Docusign Envebp8 ID.. 631D728F-2BD54562-8860-5C1E8D344A3C Charity numb•r. 1189216 HG FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 RPG Crouch Chapman LLP Chartered Accountants & Statutory Auditc 40 Gracechurch Street London EC3V OBT Docusbn Envdope10.. 631D728F_2BDS4562.8e6D￿c1EB0344A3c HG FOUNDATION CONTENTS Page Referen¢e and Administrative Delail$ of the Chaiity, Its Trustees and Advl$ers Trustees. Report Independent Audltors, Report on thg Flnanclal Statements Statement of Flnanclal Actlvitles Balance Sheet 2-12 13-16 17 18 statement of Cash Flow8 Nthes to the Finanelal Statgments 19 20-29 Docusign Envelope ID". 631D728F-2BD54562-886D-5C1E8D344A3C HG FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees Thomas Attwood Matthew Brockman Juan Anlonlo Campos Benitez Robert Joseph Citrino IV Sir Kevan Collins Richard Donner Richard Eamshaw Ireglgned 9 Aprll 20241 Caroline Lofgren Anna Martlng Sanow Genyi Zhao Iresigned 23 April 2024) Elona Mortimer Zhik8 lappoinled 11 January 2024) Quan Hue Gerv1118-Reache {appointed 4 August 20251 Charlty rogi¥t•r•d numb•r 1189216 PrlnGlpal ofnc• 2 More London Rlverside London SE12AP Chlef ox•cutlv• offlc•r James Turner Indepondont audltor• RPG Crouch Chapman LLP 40 Gr8cechurch Street London EC3V OBT Bankers Natwest 10 Southwark Street London SE1 1TJ Shoosmiths LLP The XYZ Building 2 Hardman Boulevard Manchester M3 3AZ Page 1 Do￿sIgn Envelope ID.. 631D728F_28D54562-886N5C1E8D344A3C HG FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report together wlth the audited financial statements of the CIO for the year ended 31 March 2025. Objectives and activities for the public benefit The purpose of The Hg Foundation Is lo remove barriers lo education And skills in the technology sector. Our vision is ihal the technology workforce of the future harnesses the talent of everyone. regardless of background. The Foundation has a particular focus on supporting those group8 who are underrepresenled because of their gender, socio economic background or elhnicily. The Trustees confirm that they have roferred lo the Charlly Commission's guidance on public benefll when reviewing Ihe FoundatiDTI'S aims and objectives, In planning future partrerships and activities and when setting ils grant making policy. The Foundalion furthers ils charllable purposes for the public bellefil through making grants lo eslablished charitable organisalions that dlreclly enhan¢e the employTnent prospects of underrepresented groups in the technology sector or whlch support their aspirations and educational attainment in qualific81ions relevant to the World of technology. The T¥uslee5 carry out the Found81ion's objective8 by partnering with charitable and non profil organisations across the UK, Europe and North Amenca, with a strong tr8ck record of delivery and which the Foundallon wll typicalty look lo work with over a number of years. The Hg Foundallon 18 $UPPOrted by the Hg Group. whlch Provides Ihe FoundatSon's fundlng and access 10 8 team with deep lethnological and operational expertise, as well 88 Its wider portfollo of technology companies which employ thousands of people across the globe. By leveraging Hg's exi81ing an(1 future networks the Foundation aims lo create a multlplier effect lo enhance the scale and reach of ils activities. Grant making policy The Foundation has established Its grant making policy to aGhieve Ils object9 for the publlc benafll. The Foundauon pdoritSse8 partnershlps that- Support the dev8lopmenl of education and skills. Support the development of educats'on and skills. This includes both the technical and general skills requlred lo Succeed in todals working envlronmenl. Technical skills will include but not be limited to subjects such as Malhemalics and computing or other lech-specific skills and qu8lificalion8 nèeded for eareers within the technology industry. The Foundab'on also supports projects that enhance widBr 8mpoydbility skills such 85 communications skills, problem solving and critical thinking, Including giving those from under represented backgrounds access lo work experience ané other opportunitles that 8re helpful for future èmployability prospects. A￿ in areas relevant lo the worfd of technology that contribute to improved and sustainabl8 employThenl pmspects for the long-tem?. Are informed by evidence and use clear metrics to track and measure outcomes and assess impact. The Trustees seek to gain insight on how to appropri8lely measure and evaluate impact, in order lo improve ils own understanding, that of ils partners and the sector mor8 widely, and to promote improvement. By worklng with established non-profit organisations and experts. the Foundation is able to suppoil ils partners in definlng.. quanlitalive and qualitative baseline measures a KPI and perfomiance milestone framework to assess the progress each project a route lo a robust impact ev81ualion framework. including- where possibtg- a counier- factual Comparison. Page 2 Doojsign Envelope ID.. 6310728F-2BD54562-8B6D-5C1E8D344A3C HG FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Target those who need il most. The Fpundalion focuses on individuals from underrepresented backgrounds. where there Is an access gap in eduGalion and training and SLJbsequenlly employment OPPOrtunilies within the technology seGlor. This includes ￿nder￿PTesentatiOn by gender. SOClD-economic background and ethnicity, as well as speufic groups in need such as those from refugee and migrant communities. Are driven by experlenced, dedl¢ated and proven professionals, experts and inslilutiong With track record ol delivery. Are strategic and scalable partnerships for the long term. Each partnership typically runs for three years. however, smaller, short-lerm Commllmenls are also made., either lo establish a new theme or where there is not currently a clear partner operating in a selected area of Interest. The Foundation then makes regrants lo those partnerships where there is evidence of promise ané continued support would further ils misslon. The Foundation lakes a stralegS¢ and proactive approach to sourcing prospective partnerships and Garries out thorough due diligence on any potent(al granl re¢lpienl lo ensure the funds wlll b8 applied in accordance with the FouDdalion's charitable obj8clives. Thls process Includes the submission of written proposals and perfomiance data, numerous detailed conversalions wlh leaders of th8 organisalion and their le8m and, where appropriate. due diligence visits and reference checks. The Foundation may also commission third party research in spoclfl¢ areas ol inl8resl in order lo gain better Inslghls on the rnDsI effective forms of inlervenlion. To miligale any risk to the Foundation. the Trustees may extend due dlligence beyond the proposed grant recipient to include any other associated organlsallons. In cases where the Foundallon supports an organi5aiion for an extended period of Ilme, due dillgence will be re•run after the flrst funding perlod as part of the re-granllng process or if there 18 8 m8terial change of clrcumstances. The Trustees require a wdtten agreement lo be entered Into b8tw8en the Foundatlon and the grant reclpient which will Indude, as a mlnlmum.. The obleclive of the grant, and detalls of how th8 grant can b8 spent The time perlod for the delivery of tha activities that are being funded Requlremenls for receiving reports from the re￿PIent on how they have 8P8nt the grant, progress 8gainst obleclives, and achievements for the period covered The records that the Trustees require to see regarding the use of the grant Monitoring arrangements. including key metrics around delivery and key outcomes. lo enable the Trustees lo have confidence that the gonl is used for the intended purpose A plan lor independent Impact evaluation or a roule to it What will happen if the temis and condiuons of the grant are breached, or If the reciplent can no longer cary out the terms of the grant. Once a grant agreement has been signed. the Foundallon holds regular monitoring meetingslvlsits and wlll also receive regular monitoring reports lo include updates on progress agalnst pre-determined milestones. financial breakdown of expenditure for the prqect 1$ also requested. The grant making approach is reviewed regularfy lo ensure It reflects the ch8rity'$ oblects and advances the publlc benefit. Pag8 3 Docusign EnvelDpe10. 631D728F-28D54562-886r￿sc1E8D344A3C HG FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 A review of our achievements and perfomiance.. How our grant programmes delivered public benefit Thls report covers activity that has taken place beiween 1st April 2024 and 31 st March 2025. Since its formation, the Foundation has now supported over 40 non proflt programrnes in the UK. France, Gem)any. Netherlands and Ihe USA, which between them will provide support for over 70,000 young people and adults from underrepres8nled backgrounds. In the Current period, the Foundation agreed funding for a number of partnerships, intervening al different points rjn Ihe talent pipeline into the lechnology sector lin addilioll lo continuing lo support existing partnershlps funded in previous years). Some of these were SfT7aller scale pilots,. olhers new partnerships,. and some our first grants to org8nisations showlng promislng signs of impact. In line with previous years. some partnerships span a single year and others are mulli year reflecting our intention lo support mulliple cohorts and more intensive inlerv8nlions. The figures below reflect the lolal potenllal grant rather than Ihe portion commllled in this financial year., payment is according lo partners rneeting milestones and key performance inrjicalors. FOR THE YEAR ENDED 31 MARCH 2025 BUILDING ASPIRATIONS AND NAVIGATING C4OICES The starting point for creatSng the next generalii)n of te¢h talent is for young pèople to undergtsnd the rang8 of opporlunilies available in the tech seclor, 11$ relevance lo so many aspects of our lives, and the pathways lo follow for the maximum chance of education and career success. Building on the success ol the Fovndalion's exl$ling partnerships, we expanded support for progr3mmes helping underyepresenled young p80ple build awareness of tech careers and navigale choices ahead through new partnership5 this year with the followlng organis8tlon8'. FUTURES FOR ALL (UK) Size of Grant.. £264.000 over 1 year Futures For All (formerly Speakers for Schools) dellvers Impactful Inlervenlions lo young people in UK slate schools and colleges, inspiring them lo reach Ihelr full potential and lake pathways into careèrs they may have olherwlse not considered. The Hg Foundation partnered with Futures For All lo pllol the new IntoTech Programme. The programme Involves a series of tailored inl8rvenlions shining the spolllghl on careers in leeh, for young people aged 12 16, with a focus on girts and those from disadvantaged backgrounds. The programme consists of inspiration81 talks. insight days, work experlences and mentoring. Based on the success of this pilot, the programme is now being rolled out lo deliver at scale over the next four years. UMATHS IUKI Size of Grant.. £145,827 ov8r 1 year UnNèrsity Maths Schools are 16 19 slate schools in the UK, aiming lo immerse students in the challenge 8nd opportunities of Maths ané related subjects. They are founded by and closely linked to leading unlversilies and offer a high quality specialist STEM curriculum. They are intended to be engines of social mobility, working wlth students from underrepresented groups lo widen participation in high quality STEM degrees and careers. In 2023, the University Maths Schools Networf( IU Maths) was created to strengthen the Math5 School community, giving it a channel for best pr8clise sharing across the network. The Hg Foundation's partnership will support U Maths, initiatives lo help ensure their schools better reflect the communities they are in. The range of activities includes.. application 5UPPOrt for low income students., oulreaeh activities wilh local schools.. expansion of summer schools for girls,. reviewing and improving admissions proce5ses', growirtrg the U Maths Girfs Nefftrk to support a sense of belonging. The funding for Ihls partnership will comrnen￿ in FY26. Page 4 Docusign Envelope ID.. 631D728F-2BD545624B6D-5C1E8D344A3C HG FOUNDATION TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 CYBERHORIZIONS IUKI Size of grant £94,500 Over 1 year. The Cyber Horizons programme aiffls to build 51udenls' cyber skllls. excite them about career opportunities in the sector ond provide advice on navigating the pathways into a sector which remains in hlgh demand. Through the pilot programme, student8 from the North East of England beneflted from 4 weeks of intensive programming over the summer. The support includes ernployability workshops covering loplc5 such as workplace etiquette, goal setts'ng, and behaviour expeclalions. Participants then have Iwo weeks of hands on cyber experience. working with industry professionals on real world c￿}er projects. plus on sile company vislls. The programme concludes with a one week in person 'CyberDefenders' course. and post plaGement rnenlorship throughout Year 13. The Hg Foundatlon is providing a grant lo fund the pilot. The programme leverages CyberFirst's track record of promollng cyberseeurily opportunities to young people, and RTC North's experience of delivering STEM programm8s to schools in the region. If successful, il 15 hoped the pilot could provSde a blueprint for an expanded programme. In addiuon to the above, the Found8tlon continued lo support our on golng partnerships with Apps for Good, TEAK, JINC. and the Technical University of Munith. SUPPORTING ATTAINMENT AND PROGRESSION IN STEM Helping young people aGhlave 8trong ¥rAd8mlc quallficauons ln STEM subjects is essenllal for opening doors lo university courses and careers in technology. The Foundation supports a range of partner8hips whlch provide direct academic Support lo young people {including Iransilions lo further study in key STEM subjects). as well a$ supporting teachers worklng In these important areas where there Is an acute shortage of specialist educatOTS. To m8xSmlse Impact In thls ar88, the Hg Foundation mad8 the followlng new grants thls year. STEM HORIZONS (UK) Size of Grant.. £1.1m over three years The Foundation has developed a new initiative lo bring together independent and st8le schools lo work together with over 1,000 students lo improve grades in Computer Science GCSE. Throu9h STEM HoTizons, dedicated Computer Suence leachars, based Initlally In five hub Independent schools, will work with -25 stsle schools with high proportions of students from low income backgrounds lo deliver a two year programme of support. Provision will total almost 100 hours of activity and include weekly hybrld lessons. pe¢r mentoring. academic s8min8rs. Maths support and a range of enrichment activities. The National Found8kn"on for Educational Research will conduct a robust. independent evaluation of the programme focused on improvements in th& core outcome of GCSE attainment and also look al the impact on education and career aspirations. A complementary 'Brighl Sparks, programme will work with year 9 students lage 131141 to support more young people in partner schools, especially girfs, to ch0058 computing GCSE mA'lhs programmes expansions The development of STEM H￿ZOnS Is supported by a steering committee of current and former headleachers from the state and indepgndent sectors. Funding for the STEM Horlzons programme commences in FY26. Page 5 Docusign Envebpe ID,, E310728F.2BD￿S6?-aBGD4Cl E80344A3C HG FOUNDATION TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 MA'THS ONLINE PROGFIAMMES (UK) Size of Grant.. £833,000 The mA'lhs Online Programmes aim lo help disadvantaged A Level Maihs and Further Maths studenls lo achieve the lop A" grades in the subjects, supporting entry into STEM related degrees al leading unlversilies. Following the success of the original programmes at Imperial, the Foundation 8UPPOrted the expansion to the University of Manchester in Summer 2023, to pilot the scBlabilily of the model. This year the H9 Foundation have commilled a further £833,000 lo support the programmes at both inslilulions for another Ihree years,. helping lo grow 6ach of the Cohorts to 150 places, eventlJ811y reaching 600 students per year al each university. The Hg Foundation will continue lo expand the programmes lo reach more high poiential Students across the UK. working with Imperial lo croale a model for this growth and introduce two new universi118$ 10 th8 nelwork and launch Ihelr first cohorts for their local regions. This funding will Gommence in FY26. NOWTEACH IUKI Size of Grant.. £150,000 over 3 yeaTS Now Teach's mission is lo allracl and recwit experienced and successful professionals lo change careers and enter leaching. This partnership with the Foundation will support the recruilmenl of Computer Science teachers direclly from the worlds of business, science and IT lo leach In secondary schools acfO$$ England. Computer Science is one of the most in demand subjects with Ihe largest shortage ol specialist teachers. The Hg Foundation's £150.000 grant will offer career changers a free Iwo yeor support package of 1 2 1 guidance. wellbeing. subject and eareer coaching and access to a support network of 1,000 peets. The programme will also enhance technology and Al knowledge ocross the organisallon, through worklng groups and online hubs lo share best practice. As a result of the programme, at least ￿entY schools ￿11 gain a new Computer Saence teacher, with candldales bringing years ol professlonal and real wodd experienc8 to Inspire the nexi generation of Al specialists and app cre8lors. Throughout the year we also conllnued to support Let's Gel Ready and TEALS, that the Foundallon had made grants lo In prevlous years. PROVIDING PATHWAYS TO ENTRY LEVEL EMPLOYMENT Tech careers can offer a great roule lo economic and sodal mobillty, includlng for those wllhoul hlgher education qualifications and those who are unemployed or underemployed. Reskilllng and providing new opportunities lo train are even more important a8 Al changes the workloree and new lobs are created as others decline. Through the work of the new partnerships below, the Foundation focuses on supporting young people and thosè already in the workplace to prepare for and suceeod In high quality entry 18Vo1 jobs in both tech And tech adjacent occupallons. CODE YOUR FUTURE IUKI Size of Grant.. £690,000 over 3 years CodeYourFuture's mission is lo help refugèes, asylum seekers, dispL8ced migrants and low-income groups change (heir lives through free technical and soft skills training. The charity provides free courses in Baslc Online Skills, Introduction lo Digrtal Skills, Introduction lo Programming and Software Development participants with the technical and employability skills lo gmbark on new career paths. equipping CodeYourFulure delivers ils programmes across five hubs In the UK, with in-person workshops and sessions faeilitsted by industry volunteers. As hiring demands in the tech sector have changed. CodeYourFutsJre have developed their programmes lo provide more intensive IIBining lo their participants. The Hg Foundation's grant supports participants on Iheir most intensive programmes Intro to Programming and the Software Development Course. Part of the grant is also supporting CodeYourFulure's data and impact measurement, enabling them lo further refine their programme and assess their imp8Ct on employment and Other outcomes. Page 6 DINAsign Envek)pe ID.. 631D728F-2B054562-8B6D-5CIE8D344A3C HG FOUNDATION TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 GENERATION FRANCE {REGRANTI Size of grant É1.1m over 3 years The Foundation's partnership with Generation France aims lo equlp unemployed and under-employed individuals with the skills needed for lifen Trustees or by wrillen resolution, such a resolution shall be effecilve only if al le8sI half of the current Foundation Trustees have voted In its favour. The conslllution all(Iws for a mlnimum of 3 Trustees and a maximum of 10 Trustees, al 8ny given Ilme at least 2 Trustees musl not be officers, partners or employees of Hg Group or Hg Advisory GmbH & Co. KG. On oppointm8nl, new Trustee5 slgn a trustee declaration sletement committing them to giving of their time and expertlse. They are made aware of their legal obligations under Charily Law, Ihe deci51on-making Process of the Foundation. key policies and procedures, its slralegic aims and recent performance. New Trustees are provided with a copy of the current version ol the Conslilulion find • copy of the laiesl slatemenl of accounts, and are glven an opportunity to meel wlh team members and organi5ation$ supported by the Foundation. Organisauon Al the quartedy truste8 m68lings, the TnJslee8 dlsGuss areas of 8cllvily suth as grant making (foll￿ng the recommendalions of the Partnerships Committee). perfomiance agaSnsl objectives, a high level review of the budget and cashflow fore¢asls, following prior in depth consideration by the Finance Committee. Other topics are discussed periodically and as needed for example, approach to scale up, impact evaluation, the pipeline into the technology workforce. The Foundation's th￿e committees - Partnorships, Finance and Engagement - operate under clear terms of reference detemiined by the board and Bny major declsions are brought back lo the Injgtee board for approval. At annual strategy meets'ngs, the Trustees meet to di8CUSS Overall strategy, perfomance, annual budget and to deterrnine how best lo direct ils resources lo meet its oblectlves. Key m8n8gement personnel remuneration The Trustee8 consider the board of Trugtees, and the CEO, a5 compri3ing the key management personnel of the Foundation in charge of dlrecting and controlling the Foundallon and running and operatlng th8 Foundation on a d8y lo day basis. All Trustees give of their time freely and no tnjslee remuneration was pald In the period. Trustees are entitled lo reSmbursemenl of expenses incurred as 8 result of condvctino business related lo the Hg Foundation. Any reimbursements must be claimed in line wth the Hg Foundatlon Travel & Expense pollcy. In accordance with the Foundatlon's Confllcl of Interest Policy, Trustees are required lo declare and reglster any personal inleresls, busines5 inlerests or other direct or indirect interests that might potentially confilct with their duties as a Trustee and absent themselves from decisions where a conflict of Interest arises. Page11 Docusign Envelope ID.. fj31DF28F-28D>4562-886￿5C1EBD344A3c HG FOUNDATION TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 Statement of Trusteés, responsibilities The Trustees are responsible for preparing the Trustees, report and the financial stalemenls in accordance with applicable law and Uniied Kingdom Awounling Standards (United Kingdom Generally Accepted Accounung Practice). The law applicable to charliies In England & Wales requires the Trustees lo prepa￿ fir¢ancial statements for each financial year which give a Irue and fair view of the slate of affairs of the CIO and of ils incomlng resources and application of resources, including 119 Income and expenditure, for that period. In preparfng these financial slalemenls, the Trustees are required to.. select suitable 8CCOUlltlng pollcies and then apply them consi51ently'. observe the methods and principles of the Charities SORP {FRS 1021.. make judgmenls and accounting estimates that are reasonable and prudent., slate whether applicable UK Accounling Standards IFRS 1021 have been followed. subject lo any fflalerial departures disclosed and explained in Ihe flnancial slalefflenls., prepare the financlal slalemenls on the going concern basis unless it is Inappropriate lo presume that the CIO will continue in business. The Trustees are responslble for keeplng adequate accovnling records that are sufflcienl lo show and explaln Ihe CIO'S transactions and disclose with reasonable accuracy al any time the ffnanclal position of the CIO and enable them lo ensure that the financial sl8lements comply with the Charities Act 2011, the Charlly (Accounts and Reports) Regulations 2008 and the provislons of the Trust deed. They are a180 responsible for safeguarding the assets of Ihe CIO and hence for laklng reasonable steps for the prevention and detection of fraud and olher irregularitles. Disclosure of informallon to auditors Each of the persons who are Trustee5 at the Ume when Ihls Trustees, report Is approved has confirmed that.. so far as that Tru8lee1s aware, there Is no ￿levant audll Information of whlch the charftys audllors are unaware, and that Trustee has taken all the steps that ought lo have been taken as a Trustee in order lo be aware of any relevant audit information and lo estsblish that the chantls auditors are aware of that infonnalion. Auditor5 The auditors, RPG Crouth Chapman LLP, h8ve Indic8ted their willingness lo continue In office. The desSgnaled Trustees will propose a motion reappointing the 8uditors at a meeting of the Trustees Approved by order of the member8 of the board of Truste85 and signed on their behalf by: Richard Donner Dale.. 27-Jan-2026 Ooru8W by.. Lltdwl V8 Trustee C9WF?12ty1S¢ Pagg 12 HG FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF HG FOUNDATION Opinion We have audited the flnancial statements of Hg Foundation (the 'ch8riV) for the year ended 31 March 2025 which comprise the Statement of Financial Aclivilies. the Ba18nce Sheet. the Statement of Cash Flows and the related notes, including a summory of significant accounting policies. The financial reporting frameth that has been applied in Ihelr preparation is applicable law and United Kingdom Accounting Sland8rds. including Financi81 Repoth'ng Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accgpled Accounting Practice). In opinion the financial st8temenls: glve a true and fair view of the state of the charitys affairs a5 al 31 March 2025 and of its incomlng resources and #pplicalion of resourc8s for the year then ended; have bean property prepared in accordance ￿th Unlted Kingdom Generally Accepted Accounting Practice. and have baen prepared in accordance wllh the requlremonls of the Charllle8 Act 2011. Basls for oplnlon We ¢onduct8d audit in accordance with Internatlonal Standards on Auditing IUKI {ISA$ {UKII and applicable law. Our responsibllilies under those standards are further descrlbed in the Audltors, r8spon5ibilities for the audll of the financial statements section of report. We are independent of the charity in accordance with the elhlcal requirements that are relevant lo audll ol the financial slalemenls in the United Kingdom. includlng the Finanel81 Reporting Council's Ethical Standard. and we have fulfilled other elhic81 responsibilities In accordance with Ih¢s& requirements. We belleve that the audll evidence we have obtained is sufficient and appropN#te to provide basis for opinion. Conclu8lon8 relatlng to golng ¢oncern In auditing the flnonclal st8tements. we have concluded that the Trustees, use of the going concem b8s1$ of accounting in the pr8paralion of the flnanci81 statements Is oppropriale. 8aseil on the work we have performed, we have not Identified any rnBl8rlal uncertainties relatlng to 8venl$ or conditions that. indivldually or collectively. may cast significant doubl on the charity's ability lo COn￿n￿e as 8 golng concem for 8 period of 81 le8St thlve month8 from th8 financlal statements are author188d for tssue. Our responsibilities and the responsibilllles of th8 Trustees wth respact to golng concern ore described in the relevant sections of this report. In our evaluation of the Trustees, conclu51ons, we considered the risks assoclated wlh the ch8ritVs buslness model, including the effects arising from macro-economic uncertalnties 8nd analysed how those risks might affect the charitvs financial resources or ability to continue operations over the p8riowJ of hvelve months from the charitls dalè when the financial 51atemenls are 8UthoTised for issue. In accordance with th8 above, we h8ve nothing to rewt in these resp8cts. However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that 8re Inconsistent wllh ludgements that wgre reasonable at the tlme they were made. the 8bsgnce of reference to a material uncertainty in this auditor's report is not 8 guarantee that the charity will continue in operation. Page 13 HG FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF HG FOUNDATION (CONTINUED) Olher infonnation The other Information comprises the infom8tion included in the Annual Report other than the financial gtalements and Auditors. Report Ihereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinDn on the financial stslements does not cover the other information and we do not express any form of assurance ctsnclusion thereon. Our responslbillty is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial slalemenls or knowledge obtained In the course of the audit, or otherwise appears ￿ be materially misstated. If we identify such material inconsistencies or apparent material misslalements. we are required lo determine whether thefft is 8 maleriol mislalement in the flnancial Slalements or a material mistalemenl of the other inlomialion. If, based on the work we have performed, we conclude that there Is a material misslatemeni of lttis olher information, w8 are required lo report that fact. We have nothlng lo report in this regard. Capabillty of Iha audlt to detect Irr•gualtS08 Including Iraud We gained 8n understanding of the legal and regulatory framework applicable lo the ch8rfly and th& industry in which il operates, and considered the risk of acl$ by the Charity which were contrary lo applicable laws and regulations, including Iraud. These included, bul were not limited lo, compliance wlh the Charitie$ Act 2071 and FRS102. We designed audit procedure8 to respond lo the Ask, reeognising that the risk of not delecling a malerlal stat misslalemenl due lo fraud is higher than the risk of not delecling one resulting from error. as fraud may involve dellberale concealment. We focused on laws and rogulalions that could glve rlse lo a material mlsstalemenl in the financial st8lem&nts. Our18sls included, bul w8r8 not limited lo.. agreement of the flnanclal slalemenl dlsclosures lo underlying supportlng documenlatlon.. enquirles of managment review of minutes of bo#rd m8elings throughout the period,. and obtaining an understanding of the control 8nvironmenl In monitoring compliance Mlh laws And regulations There 8re inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial slalemenls, the less Ilkely we would become aware of il.we also addressed the risk of management override of inlem81 controls, including lesling joum815 and evaluating whether there was evidence of bias by the Trtsslees that represenled a risk of material misslalement due lo fraud. Page 14 HG FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF HG FOUNDATION (CONTINUEDI Matters on which we are requSYed lo report by exceptlon We have nothing lo report in respect of the followlng matters sthere the Charities IAccounts and Reports) Regulations 2008 requires us lo report to you If. in opinion: the information given in the TnJsle8s' R8POrt is inconsistent in any materlal respect wth th8 financial statements., or proper accounting records have not been kept., or the financial statements are not in agreement with the accounting records and retum$', or we have not recewed all the information and explanatlons we require for audit. Responslbllltlos of trustees Ag explained mor8 fully in the Trnslees, Responsibillties Statement, set out of page 12, the Trustees are reswnslble for the preparalion of the financial stslemenls and for belng s8tisified they give 8 true and fair viow, and for such inlemal control as the Trustees determine is necessary lo enable the preparation of financial ststements that are froa from malerS81 misststsment, whether due to fraud or emr. In preparlng th8 fin8ncl#l statements, the Trustees are responsible for assessing the chadtls ability lo continue as a golng concem, dlsclosing, as applic8blg, m8tters related to golng concem and using the going concem basls of accounting unless the Trustees either Intend lo liquldate the charity or to cease operations, or have no realistic allemative bul to do so. Audltorn, r•8ponslbllltlo8 for tho audlt of th8 flnanclal $1otements We have boen appolnled as auditor under section 144 of the ChaTltSes Act 20118nd report in accordanc8 wllh the Act and relevanl regulations made or having effect Iherounder. Our obJeclSves 8re to oblaln reasonable assurance about whether the financial slalemenls as a whole are free from material mlsslalement, wheihgr due to fraud OT error, and lo issue an Auditors, Report th81 includes oplnlon. Re8sonable 8ssurance is a high level of 8$sunince, bul Is not a guarantee that an 8udit conducted in 8ccord8nce wf(h ISAS (UK) will 81ways detect 8 material misslatemenl when 11 exists. Misstslements can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected to influenee the economic decisions of users taken on the basis of these finandal slalementg. Irregularllies. Includbng fraud, ar& instances of non-compli8nce wilh laws and regulations. We design procedur89 in line with responsibilliies, outlined above. lo detect material misst8lemenls in respect of irrogularilies, including fraud. The extent to ￿lch our procedures ar8 are Gapable of dete¢llng Iraud are outlined above. A further descrfptSon of responsibllities for the audit of the financial statements is located on the Financial Reporting Council's website at.. ww.frc.o Ltklaudilorsres onsibilllies. This desuiptlon forms part of Auditors, Rewrt. Page 15 HG FOUNDATION INDEPENDENT AUDrroRS' REPORT TO THE TRUSTEES OF HG FOUNDATION (CONTINUED) Use of our report This report Is m8de solely to the charilvs trustees, as a body, in accorciance with Part 4 of the Charities IA¢counls and Reprjrtsl Regulations 2008. Our audit work has been Ltndertaker) so that we might slate lo the charitls Injslees those mallers we are required to slate to Ihem in an Auditors, Report and for no other purpose. To the fullest exlenl pemiilled by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for audit work, for this report, or for the opinions we have formed. RPG Crouch Chapman LLP, Statutory Audltor 40 Gmcechurch Street London EC3V OBT Dale: 16 RPG Crouch Chapm8n LLP are eligibl8 lo act a8 auditors In 18rms of section 1212 of the Companle8 Act 21yJ6. Page 16 DoDJ5ign Envelope ID.. 631D728F-28D54562-8e6D-5C1E8D344A3C HG FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Unrestrlcted funds 2025 Totsl funds 2025 To181 nds 2024 Income from: Donations and legacies Investments 8,360,294 428,081 8,360.294 428,081 6,595,225 254.366 Total Income 8,788.375 8,788,375 6,849.591 ExpendSture on: Cha￿table actlvilie8 6,196,973 0,190,973 4,038,403 T¢)tsl •xp•ndltur• 6,196,973 6,196,973 4,038,403 N•t movoment In fund¥ 2,591A02 2.591,402 2.811, 188 Reconclllatlon of fund8: Total funds brought forward Nel movement in fvnds 9,754,400 2.591,402 9,754.400 2,591,402 6,943,212 2,811, 188 Total fund8 Garrfod forward 12,345,802 12,345,802 9, 754,400 The Ststement of FinancSal Actlvltles Includes all galn8 and losses recognlsed In the year. Th8 notes on pages 20 to 29 fomi part of these financlal 81atements, Page 17 Oo(xJsign EnvekJpe10.. 631D728F.2BD54562-8B6D-5C1E8D344A3C HG FOUNDATION BALANCE SHEET AS AT 31 MARCH 2025 Chanty Number'.1189216 2025 2024 Note Investments 12 1.832,763 912,756 1,832.763 912,756 Current a8sets Debtors Cash al bank and in hand 13 226.877 10.849,748 194,880 9,168.948 11,076,625 9,363,828 Current li•bllltlo5 Creditors,. amounts falling due vlthin one 14 (563,5861 (522, 184) Net Gurrent a**•ts 10.513,039 8,841,644 Total net a*•ots 12,345,802 9, 754,400 Charlty fund• Unrestricted funds 12.345,802 9, T54,400 Total lund8 12,345,802 9, 754,400 The financlal stal8menl8 were approved and aulhorised for issue by the Trustees and 81gned on their behalf by.. Dr￿￿841￿*4 by.. Date.. 30_Jan-2026 d Donner Th8 notes on pagos of these financial slatemenls. Page 18 Docuwgn Envelope ID.. 63lDF28F-2BD￿S62-8B6D-SClE8D344A3c HG FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash flows from operatSng actlvltles Net cash used in opèrating activitles 2,600,807 3, 17T. 708 Cash flows from Investlng artlvltles Purchase of investments 1920,0071 {462,479) Net cash used In Investlng actlvllles 1920,0071 1462,479) Cash flo￿ from financlng actlvltle• Net cash provld•d by financlng activltle$ Chang• In ca•h and cash •qulvalonts In the year Cgsh and cash equSval8n18 at the begSnnSng of tha y8ar 1,680,800 9,168.948 2,715,229 6,453,719 Cash and cash •qulvalfrnt• at the ond of the y•ar 10,849,748 9, 168,948 The notes on pages 20 10 29 fomi part of these financl81 statements Page 19 Docusign Envelope ID,. 631D728F.2BD54562-8B6DffjC1 E8D344A3C HG FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General infomiatlon The Charity is a CIO registered ￿th the Charity Commission in England and Wales, charity nurnber 1189216. 11$ registerèd address is 2 More London Riverside. London, SE12AP. The princlpal aclivllles of the CIO is to support skill development for the modern job market and contribute to Improved, qualtty employTnenl prospects for those who may otherwise experience barriers lo access. A¢countlng policles 2.1 Basls of preparatlon of flnancl•l statsments The financial slalements have been prepared in accordance v411h the Charilies SORP IFRS 1021 Accounting and Reports'ng by Charities.. Slalemenl of Recommended Practice applicable to charities pr8paring their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191, the Financi81 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charllies Act 2011. The financial statements have been prepared lo give a 'lrue and falr, vlew and havè departed from the Charliies (Accounts and Reports) Regulation$ 2008 only lo the exlenl required lo provide a 'lnJe and lalr, view. This departure has involved following the Ch3rllles SORP IFRS 1021 publlshed in October 2019 rather than the Accounting and R'.eporting by Charllles.. Slalemenl of Recommended Praclice effective from 1 April 2005 which has since been wllhdrawn. The trustees conflryn Ihelr explidl and unreserved compliance with the above legislation. Hg Foundallon rneels the definitlon of a public benefit entity Under FRS 102. Assets and liabllities ar8 Inltially recognl$ed al hlslodcal ¢08t or Ironsaclion value unl688 Otherwlse Stsled in the relevant accounting pollcy. The accounts have been prepared In Slerllng and all amounts are rounded lo the nearest £. 2.2 Golng concern Based on their assessment of the tsvelve months from the date on whlch the balance sheet was signed. the Trustees are of the opinion that the charity Is a going coneem as the charlly holds significant cash reseNes and the accounts have therefore been prepared on the going concem basls. 2.3 Income All income 19 rgcognised once the Charity has Énlillemenl lo the Income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are included in the Statement of Financial Aetivitles on a receivable basis. The balance of Income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where ineome is ￿CeiVed In advar¢ce of entillemenl ol receipt, ils recognition is deferred and induded in creditors as deferred income. Where enlillement OCc￿r$ bef(￿@ income is reeeived, the income is accrued. Income tax recoverable in relation to investment income is recognised al the time the investrnent income is re￿1Vable. Page 20 Docusgn Envelwe ID.. 631D728F-2BD54%24e60-5C1E8D344A3C HG FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting pollci•$ (continued) 2A Expenditure Expenditure is recognised onc8 there Is a legal or conslrudive obligatlon to transfer economic benefit to a third paty, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the lot81 of direct costs and shared costs, including support costs involved in undertaking each artivlly. Direct costs allributable lo a single activity are allocated dlreclly lo that aclivily. Shared costs which contribute lo more than on8 aGlivily and support costs which are not allributable to a single activity are apportioned between those acllvities on a basis consistent with the use of resources. Central s18ff costs ore allocated on th8 basls of Urn8 spent, and depreciation charg85 allocated on the portion of the osset's use. Expenditure on charitable aclivllies Is Incurred on directly undertaking the activitl¢s which further the Charitys objectives, 8s well a5 any associated support CO81s. Grants payable are Charged in the year when the offer is made except In those cases where the offer Is condllion81, such grani8 being recognised as expenditure wh8fl the conditlons attaching ere fulfilled. Grants offered subject to condllions which have nol been mel at the yeaf end are noted as a commitrnent. bul not accrued as expenditure. All expendlture Is Incluslve of Irrecoverable VAT. 2.5 Interest rgcelvabl• Interest on funds held on deposil is included when receivable and the amount can be measured reliably by the Charity,. Ihl$ Is normally upon notification of the Interest paid or payable by the In81ilution wlth whom the funds are deposlted. 2.6 Taxatlon The Charity is considered lo pass the t88ls set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definllion of a charllable company for UK corporation 18x purposes. Accordingly, the Charity 19 Potentlally exempl from laxatlon in respect of income or caprtal gains received within categones covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the exienl that such income or gains are applied exclusively to charllable purposes. 2.7 Investrnenls Flxed asset Investments 8r8 a form of finanaal Instrument and ar8 inltially recognised al their transaclion cost and subsequently measured at falr value at the Balance Sheet dale, unless the value cannot be measured reliably in which case il is measured al cost less Impairment. Investment gains and losses. whether realised or unrealised. are comblned and presented as 'GainsllLossesl on Investm8nls' in the Statement of Financial Activlties. 2.8 Dobtors Trade and other debtors are recognised at the settlement amount 8fter any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Page 21 Docu$5gn Envelope10.. 631D728F-26D54562-8B6D-SC1E8D344A3C HG FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounllng policies (contlnuedl 2.9 Cash at bank and In hand Cash al bank and in hand Includes cash and short-term hlghly liquid investments with a short malunly of three months or les8 from the date of 8¢quisilion or opening of the deposit or similar account. 2.10 Llabllltlos and provlslons Liabilities are recognised when there is an obligation at the 8alance Sheet date as a result of a p881 event. it Is probable that a transfer of economic benefit will be required in settlem8nl. and the amount of the 5elllement can be eslimaled rellably. Liabllilies are recogni5ed al the amount that the Charity anlicipales it will pay lo settle the debt or the amount11 has received 88 advanced payThents for the goods or services it must provide. Provislons a￿ measured at the best estimate of the amounts requlred lo sellle Ihe obllgalion. Where the effect of Ihe lime value of money is material, the provision is based on the present value of those amounts. dlscounled at the pre-tax cjiscount rale that reflects the risks speclflc lo the liabilty. The unwinding of the discount Is recognised in the S18temenl of Flnancial Acliville$ as a finance cog1. 2.11 Fln•nGlal Snstrumenls The Charlly only h85 flnanclal assets and financial Ilabilities of a kind that qualify as baslc financial nstruments. Baslc financial Instruments are initially recognised at transaction value and subsequently measured at Ihelr selllem8nl value with the exception of bank loans which are subsequently measured al amortlsed cost uslng the effectlve interest method. 2.12 Fund a¢Gounllng General funds are unTeslrlcled funds whlch are 8vallable lor use al the dlscretlon of the Trustees In furtheranc9 of the general oblecllves of the Charlty and whlch have not been designated for other purposes. Investment income, gains and losses are allocated lo the appropriate fund. Crltl¢al accountlng estlmates and areas of judgment Estimates and judgments are conl'nually evalu81ed Bnd are based on historical experience and other factors, including expectations of future evenl$ that are believed lo be reasonable under the circumstances. Critical accounllng eslimales and assumptions.. The Charity makes eslimalgs and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The Iruslees are of the opinion that none of the esllrnates made result in a significant risk of causing a material adjustment lo the carying amounts of assets and liabllities within the next financial year, however. they are of the opinion that the following eslimales are slgnificant accounting eslirnales used In the financial statements.. Page 22 Docusign Envelope ID.. 631 D728F-2BD54562-886D-5C1E8D344A3C HG FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Crltical accounting estimates and areas of judgment (continued) Accruals Material accruals are induded for project fijnding for whlch an obligatlon to pay exists. The amounts are based on best estimates of the amounts which wll be due and payable in the future. Accruals of lower values comprise expected costs for expenditure lo be Invoiced in the future and is based on best estlmates or invoices received after the year end. Accrued income Provisions are made for income relating to Ihe year whlch is expected to be received after the year end. The figure is based on best estimates or communication received after the year end. Incorne from donatlons and legocl•s Unrestrlctod funds 2025 Total fundi 2025 Total runds 2024 Donailons 8.360,294 8,360.294 6,595,225 Tot812024 6,595,225 6,595,225 Inve¥tmont Incom• Unrestrlcted funds 2025 Total funds 2025 Total funds 2024 Inv851mont income 428,081 428,081 254,366 Total 2024 254,366 254,366 Anatysls of grants Grants to Institutlons 2025 Total funds 2025 Tot81 fvnds 2024 Project grants 5,558,781 5.558,781 3,601.289 rotal 2024 3,601,289 3,601,289 Page 23 Docus￿￿ Envelope ID.. 631D728F-2BD545624B60-SC1 E8D344A3C HG FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysls of grants Icontlnuedl The Charity has rnade the following material grants lo instllulions during the year.. 2025 2024 Name of institutlon Partnershlp- SEO - Sponsor for Educatlonal Opportunity Partnership - upReach Charitable Co. Partnership - Speakers for Schools Partnership . Assonal Finance Generation PartnershSp- Apps for Good Partnership - Jinc Grant Partnershlp - Technische Unlversilat Munchen Partnershlp - Purposeful Ventures Partnershlp - Lets Get Ready, Inc Partnership - Upwardly Global Partnership - Art5cle 1 Partnership - TEAK P8rtnershlp- Code Your Future PartnershSp - Sp8cialisteTne USA Partnershlp - Google Deepmind 566,247 982,445 165,900 472,442 245,000 150.310 107,073 200,000 163.881 259,009 249.778 169,554 197.144 304.972 426,300 636,923 6Q7.935 306, 195 295, 000 257,056 214,076 200,000 145. 718 130,904 117,715 79,388 4,720.055 2,990,910 Olher grants to Inslltulion8 838,728 610,379 5,558.781 3,601.289 Material grants are deflned as grants in excess of £150.000 in 2025 {2024.. £100.0001. As a result of different grant levels In 2024 and 2025, th& comparatives column includes grants which were not material in the prior ye8r. 2025 Grants individually materlal in 2025 Other grants 4,720,055 838,726 5,558.781 Pagg 24 Doousign Envekwe ID.. 631D728F_2BD54562.8B6D-5C1E8D344A3C HG FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysls of expenditure on charltable actlvltle¥ Summary by fund type Unrestricted funds 2025 Total 2025 Total 2024 Prol8Ct grants Administralion of the charity 5,558,781 638.192 5.558,781 638.192 3,601,289 437,714 6.196,973 6,196.973 4,038,403 Total 2024 4.038,403 4,038.403 Analysls of •xpendlturn by actlvlllos Granl fundlng of •ctlvltles 2025 Support cost¥ 2025 Total funds 2025 Total funds 2024 Project grants Adminislrallon of the charlty 5,558,781 5,558,781 038,192 3,601,289 437, 114 638.192 5,558,781 638.192 6,196,973 4,038,403 Total 2024 3,601,289 437, 114 4,038,403 Page 25 Dwusign Env61(ye ID.. 631D728F-2BD54562-8B6D-5C1E8D344A3C HG FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Anaty8is of expenditure by aGtivltle3 (contlnu•dl Analy81s of support costs Totsl funds 2025 Total fvnds 2024 Staff costs Legal Fees Audll Fees Bank Charges Other Costs Events 432,064 1,390 11,550 331 30.437 305,239 4,498 f 1,000 7,846 3,982 L 11 Insurance Marketing Irecruitmenl} Travel & Entertalnmenl Analysls & Evaluation Digital Communicatlons and Equiprnent 14,556 620 36.956 6.289 103.849 150 2,200 554 20,432 7,081 36,125 44,157 638,192 437, 114 Audltors. remuneratlon 202S 2024 Fees payable to the Charllls audllor for the audll of the Charltys annu81 accounts 11,550 11,000 10. Staff coBt$ 2025 2024 W8ges and salaries 432,064 305,239 432.064 305,239 The average number of perSc￿S employed by thg Charlty durlng the year was as follows: 2025 No. 2024 Administration and Finance Page 26 Docu5Ign Envelope ID.. 631D728F-2BD54562-8B6D-SC1E8D344A3C HG FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Staff c051s Icontinued) No employe8 r8ceived remuneration amounting to mow than £60.000 in either year. Key managem8nt comprises Ihe trustees and the ¢harily CEO. Key management remuneration amounted lo £150,000 {2024'. £145,000). The charity does not Operate its own payroll and all stsff costs are re-charged from Hg Group. 11. Trusle•s' rnmunoratlon and exp•nses Durlng th8 year. no Trustees recelved any remuneration or other benefits (2024 - £NIL). Dudng the year ended 31 March 2025. no Truslee expenses have been Incurred (2024 - £NIL). 12. Flxed as•ot Invostm•nts Unllsted Inv••tmonts Cost or valuatlon Al 1 Aprll 2024 Addition3 Revaluallons 912,7S8 920,007 At 31 March 2025 1.832,763 Nel book valug At 31 March 2025 1,832,763 At31 Ma￿h 2024 912.756 13. D•btors 2025 2024 Du• wllhln one yoar Prepayments and accrued Income 226,877 194.880 226.877 194,88Q Page 27 Dc¢usion Envelope ID.. 631D728F-2BD54562-8B6D.5C1E8D344A3C HG FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. Cr¢dltors: Amounts falling due wlthin one year 2025 2024 Accruals and deferred in¢oFne 563,586 522, 184 15. FlnanGSal Instruments 2025 2024 Flnancial asgèts Financial a$$els rneasured al fair value through income and exp8ndSlur8 1.832,783 912,756 FlnancSal a88818 measured at falr value through Income and expendllure comprlses the charitvs Investment in Comerslone l LP. 16. Fund¥ The charity only has unre8tricled, general fvnds. All amounts Inlcuded in these acwunls therefore represent unrestrlcted, general funds. 17. Reconclllatlon of net movement In funds to net cash flow from operallng actlvltl•8 2025 2024 Net income lor the year18s per Statement of Financlal Activities) 2,591.402 2,817, 188 AdJustm•nts lor: Decreasellincreasel in debtors Incre8selldecrea8el in creditor8 131,9971 41,402 397,226 (30, 706) Net cash provided by oporating actlvltl&s 2,600,807 3, 177, 708 18. Analysls of cash and cash equlval•nt$ 2025 2024 Cash in hand 10.849,748 9. 168,548 Total cash and cash equlvalents 10,849.748 9, 168,948 Page 28 Docusign Enve￿￿ ID.. e31D728F-2BD54562-8B6D-5C1E8D344A3C HG FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Analysis of changes in net debt At 1 April 2024 Cash flows At 31 March 2025 Cash at bank and in hand 9,168.948 1.680.801 10,849,749 9,168.948 1,680.801 10,WJ,749 20. Flnanclal commitments Th8 Charity has conunued to ¢ornmit to make total future InvestTnenls of £3,800.00012024: £3,800.0001. During the year, £920,007 12024.. £462,479) was drawn down. taking the total investment so far to £1,832,763, as disc105ed in Note 12. 21. Relat•d party transaGtlon• Durlng the year ended 31 March 2025, the ch8rfly r8celved donations of £8,360,29512024: £6,595.225) from the Hg Group. The charlly Is connected lo Hg Group Ihrough ils twstee8 as follows.. Trustees Anna Martina Sanow, Rl¢hard Eamshaw, Robble Cllrino. Juan Campos, Gen￿ Zhao and Caroline Lolgren are employee8 of Hg Group or itg associated companles In Munich and New York. Dudng the year, the chartty Incurred expendllure of £432,064 (2024: £305.2391 representlng 8 re4haTg8 of w8g8s and sal8rles and a$$oclaled staff costs from Hg Group. Induded In grants Inole 81 made is 8 grant lo TEAK of £169.554 12024 -£79,388). Also Included are grants for The Education Endowment Foundation of £80,00012024 -Nil.I Slr Kevan Collins serves on the board of Trustees of the lalleT, whereas Robert Citslno Sa￿eS on the board of the fomier. Th8 trustees are satlsfied that any potential ¢onfllcl8 of interests have been managed satisfactorily. Page 29