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|`Constitution`|`RothschildFoundation(Hanadiv)Europe`|`RothschildFoundation(Hanadiv)Europe`|`RothschildFoundation(Hanadiv)Europe`|`RothschildFoundation(Hanadiv)Europe`|`isa companylimitedbyguarantee`|`isa companylimitedbyguarantee`|`isa companylimitedbyguarantee`|`isa companylimitedbyguarantee`|
|---|---|---|---|---|---|---|---|---|
||`and`<br>`aregistered`<br>`charity`||`governed`|`by`|`itsmemorandum`|`and`|`articles`|`of`|
||`association.Itis`<br>`aregisteredcharity,No.1083262.Company`|||||`No.`|`03948898.`||
|`DirectorsandTrustees`|`Thedirectorsofthe`|`charitablecompany(“theFoundation’)areits`|||||`trusteesfor`||
||`thepurposeofcharitylaw`||`andthroughout`||`thisreportarecollectivelyreferred`||||
||`toasthetrustees.As`|`setoutinthearticles`|||`ofassociationthe`|`chairmanofthe`|||
||`boardoftrusteesisappointedbythetrustees.Themembershavethepower`|||||||`to`|
||`appointanyoftheir`|`number`|`tobea trustee.`||||||
||`Thetrusteeswhoservedduringtheyearwere:`||||||||
||`LordRothschildOM`|`GBE`|`(President)`||||||
||`SirBradleyFried(Chairman)`||||||||
||`SirVictorBlank`||||||||
||`MmeBéatriceRosenberg`||||||||
||`DrDavidLandau`||||||||
||`AdamKarni-Cohen`||||||||
||`TheHonourableBethRothschild`||||||||
||`NicolaCobbold`||||||||
||`NicolaLoftus`||||||||
||`BenAvigdori`||||||||
|`CompanySecretary`|`LMasterton`||||||||
|`ChiefExecutive`|`SBerkovic`||||||||
|`RegisteredOffice`|`14StJames’sPlace`||||||||
||`London`||||||||
||`SWIAINP`||||||||
|`Auditors`|`SafferyChampness`<br>`71QueenVictoriaStreet`||||||||
||`LondonEC4V4BE`||||||||
|`Bankers`|`TheBankofNewYorkMellon`||||||||
||`RueMontoyer46`||||||||
||`B-1000Brussels`||||||||
||`Belgium`||||||||
||`Coutts& Company`||||||||
||`440Strand`||||||||
||`LondonWC2R0QS`||||||||
|`Solicitors`|`Farrer& CoLLP`||||||||
||`66LincolnsInnFields`||||||||
||`LondonWC2A3LH`||||||||






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8 September 2023 




## 

## 

|||`Expendable`|`Restricted`|`Unrestricted`||||
|---|---|---|---|---|---|---|---|
|||`endowment`|`income`|`income`|`Yearended`||`Yearended`|
|||`fund`|`fund`|`fund`|`31-Dec`||`31-Dec`|
|||`2022`|`2022`|`2022`|`2022`||`2021`|
||`Note`|`£`|`£`|`£`|`£`||`£`|
|`Incomefrom:`||||||||
|`Investments`||`-`|`-`|`193,652`|`193,652`||`486,050`|
|`Donations`||<br>`-`|<br>`810,376`|<br>`-`|<br>`810,376`|<br>|<br>`-`|
|`Totalincome`||<br>`-`|<br>`810,376`|<br>`193,652`|<br>`1,004,028`|<br>|<br>`486,050`|
|`Expenditureon:`||||||||
|`Raisingfunds`||||||||
|`Investmentmanagementcosts`||`792,423`|`-`|`-`|`792,423`||`830,281`|
|`Charitableactivity`||||||||
|`AcademicJewishStudiesProgramme`<br>`HeritageandCultureProgramme`<br>`EducationandResearch`<br>`NationalLibraryofIsraelandother`<br>`CommunityWelfare`|`BRASS`|<br>`-`<br>`-`<br>`-`<br>`-`<br>`-`|<br>`-`<br>`810,376`<br>`-`<br>`-`<br>`-`|<br>`1,374,549`<br>`2,930,575`<br>`1,017,551`<br>`620,253`<br>`1,382,327`|<br>`1,374,549`<br>`3,740,951`<br>`1,017,551`<br>`620,253`<br>`1,382,327`|<br> <br> <br> <br> <br>|<br>`1,113,260`<br>`2,376,662`<br>`1,619,803`<br>`665,727`<br>`1,011,576`|
|`Totalresourcesexpended`||<br>`792,423`|<br>`810,376`|<br>`7,325,255`|<br>`8,928,054`|<br>|<br>`7,617,309`|
|`Netoutgoingresourcesbefore`||||||||
|`investmentmovement`||`(792,423)`|`-`|`(7,131,603)`|`(7,924,026)`||`(7,131,259)`|
|`Netlossesoninvestmentassets`||||||||
|`Realisedandunrealisedinvestment`||||||||
|`losses`||<br>`(4,643,670)`|<br>`-`|<br>`-`|<br>`(4,643,670)`|<br>|<br>`18,956,959`|
|`Netincomeandexpenditure`||`(5,436,093)`|`-`|`(7,131,603)`|`(12,567,696)`||`11,825,700`|
|`Transfersbetweenfunds`|`1.b.`|<br>`(7,131,603)`|<br>`-`|<br>`7,131,603`||<br>`-`|<br>`-`|
|`Netmovementinfunds`||`(12,576,696)`||`-`|`(12,576,696)`||`11,825,700`|
|`Fundbalancesbroughtforward`||<br>`147,044,082`|<br>`-`|<br>`-`|<br>`147,044,082`|<br>|<br>`135,218,382`|
|`Fundbalancescarriedforward`||`134,476,386`<br>|`-`<br>|`-~`<br>|`134,476,386`<br>|<br>|`147,044,082`<br>|






## 

## 

|||`31-Dec`|`31-Dec`|
|---|---|---|---|
||`Notes`|`2022`|`2021`|
|||`£`|`£`|
|`FixedAssets`||||
|`Tangibleassets`|`8.`|<br>`2,528`|<br>`5,371`|
|`Investments`||||
|`Quotedsecuritiesandunquotedinvestments`||`133,014,871`|`143,948,775`|
|`Derivativefinancialinstruments`||`571,700`|`(225,367)`|
|`Salesforfuturesettlement`||`-`|`1,503,329`|
|`Purchasesforfuturesettlement`||`-`|`979,161`|
|`Cashbalances`||<br>`5,289,051`|<br>`5,502,287`|
||<br>`9.`|<br>`138,875,622`|<br>`151,708,185`|
|`Currentassets`||||
|`Prepayments`||`126,521`|`96,962`|
|`Cashatbank`||`24,044`|`46,552`|
|||<br>`150,565`|<br>`143,514`|
|`Creditors:amountsfallingduewithinoneyear`||||
|`Othercreditors`||`3,965`|`2,962`|
|`Grantspayablewithinoneyear`||`3,633,289`|`3,556,224`|
|`Accruals`||<br>`113,003`|<br>`156,542`|
||<br>|<br> <br>`3,750,257`|<br> <br>`3,715,728`|
|`Netcurrentliabilities`||`(3,599,692)`|`(3,572,214)`|
|`Creditors:fallingdueinmorethanoneyear`||||
|`Grantspayable`|`If.`|`(802,072)`|`(1,097,260)`|
|`Nétassets`|<br>|<br> <br>`134,476,386`|<br> <br>`147,044,082`|
|`Funds`||||
|`Expendableendowmentfund— historicalcost`|`12.`|`74,968,273`|`79,352,137`|
|`Expendableendowmentfund— revaluation`||`59,508,113`|`67,691,945`|
|`Restrictedincomefund`||`-`|`-`|
|`Unrestrictedincomefund`||`-`|`-`|
|`Totalfunds`|<br>`13.`<br>|<br>`134,476,386`<br>|<br>`147,044,082`<br>|







## 

## 

||`2022`|`2021`|
|---|---|---|
||`£`|`€`|
|`Netcashusedinoperatingactivities`|`(8,256,002)`|`(9,671,579)`|
|`Cashflowsfrominvestingactivities:`|||
|`Purchaseofinvestments`|`(10,052,039)`|`(13,777,430)`|
|`Proceedsfromsaleofinvestments`|`18,129,082`|`26,431,386`|
|`Proceedsfromforwardcurrencycontracts`|`(201,710)`|`39,690`|
|`Incomefrominvestmentsincash`|<br>`144,925`|<br>`117`|
|`Netcashprovidedbyinvestingactivities`|<br>`8,020,258`|<br>`12,693,763`|
|`Changeincashandcashequivalentsintheyear`|`(235,744)`|`3,022,184`|
|`Cashandcashequivalentsat1 January`|<br>`5,548,839`|<br>`2,526,655`|
|`Cashandcashequivalentsat31December`|<br>`5,313,095`|<br>`5,548,839`|
|`Notestothecashflowstatement`|||
|`Analysisofcashandcashequivalents`|`2022`|`2021`|
||`£`|`£`|
|`Cashwithininvestmentportfolio`|`5,289,051`|`5,502,287`|
|`Cashatbank`|<br>`24,044`|<br>`46,552`|
||<br> <br>`5,313,095`|<br> <br>`5,548,839`|
|`Reconciliationofchangesinresourcesto`|`2022`|`2021`|
|`netcashusedinoperatingactivities`|`£`|`£`|
|`Netloss(Page14)`|`(12,567,696)`|`11,825,700`|
|`Lossesoninvestments`|`4,643,670`|`(18,956,959)`|
|`Incomefrominvestmentsin.cash`|`(144,925)`|`(117)`|
|`Depreciationcharges`|`2,843`|`3,113`|
|`Realisedexchange(loss)`|`(2,382,166)`|`(585,635)`|
|`Decreaseinsalesforfuturesettlement`|`1,503,329`|`(1,503,329)`|
|`Decreaseinpurchasesforfuturesettlement`|`979,161`|`(979,161)`|
|`(Increase)indebtors`|`(29,559)`|`(23,429)`|
|`(Decrease)increditors`|<br>`(260,659)`|<br>`548,238`|
|`Netcash usedinoperatingactivities`|<br>`(8,526,002)`<br>|<br>`(9,671,579)`<br>|






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||`Expendable`|`—_Unrestricted`|||
|---|---|---|---|---|
||`endowment`|`income`|||
||`fund`|`fund`|`Total`||
||`2021`|`2021`|`2021`||
||`£`|`£`|`£`||
|`Incomefrom:`|||||
|`Incomefrominvestments`|<br>`-`|<br>`486,050`|<br>`486,050`|<br>|
|`Totalincome`|<br>`-`|<br>`486,050`|<br>`486,050`|<br>|
|`Expenditureon:`|||||
|`Raisingfunds`|||||
|`Investmentmanagementcosts`|`830,281`|`-`|`830,281`||
|`Charitableactivity`|||||
|`UnrestrictedFund`|||||
|`AcademicJewishStudiesProgramme`|`-`|`1,113,260`|`1,113,260`||
|`HeritageandCultureProgramme`|`-`|`2,376,662`|`2,376,662`||
|`EducationandResearch`|`-`|`1,619,803`|`1,619,803`||
|`NationalLibraryofIsraelandother`|`-`|`665,727`|`665,727`||
|`CommunityWelfare`|<br>`-`|<br>`1,011,576`|<br>`1,011,576`|<br>|
|`Totalresourcesexpended`|<br>`830,281`|<br>`6,787,028`|<br>`7,617,309`|<br>|
|`Netoutgoingresourcesbeforeinvestment`|`(830,281)`|`(6,300,978)`|`(7,131,259)`||
|`Netgainsoninvestmentassets`|||||
|`Realisedandunrealisedinvestmentgains`|<br>`18,956,959`|<br>`-`|<br>`18,956,959`|<br>|
|`Netincomeandexpenditure`|`18,126,678`|`(6,300,978)`|`11,825,700`||
|`Transfersbetweenfunds`|<br>`(6,300,978)`|<br>`6,300,978`||<br>`-`|
|`Netmovementinfunds`|`11,825,700`|`-`|`11,825,700`||
|`Fundbalancesbrought forward`|<br>`135,218,382`|<br>`-`|<br>`135,218,382`|<br>|
|`Fundbalancescarriedforward`|`147,044,082`<br>|`-`<br>|`147,044,082`<br>|<br>|






## 

## 

|`3.GrantsandDonations`|||
|---|---|---|
||`2022`|`2021`|
|`AcademicJewishStudiesProgramme`|`£`|`£`|
|`EuropeanAssociationfor`<br>`JewishStudies`<br>`WorldUnionofJewishStudies,HebrewUniofJerusalem`<br>`UniversityofAmsterdam`|`140,500`<br>`132,000`<br>`115,500`|`-`<br>`-`<br>`70,000`|
|`EcolePratiquedesHautesEtudes,Sorbonne`<br>`UniversityofLondon`|`110,500`<br>`79,020`|`-`<br>`69,989`|
|`UniversityofCambridge`|`70,000`|`-`|
|`UniversityCollegeLondon`<br>`ComplutenseUniversityofMadrid`|`70,000`<br>`68,544`|`-`<br>`-`|
|`SapienzaUniversitadiRoma`|`65,726`|`-`|
|`UniversityofBern`<br>`AlexandruloanCuzaUniversity`|`60,792`<br>`51,000`|`-`<br>`-`|
|`OxfordCentreforHebrewandJewishStudies`|`7`|`115,386`|
|`UniversityofOxford`<br>`UniversityofTiibingen`<br>`UniversityofWroclaw`<br>`UniversityofVienna`<br>`CharlesUniversity,Prague`<br>`UniversitadiBologna`<br>`Individualgrantsoflessthan£50,000`<br>`Earliergrantspart-returnedorcancelled`<br>|<br>`-`<br>`-`<br>`.`<br>`-`<br>`-`<br>`-`<br>`251,473`<br>`(10,746)`<br>`1,204,309`|<br>`69,356`<br>`86,970`<br>`74,210`<br>`68,352`<br>`58,650`<br>`50,000`<br>`340,429`<br>`(27,217)`<br>`976,125`|
|`JewishHeritageProgramme`<br>`ComunitaEbraicadiVenezia`<br>`TheNationalHolocaustCentreandMuseum`<br>`BodleianLibraries,UniversityofOxford`<br>`IsraelitischeGemeindeBasel`<br>`UnionedelleComunitaEbraicheItaliane`<br>`BritishLibrary`<br>`AssociationOfEuropeanJewishMuseums`<br>`MuseoEbraicoVenezia`<br>`GhettoFighters'HouseMuseum`<br>`JuidischesMuseumderSchweiz`<br>`Tudasmenedzsmentért,TuddsalapiTechnolégiaértA lapitvany`<br>`BradiansTrust`<br>`CentrointernazionaleLeoLeviperlaricerca,laconservazionee la`<br>|<br>`797,344`<br>`141,600`<br>`133,334`<br>`120,000`<br>`117,612`<br>`111,615`<br>`105,000`<br>`100,000`<br>`93,000`<br>`75,000`<br>`73,000`<br>`72,338`<br>`72,000`|<br>`-`<br>`-`<br>`133,334`<br>`-`<br>`-`<br>`-`<br>`-`<br>`100,000`<br>`-`<br>`-`<br>`-`<br>`-`<br>`-`|
|`valorizzazionedelpatrimoniomusicale`|||
|`Stichting`<br>`JoodsMaatschappelijkWerk`<br>`IMW)`<br>`JewishMuseuminPrague`<br>`SephardiVoicesUK`<br>`MartynasMazvydasNationalLibraryofLithuania`|`71,228`<br>`69,650`<br>`68,106`<br>`59,372`|`-`<br>`-`<br>`-`<br>`-`|
|`GrazMuseum`|`58,650`|`-`|






## 

## 

|`3.Grantsanddonations(continued)`|`2022`|`2021`|
|---|---|---|
||`£`|`£`|
|`Centrenationald'artetdecultureGeorgesPompidou`|`54,838`|`-`|
|`AssociationofJewishLibraries`|`54,000`|`-`|
|`TaubeDepartmentofJewishStudies,UniversityofWroclaw`|`53,784`|`-`|
|`JewishHistoricalMuseum`|`52,400`|`-`|
|`YadVashem`|`-`|`150,000`|
|`Peterhouse,UniversityofCambridge`|`-`|`137,666`|
|`CentreiiationaldelaRecherchescientifique`|`-`|`105,000`|
|`WienerHolocaustLibrary,London`|`-`|`93,783`|
|`TyneandWearArchivesandMuseums`|`-`|`80,000`|
|`FrinkischesFreilandmuseumdesBezirksMittelfranken`|`-`|`75,000`|
|`NationalMonumentHerinneringscentrumKampWesterbork`|`-`|`73,000`|
|`InstituteofSocialRelations,EotvosLorandUniversityofSciences`|`-`|`72,040`|
|`POLINMuseumoftheHistoryofPolishJews`|`-`|`68,702`|
|`JewishHeritageFoundationMenorah`|`-`|`68,040`|
|`JewishTheologicalSeminary,UniversityofJewishStudies`|`-`|`67,170`|
|`UnionedelleComunitaEbraicheItaliane`|`-`|`60,480`|
|`JewishMuseumofWestphalia`|`-`|`57,404`|
|`BoardofDeputiesCharitable`<br>`Foundation`|`-`|`55,550`|
|`TrinityCollegeDublin`|`-`|`53,643`|
|`TheJewishMuseuminStockholm`|`-`|`50,000`|
|`Individualgrantsoflessthan£50,000`|`547,754`|`407,980`|
|<br>`Earliergrantspart-returnedorcancelled`|<br>`(1,176)`|<br>`(38,455)`|
||<br>`3,100,448`|<br>`1,870,337`|
|`JewishEducation`|||
|`EducatingforImpact`<br>`|TheCentreforEducationalTechnology`|`185,171`|`180,167`|
|`JLC- PartnershipforJewishSchools`|`95,500`|`-`|
|`UnionofJewishStudentsoftheUKandIreland`|`90,000`|`-`|
|`JewishBookCouncil`|`75,000`|`-`|
|`Sadeh`|`50,000`|`-`|
|`MoisheHouse`|`-`|`155,624`|
|`LondonSchoolofJewishStudies`|`-`|`129,300`|
|`YadLayeledFrance`|`-`|`120,000`|
|`FundacjaCentrum TaubegoOdnowyZyciaZydowskiegow Polsce`|`-`|`94,360`|
|`Kisharon`|`-`|`90,000`|
|`SCoJeC,theScottishCouncilofJewishCommunities`|`-`|`59,000`|
|`JewishTheologicalSeminary,UniversityofJewishStudies`|`-`|`57,000`|
|`Limmud`|`-`|`50,000`|
|`Individualgrantsoflessthan£50,000`|`171,893`|`328,000`|
|<br>`Earliergrantspart-returnedorcancelled`|<br>`(58,344)`|<br>`(13)`|
||`609,220`<br>|`1,263,438`<br>|






## 

## 

|`3.Grantsanddonations(continued)`|`2022`|`2021`|
|---|---|---|
|`NationalLibraryofIsraelandothergrants`|||
|`GesherL’Europa[ABridgetoEurope]`|<br>`550,000`|<br>`590,000`|
||<br>`550,000`|<br>`590,000`|
|`CommunityWelfare`<br>`WorldJewishRelief`|`250,000`|`-`|
|`InstituteforJewishPolicyResearch`|`190,000`|`207,000`|
|`PillarFoundation`|`126,732`|`109,657`|
|`Jw3`|`100,000`|`-`|
|`SocialFinance`|`80,300`|`-`|
|`RabbiSacksLegacyTrust`|`50,000`|`-`|
|`JewishCare`|`-`|`100,000`|
|`JDC`|`36,917`|`100,000`|
|`EducatingforImpact`|`-`|`100,000`|
|`TheJewishAssociationforMentalIllness`|`-`|`150,000`|
|`CommunitySecurityTrust`|`-`|`75,000`|
|`JLC`|`-`|`50,000`|
|`Individualgrantsoflessthan£50,000`<br>`Earliergrantspart-returnedorcancelled`|`395,600`<br>`(3,792)`|`54,500`<br>`(49,650)`|
||<br> <br>`1,225,757`|<br> <br>`896,507`|
|`Totalgrants`|<br>`6,689,734`|<br>`5,596,407`|



## 




## 

## 

|`4.`|`ResourcesExpended`|||||||
|---|---|---|---|---|---|---|---|
|`a)`|`2022`|||||||
||||||`Support& `|||
||||`Other`|`Investment`|`Admin`|`Governance`|`Total`|
|||`Grants`|`Activities`|`Costs`|`Costs`|`Costs`|`2022`|
|||`£`|`£`|`£`|`£`|`£`|`£`|
||`InvestmentManagement`|`-`|`-`|`742,863`|`49,560`|`-`|`792,423`|
||`CharitableExpenditure`|||||||
||`UnrestrictedFund`|||||||
||`AcademicJewishStudies`|`1,204,309`|`14,550`|`-`|`152,525`|`3,165`|`1,374,549`|
||`CultureandHeritage`|`2,303,104`|`205,226`|`-`|`413,663`|`8,582`|`2,930,575`|
||`EducationandResearch`|`609,220`|`293,077`|`-`|`112,911`|`2,343`|`1,017,551`|
||`NationalLibraryofIsrael`|`550,000`|`-`|`-`|`68,825`|`1,428`|`620,253`|
||`CommunityWelfare`|`1,225,757`|`-`|`-`|`153,388`|`3,182`|`1,382,327`|
||`RestrictedFund`<br>`CultureandHeritage`<br>|<br>`797,344`|<br>`-`|<br>`-`|<br>`13,032`|<br>`-`|<br>`810,376`|
||<br>|<br> <br>`6,689,734`|<br> <br>`512,853`|<br> <br>`742,863`|<br> <br>`963,904`|<br> <br>`18,700`|<br> <br>`8,928,054`|
|||<br>`Note3.`||||||
||`ResourcesExpended`|||||||
|`b)`|`2021`|||||||
||||||`Support& `|||
||||`Other`|`Investment`|`Admin`|`Governance`|`Total`|
|||`Grants`|`Activities`|`Costs`|`Costs`|`Costs`|`2021`|
|||`£`|`£`|`£`|`£`|`£`|`£`|
||`InvestmentManagement`|`-`|`-`|`800,755`|`29,526`|`-`|`830,281`|
||`CharitableExpenditure`|||||||
||`UnrestrictedFund`|||||||
||`AcademicJewishStudies`|`976,125`|`10,500`|`-`|`109,298`|`17,337`|`1,113,260`|
||`CultureandHeritage`|`1,870,337`|`235,975`|`-`|`233,337`|`37,013`|`2,376,662`|
||`EducationandResearch`|`1,263,438`|`172,109`|`-`|`159,030`|`25,226`|`1,619,803`|
||`NationalLibraryofIsrael`|`590,000`|`-`|`-`|`65,360`|`10,367`|`665,727`|
||`CommunityWelfare`<br>|<br>`896,507`|<br>`-`|<br>`-`|<br>`99,315`|<br>`15,754`|<br>`1,011,576`|
||<br>|<br> <br>`5,596,407`|<br> <br>`418,584`|<br> <br>`800,755`|<br> <br>`695,866`|<br> <br>`105,697`|<br> <br>`7,617,309`|
|||<br>`Note3.`||||||






## 

## 

|`5.`|`Administrationcostsinclude:`|`2022`|`2021`|
|---|---|---|---|
|||`£`|`£`|
||`Auditors’remuneration(incl.`<br>`VAT)`|`18,700`|`17,120`|
||`Depreciation`|`2,843`|`3,113`|
|||`2022`|`2021`|
|`6.`|`StaffCosts`<br>`Wagesandsalaries`<br>`NationalInsurance`|`£`<br>`394,519`<br>`54,141`|`£`<br>`355,964`<br>`46,379`|
||`Pensions`<br>`LifeInsurance`|`58,602`<br>`5,591`<br>`512,853`|`49,909`<br>`4,823`<br>`457,075`|



|`Thenumberofemployeeswhoseemolumentsasdefinedfortaxationpurposesamountedtoover£60,000intheyearwasas`|`Thenumberofemployeeswhoseemolumentsasdefinedfortaxationpurposesamountedtoover£60,000intheyearwasas`|`Thenumberofemployeeswhoseemolumentsasdefinedfortaxationpurposesamountedtoover£60,000intheyearwasas`|
|---|---|---|
|`follows:`|`Number`|`Number`|
|`£150,001- £160,000`|`1`|`1`|
||`2022`|`2021`|
||`£`|`£`|
|`Totalbenefitspaidtokeymanagementpersonnel`|`187,752`|`179,858`|



||`Number`|`Number`|
|---|---|---|
|`Charitableactivities`<br>`Managementandadministration`|`5`<br>`1`|`5`<br>`i-`|






## 

## 

|`Office`|`furniture,equipmentandmotorvehiclesatcost`|
|---|---|
|`At1st`|`January2022`|
|`At31st`|`December2022`|
|`Depreciation`||
|`At1st`|`January2022`|
|`Charge`|`fortheyear`|
|`At.31st`|`December2022`|
|`Netbookvalueat31December2022`||
|`Netbookvalueat31December2021`||






## 

|`Investments`|`31-Dec`|`31-Dec`|
|---|---|---|
||`2022`|`2021`|
|`Quotedsecurities`|`£`|`£`|
|`Marketvalueasatstartofyear`|`1,490,925`|`1,444,584`|
|`Investmentpurchases`|`-`|`878,646`|
|`Disposalproceeds`|`(1,272,654)`|`(1,006,392)`|
|`Netinvestmentgains`|`(143,667)`|`174,087`|
|`Marketvalueasatendofyear`|`74,603`|`1,490,925`|
|`Unquotedinvestments`|||
|`Valuationatstartofyear`|`43,222,067`|`24,036,916`|
|`Investmentpurchases`|`10,052,039`|`12,898,784`|
|`Investmentdistributions`|`(5,856,428)`|`(8,074,994)`|
|`Trustees’revaluation`|`1,551,723`|`14,361,362`|
|`Valuationasatendofyear`|`48,969,401`|`43,222,068`|
|`Multi-assetfunds`|||
|`Valuationatstartofyear`|`99,235,782`|`111,142,073`|
|`Investmentdistributions`|`(11,000,000)`|`(17,350,000)`|
|`Trustees’revaluation`|`(4,264,915)`|`5,443,709`|
|`Valuationasatendofyear`|`83,970,867`|`99,235,782`|
|`Quotedsecuritiesandunquotedinvestments`|`49,044,004`|`44,712,993`|
|`Multi-assetfunds`|`83,970,867`|`99,235,782`|
|`Derivativefinancialinstruments`|`571,700`|`(225,367)`|
|`Salesforfuturesettlement`|`-`|`1,503,329`|
|`Purchasesforfuturesettlement`|`-`|`979,161`|
|`Cashandequivalents`|`5,289,051`|`5,502,287`|
|`Totalinvestments`|`138,875,622`|`151,708,185`|
|`Historicalcost`|`___79,367,509`<br>`eed`|`84,016,240`|






## 

## 

||`MarketValue`||`Investmentincome`||
|---|---|---|---|---|
||`2022`|`2021`|`2022`|`2021`|
|`Overseasinvestments`|`£`|`£`|`£`|`£`|
|`Quotedsecurities`|`8,632`|`1,281,556`|`-`|`113`|
|`Unquotedinvestments`|`43,588,655`|`42,808,910`|`155,326`|`485,820`|
|`Multi-assetfunds`|`83,970,867`|`99,235,782`|||
|`Derivativefinancialinstruments`|`571,700`|`(225,367)`|||
|`Salesforfuturesettlement`|`-`|`1,503,329`|||
|`Purchasesforfuturesettlement`|`-`|`979,161`|||
|`Cashandequivalents`|<br>`5,289,051`|<br>`5,502,287`|<br>`26,074`|<br>`117`|
||<br>`138,428,905`|<br>`151,085,658`|<br>`181,400`|<br>`486,050`|
|`UKquotedinvestments`|`65,971`|`209,369`|||
|`UKunquotedinvestments`|<br>`380,746`|<br>`413,158`|<br>`12,252`|<br>`-`|
||<br>`138,875,622`<br>|<br>`151,708,185`<br>|<br> <br>`193,652`|<br> <br>`486,050`|
|`Totalincomefrominvestments`|||`193,652`|`486,050`|



||`2022`|`2022`|`2021`|`2021`|
|---|---|---|---|---|
||`£`|`%`|`£`|`%`|
|`WHAMEndowmentFund`|`83,970,869`<br>|`60.46%`<br>|`99,235,782`<br>|`65.41%`<br>|






## 

|||`2022`|`2021`|
|---|---|---|---|
|||`£`|`£`|
||`Grantspayable`|||
||`Within1-2years`|`628,622`|`959,592`|
||`Within2-5years`|<br>`173,450`|<br>`137,668`|
|||<br>`802,072`|<br>`1,097,260`|
|`12.`|`Reconciliationofhistoricalcostassetsandliabilities`|||
|||`2022`|`2021`|
|||`£`|`£`|
||`Fixedassets`|`2,528`|`5,371`|
||`Historicalcostofinvestments`|`79,367,509`|`84,016,240`|
||`Netcurrentliabilities`|`(3,599,692)`|`(3,572,214)`|
||`Creditorsfallingdueinmorethanoneyear`|<br>`(802,072)_ `|<br>`(1,097,260)`|
|||<br>`74,968,273`|<br>`79,352,137`|
||`Expendableendowmentfund— historicalcost`|`74,968,273`<br>|`79,352,137`<br>|






## 

|`13.`|`AllocationofAssets`||||
|---|---|---|---|---|
|`a)`|`2022`||||
|||`Expendable`|`Unrestricted`||
|||`endowment`|`income`||
|||`fund`|`fund`|`Total`|
|||`2022`|`2022`|`2022`|
|||`£`|`£`|`£`|
||`Fixedassets`|`-`|`2,528`|`2,528`|
||`Investments`|`138,875,622`|`-`|`138,875,622`|
||`Bankbalances`|`-`|`24,044`|`24,044`|
||`Othercurrentassets`|`-`|`126,521`|`126,521`|
||`Liabilities`|`-`|`(4,552,329)`|`(4,552,329)`|
||`Interfundbalance`|<br>`(4,399,236)`|<br>`4,399,236`|<br>`-`|
|||<br>`134,476,386`|<br>`-`|<br>`134,476,386`|
|`b)`|`2021`||||
|||`Expendable`|`—_-Unrestricted`||
|||`endowment`|`income`||
|||`fund`|`fund`|`Total`|
|||`2021`|`2021`|`2021`|
|||`£`|`£`|`£`|
||`Fixedassets`|`-`|`5,371`|`5,371`|
||`Investments`|`151,708,185`|`-`|`151,708,185`|
||`Bankbalances`|`-`|`46,552`|`46,552`|
||`Othercurrentassets`|`-`|`96,962`|`96,962`|
||`Liabilities`|`-`|`(4,812,988)`|`(4,812,988)`|
||`Interfundbalance`|<br>`(4,664,103)`|<br>`4,664,103`|<br>`-`|
|||`147,044,082`<br>|`-`<br>|`147,044,082`<br>|






## 

## 

##