2024-12-31-accounts

Environmental Funders Network Annual Report and Accounts Year Ended 31 December 2024 Registered Charity Numbers:1181318 and SC050579

Environmental Funders Network Contents of the FirKJncial Stotements for the Year Ended 31 December 2024 Poge Report of the Trustees Independent Auditor's Report Slolement of Financial Activities Ito18 19to23 24 Bolonce Sheet 25 Slolemenl of Cash Flows 26 Note5 to the Financial Stolemenls 27to35

Environmental Funders Network Report of the Trustees for the Year Ended 31 December 2024 The trustees present their report with thefinancial statementsof thechartyfortheyeareThJed 31 December2024. The trustees have adopted the provisK)ns of Accountirwj oThJ Repcwting by Charities." Statement ol RecommeThJed Practice appliCa￿e to charities preparing their accounts in accordance wilh the RepNting Stanthjrd applicab￿ in the UK and ftepubI￿ ol Ireland IFRS1021 (effective l JanLtrJry 2019L OBJECTIVES AND ACTIVITIES Our mission and vision Environmentol Funders Network l￿F￿} oim5 to increase ￿vel5 ol ph1bntfv¢?p￿ suppryt lor environmental causes and to improve its ovwallelfe¢tivene55. Our v￿lon ks of o world where Feosye ond pkmei Ilwwe. Our activities ond goals Weorea network of,orKlfor.fundersandodvwrswilhan interest in Iheenvironment,SUPPQrtinglhewholephilanthropic ecosy51em,fTom indNKlwl¢Jonor5and prNole loundo1hy￿tOlnlernled￿Tles, P￿led funds, and philonlhropy and wealth o(Jvisors. We olso support I￿se working on ond fundraisirrfj lor environmenlol issues. We ereote connections ￿tween funding or workingonenvironmental iss￿, ar￿ Mster their agency, ambition, ond elfecliveness. We ore UK-btssed. wrth o UK and intern￿￿01 outbok. We have three go¢ls. or workstreams, oloned wth ow mission: Growing environmentol [thi￿nthropY lencourogiro new donors lo support envyonmental couses, and established donors to increase their giving) Improving the effeCtIver￿sS of environmental furKlirvJ 3. SupportiNJ environmentol groups

Environmental Funders Network Our work We use several appfoaches within each Fllarof our work: Research to understand patterns of grant makirq gaps, the prhyities arKI need5 of thesector Conveniro tocreate, build and strerK4then relat￿)nshIpS t￿tween funders. between environmental groups, and between funders and envirOr￿ental groups Put4rotions ond other products lo inf¢ym, m5sJre ond motNotefunders ond thewi¢Jer sect InlormotiorKJl tolks, workshops. trips ond retreots to inwt Ir¢)m a fongeof experts and syo¢titK)ners We aim to provide ￿dershIp in ow wogr¢ynmry ond push wherewe feel 1￿cessary. rin We hove set ol these orebwrK4 guthl by notwe. tuture f￿U5$ed ono urgent, impcKt-orientoted, ac¢es5itJe, committed to ￿￿Tal￿v, collaboratNe. evKkncfrkd, System￿.0m￿lIYirrfJ. arKI moddling the change. The objects of the charity The obkct of the Environmentol Funders Netwcrfk ￿ theFrfon￿tyjn ol ihe effeciNeuse of resources lor choriloble purposes by charli0b￿ and now1￿rItal￿e L￿dIeS in ihe Envirorrntd Secior, being the F)Ort of ihe voluntary secior Concerned with Ihe conservat￿. proteciK)n ond Improvement ot Iherthysicol ond notwol envIr￿rnent, for the benefii of the by.. a. Iioising wilh, reseorching and acting 05 a forum for Ihe exchJrKJeof informatw telween tyganisolion5 working in the Environmentol Sector, in order to identify how Ihe sector mighl t)etter ochEve choriloble purposes in conservol￿n. protectw ond improvffnenl of the phys￿01 and r￿lurI￿ envwonmenl. including t)ul r￿1 limited lo identifying funding gops ond gops in service provisDn in the sector.. b. providing ¢xlvu and informol#)n toexisling ond polenlKJI Il￿lerS of thntesond norFchoriloble bod￿5 workiTrJ in the Environmental Sector lo e￿Our(￿e Ihem to iwease their fuThJng oThJ to provKlefun(I'ng in a woy wh￿h increases the effecliveaoication of funding f￿ChOritO￿e wr￿Se5 by the Environmenlal Sector.. providing chorities Working in the Env1Torwr￿nlol Sector with Strategie and funthaising ¢Jthice.' and such other Means as thecharrty trust￿ sha￿ from time to twne think ht

Environmental Funders Network Public benefit EFN'S trustees have given due regard to the gUth￿e issued by the Chcwtty Commission on pU￿1C benefit. They consider that EFN'S oclivities and aCh￿Vements, outlined in this report.demonstrate Considerab￿ benefit to theenvironmentol philanthropic sector, both in making it more eflective and exwnding rt lencouraging new donors to suFport environmental causes, and established donors to increase their givir¥Jl In addition, EWS work supp)rted those Wofking on and fundraising for environmental issues to tre more elfective. By hdpmg to ensure ttr￿t environmental work is better resourced and supported, EFN provides cleor Publ￿ t)enefit to ol. ACHIEVEMENT AND PERFORMANCE Main ochievements of the chority durY)g the year EFN'S work 15 dwkded into three5trand& We have outw our work in eoch one bdow: Pillar l.. Growing enwronmentalphilonthropy This strond of our work is f(KuseLI on funders vlhodo currently give to theenvironmenl aThJ those who have the capacity to give ff￿re. We irtsyre to or¥J h* them devekjp Ihe ogency iodo so. Our Initlolives roise awarw)ess of the need tor enwronmwtol rA￿anthropY, hKJhlKJhl its cot01yt￿ wwer. ond helpfunders of Olher Issues see how Ihe environment connects to the themes they olreody locus on. Weolso odvise ond support new donors, often in partnership with other networks. porticulorly focusiro on the int￿SectiOnS between theenvir¢xment ond otlw sociol issues. Ouroctivilies ondachievemenls include.. Connecting aThJ engagiThJ with new gNers Ihrough nelworking, Fortnerships, events ord workshops. We work to raise the w0f1￿ of envirorwnentol phi￿nthropY and to CO￿r￿t and engage with trusts, foundations and indivKlua15 who have the copacity to start giviThJ, OT togive moretoenvironmental causes. In 2024, this included.. events as part of our Artslor Life wie50t galleries in Liverpool and Sussex, a fieky vi51t to Sornerset to learn about rewilding, o stand and panel discussvjn ot the Blue Earth Summit conference. a dinner for'next gen, philanthropists to explore how we might engage wrth thi5 community ond in targeted media. Thank youallvery much forafascM)Otin9 outh)th OtHe￿andCunn￿00d. Ileornl o lotandfell veryinspred.'_ Evenlporticipont

Environmental Funders Network We engagewithotherfuThJing netWOTksttTc>SS the UK ond supp)rt th￿"r members io start gNiro to environmental eauses.. running worksliw, hostThJ meetirrfJs ond speokingon pJnd& In 2024 this included.. etrhosting the Everyone's Envirorwnent Funder Le(WT¥ngGT¢)UP Wth New Philanthropy Captol, running fouronline sessions lor funders. runnng online workshop5for theGreater Manchester FurKleTS Forum. W¢Jè5 Funders FoTum,ond Green Anqd Ventures, participatinq on ￿rEL5 Ot a climateconferenceorganised by Cornrnunity Founcsation Ireknnd. and ot the UK Comrnunrty FoundotKJn50nnud conference, running a WOTk5hop at the Yorkshire Funder5 Forum annual conlerencean¢J hosting o workshop lor visitry fu￿$ from Ph'kJnthr¢)py Australia prOv￿1ng 5uPFK￿l and resowces to new environmentdgiver5and lo those who wont to give more.This includes providing In5yration and re50ur¢es, givry te5pokeofvi¢e. making Intr¢xl￿t￿Y￿ to other funders, and referro15 to other organisotion5 who can hdp.¢)ur new websiteoffers clear ¢x1v￿e to funders who are new to environmental QUse5, pIu5corefully curoted resources. We work ¢kJsdy wth a number of partners to provKae this support, irKluding Impotience Eorlh, Aclive Philanthropy, Climate Lead and Ihe Funder Commitment on Climatechange. Working wilh we(Ath ornl ￿.￿nthrOpY th.sors Ihrowh reseorch. rescxArces. kl svpwrl ond events. In 2024, we pu￿1$￿ed o new reseorch report, th ivin ond ron on online lounch event. Supwtw Ihe ￿ &"ve's Green Moleh camkxj￿io roise millKJns forenvifonmenial caLLses. A Co1￿1)0r01i0n f*tween the Big Give and EFN, the L% a uwue moich fundiro comF)oKJn that raises much needed funds lor enviroM)entol eI)aril￿.We launched Ihisccwrwign In wrtnership with the Big Give In 2021. and since then, it hos roised t15 millK)n for hur)dreds of environmentol chOrrt￿$.Tr￿%ts, foundotK)ns, c0mrxjn￿S and indwicjual donors (including mony EFN members) provKk match funding wh￿h is then doubled by the public during the week of the comF)uKJn. The Green Match Fund olways goes livefor o week (xross Workj Earth Day on 22 April. In 2024, over £3 million wos raised in motch funding byior lo compovjn week By Iheend of the compawjn. the Green Match Fund had raised £6,401,156 for 247 cl)aritE& Continuing our partnership with the Esmée Foirt(Jirn FoU￿t￿M lo deliver the ￿rnIng programme of the for o third yeor. EFLF txings together a group of15 small trusts. founckntions ond I￿1￿￿1￿1 funders who V￿$h lo learn more(ts)ul environmental impocl investing. These parliciponls domted o cornb'r￿ totol of £679k wh￿h Esmée molched 3..1 ￿0¥￿ling o total fund of £2.7m lo invest into environmental prqects aINj￿ wrth E5mée'50im to wnprove theThitural workl.

Environmental Funders Network Pillar11.' Improving the effectiveness of enwr(¥vnentol fundK The effectiveness of env￿onMental gmng is critically important EFKS Where theGreen Grants Went 9 rescJrch and exploratson of effective fuThlerlfundraiser relatvjnships trvjs shown that thereare gcod pract￿eS to repl￿ate and inetticiencies to address. The current scattergun c¥yoach to f￿dry is Th]dequcste tosolve enviroThnental issues. especbally in the context of growirwj dsinformation fM)litth d1vW￿ Our events rese(rch fuTrJers to allL￿te their fu￿lS effectNely. strengthen ther IMp￿t tWI with one O￿ther. 'Yoursupportond work h05 veryquicklybecome o very integralondvitolpartofthefundirgsupport landscape- the connection5 ond¢olloOoroSions thororehopFenry nowldon? fmk co(Wor wouldhavehoppenedtsefore.'_ EFNMember Ouroctivilies 0ndoch￿VeMenls include.. - o mix ol online orKI In-person events tor EFN memt)efS to hdp drfferent types of lunders understond the wide ronge ol environmentol issw wtKJi rose lundws con toke. We ron 70 lunder evenis In 2024. with o loiol of 501 oiiendees, ond 187 furKler orgonL80i￿ns represenied 1.080 Peop￿ la IOY• increose yeor on yearl sut)scribe io ovr funder new￿eller which hos 0 55/• opw roie. EFN Retreat- our I￿nU01 reireot for EFN member$ olk)ws It￿rn to speNJ quolily time refting on key environmenlol iss￿, conneci wrth noture0￿j ￿an¢01k)b0r01￿3Th 64 memtrms Wxledfora >doy retreatat Dartiwion Holl in2024. - in portnership wlh Ihe8trLec￿shipProJe¢t, theLob losiersnew ways of workiw thatsupport mre Co1￿¢)0rat1ve and System￿ apFY¢)oches to phibnthiopy. As of en&2024, 2S funders ewged with the Lab, oné at least10 hove expressed Interesi ffipniro the next cohori. Funder Interest Groups- W by funders. these groups focus on a specific theme to help lunders colloborole ond coordinate philanthroge ¢Xtion around the theme. We are delKJhted that three EFN-W Funder Interest Groups are nowoclivelclimole. Freshwolerond UK Overseos Territories). A(k11t￿lI¥. oulsKleof EFN we hoveseen fundersseW- organise around o number of themes. includKv4 urt)an greeniro, chemicols. the marine environment, regenerative agricullureand many more. - a ￿￿71 kyogromme t￿11 hdped educate EFN members ond other funders on imwcl investing. In 2024. we h(￿ 95 porttipanlspn the El￿ wrthjust under 30joining all activities. 94/• of wrliciponts resx)rted Ihol Iheir ￿KIerstand1rQ of how imwclinveslirKJ works improved. - our research helps funders u￿10nd the environmenlol philonlhropy ecosystem, where gaps are and how we can work more effectivdy a5 a sector. In the ninth edition of our report series, we anawse over 6555 grants cworded by UK foundolK)ns and bllery sowces lo environmental causes in 2021122. Theonline laU￿h event W05 Ottended by over130 particyints. and the report ha5 b￿n downthded 1,142 times.

Environmental Funders Network wrGGWenobl8s L(5 to show trustees theimp)rtonceofcontinu8dfunding. especiolyin Einderella'oreos' EFNMember Highty recommend th￿ os essentiolreading to those WorklThJ￿ [oThSgivry lojenvironmentolorgonisationsl' Fundroiser Pillar111.' Supporting environmentalgroups This w￿k pillar focuses on supporting envronmental groups to become effective. We have three mainobiectives: fundiThJ, communication and connectivity. CJr ambit￿ ￿ to see ￿ interconnect&J. resilwt and impactful sector with o broad reach and sufficient f￿ding. Towards this oim. we host a p0￿￿r,GTeen FuThlraisers Forum. ond run various research projects 'As someonerecentjy)￿nJn9 the envtronmentolf(mth"ng sector. fve found the knowledge. networks, (Mdexperience of the Gre Fundraisers Forum inv01(￿1?1e. Theslack chonnelis o-w to-ploce forme whenl wont ro connect. osk questions, ondfind answer5. The new51etteris alwoy5 informotiveensunng weteup todate wth Opportunit￿5, ondthelyrnonthly meeting5 ore a greot place lonetwork ondsljore eXper￿nCe￿ fhonk your- Gre￿ FundrotsLYs Forum Meml Ouroctivii￿S ondachievemenls include.. - ow onlYcommunily p¥ovide$ o swcefor UK ond Inlwnat￿r￿l fundraisers from the environmeni sector to connect ond bearn. Wilh o ihriving onlne community, events liTrs)erson and online) and resources, theGFF supwris cc1knfx)r￿K)n or(1 k￿￿lec*sharMgQCfOss the sector. Thereare over 900 fundraisers on the Skxk channel a￿1. during 2024, 3SO. IvNJioi8ers Irom 250+ or￿)￿otiOnS attended t)ur event& Subscribers io our GFF newsletter increosed by 46/. Ito1,2341 and Itsopen rate is S8/.. Funder-fundraiser relotK)nsfwps- research, eventsond networkiro io hdp Imyove ihe effiC￿¢Y ol Interoctions between funders and tundraisers. In eorw 2024, we ronon ¥)ieractive sessK)n ond survey with the GFF to osk about the chollenges they faceond examples of solutions to theseond best practices The answers to these question5 formed the basis of our report.. Incr theeffectrveness ol en￿OnMentallUnder-fundrti￿ relation5 report oimed not only tofocus on chollenges foced by lundroisers. bul olso to increose the eflecliveness of the funding eeosystem. ensuring maximum impact for evwy F4)und spent. .The - o lU￿11r￿J mecknism creoled wlhow mwntms lo help Ihem respond swiftly lo environmenlol groups lacing unexpecled opwrtunitiesor U￿nt￿l￿ted crses. Over the last few years, we have n delighted lo see the RRF win in wwlority. UnfOrtw￿lety, ￿fOUnd t￿t demand began to iKreasirKJly oulslrip supply, and (( become d￿r￿UlL lo fLAfil ils orK3inol purrose. Consequenlfy. wedecKled to wuse the RRF in July 202410 give us the time0￿ stk)ce to gother feed￿ck Or￿ reconsKlerrts desKJn Prior lo the RFF'S F)ouse, part￿Ipating funder5 pfovKled£l50.250in funding tofL appI￿ants in 2024. EFN housesk)teLPk￿. a community for who work on lor are curious olxjutl norralwe chanqe ond the role it ￿ayS in system CW.

Environmental Funders Network We also run o colk*oration wth the TheSWENoddresses o eritical need wrthin the environmental sector.. the wellbeing of both IndivKluals and orgonisortion5. It bring5 together funder5, fundraisers ond leaden from (Jcro55 the environmenlal movernent to explore and oddress thefactors offecling sector Well￿.￿j. EFNin Scotland Given its weolth of hoÈ¥tats and species. work to wotect restore sCotk￿d.$ environment is vital. but has long been underfunded by private ph'k)nthropy. EFN works to SuPF￿￿t luThlers fundraisers who are focused on supporting nature lor everyone's benefit in Scotland. Ow bespoke Scolk]nd prwamme is a M￿rOc0sM of our wider work taik)red to the specific context in Scotbn(l The progrommeconiinues io flourish. Ihonks fft no smdl porl 10 the involuoble Input ond extenrjed reoch of memt)ers ol our S¢oOond Advisory Grcwp. Ouroctivities ondochEvements tnclude.. Event&. weorgonised four irFperson wthwing$orKI onlineeveni.ollended by133 Peop￿ of whom over84A were funders or phibnthropy (Kjvisors. Thi$ inclwyed our es1oisi8l￿ ond Wel￿oI1e￿ Ilogship onnuol event, our Scoltish Funders ReCep¢￿- Ihis yeor's recepiion ond neiworking event in Edintxjrgh wos biggesi event In Scoiiond so f(Jr. We've01￿ creoted o rhythm ot onnwl furKler I￿ld tr¢￿WIth two successful events under our belt in dillereni ports of Scoiknr)d. 2024.5 irip wos 0 2-doy (x)e from Edinburgh to Frfe-17 funders and donors enjoyed vksiling someof ihe best kxol environmentol proiecis ond InIt￿lIves. Rek)¢￿nsh1pbU1ldy￿ wecon￿led wrth, oThJ 5LWJrted. score5 of indiv￿JUgl funders, ￿05 and th8r networks across Scotbnd ond undertook more inéeplh work lor the NotioThJl Lottery Community Fund. The Robertson Trust and the new Independent Fund lor Fkman RKJhls. Funding.. olmosl £5o0.crf￿ wassecured through BMJ Grve's Green NSJtch FuThJfor 25 Scollish chorilies and projects- a sKJnrfronl increasefrom last yeor. w￿n £250,OC() wos roised lor15 Scottish cfvjritses and projects. 'The hL￿e ror￿ of things we saw, from rÉ¥JerwatthproRcts on ttEgrour)d, ruralond tl)en Ur￿n. t￿1 the creative arts eleffl￿t lo finish wlh, felt1￿e0 reotyfoscinoling Comtx'nolior¢'_F￿1d Inp1￿￿￿0nt hAonitoring our impoct As the above text ind￿ates. we track our Wnpact wth a mixtureof quantrtotive and qualrtative data. Quantitative data Itracked through our Where theGreen Grants Wentseries. a5 well as our monitoriro of our actNitE51 helps us see how much grant funding to environrnentol is5ue515 incre05irrtJ how rrKnyfunders we are suppNting to give more effectivdy. and how mony peopleond organisations workiThJ on environME￿Ial iS￿S we are supportro with convening and resources.

Environmental Funders Network AbngsKle those numbers, we get Clear insohts into tr drffeTence we are making tlwough wrrtlen oral feedback from our members about the value we add to the ecosystem of envir¢)nmentol actor5 in the UK. We know from the knlesl dato that grant gNir4J to the environment hos risen ￿an￿lcOntlY in reeent yeors. wrth foundation funding growng nearW thre&folJ in the IhTee yeors LIP to 202￿22, and weore proud to hove pbyed a part in that. Of the 40 funders who responded to our 2025 rrmter5urvey. 60/è reported that th￿r environmental QNing had increased in the last three year5.. 58/è of these said th]t th￿"r invdvernent in ÉFN had contributed to this increase. Two ihir¢Js ol respondents reported thoi EFN inswes Iwn io giverrwe to envw¢)nmental ¢ause& In oddition, feedbock from our members sugjests we are hK4Ny volued m terms of the supwrt we provKle lunders to improve the effectiveness ol their gwirg In our members sutvey, 98% of respon(lents SOKI thoi EFN hets them leorn otx)ut key environmentol philonthropy issues, OFVC4xhe5 and gcy,'85/. thot EFN helps them ur¥Jerstond h)w to supwrt environmental work eflectivdy,'ond 86/. EFN stoff hove thwn wth useful guthnce. Asked to describe whot EFN offers to funders. re$Fon(￿ts s￿d.. 'Essentiol source of expertise, kno￿edge. londl r¢etworking' 'Cthr, occessible ond Insigh[f￿ inlormoiion oboul the generol londscyof funding A re(Ily welcoming orgonisalion and convener ol interesting ond enjoyotse sessions ond eveni&, 'A voluoble source ot Informotionotxjui fvndiNJ opportunilS, needs ond besi FYOClte.' 'A wonderful wdcoming spoce lo ￿rn, te insF4red ond challeryeJ.' 'A true network. EFN is excdlenl ai conveniw intorming fundersobout issues in envonmentol funding, then encouroges colKIt)oratioTh' This feedk)ack complements our ongoiw thito coltK)n to monilof the number of who engoge with our events, publicotions and other communicotK)ns. For eX¢jMp￿, 0$ not￿1 in the yevious sectKJn, o iotal of 501 peoJe ottended the 70 funder events we ran in 2024, represeniiNJ187 funder orwnL%atK)ns.'1.080 ￿e0￿e Subscri￿ to our funder newsletter, wh￿h hos a 55/ epen rate. We also provhye support for ehorlties ornyother cfganisaiionsewating in theenvironment secter. Over 900 fundraisers parlicipole in the Green Fundroi%ers Forum IGFFISthk ond 350. fundr(isers from 250+ orgonisolions ollended our events in 2024,'1,234 petsp￿ subseribe to OWGFF newsletter. wh￿h has an ¢)pen rateof 58/ Our publications in 2024, Where the Green Grants Went 9. Increa51ThJ theeffectiveness of funder-fundrai5er relationships and Exploring the role ol weollh odvisers in green gNirKJ were downkxxled1.142, 374 and165 limes, respectively. EFN has 5,939 followers on Linkedln ond153 on Inslogra As set out in EFWslheory of chong¢ we anticiwte that enwJingwtarW audiences in the woys we havet)utlined above will contribute lo our orgonisotionol obpctNes by increosirKJ these indivKluols' I)￿eneSS.sklILs, knO￿edge0nd networks, building their sense of (¥Jency ond inspiring them toacL

Environmental Funders Network We can see that there ue plenty of ways n wh￿h fuTrJer effeCtIve￿sS mwjht continueto improve- and likewise that there is COns￿erable room in the system for more fundirKJ for env￿onMental cau5es-and therelore we continue toseeo signi1￿ant need lor the support we provhje to funderstThJ thewhaer environment sector. Orgonisationol development Oscar Brennecke-Dunnpned us in January 2024 O5Event5Progrom￿￿ C¢XrdiThitor. Fbrence Miller Stepped down in September 2024 ofter12 years os EFN Director ¢JyJ h)ving grown EFN Into the iMp￿tlY1¢9nVenirY3 organisation it is tocjoy, buildiro a wonderful team wth o creotive,open ond generouscullure. trustees led the recruitment w¢xess to hire the next leader of EFN (with the helpol o recruitment consultonil. ond Nick Gordner wos oppointed 0$ Execuiwe Director ond pned the teom towor¢Js the end ol F￿￿orY 2025. Mck wos Heo(l ol Climote ACt￿n with Ihe Notionol Lottery Community Fund ond hos been an active member of EFN lor some time. We were very ¢Jateful thol Liz Gc￿￿, EFN trustee, ogreed to provide cover 0$ Interim tJ'rector- she stekX)e(l (knwn from her trustee rolefrom August 2024 until Morch 2025 10 be oble to do thi5. The EFN team al work Ir¢)m home arKI n 2024 we hJve enjoyed 5chedukd regukw'workJ'rYJ together. doy5 wh￿h bring us together ol leosl quorlerty. We welcomed two new trustees in 2024. ASh￿Y Erdmon and A￿hard Ell￿11 were opwnted in July 2024. Ashley 15 currently the Grants Monager ot Forming the Futureond br1r￿ experwce ¢)n a raThJeof issues including challengiry corporate power, food syslETns. right lo woter. interr￿th￿al debl. 9ender. ond climatejustice. Richard is a co-founder of The Pickwell FoundatDn- o tw(>lamily Charitab￿ FoundOlh￿ thol is a lorv¥tanding member ol EFN and has a portrukjr interest in grant funding lo support polcy. (Jdv(xacy and legal strategies lo r¢)5eUK amtit)n on addressing the climate emer9ency. S'an Ferguson and ChamF)o Polel toth ￿11 IheBoord in 2024 ot eTrJ of t￿.1 lerm5- son after over 5 years and Chompa ofier nearly 3 yeor5- we give our thanks lor l￿'r voluotjeconlrXrt￿I over Ihol Iwne. EFN launched o new Y4£bstsin octo1￿ 2024. Whether o user ts new togeen giving, an EFN memt)er, on odviser, or a green fundroiser. they con now find useful ond re￿OnI informot¥)n at)oul environmenlol funding ond fundraising eosily and quiekly. We've also rejuvenated the resourees, blog and event pages, so o user can seeeverything EFN has to offer and imFM)rlonlly, how they con gel involved. We obodeveloped o newEFN brond ond thitily. Our ho￿ is this new look and f1 better reflect5 who EFN ore ond share5 the wide rangeof EFN'S work in a cknrwand more engaging way. EFN is eommitted to the princiFs ofiu5tice. e(Jty. drrfersity ir￿luSh￿lJE[rf1 Werecogr45e that injustice and inequity are at the root ol envirorffiental degradatKM'. without addres5iThJ them. WeC￿nOt 5UPPOrt transformational change, whether on climate, bhxliversity or any other environmental issue. We0150 recogni5e that the Chron￿ k]ck of diver5rty wf(hin philanthropy and the UK environmental sector Severe￿ limts theseclorf5effectivenes&

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10

Environmental Funders Network EFN'S support for environTnental NGOS willeontinue to deepen. Wewlt Manage and grow theGreen FurKITaisers Forun IGFFlcommunitylnow over 1.000 members). Run events, training. news￿tt£￿S. and a Shxk CC￿mL￿Y to shareopportunit￿s and tr4Jild connect￿n$. Launch a fundraising har￿bOOkand h05t a rdated evenl series. Plan a natwe-focused retreat for f￿OISerS1n Summer 2025. Continue c01b￿rationS with portners like The FuTrJiw Network. Crws.WlarProiects We will develop current proFcts and rEw initDtive5 thjt cut gcros5 mult areo5.' Relaunch the Rapid Re5pon5e Fund lor wgent envirorwnentd actiorL Develop a strategy fcw the Eorth Fundng L￿and ont)ardo third cohort. ConJLKt new reseorch Intoclb)Ilew f￿e￿ by fL¥bJer& comF4emwiirKJ existing fwdralser inswhts. Grow the fuTrJer direCt(Ky0￿ moke il moreffileroctNe. Launch a ￿D￿fttused thrning Ser￿ th$cussK￿ ￿{￿P5. Start devdopmenl on on Al lool to map orKI novvjate ￿ UK enVir￿M￿tal seclcy. EFNScotk7nd Recognising Scotbncl's uniqueeoniexl.. Hosi networkmg events, includirKJ o reception ot Ihe Scotitsh PorlKJment Launch o new briefing on Sttlttish Fknilonthropy trend& Expbre new fundiro mechontsms forriver restoroty)n a￿1 roinforest exponsiort Secure funding lo a Scolkjn(>f(￿Used le(￿p FffO(yammein wrtnership with l.G. Advisors FINANCIAL REVIEW Income EFN'S income is mainly o mixture of gronls. a￿1 voluntary memL￿ship contributions IfolbwNJ a slKling scale based on how mLKh e￿h meMk￿r gives t)ut in environmental grants themsdves over (w) annL￿1 period). We aL80 recave income for fees lowords cost of our annual MemL￿s, retreatlconfererte, f￿soMe of our workshops. tor ccx)rdinoling the Environmental Finance & Leamiro Fund and for the occasN)n(l of research work li

Environmental Funders Network The income receNed Irom membersfwp COntrt￿l0ns in 2024 rose by 5/. to £354.50712023.. £337,608]. The number of eonlributing memtjers fell s&Jhtty frorn110 10 99 yeor on yeor. ond the inereose in income is due to the welcome increase in omountseontributedespeeialtyby somelJTger rrmtrsof thenetWOTk Together Withgronts.dontstions and leeincome.the lotol unrestr￿ted fund ineome in 2024 rose to £649,23412023.. £511,8231.0 27/0 IrKreose. Reslricled fund ineome also rose in 2024 to £273.551 Ifrom £202.570 in 20231. This income includes grants ond membership donations which are restricted to be s￿1 on our core Wor￿ Thts reStr￿ted core luThJing grew a bit year on year1£119,300 in 2024 l￿d £96,000 In 20231. but the overall Increase in restricted income from 2023 to 2024 is moinly due to an increase in project reloted gronts. In portry)r, we have recwved gront furKling for the Eorth Funding Loty, the Inter-Narrotives yoject, the ClimoteAciNist Speoker FU￿j. the Environmental Ims>xt Investing GrOup￿d the new webslte In 2024. The iotol Income for 2024 was £922,78512023.. E714,393k Expenditure Direct exwndilure on our choritoble OCiivrts increosed frwi £608,338 in 202310 £797,520 m 2024 portly due lo the extro exF)endilure osgocioled with the new prclects mwiiowl ot)ove. The sycy)rtion sw)t on our supwri costs has nsen year on year Irom14/• In 2023 to If/• in 2024- lh￿ ￿ dLJe io %yne'oneoff' ewdiiwe in 2024_ for our new website and rebrond ond for ihe recruiimeni ol the Execulwe threcior. We olso increosed our stoff leom- our overoge FTE siafl numbers rese from 6.2 in 2023 to &6 In 2024. EFN Is lortunoteto beo ieom workiro aroL¥Tra the UK from homeoff ￿e$, orn1 of1￿e costs ore minimal Deioil on our spending is given in rKJie4 to Ihe accoun￿ Totol exFenditwe was E810,80112023.. £621.2501. Reserves The net movement in funds lor 2024 wos £111,984,oTrd thetotd reserves were £681.276 ¢)n 31 DeceM￿r 202412023.. £569,292). £129.62712023'. £176,325lof the reserve5 were designaled for and a further £128,94712023.' £57.2031 were restricted funds, leovirrtJ a balar￿ of £422,70212023.' £335,764) in general fuTr Detail of the de&gnated and restrKted lund5 shown in note12 to the accounts wh￿h includes a de5cripth)n ol each fund, and the purposefor which il is hekl. 11 i% ￿anned lo use £56,627of the lolol designoled funds set oside on oclivily in 2025, and the balance of £73.000, wil be Spent mainly in 2026. but atso partly ￿ 2027 as EFN scales up rt5 fundraising to invest in it5 programmes and lo deliver rts omtilious strategy. 12

Environmental Funders Network Risk management and reserves policy We maintoin a risk register with risks, rotirKJs. mitoatK)ns and monitoring listed. Key risks are monitored regubrly by the Executive Director. and by the Finonce & General Purp05e5lF&GPI subcommitteeof the Board. The lull risk register is reviewed at kn5t annually by both Ihe F&GP Committee and the ILlll Boordof trustees. We See themost significont risk5 currentW fr￿ing EFN as.. Risk mit￿at￿￿ Comments iru5tee5and management ¢onskr th¢5 on an ongoing tr]si5 in term5 Of ￿annIng the strategy for the future. Line managers ore SUPkWtNe. ond oworeof the ￿tent￿l effects of these demonds on the wdlb8ng of the stolf ieom. The onnuol strotegy devebpment Fyocess Includes o priority-setling exercise wh￿h provths on opportunily for ensuriN4 ihe siofl ore not overlooded. Managing su5t0inob￿ growth SQ that Ixw team ore not over 5tret¢hed by the increa%ng demonds of the progromme and our growirKJ memtr)ership Environmental Lssues h8ghlening leads to more pressure on the sector As deM(￿j for our serv￿e$ T￿, hopefully so toodoe5 memberthp income. enobling us to meet them. Our strength as a network ￿gOn1S011on may befor members io help eoch Oiher morffje Iheelfects of environmental issueson their orgonL￿tIO recent speedond scale ol change meon5 it i5 hafd lo understond ot this F)oint whut tl)e imF)OCts might l)e or actions we mKJht ioke. The staff a trustees are prK)ritising this 0$ on issue and kiro to SUPF))rt the sector and our members on It- we will be running a sessth) Oi ¢)ur members. retreat around this (The ShrftThJ InteTnatK)nal Context lor ¢)ur Work- Responding vs Reoetin¢l. The current uncertain geopolit￿01 srtLKJlion leacts to more pressure on ihe sector A key element in the rnanagernent of fina￿￿j1 risk is thesetting of o reserves policy and its regU￿r review by trustees. EFN hold5 reserves to er￿ble it to.. m￿t its controctuol obh'gatMs li￿lud1Th3 thecompletkM of projects and committed administratNecostsl. de5ignatefunds forfuture eXpL￿ditUre to strengthen the organ15atKJn and pursue its goals. retain Suffic￿nt free reserves to mitpwte l*ety risks￿￿ meet the cost of UnfOre￿n events. 13

Environmental Funders Network To determine the desired level of free reserves,the tTU%tees eonshyer thespecif￿ current risksfacing thechority ond identify amounts they consKler reosonableto hjld in reserve to mit3ate therrL In doing so, the trLStees look at the folbwing reasons for whieh EFN might need to havefTreseTves.' Income risk- in case EFN suflers a ¢th'p in key i￿ome such as grants or vdunt¢Jy memtwship contributions Expenditure risk- to protect ojainst unF4anned events to increases inexpenditure Cessotion risk- to ensure liobilit￿ con be ¢¢harged in the event of windiwp thecharity Working wp'tallcashflow- to provfvJeworkirY4 caytal rf expenditwe is needed before income is received The trustees have kntified the current key risks for EFN to be inc¢)me and expenditUTeri5k and consider thcrt holding £225,000 05 free reserves woul¢J olbw lor tK)Ih o w$si￿e Income dip ond lor Ihe cosi of ￿n￿Onned events lor tme yeor ohead. At this t1￿￿, the trustees do not freel it nece55ary to ¢xIdit￿nQl fund5 specif￿allY for winding-upand ore not forecasting the need for o coshlbw reseNe. ony risks crystallise then mitigatN)nme(wres wll be put in pthe.The reserves target will be reviewed by the tru5tee5 by r evoluoting the above reosons when necessory ond ot ost onnuolly. Fundraising Our fundraising oclivily concentroies c4) devdopng w rebiK)nWwithow mw)ters, ond funding opplicolions to Irusls, founclotions ond Oiher funders. We undersiond ourduly to wotect Ir Kxknl￿, IncI￿lI￿j vulneroble people, from unreosonobly inirusise or per￿le￿I IwKtratsing qVC4xhes,orKI unduerAessure to donote. Our Specif￿ and targeted forms of funcjraising meon ihai we ovoid theseoFyooches. and we do not use ony thir(*porty fundraisers to act on our behalf. We have received no compkjints fundra￿1r0 ¢xlivrty in Ihe yearsended 31 Decemter 2024 and 31 December 2023. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document Environmentol Funder5 Network is constrtuted csoC￿Tit0tsle Ir£orForated Or¢>JnisalKJn ICDland 15 registered as a charity in Erolond & Wa￿5 Inumber11813181 and in Scotknnd (r￿nt)er SC0505791. Recruitment and oppointment of new trustee5 The trustees dect new trustees. as vaconcies ryi5e.cortshderiThJ the Sk￿5. knowledge and experEnce needed for the effective administration of EFN, and cknrly settirrfj OLrt the terms of erKJagement and the essential tasks of the Board Our recruitment pla￿5 on emphasA5 on the dwersity of appI￿onIS Ik)oking for dNersty in temis of ethnic. racial, and 50Cb)-economic 14

Environmental Funders Network backgrounds,sexuol orientations andoeThrKjentrt￿s, dL%oLy"lrts,odults of all ages,ond peowtha broad voriely Ofv￿W$ ond perSF)eetivesl, recognising that EFN'5work LstTengthened bya board of trustees who bring o varietyof experiences, bockgrounds. and perspectives lo bear on OLK work. EFN'S trusteesmu5tbeoppointed lora termoftfveeye0rsbyore5o1ut￿p0sSedatQ propertyeonvened m&tingol thechorily Iru5tee5. In selecting individuals for oppointrnent as chorrty Iru5tee5. the charrty tru5tee5 must have reqord to the skills. knowledgeond experience needed lor the elfectiveadmini5tTatKJn ol the CIO.Thecharity trustee5 may from time to time co- opt peO￿e to serve as additior￿1 charity trustees, provmjed that a person who has ctropted must retire aller having Served for a term of one year but shall then be digI￿e lor Teappomtment foro further term of one year and then for o further term ol three yeors. Any person retiring 0$ o chority trustee s elK4it4e for re(rp)intment. save t￿)l o chority trustee who hos served for yx consecutive yeors moy only be reaps￿nted for oneyeor ot o time. Trustee induction and training All polenliol new trustees ore given the oFpytunrty to meet the Choir ot Irusiees, ond the Threclor Fyior lo Ih•r oppoinlmenl. On formal opOntmenl they recave o copy of the constilulK)n. Ihe kjtest onnuol re￿￿rI ond occounls, the Boord terms ol reference, oll rdevonl polic￿S, Chorily CommssKJn guthrce. All trustees ore invited to oiiend on onnuol Awoy Doy for stolf ond trusiees. orKI on onnuol retreoi for funders. They ore olKs expecied to otiend some eventse(Kh yeor io get o sense ol theoffw¥)gs ol ihe network. Trustees are also offered training. Sub C¢)mmittees There are two subeommittees. both of cortsK%t of ot three members of the Board, ond have terms ol reference which have been approved by the Botyd.. Finanee & Gererol PurposelFt4GPI Cornm￿ee wlmch is responsib￿ fOr0ver￿lr￿j our linances as well as our staffing and internal wlicies ond woce(kne& Programme committee whichCon￿derS the devekJprrkYl, implEYnentaI￿n, evaluotK•n of EFN'5 event programming for its member& Key manogement personnd The key monogemenl personnel of the chorily comprtsethe trustees a￿1 the ro￿ of Execulive Director Ilhis ro￿ has olso been covered by Ihejob titles of Director ond Interwn Director in the post yeorl.The ExeculiveDirectcr is opwinled by the trustees and manages the chorily. They act wlh delewted outhority forall operatN)rnl n￿ter& All trustees give of their lime fr*ly, 15

Environmental Funders Network ond no trustee receNed reMuner￿K)n in the year. Detoibof trustees'expenses ond rekjted wrty Ironsaclions ore disclosed in notes 6 and14 to the accounts. As wrth other role5 in the ors>Jnisoiffi, the Executive tJ"rector's sobry range is benchmarked agoinst other posts in eomporoble sector orgtsntsatijns by on exiemol orgoni50twJntsKI reviewed onnutslly by the Finance Generol Purposes subcommittee of the Bocwd of Trustees os pjrt of the or￿L￿alK)nO1 Cost of living pay review. and the onnuol devdopmenl Tevw W¢xesses. Related parties and coopefotion with other organisat￿S Decloration of Interests 15 0 51arKng item on Iru5tee meetiryJoj￿thond onycontractwl rehition5hp ondlof connection between o trustee with ony rebted party is dis¢b5ed to the full t*)ardof trustees. A5 o network or9onwtion.cooperoth￿ with Ot￿Orgon1sQlkX￿ key F¢yt of our work at EFN. and we take that role extremely seriously, endeovouriThJ to provKk 5UFwI tothe frull Spectrum of organisotDn5. frrom small to largeond to network them with oneonother. 16

Environmental Funders Network REFERENCE AND ADMINISTRATIVE DETAILS Registered ehority numbers 1181318 (En￿￿)da Wdesl, SCO50579 (Scot￿nd) pr1r￿1pol address 124 City Rood. Londory ECIV 2NX Trustees Cathw'ne Bryon (Chawl N￿h0￿J$ Addington R￿hard ElI￿¢t App￿nted 2 Juty 2024 App￿nted 2 Juty 2024 ASh￿Y Erdmon Hugh Mehlo F￿n0 Nop Evo Rehge Elizobeih Gockl ReS￿ne￿ l Auwsi 2024, reoppoiniedlo March 2025 Reswed l July 2024 Reswed ISOciotH 2024 SKin Fwguson crKimpxi Poi Key monagement personnel FlorerKe Mil Director to September 2024 Intwm Thrector Septemt)er 2024 to FeExuary 2025 ExeculiveThreclor from February 2025 Elizabeth Godd N￿h01)S Gordr Auditor5 BSN A$sc￿te5 Limited 3BSwolkswfiekl Courtyard, Wolverhomplon Road, Cjdbury, West Midbnds, B69 2JG Bankers TheCo-oFerotNe Bonk PO Box101. l Balthn Street, Manchester. M60 4EP 17

Environmental Funders Network TRUSTEES. RESPONSIBILITIES STATEMENT The trustees are responsib￿ lor wepariro the Trustees, Annwl RetM)rt and the fimncvjl statements in accordar￿e wth appliCa￿e law ond regulations. The law applicab￿ to charIt￿S in wa￿and in scOt￿ThI requires the trustees to prepore finar￿101 statements for each financ￿1 year. The Irustees hove to prepcxe thefiTh]ncial statements in accordance with United Kingdom Generally AcceptedAccounting Pract￿@ (United Kingdom AccCY￿11n9 Stondards and app1w￿e lowl, inclLMJing FRS102 The Financial Reporting Standard opplicat4e in the UK ond Repuls￿ of IreknThl The trustees must not approve liThj￿￿I statements unless they ore soiisfied thot t￿Y give o true ond loir v￿W of the stote ol offoirsof thech)rity ond of incoming resources and opplicotion ol resources, InclLKling the Incomeon<J expwKlilure. lor thot per￿In preporing i￿sefInanCi0l stotements, the trustees ore require(I to.. sect Suitab￿ occounbng ￿￿￿￿Sand thenopth them consistwtlv,. observe the meihods ond py1￿¥￿e$ In theCI￿ritS SORP IFRS1021,' mokeiudgments an(J ￿coUntir￿j estimotes thoi (Me reosonoble ond prudent,. Stole whether opJicatle UK Accounting Stondards have been lolkJwed.5tyt to any Material departures d￿cloSed ond explained in the financ￿1 slolements.. prepore the lingncul slolemenls on the going concern tQ5is wle55 rt is inappropriale lo presume Ihal Ihecharity will continue in business. The Iruslees arere5ponsib￿ lor kwng ¢jdequate￿cQuntIThJ rec￿d5 thot are sUff￿lent to show and expbin the charity's Iran50clions and disck)se wlh recJsonatJeoccurocy ol any lime the fIr￿nC￿)I posrtion of thechaTty ond enable Ihem lo ensure that the finonciol slolements comply with c￿jr1t￿5AcI 2011. the Chority IAccounts ond Reports) Regulotions 2008. the charit￿ ond Trustee Inveslmenl Iscotbndl Act2005. the Chorilies Accounts Iscollondl Regulolws 2006 the kYOViSWS ol the trus1 deed. They ore oLso reSp)nsIb￿ for sofeguording the assets ol the charity and hence for taking reosor)at4e steps lor the preVent￿n ond deleclion of fraud ond other irregularities. Approved by order ol the boord of tTUStees on19 June2025 ond ￿gned on its I)eha￿ by.. Catherine Bryan Trustee 18

Environmental Funders Network Independent Auditorfs Report to the Trustees of The Environmental Funders Network Year ended 31 December 2024 Opinion We have audited the financial 5totements of Environmental Funders ￿￿twork Ithe 'charity'l for the yeor ended 31 Decernt￿r 2024 wh￿h Comprise the statemerbt of financnl positvjn, siatement ol cash flows and the related r￿te5, includirKJ o summcyy ol swficont oc¢ountirKJ p)IK￿. The lin0n¢￿1 reporting Iromework thot hos applied in their prep]roth?n 15 applicot kJw and United Kingdom Accounting Standard5. Including FRS102 The Finonciol Reporting Siondord oppltobie ￿ ihe ond Retxtt ol IrthThJ ILkniiea Kir¥J¢Jom Generally Accepted Accounting praCt￿e). In our opnun the tinonciol stotements- gwe a true ond lair ¥￿W ol the stole ol ihe chority's otloirs 0$ 0131December2024 ond of its incoming resources ond opplicoiK)n ol re￿Urces, irKlu(Jing ils inccmetyKJ expwdrture. lor tl yeor then ended,. have been properly pfepared inoccordancewrth United Krydom Generalty Accepted Accountiry Proctre,. hove prepore(I In occorrjonce wilh Ihe requirwnents of the CIKjrit￿S Act 2011 ond The Choriies ond Trustee Inveslment Iscotbndl Act 2005 ¢TrJ regulat)n 8 of the CfvJritEs Accounts Iscotbndl Regulation5 2006. Basis for Okxn We conductedeur audil in occordoncewith ln1errnt￿noI st￿￿rdSOnAud1lIYj IUKIIISAslUKllond applicab￿ ￿w. Our responsibilit￿5 under those sto￿ald5 ore further descritsed in the oudilorfs re5pon5itJ'lilies for the oudil ol the financial stotemenis section ol our rewrt. We ore indet)endent of the chority In occordonce with the ethical requirements Ihol orerelevanlloourolxlilol thefinoncialslotements in Ihe iJ(. Ir￿lucI1ng IheFRC'sElhicol Slondord, and we have lull11￿ our other ethtol Tesponsib'ties in ttcorthJn¢e with these requirements. We believe that the audit evidence we hove obtoined is suff￿￿nt and aw0pr￿ieto yovKle a l)os for our opnKJn. ConclusKJns rek]ting to ¢>Jng eoneern In auditiw the linancKJI slolements. we hove cotKluded Ihal trustee¥ use of the going concem b￿'S of oeeountirrfj in the preparatDn of the finarKiol slal£YnentS i5wwate. Based on the work we have FÉYforrned, we hcwe not thntrfEd any Th]terial uncertaintE5 relating to events or condition5 that, individually orcol￿tIvety. may cast 5onrficant doubt on the chJrity¥ a￿'litY to continLE a5 a going concern For a perh)d ol c thst Iwefve monthsfrom Wh￿ Ihefwiancial statemenls ore authorised For issue. l)ur responsibilitEs andthe re5porth'litiesof the Iru5teewithrespecttogong Co￿ernarede5crlbed inthe re￿vant sections of this report. 19

Environmental Funders Network Independent Auditorfs Report to the Trustees of The Environmental Funders Network (continued) Year ended 31 December 2024 Other informolbjn The other inlormotion comwise5 the inforrnat￿n included in theonnual report, other than the financial stotements and our auditor's report thereon. The trustee is resp￿sIble for the olhef inlormotioTh Our opinion on the linancKJl sioiements does r￿t covw the other Informoiion oThJ, excepl to t￿ extent oitwwise expI￿ltIY stoted in our reporl, we do not exwess any form of asSwar￿e conclus￿n thereo In connecthm with our oudit of the linanc]I stotements, our respc￿l￿"1ItY is lo read the other inlormotion and, in doing so, consider whether Ihe Other Inlormoiw LS moler￿lIV I￿onSi$lent with the fin0r￿101 sioiemenis or our knowledge obtoined In the a￿'t or otl)efwse oppeors io te moteriolty misstoted. If we identify such mcteriol inconsistencie5 Qr opparent moterMJl [r￿sStateMentS. we rye required to determine whether there 15 a moteriol missioiemeni in the tinonciol slotemwis or o moteriol mLSStotemeni of the Other Inlormotion.11, txjsed on Ihe work we hove pertormed, we conclLKle thot Ihere i8 0 moieriol m￿st01eMenl of ihL% Oiher InlormatKJn. we ore required to report that fact. We have nothirrfj lo report in th5 regard. Iters on wh￿￿ we tye required to report by excepts In ihe light ol ihe knowledge and undwsiondiNJ of the chority and its environmeni obtained in the course of the audit, we hove not Klentilied material mtsstotements In the trustee's rewL We have nothng to rewri in respect of the fc4bwng motteTs in ielatv)n to wh￿h the Cl)oritÈs Act 2011 or the Chorilies Accounts IScotlan(11 2006 requires us to re￿rt to you rf, in ourop'nion: the information given in tr trustee's rewrt ts iKonststent in ony mater￿1 respect with the financial statements., or adequateaecountirrfj records have not been kept.. or the financial Statements are not In agreement with the aCco￿tIng records and returns.. or we have not received all the Inflxma￿n and explanalions we requirefor our audil. 20

Environmental Funders Network Independent Auditorf5 Report to the Trustees of The Envwonmental Funders Network (continued) Year ended 31 December 2024 Re5ponsibilitie5 of Iru51ee5 As exgained more lully in the trustee¥ reswnsibilitiesstatement, the trusteeis respons1t￿e lor the preparatk)n ol the financial 5tatement5 and for being sat15fied that they gNe a true ond foir v￿, ond for such Internal control as the trusiee deiermines is necessory to erKJtYe the preporotion of lir￿n¢KI stotements thot ore free from moteriol mi55tatement, whether dLt to froLJ orerror. In preporing the finonciol stotements, the trustee is responsitje lor ossessing the chority's oiylity to continue as o going concern, disclosirlj, 05 a￿￿oble, motters rdated to gryng CO￿ern ond using the 90ing concern bosis of occouniing unless the trustee either intends lo Iwdoie the chority or lo cease owrotws, or hos no reolistic ollerrKJiive but loéo so. Auditorfs responyly'lities for the of the f￿￿n¢￿￿ stotements Our objeclwes ore lo obtoin reasonotye ossuronce ofx)ut whether ihe finoncKJl stolemenls os o whole ore free from material misslalement. whether duetofroudorerror.ond to i$5ueonouditc<5 report that includesouropinion. Reosonoble assurance Is o high levd of ossuronce, ixjt ts not o gwroniee tl)ot on oudii conducte(I In accordonce wilh ISAS IUKlwill olways delect o materiol misstotemeni when Itextsts.MLSStotements conarise from fraud orerror ond ore considered moteriol if. indivKJuolly or in the 09jregote.tw could reosonably be exFected to influencelhe econom￿ decisions of users taken on the Lxjsis of these Iinoncnl stotement& Irregularits. including froLKJ, ore instonces ol r￿1￿Com￿l￿4r￿eWiIh lowsand regulat￿)n￿We design pr¢xedures in line with our resrjonsibilities, outlined obove. to detect mater￿1 mtsStot￿ents In respect of irregulorities, inclLKling fraud.The exlenl to which our kyocedures ore cowljeof delecling irregulorilies. induding fraud is deloiled I￿l0W'. Irregularits thot result from Iroud might inherentty more drflKult than ￿egu￿rItS thot result from error, which gwes risk lo a rLsk of malerol misslolemenl. We ore ol opinion Ihol the pkjnned audit aF)proach, the documentation and Interrogation ol the charity'5 contrds means that the oudit procedures carried out were copoble ol delecling irreguloriles, includiro fro￿. We hove olso re¥￿Wed finonciol slolemenl disclosures ond tested these to 5UPPOrting documentath￿ to assess corn￿￿r￿e wh a0Kal￿e law5 and regUlath￿S. We have audited the riskof rnanagementoverrhol controls, including through testingjournal entriesand otheradjustments for opproprioleness. ond evaluoling the buswiess rat￿n0￿ of sonrficonl IransaclK)ns oulsidethe normol course of business. We have also mole enquiries of entity Staff in coMpl￿nCe f￿￿tionS to ￿ntffY any instance5 of non- compliar￿e with law5 and regu￿110￿5 have revkwed corre5poncknce with regulatory bodies 05 part of our audit procedures 21

Environmental Funders Network A5 part ol on audit in accordarKe with ISAS IUKI. we exercise w0fessh￿￿l judgment and maintain professionol scepticism throLMJhout the audit. We also." tilyand ctssess the risksof moterial M￿Staternent of thefTh]ncvJl statements, whether due tofraud or error, design and perform audit procedures respOn￿Ve to thoserisks. oThJ obtain audit evkyènce that is sufficient and appropriate to provKle a tsasi5 lor our o￿n￿. The risk of not detectirrfj a material m15Statement resulting from fraud i% higher than lor one resulting Irom error, as froud moy involve collusion. forgery, intentionol omissions, mi5representation5. or theoverride ol intemal contr￿. Obtain an understonding of internol control relevant to the a￿)it in order to design audit procedures thai are appropriote in the circumstonces. twt not for the purpose of exyessing an oynkW on the ePr￿tiveness ol the internol control. EvoluotetheopprOpr￿tene5Sol occountirKJ pJKiesLLsedand thereosonotJenessol occouniirYJ estimotesond rekjted dI￿10$ureS mode by the trustee. Conclude on ihe 0pproprioie￿S of the irustee's use of the gory concern t)sis of occounting ond. txjsed on the oudit evidence ooioined, W￿ther o moteriol uncertointy exists rekjiea to events or Condit￿n$ thot moy cost signfficont d￿bt on the chorrtvs obility to contnue as o going Concern. IF we ¢onclLM thol o material urKeftointy exists. we ore rewre(I to thow ottenlion In our oudiic<s repon io the reloled dLsclosures in the finonciol stoiements or. Il such dLsck)sures ore inodequote. iomodify ow opnK)n.Our conclusions orebosedon the oudit evidence obloined up lo dote ol our auditorfs report However, future event5 or conditions may couse the chority to ceose io continue os o going concer Evaluate the overall presentation, structure orKI content of the linoncvj 5totements. including the di5c105ures, ond wheiher ihe linonc￿l stotemenis rekyesent Ihe urKJerty¥YJ IronsociK)ns (¥KI events in a monner that achieves fair pre$entotK)n. We commuiieote wilh those c￿rged wrth governonce reoydiro. tsrong other matters. the Fyonned scope oncl liming ef the audit ond ￿.onrflCant audit IiTrJings. IrKlucfyng any sonrf¢ani dettwe￿ in internol control thai we Kjwlily durirKJ our oudil. 22

Environmental Funders Network Independent Auditorfs Report to the Trustees of The Envircnmentol Funders Network (continued) Year ended 31 December 2024 Use of rewt This report is madesdew tothecharity's trustees, asa body, in accor¢S￿Cewlth sect￿144 01 the Charities Act2011 and regulations made under sectvJn 154 of that Act, and Regulation 10 of the Charities Accounts Iscotlandl Regulations 2006. Our a¢Jdrt work hos undertaken $0 thjt we mK4ht sioie to the chorilvs trustees those matter5 we ore required to state to them in on auditorfs report and lor other purpose. To the fullest extent permiited Oy low, we do not occept or osswne reswngblity to onyone other thon the ¢hority ond the chority trustees as a tthy, for our outh't work, for this report. or lor thewnvJns we hove formed. b&KJ Ltsxil¢d BSN AssocKJle$ Limited Chorlered occounionis t¢ Siotulory oudilcy 3B sw0llowfE￿ Courtyard Wolverhomplon Rood Oldbury Wesl Midlands B69 2JG 19June 202S 23

Environmental Funders Network Statement of Financial Activities for the year ended 31 December 2024 iknrestricted Fund5 2024 ReStr￿ted Funds 2024 Tolol Funds Totol Funds Note 2024 2023 Income Grants and donotffis 461.707 273.551 73S,258 586,678 Incomefrom choritoble octivit 187.527 187,527 127,715 Totol income 649,234 273.551 922,785 714,393 Expenditwe Expenditure on roising fund5 13.281 13,281 12,912 Expenclilure on choritoLYe ociwrt 595,713 201,807 797,520 608,338 Totol expenditure 608.994 201,807 810,801 621,250 Nel income/(exp￿dit￿eI 40.240 71.744 111,984 93,143 Reconciliation of funds Fund balances brought ferword 512,069 57,203 569,292 476,149 Fund bolonces carried foThvaid 552.329 128,947 681,276 569,292 The statement of finoncnl octivities includesoll gains and bssesfor theperwxl from l JonL￿ry to 31 December 2024. AII incomeand expenditureden've from eonlinuing tttivrt*& The notes on pages 27to 35 form part ol these financial statements. 24

Environmental Funders Network Balance Sheet as at 31 December 2024 Note 2024 2023 Fixed assets Tangible assets 1.319 797 Current assets Debiors Cosh ot bonk 10 25.770 682,810 708.580 25,202 609,454 634,6S6 Liats'lit Creditors lolliNJ due wrthin oneyear 128,6231 Net cwrent assets 679,957 568,495 Total a55ets le55 current Iwjblit 681.276 569.292 Nel assels 681.276 569,292 Funds Unrestrrted General Design(rted 12 422,702 129.627 552.329 128.947 335,764 176.325 512.089 57,203 12 12 Restricied Total funds 681.276 569,292 The notes on pages 27 to 35 form wrt of thesefinanehil stoiements. The financKJI slalements were approved by the Boardof Trustees on19 June 2025, and were signed on ils behaw by.. Colherine Bryon, Trustee 25

Environmental Funders Network Statement of Cash Flows for the year ended 310ecember 2024 2024 2023 Cash flows from operating ackn"vits 74,406 143,711 Cash flows from investing actNit Purchase of fixed assets Cosh used in investiThJ octivities 11.osoi 11,osoi 11,0631 11,0631 Increase in cosh ond cosh equiVo￿lS in the pertsJ 73,356 142,648 Cosh ond cosh equivolents at the st￿1 of ihe pertsJ Cash and cash equivosents ot Ihe of the per 609,454 682,810 466,806 609,454 Reconciliots"on of net movement in funds to r1 cosh fbv4s fr(Yn operati￿ octsvrts 2024 2023 Net movement in funds Add 1￿ck deprec￿liOn chorge Decreasellincreosel In debtors Increaselldecreasel In ereditors 111,984 528 93,143 623 12,011 37.934 137.5381 Net cosh Ikjws from operoting aetivrts 74,406 143,711 26

Environmental Funders Network Notes to the Finoncial Statements for the year ended 31 December 2024 AcCO￿ting pothcies General information Environmentol Funders Network is constitutedosa charita￿eIncor￿)fQted Orgonisotion IC￿) and is registered as a charity in England & wa￿ InumbeT11813181 and in Scotland Inurnber SC0505791. Basis of preparing the financb]I statements The financial siaiements of the charity, wh￿￿ is a pU￿le benefit entity under FRS 102, have been prepared in occordonce with Charitses SORP IFRS 1021 Accouniing ond Reportir¥J by Chorities.. Stotement of Recommended Proctice applicobk to charities preparing t￿"r accounts in ¢Xc0rdan￿ with the FiTh]ncial Reporting Stondord opplicoble In the UK ond ReputJi¢ ol IrebTrJ IFRS1021 leflective l Jonuory 20191, Finonciol Reporting Ston¢)ard102 The Finonciol Reporting Siondord OppI￿atr￿ In the IX ond Repuls￿ ol Irelon(f ond Ihe Chorities Act 2011. The linonciol 5tolement5 have been prepared under the h￿tOr￿1 cost conventvi. Going Concern There ore no moleriol uncwt0in1￿ otoul the¢￿$ ot4"11ty lo cC￿tinue 0$ o gtyng concern. kncome All Income Is recognised in ihe Stotwient ot Finonciol Aclivil￿ once ihe chority hos entit￿ment lo the funds, Il is probal)le thoi the income wll be recaVed,0￿ Ihe(¥Th)uni CL￿ Me0$￿e￿ rdKJbly. Expenditure Liabilities ore recognised as exFendilureoss0￿Qs Ihere is a legalor con5trLKtiveobligalion committiro the chorily to thot expenditure, li L% rX0￿￿e thot o tronsfer ol economt tenefits will be required In settlement ond the omount ol the obligaiion con be meosured reliably. Expendilure Ls occounted for on an o¢cr￿lS b(Jsis and hos k)een clossified under heodings Ihol oggregaleollcosl rebled lo Ihecalegory. Wherecos15 conTh)t be directly allributed to part￿Ular headings, they hove been allocoied to OClivit*s on o ixtsi% constsient ￿th the use of resources. Tangible fixed (wets IndIv￿u￿1 fixed assets costing over tl,000 are eoytdtsed oi eosi, ond awe depreeKrted over tha'r useful economic lives os fdbws.. Computer equipment 25/4 on cost Toxotson The charity sexempt from tax on rt5charltatAe￿tml￿S. Fund accountiThJ Unrestricted funds can Le used in accordance with the charit￿e objective5 at the discretion ot the trustees. Desigmted fund5 are unreStr￿ted fund5 of thechority which the trLKStees have decpded at tho'r discretN)n to set aside for a particular purpose. 27

Environmental Funders Network Restricted funds ean only be used for WrtiCL￿Or restricted wrFY)ses within Iheobjects of thec￿rity. Restrictions orise when specified by the donor or when funds are raised for part￿U￿r reStr￿ted purFM)ses. Pension costs The charity operates a delined contritJthM wnsion scheme. Contributions paYa￿e to thè charity's pension scheme ore charged to the Staternent of Financ￿1 Activitses in the perNxl to which they relate. They are Wit between projects in line wth salariek Supwt Costs allocotion Direct costsaitribuiabLe1oasing￿￿tIVlIyoreol￿￿Qtedd￿ectfyt0 thatactivity. ShJed costswhichcontribute direcdy to more than one aciNity are apport￿ed between those oc1wit￿S oc¢ordiThJ to their use or time spent on each. Judgements and key sojrces of eStsrnatK￿ u￿ertaintY The preparation of financ￿1 stotements requires management to makejudgements, estimates and 05sumption5 that oflecl Iheomounts reporte<l. Theseesiimoies ondiLKJwientsorecontinwJllyrevwea, ontJ ore bosed1￿ experience otherfoctors,inclLKlirKJexpectotionsol future events, t￿1 ore t4ieved tobe reosonoble unaerthecircumstonces. Grants and do￿tiCI unreStr￿led fur#Js 2024 2023 Reslricted furm 2024 2023 Totol 2024 Tolol 2023 Trust ond foundation grants Memk)ership contribulK)ns 125.500 336.207 61,500 322,608 255.251 18,300 187.570 380,751 IS,CQO 354,$07 249,070 337,608 Total grants arKI doThMions 461.707 384.108 273.551 202,570 735,258 586,678 Income from elKitoble aclivilies Total 2024 Total 2023 Retreat. event and workshop fees Other 104,890 82,637 104,406 23,309 Total income from ctsJrit(*Ae octi 187527 127,715 28

Environmental Funders Network Expenditure Choritoble activrt 2024 Roi*ng Support funds costs 2024 Totol Total 2024 2024 2023 Research costs". Where the Green Grants Went 41,264 5J53 168,293 237,K)O 168,540 38,279 41,264 5.353 168,293 237.100 168,540 38,279 38.525 7,000 102,154 213,927 125,033 34,277 10,589 Other reseoreh Growing environmental ph1k]nt￿0p¥ Improving effectNenesS Supporting environmentol groups EFN Scotlond Raising lund5 New bron4ing & newwebsite Stoll trovd a home office costs Organisotioncl devdop￿ent & ¢Jdmin ¢05ts Stolling support costs Governance & le9Jl costs 26.014 13,178 43,059 39.994 20,367 142,612 1142.6121 26,014 13,178 43,059 39,994 20,367 810,801 12,438 23,033 35,811 18,463 621,250 658.829 138/J91 Altholion ol $UkVOrt costs 3.921 Total 797.520 13.281 810,801 621,250 The C1￿￿11V Identrfies governonce and oitw suppx)rt cosis, and apwtb)ns ihem lo difeci charitable octivily, and raLsing funds on the tjasis of sloff time. PrKvpÉYthYcompcxoTr"ves ChorilOt4e Roising Supp activities funds C05t5 2023 2023 2023 rot 2023 Research costs.. Where the Green Gronts Went Olherresearch GrowingenvironmentalpMonthrt¥)y lrnproving effectiveness Supporting environmentalgr¢)UE6 EFNScolland Rai&ng fund5 Sloff IraveltS SUbs￿t￿ce organisatlonaldevelo￿nent￿adm￿ costs Staffing support costs Governonce & legalcosts 38,525 38,525 7.000 102,154 213,927 125,033 34.277 10,589 12,438 23,033 35,811 18,463 621.250 102,154 213.927 125,033 54,277 10.589 12.438 23,033 35,811 18,463 89,745 189,7451 520.916 87.422 10.589 Z323 Allocation of supportcost5 Total 008,338 29 12,912 621,250

Environmental Funders Network Net Ir￿oMe1{expen(￿tuTe) This is stated ofter chtsrgiro.. Total Total 2024 2023 Depreciati￿ of t¢>wit)k ILxed assets Audit lees 528 6,720 623 6,120 Analysi5 of staff costs. IT￿lee remww0ti￿ (YKI expenses. orKI thecost of key Thwjnogement personnel Total 2024 Total 2023 Salories and woges SocKJl security costs pen￿On cosis 334.414 30.291 27,551 291.474 25,977 20,768 392,256 338,219 No emdoyees earned over t60.000 duriro the yeor12023.' onek The overcjge number ol FTE stoff per month wos &612023.. 6.21,and Iheoveroge headcount per month wos 9.412023.. 8.2L The key morKoement PEY50nnd of the charity t¢)Mp￿ the tTUStees, the D¥eetor and the Interim Direetor. The total emF4oyee benefitsol thekey rr￿￿gernent peTsonnelwere£76,34212023.'£74.0361. Elizabeth GcKld took over therole of Interim tl'reclor t)n a lemporw trxtsis- she stood down os a Iruslee ol the chorily during this lime lo avoid any conflict of intere5L Any reMUnerotp￿ she rec￿Ved was lor her position as Interim Director- her rde 05 trustee wa5 unremunerated. The charity trustees received no remLneratNJn durirrtj theyeorl2023." nil) Two12023.' two) trUSt￿S we r￿mbur5ed travd expenses duriThJ the year totolling r25512023.' £5861. Trustees are encouroged to have thg'r travd expenses r￿MbUrSed. 30

Environmental Funders Network Pension costs The charity operoteso definedeontritrrtJti)n pensN)n scheme. ￿ sehemeoThJ its OS5ets are held by independwt manC￿r& The wns*Jn charge rwesents contrltryjt￿ due from thecharity and amounted to £27,25812023." E20,6741. Corporatw toxotic The chority i4exempt from tox on inccyne ond goins lallirK4 Within seCt￿n 505 of Taxes Act1988 or section 252 01 the TaX0th￿ of ChorgeableGoins Act19W2 to theexteni thot these ore to its haritableoty"ect& Tongible fixed a55ets C¢)mputer Equipment Cosl.. At l January 2024 Additions Disposols At 31 December 2024 2,577 1,050 18651 2,762 Deprethotion: Al l Jonuory 2024 Disp0501s Charge for the yeor At 31 December 2024 1,780 18651 528 1,443 Net book value: At l Januory 2024 At 31 December 2024 797 1.319 31

Environmental Funders Network 10. Debtors Totol 2024 Tolol 2023 Trade debtors 21,487 4,283 17,845 7.357 Prepayments and accrued income 25.770 25,202 Creditors Totol 2024 Totol 2023 Trode creditors Accruals and deferred irKome Otmer cre(I'lors 2,120 23,880 2,623 4,991 58,462 2,708 28,623 66,161 12. Analysis of ¢I￿rItable fuThJ5 Analysis of unrestr￿led funds FuThJs I￿orne Expenditure lJJn24 Transfers Funds 31 Dec 24 General funds 335.764 649.234 1523,1871 139.1091 422,702 Designated fund5 Growing environmentol phik]nthropy 'Where the Green Grants Weny & What Ihe Gr￿n Groups Said, Supporting sector fundraisiThJ Experimenting for impoct Earth FundiThJ Lab Opportunity fund 33.867 133,8671 60.620 130,7491 16,3971 114,7941 4.329 34,200 3,267 14,794 42,160 17,3801 42,160 50.000 57.380 Total unrestricted fund5 512.089 (A9.234 1608.9941 552,329 32

Environmental Funders Network The general fundrewesents the UnreStr￿ted reserves after dknwr¥Jfor all dwr¥]ted luThts. The growing envirC￿Mentol phifonthr¢)pylund was des￿￿r￿ted for medH] and communicat￿nS work raising the profile of environmental philanthropy. with the goal of inspiring andencouragirrtj new donors to give toenvironmental causes. The remainder of the luThJ was applied dwing the year to the costs of thecommunintions Manoger who oversaw the rebrand and renewal of our website in 2024. Where the Green Grants Wenf & W￿7t theGreen Grow)s S(xd' Is for updates to these two studies which take the pulse of the UK'S environment secior oThJ point op￿ture ol its resources. The liThJings produce new insights Into the environment sector and its need5. A rEw edition ofr Where theGreen Grants Went wa5 published this year. A new edition of Whot Green Groups Sold (tit￿ ttxl is ex￿clea in 2026 by the remoinder of fund will have beerb opJEd. SupFwytThJ sector fundroLSiry is set OSKJe lor work wth fundroigws frcyn ocfoss the envwonment sector, providing occess to resources ond peer-tQ-peer networkirq and devew.ng c01kjborotk￿ opportunitEs identrfied by the 5￿tor. This work hos keen obsorted into p.1￿1111 ol our curreni siroiegy ond the is expected to be spent down In 2025. The exFerwnenting for iffyxt fund er￿￿4ed us to exFtre rw Kle05 toconnect- rt funded thedevewnent stoge of the Eor¢h Funding Lob wh￿h brought Ivnders togeiher ioexperimeni ond colkJtx)rote iowords o big'Norih Slor, gool. 11 otso helsxd 5ubsidise an experient￿1 retreot for our mEThbers and erobled us to establishour Environment Sector Progromme Leodposi to strengthen Ihe NGO loc1￿ sideof our work. losiering conneciions beiween NGOS ond their funders. Hoving snt down this ffu￿. we hove creoted o new desigryjted fund. the OF)FX)rlunity Fund (see llowl, lo continue loollow us 1ocatatyse￿W innOVat￿n and reSp￿j loemergrrfj needs or demond5. The Eorih Funding Lablund Is desorJted lor stroiegt pkinnwtr￿¢onSOIthlIrQ karning oncj lee(IkyJck lo date ftx the Lob Iwhichlosters new ways ol workr¥J Ihol suppyl more colkjborativeand systemic approaches lo philonthropyl. The opportunity furY is dewJnotedfor ddivery of our txogrommott strotegy throLoh to 2027 and wrtieularly up to the end 012026. Our ombitious strategy requiresboth o commitment to multpyear WOTkstreams ond an ability to be responsNe and flexI￿e0nd embroce emerging opportunrties 0$ Ilw ￿lSe This deygnuied tund L5 intended lo ensure we retain this agilityOCTOS5 all three pIl￿TS ol ow work. 0lthoughsKJnIf￿anI odditionol, ￿anned fundraising will be required lor full ImF%ementation ol our Strategy. 33

Environmental Funders Network Analysi5 of reStr￿ted fund5 Funds lJan24 ome Expenditure Funds 31 Dec 24 Restricted fwKts Core work EFN Scotlond Inter-Narrative5 Environmentol Impoct Investing Group IEIGI C11rnateActlV151 Speaker Fund Earth Funding Lab Website redesign Staff It trustee troinir4J 119,300 20,750 39.125 11.250 22,256 42.870 12,000 149,7501 120,1941 133,8191 126,7881 132.2561 127,0001 IY2,0001 69,550 19,865 17,662 19,309 12,356 15,538 10.000 15,870 6,000 Total restricted funds 57.203 273,551 1201,8071 128,947 Core workis restrtte(J fu￿1n9 receNed lor t1￿ corecost$ of t￿e orwnlsolio EFN kotlond is funding specif￿01￿ to suFpyt the w¢yk of ¢)ur ScotlarKI Coordir￿(01 logrow and devdop environmeniol philonihropy. fundr01￿n9 ond funding in ScotkJn(i hter-Narrotives is project lunding which has estat￿i5hed o community lo1120 organisationsl- people working on narrotive changeond the role Il ￿0y$ In systems chonge. Weconvene the communily, curaie sessions, share and amkjrfy norrotive insKJhts ond work in our newsletter orKI publicotK)n& Environmeniol ImF)OCt Investsng GTOUP IEIGlis 012-month pilot to support trusts, foundations and individuols who wish lo leorn more a￿Ut environmenlol impocl investiThJ ond devek)p their work in this oreo. 11 offers on online leorning progromme, In-per50n Market InlormoiK)n t)oys IMID51oThY a network to exehonge Ideas and leorning. The Climate Activist Speaker FuThJ is o ￿k)I progromme t￿t i8 testing o new mechonism lo support young climole actlV1515 to deliver th￿r messages lar and wide, lunded by the phibnthrotye eommunity, including those who may not otherwise be oble lo fund indivKlual& Ullimolety il oims lo mognrfy the impocl oclivisls and funders can hove. Earth Funding Lab is re5trKted grants and donati)ns toward5 thispbjtforrn for thrning, strategy ond collaborative act￿n. deSigr￿d lo help thilonlhropt funders work together to support greoter impocL 11 focilitales processes to help rn about new modds, tronsform structure5. and support newform5 of coltiveacth)n. Theguiding star is to support economE5 in service to lrfe. wrth thfeeoctwe workstreams underway in area5 of investment, tax and the legal rights of noture. Web&te redesign i8 o grant towards the redeswof our website.

Environmental Funders Network Staff & trustee trainirwj is a gront loratraining courseoncok)nisotkM climatechange. makiro clear the connections between environmental. social. racMJI and econom￿ challenge& 13. Analysi5 of net a55ets between fwKts General fuTh Desbgnated ReStr￿ted funds Total funds Tangible fixed cwet5 Cosh ot bonk Ot￿r current 0s9etsll1￿1J.1*i￿s} 1.319 421.770 15871 1,319 682,810 12,8531 129.627 131,413 12.4661 Totol net 05sets 422,702 129.627 128,947 681,276 14. Rekjled kxjrty trans(KIk￿5 During the year, Catherine Bryon. who * o trustee, donoied £1500 to Ihe c￿rity. There were no reloled porly Iransoclions in the preceding yeor. 35