The Karlsson Jativa Charitable Foundation Registered Charity No. 1168787 Report and Accounts For the year ended 31 December 2024 Reference and administrative information Trustees Martin Anders50n (retired 6 March 2025) Jeremy Arnold (retired 6 March 2025) Rose MaTie Jaliva Karlsson (retired 6 March 2025) Erland Karlsson (T¢tired 6 March 2025) KJCF Trustees (appointed 6 March 2025) KJCF Trustees Dlrectors Martin And¢rsson (appointed 10 March 2025, resigned 24 April 2025) Jeremy Arnold (appointed 10 March 2025) Rose Marie Jativa Karlsson (appointed 9 December 2024) Erland Karls50n (appointed 9 December 2024) Helen Watkins (appointed 9 December 2024) Address ISI fioor 78-79 Pall Mall London SWIY SES Constitution Registered Charity number 1168787 Governed by a Trust Deed dated 5 July 2016 as amended by a Deed of Amendment dated 6 December2016. as amended by a Deed of Amendment dated I l OctobeT 2024, as amended by a Deed of Amendment dated 16 DeceTnber 2024 Auditors Rawlinson & Hunter Audit LLP Eighth Floor, 6 New Street Square New Fetter Lane London EC4A 3AQ Solicitors Withers LLP 20 Old Bailey London EC4M 7AN Reference and administrative information (continued) Bankers Coutts & Co 440 Strand London WC2R OQS Invesknent Managers Goldman Sachs Inlunational Plumtree Court 25 Shoe Lane London F.C4A 4AU Brown Advisory Limited 18 Hanover Square London WIS IJY Contents For the year anded 31 December 2024 Our work during the year is reported in the following sections". Tru5tees' annual report . Page 4 Trustees. responsibilities statement . Independent auditor's report . Page 20 Page21 Financial statements Page 25 Trustees, annual report (continued) For the year ended 31 December 2024 The Trustees present their report and audited financial statements of The IKarlsson Jaliva Charitable Foundation ("the Foundation,) for the year ended 31 December ?024. The financio15tatements have been prepared in acwrdanee with the accounting policies set out in note l io the flnancial statements and cornply with the Foundation's governing document. a trust deed dated 5 July ?016 &8 amended by a Deed of Amendment daled 6 Deccmber ?016. a Deed of Amendment daied I I Othober 2024 and a Deed of Amendment dated 16 December ?0?4 ("tbe Trust Deed"), the Charities Act 2011, the Charities Arf 20?2 where relevant and the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with ihe Financial Reporting Standard applicable in thc UK and Republic of Ir¢land IFRS 10?) issued in October ?019. Background and Objects The Foundation was formed on 5 July ?016 by an initial settlcm¢nt from MT Erland Karisson {th¢"SettioV) and was registcrcd by the Charity Commission (registered charity number 1168787) on 16 August 2016. The Foundation has the power to adv2nce any purpose which 15 tharilable under the laws of En8land and Wale5. The Foundation is at present operating &s & grant giving trust in furtherance primarily of ils principa] objects as set out in the Trust Deed, namely: "the advancement of the art of music and the educalion of the publi¢ in the same in the United Kingdom, Sweden And other countries across Europe: and the relief of poverty, dtstr¢s5 and hardship And th¢ promotion of rduGation. h¢#lih and w¢lfarc or any oih¢r rxGlusiv¢ly charitabl¢ object in Latin America". Expanded Seope As detailed later in the report, the Foundalion has in recent years rec¢ived significant additional funds as additions to its expendable endowment. To manage the new circumstances, the Trustees have str¢ngthened the organisation in terms of internal functions and are furtherniore Considering broadening thc grdni making programme to areas not directly related io the principal objects mentioned above. Appotntment of Corporate Trustee On 6 March 2025 the Foundation's trustee strnctwe w&$ changed. By i deed of retirement and appoinlmenl. the Trustees retired and a corporate trustec. KJCF Trustees. w&$ appoirjted In their place. All of the existing Triistees At that time were appointed gs Directors of KJCF Trust•#s. together ivith A n¢w DJre¢tor. Htl£n Wathins. KJCF Trustees. a company limited by guarantee under the laws of England and Wales, was fonncd on 9 tlecember 2024. Its rncmbcrs are Rose Marie Jativa Karlsson and Erland Karlsson. KJCF Trnsiees w&8 fomied for the purpose of acting a5 a trustee of. and administering. the Foundation. In order thal KJCF Trustees be able to exercise the full range of trustee powers. including in relation to land. and to give full dis¢harge to the retiring Tru5tces of the Foundation. it sought trust corporation status pursuanl lo section 3 ofthe Law of Propcrty (Amendment) Act 19?6 priot to being appointed. KJCF Trustees applied to the Lord Chancellor for trust corporation status and that applKcation was approved on 26 February 2025. All refer￿¢¢$ to"Tru5tees" herein includ¢ KJCF TT￿ttres as 501e Truslee where the meaning allows. Structure, Governance and Management The governing document of the Foundation is its Trust Deed. which provides that the power of apwinling new Trnstees is vesled in the Founder whve the Founder's powers are held by the Settlor until such time Trustees, annual report (continued) For the year ended 31 December 2024 as another person or persons are apwinted pursuant to the power contained in ihe Trust Deed. Trustees and the Directors of KJCF Trustees are selected for the contribution to the balance of experience they bring. Any new Trust¢e or Director will be given induction and trBining providing him or her with a surnmary of how thc Foundation operates and copies of Tel¢vant documenlalion. He or she will also be directed to the resources available on the Charity Commission websit¢ for ￿levant guidelines. The Trustees who held Offi￿ during the financial period and up to the datr of this report were: Mgrtin Andersson (retired 6 March 2025) Jeremy Arnold (r¢tired 6 March 20?5) Rose Marie Jativa Karls50n (retired 6 March 2025) Erland Karlsson (retird 6 Ma￿h 2025) KJCF Truslees (appointed 6 March 2025) All of the Trustees and the Directors of KJCF Trustees give iheir time freely and no trus￿ or director remuneration was paid during th¢ year. The Th￿1¢¢5 may delcgate from time to time such of their powers of management and adminislration to one or more of thetr number or other persons as appropriate. The Trustees have adopted a L7r8nt Making Policy* delai15 of which are given on pagc 16. Grants are approved by the Trustees in a Trustees meeting (soingforward. ameeting ofthe Board of Directors of KJCF Trustees) or by written resolution. Th¢ Trustees have, in ￿￿Ordance with the GTant Making Policy, delegated authority to Iwo oftheir numb¢rto take grant- funding decisions within spe¢Afied limits between Trustees meetings. All grants mAde under this delegated authority are reported to and considered by the TTusiees at the following Trustees meeting. The delegated authority has b¢en replicated by KJCF Trustees and going forward, Ih¢se reports will be made lo the Board of Directors of KJCF Trustees. To assist the Trustees in considerin8 proposals and identifying appropriate pwlners in latin Am¢ric4 the Trustees estlblished a Latin American Advisory Board ('IAAB") for ih¢ Foundation. Th¢ LAAB curTently consists of a number of the Foundation's Trust¢es and external individuals who have served as Trustees of the Latin American Children's Trust (-LACV), a register¢d charity lo which ihe Foundation has previously made 8T#nt<, hut which was wnund lip on .11 May 20?3. The LAAB is constituted solely as an advisory lJo¢Jy to ihe Trusiees, it has no delegaied authority to take any decisions on behalf of ihe TTU￿¢eS ond its role is limited to advice 4nd recommendations to the Trustees. To assistthe Trustees in identifying appropriale partner5 ￿ work with in the musiG sector and in considering proposals, th¢ Trustees established a Signatur Advisory Btmrd (the 'SAB') for the Foundation. The SAB consisls of members appointed based upon iheir expertise 8nd experience of charitable Projects in the music sector. The SAB is solely an advi50ry kndy, and its role is limited to advicc and rccommendations to the Trustees. The SAB does not operate under any delegated authority fmm the Thistecs and &ll de¢isions regarding grants remain solely with the Trustees. The Ttustees havc by board resolution appointed a Finance Committee consisting of members with financial and professional s¢rvtccs backg￿Und to assist them in maintaining an investmcnt pN)gramrnc ¢onsislent with the Invesiment Policy Statement (see page 18). The specific remit of the Finance C.omrnitlec is to d¢velop the investment slrdtcgy. review potential invcstment managers and monitor ongoing perforniance. The Finance Committee assisted by th¢ Foundation's Finance Director is responsible for day-to-day monitoring of and int¢raction with the investment managers and reviewingthe overall portfolio perfornianc¢ and it report5 back to the Trustees on a regular basis. The delegation of investment management authority to Goldman Sachs International of th¢ overall investment portfolio was in place ￿tween September 2017 and December 2023. Changes to the Goldman Trustees, annual report (continued) For tho year ended 31 December 2024 Sachs International mandate, the aw8Td of a separate inveslment mandate to Brown Advisory and additional investments are noted further in the Financial Review Section on patse 17. The Foundation had four employees during the year ended 31 December 2024 and the average headcount was four (2023: three). Principal Risks and Uncertainti The Trustees have examined the major risks faccd by the Foundation. including administrative. investment relaied, regulatory, conflict of interest. financial controls and other issues. Systems are place to regularly monitor and control these risks and to mitiRate any impact they may hav¢ on the Foundation. The main mark.et risk to the Foundation comes from fixed asset investments. The risk lies in the combination of uncertain investmeni markets and volatility in yield. The Foundation manages these investment risk5 by retaining expert advisoTS and operdting an inveslment policy that provides for a high degree of diversification of holdings within investment classes. Credit risk on cash balances is mitigated by holding cash at mainstr¢am financial institutions with strong credit ratinJo and in high grnde money market funds. The Trustees consider the following risk factors for each proposed investment as well as the impact of a particular investhient selection on the overall portfolio risk return profile: a) market risk: equity - beta of inv¢stsnent to equity markcls, volatility. drawdown risk b) market risk: rdtes - sensitivity of investment to moves in interest rates c) market risk: credit- sensitivity of investment to moves in credit spreads d) Capital risk: counterparty risk. default risk or risk of total investment failure e) concentration risk: overexposure to particular sector or investment type currency risk: with respect to uniniended currency exposures g) liquidiry risk: considered both in nom)al and stressed market circumstances In ordeT to manage the risk profile of the portfolio and its constituent part¥ the Trusiees have developed a heat map that is monitor¢d on an ongoing basis. Financial markets far¢ several uncertainties in particular with respect to the macro-econoTnic impact of uncertain trade policies and various sources of geo-political risks. The Trustees antTcipate an elevated level ot volatility An light of these uncertain inve5tm¢nt ¢onditions. however, believe that the adopted Investment Policy seTves to mitigale these risks. Public Benefit The Trustees have had due regard io the Charity Commission guidance on public benefit when exerci5iT]g any powers or duties to which the guidance is relevant. Each grdnt is made in furtherance of a charitable pury)ose that offers an idenlifiable bencfit to th¢ publi¢ in general or a sufficient section of the public. and ar¢y private benefit thai may accrue lo any person or en¢iry as a result of a grant is incidental. The Trustees will consider whether any hami or detriment could arise from any grant and not make the grant if any such harm or detriment could outweitrh the public benefit. They consider that the detsil in this report al)out the Foundaiion's grants and its purpose5 suffjciently identifies the benefit and beneficiaries of the Foundation. grants. in such a way as to demonstrate the Foundation's benefit to the wider public. Trustees, annual report (continued) For the year ended 31 Dec•mber 2024 Objeetives The Foundation's Objects refer expressly to (a) music in the United Kingdom. Sweden and other countries across Europe. and Ib) poverty, heahh and education in Latin America. These areas have been the predominani focus of the FoLmdation's grant making since its fomiation. however the Thistees are actively onsidering broadening the scope of the Foundation's target areas considering its expanded resources. Slgnatur ProgrAmme With r¢5pect to Object (a) Teferred to in the previous paragraph, the Trustees have adopted the following Mission Statement.. "Together with likeniindedpartners we aim lo create aforcefor an Improved society with the help of the nifying power of music. We ivan¢ Its open doors 10 the ivurld of music for everyone, focwing on opporthnilies to Ihose M,ko might nol oihenvise have ihe chance to acrivelip engage in, or hL7ve access 10 high qualint nii¢sic and music educaiion. We seek io acl as a counlerbalanGe to the trends in societyj towar -viipérficialih> umd inlnlerop7c¢. hiiilding nn the innate pntential ol'mtssic and musicianship lo uNif¥ people across ag8T cultures. The Foundation seeks to support organisations and projects that aim, directly OT indirectly, to provide access to broad qualitative music education and/or improve the opportunities for the public to enjoy high quality music. Through this work it 5¢eks to create conditions for cultural integration through music. In addition to music. the Foundation can also 5UPPOrt oiher closely related fornls of p¢rforn]ing arts such as dance, ballet or theatre. In the United Kingdom, the Foundation PTiOTltises grant making for exclusively charitable purpose5 10 organisations that align at their core with OUT Mission Statement. i.e., those that have likeminded aims embedded in their "DNA" These may be music ￿hOOlS, ¢onservatories, orchestras, choir5 or other musi establishments, as well as other registered chariiies operating in the field with similar objects. Grants will generally not be made to organisations or activities that do not align at their core with our Missioj) Ststement. In Sweden. the Foundation has supported the establishment of a charitable foundation with charitable objects which align with those of the Foundation as set out further under 'Activities, Achievements and Future Plans, below. The Foundatton identifies all the projects it supports in the field of music, whether in the UK or Sweden. as Signatur Programme projects using ihe Signatur logo. The intellectual property righis in the logo are registered to the Foundation and licensed to Signatur Foundation Sweden: F￿atur Slgnaturis the umbrella nome for KICF'S workfor the t7dvoncement of the art of mvslc LA￿ Pro%rAmme With respect to Object (b) the Trustees focu5 grdnt making to UK-registered charities that support WO￿ in Latin America, in particular in the countries of Ecuador. Colombiffj Bolivia, Peru and Venezuela. Projects Trustees. annual report (continued) For the year ended 31 December 2024 are selected on the basis that they are specific with well-defined budgets, implementation plans and targets, and are in accordance with the objectives of the Foundation. There is an emphasis on projects that are likely to have a long-lasting impact in tenns of improving circumstances for children and their families and include a large element of local community involvement. Priority is given to projecis that have the potential to srale their impact through advo¢a¢y or otherwise. The specific objectives the Trustees set for this financial year were to identify, evaluate, selecl and conduct follow-up of suitable projects worthy of support from the Foundation consistent with its aims. The Foundation identifies all the projecis it supports in the field of poverty. health and &Jucation in Latin America ￿ LACT Progrdmme projects using its logo.. LA £ LACT Programme Aetivities. AehievemÈnts Future PIAns SWTqtur Slgngtur Programme UK Nineteen grants totalling £751,927 (2023.. fifteen granis totalling £599,945) were made in the field of music under the umbrella of the Signatur Programrne in the United Kingdom during the year.. Aurora Oreheslra: The Signatur Programme continued to support Aurora Orchestra's 'Music for All, which aims to provide transforniative music education in schools through Aurora Classroom and a series of live (•rehèxtral performaneek for schools and f4mili•s. ChildrpTh At ko>. stgso on¢ two f4nd ¢hrldr¢n in SEND s¢ttings learn through music across all areas of the curriculum at school. The programme provides flexible and inspiring practical resources for reachers to deliver quality Inusic education in the classroorn, with particular supwrt for non-music specialisls. Awards for Young Musicians (Young Sounds UK working name): The Signatur Programme ¢ontinued to support "Conne¢t" which helps young people from the earliest stage in their musical journey. The programme is specifically designed to help young people from low-income families sustain their musical leaming after initial state-funded whole-¢13ss lessons end. so they can keep on progressing and playing music well into their teens and beyond. The progTamme offers individually tsilored music focused support for at le&8t two years and includes instrumental tuition and ternily get togethers and mentoring. Bradford Culture Company (Charity behind Brndford Cfity of Culture 2025): The Signatur Progrdmme supported a series of music programmes centred on community engagement and creating opportuniiies. The Bradford Progress in partnership with Paraorchestra Tecruited 400 amateur local musicians lo perforni alongside up to l 00 professional musicians in a two-day travelling rnusical extravaganza. Sing? Dance, Leap: Opera North, Northern Ballet and the Royal Opera House work alongside gras5 roots organisations to engage with young p¢ople who have lacked opp)rtunities to participate in singing and dancing. Bassline fL Trustees, annual report (continued) For the year endgd 31 Decomber 2024 Symphony will enable young people from underserved areas to take a first step into the world of music working with local Bassline artists to create music and enjoy live music perforniances. Diocese of Westmlnsler: The Signatur Progrnmme continued its 5UPPOrt of music therapy at Caritas Bakhita House. a refuge for women who have escaped modern slavery and human tratyicking. Music therapy has been part of the Caritas Bakhita House (CBH) service offer since January 2020. A skilled and experienced Music Therapist facilitates weekly IheTapeulic sessions for guests in Small groups and one-to- one sesstons. Liverpool FC Foundatlon: The Signatur Programme continued its 5UPPOrt of "Sound Minds" a meT]tal health improvement programme that aims io rea¢h young people from disadvantsged communities through the enoagement ability of ihe Liverpool FC Foundation. Participants live5 are enhanced through the synergy of football and music. Th¢ programm¢ fuses mental healih workshop5, physical activity, and music to dev¢lop the participants coping skills and resilience and aims to Use music therapy to improve mood and Cognitive function. London Music Fund: The Signatur Programme continued to support the charity's partnership programme initiative. London Music Fund's"Partnership Programme'- suppons music servlces io develop new projecLs with professional arts organisations. specifically aimed at enablin8young musicians and aspiring musicians, in particular those from low-income families, to learn from and perform aloT)gside professional musician enabling exciting and Creative collaborations for thousands of young musicians. L•ndon Sinfonletta: As a new parner, the Signatur Programme supported "Cornposition Challeng¢5" a prograrnme which aims to ignite the creativlty and imagination of children through inspiring them to compose rnusic. Alongside a series of workshops with schoolchildren, and perfomianrE opportunities with the London Sinfonietta, the prograrnme seeks to address the lack of composition tuition in schools by providing a suite of learning resources that develop the capacity and confidence of teachers to deliver the Subject with their pupi15 beyond the programrne. Musle Masters: The Signatur Programme continued support of "Musicians of Change PGCEi", now in sts $xxth yeor of dolivgry,. This one-)p*gr inten¢tve gector 1è2ditto programme fnr mLiSie edueatnrq aims tn upskill the UK'5 music education workforce, modelling excellence for inclusive rnusic education. Musicians of Change aims to open avenues for nurturing and diversifying the workforce, making it more reflective of school communities nationwide. Musie of Life: The Signatur Programrne continued support of Music of Life's "Choirs in Special Needs Schoo15" programme which delivers weekly choral training in special needs schools in Cambridge, Warwickshire and Birniingham catering for children with complex mental, physical, learning, and emotional needs, mainly from very disadvantaged backgrounds. Music of Life's community-based music aims to transform the lives of children with disabilities ihrough r¢gular engagement, working with ¢hildren ov¢r several years to build incremenial impacts and support them with enhmced vital skills as they become adults. ORA Slngers Young Composers? Scheme: The Signatur ProgTamme continued to support OIL4 SiDg¢rs "Young Composers" The scheme aims to nurture and develop a new generation of choral composers. providing world class ¢oaching in choral compositlOD for young people from state schools across the UK. Students receive l-l mentoring with a professional composer. online and in-person workshops. and opportunities to workshop their ideas with ORA Singers to develop new choral compositlOn5. At the end of th¢ scheme th¢ youns composers, pieces were perfonmed and recorded hy the OPA Singers at the Three Choirs Festival, held in 2024 in Worcester Cathedral. Trustees, annual report (continued) For the year ended 31 December 2024 Royal Aeademy of Music: The Foundation coniinued to support the Royal A￿demY'S "Junior Academy Musical Theatre" course now in its fourth year. The programme is designed to widen access to the Royal Academy of Music. Auditions are held at local schools to ensure thal tsl¢nted young people who are ently under-represented in the Academy are given the opportunity to join the prograrnme. Young people are provided with high-quality musical theatre training on a weekly basls, including learning and performing theatrical repertoire. industy visits and panel days, and regular perfomiances at Royal Academy annual events with other Royal Academy Students. Royal Birmlnghgm Conserv4tolre: The Signatur Programme continued support of RBC'S -LEAP Programme", which aims to increase and improve access ro socially driven rnusi¢ activities foryoungpeople and families from disadvantaged backgrounds across Birmingham and the West Midland5. Activities are delivered in partnership with schools: mvsic hubs and community organisations and the programme reaches out to young people with musi¢al aspirations, aiming to build social aT]d emotional resilience and enable access to quality conservaioire music education. Royjl Liverpool Philharmonic Soeiety: The Signatur Programme initiated support of the Liverpool Philhannonic to expand the provision of its long-temi orchestral music-making PTogramme"In Harniony" increasing the effectiveness, reach and impact for young people in North Liverpool. A network of In Hannony Youih Hubs provide young people with access to a musical community and safe spac¢ to practice and hone their instrument gkills. eregte new mugie and dis¢over music industry ¢gr¢ers. A talent development programme complements the youth hubs, providinu activittes within and beyond the Philharnjonic 10 support young people's musical and emotional development. Royal Northern College of Musle: The Signatur Programme started a new partnership with RNCM this year. supporting their "Young Artists Programme" Young Artists is the RNCM'S first learning and participation initiative to focus exclusively on popular music and aims to provide a high quality environrnent for young people under-18 to develop key industry (and soft) skills, from ensemble skills to stagecrdft and more. The Programme offers young people the opportunity to write, record and perforni music in fully equippd, pry)fessional settings led bv indusny experts and RNCM students. Royal Opera House: In a new partnership this year. the Signatur Programme supported ROH'S "Sing, Dance, Leap" project. This project is delivered in Bradford and will create an original perfomance piece that ¢elebrates young people'5 hop¢5, dreams and their vision for the future. P¢rfomied by the young people, this large-scale piece will torni the cenlrepiece of Bradford City of Culture 2025. Royal Opera House, Opera North and Northen Ballet come together in an exciting partnership offering schools and children a unique chance to channel their ambitions through song and dance into the hearts and minds of Bradford and far beyond. Southbattk Centre: The Signatur Programme contiT]ued to support the Southbank Centre's youth singing programme for children and young people. The programme provides inspiring and accessible OpWr￿n1t]es to experience the transforniative benefits of singing and seeks to embed meaningful musical participation into the lives of children and young peopl¢, Th¢ programme works in partnership with local music services to develop a comprehensive offer lo secondary school students, including d¢livering in-school sessions whi¢h respond to feedback from leach¢rs on the difficulty in finding time to support singing within schools. incorporatiT]g singing as a regular part of their music lessons. Sound Conne¢tlons: The Signatur Programme began support of Sound Connections WIRED UP" programme. The programme is centred on collaborating with young people and supports a diverse community of young creative5 through training. bursaries, mentoring and paid work experience. Young people are given performance opporniniti¢s (produced by and for young people), real world experiences both on end off slage. and support to build their networks through an annual conference that brings together 10 Trustees, annual report (continued) For the year ended 31 Decembor 2024 music academics, practitioners, young people. and the music industy to di8cuss topical issues affecting young people who want to build creative careers. The Benedetti Foundgtion: The Signatur Programme began support of The Benedetti Foundation's'youth Ambassador Programm¢" The Programme offers young people aged 15-18 frorn across the UK the opportunity to work with both perfonnaDce and musi¢ education experts and gain an insight into a variety of arts careers. equipping them with the vitsl knowledge and skills to advance their career opportunilies. Young people from Scotland, England. Wales and Northern Ireland receive mentoring from experienced ambassadors. attend a serie5 of online workshops and masterclasses, and attend in-person networking events that feature speakers from across the musi¢ industy. The Musi¢ Works: The Foundation continued to SUPI)ort "The Drop" in Gloucester, an open access programme giving young people OPPOTtunities to get started and prO￿eSS skills in a whole range of music activities including learning an instrument. Fo￿1ng a band. singing, rapping* beat-boxing, music technology, DJing> perforniing, broadcasting, recording, and putting on events. The Drop offers a safe place where young people can be crealive with others and make music in a way that help5 them thrive both reativ¢ly and within their lives, For more infomiation on the work of the Foundation in the field of music in the United Kingdom, please visit WWW.5iunatur.or uk. Signatur Programme Sweden Four grdrfs totallints £602,031 (2023: three grants totalling £566,723) were made in the field of music under the umbrella of the SignatUT Programrne in Sweden during the year. Grants totslling £567,718 were made to Signatyr Foundation Sweden which in ha5 awarded fifteen grant5 detailed below. In ordeT io reach beneficiaries in Sweden and the Nordic region most effectively. the Trustees concluded this was best achieved by providing the funding to a Swedish charity, that in turn would be able to distribuie sramts tsnd implwnont proj¢¢ts lootsll>'. In April 201 g, 4'Si81114tiir IngL4mlin8RRtTfielxe ffir mu%ikfrxniiAnde" (transl. "SignatUT- Fundraising Foundation for Advancement of Music". hereinafter referred to as"Signatur Foundation Sweden") was entered into the foundation register of the Sto¢k"holm County Administrative Board. Signatur Foundation Sweden has an independent board of directors responsible for its strdtegy and governance and the Foundation has provided grant funding to the charity to be applied for its operations in carying out projects whi¢h are exclusively charitable under the laws of England and Wales. Signatur Foundation SiY¢den has the main public benefit pury￿se of promoting, solely or exclusively, a vibrant Swedish and Nordic music life by providing acc¢ss to broad qualitative music education and improving the opportunities for the public to enjoy high quality music. In particular, It intends to promote efforts to broaden the base for Swedish and Nordic music life and to further create the conditions for cultural integration through music. Tn addiiion to music. Signatur Foundation Sweden can also sUPPOrt other elosely related fornis of perforning arts such a5 dance, ballet or thealer. The object costs of Signatur Foundation Sweden wer¢ around £525,000 in 2024 funding fifteen grants {?023: around £480,000 funding ten grants): ALMA: Sionotur Foundation Sweden has supported the production of "Granslandet a Symphoni¢ Festival" since 2018 and contributed io the 2024 ftstival edition (awarded in 2023). With a strong commitment to raking classical music io new places and reaching a wider audience, pianist David Huang and conductor Christian KaTlgeTh founded "Granslandel - a Symphonic Festival," It the Tradgarden venue in Stockholm. In collaboration with some of the best musicians and perfomers of our time. they have created unique musical experiences for people of all ages, regardless of baCk￿oUnd and prevtous musical fl Trustees, annual report (continued) For the year ended 31 DeGember 2024 experience. With pop culture references and contemporary artistic expressions in a setting where younger audiences feel at home. they show visitors that classical music is for everyone. Chronolopia- this or¥anisation brings local historic events to life through newly written high quality classical music. Signatur Foundation Sweden supported"The Deer Park a collaborative project between Chronotopii one of Sweden's leading choirs, Oiand Historical Society and secondary school students. The newly cornmissioned choral drama addresses the historical oppression of the Common people of Oiand and how this affccted the islanders, relationthip with the state authorities. Clrkus Cirkor.. the ¢ircu$ founded in 1995 and is the largest circus company in the Nordic region, Its activities include performances worldwide, a circus high school, courses and educational activities for all ages. Signatur Foundation Sweden supported a pilot version of the "After School Circus" project in four schoo15 with the aim of contributing to integration, increased security and togetheTness as well a5 strengthening the children'5 self-esteem and ability to Collabora￿ in meaningful leisure time. Pupils at the selected schools receive Cirrus iTaining once a ii'eeL plus access lo holiday courses. Den Andra Operan ('DAO')'. Signatur Foundalion Sweden continued to support "UnboxiTJg Female Opera", an innovative project that aims to create a new forniai for opera and its audience. Through a unique combination of concerts, workshops and seminars with musicians. DAO invites new audiences into rhe world of opera while allowin£ unheard works by female composers to regain their place in the opera repertoire. The project Is bued on in-depth music research and is conducted in close cooperation with musicologists, researchers, perforniers and nationallint¢mational experts with the aim of processing and testing the previously unheard repertoire. Dream Orehestra (5DO'): Signatur Foundation Sweden continued to support the orchestra in its new project"Dream Orch¢5tra Learning Centre" which aims lo develop a multi-faceted learning profile to meet the n¢¢ds of a growing and culturally diverse student population. With the support of teachers. the young DO leaders will learn to lead vocal or full orchestral rehearsals in a holistic way, and help students develop their socio-emotional skills. The leaders will a150 cultivate and exchange iTnportant personal, musical, pedagogical, and didactic skills and the learning experience will be documented in an end of proj¢¢t publication. Droltningholm Palace Theatve.. STgnatur Foundation Sweden continued ils support (awarded in 20?3) of new chlldTen's productlon for primary school pupils aged 6- IV years entitled "Wild Stornis ot" the Heart A la Baroque". The project invites primary school children, particularly from di5advantsged areas to aD in-depth cultural experience with history and music in a unique peri(Kl setting. Folkoperan: Signatur Foundation Sweden began support of the "Folkoperan Talent Programme" which aims to ideniify emerging singer5, musi¢ians and conductors in the opera genre and to SUPPOrt and develop their skills to give them a better chance of entering the labour market. The programme is unique in that it is aimed at anists from primary schools to university graduates from all over the Nordic region. Folkttgtern Gavleborg: Signatur Foundation Sweden began supporting Folkteatern Gavlel)org, in collabordtion with Scen:se, to develop their work. Ihrough th¢ "Accessible Perforniing Arts in Collaboration" programme ￿'1th Oily Cart Theatre, aimed at children and young people with complex disabilities. A new perfomance will be created in three formats., l ) 'at home, using ta¢tile objects and digital maierial. 2) th¢alr¢ perforniance on tollr for special needs schools, 3) art insTallation 11] galleries and museums for all visitors. A centre of ex¢ellence is planned to collaborate witE] association5 nationally and internationally to promote perforniing arts for people with special needs. 12 Trustees, annual report (continued) For the year ended 31 December 2024 FryshMse¢: Signatur Foundation Sweden coTJtinued its 5UPPOrt of the "Empower Production" pn)gramme which aims to enable more young girls and non-binary people from socio-economically disadvantaged ar¢as to create and produce music and gain aecess to a career in music production. IMPRA.. Signatur Foundation Sweden began support of the "IMPRA Jam and Networking Events" progrdmtne which aims to empower jazz and improvisation musicians who identify womenltransgenderlnon-biTJary and targets schools and institutions whi¢h train future musicians. The project offers jam sessions. networking even￿ workshops. lectures and concerts to CTeale a more inclusive Swedish Ja￿ scene. Jarna Festival Academy: Signatur Foundation Sweden continued its support of the 'Runnints with Beethoven" programme (awarded in 2023) which combines culture and public health. A symphony orchestra of international music students plays Beethoven's Fifth Symphony during a 5 km race for runners of all ages. The musicians perform from the concert hall and speakers along the neighbouring running track simultaneously broadcast th¢ music live. KVAST: Signaknr Foundation Sweden began support of "ELNA- Equality Library for Nordic Art Music" programme which aims to create an online datsbase of works by female and non-binary composers from the Nordic countries in the Western classical rnusic genr¢. The datsbase will be promoted inteTDationally to concert OTganiser5, venues and musicians and will help mak¢ it suitable for teaching and for young and amateur musicians. Linnaeus University,. Using surplus funds granted in 2023, Signatur Foundation Sweden continued its support for the "MaL"e Music Matter., programme aimed at primary and secondary school students, and which offers qu&lity music education and development through teacher-led lessons and digital services. In 2024, support was extended towards activities a¢ major events, such as Jarvaveckan, Folk and Culture, and also son8writing and vocal workshops, Man Musl Sing ('MMS'}.. MMS commissions, produces and perfornis new norni-creative socially Televant opera sung in Swedish to reach audiences unfamiliar with thegenre, Signatur Foundation Sweden 5UPPOrted the new 40 minute Chumbcr OP¢Ta "I've nev*r felt thi$ way about ¥rtyone and it's M()t Aomething l 4ay tn everyone" aimed at upper secondary school students. Musethlca Siveden: Sig7Jatur Foundation Sweden continued its support of the "Musethica" programme which aims to spread high-qualiry classical music throughout society by performing live chamber music concerts for marginalised groups and groups at risk of exclusion, for example in settings such a5 hospitals, psychiatric institutions. prisons, integration centre4 nursing hornes and activity rentres for people with disabilities. Its training programme offers talented young musicians the opportunity to play live concerts a5 an integral part of their training and helps to combat social exclusions and isolalion in society. Royal Academy of Music (UTOM).. Signatur Foundation Sweden continued to support the Unga Tankar om Musik (UTOM'S) music innovation programme with the project "Play for Change" The focus 15 to reach the local music Scene arjd business community in Norrbotten to gather experience and inspire new ways of working in the region's Social transition. The programme culrninates in a tsvo-day event in collaboration with Children, young people, local musicians, progressive entrepreneurs and polittcions at all levels, For more infomiation on the work of Signatur Foundation SwedeD, please visit www.si nalur.se 13 Trustees, annual report (continued) For tho year ended 31 December 2024 Ordinarily, grants for Swedish musi¢ charities are funded by Signatur Foundaiion Sweden. However, the Foundation made & grant directly to one Swedish non-profit organisation during the financial year: RBU SkaDe: "Adapted music sessions for children wilh disabilitie5" is a programme designed to provide music productions for children with special Deeds in collaknration with Musik" i Syd. Existing productions aTe reworked to meet ihe needs of the children, and the musicians will be coached by a musi¢ therapis¢ to adapi theirperfonnance. The process will be documented in a training manual that can be used by producers and musicians throughout the county. The ultimate goal is to stage an opera production adapted for the target group. fLI LA LACT Programme LACT Programme In earlier financial years, grants in the field of poverry, health and education tn Latin America were extended to the Latin Amcriwi Childrcn's Tru31 ('LACT'), a cliariiy ￿¥1￿¢(red in Ciigland and Wales. whos¢ charitable objects aligned with the Foundation's. LACT supported charitable projects in the Andean region since 2004 with long standing r¢lation5hips with key charitable organisations operating in the ￿810n. The legal structure of how the LACT Programme is delivered changed in 2023 with the dissolution of the Latin American Children's Thist. The PTograrnme continues to be delivered without change of strategic direction by the Foundation. Prior to dissolution LACT used its remaining funds, substantially originating from funding in prior years from the Foundation. in support of the following partner programmes which continued to be implemented during the year.. Children Cbange Colombia: "Youth reiniegration into so¢iety". a community-b&8ed, narrative approach towards mental health" The LACT Programme began supporting this initiative in 2022 which targets children and young people fornierly associated wiih anned gTOUPS in Colombia and provide5 psychosocial 8UPPOrt and life skills-buildinE to help them reintegrate snciety and reduce the ri%k nf rettirning to pattern_q of violence, dNg addiciion and crime. The followino local partners of Children Change Colombia are implementingthe programmc in th¢ Tegion: CRAN (Centro pard el Reintegro y Atencion del Nifio) and TDJ (Tiernpo de Juego). Save the Children: "Safer Childhoods for a brighter future in Colornbio" The LACT Programme has been supporting Save the Children's protection work in Colombia since 2000. The cuTrent programrne aim5 to coniribute to improving the protection and welfare situation of children. adolescents and their families in communities affe¢red by violence and aTmed conflict in Tumaco. Colombia. It will equip children and adoles¢en¢s with Improv￿ Knowledge and capacities to develop prevention practices towards r¢¢ruithient in anned conflict contexts and sexual violence. It will also enable parents. Ca￿8]verS and com]nunity members to estsblish effective mechanisms for active prevention of profrction risk5 for childrerb and adolescent5. The Foundation made ten grants tolalling £711,887 (2023: four grants totalling £340,485) directly to the following LACT Programme partners: CAFOD; "The Andes Programme" The LACT Programme has been supporting CAFOD'S work" to improve the liv¢s of some ofihe most marginalised families, children and communitie5 affected by poverty, 14 Trustees, annual report (continued) For the year ended 31 December 2024 violence, environmental degradation and conflict in the Andean countries since 2005. The current phase continues to support vulnerable urban, Tural and indigenous communities in Bolivi4 Colombia and Peru, protecting the rights of children, communities and the environment, strengthening resilience to impacts from climate change and promoting more harnionious relationships with each oth¢r and the environment. The following local partners of CAFOD are implementing the programme in the region: Warnii Huasi, DESCO {Centro de Estudios y Promocion de DesaTrollo), CIDAP (Centro de Investiga¢iOn, Documentacion y Asesorla Poblacional), PDPMM (Programa de Desarrollo y Paz del Magdalena Medio), IIADI (Insti￿t0 de Investigacion y ArKiOn para el Desarrollo Integral) and CENDA (Centro de Comunicacion y Desarrollo Andino). Children Change Colombia: "Preventing sexual and gender-based violence in Bogota, Ba￿AquIlIa, Sanla Marta and Cartagena in Colombia" Since 2018, The LA￿r Programm¢ has been supportiTJg Children Change Colombia's efforts to defend the rights of some of the rnost at-risk children in the county, ensuriT]g they can grow up in safety, free from violence, e.¥ploitation, and poverty. The current programme focuses OD empowering children and young people at risk of Sexual and gender-based violence in Bogota, Barranquilla, Santa Marta, and Cartagena. Through this initiative. childTen. young people, and their communities will build the knowl¢d2e and skills needed to prevent violence and ¢reate protective environments. Th¢ followiT¢g local partner of Childr¢n Change Colornbia is irnplcmenting the prograrnme in the region: ACJ (Asociacion Crisfiana de Jovenes). Danièlle Children's Fund: "Community project for the prevention of violence against children 8nd adolescents in Ecuador". Since 2005, Danièlle Children's Fund (DCF) has worked in Ecuador to strengthen childcare legislation and implement child protection Programmes. The LACT Programme began support of the Community Project for the Prevention of Violence Against Children and Adolescent5 in Pifo, a ihree- year initiative launched in January 2024. The programrne was cfrcreated with over 100 community m¢mbers, including children, adolesttnts, local leaders, professionals, and organisations. It aims to prevent the nornlalisation of violence in families, schoo15, and the broader community. Through this initiative, DCF promotes preventive and alternative care within local communities. Lumos: "Transforn)ing systems of care and protection in Colombia" This work has been part ofthe LACT Programrne sin¢¢ 2V2U and th¢ nexT phase alms to achleve sysiemlc by Innuriiiln¥ publiG polici¥s underpinning care reforni. Lumos partners with Michin Fundacion to strengthen family and community- based services to prevent children from being placed in institutions, and to supw)rt the safe reintegration of children with their families. Lumos also works with the Colombian government throu￿} the Colombian Family Welfare Institytion (ICBF) to develop a S￿tegY of family reintegrntion and scaling back residential care. Plan International UK: "Promoting the healih and rights of young people in Manabi, Ecuadof.. Plan's work to improve adolescent sexual health education and rights in Ecuador has been part of the LACT PrograTnme since 2016. This next phase of the programme aims to reduce early and forced mwriage4 unwanted and unintended adolescent pregnancy and gender-based violence in fourteen rural communities in the province of Manabi. The project's strntegy centres around the creation of youth clubs tobring together young women and m¢n to learn about their sexual and reproductive health and rights, address harmful practices and other fonns of gender-based violence, share their experiences and mobilise to advocate for their rights. Plan International UK: 'Building for the future with young women in Bolivia" Since 2021, the LAcr Pro8raTnme has supported pl￿ International's efforts to empower young indigenous women in the Bolivian highlands. 'll)e Cu￿ent Ihree-year phase focuses on promoTln¥ Ihe so¢ial and ￿On0n11¢ empowenncnt of indigenous adolescents and young women in Belanzos. The pr￿raMme strengthens entrepreneurial and fwninist leadership skills while challenging eultural and social nornis that limii their opportunities. By 15 Trustees, annual report (continued) For the year ended 31 December 2024 enhancing technical and entrepreneurial capabilities, it aims to expand access to economir opportunities. Participanls are equipped ivith the tools needed to launch and susta5n their own business ventures. Sense Internatlonal: "Improving inclusive education: promoting the rights of people with deaft)lindness and multiple disabilities in Peru and Ecuador" The LACT ProgTamme has been supporting Sense International's efforts to strengthen inclusive education in underserved regions of Peru since 2015. The programm¢ f￿￿SeS on enhancing the skills of proftssionals in both special and mainstr¢arn eduration settings. Sense International Peru works closely with the Ministy of Education and r¢gion&l authorities to remove bwTiers to education for children with dealblindness and multiple disabilities. Recently, they signed an agreement with Fundacion Herniano Miguel, which will serve a5 the local partner for project implementation in Ecuador. Te*¢h for All Network: "Providing support io Ensefia POT Colombia. Ensefia Ecuador, Ensefia por Bolivia and the Teach for All global organisation's partner support" The LACT Programme is providing support to Teach for All's mission lo expand educational opportunities for Children in the Latin America region. The core programme includes recruiting and supporting young local graduates who will spend at least two years teaching in marginalised communities. In addition to local knowledge sharin& the contribution to public policy discussions helps the development of effective teaching and learning over the wider region's education ecosystem, World Vision: 'Youth Green: Ensuring sustainable futures for young people in Ecuador". Since 201 O, the LACT Programme has been SUPPOning World Vision's workto help the niost vulnerable children overcome povety in the Andes. The current programme focuse5 on empowering Ecuadorian youth in the Napo region by promoting sustainable economic inclusion and environmental management. The initiative aims to enhanc¢ psychoso¢ial well-being, develop entrepreneurial Skills, at)d increase youth participation in sustainable business actTVlties. By equipping young people with the tools to build economic Tesilience and environmental awareness. the programrne fost¢rs long-terni opportunities for growth and sustainability within their communities. GrnDt Maklng Process Each programme is managed by a dedicated Prograrnme Manager who, with the 5UPPOrt of the respective Advisory Board. repons 10 the Trustees. The ProErwnme Managers. together with ihe Foundation Administrator, serve as the main contacts for partner organisations. In addition to handling the grant cycles, a key function of theirs is to be active participants in respective sectors and to create network effects among partner organisaiions. The Foundation 15 not operating a scheduled application proce55, rather searches for new partnerships through its various contact points in resp¢thive sectors. Grants are made and moDltored in accordance with the Grani Making Policy and other procedures adopted by the Trustees. Projects are selected on the basis that they are specific with well-defined budgets, implementation plans and targets, with emphasis on wojects that are likely to have a long-lasting impact and that are in accordance with the objective5 of the Foundation. The Trustees may attach conditions lo granÉs made by them. These will vary depending on the individual circumstances and the Tecipient, wilh the intention that they are sufficlent in each case to satisfy the Trusttts that the funds will be applied for the purpose5 for which they were given. Onward grants made by Signatur Foundation Sweden are made in accordance with its grant making procedure5 which contain similar provisions to those of the Foundation. Th¢ Truste¢s will identify the project to be ￿nded by the grant or identify that the grani is expendable for the grantee's general charitable purposes. They will also r4uire acknowledgement of the grant and seek evidence from grantee organisations that they have in place satisfactory safeguarding policies consistent with the Foundation's own Safeguarding Policy. Trustees, annual report (continued) For the year ended 31 December 2024 Financial Review Incoming ￿SoUrceS of the Foundation comprised donations, investrneTJt and interest income. The Foundation Te¢¢ived substsntial contribution5 in thc fonn of expendable endowment in 2017. 2018, 2023 and 2024. The grants provide that the Trustees shall apply the income derived from the expendable endowment to such purposes within its charitable objects as they may determine and may. attheir discretion, decide that all OT any part of it may ￿ expended on such pU￿oses. However, despite the fact that the whole of the expendable endowment may be expended by the Trnstees. it was the original donor'5 wish that it be invested to produce income on a long-temi basi5 for charitable expenditure for the public benefit. The Foundation's resources and capabilities have evolved since 115 forniation including recrnitment of a Finance team comprising the Finance Director and, in early 2025. a Finance Manager. In the financial year the Foundation Teceived a significant grant increasing investable assets by approxTrnately 176h. This evolution has necessitsted a continued focus on the investrnent strategy of the Foundation. Following the fomiation of the Foundation. the Thistees appointed a single investment manager to manaoe the investment portfolio of the expendable endowmenl, Goldman Sachs International. With the receipt of additional ￿ndS in 2023, the Trustees considered it prndent to engage a broader set of investment managers and ￿ndS in order to diversify operational and market risks and also to enable a moTe elyicient control of investment management ¢xpenses related to specific asset class mandate5. At the ¢Dd of 2023. the Goldman Sachs mandate was restructured into separate equity and fixed income mandafrs. In addition to the discretionary mandates awarded, direct fund investments were made in absolute Telurn (Lexcor Feeder Fund in March 2024) and private credit (Apollo Debi Solutions BDC in May 2024) strategies custodied with SEI Investment (Europe) Limited, The significani further addition in 2024 to the expendabl¢ endowment was received towards the end of the year and was initially allocated to the Goldman Sachs rnandates and to cash and money market funds. Subsequently funds were also added to the Brown Advisory mandate. Further commitments to investrnent funds are anticipated during 2025. The Trustees have reviewed the perforn)ance of the investment portfolio and noted it achieved a return of 6.50/0 in 2024 (time weighted return) vs the annual observation of 6.80/0 of the Investment Objective (see Investment Policy section below for definition: IOO/o in 2023 vs 11.80/0). The returns of each external mJndaie and dlrccily Invesi¥d ThJn(J ar¢ iilf4thur¢d againsL srpaialkly Jp¢rifi¥d b¢nchmarkJ by rclevont ossct class. How ihe reported ￿urn of the investment portfolio translates into inve5trnent income for the period needs to be looked at, kecping in mind that the addition received into the expendable endowment occurred late in the year. At year end. assets were invested in global equity (39 /v) and fixcd income markets {270/0), cash and money Tnarkets (25 /0) as well as altrrnative aDd other investments (9Q/o), with assets held in US dollars (690/0). British pounds (280/0) and euros (3 /). Total incorne for the year totalled £1 01.493.537 (2023= £31.435,102) and total expcnditure foT the year totalled £2,733282 (2023.. £1.925.698) of which £2,481.158 (2023: £1.765,467) was expenditure on charitable activities. The Foundation's funds increased to £162,494.984 a5 ￿ 31 December 2024 from £59.718,765 as at 31 December 2023. which comprises the net incorne before gains and losses of £98,760255 (2023: £29.509.404) together with the net gain on investments of £1.948,229 (202)- £2.291.792) and foreign exchange gain of £2.067,735 (2023- loss of £1.497,038). Reserves Policy In adopting its Reser¥es Policy. the Trustees have considered the level of unrestricted in¢ome likely to arise trom the expendable endowment and th¢lrpower io convert inve5ttnenis held in the expcndabl¢ endowmcnt fund, if necessary. into income. 17 fL Trustees, annual report (continued) For the year ended 31 December 2024 They have also considered their grant-making intentions and obligalions and the impact on grantee organisaiions if any funding obligations w¢r¢ not to be met. For specific grdnts expected to materialise in the immediate future (within the n¢xt three monlhs), the Tru5t¢es may ¢hoose to designate a part of the unrestricted fijnds to cover those amounts as designated funds. They have reviewed the Foundation's operaiing costs and the risks to which the Foundation is exposed, particularly with ￿gard to its investment portfolio. Taking these factors Trnto account, it is the Trustees, policy to retain, out of the Foundation's unTestricled income, £250,000 in reserves which is deemed suificient for inimediate outlays (other Ihan those with respect to designated fund& if any). As at 31 December 2024, the Foundation has unrestricted funds of £1,685,521 {2023: £1,406.149) and the designated funds were £837.594 (2023: £741,800). Consequently. th¢ r¢serves a5 at 31 December 2024 amounted to £847,927 (2023: £664,349). Investment Policy The Investh]ent Policy Statement is cu￿tlY under review to reflect the additions offundsto the expendable endowment. The amounts mentioned below will likely be increased by a factor of four. In other regards, the policy is not envisaged to change in any material respect. The ultimate investment objective of the Foundation 15 to enable it to fund charitable projects in the UK and elsewhere, where the real funding value is maintained ihrough time. Thangulatints the current annual grant budgel (£2m), size of expendable endowment {£58m) and anticipated investmeni income (£2m), it is appropriate for the Trustees to have a long-tenn investhient horizon. This allows the Trustees to consider investments. such as private equity, with in excess of ten years duration. However, it is an ambition of the Twstees that over time the annual grant budget will increase in real tenns. making it prudent for the majority of the portfolio to be managed to a short¢r lime hortzon of five years. The TTUStee5 have adopted a long-terni portfolio return objective of inflation + 3 % (the "Investment Objective-), measured in equal proportions of US and UK inflation indicators and for reporting pU￿oseS expressed in GBP. The Trustees aim to achieve their Investment Objective by reviewing, selecting and ongoing evaluating a range of discretionary investment managers and investment funds in line with the delern)ined asset allocation. The selection is conducted asset class by asset class. The Trustees, asstst¢d by the Finance Committee will detemiine the appropriate asset allocation from time to time dq)ending on rnarket c1￿uMS1ancCS &nd short. mid and long-ternl need5 Wlth the ultimatc obj¢ctive of enhancing the Foundation's ability to fulfil its objecls. The Truslees are mindful of the fact ihat beneficiaries are lo¢ated across many countries and the real Value ot. grdnts from the Foundation will be subject to currency fluctuations. With the ultirnate beneficiaries expected io be based in Sweden. Ihe Uk and in Latin America and considering the eost effectiveDess. liquidity. considerdtioDs and investrnent practicalities for investing in Swedish krona or various Latin American Currencies. and in particular the lOng-ter￿ hori£on ofthe endowment fund's Tnv¢stment portfolTO. the Trustees consider it reasonable to maintain exposure to a diversified broad global cu￿encY mix without a dclailed ambition tr) match currency exposure of the current set of beneficiary programrnes. Individual mandates or investments are denominated and measured against a defined base currency (GBP. USD or EUR). The Trustees monitor the overall currency mix on aTJ ov¢rall portfolio basTS. As at the year end. all investments and money Market fund5 are h¢ld in custody by GoldmaT] Sachs International or SEI Investments {Europe) Limited. 18 Trustees, annual report (continued) For the year ended 31 December 2024 Statement as to disclosure of infornialion to Audilors In so far as the Trustees are aware: There is no relevant audit inforniation of which the Foundation's auditor is unaware. and The Trustees have taken all steps that they ought to have taken to make themselves aware of any levant audit infoTmation and to eslablish that the auditor 15 awate of ihat infonnation. Auditors Rawlinson & Hunter Audit LLP offers itself for reappointment as auditor in accordance with the Charities Act2011. For and on bebalf of the Trustees Erland Karlsson. Trustee 2025 19 fl Trustees, responsibilities statement For the yaar anded 31 December 2023 The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law, the Lharities Act 2011 and M,here relevant. Ihe Charities Act 2022 and the Statement of Recornmended Praclice: Accounting and Reporting by Charities preparing their accounts in accordance with the FinancFal Reporting Siandard applicable in the UK and Republic of Ireland (FRS102) issued in October ?019. The law applicable To charities in England and Wales requires ihe Trustee5 to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation at the ¢nd of the year and of its incoming resources and application of resources during that year, In preparing the financial siatements, the Trustees should follow best practice and are required to: Select suitable a¢¢ounting policies and then apply them consistently; Observe the methods and principles in the Charities SORP 2019 (FRS 102): Make judgements and estimates that are reasonable and pnmlent" State whether applicable UK Accounting Standards have been followed, subject lo any material departures disclo&ed and explained in the financial ststements; and Prepare the financial statements on the going concern basis. unless it is inappropriate to presume the Foundation will continue in operdtion. The Tnjstees are responsible for keeping proper accounting records which disclose with reasonable accuracy ai any time the financial posilion of th¢ Foundation and whi¢h enable them to ensure that ihe financial sthtements Comply with the Charities Act 2011 and where relevant, the Charities Act 2022 and the provisions of the Trust Deed. The Trustees are responsible for safeguarding the assets of the Foundation and hence for taking reasonable sfrps for the prev¢ntioTJ and detection of fraud and other irregularities. 20 "rr• Independent auditor's report to the Trustees of Tho Karlsson Jatlva Charltable Foundation Opinlon We have audited the financial statements of The Karlsson Jativa Charitable Foundation {"the Foundation") for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement Cash Flows and the related llotes I to 14. The financial reporting framework that has been applied in their prepardtion 15 applicable law and United Kinodom Accounting Standards (United KiTJgdom Generally Accepted Accounting Practice). includin¢p FRS 102 "Thc Financial ReportiTJg st8ndaNI applicable in the UK and Republic of Ireland". In our opinion th¢ financial ststements= give a true and fair view of the state of the Foundation's affairs as at 31 December 2024 and of its incoming resources and application of resou￿¢5, for th¢ year then ¢nded. have been properly prepared in accoTdance with United Kingdom Generally Accepted Accounting Prdctice: and have been PTep8red in accordance wilh the r¢quirements of the Charities Act 2011, and where relevanl the Charities Act 2022, Basis for opinion We conducted OUT audit in accordance with International Standards on Audiiing (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 below. We are independent of the Foundation in ￿COrdanCe with the ethical requirements thai are relevant to our audit of the financial stalements in the UK including the FRC'S Ethical Standard, and we have fulfilled our other dhieal responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suificient and appropriate to provide a basis tor our opinion. Conclusions relating to going concern In audiling the financial statements. we have concluded that the Trustees, use of ibe going concern basis of accounting in ih¢ prepardtion of the financial statements is appropriale. Based on lh¢ work w¢ have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collecliv¢lyJ may cast Significant doubt on the 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. 21 Independent auditorfs report (continued) to the TYustee8 of The Karlsson Jatlva Charitable Foundation Other information The other infomalion ¢ompTises the information included in tht Report and Accounts set out on pages 4 to 19 and the Trnstees, responsibilities slatement on page 20. The Trustees are responsible for the other infornlation contained within the TTU5tees' annual report and fjnancial statements. Our opinion on the financial statements does not cover the other inforniation and we do not express any fonn of assurance conclusion thereon. In conn¢ction with our audit of the fmancial slatements. our responsibility is to read the other inforn)ation and, in doing so, consider whether the other inforniation is malerially inconsistent with the financial statements, or our knowledge obtained in ihe audit or otherwise appears to be materially misslated. If we identify such material inconsistencies or apparent material misstatemeT)ts, we are required to detem]ine whether there is a material misstateinenl in the financial statements or a mateTial misstatement of the other infonnation. If. based on the work we have perfomied. we conclude that there 15 a material misstaieTnent of the other information, we are required to report that fact. We have nothing to report in this regard. Mattern on which we are required to report by exception We have nothing to report in respect of the following matters where the Chanties ('Ac¢ounls and Reports) Regulations 2008 require us to report to you if. in our opinion: the infomarion given in the Trustees, Annual Report is inconsistent in any material Tespect with the financial statem¢nts' or sutyicient accounting records have not ken kept. or the financial statements are not in agreement with the accounting records and retUrn5' or we have not received all the inforniation and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Trustees, responsibilities statement set out on page 20 ihe Trustee5 are responsible for the preparation of the financial statements and for being satisfied that ihey give a true and fair view. and for such internal control &s thc Tiustccs detennine is necessary to enable the preparation of financial statements that are free from material misstatemenL whether due to fraud or e￿or. In preparing the financial statements. the TrU￿te$ are responsible for assessing the FouTtd2tTon's ability to ontinue as a goin(T concern. disclosing. fts applicable. matters related to going COT]¢em and using the going oneern basis of accounting unless management either intends to liquidate the Foundation or to cease operations, or has no realistic alternative but to do so. 22 Independent auditor's report (continued) to the TTUSte•s of The Karls80n Jativa Charltablp Foundatlon Auditor's responsibilities for Ihe gudit of Ihe finaneial statements We have been appointed as auditor under sedion 144 of the Charities Act 201 l and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonabl¢ assurance aknut whdher the financial statcments are free from material mi5slatement. whether due to fraud or error. and io issue an auditor's report that includes our opinion. Reasonable a5SUTanee 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 eTror and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken based on these financial Statements. Irregularities, including fraud, are instance5 of no￿￿0MplianCe with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irr¢gularitlP5, inGludins fraud. Our assessment of the susceptibility of the entity's financial statement to material misstalement, including how ￿ud might occur, is considered to be low. This conclusion was r￿h¢d for the reasons outlined below., due to the relatively simple bustness model and low volurne of transactions within the Trust, there are comparatively few unexpected flu¢tuations in the reported results and balances and any such unexpe¢red items would be specifically enquired into by us; and there are a number of individuals who comprise "managernent" and therefore, ther¢ is no single individual who is likely to be able to override controls to effect a fraud. We ascertained the most significant legislation was the Charities Act 201 l and where relevant the Charities Act 2022. money laundering legislation, health and safety and employment law. The extent of compliance with these laws and regulations was as￿$s¢a as pan of our procedures on ih¢ fillanLlal siai¢in¢nl items by: enquiry uf management to understand where there was susceptibility to fraud and whether they have the knowledge of any actual suspected or illegal fraud. enquiry of MI￿age11]ent to identify any instances of non-compliance with la3vs and regulations" and consideration of the controls that the Trust ha5 established to addre55 risk.s identtfie4 or that otherwise prevent, deter and delect fraul and how managemellt monitors those controls. We designed our audit procedures to re￿i)0￿d to idenlified audil risks, includinu non-compliance wilh laws and regulations (ittcgularities) that aye material to the financial ststements. Some of the specific procedures perfornied to detect irregularities, includiT]g fraud, are detsiled below: th¢ review of ¢ontrol accounls and journal entries for large. unusual or unauthorised entries. the analytical review of the detailed statement of financial activities for varianc¢s thai are either unexpe¢l¢d or considered not io be in accordance with our underst8nding of the Trust activities during the year; obtaining and reviewlng for complei¢ness a lis1 ufrniiiies alld per50ns constd¢rrd to b¢ r¢latcd parti¢s (&s defined by Financial Reporting Siandard 102) and reviewing the ledgers of the Thist for previously unr¢Nyrted related party transactions; and 23 Independent auditor's report (continued) to the Trustees of The Karlsson Jativa Charitsble Foundation Teview of transactions and journals for any indication of frdud, managemenl override or bias. Because of the inherent limiialions of an audit, there is a risk that we will not detect all irregularities, in¢luding those leading to a material misstatement in the financial statements or non-compliance M'iih regulation. This risk increases the more that Conipliance 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 iT]Stances of non-conipliance. The risk is a150 greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresenlation. A further description of our responsibilities for the audit ot the financial statements is located on the Finan¢tal Reporting Council's website at https://www.fr¢.org.uklauditOTsresponsibilities. This description fornis part of our auditor's report. Use of our report This report is made solely lo the Trnstees, as a b)dy. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008, Our audit work has been undertaken so thal we might state to the Trustees those matters we are required io slate to them in an auditors, report and for no other purpose. To the fullest exienr penniited by law. we do not accept OT assume responsibility to anyone other than ihe Foundation and stees as a body, for our audit work. for this report, or for ihe opinions we have fornied. L 4_k- VL Rawlinson & HunierAudit LLP, Siatutory Auditor London Date: 2025 RawlinsoTJ & Hunter Audit LLP is eligible to acl as an audilor in ternis of section 1212 of the Companies Act 2006 24 Statement of financial activities For the yoar ended 31 December 2024 Unreslricted fi4nds Eypendable endowmenl ?0?4 Tolal fund 2023 Tolal funds Noles Donations Investment income Intere51 on cash and money market funds Tot&1 incon 6,645 .726.169 98,725,122 98,731.767 ,726,169 29,590.409 760,829 ,035.601 2,768,415 1.035 601 101,493,537 1.083.864 31.435,102 98,725,122 Eypendilures Cosls ofr4usingfunds.- Investment management f¢e 19,196 232,928 252.124 160,231 Elpendithres on charilable activili￿.. Signatur Programme LACT Programme Research ToltTI ￿pendIture 1.643,419 837,739 1.643.419 837,739 ,290.657 368,038 106.772 1.925,698 2,500,354 232,928 2,733,282 Jvet Inconw before gains and losses 268,061 98.492,194 98,760,255 29,509,404 Net gains on revaluation of investments Iva Incomefor Iheyeqr 1.948.229 100,440.42J 1.948.229 100,708.4114 2.291792 31.1301.196 268,061 Trnnsfer behveenfvAds Foreign exchange gainslOoss¢s) Nel nwvepllenl infuKds 2.056.424 102.496.847 2.067.735 102.776219 1.497,038 30.304.158 279,372 Fund bdlanees brnught forwopd Fund balHn¢es Carried forward .406.149 58.312.616 59.718.765 29.414.607 ,685.521 160.809.463 162.494 984 59718765 All income and expenditure derive from Continuing activities. The statement of financial activities includes all gains and losses recognised in the year. The notes I to 14 on pages 28 to 38 forni an integral part of these ftnancial statements. 25 Statement of financial position For the year ended 31 December 2024 20?3 Noles Fiiedassets Tangible fixed assets Investments 9.067 120,367.628 120,376.695 1.878 23,892.975 23,894,853 Currenl assets Debtors Cash and money market funds 819.527 41.478,317 42,297,844 40).889 35.534,570 35,938,459 Llobilili Creditors- amounts falling due within one year 179.555 114 547) Nd currenl a&¥el 42.118.289 35,823.91? Nel assets 162,494 984 59.718.765 Represenling: Thefunds ofihe churity Expendable endowment Unrestricied income fund 160,809,463 1.685,521 58,312,616 ,406 149 Tolal chaTityJunds 10 162 494,984 59 718.765 The Financial Statements on pages 25 to 38 were approved and authorised for issue by the Trustees at the Trustees meeting on 9 July 2025 and were signed on behalf of the Trustees by: Erland Karlsson. Trustee The notes on pages ?8 to 38 forn) an integral part of these financial statements. 26 fL Statement of cash flows For the year ended 31 December 2024 ?094 2023 Cashjlowsfrom operaling acftw'lies Net movement in funds Adjuslmenlsfor.. Interest and dividend income from investments Interest from cash and money market funds Gains on investment5 Foreign exchange (gains)Ilosses Depreciation of tsngible fixed assets Increase in debtors Increase in creditors 102,776219 30.304.158 (1,726,169) (1,035,601) (1.948.229) (2,067,735) 2,189 (415,638) 65,008 (760.829) {1.083.S64} (2.291,792) 1.497.038 (369,800) 51,840 Cash zenéroted In operailng a¢llvl¢les 95,650 044 27.346,752 CoshflowsfTOm Invesling acllvilies Inl¢rest and dividend income from investments Interest from cash and money market funds Purchase of tangible fixed assets Purchase of investments pr￿eedS from sale of investments 1,726.169 1.035,601 (9,378) {108,643.472) 14,117,048 760,829 1,083,864 (1,878) (33.323,144) 40,359,142 Cash (used)/genernledfrom invesling u¢llw"lies 91.774 032 8,878,812 ?.876.n12 -36.225 56d Cash and cash equiiwlenl al the beginning of theyear 35.534.570 806,044 Change in cash and cash equivalent due to exchange rate movements 2.067.735 (1.497.038) Cush and cus11 eqmlvalent al the end tlieyear 41.478 317 35 534,570 Analysls of cash and crfsh equlvaleftis Money market funds Cash in brokerage accounts Cash at bank 40,055,946 1.381,878 40.493 29,933.319 5.398,679 202,572 Tolol cosh and cash equlvolenls 41478.317 35.534,570 The notes on pages 28 to J8 fom an integral part of thes¢ financial statements. 27 Notes to the financial statements For the year ended 31 December 2024 Accounting policies The principal accounting policie5 adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: a) Basls of preparation and assessment of golng concern The financial statenients have been prepared on a going ¢onc¢rn basis under the historical cost conventiOTJ with items recognised at C051 or transaction value unless oiherwise Stated in the relevant nole(s) to these rinancial statements. The financial statements have been prepared in accordance with the Charities Act 201 I, and where relevant the Charities Act 2022, and with ihe Statemeni of Recommended Practice.. Accounting and Reporting by Charities preparing their a¢counts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019. The Karlsson Jativa Charitable Foundation ('*he Foundation") meets the definition of a public ben¢fit entity under FRS 102. The Trustees consider that ihere are TJO material uncertainties surrounding the Foundation's ability to continue &$ a going con¢ern. As noted in the Trusiees, annual report. the target of the Foundation is to have reserves of £250.000. As at 31 December 2024 the unrestricled funds of the Foundation were £1.685,521 (2023: £1,406,149) and the designated funds were £837.594 {2023: £741,800). Consequently, the reserves as at 31 De¢ember 2024 amounted to £847,927 {2023: £664,349) which is in excess of ihe target, and hence the Trustees consider the going basis to remain appropriate. With respect to the T)ext reporting period, the most significant area of uno¢rtainty that affects the reserves of the Foundation is the perforniance of investment markets which will delennine the carrying value of the investments held by th¢ Foundation. The significance of r￿ed asset inVes￿ents to the ongoing financial sustainability of the Fow)dation is considered in the financial review. principal risks and iDvestmeni policy sections of the Trustees, annual report. b) Income r8cognitron All income is recognised in ihe Siatement of Financial Aetivitieq when the Fniindation 1.4 legally entitled to the income. it is probable that the income will be r￿e1ved, and the amount of income can be quantified with reasonable accuracy. Income from donations is included ivhen any conditions for receipt have been met and there is reasonable assurance of receipt which is usually when the Foundation has control over the income. Investment income is included when receivable and the amount can be measured reliably which is usualty upon notification to the Foundation from the inveslment manager. cl Expondlture rgcognillon Liabilities are recognised as expenditure as soon as ther¢ is a legal or constructiv¢ obligation committing the Foundation to that expenditure. it is probable ihal settlement will be required, and the amount of the obligation can be measured reliably. All exp¢ndilure is accounted for on an accTuals basis. All eX￿n￿. including grants provided in support of the objects of the Fouttdation, overhead expenses and governance costs, are allocat¢d or apportioned to applicable expenditure headings. Refer to note {d} below for more infonnaiion on this attribution. 28 Notes to the financial statements (continued) For the year ended 31 December 2024 Accounting policies (continued) c) Expenditure recognltlon Icontlnued Grants provided in support of the objects of the Foundation are paymenis made to institutions which are partner organisations of th¢ Foundation. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grnnt and the Trustees have agreed to pay the grant without condition, OT the recipient has a reKsonable expectation that they will receive a grant and any condition attaching to the grant is outside the control of the Foundation. Overhead expenses relate to the fees char.oeabl¢ by the investment managers. Governance costs comprise all costs involving the public accountability of the Foundation and its ompliance with regulation and good practice. These costs include costs Telaled to staff, rent, administration, statutory audit and l¢gal fees. d) Allocatlon and apportlonment of expenses Overhead expenses have been allocated to Costs of raising funds. Grants provided in support of the objects ofthe Foundation have been allocated to expendithre on charitable activities. Charitable activities comprise the projects operated by the partt)er organi5alions of the Foundation and are ¢at¢g0ri5ed by activiry, a5 detailed in not¢ 4. Governan¢e costs have been apportioned over the appropriate categories, a5 detailed in no* 4. on the basis of the number of individual grdnt aivards made in recognition that the administrative costs of assessing, awarding and monitoring each grant is bToadly equivalent. e) Irr•coverable VAT lryecoverable VAT is charged as a cost aJo inst the activity for which th¢ expenditure was incurred, fi Charltabl¢ activiti•2 Costs of ¢haritable activities include grants provided in support of the objects of the Foundation and ¢yovemance costs. The allocation to aclivity of grants paid and the apportionment between aclivitiL8 of governance costs incurred is d¢iailed in note 4. g) Flnancial instruments Investments are initially recognised at their transaction value and subscqueT]tly measured ai fair value as at the Statejnent of Financial PosilioD date using the closing quoted market price and closing NAV for funds. The Stat¢￿ent of Financial Activities inrlude5 the net gains and losses arising on TevaluatiOT) and disposals throughout the financtal y¢aT. The Foundation does not acquire derivatives or other complei financial instruments. Cash at bank and in hand is held to meet short-terni cash commitments as they fall due rather thaTJ for investment purposes and includes all cash equivalents held in the fon of short-tenn highly liquid investhients such as high grade daily liquidity money rna￿¢1 funds. 29 fl Notes to the financial statements (continued) Fortha year ended 31 December 2024 Accounting policies (continued) h) Investment galns and losses All gains and losses are taken to the Staiement of Financial Activities as they arise. Realised gains and105se5 on investments are calculated as ihe difference between Sales proceeds and their opcning carying value or their purchase value if acquired after the first day of the financial year. Unrealised gains and105ses are calculaled as the difference between the fair value at the year end arftd their carrying value. i) Tanglble flxed assets Tangible fixed asset5 are stated at hi510rical cost less accumulated depreciation and any accumulated impairment losses. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the 5traight-line method. Dep￿la110n is provided on the following basis: Computer equipment- 3 years straight line ikasehold improvements- over tem of lease J) Provislons Provisions for grant payment5 to partner organisalions of the Foundation are made when the intention to make a grant has been communicated to the parmer organisation but there is uncertainty about either the timing of the grdnt orthe amount of grant payable. No provisions are made for future conditional instalm¢nts of mulii-year grants where the payment of such instalment remains at the discretion of the Truslees. k> Opernting leases Rentals paid under operating leases are charged io the statement of comprehensive income and Tetained eamings on a straight line b&sis over ihe lease tem. The value of any rent free periods are amortised over the life of the lease. l) Key judgements and estlmates In applying the Foundation's accounting policies, the Trustees may be required to make judgements and estimates that could impact the amounts reported for assets dnd liabilities as at the Statement of Financial Position date and the amounts reponed for revenues and expenses during the financial year. Thc Trusiees. estimales are based on the evidence available al the time. including historical experience and other factor5 that are considered to be applicable. Due to the inherenl subjectivity involved in making such estimates. the actual results and oulcomes may differ. Estimates are reviewed on an on-going basis and revisions to accounting estimates are recognised in the financial yeaT in which the estimate is revÉsed. Th¢ Trustees are not aware of any significant sources of estimation uncertainty in the preparation of the financial statements. Donations Income from donations totsll¢d £98,731.767 (2023- £?9,590,409), of which £6.645 (202i.' £13,720) was unrestricted and £98.725,122 (20?3: £29.576,689) was restricted a5 an expendable endowment. 30 Notes to the financial statements (continued) For the year ended 31 Decemb•r 2024 3. Investment income 2024 2023 Listed investments,. Dividends - Non UK equitlCS Dividends- Other Investment5 Interest- UK fixed interest securities 317,097 405,482 358,430 317,402 140,642 76,396 226,389 Interest- Non UK fixed interest securities 645,160 1,726,169 760,829 4. Analysis of expenditure on charitable activities The Foundation Lmdertook no direct charitabl¢ activities but awarded support grants lo several institutions in furtherance of its charitable activlties. The support grants are analysed below between the three categories of activity logether with the allocation of governance Costs incurred by the Foundation. Support Grants to Institution5 Allocation of Govcrnance C051S Total Expenditure Total Expenditure 2023 2024 Cbaritable activity Signatur Programme I.ACT Programme Research ,353.958 711.187 289.461 125.852 1,643,419 837.739 1,290,657 368,038 106,772 1,765.467 2,065.845 415.313 2,481,158 2024 2023 Support gr4nts by country Signatur Programm¢ Sweden United Kingdom 602,OJ I 751,927 1,353,958 566,723 599.945 1,166,668 31 fl Notes to the financial statements (continued) For the year ended 31 December 2024 4. Analysis of expenditure on charitable activities (continued) 2024 2023 Support grants by counlrv LACT Programme Bolivia Colombia Ecuador Peru Venezuela 194,359 182,144 189,260 146,124 23,333 88,334 116,539 112,279 340,485 711,887 For the LACT Programme, breakdo￿1 by county relates to place of implementation. all giant8 wcie paid to charitics registered in the Unitcd Kingdom with the exception of one dunalion of £15,912 to Danielle Children's Fund, a cbarity registered in the NethGrlands. 2024 2023 Support grants by country Research United Kingdom 99,884 99,884 2024 2023 Support grants by institution Signatur Programme Aurora Orchestra Awards for Young Musiri¢lliS (Young Sounds UK worling nanze) 50.000 50,000 50,000 50,000 Rirn]ingharn ConservatQlTe Bradford Culture Comp¢iny Diocese of Westminster LivcTpooI FC Founddtion London Music London Sinfonietta Music Masters Music of Life Noah's Ark Children's Hospice ORA Choir RBU Skane Royal Academy of Music 76,617 50,000 27,062 75.000 60,QOO 20,000 50,000 20,000 73,408 26,289 75,000 82,000 50,000 20,000 50,000 20,000 24,629 25,000 10,000 34.313 25,000 32 Notes to the financial statements (continued) For the year ended 31 December 2024 4. Analysis of expenditure on charitable activities (continued) 2024 2023 Support grants by institution Signatur Programme Royal Liverpool PhilhdTmonic Society Royal Northern Colleg¢ of Music Royal Op¢ra House Royal Swedish Opera Signatur Foundation Sweden Sound Connections Southbank C¢ntre The Benedetti Foundation The Music Works 50,000 20,000 30,000 39,609 502,485 567,718 20,000 50,000 40,000 28,248 1,353,958 50,000 28,248 1,166,668 LACT Programme CAFOD Children Change Columbia DaDiellL" Children's Fund Lumos Plan International Save the Children Sense Intcrnational Teach for All Network World Vision 198.090 65,000 15,912 75,000 163.581 75,000 93,206 112,279 64,304 60.000 70,000 711,887 60,000 340,485 Research RUSI 99,884 99,884 5. Governance costs 2024 2023 Auditors, remunerdtion comprises audit servics5 Slaff costs wageg and salaries social security CO8ts pension costs 13,200 9,300 122,349 12,386 5,136 65.181 6.066 900 33 Notes to the financial statements (continued) For the year ended 31 Dècember 2024 5. Governance costs (continued) 2024 2023 L¢gal and professional fees Office renl Accountancy Taxation services Bank charges and interest Other adminislration IT fees Depreciation 94,870 52,376 13,108 9,076 1,251 48.578 40,794 2,189 415,313 16,314 29,786 7,073 ,200 578 14,173 7,859 158,430 Governance costs have been apportioned to charitable activilies on a pro rata basis in accordance with the number of granls awarded during the year to ¢ach of the charitable activities. In 2024 Ihere was an increase in Governance costs due to The expanded scope of the FoundatiOTJ. The Foundation had four ernployees during the year and the average headcount was four (2023: three). 6. Tangible fixed a858ts Computer equipnient Leasehold improvements Total Cost At l January 2024 Additions At 31 December 2024 1,878 1,836 3,714 1,878 9,378 11.256 7,542 7.542 Depreciation At l January 2024 Additions At 31 December 2024 932 932 1,257 1,257 2,189 2.189 Net book value At J l December 2024 At 31 December 2023 2,782 1.878 6,285 9.067 1.878 Notes to the financial statements (continued) For the year ended 31 December 2024 7. Investments 2024 2023 Movement in fixed asset listed investhients Opening market value Addition5 al cost Disposals ai carrying value Net gains on revaluation Closing market value 23,892.975 108,643.472 (14,117,048) 1.948229 120,367.628 28.637.181 33,323,144 (40,359,142) 2.291.792 23.892.975 2024 2023 Inveslm¢nls at fair value comprised UK equities Non UK equities UK fixed interest securities Non UK fixed interest securitj¢S Other investment 2,146.812 60,834,962 19,958,867 23,405,784 14,021.203 11,474,744 4,513.316 5,249,276 2.655,639 )20,367,628 23.892,975 The Trustees consider that there were no material individual investment holdings that require disclosure. All investments are traded in quoted public markets or held through investrnent funds and catried at their fair value. The basis or fair value for quoted investments is equivalent to the maTI(et value. using the closing price for securities and closingNAV for funds. Investment addilion5 and disposa15 are recognised ai ihe date oftrade at cost. being ihe transaction value. These investhienls are accounted for ai fair value through the Statemenl of Financi&l Acliviti¢s. Debtors 2024 2023 Accrued income Accrued investrn¢nt income Prepayments Other debtors 235,978 159,656 3.855 4,400 40i,889 794.571 12,216 12,740 819.527 35 Notes to the financial statements (continued) For the year ended 31 December 2024 9. Creditors: amounts falling due withln one year 2024 2023 Accrued audit, lax and ￿cOUntIng fres Accrued investment management fees Accrued charitable donations Other Creditors 15.000 86,918 12,300 37,588 60,000 4,659 14,547 77,637 179,555 There are no liabilities falling due after moTe than one year. 10. Analysis of charitable funds Tangiblc assets N¢t ¢urrcnt assets Investments Total 2024 Total 2023 Expendable endowment nd Uftrestricled income fund 120,367.628 40.441,835 160.809.463 58,312,616 9.067 9.067 1,676,454 42,118.289 1,685.521 162.494.984 1,406,149 59,718,765 120.J67,628 Tho unrcJtriG*cd funds of tlic fou￿a0110￿ up ftsllows at 31 DL-¥¥iiibL-I. ?024- 2024 2023 Genet71 thnds Designated funds Signatur Programme Designai¢d funds LACT Programme 847.927 584.351 253,243 664,349 460,000 281,800 1.685.521 .406,149 The designated funds were designated for the paying of specific grants expected to materialise within the first three months of ihe next financial period provided the projects fvlfil their criteria lo qualify, at the Truste¢s' complete discretion. As such th¢ funds were designated but no liability was recognised with regards io these future payments. Notes to the financial statements (continued) For the year end•d 31 Decomber 2024 11. Financial Instruments 2024 2023 Financial assets measured at fair value through income or expenditure comprise investments Financial assels measured at amortised cosl comprise accrnd income, other debtors, cash and cash equivalent 120,i67,628 23.892,975 42,285,628 35,934.604 162 653.256 59,827 579 Financial liabilities measured at amortised cos1 comprise acmials and other creditors 179555 (114,547 l+YC'Viii¢, tt¥peiise uiid gains uiid iiiclt4ding changes in]air valiie. Gains on financial assets measured at fair value through income or expenditure Dividend income from financial assets measured ai fair value through income or expenditure Interest income on financial assets measured ai fair value through income or expenditure Interest income on financial assets measured at amortised osl 1,948,229 2.291.791 722.579 458,044 .003,590 302,785 1,035 601 4,709,999 1,083 864 4 136,484 Finaneial risk management The Trustees consider the following risk factors for each proposed investment as well as the impact of a particular investment seleclion on the overall portfolio risk Tetum profile: a) market risk: equiry - beta of investment to equity markets. volatiliry. drawdown Tisk b) market risk- rates - sensitivity of investment to move5 in interest rates c) market risk- credit- sensitivity of investment to moves in credit spreads d) capital risk: counterparty risk, default risk or risk of total investment failure e) Concentration risk: overexposure to particular sector or investmeiit type Cltrrency risk- with respect to unintended currency exposure5 g) liquidity risk: considered both in nomial and stressed market Circumstances In order lo manage the risk profile of the portfolio and its constituent parts, the Trustees have developed a heat map that is monitored on an ongoing basis. Credii risk on cash balances is mitigated by holding cash at mainstream financial institytions with strong credit raiin85 and in high grade money market funds. 37 fi Notes to the financial statements (continued) For the year ended 31 Docember 2024 12. Operating lease commitments During the period, the Foundation entered into a lease for office space on I September 2024 for 24 months. At i l December 2024, the FoundatiOT] had future minirnum rcntals Und￿ non-cancellablc operdting lease5 as set out below: 2024 2023 Minimum rentals payable Within one year Between two and five years 92,352 62,400 154,752 23,760 23,760 13. Related party transactions In the financial year. one of the Trustees paid fees of £6,645 (2023- £13,720) for 0￿]ce adrninistrdtion, professional support, travel and IT costs. for the benefit of the Foundation. The fees will not be reimbursed by the Foundation. Accordingly, this amount has been included within note 2. 14. Post balance sheet event A trust, settled by the Settlor, was terniinated on 3 April 2025 and the entirety of the trust fund was appointed to the Foundation. The Foundation Teceived funds from the trust of $55,894,709 on 3 April 2025. 38