THE ULVERSCROFf FOUNDATION AND ITS SUBSIDIARY UNDERTAKINGS ANNUAL ACCOUNTS FOR THE YEAR ENDED 31 ocfoBER 2025 SOMERBYS LIMITED CHARTERED ACCOUNTANrs 30 NELSON STREET LEICESTER LEI 7BA THE ULVERSCROIry FOiIIYDATION AI¥D ITS Su￿81D1ARy UiYDEi¥fAKINGS INDEX Charity Particulars Annual Report of th¢ TnBtees Indepxndent Auditorfs Re￿rt Ci)nsolidated Stat￿￿ents of Financial Activities 12- 13 Charity Ststements of Financial Activities 14- 15 Consolidated Baja￿e Sheet 16 Charity Balance Sheet 17 Statsmenl of C&8h Flows 18 Nol&s forniing part of the Finan¢ia] Statements 19-39 THE uLVERScRO￿ FOUNDATION AIYD ITS su￿RDIARy UNDERTAKINGS CHARITY REGISTRATION NO: 264873 GOVERNED BY DEED OF TRUST DATED31 OCTOBER 1972 twl and 4dmioig¢rNtive inform4¢io Tr￿tee5 IiP. Gent • (chailman) J. CriM)ks ' l.R. Moon C. Ashton J. S. Ikane (appointed 5 Jw)e 2025) (* Investment subwcommittee) Secretary J. Sumner Treasurer l.R Moon Office No.1 Tr Green Bradgate Road Ansfry Leicester LE7 7FU Statutory Auditor Som¢rbys Limiied Chartered Accountants Stalutory Audiior 30 Nelson Street Leicester LEI 7BA BAnke BaKlays Bank plc Leicester Investment Adviso RBC Brewin tknlphin 9 Colmore Row Birniingharn B3 2BJ THE iiLVEILSCROFf FOUNDATION AND rrs SUBSIDIARY UNDERTAKINGS ANNUAL REPORT OF THE TRUSTEES YEAR ENDED 31 OCTOBER 2025 The Trustees present their report and the audited financial statements of The Ulyerscroft Foundation and ils subsidiary undertakings for the year ended 31 October 2025. The financial statements have been prepaT¢d in a¢cordance with the accounting polici¢s set out in the notes to the a¢counis and comply wilh the chariry's governing documenL the Charities Act 201 l and Accounting and Reporting by Charities.. Statemertt of Recommended Pra¢ti¢¢ applicable to chariiies preF)arin8 their accounts in a¢wrdan¢¢ with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland publisl*d in (klob￿ 2019. Y￿stee$ of the charity The trustees whc> have served during the year eJ)d since the year end were as follows: R.P. Gent * (chairnian) ILJ. Crooks J. Sandford-smith (Resigned 8 Jartuary 2026) G.H.A. WixNjn￿(ReS1￿Ied 8 January 2026) l.R. Moon. C. Ashton R. Clarke (Resigned 13 October 2025) J. S. Etane (Appointed 5 Jun¢ 2025) {* Investment su￿0MmItte¢} In December 2025 two long-standing TNst¢es, MT John Sgmdford Smith OBE and Mr Geoffrey Wo(MJrutt annoLll￿ed their intention to retire. They attended their final meeting of Tr￿8tteS on 8 January 2026. John SandfoTd-Smith had setved since 2013 and Geoff W(K)druff since 2019. They conlrit>uied ¢lini¢al experti wisdom born of long experience, and umivalled knowledge of conditions in developing countrie4 particularly in Africa and the Indian sul>continent. Their knowledge eomp&ssion will be greatly mi5seA. Although their resignation came into effert shortly afi¢r the end of tbe fmancia] year in question, it is timely to place on record th¢ Foundation's sincere thanks for their work on behalf of visually-impaired people world-wide. Strncture? goverDHth¢e ind management The Foundation was created and is govern¢d by a Deed of Trust dated 31 CktoEtr 1972 and its Charity Registration nutnber is 264873. New Trustees are chosen by the existing Tnjstees having regard to both tlxir generdl and specific experience of the activities of the Foundation and may be appointed by the continuing Trustett for such limited peri(Kl as they may decide. The ordinance of ihe Trust is reviewed and ameJNJed regularly by the Trnstees. New and existing Tr￿Stee5 have this and other relevant information" dis¢ussions take place and explanations are given when appropriate reEarding the ￿lIcIeS and activilies of the Clwitable TtW5t and regarding the duties and responsibilities of Trustees generally. Th¢ Foundation complies with the principles of ihe C￿e of Go(Kl Governance. An Events, Hospitaliry and Gifts policy was agreed by Trustees at their meeting on 16th October 2025. The Foundation is 0￿rat¢d on 8 day to day basis by the secret￿ and the Tr￿u￿r, who call UFrf)n any of the Trustees material decisions. The Trustees meet eight times a year and more frequently if required. Altemate m¢etings concentrate on progress reports and financial reprts of the Foundation and its trading subsidiary company> The Ulv¢rscmfi Group Limited. The Tn￿lee$ Consider on a reg￿ar basi& the major risks to which the Foundation and its &ssets might at some time become exposed. The main risk identified at ihe present time and for the immediate ￿TUre is the continuing r¢du¢tion in loca] authority funding which will impact on the m2rket for the group's prixlucts. In addition to any specific risks identifi¢d. the Trustees are aW￿e that any trading ventwe, such as the U]verscrofi Gn)UPs may eXperie￿e failure5 and losses, noi always within the F among other issues, have impacted adversely on the Group's trading position. It has Lttempted to address these issues through cost savings and continuing to develop it5 digitsl offering. tkspite these efforts, the compaJ)y has experienc￿ a number of loss-making years. Trustees discussed their concerns with the non-executive dire¢lors (NEDS). who undertook a thoroughgoing i¢vi¢w of the company and its management over the summer of 2025. The resulting action plan was endorsed by the Trustees at their meeting on 25th Septernber 2025. It envisaged the NEDS taking a mor¢ proa¢tive role in the day-to-day management of th¢ Company for a limited time. with the aim of deterniining whether it had a Tea]istic future as a profitabl¢ going concern. It was agreed that this was unlikely under the pr¢sent leadership and consequently the Board requested the Managin¥ Director lo tender her resignation. Without becoming involved in the dired management of the company, the Foundation's Chair offered support to the Board in achieving the nec&ssary transition. THE ULVERSCROFf FOUNDATION AND ITS SUBSJDIARY UNDERTAKINGS ANNUAL REPORT OF THE TRUSTEKS (CONTINUED) YEAR EF4DED 31 OCTOBER 2025 GrAllts Granls are made in accordance with the objects of the Foundation aThl are fo¢us¢d. when possible, ott ¢h8rity projects in partnership with the r￿1p]ent organisalions. 60 grants were approved during the year, totalling £410,347. Additionally, payments lotalling £422,847 were made in resped of grant projects in progress, which were starled in previous years. Th¢ total grani payments during the year amounled lo £807,416. Included in creditors due within year And after more than one year are grants for future years where intent has b¢¢n declared, without legal obligatÈon, to maintain payments over f￿vre defined period& primarily for Tesearch. A list of material grants and projects expend¢d during ihe yeaT is included within the attached accounts. Major grants approved io date in¢lud¢.' £35.000 over two yeaT5 10 the Int¢rnational Centre foT Eye Heolth, to fund a surgical skills seyies of its Communiiy Eye Health Journal. £30.000 to Eyes on the Futtwe. to fi]nd clinical trials of gene therapy for children wilh RDH12 retinal dystrophy. £20,000 to CBM. Kenya for their Access to Inclusive Sight Saving Health projec¢ £20,000 each io Vision Auslr81ia and Coventry Regource Centre. Achlevements and performan By ihe very naluT¢ of the objectives laid down for the Foundation, and the policies of ihe Tntstees Io o¢hieve them, there are no regular defined patterns of ¢harilable giving. The search for suitable recipients for major grnnts is ongoing> these do not o¢¢ur on a regular basis and in any event are dependent on the finance available. Th¢ Foundation reviews its grants policy regularly to ensure th￿ an appropriate balance is maintained between ¢xpendilure on research and innovation. clinical care. and community-ba5ed support to vAsually impaired people in the UK and overseas. This year the Foundation received the legacies of £20,OIK) from the estate of Mrs Audrey Anthony and £10,￿0 from the estate of Mrs MaTgar¢t Jones. Gifts such a5 these are ollen prompted by a reference to the Foundation and its work. which is printed in every large print book published by Ulverscroft Ltd. The Tr￿Ste¢S are profoundly grateful for all donation4 large or small. They help ￿rther our charitable work, and often come with iouching petsonal testimony of the importance of large print books to visually impaired readers. nanclal review The attached Slalement of Financia] Activities and the SUPPOning n￿eS summarise clearly the Tesources received and ex￿nded during the year ended 31 OctoiKr 2025 and the a¢ta¢hed Balance Sheet and its 5UPPOrting notes refiect the position in teTms of assets aThJ liabilities at 31 CktoEEr 2025. The Trustees consider that the r¢sults and )sition aTe satisfactory. The above paragraphs describe the various policies adopted by th¢ Trus¢¢¢s within the activities of the Foundation which hve included the rnanagement of fin8JKe. Funding sources are detsiled in ihe Financial Activttie5 Statement stem from dividends and interest from lllves1men￿ donations and bequests. Resources expended by the Foundation are also detailed and. other than grants, primarily relate to salaries and professioTtal fee& Reserves are sel wl on page 16 of the attached ac¢ounts. Total trsetve5 amount to £20,487,[￿ of which £11,614,000 relates to the general funds of the Foundation and £&873.(K)O relates to the Trading Group. There are no K%tri¢led fimds at the balance sheet date And free reserves (unrestricted reserves excluding fixed assets but including investments) amounled lo £16,370.000. The Trnstees, policy is to maintain suffi¢i¢rtt uncommitted in reserve5 to en$￿￿ the future S￿S￿lnabIlity of its charitable activities. including the award of Major ts and capita] investments. THE ULVERSCROFf FOUNDATION AND rrs su￿IDIARy UIYDERTAKINGS ANNUAL REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 31 OCTOBER 2025 Unpald volllntttrs and servl¢es In kind The FouTMJation does not depend wn the services of unFAid volunteers or other setvices in kind. PlaD8 for f4¢ur¢ periods The Trustees continue to search for the opportunity lo dire¢t the fLmds of the Fou￿latIOn towards major projects which apFear to bring particular benefit and relief to those who are blind and partially sight¢¢ including research towards the prevention ol t¢lat¢d diseases, the ¢h2llenge being to selecl projects where the Foundation's Te50urces can achieve Ihe maximum effect. A tnajor ¢onsid¢ration in the evaluation process is the likelihood of research feeding through into clinica] practice within a realistic tim¢frdme. Trust¢es are aware of need to addres5 succession plannin& The appointment of James lknne will ¢nsure that his fellow Trus*es will still have a¢¢ess lo ¢xpert clinical opinion. Other skill areas still remain to be addressed, notably financial expertise. The ag¢ profile of Trustees i5 also of growing concern. The work of the Group Boart outlined above, will have profound implic4tiorG for the future of the Company. Their target is to Teturn it to profitsbility. If this Proves impossible the Board and the Foundation, as sole sharehold¢r, will agree an appropriate course of action, which may include retrenchrnent, consolidation or dissolution. Faced with a WOTS14ase scenario, Tr￿Ste¢S will need lo de¢id¢ whether it is appropriate for the Foundation to continue to operate in it5 Current forni, and how best to utilise its assets in pursuit of its charitable purtA)5es. There are no known post balance sheet events and no known contingent liabilities to be disclffied to date. The Trustees confirn) that th¢y believe thi5 report and the ai(ached accounts which should b¢ read with this repor( comply with current sianjtory requirements including the Statement of Recommended Practice (SORP FRS102). Risk policy Th¢ Tn]stees have revieweAJ for any significant risks and have put in place systems or prncedures to manage Trnstees, responslbllhles Statement The Trustees are responsible for preparing the Trustees, Annual Report and the financial Statements in accordance with applicabl¢ law and United Kingdom Accounling Standards (United Kingdom Genera]ly A¢¢epl¢d Accounting Practice). The law applicable to charities in England & Wales r¢quires the Trustees to prepare financial statemenls for each fAnancia] year which give a true and fair view of the Stale of affairs of the Foundation and of the incoming r¢souwes and application of resources of the Foundation for that periryj. In PTeparing these financial statements. the Trust¢e5 are required to: • select suitable accounting ￿lIcIeS and then apply them ¢onsislently; observe the meth(¥Js and prin¢iples in the Charities SORP 2019 (FRS102)" mak¢ judgements and estimates that are reasonable and prudeni. state whether applicabl¢ accounting standards have been followed, subj￿1 to any material depafiures disclosed and explain¢d in the firwicia] ststements; prepare the financial statements on the going concern basis unless it is inappropriale to presume th8t the Foundation will ¢onlinue in operation. THE ULVERSCROFf FOUNDATION AND ITS SUBSIDIARY UNDERTAKINGS ANNUAL REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 31 ocfoBER 2025 The TriL8iees are reS￿nSIble for keeping proper a¢¢ounting records that disclose with reasonable a¢curacy al any time th¢ fll)ancia] position of the Foundation and enable them lo ensure that the financial statements comply with the Charities Act 2011. the Charity {Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responqible for safeguarding the ￿sets of the FouThJation and hence for tsking rea8onable steps for the prevention and ddeclion of fraud and other irregularities. The Found*ion's procedu￿ for mitigating the Tisks ass0¢iat¢d with money laujxkning and finan¢iai crime are pproved by its auditors and banker5, ¢omply with the Charity Commission's requiremen¢s fiTrr due diligence in awarding ￿ants. This has now been incorporated into a fonna] policy on finan¢ial Crime. b¢half of the Trustees RPGENr TRUSTEE Date.. 9 July 2026 THE ULVERscRO￿ FOUNDATIOY4 AND ITS SU￿IDIARy UNDERTAKINGS INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES YEAR ENDED 31 OCTOBER 2025 OpiDjOD We have audited the financial statements of The Ulverscroft Foundation and its subsidiari¢s for the year ended 31 October 2025 which wmprise the Consolidaied Siatement of Financial Activities, Parent Statement of FinaJKial Aclivili¢s, the Consolidaied Balance Sheet, Parent Balance SheeL Consolidated Cash Flow Statement, Parent C&sh Flow Stsiement and notes to the financial statements, including signifi¢ant acwunting policies. The financial re￿rtIng framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standanl applicable in Ihe UK and Republic of Ir¢land (United Kingdom Generally A¢¢¢pted A¢¢ounting Practice). In our opinion the financial slatements: give a INe and fair view of the state of the group's and parent charity's affairs as at 31 October 2025. and of the group's incoming resources and application of resourc¢s. including its income and expenditure. for the year then ended. have iKen properly ryepaTed in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in a￿OrdanCe with the requirements of the Charilies Act 2011. Basis for opinion We conducted our audil in accordoJ)¢e with Int¢rnational StandaTds on Audiling (UK) (ISAS IUK)) and applicable law. responsibilities under those standards are further described in the Auditor's responsibilitie5 for the audit of the financial statements section of our report. We are independent of the group and parent ch8rity in accordance wilh the ¢thical requirements that are relevant to our audit of the financial staternents in the UK, incI￿ling the FRC'S Ethical Siandord, and we have fulfilled our other eihi¢al responsibiliti¢s in ac¢ordance wilh these requirements. W¢ believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusion$ relating to going concern In auditing the finan¢ial stalements, we have concluded that the Irustee$' use of the going ¢on¢¢rn basis of a¢¢ounting in ihe preparatiorj of the financial statements is appropriate. Based on the work we have performed, we have not identified any maierial unc¢rt&inties relating to events or nditions that. individually or ¢oll¢ctively, may cast significant doubt on th¢ group and parent charity's ability to continue as a going concern for a period of at le&8t twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going Concern are described in ihe relevant sections of this re￿rt. Other information The oih¢r illforniation compri5e5 the infomation included in the trustees, annual report. other than th¢ financial statemenls and our auditor's report thereon. The trusle¢s are responsible for Ihe olher infonnatio Our opinion on the financial statements does not Cover the ￿her inforniation and we do nol ¢xpr¢ss any forn) of assurance conclusion thereotL THE ULVEILSCROFf FOUNDATION AND ITS SUBSIDIARY UNDERTAKINGS INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES (COI¥TINUED) YEAR ENDED 31 OCTOBER 2025 Our responsibility 15 to read the other inforniation and, in doing so, consid¢r whether the other infomjation is materially inwnsislent with the financial statem¢ntS OT our knowledge obtained in the course of the a￿JIt or othenvise appears to be M￿erIallY misstated. If we identify such materiai inCo￿lstenC1eS or apparent rnaterial misstatements, we are required to deternkine whether this gives rise to a material misstatement in lh¢ financial staternents themselves. If, based on the work we h&ve p¢rfornied. we conclude thai there is a material misstatement of this other inforniation, we are required to report that fact. We have nothing to Teport in this tYg8rd. Matters on whlcb we are requlr¢d to report by exe¢ption In the lighi of the knowledge and understanding of the Company and its environment obtained in the course of the audit. we have not id¢niified material misstatements in th¢ directors, report. We have nothitig to report in respect of the following matters in relation to which ihe Charities (A¢counts and Rew>rts) Regulations 2(K)8 require us ¢0 report to you if, in our opinion: the inforniation given An the trustees, report is inconsistent in any materia] respect with ihe financial ststements. or sufficient accounting records have not been kept. or Ihe financial statements not in agreement with the accounting records: or we have not received all the inforn)ation and explanations we require for our audtt. ResP0115ibilitles of Trnstee$ As explained more fully in the trustee5' responsibilities statement &8 Set out on page 6, the trustees are responsible foT the preparation of th¢ financial statemen15 and for b¢ing satisfied that they give a true and fair view, and for such ini¢rnal control &8 the irustees deterniine is ne¢essary to enable the PTeparation of financial statements that are free from material misstatement, wheiher du¢ to fraud or error. In preparing the financial slatements. th¢ trustees are responsible for assessing the group and parent ¢harity's ability to continue as a going con¢em. dis¢losin& as applicable, matt¢ts r¢lated to going concem and usin8 the going concern basis of &¢counling unless the trustees eiiher iniend lo liquidale the group or the went charity or to cease opeTation& or have no realistic alternative but to do so. Auditor's re8pon81billties for the audit of tbe finaucial st¥tements We have been appointed as auditor under section 151 of the Ch￿Ille$ Act 201 l and retth in accordaDce with the Act and r¢l¢vant regulations made or havit)g effect thereunder. Our objeciives are to O￿a]n reasonable assuran¢e about whether the fjnancial stsl¢m¢nis &$ a whole are free from material misstatemenL whether due io fraud or error. and to L55ue an auditor's report that includes our opinion. R￿onable &SSLbr&nce is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will a]ways detect a material misstatement when li exists. Misstatements can aTise fTom fraud or error and considered m*¢rial if, individua]ly or in the aggregate, they could reasonably expected to influence the economic de¢isions of ￿SerS tsken on the ba515 of these financial statements. Irregularities. including fraud, are in￿anceS of non-compliance with laws and ￿gUlations. We design procedure5 in li￿ with our responsibilities. outlined above, to defrci material misstatements in respect of 1r￿guI8r1t1¢s, including fraud. The ¢xt¢nl lo which our procedllres are capable of detecting irregularities. including fraud is detailed Etlow: The risk of not de￿lirtg a material misstatement resulting frorn error is ¢onsidered to be low. The risk of not detecting a material misstalement resuliing from fraud is higher, as fraud may involve Collusio￿ forgery> intentional omissions, misrepre5ent&tions. or th¢ ov¢rride of inierna] controls. THE ULVEILSCROFT FOUNDATION AND ITS SUBSIDIARY UIWERTAI(INGS io INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES (CONTINUED) YEAR ENDED 31 OCTOBER 2025 In the coniext of The Ulverscmft Foundation and ils subsidiary undertakings. we have not identified any specific laws and regulations oih¢r than general commercial laws and regulations, such &8: Charities 2011- Charity Cornmission guid￿¢¢. Trustees Act 201M); Health and Safety legislation and GDPR regulations. Our understanding of the legal and regulati)ry fromework applicable to The Ulvewoft Foundation ajyj Its subsidiary undertakings and how the charily has ￿Mplied with its obligations has been obtained by enquiry of managetnent and those charg¢d with governance. As of our enquirieg, we have discussed FX)licies and procedures on compliance with laws and regulatio and whether Jny instances of non-compliance have occurred. Our understanding of the charity'5 policies and procedures on fraud risk has been obiatn¢d through enquiry with management &$ to the control aciivities. operational systems in place and wh¢ih¢r ther¢ is knowledge of any actual. suspe¢ted or alleged fraud. We consider that the audit team collectively had the appropria1¢ competence and capabililie5 to identify or recognise non-compliance wilh laws and regulations. During our audit WOTk ih¢r¢ w¢re no significant inslances of non-complian¢¢ idenlified. Because of the inhereni limitations of an audit, th¢re is a risk that w¢ will not detect ail irregularities, including those leading to a tnateriaj misstat¢ment in the financial statements or non-¢ornpliaThce with regulation. This risk increases the more mpliance with a law OT regulation is r¢moved from the events and transactions refiected in the financial #atements, as we will be less likely to become aware of instances of non-compliance. The risk is a]so greater regarding irregularities oc¢urring due to fraud rdther than error, as fraud involves inientional ¢or￿e21menL forgery. collus10￿ omission or misrepresentation. As part ol an audit tn accordance with ISAS (UK). we exercise professional judgment and mainiain professional scepticism th[￿ghoul th¢ audit. We a150: Identify and assess the risks of material misststement of ihe financial ststem¢nts, whether due lo fraud or error, design and perforni audil procedLbres responsiv¢ to those risks, and obtain audit evidence that is sufficient and appropriate lo provide a basis for our opinion. The risk of not detecting a ￿￿terial misstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion, foTgery. inl¢ntional omissions, misrepresentations, or the override of intemal control. Obtain an understanding of inlemal ¢onlrol relevant to ihe audit in order to d¢sign audit procedures that are appropriate in the circumstances, bul not for the purpose of ¢xpr¢ssing an opinion on the eff¢¢liveness of the group's internal Control. Evaluate the appropriatene55 of accounting wli¢ies used and the reasonableness of accounting ¢slimates related disclosures made by the tr￿￿ee5. Conclude on the appropriateness of the trustees, use of the going concern b&sis of ¥counting and, based (In the audit evidence obtained. wh¢ih¢T a rnaterial uncertainty exists related to events or conditions that may cast significant doubl on th¢ group's or charity's ability to continue as a going ¢oncem. If we conclude that a material un¢¢nainty exists, we are required to draw attention in our auditor's report to the relaled dis¢losures in the financial statements or. if such dtsclosures are inadequat¢. to modify our opinion. Our conclusions are based on the audit evidence olmained up lo the date of our auditor's report. However, futur¢ ¢v￿ts or conditions may cause the ￿0Up or parent charity lo cease io continue as a going Concern. Evaluaie the overall presentatio￿ structur¢ and content of the financial St￿eMents, including the disclosures, and whether the financial staiements represent the underlying transactions and events in a manner th* a¢hi¢v¢s fair presentation (ie. gives a tNe and fair view). Plan and perforni ihe group audit lo obtain suffi¢i¢nt appropriate audit evidence regarding the financial inforniation of the entities or business units within th¢ group as a basis for an opinion oti the group financial statements. We are responsible for the directio￿ supervision and r¢vi¢w of the audit work perfom]ed for the PUTposes of the group audit. We ren￿1n sol¢ly responsible for our audit opinion. THE ULVERscRO￿ FOUNDATION AND ITS SURSIDIARY Ui¥DERTAKtNGS INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES {CONTINUED) YEAR ENDED 31 ocfoBER 2025 li We communicate with those ¢h8rg¢d with governance regarding, among olher matters. the planned scope and timing of th¢ audftt and significant audit findings, including any significant deficiencies in internai control that we identify during our audit. Use of thls report This report is made solely to the charity's trustees. as a body, in accordance with Part 4 of the Charities (Accounts and Reports) R¢gulation5 2￿8. Our audit work has been undertaken so that we might state to the charity's trustees those matteTS we are required to state to them in an auditor's report and for no other purpose. To th¢ full¢st extent permitted by law, we do not a¢¢ept or assume ￿SpOnsIbl11ty to anyone other than the charity and the ¢harity's tr￿SleeS as a body, for our audit work, for this report, or for the opinions we have fornied. SOMERBYS LIMITED Chartered Accountants Stalulory Auditor 30 Nelson Street Lei¢¢st¢r LEI 7BA Date: qo IpL Somerby5 L" ted is eligible for appointrnenl as auditor of the char&ty by virtue of its eligibility for oppointment as auditor of a company under seetion 1212 of the Compani¢s Act 2006. THE ULVERSCROFT FOUNDATION AND ITS SURSIDIARY UNDERTAKINGS CONSOLIDATED STATENIENT OF FINANCIAL AcfiviTIES YEAR ENDED 31 OCTOBER 2025 Current Fin4nci*l Y￿r Note Gener41 Funds Restricted Funds Total 2025 Total 2024 £000 £000 £000 £000 Ineome And eDdowmeDts from: Voluntary income Other trading activities Trading in¢om¢ Investment income Other income 32 32 73 8,245 545 8,245 545 7,714 573 Total 8.822 8,822 8,360 Exp¢kndlthr¢ on: Raising funds.. CoTnTnerciai tradin8:_ Expenditure - conixnuing Taxation Investment management costs Costs of generating voluntary funds Charitsble activities 3&5 10 9,048 9.048 8.605 54 27 29 29 445 445 596 Totsl 9,526 9.526 9,286 Net income De¢ movement in funds before gASDS 8nd10&8es on IDvestmellts (704) {704) (926} Inveslmenl gainsl(losses) 925 925 1,234 l¥e¢ ineome 221 221 308 Otber r￿08￿lSed gaiDsI(losse5) Foreign exchange adjustment Revaluation gainsl(losses) Net movement ID funds 221 221 308 RecoDeili*tloll of funds Total Funds at l November 2024 20.266 20,266 19.958 Tolai Funds at 31 October 2025 20.487 20,487 20.266 The statement of financia] aaivities includes all gains and losses re￿gnISed in the year. All income and expenditu￿ d¢rAve from continuing activitie5. THE ULVERSCROFf FOUNDATION AND ￿s SUBSIDIARY UNDERTAKINGS 13 CONSOLIDATED STATEMENT OF FIiYANCIAL ACTIVITIES YEAR ENDED 31 ocfoBER 2025 Prk)r Fillancial Year Note GenerAI Funds £0 R￿trICted Funds £000 Total 2024 Income and etsdownben¢s from: Voluntary inc4)me Oiher trading a¢tivities Trading income Investment income Other 73 73 7.714 573 7.714 573 Total 8,360 8,360 Expendilure on.. Raising funds.. Commercial trading:_ Expenditure - continuing Taxation Investmenl management costs Costs of g¢nerating voluntary funds Chariiable activilies 3&5 10 8,605 54 27 8.605 54 27 596 596 Totsl 9.286 9.286 Net income aDd ne¢ movement in funds before gains and low on investments (926) (926) Investment gainsl(losses) 1,234 1,234 Net IDcome 308 308 Other reeogklsed g•In￿(lO$SeS) Foreign exchange adjustment Revaluation gal￿5/{10$$¢$) Net movement in funds 308 308 RecoDeilia¢lon of funds Toial Fund5 al l Nov¢mb¢r 2023 19.958 19.958 Total Funds at 31 (klober 2024 20,266 20.266 The statement of financial activitie5 includes all gains and losw recognised in the year. All ino)me and expenditure derive from continuing activities. THE ULVERSCROFf FOUNDATION 14 STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 OCTOBER 2025 Current Fin4nci*l Year Note Genernl Funth £000 Restricted Funds Total 2025 £000 Tot*1 2024 Income 4nd endowments from: Voluntary income Gift aid from trading group Inv¢stm¢nt income 32 300 495 32 300 495 73 300 510 Totsl 827 827 883 Expenditure OD: Raising funds.. Investment management cost5 Costs of generating voluntary funds Charitable activities 29 27 445 445 596 Totsl 478 478 627 Iyet (expenditureyincomt gnd Det mov¢ment in funds ￿fOre and lo￿¢$ on investments 349 349 256 Inves¢m¢nl (lossesyEains 797 797 ,021 Net (expenditsTeyiDwme 1,146 1,146 1.277 Otber TecogDlsed g8ins Revajuation gainsl(Ios5es) (81K)) {800} (500) Net mov¢meDt In funds 346 346 777 Fund balances carried forward al l Novemtrtr 2024 19,994 19.994 19217 Fund balances carried forward at 31 October 2025 20,340 20,340 19,994 The s18temenl of financial ￿tIvitieS includes all gairks and losses recognised in the year. All income and ¢xp¢nditure derive from ¢onlinuing activities. THE ULVERSCROFT FOUNDATION 15 STATEMENT OF FINAIYCIAL AcfiviTJES YKAR ENDED 31 OCTOBER 21125 Prior Financi&l Year Note Gener*1 Funds Restricted Funds £0 Total 2023 £000 Income And elldowm¢Dts from: Voluntary income Gift aid from trading group Investment income 73 300 510 73 300 510 Total 883 883 Expenditure on: Raising funds.. Investment management Costs Costs of gen¢rating volullt￿ fund5 Charitable aciivilies 27 27 596 Total 627 627 Net (expendituTeyiDcome and nel rnovemenl in funds before galns And losses on Inve$tm¢nts 256 256 Inv¢stmenl (lossesygains 1,021 1,021 Net {expenditsreyiDeome 1,277 1,277 OtbeT recognised galns Revaluation gainsl(losses) (500) (500) Net mOve￿¢￿t in fund5 777 777 Fund balances caTried forward at l Novemkr 2023 19.217 19217 Fund balances caThied forward at 31 October 2024 19,994 19,994 The StateM￿lt of financial activitie5 includes all gains and losses recognised in the year. All income aThJ exp¢ndilure derive from continuing a¢tivities. THE uLVERsCRO￿ FOUNDATION AND ITS SURSIDIARY UNDERTAKINGS 16 CONSOLIDATED BALANCE SHEET AT 31 OCTOBER 2025 Not¢ 2023 £000 2024 £000 Fixed assets Intangible &ssets Tangible assets Investments 335 4,117 12,965 410 4.136 13.179 12 13 17,417 17,725 Current assets Stocks Debtors Cash al bank and in hand 14 15 16 559 1,688 3,867 794 1.757 2,951 6,114 5.502 Creditor5: amounts falling due within one year 17 (2,708) (2.511) Net curren¢ auets 3.406 2,991 Totsl a&qets lesg eurrent liabiliti¢s 20,823 20.716 Creditors: amounts falling due after more tb* one year 18 (336) {450) 20,487 20,266 Fund8 Unrestrleted illcome funds (including ¢apit&l redemption reserve of £1.2 million) 20,487 20.266 Total funds 20,487 20.266 Approved by the Board of Trustees on 9 July 2026 And signed on ils behalf by: RPGENT R CROOKS THE ULVERSCROFf FOUNDATION 17 BALANCE SHEET AT 31 OCTOBER 2025 Note 2025 2024 Vi5ed ￿￿ets Tangible assets Investments 12 13 600 18,304 17,524 18,124 18,904 Currenl ￿$ets t)¢btors Cash at bank and in hand 15 16 88 2,655 95 1,939 2.743 2,034 Creditor5: amounts falllng due withln one year 17 (291) (494) Nel Current 48$ets 2,452 1,540 Total assets ¢urreD¢ liabilities 20.576 20.444 Creditor&' ¥mounts falling due #fter more than one year 18 (236) (450) Net assets 20.340 19,994 UDrestri¢¢ed Income funds: Generdl fund5 20,340 19,994 20,340 19,994 Apwoved by the Board of Tn￿teel on @ July 2026 And sigwl on ils behalf by: RPCENT R CROOKS LoC)L/t￿l THE ULVERSCROFf FOUNDATION AND rrs SUBSIDIARY UNDEifTAKINGS 18 STA TEMENf OF CASH FU)WS YEAR ENDED 31 OCTOBER 2025 The Group 2025 Tb¢ Ch¥rity 2025 Note 2024 2fI24 £Mo £000 Cash u8ed in operating activities 23 (700) (1.002) (556) (22) Proceeds from sale of inve5tment5 PurchLse of investments Purchase of tangible fixed assets Purchase of intangible fixed assets Investment income 2.485 (1,346) (55) (13) 545 1.807 (1209) (26) (33) 573 1.875 {1,098} 998 (1.037) 495 509 Cash provlded by I￿vestIng gctivitles 1.616 1,272 470 Change In ￿$h and Cash equivalents in the yc*r 916 iio 716 448 Cash and cash equivalent brought Tonvard 2,951 2,841 1,939 1,491 Cash and c*sh equivalent carried forwgrd 3,867 2,951 2,655 1,939 Analysis of¢ash and cash equivalents C&8h and bank and in hand 3.867 2.951 2.655 ,939 Cash and eash ¢quiv*lents as at 31 Oetober 2025 3.867 2,951 2,655 1.939 THE ULVERSCROFT FOiJNDATION AND ITS SUBSIDIARY UNDERTA￿NGs 19 NOTES FORiIIIIYG PART OF THE FINIINCIAL STATEMENTS YEAR ENDED 31 OCTOBER 2025 l.Ac¢ounthig policies Ba$is of pre￿ratioll T1￿ financial Stslements have been prepared in a¢¢ordan¢¢ with Accoutiting oJJd Reporting by Charities.. Stat¢m¢nt of RecoJnmended Pra¢ti¢¢ (SORP) applicable to charities preparing iheiT ac¢ournS in a¢¢ordan¢e with the Financial Reporting SLqnd8rd applicable in the UK and Republic of Ireland (FRS 102) issued in (ktober 2019. th¢ Financial Reporting SiandaTd app]i￿b]e in the United Kingdotn and Republic of Ireland (FRS 102), the Charities Aci 2011 and UK Generally Accepted Practice as it applies from l January 2015. The Ulverscroft Foundation meets the definition of a publtc benefit entity under FRS IQ2. The financial ststements are prepared on a going concern basis under the histori￿1 cost ¢onvention, modified to incI￿Je certain itans ai fair value. The Tnkslees are satisfied that the Group has sufficient resources and therefore ￿nSIder thai the going Concern basis Armains appropriate. The financtai stalemevtts aTr presented in sterling which is the functional currency of the charity and rounded to the nearesi £IK)O. The significant accounting policies applied in the pr¢paralion of these financial statements are set out below. These policies have been ¢onsiskntly applied to all years presented unless otherwise stated. 1.1 Basis of con501idation The fjnancial ststements consolidate the results of The Ulverscroft Foundation for the year ended 31 October 2025 with tlM)se of ils subsidiary undertakings for the same financial year on a line by line basis. A summary of the results of the subsidiaries is shown in nole 3. 1.2 Income recognitio Voluntary ITKome excluding legacies 15 accounted for on a receipts basis. Legacy in¢ome is recognised when there is notification of a graTM of probate and the amounl receivable can be measured with sufficient ac¢ura¢y. Fundraising trading ineome comprises th¢ invoiced value of gth)ds supplied, excl￿1Ve of VAT and trade dis¢ounts and is wholly a￿lbUl4b1e to the prirKipal activity of ihe tradtng group. 1.3 Expenditure roeognltlo Resources expended aTe accounted for on an acCn￿S basis. The irr¢¢overable element of VAT. where applicable, is included with the item of exrtnse to which il relat¢s. Supp)rt Costs are those c(ksts which ¢nable the raising of funds and charitable activities to be undertake 1.4 Grants payable Grants are a¢¢ounted for on an accrna]s basAS and are accounted for in fi￿1 if the amount awarded is unconditional or the conditions att￿hed have EEen met. Grants paid are shown &8 a movement in reditors. tklails of ￿a￿lS in the year are shown in t￿le 7. THE ULVEILSCRoFf FOUIYDATION AND rrs SURSIDIARY UNDERTAKINGS 20 NOTES FORMING PART OF THE FINAI¥CIAL STATEMENTS (CONTINUED) YEAR ENDED 31 OCTOBER 21)25 1.5 Inve8tD)eDt asqets and investmellt Income InYesÈtnents are recognis8J initially at fair valu¢ which is norn)ally the trd1Ls￿ti0n price excluding transa¢tion costs. Subsequently, they are measured at fair valu¢ with changes recognised in 'nd gains I (losses) on investments. in the SOFA if the shares are publicly traded or their fair Val￿ can otherwise be me&sured reliably. Investments in subsidiaries are mwured at cost less impairnient. Investsnent income is accounted for on a receipts b&8is 1.6 Le4s¢d assets Rentsls paid under q)¢rating le&8es are Ch￿ged to the Statement of Financial Activiti￿ on a stTaight-line basis over the lease terni. 1.7 Employee benefi¢$ The trading ￿0Up operates a defined contribution plan for its employees. A defined contribution pl8m is pension plan under which the Group pays fixed contributions into a s¢paral¢ ¢nlity- Once the contributions have been paid the Group h&8 no further FAyment obligations. The contributions are recognised as an expens£ in the consolidated profit and Ios5 accounl when they fall due. Amounts not paid ar¢ shomm in accrua]s as a liability in the balance sheet. The &ss¢ts of the plan are held ￿paratelY from the Group in independently administered funds. 1.8 Intangible #ssets Goodwill represents the differaKe between amounts paid on ihe ¢osl of a business combination and the acquirer's interest in the fair value of the Group's share of its identifiable ass¢ts atMI liabilities of the a¢quir¢¢ at the date of acquisition. Subs¢quenl to initial rttognition, Go(Klwdl is measured at Cost less a¢¢umulated amortisation and a¢¢umulated imFoinTJeM losses. GO￿will is ajnoflised on a straight line b&8is through the Consolidated Statement of Finan¢ia] Activitie5 over its useful economic life, being 10 yews fn)m the dafr of frxnsition to FRS102 or acquisition, if later, 1.9 Tangible flxed assets Tangible fixed assets uThAer the historical cost convention. other than investment properties, are stated historical co* Iw accumuiaied deprttiation and any ac¢umulated impaimient Ios5e5. Historical ¢ost includes expenditure ihat is dIr￿tlY attributable lo bringing the asset lo the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is ¢h8rged so as to allocate the ¢ost of ￿Sets less their residual value over their estimaied useful liv¢s, using the straight-line basis. The estimated useful lives atE as follows= Plant and machinery Fixtures and fittings Motor vehicles Freehold propety 4 to 5 years 4 to 5 years 4 to 5 years So years The ass¢ts' residual Yalues, useful lives and depreciation methods are reviewed. and adjwsted piospectively if appropriate, or if Ilw¢ is an indication of a significant change since the l&st reporting date. Gains and losses on disposals are delerniir￿d by ci>mparing the proceeds with the carrying amounl and are recognised in the consolidated ststement of financial activiltes. THE ULVFKSCROFT FOUNDATION AND ITS SIJBSIDIARY UNDERTAKINGS 21 NOTES FORMILYG PART OF THE FINANCIAL STATEMENTS {CONftNUED) YEAR ENDED 31 OCTOBER2025 1.9 Tanglble fiyed x55ets (contittu¢d) Annual impainnent reviews aTe performed in aecordance with the requirements of FRS102 to ensure that the carrying value 15 not hiEher than the recoverable am(Kmt. 1.10 Inves¢m¢nt propertie Investtnent properties for which fair value can be m¢asured reliably without undue c05t or effort are easured at fair value at each reporting date with changes in fair value recognised in 'net gainsl{losses) on inv¢siments' in the SOFA. 1.1 I Sh￿1[$ ond work tn progress Stocks are stat¢d * the lower of cost and nrt realisable value, being the estimated selling price less costs to complete and sell. Work in progress and finished goods include advanced royaltie& labour aJMI attributable ovttheads. At each ba]ance sheet date, st(Kks are &ssessed for impainnenL If stock is impairsl the carying amount Is reduced to its selling price less costs to complete and sell. The impaimienl lo￿ is recogni5ed imtnedia*ly in the Statement of Financial Activities. 1.12 Dtbtors Short terni debtors are measured al transaction price, le55 any impaimient. Loar6 receivable are measwed inilially at fair V￿u¢. net of tran￿lIon costs, and are measured subsequently ot amortised cost using the effective interest mdhod, less any impaiTment. 1.13 C*sh aDd ¢48h equlvalents h is rep￿Sented by cash in hand and deposits with financial institutions repayable without Eynalty on notice of not more than 24 hours. Cash equival¢nts are highly liquid investments that mature in no more than three Months from the dafr of acquisition and that ar¢ readily convernl)le to known amounts of cash with insignificant risk to change in value. In the ¢onsolidaied ststement of cash flows, ¢ash and c&sh equivalents are shown net of bank overdrafts that are repayable on demand and fom an integral part of the Group's cash management. 1.14 Fin#nclal Instrnments The Group only enters into basic financi￿ instruments transactions ihat result in th¢ r¢cognition of financial &qgets a￿j liabilities like trade and other de￿orS and credit￿¥. loans from banks and thher third partie8 loans to related parties. Financial &ssels that ￿e measured al ¢osl and amortised cost are asswed at the end of each rewjrting iod for objeciive evidence of im￿Lmient. If objective evidence of impainnent is found, an Ampaimient 1055 is recognised in the Consolidated statement of Comprehensive income. For financial &ssets me&sured at cost less impairn)ent, the impairnient loss is measured as the difference betw¢¢n as asset's carrying amounl and best eStim￿e, whtch is an approximation of the amounz th* Il Group would receive for th¢ asset if it were to it sold at t￿ balance sheet dats. 1.15 Credito Short terni creditors are m&￿ured at the transaction price. Other financial liabilities, in¢ludin8 bank loans and grants, are measured initially ￿ fair value, of transaction cost¥ and are me&sur¢d subsequently al amortised cost ￿Ing the effective interest method. THE ULVERSCROFT FOUNDATION AND ITS SuBs￿L4Ry UNDERTAKINGS 22 NOTES FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 OCTOBER 2025 1.16 Foreign currency tr*wslJtion Foreign cU￿¢Y trdnthclions are translated into the functional currency wing iTrhouse exchange rates al the date of the transadion. At ¢a¢h period end foreign currency monetary items are translated using the closing rate. N4)n-monetary items MeaSu￿d at historical cost are translated using th¢ exchange rate at the date of the trdnsaction and non-moneljry items measured at fair value are meaSU￿d using the eACh￿)ge rate when fair value was d¢t¢rniined. Foreign exchange gairL8 and losses resulting from the settlemetit of tranwtions and which arise when remitted from overs¢&s bank accounts, are deemed to be 'realised' and recognised in tt]rnover. Amounts arising on the retranslation of year end monetary items are deemed to b¢ 'unreaiised' and appear in Iministrative expenses in the profil and loss account. On wnsolidation, the results of ovw3¢as i)walions are trym51ated into Sterling at rdtes approxtmating lo thos¢ ruling when ihe transactions took place. All assets and liabilities of overseas operations a tTanslated at th¢ ra¢¢ nlling al the reporting d￿e. Ex¢hang¢ difference arising on translating the oFning n¢t assets at opening rate and th¢ results of overseas operdtions at aCtt￿l rate are recognised in other comprehensive i￿oMe. 1.17 Pensions- defi￿ed contribution pensiDD plaD The Group operates a de[l￿d contrib￿lon plan for ils employees. A defined contribution plan is a pension plan under which th¢ Gmup pays fixed contributions into a separate entity. Once ihe contriiwtions have been paid the Group has no fill1h¢r Vdymenl obligations. The contributions are recognised as an expense in the consolidated profil and Ios5 ar￿￿nI when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheel. The assets of the plan alr held separately from ihe Group in indet£ndenlly administered ￿nds. 1.18 Current and deferred taxation The tax expense for the year comprises current and deferred t&¥. T&x is recognised in the consolida￿1 profit and loss a¢¢ount. except ihai a charge attribthable to an iiem of income and expense recogni5ed as other comprehensive income or to an item recognised directly in equity is also recognised in ot￿r comprehensive irKome or directly in equity ￿spective1y. The current income lax charge is Calculated on the basis of tax rdtes and laws that have been enacted or substantively enacted by the balance sheet date in the counties where the Company and the Group operate and g¢nerate incotne. tkferred tax balan¢es ar¢ recognised on respect of all liming difference that have originated bul ￿t reversed by the Balance sket dale, except that: The recognition of defenEd tax &sset5 is limited to the ¢xtent that il 15 probable that they will be recovered against the reversal of deferred tax liabilitie5 or oiher future taxabl¢ profits; Any deferred tax balaKes are Teversed of and when all Conditio￿ for retaining asso¢i*¢d tax allowances have been mel and Where they relate to timing difference in resFct of interests in subsidiarie4 associates. branches and joint ventures and the Group can control the revetsal of the timing differen¢es and such reversal is nol cimsidered PTithble in the foreseeable futur¢. Deferred tax balances are Th)t rt¢ognised in respect of pernianeni difference except in respect of business ¢ombinatio￿￿. when deferred tax is recognised on the differ¢nces between the fair values of assets acquired and the future l&x deductions available for thern and the differences between ihe fair Yalues of liabilities a¢quired and th￿ amouni that will ￿ assessed for tax. Deferred tLx is deterniined using tax rnt and law5 Ihat have be¢n enacted or 5ubstanlively ena¢t¢d by the balance sheet date. THE uLVERScRO￿ FOUNDATION AND ITS sU￿[DIARy UNDERTAKINGS NOTES FORMING PART OF THE FINAI¥CIAL sfATEMENTS (CONTINUED) YEAR ENDED 31 OCTOBER 2025 1.19 Provisions for liabilitie5 Provisions are made where an evem had taken place that gives the Group a legal or Constructive obligation that probably required settlement by transfer of ¢¢onomic tr*nefiL aTrJ a reliable eStim￿e can be made of the amount of the obligation. Provisions are charged as an expense to th¢ consolidated profit and loss account in the year Ihat the Group becomes aware of the Obligatio￿ and are measured ￿ the best estimate al the balance sheet date of the expenditure required to settle th¢ obligation, taking into accounr relevant risks and uncertainties. When payments ar¢ ev¢ntLdly made, they are Charg￿ to th¢ provision carried in the balance sheet. 1.20 Fund aecounting Unrestricted fth]ds are those that are available for use, at the discre¢ion of the Trus*e5, in furtheranc¢ of the genera] objectivities of the charity. Restri￿ed funds are those that are to be used in ac¢ordan¢e with specific restrictions imF¥)sed by dOn￿S or which have been raised by the charity for particular purwse& Where restricted income ￿ been expended on the desigDat¢d project it is considered that restrictions have been met and the SLMS are therefore transferred to unrestricted funds. 1.21 Judgements *nd key sources ofe5tim*tiOD uncertainty The following judgements (apart from those involving &9timates) ￿ve been made in the process of applying th¢ above accounting p)licies that have had the most significant effect on amounts recognised in the finan¢ial ststements.. (a) There were no critical judgments in applyin8 the Group's accounting Folicies: (b) Critica] accounting estimates and assumption5: The Group rnakes estimates and assumption5 con¢¢ming th¢ future. The resulting accounting estim*es will. by definition, seldom equat the related a¢tual results. The estimates and as5umplion5 Ihal have a significant risk of causing material adjusth)ent to the carrying amounts of the assets and liabilities withÈn the next financial year are addressed below. (i) St(Kk provisioning.. The Group ¢onsiders it necessary to consider the rewv¢rability of the c05t of sto¢k and the associated provisioning required. When calculating the work in progress proviston, management Considers the nature, Condition and age of the stock, as well as applying assumptions arouT¥J anticipated saleabilily and future usage. {ii) Investment properti¢s'. The Group carries its investment properties at fair value b¢in8 recognised in Ihe Stalemenl of Financial Activities. See accounting policy note 1.10 and note 12 for mor¢ inforniation {iii} Leg￿Y income: Income from pecuniary aftd residuary legacies are recognised when there is entiilem¢nt and the income is measwable and probable. THE iJLVERSCRoFf FOUNDATION AND ITS SUBSIDIARY UI¥DERTAKINGS 24 NOTES FORMING PART OF THE FINANCIAL ￿ATEmENTS {CONTINUED) YEAR ENDED 31 OCTOBER 2025 VoluD¢ary iDeome 2025 £iKID 2014 £000 Donations Legacies 30 71 32 73 Subsidiary *etivilie5 The charity owns the whole of the ordinary share capitsl of Ulverncroft Group Limited, which is in¢iKpoTated in England and Wa]¢s. Ulver5CToft Group Limited has a numEEr of other subsidiary companies under its control which, together, fomi the trading group as detailed in note 13. The Irdding group is principally eng4¥¢d in the publishing. printing and distribution of large print and audio books for the blind aTrJ pwtiaily sighted to librwies in the English speaking world. A summary of the ¢onsolidated Tesults for the trading group is slK)wn on the next page. Audited acwunts for the consolidated tr&ling ￿0Up have been filed with the Registrar of Companies. THE ULVEILSCROFf FOUNDATION AND ITS SUBSIDIARY UNDERTAI