2023-12-31-accounts

The Karlsson Jativa Charitable Foundation Registered Charity No. 1168787 Report and Accounts For the year ended 31 December 2023

Reference and administrative information Trustees Manin ADders50n Jeremy Arnold Rose Marie.lativa Karlsson Erland Karlsson Annik8 Magnusson {retlTed 9 June 20?3} Address 2￿d fioor 78-79 Pall Mall London SWIY5ES Conslitution Reoisiered Charity number 1168787 (ioverned by 8 Trusi Deed dated 5 July 2016 &% amended by a Deed of Amendment dated 6 ik¢ember2016 Auditors Rawlinson & Hunter Audit LLP Eighth Floor. 6 New Streei Square New Feitcr Lane London EC4A 3AQ Solicitors Witlier5 LLV 20 Old Bailey London EC4M 7AN Bankers Loutts &. Co 440 Srrdnd London WC2R IN)S Investsnent Managers Goldinan Sachs Int¢malÈonal Plurntrec Coun 25 Shoe Lane Lonuvn EC4A 4AU

Reference and administrative information (continued) Investment Managers Icontinued) Brown Advi50ry Lifftited 18 Hanover Square Lx>ndon Wl S IJY

Contents For lh• year ended 31 Dwceffl￿r 2023 Our work. during th¢ year is reported in the following sectllXi5'. TnLs¢¢es' annual repor¢ . Pase 4 Trustees, responsibiltlies statement. Page 18 lndependentouditor'srei￿.-....................... Page 19 Finpn¢ial 5tat¢Tnents Page 23

Trustees, annual report For th• y•ar •fid￿ 31 D•e¢mbor 2023 The Trusices present (heir report and audited financial siatcments of The Karlsson Jativo Charitable Foundarion I'lhe Foundation") for the jear ended 31 December ?023. The financial statements have been prepared in ￿￿daThCe with the ￿COUntIng policies set out in note I to the financial slalements and comply with ihe FoundaEion'$ ¥overning d￿Ument. a trust deed daied 5 July 2016 as ametbded by a Deed of Amendment daied 6 December 2016 ("the TN5t Deed"). the Charities Acr 2011 and the Statemeni of Recommended Practi¢e'. Accounting and Reporting by Chariiies preparing iheir accounts in accordance with rhe Financial iieporting Siandard applicable in th¢ UK and R¢publi¢ of Ireland (FRS 102) issued in October ?019. Baekground and Objtcts The Founda¢ion was forn)¢d on 5 July ?016 by an initial settlenient from Mr Erland Karlsson Ithe"Settlor") artd was registered by the Charity Commission {ttgistered charity number 1168787) on 16 August 2016. The Foundation has the p(￿tr to advance èny PULPOSt whKh is charitable under the laws of Bngland and Wales. The Foundation is at pre5enT operaiing as a grant giving tTUSI in fuTtherance of its principal objec(s as Set out in the Trust Dee(L namely.. "the advancemtnt of the art of music and the education of ihe publi in the swne in the United Kingdom, Sweden and other ￿UntrieS across Europe. and the reli¢f of poverty, di$tress and hardship and the promotian of educatio￿ health and weltare or aThy otherexclustvely charitable objeci In L211n Am¥rlLa" Struelure, GovernaDce and Management The governing docurnent of ihe Foundation is its Trltsi Deed, which provides that the power of appointin¥ Dew Ihist¢es is v￿ted in the Founder where the Founder's powers are held by the SettloT uniil such tiine as anoth¢r p¢rson or perg0rt5 &re apw>inted PUTsuaDt to th¢ power contained in the Trust tked. Trustees are selected for the contribution to the balante of experience they bring. Any new Trustee will be given induction and training providing him or her with a summary of how the Foundation operates and copies of relevant documentation. He or she will Rlso be directed ￿ the resources available on ihe Charity Commission websire for relevani guidelines. The Trusiees who held o(rtce during ihe financial period and up to the ddte of this report were.. MartiTh Andersson Jeremy Arnolil R05¢ Marie Jativa Karlssoii Erland Karlsson Annika Magnusson (rciircd 9 Junc 202)) All the Twst¢es giv¢ their tTm¢ ftcely a￿d trustee reinuneration wa5 paid during the year. The TrusteE5 may delegate froni lil￿e to time such of their powers of management and administration to onc or more of their numb¢r or other persons as appropriatc. Thc Trustees have adopted a Grant Making Policy* detAils of which are given on pages 14 and 15. Grants are approved by the Trustees in a Trusree5 meetin8or by written resolution. The Trustees have, in actordance with the G￿nt Making Policy, dele8￿ed authority to two of their numbcr to take grant-fvnding detisions within specified lirnits between Trusteeg meetings. All grants made under th￿ dele¥ated authority are reported to and considered by the Trustees at th¢ follvwingT Trustees meeting.

Trustees, annual report (continued) Forthe year ended 31 December 2023 To assist the Truslees in considering proposals and identifying appropriate pamiers in Latin America, Ihe TrU￿CeS esrablished a Latin American Advisory Board ("LAAB") forthe Foundation. The LAAB currently consists of a number the Foundation's Trustees and external individuals who have served a5 Trust¢es of the Latin AtJ]crican Children's Trust I'LACVI, a registered ¢hariry to whieh the Foundation has previously made 8rants, but which ha5 recentl%, beeTh ivound up. The LAAB TS constityted 501ely as an advisory body to the Trustees. it has no dele(rated authority 10 take any decisions on behalf of the Trusie¢s and its rèle is lirnitcd to advice and recommendatlOll5 to the Trusiees. To assist Ihe Trustees in i(kntifyiThg appropriate panners to work with in the mus1¢ sectDT and in considerin8 prorosals, the Tnjstees established a Signatur Advisory Board (the 'SAB') for the Foundation. The SAB COllS15ts of members appointed based upon theii. expertise and expertence of charitable projects in the music sector. The SAB is solely an advi50ry body. and irs role is limited io advice and recommendations to the Tnjstees. The SAB does noi opera(e under any delega*d authority from the Trustees and 811 de¢ision$ regarding granis remain sol¢ly with the Tru5tee5. Th¢ Trustee5 have by board resolution appoinied a Finance Comrnittee consisting of members with financial 9rtd pr()fes&ional service4 backgroiind to asgi.oves in interest rateg ¢) markei Tisk-. credit- sensitivity ofinvestmeni to moves in rreili¢ spreads

Trustees, annual report (continued) Fw the year ended 310ocember 2023 d) capitsl risk= counterparty risk, default risk OT risk of toiol inyesthient farlure concentration ri5k.' ov￿eXp0sUre to particular sector or investment typc currency risk". with re5rKct to unintended cU￿encY eNw>5ures g) liqutdity risk- considered both in nomial and stressed marker circum￿anCeS In order to manLtse the risk profile of the ￿rtfOlIO and its constitueni parts, the Tr￿$1¢¢$ have developed a heat map that is rnonitorcd on an ongoing basL5. Financial markets fac£ several uncenaintie5 in particular with respeet to the path of reduction of global ifbt¢r¢si rates aThd various 50ur¢es of (peo-politicsl risks including their impaci on global supply ehain5. The Trustees anticipale an elevated level of volatility in light of ihese uncertain investmenl conditions. however. believe that the adopi¢d Inveson¢nt Polt<y ser¥¢s lo mitigale these risks. PMbll¢ Benetit The Tru5te¢5 have had dut rEgard to the ChaFily Comwni$5ion guidance pvblic benefjt when exercising any ￿werS or duties to which the guidance is relevant. Each grant is made in funherance of a charitable PUTWSè thAt 2n idèntifiable hemefit tLI the public in genernl or g ufficieni seNinn of the public. and any private benefit that may accrue ro #ny person or entii). as a Te$uli ora grant is incidental. The Twsie¢¥ will tonsider whethtr any hatm or ddrimcnl could arise from any grant, and not make the grdnt if any such hami or deiriment cwld ouiweigh ihe public benefit. Thry consider that the ddail in this reN)rt abolli the Foundation's 8rants and its purposes Sufficiently idcntifies th¢ b¢n¢fit and b¢n¢liciariES of th¢ Foundation'5 8fdnts, in 5uth a way as to denionslTate Foundalion's benefji tu ihe wider public. Objectives Th¢ Foundalion's Objects refer expressly to ja) musc in the United Kingdom. Sweden and oiher countries across Europe,. and Ib) poverty, health and education in LAtiTh America. 'The 'fruslee5 are not obliged to focus th¢irgrdnt-mwkingon these areas bui have agreedtho¢&S a matter of polkythey wish tts predorniiianlty do so at present. Sl8ii#lyr ProxrJiiiii•¥ With respeci ro Object (a) referred to in the previous paragraph, the Trustees have adopted the following m￿s￿on Sia(ement: 'rogt'thgi' ii'iih likeiiii17dedparlners we aini lo creale aluice.fGf iFHPlOi'edsocien' ii'iih ilie help of f17e unifi,ing pow'er n11￿1c. We ii'oiil 10 opep? doN's io ilje M'nrld ni1￿1¢ for eI￿ry?01?e. foL'Ii.¥i17¥ 011 oppoi'lupiilies lo Éhosg M,ho migh¢ pioi ￿her￿.15¥ h￿'tt ihe ¢lh711C'¥ IL) uclii'LlI' vii¥u¥¢ li[ (Jr li(BL' uccc.%'J io .YriperJi¢iulih' und inlolerap?c¥, biiildi17g oil ike inpiaie poieiiiial ofmiisir aiTdmy.¥icioii%hip lo VRiEe people ros& ages und Luliurets. The Foundation seeks to SUPPOn OTganisations and project%. that aim, directly or indirectly, to provide ac¢e5S to broad qualTtative music education andlor improwe the opportunities for the public to enjoy high quality music. Through this work it seek's to ereate conditions for Cultural integration ihrough music. In addition music. the Founilation ¢an also 5uppon other closels, related form5 Of peTfonning arts 5u¢h a5 dance. ballet or theatre.

Trustees, annual report (continued) For thè yoar onded 31 December 2023 In the United Kingdoyn. the Foundation prioritise5 giant maLin8 for exclusively charitable purposes to organisations diat align at their core with our Mission Statement. i.e., those that have 13kernind¢d aims embedded in their-DNA" These may be music schools. cons¢ryatOTie5, orchestras, cho￿5 QT Qther music establishments, as well a5 Other Te8iStered charities operaiing in the field with similar obj¢rt5. Orant5 whll generally notbemade to orgartisaiion5 or4ctivities thatdonot align at theiTcore with our Mission Statement. In Sw¢den, the Foundation has supponed the establi5htntht of a eharifable foundation with charitable objects which align with ih05e of the Foundation as set out further under 'Aetivitie& A¢hievemeDt5 and Future Plans, below. The Foundation identifies all the projects li 5upwrts in Ihe field of Tnusi¢, whether in the UK or Sweden, as Si(sneiur Programrne projects using the Signatur logo. The intellectual property rights in the logo are regist¢r¢d to the Foundation and licensed to Si8natur Foundation Swed¢n.' Slgnoturis the umbrello rtome fgrKICf5 workf¢Y rhe odvancementolthe ortof music LAcf Pvogrammt With respect to Object Ibl the Tru5¢e¢5 focus graTJt mak'ing to UK-retsistered chLritie5 that support work in Latin Am¢ri¢a, in particular in the countries of Lcuador. Colombia. Bolivia, Peru and Venezuela. Projecrs are 5ele¥ted on the basis that they are specitic with ell-defined budgcts, implemeniation plans and targels, and are in accordance with Ihe objectives ofthe Foundation. There is an ernphasis on proj¢ts that are ITkety to htsv¢ o lorth6-ILLStins impurE Tn tèrms ofimpfoi'in8 ¢iroun?siunG¢$ for ¢hildr•tt thnd th¢irfamiliK And include a large clement of local community involvement. Priority 15 Klvtn to proj¢¢tsrhat hav¢ the poiet)tial io sc&le their impact through advocacy or otherwise. The specific objeciives th¢ Trustees set for this financial year were to identify. evAluat¢. select and conduct follow-up of suitable projects worth} of support from the Foundation consisteM with its aims. -rhe Foundatiorh identifie5 all the projec15 il 5uppons in the field of poverty, health and education in Latin Afflttica as LACT ProgTaThm¢ proj¢ct5 using its logo.. LAcf Programme

Trustees, annual report (continued) For the yoar gnd•d 31 December 2023 A¢tivities Aehltvemeots and Future Plan5 SWLtotur Signatur Programrne UK Fifteen grants Itotslling £599,945) wtre madt in the field of Tnusic under the umbrella of the Signatur Programn)e in the Uni¢ed Kingdom during the year.. Aurora OrchestrA: Aurora's'Mu5lL for All. 15 8 transforn]aiive music education progrdrnime delivered in 5thools and through live performan¢es. Th¢ n¢xt pliase of the progrdwnTrie is ccntrrd on Aurora Or¢hestrd Learnin&1 an artS-ba5¢d learnin& progratnmt for EYFS, ks l and SEND settings, which enables children to karn through music acros5 all area5 of thc curriculum ai Sch￿1. Aurara Cl&ssroom provides flexible and inspirin8 pfdctical re50urre$ for t¢a¢hers io deliver quality. music education in the classroom. with support fornon-music specialists. To 5upplemeni the Aurora Classroom resource progrkmme and (kepen ils impact in priority areas, Aurora offers in-person activities including CPD sessions forteachers and live insirumenial pcrfonnarbce5. Award$ for Young Mustelans (A YM): In 202). Ihe FoLmdaiion agrccd to support AYM'S 'Furthering Taleni Connect, prograTnme, a Thew phase and evolution of th¢ Furthering Talent pro8ryamme. A YM work with young people in 20 regions across England offering a wide-rallging programme of individually tsilored music focused support for at Ita5t two years. This include5 ItISlTum¢rttal tuiiion. irmlividual lurning plan5. musical progression bursaries. iemily get togethers, mentoring, opportunities to participate in a young people's pro(Tramme panel. and l-l suppon in their musical journey from an AYM regional represent&tive for the programme. Dio¢ese of Westmlnster: Cariths Bakhita House is a refuge for 12 women and an ongoing support service for over 170 fornierguests who have moved on with iheir lives. Caritas Bakhita House offers music therapy as a creative, non-verbal, and trauma-ithfomied means of dealing with very difficult. complex feelings. A skilled pnd exp¢rienc£d Musli TheraDi81 fac¢liiaies weekl>i iherlpeuiic sEssion5 tn gmitsxs ind ()ne-iil- one sessions for guest5 at Carita5 Bakhit& House and a sei of five one-to￿ne sessions for women who have mov¢d on. The group is open to all. giving all guests the op￿rtUnIty io ¢ngage an music therapy. Lli'erpool FC Foyndltion: The Foundation SUPP(Mts 'Sound Minds,, a PfOgTamme th81 empowers young people to explore and improve the mental health and wellbeing of targeted groups of Yo￿n¥ people, many from dis&dvAntag¢d communiii¢s, through the ￿werful eombinaiion ofmusiG and football. The pw¥rafflme fuses menial health workshops, physiLal activity. and mu$1¢ to dev¢lop ihe p8nicipantS COPlTh8 skills and resilience and aiwns to musi¢ therapy to itnprove mood and tognitivc funelion. Mu$ic Fvnd: The Foundation has continued to support Musi¢ F￿nd - an independe music education charity with the Mayor of London as patrtsn- and iheir pannersjiip prograniin¢ iniriaiiv¢ wilh two grwit5. The charity funds partlleTship projeLls with 5cho()lts, v¢nues, music services and professional art5 or8ani5ations and aim5 to tran5fomi communiiies by bringing musi¢ ¢du¢8tion to children from low-income families and underrepresented backgrounds. The project8 cover every London borough and are delivered in PaTthership with 30 l.ondon Music Hubs. In 2023. London Music Fund continued to Slkppori aTnbitious music initiatives across diverse musical styles and genres. giving thousand5 of young Londoners. particularly those from low-income faniilies, rhe opportunity 10 learn musical instruments to the highc5t level.

Trustees, annual report (continued) For the year ended 31 December 2023 Musie Misters: The Foundation supports ihe chartty. Music Masiers and thEir natiODal music teacher training programme 'Musician5 of Change PGCEL., a year.long programme for musicians committed to transfomiing music ¢ducaison. Delivered in patlnership with Bimingham City University's IBCU) College of Education and Swial Work(a global centre of teaching and learning). panicipant5 gain an iniernalionally recognised level 7 qualification and teaching certifi¢ate'. PGCEI in Group Instrument Learning. The proJamme aims to improve tht qu&lity of music reaching to primary school ¢hildren throughout the UK and develop a national ￿e￿ork of lik'e-lninded edu¢aloYs and world-leading instTumertto1 and music edu¢ation experts. Mwic of Life= Music of Lilc"s mission is to build and strengthen Ihe life skills, well-being and confidence of children and young people wilh multiple disabiltties and complex nttés rhrough music-making. The Foundation supports Music of Life's'Choir5 in Special Needs Schools, programme whith deliver5 weekly choral training in special needs schools in Cambridge, Warwick5hire and Birniin8haTN caring foi children with complex menial, physical, leamins and et)k)tional needs, mainly from very dlsadvantatsed backgrounds. The young people involved in the sperial needs schools programme come ¢ogeiher with their peers from local marnstrearn 5choo15 to perfomi in ci)ncerts and evenis. In 8ddition. the charity offers feachertraining Scheme hnd stsff support se%sions to upskill staff in the sch(N)Is they work in toenable them io iniegraie singing rnto thtir daily classroom activitles. Ntsih's Ark Childr¢n'5 H05pice: The FoundaiiLM continued to support Noah's Ark Children's Hospi¢e in support of their music therapy PTOVlSi(th for end-of-lifc care of children and their families attd in SUp￿rt or Iheir research project studytng th¢ eff￿1 of music therapv for babies with rraumaric brain injury and their parentslguardians in collaboration with University College Hospiial London. The focus ofthe Tesear¢h from 2023 On￿ardS is to prove mor¢ definitTvely that music therapy improves ou(come for illfant$ and theif families. No&h's Ark is leadingthe ivay byproviding an 8c¢e5SLble Tneans for childrep and families to access ¢hildren's h05pice 5¢rvi¢es ihrough ihe provision of music ih¢Tapy at Bamei Hospital, UCLH Great Omiond stre￿ Hospitsl). ORA Sib)gers: The Foundation coniinued ¢0 support ORA Singer5 'YOu￿g Composers, course with Iwo grants. The YolJngCoTnpo￿erS Pm8ramme is designed to provide a comprehensive overytew of the elements SUTroundEn¥ ¢horal composition, whllm also supplying 5peclaiisT comp05jtiOT)al Knowledge io ftt51-IfaLk 5tudent$' abilities as cornposers. The programme benetits SO students. aged 11-18. from state schools acr055 the Country and is free to access. Professional composers provide l-l mentoring with workshop leaders and industy expert5 4150 SUPP)rt ihe delivery of the pro&ramme. Young ¢omposer5 a￿d appreniice composers are supponed to develop rheir skills and areas of interest as they ivrite new music ihat showc&es their Acquired $kills'. Royal Aed¢my of Mu$: The Foundation continued lo support the Roval AcademJi'$ Junior Academy Musical Tliearre Course. Foll¢)wirbg on fro1￿ Successful pilot activities in 2021r22, this new initlalive has been designed ioprovide highuality musical iheatretrainingio adiversewoup of young people. includin8 those fr￿￿ under4epresented and disadvantaged backgrounds. Royal Birmingh8m CoHservatoir¢: In 2023. the Foundation 5UPPOrttd the firstyear of Royal Bimiingham Conservatoire's LEAP progranime which aiims to irt¢rtase and improve acce￿ to socially drivert music activities for young people and familie5 from disadvantaged ba¢kground5 across B1￿inghaM and ihe West Midlands. The LEAP prooramme is delivered in partnership with a Tange of (Irg￿1]50t10ll5. rhariiies, and education institutions committed to cnsaging young people and families from diverse and disadvantaged aekgrounds aBr05S th¢ UK. The programme ha5 Ihe aTnbition io educ4ie and trnin the next geDeration of socially conscious musicians.

Trustees, annual report (continued) For th¢ y¢ar end￿ 31 Dwmber 2023 Southb%nlL Centre: The Foundation cvntinued to $uptwt th¢ Southbank Centre's youth singing progrdmme for children and young people. The pro¥rdnime is a free initiative ihat enable5 local young people aged 11-15 years to access high.quality music provision and includes a secondary school programm¢ in partnership with Lamb¢ih Music Seryice and two high quality youth choirs open to young people across London. Thc Mus5¢ Works: The FouDdatioTh coniinued io supwrt'The Drop, in Glou¢est¢r which is an open access programme giving young people aged l 0-18 yeHTS and an older group aged 18-25 yeaTS the opportunity to siarted and progress skills in a whole rdn¥e of mustc acttvities including leaming 8Th iThstrumeft¢ fomiin8 a band, 3tngin& rdppin& beat-boxing, music technolosy. Djing, wfoThing, broadca51ing. rccoTding and putting on evenls. To SUPkk)rt the young people's progression. lkne programm¢ encompasses live perforn)ance opportunities and showcases. The programme meeis the needs of local young people, catering foryoung people diverse backgrounds including many with speLial educaiional needs and disAbilitie5. For more ittformaÉion on the work of the Foundation in the field of music in the lJniied Kingdom. please visit www.%i Jnalur nr SlgmAtur Programme Sweden Three grants (totallin¥ £566,723) Ivere made in the field of music under the umbrella of the Signaiur Progrdmm¢ in Sweden during ihe year, including a L1rger￿ranI of £502,485 10 Signaiur Foundation Sweden which in Lum has &warded len ¥rdnts detailed below. In order to reach beneficiarie5 in Sweden and the Nordrc region niost cffectivety. the TTU5tees concluded this was best achieved by providing the Thnding to a Swedish charity. that in turn would be able to di5Eribute grdnts and implement Projects locally. In ApTII 2018, 'Signatur- InsamlingTS5tifte15¢ for Tnu5ikf¢amjande" (transl."Signaiur- Fundraising Foundaiion for Advancemenrof Music", hereinafter r¢f¢Tred io as"SignaiuT FouDdation Sweden") was entered inlo the founda¢ion register of the Stockholm County Administrative Board. Signatur Foundation Sweden has an independent hoard oldirectors responsible for its strdtegy and govcrnahce and the Foundatiort ha5 provided grant funding to the charity to be applied for ils operatiotbs in aTryinO Wt project5 which are exclustvety charitabk under the laws of England and Wales. SiEn&tur Foundatio# Sweden has the main public benefit wrpose of promoting. solely or eA¢lusively. a vibrant Sm'edish ttrtd Nordi¢ musi¢ lif¢ by providing a¢¢¢ys to brottd 4uolitatiY¢ niuyic cdu¢&tion and improving the opportunities for the public to enjoy high qualty Tnu5ic. In particular. it intend5 to promoie effort5 to broaden thebase forswedish and Nordic rnu5ic lif¢ and to furth¢rcreaie the corJdÈtions forcijliurdl integration throllgh music. In addition to musit, Signatur Follndation Sweden can also support olhtr closely related fonns of peTformiT)g &rtS such as dance, balbet ihEateT. The object C05t5 of Si¥natur Foundation Sweif¢n were ar()und £480,000 in 202) fundin¥ len granis (2022." around £445,000 fundin¥ Ihirt¢¢n grants)". ALMA: Signatur Foundation Sweden has 5UPPOrted the production of "Granslandet - a Symphonic Festival" since 2018 and contribuied to the 2023 fr5rival ediiion (awarded in ?022). With a strong commitmeni io tsking classical music to new places and reaching a wider audieD¢¢, pianisi David Huang at)d condu¢ior Christian Karlsen founded Granslandet- a Symphoni¥ Festivaf. at the Tradgarden venue ith Stockholm. In tollaboration with som2 Of the bc5t ￿UsiCIanS and perfomiers ol our tjtne, thry have Created unique musical ¢xperi¢n¢es for people of all ages, regardlev of background and previous musical expericncc. With culture references and contEmporary an expressions in a 5¢tsing where younger audiences feel at hoTne, they 5hoiv visitors dial Classical music 15 for everyone. Den Andra Oper8n (fjDAO')'. In ?023. Sigt)arur Fourtdation Siveden sllpportcd"UnbDXLng Female Opera" an innovatiw¢ projcct thal aims lo create a new fomiat for oFra and irs audience. Throu¥h a unique Combination ot conc¢rt5. le¢tures and audien¢e ii)eeiings* DAO inviies. surprists and illir4)du¢rJ thE io

Trustees, annual report (continued) FOT the year ended 31 December 2023 audience to an opera Rpertoirc that is rarely perfornied. Through selelled venues and partne￿, the project reache5 neiv audiences and offers expeTien¢es thai 5uii both iliose with opera experience and those with budding curkosity. The project is based on in.depth music re5e2rch and also Offers an insight into the opeT& pr0¢¢s5 through workshops and seminar5 Ineelings with musicians and lecturer5. Dream Orchestra: Signatur Foundation Swed¢n continued (o support the 'Sto￿ellIng in Dream Orchestra- musi¢al progrdmrne OT¥aniscd around th¢ sy¥nphony orchestra where children and young pcople meet and leam how to create EnU51C togeiher. The project focu$es on 14-22 year olds and involv¢s the ¢r¢ati(Trn of stories and a 5pe¢ific artistic rewtoir¢ based on traditional music from Sweden and ihe world with the guidance of specialists in traditional music. storytellin& culiurBI heritage, actins and perforniance. Drot(Nillgbolm Pal&ce Theatre.. the theatre was founded in 1766 and is a UNESCO World Heritage Sile. Signatur Foundation Sweden supported the 'Hum, hum. Hume" projeci which invited primary school children. partieulaTly from disadvllntsgeil areas lo an in-depth cultural experience with history and music in a unique period Ytting. The project offered a journey back in time to the 18th ceDttIry Wlth period costumes and insiNmenis, coupled with the universal siory (heine5 of lift. music ond the desire for &dventhre. Fryshus¢i: Signabjr Foundation Sweden conilnued Ils SYPPOrt of th¥"Empuwer Produciion" prvxramm¢ which aitns to enable more young gir15 non-biiiary people from soci(>economically di$advantaged areas to creaie and produce music and ¥ain access io a care£r Tn music production. The project is impl¢m¢nted in Srockholrn. Gothenburg and Helsingborg. Jarn4 Ftstival A¢gdemy.- During 20?- Signatyr Foundation Sweden supported ihe "Runnin8 With Be¢ihov¢n" programme which coJnbine5 culture and public health. A symtknony orchestra of Énternttiona m￿S1¢ students plays Beethoven's Fifth Sytnphony during a 5 km race for runners of all ages. The musicians perforni from the cotlcert hall and speaker5 along the neighbouring running track simultaneously broad¢¥st the music live. Lirtnaeus University.. Signatur Foundation SMeden continued its support for the "Make Musi¢ Matterlli progr8mme aimed 8t prirnary and sttondar> school studenis and which offers quality music education and development throu8h ieacher-led le$sons and disital services. The prowAmme has develaped a componeni in collaboration wirh rhe TiTTr B¢rgling Foundation ¢alled "Stories liForABetterDay" with t4 focus on music and mental well-￿ing in schi)ols. In 2023. support ivas extended towards activities atmajor events, such as Jarvavt¢kan, the Stockholm Culturdl F¢stival and fjothenbwg's 400th anniversary celebrations. Lynd C8thedr*l. The 900ih anniversary of the inauguration of the altar in Lund Cathedral in 2023 was Qelebrnttd thTou¥hout the yeaT with various events. Signatur Foundation Sw¢den p￿ticIpated in the celebrations by supporting the commissioning vf new church musi¢ under the WFject name "Jubilee Oraiorio l.und Cathedral ?023" Th¢ work was a.join¢ collaboTa¢ion between the comp05er. musician cathedral choir and congregation and both the process and the perfonnance were d0cum¢nte￿flImett for digital sharirtg. Musethita Sweden.. In 20?3. Signatur Foundation Swedet) supported the 'Musethica" programme which aims to spread hitsh-qualiw ¢las5ical music throughout soci¢ly by perfortning live chamber music concerts for mar8inalised group5 and gTOUP5 at risk of exclusion, forexample in settÉng5 such as hospitals, psychiarric institutions, pri50n& integrAtioth ¢entres, nursing homes and aciiviry centres for people with di5abiliiies. Rovol Atxdemy of Musl¢ (UTOM).. Signatur Foundation Sw¢den eontinucd to $UPPOTI the Unga TankaT om Musik {UTOM'5} music innovation progr8mme with the project "Musical role models of the fikture" where fouT newly graduated mllsician5 V151t cultural school orchestras around skane and Kronober8. 11

Trustees, annual report (continued) For the year endod 31 December 2023 Through thes¢ meelings, the young musicians hope to inspire the studenls to a fu￿￿ professional career in music. During the Autumn iour of ?0?3. a total of19 orchesiras in 12 eultural schools were involved. SceNit: Signatur Foundation Sweden supported the LEKQUIEM project in Boik>Yka where over 100 children of primary and secondary sch￿1 age took part in i dance concert set to Mozarfs Requtem. 4 professional dancers, 60 youn8 choral 5inser5 and a symphony or¢h¢siro worked ivith the children to create a pOW¢r￿1 artistic pmduction for all ages. The idea of artistldir¢cloi Charlotle ￿lSe1k¢ and conductor Chrisiian Kar15en wa5 to allow children to meet and express themselves to symphonic music. perhaps for the first time. Oyer a S week period. dancers and children came together to create one big dance concert, The focus wa% also to Itt the children's own ihoughis on life and death ￿ told to Mozan's famous Requiem from 1791. FOT mur¢ infomiaiion on the work of Signatur Foundation Sweden, please visit www'.8i&nawr.5e Ordinarily, grdnt5 for Swedish music charities are funded by Signatur Foundation Sweden. However. the Foundation made two grants dire£tly to Swedish non"profil organisation5 during the financial year: RBU Skln¢= "Adapted music 5e55ion5 children wilh disabilities" is a programme designed to provide music pr(wductions for ¢hildren with special needs. Ex'isting production5 are reworked to meet ih¢ needs of the childien and the musicians will be coaclied by a music therapist ¢0 adapttheir perfomiance. The proLes& will be docuiiienled in a training martual that can be used by producer5 and musicians ihrou8hout th¢ country. Royl Swedish Operi runs a digital progTamme entitled "The Magical House" which allows prim&r)' hool Children and their tea¢hers to discover behand the scenes at the Opera House. The programme5 are publish¢d monthly, accompanied by tsilor-madc teaching maitrials, on Opera Play. a free digital streaming service. to be shown on large s¢re¢ns in ¢lassroom& .Jl¥+ LACT Programme LACT Progrgmme In prior financial ywar4 grants in the fi¢ld of poverty. health and education in latin America were extended io ihe taiiTh American Children'5 Trust I'LACT), a ¢hJrity registered in England and Wales, whose charitable objecL$ align with onc of the foundaiion's, LACT supported chaTltable projects in the Andean region sinc¢ 2004 a￿1 had long standing relationships wilh key ¢harttable organi5ation5 opernting in the region. The l¢gal Structure of how the LACT programme isdelivered Changed on l April 2023. The Latin American Children's Trust wL$ subsequently dissolvcd, and the progTamme ¢ontinues to be delivered without change of strategic directlon by the Foundaticn (its masn funder). The TnJst¢es did not make any grdn15 to LACT during this financial ycar. However, prior ￿ dTssolution LAcf used it5 remaining fiJnd5, 5ub5tantially originating frotn fundiTrg in prioryear from the Foundation, to provid¢ t¢n grants during the financial perithl to the tollowing partners.. CAFOD: '"The Andes Programme" LACT ha5 been 5UPPOrting CAFOD'S work. to improve the lives of some of the mosi marginalised families, children and communities affetted by FKTrverty. violencc. environmenthl degradation and conflirt in th¢ And¢Bn Countries sin¢e 005. 'fh¢ cu￿r￿t phase coThtinue8 12

Trustees, annual report (continued) FOT the year ènded 31 Decembfrr 2023 io support vulnenble urban, n]rdl and indigenous communilies in Bolivi8, Colombia and P¢n], protecting the rysht5 of children. comfflunities and the environTn¢nt, sirengthenino resilience to impacts from climaEe chan￿¢ and promoiing more haTrnOlliOU$ relationships with each other and the environment. CbildrÈn Change ColDmbla'. 'Reductn8 eonflict-r¢lated sexual viol¢n¢¢ and commercial sexual exploiiation againsi children and young people in Colombia, . LACT has b¢¢n 5UPPOrting this pro8fdmrne since 2018 whtch aims to str¢ngihen the ¢apa¢ities of children and young ￿Ople to overcome the Lrauma they suffer as a result of their eKperien¢es and to help them understand how to proteci themselve5 from future violence. The programtne also work5 Wlth aduli community members and public officials to help them identity and pr¢v¢nt sexual violenc¢ and exploitsiion and io creite proiectiv¢ environments for chjldren. Chlldren Change Colombla: "Youth reintegTaiion into society- a community-based. naffative approach rowards menlal healih" LACT began supporlinu this initiative in 2022 which targds children and young people fornierly associated iyith armed groups in Colombia and provid¢s psychosocial support and life skills-building io help Ihem reit)tegrate Society and redu¢e the risk of returning to patr¢rnsof violence, drng addiction and crime. International UK: 'Strtngthenin. femtni51 IEad¢rship in the Bolivian Hi8hlands" LACT began supporting this iniliative in ?021 which aims to contribute to the social and econotni¢ empowern)¢nt of indigenous adolescent gir15 and young women living in the Bolivian Highlands. The projeci puis resources irbto the hands of youno women through sttd funding 8nd equips gir15 with feminist leadership and business qkills to leod conversations and 8enerdte $ustaiDable econornic independence. It a150 engages loeal stakeholders, poli¢yThakers and adolescent IK)ys and voung rn¢n in 501idifying progr¢ssive attitudes towards geThJer cqu81ity. Sawe th¢ Children: -SaferChildhood5 for a brighter fvtUTe in Colombia-. LACT has b¢en sup￿}rting Save the Children's protectioll work in Colombia 5inc¢ 2000. The cu￿¢￿1 pro8Tamme aims to contribute to improving ¢he protection a￿d welfgre situation of children. adolescents and their tarnilies ID ¢ommunitie5 affected by violence and amied connict in Tumaca, Colombia. It will equip children and adolescents ivith iiiipivv¢¢J k1ivwl¢ds￿e and ￿&pa￿lI1¢S Iv d¥v¢lvp p1'iV￿￿1¢IOn pr4GliGiJ towards fccTiJltm¢Dt in prrncd conflT¢t cunt¢xls and sexual violence. 11 will also enable parents. caregivers and Comm￿lty Tnetnbers to esthblish effedive mechanisms for active pr¢veniion of proieaion risk5 for ¢hildren and adolescent5. Sense Internallonal: -Improving iTb¢lusive education for children with deatblindness and multiple disabilitie5 in Peru" LACT has been supporting Sensc International's work to strenothen inclusive educatitsn in ui)derserved regions of Penj sincc 2015. The programme focu58e$ on buildillg the skills of professional$ in special education settings and pioneering this approach in mainstr¢am settings loo. Sense Iniemational Peru is an engaged partneT with the ¢ountry'5 Ministry of Edutation and regional authoritics to break. . fom of vrolence iiid pi'ibyidr licallli cciilrc.s wilh basic iiicdical Ind non-m¢di¢al 5uppIic5. 13

Trustees, annual report (continued) For the year end•d 31 December 2023 The Foundaiion made four grants {totalling £340.485) directly io the following LACT ProgTamme partners.. L￿M0$..TranSfom1lThg systems of care and protection in Colombia" This work h85 been part of the LAcr Programme since 2020 and the next phase aiins to achieve systEmic change by inlluencing public polici uNde￿ITb￿ln¥ core refom. Lumos partners with Michin fundacion to strengihen family and community" based servi¢¢s to prevent children from being placed in ins¢itutioos, and to support the safe r¢int¢gration of ¢hildren with their families. Lurnos also works with ¢lie Colornbian government throu8h the Colombian Family Welfare Instituti￿ {ICBFI to develop a strategy of family reintegTaiion and suling back resideniial Care. Plan International UK.. 'Ftromoting th¢ h¢alth and righls of yoyng people in Manabl, Ecuadoff. Plan's work to improve adol¢s¢ent s¢xual health ¢du¢ation and rights in Ecuador has been part (Trf the LACT Programme since 2016. This next phase of the progrdmme aims to reduce early and forced ma￿lage$. nwanted and unintended adole5ceni pregnancy and gender-based violence in fourteen Nral communities in the province of Manabl. The project's strategy centres aroundthc crcationof)iouih rlubs io bringtogether young women and men to learn about their sexual and reproduciive health and rights. addres5 harmful prdctices other fomis of gender-based violence, share iheir experiett¢es and mobilise w advocate for their rights. $4ve the Children.. Community develnprnent ￿nd management of WASH $ociAI %eryi¢eq in 7_ult¥ State. Venezllcla. Save the Children have been w0￿-Ing in Venezuela since 2019. The commvnity yartnership prosrammc opernte5 in five larger communities in Zulia slate and focu5se5 on improving ￿¢¢$5 to WASH (water. hygiene and 5anil8lionl srrvices, livelihood opportuniti¢s for women. children and teenageTS, and stTen8thening their skills and knoivledue in the defence and promotion of social and economic rights. The Foundation's tsrllni has unlocked a much larger fJnan¢ial coThtribution from the European Union in a match fiEnding opportunity. T¢&ch for All Neiwork.. Providing support io Ens¢fta por Colombia, Enseha Ecuador. Ensefia por Bolivia and the Teach for All global or8aRi5atlOll'5 partner support. The LACT Programme ts providing SUPPOrtto Teach for All's mission to expand educational opportunities for childr¢n in th¢ LatAm region. 'n)e core programme includes recruitirtg and supry)rhnÉ young local graduates who will spend at least two years teachinn ITh marginalised communities. In addition to local knowl¢d¥e sharin& the contribution to PLtblic ptslicy discussions helps the development of effective [c￿h1￿¥ and learning tsver the wider regi(m'$ edu¢&¢ion ¢COSySE¢m. Re5ear¢h In addition, Ihe foundaiion made one direct grant (t(ytsllin8 £99,884) to Royal Unlttd Scrvict$ Institute for Defence and Security Studie5 (fjRUSI') for a resea]rh initiative relevant to th¢ Foundaiion's Latin Amerion objedkve. Grants are made and monitored in ac¢ordaD¢e ivith th¢ Gront Making Policy and other procedurc5 adoptcd by the Trnsiees. Projects ore selected on ihe b￿lS that they are spccific with well-defined budsets. implementation plans and targets. wilh emphasis on projects that ure lik¢ly to have a lon¥-lasting impaci a￿j thai are in accordance with th¢ obj¢ctive5 of the Foundation. The Truslees may altach conditions 10 grant5 madc by them 'I'he$¢ will vary depending on the Individual circumstanccs and the rccipient. wilh the intention that thcy are sufficient in Each case to satisfy th¢ Trustce9 (hai ihe funds will be applied for the purwses for which thev were given. Onward grants rnade by Siginatur Foundaiion Sw¢den are made in accordance with its grdnt rnaking procedure$ which contain similar provisions io those of the Foundation. 14

Trustees, annual report (continued) For the year onded 31 December 2023 The Trustees will identify the PToject to be funded by the grant or identify that the grant is expendable for the grantee's general charitable purposes. They will also require acknowled8em¢nt of the grant and seek evidence from gTantee organi5alion5 thai they have in plac¢ satisfactory 5of¢8uarding policies consistent with the Foundaiion's own Safeguarding Policy. Financial Review Incomtng re50llrces of the Foundation cornprised donations, inv¢5trneni and interest income. The Foundation received Substantial ¢onrributions in th¢ foTm of expendable f ndowment in 2017, 2018 and 2023. The granis provide that the TTUSiees shall apply the in¢ome deriwed from the expendable endowment to Such purposes within its charitable objects as they may determine and may, Bt theirdiscretion, decid¢ that all or an}, part of it may bc eipended on such purposes. However, despite the fa¢t that the whole of ihe expendable endowmeni may be eNpended by the Trnsttts, li Wa5 the original donor's wish that it be inYe5ttd io produce income on a long-temi basis for chantable expendiwre for the Pltblic benefii. The Foundation's resouT¢e5 and cipibiliiies have eYolv¢d since its forniation including recTUltmeDt of a Finan¢¢ Manager. In the financial year the Foundation received a Signifi￿rti grani close io doubling its investable assets. This evolution ha5 enabled And necessitated a broader rethithk of the investment gtrategy ot.the Foundation. Following the formation of the Foundation. the Trustees appointed a single iDvestment manager to manage the expendabl¢ ¢ndowmenL Goldman Sachs International. Going forward the Trustees consider it pnjdent ¢0 engage a broler set of invc_thent managcrs and funds in order io diversify operational and marketri5ks and also to enable a m(e efficient control of inve5rmeni management expenses relai¢d to specific asset class mandates. As a first step in this process, at year-end, the Goldman Sachs mandaie was restructured into separate equiry and fiNed in¢ome manda￿S and an investtntnt mandat¢ w35 awarded (but not y¢t funded) to Brown Advisory. Funher awards of investmeni mandates aTrd commitments to investh)ent funds are anticipated during 20?4. The Trustees havc reviewed the perforni&nce of Goldrnan Saehs Intemational with respect to the mandate awarded in September 2017 and terniinated in December 2023 and noted it achieved a reiurn of 10.OD/o in 20?) v¥ LIIL axiiLd b¥-niliiiJttrk uf I l. Y3 -8.?ry6}. In¢eptiOtt tl> dot¢ th¢ ¢OTr¢spondi1I8 numbers wcre 5.P/* and 6.6D/o lannuAlised). Th¢ agreed benchmark reflert5 65•/¢ global ¢quitie5 a5 o UK investmeni grade fixed inFoTne and as such is aspirational tts li does noi measured in GBP and 350/ accouni for f¢es or costs. The asseis ￿ere, at the point of tcnnination of the mandate. inv£￿ed in global equity163D/o} and fixed inCOTne markets117 /.) as well as alternative and other invcslments (2￿/0). Total income for the year totallcd £il.435.102 {20?2.. £555,922) and total exp¢ndiiur¢ forihe year totalled £1,925.698 (2022.. £1.150,612) of which £l.765.467 {2022.. £989.008) was exp¢ndibJre on charithhle activities. The Foundation's funds increased 10 £59.718.764 as at 31 December 2023 from £29,414,607 as at 31 December 2022, which Comprises the net income b¢fore garns and losses of £29,509,40412022.' nel loss of £594,690) iog¢ther with the nei gain on inve5tmenlS of £2,291.792 (2022= net loss of £2,321,786) and ror¢ign ex¢han8e loss of £1,497,03812022= gain of £i.9321. 15

Trustees, annual report (continued) For the yoar end¢d 31 Dg¢gmbor 2023 Reseryes Policy In adopting its Reserves Policy, the Trustees have considered ihe level of unrestricted income likely to arise from the expendable endowment and their poiyer toconvert Énve5ttnent5 held in the expendabl¢ Endowment fund. if necessary, into income. They have also considered their grw)t.n)aking intentions and obligations and the imp&a on uranlee org&nisaiioDs were any fvnding obligations noi io be mei. for specific granis &xpected io materialise in the irnmcdiate future (within the next three months), thc Trustett may ch005e to dcsignate a part of the unrestricted fund5 to cover those atnounts as designated funds. They have reviewed the Foundation's operating costs and the risks to which ihe Foundation is exposed. particularly with regard to its Inve5Tment portfolio. Taking these fauors inio account. it is the Trustees, policy to retain. out of the Foundation's unrestricted incorne. £250.000 in resErvcs which 15 decrned sufficient for imrnediate outlays (other than those with respect to designated fund5. if any). As ai i l December 202i. the Foundation has unrestricted funds of £1.406,149 (202?: £718.824) and thc designated funds were £741,80012022.' £nill. Consequently, the reserves as ai 31 Decemb¢r2023 amounied to £6(A,349 {2022'. £718.824). lmVe8¢n￿nt Policy 'rhe Investment Policy Staiemeni was revised during the yeario reflect the updaied needs of the Foundation following the 202) grant which effeciively doubled the Foundation's resources. The uliimate investment objective of the Foundatloll 15 to enable il to fund charitabte piojects in the UK and elsewhere, where the real fuThdLng value 15 m3int3inEd through titn¢. Triangulating the rutr¢nt annual grdnt blidgei (£2mX size of expendable endowment (£58m) and anticipated investment income (£2ml, it t5 appr(4)riate for the Trustee5 to hayz a lortg-terni inve5trnent horizon. Thi5 allows the Tnjstccs to consider inve5tment& Such us priv&tE equity. with in excess of ten years duration. However. it 15 an ambition of the TTUSteES thatovcrtime the annual grant budgetwill increase in real term& making it prltdent forth¢ majority of the portfolÉo to be nianaged io a shorrer lime horizon of five years. The 'frutees have adtspted a l<>ng-tern portfolio return objective of inflion + (the -'Invesrmenl ObjeLtive"). measured in e4ual proportions ol. US and UK intlaiion indicators and for reporting wrposes expressed in Gfjp. The Trustees aim to achieve iheir Investment Objective by reviewin8. 5efeciing and ongoing evalvoling a range of dibcreiionary inv¢sttnent managers and inyesiment fimds in line with the deterniined &5set allocation. The %leciion is condu¢(ed ass¢t cluss by assd ¢1oss. The TTUSt¢¢s. assisted by the Finance CoTnmittee will deiennine the appropriate asset allocation from lime io lime depending on market ¢ir¢umstance$ and short. mid and long term needs with the ultimate objective of enhancing the Foundation's abilkty to fulfil its object8. Th¢ Trust¢¢s ate mindful ofthe faLt th￿ beneficiaries aTe located acr05S tnany countrie5 and the real value of grants from the Foundarion will be subjeei to turrency flurtuat14)n5. With the ultimate benefictaries expeaed to be based in Sweden, the IJK and in l.atin America and Considering the ¢osl effectiveness. liquidity c0Th5ideration5 and investment practicalities for investing its Swedish krona or various Lati American currencies. and in particular the lollg-temi horizon ot the Endowment Fund'5 investnient portfolio, rhe Trustee5 consider it iea50Dable to maintain exposure to a diveT5ifi¢d btoad global currency mix without a detsiled ambition io match currency exposure of the Current set of beneficiary programme5. Individual MaThda￿s or investmen15 aTe denominated and measured against a defined base currency (GBP. USD or EUR). The TTUStee5 monitor ihe overull currency mix on an overdll portfolio basis.

Trustees, annual report (continued) For the year endod 31 DoGember 2023 Up until Dffembw 2023 the ponfolio perforniance of Goldman Sachs International was measured against n a8retd benchmark reflecting 65010 global equiti&s &5 measured in GBP and 350/f UK investtneni gTOd¢ fixed incorne a5 per the fonner Investment Policy StatemeDI. As at the yeai end, all investments and money rna￿et fvnds yre held in custodv by Goldman Sachs International. Stt¢meDt As to disclosure of information to Auditor3 In $0 far as the Tru5t¢¢s are aware.. There is no relevanr audii infornjation of which the Foundation'5 auditor is unawar¢,' and The Trustees have taken all steps thai they ought to have t&en io make themselves aware of ahy relevant audit informaiion and to esrnbli5h Lhat (he audiior 15 aware of that information. Auditon Raivlinson & Hunter Audii LLP offeT5 itself for reappointsnent as auditor in aC￿rdanCe with the Charitie5 Act2011. For And on b¢h&lf of tbe Trnstee8 Erland Karlsson. Trustee .. 11.C. 2￿4 17

Trustees, responsibilities statement For the year ended 31 De¢ember 2023 The Ttustees ar¢ respollsible torpreparing a Trustees, annual Tq)0rt and financial staternentg iti acGordance th applicable law, t￿ C￿￿ritieS A¢t 2011 and the Statement of Recommcnd￿ PTactice'. Accounting and Reporting by Charities prcparll￿ their accounts in accordance with thc Financial Reporting Stalldatd app]i¢able in th¢ UK and Rq)ubli¢ of Ireland (FRS102) i&sued in O¢tober 2019. The law appb"cable to chaTities in England and Wales rcquires the Tn]stees to Prepa￿ fll￿ncIal statements for each finart¢ial year which give a true and fair view of the srate of affairs of the Foundation at the end of the year and of its incoming resources and application of resources during that yeaT. ]n PTepaTing the rinancial statements, the Trustees should follow bcst practice and are Tequired 10: ScI￿t suitable accountsng poliLies and then apply them consisl¢ntly' Observe the methods and principles in thc Charities SORTr 20I9 IFRS 102)" Make judgerllellts aDd estimates that are reasonable and prudent. 8tate whether wli¢abl¢ UK Accouniing Standard5 have bcen folltswed, subject to any material dcpartures disclosed and explained in the fllwicial 5tatcments' and Prepare the financial statements OD the going Loncern basis unless il is inappropriate to presume th¢ rioundation will Continue ill operation. The 'frustees are responsiblc for keepmg proper accouniing records which disclose with reasonable accuracy at any time the financial position of the Foundation whi¢h atsble them to eJ5ure that the financial statemenis comply with the Charities Act 2011 alld thepr0vislo￿ of the Trt￿l Deed. The TnLStees arc responsible for safttguarding the assets of the Fc>undation and hellC¢ foi taking reasonable steps for the prcv¢ntion and detrction of fraud 2nd irregulariti¢¥. 18

Independent auditor's report to the Trustees of The Karlsson Jativa Charltable Foundatlon Opiniom We have ￿d]led lh¢ financial staiemenrs of Th¢ Karlsson Jaiiva Charitsble Foundation I"Ihe Foundation") for the year ended 3 1 D¢cernbeT 2023 which comprise the Ststemeni of Financial Activitie& the Staternent of Financia] Position, the Statement Cash Flows and ihe ￿lated notes I to 13. The financial reporting framework that has been applied in iheir preparation is gpplicable law and United Kingdom Accoullting SiandaTds (United Kingdom Gen¢rally Accep(ed A￿OUnTinS Pra¢ii¢el, including FRS 102"The Finan¢ial Reporting si8ndard applicabk in ihe UK and Republi¢ of IrelaDd': In our opinion the financial 5tatements'. give a twe and fair view of the State of the Foundation's affairs 8S git 31 December 2023 and of its incornin¥ resour¢e5 and appliration ofr¢sources, for the ye8rthen ended,. have been properly prepared in accord8n¢¢ with United Kingdom Generally Accepted Accounling Practice.. &ftd have been Prepared in accordance with the requirements of the CharitiesAci 2011. Basis for opinion We conducted our audit in attordance with IDt¢mational Standards on Auditing (UK) (ISAS (UK)) bnd 8ppITcable IAW. Our responsibilitie5 under those standard5 are further described in the Auditor's responsibilitie5 for the audit of the financial staternents section of our report below. We are independent of the Foundaiion in a¢¢ordanc¢ with the ethical requirernents that are relevant to our a￿111 of the financial siaternent5 in the UL includiTbg the FRC'S Ethical Standard. and w¢ h?ve fulfilled our other ethiral responsibilities in accordanee with these requir¢rnenis. We believe Ihat the audit ovidence we have obtained is sutTici2nt and appnTrpri*e to provide 8 b8sis for our opithion. Conelllgions relaling to golng concern In auditing the financial 5tatem¢nrs. have concluded thal the Tru5t¢es' use of the going ¢onc¢m basis of accounting in the PTeparation of the fmancial stal¢ments is appn)priate. a5ed on the work- we have perfomied. we have not idet)iified any ma(erial uncertainiies relating to events or Conditions that. individually or collectivel}. may cast significant doubt on the Foundation'5 ability to Continue as a going ¢on¢em for a peri￿ of at least iwclve months from when ihe financial staiements are authorised for issue. Our responsibilities arjd the responsibilities of the Trustres with respect to going concern or¢ described in the relevont se¢tions of this report. 19

Independent auditorfs report (continued) to the Trusl•es ol The Karl8￿n Jatfva Charitable Foundation Other inforniation The oiher lnfoTinati￿ comprise5 the information included in the Report andAccounts set out on pagcs 4 to 17 and the Trustees, re5ponsibilitie5 Statement on page 18. The TTU5t¢es are resp)nsible for thc other inforn)ation contained within the Tn]stees' annual report and financial stat¢m¢nts. Our opinion on the financial Statements does noi cover the othei. infomiation alld we do not expres5 any forni of assurdnce CUnLlusivn th¢r¢on. In Connection with our audit of the financial statements, our reg￿n$1b71ity is to read the other inforn)ation and. In doing so, £￿S7der whether the other infomiation is materially inconsistent with the financial 5tat¢ment$ or our knowl¢dge obtained in the audit or otheNise appears to be materially misstsied. If we id¢niify sueh maierial inconsistencies or apparent miierial misstaiemenis, we ar¢ required Lo determine wheiher there Ès a material missraiemeni in th¢ financial sratements OT a ￿￿terial missr8iement of the oiher information. If, bas¢d on the work we have perforn)ed, we ¢onclude that there i5 a Tn4teTial misslatementof the other 1llfortnat1￿, we are required to report that fact. We have nothing to report in this regaTd. Matters on which we Bre Tequired to report by exception We have nothing to rwort in respect of the followin& mytrers where th¢ Charities (Accounts and R¢ponsl Regulations 2008 require us to report lo you if. in our opknion.. the infoTh&tTron givcn in the linste¢s' Annual Re[￿ is incon5iStent in any material respect with ihe financial statements. or $utTicieTht aecounting records have noi Ixen kept; or the financial stsiemen15 ar¢ not in a8r¢emenl wilh the accounting records and returns. or we have noi Teceived all the Knforniation and explanations we require for our audii. R¢spon8ibilities ofTrus¢ees As explained more flllly in the Trnslees, re5ponsibililies 51alement set out on page 18, the Trustee% are responsible for the preparation of the flnancial statements and for being saiisfied that they give a irue and fair view. and for such inlemal control as the Trusiees determine is necessary io enable ihe preparntion of financial 5tat¢tnents that tre free from mE(erial missi8￿men( whether due ro fr&ud or errvr. In prrpdring IhL finanLtal siatenients, the I'rustees are re8ponsible for assesstng the Foundation's abiliry, to continu¢ as a going ¢onc¢rn, disclosing, as applicable, matEers ielaied to going concern and using the goino concem basis of ac£ounting unless Tn#na¥emeni either intends ro liquidaie the Foundation or lo c¢a5e operniions, OT has r)0 realistic aliernativ¢ but to do 50.

Independent auditor's report (continued) to the Trustees of The Kar1660n Jauva Charltsble Foundatlon Auditor's res￿nsIbIlIti￿ for the audit of the financil statements We httve been appointed os auditor under seciion 144 of the Charities Act 2011 and rep)rt in accordance with regulations made under se¢tion 154 of thar Acl. Our objectives are to obtain reasonable &ssurance about whether the financial sta(emen15 are free from malerial mi$statement, whether due kn fraud or error, and ro issue an auditor's report that includes our opinion. Reasonable assurance 15 a high level of a55ufdnce bul is not a 8uaranlee that an audit conducted in a￿OrdancE with ISAS (UK) will alivay5 deleci a mal¢rial inisStatffln¢Dt when it exists. MIsststeme￿ts can arise from fraud or error and are ¢onsidered rnat¢rial if, iThdividually or in the aggregaie, they could reasonably ￿ ¢xpecied to influence the economic decisiom of users taken based these financial StaleTnents. Irregularities. including fraud. are inM8nce8 of non-cornpliance wilh laws and regulaiions. We design pro¢edure5 Én line with our responsibilitie5. Outlined atK>v¢, to detect mal¢rial misst8t¢men¢s in respect of Irregularities, in¢ludiTrs frqud. Our ttssessment of the 5uscepiibility of the entity's financial staiem¢nt to tnaterial misslat¢menL iTtcluding how frovd might occllr. i5 conSide￿d io be low. This conrlusion w&s reached forthe r¢a50ns outlined below.. due to ihe relatively simple business model and low volume of ttnsactions within ¢h¢ Trust, Ihere are comparatively few uncxpeaed tluciuations the reponed results and balan¢¢s and atay 5u¢h urtexpecied items would be specifically enquired iDto by us- and there are a number of individua15 who romprise "manag¢tnent': and therefoT¢. there is no single individual who is likely to be able to OVe￿K1¢ controls to effect a fraud. We asCertai￿ed ihe m05t Si8nificant legislation was the Charilies Act 2011, money laundering legislation, health and safety and ernployment law. The extent of ¢ompliance with thes¢ laws and r¢gulations was assessed a5 part ot our procedures on the Tctated tin•nci#i STaTement Item5 by.. enquiry of managerncni ¢0 understand where there wa5 sus¢¢piibility 10 fraud and whether they ha the knowledge ot any acbjal suspected or illegal fraud.. enquiry of managemenl lo idrntifv any instances of nOr￿coMpli￿nee with law5 and regulations- and consideration of the controls thai the Trust has established to address risks identified, or that othenvise prevent, deter ond detect fraud. and hoiv nianagernent monitOT5 Ihose cosjtrols. Wt designed our audit procedures ro respond io identified audit risks. includiThg Tbon-compliance wilh laws and regulations (irregulari¢i¢sl that JT¢ maierial io the fmancial $tatement5. Some of ihe 5pecifi¢ procedures perfomied w detect irregularities. including fraud, are detailed below: the rewiew of¢ontroI accounis and jounial rntries for large. unu5u41 or un8Uthorised thtries: the anal>rfi¢al T¢Vtew of the de￿Iled statemeni of financial actlvities for variances that are either unexpected OT Considered r￿t io be accordance with our under5taT)ding of (he Trust a¢tivities during thc year: obtaining and reviewing for completeness a list of entities ond persons considered io be relbted ponie5 (as defined by Flnanllal Reportin¥ siandard 102) and rtviewiDg the Icdgers of ¢h¢ TTU5t forpreviou¥l> unr¢port¢d related party transactions: and review of transactions and jouma15 for any indiution of fraud or nianagement Ove￿Id¢. 21

Independent auditorfs report (continued) to the Trusteès of The Karl860n Jativa Char¢tsblo Foundation Be￿USe of the inhereni limitstions of an audit: there 15 a Tisk that we will not detect all irregularitl¢5, including those leading to a material niisststement in the financial slatcments or non-eompliance with r¢gulation. Thi5 risk increasesthe more that con)pliance with a law or regulation is removed from the cvcnts and transactions r¢tl¢cted irb the financial stateinents. as we will be less likely to become aware of in8tances of non-compliance. Thc risk is also greater rettarding irregulariiies occurring due to fvaud rather ihan eTror, as ftewl involves inteniional concealmeni. forgery, collusion, omission or mi$repr¢seniation. A further description of our r¢sponstbiliiie$ for the audit of the financial ststements is located the Financial Reporting CouncTI's website at https'.Ilwww.frc.org.uklauditorsr¢sponsibilities. This description fomis part of our auditor's report. Use of our re￿rt This r￿ort is made solely ro the Trustees. as a kndy. in accoTdanLe with Part 4 ofthe Charities {A¢counts and REport&) Re¥ulaiions 2008. Our audit work has be¢th undertaken so ihal we might state io the Trustees those malleTS we aTe r¢quir¢d 10 state to them in an auditOTS' Teport and for no ather pjrpose. To thc fullest extent peTrnitted by law, we do not accept or assume responsÈbtlity to anyone otherthan the Foundation and Trustee5 as a body, for our audit ivork. forthis report. or for lh¢ ¢)piniDll5 we have fomed. Rawlinson & HunterAudii LLP, Statytory Auditor London 24J. 2024 Rawlinson & Hunter Audit LLP is eligible to act as an auditor in renns of stction 1212 of the Companies Act 2006 22

Statement of financial activities For tho year ended 31 O•c•mber 2023 U￿reStrIc1ed Erpendable ?0?3 Tolal funds 20?? Tnlal fzinds ¢ndo)I'mcnl Noles Income Donatioths Inve5tsllent irttome Interest on wh and money market funds 13,720 760.829 29,576,689 29,590,409 760,829 9.612 539,301 1.083,864 1,858.413 1083.864 31,435,102 7,009 555,922 29.576 689 Erpendliur Cosrs ofr13ising.[und5.' Investment manageTneni fee 160,231 160,231 161.604 Erpendiiures cfiariiablg ¢lhJjiles.' Signaiur ProgTamme LACT Programm¢ eseBrch Toial e-rpendliure 1,290,657 368.038 106.772 1,765,467 1.290,657 368.038 106,772 1925 698 989,008 160.231 .150612 NeilMconW(Ios5) before 92,946 29,416,458 29,509.404 (594,6W) Net goinsllloss) on revaluation of investments ei liicome/(Ivss)for l*¢ Jyear 2.291.792 31,7VII,250 2.291792 31.3UI.lYb 2.321,786 (2,Ylts,470 92.Y46 Twaiisfer fy¢hvÈe•ifuiid5 600.000 (600.000) Forei¥n exchange (losse$llgains 5.621 687.325 1491417 29,616.833 1497,038 iOd04,158 3.932 (2.912,544) FMndbul&nces brou¥hi forwllrd FwThdbttlttiices curried 718.824 28,695.783 29414607 32 327 151 ,406,149 58.312 616 59,7J8.765 29,414 607 All incorne and expendiiure derive from continuing a¢tivities. The Statement of finaDrial ttttivities includ¢s all gains and losses reLogn2sed in the year. The Dole$ I to l) on pages 26 to )6 form an inte8fdl part of these financial siatements. 23

fl Statement of financial position For the ygar ended 31 December 2023 ?0?3 'ule.¥ Filed t75sets Tangible r￿ed assets IDvesknents 1,878 23.892,975 ?3,894,853 28.637.181 ?8,637,181 C¥rrenl4ssels Debtors Cash and money rnarket funds 40i,889 i5.534 570 35.938,459 34,089 806.044 840,133 Uobiiiiles Creditor5.' amounts falling du¢ within one year 114.547 62.707 curreni tsssels 35.823.912 777 426 59718765 29 414.607 Representing.. Tkelunds ofihe chorlo, Expendable endowmenl Unrestricred iTr¢om¢ fijnd 58,312,616 1,406,149 28,695.783 718.8)4 T•ftil ¢b4rltyfunds 10 59 718.765 29.414 607 The Finarbcial Stattments on pages ?i to 36 were approved and authori5ed for i5su¢ by rh¢ Tntstees at the Tn￿teS meeting on 24 Junc 2024 and wcre signed on behalf of th¢ Tru5tec5 by.. Erl8nd Karl$son, Thjthe The not¢$ on pag¢5 26 tg 36 form an integral part of these finan¢ial $iat¢m¢nts. 24

Statement of cash flows For the year ?Dded 31 December 2023 2023 CtTshflowsfroiii oper41ing *cll¥llies N¢t movement in funds -4dj￿￿1MLMiSfu1': Interesi and dividend income from inve5tmeNts Intert51 from ¢Ash and money markei fund5 (Gainsyloss¢s on investments Foreign eNchange losSe￿(ga1ns> Increase in debtors Increase in Crediiors 30.304.158 (2.912,544) {760,8291 (1,083,864) (2291,792) 1.497,038 li69,800) 51,840 {539,301) (7,009) 2,321,786 (3,9321 (25.132) 5,950 g¢nerui¢d1￿sed ift operntivi ucllvlll ?7.346.752 160.182 cas￿fi0wSfr￿￿ otliithes Interest 4nd dividend income from investments Interest from cash and money market fund5 Purchase of taTJgible fixed assets PuTcha$e of investments Proceeds trom sale of investment5 700,829 1.083.864 11,878) (3J,323,144) 40,359,142 539,301 7.009 (1,078.187) 1,910,134 Cqsh geNer￿ed￿•￿ Iniysliug oclivliles 8 878 812 1 378.257 ChuiwEln ethsh Ind ¢'ash equivalaiis IN ihe Jie4r 36,225,564 218,075 Cush wid e¥￿Il￿1e￿l ai ihe b¢glnnlng Ofiheye￿T 806,044 584,037 Change in cash and cash equiyaleni due to e_xchanoe rate mos'ements (1,497.038) 3.932 Cttsh cash eqHiivlenioi ih¢eRdofihe Jpedr 35 534.570 AAfjly.w's •lc4sh cusli equiwilemis Money maTkei funds Cash in brok¢ra8e account5 Cash &t bank 29.933,319 5.398.679 202,572 646,493 79.800 79.751 Toiulcush uiidctT511 equii'NIwits 35 534 370 The nor¢s on pages ?6 10 36 forn) tntesral part of thesc frnanrial statements. 25

Notes to the financial statements For th• yfjar ended 31 December 2023 Accounting policies The principal accounting policies adopted. Jud¢r¢menls and key sources of estimation u￿ertainty in the PTeparalÉon of the finarhcial statemei)ts ate a5 follow5: al Basls of preparation and assessment of golng concern The financial Statements have been prepared on a g4)ing concern basi5 und¢r the historical cost eonvention with iiem5 recognised ai ¢05¢ or transaction value unle$5 oiherwise 5t8ted in the relevant note(s) to these fmancial 81aterncnts. The financi21 statements have been prepared in accordance u'ith the Charities Act 2011 and with the Statement of Kecommended Practice.. Acctsunting and Rep)rting by Chorities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and R¢publio of Ir¢land (FRS I O?) issued in Ottober 2019. The Kaflsson Jativa Charitable Foundation ("the FtyJndation"} meets the definition of a publi¢ ben¢fit entity under FRS 102. The Ths¢¢es wnsiderthat th¢tp are no Inaterial uncertainties Surrounding the Foundation's ability tocontinue as a going concern. As noted in the Trustee5' annual report. the target of the Foundation is to have reserves of £250,000. A5 at 31 Deccmber 2023 ihe unrestricied funds of the Foundation wcre £1,406,149 (?022'. £718.824) and the dtsignated funds were £741,800 1202?: £nil). Consequently. the reserves as ai 31 December 2023 am￿nted to £664,i49 {2022- £718.8241 whhch is in excess of the tsrget, and hence the Tnjstees consider tht 80in8 ba5i5 tts remain appiopriate. With respect to the next reporting period, the m05t significant area of uncertainty that affects the reserve5 of the Foundation is the perforniance of invesiment markeis which will deterniine the carrying value of the inv¢siments held by the Foundation. The significance of fixed asset invesiTnen15 to the ongoing finanrial sustainabiliry of th¢ FoundatEon i5 COll5idered in rhe fTnancial review. princi￿1 risks and invesffiient policy tion$ of the Trnstees. retxyrt. bl Incomè reeognltlon All incnm@ 1% reta8ni£Èd in the StAtemeni fjf Iditt4n¢ial AcfivilieR ivhèn th* Foiind&tiotl IR lesilty entitled 10 the income, it is probable ihai ihe income ii'ill be received. and the amount of incomecan be quaniitied with reasonable accuracy. lrtcomt From donations is included when any condition$ forre¢eipt have bccn met and there is reasonable a5sufdnce of receipt which is usuolly when the Foundation ha5 control over the incorne. Inveslmcnt inwme is in¢lud¢d when re¢eiYabl¢ and the amount can be nieasured reliably whi¢h is usually upon notifKation to the Foundati05J from the itjvesimeni manager. cl Expenditure re¢ognition Liabilities are reco8niscd a5 ¢ApEndibJre as $oon as there is a legal or c(Trn5tructive (Fbligation committiTr the Foundarion to Iha¢ cxpenditure. it IS Probable that Settlement will be required, and ihe amoun¢ of the oblig81ion can bt measured reliably. All expendÉture is accounted for on an aCCTuals ba5l5. All expenses. in¢ludin8 8raThts provided in supportof th¢ objects of the Foundation. ovcrhead expenses and governance costs. are allocated or apportioned to applicable expenditute headings. Refer 10 nole (d) below for more infomation on ihis attribution. 26

Notes to the financial statements (continued) For thg year ended 31 Decembgr 2023 1. Accounting policles Icontlnued) c) Expgndlture recognltlon l¢ontinu•dl Grants provid¢d IT) 5upporl ol-lhe obje¢ts of the Foundation are payments made to institulions which are partner organisations of the Foundaiion. Single or mlllti-year granis are accounted for when eiiher the reiipient has A reasonable eNpe¢tation that they will receive a grant and lh¢ Trustees have agreed to pay lh¢ grant without condition, or the recipient has a reasonable expectation that they will Teceive a grant and any condition allaching to the grant is outside ihe control of the Found￿]￿n. Ov¢rhead expenses relate to the feES chargeable by the investment mana8ets. Governance costs comprise all costs involving the publi¢ a¢counfability of the F(Kmdaiion and its compliance wrth rcsulation and good practice. These Costs include ￿Sts related to staff, Tent. 4dmini5tration, statutory audit and leoal ftes. d} Allocatlon and apportlonment of eX￿n8¥S Overhead up¢n¥es have b¢¢n allo¢ated t(Tr costs vfralsin¥ fund$. Grants provided in support of ihe objects ofthe Foundation have b¢¢n allocated to expendnure on eharitabk tivities. Charitable aciivities comprise the projects operated by the p8rtneroTganisationsofihe Foundation and are cate8ori5ed by aciivity, as detailed in note 4. Gov¢rnance costs have been Bpportioned over rhe appropriate categories, as ddailed ID note 4, on the ba51S of the number of individual gr8nt awards made in ¥e¢ognition thai the administrdtive ¢ost5 of asse￿Ing. awarding and monitoring each 8rant is broadly equivalent. el IT￿0VErable VAT Irrecoverdble VAT is ¢harged as a c051 against the activity forwhich the expenditur¢ was inCu￿¢d. fl Ch¥rltabl• xctlviti•S Costs of chariiable 8Ctiviti¢s inelude .orants provid¢d in supwrt of the objects of the Foundation and govcTnance costs. The allocation to aciivity of grani$ paid and the apportionment benveen actiVili¢5 of governance costs LllcuTred is detailed in note 4. gl Flnonclal Instrumènts InvestmeDiS are inTrtially Te¢ognised at their transaction value and subsequently measured ai fair value as the Slaiernenl of Financial Posiiion date using rhe closing quo*d maTket pr(ce and ¢losing NAV foT funds. -rhe Siatcmerbt of Finantial ActiYitiES includes the net gains and1055es arising ot) revaluation and disposals throughout the financial vear. The Foynd8tion does not acquire derivatives or oiher complex financial instruments. Cash at bank and in hand 15 held to meet short-term cash ¢ommitivents as thcy fttll due ralher thBTt for investment purposes and includes all cash equivalenis held in the fonn of short-teTh highly liquid investrntnts such a$ high grade daily liquidity money market fijnds. 27

Notes to the financial statements (continued) For the year ended 310gcembgr 2023 1. Accounting poli¢ies (COn￿n￿¢￿I hl Investment galns affid losses All gains and105s¢s are taken to the Ststement of Financial Aciivities as they arise. Realised 8ain5 and Ios5e5 on inve5ttneniS are calciilaied as the difference between Sales proceeds and their opentn8 carying value or their purchase value If acquircd after the first day of the financial year. Unrealised gains and losse5 are calculated as the difference bctween the fair value * (he year end and rheir carying value. 11 Provlslons Provisions for grani payments to paTmer organisation5 of the Foundation are made when the in(¢niion io make a grant has b¢en eommwiicated 10 the pamer organisation but there 1$ uncertainw about eiiher the timing of the grdni orthe arnountof grantpayable. No provisions are made for future conditional Instalments of multi.year grants where the payment of such in5talnienl rernains at the dI￿retIOn of the Truste¢s. il Oporatlng l•as•s Renta15 paid utyder operarin8 l¢ageg charged to the statement of ¢ompr¢hety$ive income ond retBin¢d earnillgs on a straight line basis over the lease t¢rni. The value of any rent free periods are atnort15ed ov¢r the lif¢ of ihe lease. kl Key judgèmonts and estlmates In applying the Foundation'5 accounting policie5, th¢ Trustees may be required to make judgement5 and estimates ihai could irnpaci the amount5 reported for assets and liabiliiies as at the Stat¢mtnt of Fiiiancial Po8Ttion date and the amounts reported for revenues and expenses during the financi81 year. The fTUStEes' esiimaies are based on the ¢vid¢n¢¢ available at the lime., including historical experience >JThd other facwrs th* are con$id¢r¢d to be applicable. Due to the inherent subjectivtty involved in making such estimates, the actual results and outcomes may differ. Estimates are reviewed on an on-going basis and revisions to ac£ounting estimates are recognised in the financial year in which the estimatc is TeViSed. The TnLslee5 are r￿t aware of any signifJ¢ant sources of estimation uncertainty in the prep8raiion ot the tinancial statements. 2. Donation5 Incom¢ fri)m donations ioiall¢d £29.590.409 {20?2.. £9.6121, of ivhich £lJ,720 (2022.. £9,612) was unresiri¢ted and £29,576,689 ()072.. £nil) was restricted a5 an exp¢ndabl¢ endowment. 28

Notes to the financial statements (continued) For the year endod 31 December 2023 3. Investment income 2023 2022 Listed investments.. DivÈdends- Non UK equiiies Interest. UK fixed intere51 securities Intere5t- Non UK fix¢d interest securiiies Dividend5- Other Invesiment5 317.402 76.396 226,389 140,642 760,829 335,419 14,322 159.909 29.651 539.301 4. Analysis of expenditure on charitable activllles The Foundation und¢rtook no direct charitsble activitie5 bui award¢d support grants io several tnstitutions in furtherdnce of it5 ¢haritabl¢adivities. The support grants are arbaly5ed below between thethree ¢ategories of acti%'ity together with the allocath(Fn of governon¢e costs incurred by the Foundation. Support Grants to Insiirutions AlloGation of Governanc Cosis Total Expenditure 2023 Toial Expenditure 2022 Charltabk activity Signotur Progr4mme LACT Pmgramme Rescar¢h 1,166,668 340,485 99.884 1.607,037 123,989 27,553 6.888 158,430 1.290,657 368,038 106,772 1,765,467 989,008 989,008 2023 2022 Supporl grAnt$ by eounlry SigDxlur Plogramrne Sweden Uniied Kinsdom 566.723 599,945 1,166,668 479,353 405.248 884.601 29

Notes to the financial statements (continued) For the year ended 31 December 2023 4. Analysis of expenditure on charltable activities (continued 2023 2022 .8uppDrl grants bv cOU￿try LACT Progr#Mm¢ Bolivia Colombia E¢uador Venczuela 23,333 88,334 16.539 12,279 340,485 For th¢ LACT Programme, breakdown by county relates to place of impkmeniaiion. all grants were paid to chariiies registered in the Urtited Kingdom. 2022 Supportgrgnts by ¢•untry R¢s¢or¢h Unii¢d Kin8do 99.884 99,884 2023 20?2 Support grants by institution SiEn4tliT Programme Aurorn 0￿h¢Stra Awards for Young Musician% BiTtnin8ham Conservawire D]￿eSt of Westsninsler Liverpool rc Foundatio London Music Fund Music Masters Music of Life Noah's Ark Children's Hospicc ORA Choir RBU Skane Royal Academ>, of Musi¢ Royal Swedish Opera SÉgrtatUT Foundation Sweden Southbank Centre The Music Works 50,000 50,000 73,408 26,289 75.000 82.000 50,000 20.000 50.000 20,000 24,629 25.000 39,609 502,485 50.000 28.248 1.166,668 45.000 50,000 5?.000 50.000 20.000 50,000 10,000 479,353 50,000 884,601 30

Notes to the financial statements (continued) For Iho year ended 31 De¢ember 2023 4. Analysls of expendlture on charitable activities (continued) LAcf PTogrimme Lumos Plan International Save the Children Teach for All Netw'ork 75,000 93,206 112,279 60.000 340,485 Reseirch RUSI 99,884 99.884 5. Gov?rnanc8 Gosts 2023 2022 Auditors, remllneration ¢ompris¢5 audit services Staff costs wages 2nd salaries social seeurity co8ts pension costs Le831 and professional fee. Imputed office rcnt Office rent A¢¢ountancv T&Kation services Bank charges and interest Other administration IT fees 9.300 9,000 65,181 6,066 900 16.314 41.981 3,400 1,198 17,755 5.4UU 7.289 6.151 1,200 541 5.692 4.800 104,407 29,786 7.073 578 14,173 7.859 158.430 Governance Costs haye been apportioned to chariiable activities on a pro raia b&sis in accordance with the Tbumber of grdnts awarded during the year to each of the charilable activities. The Foundation had three employees during the >'ear ond the average hedcount was Iwo (2022.. two). 31

Notes to the financial statements (continued) For the year •nded 31 D•cember 2023 6. Tangible fixed assets Compuier equipment Toial Cost AÉ l j￿Uary 2023 Additions At 31 December2023 1.878 1,878 1,878 Depreciation At l January 2023 Addition5 At 31 December 2023 Ner book value AL 31 DcceEnkr 2023 At 31 Deeember 202? 1,878 1.878 7. Investments 2023 2022 Movement in fixed &s5et li￿ed inv¢sbnents Opening JnaTke¢ value Additions at eosi Dispi>s&ls at carrying value gain51{1065¢s) ot) revalu4tion 28,637,181 J3.323,144 {40,359,142) • *91,79? 3I,79U,914 1,078,187 {1,910,134) {# .121,786} Closing mArkd value 23,892,975 28,637,181 2022 Invesmients ai fair value. comprised Non UK equities UK fixed inierest securities Non UK fixed inter¢st S¢¢UTlties Other investmeni 11,474,744 4,513,316 5 ?49,?76 2.655,639 17,658,?67 1,429,835 3.496.435 6.05? 644 23.892,975 28,637,181 The Trusiees consider that therr ivere i)0 tnaterial individual 1nvestm¢nt holdings that Tequire disclosure. All inv¢simeDts are traded in quoted public mark.er$ or liquid mutulll fund5 and carried ai their fhir valll¢.

Notes to the financial statements (continued) For thg y•ar ended 31 DeCeffi￿r 2023 Investments Icontlnued) Th¢ basis of fair value for qu(xed investtnents is equivalent to the market value, using the ¢losin8 price for securitie5 and ¢losingNAV for funds. Inve5tmenc additions and disposals arereco8nised at the date of trade at cost. being Éhe transaction value. These investments are accounied for at fair value thmugh the Staternrtbi of Financial Activities. 8. Debtors 2023 2022 Accrued income Accrued investment income Prepayments Other debtors 235,978 159,656 3,855 4,400 40i,889 27,529 2,460 4.100 34.089 9. Credilorn: amounts falling due withln one year 2023 2022 Awrued audit, tax and accounting fees Accrued invesknenc manaiTement fe¢s Accrued charitable donaiions Other creditors 12.3(M) 37,588 60,000 4.65Y 114.547 11,400 40.387 10.Y20 62,707 There are no liabilities falling due after mor¢ ihan one year. 33

Notes to the financial statements (continued) For th• year onded 31 Dgumbei 2023 10. Analysis of charitable funds Tangible assets Net curr¢nt assets Invc5tments Tot812023 Total 202? ExpendAble endowmeThÉ fund Unrescricted income fund 23.892.975 34,419.641 58,312,616 28.695,783 1,878 1,878 1.404J71 J5,823.91? 1.406.149 59.718,765 718,824 29,414.607 23.892.975 The unrestrted fvnds of the Foundation are made up as follows at 31 December 2023.. 2023 General fund5 Designated funds SigDatur Programme Designated funds l.ACT Programme Designated fvnds Research 664,349 460,000 281,800 718,824 1.406.149 718.824 l lie designated funas wcrc (Jesi¥nai¢a ror The paylng uf speLlnc ¥rath￿ expriied maieriallse wlihln Lhl rirst thre¢ monihs of the nexi financial period provided the projecL% fulfil their criteria to qualify at (he Trustees. coniplete discretion. As such the funds were designated but no liability was recognised with regards to these future pymenis.

fL' Notes to the financial statements (continued) For the year end•d 31 December 2023 11. Financial instruments 2023 2022 Finan¢i&l asseÈs measured ￿ fair value through incorne or expenditUTe comprise investmen15 Financial asset5 nieasured ai arnortised Cost wmprise accwed incorne, other debtor5. ¢s%h and cash equivaleni 23.892,975 28,637,181 3J,934,604 840.133 59,827,579 29,477,314 Financial liabilities Tneasured at gmortised cost comprise accruals and oth¢r crediiots 114,547 62,707 changes infaiy valiie. Gain￿{lo$SeS) on financial assets Tnea5ured at fair value through income or exptnditure Dividend income from finaneial a5set$ measured at fair valJe through income or expcnditUTe Interest income on rtnancial assets mt&8ured at fair value through income or expenditure Interest income on financial assets measur¢d at amortised eosl 2.291.791 12.321.786) 458.044 365,070 302,785 174.231 1.083,864 4,136,484 7.009 1.775.476 F•Tranca*l rlsk mgnsgement The Trusiees consider the following risk factm for each proposed invesiment a5 Iv¢II as the impact of a particular investment selection on the overall ponfolio risk Teturn profile". a) market risk.. equity - beta of invesim¢nt to e9uity markets. volatility. draivdown risk b) market risk.: rates- 5ensltivity of investment lo rnove5 in interest rb(es c) market risk.. credit- se￿SitIvitY of inv¢5ttnent to move5 in ¢redii spreads d) ¢apital risk.. counterparty risk: defauli risk or risk of toial invesirnent failure ¢) coDcentration risk.. overexposurc to panicular sector or inv¢sim¢nl type currency risk.. with t¢spect ro uiJint¢nd¢d Cu￿En¢Y exposuiES g) liquidity risk.. consid¢red both in nornial and stressed mark'ct circumstances In order to manage the risk profile of the portfolio and its constiiuent part5, the Trustees have developed heat m&p that is mot)itored on an ongoin£ basys. Credit risk- on cash balances is mili¥aLed by holding cash at mainstream financial instiiuti0n5 Wlth Strong crcdit ro1inJo and in high grade Tnolley mark'et funds. 35

Notes to the financial statements (continued) For the yoar ended 31 December 2023 12. Operating lease commitinents During lh¢ period. the Foundation ¢ni¢r¢d into a short tern) lease for office Space on l October 2023 for l? months. Ai 31 December ?023. Ihe Foundation fuwr¢ rninimum rentals under non-cancellable operating leases ￿ set out below.. 2022 Minimum rentsls pwy8bk Within one )'ear ?3,760 22.140 13. Related party transactions ID the financial year, one of ihe Trust¢e5 paid fees of £13.720 (2022.. £4,212) for offLLe administralion, profe55ional sup￿rt, travel and IT costs. for the benefjl of the foundation. The fees will noi be reimbursed by the Foundation. In the prior finanrial ycar. the foundaiiofi benefired from being able to share ofTice space with an entity under thc control of onc of the 'frusi¢¢s. The esiimated rental v&lue of £nil {2022.. £5.400) of this ￿nefitWi]I not be reÉmbllr5ed by the Foundalion. A¢coi'drn¥ly* these two amounts have been included within Tjote 2. 36