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← The Cagni Foundation

2025-03-31-accounts

Registered number: 07210645 Charity number: 1139967

THE CAGNI FOUNDATION TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

THE CAGNI FOUNDATION

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 6
Independent Auditors' Report 7 - 10
Statement of Financial Activities 11
Statement of Financial Position 12
Notes to the Financial Statements 13 - 20

THE CAGNI FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025

Trustees

C Cagni P Cagni O Nicolay C Cagni D Cagni W d'Ormesson

Company registered number

07210645

Charity registered number

1139967

Registered office

Flat 3 69 Courtfield Gardens London SW5 0NJ

Independent auditors

Sopher + Co LLP Chartered Accountants Statutory Auditors 5 Elstree Gate Elstree Way Borehamwood Hertfordshire WD6 1JD

Bankers

J.P. Morgan Bank Luxembourg S.A. 6 Route de Treves L-2633 Senningerberg Luxembourg

Solicitors

Withers LLP 20 Old Bailey London EC4M 7AN

Page 1

THE CAGNI FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

The Trustees (who are also directors of the Charity for the purposes of the Companies Act) present their annual report together with the financial statements of The Cagni Foundation for the year ended 31 March 2025. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the Company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 is not required.

Objectives and Activities

a. Policies and objectives

The objective of the Charity is to provide financial support and assistance in the fields of education, healthcare and social services.

In setting objectives and planning for activities, the Trustees confirm that they have given due consideration to general guidance published by the Charity Commission relating to public benefit and in particular to its supplementary public benefit guidance when reviewing the Charity's objectives and aims and in planning future activities.

b. Strategies for achieving objectives

The Charity was established with a substantial endowment by way of a gift of investments. The strategy of the Trustees is to use all of the income generated from these investments to fund donations to suitable beneficiary organisations and other charities in accordance with the Charity's objectives. The Trustees meet regularly to consider suitable beneficiaries and give due consideration to applications received for funding.

c. Grant-making policies

Grants are made available to deserving causes at the discretion of the Trustees.

d. Main activities undertaken to further the Charity's purposes for the public benefit

The object of the Charity is to provide financial aid to deserving causes throughout the world.

The Trustees of the Foundation have complied with the duty in s.4 of the Charities Act 2011 to have regard to the public benefit guidance published by the Charity Commission in administering the Foundation.

Page 2

THE CAGNI FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance

a. Review of activities

In 2021, the Charity committed to a total €200,000 donation, payable in four equal instalments, to Les Arts Décoratifs, a French charity supporting programs that provide underprivileged children with access to culture and applied arts. Due to changes in program dates and fund allocations, €68,000 was paid during the year. The remaining €32,000 is scheduled to be paid next year.

The trustees approved a grant of €36,000 to HEC Paris during the year, a leading business school in France, to host students from NYU Stern for a term in HEC’s entrepreneurial ecosystem and encourage them to develop their own businesses and explore opportunities in European entrepreneurship. €18,000 was paid during the year, with the remaining €18,000 to be paid in equal instalments over the next two years. The grant relates to ongoing projects commenced in prior periods.

Additionally, the trustees approved a grant of €70,000 to New York University (NYU) during the year, a non-profit university in the United States, to encourage, develop and inspire students to start their own businesses and engage in entrepreneurship. €30,000 was paid during the year, with the remaining €40,000 to be paid in equal instalments over the next two years. The grant relates to ongoing projects commenced in prior periods.

In 2023, €30,000 was granted to Compagnie Double Résonance, a French charity, to support access to arts and sciences in remote rural areas. The charity failed to comply with the grant terms and used the funds for purposes other than those agreed. It has since ceased operations, and the remaining €10,000 will not be paid.

The Trustees fulfilled their commitment to ensure that all income generated from investments is fully utilised for charitable purposes.

b. Investment policy and performance

The Charity's investment portfolio is managed by J.P. Morgan Bank Luxembourg S.A.

This year’s positive performance was primarily driven by the strong returns on fixed asset investments held throughout the year.

Income from investments has not significantly changed from previous years.

Financial review

a. Reserves policy

The Charity maintains a general fund from which charitable donations to beneficiaries will be made. As at 31 March 2025 the Charity had free reserves in the general fund of £44,109,298 (2024 - £36,775,180). The Trustees consider that a minimum of £100,000 should be retained in readily realisable funds in order to meet current and likely future commitment for at least the next twelve months. The reserves policy is reviewed regularly to ensure that the Charity balances the needs of current beneficiaries with the need to maintain capital to provide income for future beneficiaries.

b. Material investments policy

The principal investment of the Charity is a holding of shares in Apple Inc which is currently considered by the trustees to be a sound long-term investment. All other investment funds are actively managed by the Charity's fund managers with a view to maximising short-term returns to provide funding for beneficiaries.

Page 3

THE CAGNI FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

c. Financial risk management objectives and policies

The Foundation is supported by the income generated from its investments. The Trustees ensure that the financial position of the Charity is reviewed regularly and operated within a financial budget.

d. Principal funding

All current funding is derived from investment income generated by the investments held by the Charity.

Structure, governance and management

a. Constitution

The Cagni Foundation, which was set up by a Trust deed, is registered as a company limited by guarantee number 07210645 and a charity number 1139967. It's registered office address is at Flat 3, 69 Courtfield Gardens, London, SW5 0NJ.

b. Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

The first two trustees were appointed upon subscription to the memorandum of association. Subsequently trustees can be appointed by ordinary resolution.

The Trustees, who are also the directors for the purpose of company law, who served during the year were as follows:

P Cagni C Cagni O Nicolay (appointed 17 October 2024) C Cagni (appointed 25 July 2024) D Cagni (appointed 25 July 2024) W d'Ormesson (appointed 25 July 2024)

c. Organisational structure and decision-making policies

The Company is limited by guarantee incorporated in England and Wales (Registered number 07210645) and is governed by its Memorandum and Articles of Association dated 31 March 2010. In the event of the Company being wound up the members would each be required, if necessary, to contribute to the assets of the Company a sum not exceeding £10 whilst he or she is a member or within one year after he or she ceases to be a member, for payment of the Charity's debts and liabilities contracted before he or she ceases to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves.

d. Policies adopted for the induction and training of Trustees

There is at present no "initiation" or "training", but as trustees they will be given information on the roles and responsibilities of trustees of a UK charity by both their Legal Advisors and Accountants and be invited to attend one of the regular Trustee Training Workshops.

Page 4

THE CAGNI FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Structure, governance and management (continued)

e. Financial risk management

The Trustees have considered the major risks to which the Charity is exposed and have reviewed those risks, in particular those related to the operations and finances of the Charity. In view of the size of the Charity, they are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Plans for future periods

The Trustees continue to look to for suitable causes and other charities to support.

Auditors

Under section 487(2) of the Companies Act 2006, Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to trustees or 28 days after the date prescribed for filing the accounts with the registrar, whichever is earlier.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Page 5

THE CAGNI FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Small companies note

In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Approved by order of the members of the board of Trustees on 23 December 2025 and signed on their behalf by:

D Cagni Trustee

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Page 6

THE CAGNI FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE OF THE CAGNI FOUNDATION

Opinion

We have audited the financial statements of The Cagni Foundation (the 'Charity') for the year ended 31 March 2025, which comprise the Statement of Financial Position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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 other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are

Page 7

THE CAGNI FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE OF THE CAGNI FOUNDATION (CONTINUED)

required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustee's

As explained more fully in the Trustees' Responsibilities Statement set out on page 2, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine 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, the Trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 (UK) 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 these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures

Page 8

THE CAGNI FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE OF THE CAGNI FOUNDATION (CONTINUED)

in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Page 9

THE CAGNI FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE OF THE CAGNI FOUNDATION (CONTINUED)

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the Charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Stephen Iseman FCA (Senior Statutory Auditor)

for and on behalf of Sopher + Co LLP

Chartered Accountants Statutory Auditors

5 Elstree Gate Elstree Way Borehamwood Hertfordshire WD6 1JD

23 December 2025

Page 10

THE CAGNI FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

Note
Income from:
Investments
3
Total income
Expenditure on:
Raising funds
5
Charitable activities
Other expenditure
Total expenditure
5
Net (expenditure)/income before net gains on
investments
Net gains on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
172,862
172,862
79,296
121,437
11,704
212,437
(39,575)
7,373,693
7,334,118
36,775,180
7,334,118
44,109,298		 Total
funds
2025
£
172,862
172,862
79,296
121,437
11,704
212,437
(39,575)
7,373,693
7,334,118
36,775,180
7,334,118
44,109,298		 Total
funds
2024
£
172,468
172,468
77,650
23,640
(11,194)
90,096
82,372
1,423,088
1,505,460
35,269,720
1,505,460
36,775,180

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 13 to 20 form part of these financial statements.

Page 11

THE CAGNI FOUNDATION REGISTERED NUMBER: 07210645

STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025

Note
Fixed assets
Investments
9
Current assets
Investments
10
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
11
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
12
Total net assets
Charity funds
Unrestricted funds
13
Total funds		 9,854,296
88,348
9,942,644
(125,362)		 2025
£
34,315,040
9,817,282
44,132,322
(23,024)
44,109,298
44,109,298
44,109,298		 9,668,906
125,175
9,794,081
(145,439)		 2024
£
27,126,538
9,648,642
36,775,180
-
36,775,180
36,775,180
36,775,180

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 23 December 2025 and signed on their behalf by:

D Cagni Trustee

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The notes on pages 13 to 20 form part of these financial statements.

Page 12

THE CAGNI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. General information

The Cagni Foundation is a private company limited by guarantee registered in England and Wales. The registered office address is at Flat 3, 69 Courtfield Gardens, London, SW5 0NJ.

The members of the Company are the trustees named on page 1. In the event of the Company being wound up, the liability in respect of the guarantee is limited to £10 per member of the Company.

The Company is also a Charity registered with the Charity Commission. The Company's charity registered number is 1139967.

The principal activity of the Charity is to raise funds to provide financial support and assistance in the fields of education, healthcare and social services.

The functional and presentational currency of the Charity is £ Sterling

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Cagni Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Investments

Fixed asset and current asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at based on a quoted market price in an active market at the Statement of Financial Position date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of Financial Activities incorporating Income and Expenditure Account.

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Page 13

THE CAGNI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity.

Governance costs are those incurred in connection with compliance with constitutional and statutory requirements.

The costs of generating funds include the fees paid to investment managers in connection with the management of the Charity's listed investments.

Charitable activities and Governance costs are costs incurred on the Company's educational operations, including support costs and costs relating to the governance of the Company apportioned to charitable activities.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the Bank.

2.6 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.7 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Statement of Financial Position date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

Page 14

THE CAGNI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.8 Financial instruments

Basic financial instruments, including cash and bank balance are initially recognised at transaction value and subsequently measured at their settlement value.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in statement of financial activities.

Derivatives including forward exchange contracts, are initially recognised at fair value on the date a derivative contracts is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in statement of financial activities.

2.9 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into Sterling at rates of exchange ruling at the Statement of Financial Position date.

Transactions in foreign currencies are translated into Sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of Financial Activities incorporating Income and Expenditure Account.

3. Investment income

Unrestricted
funds
2025
£
Investment income from foreign listed investments
169,198
Investment income from bank and liquidity fund
3,664
172,862		 Total
funds
2025
£
169,198
3,664
172,862		 Total
funds
2024
£
169,719
2,749
172,468

Page 15

THE CAGNI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

4. Governance costs

Unrestricted
funds
2025
£
Auditors' remuneration
6,000
Administrative support and corporate governance fees
39,784
Total 2025
45,784		 Total
funds
2025
£
6,000
39,784
45,784		 Total
funds
2024
£
3,640
20,000
23,640

5. Analysis of resources expended by expenditure type

Other costs
2025
£
Investment management fees
79,296
Costs of generating funds
79,296
Charitable activities - contributions to institutions
75,653
Expenditure on governance
45,784
Charitable activities
121,437
(Gain)/loss on foreign exchange
11,546
Website costs
158
212,437
6.
Auditors' remuneration
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts		 Total
2025
£
79,296
79,296
75,653
45,784
121,437
11,546
158
212,437
2025
£
6,000		 Total
2024
£
77,650
77,650
-
23,640
23,640
(16,771)
5,577
90,096
2024
£
3,640

Page 16

THE CAGNI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

7. Trustees' remuneration and expenses

The Charity has no employees other than the trustees.

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).

During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL).

8. Taxation

The Cagni Foundation is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

9. Fixed asset investments

Valuation
At 1 April 2024
Revaluations
At 31 March 2025		 Listed
securities
£
27,126,538
7,188,502
34,315,040

Investments at market value comprise:

2025 2024
£ £
Listed investments 34,315,040 27,126,538

Page 17

THE CAGNI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

9. Fixed asset investments (continued)

Valuation

All investments were dealt on a recognised stock exchange.

Material investments

At 31 March 2025, the following individual holdings were deemed material in light of the market value of the portfolios:

Overseas equity funds - Apple Inc
Gains and Losses on investment assets
(Loss)/profit on disposal of current asset investments
Revaluation gain/(loss) on current asset investments
Revaluation gain on fixed asset investments
Total		 % of
portfolio
2025
£
100
2025
£
250,733
(65,542)
7,188,502
7,373,693		 % of
portfolio
2024
£
100
2024
£
194,342
765,286
463,460
1,423,088

10. Current asset investments

2025 2024
£ £
Listed investments 9,854,296 9,668,906

Page 18

THE CAGNI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

11. Creditors: Amounts falling due within one year

Accruals
Grants payable		 2025
£
77,572
47,790
125,362		 2024
£
56,060
89,379
145,439

12. Creditors: Amounts falling due after more than one year

2025 2024
£ £
Grants payable 23,024 -

13. Statement of funds

Statement of funds - current year

Balance at
Balance at Gains/ 31 March
1 April 2024 Income Expenditure (Losses) 2025
£ £ £ £ £
Unrestricted funds
Reserves 36,775,180 172,862 (212,437) 7,373,693 44,109,298
Statement of funds - prior year
Balance at
Balance at Gains/ 31 March
1 April 2023 Income Expenditure (Losses) 2024
£ £ £ £ £
Unrestricted funds
General Funds - all funds 35,269,720 172,467 (90,095) 1,423,088 36,775,180

Page 19

THE CAGNI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

14. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Fixed asset investments
34,315,040
Current assets
9,942,644
Creditors due within one year
(125,362)
Creditors due in more than one year
(23,024)
Total
44,109,298		 Total
funds
2025
£
34,315,040
9,942,644
(125,362)
(23,024)
44,109,298

Analysis of net assets between funds - prior year

Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2024
£
27,126,538
9,794,081
(145,439)
36,775,180		 Total
funds
2024
£
27,126,538
9,794,081
(145,439)
36,775,180

Page 20

SIGNATURE CERTIFICATE

Document

Name C817_2025_03_31_The Cagni Foundation - Final Accounts pre Creator Nicole Meho (nicole.meho@sopherco.com) Date 23 December 2025 15:33:32 UTC Identifier 7c2186ef-f265-4c10-9795-3021e93c9232

Signers

diane@c4v.com

E-mail diane@c4v.com Signed 30 December 2025 9:11:51 UTC IP address 185.177.180.177