Charity Registration No. 1092478 THE EDNA LINNELL CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 Prepared by.. Bffjchers LLP Somgffjeld House 59 London Road Maldslone Kent ME16 8JH THE EDNA LINNELL CHARITABLE TRUST CONTENTS Page Legal ar¥d admSnlslratlv& InfDm)allon Tru8te8 report IndgPgnd6nt exgmingls report Slal8menl of financial activlll8s 8alance sheol Not8s to the accounts 8-14 THE EDNA LINNELL CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Truslee Brach8rs Trust CorporaliDn Llmlled {Chrislopher Erlksson-L89 répregenllng) Charity number 1092476 Registered office addre55 SoMeffi8ld Hou$6 59 London Road Maidslone Kent ME16 8JH Independent examlner J8in8s Francis Eisor8 Accounlanls LLP IncLkbalor 2 The Boulevard Enlerprlse Campus Alconbury Weald Huntlnodon PE28 4XA Solicttors Brach8rs LLP Somerfleld Hou8Q 59 London Road Mald8lone Kent ME16 8JH Investment advisors Evelyn Partn8rs 6 Chest8rfleld Gardens Mayfalr Londo W1J 5BQ THE EDNA LIMNELL CHARITABLE TRUST TRUSTEE REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025 The trustee rgpresentalive {'The Truslèè") Pr8￿nIg their report and the unaudi18d ffnancial slateinenls of th8 chatity for tho year gnded 28 FeDruary 2025. The Trustee has adoplfjd th8 provisions of tha Stal8menl ol Recomm&ndgd Practice ISORPI"Accounling and Repcrting by Ghariti&s" IFRS 1021 in preparing Ihe annual report and financial slalemtsnts of thè Charity. The financial slal8m8nts havg begn pr9parod in accordance wilh the accounting polici8s 5ts1 out in lh$ notès to th8 accounts and Gomplywlh the charills goveming document, the Charities Act 2011 and AccoiinlSng and R8porting by Chari1188.- Slalemenl ol Recommended Praclioe ats?li¢ablg to charflies preparing their account8 in aC￿rd￿r￿ with 1119 Financial Reporting Standard applicable in the UK and Republic ol Ireland published in Octob8r 2019. Trustee of the chartty The Trusloe who served during Ihe year and $in¢e ihe yèEJr was BS follows.. Brachers Trust Corporalion Limited (Assigned di¥ecloT- Mr Chrlslopher Ei1kssor￿L8eI Brachers Trust Cc)rporMth'on Limited remain the appointed trustee iwlh Mi Christoph8f Eriksson-Lee taking an activè rolè as assigned trusleè rFpresenlalive in his capacity as cfireclor ol Biachers Trust Corporation Limited. He 1$ 8ssisleO by Angola Jarvis who Is B Trust Manager of Brachers Trust Corp(rfoticin Limited. Oble¢tlves and activllles Th& Edna Linng11 Charitable Trust's objeclives arg 10 2pply the income and ihe wholg or such part or parts of lh& coytal as they in Ihgir discretion Ihink fil. lo or for the benefit of Ili& Maharishi Fwnd81ion IGBI or to or for the benefit ol SLich olh8r eK¢lu$ively charTiable 0￿.ecIS and Purposes in th8 UK or Sn any Dlhèr part of Iha worNI. Tha policles adopted in furtherance of th8 Edna Linn811 Charstable Trust's objèctwes are 10 fècognisè the importance of the Maharishi Foundation as the principal objeclive of Ilie tharity4nd 10 6UPPOrt other charities to whom the late Mrs Liiinell wished lo provide grants, in particular lo charities helprng the rellgl of suffedng of animals. During the year, the Trustee ccfftkn'nuad with Ihwr prtsgramme ol . The Trustee considars the closing18vèI as sumioient lo support their anliapaled grant making expanditur& in the followyg twefve monlhs. Induding any unforesg&n urgenl charitabl¢ applications. ad&r Dosignaled firr)ds al 28 February 2025 total £2.169,835 (2024." £2,268,3731- see note 11 for dèiails. Rlsk management The Trustee has reviewed the Fnalor iisks lo which Iha Charity is 8xposed and systems hav& begn eslablish￿ to miligale Ihgs& risks. The funds Inve51ed and those held Dn d8posII are subject lo the ￿MplianCe procedures ol both Ihe thtuivs investment advisors ond Brachers LLP. THE EDNA LINNELL CHARITABLE TRUST TRUSTEE REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 Slruclure, governance and management Tha Edna Linng11 Chdrilabl& Trust was Bstablished ar,d Is govornèd by a trust deed pur5uanl lo Ihg Will of Edna Rosèmariè Linnall dated 20 February 1997. Edna Ros8marie Linnell diad on 6 Jonuary 1999. The Irusl is a wgistorèd charity Ichadty number 10924761. Tho trust has 8 slraighlforwatyl slrLlCture as il eM#.y prinapally fof11)è purposfj of moking grants to vdortly charitable causgs. Dglails ol lie Iruslee board ar& outlined or. Pagg 2. Tho Truslge ¢onsid8rs +hp futurg as w911 as gxisling Invgslm6nl issues and donations. (h bohalf ol the rus188 C Eriks8on-Lee on behalf ol BraGheis TNSI CorporaliL)n Limitad Da18d.. THE EDNA LINNELL CHARITABLE TRUST INDEPENOENT EXAMINER'S REPORT TO THE TRUSTEE OF THE EDNA LINNELL CHARITABLE TRUST I rgFM)rt lo thè trustee represenlalive on my examination ofthe accounts of The Edna Linnell Charitable Trust lor Ihg ygar ?ndod 28 Fobruary 2025, which 818 set out on pages 6 10 14. Re$poDslbl1ll￿S and basls of report As the charity Tru81ee of the TTUSI you ar8 r9sponsiblg for Ine preparation of the accounls in accordanca with th6 requirelngnts of the Ch*iti&s A¢1 2011 Ilhg'AcVI. I report in rg£pecl of my gxaminalion of the Trust's accounts carried out under 8ecI on 145 of thè 2011 Act and in carrying oul my xaminalion I hav8 Idlowed all lh& applicablg Directions given by Iha Charity Commission under section 14515llb) Df thè A¢1. Independent examlnÈfs statement I have completed my examination. l C￿lIrM that no maleiial rnallers have come lo rny a'.lention in ¢onn¥ction *tylh gxaminalion giving me causo lo beligve th81 in any nialerial respocl,. accounting records were mt kept in rgSPeCt oftho Trust as r￿Ulted by s8Gtion 130 of the Act: OT It￿ attounts do not accord with those rwds,. or the accounts do r￿ comply ¥rith Ihe applicabta requirements conceming the form and ¢onlenl of accounts s81 oul in th& Charities IAG¢ounls and Reports) Regulats'ons 2008 other tnan any rèquirettionl that Iho accoun1& givB a Iru8 and lalr ew wlii¢h 1$ not a maller considered as pert ol an ind8pondanl examinalior.. I hav8 IMJ concom5 and have come 8cross no L)Ih6r mall8rs in conneclion wth the examination lo which atlent'on should bo drawn in Inis report in order lo enable a proper understanding of accounts lo bè fvached, James Francis Ensors A¢counlanls LLP IrKubator 2 The Boulevard Enterpriso Campus Alconbury Weald unts'ngdon PE28 4XA Dalo.. THE EDNA LINNELL CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28 FEBRUAR Y 2025 Unreslrlcted Funds 2025 Unrestricted Funds 2024 Notes Income from: Inveslmonl in¢ome 56,593 34.097 Total Income 56, Jf93 34,097 Expenditure on: Charitable activities (Grants payable) Costs ol raising funds Other costs 30,000 11.723 57,656 12.410 11.658 39,553 Total expendlture 99,379 63,621 Nel expenditure 142,7861 (29,524) N61 gainsl{lossesl on Inve51ments Net gainl{lossey) on property 93,547 28,980 16,018 Net movement in funds 50,761 15.474 To181 lund8 brought lo￿ard 2,461.421 2,445,947 Total funds carrled forward 2,512,182 2,461.421 THE EDNA LINNELL CHARITABLE TRUST BALANCE SHEET AS A T28 FE8RUARY2025 2025 2024 Notes Fixed assèts Listed invostmenls 1,356,819 1,461,354 1,356,819 1,461.354 Current assets Deblofs du& In less than 1 year Debtors dug In morg than 1 yèar Cash al bank and in hand 164,970 18,478 973,895 159,346 28,878 815,733 Total currènt assets 1,157,343 1,001,957 Credltors.. amounts falling due withln one year 11.980) (1,8901 Net cu￿ent assetsl{liabillties) 1,155.363 1,ffl0.067 Net assets 2.612,182 2,461,421 Charity funds Unreslricled funds Designated funds General funds 10 2,169,835 34?.,347 2,268,373 193,(M8 Total Un￿striC[ed funds 2,512,182 2.461,421 The accounts were approved by tha Trustoe on 33 - ?- C Erlksson-Lee on behalf of Brachers Trust CorporalSori Llmited Trustee THE EDNA LINNELL CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 28 FE8RUAR Y2025 Accounting policies General Informallon and bisls of preparatlon The Edna Linnèll Chaiitabla Ttust is a charity regisl6r&d wlh Iho Charily Commission in England aiid Wal88 Irègislered Mmber 1092476). The addross of tho rogi8leied 0flSce is given In the ¢haiily inlotmalion on pag8 1 of tho50 financial $talemenls. Th& natur9 of thè cliarlty's opeialions and prlr)Lapal acllvilies grè lo recognise the import4nc8 of thè Maharishi Foundation and lo support that char.,lable organisation and other charities wlh aims and obj•¢hves wilh wlich th8 original Selllor Ithg late Mrs Llnnel11 ￿￿￿ld have been in aureem&nl based on her 16g*y wishes. The charity con$lilulè8 a public benefit enty'ly as dolined oy FRS 102. The fi.nancial statements hav& been prepai'&d in aLrordan¢e witn Accounting ènd Rèporting by Chariiies.. Sta*emrJnl ol Recoinniend6d PracLIC9 applicable lo charities prgparing Ilieir accounts in ac£ordanc& with tho Fiiianc481 Reportliig SEandard applicab16 in thè UK and Rapublic of Iroland IFRSIQ)21 issued in 2019, Ihs Flnancial Reporting Standard applicatle in the Unil6d Kingdom aid Republic ol Ireland IFRS1021, the Charities A¢t 2011 and UK Genora11y Accep19d Pra¢li¢g. Th8 charity has Dpl8d not lo pr8pgre a Gash flow slalemenl for th8 financial peri(Kl. as p8Thiltgd by the 2019 Slatamènt of Recommen(ied Practice. Th6 finandèl statoin&nts havg been prepared lo glvo a'true and fair view, and have dgpailed fTQM Ihe ¢harili88 (Accounts and Roportsl R@gulations 2008 only lo tho extent required lo provide a 'lrue and fair vievl. This dèpa,#urg has involvod lollovAng th6 Accounting and Reporting by Charities.. Stslemenl of recommended Pr&clic8 applicable lo charities prep8ring thèir 8ccounls in accordancè with Ihe Fnan¢ial Reporting Standard applicablè in the UK and Ropublic ol Ireland IFRS 1021 i85ued In 2019. The finanLial statements k)re preparèd on a going ctsncern basis under Iht) hislori¢al eosl convanlion, m￿lfied lo indude certain items al lair valu8. The linaniaal slal8rngft1s are presenlod in $t8rlinu which is Iha functional currency of the charily and rounded to Ihe nearest £. The signilicanl accoanling polici&$ applied in the preparation ol Ihese finaTrdal slal8men15 are s8t out below. These PO4i¢ies Iiave b¢en consislenlly appliea lo all years presenl8d unless othewse stated. Fund5 Thg funds hold by the cllarily are unrestricted funds which can be used in accordance with th8 charitabl8 obi8etiV8S al th8 discretion of the Trustee. D8signa18d funds comwise lunds which have been sel aside Jt the discretion of the Truslae fof spocific purposos. Thè purpos&s and usos of ttr,e designated funds arg sel out in tho rv)lès lo thg financial 5talotnonl8. Income recognltlon Donolions. legacies and other forms ol voluntary incom& ar6 reco9nisad gs income ￿en receivable. ex(*pl insofar as they are incapable of linan¢i81 m&asurement. Income froim inveslments is rO￿gniSed whèn r￿1Vable. Expeniliture rècognltion All èxpBnditur6 is accoiinted lor on an acoruals basis and has been dassift&d und6r headings that eggregale all cosls rela￿d lo Ihe ¢ale90ry. Grant pxpendilure is recognis8d when awarded to the recip￿ent. The axpense is indudod on an accrua18 basis in th year in which a legal or construclivg obligation to pay the grant arises. Costs of mising funds are those investment m8nao8menl loes f()r both incomo gènayation and cApil81 maintgnan¢*. Charilabl8 activiti85 Indud8 èxpondilure associated with th8 Maki￿ of grants and donations and include both direct ￿St6 and indirecl costs rèlating to these act1￿711e8. on an accruals basis. THE EDNA LINNELL CHARITABLE TRUST NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 28 FEBRUAR Y 2Q25 Expendllure re¢ognltlon (continued Irr¢coveTable VAT is charged against tha calogory of Tèsourcè exp8nded for which it was incurTed. Investment Propertles Inveslmethl propÈri8s for Mthich fair value can b& measured reliably without undu& cosl or effort are nigasured al la.'r valu8 al 9ach reportiig d8le 8nd Changes in lair value recogni$8d in'ngl gainslllosses) on inv8Elmonls' iii the sl3lem6nt ol Financial Activities ISOFAI. A Trusloe cpinion ol fair value is provided where it is believed that th$ benefit of t)blaining an indep9ndonl valuation would ba exneedgd by the iitne andlor Gosl of sècuring such a valiiats'on. Inveslment5 Inves￿onI$ aro recognised at fair value whi¢h 15 normally the bwksactlon price 8xcludlng Ira.?saclion costs. Subsequently Ihay &ra Ineasured al lair valug ¥Mlh changes recognisgd In 'nèt gainsllosses on invg5lmenls' in the SOFA il share3 are publidy traded or Ih¥ir lair value ean o1kn8rwis8 be measurod reliably. Realised profits arkd 105sos alising on investment disposals are rgcognisad in thè SOFA when diè procggds are receivabla. Progr8m.me r&lalgd invgsim8nts are includèd at IDan inv8slmenl cost less planned ropayments by the ch8ritabl¢ b9neficiary,1gss any provisiorb lot diminishing valuè. or impairrnent. Debtors and credltors recelvable I pttyable wlthln one year Dgblor$ a.ld cred',lors wth no stalèd intargsl ralo 2nd receivable of payable wthin ono y8ar are recorded al Ii'aThsaclion price. Any losse3 aTisino from irYipaifm8nl are recognised iii expelldilure. Impalrment Asse;s not n)oasured al falr value ara reviowod for any indicats'on that Ihe asset may be impaired al èach balance sheet dale. 11 such indication 9xists, Iho recoverablo amunl DI Ihe ass6t, or the assgt's cash generating unil is estimated and compared lo the carTyng amount. Where Ihe CaTrying amovnl exceeds ils recovarat)18 amount, en impaitnenl loss is fecognised in profil or loss unless the a5set15 Carried al a reva,ued amount where the impaimionl10s8 is o revaluution decrease. Tax The charity is on exempl charity within Ihg meaning of schedule 3 of the Charsties Act 2011 arKI is ccfflsid818d lo pass th8 lests set out in Paragraph 1 Schèdul& 6 Finance Act 2010. 1.10 Golng Concern Thg financial 5tatsments have been prgpargd on 3 going c()ncèrn basis as the Trustee believes that no malorlal uncertainties exist. Tha Trustee has considered the levèl of funds held end lye expected leve5 of income and ¢ypendilure lor 12 months from aalh()rising these financial slalements. They bfrlitrvo the anticipated e%￿ndIture will be adequately funded givèn Ihe existing levol of roserves foi. the chaiity lo be able to continue 8$ a going concem. 1.11 Judgements and key sourGes of estlmatlon uncertalnty In Il* application of the ch9n￿$ aceoiinling policies, Ihe Trustee Is requirad lo mak8 judgements, e51imat&S 8nd es5umplion5 about tho ￿arryIng amount ol assets and liabili11oS thal ar8 nLIt r&adily appafenl Iiom other Sources. The estimates and associated assumpisop.s are based on his1ot1￿1 expèrfonce and other faclorg that are considered to be relevairl. Aclud resulls rrLdy differ from these eslimal85. Historically 8r8as of judgement hav& not had a materlal Impact on the charlly's financial statements. The estimalas aNt undorlwng assumptions are reviewod on an ongoing bosis. R8visions lo accounting a6tim8tes arè rècognisèd in the period in which Ihe ss:imate is revised where the rèvision affécts only that period, or in the period Df the revision and future periods wheie thg r?¥'ision affects both current and futuro periods. THE EDNA LINNELL CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINueDI FOR THE YEAR ENDED 28 FEBRUAR Y 2025 Investment Income 2025 2024 Inconi8 from lislad Investfflents Inlgresl receivable 29,263 27,330 25,963 8,134 56.593 34.097 Expenditure 2025 2024 Charitable a¢tlvities Grants lo Instllutlons Maharlshl Foundation 30,000 12,410 30,000 12,410 Reconclllallon of grants payable Commitments al 1 March 2024 Commi',menls made In the year Grants paid during the year 30,000 130,0001 12,410 {12,410) Commilm6nls at 28 FBbruary 2025 Costs of ralslng funds Inveslmgnt m8nag8rs' fees LEI number 11.651 72 11,586 72 11,723 11,658 10- THE EDNA LINNELL CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2025 2025 2024 Expendlture Icontlnuedl Olher ¢ost$ Managem&nt, administrallon and accounts production Independent examlnallon fe88 Independent examinations f86s - r¢lmbursed from Azels Property costs Wllhholdlng lax Eslat8 Agents Commlsslon Conveyan¢lng fees SuNeyor fees 41,041 1,980 22,903 1,890 {660} 689 73 12,349 2,309 79 11,862 2.694 57.656 39.553 Total 99.379 63,621 Trustee and key management personal remuneratlon and expenses The Trustee {or any pgrsorTrs Gonnected with them) did not receive or waive any remunerallon during th8 yoar. The Trustee did not have any expenses reimbursèd durlng the year. Ou￿rng the year the Irust was ehargod £41,041 (2024.. £22,903) for legal advice. accounts Production, and day lo day admlnlstratlon by Brachers LLP, a firm of sollcitors, of which Mr C Eriksson-Leg Ilruslee ropresentalivg during the y&ar) was a partner, Employees There w8r(g no fjrnployées during th8 year. THE EDNA LINNELL CHARITABLE TRUST NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 28 FEBRUARY 2025 Listed Investments 2025 2024 Market value al l March 2024 Disposal procaeds Acqulslllons al cost Rgallsed galns on Inveslmgnls Unreallsed galnsll105ses) i)n Investments 1,424.513 (528,8891 345,214 1,423,685 (533,447) 505,295 50.018 43,529 12,375 16,605 Net gainslllossasl on inveslmenls 93.547 28,980 Market value at 28 February 202$ 1,334,385 1,424.613 Cash held for investmonl 22.434 36,841 Markèt valuè at 28 February 2025 1,356.819 1,461,354 Historical costs of investments 1,244,678 1,244,678 The portfollo was compTTsèd as follow&: Equilies Invoslmgnt Glade Corporale Bonds Fixed Interesl seCu￿tIes Alterriative Assets Cash 744,629 150,598 143,520 295,638 22,434 698,889 111,970 613,654 36,841 1,356,819 1.461,354 Malerial Inv8Stmenls (comprising more than 50/• of the charily's overall share portfolio by value) at 28 February 2025 w8re as foll()WS'. Loomis Sayles Global Growth Guardcap Global Eqully Fundsmilh LLP T Bailey Fund Evenlode Income D Dls 84,045 78,235 81,909 79,711 12 THE EDNA LINNELL CHARITABLE TRUST NOTES TO THE ACCOUNTS {CONTINUED> FOR THE YEAR ENDED 28 FEBRUARY 2025 Investment Propertles 2025 2024 Book value of property at 1 Mard12024 Dlsposal proceeds Realised gains on property 807.253 1823,269} 16,018 Book value of property al 28 February 2025 Debtors 2025 2024 Amounts due Sn1os8 that one year: Othar debtors Loans recelvablp 164,970 159.346 Amounts due In more than one y6ar'. other debtors Loans recelvable 18,478 28.878 183,448 26.878 The oiiglnal loan was mad6 to Ihg Blackthom TrLisI In 2013 and was for £105.171. It was mad8 on an interest free basis and rernains repayable ov8r 20 yeais. A further amounl of £7,g06 was added lo the loan in 2016, repayabl8 ovor the oxisling 18rm of Ihg loan. As of 30 Nov6mbor 2017, a sum of £7001s to be repald monthly. The loan is seciired over tha freehold propety owned by the Blacklhom Trust. Tho Inveslmonl fundlng Wds made lo further th8 Trust's charflable alms and to enable the advancemenl of Iho charitable purposes ol the Blacklholn TrusL The Blackthom Trust Is a registered charity (No. 11179791 provlding medical care. specialist therapies and rehabllitallon iu people with mental and phYs￿al hgallh dlfflculJès or learnlng difficultlas, alming to asslst Indlvidu31s to progress towards Ihelr full potenllal. On 6 September 2019, a loan was m8de lo th8 Maharishi Foundalion for £130,000. The loan is due lo be repald In full on 6 September 2025. Interest is chargeé at a rate of 4.5ts1ts per annum, to be paid in cash on lerminalion of the loan. Th8 loan is sgcured on Ihe followino proporly.. The Peacg Palace, Gardenia Close, R8ndlesham, Woodbridge, Suffolk, England. Credltors: amounls falling due wlthln one year 2025 2024 Othèr creditors 1.980 1,890 1.980 1,890 13- THE EDNA LINNELL CHARITABLE TRUST NOTES TO THE ACCOUNTS {CONTINUEDI FOR THE YEAR ENDED 28 FEBRUARY 2025 10 Designated funds 1 March New Deslgnatlons 2024 de5ignatlons released 28 February 2025 Property fund l¢a$h held) Invoslmenl fund 808,612 1,459,761 808,612 1,361,223 438,761 1537,2991 2,268,373 438,761 1537,299} 2,169.835 1 March New Designations 29 Febnjary 2023 designations released 2024 Property lund Property fund {eash held) Inveslmenl fund 807,253 1807,2531 808,612 534.275 808,612 1,459,761 1,467,363 1541,8771 2,274,616 1.342.887 {1,349,130) 2,268,373 Property fund - Ihls fund hald a share In the investment property whlch was Lised by Ihe Maharishl Foundhllon. Thè Investment property was disposed of In thg prior y¢ar. Investrnenl fund - these funds ar& Invèsted lo maximlse lotal relurn and generate net income. 11 Relalod party transactions The charty did not enlor Into any ielated party Iransactsons Lluring the year12024: Enil} other than th088 slipulaled in note 4. 14-