REGISTERED COMPANY NUMBER: 080791 IEngland and Wales) REGISTEREO CHARITY NUMBER: 1147921 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 FOR HONOR FROST FOUNDATION
HONOR FROST FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Page Reference and Administrative DetaiLs Report of the Trustees 2to8 Report of the Independent Auditors 9t010 Slement of Financial Activities Balance Sheel 12 Cash Flow Statement 13 Notes to the Financial Statements 14to23 Detailed Statement of Financial Activities 24
HONOR FROST FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 SEPTEMBER 2025 TRUSTEES A J B Calhi8 RJClarf J E Curtis C Doum&t-S8rhal V A Porter P M Wolrich P agn8{appointed 19 May 20251 S D Barber (appointed 19 May 20251 REGISTERED OFFICE 10 Carlton House Terrace Londo SW1Y SAH REGISTERED COMPANY NUMBER 08079190 (England and Wales) REGISTERED CHARITY NUMBER 1147921 AuDOR5 Azels Audit ServicÈs 2. Floor, R89is Hou88, 45 King William Street, London EC4R 9AN SOLICITORS BDB Pilman8 LLP One Bartholomaw Close London EC1A 7BL INVESTMENT MANAGERS TrinilyBridge Wigmore Yarrj. 42 Wigmor8 Street London W1U2RY Cazenove Capital Schroder & Co Limited 1 London W811 Place London EC2Y SAU Page 1
HONOR FROST FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025 Honor Frost Foundation IHFFI is a charitable company. The Trustees (who are also the directors for the purposes ol company lawl present their port with the financial slaternents ol the Foundation for the year to 30 September 2025. The Trustees have adopted the provisions of the Statement of Recommended Practice ISORPI 'Accounting and Reporting by Charities. IFRS 1021 in preparing the annual report and finanaal statements of the charity. The financial statements have been prepared in accordance with the accounts'ng policies set out in the notes to the financial statements and comply with the Foundation's mernorandum and articles of assoriation and applicable law. 08JECTIVES AND ACTIVITIES The Objects of the Foundation, as set out in the Articles of Association, are the advancerllent of research and its publication in the area of marine archaeology with particular but not exclusive reference to the rnarine 8rch8eology of the Lebanese, Western Syrian and Cypriot ¢08St and arch8eologi¢8lly associated maritime wrecks ft)und elsewhere in Mediterran88n waters, by any m88n5 which shall b8 r8cogni58d as charitab18 and in particular without pr8judic8 to th8 generality of the foregoing.. To provide grants or oth8r financial assistance to individuals working in res88rch 8stablishments to furth8rth8ir study of archaeology To publish and diss8minate any rnarine 3ha8010gY papers or volurn8s owned by the ch8rity or produoed as 8 result of research funded by the charity To make grants to museums and galleiies and other national or local institutions Iparticularfy but not necessarily exclusively the British Museuml and to a5S15t thetll in displaying to the public works relevant to the study of marine archa8ology and in the holding of relev8nt18Ctures and $8minars To support by what8ver tll8an5 ar8 8ppropriate 8xcavations of arch8801ogical sites, ports, h8rbours, offshore anchorages and ancient anchors found undersea or excavated as ex votos in temples and shrine5 which are relevant to Levantirie or Cypriot archaeology and the history ol fishing To support by whatever means are appropriat8 conservation work relevant to th8 marine archaeology of L8b8non, Westem Syria and Cyprus To provide grants towards exchange visits of museum staff from Lebanon, Syria and Cyprus To provide grants towards th8 training of individuals of Lebanese, Syrian and Cypriot origin in the skills nec8SS8ry to earry out tnaiine archaeology and conservation work ielevant to maiine archaeology in their country of origin. The Trustees have also COgniSed the crucial importance ol safeguarding and promoting the protection of underwater ultural heritsge IUCHI as part of its overall work. The Trust8es confirm that th8y have r8f8rr8d to the guidanc8 contained in the Charity Cotmrnission's gen8ral guidance on public ben@fit wh8n r8vi8wing th8 Foundation's airns and objectives and in p18nning futur8 actwiti85. ACHIEVEMENT AND PERFORMANCE Thè Honor Frost Arehivè The Hontsr FrostArchive, housèd in the Hartley Library atthe University of Southampton, continues to provide an excellent resource foi students and researchers. The second Honor Frost Archive Fellowship was awarded to a p()st-doctoral researcher this year, and the Foundation also supported efforts to ensure the conservation of artefacts foming part of the Archive. The library's Special Maritime Archae(Aogical Collections division has successfully acquired further maritime- archaeological archives including those of Sean McGrail, Lucien Basch, Anthony Parker and Nicholas Flemming, and the Foundation is actively engaged in exploring further the role of such archives. The HFF Publlcatlon Serles Three volurnes of this series have been published this year and a further volume, containing a selection of Honor Frost's articles entitled Honor Frost.. Selecled Works, is in p$s. Other works are in progress lor publication in 2026 including the papers from the second Honor Frost Foundation conference Under the Meditene8 11. and work conlinues on the publication of the final three volumes of the Tropis symposia an archiving project of unpublished conferences conceming nautical archaeology ol the med1teanean to which Honor Frost regularly contributed. Page 2
HONOR FROST FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025 ACHIEVEMENT AND PERFORMANCE- contlnued Podcast The Foundation continues lo produce ils monthly news podcast, entitled DIVE & DIG, presented by Prof. Lucy Blue, and aimed al promoting maritime archaeology. Ten podcasts were released ihis year. Cyprus The Cyprus Regional Development Project ICRDPI was initiated by the Foundation in 2022 to work in partnership with regional and international experts to promote interdisciplinary research, training and field-based activities. Five workshops and training prograrnrnes were delivered this year. and research was conducted into regional landscape change and threat. Active participation 8nd successful outcomes indicate that the CRDP project rntinUeS to be of significant b8n8fit for HFF'S regional partners. grant recipients and scholars. and the FouNd8tion will continue to develop The Foundation continued to support 8 Cypriot post-doctoral res88rch8r who is conducting a geo8rcha8ological investigation of the ancient harbour of Palaeopaphos. Thalassa Maritime Museurn, Ayia Napa. c8lebrat8d its 20th anniversary this year and the Foundation was e8$ed to support a seri85 of 8vents and educational activities marking th8 event. The first regional HFF annual lecture, on the anuent military harbour of K(tion-Bamboula, was deliVed in May 2025 by Dr. Sabin8 Fourii8r, Director of th8 Fr8nch archaeological MISS. Th8 Kition-Bamboula 5hipsheds, dated to the fourth century BCE, now stand among the best-preserved building5 of this kind, and arnong the few whose complete plan is known. Lebanon The geopolitical situation in the region clearty affected the work ol the Foundation in Lebanon. However, HFF continued to support the Directorate General of Antiquities IDGAI, with the aim ol documenting, protecting and promoting the marine archaeological resource in Lebanon, with field work concentrated in the north". prineipally in the Al Mina Tripoli region, with smaller scale projects at targeted sites along the coast. The Foundation renewed ils support ol the Minor programme in Marine Science and Culture at the American University of 8eirut IAUBI for a further three years. The programme, which cotntllenced in September 2019, continues to be successful and up to ft)ur HFF external scholarships a awarded each year. Support continued for the Cloud Innovation Lab, Faculty of Arts and Sciences, AUB, and for the Digital Museum project at the same instituts"on. A fomer HFF AUB scholar was supported to undertake intensive training in the UK, in the field of marine geophysical data interpretation, and another fomer AUB scholar, now a PhD student at La Sapienza University, Rome, undertook a two-month internship at the Blue House as part ol his research. The Foundation continued to support the third phase of work on the posl-excavation analysis of finds from the Neolithic site of Tabarja. as well as the desk-based research of the ongoing Lebanese-llalian Tyre project. In addition. and despite inevitable delays. rts support for the archeologicalty important Sidon excavation project continued. When the situation allows, the Foundation hopes to resume its support for activities in the south ol the country, notably the long-term Tyre Marrtime Cultural Landscape Project. In addition, plans remain to develop a third digitisation project, in collaboration with the DGA. to bring together all extant resear¢h on the World Heritsge port of Tyre. Page 3
HONOR FROST FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025 ACHIEVEMENT AND PERFORMANCE- contlnued Egypt The final year ol support for the activities of the Centre for Maritime Archaeology and Underwater Cultural Heritage ICMAUCHI, University ol Alexandria, commenced in January 2025. This included support for a maritime archaeology field school and a dive training prograrnme. As a result of the previously awarded grant to the Department of Underwater Antiquities, Supreme Council of Antiquities, rescue work at the site of Abu Qir Bay was able to continue. Support also conb'nued for ongoing research at the Red Sea port sites of Wadi el Jarf and Berenike, and a second season of coastal survey wa5 successfully conducted along the NW Coast of Egypt. A grant was jointly 8w8rded to the University of Edinburgh and a wlleague from the CMAUCH to conduct research into the protection and legisl8tion of UCH in the Exclusive Economic Zone IEEZI. Linked to this. a series of workshops were conduct8d, with th8 participation of offshor8 comp8ni85 (including oil and gasl and other key 5t8k8holders. Th8 series was successful in bringing greater awareness to the threats UCH faces in the EEZ. Sicily The Foundation provided a sigrTrific8nt grant to the P8rco Archeologico di Lilibeo lo enab improvements lo the museum's hall which houses the fatmous Punic ship of Marsala, excavated by Honor Frost. Th8 works will enhance the environrnental condition5 in which the ship Is displayed and aid in it5 preservation. Aongsid& this, the Foundation continued to support P05t-doctoral res8arch at th8 Univ8rsity of Swans88 which aims to study ships on display, particularly the Punic ship. stste of Palestine The Foundation eontinued to support the training of Gazan archaeologists who had previously worked on the HFF- supported maritime archaeological survey and mapping of the endangered marine cultLJral heritage of coastal Gaza. An underwater archaeological field school was conducted in Egypt and included dive and maritime archaetslogical training. Nautical Archaeology Society INAS) Intematlonal Journal of Nautlcal Archaeology IIJNAI The Foundation's thiee-year annual giant to help develop the NAS International Joum81 of Nautical Archaeology IIJNAI and activities conceming its publication, disseminats.on and related research, was further extended through to the end ol 2025. Unlv•rslty of Southampton Dr. Crystal El-safadi, the Honor Frost Associate Professor of Maritime Archaeology at the University of Southampton, successfully completed her third year in this academic post, with leaching and research focused on the easlem Mediterranean. British Academyl Honor Frost Foundation Awards The British AcademylHonor Frost Foundation annual research awards in maritime archaeology supported one small grant again this year. Studentships and Bursaries Several studentships and bursaries were awarded in 2024-2025, to enable attendance at conferences, workshops and bespoke training programmes. These included a bursary award to a doctoral student enabling them to develop further skills in marine conservation, a fieldwork bursary and bursary awards to enable the completion of dive training in Egypt. In addition. seven bursaries were awarded to early career researchers frorn the region to attend the Maritime Arohaeological Graduate Symposium. four to 8ttelld the ISBSA conferen¢e in Naples, and a furtherfour to attend a range of m8rilime-therned rneetings and workshops. Page 4
HONOR FROST FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025 ACHIEVEMENT AND PERFORMANCE- contlnued The Foundation continued its support for the Diploma in Maritime Archaeology at the CMAUCH, University ol Alexandria, with a further lour students commencing their studies in October 2024. Support continued for tr40 students entering the second year of the master's degree at the same institution. An Egyptian student entered the third year of their PhD studies at Southampton, whilst a student from Lebanon entered their second year of PhD studies at the same institution. Both students are supported by the Foundation. A student from Cyprus commenced a PhD at the University of Oxford. and a student from Lebanon commenced his doctor81 studies at the University of La Sapienza, Italy. An HFF-supported doctoral candidate from the region successfully completed ajoint PhD atthe University of Aix-Mars8ille and University of Gyprus. A Lebanese sludenl wntinued a two-year MAIMS¢ in Conservation at Durham University, whilst another cornmen¢ed the one-year M8st8rs progr8mme at Southampton. Both 5tudent5 ar8 former HFF AUB scholars. As well as the continuing post-doctoral research being undertaken at Swansea University, the Foundation continues to support post-doctoral research on the topic Neolithic se8faring'. early rnaritime connections between the Levant and Cyprus, under the joint supervision of the University of Southampton and loannina University. Two students successfully completed the part-time Diploma in GIS at the University of Cyprus. One of these two students 11 continue in 2025-6 to complete MSC programme on a full-tirne basis. Maritim• Archa•ologi¢al Graduation Symposium IMAGSI The 6th MAGS was successfully held in loannina University, Greece in April 2025, hosted by the HFF Neolithic post- doctoral scholar. Sixty people attended in person and a further 180 online. Undetwater Cultural Herltage IUCHI Steerlng Commlttee ISCI The Foundation continues to support the Steering Committee on UCH Ihttp'.Ilhonorfrostfoundation.orgluchll, chaired by Professor Sir Barry Cunliffe. The Foundation agreed to support the 6th Policy Forum planned to take place in Cyprus in May 2026 that will address the subject of Managing Underwater Heritage in the Eastern Mediterranean. Area-based approaches and climale adaption. Ocoan D•cadè Hgritago N•iwork IODHNI The Foundation continues to be a pivotal support for the ODHN to further raise awareness of cultural heritage within the marine Scien$. Page 5
HONOR FROST FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025 FINANCIAL REVIEW The Foundation does not engage in any fundraising activities. On the income aOunt the Foundation received income of £1.049.578 and spent £1,563,159 on its charitable activities.. the consequent shortfall of £513.581 has been funded from capital. On the capital account the net realised and unrealised investrnent gains before management fees of £151,264 amounted to £4,443.242. In total therefore the Foundation's net assets increased by £3.778,397 to £48,082.833. Investment policy The Foundation has two investrnent m8nagers'. TrinityBridge Iforrnerfy Close Asset M8n8gernentl and Cazenove Capital. In addition it receives inform81 support Ibut not finan¢i818dvicel on investment rn8tters frorn Millbank Financi81 Services Limit&d. Thr88 truste85 constitute th8 Inv8Stn18nt Committe8 and th8y me8t the inv85trT18nt manag8rs at least Onc8 a year to review the perfomiance, investrnent policy and the arrangernent Ljnder which the management of the investrnents is d8legated to th8 m8nag8rs. The Committe8 r8POrts th8 r8sults of these revi8WS to the Truste85 with any recomTn8ndations. The Foundation is a long-term investor and seeks to rnaintain the real value of its capit81 over the lorvJ term while generating a reasonable income. During the year the funds held by the investment managers returned 11.3Qlo after adjusting for wilhdrawals. Given that the figures prepared by Asset Risk Consultant5 showed total retum5 for the year of 7.OV¢ on the Balanced Asset and 7.8¢/o on the Steady Growth portft>lios, the Trustees 93rd the result as satisfactory. Reserves pollcy As stated, the Foundatic>n seeks to maintain the real value of its capital. Its opening capital in October 2011 was £30.45m. That sum inflated by the CPI to end September 2025 equals £44.8m, compared with the actual value of £48.1 m. The Trustees have decided that from 1 October 2025 they will raise annual spending to around 3.5 /0 of the opening value of the fund, comprising both income and capital, noting that more could be allowed in the case of exceptional one-off expenditure. The Trustees consider this policy should more or less preserve the real value of the fund. given that long term portfolio returns have historically averaged over 3°/0 after inflation. As the capital is expendable the Trustees do not consider it neSSary to maintain a separate income reserve and indeed are likely to continue spending more than the Foundation's income. FUTURE PLANS The Foundation will continue to explore the acquisition and assessment of maritime-archaeological archives to be lodged in the Special Collections at Hartley Library, University ol Southamplon. The Foundation plans to publish more titles. induding a number of HFF scholars, doctoral theses, in its publication series. The Foundation will continue its 'res¢ue missions. for the Directorate General of Antiquities in Lebanon when conditions allow. In addition, the Foundation will continue the development of the Tyre Maritime Cultural Landscape Project as the geopolitical situation perrnits. The Cyprus Regional Developrnent Project will complete its seco>nd Phase and plans to enter a third phase. The NW Egypt coastal survey plans to conduct ils third and final season. The Foundation will maintain its significanl commitment to Education. It will continue its support for its Minor course at the American University in Beirut for a further three years. including its sponsorship of 34 students a year. It will also continue to support MAIPhD scholarships in universities in the region and selected universities in UKI Europe. It plans to establish 8 PhD programme in Coastal Archaeology at the University of Cyprus and hopes to support a post-doctoral researcher in Marine Geoarchaeology in the s8rn8 institution. The Foundation will continue to support the work irf UNESCO'S Ocean Decade initiative. Page 6
HONOR FROST FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT The Honor Frost Foundab"on is governed by its Memorandum and Articles ol As50Cl8tion adopted and approved at the Annual Gen8ral M88ting on 22 May 2012. Honor Frost died on 12 September 2010. The Honor Frost Charitable Trust was created by her wll 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 Septernber 2012. The Foundation is managed by eight Trustees, six of whom were appointed under Honor Frost's will and two who were appointed in May this year. The trustees are also directors of the Foundation for the purposes of company law, and all served in the year to 30 September 2025, with the offices to which they were elected by the Trustees, namely. ison Julia Bewley Cathie, Chair Roger Jackson Clark, Hon. Tr8asur8r Paola Alagna Stephen Douglas Barber Dr John Edward Curtis, OBE, FBA Dr Claude Doumet-serhal MBE Dr Venetia Ann Porter Peter Marshall Wolrich The Trustees meet at least four times a year and are responsible for the overall policies of the Foundation. Reference and Administrative details The day-to-day management of the Foundation is delegated to Gail Caddy, Financial and Operations Director, Prof. Lucy Blue, Maritime-Archaeological Director, Dr Ceri Ashley, Neelam Seeboruth, Dr. Danielle Newman and Lauren Tidbury. Advice is obtained from Dr J D Hill (BrSh Museum) and. as necessary, from Dr David Blackman. University of Oxford and Dr Colin Br8en, Univgrsty of Ulster. Page 7
HONOR FROST FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees Iwho are also directors ol Honor Frost Foundation lor the purposes of company lawl are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United 'ngdoM Accounting Standards (United Kingdom Generally A¢pted Accounting Praclicel. Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the stale of affairs of the charitable cornpany and ol the incoming resources and application of resources, including the income and expenditure. of the charitable company for that period. In preparing these financial statements. the trustees are required to.. select suitsble accounting policies and then apply thern consislentty,. observe the methods and principles in the Charities SORP.. make judgements and estirnates that are re8sonable and prudent.. state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements.. prepare the financial statements on the going concern basis unless it is inappropriate to presume th* the charitable company will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at 8ny time the financial position of thg charitable Company and enable th8m to ensure that the financial st8t8rn8nts corn with the Companies Act 2006. They are 81so responsible for $8fegu8rding the assets of the charitable company and hen for tsking reasonable steps for the prevention and detection of fr3ud and other irregularities. In so far as th8 truste85 ar8 awar8'. there is no relevant audit information of which the tharitable cornpany's auditor is unaware,. and the trustees have taken all steps that they ought to have taken to make themselves aware of any rèlevant audit InfOatIOn and tts establish that the auditor is aware of that information. AUDITORS The auditors, Azets Audit Services, will be proposed for re-appointment at the forthcoming Annual General Meeting. Report of the trustees, incorporating 8 strategic report, approved by order of the board of trustees, as the company dir8Ctors, on 15th Jun8 2026 and signed on th8 board's b8h8lf by.. A J B Cathie- Trustee Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HONOR FROST FOUNDATION Oplnlon We have audited the finanual statements ol Honor Frost Foundation Ithe'charrtable wmpany'l forthe year ended 30 September 2025 which comprise the Statement ol Financial Activities. the Balance Sheet. the Cash Flow Stalernenl and notes to the financial statements. including a summary of significant acwunling policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting St8ndard8, including Fin8ncial Reporting Standard 102 Th6 Financial Roporting Sl8ndard applicable in Ihe UK anrl Republic of Irel8nrl (United Kingdom Generally Accepted Accounting PractiC81. In our opinion the financial 8taternents'. give a true and fairviewof the state ofthe charitable company's affairs as at 30 September 2025, and of its incorning resources and application of resources, including its income and expenditure, for the y88r then end8d., have been property prepared in 8ccordance with Unit8d Kingdom Generally Accepted Accounting PractlC8', 8nd have b88n pr8par8d in accordance wilh th8 requir8m8nts of the Companies Act 2006. Basis for opinion W8 conduct8d our audit in 8ccordance with Inl8m8tional Standards on Auditing IUKI IISAS IUKII 8nd applicable 18w. Our responsibilities underth05e 5tsndards a furtherdescribed in the AuditOf'5 respon5ibilitES forthe audrt of the financial stalernenis section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial stalernents in the UK, Including the FRC'S Ethical Standard, and we have fulfilled our other eth ical responsibilities In accordznTr with these requirements. We believe that the audrt eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustee5' use of the going concem basis of accounting in the prtparalion of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that. indivldually or collectively. rnay cast significant doubl on the charitsble cotnpanys ability to contlnue as a golng Trrn for a perlod of at least twelve months from when the finan¢lal statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with Spect to gn9 concem are described in the relevant sections of this pOrt. Other Infomiatlon The other information Comprises the infomiation in¢ludecl in the trustees annual rt, other tt)an the finan¢ial statements and our audilorfs pOrt thereon. The trustees are sponsible for the other infomation Contained within the annual report. Our opinion on Ihe financial statements does not cover the other information and. ex¢epl lo the extent otherwise expli¢ily staled in our report. we do not express any form of assurante conclusion thereon. Our responsibility is lo read the other information and, in doing so, ¢onsider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or othemise appears to b8 materially misst8ted. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to 8 material misstatement in the fin8ncial ststem8nls themselves. If, based on the work we h8ve performed, we (x)ndud8 that th8re is a material misststement of this other information, we are required to report that fact. We have nothing lo report in this regard. Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the inforrnation given in the trustees, report lincoTporating the directors, report) foi the financial year for which the financial statements are prepared is consistent with the financial statements,. and the directors, report has been prepared in a(xordance with applicab legal requirements. Matters on which we are required to report by exception In the light ofour knowledg8 8nd und8r51anding ofth8 charitable comp8ny and its environment obt8ined in the cours8 of the audit, we have not entified material misstatements in the directors, report included wrthin the trustees, report. We hav8 nothing to r8POrt in r8SP8Ct of th8 following matters in relation to which the Companies Act 2006 requires us to r8POrt to you if, in our opinion.. contlnU8d . Page 9
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HONOR FROST FOUNDATION adequate accounting records have not been kept, or retums adequate for our audit have not been reiVed from branches not visited by us,. or the fin8nci81 ststernents are not in agreement wth the accounting records and retums., or certain disclosures of directors, remuneiation spefIed by law are not made", or we have not received all the information and explanations we requir8 for our audit., or the tru5tee8 were not entitled to prepare the fin8ncial statements in accordance with the small compsnies, regime and tske advantage of the 5rnall companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic POrt. Responsibilities of trustees As explained MO fully In the trustees. spOnSibl11t1es statement set out on page 8. the trustees (who are also the directors of the chaiilable COMnY forthe purpD5es of company lawl are responsible for the preparation of the financial statements and for being satislEd that they give a true and fair view. and for such internal control as the trustees detem)ine Is ne¢essary to enable the preparation of financial statemènts that a free from material misststemenl, whelher due to fraud or ettor. In prepanng the financial statements, the trustees aff responsib for assessing the charitable company's ability to continue as a going ¢oncem. disclosing. as applicable. matters lated to going ¢on¢em and using the going cOnM basis of a¢counling unless the trustees either intend to liquidate the charit8ble company or to cease operations, or have no re81istic altemative but to do so. Audltor's responslbllltles for the audlt of the financlal statement8 Our obj8CtiV88 are lo obt8in reasonable 8ssuranc8 about whether the financial stat8menls as 8 whol8 are fve8 from mal8ri81 mi8Statement. whether due lo fraud or error. and to issue 8n auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is nota guarantee that an auditcondueled in accordance with ISAS IUKI will always delect 8 material mi8St81emenl when it exists. Misstatements can 8rise from fraud or error and are considered material if. individually or in the aggr8gat8, they could r88son8bly be 8xpected to influence the economic decisions of users taken on the basis of th8S8 fin8ncial st8temenls. Irr8gu18riti8s, induding fraud, are instanc8s of non-compliance wth 18ws and regulations. We design procedur8s in line with our responsibilities, outlined abov8, to d81ect material misststernenls in respect of irr8gu18rit18s, including fraud. The sp8cific procedur8s for this 8ng898rnent 8nd th8 8Xt8nt to which thes8 are capable of detgcting irregulsrili85, including fraud is d8lailed below.. Enquiry offflanagement and those charged with govemance around actual and potential litigation and claims aswell as adual, suspected and alleged fraud., Reviewing minutes of meetings of those charged with govemance., Assessing the extent of Complian with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the cotnpany through enquiry and inspection,. Reviewing financial statem8nt disclosures and testing to supporting docum8ntstion to ass8ss compliance with applicable laws and regulations., Performing audit work overthe risk of managernent bias and override of controls, including testing of journal entries and other adjustments for appropriat8n8SS, 8valu8ting the busin8ss rationale of significant transaction5 Outsid8 the normal cours8 of business and reviewng accounting estifflates for indicators of potential bias. Because of the inherent lirnitstions of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial Statements or non-compliance with regulation. This risk increases the tnore that compliance with a law or regulation is retnoved from the events and taTrctionS reflected in the financial statements. as we will be less likely to bewme aware of Instances of non-compliance. The risk is also 9ater 93rdIng IgUlaritIeS occurring due to fraud ratherthan error, as fraud involves intentional concealtnent, forgery, collusvjn, otnission or rnisrepresentation. A further description of our responsibilities for the audrt of the financial statements is located on the Financial Rewrting Council's website at WVdw.fr¢.org.uklauditors$pQnsIbilrtIe$. This destription forms part of our auditorfs report. Use of our report This report is made solely to the charitable ¢ompany's members. as a b{Y. in acwrd8n with Chapter 3 of Part 16 of the Companies Act 2006. Our audit wotl¢ has been undertaken $0 th8t we might slate to the th8rilable companrfs members those matters we are required to state to them in an audito¢s report and for no other purpose. To the fullest extent pemiilled by law. we do not a¢p1 or 8ssume sponSibl11tY to 8nyone other than the ¢harit8ble ¢ompany and the charitsble ¢ompanrfs members as a body. for our audit work. for this pOrt, or for the opinions we have formed. John H¢)ward (Senior Statory Auditor) For and on behalf of Azets Audit Services 2, Floor. Regis House. 45 King William Street London. EC4R gAN 15 June 2026 Page 10
HONOR FROST FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES Ilncluding Income and Expenditure Account) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Unrestrlcted Unrestrlcted 2025 Income Fund Capital Fund Total funds 2024 Total funds Notes INCOME AND ENDOWMENTS FROM Investment income Olher income 1,049,043 535 1,049.043 535 1,013,205 254 Total 1,049,578 1,049,S78 1,013,459 EXPENDITURE ON Raising funds Charitable activities Grants Other charitable activities 151.264 151.264 146,203 863,765 699,394 863,765 699,394 606.658 540 069 Total 1.563,159 151,264 1,714,423 1,292,930 Net gains on investments 4,443,242 4,443,242 4 470 457 NET INCOMEIIEXPENDITUREI 1513,5B11 4,291,978 3,778,397 4,190,985 Transfers between funds 513,581 {513,5811 NET MOVEMENT IN FUNDS 3,778.397 3,778.397 4,190,985 RECONCILIATION OF FUNDS Total funds brought forward 44.304.436 44.304.436 40.113,451 TOTAL FUNDS CARRIED FORWARD 48,082,833 48,082,833 44,304,436 CONTINUING OPERATIONS All incorne and expenditure has arisen from continuing activities. The notes fomi part of these financial staternents Pag811
HONOR FROST FOUNDATION BALANCE SHEET AT 30 SEPTEMBER 2025 2025 2024 Notes FIXED ASSETS Investments 12 49,981.335 46,417,660 CURRENT ASSETS Debtors Cash at bank 26,871 115170 30,125 322 116 142,041 352,241 CREDITORS Amounts falling due within one year 14 11,280,904) 11,475,6961 NET CURRENT LIABILITIES 1,138,863) 1,123,455) TOTAL ASSETS LESS CURRENT LIABILlnES 48.842.472 45,294,205 CREDITORS Amounts falling due after more than one year {759,6391 1989,7691 NET ASSETS 48,082.833 44,304,436 FUNDS Unrestricted ineome funds Unrestricted capital funds 17 48.082.833 44,304,436 TOTAL FUNDS 48 082.833 44,304,436 The financial statements were 8pprov&d by the Board of Trustees on 1 5th June 2026 and were signed on its behalf by.. A J B Cathie -Trustee ark-Trustee The notes fomi part of these financial staternents Pag8 12
HONOR FROST FOUNDATION CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2025 2025 2024 Notes Cash flows from operatlng actlvltles.. Cash generated from operations 19 2,286,821 1,965,586) Nèt cash lusod Inl oparatlng actlvltlas 2,286,8211 1,965,$861 Cash flows from inv85ting activitl8S= Purchase of fixed asset investments Sale of fixed asset investments Interest received Dividends reiVed 16,315.2481 7.352,705 108,185 940,858 14,689,455) 5,668,352 102,273 910,932 Net cash provided by Ius8d inl investing activitie8 2.086 500 1,992,102 Cash flows from financing activities.. Expenditure attribuiable to endowment 151 264 144.610 Net cash lused Inl financlng actlvlt5es 151,264 144.610 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 149.0571 190,6531 604 391 695,044 a$h and cash equivalent$ at the end of the reporting period 555 334 604,391 Cash and cash equivalents consists of= Cash at bank Cash bal8noes held by investrnent managers 115,170 322,116 282,275 12 Cash and cash equivalents at the end of the reporting period 555 334 604.391 The notes fomi part of these financial staternents Pag8 13
HONOR FROST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 ACCOUNTING POLICIES General Infom)atlon and basls of preparatlon Honor Frost Foundation is a company limited by guarantee in the United Kingdom. The address of the registered Offi is given in the charity information on page 1 of these financial statements. The nature of the charity's operabons and principal activities are set out on page 2. The financial staternents have been prepared in accordance wth Accounting and RertIng by Charities.. Statement of Recommended Prac applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK & Republic of Ireland IFRS 1021, the Charities Act 20118nd UK Generally Accepted Practice as it applies from 1 January 2015. Honor Frost Foundation meets the definition of a public benefit entity under FRS 102. The financial statements are pr8par8d on a going concern basis under th8 historical cost COnV8ntion, modified to inclLJd8 C8rtain iterns at fair value. Th8 financial stat8Tn8nts ar8 prepar8d in st8rling which is the functional currency of the charty. The18vel of round adopted in the financial Statements is to the nearest £1. The significant accounting policie5 applied in the preparation of these financial statement5 are set out below. Thes8 policies have been consistently applied to all years piesented unless otherwise stated. Legal status The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of wnding up is limited to £1. Prèparation of tha aeeount5 on a going eoncarn basis The Foundation has reasonable expectation that there are adequate resources to continue in operational existence for the foreseeable future. It has therefore continued to adopt the going concem basis in preparing its financial statements. Income All incoming resources, including investment income and bank interest, are induded in the Stalement ol Financial Activities ISOFAI when the Foundation is legally entitled to the incorne after any perfomiance conditions have been met, the amount can be measured reliably and il is probable that the income will be received. Investment income is eamed through holding assets for investment purposes such as shares. It includes dividends and interest. It is included when the amount can be measured reliably. Interest incorne is reccKJnised using the effective interest method and dividend income is recognised as tt)e charity's right to re1ve payment is established. Expenditure Liabililies are recognised as expenditure as soon as there is a legal or constructive obligation cornmitting the charity to that expenditure. it is probable that a transfer of economic benefits will be required in settlernent 8nd the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all wsl related to the category. Where costs cannr)t be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Expenditure on raising funds Comprises costs of the services of the investment managers who manage the investment portfolio held by the Foundation. Expenditure on charitable activities comprises those costs incurred by the charty in the delivery of its activities and services. It includes expenditure that can be dir9Gtly alloc8ted to such activities, and other costs which are of an indireGt naturg which are ngcessary to support thgm. Governance costs include those cost5 assoclated with meeting the constitutional and statutory requirements of th Foundation and includ8 audit f88s link8d to th8 str8t8gic m8nagem8nt of the Foundation. Grants and donations are charged to the SOFA once they are unconditionally approved for payment by th Trustees. Pag8 14
HONOR FROST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS . CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2025 ACCOUNTING POLICIES- contlnued Expendlture- contlnued Grants offered subject to conditions which have not been met at ihe year-end date are noted as a cornrnitment but not accrued as expenditure. The Foundation is not registered for VAT and expenditure is shown gross of irrecoverable VAT. Allocation and apportionment of costs Support costs are allocated on a tirne basis to Charitable Activits'es and Governance. Taxation Th8 charitable company is considered to pa5S th8 tests set out in Paragraph 1 Sch&dLJ18 6 Financ8 Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Acwrdingly, the Charity is potentialty exempt frorn taxation in respect of incom8 and capital gains r&ceived within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of th8 Taxation of Chargeable Gains Act 1992, to th8 extent that such incorne or gains are applied exclusively to charitable purpose5. Fund accounling Uniestricted funds are funds which can be used in accoidance with the chaiitable objects at the discretion of the truslees. Further explanation of the nature and purpose (>f each fund is included in the notes to the financial statements. Forelgn eurrencles Assets and liabilities In foreign currencies are translated Into sterling at the rates ol exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into steding at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. Penslon costs and other post.retlrement beneflts The charitable company operates a defined contribution pension scheme. Contributions payable lo the charitable company's pension scheme are charged to the Slalement of Financial Activities in the period to which they relate. Financial instruments The charity only has financial assets and financial liabilities ol a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequenuy measured at their settlement value. Flxed asset Investments Investments are a fonn of basic financial instruments and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheel date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revalualion and dIsSaI$ throughout the year. The Foundation does not acquire put options, derivatives or oth8r cornpl8x financial instruments. All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and 105ses on investments are calculated as the difference between Sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the finan¢i81 year. Uniealised gains and losses are calculated a5 the difference belween the fair value at the year end and their earrying value. Realised and unrealised investment gains and losses are eornbined in the Statement of Financial Activiti85. Debtors Prepayments and accrued income are recognised at the setuement amount receivable. Cash at bank and In hand Cash at bank and cash in hand includes cash and short tem highly liquid investments with a short maturity of three months or less. Pag8 15
HONOR FROST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS . CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2025 Credltors Creditors are recognised where the Foundation has a presenl obligation resulting from a past event that will probably result in the transfer of funds io a third party and the amount due to settle the obligation can be rneasured or estimated reliably. Accruals and other creditors are recognised at their setuement amount due. Judgements and key sources of estimation uncertainty Accounting ests'mates and judgements are continually evaluated and are based on historical experien and other factors. including expectstions of future events that are believed to be reasonable under the circuMstans. There are no key assurrptions concerning the future and other key sources of estimation uncertainly at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and li8bilities within the next financial year. INVESTMENT INCOME 2025 2024 Dividends received Interest reIved 940.858 108.185 910,932 102,273 1 049,043 1,013,205 RAISING FUNDS Inv•stmant managam•nt costs 2025 2024 Portfolic) management 151.264 146,203 CHARITABLE ACTIVITIES COSTS Grant fundlng Support Olrect costs of activities costs (See note 51 {See noto 61 {S•& note 71 Totals Grants Other charitable activities 863.765 863,765 699,394 581,191 118.203 581,191 863.765 118,203 1,563,159 Pag8 16
HONOR FROST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS . CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2025 DIRECT COSTS OF CHARITABLE ACTIVITIES 2025 2024 BAIHFF Steering Committee on UCH DGA response team Other charitable costs Staff costs (note 101 Payroll and pension fees Legal fees Maritime ArchaeolryJic81 Directors, Trav81 498,006 838 74,457 1,423 357.210 105 67.509 1,087 3,420 6,467 581,191 431,263 GRANTS PAYABLE Grants Awarded 2024- 2025 Grantee Project Title Award Cyprus THALASSA, Agia Napa Educational programs and activities to celebrate 20th anniversary 20.935 Municipal Museum Developing the Discipline Dr C Zazzaro The UmLuj Shipwreck 3,878 Educatlon, Scholarshlps & Tralnlng American University of 8eirut IAUBI G Apeitos M Khedr H H8iJAIi M Itani H Ghena R Zeinab A Karletti M KhedrlDr Z Morsy C Kabboul University ol Swansea Dr P Tzovaras E Elkhoury Centre for Marine Archaeology & UW Cultural Heritage ICMAUCHI, University ol Alexandria Minor Programme, Marine Sciences and Culture - 3 years 400,732 PhD, University of Oxford PhD, University of Edinburgh PhD. La Sapienza University MA. University of Southampton Msc IGISI, University ol Cyprus PhD, Lyons University IFinal Year) MA, Aix-marseille University Dive Training progiamm8 PhD, Muséum national d'Histoire naturelle Post Doctoral Researcher Post Doctoral Research, loannina University GIS PgDip, univeIty of Ulster Visiting lecture programme 150,420 128,900 68,900 45,200 17,019 16,000 9,900 6,890 6,844 6,800 4,050 2,848 1,200 Pag8 17
HONOR FROST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2025 GRANTS PAYABLE- contlnued Grantee Project Title Awar(I Egypt Prof L Blue (Project Director) NW Egypt Marmarica Coast Phase11 DrRAst Port of Berenike Prof E Khalil M8rsa Bagoush Project CMAUCH, University of Operational Support Alexandria Dr B Redon CMAUCH, University of Alexandria 65,660 50,000 35,951 11,440 Taposiris Magna.. the Byzantine and earfy Umayyad harbour Maritime Archaeology Field School 10,222 9,940 Lebanon Prof C Yazbeck Dr M DAndrealProf M Haider L Khoury Atieh Dr N Maaaranen Tabaria Wata Slarn 100- Phase111 Lebanese-ltalian Tyre Project 39,470 20,000 Tyrian Traditional Boats Making Techniques Iso-Port'. Investigating health in Middle Bronze Age coastal Levant using stable isotopes Production and exploitation of fishing gear used in Phoenicia. the Case of Porphyreon Equipment RescuelRepair, Tyre 9,800 9,600 A Szulc-Kajak 6.020 Dr l Nourredine 4,800 Sicily Parco Archeologico di Lilibeo Museum.. Punic ship hall improvements 118,980 Speclal Grant Nautical ArchaeLogY Society Dr C CalcagnolDr EF Castaglino-Berlinghieri Special Collections, University ol Southampton Dr A Trakadas Dr D Newman AUB HFF Scholars IJNA Ilntemational Joumal ol Nautical Archaeology) 30,000 EdiloriallPublication Costs 8,350 Artefact conseNation, Honor Frost Archive 2,000 Ocean Decade Heritage Network HF Archive Visiting Fellowship, Southampton Additional language tuition, pre-study 5,000 5,000 343 Total Approved Grants 1,333,092 Unspent grant balances Overspent grants Other adjustments -467,502 508 -2,333 At 30 September 2025 863 765 Pag8 18
HONOR FROST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS . CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2025 SUPPORT COSTS Governance costs Management Other Totals Other charitable activities 31,944 19,550 118,203 Support costs, included in Ihe above, are as follows.. 2025 other charitable activitie5 Tot81 activities 2024 Tru5t88 costs Sundries Staff costs (note 101 Auditois, remuneration Auditors, remuneration lor non-audit work 64.309 31.910 14.750 7.200 64,839 28,933 9,500 5,500 118 203 108,806 NET INCOMEIIEXPENDITUREI Net Incomellexpenditurel Is stated after chargingllcdlkn"n91'. 2025 2024 Auditors, remuneration Auditors, remuneration lor non-audit work 14.750 7,200 9,500 5,500 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 30 September 2025 nor for the year ended 30 September 2024. Trustees. expenses Trustee expenses of £2,471 12024.. £2,3881 were paid to 312024.. 11 trustees during the year in relation to travel costs. Pag8 19
HONOR FROST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS . CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2025 10. STAFF COSTS 2025 2024 Wages and salaries Social security costs Other pension wsts 90.897 5,339 86,799 1,389 106,367 96,442 Staff costs have been split between direct costs and support costs on a 70°10130Yo basis. The average monthly number of employees during the year was as follows.. 2025 2024 Administration No ernoluments over £60,000 were paid in the period. The key rnanagement of the Foundation consists of the trustees only. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Unr8Stricted 2024 Income Fund Capital Fund Total fund5 2023 Total funds Not8S INCOME AND ENDOWMENTS FROM Investment income Olher income 1,013,205 254 1,013.205 254 955,644 1,280 Total 1,013,459 1,013,459 956,924 EXPENDITURE ON R8ising funds Charitabl* aetlvltoès Grants Other charitable activities 146,203 146,203 211,280 606,658 540,069 606,658 540,069 1,505,187 803.902 Total 1.146,727 146.203 1,292.930 2,520,369 Net gains on investments 4.470,457 4,470.457 1 903 622 NET INCOMEIIEXPENDITUREI 1133.2681 4.324,253 4,190.985 340,177 Transfers between funds 133,268 1133,2681 NET MOVEMENT IN FUNDS 4,190,985 4.190,985 340.177 RECONCILIATION OF FUNDS Total funds brought forward 40,113,451 40,113,451 39,773,274 TOTAL FUNDS CARRIED FORWARD 44,304.436 44,304,436 40.113.451 Pag8 20
HONOR FROST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS . CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2025 12. FIXED ASSET INVESTMENTS Liste(I Investments At 1 October 2024 Additions Disposals Net realised gains on disposals Net unaliSed gains on revaluation 46,417.660 6.315.248 17,194,815) 1,308,259 3,134,983 At 30 September 2025 49,981,335 Underfying investments at market value cornprise.. UK Equities Overseas Equities Fixed interest Bond5 AKernatives Commodities Multi ass8ts St8rling Liquidity Funds Money Market 7,799.682 27,542,624 3,595,939 2,942,711 4,188,736 1,253,972 482,712 1,609,795 125,000 Cash balances h81d by inv8Stm8nt tnanag8rs 440.164 49,981,335 Investments at historical cost 30,589,027 The following investment has a market value in excess of 5/0 of the total market value of investments. In the table above. the underfying exposure of the Fund has been allocated to the appropriate asset classes.. Market Value at30 September 2025 Proportion of total S & W Gryphon East River Fund 22,655.940 The Foundation has committed to invest circa £200,000 annually in private equty in the Cazenove Capital portfolio. The commitments are made in US dollars and the uncalled commitment is USD 731,501 (equivalent to £544,2001. The Lincalled eommitment is more than eovered by the Amundi Prime All Country World and Vanguard FTSE All World trackers plus US dollar cash balances 13. DEBTORS 2025 2024 Prepayments and accrued income 26,871 26,871 30,125 30,125 Pag8 21
HONOR FROST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS . CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2025 14. CREDITORS.. AMOUNTS FALLING DUE IMTHIN ONE YEAR 2025 2024 Grant commitments Accruals and deferred income 1,206,252 74,652 1.404,237 71.460 1,280,904 1,475,697 CREDITORS.. AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2025 2024 Grant mMItments 759,639 989.769 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2025 Unrestricted Unrestricted Total fund5 In¢ome fund Capital fund 2024 Total tunds Investments Current assets Curr8nt liabilities Long tertn Iiabilitl8S 49,981.335 142.041 11,280.9041 759.6391 49,981.335 142.041 11.280.904) 759.6391 46,417,660 352,241 11,475,6971 989,7691 48,082,833 48,082,833 40,113,451 17. MOVEMENT IN FUNDS Net movement Sn funds Transfers between funds At 1110124 At 3019125 Unrestricted funds Income Fund Capital Fund 1513,5811 4,291,978 513,581 13,581 44,304.436 48,082,833 TOTAL FUNDS 44,304,436 3,778,397 48,082,833 Net movement in funds, included in the above are as follows.. Incoming resources Resour5 expended Gains and Movement in losses funds Unrestricted funds Income Fund Capit81 Fund 1.049,578 1,563.159 151.264 1513.5811 4,291,978 4,443.242 TOTAL FUNDS 1 714.423 4 443.242 3 778 397 Pag8 22
HONOR FROST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS . CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2025 17.1 MOVEMENT IN FUNDS- PRIOR YEAR Net movement in funds Transfers between funds At 1110123 At 3019124 Unrestricted funds Income Fund Capital Fund 1133,2681 4.324,253 133,268 1133,2681 40,113,451 44,304,436 TOTAL FUNDS 40,113,451 4,190,985 44,304,436 Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and Movement in losses funds Unrestricted funds Income Fund Capital Fund 1,013,459 1,146,727 146.203 1133.268} 4,324,253 4,470,4 TOTAL FUNDS 1.013,459 1,292.930 4,470,456 4,190,985 1B. RELATED PARTY DISCLOSURES There were no related party transactions lor the year ended 30 September 2025 Inor in the year ended 30 September 20241. 19. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2025 2024 Net ineom8 for th8 r8POrting period las per th8 Statement of financial activities) Adjustments for- Lossl (Gain) on Investments Interest reIVed Dividends received Expenditure attributable to endowment Ilncreasey Decrease in debtors (Decreasell Increase in creditors 3,778,397 3,929,206 14.443.242) 14,470,456> {108.1851 1102,2731 {940,8581 1910,9321 {151,2641 1144,6101 3.254 19,2171 424,9231 780,863 Net eash provided by Ius8d inl op8rating aetivitiès 12.286.821) 11,965,586> Pag8 23
HONOR FROST FOUNDATION DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025 2025 2024 INCOME AND ENDOWMENTS Investment income Dividends reiVed Interest received 940,858 108,185 910,932 102,273 Olher Income 535 254 Total 1,049.S78 1.013,459 EXPENDITURE Investment management Costs Portfolio management 151.264 146,203 Charitable activities Salarigs Social security Pensions oth8r charitable costs Payroll and pension fe8S Legal fees Grants 90,897 5,339 10,131 473.401 1.423 86,799 1.389 8,254 330,284 1,087 3,420 606,658 863.765 1,444,956 1,037.891 Support costs Management Trustees. exp8ns85 W8ges 28,933 31,944 28,967 Other Sundries Govemance costs Auditors, rernuneration Auditors, remuneration for non-audit work 64,309 64,869 14,750 9,500 21,950 15,000 Total rasourcès *xpand•d 1,714,423 1,292,930 Net expendlture before galns and losses {513,5811 1279,4711 Recognlsed gaSns and It)sses Realised and unrealised gains I Ilossesl on fixed asset investrnents 4,443,242 4.470,456 Net Incomellexpendlturel 3,778.397 4,190,985 This page does not foirn part of the statutory financial statements Pag8 24