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 Bar￿r
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
AuD￿ORs
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 LIT￿ted
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 A￿h1Ve. 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 Med1te￿anean 11, held in Malta in Novemb8r
2022.
Work is continuing on the publication of the final three volumes of T￿p1S 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 aC￿sS 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 Unde￿ater cultural heritage of the area. In the last year, a
geomorphological coring campaign and a drone survey were suc￿sSfUllY 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 con￿mIng 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, I￿0 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 Se￿nd 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 T￿SteeS 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 respon5ib*e 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 Activil￿es, the Balanee Sheet. the Cash Flow Stslemeni and notes to Ihe financial
staiemenis, including a surnmary of signtficant accounting polic￿S. The finan¢i81 reporting Iramewoth that has been appl￿d 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
Prac￿tel.
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 require￿￿nts ol lh8 Compan￿0$ 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
responsibilit￿S in accordance these ￿qU1￿MentS 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 ¢oTh￿m
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 s￿nificant doubl on Ihe chantsble COMpan￿S ability lo continue 88 a going ¢on¢em for a
p8r*od of at least twelve months from when the finanual statements ale aulhtsnsed for issue.
Our responsibililie$ and thg responSib￿llieS of the trustees wilh respect lo concem a￿ descriL*d 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 Informa￿0￿ and, extept lo the ext*nl Olhetwise expliciuy sla18d in our reporL
we do not exp￿$$ any form of assurance conclusion thereon. Our responsibility is lo ￿8￿ the other informalK)n and, in doing 50,
consider wh81hgr lh8 other inforrnation is materially inconsistent ￿th the financial slalemenls or our know10dg8 oblained in
the C￿r5e ol Ihe audit or tstherw58 appears lo be rnatarially misstated. If we ￿entIfy su¢h material in¢on$i$lenaes or apparent
rnaterial mis5taternenls, we are required to d8lemin8 whelhei Ihis gives rise lo a material mi$$tsternenl in the f￿nancIal
slat6m¥nls th8ms6lves. 11. based on Ihe work ￿ hav8 perforrn8d, we condude thal there is a malerial mi$slal8ment of thi5 Other
information, we are ￿qUired 10 rep)rt Ihat f8cI.
We have nothing to report in this r￿ard.
Oplnlon$ 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 appI￿abl$ ￿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 d1￿CtorS. report included within the Irustee5' report.
We have nothing to Teport in respect of the frA￿WIng matters in relabon lo which the Compan￿5 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 br￿Cha$
not Vi5118d by us". or
the financial slalem8nts are not in 8gre8rnent wlh the accounting records and returns,. or
certain discbsu￿s 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 Compan￿5. 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
p￿ParatiOn of financial 5tatern8nts that are free from material misstatement, whether due to fraud or error.
In prepanng the financial staletr*n15, 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
Mlsstate￿￿nt 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 Inf￿ence eC￿0M1¢ ¢Jecislons of users taken on Ihe ba￿S of th8$8 finanLy81
slatements.
Irregulariligs. induding fraud, are insiances of non-compliance Mth laws and regulations. We d&s￿n procethres in line with our
re5ponsibiliue5. OU￿1ned above, to detect mat8rial mi5slateTnents in respect ol irwularities, including fraud. The specifi
prO￿dU￿$ for this engagement and the extent to which Ihe$e afe capable of detecting irregularities, including fraud is delaile<l
Enquiryof management and those charged with govemance around a¢tu81 and potential lrtigab'on and d8im5 as well as aclual,
suspectfjd and alleged fraud.,
R￿l￿WIng minutes of meetings of those charged wth goveman¢e;
Assesslng the exl8nt of compliance with the laws and reguialM)n$ rA)nsld8red to have a dir8Ct ma￿rIal offo¢t on tTr￿ finawlal
stslemenls rw the operations of Ihe company through eng￿lry and insp8ctitsn'
Reviewlng financial stat6￿nt d￿clOsUre5 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$, *Kluding Ihose ￿adIng to a
matenal misstatemenlin Ihefinancial staiemènls or non-complianc8 with regulalion. This risk in¢r&ases the MO￿ Ihal compliance
with 8 law or regulation is rernoved from the events and transaction5 reflected in the f nancial s¢al&ments, as we will be less likely
io becom8 aware ol instsn¢&s of non-¢omliance. The risk 15 also 9realer regarding Iire9ularilies rtcurring due lo fraud rathor
than error, as fraud invtsfves intentional ¢oncealment, forgery, cc41u5￿n. OTnission or misrepresontstsn.
A fvrther descripti￿ of our tysponslbilili88 for the audit of lh8 financol statements Ss 10¢81od on the Financial Raporting Council s
website at.. www.Irc.org.uklaudltorsrÈsponsibilitl8s. Thi5 description forrDs part ol our audit￿,$ report.
Us• of our report
This rewrt Is made solely to Ihe th8ritabl8 compan￿9 rr*mbers, 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 rnemb*rs 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 st￿et
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¥ apPr￿d 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 Operat￿n$
19
1.965,5861
2,350,851)
Net cash (used In} operatlng a¢tSvltl•s
1.965 5861
2 350.8511
C•$h flt)ws from Snvestlng a￿1¥111••.
Purchasè of fixed assèt Invastm8nts
SAle offixed asset inwsbm8nts
Int8￿t r•¢&ivgd
DNidonds r￿l￿d
14.689,4551
5.668,352
102,273
910932
15.857,2581
6,901,295
140,836
814,808
N•t cash provld•d by lus•d Inl Inv•stlng
actlvltl•s
1992.102
1999,681
Cash Il+)ws from Ilnanelng aetlvltl•s:
Expenditure attributable to endowment
144.610
198,348
N•t ¢a$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 c*sh •quI￿1•nts •t th• •nd of th•
r•portlng
695.044
Calh *nd ￿#h •qulv*l•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 appI￿able 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 ￿n￿lStentIY appliéd to all years presented unbss othe￿iS6 stated.
L•gal sta￿9
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 Cor￿￿rn 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 in￿rne 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$e(18t thèir sètllement amounl due.
Judg•m•nts and key sources of estimation une•rtalnty
Accounting estimates and judgements 8r8 continually evaluated and are based on his1ori￿1 exp8rienct and othèr
laclors, induding expectattons ol future 8v•nts that are believed to be reasonable under the circLJmstances.
There are no key assumptions ctsncèming thè fulur• and olher key Sources of estimation uncartainty at th•
reporting date th8t h8v8 a significant risk ol causing a material adjustment to the carrying 8mounts of assets and
liabilities within the next financial yaar.
INVESTMENT INCOME
2024
2023
Dividends received
Int8Tesl received
910,932
102 273
814,808
140,836
1 013,20S
955,644
RAISING FUNDS
Investment rnanag8mènt costs
2024
2023
Portfolio management
146.203
211,280
CHARITABLE ACTIVITIES COSTS
Grant fvndin9
Support
Dlr•ct costs
of a¢tlvtll?$
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." Ra￿al¢￿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$r•l of
Antiqvities IDGAI
HFF Project (lèd ty Pro1￿or
L Blue)
Dr M HaiderlDGA
AUB Spatial Lab
AUB Mus•um Proi8Ct
Antalias 62, Lobanon
124,005
28.695
29.750
Tyr* Marf11m• Cultural Landscapa ProioCt- Phase11
32.714
kn¢hor Consgrvabon
2,231
Slclty
Dr P Sconzo
Motya Museum C8s0 & Ponols
2.750
Sp•cl•l Gr•nt
Naullcal Archaeology Society
IJNA {Int¢rn8lional Journal of Nautical Archa•ologyl
Canlie for Marine ATchaeoltrJy Rod Soa Exhlbltlon- 3D wrock$
& UW CulbJRI H•riiage
ICMAUCHI. University of
Alexandria
DrA Rey da Sifvalm Khedr
Oe&¥n H•rit89• G0￿mance- Policy Research
Arab Brits'sh Centre
Conf*rgnc8. 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 y￿rk
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 t￿Sle•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 be￿en 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$rn8live8
Comm¢diti•8
prO￿ty
Mults. a5$ets
Sterfing LIqu￿lIty 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.
cRED￿ORS. 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
Un￿StrIcted 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•$tm•nt Incom•
Dividands r￿1Vad
Int•r¥gt r8c8Iv8d
910,932
102.273
814,808
140.836
(Xh•r Incom•
254
1,280
Totsl
1,013A59
956,924
EXPENDITURE
Inv•$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 I￿n-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