CHARITY COMMISSION FOR ENGLAND AND WALES Trustees, annual report (including Directors. report) for the period From: 1 April 2024 To: 31 March 2025 Charlty name: The Rachel Podger Foundation Charlty registration number: 1196181 Company number: nla Objectives and activlties SORP reference Para1.17 Summary of the purposes of the charity as set out in its goveming document To advance the education, appreciation, and knowledge of the public In the art of classScal muslc, through the promotlon of classlcal music and Ilve performance In general and prlnclpally, but not exclusively, music of the Baroque era, for the publlc beneflt In the UK and other countrle5 around the world. The provislon of financlal support towards Ilve performances, recordlngs and related artlvities to promote an understandlng and appreciation of classlcal mu51c from Lhe 8dl U4Lte ppiivd. Summary of the main activitias in relation to those purposes for the public beneftt, in particular, the activities, projects or sejvices identified in the accounts, Statement confirniing whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit Para 1.17 and 1.19 P8ra 1.18 The Trustees confirm that they have referred to the Charlty Commisslon's guldance on publ1¢ benefit when revSewln8 the charlty's aims and objectives and In plannlnB actlvltles. The activlties undertaken to further the charity's purpose for the public boneflt are outllned In thls report. Addltional Information loptionall You ma choose to include further statements where ￿lev$nt about-. SORP relerence The Foundation'5 policy on 8rant maklng was agreed by the Trustee5 in October 2022 and will be revlewed In Autumn 2025. nla Policy on grant making Policy on social investrnent including program related investm8nt Contribution m8de by voluntears Para 1.38 Para 1.38 n/a Para 1.38 Oth8r Additional policle5 agreed and reviewed regularly by the I njstees covef,. Lomplaints, Lonf Iict of Interests, Incident Reportlng, Authorlsation for Small Payment5, Data Protection, Deslsnated Gifts, Expenses, Safeguardin8, Financial Controls, Risk Register Achievements and performance During the period covered by this Report the Trustees carried out their charitable alm and objectives by supporting the following performances by Rachel Podger and Brecon Baroque: Summary of the main a¢hievements of the charity. identifying the difference the charity's work has made to the circumstances of its beneficiaries and any wider benefits lo society as whole. Para 1 20 April 2024 St George's Bristol: The Four Seasons May 2024 Release of Drecori Baroque's recording of The Muses Restor'd on Channel Clas51C5, Engllsh instrumental music of the ir and early 18 centurles, rnade in November 2023 which has been awarded a Gramophone Edltor's Choice, BBC Music MaEa2ine double 5. review & Chamber choi￿ and a Diapason d'or July 2024 Uchfield Festlv318nd St Martin's In the Fields: The Ftsur Seasons July 2024 Petworth Festival.. Programme induding Handel, Purcell, Leclair, Geminlani December 2024 Recordine of 'lust Biber, for channel Classics, five sonata< from Heinrich Ignaz Franz von Biber's 1681 collection and the Sonata Representivo. Rachel Podger, Daniele Caminiti, Reiko Ichise, Ellzabeth Kennv, Maicift Swi3tkiewicz. The project included performances in Canterbury (Canterbury Music Clubl and in Cardiff (Dora Stoutzker Hall) February 2025 8achfest, Bath: Programme indudin8 Handel, Bach, MuffaL Vlvaldi Additlonal informatlon (Optional) You ma choose to include fijrther statements where relevant aboLrt'. AGhievements against objectives The Trustees were pleased to continue to achieve thelr set oblertives in the second year of the Rachel Podger Foundatlon, especially given the challenging funding climate. SufficSent funds were ra15ed to 5UPPQrt all planned attivities. Para 1.41 Perfomance of trjndraising activities against objectives set P8ra 1.41 Investrnent performance against objectives nla Par8 1.41 Other n/a Financial review Review of the charity's finanaal positon at the end of the eriod Statement explaining the policy for holding reserves stating why they are held Parè 1 21 The Foundation Carried forward £18,515 at the end ot the periud, ol which £5,000 wa5 free reserve5. Paro 1.22 The Trustees. policy is to hold £5,000 a5 reserves that Could be available to Provide 5UPPOrt for unanticipated costs or future Projects. Amount of reserves held Paia 1.22 At the end of the perlod the Foundation held free reserves of £5,000 nla Reasons for holding zero reserves Details of fund materially in deficit Para 1.22 Para 1.24 n/a Explanation of any uncertainties about the charity continuing as a going concem Para 1.23 n/a Additional information {optional) You ma choose to include further statements where relevant about.. The charily's principal SOLirces of flinds lincltidino The Foundation's funds were raised through donations from indiliiduals and a tirap.t from Kerkenstein any fundraising) Productions towards the recording project. Para 147 Investment policy and objèctives including any social investrnent policy adopted nla Paro 1. A descnptson of the pnncipal risks faang the charity The Trustees have examlned the malor risks that the charity faces, in particular those related to the operations and finances, and are satisfied that system5 are in place to mitigate the exposure to Significant risks. The Tnjstees consider the primary risk to be fundraisingi and have put clear systems In place to ensure that the Foundation'5 funding posltlon is conflrmed before anv commitments of future Support are made. nla Pera 1.48 Other Structure, govemance and management Description of charity's trusts.. Type of goveming document.. for exampl8, Imomoranoijni ana oriiges atrsDtiation ete How is the charity constituted? Para 1.25 The Rachel Podger Foundation is governed by its constitution. Para 1.25 The charity is a Charitable Incorporated Organisation Icioi. ,ited Lomp31.. unincoiyorated a4￿ClaI10n Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees Para 1.25 Members of the 803rd of Trustees are appointed or removed by resolution of the trustees. In selectin8 individuals for appointment, the Trustees have regard for the skills, knowledge and experlence required for the effective administration of the ¢harity. Addltional Information (optional) You ma choose to include fvrther statements where relevant about.. Policies and procedures New Trustees meet with the Chair and retelve an adopted for the induction and induction pack Including Cunstttution, policiesi previou5 trainina of trustees minutes and fit)ancial reports. Para 1.51 The charity's organisational structure and any wider iielwJi'K with wl)icli the charity works n/a Pera 1.51 Relationship wth any related parties n/a Para 1.51 Other nla Reference and administrative details Charit name Othér name the charit Uses Re islered charil number Charit rinci al address The Rachel Pod nla 1196181 68 South Park Road Wimbledon London, SW19 8SZ er Foundation Names of the charity trustees who manage the charity Dotes a¢tsd If not for wholg ear Trustee nam¢ Offlce Ilf any) Name of per$on lor body) entitlad toa oint tru6tee if an Dr Stefan Paetke Chair Lord Terence Burns Robert Ayllng C8E Chrlstophe Kasolowskv 10 12 13 14 15 16 17 18 19 20 orate trustees- n8rnes of the dire¢tors at the date the r& Dlroctor name ortwasa roved Name of trustees holdlng title to property belonging to the charity Trubtee name D*es acted If not for whole e&r Funds held as custodian trustees on behalf of others Des¢ription of the assets held in this capacity Name and objects of the charity on whose behalf the assets are held and how this falls within the custodian charit '$ ob'ects Details of arrangements for safe custody and segregation of such assets from tha charit 's own assets Addltional informatlon (optlonal) Names and addrosses of advlsers (optional Inforniation) Typo of Name Address advlsor Name of chlef executlve or names of senlor staff members loptlonal Informatlon) Exemptions from dlsclosure Reason for non-disclosure of ke er$onnel details Other o tional Information Declarations The company has taken advantsge of the small companies, exemption tn preparing the report above. The trustees declare that they have approved the trustees, report (includlng directors, report) above. Signed on behalf of the charity's trusteesldlrectors Signaturn(s) Full name(sl Position (for example Secretary• Chair, etc) Stefan Paetke Chair Date 17 August 2025 The Rachel Podger Foundation Yearend - 31st March 2025 Charity Number.. 1196181 The Rachel Podger Foundation Yearend 31st March 2025 Charlty Number 1196181 Independent Examiners Report Wt report lo the trustees on my examination of th8 accounls of the above charity {'the Trusfi for the year ended 31st March 2025 As the charity truslees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {"the Acl'}. Bajis of Ihe Independent examlnerf8 report Our examination was carried out in accordance with the General directions given by the Charity Commissioners. An examination includes a ￿VIeW of the accounting rocords kepl by the charity and comparison of the accounts presented with those r8cords. Ind•pendent examlnerfs ststement In the course of our examination, no matter ha$ come lo our attention., IA) which gives us reasonable cause to belleve Ihal In, any material respect, th8 trustees have not mei the requir8menls to ensure lttat., proper accounting records are kept in 4ccordance with s&¢lion 130 of Ihe 2011 Act., and accounts are prepared whlch agree with the accounling records and comply with the accounting r•quirem8nls of thè 2011 Act., or (81 lo which, in my oplnion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Catherine A Williams Limited Chartored AcGountanl The old Bank Beaufort Street Crfckhowell Powys NP8 IAD ac> lo(￿025 R.4cliel F￿4q￿[ Foun¢J81ion Annual accounts for the eriod Perbj 8tart d 0110412024 3110312025 Section A Statement of financial activities (including summary income and expenditure account) Restrt¢tsd Income funds Unrestrl¢ted funds Endowment funds Recomm•nd¢d ¢at¢gorlo5 by I¢￿¥￿ Totsl lund8 Prlor year lunds Income INots 31 F01 F02 F03 F04 F05 Incom* •nLI endowTronts Irorn.. 8,100 49,399 8.336 47,756 ChRrllHblo ￿ll¥rt￿• 49,399 IrM￿rnIn14 334 334 rn910r￿l Il•m d Inw (Xhet 2,502 2,502 2.218 Tolal Exp￿￿1￿re (Notes 61 Exp•ndttur• on: $07 FF4dLgbkn4Gll¥lt 59,921 2,344 420 62,685 59,921 S10 11 $41 460 Clli¥i 420 Total S12 Net 5ncomo11gx￿ndltU19I befor• tsx for the reporting perfod 513 2.350 2.350 19,478 N•t incomollexponditurq) aftor tax before Investm•nt gainslllo$$o8) $18 2,350 2,350 19.478 Inw91mfrn S16 Net 1ncomellexpondi￿fej Extraordinary items Transfers ber•mn funds Other rneognised gafn$lllosses): $17 2.350 2.350 19,478 S18 OainB ènd Offv￿ AS￿￿101 ch4tityb ui• szo S21 Not movom•nl In fimd8 2,350 Reconcillarfon of fundj.. Td81 funds biou9hl Totsl funds Carrled loThvard $23 15.864 13,514 15.864 35,342 15.664 $24 Clway li Section B Balance sheet Umeatricted ineomt EndtyWfft￿ TDlal thi¥ funds funds fundj Tolal14¥t ye•r Flxed assets Intarwlble a5set8 Tanglble a$￿# Htrltage 4594t$ fol FO3 INote 101 IN￿14} INot• 181 IN•te ln CunTnt a••ots 8to¢k• D•t4or• Invejtmènls (Note 17.41 ¢8fjh at bank ind In hand (Note 24 (Nrrte 181 10.331 16,4S7.01 32 786 Cr•dltor8: amtsunt• falHTrJ dwtthln one y••T INol• 201 8.422 24,364 Cr•dltors: •mounts f8lllfhQ du• aft•r I¥￿ ye•f (Note 201 PMvlilon• lor Mabllhl•4 B14 18,515 18.515 24.364 Funds olthe Charfty End4>wmenl lunds INrto Z71 R•51rlcted funds INvl• 211 D•slBnated Fund* INcrt• 271 Unr•$trl¢t•d fund# R•valuatlon M¥•rv• F•lr valu• r•¥•rv• 811 13,515 13.S15 15.864 15 18. Th• ¢omp•ny w•• •n#ttedlo •x•fftpthn •udlund•r84fTofth• Comp•nlM 14ci 2008 r*allnq lo •m•ll mp•hl•8. Th• m•mb•rn h•v• nolr•qulrnd th• ¢omp•ny to obl•ln an •udllln *¢¢onl•n¢• 476 01th• Comp•nlg• A¢t 2006. Th• dlrncforn 4okno*l•dg• th*m•pon￿￿tIM for¢omptythg r•qulr•m•nt• orth• Comp•nl•• Act r•$p•¢i ts *¢rounthg r•￿￿*$￿￿￿￿•p￿Pan*l1on of4•rtounts. The•è 4¢¢ounts h•vo be¢n prwredln accord•ne• wlth th• provl8lDn• •ppll¢*bl• ro 8m*l ¢omp4nl•s bJ•¢iio lh• 8m•ll ¢omponlo• r•qlm••ndln 4C¢QTd•no• wllh FRSt02 SORP. tyy on• •1 InMt20sldil•¢lprn pn bplwKol all lh• Print Name oppiow ddlmryv 1718125 C S(*SOLOWSKY s13r￿Ure ddtrnml 1718125 S PAETxe Prlnt nAm• C¢17•11 1.1 11 J014 nJlFAsia2 FF5 IC7. 13 (boIng¢on￿rn I.JCh•TW ofiuounllngpollty 5 1 1.4ehiNi•* ID•r¢tsuhiln9 ￿l￿Wi•l •b**J Section C Notes to the accounts (cont) Note 2 Accounting policies This standard Ilsi of •¢counling pollcles has been applled by tha charlty except for tho¥• dekttd. Wh•r• dlffernnt or addltlonal policy has been 8dopr8d thon thls Is dotallod In tho box below. 2.1 RECONCILIATION WITH PREVIOUS GENERALLY ACCEPTED ACCOUNTING PRACTICE Ple&8e provlde a ducrlptlon of the n&ture ol each ch•ng• In accounting polley R¢conclll•tl¢)n oi fundj p¢rpr¥vI¢￿ GAAP to funds dot¢milned und•r FRS 102 start of End ot rlod perlod Fund bAlanC￿ a• prevlou•ly AdJusiment•.' Fund bal&ncè &• r¢•tAt¢d R•con¢lll•tlon oln•t Incom•/fnot •xp•ndltur•) p•rpr•vlous GAAP to n•t Income/(n•t exp•ndlturn) und•r FRS 102 End of Net Incom•ll•xp•ndltur•l •• pr•vl¢uily tated Adlu4tm•nl•.' Prevlous ￿rIOd net In¢omellexpendlturel 8• r•8t#ted CC17a IEx¢ell 20106r2025 Sectlon C Notes to the accounts l¢ontl Note 2 2.2 INCOME Aceounung pollcles R•cognliknn ovlncrJm• ThBs8Jre Included In t￿$t8￿MoTht ofwnanci41 Acbvth45 (SOFA) %*fign.' thè Éharty becomes blho rèsouieès, 111sfflDr¢ Ilk•lylh•n ll￿th•tth*l￿j5I8tr5￿JI recw￿th• wurcats,, mon•tyry v•lug ¢4n b¢ mtragurnd vA*h lufficleni rdl•bilW. Ofl¥ttth Th•Fe b•on no•llsettinll and llabl1￿&S. ￿ IDcom•¥rtd expens￿, unl 9ulrBd 01 bytho FRS I(￿ SORP ￿ FRS 102, Nl*' Trrrfl donattoni lantr￿and donawonsar only ll the SoFAwhw th¢ qon¢MI In¢om¢ fcooBnYdon are mèl (5 10 10 5.12 FRS102 SORry. lthth¢ CB¥ ol porfoFm•n¢o rdttied granta. Incon￿ mysi b• tqCQgll15ad Io lh• ¢thnt thii th• ¢hDnty hys provld•d th• qoods oi serv￿&? •0 orni1￿￿onI to I￿0￿M ¢*ly opcurnvh•Dth• wrtormanc• r•ht•d ai• rn•t IS.18 FRS 102 SOR￿, No. Nla" Lty•ciw •r• Indud•d In th• SOFA %¥h*n reGolpt13 pro￿bla, th*t ￿. h•$ b•gn oront •lpr¢b•t•, th• •x4cutsr4 h•v• thlll Ihwe 8r• a$$•ts In th• 4Tid any EDiidiUon¥ It￿4￿d iu hq•¥y •1• vitlliiii vfihprh*iity orMv4 bggn r￿. Y•¥. Nl•' Oov•rnm•nt9r￿t• Th•¢h•ity hii r•¢gW gov￿m•nt•Ith￿tl In th• Mpordry pvknd GhlAIé la Includ•d In In¢om•thn Ih•r•1s a v•lld d•¢l•rnl¢n Irom th4 donor. TIA recl•lffls on don•Mtyn4 Any Grft Aid amount rnCOV4T•d on 4 dtsn*iion lffi con51derod w b• PArt of Ihil gm Dnd I and qlfts Ir•xt•J ag •n •ddib•n tvlh• ￿m9 lund •% th• InMo1 don•lion ¢h•dtrww th• Irnyof￿ •Pp•￿ h•v• ¥porrfi•d oth•rwiJ•. Cr￿tr¥¢￿*1 Inc•rn* ahd li only In ih•SoFA 0￿ th• ¢h•rty provld•d r•hi•d 9000¥ ¢r p•rform•n¢• r•latqd Ic•Bof ￿th* p•rfoim4nco Nlatod ￿ndItI¢nI Y¢$. Oon•l•d good• Donat4d qooé$ im m•16ui•d Ot 141r￿Pu* (th••MOUkllloi th• ••o•i¢ouPd b• •x¢h•naedl un￿95 lrnpro¢Jcalt¢ de ••. Yu. No. Th• ol•ry *Kk•lo••dD dontht•d lordl¥tdbutkn to b•n•fiEliF* l•dMrn•d b bBth¢ r•li v*lu8 ol th03• glfti atlh• vlih•ir F•c•lpt ond th•yir• iècognisod gn roc￿91 In lh• T4POrtlw p•ikd Sn Ythich th• w¢k5 •10 dl¥thbulod, th•y •t• I•¢•Phised as nn •won#••llh• *mouhtofth• itr¢kB #t dl¥tAbuMon. Y•$" •' Don•tod gtxaforrnslll• oro rnwurod aifaii %olue on In￿¥1 roeounthoD, whl¢h1s th• •xpoclid prorvéds Irom Sa￿ lo#¥ th• qxpgct•d cuts ￿¥•￿, JDd tecognlsod In'ln¢on* oth&r trndiny 4clfvl11o5.w￿ th• ¢Dri•spondino stttk r•¢¢gnlsed ln tho bsl•n¢¥ 8h••t. Cn its the velw ￿ stock Is chllrpd Ao¥ln>t'ln¢om• tromothor trodlng 8diviNo5' •nd lh• pioEeBds Iiorn trrè alBo iqeogn159d ag'ln¢•mtyfr4rn olh•rtradlng 8thtt105'. Gwd$dorffjtqd for QD.golNJ us0 ty thq ¢h•rty4¢0 r*ctynlséd •5 lon0lb￿fixe￿ Indud•d Inth• S¢FA u In￿rnIng %*then r•c•fvobi•. YoD' Nl•' Nl4' Gh1* In klnd tér UB• c• 4r• Inttty¢￿ Inth* $4FA Jslncarn• 1￿M d¢natlon¥ Wh4n r*¢•￿￿41. Nl•' Donal•d *etvlc•i 14cill￿e Oonèlod s•rvk4J Ind lacllll£sAr• In ¢ho SOFA re￿￿e￿ atth• vatu•orth glft to th• tth•illy provlded th• vAlu• olth• olft can ￿ m•e$umd r•I￿￿y. D4fith swv* •nd facilth5lhotir•¢¢nsum￿ 1￿m￿l￿￿¥ r￿ft￿8d e¥ in¢om• ￿￿￿1￿lent5m0U￿t1a¢v0ni¥0d 05 an èxpqnw ufithrthe bppropri•ts hoadlng h Ll• SOFA. No" Nla" Supportvjsts The ¢hartty h8¥IrtU￿od Dn 8UPPOrtr*st6 Yes. Nl*' CC17 FRS 102 SORP vol￿￿￿*r help Th#vhluecf4ryvdurrtary hdp rvKoW1sNt Intludod inlhe AGGQUMS va dé5trtbqd In th• trust0é5' annual report Incom• Irorn In1•f￿[ roy*ll￿O and ¢Jlv+dendi Th15 Is In¢lud•d In tho a¢c4Uttt5when rwlpt L8 probob*4ftdthe amount mè•fjured rdiably. Nli. Income fv¢m m*mbershlp M•Nt*￿psub￿rfPtsOns Inthorthjrq ol&pThlDre r£coonl** In thnBtioThsand s¢*bscrtp¥oTrA Yes" MBmbeTship ￿b¥cn?tr¢nSWh￿h glvol ll mernbgr the rlqht io buYs•￿t*s0r0lhQT boDefrtg4re recogni¥¢d fjs In¢om• aJmtdfrorn Ihe provlwon d9opdS￿4 Incorno from ¢harita￿•?¢¥V￿. Yeo. Nl4' S•tti•m•lli ollNur*hc• I￿ur0D￿0 claims4r4 only Includ•d In Ihp ¥•FAthn th• QenVMI Income ro¢0gnrtion ¢Fit•rw•i• m￿15.1010 5.12 FRSI02 SORPI end •r¢ In¢Kh¥od item ofothei Incom• In Ihe s￿A. Nl•' Iriv••im•ntgaln* ond Thia In¢lud•> •nyf¥a15¥*d or unréalis•d Gainsor los•e> s•1• ol In¥•*frnoniB and ny oaln ar rosuwnqfrorn TevAlulno Invo¥kn)•nts ts markoivalua alth• •nd orth• year. Yes" Nla. 2.3 EXPENDITURE AND LIABILITIES Liabiliti65 elè Fectronis￿ wh•m R l¥ mom Ilk•ty Ih*ilh•r•1¥4 Iw•l or ¢•nstru¢Uw *￿100￿0n cornmrtung th• chArlty t¢ poy tyut f44curt￿ th4 an￿￿nI glth• obllyw¢n Con ￿ mo*suiga rfrascnoblo Gothinty Qtyv•rn•n¢• •nd •uppori Supportcoth hllv• b•en Olloc•￿ b•tyi••n 9tyrtrnn¢•goJtsondath•i ¢0•1$ G•v•m•nc• ¢08t8 cornprlBe 011 Gots IDvglvino ￿COUn￿bIl￿OI th• •nd ttb mplwn¢b*th r•gul•tion and goDd pr•￿￿. 8upptsrt¢O*S In¢lu¥•¢•ntrJl ￿n¢10n&1nd hAV• blon *lltyrtyiod to •cdvitycostc•t•o0￿•l Oh l tyoili e9n•btsniv￿h lh• ￿￿Off￿0Urt#l, OP Blhxaling prgwty¢tyJts by ffoor ar•NJ, r 9•r￿pita. co* tsy lh• Ilmè ¥p•m•ndthT Collo byth•li uug• Y85" No. Llabllity r•eoqnl#on Nl•' Yes. No. Qr•nt• wllh pEvformnc• Whaio th• ¢ho11ty glves • ot¥th ￿th cOnd￿onS fur phyrnont Nn9 1 bp•effl¢ ol eondlbDni s•riK• 01 ouw to bg ornms •i•only r•Bognia•& In ￿*￿#￿A￿e+￿* M¢ll•ni of Ihp grHnl h•B piovld•d lh• w¢¥f￿4 oi outyul. QT4nts p•Ythb￿ wllhout p•rf¢)rm•ncecondlUon• Wherèlhoro ar• ngcoTrdHlons •fta¢hFwt•l￿91JTrl IMI •n•bbslh• d¢noi ¢h￿ty to r•olLryllco1ty •VOkl th•wmrnth•ni, I I￿bIltykn lh• lull fundlng oblig•b•n mubik4 rncoonls•d Nl4' R•dund*ncyr••l Th• mad• n?r•duTh￿nrY F4yrn•nts dudngth• r•porUng pwk4d. Nlo. D•hrr•d Incorn• No m*t4d•l tt•rn ofd•f•rr•d b¥￿ brtlUd￿ In th• No. Nl8' GrndltorB Th•zhAFty hA4¢r•drt•r•*thkh thr• m•uur•d •to•tU•rn•m•meunt•ltis Iny tyAd• dl•uounlB A Ilabllty li rnwur•d On rKtynltt¢n 41 its c4at•nd •ubo•quondy m•BJured atlh• be0t￿￿mIle otth• wxount i￿￿1t•d ts a•tY•lh• 0￿191￿0n atth• r•pDrtinq d4te Th• ¢haity I￿￿￿tsfOr ba51c ￿n￿n¢￿1 ¢r IVCDFnltbon4s por ￿14￿r•ph 10.7 FRS102 SORP Subso4uFnlme41ur4mqfil vaAs p•1 p•t•or•phB 11.17 ID 11.19, FR5102 SORP. Provlilons for IliblllU*4 Nl4' Instrum•nts 2.4 ASSETS Tanglbte fix•d for •m capi*lW Wth•y b• uwd f¢r mF•than on• yw. •nd cwl 4¢ use by charlty Th•y •r• wlu•d •ic¢*. Nls. Tho d•prochkn r•196 and m•thrAs usqd Ar4 In nats 14. Th￿ p.hArty ikIt)￿Oi*>1o thRI Is non.rntsnthtAty As￿1% Ihnt rtn physlcol Jubswn¢• tsJl arp id•nlffiablo Bnd coThtrollwJ by the Ghorty thToughtuthdy ari•9al rtqM5. Thg •morUg•l¢n rat•8&né rnothod6y99d Iro dth¥•d In ncts ts. Thoyaro value6 stMsi. Nth. The chblty hB$ hvrkWn53•ts, Ih&tls. n¢n.mon•tsry hlstsrfc. arls)¢, CC17FR5 102 SORP m•lntsiMd prfnclpalty IDrth¢ii ¢a￿ub￿n ￿ kn￿1￿00 and ojlum. Thedepreth¢n rutea &nd method8 used a$dWosed In n(rt0 16. Nl4' FL¥od •ssth Inv•5trWts In 4uotad shares, tra￿ bond$4nd 5irnjlai I￿¥￿*mOnLry llr* valuod it4n￿allY al E05t and sUbsÈq¥wI￿ atlolr ¥￿u0 Ilhelr MB Tkotvaluel atthè •nd. tr9*kn4ni Isawi•Y to unllstsd Inv•gtm•F)ts l*'rvttlwc4nnotb• i•liably Inwhich C459 11 its cv¥t Impairmonl. InvÈ•tMèht* Inw8tmontJ W lorfwhorpending Mah an¢Sctsh 04ui¥qlents%th• )Jityd•tèdK*b5 thBn l y4•F aro treated •s¢urront*ss•tlnvo8tmonts Ng" Nl4' S¢Dcki and w•rk ln progro Stouk• hgld f¢r•&hos pwrtol Dgwh•rittibbtr•d• w• m••Bur•d ottho Iwrty¢o*¢r r*1 vdu•. No. Qoods ors•N1¢é8 provlded •5 Pgrt ofa ¢￿thtA• $cdvny8ré not r•olW v•lufr bot•S w th• wvk• P￿0#1 piovldgd by *•msol atock. Wolk In piogrmi I¥￿1u*￿ *cos1 I•￿•nY for•¥wobh t￿* li IlkdytD OECUr￿ th• Y¢s' Nla. Iln¢1udlnq hd• d•thrn •r• mM•ur•d rwnhlon •toBtUom•nt¥rn¢unl •ft•i fjny tsado dls¢¢untsor amaunl advaTrc•d bytho Ckwrlty subseFu￿￿y. thoy or• mn for the ¢onvEr¥lon. Wllhln th4 In¢orne ttems atsovv Ihe following items 4Te matttlol, Iplease dlsclo8e th¢ nktur*. amouni ahy prio1 year •m¢)untsl Where sums orlglnally d•n•Mlnaiqd In forolgn Currency hBV• b••n ityeluded In incorne. explaln the basls Of+ whlth tho*e Um5 have been Iranslaied Into stéillny l•r the ¢urr•nGy In whlth th• •¢Gounl8 alt drawn ¢¢17¥ {Exe•ll ID 2W2025 Section C Notes to Ilie a¢¢oun15 Iconti Note 6 Ex￿ndItur* Aejtilctsd Income Endowm•M lunds Analy8JJ ol•xpendltur• fyn05 iunds Priorhwi Expendfjture on raisiiig lund8'. Total •AW￿llUTe on Expenthture OR charttsble acUvllle$ Maihynllrth Festival 5.270 23.921 KlnK5 Wfjce 23 & Mai 24 16.888 Fril FepE Hire In51rurnentlbl *n5es 51 (7cOt 928 s Bi15t FeSI St MartlDs 7,755 9.752 9.752 4.720 Petworiii FtSll%*l dber R(