Charity number- 1186253
THE LINDSELL FOUNDATION
UNAUDITED
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED S APRIL 2025

THE LINDSELL FOUNDATION
CONTENTS
Page
Reference and administrative detai15 of the Charity. its Tru5tee5 and advisers
Trusts¢$' report
Indep8nd8nt 8xaminerfs rgport
10- 11
Statement of Ilnanclal actlvitie8
12
B¥lan¢• $h•èt
13
N¢t•$ to th• flnan¢lal stat*monts
14-20

THE LINDSELL FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 5 APRIL 2025
Trustees
Henrietta M Lindselll
Michael J Lindse112
Albert J Lindsell
James B Anderson (resigned 10 November 20241
Kathryn A Buscall
Paul D Vail lappoinled 14 March 2025}
Sophie A Lindsell (ap￿inted 1 Ocloter 2024)
Trustee Chair
2 Investment Commrtiee Chair
Charlty reglstered
number
1186253
Prlnclpal offi¢•
51b Elizabelh Street
London
SW1W 9PP
Accountants
MA Partner5 LLP
Chartered AcLx)untants
7 The Close
Norwch
Norfolk
NR14DJ
Bankers
C. Hoare & Co.
37 Fleet Street
Temple
London
EC4Y 18T
Sollcltor8
Withersworldwide
20 Old Bailey
London
EC4M 7AN
Pagè 1

THE LINDSELL FOUNDATION
TRUSTEES. REPORT
FOR THE YEAR ENDED 5 APRIL 2025
The Trustees present iheir annual report together wlh Ihe financial statemenls of the Foundatson for the year 6
April 2024 to 5 April 2025.
The Lindsell Foundation I'lhe Foundation'l is a UK based granl-making foundalion established by Michael and
Henrietta Lindsell under the charitable law of England and Wales and govemed by a Trust Deed dated 7
November 2019.
Obl•¢tlvo$ and a¢tlvltlos
a. Policles and objectlves
The Trustees have regard to the Charity Commission's guidance on publi¢ benefit in direcling the work of the
Foundation and ensuring that the Foundalion complies wth Ihe Good Governance Code and thè provisions of
the Charities Act 2011.
b. Grant.maklng poll¢lo8
The Foundation only eonsiders grants lo UK registered charities specifically for the advancement of education. In
the initial years of its existence. the Trustees aim lo form long-term partnerships with a limited number of
ch8ri118s in the field of education lo further the Foun¢jat￿n,s purpose and focus.
c. The Foundatlon's Purpose and Focus
The Foundation seeks lo Inspire young wople of 811 abililles, living in dlsadvantsged srtualions to benefll from
thg chan¢e of further edu¢atsonal opporttjnits'es. In doing $0 thg Foundation aims Io gnsurg that Ihgse individuals
achieve the best they can either academicalty or otheTh¥ise along with tha appropriate soaal and personal
development support.
In order lo help give opportunitiès to children from disadvantaged circumstancès the Trustèès arè looking lo
form long-lerm partnerships with specific e(1ucational focused charitsble trusts and found8tions.
Therg are a number of principles that underpin the Twsle8s' Iws:
to support children and young people right across th8 academic spectrum of ability and notjusl to
concentrate on excellence..
to support multiple academic and other approache5 to finding the appropriate career path for a young
person, whether that be via universities or spe(ialisl wlleges or apprenticeships,.
to seek approaches which begin at an earty stage of life. and involve continuous and supportive
interventions throughoul an individual's education.,
to seek sustainable solLrtions (academic, social and emotional learning) which are anchored into local
communities, and rf possible. lo create a nelwork effecl lo share the best ideas across multiple locations;
and
where rx)ssible to prioritise sc21able solutions.
The Foundation will where possible seek overfaps between the drfferent initialives it chooses to support. In order
lo achieve this on a manageable basis and lo make maximum impact wlh the funds that are available each
year, The Foundation may also target a specific geographic area to concentrate ils resources and impad but are
not constricted by this commitment.
Pagè 2

THE LINDSELL FOUNDATION
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 5 APRIL 2025
Objectives and activities Icontinuedl
The Trustees wish lo work vnth charitable trusts and foundations that have relevant experience, a solid
repulab'on, good rn8nagemenl with strong evidence of good govemance. financial prudenGe, and successful,
mèasurablg oul¢omes.
The Trustees would favour multi-year partnerships where the Foundation contribution has a strong sense of
connection and identity with its SUP￿ and involvement.
d. Tho F¢undatlon'$ Curr¢nt Strat•gy
The Foundatvjn's current strategy is deSIgr￿ lo support children, parents and teachers and in doing so lo
irnprove e(lucalional outcome5 for the children involved in their programme5. This year il was cenlred around the
following areas..
A¢ademl¢, Soclal and P•r$onal Dovelopment
IntoUnlversSty offers programmes of academic support after school for children from disadvantaged
backgrounds to help them achieve their potential and improve life chances. The Lindsell Foundation support two
cenlres, Norwich and Great Yarmouth.
Communlty Engagement wlth Crlcket
Chance to Shlne offgrs children in Nortojk ihg oppcwiunity to play leam and devolop through playing cricket.
Achlevement$ and perfomianc•
a. R•vlow of the past year
The Foundation has committed 10 8 clear stralegy described above and has made three material grants. Two
have been award8d to IntaUnlv•rslty. one to thè Norw¢h centrè the final part of a two-year commitm8nt to
support the fifth year ol its operation and tho other to the Groat Yamiou(h centrg as the last ol thr99 annual
payments. We hope these grants will continue to provide material benefil lo those children attending the cenlres.
Both grants have been lunded this year.
The third grant has been awarded lo Chance to Shin• as tt)e first year of a iwo-year commitment lo support
cricket in the community in Norfolk.
IntoUnlv•rslty- Norwlch
TLF paid £40,000 in 2020, 2021, and 2022 as part of Ihe original comrnitment. In 2023 and 2024 the Foundation
paid £40,000 as a lurther annual donation.
This initiative is fo¢used on a rounded education approa¢h building on the $tal& edu¢ation syslgm, in Cgnlres
which are based in what are swially andlor economically disadvantaged areas across the UK.
The lead funding partner for IntoUniversity- Norwich is the University of Easl Anglia IUEAI.
The Inlouniversity centre in Norwich was opened in Autumn 2021. The aim has been to help children from the
8ge of 7 years onwards lunlil universrty or attaining empl¢)yTnenll to advance their academic lor olherwisel,
personal dèvèlopment and ad)ieve their potentsl, wh8tÈver that might be.
Whilst the name implies a university focus the approach is very much on a 'best career path, fit that suits the
young person concerned.
Pagè 3

THE LINDSELL FOUNDATION
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 5 APRIL 2025
Achievements and perfomiance (continued)
The focus is lo supplement and ennch the national system on offer. alongside the sch¢x)l and home
environment. and also lo help open mindslimaginalion around different GhoiGe5 of higher education, including
univèrsity and vocab'onal allematives, that may be available as well as ¢areer choices. 11 operates in Cgntres after
the school day.
There is also a focus on personal leadership development, real life work experience andlor internships with a
follow-on mentoring buddy system at university or at work.
IntoUnlv•rslty Norwl¢h has provrded regular up(181es 8nd impact ￿portS. The cenlre's first thre& ye8rs were a
success despite the disruptions ol ¢ovid tsrgÈls a¢hieved. The centre has built a relationship with many local
schools in some of the more disadvantaged wards in Norwich. Over the last year over 1,500 PLJpils passed
through the centre and in addition it has linked up with various local initiatives to offer schoolchildren a wider
range ol interests, activities and options to broaden their educational experience. Their'Focus' weeks have been
particularly popular where Intouniversity work5 Wlth a whole school class to concentrate on a themelsubject and
the children 'graduate' al the end in a sperjally curated ceremony al the University of East Anglia.
Intounlverslty. Grnat Yarmouth
TLF paid £30,000 in 2022, £40,000 in 2023 and £50.000 in 2024.
This inilialive, like the ongoing one in Norwich, is focused on a rounded education approach building on the slate
education system, in centre5 which are in socially andlor economically disadvantsged areas across the UK.
The lead funding partners for Inlouniversty Greal Yarmouth are the University of East Anglla IUEAI and Tdnily
College Cambridgg.
The Inlouniversity centre in Great Yarniouth was opened in September 2022. The aim has been to help children
from the age of 7 years onwards (until university or attaining emplO￿￿entI lo advance their academic lor
olherwisel, personal development and achieve their potential whatever that might be. In its first year the cenlrè
$8w 880 slu(Jents pass through ils doors and in 2024 this h8d reached 1,300.
Great Yamoulh, leven mor8 SO than NoM¢hl, exhibts Ihe educationally and economically disadvantaged
riteria that Intouniversity assess in order to estsblish a centre. The ￿ntre is based in the Market Place
shopping centre in the heart of the town, which provides easy access for most of the schools that Intouniversity
is targeting and also a convenient location lor parents and guardians to drop off and collect the children. The
eenlre has had a successful first three years with enthusiastic backing from local schwls and has recorded pupil
numbers that have exceeded initial tsrge15. The Trustees w511ed the centre in June 2023 to witness vibrant and
positive engagement from the pupils. 11 is hopeij that in its fourth year the ¢enlre will expand ils ¢onne¢lions with
local businesses in order to provide for the mentoring of older pupils as they delemiine their furthèr educational
and career choices.
As Intouniversity approaches its 23rd anniversary it is proud to have established 45 centres in 28 towns in
England and Scotland helping over 56,lJ)O children in the last year. Their goal is lo expand lo 50 cenlres by
2027.
There is also a fo¢us on personal leadership development. real life work experien￿ andlor intemships with a
follow-on mentoring buddy s￿leM at university or at work.
Al of our financial commitments to Intouniversity have now ended. Having helped set up Intouniversity in
Norwich and in Great Yamioulh for an In￿al three year peric%J and hawng supported Norwich for a further two
years we believe that the ¢xntres are well estsblished and operab.ng successfully. There is encouraging lake up
of students and the Cent￿ leaders have established good relationships wth local schools and businesses. Th&
Lindsell Foundation wish trj explore other avenues for grant giving either locally or nats'onally to increase its
bandwidth of support.
Pagè 4

THE LINDSELL FOUNDATION
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 5 APRIL 2025
Achievements and perfomiance (continued)
Chance to Shine in Norfolk
£26,556 paid in 2024.
In December 2024 the Lindsell Foundation entered into an agreement to support Chance to Shine in Norfolk for
two years with two annual donations of £26,556 pa.
Ch8nctr lo Shine is a n81ion81 charily founded 20 ￿ar$ ago thal aims lo give all children the opportunity lo play.
learn and develop through ¢ri¢k8t. The ¢harity believès that cricket Can help to develop thè personal, social and
physical skills of Children and people. Since its estsblishment 7.3 million children have benefited from the
harity s programmes.
Chance to Shine supported around 626.000 ￿n9 people last year with a 50150 gender splf( and 74'k corning
from an ethnically diverse background. The charity works primarily with Cricket Clubs and also has a prograrnme
of stre81 cricket which runs daily Ihrovghoul the year. Last year they worked with 4,278 stsle primaries and 1,893
schools that have a higher proportion Ih8n most of free sthool meals.
The cricket clubs the charity 8ngag8s wth ar8 generally wthin walking distance of th8 schools and 91 % of th8m
are based in the most deprived areas ol England. There are 274 street dubs with Kings L￿n and Norwich
starting ones last year. 8,000 children in Norfolk benefited from parts'cjpatsng in the charity's programmes last
year.
There has been a high proportion of children special educatlonal needs particlpallng, whlch Is good lo see
especially amongst Ihg girls.
Chance lo Shine in Norfolk has exceeded ils largets and its cnaches are keen to locus on lrfe skills as well as
passion for cricket.
The main other donors for Chance lo Shine are Sport England and the English Cricket Board I'EC8'1.
Flnanclal r•vl•w
a. Going ¢on¢•m
After making appropriate enquiries, the Trustees have a reasonable expectation that the Foundation has
adequate resources lo continue in operational existence for the foreseeable future. For this reason, they have
adopted the going concern basis in Preparing the financial statements.
Pagè 5

THE LINDSELL FOUNDATION
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 5 APRIL 2025
b. Reserves policy
Thè Trustéès approvè grants for payment over one or more years. These are brought into thg a¢￿UnIS when
there is a Commitment to pay.
The Trustees meet these commitments out of income but when there is insufficient income, they will do so from
the Foundab'on'5 capital. Accordingly. the Trustees take Ihe view that all available funds should be seen as one.,
they havè therefore adopted a Statement of Financial Activities that merges all resources.
The Investment Policy makes provision for sufficignl cash resources lo me81 commitsnenls as Ihoy fall due.
The Trustees are satisfied that the tolalty and composilion of ihe Foundation's resources are sufficient for this
purpose.
c. Investment powers. pollcy and perforniance
The Investment Committee is chaired by Michael Lindsell. He has the delegated authority from the Trustees In
respect of the day lo day management of the Foundation's investments. The Trustees do not envisage, given thè
level of expertise of the Chair of ihe Inv8stmenl Committee, that il wll be necessary lo engage an exlemal
Snvestmenl manager.
The rol8 of the Investment Commilt88 IS to forniulate and impl8m8nt the Invastment Policy, monitor investmanl
performance and report to the Truslees on a regular basis Or￿ investments have been undertaken.
Thè Trusteès need to generate funds availablè for granl-making while preserving the rèal value of thè
Foundation's nel financial assets over the long4em.
The invgslment objg¢tive of the Foundation's investment portfdio is lo maximise long-lerm total returns with a
minimum objective lo maintain the real purchasing power of Sterting capilal.
The invesiment policy of the Foundation. adopted by Ihe Trustees on 12 December 2021, is to invesl in equities,
bonds, funds, cash and other financial investments globally wth no limitation on the markets and sectors in
which investments may be made, although there may be a bias towart19 Slerfing assets consistent with a Sterlin9
dtsminaled investment objective.
The Foundation aims to maintain sufficient cash resources to allow for the annual funding of grants. Currently
£183,16S is retained in the Foundation's ojrrent and deposit accounts at C. Hoare and Co. for these purposes.
The Foundation expects to invest in a ￿nCentrated portfolio of securities with the number of investments not
exceeding fifteen companies.
In addition to its existing bank account * C. Hoare & Co.. the Foundation has a Fund and Share account at
Hargreaves Lansdown IHLI. HL holds its securities in its nominee name for the Foundation's benefit, provides
dealing services, exchanges currency, and receives all income and dividends arising from ils cash and
invesimenls. HL charges transaction fees for this custody and dealing service.
The account with HL was opened in November 2021. The initial investments were purchased from January
2022. As at 5 April 2025 the portfolio consisted of investments in eleven ¢ompani&s valued at £1,326.459. In
addition HL maintains a ￿sh balance of £3,906 which derived from dividends, gilt interest and interest in¢ome
less additional investments made throughoul the ￿ar.
Pagè 6

THE LINDSELL FOUNDATION
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 5 APRIL 2025
The eleven investments indude p)sitions in Unilever, Walt Disney. Heineken Holdings, PayPal, Hargreaves
Lansdown, TKO, Nintendo {ADRI. Diageo. London Stock Exchar)ge. RELX and Mondelez. All are judged to be
durable business franchises, which eam high returns on capitsl and should endure and prosper for many years
in the future. The ability of these companies lo increase sales and profits ahead of the prevailing rale of UK
inflation ovar thè long-lem should be instrumental in helping to preserve and grow the purchasing power of the
Foundation's assets.
The portfolio at HL received dividend, gilt interest and interest incLJme payTnents of £21,254 during the year to 5
April 2025.
The Foundation received an 8ddib.onal donabon in March 2025 that was retained in the Foundation's current
account at C Hoare & Co.
The valu8 of the portfolio at 5 April 2025 was £1.330,365. which represented a 22.99/0 gain from its valu8 of
£1,082,559 on 5 April 2024 and 9.2% annualised gain from the initial investment of £1,000,000 on 31 December
2021. As a comparison the annualised increase in inflation. as measured by the UK CPI index, was 5.4.19 from
31 December 2021 and 2.4% from 5 April 2024.
d. Prlnclpal rlsks and unc8rtainti•s
The Trustees are ￿SponSible for monitoring the risks lacing the Foundation and ensuring 8dequale steps lo
manage them. The Foundation has 8 risk management policy that is kept under continuous review and formally
updalgd once a year. The Trustees rgcognise thal iherg arg thro9 principal risks lo managg.
Financial
The Trustees have identiffied the risk Irom the reduction in Ihe value of its investments or from the incomè
Ihereon through severe market circumstances or inappropriate allocation of investments obliging the Foundation
to reduce the sum av8ilable for grants. This is mitigated by 8n investment policy that plans lo allocate the
majority of the Foundation's capitsl lo a limited number ol well-established companies for the long-lgrm
buttressed by retsining suificienl res*rves ol cash to meel all lutyre grant obligab'on$.
Operelional
The Trustees consiijer that the Founijalion's operalions are low nsk. The Foundation does not enter into
contracts to deliver charitsble purposes and il has no employees. Operational risks in terms of granl-making,
fraudulent applications or potèntial misuse ol funds by a grant beneficiary are risks that the Trustaes mitigate by
restricting grants to well-funded charitses that are registered with the Charity Commission for England and
Wales. When awarding grants Ihe Foundation draws up a contract with the partnering bodies signed by both
parties.
Conllicls of Inler8sI
As the majority of the Trustees are connected persons there is a risk arising from conflicts of interest. The
Foundalion has a detailed policy regarding conflicts of interest. Grants can only be awarded after a thorough
assessmenl and review against a standard Foundaiion checklisl of crileria and final approval by all Trustees.
The Trustees maintain a conflicts of interest register that is reviewed annually.
Pagè 7

THE LINDSELL FOUNDATION
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 5 APRIL 2025
e. Financial review
Thè Foundab'on's incomè for th& period. excluding thè donation of £100,000 plus thè associated tax credit of
£25,000, was £21,254 from dividends paid by the companies and interest In￿Me from fixed inlerest investments
held in the investment portfolio and £4,024 cash balances at C. Hoare & Co and Hargreaves Lansdown.
In the period under review the Trustees paid grants totaling £116.556. The Trustees made a further commilrnenl
of £26,556 to Chance to Shine in 2025.
The granis that Trustg9s approve on a conditional basis may be payable over several years.. accordingly such
grants do not appear in full in the Stslement of Financial Activities in the year in which they are awarded.
Trustees regard the level of grants actually paid during the year as a more helpful measure of granl-making
activity and have used this measure ol their activity within this Trustees. Report.
The Trustees anticipate that the nalure of granl-making in the period under review will be maintained for the
foreseeable future.
As a proportion ol grants paid, adminislrabon and goveman¢e costs werg 2.4%.
Structure, gov•rnanc• and manag•mont
a. Constltutlon
The Llndsell Foundation is a registered charity, nLJmber 1186253, and is conslltuled under a Trust deed.
b. Methods of appolntmont or 01oCtlon ol Trustees
The management of the Charity is the ￿spOnSIbl1ty of the Trustees who are ele¢igd and ¢o-oplgd undgr the
terms of the Trust deed. The tem) for a Twstee Inon-lamilyl has been set for a fixed five year term. with the
possibility to agree an extension.
c. Organisational $tru¢tur• ond de¢isionamaking poli¢••s
The Foundation is governed by a Board ol Truslees. The Trustees are responsible for the management ol the
Foundation and hold regular meetings to consider individual Trustee initiated research undertaken lo identify
suitable can¢Jidales for grants. In addition, the Trustees consider applications made by charities that have
8ppro8¢hed the Foundation through its website or by other means. The Found8tion is run day lo day by the
Chairman. The Foundation has no employees.
Plans for future periods
The Trustees are investigatiThJ additional partnerships and hope to make further progress in awarding grants in
the coming year.
Pagè 8

THE LINDSELL FOUNDATION
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 5 APRIL 2025
ststement of Tru$tees' responslblllll
The Trustees are responsible for preparing the Trustees, report and the financial slalemenls in accordance with
applicable law and Uniled Kingdom Accountsng Stan¢Jards (United kn'ngdom Generally Accepted Accounting
Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for
each financial which give a true and fair view of the state of affairs of the Charity and of ils incoming resources
and application of resources, induding rts irKome and expenditure, for that period. In preparing these financial
slalemenls, the Tru51ees are required lo."
select suitable accounting policies and then apply them consistently.,
observe the methods and principles of the Charitses SORP IFRS 102}',
make judgments and accounting estimates that are reasonable and prudent.,
stsle whether applicable UK A¢￿Un￿n9 Standards IFRS 1021 have been followed, subject to any matèrial
departures disclosed and explained In the finanual statements.,
prepare the financial siatemenls on the going concem basis unless it is inappropriate lo presume that the
Charity will continue in business.
Thè Trustees are responsible for keeping adequate accountyng records that are sufficient to show and explain
the Charity's transactions and disdose with reasonable a￿uracY at any lime the financial p0511ion of the Charity
and enable them to ensure that the finanaal statements comply wth the Charities Act 2011, the Charity
(Accounts and Reports) Regvlalions 2008 and the provisions of the Trust deed. They are a150 responsible for
safeguarding the assets of the Charity and hence lor tsking reasonable steps for the prevention and detection of
Iraud and other irre9ularilies.
Approved by order of the members of the board of Trustees and signed on their behalf by..
Henrletta M Llnds•ll
Dale..
2.ID.2S
Page 9

THE LINDSELL FOUNDATION
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 5 APRIL 2025
Independent examinerfs report to the Trustees of The Lindsell Foundation I'the Charity'l
I report to the charity Trustees on my examinatitM of the a￿Ounts of th8 Charity for the year ende(15 April 2025.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation ol the accounts in a¢¢ordance with the
requirements of the Charities Act 2011 1.the 2011 Act'l.
I report in respect of my examination of the Chariws accounts carried ovl under secb'on 145 of the 2011 Act and
in carrying out my examination I have followed Ihe applicable Directions given by the Charity Commission under
section 14515llbl of the 2011 Act.
Indopondont •x*mlnerfs statemont
Your attention is drawn to the fact that the Charity has prepared the accounts in accordancè wtih Accounting and
Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing th8ir accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in
preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April
2005 which is referred lo in the exlanl regulalions bul has been withdrawn.
l understand that this has been done in order for the accounts to provide a true and fair view in accordance with
the Generally Accepted Accounting Practice effective lor reports'ng penods beginning on or after 1 January 2015.
I have completed my ex8minalion. I confimi that no matters have come lo my 8ttention in connection with the
examination giving me causo lo believe that in any material rospect..
accounting records were not kept in respect of the Charity as requiod by section 130 of the 2011 Act.. or
the accounts do not accord wilh those records; or
the accounts do not comply wlh the applicable requirements conceming the fomi and content of
accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement
that the accounts give a 'lrue and fair. view which is not a matter considered as part of an independent
examination.
I have no concems and have C¢)me across no other matters in ￿nnect￿n wlh the examination lo which
attention Should be drawn in this rep¢)rt in OT(ler to enable a proper understanding of the accounts lo be reached.
Pagè 10

THE LINDSELL FOUNDATION
INDEPENDENT EXAMINER'S REPORT {CONTINUEDI
FOR THE YEAR ENDED 5 APRIL 2025
This report is made solely to the Charitys Trustees, as a body. in accordance with Part 4 of the Charities
(Accounts and Reports) Regulations 2LNJ8. My work has been undertaken so that I might state to the Charitys
Trustees those matters l am required to state to them in an Independent examinerfs report and for no other
purpose. To the fullest exlenl pemiitted by law. I do not accept or assume responsibility to anyone other than the
Charity and the Chariws Truslees as a body, lor my work or lor this report.
Signed..
Dated. 2 October 2025
Frank Shippam Bsc FCA DChA
MA Partners LLP
7 The Close
Norwich
Norfolk
NR14DJ
PagÈ11

THE LINDSELL FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2025
Unrestricted
funds
2025
Total
funds
2025
Total
funds
2024
Nots
Income from..
Donations and legacies
Investments
125.000
25.278
125.000
25.278
125,000
27. 702
Total Income
150,278
150,278
152, 702
Ex￿ndItur0 on:
Charitable adivities
119,314
119.314
82,681
Total •xpendltur•
119.314
119.314
82,681
Net Sncome before net galns on Investments
Nel gains on investments
30,964
98,639
30.964
98.639
70,021
4,873
N•t movoment In funds
129,603
129.603
74,894
R•eonelllatlon of funds:
Total funds brought forward
Nel movement in funds
1,382,367
129.603
1,382.367
129,603
1,307,473
74,894
Total funds carrf•d forward
1,511.970
1.511.970
1,382,367
The Statement of financial activities indudes all gains and losses recognised in the year.
The notes on pages 14 10 20 lofm part ol these financial statements.
Pagè 12

THE LINDSELL FOUNDATION
BALANCE SHEET
AS AT S APRIL 2025
2025
2024
Note
Investments
1,326.459
1,20T.404
1,326.459
1,207,404
Current assets
Cash at bank and in hand
187.071
176,349
187,071
1T6,349
Curr*nt Ilabllltles
Creditors.. amounts falling due within one
year
10
11.5601
(1,386)
Net current assets
185.S11
174,963
Total a880ts 1988 current Ilabllltl
1,511,970
1.382,36T
Total net assets
1,511,970
1.382.367
Charty funds
UnTe51ricted funds
1.511.970
1,382.367
Total funds
1,511,970
1.382,367
The financial stalemenls were approve(l and authorised for iSSLbe by the Trustees and signed on their behalf by..
Heniletta M Lindsell
Date..
2.10.25
The noles on pages 14 to 20 fom part ofthe5e finanual stalements.
Page 13

THE LINDSELL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
Gènèral Inforniatlon
The Lindsell Foundation is an unincorporated charity regislered wth the Charity Commission for England
and Wales.
Accountlng policlès
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP IFRS 1021-
Accounting and R8poth'n9 by Chariti8s". Stalemenl ol Recommendèd Practice applicable to charities
preparing their a¢counts in accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland {FRS 1021 (effective 1 January 20191. the Financial Reporting Standard
applicable in the UK and Republic of IrelarKI {FRS 1021 and the Charities Act 2011.
The finanaal stslemenls have been p￿pared lo give a Inje and fairf vlew and have departed from
the Charities (Accovnis and Reports) Regulations 2008 only to the exlenl required lo provide a 'true
and lair, vigw. This departure has involved following Ihe Charilies SORP IFRS 1021 PLJblished in
October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended
Practs'ce effeclive from 1 April 2005 which has since been withdrawn.
The Lindsell Foundation meets the definition of a public benefit entity under FRS 102. Assets and
liabilities 8re inits'ally recognise(J al historical cost OT transaction value unless otherwise staled in the
relevant accounting policy.
2.2 In¢om8
All income is recognised once the Charity has entrfement to the incorne, il is probable that the
income will be received and the amount ol income receivable can be measured reliably.
Income tax recoverable in relation lo (kjnab'ons receive(l under Gift Aid or deeds of covenant is
recognised al the time of the (lonation.
Income tax recoverable in relation to investment income is recognised at the time the investment
income is receivable.
2.3 Expenditure
Expen(Jilure is ￿cOgnised once Ihere is a legal or ¢onstw¢live obligation to transfer e¢onomi¢ benefit
to a third party, 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 on charitable activities is inojrred on ￿1￿cl1Y undertaking the activities which further the
Chariws objectives, a5 well as any asswiated 5UPPOrt ￿st5.
Grants payablè are charged in the year when the offér is madè excèpt in thosè ¢a$8s whèrè thè offèr
is conditional, such grants being recognised as expenditure when the conditions attaching are
fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as
commitment, but nol accrued as expendilure.
All expenditure is inclusive of irre(¥)verable VAT.
Pagè 14

THE LINDSELL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
Accounting policies {continuedl
2.4 Int•re$t r•¢•lvabl•
Interest on funds held on deposil is induded when r￿1vable and the amount can be measured
reliably by Ihe Charity. this is normally upon notificabon of the interest paid or payable by the
institution with whom the funds are deposited.
2.5 Investments
Fixed asset investments are a form of financial instrument and are initially re¢o9nised at their
transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value
cannot be measured reliably in which case il is measured at cost less impairment. Investment gains
and losses, whether realised or unrealised, are combined and presented as 'GainsllLos5esl on
inveslmenls, in the Slalemenl of ffinancial activities.
2.6 Cash at bank and In hand
Cash at bank and in hand includes ￿$h and short-tem) highly liquid inv8stm8nts with a short maturity
of three months or less from the date of acquisit￿￿ or opening of the deposit or similar account.
2.7 Llabllltl•B and provlslons
Llabililies a￿ recognise(I when the￿ Is 8n obllg81ion al the Balance sheet dale as a ￿sU11 of a past
gvenl, il is probable that a Iransfer of economic benefit will be ￿QUIred in settlement, and the amount
of the settlement can be estimated reliably.
Liabilities are recognised al the amount that the Chanty anticipates it will pay lo settle the debt or the
amount il has received as advanced payments for the goods or services it rnust provide.
Provisions are measure¢J al the best estimate of Ihe 8mounts required lo settle the obligation. Where
the effect of the lime value of money is malerial, the provision is based on the present value of those
amounts, discounted at the pre-lax discount rate that reflects the risks specific to thè liability. Th8
unwinding of the discount is recognised in the Stalement of finanoal activities as a finan¢e cost.
2.8 Financial instruments
The Charity only has financial assets and financial liabilitie5 of a kind knal qualify 85 basic financial
instruments. Basi¢ financial instruments a￿ initially ￿COgniSed al Iransa¢lion value and subsequently
measured at their settlement value with the exception of bank loans which are subsequently
measured al amorbsed cost usin9 the effeclive interesl meihod.
2.9 Fund accountlng
General fund5 are unre5trictsd funds whith are available for use al the di￿retIOn of the Trustees in
furthÈr8ncè of the general obj8ctives of the Charity and which have not baan d8signatad for othar
purposes.
Investment income, gains arKI losses are allcKaled to the appropriate fund.
Pagè 15

THE LINDSELL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
Incomè from donatlons and l•gacl•s
Unrestricted
funds
2025
Total
funds
2025
Total
funds
2024
Donations
125.000
125,000
125,000
Investment Income
Unr•$trl¢t*d
funds
2025
Totsl
funds
2025
Tol81
ftjnds
2024
Interest
Li818d investments
4.024
21.254
4,024
21,254
2,059
25,643
25,278
2S,278
27, 702
Analy81s of grants
Grant$ to
Instltutlons
2025
Totsl
fund8
2025
Total
fijnds
2024
Grants
116.556
116,556
80,000
Total 2024
80,000
80,000
During the year grants were payable lo Inlouniversrty. £50,00012024 - £40.0001 lo support the leaming
entre in Great Yarmouth and £40,00012024- £40.0001 lo support leaming ¢entre in Norwi¢h. A grant of
£26,5￿{2024 - £ni4 was also payable lo Chance to Shine. Further details are provided in the Trustees
Retx)rt.
Pagè 16

THE LINDSELL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
Analysls of èxp•ndltur• by aetlvltl•s
Grant
funding of
activltles
2025
Support
Costs
2025
Total
funds
2025
Total
funds
2024
Direct costs
116,556
2,758
119,314
82,681
Total 2024
80.000
2,681
82,687
Analy$l$ of support ¢osts
Tot41
funds
2025
Total
funds
2024
Actlvltl•s
2025
Bank charge5
Accountancy
Design
Adminislralion
1,614
720
420
1.614
720
420
1,506
720
450
2.758
2,758
2,681
Independent examlnerfs remuneratlon
2025
2024
Fees payable io (he Foundation's independent examiner for the
independent examination of the Foundation's annual accounts
Ftres payable to the Charitys independent examiner in respo¢t of..
Taxation cornplian￿ services
All other services not induded above
600
550
276
252
738
Pagè 17

THE LINDSELL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
Trusté•s' r•mun•ratlon and •xp•ns•s
During the year, no Trustees received any remuneration or other benefits (2024- £NIL).
During the year ended 5 April 2025. no Trustee expenses have been incurred (2024 - £NIL).
Flx•d assèt Inv•stm•nts
Llsted
Investments
Cost or valuation
Al 6 April 2024
Additions
Disposals
Revaluations
1.207,404
282,416
1254.8601
91,499
At 5 April 2025
1,326,459
Net book valuo
At S April 2025
1,326,459
Al 5 April 2024
1,207,404
In addition to ihe revaluation gains r￿ted above of £91,499, the Foundation made realised gains on
disposals of £7,140 lo give net gains on investments of £98,639 for ihe year.
10. Creditors: Amounts falling due within one year
2025
2024
Accruals and deferred income
1,560
1,386
Pagè 18

THE LINDSELL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
11. Stat•m•nt of funds
Statement of funds- cufrent year
Balance at 6
Aprll 2024
Gainsl Balance at 5
IL065e51 Aprll 2025
Income Expendlture
Unrestricted funds
General Funds
1,382,367
150,278
1119,3141
98,639
1.511.970
Statement of fund5- prlor year
Balance at
l Apnl 2023
Gainpj 881ance al
(Lossos) 5 April 2024
Incomg ExpendilufF
Unrestrlcted funds
General Funds- all funds
1.307.473
152.702
(82,681)
4,873
1,382,367
12. Analy8ls of n•t ass•ts ￿tween funds
Analysls of net a$$•t$ b•tw¢tn funds- current year
Unre$trlcted
funds
2025
Total
funds
2025
Fixed asset investments
Current assgls
Creditors due within one year
1,326,459
187,071
11,5601
1.326,459
187,071
11.560}
Totsl
1,511,970
1.511.970
Pagè 19

THE LINDSELL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
12. Analysls of n•t asséts b•twè•n funds {contlnu•d)
Analysis of net assets between funds- prior year
Unresliicled
funds
2024
Total
funds
2024
Fixed asset investments
Current assets
Creditors du8 within one ye8r
1,207,404
176,349
(1,386)
1,207,404
176,349
(1,3861
Totsl
1,382,367
1,382,367
13. Grant commltments
The Trustees have approved fulure con¢Jilional grdnt payments of £26.S66 in th8 next accounting year, lo
be funded from existing reserves.
14. Related party transactlons
The Foundation has not entered into any related party transaction during the year, nor are there any
outstandin9 balances owing belween related p8rlies 8nd the Foundab'on al S April 2025.
Pagè 20