IRIS Accounts Production v26.1.10.61 Other Company accounts True false Pounds 1.4.24 31.3.25 31.3.25 FY Medium entities Audited These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime.Medium-sized companies regime for accounts Full Charities SORP true true true Name of Senior Statutory Charity Auditor false true true true false true false false 0 0 E G I F Truell iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 07893448 2024-03-31 07893448 2025-03-31 07893448 2024-04-01 2025-03-31 07893448 2023-03-31 07893448 2023-04-01 2024-03-31 07893448 2024-03-31 07893448 ns0:CharitableCompanyLimitedByGuarantee 2024-04-01 2025-03-31 07893448 ns15:PoundSterling 2024-04-01 2025-03-31 07893448 ns11:MediumEntities 2024-04-01 2025-03-31 07893448 ns11:Audited 2024-04-01 2025-03-31 07893448 ns11:Medium-sizedCompaniesRegimeForDirectorsReport 2024-04-01 2025-03-31 07893448 ns11:Medium-sizedCompaniesRegimeForAccounts 2024-04-01 2025-03-31 07893448 ns11:FullAccounts 2024-04-01 2025-03-31 07893448 ns0:CharitiesSORP 2024-04-01 2025-03-31 07893448 2 2024-04-01 2025-03-31 07893448 ns16:EnglandWales 2024-04-01 2025-03-31 07893448 ns11:RegisteredOffice 2024-04-01 2025-03-31 07893448 ns0:Trustee1 2024-04-01 2025-03-31 07893448 ns0:Trustee2 2024-04-01 2025-03-31 07893448 ns0:Trustee3 2024-04-01 2025-03-31 07893448 ns0:Trustee4 2024-04-01 2025-03-31 07893448 ns0:Trustee5 2024-04-01 2025-03-31 07893448 ns0:Trustee6 2024-04-01 2025-03-31 07893448 ns0:Activity8 2024-04-01 2025-03-31 07893448 ns0:Activity8 2023-04-01 2024-03-31 07893448 ns10:WithinOneYear 2025-03-31 07893448 ns10:WithinOneYear 2024-03-31 07893448 ns10:AfterOneYear 2025-03-31 07893448 ns10:AfterOneYear 2024-03-31 07893448 ns0:TotalUnrestrictedFunds 2025-03-31 07893448 3 2024-04-01 2025-03-31 07893448 ns10:OwnedAssets 2024-04-01 2025-03-31 07893448 ns10:OwnedAssets 2023-04-01 2024-03-31 07893448 ns10:LandBuildings ns10:OwnedOrFreeholdAssets 2024-03-31 07893448 ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-03-31 07893448 ns10:FurnitureFittings 2024-03-31 07893448 ns10:LandBuildings ns10:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 07893448 ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-04-01 2025-03-31 07893448 ns10:FurnitureFittings 2024-04-01 2025-03-31 07893448 ns10:LandBuildings ns10:OwnedOrFreeholdAssets 2025-03-31 07893448 ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2025-03-31 07893448 ns10:FurnitureFittings 2025-03-31 07893448 ns10:LandBuildings ns10:OwnedOrFreeholdAssets 2024-03-31 07893448 ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-03-31 07893448 ns10:FurnitureFittings 2024-03-31 07893448 ns10:UnlistedNon-exchangeTraded ns10:CostValuation 2024-03-31 07893448 ns10:AdditionsToInvestments ns10:UnlistedNon-exchangeTraded 2025-03-31 07893448 ns10:DisposalsRepaymentsInvestments ns10:UnlistedNon-exchangeTraded 2025-03-31 07893448 ns10:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments ns10:UnlistedNon-exchangeTraded 2025-03-31 07893448 ns10:UnlistedNon-exchangeTraded ns10:CostValuation 2025-03-31 07893448 ns10:AllPeriods 2025-03-31 07893448 ns10:AllPeriods 2024-03-31 07893448 ns10:BetweenTwoFiveYears 2025-03-31 07893448 ns10:BetweenTwoFiveYears 2024-03-31

REGISTERED COMPANY NUMBER: 07893448 (England and Wales)

REGISTERED CHARITY NUMBER: 1147994

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

THE TRUELL CONSERVATION FOUNDATION

| THE TRUELL CONSERVATION FOUNDATION |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

| Page |

| Report of the Trustees | 1 |  | to |  | 3

| Report of the Independent Auditors | 4 |  | to |  | 7

| Statement of Financial Activities | 8 |

| Balance Sheet | 9 |  | to |  | 10

| Cash Flow Statement | 11 |

| Notes to the Cash Flow Statement | 12 |

| Notes to the Financial Statements | 13 |  | to |  | 19

THE TRUELL CONSERVATION FOUNDATION (REGISTERED NUMBER: 07893448) |

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2025

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of 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).

STRATEGIC REPORT

Achievements and performance

Charitable activities

The Charity's activities are undertaken for the purpose of the public benefit and are exclusively charitable. The trustees, when exercising their powers in consideration of donation proposals give due regard to the charity commissions public benefit guidance. Investment activity undertaken by the Charity is in alignment with the Charity's purpose and seeks to support environmental and social projects that will enhance the charitable endowment and continue to support exclusively charitable purposes.

Fundraising activities

The charity repaid donations of £252,751 (2024 - received £160,042) during the year and investment income of £16,215 (2024: £2,025,111).

The Trustees invest donations received with the intention to support businesses within their key objectives, while generating returns that may be used to further its charitable objectives. In making those #NetPositive investments, the Trustees consider environmental and social impacts in line with the purpose of the charity. During the year, these investments have included environmental projects to support the provision of clean energy and the reduction of CO2 emissions, social projects to safeguard pensioners benefits, and projects to advance cutting-edge medical technology and healthcare provision

Investment performance

Net disposals of £1,246,313 were made during the year (2024: Net additions of £4,251,475). The charity holds directly and indirectly a number of investments.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

07893448 (England and Wales)

Registered Charity number

1147994

Registered office

Vestry House

Laurence Pountney Hill

London

EC4R 0EH

THE TRUELL CONSERVATION FOUNDATION (REGISTERED NUMBER: 07893448) |

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2025

Trustees

E G I F Truell

J C Loveless (resigned 30.6.25)

Ms C de Boucaud

Ms L Pearce (resigned 25.6.25)

J R Hatchard (resigned 17.1.25)

J P Truell

Auditors

CBHC (Audit) Ltd

Suite 3, Steeple House

Church Lane

Chelmsford

Essex

CM1 1NH

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of The Truell Conservation Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees 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. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those 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;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

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

In so far as the trustees are aware:

- | there is 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.

AUDITORS

The auditors, CBHC (Audit) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

THE TRUELL CONSERVATION FOUNDATION (REGISTERED NUMBER: 07893448) |

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2025

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 3 June 2026 and signed on the board's behalf by:

E G I F Truell - Trustee

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF

THE TRUELL CONSERVATION FOUNDATION

Qualified opinion

We have audited the financial statements of The Truell Conservation Foundation (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

• give a true and fair view of the state of the company’s affairs as at 31 March 2025 and of the company’s income and expenditure for the year then ended;

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

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion

We were unable to obtain sufficient appropriate audit evidence regarding the carrying value of an Investment included in the balance sheet at £3,621,390. The trustees have retained a prior year valuation of the Investment in the financial statements. We were unable to satisfy ourselves by alternative means if the carrying value of this asset is appropriate and consequently were unable to determine whether any adjustment is necessary.

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 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 qualified 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.

Key audit matters

Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report.

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF

THE TRUELL CONSERVATION FOUNDATION

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify 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.

As described in the basis for qualified opinion section of our report, we were unable to obtain sufficient appropriate audit evidence regarding the valuation of investments amounting to £3,621,390 as at 31 March 2025, as no independent valuation was available. Consequently, we were unable to determine whether any adjustment to the carrying value of the investments was necessary. We have concluded that where the other information refers to these investments or related balances such as impairment, it may be materially misstated for the same reason.

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.

Arising solely from the limitation on the scope of our work relating to investments, referred to above:

• we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

• we were unable to determine whether adequate accounting records have been kept.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not obtained all the information and explanations that we require for our audit.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF

THE TRUELL CONSERVATION FOUNDATION

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity through discussion with the company's management.

The entity's reporting framework relevant to the company is FRS 102 including the provisions of section 1A for small entities and the Companies Act 2006.

The entity is required to follow the employment legislation and laws, along with health and safety regulations. The entity has sufficient policies and procedures in place to ensure that these are complied with.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations above.

We made enquiries of those charged with compliance to determine any issues arising. We corroborated our findings by reviewing Board Minutes, correspondence with Companies House and reviewing any necessary legal documentation. Nothing was noted that contradicted the explanations given to us.

Financial Statement disclosures were tested for completeness.

We assessed the risks of material misstatement in respect of fraud as being low due to the nature of the business. We made enquires relating to fraud with the company's management.

We considered the risk of fraud through management override and, in response, we incorporated testing of manual journals throughout the year and reviewed any unusual transactions throughout our audit.

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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF

THE TRUELL CONSERVATION FOUNDATION

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' 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 and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

for and on behalf of CBHC (Audit) Ltd

Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006

Suite 3, Steeple House

Church Lane

Chelmsford

Essex

CM1 1NH

5 June 2026

CBHC (Audit) Limited

| THE TRUELL CONSERVATION FOUNDATION |

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2025

| 31/3/25 |  | 31/3/24

| Unrestricted |  | Total

| fund |  | funds

| Notes | £ | £ |

INCOME AND ENDOWMENTS FROM

Donations and legacies | 3 | (252,751 | ) | 160,043 |

Investment income | 4 | 31,039 |  | 2,025,111 |

Other income | 118,158 |  | - |

Total | (103,554 | ) | 2,185,154 |

EXPENDITURE ON

Charitable activities | 5

General | 300,664 |  | 288,272 |

Other | 9,785,035 |  | 229,659 |

Total | 10,085,699 |  | 517,931 |

Net gains/(losses) on investments | (52,902,471 | ) | 26,353,068 |

NET INCOME/(EXPENDITURE) | (63,091,724 | ) | 28,020,291 |

RECONCILIATION OF FUNDS

Total funds brought forward | 79,045,413 |  | 51,025,122 |

TOTAL FUNDS CARRIED FORWARD | 15,953,689 |  | 79,045,413 |

THE TRUELL CONSERVATION FOUNDATION (REGISTERED NUMBER: 07893448) |

BALANCE SHEET

31 MARCH 2025

| 31/3/25 |  | 31/3/24

| Unrestricted |  | Total

| fund |  | funds

| Notes | £ | £ |

FIXED ASSETS |

Tangible assets | 9 | 3,024,695 |  | 4,050,569 |

Investments | 10 | 14,477,379 |  | 67,789,415 |

17,502,074 |  | 71,839,984 |

CURRENT ASSETS |

Debtors | 11 | 1,393,657 |  | 10,218,267 |

Cash at bank | 4,117 |  | 17,473 |

1,397,774 |  | 10,235,740 |

CREDITORS |

Amounts falling due within one year | 12 | (1,999,814 | ) | (300,538 | )

NET CURRENT ASSETS | (602,040 | ) | 9,935,202 |

TOTAL ASSETS LESS CURRENT LIABILITIES | 16,900,034 |  | 81,775,186 |

CREDITORS |

Amounts falling due after more than one year | 13 | (946,345 | ) | (2,729,773 | )

NET ASSETS | 15,953,689 |  | 79,045,413 |

FUNDS | 16

Unrestricted funds | 15,953,689 |  | 79,045,413 |

TOTAL FUNDS | 15,953,689 |  | 79,045,413 |

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

THE TRUELL CONSERVATION FOUNDATION (REGISTERED NUMBER: 07893448) |

BALANCE SHEET - continued

31 MARCH 2025

The trustees acknowledge their responsibilities for

(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

The financial statements were approved by the Board of Trustees and authorised for issue on 3 June 2026 and were signed on its behalf by:

E G I F Truell - Trustee

| THE TRUELL CONSERVATION FOUNDATION |

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

| 31/3/25 |  | 31/3/24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 259,394 |  | (1,489,358 | ) |

Interest paid | (70,034 | ) | (74,388 | ) |

Finance costs paid | (12,528 | ) | (9,293 | ) |

Net cash provided by/(used in) operating activities | 176,832 |  | (1,573,039 | ) |

Cash flows from investing activities

Purchase of fixed asset investments | (10,812,670 | ) | (16,801,167 | ) |

Sale of tangible fixed assets | 1,144,032 |  | - |  |

Sale of fixed asset investments | 11,222,235 |  | 16,222,714 |  |

Interest received | 16,215 |  | 744,134 |  |

Dividends received | - |  | 1,257,549 |  |

Net cash provided by investing activities | 1,569,812 |  | 1,423,230 |  |

Cash flows from financing activities

Loan repayments in year | (1,760,000 | ) | - |  |

Net cash (used in)/provided by financing activities | (1,760,000 | ) | - |  |

Change in cash and cash equivalents in the reporting period | (13,356 | ) | (149,809 | ) |

Cash and cash equivalents at the beginning of the reporting period | 17,473 |  | 167,282 |  |

Cash and cash equivalents at the end of the reporting period | 4,117 |  | 17,473 |  |

| THE TRUELL CONSERVATION FOUNDATION |

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

1. | RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

| 31/3/25 |  | 31/3/24

£ | £ |

| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) | (63,091,724 | ) | 28,020,291 |  |

| Adjustments for:

| Depreciation charges | - |  | 31,372 |  |

| Losses/(gain) on investments | 52,902,471 |  | (3,673,021 | ) |

| Profit on disposal of fixed assets | (118,158 | ) | - |  |

| Interest received | (16,215 | ) | (744,134 | ) |

| Interest paid | 70,034 |  | 74,388 |  |

| Finance costs | 12,528 |  | 9,293 |  |

| Dividends received | - |  | (1,257,549 | ) |

| Impairment of investments | - |  | 229,660 |  |

| Revaluation gains | - |  | (22,680,046 | ) |

| Decrease/(increase) in debtors | 8,824,610 |  | (1,738,411 | ) |

| Increase in creditors | 1,675,848 |  | 238,799 |  |

| Net cash provided by/(used in) operations | 259,394 |  | (1,489,358 | ) |

2. | ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

| At 1/4/24 | Cash flow | At 31/3/25

£ | £ | £ |

| Net cash |

| Cash at bank | 17,473 |  | (13,356 | ) | 4,117 |  |

17,473 |  | (13,356 | ) | 4,117 |  |

| Debt

| Debts falling due after 1 year | (1,760,000 | ) | 1,760,000 |  | - |  |

(1,760,000 | ) | 1,760,000 |  | - |  |

| Total | (1,742,527 | ) | 1,746,644 |  | 4,117 |  |

| THE TRUELL CONSERVATION FOUNDATION |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| The Truell Conservation Foundation is a charitable company, limited by guarantee without share capital use of 'Limited' exemption, registered in England and Wales. The registered number and registered office address can be found on the Trustees' report.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

| Income

| All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

| Expenditure

| Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Improvements to property - 15% on cost

| Fixtures and fittings - 15% on cost

| Freehold Property - Not provided for

| Taxation

| The charity is exempt from corporation tax on its charitable activities.

| Going concern

| The financial statements have been prepared under the going concern basis which is considered appropriate given the charities positive balance sheet and total funds.

| THE TRUELL CONSERVATION FOUNDATION |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

3. | DONATIONS AND LEGACIES

| A donation incorrectly received in a prior period has been repaid during the year.

4. | INVESTMENT INCOME

| 31/3/25 |  | 31/3/24

£ | £ |

| Rents received | 14,824 |  | 23,428 |  |

| Dividends received | - |  | 1,257,549 |  |

| Interest receivable | 16,215 |  | 744,134 |  |

31,039 |  | 2,025,111 |  |

5. | CHARITABLE ACTIVITIES COSTS

| Support

| costs (see

| note 6)

£ |

| General | 300,664 |  |

6. | SUPPORT COSTS

| Governance |

| Management |  | Finance |  | Other |  | costs |  | Totals

£ | £ | £ | £ | £ |

| General | 188,373 |  | 83,148 |  | 70 |  | 29,073 |  | 300,664 |  |

7. | NET INCOME/(EXPENDITURE)

| Net income/(expenditure) is stated after charging/(crediting): |

| 31/3/25 |  | 31/3/24

£ | £ |

| Depreciation - owned assets | - |  | 31,373 |  |

| Surplus on disposal of fixed assets | (118,158 | ) | - |  |

| THE TRUELL CONSERVATION FOUNDATION |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

8. | TRUSTEES' REMUNERATION AND BENEFITS

| There were no trustee remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

| Trustees' expenses

| There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

9. | TANGIBLE FIXED ASSETS

| Improvements |  | Fixtures |

| Freehold |  | to |  | and |

| property |  | property |  | fittings |  | Totals

£ | £ | £ | £ |

| COST

| At 1 April 2024 | 3,953,277 |  | 191,477 |  | 17,676 |  | 4,162,430 |  |

| Disposals | (928,582 | ) | (191,477 | ) | (17,676 | ) | (1,137,735 | ) |

| At 31 March 2025 | 3,024,695 |  | - |  | - |  | 3,024,695 |  |

| DEPRECIATION

| At 1 April 2024 | - |  | 102,222 |  | 9,639 |  | 111,861 |  |

| Eliminated on disposal | - |  | (102,222 | ) | (9,639 | ) | (111,861 | ) |

| At 31 March 2025 | - |  | - |  | - |  | - |  |

| NET BOOK VALUE

| At 31 March 2025 | 3,024,695 |  | - |  | - |  | 3,024,695 |  |

| At 31 March 2024 | 3,953,277 |  | 89,255 |  | 8,037 |  | 4,050,569 |  |

10. | FIXED ASSET INVESTMENTS

| Unlisted

| investments

£ |

| MARKET VALUE

| At 1 April 2024 | 67,789,415 |  |

| Additions | 10,812,670 |  |

| Disposals | (12,058,983 | ) |

| Impairments | (52,065,723 | ) |

| At 31 March 2025 | 14,477,379 |  |

| NET BOOK VALUE

| At 31 March 2025 | 14,477,379 |  |

| At 31 March 2024 | 67,789,415 |  |

| THE TRUELL CONSERVATION FOUNDATION |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

10. | FIXED ASSET INVESTMENTS - continued

| Within 2024 there is an investment of £11,655 in a company called Global Interconnection Group AG included in the above values. This company is a Guernsey company listed in Netherlands.This investment was disposed of in the year and is therefore not included in the values in 2025.

| The trustees have reviewed the carrying value of the charity’s investments at the year end. Following this review, impairment provisions were recognised against two investments where the trustees considered that the carrying values may not be fully recoverable.

| Impairment charges of £41,274,229 and £10,791,494 were recognised during the year in respect of the investments.

| The impairments reflect the trustees’ assessment of the underlying financial position and estimated recoverable value of the investee entities at the balance sheet date.

| Cost or valuation at 31 March 2025 is represented by:

| Unlisted

| investments

£ |

| Valuation in 2022 | 6,993,970 |  |

| Valuation in 2023 | 11,117,865 |  |

| Valuation in 2024 | 22,450,386 |  |

| Valuation in 2025 | (52,065,723 | ) |

| Cost | 25,980,881 |  |

14,477,379 |  |

11. | DEBTORS

| 31/3/25 |  | 31/3/24

£ | £ |

| Amounts falling due within one year: |

| Trade debtors | 87,285 |  | 87,298 |  |

| Other debtors | 1,286,949 |  | 475,077 |  |

| Loans due from related parties | 17,000 |  | 17,000 |  |

| Prepayments and accrued income | 2,423 |  | 10,503 |  |

1,393,657 |  | 589,878 |  |

| Amounts falling due after more than one year: |

| Loan notes 2030 | - |  | 9,285,035 |  |

| Loan notes 2056 | - |  | 343,354 |  |

| Aggregate amounts | 1,393,657 |  | 10,218,267 |  |

| THE TRUELL CONSERVATION FOUNDATION |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

| 31/3/25 |  | 31/3/24

£ | £ |

| Trade creditors | 72,171 |  | 13,811 |  |

| Due to LTAL | 1,787,028 |  | - |  |

| Due to DC GP | 71,821 |  | 209,293 |  |

| Accruals and deferred income | 68,794 |  | 77,434 |  |

1,999,814 |  | 300,538 |  |

13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

| 31/3/25 |  | 31/3/24

£ | £ |

| Bank loans (see note 14) | - |  | 1,760,000 |  |

| Accruals and deferred income | 946,345 |  | 969,773 |  |

946,345 |  | 2,729,773 |  |

14. | LOANS

| An analysis of the maturity of loans is given below:

| 31/3/25 |  | 31/3/24

£ | £ |

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | - |  | 1,760,000 |  |

15. | SECURED DEBTS

| During the year, the Company refinanced two existing secured borrowings with C Hoare & Co into a single new loan facility.

| The original loans were:

| £1,260,000 with a guarantee dated 8 September 2016, secured by a legal charge over Vestry House dated 8 June 2016.

| £500,000 (plus accrued interest and costs) with a guarantee dated 21 December 2020, secured by a legal charge over Springcombe Cottage dated 21 December 2020.

| Both loans were fully repaid and replaced by a new consolidated loan, which had a balance of £1,787,028 at the balance sheet date. The new loan incorporates the securities from the original borrowings and is subject to revised terms, including interest rate and repayment schedule.

| Security

| The new loan is secured by the existing legal charges over Vestry House and Springcombe Cottage.

| THE TRUELL CONSERVATION FOUNDATION |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

16. | MOVEMENT IN FUNDS

| Net |  |

| movement |  | At |

| At 1/4/24 |  | in funds |  | 31/3/25 |

£ | £ | £ |

| Unrestricted funds

| General fund | 79,045,413 |  | (63,091,724 | ) | 15,953,689 |  |

| TOTAL FUNDS | 79,045,413 |  | (63,091,724 | ) | 15,953,689 |  |

| Net movement in funds, included in the above are as follows:

| Incoming |  | Resources |  | Gains and |  | Movement |

| resources |  | expended |  | losses |  | in funds |

£ | £ | £ | £ |

| Unrestricted funds

| General fund | (103,554 | ) | (10,085,699 | ) | (52,902,471 | ) | (63,091,724 | ) |

| TOTAL FUNDS | (103,554 | ) | (10,085,699 | ) | (52,902,471 | ) | (63,091,724 | ) |

| Comparatives for movement in funds

| Net |  |

| movement |  | At |

| At 1/4/23 |  | in funds |  | 31/3/24 |

£ | £ | £ |

| Unrestricted funds

| General fund | 51,025,122 |  | 28,020,291 |  | 79,045,413 |  |

| TOTAL FUNDS | 51,025,122 |  | 28,020,291 |  | 79,045,413 |  |

| Comparative net movement in funds, included in the above are as follows:

| Incoming |  | Resources |  | Gains and |  | Movement |

| resources |  | expended |  | losses |  | in funds |

£ | £ | £ | £ |

| Unrestricted funds

| General fund | 2,185,154 |  | (517,931 | ) | 26,353,068 |  | 28,020,291 |  |

| TOTAL FUNDS | 2,185,154 |  | (517,931 | ) | 26,353,068 |  | 28,020,291 |  |

| Gains and Losses represent unrealised Gains on revaluations of Fixed Asset Investments

| THE TRUELL CONSERVATION FOUNDATION |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

17. | RELATED PARTY DISCLOSURES

| The following companies are related parties because they have a director/trustee in common and have the following balances owing to/(by) The Truell Conservation Foundation at the year end:

| Advanced Cables Plc - £Nil (2024: £343,354)

| Disruptive Capital GP Limited - (£71,821) (2024: (£209,293))

| Long Term Assets Limited - (£1,787,028) (2024: £Nil)

| Global Interconnection Group AG - £17,000 (2024: £17,000)

| PSF Capital Reserve LP - £Nil (2024: £9,285,035)

| Truell Intergenerational Family Limited Partnership - £135,446 (2024: £135,446)

| Interest was charged on the loan owing to Disruptive Capital GP Limited of £12,528 during the year. Repayments totalling £150,000 were made in the in the year.

| During the year, the company disposed of loan notes from Advanced Cables Plc with a principal value of £330,000. Interest of £13,354 (accrued in the prior year) was written off in the current year. The loan notes were disposed of during the year and accordingly no balance was outstanding at the balance sheet date.

| The company has assessed the recoverability of the loan due from PSF Capital Reserve LP and recognised an impairment provision of £9,785,035 during the year (2024: £Nil).

| Following the impairment review, the carrying value of the loan note at the reporting date is £Nil.

| The loan is due from a related party under common control and is unsecured and interest bearing at 11%. Management has provided for the balance considered unlikely to be recoverable.

| Deferred income relates to rent received in advance from E Truell and C De Boucaud. The movement in the deferred income balance is as follows:

| Brought forward - £776,044

| Released to income in the year - (£21,556)

| Carried forward - £754,488

18. | ULTIMATE CONTROLLING PARTY

| The charity was under control of the Trustees throughout the period.