REGISTERED COMPANY NUMBER: 02743893 (England and Wales)

REGISTERED CHARITY NUMBER: 1014275

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 30 November 2025

for

The John Kobal Foundation

Page

Report of the trustees

1

to

2

Statement of financial activities

3

Balance sheet

4

to

5

Notes to the financial statements

6

to

9

The John Kobal Foundation is a company limited by guarantee. It is a registered charity (Charity no. 1014275)

OBJECTIVES AND ACTIVITIES

Objectives and aims

The John Kobal Foundation is a charity organisation established in 1991. Our aim is to encourage and promote public interest in fine art photography and support emerging photographers by providing financial support.

Chair’s Report

In 2023, the first John Kobal Foundation Fellowship, an award of £50,000 over two years, was given to the South African photographer Lindokuhle Sobekwa. The Fellowship was accompanied by the establishment of the John Kobal Foundation Fellowship Lecture, an annual lecture to be given by or in honour of the Fellow, in partnership with Tate and held at Tate Modern.

After the success of the first Fellowship, and the inaugural JKF lecture, despite an initial agreement to host the lecture series for a period of six years, changes to Tate’s financial policies during 2024 meant it would only support events linked to its own exhibitions and could not continue with the partnership. This left the Foundation without a prestigious venue for the annual lecture and without the important attendant publicity. It was therefore decided to postpone the selection of the next JKF Fellow until we had found a new partner and/or sponsorship.

Following the acquisition of the John Kobal Foundation Collection of vintage Hollywood prints by the Hood Museum of Art in 2021, thanks to two of our trustees, the art historian Robert Dance, and Emeritus Chair Simon Crocker, the remaining collection of approximately 20,000 photographic negatives including portraits and behind-the-scene mages by some of Hollywood’s greatest photographers, was added to the reference collection of the Academy of Motion Picture Arts and Sciences in Los Angeles at the end of 2025. This ensures that both the print and negative collections made by John Kobal will be a valuable resource for both film historians and students in future decades.

As in previous years, the Foundation continues to receive annual revenue from its sales of licenced images through Getty Images.com.

Liz Jobey & Michael Mack

Co-Chairs

FINANCIAL REVIEW

Reserves policy

The trustees believe that the charity should hold reserves in order to allow it to be managed efficiently and to provide a buffer for uninterrupted management.

Total funds

The balance sheet shows total funds amounting to £281,193. The completion of the sale of the print and document archive to the Hood Museum has returned the charity to a positive financial position which enables the charity to be managed efficiently in providing charitable support to fine art photography.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Organisation

The charity's base is Studio E, Ground Floor, Emperor House, Dragonfly Place, London SE4 2FL. It has no full-time employee.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

02743893 (England and Wales)

Registered Charity number

1014275

Registered office

Freedman House

Christopher Wren Yard

117 High Street

Croydon

Surrey

CR0 1QG

Trustees

S Crocker Film Producer

R Dance Art Dealer

R C Grey Solicitor

Ms E Jobey Writer & Editor (Co Chair)

Dr M A Mack Publisher (Co-Chair)

T A Pepper Museum Curator

A J J J Sullivan CEO & Founder, Verbatim Photo Agency

N Arthur Curator, British Film Institute

D G L Campany Curator/Writer

Ms S M Mavlian Director

Company Secretary

S Crocker

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

Approved by order of the board of trustees on 28 August 2026 and signed on its behalf by:

Dr M A Mack - Trustee

30.11.25

30.11.24

Unrestricted

Total

fund

funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

9,814

16,232

Investment income

2

1,341

1,565

Total

11,155

17,797

EXPENDITURE ON

Other

23,576

33,088

NET INCOME/(EXPENDITURE)

(12,421

)

(15,291

)

RECONCILIATION OF FUNDS

Total funds brought forward

293,614

308,905

TOTAL FUNDS CARRIED FORWARD

281,193

293,614

30.11.25

30.11.24

Total

Total

funds

funds

Notes

£

£

FIXED ASSETS

Tangible assets

6

2,089

2,137

CURRENT ASSETS

Debtors

7

235

223

Cash at bank and in hand

285,973

294,979

286,208

295,202

CREDITORS

Amounts falling due within one year

8

(7,104

)

(3,725

)

NET CURRENT ASSETS

279,104

291,477

TOTAL ASSETS LESS CURRENT LIABILITIES

281,193

293,614

NET ASSETS

281,193

293,614

FUNDS

9

Unrestricted funds

281,193

293,614

TOTAL FUNDS

281,193

293,614

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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

The financial statements were approved by the Board of Trustees and authorised for issue on 28 August 2026 and were signed on its behalf by:

E Jobey - Trustee

M A Mack - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£).

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33.33% on reducing balance

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

At present, the charity holds no restricted funds.

2.	INVESTMENT INCOME

30.11.25

30.11.24

£

£

Bank interest

1,341

1,565

3.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

30.11.25

30.11.24

£

£

Depreciation - owned assets

48

69

4.	TRUSTEES' REMUNERATION AND BENEFITS

Trustees' expenses

There were no trustee's expenses paid for the year ended 30 November 2024 nor for the year ended 30 November 2023.

Trustees' remuneration

The were no trustees' remuneration or other benefits for the year ended 30 November 2024 nor for the year ended 30 November 2023.

5.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

fund

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

16,232

Investment income

1,565

Total

17,797

EXPENDITURE ON

Other

33,088

NET INCOME/(EXPENDITURE)

(15,291

)

RECONCILIATION OF FUNDS

Total funds brought forward

308,905

TOTAL FUNDS CARRIED FORWARD

293,614

6.	TANGIBLE FIXED ASSETS

Fixtures

Vintage

and

Computer

prints

fittings

equipment

Totals

£

£

£

£

Cost

At 1 December 2024 and 30 November 2025

1,987

7,846

2,006

11,839

Depreciation

At 1 December 2024

-

7,814

1,888

9,702

Charge for year

-

8

40

48

At 30 November 2025

-

7,822

1,928

9,750

Net book value

At 30 November 2025

1,987

24

78

2,089

At 30 November 2024

1,987

32

118

2,137

7.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.25

30.11.24

£

£

VAT

235

223

8.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.25

30.11.24

£

£

Trade creditors

2,604

1,625

Other creditors

2,400

-

Accruals and deferred income

2,100

2,100

7,104

3,725

9.	MOVEMENT IN FUNDS

Net

At

movement

At

1.12.24

in funds

30.11.25

£

£

£

Unrestricted funds

General fund

293,614

(12,421

)

281,193

TOTAL FUNDS

293,614

(12,421

)

281,193

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

11,155

(23,576

)

(12,421

)

TOTAL FUNDS

11,155

(23,576

)

(12,421

)

Comparatives for movement in funds

Net

At

movement

At

1.12.23

in funds

30.11.24

£

£

£

Unrestricted fund

308,905

(15,291

)

293,614

TOTAL FUNDS

308,905

(15,291

)

293,614

Comparative net movement in funds included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted fund

17,797

(33,088

)

(15,291

)

TOTAL FUNDS

17,797

(33,088

)

(15,291

)

10.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 30 November 2025.