ANGUISH'S EDUCATIONAL FOUNDATION REPORT AND FINANCIAL5fATEMEKrs FOR THE YEAR ENDED 31 MARCH 2025 Re8lstered Charlty No 1169461 ReBlstered Compary No 09892592 ANGUISH'S EOUCATIONAL FOUNDATION CONTENTS INDEX PAGE Reference and Admlnlslratlb* detsls Report of the Trustees lkncluth the Dlrectors. report) 3-16 Independent Audltoes Rei 17-20 Slatement of Flnaficlal ktmlles 21 Balance Sheet 22 Statement of cash ftows and Swnm¥y Income and expendlture account Prlndpal accountln8 polkle5 24-26 Notes to the report and fift￿￿¥1 Stsiements 27-41 ANGuistrfs EDUCATIONAL FOUNDATION REFERENCE AND ADMINisfRATIVE DEfAILS For the year ended 31 March 2025 The tntstees, who are also the dlrectors for the purposes of company law, present thelr report and financial statements of the charfty for the year ended 31 Maf¢h 202S. The financlal statements have been prepared In accordance with the account1￿ pollcles set out In notes to the accounts and comply wlth the tharlty's 8overnlnB do¢umenL the Charities Act 2011 and Companies Act 2006, and Reportln8 by Charltle* Statement of Recommended Practice appllcable to charltles preparlng thelr accounts In accordance wlth the Flnanclal Reportln8 Standard appllcable In the UK and Republlc of Ireland publlshed In October 2019. A¢knlnlstratfve detal Charlty Name: Reglstered Charlty numbw. Reglstered Company number: Prlndpal Offlce: Anguish's Educational Foundatlon 1169461 09892592 I Wool8ate Court St 8enedkVs Street, Norwlth, NR2 4AP Tntstees The trustees, who are the dlrectors ol the charitable company• that served throu8hout the year and to the date of approval, are listed below. N¢Jmlnated Tfus JohnThPaul Garslde Nomlnated Norfolk & Norwlth Unlverslty Hospital Foundaiion NHS Tntst Norwich Clty Counol 4 years to l October 2027 Adam Glles 4 years to l December 2024, and a further 4 years to l Decembef 2028 4 years to 7 August 2027 4 years to l December 2024, and further 4 years to l December 2028 Appointed 3 Aprll 202S Appointed 3 April 2025 4 years to 2 September 2025 Kevln Magulre Laura Mccartney￿raY Norwlch Clty Councll Norwlth Clty Council Matthew Packer Emmanuel Sheehan-Fllck Jeanne Southgate Norwlch Clty Coundl Norwlch Clty Councll Norwich City Council The followln8 Trustees have been co.opted by the body ofTrustees at a Speclal Meetln8: ed Tft￿tee$ Unda 8lakeway ma￿ Davles Mlchael Flynn Ashley Ford-McAlllster Davld Fullman Jacqul Hanlon Professor Enelda Mloshl Beth Salmon-Reld Boyd Taylor rlod of offi Appointed 9 April 202S 4 years to 4 March 2028 to 9 December 2024 4 years to 8 December 2025 4 years to 2 September 2027 to 25 November 2024 to 17 Mafch 2025 Appolnted 9 Aprll 2025 4 years lo 5 Oecember 2026 Pa8e I ANGuisfrfs EDUCATIONAL FOUNOAnON REFERENCE AND ADMINISTRATIVE DETAILS For the year ended 31 March 2025 Key Management Personnel Chlef Executive Officer Flnance Dlreclor Grants Manager Davld Hynes Becky Blrd Sandra McAfee Banker5: Bardays Bank plc 3 St James Court Whllelrlars Nornich. NR3 IRI The Charlty Bank Llmlted Fosse House 182 HIBh Street Tonbrld8e, TN9 IBE Audltor: Lovewell Blake LLP Bankslde 300 Peachman Way Broadland Buslne55 Park Norwlch, NR7 OLB Sollcltors: Cozens.Hath LLP Castle Chamber5 Ople Street NorwIC￿ NRI 30P Anthony Colllns 134 Edmund Street Blrmln8ham, 83 2ES Steward: N Slffell, FRICS FAAV and N Hodge BSC (Hons) MRICS 8rown & Co LLP The Airlum, St Geor8es Street Norwlth, NR3 IAB t￿oted Investment advlsers: Sara51n & Partners LLP Juxon House 100 St Pavl's Churchyard London, EC4M 88U PJ8e 2 ANGUISH'S EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS, REPORT) For the year ended 31 March 2025 INCORPORATION The company was Incorporated on 27 November 2015 and Is limited by guarantee. The companv re¢elved approval from the Charltles Commlsslon as a charftsble company• re8lstered number 1169461, on 3 October 2016. From l Aprll 2024 the activitles and operatlon of the unincorporated charlty. Angulsh's Educational Foundatlon, 311288, were transferred to Angulsh's Educatlonal Rjundatlon, a company Ilmlted bv guarantee, cofflpany no. 09892592 and charlty no. 1169461. The assets and Ilabllltle5 were also transferred, wlth the eX￿PE10n of assets to the value of the orlglnal glft £8,641,000. The two entltles ar• now Ilnked under a Unltlng Dlrectlon tssued by the Charlty Commlsslon on 12 March 2025, wlth the company belnB the reportln8 charlty. Any references to 'ChaflV refer to the unlfied entltles of the unlncorporated (hartty and the company. OBJECTIVES AND ACTiwnES The'obje¢ts', as stated In the Memorandum and Artlcles of Association are: IA) To promote the educatlon of pefsons who are In need of financlal asslstance and are resldent In the area of benefit. IB) In furtherln8 thls ObJe¢L the Company must gfve preference to beneflclarles who are resldent In the Clty of NO￿l¢h. wlth further preference to them If they have10st elther or both parents. The geo8raphlcal area of benefit Is the city of Norwich and the Parlshes of Costessey. Hellesdon, Catton. Sprowston. Thorpe.next-Norwlch and Corpusty in the County of Norfolk. These objectlves mlrror those of the Pfevlous $d￿rne dated 21 August 2002. Cha values We have a common ststement of values across our three 8rant-makln8 charltles (Norwlch Consolldated Charitles, Angulsh's Educatlonal Foundation and Norwlch Freemen's Charity) as follows: The World Is full of dlfference. We value and respect thls. We wlll be Incluslve, enablln& and non- judgmental. We will not assume that we know or understand Ilves which are not our own and wlll therefore ask and seek to learn. Tran We wlll be transparent In all that we do other than where transparenry would be dama8ln8 to Indlvlduals or or8anlsatlons, to our ablllty to orry out our work or where It would be illegal. Lack of tronsporency can be damoglng to our Indlvlduol ond organlsatlonal benelklorfes In many ways. It con waste thelr voluoble time and It can providefalse hope whlch moy delay or prevent the seorchfor ofternatlvesources olsupport. Pale 3 ANGuisfrfs EOUCAnoNAL FOUNDATION REPORT OF THE TRusfEES IINCWDING THE DIRECTOftg REPORT) For the year ended 31 March 2025 Cour We wlll have the courage to ask, to question and to challenge. We wlll also have coura8e to take calculated r1$￿ in our Brantwmakln8. We wlll be ambitious. bold, agile. and unafraid to fund both the new and Innovatlve and the 'old' and proven. We recognise that we don't slmpfy exlst to make Brants- rather our purpose is to enalAe poslthe thange throu8h our 8rant-maklng and through the use of our other assets and resources. We wlll collaborate wlth those seek to support and with other or8anlsatlons Mthere we share values and vision. We wlll be apwoachable. carin& respoAsi¥e. professional, and we wlll Ilsten. We reft70ln cons¢lous of the hjevltoble P0￿r Imbolon¢e between ourselves ond our benefKiorfes and we wlll do oll that we can to mltlgote this. We olso remoln consclous of the needfvr second chan￿s-I0r both Indfvlduats and oryanhotl 'sEd Vlslon S A world In which young people below the age of 25 (who are In need of financial assistance and Ilve in our afea of benefftl are encour38ed, supported. and enabled to access and make the most of the wide range of edu¢atlonal opportunltles and experiences {fomial and infomial) needed to equlp them to make the most of thelr Ilves. ucatlonal In pursuance of ow vlslon: We wlll make 8rants to people below the age of 25 (who are In need of financial assistance and live In our area of benefit) vAwe S￿ Brants encovrage. supporL andlor enable a young person to access and make the nK)St of fomial/lnformal educational opportunities. We wlll make 8rants to orB**atlons whose work seeks to athieve the above. In relation to all of our grant4nak1￿ to l)oth indrviduals and organlsatlons: We wlll ensure thal ow *ibility criterla and appllcation protssses are dear. slmple, transparenL non-jud6mental, and waste as Ilttle of our appli¢ant< time as posslble We wlll review our 8rant-makln8 and associated pollcles and procedures on an onaolng basis and chan8e and adapt these as apwopriate In ￿SpOnSe to chan8ln8 need and other relevant Informatlon Publlc We confirm that In provldlng the above servltes and In wrftlng thls report, we have had regard to the guidance Issued by the Charity Commbsion on public benefit. P•8e 4 ANGUISH'S EOUCATIOWI FOUNDATION REpoKf OF THE TRusfEES (INCLUDING THE DIRECTORS, REPORn For the year ended 31 March 2025 aln actlvltl d Grant-makl Strate The focus of our 8rantwmakfry ts and always has been, on promotln8 the educatlon of youn8 people who are in financlal need, wlth our definltion of the temi 'educatlon' beln8 appropriately broad. Whllst we value the major ￿ntribUtIon that fom)al educatlon makes to the lives of those we were estsblished to benefiL we also belleve strongly in the contributlon that non-formal education, in all its gulses. makes. We belleve that every young person should have the opportunity to be exposed to many dlfferent posslble fu￿re careers and lifestyks and to a wlde varfety of different 'sucossful' adult role models In order to ensure that they are not limited In relatlon to thelr vlslon of their own posslble futures. In addltlon. we are aware that the slmple provision of educational opportunltles is often not sufflclent to enable young people to 8aln maximum benefit from them and that there are many complex barrlers whlth can prevent thls from happenln8. We therefore seek to both reco8nlse and to ￿mOVe these barrters where possible. Flnallyi In addltlon to maklna grants for one-off educatlonal opportunitles, we also seek ways of 8rant4naki¥ vthich wlll have long-term positive impact on the Ilves of youn8 people. ro the above ends, we make Brants both to Indlviduals who are denled educatlonal opportunlties throuah lack of sufflclent fvrKls and to O￿an*SatIonS whlch can provlde both educational opportunltles for such young people andlor the support necessary for them to galn maxlmum benefit from them. We give grants to or8anlsatlons whose aims fft well wlth our objects. Or8anisations which, through thelr worl alm to ensure that people in need of financial asslstance have access to the same range of educatlonal opportunltles enloyed by those young people who do not face su¢h restrictions. We are also partlcularly Interested In supportln8 organlsatlons whlth address the causes of deprivatlon, or whlth provide the encouragement and support necessary to ensure that these young people are able to 8aln the same level of benefit from these opportunilies as their peers. Durfna the yeaf. ow appWM procedure In relatlon to grants to organisatlons was as follows: Each or8antsation wishwy to apply for a grant needs to secure a pre-appllcatlon meeting which must be requested after the partlcular time and date glven on our website. Our prtrapplitatlon meetln8s are usually held In cafes to promote a more relaxed atmosphere and honest discussion that Is often not the case in offKeTrbased meetin8S. The purpose of the pre•appllcatlon meeting is for us to understand, discuss and advise in relatlon to the applkatlon that the or8anlsatlon1s considering making- and, where appropriate Iwhlch Is In the majorlty of cases} to alve the go.ahead for the organbatlon to apply. We also use these meetlngs to better establish. maintaln and develop an inueased feelln8 and level of partnership between ourselves and our beneficiary organisations and to keep ourselves up to date wlth the sltuètion and needs of these organlsatlons, the benefitiaries they serve. and the wlder charltsble stttor. We hold 4 Grants Committee meetings per year in order to ensure a relatl¥ely fast response. On our webslte, we publish both the dates of our'wSndows of applitation. in relatlon to each of our Grants Commlttee meetings and Ihe amount of money In the budget for each of those meetln8S. P•ge 5 ANGUISH'S EDUCATIOIIAL FOUNDAnON REPORT OF THE TRusfEES (INCWDING THE DIREcfoRS' REPORT) For the year ended 31 March 2025 We have a short and 'to the polny onllne appllcatlon form which. rtevertheless, exerclses the mlnds of our organlsatlonal applicanis encoura8lwa them to state deady the need{s) they are addressln& the ways in ￿thIch therf alm to addres5 these need5. and the thange5 they aim thelr work to enable In the Ilves of thelr beneficlarfes. We inslst that, whllst that we do requlre successful applicants to submlt monltorina Infomiatlon, thls should be In a forni that thty declde wlll be of use and benefit to them- rather than one Imposed by u% In addltlon to the abtye. we en¢ourage or8anlsatlons to meet wlth us Informalty to dls¢uss the challen8es they are fac]￿ and the vRys, other than In addltlon to 8rant-makin& In whith we may be able to help/support them to dlscu55 projects whlch are currently at the 'ldea5 Sta8e'. Grants to In Foll¢)win8 last yearfs Tevlew, V•Y now have two grant strearn5 for yants to Individuals. These are Standard Grants and Non.Standard Grw)l& The Su1￿Cates0rles of each of these are11sted below: • Sthool UnIform/Sd￿ aothln8 grant • Resldentlal SCI￿01 Trlps grant • Further Educatlon 8rant • Unlverslty Maintenance Brant • Vocational and Academlc COU￿eBrant No • We assess appllcatlons for non4tandard grants on an Indlvldual bas15. • For a non.stsndard 8rant appllcatlon to be considered, the need must fall wlthln our Objects but outslde of the areas of support Ilsted above under our Stsndard Grants stream. • All appllcants for Non-slandard 8rants wlll have an Inltlal dlscusslon wlth one of our Grants Officers. The ratlonale for our Standard Gi￿ts Is as follows: chool sth: Thls represents a slgnlficant cost to famllles, espedally to those wlth several 8rowiivd chlldren at school. In our wew, no chlld should be marked out as poor by vlrtue of the stsndard of their attire as thls may lead to bulfying and abuse, the consequences ol which often lfve wlth people for the rest of thelr Ilves. We re8ularly revlew Ihe actual cost of a complete set of school clothln8 for chlldren of varlous aaes, but we con$d￿5 thaL wlth our flnlte resources, we can onty make a contrlbutlon to the total cost. We beueve that the opportunltles for leamlng whlch educatlonal travel offers are crudal to a young person's developnent and athlevement. We are atso aware of instsnces where, were it not for our 8rants, ¢hildren and youre people would not have had the opportunlty to leave thelf locallty - let alone seen the sea and the toèst or experience another European culture. As a result, thelr experlence of Ilfe would have been Immeasurably more Ilmited and thls opportunlty to learn* 8row and Imaglne denled. We support resldentlal trlps only, not day outln8s. slnce the fom)er are obviously a greater tost for a parent or parents to bear. At the tlme of wrItI￿ we are giving thought to the possibillty that some schools, when plannSng ovetseas trlps, could 8ive more thought to the educatlonal element of these and how we Muld vse our growln8 Ilnks wlth the clty of Rouen to support thls. PJ8e 6 ANGuisfrfs EDUCATIONAL FOUNDATION REPORT OF THE TRusfEES IINCWDING THE DIREcfoRS' REPORn For the year ended 31 March 2025 catlon Grant: We also consider 8rants to support youna people who stsy on at school. attend college Of undertake an apprentlceship or traineeship up to the age of 18 particularly important. Havln8 to cope wlth slonificant financial hardshlp at thts time may make it extremely dlfflcult for a young person to be suc¢essful In thelr training or studles. Maintenance ', We are aware that the cost of go1￿ to unwersity is increaslngly a baffier to able young people. Although unlversity educatlon Is not everyone's choice, we conslder that we should do what we can to at least to lower thls real barrter whlch affects youno people from poorer backgmunds dlspr0p0rtltxmt￿. Vocatlonal and Ct)urse Grant. We recognise that the Unlverslty roiite Is not the right route for everyone and that Vocational and altematlve Academic courses are of equal Importance and value to the future lives of the young people undertakln8 them. Non-stand rd '. We recognlse that there are sltuatlons In whlch, whilst a partlcular need cannot be met under our Standard Grants stream. it fits our broader ob*ctlves, and the provision of a grant to enable that need to be met would make a slgnificant positlve dlfference to the lrfe of the yovn8 person concerned. ACHIEVEMENTS AND PEIlA)R￿ (INCLUDING STrATEGIC REPORT) nt-makl Durfng the year we made 17 grants to other or8anSsations totalling £216.047 (note 20}. The lar8est grant we made was for £33.000 and the smallest was for £4.01)O- maklng our average grant £12,708. The work and projects whkh we f￿xIe￿Contr1bUted to fundin8 durin8 the year Included: A number of grants vthkh Invow music and arts professlonals working wlth youn8 people to inspire them, glven them tonfidence In their own creative abilitles and encouraEe and involve them in musiclartistlc creation and perforn)ance. Two grants to extendlmalntaln vltal youth work provlslon In an areas of Norwlth whlch are very challenglng for young people. A Polish language and culture pn>8ramme for children of Polish herttage. Two projects provlding SUPPOrt and access for thildren with SEND Ispecial Educational Needs and Dtsabllltiesl. A serles of workshops for young people aimed at preventlft8 exploitstlve relatlonshlps and promodng awareness of health relatlonships. Essenttal technical equipment needed to 'keep the theatre li8hts on, at an arts venue much used by youn8 people. A supportive educat)onal Pfogrnmme for looked after children. Expert rolwlay and learri￿ thro¥h story-telllng work with young people who have experienced 'trauma'. Welfare sUPPQrt loryowy people attending a vocatlonal tralnlng and alternatlve learnlng centre. A 'food discoverf programme for pupils from an area of need. Pa8e 7 ANGUISH'S EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES (INCWDING ThE DIRECTORS. REPORn For the year ended 31 March 2025 A programme of learnlng for youn8 people In relatlon to the US Army Alrforce presence In East Anzlla durlno wwii. The above ltst Is shorter than In prevlous yeats as, at the be8lnnln8 of the year, we put aslde sums of money to be used for. A youth exchange programme between young people from NoThvlch and youn8 people from our twinned clty of Rouen. Muth work has been carried out durln8 the year to lay the foundatlons for thls. Our 'pla¢frbased woject kn a partlcular area of Norwich to whlch we have a lon8.temi commltment. One of ihe above mentloned youth woth 8rants was focussed on thls area. dothin b2L£,' Durln8 the year we a8r¢ed 717 8rants for 5th001 clothln8 ti)tsllin8 £160,340- wlth the avera8e 8rant beln8 £224. eslden rh￿ Ihe year we a8reed 197 grants for re51dentlal Sd￿01 trlps totallln8 £41.378- wlth the avefa8e 8rant beln8 £210. rth ELLE￿￿nt., DurtnB the year we agreed 110 grants In relatlon to further educatlon totallln8 £79,200- wlth the avera8e grant bel￿ £720. nlv anc 2r11￿G . Durfn8 the year we agreed 83 8rants In relatlon to the costs of attendln8 unlverslty totallln8 £92,640-wlth the avern8e 8rant beln8 £1.116. Voca on demlc Co Durfn8 the year we a8reed 4 grants In relation to colle8e fees totsllln8 E15,237- wtth the average yant belwa £3.809. Il0LsIL￿. Du* the year we a8reed 6 Non-standard grants totall1￿ £9.553. and dl Whllst thls Is not an 'actfvW In the same sense that the provlslon of our grants Is, It Is nevertheless vltal 'actlvW. indeed an absolirtely essentSal part of what we do. Our ablllty to allocate funds now and in the future depends entirely on the effective inveslment of Quf endowment. In seekln8 to mana8e our In¥￿tment effectlvety, our two overall ob￿tIveS contlnue to be: To treat current and futwe beneficiaries equally• 8lven that the Charfty Is Intended to exist in perpetulty. To achleve an optimum balance between rlsk and total return so as to set a conststent short-to- medium tem) bud8et for expendlture on our thafltable objects. For 2024, expendlture was planned at 4% per annum of the value of the fund for investment as at 31 March 2011 uprated by Inflation per annum to protect Its value In real terms. Paae 8 ANGuisfrfs EOUCATIONAL FOUNDATION REPORT OF THE TRUSTEES IINCLUDING THE DIRECTORS, REPORTI For the year ended 31 March 2025 We assess the approprlateness of our Investment pollcy In terms of average performance of the Fund for Investment over the period of an economlc tycle of 7-10 years. Thls Is 38alnst the stated oblectlve of an average overall 7% total return per annum, whlth when Inllatlon, estlmated at 3% per annum, ts deducted 8lves a real rate of 4% on the Fund for Investment. For 2025.26. have budaeied usln8 an overall averaoe return of 7% wlth 3% lor Inflation, based on expectatlons for the forthcomlng economk cycle. We delegate the day-to-day management ol our quoted Investments and Investment propertles to professlonal advlsers (Sarnsln & Partners LLP and Brown & Co). They dlschar8e Ihls responslblllty In Ilne with the objectlves above and perfomiance In the year ended 31 March 202515 consIder￿ to have been 5atlsfa¢tory and In Ilne wlth our oblectlves. The value of our Fund for Investment at 31 March 2025 was £26,217k (2024: £26,219k) comprlslng £13,457k (52%)12024: £13.637k) in dlrectly-owned property and £12,542k (47%1 (2024: £12,371k) In quoted Investments, and surplus cash of E218k Il%112024: £211k)- the latter beln8 an amount held al bank In excess of the antlclpated day.to.day requlrements of the charlty. to support addltlonal strate81¢ and project work. Durfn8 the year we have contlnued to explore opportunltles whlch some may refer lo as 'mlxed motlve Investments. but whlch are InC￿051n81Y belng Included In the terms 'lmpa(Vsoclal Investmenv. When these opportunltles arlse, they enable us lo own propertles for the purpose of Investment whllst also meetlng our oblectlves by supportln8 the work and ffllsslons of local charltable or8anlsatlons. The way that we currently approach such opportunltles Is as lollovrt: A local charltable or8anlsatlon wlll approach us wlth a need for premises. We wlll work wllh them to Identlfy sultable premlses whlch would also make an approprlate Investment property to add to our portlollo. When both they and we are happy that these dual crlterla have been met we wlll then dtscuss whether or not they wlll be able to pay us the full Ma￿et rent for the premlses and the su88ested lease temis. Once we've agreed the lernis of Ihe lease. If ihey are able to pay the full market rent, we wlll 80 ahead. purchase the property. and lease it to them. If they are unable to pay the full markel renl. they wlll Ihen apply to us for a 8rant to make up the dlfference between the amount they can pay and Ihe full fflafket fent. If thelr 8ranl appllcallon Is successful. a 8rant wlll usually be made for between one and three years on a slldln8 scale dependin8 on circumstances. At end of the grant period, the or8anlsallon will be expected to pay full market rent. We do not actlvety engage in fundralsln8 actlvilles. and Instead generate Income throu8h our Investment assets. We do not en8age Indl¥lduals of entltles to fundralse on our behalf. We are however very open to approaches from Indfvlduals who reco8nlse the value of our Wofk and wlsh to leave us legacies or otherwtse contribute financlally to our work. We are atso open to approaches from other Brant-makin8 or8anlsatlons who wish to conslder becomln8 part of Norwlch Charltable Trusts whllst P48e 9 ANGUISH'S EDUCATIOIIAL FOUNDATlI)N REPORT OF THE TRUSIEES {INCLUDING THE DIREcfoRS' REPORT) For the year ended 31 March 2025 retalnln8 thelr own Independent board of Trustees and workln8 to their own Scheme/Memorandum and Artlcles. FINANCIAL IIEVIEW Prfrt Our prindpal fundln8 sowces are the rental Income from our Investment properties and dlvldend Income fr￿￿ our quoted Imiestments. ew of our flnanclal Our finandal results for the ye¥ efided 31 March 2025 and our financlal poslllon as at 31 March 2025 are set out In the Flnanclal Statements ac¢ompanyin8 thls report. commencln8 wlth the Statement of Financlal Actmtles on page 21. Durfn8 the year our financial plannin& monltorlng and control have continued to be of a 8ood standard. The outtum for the year was In line with the manaaement attounts produced reaularly throughout the yeaf. Artual perfomiance was In Ilne with budget and expeclations. Our quoted Investment pwttolio has perforn￿d satlsfaclorily despite the volatlllty In the market. and our Investment property portfollo has all but malntalned Its. value throughout a difficult economic period. Both Investment portfolios have maintalned thelr Income levels. As lon8-temi Investors we focus on the longer tem scenario. and our cash Ilow remalns satlsfactory. Overall, our portfollo and asset base remain strong and approprlately dlversified. Our reseffts polky Is sel resard to the prlndpal rlsks and uncertainties faclng the Charity e.8. potentlal changes to the present economk, pollti¢al and soclal envlronments. Such risks hi8hli8ht the need for us to conslder the approprlate custody and management of assets, for now and for the future. and the approprlate use of funds. The former rlsk Is addressed by the use of approprlate professlonal advice and the latter by a r*orws revlew of all fund appllcations. The Charlvs pollty re8ardtn8 the level of reserves to be malntalned Is to ref￿nce the funds avallable under the TRA (Totsl Return Approach). In effecL our avallable reser¥es a￿ represented by the UTr (Unapplled Total Return}, l.e. the Fund for Investment less the value of the 'Ofelnal Glff. We are the lon8 tenn Custodlan ol the fund, It belng expendable only to the extent that we can warrant that any resldual sum Is sufflclent to protect. on an equal basls, the Interests of future beneflclarles compared wlth current beneflclarles. It would be a matter of Jud8ement based on professlonal advlce at the tlme if any exceptional expenditure from reserves was required. as has been the case from tlme to time. We malntaln a buffer element to 8uxd a8&nst adverse market movements. in order to malntaln stability in our annual budget and grant expendlture. The level of such unapplled funds Is shown In Note IS to the accounts. stsndln8 at £17,099061 as at 31 March 2025 {2024: £17.379.9131. Pale 10 ANGUISH'S EDUCAnONAL FOUNDATKIN REPORT OF THE TRusfEES (INCLUDING THE DIRECTORS, REPORn For the year ended 31 March 2025 Wlthln unrestrlcted funds (note 14) there are both general and deslgnated funds. Deslgnated funds are funds that the trustees have set aslde to reflect partlcular Intentlons for the use of those funds and amount to £147,12412024: £151.581). Unrestrlcted funds not desl8nated In thls way are general funds. The 8eneral surplus at 31 March 202S amounted to £893,302 (2024: É647,676}. Excludln8 unrestrl¢ted tanglble flxed assets glves a net current unrestrlcted assets figure of £955,626. Thls Is malntalned to enable us to provlde addltlonal support outslde of our annual budgeted expendlture. The Trustees have revlewed the level of unrestrlcted ￿SeThe5 and conslder these remaln approprlate at £1.142,750. Tran catlon In accordance wlth clause 3(6)b of the Order, the Trustees must 8lve "an explonotlon of the onslderotlon ondpollcles relevont to the Trustees, determlnatlon of the port of the UTR tho¢ Is allocoted to the trustfvroppllcatlon" {the Income of the Charlty) In 2024125. We re¢elved and consldered the advl¢e of Safasln & Partner5 relalln8 to the agreement of a strate81¢ asset allocatlon for the Investment of the Charlvs funds. Includln8 Its dlrectly-owned property. Takln8 account of the rlsks and returns assoclaled wilh dlfferent assel dasses. they a8reed an asset all￿?119n whlch would generate an avera8e annual total return of 6%. They alx+ advlsed that 2% of thls should be retalned In the Fund for Investmenl to malntain Its real terms value as the basls for treatlnB future beneficlarles equally. The Trnstees have revlewed Ihls pollcy every year slnce 2013 wlth thelr advlsers. Prlor to 2019 we W0￿ed wlth an expectsllon of the annual ¢otal return and Inflatlon at 7.1% and 3.0% respectlvely. From 2024 we are workln8 wlth an expeclatlon of 7% and 3%. Consequentty. the X)FA Includes transfer in 2024125 from Ihe Fund for Investment to the Trust for Applicallon of £928.1￿) 12024125: £910.OIJ)). The outturn for the year shows a decrease In the value of the Fund for Investment of O.01%12023124 Sncrease 0.56%, 202V23 decrease 2.6%) followlng the transfer to the Trust for Appllcallon. Thls falls short of the Inflatlonary Increase needed to malntsln the real temis value of the Fund to protect the Interesls ol fulure beneficlarles. The Incieases In previous years have, on average, exceeded the required level. The actual value of the Fund on 31 March 2025 exceeds the notional value by £2,318k, so the condltlonls Still more than met. The balance remalnln8 unspent In the Trust for Appllcallon on 31 March 2024 and carfled forward to 2024125 was £73,829. An equlvalent sum of £140,847 remalned on 31 March 2025 and was carried forward to 2025126. PLANS FOR THE FUTURE re dlrectlon Thls revlew Is an on8oln8 process and Is Infoimed throu8h our membershlp of the ACF {Assoclatlon of Charitable Foundallons) and, In partlcular, by us contlnuln8 to work through thelr Plllars of Stronger Foundations. There is much In common between these Pillars and the Charlty Code of Governance - however a sl8nlficant dlfferen¢e Is that the former Is focussed on grant-makln8 organlsatlons whllst the latter Is f￿U5$ed more generally on all charltles - hence our declslon to work through the Plllars first. Once we have worked through all of the Pillars, we wlll then check whether there remaln any elements of the Charity Code of Governance that we have not covered Ihrough thls process. Pale 11 ANGUISH'S EDUCATIONAL FOUNDATION REpoKf OF THE TRUStEES {INcWD1￿ THE DIREcfoRS' REPORn For the year ended 31 March 2025 The ran8e of tssues vthlth hwe exercised us and whlch we ¢ontlnue to disotss and debate, Include: Our desire to work ttrwards strlkinR an approprlate balance between'stl¢kin8 plasterf work and 'breaklng the wle. woth. Our desire to attract appllcations from organisations whlch are ambltlous in the way that they seek to enable people to achieve permanent positive change in their lives. The balance between oui 8rants to Indlviduals and our 8rants to or8anlsatlons. The balance between beneflttinB our current and our future beneficlarles and the consequent release of an appfowlate amount of funds from our unrealised total return to enable us to make grants which afe addltlonal to our nom)al grant rounds. The potentlal of longer-term plac&based funding to enable negative cycles to be broken and long- term positive change to happen. Our deslre to contlnue to avold unnecessarily tsking up si8nificant amounts of time (and therefore the financlal and other resowcesl of organlsations exploring the posslblllty of, and makin& applicatlons to u The be8innln8s of owcorfjlderntlon of the potentlal of Impact and Sodal Investments. Earller In thls report we have Isted projects we have funded. the total amount of money we have gNen in 8rants and the rnnae of work whlch this has made posslble. As wlth our grant-makinB to Indlvlduals. behlnd these fi8ures are many people whose experlen¢e of Ilfe Is sl8nificantty better as a resul( sometlmes admittedty onty In the short temi - hence our onzolna discussions about and search for projects whlth encourage and enable long-term positlve thange in people's live Srftucfu￿, GOVEANANCE Ap￿ MANAGEMENr Govern1￿ l)ocument An8ulsh's Educational Foundatlon, registered charfty number 1169461 and reBistered company number 09892592,1s governed by a Memorèndum and Artlcles of Association dated 27 November 2015 and was approved by the Charity Commlsslon on 3 Ortober2016. Trustse appolntm¢nt trdnl The Board of Trustees crylses ST% Trustees who a￿ nominated by NOr￿th aty Council and a further one by the Norfolk & Nor¥vith Unlversity Hospital NHS Foundation TrusL the princlpal dlstrlct general hospltal of Norfolk. The Tntstees they nominate are not accountsble to these bodles and cannot be removed before the explryof thetr tem) of office. A further seven Trustees are ctropted ￿ the plenary body of Trustees at a Spedal Meet1￿ We recruit these Trustees throu8h a process of advertisin8 and Inter¥lewln8. Thls process continues to form part of our commltment to Increase Ihe diversity of our board members in order to better reflect and seNe the communltles whlch make up our area of benefiL We remaln committed to undertaking all future recruitment of our complement ol cNpted Tntstees in thls way and to also interviewing those nominated by the Clty Council and the Hospltal so that both those forward for nomination In thls way and ovrsel¥*s can be swe that the person Is an approprlate fit for the role at the tlme the vacancy arlses. Pa8e 12 ANGUISH'S EDUCATIONAL FOUNDATION REPORT OF THÉ TRusfEES (IPKLUDING THE DIRECTORS. REPORT) Forthe year ended 31 March 2025 Each of our fourteen Trustees (al the time of writin8 we have one vacarfy whkh we are In the proce of recruitin8 tol seNes a four-year terni of offi￿. except where a new Trustee fills a 'casual vacanrf In the first instsnce; Trustees may SeTh￿ further tems. Those who seNed In these capaclties durlng 2024125 andlor are Tntstees at the dme of the appr•)val of these flnancial ststements we sho*m on pa8e L Trustees are requlred to (Isdose all relevant Interests to the Chief Executlve and to thelr collea8ues and to wlthdraw from dedslons *thefe a tonftlct of Interest arlses. David Fullman was elerted Chalr and Michael Flynn Vic&Chair of the Trustees for 2024. At the December 2024 meetlnB of the plenary body. David Fullman was reolected as Chalr and Boyd Taylor as Vlce*Chalr of theTntstees for 2025. The Chalr of the Board of Tntstees and the Chlef Executlve oversee the induction and tralnlng of new trustees, supported by the Chairs of the sub commlttees and the key management personnel. Orllanlsatlonal Structure The plenary body of Trustees meets every three months. with the approprlate officers and advlsers, to aS￿e plans, programmes and budgets: a8ree and revlew policles: and to monltor progress and review perfom)an¢e. There is devolutlon of aulhorfty to formal Commlttees of Trustees and to senior staff, within the terms of the Memorandum and thcles of Association. and agreed polities ènd bud8ets. Membership of the Commlttees Is reviewed annually, and Chairs are elected at their first meeting of the year. The Chalr and Wce 701.608 14.775 1297.9101 15 (bl 928.OIMI (928￿00) Net In¢omeAexp•ndlturn) 24L167 1226392) 14,775 1297,9101 Unrealked galnsluosses) m hwestments - Quoted Investments 11 (dl - Investment Propertles 11 Ib. cl Reallsed plns on Invesl . Quoted Investsnents dlsposa Net movement In lunds 126340 0.1 I￿0￿00> 808,343 1307,0001 102,061 30SA94 {280OS2) (35.1121 Rec4n¢lllatlon of l￿d5. Total funds brought fofwwd T¢Aal funds carrled lonmard 14. 15 897AIO 26,020,913 26,918,n3 26,613,229 1,142,750 25,740￿61 26,883,611 26.918,723 There are no other re¢ooJ4sed gans or losses on the Continui￿ actNlties in either year. The Statement of Flnandal Actfvftles above rellects the Unltlng Order and ag8re8ates the perfomian of t￿th the tharlty and the company. Further details on be found in note 22. The accompanyin6 accounting pollcles and notes forni an Integral part of these financlal statements Ilncludln8 comparative inlormation for the Ststement of Finanual Artivities at note 21). Po8e 21 ANGUISH'S EDUCATIONAL FOUNDATION BALANCE SHEEr For the year ended 31 March 2025 Note 2025 2024 Flxed assets Tan8lble assets Investments Total fixed assets io 147.124 11 25J99,373 152,200 26,IX)7.804 26.146A97 26,160.004 Cuffent •ss•ts Oebtors Cash at bank and In hand Total current a55ets 12 288,545 648.OSO 781￿95 164,668 814.168 978.836 L14bllltl•s Credltors: falllng due wlthln one year Net currenl assets Total assets le55 current Ilabllltles 13 199,481) 220,117 737,114 27W3,611 758.719 26.918,723 Total net assets 27W3,611 26,918,723 The fvnds ol the charlty: Unrestrlcted Endowment Total ¢harlty funds 16 16 16 1.142.750 25,740,861 27W3ffi11 897,810 26,020,913 26.918.723 These financlal statements were approved by the Trustees of An8ulsh's Educatlonal Foundatlon and authorlsed for15sue on 9 July 2025 and $18ned on their behalf by: QA¥iI Fd(Aa Davld Fullman Chalr Boyd Taylor Vl¢• Chalr Company number 09892592 The Balance Sheet above refiects the Unltlng Order and aggregates the perfon￿an￿ of both the charlty and the company. Further details can be found In note 22. The a¢companyln8 accountlng pollcles and notes forni an Inte8ral part of these financlal statements. Page 22 ANGUISH'S EDUCATIONAL FOUNDATION srATEMEKf OF CASH FLOWS AND SUMMARY INCOME AND EXPENOITURE AccouKr For the year ended 31 March 2025 R•c4yndllatlon of net In¢omel(expendlture) to net cash flow 2025 2024 Not Incomel(expendftur•) tor the year Adjustments for: Oepreclatlon charges (Galns) on dlsposal ol quoted Investments Olvldends, rebates, Interest and rents from Investments ql.015.722) (Increase)Idecrease In debtor5 {Decreaselllncrease In credltors 14.T15 {195.8491 5,376 1102.061) 1998,283) (18.536) 86,269 1155,159 11.1403841 1.199,773 (1.395,622) Net cash (us•d In) op•rntln8 a¢ilvltl Cash tlows from Investln8 aCtl¥ltl•s: Dlvldends, rebates, Interest and rents froffl Investments 1.015.722 Pro¢eeds from wlthdrawal of ¢apltal Mana8ement fees and other costs Purchase of Investments Net c•sh provlded by Inv•stlry actlvltles 998,283 SI￿,000 49,657 88,120 52066 974,266 1.459A20 N•t cash (ouffiow)Ilnfiow i66,1￿> 64.198 Change In cash and cash equlvalents In the year Cash and cash equlvalents at Ihe beginning of the year Cash and cash ￿￿1¥aI•nts at the end of th• year 1166,1181 814,168 648,OSO 64,198 749,970 814,168 Summary In￿rnI and Expendlture account 2025 2024 Total Income Total Expendlture Net Incomel(expendlture) for the year 1.170,797 (I,IS6,022 14,775 998,706 1,296.616 1297,910 The accompanyln6 accountlng pollcles and notes form an integral part of these Ilnancial statements. Page 23 ANGUISH'S EOUCATIONAL FOUNDATION NOTES TO THE FINANCIALSTATEMENTS For the year ended 31 March 2025 I GENERAL INFORMATION The charfty ts a publ1¢ beneflt entity and a prlvate company lknlted by 8uarantee, re8tstered In England and Wales and a re8lstered charlty In England and Wales. The address of the realstered office Is I Woolgate Court, St eenedkfs Street, NO￿lth, NR2 4AP. 2 AccouKllNG POUCIES BASIS OF ACCOUNTING AND PIIEPARATION The financlal statements have been prepared In attordance wlth the Ststement of Recommended Practlce: Accountln8 and Reportln8 by Charltles preparln8 thelr accounts In accofdance with the Flnanclal Reportln8 Standard appllcable In the UK and Republlc of Ireland (FRS102) effectlve l October 2019. the Charities Act 2011 and the Companles Act 2006. The financial statements have been prepared under the historical cost conventlon wlth Items reco8nlsed at cost or transaction value unless otherwlse stated In the relevant notels) to these accounts. The Charlty Commlsslon Issued a wilting dlre¢tlon on 12 March 2025 such that the financlal statements should show the agwgatlon of the results of An8ulsh's Educational Foundation ('the charltable compan(,) reglstered number 09892592 artd An8utsh's Educational Foundatlon ("the ¢harlty") re8lstsred number 1169461-1 for submlsslon to the Commlsslon. An aa8regatlon comblnes the results of the two entitles as rf they were one entlty. The charitable company is the sole trustee of the charlty and accordlngly Is not the beneficlal owner of the Charltrfs assets. The uniting direction requlres the tharltable company to flle one set of flnan¢lal ststements aa8regatin8 the results of the charltable Cl￿panY and the charlty. Informatlon In respert of the charlty has been Identlfled separately wlthln these financial statements to allow proper Iden￿ricatIon of the assets and liabllltles of the charltable company as reqtslred by the Companles Act 2006. An8ulsh's Educatlonal Foundation Is a public benefit entity as defined by FRS 102. b. INCORPORAnON The consolldated financial ststements comprise the financlal statements of An8uish's Educatlonal Foundatlon and Its linked charity usln8 mer8er accountln8 and a88re8ate the results, assets and Ilabilities of An8ulsh's Edvcatlonal Foundatlon for whith the tharitable company is the sole trustee. Further detalls can be found In note 22. GOING CONCERN The Charlty has 8enerated sufflclent flnanclal resources from Its actlvitles, and holds a $18nlflcant level of funds to allow the Trustees to believe that the Charlty Is well placed to manage its operatlonal and flnanclal flsks successfully in the Current economlc cllmate. A¢¢ordlngly, the Trustees have a reasonable expectatlon that the Charlty has adequate resources to contlnue In operatlonal exlstence for the foreseeable future, thus they continue to adopt the oolng Concern basis of accounting in preparlng the flnanclal statements. INCOME All Income is Induded within the Ststement of Flnan¢lal Actfvttles when the charlty ts le8ally entltled to the income and the amount can be quantif*d with reasonable accuracy. Rental income is recognised on an annuallsed basls as It falls due. Investment Income Ilndudln8 bank interesi) is recognised when re¢elvable. Rebates on Investment char8es are Included wlthln Income. Thls renects the nature of the char8ln8 structure. Page 24 ANGUISH'S EOUCATIONAL FOUNDATION NOTES TOTHE FINANCIALsfATEMENTS For the year ended 31 March 2025 LEGACY NCOME Pecunlary legacles are reCO￿lSed as receivable once probate has been granted and notification has been received. Residuary le8acles are reco8nlsed as fecelvable once probate has been granted, notlficatlon has been fe¢elved aNI where they can be valued. Reslduary legacles wlth a Ilfe Interest are only valued where le8al t*le has passed to the Charlty. FUNosfRUCTUAE An8ulsh's Educatlonal Fo￿￿tIOn has two types of fund. Endowment Funds. whith are Pemianent Endowments. and Unreslrkted Fu￿. Regarding Endowment Funds, the Investment power of the Total Retum Approach was granted to Anguish's Educational Foundation by a Charlty Commlsslon Order on 24 January 2011 and was taken up wlth effect from l Aprll 2012. The trustees of the charltable company passed a resolutlon on 10 Julv 2024 under 5104A12) and s104IA(2) of the Charltles Act 2011 to adopt a Total Retum approach. The power pernilts the Trustees to invest pemianently endowed funds to maximise total return. It also enables the Trustees to declde each year how much of the Unapplled Total Return is tranSfe￿d to Income funds and be avallable for expendlture. Unrestrlcted Funds comprise those funds which the Trustees are free to use for any purpose In furtherance of the chadtsble objects. Unrestricted Funds indude designated funds where theTrustees, at thelr dlscretlon, have created a fund for a specific purpose. Further detalls of each fund desl8natlons are dixbsed In notes 14 and IS. FIXEO TANGIBLE ASSErs Assets Included In thls category, whlth are used for dlrert charltable purposes, are stated at cost whlch Includes the ￿$t of acqulsltion plus further development and expendlture. Depreciatlon Is provlded w these assets usin8 the following methodol(ev: Lon8 lease1￿Id property Equlpment Stialght Line over Estlmated Useful Ufe Stsa4ht Lwie over Estimated Useful Life SO years 3-5 years FNED ASSEf INVESTMENTS Investment propertles Incltmling ancient endowment properties are professionally revalued every three years. Indicative value changes are provbded by the Steward in the intervenln8 periods. The cost of ImsKovements Is generally wrltten off to revenue and Is onty ¢apitallsed If the Improvements contrlbute to an Inuease In valuation. No depreciatioft is provided on investment propertles or anclent endowment properties. Investment propertles and ancient endowment propertles are shown at thelr falr value as at 31 March 202S. Dlsposals are recognlsed WA￿ there is certainty as to the quantum ènd timin8 of the sale. Traded Investments are shown at falr value wlth hlstorlcal cost separately dlsclosed. Net galns and losses arlslng on re¥alualknns dlsposals durlng the year are Induded In the Statement of Flnanclal Actlvltles. Pale 25 ANGUISFfs EDUCATIONAL FOUNDATION NOTESTO THE FINANCIALSTATEMENTS For the year ended 31 March 2025 ALLOCATION OF SUPPORT COSTS AND OVERHEADS Support costs and overheads have been allocated between chafltable activities and governance. Stsff costs are allocated on the basis of a best estimate of the time spent by each member of staff and thelr cost on each activlty. Slmilarty, other costs are allocated on the basls of a best estlmate of the purpose of the expenditure. No allocatlon has been made to the cost of 8enerating funds as these activities have been outsourced to professional organisations for whlch speclfic chaf8es are recelved. Irrecoverable VAT Is charged against the catern of resources expended for which It was Incurred. GoveRNANCE COSIS Governance costs ¢omprise al costs involving the public accountablllty of the Charlty and Its compliance with re8ulation and Bood practlce. These costs Indude costs related to the statutory audlt, any legal fees Incurred for Trustee ad¥ice ar￿ an apportlonment of support costs and overheads. k GRAKfs PAYABLE Grants are recognlsed as expenditure in the year in which they are approved by the Trustees. Grants which are unpald at the end are carried forward as creditors. PENSIONS The charlty contri1>utes to a 8fOUP defined contrlbutlon personal pension scheme. The penslon cost represents the annLtal contributlons payable by the charlty under the rules of the stheme. JUDGEMENT IN APPLYWIG ACCOUNTING POLICIES AND KEY SOURCES OF EsnMAnON UNCERTAI In the appll¢atson of the Charity's a¢countln8 pollcles the trustees are requlred to make JudBements, estlmates and assumptlons. The estlmates and associated assumptions are based on hlstorkal experience and other factors that are considered to be relewdnL Actual results may differ from these estlmates. The estlmates and underfyin8 assumptions are revIeV￿ on an on•8oln8 basls. Revlslon to accountlng estlmates are re¢ognised in the period In whlch the estlmate Is revised, if the revision affects onty that period, or In the pedod of the revision and future periods if the revlsion affects both current and future perlods. The estimates and Judgements that have a si8nfficant rlsk of causlng a material adjustment to the carryln8 amounts of assets and Ilabllltles wlthln the nert finarttial year are as follows: Falr value ot Investment propertles: Investment propertles Indudln8 anclent endommient propertles are recorded at their fair value. Such values requ1￿ the application of judgement wlth regard to the nature ¢f such propertles tsking account of current market conditions, lease temis and fartors speofic to Indlvldual propertles. An independent valuer is retsined to provlde an estlmate of falr values for financlal ststement puryxises. Further infomiatlon Is provlded In Note 11{b) and Ic). Dewedatlon of Flxed Assets: Tanglble fixed assets. against which depreclatlon has been charged in line wlth a¢countln8 polky: the of the tharge and the carrylng value of the assets can be found In note 10. Pa8e 26 ANGU1SlfSCDUCATK)N￿$0U￿0IIIO￿ IK+TfS TO THE FINANCWSTATEMENIS r ih•yur•Dd•d 31 Mirch 1025 I PROPiRTYMNfAL 2024 A4rkuhyril R•ildthii•l ConMTr•￿I•I T•W property wopernf propwry 67249 S•M45 I32.￿7 $51.341 77J•7 29.713 21355 97.214 8uslnus Ilaies. C¢uft¢ll T# aNIW41 chary•s Insurances si•wafd'i lees 1.349 2.521 4N30 1.934 1.617 2.966 20.Q67 32.$11 11.497 ZJ341 JJJ21 24JJ9 9237 6.721 21N13 5.051 %773 8•dd•bi Irr4¢¢¥ernbl• VAT is 9276 70399 6,610 46.587 20,9T2 185.287 141Jl 67.80J Z99W 12A58 364.246 373.054 Paee27 ANGUISfrVS EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMEiirs For the year ended 31 March 2025 4 INTEREST RecEIVABLE, DIVIDENDS AND REBATES 2025 2024 Bank and other Interest Investment Income (Olvldends and Rebates} from stturitles within: - Unrestrlcted funds . Endowment funds 7,254 12.649 423.518 444.131 12,S48 420,140 439,942 5 GRANTS PAYABLE AND RELATED COSTS 2025 2024 Grants payable Further educatlon Resldentlal school Iflps Broadenln8 Horlzons School clothlng Unlverslty malntenance Non standard Vocatlonal and Academlc Other or8anlsatlon51note 201 Irrecoverable VAT (School dothln8) 79,200 41,378 195 160340 92,640 9,553 15,2J7 195,647 295 99.S19 59,802 11,943) 200,029 96,720 8,190 22,945 321,603 321 594 Grnnt4nakln8 SUPPOrt costs Staff costs General Offl¢e Expenses Irrecoverable VAT 134.078 55.982 130.079 51,937 6.799 188,815 196.091 Totsl 790￿76 996,001 A totsl of 1.118 (2024: 1,42418rants have been made to Indlvldtsals. 6 GOVERNANCE COST5 2025 2024 Staff costs Audit General Offi￿ Expen Irrecoverable VAT 33,519 12ASS 21JJ48 3.383 70,405 32,520 10.060 20,987 2,450 66,017 No remuneration was pald to Trustees (2024: £NII) and E86 travel expenses were relmbursed lo 3 trustee5 (2024: £38 travel expenses to 2 trustees). Non audlt fees payable to the audltor amounted to £800 for taxatlon ser¥kes12024: £2,617). Page 28 ANGUISHS EDUCATION￿ KIUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 7 sfAFF COSTS From l Aprll 2024 all staff arejolntty employed by Norwlch Consolidated charilies. An8uish's Educational Foundatlon and NoThAch Freemen's Charfty. Norwlth Consolldated Charftles runs the payroll. and the costs of the staff at Wooleate Cowt (the tharltles, malft offlcel are rechar8ed to AEF and NFC. The followlni staff costs weie recharged from Norwith Consolldated Charltle5 durlng the year. Thls amounts to a one thlfd share ol the cost ol Officers, Senlor Executlve5 and all staff at Woolgate Court, 202S 2024 Wages and 5alarles So£lal securfty costs Pen51on costs Ul• Insurance 14224Z 135,540 13,74S 11,987 1.327 162,599 I2￿1> 1.202 167,597 Allocatlon: Grant-makln8 SUPPOrt costs Governance costs 134W78 33.519 167J97 130,079 32,520 162,599 Included In the above fl8ures is an amount of £2.175 belng annual leave earned by staff not yet taken to 31 Marth 2025 (2024: £11421. The Charlty con51ders Its key mana8ement personnel to be the Chlef Executlve Officer. Dlreclor of Flnance. and Grants Manager. The total gross employment beneflts of Ihe key mana8ement personnel (before recharges to An8ulsh's Educatlonal Foundatlon and Nory￿h Freemen's Charlty) were: 2024 Wages and salarles Soclal securlty Costs Penslon contrlbutlon costs 225,886 27,406 22,111 275A03 205,173 24.547 20.217 249,937 The foll¢)wln8 numbers ofemployees had remuneration falling withln the bands below. before recha￿e$ to related charlttes. Numbw of employees 2025 2024 E70.001- £80.OC £80.001- £90,(MXI £90,001- EIOO,¢XIO £ioo,ooi- £iio,000 Pole 29 ANGUISfrVS EDUCATIONAL FOUM>AnoN NOTES TO THE FINANCIALSTATEMENTS For the year ended 31 Marth 2025 STAFF COSTS ICONfiNUED) The average number of emptyes was: Number of employees 2025 2024 Offlcers and senior executives Full tlme- Wool8ate Court Part tlffle- Wool8ate Court io li TAXATION An8ulsh's Ed￿￿tIOnal Fowmlatlon Is a Charlty vAlhln the meanln8 of the Taxes Acts and ts, therefore. eli8ible to flalm certaln exemptions lo Income tax and capltal gains tax. As a consequence no char8e to lixatlon arlses for the year. The Charlty Is subject to Value Added Tax undef the partlal exemptlon rules. 9 NEf INCOME Net Income Is started after char81 2025 2024 Operatln8 lease payments IRechar8ed liom NCC) DepTe¢latlon 451 5,376 5.076 10 TANGIBLE FIXED AsseTS leasehold property Equlpmnt Total At I Apfll 2024 and 31 March 2025 222A71 2,758 225,629 Deprfflatlon At l Aprll 2024 Charge for the year At 31 Marth 2025 71.290 4.457 75,747 2,139 619 2,758 73A29 5.076 78,50S Net l>ook value at 31 Marth 2025 147.124 147.124 Net book value at 31 Mwch 2024 151.581 619 152,200 P•8e 30 ANGUlSfrVS eDUCATIONAL FOUNOATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 11 FIXED ASSET INVESTMENTS (a) Summary 2025 2024 Investment propertles In UK at open market value (note Ilb) Anclent endowment propertles In UK at open market value (note Ilcl Quoted Investments (note Ild) 3.250,000 10,206,750 12.$42,623 25,999.373 3.380,000 103%.750 12371.054 26,007￿04 Ib) Investment Propertles wlthln the UK 2025 2024 At l Aprll 2024 Revaluatlon At 31 March 2025 3.380.000 130.000 3.250.000 3,785,000 {40S,000 3,380.000 The Investment propertles have a hlstoiical ￿$1 of É1,208.62612024: £1,208,626). Investmeni propertles and Anclent endowment propertles are professk)nally re-valued every year by our Steward. A full valuatlon Is Carried out every three years, and a desk top update is carrled out each year between the trlennlal valuatlons. The basls of the valuations Is falr value and the last fvll valuation was carrled out on 31 March 2024. (cl An¢lent endowment prowtles wlthln UK 2025 2024 At l Aprll 2024 Revaluatlon At 31 March 2025 102S6.750 10,158,750 (so,000 98,01)O 10206,750 10,256.750 The anclent endowment propertles, orl8lnalty havinB been 8lfted to Ihe charity. have a hlstorlcal cost of £2,882,75312024: £2,882,753). Note 11{b) prO￿deS commentsry on the basts of valuatlon at 31 March 2025. (d) Quoted Investmnts 2025 2024 Market value at l Aprll 2024 Addltions fteallsed 8alns relnvested Unreallsed revaluation 8alns Wlthdrawal of capltal Management fees and other costs Market value at 31 Mar¢h 2025 12371054 93￿2 11,922,187 88,120 102,061 808,343 1500.000) {49,657) 12,371,OS4 130,113 S2M6 I2￿2.623 Hlstorlc cost at 31 March 2025 9,014,220 8,972,764 P4e 31 ANGUISHS EDUCATIONAL FOUNDAnoN NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 11 FIXÉD ASSET INVESTMENTS (CONTINUED) Market Value Unlts Endawment Funds 9,718.474 Sarasln Efidow￿ts Fund aass A INC 40￿11 Cash 12,138.376 40.511 12.178,887 8,712.297 40.511 8.752.808 GenerolFunds 290.2S3 1.210 Sarasln Endowments Fund Class A INC 362.526 1.210 363,736 260.202 1.210 261.412 At 31 M4r¢h 2025 12y2A3 9A114220 At 31 Marth 2024 12.371,054 8.972,764 12 DEBTOR5 2025 2024 Rents recelvable Other debtors Amounts owed by connected chwltles (note 19) Prepayments 93228 179300 iOJ46 103,983 21,533 29.223 9,929 288J45 164,668 13 CREDITOAS: AMOUNT5 FALL*IG DUE WIThIN ONE YEAR 2025 2024 Grants to Other Organlsatlons . Commltled In year ended 31 March 2025 Grants to Other Organlsatlons- commllted In year ended 31 March 2024 Grants to Other Or8anlsatlons- ¢ommltted In year ended 31 March 2023 Grants to Indl¥lduals Other eredltors Amounts owed to coniiected tharltkn (note 191 Other taxes and so¢ial securlty Accfuals Deferred Iw¢)me 27MIO 5.401 20,000 7.128 48.622 55.157 11,546 39,523 32.740 220,117 33A28 5A24 45326 32,854 199A81 Deferred rental Income at the be8lnnln8 of the year Income released In the year Income deferred In the year Oelerred rentsl income at the end of the year 31740 (32,7401 32A54 32￿4 33,031 (33.031) 31740 32,740 PJ8e 32 AIIGilfjlfS EDu￿TIo14AlF0uHDAII0N NO7ESTOThE FIIIANOAL STATEfrKNTS For ¢hq ar ended 31 Mwth 2025 G•fi•141 Surplus Wool8Ot• Court g•l•nceii i 2024 frlel wpendlwreb•foreJalnsty) Ir)vesimqn¢S Ti•nsl•r. AllocJlSon Iraffl lh¢ Unapplled Tot•1 fteium G￿n$0￿ rqvaluallonoiauoied lfvestmenls Trnnsler toC)ener41 SufpTu5 Translerfmndesl8nJledfund Oakntyat 31 M•r