THE PATCH FOUNDATION CIO REPORT AND CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 Th• P•tch Foundatk)n CIO Chartty No: 1196435 ThE PATCH FOUNDATKW CIO REPORT OF THE BOARD R•port ol thè 81)ord R•port ol the Audltor Conwlld•led Stst•m•nt ol Cony•h•n•lve Incom¢ CIO St•l•m•nt ol CompMhenslv• Incom• Con4011d•ted St•t¢ffl•nt of Ch•nge• In RM•rv CIO Stol•m•nt ol Changos In R•*rv•g Con•¢lldBl¢d Statemont of Flnanel•l A¢tMtI•# 10 11 12 13 Con•o14d•lod Stat•mMt ol Flnancl•l po￿tIon 14 Con8olld•t•d Stalem•nt ol C••h Flows 15 Noths lo lh• Flnan¢l•l Stal•m•nl• 16-27 THE PATCH FOUNDATION CIO REPORT OF THE BOARD The &)ard is pbased to present its and aLAliiod fin￿￿la1 $tatemgnts Icv Ihe yoar 31 D￿Ember2024. Rolèr•nco 4nd admlnlgtr•tlon ln10m￿ti Chadty Name Charity R￿IstratiOn Numl)er The Patch Foundaiion CIO 11W5 Board ol Truste•¥ The Board 18 C0Th¥￿d ol the Ic41rNirKJ ￿￿*1￿13. AwJu$ Ball (Chairl Hilary Sirnmons Rachad Lwi88 Luckraft (resy￿d 7 PAarch 2025} Regl$ter•d Ofllc• Courtx Temis Pavilion Eastern Parade Southsea Hampshire P04 9RF Audltor• Barnett & Turrw Accounlart8 Ltd 66 West Gale Mansfigld NottirKJhamsh*g NG18 IRR B•nker• Lloyds Bank PIC 6 Market Place Oldham OL1 IJG Page 1 THE PATCH F¢)UNDATION CIO REpofff OF 7HE BOARD St￿￿Ure, Goveman¢g And Managem•nt Governkng Document The organisation is a f¢)undalion charitable incorForaled organisaiion (CIOI and was registered with Ihe Charity Commission lor Eroland and Wales on 5 Nov8mb&r 2021. The charity is governed by s constilulion. Trust••8 The trustees who ser¥ed during the year were as folbws: Angus Ball (Chairl Hilary Simmons Racha81 Louise Luckraft Ireggned 7 March 2¢Y25) Rl•k Monag•m•nt Conskl8ralion has been grrfen to the risks lo whth th8 charity may be exposed, and il is considgred that lh6 systems that have been eslablish&J are suilable lor the. minimisalK*n ol such rksks. lor sal8guarding of the assels ol thè charityi and lor ihe pTrvenlion and deiection ol traud. Publlc B•nefft The charity meets the definition of a publlc benefrt entity under FRS 102. In planning the charily's actS*Alies lor the year regard has bean giv8n lo tho Charity Commission guidan￿ on public tenetil. OryanlMtlon•l Structum The charity is governed by its ￿ard of v￿unte•r trustèes vtho are responsib￿ lor overseelng strategy and polw, approving annual Wets aThY accounts, and who wortt in conjunction with the sènior exeLylive stall. Attendance at meetings. inl8rèsts and skills are monilored and review8d annualty. Board members give their lime voluntarity and receive no be￿1•ts from the charity in regPKt ol thls commitment. Any exper￿8$ rec￿Me(l from charity or payments made lo Ihom are sel out in th8 notes lo the a¢￿￿nIs. Ob￿￿1¥01 ind acll¥lUo• The Charity's obje￿$ and prin¢ipal aclwilies aro lo: Promote communty participalion in activities improving physical and mental wellbeing. Promots art and the advancement ol educalKJn in the arts. To provido asskslan¢e in the provision ol facilities in the interests ol PJxral welfare lor recreation or lei$uro lor indlvKJuals have ne8d ol such facilities by rga40n ol age. infirmity or disabilty. Page 2 THE PATCH FOUNDATION CIO REPORT OF THE BOARD R•vl8w ol the year On 31 st December 2021. The Palth Foundation CIO acquired the entire share capital of Courtx Ltd. Courtx Lid was incorporated lo safeguard the future of 12 grass tennis courts surrounding open space in a grade 2 list￿ wblic parf( known as Canoe Lake Park in &ryulhsea, Hampshire. Additional lonnis courts. a café and an award winning pavilion weie buitt. Other la¢ilitie5 inclLKle communlty nelball arKI basketball Coufts. During 2024 prewous relallonships with qudif1￿1 instructors provkjing physical and mental well- eing sessions became well estauished and a broader choice ol activities a￿8￿. Further improvements to the sludio ensure that fflus￿ projeaDns provide an appropriate environment for all of the now actwilies. Th8 Socials lor Seniors (people over 60yrs okj vtho live alone) attendancè figures durSno 2024 )ntinued lo irKrease the variety al swial intwactions woving lo be very Fwlar. An increase in the numbar ol tournaments has expanded the amount ol pkyers of aH 8taThJards and ages lo enjoy the highest quality 18nnis la¢ililws. Prlnclwil lundlNJ •ourc•• The majority ol lufftling r￿eN8d inio lh8 tharty has resulted Irom (knatMy￿ land as8ouat•J gift akl ro￿very Ihereonl. TradirKJ Income has also ￿en d8riYed through the charity's wholly owne¢l 8ubskliary Ltd. Flnanclal revl•w The delaS18d loures are Included in the financial slalfrmenls. The group achleve(l a surplus ol income over eX￿nditUre lor the year 01 £3.152.350 12023.. £1.645,3321. UnTrslricted general r8sgrves as at the year end wore £6.652.52612023: £4.016,109) and rfrsiricled funds were £575,664 12023: £59,731). It is inlend•J thai the relativ8ly high levol ol reseNes wil b8 expended during 2025 as Wllined below. Pl•n• lor the futurn Tho ambNiou$ project to install an Art Trail has progressed and shoulJ be open in the gpring 012026. A Commlssioning process w¢ll soon be underway where artists WI￿ be involved in the cr¢ation of numerous s¢ulplures lo populate the trail. Further refurbishments are planned fw th8 Pavilion. These latest improvements will allow more activf(188 to take place on the first Iloor. In51alling four Padel tennls courts has progressed during 2024. Mgelings with various contractors has takgn place and we hope lo make aFpoiniments in eaty 2025. Planning consent will be submitted, as w911 as the requests lor Landlord's consent. R••eryo# poIIcy It has been the policy ol the Charity that unrestricted funds should be maintained at a bvel 8qulvalenl lo bétween three and six months expendibjre. The trustees considered that reserves al this level, woukl 8nsure Ihal, in the event ol a SKdnilicanl drop in funding, they would have boen ablelo Continue the charity's curTenl activitres whilst consbjeration was given to ways in which additional lunds may have teen raised. P•ge 3 ThE PATCH FOUNDATION CIO REPOFrr OF THE BOARD Tw$tees' r•¥pon$lbllltle• 8l•t•mnt The trustees are responsible lor praparing the TtUSlees' Annual Report and the financial statements in accordance with appltable law and United Kingdom Acwunting Standards Iunited Kingdom Generally Accepted Ac￿UntIng Prac￿Ce). The law applicable to tharitw in E￿larKI & Wales requires the Irust88S to prepar8 financial $lalemgnts lor each linanoal year which give a true and lar view ol the slate ol affairs ol Ihe charity and ol the incoming resources and application ol resources of Ihe charity lor Ihal year. In preparing those financial statements. the truslees are required lo= . Salect suitable accounting pol￿￿ and Ihen ath them consistentty. Observ8 the methods and princip￿$ in the Charities SORP 2019 IFRS 1021. Make judgements and estimates that are reasonabb prudent. State whether applicable ac¢ounling standards have b8en followed. sutlect lo ary material departures disclose(l and exp￿Ined in the linancial slalements. Prepale Ihe linancial slalements on the going concem basis unle4s it Is inappropriate lo presume that the ¢harily will continue in operation. Th8 trustees ar8 rgsponsiblg for keeping pyoper ac£xMJnling rocords Ihat disclose wtth reasonable accuracy al any lime (he financial posilion ol the charity and enabl& th8m to ensure that Ihe financial slalgmenls comply wth Ihg Charilies Act 2011, Ihe Charilles IAccounls arKI Reports) Regulations 2008 arKI th8 provisions of the Consiilution. They are also fesp)nsibb lor safeguarding Ihe assets ol the charity and henc6 for taking reasonable Steps lor the prevention and d8leclion of Iraud and other irr8gulaiities. Provl•lon ol Inlommtlon lo th• •udltor We. the Trustees ol the Charity who hekl office al the date ol approval ol ihese financial slalemenls as sel out above each confirm, so lar as we are aware, that: Ihwe is no ra￿vant audlt Inlomation of %thich the Charity's auditor is unavrare- and W6 hav& taken all the sleps that we oughl lo have taken as Trustees lo make ouisofves aware of any rel￿an1 audit inlomatlon and to eslablish thai the CharlVs auditor is aware ol thal inlormatlon. Corpor￿• Gov•mane•- Intem•l fin•n¢l•l contrnl The Board acknowledges rts uMlmat• resFM)nsibility loren$uriThJ that the charty has in pl8C8 a system of controls that is aFvrcpriale lo the various business environments in whlch it Okwral•s. These nlrols ar8 destgned to give reasonable aSsUrar￿e with respect lo the: liability ol financial infomiatioll Ltrsed wilhin the Charity or for wblication., maintenance ol pryr accounling recofds. and saleauarding of assets wnsl unauthorised use or disp)sal. 11 is the E43ard's responsibility lo establish and mwnlain systems ol intemal financial control. Such systems can onty provide roaS0nat￿e arKI not absolule aswrance against linan￿al misstal8menl or loss. Key elements inclLKle gnsuring Ihal: fonnal pJlicies arky pr(M%dures are in place. includiw the documgnlatlon of key syst8ms and rules relating to the delegali)n ol authorities, which allow th8 moniioring ol conlroL8 and restrict the unaulhorised use of the charity's assets,. experienced and suitably walified slatt tak8 responsibilty lor Impjrtarrt I￿SIneSS functlons; Pap4 THE PATCH FOIJMDATION CIO REPORT OF THE BOARD lorecasts and Wets are prepared which allow the Board and management to monitor th8 key ￿sinesS risks and financial objectives, and progress towards financial plans sel for the year and the W￿diuM lemi., all svjnilicant new initiatives. maFor ccxrsmilmenls and inveslment projects are $ubkcl to formal authori8alion procedures. through the Board members and others. By Ordèr ol ihe Board Angus Ball Chair 15 October 2025 P8ge S THE PATCH FOUNDATION CIO Inde￿dent Audll¢vs Rewt to Truste￿ of Th• PAt¢h Foundatlon CK) Oplnk)n We have audited the financial statements ol The Patch Foundation CIO Ithe'parenl charity'l and ils subsidiary Ilhe 'group'l for the year erKlgd 31 De¢ember 2024 which comprise the consolidated statement ol total CoMp￿henSlve income. the CIO statement ol compreh8nsive incom& and the consolidaled statement of finanoal aclivilies. the slalemenl of financial p05ilion, the consolidated $talemenl ol cash flows and Ihe related notes. induding a summary ol significant accounting policies. Th8 financial r8F)Orting framowoTk that has been amlied in their preparat￿n is applicable law and Unrted Kingck>m AC￿UntIrvj Standards. including Finan(#al Reporting Slandafd 102 'The Financial Reporting Standard appI￿abl9 in Ihg UK and Republic of Ireland, (Unrted Kingdom Generally Accepted Accountiro Practice). In OUT opinion the linaneAal $latements: g￿6 a true and lair vF8w of the stale of the oroup's and ol the parent charity's affairs as at 31 Oec8mb8r 2024 ard ol the group's in1￿ming resources and application ol r8soufces, In¢￿ding its income arnl exp8rKJ1￿re lor the year then endell.. havè bean properfy prepared in ￿darKe Unitèd KiNJdom Ggneralty Accepted A¢￿untIng Pra¢tic8", and have tKepared in accordance wrih the r￿uireMentS of th8 Charitiès Aci 2011. Ba•1• lor oplnlon We corKlu¢ted our audit In ar￿dance bwth Inlemallonal Standards on AuditiNJ IUKI IISA$ IUKII and aPpI￿able law. Our responsibilities under those siandards arè further describ8d in the Auditor's responsibilities tor the audit ol tho linancial slaiemenls section ol our report. W8 are independent ol the gioup in accordanco wth the ethical requifem8nts Ihal are relevant lo our audit ol the financial slalemenis in Ihè Unit&J Kiwom, inclLKJing the Financial Flep)rting Counol's Ethical Standard, and we have lullilled our other ethical rosponsibllTties in accordary with these requirements. W8 believe thai the audit ovidènce wo have oblained is sufliL?eni and atvopriaie lo provide a bas58 lor our opinion. conc￿¥10￿• relatlng lo golng con￿rn In auditing Ihe linanclal slal$menls, we have concluded that the trustees. use ol the going concern basis ol accounting in th• preparation ol Iha finanod statements is akyopriaie. Based on the work we have performed, we have nol K18niified any material uncgrtainlies relating lo ev8nls or conditions thal, indiwdually or colleciively, may cast signilicani doubl on the group's or the parent charity's atm'lity lo conlinuo as a ￿Ing concern lor a period of al basi twelve months from when the financial Slalements are authori8gJ for issue. CKJr responsibilities and th8 responsilylriies of the irustees vith r8$pact lo going concwn arg descrSbed in the relevant secbons ol this rewrt. Olher InlormatloTh The other inforrnalion eomprises the infomiation included in the annual report_ olhgr than the linancial slaiemenls and our audilorfs reN)rt Ihereon. The trustees are reSF)on5ib￿ for th8 olhor inlomiaiion contained within Ihe annual report. l)ur opinion on the financial Slalemenl$ does not cover th8 other inlomiation and, except lo the exlent othemse 8xpli¢illy stated In our report, we do r￿t expr8ss any lorm of assurance condusion Ihereon. Pap6 ThE PATCH FOUNDATION CIO Our responsibHily is lo read the other inlomation aTrJ, in doing so, consider whether the olher information is materialty inconsislenl wih the financial statements or our knowledge obtained in the course of the audit, or otherwise appears lo be malerialty mis51aied. 11 we Kjenlily such material inconsistenciès or aFparenl material misslalements. we are required lo determine whether this gives rise lo a malerid mis5talement in the financial slalements Ihemsefves. If, based on the work we have perfomied, we ￿nClUde that there is a material misstalement of this other inlormalion. w8 are required to report that lacL W8 have nothiThJ to report In this regard. Mattor• on whl¢h w• arn rewlrod lo rnport by excepllon We have nothing to rewrt in respecl ol the lolk)wno mallers in reiilion lo which the Charities (Accounts and Reports) Regulat￿nS 2008 requTrs us lo rekN)rt to you rf. in our opink)n: the Informal￿n givon in the Iruslees, anr￿al rewrt is incon8i$t8nl in any material raspecl with the financial statements., or sulfiC￿nt accounting records have not been kepl: or the financial statements are not in agreement wth the accounting records and returns; or we have not received all the inlormalion and eXp￿natiOnS wa require tor Ouf audrt, R•spon•lbMlllv of tru•t••8 As explained more lully in the Irusi8es' responsibiliti85 statement, the trustees are responsibl8 lor Iho preparation ol th8 linanciaS slalemenis and lor being satisfied that they give a true and lair view, aTrd lor such internal control as the Iruslees deiermina is nec8ssary lo enable the preparation ol linancial statements that are Irea from material mis8taiem8nl. wheih8r due lo fraud or error. In preparing Ihe financial slatemenls, the Irustses are resFonsible lor assessing the group's and the parent charity's ability lo conlinue as a wlng concem, disclosing, qs applicable, matters related lo going ¢oncem and using the goirrfJ concern basis ol accounling un1&$5 Ihe Iruslges eilher intend lo liquKlale the group or the parent charity or lo cease OFerations, or have no realistlc atlèrnative bul to do so. Audllor'• r•w*rk•lbllltlM lor tho audlt ot thD fln•n¢lAI •tstem•nl¥ Our objectivgs are to obtain reasonable assurance ab￿ whether the financial slalements as a wholè are fre& from material misstatemenl. whether due lo fraud or error, and lo issue an audilorfs report that inckjdes our opinion. Reasonab￿ assurance is a hwJh 18vel ol assurance, bul is not a guarantee that an audil conducted in accordance with ISAS (UK) will always deteGt a material misslalement when it exists. Missiaiem8nis can arise Irom Iraud or error and arè considered material il, individually or in the aggregale, Ihey coukj reasonably be expected lo influence the ewnomic deusion$ ol users taken on the basis ol these financial statements. Irregularities, including traud. are inslan¢•s ol non-compliance with laws and regulatlons. We design procedures in line wilh oui respon5ibililies, ￿￿tlIned above. lo delBcl material mEstalements in respect ol irregularities, Including fraud. The 9xi8nl to whieh our procedur05 are capable ol detecting Irregularili•s. indudlrKd fraud is detail￿ bek)w: As part ol our plannino process: We 8nquired of managemern the systems aThJ controls the charity has in place, the a￿a$ of the financial slalemenls Ihai are mostly susceptble to Ihe risk ol irrggularities and fra￿, a￿1 whether there was any known. SUSFected or allgged IraL*J. The charity did not inlorm us of any known. suspecled or al*&J IraLKI. Pag9 7 THE PATCH FOUNDATION CIO We oblained an underslanding of the W and regulatory frameworks applicable to th8 charity- We determined that the following were ft￿st relevant-. FRS 102, Charities 2011. We considered the incenlives a￿1 orv)rtunilies that exist in Ihe charty, including the e￿ent ol management bias, which present a FM)lential for irregularitlos and Iraud lo t* perpelualed, and lailofed our risk assessment a(￿)rdingfy. Using our knowledge ol the charity. togelherwith the discuss*)ns hekl al the planning stage, we formed a ¢on¢lusion on the risk of misstatwnenl due lo irrégularili8s including fraud and tailored our pr(¢edures according lo this risk assessment. The key procedures we undertook to d818Ct irregularities I￿lUdIng fraud during the cour9e ol the audit included: Idenlifying and teslirKJ joumal entries and lh8 overall accountino reo)rdg. in parttular those that We￿ significant and unusual. Rewewing the financial stalemenl dEck)sures detennining whether acLI)unling policies hav8 been approprialety aFplied. Obiaining thirdyty confirmation ol bank balances. Reviewing dwmenlalion such as the board minutes. f(ir dI￿$S1OnS ol irregularities including fraud. Owiro to Ihg inherent limitations of an athjil, Ihgre is an unavopjable risk Ihal we may not have dèlecled som& material misslalements in th8 linancial slal6menis even though we have properly plann8d and porforrned our audit in accordance wth auditing standards. The primary responsibility lor the prevention dglection ol Itrggularil￿s aNJ fraud rests with the those tharged wllh govemance of the entity. A lurther clescriplion of our responsibilliies lor thè audlt ol tho finanoial slai8m8nl$ is local8d on the Flnancial Reporting Councifs websile al- YTh4Y.Ir¢.Ofg.uklauditorsresp)nsiknlilies. This d8scription forms part ol our audilorfs report. U•0 ol our report This report is made sol8ly lo the charily's trustees, as a body, in a￿ordanCe with Section 15101 the Charities kl 2011 and regulat￿n9 mado under $Ktion 154 of that Act. Our audit wc*k has b8en urfertaken so that we mvahi slate to Ihè charfty's Iruslees tho$8 matters we ar8 required lo slate to th8m in an audilorfs reF(Jrt and lor no other wrpos8. To the lullasl oxtenl permitte(I by law, we do nol accept or assume responsibllily lo anyone other than the ¢harily and tho charity's Irusle•$, as a body. lor our audit work, for this rop)rt, or lor ts opinions we have fomled. Jonalhan Wilson FCA CTA (Senior Staiutory AL#Jilorl For and on beh￿1 ol 8arnett & Turner Accountants Lld Chartered Accountants Slatulory Auditors Cromwell House 68 Wesl Gate Mansliehj Nottinghamshlre NG18 1RR Pag• 8 THE PATCH FOUNDATION CIO CONSOUDATED STATEMEMf OF TOTAL COMPREHENSIVE INCOIIE FOR THE YEAR ENDED 31 DECEUBER 2024 Totsl Total 2023 Tumov•r Operating ex￿￿1t￿re 4,329.B76 11,177,526) 2,738,755 11,093.4231 Op•r•llng surplu• 3.152.350 1.645.332 Tot•1 compr•henslve Incom• for the y¢¥ 3,152.350 1.645.332 Th& consolKlated fina￿101 stalanerts were apwovgd by lh8 Bowd on 15 OC￿ber 2025 Angu8 Ball Trustee (Charl The con801￿￿￿ r•sutt8 ielal8 whdly lo ￿1n￿nL1ln9 9)era￿On8. The aC￿mpen￿n9 noles lorm part ol ih880 8tat8menl8 P•ge 9 THE PATCH FOUNDATK)N CIO CIO STATEMENT OF TOTAL COMPREHENSIVE IMCOIAE FOR THE YEAR ENDED 31 DECEMBER 2024 Total 2024 Total 2023 Tumover Operatina expendilure 3,773,304 12,728.4811 2,064.418 11,4&5.5081 Op•rallng •urp￿S 1.044.823 S78,910 Total ￿mPr•hOn￿¥t lor th• y 1.044.823 578,910 Th¢ cortsofidaled linan¢ial ¥tatern￿ts weie awoved ty Ihg Board on 1S iknber 2025. Awu$ Bam Trustee (Chakl The CIO'S results relale wh￿ty lo wilinuSng operation8. The accompanyirvj noles lom part of th68e statements Pagfr 10 THE PATCH FOUNDATIOM CIO CONSOUDATED STATEPIEKf OF CHANGES IN RESERVES FOR THE YEAR ENDED 31 DECEMBER 2024 Unre*rfctsd Re¥trfc￿I Total Funds Art Trail Balance brought forward 2,405,8KI 24.628 2.430,5C49 Surplus from statement ol ts)mprehensl¥e income 1,610.229 35.103 1,645.332 Balance •t 31 D•c•mber 2023 4,016.109 59,731 4,075.840 8ol•nc• l)rought forw•rd 4,016.109 59.731 4.075.840 rplus Irom sial8m8nt of corryehensN8 irKome 2.636,417 515,933 3.152,350 8olAneo ￿ 31 Dee•mber 2024 6,652.526 575.664 7.228.190 Page11 THE PATCH FOUNDATION CIO CIO STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrfcted General Fundg Total B•lance brwhl foTrwwd Surplus from stalerT￿t of Jmprehensive inwo 168.454 168,454 Balance 1131 Dec•mbtt 2tr22 168.454 168.454 8￿•ne# brought lorwud 168.454 168,454 SurpluB from slalemenl ol C4)mpreh8llsNa incorne 578.910 578,910 B•l•nce ot 31 D•cember 21)23 747,364 747,364 B•l•ncè broughl lorn•rd 747.364 747,364 &Jrplus from 8tatemont ol comprehensive income 1,044.823 1,044,823 Balan¢• •t 31 D•e•mb•r 2024 1,792.187 1,792,187 Pagè 12 THE PATCH FOUNDATION CIO CONSOUDATED STATEMEKf OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024 Unro5tric General Fund 2024 Re•trlc Fund 2024 Total 2024 Totil 2023 No Income Irom: Donations and grants Other trading activities Inveslmenls Other inoome 3,750,000 556.557 3.490 19.829 3,750.000 556,557 3,490 19,829 2,064.251 501,335 173,169 Tolal Incomo 4.329.876 4,329,876 2,738,755 Exp•ndllur¢ on: Raising funds- trading act￿￿1￿$ Charitable aclivTrlies 1.163,078 14,448 1.163.078 14,448 1,079,373 14,050 Tot•1 •xpendltur• 1.177,526 1.177.526 1,093,423 N•t Income for th• y•ar b•lor• oth•r r￿QgnI￿1 galn• ond loJse8 3,152.350 3,152.350 1,645.332 Transfer belweon funds 15 1515,933) 515.933 N•1 mov•m•nt In fund• 2,836,417 515.933 3.152,350 1.845,332 RKonelllitlon ol lund• Fund balance brought lonvard 4.016.109 59,731 4,075,840 2.430,508 Fund balance al 31 December 2024 15 6.652.526 575,664 7,228,190 4,075.840 Tho Stalemonl ol Financial Aciivilies inchxles all gains and losses rwnised in the year. All actlvllies derive coniinuiro operations. The accompanying notes form part of Ihese lina￿la1 statements. Pag¢13 THE PATCH FOUNDATION CIO STATEMEKf OF FINANCIAL POThN 31 DeCeffl￿r 2024 Group 2024 Charlty 2023 20ZJ F]xod assots Tangbble fixed assets 4,847.481 3.thJ3.151 4,847.481 3.thJ3,151 Curnnl **•tt• Stock Oebtors Cash al artl in haThl 3,500 474.447 685.523 13 330,850 2.102,039 255,195 1,561,213 412.850 350.174 2.436,389 1.163,470 1,816.408 763.024 Credltorg: arrKJunts falling Je wtthin one yoar 14 155.6801 (W.7811 124,2211 115,6601 Not curr￿1 •&￿t* 2.380,709 1,072.889 1,792,187 747,364 Total 4840t• l••• eurr¢ ¥•bllltl•• 7228,190 4,075,840 1,792,187 747,364 Net •880ts 7.228,190 4.075.840 1,792,187 747,364 RePr￿•￿t•d by Unr¢$lrlct•d fund• General funds R••trl¢led lund• 15 15 6,852,526 575.684 4.016,109 59.731 1.792,187 747,364 7.228.190 4,075,840 1.792.187 747,364 AFproved by Ihe Board on 15 October 2025 Angus Ball Ichair) The accrmpanying notes lorn part ol ihese lina￿4￿ statements. P4g• 14 TrIE PATCH FOUNDATION CIO CONSOLIDATED sfATEMEKf OF CASH FLOWS lor the year orthd 31 Doc•mber 2024 2024 Net cash generat•d from ¢per•lkng •¢tMIIès C•pllal expendlturg 17 3,436,983 1,267.718 Payments io acquire tangible fixed assets 12,020.4471 1860,6051 N8t ea$h Inflow l (oulllow) from ¢•pllal 1xpw￿l1UI• 12,020,447) 1860,605 N•t chang• In cgsh cash •qthalent• 18 1.416,516 507,113 Cuh and c••h •qulvalonts brnugm for￿1￿ 685,523 178,410 C￿h and cash •qulvalenlg c•rrl•d forward 2.102,039 685,523 The accompanying notes form part ol these linanoal slalements. Page 15 THE PATCH FOUNDATION CIO NOTES TO THE FINANCIAL STATEMEpirs YEAR ENDED 31 DECEMBER 2024 l. General Inforniatlon The organisalion is a lourKlation charilable incorwrated organisation {GIOI and was reglslered with the CharTty Commission for England arKI Wales on 5 November 2021. 2. Slatement of compllan These financial slalements have been prepared in ts)mpliance wilh FRS 102, The Financial Reporting Standard applicab￿ in the UK and the Repu￿1¢ ol Iréland., the Slal&menl ol RecommerNJed Pra￿1(¥ awlicable to charities pr8paring their accounls in accoidance with Ihe Financial Roporting Standard aFplicable In tho UK and Republic ol Ireland IFRS 102} (Charities SOAP IFRS 1021 and th8 Charities Ac12011. AecouThtlng pollcl Ba•J8 ot pr•parntlon The financial stslemenls have prepared on the hislorul cost basis. Tha financial slalements are prepared in slefling, whlch is the lunclional currency ol the 8ntily. The finan￿al stalements havo been prepared on a (x)rKXffl basls. Conwlld•t•d accI￿ntI The group is required lo prepare consolldated a¢xounts. These consolldaied accounts o)mprise tho linancial Statements ol Th8 Patch Foundalion CIO and ol ils subsidiary CoLrrtX Lid. All intra4Jroup tranSaciN￿$ and balances are etiminated on ￿n$011da110n. B￿1n8*• Combln4tlo The cost ol a t￿SInesS (x)mbinatlon is the lair va￿8 at the acquisilK>n data. ol the consld8ratson paid lIa￿'11t1e8 incurred or assumed, plus costs th'rectty attrilxrtablo to th8 busin8ss con*lnation. Where the parent charity a￿UIreS a MTrcharilabb subsMJiary and th8 ￿nsIderat￿)n paid 18 nil and is less than the nel assets acqUIr￿1, the gain is recognised as other income in the period ol acquisition. Incomlng r•gour¢e• All incoming resources are induded In the statement of financial aclNilies vthgn gntitlemenl has passed 10 th8 charity. il is probable that the economic benalrts associated with the transaction S￿11 flow lo the charity and th8 amount can be ￿1￿Y measured. The following speciliG policies are ap￿led lo partiL￿lar categories ol income.. income from donat￿n5 or grants 1$ re¢c¥Jnised when Ihero is evKlence of gntitlemonl lo the gitt, rec8ipt is probablg and its arnounl can be measured reliabty. Duriro the year und&r rgview Angus Ball. Truslee, made donat￿n5 01 £3.OCK).OCQ 12023- £1.651.401) lo The Patch Fourldalion. These donat￿￿5 were rwnised as soon as there was 8vidence ol enlitlemeni. Page 16 THE PATCH FOUNDATk)N CIO NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 1￿me Irom conlracts for Ihe suwly ol seThtis 1$ recogni5￿1 wilh the deliv8ry ol the contracted seNi¢e. This i8 classified as unrestricted lunds unless Ihgr8 is a conlraclual requirement lor it lo be 4)enl on a partcular wrpose and returned il unspent. in which ca$8 it may be regarded as restricled. Interest received is rwnised economic benefits will flow to the ¢harily and can be measured reliabty. Multl pwlod Incom• •groomtrn In delemining the revenue lo bo reccynis&J on grants, or ￿ntra￿ income whose project spans moro than one pw6cMY of aceounl; Management recognise income where there is eniitl8menl to the income. il is probable the economic benelit will lkn¥ to the entity and the wenue can be reliably measur8d urthr Ihe temis of the agreement. Expenditure is recognised on an accNals ba8is as a liability is in¢urr8d. ExpondfftuTr Includes any VAT which cannot be luty recovered. and is dassifi•J under headings of the stalemenl ol financial a¢tivrtles to which it relates: All costs ar& allocated to exFendilure categories rell8Cting the use ol thg r8source. Dir8Ct costs attributable to a slngle aciwily are allocated directly Io lttai actNily. Sharod ¢osls are apportloned belween Ihe aclivili8s they conldLxJi8 lo on a reasonable, WSlifiabl8 and consislenl basis. FIMncl•l In4lNm•nts A linanclal asset or a linancial liabilrty Is r8cogni8ed onty whon th& entity tsecomes a party lo thè conlracaual provisions ol Ihe inslrumenl. Basic financial inslrumfrnts artr initially rec*gnised al the amount receivable oi payable including any rdaled Iransaclion costs, unless tho arraroemeni constrtutes a financing transaction. where it is reccgnised at the present value ol the lulure paymonls discounted al a market rate ol inleiesl lor a similar debt instrument. Currenl ass8ls and currènt liabililies are subsequently measured ai the cash or other ¢onsKieralion expe¢t•Y lo ba paid or received and not discouhted. Debt Instruments are subsewently measured at amots'sed cost. Tanglble Ilxed a$￿ts Fixed assets are slated at cost ￿$S accumulaled deprociation. Depreciatbn is provicl8d to write oll the cost ot SLKh fixed assets over thèir •stimaled economic lives at th8 following rates: Bulldings linckjding professional fees) Fixtures. fittings, arKI equipment Over Ihe lrfe ol Ihe assoclaled lease 5.56% *raight1Sno 12.5% on a rgducing balance basis P•nglon• Courtx Ltd operales a d8lined contritxjtion pban lor ils emp￿0Y88&. A defined Contri￿110￿ plan is a pension plan under which Ihe company pays fixed contributions Inlo a separate entity. Orte the contiibulions have been paid the company has no further paymerrt Obl￿allOnS. Page 17 THE PATCH FOUNDATION CIO NOTES TO THE FINANCIAL sfATEMENTS YEAR ENDED 31 DECEMBER 2024 The conlrityjiions are rectyJnised as an ex￿nse in profit or loss when they fall dug. Amounls not paKI are shown in aCCnJ￿S as a liability in Ihe Balance sheet The assais ol the plan aro held sgparately from the ￿MpanY in IrKlependen￿Y adminlstered lunds Stcth arg recognlsed at the th8r of cost a￿1 r*t realisable Va￿fr Taxatlon Thè Patch Foundat￿n CIO i8 a regist8r8d Charfty ancj is èxempt from paying CorporalK￿ lax on charitable acliwtie$. CcMJrtX Ltd is not fegislered as a Charity and therefore CO￿Oration woukl be payab￿ on taxab profits should Ihey arise. Op•rntlng l•u•• Rentals under operating bases are charged to the slatemant ol finanaal a¢tlvitles on a slraighi-line basis over the lerrn ol ihe18ase. pro￿410n• Provisions are recognlsed when the entity has an Obligal￿n al the balance shoet dale as a result ol a pasl event, it is probable that an outhow ol ecoN)mic t*n8fits will be required In selllem8nl and the amount can be reliabty 8stimated. Crldc•l ol ludy•m•nt In 0ot•rmining whether leases are linarrA or cparaiing leases. management judges as lo whether lor noll tho sKJnllicani risks arKI rewards ol ownership have translgrrgj lo the entity. Ug•ful Ilv•• ol deprnclabl• Awl• Managemant reviews tho useful lives ol assets al each reporting date. Pag8 18 THE PATCH FOUNDATION CIO PIOTES TO ThE FINANCIAL STATEMEKrs YEAR ENDED 31 DECEMBER 2Wd4 Incomlnll rn￿ur￿. gmup Voluntary In¢on Unmtrict•d 2024 Unre•trlct•d 2023 Donations lincludlng gift aid) 3,750,0 2,064,251 3,750,tX 2,064,251 Othfjr tradlng actMII•• Llnr•¥trlcl•d 2024 Unre8trkt•d 2023 Subsidiary undertaking 556.557 501,335 556,557 501,335 oth*r Incon Unrn•lrtct•d 2024 Unr••trkt•d 2023 Waiver ol loan Irom A Bdl to Courtx Lld HMRC interest 173,002 167 19,829 19,829 173,169 Page 19 THE PATCH FOUNDATION CK) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2 Op•r•tlng JJurplu• The OFerating surplus is arrived at aft8r charging I IcredillNJl Gffjup 2024 Gro￿• 2023 Charmy 2024 Charlty 2023 Deprecialion Auditor's remunerats"on- audil ol rinancial siaiem8nts 176.117 159.798 9.258 8.410 3.371 3,210 Expwndltur•. group All expendlture Is accounled lor on an a¢cruaL8 basis and has wtherev8r practicable been dbcaied lo the relevant category. Irrecovèrab￿ VAT Charged lo Ihe akyopriale cost category Tr•dlng Support C￿1* G•)v•m•nee Qroup 2024 Group 2023 Staff costs Other $laff related 8xpendilure Activity costs - c08t ol sales Facllllies Costs DeprecialKin Admin G05ts Financg costs Govemance 587.907 587.907 541.283 2.940 137,564 177.117 159,798 56.639 9.672 8.410 136.579 205,151 176.117 45,278 11.198 136,579 205,151 176,117 50.468 11.198 9,258 5,190 9.258 1.163,078 5,190 1.177,526 1,093,423 Page 20 THE PATCH FOUNDATION CIO MOTES TO THE FINANCIAL STATEMEiirs YEAR ENDED 31 DECEIIBER 2024 Employ0• co818 2024 2023 Salaries Soaal security costs Pension 549.702 30,720 7,485 505.268 28,752 7,263 587,907 541,283 All empbyees wore pa*Y through Courtx Ltd. No •nyk)yee was paKJ in excess of £80,IY)O during th8 y&ar. Employm ¢08t*- k•y ffl•nag•ffl•rt p•r•onnel 2024 2023 The aggTegate rèmuneratson ol the $8nior k8adership l&im (wh) are also key management personnel) during the year was as follows: Salarles Social security costs Pènsion 83,180 9,077 2,099 78,956 8.464 1,943 94,356 89,363 10 Tax•tk•n The Patch Foundation CIO is a registered Charity and 16 exompl Irom paylng corFrfNation lax on adlatr4e actiwtie9. Courtx Ltd is not registered as a charity and Iherelore corporation lax wouhj be payable on taxable olils should they arise. Pag8 21 THE PATCH FOUNDATION CIO NOTES TO THE FINANQAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 11 Tanglbl8 flxed 088ets- Gro Flxtum. Ilttlng$ and •quIpTr￿nt Frgghold Pn>f•sslono1 Tot•1 Brought forward Addillons Disposal 2.201.321 1.585.251 284,878 136,599 839.280 298,597 3,325,479 2,020,447 At 31 December 2024 3.786.572 421.477 1,137,877 5,345,926 Aceumul•t•d depreclollon Brougm foTh¥ard Charge lor year Eliminated on disposal 181,776 90.888 109,572 69,340 30,980 15,889 322.328 176.117 Al 31 December 2024 272,664 178,912 46.869 498.445 Net book valuè ai 31 DKember 2024 3,513,908 242,565 1.091.CQ8 4,847,481 Nel book value at 31 Oecember 2023 2,019,545 175,306 808.300 3.003,151 AM lixed assets were 0syn8d by the subsidiary L￿panY Cowtx Ltd Page 22 ThE PATCH FOUNDATION CIO NOTES TO THE FINANCIAL sfATEMEpirs YEAR ENDED 31 DECEMBER 2024 12 Inv•¥lments: wholy controll•d subsldl•ry wvlertaklngs The pwent charitable CIO wholly controls th8 folbwirYJ nonurt6 at Courtx. Thw ¥•a will be u8ed l(* knswe arnj ujlbnl activib'es. QJrr•nt C¥•lltty* f#lUng •8•01• wlthln on• y••r Toial Unr•slrkt•d lund• Gener 4.847,481 1.860.725 155,6801 6.652.526 Aè*trkWd fvnth Arts tral 575,664 575,664 Totol Iw#lg 4.847.481 2,436.389 155.6801 7,228,190 Paoe 25 THE PATCH FOUNDATION CIO NOTES TO THE FINANCIAL STATEIAEpirs YEAR ENDED 31 DECEMBER 2ty24 17 Cash ouffiow from owratlng actlvlll•8 2024 2023 Nèt rnovemenl in fvnds Depr¢cialion ol taThJible fixed assets Decrease l {I￿reasO) in debtors (Decrease) in credf(ors 3,152.350 176,117 143,597 135,1011 1.645,332 159,798 1296,659 1140.753) 3,488,963 1,367,718 18 An#ty$l* ol ca*h •nd cuh •qulv*onts Brought lorward Cuh Flow Norrt••h Ch•ng At 31 D•c•mb•r 2024 Cash at bank and In hand Total 685.523 1.416.516 2.102,039 19 Bu•Intr￿ ¢omblMllon• •nd goodwMI On 31 D8c8mber 2021 The Patch FoundaJon CIO aojulred the entire sharo capilal ol Courtx Ltd I £nll considtsralion. Recognised amounts of M18ntlfiab￿ 88$6ts a)wired aThJ Ilabllities assumed Book Va￿0 Falr V•lu• TaNJth Iixgd a88ets 2.232,900 2.232,9C(I Curr￿1 assets TLtsI assets 2,303.318 2,303,318 Net lithlities 1212.3811 1212,3811 Total wjentiflable net assots 2.090,937 2.090,937 Exce86 of o)nsIderat￿n over falf value of a88ets 12,090,937) Totsl purch•¥• conslder•tlr)n Page 26 THE PATCH FOUNDATION CIO NOTES TO THE FINANCIAL STATEMEPIts YEAR ENDED 31 DECEMBER 2024 Operatlng 19488 commttm•nts Al the year erKJ the group had total commrtm8nts uTrJer operating ￿aseS extyring after more than 14 years of £149.167 {2023: £159.1671. 21 C•pll•l Commllm•nts In Court X Lid, capital ex￿￿j￿Ure c￿ntraded lor but not provided for in the linanc¢al statements Is as Icdlows: 2024 Tangible fixed assets Al 31 December 2024, the compary had enlered Into contractual arrangemenls in raspect ol the Art Trail projecl. resulting in capital commitments tolallin9 £661,645. Pen•lon ¢ommttm•nt All 51all are 81igible lor emptyers. pension conlrbulions to be paid lo a stakeholyer or equivalent conlribulory personal p8nsion schome, Mth Ihe18vel ol contribulk)n dependiNJ on Ihelr own level ol contribution. The Charity and its subsKliary have no liability beyond the payment ol ils agreed monthty contributions. The total penslon charge lor the year was £7.48512023'. £7,283). The amount oul$tandSng at the year-end was £86912023: £1,447). TN8t•• •xpon No Tnjslee •xpens8s were In￿tted in the year. R•l•t•d party tr•nMctlon• 24 During tha year under revlew A Ball. Trustee of Th? Patch Foundallon CIO and dir8Ctor ol Courtx Ltd made donal)ons lo the charity 01 £3.000.00012023: £1.651.4011. Loans prgviously made by A Bal to Courtx Lid arnounting lo £173.002 were waived in the year ended 31 December 2023. Operating leases entered into by Courtx Ltd were guaranteed by A Ball, direclor of Courtx Ltd. UItIFn*• eontrolllng pffj. The Patch Foundaiion CIO is ¢ontrollod by ils Board of Trusl88S. Page27