2023-03-31-accounts

			Page
Reference and Administrative Details ofthe Charity,		its Trustees and Advisers	1-2
Trustees' Report			3-14
Statement of	Trustees' Responsibilities		15
Independent	Auditor's Report on the Financial Statements		16-19
Consolidated	Statement of Financial Activities		20
Consolidated	Balance Sheet		21 -22
Charity Balance Sheet			23-24
Consolidated	Statement ofCash Flows		25
Notes to the	Financial Statements		26-59

Trustees			Anne Beckwith-Smith
			Christopher Cotton
			Shereka Dunbar
			William Gore
			Ronald Gould
			Edward Humphrey
			Perdita Hunt OBE
			Claire Jeffers
			Larissa Joy OBE, Chair
			Andrew Mclntyre
			Grayson Perry CBE RA
			Lord Simon Russell of Liverpool
			Lemn Sissay OBE
Company	registered
number			03621861
Charity registered
number			1071167
Registered		office	40 Brunswick Square
			London, United Kingdom
			WC1N 1AZ
Director			Caro Howell MBE (resigned	6 April 2023)
			Emma Ridgway (appointed	5June 2023)
Independent		auditor	MHA
			Statutory Auditor
			6th Floor
			2 London Wall Place
			London, United Kingdom
			EC2Y 5AU

Bankers		National Westminster	National Westminster	National Westminster	Bank	Bank	Pic
		Chancery Lane 8		Holborn		Branch
		332 High Holborn
		London
		WC1V 7PS
		CAF Bank Limited
		25 Kings Hill
		West Mailing
		Kent
		ME194JQ
		C Hoare &Co	Bank
		37 Fleet Street
		London
		EC4P 4DQ
Investment	Managers	Veritas Investment		Partners			(UK) Limited
		Riverside House
		2a Southwark	Bridge		Road
		London
		SE1 9HA

				Unrestricted	Restricted	Total	Total
				funds	funds	funds	funds
				2023	2023	2023	2022
			Note
Income from:
Donations, grants and		legacies		1,083,882	522,337	1,606,219	1,397,202
Charitable activities				50,275	46,034	96,309	124,972
Other trading activities				215,065		215,065	128,008
Investments				139,620		139,620	95,338
Total income				1,488,842	568,371	2,057,213	1,745,520
Expenditure on:
Raising funds:
Expenditure incurred		by trading
subsidiary				57,334		57,334	49,280
Raising funds				240,021		240,021	123,634
Charitable activities			9	1,300,112	526,087	1,826,199	1,708,697
Total expenditure				1,597,467	526,087	2,123,554	1,881,611
Net (losses)/gains	on investments			(124,794)		(124,794)	313,510
Net (expenditure)/income				(233,419)	42,284	(191,135)	177,419
Transfers between	funds		23	(36,192)	36,192
Net movement in	funds before other
recognised gains				(269,611)	78,476	(191,135)	177,419
Other recognised	gains:
Actuarial gains			28	3,600		3,600	3,500
Net movement in	funds			(266,011)	78,476	(187,535)	180,919
Reconciliation of	funds:
Total funds brought	forward			2,727,578	9,870,404	12,597,982	12,417,063
Net movement in funds				(266,011)	78,476	(187,535)	180,919
Total funds carried forward				2,461,567	9,948,880	12,410,447	12,597,982

					2023	2023	2022	2022
				Note	F
Fixed assets
Tangible fixed assets				15		965,662		1,137,519
Heritage assets				16		9,554,390		9,518,198
Investments				17		2,940,011		3,049,840
						13,460,063		13,705,557
Current assets
Stocks				19	25,246		24,909
Debtors: Amounts	falling due within one year			20	200,974		219,007
Investments				18	1,620,582		1,062,519
Cash at bank and	in hand			26	1,523,401		1,367,050
					3,370,203		2,673,485
Creditors: Amounts	falling	due within one
year				21	(1,356,569)		(701,560)
Net current assets						2,013,634		1,971,925
Total assets less	current	liabilities				15,473,697		15,677,482
Creditors: amounts	falling	due after more
than one year				22		(3,000,000)		(3,000,000)
Defined benefit pension scheme			liability	28		(63,250)		(79,500)
Total net assets						12,410,447		12,597,982
Charity funds
Restricted funds				23		9,948,880		9,870,404
Unrestricted funds				23		2,461,567		2,727,578
Total funds						12,410,447		12,597,982

					2023	2023	2022	2022
				Note	F
Fixed assets
Tangible fixed assets				15		965,662		1,137,519
Heritage assets				16		9,554,390		9,518,198
Investments				17		2,940,013		3,049,842
						13,460,065		13,705,559
Current assets
Stocks				19			4,279
Debtors: Amounts	falling due within one year			20	298,144		319,536
Investments				18	1,620,582		1,062,519
Cash at bank and	in hand				1,419,051		1,237,490
					3,337,777		2,623,824
Creditors: Amounts	falling	due within one
year				21	(1,308,066)		(634,096)
Net current assets						2,029,711		1,989,728
Total assets less	current	liabilities				15,489,776		15,695,287
Creditors: amounts	falling	due after more
than one year				22		(3,000,000)		(3,000,000)
Defined benefit pension scheme			liability	28		(63,250)		(79,500)
Total net assets						12,426,526		12,615,787
Charity funds
Restricted funds				23		9,948,880		9,870,404
Unrestricted funds				23		2,477,646		2,745,383
Total funds						12,426,526		12,615,787

							2023	2022
						Note
Cash flows from operating			activities
Net cash		used in operating	activities			25	726,027	(74,663)
Cash flows from investing			activities
Investment		income				7	139,620	95,338
Purchase		oftangible fixed assets				15	(100,076)	(205,505)
Proceeds		from sale of investments				17	299,190	633,157
Purchase		of investments				17,18	(912,997)	(483,653)
Purchase		ofheritage assets				16	(36,192)	(60,000)
Net cash		used in investing	activities				(610,455)	(20,663)
Change	in cash and cash		equivalents	in	the year		115,572	(95,326)
Cash and		cash equivalents	at the beginning		of the year		1,769,319	1,864,645
Cash and		cash equivalents	at the end	of	the year	26	1,884,891	1,769,319

	Unrestricted	Restricted	Total
	funds	funds	funds
	2023	2023f	2023
Donations	155,045	292,008	447,053
Legacies	5,239	34,362	39,601
Grants	923,598	195,967	1,119,565
	1,083,882	522,337	1,606,219

Job Retention Scheme. There were either year end.	no unfulfilled conditions attached to thes	e Government	grants as a
	Unrestricted	Restricted	Total
	funds	funds	funds
	2022	2022	2022
Donations	114,100	205,801	319,901
Legacies	50,000		50,000
Grants	561,530	465,771	1,027,301
	725,630	671,572	1,397,202

					Unrestricted	Restricted	Total
					funds	funds	funds
					2023	2023f	2023f
Admissions	and	other	museum	income	50,275	46,034	96,309
						Unrestricted	Total
						funds	funds
						2022	2022
Admissions	and	other	museum	income		124,972	124,972

					Unrestricted	Total
					funds	funds
					2023f	2023f
Income	received	by	trading	subsidiary	215,065	215,065
					Unrestricted	Total
					funds	funds
					2022	2022
Income	received	by	trading	subsidiary	128,008	128,008

		Unrestricted	Total
		funds	funds
		2023	2023f
Interest receivable		7,802	7,802
Investment	income	131,818	131,818
		139,620	139,620
		Unrestricted	Total
		funds	funds
		2022	2022
Interest receivable		220	220
Investment	income	95,118	95,118
		95,338	95,338

				Unrestricted	Total
				funds	funds
				2023	2023
Raising funds				5,550	5,550
Investment	manager	fees		28,260	28,260
Support costs				96,052	96,052
Support costs - Staff		costs		110,159	110,159
Expenditure	incurred	by trading	subsidiary	57,334	57,334
				297,355	297,355
				Unrestricted	Total
				funds	funds
				2022	2022
Raising funds				5,216	5,216
Investment	manager	fees		19,008	19,008
Support costs				55,178	55,178
Support costs - Staff		costs		44,232	44,232
Expenditure	incurred	by trading	subsidiary	49,280	49,280
				172,914	172,914

Raising fun	ds - Analysis o	fsupport costs
			Total funds	Total funds
			2023	2022
			f
Staff costs			110,159	44,232
Depreciation			34,801	18,919
Governance	costs		3,329	974
Development	costs		1,694	2,031
Press and Marketing			11,109	7,098
Office costs			2,134	3,454
Subscriptions/Memberships			259	254
Legal, Audit	and Professional	Fees	4,237	1,434
Finance Costs/Irrecoverable		VAT	12,834	6,697
Occupancy	costs		25,655	14,317
			206,211	99,410

			Unrestricted	Restricted
			funds	funds	Total
			2023	2023f	2023f
Museum	Operating	Costs	1,283,568	526,087	1,809,655
Conservation			16,544		16,544
			1,300,112	526,087	1,826,199
			Unrestricted	Restricted
			funds	funds	Total
			2022	2022	2022
Museum	Operating	Costs	1,082,851	6'/6, 3'/6	1,699,167
Conservation			9,530		9,530
			1,092,381	616,316	1,708,697

			Activities
			undertaken	Support	Total
			directly	costs	funds
			2023f	2023f	2023f
Museum	Operating	Costs	558,567	1,251,088	1,809,655
Conservation			5,071	11,473	16,544
			563,638	1,262,561	1,826,199
			Activities
			undertaken	Support	Total
			directly	costs	funds
			2022	2022	2022
Museum	Operating	Costs	722,301	976,866	1,699,167
Conservation			4,051	5,479	9,530
			726,352	982,345	1,708,697

						Total	Total
						funds	funds
						2023f	2022
	Staff costs					681,225	437,093
	Depreciation					215,210	186,955
	Governance	costs				20,584	9,627
	Development	Costs				10,473	20,065
	Press and Marketing					68,700	70,142
	Office costs					13,195	34,140
	Subscriptions/Memberships					1,603	2,509
	Legal, Audit	and Professional		Fees		26,202	14,168
	Finance Costs/Irrecoverable			VAT		66,718	66,173
	Occupancy	costs				158,651	141,473
						1,262,561	982,345
11.	Governance	costs
						2023f	2022
	Auditor's remuneration		-Audit services			16,450	12,000
	Auditor's remuneration		- Non-audit		services	6,800	6,575
	Auditor's remuneration		- Under accrual			15,000
	Other governance costs					13	76
						38,263	18,651

Staff costs
	Group	Group	Charity	Charity
	2023	2022f	2023	2022
Wages and salaries	816,466	671,902	816,466	671,902
Social security costs	79,300	65,582	79,300	65,582
Pension costs	29,540	15,979	29,540	15,979
	925,306	753,463	925,306	753,463

					Group	Group
					2023	2022
					No.	No.
Senior management					2	2
Museum	administration				31	3/
					33	33
The average headcount		expressed as full-time	equivalents	was:
					Group	Group
					2023	2022
					No.	No.
Senior management					2	2
Museum	administration				21	16
					23	18

Group	Group
2023	2022
No.	No.

		Office
		equipment,
	Leasehold	fixtures and
	improvements	fittings	Total
	R	F
Cost or valuation
At 1 April 2022	3,989,967	501,290	4,491,257
Additions	49,848	50,228	100,076
Disposals		(245,321)	(245,321)
At 31 March 2023	4,039,815	306,197	4,346,012
Depreciation
At 1 April 2022	3,047,974	305,764	3,353,738
Charge for the year	188,047	61,964	250,011
On disposals		(223,399)	(223,399)
At 31 March 2023	3,236,021	144,329	3,380,350
Net book value
At 31 March 2023	803,794	161,868	965,662
At 31March 2022	941,993	195,526	1,137,519

	Listed
	investments
Group
Cost or valuation
At 1 April 2022	3,049,840
Additions	328,559
Disposals	(299,190)
Revaluations	(91,589)
Cash held for reinvestment	(47,609)
At 31 March 2023	2,940,011

	Investments
	in
	subsidiary	Listed
	companies	investments	Total
Charity
Cost or valuation
At 1 April 2022		3,049,840	3,049,842
Additions		328,559	328,559
Disposals		(299,190)	(299,190)
Revaluations		(91,589)	(91,589)
Cash held for reinvestment		(47,609)	(47,609)
At 31 March 2023	2	2,940,011	2,940,013

Principal sub	Principal sub		sidiaries	sidiaries
The following			was a subsidiary		undertaking		ofthe Charity:
Name								Company	Registered	office or		principal	Holding
								number	place ofbusiness
The Foundling			Museum	Trading	Company			05131580	40 Brunswick		Square,	London,	100%
Limited									WC1N 1AZ
The financial		results ofthe subsidiary				for the		year were:
Name								Incomef	Expendituref		Profit/(Loss) ISurplus I		Net assets F
											(Deficit) for
											the year
The Foundling			Museum	Trading				215,709	(213,983)			1,726	(16,077)
Company	Limited

		Group	Group	Charity	Charity
		2023	2022	2023	2022
Listed	investments	1,620,582	1,062,519	1,620,582	1,062,519

		Group	Group	Charity	Charity
		2023	2022f	2023	2022f
Due within one year
Trade debtors		57,903	121,518	42,089	93,142
Amounts owed by group undertakings				119,265	130,100
Other debtors		100,824	58,749	98,824	58,525
Prepayments	and accrued income	25,947	23,385	21,666	22,414
Gift aid tax recoverable		16,300	15,355	16,300	15,355
		200,974	219,007	298,144	319,536

				Group	Group	Charity	Charity
				2023	2022f	2023	2022f
Other loans				500,000		500,000
Supporters'	loan endowment		scheme (Note
32)				616,790	450,000	616,790	450,000
Trade creditors				114,235	116,245	111,692	105,658
Other creditors				23,122	21,830	23,122	21,543
Accruals and deferred		income		102,422	113,485	56,462	56,895
				1,356,569	701,560	1,308,066	634,096

Other loans are unsecured,	Other loans are unsecured,	interest-free	and repayable on demand. Loans from supporters	and repayable on demand. Loans from supporters	and repayable on demand. Loans from supporters	have been	have been
invested	with Veritas and are held as current asset investments			(Note 18)as	they are repayable		with a
minimum	oftwo months' notice.
			Group	Group	Charity		Charity
			2023 F	2022f	2023f		2022f
Deferred	income at brought	forward	49,490	30,000			30,000
Resources deferred during		the year	36,860	49,490
Amounts	released from previous periods		(49,490)	(30,000)		(30,000)
Carried	forward		36,860	49,490

	Group	Group	Charity	Charity
	2023	2022f	2023	2022f
Loan	3,000,000	3,000,000	3,000,000	3,000,000

							Balance at
	Balance at 1				Transfers	Gains/	31 March
	April 2022	Income f	Expenditure	f	in/out F	(Losses) f	2023 f
Unrestricted
funds
Designated
funds
40 Brunswick
Square	650,000				(650,000)
Exhibition
shortfall fund	45,000				(40,000)		5,000
General
Refurbishment/
Sash windows	60,000						60,000
NHLF Shortfall
fund	300,000						300,000
NPO Matching
funding		525,000					525,000
	1,055,000	525,000			(690,000)		890,000
General funds
Tangible fixed
assets fund	1,137,519		(250,011)		78,154		965,662
General fund	552,862	748,133	(1,133,473)		575,654	(121,194)	621,982
Non-charitable
trading funds	(17,803)	215,709	(213,983)				(16,077)
	1,672,578	963,842	(1,597,467)		653,808	(121,194)	1,571,567
Total
Unrestricted
funds	2,727,578	1,488,842	(1,597,467)		(36,192)	(121,194)	2,461,567

Statement	offun	ds (continued)
							Balance at
		Balance at 1			Transfers	Gains/	31 March
		April 2022	Income	Expenditure	in/out	(Losses)	2023
Restricted
funds
Paul Mellon
Centre/Pilgrim
Trust fund		6,211		(3,211)			3,000
The Clore
Duffield
Foundation	fund	26,389		(16,699)			9,690
Exhibitions	fund	261	198,938	(186,353)			12,846
Learning running
costs fund		236,055	100,603	(125,861)			210,797
Collection
purchases	fund	14,547	92,934	(47,092)			60,389
Gerald Coke
Handel
Foundation	fund	(1,146)	22,446	(13,381)			7,919
China Project
fund		26,869	35,000	(61,869)
Covid
Emergency
Grants		4,241		(4,241)
Other funds		17,281	105,950	(38,191)			85,040
Front Desk
Project		21,498	12,500	(29,189)			4,809
Heritage assets
fund		9,518,198			36,192		9,554,390
		9,870,404	568,371	(526,087)	36,192		9,948,880
Total offunds		12,597,982	2,057,213	(2,123,554)		(121,194)	12,410,447

Statement offun	ds - prior year
						Balance at
	Balance at			Transfers	Gains/	31March
	1April 2021	Income	Expenditure	inlout	(Losses)	2022
Unrestricted
funds
Designated
funds
Redundancy
costs	50,000			(50,000)
40 Brunswick
Square	600,000			50,000		650,000
Vaults	25,000			(25,000)
Exhibition
shortfall fund	20,000			25,000		45,000
General
Refurbishment/
Sash windows	60,000					60,000
NHLF Shortfall
fund	300,000					300,000
	1,055,000					1,055,000
General funds
Tangible fixed
assets fund	1,137,888		(205,874)	205,505		1,137,519
General fund	580,430	945,926	(941,999)	(265,505)	313,510	632,362
Pension reserve
fund	(96,000)		13,000		3,500	(79,500)
Non-charitable
trading funds	(15,403)	128,022	(130,422)			(17,803)
	1,606,9'/5	1,073,948	('/,265,295)	(60,000)	317,010	1,672,578
Total
Unrestricted
funds	2,661,915	1,073,948	(1,265,295)	(60,000)	317,010	2,727,578

Statement offun	ds (continued)
						Balance at
	Balance at			Transfers	Gains/	31 March
	1April 2021	Income	Expenditure	inlout	(Losses)	2022
Restricted funds
Conservation fund	640		(640)
Paul Mellon
Centre/Pilgrim
Trust fund	6,316		(105)			6,211
The Clore Duffield
Foundation fund	26,951	10,800	(11,362)			26,389
Exhibitions fund	27,620	61,274	(88,633)			261
Learning running
costs fund	73,536	261,766	(99,247)			236,055
Collection
purchases fund	29,851	87,453	(102,757)			14,547
Gerald Coke
Handel Foundation
fund	1,201	7,079	(9,426)			(1,146)
Oak Foundation
fund	15,000		(15,000)
China Project fund	32,256	35,000	(40,387)			26,869
Foyle Foundation
fund	16,178		(16,178)
Covid Emergency
Grants	18,294	150,000	(164,053)			4,241
Other funds	19,307	33,200	(35,226)			17,281
Front Desk Project	29,800	25,000	(33,302)			21,498
Heritage assets
fund	9,458,198			60,000		9,518,198
	9,755,148	671,572	(6'/6,316)	60,000		9,870,404
Total offunds	12,417,063	1,745,520	('/,881,611)		3'I7,010	12,597,982

Analysis	of net assets		between funds - current year
				Unrestricted	Restricted	Total
				funds	funds	funds
				2023 F	2023f	2023f
Tangible	fixed assets			965,662		965,662
Fixed asset investments				2,940,011		2,940,011
Heritage assets					9,554,390	9,554,390
Current assets				2,975,713	394,490	3,370,203
Creditors	due within one		year	(1,356,569)		(1,356,569)
Creditors	due in more than one year			(3,000,000)		(3,000,000)
Provisions	for liabilities	and charges		(63,250)		(63,250)
Total				2,461,567	9,948,880	12,410,447
Analysis	of net assets		between funds - prior year
				Unrestricted	Restricted	Total
				funds	funds	funds
				2022	2022	2022
Tangible	fixed assets			1,137,519		1,137,519
Fixed asset investments				3,049,840		3,049,840
Heritage assets					9,518,198	9,518,198
Current assets				2,321,279	352,206	2,673,485
Creditors	due within one		year	(701,560)		(701,560)
Creditors	due in more than one year			(3,000,000)		(3,000,000)
Provisions	for liabilities	and charges		(79,500)		(79,500)
Total				2,727,578	9,870,404	12,597,982

							Group	Group
							2023	2022
	Net income/expenditure for the year (as		per	Statement	of Financial
	Activities)						(191,135)	177,419
	Adjustments for:
	Depreciation charges					15	250,011	205,874
	Losses/(gains) on investments					17,18	124,794	(313,510)
	Investment income					7	(139,620)	(95,338)
	Loss on the sale offixed assets						21,922
	(Increase)/decrease in stocks					19	(337)	12,497
	Decrease/(increase) in debtors					20	18,033	(124,183)
	Increase in creditors					21,22	642,359	62,578
	Decrease in provisions					28	16,250	16,500
	Defined benefit pension scheme finance		cost			28	(3,600)	(3,500)
	Pension scheme costs less contributions		paid			28	(12,650)	(13,000)
	Net cash provided by/(used	in) operating		activities			726,027	(74,663)
26.	Analysis ofcash and cash equivalents

			Group	Group
			2023	2022
Cash	in hand		1,523,401	1,367,050
Cash	held by investment	managers	361,490	402,269
Total	cash and cash equivalents		1,884,891	1,769,319

				2023	2022	2021	2020
					E	E	F
Present	value	of	provision	63,250	79,500	96,000	107,000

							2023	2022
								F
Provision	at start	of period					79,500	96,000
Unwinding ofthe		discount	factor (interest	expense)			1,820	1,000
Deficit contribution		paid					(14,470)	(14,000)
Remeasurements		- impact	ofany change	in assumptions			(3,600)	(3,500)
Provision at end		of period					63,250	79,500
Income	and expenditure		impact
							2023	2022
								F
Interest	expense						1,820	1,000
Remeasurements		- impact	ofany change	in assumptions			(3,600)	(3,500)
Income	(costs) recognised		in statement	offinancial	activities		(1,780)	(2,500)
Assum ptions
					2023	2022	2021	2020
					0/	0/	0/	0/
Present	value of provision				5.18	2.55	0.98	2.58

under non	-can	cellable operating leases as follows:
			Group	Group
			2023f	2022
Not later than		1 year	13,115	10,040
Later than	1 year and not later than 5years		65,479	15,926
			78,594	25,966

			Group	Group	Charity	Charity
			2023	2022	2023	2022
Operating	lease	rentals	16,904	10,040	16,904	10,040