DoGusign Envebpe ID." 76A0512fkEDC04A76-B13&1 F917977A750 Registered Charity No: 255650 The Ernnd¥A Rotbsehild Foundiition Report and financial statements For the year ended 5 April 2025
DoGusign Envebpe ID." 76A0512fkEDC04A76-B13&1 F917977A750 The Eranda Rothsehild Follndation Contents Pages Charity details Trustees, report Independent auditors, report 7-10 Statement of financial activities 11-12 Balance sheet 13 Statement of cash flows 14 Notes to the financial statements 15-28
DoGusign Envebpe ID." 76A0512fkEDC04A76-B13&1 F917977A750 The Eranda Rothschild Foundation Charity details Trustees Lady Lynn de Rothschild MrAnthony de Rothschild Ms jessica de Rothschild Sir lohn Peace Sir Benjarnin Elliot Mrs Geraldine Hedger Principal/registered office 31 Tite Street London SW3 4JP Auditors Saffery LLP 71 Queen Victoria Street London EC4V4BE Bankers Coutts & Co 440 Strand London WC2R OQS HSBC 8 Canada Square London E14 5HQ Investment managers BlackRock Investment Management UK Limited 12 Throgmorton Avenue London EC2N 2DL Status The Eranda Rothschild Foundation was established by trust deed dated 10 February 1967 and is registered in the United Kingdom as a charity, number 255650. Page I
DoGusign Envebpe ID." 76A0512fkEDC04A76-B13&1 F917977A750 The Eranda Rothschild Foundation Tru5tee5' report Forthe yearended 5 April 2025 The Trustees of The Eranda Rothschild Foundation ("The Foundation") present their report and audited financial statements for the year ended 5 April 2025, which have been prepared in accordance with the Charities Act 2011 Statement of Recommended Practice, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK. Reference and admlnlstratlve Informatfion This information is shown on page l. Strurture, Governance and Management The Foundation is an unincorporated trust, constituted under a trust deed dated 10 February 1967, and is a registered charity, number 255650. The Trustees of the Foundation, as listed on page I, have held office and served throughout the year unless othenvise indicated. The Trust Deed provides for a minimum of three trustees to a maximum of seven trustees. The statutory power of appointing new Trustees, vests with the Trustees. Trustees are aware of the aims and objectives of the Foundation and the manner in which the trustees carry out their responsibilities. In addition, each new trustee receives a copy of the Trust Deeds, Minutes of Meetings, Annual Reports and Accounts and a copy of the Charity Commission guidance leaflet,"The Essential Trustee.. What you need to Know". The Trustees are directly responsible for the management of the Foundation and aim to meet at least three times a year to consider grant applications, review investment perforniance and other matters of an administrative and strategic nature. The Chairman supervises the processing of grant applications and all decisions are ratified at Trustees, meetings. All Trustees give their time freely and no Trustee received remuneration in the year. Risk Management The Trustees have considered the major risks to which the Foundation is exposed and believe that there are two significant risks for the Foundation. The first significant risk is fraud in relation to grants not being used for their intended purpose. The Foundation also awards grants to overseas charities whereby checks cannot always be made in the same way as a UK charity. The Foundation mitigates this risk by using eligibility criteria, assessing the applications raised and monitoring reports from the grant receiver. Reliance is also placed on the Trustees, knowledge ofthese charities and reports are often presented at Trustees. meetings. The second significant risk is investment risk. As markets are volatile this can lead to fluctuations in income and valuation. This is mitigated by appointing well respected fund managers, setting and monitoring investment benchmarks and presentations from them at Trustee meetings. More information about investments can be found on page 4. Risks are reviewed by the Trustees on an on-going basis. Fund Raising The Trustees take their responsibilities under the Charities (Protection and Social Investment) Act 2016 seriously and have CODsidered the implications on their activities. The Charity does not actively fundraise from the general public and therefore the Trustees do not consider it necessary to have a formal fundraising poliry in place. Page 2
DoGusign Envebpe ID." 76A0512fkEDC04A76-B13&1 F917977A750 The Eranda Rothschild Foundation Trustee5' report For the year ended 5 April 2025 Objectives and activities for public benefit The Foundation furthers its charitable purposes for the public benefit through its grant making policy which aims to support charitable work in the advancement of.. the arts- health, welfare and medical research,. and education The Foundation aims to award grants equal to the amount of income it receive5 during the year and to try and spread this evenly across the three activities noted above. This aim is dependent upon the applications that are submitted during the year. In order to measure the success, the Trustees will review the number and value of grants awarded year on year. This is then compared against the amount of income received to ensure that grants are being awarded in line with the Foundation's objectives. The Trustees confirm thatthey have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Foundation's aims and objectives and in planning future activities setting the grant making policy for the year. The Foundation's strategy for achieving these objectives is to consider applications fvom appropriate registered charities to whom funds can be distributed in accordance with the above objectives and to monitor and review the work of the beneficiary charities on a regular basis. Grant making policy The Foundation accepts applications from registered charities only and no applications from individuals are considered. The Trustees meet regularly to review and approve grants and regular contact is maintained with recipients of grants for monitoring purposes. The Trustees aim to achieve an appropriate balance between medical, education and arts causes. Achievements and Perforniance The Trustees are pleased with the achievements and performance of the Foundation as set out below. The nuvnber of grants distributed to institutions during the year amounted to 31 (2024.. 17J- A summary ofthe grants awarded can be found in note 15 of the accounts. Flnanclal Revlew During the year income of £5,746,389 [2024.. £5,251,016) was received from investments held bythe Foundation. This income was applied to furthering the objectives of the Foundation, and as such the Trustees approved and paid grants totalling £7,856,770 [2024.. £1,666,655] during the year. The net movement in funds for the year, as shown in the statement of financial activities, amounted to an overall decrease in funds of £8,708,622 [2024- E9,787,752 increase}. This movement was primarily driven by both market movements on quoted investments and an increase in grant expenditure. In the financial year ending 5 April 2023, Sir Evelyn de Rothschild, the settlor of the Eranda Rothschild Foundation, sadly passed away. As previously reported the Trustees had fewer trustee meetings over that period which in turn led to significantly less grant making than the longer term historic average. To rectify this, the Trustees have worked to increase the annual grant levels that advance the Eranda Rothschild Foundations objectives for the past two financial years. Page 3
DoGusign Envebpe ID." 76A0512fkEDC04A76-B13&1 F917977A750 The Eranda Rothschild Foundation Trustees, report For the year ended 5 April 2025 During the past couple of financial years, the Trustees have designated funds for several significant projects in memory of the late Eranda Rothschild Foundation settlor. Sir Evelyn de Rothschild as per note 13 in these financial statements. Some of these grants have been confirmed after the year end and will be made over a number ofyears. The Trustees have given $2.000,000 for The Sir Evelyn de Rothschild Career Development Award to the Mayo Clinic, and have allocated £12m to be granted as follows.. a) £300,000 per year for The Sir Evelyn de Rothschild Fellowship for Nature Finance and Inclusive Capitalism with the Circular Bioeconorny Alliance and b) £300,000 per year for The Sir Evelyn de Rothschild Fellowship for Inclusive Capitalisrn with the Clinton Foundation. The Trustees are also exploring allocating £2,000,000 to be granted as £IOO,000 a year to the Economist Educational Foundation, alongwith an endowment of£3,000,000 to the London School ofEconomics (both ofthese are subject to final details and agreements between the foundation and the respective organisations). Investment policy and performance Investment assets are held with the intention of retaining them on a long-term basis for the continuing benefit of the Foundation in the form of both income generation and capital appreciation. There are no specific investment policies concerning social, environmental or ethical considerations other than investments must not be made in institutions that would be adverse to the objectives of the Foundation. During the year, the investment portfolio decreased by £3,693,890 to £151,729,785 [2024.. £155,423,675)- The portfolio includes investments held directly by the Foundation amounting to £61,265,202 {2024.. £54,466,355). A list of material investments held is included in Note 7 to these accounts. Blackrock were appointed as investment managers for the Foundation's portfolio in December 2023. The aim olthe investments held at BlackRock, which represent a majority of the total assets of the Foundation, is to generate a total return that can support ongoing spending requirements whilst also protecting and growing the capital over the long term. As at 5 April 2025 the value of the portfolio wa5 £90,292,236 (2024.. £93,280,486). From S April 2024 to 5 April 2025, the investments at Blackrock delivered a total return of -3.2 % {2024.. +6.5 D/o). It must be noted that this snapshot valuation at the financial year end coincided with a significant period of financial market volatility. and does not wholly reflect the performance of the BlackRock portfolio through time. In the six months following the financial year end, the BlackRock portfolio has increased c.200/0. The manager runs a diversified multi-asset portfolio with a bias towards equities that is designed to generate above benchmark return5 through the cycle. The manager has flexibility to reposition the portfolio to take advantage of market dislocations across a wide range of asset classes, which they continued to do effectively through the market dislocations. We are living through a period of significant Change to long-e5tablished status quos, inter alia, the end of the post- cold war low tariff world, challenges to the independence of central banks, and a shift to a multipolar world away from the hegemony ofthe Pax Americana, and, in addition, a large-scale Al-driven investment boom. These circumstances are likely to create significant volatility in financial markets through time, which the portfolio manager is well positioned to exploit. We continue to monitor the manager closely and receive regular portfolio updates from the manger and her team. Page 4
DoGusign Envebpe ID." 76A0512fkEDC04A76-B13&1 F917977A750 The Eranda Rothschild Foundation Trustee5' report For the year ended 5 April 2025 The Foundation holds a number of investments directly with the aim of generating a total return that can support the ongoing spending requirements, whilst also growing the capital over the long term. As at 5 April 2025 the total valuation of these investments was £ 61,265,202 (2024.. £54,446,355). The Economist has provided the Foundation with substantial returns over time. The business has executed a remarkable digital transformation, which has both increased profitability of the core offering and Inade it more resilient for the future. The 2025 results included a larger than expected dividend, as a result of the sale of Clearstate, the proceeds of which were partially returned to shareholders. The management has confirmed that the normal run-rate of the dividend is likely to return to levels seen in the previous year, underwritten by strong performance and opportunities for future growth in new market segments. The TT)anagement continues to demonstrate an entrepreneurial mindset to the testing and launching of new products, which should underpin future growth opportunitie5. We received confirmation that the minority share price valuation remained the same as the prior period at £31.5 per share. IHS Towers, which is listed on the New York Stock Exchange {NYSE..IHS), had faced some challenging conditions in the prior period. as a result of the devaluation of the Naira. the currency of one of its core markets, Nigeria. As a result of the disruption and resultant volatility in the economy and the business, the share price had been under significant pressure. Over the course of this period, the management team took several important actions to stabilise and turn around the business [including deleveraging and refocussing of the portfolio of assets in the business). These actions have been recognised by the market, and have resulted in a significant recovery of the share price over the period. The Radcliff Holdings investments had a year-end valuation of approximately £13,423,765 and made net distributions of £1,327.257 through the year. During the period, the Foundation made a new investment in Proshares, a financial services company in the US, which is a leader in the provision of Exchange Traded Funds (ETFS). The business is growing rapidly and is highly profitable, and therefore likely to deliver significant cashflow to shareholders through time. Radcliff, who sourced the investment, are the first outside investors in the business, demonstrating once again the value of the Radcliff partnership for the Foundation. At the end of the period, we were informed of materially adverse developments at one of the private direct investments, Gwynnie Bee, which strongly alleged that the CEO of the business had been engaged in large-scale fraudulent activities, and a result is facing a criminal investigation in the US. As a result of these announcements, we have materially marked down the position in Gwynnie Bee, and we continue to monitor the situation closely. Note that over the period of 5 April 2024 to 5 April 2025 USD relative to GBP fell by 2.0 % {2024.. fell by 1.311/0) which in turn has had an impact on those investments (IHS Towers, Gwynnie Bee and Radcliff Holdings) that are held in USD. Reserves policy As a general rule, the Trustees applythe income derived from the Foundation's endowment in furtherance of the Foundation's main objects as it arises on an annual basis. The endowment, albeit expendable, is normally retained in order to provide income to fund the main objects in view of the fact that the Foundation does not have any other sources of funding and does not undertake any fundraising activities. At 5 April 2025, the free reserves of the Foundation had decreased by £2,369,437 to £26,840.357, of which £14,000,000 has been designated to specific projects as per note 13 in these financial ststements. The Trustees endeavour to retain reserves for one year's charitable activity and are working to bring funds within these guidelines over a reasonable timescale. Plans for the future The Foundation intends to continue to make grants to appropriate registered charitie5. Page 5
DoGusign Envebpe ID." 76A0512fkEDC04A76-B13&1 F917977A750 The Eranda Rothschild Foundation Trustee5' report For the year ended 5 April 2025 Trustees, responsibilities in relation to the financial statements The Trustees are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice)- The law applicable to 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 affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to.. observe the methods and principles of the Charities SORP (FRS 102)- select suitable accounting policies and then apply them consistently,. make judgments and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial staternents., and,. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for making reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Audfitors A resolution to re-appoint Saffery LLP as auditors will be proposed at the Trustees. meeting to approve the financial statements. 09 Decetnber 2025 Approved by the Trustees and signed on their behalf on by.. SvJnEdby." Laoy Lynn oe Koin5cniiii Page 6
DoGusign Envebpe ID." 76A0512fkEDC04A76-B13&1 F917977A750 The Eranda Rothschild Foundation Independent auditors. report to the trustees Opinion We have audited the financial statements of The Eranda Rothschild Foundation for the year ended 5 April 2025 which comprise a statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Prartice). In our opinion the financial statements- give a true and fair view of the state of the charity's affairs as at 5 April 2025 and of its incoming resources and application of resources for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs [UK]) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements sertion of our report. We are independent of the charity in accordance with the ethical requirement5 that are relevant to our audit of the financial ststements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilitie5 in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statenients are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is rllaterially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially mi5Stated. If we identify such material inconsistencie5 or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard. Page 7
DoGusign Envebpe ID." 76A0512fkEDC04A76-B13&1 F917977A750 The Eranda Rothschild Foundation Independent auditors. report to the trustees Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion- the information given in the Trustees. Annual Report is inconsistent in any material respect with the financial statements,. or the charity has not kept sufficient accounting records., or the financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Statement set out on page 6, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditors. responsibilities for the audit of the financial statements We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below. Page 8
DoGusign Envebpe ID." 76A0512fkEDC04A76-B13&1 F917977A750 The Eranda Rothschild Foundation Independent auditors. report to the trustees Identifying and assessing risks related to irregularities.. We assessed the susceptibility of the charity's financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with trustees and updating our understanding of the sector in which the charity operates. Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales. Audit response to risks identified- We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitys records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstaternents arising. We discussed the charitls policies and procedures for compliance with laws and regulations with members of management responsible for compliance. During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partnerfs review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. There are inherent limitations in the audit procedures described above and the further removed non- compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. A150, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example. forgery or intentional misrepresentations. or through collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at.. . This description forms part of our auditor's reporL Page 9
DoGusign Envebpe ID." 76A0512fkEDC04A76-B13&1 F917977A750 The Eranda Rothschild Foundation Independent auditors. report to the trustees Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for our audit work. for this report, or for the opinions we have formed. giL((f . LLP SaffeTy LLP 71 Queen Victoria Street London EC4V 4BE Statutory Auditors Date- I l Dcccinbcr 2025 Saffery LLP is eligible to art as an auditor in terms of Section 1212 of the Companies Act 2006. Page 10
t*cusign ID F6AO512tsEDCN413&1F9I7977A75O The Eranda Rothschild Foundation Statetnentof finan¢ial •¢¢ivities Forthe yearended 5 April 2025 Expendoble Endowment Funds 2025 Total Funds Expendoble Endowment Funds 2024 Total Fullds General Fullds General Funds Notes Income Investtnelltincome 5.746.389 5.746.389 5.251.016 5.251.016 Total incotne 5.746.389 5,746,389 5.251.016 5.251.016 ExpendSture Costsof raising funds Investtnenrmanagementcosts ExpetLditure of charitable artivitie5.' Grant-tnaliillg Grantrelated svpport¢osts Graniexpertditure 373,934 373,934 255.821 255.821 224,476 7,856,770 224,476 7,856,770 169.296 1,666,655 169.296 1,666.655 Total expetLditure 8.081.246 373.934 8.455.180 1.835.951 255.821 2.091.772 Net incoTne/lexpendithrel before other recognised goins¥nd losses Net Ilossesl/gains on investtnents Gains/llossesl on loreign currency Lranslaiiofi 12,334.8571 1373.9341 15.744.240) IZ21,0111 12.708,7911 15.714,2401 12fJ5,5911 3.415.065 3.159.244 6.690.839 162.3311 6.690.839 1135,2931 134,5801 72,962 Net mtsvementill lurtds 12,369.4371 16.339.185) 18.708,6221 3.488.027 6.299.725 9.787.752 Reconclllatlon offi]nds Balance ar5 April 2024 29.209.794 125.664.095 154.873.889 25.721.767 IL9.364.370 145.086.137 Ban(eat SAprll 2025 IZ 26,840,357 119,324,910 146,165,267 29,209,794 125,664.095 154,873.889 Page 11
DoGusign Envebpe ID." 76A0512fkEDC04A76-B13&1 F917977A750 The Eranda Rothschild Foundation Statement of financial activitie5 [continuedJ For the year ended S April 2025 The statement of financial activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing operations. The notes on pages 15 to 28 form part ofthese financial ststements. Page 12
DoGusign Envebpe ID." 76A0512fkEDC04A76-B13&1 F917977A750 The Eranda Rothschild Foundation Balance Sheet At S April 2025 Notes 2025 2024 Fixed assets Investments 151,729,785 155,423,675 Current assets Debtor5 Cash at bank and in hand 169,063 626,172 128,767 1,645,028 795,235 1,773,795 Current Liabilities Creditors.. amounts falling due within one year (2,858,323) (1,487,081] Net current assets/(liabilities) (2,063,088) 286,714 Total assets less current liabilities 149,666,697 155,710,389 Creditors.. amounts falling due aftermore than oneyear io (3,501,430) (836,500) Net assets 146,165,267 154,873,889 The funds of the charity Expendable endowment Unrestricted general funds Designated funds 12 12 12113 119,324,910 12,840,357 14,000,000 125,664,095 10.574.380 18,635,414 Total charity funds 146,165,267 154,873,889 The notes at pages 15 to 28 form part of these accounts. Approved by the trustees on 09 December 2025 and signed on their behalf by.. 5*hidby." tBkl5Q i Lauy byiiii UL11LIllIa Trustee Page 13
DoGusign Envebpe ID." 76A0512fkEDC04A76-B13&1 F917977A750 The Eranda Rothschild Foundation Statement of cash t]ows For the year ended 5 April 2025 Notes 2025 2024 Cash flows from operating activities.. Net cash used in operating activities 14 (4,493,964) (1,432,427) Cash flow5 from investing activities Interest received Dividends received Purchase of fixed asset investments Proceeds from sale of fixed asset investments 12,520 99,066 5,733,869 5,151,950 [64,448,305) (205,864,412) 62,177,024 196,867,846 Net cash (used in}/provided by investing activttie5 3,475,108 [3,745,550) Increase / (decrease) in cash and cash equivalents in the year (1,018,856) [5,177,977) Cash and cash equivalents at the beginning of the year 14 1,645,028 6,823,005 Total cash and cash equivalents at the end of the year 14 626,172 1,645,028 Page 14
DoGusign Envebpe ID." 76A0512fkEDC04A76-B13&1 F917977A750 The Eranda Rothschild Foundation Notes to the financial statements Forthe yearended S April 2025 Accountlng pollcles Charity information The Eranda Rothschild Foundation ["The Foundation") is a charity registered in England and Wales under the number 255650. The principal place of business of the Foundation is at 31 Tite Street, London, SW3 41P. Accounting convention 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 Republic of Ireland (FRS 102] [Charities SORP 2019 [Second Edition, effective I january 2019)), and the Charities Act 2011. The accounts [financial statements) have been prepared to give a'true and fair. view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland [FRS 102)- The financial statements are prepared in sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest £. The foundation constitutes a public benefit entity as defined by FRS 102. Going concern The trustees consider that there are no material uncertainties about the Foundation's ability to continue as a going concern. The most significant areas of adjustment and key assumptions that affect items in the accounts are to do with estimating the liability of multi-year grant commitments (see note 1.4 for more informationj. With respect to the next reporting period, 2025-26, the most significant areas of uncertainty that affect the carrying value of assets held by the Foundation are the level of investment return and the performance of investment markets (see the investinent policy and performance and risk management sections of the trustees, annual report for more infonnation). Inconie recognition Income is credited to the statement of financial activities on a receivable basis. Investment income is stated inclusive of recoverable taxation. Donated services and facilities are included in the financial statements in the year in which they are receivable, where they are quantified, material and where a third party is bearing a cost. All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount ofincome receivable can be measured reliably. Page15
DoGusign Envebpe ID." 76A0512fkEDC04A76-B13&1 F917977A750 The Eranda Rothschild Foundation Notes to the financial statements For the year ended S April 2025 Income recognfitlon (contlnued) Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity,. this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification ha5 been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio. Expenditure recognition Grants are included in the statement of financial activities in the year when the offer is conveyed to the recipient except when the offer is conditional. Grants offered subject to conditions which have not been met at the year-end are included in the Statement of Financial Activities where the condition is not within the control of the Trustees or disclosed as 8 financial commitment where the Trustees retain that control. The Foundation has only one charitable activity, therefore all support costs have been allocated in full to the "cost of grant making in the statement of financial activities. Governance costs include expenditure on compliance with constitutional and statutory requirements. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accrual's basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For the information on this attribution refer to note 1.5. Grants payable are payments made to third parties in the furtherance of the charitable objects of the Foundation. In the case of an unconditional grant offer thi5 is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Foundation. Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable. The provision for a multi-year grant is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the Foundation that would permit the Foundation to avoid making the future payment[s), settlement is probable and the effect of discounting is material. The discount rate used is the average rate of investment yield in the year in which the grant award is made. This discount rate is regarded by the trustees as providing the rnost current available estimate of the opportunity cost of money reflecting the time value of money to the Foundation. Page 16
DoGusign Envebpe ID." 76A0512fkEDC04A76-B13&1 F917977A750 The Eranda Rothschild Foundation Notes to the financial statements For the year ended S April 2025 Allocatlon of support and governance costs Support costs have been allocated between governance costs and other support costs. Governance cost5 comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment ofoverhead and support costs. Governance costs and support costs relating to charitable activities have been apportioned based on the value of grants awarded made in recognition that the administrative costs of awarding, monitoring and assessing education grants, the arts grants and health, welfare and medical research grants are broadly equivalent. The allocation of support and governance costs is analysed in note 4. Cost of raising funds The costs of generating funds consist of investment management costs and certain legal fees. Charitable activities Costs of charitable activities include grants made, governance costs and an apportionment of support costs as shown in note 4. Investments Investments are included in the financial statements at market value, as determined by the trustees based on professional advice, at the balance sheet date. Realised and unrealised gains and losses are credited or debited to the statement of financial activities in the year in which they arise. Investments are a forn] of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losse5 arising on revaluation and disposals throughout the year. The Foundation does not acquire put options, derivatives or other complex financial instruments. The main forni of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk. and changes in sentiment concerning equities and within particular sectors or sub sectors. All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. Page17
DoGusign Envebpe ID." 76A0512fkEDC04A76-B13&1 F917977A750 The Eranda Rothschild Foundation Notes to the financial statements For the year ended S April 2025 Fund accounting The Funds consist of the expendable endowment, retained to generate income for the Foundation's main objectives, and unrestricted funds, which may be used to meet the Foundation's charitable objective5 at the trustee5' discretion. Designated funds are unrestricted funds set aside by the Trustees for specific purposes. As of 5 April 2025, these funds include amounts allocated for several significant projects in memory of the late Eranda Rothschild Foundation settlor, Sir Evelyn de Rothschild. These grants will be distributed over several years. 1.10 Financial Instruments The Charity has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments including trade and other debtors and creditors, are initially recognised at transaction value and are subsequently recognised at their settlement value. 1.11 Cash at bankand in hand Cash at bank and in hand includes cash and short term highly liquid investments. 1.12 Debtors Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. 1.13 Credltors Creditors are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. 1.14 Taxation The Foundation is a registered charity, and therefore is not liable for income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities. 1.15 Foreign currencies Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ofexchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net rnovements in funds. Page18
DoGusign Envebpe ID." 76A0512fkEDC04A76-B13&1 F917977A750 The Eranda Rothschild Foundation Notes to the financial statements For the year ended S April 2025 Investment Income 2025 2024 Bank interest Net investment income receivable 12,520 5,733,869 99,066 5,151,950 5,746,389 5,251,016 Investment income is analysed as follows.. 2025 2024 Quoted investments in the UK Unquoted investments in the UK Unquoted investments outside the UK 2,111,771 2,264.170 1,370,448 2,699,284 1,641,168 910,564 5,746,389 5,251,016 Investment management costs 2025 2024 Investment management fees 373,934 255,821 373,934 255,821 Page 19
DoGusign Envebpe ID." 76A0512fkEDC04A76-B13&1 F917977A750 The Eranda Rothschild Foundation Notes to the financial statements For the year ended S April 2025 Allocatlon of governance and support costs Breakdown of support costs and how these were allocated between governance and other support costs.. Governance related Other support costs Total 2025 Basis of apportionment Cost type Admin costs Other costs 114,292 20,866 114,292 110,184 Direct cost Direct cost 89,318 Total 89,318 135,158 224,476 Governance Related Other support costs Total 20Z4 Basis of apportionment C05t type Admin costs Other costs 89,104 4,294 89,104 80,192 Direct cost Direct cost 75,898 Total 75,898 93,398 169,296 2025 2024 Allocation of costs by nature: Auditors, retnuneration Auditors, remuneration - prior year under-provision Accountancy fees Accountancy fees- prior year under-provision Payroll administration fees Legal Fees General advice and charity matters Support costs (see above) 28,000 32,050 6,500 15,100 2,730 25,788 6,070 3.450 16,560 24,030 93,398 4,938 135,158 224,476 169,296 The total support costs attributable to charitable activitie5 IS then apportioned pro rata to the value of grants awarded as shown in note 5. The trustees have decided to meet all governance costs from unrestricted funds and so no allocation or charge is made to restricted funds for any governance related costs. Page 20
DoGusign Envebpe ID." 76A0512fkEDC04A76-B13&1 F917977A750 The Eranda Rothschild Foundation Notes to the financial statements For the year ended S April 2025 Analysls of charfitable expendlture The number of grants distributed to institutions during the year was as follows.. 2025 Number of grants 2024 Number of grants The arts Health, welfare and medical research Education 13 li 31 17 See note 15 for details of the grants paid. The Foundation undertakes its charitable activities through grant making and awarded grant5 to institutions in furtherance of its charitable activities.. Support Grant and funded governance artfivlty costs Total 2025 The arts Education Health, welfare and medical research 864,267 2,461,360 4,531,143 24,693 70.324 129,459 888,960 2,531,684 4,660,602 7,856,770 224,476 8,081,246 Support Grant and funded governance activity costs Total 2024 The arts Education Health, welfare and medical research 175,000 992,201 499,454 23,300 80,676 65,320 198,300 1,072,877 564,774 1,666,655 169,296 1,835,951 Page21
DoGusign Envebpe ID." 76A0512fkEDC04A76-B13&1 F917977A750 The Eranda Rothschild Foundation Notes to the financial statements For the year ended S April 2025 Staff costs and remuneratlon of key personnel Aggregate remuneration comprised: 2025 2024 Wages and salaries Social security costs Pension costs 100,013 11,278 3,000 73,167 7,562 8,375 114,291 89,104 The average number of employees during the year is 2 (2024.. 2). The trustees received no remuneration in respert of their services to the Foundation during the year (2024.. Nil). No trustee received any reimbursement of expenses during the year (2024.. Nil). One employee received remuneration of above £90,000 but not more than £IOO,000 [2024: Nil). Investments 2025 2024 Movement in fixed asset investment5 Market value at 6 April 2024 Additions at Cost Disposal proceeds Net realised gains Net unrealised [losses)/gain5 on revaluation Management fees (Losses}/Gains on foreign currency translation 155.423,675 139,974,200 64,448,305 205,864,412 (62,177,024) (196,867,846) 1,994,879 9,236,531 [7,739,119] [2,545,693] (103.057] (134,872] (220,931) Market value at 5 April 2025 151,729,785 155,423,675 Investments at fair value compromised: 2025 2024 Quoted investments in the UK Quoted investments outside the UK Unquoted investments in the UK Unquoted investments outside the UK Cash held in the investment portfolio 93,429,900 3,050,673 41.107,563 13,652,355 489,298 94,854,068 5,850,598 41.107,563 13,338,792 272,654 151,729,789 155,423.675 Page 22
DoGusign Envebpe ID." 76A0512fkEDC04A76-B13&1 F917977A750 The Eranda Rothschild Foundation Notes to the financial statements For the year ended S April 2025 Investments (contfinued) The trustees consider that three (2024.. four) individually material investments were held at the year-end. The investment in Gwynnie Bee Inc is not considered material at the year-end but has been included below for comparative purposes. 2025 2024 The Economist Newspaper Limited IHS Holding Limited Gwynnie Bee Inc The Radcliff Companies 41,107,563 1,602,204 228,589 13,423,765 41,107,563 1,227,553 2.330,932 11,007,860 56,362,121 55,673,908 Debtors 2025 2024 Prepayments and accrued income 169,063 128,767 169,063 128,767 Creditors Amounts falling due within oneyear 2025 2024 Grants payable Accruals 2,575,792 282,531 1,269,317 217,764 2,858,323 1.487,081 io. Creditors Amounts falling due after more than one year 2025 2024 Grants payable 3,501.430 836.500 3,501430 836,500 Page 23
DoGusign Envebpe ID." 76A0512fkEDC04A76-B13&1 F917977A750 The Eranda Rothschild Foundation Notes to the financial statements For the yearended 5 April 2025 io. Creditors (continued] Movement in recognised funding commitments during the year.. 2025 Grant commitments recognised at the start of the year New grant commitments Impact of discounting non-current grants to net present value Grants paid during the year 2.105,817 8,137,063 (280,293) (3.885,365) Total of grant commitments recognised at 5 April 2025 6,077,222 Movement in recognised funding commitments during the prior year: 2024 Grant commitments recognised at the start ofthe year New grant commitments charged to the SOFA (see note 5) Grants paid during the year 1,786,179 1.666.655 (1,347,017) Total of grant commitment recognised at 5 April 2024 2,105,817 ii. Related party transaction During the year, donations oF£I,380,779 (2024.. £129,020) were made to a number ofcharities, each of which had at least one common trustee with the Foundation. 12. Analysis of charitable funds Investments Current assets Liabilities Total 2025 As at S April 2025 Expendable endowment Unrestricted Designated 119,324,910 16,161,698 16,243,177 119,324,910 12,840,357 14,000,000 795,235 (4,116,576) (2,243,177) 151,729,785 795,235 (6,359,753) 146,165,267 Investments Current a55ets Lfiabllltles Total 2024 As at 5 Aprfil 2024 Expendable endowment Unrestricted Designated 125,664,095 11,124,166 18,635,414 125,664,095 10.574.380 18,635,414 1.773,795 (2,323,581) 155,423,675 1,773,795 (2,323,581) 154,873,889 Page 24
t*cusign ID F6AO512tsEDCN413&1F9I7977A75O The Eranda Rothschild Foundation Notes tothe fin#n¢i¥l s¢•¢etnents Forthe yearended S April 2025 13. Desigllated Funds Balance asat 06-Apr-24 Transfers Income Expenditure Balance asat OS-Apr-25 The Sir Evelyn de Rothschild Career DevelopTnellrAward The Sir Evelym de Rothschild Fellowship for Advancement OF the Terra Carta and In¢lusive Copitslistn 1.585.414 16.2591 11.579.155) 6.000.000 11.500.000] 4.500.000 The Sir Evelyn de Rothschild Fellowship for Inclusive Capiralism Other legacy gifts In hortour of Sir Evelyn de Rothschild 6,000,000 11,soo,0001 4,500,000 5,050,000 150,0001 5,000,000 18.635,414 16,2591 14.629,1551 14,000,000 Durin8 the previous year.the Trustees designated the funds ill the above table Forseveral significant projerts in memoryof the lare Eranda Rothschild Foundation settlor. SirEvelsm de Rothschild.The5e grantswill be distributed over 5ever31 year& Initially. the Trustees have agreed to allocate the furtds agfollows.. $2 million forThe Sir Evelym de Rothscliild Career DevelopmenrAward with the Mayo Clinic. £6 Tnillion to be Ili#fibuted at£300,OnO peryear forThe Sir Evelyn de Rothschild Fellowship forAdvan¢ementoftheTerra Carto and Inclusive Capitslisrn with the Circular Bioecortomy Alliartce. £6 million In respect ofThe Sir Evelyn de f<orhschild Fellowship for Inclusive Capitalisni with the Clinton Foundation. The rernaining aTnounts are designated forother legacygifts in honourof SIT Evelyn. including scholarship5?nd wildlifeconservation. Page 25
DoGusign Envebpe ID." 76A0512fkEDC04A76-B13&1 F917977A750 The Eranda Rothschild Foundation Notes to the financial statements For the year ended S April 2025 14. Reconclllatlon of net movement fin funds to net cash flow from operatfing actfivldes 2025 2024 Net movement in funds Investment income Losses/(gains) on investments (Increase]/decrease in debtors (Decrease}/increase in creditors [8,708.622) [5,746,389) 5,965,171 [40,296) 4,036,172 9.787,752 [5,251,016) [6,452,909) 48,544 435,202 Net cash used in operating activities [4.493.964) (1,432.427) Analysis of cash and cash equivalents= 2025 2024 Cash in hand 626,172 1,645,028 626,172 1,645,028 15. Grant payments Below is the breakdown of grant expenditure for the year ended 5 April 2025, before discounting non-current grant commitments back to net present value. Net present value adjustments reduced the total grant expenditure figure by £280,293 (2024.. Nil) to £7,856,770. The Arts 2025 2024 Creative Dimensions Trust London Music Fund National Horseracing Museum National Theatre Royal Academy of Dramatic Art Royal Ballet School Royal College of Art The Rothschild Archives The Royal Opera House Victoria and Albert Museum 25,000 10,000 25,000 20,000 20,000 275,000 36,000 450,000 60,000 125,000 871,000 175,000 Page 26
DoGusign Envebpe ID." 76A0512fkEDC04A76-B13&1 F917977A750 The Eranda Rothschild Foundation Notes to the financial statements For the year ended S April 2025 15. Grant Payments (contfinued) Health/welfare/medical research 2025 2024 Cheshire Project SBA Circular Bioeconomy Alliance Dyslexia Scotland GlassDoor Homeless Charity Leket UK Liberty Hill Foundation Mayo Clinic Medicines Sans Frontiers 23,529 1,500,000 35,596 50.000 7,907 1,539,527 50,000 30,000 50,000 MYTIME 48,000 87,779 Quintessentially Foundation Royal Hospital Chelsea Royal Osteoporosis Society The Branch Trust The Dawn Collective The Headstrong Project The Kids Network The Prince's Trust Voice for Nature Foundation Wildlife Friends Foundation 50,000 30,000 300,000 7,666 15,000 19,454 1,257,000 50,000 4,652,004 499,454 Page 27
DoGusign Envebpe ID." 76A0512fkEDC04A76-B13&1 F917977A750 The Eranda Rothschild Foundation Notes to the financial statements For the year ended 5 April ZOZ5 15. Grant Payments {continued) Education Z025 20Z4 ABF The Soldiers. Charity Belvoir Cricket Trust Bill, Hilary & Chelsea Clinton Foundation Bletchley Park Trust Book Trust Columbia University Community Security Trust Council for Inclusive Capitalism Durham University (Investigative Journalism) Economist Educational Foundation Give A Book Intouniversity Liberal jewish Synagogue Mccain Institute Foundation Never Such Innocence Nottingham Trent university Patchwork Foundation Peterson Institute lunior Fellowship Pomona College Read Easy St. Mary's Church The Duke ofEdinburgh's Award- World Fellow Programme Twinning Project UNHCR (United Nations High Commissioner for Refugees) VS Naipaul Lecture Series 25.000 1,500,000 [36,000) 10,000 21,674 10,000 79,434 25,000 20,000 109,500 81,981 80,000 630,446 15,000 79.340 10,214 5,000 2,500 45,000 892,171 2,614,059 992,201 Page 28