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2025-12-31-accounts

Trustees’ Report

and Financial Statements

for the year ended 31 December 2025

Registered Charity Number 1170045

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

THE MOHN WESTLAKE FOUNDATION

INDEX

Page
Charity information 1
Trustees’ report 2
Independent Auditor’s report 5
Statement of financial activities 8
Balance sheet 9
Statement of cash flows 10
Accounting policies 11
Notes to the financial statements 13

THE MOHN WESTLAKE FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

CHARITY INFORMATION

Trustees

Dame Marit Mohn (Chair) Mr Robert Westlake Mr Stian Westlake Ms Diana Gerald Mr Oyvind Bjornsen

Principal office

Ludlow Trust Co Limited Tower Wharf Cheese Lane Bristol BS2 0JJ

Registered charity number

1170045 Charity administrators Ludlow Trust Co Limited 1 Southampton Street London WC2R 0LR

Independent Auditor

Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY

Bankers and investment managers

Coutts & Co 440 The Strand London WC2R 0QS DnB Luxemburg S.A. 13, rue Goethe L- 1637 Luxembourg

Page 1

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

THE MOHN WESTLAKE FOUNDATION

TRUSTEES’ REPORT

The trustees have pleasure in presenting their annual report for the purposes of the Charities Act 2011, together with the accounts for the period ended 31 December 2025. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

STRUCTURE GOVERNANCE AND MANAGEMENT

The Mohn Westlake Foundation is a registered charity constituted under a trust deed dated 20 May 2016 and registered as a charity 4 November 2016.

The charity is controlled by the trustees (listed on page 1). Trustees are appointed by the Trustees from time to time in accordance with section 8 of the trust deed.

On agreeing to become a trustee of the charity, the trustees are thoroughly briefed by the existing co-trustees on the history of the trust, the day-to-day management, responsibilities of the trustees, the current objectives and future plans. Additionally they are provided with a copy of the latest trust deed and most recent set of financial statements.

The charity is managed by the trustees, with all decisions taken by the trustees.

The trustees have assessed the major risks to which the charity is exposed. The trustees believe that by ensuring controls exist over key financial systems including the systems and controls of the administrators and investment managers they have established effective systems to mitigate those risks.

OBJECTIVES AND ACTIVITIES

The charity’s objects are:

The Trustees shall apply the income and, in their absolute discretion, the capital of the Trust in promoting the objects. In order to further the charity’s objects the Trustees’ apply the income and capital by making grants to charitable organisations for the public benefit. These grants are made to organisations whose core purposes meet the charity’s objects and the trustees consider in making these grants the charity is fulfilling its aims for the public benefit.

In determining how the charity should pursue its objects, the trustees have had regard to the Charity Commission's guidance on public benefit.

Grant making policy : Applications for help the charity are made by applying in writing to the trustees. The applications are considered at regular intervals during meetings.

ACHIEVEMENTS AND PERFORMANCE

During the period under review the charity made net grants in furtherance of the objects amounting to £12,368,877 (2024: £12,864,753) with new grants awarded of £12,430,000 (2024: £14,098,833) and £61,123 (2024: £1,234,080) written back against awards in previous years. A reconciliation of the movement on grant awards is provided in note 17 to the financial statements.

The charity’s trustees invested its cash reserves during the period under review with Coutts & Co and are satisfied with the return from and performance of the portfolio.

Page 2

THE MOHN WESTLAKE FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

TRUSTEES’ REPORT

ACHIEVEMENTS AND PERFORMANCE continued

FUNDRAISING STANDARDS INFORMATION

The charity does not solicit funds from the general public nor does it engage any third parties to act on its behalf in raising funds for the charity. As such the charity is not bound by any scheme for regulating fundraising.

FINANCIAL REVIEW

Donations to the Foundation’s capital fund totalled £15,000,000 (2024: £15,000,000) from the settlor trustee. In addition £799,583 (2024: £997,896) was received in investment returns from the charity’s investment portfolio and bank deposits.

At 31 December 2025 the charity’s total funds amounted to £19,105,047 (2024: £14,199,485) with its reserves a deficit of £19,988,903 (2024: deficit of £18,638,095). The deficit on free reserves at the balance sheet date arises due to the timing of the recognition of liabilities and the transfer of funds from the endowment fund. Given the availability of the expendable endowment fund the trustees do not consider that the charity needs to maintain any significant free reserves although they recognise reserves may arise from time to time.

The trustees have continued their investment policy of holding funds in a mix of fixed interest securities and equities to provide income and maintain capital.

PLANS FOR FUTURE PERIODS

The trustees intend to continue the charity’s grant-making activity in furtherance of the charity’s objects.

Page 3

THE MOHN WESTLAKE FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

TRUSTEES’ REPORT

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

APPOINTMENT OF INDEPENDENT AUDITOR

During the period under review the charity appointed Blue Spire Limited as auditor to the charity. Blue Spire Limited have expressed their willingness to continue as auditor to the charity for subsequent financial years.

Approved by the trustees and signed on their behalf.

Trustee

Date 17 July 2026

Page 4

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

THE MOHN WESTLAKE FOUNDATION

INDEPENDENT AUDITOR’S REPORT

Independent Auditor’s Report to the Trustees of The Mohn Westlake Foundation

Opinion

We have audited the financial statements of The Mohn Westlake Foundation (the ‘charity’) for the year ended 31 December 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 5

THE MOHN WESTLAKE FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

INDEPENDENT AUDITOR’S REPORT

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees 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 charity’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 charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor 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 an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Based on our understanding of the Charity and the industry in which it operates, we identified the principal laws and regulations that directly affect the financial statements to be the Charities Act, and Trustee Act. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

In addition, the Charity is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. As an investment and donation funded grantmaker there is a limitation to areas most likely to have such an effect. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence if any.

Audit procedures performed by the engagement team included:

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

Page 6

THE MOHN WESTLAKE FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

INDEPENDENT AUDITOR’S REPORT

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.

Use of our report

This report is made solely to the charity’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 charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Blue Spire Limited, Statutory Auditor

Cawley Priory South Pallant Chichester West Sussex PO19 1SY

Date 21 July 2026

Blue Spire Limited is eligible for appointment as auditor of the charity by virtue its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006

Page 7

THE MOHN WESTLAKE FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

STATEMENT OF FINANCIAL ACTIVITIES

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
1
Investments
2
Total
EXPENDITURE ON:
Raising funds - Investment management fees
3
Charitable activities
4
Total
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
13
Net movement in funds
RECONCILIATION OF FUNDS
Funds brought forward
13
Funds carried forward
13		 Unrestricted
Funds
£
-
799,583
799,583
-
12,418,462
12,418,462
-
(11,618,879)
10,268,071
(1,350,808)
(18,638,095)
(19,988,903)		 Endowment
Funds
£
15,000,000
-
15,000,000
98,134
-
98,134
1,622,575
16,524,441
(10,268,071)
6,256,370
32,837,580
39,093,950		 31 Dec 2025
Total
Funds
£
15,000,000
799,583
15,799,583
98,134
12,418,462
12,516,596
1,622,575
4,905,562
-
4,905,562
14,199,485
19,105,047		 31 Dec 2024
Total
Funds
£
15,000,000
997,896
15,997,896
93,082
12,909,974
13,003,056
1,602,249
4,597,089
-
4,597,089
9,602,396
14,199,485

None of the charity's activities were acquired or discontinued during the above two financial periods.

The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.

Page 8

THE MOHN WESTLAKE FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

BALANCE SHEET AS AT 31 DECEMBER 2025

Note
FIXED ASSETS
Investments
9
Total fixed assets
CURRENT ASSETS
Cash at hand and in bank
Total current assets
CURRENT LIABILITIES
Creditors: amounts falling due within one year
10
Net current assets/(liabilities)
Total assets less current liabilities
Creditors: amounts falling after more than one year
11
Net assets/(liabilities)
THE FUNDS OF THE CHARITY
Expendable endowment funds
13
Unrestricted funds
13
Total charity funds		 £
£
21,267,119
21,267,119
17,994,958
17,994,958
7,985,200
10,009,758
31,276,877
(12,171,830)
19,105,047
39,093,950
(19,988,903)
19,105,047
31 Dec 2025		 £
£
19,705,945
19,705,945
13,235,875
13,235,875
6,658,778
6,577,097
26,283,042
(12,083,557)
14,199,485
32,837,580
(18,638,095)
14,199,485
31 Dec 2024		 £
£
19,705,945
19,705,945
13,235,875
13,235,875
6,658,778
6,577,097
26,283,042
(12,083,557)
14,199,485
32,837,580
(18,638,095)
14,199,485
31 Dec 2024
26,283,042
(12,083,557)
14,199,485
32,837,580
(18,638,095)
14,199,485

The notes on pages 13 to 20 form part of the financial statements.

17 July 2026

The financial statements on pages 8 to 20 we approved and authorised for issue by the trustee on ……………………………………. and signed on its behalf by:

…………………………………………

Trustee

Page 9

THE MOHN WESTLAKE FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

STATEMENT OF CASH FLOWS

31 Dec 2025 31 Dec 2024
Note £ £ £ £
Net cash flow from operating activities (see below) 3,898,099 6,137,215
Cash flow from investing activities
Investment income 799,583 997,896
Payments to acquire investments (4,714,868) (15,029,583)
Receipts on sale of investments 4,776,269 15,095,584
Net cash flow from investing activities 860,984 1,063,897
Net increase/(decrease) in cash and cash equivalents 4,759,083 7,201,112
Cash and cash equivalents at 1 January 13,235,875 6,034,763
Cash and cash equivalents at 31 December 17,994,958 13,235,875
Cash and cash equivalents consist of:
Cash at bank and in hand 17,994,958 13,235,875
Cash and cash equivalents at 31 December 17,994,958 13,235,875
Reconciliation of net income to net cash flow from operating activities
31 Dec 2025 31 Dec 2024
£ £ £ £
Net income 4,905,562 4,597,089
Adjusted for:
Investment income (799,583) (997,896)
Net (gains)/losses on investments (1,622,575) (1,602,249)
Increase/(decrease) in creditors 1,414,695 4,140,271
(1,007,463) 1,540,126
3,898,099 6,137,215

Page 10

THE MOHN WESTLAKE FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

ACCOUNTING POLICIES

General information, scope and basis of the financial statements

The Mohn Westlake Foundation is an unincorporated charity constituted under a trust deed. The address of the principal office is given in the reference and administrative details section and the nature of the charity’s operations and principal activities are given in the trustees' report.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to throughout the period under review, being the first period of account for the charity.

Incoming resources

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.

Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following expenditure headings:

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

Support and governance costs are those that assist the work of the charity but do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in the governance of the charity and primarily associated with the constitution and statutory requirements.

VAT

The charity is not registered for VAT and is unable to recover VAT incurred. On this basis costs are recorded inclusive of VAT within the SOFA.

Taxation

The charity is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the charity's activities.

Page 11

THE MOHN WESTLAKE FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

ACCOUNTING POLICIES

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Where investments are denominated in currencies other than Sterling, transactions are translated at the rate prevailing at the date of the transaction and year end values are calculated using the exchange rate prevailing at the year end.

Investments held in foreign currencies

Where investment assets are held in a foreign currency they are translated at the prevailing rate at the balance sheet date and any gain/loss on exchange rate movements is included in the statement of financial activities in the other recognised gains and losses section.

Debtors receivable and creditors payable within one year

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 and cash equivalents

Cash and cash equivalents include cash at bank and in hand and cash balances within the investment portfolio available for investment transaction purposes.

Fund accounting

Unrestricted income funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Expendable endowment funds are those which are required to be invested to produce income but which may be transferred to unrestricted funds at the discretion of the trustees in order that they may be expended in furtherance of the charity's objectives.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Page 12

THE MOHN WESTLAKE FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES TO THE FINANCIAL STATEMENTS

1. Donations and legacies

1. Donations and legacies
31 Dec 2025 31 Dec 2024
Unrestricted Endowment Total Unrestricted Endowment Total
Funds Funds Funds Funds Funds Funds
£ £ £ £ £ £
Additions to charity - 15,000,000 15,000,000 - 15,000,000 15,000,000
- 15,000,000 15,000,000 - 15,000,000 15,000,000
2. Investment income
31 Dec 2025 31 Dec 2024
Unrestricted Endowment Total Unrestricted Endowment Total
Funds Funds Funds Funds Funds Funds
£ £ £ £ £ £
Income from investment holdings 409,788 - 409,788 482,583 - 482,583
Interest on cash deposits 389,795 - 389,795 515,313 - 515,313
799,583 - 799,583 997,896 - 997,896
3. Raising funds - investment management fees
31 Dec 2025 31 Dec 2024
Unrestricted Endowment Total Unrestricted Endowment Total
Funds Funds Funds Funds Funds Funds
£ £ £ £ £ £
Fees paid to investment managers - 98,134 98,134 - 93,082 93,082
- 98,134 98,134 - 93,082 93,082

4. Charitable activities

4. Charitable activities
31 Dec 2025 31 Dec 2024
Unrestricted Endowment Total Unrestricted Endowment Total
Funds Funds Funds Funds Funds Funds
£ £ £ £ £ £
Grants to institutions (see note 5) 12,368,877 - 12,368,877 12,864,753 - 12,864,753
Website costs 3,037 - 3,037 3,404 - 3,404
Consultancy 12,237 - 12,237 9,566 - 9,566
Legal fees 780 - 780 - - -
Transaction charges 241 - 241 100 - 100
Administrative fees 29,990 - 29,990 30,051 - 30,051
Governance costs (see note 6) 3,300 - 3,300 2,100 - 2,100
12,418,462 - 12,418,462 12,909,974 - 12,909,974

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THE MOHN WESTLAKE FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES TO THE FINANCIAL STATEMENTS

5. Grants to institutions

5. Grants to institutions
31 Dec 2025 31 Dec 2024
Unrestricted Endowment Total Unrestricted Endowment Total
Funds Funds Funds Funds Funds Funds
£ £ £ £ £ £
Analysis of grants
BookTrust - - - 3,083,833 - 3,083,833
Connected by Data Ltd 125,000 - 125,000 125,000 - 125,000
Education Alliance for Life Chances 300,000 - 300,000 - - -
Education Policy Institute 450,000 - 450,000 - - -
Global Change Data Lab 750,000 - 750,000 - - -
LMK (Let Me Know) - - - 330,000 - 330,000
MedConfidential 15,000 - 15,000 - - -
Open Innovations (Open Data Institute
Leeds): reduction in award (61,123) - (61,123) (34,080) - (34,080)
Place2Be 3,000,000 - 3,000,000 - - -
Royal Opera House Covent Garden
Foundation 1,650,000 - 1,650,000 - - -
Scottish Book Trust 300,000 - 300,000 - - -
Screen Academy Foundation 1,050,000 - 1,050,000 - -
St Edmund's Nursery School and Children's
Centre Services - - - 200,000 - 200,000
The Brilliant Club - - - 360,000 - 360,000
The Reach Foundation 3,000,000 - 3,000,000 - - -
The Royal National Theatre - - - 10,000,000 - 10,000,000
The Royal National Theatre: written back - - - (1,200,000) - (1,200,000)
The Royal Parks [Limited] 125,000 - 125,000 - - -
The Tutor Trust 1,665,000 - 1,665,000 - - -
12,368,877 - 12,368,877 12,864,753 - 12,864,753

6. Governance Costs

6. Governance Costs
31 Dec 2025 31 Dec 2024
Unrestricted Endowment Total Unrestricted Endowment Total
Funds Funds Funds Funds Funds Funds
£ £ £ £ £ £
Auditor's remuneration 3,300 - 3,300 2,100 - 2,100
3,300 - 3,300 2,100 - 2,100
7. Auditor's remuneration
31 Dec 2025 31 Dec 2024
Unrestricted Endowment Total Unrestricted Endowment Total
Funds Funds Funds Funds Funds Funds
£ £ £ £ £ £
Auditor's remuneration - audit 3,300 - 3,300 2,100 - 2,100

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THE MOHN WESTLAKE FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES TO THE FINANCIAL STATEMENTS

8. Related party transactions

The charity has no employees, with all administration being carried out by a professional firm.

During the year under review, £15,000,000 (2024: £15,000,000) of donations were received from Marstia Invest AS of Norway, the settlor and one of the trustees wholly own the company.

During the year under review, no grants (2024: a grant of £3,083,833) were awarded to BookTrust, of which one of the trustees is Co-Chief Executive. The grant is payable over three years and at the balance sheet date a grant creditor of £2,191,473 (2024: £3,083,833) is recognised (see note 17).

Similarly, no grants (2024: a grant of £10,000,000) were awarded to The Royal National Theatre, payable over a five-year period. The settlor trustee is also a trustee of the Royal National Theatre. The grant was awarded after the settlor trustee's appointment to The Royal National Theatre. A grant creditor of £8,000,000 (2024: £10,000,000) in respect of this award is recognised at the balance sheet date (see note 17).

To manage the potential conflict of interest, the respective trustees were excluded from the grant-making process, discussions and decisions relating to the approval of the above-mentioned grants.

No trustees received remuneration nor expenses in the year under review or the comparative year.

9. Fixed asset investments

9. Fixed asset investments
31 Dec 2025 31 Dec 2024
£ £
Market value brought forward 19,705,945 18,169,697
Additions at cost 4,714,868 15,029,583
Disposals at carrying value (4,720,361) (14,339,653)
Gain/(Loss) on revaluation 1,566,667 846,318
Market value carried forward 21,267,119 19,705,945
Asset distribution:
Listed investments and equivalents 21,267,119 19,705,945
21,267,119 19,705,945
Net gains/(losses) on investments:
Unrealised gains/(losses) 1,566,667 846,318
Realised gains/(losses) 55,908 755,931
1,622,575 1,602,249
10. Creditors: amounts falling due within one year
31 Dec 2025 31 Dec 2024
Total Total
Funds Funds
£
Grants payable (see note 17) 7,946,727 6,624,672
Accruals - Independent auditors remuneration 3,300 2,100
Accruals - investment management and administration fees 35,173 32,006
7,985,200 6,658,778

Page 15

THE MOHN WESTLAKE FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES TO THE FINANCIAL STATEMENTS

11. Creditors: amounts falling due after more than one year

Grants payable (see note 17)
12. Analysis of net assets between funds
Fixed assets
Current assets
Current liabilities
Non-current liabilities		 Unrestricted
Funds
£
-
142,418
(7,959,491)
(12,171,830)
(19,988,903)		 Endowment
Funds
£
21,267,119
17,852,540
(25,709)
-
39,093,950		 31 Dec 2025
Total
Funds
£
21,267,119
17,994,958
(7,985,200)
(12,171,830)
19,105,047		 Unrestricted
Funds
£
-
80,171
(6,634,709)
(12,083,557)
(18,638,095)		 31 Dec 2025
Total
Funds
£
12,171,830
12,171,830
Endowment
Funds
£
19,705,945
13,155,704
(24,069)
-
32,837,580		 31 Dec 2024
Total
Funds
£
12,083,557
12,083,557
31 Dec 2024
Total
Funds
£
19,705,945
13,235,875
(6,658,778)
(12,083,557)
14,199,485

13. Analysis of net movements in funds

13. Analysis of net movements in funds
Endowment funds
Capital fund
Unrestricted funds
General fund
Total funds
Endowment funds
Capital fund
Unrestricted funds
General fund
Total funds		 Year ended 31 December 2025
Total funds
brought
forward
£
32,837,580
32,837,580
(18,638,095)
(18,638,095)
14,199,485		 Total
incoming
resources
£
15,000,000
15,000,000
799,583
799,583
15,799,583		 Total
Net gains/
resources
(losses) on
expended
Investments
£
£
(98,134)
1,622,575
(98,134)
1,622,575
(12,418,462)
-
(12,418,462)
-
(12,516,596)
1,622,575
Year ended 31 December 2024		 Transfers
between
funds
£
(10,268,071)
(10,268,071)
10,268,071
10,268,071
-		 Total funds
carried
forward
£
39,093,950
39,093,950
(19,988,903)
(19,988,903)
19,105,047
Total funds
brought
forward
£
21,619,710
21,619,710
(12,017,314)
(12,017,314)
9,602,396		 Total
incoming
resources
£
15,000,000
15,000,000
997,896
997,896
15,997,896		 Total
resources
expended
£
(93,082)
(93,082)
(12,909,974)
(12,909,974)
(13,003,056)		 Net gains/
(losses) on
Investments
£
1,602,249
1,602,249
-
-
1,602,249		 Transfers
between
funds
£
(5,291,297)
(5,291,297)
5,291,297
5,291,297
-		 Total funds
carried
forward
£
32,837,580
32,837,580
(18,638,095)
(18,638,095)
14,199,485

Page 16

THE MOHN WESTLAKE FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES TO THE FINANCIAL STATEMENTS

14. Description of funds
Capital fund Funds received from the settlor trustees to support the charity's ongoing and future activities.
General fund Income funds available for the charity's use at the discretion of the trustees.
15. Transfers between funds
Unrestricted Endowment
From To Funds Funds
£ £
Transfer 1
Capital fund General fund 10,268,071 (10,268,071)
10,268,071 (10,268,071)
The transfer from endowment to unrestricted funds was implemented to provide resources for grant awards in furtherance of the charity's objectives as permitted under
section 5 of the trust deed.
10,268,071
 (10,268,071)
16. Financial instruments
The carrying amounts of the charity's financial instruments are as follows:
31 Dec 2025 31 Dec 2024
Total Total
Funds Funds
£ £
Financial assets
Measured at fair value through net income/(expenditure):
Fixed asset investments 21,267,119 19,705,945
21,267,119 19,705,945

Page 17

THE MOHN WESTLAKE FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES TO THE FINANCIAL STATEMENTS

16. Financial instruments (continued)

The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows:

The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows:
Income and expense
Financial assets measured at fair value through net income/(expenditure)
Investment income
Investment management fees
Net gains and losses (including changes In fair value)
Financial assets measured at fair value through net income/(expenditure)
Net gains/(losses) on investments		 31 Dec 2025
Total
Funds
£
409,788
(98,134)
311,654
1,622,575
1,622,575		 31 Dec 2024
Total
Funds
£
482,583
(93,082)
389,501
1,602,249
1,602,249

Fixed asset investments are held at fair value with valuations obtained by reference to market prices from the appropriate stock exchange, bid prices and last traded prices where applicable.

17. Grant creditor reconciliation

Recipient
BookTrust
2025
BookTrust
2026
BookTrust
2027
Connected by Data Ltd
2025
Education Alliance for Life Chances
2025
Education Alliance for Life Chances
2026
Education Alliance for Life Chances
2027
Education Policy Institute
2025
Education Policy Institute
2026
Education Policy Institute
2027
Full Fact
2025
Get Further
2025
Get Further
2026
Global Change Data Lab
2025
Global Change Data Lab
2026
Global Change Data Lab
2027
Imperial College London
2025
Imperial College London
2026
Imperial College London
2027
Kingston University
2025
LMK (Let Me Know)
2025
LMK (Let Me Know)
2026
Carried down
Expected year
of payment		 £
892,360
1,039,643
1,151,830
-
-
-
-
-
-
-
250,000
200,000
200,000
-
-
-
400,000
400,000
400,000
104,373
110,000
110,000
5,258,206
Brought
forward		 £
-
-
-
125,000
100,000
100,000
100,000
150,000
150,000
150,000
-
-
-
250,000
250,000
250,000
-
-
-
-
-
-
1,625,000
Awarded in
year		 £
(892,360)
-
-
(125,000)
(100,000)
-
-
(150,000)
-
-
(250,000)
(200,000)
-
(250,000)
-
-
(400,000)
-
-
(104,373)
(110,000)
-
(2,581,733)
Paid in year		 £
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Written back		 £
-
1,039,643
1,151,830
-
-
100,000
100,000
-
150,000
150,000
-
-
200,000
-
250,000
250,000
-
400,000
400,000
-
-
110,000
Carried
forward
4,301,473

Page 18

THE MOHN WESTLAKE FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES TO THE FINANCIAL STATEMENTS

17. Grant creditor reconciliation (continued)
Recipient
Brought down
MedConfidential
2025
Open Innovations (ODI Leeds)
2025
Place2Be
2025
Place2Be
2026
Place2Be
2027
Pro Bono Economics
2025
Reach Foundation
2025
Reach Foundation
2026
Royal Horticultural Society
2025
Royal Opera House Covent Garden Foundation
2026
Scottish Book Trust
2025
Scottish Book Trust
2026
Scottish Book Trust
2027
Screen Academy Foundation
2025
Screen Academy Foundation
2026
Screen Academy Foundation
2027
The Brilliant Club
2025
The Brilliant Club
2026
The Reach Foundation
2025
The Reach Foundation
2026
The Reach Foundation
2027
The Reach Foundation
2028
The Royal National Theatre
2025
The Royal National Theatre
2026
The Royal National Theatre
2027
The Royal National Theatre
2028
The Royal National Theatre
2029
The Royal Parks [Limited]
2025
The Royal Parks [Limited]
2026
The Royal Parks [Limited]
2027
The Tutor Trust
2025
The Tutor Trust
2026
The Tutor Trust
2027
The Tutor Trust
2028
Voice 21
2025
Payable in less than one year
Payable in more than one year
Expected year
of payment		 £
5,258,206
-
150,000
-
-
-
300,000
519,939
512,084
978,000
-
-
-
-
-
-
-
120,000
120,000
-
-
-
-
2,000,000
2,000,000
2,000,000
2,000,000
2,000,000
-
-
-
500,000
-
-
250,000
18,708,229
6,624,672
12,083,557
18,708,229
Brought
forward		 £
1,625,000
15,000
-
1,000,000
1,000,000
1,000,000
-
-
-
-
1,650,000
100,000
100,000
100,000
350,000
350,000
350,000
-
-
500,000
1,000,000
1,000,000
500,000
-
-
-
-
-
5,000
60,000
60,000
-
555,000
555,000
555,000
-
12,430,000
Awarded in
year		 £
(2,581,733)
(15,000)
(88,877)
(1,000,000)
-
-
(300,000)
(519,939)
-
(978,000)
(1,650,000)
(100,000)
-
-
(350,000)
-
-
(120,000)
-
(500,000)
-
-
-
(2,000,000)
-
-
-
-
(5,000)
-
-
(500,000)
-
-
(250,000)
(10,958,549)
Paid in year		 £
-
-
(61,123)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(61,123)
Written back		 £
4,301,473
-
-
-
1,000,000
1,000,000
-
-
512,084
-
-
-
100,000
100,000
-
350,000
350,000
-
120,000
-
1,000,000
1,000,000
500,000
-
2,000,000
2,000,000
2,000,000
2,000,000
-
60,000
60,000
-
555,000
555,000
555,000
-
Carried
forward
20,118,557
7,946,727
12,171,830
20,118,557

Page 19

THE MOHN WESTLAKE FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES TO THE FINANCIAL STATEMENTS

18. Comparative statement of financial activities

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
1
Investments
2
Total
EXPENDITURE ON:
Raising funds - Investment management fees
3
Charitable activities
4
Total
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
13
Net movement in funds
RECONCILIATION OF FUNDS
Funds brought forward
13
Funds carried forward
13		 Unrestricted
Funds
£
-
997,896
997,896
-
12,909,974
12,909,974
-
(11,912,078)
5,291,297
(6,620,781)
(12,017,314)
(18,638,095)		 Endowment
Funds
£
15,000,000
-
15,000,000
93,082
-
93,082
1,602,249
16,509,167
(5,291,297)
11,217,870
21,619,710
32,837,580		 31 Dec 2024
Total
Funds
£
15,000,000
997,896
15,997,896
93,082
12,909,974
13,003,056
1,602,249
4,597,089
-
4,597,089
9,602,396
14,199,485

Page 20