The Grimstone Foundation

THE GRIMSTONE FOUNDATION

Annual Report for the year ended 31 March 2005

The Grimstone Foundation, registered number 1069550, is a UK charity. It is constituted by a Deed of Trust dated 3 March 1998 as amended by a further Deed dated 8 June 1998. The Foundation commenced operations on 14 May 1998. Its registered address is at 34 Boscobel Place, London SW1W 9PE. The charity’s trustees during the year to 31 March 2005 were:

Mr Gerry Grimstone (Chairman); Miss Jenny Grimstone (Secretary); Mr Toby Grimstone; Miss Anna Grimstone; and Mr Richard Ruch.

The trustees have the power of appointing new or additional trustees.

The Foundation is a private family-based grant-giving body whose capital and income may be applied by the trustees towards the general purposes of such charitable bodies or for such other purposes as shall be exclusively charitable as the trustees may from time to time decide. In practice, the grants given by the Foundation reflect the personal interests of the trustees which include relief work overseas, helping young people attain their objectives in life, improving cultural and other relations between countries, and providing assistance for projects aimed at helping deprived groups, particularly in Inner Cities. The trustees are prepared to consider making grants outside these areas of activities.

The Foundation does not maintain any specific reserves in relation to its activities other than on a short-term basis to fund projects which are currently in progress. The Foundation has no endowment funds but the trustees have established a Restricted Fund to receive all donations associated with our Tsunami Relief Appeal.

In the year under review, the Foundation continued its support of a Chinese student at Merton College, Oxford, who has a Clarendon Bursary from Oxford University which required matching funding from an outside source. We also awarded two Travelling Scholarships of £1,000 each to allow two students of Merton College to make an extended trip to China. We gave a grant to Feltham Community College to help them purchase sports equipment, and made donations to the Sudbury Breast Cancer Appeal and to The Queille Trust whose primary purpose is to hold a biennial cultural festival.

The Foundation, through certain of its trustees, has close connections with Thailand and we mounted a major appeal in the wake of the tsunami which struck the coast of Thailand on 26 December 2004, causing widespread havoc and loss of life. Through our local representative, Orawan Tejapaibul, we gave some immediate relief, and then focussed our efforts on two schools which had been totally destroyed. We helped provide some temporary teaching accommodation at one of the schools.

Major capital works were required in order to produce educational facilities for the affected children, many of whom had lost their parents and all their possessions in the disaster. Through The King of Thailand’s Rajaprajanugroh Foundation, we are building and equipping a Vocational Training Centre at a school in Phuket, and at Khao Lak we are building a school dormitory for 100 orphans as part of a large new school that is being built. The work, which is being carried out by the Thai Army, is proceeding well and to plan. This work will carry on into our next financial year and we expect to make further grants as the work progresses and to fund other initiatives.

Our tsunami appeal received major donations from the City Tsunami Appeal and the Tote. Huge generosity was shown by them and also by a number of other individuals and organisations. Our grateful thanks are given to all those who contributed.

The Foundation undertook no transactions with related parties during the year under review. The Trustees are not aware of any significant risks which might affect the operation of the Foundation.

The Foundation’s legal advisers are Farrer & Co, and its bankers NatWest.

GERRY GRIMSTONE, Chairman 15 January 2006 For and on behalf of the Trustees