiry h&$ PTepgred the YKcouThts xcordanrc with Ar¢oun¢ing and Rew>rting by Chariiies.. Siatemeni of Recommended Practice applicable to charilie5 prepBring their accounts in accordance with Ihe Financial Re￿1￿$ Stathda￿ applicabk in ihe UK and Republi¢ of Ireland (FRS 1021 in preference io ihe Acc￿ntIng and Reporting by Charit>es= Statemenl of Recommended Prxtice issued on l April 2￿5 which is referred to in the extant regulati(ms has been wiihdrnwj). l undcTStand ihat Ihis has beert th)ne in ordef for ihe accounts to provide a In￿ and fair view in accordance with the Generally Acttpled Accountin8 Pra￿4¢¢ effective for Wing peri(xls ￿8)nning on or gfter l January 2019. I have complded rny examinaiion. l cmfim) ihat no mattus have Come to my a¢t¢nlion in conrrttion with the examinalion giving me cause to believe that irb any material re5￿Cl= accounting record5 werc not kept in rc5￿ of the clwity &% rtquired by section 130 of the 2011 Act; or Ihe ac¢ouryts do ￿¢C￿d with those rtc(rfds; or Ihe accounts do noi Comply wilh the applicable ffqUbrem¢nts concerning ihe fomi and content of accounts Set out in the Charitie5{Accounis and Report5) Regulalions 2(4)8 other ihan any r¢quirenKni ihai the accounts give a Iru¢ and fairf view which is not a ¢onsid¢T¢d as part of an independent examinatii)n. I have no concerns atKJ have come across noother matters in conne￿10￿ with the examin*ion to which aiieniion should be drawn in this r￿Ort in order to enable a pMperundeNand1￿ of the aCC￿nts lo be reached. This report is made sol¢ly io the ¢hariry'5 Tnwee. as a IKrfly. in acuJrdanc¢ with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My Work has been undertaken $0 thai I mighi to the charity's Trustee those mattcrs I am required to state to them in an Independent Exarninerf5 Rq￿rt and for no ￿h¢r pury￿Se. To the fulleu ¢xient pemitted by law. I do not accepi or assume respcmsibiliiy to anyon¢ other th￿ th¢ charity and ihe charity's Trustee as body. for my wixk or for ihis report. 8b)n•dty.' FC5 rant Bishop FlemiThg Audit Limited Chartered Accountsnts 10 Temple Back Bristol BSI 6FL Date.. 61512026 Docusign Envelope ID." 3816172248A7-8C6&834tk02BD11DB41CC VENTURERS TRUST ENDOWMENT FUND STATEMENT OF FINANCIAL AcfiviTIES Ye*r ended 31 2025 PtrwDtwt I'NrextriEtod f•nds Restritted fw*d5 Total 2OLS Totsl 2024 Nole funds Incoming TesoiiTfes: Voluoiary irtcome 13.547 11,600 Invemmeni iKome 17.455 117,41 13,051 Totil Ih¢omSrtg 131.IK12 131,002 124.651 Chirit&blr artivitici Donaiions 111M.2951 IIN.29SI (140.025) CKiv¢rnantr tojs 19.74411 19,7411 (2,922) (142.947) Total txpenditurt 1114.0391 111&0391 i ¢t inwminglloulgoing) reso¥rees 16.963 1&963 118.2961 Nel Ilossllgainort investrneni (&2611 I￿.434) 190.339 l'ei mtsi'tllbffil ith funth 10.702 IfA).4MI 149,7321 I72.(￿3 R¢roneili¥tion of funds: -roth1 fuNis broughi forw*d 499.216 3.797 2.296.823 2.799.836 2,627.793 Tot•1 funds ¢arritd fornanl 5119,918 3,797 2336J89 2,750,104 1,799W6 The s¢otement of financial aciiviiies in¢ludes all gal￿ and losses Ye¢ognised in the year. All irtoming resources and Tel￿re¢S expeThJed derive from continuin8 adivilies. The accompanying nlxes f(m an in*8ral part of these finatKial ststcmcn Docusign Envelope ID." 3816172248A7-8C6&834tk02BD11DB41CC VENTURERS TRUST ENDOWMENT FUND BALANCE SHEET At 31 August 2025 Note 2025 2024 FIXED ASSM Inv¢stmen¢s 2.482.615 2.549.310 CURRENT ASSETS Cash at knk and in hand Debts 357.877 10.826 380,703 7.438 368.703 388,141 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 1101214) (137,615) NET CURREKT ASSETS 267.489 250.526 TOTAL NET ASSETS 2.750,104 2,799,836 FUNDS AND RESERVLS Pem)art¢ni enthWM￿l Unrcstricted funds Re￿rI¢l¢d capithl funds 2,236389 509,918 3.797 2,296,823 499,216 3.797 TOTAL nJNDS io 2.750.104 2.P)9.836 The financial siaiernenis of VentUTers Trust Enth)WTrKnt Fund (charity Numbtt 1127105) were approved by th¢ Trustee and authorised for issue on 14 efe RTL lolG Signed on i*half of the Board of SMV Tr￿tee Company Limi*d.. M Baker Docusign Envelope ID." 3816172248A7-8C6&834tk02BD11DB41CC VENTURERS TRUST ENDOWMEKf FUND NOTES TO THE FINANCIAL STATEMEiwrs Yt#r ended JI Aug4st 2025 ACCOUNTING POLICIES Basis of *eto¥ntiMg The financial thtements have been prepared y￿1¢T the hi￿0r1¢al ¢ost convention. rnojified to include the revalualion of certain fixcd asset investm￿￿ a]Kl in arc(*dance with applicable United Kingdom aceounlin8 standards. The financial staiements have prepared in accordance with ihe A¢¢wnting and Reportin8 by Charities= Statement of Recommended P￿11¢¢ appIl￿ble to Charities preparing their a¢counis in accordance with the Financial Rcporiing Stsrwjard applicable in the UK aThJ Republic of ITelamS IFRS 102)and in accordance with Ihe Charities Aa 2011 and appIl￿ble Uniied Kit78dom acwinting sthndar&. The Venturers Tntst Endowment Fund meet5 the definition of a publir b￿￿rit cntity under FRSIO2. Cash Iltsw $i*itmeMt A statement of c&sh flows has rKbt been prepared as ihe ¢I￿lY has taken advantage of th¢ excmp¢ion available in the SORP for Smaller Charities. Going ￿￿¢¢￿0 The Tru￿et ￿11¢¥¢$ ihol the charity will be able ￿ maintsin wiiive cash flows for the fore5¢¢able fulure. The fund has a healihy ￿$h and invesimeni posiiion whi¢h ¢nabl¢s Ll to rne￿ its obligations. certainly in the Short Icnn withwi arty reduciion in grani leve]& As 2 rtsul( the going concern basis of accounlin8 has been adopted. Fuod •f¢ountinE The Endowrnent Fund is a PCTmanent furwj which i5 restric1￿ whcrcby the funds are to be used in a￿Ordance with the s￿lfi¢ restriciicffis imposed by fked of Gift. The Restricted Fund relatcs toothcrdonation5 and inve5tmeNt incorne fr(th the ￿mIa￿ent endowment fund that can be uiilised by ihe FuTrJ in a¢cordance with the restrial(￿S pla¢ed uwn ihem. DonatlO•S 8lld gr*ot5 The Tmst provides 8rants or ￿he1 financial assisthntt io assis¢yo￿8 people in finan¢ial need io undertake exira- curricular aetivilies and provide awards. rKizes or otherrewards. Donations and gra￿1$ a￿ re¢ognised within the financial staiem¢nis onc¢ th¢ trarLsf¢fs of funds are c(Knmitted. Intomime remurces All irtcoming resources are in¢luded in the SOFA l&aiement of Financial A¢iiviii¢sl when the chariiy is legally entitled to the incorne and the amount fdn be quantified with reasonablc accurncy. These spttific p)licies apply lo the fdlowing categories of income= donations aTwJ gifts are reco8ni5ed w receipt: income fMm bank Kcounts. deposits held and di¥idetKa incomeare account￿ for a rtteiyable basis. I￿veStM*￿t Val￿tIOn ￿￿1￿mI Investment5 are stated at the closin8 bi&mawket val￿ as It the bal8rtc¢ sheet dale in xcordance with FRS 102. Any realised or unredlised gain5 and losse5 ￿ revaluation waisr￿ are combined in the #a¢ement orrina￿laI &¢tivi¢ies. Taxatio No tax ha5 been provided itt the finwKial statements of Venturers Trust Endowment Fund as the income of ihe charity is covered by ihe exemption 8ranied by 10 ofihe Income T&¥ A¢1 2￿7. Docusign Envelope ID." 3816172248A7-8C6&834tk02BD11DB41CC VENTURERS TRUST ENDOWMENT FUND NOTES TO THE FINANCIAL sfATEMENTS Year eAded 31 August 21J25 TRUSTEE AND AUDITOR REMUNERATION The Try￿e¢ neither received waived any en￿luMentS during the year or ihe prior year. No out-of-FKbcket ex￿$¢$ wert rcimbursed io the tru￿¢¢. The fees payable to the fuTh4's Indepenthi Examiner ¢x¢ludin8 VAT, for the ITMlependent exafflination of the anrn￿l a¢couAts is £1.620 (2024.. £1.5gJ). VOLUNTARY INCOME Voluntary income comprises donations. 8ills and Ic8xie5 rcceived from the following strJrces.' 21125 2024 Individ￿1$ Charitable TTh￿5 669 11878 1,787 9,813 13.547 11,600 INVESTMENT INCOME 2025 21124 Inierem receivable Invesimenis li￿ed on a recogni$￿ $￿Ck exchange 4.355 113,100 4,965 108,086 117.455 113,051 INVESTMENTS Invesiments placed by the TnN ￿ the year-ewi comprised: 2025 2024 SieAing Bonds Overseas Fixed Interest investh*nts AILernative InVes￿ent Global equitles UK ¢quhties Oversea5 equities Funds on deposii awaiiÈng inveslmeni Active Managed Fixed Private Equiiy 656218 296.940 102,430 435,045 408.172 682,591 590.699 33,433 60,853 496.651 1.110.365 4.052 IIM).155 54.321 2,482,615 2.549.310 Artalysis of movements of investments.. Market value at be8Lnning ofyear Additions in ¢he year Disp05als irb ihe year Gainl{10sg) on revaluaiion Net movement in cash held in p)rtfo5io 2,549.310 2.602.145 {2.577.491) (66.695) {24.6$4) 2.358.971 101.527 (102.173) 190,339 Market v#lue #t ewd ofyur 1481615 2.549.310 During 2025 ihe inYes¢ment management was uaffjf¢rrnl Evelyn Partne￿ Investmenl Management LLP to Raihbones Inv￿lMent Managernent Ltd. 10 Docusign Envelope ID." 3816172248A7-8C6&834tk02BD11DB41CC VENTURERS TRU%T ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS Y¢gr ¢Dded 31 Aug*st 2025 INVESTMENTS {continued) 2025 21124 Investmetrts held overseAs Investments held in the UK 1.110.365 1.372.250 1.101.301 1,448,009 2.482,615 2.549,310 Debtors 2025 2024 10.826 7.438 10,826 7,438 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 21125 2024 Amounts due to Venlurers Tn Ac¢Nals 99.270 1,944 136.025 1,590 101,214 137,615 TOTAL FUNDS Nel MOVe￿¢￿t 2024 20251 Pemjanent ETMlowment Fund Reslricied Funds Unreslricted Funds 2.29A823 3,797 4W.216 (60.434) 2.236,389 3.797 509.918 10.702 Tot•l 2.799.836 (49.732) 2.750.104 The permanenl endowment fund was initially wvided by MOnt￿lier High School Ifornierly Colyon's Girls, School Academy) and the Society of Merchant Venturer5 aryj wa5 added io in September 2017 with lh¢ iransfer of the M¢Tchants' A¢ademy Endowmeni FUNJ on the merger of th¢ Merthants, Academy Trust into Colston's Girls, School Academy Trusl (o fomi Veniurers TThst. The original deed slates that ihe endowtnent fuThJ incorne must bE Used in the cnhanccment of pupi15' ed￿li0n for wpils from low income famili¢5. Docusign Envelope ID." 3816172248A7-8C6&834tk02BD11DB41CC VENTIJRERS TRUST ENDOWME￿[ FUND NOTLS TO THE FINANCIAL STATEMEiY15 Year ended 31 AugM$t 202S 10. NET ASSETS BY FUND 2025 Perni8ntDt Endowmetht Unrt5tricted Re5trided fund TDtg1 Inve5tmcnt5 Net current assets 233,061 263.692 2.249.554 2.482,615 267,489 3.797 496.753 3.797 2,249,554 2.750,104 NET ASSETS B Y FUND 2024 Perni&oeot Etsdr)wmtnl fuDd UDrtStrit¢ed Rotritted Tot*1 Invc51r¥ieiiis Net current Jss¢ts 239.322 246.729 2,309,988 2,549.310 250.526 3.797 To¢*1 486.051 3.797 1309,988 2,799,836 12 Docusign Envelope ID." 3816172248A7-8C6&834tk02BD11DB41CC VENTURERS TRUST ENDOWMENT FUND NOTES TO THE FINAliCIAL STATEMENTS Ye•r ended 31 Allu￿ 2025 2024 STATEMENT OF FINANCIAL ACtIVlTIES I'nvtMri¢ted IMDds Total 2024 R