The Bally Thomas Charitable Fund A Registered Charity Report and Financial Statements 30 September 2025
The Bally Thomas Charitable Fund - A Registered Charity CONTENTS Page TRUSTEES, ANNUAL REPORT AUDITORS, REPORT io-ii STATEMENT OF FINANCIAL ACTIVITIES 12 BALANCE SHEET 13 CASHFLOW STATEMENT 14 NOTES TO THE FINANCIAL STATEMENTS 15-22
The Bally Thomas Charitable Fund - A Registered Charity TRUSTEES, ANNUAL REPORT for the year ended 30 Septembèr 2025 The Trustees present ther annual port and financial 5tstements for the year ended 30 September 2025. The financial Statement5 have been prepared in atcordante wilh the accountln8 policiesset out in note I to the finanii315tatetnents and complv with the Charity's trust deed dated 2 October 1970, the Charitie5 Act 2011 and Accounting and the Charities Statement of Recommended Practice (effective l January 201913nd Financial Reporting Standard FRS 102. Reference and Administratioh Detallsolthe Charlty,11S Trustees and Advlsors Settlor Frank Bruce Bally Thomas- died 7 January 1997 Dare of 5etrlement Deed 2 October 1970 Trusrees Mrs Suianne Jane Marriott, BA (Hon51, Dip Law, TEP, Notary Public Chair of Trustees Kenneth Robert Young. FCA Emeritus Professor ll¥-Ann Cooper, OBE, 8Sc, MBBS, MD. FRCPsych JonBth3n Philip Snow, 8Sc (Honsl, ASIP Professor Ange Hasgotls, MA. PhD, FRCP5ych Principal Addre55 clo TMF Glob?1 Services IUKI Ltd 131h Floor One Angel Court London EC2R 7HJ Regi5teTed Charity Number 262334 Solicitors Charles Russell Speechlys LLP 5 Fleet Plèce London EC4M 7RO Administrators and Accountants TMF Global Service5 IUKI Ltd One Angel Court London EC2R 7HJ Auditors FKCA Limited 260-270 Butterfield Great Marlin85 Luton LU2 80L
The Bally Thomas Charitable Fund - A Registered Charity TRUSTEES, ANNUAL REPORT for the year ended 30 Septernber 2025 Reference and Admimlstration Details of the Charity, ItsTrustees and Advlsors- continued Bankers CAF Bank Limited West Mallini Kent ME19 4JQ Artemis Investment Management LLP Cassini House 57 St James Street London SWIA ILD Calton Square l Greenside Row Edinbur8h EHI 3AN Pi£tet Asset Management Moor House Level JI 120 London Wall EC2Y SET Guardcap 6th Fk)or St lame5 London SWIY 4NS Roy31 London Asset Mana8ement PO Box 9035 Chelmsford CM99 2x8 8lackRock Invesiment Manaeement IUKI 12 Throgmtrrton Avenue Lon(k>n EC2N IDL Investment Consultants Stanhope ConsullinE 3S Portman Square London WIH 6LR
The Bally Thomas Charitable Fund - A Registered Charity TRUSTEES, ANNUAL REPORT for the year ended 30 September 2025 Structure. GDvernan¢t and Management The Charity Is an unincorporated trust constituted under a trust deed dated 2 Ocrober 1970 and is a registered charity, number 262334. The deed settled the Trust Fund a5 ro capital and Income on a discretionary trust for applicatic>n to charitable purposes or to charitable Insritutions connected with the preVentrn, treatment or relief of mèntal or other forms of Sllness. There was a twenty-one vear power to accumulate iricome to 2 October 1991. The Charity does not èctively fundraise and seeksto meet it5charitable objectives through the careful stewardship of ils existing resources. The Trustees have wide powers of Investment as though benefi¢iallyentitlÈd. A Charity Commission order was endorsed on 7 August 2003 givin8 the necessary authority to the provision of indemnity insurance for the Charity Trustees out of the funds of the Charity. The power cf appointing Trustee$ Is vested in the surviving Trustees or Trustee for the time bein¥. save that the Preslden¢ for the tlme beine of the L3w Society h35 power to appoint a new Trustee In the plaie of Mrs S l Marriott and the President for the time being of the Royal College of Physician5 has power to appoint a new Trustee in ihe place of Professor A Hassiotis. The appointment of new Trustees 15 considered by the existing TrugteÈs to ensure thai the board of Trustees has the appropriate skill sets to carry out Irs The induction procèss for new TrustéÈs comprises an initial moÈtin8 with the C1¥ of the Trustees at which time the new Trustee Is briefed on the grant making activities, the investment stratesy of the Charity, the administration arrangements and the responsibilities of Trustees. New Trustees are provided with a copy of the Charity's most recent annual financial statements, a brief history of the trust and other relevant dociJmentS. The Tru5tee5 consider the B03rd of Trustees as comprisingthe key management personnel of the Charity in charge of directing and controlling the Charrty and running and operating ihe charity on a day to day basis. Details of TrusteÈ expenses 3nd related party tr3nsaction5 Ire disclosed in notes 6 and li ro the financial statemènt5. TheTrusteesare requiredtodisclose all relevant inreresrsand registw them with the Chair and In accordance with the Trust's policy withdraw frorn decisions where a conflict of Interest arisÈs. The Trustees who have seNed during the yearand 5iricethe year end are set out on page l. They usually meet tri-annually to di5CUSS the affairs of the Fund including the consideration of Jpplicarions, the approval or refusal of grant5. to consider the performance of their Investment portfolio arid review polities on reserves and risk assessment. They consider recommendations for. 3nd make final decisions on, the awardin8 of grants over £5.0. The Trustees have deleÉated the power to m?ke grants of £5,OJO and below to the Chair of Trustees, unle55 they fall into the area of researth in which case rhe power has been delegated to both Medic31 Trustees. Such 8rants are usually made on a monthly ba515. or as demand decrees, and are ratified retrospectively by the Trustees at rheir meetings. The Tru5tee5 have a panel of Grant A55essors who visit and report on applicants Specified by the Trustees.
The Bally Thomas Charitable Fund - A Registered Charity TRUSTEES, ANNUAL REPORT foT the year ended 30 September 2025 Strucwre. Go¥rnance and Management - Contlnued The d3y to day administration of the Fund Is carried out by TMF Global Services IUKI Ltd tD inilude the processing of grant application forms prior to consideration by the Trustees and thefacilitatign of grant payments for approval by theTrustees. Objetlives and Acifvities forthe Publi¢ Beneflt The Trust's charitable activilv IS Its grant-rnakins prosramme. through which the Trustees seek to support charitable projects within the Fund's rernit. Ouring the year the Trustees have continued to rnake grants in accordance with their charitable objectives of the preV@tIoN, treatment or relief of mental Of Qther forms of illness. Since June 2001 the Trustees. funding priority has been solely le3rnin8 di5bbilrty. The Trustees consider under learning disabilitythe conditions generally referred to as severè learning difficulties. together with autism. Full www.bailyrhom3s.0rg.uklgrants/general-prograrnmeleli8ill1Y-crIIerIO. The Trustees confirm that they have referred to the guidance contained in the Charity Commi55ion'5 generèl guidance on public benefit when reviewing the Trust'5 aims and objectives and in planninÉ future acrivities and setting the 8rant makin8 policy for the year. TheTrustfurthers its charitable purposesforthe publc benefitthrough its Erant- making policy which aim5 3t.' Professorswhere theirrole includes research activitythat will further the objects of Ihe charitv.- financing scholarships to individuals undertaking postgraduate research, normally at PhD level, where the student'5 area of interest further5 the object5 of the charity.. and by providing grant5 to project5th3t seek to benefit the learning di58bd by funding cèpital projects and core cosis to include staff costs, general runnin8and office costs at charitable oreanisations, schools and centres. ApplicationstotheTrust forgener31 grants are bycompletion of the Dn-line grant application form bvithin the website. Funding Is Thormally co>n5idered for capital and revenue costs and for bL¥th specific project5 and for general runnin81core C05t5. Application5 will only be con51dered from voluniary org3nisations which are re8isteredch3riiies Of are associatèd wilh a registered charity. GrantS3rÈ not awarded to individuals. Financial circurn5t3nce5 will be relevant only in determining the amount of an award. Applicètionsfor8rants in thÈafea of research are made in writing to the Trustees and should be in the form of a scientrfic summary With a research plan to Include a brief background and a short account of the desiÈn ¢f the study and nutnberof subjecrs. the methods of assessment and ènaly5i5, timetable, rnain outcomes and some Indication of other opportunities ari51ng from the support of such researih. Applications are only considered from established reseèr(h worker5 and are subject to normal professional peer review procedures. Any benefir by researchers and research institution5 15 purely incidental to the objects of the Trust's work. Applitaiions for the 8aily Thomas Doctoral Fellowship are by tornpletion of the application forrn which is published on thÈ website. Details of how to apply for grants and stholar5hips. together with the relevant forms, are available on the Trust's website.. www.bèilythom35.or8.uk.
The Bally Thomas Charitable Fund A Registered Charity TRUSTEES, ANNUAL REPORT lor the ye3r ended 30 September 2025 Grar¢t Making Policy.Achievememts and Performance The Trusi ha5 established irs grant making policy to achieve its objects for the public benefit to improve the lives of the learning disabled. A learning disabilitv s a disorder in which a person has difficulty learning in a typical rnanner Inaking rt problematic for a person to learn as quickly, or In the sème way as someone who 15 not affected by a1earning disability A learning disability cannot be cured ¢r fixed bui wirh the right SlJPPOrt and intervention, people with learnin8 disabilities can succeed In school and go on to be 5Utcessful in Ilfe. The beneficiaries of the Trust's grani makln8 pro8ramme are ultimately the learnin8 dibled. regardle55 of age, gender or creed. The Trustees set an annual budget for gr?nt5 to be awarded which is calculated with reference to the average value of the portfolio over ihe previous three years. During the year under review 388 8rant5 totalling £3,624,118 (excluding returned grants) were awarded from the Bally Thomas Charitable Fund12024 £3,373.8221- All 8rant5 of E20,OtIO or over ère listed in note 4 to the finèncial statements. Although they are analysed in separate categories for disclosure purwses. the Trust fund's charities are in a broad range of areas and the Trusiees are Interesied in supporting iniriatives which meet their selection criteria regardless of the charitable area Into which the project f311s.' 3nyfluctuation in the level of 8rants funded acros5 the cate8trries is, therefore, a reflection of the applicaiions received rather than of a chan8È in the Trustees, priorities. The size of Éeneral grants varied. from £l,CKIOto Newhatn All Star Sports Academy- helpinÉ young peopleto thrivethrou8h 5POrtS to a grant for £50,OOOto Friends¢f Meathschool towards building a new playground at Meith School. A iotsl of 6 813nt5 were awarded durine the year for research In the area of learnin8 disabilities. The largesr rese3rch 8ranr of £64,597 was awarded to the Univer51ty of Strathilyde toward5 a Study over 12 rrionths'1nvestatlng 24-hour movement behaviours in During the yearthe Tru5tee5 awarded the following fellowships.. University of Oxford £99.2$8 Docior31 Fellowship stucly. ThÈ Interplay of e*e¢ulive functions, numeracy and wellbeing for younÉ boys and 8irls with fra8ile X Syndrome., Lon8ltudinal prediction and inteNention potential,. Mèjor donarions made during the year included. General Grants Keyn5ham and Dlstrltt Mencap Sotlety Towards Running costs. £27.(M)o Hammetsmith and Fulharn Mencap £25.[ Toward5 a 10 week workshop enabling participants to create rnarketable product5, such as T-shirts and graphic designs. Participants will have the opportunity to sell their creations. Ftlends of Meath School Toward5 Building a new play8round at Meath School. £25,0 The Odell Trust Toward5 ) Medical enEineerinE resource unit. £25.IX Greenwlch Mencap Toward5 running costs E25,C
The Bally Thomas Charitable Fund - A Registered Charity TRUSTEES, ANNUAL REPORT for the year ended 30 September 2025 Grant Maklng Policyi Achle¥ements and Performarbce- tontinuÈd Researth Grants Llniver5ity of Birmin8h¥m £98.128 Study over 18 months'The Lives of People with Profound and Multiple Learning Unbversity of Oxford £70.606 Stu(ty over 36 rnonth5 '1tnprovitTS prediction of premature mortality in people with learning disabilities in prim3ry care,. a mixed methods Study univers Colle8e London £68,559 Study over 12 months 'Protocol for developin8 the 'Sytnpttrms and Functional Impairmenr RarinE Scale for ADHD in people with Intellectual 0i5bbility ISFIRS- AOHD-IDI" Kin<5 College London £66,845 Studyover IZ months'lnvestigatingthe health and development of childrÈn born 1¢ women wilh intellectual disability In south London.- a study using electronic heèlth rectrrds datè linkage, Unfversity of Strathclyde £64.S97 Study over 12 month5 '1nve5ti8ating 24-hour movernent behaviours young University of Edinbur¥h Study over 24 months'Refflote Monitoring of Sleep in SYNGAPI, £51376 University College london £43.691 Study over 18 months 'The link between language, social skills, ar bullying in Oxford Health É39.260 Study Dver 12 tnonths 'A retr05pective cohort study usinE the Open SAFELY pl8tform to determine risk factors associated with mortality in patient5 Wlth University ol Leicester £28.879 Study'Barriers, enabler5 3nd intetventions to facilitate deprescribinÉ for people with intellectual disability A behavioural science sy5tematK review, The Trustees areconfidentthattO8ètherthese8rants dernon5tratea hvdh degree of public beneht in accordance with the guidance published by the Charity Comtnission. FinHrbcioI Review and Resenfes Policy The grani-makin8 pro8ramrne is funded from income 8ttrat frorn its investtnent portfolio. distributions received from the Provident Fund and cash drawndown from investment5. Total Income generated from thecharity's own investrnents increased by £26.491 to £1.890.057 12024 EI,863,5661. Income received from the Provident Fund Increased by £99,454 to £159.78212024 £60,328). During the year there was èn overall increase in income of £124,774 to £2,169.9D812024 £2,045,134). The Trustee5 Set an annual budget for 8rant5 to be awarded which is caltulated with reference to the average value of the portfolio overthe previousthreeye3rs. The grant distribution istakenfrom both income and capital receipts. To med the grant makinÈ objectives throughout the year the Trustees elected to drawdown cash from investments.
The Bally Thomas Charitable Fund - A Registered Charity TRUSTEES, ANNUAL REPORT for the year ended 30 September 2025 Investment Policy and Perforrnartte BythÈirOrderof 15 Oecember 1999. The Ch3rity Commissioners for England and Wales authori5ed the Trustees to appoint Investmeni Managers and delegate to them power at their discretion to buy and sell investments on their behalf in accordance with the investment policy laid down by the Trustees. which are on term5 consistent with the Order of the Charity Commissioners. The investment5 made by the Trustees are after takine approprlate Investmenr advice. and such serwices are currently provided by Stanhope Consulting who also monltor the investments, performènce. The Chair of Trustee5, Mr Youn8, Mr Snow and Mr Nangle la Trustee until November 2012 whose services have been ret3ined as Co-opted Advi50rl Sit on the Investment Committee. Meetings of the Committee are usually held bi- annually with Stanhope Consulting. to consider overall strategy, investment performance and the appointment of Furid Manager5. FollowinE a review in November 2010, the Trustees resolved to tsrget a specifi return rather than a strate8ic asset allocation. In April 2017 the Trustees appointed BailliÈ Gifford and Pictet Asset Mana8ÈmÈnt as absolute managèrs. TheTrusrett res01ved at ihaf time io retain Arremi5 Asset Management Limited, who were appointed in September 2008. Following an investtnent strategy review in early 2020 the Trustees resolved to revise the strategic portfolio allocation. They 3greed to widen glob31 equity exposure, to reduce the dependency on the UK equity market. to decrease the exposure to sterling and to increase diversification. The portfolio was restructured and a$ 8 result. the investmenis wilh the manaÉers were reduced, and two new 85obal èouity funds, Baillie Gifford Global Alpha Growth and Guardcap Global Equity Growth, were added to the portfolio. At the Inve5ttnent Cornfflittee meeting in November 2023, the Trustees discu55ed the appropriare size of the allocation to multi-asset diversified Érowth funds within the investment portfolio. They 5ub5equentlv agreed to adopt a fixed strategic èllocatlOn5 for the portfolio and to sell the holdirig in the Baillie Gifford Multi I$et Growth Fund 3nd invest a portion of the proceeds into thÈ Baillie Gifford Global Alpha Growth Fund with the remainin proceeds being in¥ested into two passive ishare funds with 8lxkRock. As at 30 september 2025 the iDve5trnent5 comprise 7 fun(Js, the Artemis Income Gifford Global Alpha Growth Fund, the Gu3rdCap Global Equity Fund, rhe BlackRock ishares Corporote Bond Index Fund. the 8lackRock ishares UK Gilts All Stocks Indéx Fund and the Royal London Short Term Fixed Income Fund. These are currently managed by Artemis Agset Manègement Lirnited. B3illie Gifford, Pictet Assei ManagÈrnent, Gu3rdCap, BlackRo¢k Fund Managers Limited Hnd Royal London Asset Management. The capital value of the portfolio as at Seprember 2025 stands at £103,385,602. which represents Fixed Asset5 investment5 Wlth a total value of £103,130,666 and Current Asset cash eguivalent investments of £254,936.
The Bally Thomas Charitable Fund - A Registered Charity TRUSTEES, ANNUAL REPORT for the year ended 30 September 2025 ItwestmeTrt Policy and Performance - comtlnued The lon8-term objective is to prÈseNe the capital of the portfolio from Inflation whilst meeiingthe Fund'sgrant rTFaking objettives. Thetotèl ieturn target forthe investment portfolio has iherefore been set at 3.5% p.a. in real term5 after inflation as measured by the Consumer Price Index ICPII- TheTrustee5 acceptthis may be a demanding target in the current environment but believe that It remains a sensible long-term aspiratn. The long-term Libjectivelbenchmark forthe combined portfolio is te achieve CPI +3.5% p.a. The benchmark for the Artemis Income (Exclusions) Fund 15 the FTSE All Share Index. The benchrnark forthe Pittet Dynamic Asset Allocation Portfolio Is to achieve SONIA +4% p.a. The benchmark for the Baillie Gifford Global Alpha Growth Fund is the MSCI All Country World Index The benchmark for the Guardcap Global Equity Fund is the MSCI World Index. The benchmark for rhe Royal London Short Term Fixed Income Fund is SONIA. The benchtnark for the ishares Corpor3te Bond Index Fund 15 the iBoxx Sterling Non Gilt Index. The benchmarkfor the IShar UK Gilts All Stocks Index Furid is the FTSE Actuarie5 UK Conventional Gilts All Stock Index. Over the past 12 months. boih the global equity funds underperformed their benchmarkswith Baillie Gifford (Global Alpha Growth Fund) underpertorming bv 1.4% and Guard Cap Global Equity Fund by 22.9%. Over the yèar Artemis A55et Management. Pictet and Roy81 London have overperformed their benchm3rk producing relaiive returns of 0.7% and 3.5% and 0.2% respectively. The ishares funds were both marginally behind of their benchmark in the year. Thectrmbined portfolio (excluding cashl generated an ab501ute return of 9.2% over the year to 305eptember 2025. 5.7% ahe3d t>f the CPI +3.5% benchmark. This pertormance has been helped bythe fall In CPI Inflaiion but remains behind over the last 3 ènd S years due to the sur8e in inflation during 2022. The current èssÈt allocation is projected to achieve 3 long-rerm nominal return slightly below ihe long-rerm target but this does not make any allowance for potential outperformance from the undedying manager5. The Trustees recognise the asset allocation is a snapshot of the current position and is not a long-term straregic asset allocation. The T¥ustees continue to take è long-term view on performance. Plans for Fuiure The Tru5tee5 plan to continue rheir exisrinE srrategy of makiDÉ grants to organisations for the pievention. rreatment or relief of Severe learning difficulties and èutism. The Trustees have considered the financial health of the charity and, with th15 in mind and notingthatthey have no permanent endowment, the Trustees believe Ihat the charity, at the date of signing. will continue as a going concern for the foreseeable future. Risk Mjnagement The major risk5 ro which the Fund Is ePoSed, as identified by the Trusrees. have bèen reviewed and the Trustee5 are sarisfied ihai ihe systems in place miti8ate thDse risks. The Trustees consider the variability of investment return5 to constitute the Charity's major risk. This 15 mitigated by retaining expert Investment Consultants, h3vin8 a diversified investment portfolio ènd the technical skill-5et of the Investment Committee panel.
The Bally Thomas Charitable Fund - A Registered Charity TRUSTEES, ANNUAL REPORT for the year ended 30 September 2025 statement of Trustee5' responsibilities for the financial ststemenls Law applicable 10 charities In England & Wales requires the Trustees to prepare fin3nci31 statemenis for each financial year sdect suitable atcounting policie5 and then apply them conslstently., observe the methods and principles in the Charities SORP,- make judgements and p5titnBtes that are reasonable and prudent.. state whether applicable accuuntinÈ standards have been lollowed. subject to any departures dlsclosed and explained in the finanaal 5tatement5,' and prepare the financial statements on the EoinE concern basis uttless Ir is inappropriate t¢ presume that the chariiy will CDntinue in operation. The Trustees are responsible for keeping accounting records which disclose wth reasonable accuracy the financial p051tion of the Charity and which enable them to ascertain the financlal positlon of ihe Charily and which enable them io ensvre that ihe financial statements comply with the Charities Act 2011. the Charity Ikcounts and Reportsl Re8ulations and the provisions ol the trust deed. The TrUSte5 are respornsiblefor Safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and deteciion of Iravd and Olher Irregularities. Under ihe Charities Aa 2011, as the charitV'5Try5tee5, we IErtifv that.. so far as we are aware, there is no relevant audit information of which the charity's auditors are unaware., and as the Trustee5 of the charity we have taken all the steps thai we ought to have taken in order to mak@ ourselves aware Df any relevant audit information and to establish that the charity's auditors ère aware of that informètion. Approved by the Trustee5 On.. Date and 518ned on their behalf by.. Chair of Trustees Mr5 S J Marriort
INDEPENDENT AVDITORS, REPORT to the Trust4es of Th¢ Bally Thomas Charltable Fund- A Rezlstered Charttv Opinion We have audited the financial statements of The Bally Thornas Charitable Fund (the 'charity'l for the year ended 30 prember 2025 which comprise the Statement Of Financial Acriviiie5. the Balance Sheel, the Cash Flov4 Statement and notes to the financial statements. inclJdinÈ a summary of significant accounting pelicies. Thefin3ncial reporring framework that ha5 been Bpplied in their preparatitrn is applicable law 4nd United Kingdotn Accountln8 Standards (United Xin8dom Generally Accepted Accouniin8 Praciicel- This report Is made solely to the charity's Trustees, as a body. in accordance with Section 144 of the ChèritiÈs Act 2011 and regulations made under Section 154 of th3t Act. Our audit work has been undertaken so that we might state to the tharity's Trustees those matters we are required to 5t3te to thern in an audit¢rs' report and for nc> other purpose. To thè fullèst extènt permitted by law, we do nor accepr or 355ume responsibility to anyone other th8n rhe charity and the charitV'5Trustees a5 a body, for our audil work, for this repon. or lor the opinions we hève fomied. In our opinion the financial 5tatements'. give a true and fair view of the state of the charity's affairs a5 at 30 September 2025 and of its Incoming resources and application of re50ur£e5 forthe year then ended., have been properly prepared In accordince with Ljnited Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Chariiies Act 2011. 8asislor opinlon We conducted our audit in accordance with International Standard5 on Auditing IUKI IISAS IUKII and applicable law. Our fe5pon5ibilitie5 under those standards are further described in the Auditors responsibilitie5 for the audit of the financial statements 5ectiori of our report. We are independent of the charity In accordance with rhe ethical requirements that are relevant to our audit of the financial statetnents in the UK, includin8 the FRC'S Efhlcal standard. and we have fulfilled our other ethical responsibilities In accordance With these requirement5. We believe that the audit evidence we have ebtained Is sufficient and appropriate to provide a basis for our opinion. C•rt¢lusiom$ relating to Koing ¢on¢ern In auditing the financial statements. we have concluded that the Trustee5' use of the going concern ba515 of accountin8 In the preparation of the financial statements Is appropriate. Based on the work we have pertormed, we have nor Identified any rnaterial uncertaintie5 rèlatinÈ to events or conditions th3t, indwiduallyorcollectively, m3yca5t significant doubt on the tharity's ability tocontinue asa geingconcern fora period of at least twelve month5 from when the FinanciBI 5taternent5 are auth0ri5ed for issue. Our responsibilities and the responsibilities of the Trustees with respect to going £on£ern are dEscribed in the relevant sertions of this report. Other Information The Trustees are responsible for the orher information. The other information comprises the information included in the annual report, otherthan the finaricial statements and our Report of the Independent Auditorsthereon. Ouropinion on thefinancial statementsdoes notcover the other informaiion and we do not express any fortn of assurance conclusion thereon In connection with our audit of the financial statement5, our responsibility 15 to read the other information and, In doing s¢. consider wherher the other information Is materially inconsistent with the financial starements or our knowledge obtained in rhe audir or otherwise appear$ 10 be materially misstated. If, bèsed on ihe work we have performed. we conclude that there is a material misstatement of this other information, we ère required to report that faci. We have nothln8 to report in this re8ard. Matters on whlch we are required to report by exception Wp have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you the Infortnation given in the Reporr of ihe Trustees is inconsistent In any marerlal respert with the financial st3tements.- or sufficienr accouniin8 records have been kept. or the financial statements are not in agreement with the accounting records and returns., or we have not received all the informètion and explanations we require for our 3udit 10
INDEPENDENT AUDITOR5. REPORT to theTru5tees otThe BailyThomas Charltable Fund- A Reg15tered Charity Re5ponsibilitl¢s of Trustees explained more fully In the Trustee5 ReSnsIbIlitY Statement. the Trustees are responsible for the Pfeparation of the financial 5tatement5 which sive è true and fair vlew. and for such internal control as the Trvstee5 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 51atemEnts, the Trustees are responsible for assessing the charity's ability to continue as a goin8 coThcern. disc105ing, as applicable, matters related to going concern and using the going concern basis of atcounting unless the Trustee5 either intend to liquidate the charity or to lease operations, or have no realistic alternative but to do so. Auditor5. responsibilities for the auditof the financial statements Ourobiective53re to obtain reasonable assurance 3boutwhetherthefinèncial statements asa wholearefreefrom materi31 misst8temeni. whether due io fraud or error, and ro i55ue a Report of the Independent Auditors that includes our opinion. Reasonable a55urance is a high level of a55urante but Is not a 8uaraniee ihai an audit conducted in 3ccord8nce with ISA5 IUKI will always detect 3 materi81 misstatement when li exists. Misstatements can 3ri5e from fraud or error and are considered materlal if, Individually or In the aÉÉregate, they could reasonably be expected to influence the ecorK>mic decisitsns of users taken on the basis of thesé financial statements. Becauseofthe inherent limitationsof an audft, there isa riskthatwewi11 not detect all irre8ularities, includlnE those le3dinE tD a rnaterial rni55tatetnent in the financial 5tatement5 or non-compliance with regulation. This risk increa5PS the mort that cornpliance with a13w or regulation is rernoved from the events and tr8n5action5 reflected in the financial st3tement5, as we will be less likely ro become 3W3re of Instances of non-compliance. The risk 15 also greater regarding irregu13rities ¢xcurring due to fraud rèther than error. as fraud involves intentiorial concÈalrnent, forgery. tollusion. omission or misrepresentation. Irregularities. including fraud, ale instancesof non-iompliance with laws and regu13tions. Wedesi8n procedures in line with our responsibilities, outlined alVe, to dÈtett m3tÈrial mi55taternents in respect of irregularities. Including fr8ud. The txtent to which our procedure5 are capable of detectlng irregularities, includin8fraud is detailed below.. Enquiry of mana8ement and ihose charged with governance around actual and potential litigation atld Claims. Enquiry of the Trustees to Identify any Instances of non-complièncè with laws and re8ulation5. Reviewin8 minutes of meetings of those charged with eovernance. Reviewins financial statement disclosures and resting to supportin8 documentation to assess compliance with applicable laws and re8ul3tions. Auditith8 the risk of tnana8ement override of controls. includin8 thfOU8h testin8journèl entries and otheradjustments for appropriaieness, and where applicable. evaluating the busine55 r3tionale of significant transactions outside the Performed detailed substantive testin8 to addre55 complereness and accuracy of investment and invèsttnent incotne. Use of Our report Thi5 report Is made solely to the charity's Trustees, as a body, In accordance with Section 144 of the Chafitie5 Act 2011 and regulations made under Sertion 154 of that Act Our audit work has been undertaken so thatwe tnight state to the ch3rity'5 Trustees those matters we are required io state to them in an èu(Jitors' report and for no other purpose. To the fullest extent permitted by law. we de not accept or assume responsibility to anyone other than the charity and the ch3ritV'5 Trustees a5 3 body. for our audit work, for this report. or for the opinions we have forrned. A further descriprion of our responsibilities for rhe audit of the financial statement5 15 locared on the Financial ReKK>rtin8 Council's website at www.frc.or auditorsres onsibilities. Thi5 description forms part of our Report of the Independenl Auditors. Tara Aldwin ACA1Senr Statutory Auditorl for and on behalf of FKCA Limited Statutory Auditor 260- 270 8utterfield Great Marlings Luton LU2 8DL Dète.. J+ fr1
The Bally Thomas Charitable Fund A Registered Charity STATEMENT OF FINANCIALACTIVITIES for the year Ènded 30 September 2025 Unre$trirted Fund 1015 2024 Note INCOME AND ENDOWMENT5from'. Investment income 1,890,057 120,069 159,782 1,863,566 120,400 61,168 Oonaiions oiher 2b Total intome and endowments 2.169,908 2,045,134 EXPENDITURE on.. Cost of raising funds 122,590 3.839,578 lJ3,991 3.348,299 Tolal expenditure 3.962,168 3,462,290 NET EXPENDITVRE BEFORE GAINSAND LOSSES ON INVESTMENTS 11.792,2601 11.417,1561 Net gain5111osse51 on Investments Net gainslllossesl other 6.479,029 11,6081 12,183,364 17,3451 NET MOVEMENT IN FVNDS 4.685,161 10,758,863 TOTAL FUNDS BROUGHT FORWARD 97.198,736 86.439.873 TOTAL FtsNDS CARRIED FORWARD 101.883,897 97,198,736 12
The Bally Thomas Charitable Fund - A Registered Charity BALANCE SHEET as at 30 September 202S Unrestritted Fund 2025 2024 Note FIXED AssFrs Investrnent 85sets 103,130,666 96,876,984 CURRENT ASSETS Debtors Cash and Cash equivalents 14.495 852.406 14.630 2.390.588 866.901 11.304.332) 2.405.218 11.732.625) LIABILITIES.. amounts fallln8 due w1n one year NET CURRENT A55ÉT5 1437,4311 672,593 TOTALASSEfs LESS CURRENT LIABILITIES 102.693.235 97,549,577 LIABILlllES.. amounts fallinB due after one year io 1809,3381 1350,8411 NET ASSETS 101,883,897 97,198.736 ReprÈs¢nting'. RESERVES ANO FUNDS Vnrestritted fund 101.883.897 97.198,736 Approved by the Tru5te2s Date ènd siÈned on their behalf by". Chair of Trustees Mrs SJ Marriott 13
The Bally Thomas Charitable Fund - A Registered Charity STATEMENTOF CASHFLOWS for the year ended 30 September 2025 20Z5 ZOZ4 Cash fflowsfrom opefaiiTr8 artivities.. Net cash used in operatin¥ activitie5 13 13,653,586> 12,960,767) Cash fl¢)wslrom investlng actlvitiP5.' Investment Income 1.282.611 1.863.566 19,612,000 16,173,855 118,611,999> 114,674,695) 1167,2081 1790,4241 Proceeds from sale of investments Purchase of in¥e5tments Reinvesrment of income and issue of additionèl èctumulation shares Net osh provlded by Investln8 act1112$ 2,115.404 2,572.302 Change In cash and cash equlvalents IN the year Cash and cèsh equwalent5 at the beginning of the year 11,538.1821 2,390,588 1388,4651 2,779,053 Cash and ta5h equivalent5 at the end of the yea 852,406 2,390,588 Reprosented bv.. Current asset investrnent 254,936 597,470 727,892 1.662,696 Cèsh at bank 852,406 2,390,588 14
The Bally Thomas Charitable Fund - A Registered Charity NOTES TO THE FINANCIAL STATEMENTS t 30 September 2025 ACCOUNTING POLICIES The principal accounrin£ policie5 adopted 3re as follows.. al Basi5 of preparation and asse55ment of going concem The financial statements have been prepared under the historical cost convention with items reco8nised at tostortransaction value unless otherwise slated In the relevant note to thesefinancial statements. The financial statements have been prepared in accordance with the Chaiities.. Statement of Recomtnerided Practice (applicable to Iharities prèpèring their accounts in ccordance with the Financial IleportinE srandard applicable in rhe UK and Republic of Ire13nd IFRS 10211 leffective l January 20191 (Charities SORP IFRS 10211 ènd the Charities Act 2Qll. The Charityconstitutesa public benefir entitv 3$ defined by FR$ 102. The Trusrees consider that there are no material uncerrainties abour the Charty's ability to continue as a going concern. With respect to the next reporting period. 2025-2026 the most SlEnificant areas of uncertainty that affect the carrying value of 355ets held by the Charity are the level of Investment return and the performance of investment markers (see the Snvestment policy and performantÈ and risk mAna8emÈnt sections of thÈ TrusteÈs' annual rÈport for more informatlonl. bl Fund sirutture The unrestricttd income fund comprise5 funds which the Tru5tee5 are free to use for any purpose in furtherance of the ChartBble object5. I Income recognition All income 15 reco8nised once the Charity has entirlement to the income, it is probable that the Income will be received and the amount of income e1Vable can be mtasured reliablv. Interest on funds held Is included upon notificatn of the Interest paid or pèyèble. Dividènds are recognised once the dividend has been declared and notificattrn has been received of the dividend due. Credit IS taken in the account5 for income tax deducted from Investment Income which has or will be reclaimed from the H M Revenue & Custom5. Distributions from the 83ily Thoma5 Provident Fund are accounted for when they are advised to the Charity. They are credited In the Statement of Financial Activities including recoverable income tax. dl ExpendituThi r•¢o8Tritio Liabilities are recognised a5 expenditure a5 soon as there is a legal or constructive obligation cornrnitting the Charity to that expenditure. it is probable that settlement will be required and the amount of the obligation can be measured reliablv. All expendr(yre ts accounted for on an accruèls basis. All expenses. includinE SUPPOrt costs and 8overnance costs. are allocated or apportioned to the applicableexpenditure heading5 in the Statement of Financial Activities. For more information on this allocation refer to note el below. Grants payible are payment5 made in furtherance of ihe charitable objectives of the charity. Provision is mède for grants approved by the Trustees in the year. In the case of an unconditional grant offer this Is accrued once the recipient h35 been notified of the Erant èward. The notification elves the recipient B reasonable expectation ihat they will receive the ontryear or multi-year grant. Grant award5 that are subject to the recipient fulfilling performance condition5 are only accrued when the recipient has been nc>trfied of the grant and any remaining unfulfilled condition attaching to th3t Erant is outside of the control of the Charity. 15
The Bally Thomas Charitable Fund - A Registered Charity NOTES TO THE FINANCIAL STATEMENTS at 30 September 2025 ACCOUPING POLICIES- continued el Allocation of 8overnan¢e and other support t0S Governance and support costs have been allocated between charitable actNities and 8overnance based OD the activity to which they relate. The allocation is analysed In note S. Gavernante costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These tosts Include costs related to ihe 5tarutory audit of the Charity, le8al and accountancy charges. together with an apportionmeni of overhead and support costs. fl Cost of ralslnlfunds Thecost of 8eneratln8fundscomprisestheinvesimenrconsuliancycharges and Dneofthe investment managerfs thargeswhose holding is a zero fee paying share cla55 and the fee 15 paid outside the fund. E) Charitsble activitles The expenditure on chantable activities comprises grants made in the year. Eovern3nce costs and an apportionment of support costs as shown in note S. hl Flxed asset Irwestments Investment5 are initially recoEnised ai their iransacrion value and subsequently measured 8t their rnarket value as at the Balance Sheet date usine the closing quoted market price. The Statement of Financial Activit$ includes the net gain5 and lossès arising on revaluation and disp05a15 throughout the year. il Cash and cash equivaleTrts Cash al bank and cash equivalent5 are held to meet 5hort-term cash commitments as they fall due. The Charity ha5 delined its holdin8 of Royal London Cash Plus Fund as a cash equivaleni. highly liquid investment which can be called upon without noiice. 11 Reallsed gaSns and losses All gains and105ses are taken to the Statement of Financ1al Activities ès they anse. Realised gains ènd losses on investments ère calculaied a5 Ihe difference between sales proceeds and their opening carrylng value or ihelr purchase value If acqulred subsequent to the first day of the financial year Unrealised gains and losses are calculated as the drfferÈTh between the fair value at the year end and their carryin8 value. Realised athd unrealised investrnent 8ain5 and1055e5 3re combined in the kl Forei currency transl?ti¢)n Transactions denominated In forei8n currencie5 are recorded at the rate of exchan8e rulin8 at the date of the transactions. Monetary355et5 and liabilitiesdenominated In foreign currencie5 are translated into sterlingar year-end rates and translation differences are taken to the Statement of Finèntièl Activitie5. turrency The financial statements are prepared in sterlin& which 15 the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. 16
The Bally Thomas Charitable Fund A Registered Charity NOTESTO THE FINANCIALSTATEMENTS at 30 September 2025 114COME AND ENDOWMENTS 81 Iement income 2025 2024 Dividends from investments 1,874,959 15,098 1.849,817 13,749 Interest on cash deposits 1,890.057 1,863,566 bl Other The Charity Is entitled under the trusr deed of the Bally Thomas Providtni Fund to surplus income each year not applied for the benefit of former employees of Mansfield Brewery plc. There wa5 no surplus Income for the year but a payment of £159,782 was received 1Th8 the amount of tax reclaimed by Provident Fund beneficiaries and rerurned to the Provident Fund. Thi5 arnount 15 then given to the Clritable fund. (Total amount received frotn Provident Fund In 2024- £60.3281. The Charity also holds 3 reversionary interest in the capital of the Fund. At 5 April 2025 the account5 show the net assei value of the Fund was £34.165.89512024 £35.287,8061. A fee Bggregation aarEement is in place with one of the investrnent m?n?ger5. Accordingly, any difference between the annual management charge and the applicable fee 15 rebated following each quarter end by issuing additional accumulation shares. The fees are reflected rhrough the performance of the units, with the value of the fee rebate a receipt of endowment funds. This wa5 £Nil in 202512024 in £8401. COST OF IiAISING FLINDS 2025 Z024 Investment managers char8e5 Invesrment consultancy charges 84,8SS 37,735 77,319 36.672 122,590 113.991 Following the Tru5tees' change of investment objective from June 2011, the Charity holds units in funds with fees taken into account and reflected through the performance of the units. The total of such £har8e5 for the year attributsble to the Charity are ÈstimatÈd at £450,82912024 £470,912). ANAtYSlS Of CHARITAbLE ACTIVITIES The Charity undertakes it charitable artivities through Érant making and awarded grants to a number of institution5 in furtherance of its charitablÈ objÈÈtivÉs. 2025 2024 Grant funded activity Support and governance costs 3,473,990 258,334 107,254 2.995,189 240,052 113,058 - Governance 3.839,578 3,348,299 Grant5 refundedlwbthdrawn The Trustee5 require Charities to return any money which they have not utilised ftsr the purpose of their ori8inal appeal. Accordingly during the year 6 grants totaling £19.17312024. 114rants £85,345) have been refunded and 14 8r8nt5 totaling £130,95612024, 19 grants £293.2881 have been withdrawn. 17
The Bally Thomas Charitable Fund - A Registered Charity NOTES TO THE FINANCIAL STATEMENTS at 30 September 2025 4. ANALYSIS OF CHARITABLE A1vITIEs- continued BailyThomas Charitable Fund Gronts aworded during the yeor ended 305eptember 2025 Grants of UO,IKKI and over Cornmitments Gronts Aworded Grnnts Pctd CMIlents In the Period C/F B/F in the Peiiod araiity Nume Universiry of Oxford Total King's Colle8e London Total Universiry Hospital of Wales University College London Total University of Birmingttam Total Rix-Thompson-RothenberE Foundation University of Strathclyde University of Edinbur8h Oxford ealth Qakfield (easton Mauditl Limited University of Leicester Keynsham ènd Distritt Mencèp Socsety Friends of Meath School Hammersmith and Fulham Mencap Greenviich Mencap The Odell Trust Aim Habonim Alemandfa House of Jov Malvern Spxial Families The Phoenix Trust (Miltonl LTO Mercon Mencap 174.534 131.914 169,864 172.103 119.556 112.150 98.128 70. rA,597 52.376 39.260 29.750 28,B79 27,5 180,204 32,634 164.194 271.383 119,556 174,7 175.813 70.( 155.073 108.319 35.IXXI 92,553 30,634 35,C4)0 64.597 52,176 39,260 29,750 28,879 7,5 20.CIXI 20,C 20,C 25,1 20,0 20.1 20,[ 20,[ 20.C 20.IX 20.L 20, GRANTS of £10m aTHI over ALL OTHEKS TOTAL GRANTS Grants relunded Grants withdrawn 1,184,2 2,439,855 3,6'4,119 119.1731 1130,9561 3,473,990 560,602 2,9CQ,N2 3,460, 119,1731 1,228.502 959,032 2,187.534 1.419,179 2.024,019 1130.9561 2.056,578 2.024.019 8.441,431 F3llithE due in one year Falls due aftei thon oneyear 809,338 2,056,578 18
The Bally Thomas Charitable Fund - A Registered Charity NOTES TO THE FINANCIALSTATEMENTS at 30 September 2025 ANALYSIS OF CHARITABLE ACTIVITIES- tontlnLsed GRAIITS BY CATEGORY 2025 1014 Rix-Thompson-Rothenberg Foundètion- 8rant making Research proiecrs Main ro 70,000 871,848 70,WO J.032,194 mm Major capitsl buildin81refurbi5hmÈnt costs Other capital buildinelrefurbishment costs Major running tostslrevenue costs Othèr running costslrevenue cost5 Equipment costs Small rants ro Capital buildindrefurbishment costs Running COSts/revenue costs Equipment iosts 447,750 149,000 789,5110 653,750 43,orA) 380,000 48.810 894.890 577.796 76,0 ramme 71,150 453,291 74,830 13,000 254,979 26.153 3.624.119 3.373.822 GWITS BY VALUE 2025 No. of 8fant5 2024 Total valut No. of 8rants Value Total value £IW- £5,000 £s,ooi- £10,000 f 10,001- E15,0(M) £15,001- £25,0(KJ £25,001- £80,0 £80,001- £ILKI,LKIO 827,856 862,500 732,500 217,(M)O 562,C63 422,200 210 100 53 515,065 545.254 687.352 515,418 ioo,oc 990,733 139 58 49 io li 25 io 3.624,119 388 3,373.822 283 I grants We made to in5tr(ution5. GRANT COMMITMENTS The Trustees have also made further non-binding 8rant commitrnents to 17 future projects, the tiroinB of which is unknown, totalinE £181,30012024 £169,442). 19
The Bally Thomas Charitable Fund - A Registered Charity NOTES TO THE FINANCIAL STATEMENTS at 30 September 2025 ALLOCATION OF GOVERPIANCE AND OTHER SUPPORT COSTS Overhead and support costs were all¢cated between governance and charitable attivities as detailed below.. 2025 Charitable Acii¥ities 2024 CharitablÈ UnitrItted Fund Governance Activities Governance Audit fees Le8al and professional costs linc. expenses) Accountancy and administration linc. expenses) Employer5. liability insurance Trustees, indemnity insurance Grant assessors, expenses Trusiees, expenses Doctaral interviews 7,680 48.162 49,096 872 7,224 62,134 41,505 833 39.894 196,385 50,935 166.020 1,331 I,IBO 9.674 70 10,422 120 466 1,002 Bank char8es Website development and h05ting Information Commissioner 147 11,845 11.553 47 35 258,334 107,254 240,052 113,058 TRUSTEtS EXPENSESAND REMUNERATION TheTrustees received no remuneration in respect of the financial year eed 30 September 202512024.. Nbll. Mr Kenneth Young. Trustee, is a fellow of the Institute of Chartered Accounfant5, appointed in aciordance to our Trust deed. received payrnent in respect of his profe5510nal services and a disclosure in respect of this is Included in Noie 11. The Trustees Wught advice from the Charity Commi55ion regarding the payment of fees and expenses to the two Medical Trustees. On their recotnmendation the two Tru5tee5 may invoice the Fund for their time Spent on evaluatlng researth application5 and a150 on the Charity'5 work and reclaim 3ny out of pocket expenses Inturred. Expenses of E7012024- £1201 were charged by one Trustee12024- onel in the year ended 30 Septernber 2025. 2025 2024 Travel 70 120 FIXED ASSET INVESTMENTS 202$ 2024 Movement in fixed asset listed in¥estments Markel value at 30 September 2024 Less.. sale proceed5 Add.. acquisitions at cost Ner Eains/llos5e51 on revaluation and dSsposal 96,876,984 85,402.356 119.612,0001 116,173.8551 19.386,653 15,465.119 6.479,029 12,183,364 Market value èt 30 September 2025 103.130.666 96.B76,984 Historical cost of quoted investments at 30 September 2025 77,356,791 73.869,068 Al Investments are listed on a recognised stock exchan8e. 20
The Bally Thomas Charitable Fund - A Registered Charity NOTESTO THE FINANCIALSTATEMENTS at 30 SeptÈmbÈr 2025 FIXEOASSET INVESTMENTS- tontlnued As at 30 SepteTnber 2025, the market value of investments listed in the UK amounted to £103,130.666 with no investment5 listed overseas. All holdings as at 30 September 2025 represented more than 5% of the total fund and comprised of the following.. Marketvalue 3019125 Historiral value Artemis Income IExclu5ion51 Fund Baillie Gifford Global Alpha Growth Fund B Icc Pittet Multi A55et Portfolio Z act 29,507,397 22.208.091 20.408,490 18,004,9S8 13.001.730 14,859,766 16,404,864 18,612,000 14,046,605 12,826,110 RBC Guardcap Global Equity Fund BlackRock ishares 103,130,666 76,749,345 CURRENF ASSETS 2025 2024 Debtors - Prepayments Royal London Short Term Fixed Income Fund Y Inc CAF Charity Money Management 14,495 254,936 597,470 14.630 727.892 1,662,696 866,901 2,405,218 LIABILinES.' amount$ fallln8 due wlthln one year 2025 2024 Attruèls Charles Russell Speechlys LLP Ken Young Auditor's fees -Accounting and raxarion services - Invesimenr managers - Assessors 8.748 12,485 1.575 7,2(Kl 17,738 20,298 150 1.673,179 7,680 18,149 22.515 Grants 1,247.240 1,304,332 1,732.625 10. iIABILITIES- amount5 falling due after one year 2025 2024 Grants 809,338 350.841 21
The Bally Thomas Charitable Fund A Registered Charity NOTES TO THE FINANCIALSTATEMENTS at 30 September 2025 11. RELATED PARTIES Mrs Su2anne Marriott, a Trustee of the Fund, is a partner of Charles Russell Speechlys LLP. In the year ended 30 September 2025 legal cosis of £79.7È8 (including reimbursed expenses of £1,763) were charged ro ihe Charity by Charle5 Ru55ell Speechly5 LLP12024 £101,869). Accrued fees of £8.748 Iincluding expense5 of £0> were outstandin8 at the year end. Mrs Marriott is alw a TrusteelGovernor of The Rix-Thompson-Rorhenberg Foundation charity whith received a grant of £70,LKIO from the Fund dJrinE the year12024 £70,000). Mr Kenneth Youngisa Trustee of the Fund. Intheyearended 30 September 2025 fees of £8,268 were chargedtothe Charitv by himself for professional Services provided12024 £11,200). Accrued fee5 of £0 were outstanding at the year end. Profe550r Angela Has510tIs was appointed as a Medical Trustee of the Fund in March 2024. Before she became a Trustee. She was awarded a research grant of £118,976 In November 2023. The conditions of the grant were met in February 2024 and a payment of £95,181 was made in April 2024. Final payment of £23,795 was made in April 2025, with no balance outstanding at the year end. A research grant of £113,868 was awarded in lur* 2024 to Ulsier Universiryfora research project led by Profe55or Laurence TaEEart. ProfessorTaÉÉart Is a Èrant assessor forThe BailyThomasCharitable Fund. ProfessorTa8gart moved to the Queen'5 University of Belfast, as such the grant ha5 been reallocated froffl Ulster University to Queen's University of Belfast. A payment of £51.655 w3s made during the year leaving £62.213 Outstanding at the year end. 12. VOLUNTEERS The Charity doe5 not receive any contribution5 from volunteer5. 13. RECONCILIATION OF NET MOVEMENT IN FUNDSTO NET CASH FLOW FROM OPERATING ACTNinES 2025 2024 Net movement in funds las per the Statement of Financial Activitie51 IGainsl/losses on Investments Deduct investment Income shown in investing actNities Ilncreaselldecrease in debtors Incre3selldecreasel in creditors 4,685.161 10.758.863 16.479.029) 112,183,364) 11.890.0571 11.863.556) 135 197,908 30.204 129,392 Net cash used In operating activities 13.653.586) 12,960.7671 14. SUMMARYOF FUND MOVEME14TS Fund balance$ brovtht forward Fund balènce$ carrled fon¥aid Gains and Fnrt Name Income Expenditure Unrestrirted Fund5 97.198.736 2,169,908 13.962,1681 6,477.421 101,883.897 Total Funds 97.198,736 2,169,908 13.962,1681 6,477.421 101,8B3.897 22