ICAEW CHARITABLE TRUSTS Registered Charity No. 313983 ICAEW FOUNDA TION and its linked charities TRUSTEE'S ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ICAEW FOUNDA TJON CONTENTS Page Trustee's ar￿Ual reporL' The charitable trusts and their sole wMNate Intslee publ￿ ienefit aims Structure. organisation and managen￿l Strategy for achieviThJ objechves 2025 activities &hievements Plans for the fulmre Reserves levels and poky Major nsks Inveslnwt and perfomwnce Matters affecting the financiat postion of the charitable trusts Statemerrt of trustee's reswnsibilrtEs 10 10 12 13 lTrJependent Auditorfs rep)rt to the trustee of ICAEW Foundab 14 Stalen￿t of finanual xlrvities 17 Balance sheet 18 statement of cash fiows 19 Notes lo the financial statements 20 Advi58rs, agents and adMinistrat￿S 29 ICAEW FOUNDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 202S THE LINKED CHARITABLE TRUSTS AND THEIR SOLE CORPORATE TRUSTEE The names and registration numbers of the ICAEWS charitable trusts linked with the Foundation on the Charty Commission web￿18, and wh￿h altlwh separatety administered are acLounled for as if they and the Foundab'on were a single tharity, undw the auth￿ of a untting direction frcrfn the Charity Commission, ale as set wt below.. 313983-001 313983-002 313983￿03 313983-009 The Chartered A¢￿unt0nts. Charities Investment Pcd ICACIPI P D Leake Trust {PDLTI Chartered Accountants. Trust for Ed￿ation ar￿ Research (CATERI Chartered Acc￿n￿nts. Pennanent Education Trust ICAPETI The sole twslee of all ttr￿ charities is Clwtefed k£ountsnts' Trustees Lirrited ICAn. The drecloTS of the Trustee Company al present and those wi Off￿ durry Ihe Feri*J covered by this report a￿.. Andrew Raidiffe Richard BaylLS Shauna Bevan Michael H￿kS Christopher Soan Andrew Wauchope ChaiM￿n Resigned 05 January 2026 ReS￿ned 22 January 2￿ Further adnwnislrative ￿lf(￿matIon will ￿ ￿nd on paje 29. The registered Offi￿ of the Injstee and prwKipal ofke of exh ofthe thanties B". Chartered Accountants. Hall 1 Moorgate Place LoThJon EC2R 6EA UK PUBLIC BENEFIT AIMS The tnjslee presents its annual report and finar￿la1 statements for ICAEW F￿ndatIOn (the Foundation) which include its linked charities for the year ended 31 December 2025. The aim of the Foundation is to support and provide donations lo trf)die5, charitabk Irus15 ty fvnds fc￿ the public benefii in areas which ae of partKukr inlwest to the Instrtuie of Chartered 14£countsnts in England and INales (ICAEW). The aims of the linked charities (apart from CACIP 15 CATS colecbve inveslment vehtlel are as follows.. CATER: the adV￿￿￿ent ofeducatirm. paI￿lLarty in accountsrrfj and related suty'ecis. ty maintsining and operating the ICAEW Lknary and ty SUPFX)rtww qualfying education and research projects initiated by the ICAEW and oth￿$., CAPET.. the advancenEnt of educatK*n. parttulaty in a¢¢ounkn'ng and rekted subjects, by funding the prizes awarded through ICAEWS emniiations funding bursa￿ in ￿ance with the secondary 0tr4ethyes of the trusL PDLT.. the advancen*nt of the sciences of ￿CoUntIng and political economy, r￿udIng public finance and taxati￿, ty ft)nding xademK re5e*i propcts and events. When pursuin9 these public benefit aims and when setting annual objectives and planning future actwilies, the trustee has given due Considerat￿ to the Charty Commissvjn's general and sub-sector gu￿￿anCe on public benefit. ICAEW FOUNDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 STRUCTURE, ORGANISATION AND MANAGEMENT The FoUndatiC￿ is govemed by a Deed of T￿￿1 ￿st updated cffl 18 May 2007 CATER is govemed by an adminislralive Schen￿ of Decents 1971 m*le by the Secretary of Slate for Education and Science. Chartered Accountants. LilKary L¥Thted (CALL) is a wholly owned subsidiary trading company of CATER vA)i¢h becanE dormant al the end of 2018. CAPET is govemed by a Charty CommisSK￿ scheme ol (k*thr 1975 PDLT (the 1952 wll trust of the late Percy Le*el is 9OVfJned ty an Octoter 1975 Chanty CoMmiss￿n scheme, CACIP, the investsnenl pooling chwty. esta￿l$hed and govemed by a Chartty Cotrmission scheme of Oecenkner 19%. ICAEW is the beneficial owner of the shares of CAT. wh￿h has no corporate assets and is active only as sole Iruslee of the charit￿5 and so is dormant for accounb.ng Ur￿er company law. In xcordance with IFRS10, however, the financial ststements of all the charibes adly￿nistered by CAT are consolidated in ICAEWS financial statements. Details of the ChaIrt￿S. transaclM)ns with related par￿$ are slhjwn in the notes to the financial statements. Appointment of truslee's dlr•ctor5 The appointment of director5 of CAT is proposed ty CATS Board of Dire¢Xors approved by ICAEWS Nominats'ng Committee. Temi of appolntment as a dlr•ctor of CAT The Art￿leS of Assoryation of CAT do not limit the temi of apsY)intsr￿l. Fk)wever. by a9reement with ICAEW. the trustee dreclor5 normally hold Offi￿ for eight years at a maximum. and the chairman f¢x five years maxwnum, having seThed at least one as a tnjstee dwector before becomiTrJ chairman. InductAon and training As part of their induction, new directors of CAT are given a b￿fing ￿ wh￿h ￿clUdeS ￿formatIon relatr'ng to the powers and responsibilities of CAT as a corporale trustee. ccpies of papers and minlrtes of board gb'ngs, eop*s of annual repcwts and fina)cHI statements of the trusts and informatK)n relating to the work of the tharitable trusts it adnlnisters. An opp)rtunity s offered to rthv trustee director3 to meet wrth the chair and exi51ing trustee directors and rT£mbers wlvofved in marwiThJ the trusts to obtain briefiro on the grant making process. The Iruslee directors consider perKJdicalty whether further training on their role and responsibilities as directors is needed as part of they lemis of a[￿￿tMent. Vthere rt ￿ considered appropr￿le, regL￿ar updates and training are provKled in conjunction ¥￿th the charities. YNestmenl. other advisers ar4d other extemal Directors. Meetings The trustee directors meet at least three twnes a year, in order to manage the charities. to review Investn￿nt and financial perfomiance, to assess new grant applicath)ns and to consider leedback and rep)rts on previous grant awards. The trustee directors have appropriate t4)licies and pr(KedU￿ in place for managing any Confl￿ of interest arising in course of its trusteeship. Key management p8rsonnel rnmuneration The CAT Board consKlers the trustee's directors and the Head of the Library & Information serY￿es {LlSI as corwrising the key management personnel of the chartty in charge of directing and controlling the charity and running and operating the charty on a day-t(￿aY basis. The trustee's directors give their time freely. Details of expenses claimed and reLqted party transactions are dtsclosed in notes 6 and 15 to the financial slatemerts. The pay of the head of LIS is bome by ICAEW and re4ivwed annualty in accordance with the ICAEW remuneration polw. JCAEW FOUNDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 STRATEGY FOR ACHIEVING OBJECTIVES Foundation The trustee's strategy is to make grants for Se￿(￿ed inrtiatives where the Contribu￿ ffode by the trust can make a positrve drfferel￿e to the outcome. The initiabves supported within the trustee's (xooing aitrts aThl ot4ectNes can be surrmarised as follows.. Bursarles ¢)ffenng lif￿r￿JIng OPFrty￿nl1ieS lo talented indNiduaLs may not otherwise have the OPFQrtunity to iLMn the next werakn of fin￿ professM)nals. Prfzes Rewarding academic exceuence and Outs￿dI￿ contr11￿tic￿ to yxiety as an ￿spirat￿)n lo others. Research and PhD fello￿tt1p$ Supporting high quality researth that Chal￿ perCeP￿S ofthe future of a¢￿￿￿ting and finance. Teaching fellowships Fostering change in educat￿, txw￿lng to tuition the wactral inwght for which the profession is fewned. Library s•rvic•s and heril•ge PTeservmg enhancing through CATER (see bebjw) ICAEWS heritage that syn*olises its position as a most highty respecied profe55Kff￿ bc4ty. GRANTMAKING AND POLICY Foundallon Any aPpI￿atr"On$ ts grants an¢J tsjrsarw we wt io the CAT Board for approval via the FouThJaknon offi￿. If a buTsary lo a universty is apFxoved, then a Mernxandum of Llnderstanding is signed by both partie& CATER & PDLT The trustee has a process for the revtew of grant applicat￿nS. The Research Advisory Board IRAB) considers all grant appli¢ations for ￿earch projects and events and makes its recommendations to the trustee. Each grant application indudes details of the purpose and contribubon of the research project or event and a summary of expected expendiiure uThJer such healings as.. staff costs travel costs research instruments and access to data source5 other relevant specIf￿d costs The RAB also commissions leading xademKs. from both the UK and around the world, to ￿Search, wrrte papers and present on issues of key iThportance to the attountsncy prOfesS￿n, pathcularty on aspects of financial reporting. An annual Confere￿ and Wure are ￿ld at whth these papers a￿ p￿seThted before they appear in a special issue of the journal Accounting and Businoss Research. Requests for fvnding for the papers and events are put lo the trustees in the usual way. The RA8 meets three limes a year. It indudes senior academics from various univergties, including at least one overseas university. as well as other wactilioner rrembers. Vvhere appropnate, men*ers of the RAB personally interview the person or leam rna￿n9 the grant appI￿ation and a￿ayS obtain irKlependent academic and practitioner rewews. The trustee may at its dIScret￿)n accept or reject any grant application wh￿h has been consKlered by the RA8. The chartslAe trusts are eonmnitted onpy to reimburse quaify#w research exFenditure Ir￿Urred. together with buyout replaCe￿Ent le￿h￿g rf appropriaie. The Iru51ee encourages the wblic*ion and distribution of the grantees. researth ffindings lo the widest possible audience. Thi5 may be through ICAEW to its men*ers and oth￿S or by other ￿adem￿joUrnalS and extemal pukJi5hers. The trustee gratsfulty *nowledges the a551stan￿ of ICAEW and its help in publnsing the wor1( of the charitable trusts. ICAEW FOUNDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 CATER'S budget for the ICAEW Library ￿ rom￿ty reviewed wilh the Heaj of the LIS ea¢h year lo review progress against budget. pro9￿SS wlh ongoin9 deveh)pn*nt of the LIS arKI to agree priorities for the year ahead. The resources spent on this ser¥h￿ in 2025 aff￿unted to £71s.C￿l2024.. 736,0001. CAPET The trustee's policy is to". assist vmth the general professKw)al educath)n of surtable persons vtho are PTeparing for, entering. or engaged in the profession of accounlary, such as by provhjing bcok5 or paying fees, subject lo appI￿nts meeting the tfuslee's critena ts grant eI￿l￿.1rty,. aThJ award prizes in cMne¢lion wrth ICAEWS examinabons. CACIP This charty exists onty to man4e the FO)led investrnents of the atthte charities •Jministere(J by CAT. FUNDRAISING Foundatlon Adual donations totslling £121.624 I￿aUdyig gfft and axxued irr￿) were receNed during 2025. Totsl pledges since the launch of the Foundation. induding legac￿. d(￿ationS arKI gift aKI, stood at £3,085,088 at the end of the year. 2025 ACTIVITIES AND ACHIEVEMEKrs FOUNDATION Grants awarded The main strategic focus ol the FouTrJalion is the creation arKI grantsng of bursaries. Our Changing Futures Prograrrn* ¥ward$ I￿r$arleS through unNersthes in the UK, Northem Ireland, Cyprus, Greece and in Hong Kong SAR, lor lalented sludenls from financialty disadvantaged backgrounds wishing to study for an ￿OuntancY or finance ￿￿ted (Ègree at unNersrty. Our Building Fuluie5 Programme F￿videS bursaries to a growing numbef of tslented and ambitious Students undertaking new professional accountsncy qUalif￿allonS in countries such as Malawi, Sri Lanka. Ghana. Cambodia, Zimbabwe. Lesotho and Nepal. New bursaries wll be funded from the income generated on the inveslmenl of current donations or the release of expendable endowment. Total buisaTres awarded during the year (net of write backs) were £301,000 {2024: £144.0c￿). UK bursaries are usually awarded for a period of three or four years and are a¢¢rued in the ￿lUnts for the whole perKyJ in the firsl year when the bufsary is approved. Therefore. the awards payaNe to UK universities shown in note 6 are for new bursarts, including amounts payable over future years. The table belcAY details the number of burs￿ a4varded ty county to date. COUNTrY CYPFOJS GPEECE 14 AWI LANK4 49 19 10 10 ZM&OBWE LESOTrD PAL TOT￿ 8ULDWIG RJTURE 81NISMI 15 149 GRAND TOT ICAEW FOUNDA TION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 202S Khadijah Iddris was previousty featuied in our foundatson vKleo in 2018 and has received support from the ICAEW Foundation Ihrou9hout her PhD Stud￿ in finance, ultimate ambition bein9 Ihal of becoming a lecturer in the subject. K￿lJah was awarded her PhD during 2024. gaining top marks. DuTing the year the Intstees agreed to provide addit￿nal funding to enable publication of her recent book 'Infraslruclure Finar)ce'. A wbltsher has been sekcted, and the bcd( will be wblished and launched during 2026. ICAEW Foundation is immensely proud of Ouf work with students through the bursary pro3rarnmes but we do need the support of our members to C•Jntinue to grow ￿Jr impact and reach. CATER LIBRARY AND INFORMATION SERVICE The ICAEW Library & 1nlormats.on Seryre delNered a hb3hly valued and irryiactful service in 2025. maintaining strong user satisfaction whik adapting to a thanging informath)n landscape. The enquiry seNice remained central. resolving 10,994 enquiries acros5 a wide spectrum of technical and business needs. Supported by very hwh satr"sfxtron kvels and extgnsNe F￿￿ve feedback from members. The library also expanded its vi&bility and reKh through tsrgeted promotions. case studies, and new research guides, some of which gained nalbjnal media coverage. Efforts lo engage new audiences included Insights email campauns and Wact￿l case studies de[r￿￿StraIi[￿ the Ser¥￿e'S real-world value. such as helping members ￿entIfy SOUTces of veniure capital. At the same time. the team undertook swjnificant research inrtiatNe5, induding pioneering woth on earty women in accoUnt￿cY and historical projects marking the Second Vtsld War, reinforung the library's role as an impM)rtanl technical research hub and a custodian of the profession's heritage. A major achievement in 2025 was the library's innovation in digital SerV￿e5. Following the end of a long- standing database subscription, the team successfully developed a series of in-house industry profi'les al￿ned with ICAEW priorities, achieving strong early engagement and significant online rexh. Alongside this, the ICAEW digital archive continued to expand and mature, supported by cuttir¥J-edge Al developments that have attracted interest from olher Organ￿allon$. CAPET CAPEfs primary objective is Ihe afvanceffent of educat￿. ￿tKul8￿ in a¢￿Unty'ng * related subjects by fvnijing th8 ICAEW Intemational ACA annual prizes and annual dimate change competith)n. For the third year, in association wth CAPET, ICAFN hehj a cg)nwetstion for a research proposal addressing the role of accountants in gu￿Ing organisations lo navigate climate change. The prvze of £5,000 was awarded to Sam 8eukers~ Stewart. an ICAEW student. who Submitted the winnin9 entry- the full report can be found here.. Climate change is one of the mst pressirKJ challenges of our tin*. and il requires urgent and ct4lective action from all sectors of society. The accountarw profession has a vital role Io FAay in driving and suPF￿1n9 climate act￿. tr￿th wrthin and beyond their organisaknons. Total expenditure on prizes awarded during 2025 amounted to £53.00012024'. £35,000). The increase on prK)r year relates lo the dual njnning of exam prizes due to the phasing in of the Nexl Generats'on ACA examinations. £150,000 dunng the year {2024.. £150.OC(l} was transferred to the Foundation to fund bursaries. This is in line wth the secondary objects of CAPET. PDLT The P D Leake Trust was established in 1￿2 to advance the science of accountsng and political economy. including public finance and laxalion. In 2025, the Trust svpported independent, high-quality research and knowledge exchange deS￿ned lo strengthen underslanding of corporate behavtour and performance, improve the infomiation availatAe to markets and stakeholders. and help t*)ards, advisers and ¥Jlicymakers reduce the risk and impacts of corpLYale failure. In delivering these aims. activity during the year ¢ombined: the Commi￿oning and publication of research. the iniliatson of new. fulure-fxiThJ research FY(*3ramrres". and the convenir¥J of events and conferences ICAEW FOUNDA TJON TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 that enable academics and pra¢tsts'¢>nets to chaknge assumpiM)ns. lest eff*rging ideas. and translate evidence into practical Ins￿ht. The Trust's 2025 activity intenti￿allY balan￿ delpiery of publishable outputs with investTrpnt in futur8 impact. The next phase will focus on." c0rylet￿an and dissemination of Convr￿S1Oned research. ensuring prath'cal translation into iisKJhts kn boants, alviser5 and polwmakers. continued SUPFQrt for hwJh-qualty convening Ihat ¢))nnects research. wacbce and publtc mlerest outcomes. Further infom)alion on the work of the charitable trusts can be found here UN Sustainable Development Goals As the worfd wntinues to focus on the inWortar￿e of the UN Sustainable Devebpment &)als {SDG's), we too conts'nue to collaborate and work together with our partners lo help contrbbule to their ¢)wn achievemenl aims. ZERO IIUNGER GOQDHEAII AVIIWIIL-BEHIG QUAII IDLUIN]N GENDEA IQUAIIIY OECENTIYORK AND ECDMMIIC CRDvllH REDUCED 13 IMAIt We are conxious of h¢)W the oblectives and work of the ICAEW Foundation contributs5 to xhieving Goals 2, 3, 4. 5. 8. 10 and 13 As a men*ef of Ihe Association of Corporate F(MJndalions and 6(P signatory to thew Funders, Commitment on Climate Change. we continue to play our part for dimale action. PLANS FOR THE FUTURE Foundation The trustee intends lo continue to identsfy and surwt r*vant initiatNes where the grant given by the Foundation has a (Jefinable outcome and where the contribution made can make an app￿￿ble difference lo the recipient. Some interest ha5 also teen sthywn frcrfn Di￿￿t Swety entit¢es to donate some oftheir reserves lo area SFeok student txKsatES. PDLT The trustee intends lo contr'nue lo supp)rt funding academic research and events as prop)sed by the RAB approved within PDLT using the same pr(￿sseS which currendy appty The value of the annual grant is currelllly under feview with an appett.le to increase funding depending UFKM the quality and volume of protK)sa15 coming through Post-graduate i￿rSarieS will also contsnue to be awarded A revwi of the objects of the trust is also underway to establi%h rfthese can be wthned to Rach more benefiuanes. CATER The Iruslee intends lo promote and SUPFWM the On￿oing development ol a world Library 1736 (7361 R4i8ing funds Investment management fees {821 1821 Total expendltur• 1162) 182 11,195) Net gains on investments 40 116 1,358 1.514 Transfer belween funds 150 {150) N¢t Income and fflov•ment of endowed funds for th• y•ar 1,289 1M37 Reconciliation of funds: Fund balance brought forward at 1 January 2,439 14.249 16,932 Fund balance carrf•d forward at 31 December 75 2025 rooo 2024 £'ooo 3 Donations and legacles Unrfj$trict•d fund FoUndat￿n donat￿$ Oonalions in kind 23 25 26 Restrlcted Fund Gift aid donation5 from ICAEW Donations in kind 700 700 21 721 706 Endowment Fund Foundalion donations 826 754 JCAEW FOUNDA TION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 202S £'ooo 2024 £'ooo 4 Income from Investments Unrestrlcted Funds Equrties, Bonds. AltematNes and cash 58 S8 62 Restrlcted Funds Fixed interest 5ecuritts Equrties. Bond5. Altemats"ves and cash 28 289 317 28 272 300 End¢)wment Funds 385 364 S Cost of ralsing funds 2025 £'ooo 87 87 2024 £'DOO 82 82 Investment managers fee5 6 Exp•ndlture on grant funded and charitsble actlvltles undertaken directly Unreslrktsd R•strId￿ EThdoW￿t £'ooo 2026 £'ooo Grant maklng acllYltle5 Foundation grants approved PDLT grants approved Grants written back Ino longer required) 310 12 322 180 {56) (211 (35) T¢)tal grants 157 Activities undgrtaken dlrocty Exam wrzes 53 53 Support and governan￿ cogts Management and sUPPQrt costs Audit fee Indemnity insUrar￿e and other tnBtee director's expenses 21 46 11 67 Total Expendltur• on grant fvnded and charitable aclivities undertaken direcdy 310 578 Foundal*)n grants approved relate to st￿t bursaries as deta.kd in tre trustee's report pages 6 PDLT grants relate io resewch, events and post grajuale ￿￿KsarleS as referenced on page 7 of the twstee's 23 ICAEW FOUNDA TION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 6a Expendlturn on grant fund•d and charitable activities undertakgn dirnctty- 2024 for comparison unre•tr1ct￿ Restrkted EndowmoTrt £'ooo £'ooo 2024 £'ooo Grant maklng acllvltles FoUndat￿n grants approved PDLT grants approved PDLT grants wrrtten back Ino longer required) Total grants 168 131 (241 131 124) 144 276 Actlvllles undertaken directly Exam prizes 35 Support and governance costs Management and support costs Audit fee Indemnity insurance arKf other trustee directorfs expenses 18 37 11 55 11 Total Expendlture on grant fundgd and haritable actlvitles undertaken dlrectly 162 215 377 Trustee expenses reImbu￿fd during 2025 in rdatK)n lo travel cosls were £55412024.. £4701- The trustee directors did not receive any remuneration or other benefits for their servi￿$ during the year (2024.. £nill 2025 É'ooo 2024 £'ODD 7 Llbrary oxpondlture Cost of ICAEWseconded staff 260 253 Books and journals Accommodation and facility costs Office services and computer costs 211 221 23 456 240 220 23 483 Totsl 715 736 The ICAEW Foundalion has no em￿oYees. Al Library staff are employees of ICAEW who are seconded lo the Libwy and the ￿lated empbyment costs are met by the charity An average of 4.9 empkiyees were seconded from ICAEW for the year12024. 5.0 employees) 24 ICAEW FOUNDA TION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 8 Movements in partlcipatlng ch•rilles' Interests in pooled Investments Balancè al l January 2025 New Amounts Investment Gains on B•l•ncg ¥t monoy wkndrawn Income Inv•stm8nts 31 Invosted DoGemb•r 2025 £'ooo 6,492 9,753 3,793 746 Foes not yel d8bitod £'ooo {8} £yJoo £MM)O 128 181 63 13 CAPET PDLT Foundation CATER Total 5.912 8.740 3.2 668 (2421 (1611 1281 (7101 694 993 352 75 150 700 {3} 22 9 Inveslments 2025 Market value at 1 January Addits)ns Net cash rmvement in year not yet invested Disposal proceeds Gains on investment Market valu• at 31 December 18,576 3.496 227 (3,629) 2,114 Investments al mark•t value comwkned: Listed Investments Cash 20,460 324 Hlstorlcal cast: Restricted fund Endowment lund 2.816 13,720 2025 £'ooo 2024 £'ooo 10 Dobtor8 AtTr)unts owed by group and rdated undertakings Prepayments and accrued Inc( 10 154 47 47 164 2025 £'Doo 2024 £'ooo 11 Credltors Due wlthin ong yèar: Grants payable Accruals Tax and social security Amounts owed lo group and related undertakings 520 70 61 58 Due after one year. Grants 155 89 537 25 ICAEW FOUNDA TJON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2025 12 Analysis of net assgts bthveen funds Unrestrthd Restri¢ted Endowment fund funds funds £'ooo £'ooo 2.C62 17,630 (2131 17 17 2025 Total £'ooo 20.784 (4701 2024 Total £'ooo 18,576 1207) Fixed asset investments Other net Iliabilityesllassels Total value of Ihe fund 1,092 (743} Analy51s by trust Is shown below. Unreslricted ReStr￿ted EtKlowment fund funds funds 2025 Total £'ooo 6.483 9.543 3,381 2024 Total £￿00 5,913 8,583 3,028 CAPET PDLT Foundation CATER 569 1.074 {2} 907 5.914 8.469 3.034 349 349 17 17 Anatysls of not ass•ts belween funds - 2024 compaf150n Unreslrthd Restricted Endth¥ment fuTr fvnds fijnds £'ooo £'ooo 1.902 15,846 573 (3081 2024 Total £'ooo 18,576 {207) Fixed asset investments Other nel Iliabilitiesllassets Total value of the fund 828 1472) 356 Anatysls by tntst Is shown b•low: Un￿$tric￿ Restricted Endowment nd funds funds £'ooo £'ooo 620 5.293 1,003 7,580 2.665 2024 Total £'ooo 5,913 8,583 3,028 CAPET PDLT Foundation CATER 356 845 356 15 38 13 Summary of 2025 fund movemnts by tn￿t and prior year comparf60n: Unrestrkt¢d fund8 Balanc• at I January 2024 Ine¢MM Expandlture Tran8fers Galns Balan¢• at 31 D8cgmb•r 2024 £'ooo 356 rooo 40 Foundab"on Total 244 (162) 162 150 28 ICAEW FOUNDA TION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Balance at 1 January 2025 £'ooo 356 Incom Expendliure Transfe Galns Balancfr at 31 De¢ember 2025 £'ooo 349 349 £'ooo Foundation Total 1310) 310 150 160 67 Restrlcted funds Balance at 1 January 2024 £'ooo 674 943 833 (11} 439 Incofflo Expondltur• Tr•nsf•r8 Galns Balance at 31 December 2024 £'ooo 620 1,003 845 £'ooo £'OCrfJ ($41 {152) 17451 £'ooo (150) CAPET PDLT CATER FOUNDATION Total 121 29 44 43 714 18 951 1S0 116 Balance at 1 January 2025 Incom• Exp•ndltur• Transfers G•lns Balafi¢• at 31 Dècèmbèr 2025 £'ooo 569 1.074 907 {2) £'ooo £'iw)o {150) CAPET PDLT CATER FOUNDATION Total 620 1,rx)3 127 179 714 {73 (1711 (7271 112> 45 63 75 75 150 The above restricted fvnds are trust incoff* that must be spent on that specific ehanty's general purposes at the discretion of the twstee as detailed on page 5. During the year, the trustees approved a transfer from CAPET of £150,000 lo the FouThdat￿n to fund bursar￿ This is in line with the secondary objectives of CAPET. Endowment funds Balanc• at 1 January 2024 Income Expenditur• Transfors G•ln8 Balance at 31 D•¢embfrr 2024 £'ooo £Thio £YJOO CAPET PDLT Foundation Total 128) 141) (13) 473 677 208 5,293 7,580 2,665 6,941 2,462 14 13 8alanc• at 1 January 202S £'ooo 5.293 7,580 2,665 In¢ixno Expendltum TraTh5f•rn IM B•lance at 31 December 2025 £'ooo 5,914 8,469 3.034 £'ooo £'ooo CAPET PDLT Foundation Total {301 (441 {131 649 930 285 97 102 CAPET and PDLT'S endowment funds are perrnanent but the Foundation endowment Is expendable for general purposes al the discretion of the trustee in furtherance of the objects of Ihat charity as sel out In the trustee's report on page 5. During the year no transfers were made from the expendable endowmenl12024.'nill. 27 ICAEW FOUNDA TION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 14 Llbrary book stock The w(xking stock ofthe Library was ￿Jinalty donated by ICAEW to CATER and is currently valued for insurance purpjses al £g00.000 (2024." £9)O.(KXI}. The stcck is not i￿luded on the balance sheet bul Library expenth.lure indudes Ihe cost of maintawiirvJ addiThJ to it. The aojregate Cost and dep￿Cl3￿.0n of the Library sloth 15 not kn(ywn and cannot t* estimated with any rea$c￿able degree of accuracy. Addib"ons during the year are eX￿nSed as incuThed and included within Library expenditure as they are below the c￿￿1a11sation thresh￿d. 15 Related p*rty transactlons There is an agreement be￿*￿n CAT ICAEWto prowde adminL8trative servres to the Foundation and linked Ch￿ties. The total of the transactsor￿ wnwnted to £238,00012024.. £239.￿0}. in addition to the costs of the Li￿. At the year eThJ £58.oc￿ (2024.. £12.0001 wa5 owed to ICAEW. Management and miwllaneous SUPFKYt costs i￿lUde drect costs and related charges on a b'rne spent basis and an all¢xatwJn of oV￿headS ¥Ait bets¥een CATER. PDLT. CAPET and the Foundatbjn. ICAEW provKJes gfft aid to Sup[￿ the runnirvj of Ihe Ltr￿. This WTthnted to £0.7m kn 2025 {2024.' £0.7ml. CATER make an annual charge to the ICAEW f￿ staff use of L￿rary services.. this affK)unted to £26.00012024. £25.0001 All Library staff are em￿oYeeS of ICAEW who are seconded to the Library and the related employment costs are charged to the chanty. This amounted to £260.000 for 2025 (2024.. £253,000). There were no transaclM)ns with CAT or its directws in the year and Fxior year other Ihan the reimbursement of expenses as set wt in Note 6 to the accounts. 16 Group financial statements ICAEW is the benefiaal oW￿r of the shwes in CAT, the g)le trustee of the Foundation ICAEW is a I incorporated by Royal Charter in the United lthngdMI (Cwipany ￿gIStratiOn no. RC000246). Under Intemational FinarKial Rep¥JtiTrJ SiaTwJwds ICAEW has Yep8￿ group financial statements which inGlude the results and net assets of the Fo￿dation linked charities as well as any non-UK charits.es CAT administers. You can read the group financial ststements online at www.icaew.comlreview. or you can request a copy from Ihe Chief Finaroal Officer. The Institute of Chartered Accountants ￿ England and Wales. Melrokmjlitan House. 321 Avebury Boukvard. Milton Keynes. MK9 2FZ. 28 JCAEW FOUNDA TION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ADVISERS AGENTS AND ADMINISTrATOR Investment manager5" R¢)yal London Asset I￿nagen￿l 55 Grxed)urch Street London EC3V ORL W1M London SWY6AH Independent audbtor.. Haysmac LLP 10 Queen Street Place L0ndC￿ EC4R 1AG ScAKitLYs.' DAC 8e•Suoft LLP 100 Fetter Lane EC4A 18N Bankets.. Nat￿n81 Weslminster plc 164.166 Midsummer Aff&Je Cenlre, Milton Keynes Milton Keynes MKg 3&4 Administralor Jennifer SrThth ICAEW Chartered Accountants, Hall 1 Mts)rgale Pl&e LorNJon EC2R 6EA