THE GAUDIO FAMILY FOUI4DATION (UK) LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2024 Company Numb•r 08966741 Charlty Number 1157301 *AEC7CDSQ• 3010912025 COMPANIES HOUSE A68 #184 THE GAUDIO FAMILY FOUNDATION (UK) LIMITED CONTENTS Page Company Infomiatlon Tru8ts05' Roport statement of Dlrectorn. Respon8lbllltle8 Independent Auditorf8 Report Statement of Flnanclal Acllvllle• 10 Balance Sh••t 11 Stat•m•nt of Cash Fl¢)ws 12 Accountlng Pollcles 13&14 Nots8 to the Flnanclal Statsments 15-17 THE GAUDIO FAMILY FOUNDATION (UK) LIMITED COMPANY INFORMATION Trustees AEfred Cavallaro Belma Gaudio Julius Gaudio Joseph Gaudio (appointed 30 July 2025) Company Number 08966741 Charlty Number 1157301 R•gISter￿ Offic• Wither8 LLP Third Floor 20 Old Bailey London EC4M 7AN Audltors PKF Littlejohn LLP Statutory Auditors 15 Weslferry Circu8 Canary Wharf London E14 4HD THE GAUDIO FAMILY FOUNDATION (UK) LIMrrED TRUSTEES, REPORT The Directors, being the Trustees under ¢hanty law, present their report and audited financial ststements for the year to 31 December 2024. The Trustees have adopted the provis¢ons of the Statement of Recommer¢ded Practice 'Accounting and Reporting by Charities. in preparing the annual report and financial Statements of the Charity. Reterence and Administratlve Infomiation The Gaudio Family Foundation (UK) Limited (the 'Foundation,° °Charity.' or 'Charitabla Company.) 18 a ￿MpanY limited by share capital registered as company number 08966741. The Charity Is also registered with the Charity Commission under charity number 1157301. The Trustees and principal address of the Charity are listed, along with pafts'culars of its professional advlsors, on page 2. Structure. Gov•rnanrA and Manag•mont The Charity does not employ any staff, all decisions being made by the Trustees. A comprehenslve briefing pack including all relevant corporate documents (relatéd to fonnation and compliance), financial statements and reb8vant Charity Commission guidance is P￿vIded to all newly apwnted Trustee5. Day to day rnanagement and operation of the Charity has been supported by an experienced team of grant-makers al Greenwood Plac8. a philanthropic advisory fim. The Greenw¢)od Place team have worked closely with the Trustaes in order to imp18mant the Charity's 8trategic priorities (see beltrw.. Alms and Intended Smpa¢tl. The Greenwood Place team h88 al80 managed the grant-making and granl-monrtoring pro¢es$. and ￿lationShipS with grant holders, with th8 consent, and at the direction, of the Trustees. Vthere appropriate. advice is laken from the charity's auditor, legal and other professional advisorn. Gov•rnlng In•trufft•nt8 The Charity is governed by its Memofandum and Articles of Association, dated 28 Mar¢h 2014. filed under the name of"The Butters Foundation (UK) Limited. prior to thé Charity's Dame ¢hange to'Th• Gaudio Family Foundation (UK) Limited. circ8 January 2018. Objects, Alms, Objectlves and Actlvh105 Charltable Obje¢l8 The Charity operates as a grant making loundation. The charitable objects of the Charity aro exclusively charrtable purposes for the public benefit. In the fvrtherance of its general charitable purposes, the Directors, as Trustees of the Charity. have complied with the duty in s.1715) of the Charities Act 2011 and have due ward to the Charity Commlsslon's published general guidance Jn¢eming the interpretatlon ol the Publi¢ Benefft requirement und8r Ihat Act. Alms and Intended Impact Within these objeds. the Charlty currently has a grant-maklng strat8gy whlch focuse8 on ft)ur prinupal themes, a5 follows, though it has prebiously, and may frorn time to tsme. pursue other charitable •ndeavours, arrfl expand on the below themes, at the sole discretion of the Trustees.. Povety and Inequality in the UK Povety and Inequality Internatl¢3nally (prlmarlly In sub-saharan Afrl¢a) The Environment The advancwnenl of the arts The Charity currently makes gr8nt8 to organisation3 that are regislered charities in the UK, the US, and Francè, all of whkh cleady operate within UK ch8ritgbl8 purpose8. The Charity takes a proactive approach to identifying grantees, leveraging Greenwood Place's ejxensive nelwork of funders, experts, and charttable organisations. Robust due diligence and monitoring procedures are in place to ensure that grants are appropriate, slrateglc and effective. All grants aro reviewed and undergo due diligence annually and may be renewed if the trustees consider that fundin9 will continue lo be impactful. THE GAUDIO FAMILY FOUNDATION (UKI LIMrrED TRUSTEES. REPORT Financlal reviow During the year the Chaiity expanded its programme of grant making for the public benefit and. as a result, made a deficit of 8￿enditUre over income, béfore foreign exchange galns and losses and Investrnent gains and losses, of £6,650.315 (2023 surplus of £7,664,798) all of which is unrestricted. Grants made in the year. totallSng £7,995,153 (2023- £4,826,674), have been in line with the established Grant Making PoI￿Y and are set out in not8 3 to the financial statement$ on page 14. There have been no significant issues or problems in th& year or after the year end. through the date of slgning of thi8 report. The Trustees have regard to the main risks to the Charity, which in¢lude misapplication of grants ty beneficiaries, grantee insolvency or mismanagement, and failure of a fvnded project to provide suffiGient publi¢ benefrt. These are addressed through regularfy obtaining r8POrts from grant recipients and evidence of projects fundin9 being implem8nt8d successfulty,. appropriate due diligence is tsndertaken in ￿speCt of proposed grantees to ensure funded projects are èxclusively charitable. Further, multi-year grant commitrn8nls are generdlty not made. thereby limiting thè risk to the Charity. The Charity invests the funds not Immedi8lely required for it$ ¢haritable grant-making in accordance with its adopted Investment Policy Slatement which is reviewed regularly by the Trustees. The Charity's invèstments are made wilh the tnlenlion of providing a reasonably stable, growing, and predictablè incomo stream in the fom ol dividends, Interest and r8alised gains sufficient to allow distribution of grants In furtherance of the Charty's purposes, sellle all 8dminiglfative costs, and to protect Ihe Charty's investment Capital for th8 long-lern. In the period, assets were held In a diversified portfolio, including a Mixtu￿ of fixed income and equty inveslrnents, with some assets managed on the Charty's behalf by Coutts & Co. The perlomiance of the investment manager 18 Subject lo regular monrtoring and review by Ihe TnJstee8. The Charity has significant unrestricted funds. minimal financial risk. and only modest overheads. Because all anticipated costs and expenditures are amply provlded for. the Trustees have not fomally adopted a prescriptive reserves policy. Plans for Futur• Perlods Hamng received signlficant donation8 from a TfU8tee in 2023 (£8,973.4171 and prior years, the Charity is well funded with unrestricted funding for charitable grant making. The Trustees will ccnsider a range ol worthy new projects to fund, consistent with ils mission and Grant Making Policy and, going forward, the Trustees have agréed lo make grant$ that build Qn the Charity's work lo date and that support the four strategic thernes 8et oul above, which may vary from time lo lime. Their focus will be ¢Jn: Continulng and increasing granl-making to eff￿tivI. Impa¢ttul grantee organl$alion$ already in the Charity's grants portlolio,. and Supportlng a small number of other organisatK>ns not previously funded by the Charily whose worf( is closely and strale9ically aligned to the work of existing grante• organisalions. As at present, any new grantees will undergo rigorous due diligence. Further, the Trustees consider the appropriateness of each grantee for future 9ranl8 based on variety of factors and may. when Ih8y deem il appropriate. remove a 9rante8 lor grantees) from its roster. When a grantee is removed, it is made aware of same in its final year, with ils final grant being clearly presented as an -exif grant. Dlrectors, Interests No Director had any beneficial interests in the shares of the Charitable Company at 31 December 2024 (2023- none)- THE GAUDIO FAMILY FOUNDATION (UK) LIMITED TRUSTEES, REPORT Provlslon of infomiation to Audltors So far as each of the Directors is aware al the time this report is approved.. there Is no relevant audll Infomiation of which the Charitable Company's audllors are unaware: and the Directors havé taken all steps that they ought to havé taken to make themselves aware of any relevant audit infomwtioD and to establtsh that the auditors are aware of that infomation. Auditorn PKF Littlejohn LLP has Signified its willingness to continue in office as auditors. Status of this Trustees, Report In preparing this report, the Directors have tsken advantage ol the small companies exemption provided by section 485 of the Companies Ad 2006. By Order the 808rd Cavallaro rustee 26 mber 2025 THE GAUDIO FAMILY FOUNDATION {UKI LIMrrED STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are responsible for preparing Iho Tru8tee$' report and the financi￿ statements in accordance with applicable law and reguialions, Company and Charity law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to p￿par@ the financial 8tatements in accordance with Charittes. ststement of Recommended Practice, Accounting and Reporting ty Charities (United Kingdom Finan¢ial Reporting and Accounting Standards and applicable law). Under Company and Charity law the Trustee5 must not approve tha financial statements unless they are satlsfied that they give 8 true and fair view of the state of affairs of the Charilable Company and of the surplus of the Charitable Company for that period. In preparing these financial Statements, the Trust8es are requSred to: select suitsble accounting poli¢les and apply them consistently., ObSe￿e the methods and prfnciples ol the Chafltle8' SORP. A¢¢ountlng and Reporting by Charities; make judgments and estimates that are reasonable and prudent; statè whether applicabl8 United Kingdom Generally Accepted Accounting Practice (United Klngdom Accountin9 Stsndard8 and applicablo lawl has been folk)wed, and dlsclose and explain any departures therefrom in the Financial Statements; and prepare the Financial Stalernents on the going concern basi¥ unless it Is inappropriate lo assume that the Charity will be able lo continue in operation. The Tiustees are responsible for keeping adequate accountlng records thal are sufficient lo show and explain the Charitable Company's Iran8action8 and disclose with reasonabl8 accurxy al any tome the financial position of Ihe Charitable Company anij enable them to ensure that thè financial statements comply with the Cornpanies Acl 2006 and Charities Act 2011. They arè also responsible for safeguarding the assets of th8 Charitable Company and hence for taking reasonable steps for the prevention and detecllon of fraud and other Irregularities. THE GAUDIO FAMILY FOUNDATION (UK) LIMITED INDEPENDENf AUDITOR'S REPORT Ind•p•nd•nt Auditor'8 rnport to the shareholder of The Gaudlo Famlty Foundatlon (UK) Llmllod Oplnlon We have audited the financial statements of The Gaudio Family Foundation (UK) Limited (the 'Charitable Company,) for the year ended 31 December 2024 which comprise the Statement of Financial Actrvities. the Balance Sheet, th8 Statement of Cash Flow$ and notes to the financial statements. including a summary of significant accounting policies. The financial rèporting frdmework that has been applied in their preparalion is applicable law and United Kingdom Accounting Standards, including Financial Reportlng Standard 102 The Fin8ncial Reporting Standard applicable in the UK and Republic of I￿land (United Kingdom Generally Accepted Accounting Practieè). In our opinion, the financial statements= give a true and fair view ol the state of the Charitable Company's affairs as at 31 December 2024 and of.its incoming ra￿urCeS and application of resource8. including its income and exp8nditure. lor the year then ended; have been property prepared in accordance wlth United Kingd*Th Generalty Aecepled Accounting Practice,. and have been prepared in axordance wlth the requirements of the CThnpanre8 Act 2006. Basls for oplnion We conducted our audit in accordance with International Standards on Auditing {UK) IISAS (UK)) and applicable law. Our responsibilities under those Star￿ardS are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the Charitable Company in accordance with ihe ethical requirements that are relevant to our audit of the financial statements in the UK. induding the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with thése requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng con￿rn In auditlng the financlal stalements, we have concluded that the Trustees, use of tho golng concern basis of accounting in the preparation ol the financlal statements15 appropriate. Ba8ed on the work we have perfom)ed, we have not Identified any material uncertalnties relatlng to events or conditions that, individualty or ¢0118Ctively, may cast significant doubt on the Charitable Companls ability to continue as a gorng concem for e perlod ot at 188St twelve months from when the financial statement8 are authorised for issue. Our responsibililtes and the responsibilities of the Trustees with respect io going concern are described in the relevant sections of this ￿pOrt. Other Inforniatlon The other information cornprises the infomation included in the Trustees, annual report, other than the financial slatemenls and our auditorfs report thereon. The Trustees are responslble for the other inforynation contained within the Trustees, annual r8POrt. Our opinion on the flnanclal slatementg does not cover the other information and we do not express any fomi of assurance conclusion thereon. Our responsibility is to Fead the other information and, in dolng so, eonsldor whether the other Information is materially inconsistent with tho financial statemenls or our knowledge obtalned in the course of the audit. or othèrwisé app8ars to bè matèrially misstated. If we identify such material Inconsistencies or apparent material misslaternents, we are required to determine whether thi5 gives rise to a malerlal misstatement in the flnanclal statements Ihemselves. If, based on Ihe work we have perforned, we Conclude that there is material misstatement of this other inlomalion, we are requlred to report that fact. We have nothin9 to report in this regard. THE GAUDIO FAMILY FOUNDATION (UK) LIMITED INDEPENDENT AUDITOR'S REPORT Oplnlons on other mattern prescrlbed by the Companles Act 2006 In our opinion, based on Ihe work undertaken in the course of the audit: tho information given in the Trustees, teport, which includes the Directors, report prepared for the purposes of company law, lor the finanlial year for which the financial statements are prepared Is consistent with the financial statements., and the Directors. report included within the Trustees, report has been prepared in a¢(￿rdance with applicable legal requir Regulations 2008. Our audit woth has been undèrtaken so that we might slate to the Charrtable Company's members and Trustees those matters we are required lo State to them in an auditorfs report and for no other purpo3e. To the fullest exient permitted by law. we do not accept or assume responsibility lo anyone, other than the Charitable Company and the Charitable Company's members as a body and the Charitable Company's Trustees as body, for our audit woth, for this report. or for the opinions we have formed. Alastair Duke (Senior Statutory Auditor) For and on behalf of PKF Littlejohn LLP Statutory Auditor 15 Wesffery Circus Canary Wharf London E14 4HD 29 September 2025 THE GAUDIO FAMILY FOUNDATION (UK) UMITED STATEMENT OF FINANCIAL ACTIVITIES (Incorporatlng an Income and expendlture account} Year ended 31 December 2024 Note 2024 2023 In¢ome and endowments from: Donations Giftaid In¥8slment income 8.973,417 2.724,960 1,179,318 1,852,473 Total Incorne 1,852,473 12.877,895 Expenditure on: Cost of raising funds Charitable activities 142.980 8,359,808 137.2TI 5,075,620 Tot41 Expendlture 8,502,788 5,212,897 Ngt (expenditurnllincome for the y•ar 16,650,315} 7,664,798 Other gainslllosses) Foreign exchange Investments 488,102 11.543,591) 3,315,455 2.167,832 Not movèm•nt In funds (2,846,758) 8,289,039 Balance brought forward at start of year 60,703,435 52.414,396 Balanc• carrfed forward •t end of y￿r £57,856,677 £60.703,435 All income and expenditure 18 unrestncted and derives from conlinulng activities. The statement of financial activities indudes all gains and losses recognised during the year. The Accounting Policies and Notes on pages 13 to 17 fonn part of these Financial Ststements. 10 THE GAUDIO FAMILY FOUNDATION IUK) LIMITED Company number: 08966741 BALANCE SHEEr As at 31 December 2024 2024 2023 Flxed Assets Investments 30,219,816 26,895,083 Current A88•ts D8btorn Unpaid share capital Interest rec8ivable Short tem deposits Cash at bank and in hand 321,404 15,969.340 11.354,917 386,362 14.904,299 18,528,391 27,645,662 33,817,053 Credltors.. amounts falling due wrthin one year (8,800) (8.700) Net Current Assets 27,636,862 33,808,353 Not Assels £57,856,678 £60,703,436 Regerv•8 Called up share capttal General fund 57,856,677 60.703,435 £57,856,678 £80,703,436 These Financial Statements were approved by the Board ol Tru8tees on 26Seplember 2025 and slgned on its behaw by.. Mr Alfre Trustee The Accounting Policies and Notes on pages 13 to 17 form part ot these Fin￿Gla1 Statements. 11 THE GAUDIO FAMILY FOUNDATION (UKI UMITED STA TEMENT OF CASH FLOWS Year ended 31 December 2024 2024 2023 Net cash flow from opernting aclfvllles Isee below) (8,437,730) 6,092,078 Cash from investlng activities Payments to acquire investmenls Decreasel{Increasel in cash held at inveslment managern Proceeds from sale of investments DivKlends and interest from investmerfs (13.240,882) (14.436,739) (24,343) 658,194 13.255,947 13.497,142 1.852,473 1.179.318 Net cash flow by Investing actlvilie 1,843,195 897,915 Effect of exchango rate fluctuatlons on cash held 488,102 (1,543,591) Change In cash and ¢￿h 8quSvalents in the year <6,106,433) 5.446,402 Cash and cash oqulval•nts brought forward 33,430.690 27.984,288 C••h and cash oqulval•nts carrled fornard £27,324,257 £33,430,690 Nèt l•xpendltur•)lin¢orne for tho y•ar Dividends and interest from Invoslmenls Increasel{DecreBs8) in cr8ditor8 (Increase)IDecrease in debtors 16,850,315) 7,664,798 (1,852,473> (1.179,318) 100 17,040) 64,958 (386.362) Net cash flow from op•rntlng actSv111•8 £18,437.730) £6.092,078 The Acxounting Policies and Notes on pages 13 to 17 fonn part of these Financial Statements. 12 THE GAUDIO FAMILY FOUNDATION (UKI UMrrEO ACCOUNTING POLICIES General infomiation and basis of preparation The Gaudio Famity Foundation (UK) Limited is a charitabl8 company limited by shares. incorporated on 31 March 2014 and registered as a charity on 3 June 2014 in the United Kingdom (incorporated and reglstered under the name of°The 8uttefS Foundation (UK) Limited. prior to the Charity's name change to 'The Gaudio Farni￿ Foundation (UK) Limited. circa January 2018). The address of the registered office is given in the charity infornalion on page 2 of these financial statements. The nature of the Charty's operatlons and its principal actt¥ity is the making of grants. The financlal statementg have been prepared in accordance with Accounting and Reporting by Chariti85.' statement of Recommended Practlce applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021, the Financial Reporting StarKlard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charrties Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice as it applies from I January 2019. The financial statements are prepared on a going concem basi$ undor th8 hislorlcal cost convention, modified to include ￿rIaIn items al fair value. The financlal statements are prepared in sterfing which 1$ the functional currency of the Charity. The significant accounting policies applied in the preparation of these financial statements are tset out below. These policies have been consistently applied to 811 years presented unless otherwise slated. Incorne r•cognltlon All incoming resources are included in the Slatement of Finan¢ial Activities (SOFA) when the Charty is legally entitled to the income, after any perfO￿anCe condillons have been met, when the amount can bo measured reliably and when it is probable that the income will be received. InGom8 from donations is recognised on receipt, unless thère are condition8 ottaGhed to the donation that require a level of performance before entlllement ¢an be obtained. In Ihls ¢ase income l¥ deferred until those conditions are fully mel or the fuifilment of those conditions is within the control of the Chaiity and it Is probab18 that they wlll b8 fulfilled. Inveitrnent income 1$ reco9ni5ed a¥ the Charity's right to receive payment is oslablished. Exp•ndltur• r•cognltlon All èxpenditure is accounted for on an accruals basis. Expenditure is recognised where there is a legal or constructive obligation lo make payments to third parties, it 18 probable that the settlement will be required arKI the amount of the obligation can be measured reliably. It is categorised a8 expenditure on charitable activities, Granl8 payable to third parties are included in expenditure on chariiable 8ctlviti85. Imiere unconditional granls a￿ made. these amounts are recognised when a constructive obligation is created, typically when the recipient is notified that a grant will be made to Ihem. Where grants are conditional on perfornance. then the grant is only recognised once any unfutfilled conditions are outside of the control of the Chanty. Support costs have been Included withln charrtable actlvltle8 and consist of the costs of runnlng the Charity, Forol9n currency Foreign currency transactions are iniiially Tecognised by applying to the foreign currency amount the spot exchange late belween the functional curr¢ncy and Ihe foreign currency at the date of the transacth)n: Monetary assets and liabilities denominated in a foreign currency at tha balance sheet dale are trnn$lated using the closing rate. Gains and losses on foreign exchange are shovm in the Statement of Financial Athties. 13 THE GAUDIO FAMILY FOUNDATION IUKI LIMITED ACCOUNTING POLICIES Investments Publicly traded investrnents, or those where fair value can otherwise be measured reliably. are measured at fair value al ea¢h balance sheet date, with Changes in fair value recognised in 'net gains l (10s8es) on investment¥, in the SOFA. Tax As a registered chanty (and having been duly recognised as such by HMRC). the Charitable Company is entitled to certain lax 8xemptions on In￿)me and profrts from investments carried on in furtheranrR of the Charitable Company's primary objectives. il these prof￿6 are applied solely for charitsble purposes. 14 THE GAUDIO FAMILY FOUNDATION {UK} LIMITED NOTES TO THE FINANCJAL STATEMEKrs Year ended 31 December 2024 1. Donatlons Income from donations is unrestrided and in the fom of donations fr(Kn a Trustee (see note 10>. 2. Costs of raising funds 2024 2023 Investment managers fees £142.980 £137.277 3. Expenditurè on charitable actlvltles 2024 2023 Grants made.. Gaudio Family Foundation Les Amis All Child Limited (fomierfy West London Zone) St Giles Trust Clean Air Task Force Inc. City Hatvest Limited Smart Works Charity Nw4V Horizon Youth Centre VilLqge Ente￿riSe Acumen Fund In¢. Maliasili Iniliatives Inc. Root Capital Inc Mothers2mothers CAMFED USA Foundation Resurgo Trust Nla Tero Foundation Earthjustica Refugee Actlon Football Beyond Border8 Little Village Drive Forward Foundalion Namati Inc GFF UK TTUSt Room lo Read Onside Youth Zone Siobhan's Trust 4,087.467 2.197,571 324,349 26,995 275.000 250.000 275,000 250.000 236,881 200.000 200.000 200,000 197.955 197,955 197.804 197,409 197,409 191,615 175,000 158.3n 157.936 150.000 150.000 125,000 100,000 200,000 200.000 175,000 166,352 207,928 175.000 225,000 125,000 100,0 137,537 120,905 119,386 100.000 50,000 7,995.153 4,826,674 Support costs.. Professional fe•$ 364.655 248,946 £8.359.808 £5,075,620 4. Net movement In funds 2024 2023 Net income is staled after charging.. Audllors, remuneration (net of VAT> statutory audrt tsx servi¢e5 £7.450 £1.350 .£7,300 £1.300 15 THE GAUDIO FAMILY FOUNDATION (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 5. Investments 2024 2023 Balance brought fornard Additions Sale proceeds Net gainslllosses) 26.491,775 23,384,346 13.240.882 14,436,739 (13,255,947) (13.497,142) 3,315.455 2,167,832 29,792.165 26,491.775 Cash held at investment managers 427,651 403,308 £30,219,816 £26,895,083 Investmenls al fair value include Equities Bonds Cash wiihin investment portfollo 20,986,293 18,213,326 8,805,873 8,278,449 427,650 403,308 £30,219,816 £26,895.083 6. Creditors: amounts falling due wlthln one year 2024 2023 Accruals £8.800 £8.700 7. Share Capllal Aulhorlsod 1 Ordinary share of £1 each £1 £1 Allotted, called up and fulty paid 1 Ordinary shares of £1 each £1 £1 8. Reconcillation of Movements In ReJerv•s 2024 2023 Result for the year Opening $hareholde¢s funds (2,846.758) 8,289,039 60,703.435 52,414,396 Closing shareholderfs funds £57,856,677 £60,703,435 g. Ultlmal• P•rent Und•rtaklng Thè parènt undertaking at the year*rKI Is The Gaudio Famlly Foundation. a US based charitsble Foundalion. 16 THE GAUDIO FAMILY FOUNDATION (UK) UMITED NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 10. Related party trans4cllons During the year thérè were no donations made by Trustees {2023 - £8.973,417 donated by one Trustee). No ¢onditions were attached to the donation in the prior year. Two grants totalling £4,087.467 (individual grants of $700,000 and $4,452,CMJO) were made during the year to the parent undertaking, The Gaudio Family Foundallon, to be applied by The Gaudio Famlty Foundation in furtherance of the charity's charitable purposes. In 2023 trwo grants were made for £2,197.571 (individual grants of $1,700,000 and $1,101,350). With respect to all such grants to The Gaudio Family Foundation, The Gaudio Famity Foundation has provided written confimation to The Gaudio Family Foundation (UK) Limited confi￿1n9 that all such funds have beèn disbursed as of the date of this Report and were property deployed directly for PU￿0$£$ that qualify as Gharitable under th8 law of England and Wales. In the prior year one grant of £120,905 was made to The GFF UK Trust, a charty wher8 Julius Gaudio is a trustee. There were no Iransadions with The GFF UK Trust in the year lo 31 Oecember 2024. 17