Chority numb•r. 314105 The Cranbury Foundation Unaudited Trusto•s' report and financial statements For the year ended 30 September 2025 The Crnnbury Foundatlon Gont•nts R•f•r•n¢• ènd admlnistratSv* detslls of the ch￿ty. Its T￿￿tte$ and advisers Tru¥tee$' report Independent examlTreVs rwirt Statgment of finan¢ial actlvi Balance $h•#t Notes to the financial statomtrnts 8-16 The Cranbury Foundatlon Reference and admlnistrative detslls of the Charlty. fts Trust••s and advls•rs For the year •nded 30 September 2025 Trustees The Vixount Lrfford Sw lan Macdonahj T Anstruthw J T He￿lI Charrty r8gist•r•d numb•r 314105 Prlneipal office Cranlxjry Pa Winthester Hampshiro S021 2HL A¢eountants KreSt￿ Reeves LLP 9 Donryn9ton Park 85 Birdham Rcwj Chthester West Sus58X P020 7 Bank•rs NatK¥)al Westminster Ba￿ pk 12 High Street Soulhampton Hampshire S09 7ND Sollclto Fawrer & Co 66 L1￿c4D'S Inn ￿￿Id5 London WC2A 3LH Inv85tment Managtrs Rathbone Inveslm8nt Managerr*nt Llmited Fiennes House 32 S(yJthyate Winchestgr Hampshir• S097ND Indèp•ndent Examlner Simon Webber. BA {Fth)nsl. FCA Kreslon Reeves LLP 9 Donnington Park 85 Birdhafft Road Chmknster P020 7A1 Page 1 The Cranbury Foundatlon Trustees. report For the ye•r ¢nd8d 30 Sept•mber 2025 The Trustees pres8nt thwr ￿ThjaI report together wih the ffinandal staterr*nts of the ChW for the l Oclob•r 2024 10 30 September 2025. Oblectlves and activities Pollclej and ¢*bJe¢tlves In sotbng objectives and ￿anr￿ng for acbvibes. the Trustees have grven due consideralion to general guidance published by the charityeomn¥ssion trj public btrnefit and in parbwlar tt> ts suppl?mentary publlc benefit guidance. The T￿￿tee5 hold the Trust funds (subject to any express conditk)ns imposed by Ihe dDnor} frjr general charitable purwses. In furtherance ol thi5 1)bjective. the Truste85 have adopted a ￿lcY of giving donations to various other charities and organisatKJn$. The Trustees have decNJed to pr￿nI*se loral charit*s when making decision5 on the 9ranting of donations and that any SU￿￿$ of aVaila￿e incom8 would be donated to Muscular Dystrophy UK. The Charity raises lunds from the TentW￿ of its investment properbes and the incorne derived from its other investmenb. There have teen N) thanges to the Charity5 aims or polic4es In the financial year_ b. P*tSvltles undertak8n to achi•v• obA•ctiv•s Investm8nt Pfoperties a￿ held to raise Il￿dS from ￿nt re¢eNed. Inv8stm8nt propeities have been induded in the accounts al open market value. c. Main actlvlll•s undertaken to fUrt￿rth• ChartW$ purposes for th• publlc b•nefft The objects of the Foundation are Wkle, bui th8 Twstees I(￿9 their grant mak¥ng in two main arèas. The first of these is th6 support of research into Mfftnic Muscular Dystrophy, and the majority of lunds are directed to th8 Da￿)nal charity supporting suffe￿r$ ol that uJnditM)n and Yosearc* into the causes and thè d￿knpment of treatmènts for Myotonic Dystrophy. Mustsjlar Dystrotthy UK. In addth'on to that primary fows. the Fwndation sur￿(￿ts many knral tharikn8s in Hampshlr6 and the Trustees ar& aNvays consuous of the need to assess the irnpact of suth var*J donations. Achi0￿ments and p¢rforn)an Flnanclal revlgw a. Golng eone•rn After making appropriate enouwi6s. the Truslees havè a reasonable extetstion that the Charity has adeqLtate r8sources tts continue ￿ Operati￿al exy5tence for the loresee8￿9 future. For this ￿s0￿. they continue to adopt the goiro cOn￿rn basi5 in pfeparing the fir¥an￿81 stat8ments. Further detaiL8 regarding th8 adoption of the going concem basis can be Iwnd in the acrAwnkng P￿i¢l&s. Page 2 Cranbury Foundatlon Tru$tee$' report {continu8dl For th• y•ar •nded 30 S•ptember 21125 b. Resor¥•s poU¢y The Charity raised £91,74012024.. £85,915) from the ￿nting of its freehohj properties and £7.￿l2024." £7.6841 from divKlends and interest re¢eNed from it5 investments. The cost ol repairs, maintenance, insurance and managament ofthe Charitys rented woperbes was £32.65212024.. £51.6561. Managèment of the Charitys other investment cost£1,63112024.. £1.598). Other costs, inc￿KIll¥j managem8nt and admints1ration costs. £5.%012024.. £6,212). The Charity made 5 donauons to valk￿$ charities and or￿l$alK￿$ this year whith arnounted to £31.43812024.. £33,730>. These irtlude a donatK)n of£30.00012024: £30.(mi to Muscular Dystrophy U During Ihe year therè were £42.354 additions12024.. £14.1)94} and £31,031 disw)sals12024- £50,756) within the listed investments of the Charity. The ma￿81 value of li5t8d investments I￿￿aSed by £19,5S512024: inrxeased by £11,322}. The surp4us on the reven￿ ax4)unt for th• amounted to £27.124 12024.. 3urplus £4031. Profits on the di%posal of quoted inv8sknents were £7412024: l¢xs of £897). The invtsstment pro￿rtieS have also been revalued in the year by an increase of £5.617 12024.. Incmase of £33,166) and now have a ￿u6 per the 3￿nts of £2271.37512024: £2,265,758>. The net a3s9ts ol the Charity. as shown in the balance 5hee( irKreased by £52.370 12024: Increased by £34,751). ¢. Materlal Investments pol•¢y Th8 Trustees are empowered lo invest the Irust fflc*)ies in the samè urtreslrided manrw a8 ir they were the beneficial owners of suth monies. The Charitys in￿StMents ar? manapl by ￿(￿pendent nVeslm￿t mwag8rs. Incorre from the Investments is used to further the objects ol the Charity. Investments are ststed at fflwj-market valve 8t the ￿ar end. Gains or k)sses arising on revaluation are transfeffed to the ievaluation reserve. d. Reser¥•s General fund The balance the gentral fund, vthich ￿preSents the origirwl opital and fvthr cawtal donatiC￿5, has remained the same this year {2024'. ￿m￿ed th• same). The baknce on the general fvnd is £469.463 (2024: £469.4631. Revaluatk?n reserve The revaluation reserve. which represents the revaluaticffl of investh)enb and thè investment properties. has increased by £25.246 12024: irKrea8ed by £34.348). Th bakgnce m thè reva￿atIon reservo is £2.021,174 12024.. £1.995,928}. Revenu8 reseThe The pdicy of Ihe trustee$ is that, ha*ing conshlered known major pr(yèrty repairs that will owur in the foreseeablo ILrture. thè Charity will keep a small additi￿al resetve lo meet any irnmediate need or expenditure. The Charity will d￿ate most of the income ￿$ its exp8ndiiure in the financial wr that li arises taking onty a small surplus or deficit to ihe revenuè reserye. The revenue reserve has inueased by £27,12412024.' irKreased by £403). The balance on the revenue rgs•Ne is £29,77012024: £2,646}. Freg r85erves At 30 Septernber 2025, the adual Fourbjation free r￿1¥•$ exdwlir4J the net book valua of fLxed as88ts wère £90,59712024'. £74,7%1. Page 3 The Cranbury Foundatlon Trustees. report Icontinued) For the year endod 30 S•ptember 2025 Structure* goverftan￿ and management . M•thods of appointrnent or •l•¢tion of Trnstses The managem8nt ol the Charity the r85p0n5tj￿ty of the Trustees el•ct6d and ctsopted ￿der the terms of the Trust deed. The power of appoinling r*w or addilK)nal Trustees is vested in the Founder ¢Juring her lrfe and in the Injstees thereafter. The n￿rn￿r of Trust•es cannol exceed 9 at anyfjme. b. Organisational structur• and decislon4*aklng pollcles A board of Trustee5 of up to 9 members. who meet reguw. manage the Charity. The day to day administrauon ofth8 Charity Is carried oui by Cranbury {HL*Jros} ￿mIled. Cranlxjry (Holdings) Limrted is Ihe parent (y)rYyany of the Cranbury Group. It carries wt management work for the Charity. Statement ot Trustees. responslbllllies The Trustees are responsible for preparir¥J the Trustees. re￿Irt aKI the finanual statements in 8ccordance *￿th applicable Lgw arKI VI￿￿ Kingdom Acix)unting Standards (Unit￿ Kr￿d0M Generally Accepted Accounting PractKel. Th$ law applicat4e to tharilies in ErwJlaThJ & Wales requires the Trustees to Fwepare financaal *atements for eath financial which gwe a tru6 and lair view of the slate of affairs of the Charity and of its incorning resources and applicaiy)n of resourw. Incl￿ding its income and expendiiure. lor that period. In preparing these financial ststemenls. the Tn￿t￿ art T•qui￿d to: select suitsble 8ccwnting policies and then appty them consistenuy. observe the melhod5 and principles of the Charitie$ SORP IFRS 1021: make judgments and accounting eskn"mates that are reasonabbg and pru¢Jent; state whelher appI￿Ab￿ UK Accounting Stsndards IFRS 1021 have be￿ fdh)wed, sutiect to any material departures disclosed and explained in th8 finarKyal StateM￿ts,. prepare the ffinanck81 ￿atements on the going co1￿M basis unless li 1$ inappropn8te to presume Ihat the Charity will ¢thÈnue in business. The Trustees are r85pon￿b￿ for keeping adequate accountin9 records that are sufficient to show and explain the Charivs transa¢tsons a￿1 disclose with reasonable accuracy at any ts.me the financial position of the Charity and enab￿ them to ensure that the )Inanryal slatements compty Mth the charit￿5 Act 2011, the Charity (Accounts an¢J Rep)rts) RegulafM)n5 2008 and the promsws of lh8 Trust deed. They are also respon5ibl8 for safeguardin9 the 8S5ets ofthe Chanty and hence for laking rea$¢￿aLle sleps for the prevention aTKI detection of fraud and othef irregularities. Approved by order ofthe membets of the twrd ofTw5tees and swjned on thwr b8haKby.' Tho Vls¢ount Llff4yd ITrusteel Dat8.. 30 June 2026 Page 4 Th• Cranbury Foundatlon Independent examlnerfs report For the year tnd¢d 30 September 2025 Independent examine¢s report to thè Tn￿lee5 of Th• Cranbury Foundation {Ihe Charity? I report to the charity Tntstees on my examination of the acojunts of the Charity for Ihè year ended 30 Septetnber 2025. Rosponsibllltles and l>asls of report As the Trustees of the Charity ￿)U we re5ponsble for Ihè pw3ra1K￿ of the accounts in accordance with th& requirements of Ihe Charibes Act 2011 Ilhe 2011 Arfl. I report in respect of my examinal*)n of Ihe Charitys accounts caThied out under secti(m 145 of the 2011 Ad and in oirt my examination I have followed the applicable Direth"ons gNen by the Charity Comrnission under sectlon 14515llbl of the 2011 Act. Indep8nd•nt •xamlnerfs statement Your attention is drawn to thg fad that the Charrty has prepared Ihe ac￿￿nts in accordance *ith Accounting and Reporting by Chariti88.' siatemenl of Recommended Practice ap￿Icab￿ to charrties preparing their accounts In accordance with the Financial RepL¥bng Stsndard ￿p￿1¢ab￿ in the UK 8nd Republic of Ireland IFRS 1021 in p￿ference to the ArwUntw￿ and Rewbng by chan￿.. Statem￿t of Re(%Jmmended Practice issued on 1 April 2005 is referred to in the exlanl regulations bul has been withd￿. l understand ¢hal this has been d(￿e in oNJer for the attthJnls to provvje a tnje fair in accudance the GenerallyAccepted A¢o)unlwvJ Pradice effective lor peri¢)Js beginning on or after 1 January 2015. I have completed my examInatth￿. I wnfim that no matters have come to my atten￿n In connection with the 8xamination giwng m• cause to btrI￿e Ihat in 8ny mateiial re$pert. arLounting rncords wero not kepl in mspecl oflh8 Charity as requirèd by Secti￿ 130 ofthe 2011 Act.. or the accounts do not accord vrith those records: or the accounts do not CoM￿Y with Ihe appli¢abl8 reqU1￿ments conceming Ihe fomi and content of accounts set in the char￿*S (Accounts and Reports) Regulations 2008 other than any requirement that the accounts fft a Yrue and fairf *thi¢h k5 fK)t a malter Considered a8 part of an independent 8xamInati(￿. I have no concems and have come across other rnatters in connect*)n wlh Ihe exawnination to whith attention should b8 drawn in this report in orderto gna￿e a proper undetslan¢*n9 ofthe ￿4x1Thts to be re&ched. This report is made lo the Chariws Tnjstees, as a boty. in 8ccordance with Part 4 of the Ch8riti88 (Accounts and Reports) Reguialions 2008. My has been undertaken so that I mighl state to Ihe Charitys Trustees those matters l am required to state to them in an Independent examinerfs report and for no olher purpose. To the fullest extent penn￿ed by ￿w. I do not accept or assume respwsibilTrty to anyone other than the Charity and lh8 Charivs Trusteos as a tr￿y. for mywork or for tr¥"s report. Signed: Simon Webber. BA (Honsl. DChA. FG4 Kre$ton Re￿$ LLP Chichester Daled: 16July2026 Page S Th• Cranbury Foundati¢>n 8tatsmont of flnanclal athlves For the year ended 30 Septemb•r 2025 Unr•strict•d fvnds 2025 Totsl funds 2025 T¢)tal funds 2024 Not• Incomè from: Other trading actiwt Investrn8nts 91.740 7.f165 91,740 7,065 85,915 7.684 Total Income 98.805 98.805 93.599 Expendlture on: Raising funds Charitable a¢tNrfies 37.123 34,558 37.123 34.55B 55.470 37.726 Total •xp¢ndltuf• 71.681 71.681 93,196 Net movement Sn lunds boforn oth•r tecognlsed galnsllloss851 27.124 27.124 403 Olher reco9nised gains1{Sosses): Gains on revaluath'on offfixgd assgts 25.246 25,246 34.348 Net movemtnt In fvnds 52.370 52.370 34,751 Reconciliation of funds: Total fvnd5 brought forward Net Move￿nI in lunds 2.468.037 52.370 1468,037 52,370 2,433.286 34,751 Total fund$ carrled forw•rd 2.$20,407 2.520,407 2.468.037 The Statement gfffinar￿lal ac11*t￿ itudes all g￿rts arvj losses rec09r￿Sed in the year. The notes on pages 8 to 16 fom part ol these fmanual Statem￿$. Pagg 6 Tho Cranbury Foundalion Balance Sheet As al 30 September 2025 2025 2024 Flxed as¥gts Invèsbments Investrn￿t propertss 158,435 1271A75 127,483 2.265.758 1429.810 2,393.241 Currènt ￿Sets Debtors Cash at bank and in hand 2,047 92,086 127,004 129.631 94.133 Currgnt Ilabllltles Cr8ditors: aMO￿ts faling vAthin one yeaT 10 {39.0341 119.337) N•t curr•nt ass•ts 90.597 74,7 Total net ass•ts 2.520,407 2,468.037 Charlty fvnds R*stric£e(I funds Vnmstrkted funds 11 2.520.407 2.468,037 Totsl funds 1520A07 2.468,037 The financial StateM￿t8 were apwov8d arwj authorise(I for issue by the Trustees and on their ￿hat1 by.. The Vls¢ou (Trusteel D8tO: 30 June 2026 Llfford Thé notes on pagas 8 to 16 fm part of t￿ financial ststernBnts. Page 7 The Cranbury Foundalion Notes to the finanelal statements For the year ended 30 Septembor 2025 Coufrtlng pollel•$ 1.1 Basls of pr•parallon ol Ilnandal $lalements The finarKial statèments have been prepared in acc(xdarKe V￿1h th• Charilfjes SORP IFRS 1021- Accounting and Reporting by Charib85.' Ststement of Recommended Practice applicablè to charities p￿paring th8ir accounts in ac¢oYdan¢e wth the Finanual R8porft'ng Standard ap￿1¢able in the UK and Republic of Irdand IFRS 1021 {effecbvè 1 January 20191, the Financial Reporting Standard applkable in th9 VK arKI R8public of I￿13￿￿ IFRS 1021 and the Ch815b85 Act 2011. The finanaal statements have b8en prepared to gwe a Iwe and fairf and ha￿ departed from the Charili8s IAcc(yJnts and ReFthsl Regulations 2008 or)ty to the extent required to provide a Irue atHI fairf view. This departure has invoW fd10￿j the Charities SORP IFRS 1021 published in October 2019 rathgr than Ihe AttoJntThJ and Rep￿ting by Charibes". Statement of Recommended Pradictr effectNe from 1 Ar￿1 2(K)5 has been wthdrawn. The Cyanbury FWThja￿On meets the d8finttK)n of a Publ￿ benefil entity under FRS 102. Assets and liatslii*s are inthlty recognised at histortal ￿$t or tran$8ctKm valu8 Un￿5$ 01h*v￿$8 stated in the relevant accountsng policy. 1.2 Income l incorne is rgcognised once Ihe Chwity has entidernent to Ihe irKome, rt is probab￿ that Ihe inccffte will be re¢eived and the arr￿TrI of rnty)me receivatle Can be measured reliabty. 1.3 ExP•ndI￿re Expenditure is recognised once the￿ is a legal or conslnJ¢bve obligation to transfer 8conomic benefrt to a third party, it is probable that a transfer of economic b8n8fits be ￿quired in Settlement and the amount of Ihe obligation Gqn be measured reliably. ExpeThdi￿re is rjassrfied by 8Ctwty. The costs of e8th activty are ma(le up of the total of direct costs and shared costs, induding support wsts involved in undertaking eath activty. Dired costs attyitthab￿ to a single activity are allocated direcuy to that a¢tswty. Shared costs whth con1T*￿e io more than one actNty and support Costs ¥thi¢h are rKrt attributable to a singk activrty are appjrtioned between those acliwt￿s on a basi5 con5i5t8nt with the use ol resources. Central stsff costs are alkKated on basis of twne spent, and dep￿at￿Tr charges allocateij on the porbon of Ihe asset's use. Charitsble actiwties aThJ Govern￿￿ (x)5ts are costs incurred on the charivs edu¢8tional operations, including support Costs costs relatiwu to the wvemance of Ihe cha￿ty apporb.oned to Chantable athrties. 1A Interest receivablè Interest on funds held on deFNxit is induded when r8C8iwable al￿ the amwnt can be measured reliably by the Charity. is norrnaly Lyon nofficabon of the interest paid or p8y8blè by the institutM)n wrfh vthorn thè funds a￿ dewgied. Page 8 The Cranbvry Foundation Notès to th• flnanclal stat•ments For the year ended 30 Septemb8r 2025 counllng polkies l¢ontinued) 1.5 R•yo￿allOn of Investrnent property The Charity has adopted the revaluation rnrAlel to ￿ValUe items of Investment property hthose fair Value can be measured reliably. The revaluaiKJns shall be made th suffici8nt regularity to ensure that the ¢aryng amount does [￿t drffer materiauyfrom thatvknich *wld be determin8d using lair value at the eThJ of the repoTtsng peri(Ml. The fair value ol land and buildings is usualty detemiined from mthet-based èvidence by appraisal that is nomally undertaken by professionally qualffied valuers. The fair value of rtems ol pL4nt and mathinery is Lk£ualy thwr market value delermr*d by apprai581. Revaluat*)n 9pins and kjsses are r8cogni8ed in 0lhertoTrye￿Trs￿e income and accumulated in equity. 1.6 Tanglble r￿ed ass•ts and depr•¢lation Tangible tsed ass¢ts costing £1,000 or rtve are Ca￿talised arKI rècognised when future e¢￿0M1C benefts are probabl8 8nd the tost ￿ valvè of the asset can be measured reliably. A re¥￿ for impairment of a fixed asset is canied oul rfeverts or charse5 in drcumstanc68 indicate that the carryytg wdlue of any fixed asset may nol be r*oveTable. Shortfalls bet￿￿en the carrying value of fixed assets and their rerAWerab￿ amwnts at8 re￿nised as irnpaSments. Inwairm8nt losses are rewised in the Statement of financial actmtyes. D6prec¢ation is tharged so as to alk)cate the of tsngible fixed as%ts less their residual vaue over their estimated uselul lives. on a r8ducing balance basis. 1.7 Inv•stments Fixed asset invèstments are a fomi of fin8nual InsknJm8nt an(J are initially recognlsed at thèir transaction cost and subsequently rrEasure