Charity registration number 1158918 (England and Walesl WEIDENFELD-HOFFMANN TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025 WEIDENFELD-HOFFMANN TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees A Hoffmann A Barnett J Lieber (Appointed 25 October 2024) F Mutapi G Robinson A Henderson (Appointed 19 November 2025) Chief Executive Officer H BoLtslding Charity number 1158918 Princlpal address 70 Walton Street Oxford OX2 6AG Auditor Gravita Audit Oxford LLP First Floor, Park Central 4041 Park End Street Oxford OX11JD Bankers Coutts & Co 440 Strand London WC2R OQS United Trust Bank One Ropemaker Street London EC2Y 9AW Investment advisors BNY Mellon 160 Queen Wictoria Street London EC4V 4LA WEIDENFELD-HOFFMANN TRUST CONTENTS Page Trustees, report statement of Irustees, responsibilities Independent auditorfs report 9-11 Statement of financial activities 12-13 Balance sheet 14 Statement ol cash flows 15 Noles to the financial statements 16-30 WEIDENFELD-HOFFMANN TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 JULY2025 The trustees present their annual report and financial statements for the period ended 31 July 2025. The financial statements have been prepared in accordance with the accounling policies set out in note 1 lo Ihe financial statements and comply with Ihe Charitable Incorporated Organisalion (Charityl's constitution, the Charities Act 2011 and "Accounling and Reporting by Charities: Slatement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102)" (effective 1 January 2019). Objectives and activities The Weidenfeld-Hoffmann Trust was established to bring together and develop the academic work founded by Lord Weidenfeld and previously run by the Institute for Strategic Dialogue. The CIO works wilh academics, cultural and professional experts and aspiring young leaders on projects which aim to widen participation to high level academic sludy, discussion, and debate. The CIO'S objects are the advancement of education of the public in Ihe United lQngdom and elsewhere in relation lo government. economics, politics, human rights, administration, the arts, humanities, and social Sciences. in such ways as the CIO'S Trustee5 Ihink fil, including by, but not Ilmited to,, awarding lo persons scholarships, maintenance allowances or grants tenable at any university, college, or institution of higher or further education-, facilitating visiting professorships to addres5 fflajor Ihemes in the arts, social sciences and humanities al universrties and making lectures by these leading practitioners and scholars available to a worldwide audience., commissioning andlor carrying out research ft)r the benefft of the publSc and publishing Ihe useful results. The CIO runs the following major initialives for achieving its charitable objÈcliv@s'. The Weidenfeld-Hofftnann Scholarships & Leadership Programme provides outstanding graduates and early career piofessionals mainly from developing and emerging economies with the opportunity to pursue fully funded graduate study at the University of Oxford, combined wilh a specially-curaled programme of leadershlp development, long-lerm mentoring, and ne￿Orking. The Leadership Programme. devised by Ihe CIO, aims to equip Scholars with the knowledge, skills, and networks they will require to conlribule optimally to publlc life in their countries and regions of origin, and to build lasling professional links across cultures and continents. Since 2007, 446 scholars from 95 countries have been able to sludy 79 degrees thanks to some 50 differeni partners and donors. The Humanitas Programme 12010-20201, hosted In partnership with the Unlversities of Oxford and Cambridge SL¢PPQrted 93 Visiting Professors to lecture and give masterclas5es on a broad range of topics in the arts. humanities and social sciences and included over 300 events which were free and accessible to all. The Humanilas lectures and conversations are avallable online. The Tellus Mater Fellowship in Sustainabiltty Studies supported 2 Fellows 2018- 2020 al the University of Cambridge. The Trustees have paid due regard to guidanoe issued by the Charity Commission in deciding what activities the Charity should undertake_ Scholarships Programme Funding The Oxford-weidenfeld and Hofftnann Scholarships and the Oxford-Hoffmann Scholarships are endowed scholarships which form part of the Oxford Graduate Scholarship Fund {OGSF>. The funds for these endowed scholarships were provided by Weidenfeld-Hoffmann Trust donors and the Foundation Hoffmann respectively. in each ￿se matched 60140 by Univefslty of Oxford funds, under the Oxford Graduale Scholarships Matched Fund initialive. The capital for both these scholarships is held within the Oxford Endowment Fund, managed by Oxford University Endowmenl Management (OUEMI. The Oxford Endowment Fund supports all Gourse fees and living expenses but does not cover the cost oflhe Leadership Programme for these scholarships. In some years direct donors support specifiG scholars. WEIDENFELD-HOFFMANN TRUST TRUSTEES, REPORT (CONTINUED) FOR THE PERIOD ENDED 31 JULY 2025 Donations were Teceived to support the Leadership Programme for the Oxford-weidenfeld and Hoffmann Scholar5 and the Oxford-Hoffmann Scholars, and these contributions included support through the WHT College Partnership initiative and from the Trust's University Department partners the Said Business School and the Blavatnik School of Government. In addition, funds were faised from the Sigfid Rausing Trust, the Younger Family Fund and GROW @ Annenberg lo support those who were refugees or displaced by confticl or other human right5 abuses. The Trust has Iwo long-term Endowment Funds. The Max Weidenfeld TTrvel Fund was given by the Eranda Rothschild Foundalion in memory of Lord Weidenfeld's father, the investment return of which 15 allocated every year as a travel bursary to help the scholars chosen by the CIO to travel for professional development purposes ]Juring their breaks from the University- The Leadership Programme Endowrnent Fund wa5 set up in 2019 by founder and first Chairman André Hoffinann and Trustee and former Chair of the Trustees, Michael Lewis to raise funds to benefit the long-teim future of the Leadership Programme. Designated fLtnds are those that were given to be used for the Humanitas Programme {2010-2020) for Visiting Professor Chairs on specific themes. Scholarship Selection All eligible benefflciaries for the WHT scholarships apply via the Univer5ily of Oxford. For the Oxford-weidenfeld and Hoffmann Scholarships {OWHS) and Oxford-Hoffmann Scholarships (OHS) each academic department selects a fixed number of those wilh the prerequisite academic requirements (and who have already been accepted by the University) for assessment and interview by the Oxford Weidenfeld-Hoffmann Endowment Panel (made up of senior departmental and college partnership academics, the CEO of the Weidenfeld-Hoffmann Trust, the WHT Academic Fellow and WHT Oxford-based alums). For the Direct Donor Scholars all eligible candidates are assessed and inlerviewed by WHT aiid their academic advisers. Achievements and perfomiance This period was one marked agaTn by global conflict and the Trust was able to provide scholarships for six talented individua15 who had been displaced due to conflict. persecution. or other serious human rlghts violations including those from Myanmar. the Palestinian Territories, Russia, Ukraine, Belarus and Uganda. The Trust also brought into use and benefited from tts new permanent home which was acquired in February 2024170 Walton Slreet, Oxford). Weidenfeld-Hoffmann Scholarships Programme The Trust maintained its commitment to reach the mosi promising early career professionals from mainly emerging and developing economies. This year there We￿ 1931 applicalions for Scholarship5 of which 416 applicants were offered a place by the University and of these 34 Scholarships were awarded by the Weidenfeld- Hoffmann Trust and included the first WHT scholars from Thailand and Zambia. The scholars pursued a broad range of one-year Ma51er's degrees in Public Policy,. Business Administration,. Water Science, Policy and Man8gement', Energy Systems-. Global Governance and Diplomacy; Diplomalic Studies,. Policy and Management., Evidence-Based Social Intervention and Policy Evaluation." Economics for Development,. Biodiversity, Conseryalion and Management," Environmental Change and Management,. Comparative Social Policy,. Education,. Social Data Science., Inlernational Health and Tropical Medicine., Law-, Modem South Asian Studies,. Flussian and East European Studies. The Oxford Endowment Fund provided funding towards 34 Oxford-Weidenfeld-Hoffmann Scholais and Oxford- Hoffmann Scholars. There were 3 scholars supported in partnership with Chevening. the FCO'S scholarship programme. 3 supported by Grow @ Annersberg, and l each supported by the Sigrid Rausing Trust and the Younger Family Fund. The Trusl maintained strong links with departmental partners the Said Business School and Blavalnik School of Government with 4 MBA scholars supporled by the Said Business School and 4 MPP scholars supported by the Blavatnik School of Government. WEIDENFELD-HOFFMANN TRUST TRUSTEES, REPORT (CONTINUED) FOR THE PERIOD ENDED 31 JULY2025 This was the rrfth yèar of the WHT College P8rtne￿hIp initiative for which six Oxford Colleges (Keble, Lincoln, Mansfield, St Edmund Hall, Trinity, Worcester) provide supportlV8 academic communities and financial ontributions towards the Gost of scholars, individual Leadershlp Programmes. In 2024-25 St. Antony s College joined that partnership as the first graduatè college partner and hosted three WHT Scholars. Scholarship Selection This was the fourth year that the Trusl has managed the OWHS and OHS Selection Process. The Seleclion panel was drawn fiom University and College partners and WHT staff and alumni. Leadership Programme The Leadership Programme is made up of 3 key strands which are reviewed each year - building a foundation for ethical leadership {moral philosophy seminar series), developing an ei?trepreneurial mindset (Business Challenge), and creating a toolkit for proft¥ssional excellence, (Impactful communication, negotiation and debatlng skills). This year the Max Weidenfeld Travel Grant sel up by the Eranda Rothschild Foundation in the name of George Weidanfeld's father supported scholars as delegates at - COP16 Colombia, the International Conference on Glaciers, Preservation, Tajikistan, the International Journalism Festival, Italy, the Model World Trade Organisation, Switzefland. Ihe Open Forum Conference, DAVOS and on a Kenya Business Trek. Alumni Network Since 2007, 446 scholar5 from 95 countries have benefited from the Leadership Programme, deslgned to equip them to tackle major problems in their countries and regions of origin including from within multilateral organisalions. Over 80 /¢ of all alumni in Ihis period were working to benefil emerging economies, in national or multilateral organisation5 at the forefront of the fighl against poverty, climate change and biodiversity loss, or leading social, transformative, and empowering enterprises. WHT continued to foster a culture of giving back- in the capacity of mentors and advisois for the Bu5iriess Challenge. alumni participaling in Ihe Welcome Week, and in online fora. A large number of alumni took part in celebratory events lo mark the retirement from the Trust of its longstanding Chief Executive. Alexandra Henderson. Many alumni conlribuled to a special fund lo mark thls occasion, raising over £55,000 to benefft fulure Scholars. In addilion the WHT house welcomed alumni visiting Oxford for graduation and work. Humanitss Programme The Humanilas Programme did nol host a Visiting Professor this year, but funds exisl to host a future event. Evaluation Continuous evaluation of the Leadership Programme with our scholars, alumni, donors, and advisors was the primary measure by which we assessed success across the reporting period via projecvlermlylend-of-year surveys. face-lo-face feedback from Scholars al WHT Collections, and Advisory Board Meetings. Feedback contributes to the enhancement of the Programme in subsequent years. Feedback in this period was once again positive wilh all scholars agreeing Ihat the Leadership Pro9ramme had helped to Shape their fulure plans and equipped them with relevant skills lo achieve these. Particular highlights for Scholars in 2024-25 were the communication skills training, the moral philosophy seminars, the community of support created and the value of the alumni ne￿Ork to their future career paths. Alumni Impact is gathered on a regular basis throughout the year via alumni updates and through professional social nelwork monitoring. Regular meetings wilh the Unlversity took place as part of the annLtal recruilmenv admission cycle. WEIDENFELD-HOFFMANN TRUST TRUSTEES, REPORT (CONTINUED FOR THE PERIOD ENDED 31 JULY 2025 Financial revTew The Trustees consider the funds generated in the year under review to be sufficient to meet the CIO'S objectives and the position of the CIO at the year-end lo be satisfaclory. They closely monitor the level of free reserves available to ensure there is sufficient financial flexibility in place. The total incoming resources for the period amounted to.. £523,279 {2024. £553,332) which consisted mainly of donations recelved for the CIO'S educational programmes delivered under the collaboration with Oxford University. The principal source of funding from donatlons received during the period have been from have been from college and departmental partnerships and from foundationsltrusts (GROW @ Annenberg and Sigrid Rausing Trust). The total restricted funds held as of 31 July 2025 amounted to £219,067 (2024, £465,700). The total designated funds held as of 31 July 2025 was £31,004 (2024., £31,004) The total fund5 held as of 31 July 2025 amounted to £2,221,410 {2024= £2,472.6131. The Investment policy is thal the return and income from the listed investments (Max Weidenfeld Travel Grant) held should go towards helping the scholars chosen by the CIO to attend conferences and further their professional experience. It is the policy the CIO that unrestricted funds which have not been designated ft)r a specific use should be maintained at a level equivalent to one to two monlhs, administration costs. The trustees considei that reserves al this level will ensure that, in the event of a significant drop in funding. they will be able to continue the CIO'S current activities while consideration is given to ways In which additional funds may be raised. This level of reserves has been maintained throughout the year. The free reserves available as of 31 July 2025 amounted £92,218 12024.. £141,140) which is in line with the reseNes policy. The main sources of funding are the Oxford Endowment Fund, Direct Scholarship donors, donor5 making gffts via the individual Oxford Partner Colleges, and University Departments which supported the Leadership Programme, In the course of the year the Trust instigated a fundraising appeal for a new WHT Alumni fund to provide support for future scholars, welfare and to recognize Alexandra Henderson's contribution to the Weidenfeld-Hoffmann Scholarships and Leadership Programme during her 15-year tenure as Chief Executive. 80 alumni contributed to the fund. WHT is committed to ensuring that it makes investment decisions responsibly and with integflty. The Trust's Scholarships Endowment Fund is placed in the Oxlord Endowmenl Fund (OEF> managed by Oxford University Endowment Management Ltd IOUEMI, a 5ubsidlary of the University which ensures that investment decisions consider social, environmental. and political issues to maintain the Universlly's ethical standards, WHT Trustees follow carefully the performance of this fund. In April 2020, Oxford University Council accepted three new resolutions focused on climate change., divestment Irom fossil fuel extractors., a commitment to back energy efficient groups, and OUEM to become a signatory of the Carbon Disclosure Project, a member of the Investor Forum and a member of the Institutional Investors Group on Climate Change. In 2021 OUEM integrated its Task Force on Cllmate Related Disclosure5 (TCFD) framework into a publicly available ESG Report. In addition in 2021, OUEM asked all ils OEF investment managers to plan for a net zero world. In 2021 54.OOk of the Oxford Endowment Fund was Invested with managers taking steps towards net zero, 71.6 /0 had a broader codified ESG policy and 37.81lk had membership of an ESG organisalion. OUEM intends to achieve complele coverage of the portfolio with net zero targets and Paris-aligned net zero strategies by 2035. The Trust's principal risks and uncertainties relate to maintaining support from donors, which we seek to manage by building close and reliable partnerships with existing donors, working to secure new sources of support Ihrough raising awareness of the impact of the programme, and fundraising for the Endowment Fund for the long-term benefti ofthe Leadership Programme. WEIDENFELD-HOFFMANN TRUST TRUSTEES, REPORT (CONTINUED) FOR THE PERIOD ENDED 31 JULY 2025 Plans for future periods Fundtng The Trust will work to develop further partnerships with individual Colleges to increase the levels of support offered either through the College's own donors or by matching with new WHT external donors and continue to engage the interest of further potential supporters in the Leadership Programme and those who may wish to contribule to the Leadership Programme Endowment Fund. In addition the Trust will continue to develop support fiom departments of the University either by offering discounts against the costs of the academic provision, or by contrtbuling lo the costs of the Leadership Programme. The TrLJSt will consider the potential to raise funds wlth a view to extending the facilities of the WHT house in order to offer extra capacity for programme activities and evenls lo an increased number of scholars. Partnerships In the academic year 2025-26, seven College partnerships will partially support the Leadership Programmes for 29 scholars providing communities of support and raising awareness of the Scholarship Programme and enabling the global cohort to flourlsh during their time at Oxford. A wider partnership of funding has been unlocked with a number of the academic departments that admit WHT Scholars, prowding either discounts towards the course costs, or funding towards the Leadership Programme. Leadership Programme The Trust will continue to develop the Leadershlp Programme curriculum including identifying further tailored piojects and external opportunities to provide the appropriate skills 2nd 4upport np.cessary for scholars to make an impact once they relLtrn to their home regionslinternational arenas. A major focus will Gonlinue to be on helping Scholars to make the transition from Oxford to their Professional arenas, via Business skills developmenl and potential internships. The Trust will explore ways to increase the impacl and reach Df the Leadership Programme at the University of Oxford through alumni and partner engagement and strengthened communication activity. Alumni Netrwork The Trust will build on the high levels of alumni engagement created around the celebratory events for the outgoing CEO, Alexandra Henderson, including alumni regional galherings planned for 2025-26 in London, India, France, the US (New York} and Georgia. More opportunities lo connect alumni with scholars with overlapping areas of inlerest will be identified. in the form of alumni in-per50n talks and online bespoke sessions. Scholars will be supported to programme the WHT annual Alumni Webinar - an opportunity for alumni and scholars lo share Impact and connect across geographies and disciplines. Opportunities to grow alumni fundraising will be maintained through regular communications. WHT Alumni will continue to play a role on the WHT Advisory Board as representatives Se￿Ing a 2-year term representation. Humanitas Funds exist to support one fijrther Humanitas residency and consideration will be given to a potentlal Wisitlng Fellow. Videos of many in the series are on WHT YovTube channel including Mitsuko Uchida whose illustrated lecture has been viewed over 375,000 limes. WEIDENFELD-HOFFMANN TRUST TRUSTEES, REPORT (CONTINUED) FOR THE PERIOD ENDED 31 JULY 2025 Stmcture. governance and management The truslees who served during the period and up to thè dale of signature of the financial statements were: A Hofftnann M Lewis A Bamett J Lieber F Mutapl G Robinson A Henderson (Resigned 1 January 20251 (Appointed 25 October 20241 (Appointed 19 November 2025) The CIO was established under a 'foundation' model constitution in October 2014. As al 31 July 2025 the CIO has a Board of Truslees comprised of ffve members. Michael Lewis was appointed Chairman ofTrustees in 2020 and, on demitting the role in January 2025, was succeeded by the Trusl's first and four)ding Chairman André Hoffmann. The Board of Trustees may appoint any person who is able and willing to act as a new or additional Trustee. In selecting persons to be appointed as Trustees, the Board considers Ihe benefits of appointing a person who is able by virtue of his or her personal or professional qualifications lo contribute to the pursuil of the objects of the CIO. Non-founding truslees are appolnted for a period of three years by a resolution of the Trustees. Trustees may be reappointed at the end of their term of office for a further three years. The WHT Advisory Board provides advice lo the Trustees and CEO in relalion to the CIO'S core activities. Membership is drawn from key partners and supporters and includes an alumni representative. Membership of the group is by invitation lo those with professional or academic expertise in the areas of Trust activity. Advisory Board members are not remunerated and serve a 3-year term renewable for Iwo terms. The Board keeps minutes of all proceedings at meelings of the Board of Truslees, including the names of those present at such meetings. The Trustees meet three times a year and tjelegate day-lo-day responsibility for the management of the CIO to the Chief Executive Officer, who leads a small team of three in-house staff working in collaboration with external consultants. advisers, and academic colleagues at Ihe University of Oxford. 2024-25 marked the lasl year in post of the Trust's longstanding Chief EXecu￿ve, Alexandra Henderson. Under her leadership the Trusl has developed its relationship with the Collegiate University of Oxford at a corporate, dep3rtmental and college level.. acquired a physical home for the Trust's work-, and supported over 440 Scholars lo study al Oxford. The Trustees pay warm tribute lo Alexandra and thank her for her dedication over many years. She will be succeeded a5 the Trust's Chief Executive in September 2025 by Dame Hilary Boulding who join5 the Trust following an 8-year tenure as President of Trinity College, Oxford. André Hoffmann is a TFUSlee of the Weidenfeld-Hoffmann Trust and was the President of Foundation Hoffmann - a major donor of the Scholarshlps and Leadership Programme. WEIDENFELD-HOFFMANN TRUST TRUSTEES. REPORT ICONTINUED) FOR THE PERIOD ENDED 31 JULY 2025 Over the course of the year. the Trust reviewed and revised the risk management strategy for the CIO in accordance wtth Charity Commission guidelines. This includes a regular review of all risks to which the Trust Is exposed and the establishment of policies and procedures to mitigate these risks. The main rSsks Identified during the year were.. Failure to identify and support the mental health and welfare of Scholars. The Trusl works closely with University departments and Partnership Colleges to ensure the welfare of all scholars. The Trust is building a network of support with those in the Sanctuary community lo support the Hope Scholars. Regular Collections provide a means of Ghecking In with scholars on an individual basis and the communily activities provide a space for support and sharing. Inability to attract enough high calibre gradu8te applicants meeting the scholarship's criteria for leadership potential. An intensive engagement programme took place at the beginning of the academlc year which involved meetings wilh nea￿Y all departments of WHT courses offered to raise awareness of the SGholarships as part of the nomination process to gel strong alignment of eligible candidate. The composition of the WHT Selection Panel has been refreshed once again to Provide more input from course leaders and partners who understand the scholars and the natufe of the scholarships. The Trust works closely with Student Fees and Funding lo provide robust selection proce5S. The Trustees have assessed the major risks to which the CIO is exposed and are satisfied that systems are in place to mitigale exposure to the major risks. All Trustees receive the Charity Commis5i0n guidance CC3 'The Essential Truslee,. Any training needs for new Trustee membe15 is identified on appoinlment. The tru51ees' report was approved by the Board of Trustees. A Hoffmann Tru5tse Dale.. WEIDENFELD-HOFFMANN TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE PERIOD ENDED 31 JULY 2025 The truslees are responsible for preparrng the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accountlng Standards (United Klngdom Generally Accepted Accounting Practice). The law appllcable to charities in England and Wales requi￿5 the trustee5 to prepare financial statements for each financial period which give a Irue and fair view of the stale of affairs of the Charity and of the incoming resources and application of resour￿$ of the Charty frjr that period. In preparing these financial statements. the trustees are required to. select suitable accounling policies and then apply them consistently., observe the methods and principles in the Charitie5 SORP.. make judgements and estimates that are reasonable and prudent., state whelher applicable accounting slandards have been followed, subject to any material departures disclosed and explained in the financial statements.. and prepare the financial statements on the golng concern basis unles5 It is inappropriate lo presume that the charity will continue in operation. The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them lo ensure that the financial statements comply with thè Charities Ad 2011, Ihe Charity (Accounts and Reports) Regulations 2008 and Ihe provisions of the trust deèd. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and delection of fraud and othef irregularities. WEIDENFELD-HOFFMANN TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WEIDENFELD.HOFFMANN TRUST Opinion We have audited the financial Statements of Weidenfeld-Hoffmann TrLSSt (the 'Charsty'l for the period ended 31 July 2025 which comprise the slatement of financial ach'vttles. the balance sheet, the statement of cash flows and noles to the financial 51atemenls. including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our oplnlon, the financial statements: give a true and fair view of the stale of the charity's affairs as at 31 July 2025 and of its incoming resources and application ol resources, for the period Ihen ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance wrth the Charities Act 2011. Basis for opinlon We conducted our audit in accordance with Intemational Slandards on Auditing (UK) IISAS {UK>) and applicable law. Our responsibilitie5 under those standards are further described in the Auditoys ￿spOnSibl11t1eS lor Ihe audit of the financial statements section of our report. We are independent of the Char¢ty in accoidance with the ethical requirements that are relevant to our audit of the financial staterDents in Ihe UK, including the FRC'S Ethical standard, and we have fulfilled our other ethlcal responsibilities in accordance with these requirements. We believe Ihal the audst evidence we have obtained is SuffI￿ent and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees, use of the going concern basls of accounting in the preparation of the financial slatements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of al leasl ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibllilles of the trustees with respect to going concem are described in the relevant sections of this report. other inforn)ation The other information comprises the information included in the annual report Dlher than the financial statements and our auditor's report Ihereon. The trustees are responsible for the other information conlained wrthin the annual report. Our opinion on the financial statements does not cover the other informalion and we do not express any form of assurance conclusion thereon. Our responsibility is to read the olher information and, in doing so, consider whelher the Dlher information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audll, or olhernvise appears to be materially misstated. If we identify such material inconsislencies or apparent material misstatements, we are required to determine whether this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing io report in this regard. Matters on which we are required to report by exception We have nolhing lo report in respect of the following matters in relation to which the Charities {Accounts and Reports) Regulations 2008 requires us to report to you rf, in our opinion.. the information given in the financial statements is inconsistent In any material respect with Ihe trustees, report., or sufficient accounting records have nol been kept., or Ihe financial slalements are not in agreement with the accounting records.. or we have not received all the information and explanations we require for our audit. WEIDENFELD-HOFFMANN TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WEIDENFELD-HOFFMANN TRUST Responsibilities of trustees As explained more fully in the Statement of trustees, responsibilities. the trustees are responsible for the preparation of the financial statements and for being satisfied Ihal they give a true and fair view, and for such internal control as the Iruslees determine is necessary to enable the preparation of financial statements thal are free from material misstatemenl, whether due to ffaud or error. In preparing the financial statements, the trustees are responslble for assessing the Charity s abilily to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Irustees either intend to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance wlth the Act and relevant regulations made or having effect Ihereunder. Our objectives are to obtain reasonable assurance about whether the financial staternents as a whole are free from material misstatement, whelher due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee thal an audit conducted in accordance with ISA5 {UKJ will alway5 detect a material misslalement when it exists. Misstatements can arise from fraud or error and are considered materlal if, individually or in Ihe aggregate. they could reasonably be expected to influence the economiG decisions of users taken on the basis of these financial statements. Irregularities. indudlng fraud, zre instances of non-compliance with laws and regulations. We design prO￿d￿reS in line wilh our responsibllilies, outlined above. lo detect material misstaternenls In respect of irregularities, including fraud. The extent to which our procedures are capable of detecting iTregularilies, including fraud, is detailed below. the engagement partner ensured Ihat the engagement team collectively had the appropriate competence, capabilitie5, and skills lo identify or reco9nise non-compliance with applicable laws and regulations,, we identified the laws and regL¢lations applicable lo the company through discussions with directors and other managemenl, and from our knowledge and experience-, we focused on specific laws and iegulations which we considered may have a direct material effect on the financial statements or the operations of the Company, We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where applicable., and identified Saws and iegulations were communi￿ted within the audit team regularly and the leam remained alert to instances of non-compliance throughout Ihe audit. We assessed the susceptibility of the CIO'S financial slatements to material misstatement, including obtaining an understanding of how fraud might occur, by,. making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected, and alleged fraud,. and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk offraud through managemenl bias and override of controls, we.. performed analytical procedures lo idenlify any unusual OT unexpected relationships., tesled journal entries to identify unusual transactions., assessed whether judgements and assumptions made in detemlning the accounting eslimates were indicative of potential bias., and investigated the rationale behind significant or unusual Iransaclions. 10- WEIDENFELD.HOFFMANN TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WEIDENFELD-HOFFMANN TRUST In response lo the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited ',o'. agreeing financial statement disclosures to underlying supporting documentation- reading the minutes of meelings of those charged with governance-, enquiring of managemenl as to actual and potential litigation and claims. reviewing relevant correspondence. There are inherent limitations in our audll procedures described above. The more removed thal laws and regulations are from financial transactions, the less likely il is that we would become aware of non-compliance. Auditing standards also limit Ihe audil procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstalemenls that arise due to fraud can be harder to detecl than those that arise from error as they may Involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Councll's website at.. https:11 www.frc.org.uklauditorsresponsibilities. This de5cnptlon forms part of our auditorfs report. Other matters Your attention is drawn to the fact that Ihe charity has prepared financial statements in accordance with "Accounting and Reporting by Charities. Slatement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland {FRS 102)" las amended} in preference to the Accounting and Reporting by Charlties.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the exlanl regulations but has now been withdrawn. This has been done In order for the financial Statements to provide 8 true and fair view in accordance wilh current Generally Accepted Accounting Practice. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been underlaken so that we might state to the charity's trustees Ihose mallers we are required lo state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do nol accept Of assume responsibility to anyone other Ihan the charty and the charity's Iruslees as a body, for our audil work. for thi5 report. or for the opinions we have formed. //•• Robert Kirtland Isenior Statutory Auditorl Gravita Audit Oxford LLP 121112026 ststutory Audilor First Floor, Park Central 4041 Park End Street Oxford OX1 1JD Gravita Audit OxfoTd LLP is eligible for appointment as auditor ol Ihe Charity by virtue of its eligibility for appointmenl as audltor of a company under section 1212 of the Companies Act 2006. 11 WEIDENFELD-HOFFMANN TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 JULY 2025 Current financial period Unrestricted Unrestricted Restricted Endowment funds funds funds funds general designated 2025 2025 Totsl Total 2025 2025 2025 Z024 Note5 Income from: Donations and legacies Investments 1.906 3,631 517.690 519,596 3,683 521,813 31,519 52 Total income and endowments 5,537 517,690 52 523.279 553,332 Expenditure on: Charitable activities Other expendrture 10,457 768.514 778,971 715.826 240 11 Total expenditure 10,457 768.514 778,971 716,066 Nei gainslllosses) on investments 12 4,489 4,489 560 Net incomel{expenditurel (4,9201 1250,8241 4,541 1251,203) {162,1741 Net incomellexpenditurel (4,920} (250,8241 4,541 {251,203) (162,174> Transfers be*￿een funds 4,191 14.191) Net movement in funds {4,9201 {246,633) 350 1251,2031 {162,174) Reconciliation of funds". Fund balances at 1 July 2024 1,866.524 31.004 465,700 109,385 2,472,613 2,634,787 Fund balances at 31 July 2025 1,861,604 31.004 219.067 109,735 2,221,410 2,472,613 The statement of finanrial activitles includes all gain5 and losses recognised in the period. All Income and expenditure derive from continuing activities. 12- WEIDENFELD-HOFFMANN TRUST STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE PERIOD ENDED 31 JULY 2025 Prior financial year Unrestricted Unrestricted funds funds general designated 2024 2024 Reslricted Endowment funds funds Total 2024 2024 2024 Notes Income from: Donations and legacie5 Inveslmenls 1,871 4,137 469,942 50.000 27.382 521,813 31,519 Totsl income and endowments 6,008 469,942 77,382 553.332 Expenditure on: Charitable activities other expenditure 32,061 240 27,311 656,454 715,826 240 11 Total expenditure 32.301 27,311 656,454 716,066 Nel gainsl(lossesl on investments 12 560 560 Net incomel(expenditurel (26,293) (27.3111 {186,512) 77.942 1162,1741 Transfers between funds 1.682,208 {1 ,682,208} Net movement in funds 1,655,915 {27,3111 1186.5121 {1,604,266) (162,174) Reconciliation of funds: Fund balances al 1 July 2023 210,609 58,315 652,212 1,713.651 2,634.787 Fund balance$ at 30 June 2024 1,866.524 31,004 465,700 109,385 2,472.613 13- WEIDENFELD-HOFFMANN TRUST BALANCE SHEET ASAT 31 JULY2025 2025 2024 Notes Fixed assets Intangible assets Tangible assets Investments 14 15 16 4,075 1,769,386 96,153 5,681 1,725,054 95,855 1,869.614 1,826,590 Currènt asset$ Debtors Investments Cash at bank 8nd in hand 17 18 3,404 5,000 387,232 203,246 5,000 641.149 395,636 849,395 Creditors: amounts falling due withln one year 19 143,8401 (203.372) Net current assets 351.796 646,023 Tolal assots less Current liabilities 2,221,410 2,472,813 The funds of the Charity Endowment fund5 Restricted income fund5 Unrestricted funds - general Unrestricted funds - designated 21 22 23 24 109,735 219.067 1,861.604 31.004 109,385 465,700 1.866,524 31,004 2,221,410 2,472,613 The financial slalemenls were approved by the trustees on ... A Hoffmann Trttsteo 14 WEIDENFELD-HOFFMANN TRUST STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 JULY 2025 2025 2024 Notes Cash flows from operating activities Cash absorbed by operations 28 (176,4151 1112.7311 Investing activlties Purchase of tangible fixed assets Proceeds from disposal of investments Investment income received {85,376} 4,191 3,683 {1,737,6651 31,520 Net cash used in investing activities 177,502> (1,706,145) et cash generated from financing activities Net decrease in cash and cash equivalents {253.917) {1,818,876) Cash and cash equivalents at beginning of period 646.149 2,465,025 Cash and cash equivalents at end of period 392,232 646,149 Relating to: Cash at bank and in hand Short term deposits included in current asset investments 387,232 641,149 5,000 5,000 15- WEIDENFELD-HOFFMANN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JULY 2025 Accounting policies Charity information Weldenfeld-Hoffmann Trust is a Charitable Incorporaled Organisatlon (CIO) registered with the Charqty Commission in England and Wales. The registered public address is 70 Walton Street, Oxford, OX2 6AG. The nature of the CIO'S operations and activities are detailed in the Trustee's report. 1.1 Accountlng convention The financial slatemenls have been ptepared in accordance with the Charity's governing document, Ihe Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. I FRS 102.) and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Praclice applicable to chartlies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from Ihe Charities (Accounts and Reports) Regulallons 2008 only to the extent required lo provide a true and fair view. This departure has involved following the Stalemenl of Recommended Practice foi charities applying FRS 102 rather than the version of the Statement of Recommended PractlGe which is referred to in the Regulations, but which has since been withdrawn. The financial statements are prepared in slerling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost Convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements. the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going con￿r￿ basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use al the discretion ol the trustees in furtherance of their charitable objectives. Restricted funds are subject to speclfic conditions by donors or grantors as to how they may be used, The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be malntalned by the Charity. 1.4 Income All incomSng resources are accounled for when the charity has entttlement to the funds, certainty of receipt and the amount is measurable. Legacies are recognised on receipt or othetwise if the Charity has been notified of an impending distribution. the amount is known. and receipt is expected. If the amount is not known. the legacy is treated as a contingent asset. 18- WEIDENFELD-HOFFMANN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 JULY2025 Accounting policies (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to third party. it is probable Ihal a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activty. The costs of each activity are made up of the total of direcl costs and shared costs, including SUPPOrt costs involved in undertaking each activity. Direcl costs attributable to a single activity are allocated directly to that activity- Shared costs which contribute to more than one activity and support costs which are not attributable to a single actiwty are apportioned between those activities on a basis con51slent with the use ol resources. Central stsff costs are allocated on the basis of time spent. and depreciation charges are allocated on Ihe portion of the asset's use. 1.6 Intsngible fixed assets other than goodwill Intangible assels acquired separately from a business ale recognised at cost and are subsequently measured al cost less accumulated 3mortisation and accumulated impairmenl losses. Amortisation is recognised so as to wrrte off the cost or valuation of assets less their residual values over their useful lives on the following bases.. So￿are 20% Straighl Line 1.7 Tangible fixed assets Tangible flxed a55e15 are initially measured al cost and subsequenlly measured at cost or valuation, net of depreciatlon and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases,. Freehold land and buildings Freehold improvements Office Equipment Compuler Equipment 50 years straight line 50 year5 Straight line 25'/D Straight line 33°/t* straight line The gain or loss arising on the dlsposal of an asset is determined as the differen￿ be￿een the sale proceeds and the carrying value of the assel and is fecognised in the statement of financial activities. 1.8 Fixed asset investments Fixed asset investments are instially measured al transaction prsce excluding transaction costs and are subsequently measured at fair value at eaGh reporting date. Changes in fair value are recognised in nel Incomel'. Fees payable for the audil of the charily's financial statements Depreciation of owned tangiblè fixed assets Amortisalion of intangible assets 11,220 41,044 1,606 10,230 13,581 1.482 Trustees None of the trustees (or any persons connected with Ihem) received any remuneration or benefrts from the Charity during the period, -22- WEIDENFELD-HOFFMANN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 JULY 2025 10 Employees The average monthly number of employee5 during the period was= 2025 Number 2024 Number Management Other employees Total Employment costs 2025 2024 Wages and salaries Social security costs Other pension Gosts 181,550 12,239 7.316 207,859 18,047 7,679 201,105 233,785 The number of employee5 whose annual remuneration was more than £60.000 is as follows. 2025 Number 2024 Number £90,00110 £100,000 £100,001 to £110,000 Contributions totaling £2,196 {2024-. £2,028) were made to defined contribution pension schemes on behalf of employees whose emoluments exceed £60.000, Remuneration of key management personnel The remuneiation of key management personnel was as follow5= 2025 2024 Aggregate compensation 92.944 114,571 11 Other expendlture Unrestricted Unrestrlcted funds funds 2025 2024 Foreign exchange charges 240 -23- WEIDENFELD-HOFFMANN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 JULY2025 12 Gains and losses on investments Endowment Endowment funds funds 2025 2024 Gainslllosses) arising on.. Revaluation of investments 4,489 560 13 Taxation The chariiy is exempt from tax on income and gains falling within section 505 of the Taxes Acl 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 14 Intangible fixed assets Software Cost At 1 July 2024 and 31 July 2025 7,410 Amortisation and impairnient Al 1 Juty 2024 Amortisalion charged for the period 1,729 1,606 Al 31 July 2025 3,335 Carrying amounl At 31 July 2025 4.075 At 30 June 2024 5,681 -24- WEIDENFELD-HOFFMANN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 JULY 2025 15 Tangible fixed assets Fr•èhold larid Freehold and bulldlngs Improvements Office Equlpmènt Computer Equipment Total Cost At 1 July 2024 Additions 1,735.374 15,031 6,770 6,633 1,757,038 2,110 85,376 76,496 At 31 July 2025 1,735,374 76,496 21,801 8,743 1,842,414 Depreciation and impairment At 1 July 2024 Deprecialion charged in the period 13,015 37.479 12,336 2,160 6,633 467 31,984 41,044 938 At 31 July 2025 50,494 938 14,496 7,100 73,028 Carrying amount At 31 July 2025 1,684,880 75,5S8 7,305 1.643 1,769,386 At 30 June 2024 1,722,359 2,695 1,725,054 16 Fixed asset investments Listed investments Cost or valuation At 1 July 2024 Valuation changes Disposals 95,855 4.489 (4.191) At 31 July 2025 96.153 Carrying amount At 31 July 2025 96.153 At 30 June 2024 95,855 17 Debtors 2025 2024 Amounts falling due within one year: Other debtors Prepayments and accrued income 186,754 16,492 3,404 3,404 203,246 -25- WEIDENFELD-HOFFMANN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 JULY 2025 18 Current asset invesbnents 2025 2024 Unlisled investments 5.000 5,000 19 Credltors: amounts falling due within one year 2025 2024 Other taxation and social securty Trade creditors Other creditors Accruals and deferred income 10,469 7,179 1,462 24,730 5,004 2,984 1,209 194,175 43,840 203,372 20 Retirement benefit schemes 2025 2024 Defined contribution schemes Charge to profit or loss in respecl of defined conlribution schemes 7,316 7,879 The Chariiy operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held Separately from those of the Charity in an independently administered fund. 21 Endowment funds Endowment funds repiesenl assets which must be held permanently by the Charity. Income arising on Ihe endowment funds can be used in accordance with the objects of the Charity and is included as unrestricted income. At 1 July 2024 Incomlng resources Transfers Gain5 and losses At 31 July 2025 Permanent endowments Max Weidenfeld Travel Fund 104,385 14,191> 4,489 104,683 Expendable endowments Leadership Programme 5,000 52 5,052 109,385 52 {4,1911 4,489 109,735 -26- WEIDENFELD-HOFFMANN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 JULY 2025 21 Endowment funds (Continued Previou5 year: At 1 July 2023 In¢oming resources Transfefs Gains and losses At 30 June 2024 Pemianent endowments Max Weidenfeld Trave5 Fund 103,825 560 104,385 Expendable endowments Leadership Programme 1,609,826 77,382 (1,682,208) 5.000 1,713,651 77,382 {1,682,2081 560 109,385 The Max Weidenfeld Travel Fund Is a permanenl endowment fund which uses total return expenditure, from whlch inveslment relurns in excess of the original capital glfted can be drawn down and used to fund travel bursaries for scholars to travel for professional development. The Leadership Programme Endowment fund was sel up to raise funds for the long-term future of the Leadership Programme. 22 Restricted funds The reslricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At l July 2024 Incoming resources Resources expended Transfers Al 31 July 2025 WHT Alumni Fund Scholarships and Leadershlp Programme The Seed Fund 59,116 59,116 465.175 525 458,574 (768,514) 4,191 159,426 525 465,700 517,690 {768,5141 4.191 219,067 Previous year: Al 1 July 2023 Incoming resources Resources expended Transfers At 30 June 2024 Scholarships and Leadership Programme The Seed Fund 651,687 525 489,942 (656,454) 465,175 525 652,212 469,942 1656,4541 465,700 -27- WEIDENFELD-HOFFMANN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 JULY 2025 22 Restricted funds (Continued} The Scholarships and Leadership Programme fvnd is to fund the main programme on whlch the scholars are registered. The Seed Fund supports former scholars business journey after Oxford. The WHT Alumni Flsnd 2025 was a campaign launched in March 2025 to coincide with the retirement of long- term outgoing CEO Alexandra Henderson in summer 2025. The fund aimed to ralse funds for scholar welfare and the campaign would run until the end of the year. 23 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subjeGt lo specific condllions by donors and grantors as to how they rnay be used. These include designated fvnds which have been Set aside out of unrestrlcted funds by Ihe truslees for specific purposes. At 1 July 2024 Incoming resources Resource5 expended Transfers At31 July 2025 General funds 1,866.524 5,537 110.457) 1,861.604 Previous year. At 1 July 2023 Incomlng Resources resources expended Transfers At30 June 2024 General funds 210,609 6,008 {32,301) 1.682,208 1,866,524 24 Unrestricted funds - designated These are unrestricted funds which are material to Ihe Charity's activities. The designated fund is for the Humanitas Programme run by the Charity. The surplus as at 31 July 2025 is to be used to fund visiting professorships in future years under this Programme. At 1 July 2024 Resources expended At 31 July 2025 Humanitas programme 31,004 31,004 Previou5 year: At 1 July 2023 Resources expended At 30 June 2024 Humanilas programme 58.315 (27,3111 31,004 -28- WEIDENFELD-HOFFMANN TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE PERIOD ENDED 31 JUL Y 2025 25 Analysis of net assels between funds Unrèstricted Unrtstricted funds funds general dÈsi9nated 2025 2025 Restricted Endowment funds funds Total 2025 2025 2025 At 31 July 2025: Intangible fixed assets Tangible assets Investments Current asselsl{liabililies) 4,075 4,075 1,769,386 96,153 351,796 1.769.386 96,153 13,582 92,218 31,004 214,992 1,861,604 31,004 219,067 109,735 2,221,410 Unrestricted Unrestricted funds funds general designated 2024 2024 Restricted Endowment funds funds Total 2024 2024 2024 At 30 June 2024: Intangible fixed assets Tangible assets Investments Current assetsl(liabilities) 5,681 5,681 1,725,054 95,855 646,023 1,725,054 95,855 13,530 141,470 31,004 460,019 1,866,524 31,004 465,700 109,385 2,472,613 26 Operatlng lease colnmitments Lessee At the reporting end date the Charity had outstanding commilments for future minimum lease payments under non-cancellable operating leases. which fall due as follows-. 2025 2024 Within one year 150 Operating lease payments in the year were £900 {2024'. £nil). 29- WEIDENFELD-HOFFMANN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 JULY2025 27 Related party transactions Donations amounting to £317 (2024.. £nill were received during the period from one Iwstee, Donations of £50,000 were received during the prior financial year from Stanley and Zea Lewis Family Foundation. Michael Lewis {resigned 1 JanLfiary 2025) is one of the trustees of this UK registered charity. Expenses amounting to £880 {2024.' £nil) were reimbursed lo one trustee during the year. These related lo board meeting travel and accommodation costs. 28 Cash absorbed by operations 2025 2024 Deficit for the pefiod 1251,2031 {162,174> Adjustments for: Inveslment income recognised in statement of financial activities Fair value gains and losses on investments Amortisation and impairmenl of intangible assets Depreciation and impaiimenl of tangible fixed assets (3.683) (4,489) 1,606 41,044 {31,519) {560) 1,482 13,581 Movements in working capital: Decrease in debtors (Decrease) in creditors 199,842 {159,532) 179,460 {113,001) Cash absorbed by operations 1176.415) 1112,731) 29 Analysis of change5 in net funds The Charity had no materi21 debt dunng the year. -30-