Annual Review 1 April 2023 to 31 March 2024 .16J7 Foundling Museum Charity1071167 Company Limited by Guarantee 03621861 IEngLand and Wales) Heathcliff wasa foundling. Harry Potter was fostered. Estella Havisham was a Scad Becky Sharp was orphaned. Alem Twis Kelo was fostered. Dick Whittington was orphaned. Asajj Ventress was orphaned. Cinderella was fostered. Dorothy Gale was adopted. Gideon Smeed was a foundling. Han So was orphaned. Harriet Beadle wa a foundling. Rapunzel was fostered. Hotaru To -d. James lus and Jane Eyre zouchi was cqua was asadopte foundli orpha afoi fost( Jean Feat Moh Salai was Bond was Remus were fo was fostered. H foundling. fostered. Frodo Jack Worthin Tom Riddle foste Mad, Xiao was adop foste Yuri Welcome The Foundling Museum explores compelling stories of love, loss and care through art, music and objects. In Spring 2024, Sue Hoyle OBE was appointed as Chair of the Foundling Museum's Board of Trustees, succeeding Larissa Joy OBE who served as Chair from 2015-24. Sue has held a number of influential leadership roles in the arts, including Director of Clore Leadership, Deputy Secretary- General for Arts Council England and Executive Director of The Place. She is a Trustee of the Royal Opera House, a Board member of Fuel Theatre and a Commissioner for the Judicial Appointments Commission. In Sue's words, 'The Foundling Museum is a dynamic, independent organisation that l admire enormously. The Museum plays a unique role, celebrating centuries of artistic and social activism for early years and care-experienced young people. The Foundling Museum is an inspiring model for cultural philanthropy. It is a privilege to help contribute to the dynamic future of this vital museum,. CONTENTS Introduction Chair's Statement & Director's Summary Social Impact & The Arts Creative Action= Learning & Wellbeing 12-15 Fresh Perspectives: Exhibition5 & ColLections 16-21 Campaign: SecuringThe Future 23 Charitable Objects 24 Mission 25 Museum Values 26 Museum Structure. Governance & Management Museum Relationships Financial Review 2023-24 Accounts 10-11 27-28 29-30 32-34 35-80 Introduction 'Foundling' is an affectionate old term for a child in care. 'Foundling' refers to a vulnerable mother placing their baby to be found and supported, for a time, by the kindness of strangers., Emma Ridgway, Museum Director The Foundling Museum is the only cultural institution in the UK to celebrate people who have been in care, and those who care for them. We are a contemporary museum established in 2004, with collections of art, music, writing and emotive objects that stretch back to the 18th century. Our work grows from our unique foundations, as the only foundling hospital museum in the world that has an art collection donated by artists, and the only one to tell the story of the birth of creative phiLanthropy. We show how artists championed the FoundLing cause, including artist William Hogarth and composer George Frideric Handel. Their compassion and generosity demonstrated that the arts can transform lives. At the Museum, we work with outstanding contemporary artists, writers and musicians to ensure that leading artists continue to be part of the story of care. At the heart of our work is our award- winning arts training programme for young care leavers, aLong with arts and wellbeing activities for children, families and communities. Chair's Statement Sue Hoyle OBE, Chair of Trustees It was a full and eventful year at the Foundling Museum. The Museum team, led by Director Emma Ridgway, has completed its first full year as an Arts Council England (ACE) National Portfolio Organisation. Emma has also completed her first year in post, having assumed her role care-experienced aud iences in May 2023. 'The Museum is recognised for its work with and under-served The Museum is delighted to be part of the ACE portfolio com mun ities, and its work and to be growing its reach and Impact. The Museum is recognised for its work with care-experienced audiences and under-served communities. and its work in these areas has developed and strengthened during the year- notably with the delivery of early years learning work in Newham, Barking & Dagenham and Stoke-on-Trent. plus the expansion of its work with young care leavers in London both within and beyond the Museum. The team's work has been well received and its positive impact felt by young people, children and their families and carer5 alike. in these areas has developed and strengthened during the year., Sue Hoyle OBE After completing nine years as Chair of the Foundling Museum, Larissa Joy OBE stood down as Chair in June 2024. On behalf of the Trustees of the Museum. I would like to extend our huge gratitude to Larissa for her exemplary period of service to the Foundling Museum. Larissa's leadership spanned a period of significant growth and change for the Museum. Lari55a chaired the organisation through Covid, throughout a successful transition of Director from Caro Howell MBE to Emma Ridgway in May 2023 and to successful entry into the Arts Council England's National Portfolio Organisation in 2022. Larissa spearheaded the Museum's successful Securing the Future campaign that secured the Museum's long-term home at Brunswick Square, the long-term future of the historic Collection for 999 years and the Museum's governance as an independent charity. As Chair, Larissa attracted and shaped a strong and exceptionally dedicated group of Trustees with whom l am proud to work. On a personal level I would like to take this opportunity to thank Larissa for the time she has spent in transitioning the Chair role to me with her customary levels of care and good humour. The Board. Emma and l are delighted that Larissa has accepted the Board's invitation to become a lifetime Vice President of the Museum to recognise her commitment and dedication as Chair over the last 9 years. The exhibition Finding Family. co-developed with the Foundling Museum's Tracing Our Tales care-experienced trainees and The National Gallery, opened in March 2023 and was successful in attracting a significant number of new first-time visitors. We were particularly delighted that our Patron, HRH The Princess of Wales. was able to V15it in May 2023 to meet the young care leavers who co-developed the exhibition. to hear about their life experiences and how participating in the Tracing Our Tales programme has benefited them. We reported in the previous annual report that, with the generous help of over 225 supporters. including trustees and staff, the Museum completed its Securing the Future campaign in October 2023. This was a major milestone in the life of the Museum and means that the Museum has the possibility to create a strong and vibrant long-term legacy, and to continue to deliver its award-winning learning work long into the future. The new ownership of a 999-year virtual freehold of the Museum's home at 40 Brunswick Square bring5 additional obligations, but also opportunities to improve the Grade11-listed building to keep pace with environmental demands and to enhance accessibility for visitors. The Museum would not exist at all without the ongoing support we receive from our loyal supporters, whose encouragement and goodwill continue is treasured and cherished. We are very fortunate indeed to count so many loyal and long-term supporters amongst those wonderful individuals and trusts who support the Museum's work. I would like to thank the Museum team who have, yet again, done a tremendousjob of navigating a year that has seen a great deal of change. Regarding the Board of Trustees, this year will see the end of extended periods of Service for valued trustees Anne Beckwith-smith LVO and Chris Cotton DL who stand down from the Museum's Board. having served two extended full terms of office in each case. We welcome new trustee Michael Crossan to the Board formerly a Lead Partner for the employment and incentives practice at a major international law firm, he brings enormous passion for the Museum's mission to transform lives through creative action. Sue Hoyle OBE Chair of Trustees Museum Director's Summary Emma Ridgway, Museum Director (CEO & Artistic Director) In my first year at the Foundling Museum I've found it to be a brilliant organisation - modest in scale, ambitious in scope and abundant with future possibilities. 'The Foundling is the UK birth place of creative philanthropy- famous artists contributing their creative excellence to a charitable cause., From 2023 to 2024. we have increased the Museum'5 distinctive emphasis on social impact through the arts, and it continues to rise. We have grown more ways to actively listen to the lived experiences of care leavers and carers (including those in our team} to inform the programming and future of the Museum. In the past year, we successfully piloted a new Museum A55iStant role- a one-year salaried post that is only open to care leavers. We also piloted a new alumni programme for graduates of the Museum's professional arts traineeships for care leavers (our award-winning Tracing Our Tale5 programme). Members of this newly formed group learn practical art skills, hold discussions, and advise on our artistic programmes, from major exhibitions for public visitors to specialised digital engagement. The importance of our activities with and for people with care experience is explained best by our young participants. Emma Ridgway, Museum Director In Autumn. our major exhibition TheMother& The Weaver Artfrom the Ursula Hauser Collection centered on primary concerns of the Museum - making visible the vulnerabilities of children, their unseen mothers, and the importance of compassion. The show invited visitors to explore our historic collection in a new light, with unforgettable interventions of large spiders and birthing bodies in the Museum's spaces. A further highlight was our collection display Handel s Will.- Love & Legacy, which humanised the composer and his immense contribution to the Foundling cause. 'The Foundling Museum is the only place we have to tell the story of being in care- it shows us in a good light rather than the stigma we are used to., In the past year, our creative workshops have been led by 30 professional artists specialising in learning engagement with communities. We are also delighted with the Museum's intimate events by internationally acclaimed artists - performance artist Marina Abramovié. artist Grayson Perry, writer Lemn Sissay, and composer Andrew Lloyd Webber- each providing one-off experiences for the Museum's closest supporters who fund and encourage our work. Graduate of Tracing Our Tale5 and Foundling Museum trustee It is a credit to everyone involved with the Museum that we have had such a rewarding year: successfully delivering our major campaign to secure the future of the Museum. whilst raising revenue income, introducing new ways to evaluate our work, and delivering an excellent and moving programme. It is great that we havejoined the ACE National Portfolio to become part of the national agenda for public engagement with excellent arts and culture. Our exhibitions, events and workshops intend to generate fresh perspectives on historic and contemporary care experience, motherhood, family identities, and many forms of philanthropic support. We are gratef ul to all our exhibiting and performing artists who have contributed their creative work to engage our visitors, understanding of care. In partnership with The National Gallery, the exhibition FindingFamily involved care leavers in the exhibition making process. a new approach for both institutions. As a next Step, the Museum's new alumni group advised the team on subjects to explore in the event of a future partnership with The National Gallery- watch this space in the year to come. I feel honoured to serve as Museum Director of the Foundling Museum. It has been a privilege to work with Larissa Joy as Chair, and l am excited to work with Sue Hoyle in the coming years. Ongoing thanks to our team, wonderful trustees, volunteers, artists, participants, partners. advisors. supporters. and all those who contribute to our collective achievements. Emma Ridgway Museum Director (CEO & Artlstic Director) Social Impact & The Arts 'Hands down, working with the Foundling is the best thing that has happened to me., Traang Our Tales trainee The Foundling Museum's distinctive emphasis on social impact through the arts is rare in the museums sector. We invest as much in our learning work as we do in our exhibitions. Our dedication to creative excellence with care-experienced people is award winning. 39,385+ visitors to the Foundling Museum in the pastyear 460+ events including 287 public events 8,700+ young attendees including early years, childrem and young people aged 19-25 140+ research visits 30 specialist artists by academics studying our collections led the Museum's creative learning events 5,665+ new followers 125+ volunteers on Instagram alone in the past year dedicated 5,667 hours to visitor services 50 % + carbon reduction achieved over past 5 years, 18 /0 reduction in 2023-24 These figures count people visiting the Museum and also 1.841 attendees at our participation events at local librarie5, nurseries and primary schoo15 in Camden, Newham, Barking & Dagenham and Stoke-on-Trent. 11 Creative Action: Learning & Wellbeing TRACING OUR TALES Our award-winning learning programme- Tracing Our Tale5- recruits and professionally trains care leavers to become art workshop assistants at the Foundling Museum and beyond. The traineeship focuses on developing art and teaching skills, as well as general life 5ki11s and confidence building, and forms a community of young people with shared experiences to help with the increased mental health challenges. loneliness and isolation of care leavers. '1 can definitely say I have improved my artistic abilities 1000 %. This is speaking volumes to the traineeship. I would never have considered myself an artist if I had not done this traineeship., The alumni workshops are developed with traineeship graduates. TRACING OUR TALES: ALUMNI Developed in collaboration with Tracing Our Tales trainees. there are now alumni workshops with professional artists at the Foundling Museum. For groups of up to eight participants, weekly sessions have taken place in Summer and Winter. This programme follows the interests of the care- experienced participants, with an external evaluation of each session informing the development of this pilot programme. Activities included artist Phoebe Kaniewska teaching trainees how to make beeswax candles filled with herbs and flowers inspired by the Foundling Hospital's cottage garden. Following on from this. trainees were taught about herbs by Nat Mady from Hackney Herbal, while in another session trainees created copperjewellery inspired by the Museum's collection of Foundling Hospital tokens. Tracing Our Tales trainee In 2023-24 we delivered three training and mentoring programmes for cohorts of 14-20 care leavers who took part in weekly artist-led workshops for two to three months. Our evaluations show that this professional arts training programme is transformative for the young people that participate, enlarging their sense of personal identity. For many of the young care leavers, this is their first paid traineeship and offers the opportunity of continued work with the Museum. The alumni group are also strategic advisors for the Museum team. In the past year. they have directly informed the development of a digital platform for care leavers, as well as informing the focus of our forthcoming exhibitions programme. 'Naturally we're going to relate to the Foundlings. It helps me get over the trauma. It makes me feel I deserve something; I'm worthy., /1 Tracing Our Tales alumni member TracingOurTale5 trainees gain art skills and exhibit theirwork. 13 FOUNDLING MUSEUM ASSISTANTS The Foundling Museum is distinctive in providing paid professional arts training for young adults with care experience. For our new pilot initiative- a 12 month full- time career development position exclusively for care leavers- we appointed Indika Roseway. She is a graduate of our five-month arts traineeship, and subsequently took on the role of champion to assist new trainees. While employed as the Museum Assistant. overthe course of the year she collaborated with fourteams= Learning, Visitor Engagement, Curatorial. and Marketing & Communications. During this period, she was involved in decision-making proce55es alongside the Director and curators. Her employment was characterised by her active participation in the life of the Museum. where she established herself as an essential member of the team. The experience built her professional confidence and future career decisions, and she continues to work with the Museum team. Assemblage CollKtive members in the Foundling Museum's Court Room. FAMILIES During October half term we delivered four family workshops inspired by our exhibition The Mother& The Weaver. These sessions were delivered by Tracing Our Tales graduates and artists Laura x Carlé, Harriet Mena Hill, Christina Rose Brown and Isobel Manning. ASSEMBLAGE YOUTH COLLECTIVE We successfully ran creative workshops for young people aged 18-30 with our resident youth collective, Assemblage Collective. Activities included a portrait drawing workshop, poetry and performance workshops, plus a knitting and crochet workshop in which the knitted squares were donated to homeless charities as part of Craft Forward's Blankets for London initiative. Most participants were visiting the Museum for the first time and all workshops received excellent feedback. We also collaborated with local arts organisation October Gallery, and ten Assemblage Collective members contributed works of art and films to their youth takeover exhibition. 'My child is very creative and non-verbal with separation anxiety and finds school difficult. These workshops are absolutely perfect for us to do together. It's a great chance to try new materials and have fun!, '1 was sitting outside in the park before the workshop, and I thought I wouldn't come because I was feeling very shy. Now I've done it and performed with such a supportive group of people I feel so much better than I did before. I really want to come to future events., Poetry & performance workshop participant Parent of workshop participant The Museum hosted its annual Hetty Feather Day in July, based on author Dame Jacqueline Wilson's Foundling Fellowship project for the Museum. Activities included a Hetty puppet-making workshop plus a talk and a book signing by Jacqueline Wilson. To coincide with the event a digital family activity titled 'Hetty's Pop Up Adventure,, created by Wendy Scott, was shared on the Museum's Instagram account and website. 14 EARLY YEAR5 We have worked across different nursery settings in Camden, Barking & Dagenham and Stoke-on-Trent. We have also delivered museum-based workshops for local nursery and primary schools, which were highly praised by parents and teachers. 1000A of attendees surveyed identified an improvement in the children's mood and rated the workshops as very good or excellent. 'The children were all very excited to hear that the Foundling Museum were returning. They all smiled throughout the session and had a lot of fun. Afterwards, they spoke about it with each other during play., Home-stsrt participants with their work. 'This is so special, we have never been invited to a big event like this, thank you so much., Naomi Smith, CEO, Home-start Reception teacher, Edith Neville School ARTS & WELLBEING Our partnership with Home-start Camden, working with mothers experiencing challenges, went from strength to strength. Our series of workshops ended in an evening private view. showcasing work created by participants alongside artwork from our exhibition The Mother & The Weaver in the Court Room. The mothers invited family and friends to celebrate their artwork and a special viewing of the exhibition. Our collaboration with Mind in Camden for people experiencing mental health challenges most recently resulted in eight artist-led workshops with 58 session attendances. The project culminated in a display of participants. work, Filling Gap5, shown in the Museum. We have completed an eight-week pilot arts and wellbeing project at the Coborn Centre, an inpatient Psychiatric unit for adolescents at Newham Hospital. There were 64 session attendances by young people, some of whom have experience of the care system. The group visited the Museum during an organised excursion in February. The Coborn Centre staff are keen for this project to continue and we are exploring the Possibility of producing a second series of workshops in Autumn 2024. Dame Jacqueline Wilson meeting a fan at Hetty Feather Day. 15 Fresh Perspectives: Exhibitions & Collections Conneclion. erB ed. led Kias orphaned. r Was adopted. Oedipus iu ndling. Snow While was Isp ider-man was adopted was orphaned. Ca55ie Idopted. Natty Bump d. Tom Sawyer t let Baudelaire Was 3dtrpt Above_. Helen Barff, Holding, 2023 Left.. Louise Bourgeois, Legs. 1986 16 At the Foundling Museum, we invite leading artists, writers and musicians to offer fresh perspectives on our historic collections and stories of care. We trust the ongoing power of the arts to challenge and question the world around us. •) Thoma5 Gainsborough, TheArtISt'5DaughtersCha5I11gaButterfly. £.1756 QThe National Gallery. London FINDING FAMILY 17 MARCH - 27 AUGUST 2023 NGA by participants from Tracing Our Tales (the Museum's award-winning programme foryoung care leavers) who responded to the exhibition's themes from the context of their own lived experience. Exploring new perspectives on what family is and can be, our original exhibition, Finding Family, questioned the idea of family through art from the 17th centuryto the present day. Looking at the ways in which artists have represented and responded to ideas of family. past and present, the exhibition presented a selection of historic and contemporary works of art that explored blood relations, social bonds, personal connections and love. The works were accompanied by creative writing In partnership with The National Gallery, the exhibition included three iconic masterpieces from the Gallery's collection. by Hogarth, Gainsborough and the Le Nain Brothers. Visitors were invited to look afresh at these well-loved works of art and to question their assumptions. These were shown alongside objects from the Foundling Museum's collections, and paintings, drawings, photographs and sculpture by contemporary 17 artists that reflett the many varied and complex versions of what and who family can be. Several newly commissioned works further enriched the exploration of what family means to different people. The contemporary artists featured in the exhibition were Louise Allen, Matthew Finn, Sunil Gupta. Chantaljoffe. Sikelela Owen, Hetain Patel, Barbara Walker, Caroline Walker and Gillian Wearing, alongside Helen Barff, Annabel Dover, Harold Offeh, MarkTitchner and Tamsin van Essen, who created new works for the show. Finding Family encouraged an exploration far beyond the idea of family in a nuclear sense, suggesting a broader. more inclusive definition that also invite5 US to consider where our own sense of connection and identity lie. Finding Family was supported byThe Kusuma Trust and The Esmée Fairbairn Collections Fund. delivered by the Museums Association. Tawn5in van E55en. EntangledRoot5, 2023 QTam5in van Essen. 'Beautiful exhibition to think about family and human bonds. Your youth programme sounds amazing, and the input and depth of the participants comes out in this exhibition., Exhibition visitor Harold Offeh performing WeAreFamilyatthe FindingFamily privateview. 18 THE MOTHER &THEWEAVER:ART FROM THE URSULA HAUSER COLLECTION 22 SEPTEMBER 2023- 18 FEBRUARY 2024 EXHIBITION GALLERY & MUSEUM Maternal presence or absence, and the complex emotions that each arouses, informed many of the works in the exhibition. Others were more suggestive, hinting at complex histories of displacement and fractured identity. Themes and ideas around what it means to be a 'good' mother or woman, explored in the contemporary works, took on new and forceful meanings in the context of the Foundling Museum. By presenting these works in juxtaposition with the Museum's collection, visitors were invited to explore our story with fresh eyes. The Mother& The Weaver was an exhibition of international modern and contemporary works of art in conversation with the Museum's historic collection. 'The Spider is an ode to my mother. She was my best friend. Like a spider, my mother was a weaver., Ursula Hauser has been building her collection of modern and contemporary art since the 1980s. She selects artworks that captivate and move her, and places a special emphasis on female artists. Louise Bourgeois, 2001 **** 'An intimate show in a London gem, The exhibition took the unseen mother. a central part of the Foundling Museum's story, as a point of departure to explore complex ideas around motherhood. childhood. love, loss, sexuality and identity. Occupying the whole museum, this substantial exhibition showed over 40 The exhibition attracted critical acclaim. Press highlights works from the Ursula Hauser Collection. all by women included The Times. Art Quarterly, The Glossary artists, in conversation with historic objects and works of Magazine, CN Traveller and London Reviews. The art from the Foundling Museum's collection. highlight of the public programme was a sold out panel discussion on the subject of art and motherhood held at the Museum on 31 January, chaired by exhibition curator Tanya Barson, with speakers Professor Pragya Agarwal, Ann Coxon and Hettiejudah. The Times The MotherET The Weaver presented modern and contemporary works of art in a variety of media, including painting. textiles, sculpture. video and works on paper. The internationally celebrated artists on display included Louise Bourgeois, Marlene Dumas, Luchita Hurtado, Maria Lassnig, Sonia Gomes and Pipilotti Rist. The exhibition was supported byTaylor Wessing and The 1739 Club. Ir Louise Bourgeois, Spiderv, 1999 Collection Displays HANDEL'S WILL: LOVE & LEGACY 20 OCTOBER 2023- 30 JUNE 2024 HANDEL GALLERY George Frideric Handel was one of the Baroque era's greatest composers, writing works such a5 Messiah that continue to be loved today. Born in Halle, Germany, he had a successful career in London and became friends with members of the royal family. His fame undoubtedly endures. but how much do you know about the personal life of this musical star? In this special display in our Handel Gallery, visitors could discover more about the man behind the name, as we delved into his will. This unique item held in our collection gives a rare glimpse into Handel's private and professional lives, revealing his social networks. We uncovered those named in his will- as well as those who were not- including individuals and charities such as the Foundling Hospital. demonstrating his compassion. Ensemble Molière performance of Hidden Gems loi the Foundling Museum, March 2024_ Map of Halle, 1749. Our collections are frequently brought to life with performances by established and budding musicians in the Picture Gallery. Each month ourThursday lunchtime concert for visitors offers an opportunty for young musicians from the Philharmonia's MMSF Instrumental Fellowship to give a public performance as part of their training. 20 Acquisitions At the Foundling Museum, we acquire a modest number of items for our collection each year. In the past year (FY 2023-24), we have prioritised representations of Foundlings. experiences as key acquisitions. In 2023, the Museum acquired a painting of Foundlings by the celebrated Dutch artist Thérèse Schwartze (b.1851-d.1918). A previously unknown painting in the UK, it appears to be the largest contemporaneously made painting of Foundling Hospital pupils. With thanks to a grant from Woodmansterne Trust, the painting has now undergone conservation work and we plan to display the painting in Autumn 2024. Museum trainee Indika Roseway with her display. FoundlingHospNtal Nuk5es &lnspectors. FOUNDLING HOSPITAL NURSES & INSPECTORS 6 NOVEMBER 2023- 14 JANUARY 2024 INTRODUCTORY GALLERY This collection display was curated by Indika Roseway, our Museum As515tant and Tracing our Tale5 alumni member. It spotlighted the contributions of inspectors and 'wet nurses, {foster mothers) to the Foundling Hospital. HANNAH BROWN: FOUNDLING & FIGHTER 28 DECEMBER 2023-28 APRIL 2024 INTRODUCTORY GALLERY A memoir of being a pupil at the Foundling Hospital from 1866 to 1881. Originally published anoymously in 1919, it was later revealed to be by Hannah Brown. She went on to advocate for the importance of people writing about their personal experience of care to expose the injustice and stigma of the care system. LIFE IN WARTIME 1 MARCH 2024- 1 SEPTEMBER 2024 FOYLE COMMITTEE ROOM This display, curated by University of Westminster intern Charlotte Haywood, explored how the Foundling Hospital's upbringing reflected military life. with many children going on to serve in the armed forces. It explored the daily lives of children who were at the Hospital during the First and Second World Wars and the military careers of some who served. A ChoirofFtwndling Girls byThérèse Schwartze11851- 19181 In 2023-24. we acquired the only two known autobiographie5 by former pupils of the Foundling Hospital in the 18th and 19th centuries. The Childshe Bare (1919) is a candid account written by former pupil Hannah Brown (b.1866- d.tbc)- George Kings Memoir(c.1845) is the original manuscript autobiography by George King (b.1787-d.1857). inked in his exquisite handwriting. Hannah Brown, TheChild5heBare, 1881 21 OP"7.I, g/ Securing The Future In October 2023 with the help of many hundreds of supporters and friends, the Museum successfully completed its £4.6m campaign to secure its long-term future. '1 am incredibly proud to be the Patron of the Foundling Museum, an organisation which has delivered pioneering creative programmes and life-changing support to families and young people... Their ground- breaking work to support each care-experienced young person to fundamentally change the future direction of their lives is one that means the world to me. Importantly, it shows that it is never too late to make a difference, and that by providing the right support, we can enable those who have faced real difficulties to overcome their challenges and achieve their goals. The success of the Securing the Future campaign means that the Museum secured its home in 40 Brunswick Square for the long-term through the acquisition of a 999-year virtual freehold. It also secured the custodianship of the Foundling Hospital Collection for the same period, and the governance of the Museum as an independent charity. Concluding the Securing the Future campaign has. importantly, also enabled the National Heritage Memorial Fund to convert into a restricted permanent endowment a £3m loan made for a period of 25 years when the Museum first opened. Even with the successful completion of this campaign, the Museum continue5 to need to fundraise for all running costs, collection care and the programming of events, exhibitions, learning and participation. Thank you to all our supporters who contributed to securing the future of the Foundling Museum. The Museum's work opens the door to new opportunities for vulnerable children and young people, connecting them with artists and developing skills which they can take into their adult lives. By helping them to undertake thisjourney, we can create positive, lasting change that benefits our society as a whole., Her Royal Highness The Princess of Wales (2023) The securing the Future campaign was endorsed by artists, cultural leaders, frontline charity partners and our Royal Patron, HRH The Princess of Wales. Her Royal Highness visited the Museum in May 2023 to speak with our young Tracing Our Tales trainee5 and supporters. 23 Charitable Objects The Museum was established in 1998 to safeguard the Foundling Hospital Collection; to preseNe its integrity in its original context and to provide public access. The Museum subsequently took ownership of the Gerald Coke Handel Collection which is also housed in the building. The Foundling Museum's charitable objects are= To establish and maintain a museum for the advancement of the education of the general public and of scholars by the documentation, maintenance, conservation. exhibition. study and interpretation of the Collection; and To support such of the purposes of the charity. now known as Coram, as the Museum, in consultation with Coram, shall from time totime determine. Mission The Foundling Museum brings past and present together, to celebrate the power of art as a cataJl st for change. Inspired by three great 18th century activists- Thomas Coram, William Hogarth and George Frideric Handel- the museum is a force for change. We believe in creative action that brings past and present together, to stimulate imaginations and enrich young lives. We celebrate the work of artists and inspire people to take positive action r. <.r that transforms lives and creates a lasting impact. - Opened in 2004. the Museum sits on the site of the Foundling Hospi al; the UK'S first children's charity and f ir5t pub c art gallery. Founded in 1739, the Hospital c red for babies at risk of abandonment, SUPP rted by leading artists of all disciplines, who dbnated their work to raise awareness and funds. •• Museum Values CREATIVE ACTION, TRANSFORMING LIVES Creative experiences that bring past and present together to stimulate imaginations and create positive lasting impact on society. BOLD COMPASSIONATE With a campaigning spirit and the courage of our convictions, we challenge the world to take action through the arts. We care for each other. our artists. and our visitors, striving together to enrich the lives of vulnerable children. PLAYFUL OPEN We're serious about our work but don't take ourselves too seriously. For us, play means a light touch and an attitude of curiosity. We're welcoming. generous-spirited and inquisitive. with a can-do attitude that thrives on collaboration. Museum Structure, Governance & Management MUSEUM STRUCTURE, GOVERNANCE & MANAGEMENT Nominations Committee in alternate years. The Chair's performance is evaluated annually by Trustees. The Foundling Museum ('The Museum.) was incorporated at the instigation of The Thomas Coram Foundation for Children ('Coram' _ registered charity number 312278) on 20 August 1998 as a company limited by guarantee and is governed by its Articles of Association. It was registered with the Charity Commission on 24 August 1998 {registered charity number 1071167). Coram was formerly known as The Foundling Hospital. Recruitment aims to build a committed, diverse Board with expertise in finance, arts. care, buildings, business, communications, education and risk management. New Trustees receive an induction. including background materials on the Museum and Charity Commission documents detailing their responsibilities. They meet with the Director to understand the Museum's operation5, objectives. and financial status. and are required to undergo ongoing training. Qualifying third- party indemnity provisions for Directors were in place during the year. In July 2014 the Museum filed new Articles with the Charity Commission which removed Coram's sole membership, thereby guaranteeing the Museum's independence. In autumn 2023, new Articles were adopted which enabled the acquisltion of the 999- year building lease and incorporated further changes necessary for the Museum's long-term future. TRUSTEES The Board of Trustees. who are also the directors of the charitable company for the purposes of company law, who served up until the date of signing the financial statements were as follows: The Museum has a wholly owned subsidiary, The Foundling Museum Trading Company Limited, which Sells promotional goods and organises events to benefit the Museum. It pays an annual management fee to the Museum. as Museum Staff handle its operation5. Anne Beckwith-smith LVO Profits are transferred to the Museum through a Gift Aid Christopher Cotton DL compliant Deed of Covenant. Michael Crossan Trustees Term ended 28 May 2024 Term ended 28 May 2024 Appointed 11 March 2024 The Museum's Board of Trustees meets every three months. It considers an extensive report from the Director about past. current and future activity and. as appropriate, additional papers on future and long term strategy, education, fundraising and development. The Board receives a financial report presented by the Chair of the Finance & Audit Committee. The Museum Director and Director of Finance attend Board meetings. Shereka Dunbar Williarn Gore Passed away October 2023 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 Sue Hoyle OBE (Chair) Term ended 28 June 2024 The Board of Trustees is supported in its work by Committees of the Board- namely the Finance and Audit Committee which meets formally every three months and includes reports from the Trading Company and the Investment Committee; and the Nominations Committee which meets approximately twice a year. Appointed 28 June 2024 Trustees are appointed following a review by the Nominations Committee and the Board, focusing on the skills and experience required by the Museum. Their contributions are formally assessed every two years by the Chair, who also reviews Board effectiveness with the 27 TRUSTEES CONT. FUTURE PLANS None of the Trustees has any beneficial interest in the company. At 31 March 2024 the company had 13 members, comprising the Trustees, who each guarantee to contribute £1 in the event of a winding up. The Museum has entered a dynamic chapter, shaping a new vision. We are enhancing our programming of exhibitions and events to be directly informed by lived experiences of care. At the heart of our work is our award-winning arts training program foryoung people who have been in care, along with arts and wellbeing activities for early years children, families, and local communities. Participants in these creative activities are engaging more closely with our collections and making significant contributions to the Museum's themes of love. loss. relationships. and care. The Trustees and Museum Director were deeply saddened by the passing away of our trustee William 'Bill' Gore. Since 2014, Bill championed the importance of securing the future of the Foundling Museum as an independent charity, and we remain grateful for his commitment. The Board of Trustees continues to have due regard to the Charity Commission in England and Wales, guidance on public benefit. For 2024-2025. our contemporary exhibitions will explore love, resilience, and how the people close to us can shape our identities a5 we navigate life. Our major exhibition, Polly Braden.- Leaving Ukraine, presented an intimate portrait of women forced to leave their homes following the Russian invasion of Ukraine in 2022. In this series of photographic works, commissioned by the Founding Museum, we witnessed the extraordinary journeys undertaken by mothers, daughters, and infants in arms. From Autumn, Foundling Voices, features five former pupils of the Foundling Hospital discussing questions surrounding identity as they come to terms with their past and their present selves. The exhibition, Self-made.. Shaping Identities, showcases the work of four leading artists who each use clay in different ways to explore the formation of self, and the potential for physical and emotional transformation. EXECUTIVE LEADERSHIP Trustees grant executive leadership of the Foundling Museum to the Museum Director, and other senior managers. Committees meet for decision making as per the Board's agreements. Major financial and organisational decisions require full Board authority, typically recommended by the Finance & Audit Committee. Senior management handles day-to-day operations with input from Trustees with relevant expertise. The Board determines the Museum Director's compensation, while Senior Management pay is approved by the Board. Staff pay reviews occur during the annual budgeting process. with salary benchmarking for new hires to ensure competitiveness. The budget for the upcoming year is set in the fourth quarter and requires full Board approval before implementation. Behind the scenes at the Museum. we are developing our partnerships both locally and nationally. This includes collaborating with The National Gallery on co-curating projects with young people who have graduated from our arts traineeships for care leavers. Our visual arts programming is well-established with our exhibitions and learning projects. yet, there is also significant potential in our music holdings, as we possess the largest collection of Handel material in the UK. In the coming year. we are excited to expand our music offerings at the Museum, so stay tuned for more updates. Senior Management Emma Ridgway. Museum Director Appointed 6June 2023 Caro Howell MBE, former Museum Director Resigned 6 April 2023 At the Foundling Museum, we believe that creative action has the power to change lives and shape a better future. Building on the Museum's strong values and inspiring accomplishment5, we are embarking on a bold five-year strategy focused on arts and social impact for 2025-2030. Now that we have secured a 999-year lease for the building and its historical collection, we can make much-needed repairs to the structure. Our museum building is unique, having been constructed in the 1930s to showcase the most innovative art and design features from the 1740s Foundling Hospital, including the first public art gallery in Britain. Over the comingyear5 we plan to make vital building improvements to the Museum. whilst a150 enriching the visltors, experiences of our spaces. Pauline Hamilton, Director of Finance R05ie Baker. Director of Commercial & Operations Clare Barlow, Director of Programmes & Audiences Appointed 5 May 2023 5 May 2023 - 30 September 2024 28 Museum Relationships The Trustees and Director would like to pay tribute to the generosity of donors. supporters and volunteers. without whom the Museum would be unable to realise its ambitions and run its programmes. TRUSTS & FOUNDATIONS CONT. The Golden Bottle Trust Gerald Coke Handel Foundation John Lyons Charity The Murray Family The Loveday Charitable Trust The Museums Association Oak Foundation The Old Coram Association The Pilgrim Trust The Rose Foundation The William Blake Foundation The Mason Family Charity 1700 CLUB MEMBERS Andrew Fane OBE Grant Gordon OBE and Brigitte Gordon Isobel and Michael Holland Larissa Joy OBE Julia and Jamie Korner Annie Mackeson-sandbach Jim Moyes Vince O'Brien Sir Simon Robey and Lady Robey CBE Sir David Verey CBE and Lady Verey Vernon Ellis Foundation Taylor Wessing And those who wish to remain anonymous SECURING THE FUTURE CAMPAIGN The Trustees and Directorthank all the supporters of the 2023 campaign to secure the future of the building lease and collection. with special thanks to the following major donors. INDIVIDUAL SUPPORTERS & PATRONS Robert Aitken Richard and Diana Allan Judith and William Bollinger Peter Brown John Caldicott Professor Graham Chase Tim Clark Ju5tine and Patrick Cowan Claire Jeffers Emma Kane Jane King Steven and Sonya Larcombe Christopher Lillywhite Ed and Elizabeth Marsden Jim Moyes James and Heidi Paradise David Pike National Heritage Memorial Fund Foyle Foundation Ethos Foundation Peter Brown The Murray Family Julia and Hans Rausing Garfield Weston Foundation The Headley Trust The Deborah Loeb Brice Donor Advised Fund at CAF Judith and William Bollinger Oak Foundation Sir Simon Robey and Lady Robey CBE Sir David and Lady Verey Charitable Trust Jim Moyes The Finnis Scott Foundation Royal Charity Polo Day Sir Hugh and Lady Stevenson Pilgrim Trust The John Armitage Charitable Trust David Pike Tavolozza Foundation JP Getty Jr Charitable Trust Jamie and Julia Korner Old Coram Association Larissa Joy OBE Richard and Diana Allan The Cadogan Charity TRUSTS & FOUNDATIONS The Clore Duffield Foundation The D'oyly Carte Charitable Trust Earl Fitzwilliam Charitable Trust Esmée Fairbairn Foundation Ethos Foundation Friends of the Nations, Libraries 29 SECURING THE FUTURE CAMPAIGN CONT. Isobel & Michael Holland Andrew Fane OBE Nicholas and Judith Goodison's Charitable Settlement The Blythe Watson Charitable Trust And those major donors who wish to remain anonymous The Ethics Policy is regularly reviewed by Trustees and is consistent with the Museums Association's Code of Ethics for Museums and the Code of Ethics for Museums Worldwide produced by ICOM, and the Seven Principles of Public Life (Nolan Committee, March 1996}. LEGACIES The estate of the late Ms Jocelyn Gamble We are verygrateful to our kindsupporters who have pledgeda legacygift to the Foundling Museum. RELATIONSHIP WITH THE GERALD COKE HANDEL FOUNDATION The Gerald Coke Handel Collection is owned by the Museum. It is an internationally important collection of material relating to Handel and his contemporaries, including manuscripts. printed music and books. libretti. artworks and ephemera. It was assembled by Gerald Coke and left to the nation by his widow, and came to the Museum through the Government's Allocation in Lieu Scheme in 2008. The endowment accompanying the Collection is managed by the Gerald Coke Handel Foundation (registered charity number 1058589), formed in 1996 to administer the endowment and assist the Museum with the Collection's care.The Foundation's primary aim is to ensure the maintenance, conservation and development of the Collection. Its objectives are to advance public education by providing research facilities in relation to Handel and his contemporaries. The Foundation continues to acquire heritage assets. The Foundling Museum is supported using public funding from Art5 Council England. The Trustees and Directorwould also like to thank the many guides and members of the Old Coram Association (OCA). who donate their speakers. fees to support Collection acquisitions, as well as the Museum's wonderful team of volunteers, who undertake research and help care for visitors and the collections. The Trustees would also like to acknowledge the continuing active support of the Museum's Vice Presidents, Brian Allen, Alan Borg, David Coke, Jamie Korner and Carolyn Steen, International Trustee Emeritus, Judy Bollinger, and the many advisers whose invaluable expertise contributes greatly to the Museum's success. DONORS & SUPPORTERS The Museum takes care with both the tone of its communications and the accuracy of its data, it never Swaps data with other organisations and ensures that its communication preferences can be changed at any time. Broadly speaking. the Museum uses data of a personal nature to keep in touch with people who are interested in its activities: to keep them informed about activities and developments,. to provide services to visitors and supporters,. and to identify ways in which people can support the Museum, through donations andlor other forms of financial and non-financial support. The Museum manages its own fundraising activities and does not employ the services of external professional fundraisers. The Museum undertakes to respond to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During the year under review, the Museum received no complaints about its fundraising activities. The Museum's fundraising activities are also conducted in line with its Ethics Policy which includes Ethical Fundraising, requiring the Museum to proactively carry out due diligence on prospective donors and sponsors. 30 41 ii +*+•• ** •• Financial Review 2023-2024 The Trustees present their report together with the financial statements of the Foundling Museum for the year to 31 March 2024. The net gain for the year before investment gains was £7,151,547 (2023- net loss of £66,341). The statement of financial activities for the year ended 31 March 2024 included income generated by the trading subsidiary £235.685 (2023 - £215,065). Total expenditure for the trading Subsidiary was £230.616 (2023- £213,983). The financial statements have been prepared in accordance with the accounting policies set out on pages 35 to 80 of the attached financial statements and comply with the charitable company's Articles of Association, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Net investment gains of £70,707 (2023 - losses of Practice applicable to charities preparing their accounts £124,794} were recognised in the year ended 31 March in accordance with the Financial Reporting Standard 2024 and £5,350 actuarial gains have been recognised applicable in the United Kingdom and Republic of Ireland (2023- gains of £3,600)- (FRS 102). In accordance with Financial Reporting Standard 102, the financial statements include heritage assets with a total valuation of £10,323.502. Further details are in Note 17 to the financial statements. STATEMENT The statement of financial activities for the year ended 31 March 2024 shows total income of £9.549.443 (2023 £2,057,213). As at 31 March 2024, the net assets of The Foundling Museum Group were £19,638,051 (2023 - £12.410,447). The income for the year included the income raised during the Securing the Future Appeal to purchase the lease of the building for £4.5 million. It also included £3 million from the conversion of a loan from the National Heritage Memorial Fund to a grant for a permanent endowment. RISK MANAGEMENT The Trustees have assessed the major risks for the charity, including financial sustainability and the safeguarding of exhibits, and are confident in their risk mitigation strategies. As can be seen in the Consolidated Statement of Financial Activities on page 40, the Securing the Future appeal enabled the Museum to acquire the virtual freehold of the Museum building, finally resulting in the Museum being able to plan for its future with certainty. The net result of the Museum's unrestricted funds, reflecting the Museum's normal operating activities. was a deficit of £118,829, even after taking account of an insurance recovery of £289,703 in relation to the Covid pandemic. The Museum has now embarked on a plan to eliminate this deficit, as the final stage of the overall objective to place the Museum's finances on a permanently stable footing. Financial Sustainability.. The Finance and Audit Committee regularly collaborates with Senior Management to review financial performance, annual budgets. and strategic objectives- any significant changes in financial performance and reforecasting by Management is overseen by the Committee. The Museum maintains a three to six months, reserves policy for operating costs. Attracting and Retaining Talent.. A Nominations Committee oversees Trustee recruitment and retention. Staff salaries are in line with sector-equivalent institution5, and every effort is made to provide an environment in which staff feel supported, valued and developed. OVERVIEW The total expenditure in the year was £2.397,896 (2023 - £2,123.554) of which expenditure on conserving the Collection and developing and maintaining the Museum amounted to £1.860.152 (2023 - £1,826,199). Relationships with Major Supporters= The Museum ensures consistent communication with major supporters and provides Trustees with performance 32 RISK MANAGEMENTCONT. Restricted reserves are also held but ring-fenced to the project for which the income was provided. These are detailed in Note 24 and amount to £12,817,383 at the end of the financial year. The largest of these is the balance of £10,323.502 representing the heritage assets owned by the Museum. updates from Senior Management regarding agreed objectives. Ownership of 40 Brunswick Square: A condition survey and insurance review were conducted priorto acquiring the 999-year lease. Post-acquisition, a 10-year maintenance plan is being developed, to be funded through reserves and fundraising efforts. INVESTMENT POLICY Under the Memorandum and Articles of Association, the charity has power5 to invest in any way the Trustees decide. RESERVES POLICY The Trustees have assessed the charity's scale, complexity, and risk profile, considering its funding sources.. grants, donations, investment income, and self- generated income. Account ha5 been taken of the effects of economic downturns particularly on self-generated income, and the time restrictions on applications to trusts and foundations especially for core funding. Consequently, income generation can be unpredictable, leading to short-term fluctuations in working capital, although reserves remain posltive over the long term. The Museum had a £3 million loan from the National Heritage Memorial Fund which was converted to a permanent endowment fund during the year. The investment policy applied to the fund reflects the Trustees, commitment to sustain the objects of the Museum by maintaining the capital and income of the fund, and to grow both of these over time. This will enable the Museum to expand its activities, increase visitor engagement, acquire heritage assets from Coram, and improve its building- these ambitions require continuous capital and income improvement. The Board has revised its policy on the Museum's level of free reserves, with the intention henceforth to maintain reserves within a range representing three to six months. of expenditure. The Board's expectation is that free reserves would generally be targeted at the mid-point of the range, while allowing some flexibility of movement within the range to cater for temporary fluctuations in the Museum's finances. At 31 March 2024 the Musuem's free reserves were £845,676. equivalent to 4.5 months. expenditure. Additionally, the Museum operates a Supporters, Loan scheme. allowing supporters to loan funds. which are invested without generating immediate income for lenders. who can require repayment of their loans back with accrued interest under certain conditions. In August 2024, the Trustees appointed Waverton as the new fund manager, replacing Meridiem Investment Management. to oversee a diverse multi-asset portfolio of property. fixed interest. global equities, and cash. The reserves policy is reviewed annually by the Trustees during the planning and budgeting process. The Trustees are also mindful of their responsibilities to invest in ethical ways, with fund managers instructed not to invest in armaments, pornography, gambling, and alcohol. The portfolio is reviewed at biannual Investment Committee meetings that include Trustees and external experts. In 2023-24 the fund managers achieved investment income of £153k against a budget of £140k. At the end of the financialyear the Unrestricted Reserves were.. General Fund Designated Fund £3,320,407 £410,000 The designated funds are detailed in Note 24 and reviewed each year by the Trustees. The largest balance is £350,000 remaining of a grant made in 2022-23 to provide £525,000 of match funding for the Arts Council England National Portfolio Organisation grant awarded for 2023-26. A permanent endowment fund of £3 million was created during the year from the conversion of a loan from the National Heritage Memorial Fund. The purpose of this endowment is to generate investment income to fund the future costs of the Museum. 33 APPROVAL & AUTHORISATION 6th Floor 2 London Wall Place London EC2Y SAU The Trustees, Report has been prepared in accordance with the special provisions under Part 15 of the Companies Act 2006 relating to small companies and the Museum has taken advantage of the small companies, exemptions in preparing the Trustees. Report and the requirement to prepare a Strategic Report. Bankers National Westminster Bank PIC 332 High Holborn London WCIV 7PS This report was approved and authorised for issue bythe Trustees and signed on its behalf by: CAF Bank Limited 25 Kings Hill West Malling Kent ME19 4JQ Sue Hoyle OBE Chair of Trustees C. Hoare & Co. 37 Fleet Street London EC4P 4DQ Date: 18 November 2024 Investment Managers REFERENCE AND ADMINISTRATIVE DETAILS Waverton 16 Babmaes Street London SWIY 6AH Independent Auditor MHA Statutory Auditor 34 STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 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 Prartice). Company law requires the Trustees to prepare financial statements for each financialyear. 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 applythem consistently,. observe the methods and principles of the Charities SORP (FRS 102)- makejudgements and accounting estimates that are reasonable and prudent; stste 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 busine55. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transartions 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 15 no relevant audit information of which the Group'5 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 ty. Sue Hoyle OBE Chair Date: 18 November 2024 35 INDEPENDE￿AuDITOR's REPORTTOTHE MEMBERS OFTHE FOUNDLING MUSEUM Opinion We have audited the financial statements of the Foundling Museum (the'parent charitable company,) and its subsidiary (the 'group'l for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet. the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements- give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 March 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011. Basis for opinion We conducted our audit in accordance wth Intemational Standards on Auditing (UK) (ISAS {UK)) and applicable law. Our responsibilities underthose standards are further described in the Auditor's re5pon5ibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom. including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatingto going concem In auditing the financial statements, we have concluded that the Tru5tees' use of the going concem ba515 of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfonned, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group s or the parent charitable company s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. 36 Other infomiation The other infomiation comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility IS to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otheNise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomied, we conclude that there 15 a material misststement of this Other information, we are required to report that fart. We have nothing to report in this regord. Opinion on other matter5 pre5crrbed bythe Companie5 Art 2006 In our opinion, based on the work undertaken in the course of the audit the information given in the Trustees. Report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Trustees, Report has been prepared in accordancewith applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material mi55tatements in the Trustees, Report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branche5 not visited by us,. or the parent charitable company financial statements are not in agreement with the accounting records and returns- or certain disclosures of Tmstees, remuneration specified by laware not made; or we have not received allthe information and explanations we require for our audit- or the Trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the Trustees, Report and from the requirement to prepare a Strategic Report. Responsibilitiesof Trustees As explained more fully in the Statement of Trustees, Responsibilities, the Trustees (who are also the Directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satlsfied that they give a true and fair view. and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from rnaterial mi5Statement, whether due to fraud or error. 37 In preparing the financial statements. the Trustees are responsible for assessing the Group s and the parent charitable company's ability to continue as a going concem, disclosin& as applicable, matters related to going concem and using the going concem bas15 of accounting unle55 the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations. or have no realistic altemative but to do so. Auditor's responsibilitiesforthe audit of thefinancial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of a55urance. but Is not a guarantee that an audit condurted in accordance with ISAS {UK) will always detect a material misstatement when it exists. Mi5Statements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reawnably be experted to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Obtaining an understanding of the legal and regulatory frameworks that the entity operates in, focusing on those laws and regulations that had a direct effect on the financial statements- Enquiry of management and those charged wtth governance to identify any instances of known or suspected instances of fraud- Enquiry of management and those charged with govemance around artual and potential litigation and claims., Enquiry of management about any instances of non-compliancewith laws and regulations; Reviewing the control systems in place and testingthe effectiveness of the controls,. Performing audit work over the risk of management override of controls. including testing of journal entries and other adjustments for appropriateness: Evaluatingthe business rationale of significanttransactions outside the normal course of busine55- Reviewing accounting e5timate5 for bia5; Reviewing minutes of meetings of those charged with governance.. and Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those eading to a moterial misststement in the financial ststements or non-complionce with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transartions rèflerted in the rinancial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, a5 fraud involve5 intentional concealment. forgery, collu510ri, oriiission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. wvM.frc.or .uklauditorsres onsibilities. This description fonns part of our Auditor's Report. Use of our report This report is made solely to the charitable company s Members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's Trustees, as a body, Part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's Members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and its Members. as a body. for our audit work, for this report, or for the opinions we have fomied. Stuart McKay Bsc FCA DChA (Senior StatutoryAuditor) for and on behalf of MHA Statutory Auditor London, United Kingdom Date.. 1011212024 MHA is the trading name of Maclntyre Hudson LLP. a limited liability partnership in England and Wales (registered number OC312313). 39 CONSOLIDATEDSTATEMENTOFFINANCIALACTIVITIES (INCORPORATING INCOME& EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestrfcted funds 2024 Restrlcted Endowment funds funds 2024 2024 Total funds 2024 Total funds 2023 Income and endowments from: Donations grants and legacies Charitable activities 923.476 203.744 232,803 13&210 364,402 4.645.300 3,000,000 8,568.776 203,744 232,803 179,718 364,402 1,606,219 96,309 215,065 139,620 Other trading activities Investments Other income 44.508 Total income and endowments Expenditure on: Raising funds.. 1.859.635 4.645.300 3.044.508 9.549.443 2,057,213 Expenditure incurred by trading subsidiary General fundraising Charitable activities 102,374 435.370 1,421,166 102,374 435,370 1,860,152 57,334 240,021 1, 826, 199 10 394,478 44,508 Total experKlilure Net losseslgains on investments 1,958,910 394,478 44.508 2,397,896 2, 123, 554 (19,554) 90.261 70,707 (124, 794) Net (expenditure)I income Transfers between funds Net mov8m8nt in fu￿1$ before other recognised gains (118,829) 4.250.822 3,090,261 7,222,254 (791, 135) 24 1,382,319 (1,382,319) 1,263,490 2.868.503 3.090.261 7,222,254 (791, 135) Otherrecognised gains: Actuarial gains 29 5,350 3,600 Net movement in funds 1,268,840 2.868,503 3,090,261 7,227,604 (187,535) Unrestricted funds 2024 Restricted Endowment fvnds funds 2024 2024 Totsl funds 2024 Total funds 2023 Note Reconciliation of funds: Total funds brought fO￿ard Net movement in funds 2,461.567 9.948,880 12,410,447 12.597.982 1,268.840 2.868,503 3,090,261 7,227,604 (187,535) Total funds carried forward 3,730,407 12.817,383 3,090,261 19,638.051 12,410,447 The Consolidated Statement of FinancialActivities includes all gains and losses recognised in the year. The notes on pages 47 to 80 form part of these financial statements. 41 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 REGISTERED NUMBER: 03621861 2024 2024 2023 2023 Fixed assets Tangiblefixed assets Heritage assets Investments 16 4,474,731 10,323,502 2,967,665 965,662 9,554.390 2,940,011 17 18 17,765,898 13,460,063 Current assets Stocks Debtors= Amounts falling due within one year Investments 20 21 19.261 349,398 1,632,686 1.332.388 25,246 200,974 1.620,582 1,523,401 19 27 Cash at bank and in hand 3,333,733 3.370,203 Creditors: Amounts falling due within one year {1,415.680) (1,356,569) Net current assets 1,918,053 2,073,634 Total assets less currenl liabilities 19.683.951 15,473,697 Creditors.. Amounts falling due after more than one year Defined benefit pension scheme liability 23 (3,000,000) (63,250) 29 145.900) Total net assets 19.638.051 12,410,447 Charity funds Endowment funds Restricted funds Unrestricted funds 24 3,090,261 12,817,383 3.730.407 24 24 9,948.880 2,461,567 Total funds 19,638,051 12.410,44T The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies, regime. 42 REGISTERED NUMBER: 03621861 The financial statements were approved and authori5ed for issue bythe Trustees and signed on their behalf by. Sue Hoyle OBE Chair Date.. 18 November2024 The notes on pages 47 to 80 fonn part of these financial statements. 43 CHARITYBALANCE SHEET AS AT 31 MARCH 2024 REGISTERED NUMBER: 03621861 2024 2024 2023 2023 Fixed assets Tangiblefixed assets Heritage assets Investments 16 17 4.474,731 10,323,502 2,967,667 965, 662 9,554,390 2,940,013 18 17,765,900 13,460,065 Current assets Debtors.. Amounts falling due within one year Investments Cash at bank and in hand 21 19 460.096 1,632,686 1,187,115 298,144 1,620,582 1,419,051 3,279,897 3,337,777 Creditors= Amounts falling due within one year (1.350.836) (1,308,066) Net current assets 1,929,061 2,029, 711 Total assets less current liabilities 19,694.961 15,489,776 Creditors.. amounts falling due after more than one year Defined benefit pension scheme liability (3,000,000) (63,250) (45.900) Total net assets 19,649,061 12,426,526 Charityfunds Endowment funds Restricted funds Unrestricted funds 24 24 3,090,261 12,817,383 3,741,417 9,948,880 2,4T7,646 24 Total funds 19,649,061 12,426,526 The Charity's net movement in funds fortheyear was £7.222.535 {2023- £(189.261)). The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provision5 applicable to entities subject to the small companies. regime. REGISTERED NUMBER: 03621861 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by. Sue Hoyle OBE Chair Date: 18 November 2024 The notes on pages 47 to 80 form part of these finanaal statements. 45 CONSOLIDATEDSTATEMENTOFCASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note Cash flows from operating activities Net cash from operating aclivities 4,208.629 726,027 Cash flows from investing activities Investmenl income Purchase oftangible fixed assets Proceeds from sale of investments PurGhase of investments Purchase of heritage assets 176,836 (3,826,315> 709,486 (663,4221 (769,112) 139, 620 (100,076) 299, 190 (912,997) (36,192) 16 18,19 18,19 17 Net Gash used in investing activities (4,372,527I {610,455) Change in cash and cash equivalents in the year Cash and cash equivalents atthe beginning ofthe year (163,898) 1,884.891 115.572 1,769,319 Cash and cash equivalents at the end of the year 27 1,720,993 1,884,891 The notes on pages 47 to 80 form part ofthese financial statements. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General infomiation The Foundling Museum is a charitable company limited by guarantee and is registered with the Charity Commission {Charity Registered Number.. 1071167) and the Registrar of Companies (Company Registration Number-. 03621861) England and Wales. The address of the registered office is given in the Group and Charity infomiation on the back page. The nature of the Group and Charity'5 operation5 and principal activitie5 are detailed within the Tru5tees' Report. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Accounting poliues 2.1 Basis of preparation & consolidation of financial ststements The financial statements have been prepared in accordance with the Charities SORP {FRS 1021 Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Companies Act 2006. The Foundling Museum meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othe￿ise stated in the relevant accounting policy. The financial statements have been presented in sterling, which is also the funrtional currency of the Group and are rounded to the nearest pound. The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial ststements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and ha5 not presented its own Statement of Financial Artivities in these financial ststements. 2.2 Going concern The Trustees have assessed the applicability of going concern concept and have considered possible events or conditions that might cast significant doubt on the ability of the Group and Charity to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. The Trustees have concluded that there is a reasonable expectation that the Group and Charity has adequate resources to continue in operational existence for the foreseeable future, with no material uncertainties. The Museum adopts the going concern basis in preparing its financial statements. 47 2.3 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of incgme from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to it (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured. Grants, including Govemment grants, are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period 15 Shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlernent occurs before income 15 received, the income is accrued. Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Charity s accounting policies. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 2.4 Expenditu Expenditure is recognised once there is a legal or constnjctive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be rèquired in sèttlement and the amount of the obligation can be measured reliably. Expenditure is classified by artivity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis con5iStent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and include5 costs of all fundraising activities events and non-charitsble trading. Expenditure on charitsble activities is incurred on directly undertaking the activities which further the Group's objectives. as well as any associated support costs. Expenditure is inclusive of irrecoverableVAT. 2.5 Tangible fixed assets & depreciation Tangible fixed assets costing £2,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially re(ognised at CQSt. After recognition, under the c05t model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. using the straight-line method. Land is not depreciated. Depreciation is provided on the following bases= Long-temi leasehold property cost -1%on Leasehold improvements Leasehold improvements made prior to October 2023 are beingdepreciated to the end of the original lease in 2027. Leasehold improvements from Ortober 2023 are being depreciated over their useful lives. - 25% on cost Office equipmentand fixtures and fittings Website and digital branding - 25% on cost 2.6 Heritage assets The Museum safeguard5 its heritage a55ets and offers the public acce55 to its collection5. The Mu5eum'5 artefacts include paintings, furniture and items from the Foundling Hospital Collection as well as items of contemporary art, ceramics and archival material relating to the Foundling Hospital and also the Gerald Coke Handel Collection. The Museum contains three rooms and a staircase from the original Foundling Hospital and, on the acquisition of the lease, these were retognised as heritage assets and accounted for separately from the land and buildings. The assets are defined as heritage assets for the purpose of these financial statements as they are held as part of the primary purposes of the charity and to further an understanding of social history and culture. Heritage assets are included on the balance sheet at cost. or where cost is not available, a valuation that reflects the value of the asset at the time it was acquired by the charity. Such assets are not depreciated. Any impairment in the value of an asset is treated as charitable expenditure in the year in which it arises. 2.7 Investments Fixed asset investments are a fomi of finanaal instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and10sses, whether reali5ed or unrealised, are combined and presented as'Gainsl{Losses) on investments, in the Consolidated Statement of Financial Activities. Investments in subsidiarie5 arevalued at C05t less provision for impairmenL 49 2.8 Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs. 2.9 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.10 Cash at bank& in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.11 Liabilities & prOvi￿onS Liabilities and provisions are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit wll be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recogni5ed at the amount that the Charity anticipates It will payto settle the debt or the amount it has received as advanced payments for the good5 or Services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost. Concessionary loans represent loans received by the Charity to further its purposes at an interest rate below the prevailing market rates. The Charity recognises its concessionary loan at the loan's net present value but considers the difference between this value and its original value to be immaterial- as such, the concessionary loan has been recognised at its original value in these financial statements. 2.12 Financial instruments The Trust holds only basic financial instruments a5 defined in FRS 102. The financial a55ets and financial labilities of the Trust and their measurement bases are as follows= Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in Note 21. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at face value. Financial liabilities- trade creditors. accruals and other creditors are financial instruments, and are measured at amortised c05t a5 detailed in Notes 22 and 23. Taxation and social Security are not included in the financial instruments disclosure definition. Deferred intome is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver Services rather than cash or another financial in5trumenL 2.13 Pen5i0ns The Charity contributed to a defined benefit scheme operated by The Pensions Trust, which provides benefit based on average pensionable salary. The Charity ceased to offer the scheme to its current employees on 31 December 2011, but continues to operate the scheme for the former employees who were part of the scheme. It is not possible in the nomial course of events to identify on a reasonable and consistent basis the share of underlying assets and liabilities belonging to individual participating employers. The Scheme is a multi- employer scheme where the Scheme assets are co- mingled for investment piirposes, and benefits are paid from the total Scheme assets. Accordingly, due to the nature of the Scheme. the accounting charge for the period under FRS 102 represents the employer contribution payable. Contributions in respect to personal pension schemes and defined contribution schemes are recognised in the statement of financial artivities in the year in which they are payable to the relevant scheme. The Charity also contribute5 to a defined contribution Scheme, currently operated by Royal London. 2.14 Termination payments Termination benefits, including redundancy costs, are recognised when the Company has the obligation to pay the benefits and they can be reliably measured. 51 2.15 Fund accounting General funds are unrestrirted funds which are available for use at the discretion of the Tmstees in furtherance of the general objertives of the Group and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Permanent endowment funds represent amounts for which the capital must be retained. Any income arising on these funds may be spent in line with the restrictions placed on each fund. Investment income, gains and losses are allocated to the appropriate fund. Critical accounting e5timate5 & area5 of judgement Estimates and judgements are frequently evaluated and are based on historical experience and other factors, including expectations of futu￿ events that are believed to be ￿asonable under the circumstances. Critical accounting estimates and a5sumptions'. The Charity makes estimate5 and assumptions concerning the future. The resulting accounting estimates and assumptions will. by definition, seldom equal the related artual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Critical areas of judgement= estimating the useful economic life of tangible fixed assets for the purposes of calculating depreciation,. estimating the value of heritage assets as at the date theywere acquired where this information is not available,. estimating the value of the rooms and staircase recognised as heritage assets using a square metre basis; estimating any necessary provision against slow moving or obsolete stock held at year- end,. assessing the appropriateness of the underlying assumptions made by the actuary in the valuation of the defined benefit pension scheme- determining the basis for the allocation of support and govemance costs between expenditu￿ on raising funds and on charitable activities,. estimatingtaxation recoverable under the Exhibition Tax Relief Scheme for chartties; and estimating future income and expenditure flows for the purpose of assessing going concern 52 Income from donations, grants & legacies Unrestricted funds 2024 Restricted Endowment funds funds 2024 2024 Total funds 2024 Donations Legacies Grants 99.811 21,692 801,973 1.591.024 1.173 3.053,103 1,690.835 22,865 6,855,076 3,000,000 923,476 4,645,300 3,000,000 8,568,776 UnTrstricted funds 2023 RestriGted fiinds 2023 Total funds 2023 Donations Legacies Grants 155.045 5,239 923,598 292.008 34,362 1g5,967 44T.053 39,601 1, 11g,565 1,083,882 522,337 1,606,219 Income from charitsble activitses Unrestricted funds 2024 Total funds 2024 Admissions and other museum income 203,744 203,744 Unrestricted ftinds 2023 Restricted fvnds 2023 Total ftjnds 2023 Admissions and other museum income 50,275 46,034 96,309 53 Income from other trading activities Unrestricted funds 2024 Totsl funds 2024 Income re￿iVed by trading subsidiary 232,803 232,803 Unrestricted funds 2023 Total funds 2023 Income re￿iVed by trading subsidiary 215,065 215,065 Investment income Unrestricted Endowment funds funds 2024 2024 Totsl funds 2024 Interest re￿1vable Investment income 26,543 108,667 26,543 153,175 44,508 135,210 44,508 179,718 Unrestricted funds 2023 Total funds 2023 Interest re￿1vable 7,802 131,818 7,802 131,818 Investment income 139,620 t39.620 Other income Unrestricted funds 2024 Total funds 2024 Total funds 2023 MiscEllaneous 364,402 364,402 Miscellaneous income includes £289,703 (2022- £NIL) being an insurance claim. Expenditure on raising funds Fundraisingtrading expenses Unrestricted funds 2024 Total funds 2024 Raising funds Investment manager fees Support costs Support costs - Staff costs Expenditure incurred by trading subsidiary 46,629 26,713 171,855 190,173 102,374 46,629 26.713 171,855 190,173 102,374 537,744 537,744 Unrestricted funds 2023 Total funds 2023 Raising funds Investment manager fees Support o)sts Support costs - Stsff costs Expenditure incurred by trading subsidiary 5,550 28,260 96.052 110,159 57,334 5,550 28,260 96,052 110, 159 57,334 297,355 297,355 Fundraising expenditure has increased due to the Securing the Future campaign and improved reallocation of costs to activities. 55 Raisingfunds- Analysis of support costs Total funds 2024 Total funds 2023 Staff costs Depreciation Governan￿ costs Development costs Press and markekn'ng Office costs Subscriplionslmemberships Legal, auditand professional fees Finan￿ Costsfi￿ecoVerab1e VAT Occupancy Costs 190,173 52,669 3,743 7,775 20,918 37,804 2,755 6,827 8,606 30,758 110,759 34,801 3,329 1,694 11,109 2,134 259 4,237 12,834 25.655 362,028 206,211 io. Analysis of expenditure on charitsbie activities- byfvnd Unrestricted Restricted Endowment funds funds funds 2024 2024 2024 Total 2024 Museum Operating Costs Conservation 1,294,293 126,873 394,478 44,508 1,733,279 126,873 1,421,166 394,478 44,508 1,860,152 Unrestrict8d funds 2023 Reslricted funds 2023 Tot81 2023 Museum Operating Costs Conservation 1,283,568 16,544 526,087 1,809,655 16,544 1,300, 112 526,087 1,826, 799 57 11. Analysis of expenditure bytharitableartivitie5- bytype Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Museum Operating Costs Conservation 754,347 55,217 978,932 71,656 1,733,279 126,873 809,564 1,050,588 1,860,152 Aclivthes undertaken Support costs Total fvnds 2023 direcuy 2023 2023 Museum Operating Costs Conservation 558,567 5,071 1,251,088 11,473 1,809, 655 16,544 563, 638 1,262,561 1,826, 199 Analysis of support costs Total funds 2024 Total funds 2023 staff costs 392.060 242,655 17,243 687,225 215,210 20,584 10,473 68, 700 13,195 7,603 26,202 66,718 158,651 Depreciation Govemance costs Development (x)sts Press and marketing orrice CA)sts Subscriptionslmemberships Legal, audit and professional fees Finan￿ costsfirrecoverable VAT Occupancy costs 96,371 76,753 12,695 31,454 39,650 141,707 1,050,588 1,262,561 12. Governance costs 2024 2023 Auditorfs remuneration- Audit servi 17,500 10,786 16,450 6,800 15,000 13 Auditorfs remuneration - Non-audit services Auditorfs remuneration- Audit ServI￿S under accrual Other govemance costs 28.286 38,263 The table above discloses the Group s total govemance costs. This total is made up of the Charity s governance costs. as detailed in Notes 9 and 11 above. and the Subsidiary s governance costs. which totalled £7,300 (2023 - £14,350) and whith are included within'Expenditure incurred bytrading subsidiary, in Note 9 above. 59 13. Staff costs Group 2024 Group 2023 Charity 2024 Charity 2023 Wages and salaries Social security (xists Pension costs 939,775 77,320 26.738 816,466 79,300 29.540 939,775 77,320 26,738 816,466 79,300 29.540 1,043,833 925,306 1,043,833 925,306 Included in total wages and salaries above are non-contractual termination benefits of £NIL12023 £46,250) paid in full during theyear to no employees (2022- one). The Trustees considered this payment to be in the best interests of the Charity. The average number of persons employed bythe Charity duringthe year was as follows: Group 2024 Group 2023 Senior management Museum administration 30 31 33 The average headcount expressed as full-time equivalents was: Group 2024 No. Group 2023 No. Senior management Museum administration 21 27 23 The number of employees whose employee benefits {excluding employer pension costs) exceeded £60,000 was.. Group 2024 No. Group 2023 No. In the band £60.001- £70,00 In the band £70,001- £80,000 The Key Management Personnel of the Museum in charge of directing and controlling. mnning and operating the museum on a day-to-day basis comprise the Trustees together with the Director, the Finance Director, Director of Programming and Audiences and Director of Commercial and Operations. The total remuneration (including taxable benefits. employer's pension and national insurance contributions) payable to Key Management Personnel during the year was £224.59912023 - £220,048). 14. Trustees. remuneration & expenses During the year, no Trustees received any remuneration orother benefits {2023- £NIL). During the year ended 31 March 2024, no Trustee expenses have been incurred12023 - £NILI. 15. Taxation The Foundling Museum is a registered Charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charitie5. The Foundling Museum Trading Company Limited donates its taxable profits lif any) to the Foundling Museum via a Gift Aid compliant deed of covenant. 61 16. Tangible fixed assets Group& tharity Office Long4emi equipment, leasehold Leasehold fixtures and property improvements fittings Total Cost or valuation At 1 April 2023 Additions Disposals 4,039,815 306,197 18,844 (21.922) 4,346,012 3,826,315 {21,922) 3,807,471 At 31 March 2024 3.807.471 4.039.815 303,119 8,150,405 Depreciation At 1 April 2023 Charge for the year 3.236.021 200,777 144.329 63,551 3.380.350 295,324 30,996 At 31 March 2024 30,996 3,436,798 207,880 3,675,674 Net book value At 31 March 2024 3,776,475 603,017 95,239 4,474,731 At 31 March 2023 803, 794 161,868 965,662 In October 2023 the Museum acquired from Coram a 999-year lease of its premises at 40 Brunswick Square for a consideration of £4.5M. This represented the acquisition of Land £915,023, heritage assets £760.256 and the building £2.892.448. Included within office equipment. fixtures and fittings are assets with a net book value of £46,337 (2023- £42,912) in respectto the Charity's website and digital branding. 17. Heritage a55ets Group & charity A55ets recognised at C05t Museum artefacts, room5and Staircase 2024 Carryingvalue at l April 2023 Additions 9,554,390 769,112 10,323,502 The Museum has in the past obtained various assets where the donors have placed conditions or legal charges to restrict their use. Primarily these assets are allowed to be displayed to the public, but the Museum cannot benefit from the intrinsic value of these assets other than from the income they generate. In the event that the Museum were no longer to comply with the conditions imposed by the donors, the a55ets would be removed from the Museum and offered to other charities, without compensation to the Museum for the loss of those assets. The Museum holds two assets which fall into this category, a painting obtained with funding from The National Heritage Memorial Fund {"NHMF"l and The Gerald Coke Handel Collection received from The Museums and Libraries Archives Council. In accordance with the requirement of the Charities SORP FRS 102, both these assets are recognised in the financial statements. The painting is included at £4,000,000 which reflects the value when acquired by the NHMF in 2003 and The Gerald Coke Handel Collection is included at £4,825,240 as valued by Christie's in 2006. The Museum contains three rooms and a staircase from the original Foundling Hospital. The Trustees consider these to be heritage assets acquired on the acquisition of the lease. and they are included on the balance sheet at cost. No provision has been made for the depreciation or impaimient of these heritsge assets due to the longevity of the 999-year lease and the resulting immateriality of any impairment in value. Other heritage assets acquired bythe Museum are included on the Balance Sheet at C05t. Heritage assets are held in a separate fund as this represents assets where the Charity owns the legal title but where the original owners or the donors of the assets have placed legal restrictions on the assets, sale or disposal. 18. Fixed asset investments Listed investments Group Cost orvaluation At 1 April 2023 Additions Disposals Revaluations Increase in cash held for reinvestment 2,940,011 651,318 (709,486) 70,707 15,115 At 31 March 2024 2,967,665 Investments in subsidiary Listed company investments Total Charity Cost orvaluatlon At 1 April 2023 Additions Disposals Revaluations Cash held for reinvestment 2,940,011 651,318 (709,486} 70.707 15,115 2,940,013 651,318 (709,486) 70.707 15,115 At 31 March 2024 2,967,665 2,967,667 The historic c05t ofthese investments 15 £2,601.769 (2023- £2.627.087)- Principal subsidiaries The following is a subsidiary undertaking of the Charity. Narne Company number Registered office or principal place of business Holding The Foundling Museum Trading Company Limited 05131580 40 Brunswick Square, London, WCIN IAZ 100V. The financial results of the subsidiary fortheyear were= Name Income Expendrture Profit/(Loss) forthe year Net assets The Foundling Museum Trading Company Limited 235,685 (230,616) 5,069 (11,008) 19. CutTent asset investments Group 2024 Group 2023 Charity 2024 Charity 2023 Listed investments 1,632,686 1,620,582 1,632,686 1,620,582 Current asset investments represent managed listed investments funded by loans from supporters. 20. Stocks Group 2024 Group 2023 Charity 2023 Finished gocmjs 19,261 25,246 19,261 25,246 Debtors Group 2024 Group 2023 Charity 2024 Charity 2023 Due within one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income Gift aid tax re(x)verable 92,200 57,903 62,723 140,175 10,082 174.560 72,556 42,089 119,265 98,824 27,666 16,300 10.082 174.560 72,556 100,824 25,947 16,300 349,398 200,974 460,096 298, 144 22. Creditors: Amounts falling due within oneyear Gmup 2024 Group 2023 Charity 2024 charity 2023 Other loan 500,000 500,000 500.000 500,000 Supporters. loan endowment scheme (Note 33) 544,313 165,997 39,985 165.385 616,790 114,235 23,122 102,422 544,313 163,698 39,972 102.853 616,790 111,692 23, 122 56,462 Trade creditors Other creditors Accruals and deferred income 1,415,680 1,356.569 1,350,836 1,308,066 Other loans are unsecured, interest-free and repayable on demand. Funds lent by supporters are managed by third-party managers and are held as current asset investments (Note 19) as they are repayable with a minimum of two months. notice. Group 2024 Group 2023 Charity 2024 Charity 2023 Deferred income brought foThvard Resources defe￿ed during the year Amounts released from previous periods 36,860 56,210 {36,860) 49.490 36,860 (49,490) 978 Carried forward 56,210 36,860 978 Deferred income in the year relate5 to income received in advance for events and wedding5 taking place after the year-end. Creditors: Amountsfalling due after rn(￿e than oneyear Group 2024 Group 2023 Charity 2024 Charity 2023 Loan 3,000,000 3,000,000 In 2002, The National Heritage Memorial Fund {NHMF} provided the Museum with an unsecured and interest-free endowment loan of £3m. Whilst the original loan agreement stated that the loan was repayable in full on 31 March 2028. on 23 November 2023 a deed of variation was executed and the loan was permanently endowed to the Museum. The capital element of the endowment Is now recognised as a restricted permanent endowment, with related income and expenditure recognised in a corresponding restricted fund - see Note 24 below. 67 24. Statement of funds ststement of fund5- currentyear Balan¢e at 31 March 2024 Balance at 1 April 2023 Transfers inlout Gainsl (Losses) Income Expenditure Unrestricted funds Designated funds Exhibition shortfall fvnd General Refurbishmenu Sash windows 5,000 (5.000) 60.000 60,000 NHLF Shorttall fund NPO Match funding 300,000 (300,000) 525,000 (175,000) 350,000 890,000 (480,000) 410,000 General funds Tangible fixed assets fund 965,662 621,982 (280,404) 1,623,950 {1,447.890) 1,789,473 72,846 2,474,731 856,684 General fund Non-charitable trading funds (14,204) (16,OTI) 235,685 {230.616) (11,008) 1,571,567 1.859.635 (1,958.910) 1,862,319 (14.204) 3,320.407 Total unrestricted funds 2,461,567 1,859,635 {1,958,910) 1,382,319 (14,204) 3,730,407 Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Gainsl (Losses) Income Expenditure Pernianent endowmentfunds NHMF endowment fund 3.IM4,508 (44.508) 90,261 3,090,261 Restricted funds Paul Mellon CentrelPilgrim Trust fund (3.000) The Clore Duffield Foundation fund Exhibitions fund Learning running costs fund Collection purchases fund Gerald Coke Handel Foundation fund Otherfvnds Front Desk Project Heritage assets fvnd 40 Brunswick Square lease reserve (9,101) (14,738) (589) 9,915 12,846 63,550 71,573 210.797 42.500 (173.472) 1.774 81.599 60,389 3,173 {22,853) 40,709 7.919 85,040 4,809 (7.919) {85.040) 172,053 (172,053) (4,809) 9.554,390 769,112 10,323,502 4,364.024 (17,305) {2,346,719) 2,000,000 NHMF endowment fvnd 300,000 300,000 9,948,880 4,645,300 (394,478) (1,382,319) 12,817,383 Total of funds 12.410.447 9.549.443 (2.397.896) 76,057 19.638,051 The specific purposes for which the funds are to be applied are as follo Desi nated funds Exhibition shortfallfund The Trustees appreciate that it is not always possible to fund our temporary exhibitions fully and recognise the need for a designated fund to provide for this eventuality. This fund was fully utili5ed during the year on two temporary exhibition5. General refurbishmentlsash windows The sash windows at 40 Brunswick Square are in need of refurbishment and this fund for general refurbishment Costs includes an allowance for this. It is anticipated that this fund will be utilised in the next two to three years. NHMF shortfall fund During the year the £3N loan from the National Heritage Memorial Fund was converted to a permanent endowment fund. The designated fund has been transferred to a NHMF restricted fund. NPO match funding This fund represents an individual donation made to provide match funding for 2023-26 for the grant awarded by Arts Council England as part of the Museum's National Portfolio Organisation status. Restricted funds Paul Mellon Centre fund The Paul Mellon Centre for Studies in British Art have funded the creation of a catalogue of the collection. The Clore Duffield Foundation fvnd The Clore Duffield Foundation has funded the Foundling Fellowship, a scheme to find the contemporary Coram, Hogarth and Handel to work with the Museum to develop original. creative initiatives for children and to raise the profile of the museum in those areas. Exhibitions fund The Exhibitions Fund is forthe costs of various upcoming exhibitions and displays. Learning running costsfund The Learning running costs Fund is to finance the day-to4ay operating a(tivitie5 of the Leaming Programme. Collection purchases fund The Collection purchases fund comprises donations from a variety of sources for the enhancement of the collertions. Gerald Coke Handel Foundation fvnd The Gerald Coke Handel Foundation fund is for expenditure directly related to the Gerald Coke Handel collection. Following a rewew, it was discovered that income and expenditure had been incorrertly allocated to this fund in previous years and a transfer was made to rectify this. China project fund The China projert fund was for establishing newways of generating income. Covid Emergency grants These grants, principally from Arts Council England, covered a wide ranEe of special projetts as well as contributing to payroll and overhead costs to ease the impart of the pandemic on the Museum'5 programmes and finances. Front desk project This project was for the remodelling of the front desk area to make it more welcoming, improve the lighting and the retail shop display area and thereby improve the visitor experience. Otherfunds Other funds comprise items of miscellaneous restricted income to be spent on various museum projects. Last year £85,000 of donations for the Securing the Future campaign were included in 'other funds,. These were transferred to the '40 Brunswick Square lease reserve. during the year. Heritage assets fund Heritage assets fund matches the cost of the heritage assets as shown in Note17. 40 Brunswick Square lease reserve This comprises funds raised for the acquisition of the 999-year lease of 40 Brunswick Square with ongoing restrictions, and associated costs including depreciation. Securing the Future donations of £2.4M had no ongoing restrictions following the acquisition of the lease and were transferred to unrestricted fund5. NHMF endowment fund The restricted NHMF endowment fund represents income generated by, and expenditure incurred in line with the restrictions associated with the NHMF permanent endowrnent fund. After a review, it was discovered that income & expenditure had been incorrertly allocated to some of these funds over the years so transfers have been made to ensure the restricted fund batances are now correct. Permanent endowmentfunds NHMF endowment fund The NHMF permanent endowment fund represents the loan originally provided by the National Heritage Memorial Fund which was converted into a permanent endowment under a deed of variation dated 23 November2023. Underthe deed, the capital value of the fund must be preserved and the income generated by the fund is restricted to the management and operation of the Foundling Museum. A corresponding restricted fund reflects income generated by the fund and expenditure incurred in relation to these restrictions. 71 Statement of funds- prior year Balance at 31 March 2023 Balance at l Apnl 2022 Transfers in/oLrt Gain (Losses) Income Expenditure Unrestricted funds Designated funds 40 Brunswick Square Exhibition shortfall fund 650,000 (650,000) 45,000 (40,000) 5,000 General refurbishmenu sash windows NHLF shortfall fvnd NPO match funding 60,000 60,000 300,000 300,000 525.000 525,000 1.055,0(X) 525,(KX) (690,000) 890,000 General funds Tangible fixed assets fund 1,137,519 552,862 (250,011) (1,133,473) 78,154 575,654 965,662 621,982 General fvnd Non-charitable trading funds 748. 133 (121, 794) (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 Balan￿ at 31 March 2023 Balancè at 1 April 2022 Transfers in/out Gain (Losses) Income Expenditure Restricted funds Paul Mellon CentrelPilgrim Trust fund 6,211 (3,211) 3,000 The Clore Duffield Foundation fund Exhibitions fund Learning running costs fund Collection purchases fund Gerald Coke Handel Foundation fund China project fund 26,389 261 (16.699) (186,353) 9,690 12,846 198,938 236,055 100,603 (125,861) 210, 797 14,547 92.934 (47,092) 60,389 (1, 146) 22.446 (13.381) 7,919 26,869 35.OLXI (61.869) Covid Emergency grants Other fijnds Front desk project Heritage assets fund 4,241 17,281 (4,241) (38,191) 105.950 85,040 21,498 12,5(k) (29, 189) 4,809 9,518, 198 36,192 9,554,390 9,870,404 568,371 (526,087) 36,192 9,948,880 Total of funds 12,597,982 2.057,213 (2,123.554) (121,194) 12,410,447 25. Analysis of net assets between funds Analy515 of net a55ets between fund5- current period Unrestricted funds 2024 Restricted Endowment funds funds 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Heritsge assets Current assets Creditors due within one year Provisions for liabilities and charges 2,474.731 2,000,000 4,474,731 2,967,665 10.323.502 3,333,733 (1,415,680) (45,900) 2.967,665 10.323,502 493,881 2,717,256 (1.415,680) (45.900) 122,596 Total 3,730,407 12,817,383 3,090,261 19,638,051 Analysisof net assets between funds- prior period Unrestricted fvnds 2023 Restricted fijnds 2023 Total funds 2023 Tangible fixed assets Fixed asset investments 965, 662 2.940.011 965,662 2,940,071 9,554,390 3,370,203 (7,356,569) (3,000,000) (63,250) Heritage assets Current assets 9,554,390 394,490 2,975, 713 (7,356,569) (3,CQO,000) (63,250) Creditors due within one year Creditors due in more than one year Provisions for liabilities and charges Total 2,461,567 9,948,880 12,410,447 74 26. Reconciliation of net movement in fundsto net cash flowfrom operating activities Group 2024 Group 2023 Net incomelexpenditure for the period (as per Statement of Financial Activits'es) 7.222,254 (791. 135) Adjustments for. Depreciation charges Lossesl(gains) on investments Investment income Loss on the sale of fixed assets (Increaseydecrease in stocks Decreasel(increase) in debtors Increasel{decrease) in creditors Decrease in provisions Defined benefit pension scheme finan￿ cost Pension scheme costs less contributions paid 16 18.19 295,324 (70,707) (176,836) 21,922 5,985 (148,424 (2,940,889) 17,350 {5.350) {12,000) 250,011 124, 794 (739,620) 21,922 (337) 18,033 642,359 16,250 (3, 600) (12,650) 20 21 22,23 Net cash provided by operating activities 4,208,629 726,027 27. Analysis of cash & cash equivalents Group 2024 Gn)up 2023 Cash in hand Cash held by investment managers 1,332,388 388,605 1,523,401 361,490 Total cash and cash equivalents 1,720,993 1,884,891 75 28. Analysis of change5 in net debt At 1 April 2023 At 31 March 2024 Cash flows Movement Cash at bank and in hand 1,523.401 1,332,388 Debt due within 1 year Debt due after 1 year Liquid investments {1,116,790) {3.000.000) 1,620.582 72,477 {1,044,313) 3.000,000 12,104 1,632,686 (972,807) (106,432) 3,000,000 1,920,761 29. Defined benefit pension scheme liability The Charity participates in the Career Average Revalued Earnings ('CARE'I Scheme operated by The Pensions Trust, a multi-employer scheme which provides benefits to some 37 non-associated employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme. The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents i55ued by the Pensions Regulator and Technical AcLuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. The scheme is classified as a 'last- man standing arrangement,. Therefore the company is potentially liable for other participating employers, obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. A full actuarial valuation for the scheme was (arried out at 30 September 2022. Thi5 valuation showed assets of £49.6m, liabilities of £57.Im and a deficit of £7.5m. To eliminate this funding shortfall, the Tmstees and the participating employers have agreed that additional contributions will be paid to the scheme as follows= Deficit contributions From 1 April 2024 to 31 March 2027= £1.672.000 per annum (payable monthly & increasing by 3Yo each year on l April} Note that the scheme's previous valuation was carried out with an effective date of 30 September 2019. This valuation showed a5set5 of £79m. liabilities of £93.9m and a deficit of £14.9m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay additional contributions to the scheme as follows: 76 Deficit contributions From 1 April 2021 to 30 September 2027.. £1.530,000 per annum (payable monthly and increasing by 3.ovo each year on 1st April) The recovery pian contributions are allocated to each participating employer in line with their estimated share of the scheme liabilities. Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recogni5ed 15 the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate 15 recognised as a finance cost. 2024 2023 2021 Present value of provision 45.900 63,250 79,500 96,0(K) Reconciliation of opening and closing provisions: 2024 2023 Provision at start of period Unwinding of the discount factor (interest expense) Deficit contribution paid Remeasurements - impact of any change in assumptions Remeasurements - amendments to the contribution schedule Provision at end of period 63,250 79,5(X) 2.900 1,820 (14,900) (14,470) 1￿) (3,600) (5,500} Income and expenditure impact 2023 2023 Interest expense Remeasurements - impact of any change in assumptions Remeasuremenls - amendments lo the conlribution schedule Income Icostsl ￿cogniSed in statement of financial activities 2,900 1S) (5,500) 2,450 1,820 (3,600) 1,780 Assumptions 2024 2023 2022 2021 Present value of provision 4.95 5.18 2.55 0.98 The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions. 29. Operating lease commitinents At 31 March 2024 the Group and the Charity had commitments to make future minimum lease payments under non-cancelLable operating leases as follows= Group 2024 Group 2023 Not later than l year Laterthan l year and not laterthan 5 years 9,923 11.614 13,115 65,479 21,537 78,594 The following lease payments have been recognised as an expense in the Statement of Financial Activities.. Group Group Charity 2024 2023 2024 Charity 2023 Operating lease rentals 10,472 16,904 10,472 16,904 31. Members. liability Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while helshe is a member, or within one year after helshe ceases to be a member, such amount as may be required. not exceeding £1 for the debts and liabilities contracted before helshe ceases to be a member. 32. Connected charities Coram The Foundling Hospital (subsequently the Thomas Coram Foundation and now known as Coraml was established in 1739 by the philanthropist Thomas Coram. The Foundling Museum's objects include the ability "to support such of the purposes of the charity now known as Coram as the Museum. in consultation with Coram, shall from time to time determine". A number of important collections are housed within the Foundling Museum, which is a nationally accredited museum. Of those, many of the paintings and other artefacts housed within the Museum belong to the Foundling Hospital Collection which is owned by Coram, but they are held and mana£ed by the Foundling Museum in accordance with a legal agreement cotemiinous Wlth the 999 year lease of the Museum. The Museum will use all reasonable endeavours to purchase collection items according to agreed valuation provisions. Coram is not pemiitted to sell any collertion item5 Wlthout the Museum having pre-emption purchase rights. During the year, excluding VAT, the Museum paid Coram £4.500,000 to acquire the long-term leasehold interest of the Museum (2023 - £NIL), £7,274 in respect of insurance {2023 £14,591), £5,945 12023 £5,945) for rent and Se￿ice charge. £735 (2023 - £1,260) for waste collection and £8,000 {2023 - £NIL) for the purchase of fine arL Coram paidThe Foundling Museum TradingCompany£2,769 (2023- £3,835) forvenue hire. At 31 March 2024, the Museum owed Coram £NIL (2023- £20,000). At31 March 2024, Coram owedthe Museum £1,800 (2023- £NIL}. The Gerald Coke Handel Foundation The Gerald Coke Handel Collertion is an intemationally important collertion of material relating to the composer George Frideric Handel and his contemporaries, including manuscripts, printed music and books, libretti, artworks and ephemera. The Collection was assembled by Gerald Coke over a period of sixty years and left to the nation by his widow with a wish that it be allocated to the Museum in the care of the Handel Institute. The endowment accompanying the Collection is managed by the Gerald Coke Handel Foundation. Formed in 1996, the Gerald Coke Handel Foundation administers the endowment that accompanies the Gerald Coke Handel Collection and assists the Foundling Museum with the care of the Collection, which came to the Museum through the Govemment's Allocation in Lieu scheme. The Foundation's objectives are to advance public education by providing research facilities for academics, musicologists, musicians. students, writers, researchers and all those interested in the life and work of Handel, his associates and contemporaries. the musical environment of his time. the printing and publishing of music in the eighteenth century, and related subjects. Under the tem)s of a Management Deed dated 23rd July 2003, the Museum received the following sums from the Foundation during the year= £41,094 in respect of licence fees (2023 - £38,015), £59,429 in respect of reimbursement of librarians. employment costs (2023- £53.799} and £49,040 in relation to premises costs (2023 - £56,784}. A former Museum Trustee Christopher Cotton DL served as a Trustee for The Gerald Coke Handel Foundation until August 2024 when he was replaced by Ronald Gould. a current Museum Trustee. 33. Related party tran5artion5 Supporters. loan endoThrynent scheme The Museum has established a sUPPOrter5' loan endowment scheme to enable it to benefit from the income generated by the investment of the loaned funds (Notes 19 and 22). The Museurn withdraws the income on the fund on a monthly basis and applies Such monie5 towards its charitable objertives. Lenders may withdraw the loan principal by giving 60 days. notice in advance of each quarter date and they are entitled to the original capital plus any capital gains (payable as interest) up to a maximum of 1.5% over the Bank of England base rate over the duration of their Loan, or less any capital losses. The amount loaned to the Museum by Trustees in the year under the scheme and invested in the fund was £NIL (2023 - £NIL), and the accrued interest due to those Trustees was £7,987 {2023 - £7,760). The amounts due to the Trustees at 31 March 2024 was £57,987 (2023- £82.760). Other related partytransactions Total trustee donations in the year amounted to £86,516 (2023- £5,163). Of these donations, £83,049 were restricted for the acquisition of the long-term leasehold interest of the Museum12023 - £NIL), and £3,467 (2023 - £5.163) were unrestricted. A company which former Trustee Larissa Joy OBE is also a Director of was engaged by the Charity during the year to conduct recruitment seNices in retum for fees of E21.000 (2023 - £27,600). of which £8,130 {2023- £13.230) were payable as at theyear-end. A Museum Trustee Andrew Mclntyre is a non-executive directorofthe Museum's bank C.Hoare & Co. PATION HRH The Princess of Wales REGISTERED OFFICE Foundling Museum 40 Brunswick Square London WCIN IAZ +44 (0)20 78413600 enquiries@foundlingmuseum.org.uk Registered charity no. 11071167 (England and Wales) Company Limited by Guarantee 03621861 Frnrt cover {right-hand image)." Hetain Patel. 0megècl￿kra, 2023 Courtesytheartist