Cornpany regls¢ratlon number 00213235 (England and Wales Charlty re9lstratlon number 313743 IEnglan(l and Wale51 Charity reglstration number 045932 {Scotlandl PLUNKETT FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 PLUNKETh FOUNDATION CONTENTS Page Trustees, report Independent auditors report 15- 18 Statement of financial a¢tlvllies 19-20 Balance sheet 21 Statetnent ol cash flows 22 Notes lo th8 financial statement5 23-37 PLUNKETT FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2025 Plunkelt UK is the operating name of Plunkett Foundation, a company Ilmit8d by guarantee INo.'002132351 and charity r8gistered In Scolland ISC 0459321, England & Wales ICC 3137431. About Plunkgtt UK We are a national charity with a vlslon for r8silient, thriving and inclusive rural communilies. We achieve this by supporbng pgople across the UK to establish and run community-owned businesses. including villag8 shop5 and pubs, woodlands, fam15 and flsherles. We currently repres8nt 8ltnost 900 trading cornrnunity-own8d businesses and a further 1,050 in d8veloprnent. All are genuinely community-owned, wth d8mocratic mèmb8r conlrd, and are d85igned lo create innovative. Inclusiv8 and impacfful spaces that benefit everyone who Iiv8s and works I￿alLY. As the only organi5ation d8dicated to supportlng rural community-owned businesses across the UK, our 8xpert tearn provides practical, sp8aalist support to help these ent8rprises sUC￿ed. W8.. Rais8 awareness ol the cornmunily business model through proactive press. media and campaigns. Provide practical support to help n8W Cotnmunity busin8s5e5 set up and 8xisling ones to thrive via 8p8cialist business advice, training, webinars and toolkits. C￿ate a supportive enviroDrn8nt foi community businesses to OP8rat8, via membership, networking, res8arch and advocating with govemm8nt, think tanks and funders. Why PlunkBIVs work mattgrs Plunkett UK has promoted the cornrnunity ownership model for over 100 y88rs becaktsa of it5 tiack ￿COrd for ddivering better bu5iness8s for people, cotnmunities, the economy, and the envirollment. For exatnple, we prioriti88 our support helping ¢omrnunity businesses to.. Eslablish a diverse rang8 of goods and services that enable people to continue living in rural areas independentSy- especially important for elderly peopl8, those wllh h8alth conditions, or reduced mobility. stitnulate the rural 8conotny through localised Supply chain8. Create acc855 to employrn8nt and tiaining and volunteering oprK)rtunitl95- often supporting people who would struggle to acc8S5 main51ream ernploymenl. Tackle climate change through envlronmentally re5ponslblo action5 and cuslryner behaV￿)UrS. Promote equity, dive15ily and inclusion by creating safe and welcoming spaces lor all. Once trading, cotnmunity-own8d businesses rar8ly fail, havlng a fiv8-year 5UtviYal rai8 of 98% and over Iwenty-year survival rate o194Y.. Our Values: Cornm1tt8d.. We champion the community ownership M(￿81 because of Sts track r8cottl for delivering b8tter businesses for people. comrnunities, th8 economy and the environrn8nt. Insplrlng= W8 share th8 success Storles of rural cornmunity-owned buslnesses and 8neourage pgop18 to loin thls growing rnovement of people and organisatlons. In¢lusive- We provid8 an accessible servic8 which is tailored to individual needs, and embed dlver5ity, èqully and inGlusion in 8Verything we do. Collaboratlv8: W8 build and work in partnerships with a range of people and organisation8 who share our valuas, to grow the reach and impact of our work. PLUNKETT FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 A MESSAGE FROM OUR CHAIR l atn delighl8d to be writing to you for the first tirne as Chair ol Tiust88s for Plunkelt UK. Having p￿viOUslY Served s a Trustee. and through my own involvement in a community business, I have long admired the vital role Plunkett plays in supporting rural communi118S to take control of their future5. It is therefore a real privilege to take on th8 Chairrnanship al such a pivotal time for both the organisation and the wider comtnunity business sector. Over the past year, w8 have continued to witness the extraordinary resilience and determination of community businesses across the UK. Despite a challenging trading environtnent. marked by rising costs and ong(xng economic uncert8inty. communili2s have continued to come together to protect and sustain the servlces that rn8lter most to them. Thi5 5tienglh of purpose is both inspiring and a powerful remifider of the enduring relevan￿ ol the communlty busin8s5 model. I have particularly valued th8 opportunlty this y88r to connect directty wrth many of our members and partners. Ev8nt$ such as oui gathering al Powderham Castle In the Southwest, and th8 launch of our B81t8r Business Report at The House of Lords, provided important moments for me to heal first-hand about the impact of Plunkett's work. cel8bratg su￿sSes, and 5tr8ngthen the relats'onships that underpin our movem8nt. While we musl acknowledge the prassures that many cotnrnunity busines5e5 continue to face, I remain confid8nt in the sèctor's ability not only to endure bul to thrive. The community ownership modal has proven ts"m& and again that it can adapt. innovate and dgliver long-t8rffl benefits for l(Kal people. This confiden¢e underpins our ambitions for the future. As we look ahead. l am excited to help guide Plunk8tl into its next strategic period. Thi5 will see us evolve from a highly regarded national organisalion into an 8ven stronger, more connected mov8menl- one that amplifies thp voice ol CDmTnunity business, etnbrac85 n8w commercial partnership5, and expands the support we proviLle to communities across the UK. I would like lo lake this opportunity lo extend my sincere thanks to my predecessor, Stephell Nicol, for his outstanding leadership over the past five years. His dedication and comrnitTn8nt have helped shape Plunkett into the organisation il is today. I would also like to thank Helen Aldis and Martin Colletl, ￿h0 have now18ft the board both having cornple18d six years of serrfice as Tru5teB5, for their invaluable contribution5. l arn delighted to w8lcorne Toby Sanijison. who was e1ect8d lo the Board in September 2025 and brings deep knowledge of comrnunily business in Scolland. In ad(Jilion. Chartes Campion and Robin Fi8th were co-opted lo the Board in November 2025. Charles britFgs specielisl expertise in community led placèmaking and co design, whilè Robin Eonlributes extensive experience in mutual governance and 5tra18gy. Together, they add valuable insight and furth8r str8ngthon the Board's collectlve skllls and expertise. Finally. I would like to thank my fellow Trus18es. the Plunkett t8am. our meTnbers, and our supporter8. Your Continued passion and committnent 8r8 what make this movement so powerful. I ILK)k foiward to wotking with you all In Ih8 y8ar ahead. Ali89n Jeffers PLUNKETT FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Th8 Trustees, who are also directors of th8 charSty for the purposes of the Cotnpanies Act 2006, present their report with the financial statemenis of the charity for the year ended 31 De￿mber 2025. The trustees hav8 adopted thg provisions of th8 Statetnent of Recommended Pradic8 applicable to charities preparing their accounts in accordance with th8 Financial Reporting Standard applicalAe in the UK and Republic of Ireland IFRS 1021 lèffecllve 1 January 20191 OBJECTIVES Our Purpose.. Our charitable objects for benefit as agreed by the Charity Cotnmlssion and spt out In our metnorandum of association are.. to promote social inclusion. both nationally and intemationally, by Supporting the growth of Cornrnunity Business Sector primarily in tural areas to assist those who are 50¢ially 8xduded. prevent people from becoming socially exiluded. relieving the needs of those peopl8 who are soclally 8xcluded and a5SlSting them to integrate into so¢￿ety.. The relief and P￿VentIon of rural poverty. both n&tionally and int8inationally, by th8 provlsion of appropriate 8ssislan¢e to th8 Community Busines5 Sector.. To advance education in matters related to the Community Business S&ctor and U)eir potentia1 to ielieve and prevent pov8rty and to promote social inclusion piirnarily in rural area5. both n81ionally and iniernabonally. Our Alms and Oblgctlv•s'. Our organi5ational strategy articulaies how we wlll deliver against our charit8bl8 objectives lour purKX)sel through vlslon and tni5sion statement.. Our vlslon Is forroslllent, thrlvlng and Inclusiv• rur81 cofftmunitles throughout the UK. Working towards this V15ion, our mission is to work with comrnunity-own8d business9S to cr8ate innovative, ifflpactful and inclu5Ne spac8s. Being 'innovatiV8' requires Plunk8tl lo inspire communities to reimagine how Imditional businesses op8iale and to adapt and diversify accoiding to their community's n88ds. To be 'impactful' requires pr￿[l11s1ng Plunkett'5 resour￿$ to help those seeking to generate the greatest social. economic, or environtnental impact. Becoming 'inclusive' ffleans taking greater offorts to ensuio our member5 tak• proactive rneasuros to reach, work with and ber)efit a greater diversity of people. OUR ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE IN 2025 We undertook fourmaln activities to ensure our work deliv8red against our 8im5 and objectiV85'. Actlvity Ono.. Pmvlding d 'unlversal' comfftunity busine55 5ervlce to support the practical needs of 811 typ95 01 con7munily businesses. 81 all stages of Ih@irjourney from sgtting up to running 8nd across 8118r88s of the UK. Throughout 2025. this serviee consi$t8d of.. 1. An advice line which responded to over 360 onqulrles from start.up and Ir&Lllng Gommunity busing$S. In addition to providin9 advic8 and support lo groups reTholely. cornrnunily groups We￿ given acc8SS to our bank of lox)Ikits and online ￿sourCes, and an onlin8 ￿￿￿0[[￿ enabling p8er-n6tworking acr055 our nelwork of over 1,200 start-up and tradin9 community-owfied businesses. 2. Brok8r8gè and dellvery of 5p¢clallst bu5ino55 support and trainlng which benefited 200 start-up and tradlng communitybuslnes5es via our staff and advisers on tOPiC5 such as legal 5tructUlgs. iaising finance, business planning, financial man3gernent, recruiting and maintaining volunteers elc. This 8quated to a total 012.320 hours ol support and advi￿. plus the runnlng of 50 online and in-person training events. PLUNKETT FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 3. A seriès ofspeclal Interest groups focuslng on both EDland thg envlronmont. These onling events were delivered in partnership with external organisations including Sp8Ctra. who help in the delivery of th8 Care Leaver Covenant and Verture, a Scottish clirnate change adaptation charity. MlSed to this, w8 hosted a nutnber of webinars linked to our five areas of itnpact. again involving relevant partners such as Utility ￿d, a not-for-profit energy broker. They also showcased various innovative and inspiring cotnrnunily-owned busine55es. A totsl 01282 participan& tr￿oked plac88 to attend thèse sessions. In line with our strategic objective to grow the sector, we are proud of continu8d growth in 2025, including.. 172 groups starting their community ownership joumey 48 groups incorporating as Comfflunily Benefit Societies uslng Plunkell's Model Rule8 34 new community-own8d businesses commencing trading 20 ex15ting cornmunity-owned busin8ss8s completing in-depth health checks A total of 869 oommunily-OWn8d businesses successfully trading by thÈ end of the y8ar. wlth a 5-y8ar survival rat8 of 98.10 and 20+ year survival rate of 940 In Ilne Mqth our strategi¢ objective to grow the iThpacl of th& sector, al applications foi business support are assessed and priorilised against their potentlal to.. Provide a wide range of gotxjs and services and amenities that communitles valu8 and need Stimulate the local 8conomy through localised supply chains Create 8cces8 lo ernployment and training and volunteering opportunities Tack18 climate change through dollvery of 8nvironmenlally 5UStainable Initiatives and behaviour5 Promote equ81ity, diversity and inclusion by creating safe and wel¢oming spaces lor all Activlty Two.. Growln9 a movement of people and organisations who share our values by 8ncoufftging community bu&iiess8s, individuals, and other corporate bodi85 to become form81 members of Plunkelt and enabling Ihem lo incr8as8 their 9ngageffteJJl bvilh PlunketÈ 618ch other. During 2025, Plunkett gr8w Ils total metnb8rship lo 666 induding.. 475 comrnunity-owned businesses lof which 337 were trading and 138 were pre-tradingl 40 corporate supporters l¢onsists"ng of a combination of public and commerci81 organisation81 151 individual supporters Iconsisting memb&r5 of lh8 publiG, staff and Iruslee5} Metnbership ￿tention from the previous y88r was at T6%, with 81Vk of non-r8n8wals (where a reason was given) consisting ol pr8-trading comtnunity-owned busine5585 who were no longer able to progress Iheii cotnmunity ownership project. Key activities driving fflefflb8rship growth and r8newal was an inv8slrnent in our membership hub an online ptsrtal consisllng over 200 toolkits. la¢lsheets and template5 providing praclieal, p88r-reviewed support and guidance to comrnunity owned busin&ss8s. A number of in-p8rson events took place including.. our AGM in Sepletnber., our Community Ownership Awards and Nelworking Event at the Royal Society of Chemistry in London in October., and a launch of our flag8hip Beller Business Reports al th8 House of Lords in November. We also facilitated and att6nd8d a number of regional peer networking events throughout the UK. Actlvlty Thrg0.' Dellverlng a servlc8 of Anfomialion. policy and comfftunlcatlons lo belt8r 8videncg and dpffionsfrat6 lh8 impact of rural commtsnily busin6ss8S,' and r&inforc8 ourrole as the voic8 forrtsffil conTmuni¢y busin8SSèS. For the community ownership movement to flourish there n88ds to be supportive legislation, access to a wide range of financial sUPPOrt, and a greater lev81 ol awarene55 of how this tnod81 of business can flourish in comtnunities UK- wide. Our central policy asks throughout the year incluijed". 1. Maintain rural Community busines$ growth rale via Plunkett'5 5P8cialist busin955 SUPPOrt servica 2. AC￿lerate growth ol the sector through a dedicated Rural Cornmunity Ownership Fund 3. Pow8r up existing COTnrnunily buslnesse5 via revenue funding 4. Strengthen the existing Community Rights legislation lo include a Comfflunity Right to Buy UK-wide 5. Incentivise and rewaid cofflmunity owned bU￿nesseS through fairer taxation and appropriate rale r81i81 6. Introdu￿ planning reforms lo embed pl2￿makIng within all major housing developmefits PLUNKETT FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 In 2025, Plunkelt Strengthened its role 85 the voice ft)r rura1 community businesses by g8nerating robust 8vidence of irnpact and using this to influence policy, rai5p awarene58 and support the sector. This included publishing a 'new look, Impacl Report and Better Business res8arch, which quantifiod the social and economic contribution of corntnunity-own8d businesses. Plunkett combined this evidence with active policy 8ngagemenl, repr858llting mernbers to government, funders and sector b(￿les. and responding lo consultations to ensure rural community buslnesses were recognised in national and local decision-making. Key policy consultations Ihal Plunketl responded lo included.. Department for Business and Trade's stalutory Consultation on growing the co-operative and rnutual sector,. Laboui Rural Research Groups, call for ewdence on rurèl poverty,. th8 Government's Post Office Green Pap8r,' in addition to Government's Budgèt subrnis5iOns and rural proofing governrnent announcements which fell shorl of recognising rural cornmunibes such as their Pride in Place funding cotnfflittnenl. Togolher, this work reinforced Plunk8tt'5 position as 8 trusted evidenc848d voice lor rural corntnunily bu5ines5, while equipping memb8rs and stakeholder5 with the data, In51gh15 and narratives needed lo advocate for community ownership. In addition to building ￿latIOnShipS ￿th all relevsnt government departments. MPS, and thinklanks, we actively participated In nalional partnerships which champion the social economy, lèd by organisations including Access, Better Society Capit81. Social Entsrprise UK, as well as nation-specifi¢ forums such as th8 Scolti5h Government's Scottish Rural Network Uni( the Rural Coalition, the Senedd Task and Finish Group on Community Asset Transfers, and the Welsh Community Ownershlp Group consotl¢urn. Within the y8ar, Plunkelt convened i15°Fulure of Rural Retail TaSkf0i￿ in respoll5e to growing challenges lacing ruTal cotnmunity shop5, induding rising costs. supply chain barrier5, and changing consumer behaviour that threaten th8ii long-temi viability. The laskforce brought together nineteen leaders from across retail. wholesal8, government, finance and the community busin855 5ector- including figures such as Mary Portas and the Earf ol Devon to explore 501utions coll8boratively. It also tested the findings with community r8tail81s, taking into ac¢ounl the views of over 100 d818g8tes across five 8V8nts throughout the UK. The resulting r8port set out practical rgcomrnendations to help rur81 community shops adapt and thrive, c&ntred on div8r5ifying their offer and strengthening their role a5 ¢Otnmunlly hubs. 11 intrOdU￿d a frarnework focused on four key areas- range. prop05itlOn, 5ervi¢es and irnpact- and called foi greater collaboration. innovation, and SUPPOTt from policymaker5 and Industry t0 5ecuie a sustainable future for rural retail. To make sure that there is recognllion of the community owne15hip mod81, in different conlext5 and cllffer8nt places acioss the country Plunkett seeks t0 secu￿ cov8rage of our $8cloi in the media. Last year, Plunkett reached an estimated total media audien￿ of 12 rnillion peopl8 via 33 national and local TV. radio and print chann81s, including The Guardian, The Telegraph, BBC Morning Live, BBC Radio 4 and Countryfil8 magazine. Our 50Eial media pr85en¢e also continued to grow in 2025, with a total of 500.000 p05t views across X, Bluesky. Facebook, Instagrarn and Link8dln, and a collective following ol almost 21,000, plus another 3,000 in the peer-to-pe8r Community Shops and Pubs Fa￿book Groups. Actlvlly Four.. Ensuring the effective and efficlent op8radons of the ch&rlty through 6nh&ncing our approach to ourregu18tory, statutory 8ndl6gislative rnsponsithlities.. slr8ngthening ourinÈ8mal financial sysf8ms and Gontrols 8JJdNnve5ting in t>urppople. Ultimately, we want to achieve 9reaterr8511iEn￿ and sus18inability to conlinue supporting and roprgsenling a 117rivlng rur81 community business networtf. During 2025. w8 continued lo strengthen the eff8Ctive and efficient operation ol the charity, with a c18ai focus on building resillence 8nd long-term sustainability. Our strategy 5p1 a laryet of achieving a break-even financial posltlon over th@ fiv8-year period, refleclirig our ambition to diversify income and reduc8 reliance on traditional grant funding. hile this target was not achiev8d, we have made stron9 pro9￿88 in broadening our income base and embedding more sustainable revenu8 Streams into our operats.ons including membership, training, consultancy and corporate partnerships. One such gxample is our growing partnership with several Independent Co-operative Retail So¢ieti98 whose individual contributs.ons combin8 to provide meaningful funding for our community shop service. Beyond financial support, these partnors brlng significant added value by sharing expertise, offering Iraining. facilitatin9 Staff secondtnents. and opening networks- creating a rich, cdlaborativo r8SQUlC8 that directly b8npfits our tnembers. Additionally, we have dev81oped partnerships with organisations in the plac8making. housing and construction 58Ctors. supporting the integration of communily-owned business85 Into new doveloptnents. We announced new strat8gi¢ partnership5 in 2025 with Wat85 and Barratt Redrow, alongside multiple consultancy comrni55ion5 whlch aimed to strengthen the voice and needs of community infia5tru¢ture in housing Llevelopm8nt5. These incorne 5tream$ have grown steadily and represent an important part of our future susiainability. PLUNKETT FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Grant funding rernains a uitical part ol our incom8 mix, and we 8re grateful to 811 our funders who have enabled u5 to rnainlain and iSeliv8r our services across the UK. Core funding from The National Lollery Community Fund, Esmée Fairbairn Foundation and Dulverton Trust (x)ntinLies lo underpin our work, comp18mented by prograrnme funding from partnErs including the Scolti5h Government, DEFRA. The Linbury Trust. Lands lrnprov8menl and Diageo. We are also grateful to a wide range ol Charitable Trusts and Foundations who colleclivdy contribule a significant amount to specific areas of our work regionally or 5ectorially- tw rnany to mention individually- but particular thanks to Highway On8 Trust lor their longar-t8rm support and the Worshlpful Company of Innhdders thèir support towards our cornmunity pubs service. To support str()ng govemance and compliance, we have Maintained a robust approach to our regulatory, statutory and 18gislalive responsibilities. Our Board continues to provide 8ffeclive ove15ighl through dedicated Avoit and tlsk. and Goveinance and Norninalions cornmitlees, ensuring that our financial systems, controls and governanc8 processes remain fit for purpose. We have a150 benefited frorn engaging with cr085-SeCtor neiworks such as Anthropy UK anLI the King's Foundation Building a Legacy programme, which have provided valuable insight and learning to 5tr8ngthen our organisational approach and parinerships. Finally, we have continued to invest In our p80ple and organisational ¢ulbJre, r8cognising that a skilled and supported tearn is critical to delivering our mission. We have enhanced our Internal PDlia8S and pracllces, Wlth continued focus on equity, div8r5ily and inclusion, and have strengthened our capacity through targeted recruitment, including the appointment of Itnpacl Officer. Together, these actions ensure Ihat Plunkett remains a resilient and fomard-looking or9anisation, w811 placed lo support and represent a thriving ruRI community business ne￿￿( intt> th8 futur8. PLANS FOR 2026 AND BEYOND Plunk8tl's current strat8gy12022-20261 has focused on growing and Strengthening the rural community business sector through a clear set ol priorities.. increasing the number of community-owned businesses. extending our reach into und8r-r8presenled regions, and deepening th8 social. economic 8nd environrnental impaEt of the sector. Alongsid& this, we have worked to strengthen Ihe widpr operating environment through policy influence, research and comrnunications. whilÈ ensuring Plunkett's own financial sustainability through income diversification. Overall, the Strategy has positiollEd Plunketl as both a growth drlver and a key support (Kganisalion for community businesses, with a strong emphasis on expanding the rnod818nd Inc￿￿81ng its visibdity across th8 UK. Our new strategy, which will be launched in Auturnn 2026, builds ori th8se strong foundations. retaining our core focu5 on comrnunlly own8rship and rural Cofnmunities. while evolving how we deliver impact. The nexl phase will plac8 orealer emphasis on Strengthening the rÈsiliencB of existing cotnmunity businesses alongside supporting ne slart-UP5, deepening and 5pecialising our support off8r. and ensuring equitable access across the UK. At the same Iltne, w8 will step more clearly into a role as a sector leader- 5trenglhenlng our policy volce, building a more visible national mDvetnent, and be¢oming a Tnore member-inform8d Ofgani5ation. This ￿preSentS a shift Irom being prSmarily a 5UPPOrt provider to acting as a trusted adviser. network convonor and advocat9 for the rural community business sector. Underpinning the new strategy, rern8ins a Commitment to work with others. and play a greater leadership role in societal issues such as climate change, mental health. and approaches to equity, diversity and inclusion. Publlc benelit We regulaily review our aims, obj8cts.ves and activits'es to ensure w8 accomplish whal were establish8d to achieve. This is presented through our organisgtional strategy and 8UPPOrting business plan. the forrner ol which is based on a thorough assessment of our own and members, operating environment and widespread consultation and the latter which follows an annual review of the pr8vious year's outcomes and achievements. The Truslees have noted the Charity Cotllmission guidance on public benefit and are conffdent that Plunkett's activities are in line with that guidafic8. In particular, the Trustees recognise the benefit lo the publi¢ in th8 communitie5 w8 operate in, and to wider society at18rge via a ripp18 effect. The particular examples of public benefit we Measu￿ include.. PLUNKErr FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Number o15ervices and amenitie5 that are ¢r88ted or safeouarded for the long-terrn Impact5 On th8 local economy through localised Supply chains Opportunities created for employment, training and volunt88ring Tackling climate chang8 through the delivery of environmentally sustainable initiativ8s Contribution to diverslty and Inclu￿0￿ by creating a safe and welcoming space for all. FINANCIAL REVIEIIV Roserves Poliey Our ffserv85 policy is designed to 8nsure the long-l8rtn continuity ol suppori foi rural ¢ornmunity businesses in th8 8vent that Plunkett fac8d serious funding andlor operation81 challenges. The reserves pdicy is reviewed annLJally,' the policy was reviewed. uréat8d and approved in Novetnbèr 2025. The r85erves a￿ calcula18d on the basis of holding between 9 and 12 rnonths ol ¢ore operating costs. as d￿t8￿l￿ed from the annual budget. This level is intended to enable the organisation to meBt its financial obligations, maintain COTe servlces for a defin8d period. and respond in a planned way lo signili¢ant financial or operational challenoes. The required level ol ff serves is recalculated annually by the Board as part of th& organi5ation's budgeting. planning and risk manag8tn8nl procgSS@s. The reserves level requirernent for 2025 was set within a range of £740.000 and £990,000. As at D8cember 2025. PluTrk8tl had total rgserv85 of £1.061 m and fre8 r85erves of £1.061rn. This figure is higher than the requirement of our ￿serveS level. The trustees agreed in Novemb8r 2025, that extra res8tVgs were required to provide a conting8ncy. as whi15t a break-even budget was agreed, there was global uncertainly and along with an internal re5truclufing there wer8 higher ￿ve1$ ol uncertainty and associated risk. Investment Performance Subj8cI to the requirements of the Charities Act, the Trustees are authorised by th8 Metnorandum Df Association to invest funds not immediately r8quir8d for its purpose in such a manner as rnay be thought fit. Plunketl Is fortunate to have a healthy18vel of fvnds accumulated from historic surpluses, the sabe of a former office building, and a level of incom8 in advance. For many years, the truslees have trusted Ihe rnanagernent of these fund5 to J M Finn & Co with a medium risk profile. As al 31 December 2025 the portfol￿0 worth a total of £1.002m Following a review of our investment policy and a renewecl allgnment with our ESG policy, a competitive lender process was conduct8d by a working group of the Board, and the Board agreed to appoint Cazenove Capital as Plunkelt'5 new Investment manager. The tran8ib.on of funds from JM Finn & Co to Cazenove Capital was cotnploted in April 2026. Fundraising Plunk8tt UK has been register8d with the Wundraising Regulator since 2019, since which tirne community fundr8ising has become embedded a5 part ol Plunkett's bio&der sustainable income slra18gy to generate funds frorn tnulliple SoUr￿S including grants. Consultallcy, membership and corporate partnerships. Although g8nerating a modest retLJm, our rationale for community fundraising is not just to generat8 incotne. but lo forg8 StroNger ￿latIOnShIpS with partners and th8 communilles in which operate. In 2025, Several corporal8 partners carried out fundraising activities in 5UPPOrt of Plunkelt, including workplace raffles and lotteries. Plunketl itself also delivered fundrai51ng initiatives Ihroughtsut tho year including a charity Gala Dinner, a festive raffle and money tin collections In partn8rship with community businesses. Our wrnmunity fundraising activitles generat8d a colleets've total of over £51,654 during the year. PLUNKETT FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng Documgnt Plunketl was founded as a charity in 1919 under a Eleed of Trust and incorporated as a Charliable (x)rnP8ny limlled by guarantee in 1964. Th8 company was establi5h8d under a Memorandum of Association which 5t81e the object5 and powers of the charit8ble company and 15 govemed under it5 Articles ol Association. In the event cotnp8ny being wound up, rnembers are iequiied to contrlbute an atnount not exceeding fiv8 pounds. The Mernorandurn and Article5 were last updated and approved by the MeTnber5 In Septetnb8r 2024. Membershlp Plunkett is a mernbership organisation. Whe￿bY tn8Tnbers consist of individuals and corporat8 bodies who have willingly consented lo become members, shar8 Plunkell'5 values and have subscrib8d to an annual fee set by the Trustee5. Recruitment and Appoirrtment of New Truste8S Our Articles ofAs50cialon require th8 tnember5hlp to elect up io 12 nonexecutive directors (known as Trusleesl. Al Ttustee5 are elected al the Annual General Meeting on a one membei, one voto basis. Trusl888 can be nominated by any exlsung memb8rs within a specifi8d number ol days prior to an AGM. In line with thi5 procedure. the organisation proactively seek5 to attract new Trustees in line with ils policy on Equity. Diversity and Inclusion. and in line with identified gaps in skills. knowledg8 and oxperienee of which is revlewed annually. An open Twstee r8cruitmont proEes5 15 then used. including making advert5 available through jDb board5, webslles and Social media platfortns. Potential Trustee5 are interviewed. and th058 deemed most appropriate at the time lo tne8t the identified gaps on th8 Board. are 5ubs8qU@ntly nominated by a rnernber for election at the AGM, or co-opt8d lor a period of tirn8 UP to the subsequent AGM at which they ar8 subject to 6￿ctIOn by the members. The nam8 of 811 Trustees In post during the year and up to th8 signing of thi5 r8POrt are Sisted in the referance section. Induction and Tralnlng of N8w Trustees N8w Trusiees undergo ori8ntation with the Chair and Chief Executive lo brief them on their legal obligations under ¢harily and cornpafiy law. Ihe eontenl of tho Memorandum and Articles olAssociation. the strategy and bu5ine3s plan. the Board and decision-making pro￿$$. the rel￿nI financial perforrnanc8, and the history of Plunkett. During their induction they rne81 key employees and visit community busines5os. New Trustees have an agreed 6-monlh indu¢lion plan, which also identifies any tr&ining needs. Term of Tru$tg95 The term of office for a Trustee shall be thr88 years. Al the conclusion of their terrn of office a Trustee who is willlng to continu8 in office may, if the Trusl8as think fit. be re-appointed for a further term. No Tiustee shall seNe for rnore than six consecutive years un18SS the 8oad consider it w￿ul￿ be in the best inleresls of th8 Charity for a particular Trustee to 5erv& one further tertn bgyond that period and that Trustee is reappointed in accordance with the Articles. Kèy ro18s and SubGtsmrnittee5 Each year following the AGM. Trustees elect a Chairperson and up to ttvo vI￿-chairs. The BoarES also operat8 two subcommittees. Th8 Audit and Riyk Committee oversep Plunketl's activitie5 in relation to auijll, budg8ting 8nd finance. and risk management. The Gov8mance and Nofflinations CotnTnillee ov8rsees Plunkett's non-financial policy development and managernent. as well matters relating to govemance and Trustee recruitmont. PLUNKETT FOUNDATION TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Board Ass05srnent The Board conduci8 an annual effectiven@ss revi8w, providing an opportunty for Trus18es to refiect on how th8y and the Board operate co118clively, to raise any o)nc8ms, and to identify areas for continuous ImproY8Tn6nt. In addition to its annu81 self-assessment. the Board commSsslons periodic independentgovernance reviews to provide external cha118ng8 and assurance. Th8 rnost recent external review was und8rtaken in Spring 2024. with th8 next external review sch8duled for 2027. An int8m81 governance revi8w is planned for 2026, which will be updated to re118Ct the r8vised Charity Gov8mance Code120251. The ind8P8nd8nt roview conduct8d in 2024 concluded that Plunkett UK'S govem8nc8 aiiangemenis wer8 5tiong, wlth effective compliance, policies, procedures and slruGtures support8d by appropriate behaviours. It also found that, when as5e5sed against the principles ol the Charity GovemanGe Code. governance perforrnan¢8 had irnproved or bpen maintained Sin￿ the previous revi8w in 2021. The revi8w identified several 8r8as for continued focu5 and development, including fflaintainino proportional and enabllng gov8rnance airangements. further St￿￿91hen1ng equality. diversSty and inclusion practi￿ and impact, and continuing to develop th8 organisation's appr08ch to environrnenlal, Social and governance IESGI consideration8. These area5 continue to infom the Board'5 priorities and fotwaid governan¢8 work progiamme. Organisatfjonal Structure Th8 Trusl8es oversee the strategic affairs of Hunkett and tjelegale the day-to-day operatlons to a Chief Execuuvg. James Alcod( has served In the rolg of Chi8f Execuuve sinc8 2017 as Company S8cretary. The Chief Executive Is supported by an Executive Tearn con515tino ol Harriet English, Deputy Chief Executive and Kathryn Morrison, Chief Operating Officer. A5 of 1 January 2025, the organisation was 5tructuied into lour op8rational teams consisllng of a Pgrtn8rship5, External Affairs, Comtnunily Busines5 and Operation$. Whilsl not a forrnal part of the company structure. Plunkett is 5UPPOrted by a n8twoik of sell-employed consultants or 'Bdvlsers' who ar8 contracted on a call-off basis to provide busin8ss advice and training as part ol our Core s8rvic8 to community businesses. Our Approach to Staff Pay and Benefits Plunkett ha5 an office-based culture and aims to cr8ate a space that 18 Safe and welcoming. W8 offer &d-hoc flexibilily on request to enable slaff to accomrnodate personal 8v8nt5, appointments and comtnilments as required. We celebrate our differences and ensure everyone is heard. resp8c18d and valued. We hav8 a commitment to EDI as m8an5 to establish a mor8 innovative, SnspIr￿ impact-focused Culture within the organisation. We are a Living Wage accredited employ8r bul go bEyond this lo create a EompelitlV8 package ol pay and related benefits, and regularfy invest in our work envlronm8nt, team bulldlng. and opportuni116s for personal and professional developrnent. believe flrmly In aiming lo retain staff for the lon9 term, developing theTn and benefiting frorn their growing knowledge. This 15 in Preferen￿ lo the disruption and expense of r8Ctuitrnent. especi￿lY a5 tnany slaff have detailed knowl8dg8 that is unique lo th8m in the organi5ation and could not be quickly replaEed. Our staff pay Scales ar8 Set with this in mind. In support ol this approach to staff retention and the value placed upon Plunkelt's 'Staffing a55et', a remuneration pdicy was approved by the Board in December 2019. Staff benefits are continually ieviewed and a trial around ad hoc flexible working hou15 was successfully conducted in the Sutntner 012024 and was adopted in the Auturnn. The rgrnun8ration pollcy was reviewed and approved by the Board in April 2026. PLUNKE￿ FOUNDATION TRUSTEES, REPORT IINCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 The pay bands, approved as al April 2025, ar8 as follows.. Adtllini5tration £26,208- £30,273 Project and Finance Officers £27,000 - £36,328 Project and Finance Manager5 £28,000 - £46,015 Senior Leadership Tea £40,000 - £63,654 Executive Team £55,000 - £69,000 £70,000 - £90,000 Chief Executive Charity Govèrnance Cod8 Plunkett has adopted the Charity Code of Govemance and undertakes an annual sew-assesstnent against the Code. The most r8c8nt S811-assessment cornpl8t8d during 2024 provided assurance Df continued Complian￿ with th8 Code. ESG Framework Plunkelt UK is comrnilted to improving live5 and 81rengthening communities. working towards positive soclal and environrnental outcomes alongside strong governance. Our decisions and actions ala guided by our purpose and by a r8sponsibilily to act ethically. sustainably and transparently. During the year, we ¢onlinueif to d8V81op and embed our Environmental. Soual and Governance IESGI frarnework. which provides a 5tiuclured approach lo understanding. prioritising and improving our impact ac1055 the organisatlon and our wider n8twork. The framework ft)cu585 on three core ai885'. Environmental- improving sustalnability and r8duclng our environrn8nt81 irnpa¢l Social championing equality, diver31ty and inclusion, social respon5ibilily and 8thical decision-making Govemancg- maintaining strong gov8rnance and accountability to support long-term positive impact ESG considerations are increasingly integrat8d into Plunkett UK'S strategy. decision-making, policies and day-to-day operations. This approach supports responsible slewardship of resources. strengthens organlsalional r88ili8nce and aligns with our charitable obje¢tives. To support transparency and continuous improvornent, PlunKell UKwill publish 8 dedicated ESG progress report later in 2026. setting out priorities. actions and progress against the frarnework. This will provid8 a baseline for fubjie development and inform ongoing oversighl by the Board. 10- PLUNKETT FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 R15k Managom•nt Vve recognise Ihal we are working in a volatile environment and risk management is a critical activity. The Trustees recognise that th8 8ff&ctive management of risks is central to Plunk8tt's ability to achieve its (l)j8cllves. and aims to anticipate and. wher9 possibl8, fflanage risks rather than dealing with their unforeseen con88quences. The Board ensures that the controls and systems of risk management ar8 robust and dafensible. The Senior Leadership Team has the primary responsibility for Iden￿"fylng Ihe k&y rlsks to the bu51n8ss. Each risk is allocated an own81 and scored in terrns of lis likelihood and irnpact, before and aftèr mltigating a¢tion5, and Is docum8nt8d in a rfsk register. The Audit and Risk Committee, a5 a sub-COrntnit18e of the Board, review5 ths risk register and the adequacy of millgating aciions on a regular basis; th8 Cornmittee reports to the Board quarterly. A CoMp￿henSlve annkjal planning and budgeting proc8SS 15 approved by th8 Board, during whlch a thorough assessment of key extemal and internal risks 15 undertakpn. The Board also receives risk evaluations on major new areas of activity. Th8 fisk management framevvork and register was rnost recently reviewed in February 2026 by the Audlt and Fl'5k Committee. As at February 2026, the top three rlsks and theif tnitigations are.. Risk External operating environment causes CB c105ures- impacting the reputation of the model. Miti atlon Plunkett UK operzte5 a flexible core support serlice, enabling targeted bLJsine55 SUPPOrt to be deployed where risks are identified. The Community Business Appraisal tool and annual survey are used to identify businesses at risk at an early stage. The organisation has a strong track record of responding swiftly during periods ol challenge and convening appropriate expertise and partners, including leading 5ector-wide initiatives such a5 the Future of Rural Retail Taskforce and the hospitality coalition. Ongoing engagement is fflaintained through a dedicated helpline, a nEtwork of adviser5, and continuous membershi su ort. A recent organi5ational restructure ha5 ensured appropriate staffing levels and a clear supporting structure aligned to delivery priorities. Regular salary benchmarking 15 undertaken to maintain competitive and fair remuneration. Staff engagement and we11being are tnonitored through annual and pulse surveys, regular one-to-one rneetings, and structured exit interviews. All staff have clear annual objectives. regular performance reviews, and appraisal processes in place to Support tllana eable workload5, develo ment, and retention. Plunkett UK has a 5Ulte of cyber and information security policies and procedures in place, including data protection and data1055 prevention measures. Multi-factor authentication is implemented, and staff receive regular training to promote awareness of cyber ri5k5 and good practice. Cyber security controls are 5UPPOrted through an external IT support contract. In the event of an incident, the charity maintains appropriate insurance cover and a cyber incident response and recovery plan. Plunkett UK is also a member of the South East Cyber Resilience Centre Community, a police-led rovidin acces5 to uidance and best ractice. Major staffing or capacity 155ues le.g. Lo55 of key staff members, low morale, long-term absence, di5PUtes, grievance, tribunal case, staff leaving) Cyber security breach or attaik PLUNKETh FOUNDATION TRUSTEES. REPORT {INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 STATEMENT AS TO DISCLOSURE OF INFORMATION TO THE AUDITOR In 50 far as the Tiuslee5 ar8 aware.. there is no ￿leVant audil information of which th8 charltable company'5 auditor 18 unaware.. and th8 Trustees have taken all st8PS that they ought to have taken to mak8 thetns81ves aware of ally rd8V8nt audlt information and to establlsh Ihal the auditor is aware Df that information. Following a retendoring process. Gravita Iformerty Critchleysl weie appointed as auditors at th8 2021 AGM. Th8 trustegs are responsible for the maSntenanee and int8grity ol the corporate and financial infortnation included on the charrtable company's website. Legislation in the Unite(l Kingdom governing the p￿ParatIon and dissemination of financial statements may diff8r from18gislalion In other jurisdictions. TRUSTEES. RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The Trust88$ (who are also the dir8Ctors of the charity for the purposes of cotnpany lawl are responsiU8 for preparing the Trustees, Annual R8POrt and the financial statements In accordance with applicable law and United Kingdom Accounting Standards (United Kingdorn Generally A¢￿pted Accounting Pradicel. Company law require$ the Trustee5 to prepare financial statetnents lor each finanoal year which give a true and fair view of the stale of affairs of the charitable company and ol its incomlng resourc88 and applicatlDn of re80urces. including its Income and 8xpendilure, for Ihal period. In preparing thes8 financial statements, the Irust8es are requlred to.. 5el8ct suitable a¢counting policies and then apply them consistently.. ob58rve the method5 and principles In the Charit185 SORP 2019 IFRS 1021., make judgetnenls and estimate5 that are ieasonable and prud8nt., stale whether applicable UK Accounting Standard5 have been followed, subject to ally rnaterial departure5 disclosed and exFAained in the financial 51alemEnts, and prepare Ihe financial statements on the going concern ba515 unl858 il is inappropriate to pr8surne that the charity will continue in busines5. The Tiust885 ar8 responsiblè for k88ping proper ac¢ounling records thal disd05e with r8asonable accuracy at 8ny time the linanoal position of th8 charitable company and enable thetn to ensufe that the financial statetnents comply with the Cornpani&s A¢1 2006. Th8y ar8 also responsible for safeguarding the assets of the Charitable company and h8nce for taking reasonable steps for the prevention 2nd detection of fraud and other Irregularitie5. 12- PLUNKETT FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 SMALL COMPANY PROVISIONS Thls repori has been prepared in accordan￿ with th8 provisions applic8b18 to companies entiuèd to the small cotnpanies exemption in the Companies Act 2006. On behalf o the board on= Aue rs Trustee Date.. Reference and administratlvo details Plunkett UK is the operating name of Plunketl Foundation. a company limited by guarantee INo'.00213235) and charity r8gislered in Scotland ISC 0459321. England & Wales ICC 3137431. Registered ofllce The Quadrangle Banbury Road Woodstock Oxford Oxfordshire OX20 1LH Trusteos Trustee5 serving on the B￿rd at the time the report is approv8d, includlng all those who served during the report period. Helen Aldis (Vic8 Chairl retired 10 Septetnber 2025 Alex Begg Charles Campion Icwpt8d 6 November 20251. Martin Collett (Chair of Governance and Nomination5 Cotnmltteel retired 10 September 2025 Robin Fieth Ico-opte(16 Novembor 20251. Gordon Hector (elected 10 S8Pternber 20251 Helen J8ckson Idected 10 S8Pt8rnber 20251 Alison Jeffer5 (Chair frorn 10 September 20251 J8evan Jones Prof85sor Ruth McAreavey stephen Nicol (Chairl retired 10 September 2025 Zanna Patchett Toby Sandison lelectgd 10 September 20251 Adrian Smith OBE (Vice Chair) (Chair of Audit and Rlsk Corntnrttèal. "Co-opted trus18es are appointed to bring addltSon81 skills and expertlS8 to th8 Board. 13 PLUNKETT FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Exocutlve and Senior Leadershlp T•am Personnel to whom the charity trustees del￿ate day to day rnanagemont of the charity at thF tirn8 th8 report is approved. including all th088 who served during the report perlod. JaTne5 Alcock (Chief Ex8cutiv8 and Company S8cr8taryl Harriet English Kathryn Moirison Gemtna Sills Mary Boullin David Lydiat Melanie Litue Audllor Gravita Audit Oxford LLP Park Central, 40-41 Paik End St. Oxford, OX1 IJD Inv8Stm8nt Advlsors JM Finn & Co Ltd 25 Copthall Avenue Land￿ EC2R 7AH Solicitors Anthony Collin5 Solicitors 134 Edtnund Street Birmingharn B3 2ES Bankers The Co4operatlV8 Bank PO Box 250 Sk81m8rsdale WN8 6VVT 14- PLUNKErr FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF PLUNKETT FOUNDATION Oplnlon Vve have audited the financial st8t8tn8nts ol Plunkett Foundation Ithe'charily I for the year 8nded 31 D8C8rnber 2025 which comprise th8 51al8Tnenl ol financial activities. th8 balance sheet. th8 5taternent ol oash flow5 and notes io the financial Statements. including significant accounting policies. The financial ￿porting framework that has been applied in their preparation 15 applicable law and United Kin9dom Accountirig Standards, including Financial Reporting Standard 102 The Financial Reporbng Standard applicable in the UK and Republic of Ireland Iunited Kingdorn Generally Accepted kcounting Practicel. In our opinion. th8 finanaal statements.. giv8 a true and falr view of th8 State ol the charitable cornpany'5 affairs as at 31 December 2025 and ol Its incoming resource5 and application of resources, including its incom8 and expenditure, forthe year Ihen ended., have been properly prep8r8d in accordance with United Kingdorn Generally Acc8Pted Accounting Pract1￿.. and hav8 been prepared in accordance with the requirement5 of the Compani8s Act 2006, the Charitie5 and Truslee Investrnent (Scotlandl Act 2005 and regulation 8 of the Charit18s Accounts (Scotlandl R￿ulatIonS 2006. B8515 for oplnlon Vve ¢onduct8d our audit in accordance with Intemational Standard5 on Audltlng IUKI IISAS IUKII and applicable law. Our responsibiliti8s under those standards are further d8scribed In the Auditor's responsibilities for the audit of the financial 5talements section of our ￿POrt. Vve a￿ inOepend8nt of the charity in accordan(￿ with the ethical requirements that are relevanl to our8udit of Ihg financial statements in the UK, including the FRC'S Ethical Standard. and w8 have fulfilled our other ethical r8SPOn5ibilities in accordance with these requirements. believo thal the audit evid8ll￿ we have obtained is suffident and appropriato to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial stal&menls, we have concluded that th8 trustggs, use of the going concem basis of a¢countinG in the preparation of the financial statoments Y& appropriate. Bas8d on the work we hav8 performed, w8 have not identified any material uncertaintlgs r8lating to evenis or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue a5 a going conc8rn for a period ol at18ast twelve rnonth5 from when the financial slalemerits Bre authori5ed lor issue. Our losponsibilities and the ￿SponSibl1111es 01 the trustees with respect to going con￿rn are d85cribod In the T818vant sections of this report. other Informatlon The other information compri5e5 the infomiation included in the annual ￿port other than the financial 5tatetnents and our auditor's r8POrt thereon. The trustees are ￿spOnSibl8 for the other inforrnalion ¢ontained within the annual ieport. Our opinioll on the financial statements does not cover the other information and, exTrpl lo th8 Bxtent otherwise explicitly stat8d in our ￿pOrt. we do not express any form of assurance conclusion thereon. Our responsibility Is to read thB other inforrnation and, in doing so, con51der wh8th8r the other inforfflation Is materially incon5isient with the Ilnancial Statements or our knowledge obtained in the course of the audit. or oth8rw15e appears to be materially mi5Stated. If we identify such malerial inconslslenci88 or apparent m8t8rial misstalemenls, w8 are requir8d to determin8 whether this gives iise to a material mi5slatemenl in the finanGlal statem8ntS themselve5. If, based on the work we have p8rfortned, we conclude that there is a mat@rlal mlsstat8rn8nl ol thls other information. we ar8 reqUi￿d to report that fact. We have nothing to report In this regard. 15 PLUNKETT FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS AND TRUSTEES OF PLUNKETT FOUNDATION Opinions on other matters pr05crib8d by th9 Companl8s Act 2006 In our opinion. based on the work undertaken in the COLJrse of our audit.. the Information giv8n in the Irust88s' report forthe financial yearfor which the financial 5tat8rnents are prepared. which includes the directors. report prepar8d for the purposes of cornpany law, 18 consistent with th8 financial stat@menls', and the directors, report included wlthln the trustees, report ha5 been prepared in accordance with applicatAe leg requlremallts. Matter5 on whlch wo are requlred to report by exception In the light of the knowledge and understandlng of th8 charlty and its 8nvironment obtain8d in the cou15e of the audit, we have not identified tnat8rial mlsstatement5 in the directors, report Included within the Iruste8s' r8port. Vve have nothing to rèport in re5P8Ct ol the following rnatters In relation to which the Companies Ad 2006 and the Chaiities Accounts Iscollandl Regulations 2006 require us to report to you if, in our opinion". adequate and proper accDunling recorcSs have not been kept, or r8tums adequate for our audit have not been received from branche5 not visited by u5,. or the finan￿81 statements are not in agreement with the accounting records and return8'. or certain dlsclo5U18s of trustees. retnuneration spe¢lfied by law are not tnade.. or we have not re¢eiveLI all the infDrmatlon and 8xplanalions w8 requi￿ for our audit,. or the trustees were notenthled to pr8pare the financial statemen15 in accordance with th8 5rn811 companie5 regime and take advantagB of the small cotnpani9s' exemptions in preparing th8 trustees, report 8nd from the r8ouirement to pr8P8re a strategic r8POrt. Responsibilities of trusteos As explained MO￿ fully in the statement of trusi8es' respDn5ibilities. the ttustees, who are a150 the directors of th8 charity for the puip058 01 company law, are responsible for the preparation of the financial 5tatemonls and for being satisfied that they give a tiue and fair view. and for such Internal control as the trustee5 determine is necessary lo enabl8 the preparation of finaneial staterneats that a￿ free from rnalerial mi5slat8rnent. whether due to fraud or error. In pr8paring the financial statement5, th8 trustees are responsible for ass8S5ing the charity'5 ability to ¢ofjtinue as a gtsing conc8m, disclosing, a5 applicable, matters r81ated to going concem and using the going concern basis ol accounting unless the trustees either intend lo liquidate th8 charitable cotnpany or to ￿ase operations. or have no realistic altematlV8 but to do so. Auditor's responslbilitie5 for the audit ol thg finan¢lal stat•fftent8 We have been appointed as auditor under section 4411llcl of the Chariti8s an(J Trustee Inv8Stment Iscollandl Act 20D5 and under the Companies Act 2006 and ￿pDrt in accordance with the Acts alld rel8vant regulations made or having effect thetsund8r. Our oblertive5 ar8 to obtain r8a50nabl8 assuranGe atK)Ut whether thB financial statement5 as a whole are fre8 Irorn material misstalemenl. whether due to fraud or error, and lo issue an auditor'5 report that includ88 our oplnlon. Reasonable a55urance is a hlgh lev81 of a$surance but is not a guarante8 that an audit conducled in accoidanc8 Wlth ISAS IUKI will always detect a material mi5Stalement when it exis15. Misstatemen15 can arise from fraud or error and are considered material if, individually or in the aggregate, they ¢￿Id iea50rTrably be expec18d to influence the 8conomSc declslons ol users taken on the basis ol thes8 financ￿al Statements. Irregularities, including fraud, ar8 instances of non-compliance with 18ws and regulations. We design procedures in line with our responsibilities, outlined above, to delecl materi81 mi8slatements in r8SPeCt of irregularities. including fraud. The extent to which our procedur8s are Capable of de18cling iiregularities. induding fraud. is detailed below. 16- PLUNKErr FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS AND TRUSTEES OF PLUNKErr FOUNDATION Our approach to identifying and assessSng the risks ol material misstai8m8nt in ￿SPeCt of irregularities, including fr8ud and non-compliance wilh1aws and iegulalions, was as follows.. the engagement partner ensur8d that the gngagetnent team colPactively had the appropriat8 cunpetence. capabilities and skills., we identified the laws and wulAtions applicable to the cornpany through di8cusslons with directors and oth8r management. and fTOtn our knowledge and experience., we ass858ed the 8xl8nt of compliance with the laws and regulations identified above through making onquiries Df rnanagement and inspecting legal correspondenc8 where applicable," and idenlili8d laws and regulations were communicated within the audit tearn regularly and the team retllained alert lo Instanc85 of non.compliance throughout the audit. W8 ass8ssed the su5￿P￿bilIlY of the company's finaneial statern8nts to material Tlli55tatement, induding obtaining an understanding ol how fiaud mlght occur, by.. making 8nqulries of managemenl as to Whe￿ th8y consldered th8r& was susceptibilily to fraud, their knowledg8 of actual. susp8ct8d and alleged fraud., considering the internal controls in Pla￿ to mitigato risks of fraud and non-complian￿ with laws and regulations., and To address th8 risk of fraud through managernent bias and override of wntrols, we., performed 8nalylical proc8dures to Identify any unusual or unexpe¢ied relationships.. t8St8d journal 8ntries to identify unusual tran$actlOn5', assessed whether judgetnents and assumptions rnade in deterrnining the accounting estimates were indicative of potEntial bias.. and inv8Stigaled the rats'onale behind Significant or unusual transacti1￿5. In response to the risk of irregularfties and non-complian1￿ with laws and regulations. designed proceduros which inclu(Sed, bul were not limited to.. agreeing financial statement disclosures lo underlying SUFporting documentation., reading Ihe minutes of meetings of those charged with govemanc8', enquiring of managgmenl as to actual and potential litigation and clairn5', reviewlng relevant correspondence. There are inherent limltation5 in our audit procedures d8scrib8d above. Material rnisstatement5 that arise due to fraud can be harder to d8lect than those that arise from error as they may involve d8lib8rate concealrnent or Collusion. A further d&scription of our responsibilitl8s Is avatlab18 on the Financizl Reporting Council's websit8 at.. https'.11 www.frc.org.uklauditorsresponsibilities. Thi5 d8scription forrns part of our auditors reporl. Use of our report This report 15 made solely to the charitable company s tnembers. as a body, in accordance with Chapter 3 of Part 16 of the Companie5 Act 2006, and lo the charitable company 8 trustees. as 8 body, in accordance with Regulation 10 ol the Charities Accounts (Scollandl R8gulations 2006. Our audit work has been undertaken $0 that we tnight slaté to the ¢haritable Company s mgtnber8 and trustees those matters we are r8ouired to slate to them in an auditor's report and for no other purpose. To tho fullest extent permitted by law, we do not accept or a$surn8 responsibility to anyone othBr than th8 chaiilable Company, the charitable company's members as a body and th8 charitable cotnpany's Iru5te8s as a body, for our audit work, for this report, 01 for the opinions we have forrned. 17 PLUNKETh FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS AND TRUSTEES OF PLUNKETT FOUNDATION Robert Klrtlantl (Senlor Statutory Audltorl For and on beha￿ of Gravita Audit Oxford LLP, Statutory Audit(x Chgrtered Accountants First Floor, Park Central 4041 Park End Slr88t Oxford OX1 1JD Date.. 18- ) * ro a>0 4& OC U> oorothr 0￿)00￿ PLUNKETT FOUNDATION BALANCE SHEET AS A T 31 DECEMBER 2025 2025 2024 as r85taled No105 Flxed a5S•ts Tangible assets Inv8Stm8nts 16 17 33.056 1,005,663 35.155 1,057,199 1.038.719 1,092,354 Current as58t5 D8btors Cash at bank and in hand 18 186.757 65,921 59.260 127,186 252,678 186,446 Creditors: amount8 falllng due wlthln ong year 19 1229,8991 1261,2201 Net Current assetsllllabllltle81 22,779 IT4.7741 Total assèts less current Ilabllltles 1,061,498 1,017,580 Thg fvnd5 of the charlty Unrèstricted funds 1.061,498 1,017,580 1,061.498 1,017,580 The linan 181 statetnents wer8 approved by the trust88s on 17/&/L£ A Jeffers TrLFSt80 21 PLUNKErr FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025 202S 2024 Notes Cash flows from operatlng actlvttl•s Cash labsorb8d byygeneratod from OP8r3tions 26 1208,2891 43,757 Investlng actlvltle$ Purchase ol tangibl8 fix8d assets Purchase of inv8Stments Proceeds froffl disposal ol investm8llts Investment income received 17.2121 1214,0371 340.159 27.363 12.3331 1274,6111 257.049 42,402 Net cash generat8d from Investing activltlas 146.273 22.507 Net cash gènerated from financing actlvit1•5 Ngt IdecroaseVlncroa58 In cash and cash equivalents 162,0161 66,264 Cash and cash equivalents at beginning ol year 131.919 65.655 Cash and cash equlvalent5 at end of yEar 69,903 131,919 Rglating to.. Cash al bank and in hand Short term deposits includ8d in investments 65.921 3,982 127,186 4,733 -22- PLUNKETT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Accountlng pollcl8S Charity informatlon Plunketl FoundatiDn is a private c(xnpany 1Smli&d by guarantee incorporated in England and Wales. The r8gi5t&red offi¢e is Th8 Quadrangle. Banbury Road. Woodstock, Oxfordshirg, OX20 1 LH. 1.1 Basls of preparatlon The finanei81 ststement5 have been prepared in accordanc8 with the charity's 9oveming document. the Companies Act 2006. Ihe Charities and Trust88 Investment Iscotlandl Acl 2005. the Chaiities Accoun15 (Scotlandl Regulations 2006 las amended), FRS 102 Th8 Financial Reporting Standard applicable in the UK and R8public of Ireland. I'FRS 102.1 and the Charities SORP 'Accounting and Reporting by Charitie5.' staternenl of Recommended Practice applicable lo charrties p￿parIng their accounts in accordan￿ with th8 Financial Repo￿n9 Standard applicabl8 in the UK and R8public of Ireland IFRS 1021. leffectiV8 1 January 20191. The charity Is a Pkjblic B8n8fil Entlly as defined by FRS 102. Th8 financial statement5 are prepared in sterfing. which is the fvnclional currency ol the charity. Monetary amounts in these financial 8tat8mènts are rounded to the near8st £. The financial slatsments have been prepared under the historicd cost conventh)n. The principal accounting policies adopted are set out below. 1.2 Golng conc•rn At the titne ol approving the financial statements, the trust888 have a reasonable expeCtat￿n that the charity has adequate ￿SourceS to continuo in operational existence for the foKe5eeable future. Thus the trust8es conlinue to adopt the going concern basi5 of accounting in preparlng the financial slaiem8nts. 1.3 Charltable fund5 Urire5tricled funds ar8 available for us8 at the discretion of the irustees in furtherance gf th81T charitable obj@cliv8S. Restricted funds are subject to specific conditions by donors or grant015 as to how they tnay be used. The purposes and us85 of the restricted funds are set out in the note5 to the financial statements. Endowmentfunds a￿ subjecito Spe￿fiC conditions by donors that the capital musl be maintaineEI by the charity. 1A Income Incotne is recogni88d when the charity is 18gally entitled to it after any pertorrnancp conditions have been met. the 8mounts can be measur8d ￿lIablY. and it 15 probable that incom8 will be rgCgIV8d. Cash donations are recognised on ￿CeiPt. othèr donations are r8cognlsed once the charity has be8ll notified ofthe donation. un185s performanco conditions ￿qUIre d8f&rral olthe arnounl. InGome tax recoverable In relation io donation5 received LJnd8r Gift Aid or de8ds of eovenant is recognised at tho lim8 of the donation. In(x)me from governrnent and other grants. whether'capital. grants or,￿venUe, grants, is recognised when the charity has entitlement lo th8 funds, any perforrnance conditions attached to the grants have been rn8t, it is probable that tho incotne will be receiv8d and the amount can be measured reliably and 18 not defer￿d. Membership incorne is recognised over the period lo which it relates. -23- PLUNKETT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accountlng pollcEos IContlnu8dl 1.5 Expendlture Expenditure Is recognised once ther8 is a legal or constructive oblig8tK)n to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of thg obligation can be measured reliably. Expenditure is classified by aelivity. Th8 costs ol each activity are mado up of th8 total ol dlrect costs 8nd shared Costs, including support costs involved in ulldertaking each activity. Direct costs allributable lo a single aclivity a￿ allocated directly to that activity. Shared costs which contribute to mor8 than one activity and support CD5ts which are not attributatle to a single activity ar& apportioned between those activilip5 on a basis con5i518nt with the use of resources. Central staff costs sr8 allocatèd on th8 basis of tim8 SP8n(8nd depreciation charges are allocated on the portion of the assel's use. 1.6 Tangible fixed assets Tangl￿e fixed a55ets are initially mea5ur8d at cost and 5ub58quently measured at ￿￿t or valuation, net ol depreaation and any impalrtngnt105S8S. Depreciatlon 15 recognised so a5 to writ8 off the cost or valuation of assèts 1888 their residual values over their Useful Iiv8s on the ft)Ilowing b8ses'. Fixtur85 and fitllngs Computer Equiptn8nt offi￿ Equipment 10% on cost 33.kn on c05t 20% on cost or valuatK> The gain or1055 arising on the disposal of an asset is determined as the difterenc8 between the sa18 proceeds and th& carrying value of the as88t. and is ￿e(yanIsed in the staternent of financial activities. 1.7 Flxod a5S8t inve51ments Fixed asset inve5tm8nts a￿ Inllially rneasured at Iran5aclion price excluding transaC￿on costs, and are subsequenuy measured at fair value at 88oh ￿pOrting dale. Changes in fair value are recognis8d in net incomel lexpendilurel for the year. Transaction ¢ost5 are 8xpensed as incurred. 1.8 Impairment of flxed as5et5 Al each reporting end date, the charity r8V18WS the carrying arrounts ol its tangible assets to deterrnine whether there is any indication that those assets have suffer8d an impairment loss. If any such indication exists, the recoverabl8 arnount of the asset is estimated in order lo deteimin& the extent of the itnpairment loss lif any). 1.9 Cash and cash eqLJlvalent5 Cash and cash equivalents indude cash in hand, deposits held at call with banks. other short-term liquid investtnents with original tnaturiti8s of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Flnanclal In5trumgnts The charity has elected to apply the provisions of Section 11 'Basic Financial Instturnent5' and Section 12'0ther Financial Instiurngnts Issues. of FRS 102 to all of its financial instruments. Financial instruments ar8 recognised in the charitys balance sheet when tho charity becomes party to the contractual provisions ol the inslrumenl. Financial assets and liabilities are offsot, with the nel amounts presentgd in the fin&nci81 statements, when there is a legally Enforceable right to 5Bt off the recognised amounts and there 15 an intention to 5elU8 on a net basi5 or to realise the asset and se1118 the liability 5irnultaneously. -24- PLUNKETT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting pollcles Icontinuodl Basic financlal a559t5 Basic financial a55ets. which indude debtors and cash and bank balancas, afft Initially rn8asU￿d at transaction price Including transaction costs and are subsequently carried at amortis6d cost using the effective interest rnelhod unless the arrangernent constitut88 8 finan¢ing transaction, where the iran5action is measured at the p￿Sent valu8 of the lulur8 rec81Pt5 discounted at a rnarket rate of interest. Financi81 assets classifi8d as r8ceivable within one year are not amortised. Baslc fiJ7ancial liabllluos Basic financial liabilitie5, including creditor5 and bank108ns are initlally recognised at transaction price unless the arrallgement constitut85 & financing transaction, where the debt In5ttument is measured at the present value Df the future payments discount8d at a tnarket rate of interest. Financial liabilities classified as payable wilhin one year a￿ not amortised. Debt instruments are Subsequently ¢arri8d at amortised c05t, Using the @ffective interest rate method. Trade creditors are oblioations to pay for goods or 58rvices that hav8 b8en acquired in the ordinary ¢ours8 of operations frorn suppliers. Amounts payable are classified as current liabilities if paytnènt is due within on8 year or less. If not, they are pres8nled as non 4 Ln 10 CD <0 ¢0 0￿000)Co ocnoo(Y o) PLUNKETT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 10 Trading expenditL5r• Unr•strlcted Unr8strtrct¢d funds fund5 2025 2024 Staff Costs Consultancy costs 144.411 39,302 112,056 8,473 183,713 120,527 11 Nat movement In fund5 2025 2024 The net movement in funds is stated after chargingllcreditingl.. Fees payab18 for the audit of th8 chaiity's financid stalèments Doprecialion of own8d tangible fixed 3s58t5 8,750 9,311 8,425 9,787 12 Tru5t805 Ther8 warè no truslo8s' remuneration or other benefits for the year ended 31 December 2025 nor for the year ended 31 December 2024. Trustees. Expenses Trustees rec8iv8 expense reimburs8rnents during the y88r. A total of £941 wa5 paid thSs ygar12024 - £1,876) 13 Employ895 The averag8 Tnonlhly number of etnpknyees during th8 year was.. 2025 Number 2024 Number Professional Administrative 17 20 Total 19 22 Ernployment costs 2025 2024 Vvages and salaries Social seeurity costs Other pension ¢osts 648.1 $0 62,657 43,195 705.210 69.578 40,6e8 754,002 815,456 -29- PLUNKETT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 13 Employ••s Icontlnuedl The number of ernployees whose annual rernuneration wa5 more than £60,000 15 as ftAIows'. 2025 Number 2024 Numbar £60,001 - £70.000 £80.001 - £￿,000 14 Galns and Ios508 on Investment5 Unr95tricted Unrfr$trictgd funf15 funds 2025 2024 Gainslllossesl arising on.. Revaluation of investments 75.337 29,018 15 Taxation Th8 charity is exempt frotn taxation on activiti88 because all its income is applied for charitaNe purposgs. 16 Tanglblo fixgd assets Flxtures and flttlng5 CDmputer Equlpment Total E4ulpmfrnt Cost At 1 January 2025 Additions 75,594 36,787 7,212 2,041 114,422 7,212 At 31 Decemb8r 2025 75.594 3,999 2,041 121.634 Depreciation anfl impairment At 1 January 2025 Depreci8tK)n charged in the year 44,004 6.215 33,222 3.096 2.041 79.267 9.311 At 31 December 2025 50,219 36,318 2.041 88,578 Carrylng amount Al 31 D8cernber 2025 25,375 7.681 33,056 At 31 De￿mber 2024 31,590 3.565 35,155 -30_ PLUNKETT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 17 Fixed ass•t Inv8stm8nt5 Llsted Inve5tm8nt5 Cash In portfolio Total C05t or valuatlon Al 1 January 2025 Additions Valuation chang88 Dispo3aL 1,052.466 214,037 75.337 1340,1591 4,733 1,057,199 214,037 74,586 1340.1591 17511 At 31 December 2025 1,001.681 3.982 1,005,663 Carrying amount At 31 Decetnber 2025 1.001.681 3.982 1,005.663 At 31 De1￿Mber 2024 1,052.466 4,733 1,057,199 18 Dobtors 2025 2024 Amounts falllng du8 Wlthln one year.. Trdde debtors Other d8btors and accrued incotne Prepayments 81,359 81.737 23,661 19.005 28.326 11,929 186.757 59.2eO 19 ¢redltor5.' amounts falllng due withln one year 2025 2024 Notes other taxation and social se￿rity Deferr8d income Trade creditor5 Other creditors Accruals 26,696 169,745 10,010 1.744 21,704 20,304 197.840 23,448 8.105 11.523 229.899 261,220 Oeferred incom8 includes £nil {2024.. £160.7111 of income which r81atès to projects. 20 Rgtlroment b•nofit sch8m8S 2025 2024 08flned contributlon schome5 Charge to profit or loss in respect of defined conlribution schemes 43.195 40.668 31 PLUNKErr FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Retlrgment beneflt schgm•s Icontinuodl The Charity operai85 a defingd contribution pension scheme for all qualifying employee5. The assets of th8 schem8 are held separately from those of the charity in an ind8p8ndenUy administ8r8d fund. -32- (n¥rTn•¥ co 0 -￿ tk) 0￿01 oo¢n cnr LnOOWt ti)000 C)iD o o o ts) t7) 1 ts) N) CtsthOOLTr G)oooo¢p oooLn Ioooou crj i PLUNKETT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 22 Unr8Strlcted fund5 The unresliicted funds ol the Gharity cofflprise the un8xpended balances ol donations and grants ￿hICh are not subj8Ct to specific conditions by donors and grantors as to how they may b8 Used. These include d88ignaled fund5 which have been 58t aside out of unrestiicted funds by the trustees foi 5P8cific purpose5. At 1 January 2025 Incoming r880urces Resourcos Galn on expended Inv•stment At31 DoC8tnber 2025 General funds 1.017,580 1.1)48,679 11.080,0981 75,33T 1,061.498 Prevlous year.. At 1 January 2Q24 Incoming Tesoui¢es Resources expended Gain on Inve5tmgnt At31 Dec8mber 2024 General funds 997,311 1.151,034 11.159,7831 29.018 1,017.580 23 Analy51s of net assèts between funils Unre$triGte fund8 Restrl¢ted fund5 Total 2025 2025 2025 At 31 December 2025= Tangible assets Inv8Strngnts Current assètsllliabilitiesl 33,056 1,005.663 22.779 33,056 1,005.663 22,779 1,061.498 1,061,498 -34. PLUNKErr FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEIWBER 2025 23 Analysls of rbot asset5 betW8on funds Icontlnuedl Unrestrletod fund5 R95trl¢tod funds Total 2024 2024 2024 At 31 December 2024.. T8ngible a55ets Investments Curr8nt assetsllliabiliti8sl 35,155 1.057.199 174,7741 35,155 1,057.199 174,7741 1.017.580 1.017,580 24 Operatlng leas9 ¢ommltm6nls Les589 At the reporting 8nd date the charity had out5t8nding commitrn8nt5 for futur8 minirnum lease payments under non-cancellable operating leases, which fall due as follows.. 2025 2024 Within one year Bolween Iwo and five years 50.428 96.595 54,696 147.024 147.023 201.720 25 Relatgd party transaetlons The charity did not pay any amounts lo Trustgeg in respect of services provided12024'. £Nill. Ther8 ar8 no other relal8d party transactions that requir& disdosure under Financial Raporting Slandar applicable in the UK arid Republic of Ireland IFRS 1021 leffe¢liv8 1 January 20191- (Charities SQRP IFRS 10211. -35- PLUNKErr FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 3q DECEMBER 2025 26 Cash18bsorbgd byllgenorated from operauons 2025 2024 Surplu8 for the year 43.918 15.348 Adjustments for. Investment income ￿e0￿niSed in statement of financial activitie5 Fair value gains and losses on Investments Depreciation and itnpairmenl of tangible fixed assets 127.3631 175,3371 9,311 142.4021 129,0181 9,787 MovetnFnts In worklng capital= Ilncrea5eydecrEa5e in debtors (Decrease) in creditors IDecrease)lin¢ieas8 in deferred incotnè 1127.4971 13,2261 128,0951 25.942 126,4711 90,571 Cash labsorbed byll9enerat8d from operatlons 1208.2891 43,757 27 Prlor period adjustment ComparatlV8 information has b88n r9Stated to reclassify certain items between fe5tricted and unrestrict8d funds, and amend categorisalion ol Eertain In￿Me and costs within the Slatetn8nt ol Financial Activities. This adjuslmenl has no 8ffecl on the net Surplus for 2024 or the ¢losing net assets at 31 December 2024. The purpose of the adjustment was to ensLJre that all related expenditure against funils has b8en allocated in the correct P8riod and that categorisation of incom8 and costs is consistent. A6 prevrously raportEd Adju$trnent A8 restated Reslrlcted funds Unrestricted funds 126.980 890,600 1126,9801 126,980 1,017,580 PLUNKErr FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 -37.