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2026-04-05-accounts

Trustees’ report and financial statements Registered number 1207859 5 April 2026

Trustees’ report and financial statements 5 April 2026

Contents

Trustees’ report 1
Independent auditors’ report to the Trustees 15
Statement of financial activities 18
Balance sheet 19
Cash flow statement 20
Notes 21

Trustees’ report and financial statements 5 April 2026

Trustees’ report

Reference and administrative information

Trustees Belinda Gordon Daniela Lloyd-Williams Mark Samworth (retired 24 September 2025) Andrew Fordham Kathryn Carney Naeema Ahmed

Registered charity 1207859 number Principal office Chetwode House 1 Samworth Way Melton Mowbray Leicestershire LE13 1GA Independent auditor Saffery LLP Westpoint Peterborough Business Park Lynch Wood Peterborough PE2 6FZ Bankers C Hoare & Co 37 Fleet Street London EC4P 4DQ Solicitors Macfarlanes LLP 20 Cursitor Street London EC4A 1LT

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Trustees’ report and financial statements 5 April 2026

Trustees’ report (continued)

The Trustees present their report and the audited financial statements of The Samworth Foundation for the year ended 5 April 2026. The Trustees have adopted the provisions of the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Objectives and activities for the public benefit

The Samworth Foundation was registered as a Charitable Incorporated Organisation (CIO) on 16 April 2024 (registered charity number 1207859), and it commenced operations on 1 October 2024 when it took over the main business and assets of The Samworth Foundation (registered charity number 265647). The merger between The Samworth Foundation (CIO) and The Samworth Foundation was completed on 2 January 2025.

The Samworth Foundation exists and operates for the public benefit through grant-making and social investment throughout the UK and internationally. In determining its funding strategies and in the administration of the Foundation, the Trustees have paid due regard to the guidance published by the Charity Commission under section 4 of the Charities Act 2011.

The Samworth Foundation is a pro-active funder dedicated to supporting a limited number of causes. Applications are considered on the invitation of the Trustees, or the staff of the Foundation, and unsolicited applications are not accepted.

Strategic focus

The Foundation continued to fund organisations working in its key areas of focus: anti-slavery work in the UK and protecting the country’s natural environment. This year, Trustees also launched a grants programme to support organisations working at the intersection of modern slavery and environmental harm overseas.

Modern Slavery and Exploitation

The Foundation supports work that helps to bring about systemic change and seeks to fund organisations that safeguard people from slavery, including those addressing the systems and structures that enable the issue to persist, whilst also ensuring victims, survivors and those at risk have access to high quality support.

Aim: Building lives free from modern slavery and exploitation

Priorities: Safeguarding people from modern slavery and exploitation Ensuring survivors and those at risk have access to high quality support

Impact goals: Better systems, structures, and practices that reduce the risk of slavery and exploitation Strong, effective organisations working with victims, survivors and those at risk

Environment and Climate Change

The Foundation seeks to safeguard the natural world and looks to fund organisations working to restore and enhance the health of the environment, as well as those who are addressing the systems and structures that have a negative impact on the planet.

Aim: Better agricultural systems that enhance nature and address climate change

Priorities: Initiatives that raise the ambition of governments and others to reform policy and legislation that balance climate, nature, and food production Work that demonstrates the benefits of climate and nature positive farming

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Trustees’ report (continued)

Objectives and activities for the public benefit (continued)

Impact goals: Better systems, structures and practices that lead to a reduction in harm from agriculture Strong, effective organisations working to promote nature and climate positive farming

Modern Slavery and Environmental Harm

The Foundation seeks to fund organisations working at the intersection of modern slavery and environmental harm overseas. Therefore, this programme looks to fund organisations working to address the systems, structures and practices that lead to the exploitation of people and planet.

Aim: Protecting people and planet from exploitation and harm
Priorities: Initiatives that seek to prevent the exploitation of people, nature, and climate in the food and
farming sectors.
Work that demonstrates the benefits of working to protect both people and the environment
in agricultural supply chains.
Impact goals: Better systems, structures, and practices that address the exploitation of people and planet.
Strong, effective organisations working at the intersection of modern slavery and
environmental harm.

Public benefit is generated through grants, donations and social investments to charities and other social sector organisations engaged in activities that support the Foundation’s areas of focus.

Giving Policy

The Foundation’s Giving Policy is primarily aimed towards funding organisations that closely align to its strategic areas of interest. In line with the Foundation’s impact goals, Trustees expect that grants will normally support one or more of the following outcomes:

Trustees consider grant funding as an opportunity to invest in organisations and their people and will look to establish strong, long-term partnerships by providing multi-year grants. Where possible, Trustees will offer unrestricted grants, as unrestricted funding enables organisations to be more flexible and responsive to the needs they identify and gives grant holders control over how the money they receive is spent. Where this is not possible, or where an organisation requests it, Trustees may offer core funding for general operating costs or project specific grants.

This year, the Trustees signed up to the Institute of Voluntary Action Research’s (IVAR) Open and Trusting Grant making Commitments, to indicate the Foundation’s commitment to delivering responsive, flexible funding to organisations, trusting them to react to changing needs and demands.

The Foundation also supports individual Samworth family members in their philanthropic giving, working with them to engage with and contribute to the Foundation, its work and wider social and environmental issues.

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Trustees’ report (continued)

Achievements, performance and plans for future periods

Social Investment Policy

The Foundation views social investments as an effective means to use its funds to further its charitable objectives and increase its overall impact, and this year, the Trustees agreed a Social Investment Policy.

The long-term investment objectives of social investments are to:

a. Strategic core grant giving

The Foundation provided £3,247,875 in grant funding to 43 organisations working in the UK and overseas. The Trustees believe that how they fund is as important as what they fund, and that strong relationships with grant holders across every stage of the Foundation’s grant making is vital to deliver best practice and help organisations become more sustainable.

Strategic core theme 1: Modern Slavery and Exploitation

The Foundation continued its support for organisations working to build lives free from modern slavery and exploitation in the UK. During 2025/26 the Foundation supported 19 organisations with £1,648,450 of funding. Several existing grant holders working to tackle modern slavery and exploitation were awarded new grants, including Baca Charity, Hope for Justice, and New Futures Project. Two organisations that were new to the Foundation also received funding – the Bakhita Centre for Slavery, Safety and Social Justice at St. Mary’s University, and Hope at Home.

In addition, all modern slavery and exploitation grant holders with multi-year awards continued to be offered capacity-building support via The Cranfield Trust.

Strategic core theme 2: Environment

The Foundation continued to fund work promoting farming systems that enhance nature and address climate change. Within this focus, there is support for initiatives that raise the ambition of governments and others to reform policy and legislation that balance climate, nature, and food production, as well as work that demonstrates the benefits of climate and nature positive farming.

During 2025/26, the Foundation supported 21 organisations with £1,370,000 of funding. Three existing grant holders received new awards – Soil Association; Sustain: The Alliance for Better Food and Farming; and Trade Justice Movement, as well as five organisations new to the Foundation – Food, Farming and Countryside Commission; Local Storytelling Exchange; Our Food Trust; Sustainable Soils Alliance; and The Allerton Project.

The Foundation continued as a signatory to the Funder Commitment on Climate Change. This year’s progress report can be found on the Foundation’s website.

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Trustees’ report (continued)

Achievements, performance and plans for future periods (continued)

Strategic core theme 3: The intersection of Modern Slavery and Environmental Harm

This was a new focus for 2025/26. Recognising that the exploitation of people, communities, and the environment are often intertwined, support is directed to organisations working towards strong regulation and enforcement of decent work and environmental protection, particularly in the farming sector, as well as those working directly with stakeholders to promote decent work alongside nature and climate positive agriculture.

During the year, three organisations received a total of £229,425 – Fairtrade Foundation, Financial Investigations for Non-Profit Design (FIND), and Global Canopy.

b. Funder plus and convening

This year, core grant holders have continued to be offered a subscription to the Directory of Social Change (DSC) Funds Online (an online funding database) to support income generation, and a £3,000 bursary to access capacity building support from DSC. They can drawdown the bursary at any point during the life of their grant. DSC is a charity that works to strengthen not-for-profit organisations through training, publications, and other resources. Across the year, 23 organisations accessed their bursary.

In addition, The Cranfield Trust continued to provide grant holders from the modern slavery and exploitation portfolio with access capacity building support. The Trust supports social welfare charities through a range of services, tailored to their needs. They have a network of skilled volunteer consultants and advisers that help charities succeed by offering mentoring, management consultancy, peer support, advice, training and information. Six organisations received support.

Grant holders were also offered the opportunity to learn from and with each other. In November, the leaders of organisations within the modern slavery and exploitation portfolio came together for the day, getting to know each other and looking at opportunities and challenges facing the sector. In March, we commissioned Climate Outreach to deliver a learning event, ‘Britain Talks Farming: How people think and feel about farming’, for those within the Foundation’s environment portfolio, to encourage further thinking around strategic communications and policy work.

c. Exceptional grants and donations

Exceptional grants and donations are offered to areas of interest to the Foundation that do not ‘fit’ within its core areas of focus. In 2025/26, exceptional awards totalled £230,000, including a further £165,000 for The University of Leicester towards its research into early cancer detection, £30,000 to aid Médecins Sans Frontières’ humanitarian work across the world, and £25,000 to the Ian and Clare Mattioli Charitable Trust towards the refurbishment of the memorial garden at Leicestershire Police headquarters.

d. Family Giving

The Foundation supports Samworth Family members with their charitable giving. Over the past 12-months, donations totalling £359,140 have been awarded to a range of causes including conservation, homelessness, children and young people, palliative care, sports, and the arts.

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Trustees’ report (continued)

Achievements, performance and plans for future periods (continued)

The year in numbers

Funding stream Number of organisations Total given
Core grants 43 3,247,875
Funder plus and convening 64* 58,764
Exceptional awards 4 230,000
Family grants and donations 48 359,140
Total 3,895,779

*The number of organisations accessing support, two further charities are providing the services, Directory of Social Change and The Cranfield Trust.

Type of funding awarded across giving streams

----- Start of picture text -----
Funder Plus and Convening
Core operating costs
Unrestricted
Restricted
----- End of picture text -----

e. Impact

The Samworth Foundation achieves its impact by funding the work of charitable, and other not-for-profit organisations. The Foundation team develops strong, positive relationships with grant holders, meeting with them on a regular basis to discuss developments, issues, and challenges. In addition, annual grant reports are expected at the end of each year of funding, which outline progress to date, outcomes, impact, and lessons learnt. At the end of their grant, grant holders must also provide a final report illustrating the difference the award has made. In line with the Foundation’s commitment to open and trusting funding, the team works hard to ensure that reporting is proportionate, and where appropriate, reports for other funders are accepted.

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Trustees’ report (continued)

Achievements, performance and plans for future periods (continued)

This year has again seen a difficult operating context for the social sector, due to rising costs, increasing competition for available funds, and rising demand for services. Several grant holders have faced significant financial challenges, and Trustees have responded positively to urgent funding requests. These have included enabling organisations to draw down their grants earlier than planned, unrestricting funding, and providing additional financial support. These interventions have provided some financial stability to grant holders at critical moments.

Grant reports received indicate that Foundation support has enabled grant holders to contribute to our impact goals of ‘better systems, structures, and practices’ and ‘strong effective organisations’ in both anti-slavery and environmental work. Examples of impact achieved can be found in the case studies overleaf.

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Trustees’ report (continued)

Achievements, performance and plans for future periods (continued)

Case studies

Hope for Justice is based in Manchester with national and international reach. Their work aims to bring freedom from human trafficking and modern slavery by identifying victims, supporting survivors, and preventing exploitation.

The Foundation has funded their work for eight years, including a three-year grant for £300,000 awarded in 2022 to support their UK programmes. This work combines frontline support for survivors with research, influencing and advocacy for improved legislation, policies and systems.

A further £500,000 over five years was granted in 2025 to continue this UK work, including the development of the Independent Modern Slavery Advocate® model which aims for the adoption of a UK-wide, accredited model of independent advocacy for survivors of modern slavery and human trafficking.

“The Hope for Justice team is deeply grateful for the Foundation’s support of our vital work in the UK to strengthen survivor's rights and remove their barriers to systems of support. This has included supporting the development of the Independent Modern Slavery Advocate® (IMSA®) role in national and international frameworks, as well as piloting the IMSA® Model nationally. We are delighted to receive their continued support as we build on this work with a renewed focus on prevention.

“We are always encouraged by the insight, dedication and strategic support that the team bring to the important work of our sector, as well as their dedication to invest in lived experience, which has enabled us to ensure that both lived and learned expertise steers all that we do.

“The Foundation's commitment has made a real difference to the survivors we serve, and we are excited about our continued partnership!” Tim, Nelson Chief Executive Hope for Justice

Baca Charity works with young refugees who have been forced to flee their home country due to war, persecution and trafficking. Baca provides safe homes, education, and therapeutic care and support. Based in Loughborough and Cambridge, Baca supports young people aged 16 to 18 to feel safe and welcome as they rebuild their lives.

The Foundation has funded Baca for 10 years, with grants totalling £584,350 towards their core activities. Recently Baca was offered the opportunity to purchase the building they were renting and from which they deliver services. Alongside their core grant, the Foundation awarded a further £275,000 which helped to secure the building, supporting their ongoing security and sustainability.

Jimmy Zachariah, Chief Executive, Baca, "For a decade now, the Samworth Foundation has supported us. They have been more than just a funder. Instead, the team have been partners in our mission enabling us to welcome young refugees arriving in the UK with no family or community, and equip them to transition to adulthood as resilient participants for the common good - with confidence, capability and strength in character.

“The long-term financial support Baca has received from Samworth, enables us to provide a holistic and therapeutic service that focusses not only on recovery from trauma but also the development of skills and experience necessary for purposeful and sustainable education, employment or training. “The recent capital funding will safeguard a permanent safe space for young refugees to learn, to build community and rebuild their lives for a better future. Furthermore, purchasing our building will underpin our planning and sustainability, as we work intentionally towards achieving our mission."

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Trustees’ report (continued)

Achievements, performance and plans for future periods (continued)

The Nature Friendly Farming Network (NFFN) is a farmer-led membership organisation that supports farmers who want to restore the balance between farming and nature. Working alongside other organisations and public supporters, NFFN provides a strong voice for sustainable food and farming in the UK.

NFFN supports farmers at every stage of their journey towards nature-friendly farming. Through showcasing the experiences of farmers who are leading the way, they share knowledge that empowers those in transition.

The Foundation has supported the NFFN since 2021, with awards totalling £466,740. Their most recent grant of £500,000 over five-years started in 2024.

NFFN is a key organisation providing peer-to-peer support and knowledge transfer for farmers looking to transition to farming that mitigates against climate change, reverses biodiversity decline and safeguards the future of UK agriculture. During 2025, the NFFN hosted 37 events with 1,092 attendees. They saw an 11% increase in farmer members and their farmers volunteered 3,200 hours.

"The NFFN is proud to be the leading farmer voice for climate- and nature-friendly methods which are vital for bringing back biodiversity, boosting farm profitability and aiding resilience to extreme weather. And with the costs of artificial inputs rising once more, there has never been a more pressing time to support farmers in their transition. Funding from Samworth Foundation is helping us to carry out this work, whilst also supporting us to strengthen and develop the NFFN itself, enabling us to deliver more support for the farming community." Cheryl Nicholson, NFFN Chief Finance Officer.

The Wildlife Trusts are on a mission to bring wildlife back. The Wildlife Trusts is a federation of 46 individual Wildlife Trusts and one central charity, the Royal Society of Wildlife Trusts (RSWT). The Foundation has supported the central charity since 2020 with awards totalling over £850,000.

A priority for RSWT’s work on agriculture has been a successful campaign to protect the farming budget in England, to ensure that farmers continued to receive support to work in a nature and climate resilient way. They used their collaborative report, “For farming, nature and climate”, as evidence to support the campaign.

In addition, following the sudden closure of England’s Sustainable Farming Incentive (SFI) in March 2025, RSWT supported individual Wildlife Trusts to connect with and back their farming networks, and worked with others on recommendations for a refreshed SFI scheme to influence the Department of Food and Rural Affairs (Defra) to better support farmers to manage their land sustainably. The new SFI will open for applications in June 2026.

“The support from Samworth Foundation allowed us the time and resources to discuss, interrogate and decide on some vital areas of farming and food systems policy, at a critically important moment for The Wildlife Trusts’ federation of 47 organisations.

“During this time, we also helped Wildlife Trusts with their Nature Recovery contracts with Defra and generated legal advice on these contracts which were very complex and involved a significant amount of money. By coordinating advice, we avoided multiple Wildlife Trusts seeking individual legal advice so avoiding duplication, which is one of the aims of The Wildlife Trusts Strategy 2030.” Joan Edwards OBE, Director Policy and Public Affairs, The Wildlife Trusts.

Financial Review

a. Financial policies

The Foundation has an endowment to support charitable causes now and for generations to come. Although the endowment is legally expendable; the Foundation holds most of its assets as investments to provide income for

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Trustees’ report (continued)

Financial Review (continued)

grant making and operating costs in perpetuity. Both income from the investment portfolio and the underlying capital can be used to support the Foundation’s activities.

Due to the nature of the Foundation’s grant making, funds are required: a) in the short-term to fund working capital; b) over the next 1-5 years to fund potential investments in new initiatives, and c) in the long-term to provide ongoing income and capital growth to meet long-term giving requirements.

The Foundation’s investment objective is to produce a total return that meets its grant giving goals and operational needs whilst preserving the long-term real value of the endowment. Trustees therefore aim to generate a return of least inflation plus 5% over the longer-term. This will allow them to at least maintain the real value of assets whilst generating a stable and sustainable income to support the Foundation’s work. The inflation measure most relevant to the Foundation’s expenditure is the consumer price index (CPI).

The Foundation’s long-term time horizon is at least 25 years, with individual investment managers being given a five years+ period of management, subject to changes in management and investment strategy.

The Foundation also holds cash in both a current and deposit account for operating costs, grants committed and not yet paid, and money for future grant-making.

a. Reserves Policy

The Samworth Foundation holds unrestricted assets of £66,705,420 (2025: £62,993,134) and a reserves policy is therefore not strictly necessary. However, Trustees consider it prudent to hold cash reserves to draw on during periods of market volatility or downturns. In 2021, the Trustees decided to build up this liquidity reserve to cover up to two years of expenditure on core grants, equivalent to £5 million. By the end of the year the liquidity reserve stood at £5,159,507 (2025: £4,439,526), forming part of the Foundation’s overall unrestricted assets.

The Trustees continue to retain any unused funds as reserves for future income or capital.

The Trustees are satisfied that the Foundation’s assets are available and adequate to fulfil its obligations.

b. Investment review

The Foundation’s primary investment is a UK listed investment, which was valued at £60,608,935 on 5 April 2026 (2025: £57,186,615). There was an increase in the value of this investment over the year of £3,442,321 (2025: £2,377,155 decrease) , comprising an increase in value of £4,442,321 (2025: £122,844) and the realisation of £1,000,000 (2025: £2,500,000) through sales from the investment portfolio to meet our projected working capital requirements for the year as well as being used to build the Liquidity Reserve.

The Trustees continued to follow a prudent schedule of raising any necessary capital on an as needed basis, with the switch to re-investing in or re-building the Liquidity Reserves in a similar cautious manner. Geopolitical and economic uncertainty continued to impact global markets this year, impacting on performance against the investment target of CPI+5%.

The Foundation’s investment returned 4.1% over the last 12 months to 31 March 2026, with the Investment Target of CPI+5% measuring 8.2% for the same period. Over a 5-year rolling period to 31 March 2026, the Foundation’s investment returned 18%, with the Investment Target of CPI+5% measuring 64.9%. The rolling performance over the last 5 years is impacted by the high level of inflation during 2022 and March 2026 figures have seen 2021’s strong performance when the Fund was up 24.6% compared to CPI+5% at 6.6%, replaced by 2026 when the Fund lagged CPI by 4%.

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Trustees’ report (continued)

Financial Review (continued)

The Trustees are aware that the Foundation’s mission or its credibility may be undermined if it invests in businesses whose activities undermine its values and funding objectives. Therefore, the Trustees follow a responsible approach to investment and are open to involvement with strategies with enhanced environmental, social and governance (ESG) impact as opposed to narrowly focused strategies which may have meaningful exposure to controversial areas.

c. Risk management

The Trustees are responsible for the oversight and management of the risks faced by the Foundation. They regularly review the Foundation’s risk position, internal controls assessment and compliance with relevant statutory and financial regulations.

In 2026, the Trustees identified the following main risks:

a) Investment activities. The Foundation uses financial instruments comprising cash and investments. The main purpose of these is to finance the working capital cycle of the Foundation and the longer-term income and capital needs. Risk is managed by regular reviews of investments and objectives at Trustee meetings, monitoring performance relative to objectives and employing fund managers to achieve a diversified portfolio within the investment. Investment performance is referred to in ‘Investment Review’ above.

b) Loss of key people. The Foundation has a small staff team of three. The Foundation aims to retain its employees by having clear job descriptions, robust people policies, flexible working practices, annual appraisal and development conversations, and regular one-to-ones and team meetings. In addition, administrative, grant making, and grant management processes are clearly documented to enable a smooth handover in the event of an employee leaving the organisation.

c) Grant making. Applications for funding are invited, and the grants team carries out due diligence, and meets with all potential applicants prior to inviting them to submit a proposal. Once a grant is approved by Trustees, grant holders sign up to terms and conditions, and robust monitoring and reporting processes are in place to ensure grants are well managed and evaluated.

d. Review of income and expenditure

Total income for the year was £3,244,446 (2025: £2,849,755), of which £580,108 was from investments (2025: £672,609), and £2,658,200 was from a generous unrestricted donation from Samworth Brothers Limited (2025: £2,170,900).

The Foundation has two streams of expenditure: grants and donations, and the running costs of the Foundation. Total expenditure on charitable activities amounted to £4,174,433 (2025: £3,443,688) including grants of £3,536,639 (2025: £2,736,995) and donations of £359,140 (2025: £396,128).

e.

Social investments

This year, the Foundation provided The Jericho Trust with a loan of £100,000 to enable them to purchase and refurbish a property to provide safe and secure housing for refugees.

The Foundation continued to support its social investment via the Resonance Social Investment Fund – National Homelessness Property Fund, until the end of the five-year term.

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Trustees’ report (continued)

Financial Review (continued)

In 2020/21, the Foundation made a Social Investment in Charity Bank with a one-off investment to subscribe for 50p Ordinary shares in the capital of the Charity Bank, at a cost of £500,000. This year we received a dividend payment of £17,577 (2025: £27,921).

Structure, governance and management

Established by a Trust Deed in 1973, The Samworth Foundation was registered as a charitable incorporated organisation (CIO) on 16 April 2024 (registered charity number 1207859), and it commenced operations on 1 October 2024 when it took over the main business and assets of The Samworth Foundation (registered charity number 265647). The merger between The Samworth Foundation (CIO) and The Samworth Foundation was completed on 2 January 2025.

a. Trustees

The Foundation saw one change to the Trustee Board during the year; Mark Samworth retired as Trustee in September.

All Trustees are invited to appropriate training and development sessions delivered by external sources. In addition, Trustees are invited to meet with grant holders and attend relevant conferences and events, such as the Environmental Funders Network Annual Retreat and the Association of Charitable Foundations (ACF) Annual Conference, and external speakers are regularly invited to Board meetings.

Trustees meet four times each year to set and oversee the delivery of the Foundation’s strategy and approve grant applications that are brought forward by the Foundation Director and Grants Managers.

Trustees and staff are expected to conduct the business of the Foundation with integrity at all times. Trustees are required to disclose all relevant interests and to register them in accordance with the Foundation’s Conflict of Interest Policy and to withdraw from decisions where a conflict arises. As per our Gift and Hospitality Policy, any relevant gift or hospitality received by Trustees and/or staff is also recorded in the Register of Interests.

Grants made to any organisation with whom a Trustee of the Foundation has a close personal connection are disclosed in the related party transactions note, forming part of the financial statements.

Mark Samworth, a Trustee of the Foundation until September 2025, is a Director of Samworth Brothers Limited, Samworth Brothers (Holdings) Limited, and SFE Chetwode Limited. SFE Chetwode Limited provides administration and accounting support together with office space to the Foundation. Amounts charged by SFE Chetwode Limited are noted in note 17.

Naeema Ahmed, a Trustee of the Foundation, is Manager of BASNET, the UK BME Anti-Slavery Network, established and delivered by AFRUCA Safeguarding Children. AFRUCA is one of the Foundation’s grant holders, with funding supporting the work of BASNET. The amount awarded to AFRUCA can be found in note 5.

Apart from the initial terms of the first charity Trustees (as indicated in the Constitution), every Trustee must be appointed for a term of three years. Apart from Trustees who are members of the Samworth Family (who may be reappointed for more than three consecutive terms) a Trustee who has served for three consecutive terms may not be reappointed for a fourth consecutive term.

b. Foundation team

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The day-to-day operational management of the Foundation’s affairs is delegated by the Trustees to a small team of three employed staff, a Director and two Grants Managers. They are responsible for ensuring that Trustee

Trustees’ report (continued)

Structure, governance and management (continued)

decisions are implemented in accordance with existing policy and within budget, for briefing the Trustees on current trends in the charitable sector and for advising on how these may affect policy.

c. Key management personnel remuneration

No Trustees, or person with a family or business connection with a Trustee, received remuneration in the year, directly or indirectly, from the Foundation (2025: £nil).

The Foundation considers its key management personnel to be the Director and the two Grants Managers. The Trustees set and review their remuneration at least annually, having regard to performance and market rates. One employee received total benefits within the band £60,000 to £70,000 (2024: one).

Basis of preparation

The Trustees confirm that the Trustees’ report and financial statements of the Foundation comply with the current statutory requirements. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective January 2019) and the Charities Act 2011 and UK Generally Accepted Practice.

Statement of trustees’ responsibilities in respect of the trustees’ report and the financial statements

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, applicable accounting regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the Trustees on 8th July 2026 and signed on their behalf by:

Dr Daniela Lloyd-Williams Trustee

The Samworth Foundation Chetwode House 1 Samworth Way Melton Mowbray Leicestershire LE13 1GA

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Independent auditors’ report to the Trustees

Opinion

We have audited the financial statements of The Samworth Foundation for the year ended 5 April 2026 which comprise The Statement of Financial Activities, Balance Sheet and Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

Registered number 1207859 / 5 April 2026

15

Trustees’ report and financial statements 5 April 2026

Independent auditors’ report to the trustees (continued)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 12, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the Trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with Trustees and updating our understanding of the sector in which the charity operates.

Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.

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16

Trustees’ report and financial statements 5 April 2026

Independent auditors’ report to the trustees (continued)

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Saffery LLP Statutory Auditors Westpoint Peterborough Business Park Lynch Wood Peterborough PE2 6FZ

Date: 8th July 2026

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Registered number 1207859 / 5 April 2026

17

Trustees’ report and financial statements 5 April 2026

Statement of financial activities Statement of financial activities
for the year ended 5 April 2026
Note 2026 2025
£ £
Total Total
funds funds
Income and endowments from:
Donations 2 2,664,338 2,177,146
Investments 3 580,108 672,609
Total 3,244,446 2,849,755
Expenditure on:
Charitable activities 4 (4,174,433) (3,443,688)
Total (4,174,433) (3,443,688)
Net gains on investments 11 4,642,271 302,911
Net income/ (expenditure) 3,712,284 (291,022)
Net movement in funds 3,712,284 (291,022)
Reconciliation of funds:
Total funds brought forward 15 62,993,134 63,284,156
Total funds carried forward 15 66,705,418 62,993,134

All activities relate to continuing operations.

The above results relate wholly to unrestricted funds.

The notes on pages 21 to 34 form part of these financial statements.

Registered number 1207859 / 5 April 2026

18

Trustees’ report and financial statements 5 April 2026

Balance sheet
as at 5 April 2026
Note
Fixed assets
Tangible assets
10
Investments
11
Social investments
12
Current assets
Debtors
13
Cash at bank
Creditors:amounts falling due within one year
14
Net current assets
Total assets less current liabilities
Creditors:amounts falling due after more than
one year
Net assets
The funds of the Foundation
Restricted funds
Unrestricted funds
15
Total Foundation funds
15		 2026
£
£
5,000
65,768,441
897,792
66,671,233
20,596
461,807
482,403
(448,218)
34,184
66,705,418
-
66,705,418
-
66,705,418
66,705,418		 2025
£
£
5,000
61,626,171
800,000
62, 431,171
11,912
815,310
827,222
(265,259)
561,963
62,993,134
-
62,993,134
-
62,993,134
62,993,134

These financial statements were approved by the Trustees on 8th July 2026 and were signed on its behalf by:

Dr Daniela Lloyd-Williams

Chair

The notes on pages 21 to 34 form part of these financial statements.

Registered number 1207859 / 5 April 2026

19

Trustees’ report and financial statements 5 April 2026

Cash flow statement
for year ended 5 April 2026
Note
2026
£
Cash flows from operating activities
Net (expenditure)/income for the reporting period
3,712,284
Adjustments for:
(Gains) on investments
11
(4,642,271)
Dividends and interest from investments
(580,108)
(Increase) in debtors
13
(8,684)
Increase in creditors
14
182,960
Net cash outflow from operating activities
(1,335,819)

Cash flows from investing activities
Dividends and interest from investments
580,108
Purchase of investments
(2,097,792)

Sale of investments
11
2,500,000
Net cash from investing activities
982,316
Net cash from financing activities
-
Change in cash and cash equivalents in the year
(353,503)
Cash and cash equivalents at the beginning of the year
815,310
Cash and cash equivalents at the end of the year
461,807
Analysis of changes in net debt
At 6 April 2025
Cash flowsAt 5
Cash and cash equivalents at the end of the year
815,310
(353,503)		 2025
£
(291,022)
(302,911)
(604,840)
(8,178)
58,979
(1,147,972)
604,840
(1,700,000)
2,500,000
1,404,840
-
256,868
558,442
815,310
April 2026
461,807

The notes on pages 21 to 34 form part of these financial statements.

Registered number 1207859 / 5 April 2026

20

Trustees’ report and financial statements 5 April 2026

Notes

(forming part of the financial statements)

1 Accounting policies

Charity Information

Samworth Foundation is a charity domiciled and registered in England and Wales.

The registered office is: Chetwode House, 1 Samworth Way, Melton Mowbray, Leicestershire, LE13 1GA

Basis of preparation and assessment of going concern

The Foundation is a public benefit entity.

The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective January 2019) - Charities SORP (FRS 102), and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective January 2019) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

On 1 October 2024, The Samworth Foundation received the net assets and undertakings of The Samworth Foundation, an existing unincorporated trust with the same objectives as The Samworth Foundation, CIO. This reconstruction has been accounted for under the merger accounting method in accordance with the Charities SORP (FRS102).

The effect of merger accounting is to bring the combining entities together so that the financial information is presented as if the CIO had been the only entity for the whole of both periods.

Going concern

The Trustees consider that there are no material uncertainties about the Foundation’s ability to continue as a going concern. The Trustees meet regularly and consider investment performance alongside longterm cash flow projections and ongoing grant giving.

Areas of judgement and key assumptions

The most significant areas of judgement and key assumptions that affect items in the accounts relate to estimating the liability from multi-year grant and donation commitments (see note 5). With respect to the next reporting period, the most significant areas of uncertainty that affect the carrying value of assets held by the Foundation are the level of investment returns and the performance of investment markets (see the Trustees’ annual report).

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Foundation and which have not been designated for other purposes.

Restricted funds are subject to specific conditions by donors as to how they may be used.

Registered number 1207859 / 5 April 2026

21

Trustees’ report and financial statements 5 April 2026

1 Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when the Foundation has entitlement to the funds, probable receipt of funds and the amount can be measured with sufficient reliability.

All monetary donations are included in the financial statements when receivable, provided there are no donor-imposed restrictions as to the nature or timing of the related expenditure, in which case recognition is deferred until the pre-condition has been met.

Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation.

Investment income, including associated tax recoveries, is recognised when receivable.

Resources expended

Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities, they have been allocated on a basis consistent with the use of resources.

Support costs are those costs incurred directly in support of expenditure on the object of the Foundation.

Governance costs are those costs incurred in connection with the administration of the Foundation and compliance with constitutional and statutory requirements.

Grants and donations payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants and donations offered subject to conditions which have not been met at the year end are noted as a contingent liability, but not accrued as expenditure.

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation and any provision for impairment.

No depreciation is provided on freehold land.

Investments

Investments are stated at market value at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

Social investments

Social investments are initially recognised and measured at the amount paid. The carrying value amount is adjusted in subsequent years to reflect repayments and any accrued interest, and adjusted if necessary, for any diminution in value.

Financial instruments

Basic financial instruments include debtors and creditors. The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their amortised cost.

Registered number 1207859 / 5 April 2026

22

Trustees’ report and financial statements 5 April 2026

Notes (continued)

2 Voluntary income

Donations
 2026
2025
£
£
Total
funds
Total
Funds
2,664,338
2,177,146


2,664,338
2,177,146

The current year and prior year ends relate wholly to unrestricted funds.

3 Investment income

Income from listed investments
Bank deposit interest
Social investment interest


 2026
£
Total
Funds
535,669
17,083
27,356


580,108

 2025
£
Total
Funds
604,840
30,695
37,074

672,609

The current year and prior year ends relate wholly to unrestricted funds.

Registered number 1207859 / 5 April 2026

23

Trustees’ report and financial statements 5 April 2026

Notes (continued)

4
Expenditure on charitable activities
Grants (note 5)
Donations (note 5)
Support costs (note 6)
Governance costs (note 7)

The current year and prior year ends relate wholly to unrestricted funds.
5
Grants and donations to charitable organisations
Core grants
Convening grants
Cost of living grants
Funder plus
Exceptional grants		 2026
£
Total
Funds
3,536,639
359,140
196,107
82,547

4,174,433


2026
£
Total
Funds
3,247,875
11,553
-
47,211
230,000
3,536,639		 2025
£
Total
Funds
2,736,995
396,128
179,539
131,026

3,443,688

2025
£
Total
funds
2,387,712
-
26,000
54,423
268,860

2,736,995		 2025
£
Total
Funds
2,736,995
396,128
179,539
131,026

There were 95 (2025: 62) grants made to organisations during the year amounting to £3,536,639 (2025: £2,736,995) .

The current year and prior year ends relate wholly to unrestricted funds.

Donations


 2026
£
Total
Funds
359,140


359,140

 2025
£
Total
funds
396,128
396,128

There were 64 (2025: 77) donations made to organisations during the year amounting to £359,140 (2025: £396,128) .

The current year and prior year ends relate wholly to unrestricted funds.

Registered number 1207859 / 5 April 2026

24

Trustees’ report and financial statements 5 April 2026

Notes (continued)

5 Grants and donations to charitable organisations (continued)

Reconciliation of grants and donations payable:

econciliation of grants and donations payable:
2026 2025
£ £
Accrued at 6 April 2025 238,969 166,808
Grants and donations payable for the year 4,070,187 3,205,284
Grants and donations paid during the year (3,895,779) (3,133,123)
Accrued at 5 April 2026 413,377
 238,969
Payable as follows:
Grants and donations payable <1 year – organisations 413,377 238,969
Grants and donations payable >1 year – organisations - -
413,377
 238,969

All grants and donations payable in the current and prior year are payable from unrestricted funds.

Registered number 1207859 / 5 April 2026

25

Trustees’ report and financial statements 5 April 2026

Notes (continued)

5 Grants and donations to charitable organisations (continued)

rants and donations to charitable organisations(continued)
2026
Core grants £
Made from unrestricted funds:
The Baca Charity 359,740
Hope for Justice 184,350
Royal Society of Wildlife Trusts 130,000
The Soil Association 125,000
Abi Billinghurst & Associates (Abianda) 120,000
AFRUCA - Safeguarding Children 100,500
Nature Friendly Farming Network 100,000
Helen Bamber Foundation 100,000
Real Farming Trust 95,000
The Green Alliance Trust 95,000
Unseen (UK) 88,860
The Snowdrop Project 85,000
Financial Investigations for Non-Profit Design 79,425
The Fairtrade Foundation 75,000
Anti Trafficking and Labour Exploitation Unit (ATLEU) 75,000
Global Canopy 75,000
Wildlife and Countryside Link 70,000
Justice and Care 60,000
Labour Climate and Environment Forum 60,000
Conservative Environment Network 60,000
ClientEarth 60,000
Anti-Slavery International 60,000
Peers for the Planet 60,000
Sustain: The Alliance for Better Food and Farming 60,000
CHEM Trust 60,000
Medical Justice Network Limited 60,000
ECPAT UK 50,000
New Futures Project 50,000
Trade Justice Movement 50,000
Linking Environment and Farming 50,000
Pesticide Action Network UK 50,000
Food, Farming and Countryside Commission 50,000
Bakhita Centre for Research for Slavery, Safety and Social Justice 50,000
Hope at Home 50,000
Local Storytelling Exchange 50,000
Allerton Research & Educational Trust 45,000
Voice of Domestic Workers 45,000
Baobab Centre for Young Survivors in Exile 40,000
Sustainable Soils Alliance 40,000
Human Trafficking Foundation 40,000
Rebuild East Midlands 30,000
Our Food Trust 30,000
Environmental Funders Network 30,000

3,247,875

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26

Trustees’ report and financial statements 5 April 2026

Notes (continued)

5
Grants and donations to charitable organisations(continued)
Convening grants
Made from unrestricted funds:
Grants under £3,000
Funder Plus
Made from unrestricted funds:
Directory of Social Change
The Cranfield Trust		 2026
£
11,553
11,553
2026
£
40,661
6,550
47,211

23 (2025: 23) grant holders accessed training and development bursaries provided by the foundation via the Directory of Social Change, and 6 (2025: 10) organisations have engaged with The Cranfield Trust.

Exceptional grants
Made from unrestricted funds:
University of Leicester
Médecins Sans Frontières (UK)
Ian and Clare Mattioli Charitable Trust
Home-Start Corby		 2026
£
165,000
30,000
25,000
10,000
230,000

Registered number 1207859 / 5 April 2026

27

Trustees’ report and financial statements 5 April 2026

Notes (continued)

5 Grants and donations to charitable organisations (continued)

Donations
Made from unrestricted funds:
Transplant Links
Centre for Social Justice Foundation
The Woodland Trust
Belvoir Education & Sports Trust
Royal Academy of Music
Dogs for Autism
Education for All Morocco
Archelon
Nuffield Farming Scholarships Trust
Sands (via The Big Give)
Donations under £10,000
 2026
£
55,000
40,000
30,000
29,000
25,000
15,000
15,000
15,000
15,000
10,000
110,140
359,140

There is a contingent liability totalling £4,443,579 (2025: £3,901,640) in respect of grants and donations that the Foundation has given initial approval for, to be made out of unrestricted funds. This is broken down as £4,436,622 in respect of grants and £6,957 in respect of donations. These grants and donations are subject to an annual review being made by the Foundation. The total commitment is therefore not provided for in these financial statements. It is payable as follows:

Year ending 5 April 2027
Year ending 5 April 2028
Year ending 5 April 2029
Year ending 5 April 2030		 Grants
Donations
£
£
2,378,552
6,957
1,288,070
-
480,000
-
290,000
-
4,436,622
6,957

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28

Trustees’ report and financial statements 5 April 2026

Notes (continued)

6 Support costs

Advisors’ fees
Administration expenses
Sundry expenses


 2026
£
Total
funds
173,555
5,728
16,824


196,107

 2025
£
Total
Funds
157,540
4,372
17,627

179,539

The current year and prior year ends relate wholly to unrestricted funds.

7 Governance costs

Auditor’s fees
Audit and accounts fees (including
VAT)
Taxation fees
Professional fees
Accountancy and administration fees
Sundry expenses


 2026
£
Total
funds
19,122
1,944
4,402
22,911
34,168


82,547

 2025
£
Total
funds
15,615
2,595
61,642
23,260
27,914

131,026

The current year and prior year ends relate wholly to unrestricted funds.

8 Staff numbers and costs

The average number of employees during the year was as follows:

Management of the Foundation
Administration of the Foundation		 2026
1
2
3
 2025
1
2
3

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Trustees’ report and financial statements 5 April 2026

Notes (continued)

8 Staff numbers and costs (continued)

The aggregate payroll costs of these persons were as follows:

Wages and salaries
Social security costs
Other healthcare costs
Other pension costs


 2026
£
Total
funds
142,154
6,657
1,193
8,407


158,411

 2025
£
Total
funds
134,555
7,775
2,030
7,965

152,325

Expenses reimbursed to Foundation staff are included in sundry support costs.

One employee received emoluments within the band £60,000 to £70,000 (2025: One employee within the band £60,000 to £70,000).

9 Trustees’ and key management personnel remuneration and expenses

No Trustees, or person with a family or business connection with a Trustee, received remuneration in the year, directly or indirectly, from the Foundation (2025: £nil).

The Foundation considers its key management personnel to be the Director and the two Grants Managers. The Trustees set and review their remuneration at least annually, having regard to performance and market rates. One employee received emoluments within the band £60,000 to £70,000 (2025: one employee within the band £60,000 to £70,000).

The total remuneration (including salaries employers pension contributions and benefits paid to key management personnel during the year was £151,754 (2025: £144,550).

Expenses amounting to £3,653 were reimbursed to six Trustees during the year in respect of travel costs (2025: £1,756 to six Trustees).

10 Tangible fixed assets

angible fixed assets
Freehold land
£
Cost
At 5 April 2025 and 5 April 2026 5,000

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30

Trustees’ report and financial statements 5 April 2026

Notes (continued)

11 Fixed asset investments

ixed asset investments
Listed securities
£
Market value
At 5 April 2025 61,626,170
Additions 2,000,000
Disposals (2,500,000)
Revaluations 4,642,271
At 5 April 2026 65,768,441
Historical cost 39,372,568

The investment is a UK listed investment.

The difference between the historical cost and market value of investments amounting to £26,395,874 (2025: £21,753,603) is reflected in the unrestricted fund.

12 Social investments

Net book value
At 5 April 2025
Additions
Repayments
At 5 April 2026		 £
800,000
100,000
(2,208)
897,792

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Trustees’ report and financial statements 5 April 2026

Notes (continued)

12 Social investments (continued)

Social investments comprise:

ocial investments comprise:
Social Social
investments investments
2026 2025
£ £
National Homelessness Property Fund Limited Partnership 300,000 300,000
The Charity Bank Limited 500,000 500,000
Jericho Trust 97,792 -
897,792 800,000

The mission of the Homelessness Property Fund is to provide decent and affordable homes for people facing homelessness in Bristol, Oxford and Milton Keynes.

As part of the Covid-19 Emergency Response fund, the Foundation made a social investment in The Charity Bank Limited with a one-off investment of £500,000. This investment was made to strengthen the charity sector’s resilience and infrastructure as a whole.

This year, the Foundation provided The Jericho Trust with a loan of £100,000 to enable them to purchase and refurbish a property to provide safe and secure housing for refugees.

13 Debtors

Prepayments and accrued income 2026
£
20,596
20,596		 2025
£
11,912
11,912

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32

Trustees’ report and financial statements 5 April 2026

Notes (continued)

14 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Trade creditors
Accruals
Grants and donations payable
Social security
Other creditors		 2026
£
5,268
23,790
413,736
3,846
1,578
448,218		 2025
£
6,780
22,770
232,189
3,371
149
265,259

Grants and donations payable includes £40,000 to Centre for Social Justice Foundation, £275,000 to The Baca Charity, £50,000 to ECPAT UK, £30,000 to Medecins Sans Frontieres (UK) and £10,000 to Go Beyond.

15 Analysis of charitable funds

2025
Funds brought
forward
£
Restricted funds
-
Unrestricted
funds
62,993,134

Total funds
62,993,134
 2026
Income
Expenditure
Unrealised
gains/(losses)
Funds carried
forward
-
-
-
-
3,244,446
(4,174,433)
4,642,271
66,705,418

3,244,446
(4,174,433)
4,642,271
66,705,418

Registered number 1207859 / 5 April 2026

33

Trustees’ report and financial statements 5 April 2026

Notes (continued)

16 Payments to Trustees and related party transactions

No Trustee, or person with a family or business connection with a Trustee, received remuneration in the year, directly or indirectly, from the Foundation (2025: £nil).

Expenses amounting to £3,653 were reimbursed to six Trustees during the year in respect of travel costs (2025: £1,756 to six Trustees).

Mark Samworth, a Trustee of the Foundation until 24 September 2025, is a Director of Samworth Brothers Limited, Samworth Brothers (Holdings) Limited, and SFE Chetwode Limited.

During the year a donation amounting to £2,658,200 (2025: £2,170,900) was received from Samworth Brothers Limited.

SFE Chetwode Limited charged the Foundation for the provision of administration and payroll support together with office space, amounting to £7,160 for the year (2025: £5,465).

Naeema Ahmed, a Trustee of the Foundation, is employed by AFRUCA Safeguarding Children as Senior Network Manager of BASNET, the UK BME Anti-Slavery Network. AFRUCA received a grant of £100,750 (2025: £50,000) which included funding towards the work of BASNET.

Registered number 1207859 / 5 April 2026

34