Reglstered number: 08492424 Charlty number. 1151978 Peter Sowerby Foundation (A company limlted by guarantee) Annual report 30 September 2025
Peter Sowerby Foundation IA tomp&ny limitèd ty guarartts•) Contents R8trèncè and admini8trotiv8 d&tsl$ Trustees, Teport 3-11 TrustO8s' reSponslI11S statsnnl 12 Independent aortS report to the rnember3 of Peter SOW81 Foundauon 13-10 statement of ffinancl aclfvlues 17 Balance sheet 18 19 Not•s to thè fin8naal statam8nts 20-30
Peter Sowerby Foundatlon (A company limfted ty gu•Mnteel Reference and admlnlstratfve detalls Year ended 30 September 2025 Trugtees Mr D 8 H Aspina15, Ch•lr Professor F A Drobni8wskl lappointed 24 September20251 Professor C M Longson Mrs S &egel Po10$ Dr O L Stables Dr R Sundaram lappolnted 1 Novembw 20251 Company regl8tsred number 08492424 Charfty r•gl•tsv•d numb•r 1151978 Reglstered offlce Oxnead Hdl Oxnead Norf¢lk NRIO 5HP Indep•ndont audltor UNW LLP Citygat¥ St. James, Boulevard Newcasoe upon Tyne NE14JE Bank•Ys Unlty Twst Bank plc Nlne Bndlelace Birrningham B12HB Sollellor¥ w1ndvrIh SheThwod 255 Bla¢kfrfars Road London SE1 9AX Pap1
Peter Sowerby Foundation {A ¢ompany limitèd by gyarants• Reference and admlnlstratlve detalls (contlnued) Year ended 30 Septsmber 2025 knve¥tment advl$orn QUIer Chevlol Llmlted Senator Houaè 85 Queen Vlctorla Street Lond¢)n United Klngdom EC4V 4A8 SparTOWS Capttal 3547 Ludgale Hlll London EC4M 7JN RathbDnps Inveslment Management 8 Finsbury Circus London EC2M 7AZ caC0)rd Genuity Wealth Management 88 WTrJd Stre8t London EC2V 7QR Page 2
Peter Sowerby Foundatlon IA comp9ny Ilmtted by guarnnteel Trustees. report Year ended 30 September 2026 The trustees pre8Wrt thoir gftnu81 report together wilh the oudited finanrigl statements of Ihe Peter Soweity Foundation Cth• campanVI for the year 1 October 2024 to 30 September 2025. The tmstees ¢onfimi that the compty vthh the current statutory requirements, the requirements of the companls govemirig do91 and th& provisions of the Slatement of Recommended Pracbce ISORPI. applicable lo charitie8 prepwing thetr accounts in ac¢ordanc¢ vAth the Financlal Reporting Standard applicablè In the UK and Republlc of Ireland IFRS 1021 leffedive 1 January20191. The 2024r25 finandal year conllnu¢d to pr$8ent stgnJfi¢ant chananges across the chartty sector. Whllst Inflattonary pressures eased compar•d to prèyfious years. many charitles continued to experience rf$lng demand for seryices alongside incre8sed operational and staffing ¢s. Demand on Irontline charities. parlir tho operaling withfn healthcare and ojmmunity support. remained hlgh throughout the year. The wider lunding environment 8150 remained hlghly c¢mpethUve. Many ¢hath continued lo report reductions or uncèrtainty in statutory incom$. lIst pubuc sertor orgaftlsations and NHS servirEs remalned undgr $ts5nod pressure. Across the sector. therè wa$ Increaslng evldenc• of chaiibes being requwed to delr more complex support wth fewer resources. p8rtieularfy in aws linked to pubtic heallh. sochql c•re 8nd comrnunity welbglng. During the year. wder economic unceInty ond low economic growth continued to impad levels ol Charitable gmng and fundraising ¢on17d8nca across parts of the sector. Al the same tbme, geveral malorfunders and trusts contlnued to reNiew thdr long-tern grant fflaklng 8trategle5 In response lo in4¥ed demand and changing pattems of neeil. This created 8n increasingly ehallenging operating contert parbculaty for Smaller and med1unFsed (aiiknes 3¢eklng unr$4rfcted or Core fundlng support. Llke many funders, the Foundation rAXrtlnl to see 8 sustsintd inrjease In 8pprog¢hes for supp)rt from caritie5 and communlty organlsattons across its area8 of Interest. Trustees recognlse the increasing finan¢i81 and operntional pressures belng fced by org8nlsallons defvgrlng essentsl seNkes and programmes, pariicularfy those supportw vulnernble communitie$ or workirtg llhln overstretched health 5yslems. Durfng another demandlng year ftjr the sedor, the Foundauon has c4>nUnued to SpOrt a broad range of thgrities. Trustees have sought to malntsln a balance beknn smller. mMunIty-based projects delivering immediate and Ioc81 imp8cL and larger Strategic initiatives wilh the potential to inlluen¢o widar poficy, practice and systerns changè. parttcukrfy thIn healthcare and publlc heahh. Thls year tha Foundalton launthed an mended hèarth strategy to pwde 8 greater focu$ on org8nisgtions delivering greatest impact in th1$ area - Impact in Healthcare. The Foundation also falised ils 10wear lrnpart Reportythith highfighl•d ow£18ff4llon ofgbving over the p851 decade wlth support wovEded to over 160 organSsatlons. Given the increased demand on the Fwndatiorb. wdcomed new tsustees- PTofe&wr Frnnc45 Drobnlewski and Dr Radha Sundaram- who brfng decades of experience In dlnlcal heatth and ¥¢ada. ThFJ Foundotton's grant makin9 ntinu to rnfiect Peter Sowetys deep comrnitment to hls communty, his palents. and th? importance of access to hlgh qualty h¢allh¢aw. HIS Interests In philosophy, educallon. hortiwhure, conseNation, the enrOnment ¥nd the arts also cth)tinue to shape the Foundation's programmes and fundlng priorities. In k¢èping with Dr Sowetys wishes and character, the Foundatkjn remains committed lo being a disfjn¢V and thoughtful funder. prgparnd to Support ambltlous Ideas and organlsallons capable of delivn0 meaningful and lasting imp8et. Onee again. the tru$le06 would Ilke to pui on record their C¢#ed thanks for Dr SoweW$ genero$ty In hls grfts to the Foundallon Ihrough his iifetwne al through his generous bequest vthith wntinues to m8ke such positive difference to the INes of so fnany. Twstees would like to thank Cause4 fortheir ongoing support duthg INS peitod. Page 3
Peter Sowerby Foundation (A cornpany limitsd by gu•rant•l Trustees, report Icontlnued) Year ended 30 September 2025 hayllablo Ob athes The Foundalon operates as a grant Tha9 foundation, having been endowed by the late GP and m•dleal entrepreneur Dr Peter Sowerby. From Ihe prod3 of the endownenl ino)me. Ihe Foundation aims to 91 axpresslon to the pas8hins and Interests of Dr S¢)werby and h1& late fe, Ann, for pubuc benefft. Under the Foundalton's Artic18s of Assooion, tho t969 ha th8 power to pay or appty the capital and Inco of the Trust Fund to, or for. such eXduSelY Chaable oblgcts or purposes Sn any part ofthe worfd a8 the trustaès may al thelr dlscrellon determlne. The tNslees' prfmary alm18 lo make grants to other UK reglslered or exeity chaiitses an(1 community intorest ¢ompanie$, parlipJarly those falling wrthui th8 calegofies of. a) Heallhcare b) Educatlon c) Cornmunily d) Natural Envknnmenl 01 Segd Fundlng Regardiw lh& ¢ommunity domain. InJ$t8 have placed an efflphasls on youth. arts. Yoikshlre based projects and $malks¢alg heafth Inlllats. In their polnes and declsion nmking. the Imstaas typical f8¥our innovalbve and latyt project8 which hokl thtr potsniial to inffugnce polry and practic8 afsewhorg. The of Ihe Foundatton lo make charltabla donalions have been drawn widely so that a diverse range tsf worthy charftable redplents are able to benefit. Tho trustees meet at ular Intervals lo revlew Ihelr strategic objocbves and to agreo Ihetr prograrTvne of ongolng granls. Publlc Ben•fit The InAatee$ have paKI due reg8rd lo public benefit gutdance Issued by the Charty Commission in de¢iding what acYv6ttes Ihe Found8llon should undert8ke. The Iw51ees contrfbute to Ihe managemanl of the Foundatlon on voluntary ba$ls. The Foundalon has engaged third party oxportlse to rgvlew and monttty prolè¢is of a wmplex or technical natuce. and some of the$e provit18 athv al a reduced rate. The Foundath"on does not 1ctlY manage anyvoluntegrs at Ihg presentllmg. R•vl•w of actlvltlgs The pwiod 2024r25 saw a fwthgr rth1 of grant mafig by the Foundayon. wtth grants ro1gasod slandlng at o£f.6milfjon. Duitng this period, the Foundalion'5 grnnl m&klng pol rematned the sam& In that. In gerthl, we do not soltdt quests fof funding and, whilgt this will ¢ontinue lo be the cas& with regard$ to tho majority of Ilw Foundation's grant making, on oceasion, the tnjstees pul out an open call for grant applications wilhtn a fo¢uss¢d aw of work. The8$ WIU be speclfically related to area8 of tdenlfiod n89d. Page 4
Peter Sowerby Foundation IA ¢omp•ny Ilmltod by guarnntsel Trustees, report (contlnued) Year ended 30 September 2025 Grants of over£2S,OOOi ld th1$ yo•r, In¢lud•: Two Rldlngs Commun6ty Foundauon: £165.000 lo support oryantsations In North and Easl Yorkshlre to prow'de ¥itaJ support in rural communltles. ngs Collggg: £163.477 for fAJnthnued supportfor the Poter Soweiby Chalr In Phllosophy and Mgdldne. ireath EMR: £64.3CMI to support the development ofel8ctronlc medical records in the doveloplng worfd. stroke A680aoth'on.' £74,250 to IBunth 8 Stroke Dats sden C8Wy%t <SDSCI. s and St Thomas's Charfty- £161,616 foT th& Implementsuon of o s¢418b rwnotewound monitoring hub ag an eXer[19r project forthe beneffts of r•mole rrw)nrtorin Engli¥h Nallonal Opera.. £90,Ot#J lor dgvglopln9 a sustatnable naUonal programme for throThc respirntory pati?nl$ wilh breathlessness. Barts Charitr. £25,OCM) to Improw wimary care dlagnosls, treatrn1 and Support for people vAth severe mentsl ilness living wilh thTonic primary pain. Shwt.. £50,000 to combat tho heartbreaklng Isdaknn of Multlple Sclero$ IMS) and empower those Vith MS to 08cb'¥ety tske control of Iheircondttion. Tornms: £46.127 to transfomt the availabiltyand quaNty of ml8¢arrlagg caro across the UK. The Royal Horttcultural Sodety.. £33.329 for a c4)IlaboratkJn vAth the National Health Servlce and Lè8ds Teaching Ho8pit81$ on a transformaU¥è project to trstsblish a Communty Wellbelng Hub al St James's uner$Ity Hospltsl in Leeds. UniveTSty of Lagds. Wlld Inglebomugh.. £32,178 funding to restore an upland ld3(apO In th• UK vthllst re3eari*iDg and documenling th¢ bonefts for people. nature and difflate. Beyond Autism: £31.746 to fund the new post of BendAullsM Fasl R8spJnder De0pment Manager. £27.SOO to support 6ts Gardenlng for Health inllallve. Culture Squgred CIC (Bradford knleralure Festiv81)'. £28.752 as a rts grant lo support the organi88ti¢th 10 ¢ontlnu8 lo embed 8radford Lmerary Festival wthln the bjcal communlty. Grnnts under£25.000. pald thIB ye¥r, In¢lyd•: Bethlem Gallery Imaudstey Chaity): £25,fy)0 Booth Centrè: £24.281 Br6tsh Thyroid Foundsn.. £12.500 Butterfy C¢n$eNaion'. £12,487 Chlld Braln InluryTNsl: £12,000 E•lon P¥rochial Churth Coundl.. £15.400 Encepha16tis Inlemational.. £25.000 Falrshot: £12.500 Page 5
Peter Sowerby Foundation {A ¢offlpany timit¢d ty guarant••) Trustees. report Icontinued) Yoar ended 30 September 2025 Grtrw.. £10.932 HENRY.. £12.500 Juncllon CDC Umtted.. £25.000 Leed5 IntematnaI Pianotorto Compètiti(M'. £12.465 Mlnd In Harrogal• dtstrfct. £12,000 N8tbn81 Youth Jazz Orcheslrn.. £25,000 Nordoff Robblns Yorkshi. £12,500 Northeast Qswa.. £25.000 Open County: £12.401 PAYRUS Pr8ventlon of Young Sulclde.. £10.895 Place2be'. £12,500 Royal Natlonal Lifeboat Inslltulth: £11,200 Shine.. £15,000 Thockery Museum of Medlcine.. £12,500 The Compa$lonale Frtgnds: £25.IX The Craven Arts Chaiilable Trust.. £24,200 The Mental Health and ReslThenc Foundalkjn: £25,fJJo Words Matter. £12,500 Yorkslmrè Dakn Mi118nium Trust.. £19.LYJO Small grnnts undor£10,000 arn nol1sst•d. Klny College London Pgt•rsorbY CIMlr In Phllosophy and 1¢1 After 10 years of the projgcl the Iwste88 received a (kntsilad update and Wnpact report of Ihe Phdosophy and Medldne Project. In the past 10 years, Kings College delrvered a wde range of teachin9, resegrch and outrèach, ant1 the pr0ct has cementad Its place al the centre of an ext8nded of academlcs gnd dlnlclans wth Intarasts In philosophy. medSne and their lr¢onneCtiOns. spedf hlghlighl¥ Oftt pas110 years ha¥• induded 5 PHD Studen18, 4 course8 dellvered peryear, 10 8denllflc publicatrons and over 50 events. '8•caus• of your slorrary phllanthTOPy and sustalnad commitrn8nt. we ha not mergty athieved our origlnal goals - we have excteded them beyond our most ambitious dreams., . Kings colge London, Senior W¢cè Presidant. Page 6
Peter Sowerby Foundatlon (A cornpany Ilmtted by gu8rant•el Trustees. report Icontlnued) Year ended 30 September 2025 In 2025, the Sowety Project for Philosoth and PAediwe hosted two maior nferenCeS expk)g the int¥r8¢ction of phllosophy, psychiatry and lfved experfence. Thè Phllosophy of Psychiatry & Llved Experfence ¢onferencè cmted a supportlve platlom) forphllosophers vAlh lived experience of fflental iMnes3, madnosB or neurvdirBty to shaffj their wwk. 8ttr8ding over 180 8ttend$ and fealuring 10 $akers. Th& ProJecl o1$0 marked ils 1fAh nBary y¢h the Intemational PhiloBophy of MediMe Roundtable in London. bringing together 29 8p&¥k¢rs to di$j$8 toplcs ranging frorn metaphysics lo medical gaslighting. Tha nference wnduded wilh 8 ktrynote lecturè ty Pmf•$yor Joanna Monultrff tsxarnining Chanwng percèpttons of depsSion. antidepressant we, and Ihe broader soclal understsnding of mentsl he811h. The Annual Lecluro was gfven In Othjber 2024 by Prof. QuayEhawn Spencer. from the uneTsity of Pennsovania. Vrt talked 8bout'A New Appro8di to Race Theory and Its V8e hi Addre$sing Racial Disparities in Health., His leLure ¢h811enged racial monlsm. paikncJJlaty vttthin the ntext of U.S. racial discrSe, and Ilke beyond. Drawng on a proposed solution to a longstanding puzzle in human population genthlcs, he argued for raa81 prA11sM.' the view that mulbpte, equdly valid framewwkn exist for understsnduig rac¢. In 2025126 tru3le88 aro 8xplorlng how this proi8ct and funding can have %der iVaC1 na10Thde. Trusle8s 11 also be exploring projects for the impad in healthcare grant and are esperially Inte$ted in undwfvnded areas of research and collatoratlon. OvoThl•w The aB8ets of th¢ Foundal)n comprise Inveslmonls. the felums from vthl¢h ar& usad to flnance the grants awarded in sccordance wlh its oblethes. The nel th¢omlng resources of the Foundatlon for the year ended 30 September 225 and the Itnandal posmon al that date are set out In the flnanclal 8lalements vknith foll¢M. During the ar. the Foundation rece6¥ed knvesknenl Income of £1,356.389 12024.. £1,540.97n from Ythich grnnts were awarded of £1,870.250 12024: £1,012,S671. The Foundalion had a deficit before revaluations of £880.708 {2024- deficit of £8,772>. At the year end the markel value of the invegtments had rison giving rf5e to a ng1 galn of £6.247,283 12024.. £6.583,75n. Tho net movement In funds for the year was £5,366.577 (2024: £6.574.985.91. Total lunds carrted forward on 30 September 225 were £73,333,941 12024: £67.967.384). The martet valu& of the Fovndation's finanrial invèstments al th8 ènd of sepMber 2025 (whkh excludes bank deposit balans) was £72,534,562 {2024'. £67,129.2341. an increase of £5.405,328 after market movements. grants made, fees and operalbnal expenses. Ca8h balances Increased by £95,146 to £2.040.016 12024: £1.944,8701. The were no signffscanl changes lo the F¢)undation's investment objectives. constraitts, or poli¢ie¥ overthe year. although these are regularfy R¢gwie8 pollcy As at 30 S¥pt•mber 2025, the FoundaJon held of £73,333,941 of whiL £72,534,562 has been invested for the longer term lo provide a retum forthe Foundalion in future years, with the remaining reserves in net Surplus of £799,379; hwever, 85 noted above, the Injstees have the prnver to ubllse th¢ investments for chaiitable purpo$&s as reqred. It Is the trustees. pollw that unr81trided funds should be mainlained In Ilquld forni at a mlnimum level of the value of 80 forward grant Commitments and operating expenses payable in the folloMng twelve fflonth6 which 1$ esumgted to be £1.7m as at 30 Septefflber2025. The Iwel of 'qu assets held at lh8 y8ar4nd Is salisfadory at £2.040.016. an Improvement on the orYear position. Flnancipl posltlon The balance shee¢ of the Foundation sh¢)ws uwnstricted fvnds gs at 30 September 2025 01 £73.333.941 (21fd4: £67.967,3641. after allowing for e$ting grant commitments. After making approprFJfr enqutiies. the trustees have a reasonable trxpedlon that the tharity has adequate resources lo conllnu8 In operational e$tn¢ for Page 7
Peter Sowerby Foundation (A ¢omp•ny Ilmlted by guarantso) Trustees, report (contlnued) Year ended 30 September 2025 the foreseeable future. For thi5 rpason. c¢mrtIn to arty the going eonc¥m basis wi prgpariThJ Ih8 financbal statements. Grnnt maklng pollcy The trust•es' polry is lo invbte applkations lor fvndlng on a soll¢Mallon On basts from rgglslered charftles. uniegi$lered charrties, ¢ommunty Interest companl8s and reglstered healthcare providers. 1rrtel1tUI propprty poIIcy TP ¢ru$lg9$ opgrate on the strong presumpknn that grant hotders I11 avall all work and dlscowifunded by th8 Foundatlon to the publlc domaln in on . (xJnv&nignt and fregly av8llablè way. Only tn 8xceptional circumslanceB does th• Foundation agree to negotiate a commercial dispensalion In relalitsn to IP; however, in suth cir¢umstances It Is tncumbent on the grant holder to Ballsfy the trustees Ihat thelr method will 8thievg publle b&n<l rnore •fleclvety than a publlc domain approath. Inve¥trnent poll¢y Durfng the reportlng period. management of the Foundation's invè81menl$ was dèlagatad to Quifter Ch8vlot. Sparrcrrts Caprtal. Ralhbones Inve6trnent Management and CanrTr8cord Wealth under dls¢relbnary agreemènts. Vlth Indepgndont Investment consultanGy provlded to Ihe iwstep5 by HFMC Wealh Ltd. Inveslmenl oblectfvos arg ograed between the tAtee$ and thelr ¢onsuhonts and are set out tn a detaled Invthgnt Poliw Statemanl vknlch forn an Intsgral part of the agr8emgnt wfth th8 Inveslm8nt managers. This poliw Is reviewed annualty by the Injglees. The tru8lees' aim is to achieve their largef luM whilst lakiny an approprFale level of risk. A totsl retum, strategy is adoptsd.. under thi5 polrcy trustees are ablg to draw both inwme ¥nd PItal growth from Investment of the endowment In order to fulfil thelr chorft8ble oblectlves wh115t, at Ihe same kn"me. maintain1r the purthasing power of the Foundation's resource5 $0 Ihal tt ¢an C£snlinutr to provid8 for fijture beFbelldarfe8. Fixed interest investments and equbties are the prfndpal instruments held. but other asset classes may be used. There a Cuffentty no ethbcal or anvlronmwrtal restrtclons Imposed by the investment poltcy. The inve8lmenl man8gers proyldo quarterty reports thc4udlng anaty8b of rntums ¢ompar•d to the agwd nchmarks and general market Issues and meet w6th th8 trusta¥$ al regular intsrvals. Th$ trusl$8$' Inveslm8nt consultants report to ihem Independenuy ofthe Investment Trnagers. Communkations polley The Foundation's website continues to provide InfOatIOn on the grants made by Ihe Foundatth and analysls of Ihe impact of grant makn'ng and has also been used to promote open ca115 for funding. cture Govem#nc• and Mana omont Con•tltutlon The Fovndalion was originally e8lablished as a charitable tnjst in January 2011 and in April 2013 reglsleTed a$ a haritable company {Company no. 08492424. Chwity no. 1151978). The Foundation is govemed by Mamorandum and Arbdes of Assodation as adopled on 16 Aprll 2013. Trustee As set out in Ihe ArtKI&8 of Assovation, the members are trustees of the Foundalton and directors of the eomp8ny, and néw members are approvad ty resoluuon of the extsllng Irusts•s. The minimum numb8r tyf trustees required is three. The names of the trustees vtho served duréng thè perio(J are set out b6low wilh brtef biograph& detaib: Paga 8
Peter Sowerby Foundatlon IA company limlted ty guar•rt•el Trustees, report Icontlnued) Year ended 30 September 2025 mr£VIdA$pl•lI Davld Aspinall has been Chalmmn of1he Peter SoweTby Foundation slnce hs eslabli5hment In 2011. Dad 4)ent hls career in pw3on81 fin8nciBI planning ¥nd we¥tth management having fovnded the 8dvi80ry fiThn. A8pin8118, priorto which he waa 8 profèsslon81 musldan. Past trust•e8hlpa have Snduded Sound and Mu$iG the Sodoty for the Promotion of New Muslcand thg Nalonal Youlh CtrMlr8 of Great Brltakn. DrC•mk Longson Carole is a respeded leader in heath lechnology assessment yth considerable achievements in research, pubtlc and private secttsr8. She has unparalleled Inslght Into the fast evolving health tecnology innovallon plpellne having ploneered NICE'S h>th technology evaluation progrdmmes. Carote was an Executive Dlrector 8t NICE from 2000 to 2018 end Chief styent fvr at the A5wry81iDn of the Bribsh Phamwceulic81 Industry from 2018 to 2020. She wa$ fonnerty Presid8nt of Health Technology Assessment Internafjonal and now has ad¥150ry role$ Indudlng Life SLaence Advisorat NICE. Carolè Is currentty wce chalr of the Medldn&s Dl8¢overy Catspult In th& UK was pravlousty on ScAenOfic Athsory Commlttee for Innovallve Medldne8 IniJatlve OMI) and hokl$ non Exgcudve Dlrector and advisory rol&s ni 5oenlrfic endeavouTS in the UK 8nd abroad. Thrvughoul her ¢greer. she has championed Ihe public and priv8le sector couaborallng to ensure meillcal Innovallon ben•fits patients in a is sustalnable for healthcar6 system$. Mrs Sar• SlggdPoullos Ser8 18ad$ Deltte,8 Healthrare prBct4ce In the UK onil Europe 8nd hfjs W0ed with the NHS and th Dapartm8nt of Health for tha last nty years. Sara has W0ed on major areas of hèatth pollcy and impjementation over the years. most recently supporlln9 govemmenl wlih Its wronavtru$ r8sponse. Sara also advlses he8llh insurers and private health oJmpantes. The he8llh pr¥LXlce at Deloltte has a broad advisory scDp8 and also bultds. runs and m8lntain$ dtgttal hgath systsms as well as Tobotic and cognltive tools desogned lo improve hospttal effidenGy and release dlnlcal for dlre¢t paU8nt carè. Sara 18 a graduate of Northwastern Universty and hokls an MBAfrom INSEAD. DrDavldL Stsbl David has over 36 years, experience In heatthcarg IT. Havlng qualfied In Medkjne at Dundee Unww5Éty In 1981, he enlered general pTrcti¢e in 1984 at Eg Surgery in North YthshiTe wowking 38 a Partner In that practice alongside Dr Petsr Sowerby. Togethei they doveloped th• pallenl racords management sollw¥r that subsequenlty fomied the basis of the buslness of EMIS. He Was appointed fv4edical 1CtOr of EMIS in 1987 and went on to lead Ihe EMIS 80ftware developmenl teom vhth re$ponsibdity for rffflre requirernerts. design, technology and clthical assurance unlll 2011. From 2011 D8d Seed as Strategic development dlreLoT at EMIS PLC un1tl 2013. Since then, David h88 establlshed the EndeavouT Health Ch8rflabk Trust an end•m7enl, of vknlch he18 a tnthe. and became Irustee of the Peter Sowerby Foundation in 2014. Radh& Sundaram Or Radha Sundaram MBBS MRCP FRCA DICM FFICN4 Is 8 Consuttanl in Anae3theti al the Roy81 Alexandra Hosp1 In Paisley . Havlng qualffled In Madras Medkal CdlÈgè Indla. she dld her po8lgraduata medlcal. anaeslhetic and Inlenshe care training in LO¥wpDoI. Oxlord and Glasgrm. Pagè 9
Peter Sowerby Foundatlon {A eompany Ilmlted by guarnnts•l Trustses. report Icontlnued) Year ended 30 September 2026 Frnncls l>robnlawskl Frands Is Prolessor ol Global Heatth and Tub8rc#Jlosls at Imperfal College, London and an NHS ConsuNanl clinical and public hoallh mKrobiologist and physician. He has 30 yearn. exp8ri•n¢& in dTriical and public health aspects of InfBctiou$ dkeases including running respiratory diBea5e search programmes focuslng on TBIHIV Infeclions, COVID19. molecular diagnostirA, vaccines and anlmic¥oblal dru9 lesnCe. lth integTrtion of Clini1, bic40gical and social themes. Poll¢l•¥ adoptsd lorthe Inductlon and tralnlng of tru•ts•• The skblls and Compos0 of th8 Board kept under aTrJ.11 addillonal Irustaes are required, steps are taken vla open re¢wltmenl to seek new members wilh relwanl skills and experiencg. NeYAy appolnted trusleos are provhjed wlth all rekvant Ènfomution apperfaining lo the Foundation and its affairs in oriler thal they have a sufficlent level of kno6 to enabk Ihem to perform thelr role5 efftrulivoly. Thls Includ85 an inductlon prograrnTh, meelngs wlth Indmdual trustees along lih updalgs, brieffing papers and the Foundation's polic8, annual rep¢rts and financial StateThnts for thè previous thr88 yèars. Trust88s are enojuraged lo m1 rngu19dy with prospecfve and exlstlng beneficlthes of the Foundallon'$ grants. Ati trustees are kopl up to date wilh ongoln9 developments In tharity law and prnclicA. 8nd Ih8re ar6 opportUFMUes to attend tralnlng In charfty management and to attend rneetings and conferences relat lo tha Foundatkin's main grnnt MIng ar88S. Stwcture and management r•portlno Thè trustaes are uttimalety reSpOnsle for the policigs. activities and a88ets of th• Fount1atton. They meel on a regular basis to rev devèlopm&nts wlth raga lo tho Foundalion, Ils grant giwng and operations. and make all key dedston8. The trustees review the prop0$81$ for grants and 8pprov8 as aPPToprfate. They also rev¢ew progress on all ongoing grant programmes. The IN51ees obtsln grant programm8 advlce from thelr independent advisors, Cause4. and also use Ihelr profsssional and personal netsrkS to seek out suble funding opportunllles for the Foundation vthi¢h fall wlhin the agreed crEterfa. Formal applicalions are then invited from chosen organlsauons and these are 8ssessad In delatl wrfh the relatv¥e merits conssdered agaln$tthe agreed uiterfa before any grants are awarded. AdAce and support Is ob181ned as requlred from the Foundatton's professlonal advtsers, Indudlng grant management. Investment management. solicitOf5 and ac¢x¢untants. The Foundatlon employs a parl time Ftsundalion Managèr to vknom the day to day managamonl of Ihe Foundalfion's alPairs, alorwj w6th the Implgmgntsllon of Its poltdes. SB delegated. HFMC Wealth Limited provides independent irNestfflenl Consula s8svic8s lothe Intstees. Rlsk managomont Tht Imst8•5 appro all grants awardad and an grant and gen&ral expenditure p4ym¢nts abo £1.000 ar• approved by tsvo or more twstees In arKord•nce wtth the Foundal#)n's financAal polic*s. The Iwslges havg Assèssod. and r¢gulaty revitrrt, lh¢ risks lo vthlth ts FOUntson IB expo¥ed and satisfd that systems and controls a in plack to miiwe exposure to lh& major risks ¢denfied and that these are approprth forthe level of activty caThied out by Ihe Foundab'on durtng the period. Th• princtpal risk ks cKJnsidereil to be the managertt and perfomancè of thè invaslmènt assets and thLg is mth"gated through the use of professional investment fflanagers who report regulaty to the Injstees along wlth 5ndependenl Investment consultanLy ov&rsighL Page 10
Peter Sowerby Foundation IA ¢omp•ny Ilffllted by gwrnntso) Trustees. report (contlnued) Year ended 30 September 2026 Han¥ for lutur? pgrlod8 Thg dlrectlon of the FoundaUon'$ glvtng stratggyls expected r8maln unchanged durlng 2025 - 28 whereby thè Foundation wil invite applfcgthons for fundlng on a solicllallrm only basis from registered charilies, unregislwed charilles, )MMUnity Intèrest companles and reglslered heallhcare providers. DIBcloBure of inforni•tlon to audltorg Ea¢h ofth8 personskno are trustees at Ihe tlme th18 tru8ta8s' rnport Is approved has confirmed that so lar as thal the trustee is èw8re, there Is no rel&wrt ¥udlt Infomiafjon of vthich the charitable compatys auditors are UFtaVl8re. gnd thatthe trustee has taken all the Steps that ought to havg be8n tsk a$ a trustee In orderto be aware of8ny relevant audrt Infomiation and to establish that the charitsble compatys auditor5 8re 8W8re of that Infomatton. Audlto UNW LLP have indicated Ihetr %b%Uingness to conlnue In office. The tw$tee$ will prOpSe a motion re appoinb.ng th• auditors at a meetfng ofthè twsts•s. by order ofthe rnernbe ofthe brd of Iwstee5 on 25 June 2026 gnd *ned on their behawty. IAr D 8 H Asplnall rusteel Page 11
Peter Sowerby Foundatlon (A cornpany Ilmlted by guarant401 Statement of trustees. responslbllltles Year ended 30 September 2026 The trustees (who are 8180 the dirndors of thè ¢ompany for purposès of Company kn} arg responslble for preparing the tnt51ees' report and tho finan¢&l statemgnls In accordance wlth appIlble law and Untted lfjngdom Accounting Standards Iunttgd Kthgdom G9ngralAttopI8d Ac¢ounlng Pr8dc81. Company law requlres the tnjstees to prepare finandal statements for each flnanthl year. Under company law. Ihe trustees must not approv8 the finanoal statoments unl6$s th&yaw satisfied Ilt they gfve 8 true and fair wew of the stsle of affalrs of the charltable compary and of Its Incomlng resources and appllcatlon of resources, Induding its Ineome and oxp•ndMure. for that period. In prepartng these flnancial stalements, the INstees are required lo.. select suitable accounting policies and then appty Iheffl crJnsis•'. obseNe Ihe m91hods and pdndples ofthe Charltles SORP IFRS 102): make judgments and #e£ounling èstim810s that arè rea8onablè and prudeNI- stste whelher applicab18 UK Accounth"ng Standards IFRS 1021 hav8 baan fOlkn. suble(a to any malerlal dopartures disclosed and explalnèd In the ffinanclal stalements,. prepare the finonoal slalemenls on the golng concem basis unle98 tt is Inapproprfale lo pr8suff* that the charitabl8 companywor continue in busines5. The tnjstees ao SponSIble for keeplng adequate accounlng record$ Ihal aro sufflclent to show and expknln Ihe charitable companvs transactions and disclos8 with reasonable accuracy al any lime the finanrAal position ollho chathable company and enable them to ensure that Ihe ftnanthl statements ¢ompty wRh Ihe Companl&s Act 2006. They are also rn$ponslbl& for saf8guardlng the ass8ts of th& Charrtablè eompony and hence lor taklng nable steps fo( the prevention and d8tection of fraud and other irregularities. pp ed by ordor of Ihe ers ofthe board of trustees on 25 June 2026 and signed on bts behall by.. Mr D B H Asplnall ru8le•l Page 12
Independent audIt0$ report to the members of Peter Sowerby Foundatlon Oplnlon We have audited the IEnandal stal8mènts ol Pèter S¢)werby Found8llon Ilh& 'charltablè companty) for the year ended 30 September 2025 whlth compdse the ststement of flnanclal acbvlllos, the balance sheeL thg slatemant of cash fbws and the lated notes. Includlng a summary of slgnificanl 8¢¢ounling policies. The financial reporting fraMey Ihat has been applied In thelr prep8rallon is appllcabke law aThJ Untied lfjngdom AruntIng Stsndards, Indudlng Financlal Reporting Standard 102 The FinanaaS Reporting Standard aPicable in tho UK and Republk of Ireland, (United lfjngdom Generally Attepted A¢¢ounling Pr8¢lte). In our opinion the financbal 3tatements.' gNe a twe end fair vw of Ihe state of the thaiilable companys affairs as at 30 September 2025 &nd of Its Incomlng resourceb and appll¢aUon of rasources, Indudthg lis Income and wiendilure for year Ih8n ended; hgve been properfy pr818{1 in arxordonce vAth United lQngdom Generally Accepted Accounting PracU¢&'. ond have been prepared In accordanco vlth th8 requkements of the Companles Act2006. Ba•l• for oplnlon We conducted OUT audft In a¢COrdar vhth Intemational Standards on Audibng (UK) CISAS (UK)) and appli(able law. responslbilille$ undor those standards are fvrther described in th8'Audllof# SponSIbilit18S for Ihe audil of the financial ststements, sedion ol our report. We are independent ofthe charrt8ble company in accordance with the ethical rèqulr¢mants that are relevont to our audh of the finandal statements In the United Klngdom. induding the Financkql Reporting Council's Elhlcal Standard, and we have fijlfilled our olher ethical responsibiliti&% in 8c¢ord8nce these requtrements. We beTheve that Ihe oudit ewdence have obtained Is sufficAent and approptrqate to provide a bas1$ forour oplrtlon. Concluon$ Mladng to golng concern In audlung th& finandal statem¢nts, have condudèd Ihat the bitstaes. use of the golng ¢on¢m b8sls of a¢eounlln9 In the preparatlon oftho flnandal staternents Is apwoprtate. Based on th& VR havo pgrfomied. have not Identified any mateiial uncwtsinli$s relaung to events ¢y)ndilions that, individualty ¢y 1Ctive. may cast svJnificant doubt the eh•il8ble companvs abilty to conllnue as a golng concem for a perfod of at least Iwelve month8 from when the finandal stalemoni$ arè aLrthortsed for Is5U6. Our responslbifiigs and thè r8sponslbllmos of the INstees lth respect to golng eoncem are descrtbed In tha relevant seclions of this reporL Pa 13
Independent audIt0S report to the members of Peter Sowerby Foundatlon Icontlnued) Other Infomlatlon Th& other infomladon comprfses the Informalton included in the annual r8port other than the ffnanclal statsments and out audllofs report thereon. The trustee5 are respon51ble for the other Inlornatlon contaId within the annual feport. opinion on the firtala1 8tatarnenl$ does not cover Ihe other Nfftirnalion and. axc8Pt to the extent )thals8 explty staled in our report, we do not express any form of assurnnce ¢onduslon thereon. responslblllty 15 to read th& other tnfomwllon and, in doing so, nSider whettr tho other Infornalion is m8lrially inconsistent with the finaft¢Aal $tat¢m&nts or our knovrtedge obtalned In the course of tho 8udit, of otherwlse appears lo be m8tsri0lty mlsstgted. If we identlfy such material inconslstencies or apparant materfal misslalements. we gre reqed to detarmlne wh8lher this 91¥ rise to a malertal mlsststwsent In the flnandal $talements thamsekns. If, based on the work wg have porformed, wg condude that th8re is a material mksBtalemenl ofthls other inbmmllon, we are required to rnport that fact. We have nothing to report In thls regard. Oplnlon on other matt8rn pres¢rfbBd by the Cornpanlej Act 2006 In our oplnlon. based on th*work undertaken In the course ofthe audlt: the informatlon glv8n In th8 tntOes, report for Ihg flMndal for whtch tha flnandal statefflentB are prapared is conslslenl with the financial statements. the INste, report has been prepared in acK0rdar applicable legal requtremenls. Mattern on whlch we are reqld to rnport by ex¢epllon In the Ilght of our knTrMedge and understanding of the charflabte company and Its envtronment obtained in the course ofthe audit, we have not idontifiod matsiial misslalemeni8 in the trustse6' fwrt. We have nolhing to report in r8$p8d of k)Ilwng matterd in lation to which Companles Aci 2008 requlra8 U5 to report to you rf. In our oplftlon: adequate 8c•)untlng rgo)rds havg not been kepL or retum8 adewate for our audil hav& not been rocgived fmm branches not vtslted ty us.. or the financ>al 8tstsments aro not in agreement with the accounting records 8nd retums: or ¢erfaln dlsdosur8s of trustegs, remuneration spfj¢ffied by law S nol made.. or we havg not recehed all Ihe inforrTMtion and explanalons we rgqulrg for our eudl., or the Iruslee8 we nof $ntrtlèd to prepa th¢ finanal ¥lalements in accor(lance wilh Iht small convan¥ reglme and take advantage of the small companl8s' 8x8mpllons rn prep8rtng the Irust8es' report And from th& wuiromantto prapar& a strateglc r8porL Re¥ponslbllltles of trugt•e4 As eXalne more fulty In Iho truslo9s' responslbnffjes statement, the trustees (who are a150 the dlractors of the ¢haYllable Company lor Ihe purposos of mPry law) are spOnsIble for the preparatton of the financial statements and for belng satisfied that they gfve a true and fair viaw, and for sud) intémal o)ntrol as the tftteeS eleMne Is necessary to enable the preparation of flnanclal stalgm&nts that arg fr99 from mgtarfal mls$talgment. whe1h8rdu8 to fraud orerror. In wepadng tho flnandal statements, the Iwslees are responslblè for assesslng the charltable compatys ablllty lo continuè as a going conrn. dlsclosln9. as apwicable. maltafs rolaled to going ¢Ortm an<1 usin9 thè goin9 concom basls of accrojnting unl&56 the tNslees either Inlend to 11qte thè charllablg company or to coas8 opeTrUons, or have no wllstk altematlvg bul to do $0. Pagg 14
Independent auditorfs report to the members of Peter Sowerby Foundation (continued) Audltorfs respon51bllltles for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstaternent, whether due to fraud or error, and to issue an audilo¢s report that includes our opinion. Re8s0nable assurance Is a high level ol assurance. but Is not a guarantee that an audit conducted in accordance wtth ISAS (UK) wll aayS detect a material misstatement when it exists. Misstalernenls can arise from fraud or error and are considered material if. individually or in the aggregate, they coulcl reasonably be expected to influence the economic decision5 of users taken on Ihe basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org.uklaudilorsresponsibilities. This description forms p8rt of our auditor5 report. Extent to whlch the audlt was consldered capable of detectlng Irregularttles, Includlng fraud IrregulaThUes, including fraud. 8re instances of non-compllance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delect material misstatements in respect of irregularities, Including fraud. The extent to which our procedures are capable ol detecting iegUlatIes, Including fraud is detailed below. However, it is the primary responsibility of management, with the oversight of those charged wlh govemance, to ensure that the entity's operations are conducteé In accordance wth the PTovisions of laws and regulats.ons and for the prevention end detection ol frau(J. We tsbtaln and update our understandlng of the charitable company, its activities. it5 control enmionment. and likely lulure developments, Including in relation to the leg21 and regulatory frarnework applicable and how the charitable company is complw.ng with Ihat framework. Based on this understanding, we identity and assess the risks ol rnaterial mis51atement of the financial slaletnenls. whether due to fiaud or error. design and perform audrt proTrdure5 responsive to those risks. and obtain audit eVideCe that is sufficient and appropriate to provide a basls for our opinion. This includes consideration of the risk of a¢t5 by the entity that were contrary lo applicable laws and regulab"ons, induding Iraud. Based on our understanding of the charitable company, we ideniified Ihai the principal risks of non-compliance wth laws and gUlatiOnS related to laws and regulations that directly affect the financial statetnents induding financial reporting legislats-on (including related companies legislation), pension legis18tion and UK tax legislation. In addition. the COTMpany is subject lo many other laws and regulations wheie the consequences of non- compliance could have a matenal effect on amounts or disc105uie5 in the financial statements, for instance through the irnpostyon of fine5 and litigation. We considered the extent to which non-complianee with laws and regulations might have a material effect on the financial staternent5 and we have assessed the extent of Complian wth these laws and regulations a5 part of our PTocedures on the related financial staternent ttems. Vve also ewaluated managements, incentives and opportunilie8 foT Iraudulent Tnanipulation of the financial Statements lincluding the risk of override ol controls) and determined that the principal risks lated to posting Inappropriate journal entries to manipulate financial results. tnanagement bias In accounting estimates, as well as improper revenue recognits'on which indudes fraudulenl posting oljournal entries to ievenue. Audit procedures perforTned by the engagement teaffl included". Inquiry of man8gernent and those charged with govemance reg8iding actual and potential litigation or cl8iTns as well as whether they have knowledge of any actual. suspected or alleged Iraud., Reviewing the financial statemenl di5dosuie5 and testing to supporting Oocurnentation to asses5 compliance with applicable laws and regulations Reviewing rneeling minutes to identify Teport8d frauds and any potenlial non-compliance with 13ws and regulations.. Identifying journal entries base(J on risk criteria and lesling the identified entries to supporting docum8Tltation', and Page15
Independent audltofs report to the members of Peter Sowerby Foundatlon (contlnued) Challenglng assufflption$ and judgments rrmde by management In thelr *nrfkant aCUntIng esllmates and èv8ILt8ting whether there was any 8vid8n¢¥ ol blas ty Ihe dlreclors that representsd 8 IK8k of matsrfal mi561atemenl duo lo fra. 8gcau50 of th8 Inherent limitation5 01 an audll. Ihero 1$ a rfsk thal we not detect 811 Irregulaiikn95, induding those leading to a material mlsstatement in the ffinancial Btatements or nonwcomplran¢o wilh reguktoon. This risk Increases MO that compliance with a law or regulation b5 removed trom th& events and transaction8 reflected in thg fin8ndal stalemenls, as we will be less Ilkely to become aware of Instances of nonllQ)mpliancg. The risk is also 9reatef regarduig irregularities ocojrring ¢Jue to fraÈlll rather Ihan error. as fraud Invo08 Inlenlional co6alMent, forgery, 9)lln. om1ssi( or ntsrowaséntauon. 118e of (wr rnport Thls r•port Is made solety to the tharllable ¢ompatys trustees, as a body. In acrdanCe th Chapter 3 of Part 16 of the Companles A¢t 2C#)6. Our audrt work has bègn undetskgn so that we mlghl slate to Ihe charitable companls Irugleès those matters we a qued to stste to them in an alito¢S report and for no other pvrpose. To the fijlkst extent pemthd by law. we do not accept or assurne responslbllity to anyono olhar than the charftabte company and115 tN¥tegs. 8 body, for QUT audf(worK forlhis l¥PQrt. or for the Dplnlons wo have fomwd. Anne Hallowell Bsc FCA OChA (Senlor Statsjtory Audltor) rorand on behalf of UNW LLP. statutory Auditor Chart8r811 Accountants New(asUe upon Tyne 25 June 2026 Pag& 16
Peter Sowerby Foundation IA ¢omp•ny Ilmlted ty guarnnteel statement of fjnancial actlvllles Ilncorporallng Income and expendfture account) Year ended 30 September 2026 UnrnBtrlcted funds 2025 Totsl funds 2025 Total funds 2024 Nol• Income from: Donaltons Investments 2,250 1.356.369 2.250 1.356,369 1.540.977 Totsl Income 1.358.619 1.358,619 1.540.977 ExndItUre on: Investmem management costs Charfiable acfvrfltrs 406.152 1.833.173 406,152 1.833.173 386,313 1.183.436 Total expendlturn 1239.325 2.239.325 1.549.749 Net expendlturn before net galng on Investments Net galns on investments 1880.706) 247.283 1880.706) 6,247.283 18,772) 6,583.757 movament In fu#dg 4366.677 5.366.5n 6.574.985 Roc4>n¢lllatloo of fvnd8: Total funds tsoughl foTw8rd Net movement In funds 67.967.364 5,366.577 67,967,364 5,366,577 61,392.379 6,574,985 Totsl funds ¢•rrled forward 73,333,941 73,333,941 87,967,364 The notes on pages 20 10 30 lo pwt of these ffinandal sLitements. Page17
Peter Sowerby Foundation (A company 11m1t Iw guarnnts•) Balance sheet As at 30 September 2025 2025 2024 Flxod a••ots Intanglble assets Inveslments 599 67,129,234 71534,862 71534.562 67,129,833 Current a88•ts Deblors Cash al bank and In hand 23.663 2,040.016 74.$22 1.944.870 15 2.063,679 2.019.392 Current Ilabllltles CredVÉors- amunts lalllng dug vllhln one 10 1901.832} (922,4011 Not current a890ts 1,161A47 1.098.991 Total Sets le88 current 73.696A09 68.226,824 Creditors: arnounts fairing du¥ aftor mor& than ono year 11 {362,4681 R59.460) Total net a88ets 73.331941 87.967,364 Charlty lund¥ Unrestrlcted fijnds 13 73.333.941 67,967.364 Total fvnd$ 73.333.941 67,967.364 The truslges a¢knowledg8 tholr rgsportslblfftles lor comptylng wlth the requlremen18 of the Acl wNh respect lo o¢xounting teuy)wds 8nd pr¢paralot) of ffinancl81 statem9nts. The flnandal statements have been prepared In accoTdan¢& Ihg provhlr>n$ appllcable to gntl¢l95 sub58cI ¢0 the all companS85 reglrne. ncial Statents were approved and aulhori68d for Issue by Ihe Irustees on 25 June 2028 and stgned on half by.. eif b Mr Chalr Asplnall Company reglstered number.. 08492424 Thg notes on pages 20 to 30 lomi part of tr*str ffinancNI statements. Pagg 18
Peter Sowerby Foundatlon IA cornpany limrtod by gu•r¥nt•vl Statement of cash flows Year ended 30 September 2025 2025 2024 Not• Cash flo frnrn operatlng actSvltles Net (ash used in operafjng actlvllies 14 {1103.1781 (2,016,370) C48h fkw8 from Investlng a¢tl¥ltl Oividends, interes16 and rents from in¥esknents Pmceeds from sale of investrnents Purchase of Investments 1.3S6.369 1.540.977 11.022,846 12.045.SS1 {10,1eo,8911 111.143,015) Not ¢a$h provlded by Investlng aetlvltles 2.198.3 l443,513 Clwnge In caoh and equIlents in the year Cash and cash 8qulvant8 at the beginnlng of the year 95.146 427.143 1.944.870 1,517,727 Cash cash wulv•lgnts al th¢ ond of the year 15 2,040.016 1.944,870 The notss on pago8 20 to 30 fomi part of Ihèsè ffinandal ststèménls Page 19
Peter Sowerby Foundation (A Company limii•d by guarantse) Notes to the flnanclal statements Year ended 30 September 2025 Accountlng polklo8 1.1 Basls of prèp#rntlon offinanelal ststsmonts The finand81 stoloments hav& be8n pr8parsd in aordanCe the Charllies SORP IFRS 1021- Accounting and Reportlng ty Charilies.. Stslernenl of RerAJmmended Practice appli¢8blo to charities prep*ing thelr accounts In acCrdanCe wilh the Flnandal ReporhThJ Standard appCable in the UK and Republlc of Ireland IFRS 1021 leffectNe 1 January 20191, the Financial Reporlin9 SIAndard applicabltt in tha UK and R¢publéc of Ireland IFRS 102} #nd tha Compani•s Act 2006. Peter SOrbY FoundaUon meets the definitson of a publtc boneffil entlty under FRS 102. Assets and liabltieS are tnitially recognisad al historical cost or Iransa&#?n valua unless otherwige Stgted in Ih? retevanl accounting poltcy. The finanoal stalements are prepared In PLwnds Slerlng and rounded to tht n&aro$1 £1. 12 ComTrY 8tstU8 The company 15 a cornpany Ilmtted by guarnnlee, ino)rporate(l and domlcllgd In England. The member of the rnPany are the trusteos names on page 1. In the evenl ¢)f thg Company belng wound up, tha liabildy in reps8Ct ofth8 guafant88 is limitèd to £10 per member of the company. 1J Golng concern Foundalon holds substanual Investment assets. but malntains suffident cash resee5 to alkjw ft to megt Its ongolng commltmenls for al least 12 months. Al Ihe year 8nd. the cash balance. Inctudlng cash held wthin the inve5tsnenl portrolio, was above the grant commitments due wilhin one year. Thè trustee5 have a msonable expectslion Ihal the FrYjndaln has adequate resourees to conllnue h) operatlonal existence for the foreseeable future. For thks rea8on they continue to adopt the golng <>Jncem basis in preparing the financial statements. 1A IoMe AJI InMe Is recog58 On the company has enlSllement to the Income, k 16 probable that the I•m• will reCad Iho anUnt of IOme Teceivable can be rneasured rellably. The reD)gnition ol Incorne trom legaths is dependent on establlshlng en16tlernent, Ihe probabilty ol receipt and th8 abil6ty to estimate wilh sufftient accuracy the OUnt recelvable. Evidence of entillement to a legaLV exists when the company has suffirAent evidenc6 Ihat a gfft has been left lo them Vhrough kMvAedge of the exlslence of a valrd wll and the death of the benefactor) and Ihe executor 18 satisfied that Ihp ptoperty tn que8llon not be requlred to 5alisfy dalms on t1 estate. Receipt of a lagacy must ba reco9ni8¢d when it is PbabIe that it be receNed and the fair val of th• amount rec8fvabJa. which wlll g&n8iaSty be the gxpecled cash amount to be distribuled to Ihe company. can be rellably measur•d. In¢offle tax reeA)vèr#blo In reJ8tbn to donat10 recefved under Glft hjd or deed8 of covemnl is re¢ognlsed at the tlm9 of thg donallon. Incoffle tax recL)verable in relation to Inv8stThnl Orne Is r8cognls8d 01 the Ilm8 the InvestnlI1 Ing)m8 Is recev¥able. Page 20
Peter Sowerby Foundation IA comp*ny Ilmited by ou8rantso1 Notes to the flnanclal statements Year ended 30 September 2025 Accountlng poll¢le8 (cOntIn•d) 1A Expenditure Expendthre is recognised onc£ Ihere is a legal or conslry¢tive obligation to transfer economic benefit lo a third party, il is probable that a tr8nsfer of economi¢ benefits 11 be requlred In $etUemenl and the afflount olthg obllgallon can be measur&J r811abty. l ¥xpendilure is acrAJunted for on an accwals basi5 and has been included under expense categorfe5 that aggrogate atl ¢osts for 8lo¢alon lo adlvhl&s. Where costs cannot be dired attrÈbuted to parttoJl8r 8ctivilw they have been alkJc8ted on a ba8iS o)nsisterrt the use of resources. ChaTiiable ?diyitses include dwed cnsts inryed on the company5 gwI-m8klng operations aThJ 8UPPOrt costs incuThed in running the chaiitale opeTrtions. Grnnts payable are tharged in the ye8rwhen the offer is made except in those cases where the offer is condllonal. such grants being rei>gni$ed as expenditur? when the conditions attaching a fvffillad. Grants offered subject to condllon$ whlch have not baan met at the year end are nolèd as a (>Jrrfflitment, but not acuued as expendiiure. The provbslon for MUltyear grants is recognised at present valuè whèrè Stment is du& over mtsre than one year from the date of tho award. ther¢ are no unfijlfflled performance conditions under the nlrol of the Foundafy'Dn thal woukl pemiil it to avoid making the future payments, settlement is probab and tho discounted value 1$ considered lo be materially different from thè cash setllement figur8. The dfiscount r¥1& apie is regarded by the truslee5 as the most CunI av8ilabl8 esiimale of the opportu1tyco$I of mon¢yand is based on the Tate of inflation. Support costs ale those costs IrTed direclty in support of expenditure on Ihe object5 of the company. inc4udtng those IncurTed Sn gjnnection vAth the a(Iminislrallon of the company and compllance wllh constitutional and stalirtory requiremwrts. Expenditure on ral$ing fvnds Includes all expendibjre InThed by the con4>any lo raise funds for its charhabl¢ purposes and includes cost$ of investment managwnent fees on the investmBnt ptsrtfd. Expenditure on chBii18ble a¢liVili Is inojrred on diredty undertaking th8 acVvltle5 further the companvs obl•th8. aswall as any asrated 5UPPOrt Cost All expenditure Ls Induslve of irrecoverable VAT. 1.6 Intanglble 88sets and •mortl$atb Intanglblè assets costing £500 or more arè capltalL8ed and recognised when fulure •CAynomic benefits a probablB and Ih? Cost or waue ofthe asset can be measure<l lIablY. Int•nglbl8 assets are Inlllally rècagnlsed at cost. After recognllon, under th& cost model. Intanglbl? assets are m•#sur¢d at ¢o¥l less any ac(yJmulated 8morti8aOon ond any aCcurlalI wnpalmienl losse3. Amortis8tiOn is pffjvlded on inlangible a88et8 at rates to write off the co61 of e8¢h 0S6et on straight4ine basls over expected usefvl life.. Wgbsite 20% $tr81ght Ilne Page 21
Peter Sowerby Foundation (A c¢>mpany limit8d by guarnntae Notes to the flnanclal stslements Year ended 30 September 2025 Ae¢ountlno pollcl•s {contlnu•d 1.7 Inv¢8kn•nl8 Fixèd asset investments are a ftsmi ol financial in$lNmnl and a IniJly recognised al thew Iransactlon cost and sub8equenlty measurnd al fair valu& al the balanca slwet dale, unloss fair value cannot be measured fibty in whleh casè It ts m•asur8d at cost less lrnpaiThnent. Inveslmenl galns and losses. whether reallsed or unrealised, are comblned and 5hovm the h&8ding 'N gainslllosses) on Inveslrrnts' in the slalement of financAal activitieB incorpornb'ng incomo and pendtturn account. 1.8 Inl•rost recelvblo Intsrost on funds held on deposit Is Inrjuded when recAvabl8 and the amount can be rneasured by the ¢ompany" thls É5 rKJmwlty un nofywon of the Int8rest pad or payable by the instituliDn wlh vthom Ihe fvnds are d&poslled. Debtors Trade and olhor dabtors arè reoyJni84d 81 the settlement amount after any Ira(le dlscounl offorgd. Propayments are ¥ued at amount prepaid n8t of any trnde di$counts due. 1.10Ca$h at bank and In nd Cash at bank and th hand InC4leS csh and Bhort-tenn highly Ilquid investments Yllh a short marity of thrne months or less from the t1at• of or4uisitson of opening of the deposit or similar 8ccounl. 1.11 Uablllllo• •nd provklons Lbilittes ate re(wnised when there Is an obtiyation al the balan¢e sh8et data as a mull of a past ev8nt, It Is probable that a transfer of 8conoml¢ benefil wlll b& r&qutred in setUem9n[4nd the amount of the settlement ¢¥n b? gstim?ted reliabty. Liabli ities are recognised at the amount that the company antiupat•s it VAI pay to 9ètlla thè debt or t aUnt it has recelved as adVGed payments for the goods or seNic8s tt must provldg. 1.12 P•nslon8 Thè Ctsmpany opefates a defined contftbullon penslon sL*emg aThJ the ponsfion ¢haf9e rsprosents the a)Unts payable bythe o)mpany lo the fund in respect of Ihe year. 1.13 Fund a¢countlng G•neral funds ara unr•slrtd8d lund$ vthl¢h are avallabje for u8e al the d18creUon of the trustee8 tn furiherance of ts general objecfves of the company and which have not been dosignale(I fof olhef purposes. Page 22
Peter Sowerby Foundation IA ComnY Ilmlted by guarnnteel Notes to the flnanclal Statements Yèar ended 30 September 2025 Accountlng poll¢1 {¢ontlnu•dl 1.14 Crftleal accountlng estlmates and areas of judgment Estimates and judgTh*nl8 are conlinual(v evdualed and are based on histr¢81 experience other factors, induding expect3lions of future ents that are believed lo be reasonable under the druJm8ianco8. In preparing Ihese ffinanry81 statements the direclors do not consoder Ihere were any slgnlficant estimate$ or aroas ofjudgmt that were requlred In appn9 Ihe companls acrAiunting polid88 a$ sel out 81x). Incomè from donatlom and legacle8 Unrestrl¢ted fund$ 2025 Total fund8 2025 Total funds 2024 Glft ald 2,250 1250 Investment Iorne Umstrlet•d funds 2025 Total funds 2025 Total funds 2024 Dividend income lrtereston inveslments Bank inlfjresl 1,263,265 49.689 43,415 1,261265 49.689 41416 1.433.196 60,327 47.454 Totsl 2025 1.356.369 1.35&369 1,540,877 Total 2024 1,540.977 1.S40,977 Pago 23
Peter Sowerby Foundation (A company Ilmlt•d by grAnt9+} Notss lo the flnanclal statements Year ended 30 September 2025 Analy818 af oxp•ndlture by actSvlli Support Tolal funds 2025 Total lund8 2024 Grant giving 2025 2025 Grants awarded (note 5) 1.870250 182.923 1.833.173 1.183,436 Totsl 2024 1.012,567 150,869 1.163.436 Anaty81• ofsupport ¢o•ts Totsl funds 2025 Total fvnds 2024 Staff cnsls Professkjnal fees In support of grant prograrnrna Adminlstration and olh&r prof8sslonal f Sundry co8ts IT eosts and anwrtisation Audilorfs rnmunerntlon 13,840 100,226 26.546 2.219 94,197 28.341 10.516 11.700 12.804 13.200 162.923 150.869 Pagg 24
Peter Sowerby Foundation (A compjny Ilmltsd by guarnntee) Notes to tho flnanclal statements Year ended 30 September 2025 13Tants Wdrded In the ye¥r Unvestrfcted funds 2026 Total fund¥ 2026 Tolal funds 21r24 Barts Chgrity Culture Squared CIC English Natlonal Opera Guls & Sl Thom8W Ch8rty SHIFT Strokg ASSOa.0n Thames Valley Air Ambulance The Roygl Horticutturnl Sodety 75,1)00 75.000 143.762 450,000 483,950 50.000 450,000 483,9SO 50,000 297,0 58,469 99,988 99,988 82.500 95.000 403.199 (87.3831 Yothshire Dales Millenium Trust Oihergrdnl$ < £50.000 Grants written badt 576.827 165,5151 576.827 166.6151 Totsl 2026 1,670.250 1,670.250 1.012,567 Grnnts to benefici8ri¢5 wer £50.CrfJO have been disclosed 8epaTately with all other grants shn above in 'Other grants. and ony grants vAitlen back in 'Grants wite bac. Grants written back are vthere thg benefiary no longer meets the condlltons for the grant to ba pald ty the Foundation. The credttor and ¢)Jnvrithenl are therefore reversed. The FoundaOn rnade 2712024: 171 grants less than £50.OLMJ Ir) a vartety of Institulion$. Furlhèrd•talls ol the nalure of causes supported is gen tn the Trustees port. Page 25
Peter Sowerby Foundation IA Company 11mli by gu•rant••l Notes to the flnanclal statements Year ended 30 September 2025 Slaff costs 2025 2024 Wage8 and salarfes Social 8e¢urity cosls Conlrftsjtion to defined cOnt)Ut1 ponsion gch8m08 14978 882 1.911 13,840 2219 The avernge number of p&rsons amploygd bylhg compary durlrwJ Ihe yegr w8s as follows.. 2029 2024 No. Admlnlstrator 0.17 No emo>e received remuneratbn amounlth9 to mor&than £60,000 In eltheryear. The trustees no tn oilheryaaf. No oxpen89s vffjr• patd to Irusl88s (2024.. £nA). Key managemoftt personnel are deemed lo be those h8n9 authlty aNI responslbulty for plannlng. dlredng and ¢ontrolllng the actlvltl8s of thg Foundallon.. Durfng the year the key managgmenl p•rsonn81 cornprlsed the board of trustees and consequenuy the total employee benefits of the key management pw8onnel were £nil (2024: £nlD. Page 26
Petsr Sowerby Foundation IA company Ilmited by gu¥rnntso1 Notes to the flnancial statements Year ended 30 September 2025 Inlanglble a8Bets Webslte Cost At l October 2LV24 17,9S2 AI 30 Seplemb¢r2025 17.952 Arnort1¥IOfi At 1 October 2024 Charge for the year 17,353 599 At 30 September 2025 17,952 Net book value At 30 September 202S At 30 September 2024 599 Flx•d 088et INe•tm•nl• Cash Total Cost orvaluAtlon Al 1 October 2024 Addilions 85A93,652 10.100.891 111.711.1191 7.000.973 1,635,682 67.129.234 10,180.991 {65A1n 111,776,536) 7,01)0,973 Dispos81$ Revalugllons At 30 Sept¢mber 202S 70,gH397 1,$70.165 715¥562 D•btor8 2025 2024 Prepayments and ac¢rued income 23.663 74.522 Page 27
Peter Sowerby Foundation IA ¢ompany limitsd ty guaranteg) Notes to the financial staternents Year ended 30 September 2026 10. Crndltors: amounts lalllng duo vAthln one year 2026 2024 Trade creditorn Other taxation and scoal security Grants awarded but not set paid Acwals and deferred incorn8 Other credito 11,205 332 878,S96 11.700 35275 876. 9.528 901,832 22,401 11. Crodltors: amounts falllng duo aftor morg than on• y•ar 2025 2024 GTrnts awarded but npl ygt Pard 382.468 259,460 11 Reconclllatlon of grnnts payabl• Tol•l lunds 2026 Total fvnd 2024 Brought fOard Grants awarded In the year (note 51 Grants paid in lh• yr 1.135.956 1,135.916 1.604.406 1.670,250 1,870.250 1,012.567 (1.565,143) {1.565.1431 11,481,017) Carrfed for¥Ard 1,241,063 1,241.063 1,135,956 P8g& 28
Peter Sowerby Foundation IA comp•ny limlted by guarnnt•el Notes to the flnancial 3tstements Year ended 30 September 2025 Stat•fflent of lund$ Statement of funds- curventyear Balance at 30 Go5n81 Septsm12V ILos•o81 2025 alan¢& at 4 October 2024 In¢om• Expgnditwe unre5trlct fund$ General (unds 67.967.364 1.358.619 11239,3251 6,247,283 n.333.941 Stotoment ol fund¥- prforyear Balance at 30 Gainsl September {Lo88eg1 2024 Balance at 1 fxober 2tr23 Income Expendllure Unrestrlctod funds General fvnds 61,392.379 1.540.977 11.549.749) 6,583,757 67.967.384 14. R•conciliatlon of net movomgnt In lund¥ to n•t flowfroffl opwatlng aCtivitig• 2026 2024 Nel Income for the year188 per Ststgmenl of Finandgl A¢bYitse$) 4386.5TI 8574.985 AdJu¥tsn•nts for. Amorlisation th#rges Gain$ on investments Div¢dends, inlefests And Tents from investments Decre8sel(IncTease) In dobtors InL¥•aselldecrea8el in ueditors S99 3,590 16,247,283} (6.583.757) 11,351369) 11.540,97n 51859 {33.7831 1438.4281 N•t cash u•od In opwalng actlvltles 12.101178) (2,016,370) Page 28
Peter Sowerby Foundation (A company Ilmlt•d by guarants•l Notes lo the financlal statements Year ended 30 September 2025 15. Anal¥$ of ¢a8h and ¢ash oq¥l¥alonls 2025 2WL4 Cash In hand 2.040.016 1.944.870 16. Analysls of changes In not dobt At30 SgPt•mber 2025 Octobgr 2024 Ca¥h flovm Cash ot bank and In haTrJ 1.944.870 95.146 2.040.018 17. P•nslon commltm•nts The Foundatton opgra1 a defth8d contslbullon p8n$lon schemg. Thg assets of the sch8me are held separately from those of the Fryjndation in an independenly adminlstered fund. The pension cost charge represents contributions payabl& by tho Foundalion to the lund and amounted to £nil {2024.' £3081. 18. R•lal•d paty trnnsactlon8 TMro were no rehtsd patytransactlons In emher Ferfod. Page 30