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