THE EUREKA CHARITABLE TRUST
Registered Charity No: 1163448
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 June 2025

The Eureka Charitable Trust
Trustees Report for the year ended 30 June 2025
The Trustees present their report along with the financial statements of the Trust for the year to 30 June 2025.
The Trust is a CIO (Charitable Incorporated Organisalionl and is registered with the Charity Commission for
England and Wales with registered charity number 1163448.
Trustees
C. Musgrave
D. Ford
E. C. Appleford
M. Edlin
l. Calabresi
A. Latham
(Retired 1 March 20261
(Appointed 1 September 20251
The Trustees, as shown above, were appointed by the Trust Deed, and subsequent Trustees can be
appointed by them. All the Trustees receive regular updates on the charity sector.
Principal Office George House
131 Sloane Street
London, SW1X gAT
Bankers
Na￿est Bank PIC
City of London Office
1 Princes Street
London EC3P 3AR
Auditors
Moore Kingston Smith LLP
Chartered Accountants
Floor 6
9 Appold Street
London EC2A 2AP
Solicitors
Bales Wells
10 Queen Street Place
London
EC4R 18E
Objects. Activities and Public Benefit
The objects of the Trust are exclusively for charitable purposes for the benefit of the public in any part of the
world as the Trustees May in their absolute discretion think fil.
The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due
regard lo the Charity Commission's general guidance on public benefiL
Achlevements, Performance and Flnanclal Revlew
The Trust donated £2,636,543 12024.. £2,567,521) lo various other charities around the worfd as detsiled in
note 3 to the accounts. The focus of donationslgranls during the year has been to support charities furthering
children's education and wellbeing.
During the year the "MW TOPS Wildlife Conservation Projecy, continued ils support of UK-based charities that
seek to conserve or restore habitats and ecosystems, both marine and land-based. The mandate has
supported projects Including CPRE'S Hedgerow Heroes, WildFish's Smart Rivers programme and Planllife's
Road Verge Management Project.
All awards and donations have been made in keeping with the Trust guidelines and objects'ves of the CIO
Constitution.
Page.. 1

The Eureka Charitable Trust
Trustees Report for the year ended 30 June 2025
(Continued)
Grant Policy
The Trustees give careful consideration to each potential grant before a decision is taken lo support a
charitable organisalion. The Trustees consider recommendations received from charity Committees in New
York, London and Asia. Each Committee comprises of volunteers from Marshall Wace, the main donor lo the
Trust. The process includes review of the profile of the charity and the potential impact resulting from
donation. The Committees actively seek regular reports and updates on progress from the charities which are
approved for grants and donations by the Trust. The grants are given at arm's length, for use in on-going
charitable activities of an organisalion.
Investments Policy
The investment objective is to al least maintain the real value of the Charity's assets and generate a real
return on assets before they are disbursed on gmnts and charitable activities. A key risk to the long term
financial sustainability of the Charity is inflation, and the assets should be invested lo mitigate this risk over the
long term. The Trustees are able lo tolerate volatility of the capital value held by the Charity, as long as the
Charity is able lo meet Ils short term grant making commitments through either income or liquid capital
assets.
Reserves Policy
The Trustees ensure the Trust holds sufficient working capital for the ongoing grant commitments. Reserves
have been built up lo fund future grant activities. The current capitsl value of the investments currenuy stands
at £15,822,301 12024.. £12,724,229). Unreslricled funds (those expendable at the discretion of the Trustees)
urrenlly show a surplus of £13,796,512 12024.. £10.918,7021. There were £3,161,037 12024.. £2,985,681)
restricted funds carried forward al the year end. The Trustees review this policy on an annual basis.
Risk Management
The major risks lo which the Trust is exposed, as identified by the Trustees, have been reviewed and the
Trustees are satisfied that the processes are in place lo mitigate those risks.
There is a risk we will not attract sufficient philanthropic capitsl to continue lo meet the Trust's commitments.
Mib"galion.' The Trust conlinualty assesses its level of reserves before committing to grants payable to ensure
the Trust always has sufficient reserves to continue operations.
There is a risk that the investments will not yield sufficient retums to fund the Trusfs commitments.
Mib'galion.. The Trustees review the investments made by the Trust regularly and would take appropriate steps
in the event there were insufficient returns on the Trust's investment portfolio.
Key management and remuneration policy
The Trustees are not remunerated and the Trust has no employees.
Appointment of new Trustoes
New Trustees may be appointed by the Trustees, lo fill a vacancy or as an additional Trustee. The Trust shall
select appropriate Trustees and provide them with an induction to acquaint them with the governance and
policies of the Trust as well as what is expected of them in their new role. Additional training andlor
informab'on wll be provided to the Trustees on an ongoing basis.
Future Plans
The Trustees plan to pursue a policy of continuity over the coming ￿e1ve months, with no major operational
changes forecast for the coming year.
Page.. 2

The Eureka Charitable Trust
Trustees Report for the year ended 30 June 2025
(Continued)
statement of Trustees. Responsibilities
The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with
applicable law and regulations.
Charity law requires the Trustees to prepare financial stslements for each financial year in accordance with
United Kingdom Generally Accepted Accounting Practice Iuniled Kingdom Accounting Standards and
applicable lawl. The financial statements are required by law to give a true and fair view of the slate of affairs
of the Trust and of the income and expenditure of the Trust for that period. In preparing these fi'nancial
statements, the Trustees are required to..
select suitable accounting policies and then apply them consistentty.,
observe the methods and principles in the Charities SORP.,
make judgments and eslimales that are reasonable and prudent.,
stste whether applicable UK Accounting Standards have been followed, subject to any material
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
Trust will eontinue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at
any lime the financial position of the Trust and enable them to ensure that the financial statements comply
with the Charities Act 2011. They are also responsible for safeguarding the assets of the Trust and hence for
taking reasonable steps for the prevention and detection of fraud and other irregularities.
Audit Infomiation
So far as each of the Trustees at the lime the Trustees, report is approved is aware..
there is no relevant information of which the auditors are unaware,. and
they have taken all relevant steps they ought to have taken to make themselves aware of any relevant
audit information and to establish that the auditors are aware of that information.
Auditors
Moore Kingston Smith LLP continued lo be the auditors during the period.
On behalf of the Truslees".-
Trustee
Dale." 30104r2026
Page.. 3

Independent Auditors Report to the Trustees of
The Eureka Charitable Trust
Oplnlon
We have audited the financial statements of The Eureka Charitable Trust for the year ended 30 June 2025
which comprise the Statement of Financial Aclivilies, the Balance Sheet, the Cash Flow Statement and notes to
the financial statements, including a summary of significant accounting policies. The financial reporting
framework that has been applied In their preparation is applicable law and United Kingdom Accounting
standards, including FRS 102 'The Financial Reporting Standard Applicable in the UK and Ireland, {Uniled
Kingdom Generally Accepted Accounting Praclicel.
In our opinion the fi'nancial statements..
give a true and fair view of the slate of the charity's affairs as al 30 June 2025, and of its incoming
resources and applieation of resources, for the year then ended",
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practi￿., and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing IUKI IISASIUKII and applicable
law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the
audit of financial ststemenls section of our report. We are independent of the charity in accordance with the
ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S
Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate lo 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 concem basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating lo events or
conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a
going concem for a period of at least twelve months from when the financial statements are aulhorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the
relevant sections of this report.
Other information
The other Information comprises the information included in the annual report, other than the financial
slalements and our auditor's report Ihereon. The Trustees are responsible for the other information. Our opinion
on the financial ststemenls does not cover the other information and, except lo the extent otherwise explicitly
staled in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is lo read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial statements or our
knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material
inconsistencies or apparent material misslatemenls, we are required to determine whether there is a material
misstatement in the financial statements or a material misstatement of the other information. If, based on the
work we have performed, we conclude that there is a material misstatement of this other information, we are
required lo report that fact.
We have nothing lo report in this regard.
Page.. 4

Independent Auditors Report to the Trustees of
The Eureka Charitable Trust
Matters on which we are required to report by exception
We have nothing lo report in respect of the following matters where the Charities Act 2011 requires us to
report lo you if, in our opinion..
the information given in the Trustees, Annual Report is inconsistent in any material respect with the
financial statements., or
the charity has not kept adequate accounting records., or
the fi'nancial statements are not in agreement with the accounting records and returns,. or
we have not received all the information and explanations we required for our audit.
Responsibilities of Trustees
As explained more fully in the Trustees, responsibilities ststemenl sel out on page 3, the Trustees are
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair
view, and for such internal control as the Trustees determine is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial stslements, the Trustees are responsible for assessing the charity's ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
oncern basis of accounting unless the Trustees either intend lo liquidate the charity or lo cease operations,
or have no realistic alternative bul to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and reFX)rt in accordance
with regulations made under section 154 of that Act.
Our objectives are lo obtain reasonable assurance about whether the financial slalements as a whole are free
fmm material misstatement, whether 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 that an audit conducted in
accordance with ISAS IUKI will always detect a material misststemenl when it exists. Misstatements can arise
from fraud or error and are considered material if, Individually or in aggregate, they could reasonably be
expected lo influence the economic decisions of users taken on the basis of these financial ststements.
As part of an audit in accordan￿ wth ISAS IUKI we exercise professional judgement and maintain
professional scepticism throughout the audit. We also..
Identify and assess the risks of material misstatement of the financial statements, whether due lo
fraud or error, design and perform audit procedures responsive lo those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misslatemenl resulting from fraud is higher than for one resulting from error, as
fraud May involve collusion, forgery, intentional omissions, misrepresentations, or the override of
Internal control.
Obtsin an understsnding of internal control relevant lo the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the
effectiveness of the charity's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Trustees.
Conclude on the appropriateness of the Trustees, use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the charity's ability lo continue as a going concern. If
we conclude that a material uncertainty exists. we are required lo draw allenlion in our auditor's
report to the related disclosures in the financial statements or, if such disclosures are inadequate, lo
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor's report. However, future events or conditions may cause the charity lo cease lo continue as
a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events
in a manner that achieves fair presentation.
Page.. 5

Independent Auditors Report to the Trustees of
The Eureka Charitable Trust
Auditor's responsibilities for the audit of the financial statements (continued)
We communicate with those charged with governance regarding, among other matters, the planned scope and
liming of the audit and significant audit findings, including any significant deficiencies in Internal control that we
identify during our audit.
Explanation as to what extent the audit was considered capable of detecting irregularities, including
fraud
Irregularities, including fraud, are instances of non-complian￿ with laws and regulations. We design procedures
in line with our responsibilities, outlined above, to delecl material misslatemenls in respect of irregularities,
including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is
detailed below.
The objectives of our audit in respect of fraud, are,. lo identify and assess the risks of material misstatement of
the financial statements due to fraud," to obtain sufficient appropriate audit evidenee regarding the assessed
risks of material misstatement due lo fraud. through designing and Implementing appropriate responses to those
assessed risks,. and to respond appropriately lo instances of fraud or suspected fraud idenlilied during the audit.
However, the primary responsibility for the prevention and detection of fraud rests with both management and
those charged with governance of the charity.
Our approach was as follows..
We obtained an understanding of the legal and regulatory requirements applicable lo the charity and
considered that the most significant are the Charities Act 2011, the Charities SORP, and UK financial
reporting standards as issued by the Financial Reporting Council.
We obtained an understanding of how the charity complies with these requirements by discussions with
management and those charged with governance.
We assessed the risk of material misslalement of the financial slatemenls, including the risk of material
misstatement due lo fraud and how it might occur, by holding discussions with management and those
charged with governance.
We inquired of management and those charged with govemance as to any known instsnces of non-
ompliance or suspected non-compliance with laws and regulations.
Based on this understsnding, we designed specific appropriate audit prO￿dureS to identify instances of non-
compliance with laws and regulations. This included making enquiries of management and those charged with
governance and obtaining additional corroborative evidence as required.
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 delecling a material misslalement due lo fraud is higher
than the risk of not deleeting one resulting from error, as fraud may involve deliberate concealment by, for
example, forgery or intentional misrepresentations, or through collusion.
Use of our report
This report is made solely lo the charity's Trustees, as a body, in accordance with Chapter 3 of Part 8 of the
Charities Act 2011. Our audit work has been undertaken so that we might stste lo the charity's Trustees those
matters we are required lo state to them in an auditor's report and for no other purpose. To the fullest exlenl
permitted by law, we do not ac¢epl or assume responsibility lo any party other than the charity and charity's
Trustees as a body, for our audit work, for this report, or for the opinion we have formed.
IA,',?sb (Lf
Moore Kingston Smith LLP
Chartered Accountants and
Statutory Auditors
Floor 6
9 Appold Street
London
EC2A 2AP
Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.
Page.. 6

The Eureka Charitable Trust
Statement of Financial Activities
For the year ended 30 June 2025
Year ended
Restricted UnrgStri¢tod 30 Jung
funds
funds
2025
Year ended
30Jung
2024
Note
Income from:
Donations..
Donations received
3,317,675 3,317,675
767,706
Investment income
Sundry income
Total
8,346
11,710
8,346
11,710
9,831
10,602
3,337,731 3,337,731
788,139
Expenditure on:
Charitable Activities..
Grants and donations payable
in furtherance of objects
Governance cost
1974,3151 11,662,228) 12,636,5431
115,6851
115,6851
12,567.5211
112,5731
Total expenditure before gains and losses
1974,31 Sl 11,677,913) 12,652,2281
12,580,094)
Gainsl Ilossesl on investments
Gainsl Ilossesl on foreign exchange
1,149,671
1,248,401 2,398,072
130,4091
130,4091
2,377,877
6,588
Net income
175,356
2,877,810 3,053,166
592,510
Transfers between funds
Net movement in funds
10
175,356
2,877,810 3,053,166
592,510
Total funds brought forward
2,985,681
10,918,702 13,904,383
13,311,873
Total funds carried forward
3,161,037
13,796,512 16,S57.549
13,904,383
All gains and losses arising in the period are included in the Statement of Financial Activities and arise from
continuing operations.
The notes on pages 10 10 15 form part of the financial slalemenls.
Page.. 7

## **The Eureka Charitable Trust Balance Sheet at 30th June 2025** 

|||**2025**|**2024**|
|---|---|---|---|
||**Note**|**£**|**£**|
|**Fixed Assets**||||
|Investments|7|15,822,301|12,724,229|
|**Current Assets**||||
|Debtors|8|2,513,250|2,513,250|
|Cash at bank||530,887|676,680|
|||3,044,137|3,189,930|
|**Creditors: Amounts falling due**||||
|**within one year**||||
|Creditors|9|(426,889)|(765,246)|
|**Net Current Assets**||2,617,248|2,424,684|
|**Total Assets less Current Liabilities**||18,439,549|15,148,913|
|**Creditors: Amounts falling due afer**||||
|**more than one year**||||
|Grants payable||(1,482,000)|(1,244,530)|
|**Total Net Assets**||16,957,549|13,904,383|
|**Funds**||||
|Restricted funds|10|3,161,037|2,985,681|
|Unrestricted Funds|10|13,796,512|10,918,702|
|**Total charity funds**||16,957,549|13,904,383|



The notes on pages 10 to 15 form part of the financial statements. 

The accounts were approved by the board and authorised for issue on 30 April 2026 . and signed on its behalf by 


**Trustee** 

Page: 8 



The Eureka Charitable Trust
Statement of Cash Flows for the year ended 30 June 2025
Note
2025
2024
Net cash used in operating activities
Net cash generated by I (used inl 0￿ratIng activities
534,152
11,906,934)
Cash flows from Investlng actlvltles:
Investment income
20,056
20,433
Cash flows from financing activities:
Cost of purchasing fixed asset investments
Proceeds from sale of fixed asset Investments
12,000,000)
1,300,000
1,650,000
1700,0001
1,650,000
Change in cash and cash equivalents in the reporting period
1145,7931
1236,5011
Cash and cash equivalents at 30 June 2024
676,680
913,181
Cash and cash equivalents at 30 June 2025
530,887
676,680
Note li}
Reconciliation of net ex
enditure to net cash flow from o
eratin
activities
2025
2024
Net incomel lexpenditurel
Investment income
Investment gains
Ilncreasel l Decrease in debtors
Increase I (Decrease) in creditors
3,053,166
120,0561
12,398,072)
592,510
120,4331
12,377,877)
1100,8871
1101,1341
Net cash providedllused inl by operating acts'vities
534,152
11,906,934)
Anal
sis of cash and Cash e
uivalent¥
2025
2024
Cash at bank
530,887
676,680
Total cash and cash equivalents
530,887
676,680
Anal
sis of chan
es in net debt
At
0110712024
Cash
Flows
At
3010612025
Cash
676,680
1145,7931
530,887
Page.. g

The Eureka Charitable Trust
Notes to the Accounts
Statutory Information for the year ended 30 June 2025
1 Accounting policies
Basis of accounting
The financial statements have been prepared in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021. The Trust is a public benefit entity for the
purposes of FRS 102 and therefore the Trust also prepared its financial statements in accordance with
the Statement of Recommended Practice applicable lo charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {The
FRS 102 Charities SORPI and the Charities Act 2011.
The financial statements are prepared in pound sterling, which is the functional currency of the entity.
Monetary amounts in these financial statements are rounded to the nearest pound.
The principal accounting policies adopted in the preparation of the financial statements are set out
below.
Going Concern Basis
The Trustees have assessed whether the use of the going concern basis is appropriate and have
considered possible events or conditions that might cast significant doubt on the ability of the Trust to
continue as a going concern. The Trustees have made this assessment for a period of at least one
year from the date of approval of the financial slatemenls. In particular the Trustees have considered
the Trust's forecasts and projections and have taken account of pressures on donation and investment
income as a result of the current economic situation. After making enquiries the Trustees have
concluded that there is a reasonable expectation that the Trust has adequate resources lo continue in
operational existence for the foreseeable future. The Trust therefore continues to adopt the going
concern basis in preparing ils financial statements and there are no material uncertainties al the date
of signing.
Income
Income is credited to the Statement of Financial Activities on an accruals basis when there is
entitlement lo the funds, the receipt is probable and the amount can be measured reliably.
Expenditure
Expenditure is charged on an accruals basis. Grants payable are included in the Statement of
Financial Activities when approved by Trustees and offered lo the grantee.
Foreign currencies
Transactions denominated in foreign currencies are translated into Sterling al the exchange rate ruling
al the dale of the Iransaclions. Assets and liabilities in foreign currencies are translated into Sterling al
the rates of exchange ruling at the end of the financial period. All exchange differences are dealt with in
the Slalement of Financial Activities.
Investments
Investments are included in the accounts at market value. Realised and unrealised gains and losses
on investments are included within the funds.
Cash and Cash Equivalents
Cash and cash equivalents include cash at banks and in hand and short term deposits with a maturity
dale of three months or less.
Grants payable
Contractual arrangements are recognised as goods and serVI￿S are supplied. Other grant payments
are recognised when a constructive obligation arises.
Page. 10

The Eureka Charitable Trust
Notes to the Accounts
For the year ended 30 June 2025
Accounting policies Icontinuedl
Fund accountlng
The unrestricted fund consists of those funds which the Trust may use in furtherance of Ils charitable
objectives al the discretion of the Trustees.
The restricted funds can only be used for a particular restricted purpose within the objects of the
charity. Reslriclions arise when specified by the donor or when funds are raised for particular reslricled
purposes.
Financial Instruments
The Trust has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and Section
12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial
instruments are recognised in the charity's balan￿ sheet when the charity becomes paty lo the
contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts
presented in the financial slalements, when there is a legally enforceable right lo sel off the recognised
amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability
simultaneously.
With the exceptions of prepayments and deferred Income all other debtor and creditor balances are
considered to be basic financial instruments under FRS 102.
Critical accounting estimates and areas of judgement
In the view of the Trustees in applying the accounting policies adopted, no critical accounting eslimales
and judgements were required that have a significant effect on the amounts recognised in the financial
statements nor do any estimates or assumptions made carry a significant risk of material adjustment in
the next financial year.
2 Donations receivable
2025
2024
Unrestricted donab'ons
3,317,675
767,706
3,317,675
767,706
Page. 11

The Eureka Charitable Trust
Notes to the Accounts
For the year ended 30 June 2025
3 Grants and donations payable in furtherance of objects
2025
2024
Donations- restricted
Buglife
CPRE Hedgerows
Marine Conservation
PlantLife
Wild Fish
ZSL
194,983
375,000
26,775
139,282
100,000
138,275
974,315
450,691
134,490
35,200
85,000
43,000
748,381
Donations- unrestricted
ARK
Daughters of Charity
Frontline
Pla￿2Be
Minds Matter
Tiny Tickers
Other unrestricted donations
855,000
380,511
362,538
250,000
202,376
19,445
10,000
777,783
1,662,228
623,715
1,819,140
Governance costs (see note 41
15,685
12,573
2,652,228
2,580,094
Page.. 12

The Eureka Charitable Trust
Notes to the Accounts
For the year ended 30 June 2025
4 Governance costs
2025
2024
Audit fees
Other costs
Legal and professional fees
Bank charges and other interest
14,884
431
11,500
329
171
573
12,573
370
15,685
5 Transactions with Trustees
No Trustee received any remuneration for their services as a Trustee {2024'. £nill nor any
reimbursement of expendilure12024. £nill.
6 Employees
The Trust has no employees.
7 Investments
2025
2024
Afternative Investments
Brought forward as al 1 July 2024
Additions
Disposal proceeds
Gains in the year
Market Value at 30 June 2025
12,724,229
2,000,000
11,300,000)
2,398,072
11,996,352
11,650,000)
2,377,877
15,822,301
12,724,229
Historical C05t
6,747,695
8,682,875
Significant Investment holdings based on market value al 30 June 2025 were".
Original
cost at 30
June 2025
Market Value
at 30 June
2025
Investment funds
Eureka Plus fund
Eureka fund
Market Neutral TOPS fund
1,534,563
1,047,588
4,165,544
4,769,467
1,346,404
9,706,430
6,747,695
15,822,301
8 Debtors
2025
2024
Gift aid recoverable
2,513,250
2,513,250
2,513,250
2,513,250
Page. 13

The Eureka Charitable Trust
Notes to the Accounts
For the year ended 30 June 2025
9 Creditors- Amounts falling due within one year
2025
2024
Grant creditors
Accruals and Other creditors
413,639
13,250
753,746
11,500
426,889
765,246
10 Funds
Balance at
01Jul-24
Galns I
Expenditure Ilossesl Transfers
Balance at
Jo￿Un-25
Income
Unrestrlcted funds 10,918,702 3,337,731 11,677,913) 1,217,992
13,796,512
Restricted funds
MW TOPS Wildlife
Conservation
Project
2,985,681
1974,3151 1,149,671
3,161,037
13,904.383 3.337,731 12,652,228) 2,367.663
16,957.549
Year ended 30 June 2024
Balance at
01Jul-23
Gains I
Balance at
Expenditure (losses) Transfers 3O￿un-24
Income
Unrestricted funds
9,999,823
788,139 11,831,713) 1,962,453
10,918,702
Restricted funds
MW TOPS Wildlife
Conservation
Project
3,312,050
1748,3811
422,012
2,985,681
13,311.873
788,139 12.580,0941 2,384.465
13,904.383
Purpose of restricted funds
MW TOPS Wildlife Conserv8tion Project
This fund is used lo support UK-based charities that seek lo conseNe or restore habitats and
ecosystems, both marine and land-based.
Page. 14

The Eureka Charitable Trust
Notes to the Accounts
For the year ended 30 June 2025
11 Related Parties
During the period the Trust made grant commitments and donations of £855,000 12024.. £nill lo ARK. C.
Musgrave is a Trustee of ARK Schools. The Trust settled commitments of £689,000 12024.. £622,000)
during the year with unpaid grant commitments to ARK of £1,482,00012024.. £1,316,000) at the year end.
During the period the Trust made donations of £10,000 to Tiny Tickers. l. Calabresi is a Trustee of Tiny
Tickers. There were no unpaid donations to Tiny Tickers al the year end12024'. nill.
During the peri(￿ the Trust made new grant commitments of £nil12024.' £250,000) to pla￿2Be, a charity
of which C. Musgrave is a member of the development board. The Trust settled commitments of £83,333
12024.. £83,334) during the year with unpaid grant commitments lo Place2Be of £83,33312024.' £166,666)
al the year end.
During the period the Trust received a donation of $400,000 12024.. $850,000) equivalent to £317,615
12024.. £667,706) from Marshall Wace North America LP. C. Musgrave, D. Ford and E. C. Appleford are
all partners of MW Group LP, the entity's ultimate parent company.
During the period the Trust received a donation of £3,000,00012024.' £nill from MW Ltd. C. Musgrave, D.
Ford and E. C. Appleford are all partners of MW Group LP, the entity's ultimate parent company.
12 Financial and Capital commitments
The Trust has no outstsnding financial or capital commitments in the current or prior year.
Page. 15