Charity number: 1176650 THE WINDFALL FOUNDATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
THE WINDFALL FOUNDATION CONTENTS Page Roforonco and Adminlstrativo Dolalts of th& Chaiity. Its Trustso$ and Advi$grs Trusts•6' Rèport Independent Auditors. Report on the Financial Statements 9-12 Stat8ment of Financial Activities Balancè Shoot 14 Note* to the Flnanclal Statoments 15-21
THE WINDFALL FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2025 Trustees Andrew Elder. Chair Lindsay Elder Thomas Elder Geoff Stead Charity registered number 1176650 Prlnclpal offlco 13 Hammersmth Terrace London W6 9TS Independont audltors Warrener Stewart Chartered A¢¢ountsnts Registered Auditors HaNd House 43 Harwood Road London SW6 4QP Bankorn Union Bancaire Privée IUKI Limrted London E144SG Sto¢kbrokor8 Genesis Investrnenl Management LLP 21 Grosvenor Place London SW1X 7HU Page 1
THE WINDFALL FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2025 The Trustees Present their annual report together Wth the audited financial statements of the The Vvindfall Foundation for the year ended 30 June 2025. Objectives and activities a. Policios and objèctives The financial stslements have been prepared in accordance the accounting poliaes sel out in Note 2 to the financial statements and comply wth the Trust's Trust deed. the Charities A¢t 2011 and 'A¢¢ounting and Reporty'n9 by Charitie$'. Statement of Recommended Practice appIlble lo charities preparin9 their ac¢ounls in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. las amended for accounbng penods commencang from 1 January 20161. The Foundation's objectives. as set out in the Trust's Deed. are exclusively for charitable purposes, as the Trustees may in their abwlule discretson ¢Jetemine. The Foundation has an interest in proiects that provide sustainable, long-temi income generation and self- sufficiency, especially those making a demonstrable positsve impact on marginalised communitie5 currently beyond the reach of Iradrtion81 govemmenl or market-based golulions. The Foundation provides grants lo advance such charilable purposes as the trustees see fil from lime lo time, in particular bul not limited lo providing grants for public beneffil to help, primarily in the United Kingdom and in Africa. The Foundation's granl-makn'ng strategy f¢xuses on building relationships wlh higN)olential partner organisalions with meaningful Irack-records and robust business plans operating in developing countries. In seth'ng objectives and planning for activities. the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefft, including the guidance 'Public benefit.. running a charity IP821'. b. PutlC bgnofft The Trustees have paid due regard lo gui¢Jance issued by the Charity Commission in deci¢Jing what activities the Foundation should undertake. Page 2
THE WINDFALL FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Achievements and perfoan¢t a. Principal funding sourc• The principal funding source of the Foundabon has been donations by Andrew Elder, the Chair. b. Roview of activities Projects supported during the reporting period indude.. AIMS Machine Leaming for Ecology is a research group based in Cape Town that develops artificial intelligence tools lo support wildlife nserVation and e1091¢31 monitoring. Wrth supptsrt from Windfall, the group advanced three research projects dvring the year. In the field ol sea lutle research, they built on a published study from February 2025 to develop deep leaming algorithm$ that identify behaviours in wld green turtle populats'ons off the South African coast, using data captured by animal-borne biologgers. A second project focused on the critically endangered African penguin. developing al9orithms to predict posture and depth from video ftsolage. enabling more detailed study of colony behaviour and Inleraclion5. A third project applied machine learning lo Passive Acousti¢ Monrtoring. deplong neural network sound dele¢lion tools onlo Audiomolh devices to aulomale the identification of species from acoustic recordings." trials were successfully conducted in an estuary environment rich in birdlrfe. AJI three projects are al active or pre-publication stages, reflecting a strong pipeline of con$ervalion-focu$ed research. AIMSSEC 1$ a South Afn"¢an organisatft that works to improve the quality of malhemalics èducation for learners and teachers in underserved lovmship and rural communities. Funding from Windfall enabled a significant expansion of ils programmes in the year. The llagship Mega Maths Festival in July 2025 brought together 160 leamers an¢J 120 teachers lor a university-based residential programme of up to ten days, providing direct exposure to advanced mathematics and campus life. A pilot programme offered six days gf intensive study to ten high-polential learners at risk of dropping out. wth measurable academic and personal growth reported. Four high schoo15 received quills celebratsng learners, algorithmie thinking projeet5, while four primary Schools established dedicated mathematics hubs with iesources and ongoing professional development. Eighty girl learners In township primary schools participated in Inlemalional Malhemalics Day activities designed lo strengthen belonging and engagement. Professional development for teachers was al$0 a priorty, wlh 80 in- service teachers completing Turtlestitch training. In lotal. AIMSSEC reached 370 township learners and 200 teachers across rural and urban seth'ngs. The Afri¢an Climats and Developmtrnt Initiative IACDII advances research and practical stslulions al the intersection of climate change and development in Afn"¢a. Over the past year. Windfall funding has strengthened ACDI'$ instrtulional capacity. enabling more effe¢b've support for a growng re$ear¢h community. Key achievements included a comprehensive overhaul of financial systems to improve transparency, efficiency, and reporting, alongside a rewew of administrative structures to better support researchers. The funding also enabled targeted support for early career researchers, including a residenb.al writing retreat that f051ered collaboration. mentorship. and increased academic output. Slralegi¢alty, ACDI translated ils 2025 vision into actionable plans through dedicated workshops. improving organisational ¢oheren¢e and de¢ision-making. In addition. the initiat've convened climate practitionets to share insights and reflect on progress in climate action, reinforcing its role as a thought leader. Overall. the fvnding has enhanced ACDI'S ability to deliver impactful research, support emerging scholars, and deepen engagement reaWOrtd climate challenges across the continent. Funda Wand• is an education non-profit working to improve foundational literacy and numeracy outcomes in South Africa's public education system. In 2025. Windfall funding enabled the organisation to lay the groundwork for a major new Al initiative, taking a deliberate and responsible approach to integrating technology into education. Rather than rushing into development, the year focused on building organisational readiness, including estsblishing governance structures. training staff, and embedding Al understanding acros5 teams. Funda Wande Identified high-impa¢t use ¢ases-su¢h as teacher support. MUlI1ngUal content, and parent guidance-and strengthened rts approach through intemational partnerships and leaming cohorts. This Page 3
THE WINDFALL FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Achievements and perfoanCe l¢ontinuedl foundational work has led to the design of a mUlIngUa1 Al tutor. delivered via WhatsApp. thi¢h will provide curriculum-aligned support to teachers, caregivers and communities while reinforcing, rather than replacing, educator expertise. Windfall's earfy investment has been catalytic in ensuring that this initiative is slralegically grounded, ethically govemed, and aligned public educats.on systems, posits"oning the organisation lo move into piloting and implemenlab.on in 2026 confidence. Insplrlng Toachors Iransfomis the quality of education in Iow-income countries by equipping school leaders and teachers with the tools to deliver effective, dat&driven peer coaching and structured pedagogy. The charity significantly advanced ils mission by strengthening partnerships wth Ministries of Education across Africa to implement teacher 5UPPOrt programs al scale. A primary achievement was the continued development and rollout of their 'SmartCoach' technology platfom, which inlegrales real-time classroom data on 8ssessmenlg and feedback lo help school leaders provide targeted. evidence-based ¢oa¢hing. This period also saw the charity successfully transitioning its finan¢ial posth'on to a surplus, ensuring a stsble foundation for future growth. By focusing on systemic change rather than isolated interventions, Inspiring Teachers reached thousands of educators, ultimately improving learning Outcomes for students in some of the wodd's m051 under.resourced communities. Their work remains cenlred on the belief that every teacher deserves grèat support. and their innovative use of mobile technology has proven to be a sealable solution for professional development in diverge geographic contexts. J4AL Afrl¢a is a research centre that works to reduce povety by ensuring that Poli 1$ informed by $¢ientifi evidence. Over the Teporting period, Windfall support contn'buted to advancing rigorous research and slrenglhening the translation of evidence into policy and prath¢e. Thè fijnding enabled continued Collaboration with govemmenls, NGOS, and academic partners lo design and evaluate programmes aimed al improving livelihoods and public service delivery. 11 also supported capacity-building efforts. including training policymakers and prartitioners lo better understand an¢J apply eviden¢e in deci$ion-making. J-PAL expanded it$ portfolio of ongoing and new evaluation$, generaling insights across seciors such as education. heatlh, and economic development. Importantly. the organisalion deepened ils engagement with local partners to ensure that research is contextually relevant and actionable. Through these effort5, J-PAL has continued lo play a critical role in bridging the gap between research and implementation. helping to scale effecb.ve interventions and improve outcomes for vulnerable populations. With support from the Windfall Foundab"on, J-PAL Africa is working on two complementary initiatives lo tackle employment and help stimulate entrepreneurship in South Africa. Together. these efforts aim to both strengthen immediate support for vulnerable populations and build the evidence base needed for long-term job creation and firm growth in the country. Supporting govemment to redesign and sustain the Social Relief of Distres5 Grant. Slrenglhening the use of administrative data for job creation in South Africa Ral$lng tho Vlllage works remote. lasl-mile MmunIe$ in su&Saharan Africa lo help hou$ehold$ move out ol ultra-poverty through integrated programmes in agriculiure, food secunty, heah, water and sanitation, and financial indusion. The 2025 Impact Report captures resutts from the cohort launched in 2023, which graduated from R Tv's 24-month programme in 2025, as well as long-term follow-up data from the 2020 cohort at the five- year mark. For the graduaknng cohort. households unlocked six b.mes the value of the initial investment al graduation. Encouragingly, the longer-lem) dats from the 2020 ¢ohort Shows that impact continues lo grow well after the programme ends. wth a retum of 19 times the original investment by month 60. equivalent to $2,023 in total programme value ftom a one-time cost of $107 per household. Average household income and production for partner communities reached $3 per day by month 60 neady double that of comparable peer communities driven primarily by strong growth in agricuttural income and production. Poverty likelihood continued to decline ptsst-gradualion, wlh RTV households progressing fasterthan peers across mulb.ple dimensions. Rlvèr Actlon is a campaigning charty on a mission to rescue Britain's rivers from a mounting pollution crisis driven by industrial agriculture, failing water companies, and under-regulation. During the first half of 2025, the organizalion made exceptional progress across its strategic goals, notably winning landmark legal cases against intensive Iiveslock farming along the Wye and Sevem riveT5. These ruling5 now classify manure a5 waste and requi authorities to consider the downstream impacts of new developments. The charity also launched its "River Rescue Kit." an online hub that achieved nearfy 20.000 views by June. equipping local Page 4
THE WINDFALL FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Achievements and perfoanCe l¢ontinuedl activists w(th the tools needed to prote¢t their local wateY$. Polibcal advo¢a¢y reached new heights as River Action influenced the Independent Water Commission and successfully pressured Nando's into auditing its supply chain following a creative public campaign. Furthemiore, the River Action Community Fund directly supported high-impact grassroots initiatives. including the launch of SewageMap.co.uk and expanded E. coli testing al key locations. By the end ol June, their supporter base had grown lo over 42,000 people. significantly amplifying their collecb've voice in demanding systemic national change. Skillwisè is a social enterprise providing digital skills training to young people in underserved and remote comskillwisemunilies to improve their employment prospects. Over the past year, Windfall funding played a critical role in sustaining and strengthening operation5 during a challenging economic period. The organi5alion subsillised training for 600 students. enabling cenlres lo keep fees afft)rdable while maintaining viability. Funding also ensured the cont'nued operabon of the CO platfomi infrastructure and supported the launch of a direct-to- consumer web offering. Operational capacity was strengthened through the hiring of a stsff member focused on Student administration and centre support, freeing leadership to pursue new partnerships and revenue streams. Thi5 led lo a significant MUltyear agreement wth Tabula Rasa, positioning Skillwise for future scale. At the same time. the organisalion deepened its understanding of sustainable funding models, Including opportunities linked to corptsrale BBBEE Investment. Overall. the year marked an important transits.on from suNival lo slralegi¢ gr0h. wth strong indications of ri*ng demand for digitsl skills and a more sustainable path emerging. Standout 1$ an award-wnning charity that empower$ people to realize their potential and rebuild their lives after prison through lon9-term, holisbc support and coaching. Throughout the 2024125 period, the organizalion continued lo deliver ils unique model. vthich begins wth Intensive coaching in pri50n and ¢onlinue5 in the community fer as long as required. This bridge between prison and society is essential for helping individuals move out of the justice system for good. The charity focuses on building relationships based on Irusl. allowing participants lo rediscover their ifjenlity and gain the pra¢tical t¢)ol$ ne¢essary for su¢¢essful reintegration. Participant feedback highlighted the transfomative nature of these programs. wth many noting a Significant increase in confidence and the acquisilion of vilal communication slralegies. Beyond direct delivery, Standout remained committed to its core values of being "people first" and 'committed for the long haul,, ensuring their d¢)tsr is always open through both the highs and lows of a person's joumey posl-release. The charity's impact was further recognized by partner organttalions as pioneenng work that is essential for every prison. Surfers Against Sewago is an environmental charity that campaigns to end sewage and plasts'c pollution in rivers. lakes, and seas through community mobilisabon, citizen saence. and political advocacy. In 2025, the organisation delivered an extraordinary year of impact, mobilising over 500,000 volunteers and supporters nalitsnwide. Ils Safer Seas and Rivers Service app grew lo 387.697 users and completed nalionwde integration of real-time sewage discharge dats across England. Wales. and Scotland. The charity launched rts Data HQ websrte. attracting 444,099 views by providing the public wrth the only freely available historic sewage ovefflow data in the UK. The 2025 Paddle OLrt Protests drew 7,000 attendees across 44 locations, vhile the Thames Swim Against Sewage - a 200•mile non-stop relay past Padiament generated 77 major media stories. SAS played a direct role in shaping the Independenl Water Commission's final report, wth ils research referenced repeatedly across 88 Tecommendabons. On the plasb.cs front, 158,706 volunteers ¢ondu¢led 6,818 clean-ups, removing over 72.OOOkg of waste. Key legislative n$ included the Water (Special Measures) Act becoming law and govemment commitments to a Water Refom) Bill in 2026. The UCT Al Institute is building a Coordinated, Africavcentred ecosystem for ethical and impact1 artificial intelligence research. educats"on, and innovation. Over the past year, the Institute has made Significant progress in moving from an early-slage inrtiab.ve lo a more formali5ed and influential platform. 11 has rnapped Al activity across the university. established working groups to advance Al literacy and govemance. and begun developing shared infrastructure and teaching resources. The Institute has also secured major pattrerships and gained global visibility through participation in high-level intemational forums and collaborations wth leading organisations. Key achievements indude progress toward Ihe Afn"can Compute Initsative, curriculum development In partnership wth global leadeT5. and the expansion of interdi5ciplinary research and Innovation pathways. By conne¢b"ng fragmented expertise across fa¢ullies and engaging external stakeholders, the Institute is positioning UCT as a continental leader in Al for the public gfK)d. These developments lay the Page 5
THE WINDFALL FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Achievements and perfoanCe l¢ontinuedl groundwork for future gro%h. including expanded research ¢apa¢ity, infraslru¢ture. and ¢ommunity-fo¢LJsed Al innovation. Windfall is funding POSt-doctorates,' one is working on Iow-dose Positron Emission Tomography, connecting wth the low-field MRI project. The aim is to enable healihcare workers in under-resourced hospitals to obtain higher-resolution images much loweT-COSt machines. The other is looking al geospatial Al and specifically the Issue that models trained via global North salellrte data perform less well when making predictions in Africa. The use Cases include flood predicbon. crop management and assessing climate change impact on informal communitses across the Continent. The Valley Trust is a community development organisation focused on improving livelihoods, food security and earfy childhood development in vulnerable communities. During the year, Windfall funding 5ignificanlly strengthened ils Integrated Food Se¢urty and ECD programmes. Support enabled the eslablishmenl and maintenance of more than 92 household gardens. benefiting over 700 individuals improved access lo nutritious food while also creating Small bul meaningfvl InMe opportunrtie$ through surplus produce sales. This helped families reduce food costs and build resilience. In parallel, funding contributed to the organisation's Early Childhood Development work, including a demonstration ECD centre that models quality early learnin9 provision. The Trust a150 SUPPOrted 20 community-based ECD eentres. reaching up lo 1,000 children through training. mentorship and programme Support for educators. Together. these inlervents.ons have imprtsved wellbeing and Strengthened local capacity. contributing lo more sustainable. community-led development and better long-lemi outcomes for Children and families. Wavos for Chango is a SoLrth African organisation that uses surf therapy and structured play 10 5UPPOrt adolescent mental health in under5erved communities. In 2024. the organisation reached 2.748 young people Ihrtsugh ils Surf Therapy and Surf Club programmes across five bea¢h siles in the Vveslern Cape and Eastern Cape. A significant milestone was the expansion of ils Take 5 model a five-slep mental wellness framework originally developed through surf 8¢hing lo partners acro$$ South Afri¢a, South Sudan, and Somalia. training 356 coaches who collectively reached 6.229 adolescents. Research published during the year confimied that Take 5 can be scaled for community-based mental health promotion, with 98. ol trained coaches reporting improved knowledge of mental heatth and wellbeing. The organisation also began developing EQUIP, a new coach competency tool built on WHO and UNICEF frameworks. Financially. Waves for Change recorded a surplus of R21.5 million. bolstered by diversified income streams that allowed il lo build six months of emergency re$erves. Looking ahead, the Charity plans lo extend Take S training lo Rwanda and further African nations through a UNICEF partnership. Flnancial r•vi6w a. Going concorn Having assessed the prinapal risks and uncertainties to which the Foundation is likely to be exposed, and after making appropriate enquiries, the Trustees have a reasonable expectation that the Foundation ha5 adequate resources to continue in operatsonal existence for Ihe foreseeable fiiture. For this reason, they continue to adopt the going concem basis in Preparing the ffinancial statements. b. Raserves policy The Foundation keeps its serveS poli under ca(VI review in order to mitigate ils risks, support grantmaking for beneficiaries and respond to opportunities. Funds are maintained a wew to meeting all grant commilments over the fvll term set out in the grant agreements {not only immediate liabilities). Page 6
THE WINDFALL FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 ¢. Investment policy The Foundation aims to preserve the capital value of fijnds to enable it to cary out future grant-making activities effectively, even in the event of adverse conditions. Rellecting the wishes of the donor the Trustees intend to hold the shares in the long term. retaining absolute discreb.on to expend the pnncipal capital if necessary. To meet the other contingencies idenlrfied in the Reserves Policy. the Foundation maintsins a low-risk investment policy with fvnding placed in either call or fixed term bank deposrts. Funds VAII only be placed wlh institutions meeting minimum credit ratings d. Flnanclal rlsk manag•m•nt obl•ctlv•s and poll¢l The principal risk is the credibility and authenticity of potential Grantees and their appropriation of grants. Due diligence is carned out before any grant is awarded on the legitimacy and reputation of the Grantee. The Foundation lakes care in appraising a project's potential impact and sustsinability, and miligales the risk of inappropriate expenditure or poor perfomiance in larger and longer-lemi grants by pawng in inslallmenls conditional on the satisfaction of proiecl milestones and reporting. The Foundation maintains its foreign exchange policy. In Ihe nornial course of awardin9 grants, the Tru51 will assume the foreign exchange risk by meebng budgeted requirements in the loc31 Currency. The policy sets out a sel of principles that the Foundation wll apply lo resolve any future difficulties caused by foreign currency changes. Structur•. gov•rnan¢• and manag•mènt a. ConstItuOn The Windfall Foundation is a registered charity, numb&r 1176650, and is constr(uled as a Charitsble InrPOrated Organisalion under a Trust deed. The Windfall Foundats'on was established on 12th January 2018. The four Trustees are.. Andrew Elder (Chairl Lindsay Elder Thomas Elder Geoff Stead b. Method$ of appolnlm•nt or •le¢tion of Trusts¢$ The Foundation has a minimum of three Trustees appointed for vaiious terms of at lea51 three years. New Trustees are recruited by the existing Trustees on the basis of their experience. empathy wlh and knowledge of the Foundation's work. Trustees have been given a welcome pack consisting of the goveming document and the Charity Commis$ion'$ guidance bfx)klet'The Essential Trustee." What you need to know." c. Financial risk management The Trustees have assessed the major risks to Nthich the Charity is exposed, in particular those related to the operations and finances of the Charty, and are sab"sfied that systems and procedures are in place lo miligale exposure lo the major risk5. Page 7
THE WINDFALL FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Statsment of Trustees. rnsponsibilitiey The Trustees are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accountin9 Standards Iunited Kingdom Generally Accepted Accounting Praclicel. 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 Charity and of rf(s incoming resources and application of resources, including rt5 income arKI expenditure, for that period. In preparing these financial stslements. the Trustees are required lo". select Suitable accounting policies and then apply them consislenuy,. obseNe the meth¢xls and principles of the Charities SORP IFRS 1021,. make judgments and accountsng estimates that are reasonable and pnjdent., stsle whether applicable UK Accounting Stsn(Jards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial slalements on the going concem basis unless il is inappropriate lo presume that the Charity wll continue in business. The Truglees are responsible for kee.ng adequate accounting records that are suffirAenl to show and explain the Charity's transactions and dI10$e wrth reasonable a¢¢ura¢y al any time the financial position of the Chanly and enable them lo ensure that the financial stslements comply wth the Charities Aet 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Twsl deed. They are also responsible for Safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and dele¢lion of fraud and other irregularits'es. Dlsclosure of Inforn)atlon to audltoY8 Each ol the persons who are Trustees at the time when this Trustees. Report is approved has Confirmed Ihal.. so lar as that Trustee 1$ awa, there is no relevant audrt infomalion of which the charity's auditors are unaware, and that Trustee has taken all the steps that ought to have been tsken as a Trustee in order to be aware of any relevant audrt information and lo estsblish that the charivs auditors are aware of that infomiation. Auditor5 The auditors, Warrener Stewart, have indicated their wllingness to continue in office. The designated Trustees 11 propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by.. Andrew Elder (Apr 20 2026 17..37..16 GMT+11 Andrew Elder Trustee Date.. Page 8
THE WINDFALL FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WINDFALL FOUNDATION Opinion We have audited the financial statements of The Windfall Foundation {the 'charity'l for the year ended 30 June 2025 which comprise the Statement of Financial Activib"es. the Balance Sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Slandaid 102 'The Finanaal Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally A¢¢epted A¢¢ounting Practi¢el. The financial stslements have been prePad in acrIance wlh ACuntsn9 and Reporting by Charities preparing their accounts in accordance wlh the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporb'ng by Charities." Ststement of Recommended Practice issued on 1 April 2005 which is referred to in the exlant regulations but has been wthdrawn. This has been done in order for the accounls to provide a true and fair wew in accordance wlh the Generally Ac¢epted Accounting Pra¢li¢e effe¢ty've for reporting periods beginning on or after 1 January 2015. In our opinion the finan¢i81 stslements.. give a true and lair view of the slate of the charivs affairs as at 30 June 2025 and of its incoming resources and application of resources for the year then ended". have been properfy prepared in accordance Trmih United Kingdom Generally Accepted Accounting Practice". and have been prepared in accordance with the requiremenls of the Charitses Ad 2011. Bas18 for oplnlon We conducted our audit in accordance wth International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are fvrther described in the Auditors. responsibilities for the audit of the financial statement5 section ol our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the finan¢i31 513lemenls In the United Kingdom, including the Financial Reporting Counul'$ Ethical Standard. ant1 have fulfilled our other ethical responsibilities In a¢¢ordan¢e wth these requirements. We believe that the audit ewdence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going c¢)ncem In auditing the finanaal 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 idents'fied 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 fv1ve months from when the financial slatement5 are authorised for issue. Our responsibilities and the responsibilities of the Trustees vAlh respect to going concem are described in the relevant sections of this report. Page 9
THE WINDFALL FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WINDFALL FOUNDATION (CONTINUED) Other Infomiatlon The other information comprises the information included in the Annual Report other than the financial Statements and our Auditors, Report Ihereon. The Tru5tee5 are responsible for the other information contained within the Annual Report. Our opinion on the financial slalemenls does not cover the other inftsrmation and, except to the extent otherwse explicrtly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infom)ation and. in doing so. consider whether the other information is materially inconsistent wth the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If identify such material incon51Stencies or apparent material misstatements, we are required lo determine whether this gives rise lo a material mi551alemenl In the financial slalemenls themselves. If. baseil on the work have perfomed, we conclude that there is a material misslalemenl of this other infomiatson, are reqUid to report that facl. We have nothing to report in this regard. Mattgrs on whS¢h wg •rg rgquired to report by gX¢ePtion We have nothing to report in respect of the following matters vknefe the Charities IAccounl$ and Reports) Regulations 2008 requires us lo report to you if, in our opinion.. the information given in the Trustees, Rewrt is inconsistent in any material respect wlh the financial statements,. or suffieienl accounting records have not been kept". or the financial statements are not in agement wlh the accounting records and retums.. or we have not received all the information and explanations we require for our audit. Ro$p¢nslbllitlos of tru$tso8 A5 explained more fully in the Trustees, Responsibilitie5 Statement. the Trustees are responsible for the preparation of the financial slalemenls which give a true and fair wew, and for such inlemal control as the Trustees determine is necessary lo enable the preparation of financial $tslements that are free from material misslalemenl, vthether due lo fraud or error. In preparing the financial statements, the Tru5tee5 are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable. matters related lo going concem and using the going concern basis of a¢¢ounling unless the Trustees erther intend lo liquidate the charity or lo cease operations, or have no realistic alternatsve but to do so. Page 10
THE WINDFALL FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WINDFALL FOUNDATION (CONTINUED) Audltors. r•$pon$lbllltl•s for th• audlt of th• finan¢lal $tatsm•nts We have been appointed as auditor under sects.on 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or hawng effect thereunder. Our objectives are to obtain reasonable assurance about vthether the financial stalements as a whole are free from material misstatement, vthether due to fraud or error, and to issue an Auditors. Report that includes our opinion. Reasonable assurance is a high level of a35urance, but 15 not a guarantee that an audit conducted in accordance with ISAS IUKI wll atways delect a mateiial misstslement %then rt exists. Misslalemenls can anse from fraud or error and are considered material if. individualty of in the aggregate. they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial stalemenls. Irregulanlies, including fraud, are inslan¢es of non-compliance wlh laws and regulations. We design procedures in line wlh our responsibilibes. outlined above. lo detect material misstslements in respect of irregularities, including fraud. The extent to which our pro¢edures are ¢apable of detecting irregularrties, including fraud is detailed below., Consideration of the following. which reduce the likelihood of irregularities, induding fraud lo oriye or lo go undetected.. Total wnlrol over all aspects of the charity by the Trustees no non-truslee involvement. Informed management wthin the Tru$lee$. A single banking relatsonship managing cash fvnds. A single investment relationship managing Investment fiJnds. Very low transaction levels. Delegation lo professional advisorg of the preparation of the finanual slalemenls. Some specific procedures perfomied, to detect material misstatements in respect of irregularities including fraud, include.. A very high level of verific8lioft of transactions executed. both during and after the year. A full review for unusual transactions which may be inconsislenl wlh the objectives of the charty. Consideration of all transaction$ for any in¢Jicalion of fraud or inappropriate use of fvnds. Consideration of all transaciions and balances for any irregular related party involvement. Independent verification of all year end fvnd balances and any subsequent diminution in value. Critical consideration of the going concem basis for appropnate application within the financial statements. Detailed review of the financial statements for fair presentation and corwecl content. Because of the inherent limitations of an audit. there is a risk that we wll not detect all irregularities, including those leading to a material misstatement in the financial Statements or non-compliance wrth regulation. This risk increases the more that compliance with a law or regulation 15 removed from the even15 and Iransaclion5 reflected in the financial stslements. as we wll be less likely lo become awa of instances of non-compliance. The risk is also 9ater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentats'on. A further description of our responsibilities for the audit of the financial ststemenls is located on the Financial Reporting Council's website at.. vM¥.frc.or .uklaudrtorsres nsibilities. This descripb'on fomis part of our Auditors. Report. Page11
THE WINDFALL FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WINDFALL FOUNDATION (CONTINUED) U60 of our r•port This report is made solely to the charity's trustees. as a body, in accordance wrth Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audrt work has been undertaken so that we might slate lo the charity's Iruslees those matters we are required lo slate lo them in an Auditors, Reptsrt and for no other purpose. To the fLJllest extent permitted by law. we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit VKsrk. for this pOrt. or for the opinions we have formed. Warraner siewart (Apr 20. 2026 17".35."43 GMT+11 Warrener Stewart Chartered Accounlanls Registered Auditors Harw¢)od House 43 Harwood Road London SW6 4QP Dale.. Warrener Stewart are eligible lo act as auditors in terms of gection 1212 of the Companies Act 2006. Page 12
THE WINDFALL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2025 Unre$trlcted fvnd$ 2025 Total fvnds 2025 Total funds 2024 Nots Income from: Investments 143,006 143,006 168.382 Total incomo 143,006 143,006 168,382 Exp8nditure on: Charitable acliwtses 714,993 714,993 687,877 Total 8xp8nditure 714,993 714,993 687,877 Nat 8xp8nditurg bgfore ngt I11190[S on 5nvestmonts 1571,9871 1232,2071 1571,9871 1232,2071 (519,495) 81, 165 Nel1105sesll9ains on investments Ng1 movemgnt In fund¥ 1804,1941 1804,1941 (438.330) RgconcllSatlon of funds: Total funds brought forward Nel movement in funds 4.965,550 1804,1941 4.965,550 1804,1941 5,403,880 (438,330) Total funds carrl•d forward 4.161,356 4,161,356 4,965,550 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 15 10 21 fom part of these financial statements. Page 13
THE WINDFALL FOUNDATION BALANCE SHEET AS AT 30 JUNE 2025 2025 2024 Mol• Fixed assets Investments 4,069.555 4,380,679 4,069.SSS 4,380,679 Currnnt assets Cash al bank and in hand 98,041 590,631 98,041 590,631 Current Ilabilitl•s Creditors.. amounts falling due wlhin one year {8,2401 (5, 760) Net currnnt a88Ots 91.801 584,871 Totsl net ass•ts 4,161,356 4,965,550 Charlty fund¥ Re51ricled funds Unrestricted funds 4,161,356 4,965,550 Totsl funds 4,161,3 4,965.550 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Andrew Elder (Apr 20. 2026 17".37."16 GK4T+11 Andrew Eldfrr Trustee Dale. The notes on pages 15 to 21 fomi part of these financial stalements. Page 14
THE WINDFALL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 General infomiation The Windfall Foundation 15 a charrtable incorporated organi5abon ICIOI registered wlh the Charity Commission in England & Wales. The principal office is 13 Hammersmilh Terrace. London. W6 9TS. The Foundation has an interest in projects that provide sustsinable, long.term income generation and self- sufficiency, especially those making a demonstrable positive impact on marginalised communities currently beyond the reach of Iradrtional govemrnent or markel-based solutions. Accounting policies 2.1 8a81s of prnparatlon of fln•nclal stat•m•nts The financial statements have been prepared in accordance the Charities SORP IFRS 1021 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 ol Ireland IFRS 1021 leffe¢b"ve 1 January 20151. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charitses Act 2011. The financial statements have been prepad to give a Inje and fairf view and have departed from the Charities IAccounls and Reports) Regulations 2008 only to the extent required to provide a Irue and fairf view. This departure has involved following the Charities SORP IFRS 1021 published on 18 Juty 2014 rather than the Accountsng and Reporting by Charits"es'. Statement of Recommended Practice effective from 1 April 2005 vknich has since been wlhdrawn. The Windfall Foundatson meet$ the definOn of a publi¢ l)enefit entity under FRS 102. Assets and liabili'eS are initially recognised at historical cost or transacb'on value unless otherwise stated in the relevant accounting policy. 2.2 Golng ¢on¢•m Having assessed the principal risks and uncertainties to lch the Foundation is likely to be exposed, and after making appropriate enquiries, Ihe Trustees have a reasonable expectation thal the Foundation has adequate resources lo continue in operational existence for the foreseeable future. For this reason. they conts.nue lo adopt the going conrn basi5 in preparing the financial slalement5. 2.3 Fund a¢¢ountlng General fvnds are unreslricled funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of Ihe Charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate ftjnd. 2.4 Incomo All income is recognised once the Charty has entement to the income. il is probable that the income wll be CeIved and the amount of income CeIVable Can be MeaSud lIablY. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Page 15
THE WINDFALL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Accounting policies (continued) 2.5 Expgnditure Expenditure is recogni3ed once there 15 a legal OT constructive obligats.on lo transfer economic benefit lo a third party. il is probable that a Iransler of e¢onomic benefits will be required in settlement and the amount of the obligation can be measured celiably. 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 acb'vity. Direct costs attributable to a single activity are allocated directly lo that activity. Shared costs which contnbule lo more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central stsff costs are allocated on the basis of tsme spent, and depreciats'on charges allocated on the portion of the asset's use. Expenditure on charitable activth'es 1$ incurred on direcily undertaking the activities vthich further the Charity's objectives, as well as any associated support cLJsls. Grants payable are charged in the year when the offer is made exeepl in those cases where the offer is conditional. such grants being COgnised as expenditure en the conditions attaching are fulfilled. Grants offered subject to conditions vthich have not been met at the year end are noted as commrtment, but not arUed as expendrture. All expenditure is indusive of irrecoverable VAT. 2.6 Forelgn currencles Monetary assets and liabile$ den¢yninated in foreign curren¢ie$ are translated into sterfing at rates of exchange ruling at the reporting dale. Transactions in foreign currenaes are translated into steding al the rale ruling on the dale of the transaction. Exchange gains and losses are recognised in the Statement of Financial Activities. 2.7 Intèrest rè¢èiv*l)l• Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity,. this is normally upon notification ol the interest paid or payable by the institution wth whom the funds are deposrted. 2.8 Investments Fixed asset investments are a fomi of financial instrument and a ini(ially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in vknich case il is measured at cost less impairment. Investment gains and losse5, vthether realised or unrealised, are combined and presented as 'GainsllLossesl on investments, in the Statement of Financial Activrtie5. Page 16
THE WINDFALL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Accounting policies (continued) 2.9 Financial instruments The Charity only has financial assets and financial liabilitie5 of a kind that qualify as basic financial instruments. Basic financial instruments a initially recognised al transaction value and subsequently measured at their settlement value the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Invostmont Income Unrg8trlctgd funds 2025 Total funds 2025 Dividend income Bank interest 124,505 18,501 124,SOS 18.501 143,006 143.006 Unrestiycled funds 2024 Total funds 2024 Dividend income Bank interest 118, 773 49,609 118, 773 49,609 168.382 168.382 Page 17
THE WINDFALL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Analysis of expenditure on charitable activities Summary by fund type Unr8strict8d funds 2025 Total 2025 Grants made Investment transaction fees Audit lee Legal and professional fees Bank charges Loss on loreign exchange Loss on short lem) investments 675,226 6,537 6,240 180 286 26,546 1221 67S,226 6.537 6.240 180 286 26.546 Total 2025 714,993 714.993 Unrestricl8d funds 2024 Total 2024 Grants made Investment transaction fee$ Audit fee Legal and professional fees Bank charges Loss on foreign exchange Loss on short temi investment 679,905 8,248 5, 760 360 373 (f 00) (6,669) 679,905 8,248 5, 760 360 373 1100) (6,669) Total 2024 687,877 687,877 Audltors. remuneraOn The auditors, remuneration amounts to an au(lilor fee of £6.240 {2024- £5.760). Page 18
THE WINDFALL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Trustees. remuneration and expenses During the year, no Trustees received any remunernkn.on or other benefits (2024- £NIL). During the year ended 30 June 2025. no Twslee expenses have been incurred (2024- £NILJ. Fixed asset investments Llstsd investmgnts Co$t or valuatlon Al 1 July 2024 Disposals Revaluations 4,380,679 178.9171 1232.2071 AI 30 June 2025 4,069,555 Not book value AI 30 June 2025 4,069,SSS AI 30 June 2024 4,380,679 Investments have been measured al fair value al the Balance Sheet dale 1¢h has resulted in a loss on revaluation of £232,20712024.' loss £81,165). On 31 December 2025 the lair value of the inve$lment$ had increased to £4.190.344 representing a gain on revaluation of £120.789 since 30 June 2025. As non-adjusling post balance sheet events, no provisions for the redemplion or fall in value have been made VAthin the Stalemenl of Finanoal Activities. Creditors: amounts falling due *ithin one yeav 2025 2024 Accruals and deferred income 6.240 5, 760 Page 19
THE WINDFALL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Summary offunds Summary of funds - current yèar Balanco at 30 Juna 202S Balance at 1 July 2024 Gainsl {Lossesl Income Expenditure General funds 4,965,SSO 143,006 {714,9931 1232,2071 4,161,356 Summary of fund¥ - prior year 8818rt• 81 1 July 2023 G8ins/ (Losses) 30 Jun8 2024 Income Expenditu General funds 5.403,880 168,382 (687,877) 81, 165 4,965,550 Page 20
THE WINDFALL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 10. Analysis of net assets betwren funds Analysls of not a$$ets bet**en funds- Current year Unrestrl¢t funds 2025 Total funds 202S Fixed asset investments Current assets Creditors due wthin one year 4.069,555 98,041 16,2401 4,069.SSS 98,041 16.2401 Total 4,161,356 4,161,356 Anoly¥ls of no14$¥gts bgtvMen funds- prior year Unrestrict8d funds 2024 Tol81 funds 2024 Fixed asset investments Current assets Creditors due wrthin one year 4,380,679 590,631 (5, 760) 4,380,679 590,631 (5, 760) Totsl 4,965,550 4,965,550 Page 21