Chorty number: 1186253 THE LINDSELL FOUNDATION UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2026 THE LINDSELL FOUNDATION CONTENTS Page Referenee and administrative details of the Charity. its Trustees and adviser6 Trustees. report Independent examlnerfs report ststoment of financial activities 2-10 13 Balance sheet 14 Notes to thg financial statements 15-21 THE LINDSELL FOUNDATION REFERENCE AND ADMINISTRATIVE OETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED S APRIL 2026 Trustees Henrietta M Lindse111 Michael J Lindse112 Albert J Lindsell Kathryn A Buseall Paul D Vail Sophie A Lindsell, {appointed June 20251 Tnjstee Chair Investment Committee Chair Charity registered number 1186253 Prlnclpal offlco 51b Elizabeth Street London SW1W 9PP Accountants MA Partners LLP Chartered Accountsnts 7 The Close Norwich Norfolk NR140J Bankev8 C. Hoare & Co. 37 Fleet Street Temple London EC4Y 1 BT Sollcltorg Wrthersworldwide 20 Old Bailey London EC4M 7AN THE LINDSELL FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED S APRIL 2026 The Trustees present their annual report together wilh the financial statements of the Foundation for the year 6 April 2025 to 5 April 2026. The Lindsell Foundab'on I'lhe Foundalion'l 1$ a UK based grant•rnaking foundation established by Michael and Henrietta Lindsell under the charitable law of England and Wales and governed by a Trust Deed dated 7 November 2019. Objectives and activities Policies and objectives The Trustees have regard lo the Charity Commission's guidance on public benefit in directing the work of the Foundation and ensuring that the Foundation complies with the Good Govemance Code and the provi510ns of the Charitie5 Act 2011. b. Grantqnaklng pollcle8 The Foundation only considers grants to UK registered charities specifically for the advancement of education. The Trustees aim lo form long-term partnerships with a limited number of charities in the field of education lo rther the Foundation's purpose and focus. c. The FoundatSon'8 Purp08e and Focus The Foundation seeks lo inspire young people of all abilities, living in disadvantaged situations lo benefit from the chance of further educational opportunities. In doing so the Foundation aims lo ensure that these individuals achieve the best they can either academically or otherwise along with the appropriate social and personal development support. In order lo help give opportunities lo children from disadvantaged circumstances the Trustees are looking lo form long-lerm partnerships with specific educalional focused charitable trusts and foundations. There are a number of principles that underpin the Trustees, focus.. lo support children and young people right across the academic spectnjm of ability and not just to concentrate on eX￿llen￿.. lo support multiple academic and other approaches to ffinding the appropriate career path for a young person, whether that be via universities or speaalisl colleges or apprenticeships", lo seek approaches which begin at an early stsge of lrfe. and involve continuous and supportive interventions throughout an individual's education", lo seek sustsinable solutions lacademic, social and emotional leamingl which are anchored into local communities, and if possible, to create a network effect to share the best ideas across multiple locations., and where possible lo prioritise scalable solutions. The Foundation will where possible seek overlaps between the different initiatives it chooses lo support. In order lo achieve this on a manageable basis and to make maximum impact with the funds that are available each year, The Foundation may also target a specific geographic area to concentrate ils resources and impact but a not constricted by this commitment. THE LINDSELL FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED S APRIL 2026 Objective$ and activitie¥ {¢ontinuedl The Trustees wish lo work wth charitable trusts and foundab'ons that have relevant experien¢e, a solid reputation, good management with strong eviden￿ of good governance. financial prudence, and Su￿$sfUl, measurable outcomes. The Trustees would favour mulb-year partnerships where the Foundation contn"bution has a strong sense of connection and identity with ils support and Involvement d. The Foundation's Current Strategy The Foundation'5 current strategy is designed to supwrt children, parents and teachers and in doing so lo improve educational outcomes for the children involved in their programmes. This year il was cenlred around the following areas.. Acadgmlc, Soclal and Personal Development Zero Gravlty Zero Gravity identifies students in Iow-OPPOrtunty areas across the UK and unlocks their potential from school through to top universities and careers. Support is delivered via the Zero Gravity platform. where students access personalised guidance for university applications, slruclured career development including mentoring and maslerclasses. scholarship funding, and direct access lo corporate internships and early-career opportunities. In 2025, The Foundation supported this model by funding len £3,000 scholarships1£1,000 per academic yearl for undergraduate students from Norfolk and Suffolk. Volunteerlng TlmeGlver8 TimeGivers is a charity that focuses on introducing children and young people laged 4-181 to the worfd of volunteering and allowing them to discover how transformative that can be. The charity creates year-round volunteering programmes for young people lo support local cnses, social inclusion and environmental decline. Through school partnerships and working alongside I￿al charities, TimeGivers identifies the best volunteering options within local communities and opens the door for communty service for children at both primary and secondary level. Personal Development through Sall Tralnlng The Nortolk Boat The Foundation has partnered with The Norfolk Boat in 2026, supporting a future expedition for young people across Norfolk and the surrounding area. The Norfolk Boat provides funding to help young people from all backgrounds lake part in sail training voyages on sea-going vessels operated by approved sail training organisations. Life as part of a ship's crew offers a uniquely powerful environment for personal growth. Communty Engagementwith Critket Chance to Shine Chance lo Shine is 8 national charity dedicated to give all young people the opportunity lo play and learn through cricket. The Charity achieves this by providing grant funding to partners who deliver Chance lo Shine programmes in schools and communities, as well as by offering free digital resources for teachers and schools. THE LINDSELL FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED S APRIL 2026 Achievernents and perft>rman¢e a. Review of the past year The Foundation has committed to a dear strategy described above and have made four grants of which three are lo new grantees- The Norfolk Boat. Zero Gravity and TimeGivers. Chance to Shine received rts second grant of the tw￿year commitrnent to support cricket in the community in Norfolk. Zgro Gravlty Zero Gravity Is designed lo Identify under pnvileged students with apblude and commitment and lo support their journey from school to university and ultimately lo building a career. The service Is delivered through the Zero Gravity app which identifies disadvantage and provides the tools through engagement with mentoring and maslerclasses lo molivaled students. Students who qualify on account of disadvantage, intense engagement with the platform and demonstrable aptitude may be awaided scholarships lo recognise theiT achievements and help fund costs of university education. The Foundation has committed lo fund 10 scholarships in the 2025-2027 academic years from Norfolk and Suffolk with a commitment of £10,000 per year. The breakdown of schools, universities and courses studied be￿een the ten scholarship students is listed below Unlver8lty Anglia Ruskin University King's College London University of Birmingham University of Cambridge University of East Anglia University of Edinburgh University of Nottingham University of Oxford University of Sl Andrews University of Warwick Studenls Sublect Biology Classics Engineering Geography Medicine Modem and Medieval Languages PPE Students Sehool East Norfolk Sixth Form College, Great Yamiouth Jane Austen College, Norwich Nolre Dame High School, NoNich, Norwich One Sixth Fomi College, Ipswich Sir Isaac Newton Sixth Form Free School, Nomch Springwood High School, King's Lynn Taverham High School, Notwich Students THE LINDSELL FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED S APRIL 2026 Achievernents and perft>rman¢e {¢ontinued) TimeGivers TimeGivers 1$ a recently established Charity which the Foundation has been rnoniloring for tsvo years. This year the Foundation established an agreernenl to make three annual donations from 2025 to 2027 of £20,000. TimeGiver5 15 a charity that focuse5 on introducing children and young people laged 4-181 to the wodd of volunleenng and allowing them to discover how Iransformalive it can be for the individuals involved and the communities that benefit. The chanty creates year-round volunteering programmes for young people to support local crises. social inclusion and environmental dedine. Research show5 that children who volunteer are three limes more likely lo volunteer as adults in the fvlure bul a lot of young people have difficulty accessing these volunleenng opportunities and the subsequent personal benefits they bnng. Through school partnerships and working alongside local charities. TimeGivers identifies the best volunleenng options within local communities and opens the door for community service for children al both pnmary and secondary school level. In 2025 TimeGivers saw 9.580 young volunteers helping out al 360 volunteering events throughout the year, collaboration that Involved 26 schools and 8 youth hubs throughout 10 London boroughs. The Norfolk Boat The Norfolk Boat is a small charity based in North Norfolk. which aims to introduce young people aged 12-24 years land disabled people of any age) lo offshore sail training. The Norfolk Boat funds berths on sail training vessels for young people lo allow them lo try their hand al sailing for the first lime., they learn to be part of a team, supporting each other through the rigours of rough seas, night watches and navigation often in busy shipping channels. Since 1980, The Norfolk Boat has funded an average of 150 young sailors from Norfolk every year and in 2026 has seen more than £50,000 already granted for these sailing bursaries with £5,000 of that amount donated by the Foundation. Many of these young sailors are struggling in mainstream education and are from underprivileged backgrounds bul find that these sail training voyages kick start a positive change in their lives. Following the positive experience with The Norfolk Boat many go on lo volunteer with other sailing organisalions or forge a career in the maritsme industry. The Foundation's donation is designed lo fund a voyage from a youth project in North Norfolk that will introduce a group of disadvantaged school children lo their first ever offshore sailing voyage. Chance to Shlne In Norfolk In December 2024 the Lindsell Foundatson entered into an agreement to support Chance to Shine in Norfolk for o years with two annual donatsons of £26,556 pa. the second of which was made during the year. Chance to Shine is a national charity founded 20 years ago that aims to give all children the opportunity lo play, learn and develop through cricket. The charity believes that cricket can help to develop the personal, social and physical skills of children and yOLbng people. sin￿ its establishment 7.3 million children have benefitted from the charities, programmes. Chance to Shine supported around 596,885 young people last year with a 490A male151% female gender split and 740A coming from an ethnically diverse background. The charity works primarily wth Cricket Clubs and also have a programme of street cricket which nJns daily throughout the year. Last year the charity worked with 4,263 slate primaries, 204 secondary schools and 302 Street projects in local communities. Between September 2024 and August 2025 the charity delivered 1.371 sessions and 1,733 hours of coaching in Norfolk. The charity engaged 8,771 young people across 70 schools and 3 street clubs. Norwich boys and gids street clubs were represented at the National Street Cricket Finals. The￿ has been 8 high proportion of children with special educational needs participating, which is good to see especially amongst the gids. Chance to Shine in Norfolk has exceeded its tsrgets and its coaches are keen to focus on life sknlls as well as 8 THE LINDSELL FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED S APRIL 2026 Achievernents and perft>rman¢e {¢ontinued) The main other donors for Chance to Shine are Sport England and the English Cricket Board I'ECB'I. Financial review . Going concem After making appropriate enquiries. the Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable fvlure. For this rea50n, they have adopted the going concern basis in prepanng the financial statements. b. Roserves pollcy The Trustees approve grants for payment over one or more years. These are brought into the accounts when there is a commitment lo pay. The Trustees meet these commitments out of income but when there is insufficient income. they will do so from the Foundation's capital. Accordingly, the Trustees take the view that all available funds should be seen as one,. they have therefore adopted a Statement of Financial Acts'vities that merges all resources. The Investment Policy makes provision for sufficient cash resources to meet commitments as they fall due. The Trustees are satisfied that the totality and composition of the Foundation's resources are sufficient for this purpose. c. Investment powern, pollcy and perforn)ance The Investment Committee is chaired by Michael Lindsell. He has the delegated authority from the Trustees in respect of the day to day management of the Foundation's investments. The Tnjstees do not envisage, given the level of expertise of the Chair of the Investment Committee, that it will be necessary to engage an external investment manager. The role of the Investment Committee is lo formulate and implement the Investment Policy, monitor investment performance and report lo the Trustees on a regular basis once investments have been undertaken. The Trustees need to generate funds available for grant-making while preserving the real value of the Foundation's net financial assets over the long-temi. The investment objective of the Foundation's investment portfolio is to maximise long-temi total returns with a minimum objects've lo maintsin the real purchasing Fthver of the Foundation's capital valued in Steding. The investment policy of the Foundation, adopted by the Trustees on 12 December 2021, is to invest in equities, bonds, funds, cash and other financial investments globally ￿th no limitation on the markets and sectors in which investments may be made, although there may be a bias towards Sleding assets consistent with a Sterling dominated investment objective. The Foundation aims to maintain sufficient cash resources to allow for the annual funding of grants. Currently £223,442 is retained in the Foundation's current and deposit accounts at C. Hoare and Co. for these purposes. The Foundation expects to invest in a concentrated portfolio of securities wtth the number of investments not exceeding fifteen companies. THE LINDSELL FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED S APRIL 2026 In addition lo ils existing bank account at C. Hoare & Co., the Foundabon ha$ 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 cash and investments lodged at HL. HL charges an annual fee and transacts.on fees ft)r this custody and dealing service. The account with HL was opened in November 2021. The inrtial investrnents were purchased from January 2022. As at 5 April 2026 the portfolio consisted of Investments in eleven companies valued at £1.197,368. In addition, HL maintains a cash balance of £2.533 which is derived frorn dividends and Intere51 income less additional investments made throughout the year. The eleven investments indude posibons in Unilever. Walt Disney. Heineken Holdings. PayPal, Universal Music Group, TKO, Nintendo IADRI. Diageo, London Stock Exchange Group I'LSEG'I. RELX and Mondelez. All are judged to be durable business franchises. which earn high returns on capital and should endure and prosper for many year5 in the future. The ability of these companies to increase sales and profit5 ahead of the prevailing rale of UK inflation over the long-term should be instrumental in helping to preserve and grow the purchasing power of the Foundation's assets. During the year the Foundation's holding in Hargreaves Lansdown was sold lo a private equity consortium that acquired the company. The holding in TKO was reduced and the holding in The Magnum Ice Cream Company, which the Foundation had inherited from ils Unilever holding. was sold. The proceeds from these sales were reinvested in a new holding in Universal Music Group and additions to Mondelez, Heineken Holdings, LSEG, RELX, Diageo and PayPal. The portfolio at HL received dividend and interest income payments of £23,575 during the year lo 5 April 2026. The Foundation received an additional donation in March 2026 of £100,000 that was retained in the Foundation's current account al C Hoare & Co. £25.000 of Gift Aid. resulting from the donation. remained oulslanding al the Foundation's year end. The value of the portlolio at 5 April 2026 was £1.199,901, which amounted to a 9.8Vo fall from its value of £1,330,365 on 5 April 2025 but represented a 1.9% annualised gain from the inception of the portfolio on 31 December 2021. As a comparison the annualised increase in inflation. as measured by the UK CPI index, was 4.9Vo from 31 December 2021 and 3.30A from 5 Apnl 2025. The portfolio's increase in value from 5 April 2024 to 5 April 2025 was 10.1 % and the annualised gain in value from 31 December 2021 to 5 April 2025 was 5.8QA. Both figures were incorrectly slated in last year's annual report at 22.90A and 9.20h respectively. THE LINDSELL FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED S APRIL 2026 d. Principal ri¥k¥ and un¢ertainties The Tru$tees a￿ re$pon$ible for monitoring the risk$ fa¢ing the Foundation and en$uring adequate steps lo manage them. The Foundation ha5 a risk rnanagemenl policy that is kept under continuous review and formally updated once a year. The Trustees recognise that there are three principal risks to rnanage. Financial The Trustees have identified the risk frorn the reducts.on in the value of ils investments or from the income Ihereon through severe market circumstsnces or the inappropnate selection of Investments obliging the Foundation to reduce the sum available for grants. This Is miligaled by an investment policy that plans lo allocate the majority of the Foundation's capital lo a limited number of well*slablished companies for the long-term buttressed by retsining sufficient reserves of cash to meet all fvture grant obligations. Operational The Trustees consider that the Foundation's operations are low risk. The Foundation does not enter into contracts lo deliver charitable purposes and il has no employees. Operational risks in terms of granl-making, fraudulent applications or potential misuse of fvnds by a grant beneficiary are risks that the Trustees miligale by reslricling grants lo well-funded charities that are reglstered with the Charity Commission for England and Wales. When awarding grants the Foundation draws up a contract with the partnering bodies signed by both parties. Cont7icts of Interest As the majority of the Trustees are connected persons there is a risk arising from conflicts of interest. The Foundation has a detailed policy regarding conflicls of interest. Grants can only be awarded after a thorough assessment and review against a standard Foundation checklist of cnlena and final approval by all Trustees. The Trustees maintsin a conflicts of interest register that is reviewed annually. e. Flnanclal revlew The Foundatron's income for the period, excluding the donatson of £125,000 linclusive of Gift Aid), was £23,575 from dividends paid by the companies and interest income from fixed interest investments held in the investment portfolio and £5,824 from cash balances at C. Hoare & Co and Hargreaves Lansdown. In the period under review the Trustees paid grants tolaling £61,556. The Tnjstees have further commitments of £10,000 to Zero Gravity in 2026 and 2027 and £20,000 to TimeGivers in 2026 and 2027. The grants that Trustees approve on a condibonal basis may be payable over several years", accordingly such grants do not appear in full in the Statement of Financial Ath'vities 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 grant-making act4.vity and have used this measure of their actsvity within this Trustees, Report. The Trustees anticipate that the nature of grant-making in the period under review will be maintained for the foreseeable future. As a proportion of grants paid, administration and g0veMan￿ costs were 4.6%. THE LINDSELL FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED S APRIL 2026 Structurei govemance ond managernent a. Constitution The Lindsell Foundation is a registered charity, number 1186253. and is constituted under a Trust deed. b. Methods of appointment or election of Trustees The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. The lerrn for a Trustee {non-familyl has been set for a fixed five year term, with the possibility lo agree an extension. . Organlsatlonal structure and decislon4naklng pollcies The Foundation is governed by a Board of Trustees. The Trustees are responsible for the management of the Foundation and hold regular meetsngs to consider individual Trustee initiated research undertaken to identify suitable candidates for grants. In additson, the Trustees consider applications made by charities that have approached the Foundation through ils website or ty olheT means. The Foundation is run day lo day by the Chairman. The Foundation has no employees. Plan8 for future perlods The Trustees are investigating additsonal partnerships and hope to make bJrther progress in awarding grants in the coming year. Statement of Trustees. re8pon8lbllltles 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 stsle of affairs of the Charity and of ils incoming resources and application of resources, including ils income and expenditure. for that period. In preparing these financial statements. the Trustees are required to.. select suitable accounting policies and then appty them consistently", observe the methods and principles of the Charities SORP IFRS 1021", make judgments and accounting estsmales that are reasonable and pnjdent., slate whether applicable UK Accounting Stsndards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial slatemenls., prepare the financial statements on the going concern basis unless il is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charity's transactions and disclose with reasonable accuracy al any lime the financial position of the Charity and enable them lo ensure that the financial stalemenls comply with the Charities Act 2011, the Charity IAccounts and Reports) Regulations 2008 and Ihe provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregularities. THE LINDSELL FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED S APRIL 2026 Approved by order of the mernbers of the board of Trustees and suned on their behalf by.. Honrietta M Lindsell Dale.. 23 June 2026 THE LINDSELL FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2026 Independent examinerfs report to the Trustees of The Lindsell Foundation I'the Charity.) I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2026. Responsibilities and basis of report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 1.the 2011 Acr}. I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directsons given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examlnerf8 statement Your allenlion is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities. Statement of Recommended PraCts￿ applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities. Statement of Recommended Pra¢li¢e issued on 1 April 2005 which is referred to in the extant regulations bul has been withdrawn. l understand that this has been done in order for the a¢￿Unts to provide a true and fair view in a¢¢ordan¢e with the Geneplly A¢¢epled A¢¢ounling Pra¢li¢e effective for ￿pOrting periods beginning on or after 1 January 201 S. I have completed my examination. I confim that no matters have ￿rne lo my attention in ¢onne¢b'on with the examination giving me Cause lo believe that in any matenal respe¢l'. accounting re￿rdS were not kept in respect of the Charity as wuired by section 130 of the 2011 Act., or the accounts do not accord with those records,. or the accounts do not comply with the applicable requirements concerning the fomi and conlenl of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. THE LINDSELL FOUNDATION INDEPENDENT EXAMINER'S REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2026 This report is made solely to the Charity's Tnjstees, as a t￿y. in accordance with Part 4 of the Charities IAccounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters l am required to slate lo them in an Independent examinerfs report and for no other purpose. To the fullest exlenl permitted by law. I do not accept or assume responsibility lo anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report Signed.. Dated.. 23 June 2026 Frank Shippam BS¢ FCA DChA MA Partners LLP 7 The Close Nomich Norfolk NR14DJ THE LINDSELL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2026 Unrestricted funds 2026 Total funds 2026 Total funds 2025 Note Income from: Donations and legacies Investments 125.000 29.399 125.000 29,399 125.000 25,278 Total Income 154,399 154,399 150.278 Expenditure on: Charitsble activities 64.358 64.358 119,314 Total •xp•ndlturo 64,358 64,358 119,314 Net Income befor8 n8t11088e8llgaln8 on Investments Nel Ilossesllgains on investments 90.041 1155,228) 90,041 1155,2281 30.964 98,639 Net movement In funds 165.1871 165.1871 129.603 Reconclllatlon of funds: Totsl funds brought forward Nel movement in funds 1,511,970 165,187) 1,511,970 165,1871 1,382.367 129.603 Total funds carrled forward 1,446.783 1,446,783 1,511,970 The Statement of finanaal activities indudes all gains and losses recognised in the year. The note5 on pages 15 10 21 form part of these financial statements. THE LINDSELL FOUNDATION BALANCE SHEET AS AT 5 APRIL 2026 2026 2025 Note Investments 1,197,368 1,326,459 1.197.368 1,326.459 Current assets Debtors Cash al bank and in hand 10 25,000 225,975 187, 071 250,975 187.071 Curront Ilabllltl¢$ Creditors.. amounts falling due within one year 11 11.5601 (1, 560) Net current 8880ts 249,41S 185,511 Total a•sets1088 ¢urr•nt Ilabllltl88 1,446,783 1,511,970 Total net assets 1,446.783 1,511.970 Charlty funds Unrestricted funds 12 1.446.783 7.571,970 Total fund8 1,446.783 1,511,970 The financial stslemenls We￿ approved and authorised for issue by the Trustees and signed on their behalf by.. Henrietta M Lindsell Dale.. 23 June 2026 The notes on pages 15 10 21 form part of these financial statements. THE LINDSELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2026 General infomiation The Lindsell Foundation is an unincorporated charity registered with the Charity Commission for England and Wales. Accounting poll¢Ses 2.1 Basis of preparation of financial slatements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Chanlies.. Sialemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared lo give a 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the extent required lo provide a 'true and fair, view. This departure has involved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Pracbce effects've 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 are initially recognised at hisloncal cost or transaction value unless otherwise staled in the relevant accounting policy. 2.2 Income All income is recognised once the Charity has enlitlemenl lo the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the lime of the donation. Income tsx recoverable in relation to investment income is recognised at the b'me the investment income is re￿1Vable. 2.3 Expenditurn Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit to a third paty, it is probable that 8 transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure on charitable aetivrties is incurred on direcly undertaking the aetivilies whieh further the Charity's objectives, as well as any a$s￿l8ted support Costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is condib'onal. such grants being re(xJgnised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met al the year end are noted as a commitment, but not accrued as expenditure. All expenditure is indu5Ne of irrecoverable VAT. THE LINDSELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2026 Accounting policies (continued) 2.4 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity., this is nomially upon notsfication of the interest paid or payable by the institution with whom the funds are deposited. 2.5 Investments Fixed asset investments are a form of financial instrument and are initially recognised al their transaction cost and subsequently measured at fair value at the Balance sheet dale, unless the value cannot be measured reliably in which case il is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments, in the Statement of financial activities. 2.6 Debtor• Trade and other debtors are recognised at the settlement amount after any trade discount offered. P￿paYmentS are valued at the amount prepaid nel of any trade discounts due. 2.7 Cash at bank and In hand Cash at bank and in hand in¢ludes ¢ash and short-lem highly liquid investments with a short maturity of three mnlhs or less from the date of a¢qui$ilion or opening of the deposit or similar account. 2.8 Llabilitie$ and provisSon8 Liabilities are recognised when there 1$ an obligation al the 8alan¢e sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities a￿ recognised al the amount that the Charity ants"cipates il will pay lo settle the debt or the amount it has received as advanced payments for the goods or services it musl provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rate that reflects the risks specific lo the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finanTr cost. 2.9 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effects.ve interest method. 2.10 Fund accounting General fvnds are unrestncted fvnds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fvnd. THE LINDSELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2026 Income from donations and legacies Unrestricted funds 2026 Total funds 2026 Total funds 2025 Donations 125,000 125,000 125,000 Investment income Unrestricted funds 2026 Total funds 2026 Total funds 2025 Interest 5,824 23,S75 5,824 23,575 4,024 21,254 Listed investments 29,399 29,399 25.278 An•lysi8 of 0x￿nditur• by o¢tivitie8 Grant funding of activtties 2026 Support o$t$ 2026 Totsl funds 2026 Total funds 2025 Direct costs 61,556 2,802 64.358 179,314 Total 2025 q 16.556 2. 758 119,314 THE LINDSELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2026 Analysis of expenditure by activities {conlinued) Analysis of support costs Total funds 2026 Total funds 2025 Aetivities 2026 Bank Charges Accountancy Design Adminislralion 12 1,620 720 12 1,620 720 1.614 720 450 450 420 2,802 2.802 2.758 Analys18 of grants Grants to In$titutlon$ 2026 Total funds 2026 To181 funds 2025 Grants 61,556 61.556 116,556 Total 2025 116.556 116.556 The Charity has made the following material grants to instslutsons during the year.. 2026 2025 Name of institution Intouniversity Chance to Shine 90,000 26,556 26,556 20,000 10.000 5.000 TimeGivers Zero Gravity The Norfolk Boat 61,556 116,556 THE LINDSELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2026 Independent examinerfs remunerdtion 2026 2025 Fees payable to the Foundation's independent examiner for the independent examination of the Foundation's annual accounts Fees payable lo the Charity's independent examiner in respect ot. Taxation eompliance services All other services not Included above 630 6(KJ 285 276 705 738 Tru8tees' remuneratlon and expen808 During the year, no Trustees received any remuneration or other benefits (2025- £NIL). During the year ended 5 April 2026. no Tnjstee expenses have been incurred (2025 - £NIL). Flxed asget Investments Llsted Investments Cost or valuation At 6 April 2025 Additions 1.326,459 214,821 {149,8541 {194.0581 Disposals Revaluations At 5 April 2026 1,197.368 Net book value At 5 April 2026 1,197.368 At 5 April 2025 1,326,459 In addition lo the revaluation losses noted above of £194,058. the Foundation made realised gains on disposals of £38,830 to give net losses on investments of £155,228 for the year. THE LINDSELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2026 10. Debtors 2026 2025 Due within ono year Prepayments and accrued income 25,000 11. Cr•dltors: Amounts falllng duo whhln one year 2026 2025 Accruals and deferred income 1,560 1,560 12. Statement of fund8 Statement of funds . current year Balance at 6 Aprll 2025 Galnsl Balance at 5 (Losses) Aprll 2026 Income Expendlture UnroStri¢t•d funds General Funds 1.511.970 1S4,399 164.3581 1155,2281 1,446,783 Statement of funds - prlor year Balance at 1 Apn"12024 Gains/ Balanc8 at (Losses) 5 Apnl 2025 Income Expenditurg Unrestricted funds General Funds 1.382.367 150.278 (119.314) 98.639 1,571,970 THE LINDSELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2026 13. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted funds 2026 Total funds 2026 Fixed asset investments 1,197,368 250,975 11,5601 1,197,368 250,975 11,5601 Current assets Creditors due within one year Total 1,446,783 1,446,783 Analys18 of net a88ets botween funds - prfor year Unrestiicted funds 2025 rolal funds 2025 Fixed asset investments Current assets C￿dItorS due within one year 1,326,459 187, 071 (1,560) 1,326,459 187,071 (1,560) Total 1,511,970 1,511,970 14. Grant commitments The Trustees have approved future conditional grant Payments of £30,000 per year for the next hvo years, lo be funded from existing reserves. 15. Related party transactions The Foundation has not entered into any related party transacb.on during the year, nor are there any outstsnding balances owing befv￿en related parb"e5 and the Foundab"on at 5 April 2026.