Chority registration nurnber 1184636 (England and Wales) CrAnparry reg15tratlon number 11S92194 GRANTA TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 GRANTA TRUST LEGAL AND ADMINISTRATIVE INFORMATION Truste05 Sigrid Rau$ing Rana Dasgupta George Prochnik Charity number 11&1638 Company number 11592194 R•gl$t6rod Offi¢8 12 Adclson AvenL London UK W114QR Audftor Bright Grahame Murray Emperorf5 Gate 1143 CromwBII Roa Ken$ingtom Londo SW7 4AG GRANTA TRUST CONTENTS Pag8 TrLJStees' rep IndependEnt audllofs report Staiémaniof fin8n(ial acimlias Summary Income expeThJiiurg account Balance shÉÈt Notes 10 the financl81 $￿teMents 11-22 GRANTA TRUST TRUSTEES. REPORT IINCLUDING DIRECTORS. REPORT} FOR THE YEAR EAIDED 31 DECEMBER 2024 Tt* trustees preseTrltF￿r annual report ar￿ financial statements lor the yearended 31 08cember2024. The financisl stalemenls h8Ye been prepered In 8ccordBnce with the eccountrng policies Sel out In note 1 to the IinanciBI $181etnenls and cO￿pIY wilh the Trust's ArtiGles. the CornpaDies Acl 2006 aTrd'AttouDling and RepDrting by Ch*rib8¥". Slalemenl ol Recommended praCt￿e applicaNe lo charrties preparing Itt￿r aceounts in accordan￿ with the Finan￿ Reporting s￿dard applicable in the UK and Republic of IrBlanU IFRS 1021 leffpctive 1 January 20191.. Objertives and adivibes The Tmsl's objècts are, thÈ a(fv8ntèmeni ofthe iitèr8ty arts. in partthLqr the tyomoiion ofnÈw and ÈmÉiging ￿lling Énd thè advanGeTnenl of education through the prornotion of lil8[￿Y and literacy cultures. The Irusiees h8ve paid due regard to guidan¢e issued by the Charity Commi$5h)n in decidiry what a¢bvrties the Trust shauld Unllertake Achl8V8m8nts and porfomian¢o Financial reviow DonaliDnS t8c8iYed in the prior Trriod5 proyide the Ttusl with an expendabe endoWrr￿￿l which 'will generate invesltnent come lo wpport Ihp Eharilable activitie5. It IS thp trustees. intention that the Gapilal should be preserved lo mainlain the vel of inve$lmenl Incom8, bul the cap￿811$ &xpand8tle in case ol urgant aTrd unlorÈs*8n noed. and wlll allow the Trust's current actiwlies to be sustaine(J while consideration is gwen to 'ways in which additional funds may be raised. Trustees therefore consider that ieserves should be limited to an amount 4propriale lo the Trust's workiry capital needs and have m8lntainÈd this Itvèl ofra$ervesthr(wgFw)ul thè yt*. lThvostm•nt Poll¢y Trusl8es r8view8d the options aV31able for invesknent of the expendable endowment and sdecled th8 CCLA'S Eth￿1 Fund Trustees recèiv8 regular rewrts trom Ihtr CCLA and anrnalW wllh its rep￿￿ntatIvE*. Cash b31*ces not immedkqi&ly needed are pk¢ed on short term deposit when these are available 81 more ihan a notional rale of Inleresl. Risk management The trustees have assessed the rnajor risks to thiGh Ihe Tru5115 exposed, andare Satisfied that syslern5 are in ￿arE to miligale exposure to mqor risks. Ro$orvo5 wllcy The TrU￿ee8 have established ihe level of reserves thaithe tharily ought to have. Th8 funds are [￿eded 10.. cover support and management cosi8 prov￿8 funds hthich can be ¢Jesignaled to spo¢th¢ projects 1¢ en$ble ihwn lo be ur￿ertaKen 81 short not￿1,. • achieve a liquid reserve lo provide coverfor furth8r chantable eXpend￿re. The Trustees cantinue to rnonilar and review peYiodipAlly Ihe level d reseNes In conjunction wilh the sethng ol gnnual budgets ar￿ the developm￿1 tsf thè long-lerm Strategy to meèt Ihtr tar9Èts of thÉ charty. The Charit￿$ polity 1> to maintain adequate lund5 lor its cctnmilmenls for chariiable proiecL5 in th8 publishing sector. Plans torfuture perfods Tru51ee5' main focus cont￿ueS lo be on oversight of Ihe (yeraling busine5S. to Satisfy themsebfes that il is ￿rdti￿g effe¢bvely and in a way that futhls the Trust th8ritat4e purposes. They will ￿tinue to bok for new activities. such as the Yiriling acad8my. wh￿h advance th8 Charity's objectiY8s and protrid& a valuab18 incorne slream. TtUStees will 8150 continue to iai8e furKJ$ from third party donots ¥vllh 2n int8resi in the liietary fi81d. GRANTA TRUST TRUSTEES. REPORT IINCLUDING DIRECTORS. REPORT} ICONTINUEDI FOR THE YEAR EAIDED 31 DECEMBER 2024 Structure. 8ovoman¢* and managomoTrt Granta Trust E a company limited by guar3nla9. 11 Is g￿eM￿￿ by its Memor81￿Um 8nd Artide9 of A5sooaiion. Related Pafvs and Conflicts of Interest None of Ihetrustees receiv&l remuneration ￿ Other ben?filS for thelr wcrfk for th8 chadty Olher than th￿e di$d￿ed In note8 lo the 8¢¢ounls Any Ir8n¥¢lions between the Trust and the Iruslees or seniormanagemenl or ￿lated parties musl be disd05ed lothe Board. Detai15 of rdaled partylransactions are disclosed in nol£ 22 to the ac￿￿￿ts. TTuslees are required to di5dose al relevant leresls and register annualy wilh the T￿81.5 ad￿linistratIOn. and in ￿cOrdanCe wlh the T￿51,$ Confiid d lTrteresl Policy to withdraw from decis￿￿8 INheYe a conflict ol Interesi arises. The Iruste8s, who art also the dirtrctorg for thè purpose of company law. who sèrved during Iha yaarand up to th& daltr of 819naluie ol the financiBI s￿leMentS wera-. Sigrid RaUS￿g Rana Dasgupta GÈorgÈ Prothnik D•tsll$ of mothod of rocrullmènt and appolntmont oftru$tso$ Trust@88 are appDiTiled lo the board on the basis of theirskills and experience in either the li18rary or Gharitab18 field. Trustee 8pwlntrments are for an init￿1 pedJd ofihree years. Suppller P3yment Pollcy The ¢t￿panY'S current poI￿Y (onceffling Ihe paymenlof Ir*e ￿edItorS is to follow the CBI'S Prornpl Payeis Code ar8 available from th8 CBI. Centre Point. 103 Mew Oxford Street. London WC1A 1DUI The ￿￿p*ny'S ¢urr8nl polky ¢on¢ernlng lh8 paymnl d tr￿¢ uedllors is lo.. • s8tt1e the lermsof ￿y￿ent￿1th suppliers when aoreeinD th8 terms ofeach tran￿ction.. • ensLYe knal suppliers are made aware of the lerrns of payrnent by inclusion of the r2le¥anl terrns in contract4 and pay in accorda￿9 with thè company's tontrèctua Ènd olhèr legal obligatmins. Trade ¢￿ditOrS of the c(mpany atlhe perh)d end were equivalent lo 31 days, wrchases. based on t￿￿ daily aMts￿nt in¥oiced by Suppliers during ￿le period. Detalls ol er9anlsatlonal structure Granta Trust employs nine staff loed11ar￿ sell the ￿a￿Zine. Ènd tD edit the PDPtry list. Other funct￿￿$, induding contr3Ct sdrninisiralion. produ¢lion, Tn8rk8ling and publiGily. fiDan¢e and IT 8rp outsourred lo Grarla Publitslions, which charge¥ fDr Ilme spent on the Trust's Operation￿ The day lo day management Df the operations of the Trust is overseen by the Execultve h48n8￿ment Board. wh￿h reports regularfy lo trustees. The Trustees ci)nsiderlhat the Board of Trustees. the Editor ar￿ DepLty EdiloT cornpr￿e the key M￿agem￿nI personnel of thtr charity in ¢h8rge of directing controllkng tha charty ar￿ its fky 10 dèy ap6f8lhJn. StattTTrpn¢ of IW$lef$' rBsppnsibilitiB$ The trustees, who are also the direclDrs of Granla Trust for the purpose of cotnpany law. are re5Fx)n￿b1e for preparing Ihe Trustees, Report and the fin$ncial slalerrents in acCord￿Ce ￿th applicable law and Unrted Kin9dom kcowiin9 Standards (United Kiwdom GenerallyAccepled Acwunling Practicfyl Audltor In ac￿￿anCe with the company's artKles, 8 18solulion prowsing Ihal Bright Gr8hame Murray ba re8ppclntod as audllor ol Ihe company will be pul at a General Meeting Pwincipal Offire Thg gddress ofth9 priwipal of lh9 tharity is 12Addisgn Avgnug. London. Wl 1 4QR. GRANTA TRUST TRUSTEES. REPORT IINCLUDING DIRECTORS. REPORT} ICONTINUEDI FOR THE YEAR EAIDED 31 DECEMBER 2024 trustees. repDrt wes approved by the Bo8rd of Trustees. Siwd Rausty Trustéè 30 Junt 2025 GRANTA TRUST INDEPENDENT AUDIToifs REPORT TO THE TRUSTEES OF GRANTA TRUST Oplnlon We have the linanck41 staletnents ol Granta Trusl Ilhe'Trusl'l foi the year ended 31 Decembgr 2024 which compri* lh8 stat8tn8nt ol financial actwiti8s, th8 sumrnary incotno and 8xp8nditur8 account. th8 balanc8 shg@t, th8 stat8tn8nt of cash fiows and notes lo the Iin9nGial $18lements. including s1gnrf1r￿t awiunting policies. The financial reporting fra[￿ork th9t has been applied in their preparat￿￿ is applicable18w and United KIngdC￿ AGcounliw siandards. includin9 Fin*cial Reporting Si￿d￿r￿ 102 Thc Roporting si8ndard&pplicaNc In th9 UKandRopth)lic olltslandluniied Kingdom Generally Accepted Accounting Piacticel. In ourop1n￿n, the fina￿la1 staletnenl&. give 8 Irw and fair View ol th8 $131e of Chan￿ble comp8nWs alfairs 88 at 31 December 2024 and of its incomi)g resour￿5 and application ol resources. lorihe year then ended-. hav8 bg8n properfy prepar*d In a¢¢ordawe with United Kingdom Genarally Accaplod Axounllru Pracllce., and h8ve been praparad in x¢c*d8nc& wflh requir8m&nts of the Compani$s Act 2￿￿. Basi8 for opinion Wc conducttrd OLJI audit in 8ccoidance Wilh Iniernaiional Sta￿8rd3 on Audiiiny IUKI IISAS IUKII 8nd app￿cabI￿ law. Our Igsponsiblilies under Ihoss standards are furthor dtrscnb￿ In ihe Audilor's r$spoftsil)ili1￿S forlhtr &urJil of fin8ncisI Slal8m8nis section ol ow report. W8 ara Inde￿ndant of Ihe Trusi in 8wordance wilh the 8lhical requirem8nis thai ar8 relevanlto our audrt of Ihe finanrjal slalemenls in LJK. including the FRC'S Ethical Standard, and YE have fufilled our ther 8thicai responsibilit￿$ in accordantÈ with these rèquirements. We believe that the audit èvidpncè wè have Obtain￿ is sufficient ar￿ apprO￿al8 to provide a basi5 for our OPiniDn. ¢on¢lu$igns rglatlng tg golng In auditing the financial siaiements. we have C￿Cluded thai Ihe INslee8' J8e of Ihe going concern basis of ¥¢coJnrin9 in ihe prgparalion of the finamial $18ieN&nts ￿ appropri81e. Based on t￿ work wé have parfomed, WÈ havè noi idanithÈd any mattrrial uncÈrtawiiies rtrlabng 10 Èvents or conditims th81, dividually Or ¢o118elivdy. rnay ca$t Significsnt dtrubt On Trust'a ability ID continu8 aa a going conc8rn for a p8riod of al asl IwelvE rnonlhs frim when Ihp financial statetnEnts are aLthorised lor issuè. Our responsibilities and the responsibilities olthe trustees with respect lo goin9 Corb￿[￿ ￿ d8scribEd in the relevant sections of report. othèr Infornatlon The other irfortnaliDn (xKnprises the infor[nat￿n included n the a￿r￿al repDrt otherthan the financial statements and our 8udito¢s repofl Ihereon. The Irustees are *5pnnsible tor the Olher Infon￿allOn coniained wilhin Ihe annual ieprjt (Xjr opinion on the finan￿¥1 stal8ments does rK)l Covgr the other Information and we do nolexpress ally forrn ofa55VTance conclusion Ihereon. Our iesponsiblity Is lo read the olher inforrnthl￿ and. in doing so. c0Th5ider ¥thether the other infornialion is materially Iwonsistent Mlh the Iinèncial statements orour kncwiledge obtained in the Coutse of Ihe audit. orotherwise sppears to bè Tn8ieritlly misstated. If WÈ idèrrtify suth material inthnsislenci8s orapparent matarial missiÈtem8nts, Wè 8re Ipquired lo dElermine wh8lher this yives rise lo a Tndierial rnis51dlernenl in lh8 Fin￿Gial slatem8n15 theTnselves.11, based on Ihe work we have performed, we conclude t￿lthere 1$ 3 materiel MISS￿lement of this Inf￿matIOn, we aye required 10 i&port that fact We have to ￿pOrt in this reg￿d. Matters on which wff awF r9quir￿1 to report by px¢vption We have ndhing to report In respect of the frllowing ma11ers in reblion lo which the Chariiifys IALrounts arvj Report51 Regulation5 2008 requires us lo reportlo you rf, in our opinion-. lh8 Informauon In the IIDan¢l81 st41emeni$ Is Inconsl$i8ni In any maiwlai resp$¢i wllh Ih8 Nw8e8' r6port.' sufficEnt accounting records have rnl been kept,. or ihe f￿anCIal slalernents are not in agr&rnpnl with the accounting wtt*ds." or we have not received ali the information and explanations we require forour audit. GRANTA TRUST INDEPENDENT AUDIToifs REPORT ICONTINUEDI TO THE TRUSTEES OF GRANTA TRUST R•sponslblrtlos ol trustO9$ A5 explained more full￿ n the ststemenl of Irugiees, re5ponsibililies, the Iru5tses. who 3realso the diieclors of Trust lor th8 purpDSO of company ￿￿. r8Eponsbl8farlh8 Pr￿Parat￿n of th@ financial stat8rn8nls and for b8ing Éatisfi8d that th8y oive a true and lair VEW, and for SLth inlemgl control aslhe Iiuslees determine is necessary to enable the preparation of financ4al stalernents that are fre8 frotn fflaieri81 missta18n8nl. wh8iher due to fraud or etror. In preparing the fin8n¢ial ststements, the trusiees are ￿SpC￿$1b1e lor assessing the Trust's obilily 10 ¢onunue a8 a g¢Ang concern, disclosing, as 8ppli¢able. matters rel8led lo going cOn￿M 8nd ushyg the going wncern b8s15 of a¢couniing unless the trustees ether inten to Iiquidale Ihe charitsbl8 company or lo cease operations. or have no realislicattemalive bul lo do sa. Audltofs responslbllltles forthe audtt of the fln8nclal statements We have been appDiiiled as auditor under seGlion 144 01 the Charitie5 Aci2011 and report in accordance wlh the M and Yelevant regulations m¥de ￿ hawng effect thereunder. Ouroty'ecti¥es are to obtain reasonaLle assviance about whelher financial 5taletnenls a5 a whde are free from material missiaicmnt, whcihcrdLJC to fraud or error, 8nd 10 Issue an audiiorfs rcrort thai Includes our opirmon. Reasonab￿ assuron 8 high l&v&l ol a$suran¢e bul Is wl 8 guarant* Ih¥l an 8udil cwlucl¥d in a¢cord8n¢8 wilh ISAS IUKI will always dgIe￿ ¥ material Tr713slalem8nl exis15. Mi&slal&rnenls can arise Irorn IraLJd or error and ale considered rnal8nal It. indiwdLJallv or in ttrÈ aggreg8te. they could re8son¥tly be expected to influence Ihe economic decisions of users tsken on basis of thÈse financial statèments. Trt extent ID whch our procedures are capable ol deleoing iryulsrilies. Indudirg fraud. Is detailèd below. ExteDt to bYhi¢h our procedures are capable of detecting irregularities, including fraud. Wa idontify and asstrss ihe risks of matsri*l mIss￿taMent ol the financia $taiemoni$, whsth•r due 10 [r￿d orarw, 8nd then esign and perform audit prO￿d￿reS responsive lo rrsks. indud1￿ obtsin1￿ audit evideiKe that Is suffici￿1 and appropriate lo provide a basis for our opinion. In Iden￿fyin9 and addressing risksof material tnisstalefflgnl in respect of irwuL3rilies. inckndirvJ fraud non-cDm￿lan with laws and regulatiOn5, ourprocedures induded the followin9". We obtained an undersl8nding of laws and regulations that atlecl the Charity, fo¢vsing on those Ihai had a direct eff8d on the finarbcial slaletn8nts orthat had a fundamental effect on its operations. Key laws and reg￿ationS Ihal'we idenbfied inaluded kne tax legislation. Charities Act We enquitpd of the trustees and revi8wed Iru51885' meeling tniTrule5 for evidenGe of non-cotnplianc8 with relevant laws and regulstions. We reviewed controls the Iruslees have in place io ensure CCJmplIan￿. We gained an underslanding of and evaualed controls that the trustees have li place to prevent and detect fraud We enquired of Ihe members atx>ul any irridences of fraud that had taken place during the accounting peri￿. The d8k of fraud and noTrcomplla)¢e with Lqws and reguli¥ions and fraLJd was discussed ￿thIn I￿ audii lawn tests were pLqMed and paforrned to address ￿eSe risks. Ive identified the potential for fraud in Ihe following aws. We iÈviewÈd financial statements dis¢losurÈs and 1è8tÉd 10 Support￿￿ documenktion 10 8sse85 tompli8nca with rel8Y*nl18ws and regul¥iions di$cu$sed *bove. Wg of Ihg trust99$ gboul gctval and pol£ntial lilwaton clpims GRANTA TRUST INDEPENDENT AUDIToifs REPORT ICONTINUEDI TO THE TRUSTEES OF GRANTA TRUST We parformd analyttcal wocaduras 10 idèntify any Unusu￿ or unexp&￿ed rÈlaik)nships th81 mI￿t Indic*e rlsks of matsrial missialèm*nl dus lo fraud. • In addressing Ihe nsk of traud dve to managtrmenl ove￿Ide of Inlemal ¢onlrols we leslÈd the appropnalenÈs$ of journal entries and assessed whelher the judgements mae in maknng accounting e5tThates wer8 Indi￿tiVe of a potential bvas. Due lo the Inherent limit81ions of ￿ audit. there is an unavoidable risk Ihal we may not have detecled some m8lerial m15slalements in th8 financi31 slalaments, even though we have properly ￿anlled and performed our audit in accordance Yiith auditing standard5. F(￿example, as wrfh any a￿11. Ihere reTnained a higher risk of non-deteGtion of irregLI￿tie￿, a5 Ihese m8y Involve collusion. toryery, Inteniion81 omissions. misrepresentauons. or Ihe override ol intern81 contrtsis. We s￿ not Spor￿1b￿ lor pr8vgnlng fraud oi non-C(*wplianc8 wnh laws and regulations 8ThJ cgnnol be exp9¢t￿ todetect 41 fr￿d 8nd A fwth&rdas¢rlpllon of our rosp)nSlbll￿frS is avaIl8b￿ on tha Fin&)¢Sal RoportSn9 Coun¢ll'8 w&bslt& at.. https'.IAwfrc.c*g.uWaudilorsreswnsi￿I1I￿& Thi8 de9￿PIlOn forms Part of ow auditovs ieport. Use of our report This report is mad8 sol&ly to the chadty'g Iruste8s, 8$ a body. kn accordance With Part 4 of the Charilles (Acwurts and Reports) Regulations 2008. Our audit work has been undertaken so rh81 we moht slate lo the d)anVs Iruslees I￿)Se matter5 we a￿ required to Stsle lo th8m in an auditor's repl￿t and for no olher purpose. To the ful￿51 exl8nt P8rmitled by kw. we do ot accepl or assLJtnp resp1￿51b11Ity ID anyone olherlhan Ihe charity and Ihe charity's truslpes as a body. for ouraudit work for IhSs f8POrt. ty forth& opSnlons we hava formèd. Wllllam Moakln IS•nlor Stalutory Audhorl forand on behaw ol Bright Grahame MurTay Chartered AGcountaTrts s￿ulOry Audltor Emperorfs Gale 114a Cromwell Road Kensinglon London SW7 4AG 1 July 202S Bri￿1 Grahame Murray is elyible lor appointrnenl as aLJdilor of Ihe Tru51 by virtue of its eligibilityfor apwintmert as au(Ilor of a company undersection 1212 of the Companies Act 2006. GRANTA TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2Q24 Unrp5trfGted EwKIDviment funds I￿ndS 2024 2024 Total Unre5trfctpd Endowrnent ftjmds funds 2D23 2023 Total 2024 2023 Notes IncDtne fro￿.. Donaiions, endowrnents ar legarJes Charitable ￿ts.￿lieS Invesknents 145,445 971,662 263,30g 145.445 971,662 263.309 131.760 776,390 264,771 131.760 776,390 264.771 Tatal Income 1.380,416 1380.416 .172,921 1,172.Q1 Bndltur& on.. ch￿table xtiwli85 1.813,814 1813.614 1.690,393 1,690.393 NBI gain￿lI¢S$e$l o inve51men15 249.082 249.082 811.780 811.780 Gross transfers bet4¥e8n funds Not loutgoingifinctsming ve$our¢es 95T,346 1957.3461 1433.1981 249,082 439,874 1145,5661 294, Qthgr re¢ogn159d galn$ ond lo$sg Other ggins or losses 18071 18071 1,417 1.417 Nat M•¥èmJnt Ih funds 1434.W51 249.082 1184.9231 441.291 1145.56el 295.725 Fund balarfes ¥11 January 2024 443,627 9.076.727 9 520.354 2.336 9,222.293 9,224.629 Fund bJlan¢e$ at 31 Docèmbèr 2024 9,622 9,325.809 9 335.431 443,627 9,Q76.727 9,520.354 Siaternéniof fiman(yal 8¢tiviliè$ includes all 9ains and lossès r*￿gnIs￿d inih8 yèar. The sla18rn•nl¢f finandal 8¢tivS1165 Includes a119aSns and losses re¢o9nlsad Inlh8 year. All Income axpeNJrture dtrrfve fro￿ Conti￿l￿g acliviliBs. GRANTA TRUST SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR EAIDED 31 DECEMBER 2024 All In¢om• fund5 2024 2023 Gross inCOm6 Transfer Ilowfrom en￿[￿ent funds 1.38D.416 1.172,9121 957,348 Totsl kn¢omtr in Ihe ieporting p¢ri ,380.416 2,130,2G7 Totsl expendiluie frorn ￿C0[￿e fU(￿S 1.813.614 1,690,392 N&t l•xp?ndituMyincomè for th• yèar 1433,19ei 439,874 GRANTA TRUST BALANCE SHEET AS A T 31 DECEMBER 2024 2024 2023 Flxed asael8 Tangible assets Investments 14 Is 19,856 9.325,809 14.675 9,076.727 9,345,665 9,091,402 Cuvvgiit asEgts Stocks Debtors Cash at barl( and in hand 16 17 58.594 207.S57 180,109 57262 264.524 581,969 446,360 903.755 ¢rodltors'. omount$ tslllng duo wlthln o year 18 1456.5941 1474.8031 N8t currontlll8bllltlo8va8s8ts 110.2341 428.952 Total a88èt$1•8s cumnt liabilthot 9.335,431 9,520.354 Thè fvnds of thè Trusl Enlowmenlfunds Unrestricled [ur￿S 20 21 9.325,809 9,622 9,076.n7 443.627 9,335.431 9.520.354 The directors 8¢know1￿Je their responsibilthes fu Complying with the requyements Of the Companies Act 2006 with respect to accounbry records and the prepaffdlion of Iinanaal stal8rnenls. The financial Slate￿￿ntS were approved by the trustees on 12 June 2025 SI￿ld Ra￿S￿g Trust49 Company registratiL￿ nutnber 11592194 (EngI￿d and Wales) GRANTA TRUST STATEMENT OF CASH FLOWS FOR THE YEAR EAIDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from op@ra￿￿9 a￿￿tI￿S Cash absorbed by (perati￿￿ 24 1650.3161 1593.9441 Invp5tlng actlvities Purchaso of tangible fixed assets Invesim8nt ￿cOMe ro￿1¥8d 114,8531 263,309 17,510) 264.171 Ngt ¢B$h g•nerated from Inv¢stkng 4¢tlvlll*s 248,456 257.256 Nat cash u6ed In financln9 act0￿•$ N8t de¢rea$o in Cash and ¢ash oquivalonts 1401.8601 1336.6881 Cash and ush equlvaleni$ 8r beginnlng ofyear 581,969 918.657 ash and ¢a$h 8qulvalonts at ond of yoor 180,109 581.ÉE9 10- GRANTA TRUST NOTES TO THE FINANCL4L STATEMENTS FOR THE YEAR EAIDED 31 DECEMBER 2024 Account1￿ polklos Charity intormation Granla Trust Is ¥ prDiale ¢ompany Ilrnilod fly guaranlee h¢Orp￿818￿ In Eng￿nd and W818$. Th$ regisleied offke is 12 AddisDn AvEAnue. London. W11 4QR. UK 1.1 Accounting Corwention Th@ finanaal stalom@nts hav8 prop¥8d in accordanc8 iwth th8 sp8cial provisiDns of th8 stnall cOtnpan￿S r8gkTh@. e Companies Act 2006. FRS 102"The FingnGial Reporting Stgndard gpplicatAe in the UK and Republic Df Ireland. I-FRS 102.1 and the Ch8ri1i85 SORP"Accountsng and Reporting by Chari118s" Slalernent of ReLX)mtnend&d Practice applicatle to ch3rnies preparin9 Iheira..-¢ounis in ?ccordance with the Financial Reporting standard appli¢EA)le in lh8 UK R*public of Ir91￿lI IFRS 1021" (effective 1 January 20191. The 7ru$l is 8 Public Bengfrt Enlily ag defined by FRS 1D2. The financial staiements ere prepa￿ In sledin9. which 18 the fLmclional currency of Ihe Tmst. Moneiary arounis 999 financral stalemgnt8 rou￿81 io Ihe ne8iesl£. The finanaal stalemenls have b￿n prep¥ed unthrlhe historical c05t c(xwention. The principal acwJnling poh'aes adopted are set out below. 1.2 6Dillg conr?rn Al the tirn8 of appioving 1hefina￿4aI staternents. the trusle8s hav& a r88sonable expectation that th8 Trust has adeguale resourtes to conbnue in operational exislen(* forthe foresEeable fU￿re. Thus ts trU818e8 conlnue 10 ihÈ going concÈm basis of 8ccouniing In pre￿ring Ihtr fin8nciÈl statements. 1.3 Charitable funds Unr08trl¢led ars avallablè fu us8 81 tha dISc￿lIOn of Ihè Iw¥18e$ in further8n¢e oflhelr thaiitabla obla¢tiv8s. Restrcted fLMds ¥e subjecl lo spe¢lfi¢cor￿1Iions by donors or grantors as lo how they may be used. The wrposes and uses of the restricted funds are setout in th8 notes lo the financial stalem6nts. Endowmnl funds are to sp8clfic Co￿lI￿n$ by dontys th8t tha capital must b& malntain8d by the Trust. 1.4 Incorne Income 15 recognised when the Trusi ￿ legally enlilled lo it atter any performance conditions have been met. ihe amounts Can be measured reli8bly. and il is prob8ble that ino)me wil be ￿e￿i￿e￿. Donations are recrytM5ed orKe the Trust ha5 been notifEd of the thnation, unless perfotmance wI￿rtionS require dtrfèffal of thè amount. Incom* tax rècoverablè in rdaiion 10 donations r8¢6Ned undei GiftAid ord6eds of covon*t' recognlsed ai lh& lim8 of donauon. Lega¢ies are rewyilised oli Y￿elp1 or IAherwise il Tcusi lias beeii Il(Xified ol ¥il impeiidind disiiibulK7n, Ihe wiouni 1$ thcwn. and r6cèipI is expèctèd If thè amount is not known, the I￿8¢Y is treated 0$ a toniingenl 8S$8t Grant incorne ts recognised a5 incomewtten we-agreed criteria. such as as50ualed expenditure. has been met. Grdnt mon￿£ ie¢9ivgcI wh9rg crit£rig has noty9t begn achvav9d Is r￿QgnISed as dgfgrrgd Incom GRANTA TRUST NOTES TO THE FINANCL4L STATEMENTS ICONTINUEDI FOR THE YEAR EAIDED 31 DECEMBER 2024 AG¢ounting polivies IContinu¢dl 1.5 Ex￿nditUr￿ Recognltlon of Expendlture Eypendilure is r￿￿nised there is 8 leg4 orconslructiv& oblig3bon lo make a paytnenl lo a Ihir(I party. il is Prob￿18 that É8tt1@m8nt will b8 18quir8d and th8 ￿0￿nt of lh8 obluation can r8liably Exp8nditur8 is classffieil under folowing activity hea(*'ngs'. Governan¢e Costs Includes Staff limrj 8nd &xpens•s lor lime spent in conn8ction wth Ifusts8$ meetings. plus the cost of audl and professional fees. Salary Coits, where appropriatq are char9ed in accO￿lanCe with spenl. 1.6 Tanglbl& flxèd a5s•ts Tangible Iiycd asscis ar8 inrti8lly m88sured al ¢081 and subsequenlty me8sur8d ai wsl or valuation, net of d8pre¢iaiiDn and any impairm8nl10$88s. Depreciation Is retx)gnised so as lo write ott the cost or valLBtion of assets less their residual values over their usthl lives on the fDllowing b8ses'. Compulets and Websiie cosi$ 2>33% TrraTrDum The ￿1n or loss ansin9 on Ihe disposal of 8Th 8ssei Is determ￿e0 as Ihe differerfe belween sale prtteeds and Ihe carrying value olthe as5ei. ano is recognised In Ihe ststemenl of IIDancial activities. 1.7 Fixed asBet invèsknents Fiyed asset investments are Initially mea8LJied ai transact￿n pnce excluding Iransa¢ii(>n costs. and are SLA)8eouenity measured 81 f8iY value al e¥h reporting d$te. Changes in fair value a￿ recognised In net hiwnwlextendilurel for the year. Transaction costs are expensed as incurred 1.8 Impawnwnt oi fvKfjd assets Al e3cn repOrt￿g and date, Ihe I rust reviews the carrying amunis of its tangiDie asseis lo deterrnins whether there any indication that those 3ssets have sUffe￿d an Thpairmentloss. If any such exists the recoverable amounl of the as881 18 8Stimal8d in orderto d8￿rMIne the8Xtèni ol th8 impalmienl loss lif wyl. 1.9 Stocks Stocks arè $iai8d ai tm lo¥var of cost 8n(J éstim8téd Selling piice Itss eosts to compiÈt• and seii. Cost coryris8$ direct malenals and. where 8pplicable. dir8cI labour costs and Ilio¥e overri￿a￿S ih81 havé b$en ncurred In br￿91Th9 Ihe stocks to their pr2senr locath)n and condilh)n. Items held for dislribution Al no or nijrninal consideration ¥e rneasured Ihe Io'iiw Df replac£rnpnl c05t and c05t Ncl r¢e115eblc velue is thc cslimalcd sclling pricc Icss all ¢51￿al¢d ¢osls af compl¢lioD and costs lo bc iDcurrcd in arkaling. Selllno and di8lribuliLK). 1.10 Cash and cash equlvalent5 Cash and cash e(wivalenls Include cash in hand. dep051ts held al call wilh banks. other short-term liquid investments with 0ri9nal m3turilvas ol thrgg months orlgss. and bank ovgidrafls Bank ovgrdr3fts 9re sh￿￿ ￿￿thIn bo￿OwingS in current liabilibes 12- GRANTA TRUST NOTES TO THE FINANCL4L STATEMENTS ICONTINUEDI FOR THE YEAR EAIDED 31 DECEMBER 2024 AG¢ounting polivies IContinu¢dl 1.11 Fin&ncial in&trurnbent* The Trust has elected io apply the provisions of Section 11 'BaS￿ Finanual InslTumnnis' and Secbon 12'0thei Financial Instrurn8nts Isau8$' ant 123.465 21.980 103.740 28.020 145.445 131.760 Donat1(￿5 and gkrts Olhw LIundb"ons C.H.A.T Jènwcod FrAJndabon Amazon LStarary Grant Ford FoundaliDn Blwmsbury Publishing 3.168 10.OOD 15.820 6,000 78,477 10.000 103.740 123.465 103.740 Included Ill Othprdonations are arnounls gifted fr￿n individual readers, the WiDr year relal8s 10 an oryanisalion conr*cied Its 8 Iruslee. kncorne from charltable ar￿vItIeS ilnrestrlcted funds 2024 Unrestrfeted fund$ 2023 SAIA.* whhln rthAlir2N• 2ptivifiA% Writiry C(￿￿S25 provided &14,l41 357,311 122,126 971,662 776.3 14- GRANTA TRUST NOTES TO THE FINANCL4L STATEMENTS ICONTINUEDI FOR THE YEAR EAIDED 31 DECEMBER 2024 Come from Invojtmonts Unre>trido¢J Unrvstricted funds nds 2024 2￿23 Qtherin¢cthe Interest recèivable 2G2,751 558 2QO,4)7 263,309 264,711 15- GRANTA TRUST NOTES TO THE FINANCL4L STATEMENTS ICONTINUEDI FOR THE YEAR EAIDED 31 DECEMBER 2024 Chaw*ablo a¢tbthe$ Mttgazine Chtsrittible p￿￿lICatIOn xpondltur• 2D24 2024 Tolalmthydzine 2024wbll¢atlon 2023 Grtnt Mttkiny ChthritthblE e xpondlture 2023 Total 2025 2023 Siaff Costs Deprecialivn Pioduciion Costs Contnbutr 661,319 9,672 661,319 9,672 582.285 10.SD6 582.285 10.9)6 181,906 181,906 217,880 217,880 178.585 178,585 118.730 116.730 Distribullon Costs Poetpl Costs arkeling Coas Web&le Cost Office sup￿les Costs 327,930 4.131 327,930 4,131 282.624 7.2BB 282.624 54.133 52.035 54.133 52.035 94.563 40.192 94.Y$3 40.192 51,620 51,620 58.610 58.610 Profe￿I0￿al FEes Compular Running Cosis 10,735 10,735 8.949 8.949 15.798 15,798 Ovarhead Cv¥ts Bad Debt exp￿Se British Counfyl Grantcosts 47,398 47,398 44.006 44.(O6 29.280 29.280 21,980 21,980 28,020 28,020 Wrilirg demy Course costs 117.002 187.002 94.053 94.053 1.617.242 187.002 1.8D4,244 1.527.977 94.053 1,822.030 Grant funding Inoia 61 Govem8nce Ji%lq Inntp. 71 59,313 59.313 9,370 9,370 9.050 1,626,612 187.002 1.813,614 1,537.027 59.313 94,053 1,690.393 GRANTA TRUST NOTES TO THE FINANCL4L STATEMENTS ICONTINUEDI FOR THE YEAR EAIDED 31 DECEMBER 2024 Grants payabl• cultural 2023 Grants to 1nsblui￿S". Granla Publicati￿8 The Charlaslon Trusl 49,313 10.( 59.313 Orants Trust h05 rnade a total of Ihree grants during Ihe y¢or¢ndEd 31 De¢em*r 2023. tWD being to Gr4nta PUtAl￿tIons. Nogants weTe rnade in the C￿￿ent year. SuppDrt costs allocated io actlvltles 2024 2tr23 Basls ofallo¢•lk+n Gowmanc Audit fpe5 9,370 Anatysed botweon.. Chantable acD¥rnes 9,3TO Net Movernent in fund5 2024 2023 Th8 nel rTKwemenl in fLnds Is Staled afterchargingllcredilin91. Fees payable for ll)e a￿lit (Ilhe charity's I￿anUal￿atements D8pi6claUon of wined tangble fix8d 888ets 9.370 9.fj72 10.916 Trustses During the Ye￿ a I￿stee providBd con5ullancy seTviE85 lo the Tr￿￿1 amounb.ng io £nil12023. £7,114). During the ye*. no remun8ratiLTrn or benefit$ were received by trusieas and key managetnenl pÈtsonnel fortheir seryices 10 the chanty. 10 Employ0•* The average fflonthly number ofetnployees duriry the yearwas". 2024 Number 2023 Number Adminislrobve 17- GRANTA TRUST NOTES TO THE FINANCL4L STATEMENTS ICONTINUEDI FOR THE YEAR EAIDED 31 DECEMBER 2024 10 Employees IContinu¢dl EmploynM¥nt ecAts 2024 2tr23 Wages and $818ries Other pension cost5 528.915 32.404 554.105 28.180 661.319 582.285 The number of employ68s ivhose annual rernuneralion was more Ihan £60.000 is as follows." 2024 Nurnber 2023 Mumbpr £60.OD1 10 £70.(￿) £70.ODO to E80.IMM) £90,000 to £100,IY)O £100,00010 £110.OLK) Gains and Itss8￿ on inv•6tmènts End0￿7￿ent funds 2a24 En¢Jowrnent lund8 2023 Gainslllossesl aiising rK'. Rev&￿a￿On of I￿￿estments 249.082 811,780 12 Taxatlon The Charity IS 8xempi from tsxation on its activilies beL3U$8 all 11$ is aprlied for thariiable purposes 13 Othei gaIr￿ and 105ses ljnrestrlcted Unrestricted funds fund5 2024 2023 Galnglllosso91 upon.. For8ign ex¢harvJ8 807 18- GRANTA TRUST NOTES TO THE FINANCL4L STATEMENTS ICONTINUEDI FOR THE YEAR EAIDED 31 DECEMBER 2024 14 Tanglbl• flxed ￿et8 Web$4ÈcMts Cost At 1 January 2024 242.465 14,853 Al 31 O¢¢en*or2024 2Jf7,318 D8r*rKlollon and Impalmi•nt Al 1 January 2024 D&preciabon Charged in Ihtry&8r 227, 9.672 At 31 Dece￿I)er2024 237.462 Carrying amount Al 3106¢8thr 2024 19.856 At 31 Decethr2023 14.675 15 Flxed asset Inve51ments Llstèd Investments Cost orvaluation At l January 2024 Va￿8110￿ changes 9,076,ll7 249.(e2 At 31 Dece￿￿er2024 9,325.flJ9 carr￿￿9 amount At 31 December2024 9,325.809 At 31 Decert)er2023 9.076.727 16 2024 2023 maga￿n￿S 58.694 57.262 19- GRANTA TRUST NOTES TO THE FINANCL4L STATEMENTS ICONTINUEDI FOR THE YEAR EAIDED 31 DECEMBER 2024 17 D8btor$ 2024 2023 Arnounts lalllng wlthln one y¢ar', Trade debtors Otherdebtors Prepayments and accrued incorne 23.8 169,477 14.19) 49.482 199.479 15,563 207.557 264.524 18 CrèdilOfS= falling within one yèar 2024 2023 OLher ia¥allon and Soclal secudly Trade cyediiors OihercrBditN8 Accruals and dafyrrtd incoma 13.065 120.226 285,206 38,095 13.180 128.400 299.374 33.849 456.5 474.W3 19 Retlremetrt benefit schernes 2024 2023 D8fln8d ¢ontrfbutlon schom85 ChaY9e io profil or loss in re5pecl of defi￿0 wnlnbub.on xhemes 32.404 28.180 The Ttustoperales a defined contribution pension scherne for all qualitying etnployees. The assets of the scherne are held 8epar¥iely from those of Ihe TNStin an Independeniiy adminisieredfund. 20 EndowmentluTrJ5 Endowrn9nl lJn(15 represeni ILw81gd income given lo provide the TTUSI WI￿ 8n expgnd8ble enJowm8nl. lici¥ne arisinfj on Ihe endowment lunds Gan be used in accordance with the objects otthe Trust and is included as unresthcled income. kny ¢api181 gans or losses ¥iising on the asseis fo￿ll p8rt of the fund. At 1 January 2024 Travbsftrrs Gains and4t 31 Oecember losses 2024 Exptrrndablè èndobvmènt 9.076.727 249.0&2 9,325.809 -20- GRANTA TRUST NOTES TO THE FINANCL4L STATEMENTS ICONTINUEDI FOR THE YEAR EAIDED 31 DECEMBER 2024 20 EndowmentfuYKIs IContinu¢dl Pr•viOu& yèilr.. At 1 Janutsry 21123 Tran8fe GÈin8 an¢l4t 31 0ec•mbèr 105sos 2023 ExpeTrdable endowtnents 9.222,293 1957.3461 811.780 9,076,727 21 Unr•¥tri¢tod lund$ The ￿reStriCted ￿ndS of the thanty c{￿￿p[I5e the unexpended balances of donations and graDts which are nDI subjeGI to sr*¢ffic condthons by ￿￿or8 8nd grantors as to how Ihay may b$ used. Thtr$8 irtluda dosign*ied funds which havo been sel asKle out of unreslFicled funds by the trustees for 5￿Cl[1C purposes At 1 J4nuory 2024 Ineomln9 resources Re90urce9 expended Trangferg GalnB and4t Y1 December 1088eS 2024 Gene￿ lurMIs 443.627 1.38D.416 18D71 9.fQ2 Pr•vlou8 year.. At 1 January 2023 Incomfjng re50urce5 Resourcés expBnded Tran81or8 Gains andlt 31 December 1055e5 2023 Gen8ral fur￿$ 2.336 ,172.921 11.690,3931 957,J46 1.417 443.627 22 Anaty$ls of net assets beiwoen funds Unrestricted lunds 2024 Endowment fund5 2024 Total 2024 At 31 OeeÈmbar2024.. Tangible 8ssets Invoslmanls Curroni 8ssgls1lliabil￿e8I 19,856 19.856 9,325.809 1102341 9,325.809 110.2341 9,622 9.325.809 9,335.431 21 GRANTA TRUST NOTES TO THE FINANCL4L STATEMENTS ICONTINUEDI FOR THE YEAR EAIDED 31 DECEMBER 2024 22 Anotysis of net assets btheen lunds IContinu¢dl Unrè$triCtèd lurbds 2023 Endowmènt funds 2023 Totttl 2023 At 310a¢amb812023'. TangiLile assei6 Investments Currani asselsllliabilthesl 14,675 14.675 9,076.727 428.952 9,076.727 428,952 443,627 9.076.727 9,520.E4 23 Related party transaction Grants ol £nil12D23 £49.3131 have been rnade to Grantr PutrAicalion5, a wmpany under common control by Virt￿ rl the ultimate cwlrolling p8rty. Donations rÈcÈ1￿d from rélated parti9$ aré disdo8ed in nola 2. The chanty is controlled by a memberol the board of Iru51ees. Cash generated from operatlons 2024 2023 IDefialysurpu$ for the year 1184,1161 294.N)8 AdyJsimanis for.. InvEsknenl in¢orne rewgTrised in sialewpnl of fin*ncia 8¢knvfie¥ Forelgn excTrange dlfferences Fairv31ue Igainsi and lo&ses on investments D&preclabon 8no Impairment of fixeo ass8ts I￿3,309) 18071 1249,0821 9,672 1264,7711 1.417 10. Movemenis in workjng Capital.. Ilncre8sel in siixks Deuease in debtors (Decreaseifinuease In credilOYS 11,4321 56,968 118,2091 114.0331 164.719 26.289 Ca8h abgorb8d by operatlons 1650,3151 1593.W51 -22- This document was delivered using electronic communications and allthenticaled in accordance with ihe registrar's rules relating to el¢clroniL fonn, autlientication and niann¢r of delivery under section 1072 of the Companies Act 2006.