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2025-12-31-accounts

SANTANDER UK FOUNDATION LIMITED A company limited by guarantee

Company No. 02509711 Registered Charity No. 803655

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

SANTANDER UK FOUNDATION LIMITED - 02509711

ANNUAL REPORT AND FINANCIAL STATEMENTS 2025

CONTENTS Page
Reference and Administrative details 2
Report of the Trustees 3
Independent auditors’ report 8
Statement of financial activities (SOFA) - incorporating summary 12
income and expenditure account
Balance sheet 13
Cash Flow Statement 14
Notes to the Financial Statements 15

1

SANTANDER UK FOUNDATION LIMITED - 02509711

REFERENCE AND ADMINISTRATIVE DETAILS

Trustees

D Jones JM Moran J Clapham H Cameron S Ross E Goodson M Ayodele M Matthews A Eardley

JM Moran, H Cameron, S Ross, E Goodson, M Ayodele, M Matthews and A Eardley are independent trustees.

Foundation Corporate Governance Office

Santander Secretariat Services Limited

Independent auditors

PricewaterhouseCoopers LLP 7 More London Riverside London SE1 2RT

Bankers

Cater Allen Limited 2 Triton Square Regents Place London NW1 3AN

Registered office

167-169 Great Portland Street 5[th] floor London W1W 5PF

2

SANTANDER UK FOUNDATION LIMITED - 02509711

REPORT OF THE TRUSTEES

(incorporating the Directors’ report)

The Trustees present their report together with the audited financial statements for the year ended 31 December 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements, and comply with the charity’s governing documents, the Companies Act 2006, the Charities Act 2011 and the Financial Reporting Standard 102 Statement of Recommended Practice (FRS 102 SORP second edition – October 2019). The administrative details on page 2 forms part of the Trustees’ report.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies’ exemptions including not preparing a Strategic Report.

About the Santander UK Foundation Limited

We are the charity of Santander UK plc. We’re an independent foundation regulated by the Charities Commission and we’re proud to hold a close, purposeful working relationship with our corporate partner, Santander UK plc.

In 2025, as a grant-making organisation, Santander Foundation aimed to challenge and alleviate financial and digital inequalities by funding and collaborating with charities across the UK. The foundation concluded the final year of its Digital and Financial Empowerment Fund, with the wave 2 grant cycle closing and the final tranche of grants accrued in 2024 paid out to our grantee partners.

Foreword from our Board

2025 was a year of development, insight and wonderful impact for Santander UK Foundation Limited. With new trustees, a desire to fill a major gap in the education sector, and a north-star ambition to become a best-in-class funder with participation at the heart of our work, the foundation began research and development for the next 5-year strategy.

Undertaking consultations with key stakeholders, conducting research to assess the need, and reviewing where the foundation is best placed to make a difference, the trustees began to refine the 2026 strategy for entering the FE sector – to transform the lives of the most disadvantaged 16– 19-year-olds in FE.

While the foundation was developing exciting prospects, it was also managing the equally important and impactful work it was delivering – The Digital and Financial Empowerment Fund. As the four-year fund came to an end, the foundation, through its incredible partners, saw the impact that could be achieved by funding 34 organisations tackling digital and financial exclusion across the country. These organisations were selected from across the UK, with partners working in each of the devolved nations, including organisations serving both urban and rural communities, where digital and financial exclusion can be particularly acute.

From 2021 to 2025, our partner organisations had to navigate significant external factors, including the cost-of-living crisis and heightened demand for support. Nevertheless, they enabled thousands of people facing multiple and overlapping barriers to build capability and confidence and to access essential support.

We remain grateful to all our funded partners for their insight, feedback, and dedication to the communities they serve. Their work, and the lessons we have learned from it, continue to shape how we think about effective funding and genuine partnership.

Achievement and performance

Our Wave 2 grantees delivered their final year of funded activity in 2025, and we are proud of what this cohort achieved. The outcomes and impact speak for themselves, with over 30,000 people being supported to develop digital and financial capabilities - a testament to the quality and commitment of the organisations we have been privileged to work with.

With the support of our incredible partners, we are delighted to announce the Fund’s reach and impact across 2021-2025:

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SANTANDER UK FOUNDATION LIMITED - 02509711

REPORT OF THE TRUSTEES (continued)

(incorporating the Directors’ report)

Objectives and activities

In 2025, no amendments were made to the charitable objectives of the Foundation, as such the objectives of the Foundation remain:

The broad charitable objectives of the Foundation are purposefully defined as such to provide flexibility to the Foundation to distribute grants and help disadvantaged people by making donations to appropriate charitable organisations working within the published charitable objectives.

Throughout the years, the Foundation has supported a number of non-profit organisations to deliver charitable initiatives across the UK, investing significant sums across the third sector since the establishment of the Foundation in 1990. As part of the strategic review which took place in 2019, the Foundation established a new strategic grants programme, the Santander Foundation Digital & Financial Empowerment Fund.

The Digital & Financial Empowerment Fund provides funding and learning support to organisations delivering projects that will help people to become digitally and financially empowered and is targeted at communities already facing inequitable social and economic inequities. The final grant under this scheme was recognised during the year and is held as a grant creditor at the year end. It was paid in 2026.

In addition to the Grants programme, the Santander UK Foundation continued to deliver the Santander UK Colleagues matched donations scheme. The programme matched funds from the fundraising activities of Santander UK employees for UK registered charities. The matched donations programme was supporting a wider variety of charities that are reflective of the broad charitable objectives of the Foundation.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities and grant making policy will contribute to the aims and objectives that have been set.

Structure, governance and management

Santander UK Foundation Limited (the Foundation) is a registered charity (no. 803655) and a company limited by guarantee (no. 02509711), governed by Memorandum and Articles of Association. The Foundation was incorporated on 8 June 1990.

Trustees are elected by the Members of the Foundation at the General Meeting or by written resolution signed by all Members eligible to vote at the General Meeting. The Trustees are also Directors for the purposes of Company Law.

The Trustees are selected to bring a diverse range of skills, experience and knowledge to the role. They meet regularly, usually on a quarterly basis. The Trustees do not have a maximum length of office. A business plan is prepared and agreed by the Trustees for each financial year. A quarterly report examines performance against the agreed budgets.

All Trustees are provided with an induction pack containing a copy of the Foundation’s objectives, priorities and most recent Annual Report and financial statements. The Foundation Secretary will then discuss with the Trustees the background and current business plan of the Foundation.

The Trustees met on six occasions during the year ended 31 December 2025 (2024: six). All grants are ratified at a meeting of the Trustees. A quorum of two Trustees is the minimum requirement.

Trustees

The Trustees who served throughout the year and to the date of this report were as follows:

D Jones JM Moran S Inskip (resigned 30 September 2025) CH Tapia Montes (resigned 25 November 2025) J Clapham H Cameron S Ross (appointed 20 January 2026) E Goodson (appointed 20 January 2026) M Ayodele (appointed 20 January 2026) M Matthews (appointed 3 February 2026) A Eardley (appointed 27 February 2026)

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SANTANDER UK FOUNDATION LIMITED - 02509711

REPORT OF THE TRUSTEES (continued)

(incorporating the Directors’ report)

Financial review

During the year, the Foundation received donations of £225,731 (2024: £338,248) and investment income of £599,064 (2024: £516,555). Expenditure on charitable activities was £489,716 (2024: £1,579,749) and investment gains were £2,097,875 (2024: £579,327) resulting in net income of £2,432,954 (2024: net expense of £145,619).

Locations of the 34 funded partners across the UK

Total number of individuals supported yearly across the Fund

The total number of
individuals supported		 Number of individuals
who were loaned or
received devices		 Number of individuals
who received data
2022 2,109 157 224
2023 7,614 881 318
2024 14,829 1,310 701
2025 9,723 608 1,024

Service users’ ethnicity and age

5

SANTANDER UK FOUNDATION LIMITED - 02509711

REPORT OF THE TRUSTEES (continued)

(incorporating the Directors’ report)

How service users were supported

----- Start of picture text -----
18%
----- End of picture text -----

----- Start of picture text -----
45%
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----- Start of picture text -----
37%
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----- Start of picture text -----
Support with digital
Support with both digital & Support with financial
capabilities
financial capabilities capabilities
----- End of picture text -----

£1,030,494

Total amount received in grants, benefits or savings

Service user feedback & outcomes

56% 78% 70% 45% Net Increased Increased Increased Promoter confidence in confidence in confidence to use Score data skills or managing online banking going online their money

Looking Ahead - Our Future Plans

2025 marked the conclusion of one chapter and the opening of another. In 2025 the foundation completed an extensive strategy development process and is excited to announce that we will be relaunching in 2026 with a focused new mission: to support 16-19-year-olds from the most disadvantaged backgrounds in Further Education.

Further Education (FE) has long been called the ‘Cinderella sector’ of the education system. Despite serving a disproportionately high concentration of young people from disadvantaged backgrounds, it receives significantly less state and philanthropic funding than schools or universities and has attracted very little dedicated charitable support. The foundation’s new strategy positions it as the first dedicated funder for this sector; a role it intends to fulfil with ambition, rigour, and genuine partnership with the young people and practitioners who know FE best.

The foundation’s work will be organised around three programmatic strands: supporting attainment of gateway qualifications (particularly GCSE English and Maths resits), enrichment activities that FE students currently miss out on due to the absence of pupil premium funding, and transition support at the points of entry to and exit from FE. Alongside direct grant-making, the foundation will invest in research, evidence, and influencing work to make the case for the systemic changes the sector needs.

We are thrilled to begin this new chapter as a foundation, with our first Executive Director, a new board of trustees and an appointed participation partner, Hudl, who will engage young people with lived experience of FE to ensure we are a foundation making change for teenagers, with teenagers at the heart and driving seat of everything we do.

2026 is going to be a wonderful transitional year for the foundation, and the trustees look forward to launching the new strategy and bringing our supporters along the journey with us.

Investment Policy & Performance

The Trustees have the power to purchase investments and securities that are considered suitable for the purposes of the Foundation, except for derivatives. The Trustees comply with the Charity Commission’s guidelines on investments.

The Foundation’s current investment strategy is split 50% in equities and 50% in UK fixed income to achieve a broadly balanced portfolio seeking moderate growth. Further information concerning the performance and nature of the investment can be found within this section under unrestricted funds and note 1.

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SANTANDER UK FOUNDATION LIMITED - 02509711

REPORT OF THE TRUSTEES (continued)

(incorporating the Directors’ report)

The Foundation’s assets are invested in a combination of passive (index-tracking) collective investment funds. For the 12 months ended 31 December 2025, the return of the Aggregated Fund (as a measure of dividend income versus the value of the UK quoted investments) was 2.9% (2024: 2.8%). The fund continues to provide a stable return for the Foundation and is consistent with the Foundation’s expectations to seek moderate growth from its investment portfolio.

Risk Management

As members of the charity, the Trustees are accountable for recognising, mitigating, and avoiding the risks to which the foundation is exposed. Quarterly reporting and governance meetings serve to identify and respond to identified risks by building appropriate controls, policies, and responses.

Major Risks Controls
Strategic effectiveness and
execution risk		 Complete in-depth consultations with all key stakeholders, including the FE sector
Assign and designate proportionate funding to the fixed-term strategy
Review and build a staffingmodel with internal controls to allow forproper strategyexecution
Grant fraud. Robust due diligence carried out in assessment.
Annual grant reporting.
Relational grant management.
Established terms and conditions with fundedpartners.
Conflicts of interest. Conflicts of interestpolicy.
Reputational risk. Quarterly reporting.
Robust due diligence carried out in assessment.

The Trustees remain satisfied that the foundation maintains the appropriate controls, knowledge, resources, and policies to identify, assess, and respond to the major risk. Further steps will be taken next year to review organisational policies and controls as part of a wider organisational development programme.

Reserves

The majority of the foundation's income is used for grant making. Grants are only agreed to the extent of available income funds. The foundation did not employ staff directly in 2025. Due to ring-fencing regulation in 2019, the Foundation was required to establish an arms-length relationship with Santander UK plc for the services (staff and infrastructure) provided by Santander UK plc.

The Trustees continue to hold significant investments to generate an annual income to support the charity. Prior to determining the foundation's 2026 strategy, it is the foundation’s approach to ensure funds are available to cover one month of grant awards at any time in reserve. In addition, during 2026, the foundation commenced employment of staff directly. As a consequence, the Trustees ensure that they have adequate resources to continue in operational existence for at least the period of 12 months from the date the financial statements are authorised for issue. The Trustees will review the foundation's reserves policy over the next 12 months to determine a revised policy that reflects the charity's new operating model.

At 31 December 2025, the total funds of the Foundation were £21,161,558 (2024: £18,728,604) of which £7,869,930 (2024: £1,588,735) is unrestricted, £498,409 (2024: £444,525 is restricted and £12,793,219 (2024: £16,695,344) is endowment.

Endowment funds

These are permanent endowment funds which represent funds invested by the Charity from which it derives investment income. There are two endowment funds; one is a restricted fund (the Abbey Housing Association fund, “AHA”) and the other is an unrestricted endowment fund. The investment income for the funds is included within restricted and unrestricted on the SOFA and Balance Sheet based on the funds from which the income is derived.

The Foundation passed a resolution on 20 August 2025 under s.282 of the Charities Act 2011, subject to the consent of the Charity Commission, to free the restrictions on the expenditure of capital that apply to £6,000,000 of the unrestricted permanent endowment fund. The Charity Commission granted its consent on 4 September 2025. This is reflected in the 2025 financial statements as a transfer from the unrestricted permanent endowment fund to unrestricted funds.

Restricted funds

The income generated by this fund comes from the investment income of the AHA portfolio. The restricted fund can only be used for grants to charities working with housing-related causes.

Unrestricted funds

These represent funds that may be expended at the trustees' discretion in furtherance of the charity's objectives. Such funds may be held to finance both working capital and capital investments.

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SANTANDER UK FOUNDATION LIMITED - 02509711

REPORT OF THE TRUSTEES (continued)

(incorporating the Directors’ report)

Statement of trustees’ responsibilities

The trustees (who are also directors of Santander UK Foundation Limited for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulation.

Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have prepared the financial statements in accordance with United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law (United Kingdom Generally Accepted Accounting Practice). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

In the case of each director in office at the date the directors’ report is approved, that:

Statement of Going Concern

The Foundation’s business activities, together with the factors likely to affect its future development, performance and position are set out above. The financial position of the Foundation, its liquidity position and borrowing facilities are set out in the financial statements.

The Foundation has adequate funds in place for commitments made and no grants are committed unless funds are in place. The Foundation had no employees during 2025 but commenced employment during 2026. The Trustees ensure that there are sufficient existing funds available to meet its commitments.

The Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for at least the period of 12 months from the date the financial statements are authorised for issue. Accordingly, they continue to adopt the going concern basis of accounting in preparing the annual report and financial statements.

Qualifying Third Party Indemnities

Enhanced indemnities are provided to the Directors of the Foundation by Santander UK plc against liabilities and associated costs which they could incur in the course of their duties to the Foundation. All of the indemnities were in force during the financial year and at the date of approval of the Report and Financial Statements. All of the indemnities were qualifying third party indemnities. A copy of each of the indemnities is kept at the registered office address of Santander UK plc.

This report was approved by the Trustees on 29 June 2026, authorised for issue and signed on its behalf by:

Judith Moran Trustee 30 June 2026

Registered Office Address:

167-169 Great Portland Street, 5[th] floor, London, W1W 5PF

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SANTANDER UK FOUNDATION LIMITED - 02509711

Independent auditors’ report to the members of Santander UK Foundation Limited

Report on the audit of the financial statements

Opinion

In our opinion, Santander UK Foundation Limited’s financial statements (the “financial statements”):

We have audited the financial statements, included within the Annual Report and Financial Statements (the “Annual Report”), which comprise: the balance sheet as at 31 December 2025; the statement of financial activities (SOFA) – incorporating summary income and expenditure account and the cash flow statement for the year then ended; and the notes to the financial statements, which include a description of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the charitable company’s ability to continue as a going concern.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of 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 misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.

With respect to the Report of the Trustees, we also considered whether the disclosures required by the UK Companies Act 2006 and Charities Act 2011 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

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SANTANDER UK FOUNDATION LIMITED - 02509711

Report of the Trustees

In our opinion, based on the work undertaken in the course of the audit the information given in the Report of the Trustees for the period ended 31 December 2025 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Report of the Trustees.

Responsibilities for the financial statements and the audit

Responsibilities of the trustees for the financial statements

As explained more fully in the statement of trustees’ responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The trustees are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to 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 auditors’ 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) will 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 to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the charitable company and its industry, we identified that the principal risks of noncompliance with laws and regulations related to the Charities Act 2011, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journals to manipulate financial results or conceal the misappropriation of assets. Audit procedures performed by the engagement team included:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of noncompliance with laws and regulations that are not closely related to events and transactions reflected in financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the charitable company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

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SANTANDER UK FOUNDATION LIMITED - 02509711

Other required reporting

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

We have no exceptions to report arising from this responsibility.

Entitlement to exemptions

Under the Companies Act 2006 we are required to report to you if, in our opinion, the trustees were not entitled to: prepare financial statements in accordance with the small companies’ regime; take advantage of the small companies’ exemption in preparing the Report of the Trustees; and take advantage of the small companies exemption from preparing a Strategic Report. We have no exceptions to report arising from this responsibility.

David Hagger (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London 30 June 2026

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SANTANDER UK FOUNDATION LIMITED - 02509711

STATEMENT OF FINANCIAL ACTIVITIES (SOFA) – INCORPORATING SUMMARY INCOME AND EXPENDITURE ACCOUNT

For the year ended 31 December 2025

Unrestricted Restricted Endowment Total funds Total funds
Note(s) funds funds funds 2025 2024
£ £ £ £ £
Income and endowments
from:
Donations 2 225,731 - - 225,731 338,248
Investments 3 545,180 53,884 - 599,064 516,555
Total 770,911 53,884 - 824,795 854,803
Expenditure on:
Charitable activities 6 (489,716) - - (489,716) (1,579,749)
Total (489,716) - - (489,716) (1,579,749)
Net gains on investments 8 - - 2,097,875 2,097,875 579,327
Net income/ (expense) and
net movement in funds for 281,195 53,884 2,097,875 2,432,954 (145,619)
the year
Total funds brought forward 12,16 1,588,735 444,525 16,695,344 18,728,604 18,874,223
Transfers 16 6,000,000 - (6,000,000) - -
Total funds carried forward 12,16 7,869,930 498,409 12,793,219 21,161,558 18,728,604

The accompanying notes form an integral part of the financial statements.

A summary of the prior year comparative for each fund is disclosed within note 12.

This statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

12

SANTANDER UK FOUNDATION LIMITED - 02509711

BALANCE SHEET

As at 31 December 2025

Note Total funds Total funds
2025 2024
£ £
Fixed assets:
Investments 8 20,828,685 18,132,116
Total fixed assets 20,828,685 18,132,116
Current assets:
Cash at bank and in hand 9 490,138 1,313,781
Other debtors 9 - 53,987
Total current assets 490,138 1,367,768
Liabilities:
Creditors: Amounts falling due within one year 10 (157,265) (771,280)
Net current assets 332,873 596,488
Total net assets 21,161,558 18,728,604
The funds of the charity:
Restricted permanent endowment fund - Affordable Housing Fund 16 1,323,978 1,291,033
Unrestricted permanent endowment fund 16 11,469,241 15,404,311
Restricted income funds 16 498,409 444,525
Unrestricted Funds 16 7,869,930 1,588,735
Total Charity funds 21,161,558 18,728,604

The accompanying notes form an integral part of the financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies entitled to the small companies’ regime.

The financial statements on pages 12 to 22 were approved by the Trustees on 29 June 2026 and signed on their behalf by:

Judith Moran Trustee 30 June 2026

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SANTANDER UK FOUNDATION LIMITED - 02509711

CASH FLOW STATEMENT

For the year ended 31 December 2025

CASH FLOW STATEMENT
For the year ended 31 December 2025
Year ended Year ended
31 December 2025 31 December 2024
£ £
Cash flows from operating activities
Net income/ (expense) and net movement in funds for
the year		 2,432,954 (145,619)
Adjustments for:
Realised gains on sales during the year - (548,548)
Unrealised gains on investment revaluation (2,097,875) (30,779)
Investment income (599,064) (516,555)
Operating cash flows before movements in working
capital		 (263,985) (1,241,501)
Decrease/ (increase) in other debtors 53,987 (36,921)
Decrease in payables (614,015) (673,324)
Net cash used in operating activities (824,013) (1,951,746)
Cash flows from investing activities
Purchase of investments (594,600) (1,276,045)
Sale of investments - 760,000
Investment income 599,064 516,555
Transfers of cash held as part of investment funds (4,094) (3,689)
Net cash used in investing activities 370 (3,179)
Net decrease in cash and cash equivalents (823,643) (1,954,925)
Cash and cash equivalents at beginning of year 1,313,781 3,268,706
Cash and cash equivalents at end of year 490,138 1,313,781

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SANTANDER UK FOUNDATION LIMITED – 02509711

NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES

The Foundation is a public benefit entity and is a limited liability company in which liability is limited by guarantee. The Company is domiciled and incorporated in the United Kingdom and is registered with Companies House in England and Wales.

The principal accounting policies applied to Santander UK Foundation Limited (the Foundation) are summarised below.

Basis of accounting

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of fixed asset investments, in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities SORP (FRS 102) second edition – October 2019 applicable to charities preparing their financial statements in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), effective 1 January 2015; and the Companies Act 2006.

The financial statements have been prepared on the going concern basis.

The Foundation’s business activities, together with the factors likely to affect its future development, performance and position are discussed in the Report of the Trustees on pages 3 to 8. The financial position of the Foundation, its liquidity position and borrowing facilities are set out in the financial statements.

In 2023, Santander UK plc paused its annual funding donations provided to the Foundation for the foreseeable future. Staff matched donations continued to be made during the current and prior year. The Foundation has adequate funds in place for commitments made and no grants are committed unless funds are in place. The Foundation had no employees during 2025 but commenced employment during 2026. The Trustees ensure that there are sufficient existing funds available to meet its commitments.

The Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for at least the period of 12 months from the date the financial statements are authorised for issue. Accordingly, they continue to adopt the going concern basis of accounting in preparing the annual report and financial statements.

Income

All income is included in the SOFA when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. Donations and gifts are recognised as soon as their amount and receipt are probable, which is usually only when they are received.

Investment income is recognised as it is receivable.

Gifts in kind

Where services are gifted to the Foundation, the value to the Foundation of the gifted services is included in these financial statements on a grossedup basis and is included within income and expenditure.

Expenditure

Direct charitable expenditure includes grants payable to charities together with support costs related to making these grants. Funds designated for future grant awards where no formal commitment is made are carried forward and set aside for the purpose of making the specific awards until they are committed. At this point, the grants are recognised in the financial statements. Grant expenditure is recognised to the extent to which there is a valid expectation that payments will be made.

Matched donations are accounted for when a valid application is received from employees. Due diligence is undertaken of applications received. If due diligence is in progress at year-end and it is subsequently confirmed that the claim is valid, then an accrual is recognised at the balance sheet date.

Creditors represent costs which have been incurred but not paid for at the year end.

Support and governance costs

Support costs include costs associated with the operations of the Foundation. Support costs are generally allocated against the unrestricted funds. However, costs related to or are apportionable towards the restricted funds are allocated against those funds. Governance costs comprise the cost of the strategic direction of the charity including trustees' meetings and professional fees. These are included in the financial statements on expenditure on charitable expenditure based on activity.

Cash at bank and in hand

The Foundation seeks to maintain sufficient cash resources equivalent to at least one month’s worth of grants paid to beneficiaries in order for it to meet its obligations. At 31 December 2025, cash at bank and in hand of £490,138 was held (2024: £1,313,781), comprising cash held on demand with related parties and external banks.

15

SANTANDER UK FOUNDATION LIMITED – 02509711

NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES (continued)

Investments

Fixed assets investments are stated at bid market value at the balance sheet date. All investments are investment assets held in the United Kingdom. Investments include deposit balances and funds that invest in equities and fixed income securities, which are held by fund managers. Realised and unrealised investment gains and losses relating to the Main Fund are included in the unrestricted endowment fund and in the restricted permanent endowment fund - Affordable Housing Fund where they relate to the Housing Association Fund.

Fund accounting

The Charity maintains various types of funds as follows:

These are permanent endowment funds which represent funds invested by the Charity from which it derives investment income. The investment income is included within restricted funds for the AHA portfolio and unrestricted funds for the main investment portfolio.

Restricted funds

-

Unrestricted funds

These represent funds which are expendable at the discretion of the trustees in the furtherance of the objectives of the charity. Such funds may be held in order to finance both working capital and capital investment.

Other debtors

Other debtors represent funds which have been advanced to third party administrators of the Charity to cover the cost of matched donations awarded but not yet paid due to short term timing differences.

Financial instruments

The Charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Initial recognition and measurement

Financial assets and liabilities are initially recognised when the Foundation becomes a party to the contractual terms of the instrument. The Foundation determines the classification of its financial assets and liabilities at initial recognition and measures a financial asset or financial liability at its fair value plus or minus, in the case of a financial asset or financial liability not at FVTPL, transaction costs that are incremental and directly attributable to the acquisition or issue of the financial asset or financial liability. Transaction costs of financial assets and financial liabilities carried at fair value through profit or loss are expensed in profit or loss.

Financial liabilities

Financial liabilities are classified and subsequently measured at amortised cost. The Foundation’s liabilities comprise grants awarded that are awaiting payment and unpaid support costs which are classified as amortised cost.

Liabilities

Liabilities are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The Trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure.

16

SANTANDER UK FOUNDATION LIMITED – 02509711

NOTES TO THE FINANCIAL STATEMENTS

2. DONATIONS

. DONATIONS
2025 2024
£ £
Donations received from Santander UKplc 125,731 238,248
Gifts in kind from Santander UKplc 100,000 100,000
225,731 338,248

3. INVESTMENTS

. INVESTMENTS
2025 2024
£ £
Bank interest income 325 510
Dividend income 598,739 516,045
Interest and dividends 599,064 516,555

4. AUDIT FEES

Fees payable to the Foundation’s Auditors for the audit of the Foundation’s annual financial statements for the current year are £21,888 (2024: £21,048). For the current and prior year, irrecoverable VAT at 20% is included within the fee. The 2025 audit fee net of VAT is £18,240 (2024: £17,540). Fees payable to the auditors for non-audit services were £nil (2024: £nil).

5. TRUSTEES’ AND STAFF EMOLUMENTS

The Trustees received neither remuneration nor expenses for services rendered (2024: £nil).

The Foundation had no directly employed staff during the year (2024: none) and as a result had no staff or related costs (2024: £nil). During the year one of the Foundation’s secretaries who is employed and remunerated by Santander UK plc, provided the administrative support for the Foundation. The costs for their services provided to the Charity form part of the re-charge from Santander UK plc included within Other support costs.

The key management personnel for the foundation are the Trustees none of whom receive remuneration for their work performed.

6. CHARITABLE ACTIVITIES

6. CHARITABLE ACTIVITIES
Donations and
grants paid to
institutions
Support
costs
Total
2025
£
£
£
Charitable activities:
Grants and matched donations
151,191
-
151,191
Expenditure on charitable activities:
Grant administration and grant
processingcosts
-
3,093
3,093
Other support costs
-
127,581
127,581
Governance costs
-
207,851
207,851
Total
151,191
338,525
489,716		 Donations and
grants paid to
institutions
Support
costs
Total
2024
£
£
£
1,366,036
-
1,366,036
-
36,757
36,757
-
130,765
130,765
-
46,191
46,191
1,366,036
213,713
1,579,749

Governance costs which have been classified as support costs in the table above relate to the re-organisation of the structure of the Foundation and seeking approval from the Charities Commission to free the restrictions on the expenditure of capital that apply to £6,000,000 of the unrestricted permanent endowment fund.

Grants and matched donations allocation by charitable purpose:

Number of grants Number of grants
2025 2025 2024 2024
£ No. £ No.
Santander Foundation Digital &
Financial Empowerment Fund 132,065 1 723,670 15
Matched Donations 19,126 3 642,366 617
Total 151,191 4 1,366,036 632

Santander UK plc allocated £100,000 to support the Foundation with the cost of services. The amount was used as gift in kind to support the FTE and marketing costs (2024: £100,000). This is included in other support costs. The one grant (2024: 15) included above was distributed to one (2024: 15) partner. The support costs and governance costs are allocated based on the activities performed and has been allocated to charitable expenditure. No costs are incurred for generating funds. The material grants awarded above £10,000 are included in note 14.

17

SANTANDER UK FOUNDATION LIMITED – 02509711

NOTES TO THE FINANCIAL STATEMENTS

7. TAXATION

As a charity, the Company is exempt from taxation on income and gains received within categories covered by Chapter 3 of Part 11 to the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent these are applied to its charitable objects.

No tax charge has arisen in the year.

8. INVESTMENTS

Main fund
Portfolio
Abbey Housing
Association fund
Portfolio
Total
2025
£
£
£
Market value at 1 January 2025
16,770,391
1,361,725
18,132,116
Purchases during the year
540,716
53,884
594,600
Unrealised gains
2,064,930
32,945
2,097,875
Movement in cash
3,738
356
4,094
Market value at 31 December 2025
19,379,775
1,448,910
20,828,685
UK quoted investments
19,362,462
1,447,633
20,810,095
Cash held as part of investment portfolio
17,313
1,277
18,590
Total investments
19,379,775
1,448,910
20,828,685
Historic cost at 31 December 2025
13,316,873
1,368,952
14,685,825
Historic cost at 31 December 2024
12,772,419
1,314,712
14,087,131
2024
Main fund Portfolio
£
Abbey Housing
Association fund
Portfolio
£
Total
£
Market value at 1 January2024
15,678,884
1,354,171
17,033,055
Purchases duringtheyear
1,230,434
45,611
1,276,045
Sales duringtheyear
(760,000)
-
(760,000)
Realisedgains on sales duringtheyear
548,548
-
548,548
Unrealisedgains/(losses)
69,165
(38,386)
30,779
Movement in cash
3,360
329
3,689
Market value at 31 December 2024
16,770,391
1,361,725
18,132,116
UKquoted investments
16,756,817
1,360,804
18,117,621
Cash held aspart of investmentportfolio
13,574
921
14,495
Total investments
16,770,391
1,361,725
18,132,116
Historic cost at 31 December 2024
12,772,419
1,314,712
14,087,131
Historic cost at 31 December 2023
11,750,077
1,268,772
13,018,849

The portfolios for both funds are structured so that they invest in passive OEIC stocks. As a result, the majority of the investments exceeded 5% of the relevant portfolio.

At the year end date, the stocks consisted of the following Level 1 investments:

Main fund

Royal London UK All Share Tracker Z IShares Pacific Ex Japan Eq Idx-L AC IShares Corporate Bond Index F BlackRock Col. UK Gilts All Stocks - LA BlackRock Collective Cont. Euro BlackRock Collective North Amer BlackRock Collective Japan Eq. Tracker

Abbey Housing Association fund

BlackRock Col. UK Gilts All Stocks - LA IShares Corporate Bond Index F

The custodian of the investments is Bank of New York Mellon .

18

SANTANDER UK FOUNDATION LIMITED – 02509711

NOTES TO THE FINANCIAL STATEMENTS

8. INVESTMENTS (continued)

As a result of holding investments, the Foundation is exposed to a variety of risks, the most significant of which are credit risk, market risk and liquidity risk. The Foundation manages its risk in line with the central risk management function of the Group. The Group’s Risk Framework ensures that risk is managed and controlled on behalf of shareholders, customers, depositors, employees and the Group’s regulators. Effective and efficient risk governance and oversight provide management with assurance that the Group’s business activities will not be adversely impacted by risks that could have been reasonably foreseen. This in turn reduces the uncertainty of achieving the Group’s strategic objectives.

Credit risk

Credit risk is the risk that counterparties will not meet their financial obligations and may result in the Foundation losing the principal amount invested, the interest accrued and any unrealised gains.

Market risk

Market risk is the risk of losses on financial investments caused by adverse price movements through changes in equity prices or commodity prices, interest rate moves or foreign exchange fluctuations.

The Foundation mitigates market risk by ensuring diversification in the investments it holds by investing in a range of trackers funds, bonds and gilts over a wide geographical market and by monitoring the returns achieved during the financial year.

Liquidity risk

Liquidity risk is the potential that, although remaining solvent, the Foundation does not have sufficient liquid financial resources to enable it to meet its obligations as they fall due or can secure them only at excessive cost. The Foundation manages liquidity risk with the support of Santander UK plc, ensuring that the Foundation will have sufficient liquid resources in order to meet its obligations as they fall due.

9. CURRENT ASSETS

2025 2024
£ £
Cash at bank and in hand 490,138 1,313,781
Other debtors - 53,987
490,138 1,367,768

Cash is held in bank accounts operated by Cater Allen Limited, a fellow subsidiary of Santander UK plc. Other debtors wholly consist of cash held by Charitable Giving, as agent for the Foundation, for the purpose of making donations.

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

All creditors: amounts falling due within one year are accruals.

The following table shows the breakdown of accruals recognised at the year-end date:

2025 2024
£ £
Grant creditor 132,065 745,232
Support costs – grant administration and grant processing costs 25,200 26,048
Total accruals and deferred income 157,265 771,280

19

SANTANDER UK FOUNDATION LIMITED – 02509711

NOTES TO THE FINANCIAL STATEMENTS

11. ALLOCATION OF NET ASSETS BETWEEN FUNDS

Unrestricted Restricted
2025 permanent
endowment		 permanent endowment
fund - Affordable		 Restricted
income funds		 Unrestricted
Funds		 Total funds
fund Housing Fund
£ £ £ £ £
Investments 11,469,241 1,323,978 124,933 7,910,533 20,828,685
Cash - - 373,476 116,662 490,138
Unpaid grants - - - (132,065) (132,065)
Accruals - - - (25,200) (25,200)
Total funds 11,469,241 1,323,978 498,409 7,869,930 21,161,558
Unrestricted Restricted
2024 permanent
endowment		 permanent endowment
fund - Affordable		 Restricted
income funds		 Unrestricted
Funds		 Total funds
fund Housing Fund
£ £ £ £ £
Investments 15,404,311 1,291,033 70,692 1,366,080 18,132,116
Cash - - 373,833 939,948 1,313,781
Other debtors - - - 53,987 53,987
Unpaid grants - - - (745,232) (745,232)
Accruals - - - (26,048) (26,048)
Total funds 15,404,311 1,291,033 444,525 1,588,735 18,728,604

Note 16 shows the allocation of the investment portfolios between restricted, unrestricted and endowment.

12. STATEMENT OF FINANCIAL ACTIVITIES (SOFA) - PRIOR YEAR COMPARATIVE

Unrestricted Restricted Endowment 2024
funds funds funds Total funds
Note(s) £ £ £ £
Income and endowments from:
Donations 2 338,248 - - 338,248
Investments 3 470,944 45,611 - 516,555
Total 809,192 45,611 - 854,803
Expenditure on:
Charitable activities 6 (1,579,749) - - (1,579,749)
Total (1,579,749) - - (1,579,749)
Net gains on investments 8 - - 579,327 579,327
Net (expense)/ income and net movement in
funds for the year		 (770,557) 45,611 579,327 (145,619)
Total funds brought forward 11,16 2,359,292 398,914 16,116,017 18,874,223
Total funds carried forward 11,16 1,588,735 444,525 16,695,344 18,728,604

20

SANTANDER UK FOUNDATION LIMITED – 02509711

NOTES TO THE FINANCIAL STATEMENTS

13. LIABILITY OF MEMBERS

The liability of each Trustee to contribute to the assets of the Foundation on winding up is limited to £100 (2024: £100).

14. MATCHED DONATIONS AND GRANTS AWARDED TO CHARITIES

Charity name 2025 2024
£ £
Aberdeen Cyrenians Ltd - 50,000
Age Cymru Dyfed - 44,742
Asylum Welcome - 36,247
Citizens Advice Buckinghamshire - 50,000
Daisy Chain Project Teeside - 49,973
Key Unlocking Futures - 5,000
Limehouse Project Limited - 50,040
Media Trust 132,065 132,065
New Horizon Youth Centre - 45,531
Prison Radio Association - 34,619
RETAS Leeds - 40,586
The Bytes Project - 42,522
The Haven Wolverhampton - 40,874
Winter Comfort for the Homeless - 51,471
Youth Federation Limited - 50,000
Total grants awarded 132,065 723,670
Total matched donations awarded 19,126 642,366
Total donations and grants awarded during the year 151,191 1,366,036

15. RELATED PARTY DISCLOSURES

The Trustees are elected by the Members of the Foundation at the General Meeting and no trustees are appointed by either Santander UK Group Holdings plc or Santander UK plc. The Foundation has received donations and gifts from Santander UK plc amounting to £100,000 (2024: £100,000). In addition to this, the Foundation received £129,870 (2024: £238,248) in respect of matched donations from Santander UK plc.

Related party cash balances are held by Cater Allen Limited and were £490,138 at 31 December 2025 (2024: £1,313,781). There were no other transactions entered into with related parties during the year (2024: none).

16. RESERVES

2025 As at 1
January
2025		 Transfer of
funds		 Income Expenditure Investment
gains		 As at 31
December
2025
£ £ £ £ £ £
Restricted permanent endowment fund -
Affordable Housing Fund		 1,291,033 - - - 32,945 1,323,978
Unrestricted permanent endowment fund 15,404,311 (6,000,000) - - 2,064,930 11,469,241
Total endowment funds 16,695,344 (6,000,000) - - 2,097,875 12,793,219
Restricted income funds 444,525 - 53,884 - - 498,409
Unrestricted Funds 1,588,735 6,000,000 770,911 (489,716) - 7,869,930
Total income funds 2,033,260 6,000,000 824,795 (489,716) - 8,368,339
Total funds 18,728,604 - 824,795 (489,716) 2,097,875 21,161,558

21

SANTANDER UK FOUNDATION LIMITED – 02509711

NOTES TO THE FINANCIAL STATEMENTS

16. RESERVES (continued) As at 1 January
2024		 Income Expenditure Investment
(losses)/ gains		 As at 31
December
2024
£ £ £ £ £
Restricted permanent endowment fund - Affordable
Housing Fund 1,329,419 - - (38,386) 1,291,033
Unrestricted permanent endowment fund 14,786,598 - - 617,713 15,404,311
Total endowment funds 16,116,017 - - 579,327 16,695,344
Restricted income funds 398,914 45,611 - - 444,525
Unrestricted Funds 2,359,292 809,192 (1,579,749) - 1,588,735
Total income funds 2,758,206 854,803 (1,579,749) - 2,033,260
Total funds 18,874,223 854,803 (1,579,749) 579,327 18,728,604

Unrestricted funds are available for use at the discretion of the Trustees to further the objectives of the Foundation.

Restricted funds are for grants to charities working on housing related causes.

Endowment Funds represent funds invested by the charity from which it derives investment income. The movement during the year is the driven by net investment gains from the increase in market values of the underlying investments.

The Foundation passed a resolution on 20 August 2025 under s.282 of the Charities Act 2011 and obtained the consent of the Charity Commission on 4 September 2025 to free the restrictions with respect to the expenditure of capital that applies to £6,000,000 of the unrestricted permanent endowment fund. This is reflected as a transfer from the unrestricted permanent endowment fund to unrestricted funds.

17. CAPITAL COMMITMENTS

The Foundation had no capital commitments at the balance sheet date.

18. GRANT COMMITMENTS

The Foundation had no grant commitments at 31 December 2025 (2024: £132,065 committed to the Santander Foundation Digital & Financial Empowerment Fund and Media Trust). A total of £4,750,884 has been awarded over the 4-year period from 2022 to 2025 inclusive.

19. SUBSEQUENT EVENTS

There have been no significant events between 31 December 2025 and the date of approval of these financial statements which would require a change to or additional disclosure in the financial statements.

22