REGISTERED COMPANY NUMBER: 12552984 (England and Wale81 REGISTERED CHARITY NUIABER: 1189201 ReP￿t01th8 Tru8to08 and Flnan¢lal Slat•monts fortho Yw Endod 310ocomber2024 THE PERIVOU FOUNDATION Kr￿ Cropper LLP CharterBd ALxountants and Ststutcfy Audtors 65 Leadenhall Street London EC3A 2AD TrE peRIVOLI FQUNDATION ¢￿￿Onts ofth• FI￿n¢la1 Slatwrnnl• forthe Y•arEndod 31 Decwnhr 2024 Pago Rofor•nco Admlnhtradvo Dolalls Rep￿ olth• Tru$l••s 2 to 8 R•portof tho Indopond•ntAudlto 9 to 12 atement of Nnanc￿l A¢tlvlll•8 13 Statemqnl of Financial Po¥illon 14 Statement of Flow 15 NDteS to the Stat•m•nt ofcatsh Flows 16 Notos to the Flnanclal Stateme 17 to 25 TrIE PERIVOU FOUNDATION R•f•rnnc8 Admlnl•traUw D8ts1 forlh• Y•arEndod 31 D¢¢ombor2024 TRUSTEES J M M8xandroff OBE H J GitYAenhui8 B M bAcCovkg11 REGISTERED OFFICE Thlrd Floor 20 Old Bailey London EC4M 7AN REGISTERED COMPANY NUMBER 12552984 (England and Wal8s} REGISTERED CHARITY NUMBER 1189201 AUDITORS Knox Croppar LLP Chartered Aro)untsnls and Statutory Audltor8 65 Lgadenhall Street London EC3A 2AD BANKERS C. Hoare & Co. 37 Flèat Stre&l LorvJon EC4P 4DQ SOLICITORS Wthets LLP Thlrd Fl 20 Old Ballty London EC4M 7h Page 1 THE PERIVOU FOUNDATION (REGISTERED NUMBER: 125529841 forthe Year Enrted 31 Do¢•mtsr2024 Thg Twstees, who are afso dtrectors of the th81ity for the wrrh)ses of th8 Companl8s Act 20CE. present thetr report the financial statements of the charlty for the year ended 31st December 2024, being the third full year of the Foundation. The Trustees have adopted the provisions of kncwntlng and Reporling by Charitlos: statement of RecomrnerKled P￿tice applicablg to charilies preparir@ Ihelr 8Leounts In arA?rdance with the FinancAal R8portirvJ Standard applcable in thè UK and Rewbllc of Irdand {FRS 11r2I (effective 1 January 20191. OBJECTIVES AND ACTIVITIES Alms & Obl•ctlv•s lor the publlc benefit Alms The Aims of the Perivoll Foundation are Under the discretion of Ihe Trustoès to make gronts for charitabl8 oses to indivldua15, other chwibes or voluntsry kw>Jies with an gmphasi% on the a[fvar￿￿ment of edu¢aUon. adoption of natural frdmiing prad1￿ aThJ promoting the conseTN81ion of the environment. parbculaty whère aff8ctsd by dimale thange. cornbatbro poachlng, th6 mistreatment ofanimals and nabjial habltat degradallon. ObJoctivg5 The obj8¢ts ofthe Ch￿ty are fcf the publ￿ benefft 1¢ fvrlher. {al the athancement of education, in parti¢ul8r, not oxduslvgly. in low and rniddle income countrles worfthAde induding Africa arKI through Ihg fijndlng of researth. the resums ofwhl¢h arè [￿IdY disseminated: {b} the wiseNalion prgswaliorb of Ihe natural anvironmenL bk4ogkal and the sustainable use of natural resources and e(>Jl¢yJK¥I prttesses: and {c} charita￿9 purFoses as the Twstees may in their at6okrte as￿etiOn delemlne. Charftable purp)Wd we defined as pu￿SeS Ihat ore exdusivety tharftsble Lmder ihe laws of England Wales. Publi¢ ￿n•￿t The Truste8s ccfflfirm that they have consldeM1 the general guthnc* iSSL￿d ty the Charlty Commlsslon In COnnect￿n wslh public benefft In sgttltYJ Ihe Ob￿1VeS of the Charity and in partioJlar they havo considered planned activibes knlher the Charills objects. e2 THE PERNOLI FOUNDATION {REGISTERED NUMBER: 12552WI R•port of the Trusto08 fortt* Y•ar End•d 31 D•cgmb•r 2024 OBJECTIVES AND ACTMTIES Grantmakong The Foundation has eSta￿l$hed its gr8nl maklTrJ to achleve tts objects for the publk benefft. The ￿￿ent grant making Folicy is to suppcrt. in particular, prciacts which al support education. in partiu18r k)w mkldle income countsies in Africa,. aTrd bl protect Ihe environment, 5uth as those Contain1r￿ glctjal wannlng, combattirvJ poaching. thg mislr•8tmènt of animals and nalural habitat degradation through soil rejuvenation. The grant makln9 policy 8re miewed annu811y by the Trustees an(1 may be thanged In accordance wlth the Tfustses. views of the most effeclive aFvlicalKJn of availab￿ funds to ensure that it rellects the chariv Obl￿t3 and athan￿$ public b8nefft. Approach P8rivoli Foundation delNers its key objocINe$ thrO￿)h the followirvJ grant-mthng vehid&s'. Major Grants. The Trustees acknowletlge ts value of wot*lng wNh thJste(I third parfes and dedl¢ated organisations to deliver projects in line with its priorities to maximise the impact of SLlPPOrt arnl whotB other organisattons havo gi8•terexi)wtisè. - Small Grants. The Twslees IMII. from 1Sme lo tlmo. choose lo makg small grants - nonnaiy onowoff - to trusted third part￿5 by wFw'ckn to further the Foundalion's objectwes. ProFOSals for support frorn the Foundation are made via the Tnjstees al their meeting or approved via writtan rgsolutKJns of the Trustees. Trustees must be in agreement that Ihe grants meet one or more of the Foundation's Object￿￿. Go¢graphl¢al Ar•a The Trustees wsh to suppcrt causes in the UK and overneas. In respect of over5e88 proJeds. the trustees have agreed that the Foundation's wod( should bg partl¢ularfy Ibut not gxcluslvetyl fowsgd in Botswana, Le80th0. ma￿WI. Mozamtjique. Namibi8. Tanzano, Zamkn"a and thbatrmo. Du• Dlllg•nce All grants wlll bè SUb￿t to the Foundthon's Grant Makkng Polty. enojmpassing duè dillgenc* p￿$$ havlng been undertaken. ReoydniSi￿j thelr duty lo sofgJuwd ¢hwit￿O awts. the Trusta85 conffimi tho1 ony thyd party organlsation r•ceiviro support tTom the FOur￿￿on rnust be.. - a UK registered charity; or, - an organisati¢)n that carr18S Out aGIfvMgs that aro tharftat40 undor UK law. In respect of organlsations outside of the UK, the Foundation wlll ensure that organisations wa dlher rwJi5tered wlh the appr¢)piiate local regulator or public authgrilies arKYor have in place approprfalg goveman and financial handling polKie5 and procedures to ensure the appropriate 88feguardlng use of the Foundation's ch8ri18bl& lunds. 83 ThE PERfvou FOUNDATION {REGISTERED NUMBER: 125529841 forth• Y•arEnd8d 31 DK6mb•r2024 ACHIEVEMENTS AND PERFORMANCE Charftabl• a¢tivlti•s The Perivoli F￿JndatiOn ojmmenced operaticffls in 2020 receiving thnat*Jns. mainty from the Ptrivoli Tnjst, a Maurioan trust 8e￿ed by Mr James Aexandroff In 2000 8nd the Foundatlon has &Jded as a beneficiary of Ihe Perivoli TNst Donations were also r￿e1Ved in the period ended 31 D￿ernber 2020 from The Perivoli Phllanlhropy, a Mauriban domicilod company limited byguaranleo eSta￿lshe{l by tho Trusto0s of Petholl Trusl. In 2021, the Charity recelved dona￿on$ In tsms of Shares from Perfvoli Trust and Mr Alexandroff, and in 2022 JKI 2023. the Charity received cash and shares donatton from Mr Mexandroff (along with his spouse) and the Perivoli TrusL In the year under rewew, the Chanty received cash donat￿n5 from the Perrvoli Trust and 5hafys donati( from Mr Aexandroff and his spouse. The Truste8s have made various grants in line with the c&1￿ of the Charfty the yew. Th&se are det81&8 in nots 6 10 tha Finandal Statsments. Fovn¢Yathon wlll n￿otc( the ￿rf0M1￿C0 offils grants wogromme using rewrts from grant rKlpionts. These reports, in¢￿dIng Finawal Statements of ￿CipIent Insliiutions, influence wheth¥r or fUrt￿r 18 will te mthje to that bo(ty. The Perivoli Frmjndation does rK)t have a Chief Execulive offter or equNalent. The review and monitoring of grantees are canl8d out by the three Trustees. Tha Truslg9s havg app)Inl8d frjncttonaries (such as for legal aThY compliarte mattets, withe￿ LLP. for &Ymlnlsbthe matter8 hand￿ by officers Skye Partners Llmlted. elcl lo a5SiSt In daY-l￿daY actlviNes. The Twstees assess the effeciiv￿esS of the Chaiity's work in tem)s of the impact that Ihe grantees have and In Igvlng its sel obJ8dves. Thls Is detsrnlned by reviewirrJ the tspdates received and vlll be witnessed ty rnakI￿ on the ground wsrts. Durirg the year under revlew. the maln recI￿ent was the Peiivofi SCI￿ls Twst IHoldirosl, a MauritLgn charllablg Purpose Trust. that ove￿eS and allocates grants Tgcdved from thg Charlty to ga¢h of the Peirvoli Schoo15 Twsl enli￿e$ es18blithe(I In varfous countries whld) cary out the tr8iniTh3 prcor8m ol pr&ptlm8ry sthool tèachers in those countries. Th￿ is a prograrn that has been sponsored by the Trustees of Perivoli Trust since it was firnl stsrtsd a pilot basis in Namibia. Tho pr(NJram has been eypanded in oihpr equal￿ deserving Afrt¢an ￿untrieS where a fO￿n81 cajrriculum for early thildhcoj education is missiro. Given Ihe We￿ng challenges facing humanity and our p￿net in rdation to climate change, the TTustse have suppoitsd fvrther the a￿V￿¥S that could M￿gate th& Impa￿ of dimate ¢hangg. and prom¢)te adaptation Aittlatives Prir￿lpa1ty thrO￿Jh the Perivc4i Climate Trust. a Namibian Twst. The latter Tru8t alms through ihe sequestrallon of car￿n dKJxhle and the regeneration of biDJNer&ty al the restornuon the of degraded larKJ into heathy land for it5 more pr(xluctNe use. It is a ScienC￿based, farmer-centric, not-for-profil oryanisalion focuslng currenty its activiti&s in Namibia. Paye 4 THE PERIVOU FOUNDATION {RE&StERED NUMBER: 12S52984) Roptsrt of th8 Tru51085 lortho Y••rEnd#d 31 D•e•mb•r2024 FINANCIAL REVIEW Ov•r¥low The Foundalion's work is 8nlirety raliatt on donat8d income and invesknenl retums. Investrnent Ir￿M8 in the year amounted to £174,811, whilst d¢>nalk*ns of £3.321.582 {part of this being a gift of Ehares amountiThJ to £2.592.670 and a cash donaJon of £728.912 ma(k to the Foundation In the year). Thls gnobled the charty to dèvèlop its grant m8klry wli¢y. The Charity's totsl Income for the year amountsd to £3.496,393. Re8oJrces experKled anountsd lo £2.415.713. whilst net movements in investmenis amo￿ted to galns of £78,640 r9sutt1￿j In Totsl Funds ￿rrf¥d fo￿ard at 31 December 2024 amountlThJ lo £11.967.348 al the year end, tsking into aco)unt the brought fcthard Total FU￿lS on 1 January 2024 was £10.808,028. As a result Ihe Trustees conslder there are rKS un￿rtaIntleS atxyjl the tharity'$ abilty to continue as a going concem. During the year the FoLmdatw has recetved a *nthcant amount of donallons (nol8 218nd the Trustees have developed a reserves polcy to balance using inrKJme for grant making and investing it to provije a reguL4r income over the loThJerlemi. Investment policy and perfoffliance The prindpal obl$￿ve of kegping a p￿thI10 of Invesbnents is for lortrt8mi capit81 appreciati￿ while ygnorating Income suftlent to ojver the running costs of the Charity and any surplus to fiJnd grant maklrKJ a￿￿118S. It is intended that future securities to be added in the pNtfolio should be of those CompanEs ￿lch have a str¢ng fow8 on ESG faclots and sustalnabilty ofthdr ad*AUes. The Charitys investments We￿ valued at £10.103.713 on 31st Dgcgmbor 2024, an increase for thg year of 18%. The Tru5tees' minimum target lo achleve a decent real relum above inflation in any 3-5 year perfc*J, protsdir capEtsI in ¢hallenglng tlmes and enhonthg11 whon g¢)od. R•s•m8 pollcy Th6 Twstegs have sg1 the reserves ￿Ve1 at £300.000 being equivalent lo thre& fflonths funding reoLargm8nls. glven ihal the Trustees have no commitment iowards any of the charib'es lexcepl for Perivoli Afr￿an Research Centrel b￿ThJ supported. This is exdudiThJ Ihe £250,IXM) committed to b& disbuwd In each of thè years 2025 to 2027 in favour of UniveT&ty of Bristol. Reserves held by the Foundalborb at 31 D￿rnber 2024 amounlad lo £11.967,348 (year end8d 31 Docwnbgr 2023.. £10.808.0281. Page 5 ThE PERtVOLI FOUNDATION (REGISTERED NUMBER: 12S52984) R•port of Truslws for thè Y••r End•d 31 D•umber 2Q24 PLANS FOR FUTURE PERIODS The Trustees will b& ft*u4ng on: - Develop a 8UStalnablg grants pr¢g￿Mme.. - Monitodng the investment and ￿nsidering op￿￿nIt*. - L￿kn"n9 to Sup￿eMent the income of the charity rfwuir6Y', - Keep admin551ralion exFenditure to a reasonable level. In 2024. the Tru8te88 conlinued $ponsorfng the Peiivoli Climate Trust. a NaTnibian Trust fwslrvJ Ms activlues on Qimate mlts'galKJn and Clirnate adaptallon. In addition, several research projects orlent8d towards land rejuvenation, rene￿￿b￿ ene￿y. Ca￿0￿ sequestration amongst 0lhoTS havo be8n fvnded. The eJim81e chang8 and global warming ccffltainment rel8l&Y initiatNe$ as w811 as tr8 promth.on of natural fanning practice3 are expacted to b8 Important themes that the Twstees of The Perfvoll Foundation w¢yJld wish lo direc* its 9ffth arKI ourogs. The Tru$t¢¢s would ￿asSesS the viabiityfimpa(a of Ihe Perivoli Climats Trust In 2026 on its potential to bwne $811-funding and to have third-paty invdvement, gwen its dependenty on ihe Foundauon. The expanslon of the PerWi Schools TrL￿¢ tr0Snlng program would conlinue in other ox>untiios. Over Um?. th Trustees anticipate 8 grwng synergy b8￿n th8 education and clirnate change inibatives, c*eating rthv opportunioes for rAlabornlon and impacdul out￿me5. Natrjral Farmlro tschniques and Famlly PEeath Inf(k7tives have been added as new modules in the training prcwjramme meant fw pre*rimary sthcc4teackne￿ with a that I would ¢rd8 rfp￿e effects in the Iccal ctsmmunity where trey work 8nd live.INè. 11 is expected that Perivoll Innovallons. a Jersey Purptsse TrusL would be a future fundgr. t￿th In cash and in specie, of thè Perivdi FourKlalK)n in tho ￿T$ lo come. Perivoli Innovalw)ns is a Trust estsbllshèd by th8 TrUSt￿S of Periv￿1 TnJst, investing in earfy-stage venbjre opportunfties presented by the cornm8rrAali5alion of rnedkal, Ilfe saence. climate sdence, dlgM¥l and productivty enhan¢ing lethn￿¢ljlBs. STRUCTURE. GOVERNANCE AND MANAGEMEP Govarning docum8nl The charity is ￿ntrOlled by ts govemlNJ documenl. a memoraThlum and ar￿Ckn of assorAatiThn, and o)nslilutss a mltfjd company. Ilmil8d by guarantee. as deffined by the Cornpanies Act 2tsJ6. Recrultment and appolntment of nw trust•o6 Perivdl Foundation is govemed by a Board of Trustse5 whose membBT8 are de¢t•d as lh8 ne8d ￿lseS. The Trustees who have served during the poritsj aw set out on pog8 1. rhganlsatlonal struciu The Board of Trustees Cc￿trolS the tharity. The 808r(J attempts to Mo￿ on a rfjgular t￿ls. The day to day rallons of th8 charity are OLrtSOLsrced. To facilitate effeclfve operations, indivNJual Trustees have delegated aLthorfty. ￿thin toms of ddegation apwoved by the Trustees. operational mattors ￿t￿lJdIr0 ffinan￿. Page 6 THE PERIVOLI FOUNDATION {REGIS7ERED NU￿. 125529B4) R•portoftho Tn forth• Y••r Eb7d•d 31 D￿th￿bar2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Inductlon and tralnlng of now Trustaes New Trustees will bg provided with detsI￿d infomialion on their I￿al objlgallo￿ undw law and bthat the r(49 will gnlall. Theirlraining ￿ed$ VAII be assessed. and training Fmvided rf r8quired. In ￿di1￿. r Trustoes wll be providgd with o)pi&s ofr - the memorancSum and artides of assttiabon - Board of papers from the last year induding the acC￿nts copy of CC3 Th8 Ess8nlial Trustee VVh8re nacessary Trustees wlll ba enccthg&1 to attend apFxoprf8t8 8xtemal trainlng events vth8r8 th858 wll fa¢llWe the undertaking of Ihelr role. There has been no new appointfflent ofTnoteè duriThJ the ygar unejer review. K•y manag¢mnt rgmun•ratl¢)n No rgmungra14on, diredy or Inrlr8cUy. was paKI or is payable for Ihg pgrfod to any Trustee. There are no other key manwJemenl persomel. Rlsk managom•nt Consideration is glven to the malor rfsks lo whl¢h the chartty Is exposed. 8$ identified by th8 Trustees. Al present the Foundation is building its reserves based on a substantial holding of investments and tho Trustees consider variability of invèstsnent rntums lo ¢onstituto the tharfvs maiorfinancial risk g￿ng fornvard. The rfsk of bank fallure fdlowing the fthanual ￿$1S was CA)nsldered by the Trustees and upcffl revlew It Was cDnsidered that the banknng SerV￿S are secure, bul ihe sibJatL)n should be ml￿Itc(ed reguL9rty. In add￿on. th8 Twstees have in place procedures to milffjats these risks On￿ th8y are KdontTfied arKI anatyswj. The Truste9s hov9 odopted a Rtsk m￿g￿ent pollGy fin￿p￿.0n ond rgview some on an annL*I ba￿$ havirvJ regards to the finanaal situation and potenti81 risks that could affect the Charity. Page 7 ThE PERIVOLI FOUNDATION (REGISTERED NUI￿R. 12552984) R•ptyl oftho forth• Y•arEndgd 31 D¢¢wnbor2024 STATEME1￿ OF TRUSTEES. RESPONSIBILITIES The TNstses (who are also Ihe diTecloT5 of The Perrvoli Foundation for th• purpo$8$ of company lawl are respon&ble for preparing the RoFrf( of thè Trustees and the finanaal statements In accordance wth Op￿icabl& w and un￿ed Klngdom Accwnling Standards ￿￿d0M Generalty Acrwtgd Acc4)unllng Prathce). C¢)mpany law requires the Trustee5 to prepare financial statements lor 88ch financial year whkh give a true and 18lr v￿W of the state of affairs of the charfloblo company and ot the incomiNJ resourc4s and appll¢*n of resourcAS. including th• income arKJ expenditure. of the rJ)aritabkg company for thal pariod. In prep8rirYJ those financial statem•nts. th• Trustees are required to - seyed suit8ble a¢￿Unting pollogs and then apply thom conslstenlly., - observa th8 rn81hods and principl88 in the Charity SORP,. - make judgements antl eslimales that are reasonable arK5 prudent., - prepare the ffinandal statements on the gr)irvJ GorKem basts wlgss It is InapFwriate to presume that lh8 tharftable company will continue in tr*Jsine5S. The Twstee8 are respon4blo for kfje￿ng proper •xcwJnt'ng records which dlsdose with reasonable acr￿18¢y al any time the finanual posi11￿ of the chatitabla c￿MpanY and to enaue Ihem to ensure that the finarKHI statements compty wrth the Compani85 Act 2006. They are also responslbie for safeguardiThJ the assets of the tharitsble company and hence for taklng rfrosonallfj stgp$ for the prevention and detection of fraud and other Irregularlties. In so far as the Trustees are aware: - there is no relevant audit infom)atv)n of which the ¢harflable compaWs audito￿ are unaware; arnl - Iha Trustees have taken all steps that they ought to have taken lo make Ihpmsefvfrs awaro of any retevant auLlil Info￿ation and lo estsbli5h Ihatthe audit¢xs are awar8 of thal Snfomiation. AUDITORS The audito￿, Knox Cropper LLP, wll be prDp)sed for rwlntmonl at Ihe forthcoming Annual Ggneral Meeting. Th18 report has been prepargj in ar￿￿rdan￿ V•ith the wovNons of Part 15 of Ihg Companies Act 2006 relab'ng to small companies. wro¥ed by ordèr ofthe t*)8rd of Twstees on ....24 sept.ember 2025 and signed on its bthalfby: J M Alexandrclff 08E- Trustee P4•8 R•port olthe IndBpendont A￿llIO￿t0 th• M8mbornof Th• P•rl¥oll Foundallon OplTrlon Wtr have audited the ffinarKial stslements of The Pemli Foundation (the 'charitsble ojmpanrfl for tho year ended 31 December 2024 which comprise the Ststement of FinancAal Activities. Ihe Statement of Financl81 Position. the Stslamenl of Cash Flows and notes lo the financial statements, indud1￿ a summary of slgnificanl accounting pdicies. Th8 finanaal reportiro fran8w0￿ that has been appli8d In th8ir preparation is app*C*￿ law and United KiThJd¢)m Accounfjrwj Standards {Unlt8d Kingdom G8n8r811y Acc8Pt8d Accounting Practic•l. In our wnion the financial slalomanls- olve 8 true 8nd fair view of tl)e State of the tharitable ts)mpan￿$ affairs as at 31 December 2024 and of tts incoming resources and applICa￿On of r￿U￿$. Indudlng Its Income and expendllure, for the year then ended., have beon proF•ly prepared in accordanc8 vAth Unitsd latYJdgm Ggnoralty Accept811 AccountiThJ Pradc8,' have been prepared In acwdanGo ¥￿th the reqLlrements Of1￿ Companles Act 2006. Basls f¢r oplnlon We corKlucted our audit in accordarTh with Inlemtional Standards on Audibng IUKI {ISA8 IUKII and appllcable law. Our responsibiliiies under those standards are further d&scAib8d in the Auditors. iespK)nsibilittes for ths audit of the finanaal statements sectK*n of our report We are independent of the charita￿e company in 8¢¢￿darIe& wrth the ethical requirements that a￿ relevant lo our audit of the financial stslemanls in the UK. inclucling th8 FRC'S Ethical Standard, and we have fuffilled our other elhlcal responsI￿lItES in accordance y￿1h Ihesg rgqulroments. Wg believo that tho audit evidence we have obtsinod is sufficiwt and approprlat• to provide basis for our opinion. Condu$Éons r•lalino lo going ¢¢n¢om In auditing th8 financial statements. we have condud•J that th• trustegs, use of the goirvJ o)n(*m ba8ls of ac￿untIng In the p￿para￿On of the financlal statements Is appropr181e. Based on tho woth have porfomied. ￿ have not identified any matsrial Lmcertainties to events or condibons that, indNKlualty or Collectively. may cast significant doubl on the charilabie company's abllty to ontinue as o going conc8m for a period of at least ￿e1ve months from thg financial siatements are authorised for i55ue. Our responsibilllies and the responsibililles of tha trustses wlth respect to golng concem are descrlbed In the r81ovant ￿tionS ofthSs reporL Other Inft)miatlon The trustees are responslble for the other Information. The other Irrfomiation Gomprlses the SnfoThnalion induded the Annual Report, other than the ffir7ancial statements and our Report ofthe Independent Audito￿ thor￿n. Our opinion on the finanoal statements does not cover the other infom)81ion a￿. except to the exient 0￿￿17s8 expliduy staled in our report, wo do ￿1 express any fonn of aSwr?r￿ ￿7￿U$l9n therwn. In connection with our au¢thl of the financAal Statements, our respon5ibilty b5 to read the other information and, in doirvj so, Consider whether thg other infomiation is maleiialty inconsistent with the financial stat¢mgnts or our kn¢￿edge obtsined in the 8ud(i or otherwise appeats lo be maled81ty rnis$t8ted. If we idenbty such mat￿1a1 inconsistencies or apparent material misstatements, we are required to detemiine whether this givas rfse lo material misstatement irb the financAal statements themselves. If, based on the work we have perf0M￿d. we condud8 that there is a maierial misstatem￿1 of this other infomiation. ￿ are required to report th81 tsct. We have nothing lo report In thk8 regard. Paye 9 R•port ofth• hthpondont Awltorn to fv MgTrknTrof Tho PgrWI Fouryla Opinions on other mattets pres¢rl)ed by th• Companlos Art 2006 In our oponlon, based on the work undertaken In the ofthe audit.. th8 information g￿en in tho Reptsrt of the Twstees for Ihe financlal year for vthith tha financial Statern￿ts arg •Pa￿d 1$ conslstsnt wlh Ihe financial staternents,. and Ihe Rewt of the Twstees has been prepared in accortlar￿e with apf4kaL481gJal rgqulrgments. Matters whi¢h w• ar• requlred to r•port by •xc•pllon In the Ivjht of the kn￿￿edge and understanding of the charitabla ￿mPafty and ils envSronment cthtnBd In the (xyjwse Of1￿ *Jdit. we have rKrt idenlified malerfal mlsstatemgnts In thg ReFort of the Trustees. Ive have nothlThJ to In respect of the folbvAng matters where ihe Compankry5 Ad 2008 requires us to reF•Jt to you rf. in our oplnlon.. lgquale accounting records have not bggn kept or relums adequate for our aL*Yit have not b88n recAewed frryn branches rK*l visited by us: or the fin8nual st8temenls ara not In ￿reement wlth thg acwJntiThJ records and retums; or certain di5chisures of trustees. remulleratK)n sp8cffied by law are not madg.. or we have not recBived all the infcKmallon and explanations we wulre for our audL or tnJst8es were not enuued to take a(fv8ntage of tha small companles exgmpyon from tho r8quirernent lo prepare a Stralggic Report or in prepariro the Report of the Trustees. R•spM$lbllltl•g of Irusttts As expLgine(J MO￿ fully In the Stalemenl of Trusta8s' R8sportsibilib8s. tha trustees (who ara 81s0 the dlrtors of Ihe charitatAe company ts the purposes of o)rnpany lawl are responslbb for the preparafjon of the financy81 statements 8nd ￿ bal￿ sallsfied that they g1￿ a Irue and falr vi8w, and for such inlemal control as tho trustees d8temiine is necessary to enable the weparalb)n of financlal ststements Ihat ar8 free from matsrfal mlsstaiemenL whether due to fraud or error. In preparing the ffina￿al stalements. ttw trustees are responsible for assessing the d)arlt8ble exjmpany's abdlty to continue 8$ a going concem, dSsdo&rMJ, as applicab￿, matter8 related to golng con&qm and U￿ng the going *))ncem basss of acoountyng unless the trustses either int8nd to ￿quIdate the charitatAe eunpany or to ￿se operations. or have no realisbc altemalNe but to do g4. P*Jo 10 Report of tha Ind?￿ndentAudilor# to tho M•mbornof Th• Por6voll Foundatlon Our re$pon$ibiliti•$ forth• audlt of lh• finan¢l•l statgm•nts Our objectives are to obtain reasonable assLnnce about wheth¥ the finandgl statemwts 88 8 vthole are free from material misstatement. whether ¢Juo to fraLtrJ or grror. and lo Issue a Ryrt of Ihe Independent Au(*tors that includes our opinion. Reasonable assurance 15 a hvJh levd of assurance, but is not a guarantee that an aud conduded in accordance ISAS (UK} wll always delect a material rnisstatemenl when It exists. Misstatements an arfse from fraud or error arKt are considered material If, Indivldually or in Ihe aggregate. they could reason0￿Y be oxpectod lo infiuen¢e the 8conoml¢ decisions of users tsken the basis of Ihgse finan¢L21 statemen The extent to whkh our woc4dwes are Gapable of detedng Irregularfues. including fraud Is dotalled bdoyr. - We obtsined an und6rstsr￿1rVj of the 18gal regulatory frameworks th81 8re appl￿b￿ lo the tha￿able company and delerrnined that the rn05t &gnificant are the Ststemenl of Recommended PraGtice AcGounling and Reporting ty Charrtles, ISORPI, in accordance th8 Flnanclal Reportlng Standard in the UK IFRS 1021 and the Companies Act 2006. - We undersloc<5 how Ihe Charitable e4)mpary is cOM￿y1n9 wlh Ihose frameworks vkg communlcallon wilh thosg charged governance. together wlth fv revlew of the charitable company's documented p￿l￿eS and prOC￿dures. The charitablg rL)mpany is required lo cornpty wth bolh u)rnpany law and tharity law ￿d. basod on our knowlodge of its aiaivltigs. we id&nUfied that thg legal r9qulremgnt to a¢¢walety a￿unt for restricted lunds Was of key Signi)1￿¢0. - The audit team, whth is experienced in the audit of charilies. considered the charitable companls suseeptibility to material misstatement and hv44 fraud may occur. Our consKleralions included the risk cl man&Jement overridè of controls. - Our approach was the check that the income from donaknns. were properfy Identtfied *xwalety d18¢1osgd. thal expendilurg coMpl￿d whh ￿ntrol pr￿edureS and was opproprfately tharged. We eLJnfimed the mtsvemenls on the bank a¢¢ount. Wè also wiewed joumal 8djusbrents and unusual tr8nsactions for monagomenl ovgrrfde. aThJ ¢(￿sIdered the identification and dis¢bsure of r¢latgJ pwty transactlon5. Th8r8 ar& inherent limitations in the audit procadures desc￿bad abov8 and, the fijrlhgr removèd non-comploance with laws arKI reyulafjons is from tho events transacUon5 refflected In the flnaNal slalements. the less Ilkely we would become aw¥e of it. The risk of not detecting a material mSsstslement due to fraud is higher than the risk of not detedng one resul￿n9 from Èrror, as fraud may Involve dellberats eonce8hnont by. for exampl6. forgery or intentKJnal misrepresentatK)ns. or throLbJh collusion. A further description of our responsibiltties for the audit of the finanaal statements is located on the Flnandal Reporting Council's website al www.frc.org.ukJauditorsre8ponsibilitses. This desexiption fornis part of our Re￿L ofth8 1nd8p8ndontA￿￿lI￿S. P8g611 Report of IndependentAudlioTSto the AIBrnberB of The Parivoli Foundatlon Use of ¢)ur r•port This rerxJrt18 made so18ty to the ¢horftable companvs members. as 8 body. in accordance witti Chapter 3 01 Part 16 of the Companies Act 21)J6. Our auth't work has been un¢Jertaken so th81 we might stslg to tho ¢*arltsble company's members those matters w8 ara r8quir8d to slat& to th8m in an audstors, r8pJrt and for no tst￿r purpose. To the fullest extent peThitted by Liw, we do not ac£ept OT assurne responslblllty to anyMe other than ¢harflable company and Ihg charlablg ￿Mpan￿5 mgrnt*r¥ a5 a W. for OLbr audit work, for this reporL or forthe opinions we have f¢Jmied. Stephen Anderson (Senlor Ststtilory Auditor) for and on beha￿of Kr￿X Cropper LLP Charter8d Accountants atyj stsI￿Ory Audrt(Ys 65 Le&Jenhall Street London EC3A 2AD Date: . Pag8 12 THE PERIVOLI FOUNDATION Statsmont d FlnanclalA¢tfvW•• IlrKorporallNJ an Inccrfng and Expondttur• Account) forthè Yaar Endèd 310oeémbw2024 2024 Unr••trlctsd f￿d 2023 Total fwds Notes INCOME AND ENDOWMENTS FROM Donations and legacies &321.582 1.902,928 Investment income 174811 126,554 T(¥tal 1498,393 2,029,482 EXPENDITURE ON Ralslro fvnds 34756 Charftsble aGtivSts•¥ Grant m8kltvJ 1380.957 1.472.414 Totsl 141&713 1.517.060 Net gainsl{losseg) on Invesknents (119.803) NET INCOME 1,159,320 392,619 RECONCILIATION OF FUNDS Total fijnds brought forward 10,801028 10,415,409 TOTAL FUNDS CARRIED FORWARD 11.967,348 10,808,028 Th8 nDtes fomi part oflhE5e fThncial statemerts Pag¢13 THE PERIVOLI FOUNDATION (REGISTERED NUMBER: 12552984) Statsmort (rfFinarti81 Poaluon 31 D8cernbBr 2024 2024 2023 fund funds Ncles FIXED ASSETS Irweslments 11 10,103.713 8,573,829 CURRENT ASSETS Debtors Cash at bank and In hand 12 1.308 2,637,866 2,223 2.308.130 2,638.974 2,310,353 CREDITORS ounts fallSNJ th within year 13 (275.3391 (76,1541 NET CURRENT ASSETS 1361635 2,234,199 TOTAL ASSETS LESS CURRENT UABILMES 12.467,348 10,808.028 CREDITORS Amounts falliw du8 after mor8 than one year 14 (500.0001 NEf ASSETS 11.967.348 10,808,028 FUNDS Unresth¢X¥d ftmd$ 15 11.967.348 10.808.028 TOTAL FUNDS 11.967.348 10.808,028 These ffinancLg1 sialements hav9 been prepargd in acccffthnce wilh the provisi¢)ns applKable lo chaiiiablg ¢xJmpanies Subl￿t to the small companie$ ￿lMe. Th8 finanual ststements were aprmved by the Board of TNst8es ond authorlsed for issue ..24..¥.qMOm￿T 29.2&...... .. and were s￿ned cn ils beh￿f by.. Jarne5 (Sep 24, 2025 15.54.37 GMT+21 J M AlexaThJroff OBE- Trustee Thè ntstss fom part0fth￿$fflnand￿ 8tatsm8nts P40 14 THE PERIVOU FOUNDATION ofcash Fk fortho Y￿r Errtled 31 D8cwn￿r2024 2024 2023 Nol Cash Ilows from 0￿ratIng actsvill•$ Cash gen8r8t8d from operath)ns {986,701) 11.134.716) N8t cash In ¢)peratillg ￿tIvItIeS 1986,701) 11,134,716) Cash Ilows from investlng actlvltl•8 Purchase of ffixed asset inveslments Sale of fixed asset Investments Intor¢sl recowod DNidends rerEived {1,555,763) 2,697,189 59.884 114.927 1870.9951 815,147 19.356 107,198 Net cash provided by Nivèstir& activlties 1,316,237 70,706 Change In cash and c8sh equiv¥lents in th• rnporting period Cash and cash equlvalents at th• boplnnlng ofth• reportlng perfod 329,536 11.064.01Ql 2,308.130 3,372.140 Cash and cash equlvalents at the end ofth• r•portlng perlod 2,637,666 2,308,130 rbjtos fomi p0rtofthesefina￿Jal state￿￿nts Pag815 TrtE PERIVOU FOUNDATK)N Not•s to tho Stat•m•nt of C•sh Flv• forth• Y•ar Endgd 31 Decernbar2024 RECONCILIATION OF NET INCOME TO NET C￿N FLOW FROM OPERATING ACTIVITIES 2024 2023 Nèt Income forthe r&portlng perfod (aB por th• Statomont of Flnancial Actlvltlos) Adjustments for: {Galnylosses on investments Interest raceived DI￿￿endS recelved Gifted investments Decr8ase in debtors Incrgasel(d8LYease) in ¢J8diior5 1.159.320 392,619 178,6401 119,803 (59,8041 119,356} 1114,9271 {107,1981 {2,592.6701 11,215.7751 915 6,221 699.18S 1311,0301 t￿h used In owallons {906,7011 {1.134.7161 ANALYSIS OF CHANGES IN NET FUNDS At1.1.24 Cash At 31.1124 Not cash Cash at bank arKI In h8nd 2.308.130 321536 2,637,666 2AO4130 329.536 2,637,666 Total 2Ji&130 329,536 2,637.666 The note8 forn partofthes*flnanc481 sttherts P4e 16 THE PERIVOLI FOUNDATION NL*osto tho FIn0￿181 Statsrr•nts forth• Y••r Ended 31 D￿￿th2o24 ACCOUNTING POUCIES Basls of pr•parlng th• fln￿cIal slatsm•nts The financial statements of the charitable company, which is a public ber￿fil en￿ty under FRS 102, have befrn prapar8d In accordancg wilh the Charities SORP {FRS 102) 'Am)untlng and ReportSng by Charities: Statement of Recornmended Practice applicable to charities Preparing their accounts in accordance wth the Financk?l Reporting Standard ap￿iCable in the UK and RepLJblic of I￿land {FRS 1021 le￿￿tIve 1 January 20191., Finan£xal Reporting Standard 102 Thè Financaal Reporting Standard applicallg In th& UK and Republi¢ of Ifeland and th$ Companlgs 2006. Tho financial statements have been PTep8red under the hlstorical cost convention. The fiJnctw)nal and presertstional currency of th? Foundalion is Ihp P￿jnd SterlrvJ {£}. The F¢)vndalion received a subslanual ￿ of Investments In the period and os ? resuFt. the trustees consider that there are no rnaterial Un￿rtaIntieS about the Foundation's ability lo w￿l￿Ue as a golng ncem. Income AJI income 15 rel￿￿1￿￿ in tho Statem￿1 of Financial Activities once thè ¢harity has onl￿eMent to the funds. It Is wbaNe that the Ino)me wlll te T￿e1ved and the am¢wnt Can be measured reliabty. Donations are norrnalty reLrynised upon recapl. In Ihe event that a donation is subject to u)ndIU￿$ that require a level of perfomance before the chaiity Is entiued to the funds, the income Is deferred aTrJ not recognlsed until either those are fulty met, or the fulfilrnent of these cOndI￿onS Is whdty within the control of the tharity and it is probable that those condNJon$ VAII be fU￿lled In th8 r•tx)rbng pariod. Inleresl on ftI￿lS hold on d9kxJsIt is InGludgd whgn rgGglvable and the amount rAn be mga$ur&a rella￿Y by the charity., thi5 is Trjnnalty upon notification of the interest paid or payable by ¢he barth. Exp•ndituro Liabilities are recognised as expenditure as soon as there is a 18gal or c<)nstructNe obligatbn ￿MMItting the chadty lo th81 expendllure, It Is FyObab￿ that a transfér of e¢onoml¢ ￿nefits will be required in settjernent and the am￿nt of the obllgation can be measured reliably. Expendlture 15 accounted for on an ac¢ruals basis and has been classffied undor h*adirKJs Ihat aggregate all ¢osl relatgd to the c8lvJory. Where ctssls cannol be dire¢lW 8ttn'buted to particular headings they have been all¢xatsd to o¢tsvitses on a basis consistent wllh the use of ￿SourCes. Grants payabl& ara paymants mad8 to tlird parties in th8 fvrtharanc8 of th8 charitable objo¢1s of the Foundation. In the case of an unconditional grant offer this is accrue¢J once the red&ienl has b8en notified on the granl award. The nolificalon gives Ihe redpient a reasonable gxpe¢tation that they will recewo the on&year or Mult￿Year grant. Grants 8wards that are subject lo the ￿&￿ent fulfilling perfomiance condilM)ns are only accjued when the recipient has been notified of the grant and any remainlng unftAfiUed conéilKJn attachiTVJ to that grant is outsvje of tho control of tho Foun(lalion. Promsfjons for grants are mat16 Wh￿ the Intentton lo make a gr8nl has been communicated to the rerApient but there is uncertainty as to the timing of the grant or the arnounl of grdnl payable. Paya17 Convnu￿... THE PERIVOLI FOUNDATION Nutesto tho FlnwKlil Statomonts. cont5Truod forlh• Y•ar End•d 31 D•c•mb•r2024 ACCOUNTING POUCIES * contlnu•d Expenditure The provison for lh8 mu1￿ye￿ grarrt IS Tecognised as tts present value ￿ere settlement is due over mo than year from the data of the award, there are no unfulfilled k*rfomianco o)ndlllons under the wntrol of the Foundation that would pwmf( the Foundatyon lo avoid moknng the ffijlure paymentlsl, setuement is prOba￿e 8NY the effe¢l of dL4counl"ng Is material. Th8 discount rat8 US8d is lh8 av&w8 rate of investment yield in the year which the grant award is made. The discount rate is regarded by the Trustees as prDwding the most (urenl available eslimats of thtr OPkXVtunty cost of monsy rofiecling the tlme value of money to the Foundation. Chathd)l• actlvftl•8 Costs of charfl*lg ¥tiviU8s includ& grants made. govemance o)sts and an appNbonment of 5UWXt Costs shown kn ncle 7. Allocatlon apportlonment of costs Sw>port Costs have Lwi allo(ated belween govemarKe costs a￿1 oth&r support c¥)sls. Govemance cKJsts comwse all cosls invrAving the public acc<)untabilty of the charity and its o)mpliance with regulatton and good prn¢tlce. Thw costs Indudg costs fda￿3 to statutory audil and legal fees tTrJether wth an appoitionment of overhe&J and supportcosts. Invosbrnnts Llstsd Inveslmw Listsd invesknents are a tom of ba$lc flnanclal Invostmgnt and arg Init5ally rwJgnis8d al their transactK value and subs￿Uent￿y measured 81 fair value IFV) as at thè balancè sh88t date using th8 dosrwj quoted Ma￿et pri￿. The statement of financAal ￿*Viti•S includ8s th8 n81 gains and k>sses arisirKJ on TevduatK)ns arNJ disposals throughoutthe year. Re81ised g8lns and 10s88s on Ilsled Invesbnents are ¢8lcul8led as th8 d￿feran￿ b&￿en sal85 proceed5 and the￿ openiThJ carrying value or their purchase value rf acquired gjbsequent to the first day of thg flftan¢lal yoar. Unroalise