NFTS Foundation
Report and Financial Statemenls
Year Ended
31 December 2023
Company registration number 03290399

NFTS Foundation
Report and flnanclal statements
for the year ended 31 December 2023
Contents
Pag•
Report of the Trusiees
IndepefKlenl Audrtofs Report
10
ststement of Fina￿al Actsvrties
11
Balarte Sheet
12
Notes io Financ￿ Statements
Referonco and Admlnlstratlv• Inforniatlon
Trust
Stephen Louis - Chair of Trusiees
Judilh Chan
Neil Forster
Steve Mertz
Socr•tary and Reglst•r•d Offlc•
Trevor Hall
Beaconsftld StudK)S
Station Road
Beaconsfield
Buckinghamshire
HP9 1LG
Managom•nt T•am
Dr Jon Wardle
Afex Gurney
Trevor Hall
Company Reglstration Numb•r
0329)399
Charlty Roglstratlon Nurnber
1061561

NFTS Foundatlon
Report and flnanclal statements
for the year ended 31 December 2023 (contlnued)
R•f•renc• and Admlnistratlve Infomiatlon (continued)
Audltorn
BDO LLP
2 Cily Pla
Beehive Ring Road
Galwtck
West Sussex
RH6 OPA
8ankern
Lloyds Bank PLC
25 Gresham Slreet
LorKlon
EC2V 7HN
Sollcltors
Eversheds Sutherland LLP
1 Wood Slreet
London
EC2V 7WS
Investment Manag•rn
Inveslec Wealth & Investment Limrted
30 Gresham Street
London
EC2V 7QN

NFTS Foundatlon
Report of the Trustees
for th• year end•d 31 December 2023
The NFTS Foundation trustees ("the Twstees-). who are also direct￿5 of the registered charily of the same name
{'the Charit￿) for the purposes of Ihe Companies Aci. presenl their annual report together with the audited financial
statements lor the year ended 31 December 2023. The tnjstees have adopted the provisions of Ihe Slalement of
Recommended Practice (SORP) "Accounting arKI Reporting by charrt￿S. issued in Cklober 2019. preparing the
annual report and financial slalemenls in acc(xdance wlh the Financial Rep￿ting Standard applicable in Ihe United
Kingdom and RepublK of Ireland (FRS 102) and Charitses Act 2011. Th￿ report W￿ude$ the directors. rep￿ as
required by company law.
Trust•e8
T1￿ Irustees of the NFTS FwndatK)n during the year I￿re.
Stephen Louis - Chair of Tnjslees
Ken Roberts - Chair ol Trustees (reswttl 9 June 2023)
Judith Chan
Neil Forslef (appointed 9 July 2024)
Linda James (Rsgned 9 July 2024)
Steve Mertz
The trustees have given generously of their tirne and expertise for which Ihe NFTS Foundaiion and Ihe Nallonal Film
arKI Televts￿n School (-the S(*rfxl") are extremely grateful.
Structur•, Governanc• and Managwnent
NFTS Foundation <lhe FourKlation") is a charitable company Ilmlted by guarantee, which was establlshed on 11
December 1996. It Is governed by a Memorandum and Articles of ASSOC￿lI0n.
The principa a(fvtsers at the date of Ihis rep(￿ are ltsted on the previous page.
Connected Chwit￿$
The School is a charity connected wrth the F￿ndation.
By rnutual a￿eernenI, all costs as80¢iated wilh fundraising activrt￿s afe bome by the School. From mon* recefved
for investment, the Foundab'on from lime io lime makes granls, donat￿nS and scholarships. The Foundation donates
Incorne arKI caprtal from investments to School. The trustses rev￿ Ihe Ft)undation's inveslment perfomiance
and strategy.
Inveslm8nt Policy (IncludM￿ reserves pd¢y)
Grants. donations and other income receNed from varK)us organisations and indivKluals are invesled In a broad range
of fixed Income securities and equit*s to provide scholarships and contritjule lo the running costs of the School. As
at 31 December 2023, the reserves of the Foundation are used for investrnents held lo Kyovide future furKling to the
School.
The trusiees exercise reasonable care to ensure that these irNestments are effectively rnanaged by the Foundats'on's
cuffenl invesimenl rnana9ers. Inveslec Wealth & Investrnent Limited. The Foundalton 's reserves pol•cy is to hold an
investmenl Portfolio of al leasl £3m. the indivKlual amounts being held in accordance with all donor wishes and
obligats'ons. Al 31 December 2023, the F(￿ndatK)n's reserves were £5m, £2m higher than the minimum value set out
In Ihe Foundation's reserve polry.
It is anticipaied that the income generaled from thts level of reserves will enable Foundation to WOVKle a consistent
level of fundi￿ to the Sthod each yeaf.

NFfs Foundation
Report of the Tnjstees
for the yoar ended 31 December 2023 (contlnued)
ObJeclNes and Act1k7t￿S
The F¢)undation vrds establisl*d to help in Ihe advancement ol the educab.on of wblic In film. television and other
media. and in parlicular the advarKement of education and research al C￿ supp(xted by Ihe School or any charity or
educaiional eslablishment connecied (Y associated with the Schcd.
The Sc￿￿01 Is fesponsible fLY all fundraisiffj actwty lor both the SclK)ol and t1￿ F￿ndatIOn.
Elhic818nd Environmental. Social. and Governance (ESG) C￿sIderatI￿8
The trustees seek to Invesi in a way that furttr￿s the chariiable Obl￿tIveS of the Foundation. ￿1th an emphasis on 8
proactive approach to suslainability and sctially ￿spOnsible investing.
The trustees resep4e the nghl to exdude companies that cary out, or may carry out, activllies Incompatible with ther
alms or hold, or may IM)Id particular inveslments which damage. or cwld damage. the Charily and the School's
re1xjts￿0n.
The trusiees will coniinue to exerctse pnjdenl oversight over ihe perfcKrnar￿ of the funds invested io ensure ihal the
funds continue to meet ihe charilable obieciives of the Foundation. The investment portfolio Is dlversified across a
number of sectors and markets, and invested in companies ih* demonstrate strorvJ Environmental. Social 8nd
Govemance credentials to ensure Investsnent reiums are suslair￿b1e.
Taklng Into account repuiats'on of the Charity and the School, the trustees requlre th8ir appointed Inveslment
managers to have due regard for the surtabilrty of any recornmended investmenis. The investment managers must
conslder Environmental. Soual and GOVWna￿ (ESG) factors in their invesiment process arKI investment seleclions.
Powers of Investn￿nI
Pursuant to the FourKlaiK)n's Memorandum of Ass0oati￿. the trusiees may exercise Ihelr Investment powers by:
making grants arKI donations, whether oul of Irtome or caprtal:
accepting any gifts. endowrnenls. legacies or Contr1t￿lIC￿ls of any other kind of money or w)perty of any kind;
and
investing Ihe mon*s ol the F¢)UfKlation not required for ts purposes in or upon such investments. securities or
property of any other kind as may be tIKJught frt subject nevertheless to such condikn'ons (rf any) and such
consents (rf any) as may for ts time being be imposed c* required by law.
The board ol Irustees confirms Ihat all investrient funds ￿ held and made in acc(xdance wllh Ihese powers.
Risk M8nageff*nt
The trustees routinely examine Signif￿ant rlsks that the Foundats"on may face during exh financial year. and have
developed SyEiems lo monttor and control these risks to rnitigate any impact that may have on FoUnda￿ft in the
luiure.
Ac¢¢wnling PoliC￿S
Accounting policie5 that have been applied duriNJ the year are outlined in Ihe rnies io the financial statwnents.

NFTS Foundation
Report of the Trustees
for the yur ended 31 Oee•mber 2023 (contlnued)
Flnanclal Revlew
Total income for the FoundatDn for the year ended 31 December 2023 was £366k {2022 - £116k).
Investment income in the year was £116k (2022- £113k). This related lo dlvldends and interest earned during the
year and represented an average rate of reiurn of 2.5% on the FOundat￿n'S £4.5)8k inveslment portfolio al 1
January 2023.
Donations received in the year were £251k (2022 - £3k).
Total expendilure in the year was £172k (2022 - £173k). Expenditure represented Ihe donation lo the School, this
being the £1 Sok donation for scholarships. bursaries. maslerdasses and Olher costs of the School's curriculum.
and investmenl management costs.
Market value movements on the investment p￿tt01￿ 9enarated a net investment gain for the year of £269k (realised
gain £596k and unrealised loss £327k), compared wilh an investmenl loss of £619k in Ihe previous year (realised
gain £256k and unrealised loss £875k). The net movement in funds for Ihe year was an irKrease 01 £463k and
represented a 10.2¥0 increase In Ihe value of the Foundalion's investments.
The fund balance ai 31 December 2023 was £4.981k (£4.518k al 31 December 2022) and represented an
eqUit￿s/Ca5h and fixed Interesl Inveslment of 84116. compafed with a mix of ￿110 in preV￿u5 year.
The irustees have invested prudently and Caut￿u$lY during the year. The investment funds raised are held in a
lyoad range of fixed inieresi securities and equities. whKh are quoted on a re￿nised invesiment exchange.
Futuro Actlvltlos
Fundraising activities will continue io be undertaken by the School on behalf of the Foundaiion. These activitses
aim to:
raise funds In the fofm of scholarships, chairs. followships and legac￿5. on a revenue basis. and, where
practical. on an investment basis: a￿1
raise funds for specHI projects such as caprtal equipmenl and buikling development.
New funds received In 2023 and 2024 indude(l TfK8 Lesley Land Scholarship and The Crown Scholarshlp. As a resull
of these new furKls the trustees currently aim to disIn'￿te approximately £195k per annum (an increase of £45k on
2023). generated primanly from annual dividend and interesl returns on Ihe Foundatson's inveslments for the benefil
of the School. However. all distribulions by the Foundat￿ are at the disCret￿n of the truslees.
LocA(ing fiThard, the 814Jombefg consensus I￿￿aSt fcx ¥wxkl GDP growth in 2024 Is 2.8Vo, followed by 3% in 2025.
Fears of a US recession conlinue to diminish, 4•thile ecorK>mic M￿DentUrn in Europe armd the UK appears lo be at its
lowest ebb, and China is sbll stru9glirKJ io generate rer￿%￿d forbrdrd momeniurn. The Pfo quo for the slightly
better growlh outlook has been Ihal inflat￿n is not coming d1>￿ at quite the pxe central bankers rn￿h1 have wished,
but, for now at least, the underlwng trajectory Is lower.
The latesl market valuation of the FL￿ndalK)n'$ investments for the three months erKJed 31 March 2024 valued Ihe
investments at £Sm, thus £2m above the minimum level set out in Ihe Fojndat￿n'8 reserve pollcy. This is in line with
the portlolio's valuation as at 31 December 2023 year end.

NFTS Foundation
Report of the Trustees
for th• y•ar ended 31 December 2023 (contlnued)
Futur• Actlvltles (continued)
The trustees invest on a mednjm risk basis. wilh an investmenl tmyizon of 10+ years. As such. the truslees are not
uncomfortable having to accA)mmodate SI￿.left￿ volaiilily in captsl values. In Ihe expectation of long-lemi,
suslainable gains.
The trustees considef that there material uncertainties aboul the F(yJndat￿n's ability to contiNe as a 904ng
concem, given the headfoom Ihe Foundat￿￿ has on rts minimum reseThe level. a revivov of cash flow forecasis and
Ihe expected investment perfomiance over the 12 months foll￿￿ing sfjn off of ihe balarte sheet. Further, all
donaiions are at discretion of Ihe Charty.
Publlc 8¢nefit
The Foundation meets its public benefits requirement as a charity by distributlng grants 10 the School and
scholarships lo the School's students. The tfustees are aware of Iheir responsibilities with regards to the publbc
b8nefiiS requlrement and are conversanl with Ihe relevant Charity Commission guidance.

NFTS Foundation
Report of the Trustees
ft•r th• year ended 31 December 2023 (continued)
Stat•mont of Tru8to•8' Responslbllltles
Tt* ifustees are responsible fty preparing the annual report and the financial stalemenis in accordance with
applicable law and regulations.
Company law requires the trustees to prepare financial stalements for each financial year in accordance wilh United
Kingdom Generally Accepted Accounling Practice (Uniled Kingdom Accounting Standards arKJ applicable law),
Under company law. the Irustees rnusi not approve the financial statements unless they are satisfied that Ihey give
a true and fair view of Ihe slate of affairs of the chanty and ol Ihe incomirKJ resource5 and applicats'on of resources,
including the income and expendilure. of the charily for thal peflod.
In preparing ihese financial siaiements. the truslees are required 10:
se*1 Suitable accounting polK*s and then apply Ihem c4mSiStently:
make judgements and estimales thai are reasonable and wudent:
stsle *theiher applicable UK Acc<>unlmg Stsndards have been lollowed. s(tbJect to any material departures
disclosed and explained in the financial slalements- and
prepare the financial stalemenls on a gOI￿j cOr￿M basis unless it Is Inapyowi8te io presume thal the
charity wdl conlinue in business.
The trustees are responsible for keepiNJ adequ8ts accountirKJ rec(Kds that are sufficient lo show and explain the
chariws transactions. and disclose with reasonable accuracy al any time the financial position of the charrty and
enable them to ensure thal Ihe financial staiements comply with the Companies Aci 2006.
T￿Y are also responsible for safeguarding the assels of the charity arKI hence for taking reasonable steps for the
prevention ar)d detection ol fraud and other irregularities.
Audltor
All of the currenl trustees have taken all the sieps Ihal Ihey ought to have taken to make ihemsefves aware of any
information needed by the companys auditor for the purposes of their audit and lo eslablish Ihai Ihe audilor is
avrnre of thal informalion. The trustees are aware of any felevanl audit informaibon of which the auditor is
unaware.
This report has been prepared in ac¢ordaneA with the spec￿1 provisions of the Companies Act 2006 relating to
small companies.
On behalf of tho 8oard
Stephen Lou
Chalr of Tru8toe8
Dale: 9 July 2024

NFfs Foundation
Indep•ndent AudEtorfs Report
Ind•p•ndent Audltorfs Report to th• members of NFfs Foundatlon
Oplnlon on th• financlal statements
In our opinion, the financial stalemenls:
give a irue and falr view of the slate of the Chariiable CoMpan￿S affairs as at 31 December 2023 and of ils
incoming resources and applicatson of resources and application of resources for the year Ihen ended:
have been property prepared In accordance wilh United Kingdom Genefally Accepted Accounting Practice:
have been wepared in accordance Mth the requirements of the Companies Act 2006.
We have audiled Ihe financial siatements of NFTS Foundation (-the Charitable Companf) for the year ended 31
December 2023 which comprise the Stalement of Financial Activities, Balance Sheet and notes to the financial
statements. including a summary of signrficanl accounting policies. The financial reporting framework Ihat has been
applied In their preparaiion is applicable law and United Kingdom Accounting Standards, including Financial
Reporting Standard 102 The Financial Reporting Slandard applic814• In the UK 8nd RepublK ol Ireland (Unrted
Kingdorn Generally Accepted Accounling Practice).
Basls for oplnlon
We conducted our audlt in accordance wilh Intemational Standards on Auditing (UK) {ISAs (UK)) and applicable
law. Our responsibilities under those sL3fMJards are further described in the Auditor's responsibilities for Ihe audit
of the financial statements section of report. We believe that the audrt evidence we have obtained is sufficient
and appropriale to provide a basis for our opinion.
Independence
We remain independent of the Charitable Company in accordance with the ethical requiremenls relevant to our
audit of the financial slaternents in Ihe UK. including the FRC'S Elhical Standard. arKI we have fu111116d our olher
ethical responsibilities in accordance with Ihese requirements.
Con¢lu8lons r•latod to golng concorn
In auditing the financial stalemenls. we have corKluded that Ihe Trustees. use of Ihe going concern basis of
accounting in the preparation of the fina￿la1 statements is appropnate.
Based on the work we have performed. have not Identified any material uncertainties rel8ting lo evenls or
conditions that. irKlividually or collectively. may cast signrficant doubt on Ihe Charitable Companrfs ability to
conlinue as a going concern for a period of ai ￿ast twelve months from when the financial statements are
authorised for issue.
Our re5ponsibilrties and Ihe responsibilities of the Trusiees wrth respect to sK)ing concem are described in the
relevant sections of Ihis feport.
Other Infomi4tlon
The Trustees are responsible for the other infomialion. The other inlomation comprises the Informalton induded
in the Annual Report. olher than the financial slatements and our audiior's report thereon. Our opinion on the
financial statemenls cloes not cover the other infomiation arKI, excepi to Ihe extent otherwlse explicitly stated in Ouf
report. we do nol express any form of assurance conclusion thereon. Our responsibilrty is to read the other
Informalion and. in doing so. consider whether the other informaiion is materially Inconsistent with Ihe flnancial
statements or our knowrtedge oblained in Ihe audil or otherwise appears to be materially misstated. If we Myentrfy
such malerial inconsistencies or apparent maierial misstatements. we are required to determine whether there
a material misstalement in the financial siaiements Ihemselves.

NFTS Foundation
Independ•nt Auditorf8 Report
Ind•pondent Aud6torfs R•port to the memb•r8 ol NFfs Foundation (conlinued)
If. based on the work we have perfomed. condude that there is a material mi5Statemenl of this other
information, we are required to report that faci.
We have nothing lo report in Ihis rewd.
Other Companles Act 2006 reportlng
In our opinion, based on the undertaken in the cwrse of the audrt..
the informatK>n given in the Trustees. Report. which indudes the Direciors, ReP￿t prepared for th8 wrposes
of Cornpany Law, for the financial year for 4thich the financial stalemenls are prepare(J is consislent wrth Ihe
financial statements; and
the Directors. Report. whth are indude(l in the Truslees. Report. has been prepared Sn accordance with
applicable legal requirements.
In the light of the knothrfedge and understanLling of Ihe Charitable Company and its envlronment obtained In the
course of the audit, we have not identified maierial missiatements In the strategic report or the Trustees. report.
We have nothing lo report in respeth of the follo￿n9 matters in relatK)n to which the Companies Act 2006 requires
us io report to you rf. in our opinion.
adequate accounting records have not been kept. Of relums adequate for our audit have not been received
from branches not visiled by us; or
the financial statements are not in agreement wtth the accounlirKJ fecords reiums,. or
certain disdosures of Directors. remuneration specffjied by law are not made,. or
we have not received all the infomaiK)n arKI explanations ￿ reouire for our audit: or
the trusiees were nol entitled io prepare the financial ststements in accordance with Ihe small companies
regime and take advantage of the small companies. exemptK)ns in preparing ihe directors. report and from the
requirement to prepare a slrategic rewt.
Responslbll1tl￿ of Trustees
As explained more fully in Trustees. ￿pOnsIbl1rtieS stalement. the Trustees (wlm) are also the directors of the
¢hariiable company for the purposes of company law) are responsible f¢y ihe preparation of Ihe financial slatements
and lor being satiSf￿d that they give a true and fair view. and for such internal control as the Trustees deiermine
is necessary to enable the preParat￿n of financial ststemenls Ihal are free from malerial rnisstalemenl. whether
due to fraud or error.
In preparing Ihe financial stalemenls. Ihe Truslees are responsible for assessing the Charitable Company's ability
to continue as a going concern. disdosing, as applicable. matters related to going concern and using the going
concern basis of accounling unless the Trustees either intend lo l•quidate ihe Charitable Company or lo cease
operations, or have no realistic altemalive but to do so.
Audltorfs r•sponslbllltl•s for th• audit of th• financlal stat•ments
We have been appointed as audilor urmler the cornpan￿ Act 2006 and repr￿ In acc(Kdance with the Act and
relevant regulations rnade or having effect Ihereunder.

NFTS Foundation
Independent Audltoes Report
Indep•ndant Audftorfs Report to tho mombers of NFTS Foundatlon (conliniied)
Our objectives are lo obtain ￿aSOnable assurance about whether the financial statements as a ￿th01e are free from
material misstalemenl. whether due to fraud or effor. and to issue an auditor's report thal includes our opinion.
Reasonable assurance is a h￿h level of assurance. but is not a guarantee that an audit conducted in accordance
with ISAS (UK) will always detect a rnalerial misstatement when il exists. Misslatements can arise from fraud or
error and are conS￿ered material rf. indiv￿UallY or in the aggfegale, they could reasonably be expected to influence
the economic decisions of user5 tsken on the basis of Ihese financial slatements.
Extent to which Ihe 8udit was capable of detectiry krngularities. Including fraud
Irregularities. including fraud. are instances of non-compliance wilh laws and regulations. We design procedures
In Ilne with our responsibililies, outlined above. lo detect materia5 misstatements in respect of irregularities. Including
fraud. The exteni io which our procedures are Capable of dete￿ing irregularilies. induding fraud is detailed below:
Non-compli8n¢8 with laws and regulat
8ased on:
Our understanding of Ihe Charitable Company and the sector In which It Operates;
Discussion with management and Ihose charged with governance.. and
Obtaining and understanding of the Charitable Company's policies and procedures regarding compliance
th laws aThd regUlat￿nS.
We considefed the signrficanl la4Ys arKI regulations to be the United Kingdom Generally Accepted Accounting
Practice, Uniled Kingdom tax legislation arKI Companies ath 2006.
The Charitable Company is also subject to la￿￿ and regulations where ihe ￿nseQuen￿ of non<ompllance could
have a material effect on the arnount or disclosures in the financial slatements, lor example through Ihe imposition
of fines or lil￿allOnS. We identified such laws and regulations lo be their registration with Ihe Charity Commisslon.
Our procedures in respect of the above included..
Review of minutes ol rneeting of Ihose charged with govemance for any Instances of nonthcompliance with
laws and regulalions:
Review of correspondence with regulatory and lax authorit￿S for any instsnces of r￿n-COmpli8n¢e wilh
lavts and regulalions: and
Review of firkqnckql ststernenl disdosures and agreeing to supporting docurnenlallon.
Fraud
We assessed the susceptibility of the financtal statemenis to material misstalement. includlng fraud. Our rlsk
assessment procedures Included..
Enqulry with management arKI those charged with governance regar(ling any known or suspected
instances of fraud;
Oblaining an understanding of Ihe Charitable Companls polic*s arKI procedures ￿lating to:
Delecting and responding to Ihe risks of fraud.. and
Inlernal controls established io mitigate risks relaled to fraud.
Review of minutes of meeiing of those charged with governance for any known or suspected Instances of
fraud; and
Discussion amongst engagemeni ieam as lo how and where fraud might occur In the financial
slatemenls.
Based on our risk assessrnent. we considered Ihe area's most susceptible to fraud to be manipulation of Ihe
financial sL3tements v* managemeni overnide.

NFfs Foundation
Indopendent Audltorfs Report
Indepondent Auditorfs Report to th• m•mborn of NFfs Foundatlon (conlinued)
Our procedures in respect of the at)ove induded:
Tesling a sample of journal entries 1hrough￿l the year. which met a defined risk criterion. by agreeing to
supporting documentalion: and
Reviewing the manual joumals made by managernenl when recording the investment portlolio results.
We also c<xnmunicaied relevanl identif*d laws and regukiions and poienlial fraud rfsks io all engagement team
members and remained alert lo any indications of fraud or non<ompliance wth laws and regulations Ihroughout
the audit.
Our audit procedures deS￿Ded to respond to risks of material misstalement in the financial slatements.
recognising Ihat the risk of not detecting a matenal rnisststement due lo fraud is hgher than the risk ol not deiecting
one resulting from efror. as fraud may involve deliberate concealment by. lor example, forgery, misrepreseniations
or through collusion. There are inherent limitalrons in the audrt procedure5 performed and the further removed non-
compliance with laws and regulations is from Ihe events and transactions reflected In the financial slalements. the
less likely we are to becorne aware of il.
A further desLYiPlion of our responsibilities for the audil of the financial statements is located al the Financial
Reporting Council'5 ("FRC's") websile al.. htt .11
of our audilor's report.
. This description forms part
Us• of our r•port
This report is made solely lo the Charitable C¢xnpany's members. as a body. in accordance with Chapief 3 of Part
16 of the Companies Act 2006. Our audit work has been undertaken so Ihat we rnight slate to the Charilable
Company's members those matters we are required to slale to them In an audilor's report and for no other purpose
To the fullest extent permitted by law, we do nol accept or assume re5ponsibilily to anyone other than Ihe Charitable
Company and the Charitable Company s Members as a l)ody. for our audit work. for this report, or for the o￿nionS
we have fomie(l.
Do¢u8ton•d by..
8F75FEDC31D1467
Paula Willock (Senior Statutory Audrt(Y)
For and on behalf of 800 LLP. slatutory audrt(
Gatwick. UK
Date 12 August 2024
BDO LLP Is a limiled Ilability parlnership regisiere(l in England arKI Wales (with regisiered number OC305127).

NFTS Foundation
Statement of Flnanclal Activities (Includlng Incorne and expendlture account)
for the yèar ended 31 December 2023
Perman•nt
Unrnstrlct•d Re•trlcl•d •ndvwmenl
lunds
fund8
lunds
2023
2023
2023
Reslaled
Total
Fund•
2022
Total
Funds
2023
Not•
Income and endowm•nts
from:
t)onal￿n3
Investments
Other income
625
112.673
250.098
250,723
115,570
3,052
113,177
2,897
Total In¢om•
2.897
113.298
250.156
366,351
116,229
Expendltur• on:
Rai&ng lunds
Inveslmenl managemenl costs
Charilable aGbvrties
Educatic>n
552
21,464
22.016
22,926
10,CO)
140,0(KJ
1 $0,000
150.OLX)
Total •xpendlturn
10.552
161,464
172,016
172.926
Nel galnsl(losses) on
investments
6.695
205,851
56.281
268,827
(618.939)
Net Incomel{108ses)
{960)
157.685
306,437
463.162
(675.636)
Transfers betvfftn funds
(2.533)
Nat Mov￿nent In funds
14
(3.493)
160.218
306.437
463,162
(675.636>
R•conclllatlon of lund8:
Total lund balarKes brought
for4vard al 1 January (Restated)
14
112,633
3,524,407
880,681
4,517.721
5,193.3S7
Tolal fund balances carrfad
forward at 31 December
14
109,140
3.684,625
1.187.118
4,980,883
4,517.721
All amounts relate to continuiryJ activ¢iies.
The ￿te$ on pages 12 10 22 f¢xm part of Ihese finarKlal staiernents.
10

NFTS Foundation
Balance Sheet
al 310ecefflber 2023
Company numb¢r 03290399
Restated
2022
Not•
2023
Flxed assets
Investsnents
12
4753,495
4.283.196
Curr•nt assets
Cash arKI cash equNalents
Debtors
227.388
212.304
22.221
Net assets
4,980,883
4.517.721
Funds of the charlty:
Permaneni endowment funds
Restr￿le0 funds
Unreslricied funds
14
14
14
1,187,118
3,684,625
109,140
880.681
3.524,407
112.633
Total charlty funds
4.980.883
4,517,721
These xcounts have been prepared in acc4ydarKe wrth the speual provisions of Ihe Companies Act 21M)6 relakn'ng
lo small companies.
Approved by the trustees and aulhorised for issue on 9 July 2024 arKI s19r￿ on their behalf by;
sleptr￿n Lou
Chalr of TruSt￿S
Judith Chan
Trust
T1￿ notes on pages 12 10 22 f•Jm part of these finarmsal slatements.
11

NFfs Foundation
Notes to the Flnanclal Statements
for the year ended 31 December 2023
Status of the company
The Foundation is a wlvate c¢>mpany limiie(I by guarantee and is a registered charrty inccyporated in EnglarKI
and Wales. Each memberfs liability is limited. upon wirKling UP. to an amount not exceeding ten pounds.
Accountlng pollcles
(a> Basls of preparatlon
The financial staiements of Ihe F<xJndation have been wep*ed under the histc*t cost convention wlth items
recognised at cost or transaction value unless otherwise stated in the relevant notes lo Ihese accounts. The
financial statements have been wepared in acc(xdan(* with the Statement of Recommended Practic8:
Accounting and Reporting by Charit*s preparing their accounts in accordance wilh the Financial Reporting
Standard applicable in Ihe Uniied Kingdom and Rewblic ol Ireland (FRS 102) and the Companies Act 2006.
The Foundation constrtutes a wblic benefrt entity as defined by FFIS 102.
{b) Assessmont of golng conc•rn
Looking forward. Ihe Bloomberg consensus forecasl for GDP growih In 2024 is 2.8%. followed by 3%
In 2025.
Fears of a US recession conllnue lo diminish. while economic momentum in Europe and the UK appears to
be al ils lowest ebb. and Chlna is stsll struggling to generale renewed forward momenlum. The quid pro quo
for the slighlly better grovAh outlook has been that inflat￿n is not coming down at quiie the pace central
bankers rnighl have wished. but. for now al leasi. the undefl>ryng trajeciory is lower.
The latest market valuation of the F(wndation's investrnents for the three rnonths ended 31 March 2024
valued the inveslmenls at £5m. thus £2m at)ove the rninimum level sel out in Ihe Foundats'on's reserve policy.
This is in line with the portfol￿.$ valuatK•n as at 31 Decembef 2023 year end.
The truslees invest on a medium risk basis. wilh an investment horizon of 10+ years. As such. the trustees
are not uncomfortable having to accommodate short-temi volatility in capital values. in the expectation of
long-temi, sustainable gains.
The truslees consKler that there are no materlal uncertaintses about the Foundation's abilily lo continue as a
going concern. given the headroom the Foundalion has on its minimum reseThe level. a review of cash flow
forecasts and expected investment performance over the 12 monlhs following sign off of Ihe balance sheel.
Further. all donalions are al the disuetion of the Charity.
(c) Funds 8lru¢iuro
Unrestricted funds are funds vknich a￿ available for use ai discretion of the trustees In furtherance of the
gewral objectNes of the Foundation and which have noi been desonated for other purposes.
Reslricted funds are funds vthlch are to be use(J in accordance with specific restrictlons imposed by donors (
which have been raised by the Foundation for particular purposes. The cost ol raising and adminislering such
funds are charged against the specffK lurKI. The aim arKI use of each restricted fvnd is set cMJi in the notes
the fina￿131 statements.
Permanenl endownenl funds are funds whwe a pri￿SpaI sum is held arKI only Ihe irr(Kne generated can be
used. The donor instructs the prirKipal surn to be held and the income generated is used in accordance with
speCffj￿ restrictions Imposed by the donor.
12

NFTS Foundation
Notes to the Flnanclal Statements
for the year ended 31 Docember 2023 (continued)
Prlnclpal accountlng pollclos (continued)
Transfers belween erKlowment funds reslrded funds afe made to ensure the principal sum invested is
ys recognised in the endo4Mnenl funds with incThne and investmenl costs transferred lo restricted fuThJs.
Investment in(x)me. Inveslmenl ma)agement costs and net gainylosses on investments are apportioned
across the funds quarterty based Ihe value of each fuThJ al 31 March. 30 June. 30 September, and 31
December 2023.
An anal>sis of Ihe chariiable furKls has been disclosed in note 14.
(d) Incom• rKognltlon
Ail income ts recogntsed ¢yKe the F￿r￿ation has enlillement10 irKome. rt is Fyobable thal the income will
be re￿1Ve￿ and the arn￿nI of income recetvable can be measured reliably. Dona1K￿s are recognised when
ihe Foundation ￿ (wtractually enlrfled 10 the Irwne.
In lh8 event that a dOna￿n is sub￿￿ to condrtM)ns Ihai require a level of perfwnance before the Foundation
Is enli118d lo Ihe funds, Ihe income is deferred and not recognwd untd erther those COndrt￿nS are fully met, or
the fuifilmenl of those conditions ts %th)Ily within the conirol of the FoundalK￿ and rt Is wobable that Ihose
condilions will be fulfilled in the rep￿n9 per￿d.
Inte￿st on funds held on deposit is induded when receivable and the arnount Can be measured reliably by the
Foundation.. this is normally upon notrfication of the interest paid or payable by ihe bank. Dividends are
recognised once the dividend has been de￿a￿d and noIrf￿11on has been received of the dividend due. Th
Is nomially upon nOtif￿atIOn by the investment advisor ol the divmdend ￿eld ol the investment portlolio.
(e) Expendltur•
AII costs, except investment managemont costs, assoo'ated wth thè Foundation and fundraislng *ivilies are
borne by the School.
(n Cash and cash equlvalents
Cash and cash equivalents constsl of Gqsh at bank, deposrts and short-term investment5 wilh an original
matunty of months (Y less.
(g) Taxation
The FOundat￿n is an exempt charity ¥thin tre meaning of Part 3 of the Charitles Act 2011. It is Iherefofe a
chanty within the meaning of Para 1 of Schedule 6 to the Finance Act 2010 and accordingly. the Foundaiion is
polenlially exempt from taxation in respect of income or capital gains received within categories covered by
SeCt￿ns 478 - 488 of the Corpcxation Tax Aci 2010 (CTA 2010) w Seciion 256 of the Taxalion of Chargeable
Gains Aci 1992. to the exlent that such tncome or gairts affj appl￿d to exdusively chariiable purposes.
Expenditure indudes irrecoverable Value Added Tax charge(I by suppl*rs to the Foundat￿n. Irrecoverable
VAT Is thwged against ts calegcyy of expendilure for which it was irthrred.
(hl Flxed asset Investments
Invesimenls are a fom ol bas￿ financial instrument and are inrtially recognised al Iheir transactson value and
8ubsequenUy measured at their fair value as at the balance sheet dale using ihe closing quoted markei price.
The Statement of Financ￿1 Activities inc4(Kles Ihe nei gains and losses &ising on revaluats'on and disposals
oughout the yew.
13

NFfs Foundation
Notes to the Flnanelal Statements
for the year ended 31 D•e•mber 2023 (conllnued)
Prlnclpal accountlng pollcl•s (continued)
The Foundation does r￿t acquire wi options. derivatives or other complex financial instruments. The main
fomi of financial risk faced by the FoundatK)n is thal of volalilty In equity markets and investment markets due
lo wider economr conditions, the attitude of investors to investment risk. arKI changes in sentiment concerning
equities and wiihin partujlar SeCt￿S Of sub sect(Ys.
(i) Reallsed galns and loss
All gains and losses are taken to the Statemenl of FinaTxial Acb'vrties as they arise. Realssed gains and losses
on invesknents ar8 calculated as the drfference between sales proceeds and their opening carrying value or
Iheir purchase value rf acquired subsequent to the first day of the financial year. Unrealised gains and losses
are calculated as the drffefence behveen the fair value al the year and their carrying value. Realised and
unrealised inveslment gains and losses are corn￿.ned in the Statement of Financial ActNilies.
Judgem•nl8 In applylng accountlng pollcl•8 and k•y sourcu of •stlmatlon unc•rtalnty
In p￿paring these finar£ial ststements, trustees have made th8 following judgements:
Investment income. invesknent management costs arKI net gainsnosses on Inveslments are apportioned
ross the furKls quarterfy based on the value of each fund ai 31 March. 30 June. 30 September. and 31
December 2023: armj
wilh respecl io the nexl reporting pef?od, the most signffjtcant areas of uncertainty thal affect the catyng
value of a&wts hekl by the F￿rthIK)n are the level of investsnenl reium and the perfLYmance ol investment
markels.
R•lated party trangactlons and trust•es' •xp•nse8 and r•mun•ratlon
Durlng the course of Ihe ypaf. the F(￿ndatIOn arKI the School entered into a number of relaied party
transactions. The transactions represented fundraising inrtiatives undertaken to support the scholarship
ogramme. donations towards I￿r$ar￿. and donat￿nS lO￿arrI5 Ihe running cost of the ￿rricUlum. During
th8 year the Foundati¢)n rnade tolal donaiions to the School of £150k (2022- £150k) (see note 9).
Key management personnel are consldered lo be School's Direth. Finance Director and Head of FinaThJa
Reporting.
The trustees all give freely their lime and expertise any form of remuneraiion (x other benefrt in cash or
kir￿ (2022 - £Nil). During the year. none of Ihe trustees received any reimbursemenl for rneellng expenses
(2022 - £Nill. There were transactKTh with trustees and connected persons durlng Ihe sear.
Durfng the year, insurance costing £1.1 k (2022 - £1 k) was purchase(I to indemnlfy ts trustees against default
on thelr part. The School paid this during the year on behalf of the Foundation.
Connoct¢d chariti
The Foundation 7+Yas inc(Kp￿81ad to in the advarKement of educatK)n of the public In film. television
and other media arKI in particular the advancement of educati<)n and research at ¢x supported by the S(tsol
or any charity of educational estsbllshment connected ￿ associated wilh Ihe School.
14

NFfs Foundation
Notes to th• Flnanclal Statements
for the year ended 31 Decernber 2023 (contlnuad)
Donations
P•mwi•nl
R•stal•d
Total
2022
Total
2023
fvnd•
funds
funds
DonatM)ns
625
250.098
250,723
3.052
625
250.098
250,723
3.052
Invasimont In￿me
unr••trIct￿ RMtrlct•d •nd￿lment
funds
lunds
fund•
Total
2023
Total
2022
Income from listed invesiments
2.897
112.673
115,570
113,177
2.897
112.673
115,570
113,177
Investmenl InC￿e is apportK)ned a(xoss the funds based on the fund balances held at ts end of each quartef.
Inv￿tM0nt manag•rn•nt Costs
2023
2022
Inveslment managemern fees
22,016
22.926
Analysls of charltabl• •xpondftur•
During the year, donations of £150k {2072- £1 Sok) V￿re male lo the School. These donallons represenl £69k
towards scholarships and bursaries and £81k towards masterdasses and other costs of the School's
curriculum.
All Other Cosis associated with tt)e Foundalbon's fundraising actiVit￿S are borne by the School because there
is an integraled lundratsing programme for the School and for the FoundaiK)n.
10 Employee emoluments
No staff are employed by the Foundatwi (2022- £Nil).
11 Auditors. remunoration
The audit fee of £12,rKy) (2022 - £8.400) ¥Yas tKme by the School.
15

NFTS Foundation
Notas to the Flnancial Statements
for the year ended 31 December 2023 (continued)
12
Flxed au•t Investments
2023
2022
Movement in quoted inwstments..
Markel value brought fcrfwwd as at 1 Januwy
Addilions to investments ai cost
Disposals al carryrng value
Loss on revaluation
4.283,196
2,717,091
<1,919,142)
(327,650)
4.815,795
1,745.872
{1.403.889)
(874.582)
Markei value as al 31 December
4753,495
4,283.196
Market
value
2023
Market
value
2022
Cost
2023
Cost
2022
Ttrw Investrnerrts are rewesented ty.
Quoted In￿sIMents.'
UK fixed interest
UK equities
Overseas fixed interest
Overseas equit￿$
561,579
1,077,947
417.485
2,381,411
566,262
1,149.918
416.710
2.620,605
243,375
1.378.394
537,366
1.481.340
215.692
1.744,280
519.798
1.803.426
4.438,422
4753.495
3.640,475
4.283,196
16

NFfs Foundation
Not¢5 to the FIna￿la1 Statemen1$
lor tho year ended 31 December 2023 (contlnu•d)
12 Flxed ass￿ Investments (con11n￿d)
Ttwe were no investrnents reFxesentirwJ more than 5% of the value of the txxlfolK) as al 31 December 2023.
The following investrnents rewesented mrye than 5% of value of Ihe portfdio as ai 31 Dewnber 2022:
Number
of unlts
18.130
Mark•t
Value £
230.070
Brown Advw Fds US Sustainable Glh
Si GBP
JP Morgan FLtnd Icv¢ JPM US Eq Irt C2
GBP
Nel Di
portfollo
146.0(Xl
230.972
Investments are reiained by Ihe FoundatK)n fw Ihe long lerm10 generdle inc(Yne lor ￿ School and lo ensure
thal the objectives of the chty are fulfilled.
Investment in equrties and f￿e<l interest securities are all traded in quoted publt markets. The basis of fair
Vall￿ for quoie(l investrnents is equivalent to the market value, using bKI rYKe.
13 Flnanclal Instfum•nts
Financ￿1 assets measured al lair value thr￿gh profit or loss comwise r￿ed asset investmenls in a trading
portfolio of listed company shares. Details of these can be fThJrKI In note 12.
s￿n￿&￿nce of fInar￿￿1 instruments to the ongoing finarKial sustainabilty of the FourK1aiion Is considered
in Ihe financd review and investrnenl policy and perfcXMar￿ sections of the Truslees, Annual Report.
The main risk 10 the F￿ndation from financial instruments lies in the combinaiion of uncertaln Inveslment
markeis and vdatility of yield. Due to markel senlimenl favouring lower risk inveslments, the weld on bonds
has been abnomially low giving rise to a S￿n￿￿an1 downside risk of a fall in capital values when interest rales
return to normal levels.
The Foundation's Investments are mainly traded in markels wlh g￿)d I￿u[dIty and high trading volumes:
therefore. ItqUKJrty nsk is assessed as low. The F¢)undalK)n has no material inveslment holdings in markels
sUb￿ct to exchange conlrols or trading restrKiion8.
The Foundation manages these investment risks by retsining expert advisors and operaling an investmenl
policy that Pfovsdes for a h￿h degree of diversiftstion of ￿ldIng$ %tyithin investment asset classes that are
quole(J on recognised stock exchww. Ttr* Fwndabon does not make use of any dertvalives or complex
finanoal instruments.
17

NFfs Foundation
Notes to the Flnanclal Statements
for the y•ar ended 31 December 2023 (contlnuod)
14 Analysls of charttablo funds
Fund
balances
brought
foThvard
Exp•ndllure
donations Expenditur•
to School Investment
Income n•t transfers
Fund
balances
carried
lorward
Galns
and
losse8
Analysis of fund movements
year ended 31 December 2023
Permanent endowm•nt funds:
The Louis Malle Stholarship
Post office Scholarship
Kodak Scholarship
John Sargent Scholarship
Nik Powell Scholarship
Lesley Land Scholarship
113.261
286.635
133.769
242,468
104,548
7,272
16,819
120.533
303,454
142,069
256,570
110.675
253,817
14.102
6,127
3.661
250.156
Total p•mian•nt endowment
funds
880,681
250.156
56.281
1,187,118
Rutrlcted funds:
Lew Grade Chair
Cubby Broccoli Chalr
Richard Dunn Scholarshlp
David Munro Fund Human R*ghts
Do￿rnentary Award
m￿h861 Samuelson Scholarship
Freddie Young Scholarship
Tl* Colln Young SCI￿arshIP
The T￿VOr Jones Schobarshlp
Sir John Tery Memorial
Scholarship
Tre Louis Malle Scholarship
Post Office ScholarsNp
Kodak Scholarship
Nik POV￿11 Schdarship
John Safgenl Schdarship
James Walker NFfs Writers Fund
Lesley LaThl S¢tr￿h1p
1,901.773
918.379
520,239
48,507
23,623
13,238
(60.000)
(30.OOOy
(7.000>
(9,247) 112,455
(4.500)
54,586
<2,524)
30,718
1,993.488
962.088
554,671
77,816
1.981
10
15
113
149
(1.OQ))
(378)
(2)
(3)
(21)
(28)
4,596
24
83,015
428
623
4,727
6,238
577
4.375
5.774
260
343
34.145
10.057
<1,000)
{2.000)
(5.841)
(3.500)
(2.126)
(5.orx))
(20.(K)O)
(164
(5971
(1.378)
(680)
(501)
(1.157)
(45)
(239)
35,839
10,591
3.131
7.219
7,59)
6,974
2,627
8.063
825
1.375
2,149
41,137
2,055
22.752
1,136
835
Total restrfct•d funds
3.524.407
113.298
(137.467)
{21.464) 205,851
3,684,625
Unrestrlcted funds:
General re￿S
112.633
2.897
(12.533)
(552)
6.695
109,140
Total unr•strlcted funds
112,633
2,897
(12.533)
(552)
6.695
109,140
Total funds
4.517,721
366,351
(150.OCK))
(22,016) 268.827 4,980.883
18

NFfs Foundation
Notes to th• Flnan¢lal Ststements
for th• year endod 31 December 2023 (contlnued)
The restricted funds of £3,685k include £646k io pfovbde scholarships and bur&wies (R￿hard Dunn, Freddie
Young, Sir John Terry. Colin Young, Trevor Jones. James Walker). £2.956k for Chairs (Lew Grade. Cubby
Broccoli). and £83k lo supp(Yt dooJmentary film makirvJ Concernir￿ human nghts (David Munro Fund).
The pemianent endowmenl funds of £1.187k are endowwts to wovide scholarships (Loui8 P¥lalle. Posi
l(odak. John SargenL Nik PO￿￿11. Lesley Land).
The dividends eamed on the furKls dunng the Jear of £116k, the realised profrt of £596k, Ihe UrweaI￿ed loss of
£327k and the investrnent management costs of £22k have been allocated across the lurKls quarterfy based on
the value of each fund at 31 March. 30 June. ￿ Sepiember, and 31 December 2023.
19

NFTS Foundation
Notes to the Flnancial SL1tements
for the year ended 31 December 2023 (condnued)
14 Analysls of charltable funds (continued)
Restated
fund
balances
carrled
forward
Fund
balances
brought
fO￿ard
Restated
galns
and
1088es
Restated
R•8tat•d
•xpendituro
Incom• (n•t ol transfer81
Analy818 of fund movoments
year ended 31 D0￿mber 2022
P•rnianent •ndowm•nt lunds:
The Louis Malle Schdarship
Post Olfice Schdarship
Kodak Scholarship
John Sargent Scholarship
Nik Powell Scholarshlp
129,958
325.581
153.070
275.072
118,753
(16.697
(38.946
{19.301
{32.604
(14.205)
113,261
286,635
133,769
242,468
104.548
Total p•rman•nt •ndowm•nt funds
1,Q)2.434
(121.753)
880,681
Lew Grade Chalr
Cubby 8roccoli Chair
Richard Dunn Scholarship
David Munro Fund - Human R￿hIS
Docurnentary Award
Michad Sarnuelson Scholarship
Freddie Young Scholarship
The Colin Young Scholarship
The Trevor Jones SchoFarship
Sir John Tefry Memorial Scholarship
Louis Malle Scholarship
Post Off￿e Scholarshlp
Kodak Scholarship
Nik Powell Scholarship
John Sargenl Scholarship
James Walker NFTS Writers Fund
2.185.038
1.056.310
587.242
47,793
23,105
12,845
(69,882)
(261,376)
(34.680) (126.356)
(9,802)
{70.246>
1,901,773
918,379
520.239
).013
441
643
4.873
6,430
39,144
9.622
(3,399)
(2)
(3)
(22)
(28)
{1.173)
(2,618)
(7,122)
(4.21 S)
(2.597)
{6.207>
{18.207)
(10.767)
(53)
(77)
(583)
{769)
(4,682)
77.816
396
577
4,375
5,774
34,145
10,057
10
14
107
141
3.053
7.122
3.529
2.597
5.962
4.071
8.276
7,590
2,394
60.845
2,149
41,137
(5.572)
Total re$trbCt￿ fund8
4.051.271
113,174
(159.557) (480.481 >
3,524.407
Unr¢strlct•d funds:
General reserves
139.652
3,055
(13.369)
(16.705)
112.633
Total unrestrkted fund8
139,652
3.055
(13.369)
(16.705)
112.633
Total funds
5,193.357
116.229
(172.926) {618,939)
4,517,721

NFTS Foundation
Notes to the Flnanclal Statements
ft•r tho year ended 31 December 2023 (contlnuedj
15 Analysls of not assets between funds
Pernianent
Unrestrfct•d R•strlcted •ndowment
funds
funds
funds
Restated
Total
2022
Total
2023
Fund balances al 31 December
2023 ae rewesented by.
Invesiments
Cash and cash equivalents
Debt(Ks
3.S66.377
118.248
1.187.118
4.753.495
227.388
4,283.196
212.304
22.221
109,140
109,140
3.684.625
1.187.118
4,980.883
4.517.721
Pernianonl
Unr•8trfcl•d R•8trlct•d endowment
funds
fund•
funds
R•glat
Total
2022
Total
2021
Fund balan￿ at 31 Dec4mb
2022 are re￿esented by.
Inveslments
Cash and cash equivalents
Debtors
3.407,420
99.671
17.316
875,776
4,283,196
212,304
22.221
4,815.795
358,393
19.169
112.633
4,905
112,633
3,507.091
875,776
4.517,721
5.193,357
Suff￿[ent resources we held In an appropryate fcKm to enable e&h restrKted fund to be applied In accordance
￿￿th the restriciions.
21

NFfs Foundation
Not08 to the Flnanclal Ststements
for the year ended 31 Decefflber 2023 (condnu•d)
16 Statement of Flnanclal Activltl•s for the y•ar •nd•d 31 D•c•mb•r 2022
R•s￿￿0d P•rnMrnnt R•8tated
rnstrlcled •ndowmenl
lot
funds
lund
lunds
2022
2022
2022
Unrnstrlcted
funds
2022
Note
Income and endowments
from..
Dor)ations
Irbveslments
3.052
110.122
3,052
113,177
3.055
Total Incom•
3.055
113.174
116,229
Expondllur• on:
Raisiry funds
Investmenl managemenl costs
Charitable aci?Vit￿$
Educali
619
22.307
22,926
10.(M)O
140.(KrfJ
150.000
Total expendlture
10.619
162.307
172.926
Net losses M investrnents
(16.705) (480.481) {121.753) (618.939)
N•t losses
(24.269) (529.614) {121.753) (675.636
Transfefs betrw funds
{2.750)
2.750
N•t movem•nt In funds
14
(27.019> (526.864) {121.753) (675.636
Total fund balances br￿ght
forward ai 1 January
14
139.652
4.051,271
1,002.434 5,193.357
Total fund balanc•s carrl•d
foThvard at 31 Dec•mb•r
14
112.633
3,524,407
880,681 4,517,721
17 Restatement
Restricted income of £17.3k for James Walker NFTS Writers Fund and pernianent endowment income of
£4.9k for Ihe John Sargent Scholarship FurKJ was fecognised in 2023 that related lo funds recetved by Ihe School
In 2021 and 2022. These furKls %*ere receNed into Ihe School's Just Giving fundraising account arxl were rM)I
Identified and transferred to the Foundation until 2023. The School's Just Giving acccyjnt is now reconciled by
the School on al1&3sl a quarterly basE. wth any morues due lo the FoUnda1￿n transferred immediately.
restatement recognises the funds in the correcl accounting PWNJd the donations *ere recefved. with the
Impact being an adjustment lo the 2022 funds totalling £22.2k.