REGISTERED COhlPANY NUMBER.. 08079190 (England and Wal•s} REGISTERED CHARITY NUMBER: 1147921 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 FOR HONOR FROST FOUNDATION
HONOR FROST FOUNDATION CONTENTS OF THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 P8ge R¢f8rènc• and AdministratNe Details Rèport of tr¢& Truslees 2to10 Roport of Ihg Ind•pendent AuditoJ¥ 11to12 Stsl*m•nt of Flnancial Actiwtie5 13 Balanc• Sheet 14 Ca$h Fkm Statem8nl 15 Noles lo th• Financial Statsm•nts 16to2S D8tai18d Statement ol Financial Activlts"•s 26
HONOR FROST FOUMDATION REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 SEPTEMBER 2024 TRUSTEES P Aagna S D Barr A J 8 C8lhi• RJCla JEGurt C D<KJm•l40th#1 V A P¢rt•r P M Wolrich REGISTEREO OFFICE 10 Carflon Hws• T0¢ Lond SW1Y SAH REGISTERED COMPANY NUMBER 08079190 (England and Wale81 REGISTERED CIIARITY NUMBER 1147921 AuDORs Az•15 Audit ServK88 Floor. Regis House. 45 King William Street. Londoft EC4R 9AN SOLICITORS BDB Prtmar LLP Ontt Barlhobmew Closo London EC1A 7BL INVESTMENT MANAGERS CID88 Brothars A$8¢1 M¥n•a•ffont 10 Crown Plx• London EC2A4FT Caz6nove C8pilal Schrod8r & Co LITted 1 London Wall Place London EC2Y SAU Pagg 1
HONOR FROST FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 Honor Frost Foundation IHFFI is a charitable company. The Trustees (who are also the directors for Ihe purposes of company law} presenl their report with the financial statements of the Foundation for the year to 30 September 2024. The Trustees have adopted the provisions of the Slatement of Recommended Praclice (SORP) -Accounling and Reporting by Charities- (FRS 102) in preparing th8 annual report and financial statements of the charity. The financial statemenls have been prepared in accordan with the accounting policies set out in the notes to the financial statements and comply with the Foundation's memorandum and articles of association and applicable law. OBJECTIVES AND ACTIVITIES The Objects of the Foundation, as sel out in the Articles of Association. are the advancement of research and its publication in th8 area of marine archaeology with particular but not exclusive referenrAg to the marine archaeology of the Lebanese, Westem Syrian and CypfiQt coast and archaeologically associated maritime wrecks found elsewhere in Mediterranean walers, by any means which shall be recognised ascharitablè and in particularwithoutprejudi to the generality of the foregoing: To provide grants or other financial assistan to individuals working in research establishments to further their study of marine archaeology To publish and disserninate any marine archaeology papers or volumes owned by the charity or produced as a resultofresearch funded bythe charity To make grants to museums and galleries and olher national or local institLrtions (particularly but not necessarily exclusively the British Museum) and to assist them in displaying to the public works relevant to the study of marine archaeology and in the holding of relevant lectures and seminars To support by whatever means are appropriate excavations of archaeological sites. ports. harbours, offshore anchorages and ancient anchors found undersea or excavated as ex votos in temples and shrines which are relevant to Levantine or Cypriot archaeology and the history of fishing. To support by whatever means are appropriate conservation work relevant to Ihe marine archaeology of Lebanon. Western Syria and Cyprus To provide grants towards exchange visits ofmuseurn staff from Lebanon, Syria and Cyprus To provide grants towards Ihe training of individuals of Lebanese, Syrian and Cypriot origin in the skills necessary to carry out rnarine archaeology and conservation work relevant to marine archaeology in theircountryoforigin. Th8 Trustees have also recognised the cnjcial importance of safeguarding and promoting the protection of underwater cultural heritage {UCH) as part of its overall work. The Trustees wnfim thal they have referred to the guidance contained in the Charity Commission's general guidance on public benefil when reviewing the Foundation's aims and objectives and in planning future activities. Page 2
HONOR FROST FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACHIEVEMENT AND PERFORMANCE The Honor Frost Archive With the Honor Frost Archive installed in the Maritime Archaeological Special Collections division of Ihe Library al the University of Southampton, the Special Maritime Archaeological Collections division has been successful in seeking further maritime-archaeological archives, which include those of Sean McGrail, Lucien Basch and Nicholas Flemming, and students and researchers are now using the Frost Ah1Ve. The Foundation is actively engaged in exploring further the role of such archives. A srnall grant was offered to the library in support of digitising images. As a result, over 5,000 slides have been added to the online Archives Catalogue. In addition, the first HFF Archive Fellowship was awarded to a post-doctoral researcher this year. The HFF Publication Series The Foundation has established an HFF publication series which is managed by the Publications Manager. So far three volumes have been published, and in 2025, a further volume containing a selection of Honor Frost's articles entitled Honor Frost.- SeleGted Worf(s will be published. Other works are in progress for publication in 202617 including the papers from the second Honor Frost Foundalion conference Under the Med1teanean 11, held in Malta in Novemb8r 2022. Work is continuing on the publication of the final three volumes of Tp1S symposia an archiving proied of unpublished conferences to which Honor Frost regularly contributed, concerning nautical archaeology of the Mediterranean. Podcast The Foundation continues to produce its monthly news podcast. entitled DIVE & DIG, presented by Prof. Lucy Blue, and aimed at promoting maritime archaeology. Cyprus The FoLJndalion continued to support MARELab, the Maritime Archaeological Research Laboratory at the University of Cyptus, which includes a number of areas of research. In 2022, the Foundation developed a project called the Cyprus Regional Development Project {CRDPI that works in partnership wilh regional and international experts to promote interdisciplinary research, training. workshops and field-based activities, to the benefit of all HFF regional collaborators and grantees. In 2024. furtherworkshops and training programmes were successfully conduct8d, and a coastal field survey undertaken. Page 3
HONOR FROST FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACHIEVEMENT AND PERFORMANCE- continued Lebanon The HFF Lebanon team continues to undertake important work with the aim of documenting, prolecting and promoting the marine archaeological resource in Lebanon, in support of the Directorate General of Antiquities (DGA). Over the last year field work concentrated in the north. in Ihe Al Mina, Tripoli region. wth smaller scale projects ai targeted siles along the coast. The Foundation's Minor programme in Marine Science and Culture at the American University of Beirul, which was started in Seplember 2019, continues, and HFF supports a number of extemal sGholarships to attend the course each year. In 2022, the Foundation established a Pathway scheme to enable promising maritime archaeologists to aCsS further training and placement opportunities in order to increase their personal skills and expertise, and this continues. HFF Lebanon recently completed a digitisation projecl to bring together all exianl research on the port of Sidon, in collaboration with the DGA. Plans are now afool to tum our efforts to the Wodd Heritage site of Tyre, lo undertake a similar documentation project. This will support HFF'S long-term Tyre Maritime Cultural LandscApe Project. which aims to investigate and document the Undeater cultural heritage of the area. In the last year, a geomorphological coring campaign and a drone survey were sucsSfUllY completed at the sit8. In 2024. the Foundation signed a Ihree-year agreement to support Ihe American University of Beirut's digital documentation of the maritime archaeology of Lebanon. In addition, the Foundation is supporting AUB'S prestigious Archaeological Museum to create interactive museum exhibits related to maritime archaeology. In the Metn area. the Foundation supported the emergency deployment of a survey team to investigate one of the few undisturbed areas in an otherwise densely urbanised area with a rich historical past. This survey has yielded interesting results and il is hoped these will facilitate the tsrgeted selection of future archaeological excavations. Finally, the Foundation's work continues on the post-8xcavation analysis of finds from the Neolithic site of Tabarja. Egypt Support for the activities of the Centre for Maritime Archaeology and Underwaler Cultural Heritage {CMAUCH), University of Alexandria, conlinued. The Foundation continued to support ongoing research al the Red Sea port sites of Wadi el Jarf and Berenike. The third Intemational Congress of the Faculty ofArchaeology, held al Ain Shams University also received support from the Foundalion. Page 4
HONOR FROST FOUNOATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACHIEVEMENT AND PERFORMANCE - contlnued Sicily A post4oc based at the University of Swansea which aims to study ships on display. has entered its third year. The intention for 2025 is to revisit the Museo Lilibeo, Marsala. where th8 Punic ship is displayed, to further assess its state of preservalion. The Foundation also supported a season of deeper water survey off the coast of Sicily using Autonomous Underwater Vehicles. Occupied Palestinian Territories The Foundation funded a second season of maritime archaeological Survey and mapping of the endangered marine Cultural heritage of coastal Gaza. Nautical Archaeology Society {NAS) Intsrnational Journal of Nautical Archaeology (IJNA) The Foundation's three-year annual grant lo help develop the NAS international journal (IJNA) and activities conmIng its publication, dissemination and related research which previously extended IhroLJgh to 2023, was fvrther extended through to the end of 2024. Unlversity of Southamplon Dr. Crystal El-safadi, the Honor Frost Associate Professor of Maritime Archaeology at the University of Southamplon, sucTrssfully completed her second year in this academic post, with teaching and research focused on the eastem Mediterranean. British Academyl Honor Frost Foundation Awards The British AcademylHonor Frost Foundation annual research awards in marilime archaeology 5UPPOrted one small grant this year. Studentships and Bursaries Several studentships and bursaries were awarded in 2023-2024, to attend conferences, workshops and bespoke training programmes. Seven bursaries were awarded lo scholars attending the Ain Shams University Conferen in Egypt, which aimed to highlight, study, and analyse the process of designing and building ships in ancient Egypt. Three fieldwork bursaries were awardèd to Egyplian scholars who were thus able lo participate in archaeological missions in Italy, Spain and Egypl. Page S
HONOR FROST FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACHIEVEMENT AND PERFORMANCE - continued A further six bursary awards enabled students to attend training courses in conservation and maritime archaeology-related summer schools held in Gree, Egypt, Italy and Zadar (Croatia). In addition, I0 students reoived bursaries enabling them to complete 2. dive training in Egypl. The Foundation continued its support for the Diploma in Maritime Archaeology at the CMAUCH, University of Alexandria, with a further four students commencing their studies in Oclober 2023. Support continued for a studenl entering the Send year of the Master's degree al the same institution. Two HFF-funded doctoral candidates succ8ssfully submitted their theses for examination at the universities of Southampton and Oxford. A Syrian student undertaking a joint CIVIS PhD {University of Aix-marseille and the National and Kapodistrian University of Athens) also successfully subrnitted their thesis. An Eqyptian sludenl entered the second year of their PhD studies at Southamplon, whilst a student from Lebanon commenced their PhD studies at the same instituts'on. Both students are supported by the Foundation. In addition, a student from th8 region entered their final year doing a joint PhD at the University of Aix-marseille and University of Cyprus. A Lebanese student commenced a 0-year MWMSC In Conservation at Durham University, whilst another commenced the one-year Masters programme at Southampton. At the University of Edinburgh, the international post4octoral post supported by the Foundation on the topic Marine heritage and sustainable Goastal development in Lebanon, came to an end. (The post4ocloral scholar has subsequently secured a permanent posl at the University.) As well as the continuing post-doctoral research being undertaken al Swansea University, the Foundation is supporting post-doctoral research on the topic Neolithic seafaring.. earfy maritime connections between fhe Levant and Cyprus, under the joint supervision of the University of Southampton and loannina University. Agreement was reached with the University of Cyprus lo offer a 'bespoke' diploma course to HFF students in the region, leading to a Diploma in GIS. As this will enable students to focus on highly relevant. marilime-based, regional datasets as part of their studies, the decision has been made to cease offering scholarships to undertake the GIS Diploma offered by the University of Ulster. Page 6
HONOR FROST FOUNDATION REPORT OF THETRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACHIEVEMENT AND PERFORMANCE - contlnued Underwatsr Cultural Heritage (UCH) Steering Committee (SC) The Foundation continues lo support the Steering Committee on UCH, (htlp'.Ilhonorfrostfoundation.orgluchl). chaired by Professor Sir Barry Cunliffe. Ocean Decade Heritage N8tworf( As a result of the Foundation's earlier support, the ODHN became an official partner of IOC- UNESCO in the Ocean Decade initiative. The Foundation continues io support ODHN to further raise awar8ness of cultural heritage within the marine sciences. FINANCIAL REVIEW The Foundation does not engage in any fundraising activities. On income awunl the Foundation received income of £1,013,459 and spent £1.146,727 on ils charilable activilies: the resulling deficit of £133,268 has been transferred from capital. On capital account the realised and unrealised gains on investments after management fees amounted to £4,324,253. In total therefore the Foundation's net assets increased by £4.190.985 to £44,304,436. In last year's report it was stated that the Trustees had declded to limit charitable expenditure to 3°/0 of the opening value of the ftjnd in the hope thal this would enable the Foundation to continue indefinilely. The opening value at 1 October 2023 was jusl over £40m and charitsble expenditure mentioned above was below 34/0 of that figure. Investment Pollcy The Foundation has two investment managers Close Asset Management and Cazenove Capilal in addition it receives investment advice from Millbank Investment Management. Two trustees constitute the Investment Committee and they meet the investment managers at least once a year to review the perfomiance, the investment policy and the arrangement und8r which the management of the investments is delegated to the managers. The Commitlee reports the results of Ihese reviews to the TSteeS with any recommendations. The Foundation is a long-term investor and seeks to maintain the real value of its &gpital and to produ a reasonable income. During the year the funds held by the investment managers returned 12.370/0. Th8 indic8S prepared by Assel Risk Consultants showed total retums for the year of 9.80/0 on the Balanced Asset and 12.30/0 on the Steady Growth portfolios so the Trustees regard Ihe result as satisfactory. Page 7
HONOR FRosf FOUNDAnoN REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 FINANCIAL REVIEW - eontlnued Roservos pollcy To repeal, the Foundation seeks to maintain the real value of its capital. Ils opening capital in October 2011 was £30.45m that sum increased by the CPI to September 2024 equals £45.1m compared with the actual value of £44.3m. As the capilal is expendable the TrLsslees do not onsider it necessary to maintain any separate income rèseNe FUTURE PLANS The Foundation will continue to 8xplore the acquisition and assessment of maritime- archaeological archives to be lodged in the Special Collections at Hartley Library, University of Southampton. The Foundation plans to publish more titles, including a number of HFF scholars. doctoral theses. The Foundation will continue its 'rescue missions, for the Directorate General of Antiquities in Beinjt when conditions allow. In addition, the Foundation will continue the developrnenl of the Tyre Maritime Cultural Landscape Project. The Cyprus Regional Developmenl Project will continue. In Education, the Foundation plans to continue its support for ils Minor course at the American University in Beirut for a further four years. including its sponsorship of 34 studenls a year., it will continue its support for MAIPhD scholarships at the following universities.. Aix-marseille, Southampton, CMAUCH, Edinburgh, as well as the post-doc al Swansea. It will also explore the establishment ofa PhD programme at the University of Cyprus. The Foundation will continue ils support of the CMAUCH, University of Alexandria, in temis of bursaries and maintenance. The Foundation will continue to support the work of UNESCO'S Ocean Decade initiative. Page 8
HONOR FROST FOUNDATION REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The Honor Frost Foundation is governed by its Memorandum and Articles of Association adopted and approved at the Annual General Meeting on 22 May 2012. Honor Frost died on 12 September 2010. The Honor Frost Charitable Trust was created by her will dated 14 September 2007 and was entered on the Register of Charities on 24 March 2011. All the Trust's assets were transferred to the Foundation on 30 Seplernber 2012. The Foundation was managed by seven Trustees, who were also directors of the Foundation for the purposes of company law, appointed under Honor's will, all of whom served in the year to 30 September 2024, with the offices to which Ih8y were elected by the Trustees, namely.. Alison Julia Bewley Cathie, Chair Roger Jackson Clark, Hon. Treasurer Dr John Edward Curtis, OBE, FBA Dr Claude Doumet-serhal MBE Dr Venetia Ann Porter Orlando Whitfield Peler Marshall Wolrich Orlando Whitfield resigned on 30 April 2024. Two additional Trustees were appointed on 10 April 2025= Paola Alagna and Stephen Douglas Barber. The Trustees meet at18ast four times a year and are responsible for the overall policies of the Foundalion. Reference and Administrative deLiils The day-to-day management of the Foundation is delegaled to Gail Caddy, Financial and Operations Director, Prof. Lucy Blue, Maritime-Archaeological Dir8Ctor, Neelam Seeboruth, Lauren Tidbury and Dr. Danielle Newman. Advice is obtained from Dr J D Hill (British Museum), and, as necessary. from Dr David Blackn)an, University of Oxford and Dr Colin Breen, University of Ulster. Page g
HONOR FROST FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees Iwho are also directors ol HonoT Frost Foundation lor the purposes of company lawl are responsible for preparing the Trustees. Annual Report and the financial ststements in accordance with applicabla law and United lQ'ngdom Accounting Standards (Unitèd Kingdom Generally A¢cept8d Acctsjnting Practicel. Company law requires the trustees to prepare financial st8t8mants for each financial year, which giva a true and fair view ol the stale of affairs of the charitabl8 company and ol th8 incoming resources 8nd 8pplic8tion ol resources. including the income and expenditurè, ol the charitable company for that period. In preparing these financial ststements. the Irustees are required to- select suitabl8 accounling policies and thèn apply them consistently., observe the rnethods and principles in th8 Chantses SORP 2015 IFRS 1021., make judgements and estsmates that are reasonable and prudent.. slate whether applicable UK Accounting Slandards havè b••n followed. subject lo any material departures disclosed and explained in the financial statern8nts', prepare the finanaal statements on the going coneam basis unbss it is inappropriatè to presum8 that Ihe charitable company will Contin in operation. The trustees are responsible for keeping adequate accounting records Ihal disclose with reas<)nable accuracy at ary time the fjnancial position of the charilable Company and Ènable Ihem to ensure that Ih8 Iinèncial statements comply with thè Companies Act 2006. They are also respon5ibe for safeguarding the assets of Ihe ch8riiablè company and hence for taking reasonable steps for the prevention and d8tection d fraud and other irr8gularities. In so far as the trustees are aware.. there is no rèlevant audit informat of whieh the charitable company's auditor Is unaware.. and the trusteès have taken all steps th8t they ought to have taken to mak thamsalves aware of any relevant audit inforrn8tion and to establish that th8 auditor is aware of that informatKIn. AUDITORS The auditors, Azèts Audit Services, will b8 proposed for re-appointment at the forthcoming Annual General Meeting. RepLIrt of tho trustees, incorporatirrtJ a stralegic report, approved by order ol the board of trustees, as the company directors. on 26th June 2025... and signed on the board's behalf by.. AJBCathi Truslee Page 10
REPORTOF THE INDEPENOENT AUDITORS TO THE MEMBERS OF HONOR FROST FOUNDATION Oplnl•n We have aud+ted the financial statements of Honor Frosl Foundalion Ilhe'charitsble company'l for the year ended 30 September 2024 which comprise the Slalernenl of Financial Activiles, the Balanee Sheet. the Cash Flow Stslemeni and notes to Ihe financial staiemenis, including a surnmary of signtficant accounting policS. The finan¢i81 reporting Iramewoth that has been appld in their preparation is applicable law and United Kingdom Accounling Slandards, irbcluding Financial Reporting Slandard 102 The Financial RéTrporting Slandar<l applic8ble in the UK and Republi¢ ofj Ireland Iunllod Kingdom Generalty Acc8Pted Accounl"ng Practel. In our opinion Ihe financi81 statem8nt8'. gN8 8 true and fair viewofthe Slate of the Charitable company's affairs as a130 Sept8mb8r 2024. and ol ils incoming resources and application ol resources, induding ils income and expenditure, for the year then ended". have been property prepared in a¢¢ordance with Vnited Kingdom Generally Accepted Accounting Prac¢0., an(J hav8 been prepared in accordance with Ihe requirents ol lh8 Compan0$ Act 2006. Basls for oplnlo We conducted our audit In a¢¢ordance with Inlemalional Standards on Auditing IUKI IISAS IUKII and appli¢able law. Our responsibilities underthose standards are further described in the Auditor's responsibilit18s forthe audit of the financial stslemenls seelion of our POrt. We are Independent ol the charitable company in accordance wilh the elhi&ql requirements that are relevant io our audit of the financial stalemenis In the UK. including the FRC'S Ethical Stsndard, and we have fulfilled our other eihical responsibilitS in accordance these qU1MentS We believe that the audit evidence we have obtained is $uffi¢ienl and appropriate to provide a basis for our opinion. Conclvslon$ rela¢lng l¢4 golno ¢oThm In auditing th8 financial stalemenls. we have concluded Ihal the trustees. use of the going concem basis of a¢¢ounting in the preparation of the financial statemen¢$ Is appropriale. Based on th8 work we have perfomied. we have not IdenbfieLI any material unc8rtainli•s relating to events or conditkMs thal. individually or collec11ve. may ¢asl snificant doubl on Ihe chantsble COMpanS ability lo continue 88 a going ¢on¢em for a p8rod of at least twelve months from when the finanual statements ale aulhtsnsed for issue. Our responsibililie$ and thg responSibllieS of the trustees wilh respect lo concem a descriLd in th8 relevant $g¢tions of thi5 r8PCrt. Oiher infomiation The othar informats'on comprises the information included In the trustees annual report. tsther than Ihe financial 5tatem8nts and our audilorfs report ihereon. The trustees are responsible lor the other information conlained wlhin the annual reporl. Ovr opinion on the financial statements d08s not cover the other Informa0 and, extept lo the extnl Olhetwise expliciuy sla18d in our reporL we do not exp$$ any form of assurance conclusion thereon. Our responsibility is lo 8 the other informalK)n and, in doing 50, consider wh81hgr lh8 other inforrnation is materially inconsistent th the financial slalemenls or our know10dg8 oblained in the Cr5e ol Ihe audit or tstherw58 appears lo be rnatarially misstated. If we entIfy su¢h material in¢on$i$lenaes or apparent rnaterial mis5taternenls, we are required to d8lemin8 whelhei Ihis gives rise lo a material mi$$tsternenl in the fnancIal slat6m¥nls th8ms6lves. 11. based on Ihe work hav8 perforrn8d, we condude thal there is a malerial mi$slal8ment of thi5 Other information, we are qUired 10 rep)rt Ihat f8cI. We have nothing to report in this rard. Oplnlon$ on oth¢r matt•rs pms¢rlb•d by tht Cornpanles Act 2006 In our opinion, based on the work undertaken the Course tsl the audit". Ihe information given in Ihe Iwslees. report lincorp(Kating the directors. reportl for th8 financial y8ar lor whi¢h Ihe financlal slatements are prepared is consistent with the Iinan¢ial siatements. and Ihe directors, report has been prepare<l in a¢cordanc• with appIabl$ gaI requiremenis. Matters 41n whlch we are requlred to report by x¢¢ption In the light of our knowledge and understanding of the ¢hantable cornpany and ils environment obtained in th8 cowse of Ihe audrt, we have not identified material misstatemenis in the d1CtorS. report included within the Irustee5' report. We have nothing to Teport in respect of the frAWIng matters in relabon lo which the Compan5 Acl 2006 require& us io reF¢)rt to you if, in our opinion.. continued . Page 11
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HONOR FROST FOUNDATION adequate accounbng rewrds have not been k8Pt, or r•iums adeouate for cwr audit have not b88n receivad from brCha$ not Vi5118d by us". or the financial slalem8nts are not in 8gre8rnent wlh the accounting records and returns,. or certain discbsus of dire¢tors' remuneration sptcified by law are not made., or we have not received all the information and explanations we requi for our audit., or the trustees were nol entilw lo pr8pare financial statements In ac¢ordan¢e ¥th the small Compan5. regim8 and lake advantsge of the small companie5, exernptions preparfng the dire¢lor$' report and from the requlretnent to prepar¢ a strategic report. R•$ponslbllltles of trustees AS explained more fully in th8 trustee5' resptsnslbill.es slalemenl Sel out on page 8. the Irusiees Ihyho a also the dire¢lors of th8 ¢haritable company for the purpos8s olcornpany lawl are responsible for the preparation of the financial $tstemenls and for being sali$f18d that they give a true and fair view. and for such in18rnal control as the truslees dèlemiine Is ne¢e6sary to enable th8 pParatiOn of financial 5tatern8nts that are free from material misstatement, whether due to fraud or error. In prepanng the financial staletrn15, the Iruslees are re$pon$tr)le for assessing th8 charitable company's abllfty lo ¢("nue as a going (x>ern. disclosing, a5 applicable, rnattets lated lo going concern and using th8 going wcem basi$ ofaccounting unless Ihe truste88 either intend lo liquwjate the ¢harilable company or to cea58 OP8ration5. or have no realistsc alternatlV8 bul lo do so. Audl¢or's r•Bpon8lbllltlo$ for audlt of tho flnan¢lal 4tstements Our objeclw8s are its obtain rèasonable assurance aboul whether the financial stalernents as a Who are fre? from rnatarial isslalement, %thether due to fraud or error. and to issue an auditor'5 r8POrt that includes our opinion. Reasonable assurance is a high level ofa55uranc8 bul is not a guar8nlee Ihal an audit conducted in atrordan¢e with ISAS IVKI will always del8Cta material Mlsstatent il 8xisls. Misslat&m8nt$ can arise from fraud or 8fTOf and are tonsldered malerN?l rf, indi%rydually or in the aggr8gate. Ihey could reasonably be expected to Infence eC0M1¢ ¢Jecislons of users taken on Ihe baS of th8$8 finanLy81 slatements. Irregulariligs. induding fraud, are insiances of non-compliance Mth laws and regulations. We d&sn procethres in line with our re5ponsibiliue5. OU1ned above, to detect mat8rial mi5slateTnents in respect ol irwularities, including fraud. The specifi prOdU$ for this engagement and the extent to which Ihe$e afe capable of detecting irregularities, including fraud is delaile<l Enquiryof management and those charged with govemance around a¢tu81 and potential lrtigab'on and d8im5 as well as aclual, suspectfjd and alleged fraud., RlWIng minutes of meetings of those charged wth goveman¢e; Assesslng the exl8nt of compliance with the laws and reguialM)n$ rA)nsld8red to have a dir8Ct marIal offo¢t on tTr finawlal stslemenls rw the operations of Ihe company through englry and insp8ctitsn' Reviewlng financial stat6nt dclOsUre5 and testing lo supporting documentation lo ass8s5 ctsmplkartè wilh applicawe laws and regulations., Perfomiing audit work over th8 risk of management bia8 and ov8rride of controls, including t6sts.ng oflournal entrie$ and other adiuslments for approprialenes5, evaluating the business r8tKJnale of significant transaciions outside the nomial VISe of business and r8Vi8wing accounting estimates for indKalors of po18ntial bias. BecaLsse of the inher8nl limitation5 of an audit. there is a risk that we will not detect all irregul8ritie$, Kluding Ihose adIng to a matenal misstatemenlin Ihefinancial staiemènls or non-complianc8 with regulalion. This risk in¢r&ases the MO Ihal compliance with 8 law or regulation is rernoved from the events and transaction5 reflected in the f nancial s¢al&ments, as we will be less likely io becom8 aware ol instsn¢&s of non-¢omliance. The risk 15 also 9realer regarding Iire9ularilies rtcurring due lo fraud rathor than error, as fraud invtsfves intentional ¢oncealment, forgery, cc41u5n. OTnission or misrepresontstsn. A fvrther descripti of our tysponslbilili88 for the audit of lh8 financol statements Ss 10¢81od on the Financial Raporting Council s website at.. www.Irc.org.uklaudltorsrÈsponsibilitl8s. Thi5 description forrDs part ol our audit,$ report. Us• of our report This rewrt Is made solely to Ihe th8ritabl8 compan9 rrmbers, as a body. in accordance with Chapter 3 of Part 16 of th Companies Act 2006. Our audit work has been undertaken so that might state to the charitable cofflpany's rnembrs those matt&rs %se are roouired to stale lo them in an auditor's rewjrt and for no other purFKJse. To the fulle51 exlent perniittgd by law. do ntst accept or assume responsibility to anyone olher Ihan the Charitable company and the charl18b cornpanys mèmbars as a body. foT our audit work, for this report, or for the Opini£ we have fo¢med. John Howard IS•nior Statuttyry Aydttor) For and on behalf ol Azet$ Audii Services Floor. Regls House, 45 King William stet London. EC4R 9AN Page 12
HONOR FROST FOUNDATION STATEMENT OF FINANCIAL ACTivrriES Iln¢luding Incom• and Exp•ndlturn Account) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Unr•strf¢tsd Unr•itrlct•d 2024 Incom• Fund Capital Fund Total funds 2023 Total fund$ Notes INCOME AND ENDOWMEKfs FROM Inv¥stm&nt income Olh•r in¢ome 1.013.205 254 1.013.205 254 955,644 1,280 Total 1,013A59 1.013,459 956,924 EXPENDITURE ON Raising funds Charltabl• •ctivili•¥ Granis other eharitabl¢ a¢b'vili08 146.203 146.203 211,280 006,658 606.658 1,505,187 803.902 Total 1.146.727 146,203 1.292.930 2.520,369 Net gain$ I IIosse8I on inveslments 4 470 457 4 470 457 MET INCOMEIIEXPENDITUREI 1133268) 4.324,253 4.190,985 340,177 Transfers behveen funds 133.268 1133,2681 NET MOVEMENT IN FUNDS 4.190,985 4.190.985 340,177 RECONCILIATION OF FUNDS Total fundi brought forward 40.113,451 40,113,451 39.773,274 TOTAL FUNDS CARRIED FORWARD 44 304.438 44,304.436 40,113,451 CONTINUING OPERATIONS l income and exp8ndrturo has arisen from continulng actfvili88. Tho notes form part of Ihose flnanctrai stal•m&nts Page 13
HONOR FROST FOUNDATION BALANCE SHEET AT 30 SEPTEMBER 2024 2024 2023 Notes FIXED ASSET8 Investments 12 46.417.660 43.035,222 CURRENT ASSETS Debtors Cash at bank 13 30,125 322 118 20.909 303,649 352.241 324,558 CREDITORS Amounts falling due wilhin ona y•ar 14 {1A75.697) 11.659.357 14ET CURRENT LIABILITIES 56 1,334,799) TOTAL AssEfs Less CURREIIT LIABILines 45,294.204 41,700.423 CREDITORS Amounts falling due after more than on• yoar 15 1989.769) {1,588.9721 NET ASSETS 0 113451 FUNCIS Unrestricted income fvnds Unrestricied Capit fiJnd8 17 40 113451 TOTAL FUNDS 0113451 Th• financial statements wor¥ apPrd by th• Board of Trustees ijn 26th June 2025 and w•r& slgn•d on tts b8half by.. A J B Calhie-TFU8tee arfK-Trusts¥ Th• notès fom part of those financial $t*t¢monts Page 14
HONOR FROST FOUNDATION CASH FLOW STATEMENT FOR THE YEAR ENDED JO SEPTEMBER 2024 2024 2023 Notes C••h flows from op•r4ting •¢tivltitr¥: Cash g¥noral•d from Operatn$ 19 1.965,5861 2,350,851) Net cash (used In} operatlng a¢tSvltl•s 1.965 5861 2 350.8511 C•$h flt)ws from Snvestlng a1¥111••. Purchasè of fixed assèt Invastm8nts SAle offixed asset inwsbm8nts Int8t r•¢&ivgd DNidonds rld 14.689,4551 5.668,352 102,273 910932 15.857,2581 6,901,295 140,836 814,808 N•t cash provld•d by lus•d Inl Inv•stlng actlvltl•s 1992.102 1999,681 Cash Il+)ws from Ilnanelng aetlvltl•s: Expenditure attributable to endowment 144.610 198,348 N•t ¢a$h lu$od inl fiMn¢ing tIVItI 144.610 198,348 Chang• In ¢a•h and cash •qu5valents Sn th• r•porting p•rfod Cash and ¢••h •quiv•l•nts •t the boglnnSng ol the reportlnq p•rlod 190,653} (152,8221 847,866 Cash and csh •quI1•nts •t th• •nd of th• r•portlng 695.044 Calh nd #h •qulvl•nt• con•l•ts of: Cash 81 bank Cash b818nces h•ld by investsnenl m8n8ger 322,116 282,275 303.649 391.395 12 Ca¥h and h oquiv*lent¥ at the •nd of th• r•portlng p•rSod 604,391 695,044 Th& note8 form part of th08• financial ststoments Paga 15
HONOR FROST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACCOUNTING POLICIES General infofmation and basls of preparation Honor Fr05t Foundalitsn is a company limited by guarantee in the United lfjngdom. The 8ddrg8$ of thè règistered offkcè is givÈn in the charity information on p8ge 1 01 these financk81 stalement5. The n8turè of tha charity's operations and principal aclwitses are sel ¢)ul on pag8 2. The financial statements have been prepared in acctsrdance with Accounling and Reporling by Chariti8s- Stat•m•nt ol Recommènded Practice applicable to charities preparing thei¥ accounts in acctsrdhnce wrth the Financial Reporting Stsndard appIable in Ihe UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 las updaled through Update Bulletin 1 published on 2 February 20171. the Finanrial Reporting StandaFd applicablè in the United Kingdom and ReptJbli¢ of Ireland {FRS 1021, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 JanLtary 2015. Honor Frost Foundation meets the definibon of 8 publ benefit entity undef FRS 102. Thè linancial stat•ments are prepared on a going concem basis und8r the histtsrical cosl convention. modffj8d to includ• cértain items at fair valua. Thè financial statemenis are prepared in st8rling which is the fundion81 curr8ncy of thè charity. The level of round adopted in the financial statements is to the nearest £1. The significant awunting policitis 8ppli6d in the preparat ofthw fin8naal statements are set oul below. The88 policies have been nlStentIY appliéd to all years presented unbss otheiS6 stated. L•gal sta9 The charity is a company limlted by guarantee and has no shar8 capital. The liabilily ol ea¢h mernber in the event ol winding up is limited to £1. Preparatlon of the accounts on a golng con¢ern bosis The Foundation has reasonats expectation that there are adequate resources lo continue in op8rational 6xistenca for the fore588able future. It has therefore wntsnued to adopt the going Corrn basis in preparing its financial statements. In¢om• All incoming resources. including investment income and bank inlerest. are included in the Statement of Financial Acb'vit18s ISOFAI when the Foundation is legally entitlad lo the incorne after any perform8nc8 conditions have been rnet, the amount can be measured reliably and it is probable that the income will be recèived. Investment income is earned through holding ass•ts for investment purposes such xs shares. It includes dividends and intèrèst. It is included when the amount can be measured reliably. Interest incomè is raeognised using th8 effèctiv8 Interest method and dividend income is fecognised as the char*ly's nght to r8ceivtr payment is established. Expendlture Liabilities are recognised as 8xp8nditur8 a5 500n as there is a legal or constructive obligation committing the charity to that expenditure. il 15 probable that è transfer of economic benefits will be rèquired in settlernent and the amount ol the obligation can b8 tnèasured reliably. Expendrture is accountod lor on an accruals basis and has been classified under headings that aggregate all cost related lo the categtsry. Where costs cannot be directy altribut8d to particular headin95 they havè been allocated lo aclivili8s on 8 b8sis eonsistent wth the use of resources. Expenditure on r8isin9 funds comprises costs of the seNcès of the invesbmenl managers who man898 tho investmenl portft)Iio hdd by the Foundation. Expenditure on Charitable activities comprises those costs in¢urr8d by the d)arity in the delivery of its activities and Services. It includes expenditure that can be directly allocated to such activities, and other costs which are of an indire¢l nature which S necessary to support Ihem. Governance c05t5 include thost costs asso¢ialed with m88ting the constitutional and statutory requirements olthè Foundation and indude audit lees linked to th8 Strategic management of the Foundation. Grants and don8ts.tsns a charged to the SOFA thèy are vncondilionally approved lor paymènt by thè Truste85. Page 16
HONOR FROST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACCOUNTING POLICIES - ¢ontlnu•d Expendlturo- ¢ontlnu•d Grants offered subject lo conditions which h8vè not been mèt at thè yè8r-end datè arè notéd as a (x)mmitment but not accrued as expenditur•. The Foundation is not r8gistèr8d for VAT and expenditure is shown gross 01 irrecoverable VAT. Alloeatlon and apportionment ol costs Support costs are allocated on a ts"m8 b8SiS to Charitable Activities and Govemance. Taxation The charilable company Is considered to p85s the tests sel out in Paragraph 1 Schedule 6 Financ& Act 2010 and thereforg It meets the definition ol a charitable company lor UK corporation tax purposes. Accordingly, Ihe charity 15 Potentially exempt from tsxalton in respect of income and capital gains received within categories eov8r8d by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to tha axtent that such incorn8 or gain5 8Te applied exclusively to charitable purposes. Fund atcounting Unrestrictad funds ar9 funds which can be used in accordance with the charitable objects at the disuelM)n ol the tru5t88s. Further explanation of the nature and purp)se of each fund is induded in the notes to the financial statements. For•ign curr•nei•s Asset5 and liabilities in for8ign currencies are tran$laled into sterling al the rates of exchange ruling al the balance sheet date. Transactions in foreign currencies are translated into sterfing at ¢he rate of exchange ruling at the ol transaction. Exchange differences are laker7 into account in arriving al Ihe operating result. Pènslon costs and othèr post+11r•M•nt bènèfits Th8 tharilable company operates a d8fined contributicin pension scheme. Contributions payable to the charitablè eompany's pension scheme are charged to thè Ststem8nl of Financial Acts'wtigs in the period to which they relate. Flnanelal instruments The charity only has financi31 assels and financial 118bi1th8s of a kind thal qualify as b8si¢ fin8n¢ial instruments. Basic financial instruments artr initially r•cognised at transaction value and subsequenuy measured al Iheir setilemenl value. Flxed asset Investments Investments are a fom ol basic linancial instruments and are initially recognised at their transbctli value and subsequently measured at their fair value as at Ihe balance shetrt date using the closing quot•¢J market price. The statemenl of financial activities includes the net gains and losses arising on revaluation and disp0581s throughout the year. The Foundation does not acquire put options, derivatives or olher complex financial instruments. All g8ins and losses are tak8n to th8 Staternent of Financial Activibe5 as they arise. Rèalisèd gains and lossès on investmants 8r8 calculated as the diff8r8nc8 between sales proceeds and their op8ning carrying value OT th81r purchase valu8 if acquired subsequent to the first day ol the financial year. Unr&alisad gains and lossès ara calculated as thè difference between the fair value at the year end and their carrwng value. Realised and unrealised invèstmènt gains Ènd losses are cornbined in the Statement of Financial Activities. Debtors Prepayments and accrued inrne are recognised at the settlement amounl rec8ivable. Cash at bank and in hand Cash at bank and ¢a5h in hand in¢ludes ¢ash and short lem) highly liquid investments with a short maturity ol three months or le55. Pag8 17
HONOR FROST FOUNDATION NOTES TO THE FINANCLIL STATEMENTS . CONTINUEO FOR THE YEAR ENDED 30 SEPTEMBER 2024 Crèdltors Crèditors are recognised where the Foundation has a present obligation resulting from a past event that will probably result in the transfer of fund5 to a third party and the amount due lo setue the obligation ¢8n b8 m8asur8d or èsts"maled reliably. Accruals and other creditors are re¢ogni$e(18t thèir sètllement amounl due. Judg•m•nts and key sources of estimation une•rtalnty Accounting estimates and judgements 8r8 continually evaluated and are based on his1ori1 exp8rienct and othèr laclors, induding expectattons ol future 8v•nts that are believed to be reasonable under the circLJmstances. There are no key assumptions ctsncèming thè fulur• and olher key Sources of estimation uncartainty at th• reporting date th8t h8v8 a significant risk ol causing a material adjustment to the carrying 8mounts of assets and liabilities within the next financial yaar. INVESTMENT INCOME 2024 2023 Dividends received Int8Tesl received 910,932 102 273 814,808 140,836 1 013,20S 955,644 RAISING FUNDS Investment rnanag8mènt costs 2024 2023 Portfolio management 146.203 211,280 CHARITABLE ACTIVITIES COSTS Grant fvndin9 Support Dlr•ct costs of a¢tlvtll?$ costs ISè¢ not• 51 {See note 61 Isee note 71 Totsls Grants Other Charitable 8ctiviti85 606.658 606,658 S40,069 431,263 108,806 108.806 1,146,727 Pag8 18
HONOR FROST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2024 DIRECT COSTS OF CHARITA8LE ACTIVITIES 2024 2023 BAIHFF Steering Committèe on UCH DGA iasponse toam OtheT charitable costs Staff costs Inole 101 Payroll and pension ftrès Legal lees Ex6CUtivè Diroctors. Travèl 2,337 604.314 1,233 72.775 1,298 210 2.525 357,210 105 67,509 1.087 3,420 431,263 684.692 GRANTS PAYABLE Grants Awarded 2023- 2024 Grant•e Project Title Award Cyprus Dr C Nicolaou DT V KlinkenberglDr M Polidorou Dr M Polidorou 'Recording the Vemacular Boats of Cyprus" 'Sealaring in th8 Shadows." Raal¢g Marits"m8 Traditions of Chalcdilhi¢ Cyprus" "Echoes ol the Past." Unveiling thè Holocène co8St81 landscape of Palaepaphos, SW Cyprus. 8.736 30.277 55.000 Cyprus, Egypt & L•banon Professor J Henderson IProject Leaderl Sustainable Wracks N8h¥ork ISWaNI 10,000 O¢veloping the Discipline Dr T Manolova Protohistofic Eastern Medit8rrane8n Ships 11500400 BCI- Digital Project 3,505 Education, Seholarshlps a Training C Prescolt-Decie PhD. University of Southampton 13-yÈar HFF Scholarship) Hurghada Dive training for Univ8rsity of G8Z8 Students (held in Egypti PhD exlension Cyprus GIS Course UW Archaeology Field School Ifor Palests'nian students, held in Egypti Intl PhD Edinbur9h Ifee incre85el 92,640 Dr G Andreou 3,925 J Gatt University of Cyprus Dr G AndTétsU 8.950 5.325 9.085 University ol Edinburgh 28,951 Egypt Centre for Marine Archaeology & UW Cultural Heritage ICMAUCHI, University ol Alexandri8 Dr C Craciun Konts550 - Ancient Philae-S8hel Channel Projecl Dr Z MoTsyIM Khedr Quseir Roman Shipwfftck Project Dr Z MoTsyIGeneral Depl for Abov Qir SuNey Underwat8r knliquities IDUAI Marsa Bagou5h Project laddilv)nal funds) 2,665 10,000 3.935 29,095 Page 19
HONOR FROST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2024 GRANTS PAYABLE- ¢ontlnu•d Grnnts Awardod 2023-2024 Gr•nt•• Prol•¢t Tltl• Award L•b¥non American Univ•rsify of Bglnjt American University ol B¢iNt Directorale Gen$r•l of Antiqvities IDGAI HFF Project (lèd ty Pro1or L Blue) Dr M HaiderlDGA AUB Spatial Lab AUB Mus•um Proi8Ct Antalias 62, Lobanon 124,005 28.695 29.750 Tyr Marf11m• Cultural Landscapa ProioCt- Phase11 32.714 kn¢hor Consgrvabon 2,231 Slclty Dr P Sconzo Motya Museum C8s0 & Ponols 2.750 Sp•cl•l Gr•nt Naullcal Archaeology Society IJNA {Int¢rn8lional Journal of Nautical Archa•ologyl Canlie for Marine ATchaeoltrJy Rod Soa Exhlbltlon- 3D wrock$ & UW CulbJRI H•riiage ICMAUCHI. University of Alexandria DrA Rey da Sifvalm Khedr Oe&¥n H•rit89• G0mance- Policy Research Arab Brits'sh Centre Confrgnc8. Archiving Gaza In Iho Pres8nV' Dr A Trakadas. Ocean Decadtr ODHN Gr8nt 2024-202S Heritag8 Nelwo University of loannina 30,000 1,967 20,390 20,IJOO 'MAGS 2025. Imaritime thl)aeology GradLt8te Symposium) 6,660 Tr•¥•l Burnarl A Galal (Egypll C Nieolaou (Cyprus M Abd El Azlz IEgyptl S Wagdy IEgyptl" HFF 8ur¥ane$ to att•nd ISBSA 17 Ilnlernational Symposium on Boat and Shlp Archaeologyl, Naplg$. ltsly 3.407 Total Approved Grgnts At 30 September 2024 Pago 20
HONOR FROST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS . CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2024 SUPPORT COSTS Gov•rnanc• Costs Alanag•m•ni Oth•r Total$ Other charitable activities 28.967 64.839 15.000 Support cosis, induded in tho above, are as follows.. 1024 Oth•r ¢h4rftabl• •¢tiviti•* Total activities 2023 Truslo9 ¢osts Stsff $1$ Inoto 101 Sundri&s Audltors, r•mun&r8tlon Auditors. r•mun•rolion for non-audit yrk 63 31,189 70,958 9,000 8,)0 64,839 28,933 9.31x1 5,500 108 806 119.210 NET INCOmE1{&ENDlTuREl N•t in¢omell•xwndituro1 1$ $talod •ft•r ¢h•rgingll¢ffjdilingl: 2024 2023 A(lIors, r•mungratlon Audltors, romun•ratlon for non4udlt Wob 9.000 8.000 5.500 TRUSTEES. REMUNERATION AND 8ENEFITS Th&re w8r& no INst••s' Y•mun•rgtk)n or other benafits lor ¢h8 yool •nd•d 30 S&pt•mb•r 2024 nor lor th¢ y$8r gnd8d 30 Seplemb8r 2023. Truste•8' expense• Trustee expenses of £2.38812023: £3,842> were paid to 1 {2023.' 31 trustoos durtng th8 year in rolation lo Ir8vo1 cost5. Page 21
HONOR FROST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2024 10. STAFF COSTS 2024 2023 Wages and salar¢es Social security costs Other pension costs 86.799 1,389 8,254 88,376 5,266 10,322 96.442 103,964 Staff costs have been split belwaan dir•cl costs and support costs on a 70°/0130% basis. The average monthly nufflbtrr of èmployees during the year was as follows.. 2024 2023 Administration No emoluments over £60,(X)O w&ra paKf in the period. The key management of ¢h& Foundation consists of th8 tSle•S only. 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrèstrkted Unre$tri¢ted 2023 Incomè Fund Capital Fund Totsl fund5 2022 Total funds Notes INCOME AND ENDOWMENTS FROM Investment incomo Other income 955,644 955,644 726.183 105 Total 9%,924 956,924 726.288 EXPENDITURE ON Raising funds Charltabl• adivities Grants Other ¢h8rit8bl6 acts"viti8s 211,280 211,280 310,008 1,505,187 803,902 1,505,187 803,902 2,058,216 696,846 Total 2,309,089 211,280 2.520.369 3.065,070 Net gains I IIoss8sI on investments 1,903,622 1,903.622 12,969,548) NET INCOMEIIEXPENDITUREI 11,352,16S} 1,692,342 340.177 15,308,330) Tronsfers been funds 1,352.165 11,352.1651 NET MOVEMENT IN FUNDS 340,177 340.177 15.308.330) RECONCILIATION OF FUNDS Tolal funds brought forward 39.773.274 39,773,274 45,081.604 TOTAL FUNDS CARRIED FORWARD 40.113 451 40113451 39,773,274 Page 22
HONOR FROST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS . CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2024 12. FIXED ASSET INVESTMEPITS Ll•t•d Inv•strn•nts At 1 October 2023 Additions Disposals Net realised gains on disposals N8t unrealisod gains on revaluation 43,035,222 4.689,455 {5,777A72} 534,043 3936413 At 30 Sèptambar 2024 46 Invtsslmtsnts 81 m8rk•l value cornprise- UK EquilKg$ Ov¢rs•a$ E¢uits¢$ Fixed interest Alt$rn8live8 Comm¢diti•8 prOty Mults. a5$ets Sterfing LIqulIty Funds Money Mar 6.871,507 9.951.542 3.179,621 1.248.540 1.060,091 534,374 22.320,710 819,000 150,000 Cash balances held by irwe8lmont managers 282 275 46,417.660 Inv•stm8nts ot higtorical cost 30 822 855 The following investment has a markét value in 0xc$S of 5% of th• totsl mark•t value of inv•slmgnts.' Markot V•lu• 4t30 S•pt•mb•r 2024 Proportlon of total S & W Gryphon Ea81 Riv6r Fund 21,888.146 47.15•/o Thg foundat6on has Wmrnlttèd lo invest cbrca £200,0001$267,0001 annually in thè C8zenove Capital portfolio. The un¢$lled comrnitsnenl 1$ $214,428. Th& uncalled commitm8nt 18 mainly covered by the Vanguard FTSE All.Worh Irackgr plus USD co$h. 13. DEBTORS 2024 2023 Pr•paym•nts And accrued Income 20.909 Page 23
HONOR FROST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS . CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2024 14. cREDORS. AMOUNTS FALLING DUE VIITHIN ONE YEAR 2024 2023 Grant commitments Accruals and deferred income 1A04,237 71,460 1,609.562 49.795 75.697 1L 1,659.357 15. CREOITORS.. AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Grant commitments 989,769 1,586.972 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Unr•stri¢t¢d Unrestri¢t•d Total funds Income fund Capital fund 2023 Tot81 funds InvesÈrnents Current assets Current liabilities Long ierm liabilits85 46,417,660 46,417,660 43,035,222 3S2,241 352,241 324,S58 11,475,6971 11.475,697} 11,659,357) 989,7691 989 7691 1,586,972) 44,304,435 44,304,435 40,113,451 17. MOVEMENT IN FUNDS Net movèment In funds Transf•rs between funds At 1110123 At 3019124 Unr•strf¢ted funds Income Fund Capital Fund 1133,2681 4.324,253 133,268 {133,2681 40.113,451 44.304.436 TOTAL FUNDS 51 4190985 Net movement in lunds. induded in thè above are as follows.. In¢ornlng r950urc8S R•sourc•s •xp•nd•d Gains and Movgm8nt in lo$ses funds Unrestricted funds In¢ome Fund Capital Fund 1,013.459 1,146,727 146.203 1133,268} 4,324,253 4.470,456 TOTAL FUNDS 1,292.930 4,470,456 4.190,98S Page 24
HONOR FROST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2024 17.1 MOVEMENT IN FUNDS- PRIOR YEAR Net movement In funds Transfers between funds At 1110122 At 3019123 UnStrIcted lunds Income Fund Capital Fund 11,352.1651 1,692,342 1,352,165 11.3S2,1651 39,773274 40,113.451 TOTAL FUNDS 39,773274 40,113,451 Net movement in funds. included in Ihe above aro as follows.. Incomin9 resources Galns and Mov•mont in losses lunds expended Unrestricted funds Income Fund Capital Fund 956.924 2,309,089 211.280 11.352.165> 1,692.342 1,903,622 TOTAL FUNDS 956.924 2 520.369 1,903,622 18. RELATED PARTY DISCLOSURES There were no related party transactions for th8 yèar ènded 30 Sep18mber 2024 {nor in the year ènded 30 September 20231. 19. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Nèt ineomè tor the reporting period las per th• stat•nMnt of financial
ctivitiosl
Adjustments for- L05sI IGainl on inv88tmenls Interest receivad Dividends receiv Expenditure attributablè to endowmènt Ilncr•astrll D8cr*as8 in debtors (Decreasey Increase in cre(litors 3.929.206 340.177 14.470.456) 11.903,6221 1102.2731 1140.8361 1910.9321 1814.8081 1144,6101 1198.3481 19,2171 18.4511 780,863} 375.037 Nèt eash provided by (used in) op•ratlng actlvltles 11.965.58fj} {2.350.8511 Page 25
HONOR FROST FOUNDATION DETAILED STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 INCOME AND ENOOWMENTS Inv•$tm•nt Incom• Dividands r1Vad Int•r¥gt r8c8Iv8d 910,932 102.273 814,808 140.836 (Xh•r Incom• 254 1,280 Totsl 1,013A59 956,924 EXPENDITURE Inv•$tm•nt manag•m•nt costs Portlolio rnan8g•m8nt 146,203 211,280 Charitabt• actlvlths S818ri&s Soci81 swirlty Pènsions Other charitable c051s Payroll and pons¢on fees L•gal f•es Grants 86.799 1.389 8.254 330,284 1.087 3.420 61.863 3,686 7,226 810.409 1,298 210 1.505,187 1.037,891 2,189.879 Support cosls Mon•g•m•nt Trusi8w' expenses W4ges 63 28,933 28.917 31.252 Oth•r Sundrl•s Gov•rnanc• co•ts Audltors. remuneration Audllors. r8mun8ration for In-aUdIt w 64.869 70,958 9.500 9.lJOO 8.000 17.000 Total mour¢•s •xp•nd•d 1,292,930 2,520.369 N•1 •xpandilur• b•for• galn• and lo•¥ {279,4711 11,$63,4451 R•¢o9n18•d galns and los••s R•alised and unroalisod gains I1108$&s1 on fixed asset investments U70.456 1.903.622 N•1 In¢om•ll•xp•ndlturnl 4 190 985 340,177 Thls pag• do8s not form part of the stslulory financial statements Page 26