Company registration number.. 07037120 Charity registration number.. 1133652 SANIBEL FOUNDATION TRUSTEES. REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Robert Ollman and Co. 156 High Road Chigwell Essex IG7 5BH
Sanibel Foundation Contents Page Reference anij Administrative Details Trustees, Report Independent Examinerfs Report statement of Financial Attivities (including Income and Expenditure Account) statement of Financial Position Notes to the Financial Statements 8-12
Sanibel Foundation Reference and Administrative Details For The Year Ended 31 March 2025 Trustees M5 Gema Glover Mr James Cooke Mr Andrew Ross Charity Number 1133652 Company Number 07037120 Registered orrice 11 The Shrubberies George Lane London E18 IBD Independent Examiner Stephen Simmons FCA Robert Ollman and Co. 156 High Road Chigwell Essex IG7 5BH Bankers Virgin Money 154-158 Kensington High Street Lontlon W8 7RL Solicitors BDB Pitmans LLP One Bartholomew Close London ECIA 7BL Page I
Sanibel Foundation Company No. 07037120 Trustees, Report For The Year Ended 31 March 2025 The trustees present their report and the financial ststements for the year endetl 31 March 2025. Objectives and A¢tlvitie5 Signlficant Activities l) The charity continued making grants to boxing clubs seeking to increase their activity and impact. Such clubs were required to be well-established, affiliated with England Boxing and able to demonstrate local comrnunity support through successful fundrnising. By year end, the charity had made awards to four clubs. North Mersey ABC. Established 25 years ago in Seaforth. Liverpool thts club had launched a well-supported fundraiser to buy a minibus. The charity was pleased to supplement these funds, allowing the purchase of a good quality vehicle. Mercia Boxing Club. This club. based in Tamworth, had secured a significant investment to renovate a long-neglected local community centre that Was planned to be the club's new home. After the renovation was sucSsfUllY completed the charity provided a grant towards the purchase of new boxing equipment. Windrush Valley ABC. This busy club, with close links to nearby RAF Brize Norton. was raising funds to relocate from the village of Bampton to Carterton, Oxforiishire. While the club was in the process of converting to charitable status and negotiating access to new premises with the local council. Sanibel provided a grdnt for equipment to ensure the club continued to provide a quality experience to its boxers durFng the interim period. Rayne Boxlng Club. Based in Essex, Rayne Boxing was crowdfuntling to purchase a new ring and Sanibel was pleased to supplement the amount raised to allow the club to complete the purchase. 2} The charity considered how else it could assist clubs both to increase community impart and develop more durable business models. Buckingham Boxing Club had plans to introduce a boxing-based alternative provision programme for excluded and hard-to-reach young adults in the local area. Sanibel provided grant fvnding to relocate and expand the club's gym to 6 site that offered classroom space for such programmes. The charity also funded a minibus for use by both the club's boxers and the participants of alternative provision. 3) The charity has long been aware that development opportunitie5 for volunteer club coaches are limited. Recognising that access to quality coaching is a pre-requisite for boxing success, the charity agreed a pilot project with England Boxing for 10 club coaches based in the Home Counties to attend a four-day developmefit programrne with the national coaching team at the England Instite of Sport in Sheffield. 4} Development opportunities for women and girls in the sport regrettably remain limited. The charity therefore a9reed to fund a pilot project with England Boxing to provide a bespoke, season-long training programme for up to 15 ambitious girls wanting to box competitively in the future. Public Benefit We have referred to the guidance in the Charity Commission's general guidance on public benefit when vIewIng our aims and objertives and in planning our future activities. The trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the Charity Commission's guidance on public benefit. Financial Review Financial Position The charity continued to benefit from a reliable income stream. this year of £35.555 from investments managed by $6rasin & Partners LLP, a specialist investment manager for charities. Another volatile year in the financial markets ended with a net gain of £14,108. The charity remains in a strong financial position to pursL>e its chèritsble obJective5. Reserves Pollcy The charity's intention remains to diminish reserves through the funding of projects consistent with the charity's current and future charitable objects. Totsl funds at year end were £1,268,154. The Tru5tee5 have not entered into any legally or morally binding charitable commitments or guarantees which might require separate disclosure. Page 2
Sanibel Foundation Trustees, Report (continued) For The Year Ended 31 March 2025 Going Concern After making appropriate enquiries. the trustees have a reasonable expertation that the company ha5 adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Future Plans l) The charity will continue to provide grants to well-estèblished clubs. affsliated with England Boxing. that are seeking to raise funds for boxing facilities and can demonstrate the support of their local community. 2) The charity will monitor the progress of the alternative provision partnership with Buckingham Boxing Club and explore how this might be expanded to help other clubs with a similar interest in this area. 3> Following a successful review of the Home Counties coaching pilot, the charity will look to roll out the initiative to other regions. 4) The charhty will monitor the progress of the women and girl's development projert. which is not planned for completion until financial year 2026-27. strurture. Governance and Management Governing Document Constitution Sanibel Foundation is a company limited by guardntee {No. 07037120) incorporated in England and Wales on 9th October 2009 and a registered charity (No. 1133652). It's goveming document is the Memordndum and Articles of Association. The mernorandum and Articles of Association were last updated on 8th December 2021. The charity's obj.ects are to promote and protect well-being and p05its.ve rnentsl health through the provision of psychological therapy, psycho-educational programmes, coaching and assistance to access employment, educètion and training and the promotion of cornmunity participation in healthy recreab'on, in particular by the provision of facilities and coaching for boxin9. Organlsatlonal strurture The company is manageil by the board of trustees, elerted under temis of the A'cleS of Association. Trustees are required to hold significant experience in a professional field and to demonstrnte sympathy and commibnent to the company's ctivities. In addition to meeting the above requirements. new trustees meet wrth the Chief Executive to familiarise themselves with the artivities of the company before shadowing board meetings. Subsequent election is by unanimous vote at a properly convened meeting. The board meets at least four time5 a year. The daily operational and financial activities of the charity are delegated to the Chief Executive who attends all board meetings. The trustees and the Chief Executive are Key Management Personnel. Risk management The trustees have assessed the major risks to which the company is exposed. in particular those related to the operations and finances of the company. The trustees are satisfied that systems are in place to mitigate the company's exposure to the major risks. Appropriate controls are in place to provide reasonable assurance against fraud and error. Page 3
Sanibel Foundation Trustees, Report (continued) For The Year Ended 31 March 2025 ststement of Trustees. Responsibilities The trustees (who are also the dirertors of Sanibel Foundation for the purposes of company law) are responsible for prepating the Trustees, Report and the financial statements in accordance with applicable law and Unite(l Kingdom Accounting standards (United Kingdom Generally Accepted Accounting Practice). Company law qUireS the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statement unle55 they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing the financial statements the trustees are required to- select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charity SORP: make judgments and accounting estimates that are reasonable and prudent,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The trustees are responsible for keeping adequate accounting cordS which disclose with reasonable accuracy at anytime the financial position of the charitable company and to enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and ¢Jetection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corpordte and financial infomiation included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other Jurisdictions. Small Company Rules This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The trustees. report was approved by the board of trustees and signed on its behalf by.. a Glover Trustee 0811012025 Page 4
Sanibel Foundation Independent Examiner's Report to the Trustees of Sanibel Foundation For The Year Ended 31 March 2025 I report to the charity trustees on my examination of the accounts of the Company for the year endeil 31 March 2025. Responslbllitles and Basis of Report As the charity trustees of the Company (6nd also its directors for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Att 2006 rthe 2006 Art-l. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for indepentlent examination, I report in respect of my examination of your chartty s accounts as carried out under section 145 of the Charities Act 2011 Cthe 2011 Art.). In carrying out my examination I have followed the Directions given by the Charity Commission under sertion 145(5) (b) of the 2011 Act. Independent Examiner's Statement I have completed my examination. I confirni that no matters have come to my attention in connertion wtth the examination giving me cause to believe: l. accounting records were not kept in respert of the Company as required by section 386 of the 2006 Art; or 2. the accounts do not accord with those records. or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Art other than any requirement that the accounts give è 'true and fair view. which is not a matter considered as part of an independent examination. or 4. the accounts have not been prepared in accordance with the methods and principles of the Staternent of Recommended Prartice for accounting and reporting by charities applicable to charities preparin9 their accounts in accord with the Financial Reporting Stan¢Jard applicable in the UK and Republic of Ireland IFRS 102). I have no dra onc ns and have come across no other matters in connertion with the examination to which attention should be eport in order to enable a proper understanding of the accounts to be reached. stephen Simmons FCA 0811012025 156 High Road Chigwell Essex IG7 5BH Page 5
Sanibel Foundation statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 March 2025 2025 2024 Unrestricted Unrestricted funds fvnds Notes INCOME AND ENDOWMENTS FROM: Investments 35,555 4,452 37,028 Other 40,007 37,028 EXPENDITURE ON: Raising funds (122,0171 (130,454) NET EXPENDITURE BEFORE INVESTMENT LOSSES Net gains on investments (82,010) 14,108 (93,426) 97,252 NET EXPENDrnJRE (67.902) 3,826 NET MOVEMENT IN FUNDS (67,902) 3,826 RECONCILIATION OF FUNDS: Total funds brought forward 1,336,056 1.332,230 TOTAL FUNDS CARRIED FORWARD 15 1,268,154 1.336,056 The notes on pages 8 to 12 form part of these financial statements. Page 6
Sanibel Foundation statement of Financial Position As At 31 March 2025 202S 2024 Unrestrirted funds Total funds Note5 FIXED ASSETS Investments 12 1,236,725 1,322,636 1,236,725 1,322,636 CURRENT ASSETS Debtors Cash at bank and in hand 13 161 159 34,018 15,542 34,179 15,701 Creditors: Amounts Falling Due Within One Year 14 (2.750) {2,281} NET CURRENT ASSETS (LIABILITIES) 31.429 13.420 TOTAL ASSETS LESS CURRENT LIABIUTIES 1.268.154 1,336.056 NET ASSETS 1,268,154 1,336,056 FUNDS OF THE CHARITY Unrestrirted Funds 1,268,154 1,336,056 TOTAL FUNDS Is 1,268,154 1,336,056 For the year ending 31 March 2025 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the charFtsble company to obtain an audit in accordance with section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for complying with the requirements of the Att with respert to accounting records and the preparation of accounts. These accounts have been prepared accordance with the provisions applicable to companies subject to the small companies regime. On behalf of the board M9 ema Glover Trustee 0811012025 The notes on pages 8 to 12 form part of these financial statements. Page 7
Sanibel Foundation Notes to the Financial Statements For The Year Ended 31 March 2025 l. General Informatlon Sanibel Foundation is a company limited by guarnntee, incorpordted in England & Wales. registered number 07037120 and registered charity number 1133652. The reghstered office is 11 The Shrubberies, George Lane. London. E18 IBD. 2. Accounting Policies 2.1. Basis of Preparation of Flnanclal Statements The financial statements have been prepared under the Companies Act 2006 and in accordance with the Charities Statement of Recommended Practice (Charities SORP IFRS 102)) and Financial Reporting Standard 102 (FRS 102). The financial statements are drawn up on the historical cost basis of accountings as modified by the revaluation of investments. Sanibel Foundation is a company limited by guarantee and has no share capital. Its registered office is at 11 The Shnjbberies, George Lane, London E18 IBD. The company is a registered charity- Sanibel Foundation is a Public Benefit Entity as defined by FRS 102. The financial statements are preapred in sterling, which is the functional currency of the charity. Monetary amounts In these financial staternents are rountled to the nearest £. 2.2. Incoming Resources Voluntary income and donations (including legacies) are accounted for once the charity has entitlement to the income. it is probable the income will be received. and the amount of income receivable can be readily measured. The income from fundraisin9 is shown gross, with the associated costs included in fundraising costs. Where material assets are donated to the company for its use, these are capitalised at the estimated market vallte at the date of the gift and are included under income. Assets given for distribution by the charity a received as income when distributed and stated Èn the accounts èt the direttors, estimated market value at the time of receipt. Investrnent Income any associated tax credits is included in the financial statements when receivable. 2.3. Tangible Fixed Assets and Depredatlon Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairnient losses. Depreciatlon Is provided at rates calculated to write off the cost of the fixed assets, less their estÈmated residual value, over their expected useful lives on the following bases- Computer Equipment 33% on cost 2.4. Investments Those qtjotes on a recognised stock exchange are at market value and other investments are included at tru5tee5' best estimate of market value. All gains or losses ère taken to the Ststement of Financial Activities and included in net income for the year. 2.5. Cash and Cash Equivalents Cash at bank and in hand include5 cash and short terrn highly liquid investments with a short maturity of three months or less from the date of opentng of the deposit. 2.6. Financial Instruments The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at trnn5acts.on value and subsequently measured at their settlement value. 2.7. Taxation The charity is exempt from tax as all It's income is charitable and applied for charitable purposes. 2.8. Provisions and Contingencies Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of fiJn¢Js to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount. 2.9. Charitable Activities Expenditure is accrued as soon as a liability in considered probable, discounted to present value for longer term The tnajority of costs are directly attributable to specific activitie5. stsff costs are allocated on the basis of time sper¢t by staff on each activity. Office costs, including 9overnance costs, are charged dirertly to the artivity when incurred. Page 8
Sanibel Foundation Notes to the Financial Statements (continued) For The Year Ended 31 March 2025 2.10. Restricted funds These are funtls which are restrirted when given by the donor as to the purpose for which they can be used. The trustees are obliged to follow the donor's wishes or return the monies to the donor if they are unable to do so. 2.11. Unrestricted funds Unrestrirted funds are given free of any $trtIOn by the donor and are to be used by the tnjstees in accordance with the objects of the charity generally. 3. Investment Income 2025 2024 Unrestricted Unrestricted funds funds Bank interest receivable Dividends from investments 476 719 36.309 35,079 35,555 37,028 4. Other Income 202S 2024 Unrestricted Unrestricted funds funds Other income 4,452 5. Analysls of Expenditure 202S Grant funding of Support artivities Costs (see note 6) (see note 7) Activities undertaken dirertly Total Raising funds 59,343 56,570 6,104 122,017 2024 Grant funding of Support activities costs (see note 6) (see note 7) Activities undertaken directly Total Raising funds 59,233 65.616 5,605 130,454 Pdge 9
Sanibel Foundation Notes to the Financial Statements (continued) For The Year Ended 31 March 2025 6. Grants Payable 2025 2024 Grants to Grants to Instltutions Institutions Raising funds 56,570 65,616 2025 2024 Didcot Boxing Academy - 10 grants High Wycombe Warriors Boxing Club - 3 grants Cullompton Amateur Boxin9 Club - 5 grants Windrush Valley Amateur Boxing Club - I grant Buckingham Boxing Club - 3 grants North Mersey Amateur Boxing Club - I grant Rayne Amateur Boxing Club - I grdnt Mercia Boxing Club - I grant 42,439 6,760 16,417 5.000 26,570 12,000 3.000 10,000 56,570 65,616 Grants payable are payments ma(ie to third parties in the furtherance of the charitsble obj.ects of the charity. In the case of an unconditional grant offer this is accnjed once the recipient has been notified of the grant award. The notification give5 the recipient a reasonable expertation that they will receive the one or multi year grant. GTrnts awards that are subjert to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to that grant are outside the control of the charity. 7. Support Costs 2025 Raising funds Employee costs General administration 1,902 2,812 1,390 Governance costs 6,104 2024 Raislng funds Employee costs General administration 1,378 2,904 1,323 Governance costs 5,605 8. Independent Examiner's Remuneration 2025 2024 Independent examination of the financial statements 1,390 1,323 Page 10
Sanibel Foundation Notes to the Financial Statements (continued) For The Year Ended 31 March 2025 9. Stsff Costs Stsff costs were as follows: 2025 2024 Wages and salaries Other pension costs 10,583 47,896 58,396 58,479 58,396 No employee earned over £60,000 in the year. nor in the previous financial year. The avefage number of persons employed by the charity during the year was l (2024 - 1). The total employee benefits of the key management personnel of the charity were £58,479 (2024: £58,396). 10. Average Number of Employees Average number of employees during the year was: l (2024: 1) 11. Tangible Assets Computer Equipment Cost As at l Aprll 2024 14,209 As at 31 March 2025 14,209 Depreciation As at l April 2024 14,209 As at 31 March 2025 14,209 Net Book Value As at 31 March 2025 As at l April 2024 12. Investments Listed Cost or Valuatlon As at l April 2024 Disposals Revaluations 1,322,636 {ioo,000) 14,089 As at 31 March 2025 1,236,725 Provision As at l April 2024 As at 31 March 2025 Net Book Value As at 31 March 2025 1,236,725 As at l April 2024 1,322,636 Page 11
Sanibel Foundation Notes to the Financial Statements (continued) For The Year Ended 31 March 2025 13. Debtors 202S 2024 Due within one year Other debtors 161 159 14. Creditors: Amounts Falling Due Within One Year 2025 2024 Accruals and deferred income 2,750 2,281 15. Movement in Funds As at l April 2024 Asat31 Expendlture March 2025 Income Unrestrirted funds General.. General unrestricted fund 1.336.056 40,007 (107,909) 1,268,154 Total funds 1.336.056 40,007 1107,909) 1,268,154 As at l April 2023 Asat31 Expenditure March 2024 Income Unrestricted funds General: General unrestricted fund 1.332.230 37,028 133,202) 1,336.056 Total funds 1,332,230 37.028 (33.202) 1,336,056 Unrestricted fvnds as at balance sheet date includes a revaluation reserve of £380.957 (2024: £397,793). 16. Transactions with Trustees Norse of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year. No trustee expenses have been incurred. 17. Related Party Disclosures There have been no related party transactions in the reporting period that qUire disclosure. 18. Company Ilmited by guarantee The company is limited by guarantee ano has no share capital. Every member of the company Ljndertakes to contribute to the assets of the company. in the event of a winding up, such an amount as may be required not exceeding £1. Page 12