THE OLD BROAD STREET CHARITY TRUST
(Registered Charity No. 231382)
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
RAWLINSON
& HUNTER

THE OLD BROAD STREET CHARITY TRUST
ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
CONTENTS
Page
Annual Report of the Trustees
Report of the Independent Examiner
10
Statement of Financial Activities
Balance Sheet
12
Notes to the Financial Statements
13-16

Page 1
THE OLD BROAD STREET CHARITY TRUST
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025
The Trustees of the Old Broad Street Charity Trust I'the trust. or "the Charity") submit their report and
financial stalements for the year ended 31 March 2025. These accounts have been prepared in
accordance with the accounting policies set out in Note 1 and Comply with the Charity's Trust Deed and
applicable law.
REFERENCE AND ADMINISTRATIVE DETAILS
UK Charity Registratlon No.:
231382
Registerpd Office:
Eighth Floor
6 New Street Square
London EC4A 3AQ
Contact Details:
020 7842 2000 and obsct@rawlinson-hunter.com
Trustees:
Christopher Julian Sheridan (Chairperson)
Mrs Clare Gough
Simon Paul Jennings
Misha Edward Franck {appoinled 2 Apnl 2024
and r8tir8d 15 July 20251
Eric Franck (retired 2 April 2024)
Accountants:
Rawlinson & HLJnter LLP
Eighth Floor
6 New Street Square
London EC4A 3AQ
Bankers:
Coutts & Co.
440 Strand
London WC2R OQS
Investmont Managers
and Custodians:
Sarasin & Partners LLP
Juxon House
100 St. Paul's Churchyard
London EC4M 8BU
Tax Dlstrlct & Reference:
HMRC Charities - r8f.. XN 8924
Independent Examiner..
Michael Foster FCCA, CTA,
Rawlinson & Hunter LLP
Eighth Floor
6 New Street Square
London EC4A 3AQ

Page 2
THE OLD BROAD STREET CHARITY TRUST
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Old Broad Street Charity Trust is an unincorporated charilable trust bound by the proper law of
England and Wales and was established by a Deed of Seltlernenl dale4 1 November 1963. which
was then followed by a further Deed of Settlement dated 6 March 1964 to augment the principal
58ttlement. The original selllors were Sydney Emest Franklin, Louis Franck C.B.E. and Cyril
Montagu Ernesl Franklin. David Keswick C.M.G. added further funds following the 1964 Deed.
The trust is based and administered in the Unil8d Kingdom. The Trustees meet formally on a regular
basis, usually in London, to review Ihe assels and finances of the trust and to consider its charitable
activities.
In accordan￿ with the Deed, the number ofTrustees shall not exceed six and be no less Ihan three.
The power of appointing new or addiiional Trustees vesls in the serving Truslees at that ts'me.
The enlire resources of the trust have been unrestricted throughout the year and the Trustees have
complete discretion for Iheir use in pursuance of its objectives.
The Trustees, investment powers are unrestricted. The investment su￿¢0Mmittee comprises the
following Trustees-. Christopher Sheridan and Simon Jennings.
At a Trustees meeting on 22 November 2023, EriG Franck decided to retirè as a trustee with Misha
Franck lo replace him. A formal Deed of Appoir)tment and Retirement was completed on 2 April
2024. Following the year end, Misha Franck retired as a trustee on 15 July 2025.
Louis Franck Scholarship Fund
In January 1983, the Trustees established a fund entitled "th8 Louis Franck Scholarship Fund" lo
provide scholarships to applicants intending to study at INSEAD.
In 1997 the funds were re-amalgamated, and since 2013 il has been the Trustees, poliGy to focus
the trusl's resources towards grants in the form of scholarships to worthy individuals, as selected by
the Louis Franck Scholarships Seleclion Committee, to assist in defraying their fees for studying at
INSEAD.
The Committee CUrren￿Y consists of the following individuals-
Rachna Chowla
Clare Gough (Committee Chair)
Toby Hodgson
Brinda Kugapala
Ranjit Mene
Roy Merritt
Sanjeev Pandya
Sarah Pit18m
Hetal Popat
As one of Ihe world's leading and largest graduate business schools, INSEAD brings togelher
people, cultures and ideas from around the world to change lives and transform organizatians. The
unique global perspective and multicultural diversity of INSEAD are reflected in all aspects of its
research and teaching. Currently. the school has two comprehensive and fully connected campuses
in Asia (Singapore) and Europe (Fontainebleau, Fran￿).

Page 3
THE OLD BROAD STREET CHARITY TRUST
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT (contlnued)
Statemenl of Trustees. Responsibilities
The Truslees are responsible for preparing the Truslees, report and the financial statemenls in
accordance with applicable law and United Kingdom Accounting Slandards (UK GAAP}.
The law applicable lo charities in England and Wales requires the Trustees to prepare financial
statements for each financial year which give a true and fair view of the state of th8 affairs of the
Charity and of the incoming resources and application of resources of the Charity for thal period. In
preparing those financial statements, the Trustees are required to..
select suitable accounting policies and apply them consistently,.
obseNe the methods and principles in the Charity SORP-
make judgements and estimates that are reasonable and prudent-
stale whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the financial ststemenls.,
prepare the financial stateménts on a going concern basis unless it is inappropriate to presume
that the Charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable
accuracy at any time the financial position of the Charity and 8nable them to ensure that Ihe financial
statements comply with the Charities Act 2011, where relevanl the Charities Acl 2022. the Charity
(Accounts and Reports} Regulations 2015 and trust deed. They are also responsibFe for
safeguarding the assels of the Charity and hence for taking reasonable steps for the prevention and
deteclion ol fraud and other irregularities.
In accordancE with trust law. we th6 Truslees certify that=
so far as we are aware, there is no relevant information of which the accountsnls are unaware.,
and
as Trustees, we have taken all the steps that we oughl to have laken in order to make ourselves
aware of any relevant infomalion and to establish that the Chsrity's auditor is aware of that
information.
Inductlon and training
The Trustees receive no formal training bul each has been selected on the basis of skill and
experience. All Trustees are kept informed at meetings of their duties and obligations.
Th8 Trustees are aware of their obligation to ensure new Trust88s are properly versed in their role.
Induction of new Trustees will be undertaken on a bgspoke basis which will be tailored to Ihe specific
requirements of the situation.
Internal Controls
The Trustees have overall responsibility for ensuring that the Charity has appropriate systems of
internal controls. They are also responsible for keeping proper accounting records which disclose
with reasonable accuracy al any time the financial position of the Charity and enable them to ensure
that the financial statemenls follow best practice. They are also responsible for the Charity
safeguarding ils assets and hence for laking reasonable steps for Ihe prevention and detection of
fraud and other irregularities.
The system of internal controls is designed to provide reasonable, but not absolute, assuran
against material misstatement or loss.

Page 4
THE OLD BROAD STREET CHARITY TRUST
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT {continued)
Rlsk Managemènt & Corporate Governance
A risk assessment has been undertaken which comprises:
An annual review of the risks the Charity may face:
The establishment of systems and procedures lo miligate those risks,. and
The implementation of procedures designed to minimise any potential impact on the Trust
should those risks malerialise.
This continuing process will identify risk areas to which the Trust is vulnerable and highlight any
ne￿$Sary safeguards that will need to be put in placé.
The Trustees have passed a fil and proper declarations in line with HMRC guidance.
In addition, the Trustees have taken due consideration of Good Govemance
a Code for the
Voluntary and Community Sector, ensuring that the seven main principles of the Code are adhered
to. These are:
Organisational purpose.,
Leadership.,
Int&grity',
Decision-making, risk and control
Board effectiveness.,
Equality, diversity and inclusion,. and
Openness and a¢￿sSibl111y.
The Truslees recognise that good governance plays an essenti81 part in securing the future of the
Foundation and confim that the said principles of the Code are followed by them in leading, directing
and managing the Trust.
No trustee re￿iVed any remuneration or expenses during the year ended 31 March 2025 (2024-
£nil}.
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
Grant Maklng Policy
Subject lo certain restrictions imposed by the original settlors, the Trustees are to apply the capital
and income for general charitable purposes in whalever manner the Trustees, in their absolute and
unrestricted discretion, think fit.
General appeals for funding may be sent in to the registered office by post or by email. They are
collaled and dislributed to the Trustees for consideration on an annual basis.
It was the wish of Mr Louis Franck, one of the original setuors, that Dne purpose of the trusl should
be lo fund scholarships to enable appropriate applicanls, preferably British cit12ens sÈNing in a bank
or financial instilution, lo spend lime in a seal of learning {principally INSEAD}. The purpos8 of Ihe
award would be lo widen that person's knowledge and experience and thus attain the highest level
of executive managemenl. It is the Trustees, present policy to concentratè resources to that end.

Page 5
THE OLD BROAD STREET CHARITY TRUST
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT (contlnuèd)
The Galibre and financial requirements of each candidate are carefully considered by the scholarship
committee. Candidates take a significant risk in attending the INSEAD programma, being required
to take a year off frorn their normal career. The MBA course effeclively lasts 10 months (split into 5
terms), with the January course taking a calendar year, running until December with a ￿0-MOnth
break in July and August. The Seplember course runs for the academic year until the following June.
with r)0 significant break. Scholars are able to choose where they spend them. either FDnlainebleau
or Singapore camplfrses. Fontainebleau is situated in a rural and historic setting with more of a social
aspect, whereas Singapore is more modern and compact being city based. Studènts enjoy the
opportunity of experiencing both venues during their course.
Candidates may also apply for scholarships from other organisations, but this is duly taken into
accounl by Ihe committee. The total cost for each sludenl taking ihe course is around é98,500. The
Trustees do not make awards to cover living costs (estimated at an additional É30,000}. Financial
circumstances are taken into accountwhen making awards, but financial need is neither a necessary
nor a determining factor in receivlng an award.
Ordinarily, if a number of outstanding candidates are selected, the scholarship award budget can be
allocated between them. The current Trustees. policy is to award scholarships of up to £100,OQO with
no maximum ceiling for any individual. However. if deserving candidates are found, the budget may
be extended in excess of £100,000 by approval of the Trustèes. Any unused scholarship budget in
one year may be carried forward for use in the following year.
The Scholarship Selection Committee convenes to carry out inlerviews a year from a number
of pre-selected Candidates {usually up to eight). The interviews generally take the fomi of a series of
onversations. One of the conditions attached to receiving a scholarship award is that each
candidate musl submit an essay at Ihe end of their course. The content of the essay should include
at least 1,000 words, with a preferred focus to Centre around their personal experience at INSEAD
with greater diversity.
The grants and donalions made during the year are listed under Note 4 of the financial statements.
Statement of Public Benefit
The Trustees are aware of the Charity Commission guidance on Public Benefit and confirm that they
have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to it. They
consider the information which follows in this annual report, about the trust's aims, activities and
achievements in the areas of interest that the trust supports, demonstrates the benefit to ils
beneficiaries, and through them to the public, thal arise from those activities.

Page 6
THE OLD BROAD STREET CHARITY TRUST
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025
ACHIEVEMENT AND PERFORMANCE
Investments
A summary of Ihe investment movements are set out in Note 7 of Ihe financial statements. The
investments are collectively recorded in the Balance Sheet at Iheir market values. Any realised
profits or losses on transaclions carried out dLJring the year, logelher wilh any unrealised increase
or decrease in individual values or costs established by the investment managers as at 31 March
2025, are recorded in the Statement of Financial Activities.
Sarasin invested the trust's funds in a single managed endowment fund {Sarasin Endowments Fund
Class A Acc GBP) lo seek to achieve levels of income in excess of that available from the FTSE AII
Share Index and to seek long term capital and income growth with a benchmark asset allocation of
70Q/o equilies, 15¥0 total bonds and cash, 50/0 property and 10°h alternatives.
The following Investmént rèport for the Sarasin Endowmenl Fund Class A Acc GBP for the year
ended 31 March 2025 has been based on information provided by Sarasin & Partners:
Asset Allocation of Fund (including Incon￿ cash)
Allocation
9.8°/
Benchmark
150/0
Value £
158,543
1,115,094
61,480
160,611
127.127
1,623,455
Fixed Income
Equities
Propert
Alternative Investments
uid Assels
Totsl
includin
9.90/0
cash
100.orAI
Market Review at 31 March 2025 (fmm Sarasin Partners)
For the Iwelve months to 31st March 2025 the portfolio delivered a return of 3.80/0 against the ARC
steady Growth Charity Index return of 2. 7%. The Charity is also aheadof ourpeers over three yè8r4
delivering l 1. 6/D against 7.80/0 as seen below.-_
Portfolio
3.8°/.
11.6%
ARC Stead Growth Charit
2.70
ar to 31 March 2025
3 years to 31 March 2025
Perfonnance comment
Over the period we have seen positive returns from all asset classes, other than fixed incom8, Wlth
allernalive inveslments being the stand out performer, led by the position in gold, as we saw the spot
price increase by over 35/0 during Ihe period.
Equities
Equilies have produced a modestreturn of 3.8/0 over the year with the final quarter marking a d8cline
as policy announcements from the Trump administr8tion-particularly around tariffs and cost-
cutting-introduced new uncertainty around the global economic oullook. These shifts raised
oncerns over the sustainability of US dominance and the potential impacl on global trade and
corporate margins and led us to reduce equity werghtings over the start of 2025, ending the period
underweight relative to the benchmark.

Pag6 7
THE OLD BROAD STREET CHARITY TRUST
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025
ACHIEVEMENT AND PERFORMANCE {contlnued)
After a period where market relurns had be8n domin8ted by Ihe Magnificent 7 it was pleasing to see
a broadening of returns and positive conlributions across sectors. The financial sector led
performance with notably strong returns from Blackrock, ING and CME.
Flxed Income
Fixed income was a detraclor fo perform8nce. We ended the year Unde￿eight rhe asset class (al
9. 7/0 against the benchmark 15%) but maintained duration in line with the benchmark. We start8d
Ihé period with a preference for corporate bonds but reduced exposure during the course of the year
increasing the weighting to gilfs as spreads narrowed, ending the year with a slight preference to
gilts relative to corporate bonds.
Alternatives
Allernative investments were the stand out performers with the majority of the holdings posting
strong absolute returns relative to the benchmark of SONIA +2tr/. following a period of subparretums
from the assel class. We s8W Posltive contributions from a number of sectors such as infrastructure,
privat8 8qUlty and absolule return strategies with Gold and 8ioPham?a Gredil being the strongest
perfompers.
Investment perfom7ance
Quarter to 31 March 2025
Calendar year 2024
Calendar year 2023
Portfolio
-2.2¥0
Benchmark
8_7•/0
11.7/0
3 Years
Annualised
3.70/0
5.SQ/o
5.7%
2.6¢/0
5 Years
Annualisod
7.9'/0
4.60/0
10.1010
7.3%
Performance to 31 March 2025
Portfolio
Inflation (UK CPI One Month Lagged)
Portfolio Benchmark
Peer GrDUP
1 Year
3.80/0
2.8 /D
4.9/0
3.00/.
Volatlll
Portfolio
Portfolio Benchmark
9.10A
7.70/0
9.00
9.2 /0
8.90/0
Portfolio benchmath lfrom 1-Jun-231.' ICE BofA Sterfing Corporste & Collaleralized Index17.50hl, ICE BofA UK Gilts
Stocks17.5°/.I. MSCI AC Wodd (Loc81 Currencyl (GBPI110¢/ol, MSCI All Balanced Property Funds- One Quarter Lagged
15°/.}, MSCI All Countries Worfd Daily (Nel Totsl Retuml160V.1, 20/0 per annum abov& SONIA lalt8m31ive assetsl110°AI
The peergroup perfomance data used is the ARC Steady Growth Charity Index (further details within the Glossary) which
could include an ARC estima18 for th8 most recent period.
PerfOrrnan￿ is calculated'net'of Sarasin's investment managem8ntfees, using Bid pricos. This lakes into account receipts
to and withdrawals from the portfolio durir)g the period, and th8ir d8le8. Prices a￿ sourced from Bloimberg. The report
looks-through, Ici the und&rfying i￿VestmentS wthin the Sarasin funds irh order to show the portfolio's over811 alloc8ti0n.
All volatilty figures mèasurè the standard deviation of th& monthly returns over the peri(KJ and are annualised for periods
over 1 year. This is not the onty method of calculating volatility and other methods may produce different r95uIts.

Page 8
THE OLD BROAD STREET CHARITY TRUST
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025
ACHIEVEMENT AND PERFORMANCE {contlnu8d)
Foe Structure
The trusl is wholly invested in a Sarasin fund and the fees charged wilhin this fund are debited within
by the Fund Administralor leffeclively reducing the market value of the trust's interest in Ihe Fund).
As a result, the net Investment Management fee payable directly by the Charity, following this
deduction within the Fund, is nil.
CHARITABLE ACTIVITIES
Charitable Grants Made
The total charitable grants for the year were £110,000 12024 - £95.500) with Louis Franck
scholarship recipients awarded £100,000 (2024 - £92,500) ar)d a general charitable donation of
£10,000 {2024- £3.0001.
The Louis Franck Scholarships were awarded to successful applicants taking an MBA coursé at
INSEAD {see note 4). The scholarship budget for 2024125 was £100,000.
The Louis Franck Scholarship Committee considers the 2024125 scholarship interviews were
successful wilh an excellent range of high quality candidates, and hence some larger awards were
offered.
The Scholarship interviews were conducted in May and October 2024. with a total of 11 individuals
invited for interview, and 6 (2024- 6) successful candidates who received a scholarship.
A general charitsble donation of £10,000 was made to Can￿rwiSe- a Charity that provides support
serviGes for people diagnosed with cancer, Iheir families. thildren aged 4-17 and carers in West
Sussex and Hampshire.
FINANCIAL REVIEW
Income
Investment income for the year of £47,379 (2024- £48,642) is broadly in Ilne with the previous year.
Interest from cash deposits yielded £84412024 - £566} in the year as included within the abov8
investment income. The Trustees do not maintain a high level ofcash as any surplus funds are used
towards their charitable a¢livities.
In accordance with the Charities Act 2011, the Truslees are requlred to carry out an independent
examination of the Charity accounts as the gross income exceeded £25.000.
Charftable Activities
Expenditure on charilable activilies for the year totalled £126,655 {2024 - £118,973) included total
charitable grants made of £110.00012024 - £95,500}, together with support costs lolalling £16,655
12024 - £23,473).
Support costs are detailed in Note 5 totalling £16.655 (2024-£23,473}, and comprise ofaceountsncy
fees. independent examination fees and scholarship commiltee expenses.

Page 9
THE OLD BROAD STREET CHARiff TRUST
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025
FINANCIAL REVIEW Icontinuèd)
Cost of Raising Funds
Charges of £2012024- £286) were incurred in the year relating to bank charges.
Reserves Pollcy
The Trustees have adopted a policy of gradualty depleting the value of the trusl fund to around the
£1 m level, which is £661,124 lower than cuThent levels. This will conlinue to be r8viewed on an annual
basis with no specific deadline to achieve.
During the year, the Trustees fully expended the Income Fund in achieving their charitable objectives
and required a Iransfer from the Capital Fund of £79,296 (2024 - £70,617). Investrnent gains of
£19,701 meant that Ihe Capital Fund decreased by £59,595 {2024- £63,842 increase} for the year.
The tolal level of Charity reserves {unrestricled) at 31 March 2025 was £1,661,124 (2024
£1,720,719).
The Trustees are satisfied that they have sufficient resèrves to meet their ongoing charitable
obj8cIiv8S.
The Trustees consiéer that they are aware of no implications Ihal would affect the Charity on a going
concem basis for the coming year.
PLANS FOR FUTURE PERIODS
As mentioned in the Reserves Policy in Part 6, the Trustees continue to support their policy of
gradually depleting Ihe value of the trust fund to around the £1 m mark, and they will continue to
review Ihis on a year to year basis. During the year ended 31 March 2025, the Capital Fund
decreased in total by £59,595 afler taking into account investment gains of £19,701. Total Charity
funds tolalled £1,661,124 as at 31 March 2025.
The Trustees will conlinue to concentrale expending their resources on Louis Franck Scholarship
grants with an annual budget of £100,000. They will. however, consider supporting other general
charitable causes that arise in the future if appropriate.
Approved on behalf of the Trustees
Chairman

Page 10
THE OLD BROAD STREET CHARITY TRUST
REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES
I report lo the Charity Trustees on my examination of the accounts of the Old Broad Street Charity for the
year ended 31 March 2025 which comprise the Statement of Financial Activities, Balance Sheet and the
related notes.
Responsibiliti88 and basis of report
As the Charity's Trustees you are responsible for the preparation of the accounts in aGcordanc8 With the
r8quirem8nts of the Charities Act 2011 {'the Act,) and where relevant the Charities Act 20221'th& A¢t'l,
I report in respect of my examination of the Charity's accounts Carried out under seclion 145 of the Act
and in carying oul my examinalion I have followed all the applicable Directions given by the Charity
Commission under section 145(5Mb) of the Act.
Indèpendent Examinerfs statement
I have completed my examination. I confirm that no material matters hsve come to my attentron in
connection wilh the examinalion giving me cause to believe that in any material respect:
accounting records were not kept in respect of the Charity as required by section 130 of the Act. or
the accounts do not accord with those records., or
the accounts do not comply with the applicable requirements concerning the fom and content of
accounts set out in the Charities (Accounts and Reports) Regulations 2015 otherlhan any requirement
that the ac¢ounls give a 'true and fair view, which is not a matter Gonsiéered as part of an independent
examination.
I have no concerns and have come across no other matters in connection with the examination to which
attention should be drawn in this report in order to enable a proper understanding of the accounts to be
reached.
Michaol Foster FCCA, CTA
Chartered Certified Accountant & Independent Examiner
Rawlinson & Hunter LLP
Eighth Floor
6 New Street Squar8
London EC4A 3AQ
Date £ylI,1kn2f
RAWLINSON
& HUNTER

Page11
THE OLD BROAD STREET CHARITY TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2025
UNRESTRICTED FUNDS
Income
Capital
Fund
Fund
Total
2025
Tolal
2024
Page
Income from:
Investmenl income (note 2)
14
47,379
47,379
48,642
Total income
47.379
47,379
48,642
Expenditure on:
Charilable activities (note 3)
Raising funds (note 61
14
15
126,655
20
126,655
20
118,973
286
Total exp8ndlture
126,675
126,675
119,259
Net (expenditure) before net gains on
investment assets
179,296)
{79,296)
(70,617)
Net gain on investment assets (note 7)
15
19,701
19,701
134,459
Net transfer be￿een funds
79.296
{79,296)
Nèt movemgnt in funds
(59,595}
(59,5951
63,842
Roconciliation of funds:
Total funds brought fo￿rd al 1 April 2024
1,720,719
1,720,719
1,656,877
Total funds carried forward at 31 March 2025
£ 1,661,124 £ 1,661,124 £ 1,720,719
There are no recognised gains or losses in the years to 31 March 2024 and 2025 other than those included in
the statement of financial activities.
All incoming resources and resources expended derive from continuing activities.

Paye 12
THE OLD BROAD STREEf CHARITYTRUST
BALANCE SHEET
AT 31 MARCH 2026
2026
2024
Flx•d As•ots
In¥8strnonts and uTrJer management {nots 71
15
1.023.455 1.708.827
Currnnt AgMts
Ca8h at t•nk (note 8)
16
47,629
Curr•nt Ll*bllltl
Creditors- am¢yJntsf4lllng thln one y•ar (note 91
16
19.9801
110,47ei
N•t Curr•rtA*s•t•
37,869
11,892
Tgtsl N•tA¥8èts
£ 1.861.124 £ 1,720.719
R•pr•$•ntod ty:
Total Unrestrl¢tsd Funds ol th• Ch•rlty
Ca￿lIa1 Fund
11
1,ee1,124
1,720,719
Incom• FuThJ
11
T+XAI Chwlty Funds
É 1,881,124 £ 1.720,719
on btha￿ ofthe Tntstees:
DAt•....
1.9..:..11...1£ :..
Th8 r￿• and stheduie8 on PallOS 13 10 18 fm pwt oftheuo statsmgnts

Page 13
THE OLD BROAD STREET CHARITY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial slalements have been prepared on a going concem basis under the historical cost
convention, modified to include Ihe revaluation of investments. The Charity constitutes a public
benefit enlily as defined by FRS 102. The financial statements have been prepared in accordance
with 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 RepublSc of Irèland (FRS 102) ("Charities SORP FRS 102") issued in October 2019, the
Financial Reporling Standard applicable in the United Kingdom and Republic of Ireland {FRS 102)
and the Charities Act 2011, and where relevant the Charities Act 2022. The Trust constitutes a public
benefit entty as defined by Charities SORP FRS 102. The principal accounting policies adopted are
as follows..
The Charity qualifies as a small entity according to the provisions set out in FRS 102 as published
on 2 October 2019 and on that basis does not include statement of cash flow.
Fixed asset investments
Investments are included al closing mid-market value (excluding any accrued interest) al the Balance
Sheet dale. Realised gains and 105ses on investments are recognised as they arise and any
unrealised gain or loss on revalualion is taken to the Statement of Financial Activities. The
determination of any gains and losses is calculated by referen￿ to the value of such assets at the
beginning of the accounting period.
Income recognltlon
Investment income is derived from dividends and interest receivable from investments and is
accounted for in the period in which the Charity is enlitled to r8CélPt. Income from interest bearing
deposit accounts is recorded as and when received only.
All income is inclLJded in the SOFA when the Charity is entrtled to the income and the amount can
be quantified with reasonable accuracy.
Expènditure recognition
All expenditure recognised once there is a legal or conslructive obligation to make a payment to a
third party. Cosls of raising funds comprise the investment management costs.
Charitable activities consist of grants, scholarships and donations made during the year together
with the recognition of certain commitments made by the Trustees, together with the grant support
osls. The Trustees regard all grants to be malerial for the purposes of these financial statemenls.
Costs of raising funds consist of those costs directly attributable lo managing the investment portfolio
and raising investment income.
Status of funds
The entire resources of the Irusl are unrestricted and the Trustees have complete discretion for their
use in pursuance of the trust's objectlV8s, including the provision of scholarships for any person of
proven ability from a wide variety of careers, who normally have a UK connection in the financial
sector.
Taxation
The Trust is not subject to any iaxes on its charitable activities.

Page 14
THE OLD BROAD STREET CHARITY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
ACCOUNTING POLICIES (continued)
Going Concern
The financial slatements have been prepared on a going concern basis as thè Trustees believe that
no material uncertainties exist. The current uncertainty in the global economy, including cost inflating
faclors, have increased financial pressure on charities. The Trustees have however considered the
contingency plans in place, the level of funds held and the expected level of income and expenditure
for Iwelve months from the date of signing of these financial statements. The Trustees are satisfied
the forecast income and reseNes are sufficienl lo cover all of the budgeted expenditure to be able
to Continue as a going concern. The Truslees therefore consider the adoption of the going concem
basis in preparing these financial slalements continues to be appropriate.
Total
2025
Total
2024
Page
INCOME FROM INVESTMENTS
Income from UK quoted unit trusts
46,535
48.076
Tolal income from quoted investments
Coutts & Co deposit interest
Sarasin Parlners deposit interest
46,535
48,076
760
428
138
Total investmont income
47,379 £ 48,642
CHARITABLE ACTIVITIES
Scholarship grants made {note 4}
Support costs {note 5}
General charitable grant expenditure
Cancerwise
Pitzhanger Manor & Gallery Trust
100.000
16,655
g2,500
23,473
10.000
3,000
Total charilable actlvltles
£ 126,855 £ 118,973
SCHOLARSHIP AND GENERAL GRANTS MADE
2025
2024
Loui8 Franck Scholarships
Date of Award
Kartikeya Upadhyay
Christopher Kingdon
Michael White
Martin Rose
William Part
Oscar Hollond
Oliver Roundtree
Frederick Ide
Hector Bagley
Joe Iles
Joseph Agnew
Oliver Wilson
June 2024
June 2024
October 2024
October 2024
October 2024
October 2024
May 2023
May 2023
October 2023
October 2023
October 2023
October 2023
35,000
20,000
15,000
10,000
15,000
5.000
25,000
7,500
25.000
15.000
12.000
8,000
Total grant expenditure
£ 100.000 £ 92,500

Page15
THE OLD BROAD STREET CHARITY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Total
2025
Total
2024
Page
SUPPORT COSTS
Accountancy and administration f8es
Independent examinalion fees
Scholarship committee expenses
ICO data protection fee
Scholarship reunion event costs
Legal fees
14,286
1.500
834
35
14,400
1,560
35
6,062
1,416
Total support costs
16,655 £ 23,473
COST OF RAISING FUNDS
Bank charges
Legal entity identifier {LEII renewal fee - 5 year renèwal to May 2029
20
10
276
Total cost of raising funds
20 £
286
Note - Sarasin & Parlners expense their investment management fees directly through the investment
fund. For the calendar year ended 31 D6cembèr 2024, these amounted lo £13.863 (2023.. £13,193)-
FIXED ASSET INVESTMENTS
Pagè
2025
2024
Investments at market value comprise:
Quoted investments within th8 United Kingdom
1,623,414
1,708.733
Cash held by Sarasin & Partners
41
94
Total Investment assets
12 £ 1,623.455 £ 1,708,827
Quoted Investmonts
Market value al 1 April 2024
Net investment activily
Net gainsllloss) on investments
1.708,733
1104.979)
19.701
1.636.261
161,987}
134.459
16
Market valuo at 31 March 2025
£ 1,623.455 £ 1,708,733
Historical cost at 31 March 2025
£ 1,395,954 £ 1,483,573
Net gains on investment as58ts
Nel realised gainsl{loss) on sales
Nel unrealised gainsl{loss} on revaluation
4,103
15,598
468
133,991
Total net gainsl{loss) on investment assets
11
19,701 £ 134,459

Page 16
THE OLD BROAD STREET CHARITY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Total
2025
Total
2024
Page
CASH AT BANK
Coutts & Co. {R8wlinson & Hunter LLP client account)
12
47,629 £
22,368
CREDITORS- amounts falling due within one year
Accountsncy fees
Independent examination fees
Scholarship ￿mmittee expenses
Legal fee
6,186
2.940
834
6,300
2.760
1.416
12
9,960 £
10,476
10. FUND RECONCILIATION
Brought
forward
Additionsl
Income
Transfer
of funds
Gainsl
(losses)
Carried
forward
2025
Unrestricted
Capital Fund
Income Fund
Expenditure
1,720,719
(79,296)
79,296
19,701
1.661,124
47.379
{126,675)
Total Funds
£ 1,720,719 £ 47,379 £ {126,6751
19,701 £ 1,661,124
2024
Unrestricted
Capital Fund
Income Fund
1,656,877
170,617)
70,617
134.459
1,720,719
48,642
{119,259)
Total Funds
£ 1,656,877 £
48,642 £ {119,259) £
134,459 £ 1,720,719
11. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Income
Fund
Capital
Fund
Total
2025
Total
2024
Investmenls
Cash al bank
Creditors
1,623,455
47,629
{9,960)
1,623,455
47,629
(9,960}
1,708,827
22.368
(10,476}
Total Funds
£ 1,661,124 £ 1,661,124 £ 1,720,719
12. RELATED PARTY TRANSACTIONS
There were no related party transactions dunng the year ended 31 March 202512024- £3,000).