LINCOLN PRIVATE INVESTMENT OFFICE FOUNDATION
FINANCIAL STATEMENTS
FOR THE YEAR ENDED ON 31 DECEMBER 2025

CONTENTS
Page
Foundation infomation
Trustees, annual report
Independent examinerfs report
Statement of financi81 activities
Notes to the accounts

Foundation Information
Charity's Name
Charity's registration number
Lincoln Private Investrn8nt offi￿ Foundation
1194299
Trustees
Thomas Michael Braithwaile (Chair)
Giorgina Baldwin
Angus Sallis Holmes
Louisa Catherine Bary
Christopher John Rowell
Rebecca Sara Robbins
J08ephine Waldron (resigned on 1st Jan 2025)
Principal address
32 Grosvenor Gardens
London
SW1W ODH
Investment managers
Lincoln Private Investment Office
32 Grosvenor Gardens
London
SW1W ODH
Bankers
Bardays Bank
Independent examiners
Tax Avenue
Turnfields Gate, Tumfield$
That¢ham
RG19 4PT
Paoo 1

TRUSTEES, ANNUAL REPORT
The Trustees of Lincoln Private Investment OfFIc8 Foundation present their report and
financial statements for the year ended on 31 De￿mber 2025. The financial
statements have been prepared in accordance with the acc￿nting policies set out in
the notes to the accounts and comply with the charity's goveming document, the
Charities Act 2011. and Accounting and Reporting by Charitses.. Statement of
Recommended Practice.
Objectives and Actlvities
The foundation's core objective is to provide financial support to registered charities in
England and Wales. We focus on organisations that operate within th& United
Kingdom and maintain a primary mission of improving human lives. Our grant-making
strategy aims to provide both immediate relief a￿1 long-temi support to vulnerable
populations.
The Twstees confirm they have referred to the Charity Commission's general
guidan￿ on public benefit when reviewng the foundation's 3ims and objectives and
in planning future activities.
Aehlwemonts and Perforrnanco
The foundation experienced a successful year of fundraising in 2025, generating a
total income in excess of £45,000. This rev8nue was largety driven by the physical
dedication of our supporters and the engagement of our local community. Key
ath'vities included..
Participation in high-endurance events (the Ironman triathlon and th8 London
Maralhon)
Organisation of a "guess the number of tennis balls" compgtition h81d at the
Hurlin9ham t8nnis tournament
Organisation of a quiz nighl.
The Trustees are proud of the grant awarded this year to Become Charity. The £7,000
grant supports Become's vilal work in improving the life chances of young people in
care and care leavers. This partnership aligns perfectly with our human-focused
mission by addressing systemic challenges faced by young people in the United
Kingdom.
Flnancial Review
Total income for the year was £45,665. In line with our long-temi strategy to ensure
the foundation's sustainability, the Trustses made a significant investrnent of £30,000
into our existing stocks and shares portfolio. This investment is intended to provide a
reliable Source of future income and capital growth, enabling larger or more frequent
grants in subsequ8nt years.
The foundation maintains a policy of holding sufficient r8sarve8 to meet its grant-
making commitments and cover administrative costs. The remaining balanc8 from the
2025 fundraising cycle will be carried forward to support the 2026 grant cycle.
Pag&2

structuro, Governancè, and Management
The foundation is 8 ￿gistered charity governed by its Trust Deed dated 19 March
2019. The power of appointing new Trustees is vested in th8 current Board of
Trustees. New Trustees are inducted into the workings of the foundation and briefed
on their legal obligations under charity law. The trustees give their time voluntarily and
re￿1ve no remuneration nor any other financial benefits.
The Trustees meet ￿l¢e a year to review grant applications, monitor investment
performance, and plan future fundraising initiatives.
Declaration
The Trustees declare that they have approved the report above.
Slgnad on behalf of the Board of Trustees..
Thomas
i¢ha81 Braithwaite
Chair of Trustees
Date..
P8go 3

INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF
LINCOLN PRIVATE INVESTMENT OFFICE FOUNDATION
l ￿pOrt to the trustees on my examlnalion of the accounts ol Lincoln Private
Investment Office Foundation for the year ended on 31 December 2025.
R•$ponsibilities and basls of report
As the charity trustees, you are responsible for the preparation of the accounts in
accoTdance with the requiremn15 of the Charities Act 2011 {'Ihe Act'i.
I report in respect of my examination of the Foundation's accounts carried out under
section 145 of the 2011 Act and in carrying out my examination I have followed all
the applicable Difeclions given by Ihe Charity Commission under secb'on 145(5llbl of
the Act.
Ind•p•ndent examlnevs ststarnent
I have completed my examination. I confimi that no material matters have come to
my attention in cOnne￿10n with the examination giving me ¢ause to belEve that in
ary material fespect..
accounting records were not kept in respect of the Foundation as required by
section 130 of the Act., or
2. the accounts do not accord with thos8 records., or
3. the accounts do not comply with the apPI￿able requiremen15 concerning the
form and content of ac¢ounts Sel out in the ChaTilies (Accounts and Reportsl
Regulations 2008 other than any reguiremenl that the acrounls give a 'lrue
and fair v￿w, which is not a matter considered as part of an independent
exaMina￿n.
I have no concerns and have come across no other matter5 in connection with the
examinatson lo which attention shouk1 be drawn in this report in order lo enable a
proper underslandlng of the accounts to be reached.
Signed..
Monika Tabalabaian, MAAT
TaxAvenue
1 May 2026

LINCOLN PRIVATE INVESTMENT OFFICE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
For the year ended on 31 December 2025
Notes
2025
2024
R•sources *ritsinB:
Fundraising activthes
Investment ineA)mé
Gross resourceB forth• year
45,371
17,365
123
17,488
45.665
ReJourc•8 us•d:
Costs of fundraising adivities
Grants and donalions made
Admin6stralion costs
R•8ources used In the y￿r
1,124
12,250
8.124
12.250
Changes In resources
Before transfers and valuations
Net investment Ilossl I gain
Net mov•ment in restsurc￿ for the ye•r
37,541
2.942
40.483
5.238
5,238
Reconciliation of funds
Balance brought ftsnmard
Net movement in Tesour¢e$
B81ance carried forward
14.305
40.483
54,788
9.c￿7
5,238
14,305
R?pr¢$¢nted by
Investments
C8sh in bank
Tol81
46.486
8,322
$4,788
13,230
1,075
14.305
StyJned tsn behalf of the Btrard of Trustees..
Ign8kn
Narne in pMI
- 2U2
SvJn8ttJre
Narne in print
Page S

LINCOLN PRIVATE INVESTMENT OFFICE FOUNDATION
NOTES TO THE ACCOUNTS
For the year ended on 31 December 2025
ACCOUNTING POUCIES
The accounts h8ve been prepared M the re￿pts and paymonts basis.
FUNDRAJSING ACTIVITIES INCOME ANO EXPENSES
2025
Income
Hurfingham Tenn1$
Quiz Night
M8rathon
Ironman
Sweepstake
Sundry donations
1,983
3,886
1.375
37,027
825
45.371
Expens98
Quri Night venue and snacks
1,124
Excess of income over expenses
44.247
INVESTMENTS
2025
Inv8Stm8nts ar8 hehy in a porftolio of 81ocks ¥nd shares managed
by Lincoln Privatè Investment Offi¢¢.
Market value {as per Investment Manager8 valuation)
Brought forward
Nèw investments
Income re-inv8stad
Incte8s¢ld8crease in rnarket value
Carried forward
13.230
30,OLKI
2.942
46.466
Page6