IM irwinmitchell ANNABELS FOUNDATION ÉDC INANCIAL TEMENT (Ref- 05410168.21
ANNABÈLS FOUNDATION REGISTERED CHARITY NO.1193422 Contents to Financial Statements for thè Year Ènded 5 A ril 2023 Annual Report of the Trustees Independent Examinerfs Report Balance Sheet Statement of Financial A¢lNrttes Statement of Ca8h Flows 8-12 Notes to Flnancial Statements 13-18 Schedule of Inve81menl8 arFd Income
ANNUAL REPORT OF THE TRUSTEES For the period ended S April 2023 Full name of Charty: Annabels Foundation Nature of governlng documont.. Original Constitution dated 4 February 2021 Registration Number: 1193422 Trusteas: Peter John Kanabus Annabel Kanabus Adrian Kanabus Irwin Mitchell Trustees Limited Reglstered Addre88: 1 Queens Rise, Rthmond, TW10 6HL Banker: National Westminster Bank Plc, 47 Carfax, Horsham, Wesl Sussex, RH12 1FD Solicitors: Irwn Mitchell LLP. Thomas Eggar House, Friary Lane. Chichester. Wesl Sussex, P019 1UF Invèstment Managors: JM Finn & Co, 25 Coplhall Avenue, London. EC2R 7AH Independent Examiner Claire Norwood, Jones Avens Limited, 4 Dukes Court. BognorRoad, Chthestér, Wesl Sussex. P019 8FX Operatlng R•strlctlons: Charitable objects according to the Law of England Specific investment powers: Powers given to the Trustees in accordance with the Trustee Act 2000 as detailed in the Constitution dated 4 February 2021 GA.. 5257352 1
Objects of the charity The Trustees shall hold the capital and income of the Trust Fund upon trust to apply the income and all or such part or parts ol the caylal at such lime or times and in such manner lo or for the public benefit, the relief ol sickness and the preservation of heatth by improving pain management through research into improved diagnosis and treatment by funding research cariied out in Universities and hospital sellings and il Is dissemlnated to the public, and by funding better ways of informing patients about developments in infectious diseases. To provide grants and donations for such charitable purposes, for the public benefit, that are exclusively charitable according to the laws of England and Wales as the Iruslees may from time lo lime determine. The trustees have paid due regard lo guidance issued by the Charity Commission in deciding what activilles the charity should undertake. Grant maklng pollcy The capital and income of the Trust is lo provide only for the assistance or provision of funds as detailed in the Constitution dated 4 February 2021. The trustees have sel up a website lo provide guidance to potential grantees www.annabelsfoundalion.or Achievements and p&rforman¢e: During the accounting period the trustees made 5 grants lolalling £200,07712022'. 2 lolalling £1,971). Two further pledges were made, bringing the totsl grants and pledges in the year ended 51h April 2023 to £200.077. Flnanclal revlew and investmenl policy There are no reslriclions on the charity's power lo invest. The investment strategy is set by the trustees for a period ol five years and lakes account of demand for funds. The Iruslèes consider the income requirements, the risk profile and the investment manager's view ofthe market prospects in the medium term. This strategy is sel within an overall policy which ststes that the fund is lo be invested in moderate risk investments with a view lo ensuring that capital appreciation ofthe fund exdS inflation over each five year period. The funds may be invested In any type of investment. Our strategy is reviewed with our investment managers annually. During the year incoming resoLJrces tolalled £17,861 12022.. £652.1351 and resources expended lolalled £211,74412022.' £25,877) and there were other recognised losses £62,41612022'. gains of £205,486). As a result the fund balance carried forward al 5 April 2023 was £575,44412022.. £831,744) The Trustees conflrm that they did not receive any remuneration during the year, nor were they reimbursed for any expenses. Reserves policy . 11 is the policy of the charity lo maintain unrestricted funds. which are the free reserves of the charity, al a level which equates to approximately six months expenditure. This provides sufficient funds lo cover management and administration and suptx)rt costs and lo respond lo emergency applicatrons for grants which may aAse. Unreslrioted funds were maintained al this level throughout the year. Risk managemont . The Iruslees have examined the major strategic, business and operational risks which the charity faces and confim that systems have been established lo enable regular reports to be produced so that the necessary steps can be taken lo lessen these risks. Personal liability of Trustees and Confllcts of Int&r&st . Trustees always consider mallers ol¢onflicl of interest where relevant. In situations where any trustee may be in conflict, those Iruslees abstain from voting and discussion. This is particularly relevant where the Iruslees have personal connections wth the beneficAaries of the charity's funds such as charity not for profit organisalions and individuals. GA.. 5257352 1
The charity is an unincorporated trust and therefore personal liability of trustees is unlimit¢d. However, the livilies of the charity as such are that there is very liltte exposure to 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 the Trust. Trustees, responsibilities In relation to the flnanclal 8tatements Law applicable lo charities in England and Wales requires the tsuslees to preparefinanaal stslements foreach financial year which give a true and fair view of the charity's financial activities during the year and of ils financial position at the end of the year. In preparing those fi'nancial slalemenls, the trustees are required to.. select suitable a¢counling policies and then apply them consistently., obseNe the methods and principles in the Charities SORP., make judgements and eslimales 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 stalemenls.. and prepare the financial slalements on the going concern basis unless il is inappropriate lo presume that the charity will continue in business. The Iruslees are responsible forkeeping sufficienlaccounling recc*ds whid) disclosewilh reasonable accuracy al any time the financial position of the charily and enable them lo ensure that the financial slalements comply with the Charities Act 2011. They are also responsible forsafeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees confirm that the accounts comply with the goveming document. At present there are four Trustees, the minimum allowed in the Trust Deed, wllh an unlimited maximum. The first Trustees are entitled lo hold office for life. Peter ohn Kanabus Annabel Kanabus Adrian Kanabus Irwin Mil¢hell Trustees Limited GA: 525735LI
ANNABELS FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ANNABELS FOUNDATION I report to the Iruslees on rny examination of the financial statements of Amnabels Foundallon Ilhe'charilll for the period ended 5 April 2023. Responsibllities and basls of report As the Irustees of the charily you 8ré responsible for the preparation of the financial statements in accordance with the quirM6nlS of thè Gh8rilie8 Act 2011 (the 2011 Acti. I report In respect of my examlnallon of the charity's financial statements canied out under section 145 of the 2011 Act. In Carng out my examination I have followed all the applicabla Dirèctions given by the Chatily Commison under section 14515llbl of the 2011 Act. Indapandént &xamln8r'$ statoment Slnce the charity's gross IrKome exeded £250,000 your exarniner must be a member of a body listed In section 145 of the 2011 Act. I confirm that l am qualified to undertake the ex8mln8llon because l am 8 membeT of the Institute ol Chartered Accountants in England and Wales, which is one of the listed bodies. I hav& completed my èxaminallon. l ffirm that no matters have cune lo my attention in connection with the ex8minalion giving me cause lo believe Ihal in any material respect.. accoun*'ng records were not kept in iespecl of the charity as required by section 130 of the 2011 Act.. or the fin8n¢S81 slalements do not accord with those records., or the financial statements do not comply with the applicable requirements conc&ming thè form 8nd conlenl of accounts set out in ihe Charities IAccounts and Reports) Regulations 2008 other than any requirernent that Ihe accounis give a true and fair viéw whl¢h is not a maller considered as part of an independent examination. I have no COnmS and have come aemss no other mattèrs in connection with the examination to which attention should ba drawn in this roport In ordor lo enable a propèr underslandino of the finanaal siatements to be ieac Claire Norwood Bsc FCA ATII Jones Avens Limited Piper House 4 Dukes Cwrt Bognor Road Chi¢h&slor West Sussex P019 8FX Dated". 0611212023
P4g• TE Flx•d ABiot hwybnBnlsatv £52.2S6.C 8J4.141.eO CuwrlntM8•ts Ch ai bank 3.e65.n 5.4D173 Crndlbts Net¢urrèn¢ou•l$ N8tass•ts I•B5 Gurrqntllllblll 80 678.QO 4oooo 76.812.27 $75.443.79 ,397.27 J31,744.33 Fund Bplancg 4$ At OAJO23 Unre51dcied 575.44J.79 831.744.33 4',.12c13 TheNn& $w)nI94¢r£ 8pwwd ty¢hetyo]irtofWS8S OD..... ..... ......... .and PetèrJohn Kanobus Ttusiee Ann3b8JKanth% Adriin k6(4 Truthè MItChel Trni*e8 UThllèd The not¢1 ¢npoges &12f¢)rni partolth8s&attcroJnts.
Pago6 ANNA8ELS FOUNOATION Y•ar•nd Y•ar•nd•d .2022 COklE & EXPENDITURe Lbnatsonsand Leg& Grosts Invesbwni Irthm6 636,476.05 15,66&48 17.86 Totsl Incomlng Resources 17.860.90 6S2,fj3&$3 ReBources expended ChArit8ble AdNibe5 206.21& 19,657.27 RalAlng fund9:. Investment ManJneI costG io 5,52&75 6,21&88 Totsi Rasoureos Expondod 211,74&75 25,877. olhèr Rècognlsèd GalngllL(8&9I ReIsed{losSI1g3lns on sEle of inve51mgrts Unr6¥1tsod Ibs$llgains on invastm6ni$ Not In¢omfr forihe YeBrJNrf movement In fvnd8 113,78&991 48,631.701 I2.300_S4) 18,857.79 188,628.16 831.744.33 Fund b4an*iY¢uuht foMerd 831,744.33 Fund balanc• carded lonyard 5A.2023 57S,443.79 831.744.33 e ofthe ¢hanty'$a¢bwb"e$w¥efA¥uiredwdL8cwbr>lduTi Ihisfix81 Year. The Charity has na re(xKJnlA&8enS rrk)g8e8 otherih8n thosedelivthh In I Sklemenlol FSnundal Actfvlkng5. The noiegon PBges &12 fum part01theCunt3.
Payè Y REGISTERED CHARITY rio.t193422 YeaTeTrded Yew onded Cash Ilows from opèratlng a¢15110$ Co5h generated k¢¥nopwati(rtts 1138.865.75) 1,758.91 Inve9tlng activities Purchase o investrnenls Proceeds on di$po881 of invegtmenis Increase in invesknenl rtI7 cash DwiLnds and interest rewved 130,511.77) 189.015.42 139,035.aoi I7,.90 (95.T27.861 89.526.70 15.814.501 15.659.48 N•t cash g4n4ral•d IrL¥m Invgstfjng aGtlvlilg5 137.328.75 3,64182 Not Intrea$• Sn $h 8nd c8gh equ6valonts 11,537.00) 5,402.n CaShd equiv4fjnt8 01 be10 ofYe3r 5.4tr2.73 Cash and ¢8sh equfv81ents aipjid ofyear Relating to.. Ca¥th 81 bsnk 3.865.73 5,40273 C8$h 9•4•rolèd frin opArAIIonB {LossySurpJs forYe 1256,3fMk541 831,744.32 Adwslmenls for Gainlllossl ssle olinvesimen Unrealised 98inlllossl on inveslments hve51tnenis received tsy donabtyl Diirydethd$ Inprest receNed 13,785. 4e.63f.70 116,857.781 (188,826,161 1616,639.991 115.659.481 117.86&90) MovernEnts inw(KldnotskNtal." Inw8e in (x&Jitws r2.87&(L) 7.800.C Caah 9&nèraled from operatlons 128,865.75 1.758.91 Analysis of charwe5 n6tfuthd8 The th81iiyh8d no debtdumo Ihe Year.
Pago 8 ANNABELS FOUNDATION REGISTERED CHARrrY NO. 1193422 Notes to the Accounts for the riod ended S A ril 2023 1 ACCOUNTING POLICIES Annabels Foundation is a charitable incorporated charily. registered with the Charfly Commlssion number 1193422. The registered address is New House Farm. Worthing Road, West Grinslead, Horsham, RH13 8GH. 1.1 ACCOUNTING CONVENTION These accounts have been prepared in aordanCe with the charity's conslilulion, the Charities Act 2011 and "Accounting and Reporting by Charities. the Statement of Recommended practi for charities applying the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102) and UK Generally ACpIed Accounting Practice as it applies from 1 January 2019. The charity is a Public Benefit Entity as defined by FRS 102. The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent 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 Ststemenl of Recommended Practice which is referred lo 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 rmdified for the revaluation of inveslmenls. The principal accoiinling policles adopted aTe sel out below. 1.2 GOING CONCERN Al the lime of approving the accounts, the trustees have reasonable expectation that the charity has adequate resour¢es lo ¢onb'nue in operational existence for the foreseeable fulufft. Thus the Iruslees, continue lo adopt the going concem basis of accounting in preparation of the accounts. 1.3 CHARITABLE FUNDS & FUND ACCOUNTING Unrestrlcled funds are avallable for use at the discretion of the Iruslees in furtherance of their charilab objectives unless the funds have been designated for other purposes. 1A INCOMING RESOURCES Income is recognised when the Charity is legally enlilled lo it after any performance conditions have b&n met. the amounts can be measured reliably, and it is probable that income will be receThied. The gain or loss arising on the disposal of an asset is detemined as the differen between the sale proceeds and the carrylng value of the asset. and Is recognised in nel incomellexpenditurel for the year.
Page 9 1.5 GRANTS PAYABLE Grants payable are debited lo expenditure within the Slalemenl 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 over a period of more than one year. a liability is recognised for the full amount of the conslru¢live obligation unless conditions are allached to future payments such that the trustees effectively retain the discretion to avoid making such payments. 1.6 INVESTMENTS AND INVESTMENT INCOME All investments are slated at falr value and the movement shown comprises both realised and unrealised gains and losses. Realised gains or losses arising on the disposal of investments Ilogether with provisions for diminution in value), are credited or debited lo the Slalement of Financial Acb'vilies, and subsequenUy transferred lo Unreslricled Funds. 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 management fees. 1.9 GOVERNANCE COSTS Governan costs comprise all eosls involving the publi¢ accountability of the charity and its compliance wlh regulation and good practice. These costs include costs related lo statutory audit and legal fees together with other overhead and support costs. 1.10 CASH AND CASH EQUIVALENTS Cash and cash equivalents include deposits held al call witt) banks. 1.11 FINANCIAL INSTRUMENTS The charity has elected to apply the provisions of Section 11 '8asic Financial Instruments. and section 12 'Other Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial assets and liabilities are offset, with the net amounts presented in the financial stalemenls, when there is a legally enforceable right to sel off the recognised amounts and there is an inlenb'on to settle on a net basis or lo realise the asset and settle the liablllly simullaneousty. Ba8lc Ilnanclal assets Basic finanaal assets. which includes debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement conslilules a financing transaction, 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 Impairment of financial assets Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment al each reporting date. Finaneial assets are impaired where there is objective evidence that, as a result one or more events that occurred after the inib'al recognition of the financial asset. the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference befv4een the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impalrment k)ss is recognised in nel incomellexpenditurel for the year. If there is a decrease in the impaiment loss arising from 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 the impairment previously been recognised. The impairment reversal is recognised in nel incomellexpendilurel for the year. Basic financial liabilitie$ Basic financial liabilities. including trade and other payables, are initially recognised al transaction pri unless the arrangement constitutes a financing tfftnsaclion, where the debt instrument is measured at the present value of the future receipts discounted al a market rate of intsresl. Debt instruments are subsequently carried al amortised cost, using the effeGtive interest rale method. Trade payables are obligations lo pay for goods or sorvices Ihat have been acquired in the ordinary course of OperatnS from suppliers. Accounts payable are classed as current liabilities if payment 15 due within one year or less. If not, they are presented as non-current liabilities. TTade payables are recognised initially at transactson price and subsequently measured at amortised cost using the effects've interest method. Derecognltlon of flnanclal Ilabllitles Financial liabilities are deiecognised when the charity's contractual obligations expire OT are discharged or cancelled. 2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application of the charity's accounting policies. the Iruslees are requlred to make judgements, eslimales and assumptions about the carrying amount of assets and liabilities Ihal are not readily apparent from other sources. The eslimales and associated assumptions are based on hislorKal experience and other factors that are considered lo be relevant. Actual results may differ from these eslimales. The eslimales and undertying assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and fulu¥e periods where the revlsion affects both ujrrenl and future periods.
I AXEDASSET¥4VESTMENTS (Sumffliryofygeg 1¥10 1¥ Mathlv4uo&42022 Prylkllor45hts.&X22 821327.10 5ts14.50 8J4.141 .511.77 3S.035.eD (,80•.41} 8.631.70 712,367A6 E45POJ 1W628 16 S91.52 23179r.46 614x0 83I.141AO Nth7uKhiknMn 218.761. 41.ew.>J 6522.fAI $1¢478.49 £ $39¢98SJ 4. OROSSMFSTIIEhTIPIGOME 1&47affj9 1.34&04 IF 16.4ry89 1 s41 14,W21 1.2$1.27 JPIFlnn&Co 17AaQ 15&59.48 DONATr)NS•*4DLEOAaES YMr•nd IJ 6X47&05
Pthy 12 NIIABELS FOUNDA STEREDCHAR OM REG e. CASH .4.2023 .4.2022 NatW41tPk 2.889.73 É 5,402.73 7. ¢REDifoRS'. y•arided 5A.2023 Y•ar•nd•d 5A2022 Amount6 falllng dug wlthln ongy•4r Ind8pBnd@rrtExamlnation 1888 AtX(vTht&nGy Phdga ltsokfoid Uravarsly PledgBla Wesl SussoxCounlyCvJnGI 1.3.( 4.%h).00 52.U(W).00 25 278.OQ 8D.$78.00 1.20D.ty) 6.eoo. 7.8(W).¢ O. ¢HARITABLe ACTIV17E8 Yrendd SA.2D2J 200.077.riJ 6.138.00 206 215.NJ t Yekrthnded 5A.2022 1.971.26 17.085.99 19.657.27 nts paYObb{rts•l 8haroofGovernwKoCayts Inob 11} 9. GRANT$ PAYABLE The••911t8P¥ld duthwth•KuUrQYeer(20Yk.' 10. COST OFGENERAnWG FUNDS yrOn&¥d .2023 Y•4r¥nd¥d &4.2Q22 London sIk Exchw8- L IFnsc 5.52e.75 5529.75 11. GOVERNANCÉ COSTS Y8ar•Trd• &I2023 .2022 dn LLP-Legg1& PiofesBh)nolfva$ JacMlyie Hudson Lid-AccouWfees Jones A¥9- Indpend•ni Examknalonhe8 stalKJfflaryand 4.OBD.00 ,076. 5,)80.th) 1.200. 1.200.00 898.00 17,685.9 886k0110n.'Alor1hgoVwn8nCé1)I ore dk¢aied t¢lh•¢hWe È¢ti¥itydortntmtsAno, E6.13q in 202JI2022..E17,685.991 12. TRANSACIIONSWITHTRiJ8TEES Therewrn n0pAym•ni$toTrn¢S)rthe yeArenrt•d 5 Aprfl 202J 13. EMPLOYEES Theiewew no emKloye¢•dudr4 IheYe•r. RELATED PARYVTRANSA¢110NS Thereweie no re PyasuctiOns in wrodlo5ApDI 2022. 1n2o22donhn10lR8,I7&0s werg r¢10M P•ier.AMab4 4nd Addan trU8teo9 ofltd$Clthe Foundknn.
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