Docuslgn Envelope ID.. 2E296BE7_424A4871.BA17_F8FFOA859002
(CHARITY NUMBER 1169179)
(COMPANY NUMBER: 10039557)
THE INVESTINDUSTRIAL FOUNDATION
AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Prepared in accordance with exemptions under S444 Companies Act 2006
Gravita Audit Oxford LLP
First Floor, Park Central
40-41 Park End Street
Oxford
OX11JD

Docijsign Envelope ID.. 2E2968E7424A4B71-BA17-FBFFOA859002
THE INVESTINDUSTRIAL FOUNDATION
CONTENTS
Page No.
Trustees, Report
Auditors. Report
Statement of Financial Activities
10
Balance Sheet
Statement of cash flows
12
Notes to the Financial Statements
13-17

Docusign Envelope ID.. 2E2968E7424A4B71.BA17_FBFFOAB59002
THE INVESTINDUSTRIAL FOUNDATION
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 MARCH 2025
REFERENCE AND ADMINSTRATIVE DETAILS
Trustees
Mr Emanuele Campanini Bonomi
Mr Oliver Dunn
Mr Rohan Maxwell
Ms Natalie Ramsden
Charity Number
1169179
Company number
10039557
Accountants
Gravita Audit Oxford LLP
First Floor, Park Central
40-41 Park End Street
Oxford
OX1 IJD
Charity Offices
First Floor
One Hooper's Court
London
England
SW3 1AF

Docusign Envelope ID.. 2E296BE7424A4B71-BA17-FBFFOAB59002
THE INVESTINDUSTRIAL FOUNDATION
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED)
The trustees present their report and the audited financial statements of the charity for the year ended 31 March
2025.
History and objectives of the Investlndustrial Foundatlon
The Investindustrial Foundation {'the Foundation-) was established as a Private Limited Company on 3 March
2016. The objectives of the Foundation are the advancement for the benefit of the public of charitable purposes
as the trustees see fit from time to time, in particular, but not limited to, the promotion of..
education,
environmental protection, conservation and improvement; and
the arts, culture, heritage and science.
The Foundation operates in, but is not limited to, England and Wales, Italy, Spain, Switzerland and United States
of America.
Management and governance arrangements
The directors of the company are also trustees of the charity and there are no other trustees.
The trustees, as charity trustees, have control of the Foundation and its property and funds. The Foundation's
Articles of Association provide for a minimum of 3 trustees, and if there were a requirement for new trustees,
these would be identified and appointed by the remaining trustees. A new trustee would receive a copy of the
Articles of Association, and any amendments made to it and a copy of the Charity's latest report and statement
of accounts.
The trustees annually review the risks that the charity faces. When exercising any power in administering or
managing the charity, each of the trustees must use the level of care and skill that is reasonable in the
circumstances, taking into account any special knowledge or experience that he or she has.
Activltles, achlevement and performance of the Foundation for public benefit
In planning activities for the year, the trustees kept in mind the Charity Commission's guidance on public benefit.
For the year ended 31 March 2025, the Foundation has donated the sum of É1,748,092 (2024= É1,822,232) to
registered charities and groups.
These donations have supported an academic pilot methodology for measuring the return on investment of
incorporating sustainability practices into core business strategies and helped with the development of higher
education and the preservation of sites with ecological importance.
Financial Review
During the year the Foundation has received donations of É1,500,00012024: É300,0001. No interest income has
been received and no research and development costs have been incurred.
Net assets at the end of the year are.. £8,589,788 (assets 2024: É8,879,309}.

Docussgn Envelope ID.. 2E296BE7_424A4B71_BA17_FBFFOAB59002
THE INVESTINDUSTRIAL FOUNDATION
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED)
Reserve Pollcy
The trustees aim to maintain positive free reserves in unrestricted funds. The trustees consider that the current
level will provide sufficient funds to cover ongoing support and governance cost5.
Going concern
The trustees assess whether the use of going concern is appropriate i.e. whether there are any material
uncertainties related to events or conditions that may cast significant doubt on the ability of the company to
continue as a going concern. The trustees make this assessment in respect of a period of at least one year from
the date of authorisation for issue of the financial statements and have concluded that the charity has adequate
resources to continue in operational existence for the foreseeable future and there are no material uncertainties
about the charity's ability to continue as a going concern, thus they continue to adopt the going concern basis
of accounting in preparing the financial statements.
Plans for the future
The Foundation will continue to maintain its support for the advancement for the benefit of the public of
charitable purposes as the trustees see fit.
Statement of trustees. responsibilltles
Charity law requires the trustees to prepare financial statements for each financial period which show a true and
fair view of the state of affairs of the Foundation and its financial activities for that period. In preparing those
financial statements, the trustees are required to:
select suitable accounting policies and then apply them consistently,
makejudgements and estimates that are reasonable and prudent,
state whether applicable accounting standards and statements of recommended practice have been
followed, subject to any departures disclosed and explained in the financial statements,. and
prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the
Foundation will continue in operational existence.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at
any time the financial position of the Foundation and to enable them to ensure that the financial statements
comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Foundation and
hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the Trustees are aware:
there is no relevant audit information of which the charitable companls auditors is unaware; and
the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant
audit information and to establish that the auditor is aware of that information.
the Trustees are responsible for the maintenance and integrity of the corporate and financial information
included on the charitable company's website. Legislation in the United Kingdom governing the preparation
and dissemination of financial statements may differ from legislation in other jurisdictions.

Docusign Envelope ID,. 2E296BE7424A4B71_BA17_FBFFOAB59002
THE INVESTINDUSTRIAL FOUNDATION
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED)
Small companies. provislon statement
This report has been prepared in accordance with the special provisions relating to companies subject to the
small companies regime within Part 15 of the Companies Act 2006.
Approved by the trustees and signed on their behalf by:
Emanuele Campanini Bonomi Rohan Maxwell
Oliver Dunn
Natalie Ram5den
Date.. 22 December 2025

Oocusign Envelope ID.. 2E296BE7.424A4B71_BA17_FBFFOA859002
THE INVESTINDUSTRIAL FOUNDATION
Independent Auditors report to the trustee5 of the Investindustrial Foundation
Opinlon
We have audited the financial statements of The Investindustrial Foundation I'the charitable company,) for the
year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement
of Cash Flows and notes to the financial statements, including significant accounting policies. The financial
reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting
Standards, inclLtding FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements..
give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its
incoming resources and application of resources for the year then ended,.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice., and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable
law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit
of the financial statements section of our report. We are independent of the charitable company in accordance
with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the
FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these
requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Conclusions relatlng to going ¢oncern
In auditing the financial statements, we have conclLsded that the trustees, use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to
continue as a going concern for a period of at least 12 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.
Other informatlon
The other information comprises the information included in the annual report, including the trustees, reporL
other than the financial statements and our auditor's report thereon. The trustees are responsible for the other
information contained within the annual report. Our opinion on the financial statements does not cover the other
information and, except to the extent otherwise explicitly stated in our report, we do not express any form of
assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or
otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material
misstatements, we are required to determine whether this gives rise to a material misstatement in the financial
statements themselves. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.

Docusign Enveltspe ID.. 2E296BE7.424A4B71.8A17.FBFFOAB59002
THE INVESTINDUSTRIAL FOUNDATION
Independent Audltors report to the trustees of the Investindustrial Foundatlon
(continued)
Opinlons on other matters prescribed by the Companles Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in the trustees, report, which includes the directors, report prepared for the
purposes of company law, for the financial year for which the financial statements are prepared is
consistent with the financial statements,. and
the directors, report included within the trustees. report has been prepared in accordance with applicable
legal requirements.
Matters on which we are required to report by exceptlon
In the light of the knowledge and understanding of the company and its environment obtained in the course of
the audit, we have not identified material mi5Statements in the directors. report included within the trustees,
report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006
requires us to report to you if, in our opinion:
adequate and proper accounting records have not been kept, or returns adequate for our audit have not
been received from branches not visited by us,. or
the financial statements are not in agreement with the accounting records and returns,. or
certain disclosures of trustees, remuneration specified by law are not made,. or
we have not received all the information and explanations we require for our audit,. or
the trustees were not entitled to prepare the financial statements in accordance with the small companies
regime and take advantage of the small companies, exemptions in preparing the trustees, report and
from the requirement to prepare a strategic report.
Responsibilities of the trustees
As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors of the
charitable company for the purposes of company lawl are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees
determine is necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the company's ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis
of accounting unless the trustees either intend to liquidate the company or to cease operations, or have no
realistic alternative but to do so.
Audltor's responsibilities for the audit of the financlal statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAS (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.

Docusign Envelope ID.. 2E296BE7424A4B71-BA17-FBFFOAB59002
THE INVESTINDUSTRIAL FOUNDATION
Independent Auditors report to the trustees of the Investindustrlal Foundatlon
(continued)
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below..
the engagement partner ensured that the engagement team collectively had the appropriate
competence, capabilities and skills to identify or recognise non-compliance with applicable laws and
regulations,.
we identified the laws and regulations applicable to the charitable company through discussions with
directors and other management, and from our knowledge and experience;
we focused on specific laws and regulations which we considered may have a direct material effect on
the financial statements or the operations of the charitable company.
we assessed the extent of compliance with the laws and regulations identified above through making
enquiries of management and inspecting legal correspondence where applicable., and
identified laws and regulations were communicated within the audit team regularly and the team
remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charitable company's financial statements to material misstatement,
including obta￿nIng an understanding of how fraud might occur, by..
making enquiries of management as to where they considered there was susceptibility to fraud, their
knowledge of actual, suspected and alleged fraud,.
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations- and
To address the risk of fraud through management bias and override of controls, we-
performed analytical procedures to identify any unusual or unexpected relationships.,
tested journal entries to identify unusual transactions,.
assessed whether judgements and assumptions made in determining the accounting estimates were
indicative of potential bias,. and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures
which included, but were not limited to..
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance.,
enquiring of management as to actual and potential litigation and claims;
reviewing relevant correspondence.
There are inherent limitations in our audit procedures described above. The more removed that laws and
regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations
to enquiry ofthe directors and other management and the inspection of regulatory and legal correspondence, if
any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they
may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities.
This description forms part of our auditorfs report.

Docusign Envelope ID.. 2E2968E7424A4B71.BA17_FBFFOAB59002
THE INVESTINDUSTRIAL FOUNDATION
Independent Auditors report to the trustees of the Investindustrial Foundation
(continued)
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part
16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable
company's members those matters we are required to state to them in an auditor's report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
the charitable company and the charitable company's members as a body, for our audit work, for this report, or
for the opinions we have formed.
Robert Kirtland (Senior StatutoryAuditor)
For ond on behalf of Gravita Audit Oxford LLP
First Floor, Park Central
40-4 7 Park End Street
Orford
OXI IJD

Docusign Envelope ID.. 2E2968E7424A4871_BA17.FBFFOAB59002
THE INVESTINDUSTRIAL FOUNDATION
STATEMENT OF FINANCIAL AcfiviTIES
FOR THE YEAR ENDED 31 MARCH 2025
2025
Unrestricted
Funds
2025
Total
Funds
2024
Total
Funds
Note
INCOME FROM
Donations
1,500,000
1,500,000
300,000
TOTAL INCOME
1,500,000
1,500,000
300,000
EXPENDITURE ON
Charitable activities
1,789,521
1,789,521
1,851,508
TOTAL EXPENDITURE
{1,789,5211
(1,789,521)
11,851,508)
Net income
{289,5211
(289,521)
(1,551,508)
Transfers betNeen funds
Net movement in funds
{289,521 }
{289,521)
(1,551,508}
RECONCILIATION OF FUNDS
Total funds brought forward
8,879,309
8,879,309
10,430,817
Totsl funds carried forward
8,589,788
8,589,788
8,879,309
io

Do¢usign Envelope ID.. 2E2968E7424A4B71.BA17_F8FFOAB59002
THE INVESTINDUSTRIAL FOUNDATION
BALANCE SHEET
AT 31 MARCH 2025
(COMPANY NUMBER: 10039557)
2025
2024
Note
CURRENT ASSETS
Debtors (including É4,040,000 due
after more than one year)
Cash at bank and in hand
9,040,000
9,150,000
360,197
9,400,197
535,741
9,685,741
CURRENT LIABILITIES
Amounts falling due within one year 10
1810,409)
(406,432)
NET CURRENT ASSETS
8,589,788
9,279,309
NON-CURRENT LIABILITIES
Amounts falling due after more
than one year
1400,000)
NET ASSETS
8,589,788
8,879,309
CAPITAL AND RESERVES
Unrestricted funds
General funds
8,589,788
8,879,309
TOTAL FUNDS
8,589,788
8,879,309
These financial statements have been prepared in accordance with the special provisions relating to companies
subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements were approved and authorised for issue by the trustees on 22 December 2025.
Emanuele Campanini Bonomi Rohan Maxwell
Oliver Dunn
Natalie Ramsden
li

Docusign Envelope ID.. 2E296BE7424A4B71_BA17.FBFFOA859002
THE INVESTINDUSTRIAL FOUNDATION
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
2025
2024
Note
Cash flows from operating activlties
Net movement in funds
1289,5211
1289,5211
{1,551,508}
11,551,508)
Working capital adjustments
Decrease in debtors
Increase in trade creditors
Net cash flow from operating activities
Net decrease in cash and cash equivalents
110,000
3,977
1175,544)
(175,544)
850,000
667,863
133,6451
133,6451
10,11
Cash and cash equivalents at 1 April
Cash and cash equivalents at 31 Ma rch
535,741
360,197
569,386
535,741
12

Docusign Envelope ID.. 2E296BE7.424A4B71_BA17.FBFFOAB59002
THE INVESTINDUSTRIAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
1 GENERAL INFORMATION
The company is a private company limited by guarantee, incorporated in England.
The address of its registered office is-.
First Floor
One Hooper's Court
London
SW3 1AF
England
2 ACCOUNTING POLICIES
The principal accounting policies adopted in the preparation of the financial statements are set out
below..
Basis of preparation of accounts
The financial statements are prepared under the historical cost convention. the Charities Act
2011 and include the results of the charity's operations which are described in the Trustees,
Report and all of which are continuing.
The financial statements have been prepared in compliance with FRS 102 and the Statement of
Recommended Practice (SORP), Accounting and Reporting by Charities {FRS 102).
The financial statements are presented in Euro {É).
There are no uncertainties about the charity's ability to continue as a going concern.
b)
Donations
Donations to be recognised in the year they are received. The charity will have been notified of
the amounts and the settlement date in writing. If there are conditions attached to the donation
and this requires a level of performance before entitlement can be obtained then income is
deferred until those conditions are fully met or the fulfilment of those conditions is within the
control of the charity and it is probable that they will be fulfilled.
Fund Accounting
Unrestricted funds are general funds that are available for use at the trustees, discretion in
furtherance of the objects of the Charity- Designated funds are those earmarked by the trustees
for use in a particular area or for specific areas. There are no restricted funds therefore no funds
note in the financial statements.
d)
Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings
that aggregate all costs related to the category. Expenditure is recognised where there is a legal
or constructive obligation to make payments to third parties, it is probable that the settlement
will be required and the amount of the obligation can be measured reliably.
13

Docusign Envelope ID.. 2E296BE7424A4871-BA17-FBFFOAB59002
THE INVESTINDUSTRIAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
{CONTINUED)
Grants
Income from government and other grants are recognised at fair value when the charity has
entitlement after any performance conditions have been met, it is probable that the income will
be received and the amount can be measured reliably. If entitlement is not met then these
amount5 are deferred.
Golng Concern
These financial statements have been prepared on a going concern basis. The Trustees are
confident that suff icient funds will be available to enable operations to continue at a sustainable
level for a period of at least 12 months from the approval of the accounts by the Trustees.
CRITICAL ACCOUNTING ESTIfvIATES AND JUDGEMENTS
In the application of the Charity's accounting policies, the Trustees are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily
apparent from other sources. The estimates and associated assumptions are based on historical
experience and other factors that are considered to be relevant. Actual results may differ from these
estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects only
that period, or in the period of the revision and future periods where the revision affects both current
and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on
amounts recognised in the financial statements.
Grant creditors
Grant creditors are judged to have been committed to but not paid by the Trustees. The total of grant
creditors at 31 March 2025 was Enil {2024: Énill.
DONATIONS AND LEGACIES
2025
2024
Donations received
1,500,000
1,500,000
300,000
300,000
14

Docusign Envelope ID.. 2E296BE7-424A4B71_BA17.FBFFOAB59002
THE INVESTINDUSTRIAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
(CONTINUED)
CHARITABLE ACTIVITIES
2025
2024
Grants made in respect of:
Medical support
Sustaina bility Studies
Disability support
Arts & culture support
98,092
300,000
1,250,000
100,000
252,232
600,000
970,000
1,748,092
1,822,232
Governance and support costs
Bank Charges
Audit fee
Professional fees
Foreign exchange loss
423
309
6,518
22,169
280
8,250
32,281
475
41,429
29,276
1,789,521
1,851,508
TRUSTEES
None of the Trustees {or any persons connected with them) received any remuneration or benefits from
the Charity during the year.
EMPLOYEES
The average monthly number of employees during the year was nil12024'. nil).
No employees or directors received any remuneration for their services in the year12024.' none).
15

Docusiun Envelope ID.. 2E296BE7424A4B71_BA17_FBFFOAB59002
THE INVESTINDUSTRIAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
(CONTINUED)
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
2024
Accrued income
5,000,000
5,000,000
5,000,000
5,000,000
DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2025
2024
4,040,000
4,040,000
4,150,000
4,150,000
Accrued income
10
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
202S
2024
Grants payable
Accrued expenses
800,000
10,409
810,409
400,000
6,432
406,432
CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR
2025
2024
Grants payable
400,000
400,000
16

Docusign Envelope ID,. 2E296BE7424A4B71-BA17-FBFFOAB59002
THE INVESTINDUSTRIAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
(CONTINUED)
12
RECONCILIATION OF MOVEMENTS IN GRANTS PAYABLE DURING THE YEAR
2024 Payments made in the financial year
2025
Art & culture support
800,000
800,000
800,000
800,000
13
CONTROL
Endowment Investment Holdings Limited has significant control over The Investindustrial Foundation.
As per Companies House, Endowment Investment Holdings Limited has 75% or more ownership of
voting right5 and the right to appoint and remove Trustees. Endowment Investment Holdings Limited's
accounts are available on Companies House.
14
MEMBERS. LIABILITIES
The company is limited by guarantee without share capital use of 'Limited' exemption. The member of
the company undertakes to contribute to the assets of the company, in the event of being wound up, to
an amount not exceeding a notional amount. At the balance sheet date, there was one member,
Endowment Investment Holdings Limited.
15
RELATED PARTY TRANSACTIONS
Endowment Investment Holdings Limited, a company which is a member of the charity, made donations
of Énil during the year12024.' Enill. Their outstanding donation commitment as at the year ended 31
March 2025 has a balance of E9,040,000 (2024.. £9,150,000).
17