Charlty Regbstratlon No, 1153464 SARABANDE ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 SARABANDE LEGAL AND ADMINISTRATIVE INFORMATION Trustees C Lowther OBE D eollison D Bradfield FAmfitheatrof S Neadham J Hooper R Sham)a (Chairperson) (Appointed 24 Jun¢ 20261 {resKJned 24 Juna 20261 Charity numbor 11534fA Princlpal addrnss 22 Hèrtford Road London United Kingdom N15SH Aud5tor TC Group The Courtyar Shoreham Road steyniny Wesl Sussex BN44 3TN Bank¢rs C Hoare & Co 37 Fleet straèt London EC4P 4DQ SARABANDE CONTENTS Page TnJste8s' rèport Independent audilorfs report 18-20 Stal¥mènl of financial activities 21 Slalemenl of financAal position 22-23 CDnsolidated ststement of cash flow5 24 Notgs tr) the financial stalernents 25-43 SARABANDE TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 Tha Trustees preBenl their report and consolidated a¢¢ounts for the year ended 31 Dacernber 2025. Tho fln8nclal statements have beèn prnpared in ac(¥Ydance wth the accounting policies set out in note 1 to th& finanual statements and ￿mplY with the Charitable In¢orporaled Organisation's goveming do¢ument, th8 Charlb"¢s Act 2011 and"Accounting ¥nd Reporting by CharFtles.' Statement of Rgwmmended Practi￿ applic8b5• tr) charitiés preparing their accounts In accordance with thè Financial Reporting Stsndard appl¢abL* in thg UK and Rèpublic of Ireland {FRS 1021. leffaet￿8 1 January 2019}. About Sarabande Sarabande Foundatw)n I'S8raband8° or Ih8 F¢)uThYa1k)n"I 1$ a leading Arts and C(Jltural org￿lSation and ¢yealve business a￿leratOr. It was established by the late designer Lee Alexander MeQueen to SUPPLYt excepllonal creative talent through the provision of subsidised studios for the advancement of the arts, grant-making for the 1Sef of financial strain. and the Progression of educalon for the gèneral public through an accessible programme of talks and workshops that develop essentsal creative and business sknlls over mulllpl8 creats've disclplines. Its four main strands of support are.. Granl4Jiving to cover Ihving costs and thdy f88s to exeepts'onal London un1vors￿O$- th￿ *￿ g￿en to those who would struggle financially wthout the support. SarabaThJe olso award8 final year bursarfes to cre8tivaly f￿USed endeavours.. grants are given to students via C8ntral St Martins, University pf the Art3 London and Slade Schcol o)f Fine Art. University Cgllege London. The provision of hlgh4Juality affordabl• artist sbJdios lo London's global creative ¢ommuNty. offered with bespoke business and career mentoring. A pionaeriThJ and finan¢ialty a¢eesslble public programme of edu¢ation81 On￿lte talks and skills workshops for Ihg general public and an orlin• educational programme that is avaialble to th• worfdwide cornmunlty through digital platforms. The 5UPPOrt Offe￿ by Sarabande Is not limited by art form, medium or disdpllnÈ. bul centres around founding prfnciples of uniqueness of wsion, ¢r8ft, quallty, creativity, and passKJn. The Foundation fvlfills a pressing need for financial and business SUPPOrt for prt and design entrèprenaurs from all over the worfd end from any economic background. This is vh)at builds our diverse cornrnunty,. lo date, Sarabande has $uprK)rted creatives from 42 different nationalities, and 320 drfferent indwidual$. The Sarabande buildings and alumni reflect the mullicullur81 and dlvsrse backbone of the UK.. about haw of thè résidents are British tK)m and hail from a dfverse range of rAJltural and econoThwc backgrounds bringing a vast de9re¢ of experien¢es and approaches lo their art. Fln8n¢lal rèvlaw Net surplus of the Charity and its two trading subsidiaries in the year ended 31 D￿mber 2025 was £859,539 12024.. las reststedl £901,674). In￿me included. inter alia, th)natlons of £411,854 {2024- £641,265), sponsorship income of £71,834 I2024= £84,543), sal¢s of products and artists, works of £144,631 12024.. £68,652}, in¢om& from fundraising and events of £164,84712024.' £18,881), Invgstment inc£Jme of £295,901 12024- £250,627) and sundry other inwme of £149,60912024.' las restated} £102.5501. Sundry othèr Income included *dv¢rlsing Income of £29,5W {2024'. £26.500). rent81 Incom8 of £48,52812024'. (as restst8dl £54.5961, royalty income of £22,12512024: £21.454} and miscellanoous other income of £49,456 12024: {as r&slatsdl £nil}. All trading In￿rne. indudlng sales of products And artlsls. works. advertislng income. evgnl ineome and rental irKome, is generydlly èarned by the subsidiary wmpanles. Activitiès of the Ch￿ty itself aro genèrally confined to charttab￿ acbwlies. All Ine£Jm8 is unrestricted. Investment galns {realised and uNealls8d gains ￿MbIned) in the year amounted to £599.747 (2024: £702,9721- SARABANDE TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2025 Total eXwdj￿re of Ihe Charity and subsldiary companies durfng th8 year was £978,684 (2024.. £967.8181, including axpenditure on charitable aCtiV￿eS of £842,057 12024.. £728,785}. Expenditure on charitable activitias included grants of £154,533 (2024= £105.5SOI made to in81ituttons. gon¢rally UAL Central St Martins and UCL Sla¢Je School of Fine Art, and occasionally to individual students at those Institutions. Nat incr￿0 in fiJnd5 for the year was £859.53912024.' las rest*d) £901.674}. all of whlch 18 unre¥1rict￿. The Trustèes consldor the flnanrAal positson of the Cha￿ty as at 31 Decembgr 2025. and slnce then, to be satisfactory, particularfy in view of the level of both unr8stri¢t•d and freg reserves being many dmès curr8nt and forecast annual expenditure Roserves policy The Trustees have fom)ally adopted a reserves policy. This recognlses that in¢xme doès not arise evenly year on year and to enable the Charfty to plan ils activities il is prudent lo hold reserves. The poll¢y also re￿gnISeS that the restrlcted funds ol the Charity not freely available and are thus to be distinguished from unrestricted a free reserves. It Is the policy of tho Charity that rtrstri¢Èed reserves should be held at a minimum level. At 31 Decembèr 2025 restrfcted reseNes, being limile¢J lo the origSnal captsl endowm8nt, werè £1012024.. £101. Unrgslricted reserves as at the balance sheet dalts amounted to £17,347,18512024'. (as restst¢dl £16.487,6461 and it is tha intention of the Twslees to ensure that these reserv&s for the continuance Df the Charity's operations in the futurè. Free reserves, being the total of unre$lri¢tèd rasérves less the carrying value of tsngible and inlangibte fixed assets, amounted to £15,273,390 at 31 D8cember 202512024.. las roststedl £14,062.363). The levèl of ￿SOrVO$ 5$ r¢￿eWed anNally by the 8oard of Trustees and considered when preparing the annual budgeL Sarabande pmidas a n8￿rk of support and opporiunity for thousand$ of ￿0P1a In tha creative industries. This is (Jone by enabling access to education, fostering connections and networks, and by provSdiro professional tspportunities to present ueative work ond Initlate paid ￿lMerCIal relationships. Structure. govornan￿ and manag?ment The Charitable Incorporated Organisallon was established by a tharitable trust deed on 4 ju￿ 2013 and was ragistered at the Charity Commission on 19 August 2013. The chartty is led from ils goveming doeuments, ststing th8 aims and objectives. The Trustees who served during thè y88r andlor subsequendy w¢rg'. C Lowther OBE D Collison D Bradfiel FAmfftheatrof S Needharn B Hoopar R Sharma Appoinl&l 24 June 2026 R&slgned 24 June 2026 SARABANDE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Tho apwntmenl of Trustses is govemed by the Tnjst Deed, whleh require8 that ajl new apprAntmen15 be made by a rèsolution of the Trustses passed at a Trustees, meèting. Tha Board of Twslees has th6 power to appoint new Trustees and to make and hold Inv6Stments using tt)e funds oflhe Charity. Twstees shall nomally hold offlcg for o period of Ihree years, extendable once only for a fvrther period of three rs. The Trustees meet at least th￿e times a year lo discttss mid- and long-term funding stratsgies and the Sms and objectives of the Foundation. They also monitor best prad¢g$ and guidelines a$ set out by th8 Charity Comm15sion. Th* day to day man8gemgnt of tha charity is carried out by lh& Chief Executive Offtèr, Trtno Verkade. and her team. ()Jarterfy Reports a￿ distrfbutod on the Foundation's ￿t￿rtIes Ihroughout the year. The Trustees ensure u)mpliance with the Charity Commisslon h8ve a ranw of skills that benefit the Foundat*)n. Sarabande and ks Trustees are aware of the Charity Goveman¢e Code and alm to have a dI￿[s8 Board of Trustees that better r&fl¢¢ts the dernographic of tho$8 supported by the Foundation, as well as hawng the professional S￿11 s8ts to SUPPDrt the Chief Exewtive Officer and her tèam. We believe that thi5 will be in Ihe best interèals of the Charity as well as being con$istsnt vAth current be81 practi￿. We are also looknng to Increase the numbar of tNsl¥¢s tQ Teflect the s￿9 and a￿￿tioS ofthe charfty. Impa¢t Sarabande has directly and fin8niially SLVPOrted 320 artists of 42 nationalities since its g8n8Sts to the end of 2025, through giving scholarships lo those financially in need or via proVis￿n of heavily sub8iiJis¢d sludio workspace. Al thtss8 SUPPOrted are free to makg of knefits such as bespok• mèntoring, affiliated facilitie8, and Sarabanda's 8vent spaces for exhibitions, presentations, or any a¢tivily th* is necessary to support thair professional, ¢rgatlv?, or business developm8r)t. In aiJdlJon to this. a wider netwofk of ovor 38.000 has been supportèd via subsidised. inyr5on to business and creativety-led talks and education programmes since 2017. These talks are held in the Iwts gallery spa￿S aeross the Haggerston and Tottenham sites and encourage ￿mmunitieS to como logethar with shared exparience5 and gain adwce and insight into skill$ ts￿r a range of topics. Ov9r 3.300 of these indNiduals alténded the Foundation in 2025. S¢holarshlp$ Sarabande has been pn)vidlng unNersty Scholarships, livin9 subsidies and hjltlon faes since 2012 - Ihis activity is fundamental to tho Foundallon's work. The grants sp¢¢fficalty provide 8¢¢èss to •ducalion and relief frwi poverty based on need 8nd mèrit. Lee Alexander McQueen was only able to attend Central Sl Martins university due to financial support his aunt, and ￿ was his direct wsh that othèrs from finanaally disadvantaged backgroiJnd$ should also have acc&85 to education and opportunity throLJgh 98narous grants of money. Saraband&'s current parlner unlversiles are Cèntral Salnt Martins at UAL and Slade Schod of Fine Art al UCL, Jlh of which have an exceptional repulafjon for a hith standard of arts education and attract an intamational and brca¢J sturjent base. Potential scholars are assessed intsm81ty for finoncAal need and thèn shortlisted by the universities. To ensure s¢hol8rships are allocated to a diverse rang& ol applicants, re¢ipiènts are chosen by a different guest judge each Thg judges ar8 highly respected and ÉeLomplished experts in their creative field and have in¢ludgd S8rgh Burton OBE. Andrew Bolton OBE, Nlck Knight OBE. Chrfs Ofili CBE, Marfna Abramovic. gallerists Sadie Coles, Mauraen Paley and Hannah Barry, Tale's MarTa Balshaw, Tr>founder of Frièz8 Art Falr Matthew Slotover. plus artists Matthaw Stone, Talk Art's Russell Tovey, Jake Chapman and Hugo Wllson. Additional expÈrts from fashion include styllst Katy ErrfJland, Editor4n£hièf of 10 Magazine. Sophia Neophitw and desigr)ers D8nièl Rosebarry. Cralg Groan MBE. Thom Browne, Kim Jonès, SSmona Rocha. Glles D&8¢on. Todd Lynn, FTanc&va Amfithgatrof, previously Creative Director ofwatches and Jgwg11$ry for Louis Vuitton and loumalist Tim Blanks. As of2025, Sarab8nd$ has awarded £1.55 million acmss 101 scholarships. Th• scholarships are open lo appllcants from all countries, regardless of age or background. fostering a dwerse and muf(Icultural enwronmènl. For all reGYpients, access to further education would hav8 been financially unattainable bmthout Ihe grant. SARABANDE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Th8 S8rabande CSM Scholarship fw MA FashKJn Design provides ful relieffrom the uf domestic fees and lÉving grant to help with the cost of liwn9 in London - a total of £32,000 for the 1&nK)nth coursa. This was the urso that Lee studied and was 8 key part of his 8nty into the fashion industy. S8rabande also supports the BA Fashlon Deslgn * CSM. whidl Is currentty the only exlstfjng annual $thdarship supkx>rting thre8 to four years of study. Ead) student receives an annual living stipend of £8,000 whith totals mxxlmum of £32,IJOO across three lo four Yea￿ depending on the choson length of 1heir coum. bf 8 scholar is unable lo get a paid pla¢emtnt, saraba￿le wll offer finand81 support for ￿ unpaid placement. Thg Central Saint Martin's 2025 BA Fashlon Scholarship and the 2025 MAfashion scholarshlp ware both thosen byAcad¢myAward Mnning costume daslgner and supporter of the Foundation Sandy Pow•ll CBE. Havlng seen how atyxss to subsldiséd higher educafjon is Vit￿ for those from lawÉr-Income backgrounds, since 2020 Sarabande has ¢ommittèd to support a BA student for all four years of their dowee. We hold a budget for up to OKO reapients and the s¢holarshlp Is awarded in April 2026 and backdated. The final couw support8d by Sarabande Is the Fine Art Mastets at Slada S¢ho¢l of Flne Art, Unlversity c￿le98 London - a course that Lee had planned to study. The Sl8do Scholar was chosen this year by Hannah Watson, founder of T.J. BoultiThJ Gallery and Trolley Books. Each stu¢Jent awarded this scholarship rèceives financial relief to coyer Ihe higher fees Set by tha course plus the saffle living StI￿nd as our CSM ytudènts 1£8.000 per yearl. At the and of 2025, Sarabande ￿neW¢d their contract with Slade fortha n8Xt Nvo years, to reflect incrgawl bJition fees of £49,600. Smaller fin81 year bu￿rI&S are also made to both collagès. This is in addition to our fulktsTrn scholarships and the intent￿n is to enable stholars to execute thèir final year in line with Iheir vision vAthout financial inhibition lo execution. These bursaries are open wa an online ￿p￿1¢a￿On process oudlning thè need for the funds. The ffinal decision for BA Fashion is made ￿ consultation with thè course leadèrs know ffirstthand the reclplonts and thÈlr flnal yèar naeds. Th8 Slade MFA final year aw8rfs. whlch enable sev8rn18rnaller awards of £500 or £1000. 8ro dec￿ed by th& S8raband& executive team and ar& recelved via online applications. Thls year Sar&b8r>d8 8w8rd&d bursaries of bslween £320 and£l.OOQ depending on $p&cific need. made directlyto sludonts. Cas• Study l." Schol•r& R•$id•nt- TORISHÉJU DUMI Torishéju Dumi is the foundèr of womenswear and menswear label Torishéju, 8 brand that redefin8S contemporary f8$hion through the study of shape, form and fabric with réligSon. tradition, and spirituality as fundarnent85 thèmès. Torisheju's collectkns challenge the familiar, intmduclng friction vla reinterprelalion of stwcture and proporlon. Torfshélu first joined the Sarabande family in 2019 when she was selactgd for the MA Fashlon scholarship al Corttral Salnt Martins by photographer S0fv9 Sundsbo. More recenly she took over a studio at Sarabande's Tottenharn silg, joining the 2025-2026 co￿rt. Tha studio move carne at a critical time for Torishéju whosè rgcgnt career a¢¢elèration meant she wa$ looking to Streamline her studio 8rr8ngam8nts and find an envirormment that could provlda routine aThJ structure, while supptsrting the brand's growth. Maklny u$e of the Tottenham building outside of her 8tudio walls. Torishéju has stsgtd an inteNiew and pholoshoot in thè the gallery, booked a number of session8 with Sar8bande's bookkeeper and has invited industy (x)ntacts in for studio vlsits- includin9 team from the V & Awho In 2025 acquired Torishélu pjeces for thelr pemanent collection. Torf5héju's jOLÈm8y through Sarabande from seknlar to resident of of our highly sought aft9r fashlon residencigs, demonstrates the Foundatiots's ¢ommitmgnt to nurturing meanlngful lon*t8rm relafjonships with those it supports and finding additional way5 lo support such as assistlng In acquirin9 free fabiics for Torisheju from its fashion brand &inn8etions. Value B•yond Flnanc• Sarabande has a reputation for conllnued extended support.. students are Invited in to meèt th8 CEO and ￿der tearn once they accept thgir schdarship and th8 Foundation keeps in regulartouch during thèlr C￿r$e. SARABANDE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Scholars are 0n(x)uraged to utilise Swab8rKle's fa￿litieS and are provid8d wth addIt￿nal help throughout their course with finding int8rnships, sourc¥w material 3ponsorships, profèssronal mgnlwing. and assisting whèra )ssible with ¢Onne¢b"￿s. The scholarship prtsgramme is Lrjntinuousty r8vtewed and discussed lo ensure that the rnoney award¢d conttnues to hav8 m8￿M￿rn impact al the mos10ssenlial stage of a studènt's cr•ativa development. The followlng scholarshlp students werg ¢hosen Sn 2025: Slephanio Corbyn.. MA CSM. scho18rship chosen by Sandy P¢)well Linu8 Stuèban.. BA CSM. Final year aw8rd thosen in house Isobel Dickens.. BA CSM. Ftnal Year award ¢hosan in house Jo8 Fearon: BA CSM. Flnal year award chosen in hous& Fan Fan Huang BA CSM S¢holarshlp chosen by Sancty Powel Emanuel Dawlt BACSM schd#rshlp chos8n by Sandy Powell Juliet Dodson.. MA Fln&Art al Slade, ¢hosen by Hannah Watson Iris Su: MA Slade Final YearAward chosen in hou8e Jameela Gordon-King'. MA Sladé Flnal YearAward clw)5en ￿ house Maya Sllverberg.. MA Slade Final YgarAword chosen in hou$8 Tom Hallimond: MASlade Final YgarAward thosen In housè Teodora Nitsolova.. MASlade Final Ye8rAward chosen in house Varvara Uhlik: MA Slade Final YearAward thos8n in house From the moment I leamed I had reGeivèd Éhe Sarabande Scholarship. mylrfe changed drdrnatKally. Forthe first fyma, l am abl8 to d6dicate mys&lf 8ndmy timg entirely to my pra¢fice. I have been spending long houfs in Ihe studio de￿loping ideas, expeThmenting wilh materials, and ¢h811gngftng mysem in ways I novgr before. I now spénd up to glgven hours a doy in the studio, and that consistency and imn78￿0￿ havo been notthng short of tr8nsfom?arfve for l)ofh my confidsnoe and my creat Juliet D(xl$on, recAPi8nt of Slada MA Fln&Art 2025 The imp¥t of tha scholarships can be mea8urod by the sknlls and eXp&rf9n￿ that chosen scholars can call upon for a career in the eraativè industrtes. Enabling access to higher education f¢r those from disadvantsgèd financial backgrounds Is integral to Saiabande's charitable mlsslon. Furthemiore. Sarabande wel￿meS and encourages alumni's continued involvement in the Foundation, relumlng for support and mentoring at pivotal stages throughout tholr Career. I'm Incredibly gTrleful to the S8rabande Foundation for th8ir hveslmenl into IT￿ 8$ 8 designw. My scholarship prowdos me with the ne￿￿$$￿ fln8nual sponso￿lP tD pay for mal&iy81 costs 8S W81188 giving me access to valuable rnsources and spa¢es. Bèffng from a non-creative, immigtsnt background, It means a lot to have my persp8ctlve validal&dand be part of a diverse Gommunityof artists. - Fanfan Huang. raciwent ofCSM BA Fashlon 2025 Studlos Since doubling its footpririt wth the addL￿n of the Tottanham studios in 2023. Sarabande CUTrenlly pruvide5 studios for 35 artists 8cro$s its sites. Bofh buildings are in the h$art of cr8ative commun￿8$, wlh the Haggerston HQ la Gradè 11 listed 9.000 sq. tt converted Victorian stable block) in th¢ established creathve district of De Beauvoir in Hacknoy ond the sister site {an addktonal 9.000 sq. ft across two Georgian townhousasl in Tottenharn - an area undery(¥ng signtficant investmènt and popular amongst Creati￿S. Both locations 8ro e8sIIy accesslble via public transport Ilnks. Residenl artist8 havÈ accass to thelr studlos 24 houts a day. as well as to gallgry spaces al bolh STt8s. whar• they are supported to realisg sok) or group exhibthons and 8v8nts throughout thoir residency. As part of Saraband8's charilablè oblèctiv8s, and in respons$ to the degperydtè nÉ•d for ac¢esslble creative Spaces in London, the studi05 are hèa￿lY subsidised. This affordable "rent" assists in the advancement of the higlplevel production of art, design, tradit￿n¥1 and contemporary eraft. Sarabande's studios are amongst the cheapest in London. They cost £1 per 8q. ft. wlh sludlos ranging from £56 per month for the smallest at 56sq to £415 pèr month forthe largest at 414.5 sq. ft- and thls level of Tent has remained the same $in¢8 2015. SARABANDE TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 The cost is set to indicate tho commercial value of tho $tudklS and encourage arti8ts lo maximise use of their space and attend regularly. In the case that arknsts. cash flt)w is oc¢a$ii)nally unable to accommodate their rent, the Foundation may delay- and, in som& cas￿, waive- payment. 100% of fOrn￿r residents considerthg studlos as exceptional for money. In Additron to the subsidised rent, tho studlos are heated and wetl maintained with free attess to Wi-Fi and no d￿Onal charges for rates. U￿rities. loilelries, or the profassional bipweekly deanlng setvice. The Saraband• tsam Is on slte 9.30am4pm daity to offer in person support to any artist who neods IL Sarabande studios is an accelerator prO￿amMe for artists who wsh lo step to the next levèl of their pract{￿ and who are in a posSUon to make the most of each opportunlty offered by the Foundalion. The studio intake Is curated to house a broad range of creative disciplin85 al any one time - sh8plng a divarse community who are exceptional in their output and able lo pool skills and gxperience. The studios house a plethora of arL fashion, craft, and digital dis¢iplin&s, foslerfng an environment th81 breaks down the elitism of the ¥rt worfd. Many of o artists reffie¢t Ihls In th8ir work. wrth irNe8tigatKJn of so¢ial l$sues integral to Ihèlr practice. The extenswe opportunities offgrEd via the studio ￿SIdenCY prograrnrne indude wnsiderable 'money can't buy, support detailed below. We estimate that the value of finandal rèllef and in-house 8UPPOrt plus thè combined use of shared spaces available is approximatety £35,000- £40,000 per year per person. Arbst8 who wish to be considered forth8 slL*Jlo ￿sIde￿ do so by responding to an open call and completing an application fom onlinè. In 2025 Sarabande re￿1Ve￿ over 800 applications to tha studio programme. all of which were révièwèd and then narrowed to a 8hoTUist of arouThY 200 vtho wero i)vitsd to Int¢tview with the S8r8band team. Suc¢essful a￿sts can demonstraté btslh a unlque vislon and a dedlcauon to their craft, usually wth some exper18n￿ wot*ing in their industy and a dear understanding of thè Èxact support Ihey need froTll Sarabande lin addition to subsldised rent). 11 is not nec6ssary to have a fonnal gducation as a range of diffèrènt paths and backgrounds arg welfjoma: dedlcatlon to a craft- bo that traditional or new I￿￿hnolOgIeS - and a unique vislon are more lrnportanl. Studio re$lden¢ies typicalty last a year- d811￿ratelY focused to a(*ieve a parbcular goal in artists, professlonal c creative development. Thls Jme frame also ènablés the Foundation to continue to support as many individu815 a possible. For those offèrèd additional year(sl of their ￿SIdenCy. tt)e decisiort acknovAed9es ihe fact that the artists are in pivotsl stsgès of growing their buslness and wiU)out this support the bu5ingss could be al risk of comapse. S8rAbande support is spe¢ific and oftgn most beneflaal al key polnls In career developTnenl wh8n we can offar thè most Assistance. Therefore, creatives may apply or thrèè timas before they are arLopled onto the pffjgram￿. Studlo Resldents 2025 2025 saw 13 new creallves to the Haggetston studlos, with 2 sludlos o¢cupied by Tesidents from thè prevlous ygar. This yearfs cohort includes fashion dèsigners. kn ceramicisls, three painters. a jeweller, a woodcarvgr I gilder and several multi disciplinary artiqts Indudlng a sculptor who works with hair. In Sarabande's sistsr complex on Tottenham High Road fourarbsts from lasl year's cohort have béen tsmpor8rily wel¢i)med back, and wll remain vnb"I Spring 2026 when the Foundation moves to its newly rènovated buildin9 just up the road. The remainder of Tottanham residents. who are new tr) tha Foundation wll mov9 over to the nèw slte Indude tsvo fashion deslgngrs. two lewellers, a phOtOgrap￿r. a ceramicisl, three painters and three a￿sts worknng with textiles and 50ft sculpture. Ca$* Stutyll.. Studlos. FREDRIK TJERANDSEN Working across InstaNatson, ￿lplUrÉ and ￿rtoM)anee. Freddk TI￿randSen explores th8 edges of experign¢&. serwtion. and the complex relationship botwggn body and spac• - mèrgSns •lem8nts of art and philosophy to creats Immèrs1￿ exyriences. When Fr&rik joined the studios at Sarabandè, he had n•v8r created sculptural instsllafjons that existed separately lo his performanox woth. somathing he was able lo develop sigrificanuy durlng hSs residency. The tudio walkthroughs and conversations w8re particuL7rty significant Éo Fredrik, helping lo ¢larify how his work sits wthin a broader artisuc laThlscape. SARABANDE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Frèdrik played a key role in thg 2025 Sarabande Summer Group Show, creating a large silfrspeofic installation placed at the centre of the exhibitK>n, and staging a porfomianca ground this piece in 1xjla￿r￿li0n wilh feflow Haggerton resident Shan Hua. Manipulating sound and light. th¢ perfonnance ch8llenge(I thè vi8wer's sensory ¢xwrien(¢. questioning the bound8ri8s of understanding and tsppww into the depths of experienrg that remain Inaci%ssibl8 to rat￿nal thought. This pmJ&¢t h8s sinc8 op8n8d new dirgGtions into perfomiance and Inst8llatlon. leadlng to collaborat￿$ wlth dance Gollective arpd presgrtations ￿th London cuttur81 Instilutions. The Tr8id8ncy has been an inYalu8bla &nvimnm8ntforthis growth, and ts impact will Gonts"nu8 to shapg th8 nextphase ofmy ptsctlce. - FredrikTI￿nds@n on the Summer Group Show Sarabande promotes a multkajltural and mulli-di8ciplinary environment, one that allows ideas to ffiow and be supported. The ¢ommunity of cmativas chosen for residency complement each other In both thelr practice and working hours. By houslng multiple disciplines alon95ide one another, indiwduals can benefit from peer-to-pe¢r supporL gather insplralon and build netsvorks that wll remain wlth them for a lifètimè. Thls acllve network of arb$ts help$ to merge Idea8, 6n¢x)urage growth aThJ problem Solve via sklll-sharlng. Sharing a building wth a range of dlfferent practitioners is a further benefit to residents as tt allows artists to avoSd ￿nn¢￿ry costs by drawing on th8 poc4 of knth￿edge within the studios rather than looking further afield. 95% of Studio r8sid8nts say they have made life4on9 frie￿S through S#rdbanda. often rdlaboraling with 8nother studio 8rtist èithar during their tenancy or afteTwar(Is, and the Foundation ¢¢ntinues its contscl arliyts aftèr thoir resid9naes finish, it witnesses Ihe irnpaet of enduring relationships *emming from the 8tudios. Many Saraban¢Je artists move on io share studios and continue lo attend eath other's openings and avénts as well as support &8ch other through their so¢i81 modia. Exhlbltlon Spacg Wilh the addltion of Sarabande's Tottenham site in 2023. rèsident and alumni arkn31s now have 2411 access to muthpurpose gallery spaces. The High Road gallèry $paca is 1.200 sq.ft and witt) orlgSnal f6atur8s and ppenlrful natural lighL provides a beauttful exhibition spac8 at a mora manageable scale than al H8rtford Road which 15 2.000 59. ft and better suited to group exhSbitions or large painting and sculpture shows. The freedom to use the main sp81% Is invaluable for artists who do not want to roly upon gall&ri8s to show their works. instead empowÈrfng them to take ¢ontrol oftheir own exhibition and sales sa￿aN￿e's maln spaces are Lrjnsidered a fundamental resource for rèsldènts and are a rare antidote tt) the lack of affordablè èxhlbitlon space forarbsts in London. These spacas can be exduBlvely booked for a Ma￿MuM periThY of fiv8 days wa a shared calendar, and represent a savlng of betsveen £1.500 and £3.000 tw day at the Industy $tand8rd hire rate. Activities hekj in Saraband6'S main spac8s include public exhibitions and fashlon presentations, workshops. documentathon photography, produd shoots, castings, large wlè èxperiments, dance rehearsals, tslks, meetings or even short-terrn warehouslng for the brands who aro rotsling stock lo clients. Tho malorlty of artists will book out a main space at lèast onc8 during or after their residgnGy period, and il's not unttjmmon for the roorn lo be used by multiple artists at the same lime lat whith point thè diwsion of spaca Is informally agreed belween Ih8ml. In total the gallery spaces a¢rtss$ btsth sitas were booked out for 140 days in 2025, 8 valuè of over £315.OOD in aver8g8 rental costs, demonstrating Ihg ￿ntinUed demand from artists and designers for space. For more Intimgtg moetings. the artists also h8Vg th8 free use olfour Twms across thè two sites. In 2025. Sarabande host8d 8 artis14ed oxhlbthons across the hyo Sites. mad8 up of four solo exhibitions. Iwg group sh¢)ws, and the annual Sumrner Group Sh¢)w and Intsmational Womèn's Day 8xhibitions. These are supported by Sar8trAnd8 by means of outreach lo press and industry prOfeSs￿naL8. Sou￿ng of spon8or$hlps, comrnercial partnets, ¢uralori81 ronsullancy and production. SARABANDE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Summer Group Show C¢>produced and curated by Ihè artists, the Sarabande Surnmgr Group show is a ¢olléctiv8 éxhibition open lo 811 a￿Sts currenlty in residèncè, and a braliont opportunity for ernerguig artists to CC*vJrate a $h¢)w, devebping key skills that will benèflt their cawr in the long temi. Mat*etlng and a Proporlion of prc*Juction costs are ￿vered by the Foundation, mèanlng artists can realise thgir vlslon without reslrainL In order to 8ccommodat8 artists from both sltes. 2025's Summèr Group Show SinGer8ty was split into parts.. 1) fo....and 21 Fmm. modelled as an unfinished letter or a conversation unlolding In real Iwne between the artlsts. SIX events spanned the slx wg8ks. Sndudiro a privaltr vlewlng to mark each halfs openiThJ. four artlst perfomances and a closing event for Bach paL There werè over 250 guests to the two private viewngs, including from tha Br￿sh Museurn, Museurn of the Home. Collect Art Farr. the Gourtauld. SLQS Gallery. Soho HouseArt Collectors and ed6tors from SHOWstudio and Wallpapert. Notable visitors for loutB induded Herrnè8 Creative DSrector Nadège Vanhee-cybulski. Given¢hls Sarnh Burton and the ¢uratorial team from New Contempor8ri8S. General admission to the summer group show is ffye os Sarabande activ8ty •neoura9es allendan¢e Irr￿ a rangg ofs0clo-e￿n¢Mic groups and strong engagement from local residents. Intarnatlonal Womens. Day The foundation also hosts an exhibilioTI to Gelebrate Intemational Womans. Day this exhibition is euratsd by S8rAband8 artist and is open to all fem8le idèntityng artists from the Sarabande alumni, furthér stréngthening the long tewm support of SaTabande arbsts, and increasing thetr opportunities and arknsts Cx)mmunlty beyond their rglevant resident year, in 2025 the gxhibition 'Homesick' featurad 10 artists, and featur¢d a panel talk, rform8nc8 and curators tour. Tott•nhth G•lhry Sp•t• Still a relatively new space. 2025 saw the gallÉry in Tottenham used regulady for Sarabande actiwlie5 and arusts, group and solo shows. T6xtile aitsl Camila 8arvo hgld her first solo exhibllon in Tottenham In May 2025. uslng doll's hair and wool fibres to crèate an eerie sculptural forest. Tottenham re$ldént Jènnifar Jones curated a group show Family Portrait, induding work by current residents and 8 Sarnbande scholar. In July, thlrteen Tottenham residents cam8 together for Pinpoint, a group sh¢)w exhibiting work no18rger than 21 x 15cm, inviting the viewer to slop and look closer- and cementing the bond beiween the artists in buildin9. Thé smaller scale of Tottenham's gallgry makes for meaningful and intimate exhibtbons, and this year both Sarabandè staff and exhlbitlng artists have successfully engaged wth local residents and organisations by inwting In for exhIbI￿C￿S and related evénts. In 2025, Sarabande p8rticipaled In Opèn House Festfval for thg second year, a rarg OPPOrtunty for the general publi¢ to access the studios. With naBdy 100 attendees over Ihe day. visitors gènèrally came from outside of S8raband&'s USLsal audien¢e, divÉrsifyin9 ￿ach and engaging with many local residgnts. solidfying the Foundation's placemaking oblecbvBs in Haringey. For Open House, SarabarFd8 eurat8d a display around orchitectural scale mod•l by F3 Architecls rekgling to Sarabande'5 new site at 808412 High Road. Fragments of wallpaper and origlnal Ironmongery from the 18th century buibding were also in¢lud¢d. as well as artists, development pieces relating lo ￿t￿MiSsiOned work. For the second year running, A ￿Ve1 Art students frcm Lonfksn Academy of ExfxIEonc8 in Tottenham ILAETI exhiblted their final y88r work In Sarabande's High Road gallery, indiGgtivè of tha partnershlp between the foundation and the academy, ond Offèri￿ students an understanding of the role that ¢uraUng, exhibiting and 8udlènc8 •ngag8menl can have on their work. Crsatsng an opportunity for such a Iwge number of staff, students, friends and f8mity to com• and see the artwork that we make ￿thIn our STEIA foeussèrl school goes a huge way to raising wd$r aw8rsness of l￿W important art really is, and helps to elev8te ils ststu$ wllhln the school u)mmunty. something that ￿ think is invaluable. -C8rta Honne&8, LAET Art Lead SARABANDE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 C•8e Sludylll.. Studlos- JO GROGAN Jo Grogan worked for over 20 yeaTS a fashion designer before embarking on a career change and gr8du8lng frorn City & Guilds in 2023 a First-class BA Hons in Hlstoric Woodcarving & Gilding and joining the Sarabanda Studios the same year. Jo's work is a ¢elebralion of craftsmanship and nature, examinlng the sp&8 b¥fyve¢n past and present and oxploring conlgmporary int8Tpretations of hSstorf¢al themes. Arriving strdlght after training, har focus was to fsnd her creative direction, devglop on identity arKI tr$tablish the root of her practice. In her own words, Sarabande offerèd a trua lrfeline to Jo when she arrived lotsklng for the support she noèd8d to take full advantage of opportunities that mora astablished artists might grasp with ea5*. Jo's work is nalurally slow arKI ¢onsid&red. m88ntng hèr pace of produclKJft Is slower than many olhor artists. Be¢ausè of this, Sarabande decided to give Jo a full extra y￿r In the Hagger8lon studios for 2025, with a month- by-monlh extension Into 2026. Havlng thls extra time has given Jo the spaeè and time she needs lo evojve. expèrtm8nl. and to understand who she is as art artist Being granted the rcom to work 8t tho pace mypractice ￿QUIreS h85 bean hnsformative. As I rea¢hed the end ofmy firstyear. I was offerèd rh8 opportunity to show tm? wt)rt(s in a group show at the SaatGhl Gallèry. This was a ￿gnificant milGStone, a mom&nl of volidatlon that my wot* had reaGh and polentlal. sin￿ then, I￿8 had the privilege of exhibtbng In wonderfulspaGes alongslde athsts whosa work I deeply admiTr and rasped. Nong of this would h8ve bp¢n possible without Ihè hwd wort, d8diGalion. and unwavering commitment of th Sarabande leam and the foundation. Sgrabènda Is a rare place - Ort8 that allows artists lo connect, to bè atthenlic. lo push bound8ki8s. and to lom7 frigndships that are m88nin9fv1 and lasting. It has changed my lif8 irt so many ways,. it has become my safv space, myhome from home. Mgst importantly, the p￿p￿• I have mel hgr both tlje ta8m and my fvllow athsts- h8ve bacome my famity. - Jo Grog8n, studio ￿S￿ent 2023-p￿sent Industry Connectlons After eslabllshlng the studios in 2015, Sarabande quickly g8in8d a repUtat￿n for welcoming crealnio Id8as from all over the world - support has benefittèd artists from t)ver 40 different nalionalili¢s. As a result of this. Ihère is huge interest In w$ltit￿ thé studios to meet thos8 currèndy in residence. Thè Sarabande 18am coordinates and l&ad$ studio walkthroughs al both sltes. ablowng visltors from creative industries insight into thè Innar workings of Sarab8nd&. Among others in 2025. Sarabande welcorned ￿SItOrS from Vogue Italia, Victoria Miro, UAL, Issey Miyake. Chisènhale. SXSW. Tottenham Hotspur, EvÈryman. SeKrldges, Inez and Vinoodh, Carl Fr80(Iman. Sony, United Arrows. WWD, Hauser & Wlrth. Collect Art Fair, th¢ V & A, Soho Housè, Sarah Burton, the National Lottery Heritsge Fund. Whiteehapel Gallery 8nd Luncheon Magazine. Studio tours generally take around two hows and are led by someone from the staff team. wlw) supports the arbsts In the prèsèntation of their worfK and 1$ ablè to discuss and rèpresent the pra¢tic8 of any artist who is absent thè d8y. However. we gentrrally sèa a strong level of ongagement with arbsts for studio visits. These walkthroughs lea¢J lo collaboration$, prass fèatures, Sales, commlsslons, representsuon and general nelwork building for resident artists. Hous• of Bandits Sarabande's ￿M[￿e￿O81 gallery Housè of Bandits is a fundamental part of thè Foundatlon. and Its activity grows year on ygar. House of 8andils 15 rtjn from a pemianenl physical space in Tottenham as well as selling online and at offsite events. The gallery does not ropresent artists gxcluswety, offering ilsgif as an additional option and the artist recelvetl 8 b8ttar commi55w)n than standard galleries 165Qhl with the romaindar gOI￿j back into thg rumlng of the Foundation. In 2025 House of Bandits synchroni5ed with the global calendar to str•ngthen ils cultural louchpoints and prcrfpolo the work of its alumnl to a wider audience. Star￿ng the year a successful nine weèk p0k￿p at Sewridggs, followed by partitipalon at Photo London in May. an Installa￿On al K¢n$ington Roof Gardèns in July and R¢)¢he Bobols, flagship showroom In De￿Mber. Hous8 of Bandits also took part in différènt art fairs across Frieze w8èk- MinorAttractions and Etho Soho. SARABANDE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Al Photo London House of Bandits was given th¢ largest booth in the Discovery section - dedKated to the most excitin9 èmèrging galleries. With over 40,000 visitors to the tsir, Pa￿aPatIOn generated enomous visibility for participalng artists. who were chosen aft&r an open call and dewo¢ratic selection proeass supported by Discovery curator Charfotte Jansen. Houss of Bandit8, eXhibi￿n Iocussed on matertality 8nd process. representing work by nine drfferent SaT8bandg arusts. Inaugural Echo Stho united a group 0f￿efve female-led galleries, placing S8raband¢ centre stage arnongst l&ading names in the conlernporary art world. Wlth curator4ed tours. g8llary walk throughs and an artisvs brunch. the Show was an 8xample of tha strorrfJ commercial opportunities ¢r¢aled by Sarabande for its arllsts via House of Bandits, activations. As w81 as the public facing events outjlned above, House of Bandlts ueales wsibillty for Sarabande and its arttsts. openlng up developm8nt and fundraislng opportunfaes that extend beyond $ale$ of ar￿. Sarabande supports a plellv)ra of artists whose w¢rk qu$slions and destabilises ¢ont&mpO￿ry societal, polit￿al and ¢¢onomlc issues. Hous8 of Bandits. Sarabande can support these initiativès by offering the space and csjportunity for artists lo discuss IhÈ$a éssèntial and complex issues wlth the wider public. It is S8rnb8nde's professlonal ne1w0￿ ond Lees legacy that 8nable$ House of B&ndrfs to partner wth eXcept￿n81 organisalions and an7plify our •lumnls ¥vork acro&s th8 Wotld. This exposu￿ is vital in the a0￿Cement of? ￿d0ve p￿ch¢O lo achiev8 8 solid business structur8. Cas• Sludylv.. SHOLA BRANSON sI￿la BTanson is a jèwallar whos& Yulure artePacts' build on his experience galned In the fashK)n and 8ntique j6W8llery tr￿sInesS85 to delve into bold new narratni&$ and juxiapDSe antiquity and modemity. Having recenlly launched hls eponymou5 brand Shola came to Sarabanda In 2023, spending a year In the Hag9erston studios b8for8 moving to the Tottenham site for a furthér ￿e1ve months. Since joining Sarabande, Shola has developed his brand to a la￿1 of profitabilty that enablas him to work on it full ￿rne, without supplemgntsry income.Sarabande introduG¢d hlrn to a HNW Customar liaison leading lo hitn belng represenlad by a leading luxuryj8welry press agency. During firnt year al the residency, Shola exhibitad in Sarabande's Mount Street jewellery showcase. presenting his work to ovgr 250 visitors, Including représentatives from Vogue, The Telegr8ph, Sunday Times Stylg, W811papert and notably Beyonce's styist who chose Shola's lewellery for htrr London tour dates. He was also selected for an Intervlew with A Wibe C811gd Tach, increasing hfs visibl￿ty and pushing engagèmant new audiences. Sarabande is proud to have supported fve a￿sts in 2025 with commissions for the Foundation's new site. sub$idis¢d ￿th a budget fv)m th8 Natlonal Lottery Her(tago Fund. The first Commisslon was a slone caMn9 project, Invllng artists lo respond to th8 heritage of the building a design carved diredy into York stone latèr 18KI in the cafe floor- a space that will be open to the publie, affordlng greater vislbility lo Ihe work. In earfy 2025. Shola w8s among the jewellers 8aled9d frjr SaTabande'8 nlng-waek r8sidency at SoWridg¥s. showcasing his paréd-baek. minimalist luxury lewellgry on an Inlernalion8lly r•cognised platlorm and reachlng broad audience Commis$lons Commissions aTr important in PrOg￿s￿n9 8rtistS'C8reern they particular ws1¢￿ and give a rsason lo bring a body of work into the wortd. In r8Gent ygars, Sarabande has put 8n 8mphasAS on this prograwme lo enable 8R*sts to &xeGule ¢rè8tiV8 pmj8cls to a professional lewel thatsignals e &gnifi¢anl shrffin tharpraCli￿. Castro Smith, Jo GrL￿an, Torn H¢mÈngway and Yijia Wu w8r• invited lo site lo get a fit3t hand understsnding of th& materpal from which they ¢ad) developed Iheir own desKJn. Castro chose 8 vlgual rapresentalion of the facade with nods to McQueen's hgritsg8 and medi8wal syfflbolc¥Jy, Jo looked dosely at traditions in textile manulacluring. drawing on inspiratson from Huguenot designer8 working in the eightsgnlh cgnlury as well a5 working directly with members of contemporary local Turkish and Kurdlsh communities lo undgrstand tho 10- SARABANDE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 significance of kilim ca￿t8. Tom was inspirod by notw)ns of abundance and scaraty in Georgian London. and Y4ia created a $l￿real dock fae• basad on th8 orriginal locks and keys that would have a￿sted in tho buikling. The second commission Wds for th¢ ￿Unter in Ihe cafe $pa¢a. wth a similar bdef to creatively interpret the hlstory of the building. Sarabande InvOterk and 8liminal8s workload on core team. One-to-onè sessions are available to artists past or present on a￿un￿neY and bookk8eping', lashion pmduction. distribution, branding and pitching-. art and fashion in Ihe digitsl eybèrspacè., gallery curation., p￿8¥ and marketing., navigating contracts., and e-commerce. Sarabanda also orggnlsg$ roundtable group mentoring In $mall groups, fostering peer leaming amongst our artists. In 2025 mentord Glno da Prato. Candice Fragi5, Kath9ri￿ Benson, Calum Knight, Hannah Rldlay, Moin Roberts Islam, Jeii Hong, Dallit Slngh, Emily Steer and Dominic Joneg hdd multiple individual È8sslons with residents. offering expertise in luxury retaS1.1gwe119ry. uaft and contemporary art. At Iha bÉglnning of each year, all Sarabande artists are invited lo allend 8 1-1 Mee￿n9 wvth press consultant Rebetta Ward and CEO Trfno Verkade lo ensure they focus thalr goals for the year ahead and make the most of their time In the studios. In 2025 Sarabande added thè supplèmèntary optlon for artists to book In regular sasslons with the Foundation's bookkeeper Gynette Dowou each Monday. Saraband* Ev¢nts Programme Sarabande's ald reaches beyond artists, scholars and al(mini. The educational and Inspirational event programme rernains an essenllal plllar of th& Foundation's chartlable objectives. This programmé ansurgs Sarabande extends support for busln8ss skills and education lo the goneral public, as well as the individual opportunitses given lo its residenl artists anfj scholars. The events progr8nMna is divided into PractiC81 and Inspired talks. creative workshops and artist crits. Our Inspired event series promtstès new skills via exposure to successful artists, designers. ¢urators, photographers, and jewellors. s9￿bande has programmed Inspirad tslks with a wide range of18ading thinkers and creators from around the WOFld including Gilbert and Georgè, Nadè96 Vanhee of Hemiès, r0D￿ned costume designer Sandy Powell OBE. Andrew Bolton OBE. Danigl Rosebeny from Schiaparelli. $8m Taylor- Johnson OBE, pholographer S01v8 Sundsbo, the WOT￿,$ fsrst ultra-realistic robot artist Ai-Da intervièwèd Tim Martow OBE (Design hAusÈuml, Andraw Bolton OBE (British Museum. Métropolitan Museum of Artl, and arbsts Yinka Ilori, Grayson Pery C8E. Martin Paff and Juno Calypso. In 2025 Brltish suJlptorAllson wildl1￿ OBE, M8mi cr&ative director Francesco Rssso. reTh)wned faStt￿n deslgnar Huss9in Chalayan MBE and contemporary paintèr Issy Wood all I￿ned this irnprgssive roster. Speakers ftrr th& 1ftspl￿d Serfes a￿ Invited for being at the top of their game and famous wtsrfdwlde for th6Sr creatwe practice, meaning their advicè Is unparalléled. 11 SARABANDE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 310ECEMBER 2025 Tickets for th8 Inspired series are no more than £12. wilh guests re￿I￿n9 a complimentary refre3hmgrit upon arrival. Not only are these events a valuable educational resou￿, but they provkJ¢ a physical spacg for attèndèes to notrlork wth others in the creative industrf&s. SardbarKle'8 Pra¢V¢al evenl series is deslgned to dgmysmfy the key skills necessary in building a 8ucce5sfvI business m(￿￿1 trj indude advice on fundraising, hidden production costs. building an e-commerce 81te. trademarking, and émployment contracts, amongst other counsel. Vi5ibng speakers arg asked to talk frankly and vhthout agenda lo ensure that genuine. transparent advice can b8 put into practice and advance artists, careers. Sarabandè is rnsponsive to the needs of its ntho￿. and programrns Pro¢lkal talks that seek answèrs to common busines$4ebled problems. stawng alèrt to industry trends and keeplng the Foundation's a￿¢* relevanl to issue5 faced by our artists in real time. Generdl Pra¢ticaltopics Include.. H¢YW To Sel Up a Buslness Pr8Ctical.' Directing Still Lives Wholesale lor Fashion & Jewellery The Art of Framing A to Z of Clientèling Practical.. AR for Creative Busine8 Building A St8ndout Visual ID Jewellery Praetiixl.. Going From Commission lo Collgction Aclng Your Social Media Slrate9y Eoch panel is curated by Sarabande with a variety of businass r8pr8sentation in mind. This ensures that infom)alion is not biased by one ¢ompany and holds M agènda. ￿1 presentation8 With relevant links and tak# away information are circulated via email to attendaès aftgrth¢ talks. rickets for Pr8¢tl¢81 talks ar8 available publicly via Èventbrlts at £4,. a $ub4dlsed cost set dellberately to ensurè access across soc40-economic background$. Addltionally. Sarabanda off&rs free licke15 to students on specific unlvorsity courses that the Foundation believes would benefit from thè talk Sarabande's creative wortshops offer hands-on sesstons for visitors of all levels to work alongside an 8rt1st. l•am new skills and benefit from an Infom)al and interaetiv& 9nvironment focussing on a $pe¢ific craft. In 2025 the Foundation programmed workshops on tèxtiles and codlng. ￿nvaS stretehing, soap ¢aNing, eoltsur theory, 3D sculptu￿5 on canvas, working wth dAy Ènd found objects, and two different lrfe drawing workshops- all led by Sarabande artists. In 2023, Sarabande introducèd artist crits. which have been a popular feature of the programme ever since. These are intimate se55ion5 for groups of up 10 15 artists from th6 ￿￿er community lo gain feedback from their peers. This was sèt up in response lo hearing artists. COn￿mS that there werè not ènough publicly accessible spaces wh8rÈ artists rxjuld eome together to coDstN¢tive￿ disojss their work8 and build o stronger community- Artist crits are held in Tottgnham, and accessibly pri(*d at £3 are an effectwe way of intr(KlucKo the Sarabande neNvork to this newer site. Sarabartdè hèld 31 8vants lexduding those relaled to eXhib￿onsI in 2025 h￿th o ¢olleGtlve attendance of ¢Mr 2,041. What Now7 For the frfth year njnning, Sarabande ran What Now7 ILondon) from the Haggèrston site- a day of 1..1 sessions belwe8n rÈeènt gr8duatas and established figures In ￿eative industries aimgd at brldglng the gap belwèèn college anLI industy for graduates. With over 500 atténdaés this year. the success of What Now? demonstratas the need for guidance and Shar￿ experience from pèèrs. Wè intend to continue to offer SardbaThJe as a place lo address the feeling of hU¥tra￿On 8nd conf4Jsion lo Te¢gnt graduates who need furthèr ad￿ce on thair n8xl steps. In 2025 Sayabande wel¢tsmed 45 experts from fashion and kjxury brands induding Be(tham, Alexandèr M￿￿een, YSL. Dazed and VVWD. To ensu￿ that attendees leave Wh8t Now? feeling confident about thelr next Steps so th8 Foundation compiled an Aid Pack. _ 100 page digital resource sent to every ticket holdbr. This was crealed to reflo¢t the most current infomi8lon, tips and tricks on how to position yoursdf as a ¢￿alIv8 12- SARABANDE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 profession81. réeognis• your sknllset and find yc*Jr community. Following two sU￿9S$1ul yp4rs of What Now? In New York City, a datè has now b8an sel for 2026 in the US. s was an gmazlng expeH8ncel I leamt a lot from iftdusty prof¢ssionals on what the industy is lik6s. what tt)& industy 8xp8cts 8nd what is required from gr8dual88 10gkFng for o role In the industry. TP)8nk you for glvlng veryofte 8 ¢hart¢e, which maynot always be avai7abl8 to us. ChinenyL Fundralslng Sarabartdè was initially dep8ndenl on the financial legacy of Its founder Lo8 Alexander McQueen. Since the estate's closing. hI￿Ver, this source Is no longer available lo support the Foundation. As the difficult oc0￿MiC situation continubs trj 8ffoCt our main 8ponsors we havg seen some negatNe impact on fundrdising. wth our main sponsor the Alexander McQueen brand r•ducin9 its support in 2025. Although inflation ha5 continueil to incmsa annual operating costs, we have kopt the studio r&nts at £1 per sq ft to protect our artist$ from suej) Inflationary issues. This 15 because we believe it is important to ensure these costs are r￿1 pa55ed on to the ¢realtvgs we wlsh lo supporL Pa1￿CuladY during 8 financially stressful time, S8raband• wants to aueviate concem m¢)re than trver. The Foundation endures Ihls subsldy on b¢hall of the artists. Our objective 58 to cover Sarabande's annual ctrsts Ènd 0para￿On$ through various fvndraising activllès and revenue strè8ms. To dat8, this has been achieved through a comblnatlon of commer¢ial activ￿é$, cory)or8tè sponsorships, invèstment dividends and private donors. This revenue strearn has been facilitat￿ by 8hgrnallNJ small and annual fundraising events that nurture 8 wider n?￿rk wthoul exhausting the support of ¢ore 'Friends of the FoundatSon'. It has also providÈd a broad fundralslng stream across dSfferenl sedors, giving Sarabande an obment of Independen￿ and the ability lo react to changes In economic situation$. Following Saoband$'$ 2024 Naw York fundraiser dlnner. In 2025 the Found8Uon org8nis8d a London event {last held in 20231. lo celebrate len years of the slu¢Jios and alming lo engage with thè rasources and generosty of our 8xisling London nets￿*rk and draw in new patrons. Hosted by The Standard, Kings Cross, Sarabande worked wlh Ions tami collaboratOT Souvenir lo design a tablescape of large scale paintbrushes, scissors and other items from the arti$t sludlo. C￿dbOard sculptures Suspended from the ¢eiling, and painl pooling onto tables, the 160 guests were immersed in thg worfd of the artist's studio, and each received a manrfeslo and S3rabandè exclusive plate at their seal. Thè Craftsman's Dinn8r. 8 night of cultur8, food and fesliwties, ralsgd funds for the Foundatrin, and brought ttention to the hundreds of artists and dèsunèrs supported by the tharity. It was hosted at th8 hotel's stunning 10th floor restsurant Decamo. Guests including Gwgndollnp Chiistie, Riz Ahmed, Nabhaan Rizwan and Daniel Rosabary Cha￿ Mth artists and designers whose careers the Foundaticsn supports. For guests making donations during tha avaning th•re was the chance to win ariworks don8ted by Sarabande abjmni, and supported by Sarab8nde'$ g¥llery House of Bandits. This was Sarabanda's savanlh 6vant as part of an ongoing partnership with Thè Standard. events taking place at Thé Standard, High Line. The Standard, East Village and The Standard Spa, Miaml Beach. Champagne, wine and cocktalls wgro kindly provided by Veuve Cllcquot. To actNale the event Sarabande arli$l D8￿Y Fleming was invited and ￿MpanS818d to create a live pèrfomi8nc8 at the dinner, reimagining her bwne sculptures through a dyn8ml¢ dancÈ that wove through the room In g swirf of colour. For this projecL D8r¢ey ￿athed out to Tumer Prvze winning artlst Mertin c￿ed who 89reed to contribute a pSece of music to ac¢ow8ny th8 p8rformance. The Foundation works on a target of 30% OT le88 of cos15 to funds raised at fundralsing events an(J 1$ plèasgd to stay bekjw that amount. Costs of our London fundraiser are around 15% of Incom6 raised, maximising the valu8 to the patrons and supporters of the Foundation. 13- SARABANDE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 American Friends ¢A Sarabande, In¢ (a sister organisalion) is 8 501lc1131 non-profit entity. American Friends of Sarabande's mission is IQ 18i$è awar•ness for the actNities and programThg gf the Sarabande Foundation in fhè U.S. and overseas to énhance Ih8 Foundation's support for emerging ￿atIV&S across the globe. Sarahande Manlfesto The SaTabande Manifesto is an annual ¢*talogue that conwnemoratss and thampions the work of the charity ovor thg pr¢vious year. Th& publi¢ation also cèlebrat8s artists. work and Is launched lo ¢oineld8 with, and promote the annual Summer Group Show. In addition to magni￿.n9 the Foundation's work, the Man￿&StO represents a revenue stream for the charity via adverbsing pages tskgn by luxury brands. The Sarabande Manrfeslo was fvst printed In 2020; 2025 marks our 5ith edition of the publlcalion. stafflny Sarabandé has tr8dllon8lly employed a small core full-time 18am. K8aplng both focus and costs ligh( many projects hav& b8en additionally supportgd by the wider ¢￿atIve community. Thi8 tight and passionate team structurè has enabled Sarabande to use ils limited funds on the work of the Foundation. However th¢ addition of managing a S￿nd si¢9 Idoubling studios, financial ovlgoings and ovorall responsibilities) has thalleng¢d requiremgnts of¥ilo manag¢ment wlth a subsequent addthonal prèssurè on fundraising. In the past few years, Sarabande has rocruited new roles wrfh the potsntial to ¢ontrfbLrte lo the finan¢i31 ne$ds of the charity, adding required trainèd ￿rsOnnel on site and putting more fms on commercial aclivitigs that run alongsidè, 8nd supplemenl, the operations of thg Foun¢JaI￿n. In 2025. Sarabande em￿oyed seven membgrs of staff. N8w rdes induded a Digital Manager for House of Bandits and a Programme and Outrea¢h Officar based across bolh sites. This was in additi(A) to the roles of GaN6ry Manager and Commerce Assistant for House of Bandhs created in 2024. There are currenty seven full tim& mèmbeys of stsff, ensuring responsibllitle$ and operatlons can be effectiv6ly sharad, (¥ealin9 8 better workkng environment in both $lta$ and raducing risk of hires leaving ￿thOut any cover. The Foundation allo¢8la$ a budget for experienced freelancers and consultants In specialist departments. Thèsè help lo ensure that the skllls. expertis8, ond relevant industy contacts requlred by the Foundation's multi- di￿lpI1nary actlvitles are accessible. In 2025 we hired a film edStor on an ad-ho¢ basis to do￿tall with Sardbandè's pérm8nant tèam on a S￿fiC project. ro support règular actsvities, Sarabande Is rglianl on inlems and volunteers. Inlemshlps offer a combination of support that allows scholars and recent gr8duates to be a part of the busy digltsl and eommercial teams. This Ilows young people to experience and leam from a fasl-paced creative enwronmènl. anrj bolsters employment rates. Volunteers are typlcalty experfenced professlonals from the fashion or arts Industrles who are Snvolved on a proje¢t-focused basis or for a short poriod during 8 career break, enabling Ihern to remain active in their indu5ty via the Foundation. Sarab#nde is fortunalfr enough also lo have acctrss to a volunteer bookkeeper, and a long- torm finan￿ and accountin9 volunle¢r who also assists on opèrating rolas. Sarabande OLrtSOUTces certain key roles including HR and comrnunicalions. However as the commer¢Aal opgralions of the Foundation increase we are aware that the reli￿¢9 on 8 volunteer to manage the workload has b¢com¢ unworkable and $0 Ihere will b• a need to make the finance and bookk88ping roles into paid part tirne rDle8 going forward. Inv￿lment Pollcy The Foundation currently holds invèstments valued at approxlmalgly £13.3 mllllon Iln addthon lo monies in regular bank accounts). The inveslmÈnts are for the most part readily reallsabl&. and Indud8 an elément of cash and money mathet funds held wilhln th& portfolio. The investment policy and strategy statem6nL adopted in Dec&mb8r 2J19, remained In force throughout thè year, though will bo rèvièwed In 2026. Our aim is lo produce thè bast ffln8ncial r8tum consistent with an acceptable level of risk.. spe¢ifi¢ally, the Objective 1$ one of bng-temi ¢akMtal proservatlon m￿erate growth, ￿th a rlsk tolerance calegorised as Moderato. Funds wlll be well diver5rfied over several asset classes, typically including équlti8s, bonds, cash and probabty others. A few of tha￿ inv88trnents may have Ilmited Ilquidity bul a key o*edive wim always be lo coveT annual outgoing$ 8nd 14- SARABANDE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 investment requirèd for tha Foundation'5 growth. to be prowded in part by dividend and interest income from the invested fijnds. Prior to 2025 thg Foundal¢)n had generally held investments dlredy, conslslgnt with guldance from inve5trnenl managers using an advlsory model. Follo￿ng review by the Finance and InY8stsnent Sub-comrnittee of the Board of Trustèès. It was dÉcAd8d that this approach might no longer be OP￿Mal and that It would be preferabltt instsad lo invest in one or more funds offorgd by managers actNè in the th8rity $8ctor, using a discretionary modal. Following a thorough process of intgrvi8w and revlew wth several $u¢h manxgars, thè Trustees 8ce£Jrdlngly Énter8d into an agr8&ment in the summer of 2025 for the m81ority of its investmènts to be managed by Sarasin & Pathers LLP, spoofically through a holding in S8rJ$in's Endowments Fund. Rlsk Management The Trustees a￿ responslble for monitoring the Foundation's ongoing actmties. Sarabande'8 aim is 1¢ provide support across muttiple creative dlsciplines- this requires a wlde rang¢ of expert sklll sets for rnentoring, 811vi( and support. Sar8ban¢Y¢ ￿ntInUeS to support its arbsts 8ft8r Ihelr scholarship or sbjdlo resldency h&$ finished. It is important that Sar8b8ndè Is a plac8 that any alumnus can retum lo al any stage in thelr career lo benefrt fr￿ montoring or fa¢ilit188. As thg Foundation ages and accNes beneficiaries, an evgr4ncTèasing lavèl of support is required frorn our network It is via our exi81ing network and ￿1r gr<)wing r&putation both as a (*￿ty. and wlhin Gr¢ptive ¢duCa￿n that the FourKlation altracis industry professionals- we arè constsnly •xpanding our nehvorks lo allow the support and mentoring to meet gromng demand. We have started a ri8k register to identify all tK)ssibl6 risks acros5 the charity, and wll ¢ontlnu8 to monltor the strongest risks that would have the fflost nÈgativ8 impact.. the main risks are consid8rgd l¢J b¢ around senN)r staffing. reputational risk and the abilty to funds to cover the annual operational ¢x)8ts. We hav8 mtwed ryjr daia storage to the doud though Dropbox os 8 way of both fa￿lItatirng stora9e and aeeèsslng Infom)ation from both sites. away from physical storage. W￿h such a small team, the Foundallon Is left exposèd when 8mpk)y08s leave, especially when those omploye¢$ have taken on multiple roles and have many years of valuable experience in the foundation. Sarabande ha$ hKeunts In aC￿rdanCe applicable law and Unlt¢d Kingdom A¢counlin9 Stsndards {United Kingdom Generally Attepled Accounting Pra¢ti¢e). The law applicable to tharities in England and VVale3 requires the Trustees lo prepare accounts ft)r each financial year which give a true and falr vlèw of th8 Stat& of affairs of thè Charit8bl8 Ineorporatèd Oroanisation and of thè incoming resources and application of r•stsJrees of tha Charitabla Incorporatad Organis8tion for that yè8r. In preparing these a￿unts, tho Trustees are reqUI￿d lo.. - solect $uit8ble 8¢counting poliC￿S and then apply them consislentty- . obs8tv8 the m8thod8 and principles in the Ch8ritie$ SORP: - mako judgements and 88timal88 that ar6 msonable and prudent. state whether applicabl8 accounting standards havè bèan follewad, subl•ct to xny matÈrlal dèparture$ d5sdosed and explained in th$ a¢¢ounts,' and preparo the accounts on the going concem basis unless rt is inappropriate to presume that the charfty wlll conlinue in operation. The Trustees are responsibl& for keeping sufficlant accrmjntlng racords that dlsclosè wlth r88sonablè 8cctsraey at any Ilme Ihe financial position of the Charitable Incorporated Organisation and enable them to ensure that th• accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and th¢ provisions of the trust deed. They are also responslble for safeguardlng the assets of the charity and hence for taklng reasonable steps for the prevention and d8lection of fraud and other irregularities. The Trustees. report was approved by the Board of Twstees. B Hooper TN$lae 71812026 Datsd.. 17 SARABANDE INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF SARABANDE Opinlon We have audlted the consolidated and parènt's flnanclal ststements of Sarabande ltre 'Charitable Incorporated Organlsation,) for the year Èndèd 31 Ikeèmbèr 2025 vthlch comprtse the Statsmenl of Financlal Actiwties. the Statement of Financial Position, the Ststem¢nt of Cash Flows and the notes lo thé finand81 stslements, includlng significant accounlng policies. The thancial ￿porting framewot* that has been applied In Ih&ir preparatlon is appllcable law and United lQngdom A¢¢ounting Standards. induding Financial Reportin9 Standard 102 The Financial Reporting Standard applicable in tha UK and R8public of Ireland (United lfjngdom Generally Aceeptod Accounting PracJc¢l. In our opinion, the financial statements- gwe a true and lair Mew of the stato of the group's and of the parent ¢omp8ny's aff8lrs as 0131 December 2025 and of the group's Incoming resources ané application of resources. for the year then ended.. have been property prepared in a￿erdan¢fr wth United K#i9dom Generally Accepted Accounting Practice., and hav8 beer) P￿pa￿d In a￿[dan￿ wrth the Chariti&8 Act 2011. Basis for oplnlon Wè eonduet8d our audlt In accordance vhth Intemational Standards on Auditlng IUKIIISAS IUK)) and appli¢able law. Our responsibilitses uThJer those stsndards are further described In thè Auditors responsibilrfies for the audit of the financAal stateryRnls section of our repo￿ We are independent of thè Charitabl8 Incorporated Organisalion in accordance with the elhic81 requirements that are relevant to our audit of the finan¢ial ststements in the UK induding the FRC'S Ethlcal Standard, and we havé fullllled our other ethical r88ponsibilities in accordan￿ wlth thesè requirements. We beleve that thè audit avidance we have obtalned is sufficient #nd appro[￿￿te to provide a basss for our opinion. Con¢luslon$ relatlng to golng concern In audf(Ing the fjn¥ncig1 ststotn¢nts, we have concluded that tha TNstè8s' use of the going concem basis of aC￿U￿tIng in the preparation of th& fflnandal sfatements 15 approprlate. Based on wotk we have perfomied, we have not identlflèd Bny material uncertainties relating to events or ondition$ that, IndniiduBlly or collectively, may cast significant doubl on the Charitable Incorporated Organi$8tion's abllity to continue as a going for a of at laast fv￿fve months frorn whgn the finandal statements are authorised for issue. Our responsibilities and the responsibili118s of the Trustees wrth respect lo going wncem are deS￿bed in the relevant section$ of thiy rèport. Oth•r Information The oth¢r Snfomalton ccrfnprises the infomation Induded in tha annual report other than the financial statements and our auditor's rerKJrt thereon. Th& Trustees are rèsponsiNa for the other infomiation contained wthin th¢ annual r8porL Our opinion on the financial statements does not cover Ihg other information we do rK)t expross any fom tsf assurance conclusion thereon. Our responsibility is to ￿0￿ the other information and. in doing So, ￿nSIder wh*th¢r the other infomiation is matsrialty inconsistent with th• financial slalemenls or our kn¢)wlgdgo obtaine¢J in th¢ wurse of the audi( or otherwise appears to bè materially missiated. If we identfy such material inconsistencies or apparent material mi5sialements, we are required to d¢tsmine whether this give8 rise lo a matèrial misstatement in thè financial stat8ments themselves. If. based on thg work we have perfom)ed, we ¢On¢1￿￿8 that thèré is mat•rial misstatement of this other inf0rn7alion, we are req￿red to rep￿t that fact. We have nothlng to repcft in this regard. 18- SARABANDE INDEPENDETrrr AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF SARABANDE M#tt•r¥ on whlch we are required to report by •X¢•p￿On We have nothing to rèport in respect of the following malleTS in relab'on lo which the Charpues IAecounl$ and Reports) Regulati￿$ 2008 ￿quIrèS us to report to you if, in our opinion.. the inlomation given in th8 financial statements 1$ in¢onsistent in any fflalerial respect wlh the Tru8lee8' report.- or sufflclent accounting records have not been kept.. or the finanoal slaternenls are not in agreement with Ihe accounting records., or we hav8 not recelved all the Information and explanations we require for our audll. R•spon$ibilititg ot Trustees As explained more fully in the Statemont of Trusts8s' R8sponsibilits•s, the TnJ$lees are responsible for the preparation of the finan(aal statements and for bÉlng sadsfiéd that thèy givè a tme and fair wew, and for sud) internal control as the Trustees detemiine is necessary lo enable the ￿paration of financAal statements that are free from material mlsstslemenl, whether due to fraud or error. In prep￿ng the flnanclal statements. tl* Trustees arg rgspon5ible for assessing the Charitable In￿rPOrated Organisation's ability to continue as a going ¢oncem, disclosing, as applicable, matters related to 90ing concem and using the uolng concÈrn basis of ac￿LInting unless the Trustees either intend to cease operatiDns, or have no realistsc altemative bLrt to do so. Auditorf8 re¥ponslblllties forthe audit ol th• flnanclal statsmènts W• havè bèÈn appointed as auditor under section 151 of the Charities A¢t 2011 and repgrt in a(wrdance with the Act and relevant regulations made under section 154 of thatAct. Our objeGbves are to obtain reasonable assurance about whether the financial st8t8m•ntS as a wholè arè frèè from matarial misst8tomtrnt, whether due to fraud or error. and lo issue an ouditols roport that in¢ludg8 our vpinion. Reasonabl8 assurancè i8 a high level of assurance but is not a guarantee that an audit condu¢ted in accordance th ISA5 IUKI will always delect a malerlal misstatement when il exists. Misstal8menls can arise from fraud or error and a￿ considered matarial rf, indwldually or in the aggregate, they could reasonably be ex￿Cted to Influence the economi¢ de¢isions of u$&rs tskon on the basls ofthase fin8nclal slalements. The extent to which our procedures are cap8blè of d8t8dng Irrègularitks, indijdlng fraud, is detailed beknw. 19- SARABANDE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF SARABANDE Exterrt to whlch the audlt was consldered capable of detecting irregul•ritl•$. In¢ludlng fraud The objedives of our audit, in respect to fraud, are.. to identify and a88es3 the risks of ma19rial misstatgmgnt of the financial statsments due to fraud.. to obtain suffiuent aFS)ropriats audit evtdence regarding the assessed rtsks of material misslatemenl due to fraud, through designing and irllplernenth'ng approprfate responsos., and to respond appropriately to fraud or suspectsd fraud identified during the audit. However, the primary responsibility for th8 prevention and detection offraud rests with boih those o*argod with govémanee of Iho enlty and hs managgment. Our approach wa$ 8$ follcws.. We identified areas of laws and regulations that could reasonably bg expectsd lo have o materlal effect on the financlal statements from our 9eneral comrnerual and sector experience, and through dls¢usslon wlth the trustees and other management las requlre¢J by audltlng s¢andardsl. and discussed with the trustees and other management the poliThes and pro¢edures regarding Com￿lanCe wth laws and regulations-, We considered the legal and regU￿tOry frameworks dire¢Uy appli¢able tr) th8 flnanclal stat8rn8nts reporting framework IFRS 102 and the Charities Act 201118nd the relevant tax eompllancÈ rÉgul3tlons In the UK,. We Considered the nature of the industry, the ¢onlrol envlronmenl and busin8ss performance. induding the key drivtsrs for managtrmenl'8 romun$r8tion' We c¢mmuni¢8led identified laws and regulations thrwhout our team and remainad alert lo any indications of norFcompliance throughoui the audit., We considered the pro￿d￿reS and contro18 that the charity has establishe(I to adijress risks identlfied, or that otherwise prevent, deter and detect fraud: and how senior management monitors those pro¢odurès d ¢ontrols. Based on thi8 understanding w8 de$igngd (xjr audit proc￿ur8s to idèntify nC￿￿CoMF1Iance SLKh laws and règulations. Whèrè lh& risk was considérèd to ba highar, wa pèrformed audit procedures to address each identified fraud risk. Thes9 pr￿ed￿re5 induded.. tosting manuol jOUTnals', reviewng the financSal statement disd05ures and tssting to Suppor￿￿9 do¢umentation', perfomlng analyb.cal procedures,. and enquiring of management. and werè designed to provfd6 reasonablè &8surance that the finBncial statemenis were free from fraud or error. Owing to thè inhèrènt limitations of an audit, th•rÉ 1$ an Ljnavttidable risk that wa may not hav8 detected some material misslatsmenls in the financial statements, even though we have propgrfy planned and p8rfomed our audit in accordance auditing 5tsndards. For example, the further removed non-compliance wlh laws and rogulalons Ilrregulariliesl Is from the events and transadions reffected in the finanaal slatemenls, the less likely the Inh&rently limited procedures required by auditing stsndards woul¢J identify it. The risk Is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intention81 ¢oncealment, forgery. colluslon, omission or misrgpres&ntation. We are not responsiblg for preventing non-complianee and (>nnot be èxpèctéd to d8t8Ct non- cornpliance vrftth all laws and regulati¢Jn$. A furlher des¢ription of our re$pon$ibilitie$ is availablè on the Fln8ncial Reporting Council's website at.. 11 WbVW.fre.o .uklOur-WorklAuditlAudit-and-assurancelS ndards-and- uidancelSlandards-and- uidance-for- auditorslAuditors-res onsibiities-lor-audiVDescri lion-of-auditors-res onsibilite5-for-audil.as This descrip￿0￿ forms part of our aL￿ltOr'S r&po Use of our report This report is made solely to the chariws Trustees, a5 a body, in a¢conl8ncè vAth part 4 of thè Charitles {Accounts and Reports) Regulations 2008. Our audit work has b8èn undèrtakèn so thal w8 might slal8 to the charity's Trustees those matters we are required to slate to theTn an auditors, report and for no other purpgs¢. To the fvlle3t extent pemiitted by law, we do not acc8pl or assume responsibility to anyone other than the charlty and th dRriVs Trustees as a body, for our audit work, for this retx>rt, or for the op4nintlnu•d} 1.5 RèsoureÈs èxpènd Expendlture Is recognised once there is a legal or constructiv8 obligalKJn lo tr8nsfer èconomlc b•nafit to 8 thlrd party. It Is probable that a transfer of ec4Jnomic benefits wll be required in settlement, and t￿ amount of the obligation can be measured reliably. Expenditura Is da8slfled by a¢llvity. The costs of each ac11v￿Y are made up of the total of dlrecl costs and sha￿d costs. induding support costs involved in Underta￿ng each actiwty. Direct cos15 attn'bulable lo a single activity are allocated direcuy to that advity. Shared costs which contribute to more than one activity 8nd support whi¢h a￿ not attributsble lo a single aclivlty are appoTtioned between those activities on a basis con8islenl with the use of resources. Central stsff costs are allocaleil on the basis of time spent. and depreciation charges are allocated on the porbon of the assets use. Resources expended are recognised in the period in which th8y are Incurred and accounted for on an a¢¢wals basis. Governance costs are Ih08e incurred in conneclon with &lmrnistralion of th8 tharity and complianc8 with ¢on$titutional and 8t8ttrtory roqtsirémants, including18g8l. audit fe8s and the costs of board meeknngs. Where possible costs are allocated directly lo the activities lo which they rglale. Support wsts a￿ allo￿te ba￿￿8n charitabla activitias based on the apportionment of direct costs. Grant expenditura is recognised when cornrnitted. 1.6 Intangible fixÈd assets other than goodwlll Intanglble assets acquired separately from a business are recognised al o)st and are $ubsequ•ndy measurèd at CO81 le&8 acwmulated arnort18aliTh) and accumul8led impaimienl108$è8. Intangible assets acquired on bu3iness Combinations are racognised saparatèly from goodwll al the 8cquisition dale wh8r8 it is probable that the expected future economic beneffts that are attributablb to the 888èt will flow to thè entity and tha fair valua of tha assét can b8 measured reliably. the intangible asset arise8 from contractual or other legal rights.. and the intangibl¢ a￿1 is s$parablg from th? entity. Amortisation is recognised so as lo write off the cost or valuation of assèts lèss thèir résidual valu•s ovar thalr useful lives on the followng bases.. Trademarks 20°/ty straight line basis 1.7 Tangknle fsxed assets Tgngible fixed assets are intti¥lly measured at cost and subsequendy measured al cost or valuation. net of depre¢iation and any impÈirmenl I(￿seS. Tangible fixed assets are staled at cost less depreciation. Depts¢ialion is pravidèd at rdtès t¥lculatèd to write off the cost less estimated residual value of each asset over it5 expected usèful Iwe. Land and buildings Plant and mathingry Fixtures. ffittin9s & equipment 250 yèars stralght Ilnè ovw the term of the lease 25% straight line basis 25.￿ straight line basls The gain or 10s5 arising on the disposal of an asset 15 detsmiingd as Ihg difference between Ihe Sale proceeds and ihe carying value of the asset. and is recogniseLI in the 3tatem8nt of financial acliviUe$. SARABANDE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 AcC￿ntIng pollcles Icontlnued) 1.8 Foxed asset Invgstments Fixed asset investments are Initlally measuied al transaction pri¢è Èxdudlng transaetion costs. and are subsequenlty measured at fair valu& at each reporting date. Changes in fair value a￿ rgV)9ntsed Sn net in¢omellèxpènditurel forthe year. Transaction costs we expensed as incurred. A subsidiary is an entity ci)nlrolled by th6 Charitable Incorporated Organisation. Control Is the power lo govem the financial and op8raling poliues of thè èntity so as to obtain benefits from ils actwities. Flxed asset Investments are slated al market value. 1.9 Impalrni•nt of flx•d ass•ts At each reporting end date, the Charitablè Incorporated Organisation reviews Ihe carying amounts of its tsngible and inlanglble assets to detemiine whether there is any indication th81 thos9 assets ha￿ sufforgd an irnpaimient loss. If any such indicAt￿n &￿Sts. the recoverable amount of the assgt is est(m*¢d In onlor to determin8 thè extent Of the imp8Srmènt loss Irf any). Re¢over8ble amount 1$ thè higher of fair value less costs to sell an¢J value in use. In a8ses3lng volue In use. the èstimatèd ￿t￿r8 cash flows afa discounted to their present value using a pre-tax di$eounl rale that refleets curr8nt market assessments of the lime valuo of monay and tha risks specrfic lo the asset for which th8 estimates of futuie cash ffows have not been adjusted. If the recoverable amount of an assÉt is Èstimatèd to be less than its carrying amount. the carTring amount of the a5sel is reduced lo Its recoverablg 4mount. An impaimient loss Is recognised immedialdy in incom lexpendilure} for the year, ullless th¢ r¢l¢vanl asset Ss carried at a revalued amount, in which C￿ the impairment loss is treale¢J as 8 rev8luatlon decrease. R¢cognise(l impalment losses are reversed rf, and only if, the reasons fc* the ImpglnYTent loss have wsed lo appty. Where an Impalmiant loss subsequentty reverses, the carrying amount of the asset is increased lo the revised Èstimatè of its rècovarable amount, bul so that the Incyeased caryng 8mount doès not exceed the carrying amount that would h8va beèn dékrmlnèd had no impaimient loss been recognised for the a8sel In prlor yaars. A reversal of an impairment loss is recogni5gd immgdiat¢ty. unless the relevant asset is carried in 8t a rèvalued amount. in which case the reversal of fhe impaimienl 10$8 is Ireated as 0 revaluation increasè. 1.10 Stocks Stocks are Statsd at the lower of cost and esOm8ted s8111ng PTiC& less costs to complet8 and $811. Cost comprises dire¢t materfals and. where applicable, direct labour costs and thi)5e ovtrrheads that have been incurrèd in bringing tha stocks to their present location and condition. Itern8 hekl for dl8trlbuUon at no or nominal consldarxtion are maasL*ed the lower of ￿placement cost and cost. Net rgalisable value is the estimated se51ing price less all eslimalad costs of ¢Omplou￿ ond wsts lo be in. -28- SARABANDE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Crltlcal accounting ?$timat•s artd judg•m•nts In the application Of the Charitablè Incorporated Ory8nlsalon's accountlng policles, the Trustees are required lo make judgernents, eslimales and assumptions about the carrylng amount of assets and liabilitiès Ih8t aré not readily apparent from other sour￿. The esb'males and associated assumptions are based on historic experienTr arid other factors that are considered to bè relevant. Actual results may differ from these eslimates. The estirnales and undedySng assumptions are reviewed on an ongoing basls. Rewsiorks lo aKounling estimales are tscognIs￿ in thè pariod in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and futu Pgrlods. In the opinion of the Trusleps there arp no signrfiontjLwJgements or areas of estimation uncèrtainty- Donatlons, l•gad¢s and $pon$orshlps 2025 2024 Donations Sponswship 411.854 71,834 641,265 84.543 483.688 725.808 Sales of produrts and artists. works 2025 2024 Salés of producls and artists. works 144.631 68.652 144.e31 68,652 In¢om• from fundralslng and events 2025 2024 Fundraising and 0th8r 8vonts 164.847 18,881 164,847 18,881 -29- SARABANDE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEIWBER 2025 Investment income 2025 2024 Interest and other investment In￿me 295.901 250,627 othgr Income 2025 2024 as restatgd Adverti8ing Rental Income Royalty income Other ineomè 29,500 48,528 22,125 49,456 26,500 54,596 21,454 149.609 102.550 other cost X125 2024 Fundraising costs Evant costs 32.939 69,469 1.853 21,119 Fundraising and event costs 102,408 22.972 Non . Charitab￿ trading &)sls Cost of pr¢xluct 581è9 150,677 83,742 158,663 57.396 336,827 239,031 -30- )N(V) ( Ln ¢ry oi Lti r£? rD 7> •] 171 U)O 17) J ¢0 O * LOLO ¢D O 4• Ln a> LD (0￿ r ¢N ¢N trIV>￿ LNth Ln SARABANDE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 10 Grants pay•bl• 2025 2024 Grants to ins1ilulions.. UAL Central St Martins UCL Slade School of FlnoArt 103.037 47.100 49,600 45.700 150,137 4,396 95,300 10.250 Awards to individuals 154,533 105.550 11 Audltorfs remuneratlon In the year ended 31 December 2025 the auditors fe8s wer9 £11,54012024= £9.630I. 12 Tru8tee¥ None of Trustèas havè been pald any remuneration or recelved any other beneffts from an employm&nl with the charlty or 8 r&laled entrty. In respeci of payments to related parties, pl8asè SÈ6 Nota 27. During thè yèar èxpenses wara r&imbLtrsed to the Trusteès amwntsng to £nll12024.' £nlll. 32- SARABANDE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2025 13 Employoes Numb•r of employees The average monthly number of empbyees during the year was= 2025 Number 2024 Numbor Administration In addtlon. two unpald vc4unlggrs provide finance and accounting seNices12024.' ￿01. Employment costs 2025 2024 Wages and salarfes Social security costs Other pens￿rn eA)Sts 365,818 36,814 10,378 297,920 28.548 7.312 413,010 333.780 The number of employees wh(Ise annual remuneration was £60,000 or more wère.. 2025 Numb8r 2024 Numlwr £140.000- £150.000 14 N•t gain$ on Investments Totsl Total 2025 2024 Unre8lised gain5 on investments R881isèd gains on investments 473,531 126,216 2.749 140,223 599.747 702.972 15 Taxatlon The charity 18 exempt from taxation on Its activities because all its in¢ome Is applied lor ¢hadtable purposes. -33- SARABANDE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 16 Intsnglbl• flxgd assets Group Cost At 1 January 2025 Additions 20.562 170 Al 31 December 2025 20,732 Amortlsatlon and impairniènt At 1 January 2025 Amortisation chargad forth& y8ar 20.260 119 At 31 December 2025 20.379 Carrylng amount Al 31 Decgmber 2025 353 At 31 December 2024 302 Intanglble flxed assets Parent Tr4d¢m¥ Cost Al 1 J8nu8ry 2025 Additions 20,342 At 31 Dèeember 202S 20,342 Amorti$ation and impalrnwnt Al 1 January 2025 Amortisation chargad for tha year 20.076 Al 31 Dee*mber 2025 20,130 Carrying amoLtnt At 31 December 2025 212 At 31 December 2024 266 SARABANDE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 17 Tangible fixed assets Group and Parent Land and bull¢Jlng8 Plant and machlnery Flxturo$, flttkngs & 8qulwnet)t Total Cost At 1 January 2025 Additions VAT adju51menl- see note 29 2.494.404 21.431 136.161 2,386 2,651.996 2,386 1338,847) 1338,847 At 31 D￿mber 2025 2,155,557 21,431 138,547 2,315.535 Dep￿cl#tiOn and impaimiènt Al 1 January 2025 Depreciation charg¢d in the year 92.287 8,622 19,645 115,085 5.766 227,017 15,076 At 31 December 2025 100.909 20,333 120.851 242,093 CarrySng amount At 31 December 2025 2,054,648 1.098 17.696 2,073,442 At 31 December 2024 2,402,119 1.786 21.076 2.424.981 SARABANDE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2025 18 Flxed assot Investments Group and Parant Llsted Unllsted inve$tmÈnts inv•stm8nts Cash In portfolio Total Cost L)r valu•tion At 1 January 2025 Additions Disposals Realised gains Unrealised 9ains 10,460.032 8,646,444 17.847,4411 126,927 394.891 1,008.583 1,307,980 12.776.595 1,390.CKJO 10,036.444 (1,299,003) 19.146.444) 1711} 126.216 78.640 473,531 At 31 December 2025 11,780,853 1,008,583 1,476,￿J6 14.266.342 Carrylng amount At 31 December 2025 11,780.853 1.008.583 1.476,906 14,266,342 At 31 December 2024 10,460,032 1.008,583 1,307.980 12,776,595 Parent Investmgnt in subsldiarlg¥ Al 1 January 2025 Movement Carrylng amount AI 310Kember 2025 At 31 D￿eMber 2024 19 Subsldiaries Thg company hok4s more than 20% of the sharo Capltal of thè following companies= Detail$ of the Charitable Incorporatad Oryanisation'8 subsidiaries al 31 Decemb•r 2025 are as follows: cla￿ of % Held shar•s held Dlrect Namo of unthrtaklng Regtster¢d ¢ifice Naturo of buslne$$ Suture Inc Limitgd Sarabande Tradiro ￿Mited United Kingdom Trading Company United ￿ngdoM Trading Company Ordinary Ordinary 11JO.OCI 10D.OC SARABANDE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 19 Sub$ldlarlo¥ Icorrtlnuedl The aggregate c8pit81 and reserves and the result for the year of subsidiaries included in the corwlidation were as follows.. Name of undertaklng ProfiV(Lossl Capltal and R•s•rvès Suture Inc Limltèd Sarabande fTading LimtiwJ 20 Stocks Group 2025 2024 Finished g￿dS and gwds for resale 20,685 22,211 Stocks Parent 2025 2024 Finished goods and goods for resa18 21 Debtors 2025 2024 Group Amounts falllng dug ￿thIn one year. Trade debtors Other debtors and accru￿ Income Prepayments 48.279 19,916 16,171 28,218 21.925 24,667 84,366 74.810 -37- SARABANDE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 21 Dobtors IContinued> 2025 2024 Par•nt Amounts falling due within ong y¢ar- Trade debtors Amounts due from $ubsidiary undertakings Other dèbtors and accrued income Prepayments 22.133 400.518 9.105 14,644 1,212 670.056 11.253 24.667 448.400 707.188 22 Cr•dltors: amounts falllng du& wlthSn ong yoar Group 2025 2024 Other taxation and social Se￿JrIty Trade creditors Othèr creditors and defE￿¢é income Accruals 14,796 9,485 215,093 65,150 88.040 6,017 71,582 130.096 304.524 295,715 Parènt 2025 2024 Other taxal￿n and social security Trade creditors other creditors and defori¢d Income Accruals 12.443 9,353 19T.187 54,188 75,890 5,059 1,4e6 121.226 273,171 203.661 23 RatlTement beneflt Èehèm•s Defined eontrfbution schgmg¥ The Charitsble lrtcorporaled OrganisalK>n operates a définèd contribution pension scheme for all qualifying employees. Thè assèts of the scherne are held separalgty from those of thé Charitable IncorporAted Organisalion in an inde￿n￿entlY administerèd fijnd. Th6 charge to profit or loss in r8$pact ofdefin8d ￿￿trEbutiOn schemes was £10.37812024- £7,312). -38- SARABANDE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Endowm•nt funds Endowrngnl fvnds represent assets which must b8 hèld pérm8n8nlty by the Charltable Incorporatad Organisalion. Income arising on the endowment funds can bè ugéd in a¢cordance with the objects of the Charitable Incorporated Organisation and is included as unrestricted income. Any capital gains or losses arising on thè assèts forrn part of the fund. Movèmènt in fund$ Balance at 1 Incoming Resources Balanc8 at 31 January Msourcè$ ?xp6ndedDecember 2025 2025 Pgrmanent ￿dowMents Original setuemènt 10 10 10 10 -39- SARABANDE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Anatysls of net ¥¥$¢ts bglw•on lunds Group Unrestrlctod Endowment funds funds Total Fund balance$ at 31 Dacomber 2025 are represented by.. Inlangiblo fixed assets Tanglble assets Itwestments Currenl asselsl(li8bililiesl 353 2,073,442 14,266,342 1,007,048 353 2.073.442 14.266.342 1,007.058 10 17,347,185 10 17,347,195 Gr￿P Unrestrlcted Endowment nds fund¥ Total Fund balan¢&s at 31 December 2Q24 are TepresentÈd by: Intangible fixed assets Tangible assets Investments Current a58etsllliabilib.esl 302 2.424.981 12,776,595 1,285,768 302 2,424.981 12,776,595 1,285.778 10 16,487,646 10 16.487.656 Parent Unrestrlctèd Endowm•nt lunds fund$ Total Fund balan¢ès at 31 D8cember 2025 are rewesented by.. Intangible fixed assets Tangible 8s$ets Investments Current assetsllliabllltlesl 212 2,073,442 14.266.344 1,189,456 212 2,073.442 14.266,344 1,189.468 10 17,529,454 10 17,529,464 Parent Unrestrlcted Endowment lund¥ funds T¢tal Fund balances at 31 0•camber 2024 are represented by.. Intangible fixed assgts Tangible assets Investmants Cutront a5setsllliabililiesl 266 2.424.981 12,776,597 1,4fj4.226 266 2,424,981 12,776.597 1,464.236 10 16.666,070 10 16,666.080 26 Control There is no ultimate conlrolling party. -40- SARABANDE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 27 Related party transact]ons Remuneratlon of kèy mana9•ment per8onng1 The remunération of key management personnel was as frillows.. 2025 2024 AggregBle ccthpen88tlon. being th8 Chi8f ExgcutiV8 Offi￿r 150,￿)0 150,000 Loan to r•lated Party In 2022 the charity madè xn Interest free 108n of USD 5,000 to American Friends of Sarabandè Ine.. a non profit non stock entity in￿rporated in the Stste of Dèlaware with one common trU$tÈèldir8ct￿. At the year end. th8 amount due from American Friends of S3rabandg Inc. was £3,711 12024.. £3,995). 28 Commitments At thè yèar end the Charity had committed (èithèr contractually or by promises) to fund stholarshlps totalling £458,54512024'. £290,828). Both amounts reflecl an InC￿aSed wllingnèss lo commit for longer perfods than had bean Ihg case prior to 2020. The indicated timing of these scholarships ¢ommthents is a$ follows.. within onè ￿ar £171.545 one to years £158,QOO two to flve years £129.000 over flvè years £ nil The$8 tlmlngs may nonethelw be varted by mutual ttjnsenl. There aw no other material commitmènts. 41 SARABANDE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 29 ReC￿ne$ from HMRC ro VAT In 2018 thÉ Charity submitted a dBim to ￿mRc for repayment of n8t arnounls of VAT largely rèlatlng to the aquisilion and subsequent bullding work on the Charity's prÉmisès al 22 Hertford Road, London. N1 SSH. The initial amount of the daim was £341,487, Subject to certain later revisions. Thls claim was not initially accepted by HMRC and was then the subject of ongoing discussions for severa5 yèars. In January 2024 thè ￿se went lo Fir81 m8r Tribunal. One year later, on 30 January 2025. a decision was relea8ed, In favour of Ihè Charfty. Financial solUwnent of the claim, other r8la18d amounts that had previously been wthheld, wag m8d8 by HMRC later in 2025. The lotal received by the Charity, indudSng interest, was £455.321, a15 recognised in the fin8nel81 statements fgr the year ended 31 December 2025. Th& majority of thi& recovery, £338,847, has been $818gainst the carrwng cost ofof the Charivs investment in thè 22 Hertford Road rxoperty- 800 note 17. Applications for recovery of costs wero made to the Tribunal by both the Charity and HMRC.. neither was accepted. All such costs inojrred by the Ghority had previously been exp8n8ed 8s incurred. As a result ol the outcom& ol the case. rental income 18 now reco9nised in a different group entity than previously, back dated to 2015, which has leé to a prior period adjustment being rowgnised in thes8 fin8ncia5 statements - S&8 note 32. Al a group18vel the Impad has been to rèduce unreslrictsd fvnds by £15.476 being an increased liability for VAT. 30 Analysls of change8 in nèt funds The Charitsble Incorporale¢J Organlsatknn had no matèrial debt durin9 the year. 31 Cash genèratèd from opgrations 2025 2024 as restated Surplus for the year 859.539 901,674 Adjustments for Investment income recognised in stalem¢nl of finaniial aetivilies VAT adjustment to Land and Buildings Amortisatlon and impairmant of intangible assets Dèpr8cSalion and impairment of tangible fixed assets {295,9011 338,847 119 15,076 {250,6271 48 16.507 Movements in worklng ca￿tal.. Decrèase in stocks Ilncreaseydecr&as8 in debtors Increase In (￿dItorS 1,526 19.556) 8,811 5,410 45.376 93,978 Cash 9gnorated from operatlons 918.461 812,366 -42. SARABANDE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Prior period adjustm•nt Chang8s to thè stat8m•nt of fFnanelal posltlon At 31 December 2024 As previously Adiustm•nt report#d As r•statsd CapTrtal funds Endowment fvnds 10 10 Incom8 funds Unrestricted fvnds 16,503,132 115,4861 16,487,646 Total equty 16.503,142 (15,4861 16.487,656 The reducts'on in unrestricted fvnds relates to a reduction in the rental income after accounting for output VAT. £2,537 of the ￿duCtIon orose In the year ended 31 t)Kember 2024, the results of which have accordingly been r¢stat¢d. -43-