FLAT IRON TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 REGISTERED CHARITY No. 1178402 FLAT IRON TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 CONTENTS Page Legal and Adminislralive Information Trustees. Annual Report Independent Examiner's Rgport Slalemenl of Financial A¢livf(ies Balance Sheet Notes lo the Finan¢io1 Statements 74 FLAT IRON TRUST LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 AUGUST 2025 Reference and Administration Detalls Full namo. Flat Iron Trust (changed from Flat Iron Fund on 22 August 20241 Registered Charity number. 1178402 Principal office in the UK Broadfield Law UK LLP One Bartholomew Close London EC1A 78L Trustees.. Charlie Carroll (Resigned 3 September 20251 Sophie Carroll (Resigned 3 September 20251 lan Anderson (Resigned 3 September 20251 Thomas Byng (Chairl IAppoinled 3 September 20251 Simon Atwell B051on IAppoinled 3 September 20251 Magnus Goodlad (Appointed 3 September 20251 Louise Austin IAppoinled 3 September 20251 Page 1 FLAT IRON TRUST ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 The Iruslees submit the annual report and financial slalemenls for the Flat Iron Trust I the 'Trusl'l for the year ended 31 August 2025. The trustees confimi that the annual report and financial slalemenls of the Trust comply with the current slalulory requirements. the Trust's governing document and the provision of the Charrty Statement of Recommended Practice I'SORP'I effective from 1 January 2015, and FRS 102. 'The Reporting Standard in the UK and Ireland,. Objective5 and Activities The Flat Iron Trust was created as a Charitable Incorporated Organisalion {CIOI and registered with the Charity commission on 16 May 2018. The objects of the CIO las amended on 21 December 20231 are lo advance for public benefit, by the provision of financial assistance. the prevention or relief of povety. distress or suffering, including by supporting international relief and crisis alleviation., the relief of sickness, both physical and mental, and the preservation and protection of good health,. the advancgmenl of edu¢alion'. the promotion of rural or urban regeneration in area5 of Social and economic deprivation., the promotion of conservation, protection and improvement of the physical and natural environment,. the promotion of social inclusion, by preventing people from becoming socially excluded, relieving the needs of those people who are socially excluded and assisting them lo integrate into society. For the purpose Df this clause. socially excluded means being èxcluded from society, or part of sOC￿ty, as a result ol one or more of the following fa¢lors'. financial hardship". youth or old age,. or ill heaf(h The Trustees have given due consideration to the general guidance published by the Charity Commission relating lo public benefit. Main aclivities undertaken to further the Trust's purposes for the public benefit During Ihe year. the Trust received £593,708 12024 £552,345) In dDnalions of which £296,854 12024 £276,173) was donated by Flat Iron Steak Limited I'Flal Iron'l and £296,85412024 £276.1721 by guests dining in Flat Iron restaurants. The Trust gave 17 grants to 15 organisalions amounting lo £608.42712024 £538,086) in tho year. Stru¢tur&, Governance and Management The Trust is a Charitable Incorporated Organisation ICIOI whose only voting members are its Charty Trustees. In accordance with 115 con51rftulion, the Trust is required lo have a minimum of three, and a maxirnum of seven, trustees. Subject to provisions in the conslilulion, the three founding trustees are entitled lo hold office for an initial period of five years. New Iruslees are selected by the existing trustees on the basis of knowledge, experience and suilabilily. Training is provided by existing Iruslees. All new Iruslees are appoinled for a term of threè years. Page 2 FLAT IRON TRUST ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 Icont'dl Financial Review The Slalemenl of Financial Activities shows total income for the year of £594,495 12024 £552,857). Expendrf(ure for the year was £608,487 12024 £538,146>, resulb'ng in a nel decrease in funds of £13.99212024 net increase of £14,711). The Trustees do not currently have a reseNes policy in place. Responslbllltles of the Trustees The Iruslees are responsible for preparing the Report of the Trustees and the financial stslemenls in accordance with applicable law and United Kingdom Accounting Standards Iunrted Kingdom General Accepted Accounting Praclicel. Charity law requires the trustees lo prepare financial slalemenls lor each financial period that give true and fair view of the slate of affairs of the Trust and of the incoming resources and application of sources, including the income and expenditure of the Trust for that period. In preparing those financial slatmeenls. the Iruslees are requir8d to.. select suitable accounting policies and then apply them consislenlly., make judgements and estimates that are reasonable and prudent., stale whether applicable aecounling standards and slalements of recommended practice have been followed, subjed lo any material departures disclosed and explained in the financial statements and,. prepare the financial statements on the going concern basis unless (( is inappropriate lo presume that the Trust wll continue in operation. The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial posi(ion of the charity and which enable them lo ensure that the financial slalements comply with applicable law and regLJlations. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Signed on behalf of the trustees.. Date- Page 3 FLAT IRON TRUST REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES IN RESPECT OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 I report to the tnjstees on my examination of th8 accounts of the Flat Iron Trust for the year ended 31 August 2025 which are set out on pages 5 to 8. Responsibilities and basis of r8port As the charity trustees of the Trust you are reswnsible for the prep8ratK)n of Ihe accounts in accordance wth the fequiremenls (rf the Charities Act 2011 Ilhe Act'l. I report in respect of my examination of the Trusys accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applic4ble Directions given by the Charity Commission under section 145 (51 (b) of the Aet. Independenl gxaminetrs statement I have completed my examinats)n. I confirni Ihat rK) rnaterial matters have come to my attenti[￿ in connection th the examination giwng me cause to believe that in any material respect.. accounting rec(wds were not kept in respect of the Trust as required by section 130 of the Act" or the accounts do not accord wilh those records" or the accounts do not compty with the applicabie requirements ￿nCernIng the fonn and content of the accounts sot out in th& Charities {Accounls and Reports) Regulations 2008 other than 8ny requirement that the accounts give a Irue and fairf wew which ss not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understsnding of the accounts to be reached. Signed= Kathryn Pickering ICAEW member 9271272 18 Lanr￿bury Crescent Sl Neots PE196AF Date= Pag8 4 FLAT IRON TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025 Year ended 31 August 2025 Unrestricted Income Funds Year ended 31 August 2024 Unreslricled IfTrcorne Funds Notes Income and Endowments from.. Donations Bank interest Contribution towards bank Charges 593.708 727 60 552,345 452 80 Total IncoTning 594,495 552,857 Expenditure on.. Charitable Actlvltles Grants Support costs 608,427 60 538.086 60 Total Expenditurg 608,487 538.146 Net incomellexpendlturel 113.9921 14.711 Net movement of funds 113,9921 14,711 Reconciliation of Funds Fund Balances brought fotward 71,663 56,952 Total Funds carrled fopward at 31 August 2025 57,671 £71,683 The notes on pages 7 10 8 form port of the financial slalements Page 5 FLAT IRON TRUST BALANCE SHEET AS AT 31 AUGUST 2025 Total Funds 31 August 202$ Total Funds 31 August 2024 Notes Currgnt Assots - CAF Bank Account Debtors Donation receivable 334.241 409,749 201,857 Total Currènt Assèts 536,098 409,749 Less.. Creditors Amounts due falllng due wlthln one year Grants committed 478.427 338,086 Total N&t A$sgts 57.671 71,663 Funds ofthe Charity Income Funds Income Fund lunrestricledl 57.671 71,663 Total Funds 57.671 71,663 The notes on pages 7 10 8 form part of the financial slalemenls Approved by the Iruslees on . f(JLL 20$ and signed on their behalf by". Trustee Page 6 FLAT IRON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 1. Accounting Policies Basls of accounting The financial statements are prepared under the historical cost convention. The financial statements have been Prepared in accoidance with the Statement of Recommended Piaclits.. Accounting and Reporting by Charities preparing their accounts in accordanTr with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The tharity is a public b8nèfit charity for the purposes of FRS 102. The financAal statements are prepared in sterling, whith is the fvnctional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound. Critical accounting eslimates and use ofjudgements In preparing financial statements il is necessary to make c8rtain judgemen15. estimates and as5urnplions that affect the amounts recognised in the financial statements. In the view ol the trustees in apptying the accounting policie5 adopted. no judgements were required that have a Significant effect on the amounts recognised in the financial ststetnent5 noi do any eslirnalès or assumptions made carry a Significant risk of material adjustment in the next financial year. Going concem Al the lime of approving the finanryal 51alernent5, thè tiustè65 have 8 reasonable expectation that the charity has adequate resources to continue in existence for the foreseeable future. Fund accounting The charity maintains unre51ricted funds. The tLnr8SriCted fund wrnpri5e5 accumulated 5urpSu5e5. This is available for use at the discretion of the trustees in furtherance ol the charity's general objectives. Income All donations are recognised when the charity 15 enlrtled lo the income, the income can be rneasured reliably, and receipt is probable. Expenditure abilities are [￿ognISed a5 ie50urces expended as soon as there 15 a legal or conslruclive obligation committing the charity to the expenditure. ￿1 expenditure is accounted for on an accruals basis and has been assified under headings Ih813ggregate all costs related to the category. Grant5 and donations payable are payments made to third parties in the furtherance of the chaiitable objectives of the charty. Cash and eash èquivalènts Cash and cash equivalents indude cash in hand and deposits held at call with banks. Crftical accounting estimates and areas of judgement In the view of the trustees in applying the accounting policie5 adopted. no judgements were required that have a significant effect on the amounts iecognised in the finanaal 5taternents nor do any eslirnales or assumptions made carry a significant risk of material adjustment in the next financial year. 2. Income Donations of £593.708, interest of £727 and a contribution towards bank charges of £60 were received in the year 12024 Donations of £552.345 interest of £452 and 3 contribution towards bank charges of £60 were re¢eivedl. Page 7 FLAT IRON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Icont'dl 3. Charitable Expenditure- Grants Registered Year ended Year ended Charity No. 31 August 2025 31 August 2024 Action Against Hunger UK Calm Cancer Research UK Child Bereavement UK Cool Earth Mgntal Health Innovations Moorfields Eye Charity Spread a Smile Sl John's Ambulance Sl Joseph's Hospice Hackney Teenage Cancer Trust Tessa Jowell Foundation Yorda Adventures CIO 1047501 1110621 1089464 1040419 1117978 1175670 1140879 1152205 107726511 1113125 1062559 1213948 1202418 10,000 60.000 140,000 35,000 148,427 35,000 15,000 60,000 15,000 5,000 10,000 50,000 25,000 10,000 300,000 138,088 60,000 20,000 10,000 Total Grants £ 608,427 £ 538,086 4. Trusteas. r9muneration During the period, no trustees received remuneration of benefits in kind 12024 None). ND trustees received reimbursement of expenses in respect of work related lo the Trust's activities {2024 None). 5. Taxation The Trust is a regisl&red charrty and accordingly is exempt from taxation on ils income and gains where they are applied for charitable purposes. 6. Support costs During the year, bank charges of £60 were paid from the Trust's CAF bank accDunt12024 £60}. A donation of £60 was made by Chadie and Sophie Carroll, trustees of the Trust, lo cover the 2025 bank charges. 7. Related party transactions Flat Iron Steak Limited donated £296.854 12024 £276,173) lo the Trust during the year ended 31 August 2025. During the year Charlie Carroll, a trustee of the Trust, was also a shareholder In the parent company of Flat Iron Steak Limited, Fl Holding5 Limited. During the year, Sophie Carroll, a Iruslee of the Trust, was the spouse of a shareholder in the parent company of Flat Iron Steak Limited. 8. Ultimat• controlling party The trustees are the ultimate controlling party. Page 8