Ennlsmorn Foundation Reglstsred Chaffty number. 1082122 Unaudited Financial Statements for the yearended 31st Dacgmber 2023 Wenn Townsend Chartered Accountants Oxford Ennl$moro Foundation L•gal and admlnlstratson Inforniation Tru$tse$.' W G Oldfield IFounding Trustee) C Claxton E Parry Prlncipal addres$'. Kensington Cloisters 5 Kensington Church Street London W8 4LD Bankers.. HSBC Bank plc 25 Notting Hill Gale London W113JJ A¢countsnts'. Wenn Townsend Chartered Accountants 30 St Giles Oxford OX13LE Investmont manag8rs.' Ennismore FtTrnd Managomant Kensington Cloisters 5 Kensington Church Street London W8 4LD Enn18more Foundatlon Report of the Trnstees forth• ygar ended 31st December 2023 Constitution and objects for the Public Benefit The Ennismore Foundation l.the Charity'l is consliluled under a Trust deed dated 4th May 2000, as amended on 14th November 2011. The Charity was registered on 22nd August 21XJO under Registeied Charity number 1082122. The objects of the Charty are thatthe Trustees shall hold the Trustfvnd and its income upon trust lo apply them for such charitsble purposes as the Tfuslees in their absoluto discretion from lime to lim8 think fft. The Trustees confimi that they have had due regard to the Charity Comrnission's guidance on public benefrt in exèrcising th&ir ￿werS and duties. Flnan¢lal rev1￿ and A¢hl•vwnonts and P•rforniancè During 2023 the Trustees aimed to further in￿aSe the capital base ofthe CharSty through the Investment of reserves whilst making a numbtsr of grants lo other charibas. The funds of the Charity increased lo £13.711.07012022.. £13.628.087) at tho year-ond due to the porformance of the investrnent porifolio and donations received of £116,600 from Ennismore Fund Managemenl Limited. During the year, the Charity made total donations of £527.72312022= £309,262). Investment polt¢y Tho investment polioy is reviewed annually by the Trustees. The trustees are investing the Charty's reserves in a limited number of collective investment schemes wth the objeclNe of further increasing the expendable endowmant funds. Reserves policy The Trustees wsh to establish suffiaent funds lo enable the Charity lo generate income and investment gains Éo provide meaningful grants in the long term. Maintaining an amount of at least £250,000 in bank accounts and readity realisable investments is considere¢J adequalg to ¢ov8rlhe currgnl plans and commitments. Stru¢turn. goveman¢e and management The Tnjstees are appointed by the Founder Trustee5. The Trust Deed188 amended) provides for a minimum of Trustees, one ofwhich should be a Founder Trustee. Al the seM￿annUal Trustees, meeting, the Trustees agree the broad strategy 8nd areas of activty foi the Trust, including consideration of grant making, investment, Teseryes and risk management poli￿eS and perfomiance. The induction process for any newty-appointed TTUStee eomprls&s an inrtlal meeting with the Founder Trustee. The following subjecis are deatt with= investment policy, grant making process, powers and responsibilities of the Trustee Board, a copy ofthe goveming Trust Deed is also gNen. Prln¢lpal Rl$k$ and Un¢ortalntlos Thg Charity is dopendenl upon Ennismore Fund Management Limfted a5 the Source of donations received and, consequendy, its fLrture income is dependent upon the financial posf(ion of that company and the willingness of the ¢omp3ny to maka further donations. The Charity's reserves are invested in shares in collectNe investment schèmès whieh invest primarily in equity securities. The value of these investments fiuctuates and may fall in value resulting in a reduction in the Charity's reserves. Ennlsmorn Founda￿On Report of the Trustè forthe year ended 31st Decembèr 20231contlnuod) Plans for the fu￿re The Ennismore Foundation will contlnug lo focus on growing its assets. In the short to mediurn t¢mi, a numbar of donations to other charities wil continua to be made each year tr￿rt at a scale which should not significanfty affect the Charty's assets. Trustees Thg Trustees throughout the year and $inea tha year end were.. W G Oldfield C Claxton E Parry Tho trustèès are also the key management personnel. They receNe no remuneration. TNst88s' rèsponslbllEiies statement The trustees are re$pon$ibl& for preparing the Trustees, Annual Report atxl thè financial statements in accordance with appI￿able law and United Kingdom AcLounting Standards {Uniled lfjngdom Generally Accepted Accounting Practice). The law applicable lo ch8rities in England & Wales requires the Iruslees to prepare financial statements for each financial year which give a true and fair vigw of thè state of affairs of the Charity and of the incoming resources and application of rasources of the Chanty for Ihal period. In preparing these finanual statements, tha trustees are required to.. select sultable accounting policies and then apply them ¢on$istanUy'. observe the methods and princAples in the Charities SORP., rnake judgem&nts and estimates that are reasonable and prudènt.. state whether applicablè aeeounting standards have been follow￿1, subject lo any material departures disclosed and explained in the financial statements.. prepare the finanry81 slatemeiils on the gotng o)ncern basis unless il is inappropriate to presume that the Charity wll continue in 0￿ratIon. Th8 trustees are responsiblg for keeping proper accrjunling records that disdosg With reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial ststemenls comp wrth the Chariiies Act 2011, the appSi¢able Ch8rrti@s (Accounts and Reports) regulations and the provisions of the trust deed. They are also Tesponsible for safeguarding tha ass&ls of the Charty and hence for taking reasonable steps for thè prevention and detection of fraud and other irregulayities. The Iruslees are responsible for the mainlenan¢e and integrity ofthe Charity and financial infomation Induded on the Charity's websitè. Legislath?n in the United Kingdom goveming the preparation and dissemination of finanryal statements rnay drffer from leglslation in other jurisdiction5. Approved by thè Trusto•s and signed on their behalf by: 2024 Ennl$moro Foundatlon Indep•nd•nt Examlnef$ R¥port to tho Tru$tws of Ennismore Foundatign I report on the accounts of the Charity for the year ended 313t Decernber 2023 whith are set out on page 4 10 11. R•spon$lbllltlas and basls of rèport As the Charity's trustees you are responsible for the preparat￿n of the accounts in ac￿)rdanCe with the requirements of the Charities Act 2011 {'Ihe Act'l. I report In r8spg¢t of my examination of the Charity's accounts caffied OLrt under section 145 of the Act and in carying out my examination I have followed allthe applicable Dirèctions givan bythè Charity Commission urKler section 145{5){bl of the Act. Independent examinerfs statsment I have completed my exarrination. I confirni that no malellal m*ters have corne tts my attention in connectK*n with the examination giving me cause lo believe that in any matsrial respect.. accounting records were not kept in Tespect of the Charity as required by section 130 of the Actr, or the accounts do not accord with those records.. or 3. the accounts do not comply with the applicable requirements ￿ncerning the form and content of accounts set out in the Charitie8 IA¢counts and Reports) Regu18tions 2008 other than any rèquirement that thg accourts give a tnje and fairvTew' which is not a matter ￿)nsidered a8 part of an independent examination. I have no concems and have come across no other matters in connection wtth the examination lowhich attention should be drawn in this report in order to enable a proper understsnding ofthe accounts lo be reached. MrAndrew Rodzynski FCA Partner Wenn Townsend Chartered A¢countants 2nd October . 2024 Ennismore Foundadon ststem•nt of Financial Activitie5 fw th¥ y•ar•ndèd 31st December 2023 Ex￿nd#blo •ndowmontfunds 2023 2022 Ineom• and Endowments Donations 116,600 1,800 Total Income 116.61)0 1.600 Expendltur¢ Charitsble •xp8ndEture Grants and donations Other 527,723 2,009 309.262 1,498 Totsl txpendlture 529.732 310,760 Net In¢omo118xpgndltutel before gain¥ and losse$ on Investments 1413,1321 1309,160} Unreallsad gains on investments Realised gains on investments Exchange Iloss)Igain on investments 559,049 125,050) 137,884) 601,665 185,4431 Net movement in fund$ 82.983 207.C62 Total fijnds at 1st JanL¢ary 2023 13,628,087 13,421,025 Totsl funds at 31st D￿￿mber 2023 11 13,711,070 13,628,087 The notès on pages 6 to 11 fomi part of these a¢¢ounts. EnnismoTe Foundation Balancè Sh￿t a¥ at 31$t D•¢wnb•r 2023 Note 2023 2022 Ffjxed assets Investments 13.630,182 13.134,067 Currnnt ass•ts Debtors Cash al bank 116,256 8,257 1.500 524.020 122,513 525,520 Liabilities.. amount$ falling due wfthin onè year {41,6251 131,5001 Net current assets 80,888 494,020 Total a$¥ets le$$ ¢urrent Ilabilltl•s 13.711.070 13.628.087 Llabllltles: amounts falling due after more than one year Net assets 13,711,070 13.628,087 EX￿ndabl& gndowm9ntfunds 11 13,711,070 13,828,087 -10- Approvgd by tho Trustees on ..................................... 2024 and 8lgned on thelr behalf by: Tru$ts•- C Claxton The nots5 on pages 6 to 11 fomi part of thès• aecounts. Ennlsmot8 Foundatlon Notes to the ac¢ounts For the year ended 31st Decemb•r 2023 Ac¢ountlng pollclos a) Ba¥is of pr•pardtlon Tha Charity conslilutes a public benefit entity as dèfined by FRS 102. The financial slalements h8ve baen prepared in accordan￿ with A¢￿untIng and Reporting by Charities.. Statement of Recornmendad Practice applicxble lo charities preparing theSr accounts in accordance wf(h the Financial Reporting Stsndard applicable in the UK and Republi¢ of Ireland IFRS 102) issued in October 2019, the Financk81 Reporting Standards applicable in the United Kingdom and Republic of Ireland {FRS 102), the Charities Aet 2011 and UK Generally A￿pted Pradtco. Items are iecognised al Cost or transacllon valu8 unless otherwise stated in the relevant note to tha accounts The Iru$lees consKler that there are no material uncertainties about the trusfs ability to continue as a going concern. b} Fund stN¢tur8 The Charity has a single expendable endowment fund created for such ¢haritable purpose as the Trustees in their absolute discretion from lime lo lime think fit. ¢1 Expenditure All Invows to the Ennismore Foundation are paid by Ennssmore Fund Management. Expenditurè is recognised as soon as there is a legal or 40,000 40,000 Grant commitments Payable In year Commlttèd to at 01.01.23 Approved in year Paidlamended in year Commlttèd to at 31.12.23 Daf8rYed 2023 2024 30,000 527,723 (517,723} (40.IJOOI 40.000 40,000 30.000 $27,723 (517,723} 40,000 Trusts•s rnmunèrdtlon No rernLtn¢ralion was pald or expenses relmbursed to the Tnjstees during the currènt or precedlng year. 10. Related party trdnsactlons Two of the trustees of the Ch8rity were also directors of Ennisrnore Fund Managemènt knmiled throughoutthe year. During the year this company donated £116,600 to th& Charity12022.. £1,600). Tho Charity holds investrnenls in funds managed by Ennismore Fund Management Lbmited. These Invgstments are on the sarne terms as appty lo other investors in these fijnds. 11. Funds The expendable endowment fund represents those assets which may bg held to provltje In¢>ease8 in m8rkel value. The fund may be spent at the discretion of the Trustees.