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
c￿opl 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 re￿iVed 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=
S￿n•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 appIl￿ble 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 be￿een 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 reSoUr￿S 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 re￿ived.
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 dISc￿tion 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