Big Tent Foundation
(A Company Charity limited by guarantee)
Charity Number
Registered Company Number
1195014
10918359
Trustees. Annual Report & Financial
Statements for the year ended
30th September 2025
Charity accounts preparation &
independent examination service

z RADI>;
BIGTENT
Big Tent Foundation
Charity number
1195014
Contents
Index
Page
Directors (Trustees) Annual Report
Independent Examiner's Report
statement of Financial Activities
Balance Sheet
Notes to the Accounts

z RADI>;
BIGTENT
Big Tent Foundation
(Charity Number 11950141
Director's Report (incorporating the Trustees. Annual Report)
For the year ended: 30th September 2025
The Trustees, who are also Directors of the charity for the purpose of the Companies Act, present their
annual report and financial statements for the year ended 30th September 2025.
Reference and Administration details
Charlty's Full Name:
Big Tent Foundation
Other names the charity is known by:
Radix Big Tent
Status:
A charitable organisation established as a Company
limited by guarantee.
Registered as a Company on:
16th August 2017
Registered as a Charity on:
29th June 2021
Company number:
10918359
Charity number:
1195014
Registered office:
14 Sandringham Street, York, YOIO 4BA
Bank:
Santander
Names of the Directors (trustees) who manage the charity
Trustee name
Office (if any)
Dates acted if not
whole year
Name of person entitled
to appoint trustee
P Goldsmith
M Holland
G De Sellers
A D Lansley
M Polan
N Silver
J Zamit-Lucia

z RADI>;
BIGTENT
Big Tent Foundation
(Charity Number 11950141
Director's Report (incorporating the Trustees. Annual Report)
structurei governance and management
Description of the charity's trusts
Governing Document
Memorandum and Articles of Association
How the charity is constituted
A Company limited by guarantee
Trustee selection methods
Dirertor's are appointed by the board for a term of up to
3 years. Any director so appointed shall be eli
ible for re-
appointment if the directors think fit for a furt
er term of up
to 3 years. A director may serve a maximum of 3 such terms,
save that, in exceptional circumstances, a director may be re-
appointed for an additional term of up to l year. A dirertor must
note vote on his or her re-appointment.
The company obtained charitable status on 29th June 2021. The trustees were in agreement to
transfer the assets and liabilities to the charity.
The charity is constituted as a company limited by guarantee and governed by its memorandum and
articles of association.
Objectives and Activities
The charity has power to do anything which is calculated to further its Object(s) or is conducive or
incidental to doing so.
Summary of the purposes of the charity set out in its governing document
The charity's objects ('Objects') are for the public benefit and specifically restricted to the following:
la) to advance education in a non-partisan manner in issues of public policy, in particular but not
exclusively by..
stimulating out-of-the-box thinking through provocations, appropriate research, and
conversations Wlth our extensive, high level network
Convening experts, policy makers and influencers to create coalitions that can find pathways to
change that are possible and attractive
Framing proposals to make them attractive and deliverable.
Providing platforms for non-partisan political discussion and debate
Ibl to further such other related purposes which are exclusively charitable under the law of England
and Wales as the directors shall determine
The trustees confirm that they have referred to the guidance contained in the Charity Commission's
general guidance on public benefit when reviewing the charity's aims and objectives, and in planning
future activities.
Summary of the main activities undertaken for the public benefit in relation to these objects
Education and community development by convening and curating public policy disclosure.

z RADI>;
BIGTENT
Big Tent Foundation
(Charity Number 11950141
Director's Report (incorporating the Trustees. Annual Report)
Achievements and Performance
Summary
Led three programme5 in line with our strategic objectives focus5ed on delivery of housing, reform of
the investment system, and the promotion of resilient democracy. Key achievements include:
Delivery of Housing
Seen the implementation through the Spring Statement, the Planning and Infrastructure Bill and
other instruments of nine of Radix's Housing Commission's original fifteen recommendations
Provided advice to the MHCLG on the obstacles to housing development and proposals to remove
them via the Commission's second report, Unblocking the Housing Ecosystem
Provided commentary on housing strategy and policy throughout the media, including on the
flagship Today Programme and at key industry events.
Published a third report, Homes without Harm, making the health case for improving the
quality and climate resiliency of UK housing stock, and making further recommendations to the
Government.
Reform of the Investment System
Formally launched our New Capital Consensus programme at events with senior stakeholders
industry figures and Pensions Minister, Torsten Bell MP.
Published five major research reports, Reviving UK Investment Flows, Driving Investment
for a Better Society, From Pensions to Prosperity, The Trillion Pound Question, and Effective
Investment, all well received by policy makers and intluencers.
Launched the NCC'S Parliamentary Investment System Council, including Treasury Committee
members John Glen MP, John Grady MP, Bobby Dean MP, and SNP Chief Whip and Work and
Pensions spokesperson, Kirsty Blackman MP. The ISC will act as a conduit for promoting systems
thinking in Parliament.
Hosted a series of workshops with senior industry figures on risk transfer and the flow of finance
overseas to further advise policy makers.
Grown our media presence - traditional and social - including coverage of Reviving UK Investment
Flows in the Daily Telegraph, and Effective Investment in POLITICO, generating 3,300 website visits
per month with and 2000 impressions per month on LinkedIn, up 5820/0 over the past month.
Resilient Democracy
Co-hosted a Resilient Democracy conference at St George's House, Windsor the public outcomes of
which are detailed in the Resilient Democracy report.
Held a follow up event at The Friends Meeting House in September 2025 to focus on the Elections
Bill. Guest speakers included parliamentarians from the three major parties.
We have also hosted monthly webinars with guest speakers such as Julia Hobsbawn, Sir John Kay and
Prof Tony Travers.
Webinars are typically chaired by Radix Chair of Fellows, Vicky Pryce. engaging over 600 participants

z RADI>;
BIGTENT
Big Tent Foundation
(Charity Number 11950141
Director's Report (incorporating the Trustees. Annual Report)
Financial Review
During the year the charity received income of £385,92512024.' £236,547). These funds have been
used to support the Charity's objectives
The funds raised were such as to provide sufficient liquid assets to meet the charity's liabilities. We
continue to be dependent on individual donations and corporate sponsorship to maintain our activities
Investment in subsidiary
The Trustees of the Big Tent Foundation invested in the Big Tent Ideas Festival {BTIF) subsidiary to
obtain the best level of financial return within the level of risk considered to be acceptable. Big Tent
Foundation is performing well, both in P&L and balance sheet terms. However its festival subsidiary The
Big Tent Ideas Festival (BTIF) is becoming less active, although still profitable. We do not expect it to
be mounting a large ideas festival next year, so we suggest writing it down in value now by £50,000 in
the Foundation's accounts, and noting that if BTIF remains profitable but doesn't grow, we may write it
down by a further £50,000 the following year. The Foundation's balance sheet is strong enough to do
this, leaving it with positive net assets and capital and reserves after such a writedown.

z RADI>;
BIGTENT
Big Tent Foundation
(Charity Number 11950141
Director's Report (incorporating the Trustees. Annual Report)
Trustee Responsibilities in relation to Financial Statements
Company law requires the directors to prepare financial statements for each financial year, which give
a true and fair view of the state of affairs of the company and of the income and expenditure of the
company for the year.
In preparing those financial statements, the directors are required to:
Selert suitable accounting policies and then apply them consistently.
Make judgements and estimates that are reasonable and prudent,.
State whether applicable accounting standards have been followed, subjert to any material
departures disclosed and explained in the financial statements,.
Prepare the financial statements on the going concern basis unless it is inappropriate topresume
that the company will continue on that basis.
The directors are responsible for keeping proper accounting records which disclose, with reasonable
accuracy at any time, the financial position of the company and to enable them to ensure that
the financial statements comply with the Companies Act 2006. The directors also responsible for
safeguarding the asset5 of the company and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities, as well as exercising proper financial controls.
Members of the Board of Trustees, who are Directors for the purpose of company law, and Trustees for
the purpose of charity law, who served during the year and up to the date of this report are set out on
page l.
Disclosure of information
In accordance with company law, as the company's Directors, each of the Board of Trustees certify that
so far as they are aware..
There is no relevant information of which the Charity's Independent Examiner is unaware-
As Directors of the company, they have taken the necessary steps to be aware of the information,
which would be relevant for independent examination purposes and have communicated them to
the Independent Examiner.
Exemptions
The trustees have taken advantage of the exemption available to small companies, including the audit
exemption (as detailed on the balance sheet)
Declaration
The trustees declare that they have approved the Trustees Annual Report and Accounts
Signed on behalf of the charity's trustees
Signature
Full Name
Position
Date

Big Tent Foundation
(Charity Number 11950141
Independent examiner's report to the Directors
(trustees) of Big Tent Foundation
I report on the accounts of:
Big Tent Foundation
For the year ended:
30th September 2025 Which are set out on pages 6-13
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law)
you are responsible for the preparation of the accounts in accordance with the requirements of the
Companies Act 2006 {'the 2006 Art'l.
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16
of the 2006 Act and are eligible for independent examination, I report in respect of my examination
of your charity's accounts as carried out under section 145 of the Charities Act 2011 I'the 2011 Act'l.
In carrying out my examination I have followed the Direction5 given by the Charity Commission under
section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in
connection with the examination giving me cause to believe that in any material respect..
accounting records were not kept in respect of the Trust as required by section 130 of the Act.
or
the accounts do not accord with those records
the accounts do not comply with the accounting requirements of section 396 of the 2006
Act other than any requirement that the accounts give a 'true and fair view which is not a matter
considered as part of an independent examination,.
or
the accounts have not been prepared in accordance with the methods and principles of
the Statement of Recommended Practice for accounting and reporting by charities applicable to
charities preparing their accounts in accordance with the Financial Reporting Standard applicable
in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to
which attention should be drawn in this report in order to enable a proper understanding of the
accounts to be reached.
1310312026
Karen Wood ACMA, CGMA
Outsource independent examination service
2 Gallygap Lane
Osbaldwick
York YOIO 3NR
Date

Big Tent Foundation
(Charity Number 11950141
Statement of Financial Activities for the year ended:
30th September 2025
Unrestricted Restricted
funds
funds
2025
Total
2024
Total
Income from
Note
Donations and grants
67,738
67,738
129,467
Charitable artivities
42
Other income
317,093
317,093
107,000
Investments
1,094
1,094
80
Total income
385,925
385,925 236,547
Expenditure on
Note
Raising funds
67,795
67,795
55,667
Charitable artivities
226,765
226,765
79,673
Total expenditure
294,560
294,560 135,340
Net income/(expenditure)
91,365
91,365 101,207
Loss on revaluation of investment asset
(50,000)
(50,000) (50,000)
Gross transfers between funds
Net movement in funds
41,365
41,365
51,207
Total funds brought forward
190,732
190,732
139,525
Total funds carried forward
232,097
232,097 190,732

Big Tent Foundation
(Charity Number 11950141
Balance sheet as at:
30th September 2025
Note
2025
2024
Fixed assets
Investment asset
74,001
124,001
Total fixed assets
Current assets
Cash at bank and in hand
159,106
76,540
Debtors and prepayments
14,453
Total current assets
173,559
76,540
Current liabilities: amounts falling due within one year
Creditors and accruals
(15,463)
(9,809)
Net current assets
158,096
66.731
Total less current liabilities
232,097
190,732
Net assets
232,097
190,732
Funds of the charity
Unrestricted funds
232,097
190,732
Total funds carried forward
232,097
190,732

Big Tent Foundation
(Charity Number 11950141
Balance sheet as at:
30th September 2025
The trustees are satisfied that the company is entitled to exemption from the provisions of the
Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of
section 477, and that no member or members have requested an audit pursuant to section 476 of the
Act.
The directors {trustees) acknowledge their responsibilitie5 for..
i) ensuring the company keeps accounting records which comply with Sertions 386 and 387 of the
Companies Act 2006. and
ii) preparing financial statements which give a true and fair view of the state of affairs of the
company at the end of each financial year and of its profit and loss for each financial year in
accordance with the requirements of Sections 394 and 395 and which otherwise comply with the
requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the
company.
The financial statements have been prepared in accordance with the special provisions of Part 15 of the
Companies Act 2006 relating to small companies and with the Accounting and Reporting by Charities:
statement of Recommended Practice applicable to charities preparing their accounts in accordance with
the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP (FRS
102)).
The financial statements were approved by the trustees and signed on their behalf by:
Date
Position:
Full Name-
QrtH

Big Tent Foundation
(Charity Number 11950141
Notes to the Accounts for the year ended:
30th September 2025
l. Basis of preparation
1.1 Basis of accounting
The financial statements are prepared under the historical cost convention and the Accounting and
Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of
Ireland (Charities SORP (FRS 102)).
1.2 Change of basls of accountlng
There has been no change to the accounting policies (valuation rules and methods of accounting) since
last year.
The company charity is exempt under $399 (2A) of the Companies Act 2006 from the requirements to
prepare consolidated accounts with its subsidiary.
2. Accounting policies
Income
Recognition of incoming resources
These are included in the Statement of Financial Activities (SOFA) when..
the charity becomes entitled to the resources,.
ceipt of the resources is probable. and
the monetary value can be measured with Sufficient reliability.
Expenditure and liabilities
Liability recognition
Liabilities are recognised as 500n as there is a legal or constructive obligation committing the charity to
pay out resources.
Charitable expenditure
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and
services. It includes both costs that can be allocated directly to such activities and those costs on an
indirect nature necessary to support them.

Big Tent Foundation
(Charity Number 11950141
Notes to the Account5 for the year ended:
30th September 2025
Assets
The chairty does not have any fixed assets
Fund accounting
All of the charity's funds are unrestricted
Unrestrirted funds are funds which are available for use at the discretion of the trustees in furtherance
of the general objettives of the charity-
3. Analysis of income
2025
2024
Unrestricted
funds
Total
2023
Unrestricted
funds
Total
2022
3.1 Donations and grants
Donations and gifts
56,551
56,551
190,055
190,055
Gift aid
7,957
7,957
15,820
15,820
Membership subscriptions
3,230
3,230
4,592
4,592
67,738
67,738
129,467 129,467
3.2 Charitiable activities
Leadership summit
3.3 Other income
Radix Ltd
Projert income
317,093
317,093
107,000
107,000
317,093 317,093
107,000 107,000
3.4 Investments
Bank interest
1,094
1,094
80
80
1,094
1.094
80
80
Total income
385,925 385,925
236,547 236,547
10

Big Tent Foundation
(Charity Number 11950141
Notes to the Account5 for the year ended:
30th September 2025
4. Analysis of expenditure
2025
2024
Unrestricted
funds
Total
2023
Unrestricted
funds
Total
2022
Raising funds
Salaries
67,795
67,795
55,667
55,667
Fundraising costs
67,795
67,795
55,667
55,667
Charitable activities
Salary & subcontrartor costs
31,609
31,609
18,556
18,556
Travel & subsistance
3,121
3,121
4,489
4,489
Consultancy
12,130
12,130
15,019
15,019
Projert expenses
142,233
142,233
24,509
24,509
Independent examiner
1,000
1,000
1,000
1,000
IT & software
3,543
3,543
2,483
2,483
Audit & accountancy fees
4,608
4,608
3,056
3,056
Rent
1,665
1,665
Website
22,518
22,518
8,440
8,440
Bank charges
106
106
186
186
General Expenses
4,232
4,232
1,935
1,935
226,765 226,765
79,673
79,673
Total expenditure
294.560 294,560
135.340 135,340
5. Trustee expenses
5.1 Trustee remuneration
No Trustees, nor any persons connected with them..
were reimbursed for expenses throughout the year.
recieved any benefits in kind.
11

Big Tent Foundation
(Charity Number 11950141
Notes to the Account5 for the year ended:
30th September 2025
6. Paid employees
2025
2024
Gross salaries
93,012
69,000
Employers National Insurance
4,508
3,437
Pension contributions
1,883
1,785
99,403
74,222
Average number of employees {full time equivalent)
One employee recieved emoluments in the band £60,000 to £69,999 per annum (2024 one in the
band £80,000 to £89,999}.
7. Investment assets
Carrying (fair value) at beginning of year
124,001
Less impairments
(50,000)
Carrying (fair value) at end of year
74,001
The investment in Big Tent Ideas Festival (BTIF) was written down by £50,000 2024 because of
the disappointing results. The Big Tent Ideas Festival (BTIF) was becoming less active, although
still profitable, and didn't run a large ideas festival in 2025. If BTIF remains profitable but doesn't
grow, it may be written down by a further £50,000 the following year.
12

Big Tent Foundation
(Charity Number 11950141
Notes to the Account5 for the year ended:
30th September 2025
8. Debtors & prepayments
2025
2024
Amount owed by subsidiary
14,453
Other debtors & prepayments
14,453
9. Creditors and accruals
Analysis of creditors
2025
2024
Amounts falling due within one year
Trade creditors
4,448
Amount owed to subsidiary
15,463
5,361
Other creditors & accruals
15,463
9,809
10. Related Party Transactions
There were no related party transactions during the year:
13

Big Tent Foundation
(Charity Number 11950141
Approval of accounts for the year ended
30th September 2025
The report and accounts were approved at a meeting
of the trustees held on
Date
Signed for and on behalf of the trustees
Signature
Qtt
Name
Position {e.g. Chair etc)
Date
14