THE AZIMA FOUNDATION TRUSTEES REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE DA ION TRUSTEES: Jennifer Margaret Azima Janek Paul Matthews Lady Henrietta Spencer-churchi I I REGISTERED NUMBER 1094484 PRINCIPAL OFFICE: Suites B & D Burnham Yard Beaconsfield Buckinghamshire HP9 2JH BANK: Bank of Scotland 38 St Andrew's Square Edinburgh EH2 2YR INVESTMENT MANAGER: SG Kleinwort Hambros Bank Limited PO Box 78. SG Hambros House 18 Esplanade, St Heller Jersey JE4 8PR And following the acquisition of SG Kleinwort Hambros Bank Limited on 2 April 2025:_ Union Bancaire Privee IUKI Limited IUBP) PO Box 78, 38 Esplande St Heller, Jersey JE4 8PR
HE DATION ANNU RTOFTH TEES FO YEAR ECEMB The Trust Deed of The Azima Foundation was executed on 15 March 2002 and registered chaiity status was obtained on 4 November 2002 (registration number 10944841. The Trust Deed of the Charity was amended on the 18 February 2004. These accounts cover the year ended 31 December 2024. Structure, governance and management As stated above the Trust is governed in accordance with the Charitable Trust Deed executed on 15 March 2002 Under clause 7.1 of the Trust Deed the power of appointing trustees is vested in the patron. Following the death of Farad Azima, the original patron, the trustees are empowered to appoint a new patron under clause 15 but have not yet done so. Objectives and activities For the year ended 31 December 2024. the objects of the Azima Foundation were as follows: The Trustees shall hold the capital and income of the Trust Fund upon trust to pay therefrom all the costs and expenses incurred by the trustees in establishing and administering the charity and the Trust Fund and subject thereto as to the income, and all or such part or parts of the capital, as the patron may by notice in writing to the Trustees determine, for or towards such charitable purposes, and to make donations to such charitable institution or institutions. at such time or times and in such manner as the Trustees may in their absolute discretion determine provided that in so acting the Trustees shall take into account the wishes of the patron communicated to them in writing from time to time and without prejudice to the generality of the foregoing the trustees may in particular a pply the income a nd capita l as aforesaid for the purpose of:. (al The advancement of education (with particular emphasis on advancement of music). and {b} The relief of sickness and disability. Public benefit In planning our activities for the year we kept in mind the charity commission's guidance on public benefit and we set out under the heading development. activities and achievements this year on the next page how we have achieved this. Trustees The Trustees who held office during the year ended 31 December 2024 were: Jennifer Margaret Azima Janek Paul Matthews Lady Henrietta Spencer-churchill Receipts & payments basis The accounts have been prepared on the receipts & payments basis.
E AZIMA FO NDATION REP TRU NTN'D ARE EM Development. activities and achievements this year Interest earned on money held both with the Bank of Scotland and within the portfolio managed by SG Kleinwort Hambros Bank Limited totalling £19.076 12023 £6.2831. bl Dividends received on investments held within the portfolio managed by SG Kleinwort Hambros Bank Limited totalling £37.420 12023 £32.307). In furtherance of the objectives of the charity expenditure a donation was made to the following- PhD Scholarship paid to UCL 42,688 The donation. in the opinion of the trustees. satisf les and meets the objectives of the cha rity and relates to:_ Funding to University College London (UCLI being the f inal donation towards a four-year resea rch programme supporting a PhD student to optimise therapies and improve outcomes for patients with stomach cancer.
DA Future actlvltles and de¥elopments As at the date of the signing of these financial statements no donations or grants have been made in 2025. The truslees continue to assess appropriate future donations. Res•r¥oG poIIGy Funds and investment portfolio is held with SG Kleinwort Hambros Bank Limited in order to benefit fTom competitive interest rates and the expe¢t8tion of improved return on investments. Ilt is a¢knowledged that SG Kleinwort Hambros Bank Limited was acquired by Union 88ncaiie Privee IUKI Limiled on 2 April 20251 Addition81 funds continue to be held with the Bank of Scotland a5 at 31 December 2024 to enable the charity to meet both current operating and unforeseen expenditure thai may occur. Combined f unds held with SG Kleinwort Hambros Bank Limited and Bank of Scotland as at 31 December 2024 totalled £408.63812023 £669.4331 represent vnrestricted funds. Investment pollcy The majorily of investments are held in a portfolio with SG Kleinwort Hambros Bank Limited who have day to day responsibility for investments. The overall poli¢y how?¥èr is to invest in low and medium risk investments. Approved by J. P. Matthews Trustee ).t.. October 2025
IMAF EMB Receipts and payments account: General Fund {All represent unrestricted funds) IDe 24 IDe mber 2 Recei Investment income Interest Dividends 19,076 37,420 6,283 32,307 Sub- total 56.496 38,590 Asset and irivestment sales 252.411 103,382 Total receipts £308.907 £141.972 ments Investment management costs Custody fees 11.817 1.278 10.231 1,185 Cha ritable activities Grants and donations 42.688 71,050 Other costs Administration fees Accountancy fees Difference on foreign exchange Sundry expenses Bank charges 4,000 1,320 (1,3291 24 35 4.000 1,278 7,192 47 35 Sub-total 59.833 95.018 Asset and investment purchases 509.869 128.793 Total payments £569.702 £223,811 Net of receipts/lpaymentsl for the year {260.7951 181.8391 Cash funds l January 2024 669.433 751,272 Cash funds 31 December 2024 £408.638 £669.433
in 20 B8nk of Scotland current account SG Kleinwort Hambros Bank Limited - Income account GBP SG Kleinwort Hambros Bank Limited - Income account US$ SG Kleinwort Hambros Bank Limited Capital ae¢ount US$ SG Kleinwort Hambros Bank Limited Cash account oapital GBP SG Kleinwort Hambros Bank Limited Cash account ¢apital US$ SG Kleinwort Hambros Bank Limited Income account GBP SG Kleinwort H8mbros Bank Limited Income account US$ SG Kleinwort Hambr05 Bank Limited - Deposit account US$ SG Kleinwort Hambros Bank Limited - Depostt ac¢oLEnt GBP Cash Account 9.665 22.560 1.701 8.951 7.697 55,931 14.071 143 212 23,262 31,341 83,330 449.000 4.446 219 11.232 20,466 84,580 249,000 264 £408.638 £669,433 Accountancy fees Investment managers fees Adminislrator fees 1.386 3.440 1.000 1,320 2,608 1.000 £5.826 £4.928 Investments are via portfolio with SG Kleinwort Hambros Bank Limited with market value of £1.925.811 12023 £1,505.1301. No trustee5 received remuneration for the year ended 31 December 2024 {2023 Nill. The total number of trustees receiving reimbursed expenses foi the year ended 31 December 2024 was Nil 12023 NIII. Approved by J. P. Matthews Tiustee )? ..OGtober 2025
INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF THE AZIMA FOUNDATION I report on the accounts of the charity for the year ended 31S1 December 2024, which are set out on pages 4 to 5. Responsibilities and basis or report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111.the Act-l. I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions Ven by the Charity Commission under section 14515llbl of the Act. Independent examiner's sLqtement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charty as required by sects'on 130 of the Act; or 2. the accounts do not accord with those records" or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view. which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. S P Grant FCA CTA FABRP MIPA Azets Suites B & D Burnham Yard Beaconsfield Bucks HP9 2JH Date: 27 October 2025