Company registration number= 8825712 Charity registration number: l 158970 Columbia Threadneedle Foundation (A charitable company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 December 2024
Columbia Threadneedle Foundation Contents Legal and Administrative Details Trustees, Report Independent Auditor5, Report 12to 15 Statement of Financial Activities 16to 17 Balance Sheet Statement of Cash Flows 19 Notes to the Financial Statements 20to28 Page I
Columbia Threadneedle Foundation Legal and AdmiDlStrative Details Trustees M Beard L Cook (Chairperson) S Fiori A Georgescu S Hassabu H Hebblethwaiie (resigned 7 July 2025) J Pein S Schofield T Tang (resigned 12 September 2024) Registered Office Cannon Place 78 Cannon Street London United Kingdom EC4N 6AG Company Registration Number 8825712 Charity Registration Number 158970 Bankers LIos"ds Bank PIC 25 Gresham Street London United Kingdom EC2V 7HN Independeni Auditors Pricewaterhousecoopers LLP Chartered Accounlants and Statutory Auditors 7 More London Riverside London United Kingdom SEI 2RT Page 2
Columbia Threadneedle Foundation Trustees, Report The Trustees, who are Directors for the purposes of company law, present the annual report together with the audited financial statements of the charitable company for the year ended 31 December 2024. Columbia Threadneedle Foundation ("the Foundation") is a Company Llmited by Guarantee and a registered charity governed by its Articles of Associaiion. The Foundation is a subsidiary of TAM UK Internalional Holdings Limiied, a company reglstered in England and Wales and owned by Ameriprise Financial. Inc. ("Ameriprise'), the ultimate parent company. TAM UK International Holdings Limited and all its subsidiaries are referred to herein as '"Ihe Group", The Trustees have adopted the provisions of the Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102") (effective l January 2019) ("Charities SORP (FRS 102)"): the Companies Act 2006 and Charities Act 2011 in preparing the report and rinancial statements of the Foundation. The legal and administration information on page 2 fonns part of this report. Truslees M Beard L Cook (Chairperson) S Fiori A Georgescu S Hassabu H Hebblethwaite (resigned 7 July 2025) J Perrln S Schofield T Tang (resigned 12 September 2024) Objectives, strategies and activities Objectives and aims The principal activity of the Foundation 15 to act as a corporate charity. The Foundation's objective is to further such purposes that a exclusively charitable under the laws of England and Wales, as the Trnstees may deiemline from time to time. The Foundation's strategic atm is to invest in the Community by building partnerships with charities across a range of sectors, with a focus on charilies ihat use education: training, art and sport to improve iTJdividual lives while also engendering lasting social change. The Foundation supports charities that are driving social change through their work with disadvantaged or marginalised people. Common threads (he Foundation looks for An lis programmes and charlty partners include the ability to build skills and confidence, challenge perspectives and broaden horizons. Page 3
Columbia Threadneedle Foundation Trustees, Report Objectives and aims (continued) The Trustees believe this approach not only delivers improvement to individual lives but brings long-tenn benefit by helping address critical social issues and drive fundamental social improvement. Education and training recognisin the need to improve acce55 to education and training tnore broadl),, the Foundation support5 educational progratnmes including skill-building for those seeking to get back into the workplace. Arts - a vibrant arts sector brings a wide rantse of social. cultural and economic benefits. and the Foundation supports charities that span visual and perforn)ing arts, art as iherapy and art-based education programmes for schools. Sport - sport has a unique po.er to enoage and motivate. build teamwo skills and improve emotional and physical wellbeing, particularly among young people, and the Foundation supports sports-based charities that deliver these benefits. Above all, the Foundation selects charity partners that share its values of responsibility, integrity and excellence. The Foundation applies a responsible and rigorous process to its choice of charity partners and recipients to ensure funding achieves direct, measurable outcomes and long-iemi sustainable partnerships are created. The Trustees were pleased that the Foundation's support of AT The Bus was awarded Best Partnership with a Children's Charity at the Bet(er Society Awards 2024, recognising the Foundation's approach to achieving long tem) social outcomes through successful charity partnerships. The Trustees undertake careful due dillgence on individual and regular byants, to help ensure we moximise the public benefit impact of our donations against our stated themes. This due diligence is undertaken before any grants are confirnied by Trustees and is regularly reviewed during any partnership. Our due diligence process includes a review of past financial reports held by the Charity Commission, meetings with key charity staff and ongoing grant monitoring and impact evaluation - both through a six-monthly MTitten report and through regular meetings as required. We are supported in this process by an external consultancy that works alongside the Trustees and helps provide additional expertise, challenge and perspective. In addition to financial support, the Foundation provides volunteering opportunitie5 for employees of the Group to encourage meaningful engagement with our charity partners and other charities in our communitie5. In shaping the objectives for the Foundation for the year and planning our activities. the Trustees have considered the Charity Commission's guidance on public benefit. Aehievements and performanee Throughout 2024, the Foundation continued to develop a number of successful relaiionships Th'ith our long-sLinding charity partners and also provided individual grants to charities in the local cornrnunities of the Group's offjces in the UK and Europe. During the year, the Foundation also continued with its programme of grant-making based on contributions from the CT UK Social Bond Fund. which contribute5 a share of its annual management fee to the Foundation. Page 4
Columbia Threadneedle Foundation Trustees, Report Charitable activites during 2024 Driving social change through art AT The Bus AT The Bus provides school-based programmes of art as therapy to help improve the mental wellbeing of children and young people aged 5 - 18 in Oxfordshire and London. With the mental health crisis impacting children and young people coupled with the economic challenges facing people in the UK, schools are strnggling to provide sufficient support. During the year, the charity was able to strengthen its governance: administration and fundraising capabilities due to the Foundation s funding.. laying the groundwork for long-tenn suslainable gromth. In addition, A T The Bus piloted workshops in schools in London and Oxford for young people and their families. New practical sessions were also developed to support students needing alkrnative provision and those at risk of exclusion. AT The Bus published their Beattie Method Tnanual. a creative therdpeutic intervention that supports mental wellbeing, alleviates anxiety and helps young people build their self-confidence. The charity developed an additional learning programme to increase the number of Beattie Method trainees to meet the rising demand for facilitator5 in the Beattie Methodology. AT The Bus has been a charity partner of the Foundation since 2019 and has grow) to support approximately 780 children and young people each year, working w.ith I I schools, including three new schools in 2024. The National Gallery- Take One Picture The Foundation has partnered with the National Gallery in London Since 2018 to support the Gallery's 'Take One Picture, leaming programme and exhibition. Take One Picture is the National Gallery's countryTrvide scheme for primary schools which uses one painting from the Gallery'5 collection to inspire cr05s-curricular work in primary classrooms. The programme aims to put art at the centre of children 5 learnin inspirinu a lifelong connection with art15ts, museums and gallerie5. Each year the Gallery chooses one painting from the collection to inspire primary classrooms countrywide. The challenge is for school children io use the image imatsinaiively. both as a stimulus for artwork, and bringing in the wider curriculum. A display of work pr(Klu¢ed by schoolchildren based on the painting is then displayed at the National Gallery in a dedicated exhibition. In consultation with Children. Ihe selected work for the 2024 exhibition was Surprisedl (1891) by Henri Rousseau. one of ihe Gallery, s top 20 mosi popular and visited paintings, as the source of inspiration. For the first time. the exhibiiion was displayed outside the walls of the Gallery on Trafalgar Square. The 2024 programme has continued to grow, with 690 teachers from 380 sChIS attending CPD training sessions, this is an increase of 500/0 and 27 % on the previous year respectively. The programme has been successful in broadening the leaming of schoolchildren by connecting art with other subjects across the cutTiculum, such as history and geography, making art more accessible to children and young people who have never visited an art gallery before. Page 5
Columbia Threadneedle Foundation Trustees, Report Sivindon Music Trust (SMT) Sw'indon Music Trust received a grant to provide music therapy to help children overcome trauma, assist children with special educational needs, support children from low-income families or where children are in care. Reach Inclusive Arts Reach Inclusive Arts is one of the few charities dedicated to providing creative outlets for adults and young people aged 11-18 in Special Educational Needs (SEN) sch(M)Is An Wiltshire: with learning and physical dlsabillties, mental health issues, sensory impainnenls. and social anxiety. The chariry has been instrumental in transfomling lives through the power of the arts and provides a safe space to take pan in perforniance and visual arts including actiiig, drama, painting, and drawing. During 2024 the Foundation provided a byant to Reach Inclusive Arts to help fund its work. Facilitating the inclusive power of sport for lasting social ehange Access Sport Access Sport aims to pui inclusion at the heart of communlry sport across the UK, so that everyone: regardless of ability or background can take par( in spon and physical actlvilv. This is execuied through their own programmes as well as through working in cross-sector partnership with others at local, regional and national level. Access Sport is the Foundation's longest charity parlnership, beginning in 201 J. The benefits that Access Sport focuses on are physical and mental health and well-being- personal development including life skills and prospects; sense of belonging and community, engagement. Over the years, their work with community sports clubs and sports organisations has consistently delivered these benefits to participants, volunteers as well as wider communities. In 2024, the Foundation continued its support of Access Sport's Growth Strategy, enabling the charity to reach even more disabled and disadvantaged children and young people. The Foundation's funding 5UPPOrted the expansion of Access Sport's Changing Places (multi-sport) and Changing Sports (basketball) programme5 in London. A notable achievement was the completion of a new. basketball court in Burgess Park. London. Through the Foundation's funding nearly 850 people benefitted from their basketball or multj-SPOrt programme5, including nine community clubs. 118 coaches were upskilled and a further 18 engaged in community activity. ALAPAR A LA PAR, a local charity in Madrid that helps people with learning disabilities, was provided an annual grant for its inclusive sports club, where the Foundation's funding supported activities at the charity's Mountain Bike school. Youth Adventure Trusl Youth Adventure Trust in Swindon received a grdnt to support its work using outdoor adventure activities to help young people, aged 11-16 to fulfil their potential, build resilience and lead posiiive lives in the future. Page 6
Columbia Threadneedle Foundation Trustees, Report Ravelrig Riding for the Disabled (Ravelrig RDA) The Foundation provided a grant to Ravelrig RDA as a local charity to the Group's Edinburgh office. Ravelrig RDA has provided equine experiences for people with phvsical, learning and sensory disabilities, as well as autism and multi-disabilities for more than 37 years. The physical Iherdpy delivered by Ravelrig RDA'S activities help improve fitness, muscle strength, balance and coordinaiion, benefiting core strength and mobility. Ravelrig has 12 qualified volunteer RDA coaches, who alongside a team of 120 volunteers deliver fun, progressive sessions in riding challenging the 72 rider panicipants within Ihe limits of their capabilities in a welcoming manner. Building skills and providing training to change lives Bounce Back Bounce Back drives social mobility with the firni belief ihat turning around lives and reducing re-offending can be accomplished by equipping individuals who are in prison. leaving prison or at risk of reoffending wlth the skills and assurance to be 'work-ready'.in order to re-engage with their communities and gain employment. Funding from the Foundation supported a Community Trainer at their hub in Kennington, London: providing participants from disadvantaged backgrounds with a safe, welcoming space to learn and grow. The hub offers a range of courses, including essential soft skills. such as employability, financial security and mental health and wellbeing alongside practical training in a built environment. Given the Foundation's focus on smaller charities. and in response to organisational changes at Bounce Back, the partnership was not renewed beyond 2024. Clean Break Women's offending is frequently underpinned by a range of complex and gendeT-5pecific need5. Clean Break delivers hi quality theatre programmes in prisons and communities across the UK and has an excellent track record of working with women to address the long-term issue5 affecting those with lived experience of the criminal .h theatre-based activities and holistic support. justice system throuu The Foundation has supported Clean Break since 2018 and the 2024 grant continued to support Clean Break's Members Programme. Based in their trauma-informed. women-only Siudios in Kentish Tow) in London, the Members Programme creates a space for 'Ornen io enhance their wellbeing, develop new skills and find their voices, helping them play a more iniegrated role in socieiy. In 2024, alongside the Members Programme, Clean Break successfully delivered the folloiving activities: The Trials and Passions of Unfamous Women. a new production opened at Brixton House in London, providing an opportunity for six Member Artists (o participate in a professional and Anternaiional production. The biennial three-day Members Festival: Beyond, enabled Members to gain fwst-hand experience producing a community arts festival. Nine Member Artists completed their Member Facilitaior Training, equipping them with skills to cany out arts training. The inaugural Big Night Out, variety show and charity fundraiser. Page 7
Columbia Threadneedle Foundation Trustees, Report Working Chance Working Chance is the UK'S only employnent charity for women with convictions. An additional grant was provided in 2024 to extend a 2023 grant io fund a piloi projeci supporting around 40 women with personalised, in-depth advice and guidance to help increase ihe opportunities available to H".omen wiih convictions. This supports them to undertake further or higher educaiion. vocational trnining. functional skills or other accredited qualificationsltraining. This new type of supwrt enables clients to bridge gaps between where they currently are and where they need to be to gain employment and build a life where they can thrive. The Foundation's funding has helped Working Chance raise further income to support for this programme over a multi-year time period. Other grants During 2024, the Foundation provided a grant to Swiss charity. Pro Juventute. The charity is dedicated to supporting the rights and needs of Swiss children and youth from disadvantaged backgrounds. They provide mental health support to young people includin& advice about how to manage the challenges of the media and digital world. The Foundation also provided a grant to the Swindon Scrap5tore which provide5 new and used item5, such a5 art5 and crafts tnaterials: at affordable prices, benefittiTJg over 50,000 people in S,1ndon. The 2024 grant provided Christmas presents for children from low-income local familie5 who would have otherwise gone without presents. Volunteering During 2024 more than 200 emplo)'ees volunteered with chariiies throuoh both in-person and virtual opportunities including job coaching (Business in the Community), reading in schools (Chapier One), food redistribution and reducing environmental impact. Financial review The statement of financial activities for the year is Set out on pages 16 and 17. The net movement in funds for the year was income of £80,626 (2023.. expendilure of £24,626). As at ihe balance sheei dale (page 18) the value of the total charity funds including the unrestricted income funds of the Foundaiion was £86,511 (2023: £5,885). Reserves policy The Foundation is not required to maintain any level of reserves. The Trustees aim to maintain a minimum level of unrestricted reserve5 a5 the Foundation's focus 15 to distribute the majority of donation5 received within the same financial year: provided Threadneedle Asset Management Holdin(vs Limited (the "Member"} continue5 to meet the other costs. Going eoncern All other costs of the Foundation are met by the Member. The Foundation is dependent upon donations in order to have sulficient funds to meet its charitable objectives. Without these donations the Foundation will continue as a going concern provided the Member continues to meet its other costs. There are no fixed costs and grants are agreed at the full discretion of the Trustees. The Trustees have a reasonable expectation that these aTrangements will continue for the foreseeable fUre, thus they adopt the going concern basis of accounting in preparing the annual financial statement5. Page 8
Columbia Threadneedle Foundation Trustees, Report Plans for future years The Foundation plans to continue its curreni siraiegy of investing in the communiti, throu(Jh long-tern) partnerships with selected UK chariiies, and a limiied number of grants provided io charities local to the Group's offices in the UK and Europe. The Foundation will coniinue to focus on increasing ihe number of emplo>'ees of the Group participating in volunteering activities, by growing the variety of volunteering probyammes on offer. Strategic report The Foundation has taken advanthge of the exemption available to companies that would otherwise be subject to the small companies regime bui for being in an ineligible group detailed in section 414B of Part 15 of the Companies Act 2006. Therefore, no Strategic Report has been prepared. Structurey governanee and management The Foundation is a charitable company limited by guarantee that was incorporated on 24 December 2013 and was registered as a charity on 24 October 2014 with the Charity Commission, the independent regulator of charities in England and Wales. The Foundation was established under a Memorandum of Association which estsblished the objectives and powers of the charitable company and is governed under its Articles of Association. In the event of the Foundation being wound up the Member is required to contribute an amount not exceeding £1. Truslees The names of the Trustees of the Foundation are lisied on page 2. The Trustees all held office throughout the year unless otherwise shown. They are appoinled for a tenn of three years, which is renewable. Induction ap7d training of Truslees The Trustees have a wide range of skills and experience. The Trustees receive training on appointment to their position and receive periodic updaies and guidance on their role as Trustees in an ongoing manner. Organisational struclure Subject to the Articles. the Trustees are responsible for the management of the Foundation's business, for which purpose they may exercise all the pO.erS of the Foundation. At the quarterly Trustees, meetings, the Trustees agree the straiegy and areas of activity for the Foundation, including conslderation of grant making, investment, reserves and risk management policies and perforn)ance. The Trustees have been supported on these issues by drawing on the skills and expertise of specialist consultants, The Giving Department. In 2024: the day-tfrday administration of the Foundation's affairs was delegated to one of the Trustees, Laura Cook, with support from the Columbia Threadneedle Corporate Communications team. Page 9
Columbia Threadneedle Foundation Trustees, Report Risk map7agemep71 The Trustees have reviewed the major risks to which the Foundation is exposed. Where appropriate systems or procedures have been established lo mitigate the risks the Foundation faces. These risks include financial loss, delay or non-delivery of Foundation objec(ives and repulalional risk. Reputational risk is considered to be the most significant and has been mitigated via the due diligence undertak'en prior 10 establishing relationships and at regular points. at least every six months, within the context of the long-ienn relaiionships. Operational risks are minimised by the implementation of procedures for authorisation of all transactions and projects. These procedures are periodically reviewed to ensure that they continue to meet the needs of the Foundation. Statement of Trustees, responsibilities The Trustees (who are also Directors of Columbia Threadneedle Foundation for the purposes of company law) are responsible for preparing the Trustees, Report and the financial statements in accordance Th'ith applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial sthtements for each financial year. Under that law the Trustees have prepared the financial staiements in accordance with United Kingdom Accounting Standards, comprising FRS 102 "The Financial Reporting SLdard applicable in the UK and Republic of Ireland" and applicable law {United Kingdom Generally Accepted Accounting Practice). Under company law the Trustees must not approve the financial statements unless they are saiisfied that they give a true and fair view of the state of the affalrs of the charitable company and the group and of the incoming resources and application of resources, including the income and expendi(ure, of the charitable group for that period. In preparing these financial statements, the Trustees are required (o: select suitable accounting policies and apply them consistently; observe the methods and principles in the Statement of Recommended Practice= Accounting and Reporting by Charities (2019). make judgements and estimates that are reasonable and prudent; state 'hether applicable UK Accounting Standards. comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements: and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in busine55. The Trustees are responsible for keeplng adequate accounting records that are sufficient to show and explain the charitable company's transactions and dlsclose with reasonable accuracy at any time the financial position of the charitable company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity, of the corporate and financial inforniation included on the charitable companv's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The Trustees confinn that they have complied with their duty under the Charities Act 201 I to have due regard to the public benefit guidance published by the Charity Commission in deterniining the activities undertaken by the Charity. Page 10
Columbia Threadneedle Foundation Trustees, Report Disclosure of information to independent auditors In accordance with Section 418 of the Companies Act ?006. the Trustees reports shall include a statement, in the case of each Trustee in office at the date the Trus*es report is approved, that: as far as each of them is aware. there is no infonnation relevant to the audit of the Foundation's financial statements for the year ended 31 December 2024 of M'hich the audiiors are unaware; and the trustee ha5 taken all steps that heishe ought to have tak-en in his:'her duty as a trustee in order to make him/herself aware of any relevant audit inforniation and to establish that the Foundation 5 auditors are aware of that inforniation. Trustees, qualifying third party indemnity provisions As pennitted by the Articles of Association: the Trustees have the benefit of an indemnity which is a qualifying third-party indemnity provision in favour of one or more of its Trustees or any other officer of the Foundation in accordance with, and subject to the conditions in: Section 189 of the Charities Act 2011. The indemnity was in force throughout the year and is currently in force. Reappointmet of independenl audilors In accordance with Section 485 olthe Companies Act 2006, it is proposed that Pricewaterhousecoopers LLP will be reappointed a5 independent auditors olthe Company. The annual report was approved by the Board of Trustees on 9 September 2025 and signed on its behalf by.. L Cook Chairperson Page I
Columbia Threadneedle Foundation Independent auditors, Report to the members of Columbia Tbreadneedle Foundation Report on the audit of the financial statements Opinion In our opinion, Columbia Threadneedle Foundation's financial statements (the'fjnancial statements",).. give a true and fair view ol the state of the charttable compan!"5 affairs a5 at 31 DeceTnber 2024 and of its incoming resources and application of resources, includinu its incorne and expenditure, and cash floM-.s, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, including FRS 102 "'The Financial Reporting Standard applicable in the UK and Republic of Ireland:, and applicable la.); and have been prepared in accordance with the requirements of the Companies Act 2006. We have audited the financial statements, included within the Annual Report and Financial Statements (the "Annual Report"), which comprise: the balance sheet as at 31 December 2024: Ihe staiement of financial activities (incorporating an income and expenditure account)- the cash flow staiement for the year then ended. and the notes to the financial statements, which include a description of the significant accounting policies. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK} ("ISAs (UK)") and applicable law. Our responsibililies under ISAS (UK) are further described in ihe Audiiors, responsibilities for the audit of the financial statements section of our report. We believe ihat the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We remained independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC"s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance '1th these requirements. Conclusions relating to going concern Based on the work we have perfomed. we have not identified any material uncertainties relating to events or conditions that, individuall), or collectivelv, may cast significani doubt on the charitable company's ability to continue as a going concern for a period of ai least Im'elve months from the dale on ..hiCh the financial statements are authorised for issue. In auditing the financial statements, we have concluded thal the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. However. because not all future events or condiiions can be predicted, this conclusion is not a guarantee as to the charitable company's ability to continue as a going concern. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Page 12
Columbia Threadneedle Foundation Independent auditors, Report to the members of Columbia Tbreadneedle Foundation Reporting on other information The other inforn]ation comprises all of the information in the Annual Report other than the financial statements and our auditors, report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other inforniation and. accordinglv. we do not express an audit opinion or, except to the extent othenvise explicitly stated in this report. any fonn of assurance thereon. In connection with our audit of the financial statements. our responsibility is to read the other inforniation and, in doing so, consider whether the other inforniation 15 materialls, inconsistent with the financial statements or our knowledge obtained in the audiL or otherw'ise appears to be materially Tnisstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedure5 to conclude whether there 15 a material misstatement of the financial statetnents or a material mi55tatement of the other inforniation. 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 ihat fact. We have nothing to report based on ihese responsibilities. With respect to the Trustees, Report, we also considered whether the disclosures required by the UK Companies Act 2006 and Charities Act 201 I have been included. Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below. Truslees, Report In our opinion, based on the work undertak-en in the course of the audii the infonnation given in the Trustees, Report for the period ended 31 December 2024 is consisteni with the fmancial statements and has been prepared in accordance with applicable legal requirements. In light of the knoM,ledge and understanding of the charitable company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Trustees, Report. Responsibilities for the finaneial statements and the audit Responsibililies ofthe Trustees.for ¢hefinancial slalemenls As explained more fully in the Trustees, Responsibilities Statement, the trustees (who are a150 the directors of the charitable company for the purpose5 olcompany lam.) are responsible lor the preparation of the financial 5tatement5 in accordance with the applicable framework and for beinu satisfied that they give a true and fair view. The trustees are also responsible for such inlemal control as they deierniine is necessary io enable the preparation of financial statements that are free from material missthtemeni. whether due to fraud or error. In preparing the financial statements, the trusiees are responsible for assessing the charitable company's ability to continue as a going concem, disclosing as applicable. matters related io going concern and using the going concern basis of accounting unless the trusiees eiiher intend to liquidate the charlb]e company or to cease operations, or have no realistic altemative but to do so. Page 13
Columbia Threadneedle Foundation Independent auditors, Report to the members of Columbia Tbreadneedle Foundation Audilors, responsibili¢iesfor the audil ofihefinancial slalemenls Our objectives are to obtain reasonable assurance about whether the financial statements as a Th'hole are free from material Misstatement, w'hether due to fraud or error: and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misslaternents can arise from fraud or error and are considered material if: individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these fmancial statements. Irregularities, including fraud, are instances ol non-compliance with lam'5 and regulations. We design procedures in line with our responsibilities: outlined above, to detect material misstatements IT] respect of irregularities, including fraud. The extent to which our procedures are capable of detecting iegUlar1ties, including fraud, is detailed below. Based on our understanding of the charitable company and its industry/environmenL we identified that the principal risks of non-compliance with la.$ and gUlationS related to the Companies Act 2006 and Charities Act 2011, and we considered the extent to which non-compliance mighi have a material effeci on the financial statements. We also considered those lam's and regulaiions that have a direct impaci on ihe financial statements such as Companies Act 2006 and Chariiies Act 201 l. We evaluated managemeni's inceniives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and detennined that the principal risks were related to the posting of inappropriate journals. Audit procedures perfonned by the engagement team included: Discussions with the Trustees and with managemenl (Finance, Internal AudiL Legal, Risk and Compliance), including consideration of their process for identifying and responding to the risk of fraud, and any known or suspected instances of fraud or non-compliance 'ith lam's and regulaiions. Readlng key correspondence in relaiion to compliance with la'S and regulations. Reviewing relevant meeting minutes including those of the Trustees. Validating the appropriateness of journal entries identified based on our fraud risk criteria- and Designing audit procedures to incorporate unpredictability around the nature. timing or extent of our testing. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also: the risk of not detecting a material mi5Statement due to fraud is higher than the risk of not detecting one resulting frotn error. as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations. or throuu .h collusion. A further description of our responsibilitie5 for the audit of the financial 5tatement5 15 located on the FRC'S website at.. w.W.[rC.Org.uk/audIt0rsreSpOnSlbI1it1e$. This description forn)s part of our auditors, report. Use of this report This repor¢ including the opinions, has been prepared for and only for the company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act ?006 and for no other purpose. We do not, in giving these opinion5, accept or assume responsibility for any other purpose or to any other person to whom thi5 report IS shown or into whose hands it may come save where expressly agreed by our prior consent in MTiting. Page 14
Columbia Threadneedle Foundation Independent auditors, Report to the members of Columbia Tbreadneedle Foundation Other required reporting Companies Act 2006 exception reporting Under the Companies Act 2006 we are required to report to you if, in our opinion: we have not obtained all the inforn]ation and explanation5 we require for our audit- or adequate accounting record5 have not been kept or returns adequate for OUT audit have not been received from branches not visited by us; or certain disclosures of trnstees, remuneration specified by law are not made; or the financial statements are not in agreement with the accounting records and returns. We have no exceptions to report arising from this responsibility. Entitlement to exemptions Under the Companies Act 2006 we are required to report to you if, in our opinion, the trustees were not entitled to.. take advantage of the small companies exemption from preparing a Strdtegic Report. We have no exceptioiis to report arising from this responsibility. James Mee (Senior Statutory Auditor) for and on behalf of Pricewaterhousecoopers LLP Chartered Accountants and Statutory Auditors London 9 September 2025 Page 15
Columbia Threadneedle Foundation Statement of Financial Activities for the Year Ended 31 December 2024 Unrestrieted funds 2024 Restrieted funds 2024 Unrestrieted Restricted funds funds 2023 2023 Total 2024 Total 2023 Note Income and Endowments from: Donalioi)s and legacies 348,484 348,484 454,805 454,805 Total income 348,484 348,484 454,805 454,805 Expenditure on: Charitable activities (256,613) (256,013) (458.650) (458.650) Governance costs (10,808) (10,808) (20,400) (20,400) Other expenditure (437 437 (381) 381) Total expenditure 267,8$8 267,8$8 (479,431) 479,431) Net incomel(expenditure) 80,626 80,626 24,626) 24,626) Net moveinent in funds for the year Reconciliation of funds 80,020 80,020 (24,626) (24,626) Total funds brought forward 5,885 5,885 30,511 30,511 Total fund5 carried forward 5,885 5,885 The notes on pagJes 20 to 28 form an integJral part of these financial statements. PagJe 16
Columbia Threadneedle Foundation Statement of Financial Activities for the Year Ended 31 December 2024 There are no material differences between the net movement in tund5 for the financial year stated above and their historical cost equivalents. The movements in reserves are set out in note 9. All results are derived from continuing operations. The Foundation has no recognised gains or losses in the year other than the net movement in funds. The notes on page5 20 to 28 form an integral part of these financial statements. Page 17
Columbia Threadneedle Foundation Balance Sheet as at 31 December 2024 2024 2023 Note Currenl ass¢ls Cash at bank and in hand 86,511 5,885 Funds of the eharity: Unrestricted funds Unrestricted funds 86,511 5,885 Total charity funds 5,885 The financial statements on pages 16 to 28 were approved by the Board of Trustees on 9 September 2025 and signed on its behalf by= L Cook Chairperson The notes on page5 20 to 28 form an integral part of these financial statements. Page 18
Columbia Threadneedle Foundation Statement of Cash Flows for the Year Ended 31 December 2024 2024 2023 Cash flows from operating activities Net cash incomel(expenditure) 80,626 (24,626) Net cash generated from/{u5ed in) operating activities 80,626 (24,626) Net increase/(decrease) in cash and cash equivalents 80,626 (24,626) Cash and cash equivalents at l January 5,885 30,511 Cash and cash equivalents at 31 December 86,511 5,885 The notes on page5 20 to 28 form an integral part of these financial statements. Page 19
Columbia Threadneedle Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 l Accounting policies The principal accounting policies, which have been applied con515tently throughout the year are set out below. Basis of preparation The financial statements have been prepared on a going concern basis, under the historical cost convention, and in accordance with Accounting and Reporting by Charitie5- Statement of Recotnvnended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019) ("Charities SORP (FRS 102)"), the Financial Reporting Standard applicable in the UK and Republic ol Ireland {"FRS 10?") and the Companies Act 2006. The Foundation 15 a public benefit entity. Ineome All income is included in the statement of financial activities when the charity has entitlement to the funds, any performance conditions attached to the itetn(5) of income have been meL it is probable that the income will be received and the amount can be measured reliably. Unrestricted funds are available to Spend on activitie5 that further any of the purposes of the Foundation. Restricted funds are donation5 ..hICh the donor has specified are to be solely used for particular areas of ihe Foundaiion's w'ork or for specific projects being undertaken by the Foundation. The following policies are applied to particular categories of income: Other income received by way of grant, donations and gifts is included in full in the statement of financial activities when receivable. Donated services Donated services and facilities a included at the value to the charity where this can be measured reliably. Donated services that are consumed immediately musi be recognised as income. 'Ith an equivalent amount recognised as an expense under the appropriaie heading in the statemeni of financial activities (SOFA). IT) accordance with the Charities SORP (FRS 102) (he value of services provided by volunteers has not been recognlsed in these financial statements. Expenditure and irrecoverable VAT Expenditure is recognised on an accrual basis when incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure lo which it relates. Grants payable are payments made to third parties in the funherdnce of the charitable objectives of the Foundation. Single or multi-year grants are accounted for 'hen the recipient has a reasonable expectaiion that they will receive a grant and the Trustees have agreed lo pay the grant without condition, or the recipieni has a reasonable expectation that they will receive a grant and any condition atlaching to the grant is outside the control of the Foundation. Other costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to strategic management of the charity. Page 20
Columbia Threadneedle Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 l Accounting policies {continued) Taxation The charitable company is exempt for corporation tax on its charitable activities. The Foundation has no trading activities which would be subjeci to corporation thx. The Foundation is a regisiered charitv, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherdnce of the chariry's primary objectives, if these profits and surpluses are applied solely for charitable purposes. Financial inslruments The Foundation only has financial assets of a kind thal qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Cash at bank and in hand Cash amounts represent cash in hand and on-demand deposits. Cash equivalents are short-term highly liquid investments with an original maturity of 90 days or less from the date of acquisition. Cash at bank earns interest at floating rates based on daily bank deposit rates. The carrying amount of the cash and cash equivalents approxitnates to their fair value. All cash is held with reputable institutions rated A or better investment grade. Creditors and provisions Creditors and provision5 are recognised where the charity ha5 a present obligation Te5ulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obljuation can be measured or estimated reliabl).. Creditors and provisions are nornially recogni5ed at their settlement amount after allowing for any irade discounts due. Funds and reserves General unrestricted funds of £86,511 (?0?3'. £5,885) in both years comprise accumulated surplus and deficits on general funds. They are available for use at the discretion of the Trustees furtherance of the Foundation's general charitable objective5. The Foundation is not required to maintain any level of reserves. The Trustees aim to maintain a minimum level of unrestricted reserves as the Foundation aims to distribule the majority of donations received within a 12 month period, provided Threadneedle Asset Management Holdings Limited (the "Member") continues to meet the other costs. Page21
Columbia Threadneedle Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 2 Donations and legacies Unrestricted Restricted funds funds 2024 2024 Unrestrieted Restricted funds rund5 2023 2023 Total 2024 Total 2023 Donations- Donations from group undertakings Bank interest Donation of services audit fee 335,434 2,242 335,434 2242 432.750 1,655 432,750 1,655 10,808 10,808 20,400 20,400 348,484 348,484 454,805 454,805 3 Emplo)'ees, Trustees and key managemenl personnel Employees The average monthly number of persons (including Truslees), considered to be directly employed by the Foundation on a full-time basis during the year was nil (20?3= nil). The costs associated with the administration of the Foundation that are perfonned by employees of fellow subsidiaries of the Group are not recharged to the Foundation. Trusle¢s' remuneration Trustees were not paid or received any other benefits from employment w'ith the Foundation in the year (2023.. £iiil), neither were they reimbursed expenses during the year (2023: £nil). No trustee received pa>'ment for professional or other services supplied to the Foundation (2023: £nil}. No trustee received or paid any donations to the Foundation (2023:£nil). Key management personnel There are no (2023.. no) key management as there are no (2023: no) staff. 4 Auditors, remuneration The audit fee for the year under review was £10,808 (2023: £20.400). Fees payable to the auditors for non-audit services during the year under review were £nil (2023: £nil). Page 22
Columbia Threadneedle Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 5 Charitable activities Unrestricted Restricted funds funds 2024 2024 Unrestrieted Restricted runds runds 2023 2023 Total 2024 Total 2023 Education, Skills and Training Inclusion and well-being Mental health CT UK Social Bond Fund grants Volunteering Other donations Employee matching 69,500 69,500 124,250 124,250 100,273 43,000 100,273 43,000 106,395 39,000 106,395 39,000 21,000 22,590 250 21,000 22,590 250 180,000 7,505 1,000 500 180.000 7,505 1,000 500 256,613 256,613 458.650 458,650 2024 2023 Education, Skills and Training The National Gallery Bounce Back Youth Adventure Trust The Centre for Financial Capability (formerly Kickstart Money) Business in the Cotnmunity SEO London 46,000 17,500 6,000 46,000 35,000 6,000 20,000 9,750 7,500 Total Education, Skills and Training 69,500 124.250 Page 23
Columbia Threadneedle Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 5 Charitable activities {continued) 2024 2023 Inclusion and Well-being Access Sport Clean Break Ravelrig Riding for the Disabled ALaPar Pro Juventute Sw'indon Children's Scrapsiore Oiher institutions Fair By Design Threshold Housing Link 42,000 35,000 10,000 7,324 4,446 I,)0 503 42,000 52,500 8,855 250 2,040 750 Total Inclusion and Well-being 100,273 106,J95 2024 2023 Mental Health AT The Bus Swindon Music Trust Reach Inclusive Arts 35,000 4,000 4,000 26,000 9,000 4,000 Total Mental Health 43,000 39,000 2024 2023 CT UK Soeial Bond Fund grants Working Chance Action for Race Equality Centre for Aging Better 21,000 60,000 60,000 60,000 Total Soeial Bond Fund 21,000 180,000 Page 24
Columbia Threadneedle Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 5 Charitable activities {continued) 2024 2023 Volunteering Business in the Community Chapter One Mudchute Fann Spitalfields City Fam) The Conservation Volunteers Hackney City Fam) Hands On London Oiher institutions 10,200 6,650 2,800 1,500 1,440 750 5,500 825 430 Total Volunteering 7,505 2024 2023 Other donations Young Minds Brain Tumour Charity 250 1,000 Total other donations 250 1,000 2024 2023 Employee Matching Other institutions 500 Total Employee Matching 500 Material grants given during the reporting period are broken down by recipient in the above table. All grants described as "Other institutions" are individually immaterial. No sUPPOrt costs were incurred throuJ making these grants. Page 25
Columbia Threadneedle Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 5 Charitable activities {continued) Unrestricted Restrieted funds funds 2024 2024 Unrestricted Restricted funds funds 2023 2023 Total 2024 Total 2023 Long term partnerships One-off project Local area grants Employee matching 196,500 22,840 37273 196,500 22,840 37,273 209.000 220.295 28,855 500 209,000 220,295 28,855 500 256,613 256,613 458.650 458,650 £256:613 {2023= £458,650) of the above expenditure was attributable to unrestricted funds and £nil (2023= £nil} to restricted funds. 6 Governanee costs Unreslricled funds 2024 Unrestricted funds 2023 Total 2024 Total 2023 Note Audit fees Audit of the financial statements 10,808 10,808 20,400 20,400 10,808 10,808 20,400 20,400 The audit fee is paid by the Member {2023: paid by the Member) and therefore as a non-cash item excluded from the statement of cash flows. Other costs are donated and paid from unrestricted funds for both the current and prior years. 7 Other expenditure Unrestricted runds 2024 Unrestricted funds 2023 Tot21 2024 Total 2023 Other expenditure 437 437 381 381 437 437 381 381 Other expenditure is paid from unrestricted funds for both the current and prior year5. 8 Limiled by guarantee The Company is limited by guarantee and does not have any share capital. The liability for the Member in the event of winding up 15 limited to an amount not exceeding £ l. Page 26
Columbia Threadneedle Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 9 Funds Governanee eosts and other expenditure Balanee at 31 December 2024 Balanee al I January 2024 Donations and legacies Charitable activities Unrestricted funds General 5,885 348,484 (256,613) (11,245) 86,511 Donations and legacies in 2024 includes bank interest of £2,242. GoN'¢rnance costs and other expenditure Balance at 31 Deeember 2023 Balance at I January 2023 Donations and legacies Charitable activities Unrestricted funds General 30,511 454,805 (458,650) (20,781) 5,885 Donations and legacies in 2023 includes bank interest of £1,655. 10 Ultimate parent Company The Foundation's immediate parent is Threadneedle Asset Management Holding5 Limited (registration number- 3554212}.. incorporated in England and Wales. The Principal activity of Threadneedle Asset Management Holdings Limited is that of a holding company for investments in subsidiary entities and other fixed asset investments. The ultimate parent is Ameriprise Financial. In¢. (registration number: 2018118), incorporated in Delaware, United States of America. The principal activity of Ameriprise Financial. Inc. is that of a holding company of companies involved in financial services. Threadneedle Asset Management Holdings Limiied and Ameriprise Financial, Inc. can exercise control over the Foundation through the power (o appoint or remove ihe Trustees. The most senior parent entity producing publicly available financial stalenients is Ameriprise Financial: Inc. These financial statements are available upon request from Ihe Corporate Secretary, Ameriprise Financial, Inc., 1098 Ameriprise Financial Center, Minneapolis. Minnesota, USA. 55474 or by visiting the Ameriprise website at NThTrv.ameriprise.com. Page 27
Columbia Threadneedle Foundation Notes to the Financial Statements for the Year Ended 31 December 2024 1 l Related party transactions During the year under review the Foundation received donations from fellow subsidiaries of Ameriprise= 2024 2023 Threadneedle Asset Management Holdings Limited Columbia Threadneedle (Services) Limited 278,105 68,137 453.150 346,242 453,150 The balance outstanding with related parties as at 31 December 2024 was £nil (2023: £nil). Page 28