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← The Permira Foundation

2024-12-31-accounts

Docusign Envelope ID: 6BCB401D-D2DA-4DA2-9C28-6E0EACD14326

THE PERMIRA FOUNDATION

ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

COMPANY REGISTRATION NUMBER: 10877948

CHARITY NUMBER: 117061

Docusign Envelope ID: 6BCB401D-D2DA-4DA2-9C28-6E0EACD14326

THE PERMIRA FOUNDATION

THE PERMIRA FOUNDATION
CONTENTS PAGES
Reference and Administrative Information 1
Trustees' Annual Report 2-9
Independent Auditor's Report 10-13
Statement of Financial Activities 14
Statement of Financial Position 15
Statement of Cash Flows 16
Notes to the Financial Statements 17-23
Appendix A 24

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THE PERMIRA FOUNDATION

REFERENCE AND ADMINISTRATIVE INFORMATION

Company number: 10877948 - incorporated in the United Kingdom

Charity number: 1175061 - registered in England & Wales

Trustees

Trustees, who are also Directors under company law, who served during the year and up to the date of this report were as follows:

Adinah Ruth Shackleton-Ross Bruce Embley Olivia Sarah Biggs Alistair Boyle David Alan Kovara Alex Vander Linde Peter Gibbs Richard Andrew Sanders Paul Armstrong (resigned 26 January 2024)

Registered office and operational address

Permira Advisers LLP 80 Pall Mall London United Kingdom SW1Y 5ES

Bankers

HSBC 8 Canada Square London E14 5HQ

Solicitor

Russell-Cooke LLP 8 Bedford Row London WC1R 4BX

Auditor

Sayer Vincent LLP 110 Golden Lane London EC1Y 0TG

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THE PERMIRA FOUNDATION

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees of The Permira Foundation (the "Charity"), present their Annual Report and Financial Statements (the "Financial Statements ") on the affairs of the Charity for the year ended 31 December 2024.

1. STRUCTURE, GOVERNANCE AND MANAGEMENT

1.1 Governing Document

The Charity is a Charitable Company limited by guarantee, incorporated on 21 July 2017 (Company Registration Number: 10877948) and registered as a charity on 10 October 2017 (Registered Number: 1175061). The address of the Permira Foundation is 80 Pall Mall, London, SW1Y 5ES. It was established under a Memorandum of Association which states the objects and powers of the Charity and is governed under its Articles of Association.

1.2 Trustees and Governance

Permira Foundation Board of Trustees

The Directors of the Charity are its Trustees for the purpose of charity law and throughout this report are collectively referred to as the “Trustees”.

The Trustees meet quarterly to ratify the strategic grants to be deployed by the Charity, discuss the evolving strategy of the Foundation and review its operations across its three key activities: Strategic Grant Making, Matched Giving and Crisis Relief Funding.

In addition, the Trustees meet at the beginning of the year to approve the budget for the Foundation.

Appointment of Trustees is governed by the articles of association of the Charity. The Board of Trustees is authorised to appoint new Trustees. All Trustees have equal voting rights and they do not own shares or have any beneficial interest in the underlying income or assets of the Charity.

The Investment Committee

Established in May 2023, the Investment Committee’s role is to make recommendations on which charities should be funded as strategic partners, across the Foundation’s operating jurisdictions, and support to steer the investment strategy of the Foundation. Strategic partnership grants are awarded with consideration of the charity’s strategic alignment with the mission of the Permira Foundation, the effectiveness of the charity’s model and its programmes, and the strength of the charity’s strategy, leadership team and impact. Any strategic grants awarded are accompanied by the provision of coordinated support to the charity, from Permira employees and the Foundation team. Strategic grants are also monitored and evaluated by the Foundation team.

The Investment Committee is comprised of senior Permira colleagues from across the firm’s offices around the globe. Briefing sessions were held with this group, in advance of the first Investment Committee meeting of 2024. Decisions from the Investment Committee are ratified by the Trustees at the quarterly Board meetings.

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THE PERMIRA FOUNDATION

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Foundation team personnel

In 2023 the Charity welcomed a new Foundation Executive Director, Katie Rose and Foundation Manager, Harika Sihota. In Q2 2024, Celine Stevenson, Foundation manager, resigned. The team is employed by the Permira Foundation and is dedicated exclusively to achieving the Charity’s strategy and mission. A Foundation Director was recruited in September 2024 and commenced employment in January 2025.

1.3 Statement of the Trustees’ Responsibilities

The Trustees are responsible for preparing the Trustees' Annual Report and the Financial Statements (the ''financial statements'') in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company, of the incoming resources and of the application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

1.4 Risk Management and Mitigation

The Trustees meet quarterly to consider risks facing the Charity. The Charity has adopted a Risk Register which will be reviewed on an annual basis. The Risk Register sets out the principal risks and uncertainties, together with the controls and mitigants which are in place.

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THE PERMIRA FOUNDATION

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

1.4 Risk Management and Mitigation - (continued)

The principal risks comprise various operational and governance risks within the Charity itself and with charity partners, including the risk of cyber incidents and business disruption. To a large extent the Charity is able to rely on the support of the Permira Group and it’s infrastructure to help mitigate its own operational and technological risks. Governance and operational risks relating to charity partners are mitigated via detailed and thorough due diligence including, where appropriate, third party professional advice. As part of the Charity’s approach to governance, the Trustees ensure that monitoring and a regular reporting structure is implemented for all strategic grants awarded. Through this process, the Charity can responsibly identify and manage risk and continues to work on this as part of its operational management.

The Charity has sufficient reserves and expendable funds to meet its foreseeable commitments and financing risks are considered to be low, recognising the continued commitment and support of the Permira Group. The Trustees do not award grants before they have the certainty of cash resources available to them.

Consistent with the Charity’s scale and obligations, the aim is to mitigate risk whilst operating as an agile, entrepreneurial, mission and values based charity. The Trustees ensure that for each risk that is identified:

2.1 Mission of the Permira Foundation

The Charity's mission is to help communities overcome social exclusion and disadvantage in the fields of education, employment, and access to physical and mental health. The Charity approaches this by partnering with charities to bring Permira’s experience of working with market leading management teams alongside strategic grant funding, to support charities reach their objectives for growth, sustainability, and impact.

2.2 Key Activities

The Charity achieves its mission by deploying its funding at different levels across three key activities[1] :

1 The Trustees can at their discretion change the ratio at which Charity funding is shared across its three key activities

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THE PERMIRA FOUNDATION

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

2.2 Key Activities - (continued)

The Trustees have referred to the Charity Commission's general guidance on public benefit when reviewing the Charity's objectives and grant-making policy. The Trustees state they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission.

3. FINANCIAL REVIEW

The Trustees confirm that the financial statements of the Charity complies with the current statutory requirements, the requirements of the Charity's governing document and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

3.1 Income received by the Permira Foundation

The Charity has been funded by an annual contribution from the Permira Group. The income of the Foundation is agreed at the beginning of each year and the Trustees have visibility on funding in any given year.

The Permira Partnership is the Charity’s sole source of funding, and it does not seek donations from the public.

The Charity reports income of €5,000,000 during the year, of which €713,718 was receivable at the year end.

3.2 Deployment of funding in 2024

Funding was allocated across the Foundation's activities as follows:

Strategicgrant making € 3,447,557
Matched Givingdonations € 315,626
Crisis Relief Fund € 261,303

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THE PERMIRA FOUNDATION

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

3.3 Reserves policy and going concern

The Trustees have reviewed and approved the reserves policy and have adopted a risk-based approach to reserves. The Charity's policy is to hold a level of unrestricted free reserves so that it can:

The Charity's target for unrestricted free reserves is three months operating costs. The higher end of this range includes the forecasted costs for the unlikely event that the organisation is required to close. The actual level as of 31 December 2024 is €779,852.

As of 31 December 2024, after careful consideration of the above, any identified risks and the allocated funds available, the Trustees are comfortable that the unrestricted free reserves are in line with expectations. The Permira Group has made a commitment to fund the Charity with a donation of €5,250,000 with such amount to be drawn as required by the Charity during 2025.

For the same reasons, the Trustees are also comfortable that it is appropriate for the financial statements to be prepared on the going concern basis.

As of 31 December 2024, the Charity has committed grants to be paid in 2025. Charitable commitments are entered into based on expected funding receipts and actual cash awards will only be made when sufficient cash is available.

`

  1. KEY ACTIVITIES DURING 2024

4.1 Strategic Partnerships

In 2024, the Charity made strategic partnerships with 34 charities. In these strategic partnerships, the Charity offers both funding and coordinated support from Permira employees and Partners to charities working to:

In total, €3,447,557 was deployed in strategic grant funding through the year across charities based in the UK (London), US (New York, Menlo Park and Tampa), Europe (Paris, Madrid, Frankfurt, Milan) and Asia (Shanghai, Hong Kong); all locations where Permira has offices.

In terms of the coordinated support provided by Permira employees and Partners, in 2024 nearly 80% of Permira’s permanent employees gave time to the Foundation and their charity partners.

Through the deployment of these strategic grants and the provision of coordinated support, the Permira Foundation has supported its charity partners to deliver their programmes to their beneficiaries and strengthen their operational and strategic capabilities. This supports the advancement of social inclusion in local communities.

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THE PERMIRA FOUNDATION

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

4.1 Strategic Partnerships - (continued)

Alongside Permira’s employees across the globe, the Charity has continued to build strong relationships with this cohort of charities. The Charity has maintained communication with the charities throughout the year to understand the impact of its strategic grants and coordinated support and looks forward to an on-going relationship with many of them in 2025 and beyond.

In general, the Permira Foundation intends to award unrestricted grants, in its belief that more flexible funding better supports charities to focus on delivering their charitable mission, and reduces the time spent managing donor relationships.

In 2024, this was true for 90% of strategic grants listed below except for the donations made to Universita Bocconi; The Bowery Mission and the Social Business Trust, due to specific reasons associated with the Foundation’s grant making policy.

2024 All Strategic Grants (in order of value)

Charitable Organisation Region Strategic Grant Award(€) Grant term
Career Ready UK € 237,418 1year
Social Business Trust UK € 237,416 1year
Minds Matter New York US € 236,211 2 years (term
began in 2024)
Minds Matter BayArea US € 219,312 1year
Magic Breakfast UK € 209,326 2 years (term
began in 2024)
MSF Europe € 200,000 2 years (term
began in 2024)
Challenge Partners UK € 144,587 1year
The OpportunityNetwork US € 144,328 1year
CityHarvest UK € 120,489 1year
BigIssue Recruit UK € 120,489 1year
Pallativteam Europe € 120,000 2 years (term
began in 2024)
The Change Foundation UK € 119,361 1year
Off Roads Kids Europe € 100,000 2 years (term
began in 2024)
Fundación Balia Europe € 92,230 1year
Die Arche Europe € 90,000 1year
The Beam Foundation UK € 89,774 1year
Upwardly Global US € 87,725 2 years (term
began in 2024)
Progetto Arca Europe € 75,000 1year
Speech & Language UK UK € 60,245 1year
Smart Works UK € 60,046 1year
Place2Be UK € 59,849 1year
All Child UK € 59,849 1year
UNHCR Europe € 50,000 1year

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Docusign Envelope ID: 6BCB401D-D2DA-4DA2-9C28-6E0EACD14326

THE PERMIRA FOUNDATION

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

4.1 Strategic Partnerships - (continued)

Charitable Organisation Region Strategic Grant Award(€) Grant term
Telemaque Europe € 50,000 1year
RYSE Europe € 50,000 1year
The BoweryMission US € 48,109 1year
Compass FamilyServices US € 47,874 1year
CASA NYC US € 47,874 1year
The Arc Tampa Bay US € 47,143 1year
Point Foundation Europe € 43,862 1year
Junior League of Tampa US € 43,862 3 years (term
began in 2024)
Food for Soul US € 43,862 1year
SEO USA US € 43,315 1year
Run HongKongLtd Asia € 36,000 1year
Fondazione Don Gino Rigoldi Europe € 12,000 3 years (term
began in 2024)
Total € 3,447,557

*Strategic grants awarded on a restricted basis

Coordinated support delivered to strategic partners in 2024;

The Charity conducted analysis across its 35 current charity partners to understand the types of coordinated support Permira’s employees deliver to charities.

There are four types of coordinated support that were offered to charity partners in 2024:

1.[Service delivery volunteering: Permira’s employees offer their time to help a charity run their ] service to beneficiaries. This is especially critical for charities whose service delivery model relies on volunteers participating. For example, Permira employees supported food delivery and packaging for UK partner City Harvest.

  1. Operational support: Permira’s employees offer their expertise to help strengthen the operations of charity partners, enabling them to deliver their mission more effectively. Given the limited resource charities operate with, the Foundation can meaningfully contribute here by offering the expertise and skills of Permira’s people. For example, Permira employees supported on IT and data analysis work for US charity partner Minds Matter Bay Area.

  2. Strategy, Leadership & Governance Support: Permira employees offer their experience to help develop senior leaders and the governance models charities have in place. The experience Permira’s employees have on corporate boards enables them to provide useful advice to charities and their leadership teams. For example, many of Permira’s senior leaders sit on the Boards of our charity partners across the globe.

  3. Storytelling, networking, and partnership support: Permira employees support charities to tell their story and help expand their network of supporters. For example, Permira employees may introduce strategic partners to members of their personal network, portfolio companies or suppliers. This enables charities to open new doors, connect with potential supporters and communicate their impact to larger audiences, ultimately supporting their sustainability and growth.

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Docusign Envelope ID: 6BCB401D-D2DA-4DA2-9C28-6E0EACD14326

THE PERMIRA FOUNDATION

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

4.2 The 3:1 Matched Giving Programme

As part of the 3:1 Matched Giving Programme, the Foundation made 62 donations to 47 charities in 2024, at a combined value of € 315,626.

The contribution made by the Charity was in recognition of the charitable giving of Permira’s employees throughout the year. All Matched Giving proposals were reviewed by the Foundation team against the criteria approved by the Trustees. Requests above €10,000 were determined by the Trustees. This funding has supported charities to deliver their key activities.

4.3 Crisis Relief Fund for Valencia flash floods and in Tampa for hurricane relief efforts

In November 2024, the Foundation’s Trustees recommended the deployment of the Crisis Relief Fund to support humanitarian efforts for those affected by the hurricanes in Tampa and by the flash floods in Spain.

This fund was allocated to assist humanitarian and medical aid charities responding on the ground. This support comprised of € 261,303 donated to four charities through Crisis Relief grants – two in each location, as selected by the Heads of Offices and colleagues in local offices at Permira:

5. FUTURE DEVELOPMENTS

Building on the Charity’s successes to date, it will continue to operate its three key activities in pursuit of its mission to advance social inclusion in the fields of employment, education, and physical and mental health.

In 2025, the Charity has launched two new social impact funds: the SPARK and GROWTH Funds. The SPARK Fund will provide 1-2 year partnerships with impactful nonprofits across Permira’s geographies and is aimed at providing catalytic funding to those organisations that local Permirans are passionate about, as well as to test relationships for potential longer term partnerships. The Growth Fund will be 4 year partnerships with the highest potential nonprofits to form long term relationships with them to support them to really grow their impact over the time period and create system change. Each Fund will have an investment committee made up of Senior Permirans who will help steer the investment strategy for each Fund.

The SPARK and GROWTH Funds will be the models through which the Charity deploys Strategic grants. There are no plans to change either the Matched Giving or Crisis Relief programs.

The report was approved by the trustees on 8 July 2025 and signed on their behalf by

Peter Gibbs Trustee

Alistair Boyle Trustee

==> picture [143 x 29] intentionally omitted <==

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THE PERMIRA FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PERMIRA FOUNDATION

FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion

We have audited the financial statements of The Permira Foundation (the ‘charitable company’) for the year ended 31 December 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Basis for opinion

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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THE PERMIRA FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PERMIRA FOUNDATION - (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, the financial statements:

Matters on which we are required to report by exception

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

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THE PERMIRA FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PERMIRA FOUNDATION - (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Capability of the audit in detecting irregularities

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

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THE PERMIRA FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PERMIRA FOUNDATION - (continued)

FOR THE YEAR ENDED 31 DECEMBER 2024

Capability of the audit in detecting irregularities - (continued)

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

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

Use of our report

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

Noelia Serrano (Senior statutory auditor)

24 July 2025 for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

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THE PERMIRA FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR THE YEAR ENDED 31 DECEMBER 2024
Income from:
Note
Donations
Interest
Total income
Expenditure on:
Charitable activities
General
Crisis Relief Fund
Total expenditure
2
Net income / (expenditure) before
other recognised gains and losses
Other gains (losses) / gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
2024
Total
Unrestricted
Restricted
2023
Total

€
€
€
€
€
5,000,000
5,000,000
5,003,719
-
5,003,719
28
28
87
-
87
5,000,028
5,000,028
5,003,806
-
5,003,806
(4,482,609)
(4,482,609)
(5,103,309)
-
(5,103,309)
(261,303)
(261,303)
(451,315)
(7,789)
(459,104)
(4,743,912)
(4,743,912)
(5,554,624)
(7,789)
(5,562,413)
256,116
256,116
(550,818)
(7,789)
(558,607)
(18,454)
(18,454)
374
-
374
237,662
237,662
(550,444)
(7,789)
(558,233)
542,190
542,190
1,092,634
7,789
1,100,423
779,852
779,852
542,190
-
542,190

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.

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Company no. 10877948

THE PERMIRA FOUNDATION

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

AS AT 31 DECEMBER 2024
2024 2023
Note € € € €
Current assets:
Debtors 8 718,306 1,022,699
Cash at bank and in hand 392,189 499,587
1,110,495 1,522,286
Liabilities:
Creditors: amounts falling due within one year 9 (273,143) (865,096)
Net current assets 837,352 657,190
Total assets less current liabilities 837,352 657,190
Creditors: amounts falling due after one year 10 (57,500) (115,000)
Total net assets 779,852 542,190
The funds of the charity:
Unrestricted income funds:
General funds 779,852 542,190
Total unrestricted funds 779,852 542,190
Total charity funds 779,852 542,190

Approved by the trustees on 8 July 2025 and signed on their behalf by

Peter Gibbs Alistair Boyle Trustee Trustee

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THE PERMIRA FOUNDATION

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR THE YEAR ENDED 31 DECEMBER 2024
Cash flows from operating activities
Net income / (expenditure) for the reporting period
(as per the statement of financial activities)
Interest
Decrease in debtors
Decrease in creditors
Net cash (used in) / provided by operating activities
Cash flows from investing activities:
Interest
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the
Change in cash and cash equivalents due to
exchange rate movements
Cash and cash equivalents at the end of the year		 2024
€
256,116
(28)
304,393
(649,453)
28
€		 2023
€
(557,859)
(87)
822,871
(143,493)
87
€
(88,972)
28
(88,944)
499,587
(18,454)		 121,432
87
121,519
378,442
(374)
392,189 499,587

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Docusign Envelope ID: 6BCB401D-D2DA-4DA2-9C28-6E0EACD14326

THE PERMIRA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

The Permira Foundation is a charitable company limited by guarantee and is incorporated in England and Wales.

The registered office address is Permira Advisers LLP, 80 Pall Mall, London, SW1Y 5ES.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

The Charity's functional currency is considered to be Euros (''EUR''). EUR is considered to be the currency that most accurately reflects the primary economic environment in which the Charity operates.

Monetary assets and liabilities denominated in currencies other than EUR are translated at the rates prevailing at the date of the transaction and then converted to the prevailing rates at the Statement of Financial Position date as follows:

2024 2023
GBP to EUR 1.206 1.150
USD to EUR 0.964 0.905

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

The Trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

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Docusign Envelope ID: 6BCB401D-D2DA-4DA2-9C28-6E0EACD14326

THE PERMIRA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

18

Docusign Envelope ID: 6BCB401D-D2DA-4DA2-9C28-6E0EACD14326

THE PERMIRA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

o) Pensions

The Foundation contributes to defined contribution pension schemes for its employees. The charge in the statement of financial activities represents the actual amount of the contribution payable to the pension schemes in respect of the accounting year. There is no liability in excess of this.

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Docusign Envelope ID: 6BCB401D-D2DA-4DA2-9C28-6E0EACD14326

THE PERMIRA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2a Analysis of expenditure (current year)

Charitable donations
Charitable grants - strategic
Matched donations - general
Crisis grants
Crisis matched donations
Staff costs (Note 4)
Charitable event
Professional Fees
Administrative fees
Legal fees
Audit fees
Finance costs
Support costs
Governance costs
Total expenditure 2024
Total expenditure 2023		 Charitable activities Governance
costs
€
-
-
-
-
-
-
-
-
-
35,195
-		 Support
costs
€
-
-
-
-
364,035
4,159
51,900
189,765
73,057
-
1,315		 2024
Total
€
3,447,557
315,626
261,303
-
364,035
4,159
51,900
189,765
73,057
35,195
1,315		 2023
Total
€
3,886,242
521,170
424,914
34,190
292,449
3,925
139,441
189,956
45,866
22,172
2,088
General
€
3,447,557
315,626
-
-
-
-
-
-
-
-
-
3,763,183
684,231
35,195
4,482,609
5,103,309		 Crisis Relief
Fund
€
-
-
261,303
-
-
-
-
-
-
-
-
261,303
-
-		 35,195
-
(35,195)		 684,231
(684,231)
-		 4,743,912
-
-		 5,562,413
-
-
261,303 - - 4,743,912 5,562,413
459,104 - -

2b Analysis of expenditure (prior year)

Charitable donations
Charitable grants - strategic
Matched donations - general
Crisis grants
Crisis matched donations
Staff costs (Note 4)
Charitable event
Professional Fees
Administrative fees
Legal fees
Audit fees
Finance costs
Support costs
Governance costs
Total expenditure 2023		 Charitable activities Governance
costs
€
-
-
-
-
-
-
-
-
-
22,172
-		 Support
costs
-
-
-
-
292,449
3,925
139,441
189,956
45,866
-
2,088		 2023
Total
€
3,886,242
521,170
424,914
34,190
292,449
3,925
139,441
189,956
45,866
22,172
2,088
General
€
3,886,242
521,170
-
-
-
-
-
-
-
-
-
4,407,412
673,725
22,172
5,103,309		 Crisis Relief
Fund
€
-
-
424,914
34,190
-
-
-
-
-
-
-
459,104
-
-		 22,172
-
(22,172)		 673,725
(673,725)
-		 5,562,413
-
-
459,104 - - 5,562,413

20

Docusign Envelope ID: 6BCB401D-D2DA-4DA2-9C28-6E0EACD14326

THE PERMIRA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

This is stated after charging / (crediting):

Auditor's remuneration (excluding VAT):
Audit
Foreign exchange gains		 2024
€
29,330
(18,454)
2023

€
18,477
(374)

4 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management

Staff costs were as follows:

Staff costs were as follows:
2024 2023
€ €
Salaries and wages 283,550 82,023
Social security costs 30,623 9,171
Employer’s contribution to defined contribution pension schemes 29,445 7,716
Seconded and temporary staff - 116,352
Other forms of employee benefits 20,417 77,187
364,035 292,449
The following number of employees received employee benefits (excluding employer pension costs
and employer's national insurance) in excess of €70,000 during the year between:
2024 2023
No. No.
€170,000 - €180,000 1 -

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were €218,249 (2023: €12,693).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2023: nil). No charity trustee received payment for professional or other services supplied to the charity (2023: nil).

There were no trustee expenses in either period.

5 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 2 (2023: 2).

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Docusign Envelope ID: 6BCB401D-D2DA-4DA2-9C28-6E0EACD14326

THE PERMIRA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

As at 31 December 2023 Paul Richard Armstrong was listed as a trustee of the Charity and Social Business Trust, a charity which received grants of €237,416 (2023: €461,196) during the year. Alex Vander Linde was listed as a Trustee of Minds Matter Bay Area, a charity which received a grant of £219,312 (2023: €228,394) and a donation of €16,954 (2023: €14,170) during the year.

Conflicted Trustees take no part in decisions in respect of the selection of relevant charities or the award of grants to such charities.

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

7 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

8 Debtors

Debtors
Other debtors
Prepayments
Accrued income
Creditors: amounts falling due within one year
Trade creditors
Taxation and social security
Grants payable in less than one year
Other creditors
Accruals		 2024
€
4,588
-
713,718
2023

€

4,588

3,545
1,014,566
1,022,699

2023

€
97,982

7,354
676,773

-
82,987
865,096
718,306
2024
€
36,773
20,778
123,642
1,399
90,551
273,143

9 Creditors: amounts falling due within one year

22

Docusign Envelope ID: 6BCB401D-D2DA-4DA2-9C28-6E0EACD14326

THE PERMIRA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

HE YEAR ENDED 31 DECEMBER 2024
Creditors: amounts falling due after one year
Grants payable in one to five years 2024
€
57,500
2023

€
115,000
115,000
57,500

11 Subsequent events

In April 2025 the Charity awarded strategic grants to the value of €3,023,349.

There were no other significant events requiring adjustment to, or disclosure in, the financial statements subsequent to 31 December 2024.

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

23

Docusign Envelope ID: 6BCB401D-D2DA-4DA2-9C28-6E0EACD14326

THE PERMIRA FOUNDATION

APPENDIX A - PERMIRA RELIEF FUND

FOR THE YEAR ENDED 31 DECEMBER 2024

During the year, the Permira Relief Fund disbursed €261,303 (2023: €459,104) to 4 (2023: 7) charities as listed below. This appendix notes all individual charities where a donation of €25,000 or more has been awarded. Within ‘other’, there is 1 charity) (2023: 5) who received on average €23,670 (2023: €7,327) per grant.


grant.
Cruz Roja
Caritas Spain
Junior League of Tampa
International Committee of the Red Cross
JNF Charitable Trust
Other		 2024
Total
€
2023
Total
€
100,000
-
100,000
-
37,633
-
-
182,469
-
240,000
23,670
36,635
261,303
459,104

24