2025-06-30-accounts

For Tho Yaar 4Jl 1 Darklake V*w

ofth8Ft F rTheYe8rE 2109 Audliorf8 Rèport 10t013 14 B•knn¢è Sh• 15 16 17 181026

•nd Inlstrative D1 L Jatknt {Ch￿nn￿nI KC W morg￿ CBE (Dèputy Ixnnanl J Partw Ct 0 Thomas IrestyJned Novembera1241 C Parker SLam DrJ Wliheys {8AlOtnted ctober2￿) S Wilkxps lapwnbj C#ober21Y25) Barn FoTd Ktry5b[￿V TQ7 2LN Harscomb8 Ho￿@ l Darkkke Plymoulh PL6 7TL GrouNJ Sall Quay 4 N(irfh Easl ￿aY Ptymwth PL4 OBN RBC Eury Ltm London Pagè 1

Th Year Ended Thè TrL￿tee$ preserrt1helrArW￿ Rel￿ and Aeeotmts lortheye8rended 30th thjr￿ 2025. Thèflnarts statenwts have bg8n F¥ePa￿l in wlth the ac¢iwntiTrJ pollGie5 as set oul in notè 1 and compty wtth the d￿rity# tnJsi da8d, the c￿rIbES 2011 and the sW￿llent01 Recomrrerxled Pracoca.. Ac¢ountiro and A8Wrting by Charfdes preparing thelr accounts tn aca)rdarto Mih fv FInarri￿ Standartl •FfraL4è In th8 UK aNJ ReWtI￿Of Ir8larKI on 16 2014. Oblectl¥89 and aw The 0tr4 ¢f ttw thartty ￿￿mIn. 2 To ftIr￿ forctrarllth rAJrposes. tet1￿ gerEr81 or T￿t00￿ I￿Ve parfkular Inter881 In grarts to organL8atkyL8 rÈwKing start furts in both the Unw K5rrfJ&Jm overseas. guida￿ on publlc ben8fftwhen reviwry the TA￿ts aTrJ toithes arKI In planniNJ future ethiiw and sstting grant mthfig Oky lorthe year. The Trustranfjes O￿theSe otriects by funthrvJ ofollw cHui*)knorggnisththat are rLmntng wOl￿ts that rneetthg thorit￿¢ 0￿eCtIves Lrf TnJsL orgakn speL4fic ￿¢C ber￿fftthat It￿1r pr¢l$¢ts mggt $ky)Ym ￿￿p￿T in 5.

OBJECTIVES AND ACTtVlTIES D•llv•ry otpublle ban￿ tltrwgh theTrugVg grant rhwklnA pollvr. thjring thls yeartheTnJst gJprKJrted 17 wruetts (a)24: 101. otllwe" 4 (2024.3) weTpforlEalth. 6 (2￿£4. 31 w for thallon. 112024: 11 were ILY Iwllh and edLrnton. 1 (2024.11 wer8forenvironrnwLt and heajth, 1121Y24'. 01 W8re for e(hJrAtion envlronrrent. 4 12024: 21 were lor and health. There were aSSiSlwth: Haatth: To defNer8 surgi￿[ cany in 2025 In a hth al1d￿l&. remots wkN) of Nyl on the r￿Yan Bango fr8• (ai8Y8CtgJrggry to most naady p￿pIè. SUPF¢Xt avalable to people In the Sullolk and Norfc4¢ areas wtry) aTe sufferiHg the traurna ol thg ol af8rnily rrwthr from by train￿ Tnore cc￿e￿ èrwl Feer rnenlDf8. To d￿an1. l)w Ir￿ fam5llesand Fwsnts in cfi5i5 A8hford Ker vthere a rnr IFe evant has s[gnI￿ IMp￿d on thè health of achihy or thlhjrpn. ¥vè to preonant to the rfykof Infacbtin at blrt supFxI government tote dini¢% to remrAe njrd communllles in Edu¢atknn: RevitJise 1mpov8ristr￿l sdxth Tn Ven8￿￿a by prowffjng SustaIn￿e. dean wat8r. tra￿rOr[llln￿ F4aygrDurMk irtovfrnt sp￿. and fadFltatlng Workshops to To b￿d agr(Jnd floordassrr)m t￿￿(th1th kn nyon% IhatAII en4bttr th￿ren ) lake thelr lrtmsè and scdè up the rmMn￿r0[ onb1￿ EryfBh raiwse5. taught by Afghan refwJees In the UK. totra¥i the glts aged 1+20 rjjrrenty on tsfjrwalung IW in Afghanistan. To fu￿ equipment foran decKal workslw. office, storeroom arnl Ghangir¥ for girfs and tx)ys al BaworD w￿bOn schs)J kn the Astonb wk)n ol GtAn< slnes studan are enrolkd cour8es tmrt h￿8 m equi)rnenL To SUFV)rti￿(￿4Iy￿ Lrf how93 atourxhx4s kn Basakhdl a￿1 Chheskam In ts Everest regkn of Nepal. To build threg 1ary9Jun￿r School Classrooms tr 150 chlhJren aged 11-14 at the BrigMings•a in thè ASh￿ti Reg￿n ol Ghw and to bulkl up lo the fjrst Ilc4Jrfrom [￿ground Ikmwso SI￿ts 8Th1 thern ¢art &Ke5s tho r￿1 classroorns. The strat￿Y ts kn ÈÈt •xI pkysckn that1￿th Cfjsab￿ chiljrèn aThd delw8r nutrtbous meaL4 and Me(r￿A. P￿Ent￿ aTxJ e(JLK¥ion￿ sUp￿rt at the play cenires i Afrtcan comrnuniUe5. Thisgive5 LikJTen act1￿￿ to flourish ￿ asafg enwronmenL Educ8tlon.' To c(rtstruct a grovrMYaterMEII In uga￿ lor (P￿ 2￿)0 peoplè, 8ddrpssin9 thg crtll¢ need forsafe ￿ clean wrfcf dtithry. cti*iryJ arxl (b)meslk use In a corn¢nuntywhèrè lh8 cdy p4)un% is ￿)ntaMInat H8atth & Environment Pag93

Educabon & Envlronment To de¥ekw a •ag8 crf fJ•8thv• for prlmary sth¢x45 in East An91￿7 that ddfver key mes8ages dknat& arKI enha￿e yC￿g peorlè's undersiandlThJ ol th¥r agentry kn ereavJ a rnore fukn1￿ Th8 eommuiuty proigcL part of a mvlY-cofTrn￿5IOned Ope￿ creative res[￿￿ io th& cllmate Cris￿ whrh cbrates the olyoung peoF ￿ TRAI 360 ¥yimw 8¢hcol ¢hlldren in fve Haalth, EthKation & En￿r0n[ne[rt secxJn(tsry school in Zambia. ac£rynrTK>dating 10B glrts and sw￿J50￿, a￿0￿mOd￿￿On, and Fjso impriNesWW lb95 IDr 180 fenwle s￿￿nIS. slaff and loc￿ women. cortrtxJPo ts ttwlmftmert￿ re#ryatiw, din¥le wlllence arKI 8USt&rwtle v8lknods. To wort a liti￿$ Syst￿ at a Chhen in Kiiirnania￿ Taroank, 88 th8 goy8rNnth ls banned the of(arcod In pubk trAltthng& This &year woJerA In Tnil Nadu Irth wrr6 ) k)vety and ¢hange In ￿￿￿nariS￿j fwrniNJ fac￿ risiThJ cyjsts, resourtè dep1a￿On and eThatic ft1￿1. acommunltyJ appr￿￿ ts god ts to ewp S￿) marginaltsgd farmer8 and thetr TAith 1he skML8 r8SaWt*s necessary to adaoto environment ch&lenge Page 4

rtofth&T Grafibna￿nq Thè Tnjst hag Èstabllthgj Its grant rnakR￿ lo #8 ciiecb hjrtre b￿fft of HO￿th. Edwlk)n. Populabon Corttral and the Ermronmenl Tre Tr￿tte5 revkni thè grant maknJ onrnjalty to eTwfg that It reflects the ch8rWs [￿l￿tiveS and ttweby pu￿￿ benoffll eorBiders these appllcatlor&g derfes ￿ether to make ￿ granL Thè Trnstaas ￿er￿e fdbw up raports on thé prtyets for whlch the wt vrds made. rgp)rt8 are sattsf&knry any grant bala￿ rnay yearfv Trustees s￿9 lo rflstri￿ to th￿8 a￿￿(410n8fi￿h meet ulterfa. Nl 4a)"orF arè corns1d￿Ed in dgtwl and. provthjlhey ￿ acceptth, aThJ meotthgTr￿rs ￿￿de￿ne￿, thaTr￿kn 9r4nts sutleclto thero baino sur￿￿én[lurMdS 8valatrde lorc8slrtth. AWEVEMENT AND PEAFORMAIKE Monltorlnu a¢hlgvern¢nt The Tntsta85 r8rgive report3 M eth tkn to tha TA18 nattre of our and tho c4ran ran￿le areas In which thè wtsrk is urthtaken ￿sits ty Trustees to cl￿ tl progTe8s of thes& progrommes ￿ r8r#. Whare PWticakAe and feaS1￿e projects a¥e ￿ by a Tnthg. Th9 it Is further mlnlrnl￿l t£(55e Iho TTUSt pref6ts to support UK chariikgsthal are t￿N￿1n9 tenofQov8w¥ lh￿ T4)orUng overseas d)aritt&. TIKP Twustees feel Ihls asslsts th& monttoriw of pro1￿ Photogwhs and FXW rErth3 we ￿ mth 80W( of monknrfng. malrttatwj IhYWout wilh ts charftat4& Org￿L#tkJn Ilwhwhth thg Fln8nclal rovley. The Trust t8 rejianton cawkj arn1 by ll5 irhve5trwts tecwe Itdoes ￿￿t Lxthrtats any fundrajslng. Tho annual r8ak58d pns w8r8 ￿￿220 12ir24: £1￿(￿ aThJ It¢ unreaW 9&￿￿ were £154m 12024: £647,323). Th& tot retum linduclng unrE8fLqed gwr¥l wa5tlwefrKe (W24,. £795.3151. Th8 irtcorne generated from the invesbnent KN)rttDfio was £101.w Ia124..£97,￿l. From this I￿om9 and thè net gains from ils inv&8trnents. the Trust paKI out grarrts of W65.712 12024.. £87.9391. Govwlla￿ raxts Onc4uded wthin expeft(tiknre on charitable athitiesl ar& £12.48912024: £42811 St¥wt c￿￿ts arg £11.077 {2￿24. £7.2511. anij inv05trnorrt managernent costs atE £62.709 (2024: £49,140). Costs ol rwsing ￿haL?SSa expenses) arg È1.867121724: £3.0491. Fundrnlskng 8tatsrn￿t The Trn￿t d(￿8 ra￿ lunds frorn Ihe aThl ttes not ￿)b)Y fu￿1 w8ing street lundt3ts8rs or undeloke te￿Phon8 IthKI r8Éing pff¥rarNq. knvfjsknent pollcy and Pwlorn￿rtta The Trustee's Investrnerrt P￿¢Y has teen kn WE5UV8 vakp of (fF47eUonary Inwgbn8nt rnan￿TS mwnly Invest in managed pcded f￿A$. vhllch have Tnrtvjated the rlsks inherèrrt in diwt investment perfoTrnan￿ of the discJetr)nary m￿Rge[S Is ￿tsTa￿y monitorvj by the Tnjsw wrÉt inde￿nd￿n￿ rforrnancp moasuremert Thg Trust Deed Ihe TTr6tees unrestiicaed irNestm8nt ty)wars. All inV£Strn￿ls held havg b¢gn wuired ￿ acL¥)rd8rKe with the poweks avalatite to IheTnJstees. Thè 10t￿ marf(&t v￿u￿ ofthe Inv85trnpnts at30 June 2025as £11,255.33612024: £8.488.7961. Full thdosure of a Investments Is ￿aIlable in Note 11. The capita valw. a5 adjusted tur 8ddtbons and di$￿)$￿s. irtreased ty 8312024: thcrease 10%). IrNesiment Ir￿0￿ Yas 8woxh)]atdyO.90%12024: 1.15%) ot ca￿tal vahlg. Pag8 5

The trustses Ihat Val￿ Lrf IrNestments may w a￿1 ldl and in the a￿91￿atb)n of the pDliw to malrtwn tho va￿e ol the fund, tw rroy apply a vin¥. Ths was aJapt8d In 2013 and lowing for Infialion, at the date ol appr￿￿ Lrf the &oxKJEts. vaiug ol ihe Itmds W been MantaIn￿l. weB, the Trustees recefve ¢i]artèrty and [wtonT￿ agalnst b￿thma￿. Shcwkj thg Trustw5 1 conslstertty dsappolnbl with Ihan ¢￿￿deTai￿ woukl ￿ gfven to chanllfjng Invostment mwbwJeTr.

Trugfee¥ FINANCIAL REVIEW Regorves pdlcy is Ihg trusvs wjlty to makttaln re￿ vakbe of Irv￿1￿ lurth o¥•r thè bThJ48m. It rneasw the tokt tum on its inveslments. both from tr¢ome and or 8rx5 any Sury￿u¥ the real ￿ue com be syn￿￿ In ftJrtt)èFan¢8 ofthÈ tharitatAe Obi￿ts of ts Tru5L Ihosè furth. 11 in any on8 yB8r the knla] Ls irNthaertb) maetlhe ￿K￿￿j grant makirwj 8xP8nKj￿T&, trwtegs I￿1[ cOns￿er Ythethw lo reduce Ihe tr￿geted exp￿rg or 10 make adjustrnents over tho longer perf¢xl wilhts Ofprese￿ vabjo oftheTntstin ¥Thl￿wIthtI￿8 IrN&stsnenl obiÉcdvè èbove. nomid level ofpn]derte whN stb>JkY go￿ the Mwe[￿t01thar￿￿ frJThtsandvAth th8 god 0fmah￿aIni1 suk7clent Ilquidity to m8 grarrt aFpbcatiorKs IW to be apprD FWURE PLAN The Twstees plan to tu r8tsin Ihg r8al value vf thg Twfs inve¥lrnerts over and. on this basis. onty then to fund as charitthe wisalv)ns as tha Tn]st ￿ th•. STRUCTURE, GOVERNANCE AND WINAGEIEKr G¢JvOTning th%ument ThÈ Trust ￿ a r8glstered thartty, nurter 240915, aThJ ts ojnstknd UnL￿ a lrtst de8d (￿t&d 7th Jarmw 1965 and th& tNstéeS 8rè incoTpor8ted as a The Tntstwas established by S"r Harry Jppfwtt In 1965. &T HBrry was a p￿rnaC￿￿caI themlst aTrJ 1Tr1usb1dlst and In 1919 he Joseph Nathan. an ￿gb-N￿W ze￿and company which math8ted drfed mllk ￿der the trade Cdaxo. be¢xm Ihe ard)ilecl ofTNhat Is on8 of the y￿￿(r$ m8lor pharmaceutt￿ Cornpan￿. being larg8ty T8sponsA8 for provtthng Gkxo vJith the base C￿wh￿￿ tts prowerftydtpwxle(L He ￿tired as Marlltyng DAELiorin 1W, thequenty bgcorning non.execJJJv6 Chalrrnan and laterhOThj￿ry Lif& Pre5idenL Heer￿￿￿%￿l several lThYl￿n9Theje&￿Cottchantat48TWs1. The Jephcott famty conbnu& b Lw acbvgty uN01v￿1 in Charity TNwe seek to contine the charitabl8wo The Tw8tee8, who are 116ted on paga 1. formukts of th• ￿tsa￿Y Irth¢ng Ihè nthre of wci8cts SUPPDrtgd o ThBII ps thg financial controls. under the Chwity operate5. The Twtees rn￿1 trAc• a y&ar to agre& thè Trust8• strategy arn1 areas of activty for the Tn¢L on¥iderat¥Jn ol grant mthng. investmenl. resetves and rfsk managemèrt Ft4i%5 ènd ￿rfOr[nalKB. Th8 day to day ajrninblration ol grants and processw and haThJtftg of awkatlons Ls ￿legated to a Seue14ry. The Trustees have in p￿8 a finaft￿ Su￿￿M￿tee that r￿¥$ lh& inwtments hèhl Thè Financ Conwnitte meet the Fund Managets at loasl ow a year trj review wrtorrnance ajainsl tenchmaths aNJ rgview the risk PToflle ol the investtnent porttofio. Where applica￿ it takes thice from vawious prof9ss￿r￿I quarters. The sub- cornrnlttee then rep)rts to the trdn cornrnillee of T[[￿. highlghtilw 113 re￿rnMendatiOnS. recommffldations of the sub committee ¢￿Ver s￿h areas Es levd of liitw to ba m￿nI91n8d and the ￿oUnt avallable for dL8tribuion. Tho apwnlment cl inve51m￿l rnarQge￿1s reS[￿￿$&I11ty ol ￿[ TThsl8es. l trustees tako r8sponslbOty for r8(xuitmeni of rthv ttuste8s. Arry ¢L￿rent trus￿ can r￿mMend a ngw trustsg who 15 then Invlbj I0￿7n am8￿[ng aftw belNJ Introd￿ io at Sèast LXL8 0th8rlrustse. If all tt]stees thlnk porson ￿rellt the trust arnl the ￿r$On sbll tD N)in, 1hen 1he aTxxxntsnent takes place. I truaè#lotn for an InlN perkyj of 5 yeaTS and then Ihelr C￿￿nui￿d akySnb)wnt rr)IltrThJ 2 ygar by ethgr party. Thè aprKsititment is rnaye after taklw Irrto con5iYeration the specific sfvlL8 and knowl8dg8 01 gppointee and the requlrements of the B08rd as a vthobÈ. TnJstee5 attgrKI a TrLts?s' meeting belo￿ they ar8 appointed. ￿fve a ft￿1 tmfirgtrryn Chwnywi arnl Twrtten guk18trffi. Ji trustees gTvg thelr tme flee￿ 8nd no was ￿ ui thg ￿r. Daiails thf truslee eynses re dksclDse(I In note 7 to th? account& Tnkstees are rffjuired to dwk8 all relv4anl interests allyl rogi5tar th8rn tho S9rr81ary In at￿r￿an￿ wlth the Tr￿SYS polw wthdraw decis(orts Whe￿ a connlct of Intèrèst grlses.

SThUCTURQ GOVERNANCE AND AIANAGEIIEMr sU￿COmMI118P of Ind•wdent Trust In the ot Sir N W Jephcott (pa8t Ch8tmwl. Igft ￿ 50% trlmerstap of the Nopèrty Nassa East Pa￿eM(￿￿. S￿Combe to the Jepltutt cha11kb￿ Tnst ¥Ath Mary, i JepheA)tt (hL8 wlfe114￿ng a lsfe tenuTg. Fdlowiro hoT derni5e in JU[￿ 2023. the was pknd on the Ma￿￿1n Mard) 2024. The safe Of thè propèrty wa5 C4)mplèt&Y CttoberXJ24. As four tru8tee8 atp or Irecty tc¥)fikbJ ID boiTrJ famly ftMters. or tnth8th. it vffjs de¢med necessary trj forrn a Akncthnmltt8e, made w) af trustees. Chared by the deputy cbairman. A19k mon•gwwnt The major rfsk8 to wh Ihe TDJst is expowL as wnUfd t))n¥n￿l0 ts TWI￿Ed eNI systwis havè been estllsld to ffjltioat9th￿ rtsk Tha rnajor risks trai the Tnjst L8 sUty￿ io are the cl value of the Trusfs knvlamènb cw the kxs ot fijnds through frwJulentgrarticatKyts. Ag refwred kn abovè af)arte thcornmitte? rEguW insbnatrts of thg Trust kn wgurè Ihè capltal funds are ￿￿ted prudenuy. The I￿￿e5 Iwe aFP)knted a lknèikmary Fund klany and T￿lrl￿ them to rnanage their luThJ5 in a rfsk aokne and raUb0￿ manrWwl￿st stul prowthro 8 ￿ 19￿M to the Tntst to athieve lis of yNirKJ The to88 of funds trawJlent wantaFplakn Is MIE[ga￿￿[wh tha ¢ty¥4ylkalon of Ihe gul¢dn6& resgwch 8nd tsvaluatlon ofth8 woJ8Ctkngalher￿ (Swtcmmuntcaoon the apFart ap￿Y￿g forfund5. The ￿￿tee5 continua to wrthase I￿r￿ty WWTarteforthè• of both the TrL aEKI theTn Govwnance slalernnt Thg Board ol Tru51ees havo IBd règard to priTripab of r8ttrn8nd￿l prncts a8 out ty the ￿harIty Govemance Code. ￿ have awfied thsse wa¢lKzl arwj in rnakirvJ. The bitstees are resporks11 4e lor prepwing the Rop¥￿0t tre TnBtees and thè stalem8nls in &I￿rdan th i¢abl& law and Ltruted iangdorn Acttwnting SI￿d￿ (Ullited Kfrykyn Ge￿￿lY A￿￿Pted ALU)untlrrtJ PA¢tic91. Charity law rg]uires thetnJ5tee8to Wepareflna￿Sa1stataIjrtkeach y￿. Urtderthatlaw, thgtrustge5 Accounung Pracbce Iurated KingJNn St8rKlwts W. nderchalty law trwtees rnust not apFwove th8 finaTKad s￿￿Trents ￿le&S Ihey are satisffod that they gwg * trug and fairvigw of Ihg St&9 of aff￿15 of Ihe chity 01 restyJYc8s and aFpltrallofi of r8soufcas. incknding thè incom• and exFthIth, of the lor that peTuI. Ill wcparfrvJ those thanrA￿ statèmants, th8 tr￿sta•S 8ro r￿Ulled to . select suitable and then 4Jply them mrtsis, - observe the methLYls and printsples In the charikn￿ SORP: . make ju($3emÉrts and egtlmales that are reason8￿e aThJ and explalned in tre flnarrial S￿1￿￿nts. . wepare financi￿ statem8nts on the corwn ba urless it ts traFvrprfateto pr&wm8 thatthe charfty (xjnbmiè in tAtskness. trustees are reSrxMib￿ for kgsplThJ prcpgr r￿ts whkh thsdose vthh feasorotle ae£uracy at any time thttfiw￿￿ p)sltlon olthecharityaTrJ to to er￿Ur8 that ihg stalpmerrt5 comWv4h the Charfjties Act 2011 a￿1 Tr ChaTity IN￿OUnts ar￿ Re[￿5} Regulauors 2GfQ. They are akn rewnslblè for saleguardfjng the assets of th8 dwlty herKe for tthng r83sonabk Ste￿ for th¢ FwentKJn and detÈclion Df traud ar*Y other Irr8gularib88.

Apwovgd ty onJBr ofthe board oftrustoe5 an......._ . - 4rKf on ts behdl by: M L Jeplwtt I(￿1r}- Tntstee

rtof Oplnlon We have the firwlcial Stat￿￿￿ of The Jepl£ott CFwifth Twt (th8 'charibn lor the yoar ended 30 Jun8 2025 whTch cgjmwse thg ￿e￿Wit cl FI￿￿ ktsvits. the Balance SheÈL thè Cash Flow Statsment al￿ rwtss totha flna￿a sratwnents, inchAfjng asurThnaryofsyJnifLanta¢xwntirtg p(AicEs.The finan¢tal repDrting tramèworf( that has ￿en applpd in trdr preparation i% aPFlhAe Ui¥isd lQtyS)m Actounting Stsr¥Jards Iunlted lfjrmjd￿ Generally Actepkd Pax)unling Prthel. In ouropinKn thè flrMrnlal statermts: . atrue ￿ fwr Dlthe state ot Ihe iffjs affws 8$ at ￿ JE￿ 3)25 uv￿}mIng r89)wces and appikafjon of resources. forthe Year11￿ wkled. . hav8 b•8n properfy p￿par￿1 in acc0Tda￿e ￿1th Unitgj (knTaDy knepbj Axounttng Prth., aThl . have been pTepargJ in aLt0rd￿￿e r￿[roments0f lh8 CharllEs PLt2011. Basls for oplnlon We ccnjucted our awlrt in acc0Tda￿e y￿th 1nkntiQ￿ SkThknJs on AthOrJ {UKI {ISA8 IUTrQI and appl￿• law. Cxjr T8SPOllSitMfitles underlhthè standèrth are ¢knthd kn the Aurfrtots. f(x th& au(rrt of th8 fir5EnLyaT statements S8LITon crf our repJrL W¢ ￿ 1ThWe￿8nt of ￿ chartty in a(£oTdar￿w[Iti the ethical requirernents tst relevant to OUT ul Ihe str￿￿nts in the UK Incluthng the FRC$ Eth￿1 star￿4[￿, 8ndwe YwefvlNlledwroth8rgthKal restmxwbilibes in2JXorda￿1V￿h knese reoarernents. Wa Wi the awjit evbhxe w& havè obl&neA i$ 6ufftie55iand aFpwth tt> provKIB a b&4s lor our oplnh)n. Concluslons rekntlng to concern In aUd￿r#j the linanril slatements we h&0 thal tr￿. use of th& grxThJ (rttm bass ol Bassd on the work w8 have perfom)ed, we have Th)t any materfal uTtert￿nISoS ￿latI￿ b evertL8 or condlions thal. irMfivKbJdty or ￿llect￿ety. may sJnifK8nl ¢kMknt on the abili￿ to continue as & golng Our respon8ibilitsgs aTrJ 11E r85p01th￿1lea of Ihe busiee5 knith to g)irMJ a￿ ckscrb8d in thè relevantsections of this rowt Other Informatlon The trustees￿ respYSi￿O forthè other inform8ti¢XI. Tre otsr TthDrtnthon comprisesthè information indud8d the AnnuaI R8port otharthan the financial statem¥ts arxl wrReport ofthe ￿th￿ndent Audlors theTWll. Our opinton on the finarf￿ does nDt Intoffna￿ atxl, ex(• to Ihg extent Oth0n￿Se expllclyy stated in ow rgtKrt we do ￿t exprèss aryforni ol th8T80n. In COnn￿n vAth our audit of t￿ fironriaE sl• rAJr ts$p¢￿S￿l11tyIs to read thB Other Information and. in doing 80, conskler whelher the 0th9r inlomiation is Inojnthent wilh financlal slatern8nts or OLX know1￿Je oblwned In the audit or othemise ar￿ to be Materi￿[Y rni￿lated. W we Klèntify such materb inconsistpncles or aprRrent Materf￿ mls8taterr￿5, we ar8 rewir￿ to thtsmiine whether knls gfves rbg to a material m￿la￿e￿I in the finanual 8fat8Th￿nts therns81vès. If. bas&1 on the work have kErformed. wa conclude that there Is a misstskn of otfrw knfornlat￿￿, ￿ arg ro(pur&J b report th8t facL W• havp nothing tu repyjrt In Ihis ragard. Mattors on whlchwe arp raqu1￿110 IpiN)rt by￿e•Pu0n We have nothing to rgPQrt in reSp￿t Ttwè tr CartsS (ACCL￿ts aTrJ Reports) Rogulalon$ 2Q08 raqulres reFrfHt to you ￿, kn wr r￿An￿. tha infomiatton glven in the Rep(wl oftheTnth85 s Ir￿{￿￿￿tIn ary rn8t8rf8t reS￿￿11h knanL7al $18t¥ments', or sufftlent a¢c4xmting rseonls havo bew4 keFt. or the ffnartial sktèments are not In agTEem&rtvMth Iho awjurfing r￿[￿8￿r￿1 re￿Jr￿. or we hav8 not recewed thg irftirrnathjn explanaiw)ns we require for ourwdlL ResponsbllltlÈs of Init••s As èxpWn8d more fvlly in thg Statennt of TFusleas' Rew¢thilties. Ihè tr￿taeS arg rospon51blo lor th preparatlon of the finwd statenrrts which gN8 8 true ￿ fairvw, and lor SLrh Intern￿ control as thelrustees delemilne ts nece88ary ta ènable the weparation of financial 5tatgments thatare free from matèrlal misStatem&nt. whether due to fra￿1 or error. Pa￿ 10

prÉparfrwJ the financ5￿ statements, Ihe bu5tees are rE5wrthle for a5SP5¥iTrJ tharfty'¥ abirty to cortrnu8 as a going cortem. disciosiThJ, as a￿￿￿a1)le, rnaltws Tdated to golng cwcem uthJ th& golrwj cortsrn b￿$ af attemath butto (k) so. Pago11

knd Our rosponslb7111s lor the wlll of1￿ We hav8 been appointed as Wffilo￿ under S1h)n 144 of the Chatlll85 Pd 8)11 re[￿ kn accorda￿8 v the Ad and relevant regulations mac N haviNJ eff￿tthereVr1le￿. Matsrf￿ mis5tstèmenl whethgr (kle to or eTnr, aThY ID IS￿E a Rqy)rt ol thg lThpendeAt A￿1nDr5 that inthdes our oplrlon. R8¥sonable assura￿ Is a hpJh ol aSSLxaThx. but i% 8 gwBntee that wjdrt conductsd in xoYdan¢g with ISA5 IUIQ aws a materf81 mtsstatement it Extsts. MtS8tatsments can ar]se trom frnud or and are cortid•rgJ material W. k>Wdualty or In Ik emate. they (%)utrl lea60r￿b1y Tf oblKtwes ol aw awJL n TespÉetto frawj, arè: 85sesstt thsks of mlsStatgmEntotth ffinarKl￿ slatwnenb tts Ir8LA4' to obtaEn ￿ff£tht 84)rrfD￿ atth wId8r￿ regarthg th? aws$￿ rfsks of rnatgrial misstalem8Trt due to fratyy. thTough desk3nlry and knpknenting 4yoprfato respor￿S,. and to resp￿￿ approwatety to 1rd￿j cw 8USPgthd kI8nttf￿j th8 aJxfjL Fk)wever. th8 prvrwy rosponsbiw for the prgvenbon and oflrnLwI rosts wilh t￿)se thawjwllh gobww￿olth@ 8nttty and management approach wag as folkThE: .Wa IdeTrtIKed re&% of laws •KI reg￿8￿01￿ that coukl rea$￿￿4 bè •xFrt￿l to * Mate￿ gffg¢1 on thè anandai statsmants frcffj OUTgworJ arWJ5eGbye￿[1ÈnC£ andthrwuh d15C￿s1On wlth th•tsuskes othÈr rnan•Jernent las rewir&l ty 8ixllbW slarrtkrd91, and th%u¥sed vlikn the thJsta aTJ other .Wa kf&ntified the followng areas as most Ihety lo s￿h an @￿t. health and Saf￿.. Geror8t Data Protscfjon Regulatign (G[￿R}. fraud. ￿fibery a￿1 arnl emplOy￿nI law. Audmbig standards limit the rewlred audTt procedures lo non-compliarK8 ]a£ and wulatKKtoenqulry ofih? and other manaoÉmènt8nd I[w￿￿on of reLrnlabyy WMI al rf any. .We con8KletyJ wulatrmy dirgc lo rnancHI stathènts rw)rbng framewo￿ IFFiS 102 and the char￿e5 20111 aTra the re￿ant lax compll8rKg regulabors In the UK. .We ¢mld8r8d Ihè na￿￿ of the ¢haWsopwalbn& Ihe control eri￿t arnl bwne5S P9t￿rn￿. h￿l￿1n9th& .We communle8ied Identified kn arKI wUons thr￿ ￿rtthm and wwn8(I to any 11b￿atIonS of non.corn[￿LS￿QIhrC￿h0UI th8 d￿ffi: .We wnsKle￿d the prot8dur•s controb th charity estabjithed tr) aJress ri5 Irkntined. or that olher￿ prevent deter detect Iraud. arNI hOwSen￿ managament rThJnik)rs th)se prvgrammes and controL8. Based on thb dèsw our Tywethtr95 to kknbfy non.0)rn￿lOnce wnh suth la￿ regulation& whe￿ th8 rtskwas conslderedto be higher.we Ferfomied ￿tprrtedu￿ to addr955 each dendfied traud tisk These PTwe(knres Inchxled.. t8stTrig Manu￿ ￿MalS. reytewing thefinancld stBtamèrrt dk8cIosuTes and lesting tr) supp)rti￿ docurnentstton. perfoming arwtsC￿ wocethr8S'. and eryiring ot Trwnag￿t, 4nO we das￿ngd to provide rpasonthe assur8￿ thaltsfinarhiat staternents were flee from fraKI or arror. Ow5ng to the Inhergnt of an th￿e Is thal may nol have detected som? matèrfal mlsststements wtthefinandJ sts1￿en￿$. eventwhwe have pT0￿￿Y F4anned and pfomi&Y wr aud In Xc0rda￿y￿th audthng slarthrts. For8x•. l￿furtherT￿wed ThxtrcomplLwwith I￿£ a￿1 regulations Urrewlaritiesl is from the events and IraW¢h￿ in ￿rIna￿d stalern8nts. the less18iy tho Inherenty lirnited wocadures requw8d by audltiTrJ would Klentify SL The rlsk ￿ akn greater regardlng Irregularib2s occurrfng dug to Iraud rathw than error. 8$ IraLKI iV0￿e5 ¥rrtenbonaJ forg8ry, colluskln. omission or rnI5￿￿eson￿tIon. Wo are not reSw[￿le for pr8venbt¥J ncxFcornpkn and cannot be eX￿ted to non. comp￿2n¢2 wlth laws arKJ rauulatlons. A further description of our respo1￿1￿[theS for au(fit of the fnarriaF slateTnetts i5 on thg Hnancial Rekxjrting Cour￿rS websits at￿￿.￿￿Org.￿laJ￿￿ThBS￿￿￿￿8$. Ths &)rms part of OLW Report ol IT%JepEn(kntAuditors. PwJe 12

The prior yvarfinarrial staternents were not subiectb) The trthè year 3Q JJn& 2￿2swere Ug0 ol report reportls made sow tts tho as a tx. Part 4otthe Ch&hl8s (Accumts aml Reportsl Fleglatlons2008. OUraKfitTWorkh&5L￿￿Xkrtkn SotlwtWe￿￿slats bthecha¢lty¥trustaés Ihosè matters we are refjired kn ￿t0 them in an au(ht(rf re￿￿tarKI frjr no p1lwpurF￿. To the fijllest 6X￿nt by law. we do Th)t a￿ept or assLrn resFQnStility to atryona otrw than IlK• tharity aTrJ 1119 Injstees as a b¢xly. IDr ¢)ur authtMJrK trthks YeFJrL ortr Ihe tNe have fom￿. TC Group ststukjry A￿rrtor¥ HarsCoMt￿ Rousè 1 DaTktth Plymouth Devon PL6 7fL Page 13

Flnpnc Ended Ju For The 30.625 UYThstrl¢t•d lund• 30.624 Total fund5 INCOME AND ENDOWMEIITS FROU Donatiofts and legac Investment inrA)rnè Other ira)me 97,368 067 Tolal 97,868 EXPENDMJRE ON Ralslng fuThts 51189 Grantluftthr￿ acthli 8 99471 To N8t g￿n3 on Invests NET INCOIIE 741.037 RECONCILIATION OF FUl￿)s Total funds brought forward 8.767A05 8,026A68 TOTAL FUNDS CARRIED FOIIWARD 11 Pao9 14

una 202 30.6 Tot funth Unr•strtled HXED ASSETS Harftage asgèts InVesth￿nts 10 11 55 11J4336 8.578.796 Dobtors Cash ai bank 12 3.049 1 203 717 211 216.B41 CREDITORS Amounts falung ¢lue W[￿[￿ orpyear 13 (27￿) 118.057) PET CURRENfASSErs TOTAL ASSETS LESS cURRETr￿ UABILlllES 11A34223 8.767,F£¥S ASSETS 11 FUNDS Unrestr1ctÉd funds 14 11 8.767.505 TufAL FUNDS Tre fin4nd￿ Statèm￿ vfftre aFiyoved ty thè Board of TrLtsW ￿￿h0￿sej for ISSUÈ on a¥xl wrèsignÈdon ts trhaM ry.. M L Jeph¢ott jChairl-Trustee Page 15

OJU 30.624 Cosh flows from operntlng actlvltitg Cash gEnerated from op8ratio Net Cash wovEdod byllused opornty ath Cash fk>wg lyom Inrrnstiw actiYIII8S Purchase of fixod asset irNesth)ents Sde of fL%èd 8SS8t i￿asIments Interest re￿ Forelgn exchange gaJnlkK% Transaction Fèés on Salo Dlvldents Recwed (Tm7 12.rn.11fj1 2.698,824 2.553 15,8931 (1135n (5751 Netcash (used lnyprtrl￿ by Inv85ITrJ a(¥ll 14 12.1&3 Change In cosh trKI e09h equlval¢nts In th• reporting porfod Ca¥h and equl¥ts at tt beglnnlng of rnPOTtlng WT 124 1138.887) c￿11 and cash equlvol¢nts li th• ol th• r•portkng porlDd 211 Th8 W1￿￿+m) F4rtoflhese h￿r￿jaI staiernents Pag816

h• eAsh Fl(M Slatsmem For Th Year Ende e2Q FECON(JLthnckN c￿ NETINC(XE TO NET CASH FLOW FROII OPERATJNG ACTMTIES .6.24 Aclfvltkx) l786.718 741,037 Galn on Investrnents 1rt8rest DivKleNds Re￿Wed Dee￿ase1{1￿creaSe}ln debtors Inrxe8S8 tn ￿￿￿OrS 1350m> 1801221) (5,614} 12,553) 196,066} 194,815} {1￿1) {3,0491 Nat cash proAded byl(u8ed In) ANALYSIS OF CHAIKFS IN FUPKIS At 1.724 Cash ffo At 3Qffj25 C&4h at bw n7 211￿41 203.n7 Tot•1 Pagg 17

Fl F Thèytsr ao Jure ACCOI)KnNG POLICIES Tha financ1￿ statem8rts of thè charity. whkh i% a ben￿t FRS 102. hav8 b88n ￿epar￿ #) acCordar￿ Y￿th ChariU88 SOFIP IFFL8 102) and Rewrbng ty Cknitsas: Statsment of R￿0MMend￿ Prnctre app￿ab￿ to chariltes thÈir acwunts in awdarKg vhlh th& FinanLyal Reporting Standard a￿lc&￿e In the UK and of kdand IFRS 1021 leffethg 1 January 20191,. Flnancl Reportlng staThYa￿l 102 Trè RnaThial Rsp0Ffj￿ SlarKknI app1kab￿ In the UK grKI Rewblb of Irdarnl and th& C￿￿eS Ad 2011. The finardd statements hav9 L%en pre￿ undgr thè his10￿￿ C￿ convenllon. the ex¢xNion of Invesbwts are I￿(￿thd al markatvalue, Ihe revaluation ol asset& The firHndg15tatements ar8 Fèpared as a g(￿ LX)rcwn WKI TrUStse￿ are certaln ttr• ar• ￿ matsrf rKthnbes thjtthe (wltys to c￿. IncoffllThJ r•S￿r Investment Inc0rn8: Th15 Is a¢countsd lor IN1￿Y whlch 11 Is rn¢•l¥• Legacy i1￿Orne. DNlder#ts: l other Incominq rWul￿ are rwarked Or￿￿ ts dwrity has ￿8m8ftt ts the resources. it E eertdn trat the resoLW wlll bè arAI thè Mo￿tary Va￿￿8 Lrf tr￿ThJ resth1r￿S (sn be measured wth sufftc19nt reliab4ty. Expend1￿ LIatMl￿]es are reuMJnSsed S(￿ as Ih8r8 is a )￿ or ot11￿hn Cornm1tbr￿ the charity to that axptryliture. it is prcèable Ihat 8 tr8￿lar ol •cOr￿)￿l¢ b8neffts be requir&J in setrlement and the ￿y¥jUnt ol the oblwton can fylkbty. EyrVJi￿￿E 15 a￿l￿￿ted for on an p8xriHls basts and has been dassrlied U￿ar headings that aggrw all eLEt relat￿1 to the cateoory. Where ojsts C￿nOt be directy aliributed tD Particu￿ heathry tlw hav8 b88n to athiks on a ba￿6 Cor￿￿Tht wth the use Grants payable are paYTh￿ts third Ihe ofts charitth8 (￿JeCts ol the Trust. Slngl of mulll.year grants ar8 a(lNJnbY tor when ther has a reasonable eyctatton that thay will re¢eNe a grant aJ¥J the trLtstees hav8 a￿￿d to toy ￿ grdnlwthL￿ conthtiQ￿. or Ihe recIp￿t has a reaSona￿e 8XP8clation that troy T￿11 recaivè a wt ar￿ (x)ndhiDn attachlng •) the granl is outside the control ol the TNst. No awual knr grants are me&le Intention to makè the orant has beèn coMrnLw￿8t8d to the relent Ixrtth8re & uncertADty at#xrt•￿rts1￿rV Dflhg want0f1t￿ grant Pay8￿•. ChsTltèblè a¢￿¥fIlS Costs of ehaTitable acbvTties repr￿￿tt￿ warts mttle firwTht ye8f. Gov0T￿n¢• costs Governants etssts Comp￿ (X￿ knvo￿ atmmlawty of thè charfty IES comWance with r8gui8bons and good prxtice. These caJsl8 ￿r￿mIS c£tsts relaled to the auditorfs fee. auditDrfs ￿rnuneralEort and 16gal lees together ￿th thg adrtUntsiralk￿ fthL% olthe TrusL HerltsgÈ awta Heritage assets Gomfv solety of8 trjS('fv4￿￿Athll$" has ￿[dIOrTh￿re than fiv& yoars. Thls is hekl at replacement Value vAth NJ prov￿0￿ for deweuatK)n a8 Ls r￿15£d wlh suff￿ent r8gularity. Ta¥atlon Fund ￿￿oUn￿rIg un￿st￿¢t￿(l furKls can l us&Y in ar£orda￿e wjth the dwfjiabSe ct4eciive$ 8ttl dE5rxglA?n of tha Irustses. Restrictgd funds can be for [Art￿L￿r ieslrul wffjK)ses ￿thIn the ot4ects of Ihe charity. Restrictkjns arise byhen speofd bytre or when lurth arg for partkular r85trthJ purpcse Fur1h&r axplar&akn oflhg natkNe th purkweot*i the r#)ts¥ ID flnanci￿ staiaments. P•Jg 18 ¢)yffjnued...

AccouiillNG POUCIES.¢onthNed includes the netgains ar¥J tsses on re￿Jua￿ffi arxl th%K&saLs the yw. 118ed Urnèallsed Gakns and L(ths••s." All oains and losses are taken to the Statemèm of Ar￿r￿ Acfvjdeg & thèy xfise. Re￿ISed gns or bsses on inve¥￿9[￿ are ¢aloJlated as the 1fiffere￿ telwn sal•s Ixc•ts aml 0￿rIng mark81 ¥atue Iwchase date latarl. Unreali88d pns arnl Ioss&8 are catculat&l as the t5fferer￿e bemwn the Ma￿et valuE at the yvar gnd atyl openhyd markètvabjo lorwrclA89 da18 il latw). Fund Struclur•: Th8re Ts one luThJ wlthln the Charfty. E4 fthy. The TTrJVWn￿t rm thL8 l￿d ts sh)wn on Statement of Finan￿￿ DONATIONS AND LEGACIES 30.624 IIIVEsnAEprr IN￿mE 30.0625 30.06.24 IrNgstsnenis lid on the Stodt ExthaTrJo UK For8 68.547 26,267 15NI9 614 Int8r8St rec￿ed 1D1.680 97.367 U￿￿e$S¥jhaQ slate(L dl WLve8trrMIl￿yJrn? twj gwwatgd frryn kr+B$tr￿ a85ets in the Unlted Kkngdom. RAISING FUNDS Ral8ino and legaci 1625 30.624 Th￿assa E￿O￿ty Expenses 3.049 80.624 PortlDno managgrnent 49.140 Aggregat& amounts Pag8 19

theFi For Ists nts.contlnuod Ended 30 Jun• 21)25 Grant fun(firvJ of Supwxt crjsts Iseg Iseg noto TotaLg 165 712 ￿566 ¢3AANTS PAYABLE 3&&25 30.6.24 GrantftrtltV4 ath￿$$ 87.939 conUnu&fj...

ancknl F r Thè Year Ended 30 June 2ty25 GRA14TS PAYABLE. confjrdxd .￿25 ).¢%.24 Hope Aft8r SuKJo Fountain of P￿8 FIourBh Netr Fllthsy Eye Foun(Aotsn On& Chlld Ghana IllJe Watsr Chkstina Nobk Childrpn FwrKkntion 5.(rf10 iooo 000 10,000 9,120 27.120 Stay at SLJol Charnos Child ol Hope Afohan CoAege One Chikl Ghana M¢bi1g Educati¢Jn Part￿[￿h1￿ &)odw511 and Growlh 10.DWJ 9.600 9.000 s.000 h&E Disth1￿/ Af Porridge arKI P8n8 Amcan Adwtur8 10mO 19 8.0 EnVIronrnent￿ aThJ H hiel Fourylaion Khts Club KaWa 4.651 Saffrw H￿1 TT￿t Enwron Zambia Orphatks UK Goodtr￿ll1 ar¥J Gr(Mth Africa Aclion Willagg Vita New H¢Jpe Karen Hil￿ribeS margar￿ Pyke Tnjst 11.026 7,106 17.lJOO 10,0 19.795 Total ¢>ants 165.712 87 1￿Mb￿ 0¢ th[nI￿ of 17 10 l of Ihg above arB Inst￿￿01￿ gran*. Page 21 onllnued...

End 30 Jun• % Grant fttndlng athitB8 12 Supp(>rtCQgK I￿￿tha in lh• abw are esfollrn. Managdnenl 30ffj25 30.8.24 fundlng acllvlueg Tot actirfilies Insurance Internat Co&3 Sundrte Admin￿tra￿on exp￿￿e5 Webslte Costs Bank ChargBS 34 10A03 27 6,419 Governance co¥ts 30.625 Grnnt lundlng a¢tlvi1188 30.6.24 rot activlbes Audttor8' remwetion Indep8ndent Examinabon Meeilng exFer ountanty 1A20 1.789 OTrIER 30A.25 30.6.24 Supportcosts 11.532 TAUSTEES. REMUNERATION AND BENEFrrs TTustses r8ceve no re[wn￿n forthg w￿k urnlerton behalf oftho chartty. Tiu¥t¢es' expenses There werg a totJ 01 £1.552 experws r8pI Tkwtee. whlch Cryer￿ maètlng costs for pjl Tw8t durlng the yoaT12024= £6501. continuul...

t the Flnancial Ststmnts. ¢oniknued Ended 30 June 10. 'Aw0ra￿s￿￿ks. 90.000 Tha bcd("Aurora A￿11￿. kt ttnè of aFVtixW￿ that were Wshed ￿ the Amer ￿rta£S ot Brfti#h Aniarctk In fj￿7. lustrat8d ￿lIb btriLyJrapts ty Georgg Maystort &ditsd by Ernast Shacweton. book orpof 60 kntyA to sffl a4•t k $ep8Tty Tho book was donat8d to th8 Charrty cffl C￿￿11￿ It K8 sohj In the (&)norfs lifeurne. Althou￿ It has no partcular re[￿ce to the b¥orf< Ilt the ch￿ ￿￿erta[faS. It is reasonatl8 tr) retsin r( Yitthin tha Heritage Asset I￿adIng. The &wt was to £W.000 by Lwnited on 41h Ay1t 20U Tha refix this 1th1 . repla{x￿[1tV￿uaJ10n aThl 85set wll hakl atvaluallon nN)v#w lorvrtrds. The tr￿￿e5 Erdve entered irrto aformal Loan AgrEWneFrt the Cadbury Fleseartti ￿brary ol the Universily of BIr￿￿ngharn fi)r the book Èo be pla￿1 at the d1SF￿ of the Unfverslty to ￿ used for research and thcatkjnal purwses. The Ur¥¥ersty Is reSp)￿lbIe lor ts cottservam reF4lW a￿1 M￿nten8J￿ of the but the t4)01( remains underthe Owne￿hlp of the charty. nlinL*d..

1. FIXED ASSET INVESTMEPItS Hdd to an Invgstrtwrt T•ium lOrt￿ Charfty: Unng Bluebay Funds Managarnerrt. Cepiw 8orxJ Varyjuayd Funds PLC- Global gggreg& FraN￿1n Tampletrin Gl¢Jbai fund PLC V8ThJu8rd Inv•stsMeni Globd aogregate ISHARES11 PLC- USD ISHARES 11 PLC- Cors LfK Bluebay EM JP Man MSCI-Wtd-USD IMrERNATIONAL FUNDS PLC ROYAL BAPIK OF CANADA- PKt6ferTo Brown Athlsory FuThJs US Ewty Vanguard FurKJs PLC ROYAL BANK Cf CANADA. 8thh ROYAL BANK CANADA . US fkntty .612 420.7T9 315.046 786.625 636,998 t31.136 gOD.046 10.361 887.865 11.081 115,551 261(IKI 202.755 11.791 111.263 14.952 )1.957 105.(#JO 259.tKIO 220,884 127.( 117.022 101.1 78.76S 19.1C6 352,970 1611 289,114 3.354 298.202 S.￿ 629.467 &7r2 570.6L)J 98,879 167.¢)89 135.068 234,887 724.IX 346,441 417,721 327,207 795.027 658.119 226,610 382,525 946,876 186,Z31 210,097 182,455 1282,772 96.523 246.787 154,449 83.100 528,284 460,829 378.997 977,139 687.887 399,234 154.683 111,804 227.488 731275 I8￿16 3.374 151.&88 21861 Gd¢Jman Sad Bla¢krod( {Luxthurgl Blad<rttk MGMf ImLqnd LJ RBC FunEts ILuxl Bluebay ￿Ne$￿ert rjtan Maslers Intemationaj Flmd Aurelian Global Resour￿ Lkl- Uryestriaed Ayrelian Glob81 Resourc8s LI- CA8ss A Global Carbon OpK¥ytLmdy SCSCL Energy Transdknn FUTKI LLSD BlackrtM ICS In¥Nubonal Cath S& 1TI 1782 6JY8 Tolal invesknents 9.3x4.748 11.255.¥36 Cash hehj by rnan￿8￿ ft)r itNBsin As at 30th Jull• 2025 11 As at 30th Juno 2024 Invwlmwts Hold to provld• aA In¥•$￿ rettm for thè Chttr. R￿ncIlIa1]Dn ot Invèst￿. Marketvalue 8s at&)th Jun8 2024 8.488.796 Addltms Disposats 7.097.823 14,695.03n Radlsad galns UnrnJLsed galns Transacth)ns Fees 196,220 154,￿2 575 12.357 marf￿t vth as at30th Jlme 2025 Investments hekl *ithin th8 Unlt&l Ifjwm InvÈÈtmènts lèkl outsKl• the Unlted 5,791,457 Pag8 24 continwj...

Jurtè 11 DEBTORS: AIKILI4T5 FAWNG LMJEwmip4 ONE YEAR 30.624 11 CAEtIlTOAS: AIAOLWTS FALU14G ￿wITh￿Id Otr£YEAR 30.6.24 17,194 14.667 AvLtr6 remu￿ratIOn 18.057 MOVEIIEprf R4 FUIIDS r￿￿rn• in funds At 30.6.25 At 1.724 UnY•strl¢t4d funds General fund ReV￿Uat￿In R888N8 a.717￿05 1766.718 11.484.223 767505 ￿718 11 5342 TOTAL FUNDS 766718 Nèt ￿K)VernOntITr fvnds. inckKled aLw are ￿ frkn?: In fund8 Unrg¥trf¢ted funds Gèneral luThJ 2.669.79] 1253.854) 76&718 TOTAL FUNDS 2.W.7 253,&54} 2766718 C4xnpaTatlves tr movwwit In lunds At 1.723 in funts Unre¥trlctsd lund¥ Gener￿ fut 7,976.468 741.037 8.717A05 741.037 8.767A05 TOTAL FUNDS ¢fjAtinued...

Nnanclal Stst• F Thèyear En n8 2025 1& MOVEMENf IN FVfri)S. con￿N￿d cornpa￿￿e net movewRnt in furxts, In ts atrfNo ￿ as f￿1￿￿. Gains aTrJ Ilovement to fund5 Unreatrklpd Gen8ral lund 1151,6601 741m7 TOTAL FUNDS 741 037 At 1.7Yd In lunLts 30.625 Unre¥trl¢ted funds Gene￿ fur.d Révaluathjn R8s8N¢ 7,976.468 3.507,755 11.484.223 3 507 755 11 TOTAL FUNDS A ¢urTrnt year 12 ftN)nths arnl pth year 12 mcffiths nel in luNts. Inch*￿d in th8 abovo are as l¢Qtyws: IrhxmifyJ eXF￿ded h lunds Genoral lurnl 2.767.118 14L￿.514) 1.146.151 W.7S5 T¢yfAL FUMI)S 2 767.118 405.514 1S. RELATED PARTY DISCLOSURES

D•tslled Ststement of FInan￿￿ A For The Year En une 30.&25 30.6.24 INCOME AND ENDOY4MEPlfS Donatlons and knqacle• Legacles 66JJO3 Imiesbnwrt incomè Other fixed asset Invest- Rl Porttollo trrt8roÈt i￿xIMè 94.815 101. 97,8 Other In¢oTr Ckner Interest re¢elvgd Tolal Incornlnq T8Soufc89 869.750 97,368 EXPENDITURE A&t91ng th)nailons and tegaclg9 Thdassa Property Expense5 Inv•slm•nt marTrag•m•nl costs Portfolio managgment 49.140 Charllable actlvlllos Grants to insti￿tiOnS 165.n2 87,939 Support cosls ma￿￿eMent Insuranc8 Intemet co￿5 Sundfies Admlnistrabon expertses Website Co Bank Charge5 324 93 27 6.419 320 68 78 11.077 7251 Govemanee Costs Audltors, remung¥ation Independent Examin8tvJn eeiing èxpenses 7200 1.600 9S1 1.730 1.789 12 Tot￿ regjurces expe Net kneomellexpendllure} before gakns aT 2A15M96 154,2921 Ileall$8d rne0￿1$ed galns and Iossgs RealisÉd galnslllossesl on fixsd asset invéstments 19fj 148.1x16 Not Sncom• 2.812.116 J.714