2025-09-30-accounts

Charity registration number.. 1192765 Belpech Charitable Trust Annual Report and Financial Statements for the Year Ended 30 September 2025 MG GroLJP (Professional Services) Ltd Chartered Accountants 166 College Road Harrow Middlesex HA1 1BH

Belpe¢h Charitsble Trust Contents Reference and Administrative Details Trustees. Report 2108 Independent Examinels Report Statement of Financial Activ￿"e$ 10 Balance Sheet Notes to the Financial Stslements 121021

Belpe¢h Charitsble Trust Reference and Administrative Details Chairman C R Bland Trustsos M K G Stevens C R Bland J K A Bruin Bland OPHO*en H C Bland Or J L Bland Prln¢lpal Offico 17 Gauden Road London SW4 6LR Charity Registration Numbor 1192765 Bankors Cater Mlen Private Bank Santsnder House 9 Nelson Slreel Bradford B01 SAN IndO￿ndent Examln•r Investment advls•r8 Gavin Femandes, FCA, CTA Cazenove Caprtal 1 London Wal Place G8-London EC2Y SAU Page 1

Belpe¢h Charitsble Trust Trustees. Report The trustees present the annual report together vAth the finawal statement$ of the charity for the year ended 30 September 2025. Background The Belpech Charitable Trust IBCTI was originalty established in 2013 as a donor advised fund managed by the Charities Aid Foundation and from 2020 was registered as an independent charty. The Trust has supported a ￿de variety of causes induding ￿fvgees. homelessness, inlemalional development, incarcerated people, youth employment, social inclusion. In 2020, the Trust in addition provided support to charities iesponding to the effects of the pandemic. The Reference and Adminislralive Detsils in the financial ststemenls fomi part of the trustees. annual report. Charitable activities for the public benefit The Trustees confirm that they have complied the duty in Section 17 of the Charities Act 2011 and have taken due regard of the Charity Commission's general guidance on public benefit. This 15 achieved by makin9 financial gran15 to charitses in the UK and overseas who ale working for the public benefit. Charltable obJo¢tlv The 8CT has the following objectives.. The relief of those in need. by reason of youth, age, ill healih. disability, finanaal hardship or other disadvantage . The prevenb'on or reliel of poverty . The relief ol si¢kness and the preservalion of heahh * The promotion of social inclusion for the public benefit by prevenb.ng people from becoming socially ex¢luded, relieving the nee¢J of those people vtho are waalty excluded and assisting them to integrate into society. Page 2

Belpe¢h Charitsble Trust Trustees. Report General activities Following registration as an independent charity. BCT trustees decided that the charity should narrow It5 focus and concenlTale on fv40 areas". refvgees and people coming out of pnson. Support for these groups is ¢onsi51enl with BCT objectives In terms of relief of need and promotion of integration Into society. 11 is also lo the public benefit In that a national re-offending rale in excess of 500h and a large number of youn9 and qualified but unemployed refugees both represent a major waste of human potential. Alongside this focus, the trustees decKled to conts.nue to give support to a small number of international development charitie5. The UK has an extraordinary nUm￿r of charities, the vasl majority of them being small. Most areas of need are addressed by mulb'ple Charitable organisations. often vAth overlapping remits. Coordination happens and best practice is circulated bul small charities, resource constrained as they are, lend lo operate In silos which Make il difficuA lo look for partnerships and more effective ways of working. The BCT aims to help small chafrties lo build their effectiveness. The trustees believe that the relief of need, the prevents'on of povety and the promotion of Social inclusion are best achieved by promoting secure employment, economic autonomy and resped in the community. The BCT seeks lo support these objecb.ves through a focus on three prionlies". B￿￿. whatever the reason for their M￿ratiOn. most refugees aim lo build secure lives for themselves and their families in their new environmenl. A vital step toward$ this 1$ achieving economic autonomy. For this reason the BCT supports charities which provide employment related training lo refugees and support lor their access lo employment. min data on recidivism is conlested but, by any standard, the rale of re-offending and return to prison in the UK is unacceptably high. A major contributory factor 1$ the inadequacy of support for those coming OLrt of prison. As well as ihe cost to the taxpayer and lo 50ciely more broadly. this means loss of the opportunity for a different kind of life for many thousands and continuing damage lo their families. The 8CT'$ aim is lo support tharilies which conlnbute lo the reduction of re-offending by promoting Stable post-prison livelihoods. International development.. the BCT has two focuses- the relief ol poverty in East Africa and support for the rehabilitab'on of those affected by neglected tropical disease5 in India and Bangladesh. In both cases the aim is lo enable stsble lives and economic autonomy. The BCT does not deliver any services. Its support for all these causes is in the fomi of financial grants, principally lo small charities doing innovative ar￿ effective work. Where useful, trustee expertise can be deployed lo assist grant receiving charrties in building their organisation, governance and Impact assessment. Page 3

Belpe¢h Charitsble Trust Trustees. Report strategies for achieving objectives BCT policy is to focus on small charities, the aim being to look for innovation and best practice and, where possible, to support partnership working. The BCT'S support for these causes is in the fomi of financial grants. Recognising that small charity finances are often precarious. the trustees, where possible, commit to mutb. year support in order to help planning in beneficiary organisatsons. In most cases. recognising the importance of core sUPPOrt, BCT grants are unrestricted. The Trust's aim is lo make an impact in its chosen cau$e areas. worf(ing patticularfy wlh Small and innovative Charities. These organisations tend to have little resOU￿e to devote to monitoring, evaluation and reporting to donors. The BCT therefore does not require extensive reporting on the application ol ils grants but locusses instead on pre-investmenl research and establishing good personal relationships through whid) lo leam about and evaluate the impact of rts grants. Fundraising activiti88 There were no fundraising activities during Ihe peri¢xl Since the reseNe held by the 8CT was sufficient for past and current requirements. This may change in the future. Grant maklng pollcy All grants made by the tru51 are for charitable purposes and in accordance wlh the charitable objects sel out in the Trust's goveming document. BCT Iruslees meet three limes a year. Al each meeting, ndividual Iruslees present candidates for fuiure grants. These proposals musl include,, . An indication ol how the grant woukl meet the 8CT's Charitab￿ objects . The specific purpose of proposed grant . The track record of the proposed receiving or9anisation + Who would be responsible lor managing the spend of any grant Scale and duration of any grant Doclslons on awanls: Grants can only be made if a minimum of tvm Iruslees are in support. Recipients of grants should normally be UK registered charities. All grant reupients are subject to appropriate due diligence before award. Each recipient organisation is required to produce an annual report outlining spend and Impact. In order lo reduce bureaucracy and process for small charitie5, the reporting and evaluation reqU1￿ments are light and are supplemented by personal contact bely￿en the receiving organisaliong and BCT trustees Ivisits. remote discussion, presentalionsl. Page 4

Belpe¢h Charitsble Trust Trustees. Report During the period under rewew, the BCT made grants in accordan￿ wth the agreed prioritie$. Su ort for eo le comin OLrt of rison to avoid re-offendin The high rate of re-offending in the UK is because many people coming out of prison lack the qualifications lo access employment. They also frequently have addiction. mental health. family disruption and other issues to deal wth. They have few resources to draw on and limited access to state support. Early return to offending is a frequent consequence. The aim of BCT grants is to help charities with a proven record ol effective support for people coming out of prison to enable them to build a life that avoid5 falling back into the criminal justice system. During the period unrestricted grants were provided lo". Bounce Back Trailblazers Mentoring Wtsrking Chance, Unlock Tempus Novo Key4Life Slandoul Prison Advice and Care Trust Swlchback Iniliats've Recruitment Junction Rooted Wisdom Howard League for Penal Refom ' this is the first tsme BCT has supported a priSOn-￿lated chanty focused on V•vmen ort for refu ees to fin¢J em lo enl.. People arriving in the UK as refugees are employable and frequenuy have qualifications which are in demand in the UK employment market. They a￿ keen lo work and represent benefit lo the UK a$ potential employees and taxpayers. But there a￿ many barriers to employment, in particular housing, language skills, lack of familiarity wth UK employmenl processes and lack of access to computers and communication5 technology. The 8CT focus is on charities which provide 5UPPOrt in these aspects lo refugees who have achieve(J asylum gtslus land therefore have the right lo workl. During the period. unrestricted grants We￿ provided lo.. Lambeth Mutual Aid Bike Project Fairbeals Music Migrants Organise The Entrepreneurial Refugee Nets￿rk (TERN) Young Rools Ruth Hayman Trust Breaking Barriers A small number of other causes have been su Open Acces5 Arts Idemenlia project) Hope and Play (Palestinian childienl Battersea Arts Centre Ripple Effect (Agricultural development in Easl Africa) Their Lives Matter (Cancer care for children in East Aln"ca) rted.. Page 5

Belpe¢h Charitsble Trust Trustees. Report Financial review Income Oui income fot the financial period in queslion was £97.689. It can be cewised in Ihis way. Amount Donations Investment Income 28.200 69.489 We onty reCe￿d general donations thiing the peiiod. General (kmation allows us freedom to us• the fijnds vknon and vthore is the tyoatest nood. so Te bèen at4è to supthmenl wery one of $lratwe onty areas. Expendltur• Total ntex ndrture was £108.300. knich can be summarised as f￿1￿". Amount sUp￿rt for peroF4e comin out of wson lo &￿id re-offendi rt lor refv es to find em 58.500 38.000 11.800 Other Structure governance and managtmenl Constitutlon The BCT is constituted under a Memorandum of Trust dated 10 December 2020 and is a registered charity Ino 11927651. Method of appolntm•nt of trustees The management of the BCT is the responsibilrty of the Iruslees vtho a￿ elected and appointed under the terms of the Governing Document. Oryanlsatlonal structure and docislon-maklng The BCT has no 51aff other than the trustees. The trustees a￿ ￿SpOnsible for the management of the affairs of the BCT. They sel the strategic direction. appoint the Chair Iwho is also a Irusleel and provide financial and programme oversight to the BCT. The trustees generalty meet three limes a year. Page 6

Belpe¢h Charitsble Trust Trustees. Report Risk assessment The major risks to which the Trust is exposed are.. lack of lunds for grant making purposes. Mrtigalion". The management of the Irusl's portfolio was transferred during the year from Verso Investment Management to Cazenove Caprtal. The Iruslees are responsible lor monitoring Portfolio perfomance. No grants are made unless appropriate funds are available. Damage lo reputslion through funding an organisabon with aims in conflict with BCT charitsble objects. Mitigation.. due diligence prior to grant commrtmenl, ongoing ￿1¥￿'0n5hlP wth grant recipients lo monitor performance. Inappropriate use of grants made lo charib.es operating outside the UK. Mitigation.. where funded activities are outside the UK. the BCT poliw is to make the grants to UK registered charities with the capability lo provide assurance of control over grant dislributs'on. Reserv￿ poll¢y'. The Trust has no staff or ongoing overhead costs. Grants a￿ made out of available resources. The Iruslees aim lo disburse in grants about 4% of Ihe value ol the Trust's portfolio each year Icurrenlly equivalent lo about £12S.0001. The reminder of Ihe investment portfolio reP￿SentS a reserve which could be drawn on lo ensure delivery of Mu1￿Year grant commitment$ or other conlingen¢ie$. Page 7

Bolpoch Charltsblo Tru•t Tru•t•••' R•port Statomoiit ol Tru•lov•' Rospon•lblllll•• IIIL, Iiutsloos are r05ponsiblLb lor prvparing lh• InMI•••' 1•p￿ fin•ne￿ ccordanG6 with the Unilod KInfvj￿ Accounling Sta￿da￿s (Unthl Ki￿k￿￿ G•n￿￿lY Acc•pi•d Accounling Practice) 8nd applublo iv9ulul￿n8 The law Bpplicable lo charilies fftqiiires lh• Iriist•ei lo w•par• 81•1•Th￿tI ts •xh IlnarKMI year which give a Iruts and laii VHM ol Ihe slat• ol allaif¥ ol the charity and ol lh• ro•ouffJ•S nd application ol resouTC•S cl th• ch•rity ts Ihal In IhM• Imnc••b •l•l•m•nl, lh• Iruslees afe reouifed 10 8elecl 8Ultable accounling th•n wty Ih•m aNw•l•nlty. observe thé methodi and lh• SORP.. makè iudgemonls and •8trntM I￿1 •rn [•••(M￿ WKI W￿1. slalo whether appl￿ble accountmw slanda￿A ha¥• IrAlow•d, lo ￿Y mal•rt•l departures disclo8ed and oxplained ￿ lh• fin•ncwl il•temwl•. prepare Iho financ￿1 ilalom•nls ￿ lh• g(yry c(KK•rn b•th unl••• 11 M knwow•t• lo w•¥um• Ihal the charity will continue The Irusle65 are responsible kn k••pHw wop•r c<yJnling r•cofds that di8cloae ￿asonable Ar.riJr8cy at any tim• lh• financ￿1 ol th• chanty and •n•bl• Ih•m lo Ihl Ihe frnan¢•l slalemenl8 comply with th• Charilw Acl 2011. tho applKablg Chafilrn• IAceounl8 and Reports) Regulations, and Ihe provish￿S ol Ihè con51ltu1￿ Th• Iwstees afe also r•wsible for ¥afeguafding the assols ol th¢ ¢hafily and Iwc lof l•kKw r••eonabl• 8t•p• lof lh• prevent￿ •nd delect￿n ol fraud and other Ifregularilrn• The Trustees arn resp￿5￿ ICK Ihe mainl•narK and Integnty ol lh• ¢￿￿ale an¢J financi InloTmalion Included ￿ Ihè Trusl's ¥*b￿l? I1￿ yel cr¢aledl LeoI$lalK￿ In Ihe Uniled Kingdom governing Ihe prepar31K￿ and di$wminalk)n of fin￿￿1 slatemenls may diffw from 1slalion in other iunsdielh)ns. Approved by Ihe IM)afd ol lYusl•M ol th• .14.£: 26 svJn•d t¢h•ll by: C R Bland Chairman and Tru$le• i)r J L Bland Tiuslee

Belpe¢h Charitsble Trust Independent Examinefs Report to the trustees of Belpech Charitable Trust I report to the charity trustees on my examination of the accounts of the ¢harity for the year ended 30 September 2025 vthich are set out on pages 10 to 21. Respective responsibilities of trustee5 and examiner As the Charity's trustees of Belpech Charitable Trust you are responsible for the preparation of the accounts in accordance wth the requirements of the Charibes Act 20111.the Act'l. I report in respect of my examinabon of the Belpech Charitable Trusfs accounts carried out under Section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515)Ib) of the Acl. Ind•p•nd•nt •xamlnor's $tat•mont I have completed my examination. I confim that no material matters have come to my attention in nnection with the examination giwng me cause to believe that in any material respect.. 1. accounting records were not kept in respect of Belpech Charitable Trust as required by section 130 of the A¢t', or 2. the accounts do not accord wlh those records., or 3. the a¢¢ount$ do not comply wth the accounty'ng requirement$ ¢on¢eming the fomi and ¢onlent of accounts set out in the Charilies IAccounts and Reports) Regulats'ons 2008 other than any requirement that the accounts give a 'tnJe and fair view vthich is not a maiter considered as part of an independent examination. I have no concerns and have come across no other mattefs In connection vrfrth the examination to which attention should be drawn in this ￿POrt in order lo enable a propel understsnding of tha a￿Ount$ lo be reached. Gavin Femandes. FCA. CTA MG Group (Professional Services) Ltd 166 College Road Harrow Middlesex HA1 1BH Dale.. 2410512026 Page 9

Belpe¢h Charitsble Trust Statement of Financial Activities for the Year Ended 30 September 2025 Total 2025 Total 2024 In¢omg and EndO￿lnents from: Donations and legacies Investment income 28,200 69,489 36,200 67.209 Total income 97,689 103,409 Expenditure on: Raising funds Charitable grant5 Governance costs 137,8671 1108,3001 2,880 120,5001 1139,7501 3,180 Total expenditure Gain on investment assets 149,047 205,308 163,430 267,444 Net movement in funds 153,950 207,423 Rgconclllation of lunds Total funds brought forward Total funds carried forward 2.746,730 2,539,307 12 2.900,680 2.746,730 All of the charity's activities derive from continuing operations during the above Mo period5. The funds breakdown for 2025 is shown in note 12. Page 10

B•lp•ch Charltable Trust IR•gistT•tion numb•r: 1192765) B•hnc• Sh••1 as at JO S•pt•mb•r 2025 X12S 2024 Flx•d M••t• IiivosltYvIIs 2,789,492 2,858,420 C•sh at b Iw¥J io 120,692 91,491 3,181 111.188 88.310 2.9)0,680 2.746,730 of lh• efv•rXy: 2,SW,6 2,746.730 TDQ•l 12 2.9CKs,680 2.746,730 On P&9•• 10 b 21 w• •F4NowJ ty th• tru•l•M, •)d •uthonsed for i$$ue Ch•rrrwi TNsh• rJLBlknl TTUSte•

Belpe¢h Charitsble Trust Notes to the Financial Statements for the Year Ended 30 September 2025 1 Accounting policies Charity status Belpech Charrtable Trust is an unincorporated charity registered with the Charity Commission for England and Wales. Registered on 14th December 2020 and the Charty number'.1192765. The registered office address is 17 Gauden Road. London SW4 6LR. Statsmènt of compllan¢• The financial statements have been prepared in accordance wth Accounting and Reporting by Charities." Stslement of Recommended practi￿ applicable to charities preparing their a¢¢ounls in accordan￿ with the Financial Reporting Stsndard applieable In the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191- (Charitie$ SORP IFRS 10211. the Financial Repotting Stsndard applicable in the UK and Republic of Ireland {FRS 1021 and the Charibes Act 2011. Basls of preparatlon Belpech Charitable Trust meets the definrtion of a public benefft entity under FRS 102. Assets and liabilities are inrtially re¢ognised at historical cost or transaction value unless olherwse $131ed in the relevant accounting policy notes. Golng concorn The Trustees assess whether the use of going concem is appropriate i.e. whether there are any material uncertainties related lo events or conditions ihat may cast significant doubl on the ability of the charity lo conb'nue as a going concern. The Trustees make this as5essrnenl in respect of a period ol al least one year from the dale of aulhorisab.on for Issue of the finan¢ial slatemenls. In forming their assessment, the Twslees have also given ￿nSIderatIon lo financial forecasts and business plans. The trustees have considered that the charity has sufficient cash resources to wntinue for the foreseeable future, The charity balance sheet as at 30 September 2025 reports nel assets of £2.900.680 12024., £2,746,730) The Tru$tee$ also highlight that the investments carried vAthin fixed assets of £2,789.492 12024.. £2,658,420) are available to the Charty in order to meet working caprtal needs if required, and only invested in order to provide a better retum on surplus fvnds which are not immediately needed. The Trustees have the￿fOre concluded that the Charity has adequate resources to continue in operational existence for the foreseeable fvlure and to meel liabilrties as they fall due for a period of al least 12 months following the Trustees. approval of these financial statements. Further commentary on the Tru5tees' assessment of going concem may be found wlhin the Trustees. report accompanying the financial slatemenls. Incom8 and èndovmionts Voluntsry income including donations. gifts. legaaes and grants that provide core fvnding or are of a general nature is recognised then the charty has entiuement to the income, rt is probable that the income will be received and the amount can be measured with sufficient reliabilty. Page 12

Belpe¢h Charitsble Trust Notes to the Financial Statements for the Year Ended 30 September 2025 Investment income Dividends are recognised once the dividend has been dedared and notification has been received of the dividend due. This is nomially upon notification by our investment advisor of the dividend yield in the investment portfolio. Interest on funds held on deposit is induded when receivable and the amount can be measured reliably by the chanty.. this is normally upon notsfication of the interest paid or payable by the bank. Expondlturn Ralslng funds These are costs incurred in attrading voluntary income. the management of investments and those incurred in trading a¢ts'vits'es that raise funds. Charitable grants Charitable grants comprises those costs incurred by the charity in the delivery of its activities and Services for ils beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Govarnanco Costs These include the costs attributable lo the charity's compliance constrtulional and stslulory requirements, induding audit, strategic management and Iruslees, meetings and reimbursed expenses. Taxatlon The charity 1$ considered lo pass the lesls set ¢>Jl in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definibon of a charitsble company for UK corptsralion tsx purposes. Accordingly, the Charity is potentially exempl from tsxalion in respect of income or ¢apitsl gains received within categories cOve￿d by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Se¢lion 256 of the Taxation of Chargeable Gains Act 1992. to the extenl that such income or gains are applied ex¢lu5ively lo Chanlable purposes. Flx•d a$$et Invg$tments Fixed asset investments are a fomi of basic financial instrument and are initialty recognised at their Iransa¢tion value and subsequently measured al their fair value as at the balance Sheet date using the closing quoted market price. Any change in fair value wll be recognised in the statement of financial activities. Investment gains and losses, vthether realised or unrealised. are combined and shown in the heading 'Gainslllosse51 on investments" in the stslement of financial adivilies. The charity does not acquire pul options. derivatives or other complex financial instruments Cash and cash equivalonts Cash and cash equivalents comprise cash on hand and call derK)sits, and other short-temi highly liquid investments that are readily convertible to a known amount of cash and are subject lo an nsignificant risk of change in value. Page 13

Belpe¢h Charitsble Trust Notes to the Financial Statements for the Year Ended 30 September 2025 Creditors and provisions Creditors and provisions are recognised where the Trust has a present obligation resulting from a past event that will probably result in the transfer of lund5 to a third party and the amount due to settle the obligalitsn can be measured or eslimaled reliably. Credrtors and provisions are nomally re￿gnISed al their setdement amount after allowing for any trade discounts due. Long temi liabilrties are discounted where the effect of discounting would be material to the accounts. Fund accountlng General funds are unrestricted lund5 vthich are available for use al the discretion of the Tru5tee5 in furtherance of the general objectives of the Trust and which have not been designated for other purposes. Desi9naled funds comprise of Un￿stn'¢1ed funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated bjnd 1$ Set out in the notes to the financial slalemenls. The investments rev8luion ￿SerVe 1$ an unrestricted fvnd and rellects the balance included wrthin fixed as$el investments which ha$ arisen as a consequence of the cumulative impact of market value hanges to the Trust's investment assets. Reslricled funds are lunds which are lo be used in aecordance with specific restrictions imposed by donors or bvhieh have been raised by the Trust for p3￿cular purposes. The costs of raising and administering such funds are charged against the Specific fund. Ihe aim and use of each restricted fund is sel out in the notes to the financial $tatement$. Investment income. gains and ksses are all¢xaled lo the appropnale frjnd. Flnan¢lal Instwm¥nts Classmlcatlon Financial assets and financial liabilth'es are recognised vthen the charity becomes a party to the contractual provisions of the instnjment. Financial liabilities and equity instruments are classified according to the $ubstsnce of the contractual arrangements entered Into. An equity instrument is any contract that ewdences a residual interest in the assets of the charity after deduth.ng all of Jts liabilrties. Page 14

Belpe¢h Charitsble Trust Notes to the Financial Statements for the Year Ended 30 September 2025 Recognition and measurement I financial assets and liabilities are inftialty measured at transaction prtce (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are Initially measured al fair value Iwhich is normally the transacb.on price excluding transaction costs), unless the arrangement ¢onsti(ules a financing transaction. 11 an arrangement conslilutes a financing transaction, the finanoal asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabil￿eS are only offset in the statement of financial position when. and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis. or lo realise the a$$et and settle the liabilty simulianeously. Financial assets are derecognised when and only when al the contractual nght5 to the cash flows from the financial asset expire or are settled. bl the charity transfers to another party substantially all of the risks and rewards ol ownership of the financial asset. or cl the charty. despite having retsined some, but not all, significant risk$ and reward$ of ¢)wnership. ha$ transferred control of the a$$et to another paty. Financial liabil(ties are derecognised only when the obligation specffied in the contract is discharged, cancelled or expires. Impalmient An impairment loss in resped of a financial a$$et measured at amortised cost 1$ ¢alculaled a$ the difference befvleen its carrying amount and the present value of the estimated future cashflows discounted al the asset's onginal effedive interest Tale. For finanual instruments measured al cost less impairment an impairment is calculated as the difference between ils carrwng amount and the best estimate of the amount Ihal Ihe Charty would receive for the asset rf il were lo be sold al the reporting date. Interest on the impaired asset continues to be rewnised through the unwnding of the discount. Impairment losses are recognised in profit or loss. When a subsequent evenl causes the amount of impairment loss to decrease. the decrease in impairment loss is reversed through profil or loss. Falr value m•asuremenl The best evidence of fair value is a quoted price for an identscal asset in an acts've market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time Since the transacbon took place. If the market 15 not active and recent transactions of an idenli¢al asset on their own are not a good estimate of fair value. the fair value is eslimaled by using a valuation tethnique. Ststsment of flnan¢lal a¢tl¥ltles presentstlon The charity has only unreslricted general fvnds both in the current year and the comparative year. As a result, no fund name is menboned on the face of the stslement of financial aclivrties. Page 15

Belpe¢h Charitsble Trust Notes to the Financial Statements for the Year Ended 30 September 2025 2 Income from donations and 1ogacioS 2025 2024 Donations and legacies., Other donations 28,200 36,200 28,200 36.200 3 Inv•stm•nt Incom• 2025 2024 Income from dividends., Dividend income from listed investments Interest receivable and similar income., Interest receivable on investments 56,177 S5,097 13,312 12,112 69,489 67.209 4 Ex￿ndIture on raljlng fund8 2025 2024 Investment management costs 37,867 20.500 S Trusts•s rnmunoratlon and exp8ns8s No trustees, nor any persons connected them. have received any remuneration from the charity during the year. 6 Stsff Costs There wa5 no employee during the period. The charity incurred no eosls in respect of wages, travel, subsistence or meeting costs. Page 16

Belpe¢h Charitsble Trust Notes to the Financial Statements for the Year Ended 30 September 2025 7 Charitablo grants The charitable grants were paid to different instilutions, to be used in Ca￿ng out supporting activities for petsple Coming out of prison and supporb.ng activrties for refugees. Listed below are amounts paid lo different institutions. 2025 2024 Aspire Breaking Barriers Buttenly Conservation Clemenl James Community Community Chaplaincy AssocAation Fairtjeals Music Forward Trust Hope and Play Ltd Howard League for Penal Refom Katherine Low Settlement Key 4 Life CIO LEPRA Migrants Organise Only Connect Open Acces5 Arts Open Collective Prison Advice and Care Tru8t Prisoners Advice Service Ripple Effect (Send A Cowl Ruth Hayman Trust Slandoul Swtchback inits'atsve Tempus Novo The Bike Project Their Lives Matter Walk Ministrie5 Working Chance Young Roots Battersea Arts Centre Bike Project Bounce Back Recruitment Junction Rooted Wisdom The Entrepreneurial Refugee Nets￿rk (TERN) Trailblazers Mentoring Unlock 7,000 10,000 250 5.000 5.000 5.000 s.000 2,500 7,000 5,000 5,500 2,000 5,000 5.000 s.000 3.000 5.000 2.000 5,000 5,000 10,000 5,000 5.000 s.000 500 5.000 5.000 5.000 7,500 5,000 2,500 5,000 5,000 5,000 3,500 3,000 5,000 5,000 2,500 s,000 5,000 5,000 550 5,000 5,000 250 s,000 5,000 5,000 3,500 5,000 5,000 5,000 5,000 Page 17

Belpe¢h Charitsble Trust Notes to the Financial Statements for the Year Ended 30 September 2025 2025 2024 108,300 139,750 8 Gov8rnanc• costs 2025 2024 Auditl independent eyaminats.on fees Legal and professional fees 2,880 2.880 300 2,880 3.180 9 Flx•d a88•t Investments 2025 2024 other investments 2.789.492 2.658,420 Page 18

Belpe¢h Charitsble Trust Notes to the Financial Statements for the Year Ended 30 September 2025 Other invostrnants Listed Investments Cost or Valuatlon At 1 October 2024 Revaluation Additions Disposals 2,658,420 137,552 590,211 596,691 AI 30 September 2025 2,789,492 Net book value AI 30 September 2025 2,789,492 AI 30 September 2024 2,658,420 The charity realised a gain of £67.756 12024.. loss of £55.3011 from disposal of other inveslmenl8 during the year. 10 Cash and cash •qulvalents 2025 2024 Cash al bank Other cash and cash equivalents 120,692 90,517 974 120,692 91,491 Al the reporting date, £65.747 01 cash was held on behalf of the trust by the invesknenl adviser. The trust retains full control over these funds. Page 19

Belpe¢h Charitsble Trust Notes to the Financial Statements for the Year Ended 30 September 2025 11 Cr8ditors'. amounts lalling du• within ono yaar 2025 2024 Accrua15 9,504 3,181 12 Funds Balanca at Oiher 30 Incoming Resources recognised September re¥ourc•s èxpended IgalnsVIo55ey 2025 Balance at 1 October 2024 Unrestrictod funds General 2.746,730 97.689 205,308 2,900,680 8•lan¢g at Othor 30 Incomlng R•#our¢•s r•cognlsed Soptembor re¥ourc èxpendfrd Igalnsl11055e# 2024 Balance at 1 October 2023 Unrestrlctod fund8 General 2,539,307 103,409 163,430 267,444 2,746,730 13 Analysls of net assets b•tween lunds Unrestrl¢tsd funds Total fund at30 September 2025 Ggnornl Fixed asset investments Current assets Current liabilities 2,789,492 120,692 9,504 2,789,492 120,692 9,504 Total nel a55ets 2,900,680 2,900,680 Page 20

Belpe¢h Charitsble Trust Notes to the Financial Statements for the Year Ended 30 September 2025 Unrestricted funds Total funds at30 Sgptambgr 2024 General Fixed asset investments Current assets Current liabilities 2.658,420 91,491 3,181 2.658,420 91,491 3,181 Total nel assets 2,746,730 2,746,730 14 Analy818 of not lund# At30 S•ptemb•r 2025 At 1 Octobor 2024 C4$h flow Cash at bank and in hand 91,491 29.201 120,692 Nel debt 91,491 29,201 120,892 15 Flnanclal Instruments Cat•gorl$atlon of financlal Instruments 2025 2024 Financial assets measured al tsir value through profil or loss Financial assets that are debt instruments measured at amortise(I cost 2,789,492 2,658,421 120,692 91,491 2,749,912 3,181 2,910,184 9,504 Financial liabilities measured at amorbsed cost Page 21

Belpe¢h Charitsble Trust Detailed Statement of Financial Activities for the Year Ended 30 September 2025 Total 2025 Total 2024 Income and EndowTnents from: Donations and legacies lanalysed below) Investment income lanalysed below) Total income 28,200 69,489 36,200 67,209 97,689 103,409 Exponditurg on: Raising lunds lanalysed below) Charitable activities lanalysed below) 137.8671 111.180 120.5001 142,930 Total expenditure Gainsnosses on investment assets lanalysed below) Nel income 1149,0471 205,308 1163,4301 267,444 153,950 207,423 Nel Tnovemenl in funds 153,950 207,423 Roconciliation of funds Total funds brought forward Total funds Carried forward 2.746,730 2.539,307 2,900,680 2.746,730 Page 22

Belpe¢h Charitsble Trust Detailed Statement of Financial Activities for the Year Ended 30 September 2025 Total 2025 Total 2024 Donations andlegacies Other donations 28,200 36,200 28,200 36,200 Investment incom• Dividend income from listed investments Interest income on investments 56,177 13,312 55,097 12,112 69,489 67,209 Ral¥lng Fund¥ Adminlstratlon Cost Portfolio management costs Foreign exchange difference Advertising Bank Charges 132,0391 15,7991 114,8981 15,0221 15801 29 37,867 20,500 Charltable actlvltles Charitable donations The audit of the charity's annual accounts Legal and professional fees 1108.3001 12,8801 1139,7501 12,8801 300 111,180 142,930 Gains on investment assets Unrealised gains of investment Realised gains l108gesl on disposal of investment 137,552 67,756 322,745 55,301 205,308 267,444 Page 23

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