Sanibel Foundation

	Page
Trustees' Report	1—4
Independent Examiner's Report	5
Statement of Financial Activities (including Income and Expenditure Account)	6
Statement of Financial Position	7
Notes to the Financial Statements	8—14

The trustees present their report and the financial statements for the year ended 31 March 2026.

Objectives and Activities

Significant Activities

1) The charity continued making grants to boxing clubs seeking to increase their activity and impact. Such clubs were required to be well-established, affiliated with England Boxing and able to demonstrate local community support through successful fundraising.

By year end the charity had made awards to four clubs.

The Fort Boxing Club. This club is based in Whitchurch, Shropshire and demonstrated an impressive fundraising record, with active support from the local community. The charity was pleased to award the club £10,000 towards the purchase of a minibus.

Ringcraft Boxing Gym. Based in Dunstable, Bedfordshire, this club is both a busy, successful boxing gym and a valuable community hub. Raising money from a range of sources, the club sought a minibus for use by both the boxers and the wider community. Sanibel was pleased to provide a grant of £15,000 towards this purchase.

Haverhill ABC. Based in Suffolk, this club has long been a part of the local community, with an emphasis on competitive boxing. The club having raised significant amounts for a minibus, the charity made an award of £15,000.

Marden ABC. Based in North Shields, Newcastle, this busy club was raising money for a new ring and Sanibel was pleased to award £3,000 to facilitate the completion of the purchase.

2) The charity funded a pilot project, Aspire to Greatness, with England Boxing to provide a bespoke, season-long training programme for up to 15 ambitious girls wanting to box competitively in the future. Combining online sessions with in-person coaching at the England Institute of Sport (EIS) the programme made best practice performance coaching available to the girls, who were also provided with specialist, fitted boxing kit.

To further support girls boxing, the charity provided an award of £2,850, complementing funding by the Home Counties region, to facilitate the travel and accommodation of 15 girl boxers and 4 coaches to the Golden Girl competition in Sweden.

3) Building on a successful previous pilot project, the charity funded a further four projects for cohorts of up to 15 club coaches to attend a four-day development programme with the England Boxing Performance Team at EIS.

Public Benefit

We have referred to the guidance in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.

The trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit.

Financial Review

Financial Position

The charity continued to benefit from a reliable income stream, this year of £33,183 mainly from investments managed by Sarasin & Partners LLP, a specialist investment manager for charities. Another volatile year in the financial markets ended with a net gain of £34,784. The charity remains in a strong financial position to pursue its charitable objectives.

Reserves Policy

The charity’s intention remains to diminish reserves through the funding of projects consistent with the charity’s current and future charitable objects.

Total funds at year end were £1,182,353.

The Trustees have not entered into any legally or morally binding charitable commitments or guarantees which might require separate disclosure.

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Sanibel Foundation

Trustees' Report (continued)

For The Year Ended 31 March 2026

Going Concern

After making appropriate enquiries, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

Future Plans

1) The charity will continue to consider making grants to well-established clubs, affiliated with England Boxing, that are seeking to raise funds for boxing facilities and can demonstrate the support of their local community.

2) The charity will review the outcomes of the Aspire to Greatness project, liaising with England Boxing to identify possible future plans in this area.

3) The charity has committed to fund two further community coaching projects, to be offered to club coaches England-wide. Working with England Boxing, the success of these projects will then be reviewed before deciding upon further activity.

4) The charity has agreed to work with England Boxing to fund a pilot project assisting around 45 talented young boxers across England to access England Boxing’s performance standards and coaching philosophy at EIS. It is anticipated that this will both help to retain those boxers within the sport and provide inspiration to other young boxers looking for development opportunities beyond club and regional level.

Structure, Governance and Management

Governing Document

Constitution

Sanibel Foundation is a company limited by guarantee (No. 07037120) incorporated in England and Wales on 9th October 2009 and a registered charity (No. 1133652). It's governing document is the Memorandum and Articles of Association. The memorandum and Articles of Association were last updated on 8th December 2021.

The charity's objects are to promote and protect well-being and positive mental health through the provision of psychological therapy, psycho-educational programmes, coaching and assistance to access employment, education and training and the promotion of community participation in healthy recreation, in particular by the provision of facilities and coaching for boxing.

Organisational structure

The company is managed by the board of trustees, elected under terms of the Articles of Association. Trustees are required to hold significant experience in a professional field and to demonstrate sympathy and commitment to the company's activities.

In addition to meeting the above requirements, new trustees meet with the Chief Executive to familiarise themselves with the activities of the company before shadowing board meetings. Subsequent election is by unanimous vote at a properly convened meeting.

The board meets at least four times a year.

The daily operational and financial activities of the charity are delegated to the Chief Executive who attends all board meetings. The trustees and the Chief Executive are Key Management Personnel.

Risk management

The trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company.

The trustees are satisfied that systems are in place to mitigate the company's exposure to the major risks. Appropriate controls are in place to provide reasonable assurance against fraud and error.

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Sanibel Foundation

Trustees' Report (continued)

For The Year Ended 31 March 2026

Reference and Administrative Details

Trustees

Ms Gema Glover

Mr Andrew Ross

Mr James Cooke

Company Secretary

Mr Paul Hingston

Charity Number

1133652

Company Number

07037120

Registered Office

Suite 4, 3rd Floor North

15 Solebay Street

London

E1 4PN

Independent Examiner

Stephen Simmons FCA

Robert Ollman and Co.

156 High Road
Chigwell
Essex
IG7 5BH

Bankers

Virgin Money

154-158 Kensington High Street

London

W8 7RL

Solicitors

BDB Pitmans LLP

One Bartholomew Close

London

EC1A 7BL

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Sanibel Foundation

Trustees' Report (continued)

For The Year Ended 31 March 2026

Statement of Trustees' Responsibilities

The trustees (who are also the directors of Sanibel Foundation for the purposes of company law) 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).

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statement unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing the financial statements the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgments and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at anytime the financial position of the charitable company and to enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Small Company Rules

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The trustees' report was approved by the board of trustees and signed on its behalf by:

Ms Gema Glover

Trustee

31/07/2026

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Sanibel Foundation

Independent Examiner's Report to the Trustees of Sanibel Foundation

For The Year Ended 31 March 2026

Independent Examiner's Report to the Trustees of Sanibel Foundation

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2026.

Responsibilities and Basis of Report

As the charity trustees of the Company (and also its directors for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent Examiner's Statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
the accounts do not accord with those records; or
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination; or
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Stephen Simmons FCA

31/07/2026

156 High Road
Chigwell
Essex
IG7 5BH

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Sanibel Foundation

Statement of Financial Activities (including Income and Expenditure Account)

For The Year Ended 31 March 2026

Statement of Financial Activities (including Income and Expenditure Account)

		2026	2025
		Unrestricted funds	Unrestricted funds
	Notes	£	£
INCOME AND ENDOWMENTS FROM:
Investments	3	33,183	35,555
Other	4	-	4,452

		33,183	40,007

EXPENDITURE ON:
Raising funds	5	(153,768 )	(122,017 )

NET EXPENDITURE BEFORE INVESTMENT LOSSES		(120,585)	(82,010)
Net gains on investments		34,784	14,108

NET EXPENDITURE		(85,801 )	(67,902 )


NET MOVEMENT IN FUNDS		(85,801 )	(67,902 )
RECONCILIATION OF FUNDS:
Total funds brought forward		1,268,154	1,336,056

TOTAL FUNDS CARRIED FORWARD	15	1,182,353	1,268,154

The notes on pages 8 to 13 form part of these financial statements.

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Sanibel Foundation

Statement of Financial Position

As At 31 March 2026

Statement of Financial Position

		2026	2025
		Unrestricted funds	Total funds
	Notes	£	£
FIXED ASSETS
Investments	12	1,166,683	1,236,725

		1,166,683	1,236,725
CURRENT ASSETS
Debtors	13	159	161
Cash at bank and in hand		28,761	34,018

		28,920	34,179
Creditors: Amounts Falling Due Within One Year	14	(13,250 )	(2,750 )

NET CURRENT ASSETS (LIABILITIES)		15,670	31,429

TOTAL ASSETS LESS CURRENT LIABILITIES		1,182,353	1,268,154

NET ASSETS		1,182,353	1,268,154

FUNDS OF THE CHARITY
Unrestricted Funds		1,182,353	1,268,154

TOTAL FUNDS	15	1,182,353	1,268,154

For the year ending 31 March 2026 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

On behalf of the board

Ms Gema Glover

Trustee

31/07/2026

The notes on pages 8 to 13 form part of these financial statements.

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Sanibel Foundation

Notes to the Financial Statements

For The Year Ended 31 March 2026

Notes to the Financial Statements

1. General Information

Sanibel Foundation is a company limited by guarantee, incorporated in England & Wales, registered number 07037120 and registered charity number 1133652 . The registered office is Suite 4, 3rd Floor North, 15 Solebay Street, London, E1 4PN.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the Companies Act 2006 and in accordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102). The financial statements are drawn up on the historical cost basis of accounting, as modified by the revaluation of investments.

Sanibel Foundation is a company limited by guarantee and has no share capital. Its registered office is at 11 The Shrubberies, George Lane, London E18 1BD. The company is a registered charity. Sanibel Foundation is a Public Benefit Entity as defined by FRS 102.

The financial statements are preapred in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

2.2. Incoming Resources

Voluntary income and donations (including legacies) are accounted for once the charity has entitlement to the income, it is probable the income will be received, and the amount of income receivable can be readily measured. The income from fundraising is shown gross, with the associated costs included in fundraising costs. Where material assets are donated to the company for its use, these are capitalised at the estimated market value at the date of the gift and are included under income. Assets given for distribution by the charity are received as income when distributed and stated in the accounts at the directors' estimated market value at the time of receipt.

Investment Income and any associated tax credits is included in the financial statements when receivable.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Computer Equipment

33% on cost

2.4. Investments

Those quotes on a recognised stock exchange are at market value and other investments are included at trustees' best estimate of market value. All gains or losses are taken to the Statement of Financial Activities and included in net income for the year.

2.5. Cash and Cash Equivalents

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit.

2.6. Financial Instruments

The charity only has financial assets and 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.

2.7. Taxation

The charity is exempt from tax as all it's income is charitable and applied for charitable purposes.

2.8. Provisions and Contingencies

Creditors and provisions are recognised where the charity has a present obligation arising 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 recognised at their settlement amount.

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Sanibel Foundation

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.9. Charitable Activities

Expenditure is accrued as soon as a liability in considered probable, discounted to present value for longer term liabilities.

The majority of costs are directly attributable to specific activities. Staff costs are allocated on the basis of time spent by staff on each activity. Office costs, including governance costs, are charged directly to the activity when incurred.

2.10. Restricted funds

These are funds which are restricted when given by the donor as to the purpose for which they can be used. The trustees are obliged to follow the donor's wishes or return the monies to the donor if they are unable to do so.

2.11. Unrestricted funds

Unrestricted funds are given free of any restriction by the donor and are to be used by the trustees in accordance with the objects of the charity generally.

3. Investment Income

	2026	2025
	Unrestricted	Unrestricted
	funds	funds
	£	£
Bank interest receivable	465	476
Dividends from investments	32,718	35,079

	33,183	35,555

4. Other Income

	2026	2025
	Unrestricted funds	Unrestricted funds
	£	£
Other income	-	4,452

5. Analysis of Expenditure

				2026
	Activities undertaken directly	Grant funding of activities (see note 6 )	Support costs (see note 7 )	Total
	£	£	£	£
Raising funds	63,727	83,501	6,540	153,768

				2025
	Activities undertaken directly	Grant funding of activities (see note 6 )	Support costs (see note 7 )	Total
	£	£	£	£
Raising funds	59,343	56,570	6,104	122,017

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Sanibel Foundation

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

6. Grants Payable

	2026	2025
	Grants to	Grants to
	Institutions	Institutions
	£	£
Raising funds	83,501	56,570

Grants paid to institutions, included above, are as follows:

	2026	2025
	£	£
Windrush Valley Amateur Boxing Club - 1 grant	-	5,000
Buckingham Boxing Club - 3 grants	-	26,570
North Mersey Amateur Boxing Club - 1 grant	-	12,000
Rayne Amateur Boxing Club - 1 grant	-	3,000
Mercia Boxing Club - 1 grant	-	10,000
England Boxing - Various grants	37,651	-
Haverhill Amateur Boxing Club - 1 grant	15,000	-
Home Counties Boxing - 1 grant	2,850	-
Marden Amateur Boxing Club - 1 grant	3,000	-
Ringcraft Amateur Boxing Club - 1 grant	15,000	-
The Fort Boxing Club - 1 grant	10,000	-

	83,501	56,570

7. Support Costs

	2026
	Raising funds
	£
Employee costs	994
General administration	4,196
Governance costs	1,350

	6,540

	2025
	Raising funds
	£
Employee costs	1,902
General administration	2,812
Governance costs	1,390

	6,104

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Sanibel Foundation

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

8. Independent Examiner's Remuneration

	2026	2025
	£	£
Independent examination of the financial statements	1,350	1,390

9. Staff Costs

Staff costs were as follows:

	2026	2025
	£	£
Wages and salaries	13,168	10,583
Other pension costs	44,896	47,896

	58,064	58,479

No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000.

10. Average Number of Employees

Average number of employees during the year was: 1 (2025: 1)

11. Tangible Assets

	Computer Equipment
	£
Cost
As at 1 April 2025	14,209

As at 31 March 2026	14,209

Depreciation
As at 1 April 2025	14,209

As at 31 March 2026	14,209

Net Book Value
As at 31 March 2026	-

As at 1 April 2025	-

12. Investments

	Listed
	£
Cost or Valuation
As at 1 April 2025	1,236,725
Disposals	(104,826 )
Revaluations	34,784

As at 31 March 2026	1,166,683

Provision
As at 1 April 2025	-

As at 31 March 2026	-

...CONTINUED

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Sanibel Foundation

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

Net Book Value
As at 31 March 2026	1,166,683

As at 1 April 2025	1,236,725

13. Debtors

	2026	2025
	£	£
Due within one year
Other debtors	159	161

14. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Accruals and deferred income	13,250	2,750

15. Movement in Funds

	As at 1 April 2025	Income	Expenditure	As at 31 March 2026
	£	£	£	£
Unrestricted funds
General:
General unrestricted fund	1,268,154	33,183	(118,984 )	1,182,353


Total funds	1,268,154	33,183	(118,984 )	1,182,353

	As at 1 April 2024	Income	Expenditure	As at 31 March 2025
	£	£	£	£
Unrestricted funds
General:
General unrestricted fund	1,336,056	40,007	(107,909 )	1,268,154


Total funds	1,336,056	40,007	(107,909 )	1,268,154

Unrestricted funds as at balance sheet date includes a revaluation reserve of £380,774 (2025: £380,957).

16. Transactions with Trustees

None of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year.

No trustee expenses have been incurred.

17. Related Party Disclosures

There have been no related party transactions in the reporting period that require disclosure.

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Sanibel Foundation

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

18. Company limited by guarantee

The company is limited by guarantee and has no share capital.

Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.

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Sanibel Foundation

Detailed Statement of Financial Activities (including Income and Expenditure Account)

For The Year Ended 31 March 2026

Detailed Statement of Financial Activities (including Income and Expenditure Account)

	2026	2025
	Total funds	Total funds
	£	£
INCOME AND ENDOWMENTS FROM:
Investments

Deposit Account Interest received	55	68
Dividends received	32,663	35,011
Bank interest receivable	465	476

	33,183	35,555

Other

Other income	-	4,452

	-	4,452


	33,183	40,007
EXPENDITURE ON:
Raising funds
Investment management costs	(4,806)	-
Wages and salaries	(13,168)	(10,583)
Pension	(44,896)	(47,896)
Insurance	(837)	(844)
Grants to institutions	(83,501)	(56,570)
Bank charges	(20)	(20)
Staff training	(382)	(349)
Staff expenses	(612)	(1,553)
Computer costs	(752)	(1,216)
Admin costs	(17)	(100)
Professional books and journals	(274)	(204)
Telephone	(306)	(338)
Data protection	(47)	(35)
Accountancy and legal fees	(1,880)	(919)
Business Development	(920)	-
Independent examiner's fees	(1,350)	(1,390)

	(153,768)	(122,017)

	(153,768)	(122,017)

NET EXPENDITURE BEFORE INVESTMENT LOSSES	(120,585)	(82,010)
Net gains on investments

Surplus on disposal of listed fixed asset investments	34,967	30,949
Fair value deficit on revaluation of investments	(183)	(16,841)

	34,784	14,108


NET EXPENDITURE	(85,801)	(67,902)

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