REGISTERED CHARITY NUMBER: 1140672 Ittd I Statemtots for 24 Cox & Co. (Aw)uthwl Limitcd Th¢ Granary High Sireet Turvey Bedford fonlshiTf MK43 8DB FOR THE BER2024 Re￿}rt ofthe Thijts lNdepead￿t Ex*wbiTrerfs Rtport StateM¢ryt of Fthlncial Aetlvlti¢T B•l•nce Sheet Notes to the FI￿#￿¢1&1 St•t*ments Detslkd Siaiern￿t of FlnAneA*l Aclivitl 11 to 12 TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees of The Modrinha Tr￿st pKs¢nt their annu￿ Tewrt as Trustees ￿gether with the financhgl sta*n￿ts of the Madrinha Tn￿t for the l January 2024 to 31 De¢ember 2024 a5 r4uired by Charity regul￿10￿5 and legtslation structu￿ gov¢rnaTr¢t iTrd m*Ragement . Constitution The Madrinha Trust 15 a ￿gIStered charity, number 1140671 And is under a Trt￿ Deed. Th¢ irust is registertd wtth the Charity Commission in England and Waleskn,Thert arc no r¢￿nCtIOnS in the gov¢rnin8 thxument on the operatitsn of th¢ charity oron its itsvestment rx)wer5 other th8n those impwd by general charity law. Ik The Trustees The Inisiees who served the charity during the year were 48 follows..￿ Geoghegan IChairn)an),S C M¢Kcand.Hhn {Legai Advistsrl.A Singh. DT C Chand G Dibia5e. E Pat5aJos. S constaniine-H￿dry, V K￿¢. W D¢ar. A c￿lden (Tr￿￿Ter). All truste¢s give their time freely and tho truste¢ reMu￿￿tiOn paid in Ihe yf4r. c.'fh¢ methods gdopted for tht retruitmthi ind Awthtment of new tTh5te Th¢ trtinimum number (¥f trust¢e$ for ihe thwity is thrc¢. Any addiLtonai mrs*es must Ix appointed by resoluiion of the iru$tee8 and must indirAte their willingness to act as a Imsiee of the ¢harity before he or 5hc may &¢t 85 5u¢h. d. Policies adopted for the Indurtlon and ¢r*lning of TTWtees There is no fornial procedur¢ forthe indy¢iion and irainin8 of tru5*es l￿d down in th¢ TTUSt Deed. Trustees will have long 5tandin8 busiiie55 ¢XPCTience or direct expeii¢nce of chrritable edU¢￿10Th provision in the developin8 world. All tru51Ks will b¢ xiven and directed to guidance for ¢rustses issued by the Chawities Commission ID order kn help them ￿de￿I￿nd their duties and ffsponsibiliiies os a trustee of the charity. e. The orgAnlsotlon*l stru¢turt ofthe th*rity #nd how detbBloxi Ire rn*de The trust 15 mana8ed by trustees. The TTUSt Deed stipu18tt exposed to risks involved in fundraising because its core &tivities art supwr*d by donation5 fr0]n the founder and income from ikvcsthi¢nt capitaj. The charyty ha5 limitd its exrA)sure to misappropriatM)n of funds OT mismanagemcthl of its investments by ntyacting with Meridiem Inve5tm¢Ttt Managetnent LLP Ifonnerly kjknwn a% Verrta5 investment Partners) an ethtity ly8ula￿ by the Finan¢ial Conduct Authority IFCA). Investments are held in medillm risk funds a5 &lvised by Meridicm. The charity is p)tent1￿lY exwsed to misappropriation of 8fdnts. It controls thi5 by seeking Tec¢ipts and vertfying of funds wherever possible, for C￿mple. by attMdanc¢ rEWrt5 from the sclHx)l that a studeot has att•)ded. Payments aTE also made whenev¢r w>ssible pr¢-seleoed reputabl¢ local portner rhan"ti¢5 in eath ¢J)tmty ￿ minimise the risk of fTaLHlulent payments. The Charity Teltes on its investments delivering inc£Jme and value gro￿ to fu￿￿ aciivitics. A5 with Any itsv¢stmenL ther¢ is a risk that the value declines. this is mitigated throtjgh keeping a Wcththge of investhkents in short tenn money market funds and use of a professional investm¢Rt mar)ager. Mcridiem, to manage the rAJrtfolio. h. Relationships with other group •nd ch¥rltles The charity r¢¢ognise$ that there 15 mu¢h actiVi¢y alr* in the aTea ofimproving educthion in the developin8 world. The Madrinha Trust aims to Complement rather than ¢ompete with extsting organisattons and &* slated in the charity's development plan aim5 to erÉ$uTe that fiEnds &re not sp.ent on arty infras¢ructur¢ c4)sts of those or8ani5atiry￿ and thai funds aye Idditionat to rather than * Teplic¢mentof existing Up to th¢ end of 2024 the ChaTity had ¢5thblishd relatiOTthips with 13 othercharitable or8anis&tion$ throuBh which to $cholar m¢otces are M￿¢. Th¢ r¢lationships CUTr¢nily exis*nt areu.. Comrnonwealth Girl$ Education Fund ICGEF). b￿tyJ in the Unitrd Kinslknh. ptovides sponsorship yants to gir15 for s¢¢ondary or high school cducation where this othen¥is¢ miBht hot be wjssib Kenya Kesho 8n ducati00￿ charity hvin8 a hu8c impa¢¢ on a vtty loeal. disadvanta8&1 rommunity in Kwal¢ County of Southem Kenyo. KwAlc Couttiy ume s¢cond lo tr*)ttom in the nation￿ ¢d￿￿10n81 league thblcs in the lotest National asse5sm¢nts 3. T￿4 Rivtt Life Foutthion ITRLFI 1$ a Th8rithble Trust Sth vp by Gabriel Teo Kian Cthon8on 13th December 2005 in Momba$&. Kenya. Gabriel been livin8 and working in Tana River Thsirith. K¢nya since 1995. The Foundation was set up with the objective of tSSiSling the m4r8inalhzed thrtyjgh ed￿￿tiOn wui5ition of liv¢lihwd $kill$. 4. Rwanda Acttoll OP¢Tates in th¢ r¢mote south_wcst of Rwandffj in the distriffl5 of Rusizi and Nyamasheke. The aim is to support the vulnerable And disadvantaged, es￿Ctl11Y childr¢n, helping them ts) develop the ski115 and knowlcd8e ￿ build a better future for themselve5. th¢ir f&milie5 and their eommunty. 5. TEST{The Teniary Education s¢hola￿￿1P TnLsiI forAfric4 b*s¢d in Ghaw Malawi, Tan7Ania and Ugand& Foundcd by K¢iih Lloyd 8tt Jlurnnus and th¢n Head of Lina¢￿ C.olle8¢ Oxfonl University. Keith and his wif¢, MAriorie, with th¢ help of the UK gov¢mment through the DFID schetn¢ creaTeO a serie5 of5cIM)18rnhips for very brighi finftncially needy African studehi$ to pursue university in $ubje¢ts which woyld ¢nhan¢e the so¢io] and economic developrnt4rtof their wuntrieg of origin. 6. Teach thé Nation SA.. Through its Fellowship s¢heme. Te￿h the N￿lOn Seeks to d¢v¢iop students atld ￿ help them to T¢a¢h their full potentia] And make them r¢ady foT their fijtuff (arcer.￿. 7. Edu Fun. bwd in South Afric4 1$ 4 volunteer.ld rK*n-forpmfrt OTB8nisatiot) wO￿l￿g with the DÉep$l(*M Combined S¢h￿l in the township of Di¢p51oot on the Mrthern outskins of Johaththe5bY￿ South Aftica.A*.' 8. KHULA If0￿erlY the Dovid RBttray Foundation) which means to Grnw orto p[r￿per. Th¢ David Rattray Foundation was found QTLginally in 2￿?7. KHULA works clwly with ￿MmunItieS 8nd s¢hwls in Umiinyathi District of Kwazlllu Natal, South Afri￿ in PToviding the resourcu, ski115 and opporntniii¢s th￿ the pupits tyeol io succeèj Én lif¢. M8ke A DiffcTen¢e Lxadership Found8tion (MAD tK8dcrship Fouthdattotsl. based itt South Afrio share5 a vision ¢0 develop &caderni¢ally thlented scholRrs with leadership ￿￿tential in¢0 ftstuYE lead¢r5 for Sotsth Afric& Make A Differen¢2 Leadership Found81ion NPC was fomied in 21)03 to reajise this arnbition to transfomi SouthAfrica-oD¢ s¢I￿lar at a Itm¢. 10. Sai8on Children 15 a UK based choTity worktn8 Outof Victnam enabliD8 disadvanta8&1 ¢hildrcn and young duhs to re￿h their full ential thrtsu8h rweiving a qualtty education that 15 relevant to th¢irne¢d5. I l. The Hanc*)n Found*ion for Mdical Schoolg in Pw5¢%tine {fo￿erty FQMS) fonnod in 1997 ￿ • UK ￿gIstered ch4riry to support mwliral education PaJe51ine. 12. The HIM￿&y￿n Youth Foundation {HYF} works to improv¢ th¢ ducation. heahh and living conditw)n5 of otph￿ed, 5emi-orphArted and di￿Vant￿ed children and young px•ple 6 - 25 living in thc Himalayan reghon. Page l (li) 13. EDPTTUSt (Ghatrja) is a UK-based charity fownded in 2(K19 to provide frtr. quajity scnÉor sccondary educatiott in Gharta for disadvantaged youth. Its main ifttitl￿l¥C 15 at th¢Awuth-Winton Senh)r Hi8h Sch(K)l in Awutu-Berek￿ theonly fee-free s¢cotÈdary school in southern Ghary4 seryiTrg 3Erf)ut 520 students. The $th￿)I impn)￿S social mobility and offers excellent teaching and facilitics working with fr￿al Pthers tts emp)wu $tudenty believrD8 education 1$ the r(yrte Olrtof JK)verty and a right every child deserves. The charaaeri5tios of our palthv tharitits are os follows. Our parther ¢harities have efftttive preseTJCe in the w0)trI￿ which thcy opuHt< and a w￿]ng k￿wledge of their ir*4iwdual ¢dueationol* political and ¢¢orK)mi¢ settings.a,. We hove e&sy aece5s kn a named individual within our p*tncr ¢lwity is TW5ibl¢ for Yesp)ndinR w our qucries. a1￿y1n8 &ny concerns ond is amenable ￿ Eetn8 guided in our ¢thos. r¢qurrcments 4nd tsrgets.. Our partners are fInan¢t￿lY Stable, have other 9)ur￿$ of incorne aThd arc rK)t dependent on oyr fvnding.*A&.. Our partner8 Participat¢ in our int¢rnctive s¢ssiork8 and Ce￿brI* the su¢ttss of OLLr scholw ￿￿teeS.5 Our partner charitjes Aclivety partiCiP* in re￿MMendi￿g and re¢Nitin8 suithblc mentor& arc familiar with their region or couniry of Ope￿10n. Objeetlvos and •dlvltk 4. A summary of the objetts of tht ch*rity 15 sel out In its gov¢rnlng theuo)eAt The Trust decd of the charity cr¢aled on I february 2011 on fund5 seiiled by Micha¢l Fr￿¢1& G￿the8&n. thc first thre¢ tru5teeg brin named as Jania Geoghegan, Maya Sanbar 8nd Amrit Singh. Th¢ Trns¢ deed ouilincs Ihe obJ￿IlyeS ofthe charity. the powers of the tru$trt5 and procedures for their aPWiOlmenl. rules for the P￿rding5 of tr￿￿e¢S and their pro¢tyJurai p)wets* r4utr¢m¢nts for rrtords and a¢¢ouTrts and procedures for the wnalgamwion and dissolution of the chHrity*.' The objectiv¢$ olthe charity *e the advancement of educ*ion and the relief of p)vewty by the provision of fund$ and financial ￿lS￿n¢t edu¢aiional and other P￿Je{ts anywh¢Te in the worfd. bui with a P￿]culAr focv$ott Afri¢ft and the d¢v¢loping world. Selected projects sknuld aim to improve ethication, relieve rthd imwov¢ the ty)nditions for9￿latlY •nd economitslly dtsadvanta8¢d pcople and communities. Publle beneflt that Ls provlded by th¢ ehArlty Throughout lh¢ financial year the main objeclive of the ¢h8rity continued to be to identtfy young ptr)ple in the d¢vel¢)pinB World and 5UPIK)rt them through their education ￿ well u 511PW)rtin8 thos¢ studenL8 ¢urr¢ni]y $PDtwr•J by ¢htirity. The charity believ¢s ih&i the provision of o supwrt $llUCtUT¢ to ensure that a person Ttceiv¢s adequate education is a very important step in ensurin8 that a young person, their family And ultimatcly th¢ircommunity lift thtms¢lvc5 Out of rKJv•ty. 'the trustees of th¢ charity have F*en direthly involved in m¢nwrirt8 selected individknal$ y) th￿ they can &8sisi them with iheir paths and en$ur¢, As far #5 Fossible. that th¢ r¢¢ipicnts use their wjucaiiorb for the benefit of their native couthty. In fromin8 th¢ obj¢¢tives of the ¢hadty, the t￿$￿¢5 have had regard to the genernl Buidsn¢¢ issu¢d by the Charity Commission on publi¢ benefit. ineludinB 8uidath￿ on the prevention atyl relief of p)verty for th¢ N]blic benefiL The ch4rDty's Ilms IntludBng the ch#n%es or dilferenees il Jteks tD m*kt ¢hrough its Ittlwltlts The charity's visiott is to develop fvture leaders of th¢ ¢kveloptt)& wor4d. This will be achieved by providing educational funding for disadvantaged young people with leadcrship ability providing individually tailored support for thcirdevelopmen4 ¢5)¢ournging Hn open metttQTing T¢1￿10Th$hIp to IX*)￿ th¢ir confthnce and an avenue for ¢xpJoring the Op[￿￿]￿￿ open ty them.kn' 'nJe charity is committed to providin8 access to education for the youn8 pwle in its ptD8Mnm¢ by paybng tertiary ￿vratiOn fees. In addition, the charity will provide ancillary services to the s¢holar mentee5 such ￿ plM)ne& laptops, books, academic w¢4r wnd travel subsi5tenee allowances to bridge th¢ gap beiween school and university 8nd fa¢ilitate work exp¢ri¢nce in any gap yrBr P¢TiOds￿.￿￿- ., To maximise the b¢nefii of any edurotion that it provid4 the Charity beli¢v¢s th8t Men￿ring and guidance is an imFX>rt4nt part of the education proitss. The Ch￿ILY provid¢s UK mentorn to all the sclMilar5hip 5clJolar menteE& olyering long *rnJ SUPW>T( guidance 8nd ¢ncouragcTneni to eThabl¢ s¢holar mentee$ to pursue their pEr￿n￿ Boa]s atld aMbilions.' The chsrity ha5 a wide dis¢r¢titsn in its ￿)wtr$ and can help th¢ ¢ducation process in 5eveTrl way$. This Could also includ¢ assisting and funding research to ¢r¢ate atj ecotwic plaTh for a ¢(Mutty. provide fiJNts for the ￿￿c￿lIOn of poterTrtial lead¢rs as well &$ helping build the educational structure in thiTd world eourttrie& Page l {iii) d. An explan*tion of the charity's obj*¢tives for the ye•r During 2024 the objective of the chaTtty Temairted to expaDd it$ of Me￿lorS and to devek>p 8t￿ 5brngthen links with sponsoring partneys with the aim of Incr￿1ng the nurrlberof siudent$ r¢ceiving eduL*ionaJ supw)rLyi&'; The charity h&% ajso aetively continued to Strcn8then the thinislration. M￿Ing offering and marketin8 of the ¢harity. An explan*tion of the ch•rlty'8 Str8tegle5 lor achieviDg1ts 5t*ted objetlive8 The Madrinha TnLSt Development PIao oudincs the charity's siiategies for achieving its Stat￿ obJ￿1Ve5. In $ummary these ar¢: Flnd suit*ble benef*iarie*K4. Candidates are selected by our local partnerthariiies attd are Tes￿n51b1e for the authenticity and validation of all chrtdidates Athd thetr supwrting papetivork. The w>tentiaJ new scholars arc then interviewed by Madrinha Trum tnLS*e& vio video link. who &ss¢s5 their suitability for ￿holay$hip selertioth and the mcntrxship [￿gramm¢. The final listof skn¢ressfvl candidates is then fonnally aPPToved and 5i8ned off by th¢ triistees • a ¢rustee rneeiityg. In 2024 the charity provided scholarships for 57 scholar5 wlw educwion81 exp¢nditwe has been approved. The Scholar men*es of the TnLll ¢omprise individua15 wh) display the folknving.￿., ar¢ hi8h achievers who very often have no positrve ft)k m¢￿*1$ within their Ioc41 ¢ommunities.&. aTe from disadvantaged ￿k￿roUnd$ and often the firtt within their fAmilie5 ty aspire to higher educ4tion and unlik¢ly to further their edu¢ation withryjt In￿ supp)n*' have th¢ poienlial ￿ becom¢ le&ders ith vari￿$ fields 8Thd within th¢ireommLtnitics. Our Ment0￿ ¢ontinu¢ to guide them to rKognTse this wtenti￿ fulfil i¢&.. have strong ¢ornmitments to 8ive back and 'pay fon¥ard' to theirwmmunities and to wntribute io making the wider WOTld better for others. Acceptin¥ a mentored fut)ding 18reem¢nt wthich in¢orporates J slron8 petsoiial siatement of '8iv¢-back ommiiment, Is esseiiiial to the ￿nMen¢¢￿ent and ¢Onlinkn￿l0n ofour relBiionship.&.' ar¢ able and viillin8 w communicate th¢ir needs. goals Ishorl medium and lon818nd th¢Irch￿len8¥ ￿ their mentors. Their mentors will keep working with them lo find sutt•bk solutions.U.' Menior the benefi¢l#rl¢sth&.' Before the approval of any fin￿¢lai support the thlar mentees hav¢ to agret to p4rti¢iPAtiOll in th¢ m¢ntOrin8 pro¢ess. Each of the pproved scholar menie¢s L5 alloc4t¢d i menlor the communication sUp￿rt procw has Start￿.*.. To ensure that the scholar m¢ntces are p&ired with a met)tor fTOm wIM)m thty benefit and io ensure the ongoing quality of the Men￿rINg process. th¢ ¢h8rity maintains gty)d communi¢&tion via WhatsApp and holds re8ulNr meet ups. Th¢ ovcrdll objec(iv¢ trmains to ensure th&1 mentors are pairtd with 5uitsble stholar metltees and to co8ch the skills required to b¢ 4 successful mentor, thc record5 that need kn be kept of ¢ommunicalions. 8uthline5 for xhDlar m¢nttt5, evaluation t￿hniqueS and how to rewrt SU￿¢$$￿., Madrinha places great V￿￿¢ on th¢ Tole of the mcntor bcin8 perforni¢d to as hi8h a s(and*TJ a5 W)5sible lo ensure that the process is carried out for the maximuffl benefi¢ of S¢lK>lar menie¢s. Therefore. 8 mentortng hatldbook h8s becn publtsh¢d and 15 155ued to All meniorg. The rrbentorin8 bandknk (y)ntains the Mxdrinha Trusts v¥lues. the roles rtsrrfTrn5ibiliti¢$ of mentors, rights and r¢sFK)nsibiliti¢s of ￿hOl￿r meniees. Steps in the Meth￿rIng Pr<￿e4 k¢¢ping requirements, the requirememi for & filter in th¢ m¢ntoring proce$4 tips on letter wrtting 4r¥J dcvelopithg r¢latM)n5hips as well Is guidance in the of problems.￿.. The chArity hth$ 100 mentors who regularty communith with the ¢h4rity via WhatsApp to stay Lti regulor contaci with Madrinha and Ihe MBdrinha scholar menrees. Our mcntors are prof¢s5ion815 in TrrnTiOUS fields WIK) understsnd the value of theirgift of time to support a scholar ment4 they are 211 volunlc¢r5. They hftv¢ 8n affinity for eithcr the scholar ￿￿tee'S country, subject of swdy or wir8tl(*ISy v¢ry often thrtt.,, Our mentor5 are empatheti¢ and have i g£*)d Unde￿aTri￿ng of thc Scholar menttts. ciMmsrances. environment, at educational system*.' (￿r menior5 attend inieractiY¢ sessions and acuvtly strtve to unders(8nd and menthr in line with the Trust's ethos.ap,' Our m￿)torS tsften hay¢ langwe skills that mak¢ ￿Mm￿nIcating with the 5dJoiar mentees both easier and mor¢ enjoyable ror the scholar mentees ment¢¢￿.. Page l {iv) Complete its jni8s1011s￿. The charity Sup￿rtS knth ¢xisting and tEcentty y*luated studethts through theirtime as a xholar mentee and afterwards.. Multiple communi¢*ion thaThThels have pul in plxe including WiatsApp. phone and e-mail for s¢holar mentees and for mentors. MadriTrha set a b￿[dY menu)rship programme mad¢ up of local ￿￿M￿l who Can offer in r¢gioD peer to peer SUPWkrt to s¢holar Tnenitr5. Modrinha holds regular workshops for all students focusing on a ￿17-ConStruCted carttr skills programme. Madrinha ha5 cre*ed att acitve alumni &wiatiort Madrittha TruAAlumni Committee (MTAC) for its graduates who have eA)mpl¢ted thc forn)￿ rrti(d of education and mentoring. Madtinha will continue to thke on new beneficiarie5 but only whu¢ it h&$ the fLuJds available to fitwic¢ each scholaT mentee's educattonal w)grammc to complrfion.*.' Marketing the tharityjd The ujain marketing &tiviiies of the chartty are.. PromolioTr via its websiie.. www.DJwJrinha-mLSLor Maintenatsce of a LinkedIn page with cot￿¢(lI0￿$ ￿ scholar mente¢5. mentors athd'on th¢ ground w-ordinatOT5'. Pr￿U￿tion of & regular Madrinha inj# n¢wslett¢r issu¢d to Scholw meDtees. M¢ntLYS 8nd Sup]￿rterS of th¢ ch2rity. Pr¢poration of an annual re￿)rt dethiling the wts￿ of th¢ charity during the year. AchlevemeThts performAne* . Ch*rltAble xttivl¢kJ durlme the yeAr Th¢ charity funded 57 scholar mentees during 2024 of Wh￿ 51% are femajc Bnd att maie. They aye b&s¢d in 9 d¢v¢lopin8 ¢ountri¢s. Payments to scholar men*es £228.3K in the ycarto 31112124 1£184K in 20231 and the uustees iDt¢rtd to make payments to existing ycholar mentees of £271.5K over the yesrs from 2025 to 2028. The ¢harity now PTovid¢d a total of £2.41m in edU￿10nD1 feu and supp)rt since iiK¢ption. b. FundrAEslng aetlvltles Durins ihe course of the year the charity was fut*ded by an 8ddition81 don*ion from th¢ 5¢lllor. Mr M F C¢oghegan. tygdher with the orisinol exp¢ndable endowrnent of o gift of shorcs given by the settlor rela￿ investmeni revenues. No tsjditionil fundTaisik8 4ctiviti¢s were carried oui during 2024. Inve5tmeni ptrform¥nee lthieved *yiwt Investment objertlvu Jet The tru￿tt5 have adopted a ststement of inv¢stynent Pri￿1p]eS which described in the 8tctK)n of the tru5freJ' rwrt relating ￿ inveBtm¢nt policies and obJ￿tIVes￿.' Tbe market inv¢sllnents are maMBed by Meridiem Invesiment Management {forniuty krth¥n a5 Verttss lthvestmeni Portners). The ¢harity I'rcasurer and A second trusiee hold a fonnal ￿nUal mttting with M¢Tidicm Invesunent M8n8gemtht LLP to review Ihc invesim¢nt portfolio and ¢aTry Out a suitability review. Monthly valuwion reports ar¢ supplicd by Meridiem and 4d hoc medin8$ 4r¢ anan8&J and when necessary. Flnancl81 r*view . Polldw reserves At the end of Dec¢mber 2024. the Ch•rtty held £322.5K (21)23 £3345k) of net aft¢rallowing for future commitsn¢rLts for exi#ing scholar meniee5. En￿Wrnent fund ttserve5 are only tssed with th¢ ament of thc Founder and Tntstees. Prlneipal fundlng *•Tces and how expendlthrt In tht ye*r revitw h*s SUp￿rted ¢b¢ kry objectlvos ofthe ch*rtty The Gharity funded expcnditure in 2024, 4$ perniitted in its tyUSL d¢wL primarily by dr&wing down ¢8sh from the investment portfolio Matt￿ed by Meridiem Investment Mar￿ement. 'rhe main expenditure of the charity in 2024 contiDu&J ￿ be the funding of Scholar mttrt¢C5 cducation rn developing o)untries in a¢cordance with the charity'5 kcy objedivcs. The investmertt wblicy and obj¢rtiv(4 InoludiDg the extswt (If**y) to Ivbieh #4)ci•( ￿VironMental or etblL¥I ¢onsidtrAtitins #re tgken inlo #ecoknnt Page l (v) BackgrounrtAtpx.. The Charity is an un1nrotlK￿ated ¢haTity* giv￿ inittal fitrwjing in th¢ of£l.9m ih sha]ts dortats1 by Mr M F Geoghw. Ihe majority of these share5 w¢re immedt*ely inv&Eted itt a tDethum risk investri¢nt fund &* •fvI￿ by Meridietn Invcstment Management LLP_(!onn¢rly known as Veri¢as). Meridiem Investment Mawement issue a monthly wjnfolio vaJLMbon and in &ldition the Charity Treasur￿ and Chairman hold meetings with th¢ fund managers to discuss arKI review the charity's p)rtfolio. Th¢ fiujd continued tr> generat¢ a￿ve intlatron retwtt$ in 2024. During th¢ course of the year the valueof the funds under managanent gentrated r¢aJised gwns of £79.9k. and unrealised Jrvaluatto gains of £79.Ik. After withdrawdls of £386K the funds uryler managment ex¢luding ¢45h d¢ttc&*l slighdy from £1.60m to £1.52m. The p¢rforman¢¢ is analysed in the table bebw.A&.. Inv￿¢ments 2024 Brought fonvard Pur¢has¢s SAICS Realised gains Net unrtalised wns C4rried fonv•rd 142 {3861 79 lJ18 2. Investhient Objedivcs.. In order to guid¢ the inv&qtmemt 5trat¢8y. the IM)•rd of th￿te$ hLq adowed the followin8 obj¢¢¢ive8 with re5PrfC to investm¢nts.. .' The day-to-day manasemcnl of inv¢5thteThts is undertak¢n by professronal it)V¢Stsnenl Matt￿er$ on 4 di5CTetionary basi5. The twsi wishes to maximi5e the relurns oth its inves¢menL% ¢ommensurate with its defin￿ l¢vel of risk. whi15t adh¢ring to the generftl principles of tru￿ law for ¢hAritabl¢ investmeni wrtfolios. A¢ 31 De¢¢mber 2024. awroximately 68% of the portfolio was held in equiti¢s 32% in fjxed inL¢r¢st 5tcuriti¢s and cash. U.. 3. Risk ￿.. The assets of lht charity will be exp)5ed ty vtrious riskq. Th¢ EK)ard hag con$id¢r&l the folk)win8 risks when ggreein8 their The risk investment$ will not deliv¢r the increases in rtal capit81 or inc4)mt TMlue$ ¢xpe¢t•l. The risk that the inv¢Jtm¢ni mawers will not ￿hle¥t th¢ projex*d. Investment Strate&v The strat¢8y adopted is thi*.. ￿.. Investments are h¢ld ￿ ￿eate rul ttturns over th¢ In•rtSkneni hori70t) of five yewrsplus throughbothdividend And inkre5t Trncome And ¢apital growth. Th¢ D¢vclownent Plan tarws a real retum of The tru￿¢¢5 arc willing lo acc¢pt 8 medium risk 4>prD￿h in the achieve¥nent of their obj*tives. The Ivng-terni indicativ¢ guideline alloc￿lon forth¢ main fund will bc 65% 4lliti¢s and 35% fix￿ incorne or c4sh tquivalenL8 Within r4nge5 of so-8￿￿ v4Uities and 20-S￿ fixed income or ¢ash equiva]ent. Short t¢￿ treasury needs {ie iy)mmithients duc wrthin thext 12- 18 months) arc hcld in c&8h 8nd money rnwket funds when possible. Ethi¢AI P051tion ￿. The charity h4s issued no $￿Irl¢ ¢thicaJ guidelines to Mertdion Invtslmeni M*wgcment LLP. U.. Day to day mwnagemeni ￿.. Th¢ trustees have appoiTr*d Mttidiem InveS￿ent Management LLP as the ittvestsnent managei to manage the tm5¢s investment portfolio. The inv¢51mcnt manag¢r ¢xercises its investment to achieve th¢ trus('s obj¢div¢5 with the appropriate level of divcrsifjcation 05 directsd in section 3.12 of the Chwitablc dE¢ The charity Tretsu￿r and a se¢othd In￿ mothitor the tththmanrc of Meridietn and *ssess th¢ perfom8nc¢ annually in 8 m¢cting with Meridiem Invc8tmertt Monagement as well a8 ad IM)c mefflit18s should the Circu￿stanceS n￿esSi￿le. &., Nole. Aleridiem ¢knugedits irtidi￿8 Rame io Managefvw& 2025 Page I Ivi) d. Availability *nd adtquaey of of tsth of the The board of is satisfied that the in fund ar¢ available and &14uate to fulfil its obligations in ￿SpeCt of each fund. Trins•ttiow and FSn*nd•l p)sltlo The Siat¢ment of Financi￿ Adivities shows net outgoiii8 Yesources for th¢ yearof£12.OK {2023 net outgoing re50ur¢¢5 £63.9kl&.. The tot￿ res¢rve5 at the period erMI stand 8t 322.Sk12023 ￿34.3k). Approv¢d by ord¢rof the manbers tsf the tthrd of Truste¢s and si8n&l on their bchatf by.. AGO¥ Page l (vili Independent ex*min*Ps rewbrt to the tnistees of The M*drinh* Tru¥t I rewrt to the rharity trustecs on my examination of the actounts of The Nl&trinha TTUSt (the Tntstl for the year ended 31 December 2024. Re8Kw)nslbilities #nd bxsi5 of ￿port As the charity trustees of the Trust you are rt5EK)nsible for the p￿ti￿n of thc acMunts it) acL¥)rdance with the rtqUiT¢meDts of the Charities Act 2011 Imhe Ace). I r¢port in respect of my exarnin*ion of the Tnlses *couttts L￿1¢￿ Und￿ Se¢tton 145 of th¢ Act and in carying my examination I have followed alI ￿p]ICable Di￿10￿S 8xven by th¢ Charity Commission under Settion 14515Xb} of th¢ Act. Independ¢nt examinerf5 9tst*#ent I have completed my examination. I wnfinn th#t no material mattets hav¢ c4)me tr& my attention in contte¢tion with the examination giving me ¢Au5e to believe in &rty matrrigl rwJe¢tr. a¢¢ountin8 rwrds were not kept in res)Xa of the Thwt a5 rtquir¢d by Sgaion 130 of the Aa; or th¢ accouo¢s do not 8¢cord with those re¢ord5: or Ihe Accouttts do not comply with the applicable ¥egllir¢memts ¢oncernin8 the forn) and con*nt of accouot5 sei out in the Charities (Accounts and Re￿Ets} Regul&ty)n$ 2(Kl8 oth¢r than any requirem¢nt that the &counts give true fytsd fair vi¢w which 1$ noi a rna1￿ c0nstde￿d as part of an iTwJet*ndent ex8min*ion. I h&v¢ ￿ conc¢rns thd hav¢ ¢ome across no Lthr mthr5 in cOnn￿tIon with the examination to ￿1¢h attention should b¢ drtswn in thi$ rnport in ordcrlo en8bl¢ • proper under5tandin8 of the xcounts to te rea¢h￿. David A. Cox BA FCCA FCA The Instiiu* of Chllrter￿ A¢￿￿1thts in En8]•nd Wales Cox & Co. IA¢¢ovntsn¢y} Limil¢d Chartered Accountants The Granary High Sircct I'urv¢y BedfoTd Bedfonlshire K43 8DB D2te'. i.a.J i.a12o2.&.. FS ENDED 2024 Tot fiJn¢s 2023 Tot rvnts No INCOME AND ENDOWMENTS FROM t)onations and legacies 1382 138200 1,000 Inv&qtrncnt in¢ome 11.885 Tot#1 141.082 EXPENDITUREON R￿sing fund$ 2.076 2.076 2,292 Charitable 4ctivl¢les Grani Funding of activities 228 J31 228,331 184,026 Other 48.313 Tot*1 324 071 272 136 Net gains on investments 159 101 199.263 NbT INCOMFJ(EXPENDITURE) Tr&tt$fers between furAth (92.803) 80.8(KJ 112.IK131 163,9211 10 Net mow¢mtht In (93,992) 81,989 (12,￿3) 163.9211 RECONCILIATION OF FUNDS Tofthl fwid$ brou8hi f¢)rward 197,847 136,680 334,327 398,448 TOTAL FUNDSCARRIED FORWARD 103 855 322 524 334 527 31 2024 2023 T￿81 fvnd FIXED ASSETS InY¢strn¢nts 355.￿ 1.161551 .518.455 1,603,731 CURRENT ASSETS Debtors Cash at bank 263 203 263 26.844 8,498 35.342 36,780 CREDITORS Amourtts falling due within (me ye (202.643) {202.6431 (246.7191 NrfcuRRENT ASSE75 167 301 8 498 ￿209 9391 TOTAL ASSETS LESS CURRENT LIABILITIES I￿.103 1.171.049 lJ51.154 1.393.792 C.REDITORS Amounts. falling due after morn than on¢ year (76.250) (952.380> 11,028,630) 11,0592651 NET ASSETS 103855 322 524 334 527 FUNDS Unreslricied fund$ Endowm¢nt fu¥)ds 10 103.853 197.847 136680 TOTAL FUNDS 322 524 334 527 The frnancikl statements wer¢ approved by the110grd of Tntstee$ 2nd authoris¢d for issue OA 20" OC￿ber 2025 and wer¢ si¥nd on its beh&lf by: A Goulden. Trustee toth• TNEYE BER2024 ACCOUNTING POLICIES B#siJ of Preparing the fin*tttiil stslemewts The financta] St￿ements of the ¢harity. which is a wblic benefit entity l￿der FRS 102, have been pr¢par¢d in accordance with the Chariiics SORP IFRS 1021 'Ac¢ounting and Rew)rting by Charitios.. Ststemettt OF Recommellded PTactice applicable to ehariiies preparin8 their &couttts in ￿)[dan¢C with the Finarlcial Reporting Standard yplioble in th¢ UK and R¢publi¢ of Ireland {FRS 102) leff*tive l January 20191,. Fittanciaj Rewrtittg Standard 102 1lJe Firwnciel Rerorting Standard applicable in the UK and Republic of Ireland, and the Chariiie5 Aa 2011. The financial ststem¢nts hav¢ been PTepw%d under the historical c05t convention, with the exception of invatments which arr int[knd￿l 8t mat*d value. a5 modifjd by the r¢valuation of certain &ssets. In¢ome All inc4)me is recognis¢d in th¢ Stat￿A¢DI of Financial A¢tivities once the charity h&$ ¢ntitlem¢nt to the funds. it is probable th￿ the in¢ome will be received. 8t)d the amoltnt can be reli4bly. Expendliure Liabilities are recognis￿ ￿ expffiditiwe Is ￿￿n as ihere is & It£￿ ￿ ¢on5tDJctiv¢ obligation committing th¢ ¢haTity to that cxpenditure. li is probable ihai a transf¢T of ecommic benefits will be rwul￿d in settlem¢Dt and the amouni of the obligation ean b¢ me&$Ur￿ Teliably. Expendilurc is acctsunted for on an accrua15 b&%is and has been classified under headings thal 8ggTcgale all w51 rela*d to the Category. Where LX)Bts cannot be diTectly attributed ￿ pttrticular hcadin8$ they hBv¢ been allo￿t￿ to ￿1vIll¢S on 4 bASiS consistent with lh¢ use of resour¢es. Ornnts offerel subject to coNJrtions which have t￿t b#En the year Md, date atr noted a5 a commitment Ivjt not 8¢¢rued as exF¢Niilure. Tax•¢lon 'rhe ch8riry is exempt from lax on its ¢harithble activities. Ftsnd occountln8 Unrestri¢ied fund5 can b¢ used in accordw with the chwi¢thl¢ objecliv¢s at the diSuetk￿ of the trustees. Restrict¢d funds cart only be for p•rti¢ular restrict¢d purwK5 within thc objects of the chwrity. Restrictions arise when spocified by the donoror when funds ar¢ raised partiGulaT restricted purposes. Further ¢xPl￿wi0n of the natur¢ ¢nd purwse of ￿lld is in¢lvd•J in the rbxes to the fin8n¢ial stthmentq. Penslon costs And oiher pMt-retlremeTr¢ beneflts The ch8rity opcr4tes a d¢fined contribution pension %hem¢. ContrilMJiiOll$ payable kn the charity's pension s¢heme are charged io th¢ Stthment of Finhnciai Activities in the p¢ri(xl to which they r¢l8ts. INVEsfMENT INCOME 2024 2023 Other fixed wet iiivcst- FII Interest received 12.055 7.633 319 FCXiThE Y IiAISING FUNDS InV¥tnt￿¢ JnaDAg¢ment costs 2024 2023 Portfolio manbgemeni 22Y2 TRUSTEES. REMUNERATIOIY AND BENEF175 Ther¢ wett no tn￿¢￿5, runibiieration or bthefits for the ytsr ended 31 December 2024 nor ftsr the y¢aT ended 31 Decemb¢T 2023. Trwtees. *xpenseJ Ther¢ were no trustees, expenses paid fry the yewr eJth4J 31 2024 T￿r for the year ende 31 Decemb¢r 2023. COMPARATIVES FOR THE STATKMENT OF FINANCIAL ACTIVITIES- for the ymr ended 31 Detembtr 2023 fund INCOME AND ENtM)WMENTS FROM Donations 8nd leBo¢ics 1.0 1.000 Investment in¢om¢ Tot•1 EXPENDITUREO Raising funds 2,292 2.292 Ch*rli*bk *rtivitl•s Grnni Fundirtg of activiti¢s 184.026 184,026 her Toi•l 269 844 272 136 Net 8ains on investmtt 121035 r4ET INCOMEI(EXPKNDfruRE) Tr*D$fers between fund$ (182.664) 297791 118.743 297791 {63.921} Nd movement IA 115,127 (179.0481 (63,9211 RECONCILIATION OF FUf4DS Totsl funds brought forw 82,720 315.728 398.H8 TOTAL FUNDS CARRIED FORWARD 136 680 334.527 THE It Not lothè Pi 31 FIXED A&SET INVEsfMEM5 trnents MARKET VALU At l January 2024 Additions Di5posaJs N¢t gainslrevajuatir ,603.731 141.500 {385,877) 159.101 At 31 D¢¢¢mber 2024 1518455 NET BOOK VALUE At 31 December 2024 1518455 At 31 D¢¢¢mber 2023 1603 731 There w¢re Jjo investsneni OLtsidE the UK. Cort or ai 31 December 2024 is ffpmtnted by: un￿oI1$¢d 8wns C￿1 447.881 1070 574 1518455 DEBTORS., AMOUN15 FALLING DUE WITHIT4 ONE YEAR 2024 2023 Other d¢btors and prepayments 263 263 CREDITORS,, AMOUNTS FALLING Dub WITHIN ONE YKAR 2024 2023 Trade creditors hcr crediiors 5.830 196813 4,306 242413 P4e7 tothePI DED CREDITORS.. AMOUNIS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Loan from Bertefasxor 952,380 907.029 Other creditOT5 76.250 152,236 1.028.630 1.059,265 io. MOVEMENT IN FUNDS Trwsf•5 1.1.24 in ILI 31.12.24 UnrestrIct￿ General fund 197,847 191803) (1,189> 103.855 Endowment I￿ndS Endowm¢nt Funds 136.680 1,189 218,669 TOTAL FUNDS 334 527 322 524 Net mov¢rn¢nt in fiJnd4 included Éth the ai4)ve are ¥ follows: IrKtsriro fvnlts UnrtJtrlcted fun Gene￿ fund 141.082 (276.6441 42,7S9 192.8031 Endowrnent funds Endowm¢ni F￿Dd$ 11,885 147.4271 116.342 80.800 T(yfAL FUiYDS 324071 159 101 Compar*tlwes for ThoveuJent Tr•BIw5 At 1.1.23 3112. U#re5trided fundj Generdl fund 82,720 (182,664) 297.791 197.847 Kndowrnent fund9 Endowment Funds 315.728 118.743 (297,7911 136,680 TOTAL FUNDS 334 527 THE themnanc YEAR io. MOVEMENT IIY FUIYDS- contknued Comparntive n¢( movement in fund& i￿luded io the 8Tr￿ arc &8 folFows: Unrestritted fun General fund 8,952 (269,844) 78.228 (182.6641 Endowment Endowment Funth IUW2) 121,035 118.743 TOTAL FUNDS 8.952 272 136 039211 A curmt year 12 mffiths 2nd PTioryear 12 M￿th$ (wbin￿ ￿)sition is as folh)ws: Twsf*5 At 1.123 31.12 24 Unrejtrlcted funth Gcncrdl fund 82.720 {275,467) 296,(4)2 103,855 Endfywmewt funds Endowment Funds 315,728 199.543 {296.602) 218,669 TOTAL FUNDS 322 324 A current year 12 month$ and prior yev 12 months ¥XMLbined net nM)v¢m¢nt in funds. Includ￿ ID the Y4Eove are as follows.. Infund5 Unrejtrieted fund• General fund 150.034 (546.488) 120.987 1275.4671 Endtswm*t funds Endowmertt Fund5 11.885 {49.719) 237,377 199.543 TOTAL FUNDS 161919 D31 RELATED PARTY DISCLOSURLS There were no related party transaction5 for the year¢nded 31 Dwember 2024. P•Je 10 THE L4F 31 DECEMBER 2024 2023 JNCOME AND E￿￿)WmENTs DoNation$ athd legaek Donations 1382Tr) Investm¢n¢ Income Other fixed assd invest- Fll Intrr¢5t WXiVC41 12.055 7.633 319 Totol Incomlng r¢wurc 152,967 8,952 £XPENDITUR8 Investment m#n*%ement tostx Portfolio man4em¢ni 2.076 2.292 Chiritable •clivities Iniemship 5UPPOrt funding Fieldwork funding Graduation ceTcmoNy ¢osts Laptop coniribulions Granl gbving mtnt¢¢ $upp)rt 2.368 2.281 3233 2.307 218.142 184.026 228 J31 184,026 Other 23.625 23,625 16781 522 1,783 90 1.897 6,072 ,741 40.1 Sobial security Pensions Bank and other char8es Travel ènd subsi$t¢n¢¢ IT and softwsre ¢O$L Admin and office costs Gitts and entertainment Founder loan discount Advertising & markthin8 ¢￿ts 522 1.567 595 J.830 6.257 1,120 4S.352 217 81.08S 77.398 Support costs Covern*nt¢ ¢￿ts Gov¢rnanc¢ costs Legal fees 12.669 8.420 Tot81 rwurces exwded 324 071 272.176 Net ¢Apenditure before z*ins #Dd los¥es (171.104} {263,1841 THE oIFinan 31 DECEII ThEY 2024 2023 Regli$ed re¢ognised gains 10>s Realised gainsl{1055esl oll fixot th55et investments 66.771 Net ¢xpenditsre 12