2024-12-31-accounts

CHANGE FUND Istere Cha EPO nd FINANCIAL sfATE 31 Decem

Frnnt Plie coritEt P•yi pw3,45,6&7 INOEKNOENT AUDITDRS AEPORT P•w49&10 srATeMtNTol FI14AlK￿lAcyIvf Pay 11 OALANCESHEEr Py13,1415&16

Honor4ryTn4Stee5: MrWDEwn Mr L Ponson MrDMal Mrsj MaWwlth•k) Mr R Athms ITre•9Jrnr Mrl J 8alnes MrAJHack Mr K Nornijn Mrj D PadsoTrElb Mr M Iupth MrSFCTne L￿dOnwa Londo￿ EC2M 5QQ Secretary. Telephonw. E-m•lL' 07958 2(19367 Charfty Uaiwi Olficer. Telephone: E4nal: OIM 732458 dean•b•1144@waELcam Mrs G•ll M#sth-ow)d*d I 2024 07810 224594 Teltyhon• 46 Road CM3 5NG ker& rkn Bank p 90 LO￿ WC2E 9AA

In accord•K• wlth the Tnst Deed dd 19 M¥th XK the Tnslee5 Iltr report fiMnd•l st•tements forth• yearended 31 De¢emlw2024. 08IEcfsAND AcfMTIES The prthd￿ aal￿ty of The Stack affks Fund q%cn Is to prtykl• IS￿$t￿ for In necessltous drtum#arK4 SKh pers￿￿ tx mor•ofthe fOrmeror￿rrent¢mPityees ofthe london st￿ Exth•n8e or • Member Fkm of the Stock E￿￿se Or any may be used by tIMt bth In ihe futtry ortlw ATh1 tythe t4ASty¢rthlkl ordkn Iwheth•rlnf•ntsor notl of •iysuth person. At the rnee on 26 Febr￿ry 2025 It w ayeed that the Tntsthes at th dsuelkni, condder applkntkn The Fund helped 40 rtdplwts (2023- 42 fedpow￿ ￿ mmthly. r¥wl and spedal 8rnnts the month wlod cover•d by thb feiioiL The ¢ondnuE5to h redntsvAth fflt• grants towards the costs of nnln8 a household, 'Me off paymenls towath spedal needs tasesfor Items ￿ surykal 4pplIanc￿ moblllty costy household 8ood4 and funeral expensa Most pemnsvkno receP4ed ldurln8 the year ret•l¥ed • Chrfslm•s monetsry 8IL The Fund ha5 conilnwd lo b• dulgent kn lis houkeep decbhx The 8Trnts bel pald bythe Fund decre4￿d In the￿r co%red bythese The Truses Trvlew all flnandal statrjs and need5 •1 once • yw and dock￿ on an Indfvkluafs ihe level of help the F￿)d ts •ble to When an applukn Is rttefved lof the lknt tIM￿ the Indlvklual recelves a vlslt from the Fund's Charlty Ualwn offi￿ and her ieport Is to the Trustees. Dependln8 on the INll¥ldual'5 ¢knmnce5 lebTI of tt• be ts tkn deddeLi If any person atready belng I￿lped ty the Fund hs • petstywl drcwMtsnce8 then procethn Is followed. The Tntstees are very a￿e of the rned lor pusonal contsrt and as kn Nev￿$ yeas the CtATIty Ualson Officer. somellmes accompanl&J by a Trustee or the Setrew, vtslted mast of the Funrfs rnnts In thek The vldts are of a 41 nature to oifef lrfendtysupport and ad¥ke then ￿ed• The Tfustees would 4pwed•le receP4hy Infcffiwilon coKemln8 any pers(Ob employed In the Induslry. or thelr dependanty who may be In flTh￿d￿ d15W•SS and qual￿ for asthnce: swh Infomi•Uon m•y be conveyed In cOM￿ets confldence to the Seryew, Jennle IleftdrkK the Charfty Ualson Offlcer, Gall Marxlen. or any of the Tnstees at Ih addrw SI￿n on py two of thls Infpmmtlon and •ppty ts Mllable on the Fund websfte-w¥rnaecfvmd￿￿ The Tru#eeswoukl le to those compantes vtho hm afthnd membetsolthstaff to acl as Trustees of the Fund and Indmdual Trurtees vtho have contlnued thelr of the Fund. We are a th•rty for Ihe Se￿diles IndiiAry •ftd therefore any h re￿￿d from helps US to h fomwr colleagues who are HlstorftaltyTrnstees and ¢onsultarts wlwlt reclplqrts of thè Stock EXd￿nv aerks hm been the(ed the Crlmlnal Records owe1￿ThoSe that hm been thecknl hwe (kn recLvds. A Tnth •xconsultant wlll b• Deana Bal the cwreth IJHrlty U•lson Offi￿r reilred on 31 iemkn 2024. after nearfy 40 ￿315 as Charlty Ualson Offlcer. Th• Tntstees remembered Deam's yeat contrlbutlon the and • thank you retlrement Iwith was held for D￿n4 on 6 F¢￿￿¥ry 20S Gall ￿l*beTh aP￿thd •s the abarlty Ll•150n Offlc¢r on l Ortober 2024 to fNorl D￿na 31 Decanber2024 •xl took obwth¢ lJènu•ry 2025.

Honorary Trustee5 ad¥lse ￿ Tntstees In relatlon lo the SECF knveslinent prorm but ere not to moke ded$1￿ortthe use of the h)¥esfftnts and Ils In¢ome. Trwtees hwe eontrol ofth• Charity•nd ts propèrty and fvnds; tsyhwe sole dlscreilon fflaklfft8 pymerts and assesslng to be 4en In accordance wlth the Fund's Tru# Oeed125 November 1982) and Suppkmerfal Qead5 (12 Juty 1993 23 Au8ust 20061. T￿￿ee5 and HonoraryTrustees are aPp￿Thted by h￿tatIon from the TnAtees then In offi¢& A newTrusla• Is nwde avAre of hls dutles Jftd obllBatlons lo the Fund and its reciplents and recefves coples of ts Fund's Tfux Oeed and Rules• prevlous Annual Report and Fknanclal 5tstements and a copy of the Charfty Comm15slon leaflet Th E55entl•l Trnste¢: What You Need To Knthrf. john Dust r•￿sned ¢Jn 14 Nov•mb•r 2024. John had been a Tn slnce 1984. and the Trustees thankedjohn for hls I?￿5tandIngcoMfflltmefit to the Fund. No new Trnsrees weR appolntsd durfng the ye•r under revlew. M• of the Tft￿tees are held on a quwterfy b•sl All dedns are put to • voth and 11 there k not a ffllorfty dedslon then the Chllr has the ¢astlry vote. The Settetary ofthe Fund. who Is appolnmd by the Trustees tske$ mlnutes of theTntste¢ meeungs and hnplements aThy declslons mlde at tho mietlw. The 5¢cretary reports to the Tr￿tte$ qll actlons they. or anyone under thelr dIredlo￿ has taken. The Trustees malntakn a 5tstement of Investmttt Polky.Ihls was tsst rthNed •t the Annual Genernl Meetln8 w 9 lay 2024. It wassned •t the meetln Global eqtheThJoyedanothereWlanally stroryy•ar of returns In 21YI& US #ocks 5tsndout perfonners due to hlgher economlc growth rates and a 8reaterWelBhtI￿ to the best perfoTmkn8 sertors olthe past 12 months In p3rt1cular tethnolo8y. AIthou8h major cen￿1 banks be8an cuttln8 knterest the slze of the ductkjns was smallerthan many had anlldpated at thesthrt of the year, ¢ausln8 bonds to underperfo The MSCI Nwth Affl¢rlca Index posted a 2024 retum of 27￿￿ outperfomilni the ZO.3% forthe MSCI AC World kndex lall returns In sterfr& unlw otherwtse ststed). Thls marked the second yearrunnln8 that US equllles feturned over 209L Although hlgherb•luatlons p3rdy explaln the stron8 US perforni•rtet. stocks also supported by rf •amlw drfven by r•wnu• yovAh and expan510n. Whlle vitlons have rlsen the pastyear- the MsaAII Countsyworfd Indextrthl •t• 12wm0nthfo￿￿d prfcelelmlngs rntlo of 19 In iknber- thls ts only swdy •bove the lon8 fun wera8e and hea¥Ayskewed by the U& Theylns n)ean US stocks now account formorethan thlrd$ of the MSCI Al Countryworfd lthx. DonaldTnllnrfs rtreledlon poses • potentldlysl8nllkant cha￿e tothe we¥alllffj fflicroeconon Oth. Republlc•ft Control of both houses OlCon8￿5S. albeft wlth a narmw mI￿rIty In the House of Represent•tfve& furthef SllPPOrted ihe so<alled Yrnmp trade., sendln8 US stock benthmoiks to new all4lme IWS. TechftoloBy, flnanclats aThJ Industrfalsall perfmd post the elertlon, on rye¢tstlonsof hl8her GDP grow￿ 8 It8htsrregutsltyy louth and a yeatsrfocus on reshorl Use￿wIC dota canllnued to look solld coDNxred to wlth the serknsectore￿t￿l3ty Stro￿ The UK economy Str￿led. as8WOV4th Sputter￿ kn rtcent month&After solld growth Inthe first halfof 2024 the subsequffit f•ll hl8Nl8hts wrne of Ihe chaUeny5the iabow govemmgnt hce In dellverfn8 on Its alm to yowth it the centre of Its agenda. Thls should not Impact UK equliles ¢￿t much however as only 25% of Msa UK revenuw are derf¥ed wlthln the UL

TRUrn REPORT(ConVdl chel ftee¥e< tax41ry bud8eL wlth Increased employff¥ ￿tIonal Inwranc• CoMrlbuilons4nd a hltsr mlnlfflm wage• VAS exp•cted to hltthe retsll and lelwve sectors hathst due totho relatlvefy hlBh numberof low Id m￿lOveS There are 4lso some In￿stme￿t oppDrtunlls thouts• potsnthlty •rThmd bU1M￿ prnductsasthe gmrnment alms to buKd Ism new homes h) the nexl y•ai& The Msa UK wetrjrned • rewe¢t•ble 9A%ln 2024, underperformlnsthe ils b￿oU￿trfOnh]r￿ contlnentsl pews as the MSU Europe ex UK returned 17%. Softer •xport deffi￿￿ due to Chlns slowknnand PDlllkal Inmblllty In Germany and Frnnce - the Eur￿one'S ts¥0 laryesteconomles- welahed on perfornHnce.The pound ended the year 1.7% lowerat US$124 lowards the lowerend oflts 12.month aft•rthe US dolhrstr•Wh¢ned nfficanily followln8the US ¢led The outcome of the US et¢ctlon. •nd toa lesser extent the UKbudEeL h•¥ecawed a hl8her In bond ywdsand markets are nowexpedthg Interest rdtesto be hl8herfcr lonser. In 2024 the BOE tty•rtred itsba rnte from 525% to 475 tl Federal Reserw (Fed) cut frnm 530% to4.SO%and the European Central Bank (EC8) reduced Its benchmark rdte to 3.0% from 45% Ded¥atlves markets are prfthB In rntes of around 4% forthe BOE and Fed at th• end of2025. wlth ihe EC8 expected to cut ￿ k•y rnte lo below 2 The US 1￿yearTreaSury yleld 8alned almost 100 bjsls pthts slnce mM4eptemberde5plt• l￿b￿S pothts of Fed c￿￿ Thls mo¥e laryly expla1￿the Comparab￿ rlse In the UK wlth the I￿Year0111¥1e1d rtsln8 around 3.75%10 4.65% suuestlDB hl8hr UKylalts aTe malnly due to external factors and not questlon5 Te£a￿1n8 the UK's115c41 ¢¥edlblllty. H(wever. hlaher ylelds debt more expenthe and If they rfse muth fvrtherthe8overnment m•y need to r•duce spendlng plansor rnlse tsxes. to not break thelr own tlscal nde& Tenyear8llts retyrned In 2024, although shgrt4•ted11>5 years) bonds wern posltlve. retsffll￿ 2.5% Investment 8rnde corpordiesdell¥ered a 2.1% ftturn. Bond market ¥aluallons ippeaTed attractfveatyearend level4 butpolenualtysucky InfvtloThand the strenglh ofthe U5 economy suyted ￿tsIn1￿ neutral pos1llon1￿ wlth regardstt• duratl¢yL Credlt spreads Iwitened durlng the ￿ar and UK spreads ended at thelr tlhtesl level$ slnce 2007. Aglobal economk 8vovAh outlook of 3% real GDP for 2025 b re3St￿able and The US economy rem•lThs roburt and aluwh labour markets have we•kened $I￿￿V from t￿t thls thls biittle cause forrylncem •t presenL Infiallon1&gs returned dose w iaryet and core Inflatk•n ts mDvlnB In the rf8htdlrecllon.There are potefttlal rlths from Inflatlon St￿1￿ hl8her ¢han experted and 8eopolftkal ten￿on5 Inueasln& There Isa lot of uncertalntysuff0undl￿ the Impjct on Ifade and 8eopolltbfrom the Implemwtstlon of t•rfffsand ¢hls meflts dose monftarln8 Hawever. we bele¥e aweBat¢ Inwcts on Inll•tlon from tarfffs wlll prm to be O￿thAte compared to the InllailoMryba¢kdrop of recentyears. After • couple of 8ood ye•rn8lobal equliles have •bo¥e a¥erw Y4lukn5thto the US matht ImpacL but thLYe Is (tassurance In that tlw remlln supported by Stro￿ eamlnB$ 8fowth and Interest rate cuts. fqu• attrnctlve are bonds ai¢uffentl•¥•ls wllh attfacd¥e Weldson offer Ind more Interest rate cuts expeLie n Is the Intenilon ol Ihe Tiustees to conlIn￿ to admlnbter the Fund under Its cuffent syslern (p•8e 3). 10 ¢onrln to dedde on the level of help to be olven to Indmduals Ipa8e 3). and to contlnue its Investment pollcy Ip¥e4). AIRTHER INFORMATION At ihe meetkn8 on 12 May Z(116 ft was ayeed thjt the Ch8rly Uolson Ollker a 8u•rnni•od Mnu•l kncrease of Xand that the5eUetsry￿Uld Increases as48reed tytheTnstees. Atthe meeUn8 on22 Feknwy 2018 Itwasayeed thatthe Seuewwould recel¥e aaUTnnteed annuol Inrrpaseof 3 At th• m••thw on 29 Febrvary 2024 as an eKeptlon It vrns that the awlty Ua19￿ (lfflcer •nd the d rece￿ 2%bxkdated for 2(ll3. knathlltlon lo 3% prth)wWryeeO. afid S%lncreasefor2024.

The SECF conunues to have the m of offlces at Sall4)ury Hou london Wall. The Thth$ to fecord thelr appreclallgn to the Stock Benevolent Fund ft>r theli con11nu￿ support of the d>arfiyln donathg the offlce space to the Tru5tee& TheTrnste￿ do not conslder It Is approwlate to hove recorthd suth a￿l￿M•nts In th• •$ It Isdeemed to be Imm•terlal In the contextolthese acmunt& The Trustees have set up a webslte w WWAeCfund.o￿Uk Th15 Indudes Infornwtlon about the Fund and how to •ppty for asslstance. The Bank¢TS to the Fund, Oardtys Bank remaln unchan8ed. Qullw cl￿￿¢ Investm•nt Mina8ement •re the Funds rt custodlan& Qulltv Chevlot Invesbnent Manwment wwe acqulred by Old Muttwl Wealth Imstment company Jnd were rebranded to Qmllter In 2018. The Ilullter Chetht team vAK• look aft•r th• SECF portfollo wlll remalD the sam AUDm)RS A rttolutlon to re4ppolnt Po(ne115 Audft Umlted •5 audIt0￿￿o$ passed Itth¢Ann￿II Meedn8of the Fufid hekl on 9 2024. The •ppolnlmeni ofaudliofs for 2025 wlll be proposed atthe Annu•l General Meetl STATEMENTOFThUSTEEY RWQN51BIUTIES The Trustees ofThe Stod( Exthange aerks Fund are resptyKlble for preparh¥ the Annual Rewt and the Fjnandal Statements In accordance whh appllcable and Unttul Ac£ounllry Standards (Unfted Kln8dom Gener4￿A(CapIed Prlcfkel The law appllcable to charftles In Ennd & Wales requlres the Tn￿te￿ to prepare lIn￿d￿ staiernffits for each Ilnanclal year whlch ghe a trne and f4tr vlew of the state of affalls of the charlty and of the Ineomlng resources and appN¢•ilon of resowces of Ihe th8rfty for that perm In prep4rln8 these flnudal ststements the Tru5tses we requlnl to: Select sultable a¢count5n8 polkles and appty them cgn$15tentty; Obser¥e the methodsand prfndples In theCharftlesSORP 2019 {FAS 101) Makefvd8ements and estlmates that are reasomble and prudent State whethw appllcable Kcountln8 stsndath have been follovM& subjert to any materfjl departuresdlsdosed and explalned In the flnandal ststements: Prewethe finandal statementson the 8oln8 concern ba4s unkn ft Is Inlpproprlate to assume that the chkn wlll beabk to Co￿￿￿¢ In operntlNk The Trustees are respmslble for proper attountlng ftconls that dlsdose wfth reasonable le￿￿￿ at any tlme ihe flftanthl posltron of the charlty and enabk them to ans￿re that the flnandal stat•m•nts comply wlth the Ch•rftle5 Acl 2011, the Charfiles IAccounts and Reports) Rwlallons 2008 and the provlslons of the Trust Deed. They are also responslble for sofeBuanllng the assets ol the tharlty Ind hence lor rwson•bl• st•ps for tho Pfeventlon and detectlon of fraud and oth¢r Irre8uhrftte& The Tru5tses are Yesponslble for the malntenance and Inte8rfty of Ihe thjrfty and Ilmndal InfomMtIDn Induded on tke Chorlrfs webslle. Leglslauon In Ihe Unlted Kln8dom 8ovemln8 the pftplratlon •nd dlssemln•tlon of Iln•ndal statements may dlfferfrom legW4tlofi In otherfvrtsdl¢tlDn The SECF seeks to use the prfndples of leadersh1￿ Inte8rlty. dedslonqnakln& board effect￿•54 dl¥eT*, openness and acrthntsblllty as Included In the Charlty Governafice Code to thsure hl8h Stsnd•rds of 8o¥ern•nce and to support con11n￿ ImprmomenL Thtsvms re¥lawed by the Tiurt¢osfollowlni the February 2024 meeltr¥.

TrUSTEEY REPORT (Cmed) GDPR The Trustee< Prlvary Pomcy be Vlewed on Il Tmebslte at WWa¥. und.o WEGUARDING POLICY The Trustees maintaln a Safe8uardtr@ Polky. This was lasi r•wed ai ihe Febru•ry 2024 meetlN& and no amendments wefe made lo the Policy. FINANapi SUBahMMITfEE Iforn￿￿¥ Hnancla Controls Gnwp) The Flnanclal Controts Group was renamed the Finandal Sub<ommltte¢ and ihls malnthlned the year to monilor the Fund's financial controls wlth particular reference to the BuTdellDes on kntemal financlal controls for tharltles Issued by the Charft5 Comi$5ion. Terms of Relerence were a8reed at the 12 tember 2014 meeih)8. A Trustee and Consullant EXpe￿e Polky was a8feed at the 14 November 2024 meetF PUBLIC BENEFIT REQUIREMENT The Tfustees belleve ihai thls rewrt lulllls the reqv1on￿ts of thelr legal duty in summarlsln8 the objects, maln ac¢ivliles and achle¥emenrs of Ihe charlty In the year uNJer feview in accordance wlth sectlon 17 of the Chariiies Art 201L On behalf of the Trusiees J Mayhew Chalr RAdams Tn￿tee 2025 2025

We ha% •udked the Ilnanclal stat•ments rfThe Stock Exth•r4e aerks FWNI forthe year ended 31 December 2024 whlch comprfse the Ststemeiits of Anmdal the Balance Sheet 4NI the fqtsted notsk Th• fiMThdJl reportlNd fr•mewth that hs been appV￿ In the prepwathxls appkable hw and lth1t￿ Vjwdom Accountln8 Stsnd•rd% Indudkn8 FRS 102 Tri• Hn•Ddal ￿St¥￿d ble kn th UK and Repthllc of (Unltad ve a In hlr ¥lEw ol tht thte ol the ¢harfrfs aff•ks •$ al 31 lJ•cqmb•r 2024 Ind of As Inc re￿U[ce$ and appllcallon ol rns¢wr¢es In the ythrthen ended: BMknforoplnla• W• cond#•d our •ccorf•nc• hern•thMI StsThl•th IUK) (f•4$ IUK)) and appknble l•w, Our respoMM>llltl•s urKl¢r th(M st•rnl•rds ￿ fwth•r ¢l•sttlb•d kn th• Audltorfs r•spoMMtl•s for th• •udlt of th• fiMnd•l ststements sKUon ¢1 our reporL We we Iwent of the dwrfty In accord•nce ￿4th the ethlcal requlrements that rn relth•rt to of the IlrwKl•l sl•lements In the UK Indth the FRU5 Ethlol standard. and w• h•¥• lulfilled ourother ethknl r•5poMlblNis wlth these rtqulremenl& W• b•llth• th•t th• audlt wld¢K• w• hm ob141n•d1skn¥¥11gproprf•t• lo • bxts lorowoplnlo Condy•loM rnI•ll￿ abn¢•m In 4udltln8 the tln•ndal st•tement4 we IN¥e cond￿￿ed thtt the tr￿1••( use of Ihe lohry 0>￿M b• of •¢countlna th the weparniion of the Ilftancl•l tsteMe￿$ Is •ppro Blsed on the work we hm perfoffl￿. we not Idenlllled any m•t¢rf•l un¢wt4lnll•s r•l•tln8 to •%nts or ndltlons Ih•l Indl¥llw•lly or ￿lleCtl¥tI¥l m•y ￿$t $I￿lIkant d￿bt on Ihe th•rWs ablNty to contlnue u a eol concorn for• p•rfod of It least twefve monih from whn th• fimncknl thtements •re •uthoAl for Is￿. relevant srfilons of thls reporL the trw¢ee< Infi￿1 report, other th•n ￿ lkn•nd•l st•t¢ments audlwrfs th•r•th Our oplnlon on the fln•ncl•l ststements does not covttthe other h)forn)thn •Thl exc4lttothe •xt•ntoth•rwlse explldllyslated In our repo¢ we do not expr•5s ￿ hrni of •ssw¥nee conchslcm therton. In conn•ctk¥n wlth tjur audft olthe flnandal ststefflen￿ our le4￿nSW1ty b to read the other Informallon and. In dokn8 so, con51der whether the other Infomiiilon ts m•le￿IlY wlth the fln•n¢W stst¢ments or our kftowled8• oblaEnad In Il wwjft or Other¥A￿ appea￿ lo be ffwterfa rnJsst•ted. ff * Idéntlfy s￿h m•terfal Inconslrtendes or app•vent m•terfal mlssl•tements * are to det¢rnth• wheth•r thu• h a m•teflal mtsstatement In the IIMnd*l ststements or • matorkl mlssfatertmrt d the otherlnfornwtlon. If. bxed on th• worlt we have perfomx¢ Tme CO￿ thatthere15a miterl•l nknt4tement of ihts oth•r Inforni•tloffj TM ar• rty￿red to rnpwt that We h•v• nothlng lo reyt In thls

Reports) Re8ulatloTrs 2008 requlre usto report toyou If, ln ow oplnkm rnpor¢ or the (Ina￿111 st•t•mMts ar• no¢ In 4yeementththextth#kn8 recort. or we hove natrerefved IU the Inftxmth •rnl eMpl•nntlonswe requlre forouf of the finandal statements whlch tye a lyue •NI hlr vlew. •NI for￿ lrtwnal conirol ￿ the InNtees d•t•rmlne Is to or Irror. ID W•P•fkn8 the fln•rtld stst•lW InThte•s •rn le5pth￿t far•ssesslry the dwrws •bllty to CaAtlnue u 4 dlsdo as •pp1kabI￿ m•tt•rn f•lat•d to c¢xK•rn and th1 concem b•%ls of accouthiinl wiles5 the trustees dther kn¢end ts> lIq￿le th• ch•rlty or to c•as• operntIo￿ or hm no I•￿￿tIC althm•tlw bul to do ￿. W• h4￿ bmn appolnt•d ￿ audllor wder secdDn 14$ of th• kt 2011 •nd rwt In K(ord•D¢• fAIth I (￿r obJ•¢ih•s irn to obi•ln f•wMbl• Its￿¢ ¥hl•th•f tl fln•nd•l ￿taMents M • TA1￿ ar• fr•• from m•lerlil mlsst•t•rneiK wh•thw due to or •ffor. •KI to Isw• report that In¢Jdes ow oplnl Reasonable assurance hl8h level of assuAnce. Ixrt Is not a 8uarnntee 111 • •wllt cOnd￿ted In 3c¢ord•nce wlth ISAS IUKI wlll 4lw•ys detert • ffl•terf•l mlMtatofint tt •1% Mbst•tem•ntscan arfs• from fraud or error and ¢on51dffed m¥t•rf•l 11. Indmw or ID th• th•y could feasonly be expItt￿ to Inlluenc• th• Irrnwl•rflles. Ind￿11￿ fr1￿1. •re Inst￿$ of ¥Ath and We de wo¢•dures In lkne wlih ow ftsponsfj>llW outlln•d il)M. to deteLt m•teft41 nknrnents In iesP•rt of Irr•8ularftl•& on ourdlwjsslons wlth th• th•TnMlee4 Wi Idefftth•d thatth folloblwd kn and . Those l•ws •Trl Th8￿tIOnS c4Nuldered to hm a drrftthtton lkn•nthl statai￿ts InchAle UK flft•nd•l r•wllryAandwth•nd Clwlty law. tharity•nd therefore m•y h•¥e • maierlal eff•cl on the 1kn•￿1 mtements Inthdèctynpllwts vAth the ¢h•rflalthobJ•ctl¥•s PLth bon•fiL Afwwrdln8md h•ah •nd safety l•8lslatlo These mattm were dIsCus￿ amthwt thè twmat th• pknilry s and Ilw tomn rqm•trd alqrt to n¢MKom￿nQ thrwhout ihe Allt proodwesundertaknn kn response ￿the lo kwJl•rfllES (wlh Iff￿ Ind

th• ffidtycthnpues IM Ind re8ul•dw enqutr115 th• Am•¢Mc4lth￿4ct￿II or potenttsl Itugattonordakni Inspectton of reknant ernponden￿ re¥lew ofTru5tee meetkn8 mlnirt4'twUnBthe •pproprf•tene55 oljaurnal entrl•s: and the perfornWrt•of analydc•l re¥l•wtoldengfy uneythd mo¥ements In a¢count b•l•n¢eswhlth may be Indlcatfve of fraud. No Ir&Mnwofmaterf81 fion•n¢¢rn IdenlMd. H￿fftr, the Ilkellhuod otdetecuni IrwknrlUe4 Indudlng frnu4 Is Ilmlted by the hthernntdIfflo￿ty In detertln8 Irrn8ululde the •rfe¢1￿ oftheenws c•ntrol4 and the Mture. tlmlns and extent0ftheatsdlt￿0cedUreS perfornieL Irre8thath that resultfrom frnud mlBht be Inh•1￿ morn dlffladt to deted th•n IrYegularftl•s thatnsult fromerror. As exphlnedlbm, thue Is an avoldthk that materlal mlsstsiements may not be detected. eventhough the JudSthBs been phnned •nd p•rfornied In •ctonl•nc•wlth IS4$ (UKk A fwther d¢sul￿On ol our v•spoMINIIUes for thfj iudtt ol th• Ilnand st4temMts ts located on the Hmndal Reportku Coundvs webth •t htt￿l￿vWw.frQaffjUva￿lltoTVOSPOns￿l￿ TNS d•suWon fomw p•rt ol our •udltofJ riporL uH￿0￿r Y•port Thts report 1$ made so18ty to thè charW$ trustees, as a body. In aCco￿ance wlth Part 4 ot the Cttarftles (Ae¢fj •nd Reports) Re8uhtlon$ 2008. Ow •udltwork h•s been ￿dertaken so th•t we mltht state to the trw¢ those ffatters we 4rerequlred to glate to Ihem In In wthtorf$ report and for no other Pury￿e. To themlesi extent Pern￿tted by law, we do not aw or assume responsthlmy to anyone other the dbarlty and the ¢hKWs trustees $• body, foraur •udlt for thls fQPDrt orfor the oplnlons we h•ve fornied. J•remy B n U S•nlorStstutory Audltor Forand on beh•lf of Pocknxlts A￿lIt Umlted ChArtered Acclwntantsand Stslutory Audlt 46HullbrMp Ro•d ESN CM3 SNG tht Umlt•d bel￿1¢ to attas an audlior In ternis of sectkn 1212of th• Comp*thAct2Q06 10

Donallonsand le8Kles (not• Ik) Investyntht Income IrA)te 51 101475 37971 Grants pryable In fWtherU￿0fthe Charftvs obJectl¥es Inote 8) Vlslts to grnnts rtdplents Audlt Fee 175Jn 11699 206￿58 73 3276 Net u•ln51 (los￿>0￿ krJ•Affl•rtass•ts(rtS) 43 419)7 rtst {Outyolry) Re 14AIO Totslfvnds forwd &IIU47 Totslfunds ￿ryI•d foThv*d

a•nval Fund Axed IntereX18ond$) th￿eX Lhed18onds) knvestmentTntsts OrdlnaryStock5 & wes 175J43 430J54 1093.620 L07L4n Preptyments Deposlt Loan C•th at bank andth 24,148 24,603 28m2 Cath In hand 43,1 41751 •WIt f•e KcNal Sundry ¢r•dltors 3,276 3376 Apprawd afi b•haff oltheTnts*ts afv J Myh•w (tha 12

RepuFAkof I￿9nd (FRS 102) ISSU￿ InOctob•r2019. the FIA•ActhI R•wtlryStsndrd appl￿bbtheUThttej IAcmunts •nd Repxtsl Re1utstkn￿2o0a ototh• •xt•rt rn4thd Ifue •ffid l•lr¥W.ThIs •pplcable todwrltks pw0rfn8the1raceo￿ts In xuKdmTAlthth? HAandol Ileporth¥Stand•rd •pp1kab￿l￿ thi UKand R•putsllcdlrnl•nd IFRS 102) lsswd In Octolr2019 rntherth• theACt￿nI￿l and RepDrtlr The Prfndp•l acc￿￿1￿8 pokles B•st$•fA¢¢￿ntr4 (b) QwX•d hm bo•n ¥•lwd at the nthldle M•￿et at the dose ot Iwskness at the ￿t- •nd. The mits ts 18k¢n ¥ the of the bld •nd offer pths at th¢ kn￿sIme￿ts asp0￿1 of the ye¥ ￿ a¢¢ou*d for kn th• pr of dlwnl. Unrerltsed Ic) All ￿nd$are￿wI#￿t 13

L•JlX Dlrect Costs Support Costs 2024Totsl 2023Tolal Grants Popble Vtsltsto Redptsnts 127.7S9 44214 175,973 Support costs ￿lO￿ted on the bas1501ex￿￿IIl￿rr. Grnnts vtsits to Payaljle Red 2024 Totsl Postage ifid AdmSnlstralloD prtntkng and Stsllonthy Computer ExpEns•s Con5ult•ncy Fees Consullancy Ey 3A23 3MI 127 4.168 117 46￿92 39.265 2023 tfDrwant 15 at ljanuwy Aldltlons durtna the year Costw at 31 De¢ember 8rou8ht forwwd os •t ljanuary Provlded dUrf￿ theyear cumulated deprecLgtbns as •t 31 Oecember Net book rdlue as at 31 Docomb 14

In¥e#ment Income 2023 Flxed Interest (Bonds) Index Unked In¥estm•nl Thi U K Equiiles sn4 94￿ 36938 Intev•Jt •n c•th dIp￿S 35,800 37,971 2024 M•rketVik Co Ma￿t Valu• Fkxed {8onds1 lftdex Llnked (Bonth) 157078 11,665 416.688 16Q256 13222 592m3 166,945 11666 3[￿,111 17S,143 14,031 45¥944 U K Equltlts MV•t Iinwry Pwch•s•S •t Sales Chny In M•tsValu• Mvat Ott•mber 2024 Fknl Inl•r•rt (aends) Index Unked In¥*slmeni Thists Ch•ritsbieTiust UK Equ111•5 17S,143 14,031 45L944 14h35 25,￿¢ 14.218) {809} 67.863 160,256 13,222 591093 IS9,512 87,226 15

2023 Fts￿lty uaTS JP Moryan knvTrust Sthraders US Larye Cap Fthllty Europea Jinus Eufapein 1gMres111 Core M&GJap•nese FbAslan Vak Pruslk IM A￿1 Eq PKfftc ca￿ts1 T•mpl•toTh Em•rykw M¥k•¢s 96h37 64AIO 352 27,6 36ml io, 19,502 19,532 21Jn 22m4 50 21398 19,152 2LS52 23.709 Th• folwlry Inwslfflwts ry•i•rt mDr•th•D YA of the Ptytfollo •t M•ts JP Moryn Amerkan tsNTr￿t Sthrod•rs LLS i1• C•p 9637 64A Flx•d In¢•rn M & G OptlNI Sa￿1 86,749 Th¢ Se￿I•V. P•tr5 Hernlthk recehyd £19319a412021' £17J891 and the Ch•flty U•lwi Offl¢•¢ Mts Deam B•ll r•thl¥•d £1427174120a" £ZQ733L •nd Gall M•Nd•n £JACQ12021: NI) forconsultsncy s•rtrlc•s hr thi￿￿. Grnnts mMthrOlthwlo￿ Inck Til*4 thwl¥th•y••rwk nR12023:nl) 16