THE MCLAIN FOUNDATION LIMITED
(Registered Charlty No. 1139841 and Company No. 07463093
ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
RAWLINSON
& HUNTER

THE MCLAIN FOUNDATION LIMrrED
ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CONTEKrs
Page
Annual Report of the Tru8tee$
Independent Auditorfg Report
Statement of Flnanclal Activiltes (Including Income and ExpendliLYe Acc(￿nI)
10
B818nce Sheet
11
statemert of Cash Flo
12
Note8 to the Financial Statements
13-20

Pag• 1
THE MCLAIN FOUNf)AnoN LIMITEO
ANNUAL REpoKf OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2024
The Twstees present t￿1r report and the Indep8ndenty audited financial statements of The McLaln
Foundation LIMW fth& Foundation. or Ihe charitable compann. for the yesr Éndad 31 December
2024. Thesè have been prepared in accordance wlth the accounting pollcies set out on pages 13 to 15
and comply wlth appllcable chartty law.
The financial statements comply ￿1th the Charities Act 2011 and vther8 aF>plicable, the Charfues Act
2022. Ihe Companies Act 2006, the Memorandum and Articles of Assoclation, and Accounting and
Reporting by Charrties.. Statement of Recommendgj Pradce applicable to charlties preparfng the
accounts In accordance with th8 Finanual Reporting Stsndard appllcabie in the UK and Republic of
Ireland (FRS 102) ('Charili6s SORP FRS 102?, th8 Flnandal Reporting Standard applicabte in th8
United lQngdom and Republic of Ireland (FRS 102).
REFERENCE AND ADMINISTRATIVE DEfAIL8
The McLain Foundation Llmited (r&3iStered charity number 1139841 and company number
07463093) Is based and administsred In the United Klngdorn. Th8 reglstered addre$$ Is Eighth
Fk)or, 6 New Street Squa￿, New Fetter Lane, London, EC4A 3AQ.
Dlre¢tors and Trustses:
The Directors arNJ Trustees of the Foundatlon who held office during the ygar and continuo to serve
at the date ofthls Mport are:
BrurA Hardy M¢Lain
Helle McLain
lan Tery
Cameron M¢Lain (res*ned 25 October 2024>
Carina McLain (roslgned 25 Oct<thr 2024)
Chelsea McLaln
Chloe McLaln{resigned 25 Octotér 2024)
Th8 Trustee8 did not hold any beneficial Intwest In the Foundatlon at 31 December 2024 or at any
tlme during or slnce that pwiod.
Bank•r:
Barclays 1 Churthlll Place. London E14 5HP
Bardays 25 Circular t)ougla8, Isle of Man IM11AD
Sollcltors:
thers LLP, 20 Old Balw, London, EC4M 7AN
Invéstm6nt Cugtodians:
Pershing Advisor Solutlons LLC, One Pershlng Plaza, Jersey City. NJ 07399, USA
Banque Pictet & Cle SA, Route des Acadas 80, 1211 Geneve 73, Svltzerland
Accountsnts..
Rawllnson & Hunter LLP,
Eighth Floor, 6 Naw Street Square. New Fetter Lane, London. EC4A 3AQ
Independent Audltor:
Rawlinson & Hunter Aud￿ LLP.
Eighth Floor. 6 N8w Street Square. New Fetter Lane, London. EC4A 3AQ

Paga 2
THE MCLAIN FOUNDATION LIMrrED
ANNUAL REPORT OF THE TRUSTEES Icontlnuèd)
FOR THE YEAR ENDED 31 DECEMBER 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Foundation is a private Ilmited company govemed ty its Memorandum and Articles of
Assocffiation and 1$ registered as a charty wllh the Charity Commlsslon for Engknd and Wales.
The Twstees are resldent in the United Klngdom and regularfy to discuss and devolop t
Foundatlon's goals and stratagy and to review grant proposals and general gRnt requests.
The numter of Trustees shall be a M1￿muM of two at any c￿e tlme and new Trustees shall be
appolnted by ordinary resolution by the existing Trustees. Th8 range of skllls represented on tha
Trustee Board will be kept under review as the Foundallon dèvelops over tim8.
Inductlon and Tralnlng
As part of thelr training, Trustees are given an infomiation pack ￿1¢h includes the Foundalion's
Memorandurn and Artlcles of Association and the Charity Commlssion guhJ8nce on Trusteès,
Responslbillues. All Trustees are aware of their *al duties gnd oblKdations In respect of the
management ol the Foundation, Includlng in relallon to the protectlon of its assets.
ststem•nt of Trustees. Responslbilttle•
The Trustees (who ere 8180 Dlrectors for the purposes of ¢ompany law) are responsib￿ for
preparing the Annual Report of the Trusteés and the financial statèments in a¢cordance wlth
applicable law and United Kirrfjdom Accourting Standards (Uniled Kingdom Generally A￿epted
Ac¢ounting Practice).
Company law requires Trustees to prepare fmancial statemènts for each financial year. which
glva a true and fair view of the stato of affairs of the charitable company and of the Incoming
resources and appllcation of fesourw, including the Income and expendtture, of the charitable
company for the period. In preparing these financlal statements. the Trustees are requI￿d to:
seknt suitable accountlng policles arKI then apply them con8iBtenlly,'
observe the methods and prlnciples in the Charities SORP {FRS 1 D2):
make judgements and estimates that are reasonable and prudent.
stste whether applicable UK Accounting Standards have been follow￿. subject to any
matèrial departures disclosed and explained in the financi81 statements. and
prepare the financial statements on the going concem basis un18ss It is inappropriate to
presume that the charltsble company wll contlnuo in operatlon.
The Truste8s are responsible for keeplng adequate accountlng records that dlsdose
reasonable accuraw at any time the ffinandal position of the charitable Gompany and enabl& them
to ensure that the financial ststements compty with thè Companies Act 2006. They are also
responsible for safeguarding assets of the charitsble company and hence for taking reasonable
steps for th& prev&ntion and deteCt￿n of fraud and other 1frewlarit￿.
Dlsclosure of Infomiatlon to Audltor
Insofar as the TTUStees are aware:
there is no relevant audit Information of whlch the charws auditor Is unaware., and
the Trustees have taken 811 steps that they ought to have taken to make themselves aware
of any relevant audit infomatlon avKI to eslablish that the audiior is aware of that Infomi8110n.

Page 3
THE MCLAIN FOUNDATION UMITED
ANNUAL REPORT OF THE TRUSTEES {¢ontlnued
FOR THE YEAR ENDED 31 DECEMBER 2024
STrUCTUR& GOVERNANCE AND MANAGEMEKf (¢ontinuod)
Intsrnal ControlB
The Trustees have overall responslblllty for ensuring that the Foundation has appropriate systems
of Intemal controls. They are responslble for keeplng proper accountlng records vthich dtsclose
￿￿th reasonable accuracy at any time the flnancial position of the Foundation and enab￿ them to
ensure that the financtal ststements follow bèst practl¢e and all appllcable law regulation and
guKlance. The Trustees arè also responslble for tha Foundabon safeguarding its assets and for
taw reasonable stèps for the prevention and detection of fraud and other Irwegularitie$.
The system of inlemal contro15 is designed to kyovlde reasonabIe, but not absolute, assuran(*
against material mlsstatement or10s5.
Rlsk Management & Corporate Governance
A rfsk 88se5sm•nt has been undertaken which eomprlse8:
An annual reV￿W ofthe risks the Foundation may fa¢o'
The establlshment of systems and proG&Jures to mitigaté those risks,. and
The implementation of procedures deslgned to minimise any wential impact on the
Foundation should those risks materfallse.
Thi$ contlnuing process will Identify risk areas to vthlch the Foundation is vulnerable and highlight
any necessary safeguards thal will need to be put in place. No major risks were identlfied at the
date of these accounts.
The Tn*tees hav8 slgned fit and proper declaration5 in lkne ￿ HMRC ouldan¢e.
In additton, the Trusta88 have tsken due conslderation of Good Governance - A Code for t
Voluntary and Communty Sector. ènsuring that the seven mali prlnclpl8s of tho Cod8 are adhered
to. These are:
Or9￿1$atIonal purpose.,
Leader8hlp:
Integrity:
DectsioTrmaklng, risk and ¢ontrd
Board effe￿￿tene$s.
Equality, diwersty and Incluslon. and
Openness at)d acce88ibllity.
The Tru8te8s recognise that good govemance plays an essentlal part in securlng the future of th
Foundation and confim that the sald ￿1￿cIpleS of the Code are followed by them in leading,
dire¢tin9 and managing Foundation,

Page 4
THE MCLAIN FOUNDATION LMTED
ANNUAL REPORT OF THE TRUSTEES (contlnued)
FOR THE YEAR ENDED 31 DECEMBER 2024
OBJECTIVES ACTivrriES FOR THE PUBUC BENEFrr
The objxts of the Foundatlon are such exclusivety charttable purposes as the Trust888 may in
their absolute discretlon detennine. The Foundation operate8 as a granl-making chaftty. 8UPPOrtlng
char6tabb projects and Nganisations wtth grants of varying Slzes and duratlons.
The Trustees have devekjped a solid framework for future grant-making adivittes and have refined
thelr grant-making focus 8Tras. The Trust8es have pursued a broad strategy of ensurlng prop8r
du8 diligence In the assessment of potential grants ensurSng that grants are made subject to
appioprfatè tsmis arKI condititin&
Statom¢nt ol Publlc Benorrt
AS 8 grant-funder, the Foundatlon's activities wil provlde public ben8fft to the IrKllvlduals and
communlties who are teneficiar￿5 of the Foundatlon's funded projects. The Foundatton's publlc
b8n8frt is nol Ilmlled with reference to geography or otherwise. The Trustees 8r8 awarè of the
Charty Commission guldance on Putrjlc Benefit and confrtm that they have coMpl￿d with the duty
in Section 4 ofthé Chariues Act 2011 to have due regard lo it. Thèy consider the Infomiatlon vthich
follows In this annual reporL about the Foundallon's aims, actlvities and achtevemenls In the areas
of interest that the Foundatlon supports demonstrates the beneffl to ils benefi￿a￿&S and through
them to thè public. that arlse from those actNItw.
Grant Maklng Pollcl
The Trustees, grant making pcAlcy has been to generalty consider making donatFon8 by way of
dSre¢t funding and also by vtsy of grants to charitable organtsations re¢ognlsed as Such ift their
respectNe jurisdlctions for projects that are exduslvely charitable under Engllsh law. The
Foundatlon has begun to put in Place sound grant arrangements so Ihal it Can ￿ntinUe to properfy
select approwiate grante85 and impose prudent tenns on grants, includlng, as approprfate.
monitoring and evaluation of the way in whSch funds are appllad by grantee$.
Fundralsing
The Trustees have referred to the Charities (Protsction and Soci81 Investment) Act 2016 fthe
Act.) and the Guidance on Charities and Fundraising Sssued by Ihe Charity Commission
I°CC20). confimi that the Act and CC20 have no impact on the Foundation as it d085 not
angage in any publlc fundraising activili6&
ACHIEVEMENT AND PERFORMANCE
Inveotm•nts
The assets of the Foundatlon consist prlnclpally ol quded investments, Unquot￿ investments, and
Cash. Listed investments 8re record￿ on the Balance Shéet at their market value on that date.
Any inerea8e or decrease over the wevious year¥. mark6t value on the réstatement of these
values 6 r8¢orded in the Statement of Financial Aclivllles. As at 31 December 2024, the value of
the Foundation's listed inveslments was £15,300,194 {2023
£14,696,445). Investment
performance Is monitored by Clarfeld Finanual Advisors LLC and Bonque Plctét & Cle SA who
raport Iheir findlngs to the Trustses quarterly. In addiiion to these investments, the Foundation has
also made subscrlptions to HILP£ Investco LLC, Paclfic Hotsl Florida LLC and CVC Capltsl
Partners Vlll Assoclates L.P.. The investsnent in RFverhawk F￿d 111 LLC was dtsposed of during
the yearfor £1,464,978 wlth related cash received on 2 January 2025.

Page S
THE MCLAIN FOUNDATION LIMITED
ANNUAL REPORT OF THE TRUSTEES l¢ontinu•d)
FOR THE YEAR ENDED 31 DECEMBER 2024
ACHIEVEMENT AND PERFORMANCE (contlnued)
Charltable Actlvltles
Dtrect Charitab￿ Èxpermditure for 2024 totalled £479,486 (2023 - £2.331828) whlch Includes
donations totalling £405.615 (2023 - £2,262,85a to a variety of organisatio￿, based l)oth ID the
UK and overseas, and tharlty support costs. All grants were pald in Ilne wtth the pollcles Set out In
So￿l0n 3 of this report. Objectlves and AcliV￿a8.
A full li8t of grants made during the year is shown on page 16.
The accounting treatment in respect ol grants is in line that set out in the 8ppll¢abl8 Statement
of recommended practlco.
FNANCIAL REVIEW
The Stslement of Financial ACt￿llIeS on paga 10 show4 total incomlng re80urces for thè ￿r of
£2.829,974 (2023 - £1,192,258) derived fmm donations re￿iVed and gift aid thereon and Income
from investment assets. Support ￿$ts amounted to £73,871 {2Q23 - £69.976) and are included
wRhin charitable athvitie8.
The balance of reser¥es at 31 December 2024 is £24.645,334 {2023- £20.493.034).
R￿erVeS Polley
The Twstees have examined the Foundation's requlrement for resources In light of the main risks
to the organL8ation. The Foundation has no outstanding commitments or cash demands whlch are
not adequately covered by existSng resources. The net assets of the Foundation are regarded as
unrestrthd reserves and the fvnds at 31 December 2024 will be retslned lo make grants in
accordance w]th the Foundallon's chartsble objects and any poficies. The Trustees ¢onsider that
the freely expendable funds we appropriate and adequate taking inlo ac￿Unt plans for grants to
be aw8rd8d in Iljture and have at we8ent therefore not designated any speiific reserves.
The currènt uncertalnty In the global economy arising from geopolitical conflicts has Increased
fmanclal prèssure on charfties. The tnjstees hav8 however consldered the contingency plans in
place. the level of funds hekl and the expectèd level of Income and expenditure for twalve months
from the date of $ignlng of these lknanclal statemenls. The tnJst8es ara satisfied the forecast
income and reseNes are sufficient to cover all of the budgeted expenditure to be abl8 to continue
as a going con￿rn. The trustee5 Iherefore consider the adoption of golng con¢em basis in
preparing these financial ststements continues to b8 approwlate.

Page 6
THE MCIAIN FOUNDATION UMrfED
ANNUAL REI>ORT OF THE TRUSTEES (contlnuodl
FOR YEAR ENDED 31 DECEMBER 2024
PLANS FOR THE FUTURE
The Trustè88 (SJ not prop)se to dev￿te from the current objeclives arKI actlvltkns of th• Foundation
as dètsiled in Sectlon 3 af thls report bul wlll further develop and refine their strategies. policies
and procedures in future.
In preparlng this report, the Trustees have taken advanltye of the small companies exemptions
provkjed by Section 415A of the Companles Act 2006.
AUDITOR
A resolution will be proposed at the Trustees, Meeting that RavAinson & Hunter Audtt LLP be
appolnted as audkor of the Foundatlon for the ensuing yeaT.
Approvod by tho Trustees and signed on thelr behall by:
o?.: 2f
clièls￿ Mc￿]n
Trustee

THE MCLAIN FOUNDATION LIMITED
INDEPEILIENT AUDrroR'S REPORT TO THE MEMBERS
OF THE MCLAIN FOUNDATION UMITED
oplnion
We have audlted the finarKial statements of The McLain Foundatlon ('the charftabie com
ny,) for the
ar ended 31 December 2024 whlch comprlse the Statsment of Financial Actlvlties (incl
ing In¢ome &
penditure Acxount), the Balance Sheet, the Statement of Cash Flows and notes to Ihe financlal
statements, Inetuding a summary of significant ac¢ountlng policles. The financial réporting ftamewo
that has been apptied in thelr preparatlon is applicable law and Unlted Kingjom Accountlng StarKlards,
inciudlng Flnancial Reporting Stsndard 102 Tre Financial Repothng Standard applicabl8 in th8 UK and
Republlc of lrnland (United ￿ng￿orn Genèrally Acceptsd Apxounting Practice).
In our opinlon the financlal statem6nts'.
9Ne a true and falr view ofthe Stats of the charitable company's affairs as at 31 December 2024. and
of ils incoming resources and ap￿iCatiOn of resources. Includlng rts Income and expendlture, for th8
ar then ended.
ave been propwly prepared in xcordance with United Kingdom Genérally Accepted Accountlng
Practice. arKI
havg beèn prepared in accordance with the requlrements ofthe Companles Act 2006.
Basls for oplnlon
We Conducted our audlt In accordance wth International Standards on Audltlng (UK) (ISA8 (UK) and
applicable law. Ow resrK)nslbilitle$ under those stsndards are further described in the Auditorfs
responsibilities for the audit of tt)e fjnancial statements sedlon of our report. We are Independènt of the
charitable company in a￿ordanC8 With the ethical requirements that are relevant to our audlt of the
finan¢lal Statements In Ihe UK, including the FRC'S Ethical Standard, and we have fulfilled our other
ethlcal fesponsibiltti&s in a¢¢ordance with these ffjqulrements. We belleve that the audrt evidence we
have obtaSned18 5￿cient and appropriate to provide a basis for our opinion.
Con¢lu•lons relatlng to golng concem
In audltlng tha finanaal statements. we have concluded that th8 Trustees, use of the gthng concern basis
of accounting In th8 weparation of the financial statements Is approprlats.
Based on the work w8 have perfomied, we have not identified any material uncertalnues relating to
events or conditlons that, Indivldually or ¢ollèctwely, may cast signrfl¢ant doubt on the chadtab
companvs abllrty to conts'nue as a going concem for a pwiod of at least twelve monts from when the
ffinan¢ial statements are auihorlsed issue.
Our r8sponsibilitles arKI ts resportsibilities of the Trustses with respert to golng concem are described
In the retevant sections of thls rewL
Other infomiatlon
Th8 Trustees a￿ respon81ble for the other Snfomiallon. The olher informatlon cL>mprises the infomiatlon
included in the Annual Report of the Trustees and Financlal Ststements, other than the finan￿81
statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the
other irrfom)ation and, except to the extent othèrwise expllclty stated in our report, we do not expres5
any form of assurance c#)nClus￿n thereon.
In connecbon with our audll of the financial statements, our rry)onslbilty is to read the other inf0M)a￿On
and, Sn doing so. Consider whether the other informallon Is materlally Inconsistent with the financial
statements or our knowledge ottslned in the course of the audrf( or olheTh¥ise appears to be materially
mlsstated. If we identtfy such material inconsisten¢ies or apparent materfal rnisstatements, we are
requlred to determine vthether thls glv88 rise to a material mlsstatement In the financial statements
themselves. If. based on the work we have performed. we condude that there [8 a matenal mlsstatement
of thls other Infom)allon, ￿ are required to report that fact.
l•Ve have nothlng to rwt in thls regard.

Page 8
THE MCLAIN FOUNDATION UMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS Icontlnued)
OF THE MCLAIN FOUNDATION LIMITED
Oplnlong *Jn other matter8 pre8crfbed by the Companles Act 2006
In our opinion. based on the work undertaken In the couTre ofttlè audlL'
the Inform8tlon In Ihe Annual Report of the Truste88 {incorporating thfj Strateglc Report and
Dlrectors. Report) for the finanu81 year for whlch the financlal stataments are prgporqd ￿ ¢gn$istgnt
with the Flnancial Ststements: and
the Strategic Report and DTrectOfS' Report has b88n prepared In a¢¢ordance wllh appllcabb legal
requiromenis.
Mattern on whlch wo are required to rwrt by •xeeption
In the I￿ht of our knowledge and understanding of the charitable coffyny and its envlronment obtslned
in th8 course of the audlt. we have not identTrled material mi88tatemonts In the Strategic Report and the
Directors. Report.
We have nothlng to repcrt in respeL* of the following matters in rdation to which the Companies Act
2006 requlres us to report to you if. in our opinton..
Jequats accounllw records have not t)een kep( or returns adequale for our audit have not bèen
recelved from branches not visited by us; or
the finan¢lal statements are not in agreement y￿th th8 a¢countlng rewrds: or
c•rtaln dlsciosures of directors, remuneratlon specified by law aro not made.. or
wo hava not recefved all ts infomatlon and explanatlons we ￿quIre for our audit.
Respo￿lbIlItIe$ of Trustseg
As explained more fvlly in the Ststen*nt of Trustees. Re$ponslbllities Set out on page 2. the Trustses
who are also the d￿ectorS of the ch8rilabte company for the purposes of Company law) are responslble
or the preparatlon of the financial statements and for belng satIsf￿d th8t they glve a Irug and fair vlew,
and for such internal control as the Trustees detemine is necessary to enable the preparabon of
finandal ststements that are free from materia mlsstatement. %thelher due to fraud or error.
In preparing the Ilnoncial statements, the Truste88 are responsible for assesslng the chaAtable
company's abilty to contlnLkq as a going con¢em, dlsclosing, as applicable, matters ￿lated to golng
concern and using the going concem basis of accounting unEess the Trustees either intsnd to 5iquidate
the chaTttable company or to cease opw8tions, or have no reallsllc altemativo but to do so.
Audnofs rosponglbllit1￿ lor the audlt of the flnarbclal statements
Our objectwes are to obtsin ￿8£Onable assurance about whether the financial statements as a whole
are free from materlal mlsstatement. whether due to fraud or error, and to Issue an audrtorfs report that
indudes our oplnion. Reasonable assurance is a high level of assuran￿, but is not a guarantee thal an
audit conducled in a¢¢ordance with ISAS (UK) wlll afv4ays detect a material mlsstatement when rt exists.
Misstatements can arise from fraud or error and are Gonsidered material if, indNidually or in the
aggregate, they could reasonably be exFected to influence the economic declsions of users taken on the
basis of thése thancial statements.
Irregulariti8s. Sn¢luding fraud, are instances of non-compllance with laws and regulations. We design
procedures In line wth our respon5ibiliti6S, OUtlSned above, to detect matertal mEsstalemenls In respect
irregulariilts, In¢luding fraud. Tho extent to whith our procedures are capable of detethn9
Irregularlt*8, Indudlng fraud Is dotallod bdow.
Our assessment of the susceptibtllty of the entty's financial Statements to matsdal misstatement,
duding how fraud Might occur, is consklered to low. Thls concluslon was reached after the
C<Jnsideration ofthe folowing:

Pag• 9
THE MCLAIN FOUNDATION LIMrrED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS I￿ntInued)
OF THE MCLAIN FOUNDATION UMITED
AudltoV8 r•8pon8ibiliti88 forth8 audlt ol the flnanclal statements l¢onllnued)
duè to thè relativety shnple business rnc4Jel and a low numbèr ol transactions within the charitable
company there are comparatlvely few unexpected fluctuatlons In ts reported r88uIts and balanc85
and any such unexpected items would be specAfic811y enquired into by us" and
there are a number of indivlduals which comprise "managemenf and therefore there is no slngle
dividual who Is Ilkety to be ab￿ to overrlde controls to effect a fraud.
We deslgned our audit procedures to respond to id8ntrfi*S audit risks, indLKlino non-compliance w¢th
laws and regulath)ns (irregularities) th* are material to the finandal $t8tements. Some of the specific
procedures Fwfomed to detect irregularthes, Induding fraud. are detailed below..
the r8vl8w of ¢ontrol accounts and joumal entrie8 for large, unusual or unauthorised entrtes;
the anatytical review of the detalled statement of financial actfvitles for variances that affj ellher
unexpected or fèlt not to b@ in accordance wlth our urKlerstandln9 of the ¢haiitabl8 activiti8s during
the year,
obtaining and reviewing for ¢omp18ten8ss a list of entitiès and persons consrdered to be related
parties (as defined by Flnan¢ial Reporttng Standard 102) and revlewing thè ledgers of the
Foundation for previousty unreported related paty transactions.,
revlew of transactions and loumals for any indication of fraud or management override; and
r￿LaW of Trustee8' meeting minutes for unrecorded transactions.
Because of the Inherent limitations of an audtt. there Is a risk that we wlll not detect all iThegularities,
Induding those leading to a mater181 misstatement in the finanaal statements or r¥)n-compliance with
regulation, This risk increases the more that compliance vath a law or regutatson Is removed from the
events and transac#ion$ reflected in the financial statements, as we w511 be less likely to become aware of
instances of non-compliance. The dsk L8 also greater regarding Irregularities occurring due to fraud
rather than error. as fraud Involves intantionai concealm8nL forgery. collusion, omission or
misrepresentation.
A lurther descdpllon of our responslbilities for lh8 audlt of the financial ststements is located on the
Financial Reportlng Councifs website at: vAYw.frc.org.uklaudliorsre6ponsibll￿e$. description fomis
Part of our auditorf8 reporL
Uge of our report
Thls report ts mado solety to the charttable company's mambers. as a body, in accordance with Chaptsr
3 of Part 16 of the Companles Act 2006. Our audil worf( has been undertaken so that we mlght state to
the charitable Company's members those mattèrs wé srè required to state to them in an 8udltorfs report
and for no other purpose. To the fullest extent pemitted by law, we do not accept or assume
responslbllty to anyone other than the charitable company and the charitabk compan￿6 members as a
body. for our audit worK for thls report, orfor the oplnlons we have fonned.
ling Wel IS8nior 8tatu¢ory Audltorl
For and on behalf of
Rawlln8on & Hunler Audlt LLP
ststutory Aud6tor and Chartered Accountants
Eighth Floor
6 New Street Square
New Fetter Lane
London
EC4A 3AQ

Page10
THE MCLAIN FOUNDATION LIMITED
STATEMEpif OF FINANCIAL ACTIVITIES
(INCLUDING INCOME AND EXPENDITiIRE ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2024
Unrestrictsd
Fund
2024
Unr6strfcted
Funds
2023
Inwne from:
Donations {note 2)
Investments (nol8 3)
15
16
2.505,058
324,918
906,827
285.431
Total Income
2.829.974
1,192,258
Expondlture on:
Charftable actl¥ities (note 4}
Raising funds (nots 5)
16
16
479,486
84,167
2,332.828
57,530
Totsl expendfturn
543,653
2,390.358
Net gain on investrnents (note 12)
19
1.856,706
658,194
N•t Incomel(expendlture)
4,143.021
1539,9cK8)
Oth•r galns and losses
Raalised gain on fc(dgn cufren¢y transactions
9.273
10,862
Net movement In funds
12
4.152.300
{529,1)44)
Reconclllatlon of funds:
T¢)tal funds brought f￿￿8rd at 1 January 2024
Total funds carrlgd forward at 31 December 2024
20,493.034
21,022,078
11
£ 24,645.334
£ 20,493,034
All amounts relate to continuing operations.
There were no ￿OgnIsed gains and losses for the years entsd 31 December 2023 arKI 2024 othér than
those induded in the Inc¢m8 and Exp8nditur8 Account
The n￿5 on pap 13 to 20 fomi part of these financrd statanonts

Page 11
THE MCLAW FOUNDATION UMITED
{Reglstered Charlty No. 1139841 and Compary No. 074830931
BALANCE SHEEr
AT 31 DECEM8ER 2024
Pa
2024
2023
Flxed assets:
Investmènts And ca8h urxJ8r manag8ment (note 12)
19
20,955,954
20,426.397
Total flx•d asxts
20,955,954
20,426,397
CurY¢nt as•èts:
Cash at bank (note 13)
Delrtors (note 14)
19
19
2,287,435
1,473,843
184.727
Total currnnt assets
3,761,078
184,728
Current Ilabllhles:
Credltors- amounts falling due within one year (note 15)
(71,69n
{118,090)
Total as8ets108s current Ilabilities
£ 24,645,335 £ 20.493.035
Tho fund$ of thè charlty:
Shar8 capital
Unrestricted funds
10
24.645.334 20,493.034
£ 24,645,335 £ 20.493,035
The financlal statements were apwoved authorlsed for Issue by th8 Twstees and were signed on
their behalf ty.
Zr.o.y.....2
Chelsea McLaln
TYu8tee
The nL*eB on p4e 13 to 20 fomi part of th￿0 financial 3tatemtsrrt$

Pago 12
TFE MCLAIN FOUNDATION LIMITED
STATEMEKf OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page
2024
2023
Cash flows from operatlng actlvllles
Net movemert in funds for the year
Adjuslments for..
Incomé from investments and deposits
Net gain on Investment assets
{In￿eaSeydecrease In debtors
{OecreaSe)finc￿85e in uedltors
Galn on forelgn currency
10
4,152,300
(529,044)
(324,916)
(1.856,706)
(1.473.842)
(46,393)
19,273}
(285,431)
(658.194)
195,023
17,374
(10,882)
•t eash provld8W(us8dln) by operaflng acfvltles
441,370 (1,271.134)
Cash flo￿ from imlestlng actlvltles
Income from WNeslmonl8
08POWt interest
Payments to ao]ulra investments
R8rAipts from sales of inveslments
216.718
258,483
108.198
26,948
(4.345.156) (6,392,338)
5.684.707
7,398,538
Net eash provlded by Inv•stlng actlvides
1,664.467
1.291,631
Net change In cash and c•$h equivalents for the year
2,105,837
20.497
Cash arKI cash aquivaknts at 1 January 2024
Loss on lordgn wrrency
200.469
9.279
169,110
10,862
Cash and cash equlvalents at 31 De¢ember 2024
£ 2.31S.579
£ 200,469
Cash and cash •qulvalents Gonslst of:
Cash hèld with investment managers (note 71
Cash l)dd at bank (note 13>
17
28,144
2,287,435
15,742
184,727
£ 2,315,579 £ 200.469
The r￿t¢S on page 13 to 20 fom part of these finan¢lal siatefflerts

Pa9113
THE MCLAIN FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMEtirs
FOR THE YEAR ENDED 31 DECEhlBER 2024
ACCOLWTING POUCIES
Basls of I¥0￿ratIon ol FIna￿la1 Statements
The McLain Foundatlon Llmited (reglstered charity numbar 1139841 and company numb8r
07463093) i8 based and adminlsterad In the United Kingdom, whose principal oblect is to sup
ort
charitabl8 purposes in whatever mannèr the Trustees. at thelr dlseretlon, deem approprfate.
registered address is Eighth Floor. 8 New Str88t Square, New Fetter Lano. London, EC4A 3AQ.
The financial statements have been prepared in accordan￿ with Accounting and Reporting by
Charities: Staternent of Ro¢ommended Practice applicable to tharlties preparing their aceounts in
accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland
(FRS 102) <'Charlties SORP FRS 102?, the Flnancial Reporting Standard appllcable in the United
ngdom and Republ1¢ of Ireland (FRS 102). the Charities Act 2011 and where relevant. the
Charltles 2022. the Companres Acl 21J36 and UK Gen8tally Accepted Ac¢ountiig Practice.
Thè Foundauon constitutes a pub￿¢ benefft entty as defined ty Charliles SORP FRS 102.
The fnanclal statements are prepared on a golrKJ concem basis undgr th8 historical Cosl
convention. modifKd lo Include wtsin items at fair value.
The Signifi￿nI ac¢ountlNJ polcies applied in Ihe weparatlon of these financlal statements are set
out below. These pokctes have b88n consistently ap￿led to all years presented unl855 othèrwise
In applylng the finandal reporting frameworK the T￿￿e5 may hav• to make a numbèr of
subjectlve judgements. for examp￿ In respect of $ignlficant accounting estimates. Eslimates and
Judgements are continually evaluated and aro based on hlstorlcal 6x￿nenCe and othar factor8.
in¢WSng expectstions of future events that are believed to be reasonable under the
circuMstan￿s. Thé nature of the estimatlon means tho actual outcomes couhj diffw from those
estimates. No signifi¢ant estimat85 and Judgements have been made.
The financial Statern￿ts are Fxasented in GBP thlch Is the functlonal Gurrency of Ihe Fwndatton.
Flxed Asset Inv88tmonts
Quoted investments are included at closing mKI-market value at the Balance Sheet date. Realised
gains and losses on Investments 8re reoognis8d on disposal on inv8Stments and ary galn or loss
on ievaluation Is taken to th& Statement of Fin8nclal ActfvlUes (SOFAI. The detemilnation of any
gains and losses Is caculated by reference to the value of such assets at the b8glnnlng of the
ac¢cwnting period.
Mid-marttet values are W0￿0d by independent dats feed rather than inv8stment manager
valuations.
Cash held for investrnent 1$ InclLMled within the FL¥ed Assets Investments Tn accordanc8 wlh th8
applScabie statement of Recommended Prac￿Ce.
Private 8qulty Investrnents are held at falr market valu8 based on Partn8ls Capital account
analysis, or as retumed in Schedule K-1 (Fomi 1065) to the Department of Treasury Intemal
Revenuo S8p4lco8, USA, any revaluatton accounted through the SOFA.

Page 14
ThE MCLAIN FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMEpir8
FOR THE YEAR ENDED 31 DECEAIBER 2024
AccouKfiNG POUCI&8 lconllnued)
In¢om• Rocognitlon
Investment Income is derived from interest and dl¥kJend8 receivable from investments and k8
acwunte<l for in th8 perlod in which the Foundatlon is entllled to recelpL Intsrest from bank
a¢￿Unts are included when receivable only.
All incoming resources, including donatlon Income 8nd investment Income, are induded In the
SOFA when thè Foundatlon Is entilled to the income and the amount can be quantified
reasonable accuracy.
GKt Ald Tax Relief is recognised as a tax ¢￿dit on donations and treated as Income in the period in
Ithkh the donations are made.
Rè•ouKes Expend¢d
All expendfture is Included on an accfuafs basls and is recognlsed when Ihete is a bgal or
constructive obligation ￿mM￿ling the Trustees to the expendtture.
Cknaritable ac*lvities comprise grants arKI donations mad8 and govemance costs in￿l￿d during
the year a￿￿ are expended through the SOFA when the offer Is conveyed to the recSpient and 811
offer conditions ar8 met.
Governance costs rèlate to the general N￿nIng of the Foundation. as opposed to the management
functton8 Inherent in ge￿allIg frjnds.
Cost of ralslrg funds relate to the costs incurred by the Charity in managing its 1nVestrr￿.
status of Fundg
The enti￿ resources of the fvnd aTe unrestrlctej 8nd the Trustees have ¢ornpEet6 d[$￿010n fof
their use in pursuancè of Its objectives.
Flnaneial imtruments
The Foundation onty has financial assets and financlal It8bllltl88 of a klnd that Qual￿ as be￿¢
financial instruments. Bas1¢ financlal Instruments are re¢ognlsed at transaction value. e￿pt where
settlement is delayed, In which case the transaction Is recogn188d at the present value of the
settlement amount.
Debtors and credltors receIvabl￿pay3b18 wlthln onè year
Debtors and creditors with no stated interest rate and receivable or payable within one year are
recorded at trans*lon pri¢e. Any losses ari*ing frorn Impalmi￿rt are re¢ognl8ed as eXp￿dIlure.
Cash and cash aqulvalents
In the Statement of Cash Flows, cash and cash equrvalents are shown net of bank overdrafts that
ar& repayable on demand and fom an integral part of the entws cash management. Also Included
$h held under man•3em8nt by the irwestment broker.
Provision$
Provisions are ￿OgnIsed vthen the Foundation has an obllgalion at the Balance Sheet date as a
resuK of a past event it is probable that an oufflow of economic benefit wlll be requlred In
settloment and the arnO￿t can be reliably estimated.

Pw15
THE MCLAIN FOUNDATION UMrrED
NOTES TO THE FINANCIAL STATEMETrrrs
FOR THE YEAR ENDED 31 DECEMBER 2024
Forelgn Currèncy
Assets and liabilities denominated in foreTryn currencies are translated at the rate of exchange
rullng at the Balance Sheet date. Transactions denominated in forelqn currencies are ¢cTherted at
the rate of exchange ruling al the date of the transactSon. All translation differe￿$ 8re tsk￿ to the
Stslement of FlrwKial Activities as they aiise.
Ta￿tIon
The Foundatyon Is not subject to any laxés on Its charltsble actpiitles. Irrecoverdbl& VAT is charged
to the SOFA agalnst the category of resources expended for whith Itwas incu￿ed.
GalNJ Concern
financlal statements have been prepared on a going concem basIs as the tnjstses believe that
no material uncertainties exist. The current uncertainty in the global economy arfsing from
geopolitrcal ￿lfil¢1$ has incr•a8ed fhanclal pressure on tharitses. The trustees have however
considered the contingency plans in place. the kvel of funds héld and the expected lev4 of Incom8
and eyndthre for fv￿1ve months from the date of signing of these financial ststemenls. Tha
trustees are satlsfied the forecast Income and raserves a￿ sufficient to cover all of the budgeted
exPend￿Ure to be able to contlnue as a golng concern. The trustees therefore consTrder the
adoptlon of the golng conc8rn basls in kxeparing these financial statsments contlnues to be
approprfate.
Page
2024
2023
DONATION INCOME
Donations recelved
GIftAld Tax Rellef
2,004,046
$01,012
725,000
181.827
10
£2.505.058
£ 906.827
INVESTMEKf IMCOME
UK and overseas securMes Income
Deposit interest
216,718
108.198
258,483
26,948
10
£ 324.916
£ 285,431

Page 16
THE MCLAIN FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATE￿￿rS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page
2024
2023
CHARITABLE ACTIVITIES
UK Orant6 Awarded:
Donmar Warehouse
(Reg. Charity No. 284262)
Felix Project
(Reg. Charity No. 1168183)
Womèn for Women Intsmatk)nal (UK) (Reg.Charity No. 111 $109)
V&A- Museum of Chllohoc
(Reg. Charity No. 1144508)
West L(￿dOn Zone
(Reg. Ch**y No. 1180947)
100,000
50,000
10,000
100,000
30,000
2,{￿O,(KI0
10,000
160,000
2.140.000
US Grants Awarded:
Princeton unive￿Ity ($100.(KA))
Smithsonian Museum ($100.000) (2023.. $100,oooJ
Women for Women {$75,000)
Lig8r Charllable Foundation ($30,IXIO) (2023.. $30,000)
Jumby Bay FoundationI$10,o￿) (%f23.' $10.000)
Middle East Children's Institute <$nil) (2023.. $14000)
79,707
76,144
59.023
23,154
7.587
79,359
23,774
7,936
11,783
245,615
122,852
Totsl grants aTMardod
405,615
2,262,852
Supp¢)rt Costs
Admlnistratlon fees
Financial advirJof6' fee$
Accountsncy fee5
Audit fees
Tax filing fees
Other fees
29,395
16.201
12,on
11,980
622
3,600
24,470
14,218
18,844
12,000
73,871
69,976
Total Charltable Actlvltlos
10
£ 479,486 £ 2,332.828
COST OF RAISING FUNDS
Investrnent management and admin fe8S
Internal Revenue Servlce (note 6)
Bank charges
45,805
18,491
71
53,350
3,994
17
10
£ e4,167
£ 57,530

Pago 17
THE MCLAIN FOUNDATK)N LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DEC￿BER 2024
Pagg
2024
2023
TAXATION
Internal Revenue Service (note 5)
16
£ 18,491
£ 3.994
FIXED AS8Ef INVE8Th1ENTS
Quoted Invoslments and Cash under manaaom•nt
Investments at mathet value at 1 January 2024
Addltions at cost
sposals at ¢arryiNJ vahje
14.680.703
15.742.583
3,316,284
5,687.475
(4,220,629) 17,397,701)
13.778.358
14,032,357
Reallsed gain on dlsp05als
Unr8allseO gain on revaluatlon
95.304
1.400,388
43,740
604,61J3
Net galn on Investment A86ets
1,495.692
648,346
Market valu8 at 31 December 2024
15.272.050
14.680.703
Cash
12
28.144
15,742
Total Value at 31 December 2024
19 £ 15.300.194 £ 14.696.445
Historlc costs as at 31 December 2024
£ 12.100,007 £ 12,760.450
RIVERHAWK FUNDING111 LLC
Investm8nt value at 1 January 2024
Additions
Disposals
R6all8edl(unrealisedl Sair￿(lO¥s) on currency translatlon
1,327,830
115,358
(1,464,078)
21.190
1.294,8
101,740
19
{89.L
Net asset valua at 31 Deoember 2024
19
£1,327,530
Prior to the year end, the Trusts8s Instructed the red￿￿Ption of thelr Investrnent kn Rlverhawk. w
prcceeds settling Shoty after year end. The Foundation had committed $1,450,OIJ) to R￿erha￿￿
Addttlonally $144,544 (2023.. $129,5q5) of income had been a￿UMulated ¢8pliaUsed. Total
amijunt of Income capitaliwj sinc6 investment was $384.490 {2023.' $239,946).
On8 of the Trustees, Chelsea McLain is a participant In the LLC, whllst th8 Iwo fonner Tntstees.
Carina M¢Lgin and Chloe McLain are also particlpants in the LLC.

Page 18
THE MCLAIM FOUNDATION LIM￿E0
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Pa
2024
2023
HILP-C INVESTCO LLC
Invèstment value at 1 January 2024
Addilions
Unreallsed galn on currency translation
734.447
51,328
58,320
731,878
19
N8t asset value at 31 Oecember 2024
19
£ 844,095
£ 734,447
The Foundatlon has committed a total of $750,000 •Athlch Is fuly called (2023.. outstandiv
L￿mmItMent 01S64,314).
10. PACIFIC HOTEL FLORIDA LLC
Investmem value at 1 J8nuary 2024
Unrealised gainl(k>ss) on currency translation
266,484
3,513
282,495
(16,011)
19
Net assat value at 31 December 2024
19
£ 269,997
£ 286.484
The Fo￿￿allOn ha8 commbtted a tot81 of $585,000. al ofwhich has b88n drawn d(ywn.
One of the Trustees. Chelsea McLaln 18 a shareholder Sn the LLC. vthitst forner Trustees,
Cameron M¢Lan and Carina McLaln. are also shareholders in the LLC.
11. CVC Capltal Partners Vlll Amoclatss LP.
Irwestment valuè at 1 January 2024
Addition8 at cost
DlsposaEs at carrylng value
3,401.491
862,186
2,706.850
603,123
(838)
4.263,677
3.309.135
Realised gain on diswsal
UnreaKised galn on tevaluation
838
91,518
277,991
Net galn on Investment assets
19
277.991
92.356
Total Valuo at 31 DeC•m￿r 2024
19 £ 4.541,668 £ 3,401,491
The Foundatlon has committed a total of É5,000.000. of which É4,554.383 (2023.. E3,494,148) has
been drawn. The outstanding commltment is é445.617 (2023.. É1.505,8521. No provision Is made for
thk% commilmenL
Bruce Hardy McLaln, a Trustee. thg C0-f￿nder of CVC Capital Partne[5 whKh manages the
Investment. Chelsea McLaln 18 0 limitod partner of the investment. thilst fomier Twstee Carlna
McLain is also a limited partner.

P4gé19
THE MCLAIN FOUNDATION UMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Pag•
2024
2023
12. INVESTMENT SUMMARY
Marftet Value
Quoted Investments and cash under management
HILP-C Investco LLC
Pxnl¢ Hotel Florlda LLC
CVC Capital Partners Vlll AsS￿lateS L.P.
R￿erhawk Fund 111 LLC
17
18
18
18
15,300,194
844,095
269,997
4.541,668
14,698,445
734.447
266.484
3.401,491
1.327,530
11 £20.955.954 £20.426.397
Oalns Ire41ised and unreallsed)
Gain on quoted investments (note 7)
Gain on CVC Capital Partners Vlll (note 11)
Unrealised galn on HILP-C Investco LLC (note 9)
Reallsed gainl{loss} on R6vethawk Fundiro111 LLC {note 8)
un￿alised gainl(loss) on Pa¢￿IC Hotel Florida LLC (note 10)
17
18
18
17
18
1,495,692
277.991
58,320
21,190
3,513
648.346
92.3
2,569
{69,066)
{16.011)
10
£1.856,706
£ 658.194
13. CASH AT BANK
Barclays Intematlonal Buslness Reserve Account GBP
Barclays Internatp)nal Business Resetve A￿oUnt USD ($859,735)
Barclays International Business Resorve Account EUR {￿3,188)
Barclays MFL Account
Barclays Intemational Reserve Account ($1)
1.540.588
686.141
60.601
104
161.057
22.796
104
11112 £2,287,435
£ 184,727
14 DEBTORS
Investmènt proceeds In the course of collection
FX forwards
Intemal Revenue Servrce tax refund
Amount owed by parent undertaklng
1.464,079
7,054
2,509
11
£ 1,473,643

Page 20
THE MCLAIN FOUNDATION UMITED
NOTES TO THE FINANCIAL STATEMEKrs
FOR THE YEAR ENDED 31 DECEMBER 2024
Page
2024
2023
1& CREDITORS- amounts falling due within one year
Administration fees
Flnanclal advisors, fees
Audlt fees
Accountancy fe86
Investrnent management fees
Grant commitments
Untund&d foreign currency ttading Cammltments
29,395
16.201
11.500
10.500
4,101
24,470
14,218
21.0130
25.444
3,826
21,783
7,349
11
£ 71,697
£ 118,090
1& FINANCIAL INSTRUMENTS
Financial assets measured at fair va￿e (a)
Financial assets measured at amortised cost (b)
Financial liatslities measured at anwrtised cost {¢)
23.243,389
1.471.134
71,697
20.611.124
118.090
a) Financial assets measured atlair value through SOFA conslst of the fixed 8&8et quotsd invéthents,
prlvale equity investments at falr value and cash under management and in hand.
b) Flnandal assets measured at amortlsed cost eonslst of debtors atyear WKI.
c) Financlal liabilbties measured at amortlsed cost consist of the credttors at year end.
17. RELATED PARTY TRANSACTIONS
One of the trustse8 made donatlons to the Foundatlon during the year whiGh totall8d £2.004.046
(2023.. £725.000) on whlch Gift Atd Tax rellef of £501,012 ￿ been claimed (2023." £181,250.
£29.395 wa8 charged by 8 Strdnds Ltd In ￿[¢(4 of admlnistraliM costs incurred on behaw of tha
FoundatEon 12023.. £24,470). The balance of £29,395 remains outstanding at yèar end (2023."
£24.470 outstandlng). 8 Strands Ltd is owned and controlled by a Truste8 of the Foundath)n with
another as a Dlrector.
ND Trustee receNed any remuneration during the year to 31 D￿ember 2024.
18. ULTIMATE coKfROLLING PARTY
The Imm8rthate parent undertaktng Ss The McLain Foundalon IUSI, fomierfy Tho McLaln 8 Strands
Foundallon (US), a Delaware Corporation not for profit and wlthout capitsl Sto
The Trustees conslder that the Foundatlon l$Joinlly conlromed by the Trustee8 and that there k8 no
ultimate controlling party.