Roglstorgd Charlty numb•r 266164 THE UNDERWOODTRUST Financial Statements for tho Year Ended 5 April 2026
THE UNDERWOOD TRUST Cont•nts Page8 TfUSt8es' Annual Report Auditorf5 Report 10-13 Statement of Financi8lA¢tNities 14-15 Balance Sheet 16 Statement of Cash Flows 17 Notes to the Financiol Ststements 18-25
THE UNDERWOOD TRUSr TfUSI8è8' Annual Report The trustees have pleasure in presentingtheirreporttogetherwiththefinancialstgt8mentsforiheyeor ended 5 April 2026. Objectlvès find Actlviti88forth• Publlc Benofft Th& &ims of the Trust are to fund a wide range of activities that will positively imp8ct indNiduats and the environment. We award a number of grants each year to organisations that both share these aspiration8 and have the abiltyto deliveron iheir progrgmmes. For disclosure purposes grants are c8tegorised under the fouowlng headSngs. Medicine and Health Education and The Arts Socialwelfore The Environment8nd Imldlrfe The tnJste8s confirm that they have referred to the Ch8rfty Commlsslon's guidance on public b9nofit en reviewing the Trust's aims and objectivos. in planning future activities, and setting grani making poiiGy. Most of the grants are made to registered chariti8s and $0 the trustee8 are confldont they will furthgr charitable purposa to the public benefit. On the few occ88ions where grants arg m8de io non- lestered charitable organisations the trusteos consider carefully how the funds WIU be used and rnake those grants with oonditions to ensurg thgy are $pent appropiiatgly. The trustees $8ek feedback on the actu81 use ot tho grants given on how Ihe grant was spent and achievements made. This approach is consid8r8d SLrtficient foi moniioring the quality of the gronts mode. In any grant making there is 8lw8ys a nec8888ry degree of trust Ihat the application is honest ond that thè reciplent will use the funds wisely. A personal knowl8dge of the recipient of the larger grani$ is therefore a key part of the Trust's appro8ch to grant making. The twstees h8ve decided to gfve annu81 support to 8 number of charities and proactively $88k out certain projects. This restricts th8 funds ovailabie for gen8ral applic8tions end as such the Trust 1$ closed to unsolicited applications. Grant Maklng Pollcy And the Appllcallon Process The Trust is granted wid8 powers to distrlbute fund8 for chBritsble purpo888 bythe trust dèed. hawng r8gard to any directions orwishes expressed bythe founders in their lifetimes. The trustees have the powerto make grants from the expendable endowment. The application pro¢g89 is designed to be a8 easy as possible whi18t still drawing out the key information n¥gded for a decision. including ensunng there is 8 clear public benefit. The Trust has a website cont8ining general infomation about the Trust, together with details of our grant èligibility guidelines an(J an 8ppIicBtion form. All applicants must complete this form in order for their request to be further considered. Th8web8lte address is.. WSY¢LttrUs¢
THE UNDERWOOD TRusr Tru8tts8$' ATrnu&l Report (continuedj All applicotions are reviewed bythe trust manager on the basis ol the polScy set bylhe trust8e$. Final P8yment decisions are t8ken bythe trustees. The Trust will generally notfund: IndividuÈL8 diréctly PolitlC813ctivr¢i88 Commgrcialventurès or public8tlons The purchase of vehicles including minibuses Oversggs tr8vel, holidays, and expeditions A¢hièv6m•nts and Portormonce Grant Expendituro Gr8nl expenditure duringtheyearwas £920,000 and comprised a totalof 26grants ordonatSons made to 24 bèneficiarle8. A list by recipieni of the gront expenditure in the year is given in note 3. Th18 compares with 27 grants or donations to 25 beneficiories totBlling £747.500 made during the year ended 5 April 2025. The following Summary give8 8 fl8vour of the types of projects funded in theyeor. M•dlcln• and H•alth During the year a further £150,000 was aw8rded to Bristol Speech and Language Therapy Research Unit IBSLTRUI as port of thg ggreed 'legaey project, to reinforce 8SLTRU 88 8 leading speh and language iherapy r888arch unit both in the UK and internation911y. K8y achigvoment$ duringthe year ineluded: The Cleft Collective continuad to expand, with steaty recruitment acr089 artive sltes and incrgasing intginational interest in the d8taset. Geneiics data from the stuty h88 now been uploaded to the GWAS Catalogue and is being shared with researchers io support future Intem8tlon81 re888rch projects. The Cleft Collect8 continued to support important genetic research into cleftlip and pai81e. with findings helping to identity new gene$ associatad with c18fting and iMpron8 understanding of the genetlc factors Involved. The $peeiali8t speech cllnic at Cardiff MetropoLitan Unwersity continu8d to grow during th8 yeor, with referrals increasingfrom 10 childrento 34children. The clinic supports children with Persistent and complex speech disorders and usas spocialist technlques, including ultrasound technology, to develop new 8ppro8ches to treatment. The clinlc receNed p081tive teedbackfrom both famikne8 and clinician8. The BSLTRU t98m coniinued to support the devgiopmgnt of future speech and language ther8py researchers. During the year, sp8ech and Language therapists supported by Ihe unit secured nationallyfunded research fellowships and joined the BSLTRU iesearch team.
THE UNDERWOOD TRUST Tru¥tee$' Annual Report {continuedJ The MISLToe Phase 2 research programrne. which aims to improve understanding of effgctive speech 8nd 18nguagetherapyintgNention8 forchildron with speech sound disordeis, secured further funding in both England and W8les. The methodology 18 8Lso gaining int8rnational recognltion, with collgboration and impiemgntation 8Ctivity expanding aeross Europe and internation8Uy. Members of the BSLTRU team continued to present Ènd share their work nationally and internetionBlly tt)iough Invlted talks, workshop8 and conf8rence presentations, further strengthening the unit's reputation as a leading cenire for speech and language therapy research. During the year grants totglling £45.000 were awarded to STAMMA. 8 chBrity whose mlssion 1$ to empower people who 8tammer. challenge discriminatlon and promote greater understanding and inclusion. The first grant of £20,000 represented the final yoar of support for the Outreach and Training Progr8mme, which dèlivers training to employers across a r8nge of sectors through written guid8nce. trainingvldeos, iailored workshops 8nd industry conferencas. A furrher grant of £25,000 was awariled towards the charitys core operatin8 Costs. 8UPPQrting the tontlnued delNeryot its wider Gharitable activitl8s and serwces. Fourfurther grants, tot8lling £100.Tr)O. were awarded to charities whère the Tnjst has provided long- term Support. continuing the trust8es' commttrnent to organisations working In the 8reas of 8ducation. communication support and the 8rts. Educadon and the Arts During the year a new granl of £40,000 wa$ awarded io The Access Proje¢t, 8 ch8rity which support8 students from under-resourced backgrounds to access top universitie8 and improve Social mobility through mentorlng. tuition 8nd university acc888 progr8mrnos. The funding will support approximately 30 8tudent$ 8t OTml8ton Forge Acod8my through mentoring, workshops and wider university r8adines$ support designed to reducè barrfers to higher educatlon. The trustees were encouraged by ihe charity's evidence of Impact and measurable outcomes. Ind8pendentlyverified UCAS data indicated that students supported tyThe Access Projectwere over 50% more likoly to attend top univèrsities than demogr8phically and academically similar students. During 2023124 thg charity supported more than 2,(1 Students n8tionally and deVered over 34.000 hours of tuition through its mentoring énd tutorin8 programmes. The trustees also noted the ¢hBriVs focus on supportingyoung people from disathantsged backgrounds. with 92% of students supported corning from argas of high depriv8tion. Five furth8r grants, totalting £110,000, were awarded lo charities where the Trust h•s provlded long- term support. Gontinuing the trustees, commitment io organisgtions delrv8ring educational opportunity and acce88 to the art8.
THE UNDERWOOD TRUST TTusloos' Annual R•port (Gontinuedj So¢lalW¢itore TheTrust continued its long-standing8UPI)ortfoiYouth ActionWiltShireth 8furthergr8ntol £25.1) towards its Wiltshireyoungcarers Service. supportingvulnerabieyoungcarers andyoungadultcarers 8cro88 Wiltshire. The Sgmce supports children and young people who provide car8 for family members affecied by illness, disability. ment81 heBlth conditions or addiction. During tho year the charity supported more than 1,600 registered young corers and young adult carers through on8-t¢Fon8 8UPPOrt. mentoring. counselling. respite activiti89 and welLb8ing programmes designed to reduce i8olatlon, improve resilience and support mentgl health and educational outcomes. ¢er 450 young ¢ar9rs attended re8Plte and group gctivities duringthe reporting period. A further 8ront of £25,000 was awarded to NSPCC, continulng the Trust's long-standing support for the charity's WO1* protectingchildrgn and young people across the UK. The fun(Fing supponed the NSPCC'8 Chiidline semce end its work to help keep chiLdr8n safe onLlne, including supportfor young people experiencingonline harm, abusa and exploitation. During 2024125 the charity's "Report Remove" service received over 1,2 reports from young people and helped remove more than 1.600 harmful Images. videos and URLS from the internet. The trustees were particuLarty encouraged by the Charitys work amplitying the voices 8nd experiences ot children and young peopl8to help improvè onlinè safety and (Jigital 88tegu8rding 811PPOrt. The Trust aL80 8W8rded a further grani of £25.000 to Hortcliffe City Farm in support of tts work a$ 8 ommunity hub serving disadvantaged communities in South Brlstol. Thè farm deLiver8 wellbeing and volunteering progrgmmes. outdoor leaming. schoolvisits. gardening projects 8nd community events designed to improve social inclusion. mentsl wellbeing and ommunity engagement. During the year the laim hosted more than 1.500 attendees 8cros8 it8 Harvest FestNal and Spring Fayre events and continued to expand partn8rships with Ioc81 organisations. schools 8nd supportgioups. Sevenfurthergrants. totalling £150.000. were awarded to chgrit188 er@th@TrUSt has providod long- ieim support. continuing the tru$tee¥' commitment to org8nisations delivering sustoined Social welfare and community benefit iniliats've$. Tha Envlronment and Wildlilè A commitment of 21.000.000 ovgrfw8yoar¥ w8$ communicated to Greenace EnviionmentslTru$t during the year endod 5 Aprll 2026, wlth funding commencing in Jonuary 2026. An initial payment of £200.0 wos made duringthe year. The lundingwiLi support Greenpeace'8"30x30: From Promise to Protection- campaign, whl¢h aims to help secure protection for 30% of the world's oceAns by 2030 through a global netwo of 0¢gan sanctuaries. Tha progr8mme focu888 on protecting vulnerable marine ecosystems. supporting intemational ocean conservation agreements 8nd camp8igning against dgstruclive indu8tri81 activitie8 including deep sea mining ond unsustainable industrialtishing. Thetrusteeswere encouraged bythe charity's iniernation81 leadership in ocean protection campaigns and its role in supporting the Global Ocean Tre8ty, 8s well as its work promoting long-temi marine biodiversity protoction and $u$tsinable ocean management.
THE UNDERWOOD TRU5r Trvstèos. Annual R•port foontinued) Two further grants. totalling £50,000, were 8W8rded to charities where the Trust has provided long- tgm) support, continuing the trustees. commitment to organis8tion8 delivering environmentsL protection. conservation and sust8inability initiatives. Financial R•vlew The totsl incomlng resourc85 forthe yearwere 212.447,47612025: £1.396.2741. The princlp8180urce of incom8 during the year was dividends recgN8d from Taylor CLBrk Limitod totalling £11.780,481 12025.. E734.1991. Thls included a one-oll Special dividend of £11,047.783 deci8re(J during tho year. The Trust also received distributions from its listod imiostment portfolits of £636.14812025: £640.1851. together with interest earned on cash deposits of £30.84712025'. £21.8901. Inve*tm¢AI Stratsgy and Rlsk The Trust'8 Investment objective 18 to genorato a sustainable level of incomo together with iong-terni ¢apitsl growth. whilst seeking to preseN8 the re81 value of the Tru8t'8 assets agÉin81 Intstion. This enabLes theTrustto meet both its current and future grant-makingcommltments. The Trust's investment portfolio is primarily inv8Sted in listed èquities and investment funds and is managed on a dIsCreonary b8$is by professional investment managers. Duringthoyear, the po0110 was managed by Rathbones Wealth & Investment, Troy A889t Management and C8zenov¢ C8Pital. Investment performanGe and asset attoc8tion are rewewed regularty by the trn8tses in order to monitor performance and manage investment rls The trustees recognise thotthe long-term sustsinabilityolthe investment portfolio m8y be affected by 8 fang8 of factors InciudSng inflation, interest rat8s, market volatility. geopolitical events 8nd wider economic uncertainty. TheTru8t Deed @ronts thetru8teeswide investment powers, allowingassets to be investèd across a broad range of 888et classes in order to (liver8ify risk and 8UPPOrt long-term ieturns. Asset eL8sses may include cash, bonds. equities. privatè equity, commodities and other investments considered appiopriat8 for the Trust. In 8ddition to the li8ted InStment portlolio. Ihe Trust continues to hold Taylor Clark Limited ordinary 'B' shares giftgd as part of Mr C CLBrk's estate on 4 May 2021. Thes8 share8 continue to provlde a signilic8nt source of dividend income to support the Trust's charitable acifvfties. As Toylor Clar Limited is an unquoted company. there is no active marketfor these shares. The trustees do not currently op8r8t8 a fornial social. environmental or 8thical investment pollcy. although thesefactors moy be considered 8s part otthe br08der inveslment review process. R•¥er¥88 Pollcy Under the terms of tho Tru8t Deed. thg trust885 have the power to apply both income And capltal towards the Trust's charbtsble objectives 8nd, acGordingiy, Ihe investments ofthe Trust are treated as expendable endowment.
THE UNDERWOOD TRUST Tru¥toos'Annufjl Report Icontinuedj Income allocated to the unre$trict8d income fund exceeded expenditur8 by É454.298 12025: £622.4201. The trustees have therefore transferred thg ¥urplus pn the unrestricted income fund to the expendable endowmentfund. The trustees consider it appropriate th8t the Trust's funds continue to be designated as expendable endowment in order to support the long-term sustainabS11ty of the Trust's ¢haritsble activities and luture grant-makingcommitments. At 5 April 2026. expendable tndowmont raseryes totslled £50.083.838 12025: £35.373.6561. Unrestricted income funds retsined ai tho year end were £NII12025: ÉN1. The trustees aim io apply 8ubstant18Lly all 8voil8bl8 incomè in support of the Tiust's choritablg objectives, whilst retsining sufficient rese08 to 8UPPOrtfuture commitments and m8intain the long- ierm tinancial slabillty of thglrust. Futuro Pian8 The trustees. prlncipal objective is to continue rnaking grants in support of projects aligned with the Trust's four priorityareas. whi18t maint8ining, where 8ppropTiOt8. iong-standinglunding relationship$ with existing benefieiAry organisaiions. Slw¢tur•, Govomance. and Management The UnderwoodTrLTrSti88n unincorporated trust. founded un¢Jera Deed of Tru8tdatgd 1 July 1973. and had its registration with The Charity Commission for Englsnd and Wales. number 266164. 8ccepted on 31 August 1973.Thefoundei$ of the Trustwere Robert Clark and Mary B Lciaik. The trust deed was amended using the 8t8tutory power8 88 $8t out in thè Ch8rltle# Act 2011 and accepted byThe Charity Commission on 3 October 2024. The power of appointing new or èddrtion81 tiustees w88 vested in the founders during theirloint lives and in the surwlvor duringtheir life. Thereafter. the statutory power of 8ppolnting ngwtrusteès appe8. Now trustees arg found from the contacts and networks of existing trustee8. When a new trusteejoinsthe board, theyare providedwiih a packof information includin8 a copy olth8 iru$tdeed. the most recent accounts, minutes of Tocent trustees, meetings, and are made aware of the informatlon and 8UPPOrtfoT trustees available on the Charity Commission web81te. The twstg95 arg highly exrIenCe¢l Individual8 and have a good und8rstsnding of is involved in being a trustee of a charity. Where appropriate. the Trust supports thetraining oftrustee$ including, for example. attendance at seminors orgBnised by the Tnjst's professlonal advisers and by the Association of Chariiable Foun08tions and the Charity Finance Group. The irustees are requirod to me*gtot ieasttwice a year,. atthese meetings the trustees agr99 the broad strategy lor the Trust. including consider8tion of grant making, investment. reseNes. and risk management pollcl88. The day-to-day administration is delegated to the trust manager who hBS regular conta¢twith the trusteesfollowing her initial pro¢8ssing8nd 8ppraisalol applications. The names ofihetrustses 8tthe date of this report Bnd throughoutthe year ale shown on page 8. The trustees have C¢)nsidered the major risks fAc8d by the Trust And hfyve revlewed those risks and established systoms and procedures to manage and mitigate them.
THE UNDERWOOD TRusr Trvstè¢$' Annual Rèport (continued) The day-to-d8y administration of thg Trust is managed by the staff of Taylor CL8rk Limit8d, undei an agreement with the Charity Commlssion. The tee charged for this is shown in noie 5. Tho trust99$ Gon$ider this is the most cost-effective way of running the Trust, as to 88t up an independent office and steff would ineur far hlgher costs. Alltrustees 8fjvè thelrtime Ireety 8nd no trustee remuneration was paid in the year. Dgt8i15 of trustee expenses and related p8rtYtran88QtjnS Bre disclosed in note S and 10 respèctNely. ReterenGe and Admlnl¥tr•tr Intormatlon T$t@08 Richard Bennison FCA- Chairman BTionyWiL80n Rogistered Offlc• Ground Floor 20Yorkstreet London W1U6PU R•Klst•red CharityNumb•r 266164 Tru8t Manogor Michel8JudgeACMA Bankers Virgin Mon8y 154- 158 Kensington H*gh &. London W87RL Audltor Dawd thven&Co 17 Thè Market Place. DeMze8, Wiltshire SN10 IHT Investmont Man8g0r• TroyA8set Management Ltd 33 Davies Streei, London W1K4BP Ralhbones We81th & Inv8strnent Management 30 Gresham Sireet. London EC2V 7QN Cazenove Capital 1 London Wo11 Place. London EC2Y5AU
THE UNDERWOOD TRUST Trust••s' Annual Report (continu8d) Trustees, Respongibilities in Relation to th• Fin8n¢l•l Ststements The trusie88 are re8pon8ible for preparing ihe Tru$teg5' Report and the fin8ncial stgtoments in accordance with applicable law and r8gutstSon8. Tha law appticable to charf(1os in England and Wales requiras the tnJ8es lo prep8re financial statements for each fin8ncial year in accordancg with United Kingdom Generally Acc9Pt8d Accounting Practice Iunited Kingdom Accounting Stand81d8 and app.¢able r¢gulation81. Under th8t Law tha trustees must not opprove the fi'nancial statements unl888 they are 8ati¥fied that they give 8 true and fairviewofthe state of aff8ir8 of the charityand of the incorningwe8ourc&s 8nd opplication of rg6ource8 of the ch#rityforth8t period. In preparingthese lin8n¢io18tatements, the trustees are required to: selèct 8ultable accounting policies and then applythem consi8t6nlly: observ& the mèthods 8nd prlnclple8 In the Charitles SORP: make judgments and accounting estim8te$ that are r8asonable and prudent; State whether applic8bLe occounting standards h8ve been followed. Subjectto any moterial departures disclosed and explained in thefinancial statements: and piepare the finBncial statèrnent8 on the golng concem b8818 unle88 it is inoppropriBte to presume that the charitywill continu8 in business. The trustees are responsible for keeping adequate accounting records which org Sufficiont to show ond expi8in the charty's transactions and discLosewith reason8ble accuracy gtanytimethe financial position of the charity anij en8blg th8m to 8nsur8 that the financial statsments comply with the Charities Act 2011. the Charities IAccounts and Rgportsl Regulations 21)08 and the provisions of thg tru8t deed. They are oLso responsible for safaguarding th8 asset8 ol the charity and h&n¢e for taking r8a80nable stepsforthe prevention and detection of frBud 8nd othèr irr8gulaiities. Audltor A re801ution to re-appolnt David Owen & Co asthe Trust's auditorwill be prop080d atthe nexttrusteos meeting. Approv•d bythetru¥t¢¢$ and $ign8d onthalr behalt R Banni8on Truitéé 19August 2026
THE UNDERWOOD TRUST Indopondont •udltor'8 report tothgtru$to0• ofThe Underwood Trust Opinion We have audited the financial ststement8 of The UndeTrvood Trust Iihe'ch8rity'l for the year ended 5 April 2028 which comprise the statement of financial activitie8. the balance sheet, the statemènt of cash flows and the notes to the financial statements. including 8 summary of signrflcant accounting policies. Th8financial reporting frameworkthat has b99n applied in their prep8ration is applicable Law and United Kingdom AccountingS18ndBrds, including Financi81 Reporting Stsndard 102 The Financial R8POrting Standard applicable in the UK ond Republic ol Ireland (United Kingdom GenerallyAccepted Accounting Pi8Cticel. In our opinion. th8 financial st8tement8-. give 8 tiue and f8irview of the state of the charl$ affairs as of 5 April 2026 8nd of its incoming resources and 8pplic8tion of resources. forthe year then ended. have been properly prepared in accordance with United Kingdom GenerallyAecepted Accounting Practice: and h8ve been prepared in occordanca withthe requirements of the Charities Act 2011. Basis for opinion We conducted our Éudrt In 8ccordance with International 5t8nd8rd8 on Auditing (UK) IISA8 IUKII gnd applicablè law. Our responsibilities under those standards are ftirlher described in the Auditoffs r8sponsibilitie8 lor ihg 8udit of the financial statemen1$ section of our report. We are independent of the chorty in a¢cord8nce with the ethic81 requirements that are relevant to our audit of the financial statements in the UK. ineluding the FRC'S Ethical Standard, 8nd we h8ve fulfilled our other ethlcal rosponsibilities in ¥c¢ordance wf(h these requirement8. We believe that the audlt evidence we have obtained is sufficient and appropriate to provide a basis forouropinion. Conclusion¥ ro181ing to golng concern In auditing the financial statements. we have concluded that the trustees. use of the going concem b8sis of accounting in the preparation ofthg financial statements is appropriate. Based on the work we have performed, we have not identlfied any mÉteri81 uncertainties relating to events orconditionsthat, individuallyor collectively, m8yca8tsignrfic8nt doubtonthe charity's abillty to contlnue as a going ¢on¢ern for a period of at least e1Ve months trom when the finan¢l81 statements 8re authorised for i88ue. Our responsibilit18s and the responsibil¢ties of the trustees with respect to goin8 concern are described in the relevant sections of this report. Other infonnatlon The other information comprisesthe informatlon included in theannualreport, oiherthan thefinancial statements and our auditor's report thereon. The irustees Ar8 responsible for the other information contained within the annual report. Our opinion on the financial ststement$ does not cover the Other inform8tion and we do not express anyfoim of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent with thefinancial statements, orour knowledge obtairned in the audTrt or oth8tWlSè 8ppeBrs to bè materially misstoted. If we identify such material inconsistencies ci apparent m8teiSal misststements. we are required to determine wh8th8r there is a material misstatement in the financial statement8 or 8 materoal misst8tement of Ihe other inform8tion. If. based on theworkwe havo performed, we concludethat there is 8 m8teri81 misstatement of th18 Other Information; we are required to report thattact. We have nothingto report in this regard. 10
THE UNDERWOOD TRUST Matt•r¥ on which wo are required to rnport by oxceptlon We have nothlng to report in respect of the following matters in relation to which the Charities ccounts and Reports) Regulations 200B require u$ to reportto you 51. In oui opinion: the Inlorm8tion glven in th8 Tru8te88' Annu81 Report Is Inconsislent In any material iespgct with the financial statemgnts. or Sufficient gceountlng records havo not been kept- or the financial statements are not in agreement with the accounting r8cord8' OT we have not received all the infoation and explanations w8 requiro forour audit. R•sponslbilitio• ottru8tse8 As explained more fully in thg statement ot truste88' responsibilities lon pag8 91. the trustees are responslble for tho preparation of tho financial $tstements and for being satislied thattheygrve B true and fair view, and for such internal control 88 the trustees deterrnine is necessary to enable the preparation of financial statements that 8rèfreefrom material misst8temant, whother dueto fr8ud or error. In preparing the fin8ncialst8tements, thètrustaes are responsiblefor assesslngthecharity's abitityto continue Bs B goingeoncern. L1isclosing. Bs applicable, matters related to going concern and usingihe goiT)g concern basis of accounting unLe$8 th8 trustee3 either Intend to cease OPBration8, or have no realistic altemative but to do so. Audit.& rosponsibiliti08 fortho audltof thg linan¢ial •tat•menl* We have been oppointed 8$ audftors under section 144 of the Charities Act 2011 and report in accordance wth the Acl 8nd relevant regulations made or having effectthereunder. Our oblectives are to obtsin rea8onabL8 Bssurance aboutbvhether thefin8ncial ststements ¥$ a whole are free flom matsrial misststemeffl, whether due to fraud or error. 8nd to issue an auditorfs report that in¢lud8s our opinion. Reasonable assurance is a high level ot assurance but Is not a guarantee that an 8udit GonduGted in a¢coid8nce with IUKI will always detect a materi81 mi88tatement when it exists. Misstatements c8n ari88 from fraud orerroi and are considered material rf. individually or in the aggT8g8te, they could reasonably be expected to influence the economi¢ decisions of users taken on th8 basi8 of theselinanciol3tatements. Irregularities, including fraud. are InanCeS of non-complianc8 with laws and rogulations. We design procedure3 in line with our responsibilities, outlinod abovg. to detect material misstatements in respgct of irreguLariti&s, ineLudingfraud. The extent to which our procedures are capable of detecting irregularities. includingfraud, is detailed LOw. A further descrlption of our 18sponsibilities for the audlt of the financial statements is located on thg Financi81 Raporting Council'8 website 8t: http:Ilwww.Irc.org.uklauditors¥esponslbilitie¥. This descriptionfomis part of our8uditor's ieport. Extent towhich the audlt was considered capable of dolo¢ting Irrnrfutsrltl•$, in¢ludingfraud We identity8nd asse8$ the fisks ol material misstaternentof ihe fin8n¢i81 statements. whotherdue to Iraud or error. 8nd then design and perfom audit procedur83 responsive to those risks. including obtaining audit evidence that is suflicient and appropriate to provide 8 b88iS tor our opinion. In id8ntifyingand addfessing risks of material misstatemenl in respectol irregularities. includingfraud and non-compliancewith Laws and regulations, our procedures included th9 following.. Wa obtalned an understanding of ia¥vs and reguLations that affect tt)e charity. focusing on those that h8d 8 direct effect on the financial 8tatements orthat had a fundamental effect on s operations. Key laws and regulatlons thatwe id&ntitied included th8 CharitiesAct 2011 and applicable accounting standards.
THE UNDERWOOD TRUST We enqulred of the trustegs and reviewed trust99 meeting minutes for evidgnce of non- Compliance with relevani law5 and r¢gulation8. We also ievlewed controb the trustees hav in ploce to ensure compliance. We gained gn under3tsnding of the controls that the tntstees have in plaGe to prevent and det6ctfraud. We enquired of the Irustee8 about any incidence8 of fraud that had 18ken place during the accounting period. The ri3k of fraud 8nd non-compiianee with laws and regulations and fraud was di8cu$$ed within the audit team and tests were pionned and pertomed to address these risk8. We identified the potential for fraud in the following area: misappiopri8tion of cash and other assets. We critically reviewed judgements and provisions included Iwthin the financiBI ststement8 and examined the associated cut-ofl issues. We rovid financial Statements di5closuros and test8d to supporting do¢um8ntation to assess complianc6 with relevant laws and regulations discussed above. We 8nquired of thelrusteo$ about actual and potentiallitigotton and claims. We obtsined independentconflimatlonstromyour bank reg8rding balances attheyear-end in addition to any outstanding charges. We perfomed analytical proceduiesto identlty 8ny unusual of unexpected relationships that might indicate risks of material misstatement dueto fraud. In addressingthe risk of fraud due to m8n8gement override of Intem81 con1iolsv test9d thg appropriateness ol journal entries and assessèd whether the judgements m8de In making accounting estimates were indicative of g potential bias. Due to the inherènt limltation8 of an oudit, there 18 an unavoidable ri8kth8t wè may not hav8 deteGtgd 80m8 m8teri81 misstatements in the financial statements. evon though we have properly p18nned and performed oui 8udlt in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularltle8, as these may involve collusion. forgery. inteniion8lomissions, misrepr88entaiion8. orthe override ol internalcontrols.we are not responsible for preventing fr8ud o¥ non-compliance with Lgws and regulations and cannot be expected to detect ollfraud and non-compllance with laws and regulations. Other mattor Your attentlor) 1$ drawn to the fact that the charity has prepared financi818tat8m8nts in 8ccordanc8 with °A¢¢ounting Reporting by Charitie$: Statemgnt of R8commended Practice applicable to charities preparing their financial ststements in accordance with the Financial Reporting St8ndard applicable In the UK and Republic of Ireland IFRS 1021 in preterence to the Accounting and Reporting by Charities: Statement of Reeommend8d Practice issued on 1 April 2005 which18 referred to in the extant regulations but has now been withdrswn. This ha¥ been done in order for the financial siatement5 to provide a true and f8irview in occordanco with current Gener811yAcceptsd Accounting Practice. Use of our report This reporti8 made solelytotho chan$trUstee8. as a body. in accordancewith part4 otthe Ch8ritie8 IAccounts and Reportsi Regulations 2008. Our 8uditwork ha8 bo8n undertaken sothaiwe might state 12
THE UNDERWOOD TRUST to the charity's trustees those mattgrs w¢ are fequirgd tr) stBt8 to them in an audrtor3' report and for no other Pufpose. To the fullest extent permitted by18w. we do not accept orassum8 responsibilityto anyone other Ih8n ihe charity and the charlty's trustees as a body, for our audit Work. for this rgport, orforthe opinions we have fomied. David Owen & Co Chartered Accountants ststutoryAuditor 17The Market Place Devizes Wilt8hiie SN101HT David Owen & Co is eligibleto act asan auditor in terms ofsection 1212 of the Companies Act2006. 19 August 2026
THE UNDERWOODTRUST Stsi*montot Flnancial Activities Including Income and Expenditure Account Forthe Ye¥r Endlng SApril 2026 Unrestricted Expendable Income Endowmenr Fund Fund 2026 Totol FLtnd¥ 2025 Total Funds Nots$ Income Investment Income 1.399,693 11,047,783 12,447.476 1,396,274 Total Incom 1.399,893 11.047.783 12.447.476 1.396.274 Expenditura Raising Funds.. Investment Management Costs 597 1,954 CharitsbleActivitigS: Grant Expenditure Grani Re18ted Support Costs Govemance Costs 920,000 920,000 747.Sfy) 11,496 11,496 10.009 11,945 11,946 15.748 CO ot Grant Making 943.441 943,441 773.257 Total Exp•ndlture 945.395 773,854 Nol Incoma l {Expendliure) Transfer Between Fund¥ 454,298 11.047.783 11.502,081 1454.2981 454,298 622,420 11,502,081 11.502,081 622.420 Net Gain¥ l (Losses) on Inv•stmerrtB Unre8li8ed Realised 1.865,682 1.865.882 1.342,419 1A42.419 331.107 3.208.101 3208,101 331.107 Not Movoment In Funds 14.710,182 14.710.182 953.527 R•con¢lllotlon of Fund$ Total Fund8 Brought FOar(l 35.373.656 35,373,656 34.420.129 Total Fund8 Carrlod Forwafd 50.083,838 50.083,838 35.373,656 14
THE UNDERWOODTRUST Statement of F5nan¢ial Actlvlties {continued) lficludlng Income and Exp•ndlture Account For the Year Endlng5Aprll 2026 Comparatlve Yèar Intormotlon Y•aT End•d S Aprfl2025 UnrestriGted Expendable Incomo Endowment Fund Fund 2025 Totol Funds Notes Incom¢ Investmont Income 1,396.274 1.396.274 Totsllncom• 1.396.274 1.396.274 Expendiiuro Raising Funds.. Investment Management Costs 597 597 Charit8ble Activities.. Grant Exptrnditur8 Gront Related Support Costs Govemance Costs 747.500 10.009 15.748 747,500 10.009 15.748 Co#t of Orant Maklng 773.257 773,257 Total Exp•ndituro 773,854 TJ3.854 Nel Incomè l (Exp¢ndltur•l Tran•f•r B•t••een Funds 622,420 {622,4201 V22.420 621420 622,420 622.420 Net Gains I IL¢Mo9) on Inw$tment8 Unreaiised Re8tised 331.107 331.107 331.107 331,107 N•t Mov•ment in Fund¥ 953,527 9S3.527 Recon¢illatlon of Fund8 Total Funds Brought Forwarij 34.420,129 34,420,129 Total Funds Carrlad Forward 35,373,656 35,373,656 15
THE UNDERWOODTRUST Baiane• Sheot As of SApril 2026 Unrestricted Income Fun(J Expondable Endowment Fund 2026 Total Fund8 2025 Total Funds Notes Flx•d Assets Unlisted Investments Listed Investments 16,316.655 21,136,669 16.316.655 21,136,669 16,316.655 18,012,657 Total Flxed Asset• 37.453.324 37.463,324 34.329,312 Curront •$sots Debtors Cash 732 7,317 11.047.783 1,S82.731 11.048.515 1,590,048 1,451 1.050,048 Totsl currant assets 1.051.499 8.049 12.630.514 11638,583 Llabllltl08 Creditors: omounts falllro due withln one 18.0491 18,0491 17.1551 Mgt Current Assats 12.630,514 1Z830,S14 1,044,344 Total Asset8 Legs Current Liabllitoes 50.083.838 $0,083,838 35.373.656 Cr8ditor8: gmounts falli due after one ye8r NotA•t¥ 50,083.83B 50.083.838 35.373.656 Tho Funds ofth• Charlty Expendabl8 Endowment Fund Unrestricted Income Fun(1 50,083.838 60,083,838 35.373.656 Total Charity Funds 50.083,838 50.063.838 35,373,656 The notss at pages 18 to 25 form partof these 8¢¢0unts. Approved by the trustees on 19Augu6t 2026 Ind sign8d on their behalf by: ennison 16
THE UNDERWOODTRUST Stat•ment of Cash Flows A$ of 5Aprll 2026 2026 Total Fund• 2025 Tot81 Funds Notes ¢a$h Flows from OporatlngActlvltl•s Net Cosh used in Oper8tingActivitigs (943,782) 11.524,84n Cash FIOWB from Inv•¥llngAdlvltl•• Intor8st and Drvidends Proc8eds from Sale of Investments Purchase of Investments EqualisBtion on Investments 1.399,893 10,084.089 (10.000,0001 1.396.274 1332) Ngt Cash Generated by InstIngACt1VIt18S 1A83,782 1.395.942 Cash Flow¥ Irom Fln•n¢lngActl¥llle3 Net Cash Provided by FinancingActivities Net Increase l (D•cr•a8e) In Cash and CaBh Equfvalent• 540,000 I128,5) Cash and Cash Equivalents Brought Forward 1.050.048 1.178,953 Cash and Cash Equiv8l•nts Carrl•d Forward 1,590.048 1.050.048 17
THE UNDERWOOD TRUST Notes to tho Flnanclal Statement8 Fortho Ye*r Endod 5 April2026 Acc¢untlng PoUcle8 Charlty Information The Underwood Trust Is an unincorporated trust, founded under a Deed of Trust dated 1 July 1973, and had its registrotion with The Charity Commission for England 8nd Wales, number 266164, accepted on 31 August 1973. Thetrust degd was oménded using the stalutory powgr8 as setout in thg Charities Act2011 and 8CC8Pted byThe Charty Commi8sN)n on 3 Octobor 2024. Ba•ls of ProPaTOtion and GolngCon¢om The financial statgments have been prepared under the historical cost convention, as modified by tho revaluation of fixed asset investments, in accordance with the Charilies Act 2011 and"AcGounting and Reporting bycharities.. Statement of Recommended Practice applicable to charitie8 preparing their accounts in accordancg with th& Financial R8POrting Standard applicable in the UK and Republic of Iroland IFRS 10211offective 1 January 20191°. The flnanclal Statements have departed trom the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a t¥ue and fair Mew. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rathgrthan the version of the Statement of Recomm8nd8d Practice which is refèrled to in the Regulations. butwhich has since been withdrawn. Thetnist constrtutes B pubtic benellt entity 98 defined by FRS 102. At the time of approving thg accounts. the trustee9 have a reasonable expectation that thè charity has odequate resources lo continue in operation81 existence fof the forese8ab18 future. Thus, Ihe trustees continue to adopt the going concern basis of accounting i prgparingthe accounts. With respecttothe next reporting period, the mostsignrficant ar8a8 of uncertaintythat affect the carrying value of assets held ty the Twst ar8 the level of investment return and th8 perfomiance of investmont markets (see the investment strategy and risk section in the trustees. gnnugl report for rnoTe information). Fund Accounting The Unrestricted Income Fund can be spent on any PUTpo$e within the Trust's obj8Ctive8 at the di5¢retion otthe tnJ8tees. The Expendable Endowment Fund 18 primarilyfor incomegeneraiion but is expendableatthe trustees. discretion. Durin8theyear, a tran5fei of £454.2981202S: £622,420}w88 madefrom the unrestricted income fund to the expendable endowmentfund. Income Recognition All income is recognised once the charity has entitiament to the income. it is probable that the Income will be received, and the amountof income receivablo can be measured r8liably. Dwidends from investments are recognised 8t their ie¢ord dÈte.
THE UNDERWOOD TRUST Notes to the Financial Siatomonls For tho Year Ended S Aprll2026 Legacy glfts are r8cognised on a case-by-case basis lollowing the Eranting of probate when the administrBtorlexecutor for the estate h88 communicated in wrr(ing the gmount for distribution aftertaking into consideration of any liabilltle8 8nd settlement date and, if there are any conditions attache(I to tho l$g8Cy, these are eitherwithin the controlof the charityor have been met. In the event that the gift is in the form of an asset othgr than cg$h, or fin8ncial assettraded on a recognised stock exchange. recognition is subjectto ihe vBlue of the gift being r&li8bly m88surabl8 with a degree of sufficient accuracy and the fjtle io Ihe a58et having been transferred to the charity. Expendlture Recognttlon Liabilities are recognised as expendilur8 88 soon as there is a ieg81or con8tru¢tive obiig8tlon Committing the charity to that expenditure. it is probable that settlemont will be roquired, and the amount of the obligation can be m98sur8d reliably. Ali expenditUTe is accounted for on an accruals basis incluswe of any VAT which cannot be recovered. All expenses including support COSts and governance cosi8 are allocated or apportioned to the app¢&bEe expenditurg he8dings. Support costs are allocated to the activities either by direct attribution or an estimate of relalive time involved. The majority of costs support thg grant making actNity and are so 811ocated. Governance cost$ comprise all costs involved in the publi¢ accountabiltty ol the charity ond its compli8nce with reguletion 8nd good practice. Th8s8 costs include costs relating to 3tgtutory8udit, and legal fees together wlth an 811ocation of 8UPPOrt costs. The ollocation of govem8nce and 8upport costs is 8nalysed in note 5. P&y8bL8 8re payments made to thlrtj partles in the furtherance of tho Gharitabie objectives of the Trust. In the c8se of an uncon(Jition81 gr8rit offerthi8 is 8ccrued once the recipient has been notified of the grant award. The notrfication gives th8 recipient 8 reasonable expectation th81 Iheywill receive thg onwoai or multl-y8ar grant. Gront awards thÈt Ére sublectto the reclpientfulfllllng performance conditlons are only8ccrued when the Tecipient h88 been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust. The Costs of raisingfund8 con8i8t of inve8tment management fges. Fixed ASS Invathont8 Quotod investments are initially measured at their transaction value and subsequently measured ot their fair value as gt the bBLance sheel date using the closing quoted market price. All gains and Ios8es. both realised and unrealised, are taken to the Statement of FinancialActivities as they8ri88. Unlisted investments ore initiolly measur9d at costand subsequently measure(J atco8t1¥8S anyoccumulaled imp8imient108ses. The investments are assessed for impaiment at 98ch reportingdate, and 8ny imp8irm8nt108$8s or rèversBLs of impBirment losses are recognised immediately in net incomellexpenditurel for the year. 19
THE UNDERWOODTRUST Note8 lo the Fin8nela( Statements Forthe Year Endgd 5 April 2026 Debtor8 and Crodbtor8 Short tsrm debwfs are mgasured at transaction price. less any impairment. Short tem Cfaditors are measured at the transaction prlce. net of transaction costs. Subsequent to inTrtial recognifion iheyare me8sureQ at amortised cost usingthe effective interest method. less any impairment loss8s in tho caso of trade debtors. If the 8rrangement constitut08 9 financing trans8Ctlon, for example if payment is deferr8d beyond normal business terms. then it 18 measured 8t the present value of future payments discounted at a markgt rate of int&rest for a simil¢r debt instrument. Contlngont Uabllltlo8 A contingent liability is identified and disclosed for tho¥e gr8ffl8 r88ulting from: 8 pos8lbl8 obligatlon whichwillonly beconfirmed bythe occurrencg of oneormore uncertain future events notwholly wlthin the trustees. control- or 8 present OblitIOn lollowing a grant offer where settlement is either not considered probable., or Ihe amount has not b8&n communicated in the grant offerand that gmount C8nnot be estimated reliably Tbxatlon The Trust is a registered charity and 8¢¢ordingly 13 exempt from taxation on its income 8nd gain8 where they8re applied for Charitable purpos93. 1.9 A¢¢ountlng E¥timat•¥ and Judzements In the 8pplication of the Trust's accountlng policies. the trustee8 are required to m8ke judgements, estimates and assumptions about the carrying amount of assets and liabilitie8 that are not re8dily apparent from oth&r sources. The estimates and associated assumptions 8re basod on historiGal experience and other factors th818r8 considered to be relavant. Actu81 results may diflerftom these estimates. The e¥timates and undertying assumptions 8re reviewed on an ongoing basis. Revisions to accounting estimatas are recognised in the period inwhich the estimate is r8vised wher8 the revision affects onlythat period, or in the period of the revSsion and future periods wherethe revision affects both current Ènd future periods. Key $0ur¢as of estlmatlon un¢•rtolnty The estimaies and assumptions which have a significant risk of c8u$inga material adjustmèntiothe carrying amount of asseis are as follows: Impairrn•nt oe unustsd Investmant• The trustees. estim8te of impairment is bosgd upon updated share valuation calculations, using reports piowded byTaylor Clark Limited, and the trust888' ownjudgemenl. 20
THE UNDERWOODTRUST Note5 ttrtho Flnonclal St8tèmants Forthe Yeaw Endod SAprll 2026 Incoming R••ou*ees 2026 2025 Investment income Unlisted investments IUKI Listed inve8tm¢nts Olher inteost 11,780.481 636,148 30,847 734,199 640,185 21.890 12,447,476 1,396,274 Grant Exyndituro 2026 2025 Grants payable brought foThiBrd Grants paid during theyear Grants payable carried forwar 1750.0001 1.497,500 920.000 Crantexpenditure duringthe year 920,000 747,500 Modl¢in¢ and Health Bristol Speech and Language Therapy Unit STAMMA (The Briiish Stamm8ringA$sociaiionl Medicinema Llving Painiings Julia's House Jame$. Piaeè Charity 150,000 45,000 25,000 25,000 25,000 25,000 295,000 270,000 Educatlon and The Arts Farms for City Children The Access Project St8ge One Music foryouth pim¢0 Opera 45.000 40,000 25.000 26.000 15.000 1SO.000 137,500 21
THE UNDERWOODTRUST Not•* to tho Fin•nelal Statements For the Year Ended 5 Aprll 2026 Gra Éxpenditure (continued) 2026 2025 So¢ialW•lf8re Community First IYAWI Empiro Fightingchance NSPCC Hartcliffe Clty Farm Windmill Hill City Farm Societywithout Abuse Missing People Brrtish Red Cro38- UK Cri818 Response Mikeystine St Martin-in-the-Fi8lds- Christmas Appeal 25,01)0 25,000 25.1)00 20.000 225.000 315,000 Tha Envlronm8nt and Wlldlll• Greenpeace {30x30 Promise to Protection) The Brooke Animal Free Research 200.000 25.000 25,000 250,000 25,000 Total Grantg Exp•ndilur8 920,000 747,500 Grant Commltments In Èddltion io ihe grant expenditure iecognised during the year, the twstees had authorised certain grants atthe year endvthich remained subject to specrfied conditions b8ingsatisfied by the recipients. Accordlngly, these commitmonts have not bèan accrued within the financial statements. The total amount 8Uthorised but not accrued at 5 April 2026 was £1.700.000 12025: 21,050.0001. A commitment of £1.500.000 over fNe ye8r8 was comrnunicated io BristoL Speech and Language Therapy Research Unit during the year eftded S April 2022. with funding commencing in October 2022. At 5 April 2026. £900.000 ol this commitment remained outstanding and subjectto the relevant funding condf(ions being sati8fied. A commitment of É1.(KIO.000 over five year8 W8s communicate¢J to Grè&npeace EnvironmentalTru8tduTingtheyearend8d SApri12026, with fundingcommencingin January 2026. AtSApril 2026, £800,000 of this commltment remained outstandingand 8ubjactto the relevantfunding conditions beingsatisfied. 22
THE UNDERWOOD TRUST Noleg to the Flnancial Ststomgnts For the Year Ended 5 April 2026 Aliocatlon of Support #nd Goveynance Costs Basis of opportion- ment Grant makrng Govemanc8 2026 Total 2025 Total Management fee Subscliptions Auditors. remuneration Prof8ssionBlfe8s Web 8it8 costs Sundries Work done Actual Actual Actual AetU81 Actual 9.405 455 3.135 12,540 152 607 8.360 8,360 12.000 392 7,000 5,400 860 105 655 981 218 873 1,061 Total 11.496 11,945 23841 25,757 TranJtsr A tronsf8r of £454.29812025- £622.420}w8s m8defrom the unrestricted income fund to the expendable endowmenttund. Fix•d Aisat Inv•$tm•nt$ Listed investments Unlisted invaslments Totsl Fairvalue or cost at 6 April 2025 A(Jditions at cost Disposals at carrying v81ue Net unrealised g8ins I1108s&sI 18,012.657 16.316.655 34329.312 10,000.000 8,741.6701 1,865,682 10.000,000 18.741.670) 1,86S,682 At S April 2026 21.136,669 16.316,665 37A63.324 Net cash released ftom investm8nts in th8 year was £84.089 12025- £Nil released ftom investments). Unrealised investment gains I Ilossesl represent th8 difference betsveen the fair value of th6 investments at the beginning and end of the year adjuating for investmeni iransactions during the year. The LFnli8ted investment Is the holding of 2.545,500 Taylor Clark Limlted B ordinary 10p shares 12025: 2,545.500 B ordlnary 10p sharesl. The investment is held 8t cost 8nd reviow8d 8nnuBIIy for impairment. 23
THE UNDERWOODTRUST Not•8 to thè Fin8ncial Statement8 For the Year Endod 5Aprll 2026 Debtors 2026 2025 Prèpayments Accrued interest Taylor Clark Limited-special Dividend S05 227 11,047,783 163 1.288 11,048,515 1.451 Credltor$: 8mountsf811ingdue wlthln oneye8r 2028 2025 Accruals 7.155 7,155 10 R•l¥t•d PartyTTansaclion• At 5 April 2026 Ihg charity owned 2.545,50012025= 2.545.500) ordinary B shares of 10p each repre8enting40.8%12025'. 40.8%) of the 8 shares in issue and 36.5%12025: 36.5%} ofthetotsl $hores in188ue of Taylor Clark Limited. Duringthe ye8r, the Trust Tecognised dividend income of £11.780,48112025-. £734.1991 from Taylor Ciork Limited. Of this amount. £11,047.783 had been declared but not received at the year end. Taylor Clark Limliei1 provided office accommod8tion ond administrat support seNce8 to th8 Trustduringthe year. Management faes of £12.5401202S.' £12.0001, inclusive ofVAT, we paid by the Tiust in respect ot these setvices. There was no balance outstgnding 8t the year end1202S.' £nlll. The table belowsets outthg staff costs included withinthe man8gementfee eharged byTaylor Clark Limited: Staff Costs 2028 Total 2025 Total Wè#e$ and 88iarigs Soci81 security costs Employ8rs' contributions to defined contribution pension Scheme Other employee benefits 7,000 6,800 938 1.870 134 1,925 10,062 9,742
THE UNDERWOOD TRUST Noto$ to the Fin•n¢i•l Stot¢m•nts For the yearended S April 2028 10 Roiated PartyTran8alQn¥ Icontinuedj Brionywilson is a shoreholder in Taylor Cl8rk Limited. Rich8rd B9nnison and Brionywilson are dir¢rtors of TayLorCLark knmited. No trustee received any iemuner8tion durlng the year (2025". £nil)- No trustee re¢eived any r8imburs8ment of expenses. 1 l Reconclllatlon of N•t M0mOTh1 In Fund¥to N•t Cash Fiowffom OporatiniA¢tlvltlo8 2026 2025 Net movement in funds Deduct interest income Daduct dlvidends and interest from Investments Deduct (gains) l add bBck losses on unrealis8d investments (Gains) I losses realised on salg of investments Decrease I lincreasel in debtors Increase I Ide¢r83$01 in cr8ditor8 14.710,182 {30.847) 953.527 121.8901 (1.368,846) 11.374.384) {1.865.6821 (331.1071 (1,342.4191 111.047,0841 694 11.1291 1749,8641 N8t Cash us in OporaiingA¢livifj&8 (943,782) 11,524,847) Included within debtors at 5April 2026 isa specièldNidend receivable of £11,047,783 Oec18red priorto th8ye8r end and rocognised as income within the Statement of Financial Activities but received aftèT the year end. This timingdiffer8nc8 materfally Impacted operating cash fLow8 at the b81once Sheet dote. 25