2025-12-31-accounts

(Bocusign Envelope ID: B7A42129-4AC6-433D-9FEB-8144C045D274

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FRIENDS INTERNATIONAL MINISTRIES

(Company limited by guarantee and not having a share capital)

Registered Company Number: 4500270 English and Welsh Registered Charity Number: 1094095 Scottish Registered Charity Number: SCO48838

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

GSM&CoP, Griffin Stone Moscrop & Co Sus better business

Docusign Envelope ID: B7A42129-4AC6-433D-SFEB-8144C045D274

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FRIENDS INTERNATIONAL MINISTRIES

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

Contents	Page
Legal and administrative information	1
Report ofthe Trustees	2-14
Statement of financial activities	15
Balance sheet	16
Statement of cashflows	17
Notes to the financial statements	18-24
Independentauditor'sreport	25-28

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Griffin Stone Moscrop & Co CHARTERED ACCOUNTANTS & REGISTERED AUDITORS

Docusign Envelope ID: B7A42129-4AC6-433D-9FEB-8144C045D274

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FRIENDS INTERNATIONAL MINISTRIES

Registered office: The Rowan Centre, All Nations Christian College, Easneye, Ware, Herts SG12 8LX

Administrative details of the charity, the trustees and advisors

The Trustees present their report together with the accounts of the charitable company for the year ended 31 December 2025. All of the trustees act in the role of directors.

The following trustees served from 1 January 2025 and up to the date of the approval of the accounts:-

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |:|Matthew|East| |Jane|Hutton| |.|lan|Roberts| |Sara|Slater| |Geoffrey|Spence|(Chair)| |The following|trustees|resigned|during|the|year:-| |Henry|Lu|(resigned|5|December 2025)| |Natasha|Rayan|(resigned|14|March|2025)| |The|day|to day|operations|of the|charity|are|overseen|by Alan|Tower,|the|National|Director.|

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|||||| |---|---|---|---|---| |Key Management|Personnel|:| |National|Director:|Alan|Tower| |Regional|Development|Directors:|Pete|Edwards| |lvan|Neira| |Stephanie|Knell| |Lynette|Teagle| |Finance|Manager:|Lydia|Evans| |Principal|address:|The|Rowan|Centre| |All|Nations|Christian|College| |Easneye| |Ware| |Herts SG12|8LX| |Bankers:|Bank of Scotland| |Auditor:|Griffin|Stone|Moscrop &|Co.| |21-27|Lamb's|Conduit|Street| |‘|London WC1N|3GS| |Solicitors:|Ellis-Fermor &|Negus| |2|Devonshire|Avenue| |Beeston| |Nottingham| |'|NG9|1BS|

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Friends International Ministries is an fi " ;
evangelical mission agency dedicated to . ; pnt aig
encouraging and equipping churches to ql P » Sf
reach international students for Christ. loa P i
International student numbers have =a
continued at near record levels with fx 5:
715,000 at UK universities, anda es. ee a Wor
further estimated 500,000 in UK wr Ea. lite Al al
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As with other recent years 2025 wasa year full of activities for Friends International. Overall, nearly 13,500 international students were in touch with Friends International run and supported events (up 5% on the previous year), mobilising volunteers from 318 churches, including 1,219 who took part in Bible studies, and 80 who decided to embrace Christian faith (a 19% increase on the previous year).

Social media presence continues to grow strongly, with particular encouragements from Instagram engagement and followers among young adults, and website views. The Friends International App has performed strongly with a total of over 102,000 downloads to date.

In staff recruitment, we were encouraged to appoint Centre Team Leaders in Paisley and Bournemouth after along searching period, plus a second Staff Worker in Colchester. There were fewer joiners than the previous year, partly due to natural peaks and troughs and partly because some invited appointments did not progress owing to factors beyond our control.

However, five staff were offered posts towards the end of the year, with the expectation of appointing a Centre Team Leader in St Andrews and two second Staff workers (one an Apprentice) by March 2026. Two non-UK Reach trainees were accepted on to the Apprentice Programme (the first time an Apprentice Staff Worker had been appointed on a Ministerof Religion visa). Our Reach graduate training programme has 9 participants receiving training for ministry over one or two years. The Director team, 40% of whom are originally not from the UK, has become well established and is functioning toa high standard in supervision, setting of strategy, developing new Centres, and training.

The annual Conference held in January continues to gather staff, graduate trainees, affiliated ministry partners, engaged student representatives, Trustees and international visitors, to celebrate, train, encourage and envision for the year ahead.

Astable Support Centre Team has provided the base to address how best to serve staffin our 35 Centres, Branches, volunteer networks, and churches. Progress has been made for staff on reporting projected deficits where relevant through the Management Accounts.

Staff contributions to wider networks in Europe and globally continue, including the part secondment of a staff member to lead the European International Student Ministry network. Cross-agency collaboration among student ministry agencies in Britain has been facilitated through leader consultations.

We continued to pursue our Growth Strategy Plan aiming to recruit staff in new Centres and reinforce existing Centre staff teams, in the places where most international students are studying.

The employment of a Fundraising Manager to support the development of the General Fund and the Growth Strategy has continued to show fruitful if hard-won outcomes. Preparation for the management of an endowment fund continues, with one of two properties sold to start providing the basis of the fund. The charity continues to fulfil its aims and greatly enriches the lives of many international students when they come to the UK.

Griffin Stone Moscrop & Co CHARTERED ACCOUNTANTS & REGISTERED AUDITORS

Docusign Envelope ID: B7A42129-4AC6-433D-9F EB-8144C045D274

Our Objectives and Activities

Friends International Ministries is an evangelical mission agency dedicated to encouraging and equipping churches to reach international students for Christ. We seek to help international students, whatever their faith backgrounds, during their stay in the UK and elsewhere. Friends International's vision is to see international students transformed by the good news of Jesus so that they fully engage with the mission of the church in the world.

Public Benefit

The trustees have considered the Charity Commission’s general guidance on public benefit and in particular its supplementary public guidance on the advancement of religion for the public benefit. Friends International's purposes comply directly with three of the Charities Act's descriptions of “charitable purpose” namely:

• . “the advancement of religion”; We aim to demonstrate to international students the relevance of Christian faith to personal life today, how Christian faith has developed and how itis variously expressed in the world of the 21st century. We partner with university chaplaincies in providing pastoral support for international students and some 25 of our staff are also university chaplains.

• . “the advancement of education”; We interact with international students in a range of different ways, helping them improve their English language, understand different cultures, and sometimes with more specific training such as leadership skills and preparation for their return home.

• . “the advancement of citizenship or community development”; We produce resources in multiple formats for new international students to help them integrate into our countries, and we run orientation programmes mainly inthe autumn term.

In partnership with local Christian communities, we arrange cultural trips and opportunities for international students to meet with a British or Irish family. We partner with universities to offer English language practice sessions, helping international students to be effective for their time in the UK or Ireland and establishing friendships that will help them thrive on arrival.

The trustees seek to ensure that these purposes are metas the Charity works principally to support and enable Christian churches’ outreach in their local communities with specific focus on international students furthering their education in the UK or Ireland.

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Docusign Envelope ID: B7A42129-4AC6-433D-9F EB-8144C045D274

Strategies

Key strategies for 2025 - 2030 include:

• Growth initiatives which aim to help us reacha tipping point of students aware of Friends International so that all international students can experience a welcome to the UK and Ireland, as well as an opportunity to investigate the Christian faith. Supporter number increases are sought through attendance at key national events, staff number increases through advertising for new and strengthened key Centres, an Apprentice programme, Partnerships with other ministries, intentional programmes for language students, specific service of universities through chaplaincy and international office contact, fundraising and local structure development.

• » Reaching out to students who have difficulty hearing the Christian message in their home country or who are not initially attracted to our activities is an emphasis for ministry development.

• . Returnee focus, for when students return to their home countries or move elsewhere, to be built in from the first contacts with students, through friendship, to continue moving staff, Branches and Development Groups, Churches and volunteers, frorn acknowledging the returnee focus to influencing how they conduct their ministry. Increasingly, when a lower proportion of international students return homeafter finishing their studies, the emphasis is on making a good transition into the next phase of life, wherever that might be.

• Events speaking training helps to develop skills in public ministry to better achieve international student outreach, both to model contextualised Bible teaching and evangelism in a multicultural setting, and to equip others todo the same.

• . Innovation in Student Engagement includes new approaches to reach out to and meet the needs of international students, as well as resources for leadership skills, international student wellbeing, discipleship and outreach.

• » _ Learning and Development are promoted as a whole life approach for staff, volunteers and partners, including training evaluation and the development of an essential skills framework.

• . Member Care aims to embed good practice throughout the organisation through leadership engagement, training provision, healthy induction of new staff and academic research.

• . Mission Partnership Development helps staff draw ina full schedule of financial and prayer supporters to allow their work to proceed fully resourced.

Griffin Stone Moscrop & Co CHARTERED ACCOUNTANTS & REGISTERED AUDITORS

Docusign Envelope ID: B7A42129-4AC6-433D-9FEB-8144C045D274 B7A42129-4AC6-433D-9FEB-8144C045D274

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Envelope ID: B7A42129-4AC6-433D-9FEB-8144C045D274 B7A42129-4AC6-433D-9FEB-8144C045D274 ; 3
Activities = § : :
We continue to have ten major areas of activity where continue to have ten major areas of activity where to have ten major areas of activity where have ten major areas of activity where ten major areas of activity where major areas of activity where areas of activity where of activity where activity where where ,! :
we seek to implement our seek to implement our to implement our implement our our strategies: x
» Regional Development Directors (RDDs) identify 4 q
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without focused international student ministry. 7: 3 :
- RDDsthenseek to develop vision among local i ; :
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- Wethenaim to build local ministry teams (‘Centres’) i , < : ay,
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- Weseek to engage with university chaplaincies i .
and student welfare bodies to offer counselling, nh
wellbeing and other services that help universities at
value, care for and add value to the student i
experience for international students, :
- OurReach graduate trainee programme is used to a .
envision and train recent graduate Christians from {
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Activities

We continue to have ten major areas of activity where continue to have ten major areas of activity where to have ten major areas of activity where have ten major areas of activity where ten major areas of activity where major areas of activity where areas of activity where of activity where activity where where we seek to implement our seek to implement our to implement our implement our our strategies:

Docusign Envelope ID: B7A42129-4AC6-433D-9FEB-8144C045D274 B7A42129-4AC6-433D-9FEB-8144C045D274

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ID: B7A42129-4AC6-433D-9FEB-8144C045D274 B7A42129-4AC6-433D-9FEB-8144C045D274 al-3 - teu fi at ~~ aa - -
Review of Achievements and of Achievements and Achievements and Performance | = <<
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1. Centres and Staff Centres and Staff and Staff Staff a ie
- In 2025 Friends International continued to develop activities og “et 4
through staff in 34 centres and through affiliates in 11 more.
» Through our partnership with Christian Unions Ireland, expressed
through regular meetings including with senior staff anda Trustee,
we seek to enhance effectiveness in international student ministry
across the island.
- Wecontinue to recruit new staff to the organisation both to _ = ee ed oS
establish new centres and to strengthen existing centres.We Naas Ee = —a eee ae |
currently have 83 across full and part time patterns of work, 68% heanieaes i ieee zoa il as
of whom are women, including Associate staff who are either a eee sali sage oe
seconded to us from other charities or local churches. Staff are passaDes oe ine a pti q
involved ina variety of activities shaped significantly by the centres
in which they serve and by the locally agreed strategy. Since a fe ge an
key aim of the organisation is to resource local churches in their nate & = > i Se \
engagement with international students, staff invest considerable 2 ¥ > >: t ee
time in training church members to multiply effective ministry. In
some centres there are established inter-church teams offering a See
programme of events, hospitality and Christian teaching. Inother 7 bn ta
places the work is centred around one or two churches which 2 : Sik. atest
provide local volunteers. 12 =. As . 2S
» Much ministry is based around term time and weekly events. Such ; i , " oa
events can be purely social, or an event with some Christian content is > = a S|
to introduce the Christian faith, or event ofa discipleship nature for ———.
those openly professing a Christian faith or a desire to specifically a s e |
explore the Christian faith. vie
- Summer outreaches continue to play a key partin reaching 4 f particularly language students; while it was harderto recruit team . eon Ts\
members, there remained a large number of both language and | int [=] Ff i\
university students who were keen to take part in activities and Ps ‘y Me Of . a\
. someAcrossourwerecentreswilling towe investigateaim to help theinternational Christian faithstudents for themselves. settle =—,AS ‘ = ri£4 a- ie , 7\
into student life, provide care and support where it is appropriate, > = ope gah
encourage them to considerthe Christian faith, and prepare them =e —
for the challenges of the reverse-culture shock they may face on a - 7 ee Seed: a mi P|
their return home. i a ae ee ee
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2. Support Base | 9 0 = |
. Ofthe £2,741,877 income from donations and gifts, roughly two- a <a ss @~. S vy. es 3
thirds (including related gift aid) was donated by [individuals,] the 7 2 2 - é ‘ Sh aT"
remainder coming from churches and trusts. The organisation + Se) Baas Ke | r ' : ‘
has a core support base that has been committed to our work ove :eA i) |
for along time, whilst new staff broaden our donor base with Ree i! ee | H
their networks of contacts and supporters. We benefit from De mf. |ri . “ee 4
committed support from a Christian Trust. Hy Be we oo)
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Review of Achievements and of Achievements and Achievements and Performance

1. Centres and Staff Centres and Staff and Staff Staff

. Docusign Envelope ID: B7A42129-4AC6-433D-9FEB-81440045D274

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3. Leadership and Support Centre

Regional Development Directors and the Nationa! Director have continued to meet regularly to oversee strategy and current issues, with the RDDs also having regular supervision from the National Director, The Leadership Forum, which meets two orthree times each year, resources a wider set of Cluster and specialist Heads of Ministry leaders and Prograrmme Coordinators. Strategy has been dually focused on future growth and specialist ministry areas.

The Support Centre team,three full-time and six part-time, seeks to provide a high level of service to staff, affiliates, graduate trainees, supporters, partner churches and trustees,

In terms of our ongoing relationship with All Nations Christian College where the Support Centre is sited, we maintain a high level of interaction with students and staff. During 2026 the Support Centre will move to Oxford, sharing with other mission agencies, as the College is itself moving site.

4. Affiliate Network

We continue to develop the Affiliate Network, aiming to support, train, encourage and partner well with affiliates in their local church roles working amongst international students. Resources available to Affiliates include Cluster days and conferences, and resources including recordings online. We now have 87 affiliates as part of the network, some based internationally.

5. Training and Development

Training and developing our staff and affiliates team is important to the future of the organisation and our work. A key fixture is the annual conference where staff, affiliates, graduate trainees and others (such as Branch and ; Development Group members, Trustees, retired staff. international and key student visitors) meet to share | experiences, best-practice, and learn from outside speakers about different aspects of inter-cultural ministry, -

There are local and regional staff training days, and training events specifically aimed at equipping volunteers and local churches. We believe training is a core role forFland one we are seeking to grow and develop. Processes have been developed so that staff can identify areas where further growth and development are needed, as well as where they might be able to access the appropriate training resources.

6. Reach Programme

The focus of this training year is to invest in the lives of young Christian graduates who show potential in Christian ministry.

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• . Thecurrent cohort of 9 trainees (1on their second year) started in September. The Reach Programme coordinator and their team bring creativity and a vision to build on the strong foundation of the programme.

• Aconsiderable percentage of each Reach trainee cohort are international; we see this programme as a means of discipling and training promising international students who will go on to be a blessing to churches around the world,

• . Reach alurnniinclude church leaders in the alurnniinclude church leaders in the church leaders in the leaders in the in the the UK and many many other parts parts of the world, as wellas world, as wellas as wellas wellas returnees thriving in theirlocal churches and and still involved in International in International International Student Ministry or supporting Ministry or supporting or supporting supporting returnees,

• :

• | | . Reach alurnniinclude church leaders in the alurnniinclude church leaders in the church leaders in the leaders in the in the the UK and many many other parts parts of the world, as wellas world, as wellas as wellas wellas returnees theirlocal churches and and still involved in International in International International Student Ministry or supporting Ministry or supporting or supporting supporting returnees,

• : | » Wecurrently have a number of staff workers and centre team jeaders who were participants of the Reach i programme in earlier years.

Griffin Stone Moscrop & Co CHARTERED ACCOUNTANTS & REGISTERED AUDITORS

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7. Branches and Development Groups

Branches and Development Groups exist to implement national strategy locally alongside staff. Their ethos is to be forward-looking and seeking to develop best practice. Key roles in which members contribute include strategic thinking; networking across different Christian communities in a town or city; and encouraging partnership development. Key relationships are those of the Chair, local Centre Team Leader and Regional Development Director working well together. Branch training has moved online leading to a greater uptake and wider insights into best practice.

8. Communications

Communications are continually under review with an aim to improved quality and impact; we aim to be making the most of our resources to serve those involved in international student ministry, and to draw new potential staff, volunteers and supporters in.

9. Special Student Events

Friends International and partner groups initiated the Big Weekend Away event to replicate and build on the international student track we led at a previous larger event. This has now had two successful years, drawing around 100 international students and a substantial supporting team for along weekend of Bible teaching, seminars and fellowship to encourage the consideration of Christian themes among enquirers and discipleship growth.

The Philip Project trains future Bible teachers planning to return to their own countries fora day a month through the academic year and additionally runs a training weekend. Through substantial work by the Project Coordinator the format has been adapted to a more flexible on-line delivery. There is also an online portal allowing students a more flexible approach to learning. Philip Project has also produced a resource to help international students read the Bible.

Friends International staff spoke at a number of Christian Union events weeks in 2025, and at individual meetings throughout the year, helping international students to understand the good news of Jesus.

Griffin Stone Moscrop & Co CHARTERED ACCOUNTANTS & REGISTERED AUDITORS

Docusign Envelope 1D: B7A42129-4AC6-433D-9F EB-8144C045D274

Financial Review

The statement of financial activities (SOFA) for the year is set out later in this report together with an analysis of funds. Our regular gift income has increased by 11.2% with an increase in our expenditure of 4.3%.

Overall, there is a deficit in 2025 of £76; this includes legacy income of £48,302 and a property revaluation downwards of £45,000. After transfers between funds to ensure that the General Fund meets all under-funded staff there is a net decrease in the General Fund in 2025 of £95,726. The financial policy of Friends International is to match and monitor funding with expenditure requirements foreach area of ministry activity, mostly focused on Centres. A designated fund is therefore maintained foreach venture which requires ongoing expenditure. It is acceptable to run with a current year deficit fora specific designated fund, provided there are sufficient brought forward reserves for that particular Centre to offset the loss. In 2025 designated funds increased by £95,650. Although some individual funds did decrease during the year, this is mostly because brought forward funds have been spent.

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Regular giving Designated funds
increased increase by
11.2%fe) 95K+
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For General Fund income to meet Central costs (which are primarily the Support Centre and majority funding of the senior management team) we have continued to aim to move towards a balanced position, most recently through the appointment of a Fundraising Manager.

Each designated fund is subject to monthly monitoring and appropriate discussion where required with the relevant staff member and, if necessary, their Supervisory Manager. Before work is started in a new location, ora new member of staff is employed, it is the policy of Friends International to ensure that there is an appropriate level of pledged donor support. We continue to maintain a Strategic Growth Fund which has been resourced from the allocation of a portion of the substantial legacies received in recent years as well as the generosity of some specific supporters keen to support this venture. The Trustees continue to seek to extend this Fund as part of achieving new Strategic Ministry Centres as well as extending training opportunities for a new generation of ISM workers.

Investment Policy

The charity has freehold title to their previous Support Centre office in Putney, a small but prime location in Southwest London. This office is up for sale and is shown on the Balance Sheet within ‘Properties held for resale’. Our second property, a residential building in Plymouth, was sold in 2025. We aim to use the proceeds of property sales to create an endowment fund.

Liquid Investments

The investment policy is to maintain a low-risk liquid position. The aim is therefore to maintain balances in accounts that attract market competitive deposit account bank interest but with low-risk institutions. The funds from the sale of the properties will be invested in line with this policy with the hope of an endowment fund being created, to enable us to provide more support to both the Strategic Growth Fund and other Designated Staff Support funds.

Griffin Stone Moscrop & Co CHARTERED ACCOUNTANTS & REGISTERED AUDITORS

Docusign Envelope ID: B7A42129-4AC6-433D-9FEB-8144C045D274

Reserves Policy

Our policy remains to hold sufficient unrestricted reserves (defined as all unrestricted funds including designated funds but excluding fixed asset related reserves) in order to protect the charity against a sudden and catastrophic fallin donations and any related gift aid for a period long enough to ensure a managed plan for survival, merger orcessation. Unrestricted reserves are held in both the general fund (which bears all central costs) as well as designated staff support funds (comprising funds designated on an ongoing basis for both specific ministry centres as well as for individual staff workers working ina ministry centre). Whilst the trustees are aware that all unrestricted reserves are available to use at their discretion in the event of a crisis, itis considered appropriate that for practical management purposes the Trustees will undertake two levels of monitoring:

1. Regular monitoring of central reserves required against general funds (comprising all unrestricted reserves excluding designated funds). These funds will be measured against both a minimum and maximum ‘central’ reserve level when monitoring performance and setting future budgets. The intention is to never drop below a minimum level and actively consider action to manage excess reserves where considered appropriate. Such central reserve levels are calculated in order to provide a minimum of three months and a maximum of nine months of reserves to cover projected support centre and national leadership costs.

Asat 31st December 2025 unrestricted general funds stood at £575,517 (2024: £671,248) compared toa central reserve minimum at 31st December 2025 of £177,000 anda planned maximum of £530,000. This includes the properties held for resale, valued at a total of £455,000. Removing the tangible fixed assets from general funds brings the balance on free reserves down to £571,871.

1. Periodic review of both the total amount and profile of designated staff support funds to ensure that they remain appropriate for the use they were designated for and to assess both the level and profile of funding capability the charity has for ongoing field ministry. As at 3lst December 2025 designated staff support funds stood at £736,676 (2024: £641,026) which was spread across both ministry centres and individual staff members.

Having previously anticipated the General Fund (excluding the Putney and Plymouth properties) falling below zero, the Trustees and senior management team have been reviewing where costs can be saved and are pro-actively seeking to increase giving to the General Fund. There is now a structure in place that can support the continuing expansion of the charity's activities.

As at 31st December 2025 the charity's assets were available and adequate to fulfil the obligations to the charity and the trustees considered the financial state of affairs of the charity at that time to be satisfactory and in accordance with our budgetary expectations.

Plans for Future Periods:

We intend to continue and grow our activities in future years, particularly with a concerted effort to research ministry opportunities alongside churches and Christian student groups through further staff worker posts so that new and better resourced centres with the most international university students are helped towards thriving International Student Ministry. Through our Heads of Ministry we are developing our approaches to Learning and Development, Hard to Reach students, Returnees, Events Speaking, Mission Partnership Development, and Member Care.

Structure, Governance and Management:

Governing Document

Friends International Ministries was incorporated as a company limited by guarantee and not having a share capital (number 4500270) on 31st July 2002 and is a registered charity with the Charity Commission (number 1094095). Itis governed by its Memorandum and Articles of Association. Under UK company law, all the trustees are directors of the company. The liability of the company’s members in the event of the charity being wound up is limited toa sum not exceeding £10. Friends International Ministries is also registered with the Office of the Scottish Charity Regulator.

Griffin Stone Moscrop & Co CHARTERED ACCOUNTANTS & REGISTERED AUDITORS

Docusign Envelope ID: B7A42129-4AC6-433D-9F EB-8144C045D274

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Appointment of Trustees

Potential trustees are identified from academia, business and Christian ministry backgrounds. The trustees are appointed by the board of Trustees through an invitation, application and interview process. New Trustees are given key Charity Commission information on their responsibilities and are encouraged to attend appropriate external training where this will facilitate the undertaking of their role, They undergo some induction and are linked to more experienced trustees as needed to enhance their swift integration. We are particularly focusing on the recruitment of further new Trustees through 2026,

Organisation

The board of trustees meet at least three times a yearto review all aspects of the charity's activities. The board . has established a sub-committee to assist with the running of the charity, namely the Executive Committee, responsible for meeting with senior staff between trustee meetings, and also tasked with specifically monitoring and managing the charity's finances.

Geoffrey Spence, Sara Slater and lan Roberts are members of the Executive Committee.

Trustee Remuneration and Related Parties

None of the trustees receive remuneration or other benefit fortheir work for the charity, There were no related party transactions reported in the year between the charity and anytrustee, senior manager or any of the third parties with contractual relationships with the charity.

Pay Policy for Senior Staff

No trustees received remuneration during 2025. Details of trustee expenses are disclosed in note 7 to the financial statements.

The pay of senior managements reviewed annually using a standard formula benchmarked against published pay increases awarded to Classroom Teachers.

Risk Management

• The trustees review risks on a regular ongoing basis and use a risk matrix to define key risks, assess them by probability and impact before and after mitigating action is taken. Such reviews take place within the two board sub-committees and in periodic review by the whole Board of key risks. The following are considered to be important Risks requiring Board and Senior Management focus during 2026: » Riskof inadequate reserves: Excluding legacy income, there was a fall in general funds during 2024 and 2025 which has been addressed in part by an ongoing review of how to increase income and reduce general fund expenditure. ,

• » Risk of failing to facilitate ISM in those areas of the UK where there is a large international student population. This requires identification of those locations where current ISM is deficient relative to the numbers of students and then focusing new ministry investment in such areas in orderto build effective church partnerships supported by our staff. Plans and strategies have been formulated to enable this to happen.

• . Wecontinue to review prevailing pressures in wider society to comply with social trends and to assess how to remain true to our Christian convictions in the light of these.

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Griffin Stone Moscrop & Co CHARTERED ACCOUNTANTS & REGISTERED AUDITORS.

Docusign Envelope ID: B7A42129-4AC6-433D-9F EB-8144C045D274

Board Governance

The board has reviewed the level of salaries for all staff, especially those at the lower end of the pay scale.

Trustees’ Responsibilities

The trustees (who are also directors of Friends International Ministries for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice),

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, ofthe charitable company for the year. In preparing these financial statements, the trustees are required to:

• Select suitable accounting policies and then apply them consistently.

• • Observe the methods and principles in the Charities SORP. : Make judgements and estimates that are reasonable and prudent. » State whether applicable UK Accounting Standards have been followed, subject to any material departures - disclosed and explained in the[financial][statements,]

• » Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation,

• . The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financia! position of the charitable company enabling them to ensure that the financial statements comply with the Companies Act 2006, To also safeguard the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditors

Aresolution to re-appoint Griffin Stone Moscrop& Co, Chartered Accountants and Statutory Auditors, will be proposed ata meeting of the trustees.

Statement of Disclosure of Information to Auditors

We, the directors of the company who held office at the date of approval of these financial statements, as set out above, each confirm so far as we are aware, that: . Thereis no relevant audit information of which the charitable company’s auditors are unaware; and . The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. This report has been prepared in accordance with the special provisions of Part15 of the Companies Act 2006 relating to small companies. Approved by the Board of Trustees on 20th March 2026 and signed on its behalf by:

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CeSpence;
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GEOFFREY SPENCE CHAIR OF TRUSTEES

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GriffinCHARTERED Stone ACCOUNTANTS Moscrop & REGISTERED AUDITORS & Co

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ID: B7A42129-4AC6-433D-9F EB-81440045D274
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| friends )
INTERNATIGNAL )
Visit us online: www.friendsinternational.uk
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Griffin Stone Moscrop & Co

Docusign Envelope ID: B7A42129-4AC6-433D-SFEB-81440045D274

FRIENDS INTERNATIONAL MINISTRIES STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2025

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		Restricted	Restricted	Unrestricted Funds	Unrestricted Funds	Unrestricted Funds
			Fund		Designated
						Staff	Total	Total
	Note			General		Support	2025	2024
Income from: Donations and gifts Legacies	2		- -	141,316 48,302		2,600,561 -	2,741,877 48,302	2,465,802 9,175
Charitable activities: Training events and literaturesales	2		-	54,316		48,191	102,507	89,618
Investment income	2		-	20,865		-	20,865	38,480
Otherincome			-	-		-	-	165
Total income			-	264,799		2,648,752	2,913,551	2,603,240
Expenditure on: Fundraising cosis Charitable activities	3 3		- -	69,475 201,310		42,492 2,555,350	111,967 2,756,660	69,010 2,671,734
Totalexpenditure			-	270,785		2,597,842	2,868,627	2,740,740
Net(expenditure)/income before revaluation ofinvestments			-	(5,986)		50,910	44,924	(137,501)
Revaluation ofproperty held forresale			-	(45,000)		-	(45,000)	5,000
Net(expenditure)/income	5		-	(50,986)		50,910	(76)	(132,501)
Transferbetweenfunds			-	(44,740)		44,740	-	-
Netmovement in funds			-	(95,726)	.	95,650	(76)	(132,501)
Totalfunds broughtfonward at 1 January 2025		R	325	671,248		641,026	1,312,599	1,445,100
Totalfundscarriedforwardat31December2025		£	325	575,517		736,676	1,312,518	1,312,599

All of the above resulis are derived from continuing activities.

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The statement of financial activities includes all gains and losses recognised in the above periods. The attached notes form part of these financial statements.

P15 Griffin Stone Moscrop & Co CHARTERED ACCOUNTANTS & REGISTERED AUDITORS

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Docusign Envelope ID: B7A42129-4AC6-433D-9F EB-8144C045D274

FRIENDS INTERNATIONAL MINISTRIES BALANCE SHEET

Company registration number 04500270

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|||||||||| |---|---|---|---|---|---|---|---|---| |31|DECEMBER|2025|2024| |Fixed|assets| |Tangible fixed|assets|10|3,646|3,532| |3,646|3,532| |Current|assets| |Debtors|11|107,050|108,067| |Stock|held|5,927|4,211| |Current|asset investments|-|properties|held|forresale|12|455,000|705,000| |Cash|at|bank|and|in|hand|,|818,876|542,038| |1,386,853|1,359,316| |Creditors:|amounts|falling|due| |within|one year|13|77,980|50,249| |Net current assets|1,308,873|1,309,067| |Net assets|£|1,312,518|1,312,599| |Charity|Funds:| |Unrestricted|funds:| |General|funds|179,899|275,630| |Revaluation|reserve|relating|to former|investment|property|395,618|395,618| |Designated funds|736,676|641,026| |1,312,193|1,312,274| |Restricted|fund|325|325| |Total funds|14|£|1,312,518|1,312,599|

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Approved by the board of Trustees on 20 March 2026 and signed on its behalf by:

Guffey Spusee

GEOFFREY SPENCE

CHAIR OF TRUSTEES

The attached notes form part of these financial statements.

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GriffinCHARTERED Stone ACCOUNTANTS Moscrap & REGISTERED AUDITORS & Co

Docusign Envelope ID: B7A42129-4AC6-433D-9FEB-8 14400450274

FRIENDS INTERNATIONAL	FRIENDS INTERNATIONAL	MINISTRIES
STATEMENT OF CASHELOWS
FORTHEYEAR ENDED 31 DECEMBER 2025
		2025					2024
Cashused in operating activities {see below)		258,683					(214,640)
Cash flows from investing activities
investment income		20,865					38,480
Purchase oftangible fixed assets Proceeds on sale ofassets Cashprovided byinvesting activities		(2,712) - 18,153					(3,096) 300 35,684
Cashflows from financing activities
Cash divestment from short-term deposit	,	(250,831)					(4,751)
Cashused infinancing activities		(250,831)					(4,751)
Increase/(Decrease) in cashand cash equivalents intheyear		26,005					(183,707)
Cash and cash equivalents atthe beginning oftheyear		185,968					369,675
Totalcash and cashequivalents attheendoftheyear	£	211,973					185,968
Reconciliation ofnetincome to netcash flowfrom operating	activities
Net income/(expenditure) Add backdepreciation charge Add backloss on disposal Deduct interest income shown in investment activities Deduct rental income shown in investment activities		(76) 2,598 - (20,865) -					(132,501) 2,330 18 (17,347) (21,133)
Sale ofproperty held forresale Decrease / (increase) invalue ofproperty held forresale Increase in debtors Reduction /(increase) instock Increase /(decrease) in creditors		205,000 45,000 1,015 (1,718) 27,729		,	:		- (5,000) (33,839) 2,467 (9,635)
Netcashused inoperating activities	£	258,683					(214,640)
Analysis ofnetfunds		Balance 4 January 2025		Movements		31	Balance December2025
Cash atbankand inhand (see note 11) Cashon deposit formore thanthree months (seenote 11)		185,968 356,072		26,005 250,831			211,973 606,903
	£	542,038	£	276836		£	818,876

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Griffin Stone Moscrop & Co . CHARTERED ACCOUNTANTS & REGISTERED AUDITORS

Docusign Envelope ID: B7A42129-4AC6-433D-9F EB-8144C045D274

FRIENDS INTERNATIONAL MINISTRIES NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2024

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1 Accounting policies a) Basis of preparation of financial statements The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The charity constitutes a public benefit entity as defined by FRS 102. Assets and liabilities are intially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

b) Fund Accounting General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. The designated funds comprise unrestricted funds that have been set aside by the trustees for specific purposes, as set outin the notes to the accounts. The restricted fund finances the support of international students from a sensitive and challenging context during their studies here in the UK. c) Income Donations and gifts are reflected in the financial statements in the period in which they are received. Income tax recoverable in respect of gift aid donations is brought into account in the same period as the relevant donation. Grant income is recognised in the financial statements in the period in which the grant offer is made. For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified, or the charity is aware of the granting of probate.

d) Expenditure and irrecoverable VAT Expenditure is charged to the statement of financial activities on the accruals basis and is mainly allocated across activities based on staff time. Fundraising costs include all costs involved in raising income and in raising the profile of the charity. Charitable activities are further analysed in note 4 and are split between direct charitable expenditure, support, management and administration costs and governance costs. Support costs are those costs incurred indirectly in support of expenditure on the objects of the charity or in connection with the management and administration of the charity. Governance costs reflect the costs of complying with constitutional and statutory requirements. {rrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

| e) Tangible fixed assets and depreciation Depreciation is provided on tangible fixed assets at the following rates per annum so as to write off each asset over its estimated useful working life: Furniture and equipment - 20% straight line ; | Computers and peripherals - 33% straight line : f) Operating leases . Rentals payable under operating leases are charged on a straight line basis over the lease, term. g) Stock Stock has been valued at the lower of cost and net realisable value. h) Current asset investments : Current asset investments are initially measured at cost and are subsequently re-measured at their fair value except where they qualify as basic financial instruments. P18 ' Griffin Stone Moscrop & Co CHARTERED ACCOUNTANTS & REGISTERED AUDITORS i

Docusign Envelope ID: B7A42129-4AC6-433D-9FEB-8144C045D274

FRIENDS INTERNATIONAL MINISTRIES

NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2025 (Continued)

• 1 Accounting policies (continued)

• i) Pensions

The charity makes payments to defined contribution pension schemes for the benefit of its employees. Contributions charged during the year are written off as incurred.

• j) Expenses of trustees Trustees are reimbursed necessarily-incurred expenses. These are included in the appropriate category of resources expended.

k) Debtors Trade and other debtors are recognised at the settlement amount after any discount offered. Prepayments are valued at the amount repaid net of any discounts due.

l) Cash at bank and in hand Cash at bank and in hand includes cash and fixed term deposits of varying lengths. The statement of cash flows only reflects movements within bank accounts held where the money can be accessed within three months of the date of opening the deposit. An analysis of cash at bank at the balance sheet date, differentiating between deposits which mature 3 months after the date of opening and cash accessible within three months is provided as a note to the statement of cash flows.

m) Creditors Creditors and provisions 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 setilement amount after allowing for any discounts due.

• n) Taxation Friends International Ministries is a registered charity and no tax is payable on its net income.

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• 0) Financial Instruments

WIth the exception of the current asset investments, the charity only has financial assets and financial 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

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Docusign Envelope ID: B7A42129-4AC6-433D-9F EB-8144C045D274

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FRIENDS INTERNATIONAL MINISTRIES NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2025 (Continued)

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2	Total Income
						Designated
		Restricted		General		staffsupport
			fund		fund	funds	Total 2025	Total 2024
	Donations and gifts Donations Grants received		- -		48,429 92,887	2,421,035 179,526	2,469,464 272,413	2,311,190 154,612
	Legacies		-		48,302	-	48,302	9,175
	Training eventsand literature sales Conferenceincome		-		47,888	-	47,888	44,863
	Sale of literature		-		6,428	-	8,428	4,782
	Income from branch activities		-		-	48,191	48,191	39,973
	Investment income
	Bank deposit interest Prior year rental received on proerty nowheld for re-sale		- -		20,865 -	- -	20,865 -	17,347 21,133
	Other income	. a			“	-	-	165
		£ ~ £			264,799	£ 2,648,752	£2,913,551	£ 2,603,240
		See EEE SS
3	Total expenditure
		Restricted		General		Designated
			fund		fund	staffsupport	Total 2025	Total 2024
	Fundraising costs
	Staffcosis		"		-	36,953	36,953	34,985
	Direct PRcosts		"		66,941	-	66,941	25,957
	Allocation ofsupport& admin costs		:		2,534	5,539	8,073	8,068
			-		68,475	42,492	411,967	69,010
	Charitable activities
	Staffcosts - direct charitableexpenditure		-		-	2,112,901	2,112,901	2,018,905
	Staffcosts in a supporting/admin role		-		-	148,689	148,689	141,432
	Conference & resource costs		-		64,239	99,935	164,174	125,802
	Travel, training &other costs relatedto staff		“		40,698	187,785	208,483	257,155
	Grants payable		-		-	-	-	13,577
	Support, management & admin costs		-		83,775	26,040	109,815	103,804
	Governance costs		-		12,598	-	12,598	10,966
			-		201,310	2,555,350	2,756,660	2,671,731
		£	-	£	270,785	£ 2,597,842	£2,868,627	£2,740,741
		ooo					eee

During the year the charity's head office was based at All Nations Christian College, Hertfordshire. Here a number of staff operated, spending approximately 60 - 80% of their time in a support and administration role. Accordingly their salary costs are split between support/administration and direct charitable expenditure. The support, management and administration costs and governance costs do not refate directly to charitable expenditure and are further analysed in note 4.

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Docusign Envelope ID: B7A42129-4AC6-433D-9F EB-8144C045D274

ERIENDS INTERNATIONAL MINISTRIES NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2025 (Continued)

4	Analysisofgovernanceandsupportcosts	General Support	Governance costs	Governance costs	Total2025	Total2025		Total 2024	Total 2024
	Rent Repairs, rates and utilitycostsfor properties held for resale	22,596 4,004		- -		22,596 4,004			21,656 8,476
	Office costs	66,062		-		66,062			67,046
	Legal and professional costs	17,153		-		17,153			6,716
	Consultancyfees			-		-			-
	Auditor's remuneration	-		8,562		8,562			7,343
	Costs relating to trustees’ meetings	-		4,036		4,036			3,623
	£	109,815	£	12,598	£	122413	&£		114,860
5	Netexpenditure
	The total for netexpenditure of£76 (2024: £132,501) is stated after	charging:
	Auditor's remuneration - in relation fo audit and financial statements	disclosures			£	8,562			7,343
	; - forother services				£	-			-
	Depreciation Operating lease rentals - land and buildings				£ £	2,598 22,596			2,330 21,656
6	Analysis ofstaffcosts, trustee remuneration and expenses,andthe cost ofkey		key managementpersonnel			personnel
	Salaries National insurance					1,891,570 198,080			1,840,036 155,715
	Pension costs					208,894			199,571
					£	2,298,544			2,195,322
	Average number ofemployees, analysed byfunction,was as follows:-
	Charitable activities					80			78
	Fundraising Administration					1 2		;	1 2
						83			81

No employee earned more than £60,000 (2024 : same).

The trustees were not paid or received any other benefits from employment with the charity in the year (2024 : same).

The key management of the charity comprises the national director, 4 regional development directors (2024 : 4) and the finance manager. The total employee benefits of key management personnel for the charity were £283,295 (2024 : £257,473).

7 Trustees' expenses

Travel and other expenses of £128 were paid to trustees to enable them to attend meetings and generally carry out their governance responsibilities (2024: £435)

8 Pension costs

The charity operates defined contribution schemes and contributions of £208,894 were paid in the year (2024: £199,571).

9 Branches

The charity has 20 (2024: 20) branches throughout the UK which generate income and carry out activities on behalf of the charity. The accounts of the branches are maintained at a local level and are then incorporated into the charity's financial statements. In 2025 the branches contributed net incoming resources of 8,748 (2024: net outgoing resources £9,075),

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Griffin Stone Moscrop&Co CHARTEREDACCOUNTANTS& REGISTERED AUDITORS

Docusign Envelope ID: B7A42129-4AC6-433D-9FEB-8144C045D274

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FRIENDS INTERNATIONAL MINISTRIES

NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2025 (Continued)

10	Tangiblefixed assets	Furniture& equipment	Furniture& equipment			Computers & Peripherals		Total
	Cost
	At 1 January 2025		6,674			23,453		30,127
	Additions in theyear			-		2,712		2,712
	Disposals intheyear					(7,221)		(7,221)
	At 31 December 2025		6,674			18,944		25,618
	Depreciation
	At 1 January 2025		6,179			20,416		26,595
	Charge fortheyear		494			2,104		2,598
	Disposals in theyear			-		-		-
	Depreciation elimination on disposal					(7,221)		(7,221)
	At 31 December 2025		6,674			15,298		21,972
	Netbookvalue
	At 31 December 2025	£		-		3,646		3,646
		SSSOe			OeOO
	Net book value
	At 31 December 2024	£	495			3,037		3,532
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11	Debtors					2025		2024
	Tax recoverable					21,729		14,752
	Prepayments and otherdebtors					85,321		93,315
					£	107,050		108,067
12 Property held for resale
						2025		2024
	Crescent Stables, Putney					455,000		500,000
	MountGould Road, Plymouth							205,000
					£	455,000	£	705,000
	Crescent Stables, Putney is available for immediate sale in the presentcondition		and	has	had an offer accepted
	ofthe value listed. The sale is expected to be completed within 12 months.
13	Creditors: amounts falling due within oneyear					2025		2024
	Trade creditors					2,580		6,073
	Taxation and social security costs					41,666		32,933
	Other creditors					-		“
	Pension creditors					18,188		596
	Accruals and deferred income					15,546		10,647
					£	77,980		50,249
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Docusign Envelope ID: B7A42129-4AC6-433D-SF EB-81440045D274

FRIENDS INTERNATIONAL MINISTRIES NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2025 (Continued)

14	Analysis of net assets			Unrestricted Funds	Unrestricted Funds
		Restricted		Designated staff
	Fixed assets		-	3,646	-	3,646
	Current assets		325	608,186	778,342	1,386,853
	Current liabilities		-	(36,314)	(41,666)	(77,980)
		£	325	££ 575,517 £&	736,676 ££	1,312,518
	Designated staffsupportfunds
	These funds consist of donations and giftincome received plus funds set aside out of unrestricted funds for The balances on individually designated funds are reviewed regularly. On an annual basis the Finance				staff support. Committee will determine the
	extent towhich transfers from the general fund should be made to ensure that the carrying value of individual staff support fund balances
	are recoverable. Following this year's review an aggregate transfer of £44,740			was made from the general fund to designated funds as
	reflected in the SOFA, (2024 : £69,200)
	Restricted fund
	The charity hasone restricted fund, and themovements	on this for2025 areshown on the face oftheSOFA. This restricted fund finances
	the support ofinternational studentsfrom a sensitiveand challenging		context during theirstudies here in the UK.
15	Operating leasecommitments
	At 31 December2025the charityhad thefollowing commitment tomake the minimum lease paymentsundera non-cancellable lease:
				2025	2024
			Property	Franking machine	Property Frankingmachine
	Not later than 1 year		15,560	665	14,816	665
	Laterthan 1 year and not later than 5years		-	1,330	-	1,995
	Expiring afterfive years		-	-	-	-
		£	16,560	&£ 1,995 £	14,816 £	2,660

Gifts from trustees of the charity totalled £8,401 (2024 : £9,334),

17 Post balance sheet event

The charity has been notified that it is the 10% beneficiary of an estate that is valued at over £1.5m. At this stage there is noconfirmed value after taking into account sales of assets and costs incurred so no debtor has been included within these figures. The legacy income has been gifted to the General Fund and trustees will recognise income when the amount can be measured reliably.

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Griffin Stone Moscrop & Co CHARTERED ACCOUNTANTS & REGISTERED AUDITORS

Docusign Envelope ID: B7A42129-4AC6-433D-9FEB-81440045D274

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FRIENDS INTERNATIONAL MINISTRIES

NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2025 (Continued)

17 Statement of Financial Activities for the year ended 31 December 2024

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Restricted|Unrestricted|Funds| |Fund|Designated| |Staff Support|Total| |General|Funds|2024| |Income:| |Donations|and|gifts|61|130,786|2,334,955|2,465,802| |Legacy|-|9,175|-|9,175| |Charitable|activities:| |Training|events|and|literature|sales|“|49,646|39,972|89,618| |Investment|income|“|38,480|-|38,480| |Other income|-|165|185| |Total|income|61|228,252|2,374,927|2,603,240| |Expenditure:| |Fundraising|costs|-|28,184|40,826|69,010| |Charitable|activities|13,577|180,885|2,477,269|2,671,731| |Total expenditure|13,577|209,069|2,518,095|2,740,741| |Net (expenditure)/income|before|revaluation| |of Investments|(13,516)|19,183|(143,168)|(137,501}| |Revaluation|of property|held|for resale|5,000|5,000| |Net (expenditure)/income|(13,516)|24,183|(143,168)|(132,501)| |Transfer between|funds|(2)|(69,200)|69,202|-| |Net movement|in|funds|(13,518)|(45,017)|(73,966)|(132,501)| |Total|funds|brought forward|at|1|January 2024|£|13,843|716,265|714,992|1,445,100| |——————|SS O_O|————————SESS|OoTE>E—E———| |Total funds|carried|forward|at|31|December 2024|£|325|671,248|641,026|1,312,599|

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Griffin Stone Moscrop & Co CHARTERED ACCOUNTANTS & REGISTERED AUDITORS.

Docusign Envelope ID: B7A42129-4AC6-433D-9FEB-8144C045D274

7

Independent Auditor’s Report to the Trustees of Friends International Ministries

Opinion

We have audited the financial statements of Friends International Ministries (the ‘charitable company’) for the year ended 31 December 2025 which comprise statement of financial activities, balance sheet, statement of cashflow and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• e give a true and fair view of the state of the charitable company’s affairs as at 31 December 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• e have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006,

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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.

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 when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly

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Griffin Stone Moscrop & Co CHARTERED ACCOUNTANTS & REGISTERED AUDITORS

Docusign Envelope ID: B7A42129-4AC6-433D-9FEB-81440045D274

;

stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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 in this regard.

Opinions on other matters prescribed by the Companies Act 2006

• In our opinion, based on the work undertaken in the course of the audit:

• e the information given in the trustees’ report (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• e the directors’ report has been prepared in accordance with applicable legal requiremenis.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 require us to report to you if, in our opinion:

.

• e the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or

• e the charitable company has not kept adequate accounting records; or e the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit; or

• e the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions — in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, 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 and for being satisfied that they give a true and fair view, and for such internal control as the trustees 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.

P26 Griffin Stone Moscrop & Co CHARTERED ACCOUNTANTS & REGISTERED AUDITORS

Docusign Envelope ID: B7A42129-4AC6-433D-9FEB-81440045D274

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland)Act 2005 and under the Companies Act 2006 and report in accordance with regulations made under those Acts.

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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) 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 specific procedures designed and implemented to detect irregularities, including fraud, are detailed below:

• e Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

• e Carrying out substantive checking to supporting documents on a sample basis of individual transactions within income and expenditure to give comfort that on a sample basis the SOFA does not contain any irregular items;

• e Carrying out walk-through testing to verify that the charity's accounting systems and controls are being implemented as designed;

• e Verifying the existence on a sample basis of individual employees on the payroll; e Verifying that material balances within the balance sheet are supported by third party evidence to confirm the existence and valuation of these balances at the balance sheet date; and

.

• e Enquiry of management and those charged with governance around actual and potential litigation and claims.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• e Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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Griffin Stone Moscrop & Co CHARTERED ACCOUNTANTS & REGISTERED AUDITORS

Docusign Envelope ID: B7A42129-4AC6-433D-9FEB-8144C0045D274

• e Obtain an understanding of internal control relevant to the audit in orderto design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness ofthe charitable company’s internal control.

• ¢ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

• e Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.

• e¢ Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

;

bb Fe ee ener (Senior Statutory Auditor) for and on behalf of Griffin Stone Moscrop & Co. Statutory Auditor 21-27 Lamb's Conduit Street London WC1N 3GS

Date: 24" Marth. Co

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P28 Griffin Stone Moscrop & Co CHARTERED ACCOUNTANTS & REGISTERED AUDITORS