Charity wi51Trtlon number 1191347 THE DWF FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 dwf believe. inspire. change. foundati THE DWF FOUNDATION LEGAL AND ADMINisfRAnvE INFORMATION Tru51ee5 Mr P Holland Mr R Binn5 Mr M Stsntxjry Mr J Dawes OBE Msj Chafflbedain Mr S Monks Ms R Al￿Trder Msj Perez Guerra Ms M Maguire MT D Adam50n Mi K Rlltyjones Mr C GTrham MT B Winstanley Ms G Darcy Foundation Mana¢ SU￿￿).1 4p&tJf*u*.xX>V &r.utt-i.es iJS'.S'w ol The Foundation irNts5 applications for grarts from regISte￿d charities in the UK and internatioftalty, primaTily where the mp8Ct of the grants will benefit communities local to DWF offices. Applitarrts submtt an appliiation via an online platform. Details Df how to appty for grants Ib)gether with the relevart fofmsl are avaiLable on the DWF website at www.dwF.lawlat)out- us/dwf-foundation/. Grant making proce55 PPKkLt471 Irxi I,'T.-%fYl￿￿1'l apt*kuT& In 2023124, the trustees reduced the number of grant meetlngs from 4 to 3 per year. This Wds ta help better manage the dmini5tration and the funds available per grdnt meetillg. ThE tnJ5tee5 ha￿ retained that approach for the financial year 2024125. The tru5tee5 have been realist1£ abo￿ the monèy that can be (vrnmitted to %￿￿1 cause5, focusing on sm311 but effectNe projects that Make a genuine impa£t. There are management $￿ems in platr that are delivering 5trate&c. thoughtful and well-managed outputs. THE DWF FOUNDATION TRU￿EE5. REPORT ICOP¥llNUED) FOR THE YEAR ENDED 30 APRIL 2025 The trustees contirTrue to tr#Jild on this framewofk to eftsure th6t Ftyjndation ts independent from DWF 14Jt form5 an Integral part of the overall corporate swal re5pongbiltty strategyforthe cornpany. Monftorfng achievement A clear and transparent èpproèch to evaluatKJn ￿ an important objecknve for the Foundatioll. ThÈ trustees review the projects prewously supported to ensu￿ that they meet the stated aims of the Foundation and comply with the themes. In addltion. the trUS￿S tdlate and review f￿￿back from a cross-secDon of charitiesto under5tsnd Ihe irnpart of the funding received. Those charities th* have receNed funding froffl the FaundatFDn are askEd to (omplete an evaluation report 12 months after they receive the gBnt. In addition. the trustee5 encovrage the chartbe5 to send photographs and other infomiation about the funded projects lalbeit tsking into consideration that the natUTe (JF50me projert5 can make this difficult). Key Iwghtsfrom theBrnntsRi￿n o¥Èrihe ta# ￿ months Health and Well-being wa5 the n705t irnpactful theme. with 13 projett5 benefiting è totsl of 3,985 indNidua15. averaging 443 beneficiaries per P￿jeCt. This theme demon5tBted 5ignrfKart ¢Ofrtributions to mentsl health. physical well-bein8* and communlty supp)rt. Education projects sho%*d tsrgeted impact. with 4 projert5 benefiting 78 indMdua15. fixusifjg on literacy, employabilrty and skS11-building for disaLfvèfttsged groups. The fvnds were used effectT%*ty across diverse initiatwes. including purchasing rnu5KtiI inttrumÈnts for deprived schools, supportlng mental health through oaturtrbased actiwties, and enhancing cliniGIl Ca￿ for vulnerable popuLations. These Interventions highlight the Foundation's commTtment to addre5s1nÈvarsed comrnuntty need5. Copacity Buildi As part of its ongoin8 cornmitment to stTen8thenin8 the ch3ritsble sector, the Foundation proudly offers dedicated 5e55ion5 for charities on 'MakinB an Application. and "Con5idefing &Jstainabilrtf. These sessions are designed to empower organisations Iparticularfy smaller, locally focused charities) the skills. knowledge and confidence to subm¥t Stronger, more impactful grant applKation& The trustees recogn￿e that marty Brassroots charttles 0￿rate with limited re50Lsrces ènd may not have at￿$S to formal training or strategic development Op￿rtun((les. By providing practical g￿ldance and insights Into the gr4nt-tnaking procÈss. the airn 15 ts help these organisatiOn5 bEtter artitulate their goa￿. demonst¥ate their impact and plan ft)r long-tem) 5U5tsinability. This, in tum, enable5 the Foundation to make more infomied funding decisions and maximise the irrTrpact Df the grants. Maklng an Application Considering Sustafnabilty AOr￿hoUrcrti￿e 5e55i?n tog0th￿ the CP ￿￿rESe&s#￿t0 hdpgrrAJPS cDnsthr their Try)￿ su*a*aAty8nd *l)èt doto ￿1P . taurthd In March Ll . To d&e delt¥wed 76 sessi(y . 1(Bpecf4e regGt¥ed fiv sessThtsl 88 In THE DWF FOUNDATION TRU￿EE5. REPORT (CONTINUED) FOR THE YEAR ENDED 30APRIL 2025 FÉnanrial rewew For the flnanclal year ending 30 April 2025, the Fcyjr￿atIOn ha5 demonstrdted solid fIna￿la1 perfomiance and prudent management of its rE50urce5. The Foundation has maintained its commitment to awarding one-year 8ftnts. ensuAng that funds are dlsbursed onty tf the cash 15 available in the bank. The Found*ion's reserves policy of £IO.(MX) Ls deemed suffldent to resKX)nd to emergÈnLV 6ppli¢ation5 for grdnts and to cover 80vernance costs. The Foundation's prudent finantial managemert is further supwrted by the generou5 in-kind 5UPPOrt provided by DWF, whlch covets overhead tosts and ernploys the Foundation Mafidger and Corporate ￿Cial Responsibility "CSR") Officer who support the operational actNitTe5 of the chaftty. The FOunda￿on'$ Investment portfolio continves to generatr a stsble incorne, prO￿dIng flexibilty for the trustees to manage funds withln the guidelinÈs Set by the Charity Commission. The Foundation has also e5tabli5hed a separate investment pot to manage fvnds received from dormant accounts, mitSgatlng any assotiated T15ks. Overall, the Foundation ha5 successfulty navi8ated the financial thalletys of the year. malntalnlng a solld financlal ￿sItIOn and ensurin8 the sustsinability olits charitsble adsvities. Finance Process O¥eNlew The Foundation maintsin5 6 robust and tra115parent finance process to ensLsre the effective management of charitable funds. All income is recpi¥ed into a dedicated bank account (separate from DWF systemsl to preserve the Foundation's independen and financial integrtty- Income ￿ mcnitored monthly through bank ststements provided by the DWF Payments Team. Grant payments are approved by trustees and Pfocessed through a strurtured wOrk￿0W involving corrfirrnation etnails, payrnent spreadsheets and final authorisation by the Foundation Manager kfore submission to the DWF Finance Teatri. Non-grant expenditure 15 proce55ed via DWF's Snternal systern. overseen ty the DWF Foundatlon M3nageF and authorised by DWF'S Chief Sustsinability Officer. Reserve Poll The trtstteos airn to rnaintain free reserves of £10.(￿ in Unrestr￿ted ftsnds. -Free reseryes are deflnÈd as unrertrictÈd lunds that are readily availèble for use. exduding any designated funds or fixed assets. Th55 amount is deemed suffitient to respond to ernergency applications for grants and to ensure that gts¥emance costs are adequate￿ iovered. This level is based the Foundation'5 average emergency grant size. and estimated annual govemantE tosts. ensuring tontinuity in ￿se of short-term income disTUPtion.- THE DWF FOUNDATION TRU￿EE5, REPORT (coKfiNUED) FOR THE YEAR ENDED 30 APRIL 2025 Thetru5tees conskIerth￿ level (Jf to be approwk1te. gi*n thÈfollowing". The Foundation doe5 not have any dirert employees. as all stsff arÈ employÈd by DWF and seconded to the charity. Consequently, any employer l¢abilities15uch 05 redyr¥lallcy c05ts1 are the rEspon5ibilty of DWF. The reserwe level is informed a r￿k asse55ment ol wtertwl income and ensures the Foundation can meet obllgatlons wr(hout dlsnjption. There are no o*rhead costs for the FtyJTrdation. as all other expenses. indudin8 office costs IprDvided in kindl. are covered by OWF. The Foundation ey£lu5ivetyf owords one-year grants. The Foundatlon's Income is dernrd from fUr¥lraLsi￿ dormant accounts and in%Èstmert income. Funds are only disbursed if they are available. The reser¥es pollcy is reviewtd annualty ty the trustees and may be ¥e¥iewed rnore frequently rf there Is a materkl ¢hangE in incomÈ or empendthre. Funds recer¥ed from dormart accotsnts are managed thr￿gh a separate irwestrnent arcount to mrtiÉate any 0550ciated risks. In the event that DWF decldes to cease funding the F￿ndatiOn. the trustees would adjust their operatlonal pprDa¢h accordingty. The Foundation currently holds artyJnd £2 million in investments, which is used to generote incorne. ThE trurtees have the fIe￿bi1[ty to use these funds wrthin the guidelines set by the Charity ComMiss￿n. The reserves poliry and level of reserves hehj are disclosed afinualty in the Foundation's Tru5tee5' Rewrt in accordance with the Charitie5 SORP Incom The Foundation's intome comes from a variety of sources primarily thr￿jgh the tundraisinB efForts of people wtihin DWF. with a rnode5t incDme stream coffling from payroll 8ivin& dormanE account funds (residual balaTrcesl and od hoc donation5 from clients, suppli2r5ond other5￿ppOrteV5_ In 2023124, the FouTrdation ￿re[ved slgnifi(ant balanos from DVIF'S dormant accounts (residual balance51. A number of the balances were above £5m so required the tharity to provlde an unlimlted *ndemnty. as per Solicitors Regulation Authority "SRA'I 8uidance i55ued to DWF. A5 a re5uk. to manaKe arry risk to trust funds. the trustees a£￿ed to receNe the balan￿5 and have created a separate account wtthin their investmEnts to which these funds are allrKated and hehl. The trustees receNe a full breakdown of the funds on a regular basis. which allow5 them to diaw d¢>wn fvnds to 5Fend while man3EinB any risk should they be required to retum any tsalan￿5_ In 2024115. the Foundatson has continued to receive TeBulaT dormantacwrf fvnd ttsnsfers from DWF. THE DWF FOUNDATION TRU￿EEs. REPORT (CONTINUED) FOR THE YEAR ENDED 30APRIL 2025 DWF Share5 and Investmert (￿e￿￿*1 In 2023, the trustees instrurted Rathbolles ￿ invest the pr￿eedS frorn the DWF 'take pri¥ate' deal In accordance wY(h the Foundation's investment pglicy4 with the aim of eenerating sU5tsinable income to support ongtring grant-givin The Foundation does not hold any shares in DWF and DWF continue5 to co¥*r all overhÈads ft)rthe Foundation. including staff Costs. These contribution5 are recorded as in-kind donations in the charftys acc()unts. To 5tTengthen govemance and manage potentkil conflKts of interesL the Boa￿ of Trustee5 has estsblished a Finanre and Investment Cornmfftee. To safeguard transparency and objertNity, thi5 Comrntttee included three trustees who were Independent from OWF who were resptsttsiNÈlDrdetysions ￿LatingtO DWF 5hare5 priorto the company's tranSIt￿Tr to priwote ownership. Dormant Acwurt Funds: 6¢)vernance 3nd Risk Management In the financial year 2023124. the Foundation received a signrficant numbEr of rèsidual balance5 from DWF dormant accourts. Several of these balances exceeded £5(NJ so. in accordance with guidantt frorn thE SRA, the Foundation piovideLt an unlirnited indernnity to DWF In respett of those donatlons. To ensure responsible stÈwardshlp and mttigate anya55QCiattd the trustee5 aBTeed to accept these fvnds under a clearty defined governance framework As part of thls fvamewor A dedI￿ted InVe￿ment ècc(xJnt ha5 been esta￿l$hed to hokl and manage the dormant account funds separate from other assets. The tru5tee5 receive a full brea￿￿OWn of all fund5 rece￿*d. enyJrlngtransparencyar￿ a¢tountability A regulaf review proces5 has been implemented to assess the funds held. Ènabling the trurtees to drydw down amounts Strategi￿llY for charitable eKpersdrf(u￿ while maintaininK suffitient re5erve5 to covei any tx)tential repayment obligation5. The Foundation has adopted an agreed process and go¥ernante structtsre for 9￿15eel￿E the weipt of dormant account fvnd5, which Includes= Provision of 1ndernn￿ in line wrth regulatory reQui￿￿ents- MoniEorlng of fund le¥*ls to ensure attvrate rerx)rtingÈnd financial over5ight- Evaluaticn Df fund utili5&tion to rnaximi5e the amouTrts availaye for charttsble purposes- and Rtsk tnanagernent protoco￿ to safeguard the fwndatlon's financial integrty. Ihls approach ensurps that the Foundation can reS￿nsib￿ manage domiant account tuntjs in a way that supports Its charitable mi55ion Whi￿ maintaining compliance and protetting èg3is)st disprowrtionate financial risk Thi5 entsbles the tru5tee5 to review and draw down funds responsibty. m3￿mIS1n8 £haritsblE Spend while rnanaging any ?ssoci*ed risks. THE DWF FOUNDATION TRUSTEES, REPORT {coKnNUED) FOR THE YEAR ENDED30 APRIL 2025 Finance and investment management The trustee5 appointed Rathbones to 5VPWrtthem in managing the sha￿5 and maxim￿1￿8 the return on Investments. The trustees have established a Finance and Investment Committee as part of iheir governance strurture. To manage any potential or perceived conflict ol interests. this cornmittee includes 3 independent tTU5tees whts ￿ad on any decision5 regaTdinKfinèncÈ relatingto DWF. In February 2024. the trustees commissioned char￿ Intelligente to carry out an environrnentsl, siKial, and governance "ESG'I wiew of the investments. As a result of thÈ find1r￿. an u￿at@ was made to the investment policy* to provide rriore clarty on the ethical understanding. In addition to their usual investment Teporbn& Rathbones now a150 provide an E summary on investments. It has been agreed to commissKJn Charty Intelligence to perforni a ￿eW of the in¥e5tments Èvery 12-24 months to track priy8￿5$ forthe Funder Commltment on Climate Chartge reportan& THE DWF FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025 Risk Mana ement The principal risk% faced by the Foundation lie in the performance of fundraising management of investments and operational risks, from ineffective grant rnaking and ro)r fvndraising actiwty. Ssk anagement of Rlsk hE operdtional risk from grants awards tha Te ineffectNe in supporting those who a i53dvantsged he pr￿e$S of repo￿n8 arKI re¥￿W a55i5t5 us, and those we 5upporL i pingtrack ofthe tmpact ourBrantEiving ha5 had. his ￿eW prvty5 retsins our focu5 on the public benefit derhEd fro r fvnding of theirwork. he rlsk of a lack of capacity to manage th rants program effetti¥elv. his risk is mitigated by support from DWF in providing stsff and othe sources to help in the operational management of the Foundatlon. here ¢5 a clear agreemem Wrth ()WF o￿lI￿rng the support an 5pon%biIrt￿S. he Foundation has identlfied where it rAn USE tÈchnology to SUPPO e grants process and use stsff time morE effectNelv. he FOUndat￿n monitors the appliiation flow and re￿larlY conside e optKJn of reduting the numtEr of grant meeting5 per year to hel ith adminlstration. etainin8 trustees of sufficient sklll an xpert15e_ p￿TrI￿ted independent trustees With di¥er5e ski115, such as investmen o¥vledge. to assist wrth maThagement 5tablished a go¥e¥nantr group to ma¢ntsln o¥trsight of governanc uirernents. lans during 2025 to recruit additional trttstees to support govÈrnanc nd skslls needs. as well as sutcessio¢) plannin8. educed incorne from fundraising nvestrnent activrty. ppOIntir￿ ￿n￿lM￿lit managers to aknse the trustees and rnana8 anaging Gish flow catElulty tt> foi futu￿ meeting5 and rnakE sur unds arE availabte. t up Fundrdi5ing and En8agernent Committee to assistlencoura8e and pport working Wlth DWF employees and their fundraising effort. THE DWF FOUNDATION TRUSTEES. REPORT {coNnNUED) FOR THE YEAR ENDED 30 APRIL 2025 DWF ovmership and control rom a B￿rManCe and regulatory p)int of ¥iew. the Foundation remai ndependentfrom DWF. here i5 a fomial agreement in place with DWF safeguardlng the SUPPO ffered. he trustees Invofve DWF sensor le*Jers in the Foundotion's actlvrties ild Strong links and supFxYt. n￿ronMental Impacts and expectath?n relatlng to SU5tainability he Foundation ha5 5igne(l yp to Funder Commitment on Cllrna hange. ommrtted to hawn8a regular ESG review Df investrnents. sing t￿hnOlogY in the manaEement of the Foundation and (ts att￿tIes. elivÈring training io organlsat5ons to 5VPPOrt their 5UStatnability J¢)￿M nd Cons￿1￿￿￿8 sustainability when planning their projects. lobal grBrt giviryg nsure complkance with varwng legal and regulatory requirements I rfFerEntcountnes. anage £urrewexthange and financrol tsansartions carEfully. SS PDlittsl and ecommic stsbility in recipientcounthe5. e5pect cultural drfferet)ces and ￿ndUct thorough due diligence on l(K rtner> mplement rotW5t rnonitoriTr8 and evaluaiion framewoths. stsbl*sh strong finaKu41 contro15to mttigatr fraud and comjptlon rlsks. ainiain transparenry and effertNe cnmmunirJtion to manag putslion risk. lan for logistical challenges. nsuring that international 3ttivèbes (omply wlth UK regulations ncludin8 antFm0rylaunderi￿g laws. 10- THE DWF FOUNDATION TRusfEE5' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025 Strurture rI)an￿ and mana The Foundation is a registered charity. It is inde￿ndent from DWF but bullds on the existing ¢x)mrnvnity activty ol DWF in focused 8nd str*egic way- dernon5trating that when people work tO8Ether, they Can a 5ignrficant. positive impact on the communities in which they live and work. The Found3tion has a board of trustees that is responsible for its ¢Jverall artivities. New tFUStees are 3ppDinted by the exSstlng trustees and 5er¥e for 3 years. after wh￿h they rnay them5elve5 forward for rtrappointrnent. The governing docurnÈnt provide5 for a minimum of three trustÈes and no Ma￿rnurn number ol tTUStee5. At their triannual meetings, the trustees agree the broad stratw aThl areas of for the FoundatiDn. inclvding consideration of grant makTri& investment. reserves and r￿k management ￿lIcIeS and performance. In addition tD thi5 the trustees also hève a i*ady-Away drf meeting to discuss strategy planning and ￿leW tofurther support the charities aims. The trustees ha￿ agreed a formal Scherne of Delegated AuthorSty that dearly outline5 fDle5, respon5ibilitie5 and levels of decision-mèking authority. This framework erystr￿s strong governance. operational tLirit¥ and aicountsbility. The Found8tion Manager is re5pon5ible for the day-ttrday operations of the chartty. s%Jpported by televant committees, and empowered to make deci51V￿5 within def1ned parameters. EMmples of delegated decisions include= Approwdl of 8rint payments lollowlngtnjstee ag￿tment.. O¥tr5i8ht of routine financial transattions and reconciliation- Coordination of communTcatlQll5 and enK4gementWFth sUPPOrted charTties.' Management of dormant account fvnd5 in line with agTeed governarKe and risk protr￿lS.' and Operational decisw)ns related to events. fundraising actNities and reportin& strategic de£isions Isuth a5 change5 to investment policy. approval of annual budgÈts and a￿ptsnce of signrficant donations) are reserved for the Board of Trustees. in accordance with the Scheme of Delegated AuthoTity. The trustees seek to follow the goc41 pratt￿e cortÈined within the "Charity T￿Stee5 Guide. i55ued by the Institute of Chartered Secretaries and Adminisrrators. The trustees CDnvene the Governance Committee on a ￿gUlar basis to keep the Skills Bnd composition of the trustee body and 5UEce55ion pkinning under wew and. where needed, to recrurt new trustees for their experience, empathy and kni)wled8e of the charity15ector. The trustee5 have also developed a Df Conduct for trustees including formal statements of rO￿S and ￿51￿￿￿51b16It1es and prov￿￿ for trustee tralning. On apwintment, new tru#ee$ 51En a trustee dedaTrt￿ committing thelr time and expertiSE. Induction Informa￿0￿ inclutfes.. A brief history of the FOundat￿n Trustee board ond 5UtKommittee minutes Cor15Lttution ChaTity Comrnission's guidaftce on-The tssefitial Trustee: What You Need to K Chèrtered Institute of Fundraislng G￿lde to Fundr3*sing foT Trustees Charity Commission's guidance on CorpoTate FDundatK)ns To 5UPWrt the governance of the ¢haTtty. there are a number of e5tsb1￿hed comrnittees with temis of reference which report to the wider board. comprising= Grnnts Commtttee Finance and IrwestmerTrts Cornmrttee Governance Cornmtttee Fundralsing and Engagement Committee 11 THE DWF FOUNDATION TRusfEES' REPORT IcoffflNUED) FOR THE YEAR ENDED 30 APRIL 2025 Structure dwf Key management personnd remunertion The Board of Trnstee5 arml the Foundation Manager Cornpr￿ the key management personnel of the charty in charge of dirertinÉ and controlllng the charlty and running and oper3ting the charity on a day-to4ay ba515. In 2021. the FoundatSon Managef wès joined by a CSR Apprentbce. In 2023. the Apprentice succe55fv1ty pa55ed their apprenticeship and was appointed as CSR Officer. All trustees ￿ve their time fvÈely and no trustee remunerntioTr wa5 paid in the yeaT. Detsils of tTU5tee expenses and related party trÈnsattions are distlosed in note 10 to the accouTht& Trustees are required tts distlose all relEWdth irterests and register them with the Foundation Manager and lin ac¢ordaAce with the charity'5 policy) wtthdTrwfrom deciyoiLswhere a ¢onfiid of interest may arise. The Foundation Manager and CSR offi￿¥ are employed by DWF and seconded to the Foundation for 2 days and 3 days per week respecuvety. This ￿ shown in the accounts a5 an in-knnd contribution towards the operational costs of the Foundation. Ervironmental Act" ' In 2020. the Foundation added an additional theme of Environment and Sustsinabllity to Its focus a￿as. WhSlst it had funded environmental attivity through its other themes (like EducatK)Tr ar￿ Health and Well-beingl, the trustees wanted to show more clearty that they w￿hed to suppjrt environmentsl artivrty in it5 own right The Faundatian Manager delivers hour-kjng online workshops aimed at chartbe5 IcAlled -ConsiderinE ￿5[ainabilIty when planning your ptoje¢t"I to share informatlon ab(MJt the strategyand to svpwrtcharit*S Wtth their owTr sustsinèbilityjournÈy. Fynder Commitmerrt Oimate Char The Foundation signed up to the Funder c￿m[trnent on Climate Change in 2021 following the launch of its 5th pillèr of Environrnent and Su5tsinability. The commitment fmjtlines 6 Principle5 for funders to sign up to. to dernonstrate their commitment and how they are usin8 their rÈsou¥ces to bring abtyjt change. For the Foundation. thi5 include5 education on the environment which informs the %￿￿t-g￿n￿3nd h¢yAT investmetts are managed. 12- THE DWF FOUNDATION TRusfEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRII 2025 ommittment eetynK thi5 commitment The Foundation Manager and CSR Office ttended a nurn￿r of inlorrnation 5e55ions di5CU5510 nts trj er4agt with trther5, share learnipg and lear rom other5. The gTrnt application form includes a questio n the about SU5tainability when planning projects an his infoTrnation ha5 informed the content of th Considering sustainabilty when planning w)tsr projert raining. 108 people ha¥e registered for these sessions18 DUCATE AND LEARN he Foundstion will mak opportuniJes for the trusteÈs aff 3nd 5tskeholders to learn more abtsLrt the kEy cause nd solutions of dimate chanRE. n 241251. OMMIT RESOURCES The pillar of EllwrDnment and ￿s￿Inabl1lty wa dded in 2020 to focus tesource5 In this area. In 2023, the workshops on -Considerin 5fainabilFty wheTh plènning your project" began an onttnuetoday. he Foundation wll commrt resourtEs to actelerate wor hat addresses the causes and impacts of c14mate rhange If the governing document or other lactor5 mak ifficult to dlrettly fund such work, the Foundation wil Ind other wèys to tDntribute, or con5wleT how SUC arriers might ￿ overtomel. NTEGRATE The application pr(Ke55 and grants notificatio rocess is onlTrnÈ and other systetn5 are simibrl pedess. The appI￿AllOn form asks applicants t nsideithe environfflent wheTr plannine projects. DWF offer5 SUPPOrt and guidance about makin peration5 rn0￿ 5Uslainable. The trustee5 are in the process of reVIe¥￿ftg rh rant process and are looking to use technology mo ffertNel¥. When the DWF sha￿$ were 501d, the trustee on&dered reinvestment in line with carbon values. Adv15er5 Rathlx)ne5 provide ES6 reports to th ru5tees on the inve5trnent portfolio_ The Foundation comrnissioned Chari ntellixence to carry (Krt an ESG review of the investments As a resUt¢ chan8es were made to the investme liry to provide rnore clarity on-ethical investmen￿. tthin all the Foundation's exist(ng programmes priorities and processes. the trnstees will see pportunities to contribute to a fair and lastinK tran5tho a post carbon society. and to support adaptstson t lirnate chènBe Impacts. TEWARD INVESTMENTS FOR A po%r-CARBON FUTURE e trustees recognise climate change as a high-level ris o inve5trnents, and therefore to the Foundation, 155ion. The trustees pr0a1tnie￿ addTess the risks an pportunrties of a transition to a econotny i he investment strategy and tts itnplementation ecognising that deci510ns can contribute to this t￿ nsitio eing athievEd. ECARBONISE OPERATIONS The majortty Df trustee rneeting5 are online. Thefe is È 'travel with purtM)5e' IKklicy relating t ebngs and project V15its. Use ol public tran5POrt is encouRged for a he trustees will tske ambrtious action to mFnimise arbon footprint of the F(￿ndatIOn'S opetsbons. The application and rewew protrss is paperles5. When pl3nnin8 fvndraising actNlty. the facto onsidered inclLtde travel, environmental impètt and th upplier used_ Update provided to the Funder Comtnitment lim&e Chanp in 2025. The Foundation report5 to the Chari ommi*%ion e￿ryvearto update on proEre55. EPORT ON PROGRESS he trustees report annualty on their progress a￿inSt th oals above. They continue to develop their prdttic earn frorn others and share their lÈarning. 13- THE DWF FOUNDATION TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025 Plans for the future The Foundation is delivering on its targets and is in a wsttion to continue to do $0. its rern￿ Is well-deslgned and complements the OWF 5trate8ac approach to ESG and C The Foundation ha5 transparent and rolyjst management pr￿sseS in place and the trustees partitipate appropriatety in terms of governan￿. setting priorities. settin8 grant ￿Ve1$. rnoTrrtoring tyjtputs and planning to maxirnise Impact ènd effettiveness of the FoundatM?n's work and to ensure its independence from DWF. The focus for 2025n6 Is as follows". INVESTMENTS ollowin8 the feedback from the independent ESG revi ondutted by Charity Intelligence. the trustees wil ntIft￿e to monitor their risk profile and updatÈ th nvesrment wjlicy accordingty. rsight of ifivertments is £arrfjed ￿Jt by the Finance an rwesttnent CommTLtee who meet on a quarterly basi5 he ftKu5 toThtinues to be dT¥ersrficètion of the investmen rtfolio and income generatton. OVERNANCE he trustees review the grant giving guidance on a yearl sis. Folk)wing this review, and in restK)rise to a Oc￿35e in the number of appliotions retÈi¥ed, th rustees decided to ha%t 3 grant rneetings per yèar elpsn8 to reduce the adrnini5tTrtion proce55. Thty wil till meet quarterty forgovemance purposes. RATr4T fjIVING e trustees regularty review the grant giving t reamline the process and ensure appropriate du iligente. One o( our challenges IS 5upportin rtErnational projects. During 2022. the trustees reviewe he pr￿￿&S for intemational gNing and learned fro ther f(X1r￿atiOnS by haviTrg a more robust, transparen nd acce55ible process, Using the global f(MJtprint an etworksthrough DWF to helpcondurtijue diligence. Thl rocess will continue. mproving the qual￿ of the applications retrived remai challenge. The Ftyjndation corrtinues to deliver onlin rkshops on "MakiTh8 an Application- to offer SUPPO nd Kuidante to charities lookingto appty. e FouThdatitJn will contiaue to delfver Sustainabili rk5hops to drNe consideratxjn of sustainable prattice n the charities funded. 0 5UPPQrt the yant-giving pri>￿55, the trustees will b ooking to U* 3 specialist grafit management ￿tern t 551st in the application and ￿￿eW proces5, a5 we11 a mprove reporting monitOTin 14- THE DWF FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR EAIDED 30APRII 2025 UNDRAISING orking dosety with DWF, the trustee5 aim to ident. p￿rtUnitIeS tt> rdi5e tnore rnoney in a way that I ÈnEfiiial to the DWF brand, s.e. potential￿ engaging and Ollabo￿tin8wtth DWF d￿nts. he Foundation wtll also continue to work with DWF dentrfy fund5 from dormant aco)unts that can b onatrd. OLUNTEERING hilst thÈ Foundation's prirnary remi( is to benefi harities thrt)ugh grar¥t givin& the Foundation is als orking with a nuinber of gBnt recipients to delive nteresting volunteer projects. he Foundat*on looks to help employees of DWF t lunteer by engaging w(th the chèrfties it supports. NTE*INATIONAL he Foundaiion fotU5es on providing gr3nt5 and SUPPO o charities in tocations where DWF operate5.' Australi nada. Frante. Geimarw. India, I￿14nd, ￿ly, Poland tar. Spain, the United Arab Emirates. the Unite ingdorn and the Untted Stste5. WF at50 ha5 associations wrth law firms in othe unlries but the Foundation does not currently fun rojert5 in these locatioTrs= Singapore. South Afrlca an h¢￿t the Foundation (an gi¥È and ￿[eNe fund nternationalty. tsx i￿nt￿eS for charitable giving i rtain countries often mak2s the pr(￿e$S drfficult. I rder to address thi5. and fnaxirni5e income, the trustee nderstand that they tnay need to consider incorporatin charrtable Lx)dy in other locations. For instance, durin he past yeai. the Foundation has continued to explo tting up an entity in Australia. thou8h this plan has no t beerb finalised. he￿ are countries where rt is more diffitsjlt for th undation to award grants due to local rest￿ttl0￿S, fo mple Qatsr and the United Arab Emirates. 15- THE DWF FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR EAIDED 30 APRIL 202S Key activilie5 for the comlngyeaf Deliver a 10th Anniversary Campaign to raise addtuonal fuThJs. Review the 8fdnt appliGltion prO￿s$ and implement a newgrant application Pr£￿essI5v5tern. Promote Nvlunteering opp)rtunities for DWF co1￿￿gueS lfi siipport of tharlt*s that h￿e re￿Ned funding from the Foundation. DElivera mlnimum of 12x-Maktngan Application- tsainin8 se55KITrS. DeliveT2x DWF-centric fundraising Èvents in SUp￿rt of the Foundation. DeliveT4x workshops on"Con5idef 5U5tsinability wlEn pknnlng your project-. Review and improve the evaluation protrss and increase thÈ numbÈr ol evaluation forms received by In Review succession plannir¢Bfor the Fourknjalion and recwit4 new trustees. Tarzets for 201*27 Reach f 2 mlllk)n of donatlons ty 202711.e. by the DWF 5(th Annive￿ry1_ Grow at least I source of new fundraising Ino>me le.g. Pennies f¥om Heavenl. Grovj volunteering opportunftiEs created through the Foundation for DWF staff and clients. Engage 4x OWF Ilient5 ill act¥¥it1È5 tts 5UPPOrt the FtyJndation every year. Gr¢)w non finarFcial supwrt to LhèribÈS through tralning and information sharing. Add 6x actmties peryear. Increase the use of technology kn prr*essgrant applicatknns and to provide better inforrnation and more efficiencies. Conclusion There are are35 where the Foundation ran Llo more and work is in-hand to tackle these oppJrtunities and t55ues. OvÈrall though the imp8Ct of the Foundation ha5 been highlyvisible and ¥ery The Foundation aims to continue it5 impactful worl guided by prinuples of inclusivrty. accessi￿"14ty3nd sustainaljility. Reference and 3drnlnistratr￿ infomi¥tlon Trustees Sir Duncan Nirol IRe518ned March 20251 JIM Davies OBE Ichairfvom De￿rnber 20231 Jewels Chamberlain Lindsay Ogunyerni Iresi8ned Octo￿1 20241 Mark5tsnbury Robert Binns Edwin Oliver (Tesigned Mèrch 20251 Peter HolLand ITreasurerl sean Monks Rebecca Alexander Carotyn Ferber (￿lened December 20241 2elinda Bennert Ireygned March 20251 Kerth Riley lapwjinted September 20251 Marrina MaguirÈ lapwnred September 20251 Julhi Perei Guerra lapFK%nted September 20251 Cad Graharn (appointed September 20251 Derek Adam50n (appointed ￿ptember 20251 Gerntna Darcy lapKx>inted Detember 20251 16- THE DWF FOUNDATION TRUSTEES, REPORT Icof+rnNUED) FOR THE YEAR ENDED 30APRIL 2025 Foundation Team Clare 6eavan- Found3tlon Manager Elizèbeth MaddoEk- G5R Officer Prlnclpal ¢)ffke DWF. S St Pauf5 Square. Old Hall StreeL Lh￿r￿￿OI. L3 9AE (harlty Number 1191347 Independent ExamiAatlon Mitchell Charlesworth. Suite C D. E. & F. 14th Flcor, The PLqza. I(￿ Old Hall Street. Liverp￿1. L 3 9QJ. 8ankeYs Royal Bank of kotland plc, I Spinninrfieldssquare. 2nd Floor. Manchester. M3 3AP Sollcitors DWF, 5 St Paufs Square. Old Hall Street L￿*r￿oI. L3 9AE Investment Managers Aathbone Investmert Martagement limited. Earl Grey House. 75-85 Grey Stree¢ Newcastse Upon Tyne. NEI 6EF Th rt wa5 approved bythe Board of Tntsr rj Davles OBE Trustee IChaiTI Dated.. 0210212026 17- THE DWF FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBIUTIES FOR THE YEAR ENDED 30APRIL 202S The trustees are responsible for prepanng the Trnstees. Report and the financ￿31 statements in aCco￿anCe with applicèble law and United Kingdom Accounting Standards IUnTted Kingdom Generally Accepted AccountinE Practice). The law applicable to charities irs En8land and Wales requires the tru51ee5 to prepare finanrial ststements for each flnanclal year whlch give a true and fair view of the state of affa¢rs of the charty and of the incornin8 ￿SoUrceS ond application of resources of the chartyforthat year. In preparing these financial statements. the trustees are requrred to.. - 5eleEt suttsble attounting policies and then appfythem tonsittently.. - observe the meth(xls and principle5 in the Charities SORP,. - make judgements and estirnatesthat are reasonable and prudent.. state whether applicable accounting staThJards been followed. 5ubiert to any m4teri41 departures disclosed and explained In the financial ststements., and prepare the financial statements on the golng COr￿eM b3sis unless It 15 i￿Ppropriate to pre5uffle that the tharlty will continue in operation. The trustees are responsible for keeping 5uffitiEnt acts￿￿tIng records that disclose with reasonable accurdcy at any tirne the finanrial Position of the Ihartty and enable them tr) that the financial statements £ompty with the Charities Act 2011. the Charity IActounts and Reports) Regul*ion$ 2008 and the provLsions OF the trust deed. They a￿ also reskh)n5ible fvr safeguardirFs the assets of the charity hnd heTr￿ for reasonabk steps for the prevention and detecbon of fraud hnd other iTregularities. 18- THE DWF FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ThE DWF FOUNDATION I reportto the t￿Stee$ on my eyarninabon of the financial statements of The DWF Foundation (the charity) for the yearended 30 Aprtl 2025. Thi5 reF)Drt 15 made solety to the chafiV5 trustees. as a bc*Jy. In accordance ¥Ath Sectfjon 145 OF the Charrtles Att 2011. Mv examination has been undertaken so that I m¢ghi state to ihe CIO'S tTUSteesthose matters l am required to 5tstE to thèm in an Independent Examinerfs report and for no other purFK)se. To the fullest extent PErmTtted by law. I do not accept or 455ume responsibility to anyone other than the CIO and the CIO'S trustee5 a5 a Exxly. for rny ￿Mi￿atron. for this report. or for the opinions I have formed. Re5ponsibllhles and basls ol report As the trustees of the charrty you are responslble for the preparatlon of the financial statements In a£cordance wlth the requirements of the Charities Att 2011. I report in respeck of my examination of the thartty'5 financial staternents tarriEd out under sertion 145 of the Charitie5 Act 2011. In carrying out rny examination I have followÈd the Dir*ttion5 %￿En by the Charity Cornmission under sertion 14515llbl of the Charities Art 2011. Independert examinerfs statement Since the charity's 8TOSS income exceeded £250.OLK), the independent eMam+ner must be a member of a bDrty Ilsted In settion 145 of the Charities Act 2011. 1 confirni that l am qualTfied to undertake the examinauon because l am a mÈmber of ICAEW, whirh 15 one of the listed bodies. Your attentlon is drawn to the fact that the chartry has preparÈd the flnanctal sratements In accordance wtth the ￿levant version of the Ststemeni of Recommended Prdctite applicable to tharities preparing their financial ttktetnents in accordance with the Financial Reporting Standard applicablE in the UK and Republic of Ireland IFRS 1021 in prEferenre to the Accountin8 and Reporting by Chèrrties." Statement of Recornmended Practice i55ued on l April 2005 whirh 15 refer￿d to in the extant regulations but has now been wtthdTawn. l under5taTrd that this has been done in OFder forthe financial ststernents to provide true and fair view in httotdance with UK GeneraltyAccepted Accounting PTrctKe. I have Completed rtry examination. I confirm that no tnatters hwe come tr¢ ry attentson in Connec￿On with the examlnation gNing me tause to believe that in any material resFect'. accountSng records were not kept in respert of the tharity as re4uired by 130 of the CharitiesArt 2011. the financial 5tstements do not accord with those records- or the financièl statements do not comply wtth the applicable requTremerrt5 (x)nceming the forrn and content of financial statements set out in the Charitie5 Ikcounts and Rewrt51 Regulations 2(￿ other than any requirement that the flnancial statements gNe a true and fairview. which ￿ not o m*teT considered a5 Part of an independent ￿rninatIOn. I have no coneern5 and have corne acr055 llo other rnatter5 in connect￿￿ with the examination to which attention should be drawn in thi5 rekKIrt in orderto enable a proFer understsndI￿ of the financial statements to te ￿aChed. Tonysthnley ACA Indepentlent Examiner Mitchell Charle5WOrtb Suite5 C,D,E, & F 14th FIooT The Plaza 100 Old Hall Street Liverpool L3 9QJ 0210212026 Dated.. 19- THE DWF FOUNDATION srATEMEW OF FINANaAL AcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 APRIL 2025 Unre#rirtÈd funds ZOZ5 un￿strirted funds 2024 Income from.. Donations and leeocies Investments 404,301 49.767 327,294 65,464 Total in￿rne 454,068 392,758 Expendilure on: Raising funds Charitsble £ctNtties 15,522 198.362 15,787 277,871 Total expenditure 213.884 293,658 Net gainslllossesl on ins*#ments 5.053 401,769 Nel Income and mryement kn funds 245.237 5LKI,869 Rec￿(lI1atioTr of fund Fund bal2nces at l May 2024 1.895.685 1,394,816 Fund balantes at 30Apftl Z015 2.140.922 1.895,685 The statement of financial activities Indudes all g3iThs and losses recognlsed in the ￿aT. All income and expenditure derNe from continuinÉ a¢tivTties. 20- THE DWF FOUNDATION BALANCE SHE AS AT30APRIL 2025 2024 Fimed assets Invettments 1.048.330 1,877,691 CurrEnl #￿et5 Cash at bank artd in hand 132.517 70.017 Credttors= am¢)untsfrdllit¥ due wilhin oneyear 139.9251 152,D231 Net £urrerf assets 92.592 17.994 Toial assets lesswrrent liabifrties 1140,922 1,895,685 The funds ol the charlty Unre5trirted funds 16 2.140.922 1,895,685 2.140,922 1,895,685 The fin State 02102r2026 ts We￿ approved by the trustees on..-...................... avie5 OBE ru5tee Ichalrl 21- THE DWF FOUNDATION NOTES TO THE FINANCIAL sfATEMENf5 FOR THE YEAR ENDED 30APRIL 2025 Acc(￿￿tIng polkles Charlty Informat]on The DWF Foundation ￿ a Ll¥ regi5teTed chartty. The principal address can be foLtnd ￿ the Legal and Administrative page. 1.1 Reporting perlod The Charity extended the prior peri(Kl of ¥¢ounts one nK¥rth to a 13 month pericd as the result the prior yeaT Is not entirety compardble. 1.2 Account¥ry corb¥ention The finèncièl ststernents ha¥* teen p￿pared in accordance with the charity's governing docurnent, the Ch?ritie5 Act 2011, FRS 102 Yhe Financial Reporting Stand3rd applicablE Èti thE UK and Republic of Irelènd" I-FRS 102.1 and the Charitie5 SORP 'kcounting and Rewrting ty Ch6rttie5'. Ststernent of Recommended praCt￿e applicable to charities Preparing therr accounts in aicortjance wtth the Financial Reporting stsndard applicable in the UK and Republic of I￿land IFRS 1021" leffecb4E ljanuary 20191. The charity is a Public Bpnefrt Entity as defined by FRS 102. The financial Statements have departed frDm the Charthes 1￿Counts and Rewrtsl Aegulath)ns 2008 only to the eKtent require(S to provide a true and fair view. This departure ha5 ifNol¥ed follo￿ng the Statement of Recommended Prartice for charitie5 apptying FRS 102 tather than the ¥ersK)n of the 5tstsmÈrt of Recommended Practice whKh is referred to in the Regulaticn5 butwhith has sino been wtthdrawn. The finantial ststemerrts are prepared in sterlin& which is the functional currenc¥ of the charity. Monetary arnounts these financial statements are rounded to the nearest £. The financial statements have been prepared under the histor￿￿1 cost con%￿￿tiOn. principal accounting ￿￿1CleS adopted are set out below. 1.3 Going concern At the time of approving the financial ststements. the trustees I￿e a reasonable expect4tion that the charity has adeouate resources to continue In Ope￿10nal existence for the foreseeable fvIu￿. Thus the trustees contlnue to adopt the golng concern basis of accounting in prepanng the finaTrual 5t*ements. 1.4 Charltable lunds Unrestricted funds aTe awailable for ￿se at the disc￿0￿ of thetnjsrees in furt￿(an￿ of iheir charitable objectives. R2stritted funds are 5ubiect to specrfic condrtions as to lknv may be used. The purpose and uses of the restricted funds are setout in the Thjtes tothe accoun 1.5 Inc¢)me Income is remgnised when the charrty is legalty entttled to it after any perfom)aTr£e condrtlons have teen meL the amounts can be measured reliabty. and r( is probable that income will be re￿￿ed. Cash donations are recognised on receipt. Other dDnatK)n5 are recoEniSed orte the charity has been nOtif￿d of the donation, unless performance condltions require deleTrol of the awnount. Income tax recoverable in relation to donations recei¥td under Grft Ahl ordeeds ol co¥enont LS recognised at the tirne of donation. Dfvidend Income is recorded Zross and includes tsxdedurted Dnly tt is rePtyèb￿. Bank interest 15 inclvded iTrthe ststement of tinancral adivttie5 on receipt 22- THE DWF FOUNDATION NOTES TO THE FINANCIAL sfATEMENfs (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025 A¢¢ourrtlng pdl¢le5 Icontlnuedl 1.6 Expendtture Expenditure is recognised on an accruals basi& ffi.è. as soon as the￿ i% a IEgal or c￿Struct￿t obliKdtion comrntiing The DWF Ch3rltable Foundation to the eKpÈr>dtture. Wherever KX)ssible, each item of eX￿nd(tUTe vecagni5ed is allocated to charitsble activitie5 or govem3nce costs atcording ￿ it5 purpose. If this 15 not Possible the c05t i5 aPPOrtKsned 00 a reasonable and Justifiable basis. 1.7 Flxed assrf IrNÈ#rnerfs Fixed asset investments are initsalty measured at trarssaction pr￿ excluding transactitsn tasts. and are subsequentty measured at fair value at each rewrting date. Changes In falr value are rÈcoKnised in net inCorne/lexpenditu￿I for the year. Transaction costs 2re expensed as incurred. 1.8 Cash and cash eqU￿arents Cash and cash equivalÈnts include cash in hand. deF¥JSitS hekl at eall ¥Ath banks, other short-term liquid inve5trnents with orlginèl maturTties of three mDnth5 or le55. 1.9 Finènual instruments The Charity has eletted ttF apply the proYi5ion5 01 Section 11 '8asic Financial Instruments. ènd Section 12 '0ther Finantial Instruments15sueg of FRS 102to all of rts financial instruments. Financial instrurnents are reco8ni5ed in the chatrtV5 balance sheet when the charlty becomes party to the contractual prw5ions of the instrument. Financial assets and liabilrties are offset. vrith the net amounts presented In the financial staremetts, when the￿ is a le￿IlY enfoFceable right to set off the recognised amounts and thefe Is an intention to setde on a net ksis or to ￿aliSe the a55et and settle the Ilabllty simulrar*ousty. Bosltfinryn¢igl¢ssets Basic financial assets, which inclvde debtor5 and cash and bank balances. are initially measured at transartion price including transartion costs and are subsequentty carried at èmortised cost using the effectNE Inter@st method unless the arTangernent const¢tutes a financing transattion, Whe￿ the trarssa£tion is measured at the pre5Èrt value Df the future retripts discoursted at a market rate of interesL Finat)aal assets d3ssrfiÈd as rÈteivable within one yÈar arE not 3mortised. Basic financial liabilities, ¢ncluding Credito￿ and bank loans are in¢knalty recognsed at transaction pri￿ unless the arTangernent Constitut￿ a fina￿1ng tTrnsaction. where the debt tnstrument is measurÈd at the present value of the futUTe payments discounted at a market rate of interest Finanoal liabilit￿S classrfied as payable within one year are not amortised. Debt instruments are subsequent￿1 carried at amortised tQSL using the effertNe intertst rate method. Trade credttors are obligationsto pay for g(MMls or seMtr5 that have been aCqUi￿d in the OTdiRary course of operation5 from supplier& Amounts Paydble are tlassified as Currerrt liabilitie5 rf payment 15 due wtthin one year or le55_ If not, they a￿ presented as non-tsjrrent liabilities. Trade cr2ditors are rec￿nIsed initiJlly at transaction price and 5ub5equentty measured at amortised cost usingthe effectNE irrtere5t method. Derewqnition oAAinundolliubilities Financial liabilities are derec0gn￿ed when the charws £ontraciual obligations expl￿ or a￿ di5tharKed or ¢ari¢elled. THE DWF FOUNDATION NOTES TO THE FINANCIAL ￿ATEMEPl￿s {coNnNUED) FOR THE YEAR ENDED 30 APRIL 2025 Accounting poliaes Icontlnuedl 1.10 Ta*•iion The charity benefits from Ydrious exmptions frorn taxation afforded by tsx legislation and is not liable to corporation tsx on in£ome or gains falling within those eNernptioThs. Recohtry is rnade of tsx deduttÈd from Income and from receSpts under Gfft ASd. The tharity is not ableto reco¥er Value Added Ta* Expenditure s recorded in the accounts inclusNe of VAT. 1.11 Employee beneffts The cost of any vnu5ed holidayertillement k5 recoznised inthe peTKKI in whiththe ern￿O¥ee'S seNces are received. Terrnlnatlon ￿enefrt5 are reco8nised immediatety a5 an e￿￿er￿ when ¢harity is demonstrabty commltted to terminate the employment of an emploffe or to provideterynination tenetits. Clilical oc(wnting estimate5 and judgemerts In the application of the chart￿5 accounting polioes, the tru5tee5 aTe required to make judgements, estlmètes and assumption5 about the c3rrying amount of assets and liabilitie5 thal are rtot ￿adI1¥ apparent from other sources. The estimates and associated assumptions are based on ht5torical expeF*rKe othEr factor5 that are considered to be levant. Actual resuks D￿¥ drfferfrom these estimates. The estimates ènd underlwnE assumptions are reviewed on an ongolng basTS. Re￿$lOnS to attounting estlmates are recognised in the period in which the estimate is revised where the re¥i5ion alfects oaty that p2riod. or in the period of the ￿lS1on and future peri¢>Js where the rewsion affecrs both current and future period5. No crkical accounting estirnatesorjudgments were used in the prepaRtion of these finarKial sttrrnents. Irtcome lyom donations and le8acSe5 Unrestricted funds 2025 Urlrestrfrted lunds 20Z4 Donatlolls and gifts 404,301 327,294 Incomelrom IrNÈ#ments Unreslrided fund5 2025 Unrestrirted funds 2024 Income from115ted i￿￿$1ments InterÈst recelvable 48.483 1,284 64,598 866 49,767 65,464 24- THE DWF FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30APRIL 2025 RaSsln8 funds UnreArirted un￿StrICted funds funds Z025 2024 Investment managemerit 15,522 15,787 15.522 15,787 Expenditure on charitsbleacti¥ities Unre#ricted 2025 Un￿%￿rided 2024 Dlrert tosts Stsff costs Bank charges Prlze wlnners 47,469 121 45,669 370 1,833 47,960 47,502 Grant funding ol activttie51see note 71 144.512 226,419 Share ol Supp¢￿ and govemano ¢￿ts (see Tr)te 81 Governance 5,890 3,950 198,362 277,871 A￿aI￿lS bylund Unrestricted funds 198,362 277.871 25- THE DWF FOUNDATION N(yfES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 30APRIL 2025 Grants payable Unre5trirted fuTrJ5 Total un￿$tritted 2025 funds 2024 Total 2024 2025 Grants to in5titution5 (Appendix Il.. 144.512 144.512 226.419 226.419 Support wsts Support co*s fjovem•n¢e 2025 2024 AuditllndEpendent examinationlees Accounts fees 1.5C#) 4.390 1,0 2,950 4.3￿) 5.8 5,890 3,950 An8ly5ed between Charttable artivi￿*S 5.890 3.950 Govemance costs irKlude5 ptyments to the a¢countsnts of £1.5(K) In resFÉrt of independent examination fee51202 £1,[￿ I Net m(Nemert Sn funds 2025 2024 The net movement in fvrLds 15 ststed aftef char8in8lltrEditingl.' Fee5 payable for the independent wfflillation ()f the thariws fina￿la1 ststsments 1.SCKI 10 Trustees None of the trvsteÈs lor ary per50ns tonnetted with them) retrived arry remuTrer*ion or benefits from the chèrity durirTrg the year12024.. £nill. li EmptOyEes The averdge monthty nuM￿r ofemplo￿5 duringthe year was.. 2025 2024 Number Nurnber Foundation ManaEer and CSR Officer THE DWF FOUNDATION NOTES TO THE FINANCIAL ￿rATEME￿s IcoMnNUED) FOR THE YEAR ENDED 30 APRIL 2025 li Employees Icontlnuedl Employment costs 2025 2024 W3ge5 and salaries 47,469 45,669 The employee numbers corne from the Foundation manager who is seconded to DWF Foundation by the DWF Group 2 days per weÈk and the (SR oflicerwho is Seconded to DWF Fr*Jndation ty the DWF group 3 days per week. There were no employees whose artnual rÈmuneration *dS MO￿ than £60.CKII. Remuneration of P*ymanagement pets￿ne1 The remuneratlon of key management personnel was as follNs.' Z025 2024 A8gregate compensat(on 47,469 45.669 The remuneration relat￿ to the the Fourxlation Mana8er al￿ CSR Officer who are employed by DWF and seconded to DWF Foundation, ally c05t5 associated to this ernployrnent or ending of this employment are the responsibility of DWF Limited wtlh a Techarge of the cost being allocated to DVIF Foundation. 12 Galns and losses on Invesimerits Unrestricted fvnds 2025 Unrestrlcted fund5 2024 Gain5111055esl ari5inz on.. Revaluation of investments Sale of investments 17,7431 12.796 94.774 31K.995 5.053 401.769 13 Taxatlort The ch3Tty is exempt from tsxètioft on its athtbes be¢au5e 611 15 applied forcharTtable purposes. -27- THE DWF FOUNDATION NOTES TO THE FINANCIAL sfATEMENTS {CONTINUEDI FOR THE YEAR ENDED 30APRIL 2025 14 Fixed a5Srt Fmiestmerts Ll#edCash In pwttdlo In¥eth*nts TL)tal C05t orvaluation At l May 2024 AddY(ions L787,387 762,445 18.0301 1,877,691 762,445 18,0301 141,6131 1542,1631 Valuatlon changes Movement in osh value 0Ssposals 141,6131 1542,1631 At 30 April 2025 1.999.639 48,691 2,048,330 Car￿rtB affl￿nt At 30Aprtl 2025 1.99J.639 48,691 2.048,330 At 30 April 2024 1.787.387 90,304 1,877,691 15 c￿dItOrS.. amountsfalline due wlthln one ￿ar 202S 2024 Attruals and dÈfÈrred iftcome 39.925 52,023 16 Unrestrirted fund5 The ￿n￿stricted fund5 of the tharity comprise the unExpÈnded balances of donations and grants which are not subject to specific condi(ion5 bydonofs and grnntors as to how they rnay be used. These intlude desigftated funds whKh hwe been set aside out of unrestricted funds by the trusteesfor spectfic purwse5. At l M*y Z024 Incoml estyjrtes RestyJr(esGalnsand losses At 30 April 2025 eXp￿ded General fund5 1.895.685 454.068 1213.8841 5,053 2,140.922 Prv4ious Pericxl: At l May 2023 In¢ml Rewr¢esGakns aThl105ses At 30 April 2024 expended General funds 1.394,816 392.758 1293.6581 401.769 1.895.685 28- THE DWF FOUNDATION NOTES TO THE FINANCIAL sfATEMEpifs ICONTINUED) FOR THE YEAR ENDED 30 APRIL 2025 17 Related partytralwdlons DWF Llmited. an ent￿ related due to it hawrbg ts)mmon key rnanagement personnel covered all operating expenses of the charity. the cost of these operating ex￿nSeS been included as a donation from DWF LiM￿ed. The Foundation hold5 certain fvnd5 originating from DWF law client accounts lor whith guarantee5 were provided. Whlle there is a theoretical possibiltty that fomier beneficiaries could assert tlalms over these balances. the trustee5 havo assessed the likelihood of any such claims as remote. Accordirsgly. no provlsion or iontingent liability ha5 been recognised in these financial statement& 29- Ttstsl 2024 antstolnstknr Ibftisso. 24(*rDle(t d Heild GtethGuide5 32 3,275 k¢e55theD*Is klNe HDpe Ltd D Foundation Neurodr4*fwcharity Afghantstsn and cÉn￿lA*nA￿£LthTr Jrl(an W(mEn lthDXt UX der HeyChiWmisCharity FcfmmunltySptttsttd A￿￿valeCt￿ÈleryTrWt LYXT ta bE paidin EUYO Trk Netwrk Baby5a￿[S N(rthimpton eack onTrack 1,692 ealanted Hthion ean8or F[￿￿bènk￿d Commwltysupr Bendng8TrUSt Blg Heartsc(¥r￿￿KYTn1&1 B* Issue NLYth Trust mlngham LGBT L5CI) gdd8E 21Lkefpts(dl 8iithou5e central ÈLKdbank 811ghter￿p￿uD1le5fur*o1 peo¢de 6IlEhtan & ￿￿*l68T￿lth￿rd 8roml¥YMtnrzp Cabjeidale ComthUhit¥CoJthlretsust CalaDderYouth Trust 17 17 CaN53ndW CarÈforCarers CMÉ5CO 1455 carli￿eN05PK2ai Hornp Cirr ManorCamrMnity5thouivfA chèrn*￿ X..20 ChAdrpD5knpst MenturfngLid CMquel8than•l L3 Compa55 Dwbiltysw￿ Contact CoDlmIneThEra￿Utc Cnrnrnunrty tseatÈHope DEan af¥J (￿nYo￿￿6 PtcoWsTni# Oein Munth Deutsrhesirfru￿MEd￿1x DiEln Dtsabillty5portsCoath 0¢￿￿rSO￿thé Worldu l5C Do(￿1P9 Ilbray As4tsrancÈ& Supptsrt Tota Unr*rfaedfiJnds 2014 Totsi 2D24 Easl LarKathiTpWoWce Ed5nburth Headw4yGrwp emm3usSwth Lambeth ComrNnty etyd Furnityrt 1,522 3A20 3A20 EpicPartnEf5 FAcr￿ve￿I FACTLNERPOOL FACT RÉSEND Federatkhs¢fDtsabilty5Wrt as fisabilitysportyorkthlrÈirffti FetL¢rv￿th Oub IZ40 224U F1&htiD¥￿lca￿Cer5T￿ether Aouri5h Nl 15OJ 15CQ Fondai5one CaThw Ers Freeto Frtend50fle5mwd ￿trary Fundaqa HerD Fundatja Rak'n'Rrll.V*tyaI4￿￿l Fumlture Refydkn¥Pr¢ie¢tAn 6atesbead Yvuth fyJn l9X) 1976 L976 Gene5L5 To15t6alh Golden CéTrtre¢f Opruturdoes H(wJ¥e 15 l5(YJ Gree￿ Whale FouTthton L934 L934 GrEenoKkMeL*cal Ad5ockty Gr￿ria￿￿JrtOnscÉThtre Isco 15ts) fyft L7 Ile ConiErt'5knety Mamp5hire H05p&5th&nty Harrneny Educthffl Trust HÈarts3nd K4inds 10gJ Heel andT¢¢thlkJteh'sCbarfty lutden CummuniTyWetlare Football Oub lrnpetU5-ThePrh7ltEqutyF￿ndatknn IndepéndenLArts Avstralial Irish 8aro4ue Orthost JJgYitF 81irtd Girtskhod KILCOOLEYWOMEN51EKtRE 1651 1SLK7 KiDgdurnWayTru5t Kinross.shireVwth L470 IA70 KNOWSLEY FOQD8*trlk LaMbtyJme EndLtd Lepd5BabyBafik Lttd5knprt4lstharfty and li L￿￿.￿ann1r%Iw*¢ C¥e BaskEthall*s%udat ake2nd5Count L5Lkl 1*4rnalMama anomame F¢￿￿￿311 IdOlese*AsSwity￿f0rthe eli￿j MoldèDJ ButheyRuLYwJTableQwrtai4•Tritst Montyomerythlrq FamItyC￿5&Cknltr Motor N•WaneD1se￿A￿dJtrOffl 538 Moyeon 15 Total 2014 MU￿r4W￿1be￿g M￿￿4MwOrneD,SCou￿ h6leCar￿r t1arthett￿ar￿hll New ￿￿￿tOn Youlhcentre NFBM ￿811115th￿l Furwind Girf5 NorrisGreen CommuntyAlianrÈ NtsrthTw7t￿de caTw5c￿ No+thT￿￿￿ 0￿￿1￿F0￿ NurthWp#kn•thbJ&rfeCharny North￿￿ 15Ql L2rA NurturlYr&Fwndation5 open HoJSeFes¥¥al Outbut5kArts (￿rgate Hospice PAH Pipprcup Proled Ph¢efflkAChJrtty Polkh 150 PolIoksh￿dSc￿rnm￿r￿ty￿Pth11 PLmSeoFLrfe R4VEN ReArt¢re￿￿eo3*ld Nattl R05ebèryCÈnt Rotaryclub of UTII (offgeor•rtn Hutheroen fynmunityCarEt5 sAR45WA￿ ANATh5WIKWJ4ASHW￿l Sctsdand Ya(dAth￿r￿Cthltr￿ 3.155 15Lb) . 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Speèkersfoy SP￿ts￿J￿¢ Wpst spreads￿Desu￿i￿e St￿terS P4vil￿ll Lld 2.2 StWncÈrtt de Paul knety, Leed5 StanleyP**EtokwStt ehil lommuThtyGatths stonewall Foutbal Uub L5ro l9rs 1973 3YJ 3YJ Totsl 2024 J24 164D Suitoo forsucc￿$ Sunderland W4mensCtrrtFe SWAN WoMen'5Qnt riDyèrd Youth pra￿ttLtd T4rt4 ch15d contattcentr• 146 146 Rthon Trwt 1240 The Sobty Q4knnTfuSt thranide5unshi￿Fu￿d TheCOryaS￿onatt Frfend5 The kWds0fM￿jIpsthUts1 PTA The Gla¥uw Baron5 TheHappyPA ThÈJ05huaTree ThE ReaderOrya￿i5ltyan ThE ANerManchE5ter ¥50J 45OJ The5oa41 MobiiityFoundili TheSodetyofSt. MaryThÈlnigln ltt IndL3 THEWARBLER$sI￿rNfj fOR HEALTH 15( ThPWèyWoNEtharnw￿y￿2llTrE Th2V[￿a￿SElnpa￿2￿rthtTr￿Sl TheWildrfeTrustlorl&icashirÈ, manctr*ster￿ Nmh mE￿e￿￿jE Theatre dfid DI￿?￿1￿[*11) TheirVoK 36 3.D36 L710 L?ID nyNmsthildreft5C•ive TLCStLuke's 25 2.3 Towell lluildyn8TtU5tLtd [rLy￿eN Housel TfploafTw5t Two6Te Up'NAway Urban Uw$rt¥ vetera￿ 147D 2A7U wa￿deYcare Ilow lo 3.Ql8 alC4mm¥nitywarr4wtK*TrL%I woloFovndèkn 1.250 8[￿talw(Men.STh￿rawlc*ntre Woad5treet MI￿0 Od￿Ta WElne$5 Y￿d$ Yuur5an(tuary Yauthsup LSD) 1.5 iify) 2.IfQ 144512 144512 124419 226.419