THE SIGRID RAUSING TRUST (A registered charitable company limited by guarantee) Charity No: 1194828 Company No: 13152028 FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Rslgn Envek)pe ID". ENV36D244Wg￿EFC￿8587-ABDD (￿07r2028 11."55AM UTC The Sigrid Rausing Trns¢ CoDtents Contents Pale Statutory Information Trustee5' and Strategic Report Independent Auditor's Report to the Tru5tee5 9-12 Statement of Financial Activities 13-14 8alance Sheet 15 Statement of Cash Flows 16 Note5 lo the Financial Statements 17-26 Page I Rslgn Envek)pe ID". ENV36D244Wg￿EFC￿8587-ABDD (￿07r2028 11."55AM UTC Tbe Sigrid Rausing Trust Statutory Inforni*tioll Registered Address 12 Penzance Place London WII 4PA Trustees Sigrid Rausing (Chairl Andrew Puddephatt IDeputy Chairl Pia Bungarten (appointed 7 March 20251 Daniel Hotz Jeffrey JOV￿11 Date of Estsblishment 22 January 2021 Bankers Santander Corporate Bank Santander House I￿ Lud8ate Hill London EC4M 7RE Additlonal Bankers from 2811126 C Hoare & Co 27 Fleet Street London EC4P4t)o Legal Advlsers Bate5 Wells and Braithwaite 10 Queen Street Place London EC4R 18E Independent Audltors UHY Hacker Young 4 Thomas MO￿ Square London Elw IYW Inve5trnent Advlsers Cambridge Associates 62 Buckingham Gate London SWIE 6A1 Charlty Re8lstratSon Number 1194828 Company Re8lstratlon Number 13152028 Key Management Personnel Duncan Wilson. Exec 01￿ctor Iresigned 25 April 20251 Beth Fernandez, Director of Programmes Iresigned 14 March 20261 Jane Pickering. COO (resigned 7 February 20251 Lucy Lukic. Finance Director lappointed 21 January 2025, resigned 5 June 20261 Robin Nobel, Director of Operation5 (appointed 21 January 2025. resigned 27 May 20261 Celia Davies, Chief Executive Officer lappointed 5 May 20261 Page2- Rslgn Envek)pe ID". ENV36D244Wg￿EFC￿8587-ABDD (￿07r2028 11."55AM UTC The Sigrid Rausing Trust Trustees, and StrAlegic Report for the yvar ended 31 December 2025 The trustees present their report and financial statements forthe year ended 31 December 2025. The financial statements have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the charity's Memorandum and Articles, the Charities Act 2011, Companies Act 2006 and Accounting and Reporting by Charities= Statement of Recommended Practice 2019 applicable to charities preparing their actounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Objectives and actlwties lor the public benefit The Sigrid Rausing Trust Was Set up to provide benefit to other charitable institutions in advancement of their charitable work or to berbefit other groups provided the work they carry out is charitable. The trustees confirm that they have 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 reviewin8 the Trust'5 aim5 and obleciives. in planning future activities, and in setting the grant makin8 poliry for the Trust. The Sigrld Rausin8 Trust furthers its charitable purposes for the public benefit by promotlng the values and prlnciples of human rights, equality, and the rule of law, and supporting the preservation of nature from further degradation. Incorporated ststus The Sigrid Rausing Trust was established a5 a charitable re8i5tered company limited by guarantee on 22 January 2021. It received a transfer of all assets and liabilities from The Sigrid Rausin8 Trust (charity no. 10467691 in October 2021, at which 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 to enable the establishment and investment of an expendable endowment given to the Si8rid Rausin8 Trust by our sole benefactor Sigrid Rausing. The intention of the full transfer of assets and liabilities from the previous charity to the new, charilable re8lStered company is to ensure a full and seamless continuation of the charitable 8rant-makin8 and purpose from the previou5 charity to the charitable registered company. Grant-rnak5ng The Trusvs 8rants durin8 the year were made wiihin three thematic pro8rammes'. Human Rights and Rule of Law Open Societies Environment Each programme is described in greater detail on the Trusys website. In addition, the Trust runs strategic initiatives that bring together grantees from diverse fields to address specific Problems or opportunilies for change. To (late, these initiatives have focused on combatting homophobic laws. community cohesion in the UK,. and sUPPOrting reparations for victims of Russia's invasion of Ukraine. Finally* a Chairfs Fund (also known as Chairfs Gifts) enables the Chair to fund charitable project5 and organisations which may be outside the current remit of the above thematic programmes but fall within the -Page3- Rslgn Envek)pe ID". ENV36D244Wg￿EFC￿8587-ABDD (￿07r2028 11."55AM UTC The Sigrid Rgusing Trust Trustees. alld Strntegic Report for the year ended 31 December 2025 Trust's broader philanthropic remit. A Trustees. Gifts Fund all0v￿ individual trustees to nominate organisations with a charitable purpose for sUPPOrt. Grant maklng policy Trustee5 review the Trusvs grant-making p)licies regularly to ensure that they reflect the chariWs objects and thereby advance public benefit. Trustees do not invite unsolicited applications for fundin8. 8iven the limited annual budget and the Trust's wide thematic and geographic reach. Instead, the Trust's experienced programme staff look for influential, well-run organisations working in the Trust's fields of interest. Trustees may also bring potential applicants to the attention of programme staff. After an initial review. programme stsff propose potential applicants to trustees, who will decide whether to invite a fu51 application. Or8anisations invited to apply are allocated to one of the Trust's programmes or strategic initiatives. Applications are assessed by programme staff. They aim to gain an in-depth understanding of the applicant's objectives, organisation, and effectiveness, and to asses5 the applicant's fit with the overall objeclive5 of the Trust. Where possible, staff will make a site visit. Each application is also reviewed for compliance with UK charitable laws, Wlth legal advice if necessary, and a financial review of past performance and future projections is undertaken. Trust staff prepare reports and recommendatK)ns for each Ofganisation'5 application. These are considered at regular review meetings where the Chair and Deputy Chair of Trustees take the decisions. Once the successful applicant has accepted the terms and condition5 of the grant. the grant will be paid out. Further instalments of multiyear grants are paid on receipt of satisfactory interim reports. The Trust'$ 8rontS 8enerally provide unresiricted support, rather than funding for specific projects. In 2024 the Trust moved to makin8 mostly one-year 8rants, provided on the understanding that grantees are able to reapply and may receive support over a number of years if those re-applications are successful. The potential for lon8-term flexible support is greatly valued by 8rantees. MonStorin8 and follow up Grantees are required to complete annual progress reports as well as a final report after the end of the 8rant period. The reports cover progress made, problems encountered, and any o￿anIsatiOnal changes. Grantee5 also provide a financial statement showing how the 8rant has been used. These reports are reviewed. and any queries are raised directly with the grantee to ensure that the grant has been used in compliance with the original application. Grantees can be visited at any time during the grant. The Trust schedules regular visits, both to see the operation of grar)tees first hand and to learn rnore about the current human rights challenges in each country or region. International grantees are encouraged to visit the Trust offices should they be travelling to the UK. Staff report back to collea8ues and trustees on visit5 and trustees regularly review the impact of the grants made. Pa8e4- Rslgn Envek)pe ID". ENV36D244Wg￿EFC￿8587-ABDD (￿07r2028 11."55AM UTC The Sigrid Rausing Trust Truslees, and Strategic Report for th¢ y￿r ellded 31 De£ember 2025 Str3te8lc Report Achievements and performance: how the Trusvs grant giving has del•¥ered publlc benefit Durin8 the year, the Trust has awèrded £13.7 million in grants. Considering all grants made since the inception of the previous charity in 1995. the previous charity and the new charity have awarded £605 million in grants in total. The financial statemenls and accounts contained later in this report reflect the total value of grants awarded by trustees during 2025. Flnanclal review The results for the year are set out on pages 13-15. Total income for the year was £47.6 million12024'. E29.0 milllonl. Total expenditure was £17 million12024.. £26.3 million). Grant awards totalling £13.7 million12024.' £22.8 mlllionl were made durin8 the year and all paid within the year. In oddition the Trust spent £2.3 million 12024.. E2.6 million) in administrative costs, making a total of £16 million12024: £25.3 million) in direct charitable expenditure. Support Costs were 14.2%12024.. 10%) of total charitable expenditure, with the increase as compared to the prior year due to the decrease in grant-moking as the Trust reviewed and changed 5trate8y. The Trust beneflted from donations of £45 million12024.. £27.2 millionl during the year, which funded the grant 8iving during the year and increased the Trust's unrestricted reserves. Grant payments during the year, of both new grants and multi-year Instalments, amounted to £39.5 million 12024.. £37.3 million). Reserves poIIcv At 31 December 2025 the market value of the expendable endowment fvnds stood at £324.1 million12024.' £281.9 million). Expendable endowment balances are not free reserves as defined by the Charity Commission. The Expendable endowment is held io provide a lon8-term fund to enable the work of the Trust to continue should annual donations decline. or cease. A lon8-term investment strategy has been set, with a target return of inflation plus 6%. The Board re-invests all income and capital 8ains back into the endowment fund, deducting management fees. A transfer will be made from the endowment fund to cover any deficit in the unrestricted reserve5 fund on an annual basis. Investment poliry The Trust's investment policy is set bysigrid Rausing and guided by advice from the investment firm Cambridge Associates and 15 Subject to annual review. Page5- Rslgn Envek)pe ID". ENV36D244Wg￿EFC￿8587-ABDD (￿07r2028 11."55AM UTC The Sigrid Rausing Trust Trustees. and Strategic Report for the jear ended 31 Deeember 2025 The investment objective for the portfolio is to improve the real purchasing power of the assets over the medium to long term, with an average annual return objective of 6% in real terms li.e. after inflation). Over shorter time periods perfomiance will be compared to a poliry benchmark which reflects the asset classes in which the portfolio is invested. The Trust worked with Cambridge Associates to set up the portfolio and enable Cambrid8e to initiate relationships with fund managers in line with the Twst's investment policy and priorities. The first investment was placed on l October 2021 and as of 31 December 2025 the portfolio was valued at £356.5 million. 2025 wa5 another strong year for public equity markets, with a return of 13.9% in sterling terms las measured by the MSCI ACWII. Bonds lagged and gained just 0.7% las measured by FfsE World Government Bond Index (hedged to sterling). A8ainst thi5 backdfop and for the calendar year, the portfolio increased in value by £31.1 million and delivered a return of 8.8%. This return was 1.9% behind the polity benchmark and 0.6% behind the CPl+6% measure. The key driver of underperforniance versus the policy benchmark was SRT'S more diversified portfolio construction approach within equities versus the benchmark index. SRT'S active equitv managers underperformed the broad index in aggregate but nevertheless delivered strong Bains of 11.6% In absolute terms. The fee drag of private investments is also a headwind to performance as these are yet to mature. The portfolio remains growth oriented but Slightly less exposed to equities than prior years. As of 31st December 2025, Growth Drivers stood at 69.3% of the portfolio, slightly below the 72% target given year-end rebalancin8 activity. Diversifiers remained slightly underweight tar8et117.1% v5 20%), because of a 5% Private Credlt allocation that we intend to populate over multiple vinta8e years. A meaningful cash allocation16.3%1 was driven by a series of portfolio sales and will be reduced in 2026. Rlsk management The trustees have examined the major strategic, business, and operational risks to which the charity is exposed and maintain these in a re8lSter which is reviewed and updated regularly and formally by the trustees. They are Satisfied thot appropriate mitigations and resources are in place to manage the risks faced by the Trust and its staff. The trustees consider the principal risks facift8 the charity to be the potential for fraudulent transoctions leadin8 to loss of funds,. the potential for reputational dama8e to the Trust arising out of misuse of Trust funds by a grantee. and the risk to staff or 8rantee personnel arising either from visiting or workin8 in hi8her risk contexts. The trustees asse55 the risks associated with each 8rant as it is made. They are mindful of the considerable risks faced by grantees working to defend human rights and tackling abuses of those rights, and the risk to staff of visiting current and potential grantees in certain countries. Trustees and staff draw on their own expertise and the advice of country experts and then take appropriate measures to safeguard Staff and strengthen grantee Security. The Trust's review of applications includes a specific assessment of the risks associated with each proposed grant. The combined expertise of the Trust's staff and trustees, and the external experts it can call on for an independent opinion. ensure that the Trust is able to make an informed evaluation of the applications received and mitigate the risk of ineffective 8rant rnaking. The Trust's Audit and Risk Committee. composed of three Trustee5 and the Secretary to the Board la chartered accountant) continued its work during 2025. The Audit and Risk Committee's purpose is to oversee financial Pa8e6- Rslgn Envek)pe ID". ENV36D244Wg￿EFC￿8587-ABDD (￿07r2028 11."55AM UTC The Sigrid R4usillg Tntst Truslees, and Strategie Report for tbe )ear ended 31 Deeember 2025 reporting. the processes related to risk management and intemal control including financial. reputational. compliance and other strategic and operatKinal risks, and to oversee the audit processes. Throughout 2025 the Audit and Risk Comrnittee continued to deal with emerging issues of risk related to grantees and for the Trust as a whole. It considered working practice where the Trust is dealing with complaints received by or about 8rantees. Plans for future periods In 2026, the Trust plans to continue implementing the changes to tts grant-making practice in particular In relation to length of grant5. The Trust will also continue implementation of the new strategic vision as agreed by Trustees in 2023 increasing the focus on impact and real-world change when deciding new grants and grantees. As part of this new vision the overall numbers of grantees sUPPOrted by the Trust will continue to gradually reduce. Strurture, 8o¥ernance and management The Sigrid Rausin8 Trust was established on 22 January 2021 and is a charitable company limited by gLFarantee. It received all assets and liabilities from o previous charitable Trust. also called the Sigrid Rèusing Trust, on 6 October 2021. The previous charity was an unincorporated Trust established by Trust Deed dated 5 April 1995. The followin8 acted as directors and trustees during the year l January to 31 December 2025: Sigrid Rau5ing (Chairl Andrew Puddephatt (Deputy Chalrl Daniel Hotz Jeffrey Jowell Pia 8ungarten lappointed rh March 20251 Hosh Ibrahim, Helena Kennedy and Joshua Mailman joined an advisory committee from June 2024 which meets with the main Board. Peter Pomeranzevjoined the advisory committee on IS, April 2025. Hosh Ibrahim stepped down on 12, March 2025 and Helena Kennedy stepped down on 13 December 2025. The power of appointing new or additional trustees is vested in Sigrid Rausing as the sole member of the charity. The number of trustees shall at no time be fewer than three indNidual trustees or one corporate trustee. The board of trustees met 2 lime5, Wlth an agenda focussed on strategic questions, future scanning and any significant questions of orgonisational risk. All trustees are aware of their obligations to the Trust and on behalf of the Trust, and new trustees spend time within the Trust familiarising themselves with it5 operations and legal requirement5. This include5 meetings with key staff members. receiving information about the Trust's current actlvitie5 and working practice. and meetings with the Chair and other Board members as required. Details of trustee remuneration and expenses and any related party transactions are disclosed in note 2 to the accounts. Trustees are required to disclose all relevant intere5t5 and register them annually with the Trust's administration. and in accordance with the Trusvsoverlap of Interest Policy to withdraw from decisions where conflict of interest arises. The trustees consider that the Board of Trustees. the Finan￿ Director. the Executive Director, the Director of Programmes, Director of Operations. and the Chief Operating Officer comprise the key management personnel of the charity in chorge of directing and controlling the charity and its day-to-day operation. Page7- Rslgn Envek)pe ID". ENV36D244Wg￿EFC￿8587-ABDD (￿07r2028 11."55AM UTC The Sigrid Rausing Truql Trustees, and Strategie Report for ¢he year ended 31 December 2025 The pay of the charity's senior managers and other staff bs reviewed annually and 15 normally increased in line with accepted measures of price and wage inflation. Statement of trustees, responsibilities The trustees are responsible for preparing the Trustee5' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice.) Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements, the trustees are required to.. Select suitable accounting pollcies and then apply them con5i5tently'. observe the methods and priTrciples in the Charitie5 SORP 2019 IFRS1021'. make Judgements and estimates that a￿ reasonable and prudent: state whether applicable accounting standards have been followed, subject to any material departures disc105e¢J and explained in the financial statements,. prepare the financial statements on the 8oin8 concern basi5 unless it Is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accurary at any time the financial position of the charitable company and enable them to ensure that the financial statement5 comply with the Companies Act 2(M)6 and Charitie5 Act 2011. They are also responsible for safeguarding the a55ets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irre8ularities. In so far as the trustees are aware: there is no relevant audit information of which the charitable companvs auditor is unaware; and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. The trusrees are responsible for the maintenance and integrity of the torporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statement5 may differ from le8i51ation in other jurisdictions. Audltors The Company has by elective resolutKtrn dispensed with the obligation to appoint auditors annually in accordance with Section 487121 of the Companies Act 21x16. The auditors, UHY Hacker Young, will be considered for reappointment for future financial years. The Trustees. report is èpproved by the Trustees of the Charity. The Strategic Report, which forms part of the annual report. is approved by the Trustee5 in their capacity as directors in company law of the charity. By order of the board Andrew Puddephatt. Chair of the Audit and Risk Committee Date- IT June 2026 Page8- Rslgn Envek)pe ID". ENV36D244Wg￿EFC￿8587-ABDD (￿07r2028 11."55AM UTC The Sigrid Rausing Trust Amdilor's Report ror ihe year ended 31 December 2025 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SIGRID RAU51NG TRUST Opinion We have audited the financial statements of The Sigrid Rausing Trust I'the charitable company'l for the year ended 31 December 2025 which comprise the Statement of Financial Activities. the Balance Sheet, the Statement of Cashflows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practicel. In our opinion the financial statement5'. glve a true and fair view of the state of the charitable compan*s affairs as at 31 December 2025 and of its incoming resources and application of resources. including its income and expenditure, for the year ihen ended: have been properly prepared in accordan￿ with United Kingdom Generally Accepted Accountin8 Practice,. and have been prepared in accordance with the requirements of the Companies Act 2CKJ6. 8asls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC5 Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to 8oing concern In auditin8 the financial statements, we have concluded that the trustees, use of the 80in8 concem basis of accounting in the preparation of the financial statement Is appropriate. Based on the work we have perfomied. we have not identified any material uncertaintie5 relating to events or condition5 that, individually or collectively, may cast Sl8nificant doubt on the charitable companws ability to continue as a 80ing concern for a period of at least twelve months from when the financial statement5 are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other informatlon The other information comprises the information included in the annual report other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information contained within the financial statements. Our opinion on the financial statement5 doe5 not cover the other information and. except to the extent otherwise explicitly stated in our report. we do not expres5 any form of assurance contlusion thereon. -Pa8e9- Rslgn Envek)pe ID". ENV36D244Wg￿EFC￿8587-ABDD (￿07r2028 11."55AM UTC The Sigrid Rau5ing Trvsl Auditor's Report for the year ended 31 December 2025 Our responsibility is to read the other information and, in doing so, ¢on5ider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained during the audit, or othe￿ise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If. based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in thi5 regard. Opinions on other matters prescribed by thè Companies Act 2LX)6 In our opinion, based on the work undertaken in the course of our audit.. the information given in the tru5tees' report, which includes the strateglc report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements.. and the Strategic report included within ihe trustees. report has been prepared in accordance with applicable legal requirements. Matters on whlch we arn requlred to report by exceptlon In the light of the knowledge and understandin8 of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, and Strategic Report. We have nothin8 to report in respect of the following matters where the Companies Act 2006 requlres us to report io you if, in our opinion: adequate and proper accounting records have not been kept or ￿turnS adequate for our audit have not been receNed from branches not Vlslted by us,. or the financial statements are not in agreement with the accountin8 records and ￿tUrns. or certain disclosures of tru5tees' remuneration Specified by law are not made. or we have not received all the information and explanations we require for our audit. Responslbllitie5 of trustees As explained more fully in the trustees, responsibilities Statement set out on page 8, the trustees Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for bein8 satisfied that they give a true and fair view, and for such internal control as the trustees detefmine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable ompany's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to ￿ase operations. or have no ￿alistiC alternative but to do so. Auditor's responsibllbtles for the audit of the financial ststements Our objectives are to obtain reasonable assurance about whetherthe financial statements as a whole are free from material misstatement. whether due to fraud or error. and to issue an auditorfs report Page 10- Rslgn Envek)pe ID". ENV36D244Wg￿EFC￿8587-ABDD (￿07r2028 11."55AM UTC The Sigrid Rgusing Trust Auditor's Report for the )'ear ended 31 December 2025 that include5 our opinion. Reasonable assurance 15 a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are in5tsnces of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detectin8 irregularities. includin8 fraud is detailed below. Based on our understanding of the charitable company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts bv the charitable company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial slatements such as the Companies Aci 2CMJ6, Charities Act 2011, Charities SORP 2019 and FRS 102. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements lincludin8 the risk of override of controls), and determined that the principal risks were related to posting manual journal entries to manipulate finan¢ial results, management bias through judgements and assumption5 in si8nificant accountin8 estimates, in particular in relation to investment valuations and the grants payable. Our audit procedu￿$ were designed to respond to those identified risks, includin8 non.compliance with18ws and regulations lirregularitiesl and fraud that are material to the financial statements. Our audit procedures included but were not limited to: Discu55iTrg with mana8ement their policies and procedures re8ardin8 compliance wlth laws and regulations,. Review of the financial statement disclosures to underlyin8 SUPPQrtin8 documentation,. Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non'ear ¢nd¢d 31 December 2025 13b. RÉCONCIUATION OF FUNDS FurMIs blfwd at 1.1.25 Incomlng RLbsourtes Resouros Expended Gains and Losse5 Transfers Funds tlfwd at 51.12.25 As at 31. December 2025 Endowment funds Unrestricted funds Total Funds 281,880,705 11,193,626 293,074,331 2,404.823 45.164,358 47.569,181 11.034.538) 11,811.171 115.985,9551 111.811,1711 117.020,4931 29,060,227 324.122,388 28.560,858 352,683,246 29,060,227 Funds bllwd at 1.1.24 Incoml Galns and Losses Funds clfvid at 31.12.24 Expended Transfer5 As at 31" DKember 2024 IRestatedl Endowmeni funds Unrestricted funds Total Funds 265.023.508 1,353,139 1981,2711 18,308,872) 24,794,201 281,880,705 633.767 265.657.275 27,599,506 28,952,645 125.348,5191 I26.329.7￿) 8.308.872 11,193,626 293.074.331 24.794.201 The endowment fvnd at 31 December 2024 has been restated by an adjustment of £l.O mlllion in connection with revlsed fund manager statements at that date. 14. OPERATING LEASE COMMITMENTS At 31 December 2024 the charlty had annual commltments under operatln8 leases as follows.. Other 2025 2024 Le55 than one year Two to five yèars 223 763 223 986 223 The lease relates to a tr40-year lease on a water cooler. endlng on ihe 16th Aprll 2026. IS. Grants Analysls Grants are only made to organisation5 and are analysed by their programmatic objectives as follows.. Pro8ramme Name Gift5 Grants to In5tltutlons 1.272.966 1,320,CXXJ 4,042.000 4,31)9.SC 766.LNJO 1.055.(￿0 420.L 475.1h)O 13.660.466 Envlronmeni Human Rights and the Rule of Law Open Societ¢es Strategic Initiatives.. Community cohesion Strategic Initiatives.. Reparations for UK survivors Strategrc Initiatives.. Combating homophobic laws Trustee Gift5 Total grani commitments Inet of returns) Inftsrm3tion on the organisations receiving material grants can be found on our websiie.. litt ti usi.or wl)o-we-5U ort The information di5dosed is in accordance wlth sertion 16 of Charities SORP IFRS 1021. WWW.il Rslgn Envek)pe ID". ENV36D244Wg￿EFC￿8587-ABDD (￿07r2028 11."55AM UTC Page 26-