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
S￿lement 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
AuD￿OR5
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 3￿ha8010gY 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 Medite￿ne8￿ 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 med1te￿anean 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 deliVe￿d 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 a￿Ount 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 ne￿SSary 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 (Br￿Sh 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
InfO￿atIOn 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 ￿Tr￿rn 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 g￿n9 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 re￿iVed 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 spe￿fIed 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 COM￿nY 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 cOn￿M 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 t￿aTr￿ctionS reflected in the financial statements. as we will
be less likely to bewme aware of Instances of non-compliance. The risk is also 9￿ater ￿93rdIng I￿gUlaritIeS 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 Stat￿ory 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,$861
Cash flows from inv85ting activitl8S=
Purchase of fixed asset investments
Sale of fixed asset investments
Interest received
Dividends re￿iVed
16,315.2481
7.352,705
108,185
940,858
14,689,455)
5,668,352
102,273
910,932
Net cash provided by Ius8d inl investing
activitie8
2.086 500
1,992,102
Cash flows from financing activities..
Expenditure attribuiable to endowment
151 264
144.610
Net cash lused Inl financlng actlvlt5es
151,264
144.610
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of
the reporting period
149.0571
190,6531
604 391
695,044
a$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 Re￿rtIng 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 re￿1ve 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 dIs￿SaI$
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 circuMstan￿s.
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 re￿Ived
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, unive￿Ity 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 ArchaeL￿ogY
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 chargingllc￿dlkn"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 un￿aliSed 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
Resour￿5
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 re￿IVed
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 re￿iVed
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