40018921 2025-01-01 2025-12-31 40018921 2025-01-01 2025-12-31 0 40018921 2025-01-01 2025-12-31 1 40018921 2025-01-01 2025-12-31 0 40018921 2024-01-01 2024-12-31 40018921 2025-12-31 40018921 2024-12-31 40018921 2024-12-31 fsa:ContributedCapitalMember 40018921 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 40018921 2024-12-31 fsa:RetainedEarningsMember 40018921 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 40018921 2024-12-31 40018921 2025-12-31 fsa:ContributedCapitalMember 40018921 2025-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure 2025-01-01 Regnskabsklasse B true Annual report 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1540.0, by EasyX Aps. www.easyx.eu 2024-01-01 2024-12-31 Independent Auditor’s Report Basis for Opinion Opinion Statement by the Management Today, the Management has discussed and approved the annual report of Design Impact Fund I K/S for  the financial year 1 January - 31 December 2025. 2025-12-31 The annual report is prepared in accordance with the Danish Financial Statements Act. In my opinion, the financial statements give a true and fair view of the financial position of the Company  at 31 December 2025 and of the results of the Company's operations for the financial year 1 January -  31 December 2025.  Further, in my opinion, the Management's review gives a fair review of the matters discussed in the  Management's review.   I recommend that the annual report be approved at the annual general meeting. Copenhagen 2026-06-22 Liza Chong Independent auditor's report To the limited partners of Design Impact Fund I K/S Opinion   We have audited the financial statements of Design Impact Fund I K/S for the financial year 1 January -  31 December 2025, which comprise income statement, balance sheet, statement of changes in equity  and notes, including accounting policies. The financial statements are prepared in accordance with the   Danish Financial Statements Act.  In our opinion, the financial statements give a true and fair view of the financial position of the Company  at 31 December 2025 and of the results of the Company's operations for the financial year 1 January -  31 December 2025 in accordance with the Danish Financial Statements Act.   Basis for opinion   We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional  requirements applicable in Denmark. Our responsibilities under those standards and requirements are   further described in the "Auditor's responsibilities for the audit of the financial statements" section of   our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide  a basis for our opinion.   Independence   We are independent of the Company in accordance with the International Ethics Standards Board for  Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional  ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in  accordance with these requirements and the IESBA Code.   Management's responsibilities for the financial statements  Management is responsible for the preparation of financial statements that give a true and fair view in   accordance with the Danish Financial Statements Act and for such internal control as Management   determines 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, Management is responsible for assessing the 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 in preparing the financial statements unless Management either   intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.   Auditor's responsibilities for the audit of the financial statements  Our objectives are to obtain reasonable assurance as to 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 and the additional requirements applicable in Denmark 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 the financial statements.   As part of an audit conducted in accordance with ISAs and the additional requirements applicable in   Denmark, we exercise professional judgement and maintain professional scepticism throughout the   audit. We also:   Identify and assess the risks of material misstatement of the financial statements, whether due to  fraud or error, design and perform audit procedures responsive to those risks and obtain audit  evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not   detecting a material misstatement resulting from fraud is higher than for one resulting from error  as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override  of internal control.    Obtain an understanding of internal control relevant to the audit in order to design audit  procedures that are appropriate in the circumstances, but not for the purpose of expressing an   opinion on the effectiveness of the Company's internal control.   Evaluate the appropriateness of accounting policies used and the reasonableness of accounting  estimates and related disclosures made by Management.   Conclude on the appropriateness of Management's use of the going concern basis of accounting in  preparing the financial statements and, based on the audit evidence obtained, whether a material   uncertainty exists related to events or conditions that may cast significant doubt on the 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 auditor's report to the related disclosures in the financial   statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based  on the audit evidence obtained up to the date of our auditor's report. However, future events or   conditions may cause the Company to cease to continue as a going concern.   Evaluate the overall presentation, structure and contents of the financial statements, including the  note disclosures, and whether the financial statements represent the underlying transactions and   events in a manner that gives a true and fair view.   We communicate with those charged with governance regarding, among other matters, the planned  scope and timing of the audit and significant audit findings, including any significant deficiencies in  internal control that we identify during our audit.   Independent auditor's report Statement on the Management's review  Management is responsible for the Management's review.   Our opinion on the financial statements does not cover the Management's review, and we do not   express any form of assurance conclusion thereon.  In connection with our audit of the financial statements, our responsibility is to read the Management's  review and, in doing so, consider whether the Management's review is materially inconsistent with the   financial statements or our knowledge obtained during the audit, or otherwise appears to be materially   misstated.  Moreover, it is our responsibility to consider whether the Management's review provides the  information required under the Danish Financial Statements Act.  Based on the work we have performed, we conclude that the Management's review is in accordance with  the financial statements and has been prepared in accordance with the requirements of the Danish   Financial Statement Act. We did not identify any material misstatement of the Management's review.   Copenhagen 2026-06-22 EY Godkendt Revisionspartnerselskab EY Godkendt Revisionspartnerselskab 30700228 30700228 Kaare K. Lendorf State Authorised Public Accountant mne33819 Emil Johnsen State Authorised Public Accountant mne50640 Management's review Design Impact Fund I K/S Wildersgade 60C, 3. tv, 1408 Copenhagen K 40018921 2018-10-30 Copenhagen Operating review  Principal activities  The limited partnership’s purpose is to make, develop and realise minority or majority investments in   companies being early stage companies with a strong growth potential.   Development in activities and financial matters  The income statement for 2025 shows a loss of DKK 1,538,857 against a profit of DKK 509,258 last  year, and the balance sheet at 31 December 2025 shows equity of DKK 13,237,528. Management   considers the Company's financial performance in the year satisfactory.   Events after the balance sheet date  No events materially affecting the Company's financial position have occurred subsequent to the  financial year-end.   -56885 -1481946 -147696 656958 -1538831 26 509262 4 -1538857 509258 -1538857 509258 13541156 13541156 15023102 15023102 13541156 15023102 2415 2415 5569 5569 13543571 15028671 8191610 5045918 8191610 6584775 13237528 14776385 1998 304045 3199 249087 306043 306043 252286 252286 13543571 15028671 8191610 0 6584775 -1538857 14776385 -1538857 8191610 5045918 13237528 Accounting policies Accounting policies (continued) Accounting policies (continued) The annual report of Design Impact Fund I K/S for 2025 has been prepared in accordance with the  provisions in the Danish Financial Statements Act applying to reporting class B entities and elective  choice of certain provisions applying to reporting class Centities.   Basis of recognition and measurement  Income is recognised in the profit and loss account concurrently with the realisation, including the   recognition of the value adjustments of financial assets and liabilities. Likewise, all costs, these including   depreciation, amortisation, write-down, provisions, and reversals which are due to changes in estimated  amounts are recognised in the profit and loss account.   Assets are recognised in the balance sheet when the Company is liable to achieve future, financial  benefits and the value of the assets can be measured reliably.   Liabilities are recognised in the balance sheet when the Company is liable to lose future, financial  benefits and the value of the liability can be measured reliably.   At the first recognition, assets and liabilities are measured at costs. Later, assets and liabilities are   measured as described below for each individual accounting item.  Certain fixed asset investments and liabilities are measured at amortised cost, by which method a fixed,  effective interest is recognised during the useful life of the asset or the liability. Amortised cost is  recognised as the original cost with deduction of any payments and additions/deductions of the accrued  amortisation of the difference between cost and nominal amount. In this way capital losses and capital   profits are spread over the useful life.   At recognition and measurement, such predictable losses and risks are taken into considerations, which   may appear before the annual report is presented, and which concern matters existing on the balance   sheet date.  Reporting currency  The financial statements are presented in Danish kroner (DKK).   Income statement Gross profit/ loss  The items net operating income from properties and external expenses have been aggregated into one   item in the income statement called gross profit/loss in accordance with section 32 of the Danish  Financial Statements Act.   External expenses  Other external expenses include the year's expenses relating to the Company's core activities, including  expenses relating to administration etc.   Financial expenses   Financial expenses are recognised in the income statements at the amounts that concern the financial  year.   Tax   Design Impact Fund I K/S is not a separate entity subject to taxation. The tax liability in respect of the  Fund’s earnings is incumbent on the individual investors of the Fund. For this reason, no tax is   calculated on the Fund’s earnings, and withholding of foreign tax on dividends from investments is   charged directly to the Fund’s investors.   Balance sheet Investments  Other securities and investments  On initial recognition, other securities and investments are determined at the exchange rates at the  transaction date and are subsequently measured at fair value translated at the exchange rate at the  balance sheet date. The fair value is determined by each fund based on most recent equity raise of the  fund.   The fair value measurement is based on recognised valuation methods on the basis of observable   market information (fair value hierarchy 3).   Receivables   The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.  Receivables are recognised in the balance sheet at amortised cost, which is equivalent to nominal value   less write-down for bad debt losses. Write-downs are made for bad debt losses based on an individual  assessment of receivables.   Receivables from limited partners regarding cash calls receivable, etc. are recognised at nominal value.   Cash   Cash comprise cash.   Liabilities  The Company has chosen IAS 39 as interpretation for liabilities.  Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction  costs paid. On subsequent recognition, financial liabilities are measured at amortised cost,  corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference   between the proceeds and the nominal value is recognised in the income statement over the term of the  loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases.   Other liabilities are measured at net realisable value.   Fair value   The fair value measurement is based on the principal market. If no principal market exists, the   measurement is based on the most advantageous market, i.e. the market that maximises the price of  the asset or liability less transaction and/or transport costs.  All assets and liabilities which are measured at fair value, or whose fair value is disclosed, are classified  based on the fair value hierarchy, see below:  Level 1: Value in an active market for similar assets/liabilities  Level 2: Value based on recognised valuation methods on the basis of observable market information  Level 3: Value based on recognised valuation methods and reasonable estimates (non-observable  market information).   If a reliable fair value cannot be stated according to the above levels, the asset or liability is measured at   cost.   2 Recognition and measurement uncertainties  The determination of the carrying amount of other securities and investments requires judgements,  estimates and assumptions concerning future events.  The estimates and assumptions made are based on the investment's most recent equity raise as an  indicator of market value, which are associated with uncertainty and unpredictability due to the   investment's early stage business. There are often no current, short-term, future earnings or positive  cash flows, which can make it difficult to gauge the probability of the investment’s future success.  The assumptions made may prove incomplete or inaccurate, and unexpected events or circumstances  may arise. Furthermore, the Fund is subject to risks and uncertainties, which may lead to actual results  differing from the estimates.   It may be necessary to change previously made estimates as a consequence of changes in the  circumstances on which the previous estimates were based or due to new knowledge or subsequent   events.  Estimates essential to the financial reporting may for example comprise determination of the value of  the underlying investments. Because of the measurement principles used, the calculation of fair value   will be subject to uncertainty.   Number of employees   2025   2024   0 0 Notes to the financial statements  4 Investments (continued)  Fund   Type   Valuation  Unobservable inputs  Electroninks Incorporated  Investment in fund  Most recent equity raise  Price per share  Iris.ai Inc   Investment in fund  Cost  N/A  What3Words Limited  Investment in fund  Most recent equity raise  Price per share  Transcense Inc  Investment in fund  Most recent equity raise  Price per share  Zipline International Inc   Investment in fund  Most recent equity raise  Price per share  Ignitia AB   Investment in fund  Most recent equity raise  Price per share  Destacame  Investment in fund  Most recent equity raise  Price per share  4 Investments  Other securities  DKK   and investments  Cost at 1 January 2025  8,163,404   Cost at 31 December 2025  8,163,404   Value adjustments at 1 January 2025  6,859,698   Value adjustments for the year  -1,481,946   Value adjustments at 31 December 2025  5,377,752   Carrying amount at 31 December 2025  13,541,156   4 Investments (continued)  On initial recognition, investments are measured at cost translated at the exchange rates at the  transaction date. Subsequently investments are measured at fair value translated at the exchange rate  at the balance sheet date. The fair value is determined by each fund based on most recent equity raise.  Design Impact Fund I K/S only invests in early stage businesses, which are not quoted on an active  market. The investments in these funds will generally be classified as Level 3 in the fair value hierarchy.  There are often no current, short-term, future earnings or positive cash flows, which can make it   difficult to gauge the probability of the investment’s future success. Design Impact Fund I K/S therefore  places an emphasis on market indicators. Design Impact Fund I K/S has determined the best indicator of  fair value is the most recent equity raise of the fund. In determining the appropriateness of using the  most recent equity raise as an indicator of market value the Fund considers whether there are any   factors that could indicate that the most recent raise is not reflective of fair value:  ► Different rights attached to new and existing investments;  ► Disproportionate dilution of existing investors arising from a new investor;  ► Whether the new investor is motivated by a strategic consideration; or  ► Whether the transaction is considered to be a forced sale of ‘recuse package.’  If any of the above factors apply, then Design Impact Fund I K/S will make an allowance against the  valuation or disregard the equity raise due to it not being reflective of market.   If there has not been a recent equity raise Design Impact Fund I K/S will review all information available  to it to determine if there are any other factors that might impact the valuation. In the absence of any   contradictory information the valuation is left at the value of the last equity.   The review of the valuation process is performed by the Management of Design Impact Fund I K/S.  Management bases their ongoing review of the valuation process on the information reported from the  invested funds. In Management’s review of the valuation process, the obtained reported information is  compared to cost and, if the information is not in accordance with cost, Management engages in dialog   with the funds’ Management in order to clarify any irregularities. At least once every year, Design   Impact Fund I K/S ensures that valuation of all the assets in the funds is carried out.  The following table shows information about the funds used unobservable inputs related to the fair value   measurement at 31 December 2025:   Notes to the financial statements  5 Investments by limited partners  The total subscribed equity capital amounts to DKK 8,191,610, the equity called at year end amounts to  DKK 8,191,610.  Limited Partners holding more than 5 %of the subscribed capital:  Zaida's Hat Pty Ltd.  RH Investments (Vic) Pty Ltd.  Frigast A/S  Hegelund Invest ApS   Silja Nyboe Andersen  Gregers Kronborg ApS  Marie Kathrine Fryland   6 Contractual obligations and contingencies, etc.  Other contingent liabilities  There are no contingent liabilities at 31 December 2025.  The Company has, as part of its normal course of business, entered into customary executory contracts.   7 Security and collateral  The Company has not provided any security or other collateral in assets at 31 December 2025.