2022-03-31-accounts

Company Reglstered Number: 03621861 Charlty Regb¥tsred Number: 1071167 THE FOUNDLING MUSEUM (A Company Llmlted by Guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

THE FOUNDLING MUSEUM IA Company Llmlted by Guarnnteel CONTENTS Page R•f•r•nc• and Admlnl•tratlve Detall¥ of tho Charlty, Its Truste￿ and Advl80rs Tru¥t•g8' Report 3-15 stat•m8nt of Trusts•s' Ro8pon8lbllltl•• 16 Indgpondent Audltols R•port on the Flnanclal Stat•m•nt• 17-20 Con8olldat•d Stst•ment of Flnanclal Actlvltle8 21 Consolldat•d Balance Sh•et 22-23 Charlty 8•l•nc• Sh••t 24-25 Con•olldated Stat•m•nt of Cash Flo 26 Note8 to tho Fln•ncl•l Ststom•nt• 27-60

THE FOUNDLING MUSEUM IA Company Umlted by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR TPIE YEAR ENDED 31 MARCH 2022 Trustees Anne Beckwlh-smith Christopher Cotton Jeremy Deller (resigned 14 March 20221 Shereka Dunbar {appoinled 6 December 20211 Willbam Gore Ronald Gould Edward Humphrey (appointed 26 January 20221 Perdita Hunt OBE Claire Jeffers Lari88a Joy OBE, Chair Andrew Mclntyre lappolnled 26 J8nuary 20221 Grayson Perry CBE RA {appoinled 8 December 20211 Lord Simon Russell of Llverpool Lemn Si55ay OBE Spencer Hyman Ifesigned 4 October 20211 Robert Ailkin (resigned 6 December 20211 Geraldine MacDonald IreBigned 7 June 20211 Paul Zuckerman (resigned 7 June 20211 Margar•l R•ynold8 (resigned 7 June 20211 omyny regl•t•rod number 03621881 Ch•rlty r•gl¥terfjd numb?r 1071167 Reglstered offlc• 40 Brunswick Square London, United Kingdom WC1N IAZ Company secrntory Nlgel Cudlipp (resigned 6 June 20221 Dlrectoi Caro Howell MBE Independent •udltor MHA MaclnlyTe Hudson statutory Auditor 6th Floor 2 London Wall Place London, United Kingdom EC2Y SAU Page 1

THE FOUNDLING MUSEUM IA Company Llmlted by Guarantoel REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 B•n*•rn Nation81 Westminster Bank PIC Chancery Lane & Holbom Branch 332 High Holbom London WC1V7PS CAF Bank Limlted 25 Kings Hill We¥1 Malling Kent ME194JQ Investm•nt Managern Verllas Investment Partners IUKI Llmlted Riverside House 2a Southwark Brldge Rood Londcn SE19HA Page 2

THE FOUNDUNG MUSEUM (A company Ilmlted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 alrfs nd DlrectoVs Revlew Th8Ye8Tunderre￿￿￿ saw manysuccesses and rea50nsto celebrate, evenwhlle Cotsld-19 continuedto disNpt acti?Atle5, the second lockdown ln April and May 2021 lorcingthe Museum's closuxe. Building on lessons learnt in 2020, particularfy around digitsl engagement, we Se￿ed opportunities to rnach new audiences and grew our social Impad work wlth some ol the most ¥ulnernble members of our community. Tho Musèum contlnued to benefftfrom the Govèmment's furtough stheme and emergencylundlng h recelved In response tothe Covld.19 pandemlcand we rernaln grateful to IheArtsCouncll Eng18nd Culture Recovery Fund,the Natlonal Lottery Herilage Fund Her￿ge Emergency Fund, and the London Communlty Response Fund & The Rank Foundation DCMS Covld-19 Respo Programme, Thanks to support from the Deborah Loeb B￿ce Foundatlon. the Oak Foundauon, the Murray Famlly, the Museums AssOcia￿Dn andjohn Lyons, Chanty, we were ableto adapt and grow ourvltal leamlng PTOammes and introduce a numberof Importanl new Inltlatlves, designed to increase the Museum's Impact and reach. These Included a pffjlect to put our collecUon of elghteenth. century tokens onllne, a diotal cYeaUve portal foi ¢a[e.expert￿Ced young people, and 8 year-long Career Development Fgllowship fora youngcare-leaver. Traelni Our Tales, our ploneeklTrg tralnlng progrjmmes for care-leavern, contlnued 83 Stron81y as ever. Teachlng art, ereat wrftlng and Ilfe-sklll& and bulldlngtralnees, self-confldence, self-esleem and mentsl reslllenc8, the trainlng enobles graduates to s•curn employment. In¢ludlngatthe Museum, take up apprenticeshlps, and retum to educatlon. "rrr TRH The Prince •nd Princess of W8125 with Kriss Akabusi. MBE, Lern SSs$ay, OBE and Alan Jenk￿s, in ihe Museum's hIs1￿C Court Rotyn, discwsing Ihe long-lettn inpact Dfgr(YMny up in care and the c￿￿vaeS fa￿n4 core48aYBfs today. Photo.. Dan V￿1 Page 3

THE FOUNDLING MUSEUM IA company Ilmlted by guarants•} TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 In January our Royal Patron, the Princess of Wales, visited with her husband, the Prince, to tske part in a series of discussion5 exploring the challenges faced by young people leavlng care. They met Iwth leaders In the sector, caTrexperienced adults and Traclng OurTales graduate5, Includlngcarfrexperienced young mothern, to hearflrst.hand the remakable resilience requiied of carfrexporfen¢ed young peopleto over&)Mes￿On8 and sysiemlc obstaclesto 8iJc¢ess. Throughoutthe year. people re¥ond8d to ourcollectionsthrouih dlscusslon. musl¢-makJnggnd art, In the gallertes, onllne ond beyond ourwalls. Pre-school Chlldren at our partner nurserles had muslcal stomelllng W0￿shopS In thelr classrooms and uwj ourweektyArtbplorerBoxes, whlle5choolswere unabletovlsitthe Mu5eumdueto publlchealth resffictlons. Creatlvewarknhop¥ also ran wlth young inpatients al M8udsley Hospltsl. whlle Traclng Our Tale5 and our publlc events programme successfully jug8led online and in-person Sessions. A display by PhD student, LITZY Buckle, Frfends wlth BeNelll4 drew ￿$￿tar$, attenlion lo the muslcal netsyorks behlnd chavlty benellt concerts In elghteenth-century London, whlle glfted young rnusicians retumed to perfomilngln the Museum's Plctur? Galleryaspartol ourYoungArtlsts Pmgmmme. Also Tetumingto the Museumwern members of our local communlty, Includlng South Aslan famllles who took part In a collaboratlon wlth IA Arts o¥erthe sumffler holldays. and local Te51dents p8￿C1p811￿g In a newsoci81 pre5crfblngpartne￿h1p wlih Camden MIND. Children eniDying Ihe museL￿'S exhlblllon. Qtsynlln 8lak8' Grted4nd yEa￿, pupils taking pBrt In in 8rt151-led muslc storyldling In I￿￿rOom. The Museum'5corflnued abllltyto overcomech8llenges and punch above ltswelght Isunderplnned bylhe callbreand dedlcallon of ils stsff, volunteer5 and supporters. We rernain immensety grateful to the many genemus indlvlduals, who Share thelr knDwledge and experten¢e wlth u5, and help fund Dur ￿tal work We would partlculavty Ilke to th8nk our twstees, Jeremy Deller, Spencer HJThan, Robert Altkln, Geraldlne M8cDonald, Paul Zuckem18n and Margarel Reynolds, who r￿red from the board thls year after perfods of long servlce. We are delighted to ￿lCoMe as new tNslees, Grayson Perry, Shereka Dunb8r, Edward Humphrlesand Andrew Mclntyre, ournewTrtasurer. We lookfoN8rd wlth antlclpatlon to the eomlngyeats, In vthleh we wlll takesignlllcant stepsto continue ourworfl transfomilng Ilvesthn)u8fft creatlve actlon, and to putfurtherfoundations In place to securethe Foundling Museum'sluture sustslnabllbty. LathaJ¢yrf, OBE Caro Howell, MBE Chairof T￿￿tee$ Director Page 4

THE FOUNDLING MUSEUM IA company Ilmlted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENOED 31 MARCH 2022 TheTrnstees pyesenttheirreporttogetherwllh thefinan¢l81 slalem8nts of The Foundllng Museum lortheyearto 31 March 2022. Thefinancla15tatementshavebeen p￿pared In arxordaneewith theaccountingpoliciessetouton pages27to 32 ofthe attached financlal statements and comply with the charitsble company's Articles of Association, the Cha￿lIeS Act 2011 and Accountlng and Reporting by Charities.. Statement ol Recommended Practice applicable to charitie5 preparingtheiyaccotsnts a¢¢ordance wlth the Flnancial Reportingstsndard appllcable In the Unlted Klngdom and Republlc of I￿land IFRS 1021. he Mus Opened Sn 2004, the Museum sltson the slte olthe Foundllng Hospltal,. the iIK's liTr5tchildreTh'5 chaiityand flr5t publlcartgallery. Founded In 1739, the Hospital cared for bables at risk of abandonment. Supported by leading artlsls ol all dlsclpllnes, who donated thelrwork to raise awaMnes5 and lunds, the Hospitsl conUnues today asthe children'scharity Coram. The Foundllng Museum brlngs past and present together, to celebratethe powerol art as a eatalyst for change. In5plred by th￿e great 18th ¢entury acUv15ts- Thomas Coram, Willlarn Hogarth and George FrlderSc Handel - the Museum Is a lorc&for¢hange. We belleve In creatlve actSon that bdngs past and presenttogelher, lo silmulate imaw'nations and enrlch youn8 Ilve& We celebrate thewoth olartlsts and Insplre peopleto tske positlve actlon thattransfomi$ lfves and cyeates a lastlng Impa¢i The year saw a varied and exclting serle5 of publlc exhlbllons. The Cvvld£ettern.'A Wtslmspons8, an exhlbrtlon of over 200 3rtwoth5 created bychlldren 8CTOSSthe ¢ounlry. whlch opened as we ￿-entered lockdown, was extended untll June. Ouf sumrner exhlbition, Quentin 8lJke.' Gifted, showcased Slr Quentln Blake's remartfable donatlon 0124 large Scale dra￿n￿¥ and poems wrltten in response to Blake's drawings, by Opefoluwa Sarah Adegblte, Jackle Kay, Michael Rosen, Yoml Sode, Ben Westwood and 4 BROWN GIRLS WHO WRITE (Roshnl Goyate, Sharan Hunlan, Sheena Patel and Sunnah Khan). Thls creathie dlalogue across dlsclpllnes and geneT8tlons conllnued In projects, ¢0mmissi￿5 and dlsplays across the year. Celebiated chlldTen'$ author and illustratw, Lauren Child C8E, curated a month-long pmgramme th live a digttal eventsoveithe summer, whlch included a specially commlssSoned songfrom KerryAndrews settlng Rosen's poem to mtsslc. In the autumn, the 10on of Willlam Hogarth's paintill& The Morch ofthe Gua￿5 loFinchleyto Tate Brltain, enabled us to borrowlrom Tate a larg s¢8le wort£, Iuntilledj, We WIIINO LL7nger8e SeenAndNotHear4 ty the AmeAcan contemporary 8rtlsl, Bartjara KruEeT, ¥vlng vSsltors an opportunityto explore the ways In atW$ts separated by250 yeats, usewit and print as powerful mediumsforsocial commentsry. Shlps Tsek, new and exisbng work by artlst Ingrid Pollard, was shown alongslde our autumn exhibition, Fighfrng T?Ik.-OneBoYsJoun￿Yfi?￿1bandOnmenItO TMf8lg&r, providing an opportunityto considerideas of identityand belonging, and the hisloryof British trade, na￿ and Ernpire, from the petspecbve of eighleenth-century foundlin& George King, and throuth the lensof Pollard's art. Page 5

THE FOUNDLING MUSEUM IA company Ilmlted by guarnnteel TRV5TEE5' REPORT FOR THE YEAR ENDED 31 MARCH 2022 Vi$ilois looking al Wollgang l illman$' portrait of former pupil, Ruth Ambedey. arvj artiyl IrvJnd Pollbrd Ins18llln9 her work Photo Stuart Leech Pollard was also one of five artlsts eommlssloned to create portr•lts of fomierpuplls of the1wentleth4en￿ry Foundllng Hospttal. Supported byArtFund, privatedonors and averysuccessful ArtHappens campalgn, portrallsby Pollard, Jllllan Edelsteln, Mahtsb Hus$aln, Davld Moore and Wolfgang Tillman$, lolned those of the Hosphal's Governo￿ on th8 Museum's maln stairca$e In October, enabllng¥lsStorsto see th8laces and celebvate the Ilves ol these rEMa￿able men and women forthefltsttlme. Also on show was Stlgma. a fllm made by groduales ol our Iralnlng programme for Care-leavern. In descrlblng the preludlce care. experfenced chlldren face todayi thelrfllm highllthted the ongolngielevance of our hlstortC8tory. A serles of malorand Interflnked stialeglc Initlatlves, deslgned lo improve the Museum's sustslnablllty and dellver its long.ts ambltlon$, were $u¢¢¢ssfvlty ¢ompleted, These Included a new ￿su81 idenllty, articulatlng our mission and story,. a new web$lte designedtosupport a new Audlen¢e DevelopmentPlan, based on ourwothwlththeAudlenceAgency- and adithltransfomiation project. The impact of these ln1tia￿Ves wlll be lell overthe comlng years. Howe4er, 8n Immedlate effectwas the facllltation of a range of gctly￿e%t0 rna￿￿15e audlenceengagementand reach. lncludingdiwts1ve￿iOn5 of ourexhibStfjons on the Smartlfy ap animated trailern, artlSt lakeovets and half temi family acti¥rtie5 on Instayam,. a 360 Intera¢tfve tour of the Museum to support venue hlre; podcasls; and t￿ SUCC8ssful dlijtsi fundraSslngcampaigns. The Board ofTNste88 contlnueto havedue regard tothe Charftycommlsslon In Enoand and Wales'5guldance on publl¢benefit. Our28(kyearh1510ry Is rnotsd supportlngstruggllngfamllles and rnargin811sed young people In crea￿ve w￿, The pandemlc exacErtJaled many ol the S￿￿mIC Inequallfjeswe alm lo reduce. Our localarea h35 above-average levelsof chlldhood poverty, some live in dlgttal povety, and many are 5twgoingwlth poor mental health due to Isolatlon, wony and lack of svpport. In recent years we have allocated additional resources to scale.up wort£ with these under-seryed audlences. We have also malntained provision to oui partner nurserles and primary schoo15, to laC￿e COVID'slmpact on ¢rfdcal eartY-Yea￿ developmenL' we've In¢￿ased pasknal support for care- experlenced young aiiults: and we've developed new strands of communlty provlslon, to improve mentsl wellbeing and wi¢Jen physical and digj'tsl access io the Musevm. Ourwoth wlth earty-yeats, looked after chlldren and care-experfen¢ed yOUnE adults is Yealty strono8nd embedded, and we have furtherdLYloped plans to brfng prewously unseNed families into our progiammes. In addition to extendlngfree admission from 16 to 21 years, diredy mailed 'golden li¢kets' to over 6,000 households chayacterised bylow levelsof cultural engagement and low incomes, to encourage visits. We've recenuy changed ourtone ol voi¢e and exhibition tides, to make them more o¢ce55ible and we have been b￿lIdIng a n8wweb5its around the speclflc and varied needs ol lamllie5, particularfy those on lower income5, and we'll bo usinginternctions Vllth itlo shapefuture planning, Page 6

THE FOUNDLING MUSEUM (A company Ilmlted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 In the year ahead, we look forwanl to reali5ingtho major exhibitions that are underplnned by slgniflcant collaborn￿ve TeseaTCh. The fitst, Supethemes. Oohans & Ori•ns.' J25years in coml¢s Is supported by a curatorial Fellowship funded by the Artlsa Foundation, whlch Is enabllng us lo work wlth Inlemallonal collections acrossthree continents. The Second, finy fMce&'Alncan dA￿4￿Child￿n￿ll0ftd0￿ sFoundllngHosplt81,1sthe result ola Collaborats've Doctoral Award sludent5hlp belweenthe Museum and the Global History Department at Universlty of Warnlck. These exhlbltlons will involve contemporary art commissions and dIspla￿, as well as a dch programme ol public events and workshops, designed to reveal the contemporary relevance of these overfooked historlc stoiles. Work wlll continue to Smprove the Museum's sustainabilty and energy.efflciency, IncludSng further Ilghtlng upgrades, dlsconnetllngfrom gas, and renovatingthe under-pavementvaults, aswellas malnlalnlngand conseNlngthe Importart he￿tsIe collectlons our care, includingour hIsto￿¢ bulldln& Sir Quenb'n Blake, 'Clildren wlh IxTd$ and dogs #3.. 2019 OTh8 FtyJndlSng Museum Page 7

THE FOUNDLING MUSEUM (A Company Ilmlted by guaranteel TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Foundling Museurn I'The Museum'l wa5 Incorporated at the In$llEatlon of The Thorna5 Coram Foundation for Chlldren I'coram, . registered charity number 3122781 on 20 Augus11998 as a company Ilmlted byguaiantee and Is governed by its Articles of AS50Cla￿On. It was registered wlth the Charity Commlssion on 24 August 1998 (registered charity number 10711671, Coram was fonnedy known as The Foundllng Hospital. In July 2014 ihe Museum ffiled new Articles wSth the Charfty Comrnls51on.These rnmoved Coi4m'$ 501e membevship, thereby guaranteelngthe Museum's indep6ndence Themuseurn wasestsbllshed In 1998t0s8felua￿thtFo￿￿d1lll8 Hospltsl Collection, topreseNe ltslrrtegrltyln ltsorlglnal corrtext and to provlde publlc acttss. The Museum subsequentty took oWne￿hlp of th¢ Gerald Coke Handel Colle¢tlon whleh Is also housed In the bulldln& The Foundllng Museum's charftsblè objects are: To estsblish and mjintsin a Museum for the advancement of the educatlon of th8 genergl publlc and of scholars by the documentstlon, malntenance, conseryatlon, exhIbI￿On, study and Int￿relatIon otthe Collertlon., and To 5UPPOrt such otthe purposes of thecharfty now knDWn as Coraffl asthe Museurn, In consullatlon with Coijm, shall from time to Ilme detemilne. The Mus8um has a wholly owned subsldlary, The Foundllni Museum Trading Company Lim￿9￿, The company's maln activltles are the sale of promotlonal goods and the organlsatlon of events lor the benefit of The Foundling Museum. It pays a manaoernenl charge lo the Museum each year as the management aTrd day to day actlvltles of the company are carrled out by Museum staff. Any prollts made by the Company are translerred to the Museum under a Glft Ald compllant Deed ol Covenant. Trn The Museum's Board ofTrustees meets every three months. It eonsidern an extensl¥e reportfrom the Dlrector about pas( C￿￿ent and future actlv4ty and, as appropriate, addrlional papers on future and long term strategy, educatlon, fundralsing and development,The Board receives and ¢on5id8rsm8nagementaccounts andflnanclal reports presented bythe Chairof the Flnallce & Audlt Committee and the Chalr of the Trading Company. The DlTrctorand Flnance Director attend Boanl rneetings. The Board ofTNstee$1s5UPPOrted In ltsworkbycommitteesofthe Board,. nomelythe FinanceandAudit Committeewhlch ffleets formally everythreemonlhs and include5 reportsfrom theTrading Companyand the Investment Cornmittee; and the Norninatlons and Governanoe Commlttee which meets approxSmately twice a year lu discuss 8ppolntment to the Board of Dlreclors. All Commlttees ol the Board are comprf5ed of Twstees plus at least one independent member. The Board receives advice throu8fft the Dlrectorlvom an Exhibitions Advisory Group. Thetru5tee$ who served duringthe period are115ted on Page l of thls rnpokt None of the Trustees has any benefidal irrterest in the company. At 31 March 2022 the company had 14 membe*3, comprfsing the 13 Trustees and CDram, who each guarantee to CDnlribute £1 In the event of a windlng up. Page 8

THE FOUNDLIMG MUSEUM IA company Ilmltad by guardnteel TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 Qualrfyingthird-paty indernnty provision forthe benefit of the Dlrectotswa5 In force du￿ngtheYear. TNsteesare appointed followinga r￿e￿ bythe Norninations and Govemance Commllleeand the Board of the relevantsklll¥ experience required bylhe Museum. Trustees, contrfbutlon Is assessed fo￿allY every ￿ years bythe Chalmian. The Chair and the NomSnatSons Committee fovmally revlew Board effectiveness every otheryear. A formal revlew ol the Chair's performance is Car￿ed out every olheryear bya Trustee, taklngfeedback from TNslees and senlur leade￿hIpteaM members. TNstseYecmltmentfocu53e8onsecuringa commltted andengaged Board of individualsfrom diverse bockgrounds andwlth broad expenence 8cr05s flnance, the arts, architecture, business and tommerce. communications, education, childcare and risk management. NewTrnstees ￿ceIve Induction, includingertensivebackground materlal toensure they arefamiliarwith thehistory of the Museum and its ￿latIonshIp with Coram, as well as Charfty Commlsslon documents oulllnlngtheS1 re5ponslbll1￿eS under charSly law. Tmstees also meet wlth the Dlrector to famlllarf5e themselves wlth the Museum'5 runnlng, Its alms, oblectlves and ffnanclal ￿su￿5. Trustees are requlred lo undeigo ongolngtraSnlngdurfngthelrperfod In po¥tin 8ccordancewlth recommended prac￿Ce. The nature of thè Board, belnga diverse rnlxof sklllsand experfence enables Infomiallralnlng between twsteesaswell a8 MO￿ formèl Instructlon as necessary. Trustee5 delegate dayto dayrnanagement of the Museum lo the DSrector8nd othersenior m8n8gement under8 8oard-appYoved delegated authorttyfraMewo￿. TNstee cornmittees are held in orderforthe trustees totake decisSons as agreed and dtl¢gated bythe full Board and as detailed in each committee'sTemis ol Referen¢e. Full Board guthoAty is required lor malorfinanclal and ganisational declslons, generolly recoffjmonded a cOu￿e of actlon by the Flnance and Audit Cornmlttee. Day to day oper8tlonal decisionsare made bysenlormanagement, ID conluncllon wlth Irusteeswhosespec￿c experfence In a partlcularfleld may provlde vltal advlce and dlrnctlon. Senlormanagemenl pay and beneflts areauthorlsed bythe Board whereasthestaff annu81 pay revlew i¥ con51dered as part of the onnual budget p¥ocess. Benchmarklng 1$ undertaken lor all new staff recrullment to ensure competStiveness of salavies offered. The budget 1$ set In thefourth quarter of each yearforthe followingyear bnd requ5￿51￿11 Board approval beforE implemenljtion, The TNstees have assessed the malor rlsk5 to whlch the charfty is exposed, which include the flnanclng of the Museum's operatlons and 5afeguJrding the Museum's ethlbSts.TheTrustees are $Jtislied thatsystems aye in placeto mmgatethe exposure to the majorrf5ks which are.. The uncertaln financlal cllmate cau9ed by general economlc condltlons and the contlnueil effect of the Covld.19 pandemic.. The Museum has a slx- month reserve5 pollcy to cover operational costs. Senlor management revlv* the Income and costs on a regular ba￿5 and present their report5 to tIW5tees for examinatlon and revlew ol stsalegc oblectSves and annual plan5. Futu￿ e¥pendllure and Income Projections are reforeca5t and objective5 Yeset according to the latest ligures. Aftersalaries, exhibitions are the Museum's bigeesl expenditure. They have to be ¢oTrflrmed 18-24 monlhs In advance of opening and usually before funding 15 in place. Therelore, the Museum holds an Exhibition Shortfall designaied re5erye to mStlcate theflnanclal rfsk. Page 9

THE FOUNDLING MUSEUM IA company Ilmltad by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 Loss of key pe￿onne1- The Museum'sstaff team Issmall, manyworf( p8rt-timeorfreelance, and moststsff havesoleresponslbllltyfofthelrhrea ol wok. Successlon plannlng is therelore hard and the1055 of senlor ststt Can be partlculaly problematlc. To mitigats this risk, senlormonogeys have athffjemonth notl¢e period, staff are prevented from bulldlngup untaken leave, salarie5 are In Ilne wlth sector-equlvalent institutlons, and every effort is made to prowde an envimnment in whlch staff feel supported, valued and developed. Penslons deflcSt: Thé Museum pirtlclpates In a scheme operated by The Pension5 TNst ￿lch Is classlfled as a 'last man Standing arrangement'.The defic￿ attributable to the Museum Is belnirepald on a monlhty basls and reduceseach ￿ar. The Gerald Coke Handel Collectlon Is owmed ty the Mu8eum.11 1$ an Intematlonally- Important collectSon of material relatlng to Handel and hls contemporarfes. Includlng manusciipts, prlnted music and books, librettl, artwoths and ephefflera. It was assembled by Gerald Coke and leftto the nation by hls widow, and came to the Museum through the Govemmelll's Allocation In Lleu scheme In 2008. The endo*Thenl accompanylng the Collectlon is managed by the Gerald Coke Handel Foundatlon Ireglstered charltynumber 10585891,lornied in 1996 to admSnlsterthe endowment and asslstthe Museum wlththe Collectlon's care. The Foundotion's primary alm Is to ensure the malntenafice, conseNatlon and development of the Collectlon. Its oblectives are to advance publlc education by pmvldlng research facllitles In relatlon lo Handel and hls contemporarfes. The Foundjilon Con￿n￿85 to acqulre he￿￿1¢ ?55ets. The Museum recel¥es fundlng from the Foundation In re18tlon to seNlces provlded, amounllngto £153,68312021.'£119,8651 In Iheyearunder rtvlew. The Mu8eum takes core wlth both the tone of Its ¢ornmunlcalSons 8nd the accuracy of Its dats, It never swaps dats other organlsatlons and ensuresthat Its communlcation preferen￿$ can be changed at any tlrne. Broadty speaking, the Museum uses dats of a per5Dnal nature lo keep in touch with people who are Interested in its adlwties., to keep theffl informed about activilie5 and dewlopments. to prn￿de seThl¢es lo wsilots and supportets,. and to identifyways In which peo￿9 can supportthe Museum, throuth donalions andlorolherfomisof financial and non-financ4al support.The Museum manages ltsown fundraislngactSvitles and does not employthe serylces of trxlemal professlonal fuhdralsern. The Museum undert8kesto reacllo and invesllgate any complalnts regardlngits fundralslngactlvmes and to leam fmm them and improve its Se￿Ice. Durlng the year under revlew, the Museum recelved no complaints about Its lundraislng activSlles. The Museum's fundralslngaclivlties are also conducted In Ilne rts Ethics Pollcywhich includes Ethical Fundraising, Tequiringthe Museum to proactlvely earry out due diligence on prospectlve donor5 and sponsors. The Ethlcs Policy 15 ￿gulartY reviewed by Trystees and Ss conslstent wlth the Museums Association's Code of Ethic5 for Museums and the Code of Ethlcs for Museums Wortdwide produceil by ICOM, and the Seven Principles of Public Life (Nolan Committee, March 19961. Page 10

THE FOUNDLING MUSEUM IA company Ilmlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Museum is an independent charfty and iecelves no reÉular core publlcfundlng. TheTmslees would Ilke to pay tribute to the genern￿ty of donor5, 5UPPOrters and volunteers, wlthout whom the Museum would be unable to iealise Its ambllion5 and run Its pmgrammes. 1700Cltsb Memb8rs Davld Bemsteln Andrew Fane Grant and Bklijtte Gordon Isobel and Michael Holland Larissa Joy Jull8 andjamle Korner Annle MaekeNin-Sandbach JIM Moyes Davld Plke Slr Slmon and Lady Robey Slr Da￿d and Lady Verey Vemon Eilis Foundatlon Indlwdualsupporte RobertAitken Richatd and Dlana Allen ludlth and Wllllaffl Bollinger Petsr Bmwn John Caldlcott Professor Graham Chase Justlne and Palrfck Cowa Jane Klng Steven and Sonya Larcombe Jim Moye$ james Paradlse Davld PSke RhoderickVorember8 And those who wish to remaln anonymous Cowt7rnte Supporte Ecclesiastical Insurance Page 11

THE FOUNDLING MUSEUM IA company Ilmlted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 TmstsandFoundations Art Fund TheArtlsa Foundatlon Arts Council England Baring Foundatlon The Blyth Watson CharttableTNst The Chlldhood Tmst The Clore Duth'eld Foundation Dalwa Anglo-japanese Founilatlon Esrnée FaI￿alIn Foundatlon Eihos Foundatlon The Golden BottleTmst The Gleat Brltaln Sasak8wa Foundatlon john Lyons CharSly TheM￿￿0Y Farnity The Loveday char1tgbleT￿st The Museums Assoclation Oak Foundatlon The Old Cor8m A5so¢latlon The Pllgrlm Tnjst The Rose Foundallo And thosevtho wl$h to rernaln anonymous Covld-19EmergencyFundlng The Museum contlnuedto benefitlrom emergencyfundlngttrecelved In response tothe CO￿d-19 pandemlc and rem8lnsgratefvl Arts Council England's Culture Recovery Fyfftd, the Natlonal Lortery Heritsge Fund Herftage Emergency Fund, and the London Community Response Fund & The Rank Foundatlon DCMS Covld-19 Respollse Pwgramme. Thè Tfusiees would also like to thank the many guldes and rnembers of the Open College ol the Arts IOCAI, who donate thelr speakets, fee$ to supportcollectlon ècqulsitlons, as well asthe Museum'swonderfulteam ofvolunteers, who undertake ￿searCh and help ￿refor¥I31to￿s andthe collectlons. The TNstees would also Ilke to acknO￿edge thE CDntlnulng 8ctive support of the Museum's Vlce Presldents. 8rfan Allen. Alan Borg, Dawd Coke, Jamie Komer and Carolyn Steen, Intemational Tnjslee EmerRus, Judy Bolllnger, and the many advlserswh05e invaluable expertise conlributes greatlyto the Museum's success. Page 12

THE FOUNDLING MUSEUM IA company limlied by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 Inancial Review The ststementofflnancial activitiesforlheyearended 31 Ma￿h 2022 show$totsl incomeof£l,745,520 (2021-£2.237.310J. This included the final Covid emergency grants of £150,000 12021- £567.300A grants from the Oak Foundatlon of £350,000 12021- £531,853) and income ITOrn the Coronavlnrs Job Retention Scheffle of £7,847 12021- £129.598). The reductlon In Income over last year is in large part due to the reduced Covid grants. The trustees are currently Sybrnittlng a business lTrlerruptlon Insurance claim whlch, If successful. could furthermitlgate the neg8tlve Ilnancial Impact of the Covld closure perfod on Income. The totsl expendlture In the yearwas £1.881,81112021- £1,52J,987Jof whlch ￿pendItUre on conseNITr8 the Collectlon and developlng and malntslnlng the Museum amounted lo £1,836,778 12021 - £J,500.555J. The net loss for the year before Inve5bnentg8lns was £136,091 R021- netln¢pme£715,323J. Net Investment tsins of£313,510 {2021-gains 01£387,939Jwer8 recogTrlsed the yearended 31 March 2022 and actuarfal galns of £3,500 have been recognised 12021-18lnsoA£I,500J. In aCco￿anCe wlth Financlol Reporting Standard 102, the ffinanelal statements Include he￿tsle assets a totsl valuatlon of £9,518,198. Furthei details are In Nots 16 to the flnanclal stslements. As at 31 March 2022, the net 8ssets of The Foundllng Museum Group were £12.597,982 P021-£12,417,063J. The Trustees have considered the scale, complexlty and rfsk profile ol the chaylty and tsken account of the lundlng base whlch conslstsolgrantsfffjm trustsand foundations, investment income, donalionsand self.generated income.Accounl hasbeen taken of the effects of economlc downtums partlcularfy on self-generaled Income and Ihe Ume ba￿ on appllcatlons lo trusts and foundations especiallyforcore fundin& As a ￿$￿It. Income generatlon can bevariableand eause materlal Iluctuations Sn wothlng C8Pltal whlch, although often unpredlclable, generally are short lenn and longer lemi our resems posltlon eonllnues to posltlve. In order lo MI￿gate the elfects of the varfable ￿seryes posrtlon, the TNstees, conslder il prndent lor the Museum to Ca￿ free Te5eNes equfvglenl lo approxSmatety slx month's budgeted operatlng expendSture and also to deslgnate 5￿Cl11C sums from the Un￿S￿leted reseNefor particularareas of expendI￿re. The reserves pollcy Is revlewed by the Trustees annualty 0$ Part ofthe planning and budgetprnce At the end Dfthe flnanclal yearthe un￿strICted ReseNes are: General Fund £1,672,578 Designated FurKI £1.055,000 The designated fund5 are detailed in Nots23,' thetwo large5tbalances are: The Museum has a £3 milllon endowmentloan Irum tho Wational Herfiage Memorfal Fund, repayable In 2028. The NHLF Shortfall designated fund Is set aslde to covw any difference be￿een the loan balance and the Ilsted investment portfollo. At31 MaToh 2022, this deslgnated fund balance was £300,000. Page 13

THE FOUNDLING MUSEUM IA company Ilmlted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Museum Is about to enter a PErfod of fundralslng to secure its lonÈ.teM future. It is settlng out lo secure 40 Brunswlck Square under a 999 yearlease so that it can remain open as a Museum to the public and to ensure thatthe Foundllng Hospitsl Collectlon, Foundling Museum Collection and Gerald Coke Handel Colle￿10￿ can be cared for and kepl togetherlorlhe nation and that the Museum'5 award winning creatlve worff Mih care leavers and In the earfy years continues. A fund of £600,000 has been set aside as a contrfbulion to thls and to the costs assoclated wlth the campaign. The deslgnated funds are reviewed each year by the tntstee5,' thls year they have repuwosed 60me of the funds but the level remalnsihesameasthèrè lsno reqU1￿mentIO deslgnatefurtherfundsorto un-deslgnate any backiogeneral resaveatthlstime. The general lund net of flxed assets is £535,059 which when eomblned wlth the designated fvllds provlde o free reser4e of £1,590,059. The budget for2022/23 estimates expendltUTeto be£l.88m soihe amount of frne rn$eNe comlortably provldes the Museum wlth the required coverol six month's expendI￿re. Rethcted reseryes are also held but rlngfenced tothe projectforwhlch the Incomew8$ provlded. These 8re detalled In Nots 23 and amount lo £9,870,404 at the end of the flnancial year. The largest of these Is th8 balance of £9,518,198 represenfjng the herftage assets owned bythe Museum. Underthe Memorbndum ond ArtlclesofAsSocla￿0n, the charftyha$ poWe￿l0 Invest In JnywaytheTNstees wlsh. The Museuffl has a £3 mllllon loan frorn lh8 Natlon81 Hethage Memoylal Fund, repayable In 2028, whlch has been Invttted In a fund managed by our appointed Investment managets. The investment policy applied to the fund r￿ects the TNstses' commttmenl to sustsln ihe objects of the Museurn by malntainlngthe capitsl ané Ineome of the sum and tD ETQW both of these over tlrne. In Ihls manner the Trustees aim to ￿aliSe thelr ambmons io promote the Museurn, to expand Its activltle5 to a Increaslngvlsltorba$e and lo purchase the assets from Its sL8t¢r Cha￿ty, Coram Famlty. The achlevement of these and other8lm$ requires Mntlnuous capital and Income improvement. The Museum also has a Supporters. Loan schemewherebysupportern mayloan fundsto the Museum whleh we then InvesL The lender5 receive no income durlngthe perlod of the loan but may atanytlrne request thelrloan lo be returned wlth Income added, sublect tu certain limSts, These funds are managed In the sarne way but dlsclosed separately in the balance sheEt as cuThent assets due to thelr nature. TheTNstees have appointed Verftss In¥￿ment MaTragement to manage, on a dl$crEtlonary basls, a multl-asset portfolio whl¢h CDmprise$, wlthin defined and flexlble rangE5. a mlxtur8 of propekty. fixed Interest, Oobal equlties and cash. To satisfy the Museum's financlal oblecllves and targets, Sn whlch returns ftom thelr investments play an essential role, the TN$tee5 have tocussed on tDtal retum, to whlch Tellable and suslalnable Income make an irnportant contribution. The trustees are a150 rnindfvl of thelr re5PDnsiblllti8S to Invest in an ethlcal way 8fbd have instructed Vetitas accordingly. The portfolio is reviewed and discussed attwiceyearty In¥estmentCommlttee meetings. The Cornmitteecomprise5tru5tees andthlrd paity expertswhosefreelyglven a￿ce and guldance 1$ rnuch appreclated. In 2021/22 the managers a¢hleved a return of 3.5%. Page 14

THE FOUNDUNG MUSEUM {A compiny Ilmltsd by gu•r•nt••l TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Twstees, Report has been prepared In acconlance with the speclal provlslons under Part 15 ofthe Companies Act 2006 ￿lating to small companles and the Museum has taken advantsge ol the small cDmpanles' exemptlons In prnpartngthe Twstees, Report and the Nu1￿ment to prepare a Stratewc Report. Thls reportwas roved and outhorfsed for Is6ue by the TNstse5 and signed on thelr behalf by.. LIrt￿ Joy OBE Chllr Page 15

THE FOUNDLING MUSEUM

(A Company Limited by Guarantee)

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2022

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles of the Charities SORP (FRS 102);

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

• there is no relevant audit information of which the Charity's auditor is unaware; and

• the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

Approved by order of the Members of the Board of Trustees and signed on their behalf by:

Larissa Joy QBE Trustee Date: 5.12.22

Page 16

THE FOUNDLING MUSEUM IA Company Llmlted by Guarantee) INDEPENDENT AUOITOR'S REPORT TO THE MEMBERS OF THE FOUNDLING MUSEUM Oplnlon We have audited the financial slalemenls of The Foundling Museum Ilhe 'p8renl charitable companll and its subsidiaries Ilhe 'grDup'l fu the year ended 31 March 2022 which comprise the Consolidated Slalement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consdidated Slalemenl of Cash Flow8 and the related notes, including a Summary of signifi'cant aceounling policies. The financial reporting Iramework that has been applied in Ihelr prep8rats.on is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting St8nd8rd applicable in the UK and Republic of Ire18nd' (United Kingdorn Generally Accepted ACc￿ntIng Pr8cticel. In our opinion the flnanrial slalemenl8'. give a true and fair VI￿ of the slate of th8 Group's and ol the p8renl charit8ble companl8 affairs as at 31 March 2022 and ol the Group's Incoming resource8 8nd application of regources, including ils Income and expenditure lor the year then ended.. have been properly prepared in accordance wth United Kingdom Generally Accepted Accounting Practice,. an¢J have been prepared in accordance ￿1￿ tho requirements of the Comp8nieB Act 2006 and the Charities Act2011. Ba$18 for oplnlon We conducted our audit in accordance with Internation81 Stsnd8rds on Audlllng IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described In the Auditor's responsibilities for the audll of the financial slalemen15 section of our report. We are Independent of Ihe Group in accor(iance with the ethical requirements that are relevant lo our audit of the financial slalement8 in ihe United Kingdom, including the Financial Reportlng Counol's Elhic81 Standard. and we have fulfilled our other ethical responsibilities In accordance with these requirements. We belleve that the audit evidence we have obtained is Sufficient and appropriate lo provide a basis for our opinion. Conclu#lons relallng to golng con¢fjrn In auditing the fInanc￿al slalement5, we have concluded that the Tru51e•s' use of the going concern ba¥is 01 accounting in the preparaty'on of the financial statements Is 8ppropriale. Based on the work we have performed, we have not idenlified any material uncertaintles relating to events or condition5 that, individually or eolleclively, may ca51 signilic8nl doubl on the Group's or the parent charitable company's ability lo continue as a going concern for a period of at least twelve months from vthen the finanaal statements Bre authorised lor issue. Our responsibilities and the reSp￿sibIlItieS of the Trustees wth respect lo going concem are described in the relevant sections of this report. Page 17

THE FOUNDLING MUSEUM IA Company Llmlted by Guarantee) INDEPENDENT AUOITOR'S REPORTTO THE MEMBERS OF THE FOUNDUNG MUSEUM {CONTINUEDI Other Infomiatlon The other informalien comprises the infom7alicffl included in the Annual Report other than the financial slaternenls and our Auditor's Report Ihereon. The Trustees are responsible for the other information contained wllhin the Annual Report. Our opinlon on the finonry81 slalements does not cover the other Information and, excèpt lo the extent olherwse explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so. consider whether the other information is materially inconsistent ¥Mth the financial slalemenls or our kno¥￿edge obtained in the course of the audit, or otherwse appears lo b8 materially misslaled. If we Identify such material incansistencies or apparent material mis8181emenls, we are required lo delerrnine whether this gives rise lo a material misslalemenl in the financi81 slalemenls themselves. If, based on the work we have performed. we conclude that there is a malerlal misslalemenl of this other Information, we are required lo report Ihal fact. We have nothing lo report in this regard. Oplnlon on oth•r matters pr&icrlb•d by thè Companlas Act 2008 In our opinion, based on the work undertaken In the coursa of thè audit.. the information given In the Trustees, Report for the flnancial year for vhlch th8 financlal slalemen18 8re prepared Is conslslent wlth the flnancial stalemenls. the Trustees, Report hay been prepared in accordance with applicable leg81 requirements. Mattfrrn on wthlch we aro roqulrod to report by exceptlon In the Ilghl of our kno￿edge ond understanding of the charf(able company and ils environment ottaine¢J in the course ol the audll, we have not Sdenlified material misslalemenls in the Trustees, Report. We have nothing to report in respgcl of Ihg following maller8 in relation lo which Companies Act 2006 requires U5 to report lo you if, In our opinion.. the parent charflable company has not kept adequate and sufficient 8ccountlng records, or retums 8dequale for our audil have not been received from branches not visrted by us., or the parent charitakAe company financi81 slalementy are not in agreement with the accounting records and relurns," or certain disdosures of Truslees, remuneration SF8cified by law are not ni8d8', or we have not received all the information 8nd explanallons we requiTe for our audit., or the Trustees were not enlilled lo prepare the financbal 51alemenls in accordance wilh the small companies regime and take advantage of the small companies, exemptsons in preparing the Tru5tees' Report and from the requirement lo preparg a StralegiG Report, Responslbllllles of Trustees As explained more fully in the Statement of Trustees. Re8ponsibililies, the Trustees {who ere also the Directors of the charitable company for the purpose5 of company lawl are responsible for the preparaliDn ol the financial statements and for being s8b"slled that they give a true and fair view, and for such Inlemal control 8$ the Trustees determine is necessary lo enable the preparation of financial slalemenls that are free from material misststemenl, whether due lo fraud or error. Page18

THE FOUNDLING MUSEUM IA Company Llmlted by Guarantee? INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF THE FOUNDLING MUSEUM ICONTINUEOI In prepanng the financi* slalemonls, the Trustees are responsible for assessing the Group'8 and the parent charitable eornpanys ability lo continue as a going concern, disclosing. as applicable, maller5 Telaled lo going concern and using the going concern basis of accounting unless the Trusleeg either intend lo Iiquidale the Group or the parent charitable cornpany or lo cease operations, or have no ￿811511C allemalive but lo do so. Auditorfs r•sponsSbllltlas for the aud￿ of th8 flnanclal $tstements Our objeclives are lo obtain reasonable assurance about whether the flnancial slalements as a whole are fr8e from material mi6slalement. whether due to fraud or error. and to Issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted In accordance ￿th ISAS IUKI wll always delecl a rnalerial misstatement when il exlsl8. mi881alemenls can arlse from fraud or error and are ¢on6idered material if, individually or in the aggregate, they Could reasonably be expected lo Influence the economic deciyons ol users taken on the basis of Ihegè finaneoal 5talernenls. Irregularities, Sncluding fraud, are instances ol norFcomF4ianco wth law8 and regul8tlons. We design procedure8 in line with our responsibilities, outlined above, lo delect material misslalements in resp8cl of iriegularilies, Including fraud. The extent lo which our procedures are capable of delecling irregularities, including fraud is detailed below.. Obtsining 8n understanding of the legal 8nd regulatory frameworks that the entity operates in. locusing on lho8e18ws and regulations that had a direct effect on the financi81 slalements," Enquiry of management ond those charged wlh governancè lo idents'fy any instances of known or 8u8pect•d instances of fraud, Enquiry of management and those charged wlh govemance around actual and potential lilig81icffl and claims.. Enqulry of man8gement about any instances of non.compliance wllh laws and regulolions., Reviewng the control systems in place and lesling the effectiveness ol the controls., Performing audrt work over the risk of management overriije of contro15, including le$ling of journal entries ond other adjustments for appropriateness., Evaluating the business rationale of significant lian88Ctions oulslde the normal Gourse of bu8lne88,' Reviewing acccunling eslimales for bias,. ReVie%￿n9 minutes of meetings of those charged with govemance,. and Revlewng financial slalemenl disclosures and le81ing lo supporting documentation lo assess compli8nce with applicable laws and regulations. Because of the inherent limitations of an audit, there is a risk that we will not (Jelecl 811 Irregularities. induding those leading lo a Material misslalement in the financial slalemenls or non-compliance with regulation. This risk Increases the more Ihal compliance wlth a law or regulation is removed from the events and transactions reflected in the financial stalemenls. as we will be less likely lo become awdre of instances ol non&compli8nce. The risk is also greater regarding irregul8rilies occurring due to IrAud rather than error, as fraud involves intentsonal concealment, forgory, colluson, ornission or misrepresentation. A further description of our responsibilities fw the audit of the financial s181emenls is Iccaled on the Financial Reportlng Council's website at.. www.frc.oi .uklaudilorsres ies. This descripbon lorms part of our Auditor's Report. Page19

THE FOUNDUNG MUSEUM {A Company Llmlted by Guarantee) INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF THE FOUNDLING MUSEUM (CONTINUED) Uso of our r8port This rewrt is ma¢Je stslely lo the charitable company's Members, as a body, in accordance wlth Chapter 3 of Part 16 of the Companies Act 20Cfj, and lo the charitable company5 Trustees, as 8 body, Part 4 of the Charities IAccountg and Reports) Regulations 2008. Our audit work has been undertaken so that we might stsle lo the charitable companls Members those matter5 we are required to state lo them in an Audrtorfs Report and lor no other purpose. To the fullest extent permitted by18w, we do not accept or 8S8ume responsibility lo anyone other than the charitable company and rts Members. as a body. for our audit work, for this report, or for the opinlons we have fomied. Stuart McKay Bsc FCA DChA {Sanlor Statutory Audltor) for and on behalf of MHA Mjclntyre Hudson Statutory Auditor London, Uniled Kingdom D8te: 19.12.2022 Page 20

THE FOUNDL114G MUSEUM (A Company Llmlted by Guarnnteel C014SOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENOITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2022 As r8st8ted Total lunds 2021 Unrestrlctod funds 2022 R•strlcted funds 2022 Total funds 2022 Not• Incom• from: Donations, grants and legacie8 Ch8rit8ble 8cllvltie8 Other tradlng activities Investments 72&630 124,972 128,008 85,338 671,572 1,397,202 124,972 128,008 96,338 2,062,008 38,230 24,462 112,610 Tot•1 Incom• 1,073,948 671,672 1,746,620 2,237,310 Expèndltur• on: Raising funds.. Expenditure incurred ty Ir8ding subsidiary Raising funds Charitable actlvrtles 49.280 123,634 1,092.381 49,280 123,634 1,708,897 22,102 89,462 1,410,423 616,316 Total expgndltur• Nel gains on investments 1,266,296 313,510 616,316 1.081,611 313,510 1,521,987 387,939 Net Income 122,163 160,0001 65,256 60,000 177,419 1, 103,262 Transfers tse￿e8n funds 23 Met movement In funds b&forg othwr recognlsed galns 62,163 115,256 177.419 1, 103,262 Olh•r rncognised galns: Actuarial gains 2B 3,600 3,51)0 I,￿0 Ngt movement In funds 65,663 115,256 1 BO,919 1, 104, 762 Reconclllatlon of lund8.' Total funds brought fonvard Nel movement In funds 2,661.916 65.663 9.755,148 115,256 12,417.063 180,919 11,312.301 1, 104, 762 Total funds carrl8d forward 2,727,578 9,870,404 12,597,982 12,417,063 The Consolldaled Statement of Financial Activities indudes all gains and105ses recognised in the year. The notes on pages 27 to 60 form part of these flnancial statements. Page 21

THE FOUNDLING MUSEUM {A Company Llmlted by Guarantee} REGISTERED NUMBER: 03621861 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2022 2022 2022 2021 2021 N¢t• Flxed assets Tangible fixed a88ets Heritage assets Investment8 15 18 17 1,137.619 9,518.198 3,049.840 1, 137,888 9,458, 198 3,076,615 13.706,SS7 13,672, 701 Currnnt a•s&ts Stock8 Debtors". Amounts falllng due wlhin one year Investments Cash al bank and in hand 19 20 24.909 219.007 1.062.519 1,367,060 37,406 95,178 829,041 1,517, 71 9 18 26 2.873,486 2,479,344 Credllors.. Amounts falling due wlhin one year 21 {701,660} (838,9821 Net curr•nt ag••ts 1,971,926 1,840,362 Total aisets l••• curr•nt Ilabllltle• 16,677,482 15,513,063 Creditors.. amounts falllng due after more than one year Defired bEnefil pen8ion scheme liability 22 {3.000.0001 179.6001 (3,000,000) (96,000) 28 Total n•t #sets 12.697,982 12,417,063 Charlty fund8 Restrictèd funds Unwstricted lunds 23 23 9,870,404 2,727,578 9, 755, 148 2, 661,915 Total funds 12,597.982 12,417,063 The Trustees a¢knO￿edge their responslbiltts'es for complwng wlh the requirements of the Act wth respect lo accounb'ng records and preparation of financial stalemenls. The financial statements have been prepared in accordance wrth the provision8 applicable lo enlilies subjed lo the srn811 companies regime. Page 22

THE FOUNDLING MUSEUM IA Company Llmlted hy Guarantee) REGISTERED NUMBER: 03621861 CONSOLIDATED BALANCE SHEET ICONTINUEDI AS AT 31 MARCH 2022 The financlal lements were approved aulhori8ed for i88ue by the Trustees and signed on their behalf by. Lar Trustee Dale.. ) li>lept The notes on poges 27 to 60 form part of these financial statements. Page 23

THE FOUNDLING MUSEUM IA Company Llmited by Guarnnteel REGISTERED NUM8ER: 03621861 CHARITY BALANCE SHEET AS AT 31 MARCH 2022 2022 2022 2021 2021 Nole Flxed assets Tangible fixed assets Heritage assets Investments 1.137,S19 9,S18,198 3,049,842 1, 137,888 9.458, 198 3.076,617 17 13,705,559 13,672,703 Current ossets Sltxks Oeblors.. Amoun18 falling dve wthin one year Investments C08h 91 bank and In hand 4,279 319,536 1,062,519 1,237,490 5,228 146,642 829,047 1,504, 767 20 18 2,623,824 2,485,678 Credllorg.. Amounts falling due wthin one year 21 {634,0961 (629,913J Net currnnt a••ts 1.909.728 1,855, 765 Total as•ets18s• current Ilablllti 16,695,287 15,528,468 Cr8dilor8.' amount8 falling due aftgr more than one ye8r Definéd benefit pension scheme liability 22 13,IXD,0001 179,5001 (3,000,000) 28 (96,000) Totsl ngt a••ts 12,615,787 12,432,468 Charrty funds Restricted funds Unrestricted funds 23 23 9,870,404 2,745.383 9, 755, 148 2,677,320 Total funds 12.616.787 12.432,468 The Charitys nel movement in funds for the year was £183,319 (2021- £1, 120, 1671. The TnJslee8 acknovAedge their responsibilities lor cc¥nplying Mlh the requiremen18 of the Act wlh respect to accounting records and preparation of financial Slalemenls. The financial statements have been prepared in accordance wth the provisions applicabbe lo enlilies subject to the Small companies regime. Page 24

THE FOUNDLING MUSEUM IA Company Limited by Guarantsel REGISTERED NUMBER: 03621861 CHARITY BALANCE SHEET ICONTINUEDI AS AT 31 MARCH 2022 The financlal s ments were approve d authorf8ed for is8ue by the Tru5toes and signed on their behalf by". Larlssa Joy Trustee Data. <1 i Ll The notes on pages 27 to 60 fomi part of these financial statements. Page 25

THE FOUNDLING MUSEUM IA Company Llmlted by Guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 Noto Cash flow6 from operatlng actlvltl Net cash used in oper8ling 8divilies 25 {74,663) 989, 725 Cash flows from Invèstlng actlvltl•8 Investment income Purchase of tangible flxed assets Proceeds from sale ol investments Purchase of investments Purchase of heritage oS8els 96.338 1205.SOS1 1483,6531 633.167 160,0001 172,610 159,902) 516,095 {650,452) 17 17 18 N•1 ca•h u••d In Inv￿11￿9 actlvrtl•s 120,6631 181,0491 Ch•ng• In c••h and calh •qulvalent• In the y••r Cash and ca8h equivalents at the bèginning of the year 195,3261 1,864.646 908,076 956,569 Cash and c•*h •qulvalents it th• •nd of the year 26 1,769.319 1,864,645 The notes on pag88 27 10 60 f￿rn part of the88 financial 6tat6rnenl8 Page 26

TPIE FOUNDLING MUSEUM IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 General Infomatlon The Foundling Museum is a charitable company limited by guarantee and is registered wlh the Charity Commission (Charity Registered Number." 1Q711671 and the Registrar of Companies Icompany Registration Number.. 036218611 England and W81es. The address of the reglstered office is glven in the Group and Charity Information on page 1 of these rinancial 8talemenls. The nature ol the Group and Ch8rttys operations and principal activities are dèlalled wlhin the Trustees Report. The signifi¢anl accounting policias applied in the preparation of these financi81 stslements are sel oul below, These policies have been consistentty applied lo all years presented unless olhewse Glaled. Accountlng pollclo8 2.1 Basls of preparatlon and Gon•olldatlon of Ilnanclal •tstèm•nts The financial slalements have been prepared in accordance wlh the Charities SORP IFRS 1021 Accounting and Reporting by Chanlles.. Statement ol Recommended Practice applicable to ch8rities prepartng their accounts in aceord8nce wllh the Fin8ncial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Foundling Museum meet8 the definition of a public b8neff( entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless olherwse slated in the relevant accounting policy. The financial staternenls have been presented in slerfing, vknich is 8180 the funclional currency of the Group and are rounded lo the nearest pound. The Consolldaled Statement of Finonaal Actr'vilies ISOFAI and Con801idated Balance Sheet onsolidate the fin8nci81 slalemenls of the Charity and Its subyidiary undertaking. The results of the $ub5idiary are consolidated on a Ilne by Ilne basi5. The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Slalemenl of Financial Activitie5 in these financial stalemenl5. 2.2 Golng concern The Trustees have assessed the use of going concem and have considered possible events or conditions that might casl significant doubl Dn the ability of the Group and Charity 19 continue as a gthng concem. The Trustees have made this assessment lor a period of al least one year from the dale of the approval of these financial slalements. The Trustees have concluded that there is a reasonable expectation that the Group and Charity has adequate resources lo continue in operational exislence for the foreseeable future, with no material uncertainties. The Group and Charity thereforè continues lo adopt the going con¢em basis in prepanng ils financial slalemenls. Page 27

THE FOUNDLING MUSEUM IA Company Llmlted by Guarantee) MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accountlng pollcles Icontjnugd 2.3 Incorne All Income is recognised once the Charity h8s enlillemenl lo the income, il 15 probable that the income will be received and the amount of income receivable can be measured ￿lIablY. The recognitson ol incomo from legacies 18 depandent on establishing ents'tlement. the probability of receipt and the 8bilily lo estimate wlh sufficient accuracy the amount receivable. Evidence of 8nlill8menl lo a legacy exists when the Charity has sufficient evidence that a gift has been left lo them Ilhrough kn¢￿edge of the existence of a valid will and the death of the benef8clorl and the executor is satisfied that the propety In question wll nol be required to Satisfy daims in the eslale. Receipt ol a legacy musl b9 recognised vthen il is probable that il will be received and the fair value ol the amount receivable, which wll generally be Ihe expected cash Smount to be distributed lo thè Charity, can be reliably measured. Grants, including Government grants, are included in the Consolidated Stsiement ol Finanaal Activities on a receivable basis. The balance of income received for specific purposes bLrt not expended Ouring the period is shown in the relevant lund5 on the Balance Sheet. Where income Is ieceived in advance of enliuemenl of recelpt. ils recognition is deferred 8nd included in creditors as deferred income. ￿ere enlillemenl occurs before income 18 received, the inccme Is 8¢crued. Where the d¢)nal8d good is a fixéd asset, it is measured al falr value, unlèss il Is impr8cbcal lo measure this reliably, in vthich case the cost of the item lo the donor should b8 used. The 9ain Is recognised as income frorn donations and a corresponding amount Is included in the appropriate fixed asset class and depreclated over the useful econcmic life in accordance wllh the Charitys ccounling policie8. Income lax recr)verable in relation lo investment income is recognised at the lime the investment income ig receivable. 2.4 Expendlture Expenditure is recognised once there is a legal or constructive oblig81ion lo transfer economic benefit lo a third paty, it is probable that a transfer of economic benefits will be required In settlement and the amount of the obligation can be me85ured reliably. Expenditure Is classified by activity. The costs of each aclivity are made up of Ihe lolal of direct costs and shared costs, including support Costs involved in undertaking each aclivily. Direct costs allribulable to a single activity are allocated directly lo Ihal activity. Shared costs which contribute lo more than one actiwty and Support costs which are not 8tlribulable to a single activity are apportioned betr4een those adivits'es on a basis consislenl wlh the use of resources. Central staff costs are allocated on the basis of lime Spent, and depreciation charges allocated on Ihe portion of Ihe asset'8 use. Expgndilure on raising funds includes all expenditure incurred by the Group lo raise funds for ils charitable purposes and includes c05ts of all fundraising activities events and non-charilable trading. Expenditure Dn charitsble activitres Is incurred on directly undertaking the activilles which further the Group's oblectlves, as well as any a55oualed support costs. Expenditure Is inclusive of irrecoverable VAT. Page 28

THE FOUNDLING MUSEUM {A Company Llmlted by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 klARCH 2022 Accountlng pollcles Icontinuedl 2.6 Tanglble flxod assots and depreclatlon Tangible fixed asset8 CO81ing £NIL or more are capilalised and recognised when future economic benefits are probakle and the c081 OT value ol the asset can be measured reliably, Tangible fixed assets are Inlllally recognised at cost. After recognition, under the cost model, tangible fixed assets are measured al cost less accurnulaled Lleprecialion and any accumulated impairment 105ses. All Costs in¢ur¥ed lo bring a tangible fixed asset into 118 intended working condilign should be included in the meBsurement of cost. Depreciation Is charged so 88 10 8lloc8le the cost of tsngible fixed 98sel8 le88 their residu81 value over their eslimaled useful Ilves, Using the slraighl-line method. Depreciallon Is provlded on the followng bases.. Leasehold Improvements From the date of completion of the relevenl improvement to the end of the lease term 25% on cost Office equipment and Fixtures and fillings Website and digllal branding 25% on co81 2.6 H•rltag0 •¥¥9ts The Museum safeguards ils Heritage ABsels and offers the public access to its collections. The Museum'8 8rtefacls include palnlings, furniture and items from the Foundling Hospital Collection a8 well as Items of contemporary art, ceramics and orchival material relating lo the Foundling Hospital and 81so Ihe Gerald Coke Handel Collection. The asseis 8r8 dellned as Heritage AsselB for the purpose of these finoncial slatewenls a8 they are held as part of the prirnary PLsfp05es of the charity and lo further an under81anding of soclal history and culture. Herit8ge assets are included on the balance ¥he81 al c051, or where cost is not available, a valuation that reflects the v81ue ol the asset al the time rt wa8 acquired by Ihe charity. Such asset3 are not depreciatèd. Any impairment in the value of an 88sel 18 Irealed as ch8ritabl8 expenditure In the year In which il arises. 2.7 Investments Fixed asset investments are a form of financial in8trumenl and are initially recognised at their transaction cost and subsequently measured al lair value 81 the Balance Sheet dale, unless the value cannot be measured reliably in which ease il is measured al cost less impaimient. Investment gains and losses, whether reali6ed or unrealised, are cornbined and presented as 'GainsllLossesl on inveslmenls, in the Consolidated Statement of Financial Activib'es. Investments in subsidiaries are valued al c081 less provision for impaimient. 2.8 stocks stocks are valued at the lower ol cost and nel realisable value after making due 811owance for obsolete and 51ow-rnowng stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Pag8 29

THE FOUNDLING MUSEUM IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Ac¢ountlng pollGlg3 Icontlnuèdl 2.9 0•bt¢r8 Trade and other debtors are recogni5ed al the settlemenl amount after any trade di¥counl offered. Piepaymen15 are v81ued al the amount prepaid nel of any trade discounts due. 2.10 Cash at bank and In hand Cash 81 bank and in h8nd includes cash 8n¢J short-lerm highly liquid investments wlh a short rnalurlty of three months or less from the date of acquisltion or opening of the deposit or similar account. 2.11 Llabllltl8* and provlslons Llabilrties and provisions are recognised when there is an obligallon 81 the Balance Sheet dale as result of a pBsl event, il 15 probable that a transfer of economic benefit will be iequired in seltjemenl, and the 8mounl ol the selllemenl can be e8llm81ed reliably. Liabilities are recognised 81 the amount that the Charfly anlicipales Il wll pay lo settle the dabl or Ihg amount il has recèived as advanced payments lor the goods OT services Il must provide, Provisions are measured at the best esllmale of the amount¥ required lo sellle the obligation. Where the effect of the time value of money is material. Ihe provision is b88ed on the present value of Ihase amounts, discounted 01 the prfrlax discount rale Ihal reflects the risky ypecific lo thè liability. The unwnding of the di8ceunl is recognised in the Consolidated Slalemenl of Financial Activitie8 88 finance eosl. Concgssionary loans represent loans recelved by the Ch8rfty to further 118 purposes al an inlereBI rale below the prevailing marked rates. The Chanty recognises ils conce8slonary loan al Ihe loan's nel present value bul considers the drflerence between this value and ils original value lo be immaterial", as such, the concesslonary loan has been recognised 81 ils original value in these rinancial statements. 2.12 Flnanclal Instruments The Trust only hold8 basic financial instruments as defined in FRS 102. The financi81 assets and financial liabilits'es of the Tru81 and their measurement bases are as follows". Financial assets - tr8de and olhgr debtors are basic financial instruments ond are debt instruments measured al amortised cost as detailed in Note 20, Prepayynents are not financial inslrumenls. Cash at bank is classified a8 8 b851¢ financial instrument and is rneasured al face value. Cash al bank is cla55ified as a baslc financ￿81 instrument and 18 measured at face value. Financial li8bililles - trade credTtors, accruals and other creditors are finanual instruments, and are measured al arnortised cost as detailed in Notes 21 and 22. Taxation and social security are not included In the financial instruments disclosure definS1ion. Deferred incomfj is not deemed lo be 8 fin8ncial liability, as the cash selllemenl has already taken place and there is en obligation lo deliver seryiees rather than cash or another financial instrument. Page 30

THE FOUNDLING MUSEUM IA Company Llmlted by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accountlng pollcle$ Icontlnuedl 2.13 Penslon• The Charity contributed to a defined benefit scheme operated ty The Pensions Tru81, %thich wovides benefit based on average pensionable salary, The Charity ceased lo offer the scheme lo Ils current ernployees on 31 Decomber 2011. bul continues lo operate the scherne for the former employees who were part of the scheme 11 is not possible in the normal course of event5 to identity on a reasonable and consislenl basis the share of underlwng assets and liabilities belonging lo Individual participating employers. The Scherne is a mulli- employer scheme where the Scheme 8ssels are c mingled for inve61menl purposès, and benefi15 are paitj from the lola¢ Scheme a88els. Acc(vdingly, due lo the nature of the Scheme, the accounting charge for the period under FRS 102 represents thè employer eonlribulion payable. Contributions in respect Ic personal pens5on schemes and defined contribution schemes are recognised in the slalemenl ol financial aclivilie5 in the year in which they are payable lo the relevant scheme. The Charity also contrlbule5 10 8 defined conlnbulion scheme, currently operated by Royal London. 2.14 Fund accountlng General funds are unregtricted funds vthich are available for use al the discretion of the Trustee5 in furtherance of the gener81 objectives of the Group and which have not been deslgnaled for other purposes. Designated funds comprise unreslricled funds that have been sel a8ide by the Trustees for particular purpose8. The alm and use of each designated fund 18 sel out in the notes lo the financial Slalemenls. Restricted funds Bre funds vthich are lo be used in accordanee wth Bpecific reslridions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising 8nd adminlslering such funds are charggd against the specific fund. The aim and use of each restrieted lund is sel out in the notes to the financial slalements. Investment income, gains and1088e8 are allocated lo the appropri8le fvnd. Page 31

THE FOUNDLING MUSEUM IA Company Llmlted by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accountlng pollcl•s Icontlnu•dl 2.15 Prlor year reBtat8m•nts During the yeor the Trustee8 made several reassessm8nls of values included in tho accounls for the year ended 31 March 2021.. Other income In Ihe 8ccounls fof the year ended 31 March 2021 included values relating to Coronavirus Job Retention Scheme funding and Exhibilian Tax Relief daims. The Trustees now Consider the clas5ificab.on of such income a8 grants and income from charitable activities, respectively, lo bè more in line with the SORP and have redassifled the income accordlngly- see Natas 4 and 5. Th? 8ccounl8 for the year ended 31 March 2021 d883lfi8d the majority of expenditure Incurred by the Subsidiary as èxpenditure on charitable activities. The Trustees now consider Ihis expenditure lo better repr88enl expenditure on r8ising fund5 and have reclassified this value accordingly, Furthermore, lolal sUPPOrt costs had not been allocatèd befvleen gxpendilure on raising funds and expenditure on charitablè adivilies in the acceunts for the year ended 31 March 2021. Tha Trustees now consider total support w818 to relate to both 8th'vitlèS 8nd have allocated them 8ccordingly- see Notes 8, 9 and 10. Tho 8vvJr8ge number of staff had been calcu181ed on a fulklime equivalent basis In the year ended 31 March 2021. contrary to the SORP. This value has sub8equenUy been recalculated - ¥ee Note 12. Other credllors in the accounts for the year ended 31 March 2021 induded 8 slgnlficanl value of liabilities which the Trustees now consider to better represent accrua18 and deferred Income. This balance has subsequently been adiusled- see Note 21. The prior year reslalements noted above have not had any impact ¢)n the net result for the year ended 31 March 2021. Page 32

THE FOUNDLING MUSEUM (A Company Llmlted by Guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Crltlcal accountlng estlmates and areas of ludg8m8nt Eslirnales and judgements are continually evaluated and are based on historical expgrience and other factors, including expectslions ol lulure events that are bdieved lo be reasonable under th circumst8nces. Critical accounting esllmates and assumptions.. The Charity makes estimate8 and 88sumplions concerning the future. The resulting accounting eslimales and assumptions wll, by definition. seldorn equal the related actu81 results. The esb'males ané 8ssurnplion5 that have a signilieant rbsk ol causing a malerial adjustment lo the carrying 8mount6 01 assets and liabilities within the next financial yoar are éi8CU8sed below. Crity'c81 are88 of judgement.. esllmaling the y￿lu1 economic lrfe of tangible fixed 88sel& for thè purposes of calculating depreciation., oslimaling the value of heritage as8018 a8 al the dale they were acqulred where th18 Infllrmalion is not available., e61im81ing any necessary provision Aggin81 slow moving or obJol•le stock held al year- end.. 888essing the appropriateness of the underfying assumptions made by the actuary in the valuation of the defined benefit pension scheme., determining the basis for the allocation of support and governance costs befvmen expenditure on raising funds and on charitable activitiès,. eslimaling laxalion recoverable undèr the Exhibition Tax Relief Scheme for charities,. and e81imaling future Income and expenditure flows for the purpose of assessing going concem. Page 33

THE FOUNDLING MUSEUM IA Company Llmlted by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Incomo from don8tlon¥* grants and legacles Unr•strlcted Rostrlcted funds fund8 2022 2022 Total fundB 2022 Donalions Legacie8 Grants 114,100 50,000 561,530 205,801 319,901 60,000 1,027.301 465,771 72S,630 671,572 1.397.202 Included wlhin Grants above srg Government grants of £7.847 (2021 £129,598J relating lo the Coronaviru8 Job Relenb"on Scheme. There were no unfulfllled condldon8 attached to these Government gran18 a8 al the elther year end. As reslaled Unrnstncted runds 2021 As Teslated Tot81 funds 2021 Reslricled funds 2021 Donations Grgnls 100,532 1, 115,507 108,203 737, 766 208, 735 1,853,273 1,216,039 845, 969 2,062,008 Income from ch•rltable actlvltles Unr6strlcted funds 2022 Total fund• 2022 AdmisSIf￿$ 8nd other museum Sncome 124,972 124,972 As rest8t8d As restated Unrestricted Total funds runds 2021 2021 Admissions and other museum income 38,230 38,230 Page 34

THE FOUNDLING MUSEUM (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Incomè Irom other tradlng actlvlti Unwtrict•d fund8 2022 Totsl fundj 2022 Income recoived by trading 8ubsidiary 128,008 128,008 Tolal runds 2021 funds 2021 Income recelved by Ir8ding sub8idBry 24,462 24,462 Inve8tm•nt Incem• Unmtrfcted funds 2022 Total funds 2022 Interest r8ceivable Inve6tmenl income 220 95,118 220 96.118 95,338 95,338 Unrestricted funds 2021 Total funds 2021 Intereyt receivable Investment income 386 112,224 386 112,224 112,610 112,610 Page 35

THE FOUNDLING MUSEUM IA Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 EKp•ndlture on ralslng funds Fundr•lslng tradlng txpfrnse8 Unr•8trlcted nd8 2021 Total funds 2021 Ralsing fund8 Investment manager fee8 Support costs Support C081s . Stsff c0818 Expendrtvre incurred by trading subsidiary 5,216 19,008 55,178 44,232 49.280 5,216 19,008 55,178 44,232 49,280 172,914 172.914 As resl8led As resl818d Unrestricted Tot81 lunds lunds 2021 2021 Ralslng funds Inv881menl manager fee8 Support costs Support costs- Stsff costs Expenditure incurred by trading subsldiary 1,823 19, 608 30,395 37,636 22, 102 1,823 19,608 30,395 37,636 22, 102 111,564 111,564 Page 36

THE FOUNDLING MUSEUM IA Company Llmltsd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Expondtture on rjlslng funds (Gontlnuedl Ra151ng funds- An•ly¥ls of support costs As reslated Tol81 funds 2021 Total tund8 2022 Staff cost8 Depreciallon Govemance costs Development costs Pre8s and Marketing Office costs SubscriplionslMember8hips L8g81, Audit and Professional Fees Fin8nce Co$1811rrecoverable VAT Occup8ncy costs 44,232 18.919 974 37,636 13,455 514 2,031 7,098 1,888 577 203 603 3.607 9,548 254 1,434 6.697 14.317 89,410 68,031 Page 37

THE FOUNOLING MUSEUM {A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Analyslg of expendlture on charftabl• actlvltl•8. by fund Unmtrlcled Restrfcted funds fund$ 2022 2022 Total 2022 Museum Operating Costs Con8eNallon 1,082,851 9,530 616,316 1.699,187 9.630 1.092,361 616,318 1,708,697 As restated Un￿&1￿clod runds 2021 Restrtctecl As ros18t80 funds Tol81 2021 2021 Museum Operaung CostA Conservation 622, 722 40,850 746,851 1,369,573 40,850 663,572 746,851 1,410,423 Page 38

THE FOUNDLING MUSEUM IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ￿RCH 2022 10. Analysls of expondlture by charlthbSe actlvltles - by type Actlvltles undertaken dlrectly 2022 support costs 2022 Total funds 2022 Museum Operalng Co818 Conservation 722,301 4,051 976,868 5,479 1,699,167 9,530 726,352 982.345 1,708,697 Activilles As r8slo18d As restated undertaken Support Tot81 direclly costs lunds 2021 2021 2021 Museum Operatlng Cost8 Conservatlon 534,414 15,940 834 159 24,910 1,389,573 40,850 550,354 860, 069 1,410,423 Page 39

THE FOUNDLING MUSEUM IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 10. Analy¥ls of oxpendlturn by charltsbl• aetlvltlm - by type Icontlnuedl Analysls of support ¢￿ts As resloled Total funds 2021 Total nds 2022 Staff cosls Depreciation Govemance costs Dev8lopmenl Costs Pres5 and Marketing Office costs Subscrlplion8lMember8hip8 Legal. Audit 8nd Profe88ional Fee8 Fln8nce Cost8Arrecoverable VAT Occupancy costs 437.093 186.966 9,627 20,065 70,142 34,140 2.509 14,168 66,173 141,473 475,801 170, 105 6,499 23,874 7,294 2,567 7, 628 45,595 120, 706 982,346 860,069 11. Gov•rnanc• Costs 2022 2027 Audiloff s remuneration- Audit services Auditorf$ remuner8lion- Non-audil services Other governance costs 12,000 6,575 71 10,700 1, 713 18,661 12,413 The table above discloses the Group'5 total governance costs. This total 15 made up of the Charitys governance costs, as detailed in Notes 8 and 10 above, and the Subsidiarls governance costs, which lolaled £8,050 (2021 £5,400J and vthich are included wthin 'Expendrture incurred by trading subsidiar in Note 8 above. Page 40

THE FOUNDLING MUSEUM IA Company Llmlted by Guaranteel MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 12. Staff costs Group 2022 Gmup 2021 Charlty 2022 Ch8ri1y 2021 Wages and salaries Social security costs Pension costs 671,902 66,682 16.979 731,357 50,174 18,091 671,902 66,682 16.979 731,357 50,174 18,091 763,463 799, 622 7S3,463 799, 622 The avèrage numbèr ol persons employed by the Charity during the year w88 as followB.' Group Group As ￿sla1￿d 2022 2021 No. Senior management Museum administratlon 31 19 33 21 The number ol employee8 vthose employte benefits {excludirrfJ employer pen8lon cost8} exceeded £80.000 was.. Group 2022 No. Group 2021 No. In the band £80,001- £90,000 The Key Management Personnel ol the Museum In charge of directing 8nd controlling, running and operating the museum on a day lo day b8818 comprise the Trustees logather vJilh the Chief Executive and the Finance Director, The total remuneration (including taxable beneifts. ernployers's pension and n8llonal insurance conlribulionsl payable lo Key Management Personnel during the year wa5 £209,786 (2021 £206,867). Executives remuneration is sel by the Finance and Audit Committee and reviewed annually. 13. Trustees. remuneratlon and expenses During the year, no Trustees received any remuneration or other benefits (2021- £NIL). Ouring the year ended 31 March 2022, expenses totalling £1,200 were reimbursed or paid directty lo 1 Trustee (2021 £NIL to no Trusleesl. These expenses are in ￿latiOn lo a fee given lo all the essay conlribulors to the Superheroe5 exhibition catalogue. Page41

THE FOUNDLING MUSEUM IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 14. Taxatlon The Foundling Museum is a registered Charity and therefore is not liable to Income tax or corporation tax on Inctsme derived from ils tharitable acknvitses, as Il falls wlhin the various exemptions available lo registered charitie5. The Foundling Museum Tr8ding Company Limited donates Ils laxable profft8 Ill any) lo The Foundling Museum via a Gift Aid compliant deed of eovenanl. 15. TaDglbla flxed ass•tB Qroup and Charlty Offlce •quipment, Leasohold Ilxtur•s and Impmvements flttlngs Total C￿t or valuatlon At 1 Aprfl 2021 Additions 3,929,J76 60.091 365,876 145,414 4,285,762 206,606 Al 31 Narch 2022 3,989,967 601,290 4,491,267 Dfjpreclallon Al 1 April 2021 Charge for the year 2,874.840 173,134 273,024 32,740 3,147,864 205,874 Al 31 March 2022 3.047.974 305,764 3,353,738 Not book valu• Al 31 Plarch 2022 941,993 196,526 1.137.619 AI 31 March 2021 1.055,036 82, 852 1, 137,888 Included wthin offi'ce equipment. fixtures and fillings are assets wlh a nel book value of £82,791 (2021- £37,980) in respect lo the Chanty's website and digital branding. Page 42

THE FOUNDLING MUSEUM (A Company Llmlted by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2022 1& Herltage assets Group and Charlty Assets rgcognls•d at cost Museuffl •rtpfact• 2022 Carying value at 1 April 2021 Addllions 9,458,198 60,000 9,S18,198 The Museum has in tha past obtalnad various aSBets where the ￿nOr6 have placed condf(ions or legal ch8rge8 to re91ricl their use. Primarily these gssels are allowed lo be displayed lo the public, bul the Museum c8nnol benefit frorn the inlrin51C V8lue of these 89sels other than from the income they generate. In the event that the Museum were no longer lo comply with the conditions Imposed by the donors, the as¥¢ls would be removed from the Museum and offered to other charitles, wthoul compensation belng due lo the Museum for the loss of those assets. The Museum hold8 iwo asselB vknich fall into this c81890ry, 8 painbng obts￿ned wlh funding from The N81ion81 Heritsge Memorlal Fund l NHMF") and The Gerald Coke Handel Collection received frorn The Museums and Libraries Archive8 Council. In accordance wlh the requirement of the Charltie5 SORP FRS 102, both these as8els are recognis8d In the flnancial 51alemenls. The painti'ng is included at £4.000,000 which reflects the value when acquirèd by the NHMF in 2003 8nd The Ger8ld Coke Handel Collection 18 included at £4,825,240 as valued by Chrisli8'5 in 2006. Other hentage 8S5ets acquired by the Museum are induded on the Balance Sheet 81 cost. Heritage assets are held in a separate fund as this represents assets where the Charity i)wn5 the le981 title but where the original owners or the donors of the assets have placed legal r051riclions on the assets, sale or disposal. Page 43

THE FOUNDLING MUSEUM IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 17. Flxed asset Investments Llsted Inv•stm•nts Group Coit or valuatlon At 1 Apdl 2021 Addillon8 Disposals Revalugllons C88h held for reinvestment 3.076.616 483,663 1633.1671 108.002 14.727 At 31 March 2022 3,049,840 N•t book valu• Al 31 March 2022 3,049,840 Al 31 M8reh 2021 3.076,615 Inve8tment8 subsldlary Llstod cornpJnlo• Inve•tm•nts Total Charfty C￿t or ¥Jluatlon At 1 April 2021 Additions Disposals Revaluations Cash held for ￿l￿veStMent 3.076,615 483,663 1633.1571 108,002 14,727 3,078,617 483,663 1833,1571 108.002 14.727 At 31 March 2022 3,049,840 3,049,842 N•t book valu• Al 31 March 2022 3,049,840 3,049,842 At 31 March 2021 3,076,615 3.076,617 Page 44

THE FOUNDLING MUSEUM IA Company Llmltèd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 17. Flxed asset Investments Icontlnu8dl Prlnclpal subsldlarles The following was 8 8ub8idiary undertaking of the Charity.. Name Company number R•gl8t•r•d offlc• or prlnclpal Holdlng place of bu8ln•ss The Foundling Museum Trading Company 05131580 Limile 40 Brun8wck Square. London. WC1N IAZ 100% The financial results of the subsidiary for the yearwerè,. Nam• Income Exp¢ndlture ProflVILo8sl I Surplu• I (Dèflcltl for tho y•*r Net a88ets The Foundling Museum Trading Company Limf(ed 128,022 1130,4221 12,4001 117.8031 18. Curr•nt asswt Inv•8tmont• Group 2022 Group 2021 Charlty 2022 Ch8rfly 2021 L181ed investmènts 1.062,S19 829,041 1,062,519 829,041 Stocks Group 2022 Group 2021 Charlty 2022 Ch8rrty 2021 Finished good5 24.909 37,406 4,279 5,228 Page 45

THE FOUNDLING MUSEUM IA Company Llmlted by Gujrnnteel NOTES TO THE FIP4ANCIAL STATEMENT8 FOR THE YEAR ENDED 31 MARCH 2022 20. D•btor• Group 2022 Group 2021 Charlty 2022 Charity 2021 Due wlthln one year Trade debtors Amounts owed by group undertakings Other debtors Prepayment$ and accfued income Gift aid lax recoverable 121,61 28,170 93,142 130,100 58,525 22,414 15,355 19,486 60,848 58,751 7,527 30 58,749 23,385 16,350 58, 751 8,227 30 219,007 95,178 319,538 146, 642 21. Cr•dltors: Amounts f•lllng due wbthln on• y#•r Group Group As reslaled 2022 2021 Ch8rity Charlty As rest8lod 2022 2021 Supporters, loan endowment 8cheme (Note 321 460,DOO 116,246 21,830 113,486 450,000 95,041 2,043 91,898 450,000 10S,658 21,543 56,895 450,000 92,263 Trade credllors Other uedilor8 Accrual8 and deferred Income 87,650 701,560 638,982 634.096 629,913 Loans from supporters have been Invested with Veri188 and arè held a8 current a88el investments (Note 181 as they are repayable with a mlnlmum of Iwo months, notlce. Group 2022 G￿uP 2021 Charlty 2022 Ch8rtty 2021 Deferred income at 1 April 2021 Resources deferred during the year Arnounls released from previous periods 30.000 49.490 130,0001 30.000 30,000 30,000 130,0001 49.490 30,000 30,0 Deferred income in the year relates lo income received in advance for.. Events and weddings taking place after the year-end Page 46

THE FOUNDLING MUSEUM (A Company Llmlt8d by Guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCTrI 2022 22. Credltors: Amounts falllng due after more than one year GTOUP 2022 Gmup 2021 Charlty 2022 Chanly 2021 Loan 3,000,000 3,OCKI,000 3,000,000 3,LXJO,000 An endovhnenl loan of £3 mS11ion was awarded lo the Museum by The National HeritBge Memorial Fund. The entire loan 18 unsecurèd, interest free and repayable in tho full on 31 March 2028. Page 47

THE FOUNOLING MUSEUM IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 23. Statement of lund# Statèmènt of fund$- current year Balanc8 at 31 March 2022 Balance at 1 Aprll 2021 TrJnsf•r8 inlout Gainsl ILosso81 Income Expendlturn Unre8¢rlcled funds Deslgnat•d nd$ Redundancy cost8 80,000 {60.0001 40 Brunswick Square Vaults ExhlbiliDn Shortfall fund General Refurbi5hmentl Sash windows NHLF Shortfall fund 600.000 25,000 60,000 {26.0001 860,000 20,000 26,000 46,000 60,000 60,000 300,000 300,000 1,0SS,000 1,055,000 GongrJl funds Tangible fixeij assets fund General fund Pension reserve fund Non-chantable trading fvnds 1.137,888 580.430 1205,8741 205,605 1941,9991 (266,5061 1,137.519 632.362 945,926 313,610 196,0001 13.000 3,500 179.5001 115,40JI 128,022 1130,4221 117,8031 1.606,91 S 1.073,948 11.265,2951 160,000} 317,010 1.672,578 Total Unre6trlct•d funds 2.661,91 S 1.073,948 11,265,295) 160,0001 317,010 2,727,578 Page 48

THE FOUNDLING MUSEUM IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 23. Ststement of funds Icontlnuedl Balance at 31 March 2022 8•lanc• at 1 Ap￿1 2021 Trnnslors Inlaut Galn•l (Losses) Income Exp•ndltur• RestrScted nd• ConseThallon lund Paul Mellon CenlrelPilgrim Trust fund The Clore Duffield Found8lion fund Exhibitions fund Leaming running CQs18 fund Collection purcha8es fund Gerald Coke Handel Foundlllon fund Oak Foundotson fund China Project fund Fo￿e Foundallon fund Covid Emergency Grants Other fvnds Front Desk Project Heritage as8e18 fund 16401 6,318 {1061 6,211 26,951 27,620 10,800 61.274 111.3621 188,6331 26,389 261 73.538 261,786 199,2471 236.066 29,861 87,453 1102,7671 14.547 1,201 7,079 19,4261 11,1461 16.000 115,000) 32,256 30,000 (40.3871 26,889 16,178 116,1781 18,294 19,307 150,000 33,200 {164,0531 {35.226) 4,241 17,281 29.800 26.000 (33,3021 21.498 9.458,198 60,000 9,618,198 9,756,148 671,572 1616,3161 60.000 9,870,404 Total of funds 12,417,063 1,745,520 11.881,6111 317,010 12,697,982 Page 49

THE FOUNDLING MUSEUM IA Comp•ny Llmlled by Guar•ntg91 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 23. Stalemgnt of funds {contlnuodl he cific oses for whi the fun sar obèa lied nate Redundancy costs This fund was Inlenclèd lo provide funds for patential redundancy costs during the last two years. This 1$ no longer considered necessary so the funds have been rewrposed lo the 40 Biunswck Sq4Jare frjnd. 40 Brunswlck Squarn The Museum is about lo enter a period cf fundraising 10 8ecuTe 118 long term future. 1118 settlng out lo secure 40 Bwnswck Square under a 999 year lease so that il con remain open as a Museum lo the pU￿1C and lo ensure th81 the Foundling Hospital Collecb'on. Foundling Museum Collection and Gerald Coke Handel Collection can be cared ler and kept together f¢y the nation and th81 the Museum's award wnning creative work wllh care leavers and in the early years continues. A fund 01 £650,000 has been sel aside as a contribution lo this and lo the costs associated with the campaign. Vaults The work has been carried out on the vau118 during the p8gt financi81 year SO this fund Is no longer required and the Iru3tee¥ have Tepurp080d the balance lo the Exhibitson shortfall fund. Exhibltlon •hortf•ll fund This fund has been in¢re8$ed this year using the vau115 fund that 18 longer requlred. The Tru5tee8 appreoale th81 it 18 not always possible lo lund our temporary exhibitions fully and re¢ogni5e the need lor designated fund lo provide for Ihl8 eventuality. General Refurb18hm•nU Sa•h wlndov The sash windows at 40 8run¥wck square are in neeLI of refurbishment and this fund for general refijrbishment C0515 includes an allowance for this, We are wailing for permission from our local council lo proceed with the work on the sash wind¢)w8 after %thich the work will commence 88 soon as 18 practical. NHLF Shortf•ll fund The Trustees provide al the level of 10% for a possible shortfall in the NHLF funding we hold on the b8lance sheet. The shortfall prowsion would only become payable should the lund f811 significantly below the £3m that18 due lo be repaid al the point when the debt cry8lallises. cted funds Conservatlon fund The conserv8tion fund is for the re8lor81ion and maintenance of the pointing5, fumrture and other artworks exhibited by the Museum. P¥ul Mellon Centre fund The Paul Mellon Centre for Studies in British Art have funded the creallon of a catalogue of the collection. The Clore Duffleld Foundatlon fund The Cloro Duffield Foundation has funded the F¢)undling Fellowship, a scheme to find th8 contemporary Coram, Hogarth and Handel lo work wth the Museum to develop original, ¢reats've inth'atives for children and lo raise the profile of tt)e museum in those areas. Page 50

THE FOUNDLING MUSEUM (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2022 23. Statement of funds lcontlnuedl ExhlbltSons lund The Exhibition5 Fund is for the costs of various upcoming èxhibitions and dlsplays. Learnlng runn5ng costg fund The Education Running Costs Fund Is lo finance the day lo day opwating acty'vits'es of the Education Centre, indudlng Ihe Museum's Nursery Project. Coll•¢tlon purchases fund The Collection purchases fund comprises donatsons from 8 varioly of 80urcès for thè enhancement of the collecb"ons. Gerald Cok8 Handel Foundatlon fund The Gerald Coke Handel Foundation fund is for expendllure direcuy related lo the Gerald Coke Handel collecticn. Oak Foundatlon fund The Oak Foundation is funding a three- year tralning programme almed al young adult8 who grew up in fo81gr care or children's homes. Tru8to0 of JR Murray lund The Tw8tee of JR Murray lund ig lo fund the salary of The Director. Chlna project fund The Chin8 project fund18 for 081ablishlng new ways ol generalng incomp. Foyle Foundatlon fund The Foyle Foundation fiJnd is for repladng IT equipment. Covld Emergency grants These grants, principally from Arts Council England, covered a wde rangè of 8pecSal project$ 85 V4pII as contributing lo payroll and overhead costs lo ease the impact of the pandemic on the Museum. programmes and finances. Front Desk proJ•ct This project was for the remodelling of the front desk area lo make It more welcomlng. improve the lighting and the retail shop display area and thereby improve the visitor experiencè. Other funds Other funds comprfse items of MIS￿110neou$ restricted income to be spenl on varlous mugeum projects. erltage assgts fund Heritage assels fund matches the cost ol the Heritage as¥et5 a5 5h¢7•vn in Note 16. Page 51

THE FOUNDLING MUSEUM IA Company Llmfted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 23. St•ternent of fundg Icontlnuedl statsm•nt of funds. prlor y•ar Balance al 31 March 2021 B&18nce 81 l April 2020 Transfe In/oul Gains/ (Ltssses) Income Exp8ndilur8 Unrestrlct•d fvnds Deslgnatèd lunds Buildings repair fund Redundancy osl8 40 Brunswlck Square Voulls Exhibllion 8hortfall fund General ReftJrbishmenV S85h wlndow8 NHLF Shortfall nd 2,000 (2,¢X)OJ 50,000 600,000 25,000 600,000 25,000 20,000 20,000 60,000 60,000 225,986 74,014 300,000 247,986 809,014 (2,000) 1,055,000 G•n•ral fund• Tangible fixed assets Ivnd General furKI Pension re8erve fund NoTr¢haritable trading fvnds 1,261,545 258, 740 59,902 497,921 1183,559) (559, 170) f, 137,888 580,430 (5,000) 387,939 (IOT,000) ii,coo f96,OWJ 24,503 f39,906) f15,4Q3) 1,413,285 582,326 (771,635) f5,000? 387.939 1,606,915 Total Unrestflcted funds 1,661,271 1,391,340 (773,635) (5,000) 387,939 2, 661,915 Page 52

THE FOUNDLING MUSEUM (A Company Llmlted by Guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 23. Staternent of fuDds Icontinu•dl 881ance 81 31 March 2021 Balance el l Aprtl 2020 Transfgrs in/oul Gainsp (Lossesj Income Expendilur8 R￿trIct•d fvnd4 Congervalion fund Paul Mellon CentrelPilgrim Trust fund The Clore Duffield Foundation fund Exhibitions fund Learning running Costs fund Collection purchase8 lund Gerald Coke Handel Foundation fund Oak Foundallon fund Trustee of JR Murray fund China Prlect fund Foyle Found81ion fund Covld Emergency Grants 12,387 (14,247J 040 6,991 f675J 6.316 3,791 25.000 80,233 (1,840) (52,613) 26, 951 27,620 73,459 24, 700 (24, 623J 73,536 30,227 380 (756) 29,851 1,8Q4 5,953 (6.556) 1,201 31,853 (16,853) 15,000 40,000 30,OC(I f40,000) f43,012) 45,268 32,256 22,675 16,497) 16,178 535,300 40,250 29,800 (517,006) (22, 173J 18, 294 19,307 29,8t Otherfvnds Front Desk Project Hentage assets fund 1,230 9,453, 198 5,000 9,458, 198 9,651,030 845,969 (746,851) 5,000 9, 755, 148 Total of funds 11,312,301 2,237.309 (1,520,486J 387, 939 12,417,063 Page 53

THE FOUNDLING MUSEUM IA Company Llmlted by Guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 l& Analy¥ls of net •sgets between fund¥ Analysls of net •$s•ts bth••n funds- current year Unr•strfcted fund¥ 2022 Restrlcted funds 2022 Total fund• 2022 Tangible fixed assets Fixed asset Inveytments Heritage a58el$ Current a$8et$ Cre(lilors due wlthln one year Credllors due in more than one year Provisions for li8bilitie8 8nd chargeB 1,137.519 3,049.840 1,137,519 3,049,840 9,518,198 2,673,485 1701,6601 13.000.000) 179.6001 9,518.198 352.206 2.321.27 1701.5601 13.000,0001 179,5001 Total 2,727,578 9.870,404 12,697.982 An•ly¥l• of n•t •¥¥•tg b&twfr•n lunds - prlor y•ar Unrnslricl8d runds 2021 R8slricled lunds 2021 Tolal lunds 2021 Tanglblè fixed asset8 Fixed asset inv8stmenls Heritage assets Current asso15 Creditors due wthin one ygar Creditors du8 in more than one ye8r Provisions for liabilit188 and th8rges 1, 137,888 3,076,615 1. 137,888 3,076,615 9,458, 198 2,479,344 (638,982) {3,000,¢XIOJ (96,Ck)OJ 9,458, 198 296.950 2, 182.394 (638,982) (3,000,OOOJ (96,000) Total 2,661,915 9, 755, 148 12,417,063 Page 54

THE FOUNDLING MUSEUM IA Company Umlted by Guarants81 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 25. Reconclllatlon of net movement In funds to net ca¥h flow from oper8tlng actlvltles Group 2022 Gmup 2021 Net income far the year188 per Slalemenl of FlnAndal Activiti981 177,419 1, 103,262 Adlultments for: Depre¢ialion charges Lo¥ses on investrnenls Investment income Decrease in Stocks Ilncreaselldecrea8e in debtors Increase in creditor8 Increase in provisions Defi'ned beneffl penslon s¢*eme finonce co¥1 Pension Scheme cosl¥1055 c￿tributIonS paid Donatod hentogg as8elJ 15 17.18 206,874 183.559 1313,5101 (387,939) 195,3381 (112,610) 12,497 tO,407 1124,1031 94,862 62,578 112,684 16.600 {3.500) 113,0001 19 20 22,21 28 28 28 16 (9,500) (5,000) N•t cash proylded byllu••d Inl operatlng actlvltl•8 174,6631 989, 725 Ana￿10 of ca8h and cuh •qulval8nt• Group 2022 Group 2021 Ca8h in hand Cash held by investment managers 1,367,060 402.269 1,517, 719 346,926 Total cash and cash gqulval•nts 1,769.319 1,864,645 Page 55

THE FOUNDLING MUSEUM IA Company Llrnited by Guaranteol NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Analy81s of changes In nel debt At 1 Aprll 2021 C¥8h flow• At 31 March 2022 Cash at bank and in hand 1.617,719 1450,0001 13,000,000) 829,041 1160.6691 1.367.050 1450,0001 13.000,0001 1.062.519 Debt due within 1 yeai Debt due after 1 year Liquid Investments 233.478 11,103,240) 82,809 11.020.431) 28. Dellned beneflt penslon ¥¢home Ilablllty The Charity participates In the Career Averaga Revalued Earnings I'CARE'I Scheme opef8leé by The Pen5ion5 Trust. a mulli- employer scheme which provides b8nefils lo some 37 non- asscci8led employer8. The scheme 18 a defined benefit scheme in the UK. It is not possible for the company lo obtain sufficient information lo enable It lo account for the scheme 89 defined benefit scheme. Therefore il accounts for the scheme as a defined contribution scheme. The seheme18 subjeel lo the funding legislation outlined in thè PensiDll5 Act 2004 which carne into forcè on 30 December 2005. This, together wlh documents Issued by the Pensions Regulalor and Technical Aeluarial Standards issued by the Financial Reportlng Council, Set out the fr8mowork for funding defined benefit Q￿up9¢10n￿l pension Schemes in the UK. The scheme is classified as a 'l8St- man standing arrangernenl,. Therefore the cornpany is potentially liable lor other participating employers, obligations if those employers are unable lo meet Ihelr share of the scheme deficit followng vAlhdrawal from the scheme. Participating employers are legally required lo meet their share of the scheme deflcll on an annully purchase basi$ on wlhdrawal from th? st*eme. A full acluadal valuation for the scherne was carried out at 30 September 2016. This actuarial valuation showed assets of £eO.45m, liabilities of £85.30m and a deficit of £24.86m. To elimin8le this funding shortfall, the Trustees and the participab'ng employers have agreed that additional conlributlons wlll be paid to the scheme as follows.. Deficit contributions From 1 April 202110 30 Septemter 2027.. £1.530,000 Fer annum (payable monthly and increasing by 3.OQA each year on 1st April) The recovery plan contributions are allocated to each participating employer in line wlh their ests'maled share of the scheme liabilities. Where the scheme is in deficil and where the company has agreeé to a deficlt funding arrangement the company recognises a liability for this obligation. The amount recogn15ed is the net present value of the delicil reduction contributions payable unéer the agreement that relates lo the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwndlng of the discount rale Is recognised as a finance cost. Pago 56

THE FOUNDLING MUSEUM IA Company Llmlted by Guarantfj?) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 28. Dgfined benefit p•n8lon scheme Ilablllty Icontinuedl 2022 2021 2020 2019 Present *lue of pro¥ision 79,500 9S,000 107.000 122.000 Reconclliatlon of ¢)p•nlng and ¢lO￿n9 provision& 2022 2021 Proiiglon 8t start of petlod Unwinding ol the discount factor lint•r8st éxynsel Deficit contritwlion paid Remeasurfjmenls - impact of any change in a55umptions Provldon at •nd of porlod 96,000 107,CQO 1,000 2,500 114,0001 112,0001 13,5001 11,5001 79.500 96,000 Incomo and •xpondltur& Impact 2022 2021 hlere51 expens Remeasuremants - impact of any Change a5SUmPtions Income Icosl81 recognlsed in 8talemenl of financial acli¥itie¥ 1,000 2,500 13.5001 11.5001 12.5001 1,000 As8umptlon• 2022 2021 2020 2019 Present ￿lue of proiision 2.SS 0.98 2.58 1.58 The discount rates shown above are the equival•nt Single discount rates which, when used to di8counl the future recovery plan conlribulion5 due, would give the s8me re8ulls a8 using a full AA corporate bond yield curve lo discount the Same recovery plan conlribuliens. Page 57

THE FOUNDLING MUSEUM IA Company Llmlted by Guar•nteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Operatlng lea8• commltments At 31 March 2022 the Group and the Charity had commitments to make future minimum lease Pa￿entS under nonrycancellable operating leases as follows.. Group 2022 Group 2021 Not later Ihan 1 yegr Later than 1 year and not later Ih8n 5 years 10,040 16,926 10,440 5,486 25,966 15,926 The followng lease payments have been recognised as an expen¥e in tre Statement of FinancSal Aclivllie8'. Group 2022 Group 2021 h•rlty 2022 Ch8ri1y 2021 Operatsng18ase réntals 10.040 7, 719 10.040 7, 719 30. Membèrs. Ilablllty Each member of the charitsble company undertake8 to conlribLrte lo thè assets of the cixnpany in the event of il being wound up whlle helshe is a member, or wlhin one year after he18he ceases to be member, such amount as may be required, not exceeding £1 lor the debt8 End IiBbililies contracted before helshe ce38es to be a member. Page 58

THE FOUNDLING MUSEUM IA Company Llmited by Guaranteè) NOTES TO THE FINANCIAL STATEMENTS FOR TPIE YEAR ENDED 31 MARCH 2022 31. Connected chapltle¥ Coram The Foundling Hospital (subsequently the Thomas Coram Foundation and now known 88 Coraml was established in 1739 by the philanthropist Thomas Coram. Instrumenial in helping Coram realise his vision were the artist, Willi8m Hogarth and the composer, George Frideric H8ndel. Hogarth Initiated the donation ol athorks and Handel gave fundraising performances of Messiah In the H05pilal's Chapel. In the process, Ih8y created the UK'S first public art gallery and sel thè lemplale lor the way the arts could support philanthropy. In 1998 Coram cr88led the Museum lo safeguard the Foundling Hospital Collection, lo offer public access lo the Collection, and lo preserve it5 integrity in 11$ original conlexl. The Foundling Museum's objects include the ability" to support such of the purposes of the ch8rity now known as Coram as the Museum. in consullalion wlh Cor8rn, shall from lime lo lime determine. Coram is one of 13 company mémbors of The Foundling Museum and nominate8 UP to one third of the Iru81ees of The Foundling Museum and holds retained powers lo 88leguard its founding principles. Many of the paintlngs and othw artefacls housed ￿thIn The Foundling Museum Collection belong lo the Foundling H¢)spilal Collection which Is owned by Coram bul they are held and managed by The Foundllng Museum in accordance wlh a le9al agrèement for a period of 25 years which commenced in June 2002. Whilst Coram is able lo sell any Item il owns from the Fuundlin9 H05pilal Collection lo a third party during the period to June 2C127, 8ny such sale musl be al full m8rkel value Hnd the purchaser would have to accept that the item would be sc4d subject lo the unexpired term of the agreernenl. In addition, The Foundling Museum has the automatic right lo be given twelve monlhB in which lo r8i8e the money to buy any item that Coram has indicated that il wshes lo sell. During the year, excluding VAT. the Museum paid Coram £14,978 in respect ol insurance (2021 £16,943), £5,945 (2021 £4, 7261 for rent 8nd servlce ch8rge. £1,575 (2021 . £1.2601 f¢y waste collection and £80,000 {2021- £NILJ for the purchase of fine art. Coram paid the Museum £NIL (2021 £405) in respect ol admissions and paid the Foundllng Museum Trading Company £NIL {2021- £1,470J for venue hir•. Al 31 March 2022, the Museum owed Coram £2.161 (2021 £16,943). The Foundling Mu8eum Trading Company was owed £NIL (2021- £405) by Cor8m. The Gerald Coke Handel Foundatlen The Gerald Coke H8ndel Collection is an International￿imp0rtanl colleclicfi of material ielaling to comp08er George Frideric Handel and his conlemporarfes, including rnanuscnpts, printed rnusic and books. librelli, artworks and ephemera. The Collection was assembled by Gerald Coke over a period of sixty years and left lo the nation by hi5 dow with a wsh that it be allocated to the Museum in the care of the Handel Inslilule. The endowment 8ccompanying the Collection is managed ty the Gerald Coke Handel Foundation. Formed in 1996, the Gerald Coke Handel Foundation administers the endowment that accompanies thè Gerald Coke Handel Collection and assists the Foundling Museum wth the Care of the Collection, which came to the Museum through the Govemmenl's Allocation in Lieu scheme. Page 59

THE FOUNDUNG MUSEUM IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Connected charltles Icontlnuedl The Foundation's objeclives ore lo advance puNic education by providing research facilities for academics, musieologi818, musicians, students, ￿llers, researchers and all those interested in the life and work of Handel, his 8s8oclales and contemporaries, the musical environment of his lim8, the printing and publishing of music in the elghlaenlh eentury, and rg1818d subject$. Under the terms of a Management Deed dated 23rd July 2003. the Museum received Ihe follo￿n9 sums from The Foundation during the year.. £38,015 in respect of licence fees (2021 - £38,015J, £53,799 In respect ol reimbursement ol librarians. employment costs (2021 £49, 831J and £61,869 in relation lo emi8e8 co818 (2021- £42,063J . 32. Relatèd ￿rtY transactlon8 Supporter•' loan endowmènt •ch•m The Museum has established a supporters. loan endowment scheme lo enable il lo benefit Irom the Income generated by the Investment of the loaned funds (Notes 18 and 211. The Museum wlhdraws the income on the fund on a monthly basis and opplies such mcnles lowards ils charilaSJe objectives. Lenders may wlhdr8w the loan princlpal by giving 6D days. notice in 8dv8nce of each quarter dale and they are entitled lo the original capiial plus any capital gains Ipayable as interest) up to a maximum of 1.5% over the Bank of England base rale over the duration of thwr loan, or le88 any capitol losses. The amount loaned lo ihe Museum by Trustees in the year under the Scheme and invested in the fund was £NIL (2021 £NIU, and the accrued Interest due lo those Tru81ee8 wa8 £5,007 (2021 £2, 723). The amounts duè lo the Tru8lees at 31 March 2022 w89 £80,007 (2021- £77, 723J. ChIn0￿ Connectlons Llrnited On 4 June 2019, a private limited company wholly ovmed by a former Trustee, Judy Bollinger Ivtho resigned 85 a Tru8lee in December 2019), and the Charity secretary and Flnance Director, Nigel Cudllpp Iwho resigned in June 20221, was eslabllshed wlh the aim of generaung income for the Mu$eum. No income was generated by the company during the year. Other related party transacllon Tol81 trustee donallon8 in the year amounted lo £20,178 (2021- £10,390). Page 60