THE ROBERT ANDEKSON RESEARCH CHARITABLE TRUST REPORT AND FINANCIAL STATEMEpirs FOR THE YEAR ENDED 310ECEMBER 2025 Charlty Reglstratlon No. 8￿617 THE ROBERT ANDERSON RESEARCH CHARtfABLE TRUST CONTENT5 Page Legal and Adminlstratfve Detslls Trustees, Report Independent Examlnerfs Report Statement of Flnanclal Actfvltles Balance Sheet Notes to the Financlal Statements 10-14 THE ROBERT ANDERSON RESEARCH CHARITABLE TR LEGAL AND ADMINISTRATIVE DETAILS Trustees: S J A Stuart-smith Ichainnan) A C Berendt Miss E K Gray M Dinic (appointed 6 March 20251 MrsA Malttoff {apwinted 6 March 20251 Dlrector, Charity Correspondent and reglstered address-. C H Naunton M Phll. PhD 54 Hornton Street London W8 4Tr CoordSnator; D H Davies (retired 31 December 20251 M L Holmes lappolnted l January 20261 Banker5: Barclays Bank Pk. Leicester LE87 2BB Investment Advisers: Brown Shipley & Co. Limited 2 Moorgate London EC2R 6AG Independent Examiner. C E Osborn ACA Brook Cotta8e Petworth Road Haslemere Surrey GU27 3BG THE ROBERT ANDERSON RESEARCH CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Trustees present their report and financial stotements of the charity for the year ended 31 December 2025. The Trustees have adopted the provisions of the Statement of Recommended Practice ISORPI "Accountin8 and Reporting by Charities. IFRS 1021 in preparing the annual report and financial statements of the charity- The financial statements have been prepared In accordance with the accounting policies set out In notes to the accounts and comply with the charivs governing document, the Charities Act 2011 and Accounting and Reporting by Chartties: Staternent of Recommended Practlce appllcable to charities preparlng thelr accounts in accordance wlth the financial Reportin8 Stsndard applicable in the UK {effective l January 20191, Objects, Strurture. Governance and Mana8ement The charltable trust was establlshed under a trurt deed made by the late Dr Robert Anderson 1.the Foundert} dated 8 December 1988. The objects of the charlty a￿ to advance the education of under- graduate and post-graduate students. whether from the Unlted Kingdom or overseas, by the provision of flnanclal 8rants and research facilities to enable them to study in the fiekls of historical, archaeolo8ical, art15tic and sclentiflc research. Following glfts from the Founder In 2(XKI and 2￿6, and a related purchase. the charity owns the freehold of two residentlal propertie5 in London. respertfvely In Hi8h8ate. N6 and in Kensington, W8. These propertles are partly let to provlde income for the charity, with tlK15e parts not let bein8 devoted to the provision of accommodation for visitin8 Students, for Pre-dete￿1ned periods of Intenslve research in London. Those who were the Trustees of the charlty durlng the year are dlsclosed on page l. The trust deed provldes for a new Trustee to be appointed by a resolutlon at a meetln8 of the Trustees, subject to the number of Trustees being not less than three and not more than fwe. The Trustees have been fully brlefed on the charlty's assetstogetherwlth Its governance and management. They have been provided wlth a copy of the Charity Commission guidance note - "The Essentlal Trustee.. what you need to know" The Trustees are kept Informed of key changes in Charity Law by thelr professronal advlsers. Investmenl policy and means for raisln8 additional funds have been kept under revlew, as appropriate. with a view to enabling the oblects to be promoted over the longer temi. The Trustees have unlimited powers of investment. The investment Strate￿ is Set by the trustees for an anticipated cycle of five years or more, having re8ard to the expetted level of grant applicatlons and other awards in the medium term. The Trustees consider the income requirements, the risk profile and independent advice on the market prospects in the medium term. Funds a￿ invested for t#)th income and capital appreciat￿1n. in low and medium risk investments. whkh a￿ mana8ed by the Investment advtsers. Publlc Benefrt Statement The charity'5 Trustees have considered the guidance on publlc benefft published by the Charity Commission, when reviewing the Trusys aims and objectrves and in planning fvture actNities, and are of the view that thelr polic*5 and activities areconsistentwtth the requirernents of Section 17 of the Charities Act 2011. Pollcy concernin8 Academi¢ and Grant Application5 Applications for grants and administration of the charity are dealt with Jointly by the Director and the Coordinator. The Trustees take decisions on applications for charitable grants in con5ultatTron with them at meetings during the year. The Trustees aim to make charltable grants broadty equlvalent to the net Incomlng resources, excludlng capltal gains or losses on Investment assets and after provlslon for kr)own property commltments, The policy on grants also reflects the charitvs obligation to maintain. and where appropriate refurbish. its properties to a standard consistent with achievement of its principal obpctr¥es. The charity invites applications for grants towards the cost of st￿rt-tem7 vlslts for research purposes to the United Kingdom. through its contatts with many universities worldwide. The applications are reviewed to enable research students of proven calibre to extend the scope of their studies within the Unlted Klngdom. where the circumstances are such that. without assistance provided by the charity, they would be unable to do so. The cash grants. awarded primarily to asslst with travel costs. are supplementary to the principal benefit provision for visitors belng in the forni of free residential accommodation together with, Whe￿ approprlate, ￿lated support and advice. Achlev•ments and P•rforniance Legacles and Bequests Whereas durin8 2024 a bequest was recelved for £197,404 comprisin8 an additional cash sum related to the Estate of Joan Hawkins. a gift of chattels valued at £11.165 (included in Other donations) was made to the Trust during 2025 by the Coordlnator to coinclde wlth hls ￿tI￿rnent. These Items, comprlslng fumlture and works of art, have ￿mained at the Hl8h8ate propertyslnce befo￿ the foundin8 of the charity and before they were gifted to him. his wish beln8 that they should continue to do so thereby contlnulng to benefrt the propertvs ambience. Awards The Mmus resldency established In 2017 for postgraduate muslc students studylng at an approved London muslc college, has contlnued offerin8 free accommodation at the Kensin8ton property and access to its music library. As expected, Michal Oren remalned In residence until Comp￿tion of the one-year post- masterfs conducting course at the Royal Academy of Music in July 2025. J05e Teixeira has Succeeded to the Mmus residency from September 2025. Having commenced his Masterfs de8ree durin8 the 2024125 academic year (while already living at the Kensington property and paying a rent 5UPPOrted by a full scholarship from the RCMI, this residency is intended to cover the second and final year of this de8ree course durin8 which time he will arrange a 5erie5 of informal concerts at the property. A summary of the academic grants made in 2025 is induded at note 4 on pa8e 12, includin8 the followin8: Continued support ¥YJs given to Anton Zhybak (from Ukraine, residing in Highgate rent free throu8hout 20251 to enable him to progress his PhD studies at Kin8'5 College Ibein8 denied the opportunity to seek outside eamings}. The total paid to him by the Trust Iquarterlyl during the year by way of Humanities bursary to cover Irving expenses was £6.5(KJ12024- £1.crf)01. Following approval by the Trustees to establish a special award scheme linked to the legacy from Joan Hawkins. the total of indNidual grants made during 2025 wa5 £8,820 providing support to the Trusvs music residents and scholars in promoting concerts and recordings, enabling attendance at conferences and comWitions, while also assisting other scholars With research. Wisitor Programrne Staying normally for around one month. the number of temporary visitors accommodated during 2025- 20 as against 18 in 2024- comprised 12 in Kensington and 8 at Highgate {2024 - 12 and 6 respertivelyl. The acceptance rate compares favourably with the nurnber of places offered, bein8 2312024 - 211, once again following advice received from the Brrt15h Council for those travelling from Egypt. Other countries represented included Netherlands, France and the U& Financial support for visitors (see a150 note 4 on page 12) in 2025 amounted to £13,84812024- £20,690). This include5 the cost of fllghts booked directfy with a travel a8ency forthe vi5ftors from E8yPt, the overall redurtion in which reflects better value for th(>se stsying for longer. in some cases up to slx months. Quantlfylng the Pro¥lslon of A¢¢ommodatlon While the vlsStor programme has always included the provlslon of cash Brants related to travel, books etc., the maln benefit offered bythe charTty is accommodatlon. elther free of charge or at a concessionary rent. The Trustees remain of the vlew that some attempt should be made to measure the value of this subsidyi inclusive of that for the longer-temi scholars. The conclusions of the cor￿pOndIng analysis undertaken for 2024 are set out in note 13 to the accompanyin8 financial statements. which summarises the basis for and a￿umptIonS behlnd thls anatysls. While the overdll property costs incurred, as reflected within these flnanclal statements, a￿ expected to vary qulte Significant￿ from year to year. the values calculated of the accommodatlon avallable and provlded by way of subsidy to trust beneficiaries li.e. both before and after taklng account of attual occupancy) are as follows: 2025 £42,329 72% £30.401 024 £40,596 89% £36.227 Maximum Annual Subsidy Occupanry (%) Attual Annual Subsidy The redurtlon Indlcated In both the occupancy and actual subsidy, as compared wlth 2024. reflects the asslgnment of accommodatlon during 2025 ￿SuItIng from the Directorfs ￿sumPtion of residence at the Kenslngton property and temporary vacancy of other vSsFtor accomrnodat￿n. whlle the Increase In the maxlmum subsldy reflects the rlse In market rents in London. Dlrector and c(￿rdInatOr The Trustees remaln truly grateful to Dr Chrfs Naunton who. as Director, has malntslned the charitls internatlonal contacts against a backdrop of contlnued 8lobal Instablllty. As well as updatin8 its website- essential both for 5UStainin8 the quality of applications for the visitor programme and for contributing effectlvely to excellence In music education- Dr Naunton coordinate5 the accommodation in Kensington associated with the provision of longer-temi music ar￿ other scholarships. The Trustees wish to record their sincere thanks to Mr Howard Da￿eS who retlred as Coordinator on 31 December 2025 with all good wishes for a lon8 and happy retirement - his endurin8 and invaluable contrlbution to the development of the charws extensive artivities having commenced on its inception in 1988. He 15 Succeeded by Mr Matthew Holmes, WI￿ has assumed responsibility for both management and maintenance of the property at Highgate, where he took up resKlence in November 2025. and liaisin8 on that part of the visitor programme. Flnanclal Re¥lew The results for the year are set out in the attached financial ststements, which have been prepared In accordance with the accountin8 policies set out on pages 9 and 10 and comply with the charity'strust deed and applicable law. The income and expenditure of the general fund 15 set out on page 7. Income amounted to £87.18312024: £272,970), while expenditure amounted to £119.24112024: £162.3671. The ￿taIned fvnds as at 31 December 2025 amounted to £7.881.474 12024: £7.842,2751. The net movement in funds, Increased by É39,19912024 increased by £398,881). refiects principally the realised and unrealised gains on the portfollo of Ilsted Investments £71.257. While property out8oir8s in 2025 exceeded rental income by just over £3,(KM)12024.' c.£55.(KJOI, ￿ Is expected that a more substantial shortfall will arise durin8 2026. This is because of the requirement to undertake a major refurbishment of the basement tenanted flat at the Highgate property. Although a Survey report has already been commissioned to set out the detailed recommendations for the work invofved, it is too earfy for any reliable estlmate to be gfven of the IIke￿ overall tosts. Accordingly. no provlslon has been Included in the 2025 accounts. However, the Trustees remain confident that thls wlll remain well within funds available including from the listed investments. The Ilsted Investment portfolio. on the other hand. has seen a significant improvement in overall returns, whlch nei of fees amounted to £83.76912024: £47,950, see note 7 on page 121. of whlch £50,(DJ was wlthdrawn to meet short temi cash requlrements12024: £nlll. Vlewed as a percentage of the openlng valuation (the additional funds totalling £175.CKKI belng transferred to our Investment advlsers only 8- 9 weeks before the end of November 20241. this represents an overall return of 11.4%12024 9.0%). While the 2025 performance for the investment portfolio 15 accordin8ty in line with the Mornlngstar 604( Balanted benthmark of 11.5%. this compares favourably wrth the more Industry wbde charlty benchmarks of ARC over 2025. the Balanced ACI benchmark belfig up 8.6% and the Growth ACI benchmark up 9.3%. Geopolltlcal uncertainty was an ever-pre5ent feature durlng 2025, whlch has contlnued Into 2026. However, despbte thls, risk assets had a stmng year. The al￿￿e return ts lowerthan Indlcated by the upllft In general market Indkes for equrtles. In view of the ethical approach adopted by the trustees, which ha5 excluded Investment In sectors such as defence. Whlle markets In the earty part of 2026 have remained large￿ sanguine about the US-Iran war, the medlum-term outlook 15 expected to reflect how lon8 this conflict will take to be resolved and the consequent Smpact on the global economy and interest rates. A4ainst thls backdrop. broad diversification Is seen as the most resllbent way to manage market volatiity. Reser¥eJ Polky It 15 the pollcy of the charlty to malntaln unrestrlcted funds. whlch are free resetves of the char lexcludlng Ilsted Investments and chattels held as ftxed assets), of suffklent Ilquldlty to cover approxSmatety 24 months, expendtture. After allowin8 for anticipated property malntenance, thls should ensure funds wlll remaln available to meet mana8ement, administration and support costs as well as enabling commrtment to the planned programme of grants for the coming year. Rlsk Management The Trustees take this area seriously and have considered the risks faced by the Trust. These include the risk of fraud and error, catastrophe, and reputational risks amon8St others. Regular review and updatin8 by the Trustees of the relevant procedures and processes already in place are desi8ned to mitigate these risks, In the opinion of the Trustees. the key riskto the Trust continues to be ensuring that sufficient Income can be generated to Sustain a capability to meet property maintenantr costs a5 and when required. Plans for the Fulure In accordance wlth the objett5 of the charity. and in spite of ongoing uncertainties affectlng the global outlook, the Trust fully intends to continue trxjth the development of its visitor programme and the music scholarships. The latter will, it is hoped, include a new conductlng fellowship at the Royal College of Muslc to be named after the Founder, from the 2027-28 academlc yearonwards. Alongside these, establlshment of the Hawklns Special Fund already in 2025 will provide additional small grants for students, early-career researchers and muslcians. Extensfve repalrs to the tenanted basement fiat at Holty Terra￿ will be undertaken during 2026 at a slgnrficant cost but this is not expected to affect the Trusys programme of charitable activlties during the year or In future. Trustees, Responslbllltles The Trustees are responsible for preparlng the Trustees. Annual Report and the flnanclal statements In accordance wlth applICab￿ law and Unlted Klngdorn Actountlng Standards (Unlted Kln8dom Generally Accepted Accountlng PractKel. The law applicable to charities in England & Wales ￿qUireS the Trustees to P￿pare financial statements for each flnancial year which give a true and falr vlew of the State of affalrs of the charlty and of the Incomln8 resour￿$ and application of resources of the charityfor that period. In preparin8 these flnanclal statements, the Tnjstees are requlred to: Select sultabte accountlng polldes and then apply them consbtently: Ob5eNe the methods and prlnciples in the Charities SORP IFRS 1021,. Make judgements and estimates that are reasonable and prudent: State whether applltable accounting standards and statements of recommended practlce have been folkjwed. subject to any departure5 disc105ed and explained In the financlal statements,. and Prepare the flnancial statements on the golng concem bas15 unle55 11 Is Inapproprlate to presume the charlty wlll contlnue In operatlon. The Trustees are responsible for keeplTh8 proper accountlng recor(ts that dlsck)se wlth reasonable accuracy at ary tlme the flnancial p051tion of the charlty and enable them to ensure that the financlal statements comply with the Charitles Act 2011, the Charlty (Accounts and Reports) Regulatlons 2C(18 and the provislon5 of the trust deed. They ère also responsible for safeguarding the a55ets of the charity and hence for takin8 reasonable steps for the preventlon and detectk)n of fraud and other Irre8ularltles. Approved by the Trustees and signed on their behalf by: S J A Stuart-smith Date.. 7 May 2026 INDEPENDENT EXAMINER'S REPORTTOTHE TRUSTEES OF THE ROBERT ANDERSON RESEARCH CHARITABLE TRUST I report on the financial statements forthe year ended 31 Oetsmber 2025 set out on pages 8 to 14. Respective responsibilities of the Tntst and Examiner The trustees are responsible for the preparation of the flnanclal statements. The trustees considerthat an audit 15 not required for this year under section 144121 of the Charities Act 2011 (the 2011 Artl and that an independent examination is needed. It Is my re5ponslbilily to: examine the financlal ststements under settion 145 of the 2011 Art- follow the procedures laid down in the 8eneral Directk*n$ 8l¥en by the Charlty Cornmlsslon under section 14515llbl of the 2011 Act- and state whether particular matters have come to my attention. Basls of Independent Examlnerfs Report My examination was carried out In accordance with general Directions given by the Charity Commlssion. An eKamlnatlon Inclu(les a revlew of the accounting record5 kept by the charity and a comparlson of the flnanclal statements presented wlth those records. It also includes considerat￿n of any unusual items or disclosures in the flnanclal ststements and seeklng explanatlons from you as Trustees concernln8 any such matters. The procedures undertaken do not provlde all the evldence that would be requlred In an audlt, and Consequent￿ no opinion is given as to whether the financial statements presènt a.true and falr vIe￿, nd the report is limited to those matters set out in the statement below. Independent Examlnerfs Ststement In connectlon wlth my examination. no matter has come to my attention: which glves me reasonable cause to believe that. in any material respect. the requirements: to keep èccountlng retords In accordance wlth 5ectM)n 130 of the 2011 Act: and to prepare financial statements whlch accord w￿h the accountlng records and compfy wlth the accountin8 requirements of the 2011 Acl have not been met,. or to whlch, in my oplnion, attention should be drawn in order to enable a proper understandlng of the financlal Statements to be reached. O-O C E 05born ACA Brook Cottage Petworth Road Haslemere Surrey GU27 38G Date: 7 May 2026 THE ROBERT ANDERSON RESEARCH CHARITA8LE TRUST STATEMENT OF FINANCIAL AcnviTIES FOR THE YEAR ENDED 31 DECEMBER 2025 Unrestricted Restricted Funds Funds Tattl 2025 Total 2024 Notes Income from: Donations and Legacles Annual receipts under 8rft aid Other donations receivable Bequests and le8acie5 Investment Income Interest receivable Dividend5 re￿Ivable Rental income Other Income Tot•1 Income 12S 11.740 125 11.740 125 462 197,404 454 19.757 454 19,757 54,735 37 2,075 15,476 57,428 54,735 Expendlture on., Cost of ralslng furKIs Property maintenance costs Charltable aCt￿ltIeS Acadernic grants Support costs Tat81 txyfidltur• 57.859 57,859 108.209 29.615 29,615 37,940 119 241 162 366 Net Incomè I lexpendltwe) beforn galns / (losses) on Investments 128,9341 13,1241 132,0581 110.&)4 Other r•ca8nls•d aalns and losses UnrealSsed galn / Ilossl on revaluètion of Investment propertv Reali5ed galns / Ilossesl on dlsposal of listed investments Net unrealised 8alns / Ilossesl on Ilsted Investments 250,LKN) 5.330 5.330 11.840 42,323 124 13.1241 39.199 398,882 Transfer between funds Net movement In lunts 39,199 39.199 398,882 Reeonclllatlon of fvnds Total fvnds brought forward Total funds carrted forward The notes on pages Ioto 14fomi port of these financial statements. THE ROBERT ANDERSON RESEARCH CHARITABLE TRUST BALANCE SHEET ASAT 31 DECEMBER 2025 Unrestrlcted Restricted Funds Funds Total 2025 Total 2024 Notes Flxed Assets Investment properties Listed Investments Tangible fixed assets 6 2,750,￿￿) 4.250.CIXJ 7.&JO.CrtJ) 7.CMIO,OCKJ 268.353 521,588 789,941 756,172 3072153 4771588 784 Current Assets Debtors Cash at bank and on hand 73 73 48 44.7(KJ 44,7 45,097 Credltors.. Amounts fallin8 due withln one year Net Current ￿Sets li 2L7 1629 Total assets tess current Ilabllltle5 3.109.886 4.771,588 7,881,474 7,842,275 IntÈr-fund balances Total Net Assets Fund$ of the Chadty Unrestricted funds Restrlrted funds- endowments Revaluatlon reserve- freehold propertie5 387.938 387,938 348,739 2,948,9SO 2,948,950 2,948.950 12 Total Funds Approved by the Trustees on 7 May 2026 and syd on their behaff by: S J A Stuart-smith A C Berendt The notes on pages 10 to 14 form part of these financial statements. THE ROBERT ANDERSON RESEARCH CHARITABLE TRUST NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POLICIES Basis of preparatlon The RobertAnderson Research CharitableTrust is a registered charitywith the Charlty Commlsslon in the United Kingdom. The address of the registered office is 8Nen in the charity information on page l of these financial statements. The nature of the charity's operations and principal activities Is to app￿ the capital and income of the Twst to advance the education of under-graduate and post-graduate studen15. whether from the United Kingdom or overseas, by the provision of flnanclal grants and research facillt*s to enable them to study in the fields of hlstorlcal, archaeolo8ical, artistlc and sclentlfic research. The charrty constilutes a public benefit entity as deflned by FRS 102. Thefinancial statements have been prepared Sn accordano with Accounlin8 and Reporting by Charitie5: Statement of Recommended Prattice applicable to charitles preparing their accounts in accordance wlth the Flnanclal Reportlng Slandard appllcable In the UK and Republlc of Ireland IFRS 1021 Issued on 16 July 2014, the Financial Reporting Standard applicable in the Unlted Kingdom and Republic of Ireland IFRS 1021 as amended by bulletln l. the Charlties Act 2011. and UK Generally Accepted Prattlce as it applles from l January 2019. The financial statements are prepared on a golng concern basls under the hSstorlcal cost conventlon, modlfled to indude certain items at fair value. The flnancial statements are prepared In sterlln& the functK>nal currency of the charity. and rounded to the nearest £. The signfflcant ￿CoUntIng policles applied In the preparatlon of these flnanclal statements are set out below. These pollties have been consi5tentty applied to all years presented unle55 Othenv15e stated. Funds Unrestrlcted 8eneral funds are funits whkh can be used In accordance wlth the charRable objects at the discretion of the Trustees. The re5trlcted fund represents both Investment property glfted tythe Founder under a permanent endowment. and certain bequests desi8nated as expendable endowments. Income reco8nitK)n All income Is induded in the Statement of Finanaal ACtNit￿S {SoFAI when the charity is legallv ent￿led to the income after any performance conditions have been met, the amount can be measured reliab￿ and it is probable that the incorne will be receNed. Donations are included in hjll in the Statement of Financial Activrties when ￿ceivable. Tax reclaimable in respect of deeds of covenant ts accounted for when the income glvlng rise to the reclaim of tax i4 receNed. Investment income is included when receivable. Dividend and Inte￿$t income ts accounted for on an accruals basls. Le8acy income is recognised in the Statement of Financial ActNlties provided that sufficient infomiation has been received to enable valuation of the charity's entitlement. io Expenditure recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is cate8orised under the followin8 headin85: Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It include5 both costs allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs indude those incurred in the governance of the charity and are primarlly associated with constrtutional and ststutory requirements. Irrecoverable VAT is charged a5 an expense against the artivlty for whlch expendlture arose. Investments Investments are recognised initially at fair value which is nornia1￿ the transattion price excludin8 transaction costs. Subsequentty. they are measured at fair value with changes recognised in 'net 8ainslllossesl on investments, in the SOFA rf the shares are public￿ traded or their fair value can otherwise be measured ￿lIablY. Investment properties are measured at valuatlon less impalrment, subject to revaluations every 5 years, the most recent being undertaken in 2024. Debtors and creditors receNable I payable within one year Debtors and credltots wlth no ststed Interest rate and recefvable or payable wlthln one year are recorded at transactlon prlce. Any105ses arfslng from Impalrment are ￿OgnIsed Sn expendItu￿. Golng concern The flnancial statements have been prepared on a 8olng concern basls as the Trustees belleve that no materlal uncertalnties exist. The Trustees have consldered the level of funds held and the expected level of Income and expendlture for 12 months from authorlslng these flnanclal statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a g0Sng Con￿rn. TRUSTEES, REMUNERATION AND STAFF COSTS The Trustees neither receNed nor waived any emoluments. Trustee5' expenses paid during the year were £nil12024- £nil). There were no staff other than the Dirertor and the Coordinator, who are provided with rent free accommodation respectively at Kensington and Highgate, necesgry to enable them properly to carry out their respectrve duties at these properties and to undertake associated trust administration. In addrtion, the Directorwas awarded an honorarium of £12.50012024: £7,5(M)l. No other staff rernuneration was paid during the year. PROPERTY MAINTENANCE cosrs 2025 2024 Council tax and water rates Building5 insurance Utilities Repairs and maintenance 9.832 4,709 7,551 iO,CQ8 4,168 7,616 li ACADEMIC GRANTS 2025 2024 Jean Middlemiss Award Ilona Eibenschiitz Award Joan Hawkins Special Award Travel costs paid directly- visitors from Egypt Visitor expenses while in London Academic fees etc. for longer teTh visitors from Ukraine Humanities bursary Other grants 8,820 4,998 8,850 13.49) 7.21X) 3,450 6.500 447 SUPPORTcosrs 2025 2024 Bank Charges Honorarlum for director Independent examinatlon fee Investment advisers. fees Other professional fees Publiclty Other expenses 103 12.51XJ 2.ICK) 7,245 2,750 6.276 496 710 FIXED ASSET INVESTMENT PROPERTIES Unrestrlrted Funds Restrlcted Funds Totsl 2025 Total 2024 Freehold property: Opening market value Net unrealised 8ainsl{lossesl on revaluation 2,750.IXX) 4.250,[￿ 7,IMxI,IJXI 6.750.(KK) 250 ClosSng market value Restrltted Funds Includes property under a pernianent endowment. The freehold property was valued durin8 2024 on the basis of. and subkct to, the on80ing tenancies. FIXED ASSEf LISTED INVESTMENTS 2025 2024 Opening market value Additions- retained dNidends Addltlons- funds placed wlth Investment adviser5 Investment advisers, fees Withdrawals from investment advisers Net unrealised gains Net realised gains l {1055e51 Closing market value 756.172 19,757 533.222 15,476 175,CK)O 15,8041 17,2451 I50.0￿} 65,927 26.438 The closing market value comprises.. Equlties Bonds 543.146 198.343 452,554 162,945 Commodr¢ies Real Estate Other Investments Cash held by investment advlsers pendln8 Investment 16,343 19,573 74,908 19.713 TANGIBLE FIXED ASSETS 2025 2024 LSbrary and sundry chattels- at cost DEBTORS 2025 2024 Income tax recoverable io CASH AT BANK AND ON HAND 2025 2024 Barclays Current accounts Barclays Short Term Deposit account 4,326 10,404 li CREDITORS- Amounts falling due wlthln one year 2025 2024 Accrued expenses Rental in￿rne In advance Grants 4,467 979 650 12 ANALYSIS OF RESTRICTED FUNDS Pem)anent Revaluation Expendable Endowment ' Resep4e •* Endowment Total Brou8ht forward and carrle(I forward Freehold property acqulred under glfts •* Part of Pemianent Endowment (Freehold property) 13 VALUATION OF ACCOMMODATION BENEFIT These financial statements are required to ￿flert the charfvs contractual rlghts and obllgatlons as well as the grants made to beneficiaries from its financial resources. As indicated in the Trustees. Report, and in addrtion to such cash 8r8nts. a primary objective of the charity is the provislon of accommodation to Students. This supplementary note provides an indicatlon of the value of such provision. referred to below as a subsidy. The fomiat that Is required in these financial statements does not enable thls value readlty to be Identified, nor for a corresponding comparlson to be made wlth the previou5 year. This 15 partly because the costs associated with this provision cannot easily be separated from those costs incurred on the mairitenance of the chariWs properties as a whole. which include costs a150 13 attrlbutable to the generation of rental tncome. In this context, it is not considered that attemptlng such a cost allocation would erther be justified or helpful. The whole of this expendilure is accor(lingly disclosed, in the Statement of Financial Activrties, within the cost of rai5in8 funds. Indeed, gNen the fluctuatlons in expenditure on property repairs from one year to another. a valuation of the provision of accommodation based simply on annual costs Incurred would be like￿ to prove misleading. With the above in mind, this rbote summarise5 an3tys￿ undertaken based on the rental opportuntties foregone arising from the deS￿natIOn of rooms within each property as available for students rather than lo be let to generate income for the trnst. The maln assumptlons adopted for thls anatysis are: The basement flat at each property, bein8 self