REGISTERED CHARITY NiTrIBER: 1200102 R¢port of the Trustees Ind FlnAllrAAI Sthtements For Tb¢ P¢rlod 6 ApTll 2023 to 31 December 2023 for TreebreArd TrDst CIO Fuller Spurling Stawtory Auditors Mill Hou5¢ 58 Guildford Street Chen5ey Surrey KT16 9BE Treebr¢Ard Tru#t CIO Contents of th¢ FlnAD¢tsi StAtem¢nts For The Period O April 2023 to JI De￿mber 2023 Page Report of the Trustees Report of the Independent Audltors Statement of FlnAncl81 Ac￿￿tItt io B4]ince Sheet Cash Flow Statement 12 Notes to the Flow Ststement 13 Notoj to the FlnÈttdg1 Stat¢m¢nts 14 to 19 Det￿led Statement of Flnantlal A¢dvlths 20 TreebTe*rd Trn5t CIO Report oftbe Truthes For Tbe PeTiod 6 Aprll 2023 to 31 De¢ember 2023 The tn]st¢¢$ p￿¢￿[ th¢ir report with the fLnanciai statsments of the ehatity for the perioi 6 April 2023 to 31 tkc¢mber 2023. The tsu$￿e5 have adoptèj the provisions of Accounting and R¢porting by charili￿.. Sramieni of Reconunertded Practice applicAble to ¢haritl¢5 preparing their accounts in accordancc with the F￿￿￿la[ Reportill8 Srandard applicable in the UK and Repubb"¢ of I￿land (FRS 1021 leffecliye l January 2019). ORVECTIVES AND ACTIVITIES Objecdi'es #nd *lm$ Our mission is to support transformatiot￿ initiatives ￿phiCh have the potelltial to create a healthier p]attet a fairer $￿Iety. trai Our $tr¥teLY h*$ three pillars: l) Maximise the'rettwn" on our grant investtnellts Treebeard like any ¢haritable foundatio]4 L5 uItiTnately an investmcnt Yehicle. The only diffcrence between us and a tnaillstream invesrmeni vehi¢l¢ 1$ that our primory obJ￿tiVe 15 to change th¢ world r4th¢r than Ttth money. Our grants att among thc tThO8t itnportant investments we D￿ke. and we aim to be rigoro￿ in ￿sessing the imp¥t they create. With limi*d resour¢¢s. we want to ensure that every penny we spend is used wisely. We will continue to be proacrive in idetttifying new charity partner5. and will use our mLS5iDn ststrmeni and va]ues a5 a trmplatr by which to mea5UT¢ them. We rdffly trspond lo sp¢¢ulativ¢ applicaiions. 21 Create itnpaa with ourfinancial investtnents For 50Tn¢ tim¢ w¢ have been irked by the limitations of the tiaditional foundation inod¢l, wh¢r¢ the a55ets Ire invested for finattcial r¢thJrn leaving only the tesiduai income to be deployed to support the missioJL Any foundation which seeks to protect its endowTrent ha5 a fiw'te resource of "free mottey" li.e. 8rattt-makin8 capacity). Bui this is only a constrdini if one ￿ wedded to the notion thai 8rani-making is the oJJ]y fijnding n￿1 available. We tske a more holisiic view. Every investnent zn impaci either positive or tt¢gativ¢. Our 8oai is to driv¢ much positive impact as wible throu8h our investynents. without materially coJnpromisin8 ow fit)2ncial objectives. 31 Levera8e our $llp[￿ beyond th¢ PUT¢ly fiJwLcial We are Small and we want to punch aboi'c our wei8hi. We look for opporLuniiie5 10 fiwther our mission in t￿￿-fir￿l¢lIl ways, through advocacy, TLetworkin& fundN'sing support #Jld Consuliu￿. Pubuc bellefit The Tr￿SteeS confirtn that they have complied the duty in Section 17{51 of the 20L I Charitie5 Aci to hav¢ due Tc8ard to guidance publis1￿ by the Charity Commission (public benefit requireme1￿). Page I Treebrt4rd Trn$tCIO Report oltlle Trustees For The Perlod 6 Aprll 2023 to 31 De¢*mber 2023 ACHIEVEMENT AND PERFORMAD4CE Charltsble actlrftles Last year w¢ ronirn¢d from a charifable tru51 to a charitable incorporated or8aDisation ICIOI. It make$ no diffeT¢nc¢ to how w¢ operate and ii ab80thd a fair amount of our time. but it is a more 8uitsble legal Stru¢th, ryecially for an organisation as active on the invc5tmeni front as we are. We aIso took the opportutiity to chartge our year end from April to D¢c¢mb¢r. As the period in question is shorterthan normal, coveritt8 J￿$1 the tiine months 5inc¢ 5 April 2023. During the period, distribut￿] a little over £9(M),000 itt gr*Jts to 44 different psrtner5. Ovcr 8￿/0 were part of muiti-ye¥ Commitments, and tsver 600/0 of p¥￿er5 reeeived Unrestricted fiJndJD8. Where fithdirtg was resttiLt¢¢l it w& often at the r¢que5t of th¢ p?fin￿. Generally we aim to be as flexible possible in our appmach, our partDers to deploy funding wh¢r¢ they $¢e fit. Our Primary f£Kus areas remain unchanged.. vioLence a8aillst wom¢D and 8iri5' ¢riminal justitt.. re￿Se¢S and sTrdn¢rabl¢ migrants, and the ¢Th￿lronmcnl We have had ao incr¢)SiDg fo¢us on 5UPPOrting womcn are in colltsci the Crimin￿ j￿iCe attd family ju5ti¢e systems. We relleW￿ existirt8 partDetships with Cntre for Women's Ju5tic¢ and the Domestie Ab￿ Response AlliwJc¢ and began suppotting the Prison Advitt artd C#r¢ Tn￿t'S 'Joumeys to Frccdom, programme which Pro￿￿deS b¢5pok< Jjolistic resettlement supp)rt for vuln¢rdbk womctl leaving prison. We were a150 delighted to stort partnu5kn"p with th¢ Howard Lcague for Penal Reforni which Is pushin8 ftrr reforn acr055 a Tall8e of syst￿1¢ i55￿S in the erimitthl j￿tiCe system includin8 the nwnber of womtn on TCm8nd - we arc exciied to See their ambitious str*¢8ic pjan play out in coming years. ID June 2023 our partner One Small Thing's Hope Street Cetttre opelled and began to welcome wom¢n with multiple tKeds, ￿ 5UPPOrt their journey out of th¢ erimina] justicc systetij. Our partner5￿.P with The Bureau for Investigative Journalism across their Family Justice O￿n Court Programme corttinue& brirt8in8 much needed transpareticy . throush expert *nsitive repTrrting from three coun locations - itito the faojily j￿$tiCe System. The ¢4rly SI￿ of ibis projett are en¢ouraging and indetd in wly 2024 we were deligbied to bear that this programme to be rolled out across 16 ¢ourt locations in En8lattd alld Wale& with the support ofthe Pre5xdent of the Family Justice Diwslon aJd the judiciary. We wel¢omed two ll¢W s￿Lai]st domestic ab￿￿e services into our VAWG portfoli¢.. Sikh WomeD'5 Aid and The Womert's Centre Cornw#ll 'DIVAS' proBrarnme. which is desigttittg deliverirtg servi¢¢s ond cross Sector traittitt8 to 5UPPOrt neurr*liverse women and women with l¢arning difficuliies who are 5UTvivors of. or at risk of. dorne5tic abuye. W¢ wor ¢x¢it¢d tQ 5thrt supponing the 'DRIVE ParDJ¢f5hip' dom¢5ll¢ abux perpctrator proryun¢, wh¢re the flagship lu'gh risL high hann progrdtnme already demonstrattd strong outcomes, and where T[eebea￿'S fiilliting will r￿US on broadetiin8 the pa￿￿tship'S Work into new areas, which include early int¢tvention through their R¢Jtan piloL andthe design of new specialist perpetrater ser%ry¢e$ for raciajized and LGBTQI4 communities. Our v#lu¢d p8rtncr5hip5 ￿7th other specialist servit¢$, in¢luding Latin Americ￿ Women'8 Hop￿0tCh Cbariry, Phoebe C¢ntre, the VaN'ellger5 and Kurdish and Middle Eastern Women's Org8ni5ation continued this year. Ckn 5UPFA)rt for 9th￿ parthcrs 5upporunB ￿kne￿ble wojnen and thcir children to Tebuild their lives (Furnishing Fumres and Magpie Projcctl also contsnued this year, &% it did for our small FQrtfoJio of p*trers focus¢d on broader sy*em or cotmunity chatt8e- Ollr Futute'$ work in GI]n￿by* the Social Fitiatice Impact IDtubth)r, and El￿¢ Hcr. In a challenging policy context. our parmers supporting refugees and Trwlnerdble migrants continue to inspire u5 with their persistence and resiliertce. Existing partner5 Youn8 RTh)ts, Medical Justice, Asylum Matters 8nd Refvg¢¢ Wornen Conn¢ct are battlin8 ro 5UPPOrt iNinernble peopl¢ at the fronilinc and sharp end of our asylum system. while pushing for reforn and buildin8 eviden¢¢ alongside, all in extremely tough ¢ticumstartees. We were plwed to Rj'ght to Remain to this portfolio in 2023. Finally, we made four new grants in our environment k￿rollO this year. Following Treebeards seed funding in 2018. we matched prize fundJn8 secured by the Grecn Apple Foundatioo, Colombi4 io ¢llable tbem w exp2nd their glL55 recy¢lin8 operations to ￿￿]nland Cartag¢lla. W¢ also b¢8arL new pannerships Wilb Ego C45wLr, a 5eawe¢4 pro¢¢ssJng atld research facility ott the we$t coast of Sroilan¢l and with Youngwilders. a new. attd arnbiliou5 ftwit). engagm8 youttg people in T¢wilthng and natural resloraiion projects aeross privately h¢ld land in the UK. Finally. we joined foryrs with expert funders 10 5UPPOrt IPPR'5 Fairer Trdn8POrt initiauve, desigDin8 a peopl¢-fo¢used pathway to a fa￿ and greener transport System. Pa8e 2 Treebre*rd Tru#t CIO Report of the Trnstees For The Perlod O Aprll 2023 to JI December 2023 W¢ ¢otLtinued to expand ow porfo]io of social investsnents. On the v¢ntur¢ equi'ty 5id4 we made a follow-on inve5tmenr in Redetnption Roastrrs, a coffee business a mission to reduce reotYendin8 through provith'ng training and emploirynent ￿ prisoners attd ex-off¢nd¢TS. We also made tw'o new invesrments. Lighthitig R¢a¢h is a fJnaTheiaJ support portal which tI￿leS access to 2 r4ng¢ of peT50naJised 5UPPOrt Iwts. benefiw h¢lp with bills etcl. there are a large number of organisation5 which exist to prokide sUP￿r[ bul conneciin8 them poterttial beneficiaries is a n￿jOr bollleneck whi¢h Lightning Reach aims 10 uttl£￿k. Treeapp i5 trying lo expedite refore51ation throu8b connetling corporatrs and individuals with tre¢ plArttirtgproj¢¢ts around the worl On the debi side. our otte new inv¢stmaLi wa5 a convertible loan 10 MT Greett Afiic4. MGA aitns io b¢ the leaditlg recy¢liti8 wmpany in Africa. Alongside the ettvirOnm￿ impart of r¢ducinB plastic wast¢. it has a strong focus on social impact through providm8 rewardi￿ jobs ar￿ a fair inwme ro the independcni collectors who are the priiTWy source of raw nJateria]. By y¢ar ¢nd our aggregak social itivesDnent portfolio comprised just under forty different parners and amtrjnied to £6.8m or 29D/o of our total net assets. The portfolio is (b'verse by wtor, issue area and vehicle. It uiclude5 veThture equity. prop¢ny, debt al￿ fLttJd investments. Our long tern goal remaitjs ￿ build this to 5(f/ts of our ¢ndowrtJellt and ￿ ex￿r¢ to make fi]rther progress thi5 year. with a number of llew itLVCStEllrts either cotnpleted or in the pipeline. Perforth•ll¢¢ MoDltorlng We cary oui careful due dili8en¢e before ¢onmiittuLg eapital to ally parlner. For both grant ￿ fuwicial investee5. WC bave an evaluation fratn¢work which itLcorpora*5 a range of criieri4 with a view 10 ensuring coJ)siskncy and ri8oiir when it ¢OTll¢S to mvknB the criucal decision of whether or ttoi to invest. We mail￿ close ¢ontsrt with our partrers st-inv¢sm)¢ni to check that the project is pro8ressittg &$ we bad hoped. W¢ hav¢ a light tourh ar￿Ual impa¢t me25ur¢ment framework which is stsijcttwed to be appli¢able to 411 our inv¢5te¢5. Th¢ plu35¢ "light ￿UCh, is key h¢r¢. At a]1 times we are mi]th that our ]*¢ds 5houJd never conflict with th¢ needs of our pamers. We are there to support th¢m, not th¢oth¢r Vdy round We neverask for b¢spokereporting and we Try TO be resp￿tfUl of their tim& FLY￿CIAL REVIEW FiDan¢Aal posltio The c[￿lty,$ incoming resour¢ts are den'ved from rental incorne of £75,000, dividcnds received of £1 10.713 and intcresi on bat)k deposits attd other loaw amounting to £77,610. Totsi expenditure 2mowit¢d to £1071,481, of wkn"¢h grattTS costs up £925.884. Itl addition. thc charity benefjlled from an upturn of £817.CQ4 in the va]uc on Lis investment assets with investment management costs of £76,416. The chan'ry ended the year with net ￿Sets of £23.224.857 (April 2023 fvods transferred from the pred¢¢e550rtrust.. £23.216,011). Fag¢ 3 Treebre4rd TrustCIO Report ofthe Trystees For TILe Perlod 6 Aprli 2023 to 31 Dttember 2023 FINANCIAL REVIEW Invejtmellt powers *Dd pollty U]￿er its Co[￿lt￿tion the Chariry ha5 thc powerto invest ittony way the Tr￿tee8 thide. As prewously disctsssed we ffttend to deploy a sub5thntial pth of our a55ets in social investments, where th¢ 80?] i$ to achicve positive social or environjnetttal impact alongside finaD¢ia] retum. G¢n¢rJllytr these will be direei investhJ¢nts.' cquity stakes in for profit b￿lnesSeS, debi fiJttdiJJ8 to clurities and social ent¢rpris¢$, prop¢ty and other instruments. We 50ur¢e th¢5¢ inv¢5ttncnt opporiunitie5 through a variety of t￿OrkS attd interniediaries,. in¢r¢4singly. wc also sourcin8 OppOr￿ltieS directly from ourexisting p#rtner5. M¢a5UTing th¢ financial performance of these investments i8 only possible ov¢r the lottg¢r tcnn (well in excess of five yeaTS1. We only know how. a loan h&$ performed on¢¢ we have been repaid gJLd with our equity investtnettts we hope that a 5ma]l Dumber of big wintiers will compensat¢ for a lik¢ly tsT8¢r numbcr of iotal write-offs. Iwbile th¢5¢ aT (what used to be ealledl mixed motive invegttnents. our gwl is that their finat1c￿l rettU￿ ill a88te8ate. will not be D￿terIallY worse thatt 0￿pUbliC market itiv¢stments. The rest of our are d¢ploye¢ rtspon5ibly, with the objective of preserving and 8rowryn8 th¢ir reaj value OVCT time. Som¢ of these investments are with 3rd party fjjnd TnanaB¢r5, oth¢r5 h¢ld dircrtly through our brokera8¢ ¥¢ount at C¥z¢nove. Reserves poucy Longer term, our goal 15 to mastttaitt casb re8¢rv¢s #Mounting to at I￿t Iooh of our totsi net asseLS. ott th¢ ￿0￿ndS th would cover two years, worth of annu81 exper￿]tUrc. BBscd on our current siz¢ and budget that would amount to rougbly £2.3m. As of December 2023, we had cash at bank of £3.Im. We a150 beld £6m fft a co]nbination of cash and ￿lts in our Cazenov¢ account. This con5ervaiive positioning 1$ portly bEcau5¢ WC 4T¢ Still wly in the process of btsildirtg our Social irtv¢stm¢rtt ￿rtfoliO 4ndpartly a reficctson of ourextteme caution arouttdthe frasility of filw￿l¥l markets. The retirement of one of our foutth twsie¢s meatts that our steady income from donations will likely dry up. To suyts ¢Jw current l¢vels of philanthropic expenditLsre, we will b¢ reliant on our inve5trnents lo geneAt an adquate return. Giv¢D our arnbitions around deploying our ini'estmeni ¢apTial for impact as well ￿ financial ￿tUrn. that creat£s a ch8llcnge, bui noi one thai we shirk from. We thai demonstraiing the vsability of a holistic investment 3pproa¢h which h&5 a5 much r¢gard for the'how a8 the "how much" i5 POt¢ntia]ly on¢ of the most tr8nsformativ¢ impacts we can ha￿. We will cooiinue to do wha¢ we caiL both through our illvestsn¢nts through collaboration with ]ike-mlrtd￿ p¢ers, to h¢lp builda more 5U5tsillable investmetst e¢osystem. On the grant.makmg side. we cotititiue to support paniier5 operatills in our core focus ¥w. We also plan to be more active intemationally, pn'mJrily in Ea51 Afric4 where we a]ready have some p#rta5 (b)th grattt and inve5tinentl ar￿ are likely to develop more. STRLCTLryIE. GOVEILYALICE AND MANAGEI(Ef4T Go%'erning doeTEmeDt The Charity is constituted as a C￿￿table Incorporated Orsanisation {CIOI and its governing document 15 it8 Constits]tS0rt dated 17th August 2022. Recrultmellt and #ppointment ofnew trust The Constitution stipuiAte8 A nunimum of two tNsrees, and th&t B8JyJaby And Ca55andra Wiener, ￿ Found¢T Tn￿ree5. hold the Tesponsibility for n¢w' appointhjenis. We bAv¢ thT¢¢ ind¢pcndeDt tnjsttts.. Mdce Mompi, Elisabeth Barrett and Andr¢w PUTh￿5. Thev all bring unique perytives and invaluable tnsights, 2nd they are wifailingly generous with thcir time. TnLsiee5 are provithl with wpiE6 ol th¢ Constiiuiio4 our laL¢¥t annual t¢pTrrt alld th¢ Charity CommJ$sion le&fl¢i e Esseniial Tntsiee.. 111]at You Need to KJ)ow The tNstees meet fomjally four times a y¢ar and interact re8ularly on art ad ho¢ basis. 0rpnl52tion￿ 5tructUTe We hav¢ ttvo part-time emplovees. Jessomy Gould tnanaBe5 our grants rrfolio and Sh￿ir Maiho¢rn over5eey o social inv¢stTneni portfolio. Both play a key rnle in day 10 day operations, refining our $tsHtegy and 5UPPOrtin8 our PATthe￿ and e¢osy5*m broadly. Pa8e 4 TrttbreArd Truit CIO Report ofthe Truitees For The Period 6 Apru 2023 to 31 DecembeT 2023 REFEREIICE ADMIYISTRATIVE DETAILS Re￿ter￿ Charlty Dumber 1200102 PrlD¢lpal addres8 Glasscs Graftham Penvorth West Su5SCX GU28 OPU Trn¥t¢ Banjaby Wiener CassarsdTa Wiener Michael Mompi Andrew Purvis Elisabeth Barrett Grants Dlrt¢tor Jessamy Gould Inv#tm¢nt Dlr¢¢tor Shith￿ Molhotra Audlto Fuller Spurlin $￿tutory Audito Mill Houye 38 Guildford Streei Cher Surrey KT169BE SoUtltoA Ru$5cII Cooke 2 Pumcy Hill Lortdon SW156AB STATEMENT OF TRLTSTEES, RESpo￿s1B]LllTI￿S The trnstres ar¢ Te5ponsiblc for prcwing the Rcpon o>f th¢ Tn￿1¢￿ and th¢ $t4t¢m¢rtts iti 8¢￿ with Applicable law atld Urutcd Kingdom Accounting Sthndard5 Iuniicd ￿ngdoM G¢ncrnlly A¢ttpi¢d A¢countin8 PrH¢ti¢¢l. The law 4pplicable to ¢hon'lie$ iti Engjand and Wale5. the Ch•rits¢s A¢1 2011. Charity (Aceounts ènd Reportsl K¢8ul4tions 2(108 4nd th¢ provL510tL5 Qr th¢ tru￿ dced rquir¢3 th¢ tru51¢e5 10 prepare fu)an¢ial stat¢ments for each financial year which give 8 true gnd fair view of the sta* of atyairs of the chariiy And of th¢ incoming r¢sourtts Rppli¢Ation of resourtts, uKludin8 the in¢onK and expenditure, of the clwiry for that period. In Prepari￿ those financial Matements, the tN5ttts are requited10 8ele¢t 5UiT4ble ￿￿Ounting poli¢ies And then apply them ¢onsistently; observe thc methL%J5 and principles in thc Chan'ty SORP; make judgements and estimates that are reasonable and prudent., stak whether applicable accow)tJn8 8tsndards have been followcl subject to any materiaj departure5 dis¢losed and explained in the financial statements: prepa￿ th¢ finan¢iaJ $tAt¢M¢n￿ on the 80irtg ¢oncem basis unless it is iDappropria* to pre$Ull￿ that the charity will cotitinue irt busines8. Page 5 Treebre4rd Trnst CIO Report of¢he Tru$¢¢es For The Perlod O Aprll 2023 to 31 Dettmber 2013 STATEMENT OF TRUSTEES, RESPOf+SIBILITIES- tontlnued The tn]si¢¢s are responsible for keepirt8 proper a¢¢ounting re¢ords which disclose with r¢asoNble accuracy at any time the fttknitt¢io1 rxisitiott of th¢ ¢harity 2nd 10 ejjable them io ensure that the finan¢iai staiements comply with the Charities Act 2011, the Charity (Accounts and Reponsl Re8ulations 2008 and the provisions of the tNst de¢d. They are ajso re5pon5ibl¢ for 5afcguarding the assets of the charity and hence for takm8 Tea50nabl¢ 5t¢p¥ for th¢ pT¢vention and det¢¢tiOA of fratsd and oth¢r irre8uiaTitie$. I I Aug.wtr .P..Lt8nd si8n¢d on its behalf by.. Approved by orderof the bo8rd of th¥te¢s on...... ... Bamaby Wi¢n¢r. Tr￿ Pa8e 6 Report of th¢ Ind¢pendentAudhors to the Trustees of Treebreard Trust CIO Oplnlon We hav¢ audited the financial ststements of Treebreard Trust CIO lthe'¢harityl for the period ended 31 Dccember 2023 which ¢ompris¢ the Sthtement of Financial Activities, the Ba12nce Shee¢ th¢ Cgsh Flow Sts*ment and notes to the financial statements. includin8 S yumw of si8rtif)cant a¢¢ounting policies. Th¢ financial reporEin8 framework that been Applied ￿ their pr¢paTati4)n is applicable law and United KirtBdom A¢¢ounting Siandords (Unii¢d Kingdom Genernlly ACCep￿d Accountin8 Practice). In our opinion the financial statemeni5'. give a true and fair wew of the State of the charitls affairs as 81 31 Decemb¢r 2023 and of its in¢oming r￿Ure¢S and appli¢a¢ion of ttsourees, forthe pcriod th¢n ¢ntsl' hav¢ been prop¢rly prCpy￿d in acconlance with unit￿ ￿d0M GellerHlly Acc¢ptcd Accounting Pra¢uce: and have been prepar¢d in attordan¢¢ with thc requirements of the Charities A¢1 2011. for oplnlo We conducted our oudii in Ac£ordatK¢ Inkrnarional Standards on Auditin8 IUKI {ISAs IUKII and appli¢abl¢ 18w. Our reswJrtsibiliti¢s und¢r th05¢ 5tBndard8 llre fiffther described in the Auditors, r¢swFnsibilities for the auth'i of the finan¢ial $tst¢m¢nts 5ethion ofour report. We 8re ind¢pend¢nt of the ¢lwi'ty in accordancc with the ethical requirements thai ate relevant 10 our 2uth"i of the ruwi¢i￿ $Talcments in the UL includmg the FRC'S Et]llcal Sts1￿ at￿ we have Irilled ow oth¢r ethi¢41 rtspon5ibiliiics in accordance with these requir¢m¢DLs. W¢ b¢liev¢ th41 the auth't evid¢n¢e we have obtaukd IS suffjcicnt and app￿p[la* to prnvide a forour opiniort. CoD¢lyiloDi relldng io 101th8 eon¢ern In 8udiiing the financiAI statements, we have concluded that th¢ ¢Nsie¢s' us¢ of the goin8 concern buis of ACCOUnling in the preparation of the fman¢iol s¢Aiements is oppropn'ale. Based on the work we have ￿rfo￿tI we havt noi ideniifjed material uncen&iniie$ reiaiin8 10 events or condition5 th21. individually or collectively. may c8s1 si8mficartt doubl on the ¢hority'S Ability 10 ¢Ortlinu¢ 0$ A going ¢on¢em for period of ai1¢45t tw¢lve months from when the fJnan¢ia] staiemertts authorised for issue. Our r¢$ponsibililies and th¢ Y￿ponsIbl]It1¢S of th¢ trujffts with respect io $oin8 concern are described in the relevant section5 of this report. Oth¢r Informadott The tNsiee5 are responsible for the other infornJaiioD. The oth¢r infonnaiion ¢ompriseJ th¢ iThforn)aiion ]￿lUd￿J in th¢ Annulll X¢pon, oth¢r than the flnanciai stsiements alldour Repon ofthe thdekxndeni Audi¢ors thereon. Our opinion on the fIna￿L&l stsiement5 does noi ¢over the other infom)aiion gnd ¢x¢ept w the exieni otheNis¢ explicitly in our repo¢ we do noi express any forn of assuranv wn¢lusion thereon. In wnneciion with our of the fLtwKial statements. ow responsibility is to read the other infonnjtion 8nd doing so. consider whether the other infom￿lI0ft is materiAily ineonsi3terti with the flnancial statements or our knowledge obixined in th¢ iudit or othejwise •pp¢ars to be motÈriAIIy miOStAted. If wè iderttify Bueh matQriAI inCOrtgi8tenciei or appaT¢ni material misstatement4 we are required to deterniirte whether this gives rise to a material misstatement In the fJnJn¢ial statements themselves. If. based on the work we have perfornjed. we conclude thai there is a material miyyu*meni of thi.s other infom)ation, we are required to report thAt fact. We have nothin8 to report in thi5 rel￿d. Matttn on whlth we art reqylred to r¢port by ¢i¢¢ptton Wc hav¢ nothin8 to report irt r¢$pect of the following rn#tt¢rs where the ch￿'tieS IA¢counts and Reports) R¢8u]*ions 2008 Tcquires us to report io you if. in ouropinion.. information wven fft the Report of the Truste￿ 1$ in¢onsistent in any mat¢riaJ r¢spxt with the fil￿¢141 statements. or 5ufficietti accountin8 records have not been kept: or the fir￿n¢la] statements are not in agreement with the accounting reconls and reDJrns.' or we have t￿1 ￿e1Ved ail the infornwion attd explanations we Ytquire for ouralldit. Pase 7 R¢port oftht llldepeDdent AudAiors to the Trn$t¢es of Trttbre4rd Trust CIO ReSPODsibillties of trusttts A5 explained inore fully in the Staternent of Tru5tees' Re5pon5ibilitie5. the tru51ee5 are reyp)nsible for the preparjiion of the r]Jw)C￿ sia*ments wluch 8ive a true and fair Niew, and for such intemal control a5 the trustee5 delennine is necessary to enable the preparation of fin8nci31 staiemertts thai are free from materi3] mis8taiemertt. whdh¢r duc to frnud orenor. In prcparing the financial 5talernents, the trnstees are responsible for asses8in8 the clwitys Ability to ¢Otitinu¢ ￿ a going concem, disclosin¥. L8 applicable. m)¢t¢ts related 10 soin¥ ¢on¢ern artd using the Boing Conc￿ ba515 of Kcountin8 un1¢s5 th¢ trust¢¢s ¢ith¢r intend to liquida¢¢ th¢ charity or to ¢ca5¢ OP¢Tation5. OT no rca]iJtic al￿n￿liVe bui 10 do Our responslbllltles for the audli of the flnIn¢1￿ it4t¢m¢D¢$ We hav¢ b¢¢n appointed &5 audilor5 Under Section 144 of the Charities Act 2011 and report in accord8rv with th¢ Act 8nd rel¢v8nt re8uiAtLOrt¥ or havin8 effea thereuth. Our objectives are 10 obtain reAsonabl¢ &8$uratw¢ 4knul wheth¢r the fiDan¢141 5t4t¢ments A5 a whole 8re free from mai¢rial mi$stAi¢m¢nt, wh¢th¢T to frllud or fTror, and 10 issue ll Rcport of th¢ Indcpendeni Audi￿r3 thai iti¢lud¢5 Our opiJ)ion. R¢a50nable H55ur4nc¢ xs H hi¥h level of a35ur8nce. bui i5 noi a guarantee th818n audit COrtdu¢ied in accordance wlth ISAS IUKI will always deteci A material mi88ts*meni whel) it exists. Misstatemettis c￿ aris¢ from fraud or ¢rnr d are considered material if. tndividually or in the a88re88*, they ￿Uld reason8bly be twe¢ied ￿ influence the ¢cot￿mI¢ decisiom ofusers taken on the basi$ ofthese finart¢￿I $tatem¢nts. The exlent to whieh ourproeedure5 8Te capable of d¢wting iffe8uioriti¢s. including fraud is detsiled below.. We obtained aD under*•Ddin8 of th¢ le8aJ And re8ulatory frAmewotk& thAt Are applieable to the Charity gttd determirted thai Ihe most sigruficani ate those that ttlaie to the Ch￿1¢]¢5 Aci 2011 and CI￿LtieS SORP u th¢y dirtthly irnp￿t w&y the erttity Conducts its affair5 and presents infornwtion in its fthan¢ial sth¢emertts. We ossess¢d the risks of m&t¢rial rni55talement in respect of fr8ud by m&in8 awuirie$ of M￿￿￿ement ond tho charged with 8overnonce. The audii i¢am th'Kus$ed atld 1thntifl￿ particujar areas that w¢r¢ suK¢ptibie to misststern¢ni AS PArt of their fraud di¥¢ussion, Bued on the results of our ri$k 0sgessm¢nt we designed our audit Procedures lo identify non•¢omplian¢e with s￿￿ law$ nd Tcgulaiion5 identified above and mAd¢ ¢ttquiri¢$ of m4n4gein¢ni and those ch8rRed with 8ov¢rnan¢e. corrobornt¢4 ow ¢nqulrle¥ ¢hW the review of appropriot¢ docum¢nMtlon. W¢ dld not find WntrAdith?ry evidence, We ¢onsidered the risk of fraud throu8h man4ement overyide and in rejponse we itL¢orporateA t¢stin8 of m&ftu4J js)urnRI entries, during the year and at year end. into our autht appr¢ach. Bascd on the reyulis of our risk asg¢ssJn¢nl M'e design￿ our audil prcJ,.kY... We￿ signed on its behalfby.. Barnaby Wither. Tnjsttt Casspndra Wiener. Tnjstee The notes fonnpart of the$e finwiai $t4t¢rn¢nts Page 11 Trtebre•rd Trust CIO C4sh Flow. Statement For The Perlod 6 Apru 2023 to 31 D¢t¢tyb¢r 2023 No Ca$h flowg from operidn8 C&%h 8enerdted frotn ormiLODS 1979,0971 N¢i ¢a5h Iw¢d inyprovided by op¢rnting aetivittes 1979.097} Cuh flow5 from Investln% ActI￿tI Purchase tsf fixrd a55et iDI'e51ments Purcha5c of inve5ttncnt property S￿¢ of r￿ed assei invesllnffits soci￿ loons ￿Paid Interejt received Dividend5 rtceived {17.474.3531 {2,0(M).0001 1.046,700 4.987 77,610 10,713 Net ¢uh lu#d inyprovided by investin8 acti￿tte• {18,234,3431 Cuh Ik*w¥ from flDan¢lo8 4¢tbvlil Tr￿Sfer of assets from fomer charity 23,216,011 Nffl Cash provided by firtArtcin8 activities 23,216,011 ChAn¥¢ In r•sh And c*sh equlv•leDti In the reportln8 p¢rlod Cagh aDd ¢uh ¢qulvAlents It the beglllnln8 of the reportltt8 p¢rlod 4,002,571 CAsh and euh equlvalents it tb¢ end of the rtportlng perlod 4,002,571 The notes form part of these fJnaD¢iAi ststements Pag¢ 12 Tr¢tbr￿rd Trust CIO Notes to th¢ C4sh Flow Statsment For The Perlod 6 Aprll 2023 to 31 Detemb¢r 2023 RECOYCILIATION OF NET ThCOME TO NET CASH FLOW FROM OPERATINC ACTIVITIES Net Income for the r¢pordui p¢rtod14s per the St*temtDt ofFlnADdAI Acllvltles) Adjustments for: Interest rcceiNcd Divid¢Jth r￿1Ved Net 8aiDS ott ittve$tm¢nts cte4se in u¢diwTs 177.0101 1817.0041 17,384 Net wh {y#d InVpr0￿d¢d by oper*dott$ 1979.0971 ANALYSIS OF C￿GEs IN NET FUNDS At 6.4.23 Cash tlow At31.12.23 N¢t ¢*ib Cash at bank 4,tK12.571 4,002,571 4,￿)2,$71 4,(H)2,571 Total 4.(M)2.571 4.(K12.571 The notes fomi part of these fjnancial sts￿Men[S Page 13 Treebreard Truit CIO NO￿ to the Flnarhclal StAtements For The Perlod 6 Apru 2023 to 31 December 2023 ACCOUYTING POLICIES Bails of preparlttR th¢ fln4n¢lAI statements Th¢ financid 5tatemcnts of the charity, which is a public benefit entity under FRS 102, have be¢n prep#Tcd in accordance with th¢ Ch4riti¢s SORP {FRS 1021 'Accountm8 0]Jd Reportin8 by Chan'ties.. Statem¢nt of RecomMet￿d Prnctitt applicablc to charities pteparin8 their &¢¢ourtL8 in 4ccordvnce with the Fi]w¢i R¢FQrting Siandard applicable in the UK and Republi¢ of [￿knd IFRS 1021 letYe£tiv¢ l Jlnuary 20191,, Financial Reportin8 Standard 102 Tr Fllw)¢iaJ Rwirting S¢andard applicable in th¢ UK and Rcpublic of Ireland, and the Charities A¢1 2011. Tr firwjcial 51atements have been prepattd w)d¢r the historical cost convention. with the exceptt'on of ittv¢$rm•)ts which Are in¢ludtd ￿ market V8Jue. as modified by the revalu4tion of certAirt aS$e¢9. The financial statements of the chArity, which 1$ a public b¢nefLt cntity under FRS 102. have been PTepared in accordanc¢ th¢ ChATities SORP IFRS 1021 'Accountin8 and Reponio8 by Clwities.. Swenmii of Recommended Practi¢e 8ppli¢able ¢0 chArt'tieJ Prepan'ng their accounis in accordance uith the Financiai Reporting St4ndArd appli¢4bl¢ in the and Republic of Irelartd IFRS 1021 l¢ff¢ciive l J8nuary 20191,. FittArt¢ial Roortins Sthndard 102 Tre Finsnciol RerA)nin8 Sthndard applicable in the LIK 8nd Republi¢ of Ireland, ond the Charities Act 2011. The financiAI sraknrlents have t¢en prepared the hi5toric•l colt conveniion. In￿me All incom¢ is rewBnis¢d ui the statert￿nI of Fitwicial Adiviti¢¥ 0￿¢ the charity entitJem¢nt to the fill1￿ it is probable that th¢ sticonhe will be received and th¢ amount c￿ b¢ rne4sured reliAbly. Expendltsrt Liabilities are rrto8nised u exwditur¢ u x¥)n as thett is a It8￿ or COMtructiv¢ obli841ion ¢omnllttin8 th¢ chBrity lo that expendiNre, il is probable thai a tra￿￿fer of economic benefits w511 be tsluued in 3ettlemeNI and the amount of the oblL8aiion e8n be meosured reliably. ExpendiDJre is accounted for on An Hccnwls b&8is 8ttd been clas$ifi¢d urtder h¢4din8S thai a88Te8aie all co$t r¢laied ¢0 the category. Where costs ¢w>n¢t be th'rtttly attributed to p8rticular h¢adin8s they have been aJlocAted ro aciivitiej on a buis CO￿1*¢nI with the wt of rewuTe¢s. Grant$ offered 5ubje¢t to conditions which hav¢ not be¢n m¢t It th¢ year end dats ar¢ noted ￿ a commitment byi not accrued 15 expcnditur¢. lttveJtmeDt property Investment propety Is shown al mosi recent valuation. Any awe8ale surpluy or deficit Ari5in8 from ch&n8es in fair vttlue 15 rewgnised in th¢ Siaiemeni of Fin#rt¢i41 Activitie5, T4xatlon The ¢twity is exempt from t8X on its ¢haritsble activities. Fund 4ccountlDg UnTesthct¢d fixtlds can be used in accordanv wi¢h the chon'table objefflivc5 at th¢ disrnion of tr￿le¢s. Restricted fijnds c8tt 0￿Y be used for parncular r¢$tri¢ied purpo￿5 within the objects of th¢ chan"ry. Restri¢iii)Iis arise when Specified by the donor orwhen funds are raised for panicu]ar res¢ricted PUTpose5. Ai 3181 December 2023 the cban'ty had no restricted fimds. Fli¢d #sset inveslments MTLn#qed funds ar slat¢d at the clo8in8 pri¢¢s of the underlying seeurities within the fithd5 at the baJatKe $h¢et dot¢. Unr¢HLiz¢d 8allu or losaes on Tevaiuation ¢ak¢n to th¢ Stat￿1￿￿1 ofFitLryn¢iAI A¢iivitieS. llllquld Ithvesttnellts include 5viai inve8tsnent5 thd fllwicial inve5tmetLts which art vajued as follows.. Debt and ttlJt¢d inv¢5tm¢nts are valued at amonised cost. unless th¢ Tn￿t¢¢5 bave re￿0￿ to believe thllt the counter-parry will have diffi¢ulty roJ¢enutw le.g. misscd int¢rc5t pa)Thentl, whi¢h ¢as¢ they will cotbluct an impaimient test. Page 14 Treebre•rd Trust CIO Notes to the Flnanclal Siaiem¢nts- eottdnued For The Perlod 6 Aprffil 2023 to 31 Deetthber 2023 ACCOUNTING POLICIES- ¢ontknued Flxed IDve$tttLeDts Un]i$ted equity irtv¢stments valucd at C05t. unless filrthcr infonnation allow5 the TnL8tees to update the valuaiion. Thi5 could include.. a follow-Qn ¢8Pit¥] raise at a different valuaiion: a positive or negative developm¢nt in the Companys tyading., a reva)UatiOTL of the ctsmpany's asscts. Invutment Prop¢rty V¢5meni property is shown initially at cost plLL8 any refvrbisillnertt work. On¢e rerttal in¢om¢ ¢ommen¢es it is shown at most recent vsluaiion. Any a8ye8ai¢ surplus or defi¢it aris]ng from changes in fair value is recognised in the S&tement of Financia] A¢iivities. Debtors and gccrued ffincom¢ tkbtors are recognised at the scttlemcnt arnouni where recoverabiliry is certain. Accnjed fftcome represents inkrest receivable on bank deposits and other lo8ns wh¢r¢ in¢eresi has not been 8pplied ac¢owii within one month of ¢he y￿r ertd. C￿h It batsk itsd In hAtsd Cath li bothk irt¢lud¢$ cash Ind sILOrt tenn Ju8hly liquid investmenis Wlth a short inaturity. Credltors Crediiors artd provisions ore r￿08Th1$ed where the ch￿ry has & pre￿1 obliBation resultin8 from È p￿t evertl th8t will probably re$ult in the trAnsfer of fimds 10 A third PArty 8nd the smouni due 10 sellle th¢ obli8aiion can be meosured or estim41ed reliably. Cr¢diiors Ind provision arc t￿rMallY r¢¢ognL5ed at their s¢i¢l￿n¢T11 Amoiini Atkr lowirtg lor arty trade discowits due. II¥VESTME.YT INCOME Renis received Dividend income D¢wsii a¢counl inT¢T¢St her in*r¢$t 75.000 110.713 73,257 4,353 263.323 CHAIUTABLE AcfMTIES COSTS GTant fjjnding of activitiev Support ¢osts (se¢ t￿e 51 Dire¢t Costs (see no 4} To¢a15 Chvityble ￿$vItieS 111.055 925.884 34.542 1,071,481 Pase 15 continu¢d.. Treebreard Trust CIO 401¢5 to the financial St4t¢meJkts- wnllDued For The Perlod 6 Aprm 2023 to 31 Deeember 2023 cKLYrs PAYABLE ch￿Itable activitie5 925,884 The tota] paid to institution5 during the period was a5 follows.. Centre forwomen's j￿￿tiCe 35,0(YJ 30,OLXJ 32,0 30,0(N) 35,0(N) 35,ofx) 30,0(KI 30,0 30,0(X) 638,884 IPPR Prigon Advice & Car¢ Tn￿1 Ri8hi to Renjain 'ghts ofwomen SafeLives Seed Sovereignty {GaiaFoundation} The Howard Lea8Ue Young Roots 30 8fdnts le55 than £30,OLKI 925.884 Further infornlltion on the of the grants is I￿luded in the Tntsttes, Report. SUPPORT COSTS Ch4ritsbl¢ activitics 34,542 sUp￿rt costs. included inthe above, are as follow5.. Chan'tsble a￿1VItieS Auditors, r¢mwi¢raiion Au(b"tors' remunerduon for non audit wotk Sundries Lega] fres rr sotlware and web51te 8.2fj2 815 4,843 19,436 1.186 34,542 TRUSTEES, REmLryERATlO￿ AND BENEFITS There w¢r¢ no ¢rustees' reMu￿tiOn oroth¢r ben¢fi¢s for the p¢n'od etthd 31 December2023. Trustees. e￿enSeS There were no ￿￿￿¢s. expenses paad for theperiod 31 December 2023. Fage 16 coniitLue&.. Treebreard Trust CIO Piotu to the Fh)an¢tsl s￿lements- ¢ontinued For TILe Perfod 6 Aprll 2023 to 31 De¢emb¢r 2023 STAFF COSTS Wa8es and sa]aries 33.165 33.165 The k¢y tttJnAg¢m¢nt personnel of the charity compn'se th¢ th¢ tnth¢5, th¢ grdnts dir¢ctor and the itivesthient director. The total costs of the key nWV8•hent per50[u￿] ofthe charity were.. Wag¢s and sajaries 30,150 28,800 3.015 Pension ¢o$ts £61,195 The average month]y number of employees duling th¢ period w'a5 as follow5.' MAOa8¢ment No employee5 receiv&1 emoluments itt excess of £60.0(Y). FIXTD ASSET thTrESTMEprrs 9215,(￿1 561,843 7.459.226 Loaos Managed funds 17,239,670 Addiiiollal Ittforn￿ttoll ¥ follows.. Social itivestsnent itJve8tsments Tots]s MARKET VALUE Additions Disposa15 Revaluations 3 J56.608 6,545.828 9,902.436 (1,001,700) {I,(h)1.7001 135,201 314,865 179,664 At 31 Decenxber 2023 3,536,272 5,679,329 9.215,601 NET BOOK VALUE At 31 Dttember 2023 3,530.272 5,679.329 9,215.601 Pa8e 17 ntioued.. Treebreard Trust CIO ote5 lo the Fin¥ncial Statements- continued For The Period 6 April 2023 to 31 Deoeubber 2023 FIXED ASSET IN￿EST￿lE￿Ts- ¢ontlnue41 Sttial inve5tmellt New in year Repaymettts ￿ year R¢valuation5 578,218 (4.9871 18.3881 At 31 December 2023 564,843 Social investments loans include £162,980 held outside of the This inrlud¢s £58,921 adv8oced in the period io entities Outsidc of the UK. Th¢ Gharity doe5 Ilot have original CO￿ infortJatioti surroutidio8 assets tra])$fery￿ from the forn￿[ awiry. All invesimcllts are stsied ai value5 accordllig to th¢ ￿rount￿1g polici¢5 adopt ]nvestsDents (neither listed nor unlisted) were as follows.. Managed fi]nd5 additions (anaged fL]nds disposals Managed Auids rev8Juations 6,993,702 {45,(KX)I 510.524 7,459,226 INVESTME.YT PROPERTY FAtR VALUX Additions 2.(KM),O Ai 31 December2023 2,000,(M)O NET BOOKVALUE At 31 D¢c¢tnber 2023 2,orxi,(KM) Pa8e 18 ¢ontinu¢d.. TrtebreArd Trust CIO Yotu to the FffinarI¢A￿ Ststements- eonthiutd For The P¢rlod 6 Apru 2023 to 31 De¢ember 2023 io. CREDITORS: AMOLryTS FALLING DUE IITTHIN ONE YEAR 17,384 ii. MOVEMENT IN FUNDS Net movemertt At 31.12.23 At 6.4.23 Unrutrl¢t¢d funth General fiwd 23,216,011 8.846 23224.857 TOTAL FUNDS 23,216.011 8,846 23.224,857 Net movement in fimd& included in the above 4Te u followi.. Incoming Rewurces resources expetlded Gains atxi losses Movement in fun Unrejtrlcttd fun fjen¢Tai 263.323 11.071.481) 817.IKJ4 8.846 TOTAL FLTNDS 263.323 11.071.481) 817.IMM 8,846 12. RELATED PARTY DISCLOSURES On 6th April 2023 the forn)er charity Treelxard Tnui,, Charity number 1144241. Iransferred 411 its Jwi Hssets 10 this chriiy gmouniin8 10 £23.216,011. fvllowirt8 approval by th¢ Charity Commission. For simplicily. all inveshnent transftts have E¢en within addiiioDS in the period rather than shown sepontely. Mor¢ details for the r¢asonJ behind this are 8iven iti the Tn￿tee5, Report. During the year. £1760 wa5 paid in fe¢J to AP Advisory in ex¢han8¢ for ¢oi¢hinB services provided to the CEO of one Of Tre¢beard Tiusi's ehknty p#rneTS. AP Advisory is owTred operated by Andrew a ttu$*e of TreebeArd Tn￿1. Pase 19 Yreebre4rd Trust CIO DetAUed StattmeDt of FInan¢1￿ Attl%4deg For The Perlod 6 Aprll 2023 to JI December 2023 INCOME AND EYDOISIMENTS Investhieni ltteome R¢nt5 r¢¢¢iv¢d Dividend income Dewsil OttQUDI inierest Othff intcrest 75,( 110.713 73.257 4,353 263.323 Total Incomlni rtJourrtS 263,323 EXPENDITURE ChArlt*ble *¢tl14ti Salary eosi$ In5uratJce Investment mAna8emeni costs Inve8imeni mana8¢m¢ni ¢onsu]iartcy Grnits to irt5titutions 33.165 1,474 45,0 31,416 925,884 1,036.939 Support colts Covtrninee colts Audilors, r¢muncraiion Audjiors, remiinerstion for Audit work Sundrie5 Le8al fee5 IT 5oftwAT¢ and website 8.162 815 4,843 19.430 1,186 34.542 Total resourtt& ¢xpend¢d 1,071,481 Net eiptndlture 1808.1581 This pB8e do¢5 not fonn part ofthe statutory fittarttial $tatem¢nts Pase 20