Charity registration number 1142898 (England and w￿e•l THE ALEXANDER MOSLEY CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 THE ALEXANDER MOSLEY CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustre• MrsEMo Mr H Mortwner Mrs F Berard Charity Nmber 1142898 Prlncipl •ddrnss 20 Cutsitcrf Street London EC4A 1LT A￿d￿or Shaw G*>bs (A￿￿) knmited 2S St. Thomas Streel H￿pshIre S023 Bankorn C. Howe & Co. EC4P 4DQ Sollcjtors 20 CLnit4x Streel EC4A I LT Investm•nt advlsora Citadel SA Av. de Chwrpel 7&77 CP 386 1211 Genève 12 Switzertand Investment manago E¢*nond de Rothschild ISui5se) SA. 18 rue de He$se 1204Ge THE ALEXANDER MOSLEY CHARITABLE TRUST CONTEKrs Page Trusle&s' report St8lement of Twstees. respon*ilrt*$ lThY¢p•ndent atKlitrfs rekmjrt 8-10 Slakmenl offinanria adivths 11 BalarKe sheet 12 Statement of ￿sh l¢ys 13 Notes lo the finanoal statements 14-24 THE ALEXANDER MOSLEY CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2025 The Trustees present their annual reF¥M #nd fffjaThial for Ihe yew wKJed 5Pwl 2025. The finanoal ststomertts hav• been wepwed in w￿￿dance the ac{(￿n11n9 pofic48s sel out in note 1 to the financial slalernenl$ artd ¢onwly with Ihe ChWit￿9 Tnjst Deed. the Charities Ac* 2011 and -Ao))untmg 8nd Reporting by Charilies.. ststgff￿nt of ReoJThwnended Pr￿￿ applicable lo dbarilies preparfng their acwffil$ in accordance with the F￿an041 Re￿ting Starvjard •ppkaL49 in Ihe UK and Repthic of Ireland IFRS 102)" {effeclive 1 Januw 20191. Obl•ctlv*• and a¢tl¥ltl•• The ￿)leG*S of the Charity are to pro¥ide funds fty gerw* dwiitsble w￿se$ as the Twstees shall from t¥n8 to time IhÉnk fil. strale￿a$ lOr8¢h￿vIng 8ims and obi6cfives In furtherance ofthe obje(as Ihe Trustees may . lo make grants or k)ans to any pe¥scm. thanty aSso¢lalK￿. compary. lo¢* 8UthrJity. adminislratlve or govemmental agarw ￿ public body as may be for or iowards charilablo purK4)ses in (w¥nenle(I with or cah%lated to frJther Ihe ot4erts; lo procure, mjblish distrit*Jte or lo make grants low*ds ¢0* of others prouJriNJ, publishing or distribuliig matèiial in any fomi indud¥ig books. pampNets. rep￿ts. joumals. fi1rn5 tapes. or prwfflme$ that may be deerned desirable for the promolion of the obie¢ls of the Chmi or for the info￿ath0n of contribulors and other5 of the needs wogress of Ihe Ch&ity. . lo ¢xganise or make gr8nls l(y*¥ds cost of others (¥garN5rvJ rn￿9$. lectwes. conferences, broadcasls or ojurses ol instructkin," . lo tmmte or carry out re5earth', . lo acc8pI any gifts. endowments. W beffj￿ts. d8%ises. subsrytKirffj. warts, ￿ants ty c¢nlfft)ullon$ or any other kind of money. propkn, lights or priwlages of any kind including contrilMJt*)ns subject lo Spea￿ Iwst8 or coThJitions so that such c1￿1nbu￿ shau be hgld ￿ appled according to trusts or ¢onditKin$ on vhi¢h they were transfwre(L The Trustees have tsjrrentty ele¢ted to conliwe lo ftiri Ihw respon5tAths with ￿ardS to achi8viThJ th8 aims and o*'ects by Undertak1￿ grant making athil*s. TM Ch¥ity$ W makwry 1$ pro4ryded ￿r￿al. The Tr￿te¢S measwe the sucrEs3 of the ChwAy by fethng Ihe ofth8 grants wov#Jed. In the year erM1ed 5 April 2W2S grants totalh'ng £5.*7239 h•Nt provided to UK registered chwibes. in line the Charflls grant m&king p￿iCy. and ihe Tn￿1￿ we L￿r￿thing dr￿31￿￿ lo make in futwe years. The Trustees have referred to the Ch*ity ComrThssxm's ¢)n pthli¢ benefft when revivwnlg the Charivs aims and objeclivès and solting tho gr￿t makng Fthy, wxl consitjor Ihat the Charitys acltvitses are for the benefit of the publi¢ gèn8ralty- THE ALEXANDER MOSLEY CHARITABLE TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Grant maklroiwtscy The Charity has èstablished its grant making lo aCli￿ its objects for ihe pubjic benefft. The Trustees Ifirm that th$y have vJmrAied wlh the duty in Section 17 of the Charitses Act 2011 aThJ have refened to the Charity commissi￿.5 general guidanrA on public benefrt when rewewing the Charttls airns and objectives and in plaming ftrture adi¥Aies and $eltin9 the gwl mabng wAcy fr)r the year. The Tiustegs. Gurr8nt grant makmw pcthcy. orKI 8ssessm￿ wocesses we as fithws: Prln¢lpl•¥ In awarding grant5. the Trustees*ryll aptty the fokniNJ 1.1 ApFAicatKJns from UK ragist8red th*ii*s be cA>nf4dered in wity 10 4F4icalions from urTrgisleTed tharilies. 12 All applicattons from wevious rewients of grants or from prewousty unsuccessful applicants will be Con￿dered by the Tru$tees on th&ir ovm merils. AIIIW the Trustees will have regard to the outcome of the pre¥ious gr￿1. new apr￿ati￿5 wl receive Yele￿lia1 or alh￿Se UX￿￿JeraI10n. 1.3 The Charity ￿11 not nomally suprmyt ¥pt*¢aticrfts from large national d￿ritieS i.e. those 7Mth ￿ annual come *) exce55 of £10 milh.on cf wth >£1(KJ assets LY chartti8s deemed by th8 Trustees to b8 already well.funded within the UK. Ex¢lu#lons The Twstees will not nom￿lty approve the use of the Chanty's fun(ts lor purposes for vthich the UK Government has a statulory rasponsibilhty ta prti￿de. As•e$¥m•nt prvcev4 3.1 All grant awli(xt*)ns will be subied ¢0 ￿jaI assgssmgnt lo enswo Ihoy meet thg basic criteria for funding. Grants be cons*Jered by Ihe Trustee$ * each meetw)g of Ihe Board of Trustees. Twslees will aim to write to SUCLessful applicanls infornNng them ol Ihe outcome of their apph'cati(y) for funding wlhin two months of Ihe dale ol tha applieatkM. For admYAstrati¥e r&tson$. the Tmstees wil only re¥)ond lo apph'cats"ons which are succèssful. 3.2 Appliwts shoLld note thal. a5 wilh mwhy olher chwitable tru51s, the Charity Oft￿ receives far more applicati¢)ns than it has funds to SUPPCrt The Chwity may therefore be unable lo prowde a grant lo every appliwl. 3.3 The Tmslees wil not b• oblyd lo pro¥ide ￿ ex*nation to an appI￿nI should the￿ applicathon btr unsuce*ssfiJl. Achievements and performanc• Slgnificant a¢ÉMlies and achievemonls agafftst 04*cbws The Trust8as awarded grants lolalling £5.%7.239 (2024 - £2.831.￿) during Ihe year ￿ accordance with ihe Charitls uvanl rnaking pothcy. A detailed 1st ofal grants mad• in th• are detailed in Th)t• 7 to the aCcO￿t$. FundTai&ng praclices As is approprl*e lor a grant-making charity. the Trustees have not gener• invite(J donalions frc*n Ihird parties, and rt is their polw lo review dOnatiL￿s from potentol rw $upp)rters on a bespoke basis lo ensure Compliance with all legal regulations and obkgats￿s. The Truslee$' gene￿ intention is lo make grants using the income generaled by the ￿OUnt bequealhed to the Charity and by the Charity's exi5thng irweslments. but kn rèse￿ the ryht to mak8 uyants from the Charty's ¢apit¥l. The Tru51ees do not intend to undertako addiiwal Iwth$iig a¢tiwty at this time. THE ALEXANDER MOSLEY CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Flnanclal rnvlew Total reselves héld at Y)e end of the year eTrJed SW 2025 amwn18d to £146.929.5S412Lr24. £157,499,040). Resutts ￿¢he year A 8ummw ol this ye8fs results ￿ be fwnd on page 11 otttws rewl and &>XAmts. DuTlThJ the year endgd S April 2025, Ihe Ch*ity was nolified of interim begacy th"51ribulions of £nil 12024 - £41.520,7291. A Tebale of £76.376 (2024- £779.051) be¢8me for lax on 1￿me from the residuary eslale. with repayment interest falthng due of £37.763. Invesimenl for th* year amounled to £5.713.883 (2024- £4.651.952). The siwrfjcant to Ihe inveslment pjrtfolo (thje to the legaol recep￿1 is Ikety to hvÈase from uNestments in fulwe yea￿. The Trustees awanled grants lo instittrticTh totalling £5.*7.239 P024- £2.831.850}. Inwtstmenl managers costs ol £475,388 12024 - t325.￿71, grail administratKJn c4Xts of £34.￿9 (2024 - £89.297). govemance rAlSts of £6. 12024- £8.357) and fi￿ce costs of £19,449 (2024 - £13.4981 the ioial expwdlure to £6.504.00512024- £3.268.￿l2>. There were inve$tm¢nt and gains and *)88es durry lh• yw generating an overall loss of £9.893.503 12024- £12,144.985 gain). This resdted in a n•t daLYease durwwj the year of £10.569.486 ￿￿24- £55.827.815 inixeasel li the funds of th& Chartty. Resems poky The Charily's reseNe$ ar• in in¥estm8nls and cash and arise from the SUfF4u$ of donations over expenditure granls. They are unreslri¢led fr* avallaNe to any of the Clwilys acliwts•s and expenses in furtherance of ils purpjses. The Trustees reCo￿lse the need lo hokj sufficient wWestr￿•d reseThw to ensure Ihg Charity's actmties ar¢ protecied in the e¥eM of inm stbyNall and aconom￿ downlums. The Tw51eeB have sel a tsrgel for free unrestricied reser¥es on a risk baws to provdE •Jainst unforeseen decrease In the Chanvs investm•nt p￿110 or failu￿ lo *¥eve suifKiert dcffjthi$ year lo meet wanl.m8king demands. and to yotside sutbientwothng capital. The current re5eNe5 polcy is lo maintain reserves at a level that *ryl at least kn years, ordinary expendilure and grants within the Charity's obierts. Thi$ policy is ojrenty under mryew due to fv 5ub5twrfi•l funding recei%￿d from interim legxy distiibutions ￿￿Ing the yw. THE ALEXANDER MOSLEY CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Investn￿*Po1cY In4ine wrfh their agreed investment p)li¢y. the Truslees retained wNestment ath￿sOr5 (Ciladel) lo whom the management oflhe Charity's fvThJs has been dekgated. The Charity had an investment as at S Apn'l 2025 v*ith a mathel of £149.013,452 {2024 - £151.824,0461. Total inveslment inojmo receN•d in thè year anbxjntsd 10 £5.713.883 (2024- £4.651,9521. *thich equates to a yield of 3.77% (based on investmants and cash hèld at the year end). A significant proportion of inveslmenls were acquired mithHay through Ihe year and wKorro receTrved during the year lo S April 2025 may not represent the total income receNable in lulure years on the pr&senl An investmanl poky has been determw￿d by Tru51eos as folm: Inve¥tm•nt Obl•ctiv•s The Ch*ity seeks lo produce t*$t fwwKi* r*bJm within ￿¥8[ of rtsk. Ca[￿al preseivation is ol importance. The Trustees acknc*ledge Iher duty under the Trustee Act 2000 to dNersify investments and aco)rdingty ihe Tmslees. investmenl objecbve 1$ for capital grthvlh in excess of inllation IRPII and a Sta￿e. growing income stream. Thé Tnjslees a￿ prep*ed lo Mew the investmenl exeruse holisttcaly. Prowded the value of tho caprtal 1$ présèNed from erosion by innation, the Trustees a￿ prepared lo distribute both the In￿Me retum part of any c¥•ital appreciat*)n furthewt* of Ihe o*ects of the Ch81ity. Rbk 2.1 Extreme capital volatlity cannot be Ictraled and assets Sh￿Ad be invested lo minimr6e risk and lo mitigate long-lern inifation risk. Capital and irtc¢)me vcl8t*'ty can be tolerated rf consistent wilh expeciations. 2.2 A suitable proportion of th? Chartys assets slMyJld be held in cash or near-cash inYeslm8nts denominated in sterfing lo alow high l•auidity m ordw to seThice orvjoing requests lor granis. The remainder of the Charivs assets should be diversffied IhrW invaslmènt in sueh manner a$ the Trustees dec￿e. 2.3 charit￿$ Cash balances shoukl be depogted th ￿81￿Ul￿￿ *rylh a minirnum rating of A- OT invested in a thvwsrfied money market fund. Deposits shwkl be spread by counle￿artY. to l¥nit the exposure lo wifialion. 3 Liquldlty Requlr•m•nts The Charity should choose Investment slrwaures wo4vrfle a rea$￿￿ble degree of kn4uidty. ideally allowing sgttlement after fow businvss days. Tlm• Horizon The Charity can adopt a lorwJ-temi invwlm•nt horoon. Maiorrisks The Trustees are responsiljle for the m￿89eMent of Ihe risks faced by the Charity. The key risks faced by thè Ch8rity. ￿ identified trsf the Tnw a￿ desuthd befw tog?￿r 7Aryth the princrjal ways in whi¢h 1hey are miligaled. . The Charivs assels ¥e investmgrts and ¢ash. the Invest￿ts be￿g gubiect to Slodl market thjduations. The Charity carr￿S oul its o*'ective5 by woNiding granis to insiiiutions that ar8 a150 UK-r8gisterod charities, whose objects coryty wilh the Chariiys uiteria. There is a risk Ihal a grant pro¥Trded by 1h¢ Charity may not réach the inlended rec￿￿ andlor may be used for purposes ￿nSistenI wrfh fv Charily's objects. ilsl Ihe Trv31ee5 are mindlul ol ther (rmn obh"gatx)n lo ensure that the Charity benefds the wblic generalty. they lake some assurarth from Ihe fact that iec4xents of ty8nt8 are themsefves regulated lo ensure Ihal they operate for the pubb¢ benefiL THE ALEXANDER MOSLEY CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Phn¥ for fuiur• porlods The Truslees are aware that Ihe R05iduary Ést*8 of both Max Mo*y and je￿ Mosley aceru• to tho Chaiity foll¢)wing the end of the adtThnistr3lion of interim distributK)ns of£25.7W.000 have been recerled lol(wmg lh8 y8aT end. F¥Jrther distribu￿on$ be reCeI￿d on complelion of the ¥dministr*ion of the estates. howeNprthe ￿anCe T8￿1¥able cannot ￿(reft￿y be •stimated. The distributK)ns have caused s•3ruficant incfeases to the knids of the Ch*ity and the Tru51ee5 are currenty reviewing the aims and objects"¥es of the Ch￿ty to d￿)de how t*si to distthrte the Tunds going lo￿ards. Plans are not yet ffinahsed. however Ihe Twstee$ are mwthl of thw res￿11b￿l*S arg $eeking professional 9uhtsnce as part of Iheir review of Mrent poliues. SIrU¢￿￿￿ governan¢e and m•Ngém¢nl The Charty was estaili5hed by a Ded¥all￿ of Ch*iith Trust dated 30 2011 is rwistered wlh the Charity Commiss*Jn uThJer ch￿ty number 1142898. The ChaiiVs wvemiThJ instrument 1$ its TnJ5t Deed which allows f￿ any adivities o)vered by the Chwlfs obJ"•ct1￿, wih no Sp￿￿C restrh*M$. Tw81ees who s•Md during the yew ar￿ up to the d*e of*nalure of fin￿￿181 st¥teN*nts wore: Mrs E IAosley Mr H Mortimer Mrs F Beraid R•omitrnonl and app￿nIn￿rt of Iruslg9$ Following 1he dealh ol Max Rufus Mosky the ol apWM1¥￿ Twslees vests in thè (￿AllI￿ng TnJ8tees. There Shall be al least thr•e Tru$t¢os. In appoinling a new Trustee the Trustees lake into account the beneffts of appointing a porsc￿ who is able by virtue of his or her personal or [￿feS￿n91 quaffifications to make a conlributM)n to th¥ wrsuil of the objects or management of ihe Charity. No person shall be appoinied as a Tn￿lee untess they ha4E alAawvl the age of 18. No person shal be onlitlad lo a¢t as a Trustéè untl aft8r siwing the deed of appintment ty a dedarnlh)n of a(XX[A￿ and wlllnw￿S to art Ihe best interes15 of tho Chariiy in the mir¥Jle book of Ihe Trust￿. OrgAnisalional stnK The management of the Charity is thg rgswnyblty of the TTh￿teeS ¥e e￿ted cH*ptsd ￿der the temis oftha Trus1 Oeed. The Tn￿tee6 meet al leasl twKe a yw to di￿U5S arml impknnl policy. The Truste¢$ ccrfwise the key management pers￿￿ of the Charity n charge of d¥ectirwJ and controlling. wnning and ¢)peratin9 the TTUSt on a day to day ba*$. As dètalèd witkn the Investmenl Pr￿cY the managemènt ol the Charfty's inveslmeni pNrfolio has been ddegaled to Cita¢Jd. lThYu¢tth 8nd trnining oltrusleg$ Professional adwce is awailable to Twstees from the Trystges, sc4iiitors I￿ train1￿ purposes regarding the dulles of a Trustee. In add￿on Trustees are lo tho guidatKe provided by the Ch¥rity Commissim ragarding thèir respo￿bIlItieS. AII TNslee$ give thelr tTh• freely and no TN51ees recei￿1 Ihe year. RelalK7nship %wth Tr18t8dpafvs The Trustees are aw¥e ol their fespons1bdi￿es regwdwvj related p￿$ ¢onlkt$ of inte￿$1. Oetails of any related party ¥r• disdosed in Thjte 23 to the arxow THE ALEXANDER MOSLEY CHARrrABLE TRUST TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Th8 Trustees, report was approved by the 8oard ol Tntstees. Mrs E Mosley Chalrman 29 January 2028 THE ALEXANDER MOSLEY CHARITABLE TRUST STATEMENT OF TRUSTEES. RESPONSIBIUTIES FOR THE YEAR ENDED S APRIL 2025 The Trustegs are responsible lor preparfng Ihe Trustees. ReF(rfl and the finan¢lal slatements in a￿rd9n¢ts wNh applicable law and United ￿Thj￿0M Aeojuntirg S&ind¥ts (Lhited ￿n9th)m Generalty Accepted Accounl Pr￿lICe1. The18w applicablg to Cha￿e5 in England and W*s wuires the T￿￿tee8 to prep•re financial $talements for each ffinar￿1￿ yeaf vthich gtrve a true and faK view of the ststa of affars of the Charity aThl of in¢oming resourcey an appliration of resources ofthe Charity for that year. In preparing Ihese financial stat•mants. Ihe T￿￿tee5 are Tequyed lo: . seleci suitable ac£owting and then ap￿ them 0*8181￿. . observe thè melhods and in the Chaithes SORP. - make judgements and est¥nales Ihat are reasonable pnthl: . Stale whelhgr appficable accounling standards ha%* been fo*Med. to any mal?iial dep¥iures disc*Js8d and eXp￿ine{l in the finanaal s&itements,' . prepare the fwnekn11 st8tam8nls on the go1￿ ryxKem basis unless il is wwwowate to presume that Ihe Charity will conlwiue in opw•lh)n. The Trustees are reswnsible for keewng suffic￿1 ￿nI￿vj recgxds Ihat dis(*se with reasonable a(xuracy at any 1Sme the financial p)sith)n ol thè Charity and enable Ihem lo enswe that the finawal ststements compty wilh the Chaiitses Act 2011, the Charity (Acc￿Jnts R8POrts) Regulalions 2CQ8 and the prw$ions of the Trust Deed. They are also responsible for 5afeguarth.ng the as￿1$ of the Chaiity aTrJ hen¢* laWrwJ reasonat48 staps for the prevention and detection of fraud and other irwularilies. THE ALEXANDER MOSLEY CHARrrABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ALEXANDER MOSLEY CHARITABLE TRUST Opinion We have auth.led the fmancAal statements of The Aknnder M051ey charitab￿ Tru51 {Ihe 'ChariW) for the year endpd S April 2025 whith comprise Ihe statement of ffinarK4￿ aclivit•es, the balance sheel. Ihe statement of ¢a$h tk)ws and notes lo thg financial statèménts, FrKknling signifKwrt accounting policies. The financ￿￿ reporting framewo￿ that has been applied in Il*ir kyeparation is applicable law and United Kingdom Accounting Standards, induding Finanoal Reporting Standard 102 The lina￿al Reportmw Slandard applicable in the UK and Ropublic of IrBtsnd ILknited Kingdom GenW￿lyACCeptedAcCthJniiw PraclKe}. In our opirion. the finan¢k81 ststemenls: bive a true faw wew of the State of the Ch￿1￿5 affaKs as at S Aprd 2025 aryj of its ￿￿rnIng resources and appl¢atN)n of ￿SOurCes. for Ihe year then eTrled.' have be8n prO￿rtY pr•pwed kn ac£ANd￿￿ with iknited Iwom Gengrally A￿epted Accounting Practice,. have been prepared in aco)rd•Y* wdh the Chwit*sAcl 2011. BaBls for opknlon We conducted our audil in a¢¢ordance with Inlematwjnal Standards on Auditing IUKI {ISAs (UK)) and applicable law. Our responsibdiliés und•r those stsNlards we fvrther deS￿bed in Ihg Au¢filo¢s pspon5rbilifigs for the ￿(￿1 of the financial stat8m&nts sèclion of our ￿pOrt. We are ¥wJepeThlenl of th¢ Charily in accordance with Ihe ethical requirement$ Ihal aro relevant lo our audit of Ihe financial slalemenls in the UK, including the FRC'S Elhical Standartl. and we have fvifilled ow other ethical responsibilitiès in accordance vrith these requiiernenl$. We believe Ihat the audit eW(len￿ we have obtawied is suffhient and apwopnale lo a baws for our opinion. Conclu¥ions relating to golng eoncom In auditing the finanual statements, we ha￿ that Ihe Tnjslees. use of the going Concern basis of acLounting in the preparation of the finanaal sta1¢w￿ is appropiiate. Based on the w(¥k we hav8 perfomwd. we have not hjentified mateTi* wttrtaintios felaling lo ev￿1$ or c(M)dilions that. indiv*Juaty or ccw, may ¢ast swJThficarf doubt on the Charity'$ abikty lo o)ntiwe as a gwg ¢on¢em for a peri¢)J of atlgast twelve months from when the fmancial statements are authorfsed for Is$￿. Our responsitilrfies and iesponsljilrtw of Trust￿$ wilh iospecl lo gomw eon¢em are dèscrljed in the r•levanl sections olthis report. Other Infornution The olher ir)formabon conwrises the inf(*m•l*)n in the amual rep)rt other than the ffinanoal Stste￿￿￿1s a￿1 our auditorfs report there￿. The Tnjstees ar8 resp(￿￿tle for tr* other infomiation contsined within the annual report. Our opini(m on the finanual stalements doès not ¢o¥er other infomats'on and we do not express any form of assur8n¢e ￿ndUs1On thereon. Our r￿pOnsibIl￿ is to r8ad thè othw i)fom*tK)n and. n dory so. consider wh8ther Ihe Olher infwnation is malerialty incOn￿Stent with the finanual sl#temerrts or w ￿￿￿*￿edge oblairHI in the cywrse of the audit. or olhemse appeals to be matgwially misstated. If we hlentfy such material inconsistencies or appacenl material misstatèments. we are rewired lo determine *hethei I￿S gives rise to a material misslalement in ihe financial statements themselves. If. based on the work we havè perfomied. we eon¢ludè that there is a material nNsstatwnl ofthis Olher Infom￿￿. we rew lo rewl thal We have no￿ng to report in this ￿98rd. THE ALEXANDER MOSLEY CHARrrABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE ALEXANDER MOSLEY CHARITABLE TRUST Matt•rs on whkh we •re r•qUIr￿ to r•port ty exception IA* have nothing lo r9PQrt in respe¢a ol the fd1th￿ng matt•fS in relalion to whKh the Charities (A¢>x*￿ts and Reports) Re9￿011￿n8 2008 reqwe us to rewtlo you rf. in owop¥iion'. the Informat￿ gvml Mi the finarnial stat•n8nls is inconsi5tenl wi m*iial re4>ect wllh the Trusta•s' report.. or the Charity has not kept adewale records: c the fmancial stslements are not in agreemenl wilh thè act•￿11ng r•o)rds ￿ relum& or R•5pon•lblNtle• of Tnot• As explained more fully in the statement of Trus¢ees' re$F￿*￿￿11es. the Tntstees ar• rèsponsible for the preparation of thè financial slatefflenls for being salisfied that gi¥0 a true and fair vi8w, and ts suth intemal ts)nlrol 0$ the TN5te8s deternine is ne¢e$s*y lo en*Jle the weparat*)n of finanaal stslements Ihal are free trom mateiial ￿$StateMen1. whether to (rn￿1 ty effix. In p￿paring the finan¢ial $tstem•nls. the Truslees we iesponsit4e ts assessry the Chwity's ability to eontinuè as a going concern. dix40sing, as applicabl8. matters related lo g(w wicem and using the going concem basis of a￿)UntIng unless the Trustees either wttgnd to wse opernti(ms. or have M ￿91$110 altematwe but to do so. Auditoe• mpon*lblllll•s lor the audlt oftho fmn¢lal slai•monts We have been aFyoinled as a￿li1￿r undar sediM 144 of the Ch*ities Act 2011 and rem in aLrLJrdwKe wilh regubations made undw Sect￿3n IS4 of IlwtAd. Our objectivÈs aré to obtain reasonable assuran(* *xxJl whets Ihe finarrial slatements as a whol• are free from malerial mi5StatemeDI. whthf to fraud or elv￿, 8nd to issu• An auditorfs rewt that indudes wr oplnlM. Rèasonable assurance a hi9h level ol assurance is not a gUa￿t￿ thal an audit conducied in ￿1rdance wilh ISAS (UK) wll a￿ayS delect a rnateria ftwsstalement vthen Ll ￿$1$. Misstslements can arise from fraud or ermr and are considered matwial rf, inthvmlually or in the aggregate. they L))uld rea$onatty be expected lo influenc* Ihe e¢onomic decAsions of users tsken rm basks of these statem￿. Irregulaiities, induding fraud, arn ￿stanCeS of Th)n-¢ompliance I￿1h laws and regulations. We design prL*edure$ in ne wilh our re3ponsibliti95. Outlingd al￿e. lo dele(* rn8teil￿ misstatknients in respecl of Irreg￿arIties. includw19 fraud. The extent lo whKh pro¢ethJres are c4Ja14e ol deledwb3 irWlar￿e$. iidudin9 fraud. is detailed bek)w. oblained an ￿derStaN￿n9 ol the logal arKI le￿￿a￿ fr￿ ap&*able lo the Clwty via discuss*)ns wrth the Truslees aThJ our prwous knv*Aadge of the Charity. Ths I￿lified that the mosl signfficant laws and ulations relale to Ihe lorm and Mnlfjnt of Ihe financial statements 5uth ag ihe Charit*s Acl 2011. the Charit*s SORP (FRS 102) and F￿anrAal Reporting Stsndard 102. The Charity ccrfnplies wilh these laws regulati￿$ by using appropriatdy quakfied profession* lo wewe the fiTh￿4￿ stalem0￿. As part of our plann¥)g pro¢e$s. we assessed suscepb"tyk"ty of Ihe Chariils financial statements to material misstatements. including how fraud might ocojr by m&%irrfJ an asses5menl of the key risks. The key risk identffied Mi specl of The Aexander K4oslty Charila￿a Trust is re￿ue recog￿on. The Tru$tees o)nfirmed no arAual, Suspected or alleged cases of Iraud. Basèd on this assessff￿nI we desiw wocethrns lo address the key risk areas ￿ an empha¥ls on le5ting tho inwnlig resourcey. A further des¢riptiiNI ol our responsljlilies is Jvalable ￿ Ihe F￿lancial Reportmg Couthifs webstte #t: hltyJsJl w•M.Ir¢.¢x9.uklauditorsrasponsitslities. Tl¥s description forms pan of our aLhlilorf$ repc¥l. THE ALEXANDER MOSLEY CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE ALEXANDER MOSLEY CHARITABLE TRUST Us• of our veport Thi$ report Ss male solety lo the Charty'5 T￿￿tee3. a5 a t￿, in accordance with pari 4 of the Charities {AccoLmts and Reports) Regulations 2D)8. Our auitht wort has been undortaen so Ihat W8 ffdgm slate to the Charity's Trustees those malters we are required to state to them in ￿ auditrfs report and for no other p(WPC*S¢. To the lest extent permitted by law. we do not accept ￿ ass(me reS￿nSIf* lo ￿yone olher than Charity and the ChariW5 Tru61ees as a bo(ty, for our audit work. rety)rt. orfor the owions we have forn￿d. CAtsL9 IJJ . IS•nlor Statutory Auditort For and on beh￿f0f Shaw Gibbs (Autht) L¥TthI. St*U￿YA￿drt0r Chartered Cerbfied AccoLmtanis 25 Sl. Thomas Slreel n¢hesler Hampshirè S023 9HJ Dalo. .3.o.-. .l.-..20.a Shaw Gibbs (Audil) Limited gh'gitle to xl as an in twms of Sec*on 1212 of the Companies Ac* 2ti]6. 10- THE ALEXANDER MOSLEY CHARITABLE TRUST STATEMENT OF FINANCIAL ACTivmES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR ThIE YEAR ENDED 5 APRIL 2025 Unro8trlct•d Unr••trlct•d lunds funds 2025 2024 Notr# ome from: Oonations and legac4es Invesiments 114.139 5.713.883 42,299,780 4,651.952 Total In¢om• 5,828,022 46.951.732 Expendlture on: Raising lunds Charitable admbey Olher expenditure 475.3B8 6.009.168 19,449 325,900 2.929.504 13,498 12 Tolal expenditLwe 6.504,(M)s 3.268.9J2 Net gainslllosses} on lives1￿nIS 13 19.844.793) 12230,861 Net lncome1lexp¢nd￿r0j (10,520,782) 55.913.691 Other rn¢ognls•d galns and lo•••8: Olhar b)sses 1S 148.7041 185,8761 Net mov•Thnt In funds (10.569,486) $5,827.815 ReconcIlla￿On of fund•: Fund balan￿5 at 6 Apn'l 2024 157.499.040 101,671.225 b•lan¢•8 at 6 Awll 2025 146.929.554 157,499,040 The statement of fmancial a(ai¥it*s al gaffts and losses recogni5ed 4) the year. All ino)me and e>wnditure derive from continuing a¢tiwlies. THE ALEXANDER MOSLEY CHARITABLE TRUST 8ALANCE SHEET AS AT5APRIL 2025 2026 2024 Fixed assets Inve51menls 16 149.013.452 151,824,046 Current assets Debtors falhng ￿e after one year Debtors falling due within one y Cash at bank and In hand 17 17 2.W.318 2.410.863 2.8CKI.464 9.041.4CKI 4.975.181 12.341.864 Cr•dl¢orn: amounts falling du• vlithin one year (2.8￿.319) P.981.884) N•t ¢urrnnt assets 2.078,862 9,359.980 Total assats 1•88 eurrnnt Il•billti 151.092.314 161.184.026 cred￿rn: 4mounts falllng due after morè th•n ¢no year (4.162.7PJ)) 13.684.986) Net 4M•ts 146,¥29.554 157.499,040 The lunds of the Charlty Un￿StriCted fvrHIs 21 146.929.554 157,499.040 146.929.554 157.499,040 The finanrjal statements were apwoved by the Twstees on 29 January 2026 Mrs E Moslay Chalrnian 12- THE ALEXANDER MOSLEY CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2025 2025 Cash fro￿ t)p•rntlng actlvlll•s Cash {ab3ofbed byygenerated Imm operation8 (6.573.304) 6,321,303 Investlng a¢tiviti•# Purchase of investments Proceeds from dispos￿ of Thfjsimenls Investment In￿Me re¢èi¥•d 166.145.408) 60.422.996 5.713,883 161,323.S32) 57,363.C61 4.651.952 N•t cash (used knV90D•rntsd frnm inv•stOng act•viti 18.5291 691,481 N•1 cash umd In IlnanGlng *¢livrti¢s N•t {d￿re￿9)fin¢l*aS• In cash and ¢tsh •qufvalent• 16.581.833) 7.012.784 Cash and cash eqUIva￿ftts al bw"nn*w ofyear Effad ofkneign exchary rales 9.041.4ty) (48.7041 2,114.492 {85.876) Cash and ca¥h equlvalon¢• at end oly•ar 2.410.863 9.041.400 13- THE ALEXANDER MOSLEY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 5 APRIL 2025 A¢¢ounting policies Charity InfomMt5on The Alexander Mosley Charilat4e Twsl i8 a general Charilabl• Tnjst go¥am8d by a Trust Da•d dated 30 IAarch 2011, and 15 a d￿Tty registered in Engl￿d * Wa￿5 l¢harity tMJmb8r 11428981. 1.1 B•sls of p￿para￿on The financaal statements have been prepared in accordancè wilh thè Chariirfs Trust Dèad, the Charitiès Act 2011, FRS 102"The Financial Repoiting Stand¥d apph"rable in the UK and RepL&)lic of Ireland" fFRS 10r #nd ihe Charilies SORP 'A￿untry and Repth1hYJ by Charit￿.. Ststsmtrnl of Recmmended Practice appficable to charities prepamg the￿ ￿Counts in a(x(Ydance with Ihe Finawal Reporting SI￿dard applicable in the UK and Rèpublic of Irel*KI (FRS 102)- {effectrR 1 January 2019). The Charity 1$ a Public 8enefrt Entity as de￿¥d by FRS 102. The fmanoal stat￿e￿I$ have departed from the Ch¥ils•s (Accowts and Reports) Ragulations 2008 only to the extent iequired to proMde a In￿ and f•r yivw. This d&parturÈ hos involvèd folowing tho Statèmanl of Recommended Pradice for charities apptyin9 FRS 102 ratl*r Ilw the version of the Slalemenl of RecommeThJed Praclice is referred to in the Regtstwjns bul whK* has since L￿n wittidfawn. The financial statements ar8 wèparÈd in 8twkng. wlwth is the I￿ra1)nal of the Charity. Monelary amounts in these finanoal statements *e roWV￿ to It￿ newesi £. The finanaal statements have baen prewed under the historical cosl 0)nVen￿n unless othe￿iSe staled in the relevant aeujunting p￿lUeS bekn¥ cff in the noles io the 12 Golng concem The Trustees have assessed whether the use of th¢ gory corwn a$sumption ss appropriate in preparng these accthjnls. The Trustees ha¥e ttws in respwx of a pwb)d of one y￿r from thg dale of approval ol these 8¢¢ounts. The Trug1ge5 are of the opir4on Ihat the Charity wm hab• sUffici￿t ￿$0￿￿￿$ to meet its liabilille8 8$ they fall and Iherelore, there are no concems ce9ardin9 thg Ch8riVs Jbilty to conlinve as a going concern. The most significanl areas of jL*Jgem¢nl Ihal affed rtems in the wxount5 are detaled in Note 2. Wlh regard lo the next accounting period. the year ended 5 April 2026. the most significant areas thal affed the carryiThJ value of Ihe ass8ts held by the Chanty are the le¥tls of inlerest ¥ates in¥estrnent rptums. The Trustees ￿nSider there are no material ul￿ertaI￿*S the Chant￿$ ablrty to ¢x)ntinue. 1.3 Ch•rFlabk lund• The genefal lund represenls funds a¥*t￿e the general tharitablè pUl￿S of the Char￿Y which may applied at the discretion of the Tvustees. 1A Income Income is recognisad #i th• pÈii¢KJ in the Uwity has entiuenwt to the tho ￿￿Unt ol income I bg measurnd reliaNy and il is probable thal Ihe 1￿me TAtyI be re¢￿ved. Inleresl on funds held on deposit is induded wh8n rn¢&i¥able and the attfftinl can be measured reliabfy by the Charity: thi5 is upon nolifical￿ 01v￿ nlwesl paKJ ry payatAe by the bank. Donations are ￿Cogr#S9￿ the Charity has been I￿lf*d in of both thè amouni dtsnaled and thè seltlemenl dale. Legaaes are recognised on ra￿p1 or othew5e rf the Chaw has been notified of an impending di51ribution, the amounl is known. and receipt 15 e>pected. If Ihe ￿Unt is nol known. the legacy is treated as a conlingenl assel. 14- THE ALEXANDER MOSLEY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 5 APRIL 2025 Ac¢ountlng poll¢los (Contlnued} 1.5 Exp•ndlturn abilities are reeogiwged 88 as as there 18 a or c(Nthclr¥e oblgalion (yjmmitting the Charity lo make a payment lo ? Ihird paty. it is probable that a tran$fw of econom￿ benefits will be requ￿￿1 i) settthent and the amount ofthe ¢)￿"ga￿.￿S Can be measuied re￿b￿. Al expenditure is a￿￿nted lor on * acuu81s besi& Exp￿¥JIt(Tr compTBes dNp(a r3)sts and $uwJort costs. Al expenses, indLKJln9 supm costs. are 81b)¢al￿ ry apportiorrdd to the applicable exwnditLwe headir4Js. The ¢lassific81ion belween Ihe a￿lieS is as folryws: (al Expondiiurg on Taiwrg fUr￿S al expwthve aSS￿lated wlh rai5wwJ (wd5 ftythe Charlty. Expe￿lI1u￿ on ch￿ilable aclivrties in(*xJes al assc¢ialed ￿ furth￿n9 the charitable pury)oses of the Charity Ihrouth the PTOYiSi¢)n of its ¢hafitable actiwties. Suc* CA)Sts c*witable gr*)Is payable in promoling and enhanrAng Charl￿ble work caffied out by other rharitabl¢ organisa￿on3. and related SLWJt Costs 1x￿n9 CJ)St of admini81erl￿ the Charty and govemance Costs. (bl Grants payatle are ii(*Kled kn the W8m8nl ol a¢a14ry￿ apwoved aThJ wthen thé imènded recipient has erfher received the fund$ or bèèn infomied of the deawn lo make the donation and has satisfie(1 all related conditsons. Grants a[￿rOved t>ut not paid at the end of the ￿and81 year ar* accrued for. Grants wherè the b8n8ft1￿ has nol been inftxmed ￿ ha$ to meet certain conditions beth th• grant 1$ All eypeTrknre 1$ slatsfj of VAT. AIIoGatlon of supportand gov•rnanc• a￿1$ SuFQOrt costs repres8nl indwect charitable e¥peThfrtw¢. In order to cary out the primary purposes of lh8 Ch¥ity rt is n•eAssary to p￿￿de support in the fNm of administratKJn seNices. Govemane• ¢o$ls eompriso Ihe ￿$ts inthng Ihè public accounlability of the Ctiaiity [￿￿dIng audit ¢￿Sts) and the costs ￿ resped of ils complwnce wrilh regula11c￿ and gC￿ IxaetKe. 1A Flx•d ass•t Inve•tments Fixed wel invèstments we inthded m the b*n¢e sheel at lh￿r market va￿e at the end of the fin¥n¢ial period. Re*ised and ￿rea￿Sed gam (or h)s5es) are rjedlted (or debited) to the ststemenl of financi actmlies in the year in whlch tlw wise. sted investments ¥e a form of basic instrwnenl ¥nd we in￿alY [Q￿gnISed at their tran￿¢t￿)n value and sthequanly m•asur&l at Iheir fa￿ value as at the bala￿ sheet date usiNJ the ¢*sing quoted mathet piice. R8atised gaTh (or losses) on inVestr￿ assets are Ca￿￿{ed as Ihe differentx between Wosal proceods and their opening carrying va￿e or their purchasè ￿￿lu* il a￿]uired subsequenl lo the fvst day of the financial year. Unrealised gain5 afbd lo$se$ 8re ¢ak*latèd as thè thfferenc8 belween the fair value al the year end and Ihwr carrwng value al that date. Reab"sed unre8lised investment gaw￿ (cf losses) are ¢xedite*ar 2025 2024 Accwal8 g￿nts payable 4.162.760 3.684.986 THE ALEXANDER MOSLEY CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED S APRIL 2025 20 F￿dIng commitments In the year ended 5 ApFI 2022. the Chaiity made a [L￿￿Ing ccrfThnitment of £7.CQO.000 to the Independent P￿$$ Regulation Trust (IPRTI, with pwents made tW￿e yewty over a perlod of 7 years. Thé ongoing cofflmitll￿ extending teythvj Ihe 12 ft￿nths the bal￿￿ sheel dale i¥ cakulaled by the amortised ￿$1 method using a diselj￿t r81È of 0.65% per ￿￿n. A charge of £19,449 (2024- £13.498) as be￿ re¢ognbsed within the SOFA{NAe 12). Durin9 the year to 5 Aprd 2025. three ￿51alMentS lolakn9 £1.no.OLTh] were paid. At the yeor-&nd. Ihg funding rnmilmenl due withii one year is £957,226 (2W24 - £1.710.551) shown within acwal$ for grants pa￿ble wrfhin on¢ year (note 181. The ¢c¥ThnitmÈnl after one year amoun15 10 £2,227,759 QIT24 - £3,184,986) and is shown within acuuals (C￿ grwts payable grgatgr Ihan Or￿ year Inoie 191. In the year ended 5 Aprd 2025. tho Charity made the ft¥1t￿year fft ¢xmmitrnents'. £2.600.000 lo Imperial Comege. payable n 5 yearty W￿1#1m•nts. Onè in5talment of £720.000 was paid in the ye¥. Al the year-end, £720.(KKI was paYa￿e wthin on& year and £1,180,CrfXJ due wler than one ye¥. £75.C(Q lo knside JustKe. payawe in 3 ye• inslalments. One instslment of £25,000 wa5 paid in the yèar. At the yearond. £25.[￿ was payawe one year and £25.thJO due 9￿0t￿r than ong year. £350,OIJ) lo Littk VINage, payable i) 2 ye•fy inslaknents. One instalfftht of £175,(KXs was paid in the year. At the yearond. £175,CKKI was pJyabk within C￿ year. . £1.500,000 to lh• D(AYnforce Trust. payable in 3 ye*ty T￿tal￿ts. One inslaknènt ol £Sty),fy)O was paid in the ye¥. At the year-end. £5￿.(￿ was pay*4e year and £51YJ.CKIO due greater than one year. . £375.CKJO to LeaMI￿ Thr￿￿h L￿dScapeS. payale in 3 yeaty instalments. One inslalmenl of £125.000 was paid in the ye*. At thè yèar-*ThJ. £125,CK*) was payable Mthin one year 8rt11 £125.( due ￿eater than one year. £300.CO) to Open Ooor. payat4e in 3 yeaity instsknenls. (he instalment of £1(KJ,000 was paid in tho year. Al the year*nd. £1￿.(￿*) was payable wilhwi crt year and £100,(KJO due greater than one year. . £75,lYXI to Juslicè. payable in 3 yearty CTr ltstslm￿1 of £25,000 was pa￿ in thè year. At the year-tr￿. £25.000 w pay* Mthin one ￿ aThJ £25.000 due greater one year. 21 Unr•strl¢tsd lunds Th& unrestricted funds of the Charity coffyise Ihe unex[￿￿ bd•Kes of donatKins and grants whlL* we not subject lo spe¢ffjK ¢onditions by donors grantors as lo how they may be used. Th9se kndude desiwated fijnds which have been set ashJ8 thrt of unr•strict8d frJKls by ihe twstees for spedfic PLWk¥)se$. At 6 Aprfl ¢omlng R•Sou￿e 2024 exp•ndod Galng Ind lols AISAp 2025 Genernl f￿dS 157.499,040 5.828.022 {6.$04.&)5) (9.893.503) 146.929,554 -23- THE ALEXANDER MOSLEY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 21 Unmtricted fvnd• Icontlnuedl PY¢vl•u$ Y￿r. At6 Aprfl 2023 kneomlng our R￿Q￿r¢*9 •xpend*d Goins and loss•s At 5 April 2024 General f￿d$ 101.671.225 46.951.732 (3268,902) 12.144.985 157,499,040 22 Contingent as•el The R8siduary Eststes of both Max M051ey and Jew Mosley will to th¢ Charity follLwing Ihg end of the administration writxl of e8¢h. knlerim dislrtiutions of £25.7w.orJ) V￿re made subsequent lo the year.end. Athninistralion of the estates are SM ongory arnl il is not I)jr￿ wa¢trAble to esthmate rernaiThng amounts lo be received on final dtstritrvJtion. 23 Relatod party transxtlo There were no dlsclosat4e related pwty trans**ons dumg the year (2024- non8). Cash genernt￿ frnm operntiom 2026 2024 (Oefioi)IsLNPUS lor the year (10.520.782) 55,913.691 Adiuslments for.. Investment income rwnised n str1en￿nt of ￿*r*i￿•S Lossl{gain) on disposal of investsnents Fail vaue gains losses on inve5Lmenl$ n488h leg￿eS receivabl (5.713.883) 14.651.952) 1.056.553 {1,732,301) 8,788246 {9,645,309) {1.311.7931 131.447,040) M¢)vement$ in wothng wital: De¢reasel(Increas8) in debtors In￿8$& n creditors 736,146 392,209 (2,n2,385} 6(￿,599 Cash (absorbèd byygonernted from op•ratio 16.573,304) 6.321,303 25 Anaty81s ol ¢lwige• in net lund• The Charty had no malwial debi Ih• year. 26 Rèstated comparativ The compatative figures have beèn restated lo present other debtors of £500.000 in note 17 as amoun1$ falling due greatei1han year. whKh had prev￿ been presented as fall￿9 due withln one year. -24-