IM irwinmitchell ANNABELS FOUNDATION REGISTERED GHARITY NO. 1193422 FINANCI L STATEMENTS Fnr th orrod ended S A ril 20 (Ref.. 05410168-21
ANNABELS FOUNDATION REGISTERED GHARITY NO.1193422 Contents to Flnanclal Statements for th6 erlod èndèd S A rll 202 Pa Annual Report of Ihe Trustees Independenl Examinerf3 Report Balanc6 Sheet Slalemenl of Flnancial Acliv¢lles Slalemenl of Cash Flows 8-12 Notes to FinaiiGtal 81atemeiits 1&18 Schedule of Investments and Income
ANNUAL REPORT OF THE TRUSTEES For the period ended S Aprll 2022 Full name of Charity: Annabels Foiindalion Nature of governlng document: Original Consiiiuiion date¢Y 4 February 2021 Registration Number: 1193422 Trustees: Peter John Kanabus Annabel Kanabus Adiian Kanabus Irwin Mitchell Trustees Limited Reglstered Address: New House Farm. Worthing Road, Wesl Grinstead, Horsham, RH13 8GH Banker: National Weslminsler Bank Plc, 47 Carfax, Horsham, Wesl Sussex, ft1112 1fD Solicitors: Irwin Mitchell LLP, Thomas Eggar House, Friary Lane, Chichester, Wesl Sussex, P019 1UF Investment Managers: JM Finn & Co. 25 Coplhall Avenue, London. EC2R 7AH Independent Examlner Claire Norwood, Jones Avens Limited, 4 Dukes Court, Bognor Road, Chichester, Wesl Sussex. P019 8FX Operating Restrlctions: Chaiilable objects according to the Law of England Spoclflc Investment powers: Powers qiven lo the T¥ustees in accordance with the Trustee Act 2000 as detailed in the Conslilulion dated 4 February 2021 GA= 5257352_1
Objects of the charlty The Trustees shall hold the capital and income of the Trust Fund upon trust lo apply the income and all or such part or parts of the capital al such lime or limes and in such manner lo or for the public benefit, the relièf of giekness and the pres8rvalion of haallh by improving pain management through reoearch into improved diagnosis and treatment by fundin9 research carried out in Universities and hospital sellings and 11 Is dlssemlnaied 10 the public, an(J by funding beiier ways of informing patients about (Jevelopmenls in infectious diseases. To provide gran18 and donations for such charitable purposes, for the public benefit, that are exGlusively charitable according lo the laws of England and Wales as the Iruslees may from time to lime determine. The trustees have paid due regard lo guidance issued by the Charity Commission in deciding what activities the charity should undertake. Grant maklng pollcy . The capital and income of the Trust is lo provide only forthe assistance or provision offunds as detailed in the Constitution dated 4 February 2021. The trustees have set up a website to provide guidance to potential grantees MYw.annabelsfoundalion.or Achievements and performance: During their first aecounting period tho Irusloos mado 7 grants lolalling £1,971. No further pledgeg were made, bringing the total grants and pledges in the period ended 5 April 202210 £1,971. FinanGial review and investment pollcy . There are no reslriclions on the charity's power to invest. The investment strategy is set by the ITuslees for a period of five years and lakes account of demand for furTrds. The trustees consider the income requirements, the risk profile and the investment manager's view of the market proSplS in the medium term. This strategy is set within an overall policy which stales that the fund is lo be invested in moderate risk investments with a view lo ensuring that captal appreciation of the fund exceeds inllalion over each five year period. The funds may be invested in any type of investment. Our strategy is reviewed with our investment managers annually. This is the first accounting period of Annabels Foundation. During the year incoming resources lotalled £652,135 and resources expended lolalled £25,877 and there were other recognised gains of £205,486. As a rcul1 Ihc fund balance carried forward al 5 April 2022 was £831,744 The Trustees confirm that they did not receive any remuneration during the year, nor were they reimbursed for any expenses. Reserves pollcy . It is the policy of the charity lo maintain unreslricled funds. which are the free reserves of the charity. al a level which equates lo approximately six months expenditure. This provides sufficient funds lo cover management and adminislralion and support costs and lo respond lo emergency applications for grants which may arise. Unrestricted funds were maintained al this level throughout the year. Risk managomont.. The trustees have examined the major slralegic, business and operational iisks which the ¢harily faces and confirm Ihal systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. Personal Ilablllty of Trustee5 and Conflicts of Interest Trustees always consider matters ofconflict of inlereslwhere relevant. In situations where anylruslee may be in conflict. those Iruslees abstain from voting and discussion. This is particularly relevant where the Iruslees have personal connections with the beneficiaries of the charity's funds such as charity not for profil organisalions and individuals. GA.. 5257352 1
The charity is an unincorporated trust and therefore personal liability of Ifustees is unlimited. However, the activities of the Charity as such are that there is very little exposure lo liability for the Iruslees. The Iruslees have a strict grant making policy and donations are monitored to ensure that donations are being used as intended by Ilie Tiubl. Trustees, responsiblllties in relation to the financial statements Law appliGable lo charities in England and Wales requires the trustees lo prepare financial 31glemenls foreech financial year which give a true and fair view of the charity's financial activities during the year and of its financial position al the end of the year. In preparing those financial slatemenls, the trustees are required to.. select suitable accounting policies and then apply them consislenlly. obSee the methods and prlnciples in the Charities SORP., make judgements and estimates that are reasonable and prudent slate whether applicable accounting standards and statements of recommended practice have been followed subject lo any departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping sufficient accounting recordswhich disc105ewilh reasonable accuracy ai any time the financlal poslllon of the charlly and enable them to ensure Ihat the finanGlcil slcilerrieiilb Luiiiply with the Charities Act 2011. They are also responsible for safequarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irreguEarilies. TheTrustees confirm that the acGounls comply with the governing document. Al present there are four Trustees. the minimum allowed in the Trust Deed. with an unlimited maximum. The first Trustees are enlilled lo hold Offi for life. nri Annabel Kanabus ohn Kanabus Adrian Kanabus Irwin Mitchell Trustees Limited 2()12_ GA.. 5257352 1
ANNABELS FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ANNABELS FOUNDATION I report lo the Iruslees on my ex8mination of the financial stslemenls of Annabels Foundation {Ihe 'charily'l for Ilie peiiutj eiitSe¢J S April 2022. Responslbilitles and basls of report As the Iruslees ol the charily you are responsible for the preparation of the financial slalemenls in accordance with the requirements of the Charities Act 2Q11 Ilhe 2011 Acll. I report in respect of my examination of the charily's financial slalemenls Carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charily Commission under section 145{Sllbl of the 2011 Act. Independent examlner's statement Since the charity's gross income exceeded £250,000 your examiner musl be a member of a body listed in seLlivii 145 uf Ilie 2011 Atyl, I burifirtn (hat l am qualified to undertake ihe examlnaiion because l am a member of the Institute of Chartered Accounlanls in England and Wales, which is one of the listed bodies. I hav8 completed my axaminalion. I confirm that no Matters havc Come lo my attontion In connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act,. or the financial slatements do not a¢cord with those records., or the financial slalemenls do not comply with the applicable requirements concerning the form and conlenl of accounts sel out in the Charities {Accounls and Reports) Regulations 2008 other than any requirement Ihal the accounts give a true and fair view which is not a mattèr considered as part of an independenl examination. I have nn ranrprn$ rnmg_ xe.ro<s no other matlers in conné¢tion wilh the èxaminalion to which allenlion should be drawn in this report in order to enable a proper understanding of the financial slalemenls lo be reached. ClaiTe Noiwood 8Sc FCA ATII Jones Avens Limited Piper House 4 Dukes Court Bognor Road Chichester West Ljussex P019 8FX 0511212022
Page 5 ANNABELS OUNDATION REGISTERED CHARITY NO.1193422 S A rll 2022 Nole As at ra.4.2022 Fixed Assets Investments at value 834,141.60 Current Assets Cash 31 bank 5.402.73 Liabilities falling due within 12 months Crèditors Nel Cuiienl assets Total as56ts less current liabilities 7.800.00 {2.397.27) 831,744.33 Fund Balmiibe <lb 5.4.2022 Unreslricled 831,744.33 Thè finanel81 statèments were approved by the board of Iiuslees on Its-LL -and signed on Iheir behalf by PelÈr John Kanabus Trustee Annabel Kanabus A LJV-a Trustee Adrian Kanabus Trustee Ir¥n Mitchell Trustees Limited Tiuslee The noles on pages 8-12 form part of Ihese accounts.
Pagé 6 ANNABELS FOUNDA ION REGISTERED CHARITY NO.1193422 statement of Flnanclal A¢tlvltrès for the eriod ended 5 A rll 2022 Period ended 5.4.2022 Not INCOME & EXPENDITURE Donaiions and Lega¢les Gross investment income Jb,476.U5 15.659.48 Total Incamln9 RtstsourG•• Resources expèndèd Charitable Activilies 19,657.27 Raising funds:. Investment management costs 6,219.88 Total R8sourc•s Expended 25,877.15 Other Recognised Gain31lLossesl Realised gains on sale of inveslmenls Unrealised gains on invèslmÈnls N8t Incoma for the yearlNet movement in funds 16.857.79 188,628.16 831,744.33 Fund balance brought forward Fund balance carried forward 5.4.2022 831.744.32 Non8 of the Charills activilies were acquired or discontinued during this fiscal period. The Charily has no recognised gains or losses other than those deali with in the blatemenl ol Financial Aelivilies. The note8 on pages 8-12 form part of Ihese accounls.
Page 7 ANNABELS FOUNDATION REGISTERED CHARITY NO.1193422 Statement of Cash Flows for the eriod eftded 5 A rll 2022 Period endad 5.4.2022 Cash flows from operating activitigs Cash g¢ncrat¢d from op¢ration 1,758.91 Investlng activitie$ PurehagÈ of invègtm&nt$ Proceeds on disposal of inveslrnenls Increase in investment portfolio cash Dividends and inleiesl received 195.727.881 89,528.70 {5,814.501 15.659.48 Not cksh gefterated from Investlng actlvltles 3,643.82 Net Increase Sn cash and ¢a$h equivalents 5.402.73 Cash and cash equivalenis al beginning of year 0.00 Cash PSh eqiiivalp.nts 8t enrl of yp8r 4.4n2.7.? Relating to.. Cash al bank 5.402.73 Cash generated from operations Suiplus fol ytsar 831.744.32 Adjuslmenls for.. Goin on 981¢ of inv¢stmcnl- Unrealised gain on investments Investments received by donation Divid&nd# and int@rost r6ceived {16,867.78) {188,628.181 {616.639.991 115.659.481 Movemenls in working capilal.. Increase in credilois 7.800.00 Cash generated from operation$ 1,758.91 Analysls of Ghanges In net funds The charity had no debt duiing the year.
Page 8 ANNABELS FOUNDATION REGISTERED CHARITY NO. 1193422 1 ACCOUNTING POLICIE8 Annabels Foundation is a charitable incorporated charity, registered with the Charity Commission number 1193422. The registered address is New House Faim, Worthing Road, Wesl Grinslead, Horsham, RH13 8GH. 1.1 ACCOUNTING fONVF.NTION These accounts have been prepared in accordance Wilh Ihe chariiy's constiiuiion, the Lhariiies Aci 2U11 and °Accounting and Reporting by Charities. the Slalemenl of Recommended Practice for charities applying the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 and UK Generally AGcepted AGGOUntiiig PfaGti¢e a5 It applies fioin 1 January 2019. Tl3e Gharily is a PubliG Beiiefil Entity as defined by FRS 102. The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the exlenl required lo provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Slalement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The accounts are prepared in sterling, which Is the functional currency of the charity. The accounts have been prepared on the historical cost convention modified for the revaluation of inve31ments. The principal accounting policies adopted are sel out below. 1.2 GOING CONCERN Al the lime of approving the accounts, the trustees have reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Iruslees. continue lo adopt the going concern basis of accounting in preparation of the accounts. 1.3 CHARITABLE FUNDS & FUND ACCOUNTING Unreslricled funds are available for use al the discretion of the Iruslees in furtherance of their charitable objectives unless the funds have been designated for other purposes. 1.4 INCOMING RESOURCES Income is recognised when the charity is legally enlilled to il after any performance conditions have been met, the amounts can be measured reliably, and il is probable that Income will be received. The gain or loss arising on the disposal of an asset is determined as the difference beeen the sale proceeds and the carrying value of the asset. and is recognised in net incomellexpenditurel for the year.
Page 9 1.5 GRANTS PAYABLE 7f3nts payable are debited to expenditure within the Statement of Financial Activities during the period in which the charty enters into a conslruclive obligation to make such payments. Where a grant commitment is payable ove¥ a period of Inore Iliaii one year, a liability is recognised for the full amount of the conslruclive obligation unless conditions are allached lo future payments such that the Iruslees effectively relain the discretion to avoid making such payments. 1.6 INVESTMENTS AND INVESTMENT INCOME All investments are staled at fair value and the movement shown comprises both realised and unrealised gains and losses. Realised gains or losses arising on Ihe disposal of investments (together with provisions for diminution in value), are credited or debited lo the Statement of Financial Activities, and subsequently transferred to Uiiiebli-IGled Fuiids. 1.7 CHARITABLE ACTIVITIES The cost of charitable activities consists of grants made. 1.8 COST OF GENERATING FUNDS The cost of generating funds consists of investment managemenl fees. 1.9 GOVERNANCE COSTS Governance costs Comprise all costs involving the public accounlabilily of the charity and its compliance with regulation and good practice. These costs indude costs related to statutory audit and legal fees together with other overhead and support cost8. 1.10 CASH AND CASH EQUIVALENTS Cash and cash equivalents include deposits held al call with banks. 1.11 FINANCIAL INSTRUMENTS The charity has elected to apply the provisions of Section 11 "Basic Financial Instiuments" and section 12 "Other Financial Instruments Issues. of FRS 102 to all of ils financial inslrumenls. Finaiicial assets aiid liabilitie5 are offset, with the net amounts presented in the finanGial slatemenls, when there is a legally enforceable light to sel off the recognised amounts and there is an intention to sellle on a net basis or to realise the asset and settle the liability simultaneously. Basic financlal asset$ Basic financial assets, which includes debtors and cash and bank balances. are initially measured at transaction price including transaction costs and are subsequently carried al amortised cost using the effective interesl method unless the arrangement conslilules a financing Iransaclion, where the transaction is measured al the present value of the future receipts discounted al a market rale of interest. Financial assets classified as receivable within one year are not amortised.
Page 10 Impairmgnt of financlal a888tg Pinancial assets, other than those held al fair value through income and expenditure, are assessed for indicators of impairmpnl Al g.Aeh rp.pnrting dAIp. Finanr.ial as8e.ls are impaired where thére is objective evidence that, as a result one or more events that occurred after the initial recognition of the financial asèel, (he esliii)ated fuluie Gdbli fluw¥ Ii(Iv¢ beeri affebled. Ir an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted al the asset's original elleclive interest rate. The impairment loss is recognised in net incomellexpendilure) for the year. If there ig a deere2#e in the imp2irmenl loss arssing Irom an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the Carrying amount would have been, had rhe Impairment previously been recognised. I he impairment reversal is recoonised in net incomellexpenditurel for the year. Baslc fliianclal 114bilities Basic financial liabilities, including trade and other payables, are initially recognised 21 transaction price unless the arrangement conslitijles a financing Iransaclion, where the debt instrument is measured al the present value of the future receipts discounted al a market rale of interest. Debt instruments are subsequently carried al amortise(I cost. using the effective interest rate method. Trade payables are obligations to pay for goods or seNices that have been acquiTed in the ordinary course of operations from suppliers. Accounts payable are classed as current liabililles 11 payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade payables are recognised initially al transaction price and subsequently measured at amorlised cost using the effective interest method. Derecognltlon of flnanclal Ilabllltios Financial liabilities are derecognised when the charity's contractual obligations expire or a discharged or cancelled. 2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application of the charity's accounting policies, the Iruslees are required to make judgements. eslimales and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other Sour3. The estimate3 and a880cialed as8umptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are roviewod on an ongoing basis. R6vigions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that perlod, or In the perlod of the revlsion and fuluie periods where the revision affects both currenl and lulure periods.
Page ql ANNABELS FOUNDATION REGISTERED CHARITY NO.1193422 hèA counts for the eriod ended 6 A ril 2022 3. FIXED ASSET INVESTMENTS (Summary ofpages 13 to 181 Perlod ended 5A.2022 Quoted investments Market value 4.2.2021 Portfolio cash 4.2.2021 Additions Increasel(Decreasel in portfolio cash Disposals Net unrealised gainslllosses) 712,367.85 5,814.50 {72,668.91) f88.628.16 834,141.6(b auoted UK Investments Quoted Non UK Investments Cash held on portlolio .fj94,.4?Q.R4 233,797.46 b.t514.5U 834.141.60 Hlsiorlo cosi of quoied InVesentS 039,698.93 There are no investments that represent greater than 5% of the portfolio by market value 4. GROSS INVESTMENT INCOME Perlod ended 5.4.2022 Tax recoverable Ne Gross Income from Ilsted UK Investrnents Income from lisled Non UK investments 14,368.21 1.291.27 14,368.21 1.291.27 15,659.48 15,659.48 5. DONATIONS AND LEGACIES Period ended SA.2022 Donations Cash Inveslmen18 19.838.06 616,639.99 36,476.0.5
Paoe 12 ANNABELS FOUNDATION REGISTERED CHARITY NO.1193422 Notes to the Accounts for the eriod ended S A ri12022 Asat 6.4.2022 6. GASH Nalwesl PIC 5,402.73 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR As at 5.4.2022 Independent Examinalion fees AauntanCY 1,200.1)0 8,600.00 7,800.00 . CHARITABLE ACTIVITIES Perlod ended S.4.2022 1.971.28 17.685.99 19.657.27 if8nls payablp. (nolg.4 91 Share of Governanc& Costs {nole 111 9. GRANTS PAYABLE There were two granls paid during the accounting period. £f.000 lo Pain concem and £971.28 to Global Health Education. 10. COST OF GENERATING FUNDS Period ended 5A.2022 London Stock Exchange- LEI JM Finn & Co 108.IJO 8.111.88 6.219.88 11. GOVERNANCE COSTS Period ended 5.4.2022 INin Mil¢hell LLP- Legal & P¥ofessional fees M8cinlyie Hudson Lld- Accountancy fees Jones Avens- Independent Examination fees Stationary and Website eosls 8,076.00 5,160.00 1,200.00 3,249.99 17.685.99 Basis of Allocation= All of the governance costs ale allocated lo the charitable aclivily of grant making, lolalling £17,686 in 2022 12. TRANSACTIONS WITH TRUSTEES There were no payments lo Trustees for the year ended 5 April 2022 13. EMPLOYEES The¥e were no employees during the year. 14. RELATED PARTY TRANSACTIONS ThA tlnnAtinnx rAeAivp.d nf Pfi2tl.47A_n.4 WK4rg. frt)m Plr. AnnAhAI Adrian KAnk)hAq. Irii*tAAk nf Ihlk r.hxrilAhlgk Foundation.
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