**CHARITY NO. 272671** ## **THE RADLEY FOUNDATION** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025** THE RADLEY FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Pty• Trustees and Ad¥i8L Trustees. Rewt Indepen(l•)l Auth1￿$ Rawi 8-11 sktwn•nt of FIr￿￿1￿1 ActM"t 12 13 Cash Flthv Stalernnt 14 Notes to th• Finartial Stst•mn18 15-24 THE RADLEY FOUNDATION TRUSTEES AND ADVISORS FOR THE YEAR ENDED 31 JULY 2025 C Bell. S C G Mdlui8hb A Minton Beddces. M J W Rushlon. SJBShaw' HJRIMIIis' Resyned 31 Juty 202S • Council appointed Trustèe Radleian aPPOKrted Trustoe ¢A*IrtK)nal Tntytae The above includes all who have seNed during the yaar end•d 31 Juty 2025 and any sub8equent ¢hang•8 up lo the dale of $KJning of Ihe88 fiTra￿￿1 $l*emènt$. OCS SM￿116 arKI GA Kay8 are ChaimTran ond Vk•£h•mwn of C￿n￿l re8peGIWy. In th08e capacities they attend Foundotbn Tru818e IT￿"T￿a$ èx offiev). Further bh)graph￿l details d thè Foundthn Tru•teM ￿ o)nt•'ned on the FQJThjat￿ pag88 of Radloy College's web8f(e: A Ashton R*ll•y Cdl8ge Atsngthjn Oxlordshiro OX14 2HR Offk•rn E H M Andarwn D8vek)pn￿nI DIr￿tOr Audltor• Bank•rn Crowe U.K. LLP R+ Building 2 Blagrave StToet Reading Berkshire RG1 1AZ Natwesl Bank pk 11 Markel PIKO A￿rydOn Oxlordshir8 OX14 3HH Inva•tment M•nag•r• Oxlord UnTversity Endtr•mwnt Managemenl Ltd RathbN*s Group Pk Ifolh)wing the t&ke-over of 27 Pth End Street 1rNest￿ Weatth & Investment Managers) Oxlord 30 Gresham Street OX11HU EC2V 7aN P•J8 1 THE RADLEY FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2025 The TTu$lees pr•sènt théir rwrt arKI alKIrt￿ ￿n?￿la1 statemonts for the yw ended 31 Juty 2025. Structur•• gov•rnan¢• •nd managom•nt The Found8tion is con8111uted under a Trust Deed dated 11 September 2000 and updaled in January 2C#)9 nd Juty 2020. Under the Deed, three Trustees are ncwninaled by the Council of Radiey College. and Trustéè¥ are rw>ninated by the RwJle4an SoC￿ty. Each Trustee is apF4ynted for three yearn but may be re.apwnted. The Trustees are aulhorised lo apwinl up lo ts¥o add￿t￿nal Truste8s who serve for thre8 yaars bul may also bè re-app￿.￿Ied. The Chairman L8 elected by the Tnjslees und6r consuhalion ar￿ agreamanl wrth the Chalrman ol the Council (rf R8dlèy Ccdlege. New Truste6s receNa a full indudw)n frt￿ the Foundation leam and lh• Burn8r appropriate lo t￿r prof8s8lwl quaIrf￿￿1kn or m of gxpertw. Responsibility ts ltre go¥effla￿ ol Ihe Foundati￿+ rests the T￿￿tee$. TM D￿lo￿nen1 Dir&ror, wl)o attends all Trustee ry￿ar*g$. is reSpOn￿b￿ lo Ihe Trustees and the Warden ol Radley College for the d8y-t¢> day running of the Foundation in accordance wrth ￿lS￿)n3 taken by tha Truste￿. Th8 Development Dire¢tor s a mernthr of the R*1* College marw t•￿. The remunwatlon ot the D•vekpm•nl Oir•¢tor and their m8nag8m•nt lo•m ￿ $8t as part ofthe annual 8alary rgvlthv prc¢ess whKh 1$ inc1￿￿ed a5 Part of the buthjet ￿tIng pr￿e$S by the Radley Colloy CtyJw'l, after having due regard lo market rotes of pay and rthant benchmarking reports. Tho TrustOeS and Ad¥m￿ WI￿ have ser4•J dl￿ng thè y•ar on pap 1. As a con88quence 0ftfr￿ reletionshp with R8d* College. thew finaroal 8tat&)1onls arn con8olKfaled wlthin tha Col*e'8 finanual slatèmenls Rl•k rnan*g•m•nt The major risks to wh￿h the chanty is exposed are annualty and conlrols aTe in place lo mrtlaate them. Of Ihfrse. the largest risks re￿e to the I￿reaSed taxatbon ol independent ￿h¢￿$ Ilhrough the intrcNer vol81illly than would be expènenced by Invesling s¢)lety in the publ￿ equity mart(618. Thls investment objective Is long le￿ and not a year by year m8asuro. Thè spKrfie dB1ribUt￿ po[￿Y ￿ to diltribute annually 4 25% of the average ol the past 20 quarters. not asset value. fomiula has th• benefft of provKling mm wedthble stream of rKorn•, protecting ond wirvj capknl value The actual return at Ouèm achl8ved In finaneAI y68r was 10.8%12024." 8. 8%) and. after adjusting for Inflation, the real return was 6.7%12024. 6.5%). Tr* Trusloes believe Ouem's Inve8lmenl ¢bjectfve, eoupled wrth Ir¥k record of perf￿rnanCe sinea irteption, c4)nli)ues 10 8uit th8 Fr¥Jndalion's needs lor rf(y d¢)*Tn•nl furKl• in k)ng l•m). Some Tgsidu81 monws hekl in the Schokgrship and Bursaries Caprtal Fund aTe gamiarked for use over tho next five lo seven years and are manage(1 tjnder a dtscrotKThry management agfeemnl with Rathbones Group PLC. The Truslees have on Investn￿nI objectNe for theso nbjnies lo deliver a bak4n¢8d r•lum with w.medium risk capacty to rnfiect their shcrfler4emi investm￿1 Woon. T￿ pcfflfc4io managod by Ratknbones ha8 a kAv.medium nsk stralegy to rthl tho vanobilty of InfkFw8 and outfbm. For the finan¢hl year endefj Juty 2025 the pth1folio dehvered a Ic*al retum Mt of fees of +5.1% ccryares with the composi18 benchmark return of +6.7%. There was a net oufflow of £246,908 durlng tho year. The year wag markéd once again by Signif￿nt rnarket volalrfty, inilwlly due to esealaling Confi￿ in the Middl& Ea81 and the vKt¢)ry for t)onakJ Truffo, and various market shccks linked to Pre¥¥Jenl Trump s policies, ludiry the Imposit￿n of tarrffs. Despit• tho. markets mlde p05rtNe ground. due lo a combinatTon of the expectstM)n that Ihe President￿1 temi wll knad to taX4￿n and dgregu￿.on, tarrfts with many countr settl1r￿ at rates bwLY than inilolly feared. and Presidenti81 supwl for US companies, t￿luding the key technology seclor and its Al rxe wth Chlna Bond markels have shown wgns of distress in longer4alod Issuos, rellecting investor concem over governwent indBciphne t)ver d*it frAnagefront. It has ther been benefrBI to the p￿10110 lo hohd shorter-dated bcrfKls Rathb(w maints1￿ a gbS)al approach lo Inve51ing in èquity ma￿ets. with 8 qualrty bias. ahJngsklo sterfing tsjnds arKI, where ¢)verseas ￿ndS we held, hedged back Into stèrling. There is al80 a minorty holdrng in altamaiiva assets whKh Include infraslruclure mveslment trus18, gold and absolute relum Btrategies. Thè Tru51ee8 ar* grateful to th• Genernl Purposes Cimnitt•e ofthe R*ts Collty• cou￿1 for its investm￿t over5vJhl role. including arujnd the perf￿r￿e ol the F￿ndatsn's funds. While the Trustees of the Found*icffl are xcojntable for FoL*ndaiion invèstment wf0rmar￿. ther8 is a strow alvJnffÈnl of interests wilh th8 CollgJe. During tha year, the Tru¥t88s and the General Purposès Committee ol the Cdlege reviewed and agreed a prolocol of understanding wrth respect lo investtwl management oversight and clarifylng that deCis￿n making responsibilty fests wrth the Twstees. In ￿dItI(￿. ￿ FourKlatM)n Tfustee. Mr Willis also seryed during the year as Chwr of the General PufPOS8S Commitlee and two others, Mes$rs Rushton and Sh￿. served as member5 Ot the G￿eT￿ pUrF￿ Cc#M)rttee. PaJe 4 THE RADLEY FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 During tha year the Trustees made transfets, tcrt*ling £1,981k. to Ihe Cole99. as in Nole 11 (2024.. £1.747k). In &Jdrtion tothe￿ gth, nnans.test&l sd￿rnh￿s. I￿￿11n9 £57k wwe aso paKI (2024. £101k>. Th￿W in r8lalTh to •*ards frtyn the Am*d Forces FuThJ. £15.8 m was retsined within th8 FLKJndai¥)n for fulurg applicatK)n (2024." £14.&n). of¥th￿h the larger part Ls invested wllhin tho Scholarships and Butsaries Coprtal Fund, where luTrJs for the bng temi are managed by Ouem, and those for use wrlhin the next fve to seven Y￿rn are managed by R8lhl)ones Group PLC. Flnanclal rwl•w The accounts for the year shchv nat income tef¢xe Inve8trr￿l gains of £413k12024.' £1,073kl. Tolgl incomlng rosources wore £3, 110k {2024.' £3. 574kl and resumed in £1,961 k 12Q24' £1. 747k) ￿Ing grftèd lo Radsey College. Managamènl and administratH)n 581V￿8 incurrthj by Ihe Foundation, but donated by Radléy Colbge. amounted to £588k12024. £556kl. GOI￿ on IrN•8lw*nt assets wefe £865k {2024.' gains of£583kl At tho yewwend the Truslee• retai￿1 £5,66WA 12024. £& 179k) d unre8trided fvnds and £10.136k {2024.' £9,347k) ol ￿trict￿l fvnd•. The unrestittod funds r•present un￿mMItted rn8ervos hekJ ts the #upwt ol R•Jley Col*e, i￿￿41r￿ Ihe UrKe8tittéd DeswJnated FurM101 £5.392k12024.. £4.819kl. Thts means that t￿18 are al prese￿ free resew 01 £276k (2024. £36C*) In vi•* of the the FoundatK•n's ovefhe&Y8 8r6 fundthj by Radkny CoN•g•, Ihor• Is no reser4e r•quirenwt, and ￿ th1• i• suknnl for ts iryThdiate n••d8. Th• Foundalion h48 cash r&S￿lee$ and has no requlrwi for bank fijnding. Given the support of Rajlgy College. the Tru8tQ98 have a hKdh exp8datwt that the FOundat￿n has siff￿•8nt re80urce8 to continu? in oper8lional 8xlsl*ncè for the foreséeable fvlure. Accordingty. Ihey continue lo belleve the goiri9 concèm ba818 ol accLMJntinq rn appropnale in prlpanng the annual fin￿¢191 slatements. Th• yg•rf• icllvlU•• and plans forfutur• p•rlod• Thè Fr￿Ad￿t￿)n.¥ app1￿h to fundrwsirwj has ¢ontlnwd to fo¢u$ ￿. {1> building arKI developity kJnfftm relatkThhips with Old Radleians parnrts and makiTrJ woact to prosp￿tr￿￿ don¢ys: (ill pro1￿*•n9 tallortrj appeals to P8rtK%l•r groups of th• R•J* ccmunty of ORS aTrJ p•rent•: and (lili rar81ng w*arerMs t￿￿)ng the Rad￿ clykwnunty *)CMrt the IMp￿￿nce cl fundraislryj. In seMeM￿r 2024, the FtyJndat*)n published ts •nnual "Irry)art Report". purposo of the annual publicalk)n l¥ lo share the progre￿ and ryacl of donatYJns recaivtd in that year and ovèr preV￿u$ years (using thè own w¢xds ol a numb8r of benef￿￿r*S ofw*ards), lo rewrt on desgna&l funds 8nd projects. and to thank publlcly donors, who are kden1rf￿ as anonynN)u8. The FouThJgtbn was plèa9￿ lo conty"nue8upwI oliho Rad* Key¥Award, an all-In&u#6va1gublect lo means- 18slingl scholarship prcgramme. Other specffjc during the year included fvndraising for computer ierKe ond the robcrfKs pr(*3ramme, Ihè Schtsjl expansKJn pro"ect, spacific requests for support in Telalion lo th¢ Collego's partnership xtiw'lies. and a ¢¢Thmunrty wide apw81 for funded pl&es. Tho Foundation ho3￿￿ a War MerrK%ial Fund a￿1 Arnw For￿ FIWKI benew Ivnth ar¥J urculated legacy Inf0miat￿ fdknw.ng the lunch. The F￿￿lat￿l o)rtinued its vA)th ol m•ntainThJ 9rL￿m￿j strmJ relat*Mships it• existvig dor through a $lthvardship prc*3fdmnE arKI ol raisiry V*aTer)ess of its work in order to Id￿1￿ futur8 d￿r5 As well as Ibrough investing in research. and rts règular prcgrnmme ￿ events and publutions. the I￿$ of the Foundation is on per50nalised approaches the yeals included a successful tn'p to South Africa, Spain. Portiwaal, mInk￿d China ond H¢)ng Kong lo r￿Ine£t wth ￿MberS of the Col*e ¢crfnmunty. Page S THE RADLEY FOUNDATION TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 The FoUndat￿1n is sign8d up lo the C(MJe of Fundraising prac￿ operated by the Fundraiwng Regulator. The Foundation tskes rts hjndraising responsknlrtiès seriousty and bel*ves rts approach io furKlwsing Prot￿lS vulnefabla pecple and menknrs ol Ihe Publ￿ frc4n unreaSLy**￿ ￿prOacheS or undue pressure10 give. Tha Foundat￿1 seeks feedback fr(xn rts donoru)mmunty as a matter ofcouTse. There wer• no wulatory failu or complaints rai88d in the year wrth respect lo fundraising practu. The principal high1￿ht$ duriry the year Ind￿.. Unro8trf¢t•d Dmlgnated Fund •nd Scholarsh1￿ •nd Burs•rl•• Fund The Foundatth ￿ltiftUèd suceessfvlty lo ￿￿OUrage ¢kJnatNs lo rts Unrestrthd Designat•d Fund and ils rang8 of schO￿r$hip and 8ursary funds to maintsin th8 m(xnenlurn buiif Ltp in recent yèars. prmarity lo onable more boys to cowe to R•lley, for whorn a Radley education would not ¢the￿iSe be fea8￿10. Ovér the year, £942k ol donation8 was rèceNed inlo Scholarshp and Bur8ary Funds and lurther unreslricled donat￿$ lotslling £95k were rKeived Supwrted by growing T￿Ipts fr¢)m the F￿ndatA)n, 129 btys attendiry Rad* dwrng the year werè in r￿elpr of Man￿ed $upport. ofwhom 25 wer• futy fUThd￿ (2024. 120, of wlK%n 33 were fully lund8d). Projects Gifts lolalling £55C* wgre ree•ived during the year to support computer 8ei8nce and the robotics programmè, and £102k was received lo Support tha Col*e'8 partner#hip activitie8. Addilionalty. gifts lotalling £235k We￿ also re￿￿0d durirb3 the y￿r I￿ardS sèvaral other specilk prqects coveriry various #Sp￿ of Rad* lrfe This includ&1 gffts of £133k lo be appl￿￿ to•Ards varw existing oTrJ plann•d ￿pital pn)j&#s, the MUS￿ expon$*￿ wwt. Oth•i Considorable lime was 5ponl s18warding donors and potentio1 donors. with po8illvè fundraislng ro8uIIs. The Fcundation furthered ils cl¢xe working reialkjnship the Admiss￿$ team other slakahold8rs to improve Iheend.ltrend prtxess around tt18 offvnd•J places and communicating the Iwm and transfomwtional beneffts the￿ pro¥KIe. The FoundatW'8 Inléresls havè been di￿85¢d rn9ulaty amorvJsl and with CL¥nmrtto0 olthe Radfeiqn Society arKI prorTrJted, as apprwk*e. at events. A mulu81ty ccoperativè ralationship ex1818 betsveen the FOunda￿n and the Radbian Society, and tha Foundakn¢n contrtbulod during the y•ar lo the RadI￿an S¢¢S•ty'8 expens08. Publk Ben Urthr SectK¥n 17{5) ofthe Chwrtw kt 2011, th• Twstegs have giv￿ ward to guidance on publ benefft provvjed ty the Chafty commkn8￿n when •xerci￿n9 I￿1r pty*er8 or d￿1￿5 lo which il 1$ relevant. Thanks I wcMJld likfr to thank my felbx Trustees on90iry wnmthierrt to th• FtyJndatiDn •nd their suiwt for Radley. In Juty S￿n sh￿ stepped d(wn as Trus¢ee havwwJ C￿r￿uled o great deal oflim?. expor￿ and wlsdom to ensure the 8ucc8ss of thè Foundation. We ar• g￿teful to him for all he has done to 8UPPOrt tha transfom)alKJnal work of the Fcwndatw)n Radlty Collggè Cwncif C¥Mbnueg to wovhle rts cThiiWe YupF￿ to t￿ F￿ndat￿)n, both financialty in funding all our ovèrhead ￿ts. also n ensuring al￿ntr￿n1 with the Coljege. On behatt gf my fèll¢XV Trustees, I thank the Council for that. suecess of the Foundatp)n is abo dtwn lo all those invofved In rts work the work of the Radle￿n So¢i8ty. Includirg our growirwJ nurrtxr of volunteers, part￿uIartY among th¢ 01 Radleian community, 8nd I would al80 like to thank them for their lin￿ and commitrnent. In partKular, I, the Trustees and the C(Alege are exlrem8ty gr*eful to the FoundatKJn Team at Rajley for their competèrKe and hard wor* under th• exceplK¥)al *dership of Elisabeth AntJer50n Page 6 THE RADLEY FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 Every 9ift18 preci¢w¥ lo thè FoundatK>n in SLwLvts'ry the &luc*)n of boys at Radley. These gifts are the lifé b1¢￿ of Ihe FoundatK)n's *￿Ik. dire#ty sijpportiw so many benef￿ar￿ I W￿lId therefore Ilke lo thank 011 who have gNen to the FouThJ*w, and the role each SLKh grft has play8d In Iransfomiing lives. St•t•m•nt of Tru8t•e•' mpon•lbllltl•s Th• Tn*te6$ 8re resFonsibl• for preparing the Trustee8' Report aTrJ the finarKk￿ statements in xcord•nce wrth appluble law and United Kingdom Generalty Accepknj A¢￿jnI￿￿ Prackn (Unitod KingdomAccounth'ng Siandard$l. Tho law applKable lo charities in ETrJtand and Wdles requires tr* Trugt685 to prepam financial slat8m8nls lor each financial year wh￿h gNe a In￿ arnj frdir of the stalè ol affair5 of the ¢horty and of the incoming resources and appltatNJn of of the chwmy for that In preparing these flnarKial statemènts. the Trt￿t￿• affj r￿Uired lo.. lect 8urtabSe accounlirvJ polkth and appty th•m C￿sIstenI￿, ob8erve methfrJ8 and prbnciples in the Charths SORP." make lud9mènts arKI 881imat•s th* arn r9asffi•bl• and prwJeM.' 8tale wh8th•r appI￿able acC￿nting st8ThYards hav• b••n foU¢yA*d. subJ•ct lo any malenal d•parture• dlscbsed and expkined In finanual 5tatem8nl$', rnpare the financial stwt•menl8 on kn wng conGem bawl yn*s il is in•yropriate to p￿UMe that the ch•rity wlll continue in businoos. The Tru8toè1 •r• responsibl8 for k•rf)ing ad8qUate xc¢)unMg ￿Kd$ ttr￿1 are 8ufficient to shuw and expkqin Ihg charty's transaclions, wrth reasonable accurxy al any tsme the financ￿1 posrtlon of tho charily anly enable them lo ensure that the finana81 stal•)*nls oynptry wrth the char￿"e8 Act 2011, the Charrties (Accounts 8nd Reports) Regulatons 2Ch)8 and the provisKJns of the charity'$ conslilulion. They are al80 responsbb& fof saltyuarding the 8880ts ofthe charity aNI fortd(Ing rèa5ongble •t&ps for the pTeventKn and ¢Jetttlthi ol fraLwY and cl￿r irreguk9rttse8. The InelL are responsible for th• malntenance and inl8gnty d th• ecApxx•te finwncial In10nn￿1on on the 's websrte. Thi5 88 ￿proved e Trust￿3 O& •qn•J on ihwr behair Matlt Ru Chair Page 7 • Crowe Crrn U.L LU> 8Frthr af crDy￿ &ob81 R+ 2 W4r8¥e Straet Reaair¥J BerksNTE RG1 IAZ, UK Tel +44101118 959 7222 Fax +44101118 958 464Q INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RADLEY FOUNDATION FOR THE YEAR ENDED 31 JULY 2025 Opinion We have audited the financial statements of Th6 Rad* Foundation for the year ended 31 July 2025 which comprise the Statement of Financial ActrvrtE$, the Balanc8 Sheet, and notes to the financial slatemenls, including a summary of S￿n￿tant acc¢JJnting pol￿￿. Thefinancial reporting frarnework that has been applied in thair pr8paralion 18 applicable law and Untted Kingdom Accounting Standards, ineluding Financial Reportlng Standard 102 The Financial Reporting Siandar(l applKable in the UK Rèpubl￿ of Ireland IUnit6d Kingdom Generalty Aec•pl*d Accountt"ng Practice). In cojr opinion th• ffnanGial statements: gNe a true and fair of the stale of the charity's affairs as at 31 Juty 2025 and of Ils incoming resources and applutKin of iesourc6$. ineluding rts Incc¥re and expenditure for the year then ended, have ljeen properly prepared in *eordance with Unrted Kir&don Generalw Ac¢¢pted Accounting Pr8eticè'. and have been prepared in accordance wrth the requifem8nts of thé Chanties Act 2011. Bas1¥ for oplnlon We conducted our audit in aethydance wrth Internalh￿al Standards on Audrting IUKI (ISAS IUKII and applicable law. Our respon$ibilitw urKlertho8e standards 8re furtherdescribéd in theAudilorf5 rèsponsibililias for the audit Of thè finaneial statements SeCt￿n of our report. We are independent of the ¢harilable wmpany in accordance with the éthKal requirements that are relevant to our audrt of the financi41 slaieménts in the UK, including the FRC'S Ethical Standard. and we have fU￿lled our othér ethK* responsibilities in a￿Ordance with Ih8s8 requirements. We believa that tho audit ¢¥￿ence we have obtained is suffKient and appropriate to provide a basis for our opinKin Concluglons rèlatlng to golng concorn In auditing the financial slalemenls, we have concluded that lh8 InJstee$' use of Ihe gThng concem basts of accounting in the preparation of the financial $L￿ements ￿ appropriale. Based on the work we have perfomied, we have not hlanlified any material uncertainties felaling lo even18 or conditions that. indmdually or coll￿t1vety, may cast swnifunt doubt on the charitable company's abilty to continue as a going corKern for a cl at least m(ths from when the financial slatem8nt8 are authorised for Issue. Our responsibilrties and the resp)nsibilrties of Ihe trustees with resp*t lo wing concern are describ8d in the relevant Sections of thi8 report. IsaMéthb*tsTCrth￿ ￿￿¥ÈV K I ￿rtt￿¥￿￿tyQ1 P￿88 Cr INDEPENDENT AUDITOR'S REPORTTOTHE MEMBERS OF THE RADLEY FOUNDATION FOR THE YEAR ENDED 31 JULY 2025 {CONTINUEDI Oth•r Infommt The tru81e￿ are re$￿Ible forthe olh•r nifornat￿n ¢c￿taIned within tho annual report. The other Informatlon comprisés the infonrAtion induded In the annual reprf (*her than the fin8ncLg1 slalements and our audilorfs report Ihereon. Our opinv)n cffi the fin￿1• statemants ¢kns not ¢tyrfer Ihe other informalh)n and, 8xeopl lo the èxtent otheMlse expltcty st8tad in i•p¢)rt, we do n(￿ •xpr•88 any form of assuran¢8 ¢onclu8kJn ther￿n. Our resp)nsibilty lo read the other infomwtton and, in doing $0, con8wJer whether thè oth•r In(orrnation is materially Inconsistent with Ihe financial statements or oui knchwledgè obt8ined in thg awJf( or crth8rnvi¥e •ppèarn to be matèrk41ty misststed. 11 we ￿entIfy SLth malenal i￿On91$1en￿es or apparent m•lerial misstatew*nts, we are required lo delermine wheth8r this gives nse lo a material mwtalemenl in the financ￿1 8tal*ments themsèlves. K, based on t￿ work ¥n have perf1)rm￿, we condude that there h a material MI￿lateMent of other informat￿. we are reqU￿￿j lo re￿% th81 fact. We have nothiro to rewt in this regard. Matt•rn on whlch wo ar• r•qulr•d to r•port by •xc•p¢lon We have nothing lo report In rew of the follo*iry mattevB in rda11￿ lo the chariti.￿ IAccounl8 and Rep)rtsl Regulations 2008 rwuire u8 lo rewt lo you if, In ￿r opinK￿. the infcrfmatN)n given In Ihè financial statem￿$ 18 inconii$t•rrt in any m•teMI r••pect with th8 trusteeg, r•port,' or suffic￿ accountiry r￿￿dI have rlot been kepl," or th• finarwl stat&)￿1$ are not in ogreemwt with Ihe IKc￿n￿"￿9 r￿￿d8 and rnturns., or we havè r￿¢*48d ol the rfornwt*)n and we wuire for our audit RMpoMlbilltlo8 of tru•t• As explained more fully in Ihe trustees, re8p)nsIbilrt￿ stalerythl sel on p4e 7. Ihe trustees are re5pJn$bl8 tr the preParatK￿ of the financial gtstèmenls and for being Satisf￿ that tw gNe a Iwe arKI f￿r view. and sueh internal control as Ihe tiustee5 deterniine 18 n￿eSsary to enabb the Preparat￿1n offinancial $tslenMts that are froe from mate￿1 misstatemont, du• lo fraud or error. In preparing the finarrtkgj st*ement5. the trustges ar• r05ponsib￿ for assessing the chanty'8 ability lo cl￿tInUe as a going ¢(￿￿em, d￿•r￿J. as appI￿￿le. matters relaled to s¥)ing wicem and using the going coneérn basis of accounting unless Ihe tnJ5tees erther intend to INupJate thè charty crf to caase oper8tiOn5, or have no realistic alt•maliv6 bul to do so. Page 9 J Crowe INDEPENDENT AUDITOR'S REPORT TOTHE MEMBERS OF THE RADLEY FOUNDATION FOR THE YEAR ENDED 31 JULY 202S (CONTINUED) Audltor's r•sponslbllltle8 lor the audlt of the financlal statsm•nts We have been apwnled as a￿lIor under $eclpJn 144 of the ChantTes Act 2011 and repc¥t in accordance wrth thè Act and rél•vanl rwJulations madè or having 6ff•ct th8r8undér. Our obl￿tiVeS are lo obtain reasonab￿ assurance about wh8th8r the financial slatem8nts as a whole a￿ free trom material misslatemenl, whether due lo fraud or erro(, and to issue an auditorfs report that ineludès our opinion. Reasonable assurance is 8 h￿h level of assur8nce, bul is not a guarantee that an audit conducted in accord8nce with ISAS IUKI will always deteci a material miss181omenl when rt extsls. Mi58t8lements can ari$8 from fraud or error and are considered malerlal If, Indivhlually or in the aggregate, could reasonably be •xpèct8d lo inffluèneè th8 èconom￿ d8ei8ions ol u8ars lakan on tho basis of thésa financial slatemenls. Irr8gularilies. including fraLvJ, are instances of non-¢(xn￿ianQ8 with laws and regulation$. We desi9n procedures in line with re8ponsibili(ies. outlined above, lo detect material misslatements in respect of Irregularftles, includlng fraud. The extent to whKh our prttedures 8re capabk of detecting irregularilles, Including fraud is detailed beluw.. W• obtainéd an undérstanding of legal and reouklory framaworks within which the charitabk8 company oper8les, b¢u$ing on those laws and regulal*)n5 that have a direct effe¢l on the determination of material amounts and disek)sures in thé fthancial stalerrtnts. Tha and r8gulations wè considarèd in this context were laxation legislation. together with the Charrtw SORP IFRS 1021. We asse$se(l the required compllance with Ihgse laws and regulatKJns as part of our aud(( procedures on the rolaled financial statement Items. We ￿entIfIed the greate81 risk of maierial itrpxl on the financial stslements frThn irregularities, including fraud, to be wrthin the override of controls by management. Our audit prc¢edureg to respond lo the risk of income recognition Included selecting a sampl6 of income received and agreeing lo the re￿aftt dOC￿mentall0n and ensuring that any conditions attached have been met. Our audrt prcttdures to respond to the risk of manag8mènt ovorride of Controls ineluded enquir￿3 of man4am8nl about théir own identif￿tIon and assessment of the risk$ of irregularities, Sample lesling on the posting of joumals, reviewing accounting estim8tes for bk4ses. reviewing regulatory correspondence with the Charty Commission and raading minutes of meeting8 of those Charg￿ with governance. Owing to the inherent limitations of an audi(, there is an unavortlable risk that we may not have detected somè material misstalemenls in the finanual statements. even though we have propewfy pL*Dr￿ and perfomied our audrt in aecordance wth auditing standards. For example. the futhtt removed non compliance wilh laws and regulatiQn5 lirregularrtiesl 15 frcffi the events and transactK>ns refiected in the financial slatemenls, the less likely the inherenlty limf(ed procedur8s requir8d by audiliThJ siandards would Identify it. In addilion, as with any audit, Ihere remained a higher risk of nwleleclw of irwularlties. as these may invofve collusion, forgery, intentional omissions, misrepres8ntati¢Ms. or the overnda of intemal conlrols. Wè ara not responsible for preventing non-complkqnce ané canNA be expecled to detect non compliance with all laws and regulations. A further description of our responsibilities for the audrt of the ffiancial statements is IcKaled on the Financial Reporting Councifs website at". udrto sibilities. This description foryns part of tsur auditor's report. Page 10 ## **� Crowe** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RADLEY FOUNDATION FOR THE YEAR ENDED 31 JULY 2025 (CONTINUED)** ## **Use of our report** This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. ## **CROWE U.K. LLP** Statutory Auditor R+ Building 2 Blagrave Street Reading RG11AZ 12 December 2025 Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. Page 11 THE RADLEY FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2025 Ncle Unrestrictsd Restrictod Total funds 2025 Total lunds 2024 INCOME AND ENDOWMENTS FROM: Donatlons and legaci•s se￿1¢e$ provided by Radby C￿lege Tr8ding InGome 1b 94.918 588,080 1.828,838 1.923,756 688.080 2.437,619 Income from Investmwts Investment income 309 380 Total 971892 21 357412 EXPENDITURE ON.. Ra151ng funda Services provided by Radby Col*fr Inv￿lment managers f895 Adminislralion charges Tr8dlng exp8nse8 588.080 29,560 759 9,420 $88,080 78,668 759 9,420 555,583 73,076 49,008 23,710 Charlt•blo ac1fv1￿0l Amounts gffted lo Radlèy College Amounts grfted lo War Memrial Scholar8hip8 pald 11 207.533 1.753,788 1,250 1,%1.321 1,250 57 1, 747,201 101271 Total Not Incomel{expgndltur•l before galns 136,540 278,894 413.234 1,072, 601 gainslllos¥eg1 on investments 352 738 65 N•t movemont In funds 489.278 789.254 1,278,632 1,656,015 Fund balanc• brought fonvard 17 347 Fund balanc• carrlad foN•ard All income and expenditure 1$ continuing operalrons. There are no rwnised gains and losses other than those disclosed above. The notes ￿ pages 1510 24 form part of these ffina￿al stalements Page 12 ## **THE RADLEY FOUNDATION** ## **BALANCE SHEET** ## **31 JULY 2025** ||Notes|**2025**|_2024_| |---|---|---|---| ||||£| |**FIXED ASSETS**|||| |Investments|5|**13.676.891**|_12 595,344_| |**CURRENT ASSETS**|||| |Sundry debtors - taxation recoverable||**14,832**|_13,490_| |Sundry debtors - dividends receivable||**2,235**|_8,359_| |Cash at bank and in hand||**2,111.512**|_1,909,932_| |||**2,128,579**|_1,931,781_| |**CURRENT LIABILITIES**|||| |Accruals and deferred income||**(640}**|_(827) _| |**NET CURRENT ASSETS**||**2.121.939**|_1,930 954_| |**NET ASSETS**||**15.804.830**|_14,526 298_| |**ACCUMULATED FUNDS**|||| |Restricted fund|7|**10,136,331**|_9,347,077_| |Unrestricted fund - general|8|**276,102**|_360,002_| |Unrestricted fund - designated|8|**5,392,397**|_4,819,219_| |||**j5,80�,830**|_14 526 298_| Th • be 7 October 2025 **Mark** Rushton Chair ere approved and authorised for issue by the Trustees and were signed on their The notes on pages 15 to 24 form part of these financial statements Page 13 THE RADLEY FOUNDATION CASH FLOWSTATEMENT 31 JULY 2025 Notes 2025 2024 Ca¥h flows from opgratlng actmtlgs: N8t movement in funds Nel gains on investments Investment incc4ne Ilncreaselldecrease in debtor¥ Decr8as8 in creditors 1,278,532 865,2981 1598,2741 4.782 18 1,656,015 (583.414) (509,000) 18,545 44 Nat cash provldedl (used inl by opernllng activiti88 1180W6) 582, 102 Cash flows from Investlng actlvltF•s Purehase of investments Inveslmgnl income Proc88ds from salé of invèstmènt5 1568,893) (1.495,563) S98.274 509,CQO 499 288 Nol cash provid•d by invosting activiti Chan90 Sn cash and cash •qulvalonts In the year 196.485 94,827 Ca$h and cash eqU￿1¢nI$ at the btrJinning of the year Total cash •nd c•sh equlvalen¢s at Ihfr ond of tho year Anatysls of total cash balances.. 2025 2024 Cash awaiting inveslmenl Cash at bank and in hand 4,151 10.246 12 1909 Analy81s of chang08 In net debt: Al l Atwst 2024 Cash Flo At 31 Juty 2025 Cash Cash awaiting inve8tm•nt 1,9)9.932 10,246 201.580 16.095} 2,111,512 4.151 1,920. 178 195.485 2.115,663 Page 14 THE RADLEY FOUNDATION NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 JULY 2025 ACCOUPMNG POLICIES The financial statements have been prepared in accordance wrth Accounting and Reporting by Char((ies. Slalement of RecLNnmended PractKe applicable to charrties Prgparing their accoun15 In COrda￿e wrth the Financ￿1 Report7ng Standard applicable in the UK and Republic of IreLgrnd IFRS 1021 d legaci88 are creAibJ lo reNwuo on a recevlablé bash. fkJnalK)ns r￿￿¥¢d by the T￿¥¢8¢8 of The Rad* F￿ndat￿)n for ¥Jecift purposes are treate(l as rest￿￿￿ Incorr*. Other ¢knalion$ aro c￿￿lled to fv gerwal aty unrestnctod incom•. No amounts are included n tha Iln•rKial *#ement8 for w¥kes ¢*>naknJ ty wjunteern. Gift8 in kiTrJ are recogni￿ wrfhin Ineoming re))￿rCeS e>pthThlibJre al an a#llmal• of ths equivalent open market Volue at Ihe date of th• 9fft. Donat•d •eThl¢o• D￿ated ar• indud•J at th• 7due to th• charrty basod on ￿C￿Ted by Radley College. In¥•stm•nts and Inv••trn•nt Incom• Li8led investnwnts are inrtialty nwured al thew cogt and subsequ•nlty measured at their fair value at each reporting dalo. Fair value is b850d on I￿1r quc4ed prw at th• balance sheet dalo with(yJt de(jUclh￿ of the e¥tirnated future selling costs. Investrnants such as hedge funds and private equrty ￿ndS that have rn readity iden1rf￿b1e markat value are Inth1￿ measured at ￿1r costs Subsequ￿ mea8ur•d at theff f&'r value at each rOF¥Jting date wilhwt deduc1￿ of the éstimated fLrture selling costs. Faff value M based on the mosl recent valua11￿8 availab￿ fTDm respgthe fund manager*. Changes in fair value and gains and h)$88s arising on the disposal of investments are credrted or Charged to the income or expenditure section of the SOFA as 'gain$ or losses on inv8slments' and are a1hXal￿ lo tho fund hobding or disposing ol the rdevant invegtmg Page 15 THE RADLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 ACCOUNTING POLICIES (CONTINUED) Exp•ndltur• l expenditwe 18 accwnted for X¢7uds and has been und•r hwlings that agwte *1 costs rd*ed to the cata9￿Y Expenditure on rai5ry funds is kncUrr￿ in JeekTr)g vc4untary ¢ontribthns. Charitable actP4ilie8 inGlude gifts made to for the purpose of awarding scholarships and burnaries to pupiL8 of the school. Govemancé costs Djnprise all co•ts tho wblK TKcomt*ility of tho charty and fts cOr￿lbarKe wrth regulations goc#l iyxlice. Rewnlllon of N•bllltl•¥ Liabilities are recognwl whan ￿ obl1$*￿n ari88S to transfer bonefits a• a rosurt of past Iransaelh)n8 cr 8v¢nls. gl Thg Foundallon'• lund• A lund 18 • pLx)l ol unexpended r•￿￿￿. hekl and mairtained warnt•ty from the othèr F¥>) because ol ttw way in which the rosourcts arn onginalPy the way in whth tw hw subsequently been tre**d A fund may be unreStr￿ted or restricted as folkn￿... 1} Unre•tfkt8d fuThJ8 ore •xpend•ble al t￿ discrotion ol the Tru#lees In furthefance of th• obj'ects of the F¢)undalion. 2) Restittéd fvnds ar• fvnds for meaM4•st•d •*ards or PIrt￿u10r prcpcts •• SP￿fi￿ by the donor. ExFthdrturn 18 r#lrK*od lo the wrp)se d •ach p•rtkular fund. Man•g•m•rf of the fvnds h) The Foundation Trustees arn lty81ty re8p)nsbb th• manag￿1 of tl* fvnd8 and havg placed the preponderant part wtth Ouem and the balanet wrth Rathbon88. The General Pufpo988 Commrttee ol thè Cwncil of Rad* College assists the Foundation Trvslees in monitoring the perlmnce ol all the fvnds rdefred lo *ove. Flnan¢l•l In•trtsmonts finatKl•l wistnmnwts debtors and Debtors crtylilors are initi•lPy recogni8ed ai Iransact*Jn value and SubwU￿ Thasurgd al 8mortis8d eo#t. ￿)te 12 prowdes more informall￿ on financkgl in3tnj￿ntS where fvturè cash flows are anb"cipated. wtth financial assets reférring lo fixed asset inveslmenls arKI deblor balances exeluding prepaymenl8, and financial I￿at￿lItIeS referrirKJ lo all credrtor bala￿e5 ex￿di￿ 41eferred ine•yne. JUDGEMENTS IN APPLYING AccoupmNG POUCIE8 AND KEY SOURCES OF ESTIIAATION UNCERTAINTY Proparalion ol lh6 financial stallments wuires Il* Tn￿le88 lo make jud9ements arKI èstimates. The Trustees consider that there are no material I￿19￿MentS in apP￿1￿j accounting policigs or key sour¢es of •slimation uncertainty. Page 16 THE RADLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {co￿riNuED) FOR THE YEAR ENDED 31 JULY 2025 ADPAIMISTRATION CHARGES Managemérf 8nd ajministralioft (xxts of the chanty of £588,080 (2024.. £555,583J wgre korn• by Radley Collage, whth the Trustags r* as a relat8d paty. Total costs Born• by Radl•y cd 2025 2025 2024 2024 Wages and Sala￿ C081 of generatiry funds Conlribulhin lo Rad￿￿n Soc*ty Other professional fèos 461.203 72.551 29,950 428,081 67. 135 29.9 41 451.203 71557 29.9JO 428,081 67, 135 29.9 8ome drectty by Foundation Investn￿l manager fees Other admintrstrati￿ chwges Trading Exp￿se1 78.568 759 73.076 INVESTMENT INCOAIE 2020 2024 Li81ed investmonts Bonk inlere8t 610.796 445,866 INVESThIENTS 2026 2024 Balance brought lorwa Addrtions Disposals Revduation goini 1ZS85.098 568.893 (346,5491 11,005,409 1.495.563 (499,288) 13.671740 12.585,098 Cash wilh rnvestrrnnt ft￿•38￿ N•t book value at 31 July 2025 Page 17 THE RADLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 RELATED PARTY TRANSACTIONS During the year, donat￿$ totJling £10.CbJ {2024 £11,875) were received from th8 Foundation Trustees. No Trustee received remuneration in Ihe year. Any expenses of the Tfustees ar6 borne direclly by Radl8y CcAlege. £588,080 {2024. £55S,583) of costs relating lo management arKI admintslrntion. including staff c051s. wore gifted by Radley College, Amounts gffted to Radley College a￿ reLxuni8ed when approved by the Trustees., £1.961.321 12024.. £1,747.201J wa$ given in Ihe yw. RESTRICTED FUNDS- 2025 Inv•*lm•nt Value * I Au9U$t 2024 Valuo at 31 Juty 202 R•e*er Cma a Baslyan.. Schol•rskup excelerKe Lryan ￿ d8$s￿al Inv8stm• nt galn Gllt•d to Donatlon• R•Ol•y Scholar. Coll•9• •hlp• B8f• and tr•nAftrr• IA 2023 21 Juty 2024 Burs¥y Armed F￿¢•$ Greater Chlna Jarne8 Vt*8son Fund Hami8hAird Fund Anthony Hthyson FUTr n Rae s￿1￿ F￿￿ ovw FOU￿all0n Aw•rt15 m￿n￿& Rithard Morgan A¥vard 81 Shale Pnz• 2.847.126 32&>X) 88.086 I62.￿1 116.951 168.383 2,4CQ.652 111473 5,158 162,47•1 121.791 4417 873 7.OSS 1,346 678 62.226 3.037.916 192,949 61,011 f75,34B 23.631 153,026 2.911696 1114J261 131.2481 16.2131 (96,1501 126.1131 1412.US1 11.2001 178,3291 147.X61 1.025 6.9)5 43.18• 1,172 700.918 4•,411 15,469 700,120 3,221 3221 sth)iarship luTrJ8 885tyan Malcolm RO￿r0D￿ Zin*abwY Cthket Slmwthp 1.780. 71.446 148.7•21 7fj.21S 1,8n,718 17031 111.3T4 11J77 Prqeu fuNJs A¢*lwnl¢ C3pilwl Pr4ec Chapel 91,202 125.015 1147 S•.226 161,2$7 .828 37,646 I￿,143> 1194,$0• 170,2101 1417801 1310511 1155.6•WI 116.2751 1101,2001 1767 109,988 87.687 Di¢k US￿r￿4)d Partn8rshlFo Socl810 Other 938 1.OQ8 12J 12.775 1Ql.388 188 Totsl r•¥trlct•d lur .148.747 249.727 1254745 I1,513,￿> 1101.2711 30•,932 .J47,07T Page19 THE RADLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 UNRESTRICTED FUNDS G•nernl D•signat•d Total At 1 August 2024 Donations Investment income Grfts to Raley Collegé O￿ated by Radley College Costs of generating fund8 Trading Expenses Investment charyes Transfer Administration charges Gain on investmént 89$ets 360.002 94,918 87.478 (6.1171 4,819,219 5.179.221 94.918 288.894 1207,5331 588,080 {688.080) {9.420} 129.560} 201,416 1201,4161 {588.080) 19,4201 129,5601 250,000 {250,0001 (759) 17591 At 31 July 2025 General De8lan8ted Total At l August 2023 Donations Investmenl income Trading Income Gins to Rad18y College Donated by Radley College Costs ofgeneraling lunds Trad￿g Expenses Investm9nt charges Administration ch8rges G8in on investmènt assets 104, 723 181,874 63. 135 71,924 (37,260) 555,583 (555,583) (23, TIOJ 4,618,813 4. 723.536 781,874 259,273 71.924 f233,398J 555,583 (555,583) (23. 710) (28,685) (684) 196, 138 (196, 138) f28,685J (684) 229 091 22 At 37 Juty 2024 Page 20 THE RADLEY FOUNDATION NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 ALLOCATION OF NET ASSETS- 2025 Nel curr•nt Investments Totsl Unrestrkted funds General Dewnated 276.102 276,102 5 392 397 5.392.397 276,102 5,668A99 R05trfd￿ fund8 Bursary lunds Armed Forces Greater China James Wesson Fund Hamish Aird Fund Alan Rae Smith Fund Other Foundation Awards Hugo Rutland Memorial Richard Morgan Award Silk Shale UnNersity Prtze Keys Awaré Sean Ma Award 3.233,894 40,663 16,485 180,090 104.008 1,748,664 59.450 2.287 728 12,783 3,683 1.319.273 4,263 750 11,427 3,221 67,852 364,850 3293,344 42,950 17,213 192,873 107,691 3,065,937 4,263 764,563 11,427 3,221 87,852 364,850 7S3.803 ScholarshSp Funds 8astyan Malcolm RL*lnson Memorial 2.080,252 415 10 2.080,667 10 Prolect fund# Academic Capllal Projects Chapel Co-curricukqr Socials Other 128,635 128,635 225 225 26 100 375 375 119 8,284,494 1.851.837 10,138,331 Page 21 THE RADLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 ALLOCATION OF NEf ASSETS (contin￿d)- 2024 Nat current Investmfrnts Total unreStr￿ted funds General Designate 360,￿2 360,002 4,819,219 4,819.219 4.819.219 360.002 4179,221 Rèslrided funds Bursary funds Amied Forces Greater China James Wesson Fund Hamish Aird Fund Anthony Hudson Fund Alan Rae Smith Fund Other Foundation Award$ Hugo Rutland Memorial Richard Morgan Award Silk Shale UnNersity Prlle 3,036, 766 187.090 58.160 169.656 22,148 148, 925 1.45T,356 1, 150 5.859 2.931 5, 692 1,483 4, 101 1,45&340 3,037,916 192,949 61,091 175,348 23,63t 153.026 2,912,696 708, 128 708, 128 299 3.227 299 3,221 SGholarship Fund$ Bastyan Malcolm Robin80n men￿ri81 1.8T8,220 498 10 1, 878. 718 io Prqett fvnds Academ Capital Prqects 109,676 312 87,687 108 938 1,008 125 188 109,988 8T,687 Chapel Co£urricular Dick usherw￿d Portnerships Other 938 f.L￿8 125 7, 776. 125 1.570,952 9,347,QT7 12 595 344 1930 954 14 526 298 10. ULMMATE CoP￿RoLLING PARTY The ultimate corrtrolling paty is de*red to be Radley Colknge and as such the Radley Foundation'5 financial statements have been included wtthin the c￿$011daIed financial statements of Radley College. However, d8SPite the Foundation w¢hing for the berefii of the Colkg8. il is controll inrjependently by the Trustees oftht Foundath)n. Cop￿$ ofthe Radw Coll&3e wnso11dat￿ financial sL*ements can be obtained from the Chanty Ccffimissioners. Pag8 22 THE RADLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 11. GIFTS TO RADLEY COLLEGE Glfts made by Tr FOundat￿n to Ra¢ley c￿￿Je and Ww Funds. lo be applied 88 foll¢)ws.' 2026 2024 Fund 8urn•ry fund• Arned Forc James We88on Fund Foundali¢)n Awards College Scholar8hip and Butswy Fund Greatèr China Scholarship Anthony Hudson Alan Raè Smlth Hamish Aird &holarship Huw RulLgnd M￿N)r￿lI R￿ttard Mofgan Award Silk Keys Aw8rd 27.280 46.673 367,102 201,416 153.450 23,834 61.150 31,248 412,255 196. 138 144,226 96, 15J 26,113 6,213 1,280 78.329 47,266 10,063 87.696 29,257 Scholar•hSp funds Malcolm Robinson Memorlal Zlmbabwo Crtcket Scl¥)&rnh¥* 3.078 703 11,377 ProJ¢ct fvnd• Ac•Jem Capital Prqects Chapel CfxurrKular P8rtn8rships Oick ushe￿¢XII Computer Science Social8 Warden's Di$¢r¢tKJn Oiher 8,872 220,900 12,074 61693 101,674 1,133 550.320 6.969 46,843 194,585 70,210 32,051 15,2rs ioi Gfftld to R•J* College Gfft•J lo Vl¥ Mwry)rial 12. FINANCIAL IMSTRUMENTS 2025 2024 Financial ass8ts r￿SUred al anK*tised c¢￿t Financial assets r￿tsUred ￿ fair value Finaneial ILabilitw m&qsu￿d ai •r£rftiwJ cost 2.128.579 13.676.891 1, 931, 781 12,595,344 FinancK41 assets measured al amortis￿ cost ccryrise total d•blors, plus Gash at bank and in hand. Financkql assets measured al fair vdue comprise irNestmnts Financial Irabilrties measured al an￿rtiSed CC&St ccryrise t(knl creditOIS. Pagg 23 THE RADLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 13. COMPARATIVE STATEMENf OF FINANCIAL ACTivmES Note Unrestspaed Re5tr*Xed Total lund& Total funds 2024 2023 INCOME AND ENOOWMEKrs FROM: Donatkm and l•gacl•• SWvi￿$ pro%id&a by Rad Co1￿98 Tr&ding inwrn Incom• from InvMtmont• Inveslment income 1b 181.874 555.583 2,255.745 Z437.619 1,542.&43 543,W)5 71.924 71.924 24 T¢*•1 EXPENIXTURE ON: Ralslng fund• Services provlded by Radlay College Investment manager* lees Administration charge8 Trading expens88 555.583 555,583 $43,805 28.68S 44.391 73.076 68 21710 89,42S $45 23.710 Ch•rlt•bl• •¢tlvltl•• ArKJunts gffted lo Radhy C￿le9e Schdar8hips paid 11 233,398 1,513.803 1,747,207 1,909,386 Tot•1 N•t Incomell•xp•ndfturnl b•fore g•• 226,594 846,IY)7 1.OT2.601 {86.3961 Net gains111￿808) on investments 41 N•t mov•m•nt In fund• 455.685 1,200,330 1,656,015 {618.8ts)1 Fund ￿lan￿ bfouglrt forward 13 Fund balanc• carrf•d lorward 179 Page 24