Charity registration number 1211200 (England and Wales) IBRAAZ ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
IBRAAZ LEGAL AND ADMINISTRATIVE INFORMATION Trustse¥ Mr M Heilegaard MrA Munir Mr K Lazaar IAppointed 18 Jung 20251 IAppoinled 2 December 20241 IAppoirhted 2 Dwmber 20241 S•nlor managèm•nt Ms L Lazaar Chief Executive Officèr Charlty reglstratlon EnglaThJ and Wales 1211200 Reglster•d offi 93 Mortimer Street London W1W 7SS Audltor Thomson Cooper 3 Castle Court Carnegie Campus Dunlemline Filé KY118PB
IBRAAZ CONTENTS Page Trustees. report Independent auditofs report 9- 11 Statement of financial activities 12 Balance sheet 13 Statement ol cash flows 14 Notgs to thg flnan¢ial statemgnt$ 15-24
IBRAAZ TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 Th8 Trustees pr858rht their Annual Report and finanual statem8nts for th8 year 8nd8d 31 08C8tnb8r 2025. The financial statements have been prepare(l in accordance Ihe &counting policies set out in note 1 to the financial statements and comply wlh the Chariws goveming document, the Charities Act 2011, FRS 102 Yhe Financial Reporting Standard applicable in the UK aThJ Republic ol Ireland. and the Charities SORP "Accounting and Reporting by Charities.. Slalement of Recommended Practs'ce applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" Background and founding Ibraaz wa5 lound8d by the Karnal Lazaar Fndatth IKLFI. a Ge¥8-baSed philanthropic org8nis8titsn 8St8blishèd in 2005 by Kamel Lazaar, with deep roots in Tunisia and across Ihe wider Mid(Jle East and North Africa. Ibraaz was originally eslablishe¢J by KLF in 2011 as an online publishing plattom) dedicated lo visual culture from the Middle East and North Africa and has since evolved into a broader plaffom for art, cullure and ideas from the Global Majority. To provide Ibraaz with 8 permanent instfiulional hom8 and an indendent charitable structvre in the United Kingdorn, the Chanty was constituted as 8 Charitable Incorporated Organisation ICIOI and registered with th8 Charity Commission lor England and Wales on 2 Decembèr 2024 l¢haniy number 12112001. Following an intènsiva period ol eslablishmenl and refurbishment, Ibraaz opened its pwmisès al 93 Morlimèr Street, London, to the publie in October 2025. ObSectlv•8 and actSvS11•8 Thè objècts tsf thè CIO, as sèt out in its constilulion, are. for the public bènèfrt.. To advance the arts and cultur&. particularty (but nol limited lol Ihose ol regions and countri8S Wthin the Global South, and to promote public appreciation of them. including Ibul not limited tol through the establishment and maintenance ol a c*nlre lor arts. cullure and edu¢a¢ To advancè èducation in the arts, cultur8, history and hèrilap. particularly (but not limltèd tol ralallng to regions and countries within the Global South In delivering thesè objeds, the Charity uses Ihtr ttrm 'Global Majoriw in its publi¢-tscing work lo describe the eommunitiès, règions and culturas its progr8mmès Se. Public benefrt The Truslees confirrn that they have complied their duty under seCrn 17 of ¢he Charities Act 2011 to have due regard lo the Charily Commission's guidance on public benofit when derAding syhal 8Ctivititr$ the Charity should undertake. Ibraaz delivers public benefft through.. Providing open access to editowial contenl Supporting artists, writers and resèard)èrs through c(Mnmissions and programmes Crealing opportunities for public engagement wilh conlemporary cultural and political que3tions This includes engaging with the condits.ons that shape ojliural prcmjuclion and public life and ensuring that diverse perspectives are not only represenled bul meaniThJfvlly explored wlhin a Sha avic spa.
IBRAAZ TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Achievements and perlorrnance 2025 marked the initial months of Ibraaz operating from its London base. establishing a public programme that brings together publishing. exhibitions and live events wthin a single framework. Ibr88Z OP8r8t88 as both a cullural venu8 and a pla{ for arli5tic. 8dit0ri818nd putAic work. It brings tOg8th8r artistie praetice, researeh and public discourse thIn a single ecosystem. with a particular fJS on voiees and ideas that do not consistenuy find instilulional support. The organisation's approach is grounded in the belief that Cultu is not neutral. and that institutions have a responsibility to create space for complexity. where difficult histories and contemporary realities can be engaged with rigor. openness and civility. Activitie5 combiried wmmissioned writing, 8xhibition-making and public pro9rarnming. positioning Ibra82 as both 8 sit8 ol cultural production and a platform lor crilical and sustained engagemènt. Edltorfal and Dlgltal Publlshlng Editorial publishing MaInS central lo Ibraaz. s wort. During the period. the organisation cornrni&sioned and published e%Y$, interview5, mullimedia works and sound- b85ed projects engaging wilh ¢yJnlemwrary cuNural. soryal and political questions. These u)ntn'bubons 8r8 made 8V8ilable through an open-8¢¢s$s plattom. The editorial programme functions both as a site for new writin9 and as a growing archive ol critical research and discourse. reinforcing Ibraaz's rokg as an independent publisher operating at the intersection ol art, politics and knowledge production. Exhlbltlons and Publlc Programme The organi581ion presenled ils inaugur81 exhibitions programme from its MorUrner Streel Bpace. This included.. Parfiament of Ghosts by Ibrahim Mahama, the Ghanaian at*st known for his large4cale installats'ons engaging with histories of labour, trade and poslcolonial economies. often through the use of industrial materials such as jute Sacks and architectural fragments. The exhibition engaged with his¢ories of labour. mratIon 8nd material rlatiOn. forming the centre of 8 wider programme ol talks. screenings and perfornances. Across èxhibitions and 8SSOCiatèd 8elivib"ès. Ibraaz w8lc(Mn•d 0r 15.OLN) visitors during thè rèporting pèriod.
IBRAAZ TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Talks. Screening5 and Live Events Alongside its exhibth"ons, Ibraaz delivere(l a progomme of more than 50 putAic events, spanning talks, screenings, concerts and live performances. This included conversatsons between arb'sts. architects and wrilers. panel discussions examining questions ol technology. power and culiural product1. as well as film sc¥eenings and curated seiies. Music 8nd performance forrned a signifirant strand of the pr(vJramme. Ibraaz prgsentgd 13 Goncgrts during the reporting period, bringing ttNJelh8r artists working across a rang8 of musical traditions arnd cont8rnpor8ry practiC8S. These perfomances engaged with sonic cultures spanning North Alnca. the Middle East and beyond, with references to movements and scenes from Morocco, Yemen, Iran, Turkey an¢J the wider Global Majonly. In parallel. the programrne included four dance and live performances. extending the institution's engagernent with ernbodied and ts'rne-based practices beyond music. and offering distinct modes of artistic expression and audience encounter. Structurad sèries suth as Technology and Power. a mults-part programmè èxamining digltal culture and govèrnancè, provided a sustain1 fram¢work lor dI$$S1On and inquiry during the first two and a half months following Ihg opening. Public programming also engaged with urgent politscal and ojttural questions. induding hosting the launch of G8za.' The Story of a Genocide. Such moments formed part of a broader commitment to addressing the realities that shape con¢emporary cullural life, and to creating a space where cornplex ar often difficult subjec15 can be appr08¢h&d with seri¢)u$ne$$, ¢8rtr and respscL Togèlhar, thèsa activities craaled B contaxt for sustainad publk an9aMOnt. wherè complèxity Is not simpllflad but held, examined and shared. Resld•ncl•s, Research and Llbrary Programm• A key Strand of aclivily during Ihis inilial period was the development of reseaTch4ed and residency-based work. This included.. A FIL ol Kè8n-eyad an¢J Far-saèing Magpies, a Library4n41asidènc8 projèct by Th8 Otollth Coll8etlv8 Associated public sessions, including discursive and contemplative fomiats, acts'vated the library as a working and critical space. These initiats'ves broughl iogether 8rthival m8lerial. collective reading and public exch8nge. contributing lo the developrnent of a living researth environm¥nL
IBRAAZ TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Workshops and Educational Activity Ibraaz delivered workshops and educab"on31 priNJrammes aligned vrith its charitable objecknves. This included.. Pasl Disquiet.. Workshops. exploring culiural histories and political narrdtives A collaboration with the Palestine Literature Festival, comprising 8 programmg of literary events and book 18unche5 8ngaging with conlemtK)rary Palestinian writsng and cultural Irf8 A collaboration wlh Debatè Male. engaging more than 40 school-age partiapants in structured discussions on colonial histories A programme of university and facuty lours and workshops, engaging students and academic cohorts from institutions including Gok15miths. King s College London, Ihe London School of Economi ILSEI, the University of Westminsler, the ArGhileGtural Asswali<ffi IAAI and the Royal Cdlege ol Art. alongside other acadÈmic insts"tutions A collaboration with Hekayyatna, a partiapalory storytelling iniliativ6 cenlred on oral histortes and lived narratives, creating space for IntenJenera1al exchange aThJ the articulabon of personal and collective memory These aclivilie5 5UPPOrted partiupab'on, leaming and knoethJe exchange ac¥oss diverse audien¢es. Dlgltal Platlomi and R•aeh The Ibraaz wèbsite rèmains a central comFx)n&nt of ihè organisation's activrty. It functions as.. A atfOrni lor nevAy commis8ioned work A publicly aSSible archive A polnt of engag8mènt lor intèmalional Audiènc8S The integration of digital publishing with physical programming exlends the reach of the organisation beyond its immediate location. enabling global access lo ils work and discourse.
IBRAAZ TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Financial review For the period ended 31 December 2025.. Total income.. £3.884,106 Total expendbture.. £2,116,232 Net surplus.. £1,767,874 This is the Charity's first reporting period since its regislr8bon 8S 8 CIO on 2 Drnber 2024, and it enwmp8SS98 8 pre-18unch establishment phase ol more than Iwelve months piior io and following the public opening of Ihg Mortirner Street prem15es in October 2025. Income in this period was thèrefore signifiG4ntly higher than the Trustees would expect in a nomial operating year. in addits.on to funding lor ongoing charitable activities, the Charity received subslanlial one-off establishment funding. principally Irom the Kamel Lazaar Foundation, lo relutbish, fit out and bring into operation the leased building at 93 Mortimer Street. The resulting surplu5 of £1,767.874 should not be read as free or uncommiited fvnds. During the period the Charity incurred c8pI181 gxpendilure 01 £1.188,055 on b8sehold improvements, tethnic81 enh8n¢emenls, fixtures and litting$ and equiprn8nt (with a nel book value 01 £1,131,664 at Ihe ygar-endl, and paid a deposit of £420,000 in r$sp&cl ol th& building. h&ld within dèbtors falling aft¢r m<ye than one year. The surplus Is thèreftsrè substantially raprèsented by fixed assats an¢J othèr amounts committed to the Charity's pramises and Infrastructura rather than by liquid reserves. After deducting the funds tied up in tangible fixed assets 1£1.131.6641 and Ihe lonTr¢em building deposit 1£420,0001. the Charity's free reserves al 31 December 2025 were £216.210. The Trustegs will continue to m¢)nitsy inwne an¢J gxwnd11u ¢los&ly to support long-tgmi finandal su$tslnabillty. ResgThes policy As a recently established organisatson, Ibraaz is in the earfy stages of trwjilding its reserv. The Truslee5' policy is to hold free reserve5 eqvivalenl io three months of fvnding, eqvivalenl lo approximalely £750,000 at current funding levels. The Truslees plan lo build this reserve progressively, at the rate of one month ol ILJnding (approximately £250,(X)01 ltsr èach y88r of OTaIlon bèginning in 2026, so that thè full tar9Èt r6sèrv6 is in place by the end of 2028. To support this build-up, the TnJsie&s are budgets.ng lor annual expènditurè to remain below the level of committed annual funding, 1h the Su1n9 annual suwus applied to reserves. Free reserves at 31 December 2025, after excluding amounts bed up in tangible fixed assets and the lon9-lem) building deposit, were £216.210. This position reflects Ihe Charity's establishment phase and is consistent with the planned build-up of reserves. In the meantime. the Charily's going concem position is supported by confimed continuing financial support from the Karnel Lazaar Foundalion, as set out in nole 1.3 to the financial staternents. M8jorrAsks The Trustees are reSponsie for ensuring ihat appropriate systems ol risk management and intemal control are in pla. Kgy risks include financial sustainabilty, reliance on a principal fundgr, opgrational c8pacity and governance, including the manag8rnent of conflicts of interest aiising from th8 Charivs dose r8lationship its founder. Thes8 risks are reviewed regulady by the Board, with appropnate controls in place. including the funding confirmation described in the finanaal review, a register of InteSts and the conflict of interest prOdureS described under 'Relationship wth lated parties, below.
IBRAAZ TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Plans for future periods While this Report covers the period to 31 December 2025. activity in eady 2026 has continued this trajeciory. In th8 first quarter of 2026, Ibraaz presented.. The condusion ol Parfiament ol Ghosts by Ibrahim Mahama Cosmic Breath. a sound installation by Joe Namy Stolen Past, an exhibition by Hrair Sathissian Alongside th858 exhibitions, the organisation rx)ntinu8d its progrdmm8 of talks. $¢r88nings and liv8 8v8nts Looking ahèad, Ibraaz will.. Conts'nue to develop its editorial and publishing Programme Expand its exhibibons and ptjblic ev8nts Design and open to the public the 3rd floor Musalla, a dedicated space for neCtiOn and spiritual practice Build long-tem partnerships and collaborations Further develop i¢8 digrtal plafform as a public re50urc* Integrate the Ibraaz 1.0 pUlshing archive 12011-2018> into lh& current Website. making previously cornrnissioned material publicly accessible Establish a board tsf 9UeSt eontributing edilors to oxlend ediknal rga¢h o¢ro$s th& Global Majority
IBRAAZ TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Structure. governance and management Ibraaz is a Charitable Incorporated Organisabcffj ICIOI govemed by a (onstilulion adopted on 2 Decernber 2024 las arnended on 15 Decernber 20251. Structure and Mana98ment The Charity is govemed by Its Board of Tnjstees. vtho are reSpSIb for its strategic direction and oveislght. The Trustees meet gUladY to review programme delivery. finatKial perfom)ance and organisational development, with a minimum offour meetings held each year. Day-to-day operations are managed by the executive leam, supported by extemal o)Ilaborators where appropriate. The Trustegs who servgd during the year and up lo the date of sign8ture of the fin8na81 stslements were.. Mr M Hedegaard (Appointed 18 June 20251 MrA Munir (Appointed 2 December 20241 Mr K Lazaar (Appointed 2 December 20241 MS L Lazaar (Appoinled 2 0mbr 2024 an(1 ffj$igned 18 June 20251 Recruilmont and appoinlm6nt of Trusteas Trustees are appoinled in accordance wlh Ihe provi5iMS Strt out in the Charity's goveming docurnenl. The Board identifies and appoints new Truslees b8sed on the skills. eXrIenCe and experti59 required Its Support the Charity's a¢tivities. Organisational structur8 The Chadly is administered by th¢ Board ol Tnjsleès. which megts regularty to d&t&mine strategy, monitor Performance and ensure complianc6 with the Charity's goveming document and regulatory obllgatlons. Responsibility for the day.tdaY management is delegaled lo the senior management leam which is set out below. Induction and training ol Tnjstees Naw Trust8ès ar8 provid811 with an induction covèring Ihè Chariltys activits8s. thmu9h.. A review of govemance arrangements as set out in the goveming document. recent minutes and financial records Meetirig3 with key slaff to understand operations Trusless ar$ tsncouraged to maintsin an appropnate urbderstanding of th¥ir duti¢s and th¥ Charity's work on an ongoing basis through attandancè at sèminats and wèbinars. Remuneration polKy The Trustees consider the Board of Trustees and senior management team {wmprising the Chief Executive Officer, the Chief Operating 8nd Fin8nce Officer and th8 8Ctor ol Programm8sI to compris8 the key man898rn8nt P8rsonnel of the Charity in charge ol dir8Cting and conlrollin9 the organisatson on a day-to-day basis. Trustees are not remunerated. The Chief Executive Officer also serves wiihout remuneration from the Charity, providing her services on a voluntsry basis. Any remLJneration for other key rnanagement personnel is reviewed and approved by the Trustees with reference to the reSnSIbIlItIeS of the role, the finanual posibon of the Charty and, where appropri8te, comparable sector benchmarks and against similar-sizèd organisations. to ensurè pay remains fair and cornpetitive.
IBRAAZ TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 R8lationshAP Wlth relatedparti85 The Charity was founded by the Kamel Lazaar Foundalion IKLFI. which during the peri{ funded a significant proportion of the Charty's activities. induding one-off eslablishment funding for the refurbishment and fit-out of the Morbrner Street premises. The Charity and the Foundation work collaboratively in pursuit of shared charitable obj8CtIV85. K8m81 L8Z8ar, a TnJste8 of the Charity, is the FOUrer and 8 Trustee of the Katnel L8Z88r Foundation, and Lina Lazaar, Chief Executive Officer of the Charity and a founding Trusiee of the Chanty until her iesignation from the Board on 18 June 2025, serves as Presidenl and CEO ol the Kamel Lazaar Foundation. Any potential conlliets ol interest a declared and approprialely managed by the Twslees in accordance with the Charity's constitution and conflict ol interest wocedures. with conflicted Trustees taking no part in decisions in which they have an interest. Details ol transactions with related parties are set out in note 17 to the financial ststements. ststoment of Trust•es' rgJpon¥iblllti•s The Trustees are responsible lor preparing Ihe Trustees. Reporl and Ihe financial statements in accordance with applicable law and United Kingdom Acc£wJnting Standards Iunited Kingdom Generally Accepted Accounting Practicel. The law applicable to chanties in Er4Jl8nd and Wales requires the Truslees lo prepare financial stalernents for each fin8n¢ial ygar which give a true and fair view of the state of affairs of Ihe Charity and of the incoming resources and application ol resour¢¥s ol the Charity for Ihai ytrai. Thè Trust68s arè rèsponsibl6 for the mainlènanca and Intrity ol thè charity and financial infomation includèd on the Charity's website. Legislation in the United Kingdom 9ovemiThJ the preparats'on and dissemination of financial statements may differ from18gislation in 0th8r jurisdictions. The Trustees are responsible for keepiThJ sufficient accounbng recLKds thal disdose wrth reasonable accuracy at any lirne the financial position of Ihe Charity and enable them to ensure tha¢ Ihe financial stalernen¢s comply with Ihe Charities Act 2011, Ihe Charity (Accounls arKI Reports) Regulabons 2008 and Ihe provisions of the trust dee¢J. They are 81s0 responsible for saleguarding the assels of lh¢ Charity and h¢n¢o lor taking w8sonabl8 steps for the prèvention an(J dètection of fraud and other IrrUlaritI*$. The Trustees are responsible for the maintenance and integrity ol the charity and financial infomation included on the Charity's website. Legislation in the United Kingdom govemitYJ the preparation and dissemination of financial statements may differ from legislation in other jurisdictiorts. Auditor Thomson Cooper were appointed as audilor of Ihe Charity and a resolu11 proposing thal Thomson Cooper be appointed as auditor of the Charity will be pul 81 a General Meeling. Diielosurè of iftfomation to auditor Each ol the Trustees has conf1mied tha¢ Ihere is infomialion ol vthich they a aware which is relevant to the audit. but of which the auditor is vnaware. They have further confirnied that they have laken appropriate steps to identify Such relevant inforrnation and to eslatAish Ihat the audrtor is aware of such informaD'on. The Trustees. report was approved by (he Board of Twsiees. Mr K Lazaar 13 July 2026
IBRAAZ INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF IBRAAZ Opinion We have audited the financial slaiements of Ibraaz Ilhe 'Charity'l for the year ended 31 Dember 2025 which comprise the statement of finanryal activities. the balance sheet. the statement of cash flows and note5 to the fin8ncial staternents, inrjuding signfficant accounbng policies. The financial reporting framework that has been 8ppli8d in their pr8paration is applicable law and United KIn10M Accounts'ng St8nd8rds, including Financi81 Reporting Standard 102 The Flnancial ReportAng Stèndanj èpplicable the UK and Republic of Ireland Iunlted Kingdom Generally Accepted Accounling Practice). In our opinion, the financial statements.. give a tru8 and fair view of the ststs of the Charity affairs 8S at 31 December 2025 and of its incorning restsurces and application of rèsources, lor the year Ihen ended- have been prop8rty prepared in aCClanCe wilh Unrted Kingdom Generalty Accepted Accounting Praclic8', and have b8en prèpared in accordancè wth lh& Charil*sAct 2011. Ba858 for oplnlon W$ condu¢t&d our audit in a¢cordan¢e with Intemational Standards on Auditing IUKI IISA$ IUKII and applicable law. Our rèsponsibilities undèr thosè standards arè furthèr dèscribed in Ihè Audilorfs r&sponSibilitS lor Éhè Budil of Ihe financial statem&nÈs section ol our reFxM. We are Independent of the Charity in accordance VAth the ethieal requirements that are relevanl to our audit ol Ihe financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical SpOnSIbl1111eS in accordance wth these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate to provide a basis lor our opinion. Emphasls of rnatter: First y•ar ol tradlng We draw attents'on lo Note 101 the financial stalem&nts. disdosas that thes8 ar& tho first financial stat8m8nts prepared by the charity since its incorporation on 2 December 2024. Consequently. no comparative figures lor the preceding period are presented. Our opinion is not modifd in respect ol this matter. Concluslons relatlng to golng concern In auditing the financial slalemenls, we have conduded that the Trustees. us6 of the going concern basis ol accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied. we have not idenl1rd any rnaterial uncertainties relating to events or conditions th81. individually or colleclively. may c8sI 5ignrficant doubl on Ihe Charity's abilily to continue as a going concern for 8 period ol at le8SI twelve months from when the firban¢ial statements ar& authorised for issu?. Our resptsnsibilitiès and the responsibilths of th& TnJste&s wth r&sp6Ct to going concem are deseribad In the relevant sectsons of this report. Other Infomiatlon The other inforrn8tion cornpris8S the information included in th8 annual report other than the financial st8tem8nt5 and our auditorfs report thèreon. The Trustees are responsiblè for the other infomiation contained within the annual rewrt. Our opinion on the finanaal statements does not cover the other infomation and we do not express any form of assuran conclusion thereon. Our SponsIbl11ty is io read the other infomation and, in doing so, consider whether the other information is rnaterially inconsislenl with the financial ststemenls or our knowledge obtained in the course of the audit. or otherwise appears ¢0 be materially misslated. If we identify such material inconsistencies or apparent material misstatements, we are requireil to deterrnine whether this gives rise to a material rnisstaternent in the financial statements themse&5. If, bas8d on the work w8 have performed, we tx)ncJud8 that ther8 is 8 material rnisstaternent of this other inforTnalion, we are required to report that fact. We have nothing to port in this ward.
IBRAAZ INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF IBRAAZ Matters on which we are required to report by exception We have nothing to reF¥)rt in respect ol the following malters in la110n to which the Charities IAc£ounts and Reports) Regulations 2008 requires us to reFX)rt lo you if. in our opinion.. the inlom)ation given in the financial statements is inconsistent in any mateiial respect with the Trustees, report., or suffiaent accoLJnting records hav8 not b88n kept. or the financial statements are not in agreement with the accounting records.. or W8 have not r8C8iV8d all th8 inforrnation and 8xplanations w8 r8quir8 for our audit. R•sponslbllltl•s of Trusto•s A5 explained more fully in the ststemenl of Twstees. respsIbilities. the Trustees are responsible for the pr8p8ration of the financi81 stat8m8nts and for b8ing satisfi8d thal they givg a Inje and fair vi8w, and for such int8rn81 control a5 the Trust88s d8t8rming is n8cessary to enable the preparation of fin8nc181 stat81n8nls that ar8 free from material misstalemenl. whether due to Iraud or error. In prepanng the financial stalementg, the Trustees are responsible lor assessing the Charity's abilily lo continu& as a going concem. disdosing, as applicable. matters related to going concern and using the going concem basis of accounting unless the Trustees either intend to cease operats'ons. or have no realistic altemalive bul to do so. Auditorfs responsibilities for the audit of th• financial stst•m•nts Wa hava bèan appointed as auditor und•r s•clion 144 01 the chanb.es Act 2011 and rèport in accordanc8 with th Act and relevant regulations made or having &ffect th&reunder. Our objectives are to obtain reasonable assurance aboul whether the financial slatements as a whole are free from material mi5s181ement, whether due to fraud or error, and lo issue an 8udilorfs report Ihal includes our opinion. Reasonable assurance is a high level of assurance bul is nol a guarantee that an audit wndLJcled in accordance with ISAS IUKI will always d$l$cl 8 mat$iial misstatement when it 8xisi$. Misstatements ¢&n arise from fraud or èrror and ar8 considèrtsd material il, individually of in thè aggwate, thèy could rèasonably bè èxpècted to influancè the economlc decislons of us6rs taken on th& basis ol these financial statsments. The extent to which our procedures are capable of detectiThJ irregularities, induding fraud, is detaised below. Extont to whlch the audbt was con8ld•red capabh of detectlng Ir•gularltles. Includlng fraud We Considered the opportunrties and incentives that may exist wthin the organisats.on for fraud and identified the greatest potential for fraud in the following areas". existence and ts.ming of recognition of grant income and the posting ol transactions to the correct funds. We discussed these risks wtth management, designed audit procedu$ lo lesl the liming and existen of donat*Jns and grant Income. including reviewing of grant papetwork and terms and conditions. reviewing Ihe allocalion of costs againsl Ihe wrrecl funding and reviewed areas of judgement lor indicaiors ol managemenl bias. We id8ntif18d areas of 18Ws and regulations that coukl reason8bly 8xp8Cted to hav8 8 material effect on th8 financial stat8rnents from our sector experiere through discussion wth the offic8ts and 0th8r management la5 required by the audn9 standards). We focused on specffic laws and regulations which may have a direct material effect on the finanoal statements or operation of the chaiity. Iuding the Charities Act 2011. We assessed the extent of Complian of the laws and regulaiions identified atxjve by inspecting any legal correspondence and making enquiries of managemenl. W8 revi8w8d the laws and regulatiS in 8r8as that diredly gffed the finanual stat8m8nts induding fin8nci818nd taxation legislation and considered the extent of compliance wth those laws and regulations as part of our protsdures on the related finanaal statement items. 10-
IBRAAZ INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF IBRAAZ With the exception of any known or possibl8 r-COrnpllar£ with relevant and significant law5 and regulation5, and as required by the auditing standards, our work in respect of Ihese was lirnited to enquiry ol the offieers and management of the company. We communicated identified laws and regulations throughoul our ieam and mained alert to any indications of non- compliance throughoul the audil. However. the primary responsibility for the prevention and detection ol fraud r8Sts with the trustees. To address the risk of fraud we identified intem81 controls established to identy'fy risk. performed analytical procedures to identify unusual m¢)vements. assgssed any judgements and aSSLJmptions tnadg in d8t8rrnining accounting estimates, reviewed journal entries lor unusual transactions and id8ntified r81ated parti8$. Owing lo the inherent limitations ol an audit, there is an tsnavoidable risk thal we may not have detected some material misstatements in the finanaal statements. even though we have propedy planned and performed our audit in accordance with auditing standards. We a not resFM)nsible for preventing non•compliance and cannot be expected to detect non-compliance with all laws and regulations. These inherent limitations are partictrlarfy significanl in the case of misstattrmenl resulb'ng from fraud as this may involv8 sophislicaled sth8rnes d8sign8d to avoid dèt8ction. induding deliberate 18ilur& to rècord transactions, collusion or thè provision ol intentional misr6prèsenlalions. A further description of our responsibilib'es is availab18 on the FinancA81 Reporbng Council's website at.. http5.'11 www.frc.org.uklauditorsre5ponsibilities. This description forms part of our auditorfs report. Oth•r mattors Your attèntion is drawn to thé laet that thè Charity has pr8parèd finan<ial statèmènts in 8ceordancè with 'Aceounting 8nd Rèporting by Charitiès". Slalèm8nt of R8commènd8d Pfactth applicablè to eharits8s preparing thèir accounts in accordance with the Financial Reporting Standard applica6 In the UK and Republic of Ireland IFRS 1021" las amended) in preference to the Accounting and Reporting by Charib"&s." Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations bul has now been wthdrawn. This has been done in order for the financial slalernenis to provide a inje and fair view in accordance with current Generally Accepted A¢¢ounting Pra*¢. Usè of our r•ptsrt This report is made solely to the Charity's Trustees. as a body. in accordance with Part 4 of the Charities IAccountS and Reports) Regulations 2008. Our audil work has been undertaken so Ihal we might state lo Ihe Charity'5 Trustees those rnatters we are required lo slale to Ihern in an audiior's pOrt and for no olher purpose. To the lulle5t extent perrnitted by law, we do not 9¢pl or assume responsibility lo anyone gther than the Charity 8nd the Charity's trustsgs a$ a body, lor our 8udil work. for thi$ r¥wl, ¢y for Iho opinions wg havg fomed. Flona Haro (Senlor Statutory Audltorl For and on behalf of Thomson Cooper, Statutory Auditor Dunfermline Date.. 13-07-26 Thomson Cooper is eligible for appointment 8s auditor of th8 Charity by wrtu8 of its eligibilty for appointment 85 auditor of a cornpany under secbI 1212 of Cornpani&sAct 20(K. 11
IBRAAZ STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEAIBER 2025 UnMstrlet•d fijnds 2025 Notg Income and endowments from.. Donations and legacies Charitable acts"vits"a$ Other income 3,752,338 7,266 124,502 To¢al Incomo 3,884,106 Exp8ndlture on-. Charitable activities 2,116,232 Total oxp•ndltur• 2,116,232 N•t Ineom• 1,767,874 N•t mov•m¥nt In fund¥ 1,767,874 R•conclllatlon of funds: Fund balanc•s al 31 O•C•Mr 202S 1,767,874 The 5tstement of financi81 activilies in¢lud&s all gain$ and losses recJ)gnised in the y$ar. All incomo and expenditure dorivo from Continuing activitio$. 12
IBRAAZ BALANCE SHEET AS AT 31 DECEMBER 2025 2025 Notes Flx•d assèts Tangible assets 10 1,131.664 Currgnt 0$sots Debtors Cash at bank and in hand 11 811,208 100,008 911,216 1275,0061 Credhors: amounts falllng due within one year 13 Net curren¢ assets 636,210 Total assets l•s• currgnt Ilabllltl?¥ 1,767,874 Tho fund8 of tho Charlty Unresiri¢tgd funds 9on$ral Unrestricted funds . designated fund 15 216,210 1,551,664 1,767,874 The financial statements were approved by Ihe Trustees on 13 July 2026 Mr M Hedegaard MrA Munir 13-
IBRAAZ STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025 2025 Notes Cash flows from operating a1VItI Cash generated from operations 19 1,263,591 Investlng actlvltles Purchase of tangib18 fixad assets 11.188,0551 N•t eash us•d In Inv•stlng aetlvltlès 11,188,055) Flnanclng actlvltle8 Proceeds from borrowings 24,472 Not ¢•sh 9¢n¥r•t•d from finonclng •ctl¥ltl¢s 24,472 N•t Inerèasè In eash and cash •qulv•l•nts 100,008 Cash and cash equlvalents at beginning of year Cash and cash •qulvahnts at •nd ol y•ar 100,008 14
IBRAAZ NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting policies Charlty InformaUon Ibraaz is a Charitsble In¢orwated Organisation in England and Wales. Th8 registered office is 93 Morbmer Street, London, W1W 7SS. 1.1 Reporting period This is the first period ol account and no comparats'ves are presented. 1.2 Ba$1$ of Preparation The financial slalemenls have been prepared in acLordance wth the Charitys goveming doojment. the Charities Act 2011. FRS 102 yhe Financial Rep)rting Slandard applicable in the UK and Republic ol Ireland. and the Charits'es SORP 'Accounting and Rep)rting by Charities.. Ststernent of Recommended Practice applicable to charities preparing their accounts in &crdanCe with the Financial Reporting Standard applicable in Ihe UK and Republic ol Ireland IFRS 1021". The Charity is a Public Benefit Ents'ly as defined by FRS 102. The financial stat8ments arè prèpared in stèrfing, which is the functional ¢urr&n¢y ol the Charty. Monetary amounts in these finanual statemènts are r(wJnded lo the n&arest £. The finanual statements have been prepared under ihe hIStlc81 rmt o)nvention. The principal accounting poIicAes adopted are set out below. 1.3 Golng concern At the Ilm• of approving th• financial statéments. th• Trust8as ha a raasonabl8 •x¢tatIon that th6 Charity has adequate resources lo continue in operational existence a period ol least 12 months from the dale ol signing. The Trustees recognise ¢hat the charily relies on continual financial support to meet its obligations. The Charit18 primary lunder, Kamel Laz88r Fwndalion has wnfirmed (x)ntinued financial 8ssiStan to 31 DgeÈmb&r 2030. Th8 Trusteès hav8 rèvièwèd the l(xéeASts and thè fomial lunding confimi3ts.on and havè a raasonabla expectation that the Charity has adaquatè rasourc•s to conts.nua its 8cts"vits"as. Thus thè Trustaas continue to adopt the going concem basis ol accountsng in preparing the financial statem&nts. 1.4 Charltable fund$ UnStricted funds are available lor use al the discretion ol the Trustees in hjrtherance of their charitable objective3. Restricted funds are subject to speufic condttions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the teS to the finanaal statements. Endowment funds artr subject to speufie (x)ndikn"ons by donors that the caprtal must bè maintained by the Charity. 1.5 Income Income is recognised when the Charily is legally eniiued to it after any perfomiance conditions have been met, the amounts can be n)easured reliabty. and rt is probable that ino)me wll be received. Cash donations are recognised on receipl. Other donalnS a recognised once the Charty has been notified ol the donation. unless perfomance 0)ndit$ wuire deferral of the amounl. Income tax recoverable in lation to donations received under Gfft Aid or deeds of covenant is reo)gnised at the time of the donation. Legacies are recognised on reIpt or othetwise if the Charity has been notffied of an impending distribution, the amount Is known. and receipl is exFected. 11 the amount is not known, the legacy is treated as a contingent asset. 15-
IBRAAZ NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Aecountlng pollel•s Icontlnuèdl Income from grants is recognised in Ihe Statement of Financial Acbvilies ISOFAI when the Charity has entitlernent to the funds. any performance conditions attached to the grants have been met. it is probable that the incorne will be received, 8nd th8 arnount can b8 m8asur8d reliaNy. For grants with no perfomiance-related conditions or specrfic milestones attached income is reeognized in full as soon as the lorrnal letter of award is received from the funder.and the income is classified as unreslricled income unless the funder has expliciuy reslricted the funds for a specific geographic area or charitable project, in which case it is recognized as r8Stricled ino)me upon receipl. 1.6 Expendltur• Expenditure is rgcognised once there is a 18g81 or ryYbStru¢tive oblig81ion to tr8nsfer economic b8nefil to third party, it is probable that a transfer of economic beneffts will be required in settlement, and the amount ol the obligaiion Can be mèasured reliably. Expenditure is classified by activity. Th6 costs of each activity are mad8 up ol the total of direct costs and shared costs. including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly to thal actsvity. Shared costs which contribute to rnore than one activity and support costs which are nol attribulable ¢0 a single aclivity are apporboned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on Ihe b8si8 of ts'me Spent, and deprt¢l8ts'¢n Charges are allocated on Ihe kxjrtion of Ihe assei's use. 1.7 Tanglble flxed assets Tangible fixed assets are initially mèasur8d at cost aThJ subsaqu8ndy maasured at Cost or vBluatlon, nel ol dèpraciats'on and any impaimient Ioss8S. D$pre¢iation is re¢ognised $0 as to wrile off the cosl or v8lu81ion ol a$ts l¥$$ Ihtrir ro$idu81 values over Ihtrir usgful liv9$ on the following ba$&$.' Leasehold irnprovernen Fixtures and fittings Computers Technical Enhancements 10% Slraigh¢ Line 20% Straight Line 33.3% Slraighl Line 10% SITaht Line Th8 gain or ltsss arising on thè disFx)sal of an assèt is d818miin•d as thè dillèrèncè bètwèan th• sala procaèds and the earrying value of th& at, and is recognised in the statement of financial activities. 1.8 Impalrment of fixed assets Al each reporting end date. the Charity reviews ihe carying amounts of its tsngible assets lo determine whether there is any indi¢alion Ihat those assets have suffered an irnpaimienl loss. 11 any such indication exisls. the recoverable amounl ol Ihe assel is estimaled in order to delemiine the extent of the impairmen¢ loss lif any). 1.9 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deFM)siis held at call with banks, tsther short-tem liquid investments with onginal maturities of three nM)nths or less. arn1 bank overdrafts. Bank overdrafts are shown wrthin borrowings in current liabilities. 16-
IBRAAZ NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Aecountlng polkl•s Icontlnuèdl 1.10 Financiol instruments The Charity has elected lo apply the provisions of sect 11 '8asic Finanaal Instruments, and Section 12 'Olher Financial Instruments Issues. ol FRS 102 lo all ol its finanaal instruments. Financial instruments are recognised in the Charitys balgnce sheet when the Charity becomes party to the Contractual provisions of the instrument. Flnancial assets and liabilities a offset. with lh net amounts presented in th$ financial statemènts, when the is a legally enforceable right to set off the recognised amounts and there is an intention to setlè on 3 net basis or to realise the asset and settle the liability simultaneously. Baslc flnanclal assets 88$ic financial ass81S, which indude debttys and $h and bank balances, are initially m$a$ur8d al transaction pricé induding transadion costs and are subwuèntly carried at amortised eost using the effeeliv interest method unless the arrangement conslitules a finanung transaction, where the transaction is measured at the present value ol the future receipts discounled at a market rale of interest. Financial assets classified as receivable wilhin one year a Th)t anKwtised. 84slc flnanclal Ilabllltles Basic financial liabililies, Including creditors and bank loans af8 inltially r8cognls8d 8t transactlon prica unless the arrangement constitutes a financing transaction. where the detst instrument is measured al the present value ol the future payrnents discounled at a mafkel rate of inleresl. FinancAal liabilities classified as payable within one year are not amortised. Debt in¥lrument$ artr $ubsequenUy Carried 8t amorbsed ¢o$l. ung the ellective intere$1 rattr mtrthod. Trad8 erèdltors ar8 019ationS to pay for gc$ or sgrvices that hav8 baan acqulrad In thè ordlnary coursa ol operations from suppliers. Amounts payable are dassified as ojrrenl liabilities rf payment is dua within ona year or less. 11 not, they a presented as non-current liabilitses. Trade cre(Jilors are recognised initially at transaction price and subsequenuy measured al amoriised cost using the effeclive interest method. Derocognltlon of financlal Ilabllltles Financial liabilitiès ar6 darècognised whan th8 Charity's contractual obligatwjns 8x'r& or arè discharg8d or cancelled. 1.11 Employee n•t$ The cost of any unus8(I holiday én11&m•nt is rtseoynis in thè wi(yJ in whith the amployee's servicès are received. Termination benefits are recognised immediatety as an expense when the Charity is deMonStraY committed to terrninate the employmenl of an employee or to prov*Je leination benefits. 1.12 Retirement benefits Payments to defined contribution reb'rent benefft schemes are charged as an expensè as they fall duè. 1.13 Leases Rgntals payablè under operth.ng le85es, induding any 18as8 incentNgs r8cewgd, grtr charged as an gXP8nse on a straight line basis over the term of the relevant lease. Transactions in foreign currenaes a translaled into Steding (£1 at ihe exchange rate on Ihe date of the transaction. Al the balance sheet dale bank balances and cash held in foreign currencies a translated using the closing exchange rate on that day.Exchange gains and losses arising from translation or setuement are cognised immediately in the Statement of Financial Activities. 17-
IBRAAZ NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Income from donations and legacie5 Unr•strlet•d fijnds 2025 Donations and gifts Grants 444,218 3,308,120 3,752,338 Income from charltabl• xtSvltles UnMstrlet•d funds 2025 Coffee shop rental 7,266 (Xhor Incom• Unrestrf¢ted nds 2025 Museums and Galleries Exhih'l*Jn Tax Reliel 124,502 18-
IBRAAZ NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Expenditure on charitable activities Support costs 2025 Dlrect costs Staff costs Exhibititsnlevènt cosls Building costs Consultants Advertising and marketing Running costs Stsff costs Website 139.231 389,695 729.218 360,186 18,192 100,019 3,984 41,010 1,781,535 Share of Support and governance costs IM• not• 6) Support Governance 174,795 159,902 2,116,232 Support costs allocated to actlvlll•• Support C08t8 2025 Stsff ¢osts Depreciation Bank charges Accountancy fee5 Govemance 84,209 56,391 15,741 18,454 159,902 334,697 2025 Governance costs comprtse: Audit fees Accountancy Leg81 and profe$5ional Professional services 12,000 16,800 49,542 81,560 159,902 I support costs are allocated on a direci basis. 19-
IBRAAZ NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Trustees None ol the Trustees lor any persons connected wrth Iheml received any remunerab.on or benefits from the Chanty during the year. EMOYeeS The average monthly number of employees during the year was- 2025 Numbgr Em0Yrn0nf costs 2025 Wages and salaries Social $e¢urily costs Other pension costs 192,367 24,671 6,402 223,440 Th8r8 w8r8 no amploy•es annual r8mun8ralion was mor8 than £60,CK)O. Remuneratlon of key management personnel Th6 r8mun6ration of kèy managemént personnel w¥$ a$ follows: 2025 Aggregat& compensation 120,321 The Key managemÈnt Pèrsonnel ¢onsist8d of Thè Dirèctor of Pwramme Cty)tent, Dire¢tor ol Finance antJ Operations and for part of thè yèar tha Diractor of 0parati)s. Taxatlon The Charity is exempl from taxation on its acliwlies because all ils income is applied for charitable purposes. 20-
IBRAAZ NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 10 Tangible fixed a5S8t5 Lo¥¥ohold Flxtures and CompLrt•w8 Improvom•nts frtting$ To¢hnical EnhanG0mfjnt¥ Tothi Cost Additions 808.660 99,683 18.323 461,389 1,188,055 At 31 December 2025 808.660 99,683 18.323 461,389 1,188,055 Oepreclatlon and Impalmient D8pr8ciation charged in th8 year 28,157 9,679 2,347 16,208 56,391 Al 31 DMbr 2025 28,157 9,679 2.347 16,208 56,391 Carrylng afflount At 310ecember 2025 $80,503 9).004 15,976 445,181 1,131,664 11 O•btors 2025 Amount8 falllng du• wlthln on• y•ar: Trade debtor Other debtors Prepaymenls and accrued income 3,658 84,589 302,961 391,208 2025 Amount* falllng duè aft•r mor• than on• y•ar: Other debtors 420,000 Total debtorn 811,208 12 Loans and overdrafts 2025 Ltydns from related parties 24,472 Payable within one year 24,472 21
IBRAAZ NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 13 Creditor5= amounts falling due within one year 2025 8orrowings Other taxats'on and social security Trade creditors Other creditors Accruals and deferred income 24,472 15,180 111,188 2,055 122.111 275.006 14 R•tlr•m•nt b•n•fit sch•m•s 2025 O•fln•d contrlbutlon sch•m•8 Charge to profil or loss in resp8cI of defined contribution schemes 6,402 The Charity operates a defined conlributKn pension scheme for all qualifying employees. Th8 assets of the scheme are held separately from Ihose ol the Charity in an independenuy administered fund. 15 Unr•strfcted funds The unrestricted funds of the Charity comprise Ihe unexpended b8lance5 of donation5 and grants which are not Subject 10 Splf1¢ condiD'ons by don(xs and gr8nlors as lo how they may be used. These indude dgsignated lunfjs whi¢h havg betrn a$ifJ¥ out of unwtri¢t¢d fund$ by Ihe fru$ts¥s lor specifi¢ purpo$s. Ineomlng r•soure•s R•soure•s •xp•nd•d Tran8f•rs At31 O•c•mb8r 2025 General funds Fixed A5sel Fund 3,884,106 {2.116.2321 11.S51,6641 1.551.664 216,210 1,551,664 3,884.106 {2.116,2321 1,767,874 Flxed Asset Fund This fund has been designaled by the Trustees to be equal to expenditure made less depreciation provided on fixed asset and rent dewsit held. 22-
IBRAAZ NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 16 Analysis of net assets b8tW8en lund5 Unrestri¢ted Unrestricted funds funds genero1 designated fund 2025 Totsl 2025 2025 At 31 December 2025: Tangible assets Current assetsllliabilib'esl 1,131,664 420.000 1,131,664 636,210 216.210 216,210 1.551,664 1,767,874 17 Optratlng l•ai• eommltm•nts Léss•• At the reporting end date the Charity had wtslanding commrtments for fvture minimum lea8e payrnents under non-c8ncell8ble oper81ing le85es, whith f811 due 8$ follows.. 2025 Within one year 88tw6en two and fiva years In over live years 550,000 2,200,000 109,375 2,859,375 18 Related party transactlon• During the perio¢J ende(131 December 2025, the Charity received an unrestricted grant of £3,308,120 from the Kamel L88zar Foundalitsn. Al the year end, £48.120 relating io this granl was outstanding and induded within d8btors. During the period, the Charity received a loan of £24,472 Irom a company in one of the Trustees is also a director. The loan is InteSt-tree, unsecured, and is repayable after the year end. The balance outstanding al 31 Dember 2025 was £24.472. The Trustee concemed look no part in the decision-making process lating to Ihis transaction and received no personal benefil. 23-
IBRAAZ NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 19 Cash generated from operations 2025 Surplus for the year 1.767,874 Adju5tment5 for= Depreciation and impainnent ol tangible fixed assets 56,391 Movements in working capital: Ilncreasel in debtors Increase in creditors 1811,2081 250,534 C¥sh ggnerated from opgrotlons 1,263,591 24-
IBRAAZ 93 Mortimer Street. London,W1W7SS United Kingdom Thomson Cooper Statutory Auditors 3 Castle Court Carnegie Campus Dunf8rmlin8 Fif8 KY118PB D88r Sirs, This rgpr88entation letter is provided in ConntIon th your audit of the lin8n¢ial stat8m8nt3 of Ibr88z for the ye8r ended 31 December 2025 for the purp03e of expressing an opinion 88 to whether the finencial statements give 8 true 8nd fair view of the financial position of Ibr8az 88 of 31 December 2025 8nd of the results of ils operaiions for ihe year then ended in 8ccordance with Uniied Kingdom Gen8rally Accepted Accounting Practice. We acknowledge and fullil our responsibility for the lair presentation of th8 accounts in accordance with United Kingdom Generally Accepted Accounting Pr8¢tice. We confirm to the best of our knowledge and beliet. the following repre3entations'. G•n•ral We acknow18dge and fulfil as the Trustees of the ch8rity our responsibilities under the Charities Act 2011 for prep8ringfin8nci81 statements which give a true and fair view in 8ccordance with the 8ppli¢8ble Charity SORP IFRS10218nd for making 8ccur8te represent8tions to you. All the accounting records have been made available io you for ihe purpose of your audit and all the transactions undertaken by the charity have been properly reflected and recorded in the accounting records. All other records and related inlormation. Including Minute5 of Trustee meetings, have been made available toyou. Golng Concern We believe thai the charity's financial statements shoul¢J be prepared on a going concern basis on the groundsthet current and luture source5 of fundingwill be more than adequate for the charity's needs We have considered a period of twelve months from the date of 8pproval of the fin8ncial statements. We believe that sullicient di5cLosure relating to the charity's ability to continue a5 going concern has been mad8 in the financial statements. Cb•vtlv 12113Q)
Loans and arrangements Thecharity has not had. oreniered into. at anytime duringthe period anyarrangement. transaction or agreement to provide ¢redii fa¢ilitie$ lin¢ludingioans. quasi ioansorcredit transactions) for tho Trusiees or io guarantee 01 provide security for such matters. Transactions with r•L8ted partlas We have made avai18ble to you all relevant infomiation concerning relatgd party transactions and are not aware of any other matters or transaciions. which require disclosur8 in order to comply Wllh the requirement of the FRS 102. We confirm ihe disclosure in thè financial siaiemenis is Correct. as far as we are aware. L8wand ragulatlon$ We are not aware of any irregvl8ritie8 involwn8 the Tru8tee8 or employ88s of the charity.. nor are we aware ol any breaches or possible breaches of staruie, regulations. contracts or agreemenis which might prejudice the going concern siatus or that might rèsull in tho charity suffering sigriificant penalties or other 105s. No allegations of such irregularities or such breach85 have ome to our notlC8. Fraud We acknowledge and fulfil our iasponsibility for the design and implementation ol internal eonirols and procèdures to prevent and detect fraud. We have disclosed to you any actual or SU5pect8d fraud involving the Trustees, employees Wlth significant roles in internal controls, and 811 instances wher8 the fr&ud eould have 4 m#terial eff8Ct on the fin8nei&l $tat8ments. Po8t-baLan¢• sh••t entS There have been no events since the b818nce Sheet date which nece991tate revlslon of the figures Ineludad in the finsncial Statements or inclusion of a note thorato. Gr£nts and Donatlons All grants. donations and oiher income, the receipt of which is subject to specific terms or conditions, hove been noiilied toyou. There have been no breaches ol terms or conditions during this period in the spptscation ot sueh income. Re8trlctadlUnr•stricted Funds We confirm that all Income and expenditure in theyear is unrestricted fun(Js is in accordance with conditions imposed by lunders &nd thattheyare coirectly disclosed within the accounts. Ck•rfty IBWZ Cknvkn N•mbtr 1211 en411PEbraaZ.(¥rf
10. Museums. Galleries and ExhibrlionsTax Relietciaims We confirm that we have engaged you to prepare the Museums and Galleries Exhibition Tax Relief IMGETRI ¢iaim. While you have ¢al¢ulated ihe claim. Ihe ultimate responsibilityfor its a¢cura¢y resis with the company's directors. We have reviewed and approved the linal core expenditure schedules and the digit31 HMRC submission pr8P8red on our b8half. We confirm th8t all source data provided to you is comp18t8, thatthe cost$ m88tihe statutory d8finiiions of 81igible core 8XP8ndiiure. and that the axhibiiion complies with all necessary UKiax relief condiiion8. Yours faithfully Mich881 Hedeg88rd Trust¢9 13July 2026 Ck•rfty IBWZ Cknvkn 1211 enqviTieF@¥braaz.(