Estori¢k Colledion
Eric and Salome Estorick Foundation
Annual Report and Financial Statement
Charity Registration Number: 1046374
Cornpany Limited by Guarantee Registration Nurnber. 03044221
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*ABZZJPZ6*
2410312023
COMPANIES HWSE
273

ERIC AND SALOME ESTORICK FOUNDATION
YEAR ENDED 30 JUNE 2022
Content
Page
Company infom)ation
Directors.￿rustee5. retM)rt
2-14
Auditorfs rerort
15-18
stat￿nent of financial attivities
19
Summary income and eXpe￿IltU￿ ac￿nt
Balan￿ sheet
21
Statement of cash flows
Notes to the financial Stateffl￿ts

ERIC AND SALOME ESTORICK FOUNDATION
YEAR ENDED 30 JUNE 2022
Directors
Michael Estorick (chairman)
Dawn Ades
Jo Cottrell
Alexander Estorick
Isobel Estorick
Vanessa Hall-smith (resigned 30.6.20221
Gavin Henderson (resigned 18.1.20221
Martin Owen
Jane McNeill (appointed 8 November 20221
Alexander Phillips lappointed 8 November 20221
Company Secretary
Valentino Speziali
Addres5
39a Canonbury Square
London Nl 2AN
www.estorickcollection.com
Company number
03044221
Charity number
1046374
Auditors
WMT- Chartered Accountants
Verulam Point. Station Way,
St Albans. Hertfordshire. ALI SHE
Website
www.estorickcollection.com

ERIC AND SALOME ESTORICK FOUNDATION
THE DIREcfoRS' AND TRUSTEES. REPORT FOR THE YEAR END 30 JUNE 2022
The Dirertors and Trustee5 present their annual report and accounts for the activities of the Eric and
Salome Estorick Foundation I'the Foundation") for the year ending 30 June 2022. The accounts have
been prepared in accordance with the accounting policies set out on pages 23 to 25 and comply with
the Foundation's articles, the Companies Act 2006, applicable law and the requirements of
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 IFRS102} (Second edition) and the Financial Reporting Standard applicable in
the United Kingdom and Republic of Ireland IFRS 102).
Objective of the Charlty and the Constitution
The Foundation is a charity and is constituted as a company limited by guarantee. It is therefore
governed by a memorandum and articles of association.
The Foundation's objective and its principal activity is to create and maintain èn environment
con(Jucive to the appreciation and understandin8 of rnodern art. particularly Italian art, through the
promotion and display of its permanent collertion of works of art and by running a temporary
exhibition and education programme.
The Foundation has been funded in the past by the Eric and Salome Estorick Foundation IUSAI, a
Delaware registered corporation which was closed in 2018 and the residual assets were transferred
to the Foundation as a permanent endowment. There is also an expendable endowment for the
care of the Collection and for the acquisition of works.
The Foundation owns 122 works of art which comprise the museum's permanent collection. 120 of
these works had been collected by Eric and Salome Estorick during their lifetime5 and were on loan
when the museum opened in 1998. They have subsequently either been donated to or purchased by
the Foundation. Of the two other works in the pemianent collertion. one was donated and the other
purthased by the Foundation.
The Statement of Financial Activities shows total funds amounting to £14.454.991.
Publlc Benefft
The Trustees ot the Foundation have paid regard to the Charity Commission's published guidance on
public benefit. They believe that those who have acce55 to the visual arts derive vpry rpal hp.npfit
from the experience. The museum seeks to be open and available to all and encourage5
participation by all. We offer a number of online artivitiè£ frpe of charge and work with various
charitable organisations in providing courses and activities free of charge or at low cost. Core cost5
have to be met and therefore with reluctance the rnuseum levies an admission charge. All children
up to age 18 and students with valid ID are pemiitted free entry and there are concessions for Senior
Citizen5, Registered Disabled, Job Seekers. Museum Association, London Culture, Association for Art
History, Engage and National Art Pas5 members.

ERIC AND SALOME ESTORICK FOUNDATION
THE DIREcfoRS' AND TRUSTEES, REPORT FOR THE YEAR END 30 JUNE 202Z
Risk Management Policy
The Trustees have identified the main risks to which the Foundation is exposed, the current level of
risk and its likely irnpact. the procedure5 to be put in place to mitigate the effects of identified risks
and the level of residual risk. Any unanticipated risk ernerging in the course of the year would be
brought to the Board of Trustees for further consideration. The main identified risk 15 the physical
security of the Collection which has been mitigated through a conservatK)n programme. alarms,
CCTV cameras, other security measures and insurance.
Reserves Pollcy
It is the policy of the Foundation to maintain unrestricted fund5, which are the free reserves of the
Foundation. at a level which equate5 to approximately nine months of unrestricted expenditure. This
provides funds to cover management and administration and 5UPPOrt Costs and to respond to
emergency applications for grants which arise. The total reserves of the charity amounted to
£14,454,991 of which unrestrirted reserves were £538,604, including fixed asset5 of £531,656.
Additionally, there are endowment fund5 of £13,601,387 including an expendable endowment fund
of £7.9m which can be used for the care of the Collertion if required. Restricted funds amount to
£325,000 relating to fixed assets.
Investments
During the year the investments provided a dividend income of £161.S73 and capital loss of
£573,047. The totol return was £1411,4741. During the year £30,000 of investments were 501d to
finance operations. The final investment mix was approximately 21% in the Blackrock Diversified
Dynamic Return Fund, 29% in the ishares Developed World Index Fund (Equities) and 50% in the
ishares Overseas Corporate Bond Index Fund.
Govemance
The Foundation 15 directed by a Board of Trustees which meets four or fwe time5 a year. The day to
day decision making is dealt with by the Dirertor who delegates operational matters to the staff
team as appropriate. All Directors of the company are also Trustees of the Foundation. The Board of
Trustees has power to appoint additional trustees as it considers fit. New trustees receive an
induction pack which provides full briefing on the founding documents, current policies. previous
annual reports and recent board meeting minutes.

ERIC AND SALOME ESTORICK FOUNDATION
THE DIRECTORS, AND TRU5TEES' REPORT FOR THE YEAR END 30 JUNE 2022
PRINCIPAL AcfiviTIES
Introduction
The Eric and Salome Estorick Foundation is known to the public as the Estorick Collection of Modern
Italian Art 1.the Estorick Collection'}. It continues to attract attention for its high standard of visitor
experience and has established a reputation for its diverse and challenging exhibition programme.
The Trustees believe that the Estorick Collection's unique and pioneering role in the presentation of
Italian 20th century art continues to be justified. This is borne out by the consistently high level of
recognition and interest which the programme receives from public and critlC5 alike.
The Trustees recognise that the temporary exhibrtions have to be varied, and lesser-known artists
represented. with a balance being maintained behveen monographic and thematic shows. The
programme for the past year included an interesting selection of exhibitions and collateral artivities
that was consistent with the remit of the Foundation by displaying a wide variety of work linked to
its collection of Italian 20th century art Isee below).
In November 2021, the Estorick Collection was again designated a Quality Assured Visitor Attraction
by Visit England in their assessment Stated Yhe Estoritk houses an exceptional collection of Italian
art in a most attractive setting. At the time of this assessment, the whole collection was on display
(very well presented and interpreted) which allowed for a fascinatin8 insight into the variety of
modern art movements represented in the collection. Overall. this is a unique attraction offering a
very good visitor experience" The Estorick Collection was therefore considered eligible to be
nominated for a VE Hidden Gem Accolade which has been awarded to the Collection in October
2022. It also continues to retain Accredited Museum status from Arts Council England.
The Trustees acknowledge the continuing support of private and public collertions in Italy and other
countries through their ger)erous loan of works to the museum. The Trustees also acknowledge the
contribution of Arts Council England in providing Government Indemnity for those works on loan to
the museum.
The Estorick Collection reopened in May 2021 after been forced to close its doors to the public due
to the COVID-19 pandemic. Thi5 wa5 an unprecedented and uniquely challenging period for the

ERIC AND SALOME ESTORICK FOUNDATION
THE DIREcfoRS' AND TRUSTEES. REPORT FOR THE YEAR END 30 JUNE 2022
museum. After reopeninR to the public the Collection (Jffered a series of online tslks and interactive
curatorial di5CUSsions, a5 well as a range of online activities for children, in addition to the museum's
regular posts on Twitter. Instagram and Facebook.
Attendance 202112022 was 15,760, a figure that would undoubtedly have been higher had it not
been for the COVID-19 Crisis.
Press and Marketing
Alison Wright PR continued to be responsible for press relation5; the media coverage is now well
established in Britain and Italy as well as appearing in other international publications.
The museum's social media channels continued to grow throughout the year. promoting the
temporary exhibitions as well as the artists, artwork5 and themes of the permanent collection. Social
media were used to increase awareness of the museum and its artivities, engaging and reaching
both existing and new potential visitors. The number of followers on its Instagram atcount kept
growing throughout the year reconfirming the positive trend of the past years. A small groyrth was
recorded on Facebook and Twitter.
Followers= July 2021
4.763
5.189
7,690
Followers: July 2022
Facebook
Twitter
Instagram
5299
8901
Visitor impressions, collected through surveys. highlighted general sat15fartion with regard to
temporary exhibitions and the museum. Cross marketing with other museums, festivals and
organisations helped in promoting the exhibitions programme as well as the museum. Printed and
digital advertising, ès well as leaflet distribut￿)n, was used to promote the exhibitions held at the
museum during the year.
Four online talks were held during this period IA Still Life.- Poul Coldwell in Convef5t7tion with Roberta
Cremoncini,. The Estorick Collertion.. A Conversotion with Roberto Cremoncini ond ChristopherAdam5
Part l & 2, Discovering Bice Lozzori with Exhibition Curator Renato Miraccol and were attended by
226 users. A special private view for Members was held on 30 November and it was attended by 117
guests. A Special tour for London Art Fair VIP5 took place in April.
Cross marketing with other museums and organi5ations helped in promoting the exhibitions
programme and the museum. Printed and digital advertising, as well a5 leaflet distribution, was used
to promote the exhibitions held at the museum during the year.

ERIC AND SALOME ESTORICK FOUNDATION
THE DIRECTORS. AND TRUSTEES. REPORT FOR THE YEAR END 30 JUNE 2022
Membership Scheme
The total membership in June 2022 was 751. an increase of 178 from June 2021. Total membership
comprises the following.. 28 Life members, 104 Contributing members. 99 Joint memberships, 153
Joint Concession memberships. 160 Individual members and 207 Individual Concession member5.
149 new memberships were taken out during the year.
Retention rate for returning members was 83%, with a number of previously lapsed members also
renewing. The return to something c105er to normality after the restrictions of the Covid-19
pandemic has seen the number of members bounce back from the losses during the periods that the
museum was closed, Yiith hi8h retention rates throughout the year.
Exhibitions
Olivier Debre: Fervent Abstrartion
30 June- 26 september 2021
The first exhibition in England of paintings by French post-war artist Olivier t)ebré11920-19991.
Enormou51y prolific and internationally renowned, Debre was one of the key representatives of
Lyrical Abstraction alollg5ide Serge Poliakoff. Pierre Soulages and Nicola5 de Stael. Origin3lly
influenced by Picasso, whom he met in 1941. Debre later began usin8 the intense, vivid colours
which would come to define his unique Style from 1960 onward- a dramatic change of direction
related in part to his encounters with American painters such as Mark Rothko and Jule5 Olitski.
Describing his work as 'fp.rvent abstraction. Debré's ambition was to expre55 as directly as p055ible
the profound emotions awakened in him by the natural world. Chosen by Michael E5torick,
Chairman of the Estorick Foundation, this %how brought together some 30 oils and works on paper
from all periods of the artisvs life. including 16 of his large-scale canvases. The exhibition was
accompanied by a catalogue wlth coiilribuli0115 by Michael E5torick and art historian5 Fanny
Drugeon. Sarah Wilson, and Henry Meyric Hughes.
Attendance.. 3,133 visitors

ERIC AND SALOME ESTORICK FOUNDATION
THE DIRECTORS, AND TRUSTEES, REPORT FOR THE YEAR END 30 JUNE 2022
Estorick Collertion Uncut
6 October- 19 December2021
In autumn 2021, the Estorick's entire collection of modern Italian art was on show throughout the
museum's six galleries. Internationally renowned. and rarely seen in full, it was formed by Eric and
Salome Estorick in the immediate post-war period, and comprises some 120 paintings. drawings.
prints and sculptures by many of the most prominent Italian artists of the modernist era, including
Giacomo Balla, Umberto 8occioni. Giorgio de Chirico. Amedeo Modigliani, Giorgio Morandi and Gino
Severini.
Grouped themalically, and spotlighting movements such as Futurism and Metaphysical Art. the
display also featured works by major sculptors such as Mario Marini and Giacomo Manzu. and
imagery by those painters to whom the Estoricks were particularly close.. Massimo Campigli. Renato
Guttuso and Zoran Music. Other artlsts. including Modigliani and Mario Sironi, were also the subjects
of focused displays. Additionaify, Estorick Collertion Uncut featured a selection of Striking volumes
from the museum's library, including a number of rare Futurist rnanifestos and journals.
The exhibition represented an unmissable opportunity to explore what has been described as "one
of the finest collections of early twentieth-century itslian art anywhere in the worlLV.
A Still Life: Paul Coldwell in Dialo£ue with Giorgio Morandi Igalleries 5 and 61
To complement Estorick Collection Uncut. the museum displayed a selection of new works by artist
Paul Coldwell. Exhibited alongside the E5torick'5 holding of etchings and drawings by Morandi,
Coldwell's prints. sculptures and poems were created in London under lotkdown conditions
between 2020 and 2021. In them, he explO￿d parallels between his own experiences during that
period and the self-imposed 'restrictions' of Morandi's life in Bologna, where the artist lived and
worked for his entire career. As Coldwell observed- -what for others might be seen as limitations.
for Morandi became creative opportunities. His work speaks of the capacity of the imagination to
escape from confinement. something that I hope might be found in my work as well."
Attendance.. 3.329

ERIC AND SALOME ESTORICK FOUNDATION
THE DIRECTORS, AND TRUSTEES, REPORT FOR THE YEAR END 30 JUNE 2022
Bice Lazzari: Modernist Pioneer
14 January 2022 - 24 April 2022
Born in 1900 in Venice, Bice Lazzari studied music before moving on to focu5 on painting as an
adolescent. Initially working largely in landscape, as was the fashion in Venice at the time, Lazzari
made her first abstract compositions in the late 19205, inspired by an interest in applied and
decorative arts. Laizari left Venice in 1935 and moved to Rome, where she remained until her death
in 1981. initially supporting herself by collaborating with architects and decorators on abstract
designs for clients. It was not until after the Second World War that Lazzari was able to devote
herself to painting. Her work explore(J the formal aspects of painting and drawing. and her mark
makin8 was often inspired by music. Graphi(5. Dainting and decoration wprp illSPPArAhlp plpmpnts of
her highly individual artistic activity, which took the form of contlniJOU5 annotatlOn5. an ongoing
visual diary. Exploring the aesthetics of Art Informel, minimalism and hard-edged abstraction, her
paintings made a significant contribution to twentieth-century Italian art, yet have remained largely
unknown outside her natNe country.
Organised irb collaboration with the Arthivio Bice Lazzari. Rome, this exhibition featured some 40
works highlighting the art15t's lyrical and highly original interpretation of abstract art.
Attendance: 6.561

ERIC AND SALOME ESTORICK FOUNDATION
THE DIRE￿oR5. AND TRUSTEES. REPORT FOR THE YEAR END 30 JUNE 2022
Archipenko and the Italian Avant Garde
4 May 2022- 4 September 2022
This ambitious exhibition proposed an alternative history of modernism by retracing the ￿latIonShIp
between Alexander Archipenko and the masters of the Italian avant garde.
Born in Kyiv. Archipenko11887-19641 wa5 one of the twentieth century's most influential sculptors.
He spent time in Moscow before settling in Paris in I￿9, where he developed an emphatically
modern interpretation of sculpture under the influence of Cubist imagery. Between 1911 and 1912
he created a number of truly original works in which human figu￿5 were broken down into sections
that seemed to move in circles and spirals upon themselves.
These works immediately caught the eye of Futurist5 5u¢h as Urnberto Boccioni, who would refer to
Archipenko ￿peatedlY in his writings on sculpture. Equally influential was the artisys investigation of
negative space in sculptural fomi and his construrtion of 'sculpto-paintings' incorporating brightly
painted elements in high relief.
After the First World War. Archipenko's work became a formal reference point for the new
generation of Futurists working in Italy. Among these were Mino R05so and Thayaht (Ernesto
Michahellesl who adopted Archipenko's fluid. streamlined forms in their own 'aerosculptures' of the
19305. Pioneering the 'biomorphid approach adopted by many figures belonging to Marinetti's
movement at this time, Archipenko's example suggested to young Italian artists how they might
keep the avant-Earde flame alight in the face of the prevailing'Return to Orderf, which emphasised
more traditional artistic values. Archipenko's work also informed the iconography of Metaphysical
painting, his mannequin-like figures having caught the attention of artists such as Giorgio de Chirico
and Carlo Carra.
This exhibition, juxtaposing works by Archipenko with imagery by a range of painters and sculptors.
was curated by Dr Maria Elena Versari, Visiting Professor of Art History and Theory at CarneRie
Mellon University, and with the cooperation of The Alexander Archipenko Foundation.
Attendance= 6,155
Education
The education programme continued to offer workshops for schools, universities, and community
roups to explore themes in the temporary exhibitions and permanent collection in both English and
Italian. Free twenty-minute guided tours and paid forty-minute tours were provided to a range of

ERIC AND SALOME ESTORICK FOUNDATION
THE DIRECTORS. AND TRUSTEES, REPORT FOR THE YEAR END 30 JUNE 2022
charity and community group5, schools, college5 and universities. Family Art Day5 and Under 5
sessions were programmed in the school holidays for each exhibition and a serie5 of Adult Art
Classes in the evenings. We continued to focus on provioing a blended offer of in-person and online
workshops and talks to respond to the on-going impact of the COVID-19 pandemic.
Our lon8-term partnership Cont￿n￿ed with Stuart Low Trust by adapting the workshops to be
delivered online and every two weeks instead of four per exhibition to increase the opportunities for
participants tQ 5ocialise and support their well-being. Online talks were also provided for Age UK
with a high attendance and to care homes acr05S the UK in partnership with Vibrant Communities.
We sow a positive increase of schools organising visits to the museum from the previous year and
we continued to work with Islington's 11 by 11 scheme to offer free tours and self-led drawing
sessions to encourage schoo15 to attend in-per50n museum visits.
In the summer we worked in partnership with Bright Start to deliver under 55 Outdoor workshops at
Whittington Park and Andover Community Centre. Working with Isledon Youth Services we also
delivered two workshops for 13-20 years olds as part of their Summetversity programme to explore
the museum. We received funding from Islington council for the Holidays, Activity and Food HAF
provision to deliver creative enrichment workshops and provide access to food over the Christmas
and Easter holidays for children on free school meals, on EHCP plans. wlth SEND an(J willi social
workers and their families.
OINier Debré
FtThent Abstractto
30 June- 26 September
2021
Estoridt Collectlon
Unw¢
6 October- 19
December 2021
Bke Lauarf..
Modernist Pioneer
14 January 2022- 24
Aprth 2022
Archipenko and the
ltslian Avant Garde
4May2022-4
September 2022
Guided Tour5
13 evertts. 321
attended
14 evenis. 377
atteThded
3ev¥riLS. 36 attended
Workshops
11 scheduled. 7 events.
177 attended
4 events. 90attended
8 events, 132
attended
8events. 9D attended
Family Art Day
4 events, 57atteDded
2 events. 12 attended
6 events, 81 attended
2 events. 37 attended
Under Ss sessions
l event. 9 attefide
3 events. 70 attended
l event, 17 attended
Outreach
4 events. 74 attended
l event. 32 attended
Educ*ion Events
l event. 11 attended
l event. 11 attended
l event. 7 attended
l evefiL 7 attended
Adult Art Classes
2 events, 30 attended
l online evenL 17
attended
3 events. 36attended
l online event. 6
attended
3 events. 44 attended
Online TOIL
l event. 32 attended
Online Workshops
6 events. 48 attended
7 events. 41 attended
JO everbts, 93
attended
TOTAL
22 events. 367
attended
31 event5. 531
attended
46 events. 802
attended
20 events. 295
attended
io

ERIC AND SALOME ESTORICK FOUNDATION
THE DIREcfoRS' AND TRUSTEES, REPORT FOR THE YEAR END 30 JUNE 2022
Following on from the success of the Print ondstitch project with Islington Council for children in
need the previous year we received funding from Harrow Council to deliver a pilot project.
Unfortunately. due to increased pressures of the pandemic on social workers there weren't the
resources to support the (levelopment of the project. The Adult Art programme provided classes
online and in-per50n and the popularity of the life drawing classes has remained steady. We also
delivered an online talk and art activity reflecting on climate change as part of Islington's Greener
Together festival.
Café
The licensed Café continued to be run by Biagio Casella. It is open to visitors as well as the general
publit. offers a selection of pasta dishes, sandwiches and snacks wtth an Italian theme as well as hot
and cold drink5 and cakes. In April 2022 the Trustees decided not to renew the contract and to start
to run the Cafe in house from the beginning of July 2022.
Gallery Hire
Six private events were held at the museum during the year, raising £5,105. Five of the events were
private parties or memorials and one was a corporate staff party. A5 the Covid-19 restrictions were
lifted in 2021, interest in venue hire increased. albeit from a very low level. At the end of the period
in question, enquiries and bookings remained below pre-2020 levels.
Staffing
Roberta Cremoncini, continued in her role as Director and continued to run the Collection. Chris
Adams continued as Assistant Curator. on a part-time basis (three days per weekl- Luke Alder
continued a5 full-time Museum Administrator and Claudia Zanardi as full-time Marketing
li

ERIC AND SALOME ESTORICK FOUNDATION
THE DIREcfoRS' AND TRUSTEES, REPORT FOR THE YEAR END 30 JUNE 2022
Coordinator. Jenny Pengilly continued as part-time Education Coordinator14 days per weekl and
Marco Timillero as the Shop and Volunteers Manager. Amanda Williams jorned the team on I, July
2021 as Office Assistant. The museum also uses the services of a freelance book-keeper.
A rotating pool of volunteers are present in the galleries and in the shop during opening hours. A
series of volunteers and interns have joined for short periods of time to help in the office and
remotely on various specific tasks.
Volunteer briefings led by gallery staff are held at the start of each exhibition and ongoing training
sessions were held regularly on Zoom. The Tru5tee5 are most grateful for the dedication and
contrTrbution made by staff and volunteers.
Staff salaries are reviewed by the Board on an annual basis. a performance related bonus scheme is
not in operation.
Shop
The shop continues to offer a selection of catalogues and art books, together with a range of gifts,
Postcards and posters.
Library
The Library remains a valuable research tool for students and people interested in modern Italian
art. Acquisltions were limited but 3 number of relevant books were received as gifts or in reciprocal
exchange with other institutions. This is helping to keep the library up to date with new publications
in relevant areas and the current holdings are 3,423 books and catalogues.
Future Programme
Following the end of Archipenko ond the Itolion Avont Gorde, at the end of summer 2022, the
E5torick Collection presents an exhibition of works by Luigi Pericle until the end of the year. 2023 will
represent the 25 anniversary of the opening of the museum and that will celebrated with an
important exhibition of works by Giorgio Morandi and a series of other events highlighting the
achievements of the collection in the past 25 years.
Fundraising
The Foundation did not engage in material fvndraising from the public in the year to June 2022.
12

ERIC AND SALOME ESTORICK FOUNDATION
THE DIRECTORS, AND TRUSTEES, REPORT FOR THE YEAR END 30 JUNE 2022
Directors and Trustees
All Directors of the company are also Trustees of the Foundation. The Board of Dirertors has power
to appoint additional Trustees as it considers fit to do so.
All Trustees named below served during the year.
Dawn Ades
Jo Cottrell
Alexander Estortck
Isobel Estorick
Mithael Estorick
Vanessa Hall-smwth
Gavin Henderson
Martin Owen
Statement of Trustees, responsibilities
The Trustees (who are also the directors for the purpose of company law} are responsible for
preparing the Annual Report and the financial ststements in accordance with applicable law and
regulations. Company law requires the Trustees to prepare financial statements for each financial
vear. Under that law the Trustees must prepare the financial statements in accordance with United
Kingdom Generally Accepted Accounting Prartice (United Kingdom Accounting Standards and
applicable lawl. Under company law the Trvstees must not approve the financial statements 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 expeii¢Jilure,
of the charitable company for that period. In preparing these financial statements, the trustees are
required to..
al select suitable atcountin8 policies and then apply them consistently:
bl observe the methods and principle5 in the Charities SORP..
cl make judgments and accounting estimates that are reasonable and prudent-
dl state whether applicable UK Accounting Standards have been followed. subject to any
material departures disc105ed and explained in the financial statements- and
el prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charitable company will continue to operate.
The Trustees are responsible for keeping adequate accountinR records that are sufficient to show
and explain the charitable company's transactions and disclose with reasonable accuracy at any time
the financial position of the charitable company and enable them to ensure that the financial
statements comply with the Companie5 Act 2006. They are a150 responsible for safeguarding the
assets of the company and hence for taking reasonable steps for the prevention and detection of
fraud and other irregularilies.
13

E￿c ANO SALOME ESTORICK FOUNDATION
THE OIRECTOILS. TRiISTEEY REPORT FOR THE YEAR END aOJUfft 2022
St•temert as to dlsclosure of inforniath)n to authtors
The Trusiees conflrm th￿ so far 05 they are aware. there Is no relevant audlt InfomialioTr {0$ defined
by sertlon 418131 Oft￿ Companies Art 2CQ61 of whlch the Charitable comparfs audrtors are
unavdare. They have tsken all the steps that thty i)ught to have taken as Trustees In order to make
themselves aware of any releva￿ audrt information and to establish that the charitsble cofflpany's
audtors are aware of that Inforniation.
Auditors
WMT- (hartered Accountants were •pp)inted audltots tothe Foundat￿￿ and a resolution
proposing thelr reapp3lntment wll be putto Annual General MeetlTrx.
Thls reF*Yt has bÈen prepared In xc¢rdance wtth the speclal provi5vJn5 of Part 15 of the Companle5
Act 2(x16 relating to small companie5.
Mlchael Estorl¢k
Ch¥mian
Date
14

ERIC AND SALOME ESTORICK FOUNDATION
AUDITOR'S REPORT TO THE MEMBERS OF ERIC & SALOME EsfoRICK FOUNDATION
FOR THE YEAR ENDED 30 JUNE 2022
Opinion
We have audite.d the financial statements of The Eric and Salome Estorick Foundation (the 'charitable
oMpan￿) for the year ended 30 June 2022 which comprise the Statement of Financial Activities,
Balance Sheet. Statement of Cash Flow5 and notes to the financial statements, including a summary
of significant accounting policies. The financial reporting framework that has been applied in their
preparation is applicable law and United Kingdom Accounting Standards. intruding Financial Reporting
Standard 102 The Finonciol Reporting Stt7ndord applicoble in the UK ond 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 charitable companvs affairs as at 30 June 2022
and of its incoming resources and application of resources, including its income and
expenditure, for the year then ended.
have been properly prepared in accordance with United KinEdom Generally Accepted
Accounting Practice- and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and
applicable law. Our responsibilities under those stsndards are further described in the Auditorf5
responsibilities for the audit of the financial statements sertion of our report. We are independent of
the charitable company in accordance with the ethical requirements that are relevant to our audit of
the financial statements in the UK, including the FRCS Ethical Standard. and we have fulfilled our other
ethical responsibilities in accordance with these requirement5. We believe that the audit evidence we
have obtaine¢J is sufficient and appropriate to provide a basis for our opinion.
Conclusions relaling 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.
8a5ed on the work we have performed, we have not identified any material uncertainties relating to
events or conditions that, individually or collectively, may cast signifitant doubt on the entity'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 trusteeswith respect to going concern are described
in the relevant sections of this report.
Oth$r inforrnation
The other information comprises the information included in the annual report other than the
financial statements and our auditorfs report thereon. The trustee5 are responsible for the other
information contained within the annual report. Our opinion on the financial slalements 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
15

ERIC AND SALOME ESTORICK FOUNDATION
AUDITOR'S REPORT TO THE MEMBERS OF ERIC & SALOME ESTORICK FOUNDATION
FOR ThE YEAR ENDED 30 JUNE 2022
to be materially misstated. If we identify such material inconsistencies or apparent material
misstatements, we are required to determine whether this gNes 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 fatt.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion. based on the work undertaken in the course of the audit=
the inforniation given in the trustees. report. which includes the directors. report prepared
for company law purposes. for the financial year for which the financial statements are
prepared is consistent with the financial statements: and
the directors. report included within the trustees. report has been prepared in accordance
with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and tts environment
obtained in the course of the audit, we have not identified material misstatements in the trustees.
report.
We have nothing to report in respect of the following matters in relation to which the Companies Act
2CQ6 requires us to report to you if, in our opinion:
adequate accounting recor(Is have not been kept. or returns adequate for our audit have not
been received from branches not visited by us- or
the financial statements a￿ not in agreement with the accovnting records and return5. or
certain disc105ures of trustees. remunefation specified by law are not made- or
we have not received all the information and explanations we require for our audit- or
the tru5tees' were not entitled to take advantage of the srnall companies, exemptions in
preparing the trustees, report and from the requirement to prepare a strategic report.
Responsibilities of trv5tees
As explained more fully in the trustees. responsibilities statement the trustees Iwho are also the
director5 of the charitable company for the purposes of company lawl 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 a5 the trustees determirbe 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 respor)sible fo￿ assegsihg the charitablè
compan￿5 ability to continue as a going concern, disc105ing, as applicable, matter5 related to going
concern and using the Boing concern basis of accounting unless the trustees etther intend to liquidate
the charitable company or to cease operations. or have no realistic alternative but to do SQ.
16

ERIC AND SALOME ESTORICK FOUNDATION
AUD￿OR's REPORT TO THE MEMBERS OF ERIC & SALOME EsfoRICK FOUNDATION
FOR THE YEAR ENDED 30 JUNE 2022
Auditorfs responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements a5 a whole
are free from material misstatement. whether due to fraud or error, and to Issue an auditorfs 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 IUKI 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 experted to influence the economic decisions of users taken
on the basis of these financial statements.
Irregularities. including fraud, are instances of non-compliance with rav￿ and regulations. We design
procedures in line with our responsibilities, outlined above. to detect material misstatements in
respect of irregularities, including fraud. The extent to which our procedures are capable of detecting
irreeularities, including fraud is detailed below:
Discussions with and enquiries of management and those charged with governance were held with a
view to identifyinE those laws and regulations that could be expetted to have a material impart on
the financial statements. During the engagement team briefing. the outcomes of these discussions
and enquirie5 were shared with the team, as well as consideration as to where and how fraud may
occur in the entity.
The following laws and regulations were identified as being of significance to the entity=
Those laws and regulation5 considered to have a direct effect on the financial statements
include UK financial reporting standards, Company Law. Charity Law and Tax and Pensions
legislation.
Those law5 and regulations for which non-compliance may be fundamental to the operating
aspects of the charity and therefore may have a material effect on the financial statements
include compliance with the tharitable objectives. public benefit. data protection, health and
safety legislation and employment law.
Audit procedures undertaken in response to the potential risks relating to Ir￿guIaritieS (which include
fraud and non-compliance with law5 and regulations) comprised of- inquiries of management and the
Trustees as to whether the entity complies with such laws and regulations,. enquiries with the same
concerning any actual or potential litigation or claims- inspection of relevant legal correspondence-
review of Trustee meeting minute5.' testing the appropriateness of journal entrie5,' and the
performance of analytical review to identify unexpected movements in account balance5 which may
be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting
irregularities, including fraud. is limited by the inherent difficulty in detecting irregularities, the
effectiveness ot the entivs contro15, and the nature. timing and extent of the audit procedures
performed. Irregularities that result from fraud rnight be inherently more difficult to detect than
irregularities that result from error. As explained above. there is an unavoidable risk that material
misstatements may not be detected, even though the audit has been planned and performed in
accordance with ISAS IUKI.
17

ERIC AND SALOME EsfoiucK FOUNDATION
AUDITOR'S REPORT TO THE MEMBERS OF ERIC & SALOME ESTORICK FOUNDATION
FOR THE YEAR ENDED 30 JUNE 2022
As Part of an audit in accordance with ISAS IUKI. we exercise professional judgment and maintain
professional scepticism throuEhout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether
due to fraud or error, design and perform audit procedure5 re5pon5ive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detectln8 a material misstatement resulting from fraud is higher than for one
resultin8 from error, as fraud may involve collusion. forgery, intentional orni5sions,
mi5representation5, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. but not for the purpose of expressing
an opinion on the effectivene55 of the charitable company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the trustees.
Conclude on the approprièteness of the trustees. use of the going contem basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the charitable
companws ability to continue as a Eoing concern. If we conclude that a material uncertainty
exists. we are required to draw attention in our auditorfs report to the related disclosures
in the financial statements or. if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditorfs
report. However. future events or conditions may cause the charitable company to cease
to continue as a going concern.
Evaluate the overall presentation. structure and content of the financial statements,
including the disclosures. and whether the financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding. among other matters, the planned
scope and timing of the audit and significant audit finding5, including any significant deficiencies in
internal control that we identify during our audit.
Use of our report
This report is made solely to the charitable CoMpan￿S members. as a body. in accordance with
Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might
state to the charitable companWs members those matters we are required to state to them in an
udito¢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 charitable company and the charitable compan￿5
members as a body, for our audit work. for this report. or for the opinions we have formed.
Elizabeth Wicks (Sen￿r Ststutory Auditor)
fror and on tehall ot
WMT Chartered Accountants and StstLrtory Auditors
Verulam Point
Station Way
St Albans
Hertfordshl￿, ALI SHE
Date.. 21 £02S
18

ERIC AND SALOME ESTORICK FOUNDATION
STATEMENT OF FINANCIAL ACtIVITIES
FOR THE YEAR ENDED 30 JUNE 2022
Note Unrestrirted Restrirted Endowment
Funds
Funds
Funds
Total
Funds
2022
Totsl
Funds
2021
INCOME &
ENDOWMENTS FROM:
Donations & legaoe5
Charitable activities
Investments
other
12,095
152.944
9,929
22,024
152,944
161,573
10,030
57,190
70,817
155,461
2,1140
161,573
10,030
Totsl
175,069
9,929
161,573
346,571
286,308
EXPENDITURE ON:
Raising fuThJs
Charitsble activitie5
35,180
445.001
35,180
467,930
14,914
379,138
22,929
Total
480,181
22,929
503,110
394,052
Net gains on investments
13
(573,047)
(573,047)
259,066
Net income I
(expenditure)
(305,112)
(13,CM)O)
(411,474) (729,586)
151,322
Transfers btheen funds
17
191,573
(191,573)
Net movement in funds
(113,539)
(13,000)
(603,047) (729,586)
151,322
Reconciliation of funds
Total funds brought
foNard
642,143
338,000
14,204,434 15,184,571 15,033,255
Total funds Girried forward
528,604
325,000
13,601,387 14,454,991 15,033,255
19

EIUC AND SALOME ESTORICK FOUNDATION
SUMMARY INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2022
2022
2021
INCOME
Donations & legacES
Charitable actNities
22,024
152,944
57,190
70,817
Gross income
174,968
128,007
EXPENDrtURE
Raising funds
Charitable activities
35.180
469,930
14,914
379,138
505,110
394,052
Total expenditure
Net income/(expenditure) before taxatlon for
the financial year
(303.142)
(266,045)
Tax recoverable
10,030
2,840
Net income l (expenditu￿} for the finanaal
year
(293,112)
(263,205)
Notes to the summary income and expenditure account
summary irKome and exEEnditure account is required to meet the accounting
requirements of the CoMpan￿S Att 2006 and presents in a different fomiat amounts included
in the Ststement of Financial Acbvitses, but excludirrfj the endowment fijnd.
20

ERIC AND SALOME ESTORICK FOUNDAT1014
OALANCE SHEET
AS AT 30 JUNE 2022
2022
2021
T￿￿Ible assets
li
12
856,656
5.696,200
864207
5,6962DJ
8 456 731
15,017,138
14,406,541
CURREKf ASSETS
14
15
15,462
15,872
35,621
C35h at bank In ￿nd
81633
193,999
c￿lIt0￿. amounts falng
withln cne
16
NEf CURREiir
ASSEfsi(LIABILrriES)
167 439
CURRErir L￿￿L￿E5
FIA4DS OF ThE CIIARTrY
Un￿b1cte￿1 futNIs
17
17
17
538,f
325.000
642,143
338,000
14 204 434
14 454 991
15 184 577
In a¢￿￿an￿ with $454 of Ih CThnparries kt 2LI)6 trE DreLtiw5 arn￿d thue finandal statements
SUW￿n￿Y prove to be (Wedlb*.
ThefirBrKial 5taternits prwared lTha(oytsr￿1￿tht￿ sp*dal p￿ry￿￿￿1(abIetO o)mp)rdes
sub*rt to the snal crffiptheg reulme aThl In xtLYdm *lth FRS102 SCXiP.
These flnarKtal 51atements were apwoval the knrd ￿ LlreLI(xs arn5 MldHd E*tylck wa5 athorf5ed by
the eoard to swjn ffl ttr￿r beh￿1.
Chalrnmn
Dat¢:
21. J. 2glS
Company reglstrnlion no. 03044221
Charlty reglstratlon no. 11)46374
21

EIUC AND SALOME EsfoRICK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
2022
2021
Cash flows from operating activities
Net income for the year
Adjustments for:
Depreciation on tangitAe frxed assets
(Gain) on inve5trnents
Income from invesknnents
Disposal prO￿edS from the sale of investments
(Increase)/decrease in stock
(Increase)Idecrease in debtors
Increa5el(decrease) in creditors
(729,586)
151,322
37,543
573,047
(161,573)
30,000
410
(16,840)
7,623
31,733
(259,066)
(155,461)
(1,779)
5,399
5,430
Net ￿sh (used in) operating activities
(259,376)
(22l422)
Cash flow5 from investin9 activities
Income from investments
Purchase of tsngible fixej assets
Prc(eeds from sale of investrnents
161,573
(29,992)
155,422
(1,685)
Net cash provided by investing activities
131.581
153,776
Net irKrease l (decrease) in cash arKI cash
equivalents
(127,795)
(68,646)
Cash arKI cash equivalents at the beginning of the
year
142,5
211,152
Cash and cash equivalents at the end of the
year
14,711
141506
Cash and cash equivalents is made up of the
following:
Cash at bank and in hand
14,711
142,506
Total
14,711
141506
Analysls of changes in net debt
At l July
2021
Cash flow
At30
£ June 2022
Cash at bank
142 506
22

ERIC AND SALOME EsfoRICK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
ACCOUNTING POUCIES
1.1 Accounting Convention
The Foundation meets the definition of a public benefit entity under FRS 102. The finanoal
ststements have I￿en prepard under the historical cost convention, mc(Jified by the revaluation
of investments, in accordance with Accounting and ReForting by Charitie5.' Statement of
Recommended prath￿ applrcable to charit￿5 preparing their accounts in accordance with the
Financial Reporting Stsndard applicab￿ in ￿ UK and RepublK of Ireland {FRS102) (Second
edition), the Financial Rep)rting Standard applicable in ￿ un￿ed ￿'ngd¢mTr and Republ￿ of
Ireland (FRS 102) and the Companies Act 2006.
The preParat￿n of financial statements in compliarKe with SORP 2015 requires the use of ￿rtain
itical accounting esttmates. It also requi￿ manogeft￿nt to exercise jthjgment in applying the
accounting Folicies (see note 1.15)
These financial siatements a￿ presented in Sterling as that is the currerq of the primary
economic environment in which the Charity operates.
1.2 Incoming resources
All incoming resource5 are induded in the Statement of financial Activities when the charity is
entided to the income, it 15 probable that it will ￿ received and the amount can be quantified
with ￿aSOnable accuracy. All income is gross without deduction for rekited expenditure. The
following speofic polKies are applied to part￿ular cate9C￿5 of inccffie:
Voluntary income is received by way of thnation5 and gifts and is irKluded in fvll in the
Statement of Financial Acknvibes when receipt is probable.
Investment income is included when receivable.
Ir¢comirvJ resources from charitsble trading aLtivitEs a￿ accounted for when eamed.
Income is stated net of VAT where applicable.
1.3 Grants re￿]Vable
Grants, including govemment grants, are reccgnised on a receivab￿ basis and are defer￿ only
when the donor has imposed prtrconditions on the use of the grdnt.
1.4 Funds
The Foundation's funds consist of unrestrthd, restricted aThJ endowment funds. The Foundation
may use unrestricted amounts at its discretion in fvrtherance of the charitvs objectives.
Restricted and endowment funds represent furxls" whicli are to te used in accordonce with the
donorfs wishes.
23

ERIC AND SALOME ESTORICK FOUNDATION
NOTES TO THE FINANCIAL sfATEMErirs
FOR THE YEAR ENDED 30 JUNE 2022
1.5 Tanglble fixed assets and depreciation
Tangible fixed assets, other than heritage assets, are ststed at historical cost kss depreciation.
Depreciation is charged to the SOFA to write off the cost less estrmated restdual value of each
sset over its expected L￿efUl life at the folkThting rates:
Freehold ProFerty
Over 50 years
Property Improvements Over 50 years
other assets
Over 4 years
1.6 Donated heritage assets
Works of art that are donated speciftalty for the furtheran￿ of the objecbves of the Foundation
are recognised in the financial statements at their deemed cost being their frdir value at the ￿Int
of acquisition. Where information on the original 'cosV of assets transferred to the Foundation
is unavailable those assets are not recc¥Jnised in the financial ststements however infomiation
on such assets is included in the rKites to the finanoal statements. No depreciation is charged
on heritsge assets as they a￿ cOn￿dered to have an indefinite life however they are reviewed
annually for impairrnent.
1.7 Stock
stock is Stst￿ at the lower of cost and sellirKJ Pri￿ less costs to sell. All items which are greater
than 3 years old are written off at the end of each financral year.
1.8 Resources expended
ExFenditure is recognised on an accruaL5 basis as Ik4biifcies are incurr&J. Expenditure is
reccKJnised rt of VAT where applicable.
charitab￿ expenditure comprised those costs incurred by the charity in the delivery of Its
activities and services for its benefiaaries. It include5 toth costs that can be allocated
dirertly to such attivities and those costs of an irKlireLt nature necessary to support them.
Governan￿ costs indude those costs as￿ated with meeb.ng the constitUt￿n31 and
statutory requirements of the charity arKI Ind￿ the audit fees and costs linked to the
strategic management of the charity-
1.9 Foreign currencies
Monetsry assets and Ikqbilities denominated in foreign currenoes are translated into sterling at
the rates of exchange prevailing at the accountirwj date. Transactions in fO￿￿Jn currencies are
recorded at the date of the transaction. Ail dffierences are tsken to the stateM￿t of financial
attivitie5,
1.10 Flnancial Instrnments
The Charity only enters into basic finanoal instrurrents transactions that result in the recognitson
of financial assets and liabilitie5 such as debtors a￿1 ueditors.
Flnancial instruments are initialty ￿￿aSured at b￿r￿actIOn value. They are assessed at the end
of each reporting peri)J for objective eviden￿ of impalm￿nt. If obiecb.ve evidence of
impaiment is found, an impaimient loss is recc#JniwJ in the SOFA.
24

ERIC AND SALOME ESTOIUCK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
1.11 Debto
Short term debtors a￿ measured at transactKm price le55 any impairment losses.
1.12 Creditors
Creditors and provisions are rerognised Whe￿ the Foundats"on 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 setde the obligati{￿ can be measured or estimated reliably.
1.13 Investments
Investments are carried at market values ruling at the balan￿ sheet date with unrealised gains
and losses being included in the Statement of financial activities. Realised gains and losses a
calculated on proceeds less opening market value.
1.14 Going concern
The trustees have assessed whether the use of going concern is approprbate and have considered
pJssible events or conditions that mvjht cast significant doubt on the ability of the charitable
company to continue as a going concem. The trustees have made this assessment for a peri￿1
of at least one year from the date of the approval of th* finanaal statements. In partFcular,
the trustees have consKlered the charitable compan￿5 forecasts and projeLttons and have taken
account of pressures on income. After making enquiries, the trustees have concluded that there
is a reasonable exp*rtation that the charitable compbny has adwuate resour￿5 to continue in
0￿erat￿nal existen￿ for the foreseeab￿ future. The charitsble company therefore continues to
adopt the going con￿￿ basis in preparing ts financ￿1 statements.
1.15 Judgments in applying accounting poliaes and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgments. estimates
and assumpts.ons that affect the amounts reported for assets and Ik4biliknes as at the balan
sheet date and the amounts reF(Jrted for revenues and exFEll5es durirYJ the year. The natu￿ of
estimation means the artual outcomes could differ frMI those estimates. There were no material
estimations r*ce55ary Other than the d￿lsiOn on depreciation rates.
25

ERIC AND SALOME EsfoRICK FOUNDATION
NOTES TO THE FINANCIAL sfATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
INCOME FROM DONATIONS AND LEGACIES
Unrestricted Restrirted Endowment
Funds
Funds
Funds
2022
Total
Voluntary Income
Donations
12,095
9.929
22,024
12,095
9.929
22,024
Total
2021
Total
DonatM)ns
Grants
15,161
8,OCMJ
15,161
12,450
4.450
Government Grants
Furtough Scheme
29,579
29.579
Total
52,740
4,450
57,190
INCOME FROM cHAR￿ABLE AcfIviTIES
Unrestricted Restrirted Endowment
Funds
Funds
Funds
2022
Total
2021
Total
Ilnrestricted
Shop Sales
Café contributions
Education
Other income
Fees receivable-
admissions and
memkrship
Rent receivabltr gaI￿ry
hire
47,112
2,411
7,120
6,764
83,907
47.112
2,411
7,120
6,764
83,907
24,513
899
805
447
42,913
5,630
5,630
1,240
152.944
152,944
70,817
Total
INCOME FROM INVEsfMENTS
l investment income arises from the investments in the BlackRock Dynamic Diversified Growth
Fund, ishares Overseas Corwrate BoTrJ Irmjex FuTrJ armd ishares Developed World Index Fund
and relates to endowment furKIs.
26

ERIC AND SALOME ESTORICK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
OTHER INCOME
Other InC￿e relates to Museums arKI Galleries Exhibitb)n Tax Relief which is an amount receivable
under an HMRC scheme whereby qualrfying entitie5 may daim a 20-25% subsKly on the costs of
prr>Juong Ftrmanen¢ temEK)rary and touriThJ exhibitions up to a s￿ified limit ￿r exhibition. It
also includes
EXPENDtruRE ON RAISING FUNDS
Unrestricted Restricted Endowment
Funds
Funds
Funds
2022
Total
2021
Total
Unrestrirted
Advertisirvj and trade
subscriptions
OFening stock
Shop purchases
aosirrfj stock
Cultivation events
and café expenses
Catalogue expenses
4,685
4,685
3,200
15.872
23,537
(15,462)
15,872
14,093
23,537
12,070
(15,462) (15,872)
4,748
1,800
4,748
1,800
373
1,050
Total
35,180
35,180
14.914
EXPENDrruRE ON CHAR￿ABLE ACTivrrIES
Unrestricted Restrirted Endowment
Funds
Funds
Fund5
2022
Total
2021
Total
Gross salartes and
employer NIC
Temporary exhibitions
Printing, postage arKI
ststs"onery
Utilities
Collecbon inSUra￿e
Rates
Education materkils
Telephone and fax
Travel and sub5iStence
Cle¢Jiilng
Library collections
Building maintenan
Security
Depreciati¢)n
Internet and website
Irrecoverable VAT
Foreign exchange
Governan￿ (note 8)
207,113
207,113
203,669
101,237
2,309
9,929
111,166
2,309
50.497
2,797
8,080
28.789
5,175
1,259
1,818
678
4,116
39
10.752
1,309
24,543
2,773
15,051
1,290
28,670
8,080
28,789
5.175
1,259
1,818
678
4,Ilb
39
10,752
1.309
37,543
2.773
15,051
1,290
28,670
6,991
23,739
1,396
1,891
1,780
2.uii
21,207
1.899
31,733
2,749
1,021
13,000
25.758
Total
H5,001
22.929
467,930
379,138
27

ERIC AND SALOME EsfoRICK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
In 2021 education materials costs of £680, £13,1KIO of depreciation costs and £1,820 of gross
salaries and employer NIC costs were restrKted costs. All other costs We￿ unrestrKted.
GOVERNANCE cosrs
Unrestricted Restricted Endowment
Funds
Funds
Funds
2022
Total
2021
Total
Accountsnry
Legal and professional
8,848
8,824
7,230
7,707
8,824
Audit f
Bank Charges
8,186
2,812
8.186
2,812
8,575
2,246
Totsl
28,670
28,670
25,758
NET INCOMING RESOURCES BEFORE TRANSFERS
2022
Total
2021
Total
Net incoming resourtrs befo￿ transfers are stated after
charging-.
Depreciation
Auditors, remuneration
Fees for other servi
37.543
8,186
8.824
31,544
8,575
7,707
10. EMPLOYEES
2022
Total
2021
Total
Salary and wages
National Insuran￿ contributions
Pension
I￿,910
12,9
3,959
186.966
12,832
3.871
Total
207,813
203,669
Average number of employees
There was one employee during tr* year with en￿lUments betW￿n £60,000 and £70,IX)O
(2021.. one).
There is one member of key management (2021: one). Her gros5 salary, employer pensM)n
contributions and employerfs national Insuran￿ amounted to £70.336 {2021: £69,154).
28

ERIC AND SALOME ESTORICK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
11. TANGIBLE FIXED ASSErs
Freehold
Prnpe
Propetty improvements
Website Other
Redesign
Total
C05t
At l July 2021
Additions
Disposals
538,578
971,209
35,020
24,825
45,803 1,590.610
5,167
29,992
At 30 June 2022
538,578
971.209
59,845
50,970 1,620,602
Depreciat￿}
At l July 2021
Charge for the
year
Disp05a15
271,985
10,771
376,756
19.424
33.255
6,795
.407
553
726,403
37,543
At 30 June 2022
282,756
396,180
40,050
44,960
763,946
At 30 June 2022
255,822
575,029
19,795
6,010
856,656
At 30 June 2021
266,593
594,453
1,765
1,396
864,207
29

EIUC AND SALOME EsfoRICK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
12. HERITAGE ASSETS
2022
2021
Cost at l July 2021
5,696,200
5,696,200
Cost at 30 June 2022
5,696,200
5,696,200
During the year to 30 June 2017, a collection of 68 works of Itslian art with a deeme(J (y)5t of £4,366,200
were donated to the FoUndat￿n lry the and Salorriè ￿stonC￿ PountstK)n {U5A). Uunfig the year to
30 June 2018, a further work of Itslian art wfch a deemed cost of £400.000 was donated to the
Foundation by the Eric and Sak¥ne Estorick Foundation (USA). These have been recrjjnised in the
Ba￿￿￿ Sheet. There has l*en no chaThJe to the cost of heritage assets hekd since 30 June 2018.
In addition, a further 53 works of art are owned by the Foundatron. Of these 53 works the 10 that were
ck)nated in 1999 are not included in the Ba￿n￿ Sheet because it was not a requirement at that time.
The remaining 38 worLs have teen induded at the valuation5 applicable at the time of transfer, being
£930,000. The whole collect#)n has an insurance value of approximatety £45m.
The cdlettion brings together some of the fin& and ￿￿)51 important works created by Italian artists
during the first half of the tWent￿th century and indudes paintings, drawings aThJ sculpture5. The
Foundation does not presently actively seek to acquire works for the collection, and seek5 to avoid
disposal of works in the colleCt￿n in all but exceptK)nal orcumstantts. as detailed in the colleth.on
Development Policy. The Foundation aspires to hvjhest standard of care in preservin9 the collection,
in line with the Care and Conservalion Poly, relying on a combination of preventative and remedial
cOnse￿atr.0n work.
As well as the collection owned by the Foundat*)n there are also a numter of works on b)ng temi loan
to the collecthjn.
The collecbon is open to the public and ￿￿(atH)nal tours a￿ erK¢)uraged.
13. INVESTMENTS
2022
2021
Brought foNard at l July 2021
Investment additions
Investment disFosals
Investment ￿alised gains/(losses)
Investment change in valuation
8,456,731
8.197,665
1.200,000
{1,200,000)
161,279
97,787
(30.000)
6,072
(579,118)
Market value orried forward at 30 June 2022
7,853,685
8,456,731
30

ERIC AND SALOME EStORICK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
INVESTMENTS (continued)
Detsi15 of material investments held at the year*nd are as follows:
Market Value
2022
2021
Dynamic Diversified Growth Fund
ishares Overseas Corwrate Bond Index FuThl
Ishares Develottd Wodd IrKlex Fund
1.636,090
3,960.888
2,256,707
1,881,590
4,225,306
2,349,835
7,853,685
8,456,731
2022
2021
ttynamic DiverSif￿d Growth FUTh
ishares Overseas CorForate BoThJ Index FuThJ
ishares Developed World Index Fund
1,430,827
4,100,000
1,695,432
1,454,755
4,100,000
1,695,432
7,226,259
7.250,187
14. sfocK
2022
2021
Book stock
15,462
15,872
IS. DEBTORS
2022
2021
Prepayments and accrued income
Trade debtors
38.404
2,767
10,030
1,019
240
29.540
1,033
2,840
1,926
282
Tax rel￿f
VAT debtor
other debto
52,460
35,621
16. CREDrroRS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022
2021
Trade creditors
Taxation and s(Kial security
other Cred￿Or5 and accruaLs
17,386
6,094
10,703
12,360
2,999
11,201
34,183
26,560
31

ERIC AND SALOME ESTOIUCK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
17.
MOVEMENT OF FUNDS
Balance Income Expenditure
1.7.2021
Gainsl Transfers
(losses)
Balance
30.6.2022
UNRESTRIcfED
642,143
175,069
(480,181)
191,573
528,604
RESTiucfED
Heritsge Lottery
ltslian Cultural Institute
Lakonishok Foundation
338,000
(13.0￿)
(1,800)
(8,129)
325,000
1,8C
8.129
351.000
9,929
(22,929)
325,000
ENDOWMENT
Heritage asset
Eric and Salome Estorick
Foundation (USA) - D
14,152,932
51,502
161,573
(573,047) (191,573) 13,549,886
51,502
14,204,434
161.573
(573,047) (191,573) 13,601,387
TOTAL
15.184,5TJ
346,571
(503,110) {573,047)
14,454,991
Balan
30.6.2020
Ino)me Expenditure
Gains/ Transfers
(losses)
Balance
30.6.2021
UNREsTrIcfED
736,887
96,818
(350.077)
156,212
639,8tl0
RESTRICTED
Heritage Lottery
Museum
Government fvrlough
scheme
351,000
(13,000)
338,000
4,450
(3,699)
(751)
29,579
(29.579)
351,000
34,029
(43,975)
(751)
338,000
ENDOWMENT
Heritage asset
Eric
and Sahyne
Estorick Foundation
(USA) - D
13.893,866
51,502
IS5,461
259,066 (155,461) 14,152,932
51,502
13.945,368
155.461
259,066 (155,461) 14,204,434
TOTAL
15,033,255
286,308
(394,052)
259,066
15,184,577
32

EIUC AND SALOME ESTORICK FOUNDATION
NOTES TO THE FINANCIAL STATEMEpirs
FOR THE YEAR ENDED 30 JUNE 2022
17. MOVEMEpif OF FUNDS (continued)
UNRESTRIcfED FUNDS:
unrestn.rted funds are the free reserves of the FOU￿tk)n.
RESTRICTED FUNDS:
Heritage Lottery Fund.. represents £650,000 awarded to the Foundation In 1997 for the
purpose of restoring Northampton Lcrfdge. The fund5 were sFent in 1997 and 1998. £13,000
yearly depreciation is charged to the fund over 50 years as per accounkn.ng kyjlicy. The fund will
be exhausted in year 2047.
Arts Council: represents funds received to contribute towards the Make Futurism Great Again
exhibition.
Government furlough Kheme
As a result of the COVID 19 pandemic the FourKtstion applied for funding under the government
furlough scheme. The income from this grant was used in accordance with the scheme
requirements to fund related salary costs.
ENDOWMENT FUNDS:
Heritage asset endowment fund. The heritsge asset endowment fuThts initialEy arose as the
result of the disposal of one of the Foundation's heriiage assets. Although the policy of the
Foundation is to retsin heritsge assets for the benefft of the Collection, it was decided that, given
the ex￿PtiOnal circurrthnces, one of the paintings held as a donated heritage asset (though
not previously capitslisaj) should be sold in order to generate cash funds for the Collection and
for funding future acquisitions. These funds were invested and the market valuatK)n of the
investment funds as at 30 June 2022 is £7,853.685 (2021: £8.456.731}. Downward movement
ofthe market value of the endowment funds is £573,047 (2021: upward movement of £259,066).
In 2007, 2017 and 2018 a numlxr of artworks We￿ transfeTredl donated to the Foundation {see
note 12} and were add￿ to thi5 endowment fund.
Erlc and Salome Estorlck Foundation (USA)- D: represents funds receNed from Eric and
Salome Estorick Foundation (USA) for investment.
The endowment funds are all expendable endowrnents Lather than Fund D above whKh is
permar¢ent endowment fund. Under the temis of the consent for Fund D granted by Eric and
Salome Estorick Foundation (USA) the principal amount invested must remain intact, and only
investment income, not exceeding 5% of prirKipal may be transferred to unrestrirted income
each year.
During the year £191,573 (2021: £156,212) was transferred from the endowment fund to
unrestrirted funds. Of this £161,573 (2021: £155,461) was investment income and £30,000
{2021: £Nil) was drawn down from the investsnent fund.
33

EIUC AND SALOME ESTOIUCK FOUNDATION
NOTES TO THE FINANCIAL StATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
18. ANALYSIS OF NEf ASSETS BETWEEN FUNDS AND RESERVES
Fund balances are represented by:
Unrestricted
Funds
Restricted Endowment Totsl Funds
Funds
Funds
2022
Fixed Assets
Current As*ts
Current LiabilitEs
531,656
31,113
(3,183)
325,0(Kl
13,549,885
51,502
14,406,541
82,663
(34,183)
528,604
325.000
13,601,387
14,454,991
At 30 June 2022
Un¥estricted
Funds
Restricted Endowment Total Funds
Funds
Funds
2021
Fixed Assets
Current Assets
Current Liabilities
526.206
142.497
(26.560)
338.000
14,152,932
51,502
15,017,138
193,999
{26,560)
642,143
338,0
14,204,434
15,184,577
At 30 June 2021
20. FINANCIAL INSTRUMENTS
As noted in the accounting polK￿$ on page 23. the Foundation only enters into basic financial
instrument transactions that result in the recc4nibon of financial assets and liabilities such as
debtors creditors.
The investments of the FoundatKsn are financial assets rneasured at fair Val￿ through the
ststement of Financial Activities (see Tr)te 13)
21. DIREcfoRSITRUSTEES' REMUNERATIOM AND EXPENSES
The aggregate amount of reimbursed exFenses to DirectOts￿ruStees was Enil (2021..
£nil).
No DireCtor￿ruStee ￿1Ve￿ any ￿Mu￿ration in year.
22.
RELATED PARTY TRANSAcfIoNS
There were ￿ related paty transacttons duriThJ the year.
34

ERIC AND SALOME EsfoRICK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
23. CAprrAL STRUCTURE
The Foundation C(ynronn is limited by guarantee and does Th)t have share Glpital. Each
member's l￿bIlity shall not exceed £10.00 in the event of a winding up.
24. CONTROLUNG PARTY
No single party has ulb.mate control over the Foundation.
35

EIUC AND SALOME EsfoRICK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30JUNE 2022
COMPARATIVE s[ATEmE￿ OF FINANCIAL ACllVITIES FOR THE YEAR ENDED 30 JUNE 2021
Note Unrestricted Re5trirted Endowment
Funds
Funds
Funds
Total
Funds
2021
INCOME &
ENDOWMEKfs FROM:
Donations & legacies
Charitable actsVit￿S
Investments
Other
23,161
70,817
34,029
57,190
70,817
155,461
2.840
155,461
Total
96,818
34.029
155.461
286.308
EXPENDrnIRE ON:
Raising fu￿15
Charitable activities
14,914
335.163
14,914
379,138
43,975
Total
350,077
43,975
394,052
Net gains on investsrEnts
13
259,066
259,066
Net
incomel(expenditure)
(253,259)
(9,946)
414,527
151,322
Transfers between fu￿lS
17
155,461
(155.461)
Net movement in funds
(97,798)
(9.946)
259.066
151,322
Reconciliation of funds
Total funds brought
forward
736,887
351,000
13,945,368 lJ,OJJi2JJ
Total funds carria forward
639.089
341,054
14,204,434 15,184,577
36