The Annabel Arbib Foundation Annual Report and Financial Statements 5 April 2025 Charity Registration Number 296358
Contents Reports Reference and administrative information Trustees, report Independent 8udilor's report Financial statements Statement of financial activities 2025 ststemenl of financial activities 2024 11 Balance sheet 13 ststemenl of cash flows 14 Principal accounting policies 15 Notes lo the financial statements 18 The Annabel Arbib Foundation
Reference and administrative information Trustoes Mrs Annabel Nicoll Mr Patrick Nicoll Miss Phoebe Nicoll Mr Sam Nicoll Mr Rory Nicoll Registered office 61 Grosvenor Street London W1K3JE Charity registration number 296358 Auditor Bright Grahame Murray Emperor's Gate 3rd Floor, 114a Cromwell Road Kensington London SW7 4AG Bankers C Hoare & Co 37 Fleet Street London EC4P 4DQ Citibank N.A. Citigroup Centre Canada Square Canary Wharf London, E14 5LB Solicitors Wilsons 4 Lincoln's Inn Fields London WC2A 3AA The Annabel Arbib Foundation
Trustees, report Year ended 5 April 2025 The trustees present their ststulory report together with the financial statements of The Annabel Arbib Foundation for the year ended 5 April 2025. This report has been prepared in accordance with Part Vlll of the Charities Act 2011. The financial statements have been prepared in accordance with the accounting policies set out on pages 15 to 17 of the allached financial statements and comply with the charity's trust deed. applicable laws and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 1021. GOVERNANCE, STRUCTURE AND MANAGEMENT Constitution The Annabel Arbib FoLJndation is an unincorporated charity governed by a trust deed dated 27 February 1987 and is registered under the Charities Act 2011, Charity Registration Number 296358. Trustees The names of the Iruslees al the dale of this report are set out as part of the reference and adminislralive information on page 1 of these Annual ReF)Ort and Financial Statements. The trust deed requires a minimum of two trustees and a maximum of seven. Trustees may copl any person duly qualified lo fill a vacancy in their number or as an additional trustee. Decisions on investments and donations are taken by all trustees. Trustees. responsibilities statement The charity's Iruslees are responsible for preparing the annual port and financial ststemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi}- The law applicable lo charities in England and Wales requires the trustees lo prepare financial statements for each financial period, which give a true and fair view of the slate of affairs of The Annabel Artiib Foundation and of ils income and expenditure for that period. In preparing these financial ststemenls, the Iruslees are required lo.. select suitable accounting policies and then apply them consistently., observe the methods and principles in Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their financial stslements in accordance with the Financial Reporting Standard applicable lo the United Kingdom and Republic of Ireland IFRS 1021., make judgements and estimates that are reasonable and prudent., state whether applicable UK accounting standards have been followed, subject lo any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the charity will continue in operation. The Annabel Arbib Foundation 2
Trustees, report Year ended 5 April 2025 GOVERNANCE, STRUCTURE AND MANAGEMENT Icontinuedl Trustees. responsibilities statement (continued} The Iruslees are responsible for maintaining proper accounting records which disclose with reasonable accLJracy at any time the financial position of the charity and which enable them lo ensure that the financial stslemenls comply with the Charities Ad 2006, applicable Charity {Accounts and Reports) Regulations and the provisions of the trust deed. The trustees are also resFionsible for safeguarding the assets of the charity and hènce for taking reasonable steps for the prevention and detection of fraud and other irregularities. Risk management The Iruslees have identified the major risks lo which the charity is exposed and remain confident that they have in place systems and procedures lo miligale the risks. They feel that the main risk to which the charity is exposed is the protection of assets and income. The income of the charty is mainly derived from the portfolio of investments held within the charity. The trustees monitor the performance of the investments and regularly review their investment policy, and regularly consider the investment yields and capital growth. Kgy managgment Pgr$onng1 The trustees are the key management and have not al any lime received any remuneration for their services. Fund raising The charity does not fundraise directly with individuals and therefore is not registered with the Fundraising Regulator. If donations from individuals are received the charity aims to protect personal data and never sells data or swaps data with other organisations. The Annabel Arbib Foundation 3
Trustees, report Year ended 5 April 2025 OBJECTIVES. ACTIVITIES AND RELEVANT POLICIES Charitable objectives and activities As per the trust deed, the charity exists for general charitsble purposes at the Trustees, discretion, with a specific power lo support educational initiatives, including the establishment or Maintenan of a public museum in the Thames Valley area focused on the history, geography, and ecology of the Thames Valley and River Thames. The Iruslees have absolute discretion lo make charitable donations out of income and capital as they see fit. The Annabel Arbib Foundation holds the important role of being the sponsor of The Arbib Education Trust (formerly The Langley Academy} which comprises The Langley Academy, The Langley Heritage Primary Ifomerly Parlaunt Park Primary Academy) and The Langley Academy Primary. All are exempt charities providing education for pupils of all abilities between the ages of 4 years lo 19 years of age. The trustees confirm that they have referred lo the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and selling the grant making policy for the year. Whilst the trustees are mindful of their own obligation lo ensure that the charity benefits the public generally, they lake some assurance from the fact that recipients of gmnls are themselves regulated to ensLJre that they operate for the public benefit. Grant maklng pollcy The Iruslees take a strategic approach to grant-making and do not respond lo unsolicited applications. Potential recipients of grants are identified by the Iruslees individually, in areas where il is perceived that public benefit will be achieved. The opportunity lo benefit is not restricted in any way except that grants are principally made lo charitable organisalions within the UK, not least lo facilitate the trustees being able to follow up on efficacy of the grants made. Investment policy The investment strategy is set by the Iruslees, who consider the charity's income requirements, the risk profile and the view of economic and market conditions. The investment objectives are lo obtain a balanced return from both capital growth and income. The charity s portfolio and investment performance is considered on a regular basis. The Annabel Arbib Foundation 4
Trustees, report Year ended 5 April 2025 ACHIEVEMENTS AND PERFORMANCE During the year ended 5 April 2025, total grants payable amounted to £749,852 12024 £883,935). Detsils of grants are provided in Note 4 to the accounts. The main recipient of the grants awarded during the year were The Arbib Education Tnjst who received £652,125 of grants paid from unrestricted and restricted funds12024- £195,000). Investment performance The Iruslees monitor investment performance on a regular basis and make changes to the balance of holdings within the portfolio in order lo meet the charity's investment objectives of long-term capitsl growth and income. In the year, there were three disposals which realised investment gains of £452,749 for the year ended 5 April 2025 (2024 - gains of £8921, while the unrealised losses on movements in the market value of investments was £657,614 al 5 April 202512024 - gains of £190,420). The investment portfolio yielded dividends, investment rebates, and interest of £416,805 {2024 - £588,761) in the year. The Iruslees consider investment performance lo be in line with market conditions. The Annabel Arbib Foundation 5
Trustees, report Year ended 5 April 2025 FINANCIAL REVIEW Results for the period During the year ended 5 April 2025, the charity's totsl income amounted to £486,935 12024 £625,756) and lolal expenditure was £800,783 12024 £934,264} of which 93.64Q/o related lo grants payable. The loss on the unrestricted funds amounted to £215,222 and was transferred from the expendable endowment fund, leaving unrestricted funds al a £nil balance. The charity reiVed a donation in 2024125 of £70,13012024 £66,995) where the donor had imposed specific instructions for the funds to be used for educational purposes and which was recognised as reslricled funds. During the year ended 5 April 2025, the expendable endowment funds generated losses of £204,865 12024 - gain of £191,312) on the investment portfolio. The total deficit on the expendable endowment funds for the year amounted to £219,028 12024 surplus of £179,114) after investment manager fees and before the transfer of £299,685 to the unrestricted funds. Reserves policy and financial position As at 5 April 2025 reserves of £14,369,445 were carried fotward in accordance with the Iruslees, policy on reserves. The policy is to expend the income in as much that the trustees are able to identify suitable recipients during the year. The expendable endowment will be invested with the intent to, as far as possible, retain ils capital value and produce an annual income. FUTURE PLANS Financially, the trustees maintain a strong balance of cash,. furthermore the investment portfolio is highly liquid which provides the charity with sufficient financial resources to fulfil ils charitable objectives. The trustees are satisfied with their grant making policy and il is their intention lo support a wide and varied number of charities and to continue their support of The Arbib Education Trust. Approved by the Iruslees and signed on their behalf by= Sn•d by.. f) 2361D5BD556E514F Trustee.. Annab81 Nicoll Approved on.. 24-11-2025 The Annabel Arbib Foundation 6
Independent auditor's report Year to 5 April 2025 Independent auditor's report to the trustees of The Annabel Arbib Foundation Opinion We have audited the accounts of The Annabel Arbib Foundation (the 'charity'l for the year ended 5 April 2025 which comprise the slalement of financial activities, the balan sheet, the slalemenl of cash flows, the principal accounting policies and the notes lo the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom A¢counting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion, the accounts.. • give a true and fair view of the state of the charity s affairs as at 5 April 2025 and of its incoming resources and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally A¢pted Accounting Practice,. and have been prepared in accordan with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs {UKI} and appIlble law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the accounts, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the accounts is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the charity's ability lo continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other infomialion ¢omprises the information included in the annual report, including the Iruslees, report, other than the accounts and our auditor's report thereon. The Iruslees are responsible for the other information contained within the annual report. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon. The Annabel Arbib Foundation 7
Independent auditor's report Year to 5 April 2025 Other information {continued) Our responsibility is lo read the other infom)alion and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstslements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misslalement of this other information. we are required lo report that fact. We have nothing lo report in Ihis regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Chsrilies Act 2011 requires us to report lo you if, in our opinion.. the information given in the trustees, annual report is inconsistent in any material respect with the accounts,. or sufficient accounting records have not been kept,. or the accounts are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Iruslees, responsibilities statement on pages 2 and 3, the Iruslees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary lo enable the preparation of accounts that are free from material misslatemenl, whether due lo fraud or error. In preparing the accounts, the trustees are responsible for assessing the charity s ability to conlinLJe as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Iruslees either intend lo liquidate the charity or lo cease operations, or have no realistic alternative bul to do so. Auditor's responsibilities for the audit of the accounts We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misslalemenl, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUK} will always detect a material misstalemenl when it exists. Misstalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they COLJld reasonably be expected lo influence the economic decisions of users tsken on the basis of these accounts. The Annabel Arbib Foundation
Independent auditor's report Year to 5 April 2025 Auditorfs responsibilities for the audit of the accounts {continuedl Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below.. We obtained an understanding of laws and regulations that affect the Charity, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the tax legislation, Charities Act. We enquired of the trustees and reviewed trustees, meeting minutes for evidence of non- compliance with relevant laws and regulations. We also reviewed controls the Iruslees have in place lo ensure compliance. We gained an understanding of and evaluated the controls that the trustees have in place to prevent and detect fraud. We enquired of the trustees about any incidences of fraud that had taken place during the accounting period. The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed lo address these risks. We identified the potential for fraud in the following areas.. income recognition, management override. misappropriation of assets. We reviewed financial slalements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above. We enquired of the trustees about actual and potential liligalion and claims. We performed analytical procedures lo identify any unusual or unexpected relationships that might indicate risks of material misslalement due lo fraud. In addressing the risk of fraud due lo management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias. Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misslalements in the financial stalemenls, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-deleclion of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentslions, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected lo delect all fraud and non-compliance with laws and regulations. The Annabel Arbib Foundation 9
Independent auditor's report Year to 5 April 2025 Use of our report This report is made solely lo the charity's Iruslees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that act. Our audit work has been undertaken so that we might slate to the charity's trustees those matters we are required lo slate to them in an audilovs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Paul Davis FCA Senior Statutory Auditor For and on behalf of Bright Grahame Murray Chartered Accountants Emperor's Gale 3rd Floor, 114a Cromwell Road Kensington London SW7 4AG Dale: 1 December 2025 Bright Grahame Murray is eligible for appointment of the Charity by virtue of ils eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. The Annabel Arbib Foundation 10
Staternent of financial activities Year to 5 April 2025 Unrestricted Restricted Expendable funds funds endowment Totsl 2025 Total 2024 Notes Incom• from-. Investment income Interest Donations Foreign exchange gains Total Income 239,471 177,334 239,471 177,334 70.130 365,S97 189,336 66,995 3,828 625,756 70,130 416,805 70,130 486,935 Expenditure on= On charitable aetivities Foreign exchange losses Total expenditure 709,589 6,901 716,490 70,130 14,163 793.882 6,901 800,783 934.264 70,130 14,163 934,264 Ngt Ilossllgains on investments 1204,8651 1204,8651 191,312 Net incomellexpenditurel before transfers 1299,6851 1219,0281 1518,7131 1117.1961 Transfer between funds 299,685 1299,6851 Net movement in funds for the year 1518,7131 {518,7131 1117,1961 Fund balances brought forward at 6 April 2024 14,888,158 14.888,158 15,005.354 Fund balanc•s carrl&d forward at 5 April 2025 14,369,445 14.369,445 14,888.158 All recognised gains and losses are included in the slalemenl of financial activities. All income derives from continuing operations. The Annabel Arbib Foundation 11
Staternent of financial activities Year to 5 April 2024 Unrestricted Restricted Expendable funds funds endowment Totsl 2024 Total 2023 Notes Incom• from-. Investment income Interest Donations Foreign exchange gains Total Income 365,597 189,336 365,597 189,336 66.995 3,828 625,756 261,684 26,972 65.500 66,995 3,828 558,761 66,995 354,156 Expenditure on= On charitable aetivities Total èxpènditurè 855,071 855,071 66,995 66,995 12,198 12,198 934.264 934.264 920,174 920.174 Net gainslllossl on investrnents 191.312 191,312 1185,0291 Net Incomellexpendlturel before transfers 1296,3101 179,114 1117,1961 1751,0471 Transfer beeen funds 296,310 1296,3101 Nat mov•m8nt In funds for the year 1117,1961 {117,1961 1751,IM71 Fund balanc•s brought forward at 6 April 2024 15,005,354 15,005,354 15,756,401 Fund balan¢e$ ¢arried forward at 5 April 2025 14,888,158 14,888,158 15,005,354 All recognised gains and losses are included in the stslemenl of financial aclivilies. All income derives from continuing operations. The Annabel Arbib Foundation 12
Balance sheet as at 5 April 2025 2025 2025 2024 2024 Notes Fixed assets Investments 11,833,174 11,174,893 Current assets Cash at bank and in hand Debtors due within one year 3,206,293 70,130 3,276,423 4,019,613 104,415 4,124,028 Current IlabllltSes Creditor5.' 8tMOLJnts falling du8 within one year 10 1457,7931 173,2791 Nèt currènt ass&ts 2,818,630 4,050,749 Non-current Ilabllltles Creditc>rs." amounts falling due after more than one year 1282,3591 1337,4841 Net assets 14,369,445 14,888,158 Thè funds of thè charlty Gapital funds Expendable endowment fund Income funrls Restricted funds Unrestricted funds- general fund Totsl charity funds 14,369,445 14,888,158 14,369,445 14,888,158 Approved by the Iruslees and signed on their behalf by: IJ 2367D5BD5566I4F Trustee.. Ann8b81 Nicoll Approved on.. 24-11-2025 The Annabel Arbib Foundation The Annabel Arbib Foundation 13
Staternent of cash flows Year to 5 April 2024 2025 2024 Notes Cash flows from operating aetivities= Net cash used in operating activities 1366,9791 1579.1561 Cash flows from Investlng actlvltles.. Dividend Income Interest receivable Purchase of investments Proceeds frorn the disposal of investrnents Net ¢ash (used inllprovided by inve$ting a¢tivitie$ 160.644 349,319 256,161 205,614 13.754,6241 11,571,852) 2,891,478 51,000 1446,3411 19,65,9191 Change in cash and cash equivalents in the year 1813,3201 11,545,075) Cash and sh equivalents at 6 April 2024 4,019,613 5,564,688 Cash and cash equivalents at 5 April 2025 3,206,293 4,019,613 Notès to tha stat8mont of cash flows for thè yaar to S Aprll 2025. A Reconciliation of net movement in funds to net cash used in operating activities 2025 2024 Net movement in funds las per the statement of financial activities) 1518,7131 1117,1961 Adjustmants for.. Dividend Income Interest reeeivable Realisedlunrealised lossesllgainsl on investrnents Decreasellincreasel in debtors Increaselldecreasel in creditors Nèt cash usèd in opèrating aetivitiès 1160,6441 1349.3191 1256,1611 1205,6141 204,865 1191,3121 34,285 1104,4151 329,389 388,700 1366,9791 1579,1561 B Analysis of cash and cash equivalents 2025 2024 Cash at bank and in hand Totsl $h and cash equivalents 3,206,293 4,019,613 3.206,293 4,019,613 The Annabel Arbib Foundation 14
Principal accounting policies 5 April 2025 Charlty Informatlon The Annabel Arbib Foundation is an unincorporated charity registered in England and Wales, governed by trust deed dated 27 February 1987. The charity's registered address is 61 Grosvenor Street, London, W1 K 3JE. The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below. Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 (Charities SORP FRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial stslemenls have been prepared under the historical cost except for the modification to a fair value basis as specified in the accounting policies below. The charity constitutes a public benefit entity as defined by FRS 102. All financial infomialion is presented in British Pounds Sterling 1£), the charity's functional currency, and has been rounded to the nearest pound (£1. Critical accounting ostimatos and judgements The valuation of unlisted investments included in these financial statements is subject lo estimation uncertainly. The directors have determined the fair value of some of these investments based on information provided by the respective fund managers. which typically includes investment reports, financial statements, and other relevant data. Due lo the inherent nature of unlisted investments, there is no active market to provide observable prices. Consequently, valuations rely on assumptions and methodologies applied by the fund managers, which may include discounted cash flow models, comparable company multiples, or other valuation techniques. These assumptions involve significant judgement and are sensitive to changes in market conditions, performance of underlying investments, and other economic factors. The directors have reviewed the information provided and consider it lo be the best available basis for determining fair value at the reporting dale. However, actual realisation values may differ materially from these estimates. Assessment of golng concern The trustees have assessed whether the use of the going concern assLJmplion is appropriate in preparing these financial statements. The Iruslees have made this assessment in respect lo a period of one year from the dale of approval of these financial statements. The Iruslees consider that the expected investment retums and investment performance of the Charity's investment portfolio will be sufficient to generate financial reSoUrS to allow the charity lo continue ils charitable activities for the foreseeable future and meet liabilities as they fall due. Income Income from donations is recognised in the peri( in which the charity becomes entitled to the donation and where receipt is probable and its amount can be measured reliably. The Annabel Arbib Foundation 15
Principal accounting policies 5 April 2025 Ineome Iconlinuedl Investment income comprises dividends and interest on the charity's portfolio of listed investments. Dividends are recognised once the dividend has been declared and the charity has received nolificalion that the dividend is due. Interest on the charity's investment portfolio and funds held on deposit is recognised when receipt is probable and the amount can be measured reliably using the effective interest method. Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment lo a third party, it is probable that selllement will be required and the amount of the obligation can be measured reliably. It includes VAT which cannot be recovered. Expenditure on charitable activities comprises grants payable and related support and governance costs. Grants payable Grants payable are recognised when approved and when the intended recipient has either received the funds or been informed of the decision to make the donation and has satisfied all related conditions. Grants approved but not paid al the end of the financial year are accrued for. Grants where the beneficiary has not been informed or has lo meet certain conditions before the grant is released are not accrued for but are noted as financial commitments in the notes to the financial statements. Support and governanc8 costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include administration, personnel and governance costs. Governance costs include audit costs and legal costs relating to the charity's compliance with regulation and good practice. Fixed asset investments Fixed asset investments comprise both listed and unlisted investments held to generate income and capital growth in furtherance of the charity's objectives. Listed investments are stsled al fair value, measured by reference lo the closing market bid price at the reporting date. Gains and losses arising from changes in fair value are recognised in the Ststement of Financial Activities within "Gainslllossesl on investments" Unlisted investments, which primarily comprise holdings in pooled funds or private equity vehicles, are valued as follows.. Where reliable market data is available, investments are carried al fair value based on the most recent investor reports or valuations provided by fund managers. Where such information is not available or cannot be reliably measured, investments are held at cost less impaim)ent, representing the best estimate of fair value in accordance with FRS 102 Section 11 and 12. Flnanclal Instruments The Charity only holds basic financial instruments as defined in FRS102. Financial assets and liabilities and their recognition and measurement bases are as follows.. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors are measured, initially and subsequently, al the undiscounted amount of the cash or other consideration expected lo be paid or reived. The Annabel Arbib Foundation 16
Principal accounting policies 5 April 2025 Flnanclal Instruments continued At the end of each reporting period financial assets are assessed for objective evidence of impairment. If such evidence is identified, an impairment loss is recognised in the statement of financial aclivilies. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and a best estimate of the recoverable amount. A financial asset is derecognised only when the contractual rights to the cash flows from the financial asset expire or are settled in cash, or when subslanlially all the risk and rewards of ownership of the financial asset have been transferred to another paty. A financial liability is derecognised when the conlraet that gives rise to il is settled, sold cancelled or expired. Cash at bank and in hand Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Creditors and provisions Creditors and provisions are recognised when there is an obligation at the balance sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be measured or estimated reliably. Creditors and provisions are initially recognised at fair value. being the amount the charity anticipates it will pay lo settle the debt, and subsequently at amortised cost. Non-current creditors are measured al their present value at the balance sheet dale where the lime value of money is material. The unwinding of the discount is charged against income as an interest expense. Fund accounting The unrestricted funds represent funds available for the general charitable purposes of the charity at the dISction of the trustees. The expendable endowment fund represents monies retained as capital which is available for the general charitsble purposes of the charity at the discretion of the trustees. The restricted funds are monies donated for a specific purpose and their use is limited to the purposes imposed by the donor. Transfers between these funds are permitted only when approved by the trustees and in line with the terms of the endowment. Specifically.. From expendable endowment lo unrestricted funds.. Transfers may be made where the trustees resolve to release part of the endowment for general charitable purposes, provided this is consistent with the governing document and any donor-imposed conditions. The trustees musl ensure that such transfers do not result in the expendable endowment fund having a negative balance. For the current year, the transfer from the expendable endowment to unrestricted funds was made lo offset the nel liabilities position of the unreslricled fund, ensuring the charity remains in a positive overall financial position. The Annabel Arbib Foundation 17
Notes to the financial statements 5 April 2025 1 Investment income- unrestricted funds 2025 2024 Investments listed on a recognised stock exchange Dividends- UK unit trusts Interest- Gilts and Bonds Investment rebates 160,644 63,899 14,928 239,471 349,319 1,899 14,379 365,597 2 Interest receivable 2025 2024 Gross interest received on cash & short term deposits 177,334 177,334 189,336 189,336 3 Donations- restricted funds 2025 2024 Donations received 70,130 70,130 66.995 66,995 The Annabel Arbib Foundation 18
Notes to the financial statements 5 April 2025 4 Charitable expenditure- unrestricted funds 2025 2024 Grants payable: Mèdical Alzheimer's Research UK 10,000 10,000 Educational The Arbib Education Trust Elon College The Greater Share Foundation The Serge Hill Project University of Bristol (various research projects) 581,995 128,005 250,000 395,935 5,000 18,500 600,495 778,940 Othar Anne Frank Trust Friends of Canouan Jewish Care React Disaster Response RAW Workshop Rotary Club of Henley 25,000 6,602 12,500 25,000 5,000 250 74,352 684,847 70,130 754,977 45,806 800,783 25,000 12,500 500 38,000 816,940 66,995 883,935 50,329 934,264 Totsl unre$trl¢ted grants Reslricled Grants lo The Arbib Education Trust Inote 121 Total grants payable Support and governance costs (note 41 Total charitable expenditure A concl118110n of grants payable and grant commitments as shown above and in note 10 are as follows.. 2025 2024 Grants Commitments at 6 April 2024 Grants made during the year Grants paid during the year Commitmènts at S April 2025 387,4B4 754,977 883,935 (424.9721 1496,4511 717,489 387,484 The Annabel Arbib Foundation 19
Notes to the financial statements 5 April 2025 4 Support and governance costs 2025 2024 Investment management fees Foreign exchange losses Support costs- education and consultancy Governan costs 14.163 6.901 21.372 3,370 45,806 12,198 32,228 5,903 50,329 Analysis of governance costs.. 2025 2024 Auditor's remuneration Audit services Underlloverlprovision in prior years Bank charges Foreign exchange adjustment on grants 7.800 612 83 15,1251 3,370 4,788 960 155 5.903 5 Trustees. remuneratlon and key management personnel No remuneralion was paid to any trLJStee in respect of their services during the year {2024 none). No trustee was reimbursed for expenditure incurred in the performance of their duties for the charity during the year12024- none). The trustees of the charity are considered to be the key management personnel. 6 Taxation The Annabel Arbib Foundation is a registered charity and therefore is not liable to income tax or corporation lax on income derived from ils ¢haritsble a¢livilies, as it falls within the v8riOUS exempb'ons available to registered charities. The Annabel Arbib Foundation 20
Notes to the financial statements 5 April 2025 7 Investments Fixed asset investments comprise listed investments as follows.. 2025 Listed 2025 Unlisted 2025 Total 2024 Total Investments Market value at start of the year Additions at cost Disposals at carrying value Proceeds £2,891,478,. realised gain £452,7491 Unrealised Ilossesllgains in year Market value al the end of the year 10,998,159 3,002,317 176,734 11,174,893 752,307 3,754,624 9,462,729 1,571,852 12,438,729) 1797,5861 10,764,161 12,438,729) 139,972 1657,6141 1,069,013 11,833,174 150,1081 190,420 11,174,893 Historical cost at the end of the year 9,720,669 929,041 10,649,710 9,333,814 All listed investments were dealt in on a recognised stock exchange and are carried at market value. The amounts cOgniSed in the slalement of financial activities arising from disposals and ¢h8nges in v¥lualion are.. 2025 2024 Gains on disposals Movements in market value 452,749 1657,6141 1204,8651 892 190,420 191,312 Investments comprise UK Unil and Investment Trusts, Bonds and Private Equities. The following individual holdings had a market value in excess of 5.10 of the entire investment portfolio at the year-end.. 2025 Jupiter Merlin Balanced Income Shares ishares V PLC MSCI ACWI Multi Units Luxemtx)urg UK Govt Bd 0-5YR Vontobel TwentyFoLJr Strategi¢ Inc Aqn Ret Ilncl Ruffer Charity Assets Trust'c. Inst Ilncl Coller Equity Feeder Class ID-USD 5,450,653 1,797,479 1,229,839 1,218,137 906,196 756,477 8 Cash at bank and in hand 2025 2024 C Hoare & Co 288,448 406,325 Citibank On ¢all 62,244 1,101.530 2.663.079 2,459,135 192.522 52,623 3,206.293 4,019,613 On deposit Thesis Asset Management Ltd The Annabel Arbib Foundation 21
Notes to the financial statements 5 April 2025 9 Debtors- amounts falling due within one year 2025 2024 Donation from another Charily Accrued investment income 70,130 104,415 104,415 70,130 10 Creditors- amounts falling due within one year 2025 2024 Accruals Grant payable - The Arbib EdLJcation Trust Grants payable- Elon College 22,663 38S,130 50,000 457,793 23,279 50,000 73,279 11 Creditors- amounts falling due after one year 2025 2024 Grants payable.. The Greater Share Foundation Eton College 232,359 50,000 282,359 237,484 100,000 337,484 12 Related party transactlons Mrs A Ni¢oll is a Director of Thamesis Limited. The ¢harily holds 8 ordinary 5 pen shares in Thamesis Limited which represents 50/0 of its issued share ¢apitsl. The ¢h8rily holds the shares al their nominal value. During the year Ihe charity declared grants to The Arbib Educalion Trust in the amount of £652,125 12024.. £195,000), of which £70,130 12024.. £66,995) was reslricled. Mrs A Nicdl is a trustee of both The Arbib Education Trust as well as the reporting entity. At the balance sheet date £385,130 12024.. £nill was dLJe to The Arbib Education Trust. This amount in unsecured, inlerest-free and to be sellled in cash. The Annabel Arbib Foundation 22
Notes to the financial statements 5 April 2025 13 Analysis of net assets between funds Expendable endowment Restricted Unrestricted Funds Funds Funds 2025 2025 2025 Total 2025 At 5 April 2025 Fixed Assets Current assetsllliabilitiesl Total net assets 11,833,174 2,536,271 14,369,445 11.833,174 2,536.271 14,369,445 Expendable endowment Restricted Unrestricted Funds Funds Funds 2024 2024 2024 Total 2024 At 5 Aprll 2024 Fixed Assets Current assetsllliabilitiesl Total net assets 11,174,893 3,713,265 14,888,158 11,174,893 3.713.265 14,888,158 The Annabel Arbib Foundation 23