Charlty ieglstratlon number 1143241 (England and Wales) Company re8lStration number 07728215 IAPS CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 IAPS CHARITABLE TRUST LEGAL AND ADMINI￿RATIVE INFORMATION Trustees E Neville D Hewlett H Matthews S Schalkwyk D Norrish W Sawyer D Vinsome T Cannell T Wheeler C Scott Charlty number (England and Wales) 1143241 Company number 07728215 Reglstered offlce Bishop's House. Artemis Drive Tachbrook Park Warwick CV34 6UD Independent examlner Bur8is & Bullock 23-25 Waterloo Place Leamington Spa Warwickshire CV32 SLA Bankers Royal Bank of Scotland Drummond House l Redheughs Avenue Edinburgh EH12 9JN Investment advlsors Rathbones Investment Management 8 Finsbury Circus London EC2M 7AZ IAPS CHARITABLE TRUST CONTEKf5 Page Trustees, report Independent examiner's report Statement of financial activities Summary income and expenditure account io Balance sheet li Notes to the financial statements 12-22 IAPS CHARITABLE TRUST TRUSTEES. REPORT {INCLUDING DIRE￿oR5. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their annual report and frnancial statements for the year ended 31 March 2025 under the Companies Art 2006 and the Charities Act 2011, together with the financial statements for the year. The IAPS Charitable Trust l-itrust") is a charitable company founded in 2011 charity registration number 1143241. company registration number 07728215 with the liability of its members limited to £10 each by guarantee. The Registered Office and principal address of the Company is Bishop's House. Artemis Drive. Tachbrook Park. Warwick. CV34 6UD. The financial statements have been prepare(J in accordance with the accounting policies set out in note I to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities SORP 'Accounting and ReportinB by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard appllcable In the UK and Republic of Ireland IFRS 1021" Oblectlves and actlvltles The Objects of the Charity, in accordance wilh its articles are to.. support the provision of education for children of early, primary or middle school years both in the United Kingdom and overseas where such provision cannot be fully provided from the public purse. promote the education of children of members or deceased members of the teaching profession by providing financial support for them to continue their education in independent schools where their families, financial circumstances are such that they would otherwise be prevented from doing so to relieve hardship by providing financial support for any of the following persons who are in netessitous circumstances: any person who has or shall have been a member of IAPS as a head-teather who has retired from such head5hip,' any person who has or shall have been an official or employee of IAPS; the widows, children or other dependents of any such person as previously mentioned or of a deceased person who was at one time a member of IAPS,. and, any other persons connected with e(luc3tion or schools and not for the time being members of IAPS as may be specified by IAPS by ordinary resolution with the consent of the Directors. In furthering these objects, the Dirertors, as charity trustees, have complied with the duty in s 1715) of the Charities Act 2011 to have due regard to the Ch3rity Commissions published guidance concerning the operation of the Public Benefit requirement under that Act. IAPS CHARITABLE TRUST TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT) ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Strateglc Alm and Intended Effert The trust's strategic aim to reach its annual objective for the public benefit as an education charity is to provide the best possible support to children and their teachers so that they may best realise their educational potential. This includes supporting pupils at fee paying schools and attending music courses who would not otherwise be able to participate in the education on offer. Objectives for the Year The Board's main objective5 in support of the itrust's pvblic benefit aims were.. lil to select and support further School Access Scheme pupils to join partner schools in September 2024 and to attract worthy candidate5 for entry in September 2025; lill to continue to support able music scholars to attend summer courses run by organisations such as NSSO, NPSO and Rodolfus Choir,. liiil to enable children to continue their education in independent senior schools where their families, financial circumstances are such that they would oihernise be prevented from doing so,. livl to relieve the poverty of members of the teaching profession in necessitous circumstances. Maln sources of Income The total income for the year was £196,83212024- £190,675 as restated) the largest donor bein8 IAPS which donated £39.8SO to the unrestricted funds. provided £100,(￿ to support the School Access Scheme and donated significant operational services to support the trust. Since 2016, with the support of IAPS, schools have been invited to make a voluntary donation to the charity on their annual IAPS subscription. IAPS remains by far the biggest donor to the charity both in terms of cash and donated services. without which it could not operate on its current scale. The restrirted funds, primary sovrte of income comes from their investments and seeks to maintain not just a steady income stream but a150 to protect the underlying value of those investment5 for future generations. The endowed funds provide an underwriting facility to complete the planned 5UPPOrt for prep School education offered to School Access Scheme pupils in the event that ongoing funding from IAPS ceased. Investment Poliry Rathbones continue to funrtion as investment advisors in investing the assets of the various restricted funds to best meet the current and future needs of the charity. Different stfategies have been adopted for different funds.. The School Access Fund is an expendable endowment used to underwrite the scheme in the event of a loss or severe reduction in the income used to fund children's education. The fund is invested for long term growth which can be switched to income/cash if required. The Harrison Memorial Fund is focussed on maintaining a steady income stream to fund annual courses accepting that this may result in a fall real value over time. The Benevolent and Bursary Funds seek a balanced approach to the total return between maintaining the real value of the fund and generating a sustainable income. The Trustee5 review the investment policy at least annually and reserve the right to exclude investment5 in activitie5 contrary to their aim5 or from holdin8 particular investments which damage the charity'5 reputation,. exploitation of chIld￿n is an example. IAPS CHARITABLE TRUST TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT) ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Overall, the value of the investment portfolio has increased over the year with a particularly strong third quarter. UK Inflation has been easing, and with wage rises now being higher than inflation and energy price5 falling, there is some breathing space for consumers. Returns from smaller and more domestically focu55ed UK companies improved compared to the FfsE 100. Across the Atlantic, the US enjoyed faster growth than during the previous two years. with markets dominated by the performance of the ma8nificent seven tech stoeks. During the year, the value of the portfolio increased by £6k during the year, closin8 at a value of £1.72m. PrlncSpal ActSvSty The Schools Access Scheme allows children from disadvantaged families to benefit from a Prep school education. These children come from families who cannot afford to make any contribution to School fees and in most cases would be eligible for the pupil premium. Generally joining the lowest age group of the partner schools, the stheme airns to give disadvantaged children the opportunity to benefit from the best possible education as a sound foundation for life. From September 2024 there were eighteen thildren attending partner IAPS prep schools supported by this scheme (nineteen in Sept 20231. It is envisaged that one or two children will be added to the scheme in each subseqvent year. For the September 2025 entry, 2 children will loln the scheme. Benevolent grants were made to one Individual 12024 onel to support teachers or former teachers In necessltous circumstances. The Rodolfus Foundation is a charity committed to choral singing education, who run residential choral singing courses for children and young people. This year the Harrison Memorial fund was able to help fourteen children attend the Junior Choral course. This helps to grant equal access to music participation for children from all backgrounds and the Trustees continue to encourage the positive impact that music can have. The unrestricted fund is predominantly used to make one-off awards to schools 10 5UPPOrt families experiencing hardship and to ensure that children do not have to leave School in the middle of an academic year. Where p055ible it 15 desirable for children to stay at their chosen school until a suitable transition year. Nine pupils were supported during the year from this fund. IAPS CHARITABLE TRUST TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT) ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Revlew of artlvltles. financlal results and resourtes Work continues to raise the profile of itrust amongst IAPS schools and the charitable trust is represented at the IAPS Annual conference. IAPS finance committee and other IAPS events. The aim has been to slowly grow the number of children supported by the funds. The Board is made up of retired and serving headteachers. Usually. the Grants Secretary and Chair will be recently retired heads who can devote time to the role. It is recommended that no more than three retired head5 make up the Board. Mr T Wheeler took on the role of Grants Secretary at the start of the 2021-22 academic year and ha5 been chairing Scrutiny Committee and Mrs D Vinsome took on the role of Music Secretary in August 2023. The restricted funds were used to make Bursary fund education Brants of £4,25012024- £8,206),. Benevolent fund hardship grants of £8,62612024 - £7,844); School Access Scheme grants of £146,56912024 - £135,158) and Harrison Memorial fund music £8,765 12024 - £4,050). Grants from the uniestricted funds totalled £17,54712024- £24,845). In total grants made during the year amounted to £185.75712024. £180,103). Overall, the funds of the charity have increased from £2.191.37S las restated) to £2,206.714. Some £914,118 of these funds are invested to provide income for grants and £811.253 is held as the expendable endowment to underwrite the School Access Scheme. Future Plans referred to above, the Trustees will continue publicising the work of the charity by attending IAPS conferences and district meetings when invited. The strategy is to increase the number of "one-off. awards so that as many children as possible can benefit from a grant. Golng Concern The Trustees consider there are no material uncertainties about the Charity's ability to continue as a going concern. After making enquires. the Trustees have a reasonable expectation that the Charity has adequate resource5 to continue it5 activitie5 for the foreseeable future. Accordingly. they continue to adopt the going concern basis in preparing the financial statements as OLJtlined in the Accounting Policies on page 13. IAPS CHARITABLE TRUST TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT) ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Reserves policy Reserves are held to ensure that outstanding commitments can be met. The Trustee5 consider the charitable trust to have suffitient reserves to meet its commitments to beneficiaries over a reasonable term and if necessary, levels of spending can be ailjusted in 3 measured way. The trustees have reviewed their reserves policy taking note of the Charity Commissions Guidance in this matter. The Trustees have determined that they should hold sufficient unrestrirted reserves to meet all existing grant commitments from the unrestricted fund and one year's operating expenses. They have calculated that the total sum required is £15,594 for committed grants and £20,000 for operating costs. Currently such reserves stand at £189,11012024- £159,333). At the Balance sheet date the Charity has total funds of £2.206.714. of which £189,110 are unrestricted. £1.206,351 are restricted and £811.253 are expendable endowment funds. Structure. governance and management The charity is a company limited by guarantee and governed by its Articles of A550ciation, last amended in November 2016. The Trustees, who are also require(J under the articles to serve as members of the Company, are elected at the Annual General Meeting on the basis of nominations ￿ceiVed. Trustees usually serve for terms ol three years and normally serve for up to two terms. Under the articles one third of the Trustees may offer themselves for re-election at the AGM. E Neville D Hewlett H Matthews S Schalkwyk D Norrish W Sawyer D Vinsome T Cannell T Wheeler C Scott T Smith Ms J Moore IResiEned 30 August 20241 (Resigned 19 December 20241 IAPS CHARITABLE TRUST TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT) ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Trustee Tralnlng New Trustees are inducted into the workings of the trust and the Company as a registered charity. OrganlsatSonal Management The Trustees met as a Board on three occasions12024 - three) in the year to determine the general policy of the charitable company and review it5 overall management and control, for which they are legally responsible. The work of implementing most of the Board's policies is conducted by the Secretarvnreasurer. The Scrutiny Committee- chaired by the Grants Secretary meets as required to consider applications and to make recommendations to the Board. The Music Secretary considers and assesses application5 for grant5 from the restricted Harri50n Memorial Fund and reports these to the Board. No Trustees are remunerated by the charity. IAP5 provides support to the charity including a small honorarium to the Grants Secretary which is recorded in the accounts as Oonated Services. Prln¢Spal Rlsks and Uncertalntles Through the charity's risk management process, the Trustees consider that the major risks facing the charity have been adequately mitigated. The major risk facing the trust is the volatility of the underlying investment funds. The Trustees continue to keep the funds, activities under review and use professional investment advisors. The trustees. report was approved by the Board of Trustees. Jw5L Mrs C Scott Trustse 05 Dec 2025 Date: IAPS CHARITABLE TRUST INDEPENDENT LXAMINER'S REPORT TO THE TRUStEES OF IAPS CHARITABLE TRUS[ I report to the trustees on my examination of the financial ttatements of IAPS Charitable Trust Ithe charity) for the year ended 31 March 2025. Responslbllltles and basls of report A5 the trustees of the charity land also it5 directors for the purposes of company lawl, you are responsible for the preparation of the financial Statements in aicordance with the requirement5 of the Companie5 Act 2006. Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination ol the charity's financial statements carried out under section 145 of the Charities Att 2011. In carrying out my examination I have followed the Dirertions given by the Charity Commi55ion under sertion 1451511bl of the Charities Act 2011. Independent examlner's statement I have tompleted my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2CQ6. the financial statements do not accord with those records,. or the financial statements do not comply with the accountin8 ￿qUirementS of section 396 of the Companies Act 2006 other thèn any requirement that the financial statements give a irue and fair view, which is not a matter considered as part of an independent examination,. or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the finantial statements to be reached. Burgis & Bullock 23-25 Waterloo Place Leamington Spa Warwickshire CV32 SLA 5th December 2025 Date- * ryi ¢ o ￿ ¢ rfi (¢+ Ln IAPS CHARITABLE TRUST SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 All Income funds 2025 2024 Gross income 196.832 10,289 190,674 45,687 Gain5 on investments Total Income In the reporting period 207,121 236,361 Total expenditure from income funds 198,321 191,575 Net Income for the year 8.800 44,786 10- IAPS CHARITABLE TRUST BALANCE SHE ASAT31 MARCH2025 2025 2024 a5 reststed Notes Flxed assets Investments Is 1.725.371 1.719,352 Current a55et5 Cash at bank and in hand 495,828 472,023 Credltors: amounts falllng due withSn one year 16 114.48SI Net current asset5 481,343 472,023 Total assets less current Ilablll￿eS 2,206,714 2,191,375 The funds of the charbty Enilowment funds Restricted income funds Unrestricted funds 17 811,253 1.206,351 189,110 804,714 1,227,328 159,333 19 2,206,714 2,191,375 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2CK)6, for the year ended 31 March 202S. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. 05 Dec 2025 The financial statements were approved by the trustees on . C Scott Trustee Company registration number 07728215 (England and Wales) IAPS CHARITABLE TRUST NOTES TO THE FINANCIAL ￿ATEmE￿r5 FOR THE YEAR ENDED 31 MARCH 2025 A¢¢ountlng poll¢les Charlty Informatlon IAPS Charitable Trust 15 a private company limited by guarantee incorporated in England and Wales. The registered ofFice is Bishop's House, Artemis Drive, Tachbrook Park, Warwick, CV34 6UD. 1.1 A¢¢ountln8