2025-03-31-accounts

DoGUSign Envelope ID". B44FBAOO-7BF847CA-BOCB.72B625D41A85 Charity number: 1177514 THIRTY PERCY FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

DoGUSign Envelope ID". B44FBAOO-7BF847CA-BOCB.72B625D41A85 THIRTY PERCY FOUNDATION CONTENTS Page Reference and administrative details of the Charity. its Trustees and advisers Trustees. report Independent audltors. report on the flnanclal statements 10-13 Statement of Financial Activities 14 Balance sheet 15 Statoment of cash flows 16 Notes to the financial statements 17-29

DoGUSign Envelope ID". B44FBAOO-7BF847CA-BOCB.72B625D41A85 THIRTY PERCY FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees Anne Louisa Philip Mann, Chair Katharine Anne Hill Derek Bardowell Iresigned 12 December 20241 Mona Bani lappoinled 20 March 20251 Muna Ragoff lappoinled 24 June 20251 Charlty reglstered number 1177514 Prlnclpal offlce 30 Percy Street London W1T 2DB Senior management team Anneka Deva - Program Director (from 14 October 20241 Lily Piachaud - Director of Oryanisalional Development Ifrom 3 February 20251 Louise Armstrong - Transilionary Executive Director Sarah Gartshore - Deputy Executive l Finance Director Independent audltors Crowe U.K. LLP Fourth Floor Sl James House Sl James Square Chellenham GL50 3PR Sollcltors Farrer & Co LLP 66 Lincoln's Inn Fields Holborn London WC2A 3LH Page 1

DoGUSign Envelope ID". B44FBAOO-7BF847CA-BOCB.72B625D41A85 THIRTY PERCY FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their report and the audited financial statements of Thirty Percy Foundation I'Thity Percy. or the 'Foundation"I for the year ended 31 March 2025. The Trustees have prepared this report in accordance with the Accounting and Reporting by Ch8rib'es." Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting S18ndard applicable in the UK and Republic of I￿land IFRS 1021 and the Charities Act 2011. REFERENCE & ADMINISTRATIVE DETAILS Reference and administrative details are sh()wn on page 1. STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution Thity Percy Foundation was registered on 13 March 2018 as 8 Charitable Incorporated Organisation (charity registration number 11775141. Its governing document is its constitution dated 13 March 2018 and amended on 1 October 2018 Ilhe"Conslitution°l. Trustees The Foundation's Trustees Ilhe "Truslees"18re listed on page 1 of this report. The Constitution requires 8 minimum of 3 Trustees and does not sel a maximum. The composition of the Trustee board is kept under view, and any new Trustees are appointed following a careful selection process, with appointments requiring board approval la decision taken by a majority of Trustees). The Trustees lake responsibility for staying up to date on charity mallers and receive updates and informal training through briefing papers and allendance at seminars and conferences. There is a fomal update on charity law and developments provided once a year by the legal 8dviser. Decisionwmaking The Trustees meet at least four times a year, and use online plafforms to stay in regular contact with the team and lake decisions outside of meetings. The Trustee board holds ultimate responsibility for the Foundation. It agrees overall strategy, reviews and confirms policy decisions, provides grant approvals lor the terms of delegation for some grant approvals) and discusses operating, financial and investment issues. It delegates day- 1048y management and operation of the foundation lo the Transitionary Executive Director and a team lin accordance with a schedule of delegation, which is reviewed and amended as necessary on an ongoing basisl- The Trustees approve the ￿MuneratiOn of key personnel, and all team member remuneration is benchmarked against similar organisations. Principal funding sourees and related party transactions The Foundation is funded by a charitable purpose trust, known as The Owl Trust. The Owl Trust provided an initial grant to the Foundation, payable over three years from 2018-2020, and a further grant to the Foundation, payable over 5 years from 2021-2025. The Owl Trust is a connected entity to the Foundation by virtue of this funding relationship. The Foundation receives administrative services from Skagen Conscience Capital Limited, a related paty and a connected entity. The services are governed by a services agreement with Skagen Conscience Capital Limited which was ￿neWed on 1 January 2021 and revised in May 2023. The services provided in the accounting period total £40,718 (2024." £84,697) and are recognised in SUPFX)rt costs. The service costs were setued by a cash payment of £40,718 [2024." £10,019) and a donation in kind of £Nil (2024." £74,678). Thirty Percy has made an acb've choice lo decouple different funelions (IT and HR) from Skagen over the last two years, in order lo have additional independence from the Family Offi￿. Page 2

DoGUSign Envelope ID". B44FBAOO-7BF847CA-BOCB.72B625D41A85 THIRTY PERCY FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 The Trustees manage the Foundation's affairs in its best interests. When considering any tr8ns8clion, conflicts of interest are declared and decisions taken only by those Trustees who are not conflicted, to protect the Foundation's independence. Further details of related party tonsaclions arè included in note 18. OBJECTIVES AND ACTIVITIES FOR PUBLIC BENEFIT Thirty Percy operates for the public benefit. The Trustees have taken into account the Charity Commission's published guidance on the public benefit requirement under the Charities Act 2011 when considering Thirty Percy's strategy and portfolio of work. Thity Percy's charitable objectives are". 1. To promote sustainable development for the benefit of the public by". The preservation, conservation and the protèction of the environment and the prudent use of resources", The relief of poverty and the improvement of the conditions of life in socially and economically disadvantaged Communities", The promotion of sustainable means of achieving economic growth and regeneration. 2. To advance the education of the public in subjects relating to sustainable development and the protection, enhancement and rehabilitation of the environment and to promote study and research in such subjects provided that the useful results of each study are disseminated lo the public at18rge. 3. To advance such exclusively charitable purposes for the public benefit in any part of the woAd as the charity Trustees from lime to lime in their absolute discretion think fit. Thity Percy's ini1181 Trustees further defined its purpose 8S". 'We are here to contribute to the future security and wellbeing of our world. We'll do this in ways that are imaginative, collaborative and unexpected. We can do this because we are an independent Foundation looking lo do things differently Operations Thity Percy recognises that il musl develop its own culture and govemance lo deliver lo its full potential on ils purpose. It is commilled lo working hard, with an engaged b08rd of Trustees, team and external experts, to understand ils own ways of operating, flows of authority and lo create deeper, reflective spaces for leaming and development. We recognise that creating change is hard and often requires risk and courage - particularly when met with status quo paradigms that challenge our collective progress. In considering its own design, and how well il orientates around its purpose, the Foundation considers the Charity Governance Code and integrates it into ils stratègic framework and operating plans. For example, "act with integrity is one of the Foundation's core values. Portfolio of work The Foundation's strategic framework, which was signed off in 2023 after a process of reflection, realignment, and rèfocusing, eentres around ￿lmaginIng the governance of money, through supporting individual changemakers, our place based investments in Gloucestershire, and Wealth Systems focused work supporting groups working on issues such as a UK Wealth Tax, and the design of next generation capital allocator funds. Trustees have made the decision lo sunset the Foundation in 2030, with the intention of spending down existing funds, and futu￿ committed amounts anticipated in the year ending 31 March 2026, in line with the existing strategic framework, honing its focus on Changemakers, Wealth Systems Interventions and Infrastructure which enables these areas of work. Thity Percy will continue to innovate and develop ils areas of work to meet wider structural needs and opportunities within the lime and financial constminls of this decision and within its strategic framework Page 3

DoGUSign Envelope ID". B44FBAOO-7BF847CA-BOCB.72B625D41A85 THIRTY PERCY FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 For the year ended 31 March 2025 Thirty Percy delivered on ils purF)ose by investing through 4 inter-connected funds". Change-maker Fund IPreviously known as the 'Leaders Fund'l - Resourcing visionary people with disruptive ideas. We provide funding lo individual leaders and organisalions for lo three years to amplify their work. Wealth System Intervenb'ons - grant funding of organisalions involved in reimagining the govemance and movement of money. Infrastructure - More focused funding of individuals who are providing infrastructure for change through grant funding over 3 years. Legacy Fund This includes the streams of work that sit outside of our future streams of work including the Discretionary Fund, the Place based fund and the Systems fund., Discretionary Fund - Creating Spa￿ for individual visions, and resourcing organisalions that build towards them which was deliberately flexible, based on Trustee discretion. The decision to phase out discretionary fvjnding was taken in January 2022, after meeting 311 our existing commitments. Place-based fund - a Sour￿ of innovative, collaborative, low-resource solutions providing flexible 1-3 years grants. Although further grants are not part of our planned strategy, Thirty Percy continues lo have strong lies with the work that this fund has enabled. Systems Fund - Focusing on different leverage points, where small shifts can produ￿ big change. We provided a mix of longer-term core funding and rapid response funding in relation lo specific opportunities. Most of the investments in these funds take the form of grants. Our grant making pro￿SSeS are set out in our grants policy document, which is reviewed and updated as necessary. In brief, we source opportunities Iralher than operate ongoing open calls for grant applicalionsl and follow a two-stage approval prO￿sS based upon detailed due diligence. Our capital fund holds our target value of free reserves. The Foundation signed off a new investment policy in June 2022, which now governs these funds. This has seen the Foundation shift from an objective to maintain and enhan￿ the real value of these funds consislenl with the Foundation's purpose, to a new objective. The primary objective of this new policy is to "use our financial capital lo create community and ecological wealth by following regenerative and distributive economic principles.. The secondary goal is lo maintsin our target value of free reserves, which is set by our Reserves Policy. As part of the implementation of the new investment policy, we liquidated our Investment portfolio held under a del￿ated mandate with EdenTree Investment Management Limited IEdenTreel. We transferred the capital lo deposit accounts with Charity Bank, Relian￿ Bank and Unity Bank. To fulfil the full potential of the Spiral Investing policy, we have come lo realise the fund managers and funding and investment Infrastructure is not in place to fully realise this. Part of the ongoing portfolio of work is developing the Idea of a New Fund Manager Accelerator to bridge this vision and reality gap. Page 4

DoGUSign Envelope ID". B44FBAOO-7BF847CA-BOCB.72B625D41A85 THIRTY PERCY FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 Achievements and performance The Foundation's Grants and Donation fund categories have been reorg8nised during the year to better reflect Thirty Percy's ￿fined strategic focus. The Wealth Systems Interventions Fund and the Infmstructure Fund have been introduced during this financial year. The Discrelion8ry Fund, Place-b8sed fund and Systems Fund have been reclassified as the Legacy fund and our Changemaker Fund remains unchanged. Comparatives for the Year Ending 31 March 2024 have been presented under these new Fund descriptions. We continue to collaborate with others to understand better our effectiveness and role within the wider system. We will not evaluate impact in silos but instead build an understanding of change across the multiple systems and systems actors we invest in. Breakdown of our portfolio, by Fund". L¢ga¢y fund 2025 Forest of Dean District Council FO￿St Voluntary Action Forum PCAN The M0￿MentS Trust Sustain Land Workers, Alliance Doughnut Economics Action Lab CIC 100.000 111,706 10.000 555.000 150.000 100.000 164.758 1,191.464 Wealth Systems Interventions 2025 Grant lo Organisalion Grant lo Organisalion Grant lo Organisation Grant lo Organisalion Grant lo Organisalion Grant lo Organisalion Grant lo Organisalion Grant lo Organisalion Grant lo Organisalion Grant to Organisation Grant lo Organisalion Grant lo Organisalion Grant lo Organisation Grant to Organisalion Grant lo Indikidual Grant lo Indimdual Grant lo Indimdual 120,000 50.000 55.000 45,000 70,000 250.000 60.000 492.050 500.000 225 450 450 450 450 305 1.350 315 1,646.045 Page 5

DoGUSign Envelope ID". B44FBAOO-7BF847CA-BOCB.72B625D41A85 THIRTY PERCY FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 Breakdown of our portfolio, by Fund.. Changewmaker Fund, 2025 Grant to CIC Grant lo CIC Grant lo CIC 15,000 20,457 4000 5.700 3,300 20,000 15.000 32,029 67,454 10,000 5.000 20,000 35,000 37,500 10.000 35,000 25,000 15.000 17.500 10,000 37,750 22.000 20.000 20.000 29,080 42.500 43,962 34,400 31,875 27.885 39,946 40,000 2.000 5.000 19,995 25,000 25.750 120 Grant lo CIC Grant lo CIC Grant lo Indiiidual Grant lo Indiiidual Grant lo Indimdual Grant lo Indiiidual Grant lo Indiiidual Grant lo Indiiidual Grant lo Indiiidual Grant lo Indimdual Grant to Indimdual Grant lo Indiiidual Grant lo Indiiidual Grant lo Indimdual Grant lo Indimdual Grant lo Indiiidual Grant lo Indiiidual Grant lo Indimdual Grant lo Indimdual Grant lo Indimdual Grant lo Indilidual Grant lo Indimdual Grant lo Indimdual Grant lo Indimdual Grant lo Indiiidual Grant lo Indimdual Grant lo Indimdual Grant lo Indimdual Grant lo Indimdual Grant lo Indiiidual Grant lo Indiiidual Grant lo Indimdual Grant lo Indimdual Grant to Indiiidual Grant lo Indiiidual Page 6

DoGUSign Envelope ID". B44FBAOO-7BF847CA-BOCB.72B625D41A85 THIRTY PERCY FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 Grant to Organisalion Grant lo Organisalion Grant lo Organisalion Grant lo Organisalion Grant lo Organisalion 1.893 5,000 5.000 5,000 30,000 917.096 Infrastructure 2025 Grant to Indiiidual Grant lo Indiiidual Grant lo Indimdual Grant lo Indiiidual Grant lo Indikidual Grant lo Indiiidual Grant to Indi%idual 20,000 20,000 20.000 20.000 20,000 10.000 5,000 115,000 1.we do not declare names of individuals in order to protect their privacy. We only share names of individuals if they consent to us doing so. Flnanclal revlew Charitsble activities expenditure of £5,595,526 (2024.. £4, 705,531) include grants and donations paid totalling £3,869,605 (2024.. £-), £1,290,154 (2024. £981,321) of support costs and £435,767 f2024.' £105,062) of purpose related and enabling costs. The net movement in funds for the year was £457,525 (2024.. £968,383) and the value of unrestricted funds as at 31 March 2025 was £10,077,383 (2024.. £9,619, 858). The statement of financial activities for the year ended 31 March 2025 is set out on page 13 of the financial statements. Fundralslng The Foundation has not undertaken any fundraising activities during the year or prior period. The Foundation occasionally accepts grant funding from purpose-aligned organisations who approach Thirty Percy with co- funding opportunities. Plans for future perlods Thirty Percy continues to develop ils thoughts and plans for the future. It reviews and iterates its strategic framework and processes on a regular basis. Alongside this, il continues to focus on ils organisalional design and in developing ils process, skills and principles as a team. In terms of our strategic development, we continue lo pursue a number of collaborative enquiry spaces. Page 7

DoGUSign Envelope ID". B44FBAOO-7BF847CA-BOCB.72B625D41A85 THIRTY PERCY FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 Printipal risk and uneertainties The Foundation is, in essence, an investment vehicle that allocates capi181 and engages with strategic partners. The principal operation81 risks to which Thirty Percy is exposed and seeks lo m8n8ge include". Misallocation of capital (mitigated by due diligence prO￿SseS)., Decline or total loss in income from The Owl Trust Imiligated by our reserves policy and management of our free reserves)., Loss of key staff Imiligated by favourable remuneration package, and a purpose and value led approach to organisational design)., Reputational damage (mitigated by looking to underst8nd and adopt best practice, wherever feasiblel", Loss of confidential information (mitigated by using secure platforms, and having strict HR protocols)," and Fraudulent aclivily,'Imiligaled through multilevel approvals and verification processes for any transfer of funds). We also acknowledge the systemic risks posed by climate breakdown and biodiversity loss. We continue lo keep under review our Trustee board's oversight and management of these risks. We are actively reviewing our approach to risk with an intention for Thirty Percy to consciously take risks that it deems necessary to enable positive change. Reserves The Trustees have estsblished a reserves policy to protect the Foundation and its long-lerm grants by providing lime to adjust to changing financial circumstances. The Trustees have considered the Foundation's requirements for reserves in light of the main risks lo the Foundation. The Trustees considered that the most appropriate level of free reserves Ifunds not tied to fixed assets, designated and restricted funds) is £5 million. As the future of Thity Percy is explored, this may change. The balance of free reserves at the balance sheet date total £10.1 million (2024.. £9. 6 millionj. Page 8

Docusign Envelope ID: B44FBA00-7BF8-47CA-B0CB-728625D41A85

THIRTY PERCY FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' Annual Report and Financial Statements in accordance with applicable law and the United Kingdom's Generally Accepted Accounting Practice (United Kingdom Accounting Standards). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation, its incoming resources and the application of the Foundation's resources for that period. In preparing the financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgments and estimates that are reasonable and prudent;

• state whether applicable accounting standards 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 charity will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Foundation's transactions, 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 Charities (Accounts and Reports) Regulations 2008 and the provisions of the Constitution. They are also responsible for safeguarding the assets of the Foundation and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

�Signed by: �83 Anne Louisa Philip Mann

(Chair of Trustees) Date: 06/10/2025

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DoGUSign Envelope ID". B44FBAOO-7BF847CA-BOCB.72B625D41A85 THIRTY PERCY FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THIRTY PERCY FOUNDATION Opinion We have audited the financi81 statements of Thity Percy Foundation (the 'ch8rity'l for the year ended 31 March 2025 which comprise the St8temenl of Financial Aclivilies, the Balance Sheet, the SL9temenl of Cash Flows and the related notes, including 8 summary of significant accounting policiès. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting St8ndards, including Financial Reporting S18nd8rd 102 'The Financial Reporting Standard 8ppIic8ble in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting practi￿). The financial statements have been prepared in accordance with Accounting and ReF)Orting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities." S18tement of Recommended Practice issued on 1 April 200S which is referred lo in the extant regulations but has been withdrawn. This has been done in order for the accounts to provide a true and fair view in 8ccordance with the Generally Accepted Accounting Practice effeelive for reporting periods beginning on or after 1 January 2015. In our opinion the financi81 statements". give a true and fair view of the stale of the Charity's affairs as at 31 March 2025 and of ils incoming sources and application of resources for the year then ended", have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. 8asls for oplnlon We conducted our audit in accordan￿ with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial stslemenls 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 slalements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden￿ we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concorn 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 doubl on the charity's ability to continue as a going concem for a period of at least twelve months from when the financial stslemenls are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going cOn￿M are described in the relevant sections of this report. Page 10

DoGUSign Envelope ID". B44FBAOO-7BF847CA-BOCB.72B625D41A85 THIRTY PERCY FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THIRTY PERCY FOUNDATION ICONTINUEDI other information The other infomalion comprises the information included in the Annual report other than the financial statements and our Auditors, report thereon. The Trustees are responsible for the other information contained within the Annual ￿pOrt. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our SFX)nsibility is lo 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 ineonsistencies or apparent material misstatements, we are required to determine whether this gives rise to 8 material misstatement in the financial statements themselvès. 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. Matters on which we are required to report by exception We have nothing lo report in respect of the following matters where the Charities {Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the Trustees, report is inconsistent in any material respect with the financial slalements., or sufficient and proper 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. Responsibilitios of Trustees As explained More fully in the Trustees, responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the p￿paratiOn of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financi81 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 concem basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative bul to do so. Page11

DoGUSign Envelope ID". B44FBAOO-7BF847CA-BOCB.72B625D41A85 THIRTY PERCY FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THIRTY PERCY FOUNDATION ICONTINUEDI Auditors. responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Ael and relevant regu18tions made or having effect thereunder. Our objectives are to obtain ￿asonable assurance about whether the financi81 statements 8s a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assufftnce, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material missL9tèmenl 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 lo influence the economic decisions of users taken on the basis of these financial statements. Irregu18rilies, including fraud, a￿ instances of non-compli8nce with18ws and regulations. We design procedures in line with our responsibilitiès, oullined above, lo delect material misstatements in respect of irregularitiès, including fraud. The extent to which our procedures are capable of delecling irregularities, including fraud is detailed below. Extent to which the audit was considered capable of detecting irregularities, including fraud We obtained an understanding of the leg81 and regulatory framewotks within which the charity operates, focusing on those laws and regulations that have a direct effeel on the delerminalion of material amounts and disclosures in the financial slatemenls. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP IFRS10212019. We assessed the required compliance with these 18WS and regulab'ons as part of our audit procedures on the related financial s18tement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. Auditing standards limit the required audit procedures lo identify non-compliance with these laws and regulations lo enquiry of the Trustees and other management and inspection of regulatory and legal cOr￿SFI0ndentte, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, lo be within the timing and recognition of grant income and the ovetride of controls by management. Our audit procedures lo respond to these risks included enquiries of management and the Board of Trustees about their own identification and assessment of the risks of irregularities, sample testing on income and the posting of journals, reviewing accounting eslim8tes for biases, ￿VIewIng regulatory co[￿SpOndence with the Charity Commission, and reading minutes of meetings of those charged with governance. Because of the inherent limitations of an audit, there is a risk that we will not detect all Ir￿gUIanties, including those leading to a material misstatement in the financial statements or non-complianee with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions flected in the financial statements, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al. www.frc.or .uklauditorsres onsibililies. This description forms part of our Auditors, report. Page 12

Docusign Envelope ID: B44FBA00-7BF8-47CA-B0CB-728625D41A85

THIRTY PERCY FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THIRTY PERCY FOUNDATION (CONTINUED)

Use of our report

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 Auditors' 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 its Trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP Statutory Auditor Fourth Floor St James House St James Square Cheltenham GL50 3PR Date: 10 October 2025

Crowe U.K. LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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DoGUSign Envelope ID". B44FBAOO-7BF847CA-BOCB.72B625D41A85 THIRTY PERCY FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds 2025 Total funds 2025 Total funds 2024 Note Income from: Donations Investments Other income 5,909,430 143,221 400 5,909,430 143,221 400 5,554,408 119,506 Total income 6,053,051 6,053,051 5,673,914 Exponditure on: Charitable activities 5.595,526 5.595,526 4, 705,531 Total expenditure 5,595,526 5,595,526 4, 705,531 Net movement in funds 457,525 457,525 968,383 Reconciliation of funds: Totsl funds brought forward Nel movement in funds 12 9,619,858 457,525 9,619,858 457,525 8,651,475 968,383 Total funds carried forward 12 10.077,383 10.077,383 9,619,858 The notes on pages 17 to 29 form part of these financial statements. Page 14

Docusign Envelope ID: B44FBA00-7BF8-47CA-B0CB-728625D41A85

THIRTY PERCY FOUNDATION

BALANCE SHEET AS AT 31 MARCH 2025

			2025		2024
	Note		£		£
Current assets
Debtors	10	9,263		8,263
Cash at bank and in hand		10,825,207		10,133,887
Current liabilities		10,834,470		10,142,150
Creditors: amounts falling due within one
year	11	(757,087)		(522,292)
Net current assets			10,077,383		9,619,858
Total net assets			10,077,383		9,619,858
Charity funds
Unrestricted funds	12		10,077,383		9,619,858
Total funds			10,077,383		9,619,858

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

!,Signed by: �BL Anne Louisa Philip Mann (Chair of Trustees) Date: 6/10/2025

The notes on pages 17 to 29 form part of these financial statements.

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DoGUSign Envelope ID". B44FBAOO-7BF847CA-BOCB.72B625D41A85 THIRTY PERCY FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Note Cash flows from operatlng actlvltles Nel cash from operating activities 548.099 1,237, 160 Cash flows from Investlng actlvltles Dividends and interest from investments 143.221 119,506 Net cash provided by investing activities 143.221 119,506 Change In cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year 691,320 1,356,666 10.133.887 8, 777,221 Cash and cash equivalents at the end ofthe year 14 10,825.207 10,133,88T The notes on pages 17 to 29 form part of these financial statements Page 16

DoGUSign Envelope ID". B44FBAOO-7BF847CA-BOCB.72B625D41A85 THIRTY PERCY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies 1.1 Charity status Thity Percy Foundation is a Charitable Incorporated Organisation registered in England and Wales with the Charity Commission Ino.. 11775141. Ils registered office address is 30 Percy Street, London, W1T 2DB. 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 departLJre has involved following the Charities SORP IFRS 1021 PLJblished in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Pracb"ce effective from 1 April 2005 which has since been withdrawn. Thity Percy FoLJndation meets the definition of a public benefit entity Ljnder FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless olhenNise slated in the relevant accoLJnting policy. 1.2 Basis of preparation of financial ststements These financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20151 (Charities SORP IFRS 10211. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. Thity Percy Foundation constitutes a public benefit entity under FRS 102. Assets and liabilities are inilialty rec(4nised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. All funds in both the current year and prior year are unrestricted. 1.3 Going Concern The Trustees have a reasonable expectation that the Charity has adequate resour￿$ lo continue ils activities for the foreseeable future and that there are no material Ljncertainlies about the Charity's ability to continue. Accordingly, they continue to adopt the going concern basis in preparing the financial stslemenls. 1.4 Income Grant income is included in the Statement of Financial Activities when the Charity has entitlement to the funds. il is probable that the income will be received and the amount can be measured reliably. Donated services and goods have been recognised at their fair valLJe to the Charity al the point of donation. These have been included in income and expenditure during the year. Investment income is included in the year in which it is receivable. Page 17

DoGUSign Envelope ID". B44FBAOO-7BF847CA-BOCB.72B625D41A85 THIRTY PERCY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Icontinuedl 1.5 Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related lo the category. Expenditure on all grants is recognised once the Charity has made an unconditional commitment lo pay the grant and this is communicated lo the beneficiary. Support costs are those costs incurred directly in support of expenditure on the objects. Purpose related costs are costs incurred by Thity Percy in pursuit of wider impacupurpose Iralher than being operational costs of running and developing our team and pro￿sSes1. For example this could be where we have agreed lo directly incur and pay for costs on behalf of a collaboration or where we are resourcing a learning evenuspace for the wider seclorlmovemenl. Enabling costs relate lo the operational costs of running and developing our team and pro￿Sses,. which includes costs relating to our own direct learning and development las a team and individually), the design and development of our processes and systems and work undertaken to identify grant funding opportunities (such as paying for external consultants, lime lo join a focus group). Governance costs include all costs involving the Trustees and are included within support costs. All expenditure is inclusive of irrecoverable VAT. Termination benefits are recognised immediately as an expense when committed to lerminale the employment of an employee or to provide lerminalion benefits. 1.6 Financial instruments The Charity primarily 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 al their selllemenl value. Debtors Accrued income is recognised al the settlement amount. Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. Liabilities Liabilities are recognised when there is an obligation at the Balan￿ Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the selllemenl can be estimated reliably. Liabilities are recognised al the amount that the Charity anticipates it will pay to sellle the debt. Page 18

DoGUSign Envelope ID". B44FBAOO-7BF847CA-BOCB.72B625D41A85 THIRTY PERCY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Icontinuedl 1.7 Taxation Thirty Percy Foundation is a registered charity, and as such is entitled lo laxalion exemptions on all its income and gains properfy applied for ils charitable purposes. 1.8 Pensions The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity lo the fund in respect of the year. 1.9 Fund accounting General fvnds are unreslricled fvnds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. 1.10 Critical accounting estimates and areas of judgement Preparation of the financial statements requires management to make judgements and estimates. The Trustees consider that there are no material judgements made in applying accounting policies nor are there any key sources of estimation uncertainty. Income from donations Unrestricted funds 2025 Total funds 2025 Total funds 2024 Donations Grant from The Owl Trust 5,S94,672 164,758 5,594,672 164.758 5,369, 167 110,563 74,678 Grants from other organisalions Skagen Conscience Capital Limited - ServI￿S in kind Donations 150,000 150,000 Subtotal 150,000 150.000 5,909,430 5,909,430 5,554,408 Total 2024 5,554,408 5,554,408 Page 19

DoGUSign Envelope ID". B44FBAOO-7BF847CA-BOCB.72B625D41A85 THIRTY PERCY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Investment income Unrestricted funds 2025 Total funds 2025 Total funds 2024 EdenTree investment income Bank interest (11,677) 131, 183 143,221 143,221 143,221 143.221 119,506 Page 20

DoGUSign Envelope ID". B44FBAOO-7BF847CA-BOCB.72B625D41A85 THIRTY PERCY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of grants and donations The Foundation's Grants and Donation fund categories have been reorganised during the year lo beller reflect Thirty Percy's refined strategic focus. The Wealth Systems Interventions Fund and the Infrastructure Fund have been introduced during this financial year. The Discretionary Fund, Place-based fund and Systems Fund have been reclassified as the Legacy fund and our Changemaker Fund remains unchanged. Comparatives for the Year Ending 31 March 2024 have been presented under these new Fund descriptions. Grants were made to both institutions and individuals in the year. These have all been listed below. Grants to inslilulions included below tolalled £2,930,889 {2024.' £3,064, 148), with the remaining £938,716 (2024.. £555,000) being grants lo individuals. 2025 2024 Legacy Fund FarmED The Friendship Café Forest of Dean District Council Forest Voluntary Action Forum Together in Matson The Music Works Gloucestershire Gateway Trust L4 Enterprises Countryside Community Research Institute Create Gloucestershire The Maggie Keswick Jencks Cancer Caring Cenlres Trust Menopause Support Grant lo Individual - Scotland CAN B 42,000 147,000 150,000 106,386 50,000 100,000 25,000 25,000 50,000 200,000 600,000 50,000 30,000 30,000 100.000 111.706 Grant lo Individual - Scotland CAN B PCAN Sustain 10,000 150.000 The Gaia Foundation 50,000 50,000 100,000 968, 762 125,000 50,000 100,000 Eeologieal Land Collective Land Workers Allian Doughnut Economics Action Lab CIC Civic Square Bim)ingham RADHR Ownership Futures 100.000 164.758 555,000 1.191.464 3,049, 748 Page 21

DoGUSign Envelope ID". B44FBAOO-7BF847CA-BOCB.72B625D41A85 THIRTY PERCY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of grants and donations (continued) 2025 2024 Wealth Systems InteNentlons Economic Change Unil Fairness Foundation IPPR 120.000 50,000 55,000 45,000 70.000 250,000 60,000 492,050 500.000 305 1,350 315 225 450 450 Just Money Movement New Economics Foundation Palriolic Millionaires Women's Budget Group Tax Justice UK Centaxluniversity of Warwick Grant lo Individual Grant lo Individual Grant lo Individual Women's Budget Group New Economics Foundation Insb'tule for Public Policy Research The Fairness Foundation Economic Change Unil 450 450 1,646,045 Chang￿Maker Fund During the year, 5 grants lotalling £48.457 (2024.. 3 gr2nts totalling £75,000) were made to CICS, 33 grants totalling £821,746 (2024.. 22 grants lotalling £495.000) were made to individuals and 5 grants lotalling £46,893 were made to other organisalions. Infrastructure During the year, 7 grants totalling £115,000 (2024.. £Nil) were made to individuals. 2025 2024 Total 3,869,605 3.619,748 Page 22

DoGUSign Envelope ID". B44FBAOO-7BF847CA-BOCB.72B625D41A85 THIRTY PERCY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure on charitable activities Grant and donation funding of activities 2025 Activities undertaken directly 2025 Support costs 2025 Total funds 2025 Total funds 2024 Grant making 435,767 3,869,605 1,290,154 5,595,526 4, 705,531 Total 2024 105,062 3,619, 148 981,321 4, 705,531 Anatysi$ of direct costs Grant making 2025 Total funds 2025 Total funds 2024 Purpose related costs Enabling costs 42,679 393,088 42.679 393.088 54,844 50,218 435,767 435,767 105,062 Page 23

DoGUSign Envelope ID". B44FBAOO-7BF847CA-BOCB.72B625D41A85 THIRTY PERCY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure on charitable activities Icontinuedl Analysis of support costs Grant making 2025 Total funds 2025 Total funds 2024 Staff costs HR consultancy General office costs Computer costs Audit and accountancy Leg81 and professional Bank charges Insuran Training, coaching and subscriptions Travel, accommodation and subsistence Investment manager fees other staff costs 469,821 47,606 35,213 16,049 21,678 35,977 455 469.821 47,606 35.213 16.049 21,678 35,977 455 544,855 56,497 23,326 35, 754 22,369 28,251 943 5,471 67,579 23,293 5.471 67,579 23,293 6, 756 17,221 15,110 4,853 6,021 12,000 7,223 12,000 690 7.223 12,000 690 Trustees, fees and costs Foreign Exchange losses Skagen Conscience Capital Limited services in kind Brand, website and communications Other consultancy Grants enabling costs 17,945 15,657 241,346 272,151 17.945 15.657 241,346 272,151 84,697 52,351 70,317 1,290,154 1.290.154 981,321 Governance costs included in support costs comprise". 2025 2024 Trustees, fees and costs Auditorfs fees 12,000 21.678 72,000 21,612 33.678 33,612 Page 24

DoGUSign Envelope ID". B44FBAOO-7BF847CA-BOCB.72B625D41A85 THIRTY PERCY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Auditorfs remuneration (exclusive of VAT) The auditors. remuneration amounts lo an auditor fee of £16,500 (2024 - £75,440), preparation of financial statements of £2,60012024 - £2,5TOI were paid. staff costs 2025 2024 Wages and salaries Social security costs Pension costs 397,765 23.419 48,637 443, 328 47,013 54,714 469,821 544,855 In addition lo the staff costs disclosed above some additional costs similar in nature to staff costs were incurred by Skagen Conscience Capital Limited, a related party, for work on the Foundation's affairs throughout the year. The costs incurred have been included in the financial slalemenls as part of the ServI￿S in kind since they fell under the terms of a service agreement be￿een the entities. The average number of persons employed by the Charity during the year was as follows.. 2025 No. 2024 No. Employees The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was. 2025 No. 2024 No. In the band £60,000 - £70,000 In the band £70,001- £80,000 In the band £90,001 100,000 In the band £100,001- £110,000 In the band £130,001 - £140,000 Remuneration for the key management personnel (including employer Nl and pension costsl lotalled £219,467 (2024.. £379.576J. The key management personnel are considered lo be the Chief Executive Officer, the Director of Operations, Investments & Culture, the Finance Director and the Director of Projects & Collaboration. During the year, the Charity made a temiination payment amounting lo £Nil (2024.. £48,745 to 1 Individuall, of which £NIl is outstanding at the year end (2024. £48, 745). Page 25

DoGUSign Envelope ID". B44FBAOO-7BF847CA-BOCB.72B625D41A85 THIRTY PERCY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Trustees. remuneration and expenses During the year, I￿0 Trustees, Kalharine Hill and Derek Bardowell, were remunerated for their services in the period as pemiilled by the incorporation documents. Both Trustees received £6,000 each and was paid in line with the signed service contracls12024'. £6,000 each). During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £nil). other Fixed Asset Investments other fixed asset investments total £nil (2024.. £nil) comprise social investments which represent the fvnding arrangement with The Foundation for Social Entrepreneurs in return for them using the funds lo create a pool of evergreen patient capital Ilhe "Evergreen Investment Fund"). The Evergreen Investment Fund provides eligible social entrepreneurs the opportunity to apply for up lo £50,000 of repayable patient capital in the form of debt or equity. The Trustees consider il prudent to fully impair the investment due lo the nature of the arrangement and uncertainty around its recoverability. 10. Debtors 2025 2024 Prepayments and accrued income 9.263 8,263 11. Credltors: Amounts falllng due wlthln one year 2025 2024 Trade creditors Other creditor Awruals and deferred income 561.231 2,723 193,133 409,373 25,808 87,111 757.087 522,292 Page 26

DoGUSign Envelope ID". B44FBAOO-7BF847CA-BOCB.72B625D41A85 THIRTY PERCY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. Statement of funds Current year Balance at 31 March 2025 Balance at 1 April 2024 Income Expenditure Unrestricted funds General Funds - all funds 9,619.858 6.053,051 15.595.526} 10.077,383 Prior year Balan￿ at 31 March 2024 Balance al l April 2023 Income Expenditure Unrestricted funds General Funds - all fvnds 8.651.475 5, 732, 7 13 (4. 763, 730) 9.619,858 13. Reconciliation of net movement in funds to net cash flow from operating activities 2025 2024 Nel income for the year las per Statement of Financial Acliviliesl 457,525 968,383 Adjustments for: Dividends and interest from investments Ilncreaselldecrease in debtors Increase in creditors 1143,221} 11,000} 234.795 (119,506) 6,736 381,54T Net cash provided by operating activities 548.099 1,237, 160 Page 27

DoGUSign Envelope ID". B44FBAOO-7BF847CA-BOCB.72B625D41A85 THIRTY PERCY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. Analysis of cash and cash equivalents 2025 2024 Cash at bank 10,825,207 10, 133,887 15. Analysis of changes in net debt At 1 April 2024 Cash flows At 31 March 2025 Cash at bank and in hand 10,133,887 691,320 10,825,207 16. Grants payable In future perlods The Foundation's Grants and Donation fund categories have been reorganised during the year lo better reflect Thirty Percy's refined strategic focus. The Wealth Systems Interventions Fund and the Infrastructure Fund have been introduced during this financial year. The Discretionary Fund, Place-based fund and Systems Fund have been reclassified as the Legacy fund and our Changemaker Fund remains unchanged. Comparatives for the Year Ending 31 March 2024 have been presented under these new Fund descriptions. At the Balan￿ Sheet date, the Foundation had future grant payments falling due under signed grant agreements as follows.. 2025 2024 Infrastructure 535,000 704.500 1.018.500 Legacy Change-maker Fund 837, 706 830,000 Total payable 2,258,000 1,667, 706 Future grant payments are contingent Ljpon the satisfactory complianTr with the terms contained in the grant agreement and as a result are not recognised as a liability in the Balance Sheet. The grant payments fall due in various stages extending to April 2027. Page 28

DoGUSign Envelope ID". B44FBAOO-7BF847CA-BOCB.72B625D41A85 THIRTY PERCY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. Pension commitments The Foundation operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity lo the fund and amounted to £48,637 (2024.. £54,7141. There were amounts oulslanding at the year end of £nil (2024.. £nil). 18. Related party transactions Anna Louisa Philip Mann, a Trustee of the Foundation, is also a Director of Skagen Conscience Capital Limited. During the year, Skagen Conscience Capital Limited provided ServI￿S to the Foundation lotalling £40,718 (2024.. £84.697) of which £Nil was contributed as a donalion-in-kind (2024.. £74, 768) and the balance of £40,718 (2024.. £10,019) was paid in full by the balan￿ sheet dale. The services provided related lo staff time and expertise in the core administration of the Foundation. Derek Bardowell, a Trustee, is also the CEO of Ten Yearfs Time Enterprises Ltd. During the year, Ten Year's Time provided training ServI￿S to the Foundation lotalling £150 (2024.. £1,620) which was paid in full by the balance sheet date. Katie Hill, a trustee, provided consultancy serVI￿S lo the Foundation to support work on the UK Wealth Tax Project lotalling £21,750 (2024.. £Nil) of which £16,050 was paid by the balan￿ sheet dale and £5,700 paid posl-year end. Page 29