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2025-12-31-accounts

Docusign Envelope ID: 9CAA63A2-767B-8AE1-8321-44FD83FC6837

Charity number 1197497 Company registration number 13733159

MANOLO BLAHNIK FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

Docusign Envelope ID: 9CAA63A2-767B-8AE1-8321-44FD83FC6837

MANOLO BLAHNIK FOUNDATION

CONTENTS

PAGE
Charity Information 2
Trustees’ Report 3 – 8
Independent Auditor's Report to the Members of Manolo Blahnik Foundation 9 – 13
Statement of Financial Activities 14
Balance Sheet 15
Statement of Cash Flows 16
Notes to the Financial Statements 17 – 22

Page 1

Docusign Envelope ID: 9CAA63A2-767B-8AE1-8321-44FD83FC6837

MANOLO BLAHNIK FOUNDATION

CHARITY INFORMATION Charity registration number 1197497 Company registration number 13733159 Address 31 Old Burlington Street, London W1S 3AS Trustees Mr. Manolo Blahnik Ms. Evangelina Rosa Hülsebus Ms. Eva Kristina Hülsebus Bankers Coutts & Co. 440 Strand, London, WC2R 0QS Coutts Crown Dependencies Royal Bank House, 71 Bath Street, St Helier, Jersey, JE4 8PJ Solicitors Withers LLP 20 Old Bailey, London EC4M 7AN Auditors Grant Thornton UK LLP 17th Floor, 103 Colmore Row, Birmingham B3 3AG

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Docusign Envelope ID: 9CAA63A2-767B-8AE1-8321-44FD83FC6837

MANOLO BLAHNIK FOUNDATION

TRUSTEES' REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025

The Trustees of Manolo Blahnik Foundation (the Foundation) present their report together with the financial statements of the Charity for the year ended 31 December 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Companies Act 2006, the Charities Act 2011 and Charity SORP 2019. The Trustee’s report also meets the requirements of the Directors Report under Companies Act 2006.

Structure, governance, and management

The Foundation is a charitable company limited by guarantee, incorporated on 09 November 2021, and registered as a Charity on 13 January 2022. The Foundation was established under a Memorandum of Association, which is governed under its Articles of Association setting out the Foundation’s objects and powers, and the relevant statutes. In the event of the Foundation being wound up, the Trustees are required to contribute an amount not exceeding £1. All Trustees and Members of the Foundation give their time voluntarily and receive no benefits from the Foundation.

The Directors of the Company are the Foundation’s Trustees for the purposes of charity law. Two of the current Trustees are also the first Members of the Foundation. The Foundation Trustee meetings are held at least twice a year to review and agree areas of policy, finance, risk management and charitable donations. New Foundation Trustees can be appointed by the existing Foundation Trustees in future. All Trustees undergo an induction process covering governance, the Foundation’s charitable objectives, and trustee responsibilities.

The Foundation Trustees have ultimate responsibility for all strategic and operational aspects of the Foundation. The day-to-day administration of grants, prior to consideration by the Foundation Trustees is delegated to Greenwood Place, the Administrator for the Foundation.

Investment strategy

The Trustees have set long-term investment objectives focused on preserving in real terms and growing the Foundation’s total assets for funding charitable donations, while maintaining a risk level they consider acceptable. Investments are diversified across a range of asset classes, and their performance is reviewed and reported to the Trustees at least biannually.

In 2025, the investment portfolio increased to £8,320K (2024: £6,904K), representing a total increase of £1,416k compared to the prior year. This increase comprises £800K of additional capital introduced to the portfolio in July 2025 and £616K of investment return, including both capital appreciation and income. This performance is broadly in line with expectations. However, the Trustees remain mindful of potential market volatility arising from macroeconomic and geopolitical factors, which may impact investment performance in 2026.

The Trustees also monitor the performance of both the investment portfolio and the initial donation including gift aid, in real terms. This is undertaken by comparing:

As at 31 December 2025, the inflation-adjusted value of the initial capital invested in March 2023, together with the additional £800K invested in July 2025, was £7,329K. The inflation-adjusted value of total assets at inception in March 2023, was £8,381K. Accordingly, the investment portfolio has increased by £991K in real terms since inception, while total assets of £8,683K as at 31 December 2025 represent an increase of £302K in real terms over the same period. The growth achieved in 2025 is expected to provide a degree of resilience, enabling the Trustees to continue funding charitable activities while preserving the real value of the initial capital, including during periods of subdued or negative investment returns..

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Docusign Envelope ID: 9CAA63A2-767B-8AE1-8321-44FD83FC6837

MANOLO BLAHNIK FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2025

Risk management

The Foundation Trustees have considered the major risks to which the Foundation is exposed and have reviewed those risks and established systems and procedures to manage those risks. The Foundation maintains a Risk Management table of potential risks, ranked according to likelihood and severity of impact. This is kept under continuous review and is formally updated once a year.

The Foundation Trustees consider variability of investment returns to constitute the Foundation’s major financial risk as demonstrated by the recent volatility in world stock markets. The Foundation Trustees have therefore decided to manage this risk by closely monitoring the investment performance and keeping reliance on investment income to a minimum in the short term. This approach is adopted to enable the Foundation to preserve original investment value, to ensure long-term and sustained support to the charitable activities.

Objectives and activities

The Foundation Trustees have decided to take a learning approach to philanthropy, seeking to understand where we can make a meaningful difference and focusing on those points of inflection where the Foundation can help achieve lasting impact.

The Foundation awards grants to charitable organisations that support in the specific areas of mental health, animal welfare and the next generation as well as general humanitarian causes. All organisations funded by the Foundation receive unrestricted grants and report on how the funds were used and the impact achieved during each grant period. The Foundation focuses on the value of its contribution, supporting and strengthening partners’ achievements, often alongside other funders, to ensure it delivers a positive and meaningful impact. Through this approach, the Foundation supports both established organisations and emerging initiatives. The organisations it funds have delivered a wide range of impactful work, contributing to positive outcomes for vulnerable people and families, animal welfare, humanitarian emergency support and the development of the next generation of creatives and artisans.

Achievements and performance

The Foundation made nine grants during the year, all to institutions, for a total amount of £490,525 . The details of the grants awarded in 2025 were as follows:

British Red Cross, £110,000

Due to an increase in the number of conflicts around the world, Trustees agreed to approve the unrestricted grant of £110,000 to support the vulnerable communities domestically and internationally.

In 2025, the British Red Cross helped over 9 million people through 66 disasters, the UK Crisis Response Team supported over 5,600 people across 655 incidents and helped c.19,000 refugees or people seeking asylum and the Psychosocial and Mental Health Team supported over 2,100 British Red Cross staff, volunteers and members of external organisations, including facilitating 900 group sessions and 650 1:1 sessions.

Refuge for Pets, £46,000

The Trustees approved another grant of £46,000 for a specialist animal fostering service across Devon and Cornwall. The organisation is growing and the Trustees decided to continue to support victim-survivors of domestic abuse so that they can leave with their much-loved animals.

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MANOLO BLAHNIK FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2025

In 2025, Refuge4Pets delivered training to 1,228 professionals across the UK and internationally, fostered 136 animals, and successfully reunited 65 animals with their owners. The organisation also published a peer reviewed article in academic journals examining the links between domestic abuse and animal welfare.

Pets for Elderly, £25,000

The Trustees approved another grant to this charity partner in the USA of £25,000. The charity provides companionship to older people through pet ownership, while saving the lives of companion animals in shelters.

Give a Dog a Bone, £25,000

The Trustees approved another grant to this new charity partner of £25,000. The Scottish based animal charity tackles loneliness and animal rehoming by supporting the over 60s to afford a rescue pet companion.

James’ Place, £35,000

The Trustees approved renewed grant for James’ Place of £35,000. The charity is a suicide prevention organisation, supporting men in crisis, and operates three centres in London, Liverpool and Newcastle.

James’ Place supported 1,352 men experiencing suicidal crisis, delivering 6,365 therapy sessions across three centres, in 2025. Of those who completed the feedback form, 96% expressed satisfaction with both the practical and emotional support provided, as well as with the quality of the therapy received.

Médecins Sans Frontières, £50,000

The Trustees approved a grant of £50,000 to Médecins Sans Frontières. The organisation delivers medical humanitarian assistance and complements the support already provided through the grant to the British Red Cross.

University of the Arts London, £59,525

The Trustees approved another grant of £59,525 for University of the Arts London to provide a second year of the Manolo Blahnik Scholarship for a home and an international student.

In 2025, there were two students supported by the Foundation. The first student continued to focus on footwear, while the second was studying towards a BA (Hons) in Fashion Textiles: Print.

Mental Health Foundation £90,000

In January 2025, a donation of £60,000, was distributed, approved for the 2024 grant giving year, to the Mental Health Foundation to support the Parent Champion Network, an initiative aimed at helping parents manage their mental health challenges so they can better support their families. A further grant of £30,000 was approved by the Trustees for the Mental Health Foundation in December 2025.

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MANOLO BLAHNIK FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2025

Somerset House Trust £50,000

In December 2025, the Trustees approved a £50,000 donation to a new charity, the Somerset House Trust. The charity aims to enhance the education of the public by the provision of a centre for the arts and to maintain the buildings for the benefit of the local and international community as an example of English national heritage. At its heart lies a creative community of innovative businesses and social enterprises which contribute to the vibrancy and energy of the site.

Grant Making Policy

The Foundation Trustees are committed to ensuring that the Foundation’s funds are used in accordance with its governing document and to further purposes that are exclusively charitable under the law of England and Wales. The Foundation’s Grant Making Policy is structured to achieve its objectives for the public benefit and will aim to fund the following strategic priorities in addition to humanitarian causes:

The Foundation Trustees have ultimate responsibility for all grant making decisions. The Foundation Trustees do not anticipate any possibility for private benefit arising from their grant making. However, they will keep this under review, assessing each potential grant to be made in isolation and ensuring that no such private benefit arises.

The Foundation’s Trustees review the Grant Making Policy on an annual basis to ensure it remains aligned with the Foundation’s objectives. They may revise the policy at any time to reflect their assessment of the most effective use of available funds to ensure public benefit.

Public benefit

The Foundation Trustees regularly review the objectives of the Foundation to keep them in line with the Charity Commission’s guidance on public benefit. The planning for future activities and grant awarding process is solely determined by focus on the Foundation’s aims and objectives for public benefit.

Related parties

All the Foundation's Trustees are Directors of Manolo Blahnik International Limited (MBIL).

Fundraising

The Foundation does not actively solicit donations from the public and is therefore not registered with the Fundraising Regulator. It does not engage any third-party organisations to support its fundraising activities, and no complaints were received in relation to fundraising during the reporting period.

Staffing

The Foundation has no paid or unpaid members of staff. MBIL donates services provided to the Foundation in several areas, including finance, legal and communications.

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MANOLO BLAHNIK FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2025

Plans for future periods

In terms of plans, the focus will be on investing the Foundation’s existing capital to ensure long-term sustainability and achieve at least inflation-linked growth. This will enable the Trustees to consistently continue to approve charitable funding aligned with the Foundation’s aims, objectives, and broader strategic vision, as outlined in the Grant Making Policy above.

Financial review

The Foundation experienced a significant decrease in total income in 2025. Donation income declined to £37K in 2025, representing a significant drop from £697K in 2024. This was due to no donations received from Manolo Blahnik International Limited during 2025. Investment income increased to £175K, up £22K from the previous year.

The expenditure on charitable activities in 2025 amounted to £491K compared to £300K in 2024. The Operational expenditure in 2025 rose to £145K (2024: £112K). Investment gains for the year totalled £456K, up from £400K in 2024. As a result, the Foundation’s total funds at the end of 2025 stood at £8,663K (2024: £8,597K).

Net gains on investments for the year were £616K and a further £800K was invested during 2025, reflecting the increase in investment value to £8,320K (2024: £6,904K), attributed to sound performance of the Foundation investment managers and stable economic environment during 2025. The Foundation's cash at bank and in hand decreased to £363K (2024: £1,727K) at the end of 2025, primarily due to higher levels of charitable donations during the year, as well as the investment of £800K.

In June 2026, Manolo Blahnik Foundation received a donation of €43,600 from Manolo Blahnik International Limited.

Reserves policy

The Foundation has £8.66M of unrestricted reserves at the end of 2025. The Foundation has invested funds in long-term investment portfolios to ensure inflation linked growth and to sustain the Foundation’s operations and charitable objectives.

The Trustees have considered the working capital needs of the Foundation and maintain liquid funds of at least £350,000 to allow the Foundation to meet its commitments to beneficiaries and to cover its ongoing operational costs. The balance of the liquid funds for the Foundation at year end was £363K. The reserves policy, through strategic investment in long-term assets, aims to secure the Foundation's future, ensuring it can provide consistent and sustainable support to the charitable causes it sponsors. The Foundation’s Trustees have agreed that any funds surplus to requirements e.g., for working capital and charitable donations will be invested or donated in line with the investment strategy.

Going concern

The Foundation's financial statements have been prepared on a going concern basis. The Foundation has sufficient funds to cover forecast expenditure for the foreseeable future, including at least 12 months from the date of signing of these financial statements. The Trustees have concluded that there are no material uncertainties about the Foundation’s ability to continue as a going concern.

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MANOLO BLAHNIK FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2025

Statement of Trustees’ responsibilities

The Trustees (who are also directors of Manolo Blahnik Foundation for the purposes of Company Law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees confirm that:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

ON BEHALF OF THE FOUNDATION TRUSTEES

Ms. Eva Kristina Hülsebus

Trustee

Date: 31 July 2026

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MANOLO BLAHNIK FOUNDATION

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MANOLO BLAHNIK FOUNDATION

Opinion

We have audited the financial statements of Manolo Blahnik Foundation (the ‘charitable company’) for the year ended 31 December 2025, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cashflows 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 have been appointed as auditor under the Companies Act 2006 and report in accordance with regulations made under that Act. 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 charitable company 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

We are responsible for concluding on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the company to cease to continue as a going concern.

In our evaluation of the trustees’ conclusions, we considered the inherent risks associated with the charitable company’s business model including effects arising from macro-economic uncertainties such as inflation and cost of living crisis, we assessed and challenged the reasonableness of estimates made by the trustees and the related disclosures and analysed how those risks might affect the charitable company’s financial resources or ability to continue operations over the going concern period.

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MANOLO BLAHNIK FOUNDATION

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF MANOLO BLAHNIK FOUNDATION (CONTINUED)

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 charitable company’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 directors 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 Annual Report and Financial Statements, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Annual Report and Financial Statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matter on which we are required to report under the Companies Act 2006

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustee’s Report included in the Annual Report and Financial Statements.

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MANOLO BLAHNIK FOUNDATION

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF MANOLO BLAHNIK FOUNDATION (CONTINUED)

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 Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

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MANOLO BLAHNIK FOUNDATION

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF MANOLO BLAHNIK FOUNDATION (CONTINUED)

applicable in the UK and Republic of Ireland (FRS 102), the companies Act 2006 and the Charities Act 2011;

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members 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 charitable company and the charitable

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MANOLO BLAHNIK FOUNDATION

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF MANOLO BLAHNIK FOUNDATION (CONTINUED)

company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jim McLarnon ACA

Senior Statutory Auditor for and on behalf of Grant Thornton UK LLP Statutory Auditor, Chartered Accountants Birmingham

Date: 31/7/2026

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MANOLO BLAHNIK FOUNDATION CHARITY NUMBER: 1197497

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025

Note
Income from:
Donations
2
Investments
2
Total
Expenditure on:
Charitable activities
3
Other
3
Total
Gains on investments
2
Net (expenditure) / income
Other recognised gains/(losses):
Gains/(losses) on foreign currency translation
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 2025
2024
£
£
36,669
696,880
174,545
153,042
211,214
849,922
(490,525)
(300,250)
(144,566)
(112,477)
(635,091)
(412,727)
456,264
399,932
32,387
837,127
33,262
(10,224)
65,649
826,903
8,596,958
7,770,055
8,662,607
8,596,958

There are no recognised gains or losses other than those included above. The results shown above relate to continuing activities.

All income and expenditure relates to unrestricted funds and the income and expenditure are measured under the historical cost convention.

The notes on pages 17 - 22 form part of these financial statements.

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Docusign Envelope ID: 9CAA63A2-767B-8AE1-8321-44FD83FC6837

MANOLO BLAHNIK FOUNDATION CHARITY NUMBER: 1197497

BALANCE SHEET AS AT 31 DECEMBER 2025

Note
Fixed assets
Investments
8

Current assets
Cash at bank and in hand
12
Liabilities
Creditors: amounts falling due
within one year
5
Net current assets
Net assets

Funds
Unrestricted funds
9		 2025
2024
£
£
8,320,373
6,904,293
362,771
1,726,834
(20,537)
(34,169)
342,234
1,692,665
8,662,607
8,596,958
8,662,607
8,596,958

The financial statements were approved by the Board of Foundation Trustees on 31 July 2026 and were signed on its behalf by:

Ms. Eva Kristina Hülsebus Trustee

The notes on pages 17 - 22 form part of these financial statements.

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MANOLO BLAHNIK FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025

Note
Cash flows from operating activities
Net cash provided by operating activities
10
Cash flows from investing activities
Purchase of investments
Credit interest and distributions reinvested
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Change in cash and cash equivalents due to exchange rate
movements
Cash and cash equivalents at the end of the reporting period		 2025
2024
£
£
(437,509)
453,517
(800,000)
-
(159,816)
(123,868)
(959,816)
(123,868)
(1,397,325)
329,649
1,726,834
1,407,409
33,262
(10,224)
362,771
1,726,834

The notes on pages 17 - 22 form part of these financial statements.

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1 Accounting Policies

MANOLO BLAHNIK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1.1 Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with applicable United Kingdom Accounting Standards.

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) (Charities SORP FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Foundation is a public benefit entity as defined by FRS 102. The financial statements are presented in Sterling (£). Please see Charity Information page for Charity details. The Foundation is a charitable company limited by guarantee (registration number 13733159), incorporated on 09 November 2021, and registered as a Charity (registration number 1197497) on 13 January 2022. The principal accounting policies adopted in the preparation of the financial statements are as follows:

1.2 Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid net of any trade discounts.

1.3 Investments

Investments held that relate to listed company shareholdings are revalued to market value at the end of each accounting period.

1.4 Cash and cash equivalents

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. All foreign currency bank balances are revalued at the year-end spot exchange rate. The difference between the carrying value of a foreign currency bank account and the revalued amount at the closing rate is recognised as a foreign exchange gain or loss in the reporting period.

1.5 Creditors

Creditors are recognised where the Foundation has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount after allowing for any trade discounts due.

Grants only become payable when grantees reach certain milestones. Amounts are only recognised as liabilities once a milestone is reached and the amount becomes payable.

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MANOLO BLAHNIK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

1.6 Donations

All monetary donations (including gift aid and donations in kind) are included in full in the Statement of Financial Activities when receivable, provided that there are no donor-imposed restrictions as to the timing of the related expenditure, in which case recognition is deferred until the pre-condition has been met.

Accounting Policies (continued)

1.7 Resources expended

Classification of expenditure

Expenditure, which is charged on an accruals basis, is allocated between expenditure incurred directly for the furtherance of the Foundation's objectives including:

All expenditure is shown gross, inclusive of unrecoverable VAT, and has been classified under headings that aggregate all costs related to the specific activity.

1.8 Fund accounting

Unrestricted funds are fees and other incoming resources received or generated for expenditure on the general objectives of the Foundation and which have not been designated for other purposes. All the Foundation’s funds have to date been unrestricted.

1.9 Key sources of judgement and estimation uncertainty

In preparing the financial statements, the Foundation Trustees have made no significant judgements or estimates that would have a significant impact on any of the amounts as currently reported.

1.10 Financial Instruments

Financial assets and financial liabilities are recognised in the balance sheet when the Charity becomes a party to the contractual provisions of the instrument.

Basic financial assets, which include receivables and cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

1.11 Going concern

The Foundation's financial statements have been prepared on a going concern basis. The Foundation has sufficient funds to cover forecast expenditure for the foreseeable future, including at least 12 months from the date of signing of these financial statements. The Trustees have concluded that there are no material uncertainties about the Foundation’s ability to continue as a going concern.

Page 18

Docusign Envelope ID: 9CAA63A2-767B-8AE1-8321-44FD83FC6837

MANOLO BLAHNIK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

2 Income

Unrestricted
2025
Unrestricted
£
£
£
Donations
3,855
3,855
677,562
Donated services
32,814
32,814
19,318
Interest and investment income
174,545
174,545
153,042
Gains on investments
456,264
456,264
399,932
667,478
667,478
1,249,854
Analysis of expenditure on charitable activities
Charitable Governance
Admin
Other
activities
costs
costs
costs
2025
£
£
£
£
£
Audit fees
-
18,000
-
-
18,000
Grants payable
490,525
-
-
-
490,525
Legal costs
-
-
-
-
-
Administration costs
-
-
75,000
-
75,000
Donated services
-
-
-
32,814
32,814
Other
-
-
-
18,752
18,752
Total resources
expended in 2025
490,525
18,000
75,000
51,566
635,091
Total resources
expended in 2024
300,250
18,600
57,660
36,217		 Unrestricted
2025
Unrestricted
£
£
£
Donations
3,855
3,855
677,562
Donated services
32,814
32,814
19,318
Interest and investment income
174,545
174,545
153,042
Gains on investments
456,264
456,264
399,932
667,478
667,478
1,249,854
Analysis of expenditure on charitable activities
Charitable Governance
Admin
Other
activities
costs
costs
costs
2025
£
£
£
£
£
Audit fees
-
18,000
-
-
18,000
Grants payable
490,525
-
-
-
490,525
Legal costs
-
-
-
-
-
Administration costs
-
-
75,000
-
75,000
Donated services
-
-
-
32,814
32,814
Other
-
-
-
18,752
18,752
Total resources
expended in 2025
490,525
18,000
75,000
51,566
635,091
Total resources
expended in 2024
300,250
18,600
57,660
36,217		 Unrestricted
£
3,855
32,814
174,545
456,264		 Unrestricted
£
3,855
32,814
174,545
456,264		 2025
£
3,855
32,814
174,545
456,264		 2025
£
3,855
32,814
174,545
456,264		 Unrestricted
£
677,562
19,318
153,042
399,932		 Unrestricted
£
677,562
19,318
153,042
399,932		 2024
£
677,562
19,318
153,042
399,932
667,478 667,478 1,249,854 1,249,854

2024

£

17,400

300,250

1,200

57,660

19,318

16,899







Other
costs
£
-
-
-
-
32,814
18,752
490,525 18,000 75,000 51,566 635,091 412,727
300,250 18,600 57,660 36,217

3 Analysis of expenditure on charitable activities

The audit fee was £15,000 plus VAT in 2025. All grants payable were paid to charitable institutions. For full details refer to page 3 - 8 of the Trustees’ report.

4 Payments to Foundation Trustees

No Trustee or person with a family or business connection with a Trustee, received remuneration or expenses in the period, directly or indirectly, from the Foundation.

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Docusign Envelope ID: 9CAA63A2-767B-8AE1-8321-44FD83FC6837

5

MANOLO BLAHNIK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Creditors: amounts falling due within one year

2025 2024
£ £
Accruals 20,537 34,169

6 Employees

The Foundation has no employees. There were therefore no employees who received employee benefits over £60,000 per annum.

7 Related party transactions

No Trustee or person with a family or business connection with a Trustee, received remuneration or expenses in the period, directly or indirectly, from the Foundation.

The Foundation has no paid or unpaid members of staff. The Trustees of the Foundation are Directors of Manolo Blahnik International Limited. Manolo Blahnik International Limited donates services provided by its staff to the Foundation in several areas, including finance, legal and communications. In 2025, employees of Manolo Blahnik International Limited provided in-kind support through time spent for managing the Foundation’s operations. The value of these donated services was £32,814 (2024: £19,318). There was no balance on account of these services at the end the year-end (2024: Nil).

8 Investments

Opening balance
Acquisitions
Net movements in cash balances
Net realised investment gains
Net unrealised investment gains
Market value at the end of the year		 2025
2024
£
£
6,904,293
6,380,493
800,000
-
22,822
(4,616)
136,994
128,484
456,264
399,932
8,320,373
6,904,293

The investment managers held £18,557 in cash for the payment of fees at the end of 2025 (£33,269 at the end of 2024).

Page 20

Docusign Envelope ID: 9CAA63A2-767B-8AE1-8321-44FD83FC6837

MANOLO BLAHNIK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

9 Funds reconciliation

10
Reconciliation of net income to net cash flow from operating activities
11
Analysis of cash and cash equivalents
Unrestricted Funds
2025
£
Funds brought forward at the start of the year
8,596,958
Net incoming resources
65,649
Funds at the end of the year
8,662,607
2025
£
Net income/(expenditure) for the reporting period (as per the
statement of financial activities)
(423,877)
Adjustments for:
Decrease in debtors
-
(Decrease)/Increase in creditors
(13,632)
Net cash provided by operating activities
(437,509)
2025
£
Cash in hand
362,771
Total cash and cash equivalents
362,771		 2025
£
8,596,958
65,649		 2024
£
7,770,055
826,903
8,662,607 8,596,958
2024
£
437,195
-
16,322
(437,509) 453,517
2024
£
1,726,834
2025
£
362,771
362,771 1,726,834

Page 21

Docusign Envelope ID: 9CAA63A2-767B-8AE1-8321-44FD83FC6837

MANOLO BLAHNIK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

12 Analysis of changes in net debt

Cash at the start of the year
Cash flows
Cash at the end of the year		 2025
£
1,726,834
(1,364,063)		 2024
£
1,407,409
319,425
362,771 1,726,834

Page 22