**Charity Number: SC037857**
**THE ARTEMIS CHARITABLE FOUNDATION REPORT AND FINANCIAL STATEMENTS For the Year Ended 31 December 2025**
**THE ARTEMIS CHARITABLE FOUNDATION**
## **REPORT OF THE BOARD OF TRUSTEES**
## **For the Year Ended 31 December 2025**
**Contents Page** Legal and Administrative Information Report of the Board of Trustees 2 - 5 Independent Auditors’ Report 6 - 8 Statement of Financial Activities Balance Sheet 10 Statement of Cash Flows 11 Notes to the Financial Statements 12 - 16
**THE ARTEMIS CHARITABLE FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION**
## **TRUSTEES**
R Barton O Emiola M R Niznik J Rodriguez M A Ryder D C Stuart Z Zhou (resigned 9[th] October 2025) D Waggett (appointed 10[th] October 2025)
## **CHAIRMAN**
D C Stuart
## **PRINCIPAL OFFICE**
6[th] Floor Exchange Plaza 50 Lothian Road Edinburgh EH3 9BY
## **AUDITORS**
Saffery LLP Level 4 9 Haymarket Square Edinburgh EH3 8RY
## **BANKERS**
Royal Bank of Scotland 49 Charing Cross London SW1A 2DX
## **SOLICITORS**
Turcan Connell Princes Exchange 1 Earl Grey Street Edinburgh EH3 9EE
1
**THE ARTEMIS CHARITABLE FOUNDATION**
## **REPORT OF THE BOARD OF TRUSTEES**
## **For the Year Ended 31 December 2025**
The trustees present their annual report and the audited financial statements for the year ended 31 December 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 and comply with the charity’s trust deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) 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 UK and Republic of Ireland (second edition – October 2019).
## **Objectives and activities**
The objectives of The Artemis Charitable Foundation (“the Foundation”), as set out in the Deed of Trust, are:
- to hold the Trust Fund and the income of it to pay and apply the same to or for the benefit or in furtherance of such purposes, objects or institutions charitable in law and in such proportions and manner as the trustees shall think fit; and
- to give primary consideration to charities or charitable purposes nominated to them by the staff of Artemis Investment Management LLP (“AIM LLP” or “LLP”).
The Foundation aims to achieve its stated objectives by carrying out the following charitable activities:
- provide grants to individuals or institutions deemed charitable in nature; and
- organise charitable fundraising events for the benefit of other named charities whereby income that has been generated (either directly or indirectly) will be automatically allocated to these named charities.
The majority of the incoming resources of the Foundation are treated as unrestricted funds which are applied at the discretion of the trustees in furtherance of the Foundation’s objectives.
## **Grant making policy**
Applications for donations are considered from all sources, although greater consideration is placed on requests from staff, in particular where they are actively involved in the charity, through fundraising or volunteering.
In instances where the grant is to be a significant sum, a more detailed review of the charity is undertaken. Independent reports of the charity are taken into account, representatives from the charity are asked to present to the trustees and site visits are made. A grant agreement is signed which identifies where the funds should be directed to and, after 12 months or such shorter period as agreed, a report is provided to the trustees explaining the performance over the period.
The trustees’ policy is to assess all grants on an annual basis, however, they aim to build long term partnerships with charities which can strengthen from year to year through high levels of interaction and staff engagement.
## **Achievements, Performance and Financial Review**
The Foundation was established in 2007, and for a number of years before that a charity committee operated within the Artemis business. The importance of giving to those less fortunate has long been recognised in the culture of Artemis, and the Foundation is ingrained at a fundamental level into the DNA of the overall business.
The Foundation continues to receive its principal source of income from the LLP and in 2025 it received £1,060,280 (2024: £852,992). £887,068 of donations were made in the year (2024: £788,540) and of these donations, a large number were nominated by staff of the LLP.
At the end of each year, an annual review of activities within the Foundation is prepared and distributed to staff. This helps communication and allows staff members to be fully aware of where funds are being disbursed, but it is also more broadly designed to prompt and encourage greater participation by staff in charitable activities which is a key goal of Trustees. Since 2017 this has also been supplemented by regular emails and a dedicated area on the Artemis Intranet Hub.
2
**THE ARTEMIS CHARITABLE FOUNDATION**
## **REPORT OF THE BOARD OF TRUSTEES**
## **For the Year Ended 31 December 2025**
## **Achievements, Performance and Financial Review (continued)**
The focus of the Foundation remains its core charities. The activities covered by these core charities focus on specific areas, namely Health, UK Poverty/Community, Overseas Poverty/Development, Education and Environment. The Foundation aims to have a primary core charity in each category and a junior core charity receiving less funding, with the option that this lower level of funding may be split over more than one junior charity in that activity. During the year the main charities supported under this structure were in Health; SANE and Kids Operating Room, in UK Poverty/Community; City Harvest and Alexandra Rose, in Overseas Poverty/Development; Shivia and Brass for Africa, in Education; Reach Foundation and the Daniel Spargo-Mabbs Foundation. In 2025, a total of £377,174 was donated to these charities.
At the end of 2025, the Foundation again offered staff the opportunity to select a Charity of the Year. Staff were invited to nominate a registered charity to be considered and a shortlist of four was identified. After a voting process by staff Scotty’s Little Soldiers was awarded £10,000.
AIM LLP continues to positively encourage and support its staff in taking part in charitable activities. In 2025, 68 Artemis colleagues volunteered their time with partner charities, and 171 colleagues took part in charity challenges throughout the year.
Other donations of £10,000 or more were made to charities in 2025, including Edinburgh Children’s Hospital Charity, a charity which provides support to families whose children require treatment in hospital. In food nutrition awareness, the Foundation donated to Bags of Taste who are helping people to overcome the barriers to eating well. The Foundation also continued to support BelEve UK, supporting the empowerment of girls in their local community.
It continues to be the intention of the LLP to encourage staff to participate in charitable events such as half and full marathons and many other challenges by covering their registration fees and other related costs whilst encouraging personal fundraising for the event. AIM LLP also encourages staff donations by providing matched funding through Give as You Earn (“GAYE”) and match funding up to an annual limit for donations by Partners of the LLP. The success of this through the generosity of staff resulted in the LLP once again being awarded the Diamond Award by the Charitable Giving agency in 2025. Through a combination of employee donations via payroll, and matched donations from the Foundation, a total of £78,312 was donated via GAYE in 2025.
## **Investment policy**
All funds are held in cash with the Royal Bank of Scotland in an interest-bearing account. There is no intention to invest surplus funds elsewhere.
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**THE ARTEMIS CHARITABLE FOUNDATION**
## **REPORT OF THE BOARD OF TRUSTEES**
## **For the Year Ended 31 December 2025**
## **Achievements, Performance and Financial Review (continued)**
## **Reserves Policy**
The Foundation’s unrestricted reserves of £1,242,950 reflect free funds available for donations. In practice, the Foundation aims to make donations broadly matching the contributions received from the prior year. The 2025 contribution from the LLP increased from £852,992 to £1,060,280. The unrestricted reserves are maintained broadly at a level that should further contributions cease abruptly, there will still be adequate funds to continue to meet any obligations and commitments and operate as normally as possible in the short term. As a result, the trustees aim to maintain free reserves in unrestricted reserves at a level which equates to approximately 12 months of unrestricted expenditure.
## **Plans for future periods**
For the foreseeable future, charities will, in the vast majority of cases, not be granted any awards for longer than 12 months. This would not preclude the trustees from granting further awards to the same charity once the 12 months has expired. The trustees also continue the process of identifying other charities that will benefit from their contributions.
AIM LLP remains committed to its support of the Foundation and intends to continue to provide a percentage of its income for the furtherance of charitable causes.
## **Structure, Governance and Management**
The Foundation is an unincorporated trust, constituted under a trust deed dated 31 January 2007 and is a registered Scottish charity. It was constituted by Artemis Investment Management Limited (“AIM”), which contributed an element of pre-tax profits from its group of companies for charitable causes. In 2010, AIM transferred its business to AIM LLP. AIM LLP will continue its commitment to charity by contributing a percentage of its income for charitable causes through the Foundation.
The trustees who have served during the year and since the year end are set out on page 1. The trustees shall hold office for a minimum period of five years. Any new trustee shall hold office for a period of five years after which period they may put themselves forward for re-appointment for a further period of five years.
The current trustees meet formally on a monthly basis to consider all new donation requests and if required will convene additional meetings to fast-track consideration of donation requests. The trustees are also involved in building relationships with charities and the selection of new charity partners as required. A charity review is produced once a year for the staff of AIM LLP as well as regular updated on the Artemis Staff Intranet Hub to keep staff informed of the Foundation’s activities and promote awareness.
The trustees carry out the day-to-day management and are considered to be the key management personnel of the Foundation. They receive no remuneration for their services and are employees or partners of AIM LLP.
## **Trustee training and induction**
All trustees are provided with a copy of the Office of the Scottish Charity Regulator’s Guidance for Charity Trustees and a copy of the Deed of Trust. The trustees take professional advice as required. Any new trustee has a meeting with the Chairman to explain their responsibilities and duties. All trustees receive annual trustee training with Turcan Connell to keep them informed of any changes to regulation and their duties as trustees.
4
## **THE ARTEMIS CHARITABLE FOUNDATION**
## **REPORT OF THE BOARD OF TRUSTEES**
## **For the Year Ended 31 December 2025**
## **Risk management**
The trustees have assessed the major risks to which the Foundation is exposed, in particular those related to the operations and finances of the Foundation, as follows:
- Risk of financial loss to the Foundation as a result of fraudulent activity or erroneous grant payments. All payments require approval from two trustees. In addition, bank reconciliations are performed on a monthly basis.
- Risk of inability to meet commitments. Should AIM LLP record a fall in revenue, this will result in a reduction in the donation made to the Foundation. The trustees aim to maintain free reserves at a level equal to approximately 12 months of unrestricted expenditure and in the vast majority of cases grants of longer than 12 months are not awarded.
The trustees are satisfied that there are adequate systems in place to mitigate the major risks.
## **Responsibilities of the Board of Trustees**
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in Scotland requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities Statement of Recommended Practice;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
By order of the Board of Trustees
## **D C STUART**
## **CHAIRMAN**
25[th] June 2026
5
**INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF**
## **THE ARTEMIS CHARITABLE FOUNDATION**
## **Opinion**
We have audited the financial statements of Artemis Charitable Foundation for the year ended 31 December 2025 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting 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 financial statements:
- give a true and fair view of the state of the charity’s affairs as at 31 December 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 Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements 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 doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements 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 information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.
We have nothing to report in this regard.
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**INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF**
## **THE ARTEMIS CHARITABLE FOUNDATION**
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:
- the information given in the trustees’ annual report is inconsistent in any material respect with the financial statements; or
- the charity has not kept proper accounting records; or
- the financial statements 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 Trustees’ Responsibilities Statement set out on page 5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditors’ responsibilities for the audit of the financial statements**
We have been appointed as auditors under the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
## _Identifying and assessing risks related to irregularities:_
We assessed the susceptibility of the charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with trustees and updating our understanding of the sector in which the charity operates.
Laws and regulations of direct significance in the context of the charity include the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and guidance issued by the Office of the Scottish Charity Regulator
7
**INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF**
## **THE ARTEMIS CHARITABLE FOUNDATION**
## _Audit response to risks identified:_
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditor’s 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Saffery LLP
Chartered Accountants Saffery LLP Level 4 9 Haymarket Square Edinburgh EH3 8RY
25th June 2026 1 July 2026
Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
8
## **THE ARTEMIS CHARITABLE FOUNDATION**
## **STATEMENT of FINANCIAL ACTIVITIES**
## **For the Year Ended 31 December 2025**
|||**2025**|**2024**|
|---|---|---|---|
|||**Total**|**Total**|
|||**£**|**£**|
||**Note**|||
|**Income**||||
|Donations|2|1,110,347|905,274|
|Investments|2|16,661|15,560|
|||-------------|--------------|
|**Total income**||1,127,008|920,834|
|||-------------|-------------|
|**Expenditure**||||
|Charitable activities:||||
|Grants awarded and governance costs|4|902,240|803,382|
|Events to raise funds for other charities|4|287|287|
|||-------------|-------------|
|**Total expenditure**||902,527|803,669|
|||-------------|-------------|
|**Net income and net movement**||224,481|117,165|
|**in funds for the year**||||
|**Fund balances at 31 December 2024**||1,018,469|901,304|
|||-------------|-------------|
|**Fund balances at 31 December 2025**||1,242,950|1,018,469|
|||=======|=======|
|All the results relate to continuing activities.||||
|All funds are unrestricted.||||
The statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 12 to 16 form part of these financial statements.
9
## **THE ARTEMIS CHARITABLE FOUNDATION**
## **BALANCE SHEET**
## **As at 31 December 2025**
||**Note**|**2025**|**2024**|
|---|---|---|---|
|||**£**|**£**|
|**Current assets**||||
|Debtors|6|216,429|173,767|
|Cash at bank and in hand||1,044,841|857,392|
|||-------------|------------|
|||1,261,270|1,031,159|
|**Liabilities**||||
|Creditors: amounts falling due within one year|7|18,320|12,690|
|||-------------|-----------|
|**Net assets**||1,242,950|1,018,469|
|||=======|======|
|**Represented by**:||||
|Unrestricted funds|8|1,242,950|1,018,469|
|||-------------|------------|
|**Total Funds**||1,242,950|1,018,469|
|||=======|======|
Approved by Board of Trustees and signed on their behalf by: -
## **D C STUART CHAIRMAN**
25[th] June 2026
The notes on pages 12 to 16 form part of these financial statements
10
## **THE ARTEMIS CHARITABLE FOUNDATION**
## **STATEMENT of CASH FLOWS**
## **For the Year Ended 31 December 2025**
**----- Start of picture text -----**
||||
|---|---|---|
|2025|2024|
|£|£|
|Cash flows from operating activities|
|Net income|224,481|117,165|
|Income from investments|(16,661)|(15,560)|
|Increase in debtors|(42,662)|(9,654)|
|Increase/(decrease) in creditors due in less than one year|5,630|(4,461)|
|-------------- --------------|
|Cash used in operating activities|170,788|87,490|
|Cash flows from investing activities|
|Investment income|16,661|15,560|
|-------------- --------------|
|Increase in cash and cash equivalents in the year|187,449|103,050|
|Cash and cash equivalents at the beginning of the year|857,392|754,342|
|-------------- --------------|
|Total cash and cash equivalents at the end of the year|1,044,841|857,392|
|======== ========|
|Cash and cash equivalents comprise:|
|Cash at bank|1,044,841|857,392|
|======== ========|
**----- End of picture text -----**
The notes on pages 12 to 16 form part of these financial statements
11
**THE ARTEMIS CHARITABLE FOUNDATION NOTES to the FINANCIAL STATEMENTS**
## **For the Year Ended 31 December 2025**
## **1. Principal Accounting Policies**
## **Basis of preparation**
The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards. The financial statements are compliant with the Foundation’s constitution, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Statement of Recommended Practice (SORP) Financial Reporting Standard (“FRS”) 102 “Accounting and Reporting by Charities” and FRS 102.
## **Going concern**
The financial statements have been prepared on a going concern basis. The trustees have assessed the Foundation’s ability to continue as a going concern and have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.
## **Funds structure**
Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the Foundation’s charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose.
## **Income recognition**
All income is recognised when the Foundation has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably.
Donations are recognised when they have been communicated as received in writing with notification of both the amount and settlement date. Where a donation is subject to conditions that require a level of performance before the Foundation is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or fulfilment of those conditions is wholly within the control of the Foundation and it is probable that those conditions will be fulfilled in the reporting period.
Income raised from charitable events organised for specific named charities is recognised in the year the event takes place.
Bank interest income is recognised on an accruals basis.
## **Expenditure recognition**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Foundation to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is inclusive of VAT and accounted for on an accruals basis. All support and governance costs are allocated to charitable activities.
Grants payable are payments to third parties in the furtherance of the charitable objectives of the Foundation. In the case of an unconditional grant offer this is accrued when the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one year or multi-year grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to that grant are outside the control of the Foundation.
12
**THE ARTEMIS CHARITABLE FOUNDATION NOTES to the FINANCIAL STATEMENTS**
**For the Year Ended 31 December 2025**
## **1. Principal Accounting Policies (continued)**
## **Expenditure recognition (continued)**
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant.
A provision for a multi-year grant is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the Foundation that would permit the Foundation to avoid making future payments, settlement is probable, and the effect of discounting is material. The discount rate used is the rate offered on government bonds for a similar time period offered in the year in which the grant award is made.
## **Debtors**
Other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid net of any trade discount.
## **Creditors and provisions**
Creditors and provisions are recognised where the Foundation has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **Financial instruments**
The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
**----- Start of picture text -----**
|||||
|---|---|---|---|
|2.|Allocation of income|2025|2024|
|£|£|
|Income|
|Donation received from Artemis Investment Management LLP|1,060,280|852,992|
|Other donations|50,067|52,282|
|-------------- --------------|
|1,110,347|905,274|
|-------------- --------------|
|Investment income|
|Bank interest|16,661|15,560|
|-------------- --------------|
|1,127,008|920,834|
|======== ========|
**----- End of picture text -----**
## **3. Employee numbers**
The Foundation had no employees during the period (2025: nil)
13
**THE ARTEMIS CHARITABLE FOUNDATION**
## **NOTES to the FINANCIAL STATEMENTS**
## **For the Year Ended 31 December 2025**
||**2025**|||
|---|---|---|---|
||**Grants to**|**2025**|**2024**|
|**4.**
**Charitable expenditure**|**Institutions**|**Total**|**Total**|
||**_£_**|**_£_**|**_£_**|
|**Grants Awarded**||||
|Shivia Microfinance|71,490|71,490|66,520|
|Kids Operating Room|62,500|62,500|41,100|
|City Harvest|52,170|52,170|51,625|
|Reach Academy|50,000|50,000|50,000|
|Brass for Africa|44,350|44,350|44,000|
|Alexandra Rose|37,904|37,904|38,950|
|Go Beyond|36,000|36,000|10,000|
|SANE|33,890|33,890|51,468|
|Edinburgh Children's Hospital Charity|26,470|26,470|26,000|
|DSM Foundation|24,870|24,870|20,375|
|BelEve|20,000|20,000|11,500|
|Other donations less than £20,000 not detailed above|427,424|427,424|377,002|
||--------------|--------------|--------------|
||887,068|887,068|788,540|
|**Governance costs (note 5 below)**|15,172|15,172|14,842|
||--------------|---------------|--------------|
||902,240|902,240|803,382|
||========|========|========|
|There were no grants awarded to an individual in the current|year (2024: £nil).|||
|**Events to raise funds for other charities**||**2025**|**2024**|
|||**_£_**|**_£_**|
|Events to raise funds for other charities||287|287|
|||========|========|
|**5.**
**Governance costs**||**2025**|**2024**|
|||**_£_**|**_£_**|
|Audit fee||13,320|12,690|
|Legal fee||1,290|1,340|
|Other costs||562|812|
|||-------------|-------------|
|||15,172|14,842|
|||=======|=======|
14
**THE ARTEMIS CHARITABLE FOUNDATION**
**NOTES to the FINANCIAL STATEMENTS**
## **For the Year Ended 31 December 2025**
|**6.**|**Debtors**|**2025**|**2024**|
|---|---|---|---|
|||**_£_**|**_£_**|
|Other debtors||216,429|173,767|
|||======|======|
|**7.**|**Creditors due within 1 year**|**2025**|**2024**|
|||**_£_**|**_£_**|
|Accruals and deferred income||13,320|12,690|
|Grants payable||5,000|-|
|||-----------|-----------|
|||18,320|12,690|
|||======|======|
|**8. Funds**||||
|---|---|---|---|
||**Unrestricted**|**Unrestricted**|**Total**|
||**general**|**designated**|**funds**|
||**funds**|**funds**||
||**£**|**£**|**£**|
|As at 1 January 2024|901,304|-|901,304|
|Incoming Resources|868,552|52,282|920,834|
|Outgoing Resources|(751,387)|(52,282)|(803,669)|
||--------------|--------------|--------------|
|**Balance as at 31 December 2024**|1,018,469|-|1,018,469|
||========|========|========|
|As at 1 January 2025|1,018,469|-|1,018,469|
|Incoming Resources|1,076,941|50,067|1,127,008|
|Outgoing Resources|(852,460)|(50,067)|(902,527)|
||--------------|--------------|--------------|
|**Balance as at 31 December 2025**|1,242,950|-|1,242,950|
||========|========|========|
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**THE ARTEMIS CHARITABLE FOUNDATION NOTES to the FINANCIAL STATEMENTS**
## **For the Year Ended 31 December 2025**
## **9. Trustees’ remuneration**
No member of the Board of Trustees received any remuneration in the year nor reclaimed any expenses.
## **10. Analysis of changes in net cash**
||**As at 31**||**As at 31**|
|---|---|---|---|
||**December**||**December**|
||**2024**|**Cashflows**|**2025**|
||**£**|**£**|**£**|
|Cash|857,392|187,449|1,044,841|
||========|========|========|
## **11. Related Party Transactions**
There were no related party transactions during the period.
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