2025-12-31-accounts

Randal Charitable Foundation

Annual Report

& Accounts

January - December 2025

Registered charity number 1176129

Contents

About the Randal Foundation��������������������������������������������������������������������������������������������������������3
Introduction ��������������������������������������������������������������������������������������������������������������������������������������������3
Our vision �����������������������������������������������������������������������������������������������������������������������������������������������4
Progress in achieving our vision ������������������������������������������������������������������������������������������������������������5
Our values 6
A values driven organisation�����������������������������������������������������������������������������������������������������������������6
Our mission�����������������������������������������������������������������������������������������������������������������������������������������7
Resourcing our impact���������������������������������������������������������������������������������������������������������������������8
Funds to deliver ��������������������������������������������������������������������������������������������������������������������������������������8
Themes and pillars�����������������������������������������������������������������������������������������������������������������������������9
Leadership and our charitable objectives ���������������������������������������������������������������������������������������������9
Our themes for charitable investment �������������������������������������������������������������������������������������������������10
The 5 pillars of giving of our foundation ���������������������������������������������������������������������������������������������11
Chairman’s statement���������������������������������������������������������������������������������������������������������������������12
Financial review�������������������������������������������������������������������������������������������������������������������������������16
Structure, governance and management��������������������������������������������������������������������������������18
Reference and administrative details ��������������������������������������������������������������������������������������������������18
Auditors’ report�������������������������������������������������������������������������������������������������������������������������������22
Auditor’s report to the Trustees ����������������������������������������������������������������������������������������������������������22
Statement of fnancial activities��������������������������������������������������������������������������������������������������25
Balance sheet������������������������������������������������������������������������������������������������������������������������������������26
Statement of cash fows�����������������������������������������������������������������������������������������������������������������27
Notes to the fnancial statements������������������������������������������������������������������������������������������������28

Randal Foundation - Annual Report & Accounts January - December 2025

About the Randal Foundation (1)

What we do

We are a family foundation with a focus on saving and significantly improving lives, through a life-saving and life-transforming portfolio of supported programmes, led by our Foundation - not just in our lifetime, but far beyond.

Introduction

In establishing the Randal Foundation in 2017, our Founders were clear in both their focus and the level of their ambition - passionate about making a difference in the world we live in - today. Our vision, to save and significantly improve 1 million lives, is one which directly reflects the goals of our Founders, Dr Nik and Mrs Moni Kotecha.

The need for intervention through our life-saving work remains urgent. Changes in the geo-political landscape mean our concern for loss of life and real need being experienced by many has been heightened. We know that often, simple and readily available interventions can be life saving and life transforming. Saving and significantly improving lives now, through careful and targeted investment, remains our firm goal.

We are a values-driven Foundation and we aim to encourage organisations and individuals who share our values to work with us; indeed we make an open invitation for this collaboration.

Our ambitions are clear. In the years ahead, we will continue to:

• Ensure powerful alignment with our core purpose as instilled by our Founders

• Build strongly on our impact to date

• Grow our network of partners and delivery organisations with whom we can collaborate and achieve our goals

• Remain open to and excited by, new and innovative ways through which to deliver our objectives; and

• Be the catalyst for real, significant and positive change which saves lives, today.

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New Start Highland - Inverness
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Randal Foundation - Annual Report & Accounts January - December 2025

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About the Randal Foundation (2)

Our vision

Our vision directly reflects the ambitions of our Founders, Dr Nik and Mrs Moni Kotecha. It reflects the core purpose of our Foundation and importantly, the fundamental, driving ethos of our Founders.

Our vision

Our vision, to save and significantly improve 1 million lives, is one which directly reflects the ambitions of our Founders, Dr Nik and Mrs Moni Kotecha. In the development of our strategy during 2023 and in its implementation from the start of 2024 when it was formally adopted, Trustees have resolved that this continues to reflect the core purpose of our Foundation. This is central to, and is the driving ethos of our Founders.

Our vision in turn, drives all we do:

“Our aspiration is to save, and significantly improve, the lives of 1 million people globally.”

Our vision is:

• a distinctive goal - our goal is clear, ambitious and challenging for our Foundation to achieve - this will positively drive decision making and delivery with pace

• a differentiator - powerfully describes a distinctive “character” of our Foundation

• clear and unambiguous - our vision is easy to articulate and easy to understand

• compelling - achieving Foundation targets will depend on co-investment and strong partnership; our vision is attractive and compelling in support of this

• able to be defined - we have developed and can share a clear, accountable definition underpinning our vision, which is robust and meaningful

• able to be celebrated - we can quantify, promote and champion our achievements

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Dr Nik Kotecha OBE DL, Chairman, Randal Charitable Foundation
& EMERGENCY UK team
EMERGENCY UK
Strategic partner - global impact
EMERGENCY UK team in Milan
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Randal Foundation - Annual Report & Accounts January - December 2025

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About the Randal Foundation (3)

Our vision

Our vision directly reflects the ambitions of our Founders, Dr Nik and Mrs Moni Kotecha. It reflects the core purpose of our Foundation and importantly, the fundamental, driving ethos of our Founders.

Progress in achieving our vision

We recognise that our vision is most ambitious, but we are already making real progress towards achieving our goals. In the eight years since establishing our Foundation, over 206,797 lives have been saved and 750,167 lives have been significantly improved through our work. This impact has been enabled through 204 grants throughout 2018 - 2025. Grants made during 2025 span 22 countries including the UK – across continents including Europe, Asia and Africa.

Defining our outcomes and measuring our impact

Our definitions for ‘lives saved’ and ‘lives significantly improved’ are responsive definitions. These are:

Lives directly saved:

“An individual whose life is directly saved is a life that was at serious and credible risk of loss before the provision of grant funding and, as a result of expenditure of the grant funding directly or indirectly for the benefit of the individual, has significantly lowered the risk of loss of life”.

Lives significantly improved:

“A significant improvement in the quality of life of an individual is achieved where grant funded expenditure directly enables a long term or permanent betterment of an individual’s life chances, personal circumstances or physical or mental health.”

Our approach to evidencing our impact is robust and is informed by the following:

• our work is wide ranging and Trustees have considered that the broad scope of our grant making means our impact is also wide ranging - lives are both saved and significantly improved in a vast variety of ways

• integrity in our approach - our due diligence and Trustee challenge processes prior to grant making provide for interrogation of grantee assertions that lives are saved or significantly improved

• a flexible approach provides scope for our Foundation - we can work to maintain our desire for diverse grant making and making impact in wide ranging ways, responding to both need and opportunity

• we can continue to review and adapt our processes - remaining flexible means we can continue to ensure and stay alert to the fact that lives are saved and significantly improved as a direct result of our charitable activities with each grant award or project decision.

Prospective grantees are required to clearly demonstrate how lives are saved or significantly improved as part of the grant application process. Due diligence undertaken during the application assessment provides challenge to this grantee definition, and further challenge is applied at the point of Trustee consideration and decision making. Due diligence procedures were further strengthened during the year, satisfying the Trustees express requirements on matters such as safeguarding against reputational risk and non-engagement around cryptocurrency.

Attribution

Integrity in our approach to attribution is essential, so we consider attribution carefully. Clear evidence for our impact is central to our approach. The range of ways in which lives saved and significantly improved can be attributed robustly through our work include:

• Indirectly - sector support and influencing policy change

• Directly - project specific support and strategic partnership investment

Randal Foundation - Annual Report & Accounts January - December 2025

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Our values

Our values reflect the core beliefs of our Foundation, the principles to which we work and the approach we take in delivering our mission.

Our

A values-driven organisation

Our values reflect the core beliefs of our Foundation, the principles to which we work and the approach we take in delivering our mission.

We have set out our values as a Board of Trustees, to ensure they are visible and our work remains relevant to the vision of our Founders. Our values underpin our journey to deliver our vision. In delivering our work to save and significantly improve lives, we are keen to work with organisations and individuals whose values reflect the values we hold.

As a Foundation, we have 5 organisational values.

Integrity Passion Empathy Pioneering Responsible We are consistent, We act, and inspire We are mindful of our We invite and stay open to Evidence-led in our relevant, ethical and others to act, driven place in the world, the exciting, entrepreneurial and approach to deliver our genuine by what deeply people we help and the innovative ideas, and are mission, we work to ensure matters challenges they overcome resolute in our approach to a sustainable future for our deliver Foundation

Our Trustees embody our organisational values, and bring these to the fore in guiding and directing the work of our Foundation. Our values are visible in our planning, our decision making, our partner and grantee organisation selection and many more areas of our operation.

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SmileStar medical - Mozambique (2025)
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Randal Foundation - Annual Report & Accounts January - December 2025

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Our mission

During 2023, as part of our strategy planning process, a refreshed mission statement was prepared to reflect Trustee ambitions as to how we will achieve our vision. This mission statement has driven the delivery of our vision throughout 2025, having adopted the strategy at the start of 2024.

Our mission

Our core charitable objectives, our vision, our Foundation values and our delivery themes have all shaped how we articulate our mission statement. This sets out how we will achieve our vision, including:

• what we do (our delivery themes)

• how we do this (our core function as a grant-making foundation)

• where we do this (U.K. and globally) and

• who we work with to achieve it (from grass roots organisations to strategic partners)

Our Board of Trustees works through our adopted mission statement as follows:

“The Randal Foundation works to deliver the vision of our Founders, Dr Nik and Moni Kotecha - saving and significantly improving 1 million lives�

Working at scale and with pace, we work with aligned and entrepreneurial partner organisations in our grant making, our strategic programmes of charitable investment and in our thought leadership�

We pursue alleviation of poverty and mental ill-health, we seek to avert risk of harm to women and children, we enable prisoner rehabilitation and we work to improve access to quality healthcare, sanitation and education, in particular for children and the most vulnerable�

We are active across the U�K� and throughout the world, determined to ensure we achieve our vision, doing this with passion and creativity�”

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Centre for Social Justice - Welfare 2030 meeting
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Randal Foundation - Annual Report & Accounts January - December 2025

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Resourcing our impact

Resourcing our impact

Trustees have considered carefully the resources needed to deliver their vision, both in term of financial capability and human resources to enable the work of our Foundation.

Resourcing our impact - funds to deliver

As a family Foundation, the resources we have through which to deliver our grant making and manage our organisation have been gifted by our Founders. In establishing our Foundation, the donations they made, and continue to make, are with the sole purpose of enabling our live saving work and achieving our vision.

We recognise that our ambitions for impact could be scaled further, through collaboration with partner institutions, individuals and organisations who share our values and wish to help deliver programmes, with co-investment around identified initiatives. We will remain alert to this important opportunity and have a goal to grow influential partnerships, through which to achieve greater impact, with greater pace, than would be possible with family funds alone.

Enabling capacity

Specialist service providers have supported the operation of our Foundation since inception, including teams from the following areas:

• Investment management

• Accountancy

• Audit

• Legal advisory

• Other (including specialists in areas such as IT, philanthropy specialists, charity advisors, cyber security)

During 2025, the Board continued the engagement of its dedicated Executive Team, which manages the day-to-day affairs of our Foundation. This comprises dedicated capacity with responsibility for:

• Leadership, relationship management and strategic partner engagement

• Financial management and reporting

• Executive administration and support to the Board in all relevant matters

• Communications (all channels including website) and Foundation events

• Operational delivery and grantee relations

The Executive Team has responsibility to support the Chairman and Board of Trustees, deliver day-to-day operations and have oversight of (and contract manage) our retained, specialist service providers.

Resourcing the long-term

As a first generation family Foundation, we remain alert to the need to conserve and protect the resources which enable our work. We know too, that we must be proactive in the development of our leadership and growing our assets. Both aspects are central if we are to ensure long term continuity for our Foundation. A focus on leadership, operational and investment planning, including clear goals to enable giving by others to drive the work of our Foundation, will assure the long term, and ‘future proof’ our capacity for our philanthropic work.

Randal Foundation - Annual Report & Accounts January - December 2025

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Themes and pillars (1)

Our charitable objectives

Our Trustees recognise that a good understanding of our themes by co-investors and prospective grantees is important, if we are to achieve our goal of focusing our work and funding to help those in greatest need. This principle of approach is underlined within our adopted strategy (2024-2027).

Leadership and our charitable objectives

The Randal Foundation is a Charitable Incorporated Organisation (CIO) with closed membership, registered in England and Wales with the Charity Commission (registration number 1176129), within the provisions of the Charities Act 2011.

Our Foundation is led by a Board of Trustees from a wide range of professional backgrounds, and includes two Trustee Founder Board Members. Four Trustees comprise the Trustee membership at the end of 2025.

In establishing our Foundation, selecting our charitable purposes (“Objects”) to ensure these match the inspiration of our Founders was a central tenet, and these are articulated within our governing document as follows:

The Objects of the CIO are the advancement of such charitable purpose or purposes for the Public Benefit according to the laws of England and Wales in the United Kingdom and elsewhere in the world as the Trustees decide, in particular but not exclusively:

A) The relief of sickness and preservation and protection of good health, in particular: I. The advancement of healthcare in the Developing World II. The treatment of addiction linked to alcohol, drugs or gambling in the UK

B) The prevention and relief of poverty, in particular: I. Tackling of financial hardship and social disadvantage in the UK due to poor mental/ physical health, homelessness, age or disability II. Supporting specific projects world-wide focused on improving communities’ standard of living

C) The advancement of education, in particular: I. Addressing poverty in the Developing World, through the power of education II. Ending the ‘poverty of opportunity’ in the UK

Information within our governing document reflects requirements for use of language and ‘category’ types, for purposes which are deemed charitable, and encompasses activity which organisations assuming charitable status can legally deliver.

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Sharewear Clothing Scheme - Nottingham
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Randal Foundation - Annual Report & Accounts January - December 2025

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Themes and pillars (2)

Themes for charitable investments

Our Trustees recognise that a good understanding of our themes by co-investors and prospective grantees is important, if we are to achieve our goal of focusing our work and funding to help those in greatest need. This principle of approach is underlined within our adopted strategy (20242027).

Our themes for charitable investment

Themes 2024-2027: UK

Healthcare for the vulnerable

Qualified - excludes healthcare supplementing or replacing state obligations, includes tackling addiction

Women and children at risk of Violence or exploitation Focused and specific community of interest for our Foundation, enabled by dedicated well defined calls for grant making, not general purposes

Tackling mental ill-health

An active descriptor, focused on interventions which tackle the root causes of mental ill-health including suicide

Prisoner rehabilitation

Focused and specific community of interest for our Foundation, enabled by dedicated well defined calls for grant making, not general purposes

Allieviating poverty

An active descriptor, inviting active interventions which sustainably change baseline poverty, excludes short term poverty amelioration

Education of the most disadvantaged Qualified - excludes general educational purposes, focus is on unlocking potential and creating opportunity for children and young people

Themes 2024-2027: Global

Healthcare and nutrition for the most vulnerable

We will invest to make impact at scale which makes lasting change and brings immediate benefit; excludes general healthcare and supplementing state obligations

Alleviating poverty

An active descriptor, inviting active interventions which sustainably change baseline poverty, excludes short term poverty amelioration

Clean water and sanitation for the most vulnerable

Sharply focused on areas of greatest need / greatest opportunity for long term impact, including supporting improvements at community level

Emergency response

Flexible and adaptable, proactive approaches are made by Trustees in this pillar - not open for application

Education for all

We focus on tackling systemic inequalities, releasing potential and creating opportunity for children and young people� Excludes education supplementing or replacing state

Randal Foundation - Annual Report & Accounts January - December 2025

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Themes and pillars (3)

Themes for charitable investments

Our Trustees recognise that a good understanding of our themes by co-investors and prospective grantees is important, if we are to achieve our goal of focusing our work and funding to help those in greatest need. This principle of approach is underlined within our adopted strategy (2024-2027).

The 5 pillars of giving of our Foundation

During 2025, Trustees have focused our approach to making charitable investments, through our 5 pillars of giving. This has allowed Trustees to pro-actively channel investment through grant making to identified areas in order to deliver our charitable objectives, and to those charities with whom we find synergies. This has spanned grass roots charities, and large globally operating organisations alike, underpinned by a desire from our Trustees to:

• Offer increased clarity to prospective applicants and invited partners regarding criteria for our grant making

• Reduce the overall volume of unsuitable incoming applications - further limiting these by now making structured calls for applications or approaching partners by invitation only, rather than being permanently open for grant enquiries

• Reduce ineffective resource deployment, previously committed to assessing many poorly matched applications

• Enable continued giving to UK based and UK led organisations, and those operating around the world

Our impact has been accelerated across each of our 5 pillars of giving, with numerous grants made in each area throughout 2025:

Pillars of giving

Pillar 1 Small grants - UK only – 9 awards in 2025 to Community Foundations, supporting circa 116 grassroots charities.

Pillar 2 Project based grants - 24 awards made in the year to UK and internationally operating charities delivering lifesaving work.

Pillar 3 Impact at scale - 7 grants awarded supporting our strategic partnerships work, delivering high impact life-saving project work.

Pillar 4 Thought leadership - Investing in policy change, we made 4 grants to underpin research and champion key causes where lives can be saved and transformed.

Pillar 5 Trustee passion projects - Trustees made 2 awards in 2025, supporting projects close to Trustees hearts.

Randal Foundation - Annual Report & Accounts January - December 2025

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Chairman’s statement (1)

Chairman’s statement

Throughout the year, we delivered funding to a wide range of remarkable organisations, to save and significantly improve lives in the UK, and around the world - wherever there are people in need. In the eight years since establishing our Foundation, over 206,797 lives have been saved and 750,167 lives have been significantly improved through our work.

Chairman’s statement for the year ended 31 December 2025

Dr N R Kotecha OBE DL, Chair of Trustees for The Randal Charitable Foundation

2025 has without doubt been a year of significantly increasing our impact by extending trusted partnerships, growing our valued network further and supporting more charities and partner organisations with funding than ever before.

Committed to accelerating our support to organisations saving and significantly improving lives, we’ve chosen an ambitious path throughout the year, with both our strategic objectives and our vision in sharp focus: to save and significantly improve over a million lives in the U.K. and around the world.

Going further, faster, in our life saving work

We’ve gone much further in our work in 2025 than acting just as a funder, central though this is. The year has been characterised for me by three things:

• Deepening partnerships within our trusted networks alongside discovery within new partner relationships

• Celebrating and championing the remarkable work of our grantees and awardees.

• Accelerating our giving and impact across all our pillars, particularly within our grass-roots charity giving (Pillar 1), which supports organisations working at the very heart of communities. Alongside this, we continue to strengthen our work through Pillar 4 – Policy Shaping, where the Foundation invests in initiatives that catalyse thought leadership and drive meaningful policy development across our focus areas in the UK. Through Trustee-led investments, this pillar has enabled us to support organisations and projects that influence national conversations and contribute to shaping solutions that can deliver long-term societal impact.

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Parkinson’s UK - Scottish Highlands
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Randal Foundation - Annual Report & Accounts January - December 2025

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Chairman’s statement (2)

Chairman’s statement

Throughout the year, we delivered funding to a wide range of remarkable organisations, to save and significantly improve lives in the UK, and around the world - wherever there are people in need. In the eight years since establishing our Foundation, over 206,797 lives have been saved and 750,167 lives have been significantly improved through our work.

A year of insights and learning

Having set out a clear plan for 2025, to open many more opportunities through which to invite partners to share their projects and apply for grants, it’s been an inspirational year too. Getting closer to our grantees, we’ve gathered perspectives and insights into the issues organisations large and small are facing. We’ve also often been drawn closer to both the needs they seek to meet and the funding challenges they face, whether they operate within the U.K. or elsewhere in the world.

We’ve seen too, how some organisations have struggled to meet the ambitious targets they initially set, hampered often by factors beyond their control, including other sources of funding falling away and competition for resources getting ever harder. Throughout this process, the Foundation has maintained robust monitoring and stringent scrutiny of financial reporting and performance metrics to ensure accountability and to support organisations in navigating these challenges where possible.

A challenging operating environment for grantees

The operating environment for U.K. based charities has also changed measurably during 2025, and cost base rises have hit hard. The often already slim and typically efficient core teams within charities are facing growing pressures to streamline further, and in some cases make cuts - leading to diminishing ability to deliver on the front line.

It’s of great concern to me that so many valued services and support mechanisms, which shape and underpin the strength of our communities are forcibly scaling down, supporting fewer people or simply closing their doors. This is as a result of cumulative changes to both the funding landscape and enacted economic policies which, in turn, highlight why our Pillar 1 and Pillar 2 grants are so important, as they specifically support grassroots charities working at the heart of communities.

These same policies have driven up costs for both private sector firms (as planned) but also for third sector organisations, indiscriminately. The consequence of this is already being seen, with signs of gaps in third sector support for vulnerable people, for instance, leading to exponentially increased pressures on the public purse.

Creating hope, championing our causes

This learning has underlined our own resolve and informed our long-term commitment to being a source of genuine support to those giving their all to their communities. We remain committed to creating hope where there was little or none, and championing those who would otherwise be overlooked or left behind.

From this backdrop, I remain deeply proud of our work and privileged to be able to direct our grants to a wide range of remarkable organisations, working with care, skill and commitment across the UK, and around the world - wherever there are people in need.

Throughout 2025 we’ve focused more than ever before in raising the profile of the causes we support too - in turn, we hope, raising them up and spotlighting their extraordinary work, their compassion, their skilled and life transforming delivery.

Randal Foundation - Annual Report & Accounts January - December 2025

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Chairman’s statement (3)

Chairman’s statement

Throughout the year, we delivered funding to a wide range of remarkable organisations, to save and significantly improve lives in the UK, and around the world - wherever there are people in need. In the eight years since establishing our Foundation, over 206,797 lives have been saved and 750,167 lives have been significantly improved through our work.

Saving lives, transforming life courses and accelerating impact

Each organisation we have supported this year has delivered measurable and meaningful lifesaving and life transforming work. Collectively, the endeavours we have backed and the projects we have funded have achieved quantifiable impact at scale. By the end of 2025, through our grant making we’re proud to have now enabled 206,797 lives saved and 750,167 lives significantly improved, since our work began in 2018.

In 2025 alone, the Foundation awarded 45 grants across the UK and internationally through our five pillars. This included 9 grants through Pillar 1, supporting grassroots charities through 9 Community Foundations, enabling funding to reach organisations working directly within their local communities. A further 24 grants were awarded through Pillar 2, supporting organisations delivering frontline charitable work, alongside 6 strategic investments through Pillar 3 and 4 policy-shaping initiatives through Pillar 4. In addition, 2 initiatives were supported through Pillar 5, our Trustee Passion Projects pillar, which provides a flexible mechanism for Trustees to respond to immediate needs and support projects in the UK and worldwide that save lives and deliver meaningful impact where it is most urgently required.

Together, these partnerships reflect the growing scale and reach of the Foundation’s work and our continued commitment to supporting organisations that deliver meaningful impact, wherever they are in the world.

Our strategy, adopted in January 2024 has provided steadfast guidance throughout the year, and enabled our targeted accelerated giving, focused always on life saving impact.

Leadership with compassion

Our Board of Trustees has remained resolute in the achievement of our goals, which ultimately aim to bring hope to those in despair, be a light for those in darkness - enabled by our focus on our vision, our mission and our founding principles.

Throughout the year, our increased impact has been made possible by the continued unwavering commitment made by each Trustee, working to select the most inspiring and purposeful charitable investments. Together we have brought our passion to the fore, challenged ourselves, interrogated our decisions and been held mutually accountable to both our mission, and our vision.

Bold decision making has also characterised our year, seeking out ambitious and high performing charities of all sizes with whom to partner, who share our goals and our commitment to quantifiable impact underpinned by quality delivery, compassionate service provision and inspired leadership.

Supporting grass roots organisations

I’m particularly proud of our support for grassroots organisations in 2025, including funding 9 Community Foundations, enabling support to reach grassroots charities embedded within the heart of their communities. Through these strategic partnerships, we anticipate that approximately 166 grassroots organisations will benefit, significantly extending the Foundation’s reach while ensuring that local communities receive targeted and meaningful support.

Randal Foundation - Annual Report & Accounts January - December 2025

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Chairman’s statement (4)

Chairman’s statement

Throughout the year, we delivered funding to a wide range of remarkable organisations, to save and significantly improve lives in the UK, and around the world - wherever there are people in need. In the eight years since establishing our Foundation, over 206,797 lives have been saved and 750,167 lives have been significantly improved through our work.

Thought leadership driving policy change

In 2025, we expanded our support to continue making policy change, recognising the importance of influencing systemic change alongside direct service delivery. As part of this strategic expansion, we are now engaged in conversations with more than half a dozen national partners involved in shaping policy across a range of key themes. These partnerships enable us to drive forward evidence-based research, shape policy, and enable wider public discussion on key social issues aligned with our mission.

Continued progress towards achieving our vision

2025 has in fact proven to be an exceptional grant making year. We have awarded and approved a total of 45 grants collectively valued at £2,394,719. These grants span each of our five pillars of giving and our entire strategic breadth, demonstrating our continued dedication to fostering positive change in our chosen areas.

Looking forward: leadership and service

Trustees have maintained a sustained resolve throughout 2025, working harder and bringing robust challenge to our decision making and oversight. It is clear that this continued significant investment, voluntarily given is building now on the firm foundations, laid since the establishment of our Foundation. Measurable impact at scale is being achieved and our vision is now being powerfully translated, to lives saved and transformed, across the U.K. and around the world.

2026 will bring new challenges and many opportunities and navigating the year ahead will only be possible with continued insightful leadership and risk informed decisions, an approach it’s clear our trustee board is mutually invested in.

Equally, we will ensure our expectations can be delivered on with a continued focus on excellence within all our Foundation internal processes, driving up efficiencies in our own systems, maintaining fit-for purpose policies, and growing brand awareness. We will achieve this with sustained investment in our own team and the wider network of specialists who support us, and whom we value.

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The King’s Trust
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Randal Foundation - Annual Report & Accounts January - December 2025

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Financial review (1)

Financial position

At the period end, the charity had total reserves of £13,039,970, comprised of unrestricted funds

Financial review

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Reserves policy

The balance on reserves at 31 December 2025 was £13,039,970 (2024: £11,757,792), which are all unrestricted funds at the year end. The Foundation will ensure that it holds sufficient reserves to cover the costs of running the Foundation. The net assets of the Foundation’s are regarded as free reserves and the funds will be retained to make grants and donations in accordance with the Foundation charitable objectives. The Trustees consider that the freely expendable funds are appropriate and sufficient taking account of plans for grants and donations under consideration and in the future.

Our reserves policy was reviewed during 2025. Trustees gave further detailed consideration to the matter of reserves and developed, then adopted a Distribution and Reserves policy (February 2025). This includes provisions that Trustees hold unrestricted reserves derived from income or donations that can be spent at the discretion of the Trustees in furtherance of any of the Foundation’s Pillars of Giving.

Investment policy

The Trustees have implemented an investment policy for the Foundation, with the primary objective of achieving a long-term rate of return in excess of the rate of inflation in order to preserve the purchasing power of the Foundation’s assets and support the perpetual nature of the Foundation’s mission. The performance of, and the target return on, investments is reviewed annually.

Our investment policy was reviewed during 2025, and Trustees paid particular regard during the review to the preservation and growth of capital, in order to ensure the delivery of the charitable objectives. Trustees adopted a revised investment policy centred on growth (long-term capital appreciation), risk tolerance (taking a managed risk approach) and investment manager adherence to discipline, including regular evaluation of investment manager (and investment) performance, alongside policy compliance.

Investments are made on a relatively conservative basis to meet the objectives of income and capital appreciation over a full market cycle, although some portion of the funds are available for investments with increased risk in order to generate a potentially greater rate of return.

Principle risks and uncertainties

A risk assessment has been carried out which comprises of:

• an annual review of the risks the Foundation might face;

• the establishment of systems and procedures to mitigate those risks; and

• the implementation of procedures designed to minimise any potential impact on the Foundation should those risks materialise.

The continuing process will identify risk areas to which the Foundation is vulnerable and highlight any necessary safeguards that will need to be put in place.

No major risks were identified at the date of these financial statements.

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Financial review (2)

Financial position

At the period end, the charity had total reserves of £13,039,970, comprised of unrestricted funds

Principle funding

During the year, the income received consisted of total donations of £3,000,000 inclusive of gift aid recovered (2024: £3,000,000) and investment income of £288,308 (2024: £266,089).

Uganda Red Cross Society - Sanitary pad manufacturing plant, Mukono, Uganda

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Structure, governance and management (1)

The legal form of the charity is that of a Charitable Incorporated Organisation (CIO) which is controlled by its governing document, its constitution, which was amended by resolution on 10 June 2020.

Reference and administrative details

Registered charity number

1176129

Principal address

Nene House, 4 Rushmills, Northampton, NN4 7YB

Trustees

Dr NR Kotecha OBE DL, Mrs MN Kotecha FBDO, Mr M Thompson, Mr C Hobson, Mrs M Huang (resigned November 2025)

Auditor

UHY Hacker Young, 14 Park Row, Nottingham, NG1 6GR

Leadership recruitment

Prior to mapping out our selection process for Trustees joining our Foundation, Trustees are alerted to, and informed of existing and new rules regarding eligibility and automatic disqualification of charity Trustees. Any amendments to these provisions are circulated automatically to Trustees, and the most up to date guidance will be consulted at each point a recruitment process is considered (and always before commencement).

Trustees are aware of the need for a balance of skills and abilities on our Board - as well as the need for available capacity in all Trustees if we are to achieve our objectives as a charity. A “hands-on” role is expected from all Trustees as we guide our Foundation and grow our impact. In determining the need for additional Trustees therefore we consider current skills, abilities and capacity - as well as horizon scanning for the skill sets and capacity we will need in order to achieve current and future plans. The procedures for electing or appointing new Trustees is set out in overview in our Constitution.

Appointment

Information on prospective Trustees including professional biographies and/or the findings from formal recruitment processes and/or references taken up will inform the appointment process. Trustees will make a majority decision on the appointment of any new Trustee(s) at a formally convened meeting of the Board of Trustees - whether within or outside of the cycle of planned meetings.

Induction and training of new Trustees

We recognise that an appropriately organised induction for all new Trustees is vital. It is a gateway for both new Trustees - helping them to get up to speed with the role, our Foundation and its work, and their legal responsibilities.

Trustees are alert to the need for a strong induction which ensures we can provide evidence that the people in our organisation have an awareness and understanding of our ambitions and aims - but also, essentially, key policies and procedures such as health and safety and data protection. Our Trustee induction programme includes a variety of activities over a period.

Executive team

An executive team supports the Trustees as they direct, lead and ensure the work of our Foundation is delivered.

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Structure, governance and management (2)

The legal form of the charity is that of a Charitable Incorporated Organisation (CIO) which is controlled by its governing document, its constitution, which was amended by resolution on 10 June 2020.

Constitution

The Randal Charitable Foundation is a registered Charitable Incorporated Organisation in England & Wales, number 1176129, and is constituted under a Foundation Constitution.

Methods of appointment or election of Trustees

The management of the Foundation is the responsibility of the Trustees who are elected and co-opted under the terms of the Foundation Constitution.

The Trustees, who have been in office for the entire period covered by these financial statements are listed on page 18.

Trustees are typically appointed for a term of 3 years; however, when considering reappointment, variable terms (not exceeding 3 years) can be implemented. During 2024, Trustees whose terms were concluding were reappointed for between 1 and 3 years.

The number of Trustees is a minimum of three and not more than twelve. Suitably qualified and/or experienced additional Trustees are expected to be appointed over time following personal invitation, by majority resolution of the existing Trustees. A skills matrix is in place to ascertain the required skills for appointment of new Trustees as well as to continually reassess the skills mix within the Board, to ensure that this is appropriate to the needs of the Foundation.

Organisational structure and decision making policies

The management of the Foundation is conducted by the Trustees, supported by an Executive Team who have responsibility for operational matters, and report to the Board.

Policies adopted for the induction and training of Trustees

If any new Trustee is appointed the Trustees will undertake to provide or arrange to be provided any necessary training. The Trustees expect to undertake training when needs are identified. The Trustees are aware of their legal obligations and duties in respect of the management of the Foundation, including in relation to the protection of its assets. A training log is kept by the Executive Team which documents ongoing training and completed training as undertaken by Trustees, relevant to the work and legal obligations of the Foundation.

Financial risk management

The Trustees have assessed the major risks to which the Foundation is exposed, in particular those related to the operations and finances of the Foundation, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Financial risk management also forms part of the routine risk management review undertaken by the Trustees at each Board meeting, and additionally, if required.

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Structure, governance and management (3)

The legal form of the charity is that of a Charitable Incorporated Organisation (CIO) which is controlled by its governing document, its constitution, which was amended by resolution on 10 June 2020.

Plans for the future: Passionate about making a difference

In establishing our Foundation, our Founders were clear in both their focus and their level of ambition - passionate about making a difference in the world we live in - today. There is real urgency in our desire to make a difference, and our Foundation’s focus, 8 years on, remains steadfast to this ambition.

The need for intervention through our life-saving work has never been greater. Right now, lives are being lost around the world - lives which could be saved, by simple and readily available interventions, which often have already been proven to work and are readily available. Saving and significantly improving lives now, through careful and targeted investment, remains our firm goal.

Our Foundation strategy 2024 - 2027 sets out our unrelenting ambitions to:

• Ensure powerful alignment with our core purpose as instilled by our Founders

• Build strongly on our impact to date

• Grow our network of partners and delivery organisations with whom we can collaborate and achieve our goals

• Remain open to and excited by, new and innovative ways through which to deliver our objectives; and

• Be the catalyst for real, significant and positive change which saves lives, today.

Values-driven, we actively make an open invitation for collaboration with those who share our values. Our work together with partners is shaped by our five ‘pillars of giving’ - our stratified approach to grant making and charitable investment - to make a difference - today.

We aim to collaborate through shared investment - whether in funds, energy, expertise or effort and place deep value on partnership working. We know that greatest impact will be achieved through projects and programmes where we make a co-investment with aligned partners, to drive lasting, scalable change.

Success is assured, we are committed to this - so we also have plans for celebrating our achievements, recognising our partners and further growing the committed, invested community around our Foundation.

As a family Foundation, we look forward to the future too - beyond the 3-year term of our strategy. We have committed, with clear objectives - to remain· active, strongly relevant to the vision of our Founders and well resourced, in order to perpetuate our life saving work - not just in our lifetime, but far beyond.

We are excited to move forward - as we deliver our strategy enabling a life-saving and life-transforming portfolio of ambitious initiatives, led by our Foundation.

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Structure, governance and management (4)

The legal form of the charity is that of a Charitable Incorporated Organisation (CIO) which is controlled by its governing document, its constitution, which was amended by resolution on 10 June 2020.

Statement of Trustees’ responsibilities

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

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Foundation and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles of the Charities SORP (FRS 102);

• make judgements and accounting estimates that are reasonable;

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Foundation’s transactions and disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Foundation Constitution. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each of the persons who are Trustees at the time when this Trustees’ Report is approved has confirmed that:

• so far as that Trustee is aware, there is no relevant audit information of which the Foundation’s auditor is unaware, and

• that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the Foundation’s auditor is aware of that information.

Auditor

In early 2025, UHY Hacker Young was re-appointed as auditor of the Foundation. The Trustees will propose a motion reappointing the auditor at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Dr N R Kotecha OBE DL Date: 09-Apr-2026

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Auditor’s report (1)

The auditor’s report to the Trustees of Randal Foundation is shown for the year January to December 2025.

Auditor’s report to the Trustees

Opinion

We have audited the financial statements of The Randal Charitable Foundation (the ‘charity’) for the year ended 31 December 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, 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:

• give a true and fair view of the state of the charity’s affairs as at 31 December 2025 and of its incoming resources and application of resources for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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 charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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 charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Trustees’ Report other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, 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.

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Auditor’s report (2)

The auditor’s report to the Trustees of Randal Foundation is shown for the year January to December 2025.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the Trustees’ Report; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 21, the Trustees 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 charity’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 charity 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.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

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Auditor’s report (3)

The auditor’s report to the Trustees of Randal Foundation is shown for the year January to December 2025.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

• obtained an understanding of the nature of the sector, including the legal and regulatory framework, that the charity operate in and how the charity is complying with the legal and regulatory framework;

• inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

• discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Charities Act 2011 and the charity’s governing document. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report and remaining alert to new or unusual transactions which may not be in accordance with the governing documents.

The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, challenging judgments and estimates.

A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council’s website at: www.frc.org.uk/auditors responsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

UHY Hacker Young Statutory Auditor 14 Park Row Nottingham NG1 6GR

Date: 10-Apr-2026

UHY Hacker Young is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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Statement of financial activities

For the year ended 31 December 2025.

Note	Unrestricted funds 2025 £	Total funds 2025 £	Total funds 2024 £
Income from: Donations 4 Investments 5 Total income Expenditure on: Charitable activities 6 Total expenditure Net income before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	3,000,000 288,308	3,000,000 288,308	3,000,000 266,089
	3,288,308	3,288,308	3,266,089
	2,718,306	2,718,306	2,405,794
	2,718,306 570,002 712,176	2,718,306 570,002 712,176	2,405,794 860,295 406,717
	1,282,178	1,282,178	1,267,012
	11,757,792 1,282,178	11,757,792 1,282,178	10,490,780 1,267,012
	13,039,970	13,039,970	11,757,792

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 28 to 39 form part of these financial statements.

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Balance sheet

For the year ended 31 December 2025.

Note	2025 £ 2024 £
Fixed assets Investments 11 Current assets Debtors 12 Cash at bank and in hand Liabilities Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 14 Total net assets Foundation funds Unrestricted funds - general funds 16 Total funds	8,202,001 7,475,435
	8,202,001 7,475,435 4,527 4,087 6,342,080 6,131,402
	6,346,607 6,135,489
	(1,163,304) (1,297,052)
	5,183,303 4,838,437
	13,385,304 12,313,872
	(345,334) (556,080)
	13,039,970 11,757,792
	13,039,970 11,757,792
	13,039,970 11,757,792

These financial statements were approved for the issue of Trustees on their behalf by:

Dr N R Kotecha OBE DL

Date: 09-Apr-2026

The notes on pages 28 to 39 form part of these financial statement

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Statement of cash flows

For the year ended 31 December 2025.

Note	2025 £ 2024 £
Cash fows from operating activities Net cash (used in) / generated from operating activities 18 Cash fows from investing activities Transfers to investment portfolio Investment income Net cash (used in) / generated from investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 19	(63,240) 2,324,683
	(14,390) (3,499,330) 288,308 266,089
	273,918 (3,233,241)
	210,678 (908,558) 6,131,402 7,039,960
	6,342,080 6,131,402

The notes on pages 28 to 39 form part of these financial statement

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Notes to the financial statements (1)

For the year ended 31 December 2025.

1. General information

The Randal Charitable Foundation (the “Foundation”) is a Charitable Incorporated Organisation registered with the Charity Commission for England & Wales, registered number 1176129. Its principal address is Nene House, 4 Rushmills, Northampton, NN4 7YB.

The objectives of Foundation are set out in clause 3 of its constitution (amended by resolution on 10 June 2020) and are as follows:

• The advancement of such charitable purpose or purposes for the Public Benefit according to the laws of England and Wales in the United Kingdom and elsewhere in the world as the Trustees decide, in particular but not exclusively:

• The relief of sickness and preservation and protection of good health, in particular:

  • The advancement of healthcare in the Developing World;

  • The treatment of addiction linked to alcohol, drugs or gambling in the UK.

• The prevention and relief of poverty, in particular:

  • Tackling of financial hardship and social disadvantage in the UK due to poor mental/physical health, homelessness, age or disability;

  • Supporting specific projects world-wide focused on improving communities standard of living.

• The advancement of education, in particular:

  • Addressing poverty in the Developing World, through the power of education;

  • Ending the ‘poverty of opportunity’ in the UK.

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Notes to the financial statements (2)

For the year ended 31 December 2025.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Randal Charitable Foundation meets the definition of a public benefit entity under FRS 102.

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

The financial statements are prepared in Pounds Sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest Pound Sterling.

2.2 Going concern

The accounts have been prepared on a going concern basis. Having carried out a detailed review of the Foundation’s resources and the challenges presented by the current economic climate, the Trustees are satisfied that the Foundation has sufficient cash flows to meet its liabilities as they fall due for at least one year from the date of approval of the accounts. The Trustees are also not aware of any material uncertainty that will prevent the Foundation continuing as a going concern.

2.3 Income

All income is recognised once the Foundation has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donations: this relates to income from regular donors and is recognised on receipt where there are no performance-related conditions to be met.

Investment income: this comprises income generated by fixed assets investments and is credited to the statement of financial activities on a receivable basis.

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Notes to the financial statements (3)

For the year ended 31 December 2025.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Foundation’s objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Foundation; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Taxation

The Foundation is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Foundation is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/ (Losses) on investments’ in the Statement of Financial Activities.

2.8 Cash at bank and in hand

Cash at the bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

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Notes to the financial statements (4)

For the year ended 31 December 2025.

2.9 Debtors

Debtors consist of prepayments which are amounts paid in advance of the receipt of goods or services. These amounts are expensed in the period to which the related goods or services are received or consumed.

2.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Foundation anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.11 Financial instruments

The Foundation 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 or market value as appropriate.

2.12 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Foundation and which have not been designated for other purposes.

3. Critical accounting estimates and areas of judgement

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 Foundation makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.

The multi-year grant accounting is an area of key judgement in the financial statements. The Trustees are confident that the multi-year grants will be paid in full in future years. As such, full grant commitment has been accrued to reflect the Trustee’s commitment at the Balance Sheet date.

There are no critical accounting estimates that affect these financial statements.

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Notes to the financial statements (5)

For the year ended 31 December 2025.

4. Income from donations and legacies

	Unrestricted funds 2025 £	Total funds 2025 £	Total funds 2024 £
Donations	3,000,000	3,000,000	3,000,000

5. Investment income

	Unrestricted funds 2025 £ Total funds 2025 £ Total funds 2024 £
Dividends Interest	29,870 29,870 27,050 258,438 258,438 239,039
	288,308 288,308 266,089

6. Analysis of expenditure on charitable activities

Summary by fund type

	Unrestricted funds 2025 £ Total funds 2025 £ Total funds 2024 £
Provision of grants and support costs	2,718,306 2,718,306 2,405,794

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Notes to the financial statements (6)

For the year ended 31 December 2025.

7. Analysis of expenditure by activities

	Grant funding of activities 2025 £ Support costs 2025 £ Total funds 2025 £ Total funds 2024 £
Provision of grants and support costs Total 2024	2,394,719 323,587 2,718,306 2,405,794
	2,177,148 228,646 2,405,794

Analysis of support costs

	Total funds 2025 £ Total funds 2024 £
Accountancy fees Investment management fees Advertising and marketing Consulting fees Other costs Audit fees Events and conferences Insurance fees Subscription fees	14,400 14,400 41,948 35,393 16,650 13,974 208,260 145,396 18,547 1,120 13,090 12,090 - 757 3,836 2,749 6,856 2,767
	323,587 228,646

The Foundation did not employ any staff or incur any staff costs (2024: £NIL) in the year.

Randal Foundation - Annual Report & Accounts January - December 2025

Page 33

Notes to the financial statements (7)

For the year ended 31 December 2025.

8. Analysis of grants

	Grant to institutions 2025 £	Total funds 2025 £	Total funds 2024 £
Grants made	2,394,719	2,394,719	2,177,148
Name of institution		Value 2025 £	Value 2024 £
British Asian Trust Northamptonshire Community Foundation Sharewear Clothing Scheme Grace Enterprises Centre For Social Justice Centre For Social Justice Foundation Emergency UK Steps Conductive GBEA Ideas Forum Sarcoma UK LoveBrum Forever Notts (formerly Nottingham Community Foundation) Leicester, Leicestershire and Rutland Community Foundation Milton Keynes Community Foundation Foundation Derbyshire New Start Highland Leicester Theatre Trust Societi Foundation Quiet Down There The Entrepreneurial Refugee Network The Wren Project Rape & Sexual Assault Support Services Suicide Prevention UK The School Club Zambia UK Healing Little Hearts Shines Children (Uganda) UK Supporters Community Foundation Northern Ireland		50,000 42,108 - - 65,000 25,000 - - - - - 33,000 - (9,108) 33,000 - - 25,000 15,000 50,000 25,000 23,301 44,903 9,381 50,000 10,000 60,000	15,000 33,000 50,684 30,000 50,000 25,000 1,500,000 1,000 30,000 20,464 60,000 33,000 33,000 33,000 33,000 50,000 150,000 - - - - - - - - - -

Randal Foundation - Annual Report & Accounts January - December 2025

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Notes to the financial statements (8)

For the year ended 31 December 2025.

Name of institution	Value 2025 £ Value 2024 £
Norfolk Community Foundation Two Ridings Community Foundation The Alliance for International Medical Action UK Endless Medical Advantage Refugee Biryani and Bananas Community Foundation Staffordshire Child.Org International Water for Kids Parkinson’s UK Community Foundation Wales Eagle House Devon Community Foundation SmileStar National Space Centre Global Health Partnerships Oxfordshire Community Foundation The King’s Trust Mojatu Foundation Centre for Policy on Men and Boys De Montfort University Hectors House The Ark Family Resource Centre YourStance CIC Airedale Hospital and Community Charity Survivors of Human Traffcking Refections Yorkshire CIC The Martin Gallier Project HOPE for Epilepsy Awamu Total grants of institutions	33,000 - 33,000 - 30,000 - 30,000 - 38,000 - 33,000 - 15,000 - 11,651 - 105,991 - 60,000 - 9,920 - 33,000 - 10,000 - 40,000 - 46,000 - 33,000 - 1,000,000 - 30,000 - 57,000 - 19,500 - 25,000 - 19,643 - 30,000 - 6,420 - 26,750 - 5,000 - 28,527 - 15,000 - 18,732 -
	2,394,719 2,177,148

Further details of all grants awarded by the Foundation can be found on its website - www.randalfoundation.org.uk/grant-giving.

Randal Foundation - Annual Report & Accounts January - December 2025

Page 35

Notes to the financial statements (9)

For the year ended 31 December 2025.

9. Auditor’s remuneration

	2025 £	2024 £
Fees payable to the Foundation’s auditor for the audit of the Foundation’s annual accounts (excluding VAT)	10,860	10,500

10. Trustees’ remuneration and expenses and costs of key management personnel

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL). The Foundation considers that key management is provided by the Trustees, and these personnel have not been remunerated during the year by the Foundation.

During the year ended 31 December 2025, no Trustee expenses have been incurred (2024 - £NIL).

11. Investments

	Listed investments £
Cost At 1 January 2025 Additions Disposals Gains At 31 December 2025 12. Debtors	7,475,435 174,439,547 (174,425,157) 712,176
	8,202,001
2025 £	2024 £
Prepayments and accrued income 4,527	4,087

Randal Foundation - Annual Report & Accounts January - December 2025

Page 36

Notes to the financial statements (10)

For the year ended 31 December 2025.

13. Creditors: amounts falling due within one year

	2025 £ 2024 £
Trade creditors Accruals Accrued grants payable to institutions	1,650 - 20,500 12,600 1,141,154 1,284,452
	1,163,304 1,297,052

14. Creditors: amounts falling due after more than one year

	2025 £	2024 £
Accrued grants payable to institutions	345,334	556,080

15. Financial instruments

	2025 £	2024 £
Financial assets Financial assets measured at fair value through income and expenditure	8,202,001	7,475,435
	2025 £	2024 £
Financial liabilities Financial liabilities measured at amortised cost	1,508,638	1,853,132

Financial assets measured at fair value through income and expenditure comprise of listed investments.

Financial liabilities measured at amortised cost comprise of accruals and accrued grants payable to institutions.

Randal Foundation - Annual Report & Accounts January - December 2025

Page 37

Notes to the financial statements (11)

For the year ended 31 December 2025.

16. Summary of funds

Summary of funds - current year

	Balance at 1 January 2025 £	Income £	Expenditure £	Gains/ (Losses) £	31 December 2025 £
General funds	11,757,792	3,288,308	(2,718,306)	712,176	13,039,970

Summary of funds - prior year

	Balance at 1 January 2024 £	Income £	Expenditure £	Gains/ (Losses) £	31 December 2024 £
General funds	10,490,780	3,266,089	(2,405,794)	406,717	11,757,792

17. Analysis of net assets between funds

Analysis of net assets between funds - current year

	Unrestricted funds 2025 £ Total funds 2025 £
Fixed asset investments Current assets Creditors due within one year Creditors due after more than one year Total Analysis of net assets between funds - prior year	8,202,001 8,202,001 6,346,607 6,346,607 (1,163,304) (1,163,304) (345,334) (345,334)
	13,039,970 13,039,970
	Unrestricted funds 2024 £ Total funds 2024 £
Fixed asset investments Current assets Creditors due within one year Creditors due after more than one year Total	7,475,435 7,475,435 6,135,489 6,135,489 (1,297,052) (1,297,052) (556,080) (556,080)
	11,757,792 11,757,792

Randal Foundation - Annual Report & Accounts January - December 2025

Page 38

Notes to the financial statements (12)

For the year ended 31 December 2025.

18. A Reconciliation of net movement in funds to net cash flow from operating activities

	2025 £ 2024 £
Net income for the year (as per Statement of Financial Activities) Adjustments for: Fair value gains on investments Investment income (Decrease)/increase in creditors Increase in debtors Net cash (used in)/provided by operating activities	1,282,178 1,267,012 (712,176) (406,717) (288,308) (266,089) (344,494) 1,734,564 (440) (4,087)
	(63,240) 2,324,683

19. Analysis of cash and cash equivalents

	2025 £	2024 £
Cash in hand	6,342,080	6,131,402

20. Analysis of changes in cash flows

	At 1 January 2025 £	Cash fows £	At 31 December 2025 £
Cash at bank and in hand	6,131,402	210,678	6,342,080

21. Related party transactions

The principal source of income of the Foundation in the year ended 31 December 2025 was donations from companies controlled at that point in time by two of the Trustees. The total value of donations received from these companies during the year was £3,000,000 (2024: £3,000,000).

A Trustee of the Foundation has associations with Centre For Social Justice and The King’s Trust. Grants awarded during the year to these institutions are detailed in note 8.

22. Controlling party

The Trustees do not consider that there is any one controlling party.

Randal Foundation - Annual Report & Accounts January - December 2025

Page 39

“Our aspiration is to save, and significantly improve, the lives of 1 million people globally.”

Registered charity number: 1176129