FIFTYFOUR TWO FOUNDATION Charitv Numher: 11¥0441 Annual RL'port and Tr"inaneial Stgtemenls for thl. y'ear ended 30 September 2025 Tr-iftyl4'our'I'wo Troundation Index to the Financial Statements Charity. inforrnation TruslL'e5' Repurl Indcpendlnt b'xatninir's R¢port Staterntnt of Financial Acti%'ities Balance Sheet Notes to the Financial statements FiftyTrour Two Foundation Charitv information Trustees Hilary A Diilzicl Jcnnilcr R Siimip C'hri£tophcr r) i)alziel Llcanor (.' Da171el Charit} number 1180441 Iniistment msrtagers London aiid C'apital Asset Managcmciil Lirnited 16 Babmae% Sireei London SIV I Y 6,IH TC.. Group Thc Old l'ol￿￿ Hall Markci Pl24 CC Oundlc PLILrhL)rLTrugh PI-.8 4LSA Indtptnderti F.xaminer Graham l)aTbourne FC.A Thc Old TO￿Tr Ilall Mi8rkci Placc (Jundlc PFX411A The FiftyFour Two Foundation (a Charitable Incorporated Organisationl Report of the Trustees for the financial year ended 30 September 2025 The trustees present their report and the financial statements for the financial year ended 30 September 2025. These are prepared in accordance with the governing document, the recommendation5 of the Statement of Recommended Practice applicable to charities preparing their accounts following the Financial Reportir)g Standard applicable in the UK and Republic of Ireland IFRS1021 and the small cornpanies, regirne of the Companies Act 2006. Structure. governance. and Mana9ement The FiftyFour Two Foundalion154".2115 a grant-mBking Charitable Incorporated Organisation ICIO) formed in 2018. 11 is a company limited by guarantee and is also a re9lStered charity lin England & Wales). As a cio, there is no share capital. Every member of the company undertakes to contribute lo the assets of the company in the event of il being wound up whilst being a member or within one year of ceasing to be a member, such amount not to exceed £10 The relevant governing document is the CIO'S Constitution. The trustee5, who are also directors for the purposes of company law, who seNed during the period and up to the date of this report are.. Williarll Dalziel Hilary A Dalziel Jennifer R Stirrup Christopher D Dalziel Eleanor C Dalziel The Iru5tees are responsible for settir)g general policy and for the day-to-day running of the company, and meet at least annually, and up to four times a year, depending on the number of grant applications and other administrative matters that need lo be considered. Trustees are not remunerated for their services. and no payments or services were made to Trustees during the year12024.' Nil) New trustees may be appointed by resolution passed at a Special meetirTrg of the trustees, or by 51atutory powers. The training and Induction of new tru5tee5 will depend on experience. Objectives and principal activities 54."2 was established lo help Small Charities and other suitable organisation5 by providing technical, adminislralive. and/or financial support aimed al significantly increasing their impact andlor reach. We seek to support charities and organisations that have objects that align with our own which generally Include the promotion of the Christian faith, the relief of poverty, and/or the advancement of education. 54..2'5 charitable objects, which are for the public benefit, are.. l. The prevention or relief of poverty. 2. The advancement of education, in particular the development of individual capabilities, competence, leadership, skills and understanding. 3. The advar)cement of the Christian faith. 4. To advance the efficiency and effectiveness of Char1tie5 and the effective use of charitable resources., and 5. To advance such charitable purposes (according to the law of England and Wales) as the Trustees see fit from time lo time by the provision of grants and other financial assistance. In making grants, preference is given to UK registered charities. Where the proposed recipient organisation is not a regisleied chaiily. the trustees undertake an examination of the organisation to ensure the purpose of the grant is well aligned with 54..2 Foundation'5 objects, Ihat the grant will be wholly used for public benefit, and that there are controls in place to ensure as far as practicable that any grant made to the organisation will be properly applied to such charitable PLJrpose, failing which, it 15 returned. The tfustees avoid grant5 to individua15. Wh11e we have made grants to individuals, such grants are few and small. We do not generally have the resources to ensure any Grants to individuals lully meet the FoLJndalion's Charitable Object5. As such, we generally prefer to work with organisations as opposed to individuals. The trusteeg also avoid grants to organi2ations of an overtly political nature. including organisalions established lo promote a subjective opinion. We aim to work with org3nisations'. with whom our Trustees have first-hand experience, that are developing innovative approaches to addressing significant social challenges, that have a roadmap to sustainability, and where our fu nding can make a meaningful difference. Typically, but not exclusively, these would be local, focused organisations that operate from a Christian philosophy of service. We are particularly interested in investing in organisational development to build governance and administrative capacity, so, in addition to funding. we often contri bute technical, administrative, governance and other support as needed. We have also been able to fund infrastructure that will release bottlenecks in seroice delivery. We understand Ih3t Chariiies find It easier 10 find funding for high-visibility projecis and bui Idings, so we focus on those areas that prove more difficult, such as overheads and administration. Well-governed and administered Charities are more likely to be effective in delivering their missiori. Risks The trustees confirm that the major risks to which the charity is exposed have been identified. Public Benefit The trustees are satisfied that they have complied with the duty i n Seition 17151 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Cotnmis5ion. When planning the charity's aitivities, the trustees considered the Charity Commission's Guidance on public benefit. The trustees a150 considered how the ch3rity had succeeded in delivering ils aims, including any public bernefil, when reviewing the achievements for the period which are set out below Achievements and Performance This is our seventh lull year of operation. We have followed the criteria estab115hed by the Trustees lo guide our Charitable Grant-making, largely through engaging with Charities and organisations known by, or local to, our Trustees, in Bristol, London and the East Midlands. In addition, we have continued lo support charitable projects in Zimbabwe. In the period under review, 420/0 lo Charities that are concerned with Social Action, including the relief of povety, 34 /0 of the grants we have made have been allocated to Charities that promote the advancement of the Christian Faith and 24Yo has been given to Education The trustees have given some small grants to individuals and projects known to them locally in response to specific needs. We have also been supporting charities in ways other than just financial suppoil. One of our trustees has Invested time to develop and SLJPPOrt Charity leaders through coaching and mentoring and to facilitate 5trategii sessions with leadership teams. This works well in helpin9 us target financial grant5 and engage in the development and capacity building of those organisations. This year we have also hosted our first Leaders Day Conference In London. The Conference was allended by 28 Charity leaders, representing I S Charities and Social Enterprises. The theme was "Promotion" and Included gessions on Marketir)g, PR, Brand building, Story Telling and Sales skills. Many of the session5 were led by Charity Leaders. The feedback confirmed that the leaders attending found the content and nebNorking directly contributed to the effectiveness of their organisations We have continued to SLJPPOrt a focused number of charities in the UK working for the public good. Some of the organi5ations we are partnering with are involved in.. supporting women al risk of sexual violence and/or modern slavery (Qrchardsl. alternative provision foi children for whom school is not working (Acorn API providing housing and support lo people al risk of homelessness IKing's Church London). creating bible resources for church planters in developing nations (Word Online) We continue to support Kings Church London and ils work in the local community this year - the church has grown and its social action ministry seNes those who are marginalised. In 2024/25 we have seen progress on an affordable housi ng initiative In Kenya, Placemakers, which we have provided some equity funding for. The project 15 engaged with local capital providers, lenders, Government agencies and others who we expect will take on the scaling up of the concept If the project Is successful. It has faced several challenges and delays this year but continues lo move forward. We want lo thank the Charities and organisations we have been able to support this year. We are grateful to be able lo partner with organisations that are visionary, ambitious, creative, undaunted, and passionate about bringing about change for good. Ongoirtg Projects We have been working Wlth a few agencie5 who are trying to start and sUPPOrt businesses in developing countries. Thig has been mainly facifinding and developing a broader understanding of how to promote livelihoods, social impact and demonstrate the gospel. We are mentoring people developing business ideas, particularly in Zimbabwe. We expect the Leaders Day conference lo become a regular part of the way we support Charities and may expand the list of attendees to include Charities that may not qualify for granls from the Foundation, We continue to 5UPPOrt a fatnily with education costs as they plant a chL5rch in Rotterdam. Financial review The TrLJStees have considered the need to maximise the impact of the Charity s available Income for the period and have pul in place plans lo steward the resources for maximum public benefit. The income for the year in review was £66,595. Total expenditure for the period was £156,451 Of this expenditure, 95 % 1£149,7591 was in the form ol Grants, and 4 /01£5,0891 covered Conference and Training costs, with only l.oyo 1£1,6031 spent on administialive costs. The result for the year was a loss of £75,526. Allowing for reserves brought forward, this leaves £947,865 as the Charity s retained surplus and reserves. Of this balance, £47,481 Is classed as Designated Funds. As we consider future grant applications, It is the Trustees, policy to limit any commitment5 to those that can be fully met from funds In hand, and any future commitments are set aside as De5ign3ted Fund5. The trustees review the reselve levels al each Trustee Meeting. This review Includes any i ncome, new Grant applicatlOn5 and comrnilled grants. The Charity has no meaningful operating costs, 65 the adminislralion and oversight are carried OLJI voluntarily. As such, the Trustee5 consider that the level of reserves not held for a specific purpose which are needed to support the Charity are de minimi5, and fflore than adequately covered by our present reseNes. Plans for future periods. We continue to receive un501icited Grant Applications, many of which do not meet our grant-making criteria and priorities. We are currently not considering unsolicited grant applicalions. We intend lo continue lo develop our webgile so that, among other things, Il will help grant applicants understand our Charity s objects, priorities, and approach more clearly. In 2025126 we intend to build on the success of the Leaders Day Conference, and expect to host up to 40 Charity Leaders, representing up to 20 organisations. The theme, based on the feedback from the 2025 Conference, will be Finance & Fundraising. Our focus in the coming year will narrow to concentrate in supporting fou r Charities, with a Ihree-year commitment lo each. based on 51rategic plans that aim lo double each of their impacts over that period. We also expect to develop stronger links with professional consultant5 that have experience working with Charities, to expand our capacity to provide coaching, mentoring and leadership development. The Trustees expect that grants will continue to be made al a similar annual rale to the past four years. We also expect our trustees lo be working with charities on capacity building, strategy and leadership development In addition to grants, we will consider using our reserves to make loans to, and investments in. business ventures with social objectives, provided we can have confidence in the suslainabilily of their business model. Trustees. responsibilities ststement The trustees (who are also directors of the charitable company for the purpose5 of company lawl are responsible for preparing the trustees. report lincorporating the directors, report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 the Fin3ncial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). Company13w requires the trustees to prepare financial statements for each financial year which give a true and fair view of the affairs of the charitable company and ol the income and expenditure of the charitable company lor that period. In preparing these financial statements, the trustees are required to.. select Sultable accounting policies and apply them consistently. obSe￿e the methods and principles In the Charities SORP. make judgements and estimates that are reasonable and prudent, and prepare the financial statements on a goin9 concern basis unless it is inappropriate to presume that the charitabSe company will continue in business. The trustee5 are re5POn51ble for maintaining adequate accounting records that are sufficient to show and explain the charitable company s transactions and disclose with reasonable accuracy al any time the financial position of the charitable company and enable the trustees lo ensure that the financial slalements comply with the Companies Act 2006. They are also responsible for safeguarding the asset5 of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small enlilies, regime. This report was a pproved by the trustees on 14, lune 2026 and is signed on their behalf by William Dalziel Indcpendent Examiner's Report to the trustees of FiftyFour TTh'o Foundation I riport on Ihe accounts ot. Ihc charity for Ihc ycar cndcd 30th ScprLnibcr 2025. Rt5pectivc rt5POt15ibililics of trustees and cxatniner Chariiies ALI), and Ihat ati Indep¢iideni cxaniinaiioii is nc¢did. li 14 my. responsibililv IL LKaniiiie Ihe accounts under 5eLlion 145 of th< Cliaiili¢s ALI, follow the proie(lures Idid di)wn in th¢ G¢n¢rdl nIreLli￿n5 byiven by Ihe C.harils CotnTni%%ii)n luiidLf SCLlioti b4515llbl or 51ate ￿helh¢[ particular Tn?Iters hai'e Lome io rny dilenlion Basis of indep¢ndeThi ex*miner's statement My L'Xdrninati(In Lamed i)ut In acti)Fdance wilh CienLral Direeiionq givcn by ihc Chigrify ComniisS10JI. An cxaniinaiion InLludL'% IL review i)f- IhL aic(Juniing rLCI)Fd% kcpi Ihc charity and 1£ C(Trmpariwn ot. Ihc c?ccoiinls prcsciiicd I￿7117 those rccvrd5 lrtdtptndtni examiner's statement In IhL coiir%e of-my cxaixinarion, iio Inattcr ha4 coinc ro Iny aiiciilion.. which gik'cs ML reasonablc caiisc lo bclici'c ihai, iti aiiy malcrial rcspeci. tli¢ tru51ccs haK'c not mcl thc requirenicnts 10 propcr accouniing rccords ilTC kcpi in accordance ￿1th 4ccrion 13L) of Ihc C.'haritics Aci, and aciouiiis arc prcparcd which agree ￿'it1) thc accoiintiiig r¢cordR and cnmplv with the accnunling requiTLrntn14 In which, In opinion. dtlenlion shoul(1 be In i)rdL'r tl) LndhlL' d PT()per under%ianding ol- Ihc aecouni% 10 bc re3clied Grdhain t)drboiirnt FCA ThL Old Tuwii I4AII Markil Placc ()undl¢ Pelei'bori)u4)h PL8 4EIA Dai¢ FiftyFour Two Foundation Statement of Tr'inancial Activities for the ycar endL.d 30 Scpt 2025 Note Unrestfieled fuiid 21)24 D¢sigThated (vnd ?oz Tol#l T(bt21 2024 INcOMI￿G RESOURCES Dunalion4 In dnd ¥ifi did iuo 61.368 1(Tr.569 Total incomc 66.595 66.-$95 1.468 EILSOURC'&'.S IXPLNDLD PJ).265 870 69.494 149.759 ALLoiinIanL￿ Charges 956 2.642 7.500 48(1 2.fv1? 7.5 48n 2.0.%8 Re$owrce$ elpended 95,146 69.494 164.840 165.016 Net incoming r¢sour¢e5 (Dr th¢ Year 169.4941 198.!451 22.719 22.719 Net ineome I Idtfieill for the )'ear 175.5261 1Salance brought for￿ard 95_1.897 69,494 1.0•3.391 1.1 ?6,939 1'ransf¢i bL'iw¢¢iI fuiids 47,4111 B*l*nce ¢*rried for￿1rd gO0.IY4 47.4gi 947 ¥(Tr5 FiftvFour Tivo Foundation Balance sheet as at 30 Sept 202S 2025 2024 INVEs.f￿1E￿.l's 843.157 936.368 843,157 936.368 CURREN'I ASSLIS Li)an An¥Lllu DL vilupniLnl Fund Loan to Tlorom1 1 Iniitcd 92,557 4.noii 72.557 Cdsh ai bdiik 6,466 104,708 947,865 LESS= CIIEDI'I'ORS 947,865 .023.391 RLPKESLN'I'LD III.: DESIGNATED FUND 47,481 69.494 RF.STRIC.'I'F.D FIIND 900.384 9)3.897 947.N6 ,02.3.lYI The fin3nLiJI slJlemenl% were approved bv the Irusi¢e5 and signed on behalf of. Dat 1st July 2026 The noie5 On ihe next p3ge forrn pJrt vf Lhese dccounis Fifts'Four I'm'o 14'oundation Notes to the accounts for the vear ended 30 September 2025 Acti)untin¥ pvliiiis .gummury Épf.iigpiiJ7L'unl 47LL'uuiitripigpolicie.s kev, accoulliing e5timaies hdlJL bLLn Lvn.%i%lLnil) dppliLd i() all >'ear% pre%enled, uiile4fi nthen¥ise slated SiulLJmgnÉ (Jf L'iJmpliunL'e vfpreparuli(p Thc finaii¥i41 staicmenls have be¥n prcpared In accordiilicc wiill Accouiiiiiio and Reporting b), Charilie4 SiJlL'tnL'nl vf IILconimcndcd P141Cticc applicible 10 chariiies pfcp4iring rhcir accoun1% In i?ccordiincc with ihc F1nancii21 Rcporiing £iandard IppIILablL In IhL' UK Rcpublic of Ireland IFRSII)21 The cliarity iii¢els the definilioii of a puhlic henefil eiiiity under -.RSIO? l.YeiiiiJiinnlToni pr*purinR 11 co.Ihfl¢Jw ¥i(Ilellteiii Fiigd ¢FsstpI ixL'd assct invcstmcnts arc includcd wlhin rhc tinaiicial %talLmeni% ai open markei waluc%. Fixed J%%et invesltnL'nt% aTC IncludL(l at opcn rnarkct valiii a£ at rhc bali( ncc 5hccl di¢ IC ￿'Ith the iinreali%cd inovcmcni hL'1ng hoi&n In the SiaicmLnl ()[ F'inancial Actikilics Re.fciiir¢'e.f eipenÉl¥d F.xp¢n(litiire incurred on the opcraiing of rlic charity is proN-Ided tor on an accnial% Sl%. Intcrc51 and dii'1dcnd5 rcccivcd arc accolinicd r(Trr Dn ail accrual% ba%i.%. TaA recoverdhlL l)n InLI)TnL 1% fL'LI)gniscd In th¢ l)()ndliTrn% 3rc [LL￿gnI5cJ ￿'h¢n rcccivcd Gr3111% aiid lcgacics 4ire accoiinicd tor as %oon as legally tniiilcd Churiitshle ocrÉviiii'.s nLLL55iiry Iu sUPWrt IhLm. Govern￿ncE ClP.St% l)c,%ignatL'd ur rbslrictcd fiinds and fiind4 carinark'ed b). Ihe inJqlee% lor a P*if11Liilar piirposc Thi dLsignigicd or rcslFILicd hind showi In thc accoiiiir% tor fiirlire graiiiq 10 Lcnaiii ihArilics i¥iili whoni WL hai'c i¥recd mLdium IL funding 2 Tru51ee expgn5e5 TIIL Tru4lLe% ￿tre r¥imbur%ed £2.361120?4 £1.7581 In re5PeLt of tra￿¢]11n¥ and irainingy courses.