THE SIGRID RAUSING TRUST
(A registered charitable company limited by guarantee)
Charity No.. 1194828
Company No: 13152028
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024

The Sigrid Rau$ing Trnst
Contents
Contents
Page
Statutory Information
Trustees, and Strategic Report
Ind¢p¢nd¢nt Auditorfs Report to the Trustees
9-12
Statement of Financial Activiti¢s
13- 14
Balance Sheet
15
Statement of Cash Flows
16
Notes to the Financial Statements
17-26
Page I

The Sigrid Rausing Trust
Statutory Information
Registered Address
12 Penzance Place
Loiidon
W114PA
Trustees
Sigrid Rausing (Chaii.)
Andrew Puddephatl (Deputy Chair)
Pia Bui)gaitcii {appointed 7 Marcli 2025)
Daniel Hotz (appointed l January 2024)
Hosli Ibi'ahiin (resigiied 12 June 2024}
Jeffrey Jowell (resigned 12 Julie 2024. re-appointed 5
December 2024)
Helena Keiii)edy (resigned 12 Julie 2024)
Joshua Mailman (resigned 12 June 2024)
Cliristopher Stone {rcsigned 12 Julie 2024)
Date of EstAblishment
22 January 2021
BAnkers
Santaiider Coi'porate Bank
Santaiider House
100 Ludgate Hill
London
EC4M 7RE
Legal Advi5er5
Bates Wells aiid Braithwaite
10 Queen Street Place
London
EC4R I BE
Independent Auditors
UHY Hackei. Young LLP
4 Thoinas More Square
London
Elw IYW
Investment Advisers
Cainbridge Associates
62 BUckingh￿￿ Gate
London,
SWIE6AJ
Charity Registration Number
1194828
Company Registration Number
13152028
Key Managemeni Personnel
Duncan Wilson, Exec Director (resigned 25 April 2025)
Beth Fernandez, DepLIty Execulivc Director
(Directoi. of PiograinEnes from 24 January 2025)
Jane Pickering, COO (resigned 7 Februaiy 2025)
Lucy Lukic. Finance Director (appointed 21 January
2025
Robiii Nobel, Director of Operatiotts (appointed 21
January 2025
Page2-

The Sigrid Rausing Trust
Trustees, and Strategic Report
for tbe year ended 31 December 2024
The trustees present tlieir report and financial slatem¢nts for th¢ year ended 31 December 2024.
The financial statements have been prepared in ac¢ordanc¢ with the a¢countiiig policies Set out in
not¢ I to the a¢¢ounts and ¢omply with the charity's Memorandum and Articles, the Charities Act
2011. Companies Act 2006 and Accounting ai)d Reporting by Charities.. Statement of
Recommended Pra¢tice 2019 applicable to charities preparing their accounts in accordance witli
the Financial Reporting Standard app]i￿ble in th¢ UK and R¢public of Ireland (FRS 102).
Objectives activities for the public benefjt
The Sigrid Rausing Trust was set up to provide benefit to other charitable institutions in
advanceinent of their ch￿'Itable work or to benefit other groups provided the work they carry out
is charitable.
The trustees confim) that they hav¢ complied with the duty in Section 17 of the Charities Act 2011
to have due regard to the Charity Commission's guidance on public benefit when reviewing the
Trust's aims and objectiv¢s, in planning futur¢ activities, and in setting th¢ 8rant makin8 policy for
the TnÈsÉ.
The Sigrid Rausing Trust furthers its ch￿.11&ble purposes for the public benefit by proinotiiig tlie
values and principles of human rights, equality and the I'ule of law, and supporting the preservation
of nature fi'oin turther degradation.
Incorporated status
The Sigrid Rausing Trust was established as a chai'ilable registered company limited by giiarantee
on 22 Jaiiuary 202 I. It received a transfer of all assets and liabilities frotn Tlie Sigrid Rausii)g Trust
(charity no. 1046769) in October 2021, at whicl) point the previous charity ceased to function. The
previous charity was incorporated on 5 April 1995 by Trust Deed.
The purpose of the establishment of the new, charitable registered company limited by guarantee
was lo enable ihe establisliinent and investtncnt of an cxp¢ndabl¢ Cndowment given to th¢ Sigrid
Rausing Trust by our sole benefactor Sigrid Rausing. The iiitention of the full transfer of assets and
liabilities from the previous charity to the new, charitable registered company is to ensure a full
and seatnless cotttinuation of the charitable grattt-tnakiiig and pui'pose from the previou5 Charity to
the charitsble registered company.
Grant-making
The Trust's grants during the y¢ar were made within three thematic prograinmes..
Human Rights and Rule of Law
Open Societies
Environinent
programm¢ is d¢s¢rib¢d in great¢r detail on the Trust's ii'cbsite.
In addition. a Chair's Fund enables the Chair to fund charitable projects and organisations which
may be outside the current remit of the above theinatic pro¥ramtnes, but fall within tlie Trust's
broader philanthropic reinit. A Trustees, Sinall Grants Fund allows individual Érustees to nominate
organisations with a charitable purpose for support.
Pag¢3-

The Sigrid Rausing Trust
Trustees, and Strategic Report
for the year ended 31 December 2024
Grant makillg policy
Trustees review the Trust's grant-making policies regularly lo ensure tliat tliey reflect the ¢harity's
objects and iliereby advance public benefit.
Trustees do iiot invite unsolicited applicatioiis for fuiidiiig, given tjie limited annual budget and the
Trust's wide thematic and geogTiaphic reach. Instead, tlie Trust's experienced programme staff look
for influeiit181, well-run organisations working in Ilie Ti'ust's ficlds of interest. Trustees may also
bring pol¢nlial applica]Its to the attention of programtne staff. After an initial review, progratnm¢
staff propose potential applicants to trustees, who will decide whetlier or not to invite a full
application.
Organisations invited to apply are allocated to one of the Ti'ust's programinc5. Applications are
assessed by programtne staff. They aim to gain an in-depth understanding of tlie applicant-.s
objectives. organisation and effectiveness, and to asscss the applicant's fit with the overall
objectives of th¢ Trust. Where possible, staff will mak¢ a site visit. Each application is a150
reviewed for Compliance with UK charitable laws, with legal advice if necessary. a])d a financial
r¢vi¢w of past p¢rfomian¢e and future projections is ui)dertaken.
Trust staff prepare reports and recoininendations for each orgaTJisation's application. These are
considered at regular review Ineetings where tlie Executive Dii'ector or Depiity Executive Dii'ector
will decide or refer decisions to the Trustees. All decisions and referrals are shared with Trustees
who have a sct period of time to raise concerns or questions and to appiove or reject referred graiits.
Trustees, d¢cisiotts are final. Once the successful applicaiit lias aLcepted the terins and conditioiis
of the grant, the grant will be paid out. Furthcr inslalmcnts of multiyear grants are paid on receipt
of satisfactory intcrim reports.
T]ie Trust's grants gerkerdlly provide unrestricted suppo¢ rather than fiindin8 for specific projects.
111 2024 the Trust Inoved to making mostly one~year gi'ants. provided on the uiiderstanding that
grantees are able to reapply and may receive support over a number ofyears if tliose IE-applications
are successfLEI. Tl)e potential tor long-term flexible support is greatly valued by grantees.
Monitoring #nd follow up
Grant¢es are required to complete annual progress rcports as well as a final I'epoit after the eiid of
th¢ grant period. The reports cover progress made. problems encountcrcd. and ally organisational
changes. Grantees also provide a financial slatemei)I showing how the grant has been used.
Th¢s¢ ￿PortS ar¢ I'eYiew¢d aiid any queries are I'aised directly with tlie grai?tee to ensure that the
grant has b¢en used in compliance with the original application.
Grantees cali be visited at any time dui'ing the grant. The Trust schedules regular visits. both to see
the operatioi) of graiitees first hand and to leani niore about tl)e current hunian rights challenges in
each country or r¢gion. Int¢rnalional grant¢Cs ar¢ ¢ncourag¢d to V15it the Trust offices should they
be travelling lo the UK. Staff report back to colleagues and trustees on visits and trustees rcgularly
review the impact of thc g]'ants made.
Strategi¢ Report
Achievements and performance: how ihe Trust's gyant giving has delivered public benefit
During the year, the Trust has awarded £22.8 million in grants. Considering all grants mad¢ since
the inception of the previous charity in 1995, the previous cliarity and the new charity have awarded
Page4-

The SÉgrid Rallsing Trust
Trustees, and Strategic Report
for the year ended 31 Deeember 2024
£591 million in grants in total. The financial statements and aecounts contained later in this report
reflect the lolal value of single and multi-year grants awarded by trustees during 2024.
During 2024, the Trust coinpleted a series of rolliiig reviews of each of its thematic pi'ogrammes.
The following progrdmmes were reviewed dui'ing thc year.. Dcfcnding Civic Space and Toxics aiid
Pollution.
Financial review
The results for the year ar¢ set out on pagc 13-15.
Total income for the year was £29.0 million (2023.. £82.6 million). Total expenditure was £25.3
million (2023: £54.6 Inillion).
Grantawards totalling £22.8 million (2023.. £51.8 million) were Inade during the year, part of wl)ich
will be paid in 2025 and 2026 as part of muliiyear coininitinents.
In additioii, the Tn]st spent £2.6 million (2023.. £2.7 Inillion) in administrative costs, making a total
of £25.3 Inillion (2023 figure.. £54.6 million) in direcl cliaritable expenditure. Support costs were
I 00/0 (prior year.. 4.80/D) of total charitable expciidituir, with the inci'ease as coinpared to tlie prior
year Inainly du¢ to tl)¢ d¢¢reas¢ in graiit-InakingF as the Trust reviewed and changed strategy.
Th¢ Trust benefited from donations of £27.2 million (2023 figure: £81.4 Inillion) during the year,
wliich funded tile grant giving during Ilie Y￿r.
Grant payineiits dui'ittg the year, of both new grants and mulii-y¢ar instalmenls. amounted lo £37.3
Jnillion (2023 figure.. £38.2 million).
Reserves policy
At 31 Deceinber 2024 the market value of tlie expendable eiidowinent fuiids stood at £280,880,705
(2023- £265.023,508). Expendable ¢ndowmenl balan¢es are not free reseives as defined by the
Cliai'ity Coinmission.
The Trust is a grant making charity oiily, and provides no servic¢s. The trust¢es have undertaken a
gcn¢ral risk assessinent aiid assessed tlieir outstanding graiil coininitin¢nts.
The trustees, policy is tliat they should expend th¢ in¢ome froin their endowiknent funds in
fuitl)eranc¢ of the cliai'ity's objectives, subject to Ineeting tl)e i)ecessary administrative ¢osls of
running the charity. The Trust additionally receives doi)ations from its founder and others and the
Chief Operating Officer ensures that tlie charity has sufficient woi'king capital to pay out grants in
a tim¢ly fashion onc¢ awarded.
In view of the moderate level of i'isk and adequate cover available for future grant coininitinents,
the trusl¢¢s do not consider d)at it is necessary or justifiable to carry further reserves.
Investment policy
The Trust""s investment policy is sel by Sigrid Rausing dnd approved by tlie board of Trustees. Tl)e
Trust is giiided by advice froin our iiivestinent firm Cainbridge Associates. T])e focus lias been on
strong adherence lo the latest directions in Environmental. Social and Goveriiaiice investinent
standards with a focus on alignment with the Trust's values and philanthi'opic interests.
-PageS-

Tlle Sigrid Rausing Trust
Trustees, and Stralegie Report
for the year ended 31 Deeember 2024
The investment obj¢clive for thc portfolio is to improve the real purchasing power of tlie assets
over the medium to long term, with an average annual relui'n objective of 6f/*o in real lenns (i.e.
after inflatioii). Over shorter time periods perfomiance will be coinpared to a poli¢y benchmark
which reflects the asset classes in wlii¢h the portfolio is invested. The Trust woi'ked with Cainbridge
Associates to set up the portfolio and enable Cambridgc to inilialc I'elaiionships with fund rnanagers
in line with the Trust's inv¢stm¢nt policy and pi'ioi'ities. The first iiivesttnenl was placed 011 I
Octob¢r 2021 and at 31 tkcember 2024 the portfolio was valued at £324.9 million.
2024 was anotl)er strottg yeai. for public equity wnarkets, with a IElum of 19.60/0 in stei'liiig terins
(as measured by the MSCI ACWI). Bonds lagged as inflationary and budget concerns resurfaced,
especially in the UK. and fell by -3. 10/0 (as In¢asured by FfsE Bi'itish Goveriitneiit All Stock
Iiidex)- Within ¢quily markets, the US once agJain outperformed, deliveriiig ali outsized IEturn of
26.80/0, driven by a high exposure to soaring Al names and a favourable econonTric backdrop.
For the calendaryear, the portfolio increased in value by £24 million &nd d¢liver¢d a return of 8.40/0
(with private assets valued as at Q3). Tliis i'etuni was in line with the long-tem) obje¢liv¢ of
CPl+6 % but some way short of tlie policy benehmark. Tl)e key driver of underperforn)ance versus
the benchmark was SRT'S more diversified poitfolio construction approach, which resulted in a
lower exposur¢ within equities to the Al names that drove the market rally. Giveii equities are tlie
largest exposure (c.760/0 of tl)e SRT portfolio) and the market's highly concentrated exposure to the
Al theme, a more diversified equity portfolio was judged prudent and to better serve SRT.
Re¥ardless, portfolio iinprovements and rebalancing a¢tivity over 2024 have slrengthened SRT'S
positioning for 2025 and beyond.
Risk management
The trustees have examined the major strdtegic, business and operational risks to which the charity
is exposed and maintain these in a registei. which is reviewed and updated regularly and fornially
by the tiustees. They are satisfied that appropriate mitigations and i'esources are iii pla¢¢ to manage
tlie risks faced by the Trust and its staff.
Tl)e trustees consider the principal risks facing tl)e charity to be the potenti&l for fraudulent
transactions leading to loss of fLinds' the potential for reputational damage to the Trust arising out
of Inisuse of Ti'ust funds by a grantee. and tli¢ risk to staff or grantee persoiinel arising either froin
visiting or working in l)igher risk contexts.
The Irustees assess the risks associated witli each grdllt as it is made. They are mindful of the
considerable risks faced by grantees working to defend hLiman rights and tackling abuses of those
rights, and the risk to staff of visiting current aiid potei)tial grantees in certain countries. Trustees
and staff draw on their own expertise and the advice of country experts and then take appropriate
measures lo safeguard staff and streiigtlien grantee security. The Trust's review of applications
includes a sp¢¢ific assessinent of the risks associated willi each proposed graiit.
The combined expertis¢ of th¢ Trust's staff aiid truste¢5, and the external experts it can call on for
an independent opinion, ensure that Il)e Trust is able to make an infomjed evaluation of the
applications r¢¢¢ived and mitigate the risk of in¢ffcctive grant Inakiiig.
The Triist's Audit and Risk Committee. composed of three Trustees and the Secretary to the Board
(a chartered accountant) ¢onlinucd ils work dui'ing 2024. The Audit and Risk Coinmittee's purpose
is to overse¢ financial repotling. che processes related to risk management and interi)al control
Iiicluding finan¢ial, reputational, compliance and other sts'ategic and operatioiial risks, and to
oversee th¢ audit pro¢¢ss¢s.
Page6-

Tlie Sigrid Rausing Trust
Trustees, and Strategic Report
for the year ended 31 December 2024
Throughout 2024 the Audit and Risk Committee Continued to deal with emerging issues of risk
related to grantees and for the Trust as a whole. It considered working pra¢tic¢ where the Trust is
dealing witli complaints received by or about grantees.
PIAns for future periods
In 2025, the Trust plans to contii)ue implemei)ting th¢ clianges to ils granl-making practice in
particular in relation to length of grants. The Trust will also continue impleinentation of the new
Strategic vision as agreed by I'rustccs in 2023 iii¢reasing Ili¢ fo¢LlS on impact and real-woi'ld cliange
when deciding new grants and grantees. As part of Ihis iiew vision the ovei'all nuinbers of grantees
SUPPOlted by the Trust will coiitinue to gradually redu¢¢.
Structure) governlnce and managemellt
The Sigrid Rausing Trust was established on 22 January 2021 and is a cliaritable ¢ompany IiiT]ited
by guaraiitee. It received all assets aiid liabilitics from a previous charitAble Trust, also called the
Sigrid Rausing Trust, on 6 October 2021. The pi'evious charity was an uniiicorporated Trust
established by Trust Deed dated 5 April 1995. The followii)g acted as directors and trustees during
the year l January to 31 Decembei. 2024:
Sigrid Rausing (Chair)
Aiidi'ew Puddepl)att (Deputy Cliair)
Daniel Hotz (joined l January 2024)
Hosh Ibrahim {left 12 Julie 2024)
Jeffrey Jowell (left 12 Jun¢ 2024, re-joined 5 December 2024}
Helena Kennedy (left 12 June 20241
Joskua Mailinan (left 12 June 2024)
Christopher Stone (left 12 June 2024)
Hosh Ibrahim, Helena Kennedy and Joshua Mailman joined an advisory committee from June 2024
wliich m¢ets with tlie Inain Board. The power of appointing new or additioiial trustees is vested in
Sigrid Rausing as the sole member of the charity. The number of trustees shall at no lime be fewer
tlian tlir¢e individual trustees or one corporate trustee.
The board of trustees met 3 tiines, with ai) agenda focussed on strategic questions, future scani)iiig
aiid any significant questions of orgaiiisational risk. All Iriistees are aware of their obligatioiis to
t]ie Trust aiid on belialf of the TrusL and ftew trustees sp¢nd time within the Trust tamiliari5iiig
themselves with its operations and legal requireinenls. This includes ]￿eetIngS with key staff
meinbers, receiving iiiformalion about the Trust's curi'ent ￿tiVItIeS and working practice. and
meetings with the Chair and other Board members as required.
Details of trust¢¢ remun¢ralion and expenses and any relalcd party transactions are disclosed in
note 2 to the accounls. Trustees are requii'ed to disclose all relevant interests and register tliem
annually with th¢ Trust's adininistration. and in accordance with the Trust's Overlap of Interest
Policy to withdraw from decisions wh¢r¢ a conflict of interest arises.
The trustees consider thal the Board of Trusl¢es. the Executive Director, tlie Deputy Ex¢¢utive
Director. and the Chief Operating Officer ¢omprise the key Inanageinent personnel of the charity
in charge of directing and oontrolling the charity ￿]d its day-to-day opei'atioii.
The pay of the Charity's senior maiiagers and other staff is reviewed annually and is nortnally
increased iii line with accepted m¢asures of price and wage inflation.
Page7-

The Sigrid Rausing Trust
Tru5tees' and Strategic Report
for the year ended 31 December 2024
St#tement of trustees, responsibilities
The trustees are responsible for prepariiig Ihe Truslees, Report and the financial stateinents in
accordance with applicable law and United Kingdom Accounting Standards {UttiÉed Kiiigdom
Geiierally ACCep￿d Accoui)tiiig Practice.) Company law requires tlie trustees lo pi'epare fiiiancial
statements for each financial year whi¢h give a Irue and fair view of the state of the affairs of the
chai'ity and of the iiicoming resources and applicalion of resources of the charity for tl)at yeai.. In
preparing these financial statemenls, the trustees are required to=
select Suitable accouiitiiig policies and tlieii apply tliein coiisislently.
observe Ilie Inethods and principles in the Charities SORP 2019 (FRS102)-
make judgements and estiinates that are reasonable and prudent.
stale whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in tlie financial statements.
prepare the financial stateinents on the going concern basis unless it is inappropriate to
presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting I'ecords tliat disclose widi reasonable
accuracy at any time the financial position of tlie charitable company and eiiable thein to ensure
that tlie financial slateinents coinply witli the Coinpanies Act 2006 and Charities Act 201 l. Tliey
are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps
for the prevention and det¢ction of fraud and other irregularities.
In so far as the trustees aware..
th¢r¢ is no relevant audit information of wl)icli the charitable compa])y's auditor is unaware;
and
the trustees have taken all steps tliat they ought lo have taken to make tlieinselves aware of
any relevant audit infornialion and io establish tliat Ihe audilor is aware of that infurniatioi).
The trustees are responsible for the maintenance and integrity of the coi'porate and financial
infomiation included on the cliaritable company's website. Legislatioii in the United Kingdom
goverJJing the pitparation and dissciniiiation of financial statcincnts Inay diffcr fiom Icgislation iii
other jurisdictions.
Auditors
The Company has by elective resolution dispensed witli the obligation to appoint auditoi's aiinually
in accordance with Section 487(2) of tl)e Companies Act 2006. The auditors, UHY Hacker Young
LLP, will be considered for reappointment for future financial years.
The Trustees, report is approved by the Trustees of tl)e Charity. The Strategic Report, which forms
part of the annual report. is approved by the Tn]stees in their capacity as directors in coinpany law
of the charity.
By order of the board
Andrew Puddephatt, Chair of the Audit and Risk Committee
Date..
24 June 2025
Page8-

The Sigrid Rausing Trust
Auditor's Reporl
for the y¢ar ended 31 December 2024
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE SIGRID RAUSING TRUST
Opinion
We have audited the financial statements of The Sigrid Rausing Trust {'the charitable company,) for
tlie year ended 31 December 2024 wliich coinpi'ise the Stateineiil of Finaiicial Activities, Il)e Balaiice
Sheet, the Statemeiit of Cashflows and notes to the financial slatemenls. including significant
accounting policies. The finai)cial reFK)rting frainework that lias been applicd in their preparation is
applicable law and Uiiited Kingdom Accouiitiiig Standards iiicluding FRS 102 'The Finaiicial
Reporting Standard applicable in the UK and Repliblic of Ireland. (United Kingdom Generally
Accepted Accounting Prdctice).
In our opinion the financial statements..
giv¢ a truc and fair view of th¢ slate of tli¢ ¢haritable company's affairs as at 31 December 2024
and of its incoming resour¢¢s and application of resources, including its incotne and expenditure,
for the year then ended.
have been properly prepared in accordance with United Kingdom Generally Accepled A￿OUntIng
Pi'actice; and
have been prepared in a¢¢ordance with the requirements of the Cotnpanies Act 2006.
Basis for opinion
We ¢ondu¢t¢d our audit in ac¢ordan¢e with International Standards on Aliditing (UK) (ISAS (UK))
and applicable law. Oiir responsibilities under those staiidards are fLlrther desci'ibed in thc Auditor's
responsibilities for the audit of the financial stateinents section of our report. We are independent of
the charitable coinpany in accordance with the ethical i'equirements that are relcvant to our audit of the
finaii¢ial slat¢inents in the UK, in¢ludii)g the FRC'S Ethical Staiidard. and we liave fulfilled our other
ethical responsibilities in accordance with these requirements. We believe tliat the audit evidence we
have obtained is sufficient and appiopriate to provide a basis for our opiiiioii.
Conclu$ion5 relating to going Concern
In auditing the finan¢ial slat¢m¢nls, we have coi)cluded that the tru5tees' use of the going concer
basis of accounting in the preparation of the financial statement is appropriate.
Based on the work we have perfonned, we l)ave not identified any Inaterial uncertainties relating to
events or conditions tliat, individually or collectively, iyjay cast significant doubt on the charitable
company's ability to contiiiue as a gyoing conceni foi. a period of al least twelve Inonths fi'om when the
financial statements are authorised for issue.
Our responsibilities and tile responsibilitie5 of the trustees with respect lo goiiig concern are d¢s¢ribed
in the relevant sections of this report.
Other information
T]ie other iiifortnation comprises the iiiformation includcd in thc annual report other than the financial
statements and oui. auditor's report thereon. The trustee5 are respoiisible for th¢ oih¢r infom)ation
contained within the financial statements.
Our opinion on tlie financial statements does not cover the other infornjation and, except to the extent
otherwise explicitly stated in our report. we do not express aiiy forni of assurance conclusion thereon.
Our responsibility is to read the other inforniation and, in doing so. ¢onsider whether the other
infortnation is Inaterially incon5i5tcnt with the financial staleinents, or our knowledge obtained in the
Page9_

The Sigrid Rausing Trust
Auditor's Report
for the year ended 31 December 2024
course of the audit. or otherwise appears to be materially Inisslated. If we identify su¢h material
inconsistencies or apparent material Inisstatements, we are required to determine whether tliere is a
Inaterial misstaleinent in the financial stal¢m¢nts or a material misstateinent of the other infortnatioii.
If. based on the work we have perfomed, we conclude that there is a material misstatemeiit of tliis
other inforniation, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other ma¢ters pres¢ribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the informatioii given in the trustees, report, which includes the strategic rew>rt prepared for tlie
purposes of cotnpany law. for the financial year for whi¢h the financial statemeiits are PlEpared
is consistent with the financial statemeiits; and
the strategi¢ report included within tlie trustees, report lias beeii prepared in accordan¢¢ with
applicable legal requirements.
Matters on which we are required to report by exeeption
In the light of the knowledgc and understanding of the charitable company and its environment
obtaiiied in tlie course of the audit, we hav¢ not identified material misstatements in the Trustees, and
Strategic Report.
We have nothing to report in respect of the following matters wheit the Companies Act 2006 requires
us to report to you if, in our opinion=
adequate and proper a¢coiintii)g I'ecords have not been kept or retunis adequate for our audit have
ot been received from branclies not visited by us. or
tlie financial statctncnts are not in agr¢ein¢nt with the ac¥ounting records and I'etunis. or
certain disclosures of trustees, remuneration specified by law air not made. or
we have not received all the information and explanatioiis we r¢quir¢ for our audit.
Responsibilities of trustees
As explaiiied tnore fully in the trustccs, responsibilities slatement set out otTr page 8. the trustees (wlio
are also the dircctors of the charitable ¢ompany foi- the purposes of company law) are responsible for
tlie pi'eparation of the financial statements and for being satisfied tliat they give a true and fail. view,
and for such internal control as the trustees determine is necessary to enable the preparation of fiiiancial
statements that are free froin Inaterial misstateinent, wh¢th¢r du¢ to fraud or error.
In preparing the financial statements, the trustees are responsibl¢ for assessing the charitable
company's ability to continue as a going ¢on¢ern, disclosing, as applicable, matters related to going
concern and using the going coiicern basis of accouiiling unless the trustees either intend to liquidate
th¢ chai'itable coinpaiiy or to cease operations, or have no realistic ali¢rnative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtsiii reasonable a55uraTr¢e about wh¢tli¢r the financial stateinents as a whole
are free from material misstatement, wheil)er due to fraud or error, and to issue ali auditor's report tl)at
in¢lud¢s our opinion. Reasonable assurance is a high Icvcl of assurance, but is not a guarantee tl)at an
audil conducted iii accordance with ISAS (UK) will always detect a Inaterial misstatement when it
exists. Misstatements can arise from fraLid or error and are considered material if, individually or in
the aggregale, they could reasoiiably be expected to influ¢nce the ¢conomic decisions of users taken
on the basis of these financial stateETtents.
Irregularities. includiiig fraud, are instances of non-compliance with laws and regulation5. We design
Page 10-

The Sigrld Rausing Trust
Auditor's Report
for the year ended 31 December 2024
pro¢edur¢s in line with our responsibilities, outlined above, to detect material misstatcinents in respect
of irregularities, including fraud. The extent to which our procedures are capable of dele¢ling
irre8ularities, includin8 fraud is detailed below.
Based on our understanding of ihe charitable company and the industry in which it operates. we
idenlifi¢d that th¢ principal risks of non-coinpliance with laws and regulati011s relat¢d to tl)e acts by
the cl)arilable company, which were contrary to applicable laws aiid regyulations iiicluding fraud. aiid
we considered the extent to which non-coinpliance miglit have a material effect on the financial
statements. We also considered those laws and regulations that liave a direct iinpacl on the preparation
of the financial statements such as the Companies Act 2006, Charilies Act 201 I, Charities SORP 2019
and FRS 102. W¢ evaluated management's incentives and opportuiiities for fi'audulent manipulation
of the financial slateinents (including the risk of override of controls), and determined that th¢ prin¢ipal
risks were related to posting manual journal entries to Inanipulate financial results, management bias
through judgements and assumptions in si&inifiLant accountiiig estimates, in particulai. iii Telatioii to
investment valuations and the grants payable.
Our audit procedures wer¢ designed to respond to those identified risks, includingi non-compliance
with laws and regulations (irregularities) and fraud that are matei'ial to the financial statements. Our
audit procedures in¢liid¢d but were not limited to=
Discussing with maiiagement tii¢ir policies aiid procedures regarding compliance with laws and
regulations.
Review of the financial statcinent disclosui'es to underlying supporting docLiinentation'
Coininuiiicating ideiitified laws and regulations Il)roughout oui. engageinent teain atkd retnainitkg
alert to any indications of non-compliance throughout our audit; and
Considering the I'isk of acts by the company which were contrary to the applicable laws and
regulations. including fraud.
Our audit procedur¢s in relation to fraud included but were not limited to..
Making enquiries of the management Ott whether they had knowledge of any a¢lual, suspected or
alleged frdUd-
Gaining understandiiig of ihc inl¢mal Controls established to mitigale risks related lo fraiid,.
Substantive testiiig of incoinc and testing of Current year and post year end journals and evaliiating
whether Ihei'e was evidence of bias by the trusle¢s that represeiited a risk of niaterial misstatemeiit
due to fraud;
Review of legal and professional nominal a¢¢ounl to identify any potential undisclosed claims or
liligalions.
Discussing amongst the eiigageinent teain tlie risks of fraud. and
Addressiiig the risks of fraud through management override of conlrols by performing journal
entry testing.
There are inherent limitations in the audit procedures described above and th¢ further removed non-
complianc¢ with laws and regulations is from ihe events and transactions reflected in the financial
statements. th¢ less lik¢ly we would become aware of it. Also, thc risk of noi del¢cling a mal¢rial
misstatement due lo fraud is higher than the risk of not detecting one resulting from error. as fraud
may involve d¢lib¢rate Concealment by, for exainple, forgery or ii?tentional misrepresentations, oi.
through collusion.
A furtlier description of our responsibilities for t]ie audit of the financial staleinents is located on the
Financial Reporting Council's website at= l)np.'/lwww.frc.org.uk/audilorsrespoiisibilities. This
des¢ription fom)s pait of oui. auditor's report.
Pagell

The Sigrid Rausing Trust
Auditor's Report
for the year ended 31 December 2024
Use of our report
This report is mad¢ solely lo the charitable company's trustees, as a body, in accordance with Chapter
3 of Part 16 of the Companies Act 2006. Our aLidit woi'k has been undertaken so tliat we Inight state
to the ¢l)arilable cotnpatty's trustees those matters we are requii'ed to state to them in an auditoWs report
and for no other purpose. To the fullest extent pennitted by law. we do nol ac¢ept or assuine
sponsibility to anyone other than the charitable company and th¢ ¢harilabl¢ compai)y's Irusle¢s as a
body, for our audit work, for tliis report, oi. for the opinions we have formed.
Colin Wright
(Senior Statutory Auditor)
For and on behaifof UHY Hgcker Young
Chartered Accountants and Statutory Auditor
4 Thomas More Square
London Elw IYW
(s
Pag¢ 12-

The Sigrid Rausing Trust
For the ye#r ended 31 Delember 2024
Statement of Financial Activities
Unre5trirted
Expendable
ErtdowmÈnt
Year Ended
31st DeombEr
20Z4
Year Ended
315t Detember
Funds
Fynd
2023
NOTE
Income & endowments
Donation5
27.163,556
27.163.556
51,350.403
30,WO,000
Gifts of expendable endowment
other Incorne
95,251
95,251
102,444
Interest and Investment Income
340.699
1,353,139
1,693,838
1,102.811
Total Income and Endowments
27,599,506
1,353,139
28,952,645
82,555.658
Expendlture on Raislng Funds
Investment Management Costs
8b
981.271
981,271
565,999
Expenditure
Grants Awarded
22,776,696
2.532,714
39.109
22,776,696
2.532.714
39,109
51,880,280
2,616.513
62,613
Support Costs
Governance Cost5
Totsl Lxpenditure
25,348.519
25,348,519
54,559,406
Total expendlture
25,348,519
981,271
26,329.790
55,125,405
Net Gain / (Lossl on Investrnents
23,794.201
23,794.201
26,563,726
Net intome / lexpenditurel
2,25D,987
24,166,069
26.417,056
53,993,979
Transfer ￿tween funds
8,308,872
18.308.872>
Net movement in lunds
10.559,859
15.857,197
26,417,056
53,993,979
Brought Fonward
633.767
265,023,508
265,657,275
2LI,663,296
Total Fund5 Carried Forward at 31
December 2024
11.193.626
280.880,705
292,074,331
265.657,275
Page 13

The Sigrid Rausing Trust
For the year ended 31 December 2024
Statement of Financial Activities
Ufirestrirted
Expendable
Endowment
Fund
Year Ended
31st December
2023
Comparative Year 2023
Funds
NOTE
Income & Endowments
tk)nation5
Glfts of expendable endowment
Other Income
Interestand Investment Income
Total Income and Endowments
51.350.403
51,350.403
30,CQO,000
102,444
1,102,811
82,555,658
30.000,orKI
102,444
238.027
51,690.874
864,784
30,864,784
Expenditure on RaisinÈ Funds
Investment Management Costs
8b
565,999
565,999
Expenditure
Grants Awarded
51,880,280
2,616.513
62,613
54,559,406
51,880,280
2,616,513
62,613
54,SS9.406
Support Costs
Governènce Costs
Totsl Expenditure
Total Expendlture
54.559.406
565,999
55,125.405
Net Gain I (Loss) on Inve5tment5
Bb
26.563,726
26,563,726
Net income I lexpenditurel
12,868,532)
56,862.511
53.993,979
Transfer bebmeen funds
3,502,299
13,502.2991
Net movement In fund5
633,767
53,360,212
53,993.979
Brought Forward
211,663.296
211.663,296
Total Funds Carried Fo￿ard at 31
Derember 2023
633,767
265,023,508
265,657,275
Page 14-

The Sigrid Rausing Trust
For the year ended 31 Deeember 2024
B8lan¢¢ Sheet
2024
2023
NOTE
FIXED ASSETS
Tangible Fixed Assets
Investm¢nts
16,507
324.902,114
324.918,621
16.8Q5
300,611,331
300,628,136
8b
Tolal Ineomt& Endowments
CURRENT ASSETS
Dcbtors
168,515
4,630,947
4.799,462
159.583
16,986,187
17.145,770
Cath Bt bonk and sn hand
Total eurrent assets
CREDITORS duewihtn oneye
io
130.269.7521
NET CURRENT LIABILITIES
125.4702901
114,435.8611
TOTAL ASSETS LESS CURRENT
LIABILITIES
299.448J31
286,192,275
CREDITORS due after oneyear
17,374,(KlO}
120535,0001
NET ASSETS
291074.331
265.657275
FUNDS
Utsrestrided Fund$
11.193,626
280.880.705
633.767
265.023508
Expendable endowment fvnds
FUNDS
13
292.074,331
265,657,275
The financi￿ statements were approved and authorised for issue by the Trustees and were signed on their behalf
by..
Andrew Puddephaffj Ch4iroftheAudit and Rlsk Committee
Date.. 24 June 2025
Company no.- 13152028
The notes onpages 17 to 25form parl ofihesefinaneial sia¢tmÉnlS
The statement offinancial aciiviiies includes all gaip7& andlosses recognised in iheFeriod.
All Income anda¥Fendilure derivefrom continuing aeiTvili¢s.
Page 15-

The Sigrid Rausing Trust
Statement of Cashflows
For the year endcd 31 December 2024
2024
2023
Notes
Ire5tatedl
Netcash loutflowllinflow from operating activities
IA)
112.682.9411
10,646,794
Net cash loutflowllinflow trom investing activities
327,701
129,841,109)
Net cash outFlowlrorD financing activities
Ici
30,000,000
(Decreasellincrease in cash in the period
IDI
112,355.2401
10.805,685
IA) Re¢onriliation of net inromin8 re50urre5 to cash flowsfrom operating artivities
Nei surplus for the year
Depreclation
Loss on asset disposals
Unreali5ed Ig3inl/los5 on investments
Net movement on investments
Bank interest income
Ilncrea5el/decrea5e in debtors
IDecTea5ellincrease in creditor5
Endowrnent donations
26,417,056
12,728
568
123,794,201]
1496,5831
1340,6991
8,9321
114,472,878)
53,993,979
85,988
126,563,726)
1476.4111
1238,0271
249,309
13,595,682
130,000,000)
Net Cashflowfrom operating actNlties
112,682,9411
10,646,794
IBI Net tash ouffiowlrom investing attivities
Cash invested into investment portFolio
Investment income
Investment rnana8eme￿ fees
Interest Income
Investment incorne re-invested
Tangible fixed asset addition5
Net ¢•5h outflow from Inv¢stlng artlvhles
130,OW,OODI
864,784
1388,3731
238,027
1476,4111
179,1361
129,841,109)
1,369,528
1872,9451
340,699
1496.5831
112,9981
327,701
(Cl Net Cash outhow from financlng artivities
Endowment donations
Net cash élow frorn fin4ncinK ortiviEie5
30,000,000
30.000.000
IDI Analysis of change in net cash funds
31$1 December prior year
16.986,187
6.180.502
Cashllows
112,355.2401
10,805,685
31st December current year cash balance
4,630,947
16,986,187
Page 16-

Thc Sigrid Rau5ing Trust
Not¢5 to the financial statements
For the y¢ar ended 31 December 2024
I. PRINCIPAL ACCOiINTING POLICIES
Basis of preparation
The financial statements have been prepared on R going coiicern basis und¢r th¢ liistorical cost convention as
modified by the revaluation of investments being measured at fair value through incoiJ]¢ and expenditure with
the statement of financial activities and comply with the Coinpanies Act 2006. The financial statements have
been prepar¢d iii accordance with the Statement of Recommended Practice.. Accounting and Reporting by
Charities preparing their accounts in accordance with tl)e Financial Reporting Standard applicabl¢ in th¢ UK
and Republic of Ireland {FRS102) second edition and th¢ Finan¢ial Reporting Standard applicable ii) the United
Kingdom and Republic of Ireland (FRS102), Ihe Charities Act 2011 and UK Generally Accepted A￿o￿nting
Pra¢ti¢e.
The finan¢i&l stslem¢nts are prepared in sterling, which is the fuiictional curreiicy of the company. Moii¢tary
amounts in these financial statements are rounded to the nearest pound sterling.
The Company does not have a shar¢ capital, bul its liability is limited by the guardnlees of its Trustee inembers.
Each Ti'ustee memb¢r has agreed lo accept liability not exceeding £1 should ihe Company be wound up. At 31
December 2024, the total of such guarantees amounts to £1.
The charitable company was incorporated on 22 January 2021 in Ei)gland and Wales, UK, and commenced its
activities 011 6 October 2021, following the traiisfer of assets and liabilities from The Sigrid Rausing Trust
(register¢d charily number1046769). The registered office address is 12 Penzance Place, LA)i)don, Wl14PA.
T]ie Stateinent of Cashflows ¢omparalives for 2023 have been restated lo take into ￿￿ount a reclassificatioii of
the net movements in inveslment income for that year.
Going concern
At the time of appi'oving the finaiicial statement5, the trustees have a reasonable expectation that the trust has
adequate resources to continue in operational existence for the foreseeable future. The expectation involves the
continuation of the on-going grant making via annual charitable donations frorn our chair. Sigrid Rausiiig.
The endowment is intended to provide comfort around the ability of the Trust lo meet its future graiit
commitmenls should tliose ani)ual donations ¢ease for a])y reason. Incotne from the cndownient is therefore
likely io be retained witliin the endowment t7th¢r than utilis¢d for ongoing grant-making. The size of the
endowment, currently a significant multiple of the Trust's future liabilities at any point in time enables the
Trustees to satisfy themselves that the Trust is a goiiig concern.
Therefo￿, th¢ trustees continu¢ to adopt the going concern basis of accounting in preparing the fii)ai)cial
statements.
Charitable funds
The Trust liolds unrestricted funds and an expendable endowment. Unrestricted funds are available for use in
furtherance of the Trust's cliaritable purpos¢. Expendabl¢ endowment funds are intended to provide the Trust
with long terim stability. Income generated from the endowment is added to unrestricted funds. Trustees may
also, at their discr¢tion, determine to apply part or all of the expeiidable endowment capital in furtherance of the
Ti'ust's charitable purposes and where at their discretion those funds are required to meel the Trust's obligations.
such funds may be transferred to the unrestricted fund.
Incoming resources
The Trust recognises charitable donations when received. The Trust recognises endowineiit income as il is
earned.
Pag¢ 17-

The Sigrid Rausing Trust
Notes to the financial statements
For the year ended 31 December 2024
Ineome from investments
Dividend, interest, and other income is recognised when receivable and includes recoverable taxation.
Grants payable
Provisions and grants are recognised when the Trust has a legal or constrLlCtive present obligation as a result of
a past event, it is probable that tlie Trust will be required to settle that obligation aiid a Irliable estimate cali be
made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle ihe present
obligation at the reporting end date. taking into account the risks and uncertainties surrounding the obligation.
Where the effect of th¢ time value of money is material, Ihe amount expected to be required to settle the
obligation is recognised at present value. When a provision or grant is measured at present value the unwinding
of the discount is r¢¢ognised as a finance cost or grant ¢xpens¢ in net incoine/{¢xpenditure) in the period it arises.
Grants and donations are recogiiised in th¢ Statem¢iit of Financial Activities based on the coinmitsnents Inade
duriiig the year. In case of an unconditional grant offer this is accrued once the I'ecipient lias IKen notified of tl)e
gi'ant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or
multi-year grant. Grant awards tliat are Subject to tlie recipient fulfilling performance ¢oi)ditions are only ac¢ru¢d
when tl)e recipient has been notified of the grant 2nd any remaining Linfiilfilled condition attaching to that grant
is outside the control of the Trust. Multi-year grants are recognised at the value awarded= trustees consider that
given tl)e Trust's funding arr&ngeinents there is no Inaterial discounting required to reflect the tiEne value of the
money.
Resourees expended and basis of allocation of costs
Expenditure is recognised on an accruals basis. Irrecoverable V AT is included within the expense items to which
it relates. Expenditure on raising funds represents amounts paid to the Fouiidation's external inveslinei)t advisers
and custodian, and an apportioninent of internal support ¢osts based on lime spent.
Cosl ofgeneralingfunds
The cost of generating funds I'epirsents amounts paid io the Trust'5 extei'nal investiiient managers.
Supporl cosls
Support costs are incurred directly in the delivery of tlie Trust's ¢haritable activities. These costs are based on
thc perc¢ntag¢ of lime that a resourc¢ is used in th¢ application of grants administration and associated activities
together with the overhead costs of the charity.
Governance cos15
Governance costs comprise costs incurred in Trust administr&tioi) and ¢ompliai)ce with regulatory iEquirements.
Staff costs are calculated as a percentage of time committed.
Fixed assets alld depreciation
Fixed assets over £1,000 are capilalised. DetM'¢ciation is provided on fixed assets, in order to write off th¢ wsl
of the assets ovei. their expected useful lives estimated residual values, at the following rat¢s.'
Computers & equipment
Other assets
33 /0 p.a. slraighi line
250/0 p.a. straight line
Page 18-

The Sigrid Rau5ing Trust
Notes to the financial statements
For the year ended 31 December 2024
Investments
Fixed asset investmeiits coinprise both quoted and unquoted iiivestmei)ts and are initially measured at ti'aiisactioi)
price, excluding transaction costs, aiid are subsequently Ineasured at fair value at eacli reporting date. Changes
in fair value are recognised iii net incoinel(expenditUlE) for tl)e year. Traiisactioii costs are expensed a5 incurred.
Quoted investments are listed shares, bonds and units and are stated at fair value on the basis equivalent to
tnarket value using the bid price. Asset sales and purchases are recognised at the date of tr&de.
Unquoted investments are stated at fairvalue based on professional valuations at the balance she¢l date or nearest
available date to it. For hedge funds, the valuation8 are provided by third-party hedge fund Rdminislrators. In
the case of private equity funds, there is no readily identifiable market price. These funds are iiicluded at tlie
most recent valliations by their respective managers. Investinents made shortly before the balaiice sheet date are
held at cost where the managers have yet to provide a valuation.
Unrealised gains and losses are recognised at the year-end as the difference between the historical cost and the
markel value of the iiivestment assets. Realised gains and losses are recognised during tlie year at the tiine tlie
investment is sold, and include any fees incurred at source. All unrealised and realised gains ai)d losse5 0
invesbn¢ntS are included within th¢ stalement of finan¢i&l activities.
Pensions
The company operdtes a defined contribution scheme for the benefit of its employees. Contributioiis payable are
charged to the Statement of Financial Activilies in the year they are payable. The money purchase plan is
managed by Scottish Widows. Contributions by the company ￿ld by einployees are iiivested into ai) inv¢stm¢nt
fund to build up over the term of the plan. The penbion fund is (hen converted into a pension at the employee.s
normal retirement age, defined as the age when they al'e eligible for a state pension.
FinaD¢ial instruments
Financial assets and fiiiancial liabilities are recogni5ed when Ilie compaiiy becomes a party to th¢ contractual
provisions of the instrlimeiit. Additionally, 211 financial assets and liabilities are classified according to Il)e
substance of the contractual arrdngements entered into.
Financial assets, compris¢d of ¢asli, oih¢r d¢btors and accrued income, and financial liabilities, c￿npriSed of
grants payable, other creditors and accruals, are initially measured at trdnsaction price (iiicILiding transaction
costs) and are subsequently re-measured where applicable ai amortised cost except for investmei)ts which are
measured at fair value with gains and losses r¢cognised in the staleinent of financial activities.
Assets and liabilities held in foreign currency are translated to GBP at the balance sheet date at an appropriate
y¢ar end exchange rate.
Critical Aeeounting estimates And judgements
In the application of the Trvst's acwunting policies, the trustees are required to Inake judgements, estimates aiid
assumptions about the canying atnount of assets and liabilities Iliat are not rcadily app&reJ]I from other soui'ces.
Thc estimate5 and associatcd assumptions al'e based on historical exp¢i'ienc¢ and other factors that are coiisideird
relevant. Actual results may differ from th¢se estimates.
Th¢ estimat¢s and underlying assumplions are reviewed on an oiigoing basis. Revisions lo accounting estiinales
are recognised in the period in wliich the estimate is revised where Ilie revision affects only tliat period, or iii the
period of the revision and future periods where d)e revision affects both cui'renl and future periods.
Page 19-

Th¢ Sigrid R#using Trust
Notes to the finan¢ial statements
For the year ended 31 December 2024
The estimates and assumptions which have a significant risk of causing a material adjustment lo the carrying
amount of assets and liabilities are outlined below..
Inveslingnl valualiun
Tlie Ti'ust's invcstmeiits are stated at market value. Fixed ass¢t investments comprise both quoted and unquoted
investments and are initially measured at ti'ansaction price, excluding transaction ¢osts, and are subsequently
measured at fair value at each reporting date. Changes in fair value are recognised in net incomel(expeiiditure) for
the year. Transaction costs are expensed as incurred. Valuations al'e obtained from the iiivesbnent nianagers.
Trusl¢es acknowledge the private equity investment valuations are based on estimates. However, they regard this
as reasonable due to th¢ relatively coiistrained exposure to private iiivestments within the overall portfolio, and
because the grant-making of the Trust is not supported by endowment income but raiher from annual donations
received from our founder, sole benefactor and Chair.
2. RELATED PARTIES TRANSACTIONS
Where trustees have an interest in a grant making decision tliey register that interest and withdraw from the
assessment, discussion and decision.
The Trust r¢¢¢ived donations of £25.5 million from a fatnily trust of Sigrid Rausing. Chair of the Trustees, which
were received for grdnl-making.
Andrew Puddephatt is founder and was a Trustee of Global Dialogue until February 2019. One of the projects
tliat Global Dialogue fund, the Ariadne European funders, network. is a Trust grantee and received £15,000 in
2024.
The Trust rec¢iv¢s consultancy services for executive leadership and support and expert consultancy on Trust
programmes from Andrew Puddephatt Trustee and Deputy Chair. He received £5,330 for the consiilian¢y
services that he provided.
Baroness Helena Kennedy KC is on the advisory council for Protimos and the Dire¢tor of IBAHRI. Protimos
(£25,000) and IBAHRI {£15,000) received a trustee's small grant in 2024.
Jcffrey Jowcll's son Daniel Jowell is a trustee of the Helen SuLnaii Foundation a Trust grantee whicli r¢¢¢ived
£60.000 during 2024.
3. GRANTS AWARDED
2024
2023
Main graiits
Grants returned during the year
Small grants
Total grant5 awarded in year
22,540,000
(93,304)
330 000
22.776,696
51,690,280
190000
51,880,280
Page 20 -

The Sigrid Rausing Trust
Notes to the financiAI statements
For the year ended 31 Decembcr 2024
4. SUPPORT COSTS
2024
2023
Staff costs (see Note 6)
RenL rates and service cliarges
Other
2,131,384
38.651
362 679
2.532,714
2,053,532
152.408
410573
2.616.513
S. GOVEI RIYANCE COSTS
2024
2023
Consultan¢y f¢es
Audit fee
Accountancy fees
Legal fees
1.305
32,154
4,770
39,109
39,109
62,613
6. STAFF COSTS
2024
2023
Salaries
Employers, National Insurance
Pension
Other staff costs
1,735,260
180,924
150,409
1,676,054
185,287
148,190
2,131.384
2,053.533
The total employment benefits including cmployer pension contributions and employer Nl costs of ihe key
Inanageincnt personnel were £362,039 (2023: £383,036).
Employees whose emoluments including benefils and excluding pension Contributions and employer Nl, were
¢qual to or greater than £60,000 per aniium were..
2024
2023
£60,001- £70,000
£70.001- £80,000
£80,001- £90,000
£90,001 £100,000
£ioo,001 £1 10,000
£1 10.000 - £120.000
Tlie average monthly number of persons employed by the Charity during the year was:
2024
25
2023
28
Trustees, r¢mvneration
£4,041 was repaid to two trustees for travel costs incurred durii)g the year (2023.. £4.607).
Pag¢21

Th¢ Sigrid Rausing Trust
Notes to the financial statements
For the year ended 31 December 2024
7. TANGIBLE FIXED ASSETS
2024
2023
Cost
At l January
Additions in the year
Disposals in the year
113,704
12,998
34,568
79,136
At 31 Dee¢mb¢r
66,120
113,704
Accumulated depreciation
At l January
Chai'ge for year
Disposals in the year
96,900
12,728
{60,015}
10.912
85,988
49,613
96,900
Net book value
At l January
At 31 December
16,507
16.805
8a. INVESTMENT AND INTEREST INCOME
2024
2023
Bai)k interest income
Adjusttneiit to accrued investment incoin¢
Incoine from dividends
Income from interest
Income from investments
340,699
(16,388)
857.797
227,283
284 447
238,027
83.718
441,305
262,007
1,693,838
1,102,81
Page 22 -

The Sigriij Rausing Trust
Notes to the financial statements
For the year ended 31 December 2024
8b. INVESTMENTS
2024
2023
Brouglit torward Inarket value
Investmeiit portfolio additions
Income from dividends
Income from interest
Income from investments
300,611,331
243,571,194
30.000,000
441,305
262,007
857,797
227,283
301,980,858
274,352,260
Manageinent fe¢s d￿ucted from investtnents
(872,945)
(304,654)
Gains/(loss¢s) on investment valuations
23 794201
26 563 725
Market value at 31 December
324.902,114
300,611,331
Historic cost at 31 Decemkr
293.782,737
286,263.092
Investments at fair values at year end comprise=
2024
2023
Equities
Bonds
Hedge Funds
Cash
171,575,471
31,929.131
116,096,143
5301369
324,902,114
252,793,774
25,325,948
19,435,633
3 055 976
300,611,331
Portfolio Managanent charge5'.
2024
2023
Caiyjbridge Associates
ALTA Advisors
North¢rn Trust
Net charge to SOFA
906,474
18,000
499.680
18,000
981,271
565,999
Management fees ￿ConCl11atIOn.
Cambridge associates fees for 2024..
L¢ss'. Q4 2024 f¢¢s arcrued
Add.. Q4 2023 fees, PAid in 2024
Total managcment fees deducted
906,474
(227,555)
194025
872 944
Page 23 -

The Sigrid Rausing Trust
Notes to the fingncial statements
For the year ended 31 December 2024
9. DEFfoRS
2024
2023
Trade debtors
Prepaym¢nts
Accrued income
Other debtors
50.262
50,804
67,331
1,218
42,743
83,719
168,515
159.583
10.a CREDITORS." amounts falling due within l year
2024
2023
Trade creditors
Grants payable
Accruals
Taxation & Social Security
Peiision
Other
233,599
29,810,250
151,914
40,832
26,788
6.369
30,269,752
217,540
31,191,780
90,799
60,188
21.324
31.581.631
10.b CREDITORS: amounts falling due after more than I
year
2024
2023
Grants payable
7,374,000
20,535,000
II. GRANT COMMITMENTS
2024
2023
Gi'ants r¢cognised at l January
Coiniiiilments Inade during tlie year
Adj(sStmenls re Grants made
Amounts paid duriiig tl)e year
51,726,780
22.870,000
(70,000)
37 342 530
37,184.250
38,043,000
52,195,280
(315,000)
38 196500
51,726,780
Split as follows:
Amounts due within one year
Amounts due after one year
29,810,250
7 374 000
37,184,250
31,191,780
20 535 000
31,726,780
Page 24-

The SiErid Rausing Trust
Notes to the finaneial statements
For the year ended 31 December 2024
12. PENSION COMMITMENTS
The Charity operates a defined contributions pension wheme. Tli¢ assets of the scheine are held separately froin
those of the Charity in an independently adininist¢r¢d fund. Tl)e pension cost cliarge represents coiitributions
payable by the Cliarity to the fund and ainounled to £150,40912023.. £148,190). Contributions totalliiig £26,788
(2023.. £21,323) were payable to the fund at the 31 Deceinber 2024 ai?d are included withii) creditors.
13. ANALYSIS OF FUNDS
13a.
ANALYSIS OF NET ASSETS BETWEEN FUIYDS
As ai 31 December 2024
Investments
Tangible Fixed
A55ets
Other Net
LiabilitÉes
Total Funds
Endowment funds
Unrestricted funds
324,902,114
(44,021,409)
11.177,119
280,880,705
11,193,626
16,507
Total funds
324,902,114
16,507
(32,844,290)
292,074,331
As at 31 December 2023
Investments
Tangible Fixed
Assets
Other Net
Liabilities
Total Funds
Endowm¢nt funds
Uni'estricted funds
300,611.331
(35,587,823)
616,962
265,023,508
633,767
16,805
Total funds
300.611,331
16,805
(34,970,861)
265,657,275
13b. RECONCILIATION OF FUNDS
Funds blfwd
at 1.1.24
Incoming
Resource5
Resource
Expended
Gains 2nd
Los5e%
TraN5fers
Funds elfwd
at 31.12.24
As at 31" December 2024
Endowment funds
Unrestricted funds
Total Fund5
265,023,508
633,767
265.657,275
1,353,139
27.599.506
28,952,645
(981,271) 18.308,872)
(25,348,519)
8,308.872
126,329,790)
23,794.201
280,880,705
1,193.626
292,074,331
23.794,201
Fund5 b/fwd
at 1.1.23
Incoming
Resources
Re50urce5
Expended
Gaiijs and
Losses
Funds elfwd
at 31.12.23
Transfers
As at 31. December 2023
Endowment funds
Unrestricted funds
Total FuDd5
211.663,296
30.864,784
51.690.874
82.555.658
(565.999) {3.502.299)
(54.559.406)
3,502,299
155.125.405)
26.563,726
265.02J,508
633.767
265.657.275
211,663,296
26,563,726
Page 25 -

The Sigrid Rau5ing Trust
Notes to the financial statements
For the year ended 31 December 2024
14. OPERATING LEASE COMMITMENTS
At 31 December 2024 the eharity had annual cominilments under operating leases as follows..
Other
2024
2023
Less than one year
Two to five years
763
223
986
298
298
The lease relates to a two-year lease on a water cooler, ending on tlie 16th April 2026.
15. Grants Analysis
Granls are only made to organisations and are analysed by their progi'atnmatic objectives as follows..
Programme Name
Chairs Fund
Environment
Hunian Rights and the Rule of Law
Open Societies
Trustee Small Grants
Total
Grants to Institutions
4,495,000
3,965.000
7,402,696
6,584,000
330,000
22,776,696
Infonnation on the organisations receiving mal¢rial grants can be fouiid on our website.. liiii!s".l/ii.N¥!ty.sji71'icl=
)oItK The information disclosed is in accordance with section 16 of Cliariti¢s
SORP (FRS 102).
Page 26 -