Estorick Collection
Eric and Salome Estorick Foundation
Annual Report and Financial Statement
Iiiiaif
Charity Registratlon Number: 1046374
Company Llmited by Guarantee Registratlon Number: 03044221
*AE•4WG4Y*
1710412025
COMPANIES HOUSE
A24
#123

ERIC AND SALOME ESTORICK FOUNDATION
YEAR ENDED 30 JUNE 2024
Content
Page
Company information
Directors'trnth, report
2-15
Auditor's report
16-19
Statement of flnanclal actlvltles
20
Summary Income and expenditure account
21
Balan￿ sheet
statement of cash flobvs
23
Notes to the accounts
24-38
44

ERIC AND SALOME EsfoRICK FOUNDATION
YEAR ENDED 30 JUNE 2024
INFORMATION PAGE
Dirertors
Jane McNeill
Alexander Phillips
Dawn Ades
Jo Cottrell
Alexander Estorick (Vice Chairl
Michael Estorick
Kathryn Hunter
Allison Katz (appointed 30 January 2024)
Martin Owen
Isobel Estorick (resigned on 30 January 2024)
(Co-chair)
(Co-chalrl
Address
39a Canonbury Square
London
NI 2AN
www.estorickcollectlon.com
Company number
03044221
Charlty number
1046374
Audltors
Moore Kingston Smith LLP - Chartered Accountants
4 Victoria Square
St Albans
Hertfordshire
ALI 3TF

ERIC AND SALOME ESTORICK FOUNDATION
THE DIRECTORS, AND TRiISTEES REPORT FOR THE YEAR END 30 JUNE 2024
The Directors and Trustees present their annual report and accounts for the activities of the Eric and
Salome Estorlck Foundation {"the Foundation") for the year ending 30 June 2024. The accounts have
been prepared in accordance with the accounting policies set out on pages 24 to 26 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
preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland {FRS1021 Isecond editlon) and the Financial Reporting Standard applicable in
the United Kingdom and Republic of Ireland IFRS 102).
Objectlve of the Charlty and the Constltutlon
The Foundatlon is a charity and is constituted as a company Ilmited by8uarantee, It is therefore
80verned by a memorandum and articles of association.
The Foundation's objective and its principal activlty is to create and maintain an environment
conducive to the appreciation and understanding of modern art, par ticularly Italian art, throu8h ihe
promotion and display of it5 permanent collection of works of art and by running a tempor8rv
exhibition and education programme.
The Foundation has been funded in the past by the Eric and Salome Estorick Foundation IUSAI,
Delaware re8iStered 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 acquisitlon of works.
The Foundation owns 122 works of art whlch comprise the museum's permanent collectlon. 120 of
these works had been collected by Eric and Salome Estorick durin8 their lifetimes and were on loan
when the museum opened in 1998. They have subsequently either been donated to or purchased bv
the Foundation. Of the two other works in the permanent collection. one was donated and the other
purchased by the Foundation.
The Statement of Flnancial Activities shows total funds amounting to £15,083,996.
Publlc 8eneflt
The Trustees of the Foundation have pald regard to the Charity Commission's published guidance on
public benefit. They believe that those who have access to the visual arts derive very real benefit
from the experience. The museum seeks to be open and available io all and encoura8es
participation by all. We offer a nurnber of online activities free of charge and work with various
charitable organisations In providing courses and activities free of charge or at low cost. Core costs
have to be met and iherefore with reluctance the museum levies an admission charge. All children
up to age 18 and students with valid ID are pemiitted free entry and there are conce55ions for
People over 60, Registered Disabled. Job Seekers, Museum Association, Londonculture, Association
for Art History. Engage and National Art Pass members.

EIUC AND SALOME EsfoRICK FOUNDATION
THE DIRECTORS. AND TRUSTEES, REPORT FOR THE YEAR END 30 JUNE 2024
Risk Management Pollcy
The Trustees have identified the main risks to which the Foundation is exposed, the current level of
risk and its likely impact, the procedures to be put in place to mitigate the effects of identified risks
and the level of residual risk. Any unanticipated risk emerging in the course of the year would be
bfought to the Board of Trustees for further consideration. The main identified risk is the physical
security of the Collection which has been mitl8ated through a conservation programme, alarms,
ccrv cameras, other security measures and insurance.
Reserves Pollcy
It is the policy of the Foundation to maintaln unrestricted funds, which are the free reserves of the
Foundation, at a level which equates to approximately nine month5 of unrestricted expenditure. This
provides funds to cover management and adminlstration and support costs and to respond to
emergency applications for grants which arlse. The total reserves of the charity amounted to
E15,083.996 of which unrestricted reserves were £563.929, including fixed assets of £481.652.
Additionally there are endowment fund5 of £14,221,067 including an expendable endowment fund
of £8.5m which can be used for the care of the Collection if required. Restricted fvnds arnount to
£299,000 relatln8 to fixed assets.
Investments
Ouring the year the investments provided a dlvidend Income of £207,075 and capital gain of
£691,288. The total return was £898,363. Ourin8 the year £50,000 of investments were sold to
finance operations. The final investment mix was approximately 46% in the iShares Developed World
Index Fund (Equities) and 54% in the ishares Overseas Corporate Bond Index Fund.
Govefnanc•
The Foundation is directed by a Board of Trustees which meets four or five times a year. The dav-to-
day decision making is dealt with by the Director who delegates operational matters to Ihe slaff
team as appropriate. All Directors of the company are also Trustees of the Foundation. The Board of
Trustees has power to appolnt addltional trustees as it considers fit. New trustees recelve an
induction pack which provides full briefing on the founding documents. current policies, previous
annual reports and recent board meetin8 minutes.

ERIC AND SALOME ESTORICK FOUNDATION
THE DZRECTORS. AND TRusfEES' REPORT FOR THE YEAR END 30 JUNE 2024
PRINCIPAL AcfiviTIES
Introductlon
The Eric and Salome Estorick Foundation is known to the publlc as the Estorick Collectlon of Modern
Italian Art I'the Estorick Collection"}. It continues to attract attention for its high standard of vi51tor
experience and has established a reputation for Its diverse and challenging exhibition pro8ramme.
The Trustees believe that the Estorick Collection's unique and pioneering role in the presentation of
Italian 20th century art continues to be justlfied. This is borne out by the consistently high level of
reco8nition and interest which the progiamme receives from public and critic5 alike.
The Trustees also aim to ensure that the pro8ramme of temporary exhibitions is varied, wlth a
diverse ran8e of artists, in¢ludSng lesser-known artists. being represented and a balance being
rnaintained between monographic and thematic shows. The programme for the past year included
an interesting selection of exhibitions and collateral activities that was consistent with the remit of
the Foundation by di5playiTrg a wide variety of work linked to its Collection of Italian 20th century art
(see below).
In October 2023. the Estorick Collectlon was awarded Vislt England's Quality Rose Marque for 2023-
2024. It also continues to retain Accredited Museum status from Arts Council England.
The Trustees acknowledge the continuing support of private and public collections in Italy and other
countries through their generous loan ofworks 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.
Total attendance in 2023124 was 22,720, lower than the previous year, which benefited from the
last Morandl exhibition. but very positive for the museum.

ERIC AND SALOME ESTORICK FOUNDATION
THE DIREcfoRS' AND TRUSTE￿ REPORT FOR THE YEAR END 30 JUNE 2024
Press and Marketln8
Alison Wright PR continued to be responsible for pre55 relations,. the media coverage is now
extremely well established in.8ritain and Italy as well as appearing in other international
publication5.
The museum's social media channels continued to Brow throu8hout the year. promotin8 the
temporary exhibitions as well as the artists, artworks and themes of the permanent collection. Social
media were used to increase awareness of the museum and ils activitles, engaging and reachin8
both existing and new potential visitors. The number of followers on our Instagram account
continued to grow throughout the year, reconfirmin6 the positive trend of recent years. A small but
steady growth was recorded on Facebook and X (formerly Twitter).
Followers
Instagram
Facebook
xnwitier
July 2023
11738
5329
5469
July 2024
13841
5491
5507
Visitor impressions, collected through sunieys, highlighted general satisfaction with the temporary
exhibitions and the museum. Cross marketing with other museums, festivals and organisations
helped in prornoting the exhibitions pro8ramme as well as the museum.
Printed and di8ital advertising. as well as leaflet distribution, was used to promote the exhibitions
held at the museum durin8 the year.
Membershlp Scheme
The total membershlp at the end of June 2024 was 9SI, a decrease of 44 from June 2023. Total
membership comprised the following- 30 Life members. 131 Contributing members, 120 Joint
memberships, 188 Joint Concession memberships. 199 Individual members and 283 Individual
Concession members. Retention raie for returnin8 members over the past 12 months was 69%.
LearninglEducatlon
The education programme continued to offer workshops for schools, universities, and community
groups to explore themes in the temporary exhibitions and permanent collection in both English and
Itallan. Free twenty-minute guided tours and pald forty.minute tours were provided to a range of
charity and community groups. schoo15. colleges and universities. Family Art Days and Under 5
sessions were programmed In the school holidays for each exhibition and a sèries of Adult Art
Classes in the evening5. The new'Sen50ry & Soft Play, monthly se55ion for under 55 has been well
attended.
Our long-term partnershlp contlnued with Sluart Low Trust giving particlpants an opportunity to
socialise and support their well-being.

ERIC AND SALOME ESTORICK FOUNDATION
THE DIRECTORS. AND TRusfEEY REPORT FOR THE YEAR END 30 JUNE 2024
We saw 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 work5hop5 to schools.
Life drawin8 classes have become a popular activity for adulls as well as the newly introduced out of
hours 'Unlocked' Exhibition tour series.
Activity
Adult Programme (Life
Drawin& Unlocked, Art
Classe51
School Workshops
Total Attended
405
33
25
461 children
93 adults
127 adults
31 children (5-181
101 under 5YO
122 students
13 adult5
Familie5 (Art Day and Soft
Play)
16
University
Community Workshops
Educators, events
TOTAL
20
1537
Exhlbltions
Osvaldo Llclni: Rebellious An8el
14 June 1023 - 10 September 2023
Osvaldo Licini {1894-19581 produced some of the most dlstinctlve and idiosyncratic ima8ery in the
history of twentieth-century Italian art. His early years were Spent in Bologna, where he met Giorgio
Morandi and experienced a brief interest in Futurism. Between 1917 and 1926 he divided his time
between Italy and Paris, moving in the avant-garde circles of artists such as Modigliani and Pica550.
On returnin8 to Italy in the mid-1920s he established himself as a fi8urative painter of portraits and

ERIC AND SALOME EsfoRICK FOUNOATtON
THE DIRECTORS, AND TRUSTEES. REPORT FOR THE YEAR END 30 JUNE 2024
landscapes. However, early In the next decade he abruptly changed direction and adopted a
geometric-abstract vocabulary, developing a style infused with a sense of playfulness and poetry.
Together with artists such as Lucio Fontana and Fausto Melotti, Licini showed work at Milan's
lfflportant11 Milione gallery, and was associated with the international Abstraction Création group.
Having always been111-disp05ed toward Mussolinl's regime, Licini withdrew into the isolation of his
hometown of Monte Vidon Corrado in Italws Marche region, during the Second World War. There,
his style underwent another dramatic shift, and he began a series of hi8hly ima8inatlve works
populated by fantastical characters such as 'rebellious angels., 'flyin8 Dutchmen., and an enigmatic
presence he named 'Amalassunta' Licini died in 1958, the year of a major exhibition of hi5 work at
the Venice Biennale, where he was recognised as a modern master.
The first show to be dedicated lo Llcini by a British museum, curated by Mattia Patti. Osvoldo Licinl..
Rebellious Angelexplored each phase of the artist's career, presenting around fifty of his most
signiflcant paintings.
Attendance.. 5,011
Llsetta Camii: Identlties
20 September 2023 - 17 Decernber 2023
3iJ
The first museum show in the UK of work by groundbreaking photographer Lisetta Carmi11924-
20221, whose imagery has received renewed attention. Always motivated by a deeply humanistic
splrit, Carmi focused on marginalised sectors of soclety, such as the working-class and trans
communities of her native Genoa. Carmi's images are not only striking works of art but also
important socio-political documents exploring significant, yet often overlooked, aspects of Italian life
and culture.

ERIC AND SALOME EsfoiucK FOUNDATIO
THE DIRECTORS. AND TRUSTEES. REPORT FOR THE YEAR END 30 JUNE 2024
Born into a middle-class Jewish family, Carmi was forced to leave school because of the Racial Laws
introduced by Italy's Fascist regime in 1938 and fled to Switzerland with her family. She went on to
enjoy a short, successful career a5 a concert pianist, but in 1960 abruptly changed directlon and
decided to devote herselfto photography.
Carmi is best known for sensitively chronicling the Itves of those who belonged to Genoa's trans
ommunity during the 19605. The photographs she took resulted in a highly controversial volume of
images that was published In 1972 and went on to become a cult classic. This show featureLI around
30 of these works as well as several colour images recently rediscovered in the house in Puglia
where Carmi retired irn 1979 to devote herself to yogi meditation.
Much of Carmi's photography addressed the social problems assoclated wlth labour and
experienced by the working classes. The exhibition included photographs from the port ofGenoa,
where she posed as the relative of a docker to photO8raph the harsh condltlons endured by the
camalli {labourers).
She a150 documented the city's Italsider steelworks, highlightin8 the dangers of industrial
production. and vlsited Sardinia, where she photO8raphed the first women employed in it5 cork
industry. She also visited15rael, Veneiuela, Mexico. Indla, and Afghanistan, 8ivin8 voice, with her
images, to those who had none.
Attendance.. 5,348
Pasquarosa: From Muse to Palnter
12 January 2024- 28 Aprll 2024
Pasquarosa Marcelli11896 - 19731, known simply as 'Pasquarosa', was one of the first Italian artists
to have a solo exhibition in London. during the 1920s. A century later. her work returned to the

ERIC AND SALOME EsfoiucK FOUNDATION
THE DIREcfoRS' AND TRUSTEES. REPORT FOR THE YEAR END 30 JUNE 2024
capital in a show featuring some 50 paintings and drawings on loan from Rome's Archivio Nino e
Pasquarosa Bertoletti and other private collections.
Born in Anticoli Corrado, Pasquarosa moved to Rome as a youn8 woman to work as an artist's
model, where she met her future husband {Ihe painter Nino Bertolettil and became part of an
artistic coterie. Between 1913 and 1914, the couple established a studio in Villa Strohl-fern where,
despite never having had any formal trainin8. Pasquarosa began to paint. She exhibited her work for
the first time at the Roman Secessionlst exhibition of 1915, achieving unexpected success. From that
point on critics began to praise the spontaneous and original character of her ima8ery, with one
describln8 her as a"phenomenon".
During the Inter-war years, she travelled frequently and met some of the key flgvres of the artistic
and cultural establishment of the day, inclLJding Luigi Pirandello, Giorgio de Chirico and Renato
Gutluso. During the late 19205, she had a solo exhibition at London's Arlin8ton Gallery. which was
highly unusual for a female Italian artist at that time.
Starting from humble beginnings, Pasquarosa established herself as a successful artist during a
turbulent historical period. She continued to exhibit within Italy throughout her life and participated
in numerous Venice Biennales from the 19305 until shortly before her death in 1973. Her work is
testaiTient to the enduring power of art to chan8e lives.
Attendance: 9,946
Ser810 Strlzzl: The Perfect Moment
15 May 2024 - 8 September 2024
Sergio Strizzi11931-20041 was a still photographer who worked on some of the m05t important film
sets in Italy and abroad from the 19505 to the early 2000s. Passionate about photography from an
early age, he began his career working as a reporter for Italy's Publifoto agency before receiving his

EIUC AND SALOME ESTORICK FOUNDATION
THE DIRECTORS, AP4D TRUSTEES. REPORT FOR THE YEAR END 30 JUNE 2024
first movie-related commission in 1952. He would go on to document such iconic films as The Gold
of Naples, directed by Vittorio De Sica. and The River Girl, starring Sophia Loren.
During the 1960s Stri221 collaborated with Michelan8elo Antonioni, chronicling the production of his
great trilogy of alienation La notte, L'eclisse and Red Desert. His subsequent work on the sets of
several James Bond films represented a turning point in his career, bringing him to the attention of
directors around the world.
In 1979 Audrey Hepburn chose Striz2i to photograph her for a feature in Llfe ma8azine. Over the
following decade he was commissioned to work on major films such as John Huston's Escape to
Victory a5 well a5 Terry Gilliam's AdventUTe5 of Baron Munchau5en, and durin8 the 1990s continued
to collaborate with high-profile narnes including Giuseppe Tornatore and Roberto Benigni. One of his
later project5 wa5 documenting the film Ripley's Game {20021 directed by Liliana Cavani.
Widely appreciated as one of the world'5 greatest set photographers. Strizzi docvmented over 100
films during his long career and was considered an artist in his own right by those he worked with.
This exhlbition, organised in collaborarion with Rome's Archivio Sergio Strizzi. comprised some 80
images spanning the photO8rapherfs entire career and was the first survey of his work In the UK.
Attendance.. 8,188
Intervention - Gallery 4
sophie Ko: Temporal Geography
7 February 2024 - 25 February 2024
At the heart of Sophie Ko's practice Iles the concept of time, which is explored through the instability
of the media she employs. The five work5 by the artist that were on display were emblematic of her
approach. bein8 subject to a continuous process of modification throu8h the slow and inexorable
degradation of the materials from which they are rnade.
io

ERIC AND SALOME EsfoRICK FOUNDATION
THE DJREcfoRS' AND TRUSTEES, REPORT FOR THE YEAR END 30 JUNE 2024
Sophie Ko Ib. 1981) lives and works in Milan. The pieces exhibited in this display organised in
conjunction with the Consulate General of Italy in London. constituted the latest In the Estoritk's
ongoing series of 'lnterventions', whereby contemporary land frequently young, emerging) artists
create works in response to the museum's permanent collection.
Caffè Estorlck
The licensed Caffe's authentic, seasonal Italian cuisine. which can be enioyed both Indoors and
outside in the garden, ha5 made it a popular destination for visitors year-round.
EslfJri¢k
Gallery Hlre
Ten private event5 were held at the museum during the year, raising £9.482 in hire fees and
£3,387.50 in catering income. Thiee were corporate parties, one a meetlng, one a club launch. one a
tour. one a cultivation evenin8 and three were private parties. Three hires were from returning
Customers.
li

ERIC AND SALOMÉ EsfoRICK FOUNDAnON
THE DIRECTORS, AND TRUSTEES, REPORT FOR THE YEAR END 30 JUNE 2024
Staffing
Roberta Cremoncini, continued in her role as Dlrector, with responsibllity for runnin8 Ihe Collection.
Chri5 Adams continued a5 Assistant Curator. part-time (three days per weekl, and Luke Alder
continued as full-time Museum Admlnislrator. Claudia Zanardi's role changed from Marketing
Coordinator to Marketin8 Development Mana8er in December 2023 and Kirsty Mclntosh joined as
full-time Marketlng As515tant in April 2024. Marco Tlmillero continued as the Shop and Volunteer5
Manager and Amanda Williams continued as part t¢me Office Assistant. The museum also uses the
servlces of a freelance bookkeeper. Maria Gomez.Dlaz started as part-time Education Coordinator
(4 days per weekl in June 2023, and she left in April 2024 to be replaced by Luca Nasciuti in May
2024.
A rotatin8 group of volunteers were present in the galleries and shop during opening hours. Several
volunteers and interns jolned for short perlods to help in the oflice and remotely on various speciflc
tasks. In the past year, Victoria John, one of the volunteers, undertook extensive work to develop
our volunteer offer and asslsted the Dlrector with membershlp and visitor development research.
Volunteer briefings led by gallery staff were held at the start of each exhibition. The Trustees are
most 8rateful for the dedication and contribution made by staff and volunteers.
Staff salaries are reviewed by the Board on an annual basis. A performance-related bontss scheme is
not in operation.
Shop
The shop continue5 to offer a selection of catalo8ues and art books, together with a ran8e of custom
gifts. postcards and posters. The museum's collaboration with Italian Books has fostered successful
book launche5 and led to an increase in Italian language publications being offered in the shop.
12

ERIC AND SALOME ESTORICK FOUNDATION
THE DIREcfoRS' AND TRUSTEES, REPORT FOR THE YEAR END 30 JUNE 2024
Llbrary
The library remains a valuable research tool for students and people interested In modern Itallan art.
Acquisitions were limited but several relevant books were received as gifts or in reciprocal exchange
with other instltutlons. This is helping to keep the library up to date with new publications in
felevant areas and the current holdin8s are 3,481 books and catalogues.
Future Programme
Following the Sergio Strizzi exhibition, at the end of summer 2024, the Estorick Collectlon will
present an exhibition of paintings by Antonio Colderoro in collaboration with Lisson Gallery, an artist
renowned for his delicate and exqui51tely balanced abstract imagery. It wlll feature around 50 work5
spanning the artist's career, including several figurative paintings produced before he tfansitioned to
geometric abstraction in Ihe late 1950s. Following thls exhibition, the Estorick Collection will start
2025 with Breoking Lines, an exploratlon of the revolutlonary world of experimental poetry,
Dlrectofs and Trustees
All Dlrectors of the company are also Trustees of the Foundation. The Board of Directors has power
to appoint additional Trustee5 as it considers fit to do so.
All Trustees named below served during the year:
Dawn Ades
Jo Cottrell
Alexander Estorick
Michael Estorick
Kathryn Hunter
Allison Katz
Jane McNeill
Martin Owen
Alexander Phllllps
Isobel Estorick
lappolnted 30 January 2024)
{Co-Chair)
(Co-chair)
(resigned on 30 January 2024)
13

e￿C AND SALOME EsfoRICK FOUNDATION
THE DIREcfoRS' AND TRUSTEES. REPORT FOR THE YEAR END 30 JUNE 2024
Statement of Trustees, responsibilltles
The Trustees (who are also the director5 for the purpose of company lawl are responsible for
preparing the Annual Report and the financial staternents in accordance with applicable law and
regulations. Company law requires the Trustees to prepare financial statements for each financial
year. Under that law the Trustees must prepare the financial statements in accordance with United
Kingdom Generally Accepted Accountin8 Practice (United Kingdom Accounting Standards and
applicable law}. Under company law the Trustees must not approve the financial statement5 unless
they are satisfied that they give a true and fair view of the state of affairs of the charitable companv
and of the incoming resources and application of resources, includin8 the income and expenditure,
of the charltable company for that perlod. In preparin8 these financial statements, the truslees are
required to-
al select suitable accounting policies and then apply them consistenlly;
bl obsefve the methods and princlples in the Charitie5 SORP.
) make jud8ments and accounting estimates that are reasonable and prudent.
dl state whether applicable UK Accounting Slandards have been followed, Subject to any
material departures disclosed and explained in the financial statements.. and
el prepare the financial statements on the going concern basis unle55 It is inappropriate to
presume that the charilable company will continue to operate.
The Trustee5 are responsible for keeping adequate accountSn8 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 compa ny and enable them to ensure that the financial
statements comply with the Companie5 Act 2(M)6. They are also responslble for safe8uardin8 the
assels of the company and hence for taking reasonable steps lor the prevention and detection of
fraud and other irregularities.
Statement as to dlsclosure ol Inlormatlon to audltors
The Trustees confirm that so far as they are aware, there is no relevant audit information la5 defined
by section 418131 of the Companies Act 2006) of which the charitable company's auditors are
unaware. They have taken all the steps that they ought to have taken as Trustees in order to make
themselves aware of any relevant audit information and to establish that the charitable company's
auditor5 are aware of that information.
14

ERIC AND SALOME ESTORICK FOUNDATION
THE DIREcfoRS' AND TRusfEES' REPORT FOR THE YEAR END 30 JUNE 2024
Auditors
Moore Kingston Smilh LLP - Chartered Accountants were appointed auditors to the Foundation and
a resolulion proposing their reappointment will be put to the Annual General Meeting.
This report has been prepared in accordance with the spetial provisions of Pari 15 of ihe Companies
Act 2006 relating to small companies.
J. McllEILL
Co-chaiy
Date:
&141
Is

ERIC AND SALOME EsfoiucK FOUNDATION
AUDITOR'S REPORT TO THE MEM8ERS OF ERIC & SALOME ESTOIUCK FOUNDATIOII
FOR THE YEAR ENDED 30 JUNE 2024
Opinion
We have audited the financial statements of The Eric and Salome Estorick Foundation Ithe 'charltable
company,) for the year ended 30 June 2024 which comprise the Statement of Financial Activities,
Balance Sheet, Statement of Cash Flows 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 Kin8dorn Accountin8 standards, Including Flnancial Reporting
Standard 102 The Finonciol Reporting Standard opplicable in the UK ond Republic of Ireland {United
Kingdom Generally Accepted Accountin8 Practice).
In our opinion. the financial slatements..
give a true and fair view of the state of the charitable company's affairs as at 30 June 2024
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 Klngdom Generally Accepted
Accounting Practice; and
have been prepared in accordance with the requirements of the Companie5 Act 2006.
Basls for oplnlon
We conducted our audit in accordance with liilernatlonal Standards on Auditing {UKI (ISAS IUKII and
applicable law. Our responsibillties under ihose standards are further deKribed in the Auditorfs
responsibilities foi the audit Df the financial statements section of our report. We are independent of
the charitable company in accordance with the ethical requirement5 that are relevant to our audit of
the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our olher
ethical responsibilities in accordance wlth these requirements. We believe that the audit evidence we
have obtained Is Sufficient and appropriate to provide a basis for our opinion.
Concluslons relatln8 to zolng concern
In auditin8 the financial statements, we have concluded that the trustees, use of the going concern
basis of accountin8 in the preparation of the financial 51atements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relatin8 to
event5 or conditlons that. indlvldually or collectively, may cast significant doubt on the entity's ability
to continue as a goin8 concern for a period of at least twelve months from when the financial
slaternents are authorlsed for issue.
Our responsibilities and the responsibilities of the trustees with respect to goin8 concern are described
in the relevant sections of this report.
Other Informatlon
The other information comprises the information included in the annual report other than the
financial statements and our auditorfs report thereon. The trustees are responsible for the other
information contained within the annual report. Our opinion on the financial statements does not
cover the other information and. except to the extent otherwise explicitly stated in oui report. we do
not express any fomi of assurance conclusion thereon.
16

ERIC AND SALOME ESTORtCKFOUNDATION
AUDtroR'S REPORT TO THE MEMBERS OF EIUC & SALOME EsfoRICK FOUNDATION
FOR THE YEAR ENDED 30 JUNE 2024
Our responsibility is to read the other informatlon and, in doing 50, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained in the
course of the audlt Of Otherwise appears to be materially misstated. If we identify such material
inconsistencies or apparent materlal misstatements, we are required lo determine whether this gives
rise to a material mSsstatement in the financial statement5 themselves. If, based on the work we have
performed. we conclude that there 15 a material misstatement of this other information, we ale
required to report that fact.
We have nothing to report In this regard.
Opinions on other matters prescribed by the Companies Art 2006
In our opinion, based on the work undertaken in the course of the audit:
the information 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 conslstent with the financial statements,. and
the directors, report included within the trustees, report has been prepared in accordance
with applicable legal requirement5.
Matters on whlch we are requlred to report by exceptlon
In the light of the knowledge and understanding of the charitable company and its environment
obtained in the course of the auLlit, we have not identlfied material misstatements In the trustees,
report.
We have nothing lo report In respect of the following matters in relation to which the Companies Act
2006 require5 US to report to you if. in our opinion;
adequate accounting records have not been kept, or returns adequate for our audit have not
been received from branches not visited by us,. or
the financial statements are not in agreement with the accounting records and returns,. or
certain disclosures of trustee5' remuneration specified by law are not made- or
we have not recelved all the inforrnation and explanations we require for our audit, or
the tru5tees' were not entitled to take advantage of the small companies, exemptions in
preparing ihe trustee5' report and from the requirement to prepare a strategic report.
ResponslbllSties of trustees
As explained more fully in the trustees, responslbilities statement the trustees Iwho are also the
directors of the charitable company for the purposes of company lawl are responsible for the
preparation of the financial statements and for belng satisfied that they give a true and fair view, and
for such internal control as the trustees determine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustee5 are responsible for assessing the charitable
company's ability to continue as a going concem, disclosing. as applicable. rnatters related to going
concern and using the goin8 concern basis of accounting unless the trustees either intend to liquidale
the charitable company or to cease operations, or have no realistic alternative but to do so.
17

EIUC AND SALOME ESTORICK FOUNDATION
AUDITOR'S REPORT TO ThE MEMBERS OF ERIC & SALOME ESTORICK FOIINDATION
FOR THE YEAR ENDED 30 JUNE 2024
Aud5torfs responsibllllles for the audit of the financial statements
Our objectives are to obtaln reasonable assurance about whether the flnancial statements as 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 (UK) will always detect a material misstatement when
it exlsts. Misstatements can arise from fraud or error and are considered material if, individually or in
the ag8regate. they could reasonably be expected to influence the economlc decisions of user5 taken
on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities. outlined above. to detect material misstatements in
respect of irregularities. including fraud. The extent to which our procedures are capable of delecting
irregularities. includin8 fraud is detailed below-
Di5CUSsion5 Wlth and enquiries of management and those charged with governance were held with a
view to identifying those laws and regulations that could be empected to have a material impact on
the financial Statements. During the engagement team briefing. the outcomes of these discussions
nd enquiries were shared with the team, as well as consideration as to where and how fraud may
occur in the entitv.
The followin8 laws and re8ulations were Identified as bein8 of sl8niflcance to the entity:
Those laws and re8ulations considered to have a direct effect on the financial statements
include UK financial reportinB Standards, Company Law, Charity Law and Tax and Pensions
le8islatS0n.
Those laws and regulations for which non-compliance May be fundamental to the operating
aspects of the charity and therefore may have a materlal effect on the financial statement5
include compliance with the charitable objectives, public benefil, data protection. health and
safety le8islation and employment law,
Audit procedures undertaken in response to the potential risks relating to irregularities {which include
fraud and non-compliance with laws and regulations) comprised of.. inquirie5 of management and the
Trustees as to whether the entity complies with such laws and regulations; enquiries with the same
concerning any actual or potentlal litigation or claims,. inspection of relevant legal correspondence.
review of Trustee meetln8 mlnute5; testin8 the appropriateness of journal entries; and the
performance of analytical review to identify unexpected movements sn account balances 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 detectinE irregularities, the
effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures
performed. Irre8ularities that result from fraud might be inherently more difficult lo detect than
irregularities that result from error. As explained above, there is an unavoidable risk that material
mi5StatÈments may not be detected, even thou8h the audit has been planned and performed in
accordance with ISAS IUKI.
18

ERIC AND SALOME ESTORICK FOUNDATIOII
AUDrroR'S REPORT TO THE MEMBERS OF ERIC & SALOME ESTORICK FOUNDATION
FOR THE YEAR ENDED 30 JUNE 2024
As part of an avdit in accordance with ISAS IUKI. we exercise professional judgment and maintain
professional scepticism throu8hout the audit. We also".
Identify and assess the risks of material misstatementof the financial statements, whether
due to fraud or error, desi8n and perform audit procedures respollsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery. intentional omissions.
misrepresentations, or the override of internal control.
Obtain an understandlng of inlernal control relevant to the audli in order to desl8n audit
procedures that are appropriate in the circumstances, but not forthe purpose ofexpressing
an oplnlon on the effectiveness of the charitable compan￿5 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 appropriateness of the trustee5' use of the going concern basis of
accountin8 and, based on the audit evidence obtained, whether a material uncertainty
ex15t5 related to event5 or conditions that may cast Sl8nificant doubt on the chaiitable
company'5 ability to continue as a going concern. If we conclude that a material uncertainty
exlsts, we are required to draw attentlon In our auditor's report to the related disclosures
in the financial 5tatemerrts or, if such disclosures are inadequate. to modify our rjpinion.
Our conclusions are based on the audil evldence obtained up to the date of our auditor's
report. However, future events or conditions may cause ihe charitable company to cease
to continue as a going concern.
Evaluate the overall presentation, structure and content of the financlal statements,
including the disclosures, and whether the financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
We communlcale wlth those charged with governance reBardin8, amon8 Other matters, the planned
scope and timing of the audit and si8nificant audit findings, includin8 any significant deficiencies in
internal control that we identify durin8 our audit.
Use of our report
This report is made solely to the charitable company's members, as a body. in accordance with
Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken 50 thatwe might
state to the charitable company's members those matters we are required to state to them in an
auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or
assurne responsibillty to anyone other than the charitable company and the charitable company's
members as a body, for our audil work, for this report, or for the opinions we have formed.
Ellzabeth Wlcks (Senlor Statutory Auditor)
for and on behalf of
Moore Kingston Smith LLP Chartered Accountants and Statutory Audltors
4 Victoria Squa
St Ajbans
Hertfordshire
ALI 3TF
Date.. 9 Aprll 2025
19

ERIC AND SALOME ESTORICK FOUNDATION
srATEMEKf OF FINANCIAL AcfivrnES
FOR THE YEAR ENDED 30 JUNE 2024
Note Unrestrlrted Restrlcted Endowment
Funds
Funds
Fund$
Total
Funds
2024
Total
Funds
2023
INCOME &
ENDOWMENTS FROM:
Donations & legacies
Charitable aciivlties
Investments
3,195
273,660
3,195
273,660
207,075
25,000
19,411
HI,033
189,607
38,377
207,075
25,000
Total
301,855
207,075
508,930
688,428
EXPENDrnIRE ON:
Raising fund5
Charitable attivittes
58,273
538,727
58,273
551,727
76,637
640,490
13,000
Total
597,000
13,000
610,000
717,127
Net galns on Investments
13
691,288
691,288
97,486
Net Income I
{expendlture)
(295,145)
(13,000)
898,363
590,218
68,787
Transfers between funds
17
246,169
(246,169)
Nrt movement In funds
(48,976)
(13,000)
652,194
590,218
68,787
Reco￿11•atIon of fvnds
Total funds brought
roThiard
612,905
312,000
13,568,873 14,493,778 14,424,991
Total funds carried forward
S63,929
299,000
14,221,067 15,083,996 14,493,778
20

EIUC AND SALOME EsfoRICK FOUNDATION
SUMMARY INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
2024
2023
INCOME
Donatlons & legacies
Charitable activities
3,195
273,660
19,411
441,033
Gross Income
276,855
460,444
EXPENDrruRE
Raising funds
Charitable artlvlties
58,273
551,727
76,637
640,490
610,000
717,127
Total eXPer￿lt￿m
Net Incomel(expendltsire) before tsxatlon for
the financlal year
(333,145)
(256,683)
Tax recoverable
25,000
38,377
Net income l (expendlture) for the financlal
Y￿r
(308,145)
(218,306)
21

ERIC AND SALOME ESTORICK FOUNDATION
BALANCE SMEEr
AS AT 30 JUNE 2024
Notes
2024
2023
Tanglble and Intanglble
assets
Herltage assets
Investments
li
780,652
819,283
12
13
5,696,200
8 462 459
14,939,311
5,696,200
7 821171
14,336,654
CURReKr ASSETS
st￿ks
14
15
19,250
94,533
17,989
82,103
153 835
253,927
Cash at bank and in hand
182,435
Cradltors: amounts fallin9
due withln one year
NET CURAEiir
ASSETSI(LTABILITIES)
144 685
15? 124
TOTAL ASSETS LESS
CURREMf LIABILrriES
. 15 083 996
14 493 778
FUNDS OF TtrIE CHARITY
Unrestrlcted funds
Restrlcted funds
EnéOwM￿t funds
17
17
17
574,835
299,000
14 210 161
612,905
312,000
13 568 873
TOTAL CHARITY FUNDS
15 083 996
14 493 778
Sn accordance wlth s454 of the Companles Act 2CQ6 the Dlrectors may amend these flnanoal statements if
they subsequently prove to be defecttve.
The financial statements have teen prepared in accordance with the 5peclal prov151on5 applicabte to cornpanle5
subject to the small companles, regime and in accordan￿ wlth FR5102 SORP.
These flnanclal statement5 were approved by the Board of Dlrector5 and J. McNeill was author15ed by
the Board to slgn c¥) thelr behalf:
Co-thalr
Date:
Company registration no. 03044221
Charlty registration no. 1046374
22

EIUC AND SALOME EsfoiucK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2024
2023
Cash flows from operatlng activities
Net income for the year
Adjustments for:
Deprech?tlon on flxed assets
(Gain) on investrnents
Income from investments
Disposal pr(Keeds from the sale of investments
(Increase)Idecrease in stock
(Increase)Idecrea5e in debtors
Increasel(decrease) in credltors
590,218
68,787
40,125
(691,288)
(207,075)
50,000
(1,261)
(12,430)
(59,053)
39,148
(98,613)
(189,607)
1,681,126
(2,527)
(29,643)
32,621
Net ￿*h (uwl In) oper•tlng actlvlti•$
(290,764)
1.501,292
Cash flows from Investln9 artlvitles
Income from investments
Purchase of flxed assets
Purchase of investments
207,075
(1,494)
189,607
(1,775)
{ 1,550,000)
Net cash provided by Investln9 actlvlti•s
205,581
(1,362,168)
Net Increase l (decrease) in cash and cash
equivalents
(85,183)
139,124
Cash arKI cash equlvalents at the beginning of the
year
153,835
14,711
Cash and cash equlvalents at the end of the
yo•r
68,652
153,835
Cash and cash equivalents 1$ made up of the
following:
Cash at bank and in hand
68,652
153,835
Total
68.652
153,835
Analysls of changes In net debt
At l July
2023
Cash flow
At30
£ June 2024
Cash at bank
23

ERIC AND SALOME ESTORICK FOUNDATION
NOTES TO THE FINANCIAL sfATEMEMrs
FOR THE YEAR ENDED 30 JUNE 2024
AccoupifING POUCIES
1.1 A￿OUntIng Conventlon
The Foundatlon meets the definltlon of a public benefit entity under FRS 102. The flnancial
ststements have been prepared under the historical cost conventson, modified by the revaluation
of investments, in accordan￿ with Accounting and Reporting by Charities: Statement of
Recommended practi￿ applicable to charltles preparlng their accounts in accordance with the
Financlal Reporting Stsndard applicable in the UK and Republic of Ireland (FRS102) (SLxond
edltion), the Financlal Reportiry Stsndard applicable in the Unlted Kingdom and Republic of
Ireland (FRS 102) and the Companies Act 2006.
The preparation of flnancial statements in Complian￿ wlth SORP 2015 requires the use of certain
critical accounting estimates. It also requi￿ management to exercise Judgment in applying the
accounting policles (see note 1.15)
These financlal statements are presented in Sterling as that is the cuf￿ncY of the prlmary
economlc environment in which the Charity operates.
1.2 Incf•mlng resourc•s
All Incomlng resou￿$ a￿ Included in the Ststement of Financial Activities when the charity Is
entitled to the Income, it is probable that it wlll be reTrived and the arnount can be quantified
with reasonable accuracy, All income is gross without deduction for relate(l expenditure. The
following speciflc pollcie5 are applied to particular categories of income..
Voluntsry Income Is received by way of donatlons and glfts and Is Included in full In the
Statement of Finandal Activities when recelpt is probable.
Investment income is included when receivable.
Incomlng resources from charitable trading activltles are accounted for when earned.
Income Is stated net of VAT where appllcable.
1,3 Grants recelvable
Grants, induding govemment grants, are recognlsed on a receivable basis and are deferred only
when the donor has Imposed pre-conditions on the use of the grant.
1.4 Funds
The Foundation's funds conslst of unrestricted, restricted and endowment funds. The Foundation
may use unrestrlcted amounts at its discretion in furtherance of the charlvs objectives.
Restricted and endowrnent funds represent funds which are to be used In accordance with the
donor's wishes,
24

ERIC AND SALOME ESTORICK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
1.5 Flxed assets and d•preciatlon
Fixed assets, other than heritage assets, are ststed at historical cost less depreciation.
Depreciation Is charged to the SOFA to write off the cost less estimated residual value of each
asset over its experted useful lrfe at the following rates."
Freehold Property
Over SO years
Propety improvements Over 50 years
Website Redesign
Over 4 years
Other assets
Over 4 years
1.6 Donated herltage asstts
Works of art that are donated 5peclfically for the furtheran￿ of the obJeLtlves of the Foundation
are recognised in the financial statements at their deemed cost being their fair value at the point
of acquisition. Where informatlon on the original 'c05t' of assets transferred to the Foundation
is unavailable those assets are not recogni5ed in the financial ststements however inforrnation
on such assets is included in the notes to the flnanclal ststements. No depreciakn'on Is charged
on heritage assets as they are consldered to have an Indeflnlte Ilfe however tlw are reVI￿d
annually for impairment.
1.7 Stock
Stock Is stated at the lower of cost and selllng pr1￿ less costs to sell. All Items whlch are greater
than 3 years old are written off at the end of each financial year.
1.8 Re￿UrCeS expended
Expendlture Is recognised on an accruals basls as Ilabilitles are Incurred. Expendlture Is
recognised net of VAT where appllcable.
Charitable expendlture cornprlsed those costs Incurred by the charty In the delivery of its
activities and servKes for its beneficiaries. It includes both costs that can be allocated
directly to such activities and those costs of an indlrect nature necessary to support them.
Governan￿ costs include those costs associated with meeting the constitutional and
ststutory requirements of the charlty and Include the audit fees and costs linked to the
strateglc management of the charlty.
1.9 Forelgn currendeg
Monetary assets and Ilabllltles denornirklted in foreign currencles are translated Into SterlirYJ at
the rates of exchange prevailing at the accounting date. Transactlons In forelgn currencies are
recorcled at the date of the transaction. All differences are taken to ststement of financlal
athvitles.
1.10 Flnanclal Instruments
The Charity only enters into basic financial Instrument5 transactions that result in the recognition
of financial assets and liabllities such as debtors and credltors.
Financial instruments are initially measured at transaction value. They are asse55ed at the end
of each reporting period for objectlve evidence of impairment. If objertive evidence of
impairment is found, an impalmient loss is recognised in the SOFA.
25

ERIC AND SALOME EsfoRICK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
1.11 D•btorn
Short terrn debtors are measured at transaction prtce less any Impalrment losses.
1.12 Credltors
Credltors and provisions are recognised where the Foundation has a present obllgation re5ultlng
from a past event that will probably result in the transfer of funds to a third party and the amount
due to settle the obllgation can be measured or estimated rellabty.
1.13 Investm•nts
Investments a￿ carrted at market values ruling at the balance sheet date with unreallsed gains
and losses belng Induded in the statement of financial actfvities. Realised galns and losses are
calculated on proceeds less opening market value.
1.14 Going concern
The trustees have assessed whether the use of goin9 concern is appropnate and have considered
posslble events or conditlons that mlght cast ￿gnificant doubt on the abllity of the charltable
company to continue as a going COn￿rn. The trustees have made this assessment for a period
of at least one year from the date of the approval of these flnanclal staternents. In particular,
the trustees have considered the charitable company's forecasts and proiettion5 and have taken
account of presSu￿S on Income. After making enquiries, the trustees have concluded that there
is a reasonable expectation that the charitable company has adequate resOur￿S to continue in
operational existence for the foreseeable future. The charitable company therefore continues to
adopt the golng concem basls In preparlng Its financial statements.
1.15 Judgments In applyin9 accountlng polldes and key sourcrf of ertlmatlon uncertalnty
The p￿paratIOn of the financial statements requlres management to make Judgments, estlmates
and assumptions that affect the amounts reported for assets and liabilities as at the balance
sheet date arKJ the amounts reported for revenues and expenses durlng the year. The natu￿ of
estimation means the aLtual outcomes could differ from those estimates. There were no material
estimations nece55ary other than the declslon on depreciation rates.
26

ERIC AND SALOME ESTOIUCK FOUNOATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
INCOME FROM DONATIONS AND LEGACIES
Unrestrlcted Restricted Endowment
Pundg
Funds
Funds
2024
Total
Voluntary Income
Donatlons
3,195
3,195
3,195
3,195
Total
2023
Total
Donations
6,211
13,200
19,411
6,211
13,200
19,411
INCOME FROM CHARrrABLE Acrivmes
Unrestrlrted Regtrlcted Endowment
Funds
Funds
Funds
2024
Total
2023
Totsl
UnrnS￿Ltsd
Shop Sales
Café contributions
EducatSon
Other Income
Fees receivabl
admlssions and
membership
Rent re￿1Vable- gallery
hire
59,232
84,540
12,348
265
107,793
59,232
84,540
12,348
265
107,793
110,272
119,331
15,275
2,767
184,839
9,482
9,482
8,549
273,660
273,660
HI,033
Total
INCOME FROM INVESTMENTS
All investment income arises from the Investments In the BlackRock Dynarnlc Diversified Grovrth
Fund, iShare5 Overseas Corporate Bond Index Fund and ishares Developed World Endex Fund
and relates to endowment funds.
27

ERIC AND SALOME ESTORICK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
OTHER INCOME
Other income relates to Museums and Galleries Exhibitton Tax Rellef which is an amount receivable
under an HMRC scheme whereby qualifying entities may claim a 20-25% subsidy on the costs of
producing permanent, temporary and touring exhibitions up to a specified limit per exhibition. It
also Includes
EXPENDMIRE ON RAISXNG FUNDS
Unrestricted Restricted Endowment
Funds
Funds
Funds
2024
Total
2023
Total
UnrMtrSrted
Advertlsing and trade
subscrlptions
Openin9 Stock
Shop purchases
Uosing stock
Cultivation events
and cafe expenses
Catabgue expenses
5,543
5,543
4,095
17,989
26,604
(19,250)
26,736
17,989
15,462
26,604
39,386
(19,250) (17,989)
26,736
35,683
651
651
Total
58,273
58,273
76,637
EXPENDrnIRE ON CHARZTABLE ACTivrrIES
Unre•trlct•d Restrlthd Ermlowment
Funds
Funds
Funds
2024
Total
2023
Totsl
Gross salaries and
employer NIC
Temporary exhibitions
Printlng, postsge and
stationery
Utilitles
Collectlon insurance
Rates
Educaticm materials
Telephone and fax
Travel and subsisten
Cleaning
Library collectlons
Building maintenance
Security
Depreciation
Internet and website
Irrecoverable VAT
Foreign exchange
Governance (note 8)
282,159
282,159
268,157
101,591
3,296
101,591
3,296
198,772
3,626
15,653
35,927
3,988
2,123
1,765
962
4,490
15,653
35,927
3,988
2,123
1,765
962
4,490
13,345
33,031
5,773
2,517
2,396
1,322
4,775
14,087
4,548
27,125
1,635
14,087
4,548
40,125
1,635
12,456
2,011
39,148
1,291
7,564
3,110
41,130
13,000
1,188
38,190
1,188
38,190
Total
538,727
13,000
551,727
640,490
In 2024, temporary exhibitlon costs of £NII (2023.. £13,200) and depreciation costs of £13,000
(2023: £13,000) were restricted costs. All other costs were unrestricted.
28

ERIC AND SALOME ESTORICK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
GOVERI4ANCE COSTS
Unrestrfrted RestrlLted Endowment
Funds
Funds
Funds
2024
Total
2023
Total
Unrestrfcted
Accountan
Legal and professional
11.169
9,696
11,169
9,696
10,947
7,744
Audit fee
Bank Charges
11,025
6,300
11,025
6,300
13,050
9,389
Totsl
38,190
38,190
41,130
NET INCOMING RESOURCES BEFORE TRANSFERS
2024
Total
2023
Total
Net incoming resources before transfers are ststed after
charglng:
Depreclatlon
Auditors, ￿MUneratIon
Fees for other services
40,125
11,025
11,169
39,148
13,050
10,947
10. EMPLOYEES
2024
Total
2023
Total
Salary and wages
National insurance contributions
Penslon
256,304
16,773
4,582
248,921
14,752
4,484
Total
277,659
268,157
AvetBge number of employees
12
li
There was one employee during the year with emoluments between £60,000 and £70,000
(2023., one).
There is one member of key management (2023: one). Her gross salaryi employer pension
contributions and employer'5 national Insuran￿ amounted to £78,801 (2023.. £75,288).
29

ERIC AND SALOME EsfoRZCK FOUNDATZON
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
11. TANGIBLE AND INfANGIBLE FIXED ASSETS
Freehold
Property
WebsAte
Other
Property Improvement
Redulgn ITanglble)
{Tanglble)
(Tangible) (Intsngible)
Total
At l July 2023
Additlons
Dlsposals
538,578
971,209
59,845
52,745 1,622,377
1,494
1,494
At 30 June 2024
538,578
971,209
59,845
54,239 1,623,871
At l July 2023
Charge for the
year
Dlsposals
293,527
10,772
415,605
19,424
46,8H
6,206
47,118
3,723
803,094
40,125
At 30 June 2024
304,299
435,029
53,050
50,841
843,219
Net Book Value
At 30 June 2024
234,279
536,180
6,795
3,398
780,652
245,051
555,604
13,001
5,627
819,283
At 30 June 2023
The net book value of intangible assets as at year end was £6,795 (2023: £13,001)
30

EIUC AND SALOME ESTORICK FOUNDATION
NOTES TO THE FINANCIAL sfATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
12. HERITAGE ASSErs
2024
2023
Cost at l July 2023
5,696,200
5,696,200
Cost at 30 June 2024
5,696,200
5,696,200
Durlng the year to 30 June 2017, a colleLtton of 68 works of Itallan art wlth a deemed cost of É4,366,200
were donated to the Foundatlon by the Eric and Salome Estorick Foundatlon (USA). During the year to
30 June 2018, a further work of Italian art wlth a deemed cost of £400,000 was donated to the
Foundation by the Eric and Salome Estorlck Foundation (USA). These have been recognlsed In the
Balan￿ Sheet. There has been no change to the cost of heritage assets held SIn￿ 30 June 2018.
In addition, a further $3 works of art are owned by the Foundation. Of these S3 works the 10 that were
donated in 1999 are not induded In the Balance Sheet iEcause it wa5 not a requlrement at that tlme.
The remalning 38 works have been included at the valuations applicable at the tlme of transfer, being
£930,000. The whole collectlon has an insurance value of approximately £45m.
The collection brlngs together some of the finest and most important works created by Italian artists
during the first half of the twentieth ￿ntury and includes paintlng5, drawlngs and sculptures. The
Foundation does not presently actively seek to acquire works for the collection, and seeks to avoid
disposal of works in the collection In all but eX￿ptIonal clrcumstances, as detsiled In the Collectlon
Development Policy. The Foundation asplres to the highest standard of care in preservlng the collectlon,
in Ilne wlth the Care and Conservation Pollcy, relylng on a combination of preventative and remedial
conservation work.
As well as the collectlon owned by the Foundatlon there are also a number of works on long term loan
ta the collection.
The collection is open to the public and educatlonal tours are encouraged,
13. INVEsfMENTS
2014
2023
Brought forward at l July 2023
Investment additfons
Investment disposals
Investment realised gainsl(Iosses)
Investment thange in valuatlon
7,821,171
7,853,685
1,550,000
(1,681,126)
250,110
(151,497)
(50,000)
20,079
671,209
Market value carrled forward at 30 June 2024
8,462,459
7,821,171
31

ERIC AND SALOME EsfoRICK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
13. It4VESTMENTS (continued)
Details of material investments held at the year-end are as follows:
Market Value
2024
2023
ishares Overseas Corporate Bond Index Fund
ishares Developed World Index Fund
4,570,415
3,892,044
4,507,965
3,313,206
8,462,459
7,821,171
As restated
2023
2024
IShare5 Overseas Corporate 8ond Index Fund
iShare5 Developed World Index Fund
4,875,000
2,440,512
4,875,000
2,470,432
7,315,512
7,345,432
Note that the brought foThvard cost of the Ishares Developed World Index Fund has been restated
due to an error In the prlor year financial statements. This is not a value presented in the balance
sheet and d￿S not affect the overall rnarket value of the investment in the prior year.
14. sfocK
2024
2023
Book stock
19,250
17,989
15. DEBTORS
2024
2023
Prepayments and accrued income
Trade debtors
27,320
2,824
63,376
1,013
37,379
6,108
38,376
240
Tax rellef
Other debtors
94,533
82,103
32

ERIC AND SALOME EsfoRICK FOUNDAIION
140TES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
16. CREDrroRS: AMOUNTS FALUNG DUE wrrHIN ONE YEAR
2024
2023
Trade credltors
Taxatlon arKI sttial securlty
Loan
Other creditors and accruals
11,023
4,758
40,651
3,427
30,000
22,725
21,969
37,750
96,803
33

ERIC AND SALOME ESTORXCK FOUNDA￿0￿
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
17.
MOVEMENT OF FUNDS
Balance
1.7.2023
Incoffle Expendlture
Galnsl
(loss￿)
Transfers
Balance
30.6.2024
UNRESTRicfED
612,905
301,855
(597,OlJO)
257,075
574,835
REsfRIcfED
Heritsge Lottery
312,000
(13,000)
299,000
ENDOWMENT
Heritage a55et
Eric and Salome
Estorick
Foundatlon
(USA) -
13,517,371
51,502
207,075
691,288
(257,075)
14,158,659
51,502
13,568,873
207,075
691,288
(257,075)
14,210,161
TOTAL
14,493,778
508,930
(6LO,000)
691,288
15,083,996
The Heritsge Asset Endowment Fund balance Is made up of Investments plus herltage assets. Income generated by the
Investments and disP05als to fund activities are transferred annually to the unrestricted fund.
Balance
1.7.2022
Income Expendlture
Galnsl
(1¢)sses)
Tranrfers
8alance
30.6.2023
UNRESTRICTED
498,604
485,621
(690,927)
319,607
612,905
RESTRIcfED
Heritage Lottery
Archlvio Luigi
Pericle
325,000
(13,000)
(13,200)
312,000
13,200
325,000
13,200
(26,200)
312,1)00
ENDOWMENT
Heritage asset
Eric and Salome
Estorick
Foundation (USA)
13,549,885
51,502
189,607
97,486
(319,607)
13,517,371
51,502
13,601,387
189,607
97,486
(319,607)
13,568,873
TOTAL
14,424,991
688,428
(717,127)
97,486
14,493,778
34

ERIC AND SALOME ESTORICK FOU14DATION
NOTES TO THE FINANCIAL STATEMENTS
FOR The YEAR ENDED 30 JUNE 2024
17. MOVEMENT OF FUNDS (contlnued)
UNRESTiucfED FUNDS:
Unrestricted funds are the fr￿ reseNes of the Foundatton.
REsfRICTED FUNDS:
Heritage Lottery Fund: represents £650,000 awarded to the Foundation in 1997 for the
purpose of restoring Northarnpton Lodge. The funds were spent In 1997 and 1998. £13,000
yearly depreciation is charged to the fund over 50 years as per accounting policy. The fund will
be exhausted in year 2047.
Arts Coundl: represents funds re￿iVed to contribute towards the Make Futurism Great Again
exhibition.
ENDOWMENT FUNDS:
Herltage asset endowment fund. The heritage asset endowment funds initially arose as the
result of the dlsposal of one of the Foundation's heritage assets. Although the pollcy of the
Foundatlon Is to retain heritage assets for the beneflt of the Collection, It was declded that, glven
the exceptional circumstances, one of the paintings held as a donated heritage asset (though
not prevlously capitalised) should be sold In order to generate cash funds for the Collection and
foi funding future acquisitions. These funds were invested and the market valuation of the
investment funds as at 30 June 2024 is £8,462,459 {2023: £7,821,171). Upward movement of
the market value of the endowment funds is £691,288 (2023., £98,613). In 2007, 2017 and 2018
a number of athorks were transferredl donated to the Foundation (see note 12) and were added
to this endowment fund.
Eric and Salome E$torlck Foundatlon (USA) - D: represents funds re￿IVed from Erlc and
Salome Estorick Foundation (USA) for investment.
The endowment funds a￿ all expendable endowments other than Fund D above which is a
permanent endowment fund. Under the terms of the consent for Fund D granted by Erlc and
Salome Estorick Foundation (USA) the prlncipal amount invested must remain intact, and only
investment Income, not exceeding 5% of the principal may be transferred to unrestrirted Income
each year.
During the year £257,07S (2023.. É319,607) was transferred from the endowment fund to
unrestricted funds. Of thls £207,075 {2023: £189,607) was investrnent income and £50,000
(2023: £130,000) was drawn down from the investment fund.
35

ERIC AND SALOME ESTORICK FOUNDAnoN
NOTES TO. THE FINANCIAL sfATEMEf4TS
FOR THE.YEAR.ENDE0 30 JUNE 2024
18. ANALYSIS OF NEf ASSETS BEfwEEN FUNOS AND RESERVES
Fund balances are represented by:
Unregtr5cted
Funds
Restrlcted Endowment
Funds
Fund$
Totsl Funds
2024
Fixed Assets
CUr￿nt Assets
CUr￿nt Liabilities
481,652
130,934
(37,751)
299,000
14,158,659
SI,502
14,939,311
182,436
(37,751)
574,835
299,OCK)
14,210,161
15,083,996
At 30 June 2024
Unrestrlrted
Funds
Restrlcted Endowment
Funds
Funds
Totsl Fund$
2023
Fixed Assets
Current Assets
Current Llabilltles
507,283
202,425
(96,803)
312,000
13,517,371
51,502
14,336,654
253,927
(96,803)
612,905
312,000
13,568,873
14,493,778
At 30 June 2023
20. FINANCIAL It4STRUMENTS
As noted in the account6ng policles on page 25, the Foundatlon only entets Into baslc flnanclal
instrument transactlons that result In the recognltion of flnandal assets and Ilabllitle5 such as
debtors and creditors.
The Investments of the Foundatk)n are flnandal assets ff￿aSUred at falf value through the
Statement of Flnanclal ALtlvitles (see note 13)
21. DIREcfoRSITRusfEES' REMUNERATXON ANO EXPENSES
The aggregate amount of relmbursed expenses paid to the Dlrectorstrrustees was £91 (2023.
£nil).
No DiTectortrrustee re￿¥Ved any remuneration in the year.
22. RELATED PARTY TRANSAcfioNS
There were no related paty transactions durlrg the year.
36

ERIC AND SALOME EsfoiucK FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS.
FOR THE YEAR ENDED 30 JUNE 2024
23. CAprrAL STrUCTURE
The.F()undatlon fThe C(xnpany°)' is lirnlted by guafariteé and, does not have share captsl. Each
memtserfs.liabllty shall not exceed'EIO in tre event of.a winding up.
24. CONTROLLING PARTY
No single party has ultlmate control over the Foundatlon.
37

ERIC AND SALOME EsfoiucK FOUIIDATION
NOTES TO THE F114ANCIAL sfAT.EMEKrs.
FOR THE YEAR ENDED 30 JUNE 2024
COMPARATIVE sfATEMENT OF FINANCIAL AcrivrrxES FOR THE YEAR ENDED 30 JUNE 2023
Note Unrestrlcted Restrirted Endowment
Fuftd$
Funds
Funds
T¢)tsl
Funds
2023
INCOME &
ENDOWMENTS FROM:
Donations & legacies
Charltable activltles
Investrnents
Other
6,211
441,033
13,200
19,411
441,033
189,607
38,377
189,607
38,377
Total
485,621
13,200
189,607
688,428
eXPENorruRE ON:
Ralslng funds
Charltable activities
76,637
614,290
76,637
640,490
26,200
Total
690,927
26,200
717,127
Net galns on Investments
13
97,486
97,486
Net Incom• I
(expendlture)
(205,306)
{13,000)
287,093
68,787
Transfers between funds
17
319,607
(319,607)
Net movement In fund9
114,301
(13,000)
(32,514)
68,787
Recondl•ation ol funds
Total lurrfls brought
fO￿ard
498,604
325,000
13,601,387 14,424,991
Total funds carried forward
612,905
312,000
13,568,873 14,493,778
38