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2025-08-31-accounts

REGISTERED CHARITABLE INCORPORATED ORGANISATION NUMBER: CE016959 (England and Wales) REGISTERED CHARITY NUMBER: 1182652

AMAR-FRANSES AND FOSTER-JENKINS TRUST

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

John Crook & Partners LLP Statutory auditors 255 Green Lanes Palmers Green London N13 4XE

AMAR-FRANSES AND FOSTER-JENKINS TRUST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Page
Report of the Trustees 1 to 5
Report of the Independent Auditors 6 to 8
Statement of Financial Activities 9
Balance Sheet 10
Cash Flow Statement 11
Notes to the Cash Flow Statement 12
Notes to the Financial Statements 13 to 21
Detailed Statement of Financial Activities 22 to 22

AMAR-FRANSES AND FOSTER-JENKINS TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025

The trustees, present their report with the financial statements of the charity for the year ended 31 August 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Summary of the purposes of the charity as set out in its governing document

To fund postgraduate education, training and research by providing:

The Trust has continued to develop under the CEO of the Trust, Fabio Bonfante, appointed in April of 2024. Fabio continues to streamline processes and create efficiencies, thereby freeing up funds which have enabled additional scholarships and donations to be made this year. As we had anticipated last year, the Trust has resumed its growth, with its objectives largely unchanged.

The Trust has expanded or created the following awards during the last financial year.

a. Increased funding to existing awards

Funding increased from £1,100 to £2,000 following discussions with the Head Teacher, who explained that rising ticket and transport costs had limited theatre visits for Key Stage 2 pupils to alternate years.

b. New awards

Three new awards have now been confirmed.

Summary of main activities

Page 1

AMAR-FRANSES AND FOSTER-JENKINS TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025

OBJECTIVES AND ACTIVITIES Summary of main activities - continued

The Royal Horticultural Society - Three year PhD scholarship
UCL Slade School of Art - Two year MA in fine art
- One year MA in print making
UCL Structural Engineering - Three year PhD project in structures
UCL Institute of Neurology - Long term post doctoral research grant into motor neurone disease
UCL Institute of Ophthalmology - Annual post doctoral research grant into macular degeneration
UCL Bartlett School of Architecture
- Three year PhD scholarship
Samling Institute - Contribution to residential course for early career singers
University of East Anglia - Long term post doctoral prostate cancer research project
- Two three year PhD projects relating to climate change
Royal Opera House - Two-year apprenticeship in technical theatre
Birmingham Royal Ballet - Constant Lambert two year Fellowship for orchestral conductor- (BRB2)
- Annual support for dancers aged 18 to 25
Garsington Opera - Annual Learning and Participation project for local schools
Alzheimer's Research - Three year PhD research project at the UCL Institute of Neurology
UKSWAP'ra - Biennial residencies supporting performers
Royal Shakespeare Company - Annual Support for technical apprenticeships

In 2018 the Trust acquired a large detached dwelling which it has converted and extended to form ensuite accommodation for seven postgraduate music students either from the Guildhall School of Music & Drama (GSMD) or the National Opera Studio (NOS). In addition to the spacious, communal living areas there is also a fully sound-proofed rehearsal room complete with a grand piano. The cost of accommodation is set at a level to cover running and maintenance costs and provision of a reserve fund: there is no return on the capital costs of purchase and development which were borne by the Trust. This building now named Bravura House has been fully occupied for the past four academic years and there has been no shortage of students seeking to apply for annual residency.

Confirmation that Trustees have regard to Charity Commission guidance on public benefit

All Trustees are aware of the Charity Commission's guidance on public benefit.

Policy on social investment

The Trustees consider that the provision of funding for postgraduate education and research in both the arts and sciences is of benefit to the wider community insofar as it increases the sum total of knowledge and understanding and furthers the development of a new generation of scientists, teachers and performing artists. It also significantly contributes to areas of research, particularly those for which institutions cannot easily source Research Council funding.

Policy on grant making

The Trust decides on the field of study or research it wishes to support, and then choses the appropriate academic institutions which specialise in these fields. It also decides on the amount of the grant to be made. Individual recipients of the grants are selected by the institutions and not by the Trust.

Contributions made by volunteers

The only volunteers to the Trust are the Trustees themselves whose services are provided free of charge apart from those of the two solicitors, Michael Sheridan and Rebecca Sheridan.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

The achievements of the charity are principally those of enabling post graduates to study or conduct research in their chosen field and to provide funding for longer term research projects.

In February 2023 the “Office of the Vice-President of UCL” arranged for us to meet all seven of our current students and researchers at UCL. It proved to be a wonderful occasion where they all gave short presentations and talked about their work and how the awards had enabled them to progress their academic careers. This intimate gathering enabled the students from widely differing disciplines to meet one another and make some surprising connections between the arts and sciences. For us it was a moving and celebratory event and it was perhaps the best manifestation of the objectives of the Trust.

Page 2

AMAR-FRANSES AND FOSTER-JENKINS TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025

FINANCIAL REVIEW Financial position

It has always been the policy of the Trust to ensure that any scholarship, grant, or award it makes can be sustainably funded for the foreseeable future. To support this objective, the Trust has developed an investment portfolio that is independently managed by Rosemount IFA Ltd, which reports to the Board through quarterly performance reviews.

In addition, the Trust has acquired, through donation, a number of investment properties that generate income to support scholarships, awards and grants. These properties are managed in-house by the CEO, supported by other members of staff. The value of these assets and investments is reflected in the accounts.

The Trust also benefits from annual donations from two of the Founder Trustees, Richard Jenkins and Maureen Amar, as well as occasional additional donations and bequests. Any such unrestricted funds are added to the investment portfolio, as they cannot, in isolation, be relied upon to generate a consistent income sufficient to support awards and scholarships intended to continue in perpetuity.

The CEO is now fully embedded within the Trust, having been in post since 1 April 2024. The cost of his employment is met by the Trust, and his decision to bring various property management functions in-house has delivered significant savings in expenditure previously paid to third-party agents and suppliers. His fundraising strategy is at an advanced stage of development and will shortly be supported by new promotional materials, designed by the firm responsible for the Trust's highly successful website.

This strategy is focused primarily on acquiring or managing other similarly sized trusts, thereby increasing the Trust's scale, reach, and investment portfolio. These additional trusts can be efficiently managed using the Trust's now wellestablished systems and processes.

The CEO's efforts to raise the Trust's profile are also yielding positive results, with a number of discussions currently underway with high-profile individuals.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Charities Act 2011.

The governing document is a Constitution of a Charitable Incorporated Organisation whose only voting members are its charity Trustees (Foundation Model Constitution).

Charity constitution

The Trust is a Charitable Incorporated Organisation (CIO).

Recruitment and appointment of new trustees

Existing Trustees have been appointed by the Founder Trustees (Richard Jenkins, Maureen Amar and Michael Sheridan), and selection to the Board is by unanimous agreement of the Trustees.

STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure

The strategic decisions of the charity are taken by the trustees as a body, however the day to day management of the charity is delegated to RM Jenkins and Ms MMS Amar.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charitable Incorporated Organisation Number

CE016959 (England and Wales)

Registered Charity number

1182652

Page 3

AMAR-FRANSES AND FOSTER-JENKINS TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025

Registered office Whixall House Exeter Road London NW2 4SD

Trustees

R M Jenkins Ms M M S Amar J H Amar R E S Amar M S Sheridan Ms R E Sheridan Ms K L Rimmington

Auditors

John Crook & Partners LLP Statutory auditors 255 Green Lanes Palmers Green London N13 4XE

Bankers

Barclays Bank Plc Leicester LE87 2BB

Solicitors

Sheridan & Stretton Riverside House, 22A Bradmore Park Road, London, W6 0DT

Investment Advisers

Rosemount 9 Hare Hall Lane Gidea Park Romford RM2 6BD

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under charity law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the foundation and of the incoming resources and application of resources, including the income and expenditure, of the foundation for that period. In preparing those financial statements, the trustees are required to:

Page 4

AMAR-FRANSES AND FOSTER-JENKINS TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the foundation and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, John Crook & Partners LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 5 June 2026 and signed on its behalf by:

R M Jenkins - Trustee

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF AMAR-FRANSES AND FOSTER-JENKINS TRUST

Opinion

We have audited the financial statements of Amar-Franses and Foster-Jenkins Trust (the 'charitable incorporated organisation') for the year ended 31 August 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable incorporated organisation in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 20 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF AMAR-FRANSES AND FOSTER-JENKINS TRUST

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable incorporated organisation for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable incorporated organisation's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable incorporated organisation or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. We enquired of management, and board of trustees, which included obtaining and reviewing supporting documentation, concerning the charity's policies and procedures relating to:

We inspected the minutes if meetings of those charged with governance.

We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector specific experience.

We communicated applicable laws and regulations, throughout the audit team and remained alert to any indications of non-compliance throughout the audit.

We reviewed any reports made to regulators.

We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.

We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In addressing the risk of fraud through management override of controls, we tested the appropriateness of journals entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

Because of the inherent limitations 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 more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF AMAR-FRANSES AND FOSTER-JENKINS TRUST

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

Use of our report

This report is made solely to the charitable incorporated organisation's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable incorporated organisation's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable incorporated organisation and the charitable incorporated organisation's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

John Crook & Partners LLP Statutory auditors Eligible to act as an auditor in terms of Section 154 of the Charities Act 2011 255 Green Lanes Palmers Green London N13 4XE

Date: 9 June 2026

Page 8

AMAR-FRANSES AND FOSTER-JENKINS TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Investment income
3
Other income
Total
EXPENDITURE ON
Raising funds
4
Charitable activities
5
Grants to academic institutions
Grants to primary schools
Other
Total
Net gains on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2025
Unrestricted
funds
£
66,910
310,764
42,258
419,932
175,502
296,861
2,200
47,760
521,323
74,476
(26,915)
11,100,824
11,073,909		 2024

Total
funds
£
377,552
281,202
-
658,754
135,182
277,500
1,000
41,387
455,069
130,568
334,253
10,766,571
11,100,824

Page 9

AMAR-FRANSES AND FOSTER-JENKINS TRUST

BALANCE SHEET 31 AUGUST 2025

Notes
FIXED ASSETS
Tangible assets
12
Investments
Investments
13
Investment property
14
CURRENT ASSETS
Debtors
15
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
17
Unrestricted funds
TOTAL FUNDS		 2025
Unrestricted
funds
£
4,654,110
1,370,469
4,252,449
10,277,028
26,647
788,181
814,828
(17,947)
796,881
11,073,909
11,073,909
11,073,909
11,073,909		 2024

Total
funds
£
4,523,216
1,295,993
4,252,449
10,071,658
9,014
1,039,703
1,048,717
(19,551)
1,029,166
11,100,824
11,100,824
11,100,824
11,100,824

The financial statements were approved by the Board of Trustees and authorised for issue on 9 June 2026 and were signed on its behalf by:

R M Jenkins - Trustee

Ms MMS Amar – Trustee

JH Amar – Trustee

RES Amar – Trustee

MS Sherian – Trustee

Ms RE Sheridan - Trustee

Ms KL Rimmington

Page 10

AMAR-FRANSES AND FOSTER-JENKINS TRUST

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Tax paid
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of fixed asset investments
Dividends received
Net cash (used in)/provided by investing activities
Cash flows from financing activities
Loan repayments in year
Net cash provided by/(used in) financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2025
£
(188,003)
(5,812)
(193,815)
(137,061)
(59,005)
59,005
79,354
(57,707)
-
-
(251,522)
1,039,703
788,181		 2024
£
147,552
(2,286)
145,266
(5,510)
(53,588)
53,328
67,231
61,461
(63,548)
(63,548)
143,179
896,524
1,039,703

The notes form part of these financial statements

Page 11

AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2025

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Gain on investments
Dividends received
Increase in debtors
(Decrease)/increase in creditors
Net cash (used in)/provided by operations		 2025
£
(26,915)
6,167
(74,476)
(79,354)
(11,821)
(1,604)
(188,003)		 2024
£
334,253
6,801
(130,568)
(67,231)
(2,070)
6,367
147,552

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank and in hand
Total		 At 1/9/24
£
1,039,703
1,039,703
1,039,703		 Cash flow
£
(251,522)
(251,522)
(251,522)		 At 31/8/25
£
788,181
788,181
788,181

The notes form part of these financial statements

Page 12

AMAR-FRANSES AND FOSTER-JENKINS TRUST

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

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable incorporated organisation, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 25% on reducing balance

Freehold property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The charitable incorporated organisation operates a defined contribution pension scheme. Contributions payable to the charitable incorporated organisation's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

continued...

Page 13

AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

2.
DONATIONS AND LEGACIES
Donations from Pledream Limited
Donations from Trustees
Gift aid
Legacies
Grants received, included in the above, are as follows:
Other grants
3.
INVESTMENT INCOME
Rents received
Bravura House Income
Dividends from investments
4.
RAISING FUNDS
Other trading activities
Support costs
Investment management costs
Rent collection
Property repairs
Aggregate amounts		 2025
£
500
53,128
13,282
-
66,910
2025
£
-
2025
£
163,080
68,330
79,354
310,764
2025
£
134,400
2025
£
11,066
30,036
41,102
175,502		 2024
£
165,000
170,027
42,517
8		 2024
£
165,000
170,027
42,517
8
377,552
2024
£
8
2024
£
148,702
65,269
67,231
281,202
2024
£
84,736
2024
£
16,138
34,308
50,446
135,182

continued...

Page 14

AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

5. CHARITABLE ACTIVITIES COSTS

Grant
funding of
activities
Support
(see note
costs (see
6)
note 7)
£
£
Grants to academic institutions
296,400
461
Grants to primary schools
2,200
-
298,600
461
6.
GRANTS PAYABLE
2025
£
Grants to academic institutions
296,400
Grants to primary schools
2,200
298,600
The total grants paid to institutions during the year was as follows:
2025
£
Booker Hill School
2,200
The Guildhall School Trust
54,000
National Opera Studio
25,000
The Royal Ballet School
10,000
Foundation & Friends of the Royal Botanical Gardens Kew
37,000
Samling Foundation
10,000
University College London
56,500
University of East Anglia
40,000
Birmingham Royal Ballet
20,000
Garsington Opera
3,900
Alzheimer's Research UK
20,000
Royal Opera House Foundation
10,000
Royal Horticultural Society
10,000
298,600
7.
SUPPORT COSTS
Information
Governance
Management
Finance
technology
costs
£
£
£
£
Other trading activities
123,274
296
3,000
7,830
Grants to academic
institutions
461
-
-
-
126,236
296
3,000
7,830		 Totals
£
296,861
2,200
299,061
2024
£
277,500
1,000
278,500
2024
£
1,000
53,000
-
10,000
20,000
10,000
92,500
40,000
-
-
-
35,000
17,000
278,500
Totals
£
134,400
461
134,861

continued...

Page 15

AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

8. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2025 2024
£ £
Auditors' remuneration 7,830 5,940
Depreciation - owned assets 6,167 6,801
Hire of plant and machinery 5,216 5,141
Other operating leases 25 25

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2025 nor for the year ended 31 August 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2025 nor for the year ended 31 August 2024.

10. STAFF COSTS

STAFF COSTS
2025 2024
£ £
Wages and salaries 94,072 48,314
Social security costs 3,514 -
Other pension costs 5,535 2,450
103,121 50,764
The average monthly number of employees during the year was as follows:
2025 2024
Administrative staff 4 3
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
2025 2024
£60,001 - £70,000 1 -

continued...

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AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Grants to academic institutions
Grants to primary schools
Other
Total
Net gains on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
TANGIBLE FIXED ASSETS
Freehold
property
£
COST OR VALUATION
At 1 September 2024
4,500,000
Additions
-
At 31 August 2025
4,500,000
DEPRECIATION
At 1 September 2024
-
Charge for year
-
At 31 August 2025
-
NET BOOK VALUE
At 31 August 2025
4,500,000
At 31 August 2024
4,500,000		 Assets under
construction
£
-
135,223
135,223
-
-
-
135,223
-		 Fixtures
and
fittings
£
62,008
810
62,818
39,413
5,767
45,180
17,638
22,595		 Computer
equipment
£
697
1,028
1,725
76
400
476
1,249
621		 Unrestricted
funds
£
377,552
281,202
658,754
135,338
277,500
1,000
41,231
455,069
130,568
334,253
10,766,571
11,100,824
Totals
£
4,562,705
137,061
4,699,766
39,489
6,167
45,656
4,654,110
4,523,216

12. TANGIBLE FIXED ASSETS

continued...

Page 17

AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

12. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 August 2025 is represented by:

Valuation in 2022
Cost		 Freehold
property
£
582,888
3,917,112
4,500,000		 Assets under
construction
£
-
135,223
135,223		 Fixtures
and
fittings
£
-
62,818
62,818		 Computer
equipment
£
-
1,725
1,725		 Totals
£
582,888
4,116,878
4,699,766

13. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 September 2024
Additions
Disposals
Revaluations
At 31 August 2025
NET BOOK VALUE
At 31 August 2025
At 31 August 2024		 Listed
investments
£
1,295,993
59,005
(53,350)
68,821
1,370,469
1,370,469
1,295,993

There were no investment assets outside the UK.

Cost or valuation at 31 August 2025 is represented by:

Valuation in 2020
Valuation in 2021
Valuation in 2022
Valuation in 2023
Valuation in 2024
Valuation in 2025
Cost		 Listed
investments
£
(138,994)
212,905
(49,531)
(23,188)
127,703
73,284
1,168,290
1,370,469

If fixed asset investments had not been revalued they would have been included at the following historical cost:

Cost 2025
£
1,168,290		 2024
£
1,168,290

Fixed asset investments were valued on an open market basis basis on 31 August 2025 by Rosemount Independent Financial Advisers.

continued...

Page 18

AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

14. INVESTMENT PROPERTY

FAIR VALUE
At 1 September 2024
and 31 August 2025
NET BOOK VALUE
At 31 August 2025
At 31 August 2024
Fair value at 31 August 2025 is represented by:
Valuation in 2021
Valuation in 2022
Cost		 £
4,252,449
4,252,449
4,252,449
£
205,000
(35,000)
4,082,449
4,252,449

The investment properties have been revalued on an open market basis on 31 August 2025 by the trustees The trustees have arrived at these valuation using their knowledge of the property market in London to arrive at these figures.

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Tax
Accrued income
Prepayments
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Social security and other taxes
Other creditors
Accrued expenses
17.
MOVEMENT IN FUNDS
At 1/9/24
£
Unrestricted funds
General fund
11,079,495
Bravura House
21,329
11,100,824
TOTAL FUNDS
11,100,824		 2025
£
8,790
12,087
5,770
26,647
2025
£
2,251
8,947
6,749
17,947
Net
movement

in funds
£
(40,698)
13,783
(26,915)
(26,915)		 2024
£
2,978
-
6,036
9,014
2024
£
1,347
6,323
11,881
19,551

At
31/8/25
£
11,038,797
35,112
11,073,909
11,073,909		 2024
£
2,978
-
6,036
9,014
2024
£
1,347
6,323
11,881
19,551

continued...

Page 19

AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

17. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Bravura House
TOTAL FUNDS		 Incoming
resources
£
351,601
68,331
419,932
419,932		 Resources
expended
£
(466,775)
(54,548)
(521,323)
(521,323)		 Gains and
Movement
losses
in funds
£
£
74,476
(40,698)
-
13,783
74,476
(26,915)
74,476
(26,915)

Comparatives for movement in funds

Unrestricted funds
General fund
Bravura House
TOTAL FUNDS		 At 1/9/23
£
10,752,772
13,799
10,766,571
10,766,571		 Net
movement

in funds
£
326,723
7,530
334,253
334,253
At
31/8/24
£
11,079,495
21,329
11,100,824
11,100,824

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Bravura House
TOTAL FUNDS		 Incoming
resources
£
593,484
65,269
658,753
658,753		 Resources
expended
£
(397,329)
(57,739)
(455,068)
(455,068)		 Gains and
Movement
losses
in funds
£
£
130,568
326,723
-
7,530
130,568
334,253
130,568
334,253

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Bravura House
TOTAL FUNDS		 At 1/9/23
£
10,752,772
13,799
10,766,571
10,766,571		 Net
movement

in funds
£
286,025
21,313
307,338
307,338
At
31/8/25
£
11,038,797
35,112
11,073,909
11,073,909

continued...

Page 20

AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2025

17. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming
resources
£
Unrestricted funds
General fund
945,085
Bravura House
133,600
1,078,685
TOTAL FUNDS
1,078,685		 Resources
expended
£
(864,104)
(112,287)
(976,391)
(976,391)		 Gains and
Movement
losses
in funds
£
£
205,044
286,025
-
21,313
205,044
307,338
205,044
307,338

Bravura House

Bravura House is a property that has been acquired and developed in North London to provide accommodation for students and/or artists performing in London. The aim is that this property will be self financing in the future and will generate a surplus each year to provide for its ongoing maintenance.

18. CAPITAL COMMITMENTS

Contracted but not provided for in the financial statements 2025
£
445,869		 2024
£
-

The building work is on registered office of the trust. The property was gifted to the trust shortly after the year end

19. RELATED PARTY DISCLOSURES

During the year, the charity received donations from RM Jenkins and Ms MMS Amar totalling £53,128 (2024 - £170,027).

The charity received donations totalling £500 (2024 - £165,000) from Pledream Properties Limited a company controlled by RM Jenkins and Ms MMS Amar.

Pledream Properties Ltd contributes to the salary of the CEO. The amount charged to them was £42,258 (2024: NIL).

Following protracted discussions with the Charity Commission the Charity Commission agreed that Richard Jenkins and Maureen Amar have donated their home to the trust in return for a life interest to occupy the property. In anticipation of the donation the trust commenced work on the property to make it more suitable for the trust purpose. The trust reimbursed legal and professional fees in connection to the works totalling £103,929 to Richard Jenkins

.

20. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors assist with the preparation of the financial statements.

continued...

Page 21

AMAR-FRANSES AND FOSTER-JENKINS TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025

INCOME AND ENDOWMENTS
Donations and legacies
Donations from Pledream Limited
Donations from Trustees
Gift aid
Legacies
Investment income
Rents received
Bravura House Income
Dividends from investments
Other income
Management Services
Total incoming resources
EXPENDITURE
Investment management costs
Rent collection
Property repairs
Charitable activities
Grants to institutions
Other
Light and heat
Ground rent
Rates and water
Service charge
Cleaning supplies
Professional fees
Insurance
Support costs
Management
Wages
Social security
Pensions
Telephone
Postage and stationery
Carried forward		 2025
£
500
53,128
13,282
-
66,910
163,080
68,330
79,354
310,764
42,258
419,932
11,066
30,036
41,102
298,600
5,216
25
1,900
9,507
11,087
9,659
9,366
46,760
94,072
3,514
5,535
1,502
2,754
107,377		 2024
£
165,000
170,027
42,517
8
377,552
148,702
65,269
67,231
281,202
-
658,754
16,138
34,308
50,446
278,500
5,141
25
1,648
9,404
5,000
11,955
8,213
41,386
48,314
-
2,450
1,311
2,072
54,147

This page does not form part of the statutory financial statements

Page 22

AMAR-FRANSES AND FOSTER-JENKINS TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 AUGUST 2025
Management
Brought forward
Advertising
Sundries
Fixtures and fittings
Computer equipment
Finance
Bank charges
Information technology
Repairs and renewals
Governance costs
Auditors' remuneration
Total resources expended
Net (expenditure)/income before gains and
losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments
Net (expenditure)/income		 2025
£
107,377
246
9,446
5,767
400
123,735
296
3,000
7,830
521,323
(101,392)
5,655
(95,736)		 2024
£
54,147
-
3,491
6,725
76
64,439
354
14,003
5,940
455,068
203,685
2,865
206,550

This page does not form part of the statutory financial statements

Page 23