The Mount Everest Foundation rt and Accounts Year ended 31 March 2024 ort of the Trustees fof the ear to 31 March 2024 l (rtluding the tl'rector8' Report prepar•J in accordan￿ *ith the Companie8 Actgl The Foundation was constltlrted as a company Ilmlted by 8uarantee on 28 January 1955 and is 8overned by Its Arricles of Association. TheTrustees present thelr annual report and accounts forthe F£￿ndation together with the directors, report prepared in accordance with the Cornpanle5 Acts. The financial ststements have been prepared In accordance wlth the ac¢ountlng pollcles set out on page 11 and with the Accountlng and Aeportlng by Charltie5 Statement of Recommended Practice applicable to charltles preparln8 their accounts in accordancè wlth the Financial Reportln8 standard in the UK and Republic of Ireland IFRS1021 leffectNe l January 20151 As a cornpany limited by guarantee, 311 the Trustees refèrred to in these finarKlal statement5 also act as Dlre(tors. ,Oblects The Mount Everest Foundatlon's objerts are to encourage and support expedltlons for the exploration and research in the mountain areas of the world, It pursues these objects malnly by makin8 8rants to appropriate expeditions. An independent Screenlng Commlttee considers all applications in the first instance and takes expert advice where appropriate. The kreening Committee's recommendations are then conydered by the Mèna8ement Committee of Trustees. It Is a condition of all grantsthat a detailed post-expeditlon report must be submrtted. These ore held in the librarles of the Alpine aub. the Royal Geogrdphicèl Society. and the Brit15h Mountaineerin8 Council. and they are summarlsed annually in the Alpine Journal. Medical ané sdentlfic work Is aLs0 written up in appropriate professlonal journals Grant5 approved for the year totalled £112.8(KJ to 27 expedltions.12022-23 £84,500 to 23 expeditions} Expedltlon grants were made to expeditiorbs to Alaska. Borneo, Greenland. Chile, Svalbard. Peru. Kyrgyzstan, Tajikistan, India. Pakistan. Bhutan and Nepal and other academic research was undertaken. The 70th Anniversary of the Ascent of Everest was celebrated in London135t June with a joint lecture at the RGS organised largely by the Himalayan Trust but run jointly with the MEF. A promotional film on our activitles was produced, which was shown at the event. A fundraising lecture at the RGS was Elven by Brlan Hall last ljrtober. Thls ralsed money for the Nepal MountaineeringA&5n Welf3re Fund towhom we gave a dOnat￿n of £12CK). A seminar at Plas y Brenin on Women's Expeditions was 5UPPQrted by the MEF. An MEF sponsored lecture at the Kendal Mountaln Festival was a selk)ut. One expeditlon in 2023 to Jugal Spire, 5UPPQrted by the MEF was Elven a Plolet d'or for an outstandlng achlevement last year. The trustees agreed in December 2023 to extend the grants which are made to Include Nepalese nationals in fLrture grants. One expedition from Nepalese mounLiineers has already been made grant for a climbin2 expedition to the west of Nepal during 2024. The Trustees, having regard to the Public Benefit guidance published by the Charlty Commission. in accordance with Settion 17 of the Charities Art 2011, consider that the purpose ar)d actlvltles of the charlty satlsfy the requlrements of the publlc beTheflt test set out in Sectlon 4 of the same Act. Results The financial statements are set out on pages 7 to 13. In respert of the year. 27 expeditions were awarded grants of between £1350 and £6,5CM) each. These 8rant5 were maée from investments and other income, arisin8 from funds whlch are held for such purposes. Total 8rants awarded for the year arnounted to £112,80012022- 23 £ 84,5001 The Trustees consider that all 8rants awarded in the year 2023-24 met the requlrements of the Foundatlon's constltution. Net out8olng resources for the year ifter 8rant award5 amounted to £65.60012022-23 £31,7Cill. Net Investment profits were £l92,4￿12022-23 £26,8Tr)l. The net increase In fvnds for the year was £124,OLKI12022-23 decrease £246,000). The Foundation's cash resources at the balance sheet date were sufflcient to meet the113bilities outstanding at the time. Its activities are experted to increase following the lifting of current travel re5tri¢tion5. The Foundation's perfornlance is dependent upon the level of income and galns ar151ng from Its Investment portfolio. and from bequests and donatlon5 made, na eme mmitte The Foundation is mana8Èd by Its Management Commlttee. Thls Commlttee nomally conslsts of elght persons, appolnted equally by the Alplne aub and the Royal Geo8raphlcal Soclety, each of whom hold5 Offi'ce for six years. Commtttee members are Trustees of the Foundation. They appoirt, as officers, a Secretary and a Treasurer. Trustees are appointed according to suitability and knowledge of mountalneerinE and remote regions of the world. The Member5 of the Committee dvTing the year to 31 March 2024 were: R Stephens Ichairl lappolnted 23 November 20231 PD Sperry Iresigned 21 March 2024) Dr CRA Clarke Iresigned 21 March 2024) Adele Lon8 lappolnted 21 March 20241 Malcolm Bass (appointed 21 March 2024) RA Coatsworth (treasurer) JS d3 Silva Prof HJ Fowler DrG Hurford Dr P Satyal Dr JL Wadham S Win5er I resigned 23 November 20231 The Hon Secretary is J E Porter Statement of Mana ent Committee's Re5 on5ibilities Company law requires the Members of the Management Comminee to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Foundations, and of the surplus or deficit of the Foundation for that perlod. In preparin8 these firrancial statements, the Members of the Management Committee are required to.. Selert sultable accounting policie5. and then apply them consistently. observe the methods and principles of the appllcable Charitles SORP and Companies Acts. stste whether applicable accountin8 Standards ha¥e been followed subject to any material dePartu￿S that must be disclosed and explained in the financial statements. Make jud8ments and estimates that are reasonable aFKI prudert Prepare the financial statement5 On the "goin8 concern. basis, unless it 15 inappropriate to presume that the Foundatii>n wlll continue in operatlon. The Members of the Management Committee are responsible for keepin8 proper accounting records, whlch dlsclose with reasonable accuracy at any time the financial position of the Foundatlon, to enable them to ensure that the financlal statements comply with the Companles Act 21J)6. They are responsible for safe8uarding the assets of the Foundation, and hence for takln8 reasonable steps for the prevention and detection of fraud and othel Irre8ularltles. A Screenln8 Comrnittee conslders, In the first Instance. appllcation5 for support bythe Foundation. The members of this Commlttee on 31 March 2024 were: L N Griffln- Chalrman Profc aark P. Ramsden Prof. CHE Imray J Freeman-Attwood K Cool Dr B Coles N Colton The 5cTeenln8 commlttee has met twlce durlng the year. vls The Foundation's bankeT5 are Royal Bank of Scotland. 4￿50 Charln8 Cross, London, SWIA 20X. Its investment advi50r5 are Quilter Che¥lot, 85 Queen Virtoria Street. London. EC4V 4A8 Irs legal adylser ts Dan Bastide. Irwin Mkchell, 8elmont House, Ststion Way, Crawley, RHEO tJA It5 independent e￿amInerS are Dunne & Waterman, Hamilton House, l Temple Avenue. London, EC4Y OHA. Investrment Powers and Strat The Foundation's Pov￿r5 of investment are set out in its Articles of Assoclatlon and glve the Trusiees wide dlscretlon. It has been authorized by the Charity Commissioners to delegate investment management appropriately. The Foundation's investment strategy is to maintain the real value of its fund5 while subject to this. generating the maximum Income possible on a medium rlsk profile. This strategy does not affett the Trustees. discretion to spend capital, if they consider it appropriate. Future ability to award grants is dependent upon the success achieved by the investment manager5 and from additional fund-raising events carried out from time to time. Reserves olic The Foundation's reserves policy is to mainLlin the real value of its fvnd while generating the maximum income on a medium risk basis. Its general fund reser4es at 31 March 2024 were E2.223k {2023 £2,098k} Risk Assessment The Management Committee has reviewed the major risks to which it belleves the foundatlon Is exposed and has estsblished procedures to mitigate them. The principal risk5 are that grants may be made to expeditions which do not meet the objects of the Foundation. The Trustees take periodic legal advlce to ensure compliance, and all grant application5 are scrutinized by the Screenln8 Commlttee and the Management Commlttee. In addltlon. If the Investments held by the Foundatlon were to fall In value subst3ntlally, or Investment income to decline, the ability to award grants would be impaired. This risk is mitigated as far as possible by the appointment of professional investment managers and by regular revlews of their performance by a sub-commlttee of the trustees. Audlt ex Thls report Is prepared In accordance wlth the Statement of Recommended Prattice In AudStlng and Reporting by Charities ISOftP FRS102- effectlve l January 20191 and the provisions applicable to companles subject to the small companies, regime In Part 15 of the Companies Act 2006. The Trustees have tsken advanta8e of the exemption from audit conferred by settlon 477 of the Companies Act 2CK16 and the accounts for the year are unaudited followin8 3 change In the company's Articles of Association. on behalf of the Management Commlttee Rebecca Stephen5 (Chalrl Date I September 2024 THE MOUNT EVEREST FOUNDAT1014 INOEPtNDEKf EXAMINER'S RE•ORT Ywr 31•t Moyrh 2024 INDEPENDENT EXAMINER'S AtPOAf TO THE TRUSTEts OF ThE MOLIKf EVEREST FOUIIOATXON I report lo the TnJ5tees on my examinatii>n of thè th¢ C￿Pafiy fry the year eThJed 3L March 2024. R•wndb1lltl￿ •ryl bos1* oe r•port s the charlty Trustees of the Company (and atso #s thyertors for the purF*Jses ol c(ffipany Ulwl you aTe responslble for the preparatlon of the Jxcounts In xcordaA¢e wlth the rwtslrements the Companles Act 2006 1.the 2006 Act'l. You are $attsr￿d that an audtt requ1￿ fty year under tha￿ty or company law Jnd thit In IndewdeTht txamlnatKJn Is needed. Hovir*J mBftlwtthe tKctsJnts (*tl* Crn ¥¢ nrt to te ￿￿ted w)der P•rt 16 rfthe 2￿ Art we diglt4e tr thi0￿n(￿nt examinthn, I resFett rf my ewinati￿ of y£￿T (harity'5 xc•un s carried OLrt under 145 aftt* I￿artt*S 3)11 (the 2011 Pdl. In CO￿r￿ wt rny exarniThatiDn I have follov4ed the tlre£t*Th giv￿ by Clwlty Comm1551on ￿der se£tyon 14515}Ibl ￿ the 2011 Art. An Independent ex4rnlnation does nrt invO￿e gatI￿ring ajl the ￿4¢ll¢e that be required in an audit nd ConSequeTr￿Y ¢Joes not cover #ll matttts that an ￿dItor consoders in glvlng their Wnion on the accounts. The pl￿ning and condutt of an wdlt goes tvoThd the ¥mrted assuraKe that an independefit examinatiors un [￿0￿de. Con￿￿entty l exprtss no o￿K)n a$ to v1het￿r the •ccouftts pre*nt a 'true aN1 fjie ¥lew and rny report Is Ilmlted to those spe(Inc marter5 set out in the indeFendeTht examinerfs Statement. Ind•p¢nd•nt •Jwn4n•e• •l•t•m I am quallfted to underta*e the examln&ion by bdng a qu4llllèJ member (I the 1Th5tthte of Charte￿1 AttOUntJnts In EnoMnd and wa￿$. I have completed my examiThatth. I ctyth'rm th•t no m*odbl matters have ct*ne to my aitentiofj in cmnedlon wlth the examihJtiOfi 9i¥lng me cause to believe that In any materi& respect.. accwnUng record5 wcre not kept irt rEspett of Ccthp•ny )5 rewlyed ty sectkn 386 rftht 2CQ6 Act, the •t￿Un￿ do not attord thr￿e WEcord5' 01 th• occcunts do n¢r comFty wlth the accounlJng rewlrernents of 5ertlon 396 of the 2006 Art other than any requirernent that the accounts glve ? 'true *nd tsir view, Is T￿t a matter 0)nside￿¢ as part of •n inde￿￿￿¢￿t eXaMinat￿n. the accounts h8ve n¢X prepared In accord?FKe voth the methods and prinoples t)f the Statement of Recommended Pracdce for ￿coUrt1n￿ and veFOrtlrv4 by eharbties appbcatAe to chadtles prepanng their accounts ID accordaftce wlth Ihe Finandal ReF