THE ROBERT GAVRON CHARITABLE TRUST REPOKT AND FfNANCtAL STATEmE￿rs FOR THE YEAR ENDED 5TH APIUL 2025 CHARITY NO. 268535 THE ROBBRT GAVRON CHARtTABLE TRUST PAGE I FtNANCIAL STATEMENTS FOR THE YEAR EKDED 51H APHJL 2025 PAGE General InfoTmatioll Trustees. Report Auditors, Report State￿ent of Financial Artiyities Balance Sheet io StatEment of C&8h Flows li Notcs to the Fill￿cIal Ststements 12-17 S¢hedul¢ of Cash Charitable I)onatIO￿ Paid 18 THE ROBERT GAVRON CHARrrABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL2025 GENERAL INFORMATION SETTLOR Lord Gavron CBE (I)eceas¢d) DEEDS Setti¢ment dated 3 1st July 1974 REGISTERF,D CHARITY NO. 268535 GISTKRF.D 27 Maywin Drive ADDRESS Homchurch Essex RMII 3ST TRUSTEES Dr Katharine SusaJ) Gavron (Chair) Jessica Leah Gavro SaTth Gavron MAIN TERMS The tN5te¢s are directcd to hold the capita] and income of the ttwst fijnd for such Ghwitable institutions or charitable purposes as the ts￿Stees shall from time to tim¢ LD tii¢tr absolute discretion detemiine. If4VESTMENT POWERS The tNstees hav¢ very wid¢ inv&5tment powers. BANKERS HaDdelsbanken 2nd Floor, Hi115down Ho￿1¢ 32 Hatnpstead High Street London, NW3 IQD SOLICITORS Dechert LLP 160 Queen Vi¢torÉa Street London EC4V 4QQ FUND II&ANAGERS Schroder & Co Limited 12 Moorgate London EC2R 6DA Ruffer LLP 80 Victoria Str¢¢t London s￿'[E 5JL AUDITORS Prentis & Co LLP Ch￿ttred AccountaTL8 & Stattrtory Auditors 115¢ Milton Road Cambridge CB4 IXE THE ROBERT GAVRON CHAHJTABLE TRUST FINANCL4L STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2025 TRUSTEES, REPORT TILe Trustees present their report and fllwiciai statements for The RobertGavron Charitsble Tnjst (the .TTh￿t') for (he year ended 5th April 2025. The fuLarAcial 5tratetnents bave bc¢ii prepared in accordance with the &ccountir.g policies set out i note I to the fjnancial siat¢ments and comply with the charity5 trust dee¢ the Charities Act 201 l and AcwuDting and Reportin8 by Charitie5'. Statement of KecoD]mended PrdCt.;ce applicable to charities preparing their finartci￿ statements UJ accordance with the Firon¢ial Reporting StatLdard appli¢able in the UK and Republic of treland (FBS 102Xeffective 1st January 2019). STRUCTURE, GOVERNANCE AND MANAGE,YENr CToverAiE)g Doeumcnt The Trust is constituted by a Trust Deed dated 3[￿ July 1974, and tts objethiv¢5 are very wide rdngiDg. The appoilltrient of T￿￿te¢S 15 gov¢m¢d by tbe Trust Deed It is reE15tertd as a charity Witb 1he Charity Conllllis5101L Organisation Th¢ Truste£s ￿Lect formally approxi]nately four times through0￿ the year. They agree the broad strategy and areas of activity for the Tn￿¢ attd consider individual gTant-making and the investtnent portfolio perforniancc at every tneeting. Any action5 taken between Trustees, 5neetings are considered as part of the agenda and miiiuted and ratified appro￿lately. Research into certain ￿allt applications aud new projects to be 5UPPOrted 1% carried out by the Tn￿t Athnini8trator, who visits and reports on new applicants to assist ¢hE Trustees iti making dECASiODS. The Trnst AdmiDistrdior is the otdy e￿ployee of the TnLSt. The day4￿aY admi]ustration of charÉtable grajits as well as financial management, risk management and governan￿ i5sue5 are carried out by him under the guidance of the Chair of Truste¢s. Trustees, Indllction and Training The procE5s for the induction of new Tnjstees comprises meeting with the Cbair of TnLSte£s and other Trustees, alld n¢w Trustees are also provided with current aud previous Aw)ual R¢ports and Accounts. In addition, Trs]steea 2re offered trdining iu the duties of Gharitable trustees. RISK MANAGEMENr The Trustees have re￿ieWed all the tnajor risks the chariry Faces and have established systems 8nd contingency plan5 to itigate them. ID particular.. (a) Reserves have been reviewed aDd are cot]sidtred sufficietrt to ethle the charitys objectiV¢S to be a¢hieved in the medium temi. (bl Investments are S￿rablY made so as to pnjtect the chariws reseryes aRd ar¢ wde witbxn guidelines set out by Icgislation and the Ch3rities Commissioll. (c) Key illtern￿ controls have been r¢vtewed atsd aTC cousidered sufficicttt. Tbe Trustees have dir¢ct oontrol over key financial systems. (d) Donces are suitably vetted for their charitable cr¢d¢ntia15 before donations are tDade. {e) The Trustces consult professional advisers from tilne to tim¢ to ED5ure that the charitys obligaiioll5 are being fulfill¢d. {fj Adequatc measures are in plac¢ in the eyellt of the chartty cgasillg to opente. (g) Risk policy is reviewed periodically at Trustees, Meelings. OBJECllVES AND AcfIvITJLS DURING THE YEAR The Truste&% have continued to operate as thev did under the leadership of Lord Gavron, the settlor and Chatr of the Tn￿t, until his death in Febtuary 2015. "the Tn￿ has supported a similar range of chariiable causes as in previous years, the principal 8r¢&% of support being access to th¢ arts, educatioty eharilies working in prison5, hurt￿1 rights and charities fo¥ the dssabled. The Trllsi has supported a number ofcharities working in prisons as they believe this LS itnportan:. and necessary work for which it is dilficult to rai* fL￿dS. In addition, the growiug need for food banks I￿S Led to a nutnber of dollations to fiMxI banks and related ¢I￿tIes. Support given to chai'ities been in the forn) of monetary donations made at the discretion of the Trustecs. A list of the larger is given on p&ge IS of this report. THE ROBERT GAVRON CHARITABLE TRUST PAGE 4 FINANCIAL STATLM, EE(rs FOR THE YEAR ENDED 5TH APRIL 2025 TRUSTEES, RBPORT.......jc￿lltinued The Trustees continue to give support in tbe forn) of either otie-off grants or commitrnents to donations s?re&d over more than one year, and the Tru5Vs reserves rewain suffLcient for CXiStin& ci)TnmitWEnts. When the Trustres commit themselves to akiug donation5 over 5everaE years these commitments are reflected in the Trusts annual accounts in the forni of doii&tions ch￿ged to accumulated tncome alld are shov*TL as deSI￿ted funds ill the balance sheet. The TTustres believe that Ét is helpful for the beneficiaries to know what they may exI￿rt and when to ¢￿ct the prollLi5ed fimd5 for the purposes of their own plallning. In the past year the uniyersiry access scheme at MoTpeth Schwl in Tower Hamle'ts, London, which set up in the memory of IAbrd Ciavron, contknued to er.courage S￿dents to aspire to university education. Thtts is illtended in particular for students from families w'ithout a history of tertiary education. The sch¢)ol has desigDed a programme to create interest in university among both students aud th¢w famili￿ or calers. and it ￿s0 includes bursaTies for exception￿ students. Among other larger grants have been donalions to clwities with whith the Tru5tV5 themselves are or have been connected a5 T￿￿te¢S and adTrisors (see notE OIi p.18). The long-tern donatioDS giveft to the Barbados CTick£t Assoclation, which have beetk used for ilLe encourw.ment and nurturing of promising young cricketers, bave re5ulteO in a number of WIr￿erS of the Lord GavroD Award Pla￿llg in the West IndiGs teams over the years. This is a Trindication of both the schem¢ and of the selwtors of the Barbados Cricket Ass￿181]0 Small Grapjls." In many c&ses the Trustees prefer to mwke grants to orgaThizalions whost WO￿ they p¢rsonally know and admire. This does noL however, mean that ¢harities unknown to the TNstees persollally do not receive gr￿ts. Anthony Dance, the Trust AdTninistratt)r, visits and reEx)rts on some applications to the TNst and hi5 reports are taken into accouttt by th¢ Tmstees when they make their decisions. Thi5 leads to a numixr of grants to n¢w org2nizaiioLS during each f]nancial year. These irkclud¢ $tnall clwities workitig in areas which cannot easily rdise ￿ndS and which are withoui the resources theTnselves fDr prOf￿s1on&l fimd-raisin& The TrnsÉ has ai50 ¢ontinll¢d ttTr help previously funded small charities whÉch come into these categories. At present the Trust is fi￿lY GOn￿ltr¢d to its existing areas Df illterest attd ss ulllikely to change its ￿ndIng priorities in the foreseeablc future. PUBLIC BENEFrr 'rhe I'rustees satisfied that ihe Trust irself and (y) far as th¢ TDLSte¢s Can asc¢rtsin) the organisatiot]s which had supwjrt are oper¥4ting for the public benefiL FINANCtAL REVIEW The Trnst's regular ineome is generated from investments and the Tn]st¢es will ¢onttnu¢ to Tno]lltt>r illvestrAent policy close]y during the course of the next f￿anCIal year. At 5th April 2025 the book valuB of the investtnents £7,974,396 (2024.. £8,530,435) andtheir market valu¢ at tha[ dale was £8.674.635 (2024= £9,886,796). The balatkce of the income has come from inlerest earned.on d¢posits held with th¢ TnL5Vs bankeTS and fi]nd maJ]agers. INVESTMENT POLICY The Trnstees have very wide illvesknent powers to manage the'l'rusvs aS5ers. The Cl)w of I'rusteeb, along witli an independeiit fi[￿]cial advisor, is responsible for meeting with the fuDd Tndn2get5 thtte tiines antjually and revicM'ing the perfortnan¢e of the investment portfolios. The ]nd￿elldent finaDcial advisor gives additioJLal advice on the investnient and b￿l￿￿g decisions. Reports are given to the Tn￿ at the quarterly T￿￿ee Meeiing5 on inve5tm¢nts, reserves and risk managen]ent. RESERVES POLICY The Cl)arity has a policy of nkaintaining sufficient reserves to cover existing ci)mMii￿ents and those of the forthcoming year, donations due and its administrative ooligation$. No upper limit is ¢onsid¢red noc¢ss8rv to be set foi" the level of reserv¢$. TTrtE ROBERT GAVRON CHARtTABLE IRUST PAGE 5 FfNANCLAL STATEfvtEKfs FOR THE YEAR ENDED 5TH APRIL 2ff25 TRUSTEES, IiEPORT ........Iconliuued KEY PERSONNEL AND PAY POLICY The Tn￿teeS ￿nSIder the B(wd of Trustee5 and Artthony Dance (Trust Adlllinistrdtor) to be the key ]nallagement persorjnel of the charity ill cha￿e of directing and controlling the charity on a day to day basis. All Tr￿ give their time freely and o Trustees, re￿utleratIOU or expenses w¢r¢ paid ill the year. TRUSTEES, RESPONsIBIL￿lEs IN RELATIO,N TO THE FINANCIAL sfATEME)TS Thc charitys Trusteeg are respollsible for preparing the Trustee5' annual report and finaucial statements in a¢cordance with applicable law aDd unit￿ Kingdojn Acco[￿tillg Standards (United Kingdotn Generally Accepted Aceounting Prncti¢¢). The law applicable to chariti¢g tn England and Wales Tequires the clMriW5 TTUStee8 to prep￿¢ fujancial starements for ¢ach year whith give & true and fair view of the stste of affair.8 of the ¢lwity Jtkd the incom¥Dg resources and applic4tion of resource5, of the charity for that perioLt In PTepaTing th¢ fthats¢ial st81ements. the Trustees Dre Te44uired to". select suitable accounting policies andtheD appty them consistently. observ¢ the methods amd PTiTt¢iples iti the applicable Charities SORP. Tnake judgements and estimates are reasonable and pnmlent. stste wbether applicable a￿UntIng 5talldards have beeD followed, subject to any ￿￿￿rIal departwe8 th ust be disclos¢d and Explained in the fiDanCI￿ ststemellts; prepare the financial statemellts on a going concern basi5 ufLless it is inappropriate to presura¢ the charity will coufilluc in operation. Th¢ TTUStee5 are responssljle for keeping PTOW afxoun￿gTtCorth ￿1c￿ disclose with reasonable accurw at any time tbe fitWCi8] position of the charity andio enabl¢ them to ensure that the 6Dattcial stetements w￿P]Y with the Charities Act 2011, the applicabl¢ Charities {Aecounts and Report5) RegulatiOD5 and the prowsions of the TrL￿r Deed They are also responsibl¢ for safeguarding the assets of the Cbarity and tskitig reasonable steps for the prevention detrction of fraud and other ]￿egularIties. Dr Katharine S Gafvro Tntstee For and oll behalf of the Trusttts THE ROBERT GAVRON CHAEUTABLE TRUST PAGE 6 FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRLL 2025 DEPKNDEKf AUDITOR'S REPORT TO THE TRUSTEES OF THE ROBERT GAVRON CHARtTABLE TRUST OPINION We have audited the financial Statements of Robert Gavron C]harirable TTUSt for the year ended 5th April 2025 which Comprise of the Statelnent of Finaucial Activiti￿, tbe Balance She¢L Statement of C&sh Flow5 aDd notes to tbe f]n&Drial statements. The finan¢iai reporting framework that has been applied in their p￿palatIon is applicable law and United Kingdom Accounting Standards, including Fioancial Reponing Staud8rd 102 The Financial Reportillg St8od8rd applicable in tbe UK and Kepublic of IrElaDd' (United Kingdom Gener81ty Accepted AccoEmti]Jg Prnctire). tn our OPillio￿ the financial statwuents.. - give a lThe and fair view ofth¢ slate of the chaitys affaiTS as at 5th April 2025. and of its ext¢nditLJre for the year thell . have been properlyprepared in ac¢ordantt with United Kingdom GeD¢ralty Acceptsd Accounting Practice. - have been Prepared in accordall￿ with thc requirements of the Cbarities Act 2011. BASIS OF OPINION We conducted OLU audit in accordance with Internationa] stsDd￿ on Auditing (UK) {ISAs (UK)) and appli¢abl¢18W. Our responsibiliti¢5 ullder those standards att further descnl)ed io the Auditofs reSp)￿st￿ll1tieS for the audit of the financial statements sectiou of report. We are ittyudent of thE cbariiy in accordance wÉth the ethical reqUirell￿nts that are relevallt to our audit of the f￿ancIal statements irn the UK ju¢ludi￿g th¢ FRC'S Ethical Standard alld the provisions available for s￿￿11 entities, ￿ the circumstances set out iD note 5 to the fillaD¢iaJ threment4 and we have fidfilled our other ¢thical responsibilities in Rccordanc¢ with these [equi￿Mellts. We believ¢ that the ￿dit evidence we bave obtained is su￿1¢1¢nt and appropriate to provide a basis for opinion. CONCLUSIONS RELATING TO GOFNG CONCERN In auditing the fin￿Cial statements, we have conclud￿ th&t the trust￿$ use of the going cijncern basis of aca)unting in the preparation of the fiDallcial statements is appropri8t¢. Based on the work we have rKrfOrn1e￿ we bave not id¢ntifj¢d ally ￿aterIal uocertaintie5 rclatÉtig to events or ¢oDdition5 that, individua]ly or collectiyely? 5igllifica￿t doubt 00 the Trusvs ability to continue as a goiug COnGEm for a persod of at leasttwglv¢ months fro]n wbell th¢ fiDaucial Statements ere authorised for i￿￿¢. Our responsibilities alld the Te5PODsibilities of the Irustees with res￿ to going concem are descriTrJed ill the relevant section of this reporL OTHER ￿FORmATIoN The other inforniaÉioD ¢ompTises tbe ]nforn￿tion inclu(kd in the TnLStees' Annuai Rewt, other than the financx statements and our auditofs Feport thereon. The th￿Tee5 are TespoDsiThk for the other iTrfornwtion. Our opinioll on the fmwcial statements do￿ not cover the othcr infOr[r￿tion 8ttIL except to the extent otherwise explicitly strted in repo we do not expre5$ any forni of assuraTEce conclusion thereon. ID coDnectiop with our iwdit ofthe financial ststements. our rcspotts1￿Ility is to read the other inforniation an￿ Ill doing so: Co￿31d¢r whether the othEr Inforn￿tiOn is IIMt¢rially inconsistent with the fjnancial 5tatLnnents or our knowledge obtained ID the audit or othenyise appew7 to be ￿ateriallY misstated. If we identify such material iDconsislencies or apparent tDaterial rnisstatemujts, w¢ Are required to det¢rniiti¢ whctber there is a rnaterial n)]%ththe￿t in the finallcial state￿ellts or a malerial misslatement of the other inforniation. If, b&sed on the work we bave perf¢jTtn¢￿ w¢ conclude that there is a Tnaterial ￿l&l￿ten￿￿ of this oth¢r infoTmation. we arc required to wi)rt that fact We have nothiugto rq￿ in this regar THE ROBERT GAVRON CHARITABLE TRUST PAGE 7 F￿ANCIAL STAThMENTS FOR THE YEAR ENDED 5TH APRIL 2025 rNDEPENDEKf AUDITOR'S iiEPORT TO THE TRUSTEFS OF THE ROBERT GAVRON CHARrrABLE TRUST MAThERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have notbing to reFrt expenses and governance cosLg includ¢ 211 expcnditure not diredty relating to the ch￿Itable actiTr'ity. Charitable gTants payable are reflected in the XLounts dwing the yw in which the g(8Lt was made, and any&mowtts outstattditig at the yeAr ¢nd ore included in ¢UTrent liabilities. When graDT8 awaJdEd ¢xpire or a￿ unclaimed they are reuedited. (d) VALUE ADDED TAX Value Added Tax is not ￿e￿veTable by the Tn￿ and s￿￿ is included in the relevant Costs in the Ststement of FiDancial ActivitlES. (e) COST OF RAISING FufqDS Th¢ costs of gcll¢rating fi￿￿5 consist of Inv￿￿￿ent mallagement costs certain legal fees. THE ROBERT GAVRON CHAIUTABLE TRUST PAGE 13 FINANCIAL sTATE￿￿Nrs FOR THE YEAR ENDED 5TH APRIL 2025 NOTES TO THE FINANCIAL STATF.MENts (O FIXED ASSETS LNVESTKENTS Inv¢sÈments are a forni ofbL%iC finaDcial iDStnllneDt and are inttsally recognised af their transaction value and subsequently measured ai their fair value as at the balancc sh¢¢t dat¢ USiDg the Closing quoted market pri¢¢. The Stsi¢m¢nt of Finan¢ial A¢tivittes includes the net gains and losses lliSinB on the revaluation and div8￿ throughout the y￿. Derivative finattcial iDstiutllents yre illitially T¢cord¢d at ¢05t and theruft¢T at fair value with ¢I￿nge$ recOgn￿ed in the StsteJlleDI of Financial Activities. The majo fonn of fvwiciai risk faced by the clwity is that of Vo￿11￿ty ID equity nwkets and investtnent wkets due to ￿ryder economic conditiolls, the athtude of investors to inTrEStTreDt risk, and chhttges in sentitnent Concerning equities and within particular 5ector5 and sub scttor5. (g) REALISKD GAINS AND U)&SKS All gains and losses are taken to tt￿ Statement of Financia] Activitie5 as they arise. ReaEised gains 8nd1055es on investme1￿ are calculated as the difference be￿.Cen sales proceeds and their opening calrying value or thEf purcbase value if acquired subscqucDt to the fir5¢ day of th¢ fJnau¢ial yeyr. UDrtali5ed sains alld losses are caIrulated as the differcnc¢ between the fair value atthe year end ajid tbeir Cany]￿ value. Reali5ed and unrealised inYe5ttneDt gwns and losses are cornbin¢d in th¢ Stste￿¢￿t of Fillancial Acttvities. (h) FOREIGN CiiRRENCIES Transactions in foreign cuireneies are recordeAI 8t the rdte rnling It the date of the trwsaction. Monetary sets aDd liabiIiti¢s are retrdDslated at the raw of exchange nlling at the balanc£ sheet date. All differences are tsken to the Statement of Fltwicial A¢ttvities. (il PENSION COhTRtBUTIONS The TrEL5t contributes to a defined contributi¢)ll pensiou scheme OD behalf of thc ¢rnployee. The Jssets of the schetne ￿ held separately frorn those of the TTUSt itk an independentlv thinistered fulld. The pen510tI CQSt charge represents colltributiOD5 ￿yable by the Tn￿t to the fuod. 2) 1Tr4WESTMENT ThCOME Year ended 5th April 2025 Tot&1 2025 UK Non-UK Equities Fixed interest Interert fron] st(KkbToker 33,686 27,940 5,447 67.073 126,699 31,576 160,385 59,516 5.447 158.275 225,348 FSTMENT INCOME Year ended 5th April 2024 Total 2024 UK Non-UK Equities Fixtd interest Interest from Stockbroker 24.810 26,935 3,292 55,037 53,732 19,352 78.542 46,287 3,292 73,084 128.121 THE ROBERT GAVRON CHARITABLE TRUST PAGE 14 FtNANCIAL STATEMEKfs FOR THE YEAR ENDED 5TH APIUL 2025 NOTBS TO THE FINANCIAL STATEMENrs 3) CHARITABLE ACTKVITILS Year ended 5th ApTiI 2025 Support and Governance Cort8 Charitabk Activities Total 2025 Donations (note 4) Staff wsts (notc 6) StatiOllEry C05L8 Bank charges Boukk¢EpiDg aud pa￿111 Audit and a¢countsllcy fees 617.052 617,052 40,185 223 463 5,060 4,510 40.185 223 463 5,060 4.510 617,052 50.441 667,493 CHARITABLE Acrivti Year ended 5th April 2024 Supwrt and Chsrirable Activities Total 2024 Costs Donations (note 4) Stdff costs (llote 6) Statiouery costs Bth charges Bookkeeping and payroll Audit &lld acCounlaD¢yf￿S 456,027 456,027 40,185 74 583 4,901 4,600 40.185 74 583 4,901 4,600 456.027 50,343 500,370 4) CHARITABLE DOF4ATIONS PAYABLE 2025 2024 Total cash donation5 Pfttd durlog thc y¢ar (see page 18) 610,526 512.342 Donations paid during the yearth&t were included iti the pre￿10￿$ yeat's provisiolls Totsl net current year C85h do]Mtions paid Additional donations comll]ittcdto b¢ paid within one y (56.748) (110,063) 553,778 402,279 43,274 53,748 Addittonal donati￿ cO￿nitted to paid after one ye8r Total donatioJ]s ¢hwd to the UDr¢5tricted Income Accumt 20.QOO 617,052 456,027 NET INCOMEI{EXPEF4DITURE) FOR THE YEAR The Det defi¢it for th¢ year is arrtved at after chBrgi Audit fee Fe¢5 paid to Auditors for other service5 2025 2024 2,500 7,070 2.400 7,101 Mamagementtbreat in relation to nO￿￿dit services-. in coIiimoll ￿1th many other businesses of similar size nature, the Trustees etDploy die auditor5 to ￿ls[ with the preparntion of the financial statements. THE ROBERT GAVRON CHAPITABLE TRUST PAGE 15 FINANCIAL STATEhQENTS FOR TItE YEAR ENDED 5TH APRIL 2025 NOTES TO THE FINANCL4L STATEMEKrs 6) STAFF COSTS AND RELlfUNERAI'ION OF KEY ￿lANAGEm￿F￿r PERSOL¥NEL 2025 2024 Salartes and wages SoeiaL security costs Pension ¢osts L¢$s.' Cost contributions 55,000 1.335 3.850 (20,0001 40,185 55,000 1,335 3,850 (20,000) 40,185 The above represents the total salary cost to the clwity of the only eD]ployee of the Tnut. The Trust ¢onsiders its key management per3000el io be the Tntstres and Allthony Dance (Trusi Administrator). No renU￿eration vrds paid to the Tru5ters iti the year llorwere ally expeDS¢S ￿lsubur8ed to tbem. 7) 2025 2024 Market value at 6th April 2024 Additiolls Disposals Net unrealxsed EaiA41{11>55es) Net reAiised gatJJsl(10swI Market value at 5th Apiii 2(k25 Histori-.ai ¢05t at 5th April 2025 9,886,196 9.447.206 1 ?60,141 1,361,671 12,01 I,322) 11,634,878} {525.076) 733,401 64,096 (20,604) 9,886,796 8,674,635 7,974 J96 8.530,435 lllvestments at fair value comptise: Year ellded 5th April 9025 Total 2025 Non IJK Equities Fixed interest 1,952,244 381,390 5,687,214 653,787 7,639.458 1,035,177 2,333.634 6,341,001 8,674,635 luveslments at fairvalue c4)nwrise: Year ertded 5thApril 2024 Total 2024 Non UK Equiues Fixed illtettsi 2,140,7?5 648,003 6,461,644 636,424 8,602,369 1,284,427 2,788,728 7,098,068 9.886,796 Ail investEnents ￿ carried at their fair value. Ellvestment in equEti&8 ond 6xed illterest sccurities are all traded in quoted public niarkets, primarily the Londort Stock Elchange. Holdings in investtllent futds. unit tn￿ts open-euded anv&straeni con]panies are &t tbe bid pric-. The basis of fair value for qwted investments is e(rJivalent to tILe rnarkrt Va[￿e, usillg the bid pri¢¢. Asset sales alldpllrcbas¢s are recogtiised ai the date of trnde atcost (that is their tratt%actiO￿v31Ue}. Investments are shov4n at values detellDinrd by the Trus¢s fi]lld Schroder & Co Ltd and Ruffer LLP. A]1 itJvesttnellt8 are held within unrestricted fi￿d$. bLve5ttnellts beld witbio th¢ portfolio that are over 5% of the total value are CharityAssels Trust Acc t6.￿/0). Brown Adi￿o[V US SustaillAble (8.860/.I, ScbrodeT Global Su8taittable129.44/). RothschÈid- Exbury Flllld (10.60/¢), UBS EfF MSCI USA So¢ially15.660/¢). No irtV¢8¢ments ￿mpriSe 5% or more of the w)rtfolio. THE ROBERT GAVRON CHARITABLE TRUST PAGE 16 FINANCIAL STATBMENfs FOR THE YEAR ENT)ED 5TH APRIL 2025 NOTES TO THE FINANCIAL STATEMENTS 8) CASH 2025 2024 99,392 275,477 52,342 37.463 Fund maDager5' acwunts 374,869 89,805 9) DEBTORS AND PREPAYM£Nrs (All due withtn one year) Prepaytnents and ar￿￿ed 2025 2024 20.0(KI 20,(M)O io) CREDITORS 2025 Due within OD¢ ycar 2024 Du¢ alknr Due within one year on¢ ye4T Dlle after on¢ y¢ar Charitsblc donations ALcrua15 Social security and pension 43.274 5.348 1.483 20,000 56,748 5204 l.551 50,105 20,000 63,503 ii) RELATED PARTY TRANSACTIOTrIS Dr Katbariu¢ Su5all Gavron is a TTh￿tee of the TnEsL During the year £20.(K)0 (2024.. £20,000) M•S re¢¢kVEd from Dr K Gavron for CODtribthion5 Anthony DaDC£'S saI￿Y for Wo￿ CWTied out ou herbehalf. This is shown a deduction frotyj salary cost% see nore 6. 12) ANALYSIS OF CHARITABLE FUNDS 2025 2024 Unrestricted UrLrestricted Genernl Generdl B&lance blfwd 6 April 2024 Incorne Exp¢ndittre (LossesyGaiDS on illve5tmellts Balance clfwd 5 April 2025 9.933.098 9,627.232 225,348 128,121 (698,067) (535,0521 (460,980} 712,797 .999,399 9.933.098 DurtDg a year in whicb income exceeds expenditur¢ the exces5 in￿rat is retsined to be available for distribution in subsequent yeaT5. THE ROBERT GA VRON CHARITABLE TRUST PAGE 17 FINANCIAL STATEMBKfs FOR THE YEAR ENDED 5TH APRJL 2025 NOTES TO THE FINANCIAL STATEME 13) RECONCILIATION OF LNCOM1Tr4G RESOURCFS TO NET CASH FU)W FROM OPERATING AcrivrriES 2025 2024 Net mov¢ment in fun Adj￿ttnellts for.. Divid¢nds and 5nl¢r¢st from inveslments Lo55e51{gains) on ittvestsllents Decreasw(increase) iu debtors InCT¢as61(Decr￿e) cr¢ditOTS (933,699) 305,866 (225.3481 460,980 (128,121) (712,797) 13,950 6,602 (55,928) (691,4651 (577,030) THE ROBERT GAVRON CHARtrABIE TRUST PAGE 18 FINANCIAL STATEMENfs FOR THE YEAR ENDED 5TH APRtL 2025 SCHEDULE OF CASH CHARrrABLE DONATtONS OF £3.000 AND ABOVE Acland Burghley Hall for All A¢ost& Danc6 Fouttdatioll Apollo Music Projects Arab Israel Cbildren's Tennis Ctrjarity (Freddie Kriviue Foundation) Amott Cato Foundation BalletBoyz Barbados Cricket A&qoci&tioll Beating Time Camden Art8 Ceutre Face Frottt Theatre Families United Network Fly￿¢,$ B8rD Foodbank Aid GASP Motor Projext G¢t Out Heathrow Special Needs Highgat¢ Internatiollal Chamber Music Festival Jewish University CThaplaincy Johu Abb¢y- Medtcal Aid to tbe Ukraine Key 4 Life Morpeth School Not Beyo]Ld Redemption Number Champions Orchid C2ttcer Appeal Ozero Arts Pkysics ParttLers Prisoners Education Tn￿t PrO1￿t Harar R T Projects 30,000 5,000 3,000 43,495 7,698 25,000 23,393 4,0(K) 3,000 3,000 3,000 10,000 20,000 4,690 3.000 5.000 12,000 5,000 5,000 5,000 60,000 5,000 3,000 5,000 5,000 3,000 5,000 3,000 5,000 3,000 5.000 220.000 30.000 5,000 3.0(X) Royal Free Charity RoiTrl Opera House Stand Out ThE Frank Longford Tn￿t 'rrail Blazers Tutti FLILtti W￿r Valley Wom￿'S Aid YES Outdoor8 YMSO Total of all donattoos less than £3,000 5,000 5,IK)O 3,000 9,250 Total donations made during th£ year {rLOte 4) 610,526 tncluded thi51ist of dtsnatiotLS are orEalJisatio￿ iu which a Tru*e of Tntst b88 an Inte￿￿L The details of the TtU5tee and orgatiisations collcerncd are set out below. Dr Katharine S Gavron.. BalletBoyz Highgate Intemational Charnber Music F&stival TEtWee Trustec