2025-03-31-accounts

Think new things Make new connections THE COUNCIL'S ANNUAL REPORT AND ACCOUNTS 2024-2025 AEBWK09K 2610912025 COMPANIES HOUSE A30

TABLE OF CONTEIYTS The Ditchley Foundation Office Holders, Trustees and Committee Members Finance and General Purposes Committee Programme Committee The Trustees. Annual Report Aims, Objectives, Activities and their Public Benefit Report of 2024-2025 The 2024-2025 Programme of Events Other Projects The Ditchley Team and Govemance Plans for the Future page 2 page 3 page 3 page 4 page 6 page 6 page 9 page 10 page 11 P8ge11 page 13 page 15 page 15 page 16 page 16 page 16 page 18 page 18 page 18 page 18 Financlal Review Development Report Private Events and Other Income Resetves Policy Financial Resilience Statement Fundraising Compliance Notice Structure, Govemance and Management Trustees, Responsibilities Principal Activities and Business Review Dividends Directors Consolidated Accounts Independent Auditor's Report to the Members Consolidated Statement of Financial Activities page 19 Pag8 23 page 24 page 25 page 26 page 27 Consolidated Balance Sheet Charity Balance Sheet Consolidated Statement of Cash Flows Notes to the Accounts Page 1

Offlce Holders. Trustees and Committee Members COUNCIL OF MANAGEMENT rustees of the Foundationj Chairman The Right Honourable the Lord Hill of Oareford CBE Members of the Council Ms Rushanara Ali MP (retired 27 September 2024) The Lord Bridges of Headley MBE Ms Pamela Dow Mrs Marjorie Neasham Glasgow BEM LL His Excellency the Honourable Ralph Goodale PC The Right Honourable Dominic Grieve KC (retired 25 September 2024) Slr Julian King GCMG, KCVO Mr James Landale The Rt Hon the Lord Mandelson (retired 5 February 2025) Mr Jamie P Merisotis Mr David Morrison Mrs Ellzabeth Padmore (retired 25 September 2024) Ms Emma Reynolds MP (retired 25 September 2024) The Most Honourable The Marquess of Salisbury KG KCVO PC DL The Honourable Rupert Soames OBE (appointed 25 September 2024) The Honourable Robert Wills Company seC￿lary Ms Katie Williams ' The High Commissioner for Canada serves as an ex-officio member ol the Council of Management for the duration of their tenure as representative to the Court of St James. THE FOUNDATION'S EXECUTIVE STAFF Director. Mr James Arroyo OBE Chief Operating Officer,. Ms Wendy Shepherd (to 30 November 2024) Chief Financial Officer.. Ms Esther Teeken (from 12 December 2024) Head of Programme Delivery, Estates and Operations, and Company Secretary.. Ms Katie Williams Registered office: Ditchley Park. Enstone, Chipping Norton, Oxfordshire OX7 4ER A company registered in England (No. 599389) Ilmiled by guarantee and not having a Share Capital, registered as a Charity (No. 309657) and exempt from Income Tax and Capital Gains Tax. Auditors.. Gravita Audit Oxford LLP, Oxford Bankers.. Barclays Bank plc, Oxford Investment Managers.. Partners Capital LLP, Cazenove Capital Managemenl Solicitors: Bower & Bailey. Mccarthy Denning (HR legals) and Gillespie MacAndrew (Scottish Solicitor) Page 2

FINANCE AND GENERAL PURPOSES COMMIThEE Chainnan Mr David Morrison Members Mr James Arroyo OBE Mr Nicholas Ferguson CBE Mr Daniel Higgins (appointed 2 September 2024) Mrs Elizabeth Padmore (retired 25 September 2024) The Honourable Rupert Soarnes OBE Elisabeth, Lady Stheeman The Honourable Robert Wills Secretary Ms Wendy Shepherd (to 30 November 2024) Ms Esther Teeken (from 12 December 2024) PROGRAMME COMMirrEE Chairman The Rt Honourable Douglas Alexander MP (retlred 18 July 2024) Vacant Members Mr James Arroyo OBE Ms Rhiannon Bearne (retired 16 May 2025) Mr Rudiger 8ohn (retired 23 October 2024) Ms Jessica Cecil Mr David Claydon (appointed 14 Febru8ry 2025) Ms Lucy Coutinho (appointed 14 March 2025) Deputy High Commissioner Robert Fry Mr Alan Gemmell MP (appointed 3 March 2025) Mr Charles Grant CMG (relired 16 May 2024) Mr Will Hines (retired 8 May 2024) Mr Darren Jones MP (retired 4 September 2024) Mr Karl-matthias Klause (appointed 19 December 2024) Mr Hiroshi Matsuura (retired 23 October 2024) Ms Alison McGovern MP (retired 22 October 2024) Professor Melinda Mills MBE F8A FACSS (appointed 4 March 2025) Dr Munira Mirza Dr Theo Mitchell (appointed 14 February 2025) Professor Rana Mitter OBE FBA 'Mr Sam Selvadurai (nominated 9 June 2025) Ms Sonia Sodha Dr Marc Warner (appointed 14 March 2025) Ms Kate White CMG (appointed 10 May 2024) ' Nominated to represent Ms Kate White CMG Secretary Ditchley team members by rotation Page 3

The Trustees. Annual Report Aims, Objectlves, Activltles and their Public Benefit The overarching aim of the Foundation as set out in its Articles of Association is "to promote, cary out or advance any charitable objects, and in particular any branches or aspects of education, likely to be for the common benefit of British subjects on the one hand and citizens of the United States of America on the otherf. More specific objectives are the advancemenl of educalion and improvement of public policy-making in the UK, North America and beyond. This broad statement from Ihe inauguration of the Foundation in 1958 still holds true but has been clarified for the challenges facing the world today. Our aim is to help sustain peace, freedom and the rule of law through the renewal of democratic societies, states and their alliances. Ditchley brings people together to think new things and make new connections. We convene frank conversations across divides and create space for strategic thinking. Our primary route to impact is through people. engaging indivlduals and organisations with direct influence over outcomes. Ditchley discussions address complex challenges th8t, as a rule. do not have simple solulions. The meeting at Ditchley was invaluable in bringing together 8 diverse gmup of people with perspectives that challenged and enriched my own thinking. The depth of discussion and the range ol expertise made it not just an exchange of ideas, but an opportunity to understand how different stakeholders approach complex challenges. It was a rare and highly productive opportunity for open, strategic debate and one that I found both stimulating and valuable. David Cleevely - Great British Growlh: how can we take the Brilish economy lo￿ard, January 2025 Ditchley is independent and not bound by the interests of any government. political party or company. We aim to find and include outstanding talent from all quarters. Ditchley is committed to ensuring and encouraging access for everyone, regardless of disability, age. gender, cultural or social background, sexual orientalion, faith, location or wealth. We publish the outcomes of conferences and other events for public benefit. We also share insights and conclusions with government ministers, civil seniants, journalists, business and technology leaders and others in a targeted way, either by direct briefings, post-conference briefings to the Ditchley community, or through subsequent small group discussions exploring particular ideas or themes which require further examination. Ditchley has an increasingly wide range of partnerships with other organisations and seeks to work on issues in coordination rather than isolation, aiming to achieve maximum impact and efficiency. The public benefits generated by Ditchley are a deeper understanding amongst decision makers and influencers of issues of international concern across different fields, delivering in turn a wider public good. By design, Ditchley addresses the systemic long-term challenges we face, and so benefits are often difficult to quantify through short-term metrics. Nonetheless these benefits are clearly attested by participants, feedback. The Drtchley Foundation's extraordinary contribution is creating space -- space to think, space to leam, space to exchange ideas. Giving policy leaders both that physic81 and mental space unlocks so many possibilities, chief among them the Page 4

potential for future meaningful collaborations with the new people they connect with through Dilchley. Jennifer Ditchbum, President and CEO, Institute for Research on Public Policy (IRPP>- The role of the Fourth Estate in democracies, December 2024 Exceptionally busy and influential people continue to make time to participate in Ditchley events, whetherface to face at Ditchley Park, at other venues abroad. or virtually. The Ditchley experience is educative even for those at the height of their careers and widely appreciated as a valuable contribution to public life, Ditchley conversations inform the reporting and develop the thinking on key issues of many respected journalists and news outlets. Ditchley's events provide trading-zones for ideas and safe spaces for frank and much- needed discussions, both of which can be hard to find elsewhere. It s a fornat well- worth supporting. Dr Felix M Simon. Research Fellow in Al and News, Reuters Institute for the Study of Joumalism - The role of the Fourth Estate in democracies, December 2024 No individual receives financial benefit from Ditchley. Where events are residential, board and accommodation are provided in exchange for participants, time and expertise. Ditchley offers the house and its gardens without charge to charities in Oxfordshire and the surrounding area for several fundraising events per annum. In the last year Ditchley has hosted 3 such events. The Foundation maintains Ditchley Park as a historic house, part of the national heritage. It Is open by appointment to individuals, groups and societies to study its history, art and architecture. The public is given access to the building in the fomi of pre-booked guided tours for a small charge. There were 2 such days during the period covered by this report. Ditchley is committed to reducing its carbon footprint and has undertaken a comprehensive analysis of greenhouse gas emissions and is actively exploring ways to develop a responsible and deliverable approach to carbon reduction. Ditchley's Director and other members of the team undertake a range of other activities to promote the reputation and objectives of the Foundation and to attract new participants and supporter5. They regularly participale in discussions with policy-rnakers and thought leaders in the UK, Europe, North America and far beyond, to explore opportunities for collaboration, attract expert participants to the Ditchley programme, and to share inslghts from Dltchley discussions. Some of the objectives stated in the Foundation's original Articles of Association of 1958 (such as'to establish fellowships, scholarships and prizes" and.to establish paid residential or other fellowships") are not currently part of Ditchley's programme but are actively belng considered within Ditchley s current development plans. All new Trustees are provided wlth a copy of the Charity Commission's guidance "The Essential Trustee (CC3)" together with Ditchley's Articles of Association. The training needs of Trustees are kept under review. The Trustees have paid due regard to the Charity Commission's guidance on public benefit in fulfilling their duties and in setting the Foundation's objectives and planning its activities. Page 5

Report of 2022025 Context 8eiween April 2024 and March 2025, the geopolitical landscape was profoundly reshaped by the re-election of President Donald Trump. The new Administration is both more radical than the first Trump Presidency and in a hury to make the most of its opportunity, with most decisions made personally and informally by the President and a small number of dose personal contacts. rather than through the traditional machinery of state. Pursuing "America First" policies. the United Stales has embarked on a path shaped by economic self-interest, transactional diplomacy. and increasing disengagement from multilateral institutions. This shift has disrupted traditional alliances, exacerbated some global tensions, and contributed to an increasingly fragmented international order. The administration has taken a harder line on immigration and has curtailed foreign aid. especially to nations perceived as not aligning with U.S. interests. One consequence of this strategic revaluation is a growing sense of American volatility which could well undermine the stated objectives of increased investment in the U.S. and re-industrialisation. That said, we have also seen significant upheavals in response to President Trump that could ullimalely strengthen the transatlantic alllance and support strategic competition with authoritarian challengers such as China and Russia, European countries have finally followed through on increased defence spending as demanded by the Administration and justified by Ihe continuing threat from Russia, The challenge now is to tum that spending into capability and to persuade the US to remain genuinely at the heart of NATO strategic deterrence and coordination, even if no lon9er willing to be the lead on conventional deterrence. The tarrffs announced by the President at the beginning of April have triggered a frantic parallel series of trade negotiations. It remains to be seen whether the results will be worth the cost to stability. Action on immigration has pushed the limits of presidential power and arguably the law. The Presidents, supporters point to the drastic reduction in illegal border crossings. The Democratic Party has yet to find a unifying voice in opposition but the U.S remains sharply divided and looking inward. Despite this. the President has proven definitively that he is not an ideological isolationist, helping Israel bomb the Iranian nuclear programme. Whether this will lead to the curbing or acceleration of Iran's pursuit of nuclear weapons also remains to be seen. The Gulf remains a key partner as in the first Administration. With so many initiatives launched in the first few months of the Presidency, there has to be a question on the ability to implemenl all these projects. and on consistency. But thi5 remains a Presidency in the balance in multiple ways.. by 2028 will America's alliances have been strengthened or weakened? Will the U.S.'s relative strength to China have grown or declined? These outcome5 will be central lo the democratic renewal and resilience that Ditchley was founded to support. It is no surprise therefore that much of the yearfs work has focused on understanding what is happening in the U.S. by engaging with the new Administration as constructively and open- mindedly as possible, whilst also working on the fundamental values of democracies and the preservation of the institutions, traditions and practices that underpin them, such as the rule of law. the freedom of a flourishing media, and civil society. The 2024-2025 Programme of Events During this reporting period, the core programme consisted of 11 fv11 Ditchley conferences with all but one followed by a post-conference briefing to the wider Ditchley community, enabling the swift dissemination of ideas and themes. Longer written summaries of each conference enrich these initial reflections. Page 6

In addition to the core conference programme, Ditchley has hosted 80 further one day conferences, workshops and other events. Whilst Ditchley Park remains the focus of activity, increasingly we hold discussions in London, other parts of the UK and overseas in the US, Canada and Germany. Ditchley these days Means the method and the quality of the discussion as much as the place. An important development this year was realisation of a long-held ambition to secure a base in London. Ditchley London, as it is known. is located in St James's, and provides an ideal location to host small scale discussions. as well as Ditchley'5 regular governance meetings. Evenls hosted so far have included high level meetings on trade, and rising national debt, the latter following up a similar discussion in New York. Articulating the 'green growth prize. was part of a brace of discussions on the growth potential of renewables, with the first session held in Newcastle at the Glasshouse. Ditchley London has also provlded a venue from which to host a regular series of press dlscussions to expand Ditchley's engagement with journalists and other media contacts. The first of these sessions was held in October of last year and this new initiative has proved valuable in expanding Dilchley's networf( and deepening existing connections, whilst simultaneously raising awareness aboul Ditchley and its programme. Following its launch in June 2023. Ditchley Deutschland enjoyed its first full year with a programme which included a conference, Economic statecraft in the age of geopolitical rivalry. held at Schlosshotel Kronberg. There were 9 further events which included roundtable discussions such as the How to further strengthen Gem?an-Scottish cooperation on g￿en hydrogen and offshore wind energywith Angus Robertson. the Scottish Govemment's Cabinet Secretary for Constitution, Extemal Affairs and Cufture, Innovative philanthropic approaches to democracy building. and an important side event discussion at the Munich Security Conference on the progress of the war in Ukraine. Anja Richter. formerly Country Director UK, for Hanns Seidel Foundation UK, took over from Robin Markwica as director of Ditchley Deutschland and will divide her time betwèen Germany and the UK. We have continued to partner with other organisations aligned with Ditchley's purpose, values and objectives. There have been collaborations with, for example, the MacArthur Foundalion, Lumina Foundation, the United States Indo-Pacific Command, the Annenberg Trust at Sunnylands, the Oxford Consortium for Human Rights and the Children's Investment Fund Foundation. We continue to organise Ihe programme around four enduring themes: geopolitics, democracy. technology, and energy and climate. Under those very broad headings we focus on specific complex challenges and questions that we judge are most pivotal to the resilience and renewal of democratic states and societies. l Geopolltics Geopolitics remains our prime focus, both directly and indirectly underpinning the rest of the programme. Aside from the Annual Lecture, there were 5 conferences with a geopolitical focus. In May, the Supreme Allied Commander of Europe, General Christopher G. Cavoli, once again participated in a conference exploring The implications of a long war in Ukraine. Ditchley's engagement with the US military is deepening as evidenced by the full participalion in the September conference hosted in Maryland. USA. Indo-Pacific Strategy.. how can we best develop a coherent strategy for a free, pn>sperous and peaceful Indo-PaGific? of Admiral Samuel Paparo. Commander of the United States Indo-Pacific Fleet. Page 7

Special Relationships in Uncertain Times.. how can US allies best prepare for outcomes of US elections in October, and Advancing EU-UK Cooperation.. Charting a Path to the 2025 Summit and Beyond. in March, both explored the changing dynamics on the world stage and the need to reevaluate alliances, with some urgency. The￿ have been 2 conferences on the theme of the economy with our now well*stablished business focused conference at Greentree, New York, in April 2024, Geopolitics and business.. the changing nature of the corporation, and with a focus closer to home, Great British Growth.. how can we take the British econorny forward? in January 2025. As mentioned above in the context of Ditchley London, we also hosted 2 discussions during the year on the issue of rising national debt. The first was again in New York in September, attended by Sir Robert Stheeman. former CEO of the UK Debt Management Office, The Hon Robert E Rubin, United States Secretary of the Treasury, and The Hon Bill Momeau, Canada's 39th Minister of Finance (201 &20). Sir Robert Stheeman joined the second iteration at Ditchley London in January 2025 with a range of leading figures from government and business. 11 Educatlon and democracy In June 2024, we hosted Does older mean poorer? In partnership with the Canadian Dilchley Foundation at Montebello, Quebec. Chaired, by former Canadian Finance Minister, Bill Morneau, the conference addressed the philosophical challenges, the implications for policy governance and for the economic models of developed economies. In July a small group Iravelled to Scotland for the last Ditchley retreat to be hosted at Knockando. The G￿at Reskilling.. what does il mean to prepare for a skills-based future and what are the skills needed now and in the longer term? The contexi for this discussion was the rapid development of Artificial Intelligence (Al) capabilities and participants explored what this would mean for education and work in the years through to 2030. The role of Ihe Fourth Estate in democracies in December 2024, acted as a launching pad for Ditchley's 2025 programme on the media, in partnership with the MacArthur Foundation. This programme builds on themes to emerge from the conference through a series of discussions held in the UK, Europe and the US over the course of the year. The first anchor event took place in March, Reporting the Second Tnimp p￿sidenCY.. what 8re the implications of a second Trump presidency for the news m8di8 around the wortd, and how can the news media adapt to changing audience preferences andpolitical environments? and was infomied by a series of smaller working group discussions hosted at Ditchley London exploring issues around the reporting and delivery of news stories as well as the business models to sustain media outlets. 111 Technology and democracy Once again, the impact of Al has been a recurring theme running through almost every Ditchley discussion in acknowledgement of how Al is gradually reshaping so much of how we live. In April 2024, we hosted a discussion on Al and defence which addressed three areas around the impact of artificial intelligence in defence.. the future shape of Al-enabled conflict. procurement of Al for defence. and associated organisational and human capability issues. It brought together a group of mostly British defence and artificial intelligence specialists. with expertise ranging from military operations to behavioural psychology, and included those involved in research, development and deployment of Al solutions, as well as external analysts and those with political and business experience. It informed MOD inputs into the Strategic Defence Review. Page 8

Earlier this year, continuing the exploration of how Al will impact defence capabilities. our February conference focused explicitly on Artrficial intelligence and national security in 2025, an acknowledgment that Al stands as perhaps the most transfomiative for￿ in global security, potentially reshaping how nations protect their interests and respond to threats. Other topics covered in the technology programme over the last year have included Internet govemance hosted in collaboration with the DNS Research Federation and chaired by Dr Vint Cerf, one of the fathers of the intemet and a Ditchley Governor. We have also worked with the Annenberg Foundation Trust at Sunnylands on building transatlantic community of investors under the banner US-UK Strategic Technologies Investor Council. The first meeting in November 2024. recognised that transatlantic cooperation on strategic technologies would be crucial to dernocratic countries, success in geopolitical competition with China and other authoritarian challengers and adversaries. Some of those involved in the original discussion reconvened in February for further talks. We hosted our now biannual Tech Group discussion in June 2024, bringing together a diverse group of people including industry innovators, academics and regulators. IV Climate and energy The programme of activity around climate and energy began in April 2024 with the summit. Khaki Green.. National security and opportunities for growth in the green transition. This summit set out to explore the intersection of national security and economic prosperity withln the green transition, kickstarting an extensive programrne of work over the next twelve months. The themes and ideas to emerge from Khaki Green, developed towards the November 2024 conference, Climate and security trade-offs.. Transatlantic industrial and trade policies in the green transition and two further summlts focused on Articulating the 'green gr0￿h prize. The twin sessions, one session hosted at the Glasshouse, Newcastle and the other at Ditchley London, looked at the value in prosperity terms of green transition in the UK and fed directly into the January conference, as well as supporting Dilchley's regional work in the North East. Details of all conferences. and other virtual discussions and events can be found on the Ditchley website: https'.IIww•V.ditchley.comleventslpasl-events Other Projects Alongside the delivery of the thematic programme, Ditchley has pressed ahead with a range of other projects to support the programme and its impact. Engagement wlth emerglng talent The Ditchley Intemship and Inlem Alumni programmes continue to provide a long-term foundation to our vision of engaging emergent talent on a global basis, helping to cultivate the leaders of tomorrow and inspiring them to engage wilh the complex challenges of our times. Furthermore. it is a key element of our talent pipeline. The programme engages over 50 inlerns per year from a wide range of universities and countries. In addition to a rigorous open recruitment process. Dilchley works with universities and partners including The Crankstart Foundation at the University of Oxford. The primarily virtual programme runs in a series of cohorts over Ihe year, with all either paid at or above the Oxford living wage or receiving academic credits dependent on their institution. Page 9

The programme provides an opportunity for undergraduate and graduate students from diverse backgrounds and geographies to experience the Ditchley model of leadership, engage in career exploration and development. learn new skills and participate in our network gaining exposure to new people and ideas. Since the internship programme's inception in 2019, we have developed an active network of around 300 alumni who we engage with regularly via events, debriefs, intern and alumni gatherings and networking evenings. Technology projects At Ditchley. our strength stems from our ability to convene and connect key individuals. We are enhancing this core strength through technological innovation and human insight. Our recent migration to a new CRM, Salesforce, has significanlly improved our efficiency and technical capacity, paving the way for programrne expansion. The upcoming Ditchley website relaunch will see automatic integration with Salesforce, providing a comprehensive view of our extensive work, both past and present, We are also building custom features, like a graph database fordeeper network insights and exploring how Al can further improve our operations. Heritage and Buildlng Projects After years of planning and enabled by Catherine Wills, tr8nsfomiational legacy, work began on our most ambitious building project yet, the multi-million pound refurbishment of the East Wing of the mansion to provide 7 ensuite period bedrooms of the same quality as the rest of the now refurbished main mansion and. on the ground. floor modern open plan offices for the expanding Ditchley team. The turnkey building phase of the project is scheduled for completion by end October 2025 with furnishings, already designed and selected, immediately to follow. The team should be back in the offices by the end of the year and Ihe first guests in the rooms early in 2026, Significant progress has been made with regards to the conseniation and enhancement of Ditchley's historic collections and interiors. In October 2024, we embarked on a major conservation project focused on the Velvet Room's historic textiles. The room's 18th-century Genoese velvet curtains and pelmets, original to the house's state bedroom, were carefully removed for condition assessment and fulure conservation by a textile consendator. The work was made possible by generous donor support. Ditchley Park's collection has been further enriched by two additions, both linked to Sir Winston Churchill. In September 2024, Ditchley was gifted a cigar, attested to have been smoked Churchill during a flight to Nice bel￿een 1959 and 1961. It is now being consenied in humidor in the Ditchley Llbrary. In October 2024, we were delighted to receive the gift of bust of Churchill. sculpted by artist Paul Raffety, donated by fomer Member of the Council of Management and the Finance and General Purposes Committee, Paul Newman. The bust is also now housed in the Library. The Dltchley Team and Govemance The three Ditchley Foundations, along with Ditchley Deutschland, remain committed to working in close collaboration to advance the overarching Ditchley mission. We extend our deepest gratitude to all those involved-across Ditchley in the UK. American and Canadian Ditchley. and our newest international partner. Ditchley Deulschland. We continue to work also on extending our networks and reach in Japan, supported by a range of Japanese friends of Ditchley. Page 10

It was with great sadness that we learnt of the death of Professor Joseph Nye on 6 May of this year. He was an eminent supporter of the Ditchley project and continued to serve as a Director of American Ditchley until the time of his death. The May 2025 conference which he had planned to attend, Russia s warin Ukraine, was the poorer for his absence. American Ditchley also rnourned the loss of Mr Jay Mazur who had similarly serrfed as a Director for many years. Finally, we were sad to learn of the deaths of former Governors, The Hon. Peter Jay. The Lord Renwick of Clifton and Sir John Ashworth. Plans for the Future The political upheaval in many parts of the world ensures that Ditchley's purpose, to enable open and respecfful discussion across divisions of expertise, geography. generations and political opinion, is needed more than ever. Dilchley's strength Is its independence and with its well-established transatlantic focus and networks is well placed to develop further philanthropic relationships. Alongside completion of the current rnajor capital project, the redevelopment of the East Wing, we will also explore options for the repurposing of Lower House as an extension of our conference and meeting facilities. expanding bedroom capacity for guesis as well as staff on occasions, but also providing for the possibility of small self-contained retreats and an additional income strearn for Ditchley Park Conference Centre Limited. We are working closely with our sister charity the HDH Wills Trust, which owns and manages the wider Ditchley estate alongside other assets, to identify opportunities for collaboration and efficiencies. Initiatives so far have resulted in an increased use in the kitchen of locally sourced ingredients, joined up estale tenant management, a commitrnent to a joint conservation plan across the whole Ditchley estate. and similar comblned efforts towards achieving longer term environmental sustainability. Financlal Revlew 2024-2025 This reporting year was the first to reflect fully the impact of Dr Catherine Wills, transformational legacy, amounting lo a second founding. The legacy engures the long-term financial sustainability of the Foundation and strengthens our independence and reputation as an honest broker. 11 gives a firm base for strategic partnerships and funding lo enable the Ditchley programme to continue to grow in depth and impact. During 202412025, sales were concluded on several of the more substsntial assets within Dr Catherine Wills, legacy. These included the sale of Knockando House (the principal house on the Knockando estate) together with 2 salmon fishing beats on the River Spey and 5 associated residential properties, the Michael Andrews painting School IV Barracuda (via Christie's) and a residential property in Lechlade. The Craigmill estate (part of the wider Knod(ando Estale) comprising forestry, tenanted farmland and properties, is currently being markeled for sale. We continue to explore how lo make the most of the estate. including renewables potential, whilst respecting its heritage and communities as Catherine Wills would have wanted. Pa9e11

Historically Ditchley Park and Estste has not appeared on the balance sheet as an asset having been gifted to the Foundation at its inauguration. However. and as indicated last year, from 202412025 Ihe legacy assets have also been treated differently, and have now been added to the assets register at the probate valuation and subsequently treated as income when sold, and the resulting funds reinvested. This treatment is standard practice for charity accounts of this nature, with the majority of buildings and other art assets not listed where there is no intention to sell. Management and role of Ihe Invested portlollo As reported last year the legacy funds invested and the renewables of the Knockando estate should create a diverse portfolio of revenue generating assets. Our strategy will be, over the long term, to continue to grow and diversify the invested portfolio as assets are realised and the cash reinvested. The investment portfolio with a total value of £61.2m in March 2025, consists of £51.5m of investments and a £9.7m investment portfolio in debtors whilst ownership is transferred. This compares to £17.9m in March 2024. Over the year£32m was transferred to investments made up of £25m in May 2025 of held funds, £576k from the sale of a propety in Lechlade, and £6.2m from the sale of Knockando House with fishing beats and five associated properties. Since inception, on 1s1 September 2010, the original portfolio has delivered an annualised return of 7.00/0 pa.in GBP (net of fees). A new Investment Policy Statement has been adopted by the Finance and General Purposes Committee, and endorsed by the Council of Management. The aim of this Investment Policy Statement is to set out Ditchley's objectives and policy for the management of its financial assets. This new policy will be reviewed in 12 months and will be referred to by the new investment parties upon appointment following a thorough RFP process. Ditchley's financial investments will be managed on a total retum basis, maintaining sufftcient diversification across a range of asset classes to produce an appropriate balance between risk and return. The long-tenn investment objective is to achieve annualised total returns, net of all fees and expenses, that exceed inflation (as measured by UK Consumer Price Index ('CPl")) plus 4 /0 per annum, to be measured over 5 year rolling periods. For the financial year 202512026, the cash balance will continue to be managed closely, avoiding the need for any drawdown from the Investment portfolio for operational expenditures. The longer-term capital waterfall projections, reflecting the proposed management of the legacy, should allow for the drawdown to be maintained at a maximum level of 3 % In future financial years. Strategic financial risks We now have sufficient funds to sustain Ditchley indefinitely and to provide an excellent base for further fundraising. This depends of course on professional management of the investments, hence all the effort we have put into strengthening the Finance and General Purposes Cornmittee with appropriate expertise, agreeing thoughtful policies and using investment consultants to help us choose the right investment managers. The capital investment plan for the East Wing Project is well undep4vay, following the granting of listed planning consent at the end of August 2024. The total project costs are budgeted for £3m and are fully funded by Dr Catherine Wills, legacy. Progress is on schedule and within budget and completion is expected at the end of October 2Q25. Over the course of the last financial year, a more sophisticated approach has been adopted wilh regards to risk management with risks now listed based on ranking of impact and Page 12

business criticality. Dedicated working groups have been set up to review the risk register and compliance requirements on a bimonthly basis with accountability to risks allocated to departmental I functional heads besides the Director. The working groups will use a risk scoring system to manage and update the mitigating actions regularly as part of Iheir roles and risk awareness will be expanded across the organisation. Management of finances In FY 202412025 the income was £2.4m compared to £2.Om in FY 202312024 on a comparable basis and excluding the legacy income. This includes the revenue from Ditchley Park Conference Centre Limited (DPCC) which was £387k, double the income in 202312024 of £181k. Income of £842k was higher than budgeted mainly as a result of higher DPCC income and new short temi interest income of £167k. This was as a result of well managed short-term deposits with available cash. As already mentioned, legacy income has been reflected as an asset. moving it from Income to the fixed assets on the Balance sheet this year. Total expenditure of £4.6m, was above the budget as a result of increased costs on mansion and woodlands maintenance, and repairs as a result of wealher impact and normal wear and tear. This was in line with the rolling forecast and a small uplift of £0.2m from last year at £4.4m. Half of this increase, £11 Ok, can be explained by new costs associated with the lease agreement for the space at Spencer House. Ditchley's London presence. People matters We expanded the team from 58 to 60 staff members, equivalent in FTE'S from 38 to 39 at 31 March 2025. The budget for 202512026 included an annual 4 % pay rise to reflect the rise in inflation as well as further development and expansion of the team to establish a workforce fit for purpose and future growih. We maintained our commitment to the Oxford Living Wage for all staff, both permanent and casual, to protect the lowest paid members of our team and to ensure consistency of terms and conditions. Following the year end, we received the official acknowledgement of being an Oxford Living Wage employer by the Economic Department at Oxford City Council. Development Report Oitchley raised £730k in donations during this year from a combination of individuals, trusts and foundations and corporations. We are grateful to our dedicated and growing community of supporters, new and longstanding, all of whom contribute to our mission whilst respecting our resolute independence. Donations to our 1580 Fellowship are an increasingly important parl of our unrestricted income. We hope that those who benefit from and believe in Ditchley will help us grow this income over time by joining the fellowship. Our development campaign focuses on Ditchley's programme and impact across core themes, along with a small number of historically important heritage conservation projects at Ditchley Park. We continue to maintain and build a small set of strategic partnerships which combine intellectual and financial support and allow us to further expand the programme and to increase our impact. Page 13

A full list of donors - trusts and foundations. corporations and individuals- for 2024125 is included below in alphabetical order The Aurelius Charitable Trust Deutsche 8ank General Motors John D. and Catherine T. MacArthur Foundation Lumina Foundation. Microsoft Corporation The Charlbury Society The William Delafield Charitsble Trust Anonymous Lord and Lady Aldington Thomas T. Andersen Mr Wahid Azaoui Ms Melissa Bethell MBA 8A The Rt Hon. Baroness Virginia Bottomley DL and Sir Peter 8ottomley Sir Andrew Cahn KCMG Mr Sam Daws and Ms Martha Ettouil Dr Pinar Emirdag Sir Christopher Greenwood GBE CMG KC The Rt Hon. Dominic Grieve KC Jan Hall OBE Russell and Andrea Hartley The Rt Hon. The Lord Hill of Oareford CBE Mr Will Hutton Ms Suzanne Ferlic Johnson. Sir John Kemp-welch Professor Jane E. Kirtley, JD. Mr Shigeru Kitamura The Late Sir Richard Lloyd Bt Ms Rachel Lomax Chris Mairs CBE FREng The Rt Hon Sir John Major KG CH Mr Jamie Merisotis. Col Mike and Caroline Montagu Mr Dan Morrison. Mr David Morrison Marc and Odile Mourre Mr Paul Newman Mr Paul Newman+ Margaret and Robert Nibbi Mrs Elizabeth Padmore Mr Jonathan Paris Mr Mark Pears CBE Sir John Sawers Mr James Shinn Sir Martin and Lady Smith Ms Elizabeth St.John Page 14

Lady Elisabeth Stheeman Dr Nigel Toon Dr Diana Walford CBE MD FRCP FRCPath FFPH Mr John B. Wilffloth Mr Peter Wilson-smith Dr Dawn Wright. Key: denotes supporters of The American Ditchley Foundation denotes gift-in-kind Thank you to the many individuals who support our work. Prlvate Events and Other Income Ditchley Park Conference Centre Limited (DPCC) saw several longstanding clients retum.for another year. Including The Centre for European Reform, Logos Forum and The School of Tropical Medicine from Oxford. Throughout the course of the year new organisations, such as E3G made bookings and held events. along with some of the more established contacts. June 2024 saw a new event, with a four-day retreat held by The Craig Farm Historic Foundation, for the USA, which was contracted on Ditchley Park Conference Centre's higher commercial event tariff. Throughout the year. where the programme allowed, we ran smaller day events and workshops with key partners, such as Historic Houses and Hap4vell Restoration, which provide smaller profit, but develop networks within a useful sector. Overall, the increase in DPCC events resulted in higher income for the year in comparison with FY 202312024. Reserves Pollcy The Foundation's core finances are based upon its investment portfolio (valued at £61 m as at end March 2025). which still provides the principal source of income. The portfolio is not a reserve. nor managed as such, and in the absen￿ of any dedicated reserve fund, the Council of Management consider it a matter of essential financial discipline that the value of the capital is preserved as far as possible in order thal the Foundation can deliver on its founding mission to run its programme for positive impact, rather than for profit or the interest of any party. Short term reserwe During this transitional year the funding required to support 202412025 activities besides the operational income was held separately in short to medium temi deposits with higher interest rates rather than transferred to investment. The expiry of these deposits has been matched to the cashflow requirements. We continue to have a minimum of £400k of liquid resenles available to the Foundation within a week. This sum was agreed as an appropriate amount of short-term reserve to cover contingencies such as rnajor emergency repairs. As at March 2025. the cash balance kept was £882k. Page 15

strategic long-tem7 reserves The Foundation's strategic aim is to build its invested portfolio to £70m by 202512026. The aim will be to take no more than a 30/0 drawdown annually, allowing the invested portfolio to grow over time. We are exploring a range of investment options to generate the necessary income, including renewable energy income. As at 31 March 2025, total funds stood at £102m. The level of unrestricted free reser+/es, after excluding fixed assets and designated funds, stood at £101 m. Financlal Reslllence Statement Ditchley's Trustees (the Council of Management) are assured Ihat The Ditchley Foundation has sufficient funds to enable it to continue its activities on a going concem basis for a period of at least twelve months from the date of approval of these financial statements. The budget endorsed for FY 202512026 allows for an unrestricted cash balance at the end of the period, in addition to the Foundation's invested portfolio of £61.2m with sufficient liquidity to cover any short-term urgent needs. Fundraislng Compliance Notlce The Ditchley Foundation receives income from donations and has a trading subsidiary, Ditchley Park Conference Centre Limited. The Dltchley Foundation has signed up lo the Code of Practice issued by the Fundraising Regulator. We do not carry out any direct marketing to the public and give clear instructions as to how individuals can be removed from our mailing lists. Our fundraising capability is in-house, and we do not use external commercial participators in our fundraising activities. There have been no complaints about fundraising in the year. A formal donor policy was reviewed by the Finance and General Purposes Committee and endorsed by the Council of Management in November 2024. Structure, Governance and Management The Ditchley Foundation is "a Company limited by guarantee not having a share capital., incorporated on the 24 February 1958, the Articles of Associalion having been subsequently amended on the 29 November 1966, 7 July 2007 and 7 July 2018. Members of the Foundation are currently designated "Governors" They meet at least once year, whether virtually or in person, at the Annual General Meeting of the Foundation, to approve the Annual Report and accounts of the Foundation and to receive the report of the auditors., to elect. as ne￿sSary, in accordance with the Articles of Association, the Council of Management; and to deal with other business of the Foundation. In addition to the AGM. Governors are also invited to further briefings during the course of the year and receive regular updates by email or letter. Trustees (Members of the Council of Management) are generally selected from the ranks of the Governors and invited tojoin the Council by the Chairman, acting on the recommendations and advice of the existing Trustees. with a view to maintaining a balance of experience. expertise and background within the body of Trustees. They are subsequently elected by the Governors and serve a four-year term, renewable for one further four-year temi. All Trustees are fully familiar wlth the aims and ideals of the Foundation, Page 16

The administration of the Foundation is carried out by the Council of Management. through the Finan￿ and General Purposes Committee. The day-to-day management of the Foundation is conducted by the Director, who is appointed by, and responsible to, the Council of Management. The salaries of senior members of staff are established with regard to pay levels in the sector for similar positions. From time to time, an external review of pay levels for all staff is commissioned. Ditchley Park Conference Centre Limited is the trading arm of the Foundation and oversees events at Ditchley Park when not in use by the Foundation. These events include visits (the house is a Grade I listed historic building). conferences and meetings organised by outside bodies and use of Ditchley Park for education, photography and films. The Council of Management is responsible for the management of risks faced by the Foundation. Detailed consideration and management of risk are delegated to the Director and hls staff. Risks are identified. assessed, and controls established throughout the year with a fonnal review undertaken tri-annually. A high-level Risk Register was introduced in 2018 and is now reviewed regularly with appointed working groups, six monthly at Finance and General Purposes Committee meeting and, annually by the Council of Management. With the implementation of dedicated working groups. the intention is to allocate deeper accountability across the organisation of risk management and documentation lo ensure basic operational stability and compliance. The Register has been updated with risk scoring levels of likelihood and impact. The Disaster Recovery Plan is subject to ongoing review, particularly regarding the business continuity aspects. The key controls used by the Foundation include: The above-mentioned tri-annual meetings of the Councll at which the Director and his senior staff brief Ihe Trustees. Bi-monthly meetings of the Finance and General Purposes Committee including an annual meeling of the Committee at Ditchley at which they decide on major works and review health and safety procedures. Detailed job descriptions for the Director and Senior Staff. which are reviewed in detail on changes of incumbent. Due to the value of investments, the investment strategy an(J performance is discussed at every meeting of th8 Finance and General Purposes Committee. Additionally, members of this Committee with investment experience liaise with the investment managers as often as market conditions warrant it. Bi-monthly meetings of the Risk Committee as well as the Health & Safety Committee to update and discuss any operational risks as well as track the compliance levels 1 and 2 (cornpliance with the extemal rules that are imposed upon an organisation as a whole as well as compliance with intemal systems of control that are imposed to achieve compliance with the externally imposed rules and internally agreed policies and practices). The Company Secretary and CFO report to the Director on a quarterfy basis with the relevanl risk & compliance updates which will also be reported to the Finance and General Purposes Cornmittee. Through these processes the Trustees are satisfied that the major risks have been identified and adequately mitigated where necessary. Page 17

Trustees, Responsibilities As directors, the Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice, They are required by UK company law to prepare, for each financial year. financial statements which give a true and fair view of the state of affairs of the company, and the group. and of the profit or loss of the company and the group for that period. The Trustees confirm that suitable accounting policies have been used and applied consistently. and that reasonable and prudent judgemenls and estimates have been made in the preparation of the financial statements for the year ending 31 March 2025. They are responsible for keeping appropriate accounling records that disclose with reasonable accuracy at any time the financial position of the company in recognition of Iheir responsibilities under the Companies Act 2006. The Trustees are responsible for taking reasonable steps to safeguard the assets of the company and the.group, as well as to prevenl and detect fraud and other irregularities. As far as the Trustees are aware, there is no relevanl audit infonnation (infomation needed by the Foundation's auditors in connection with preparing their report) of whlch the Foundation's auditors are unaware. Trustees individually have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audlt informalion and to establish that the Foundation's Auditors are aware of that infomiation, The Trustees are required to prepare financial statements on an ongoing concern basis, unless it is inappropriate to presume that the charity will continue in operation. Principal Activities and Business Review The consolidated statement of financial activities for the year is set out on page 23. A review of the Foundation's business during the year is contained in the Trustee's Annual Report starting on page 4 and incorporates the requirements of the Directors, report as required by company law. Dlvldands In accordance with the Memorandum of Association, no dividends may be paid to Members. Dlrectors The Members of the Council of Management are listed on page 2. By order of the Councll of Management, KATIE WILLIAMS Company Secretary Dated.. 16 Juty 2025 Page 18

The Ditchley Foundatlon (A Company Limlted by Guarantee) INDEPENDENT AUDITORS, REPOR T TO THE AIEM8ERS OF THE DifcHLEY FOUNDA TION Opinion We have audited the financial statements of The Ditchley Foundation (the 'Charity") for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities. Balance Sheets, the Stalemenls of Cash Flows, and notes lo the financial stalemenls. in¢luding a summary of significant accounting policies. The finanual reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Pra￿l¢e1. In our opinion, the financial statements- give a true and fair view of the stale ol the group and Charity's affairs as at 31 March 2025 and of the group's income and expenditure lor the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accountlng PraGtice'. have been prepared in accordance wilh Ihe requirements of the Companies Act 2006. Basis for oplnlon We conducted our audlt In accordance wSth International Standards on Auditing (UK) (ISAS {UKI) 8nd applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent ol the Charity in accordance with Ihe ethlcal requlremenls that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other elhical responsibilities in accordance with these requirements. We believe that the audit evidenGe we have obtained is sufficient and appropriate lo provlde a ba515 for our opinlon. Conclusions relating lo goin9 concern In auditing Ihe financial slatements, we have concluded thal Ihe Truslees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may casl significant doubt on the Trust's ability to continue as going concem lor 8 perlod ol al least Nvelve months Irom when the financial 51alernents are aulhorised for issue. Our responsibilities and the responsibilities ol the Trustees with respect to going concem are descrlbed in Ihe relevant seth'ons of this report. Other infoTfflalion The trustees are responsible for the other infomiation. The other infomation comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to th8 extent otherwise explicitly Staled in our report, we do not express any form of assurance conclusion thereon. Page 19

Th• Dbtchley Foundatlon (A Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT (CONTINUED) In connectlon with our audlt of the financial statements, our responsibility is to read the other infomallon and, in doing so. consider whether the other infomalion is materially inconsistent with the financial ststements or our knowledge obtained in the audit or othemise appears to be materially misstated. If we identify such material inconsislencies or apparent material misstalements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatefflent of this other information. we are ￿quired lo report that fact. We have nothing lo report in this regard. Opinions on oth•r matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course ol the audit.. the information given in Ihe ttuslees, report (incorporating Ihe directors, report) for the financial year for which the financial statements are prepared is consistenl wilh the financial statèments: and the tru5tees' report (incorporating the directors, report) have been prepared in accordance with applicable legal requirements. Matters on whlch w• aro requlred to report by •xc•ptlon In the light of the knowledge and understanding of the company and Its environment oblained in the course of the audit, we have not identified material misslalemenls in the trustees, report. We have nothing to report in respect of the following matters in relation lo which the Companies Act 2006 requires us lo report lo you if, in our opinion.. sufficient accounting records have not been kept., the financial slalemenls are not in agreement with the accounting records and retums.. certain disclosures of trustees, rèmunèration specified by law are not made., or we have not obtained all the information and explanations necessary for Ihe purposes of our audit. the trustees were not entitled lo lake advantage of the small companies, exemptions in preparing the directors. report and from the requirernenl to prepare a strategic report. R•$ponslbllltles of the trustees As explained more lully in the trustees, responsibilities statement Isel out on page 181, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and lair view, and for such internal control as they detemiine is necessary to enable the preparation of financial statements that are free from materi81 misstalemenl, whether due to fraud or error. In preparing the financlal 5taternents, th8 truslees are responsible lor assessing the Charity's abillty to continue as a going concern, disdosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Iruslees either intend to liquidate the Charity or to Cease operats'ons, or have no realistic alternative bul lo do so. Page 20

The Ditchley Foundation (A Company Llmlted by Guarantee) INDEPENDENT AUDITORS, REPORT ICONTINUED) Auditor's responsibilities for the audit of the financlal statements Our oblectlves are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UK> wlll always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or In the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slalemenls. Irregularilies, including fraud, are instances of non<ompliance wilh laws and regulalions. We design procedures in line with our responsibilities, outlined above, lo detect malerlal misstaternent5 in respect of irregularities, including fraud. .The extent to vthich our procedures are capable of delecting irregularities. including fraud, is detailed below: Ihe engagement partner ensured that the engagement leam collectively had the appropriate competence. capabilitie5 and ski115 to identrfy or recognise non-compliance with applicable laws and regulations.. we idenlified the laws and regulations applicable to the company through dls¢ussions with dlrectors and other management, and from our knowledge and experien￿., we focused on specific laws and regulations which we considered may have a direct matenal effect on the financial statements or the operations of the company. we assessed the extenl of compliance wilh the laws and regulations identified above through making enquiries ol management and inspecling legal correspondence where applicable., and identified laws and regulations were communicated within thè audit team regularly and the team remained alert to instances of non<ompliance Ihroughoul the audit. We assess8d the suscepiibillly of the company's flnanclal statements to materlal mlsstatement, includlng obtaining an understanding of how fraud might occur, by.. making enquiries of managemenl as to Whe￿ Ihey considered there was suscoptibllity lo fraud, Ihelr knovledge ol actual, suspected and alleged fraud.. and considering the internal controls in place to miligale risks ol fraud and n¢)n-cornpliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. perfomed analytical procedures to identify any unusual or unexpected relationships. lesled journal entries lo identify unusual transactions; assessed wh81herjudgements and assurnplions made in determining the accounling es1imat8s were indicative of potential bias.. and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and nonthcompliance with laws and regulations, we designed procedures which induded, but were nol limited to.. agreeing financial slatemenl disclosures lo undedying supporting documentation- reading the minutes of meelings ofthose charged with governance., enquiring of management as lo actual and polenlial litlgation and clalms: reviewing relevant correspondence. There are inherent limltalions In our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identfy non- compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, rf any. Material misstatements thal arise du8 to fraud can be harder to d8tect than Ihos8 that arise Irom error as they may involve deliberate Concealment or collusion. Page 21

The Ditchloy Foundation (A Company Llmlted by Guarantee) INDEPENDENT AUDITORS, REPORT (CONTINUED) A further description of our responsibililies for the audit of the financial statements is located on the Financial Reporting Council's web5ile at.. www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Use ol our report This report is made solely to the Charfty's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permittèd by law. we do not accept or assume responsibility lo anyone other Ihan the Charlty's members as a body, for our audit work, for this report, or for the opinions we have formed. Robert Kirtland FCA Senior Statutory Audllor for and on behalf ol Gravila Audit Oxford LLP Statutory Auditor First Floor, Park Central 4041 Park End Street Oxford, OX1 1JD Oate.. 281712025 Page 22

The Dit¢hley Foundation IA Cornpany Llmlted by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Restricted Endowmènt fvnds funds Funds 2025 2025 2025 Total lunds 2025 Tolal funds 2024 Note Income from: Donations and grants Legacy Trading tumover of subsidiary (DPCCI Legacy- Farning income IDPCC) Investment income Other sources 722,861 4,013.814 386,860 7,000 729,861 1,047,351 4,013,814 74.694,611 386.860 181,414 83,052 1,191,780 83.052 1.191.780 41 633,093 74,024 Total Income Expendlturo on: Raising funds.. Development administrative costs Costs of subsidiary (DPCC) Investm8nt management fees Charitable activities.. Conlerence programme costs 25,211 211,582 137,538 25,211 211,582 137,538 57,842 281,878 88,900 4 261405 L21 4 093 838 Total Expendlture 4 635 736 4 644 852 4 522 458 Not Incomel{exp8ndlture) befor• n•t gains on inveslmènts Net gainsl(losses) on investments 1,807,046 39 12,116) 1.804,930 72,191,178 123915 N•t income l (expenditure) 74 250 843 Net movement In funds 46 R•¢onclllatlon of funds: Total funds brought forward Net movement in funds 98.342.851 3 046 205 2,116 1,000,000 99.344,967 25.094.124 Tolal funds carrled fonvard Page 23

The Dltchley Foundation (A Company Limited by Guarantee) CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Fixed assets: Tangible assets Investment property Investments 7,914,964 27,328,669 51507 97 4.072,723 4,281,798 17861 11 10 86,751.611 26,215,637 Currént Assèts Stocks Debtors Cash at bank and in hand Assets held for sale 12 13 42,652 15,181,781 882,540 49,202 39,517,751 27,013,159 6 977 521 14 16,106,973 73,557,633 editors.. amounts lalllng due thin one year 15 469 528 428 303 Net currènt a8setsl(liablllllesl 33 Total a$¥el• l•s• curi•nl Ilabllltles 102 99 344 967 Tolal net assets Funds Endowment funds Restricted funds un￿StrICted funds 17118 17118 17118 1,000,000 1,000,000 2,116 Total funds The Tnjstees acknowledge their responsibilities for complying with Ihe requirements of the Act with respect to accounting records and preparation of financial statements. The financi81 statements were approved and aulhorlsed for Issue by the Trustees and slgned on their behalf by.. The Right Honourable Lord Hlll of Oareford CBE Dated.. 16 July 2025 The notes on pages 2747 fomi part of these financial stalements. Page 24

The Dftchley Foundatlon (A Company Llmited by Guarantee) COMPANY BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Note Fixed a•s•t•: Tangible assets Investment Property Investments 7,914.964 27,328,669 51 4,072,723 4.281,798 17861 118 10 86,751.611 26,215.639 Cuffènt Ass•ts Sto¢ks Debtors Cash al bank and tn hand Assets held for sale 12 13 42.652 15.171.852 875,369 49,202 39.352,270 26.942,663 14 16,089,873 73,321,656 Credilors.- amounts falling duo within one year 15 627 862 Net current assetsl(liabilitiesl 15485 383 72 693 794 Total assets le$$ current 102 236 9 98 909 433 Total net assots Charlty funds Endowment funds Restricted funds Unrestricted funds 17118 17118 17118 1,000,000 1.000.000 2,116 07 Tolal funds The Charitable Company's nel movement in funds for the year was £3.327.56112024 - £74,029,427) The Trustees acknowledge Ihelr responsibilities lor complying with the requlrements of the Acl with respect to accountin9 records and preparation of financial ststements. Thè financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: The Right Honourable Lord Hill of Oareford CBE Oated.. 16 July 2025 Company registration number- 599389, Charity registration number: 309657 The notes on pa9es 2747 form part of these financial statemenls. Page 25

The Dltchley Foundation (A Company Llmlted by Guarante•) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash flows from operating actlvitlès Net cash generaled by operating activilies {nole 191 8,374,245 25.073,321 Cash flows from Investlng actlvltles Dividends, interest and rents from investm8nts Purchase of tangible fixed assets (note 9) Proceeds from sale of tangible fixe(l assets (note 9) Drawdown frorn investments Purchase of investments 1,118,020 14,103,815) 12,048 74,024 127,396) 1,700,000 31531 117 Net cash provlded by Inve8tlng aellvllle8 (34.504.864) 1,746,628 Change In cash and cash equivalents In Ihe year Cash and cash equivalents at the beginning of the year 126,130,619) 27 013 159 26,819,949 193 210 Cash and cash equivalents at the end of the year (note 20) The notes on pages 2747 fom part of these financial stalemenls. Page 26

The Ditchley Foundation IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1. Ac¢¢wntlng pollcl•8 1.18asls of preparation of financial statements The financlal slalements have been prepared in accordance wlth the Charllles SORP IFRS 102) - Accounting and Reporting by Charities." Statement of Recommended Practice applicable to charities and Republic of Ireland (FRS 1021 (effective 1 January 2019), the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS 102) and the Companles Act 2006. The financial slatements are prepared in slerling, which is the functional currency of the charity. Monetary amounts in thes8 financial statements arè rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The Consolidated Statement of Financial Activities {SOFAI and Consolidated Balance Sheet consolidate the financial slat8ments of the Company and its subsidiary undertaking. The results of Ihe subsidiary are consolidated on a line by line basis. The company has taken adv8ntage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented ils own Slalemenl of Financial Activities in these financial statemenls. 1.2 Company 8tatU8 The charitable company is limited by guarantee, incorporated In England and Wales, and no shares are authorised or issued by the Foundation. The registered office is Ditchley Park, Enstone, Chipping Norton, Oxfordshire OX7 4ER. Each member undertakes to contribute £1 to the assels of the Foundation In the event of the same being wound up whilst a member, or within a year of ceasing lo be a member, for the payment of debts and liabilities ol the Foundation contracted before ceasing to be a member, and of the cost, charges and expenses ol winding up, such as may be required nol exceeding £1. 1.3 Golng Concern Al the tlme of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources lo continue operalional existence for Ihe fofeseeable future. Thus. the Trustees continue lo adopl the golng concern basls of accounllng In preparlng the financial staiemenls. 1.4 Incom• All income is recagnised once the Company has entitlement to the income, il is probable that the Income will be received and the amount of income receivable Gan be measured rellabty. For legacies. entillernent 15 taken as the earfier of the dale on which eilher.. the company is aware that probate has been granted, the estate has been finalised and nolification has been made by the execulor(s) to the Charity that a distribution will be made, or when a distribution is received from the eslale. Receipt of a legacy. in whole or in part. is only considered probable when the amount can be measured reliably and the company has been notified of the execulor's intention to make a distribution. Where legacies have been notified to the company. or the company is aware of the granting of probate, and the critena lor income recognition hava not been met, then the legacy is treated as a contingent asset and disclosed if material. Page 27

The Dltchley Foundatlon (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies (continued) 1.4 Income (¢ontlnued) Income lax recoverable in relation to donations ￿ceiVed under Gift Aid or deeds of covenant is recognised al the time of the donation. Income tax recoverable in relation to Investment income is recognised 81 the lime the investment income is receivable. Guest conference income excludes value added tax and represents the invoirEd value of goods and services supplied. 1.5 Expendituro Expendlture Is recognlsed once there is a legal or constructive obligation lo Iransfer economlc benefit lo a third paty, il is probable that a transler of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminaling information in support of the charitable activities. Governance costs of are those Incurred in connection wilh administration of the company and compliance with consliluts'onal and statutory requiremenls. Costs of generating funds are costs incurred in attracting voluntary income, and Ihose incurred in trading activities that raise funds, including the activities of Dilchley Park Conlerence Centre Limited. Expenditure on charllable activlties comprises the costs of running the confeience programme. Irrecoverable VAT is charged to resources expended. 1.6 Basis of consolldation The financial statements consolidate the a¢¢ounts of the Ditchley Foundation and its subsidiary undertaking. Dltchley Park Conference Centre Limited. 1.7 Government grants Government grants relating to tanglble flxed assets are Irealed as deferred income and released to the Consolidated Statement of Financial Activities over the expected useful lives of the assels conGerned. Other granls are crediled to the Consolidated Statement of Financial Activitles as the related expenditurè is incurred. 1.8 Tangible fixed assets and depreclallon The house and land at Ditchley Park, aCqUi￿d by gift, are not valued. ExpendiluTe on improvements is at cost less depreciation. Indlvldual fixed assets cosling £1.000 or more are capitalised al cost. Page 28

The Dltchley Foundation IA Company Llmiled by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1. Accountlng policies (continued 1.8 Tangible fixed assets and depreclalion (contlnued A review for imp8irrnent of a fixed asset is carried out if events or changes in circumstances indicate that the carying value of any fixed asset may not be recoverable. Shortfalls befvleen the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impaimient losses are recognlsed in the Slatemeni of financial activities. Tangible fixed assets are carried at cost, net of depreciation and any provision for impairmenl. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estirnated residual value, over their expecled useful lives on the following bases.. Freehold property Motor Vehicles Fixlures and fittings Office and IT equipment - betsveen 20 and 50 years - 5 years . 8etsveen 3 and 10 years - Betsveen 3 and 10 years Artwork valued al £4,000,000 Is included within Fixtures and finings and has been deemed have a realisable value equal lo or greater than il's its probate value. Therefore, no depreciation has been included for Ihe5e items. 1.9 Investments Fixed asset inve51ment5 are a form of financial instrument and are Inltlally recognised al their transaction cost and subsequently measured at fair value at the 8alance Sheet dale, unless fair value cannoi be measured reliably in which case il is measured at cost less impairment. Investment gains and losses. whether realised or unrealised, are combined and shown in the heading '{LossesyGains on inveslmenls, in.the Statement of financial activilles. Freehold propertles held for investment purposes are valued periodically on professlonal advice and are Included in Ihe financial statements at their market value at the year ènd. Quoted Investrnents have been valued at the bld market price at the close of business al the year end. The markel value ol unil trusts and managed funds units is eilher taken a$ the bid or Net Asset Value price at the year end a5 advised by the investrnent managers. Realised gains and losses on investments are calculated as the difference be￿een sales proceeds and their market value al the start of the year or subsequent cost and are credited or charged lo the Statement of financial activities In the year of disposal. Unrealised gains and losses represent the movement In market valué during the yèar and are crediled or charged to the Slatemenl ol financlal activlties based on the market value al the year end. The investment in subsidiary undertaklng is valued al cosl less provlslon lor impaiment. 1.10 Inlerest receivable Interest on funds held on deposit is included when receivable and amount can be measured reliably by the Foundation", this is norrnally upon nots'fication of Ihe interesl paid or payable by ihe Bank. 1.11 Stocks stocks are valued al Ihe lower of cost and net realisable value after making due allowance for obsolete and slow-moving stock5. Page 29

The Dit¢hley Foundation {A Company Llmltod by Guarante?) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Aeeountlng pollele8 (contlnued) 1.12 Debtors Trade and other debtors are recognised at the settlemenl amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.13 Cash at bank and In hand Cash at bank and In hand Include5 cash and short-temi highly liquid investmenls with a short maturity of thre8 months or less from the date of acquisits'on or opening of the deposit or similar account. 1.14 Assets held for sale Current assets held for sale consists of assets recelved ￿thin the legacy that are expected to be sold within 12 months of the Balance Sheet date. They are a fomi of financial instrument and are Initially recognised at fair value and subsequently measured at fair value al the Balance Sheet dale. Assets held for sale gains and losses, whether realised or unrealised, ar8 combined and shown In the headlng 'lLossesyGains on investments, in the Statement of financlal acllvities. 1.15 Liabilities and provisions Liabllltles are recognised when there15 an obligallon al the Balance Sheet date as a result of a past event. il is probable that a transfer ol economic benefit will be required in settlement. and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount thal the company anticipates it will pay to settle the debt OT the amount il has received as advanced payments for the goods or services it musl PTovide. Provisions 8Té measured at the best estimate of the amounts required lo settle the obllgation. Where the effect of the lime value of money is material, the provision is based on Ihe presenl value of those amounts, discounled al the pre-tax discounl rate thal reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and sirnilar charges. 1.16 Fln•n¢lal Instruments The Foundation only has financial assets and financlal liabilities of a kind that qualify as basic financial instruments. Basic financial instrument5 are initially recogni5ed at transaction valve and subsequenlly measured at their settlemenl value. 1.17 Penslons The pension scheme is a defined contribution scheme. Contribullons are charged lo the Statement of Financial Activities as they become payable in accordance with the rules ol the scheme. 1.18 Fund accountlng General funds are unrestricted funds which are available lor usè at the discretion of the Trustees in fvrtherance of the general objeclives of the company and which have not been designated for other purposes. Reslrtcled funds are funds which are lo be used in accordance with specific restrtctions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each reslricted fund is sel out in the notes to the financial staternents. Investment income, gains and losses are allocated to the approprlate lund. Page 30

The Dltchley Foundation (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2. Crhlcal accountlng estlmates and areas of judgement Estimates and judgements are Gonlinualty evaluated and are based on historical experience and other laclors. including exp￿tatIOnS of future events that are believed lo be reasonable under the circumslances. Critical accounling estimates and assumptions- The Company makes eslimales and assumpllons conceming the future. The resulting accounting estimales and assumplions will, by definits'on, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment lo the carrying amounts of assets and liabilities wthin Ihe next financial year are discussed below. Critical areas ofjudgemenl.. Tangible fixed a$set$'. Tgngible fixed assets are depreciated over their useful lives taking into accounl residual values. where appropriate. The actual lives of the assels and residual values are assessed annually and may vary depending on a number of faclors. Residual value assessments consider issues such as the remaining life of the asset and proj¥cted disposal values. Investment propertie5'. Property valuallons are perfonned annually by the Counal, based upon external indications ol value (including periodic valuations by qualified Independent Chartered Surveyors) and consideration of market conditions. Legacy valuation.. A legaGy lotalling a value of £74,794,611 was received during the previous year. The value of this legacy was based on the e51imaled value of different assets-. Investment properties. tangible fixed assets, current assets held for sale, debtors and cash. The values of different assets were based on third party valuations and sales proceeds received. £4,013,814 was received relating lo the same legacy thls year for updates lo values of assets not yet received as of the year ended 31 March 2025. 3. In¢om¢ from donatlons, 9rants and logacy Unrestrlcted funds 2025 R•8trlct•d funds 2025 Total funds 2025 Total funds 2024 Donations and grants 722,861 7,000 729,861 1,047,351 Legacy 4013814 4 013814 74694611 Total 2025 Total 2024 Page 31

The Dltchley Foundation (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2025 4. Investment Income Unrestrlctod funds 2025 Total funds 2025 Total funds 2024 Rents ￿CeIVable Bank interest Dividend income 207,785 164.670 819325 207,785 164,670 70.355 3,669 Total 2025 Tolal 2024 S. Analys18 of expendlture on charltable actlvltles Summary by fund typ• Unrestrlcted funds 2025 Restricted funds 2025 Total funds 2025 Total funds 2024 Conference programme costs Total 2024 Summary by exp•ndltur• type Total funds 2025 Total lunds 2024 Staff costs Depreciation 2025 2025 Olh•r cosls 202S Conference programme costs Total 2024 6. Analysis of expenditure by charitable activitie$ Actlvltl•8 Undertaken Directly 2025 Governance Costs 2025 Total Funds 2025 Total funds 2024 Conference programme costs Total 2024 Page 32

The Ditchley Foundation {A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 7. Anatysls of expendltur• on charllable activities Anatysis of charitable aclivities Unrestrlcled funds 2025 Total lunds 2025 Total funds 2024 Staff costs Less staff costs allocated lo DPCC Depreciation Administralion IT Repairs and mainlenance Household and service costs Conference and events Irrecoverable VAT Oevelopment programme cosls 8ridge project, Lumina costs and Rotunda Second floor refurbishment costs Legacy cosls Governance costs 1,953,633 {74,818) 241,947 257.923 104,742 298.642 327,098 377.802 218,199 500,781 37,046 4,446 1,953.633 (74,818) 241.947 257,923 104,742 298.642 327,098 377.802 218,199 500,781 37,046 4,446 1.668,312 {37,284) 261,083 250.567 106,917 482,083 297,887 229,282 172,344 155,605 54,487 280,920 148,720 Total 2025 Total 2024 Analysls of governance costs Unrestrlcted funds 2025 Total funds 2025 Total fund5 2024 Audilorfs remuneration Non-audlt fees - other compllance services 21,100 21.100 22,200 71 Total 2025 Total 2024 Page 33

The Dltchley Foundatlon (A Company Llmited by Guaranteè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 SLiff costs Group 2025 Group 2024 Company Company 2025 2024 Wages and salaries Social security costs Contributions lo defined contribullon pension schemes 1.667,737 153.546 1,422,154 128,738 1.592,919 1.307,333 153,546 123,795 117420 132 350 108426 The average number of pèrsons employed by the Company during the ye8r was as follows.. Group 2025 No. Group 2024 No. Admlnlstration Establishment Conference 31 12 17 30 12 The average headcounl expressed as full-lime equivalents was.. Group 2025 No. Group 2024 Adminislralion Establishment Conference 24 11 24 The number of employees whose employee benefits (excluding employer pension Costs) exceeded £60.000 was.. Group 2025 No. Group 2024 No. In th8 band £60.001- £70,000 In the band £100,001-£110,000 In the band £150,001- £160,000 No members of the Council of Management received any emoluments during the year (2024= £Nil). No members of the Council of Management received payment for professional or other services supplièd to the Charity (2024.. £Nil). Page 34

The Ditchley Foundatlon {A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2025 Staff costs (continued) During the year. disbursements of £Nil (2024: £5,341) for travel and associated expenses were incurred by members (2024- 1 member) of the Council of Management while undertaking activities d1￿ClEY associated with the purposes ol the Foundallon. The key management personnel of the Foundation comprise the Council of Management, the Director and the Chiel Financial oificer. The lolal employee benefits of the key managemenl personnel of ihe Foundation were £415,21212024'. £246,354). Durlng the year, redundancy costs totalled £59,000 {2024'. £69,943) Sncludlng payments in lieu of nolice. Page 35

The Dltchl•y Foundatlon IA Comp•ry Llml¢•d by Gu•r•nt••l NOTES TO THE FIMANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2025 9. Tanqlbl• flx•d •M•ts Group Motor hlcl Art C¢ll•etlon tt•m• Flxtur•i Ind ttlng8 Ollk• ind IT +4￿1pm•h1 Fr••hold prop•rty Tot•1 Co•1 of v•lu•tlon Al 1 April 2024 Addllbn5 Di5posa15 Tiansl&T& from current els hdd for Sle 4,568,455 g97.480 S,LbJO 1,000,000 184,726 75,295 1,078.542 51,060 121.8811 6,836,723 1.103,815 Al 31 March 2025 O•pr•¢l•llgn Al l Aprh 2024 Ch8rge lor the year D•prtclal￿n ellmlno18d on disposals 1,867.826 121,408 4,08J 917 50,578 69.153 841,513 50,469 2.764.000 241.947 At 31 M8rch 2025 N•t book valu• Al 21 March 2025 At 31 Mafch 2024

Th• Dltchl•y Found•tlon IA Company Llmll•d by GuaraTht••l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO JI MARCH 202$ Tanglbl• Ilx•d M¥•l• Icontlnu•dl C•mp•ny Motor v•hkl•¥ Art Coll•G¢lon t•mi Flxtur•• •nd Ilttlngl ol11￿ Ind IT •4ulpm•nt Fr••hold prop•rty Tot•1 Al 1 ApFil 2024 Addition$ DItspo8al8 Tr•n$l•rn Irom Eurrjnl 88Mlg h•ld lor sal• 4,5e8,455 997,4fj0 5,000 1,000.000 184.726 75.295 1,016.542 31.060 8,836.723 1.103.815 Al 31 March 2025 D•pr•¢l•tlon Al 1 ApFil 2024 ChBr9e for the ye•r Dèpr•clolion ellmlnaled on d￿PosI1$ 1,867,826 121,4Q8 4.083 917 50.578 69,163 841.513 50,169 2,784,000 241,947 253 AI 31 MBr¢h 2025 N•t bo0* vilu• Al 31 March 2025 Al 31 March 2024 Froehold propety comprise$ oxpÈndilure on improvemenis. The House and assodaiad land are valued al £NII since they were acqulfed by 91ft. No v8lue has been •ttribuied 10 Ihe$• 8$98is as, In accordancè wlh the wishes ol the donoi,11 15 intended th81 the Hou8e and associated knd will b¢ fv•ld in ptrrpelvity to $upport the obpciives and aclivib•• of the FoundBIKin. Dilchl•y Houso wae biim in 1722 •n¢J 18 8 Ilsted Grade 1 builthng. Th• Hou8é and oulbulldlngs 8r8 Cu￿entlY Insured for £69,846.963. Pag8 37

Th• Dll¢hl•y Foundatlon IA Comp•ny Urnlted by Gu•rint••l NOTES TO THE FIP4ANGIAL STATeMeNTS FOR THE YEAR ENDED 31 MARCH 21125 Other proptsrtkns occupled by 81aff pnd conykl•raO pem•nenl 51off quarters •r• in¢lud•d al dwmod cost ￿8•d upon 8 v•luot￿ F4Jrfoim8(J al 31 March 2008 by Lo%Ys bnd Fltrnnt&, Chèn&rèd Surv•yorB. £3.000.000 wws Ir8n•lBrrpd from current 888018 h8ld for Sale ILY art & lurniahing8 18c8l¥ed 88 part of tha lay¢y lh• pmloua y¢•r. TN• h•6 been included 81 total 01lh8 ItemB' market v8lups. P8ge 38

The Ditchley Foundalion IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Investment property Group Freehold Investment property Valuation At 1 April 2024 Addilions Transfer Irom current assets held for sale Revaluations 4,281,798 22.696.871 350.000 Al 31 March 2025 Company Freehold Investment property Valuatlon At 1 April 2024 Additions Transfer from current assets held for sale Revalualions 4,281.798 22,696,871 350,000 Al 31 March 2025 Investment propertles comprise propertles and familand on th8 estate rented on a commercial basis. The last professional valualion of the properties was undertaken in 2021 by Savills. Chartered Surveyors, on an open market value for exisling use basis. Council have considered this valuation and its appropriateness. Council decided to increase the value of investrnent property in line with the Oxfordshire market since the last professional valuation. The familand was 18St valued in 2020 and the Council considers this valuation to be materially correct at 31 March 2025.

The Ditchley Foundalion (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 202S 11. Flxed asset investments Group Investment securities Unlnvested cash Total Cost of valuation At 1 April 2024 Additions Disposals Revaluations Oth8r movements 17.823,401 45.313,140 145,508,735) 1.239,159 37,715 31.726,312 17.861,116 77,039,452 {45,508,735) 1.239.159 At 31 March 2025 34.516,122 16,991,856 51,507,978 Net book value Al 31 March 2025 At 31 March 2024 Company Investments In subsldlary cofflpanl•s Investmenl Unlnvested s•curSt103 cash Total Cost of valuation At 1 April 2024 Additions Disposals Revaluations Other movements 17,823.401 45,313,140 (45,508,735) 1,239,159 37,715 31.726,312 17.861,118 77,039,452 145,508,735) 1,239.159 Al 31 March 2025 34,516,122 16,991,856 51,507,980 Net book value Al 31 March 2025 At 31 March 2024 12. Stocks Group 2025 Group 2024 Company Cornpany 2025 2024 Finished goods and goods for ￿Sale Page 40

The Dltchley Foundation (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EMDED 31 MARCH 2025 13. Debtors Group 2025 Group 2024 Company 2025 Company 2024 Due within one yoar Trade debtors Legacy receivable Other debtors Prepayments and accrued income VAT recoverable 25,228 15.083.003 2.362 47.098 110,036 39,326.137 2,344 79,234 21.081 89,952 15.083,003 39.180,740 2,362 2,344 47,098 79,234 14. Assets held for sale Group 2025 Group 2024 Company Company 2025 2024 Propertie5 Artwork and furniture 975,000 975,000 15. Creditors: Amoun18 falllng due wlthln on• year Group 2025 Group 2024 Company Company 2025 2024 Trade creditors Amounts owed to group undertakings Other taxation and social security Olher creditors 172,754 189,782 170,093 167,491 43,821 9,350 184,853 235,118 37.696 11,369 45,563 9,350 41.682 11.369 Accruals and deferred income 241 16. Deferred income Group 2025 Group 2024 Company Company 2025 2024 Deferred income Page 41

The Ditchley Foundation (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Deferred income (continued) Delerred income is included in the financial statements as follows.. Group 202S Group 2024 Company Company 2025 2024 Deferred income is included withln- Current liabilities Movements in the year.. Deferred income al 1 Aprll 2024 Released from previous periods Resources deferred in the year 25.636 125.542) 29,137 (29.043) 1,992 11,992) 1,992 {1,9921 Delerred Income at 31 March 2025 Deferred income relates lo rents received in advance and conference deposils. 17. Slatement ol funds Slatem•nl of fund8 - curr•nt y•ar Balan¢• at 1 April 2024 Balance at 31 March 2025 Galnsl ILo•s•$) Incom• Exp•ndllur• Endowment lunds Artwork fund 1,000,000 1,000.000 Restricted funds Travel fund Earmarked donations 2,116 (2,1161 (7.0001 7,000 Unreslrlcted lunds General funds 98 342 85 Total funds Page 42

The Dilchley Foundation (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Statement of funds - prlor year Balance at 31 March 2024 Balance at 1 April 2023 Gainsl (Losses) Income ExpendSture Endowment lunds Athork fund 1,000,000 1.000,000 Restricted funds Travel lund Earmarked donations 25,496 (23,380) 16,000) 2.116 6,000 Unf•8trlGl•d lund8 General funds 25 068 628 4 493 078 Total funds 18. Summary of funds Summary of funds- current year Balanc• at 31 March 2025 8alan¢e al 1 Apill 2024 Galnsl (Lo8s•sI Incom• Exp•ndllur• Endowment funds Restricted lunds Unreslricted funds 1,000,000 2.116 98 342 851 1,000.000 7,000 6 442 782 (9,1161 4 635 736 Total funds Summary of funds - prlor year Balance at 31 March 2024 Balance al 1 April 2023 Galnsl (Losses) Incom• Expendltur• Endowmenl funds Restricted lunds Unrestricted funds 1,000,000 6.000 1.000,000 2.116 25.496 129,380) Total funds Endowment funds consist of inherfted works of art that cannol be sold. Restricted lunds are non-staff project specific expenditure, earmarked by the donor. Unrestricted funds are allocated towards the general Ditchley Foundation programme. staff costs. assoclated technology and infrastruclure. Page 43

The Dltchley Foundatlon (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Analysls of net asset$ between funds Anatysis of net assets between fund$ - current year Unrestricted Funds 2025 Rostrlcted Funds 2025 Endowment Funds 2025 Total Fund8 2025 Tangible fixed 8ssels Fixed asset inveslmenls Investment property Current assets Creditors due within one year 6,914,964 51.507,978 27,328.669 16,106,973 469 528 1,000,000 7,914,964 51,507.978 27,328.669 16,106.973 Total Analysis of net assots bolween funds - prior year Unrestrlcted Restrlcted Endowment Funds Funds Funds 2024 2024 2024 Total Funds 2024 Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one year 3,072,723 17,861,116 4,281,798 73,555,517 428 303 1,000,000 4,072.723 17,861,116 4,281,798 73.557.633 2,116 Total Page 44

The Ditchley Foundalion (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Reconclllation ol net movement In funds to net cash flow from operatlng actlvltl•s Group 2025 Group 2024 Net income for the year18s per Statement of Finanaal Activities) 3.044,089 74,250,843 AdJu8lm•nts for: DepreciatSon charges Investment property gain Gains on investrnents Dividends, inleresls and rents from investments (Increaselldecrease in 51ocks (Increaselldecrease in debtors Increa5el(decreasel in creditors Ilncreaselldecrease in current assets held for sale Other investment movements Exchange rale gains Legacy fixed assets and Investments received Lossllprofill on sale ol tangible fixed assets 241,947 261.083 (814,970) {1,244,6951 174,024) 169 139,321,621) {94,844) (6.977,521) 88,903 2,275 (1,000,000) {1,239,1591 (1,118.0201 6,550 24,335,970 41,225 6.977.521 1876,986) 401 (23,046,871) Total funds 20. Analysls of cash and cash equlv•l?nl• Group 2025 Group 2024 Cash In hand Total cash and cash equlvalents 21. Analysls of changes in net debt At 1 April 2024 Cash flows At 31 March 2025 Cash in hand 27 82 Total cash and cash equivalent5 22. Capltal commltments Group 2025 Group 2024 Company Company 2025 2024 Contracted for but not provlded In these financial statements Acquisition of tangible fixed assets 1 855 740 1855 740 Page 45

The Dltchley Foundatlon (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 23. Operatlng loase commltments At the reporting end dale the Charity had outstanding commitments for future minimum payments under non-cancellable operating leases, which fall due as follows.. Group 2025 Group 2024 Within one year Behyeen two and five years 5.160 11.604 13 Amounts recognised in profit or loss as an expense during the period in respect of operating lease arrangements was £5,160 {2024'. £10,794). 24. Penslons ¢ommltmenl8 The Foundation maintains a pension schème cov8rlng all ol its employees. 1115 a defined contribution scheme (employer 100A1 administered by the Trustees. Its funds are kept separate from those of the Foundation. Contributions outstanding at 31 March 2025 were £15,500 (2024.. £12,000). The pension cost tharge represents contributions payable by the Foundalion in 8ccordanc8 with Ihe rules of the scheme. 25. Pilnclpal subsldlary The following was a subsidiary undertaking of the Company.. Name Company number Included In Holdln9 con801idatlon Dit¢hl8y Park Conference Centre Limited 01944182 100% Yes The financial ￿sUlts of the subsidiary for the year were.. ProfiU(Loss) for th• year Namo Incom• Expendlture Net assets Ditchley Park Conference Centre Limited 470,607 {318.547} 152.060 152,060 The registered offlce is Ditchley Park, Enstone. Chipping Norton. Oxtordshlre OX7 4ER. Page 46

The Ditchley Foundalion (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 26. Related party transactions In the year, 3 Trustees {2024.' 4 TTUSteesl made donalions totalllng £8,96012024.' £14,160) lo the Foundats'on under the 1580 Fellowship Scheme. The wile of the Foundation's Oireclor, K Arroyo, was paid £5,500 in th? year12024.' £19,000) for Interior design consultancy work as part of the second IIOOT, east wing and lower ground floor projecls. Marjorie Neasham Glasgow, who Is a Truste8, was also a Trustee of The Glasgow Foundation. During the previous year The Glasgow Foundation donated £20.252 to the Foundalion. Jamie Merisotis, who is a Truslee, was also a Trustee of Lumlna Foundatlon. Durlng the previous year, The Lumina Foundation donated £475,174 to the Foundation. Page 47