THIRD VlSCOI)Nr COWDRAY'S CHARITYTRUST ANNUALREPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 THIRD VISCOUNT COWDRAY'S CHAIUTY TRUST AI¥NUAL REPORT AND FINANCIAL sTATE￿NTs FOR THE YEAR ENDED S APIUL 2025 P•gt Stat¢mcnt of Firw￿laIActiV￿tlttS S￿￿[vIc of tnve8tsnents and Inwme Notrsto thcFinancial St&t¢m¢nts 9-12 THIRD VISCOUNT COWDRAYIS CHAIUTY TRUST TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 5 APRtL 2025 The Trustee is plea8ed ￿ pres¢ni its rwrt tog¢th¢r with th¢ financial statements of th¢ charity for the year ¢TKled 3 April 2025. The finartcial siatemeM$ have been prepared in accordanee with the accounting rM)licies set out in the notes to the financial tements and comply with th¢ ¢hwity8 governing document. the Charities Act 2011 and Accouniing RerK>rting by Charities.. Statetnent of Rccommended Practice applicable to chariues preparing th¢ir awounts in aceordance with the Financial Rcporting Standard applicable in th¢ UK and R¢publi¢ of Ircland published in OGtober 2019. Objeclivt5 aetiyilies The Trust¢e in&y pay or apply the unrestrictrd w)ithl and in¢om¢ of th¢ ChaTity to or for such Charitable illsfiwtions or PUTW>S¢S the Trustee in its absolute discretion thitth5 fit. The objectivcs of the Tru%t are to provid¢ pensions foT persons in ncce5SItOUs or straitened circu[nstO￿Ccs who have b¢en. Bit OT shall bc employcd urM)n the Dunetht or CowdTay E5tste5 or by ihe Settlor or by any descendant of the settlor or who Shall be the parents, wives. widows or ¢hildren or dependents of persons Jo employeiL It a]so provides for making donations to other registered charities.. The Trn51ee canies out ihes¢ objeaives by regularly cotlsidering app¢a15 from other charities and making rrf)Ii¢y &MI filnding decisions. Public Benefit The Tru8tee confrmB thAt it h8S tomplied with the duty in ￿CtiOn 17 of the Charities Act 2011 and has r¢fared to the guidance contained in the Charity Comtlli$5ion'5 genual guid&llce on public benefit when revi¢wing th¢ Charity's aims and objectives and in plannirtg future activities and setting the don&tions ￿licY for the year. The benefit that arises is the provision of fiLnding to org¥iii5ation8 that demonstrat¢ ¢h8ritabl¢ pwyose. Achievements And ptrformarttt Durin8 the year the Tnjstec made grartts totalling £S,50012024.. £10.0001 in fiwtherdnce of its objectiVC5 and continue5 to m&ke grants to charitable orgonisatiofts iKpth on & onfroff and recurring ba5]5. The larger grants awardd during the year ￿t stated in the notes to thc fJn3nria] 5ta¢cm¢nts. The Tmstee is pleased with the progress made in the finallcial y￿r ended 5 April 2025 and Iix>k5 flyward to ¢xpsnding its wo with many other charitie5 in the y¢ars u) come. Fi*aA¢iA] review The Truske Teceived £31,732 in investment incorne in the tu]rent ye8r [2024.. £27,2171 and the Ttwtee hB3 achieved its intention of $P¢Adirtg th¢ ith¢ome on Gharitable activities. Net inci>ming resources For th¢ yw W¢Te £13354 P024.' incoming £7,770]. In addition the Trust made all unrealised loss of £74.26212(Y24'. gain £117,258]. The n¢toutgoing rnovement on fjjnds Vds £60,90812024'. incoming £125.0281. Investment poltcy The Tn￿tte instructed the Investment Mthmger that the Forrfolio i$ to be inve3ted ts produce & suit&ble mixture of ineome in order that the l¢v¢l of granis may be maintain¢d and capiral growth to sKw¢ th¢ fvture of th¢ c￿)ty over the comin8 year8. The Trusttt is Confident thatth¢ future income stream is se￿re. The inwesimeni ￿￿11¢Y is monitord by regular investrnent reporns and m¢¢tings with th¢ Investment Mattager. A breakdown of the inVes￿ents held during the financial ycar cndcd 5 April 2025 can be seen on page Risk Management The Tnajor risks to which the Charity is exposed have b¢en identified 8JLd st¢P5 t&k¢n ¢0 TfLitigai¢ those risks. Th¢ main risk to the Cherity ¢on¢ems tbe investmetts held. The Trnstee h8s miti88ted this risk by eng88in8 Cazenove Capitsl Tnanage thr investments and monitor the portfolio and fJnan¢ial risks to the ch￿Lty. The Tnstee regularly teviews the VAiuation of investments and the income Stream generatth The TTU5tcc h45 5at15fied itself that the trust is a 80ing ¢on¢ern And has adequate Itsources to ¢thJtinue in operationa] exi$t¢rt¢¢ for the foreseeable future. The charitsble aciivili¢$ ￿¢ furlded by the investrncnt portfolio and although Ctsvid-19 did have a negative impact on thi4 the Jx>rtfolio has re¢ov¢r¢d with sufficient v&lue to suprK>rt continued tnaking. THIRD viscouiyr COWDRAY'S CIL4RITY TRUST TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2025 R¢serv¢9 polley It is the intention of the Tr￿￿te¢ io sustsin the utjrestriaed fund5 at a level which will provide 5uifJcient fiinds for the levcl of grdnts paid and io ¢over the ch￿l￿'s management and administration costs. At the Balan£r Sheet date the utyestri¢t¢d reserve5 8Jnounted to £1,479,730. Fmtsre P]¥n$ The TnJst¢¢ do¢s not envisage any material change io the op¢rdtion of th¢ Chority in the long-ierni and the inve5tment3 will continue to b¢ tnanagcd on a similar b&8is &% they now. No¢with5taTOing this, the Tru5t¢r ￿￿81[￿ flexible in tcrJ115 of thc typ¢ (pf organisdtions it supwrts. struttll￿, governanee The Trust ha5 charitabk Stat￿ and was set up by Third V15count CowdTay by Deed dated 18 March 1964. The managemmt of th¢ Charity is vested in the T￿tee and they actively review the pereeived major r2sks which the ch￿ity faees and the TnL%tee is sa¢isfied thAt the 5y5tem5 are in placeto miti8ate those ri$ks. The Trustee has r¢ceiv¢d appropriote briefing on its r¢S￿nSibilitieS under the law relating to clwiiies and its duty to en8ure that its charitable activities are for th¢ public benefiL Th¢ apwintment of new mjstees is vested in the Trus*es in place at the time of the appointement. The sele¢tion of firture tru5tee5 will have regard to thc skills. knowledgc ?￿d exFricnce n¢eded for the effe¢uv¢ administra¢ion of the Charity. Induction and. training for trvsi¢e$ is provid¢d wh¢r¢ r¢l¢voiiL RefeTeDce and administrA¢iv¢ loforniotion A registered charity. re8LStcrcd with the Charity Q)mmissioner5 for England and Wale5 as number 234169. Thc charity trust wot*in8 n8Jne is ThirdVi5wuntCowdray's Chgriry Trust and its Jtgisiered name is Dune¢b¢ Pensions Trust. Principal oifice.. 4th Floor. 7 Swajlow Street London WIB 4DE The Trusttt is Cowdr&y T￿￿t Limittst Th¢ tlircctors of Cowdray Trust Limited arc.. The Hon H M TGib50n {ChairrrLan) The Wiscouni Cowdray (Ruigned 12 March 2025) Th¢ Hon C A P¢aThon The Hon PN Gibg)n Thc Hon B C Gurdon MrJRESmith Mr R C P Trou8hton (Resiwd 13 Jun¢ 2024) Mrs S J BuTrell Mr S J Atkinson Mrs F ARiee Mr M P Harris Mr K Wright Mrs C ABullou8h {Appoint¢d 30 August 2024) Mr PPearson (Appointed 14 May 20251 Solicitors.. Cwrey & Co LLP 33 Queen Annc Strect LondDll WIG9HY THIRD VISCOUNT COWDRAY'S CHARITY TRUST TRUSTEE'S AJYNUAL REPORT FOR THE YEAR ENDED S APRIL 2025 bId¢pet￿ent EX￿]ner.. Harriet Sergeant Shaw Gibbs (Audit) Litnited 25 St Tknmas Street WLn¢htst¢r H4mpshlr¢ S023 9HJ Sdjroder & Co I [&*n￿n Wo]1 Place EC2Y SAU Batthr.. Roy81 Bank of Swt]aThl 119- 121 Wittyia Strcct lA￿d0￿ SWIE 6RA InYe8thJcntMana8er.' Caztnove Capitsl l Lonth)n Wall Plxe EC2Y SAU THIRD VISCOUNT COWDRAY'S CHARITY TRUST TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED S APRIL 2025 St*témÈnt of Tru$te¢'s Re5po*sibilities Th¢ Th]st¢e is r¢sr(pnsible for preparing the Tr￿e*S Rep)rt and rhe fin&rtcial sratemetts in a¢eord8nee with applicable law and regulatioths. Th¢ law applicabl¢ to ch￿l￿¢S in England and Wales requires the trustee to prepar¢ fin8JJ¢iai statements for e&¢h fin8n¢ial year in arLordance with Unitcd Kingdom G¢n¢raily A¢¢epted Accounting Practice (United Kingdom Accoulliing Standards and applicable regulations). Und¢r thai law the trustee must not approve the financial statemetts uttless it is satisfied that 8ive a ttv and fair view of th¢ State of affairs of th¢ ch8Tity and of the incoming r¢sourcu and appli¢ati¢)n of resoLtr¢es of the L4thrity for that peri(xL In preparingthes¢ financial stst¢]n¢nts the trustee is requir¢d to: - ￿leCt sllitable a a¢cord with those T¢cord8" or th¢ finonriaj Statements do not tomply with the applicable r¢quirement5 concerning the form and content of financial statcjnents set out in the Charities (Accounts and Rep)rtsl Regulations 2008 other than ￿LY requirement that the financial statements 8ive a omd fair vi￿, which 15 not amatter considered &8 part of an indq)tndtnt cxamination. I have no conccrrL8 and h&ve COD)e across no oiher mAtteTS in conncction with the examination to which attention should be drawn in this rep)rt in order to enable a proFW understanding of thc fjnancial slatemenls io be reached. Harriet Sergeant Shaw Gibbs (Audit) Littlited 25 St Thom&% Street Winthester Hampthire S023 9HJ Ddte.. T_-. THIRD VISCOUNT COWDRAY'S CHARrrY TRUST STATEMENf OF FINANCIALACTIVTTIES FOR THE YEAR ENDED 5 APRIL 21125 2025 Unrestricted funds 2025 Tot*1 fullds 2024 Prior y￿r lotsl funds Not¢ Investsn¢t 31,732 31,732 27,217 TotAI 31,732 31.732 27.217 RAising fimds Charitable activiti&8 525 17,853 525 17,853 480 18,967 Thtgi 18.378 18J78 19.447 Net Aneomel(e¥e*diturt) 13 J54 13,354 7.770 Other ro¢ogDased gginglllossesl: Gainsl(losses) on invesknent assets io (74,262) 174.262) 117,258 Net Thovement fumd5 (60,908) {60.9081 125.028 Retoxclllatlon of thlld$: Tots] fimd8 brought fonvard 13 1,540,638 1,540,638 1.415.610 Tol*l hnd$ unled fornrd 1,479,730 1,479.730 1,540.638 THIRD VISCOUNT COWDRAYIS CHARITY TRUST BALANCE SHEET AS AT 5 APRIL 2025 No 2025 Totsl T¥￿d9 2024 Priorye*r Fixed A$8ets: Invcstmtt)ts 1.434269 1,439.418 Tot•1 Fix¢d Ass¢ts 1.434.269 1.439.418 CurrentAtstts: C&sh at batlk li 45.461 103.275 Totsl CurrentAssets 45.461 103,275 LiAbS1itlu: Creditors: Amounts fallitig within one year 12 {2,055) Net CyrrtthtAssets orLiAhilitles 45,461 101.220 Totsl NetAssets orLl*billtie# 1.479,730 1,$40.638 Th¢ Fynd5 of tbe CbArlty: Unrestric￿1 funds 13 1,479,730 1,540,638 Totsl Charity F¥nd$ 1.479.730 1,54Q,638 Approv￿ by the T￿￿tte on 3010112026 olljd Si￿d on its Eeha]f by.. CowdTayTrn5t Limited Director THIRD viscouNr COWDIL4Y'S CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 ststutory Inforni•tioD Third Ifiscount Cowdray's Chsriry TTUSt is a r¢gi5t¢rd rhwity. Thr regt5t¢rcd numbcr and PTincip41 offi¢¢ addT¢55 ¢an b¢ found in the R¢port of th¢ Trust¢¢'8. AceouDtiMg Policies BAsi5 of $t*t•men¢$ prep#rwtion The financial statrments of the Ch￿lty, which is a public knefit cntity. have Fttn prepared in awordance with the Charities SORP IFRS 102) 'AccoLmting and Reportin8 by Charities.. Statement of R¢commended Practice applicable to charities preparing their aCco￿t$ in 8¢fA)rdon¢e with the Finallcial Reporting Standard applicable in thc UK aTrJ Republic of ]r¢i￿d {FRS 102) (¢ff¢¢tiv¢ l J8nuary 20191,, the Financial Re￿rtIng Standgrd applicable in the United Kingdotn and Republic of Ireland {FRS 102) and the Charities Act 2011. The fjnanciai statemettts bave been prepared Lll)der the historical cost conv¢niion. Th¢ financial 5tatemcnL8 have been prepared to giv¢ a'lruc and fairf vicw and havc departed frorn ts CharitiC5 (Accounts and Reports) Regulaiions 2008 only to the exteni requlred to provide a and fairf view. This departure has involv followfftg A¢¢ow]ting and Reporting by Chariti¢s preparing th¢ir 8¢¢ounis in a¢£4)rdan¢¢ with th¢ Fin￿ClaI li¢kX)ning sI￿d8￿d applicable in the UK and Rcpublic of Ireland {FRS 1021 i￿u¢d in (ktober 2019 Vdther than the Attounting and Reporting by Chwities: Sts*ment of Recomtnended Practice effective from l April 2(K>5 which has since been removed. The Tntstee considcrs that thcre are nD material uncertainties aixbut the TnL5V5 &bility tt> oJntinue as a going Co[￿m. b) of All fi￿d5 h¢ld are UTJreBtricted and th¢ Trust¢¢ is fr¢¢ t(p us¢ them in a¢cord8ll)¢e with the ¢lwitsbl¢ objeos. Fixed asset inv*stmtthts Investments arc staled at market valur at the Balance Shed date. Overseas investments are translated into 5t¢rling at the rates rll]ing at the ye8J end. The Statement of Financial Activities {SOFA) includes the n¢t gains and losses on revaluation and disp)saJ5 throughout the year. IDeonbe Incomc is recognised in thc SOFA once the rharity has entitlement to the fjjnds. it is probable that the income will be received the amowJ¢ Can E¢ m¢a5ured reliably. Exp¢nditsre Liabiliti¢S 8Je re¢ognised &8 expenditur¢ &s sry)n as th¢r¢ is a l¢gal or ¢omtru¢uve obliga¢ion ¢4mimitting th¢ ¢harity io thfjL expendttur¢ it is probable thai a transfer of eronomir IKn¢fLts will be requir￿ in settlemcnt ond the amount of thc obligation c8n be mefyswed reliably. Expenditure is accounted for on an a¢crU￿5 basis and ha5 bccn classified under headings that aggregate all costs related to that category. Where costs cannot be directly attributed ￿ p&rticuiar headings. they have been ￿lOcated to activities on basis eonsi$t¢ntwith the use of resources. Charitable grnnts Grants payable Bre recogrtised in the SOFA when are approved by the Trustee and the recipicnt been infornied of the amount to b¢ paid. THIRD vIscouNr COWDRAY'S CHARITY TRUST NOTES TO THE FINANCL4L STATEMENTS FOR THE YEAR ENDED S APRtL 2025 Ictsntinuedl Foreign c•rvenciu Transa¢tions thnominated in a foreign currency are translated into 5t¢rlin8 at the r￿¢ of ex¢hange NJin8 at the date of the transactLOft. At the Balance Sheet date mortetary ￿ets 2nd liabilities denominated irt a forcign currcncy are tran81ated at the r&t¢ iuling at date. All exchange diff¢rence5 are dcalt with in the SOFA. b) Iwovtrabl¢VAT Irreeoverable VAT is written off w the som¢ ¢xws¢ ¢wegory in whith the acts￿1 expenditure w&8 incuTr¢¢L R¢muM¢rntJtsD of Trus¢ees In the financiaj YCBJ to 5 April 2025 the Trustee did noi receive any remuneration or have its cxpcnses reimbursed by the Cknity. Cowdray Tnjst Limitgj ¢h&g¢d thin1$￿0￿ ￿peNseS of £11,61012024.. £82901. IAvestmtDt ifttome 2024 Income from Inve$tmet)ts Deposit interut 28,299 3.433 23,881 3,336 31,732 27,217 Expenditure r*i51Dg funds 2025 2024 Inv¢stsn¢nt mBAag¢ment fee5 525 480 525 480 ChY4rithble activities Dirt¢t tosts Supportt05ts (see 71 (srt nots 8) 2025 Total 2024 Totsl Charitable cxp¢nditure 5,500 12,353 17,853 18,967 Dired costs The Charity un 5,500 5,500 Svpptsrt Costs 2025 Administr8ti0n ¢Kper15¢5 Portfolio Stewar(tship fees 11,610 743 8290 677 12.353 8,967 During the year thinistrotion ¢xp¢ns¢s of £11,610 w¢re ¢h*ged by Cowdr8y Trus¢ LiMi￿d {tNstee). The atnount of £935 plw VATwas charged by Shaw Gibbs (Audit) Lirtlited for the Indwd¢nt Examination of these Finatlcial Statements. Stsff eosts There are no employees 80 COt)sequeThtly no staff costs h&ve been irtcwre¢t Ilj Flx*d Assét Ivestthents 2025 2024 Markct valuc brought forward 1,439,418 l J22,l60 AdditioDs 69,113 Nct gaIn￿{loS8eS) on tnvestments (74262) 117.258 m￿et Val￿ carried forward 1,434,269 ,439,418 Geogrnphic4J an￿Y518 2025 2024 United Kingdotll invcstments 1.434,269 1.439.418 1,434,269 1.439,418 The inv¢5tm¢nts w¢tr rev81ued ea¢h y¢* up to 5 April 1999. Therefore, there is no historic ￿st figLwe avaiiobl& Th¢ Lwk value of the investm¢nts at 5 April 2025 was £819,831. goin4Oo$se5) on investments includ&8 realised gain8 for the y¢4r of £0 12024: gain £0] and unreaii%d 1058es OTt revaluation to market value of £74.26212024.' gain £ll7,2581. THIIU) VISCOUNT COWDRAY'S CHARITY TRUST 1¥4OTES TO THE FIIYANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 (Continued) li C¥sh 91 bank 2025 2Q24 lioyaj Bankof S¢oiland Schroder & Co 1.026 102.249 44,343 45,461 103275 12 Credltors: Amounts falllng du• wlthln one yeAr 2025 2024 Administration Exp￿e8 Portfolio Stewardship fees 1,378 677 2.055 13 Moyemetht in funds 2025 2024 Unrestricted funds." Ba]An¢c brought forward Net J]wvcJncnt irl fjJnd5 .540,638 {60,908) 1,415,610 125,028 Balance cattied forw8rd 1.479.730 1.540.638 Net movement in fijnds included in th¢ aEx)v¢ are 8s follows: GAxns ind Movtment losses ID funds Income Uw¢striaed Funds 31.732 (18,378) 174,262} 160.908) 14 Rel*¢¢d hrty Transactloos During the yw, Mllbank Financial S¢Ni¢es Limited {'MFS') Ch￿ged fees of £743 12024: £6771 for theit Portfolio Stewgthip service and Cowdr&y Trust Limited dwged athninistralion expenses of £l1,61012024: £8,2901. The Hon H M T Gib50n. The Hon CAPwson ond Mr M P H￿riS (Directors of Cowthay Trust Limited) are Directors of MFS. It should be noted that a sibling of Hon H M T Gibson and Hon P N Gibson, the father of Mrs CA Bullough, the son of Mr J R E Smith and the mother of Mr R C P Troughton (Director5 of Cowdray Trust Limited) atr Directors of MFS. namely Hon W K Gib50n. Hon CAPearS0￿ Mr O G E Smith and Mt5 S H Troughton rcspcdively. MrR C PTrOL￿tOn resigned &8 Directorof Cowdray Trust Limited OTE 13 Jun¢ 2024. Mts S H Tmughton le81￿¢d as Director of MFS on 17 September 2025. 12-