Docusign Envelop& ID.. 9EBC8D8A46D84CC742EE-E2856D54BCB8 REGISTERED COMPAIYY NUMBER.. 13060396 {Lngland and Wale5) REGIS-I-LRLD CHARITY NUMBER: 1196155 Re ort of the Trustees and Unaudited Fin#nei#l Statements for the Year Ended 31 Deeember 2025 for UT Foundation UK Limited Nielsens Chartered ALcounianls The 6alehouse 453 Cranbrook Road Illord Essex IG2 6EW
Docusign Envelope ID.. 9E8C8D8A-66D64CC7-82EE-E2B56D548C88 UT Foundation UK Limited Contents of the Financial Statements for the Year F.nded 31 December 2025 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities B#lanee Sheet Notes to tbe Financial StatemeDts D¢t&iled Statement of Financi&l Actii'ities 10
Docusign Envelop& ID.. 9E8C8D8A46D84CC742EE-E2856D548CB8 UT Foundation UK Limited R¢ rt of the Tru$te¢s for the Year Ended 31 December 2025 The tnree8 who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2025. The tru8tees hai'e adopted the provisions of Accounting and Reporting by Chariiies.. Statement of ReLommended PraLtice applicable io chariiies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irelaiid (FRS 102) (effeLtive l Jaiiuary 20191. OWECTIVES AND ACTIVITIES Objectii'es and Aims The objectives of the Lharity. for the public benefit, are.. to operate a registered chariry. under the c.harities Aci 1993, to assist in rhe advancement of learning and eduLation (but withuut liniitdtion) t or in LunneLtion with the Univeisity uf Texd suLh vther txLIubi'e Llwitiible putpubes ds the trustees niily iii their dbbolute disLretion detetrniiie The aims for the year have been to inctease the LolleLtion of gifts and donations from alumni and friends and Lonsider furthei ways to bling the Charity's educational piogrdmme benefits to a wider range of people. Future plans are to contiiiue to build on the inciease ii) donated funds activity and make them aN'ailable for grdnt making to the University of Texa5 Foundation, Inc., a not-for-profit charitable orgallisation registered in Texas, USA. Grt public benefit The Chdrity. throu) its bFuveniinbF body, the Boklrd of Trustees, 15 aware of its responsibilitle5 as a ch[lty to act for the public benefit LiLf05S It5 activitie5 and ha5 had due resFard to the latest versioii of the Charity Comtni5sion's public benefit gFuidance. During the Ye under review tht chaTity made grantb to educational ebtablishmentb of £38.09212024 - £1,541,344) in furtherance of the charity's object5. The trustees believe that educational grants. all made to the University of Texa5 Foundation, Inc.in the cutTent year, ultimately result in benefiting the wider public and humankind in general. Significant activitie5 and principal funding sources Total donations of £38 ?12 were reLeived during the yeaT of which £120 (plu& £30 bFjft-aid tax) were restricted for the Dan Knopf Graduate Support EndowThent Fund and tl)e remaining for uiirestricted charitable activitie5. Gift-aid tax of £9,479 and donated erVIceS rnade up the other item, contributing to total donations of £52,992 (2024 £1,580,363). The trn8tee8 applied the fund% in accordance with the donors, wi%heg, in the current year. FIANCIAL REVIEW FiThancial p051tion and revie In the year under review incoming re%ources a]nounted to £59,709 {2024- £1,541,344). Th¢ Charity hop¢8 to improve on gift rec¢ivable activities in th¢ future. The Charity continued ILS policy of tnaking educational grants for the benefit of the Universities in Texas. Future plans are to try to increase donated funds and mak¢ them available for grant making. Reserves policy To achieve its objectives, the charity has elected to donate all its incoming resources to the designated institiitions. TheTefore, all funds are utilised foT either unrestricted or restricted charitable purposes, and, as a policy, fiinds are not r¢tained in general reserves. sav¢ to m¢et gen¢ral expenses of up to £5,000. The Charity has the support of its sole member, Ihe Unipersitv of Texas, Inc., which bears most of the administrative expenses and provides resources for its ongoing aciipities and obligations. Investment policy and objectives In ac¢ordance ivith tlie charity's Memorandum of Association the charity's trustees have the power to invest in such investments, securities, or property as they see fit. Funds are invested in accordance with tlie donors, wishes and in the absence of specific requests., donations received by the charity are placed on bank deposit iintil distribution. Page I
Docusign Envelop& ID.. 9E8C8D8A-66D84CC742EE-E2856D548CB8 UT Foundation UK Limited R¢ rt of the Tru$te¢s for the Year Ended 31 December 2025 FILYAiYCIAL REVIEW Going concern The financial siatements have been prepared on a going Loncem basis as ihe trustees believe thai no maierial uncertainties exist. It has conbidered the lee[ of funds held together with the expeLied level of inLome and expenditure likely to be received and paid in the 12 moiiths period from authorising these financial btateinents. In their opinion, budgeted inctsme and expenditure. together with tundb held, are sutlicient for the Lhaiity to be able to Lontinue as a going conLern. The commirtee incurs financial commirments only when funds are available and there is no particular policy to hold reserve funds over and above the minimum required to meet administrative costs. STRUCTURE. GOVERNALYCE AND MANAGEMENT Governing document The ch[]tY IS Luntrolled by its. ¥uvetniii¥ doLunient. the rnemorandum and articles uf dssoLiation dated 3 DeLe]nber 2020. and constitutes a liinited Lompany having a share capital of £1, as defined by the Companies Act 2006. The charity's Memtsiandum of Association does not allow payment ot any dividends to shareholders. It also precludes sharehuldeib from partaking iii the distribution of aiiy remaining property, bhould the charity be wound up or dissolved, in whiLli event. any iemdiiiing sutplub would be payable to Lharitable iiibtitutions with similar aims. Reeruitment, appointment, induetion #nd tr#inin% of new trustees Any new appvinttnents are dt the ul1]10uS r¢Loinmenddtion of the board but after Lonsultrdtion with the ultimate contrulling party. At least hulf the board members should bt present at such tneeting. On appointment, each new trustee is given, In the view of the board, sufficient traininbF and has Sufficient knowledge of their specific field to understand the nature of the charity and 15 fully coinpliant with the charity's CUent view of its piv¥rebsion (d given u Lupy of the UK Chdrity Con]rnission'b publiL&tion The Esb¢ntial Trustet.. whdt you need to know and what you need to do. and agrees to follow it. OrgatLi5ational Structure and decision making A minimum of three tru5tee.% must be appointed. Trustees, appointed for a fixed terni may be re-appointed. there has been an averabFe of 5 trustees throubFhout the period. Related partie5 l} The uniVerltY of Foundation, Inc., a not-for-profit registered charity in the State of Texas, USA is the ultimate controlling party alld beneficiary of the charitable donations made by the company and it bearf the annual audit and accoulltancy costs amounting to £1,500 12024 -£2040). It also contributed £10,453 (2024 - £6,674) towards the chaTity's finance and athninistration costs. These contributions are recorded as part of other income. 2} Restricted funds include £1 repre%enling the is8ued share capital of the company, being the fully paid l ordinary share of £1 allotted and i8%ued to The Univer%ity of Texas Foundation, Inc. 3} Consolidated financial statements of the Unii'ersity of Texas Foundation, Inc. for the periods ending 31 December 2024 onwards, may be obtained frojn the Secretary or online at ,V.tXf.Org. Risk mAnagem¢nt The trustees have a duly to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Th¢ truste¢s have r¢view¢d th¢ mgjor risks to wliich th¢ ChaTjty is exposed and ar¢ content with the procedures that have been established to mitigate those risks. They do not believe that there is any material risk at present to which the Charity is exposed and which needs disclosure. REFERENCE ALYD ADMINISTIL4TIVE DETAILS Registered Companv number 13060396 (England and Wales) Registered Charity number 1196155 Page 2
Docusign Envelop& ID.. 9E8C8D8A-66D84CC742EE-E2856D548CB8 UT Foundation UK Limited R¢ rt of the Tru$te¢s for the Year Ended 31 December 2025 Registered orrice 99 Durlston Road London United Kingdom E5 8RP Trustees J L Baker S D Despain J E Eldredge D K Nadar T J PeriLh J S Cdritar S Chisholm R Dhii (resigned 9.12.25) D B Glass S Pan {resigned 26.8.25) Independent ExamiDer Nielbens Chdrtered Accountrdnts. The Gatehouse 453 Cranbrook Road Ilford Essex IG2 6EW STA TEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the director5 of UT Foundation UK Limited for the pOSeS of company law) are re%pOnlb]e for preparing the Report of the frustees and the financial statements in accordance with applicable law and United KingFdom Accountitl¥F Standards (United KingFdom Generally Accepted Accountin¥F Practice). Company law requires the trustees to prepare financial statements for each financial year. Under that law. the trustees haN'e elected to prepare the financial statements in accordance with United Kingdorn Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law}. Under company law the tnjstees mu.%t not approve the financial tateMentS Unles they are satisfied that they give a tn]e and fair view of the state of affairs of the charitable cotnpany and of the incoinit]g ie8ources and application of re%ource8, including the illcoine and expenditure, of the charitable coinpany for that period. In preparing those financial 8latement%, the trustee% are required to select suitable accounting policies and then apply them consistently; observe the method.% and principle% ill the Charitie% SORP., niake judgeni¢nls and e81iJnales that are rea%onable and prndent., prepgre the financial 8tstemenLs on the going Concern basis unless it is inappropriate to presiime tliat the charitable company will Continue in business. The trustees are responsible for keeping proper accounting records which disclose with Teasonable acciiracy at any titne th¢ financial position of the charitabl¢ company and to enabl¢ them to ensure that the fingncigl stat¢ments comply '1th the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and deteciion of fraud and other irregularities. Approved by order of the board of trustees on ......5-May.... .2026 and signed on lis behalf by.. Toni YF Y_YNstee Page 3
Docusign Envelop& ID.. 9E8C8D8A46D84CC742EE-E2856D548CB8 Inde endent Examiner s Re rt to the-l-rustee5 of Ul- Troundalion UK Limited Independent examiner's report to the tru5tee5 of UT Foundation UK Limited I'the Company,) I report to ihe charity trustees on my exarnination of the accounts of the Company for the year ended 31 DeLember 2025. Responsibilities basis of report As the chariiy's trustees of the Company {and also ils directors for ihe purposes ol'Lompany lawl you are responsible for the preparation of the aLcounts in acLordance with the requirements of the Companieb Act 20061'the 2006 Act'l. Having satisfied mybelf 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 respeLt of my examination of your Lharity's accounts as carried out under Section 145 of ihe Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by Ihe Chariiy Commissilin under Section 145(5) {b} of the 2011 Act. Independent examiner's statement I hdve Lonipleted my ex£llnilldtivn. l Lunfinn thut no matter5 hdve cume to my attention in LonneLtion with the examinatitsn giving me cause to believe: aLcounting records wete not kept in respect of the Company as required by SeLtion 386 of the 2006 Act; or the acctsunts do not accord with those iecoids," or the accuuntb do nut comply with the acLounting requiremffl)ts of Sectioii 396 of the 2006 Act other than any rtrquirtment that the account5 give a true and fair view which is not a inatter coiisideTed as part of an iiideptndent exdmilldtion.. ur the dcLounts h'e not bten prepared in dLcordanLe ivith the inethods and principles of the Stdternent of ReLoiiinitnded Practice for UCLountiiig and reportin&, by chrItieS {appliLabl¢ to Lharities Preprill their accouiits In accoTdance ivith the Financial Reporting Standard applicable in the UK and Republic of Lreland IFRS 102)). I havt no LoriLttns and have Lome acrobs no othtr matterb in conntction with the examination to which attention should be drawn in this repoTt in order to enable a proper understanding of the accounts to be reached. Dipakkumar Shah FCA The Inst]te of Chartered Accountant5 in England and Wales Niel%ens Chartered Aceounlanl. The Galehou%e 453 Cranbrook Road Ilford IG2 6EW Date.. .2026 Page 4
Docusign Envelop& ID.. 9E8C8D8A46D6-8CC742EE-E2856D548CB8 UT Foundation UK Limited Statement of Financial ActiltieS oratin Income and E enditure Account for the Year F.nded 31 December 2025 Incor 31.12.25 Total funds 31.12.24 Total funds Unrestricted funds Restri¢ted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 59,494 150 59.644 1,580,363 Investment income Other income 38 27 38 27 322 Total 59,559 150 59.709 1,580 685 EXPENDII'URL ON Chxritable ficti111¢$ Grants to Educational Institution 37,942 150 38.092 1,541,344 Other 8,748 8,748 39,497 Total 46.690 150 46,840 1.580,841 NET INCOMEI(EXPENDITURE) 12,869 12.869 {1561 RECONCILIATION OF FUNDS Total funds brOu)t fonvard 5,266 5,267 5,423 TOTAL FUNDS CARRIED FORWARD 18,135 18.136 5,267 The notes fom] part of these financial statements Page 5
Docusign Envelop& ID.. 9E8C8D8A-66D84CC742EE-E2856D548CB8 UT Foundation UK Limited Balanc¢ Sheel 31 December 2025 31.12.25 Total funds 31.12.24 foial funds Unrestricted funds Restricted funds Notes CURRENT ASSETS Cash at bank and in hand 18,135 18.136 5,267 NET CURRENT ASSETS 18,135 5,267 TO'I'AL AS8L"I'S LESS CURRENT LIABILI'I'IES 18,135 18,136 5,267 NET ASSETS 18,135 18,136 5,267 FUTr4DS UnitbtiiLted funds RestiiLted funds 18.135 5.266 TOTAL FUNDS 18,136 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025. The member5 have not required the cornpany to obtain an audit of its financial 5tatement5 for the year ended 31 Decetnber 2025 in accoTdance with Section 476 of the Compallies Act 2006. The trustees acknowledge their respon5ibilitie5 for {a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companie% Act 2006 and preparing financial %tatement% which give a tLue and fair view of the state of affairs of the charitable company as at the end of each financial year and of it% 8iirplu% or deficit for each financial year ill accordance with the requirements of Sections 394 and 395 alld which otherwise comply with the requirements of the Companies Act 2006 relating to financial stateinents, so far as applicable to the charitable company. {b) These flnancial statements have been pr¢par¢d in accordance with the provisions applicable to charitable ¢ompani¢s subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on were signed on its behalf by.. ..5-May........2026 and Sn•d by.. Tom J Perich- Trustee The notes fom) part of these financial statements Page 6
Docusign Envelop& ID.. 9E8C8D8A-66D84CC742EE-E2856D548CB8 UT Foundation UK Limited Notes to th¢ Financial Statements for the Year Ended 31 December 2025 ACCOUNTING POLICIES BA5is of preparing the finAncial statements The IinanLial statemenis of the charitable company, whiLh is a publiL benefit eniity under FRS 102, haiwe been prepared in acLordance with the Charities SORP IFRS 102) 'ALcounting and Reponing b}. Charities.. Statement of ReLommended Practice applicable to Lharities preparing their aLcounts in accordance with the FinanLial Reporting Standard appliLable in the UK and RepubliL of Irelai)d IFRS 1021 (effective l Jai)uaiy 20191,, FinanLial Reporting Siandard 102 The Financial Reporting Siandard appliLable in ihe UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Income AII iiiLume ib reLv¥nibed in the Statement of Findllcldl ALtii'ities onLe the chillY has entitletnent to the fundb. it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities ale reLognised as expenditure as soon as there is a legal or constiuLtive obligatioii committing tlie Ch[lt. to that expendituie, it is probable that a transfer uf ecunoniiL benefits will be iequired in settlemeiit and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accTua15 basis and has been Lldsbified uiider headinsys thdt dre¥late all cost relted to the Lat¢¥FOry. Whtre Losts Lannvt be diTeLtIy dttributtd to particular headin¥Fs they Ive been alloLuttd to dLtivitits on a basis Lon5ibtent with the ub¢ of resouTLe5. Grants offered subject to conditions which have not been rnet at the year-end date are noted a5 a commitment but not accrued as expenditure. Taxation The chaTity 15 exempt from cotporation tax on it5 charitable activities. Fund accollDting Unrestricted funds can be used in accordance with the charitable objective5 at the discretion of the tti]5tees. Restricted fund5 can only be used for panicular restricted puryoses within the objects of the chatity. RetrICtIOn arise when specified by the donor OT when fund.% are raised for particular retrICted putpose.. Further explanation of the nature and purpos¢ of each fund is included in the notes to the financial statements. INVESTMENT INCOME 31.12.25 31.12.24 Depo%it account int¢r¢st 38 322 Page 7 continued...
Docusign Envelop& ID.. 9E8C8D8A46D84CC742EE-E2856D548CB8 UT Foundation UK Limited Note5 to th¢ Financial Statements- Continued for the Year Ended 31 December 2025 SUPPORT COSTS Govemance costs Finance Totals Other resources expended 596 8.152 8,748 NET INCOMEI(EXPENDITURE) Net incomel(expenditure) is stated after charging{crediting)'. 31.12.25 31.12.24 Auditors, remuneration Audit-related assurance services Independent Accountant review 1,200 960 1.500 TRUSTEES, RE.MUNEIL4TION AND BENEFITS ThEre wtre no trustees, remuneration or other benefits for the Ye endtd 31 DeLtmber 2025 ntsi foT the ytkir ended 31 DtLember 2024. Trustees, expenses There were no ttustees, expenses paid for the year ended 31 December 2025 nor for the year ended 31 DecembeT 2024. MOVEMENT IN FUNDS Net DeM¢llt in funds At 31.12.25 Atl.1.25 Unrestricted funds Education 5.266 12,869 18,135 Restricted fuTrd5 ShaTe capital TOTAL FUNDS 5,267 12,869 18,136 Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds Educalion 59,559 (46,690) 12,869 Restricted funds Education 150 1150) TOTAL FUNDS 59,709 46 840) 12.869 Page 8 continued...
Docusign Envelop& ID.. 9E8C8D8A46D84CC742EE-E2856D548CB8 UT Foundation UK Limited Note5 to th¢ Financial Statements- Continued for the Year Ended 31 December 2025 MOVEMENT IN FUNDS- continued Comparatives for movem¢nt in funds Nei movement in funds At 31.12.24 At 1.1.24 Unrestricted funds Education 5,422 (156) 5,266 Restricted funds She LaPIt(Il TOTAL FUNDS 5,423 156) 5,267 Comparative net movement in funds, included in the above are as follows.. Incoming re%ources Resource5 expended MoN'ement in funds Unrestricted funds Education 12,176 (12,332) (156) Restricted funds Education 1,568,509 (1,568,509) TOTAL FULYDS 1,580,685 1,580,841) 156) RELATED PARTY DISCLOSURES l) The University of Texas Foundation, Inc.. a not-for-profit registered charity in the State of Texab, USA and is the ultimate controlling party and beneticiary of the charitable donations made by the company and it bears the annual audit and aLcounlancy costs amounting to £1.5(X) (2024 -£20401. 11 also coniributed £IU,453 12024 £6.674) towards the charity's finance and administration cosis. These contributions are recorded as part of other inLome in the accounts. 2) RtStriLled funds inLlude £1 repreb¢ntinb the ibsued share LJPltJl uf the Loinpany, being the fully paid I ordinary share of £1 alloid and ibsued lo The Univetbily of Texas Foundalion. InL. 3) Consolidated finanLial siaiemenls of the Universily of Texas Foundatiun. Inc. for the periodb ending 31 DeLenibei 2024 unw(d5. Indy be ubtained fivm the SeLretètty or online dt www.utxt.urg. Page 9
Docusign Envelop& ID.. 9E8C8D8A46D6-8CC742EE-E2856D548CB8 UT Foundation UK Limited Detail¢d Statement of Financial A£tiNiti¢s for the Year Ended 31 December 2025 31.12.25 31.12.24 INCOME AND ENDOWMENTS Donations and legacies Donaiions Gitl aid Donated services and facilities 38.212 9,479 11,953 1,571.529 8.834 59,644 1.580.363 Inve5tmeDt income Deposit account it]terest 38 322 Other income Exchange differences 27 Total incoming resource5 59,709 1,580.685 EXPENDITURE Charitable ficti111¢$ tirants to University of Texas 38,(192 1,541,344 Support costs Finance Bank charges Exchange rate ditTerence 596 354 30,309 596 30.663 Governance costs Auditors. remuneratio Auditors. remuneration for non-audit work Management & Adininistration 1,200 960 1,500 6,652 8,152 8,834 Total resources expended 46.840 1,580.841 Net ineomel{expenditure) 12,869 156) This page does not form part of the statutory fjnancial statements Page 10