REGISTERED COMPANY NUMBER: 11217058 (England and Wales)

REGISTERED CHARITY NUMBER: 1180081

Report of the Trustees and

Financial Statements for the Year Ended 31 January 2026

for

Card Factory Foundation

Page

Reference and Administrative Details

1

Report of the Trustees

2

to

6

Report of the Independent Auditors

7

to

10

Statement of Financial Activities

11

Balance Sheet

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

to

21

TRUSTEES

S Glass Director

S J L Rowney Director (resigned 30.10.2025)

B N Waring Director

V Bramley Director

T S Coppin Director (resigned 4.9.2025)

S P Steele Director

J Thorburn Director

G Walsh Director

REGISTERED OFFICE

Century House

Brunel Road

Wakefield

West Yorkshire

WF2 0XG

REGISTERED COMPANY NUMBER

11217058 (England and Wales)

REGISTERED CHARITY NUMBER

1180081

AUDITORS

Richard Smedley Limited

Chartered Accountants & Registered Auditors

Richmond House

Lawnswood Business Park

Redvers Close

Leeds

West Yorkshire

LS16 6QY

KEY MANAGEMENT PERSONNEL

Pushpinder Gill

(Head of Foundation)

The trustees who are the directors of the charity for the purpose of the Companies Act 2006, present their report with the financial statements of the charity for the year ending 31 January 2026. 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) (second edition October 2019).

STRATEGIC REPORT

Achievements and performance

Charitable activities

The financial year 2025/26 marked a significant year in the Foundation's continued delivery of its grant programmes, with a focus on expanding the reach and impact of its grant-making programmes while strengthening the long-term sustainability of its resources.

Building on the successful launch of the Life Moments Fund and Local Community Fund in the previous reporting period, the Foundation continued to deliver against its mission to**"Help people and communities at moments that matter"** through its three core funding programmes:

- Giving Fund

- The Community Fund

- Life Moments Fund

Key highlights during the year included:

-

Life Moments Fund Partnership: The Foundation continued its multi-year partnership with Centrepoint through the Life Moments Fund, providing targeted support for young people experiencing homelessness and significant life transitions. The programme continued to demonstrate the Foundation's commitment to creating long-term impact through strategic partnerships and focused grant-making. During the year the Foundation awarded £381,250 through the Life Moments Fund, supporting 11,648beneficiaries / projects.

-

Local Community Fund Expansion: Following a successful launch in the previous year, the Local Community Fund continued to grow, enabling Card Factory colleagues across the UK to nominate and support small charities, community organisations and local causes in their areas. The programme further strengthened colleague engagement and increased the Foundation's reach into communities throughout the UK. During the year the Foundation awarded £210,000 to 41 colleague-nominated charities through its internal Local Community Fund programme. In addition, the foundation distributed £250,000 to 50 charitable organisations through an open external Community Fund funding round, extending support to communities across the United Kingdom.

-

Match Funding: The Foundation maintained its long-standing Match Funding programme, supporting fundraising efforts undertaken by Card Factory colleagues. Through matched donations, the programme continued to amplify colleague fundraising activity and support a wide range of charitable causes chosen by employees. During the year the Foundation provided £40,000 in matched funding supporting over 50 charities.

-

Strategic Investment Program: A significant milestone during 2025/26 was the implementation of the Foundation's investment strategy. During the year, the Foundation invested £3 million with Rathbones Investment Management as part of a long-term approach to strengthening financial resilience and generating sustainable future income streams. The investment portfolio generated investment income during the reporting period and forms part of the Foundation's strategy to diversify income sources whilst preserving capital for future charitable activities.The trustees remain committed to ensuring that the Foundation's resources are used effectively and sustainably to maximise charitable impact and create meaningful change for communities and individuals across the United Kingdom.

Fundraising activities

The Charity does not carry out significant fundraising activities and does not use professional fundraisers.

Financial review

Going concern

The financial statements have been prepared on a going concern basis as we believe that no material uncertainties exist.

Financial position

The Foundation's principal source of funding continues to be Sportswift Limited, a subsidiary of Card Factory Plc. Monthly donations are calculated based on proceeds arising from the sale of plastic carrier bags in Card Factory stores. The Foundation received income in the year totalling £1,335,901 (2025: £1,369,267).

In addition to its ongoing income stream from Sportswift Limited, the Foundation implemented its investment strategy during the year, investing £3 million with Rathbones Investment Management in April 2025. The portfolio generated interest and investment income throughout the reporting period, further supporting the Foundation's long-term objective of increasing financial sustainability and reducing dependency on a single source of income. Investment income generated during the year totalled £35,993.

Reserves policy

The Foundation continues to operate under its revised reserves policy. The policy requires the Foundation to maintain unrestricted accessible reserves sufficient to cover existing commitments, planned grant-making activity and six months of operating costs and overheads.

The Board remains satisfied that the Foundation maintains reserves significantly above the minimum target level and is actively deploying resources in line with its charitable objectives whilst balancing longer-term sustainability considerations.

Principal risk and uncertainties

The principal risks identified during 2025/26 remained:

-Operational Risk - Capacity and key person dependency

As the Foundation continues to expand its programmes and grant-making activity, maintaining appropriate organisational capacity remains critical. Mitigation measures include strengthening internal controls, documenting procedures, increasing operational resilience and ensuring knowledge is shared across the team and Trustee Board.

- Financial Risk - Income dependency and investment management

While the Foundation continues to receive substantial support through Sportswift Limited, the Trustees recognise the importance of diversifying income and protecting reserves against inflationary pressures.

During the year, the Foundation implemented an investment strategy through Rathbones Investment Management, designed to generate sustainable long-term income and growth whilst maintaining an appropriate level of risk and liquidity. The investment portfolio is monitored regularly by Trustees and advisers to ensure it remains aligned with the Foundation's objectives and risk appetite.

Future plans

The Foundation will continue to develop and evaluate its three core funding programmes. As part of this work, the Foundation will review the timeliness and effectiveness of The Community Fund application and decision-making processes across both internal and external funding streams. The external funding programme will also be reviewed to ensure that support remains focused on priority areas that align closely with the Foundation's mission and strategic objectives.

Alongside its grant-making activity, the Foundation will continue to develop its external profile, communicate its impact more effectively and strengthen engagement with colleagues, beneficiaries and stakeholders. The Foundation will also seek to expand its impact through strategic partnerships, including working with Centrepoint to explore employment pathway opportunities and developing collaborative initiatives involving Card Factory, Centrepoint and the Foundation to create meaningful outcomes for beneficiaries.

The Foundation will continue monitoring its investment portfolio managed by Rathbones Investment Management to ensure that reserves generate sustainable returns that support future charitable activities while safeguarding the Foundation's long-term financial position.

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.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The Foundation is a charitable company limited by guarantee, incorporated at Companies House on 21 February 2018 and registered as a charity with the Charity Commission for England and Wales on 26 September 2018. The Foundation is governed under its Articles of Association (as adopted on 11 September 2024) which established its objects and powers.

The directors of the company are also charity trustees for the purposes of charity. All trustees give their time voluntarily and received no benefits from the charity.

Management of the Foundation

The Foundation is chaired by Brian Waring, who brings extensive board-level and charitable sector experience.

TRUSTEES

:

B N Waring Director

S Glass Director

V Bramley Director

S P Steele Director

J Thorburn Director

G Walsh Director

Shelley Lawton joined (appointed 15.07.26)

Gemma Davies joined (appointed 29.07.26)

T S Coppin Director (resigned 4.9.2025)

S J L Rowney Director (resigned 30.10.25)

The day-to-day management of the Foundation continued to be overseen by Pushpinder Gill, Head of the Foundation, responsible for ensuring the effective operation of the Foundation and delivery of its charitable objectives.

Appointment of trustees

The Articles of Association support a minimum of three Trustees and a maximum number of twelve.

The trustees are appointed in accordance with the provisions outlined in the governing Articles of Association.

-

Recruitment Process: The recruitment of new Trustees is conducted through a skills-based approach. This involves identifying gaps in the current Board's expertise and seeking individuals whose skills, experience and values align with the Foundation's strategic priorities. Candidates are identified through open advertising via digital platforms.

-

Appointment Process: Trustees are appointed by the existing Trustees as per Article 7.4. All new Trustees must expressly acknowledge their acceptance of the role, as specified in Article 7.5, before their appointment becomes effective.

-

Constitutional Process: The appointment of Trustees is conducted in compliance with the Articles, ensuring the total number of Trustees does not exceed the maximum specified limit, as outlined in Article 7.6.

Trustee Induction and Training

New Trustees attend comprehensive induction and training sessions conducted by the Head of Foundation and existing Trustees. These sessions are designed to familiarise them with the charity, its governance structure, and the broader operational environment.

Richard Smedley Limited, Chartered Accountants, and Registered Auditors, currently serve as the charity's auditors, have expressed their willingness to continue in that capacity.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Card Factory 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.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 30 September 2026 and signed on the board's behalf by:

B N Waring - Trustee

Opinion

We have audited the financial statements of Card Factory Foundation (the 'charitable company') for the year ended 31 January 2026 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 the financial statements:

-	give a true and fair view of the state of the charitable company's affairs as at 31 January 2026 and of its incoming resources and application of resources, including its 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 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 Auditors' 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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the 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 Report of the Trustees.

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

-	adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

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

-	certain disclosures of trustees' remuneration specified by law are not made; or

-	we have not received all the information and explanations 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.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

As a result of these procedures, we considered the opportunities and incentives that may exist within the

organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

Due to the nature of the organisation and the number of transactions taking place during the period, we have individually inspected each transaction and assessed the risk of fraud associated with each. We have also liaised with Foundation and received minutes and documentation for selected and material donations made during the year to confirm the donations were genuine and no fraud had taken place.

We also obtained an understanding of the legal and regulatory frameworks that the foundation operates in,

focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK Charities Act, UK Corporate Governance Code and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the

financial statements but compliance with which may be fundamental to the foundation's ability to operate or to avoid a material penalty.

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.

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. Our audit work has been undertaken so that we might state to the charitable company's members 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Smedley FCA (Senior Statutory Auditor)

for and on behalf of Richard Smedley Limited

Chartered Accountants & Registered Auditors

Richmond House

Lawnswood Business Park

Redvers Close

Leeds

West Yorkshire

LS16 6QY

1 October 2026

31.1.26

31.1.25

Unrestricted

Total

fund

funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

1,335,091

1,369,267

Investment income

3

35,993

-

Total

1,371,084

1,369,267

EXPENDITURE ON

Charitable activities

4

Grants and donations

890,917

338,049

Cost of administering the foundation

218,255

145,734

Total

1,109,172

483,783

Net gains on investments

228,473

-

NET INCOME

490,385

885,484

RECONCILIATION OF FUNDS

Total funds brought forward

5,860,559

4,975,075

TOTAL FUNDS CARRIED FORWARD

6,350,944

5,860,559

31.1.26

31.1.25

Unrestricted

Total

fund

funds

Notes

£

£

FIXED ASSETS

Investments

11

3,263,794

-

CURRENT ASSETS

Debtors

12

52,294

73,596

Cash at bank

3,042,236

5,794,343

3,094,530

5,867,939

CREDITORS

Amounts falling due within one year

13

(7,380

)

(7,380

)

NET CURRENT ASSETS

3,087,150

5,860,559

TOTAL ASSETS LESS CURRENT LIABILITIES

6,350,944

5,860,559

NET ASSETS

6,350,944

5,860,559

FUNDS

14

Unrestricted funds

6,350,944

5,860,559

TOTAL FUNDS

6,350,944

5,860,559

The financial statements were approved by the Board of Trustees and authorised for issue on 30 September 2026 and were signed on its behalf by:

B N Waring - Trustee

Cash flows from operating activities

Cash generated from operations

1

247,221

1,330,567

Net cash provided by operating activities

247,221

1,330,567

Cash flows from investing activities

Purchase of fixed asset investments

(3,035,321

)

-

Interest received

21,481

-

Dividends received

14,512

-

Net cash (used in)/provided by investing activities

(2,999,328

)

-

Change in cash and cash equivalents in the reporting period

(2,752,107

)

1,330,567

Cash and cash equivalents at the beginning of the reporting period

5,794,343

4,463,776

Cash and cash equivalents at the end of the reporting period

3,042,236

5,794,343

1.	RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

31.1.26

31.1.25

£

£

Net income for the reporting period (as per the Statement of Financial Activities)

490,385

885,484

Adjustments for:

Interest received

(21,481

)

-

Dividends received

(14,512

)

-

Unrealised gains

(228,473

)

-

Decrease in debtors

21,302

444,633

Increase in creditors

-

450

Net cash provided by operations

247,221

1,330,567

2.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.25

Cash flow

At 31.1.26

£

£

£

Net cash

Cash at bank

5,794,343

(2,752,107

)

3,042,236

5,794,343

(2,752,107

)

3,042,236

Total

5,794,343

(2,752,107

)

3,042,236

1.	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.

The financial statements are presented in Sterling (£).

Income

All income (including investment 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.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Allocation and apportionment of costs

Expenditure is apportioned where it relates to more than one cost category. The method of apportionment uses the most appropriate basis in each case.

Taxation

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

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Debtors, creditors and cash and cash equivalents

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Cash is represented by deposits with financial institutions.

2.	DONATIONS AND LEGACIES

31.1.26

31.1.25

£

£

Donations

1,335,091

1,369,267

3.	INVESTMENT INCOME

31.1.26

31.1.25

£

£

Other fixed asset invest - FII

14,512

-

Interest

21,481

-

35,993

-

4.	CHARITABLE ACTIVITIES COSTS

Grant

funding of

activities

Support

(see note

costs (see

5)

note 6)

Totals

£

£

£

Grants and donations

890,917

-

890,917

Cost of administering the foundation

-

218,255

218,255

890,917

218,255

1,109,172

5.	GRANTS PAYABLE

31.1.26

31.1.25

£

£

Grants and donations

890,917

338,049

6.	SUPPORT COSTS

Governance

Management

Finance

costs

Totals

£

£

£

£

Cost of administering the foundation

191,641

286

26,328

218,255

Support costs, included in the above, are as follows:

31.1.26

31.1.25

Cost of

administering

the

Total

foundation

activities

£

£

Insurance

1,410

1,370

Sundries

34

1,026

Administrative expenses

149,477

113,900

Counsultancy fees

37,799

6,172

Computer expenses

2,082

-

Travel and subsistence

839

-

Bank charges

286

297

Auditors' remuneration

5,380

5,830

Auditors' remuneration for non audit work

2,000

2,000

Legal & Professional fees

18,948

15,139

218,255

145,734

7.	NET INCOME/(EXPENDITURE)

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

31.1.26

31.1.25

£

£

Auditors' remuneration

5,380

5,830

Other non-audit services

2,000

2,000

8.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 January 2026 nor for the year ended 31 January 2025.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 January 2026 nor for the year ended 31 January 2025.

9.	STAFF COSTS

The average monthly number of employees during the year was as follows:

31.1.26

31.1.25

Administration

2

2

No employees received emoluments in excess of £60,000.

10.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

fund

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

1,369,267

EXPENDITURE ON

Charitable activities

Grants and donations

338,049

Cost of administering the foundation

145,734

Total

483,783

NET INCOME

885,484

RECONCILIATION OF FUNDS

Total funds brought forward

4,975,075

TOTAL FUNDS CARRIED FORWARD

5,860,559

11.	FIXED ASSET INVESTMENTS

Listed

investments

£

MARKET VALUE

Additions

3,035,321

Revaluations

228,473

At 31 January 2026

3,263,794

NET BOOK VALUE

At 31 January 2026

3,263,794

At 31 January 2025

-

There were no investment assets held outside the UK.

Cost or valuation at 31 January 2026 is represented by:

Listed

investments

£

Valuation in 2026

228,473

Cost

3,035,321

3,263,794

12.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.26

31.1.25

£

£

VAT

-

6,915

Accrued income

52,294

66,681

52,294

73,596

13.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.26

31.1.25

£

£

Accrued expenses

7,380

7,380

14.	MOVEMENT IN FUNDS

Net

movement

At

At 1.2.25

in funds

31.1.26

£

£

£

Unrestricted funds

General fund

5,860,559

490,385

6,350,944

TOTAL FUNDS

5,860,559

490,385

6,350,944

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

1,371,084

(1,109,172

)

228,473

490,385

TOTAL FUNDS

1,371,084

(1,109,172

)

228,473

490,385

Comparatives for movement in funds

Net

movement

At

At 1.2.24

in funds

31.1.25

£

£

£

Unrestricted fund

4,975,075

885,484

5,860,559

TOTAL FUNDS

4,975,075

885,484

5,860,559

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted fund

1,369,267

(483,783

)

885,484

TOTAL FUNDS

1,369,267

(483,783

)

885,484

A current year 12 months and prior year 12 months combined position is as follows:

Net

movement

At

At 1.2.24

in funds

31.1.26

£

£

£

Unrestricted fund

4,975,075

1,375,869

6,350,944

TOTAL FUNDS

4,975,075

1,375,869

6,350,944

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

Incoming

Resources

Gains and

Movement

resources

expended

losses

in funds

£

£

£

£

Unrestricted fund

2,740,351

(1,592,955

)

228,473

1,375,869

TOTAL FUNDS

2,740,351

(1,592,955

)

228,473

1,375,869