Do￿4￿ Envelwg ID.. ￿27A7l￿A48￿86Bl￿8252.s￿jIA4Al7 IE1 Charity r•gistratlon numbgr 1182317 (England and Wales) GIRLS ARE INVESTORS ANNUAL REPORT AND FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Ll)oJsw ErwdoF• ID.. 8z27A77&PA8&866￿Z-Bd07A4Al71E1 GIRLS ARE INVESTORS LEGALAND ADMINISTRATIVE INFORMATION Trust#•s T Franklin CHultsnan C Yonge A M Fleurbaaij R N Moc>Jgal N B Mounier L E Foloy A Tlessen (Appolnted l March 20251 IAppointed 1 March 2025) Sgnlor managomgnt TTraL L Jones Chlefexecutive offlcer Chief operating officer Charity r•gl$tratlon England and Wales 1182317 Audhor Rogers Spancer Newstearj House Pdham Road Nottingham NG5 1AP l)ocwn Env*Fg ID.. 8227A77&A4W6B48252-6307A4A111EI GIRLS ARE INVESTORS CONTENTS g• Trustees, report Stslement of trustees. responsibilities 11 Independent audllorfs report 12-15 ststemenl of financial actiwtes 16 Balance she8t 17 Statement of cash flows 18 Notes to the financlal slatements 19-28 Dt¢LtsbJn Envabwe ID.. 8T27A77&A4lI&86B4-8252￿3o7A4Al17El GIRLS ARE INVESTORS TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The trustees present their annual report and financial ststements for the year endpAI 31 December 2025. The financial statements have been prepared Sn asxordance %vith Ihe accounting pollcles sel out in note 1 to the Ilnancial statements and comply ¥￿th th6 charfty's ooveming document, the Charities Act 2011. FRS 102 Yhe Financial Reporting Stsndard applicable in the UK and Republic of Ireland" and the Charities SORP 'Accounting and Reportlng by Charibes= Statement of Recommended Practice applicable to ¢harilies preparfng thelr accounts in accorda￿8 vthth the ￿nan￿OI Reporting Stsndard appllcable In the UK and Republic of Ireland (FRS 102)". R•f•rence and administratlvo dgtaifs. The legal name of the tharity is: GAIN {Glrls are Investor5). The Gharity 1$ also known by Its operating name. GAIN. The charlty'8 areas of operatlon and UK charltable regi$tralion. The charity is reglslered in England & Wale3 ￿th the Charfty Commission in England & Wales {CCEW) Mth charity number 1182317. In addlllon. th8 Char￿ undertak8S OP8mtions In Sweden. Logal structhr• of th• Charlty. The tharily is consliluled as a Charitable Incorporat8d Organisation ICIOI in England & Wales. The goveming dcKumenl of the charity15 Ihe consltuts'on of the CIO as approved by the CCEW. There are no restrlctions in the governing documents on the operation of lh6 Chartty other than those Imposed by Charity Law. The trustees are 811 i￿￿1VIdual5. tlo¢usign Env4k)Pe ID.. 8227A77&A48&868+825Z-8307A4A111E1 GIRLS ARE INVESTORS TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 ObJ•cti￿S and a¢tlviti•$ The purposes of the charlty as sel out in Its goveming document GAIN is a community of investors sel lo thange the staggerfng lack of gondar diversity in investrnent managem8nt. GAIN edueates young women abcwt. and inspires them to pursu8, Careers in Snvesting with a sulle of online resources and a slrong netsvork of female role models who speak in high schools and universities around the UK and feature on our onllne channels, dellvering compelling and hvJh4mpact messages on the many benefits of investing as a career. The objects ofthe CIO are: 1. To advance th8 education of the publlc In the fundamental skllls neeessary for careers in professional invesllng and investfflenl related fields= finandal analysls. Investment slralègy. basic finance concepts and economu, critical thinking and analysls, presentafjon skllls and leadership concepts., 2. The promotion of equalty and diversity for the publlc benefit by providing oducatlonal and work experlence initiatives targe￿n9 glrfs and women attending schools, colleges and universiti8$ deslgned lo aijdress the underrepresentation of women in senior decisSon-maklng roles wlthln the Investment Industy. Tha maln aGtlvltles undertaken In relation to thos• purposes durfnu tho y GAIN'S volunteer nO￿Ork Continues to grow. with over 2,000 subscribers lo the volunteer newsletter by the end of 2025. Volunteers use GAIN'S resources to deliver educatiorb81 talks al ￿h0O1$ and universities across the UK, as well as partiapating In panel discusslons, wc¥kshops, and menlorlng. The maln activitiès undortaken durlng the year to further th• charty's purpose for public bonefiL GAIN provides o comprehen81ve range of 8v8nts. online content and programmes lo educate sludenls. Induding.. online and in*grson events al schools and unlversilies In the UK- • numerous work 8xperi8nc8 inslght days hosted by Spons￿ firms for students al schools and unNersllles,' a successfvl podcast e(lucating students on investrnent topics.. mentoring opportunllles on our programmes- Inlernshlp8 via our GAIN Empower Inveslmenl Inlemshlp Programme., the opportunity to leam via the GAIN Investrnent Instght Programme (GIIP}'. and the opportunlty lo leam and compete vla the GAIN Schools Investment Challenge and Ihe Universlty Investm8nl Challenge. The short tom and longer term alms and obj•¢￿¢$. GAIN'S mission is to Inspire and empower the next generatSon of women and non-bin8ry investment prolessionals by providing a plattomi for leamlng, Ca￿er development and neiworking. Our vision is to reach 25.(XK) women 8nd non*inary students each year by 2030 and we aspire to Increase thelr rate ol application to enty level Investing roles 10 30% In Ihe longer temi. Th• charity's strategies for achieving Its alms and oWe¢tlves In th• futur•. GAIN wlll confjnue to provide a comprehensSve range of events. online contanl. podcasts and programmgs 10 educate students {as listed above). How thg actlvltl8s undortaken durlng th• year contrlbuted to the achlevemfrnt of the and objectlves. GAIN conlinu8S to Inspire and empower the nexl generation of womgn and non-binary professlonals through expanded leaming. career development, and netsvorking opportunilias. In 2025, we grew our provlsion of Insight days with partner firms and Increased the netsvorklng opwrtunitses available lo programme participants. Resourc•s us•d In tho actlvltlos undortakon durlng th• y•ar. GAIN delivers it5 events, programmes, and content through a small, dedicated team. Our charitable status allows us to beneffil from rK)n*rofit discounts on technology and othar resources, enabling us to operate effe￿)VelY and sustalnably. Publi¢ b•n•fft The trustees h8ve paid due regard to guidance issued by the Charlty Commis&on In declding what actlvlties the charity should undertake. )rJJlw Envdope ID.. 8Z27A77&A48WB4-Ir252-B307A4A111EI GIRLS ARE INVESTORS TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Soclal Investments pollcies. How ihgso GOntrIbut￿ to the achlevement of charl￿9 aims and objectives durlng the year. GAIN doas not make sodal investments. Donations and sponsorshlp recelved direclly support GAIN'S actlvloes. Tho contribution of volunteers durlng tho ygar. Volunteers remaln central to GAIN'S work. By the end of 2025, over 2,C4)O were registered and receiving the volunteer newslatter. Drawng from across the investsnent management industry, they contribute by speaknng at online and In-person events, appearing as podcast guests. mentorfng students. creating content for the GAIN website, and maknng financial donauons. In 2025. GAIN created and filled 397 Volunte￿ opportunltles, with active parti(#p8nts representing 120 different investment fimis. Achl•v•ments and pgrforynancg CharStablo actlvhleB. Thè maln achIe￿Ments and porfomiance ofthe ¢harity durlng the year. In 2025, GAIN expanded its sludenl outreaGh. reathing over 12.500 students wlth the support of ￿r volunteer nefv40rk. Key highlKJhts Induded.. The GAIN Empower Investment Intemship Programme, which Indudes a cc*nprehensiv8 preparatory training course wlh 0nfrto￿n9 industry menlorfng. whlch: Received a consistently high 18vel of student demand, wlh 1.000+ applications for second consecutive year.. Maintalned a strong nefv￿rk of 125 pa￿CIPatIng fimis across the Investrnent industry: and, Saw 64Qh of inlems offered an investment role or secure a $ubsoquonl intemshlp wbth an investmenl fimi. The GAIN Investment Insight ￿c￿Jraffirne which grew from 11 S unlversity students in 2024 10 1 in 2025. The programme includes weekty Informatton sessbons, small group ment￿n9, a st￿k pitch presentation and iwo insight days with investment fimis in London or Edinburgh. The launch of the UnSversSty Investment Challenge. a national competition designed lo equip sludents wllh the skllls, confidence and industry exposure lo break Into the wodd of Investment Management, Sn which 210 students look part. Building on the success ol the Schools Investment Challenge, increasing thg total number of students partie4paling Irom 462 in 2024 to 630 in 2025. Contlnuing our Suc￿sS￿J1 student insight days In partnershlp vAth investment fimis. Increasin9 outreach and soaal medi8 follo￿ng resulting ￿.. 22% increase in Linkedln followers", 9¥• increase in Instagram followers. 20% Increase In student newsletter sIgn￿p& Strong volunteer outreach wth moro than 2,OCQ subscrflws to our volunteer newsletter al the end of 2025. Throughout the year, we created and fIl￿d 397 voluntger opporturbllies (school talks. panel events. workshops. mentoring. elc.). stgn Envdope IQ.. K227A77w8￿E8q-82s2.83o7A4AIl1El GIRLS ARE INVESTORS TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Fundralslng activiti•s durlng th• GAIN'S funding comes primarily from corporate donations and sponsorships. In 2025, we also recelvad grants from the charllable foundation of a global investment firm and the charftsble foundation of a global financial dat8 analytics company. We also ralsed slgnlficant additional ftjnds through a on&off gala dinner. In lotsl. GAIN ralsed £1,519.327 in 2025 suffirjent lo fulty lund the charity's operatlons during the perfod. The bre8kdown w8s as folbw$: £508,273 from Gorporale donaoons & sponsuship" £249,863 from grants., £2,319 from indlvi(Iu81 dOnatiC￿s- £147,500 from the GAIN Inlernshlp Programme., £537.816 from the gala dinner.. and. £73,556 from other donallons and Income. Investment parftwman￿. Th• dlfference the charlty's pèrfarnian¢e during th• yoar has mad• to the ￿ngfiCIar19s of the charlty. GAIN'S WO￿ In 2025 had a measurable positfve Impact on its beneficAaries, applications and parudpatlon Increaslng a￿osS all programmgs. The results speak for thamselves.. 64% of 2025 inlems were elther offerad an invastsm9nt role or secured a subsequent Intemshlp with an investrnent ￿mi - exduding those SUII at unlversity c who did not respond lo our follow-up survey. This demonslrales GAIN'S dlrecl Impact on incre8slng the number of women enterSng the industy. The degr90 to whkh t￿ achlovemonts and performance durlng th• ￿ar have b•ngfrt•d wlder $oci•ty. The investment management industry remains heawty m8le-dominaleAJ: the 2025 cl￿re Alpha Female raport found that only 12.9¥0 of UK fund managers were women, edging up marglnally from 12.5% in 2024, whlle a 2023 Level 20 report found that women hold just 220A of mld-level investment roles {in private equity). Against thls backdrop. GAIN'S work is maklng a tanglble difference. In 2025. 84% of s￿dentS who completed an intemship through the GAIN prograwnme were offered an investment role or secured a subsequent intemshlp 8 Strong Indicator of oui direct contrbbu￿On to increasing female representation in Ihe industry. The Slgnlflcant charltsble a¢tlvltles undertakèn in tho yoar. Tho main acllvltles durlng 2025 were.. ProgTammes- the annual GAIN Empower Investment Internshlp Programme, the GAIN Investment Insight Programme {GIIP} the GAIN University Inveslmenl Challenge and the GAIN Schools Investment Challenge. Evenls and onllne re80urce8, Including= Multiple onllne anij in-person events al school$ and universlues across the UK; Our third annual GAIN Studenl Awards.. Expanded studenl Insight days, with more investment Itmis hostlng Se￿On$ than In any previous year, and Continued groth of the GAIN Meets podcast, educating Students on a range of Investment topics. How the achlevem•nts during the y•ar m•asur• up to the obJ•¢tlv¢s SOL In 2025, we exceeded all our oblectfves includlng Ihe number of students reached via our events and programmes, and the funding we received. Tho p•rf0m￿n¢a of matorlal fvndralslng activi11￿ durlng th• year agaln8t the fundraSslng objectlves set GAIN is princip8lly funded by corporat& sponsorship. In 2025. our fundralsing objecbves were comfortably exceeded. drlven in part by a on&off gala dinner whlch raised £537,818. We also receSved grants from the foundation of a global Investment fim and the ftxjndauon of a global flnaneial dats analybcs company. Exp•nditur• incurr•d In th• yoar In order to raise incom• In lh• futuro. GAIN has not incurred any mat8ri318xpense$ in the year in order to ralse income in the future. oocuswJn Envèk¥e ID.. 8227A77&A48M664-82524307A4A111E1 GIRLS ARE INVESTORS TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Financial r•vi•w Thg charity's financlal positlon at tho end of tho y•ar end•d 31 D•c•mber 2025. The financial posllSon of the charfty al 31 December 2025 and wmparalives for the pdor period. as more fully detailed in the accounts, can be summarlsed as follows.. 2025 2024 Net inGome 672,519 2￿2,923 un￿StrIcted Revenue Funds available for the general purposes of the charty 1,557.844 885,325 Total Funds 1,557,844 885.325 Flnanclal rev1￿ of th• posltlon at thg roPQrtlng dato, 31 Docembgr 2025. During the calendar year 2025. GAIN ralsed £1.519,327 in funding from ￿rpOrate sponsors In the Investment management industy, personal donations, grants. the inlemshlp progr8mme and a gala dlnner12024.. £778,364). which was more than adequate to fijnd the chartys operations during the period. At the end of lh& year we had cash reserves of £1,369,47112024'. £874.5401. The trustses ¢on51der the flnanclal perfomiance by the charity during the year io have been strong. Going concern The Trustees have reasonable expectalon that the company has adequate resources to conllnue in existence for the foreseeable future. The financial stalomenls have the￿f￿e been prepared on a golng concem b851s. Reserves pollcy The reserve5 have been set al £968.701 as at 31 Decomber 2025. This reflects 12 months of forecasted op8rating expenses for the calerhjar year 2026. (2024.. £817,000, based on the budgeted 12 mcYth$' operating expenses fry 2025). The charity intends to hold these reserves for unexpected drops In Income and Ylll spend them on its charrtsblé aciivities. Reserves are a150 h8ld for OFPOrtunilies lo gxpand the charity's activities that the Twstees and GAIN execLrtlve team regu18rfy con*'der. The Trustees wlll revlew the reserves polioy on an annual basis lo tske account of the thanging circumstsnces of the charity. Deslgnated Funds- Gala Dinnor Proce￿$ In December 2025. the charity held a one-off gala dlnner whlch raised £537,816. These funds w8r& received as unrestricted donations and subseqLten11y deslgnated by the Board of Trustees for the followlng specific stralegSc Digital Programme fvnds hava been designal8d lo support a knphase dlgllal content developmenl programme runnlng across 2026 and 2027, encompassing online course dev&lopment, content produGli¢)n, platlom costs and associated headcount. £160.000 has been deslgnated for thls purpose, though actual spend may be lower subject to the QLFtwme of an inllSal sooping project. Student Bursary Expanslon - funds have been designated to expand the charlty* bursary offering across the period 2026 to 2029, with a totsl designated amount 01 £80,000. Deslgnaloé Reserve - the remaining balan￿ of £297,816 will be retained as a designaled reserve to support future strategic priorities. See note 19 In the accounts for further detsil. Availability and adequacy of assèts of •a¢h of the fund•. The board of trustees is satisfied that the charity's assets are available and adequat8 to fulfil its obligations. Envekp8 ID.. S227A77&A48&￿S2.83O7A4AI7 IE1 GIRLS ARE INVESTORS TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEIABER 2025 Prlnclpal fvndlng source8 Principal fundlng sources In the year and how th8s• $upp¢rt th• k•y obj•ctive8 of the Charhy. The prfndpal sources of fundlng for GAIN are sponsorshlpldon8tOons, grants and the Internship Programme. Thls fundlng enables GAIN lo pay the team salaries who organlse and deliver the various inllOatSves Iprogrammes. inveslmont challenges, school talks, insight days and other events) that support the key ctslecUv88 of GAIN. SlgTrlflcant events whl¢h h4￿ affectsd the flnancial Perforn￿ne8 and thé fin•n¢ial posltlon. 2025 was a slrcry year financially for GAIN, wlth fundralslng obiethes comfortably exceed8d. Key htghlights included.. Following our selecllon as a UK chanty partner by the charflable foundalion of a global Investment flrm In 2024. we ￿￿e1Ved a furth8r £1[￿,000 grant in 2025, matchlng the levd of support provided the prevIo￿S year. GAIN also recelved a grant of $249,682 from the charltable foundation of a global financial data analytics company. A onewoff gala dinner r8is8d £537,816, making a significant contrlbutkm) to the ygarfs fvndralslng totsl. Corporate sponsorship was strong across the board. The Empower Investment Inlemshlp Programma generated £147.500 in programme fees, charged to host firms to cover admlnlslrallon and intem training costs. 0￿u9￿n Envdow ID.. 8227A77&A49tkyew2524307A4A111E1 GIRLS ARE INVESTORS TRUSTEES. REPORT (CONTINUED) FQR THE YEAR ENDED 31 DECEMBER 2025 Principal risks and uncertalnties. GAIN has Idenfjfied tr￿ foll¢￿ing 9 key risks for the charity and put miiigants in plac8 for the risk or has an acuon Item to mlUgal8 the risk.. 1. Cornpllan Risk: Fallure to comply wlh legislation and reportlng requirements appropriate lo Ihe sLze of the organisaUon. leadlng to reputstional and financial hami. Mhlgatlon: Key legal and regulatory requirements have been identwled. woth proeedures in place for monitoring, reportsng, and preparation for compliance vSslts. Legal counsel and GAIN'S aetountsnl rewew 811 matter$ lo ensure requirements are met. A trustee with relevant expertlse was appointed lo the Board in March 2025. 2. Cyber and Infomiatlon S•¢urity Rl8k: Technology systems may be Inadequate, fall to adapt to changlng requirements, become vulnerabl8 lo cybw- attacks. or be unable to funGlSon durSng a ne￿Ork or cloud out8￿. Mitigation: A Cyber Securfty Lead has been appointed within Ihe tgam, supported by an external IT company lo strengthen protaction against evolvlng threats. Customer data is securely stored In a CRM Isalesforce. ml9rating 202512026 to Be8￿nI and employee data on Bright HR. all with inbuilt S8curity me8sures. Cyber Essentials Cartification has been achieved (cerdfication whlch Is backed by the UK government and overseen by Ihe N3￿¢>nal Cyber Security Centrel. Cyber Securfty tralning has bean delivered lo the team. 3. Volunteèr Engaggmgnt Daclino R18k.. A signlficant reducllon In volunteer partlclpatlcfi could undermine GAIN'5 ability to del￿er its programmes effecl'vely. Mitigation- Volunteers are engaged through regular follow-ups after events to gather and act on feedback. A Volunteer Adviscry Council was launched In 2025 to Ilslen lo volunteer ideas and hear their perspecbve. Conlribulion8 are also recognised an(J cdebrated through GAIN'S soual media chan￿ls. 4. Reputatlonal Rlsk Risk: Damage to GAIN'S reputstion could threaten our ability lo operats in ￿h0O18 and unlverslties and reduce financial or other support from donors and pariners. MFtigatlon: The CEO, wlth oversight from the Trustee BoaTd. promotes an open and transparent culture, ensuring complIan￿ wlth legal requirements. An annual Impacl report Is publlshed lo showcase act1￿lIeS and achievernents, supported by regular sponsor updates. A fivwKJinl parlnershlp tramework has been Introduced lo assess the suitability of collaborations with non4nve5trnent firms. The sponsorshlp onboarding and renewal due d111ge￿ process W88 enhanced in 2025 wrth a 'Sponsor Declarallon of Compllanee and Integrity, dause. Spon$or#hlp Dgcllno Risk: A sustained dedine in sponsorship or funding COLEld undgrmine GAIN'S finanual suslalnablllty as a charity. Mitigation: The CEO & Extern81 Stakeholder Manager maintain regular engagement wlh both current and potential sponsors. Indudlng meellngs around renewal dates. With support from the Trustee Board. and the Senior Advisory Council (launched in 20251, the CEO also ensures the orggnisation remalns relevant an(5 up to date wllhbn the industry. The External Stakeholder Engagement Manager was appolnted in 2025 to support the relatlonshlp management. renewals. and onboarding of n8w sponsors. A 12-month reserve5 pdicy is in place lo Gover potential short temi funding 98PS. 6. Saf•guarding Risk-. As a charity with staff and volunteers vll)thng directly wilh schcol$. safeguarding failures Gould put puplls and young people at risk of harm. while also exposbng GAIN lo se￿0￿$ reputational and leg81 consequences. Mltlgatlon.. An up-l04ale safeguardbng policy has been read and signed by all stsff and Iruslees. antl every team member has u)mpleled onllne safeguardlng training. The onboarding process requlres all new hires to review the li¢y and complete th8 training. Volunl8ers are &gnposled to the safeguardlng pdlcy on GAIN'S web51te lo ensure aw8reness of responsibilities and slandards. In 2025, 8 safeguarding lead was appolnted within Ihg team who completed enhanced safeguarding leadership traSnlng. Enve￿¢ ID.. 8￿A77&A4e￿6B￿2sZ.B3D7A4A11lEl GIRLS ARE INVESTORS TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 7. Koy Stsff Lo88 Rlsk: Loss of the CEO, COO, or other key staff. or their extended unavailabtlity due to Illnes8 or oth&r factors could disrupt the charivs operations and delivery. Mltlgatlon: A Buslness Continuity Plan is in place to ensure cryanisational r8g1i8nce In the event of key staff loss. Banking auth0ri881ion is held by multlple sbgnatortes Cu￿en1Y the CEO, COO, and two membgrs of lh& outsourced finance function - with a complex signlng requirement meaning all payments require approval from at least ￿ authorfsed Indlvlduals. In the event of a planned CEO departure. the notice period providas sufficient lime to appoint and Iransilion 8 suitsble replacement and keep sponsors appropriately Informed. In the gvgnt of an emergency or extended absence, sensor stsff are equlpped to assume responsibility for key management fu￿tiOnS. Remunerauon packages and career development opportunitle5 are revlewed on an ongolng basis by the Remuneration & Nominations Committee Icomprfsing the CEO, COO, and thra6 Trustees) lo support the retentlon of key talent. 8. Industry Pip•lino Doclino Rlsk: D8cline Sn future lalenl due to a decline in inlernshlp candldate quallty leadlng lo a decllne in industy interest and support in inspiring and developing future talent. Mltlgatlon: All appllcatlons are screened in-house by the GAIN team using a robust scoring system, with questlons designed amund 1h& competencies and skills most valued by hiring firms. The team malntalns ongoing dialogue with partner firms to ensure selecfjon criteria remain aligned thelr eXp￿tatIonS of int8ms and future hires. In 2025. fv40 enhancements were introduced to the Inlernshlp applicatlon process lo Improve the quality and mouvallon of applicants. A short video question asking candidates why they are interested In Snvestment management and the GAIN programme has been added lo ffilter out less committed applicants 8nd assist the team in assessing spoken English where it is not a candid8te's first language. Additionally. a new vldeo from the GAIN team has been added lo the application landlng page to set dear expectations around the commitrnent the programme r8quires. helplng to deter those seeking an inlernshlp as a short-temi opportunlty only. 9. External Socletal T￿ndS Rlsk: The evolving exlemal landscape around diversity, equity and incluslon may lead some c¢)rporate partnets lo reassess or deprforftlse thelr cornmllments to dlversity-focused initiatives. Mitigation: GAIN maintsins a broad and diverse sponsorshlp base spannlng multlple geographies and organisabons of varying size. reducing reliance on any single sponsor or sector. Sponsors are offered a range of gagement opportunities with varied levels ol public vislbllity. Sponsors also have the option lo reduce or Temove their public as50clatton with the programme. including opttng ¢xJl of social meO(a and website recognltlon. enabllng continuwj invdvement where internal or extemal sens111￿tIeS make a higher-proffile partnership difficult. Regular dialogue is maintained wth sponsors lo monitor sontlment and Sdentify early Indlcators of any shift In p￿Orl￿e$, allowlng the team to respond proactively where needed. FaGlors Ilkoly to affect future flnanclal pgrformance. Our sponsorshlp funding grew year on year, whlch inc¥eased our income. Ahhough support from the industy is currenuy strong, w& remaln minéfvl that future support could be affected by extemal factors beyond our wntr(A. SLKh as changes in the geopolitical and macroeconomic environments. As sponsorship accounts for the majority of our tolol funding. we cKJntinue to invest in our sponsorshlp outreach lo malntsbn support for GAIN. Plans forfuturn perlods GAIN conlnues to focus on delivering high quality content, pr(yJrammes and events to students. Expectations are that GAIN will continue at the current rate of gr￿ and reach 25.000+ stydents each yaar by 2029 110-year annIve￿ary). Strnduie. governance and managom•nt The charity is controlled by its goveming document, a deed of Iru$l and ￿n$￿￿teS a Ilmlted company. limited by guarantee, as defined by the Companies Act 2006. Env•)Pa 10: 8￿7A77￿A4wefjb*S2S2.B301A4AI1lE9 GIRLS ARE INVESTORS TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 The trustees who served durfng thè year and up lo the dale of signatu￿ of the financial statements were.. T Franklin C Hultman C Yonge A M Fleurbaaij R N Moodgal N B Mounler L E Foley A Tiessen (Appointed 1 March 20251 (Appointed 1 March 2025) The charlty's organisational structure. GAIN has 8 Trustees, 1 CEO and 1 COO. The CEO h8s 5 dlrect reports ICOO. Markellng Manager. ExÉem81 Stakeholder Engagement Manager. Digital Transfom)aUon Manager and Educauonal Partnarships Manager) The COO has 2 direct reports (Programme Manager. HR and Adminlstrative Manager.} and 2 second line report5 {2 x Programme Coordlnalor81. The Educatlonal Partn8rships Manager has 2 dir8Ct reports (Educallon Parknershlps C¢)ordinator - Schools and Education Partngrships Coordlnator- Unlversille¥). The ma￿eting Manager has 1 dlrect report (ma￿eting Coordinalor}. How th• charty makes declslons and how daclslons are d•logat$d. Day-to4ay decisions are the responsibility of the GAIN execuiSve team (CEO and COOI. who keep the Trustees infomied through monthly updates. Strateglc declslons are made al quarterfy meetings of the Trustees and GAIN 8xeculNe team. ond at meellngs of the four standing subcommlttees - Remuneration and Nomlnalons.. Flnance, Rlsk and Audit-. Intematlon81,' and Programming and Conlenl- which meet al regular intervals throughout th& y8ar. The Chlof EX￿utIv0 Offlc9r and other 8enlor managèmènt personn•l to whom day-t¢41ty manag•ment is d•l¢gated. Day404ay management is shared b&fvM8n thg CEO, COO, Programme Manager. Markeb'ng Manager. Extemal Stakehdder Engagement Manager. Digital Transformation Manager, HR and Administrative Manager, and Educa￿onal Partnership8 Man8ger. Induction and tralnlng of ¢rusto0s Thg mgthods uged lo rocruh and appolnt new charlty truslws. New trustses are appointed by the current GAIN board. provided candldales meet 1he eligibillty requlrements for trusteeship and have a clear vnderslanding of the responslbllilles the role onlails. There is no minimum ￿ maximum number of trustees. Each trustee Ss appointed for a fixed term of ba￿agn three and five years. All appolntmenls musl be made al a formally convened meeting of the appOIn￿ng b¢xIy. Thg pollcles and pro¢￿Vre$ for tho Inductlon and tralnlng of tru8ta•8. We have a cuslomised approath where we provlde a new trustee with: essential inforniation about lh8 organisalion, its mission and governance structure- 2. fa￿lItate introductions lo other trustees, employees and stak8hold8rs,' and relevant tralnlng opportunlues as neèjed. tknoJsh>i Envdope ID.. 8227A77&Aq8WW5243D7A4A111E1 GIRLS ARE INVESTORS TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Remunerall¢n policy Sotting pay and remuneration of koy managemont p•rsonn•l. Thls Is managed by the CEO and CCQ oversight from the Remun8ration and Nominations Ccmmittee. REFERENCE AND ADMINISTRATIVE DETAILS Reglstgred Company numbor CE016721 (England aThJ Wales) Registered C￿rity numb•r 1182317 Roglstfjr￿ offlcg 36 Bridg8r ao$o Felpham West Sussex P022 8FT Th• charlty as a part of a wlder n•tWOTk. GAIN Is an Independent chartty supported by sp￿sOrS and voluntsers. Relationships with our sponsors are largely managed by our CEO and Extemal Slakaholder Engagement Manager whlle relatlonships with our volunt88rs are managed by the GAIN team depending on the inlllallve a volunteer Is invofved vith. GAIN also operates in Sweden under th& nam8 'GAIN Sweden,. Tho charlty's rolatlonshlp wlth related partlos. GAIN partners with Level 20, a non%Jrofit organlsatlon, to deliver Ihe Empower Investrn8nt Intemship Programme. Thls relatlonshlp Is managed day-t￿aY by the Programme5 Team, with strategic oversight from the CEO. GAIN also worfrxthgn En¥eknp8 ID.. ￿TA77&A486-W-B2s2.BJO7A4ql17El GIRLS ARE INVESTORS NOTES TO THE FINANCIALSTATEMENTS (CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2025 A¢¢¢unllng polkies Icontlnuedl 1.5 EX￿ndIture Expendlture Is recognised c￿ce there is a legal or construotSve Ok￿l9a￿On to transfer aconomic benefit to 8 Ihird paty. il is probable that a transfer of economi¢ ben8fits wlll be requlred In settlement. and Ihe amount of Ihe obligation can be measured reliably. Expendllure is d8ssified by aclivily. The costs ol each activity are made up of the lotsl of direct costs and shaied cosls. Includlng support costs invofved in undertaking ea¢h acts'vlty. Direct CD515 attributsble to a single activity are allocat8d rfirectty to thèl acb'vity. Shared costs which contribute lo more than one adivity and support costs which are not attributsble lo a 51ngle activity are apportioned betsv88n thos8 activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent. and depredation charges are allcrated on the P)￿'on of the a88et'8 u8e. abllitles arising from fvture funding commitments 8nd ¢¢￿strUCtive obligations. induding perfomance rdaled grants, where the tlmlng or the amount of the future 8xpendilure requlred to setue the Obliga￿On are Ljncertain. give rise to a prowsion in Ihe a￿￿nts. which Is reviewed at the accountlng year and. The provlsion is Increased to reflect any increases in liabililles and is decreased by the ulilisation of any provSsion within th8 pen(MJ, and reversed if any provision is no longer requlred. These movements are charged or (rediled to the respecuve funds and aCt￿lI1e$ lo whiGh ihe provlslon relates. 1.6 Tangibl• Ilx•d #sets Tangible fix￿ assets are InlUally measured at cost and subseouenlly measured al cost or valuation, nel of depreclatSon and any Impaimienl losses. Depreciation is r8cognised so as to write off the c051 or valuation of assets less thglr resldual values over th￿r useful Ilves on the follo￿n9 bases.. Computer8 33.33% slralghl Ilne The galn or loss arlsing on the dlsposal of an assot is delermlned as the difference beiwe8n the sale pr(Keeds and the carying value of the asset, and 15 recognised in the stalemont of financlal ac14vlties. 1.7 Impalrniènt of fixod assets Al each repc*ting end date. the charfty revlews the ca￿￿ng amounts of its langlble assets lo d6terminè whether thert is any indication that Ihosa ass8ls have suffered an Impairment loss. If any such indicalion exists. the recoverable amount of the asset is eslimaled in order to detemine the extent of Ihe impalrmenl loss lif any). 1A Cash and cash equlvalents Cash and eash equlvalents include cash in hand, deposlts held at call wKh banks, other short-tem liquid investments wth original malurlties of thiee months or les5, and bank overdrafts. Bank overdrafts are shown thin borrowings in current liabilities. 1.9 Flnanclal Instruments The ch8rty h8s elected to apply the provisions of Section 11 'Basic Financlal Instruments. a￿j Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of Tis financial instruments. Flnanclal Instrumenls are reccgnised in the charitys balanGe $heel when the charity becomgs party to the contraotual provlsbons of the Instrument. FlnanGlal assets and Ilablliles are offset, with the net amounts presentsd in the financlal 8tslements. when there is a legally enforceablg righl lo sel off the recognised amounts and there b an intantion to setue on a nel basis or lo realise the asset and setue the Ilability simultaneously. -20- Envebpe ID.. 8227A77W8PA6Bty8252.B307A4A111E1 GIRLS ARE INVESTORS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting policl•s (Continufjd) Bas1¢ financlal assets Basic finanaal ass&ts, which indude debtors and cash and bank balances. are Inlilally m&asured at transaclon price including Irans8clion costs 8nd are subsequenUy carried at amorbsed cost using the effective interest method unless the arrangement constitutes a flnandng transaction, where the tr8nsacb.on is rneasured at the present value of the fulure recelpls dlscoLtnted at a market rale of Interest. Flnanclal a&8ets dasstfied as recewable wilhln one year are nol amortlS8d. Baslc Ilnanclal Ilablllfles Ba￿¢ financAal liabilities. includSng credllors and bank loans are initially recognlsed al Iransacticx) price unless the arrangernenl constitutes a )Inanang transaction. where the debt instrument Is measured at the present value of the future payments discounted 81 a market rate of InlarasL Fln8ncial liabllifjes dasslfied as payable within one year ar8 not amortised. Debt Instruments are subsequenuy carrieij al amortised cosL uslng the effeth've interest rate melhod. Trade creditOf3 are obligatSons to pay for goods or servlces that have been acquired in the OTdlnary course of operations from suppliers. Amounts payable ar& dassfied as current liabilities If payment Is due wbthln cK)e year or less. If not. they are presented as nOn￿rrent liabilities. Trade creditors are recognised Initially at trans8cfjon prtc6 aThJ subsequenuy measured al amortised cost using the effecuve 1ftte￿t methcd. D6rn¢ognition of finanGkl Ilabllltlgs Financial liabililies are derecognlsed vh)en the charity's contractual obligations explre or are dlstharged or cancellwj. 1.10 Employ•• boneffts The cost of any unused holiday entiuement 1$ rerKJgnised in the period in the employee's 6ervice8 are T8C8i¥ed. Temiinauon benefits are le￿gnIsed immedlately as an expens8 whan the charity 18 demonstrably commltte(i to lemilnalo the employment of an employee or to provide termination bengfits. 1.11 Rellmment beneffts Payments to defined contribution retirement benefit schem8s ar8 charggd as an exwnse as they fall due. Crltlcal accountlng è8tlmates and Judgernents In the applicatic￿ of the tharity'5 accounllng polldes. the trustees are requlred lo make judgements, estimates and assumptions about the carrying amount of assats and Ilabilithes that are not readlly apparent from oth s(Kirce5. The e511males and associated assumptions are based on hislorlcal experbenc8 and other factors that are consldered to be rel￿ant. Actual results may differ from these estimates. Th8 &sb'mat8s arnl Under￿ing assumptions are revwed on an ongolng basi5. Revisions to accounltng estsmates are recognised in the period in whid) the estimate is revised where the revision affeGts only that peri(yJ. or in the pedod of the revision and fubjre perfods where the revisi￿ affects both current and fvture peri￿j$. 21 [JOts￿an Envek)pe 10: 8227A7T&A4W6BW2-8307MA111EI GIRLS ARE INVESTORS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 310ECEMBER 2025 Incom• from donations and hgacies Unrostricted funds 2025 Unr•stricted funds 2024 D¢)nations and gifts Gift Aid inco Grants Gala dinner- donallon 510,951 483,159 255 100,000 249.863 537,816 1,298,630 583,414 Incoma from othèr tradlng a¢tlvlti•s Unrestrlctod UnroStrict8d fund# funds 2025 2024 Inlernshlp programme Coyjrate sponsorship 147,500 32,500 158,750 180,000 194.99) Income Investments Unrnstri¢tod UnrostrlGtod fvnds nds 2025 2024 Interest rerEivable 10.622 Other incom• Unl•￿1CtOd Vnr•slrictod funds funds 2025 GAIN Sweden irujme 30.075 -22- Ll)oJ*gn En￿ty1 10.. 6227ATI&A48&8oBÉk8Z52-B￿TA4Al1lE1 GIRLS ARE INVESTORS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Expendltur• on ralslng funds Unrestricted Unrestricted funds funds 2025 2024 Fundral$ing and publicity Oih8r fundraising costs Staff costs Support costs 3,521 96.099 50.748 34,234 22,232 150,368 57,186 Expendlturo on ¢harltabl• a¢tivili08 2025 2024 Staff costs Adveruslng Careers Fair Inlemship programme Student events Mentor programme Travd costs V8t irreLxwerable 451,410 1.163 13,664 23,968 20.061 3,￿0 4,282 341,578 308 11,488 23,213 7.013 2,650 4,291 527,716 390,539 Sharo of support and 9ov•rnanc• costs {8eo note 9) sU￿10rt ¢osts 168.724 127.714 696,440 518,253 Analysls by fund Unrestiicled fund$ 696.440 518.2S3 -23- DO(xJ*w ID.. 82Z7ATI&A48Hfj644252-8307A4A11 IE1 GIRLS ARE INVESTORS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Support ¢gsts allocated to activities Fundra16ing Charlty op•Tation Total Totsl 2025 2024 staff costs Depreoatic Insur8n(* Advertising Sundries Consulla Bank charges Computer costs Staff tralnlng & benefits Reryuitment Gosts Travel Legal & compli8n¢e ￿$ts Governance 27.107 67,571 3,446 749 94.878 4,234 920 13288 721 10,000 {519} 35,097 12.828 5,973 6,248 2.389 33,615 78.159 3,794 919 171 135 8,140 1422) 28,568 10,442 4,192 5,088 1,999 31.723 28,575 117 5.727 5,379 4,754 3,357 1971 8,529 2.386 1,781 1,162 1,892 15.778 50.748 168,724 219.472 149.9H 2025 Govomanc• costs comprlso: Staff Gosts Accountancy. audit & independent examlnaoon fees Trustee recruitment costs 19.846 10,189 13.423 2,35S 33,615 15.778 10 N•t movement In fvnds 2025 2024 The net movement In funds is stated aft8T chargIn￿{Crediti.￿gk Fees payable for the Independent examlnation of Ihe GharW5 finandal stalem&nts Fees payable to the chaftty's auditor.. - for the audll of Ihe charity's financial statements - for other financial services Depreciation of clwnad tangible fixed assets 1.750 7.200 4.234 3.794 11 Trustees None of the trustees (or any person$ twnneoted them) recelved any remunera￿on or benefits from the charity during th8 year. -24- (>)cJJ&gn Envd¢po ID,, 8227A77&A488-8fjM52-8307A4A111E1 GIRLS ARE INVESTORS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 12 Employoes average monthly number of employe85 during the year was: 2025 Numb•r 21Y24 Numb 14 14 Employm•nt costs 2024 Wages and salaries Scoal security costs Other pension ¢>)sts 584.774 64,338 12,921 418.463 38,964 9,967 e62.032 467,394 Thè number of employees %those annual remuneration was more than £60.￿0 is as folbws: 2025 Numb 2024 Numbgr £60.001- £70,C(Jo £110.001-£120,000 R•mun•ration of key manag•mont pwsonn•l Thbs Is manag8d by the CEO and COO with overslght from the Remuneration and Nomlnations Committee. 13 Taxallon The charity is exempt from taxauon on Its a¢￿￿eS because all its incom& is appli8d for charitable purposes. -25- Dow$￿￿ E￿￿1p& ID.. 8227A77W-e6B4-f252.B￿7A4A1l1El GIRLS ARE INVESTORS NOTESTOTHE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 14 Tangible fLxed assets Computers Cost At 1 January 2025 Addmons 12,984 1,310 Al 31 December 2025 14,294 Dgproclatkln and Impalrrnent At 1 January 2025 Depwalion charged In the year 6,854 4,234 Al 31 December 2025 11.088 Carying amount Al 31 December 2025 3.208 At 31 December 2024 6.130 15 D•btor8 2025 2024 Amount* falling duo wlthln on? year.. Trade debtors Prepayments and acGrued inccffle 71,739 215,591 3,5C 17.565 287.330 21,065 16 Cr•dltovs: amounts falling due wlthln one 2025 2024 Othertaxation and social wurlty Deferred Income Trado Greditors Other credilus Acc¥uals 43,345 41.019 2,052 4,1U 11.550 11,903 17 2,507 2.oc 102,162 16,410 17 Deferred in¢omo 2025 Other deferred Income 41,019 Deferred income is included In the financial 3tstements as follows: -26- D(*￿￿Jn En¥tknpe ID.. ￿TA77&A48￿eiW52.B3o7A4Al1lE1 GIRLS ARE INVESTORS NOTES TO THE FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2025 17 Deferred Incomè {Contlnu8dl 2025 2024 Deferred income is included wlthin.. Current liabilities 41,019 2025 Movements in the year. Deferred inwme al 1 January 2W25 R8sourGes deferreil in Ihe year 41,019 Deferred Income al 31 Det£mber 2025 41.019 08ferred income relates to grants re￿iVed before condlllons havg been mel to enable re¢ognilion of the Income. 18 Retlrement benttfit sch•m8s 2025 2024 Dellned contribution schemes Charge to profft or Ios5 in respect of defined contribution schem88 12,921 9.967 The charity operates a defined contribution pansion sch8mg for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independenuy admlnistered fund. 19 Llnr•strlct•d fund The unrestricted funds of Ihe charity comprise the unexpendwj b818nces of donations and grants which 8re not subject to specnlc condlllons by donors and gr8ntor5 as to how they may be used. Th8sé include designated fund$ whlch have t¢en sel aside out of unrestricted funds by the trusteas lor spedflc purpose5. At 1 January 2025 Incoming Resources re8our¢eJ ewnd•d At31 D0￿Mb￿r 2025 Gala Dinner General funds 537,816 981,511 537,816 1,LY20,028 885,325 (846.808) 885,325 1,519,327 1846,808) 1.557,844 -27- DO￿S￿ Ertveh?￿ ID.. 8727A77&A48H6B442524X17A44111E1 GIRLS ARE INVESTORS NOTES TOTHE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 19 Unrostricted funds IContinu•dl Pr•vlous y•ar.' At 1 January 2024 Incomlng resourcgs Rosource8 oxpgnded At DKombgr 2024 General fvn(Js 682,402 778,364 1575.441) 885.325 Desi naled Funds The Gala Dinner fvnds arg deslgnaled {£537,8161 lo develop a digital programme; expandlng our student bursary offering and retaining some In reserve. 20 Rélated party tran$acllon8 Nalasha Braglnsky Mounier is a trustee and is 81so on the Boar(l of GAIN Swgden along wllh CEO Tanya and another GAIN UK re18ted individual. This was an en￿ty that was set up in 2025 that pay an annual 10% afflli8tion fee. There are 4 member5 on the Board, and il was conffirmed Ihat the entity 15 separate and no element of contrd is Involved that would requlre group accounts to b8 prepared. Trustee donatlons to GAIN UK during the year were £190,orx) by Rahul Moodgal towards the Gala dlnner and £800 by Natssha Braginsky Mounier towards staff tralnlng. 21 Cash generated from 0￿ratIonS 2025 2024 Surplus for the year 672.519 202,923 Adjuslmgnts fw: Investment Income recognlsed in statement of finand81 adviues Depredatlon of tsngible fixed assgts {10,622) 4234 3.793 Movgmonts In working capttal: Ilncreasel In debtors Increase In creditors Increase in deferred Income 1266264} 44.733 41.019 113.5661 13,154 Cash generat￿ from opèrations 485,619 206,304 Analysis of changes in ngt funds The charlty had no material debt during the year. -28-