The Mount Ev t Foundation Re rt and Accounts Year ended 31 March 2025 A c4nw•)y Irn*ed by (￿. 5438941 charty IP4). 2082 t Re ort of the Trustees for the ear 31 March 2025 linGluding the Diredors, Report prepare24 £112,800 to 27 expeditions) Expedltion grants were made to expeditlons to Greenland, Canada, Svalbard. Kyrgyzstan, India. Pakistan, Bhutan and Nepal and other academlc research was undertaken. At the Kendal Mountain Festival a promotional film on our artvrfities was shown, and at a number of mountain festivals around the world. MEF sponsored lecture at the Kendal Mountain Festival was a sellout with the proceeds donated to Nepalese Sherpa welfare. A letture at the RGS on Women with Altitude celebrated the Ilfe of Junko Tabei and was attended bv over 20 British female summlteers of Everest. A fundraisin8 lerture by Mick Fowler and Wictor Saunders. sponsored by Berghaus, raised over £S.(th for our funds. The trustees supported a forthcomlng film of the ascent of Kangthenjunga in 1955 commemorating the first grant made by the MEF. 10 t)ut of 11 expedltions from 2023 engaged with the new enbryronmentsl impact repon process. This induded the calculation of carbon offsets, arr3n8in8 for the disposal of human waste, and a reduction of open fire51 use of 501ar power where possible. 11 out of 15 expeditlon5 from 2024 engaged through carbon offset and carry out of waste, as well as wider social impacts such as visiting schools and working with tourism bodies to improve environmentsl prattices. The Trustees are delighted to confirm that HIS Royal Highness the Duke of Gloucester has agreed to be our Patrorb. The Trustees. havln8 regard to the Publir Benefit 8uldarKe published by the Charlty Commlssion, in accord3nce with Section 17 of the Charities Act 2011, consider that the purpose and attlvities of the charity satisfy the requirements of the public benefit test set out in Sertion 4 of the same Act. sult The financial statements are set out on pages 6 to 12. In respett of the year. 23 expedltions were awarded grants of between £l.ODO and £6,500 each. The Young Alpinists Group was also supported with a 8rant, along with identical sums from the Alpine Club and the BMC. These grants were made from investments and other Income. arising from funds which are held for such purposes. Total 8rants awaréed forthe year amounted to £62,95012023-24 £112.8(y)l. The Trustees consider that all grant5 awarded ift the year 2024-25 met the requlrements of the Foundation's constitution. Net Out8￿n8 resour¢e5 for the year after 8Tant awards amounted to £19k. Net investment profits were 24.Ok.1202>24 £192.4k} The Foundatlon's cash resources at the balance sheet date were sufficient to meet the Ilabllltles outstandlng at the tlme. The Foundatlon's performance is dependent upon the level of income and 8alns arlslng from Its Investment portfollo. and from bequests and donation5 Made. Management Commlttee The Foundation is mana8ed by Its Mana8ement Commlttee. This Committee norrnally conslsts of elght persons, èppointed equally by the Alpine aub and the Royal Geographical Society, eath of whorn holds office for slx years. Committee members are Trustees of the Foundation. They appolnt. as offlcers, a Secretary and a Treasurer. Trustees are appointed according to sU￿abIlItY and knowled8e of mountaineering and remote reglons of the world. The Members of the Commlttee during the year to 31 March 2025 were: RL Stephens Ichairl MN Ba55 RA Coatsworth {Treasurer) JS da Silva Pfof HJ Fowler Ifesigned 27 March 2025) Dr G Hurford A Long Dr TKR Matthews lappointed 27 Marth 2025) Dr P Satyal DrJL Wadham The Hon Secretary is J E Porter Statement of Mana ement Committee's Res nsibilities Company law fequlres the Membefs of the Management Committee to prepare financial ststements for each flnancial year, these statements. which give A true and fair view of the state of affairs of the Foundation. and of the surplu5 or deficit of the Foundation for that period. In preparln8these financial statements, the Mernbers of the Management Cornrnittee re required to.. Select suitable acccwntinB poIKies and then apply them conststentfy. Observe the methods and principles of the applicable Charitie5 SORP and Companies Acts. state whether applicable accounting standards have been followed subjecL to any materlal departures that must be disclosed and explairbed in the financial statements. Make judgments and ertimates that are ￿asonable and prudent. Prepare the financlal statements on the "going concern" basis. unles5 it Is inapprtsprlate to presume that the Foundation will continue in operation. The Member5 of the Mana8ement Committee are responsible for keeping proper a¢¢(wntin8 records, whlch disclose with reasonable atcuraoi at any tlme the flnanclal PDSitSoD of the Foundation. These records enable them to ensure that the flnarKlal 5taternents comply wlth the Companies Act 2006. The Committee is responsiblè for safeguardlng the assets of the Foundatlon, and hence for taklng reasonable steps foi the prevention and detertlon of fraud and other irregularities. Othercom A Screening Commlttee considers. In the flrst instance. opplkatlons for support by the Foundatlon, The members of this Committee on 31 March 2025 were: L N Grlffin - Chaliman Prof c aark P. Ram5den Prof. CHE Imray J Freeman-Attwood Dr R Coles K Cool N Colton The screenln8 commlttee has met twice dudng the year. V150rs The Foundation's bankers are Royal Bank of Scotland. 49-50 Charing Cr055, London, SWIA 2DX. Its Investmerrt advisors are S3rasin and Partners. ICKI St Pouls Chuithyard, London EC4M 8BU who replaced Quilter Cheviot in January 2025. Its legal adviser Is Dan Bastide, Itwln Mitchell, Belmont House, Station Way, Crawley, RHIO IJA. Its Independent examiners are Dunne & Wotemian. Hamilton House. ITempleAvenue, London, EC4Y OHA. Investment Powers and Strate The Foundation's powers of investment are set out in its Articles of Assoclatlon ané give the Trustees wSde discretion. It has been authorized by the Charity Commi5sioner5 to delegate investment management appropriately. The Foundation's investment strategy 15 to maintain the real value of its funds while subjeLt to thi5, generating the m3￿MuM incLNne possible on a medium rlsk prDfile. This strategy does not affect the Trustee5' discretion to spend capital, if thry conslder It appropriate. Future ability to award 8rant5 15 dependent upon the succe55 athieved by the irwe5trnent manager5 and from addltional fund-rai51ng events Carrled (Art from time to tirne. Reserves The Foundation's reserves policy is to maintain the real value of its fvnd while generdting the maximum income on a medium risk basis. Its 8eneral fund reserves as at 31 March 2025 were £2.228k {2024 £2,223kl Risk Assessment The Management Committee has reviewed the major risks to which it believes the foundation is exposed and has established procedures to mitigate them. The principal risks are that grants may be rnade to expedition5 which do not meetthe objects of the Foundation, The Trustees take perfodlc legal advlceto ensure tompllance, and all grant appllcatlons are suutinlzed by the Screening Committee and the Management Committee. In Bddition, if the investments held by the Foundation were to fall in value substantially. 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 manager5 and by regular reviews of their performance by a Sub-￿MMittee of the trustees. Thls report Is prepared In accordance wlth the Statement of RecommerKled Prartlce In Audltlng and Reporting by Charities ISORP FRS102- effective l January 20191 and the provlslons applicable to companles Subject to the small companles, re8lme in Part IS of the Companies Act 2006. The Trustees have taken advantage of the exemption from audit cl￿ferred by sectlon 477 of the Companles Act 2006 and the accounts for the year are ur•audlted followlng a chan8e In the companws Articles of Association. on behalf of the Management Committee /L,- fru RL Stephen5 (Chairl Date 30 July 2025 ThE MOUNT EVEREsf FQUNDATIIJII INDEPENDENf EXAMINER'S REPORT Y••r •nd¢d 31•t M•rch 2Q25 IIIDePtNDENT exAM114eR'S REPORT TO THIE TRusf%Es OF THE MouKf EVEREST ¥fOUNDATIOM I rwrt tts tre Tn¢tees on my exan￿natIOn of the accounts of the C4)mpany for the year ended 31 March 2025. RwoMlblllll•• and of MPQrt * the Cha￿ the Trustees of the Cornpany land also n5 dlrector5 for wrposes of company lawl you ore responslble for the ¥KeparatI￿ of the accounts In accordance the requlrernents of the Cornpanle5 Act 2006 I'the 2006 Act'l. You are satlsned that an audlt requlr&l for thls year under tharfty or company law ano that w Independent exarniv3tlOn 15 neeiled. HI￿ng satthd myse*that the tl* nrt to t* ￿th*ed urthr Part 16 d the Xx)S t and are dyble for IndeFendert EKominJtKffi, I of my CUM￿atICfj cl yujr thanV5 accwnts carrled out under $￿t￿n 145 ofthe awrtues 20111tr 2011 Artl. In fxrykng my ￿mInatIOn I have folbjwed the Dir•lion5 by The Chthty (¢mft¥$4x saiityi I4y51{bl rf the 2Qll Art. An Independert exjminatron t*)ts involve gathering al the evKJeftce that W￿ld be req￿irnd In an audlt and tonstquently d¢)es n¢t C￿er all the mattek5 tIHt an authtor coTrstders In glvlna thelr oplnlon on the accounts. The plannlng conduct ol ao aud￿ go beyond the Ilmlted assurance that an IN1ependent examinjrion prwide. Conseryently* I exk¥ess ￿ oF4n*)n as to whether the acwjnts presert J 'tru• 4ftd falr, vlv*, and my report Ilmlted to those spedflc rnatter5 set out kn the Indepwdent exarnlnerf5 5tstement. Ind•y•nd•tt¢ •x•mlMrf• #at•mw 1 am quallfied to undertake the exarnlnat￿ by belTrJ a w*ified member of the Institut¢ of Charternj ntants kn Ewlwd and Wales. I have coMp￿e￿ my examinatlcffj. I crfflfirm that no matenal mattw5 have tome to my atten￿On In connethon wlth the examinjtlon alvln9 ￿ cause to tse4￿¥e that m any rnaterial respect.. aCCOUTKing rec(rts kert respert crfthe Crynpwy 45 requ1￿ by sethon 386 of the 20Q6 KI,. or the 4Ewunts da Mt Kcord vAth those r*cords: or the accwnts do not Comply wlth the occouftvng reqvlrements rf sectK¥n 396 of the 2fy)6 Art other than any requirement that the xcounts 9fve a'true l•ir vlew, whKth bs not 4 m)tter ¢on4dered as part of an In¢ependent examlnatK>n' OF the attcwnts have not l)eeA prepa￿ In a￿dan￿ with th¢ methods and ￿Tr￿pIeS of the Statement of Recomrnende¢J PractKe for actounting and TeK*)rtNKJ by ch)rt￿9 app¥ub* to ch¥rfti¢s P￿ parlng their accounts In ac￿rd•[Ke with the F*)ancial RewrtiNJ StJndarO applicab￿ In ihe LIK ano Wubllcof Ifeland (FRS 1021. I have no CDncern5 have come armss no matters in crrfmth twfth the to whlth •it•n¥on o Id be drawn in this report to enatle a prcyr understanding ￿ the OCttAJDts to be reached. M V Walwman FCA Dunne & Wolem Harnillon House 1Temple Avenue London EC4Y [￿A Mount Everest Foundation Company Number: 543894 Statement of Financial Activities (Income and Expenditure Account) Year to 31 March 2025 2025 2024 Investhient income 65.8 t>)nations 25.0 Ruyultics Oiher income Tot&1 Incomin8 re4ouTces 75.8 R¢8our¢ts cxpcndcd Churitablc activilies.. grnnts awarded Expeditlons - less canc¢llatianslrefunds Net grants {note 5) - Alpinc Journal (nolc 5) - Exhibitio￿$ atKI Film grants -59.6 -112.8 -53.6 -111.8 -123.3 (lovem￿Ce costs InN'eglment mana8emenl Secret8riai otTiLe ex Travyl Total Governance costs -10.5 -15.4 -13.7 -14.0 36.7 43.7 Total resourtts ¢xpend¢d -167.0 Net (out80ing) resourc¢8 -19.0 -67.6 Investsnenl gaAn8 (losses) Realised Unr¢alis¥¥J 69.4 -43.5 132.0 l92.4 Net movement of fi￿dS 2223. Funds brought fcThRrd 2098.3 Fund8 carried fopward 2228.1 2223.1 Company Number: 543894 Balance Sheet as at 31 March 2025 2025 2024 £IM)o Fixed Assets - Investments (note 3) Fixed Interest Equities Property Other investments Uninvested Cash 205.5 1471.7 198.5 205.5 163.8 2245.0 439.8 1568.4 276.3 2284.5 Current Assets Cash at Bank 21.4 Debt4)TS- Other 12.1 12.9 Creditors falling due within one year Grants Others -76.5 -82.2 let urr¢nt Assets -16.9 Total Assets Ress Liabilities 2228.1 2223.1 Total Funds at 31 March 2025 2228.1 1223.1 stst¢m F()r the y&ir ended 31 March 2025 the Fow)dation w&8 granted cxLThpti￿ from audit under Scftion 477 ofthe compani￿ Ad 2(Mkn relatin8 to Stnall The members hve not Tyircd the F(XMd￿ to oi*ain an audil of its accounts for thc ye in quc5lion in accqKdance Th'ith s¢rtion 476. The direclot3 acknowledge their reS￿)nsibIlitieS for complving with the r¢qLtirements of the Acl with res￿ io acc(MJthg records and the tryarniion ofaccounts. These accounts have been prepared in accor(lance wtth the provisions applicable to companles subject to the small companies, ￿lme in Part 15 of the Companies Act 21KJ6. The f￿anciall stat¢m¢nts on 6 to 12 We￿ approved and signed on and on behaifof the committ¢¢ by: RL Stephens Chair 30 July 2025 R A Coatsworth TreaSu￿r 30 July 2025 io Accounting Policies and Notes to the Financial Statements Year ended 31 March 2025 Basis of Accountin These fmancial statements have been prepared OD the going concern basis under the historical cost convention. modified to includ¢ th¢ i¢valuation of invcsim¢nts, and in aocordance with the Companies Act 2006 al￿ applicable accounting Standards, including: The Statement of Recommended Practice (revised 2015) - Accounting and Rcportittg by Charities I'he liinancial Reporting Standard 102. the Financial Reporting Standard applicabl¢ in the UK and Republic of [￿land. Quoled Investments Investments are stated ar Stock Exchange market values at Balanc¢ Sheet da*5, Icss any provision for impairnienL Income and Ex nditure Investment income is recorded. inclusive of lax d¢ducted at source. on an accrual's babis, including dividends declared, but not yet paid. Capitsl pa)Ynents for accrucd income are deducted from income as r￿civ¢d. Tr.xp¢nditure is included on an aLcruals basis. The F"oundativn h&8 no unrecogni7Ed gains or losses whicb are not reflected in th¢s¢ a¢¢ounts. All amounts relate to continuin8 operations. Bqu¢sts and legacies Thcse are r￿0￿1Zed when it is reasonably cerlain that monies will be received, and the amount is known. Where there is uncertainty as to amounts. a deferred asset is established. WThere there is greater uncertainty. Ewuests are not recognized in that financial period. ants Pa able GrJnts authorised at the yrar-cnd are included under creditors. Cash Flow The financial statements do not include a cash tlow s￿eMent b¢¢ause th¢ Foundation. as a small reporting entity. is exempt from the requirement to prepare such a statement undcr Financial R¢porting Standard l 02. Total fun(L8 All funds are held without restrirtion. l} The FoundatAon is limited by guardntee and has no share capital. The liability of the memlxrs in the event of winding up is limited to £1 per member. Investment Mana The investment manasers are remuneTat¢d by a management charge. Th¢ management charg¢ n¢t of dealtng costs was eslimated at £1 0.480 (20?4 £13,706). During the year the Irustees chang¢d inv¢sim¢nt Manage￿ from Quilter Cheviot io Sara5in. All stocks bar two propety funds were sold and proceeds reinvested in their Climaic active endowment fimd. which is a charitsble authorised investment fimd. The value of the fund has r￿u¢¢d sin¢e wuisition by £129567. vestments The revaluation reserve on 31 March 2025 was a loss of £137,528. AII p￿VIouS investments have I￿7 disposed of and reinvested. The original cost of investments 2025 2024 £2.382,490 £1701281 4) Indep&thit Examiner5. twnuneration 2025 2024 Inde￿Ident review £8(K) Other services £300 £3 5) Grants payable To individuals £62,950 £111.800 Alpille Club £3,5(N) £3,500 Totsl £66,450 £115,300 12 Conunittee and Staff The Mount Everest Foundation employs no Staff. The secretary aljd the cha]rn￿n of the screening committee receiv¢d an honorarium for the work they undertake of £7,700 each. All the Trustees. other MeM￿TS of the Scr¢cning Committee. and others are volunteers. The "frustees received llo remunerdtion during the y&qr (2023-24 £nil). nor were there any staff costs in eitheryear. Travelling and otherexpenses of £1,138 were ￿ imbursed to four t￿￿tee$ (2023-24 six t￿￿tr¢s £5.429).