2025-09-30-accounts

The Hadrian Trust Trustees, Annual Report and Financial Statements for the year ended 30 September 2025 Charity Number: 272161

THE ￿1)ftlAN TRUST TRUSTEES, JJINu￿RwRT FOR THEYEAR EN￿D>￿sEpTE￿Efv Z015 trusteE5are P￿a5¢0 i•pYeseM th?yrepDrt rcwlrvJTlh dthE<hatyfofihe yeaiendÉd 30 septem1￿r 2025 whch we ako 1¢4uwthiiett191w lbpc￿ti2S￿t 2QlL, Th￿ linantrdl siètQTwnrs tiMnphwrththÈCh4Dtrskt Tius7OpedandK"cowiiryafyJ byChJitVe5'. siawnw110FRL-.¢iIHntTrsfvl lochw¢itstyepafin8 ￿(]yd¥(elthttr￿ Fina￿ RewtinB st￿dJfo 4ippiable In the Rvwithi<rflrt4Th4110 I(J21 REFEAENCE fvI0ADM1￿tSTRAn￿OETA￿s CON5TITunoN H3drpan rust th￿lIa￿e trI￿d¢¥dd￿d 23￿￿￿￿1 1976. It 1% a.'•g￿[wd £fr¥ll¥ nunr 272161. TRU5TEE5 C.M wood i. i.c rnEpttck G. h. Mas2ry

EY MANAGEMENTPERSOIIIIEL

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THE HADRW4 TRUST TRiISTEES'ANNWILIEPORT FCII THE YEJI EPts JOWTÉMBER 2015 HIST(rfiYOF TI IIU ￿￿￿1.011 Truslwd5est4b1hh￿ byi tW5t deed dèted 23SÈpcefftiw 1976. I￿￿￿j108￿7 Irdtialértc by Mr4und3 Thi. ¥iiPr4 L4Pltal wa5 sup￿e￿￿ted bYgJbseo4Wt lry PJr5 ArrnStfQ￿thJr.￿% berlen￿an subst￿1+4 ￿Ba(v lo4￿￿$ber￿e4th hi 1981 EMSANO Acr￿￿11￿50FT￿E rrJ5fpp5 a'p dirpiipd tsy the trijsl to kY¢me of i+e trust IL¥ Such chIld￿￿ vbjEitorDtsErt5 5è1E¢Jard the In¥e5tTnènt ￿rtf(￿l0. and y1[(￿03th0wfex wanl Ir￿1￿￿5 (￿l￿r￿ t1￿￿¥ li ieteried to tIe(harty=￿I￿s5￿rt'￿￿kIlr￿p. ￿￿tr. re¥Irgi￿ IN￿.4￿￿$ f>bJp(tfve4, I? p14rtIlH lutUrE artsYiti& 1nd5etknngt￿Y1M ￿am£P￿￿￿l￿Year. STRIXIVREGOVERMANCE AWD MAP4AGtMEKt ThETrust15 dTI.715tered by ￿3rd t￿￿te￿5. Th￿t￿￿51 should 4J¥t Ilie Iu4yJ nl trustees that tre OI.rLL%te￿ betvee ai.past New triJslPS aopJlnt(￿l ￿ itylt&iuTI by (vnIvnwf￿n 4uartertyffleett¥ Thedwrerwnt5aSwint￿d by the IlusieEs. prore55. invettments r￿￿•￿1 I￿rIal 0prfc￿￿0 othtrur. W￿rP￿rOw￿lIe ¥the tluy SWP(xlSlbtifillHyol rftsSt•Ès r(ludi￿fQ< by AS￿[11￿￿¢1￿aDIauo F￿￿￿all01￿. rhe el￿t YNX Emtlvy •rFY 5￿fI IhEiiimee5. ntru5Teesmake EOncwn￿.Ztft I'uki. Gne&ihc'.Iu51LWs￿t5￿ twrespwdpniio ded ￿rr￿rISt￿atKTh￿nd rt￿..¢￿ ceirÈ%pord¥nié. All oligb bmiirprt".rJthe of rhe fdi dlrusltfs Tre Irus1ttsrnKtowiei+v lo (￿>10￿ rtlLWThhendatk>nk 3ntt ?hgn finalde0s￿nSQ￿ tl av41iairyJ of Arami imeift•)cyawkai4Jns dc•k iTlI mFeiinE5. ThetnJsree5r￿￿kn ad￿3￿•d frThrn bts IT￿￿51￿7en%1￿W[5 g￿lff￿r W50 mew reprt5ertati¥esfttyniht lfflve5trnefrt Man¥e's èr Ipa%iefftTr ff41plth% ¥#￿ prewi I￿1[ fiyy S pofifwh), Th￿15 thena15CUs5ed r￿￿7¥￿St￿￿t IUSK MAP4AGEMEf4T trU5teesh3wacw5￿Q￿edt￿ maioi D5ksfo tharllv Iseyvd. both 4sto PorfOl4j>￿ thd C-rant MakinK. and h￿e e%tabl sheo Wxed￿rESt0 maiagèihem. I￿￿$￿￿ttl 4)tlf•iio. Tbe tnwQsttr￿I wlw)twEdts(reth)n4ry mJL d dulytv Epontu eath uFtr riu%tpps a% %thiA4 Giirtt ￿•￿1￿1. RPt.pdenis￿Wants 4refe4￿￿OIO￿[￿ ihÈBi•il h•5beth SPQr h￿￿edthe WDIECt A aitpTh15 ih bi wnihFy I1￿1￿8> ol Nurlh 11 TrU¥t￿rE1dI$e5 Jiwj oarl ￿ che inlyrfflaii?n AchAnAA' IhpfP Iffbsttt￿ ihat an th￿￿t￿r￿75k int￿le￿I In ¢ratyt p1rtKU￿r￿I a5 rt i% pnl,ry rr￿$￿e￿$ to iry tobWp£hai..tJtit seciiTilY 41* dlyJ.

THE HADRIAN TRUST IRvsieES' AFINUALAEPORTFOR ThEYtAP fPW>)wrÉiAIut 1015 It0￿1￿ GWITMAKING PQiICY Th iw•re ol ￿n￿li1 rEqtyrewv ol$e(t￿￿ 4ofth•ChaTr.tskt 2011d I￿1￿￿(1:￿etrUSteesI5 10 hew otheitharrf4t4E¢XE•￿¢5•1l￿SJ￿l InApAtua15 ￿ n￿e￿ IIBTrpliL73,AFe3 Altknu&h t￿. low￿Y. not ￿ 4ty1rfir￿I￿rn% a% to ayns and oblt(riw¥, rhpTf￿Ste2s have &ays ii,od 10 pNianithropK iheiothi1rys￿e niu511. •pdiCJt￿5 trecortsid￿￿ Ats". Souaiwlrt YthJtt Wiknen. thpLIMt4ed. che Eloerfv, HAUE. Ed1KAt￿fj. #Ie Inp 4rt ApplKatiDn5 IroTri IrlikywJ￿1S In reterrEd rothe T1u51wli(h•Jw4nfjw5a&￿rHaroshF Fwd CDnjunrtllDsvith uthoi to WW tryètntst makes 4 q￿J11£Y rhp 8•neI￿J￿ Ar￿3 15dEf￿￿d try ihe tslthp tourt￿5 ufhtsrftrAKntyArldaThdoUtha￿ Th5 tyicMbStsTyne •nd randCAand lthrlh Dlihe Teesl. GRAPIT APPiICATKJN p￿Ess fiiJEI 1% |1sfAd ￿ ali the Triayl Oireaiw5•7d GrartSLkws'CrtJk Inlormatbjn Sheet Ys èèWahièon rÈqiiÈst. Ha5tLYx&ty •tyJi(,1110o14beer, byleiter wth a(0￿0ft￿L.•fwlU3I aThl Jiiount5 and li%tvr Dth•r ￿p￿￿[3t1￿￿S￿e1nB ￿pl￿￿￿.apF￿￿1S art 70 tc￿￿1 tht tr1￿.. J cbsire hadriantrust tL>.ukl therP fhtyll finé a'.tstot ￿tern$ th the ￿111￿ ol Jwli(aiiDn ￿l￿11}th￿, app1￿31￿￿531e aikri0wWd￿ we5theddltwln the apt4..ratifx)wFI k ton51dered JIO mèy re0￿¢$¢ lurtner in1wt￿l￿. vaympnis are by Ba￿ tran51Er iv suc£es%fLdappkn15 WrthntDurteendovs of the 7hE TFWt ipllrodu(ed An nn.In@ •P￿iCat￿n ftyuSan.￿i￿S ￿￿￿thy￿art0S￿lÈeMber 2017 11 lSaSknde fcrfm witli tho f)¢lllly In atixh a£EUW115 re￿¥ ts sprttothe awtstant iDf¢rrirthemth• orrn t￿5 willbe ￿￿lessEd fhis ￿ Lh￿ by thÈ LVlI'm51hedatrotthemeetire èppli(hM b LUnbidLYwJ. C4•itnttycty:a ￿￿a￿aPFI￿ty￿sare rectiVL online. (HEVEMEIITSAPXI PE1FOThI￿¢E Thefruit ￿￿￿.￿/1120￿4 É2DI.gW IwWfkn31yeaf. Irut•e5 m&lauartwtY•twJ 259 Rrants trtalbD4£245.iW12Ql4 f24d 14Jl. Cat￿rIES Ihe Éri£¢alw45 dv1￿&￿1 llllk>w%.' SncL45 We4re I&AYIOI26.tt%l. Youth [34.4￿114 JN. Won￿￿(9.5￿)1J.￿1. £X5abW/ElderW£7QDX IXI 9%1. nAMF flO.$80 14_3%1. ￿15 L18IQ)17.4N. EduCat￿n E8.C(VI3.3%L IIMii)nmTri f8.9712.￿1 ItLY>i fo￿￿tiOn1 E20.CWi8.11. PERFOAMAIKE MONITORWK AIIDAEMW Al of Rr3n15 If•ask@d to We￿rt hDwthty•t ha5 kn spwrt atxl htAv the￿￿￿¢1. FINPI4Ck4L IEVItW 1h• thgtrJ5rQ￿Y5t£d ol thÈCCXF ln¥5t￿F￿￿I rfwlfs.T￿ Gros5 Jncome lui r￿Par was N8hv 41 £zwty3? 11￿1. f2fi1.918P rece￿￿ Frythe are rw ol CCLAih8ige5. As * WSeoftnber202S the¥al￿ ditrlwtmttil wa5£).1fj3J7L basEd tht rnRI.•k¥kpr¥aluÈ af thA Unrts t thJtoJt+l2fl2d £9.9XSr131. Thra teyiLeiKs at56.6X CO￿ iJ)24.63 7%5 lotil lund5 by the Tr￿t.￿ at ￿)s@pl￿￿r ))25 dS £9.Z67.b5Y IX)2a fg.fi77.1521. Tcui'.&th loi Iht TIV￿ are unre5tiKteiY, rJ iest¢irtedor41Pyz￿te￿fLWth avphE41

THE HADRIAN TRUST TRUSTEES. AM4UAL REPOAT F(XI T￿ ITAR EPIDED alSEPTEhW 1025 1tomirn￿j PAY POLICYFOR KEY MANAfjEMENI gEASONNEI ',1￿_'Kry1IJ..oel￿T￿lII per>yb 41hS7 ihetwl l.& dpprr.ed iocon5J510f troAees. IKiLsiee& G. reny1￿￿t# ill r¢x•ii..t WTOI liiif d> fn¢p4or.ndpnr try-.￿ ffiJ%l. A(vi wa%.?WEn".pd 10 Tb ro&% 24irtarto￿l 2023.1￿￿ over itom p o&d8$0rt0 t.r triilteè% rer(AAnprarpd A4intsiee. I￿(en￿r¥e0 fiiAices¥ert IhÈde(6rf)rt rn1klngarTange￿Qty5.or￿It￿￿rh￿ r￿n￿@t￿t.￿r￿ N4vESTME14TOBJECfll￿s Tofflaintar.4￿ LwriholL•iyrt•rrr4to IKreas•. PWChXngPNW of th•tfuSt Jpal thp tealvabJ•of Th Incrrfnè from It. To Iim.I ri Qwri￿• INVESIMEMI POLI(Y A14D PtIFOftMA14Ct Tho tru5tdeeO trU5teE5aTratsdlf.ea￿￿Èt￿Tr ifwe5tmprtal:ru5f Ityrf￿5m￿￿tStr31Qy. Lludiw rnix. tliE tJrtet Irwelar￿ t a:CEoaolp bevel& r.5k i5 agreed the1rye￿rnep.I rnèr.ègr5 From ZCC6 IhE P￿tfOli￿ ha5 a5 IT￿.￿e￿￿ g￿e5th￿ tru5tep5 puwerto ".sllibule ca￿141 as •$ IfKLlmL'. jIWLPStryDiOLYIviw%L o Iv berne￿U.'e4 retuin Dn a I￿1¢-I three-year basi5. HESfR¥ESF(XI tTIAtt￿e5 do wt ro[￿erIt nece55ary tomavrtain asttr• ther￿￿￿Ore5<Y[l￿rjtyf ha& Itvigws The t.'U5tges l3rry0￿PerIUdK￿1 reviv￿ DI￿r mJDjgen￿t ¥i•rymENs asrewrted fais. Finaiicia S:Item4nt5. ppini&dCCLA ta miwèthèTrnstb¥ÉStliientswrtbèftÈtt From I Odober ￿1$ FLIViIIE PLAN5 8prplpfial hfpa TnETfu5lEe5fwdLidy themèkE tt8Dafv¥of Tr￿ GOING CONIÉftN -h￿..r￿t￿￿5 ￿aVe fewewed vepweu ￿ltIe th2m tO<DryOwtbetManckil postbJn.OD uthiSYIDTkthE tr￿1￿￿5. hav￿¥[0￿51Pd bllth ￿￿￿￿[?￿1 o+tasha￿ Mwp.5tMe￿ts h@Id by the Ih3rty. consirter tr.ai thEre4re￿ material Lffj<enan'.5 reE¥dhiithe ETraYty s ab.lityt0ccftt￿ue as a cwKerffl fcrfhv 42 T￿trth5. PUBLIC BENEFIT The tru5tee5 hav￿ Tthrred IDtho the(haTrtyCOn¥n5s￿'s pnpraiwdar(p ￿￿￿1￿￿{￿￿￿11I wh•n ievwin tThe aim4 and obiKiiVe% anj n lutJe XlÈWeS. The chaniab.e ot¥Kirfft% ￿￿$1 in¢HrtNto h ¢.￿41 detnanstraD￿

THE HADfiIAN TRUST TRiLSTEES'AW4UALAEVORT FCA THEYEPA ENDED XISEPTEPAKA X125 Icontknuqd) STATtMENTOFTRUSTEE5' RE5POMYBILN ThechèntY'5 trUSt￿e5 re5PMO1 ￿pr￿ar¥I11he Tfth5tee5'AMual RtwrT ￿ I￿￿finanCr¥l 5talemtrts ￿ arrp.rdJDre wilh apJi(dbl¢ lJw4nd Uilrierf Kr•lomkc￿n11r¥S￿￿J￿${unleJ krepteLf knwDt￿8vFhftiCè1. The law applJNe io rNAIIP41n E￿•￿SatyJ Walsvo•utS IheTIUS-&ee510 kVRpare fMancHlsi•i¢merfis Inr pèrhfinaryc a, ￿1￿1181￿ a Illje.￿d of theste aff4¥srJihe 3rd at".he TrncoryjnBresoucesilrtd 3prlit3t￿n llt lorthai In Fewir¥tlbe5e 1kwf￿aIsIarQm¢ThÈ& the 4Fe le0￿re0 ia. selECt suiiabbE It￿￿11n&￿(Je5 ytFmt¥wYAslertty. obserye ihp r￿￿KIPlES in t￿￿￿￿tieS Iv•ktlwlierf￿11 and e5tsmate5thal Ire rÈa5￿￿ 41atp 4>Pl￿blE bEen to ThUt(r1￿ dopxtiYe5 disElosod a•1 wepare ihp firLin[i￿ 80iry [￿(e￿ basi5 ￿4￿￿0￿1)1e 10 prsumÈ rh tho charity Tb+ tru5ttsare Te$P￿t￿ f¢1 Drcrper accr4Jnitry re¢oid$r￿1I0￿dnW￿th rea￿&b￿ ¥CuI￿V& any 1￿m0 th fin3n1￿1 wJ>wofi tho(hJnty enabk t￿[￿ its)1 Il ri•tÉr(Dts tonw1v￿lb',1￿ ChMTpsAr.I 1011, thoCbdtitvlAcL(wiilS.)art RppNtSj Re@L￿al""r￿S 2C(8arMI Ip¢ pfo¥.41oTr£ot Th,y J150 Tp%pnry￿ble for sakouardine i￿N&￿rE￿1th@CIkv[ry 515 fjwNiion of fiaudarwj Ulhor KreKulJ¢ir￿. ifi so lar a5 thtBwO olTiL44rt5 ￿ aAfe. vtr￿. ftl iaei JI tte 5tEps ihJi li o•1 to l3ken to ￿￿ke I￿￿1￿￿a￿e ol ￿drt fortThXionond lopst3tAish thatth+•Jdrttys ¥tawwerflhatyknmaMon C.U.Woad Tiwtee Dai

THE HADRIAN TIIU5r IndEP2ndent auditorf5report ID t￿Tn￿ree5.Df ThellathkxT11I51 YEAR ENDÉD 305EPIEMO£A 1025 We h3¥P 3ud1rèd tr.è fir￿{￿41&tarÈlTrè￿ts￿ Thè ￿ld￿an TntstllhÈ t1¥￿.}. kn tneyé¥nd4d 30 Styim￿r 1025 comprisÈs thst¥?mem f1r1arK￿.. IhE bal￿re$heet. a￿J the refacets roes. lylL￿￿E a 5LxTrrThiryol YEI.rf￿&￿l attlluntlngp&￿￿ Th hnafiral that t￿% In thir plii4Wt. Uryied Kin4qDTr Aclent the t￿￿[141 >iatwitnt5 v.- (t•4wl in Ibtr t1￿ Jwl. of01￿0￿¥￿5papr•4￿sIOèe J£'ieiiTiillg e$V￿ i¥J m•ie14•1 ￿$s1)r￿ent In thetwurfi st•lem￿lS ttr*m54ve5. If, ba5pd onihv WLb rolhwKio PEpDrl fft W•sfEwol.

THE HADRIAN TRUST IndepBfidert •u(#to¢i reportio TvLNe5' 01 IhE y￿RE￿O￿o ￿SEpTEmBER1D1%1c￿2[ThtEd1 M•iiefS0￿ whithwe •rewwEdt• rpytbyw¢m Wp rhYhiDgto rlpryt ￿rES￿l hi tovthiChthE(h￿ts$Ik[￿nl5￿￿ 8￿lat￿n% It￿￿ÉqUIr¢ u5 Its TryJII 10 Vots bl. 4ulf1Cirnl >CCQUntin¢ reiui¢stturt' be•n kyi.or • hwe not rEc?Ived 1 1ht1￿[lvM3lMX￿d PJrAJrLIliDnswe r￿￿￿?fOr0V￿¥wl&. R#wh￿¥11￿&￿tVU5tees As1'¥plJiiiod mc.rp fij1￿ Ill TbÈ Tru5tEe5 re5Ws4¥15 gial￿th W OUIM paièS.thètruStÈes arer&pcrfisrt)lefor rh prt'pdrJt1￿1 L)1 firthnra31 stJiemEnts bEty 54t￿l￿d t￿￿1 a tsueand tayview. arHI IDf Such inlefn tthilrd Js iho li115tp.ps deter￿￿￿ s PeCE55aryth prefyi1ATK￿ of finar￿￿ sTa¢erfv￿ trtafe frl￿ fftsm rnitiyknl ￿￿$101trnerSl,￿hp1be￿d￿fUtT3ud oreffw. Ill proyJ¢inÉ thef￿ar￿ty s".oternents. the trwtees•o I￿0￿9￿￿￿101 x%esur%the [￿ty.5 tQf•nliiyJe ￿ il Kfji the tri￿lee% lhe.f 4rytendiQ liuidat¥thEiharily ￿t0(￿o￿lati￿4l￿ rea￿511(•rndtrl¢hth io d050_ Auknrf5TrSPob￿t￿￿1orth•lMd1lollhIIkna￿ialsta1qll We ba¥¥b¢gii avyy￿rill.0 as.llx1iin￿ E8rtbDn 144 ol I￿￿(￿¥r￿$￿t20II rep￿ In W[d￿r￿￿ iththE Ait3NJ relevèntr¥8uldli￿l wirisettect Ouy Ob￿Cl￿o5rP fa a￿￿￿<4b￿l lelWlJls1a'.e￿fitsas 3thaiE afEffoe fi¢m maiprfol nN551a¢en)ent. whether thJ?to tr?￿ ￿er¢￿. a￿&t￿T'S[￿rt llurop1￿Illn qoasDnaWe ,}s5urh￿c￿ h a h8hlÈvÈ¢ ul bul •6wiaThiethat ar•authicaTrJixted ISAS IUKI wll why£d?toct a material m155taleffwrtw￿fj rP•s￿ablYts@ Irf1￿Me1￿￿LylIrrtCéP(sWMs ¢tir￿IStake￿Onthe basi5 uriFse f￿aK￿l$¥alp.r￿.￿tS. Theèxtenlto tyjr pla￿￿￿re$ DI myj￿e% itthjthry isd(¥JOedbe$3w' Thè t￿01 ftulerL31 toem>rot Irathlha5 bttn tth ￿Th￿Internal Icnlrots r( IrÈiiaie ￿ su£h r￿4 rvmrat5 ale ryknyewed aswpi ol tbeawlll b¥pvrtnTmJlliSY5tern5 wathrowshs toonSure thry arQ kna,wtit ark1 sWJstsTritYt1tr511W ￿ akth rforr(é on al maie'ial béwLcsJ￿ Yfiefnre dll¥insiarKes of nnno95w)8 flsksof the thar4Th OkWrafF% how charRyLts71k4r> ilh Ihol antl rwiarTrry'arne¥fruk * i￿1￿11r￿d with man¥￿￿￿￿tand those chdf8LOwlb ttr.wr Aiwjassosgwnttsf thÈ 15th of Ifreki.IAriri5. rrI￿..￿l arty ￿t￿￿. SpJw(Itd Ift%Tan".e&cl fiath

THE HAORIAN TRUST Independent iudi¢orfsieport IO Ihe Trumees. ofThe trlathiwTriEI YEhRÉM)E0305EPTEhlBEA lo251r￿lIN rè<¢.nonlca%f(M)k èdiusimènts daI￿at￿grhè bU$￿è55 tation>k In rplatiM ro &ignilir4ni. 1r3iis3ciKr.5a￿ iransar.thy¢5 rhe rw>Trn¥ cour5eol ￿￿TreSS. ThEre are InherefK In the Bknd%l proiÉdufEs 1ts5tnbEd al￿ pnNk¥vtÈ5P￿￿Dl1ryIcrhe deteccwj ol wrpEula'iii•sifKluoinE Ir4ud rEstswith mJn¥emeTht. Is￿1harrya￿lrt. IhEre rerrHw￿d ari5k nDn4pI¥di￿0t tyr+gular1Ejt5. a5phe5e miy IKWY. It15ftPIE5Ellt&i￿5Ul 11)e UVtYttkk￿ uliniLYnal A furlhoi Is on tht ebyie at h110s.11 115e Dlowigpjrt -￿15 raport15 mades0￿￿t0 thotharA￿S J5a t￿￿. With Thp ChorrtEs kt 2011. ChJr4uditwDrk beRn undov./kén sothit we staEèto:hè trustets t￿&¢￿•1-.£rs we 4re req￿￿e0 tl￿￿te talhem ￿ dThaJJillV'S rEpurtand lor Tolhe luN￿￿ext?Trt la¥. we dD rd ￿tept f5PUnSibility ttsdnyo ott￿rth￿Tr thecharit<5 tru￿Oes<S a body. Ioi D￿￿dIL￿L f0rltsoy%iwiswolw￿[0llr&. Nkholas ctsfftra￿￿b￿l$tBsr￿c￿{SknSta￿￿onT1l￿tsrl Frylndon ol AOty5V￿ lawNerAccoun1•rn5 LMHried Sts¢￿)ryAUV FerD¥rfO￿ HuuSE.17fEfnwtrD¢ Aoa& Nvwcd511E uwnTyne.TYnE W NE2 ITJ l?1?

THE IIAORIAfr4 TRUST stATEMEpifoF FWANOUA(TIMTffSfOlnSYEMGmDÉOSPTEWI a)15 Fu Toui FubwJ5 Ilvtes INCOAIE Iwill￿rti ￿￿0MP 26&0>2 261 Ji8 TOTALIN(OME 268.032 2GL.918 EXPENL¥1URE IzbZ.YA) (Ir￿5921 TOTAI EmNciTUAE 2b2,gYI NEr INtOMEIIEXPEiifMTUAEIA140 PIET I4￿E￿WIl V4 FL4DS belweBaln5 and t￿ve&t￿rtS 6.774 Net IL¢wLlplrfj￿ itr4osirneMts 836A)65 MEfMovEMErrtW4 FLWOS 829.291 •ECQNCILLIIKJN OFFUND5 677.IS2 TOTAI IAIAESIRICTEDFUP4DS CAIUIIED IORWARD 9.267.658 9.677.152 Irwrne eXW￿lt￿le￿PL1IeIO ￿nrest1￿ted knds. Thxes¢hn pays 11. IStorMp￿t f￿￿￿[al$latethQnts

THE HADRIAN TRUST BALANCe 5￿tT AT 305tPTeMBt 1025 fEXED A55fT5 I￿VEsT•dE￿5AT TrJAgKET VALUf 9,19I9YI 9.fAW.54J CUPAENT ASSETS IS85 2M 11.279 t4>24 8￿CUrrenTAcl¢￿nt Th421 71.495 71.759 IOTAL CLIRI1NT￿5ET5 CVRRENT LL4WLITIES NÉfcwwiT A55ETS 9.167.651 IHE FWDS(THE CHARITA8IETRIIST -NiiTrsfHI=Tl V GINIRAL FUNDS IKLULWNfj4t¥AIUATIQfv RtXRb 9,tO 9261.656 rhe5e hn4ncr•15raternents were •pgro¥d b¥ th¢tr•y￿01￿￿t¢s ￿d•￿I￿ls¢￿I0r{$wt0m . .RO C.M. Woqd Irustee Th• ￿t•S on pa80$ 11. IS lorn)wt att￿161a￿lal Kitell￿r

TrIE HADRIANTf¢usT Tho rp8￿¢re￿ch1I1Ey li drdWJe5 ano lSuThncQrwrated.Thelthe￿ of iro ￿￿pa10￿11[e i%The odiil TrulT, 19WtndmiR Way. PAQFpet￿ Ni61 IXQ. i accC￿fflNGp0UQE5 StstOrr￿I ol Re[<mn￿Ly1￿(yj #racrK? atyl(able tts ppÈwkn8 In acc)rdaTr%e iih Rppffiing SdfpJ4ro awk<•ble UK and Re￿tr..￿ ol.relaf¥J IFP5 103llellertW. I I￿Uary 20191 IChatilLos50RP IFAS 1041. RwrtmiSt3ndar&AP￿i[￿lde in Irdantr{FRS lo21￿1 crwiisKI 2011. Tro lit14￿lJI$1ATeffj￿1sh￿ beer preygd Wlhe tr1510w4lc￿￿ baS&￿thIhe￿ePliOn off4%ed a55et lin￿￿5[at￿.￿eTrfs￿re PrE￿a￿d ￿ Stiylilu ISTFwfv￿t￿n1k tuifwLV u,. I￿eN11y r￿)St SiBrylrdTlt aioJsof NIl￿5trnpirt and ￿a5￿￿¥￿P￿￿1+4l &ftoct oms tnthè Att￿￿￿1r¢ tooo WIEh Tht Yaluèt1W OF.,￿11r￿%iMtThI5 wirh r•wecT fD t￿P nexi rewtilY¥Lh1b￿. fhp most u -be Tfus'.ets b+¥e Ar1￿1112% wepared afiassE55rnwI ioethit4ethvrnio CDThyderthp In•nCial wsinn irwttttwii15 hdd ty l￿¢￿hr1ty. Cons￿¢ thai thLYe 1￿mIle￿￿ urvrtaLnt￿5 reg4roi1￿ th¢chJrtrlV'5 a￿lItY to Ixsdosure EMeryth)ns Wiltiry iRt £fd•.S the effl¥ a5 d￿h(￿d FRSIOZ. In M¥th FRSI02 Publi£ Retlplif Fniity 4.UtTheirtsstees c¢nlwrn INs<b¥it¥1sa knietii EntiiylFOtI. ThE ent IV hdS thorfaÉp nl FRSID2 Sethcffj LI4￿011￿￿£ io enT4T ino tselore ry)C•5h Ilow ¥atement IEqU.re t)Nlknns th7n3tions ¥Eol rHlWt•rnl ¥e re￿rs￿d hero thve Th￿till•￿￿L certa￿ty01[￿(@Wt aThl thedmtsul afftd Inthrnsr rece￿￿￿ 1112re4t 15 1ry-.'wyo wl'ii rp4CQ by IhchJmv i•ttsn+lrom IfriQStmeiits 15 NltyJ¢ein tPSOur<es thechaiily o ettiiilpd ra rerè¥t. Fumd l ￿45￿r.". J5KmrrfirtlledfLthJS. thnthotrsbtttryJreffeeio Ivforarry WfPQSe ￿ fLTIF**Ke ofi

THE HAIXIIAN TIIUST NOTES 10 IHÈACCOUNIS FOR THEYEAR Ell[￿0 WISEPT￿l￿ER 21)251(wjlyffu￿J b¥eiirtkrrf asts InvestTrent5 areètormol Bt ibeir ID51 $I￿Vut eaS￿re￿ ai ia.1 vèl.Je as dt ba￿￿E$￿t dW.ebYV wkei vd>J¥ ni£> 5141L)TDLPtq JFM•iK&il ￿ti￿lS unTedb5E4 and b55E5 rE¥d1￿ ol ￿d. Cath att￿rI￿. OJ, +5 xco￿$￿4 in è¢(1￿¥5 trx(nse5. kn(lIAlI￿a supw.rt r%ts•nd iLY¥ernarè t£￿,.% •rt.IIi￿Jled oi io th• stal•m￿rollinI￿I ￿TiVit￿5.All Is Ifir&i%he ofvAI GT3nspayablE p3ymEnE5 Farti85in the htthEfèrte of tPyE(haritth ut4tLts Graiil5poyats￿ •rt." agreed granlspd￿ dunr Ihp ￿ar. Jr•J ayeea ien y•J hKh •ri' 4ktya￿ on ihe a IDThJitlDnu￿ IhL' Pdrtol t￿.£￿￿¥t￿e hos yti 5￿P￿￿t cDstsha¥p d.ff•Tent4ateO cKrJtsand QtkwSwk￿¢Osl$ Co￿$¢0mprI$ 11 costs Iriv&vin¥lt JL¢INJril4vF¢i¥ Ils •08wd w3(1￿￿. Th• 105ts intbJ& LirJtS TFdted to and th<05ts wdh4rtathytkx)m•)t d tr￿￿È1d siwp)rl co515. Ciothorsandyovi5hMs £¢(￿t015)nd rKow@on53re re[￿ntsed ereihed4)fily 1w4hprP￿t ¢Jblyi1￿ ¢rom A p35t e¥Trntthatwll proba￿Vre$Ll￿ In Tht i1￿￿$[e( clfufthtts a t￿r4 wry 7b aTh)￿l dJP lo￿l-.￿l￿ obl gat￿n meèsufEe or •4fkMaip.d fpliAblV. ar￿nt atrwa&5w￿SlOraty 1fadpdiscn￿Dt% due. TMatbJn ch3rtyiseiernpt tJXW IfKiYneaNY prt5ts11iry Wittrrtn af the 7axe5 &1 198801 se£iion 252 91 thk u1Char8Pa￿ oain5 kt 19)2Eu Ihl +Aknt thaLtht5 aro awkd to IhdFlt&>le 04c(t F￿￿￿(101 ky5tWUTr￿5 A filldNIJ ot J iatyllyls retrfnisod £￿ty tbtts erfKytrA¥fftS• Wy rotht conwacrubl wr4L4Hins BasFI linaf<i¥ Insiiurnents rttei¥JbLY wy414eiiI￿J￿I rtL)ied Janyttion {o5ts. UTrIp5s1￿ i(MtstilLesafIn&rx￿ 1r411Sact￿. jl is felQRnised ar¢he prèsp.rt Yalue of the rrthaikLflltof ￿{cre% for )swnlJi I￿$11￿Ment. 2 INvEsfMEN Matht V41 JQ.09.25 A•¥ktivalL 30.09.14 nJty5i501 inve51￿￿ InC(Nr thar.1￿5 9 191911 9.a8.A3 0.772.47ll I￿SSI[GaIn In yg3T Marker V*ue (Jrned 9 113 971

THE HADIIIAN TRUST NOTE5TO THEACCIXINT5FOA TIIE YE￿1 tMotD I SEPTEMBER lo15{￿￿￿￿1 2114￿sI￿E&￿Ts ICI)NTI rhe IrWest￿PntSb￿dtr￿trsE(o￿I1￿t￿mthl Fundas 2Q25 2014 isw51ylk)ws'. 1014 yY%PhS-QliillP 614 b2.8 rop￿rtY10[h￿rkn￿5 FrAed knl@ie5t 16.6 17.9 10.3 &i Ca io)0 Ico.0 l ￿)inI￿nts are wllh CCLI. £CLA are5 t)f S￿rt atth lurd Isu[th￿ tobe leni1f￿d1rertty IDr th￿tr￿St. Bookvap MathlVah nreafised In¥e5trrnt5aiSEpltNer a)34 S.W.S10 9.W&54J 3.739.033 IrNEstrini5 XSegterytrJtr25 S.￿.510 9.l9J.971 3.124.4fj1 J I￿￿$7￿ENT INCOME 1014 Stribimons tromCCXF [th￿St￿lE￿ 26&538 L.4Y4 2&4JJ2 ?￿.133 i fia5 251.918 t￿POs￿ lntétQ5t4tyJoth￿rt0 4 WIESTMENI AIANAGEMENTFEES Inveslmersot T￿￿t ffilheCt•F IlpiStmÈiTt Fundllthisafyeniiiyin fN tkn¢lc¢È cWes èredVe¢Ety1t¥￿ ofi ihe MadninTru5r. The Manyment lee$￿(a￿lI￿11Me￿T Manpyrs ar￿ cha￿dt￿ Ihe COF Chap15 Ifwe51men Chdf8o oICC,.A 117¥eslffjMI ,Uanagement.s0.6% Lrf ¥4bJe￿￿•SSe1% i%rh)ryd io I￿e F￿￿ rnonthty. nijs li6we ih•owlnK charge3 tyr￿ whrh 1heturr￿IV@￿b￿tA￿se TiyS1'S Asselsvn(r slig¢ e¥¢e¢e# ELg MMlliW. IF fri￿1 ha4re(•f¥ed i rebate Df ¥twys fro￿￿[￿￿￿￿ ssdtsdosed di tl<Jt•S

THE HADRIAN TRUST NOTESTOTHEA(COIWTS F(TTr YEAR ENOEO >I SÉPTFMKR 1025ltmtN4fr 5 CHARITAOLEl£llWThS IQZ4 Grw15 rJ}¥ertm￿eAAl￿rL￿1 ￿15 Mle￿rryIhe￿￿ar'. 6reu5 FOUr￿all0￿£s.t￿ pefquarterl£2OXV)￿t0rl J. oly¥is ihear. Tatsl vau Sllcvalwellare 71 39 63.910 Yoyth Eh3r1:￿S o15a￿edlEId COL￿￿tio￿vAt[S GrEge5 FDLvdatiTh 8AME 16.CM¥J 26.L¥YJ 2Q.f 21 12 10 245.￿• L or trwted¥wihpy*ar. No. Total vdlue lu.￿) 20.(XI) £2.L EI.5L EI.QKWJ io 161 ?9 49.9.>) 410 245,84) I<AI É494

THE HADRIAN TRVST NOTt5 TO THÈAcCI￿IN7SF0A ThEIW EIKIED 3D5EPffMUER 102$1Lii•Jd> 6 NETJP4COh•PIG AESOUR(ES FOR THEYEPJ Thi5 IS Siaip.d also 7 KE¥ F•lAI1AGEME￿f PERSONMEL AK•TNUSTEEREMUWENAITh EXPÉIISES Tht kl'y par5afinol [￿l￿rIbl) !oIL4y ?.' thp ITii%te% Afpe tsf £1.5￿ pm montliw 10 Gdlian Roll. ofiP trusreea inrwr•twol wty as (offfesmrdeniift thetTUSt. M5 [dB50￿ Mrs %di s prothce5W)i from1￿ tn151c￿ 23 Lktukn 2D24Jtl MrsGlhattik (WF Positi￿. ThprEwds a %￿XI fv•n4tyr peniAtwhiL5ra YThXib rraDyI￿Tr lo(th ￿•(. Pdyiwnt olw(h fee5￿￿ the tErtTr5 uIthEbxwr4w¢JixuiYlt ollFTr Vfost. Tq&5¢ei' re5pendtbe5esW￿E5 t￿￿¢ed for 2015was £1g.¢XBIXIZ4.. £2I43ZI. At3)Septfrnbw 2Q25. Marpount5 We￿0￿11￿ ros￿1 of llisw•r*l2¥Y24.. ÉNill.

uihEr Ir￿stee% femuneratedthrwgthe yeai12D24" fivYI. NuyAperisosere Pad la otth&tsu5EEe5 12D24 tm LliJrll¥d￿ emthee5d￿rlThe the Ye¥12￿4." 1th)ntl 20 ua15and delerred kn(¢D 9 ANALYgSOF(MAWlhOLESiM)S 2014 GeneralFu￿$ s èr i¢kn*v2024 IncumE 677.152 268￿3z 120?,WI &A47.861 25'..918 e(ty8r4vd IUW%P5VGa.ns A5 at ID Spwernbèr 2025

36.065

9.677.152 9.2fi7.658 Plti <wrrerf 55ets I 10 U4ALY5150F ￿S5E75 BEWI￿Er•￿i￿a¥S Totil UnrestrKted EiyrJlf otherkn￿ Nofe 7. r￿￿¢ *wpryl NO￿1. 15