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2024-12-31-accounts

Company number.. 09796120 Charity Nurnber.. 1164463 The Haddad Foundation Report and financial statements For the period ended 31 December 2024 SAYER ••••• VINCENT

The Haddad Foundation Contents For the period ended 31 December 2024 Reference and administrative information Trustees. annual report Independent auditor's report Statement of financial activities (incorporating an income and expenditure account) Balance Sheet Statement of cash flows ................................................................................................................ Notes to the financial statements 14

The Haddad Foundatlon Reference and admln15tradve Informatlon For the perl¢)d ended 31 December 2024 Company number 09796120 Charlty number 1164463 Reglstered offlce and operatlonal address Haddad Foundation 20 Old Bailey LONDON EC4M 7AN Country of reglstration England & Wales Country of Incorporatlon United Kingdom Trustees Trustees, who are also directors under company law. who served durlng the year and up to the date of this report were as follows- Claudio Lulz da Silva Haddad Rosalie Rahal Haddad Daniela Barone Soares Dulce Maria de Barros Marchi Packard Tania Haddad Nobre Arthur Mizne Alexandre Do Rosario Nobre Bruno de Araujo Lima Rocha Chair Bankers J P Morgan 25 Bank Street Canary Wharf London E145JP Sollcltors Wtthers LLP 20 Old Bailey London EC4M 7AN Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditor I l O Golden Lane LONDON ECIY OTG

The Haddad Foundatlon Trustees. annual reporr For the perlod ended 31 December 2024 The trustee5 present their report and the audited financial Statements for the year ended 31 December 2024. Reference and administrative information set out on page I forms part of this report. The financial statements comply with current statutory requirements. the memorandum and articles of association and the Statement of Recommended Prartice - Accounting and Reporting by Charities= SORP applicable to charities preparing their accounts in accordance with FRS 102. Objectives and activities Purposes and aims The Foundation is a charitable company limited by guarantee governed by its articles of association. It was incorporated on 25 September 2015 and registered with the Charity Commission on 18 November 2015. The Foundation's objeLts are Set out at article 3.1 of its articles of association as.. (a) the advancement of education for the benefit of the public. in particular (but without limitation to) the education of young persons and children in Brazil.. and Ib) such charitable purposes as the Trustee5 rnay in their absolute discretion determine. The Foundation acts excluslvely as a grant maker in order to fulfil its charitable objetts. The Foundation was established by Claudio and Rosalie Haddad in furtherance of their familrfs philanthropic artivities. Claudio and Rosalie Haddad are joined on the board by their daughter. Tania Haddad Nobre- Dulce Packard and Daniela Barone Soares, both of whom have experience in the English charity sector. as well as Arthur Mizne. an experlenced advisor and investor. Alexandre do Rosario Nobre, Founder and CEO of a credit recuperation company. and Bruno de Araujo Lima Rocha. an experienced former banker and partner of a reputable investment company. The Foundation supports a range of charitable causes in accordance with its adopted grant- making policy. particularly those relating to education. Grants are made to reputable organisations. often well-established and with a long-standing track record of public benefit. with a focus on higher educational institutions. Wlthout limitation. and as set out in the Foundation's charltable objects. the twstees have a particular interest in projects which benefit young person5 and childfen in Brazil. Whilst the Foundation's business is conducted in English. the trustees speak fluent Portuguese. The beneficiaries of the Foundation's grants also include Brazilian students studying abroad in institutes of excellence such as Harvard. Trinity College Dublin and the University of Chicago. The Foundation's tru5tee5 CUTTently hold an annual meeting once a year in the autumn. at which they review the Foundation's accounts and investments and Its pollcles and procedures. They also

The Haddad Foundatlon Trustees. annual report For the perlod ended 31 December 2024 formally review the progress of and decide on new grant proposals. Throughout the year they are in contact in relation to potential grants and other marters as and when they arise. In the course of such dialogue. the trustees have reviewed the aims. objectives and activities of the Foundation. They have considered what the Foundatlon has achieved and the outcomes of its work in the reporting period. including the success of each key attivity and the benefits brought to its beneficiaries. They ensure the Foundation remains focused on its stated purposes. The trustees have referred to the guidance contained In the Charity Commission's general guidance on public benefit when reviewing the Foundation's alms and objertives and in planning its future artivities. In particular. the trustee5 consider how planned activities will contribute to the aims and objectives that have been set. Achievements and performance As noted above. the Foundation furthers its charitable purposes for the public benefit particularly by making grants which focus on the advancement of education and which benefit young people or children from Brazil. Predominantly such grants are to large. reputable and long-standing educational Institutions. Its ultimate beneficiaries In those instances are the students and pupils of the grantees. The trustees hope that there will be wider benefits to their educational grants. namely to society more generally. The Foundation paid the following grants during the reporting period-. Grantee Ensina Brasil University of Chicago Insper Instituto de Ensino Nova de Lisboa Trinity College Dublin Harvard University Sou Da Paz Vetor Brasil MASP London School of Economics Total Grnnt amount (S) 350.040 632.205 2.635.200 713.115 360.432 300.040 110.040 125.040 815.080 12.705 6.053,897 In addition. the Foundation a150 committed to make the following grants (payable during 2024 or later)= Grant amovnt1S) 394.500 1 .320.421 4.266.419 University of Chicago Insper Instituto de Ensino Nova de Lisboa

The Haddad Foundation Trustees, annual report For the perfod ended 31 December 2024 HaNard University Vetor Bfasil London School of Econornics Tumo Native Scientists University of Manchester Cattus Total 1.750.000 485,505 12.548 520.295 62.435 706.661 24,275 8.943.059 Grantees are required to report back to the Foundation on the use of their grants so that the trustee5 can satisfy themselves on the success of the projects which have been funded, and that public benefit has been achieved. Throughoui the year the trustees have received updates on projects the Foundation has funded. The trustees are satisfled from the terms of its grants and the reporting received that the charitable activities supported by the Foundation have effectively achieved its purposes and objectives in the period. In future years the Foundation plans to continue to make grants in accordance with its aims. objettives and commitments described above. The trustees shall contlnue to review the results of grants already made and consider whether to support existing beneficiaries, as well as consider any new opponunltles. Investment aims and financial review The Foundation depends on its investment retUTn. plus any supplementary donations which may be received. to fund its grant making. The Foundation is intended to exist in perpetuity, and the Foundation has an investrnent policy and a risk policy which guide its approach. It has delegated the management of its investments to investment managers. The Foundation seek5 to achieve the best financial return to support its grant making activities within an acceptable level of risk. Its assets are invested widely with a view to diversification. Its investment objective 15 long-term capital growth above inflation. with moderate vitaliry. The Foundation adopts a total return to investment., whilst the Foundation can draw down therefore on capital to meet expenditure needs. this is done with the need5 of future beneficlaries in mind. If in any one year the total return is insufficient to meet the grant maklng expenditure. the aim is that the real value of the Foundation will be maintained overall. During this financlal period. the Foundation received 5376,537 12023= $581.11 O) in income on inve5trnents and made gains on investments of $7.8m (2023: $4.9m).

The Haddad Foundatlon Trustees. annual retmjrt For the perlod ended 31 December 2024 Principal risks and uncertainties The trustees have identified the following principal ri5k5 in the running of the Foundation as a grant maker- poor investment return. including currency exchange losses. mlsuse of funds by grantees., conflicts of interest.. and regulatory non-compliance. They shall review and continue to mitigate those risks and, with such mitigating measures in place. they do not currently consider that any risks identified are likely to occur with any serious impact. Risk controls include a diversified investment portfolio with the Foundation's managers.- robust grant making practices and template grant terms: and seeking professional advice and support. Reserves policy The Foundation seeks to maintain sufflcient re5eTves so that future experted funding requlrements for a number of years. along with the associated governance and support Costs. can be met. The Foundation does not hold any restricted funds and does not currently employ staff or pay rent. As at the year end the Foundation's reserrfes were $61.199.03812023= $52.657.272). Structure, governance and management As referred to above. the Foundation is a charitable company limited by guarantee governed by its articles of association. It was incorporated on 25 September 2015 and registered with the Charity Commission on 18 November 2015. The Foundation operates as a pure grant maker with grant making decisions being made collectively by the trustees. The Foundation does not employ any staff- however, it has engaged Withers LLP for company seiretarial services as well as legal advice. All trustees give their time voluntarily and receive no benefits from the Foundation. No expenses were paid during the year. Appointment of trustees New trustees can be appointed either by the Foundation's member5 (Claudio and Rosalie Haddadl or. subject to the written consent of the members, by the trustees currently in office. The board is required to consist of at least three and not more than eight persons. Trustee induction and training New trustees are required to review. cofflplete and sign a consent to art., the Charity Commission declaration of eligibility and responsibility., HMRC'S model fit and proper person declaration.. and a declaration of interests. They are introduced to the Foundation's articles of association. conflitts

The Haddad Foundatlon Tru5tee5' annual report For the period ended 31 December 2024 of Interest. grant making and investment policies. and directed to the Charity Commission website and guidance. Fundraising disclosures The Foundation does not solicit donations or seek to raise funds from the public. It has not engaged professional fundraisers or commercial participators to fundraise on its behalf. Since the Foundation was established for the philanthropy of the Haddad family it has received donations only from members of the family (or organisations related to them). As such, the Foundation has not (with reference to secrion 162A of the Charitles Act 2011).. subscribed to any scheme or standard relating to fundraising.. monitored any activities carried out on it5 behalf for the purpose of fundraising- received any complaints in relation to fundraising,. nor needed to take steps to protect vulnerable people and other members of the public from the behaviour connected to fundraising and referred to in section 162(a)(2) of the Charities Act 2011. Related parties and relationships with other organisations Claudio Haddad has unpaid roles within some of the Foundation's grantees. He is Founder and member of the Board of Insper; Chairman of the advisory council of the Brazil office of the DaNid Rockefeller Center for Latin American Studies of Harvard Univer5ity- a member of the Global Council of Harvard University-, and a member of the advisory council of the Becker-Friedman Institute of the University of Chicago. These roles have been declared to his fellow trustees, who consider that they provide useful insight into the governance and operation of the grantees concerned. They were also explalned to the Charlty Commission on applying to register the Foundation. None of the roles is remunerated. Rosalie Haddad is a member of the Board of the Trinity Centre for Literary and Cultural Translation at Trinity College Dublin. R05alie Haddad does not receive any remuneration for her role. Daniela Barone Soares is a member of Insper's Visiting Committee. a consulting body to the president of Insper. which meets once a year. Daniela Barone Soares does not receive any remuneration for her role. Tania Haddad Nobre is a President of the Board of Insper. a Member of the Social Sciences Council at the University of Chicago and a Member of the Advisory Board at MASP (Museum of Art of Sao Paulol. None of the roles is remunerated. Claudio and Rosalie Haddad are marrled to each other. and Tania Haddad Nobre is their daughter. Statement of responsibilities of the trustees The trustees (who are also directors of The Haddad Foundation for the purposes of company law) are responsible for preparing the trustees, annual report and the financial statements in

The Haddad Foundatlon Trustees. annual report For the period ended 31 December 2024 accordance wlth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prarticel. Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the State of affairs of the charitable cornpany and of the incoming resources and application of resources. including the income and expenditure. of the charitable company for that period. In preparing these financial statements. the trustees are required to- Select suitable accounting policies and then apply them consistently Observe the rnethods and principles In the Charities SORP Make judgements and estimates that are reasonable and prudent State whether applicable UK Accounting Standards and statements of recornmended practice have been followed. subjett to any material departures disclosed and explained in the financial statements Prepare the financial staternents on the going concern basis unless it is inappropriate to presume that the Foundation will continue in operation The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Att 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In 50 far as the trustees are aware= There Is no relevant audit information of which the charitable company's auditor is unaware The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information The trustees are responsible for the maintenance and integrity of the corporate and flnancial information included on the charitable companrfs website. Legislation in the United Kingdom governing the preparation and dissemination of financlal statements may differ from legislation in other jurisdittions. Members of the Foundation guarantee to contribute an amount not exceeding £ I to the assets of the Foundation in the event of winding up. The total number of such guarantee5 at 31 December 2024 was 2 (2023= 2). The trustees have no beneficial interest in the Foundation.

The Haddad Foundatlon Trus¢ees' annual report For the perlod ended 31 December 2024 Auditor Sayer Vincent LLP was re-appointed as the charitable companvs auditor during the year and ha5 expressed tts willingness to continLte in that capacity. These accounts have been prepared in accordance with the provisions applicable to companie5 subject to the small companies. regime. The trustees, annual report has been approved by the trustees on the date below and signed on their behalf by Trustee Date'.78 September 2025

Independent auditor’s report

To the members of

The Haddad Foundation

Opinion

We have audited the financial statements of The Haddad Foundation (the ‘charitable company’) for the year ended 31 December 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including 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 Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to 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 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 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 to events or conditions that, individually or collectively, may cast significant doubt on The Haddad Foundation's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

9

Independent auditor’s report

To the members of

The Haddad Foundation

Other Information

The other information comprises the information included in the trustees’ annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to 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 to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

10

Independent auditor’s report

To the members of

The Haddad Foundation

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from 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 (UK) will always detect a material misstatement when it exists. Misstatements 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 financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

11

Independent auditor’s report

To the members of

The Haddad Foundation

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Noelia Serrano (Senior statutory auditor) 22 September 2025

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

12

The Haddad Foundatlon Statement of flnandal actlvltles (incorporating an income and expenditure account) For the ended 31 December 2024 2024 Total 2023 Total Note Income from: Donations Investments i 0.000,000 376.537 i 0,000.000 581.110 Total Income 10,376.537 10.581.110 Expendlture on: Raising funds - investment management Charitable a(tivlties Public education 431.312 366.528 9.022.618 4.091,360 Total expendlture 9.453.930 4,457,888 Net Income before net galns on Investments 922.607 6.123.222 Net gains on investments io 7.799.048 4.920.689 8.721.655 11.043.911 Net Income before other recognlsed galns and losses (Losses) on forelgn exchange (179.889) (63,9611 Net rnovement In funds 8.541.766 10.979.950 Reconclllatlon of funds: Total funds brought forward Total funds carrled foThvard 52,657,272 41,677,322 61,199,038 52,657,272 All income and expenditure Fn trxjth years was unrestricted. All of the above results are derived from continulng unrestrlcred activities. There were no other recognised gains or losses other than those stated above.

The Haddad Foundatlon Balance sheet For the ar ended 31 Deomber 2024 Company no. 09796120 2024 2023 Note Flxed assets: Investments io 76.274.830 64.634.537 Current assets: Debtors 4.538 4.538 Uabllltles- Creditor5- amounts falling due within one year Ila (6.388,502) 15,914.845) Net current Ilabllltles (6.388.502) (5.910.307) Total assets less cuffent Ilabllltles 69.886.328 58.724,230 Creditors- amounts falling due after one year Ilb (8.687.290) (6.066,958) Total net assets 61.199,038 52.657.272 The funds of the charlty. Unrestricted general funds 61.199.038 52,657.272 Approved by the trustee5 on 18 september 2025 and signed on their behalf by.. dio Lulz Trustee Silv 14

The Haddad Foundatlon Statement of cash flows For the ar ended 31 December 20 Reconclllatlon of net Incoffle to net cash flow from operattng actlvltles 2024 2023 Net Income for the perfod 8.S41.766 10.979.950 (as per the statement of financlal actmtles) {Gainsl on investments Dividends, interest and rent from investments Decreaselllncrease) In debtor5 Increasel(Decrease) in creditors (7.799.048) (4.920.689) (376.537) 4.538 3.093,989 (581.110) (2.741 > (1.803.507) Net cash provlded by operatlng artl¥ltle5 3.464.708 3,671.903 Cash flows from Investlng actl¥ltles: Dividends and interests from investments Proceeds from sale of investments Movernent In cash held by investment manager Purchase of investments 376.537 28,842.216 581.110 61.957.785 7.814.096 (40.497.557) (14.993.642) 151,217.156) Net cash (used In) Investlng actmtles 13.464.708) (3.671.903) Change In cash and Gtsh equlwdlents In the perfod Cash and cash equivalents at the beginning of the period Cash and cash equt¥alents at the end of the period

The Haddad Foundatlon Plotes to the flnanckl statements For the ar ended 31 December 2024 I kcountlng polldes a) Statutory Inforn)*lon The Haddad Foundation is a charitable company Ilmlted by guarantee and is incorporated the United Kingdom. The registered office address is 20 Old Bailey. London. EC4M 7AN. b) Basls of preparatlon The financial statements have been prepared in accordance with Accounting and Reporting by Charities= Statement of Recommended Practlce applicable to charities preparing their accounts in kccordance with the Financial Reporting Standard applicable in the UK an(J Republic of Ireland (FRS 1021- (CharÉties SORP FRS 1021. The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 and the Companies Att 2006. Assets and liabilitie5 are initialty recognlsed at historical c05t or transactfon value unless otheTh¥lse stated in the relevant accounting policy or note. In applying the finanoal reporting framework. the trustees have made a number of Subjective judgements. for example in respect of significant accounting estimates. Estimates and judgement5 are continually evaluated and are based on historical experience and other factors. including expectation5 of future events that a￿ believed to be reasonable undef the circumstances. The nature of the estimation mean5 the actual outcomes could dlffer from those estimates. Any significani estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below. cl Publlc benefit entlty The charitable company meets the definition of a publlc benefit entity under FRS 102. d) Going concern The trustees consider that there are no material uncertainties about the charitable companrfs abiliry to continue a5 a go￿n9 concern. The trustees do not conslder that there are any sources of estimation uncertainty at the reporting date that have a slgnifscant risk of causing a material adjustment to the carrying amounts of assets and liabilities withln the next reporting period. e) Presentational currency and foreign exchange The presentational and funrtional currency of the charitable foundation is LJnlTrd States Dollars (USD). At the vtar end the exchange rate5 adopted were GBP I.. USD 1.56 {2023= 1.27), EUR I= USD 7.04 (2023= 1.101, JPY I.. USD 0.006 12023-. 0.007) and BRL I.. USD 0.16 {2023= 0.21). Assets and liabilities in foreign currencies are translated into USD ar the rates of exchange rulin9 at the balance sheet date. Transactions in foreign currencies are translated In USD at the rate of exchange at the time of the transaction. Exchange differences are sh(Min on the statement of flnancial activities. f) Income Income is recognised when the charity has entitlement to the funds. any perforEnance conditions attache(I to the income have been met. It Is probable Ihat the income wfill be received and that the amount can be measured reliably- 9) Interest recelvable Interest on funds held on deposit 15 included when receivable and the amount can be measured rellably by the charity,. this is normally upon notification of the interest paid or payable by the bank.

The Haddad Foundallon Notes to the financial statements For the ar ended 31 December 2024 l Accounllng ￿lIdeS (contlnued) h) Fund accountlng Unrestriaed funds are donathons and other incomlng resources received or generated for the charStable purposes. 1> Expendlture and Irrecoverable VAT Expenditure is recognised once there Is a legal or constructive obligation to make a payment to a thlrd party. ir is probable that serrlement will be required and the amount of the obligation can be measured reliabty. Expenditure is classified under the following activity headings= Costs of raising funds relate to the costs of investment management Expenditure on charitable aaivitie5 includes the costs of educational activities urtdertaken to further the purposes of the charity and their associated support costs J) Grants payable Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when elther the reclpient has a reasonable expectarion Ihai Ihey will receive a grant and the trustees have agree(I to pay the grant without condltlon. or the reciplent has a reasonable expectation that they will receive a grant and that any condition attachlng to (he grant Is ouislde of the control of the charl￿. Provisions for granrs are made when the intention to make a grant has been communicated to the recipient but there is uncertainty abwt either the timing of the grant or the amount of grant payable. k) Allocatlon of costs Resources expended are allocated to the particular activity where the cost relates directly to that actlvity. Governance costs are the costs associated with the governance arrangements of the tharity. These costs are associated with constitutional and statutory requirements and include any costs associated with the 5trategFC management of the charity's activities. Usted Investments Investments are a form of baslc flnancla] instrument and are initially recognised at thelr transacrion value and subsequently measured at thelr falr value as at the balance sheet date using rhe closing quoted market price. Any change in fair value will be recognised in the statement of financlal actlvltles and any excess of fair value over the historic cost of the investments will be shown as a falr value reSe￿e In the balance sheet. Investmellt gains and losses. whether realised or unrealised. are combined and shown In the heading "Net gainslllosse5) on investments" in the statement of financial activities. The charity does not acqulre put options, deriwative5 or other complex financial instruments. m) Cash at bank and In hand The Foundation holds no cash at bank as all short ￿rM highly liquid cash amounts are held as part of the Ilsted Investment porrfolio. All income and expenditure transactions are made vla the investment portfolio5. n) Credltors and provlslons Creditor5 and provisions are recognised where the charity has a present obligatTron resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recogni5ed at their settlement amount after allowing for any trade discounts due.

The Haddad Foundauon Note5 to the financial statements For the ar en 31 December 2024 l Accountln9 ￿ll(leS (conllnued) o) Flnandal Instruments With the exception of the Ilsted investments described above the charity only has financi￿ assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financlal Instruments are initially recognised at transaction walue and subsequently MeaSu￿d at their settlement value. 2 Incoffle from donatlons 2024 Total 2023 Total Donaiions io.000.000 i 0.000,000 i 0.000.000 i 0,000,000 All income from donations wa5 unrestricted in both periods. 3 Income from Inveslments 2024 Totsl 2023 Total Investment income 376.537 581.110 376.537 581.110 All income from investments was unrestyiaed In both perlods.

The Haddad Foundatlon Notes to the flnanclal stateTnents For the ar ended 31 December 2024 4a Anatysis of expend(ture (current year) Cost of ralslng Charitable funds activities Investment management Public educaiion Governance costs 2024 Total 2023 Total Consultancy costs Grants paid Inote 5) Audit and accountancy fees Legal fees Tax on investments Other investment costs Commission fees 24.160 8,943,059 24.160 8.943.059 23.182 32,217 27,824 24.160 3.982.635 18.110 66.455 37.723 31.090 297.715 23.182 32.217 27.824 403,488 403,488 431.312 8.967.219 55.399 9.453,930 4.457.888 Governance costs 55.399 (55.399) Total expendlture 2024 431.312 9,022.618 9,453.930 4.457.888 4b Analysls of expendlture (prlor year) Cost of raising Charitable funds activities Investment management Public education Governance costs 2023 Total Consultancy costs Grant5 paid Inote 5) Audit and accountancy fees Legal fees Tax on investments Other investment costs Commission fees 24.160 3.982.635 24.160 3.982.635 18.110 66,455 37,723 31,090 297.715 18.110 66,455 37.723 31.090 297.715 366.528 4.006.795 84.565 4.457.888 Governance costs 84.565 184.565) Total expendlture 2023 366.528 4.091.360 4.457.888 19

The Haddad Foundatlon Notes to the finandal statements Forthe r ended 31 December 2024 Sa Grant maklng (current year) Approved & ounts paid Approved & accounted for out during accounted for 2024. paid the year 2023 or earlier 2025 or later 2024 2023 Ensina BTrsil Unlversity of Chicago In5per Instihjto de Ensino Nova de Lisboa Trlnity College Dublin Ha￿ard University Sou Da Paz Vetor Brasil MASP London School of Economics Tumo Native Scieniisis University of Manchester Cacrus 350.040 632,205 2.635.200 1350.0401 1632.2051 12.635.200} 1713.115) 360.432) (300.0401 1110.0401 {125.0401 1815.0801 112.7051 1.604.082 394,500 1.320.421 4.266.419 394.500 1.320.421 4.266,419 1.741.185 360.432 300.040 110,040 125,040 815,080 12.705 1.750.000 1.750.000 106.756 122.449 408.163 485.505 485.505 12.548 520.295 62.435 106.661 12.548 520,295 62.435 106.661 6.053,897 16.053.897) 8.943,059 8.943.059 3,982.635 The abo¥e g¥ants were all paid to institutions in furtherance of public education. 5b Grant makIn91prlor￿arI Afflounts paid Approved & accounted for ¢Jut during accounted for 2023. pald the year 2022 rK earlier 2024 or later 2023 En51na Brasil University of Chicago Insper Institu¢0 de Eftslno Nova de Lisboa Trinity College Dublin Harvard University Sou Da Pa2 Vetor Brasll MASP London School of Economl(s Culwra Anlsti 500.080 382.165 2.685.160 712.174 308.137 300,040 45.540 100.040 580.080 12,502 200.040 1500.0801 1382.1651 12.685.160) 1712.1741 1308.137) 1300,0401 145.5401 (I 00.0401 1580.0801 112.S021 121XI,0401 1.604.082 1.604.082 1.741.185 1.741.185 106.756 122,449 408.163 106.756 122,449 408.163 5.825.958 15.825,9581 3.982.635 3.982.635 Net Incorne for the Pe￿0d Thls Is after charging I Icredlong).. 2024 2023 Audito¢s remuneratlon (excluding VAT)". Audit Other se￿ceS Foreign exchange losses 10.039 8.219 179,889 7.879 7,212 63.961 Artalys15 of staff costs. trustee remuneratlon and expenses. and the cost of kw rnanagement pErsonnel The charity Inistees were neither paid nor received any other benefits from empl¢)yment with the thar6ty In the perlod or prtor period. No charity trustee received payment for professional or other sekNlces supplied io the charity12023.' none). No trustee expenses were incurred in the perlod or prior period. 20

The Haddad Foundatlon Notes to the flnanclal statements For the ended 31 December 2024 Related party tran5aclion5 The charity received unre5tricred donations of S5.000.0￿ from Claudio Haddad {2023.' $5,¢KrfJ,0001, $5,000.000 frorn R05alie Haddad 12023.. $5.000.orKJi. both members of the Board. The charity made grant payTnenis to Insper Insiituto de Ensifto of 52.635.20012023.' $2.685,1601. Tania Haddad is President of the Board of Insper Inslituto de Ensino, and Claudio Haddad is a rnernber of the same Board. The year end credltor was $3.519,306 12023." $5.031,4291. The charity made grant Pa￿sents to Harwdrd Ursiversity, includiTry 9fdnts to support the BFazil mrams of the Da¥ Rockefeller Center for iatln American swdles and Harvard reglonal actlvlty Brazll of $300.04012023.. S300.0401. Claudio Haddad is chair of the advisory council of the Brazil office of the Dawd Rockefeller Center for Latin Ame¥ican Studie5 of Haraid Universlty- He Is also a member of ihe Global Council ol Harvard Universiry. The creditor at year-end wa5 51,7SO.00012023- $300.0001. The chartty made grant Pa￿entS of S632.205 I2023-. S382.0851 to the University of Chiogo. Claudio Haddad is a member of the advisory council of the Becker-Friedman Institute of the University of Chicago. Tania Haddad is a member of the ￿[31 ience5 Council at the University of Chicayo. The creditor at year end was 51.681.500 12023.. $2.182.0851. Tania Haddad. a misiee. Is a member of the ad¥isory board of MASP. Granis of £nil {2023: £408.1631 tre paid to MASP in the year. The credltor at year-end was £nll 12023..£8T 5.0801. Rosalie Haddad, a iru5tee, 15 also a b¢Jard member of the Trinity CentrE for Literary Translation at Trinity College Dublin. Grant payments of S360.432 12023= $308.137) were made to Trtnlty College Dublln In the year. The (redltor ai year end was $506,76712023". $802,500). The cha￿table company Is exempt from (￿pOra￿On tax as all Its Income ts charitable and ts applied for charitable purposes. io Usted Investments 2024 2023 Falr value at the stsrt of tho perlod Additions at cost Dlsposal proceed5 Net 9ain c*) chan9e in fair value 36.302,269 42.122.209 40.497,557 51.217,156 (28.842.216) 161,957.7851 7.799.048 4.920,689 55.756.658 20.518.172 28.332.268 36.302.269 Cash held by investment trxoker pendin9 relnvestment Falr value at the end of the year 76,274.830 64,634.537 In￿SIr￿ents comprise". 2024 2023 Fixed incom Equitie5 Altematl¥e assets Cash 12.454.846 7.110,616 39.461.318 18.667.808 3.840.494 10.523.845 20.518.172 28.332.268 76.274.830 64.634.537 21

The Haddad Foundatlon Note5 to the financlal staiements For the ended 31 December 2024 I la Credltors.. amounts falllng due wfthln one 2024 2023 Accruals Grtnts payable 58.3 6.330.158 27.931 5.886.914 6.388.502 5.914,845 I Ib Credltor5: amounts falllng due aftu one year 2024 2023 Granrs payable within I-S years 8.687.290 6.066.958 12 Le9al ststus of the tharlty The chartty is a company limited by guarantee and has no share capifdl. The liability of each member the thEnt of winding up Is limited to £1 ($1.27). 22