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← Paul Hamlyn Foundation

2025-03-31-accounts

Paul Hamlyn Foundation

Annual Report and Accounts 2024/25

phf.org.uk

Chair’s Statement

Trustees’ and Directors’ Report

Financial Review

Independent Financial Auditor’s Report Statements

Notes to the Financial statements

Strategic Report

CEO

Statement

Contents

Chair’s Statement
2
Chief Executive’s Statement
4
Trustees’ and Directors’ Report
6
The year in numbers
8
Grants by region
10
Strategic Report
11
A period of renewal
13
Strengthening relationships
16
Meeting the challenge
21
Cover image:Far From The Norm.
Photo credit: Camilla Greenwell.		 Plans for the future
26
S172 statement
27
Financial Review
29
Independent Auditor’s Report to the Members of Paul Hamlyn Foundation
36
Statement of Financial Activities
40
Balance Sheet
41
Statement of Cash Flows
42
Notes to the Financial Statements
43

phf.org.uk

Paul Hamlyn Foundation | Annual Report 2024/25

1

Chair’s Statement

Trustees’ and Directors’ Report

Financial Review

Independent Financial Auditor’s Report Statements

Notes to the Financial statements

Strategic Report

CEO Statement

Chair’s Statement

A year of change

The last year has been a significant one for Paul Hamlyn Foundation.

After a decade of inspiring leadership, we said farewell to Moira Sinclair at the end of the year. We are grateful for her immense contribution to the Foundation’s work over a period of significant growth and transformation. We also said goodbye to four trustees – Tim Bunting, Tony Hall, Andy Headley, and Charles Leadbeater – whose energy, ideas and advice have been invaluable over the past decade.

Jane Hamlyn CBE Chair

As well as endings, the past year was marked by new beginnings. In late 2024, we welcomed Halima Khan as our new Chief Executive. In the short time she has been with us, Halima has shown the same conviction and passion for the work of the Foundation that all of us share. We also welcomed Bernard Dallé, Marcus Davey, Jennifer Forster, and Martha Mackenzie as new trustees, and look forward to their contributions to shaping and guiding the Foundation’s work over the years to come.

We can already see how the sharpened focus of each of these funds is opening up the possibility of supporting a wider range of vibrant and vital organisations.

phf.org.uk

Paul Hamlyn Foundation | Annual Report 2024/25

2

Chair’s CEO Statement Statement

Trustees’ and Directors’ Report

Financial Review

Independent Financial Auditor’s Report Statements

Notes to the Financial statements

Strategic Report

The involvement of the Foundation in such a range of work, sometimes in contested or challenging areas, is only possible because of the commitment of our staff, advisors, and trustees. Their work was perhaps most evident in the refreshing and reopening in 2024 of our Arts and Migration Funds. We also re-opened our Ideas and Pioneers Fund to fund new ideas that have the potential to bring about social change. We can already see how the sharpened focus of each of these funds is opening up the possibility of supporting a wider range of vibrant and vital organisations.

This year brought much change but at its core, the Foundation’s ambition remains the same: to support organisations and individuals who are deeply invested in bringing about long-lasting change in their communities. In whatever field they are active in, and in whatever part of

Great Britain, Northern Ireland, or India they are based in, their work is marked by a strong sense of purpose, and sustained by energy, imagination, and determination. It is a great privilege for the Foundation to be able to support them.

Image: Awards for Artists, 30th Anniversary. Photo credit: Emile Holba.

In November, we held a special event to mark the 30th year of our annual Awards for Artists. At their inception, the Awards were conceived to recognise the importance of artists and the benefit that an award with no strings attached could have on their lives and work. Thirty years on, our commitment to this remains as strong as ever, and it was a joy to welcome so many exceptional artists and composers who have received the awards over the years, as well as to celebrate the 2024 award winners.

phf.org.uk

Paul Hamlyn Foundation | Annual Report 2024/25

3

Chair’s Statement

Trustees’ and Directors’ Report

Financial Review

Independent Financial Auditor’s Report Statements

Notes to the Financial statements

Strategic Report

CEO Statement

Chief Executive’s Statement

Our themes for this year’s report are renewal, relationships and meeting the challenge. Each represents a distinctive feature of 2024/25 that also builds on our previous work.

This has been a year of beginnings, endings, and renewal. I joined part way through the year and feel very privileged to be starting my journey with the organisation, taking up the baton from Moira Sinclair who did so much to deepen the organisation’s work in social justice over her ten years at the Foundation. I look forward to building relationships with our grant holders, partners, staff, and fellow travellers beyond.

Halima Khan Chief Executive

Other key milestones were the marking of 30 years of Awards for Artists, a celebration of the power of the arts to inspire, seek justice and build hope, and the conclusion of our current programme of Major Grants. These are grants and endowments to organisations who make a significant contribution to the fields we work in. The final grant went to the Royal Liverpool Philharmonic Society for music education support for children and young people in the Liverpool City Region.

Our focus on relationships has been strengthened this year by decisions we have made to bring us closer to the people we fund and enable them to connect with one another.

There are more opportunities for applicants and grant holders to input into our work, work collaboratively, and create shared solutions.

phf.org.uk

Paul Hamlyn Foundation | Annual Report 2024/25

4

Chair’s Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Report

CEO Statement

Image: Glasgow Zine Library. Photo credit: Sean Campbell.

There are more opportunities for applicants and grant holders to input into our work, work collaboratively, and create shared solutions. Our Arts Fund team now visit all shortlisted applicants to meet them on their home turf. Our Access Support Bursary, which covers the additional costs of applying to us (such as using a British Sign Language interpreter), has increased in size and number of requests. The Migration Residential brought together over a hundred people working in the field of migrant justice.

This has also been a year of meeting the challenge of the moment we are in. A key part of our role is being attentive to this wider context and thinking about how we can be most helpful given constant change and new threats, as well as emerging possibilities. We know that there are multiple and increasing pressures on the organisations we support. We have seen an increase in demand for our funding, with the number of grant applications up 75% on the previous year and the value of grant applications up almost 90%.

Events like the racist riots, which took place across the country last summer, directly impacted many of our grant holders. This reinforced the need to tackle long-term root causes of division and violence, as well as immediate needs. In this spirit, we remain active in a number of collaborations with other funders – such as Justice Together, Power of Pop Fund, Civic Power Fund, LocalMotion and UK Democracy Fund – which seek to build and rebuild the foundations needed for a just society.

So, while this year has been characterised by change, it has also been characterised by an enduring commitment to building a more just future.

75%

Increase in the number of grant applications compared to 2023/24

phf.org.uk

Paul Hamlyn Foundation | Annual Report 2024/25

5

Chair’s Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Report

CEO Statement

Trustees’ and Directors’ Report Objectives and Activities

Paul Hamlyn arrived in the UK as a migrant in 1933. He started his first bookselling business in 1949 and went on to make his fortune in publishing. When he died in 2001, he left most of his estate to the Foundation, creating one of the largest independent grant-making organisations in the UK.

Paul had a strong interest in social justice, challenging prejudice, and opening up the arts and education to everyone, particularly young people. These themes run through the work of the Foundation today and continue to inform the work that we do.

The Foundation, in its current form, was incorporated in February 2004. Our charitable objects – that is, our charitable purpose – are “to further such charitable purposes and to benefit such charitable institutions as the trustees see fit.” We do this primarily through our grant-making, field-building and wider influencing activity.

We work in collaboration with the organisations we support, increasingly awarding long-term and core funding. Our forward-thinking approach, which makes use of data and the thoughtfulness of our staff, is designed to maximise the long-term impact of our grants for the benefit of the wider public.

Trustees have considered the Charity Commission’s guidance on public benefit and believe that the Foundation’s objects and aims are in alignment with the public benefit requirements of the 2011 Charities Act.

Image: Reaching Higher. Photo credit: Trinity Walters.

phf.org.uk

Paul Hamlyn Foundation | Annual Report 2024/25

6

Chair’s Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Report

CEO Statement

The Trustees’ Report demonstrates the activities of the Foundation and how they meet the principles as defined in the Act. In particular, the strategic report outlines the Foundation’s spend of £35.9 million on grants in 2024/25. All our grants are assessed to ensure they deliver public benefit and charitable purpose.

In 2024/25, we re-opened our Ideas and Pioneers Fund after two-and-ahalf years of it being closed and relaunched our Arts Fund and Migration Fund after a strategic review the year prior. This repositioning of funds did not change our overall mission or vision, but did change the focus of our grant-making within these funds as the criteria evolved. The names of the strategic areas changed from ‘Migration and Integration’ and ‘Arts Access and Participation’ to ‘Migration’ and ‘Arts’ to better reflect the breadth of work we support.

Funding priorities

Our funding priorities remain consistent with our current strategy, written in 2020, and our commitment to social justice underpins all of them. These priorities are:

Grant-making policy

The Foundation will consider all applications that fall within our funding priorities and meet our funding criteria, and where our due diligence process has not identified any unacceptable issues. We only fund work that is charitable, as defined by the Charity Commission for England and Wales.

In addition to accepting applications from organisations and individuals to our open funds (these can be found on our website), we have a number of funds which are invitation-only and are awarded on an annual basis to a small cohort of organisations that meet our funding criteria.

Details of all the grants made for the year ended 31 March 2025 can be found on our website at phf.org.uk/news-and-publications/ grantsawarded-2024-25

Our vision

A just society in which everyone, especially young people, can realise their full potential and enjoy fulfilling and creative lives.

Our mission

To be an effective and independent funder, using all our resources to create opportunities and support social change. We partner with inspiring organisations and individuals to make sure that people facing disadvantage are at the heart of leading change and designing solutions to overcome inequality.

phf.org.uk

Paul Hamlyn Foundation | Annual Report 2024/25

7

Chair’s CEO Statement Statement

Trustees’ and Directors’ Report

Financial Review

Independent Financial Auditor’s Report Statements

Notes to the Financial statements

Strategic Report

The year in numbers

This year, we received record numbers and values of applications. We received 75% more applications in 2024/25 than in 2023/24.

Number of grants awarded

Value of our grant-making

291 £35.9m

We approved a total of 291 grants from decisions on 1,485 applications

We awarded grants totalling £35.9 million over the 2024/25 financial year

Endowment value at 31 March 2025

£929m

Applications

20%

% of applications approved

We received 1,996 applications for funding this year, approving 291 across our funds. These figures do not include enquiry calls which take place for some funds before a written application is submitted

UK grant applications

1,818 applications totalling £249.3m

India grant applications

178 applications totalling £10.6m

Total grant applications

1,996 applications totalling £259.9m

Funding racial equity

As a funder committed to anti-racism, we record and report how much of our funding serves racialised communities, in terms of both the leadership of the organisation and the people they support

45 grants totalling £6.1m

Work delivered by communities experiencing racial inequity

84 grants totalling £12.9m

Work delivered for communities experiencing racial inequity

Of which: 39 grants totalling £5.0m

Work which is both by and for communities experiencing racial inequity

phf.org.uk

Paul Hamlyn Foundation | Annual Report 2024/25

8

Chair’s Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Report

CEO

Statement

Number of grants awarded by grant value

----- Start of picture text -----
Total number of grants awarded
140
127
120
100
80
58
60 52
40
30
19
20
3 2
0
Up to £20k £50k £100k £250k £500k Over
£20k to to to to to £1m
£50k £100k £250k £500k £1m
----- End of picture text -----

Number of grants awarded by length in time

Total value of grants awarded

----- Start of picture text -----
120 114
100
79 78
80
60
40
20
20
0
0
Up to 1–2 2–3 3–5 Over 5
1 year years years years years
----- End of picture text -----

Grants awarded per programme area

----- Start of picture text -----
£195k
£4,640k
£6,524k
£3,209k
£778k
£1,343k £5,826k
£5,537k
£7,635k
----- End of picture text -----

phf.org.uk

Paul Hamlyn Foundation | Annual Report 2024/25

9

Chair’s CEO Statement Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Report

Grants by region

Scotland

Many of our grants support work in multiple regions or countries. These grants are additional to those indicated on the map.

– Funding: £2,124,615 – Number of grants: 14

Northern Ireland

– Funding: £1,369,991 – Number of grants: 9

UK Wide

– Funding: £11,414,499 – Number of grants: 84

England – Single region, excluding London

– Funding: £9,207,000 – Number of grants: 64

England – Multi region

– Funding: £4,454,000 – Number of grants: 37

England – London

– Funding: £1,884,500 – Number of grants: 23

Multi-country

– Funding: £1,815,779 – Number of grants: 20

India

Wales

– Funding: £207,112 – Number of grants: 1

– Funding: £3,028,669 – Number of grants: 39

phf.org.uk

Paul Hamlyn Foundation | Annual Report 2024/25

10

Chair’s CEO Statement Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial

Notes to the Financial statements

Strategic Report

Statements

Strategic Report

In the previous financial year, we awarded more money in grants than ever before. Since then, the environment, both within the Foundation and in the world around us, has continued to change.

In November 2024, we appointed Halima Khan as Chief Executive, succeeding Moira Sinclair who had led the Foundation for a decade. Alongside Halima, we appointed four new trustees – Bernard Dallé, Marcus Davey, Martha Mackenzie, and Jennifer Forster. We warmly welcome these new voices, insights, and leadership as we prepare to enter a new strategic period.

We are beginning to explore what this new strategy will look like, starting with a review of the past five years. This year alone, we have seen demand for our resources increase significantly, with a large growth in the number of applications and a decrease in our acceptance rate from 22 per cent last year to 20 per cent this year.

This is no surprise given the re-opening of three of our open funds, and the increasingly challenging context in which charities are operating.

In this report, we’ll share more about this external context, as well as what we’re experiencing within the Foundation. Firstly, we’ll report on progress towards our objectives for 2024/25 as set out in last year’s Annual Report:

course.

– Continuous improvements to our grant-making. In the previous report, we spoke of the importance of developing our data capture, understanding the role and potential of artificial intelligence, and the intention to deliver a new website. We’re pleased to have seen significant progress in these areas, as we launched our new, more accessible website in June 2024. We also developed an internal artificial intelligence (AI) working group. Finally, we started work to clean and categorise the data we hold about our work on our grant-making system; a significant undertaking we believe will give us

phf.org.uk

Paul Hamlyn Foundation | Annual Report 2024/25

11

Chair’s CEO Statement Statement

Trustees’ and Directors’ Report

Strategic Financial Report Review

Independent Auditor’s Report

Financial Notes to the Statements Financial statements

deeper insights into the work we do.

– Investing in our people and their working environment. We have commissioned a full review of our building to understand how we can better use the space, drawing from the valuable input of our staff to inform decision making. We have continued to make adaptations to our building to improve accessibility, including the installation of contrast stripping, hearing loops, and new handrails. We have also focused on our people, undertaking reviews of our pension offer and pay bands to make sure we continue to reward and value our staff. Finally, we have expanded our training offer for staff. We doubled our professional development budget from £500 to £1,000 for each member of staff, as well as instituting staff-wide training on inclusive leadership

and anti-racism.

– Awards for Artists 30th

anniversary. Finally, we reached a significant milestone for our Awards for Artists programme. For 30 years, the Awards have recognised and rewarded artists at a timely moment in their careers. This year, we increased each Award from £60,000 to £75,000 to recognise the increasing pressures on artists and reaffirming our strong belief in the value of artists and their vital contribution to society. The Awards ceremony was held in London in November; a memorable night to celebrate all the artists we have had the pleasure to support over the last few decades.

We’ll share more detail on these objectives throughout the report, and how our work this year is informing our plans for next year (for more details on our plans for the future, see p26).

Image: Eastside Arts. Photo credit: Neal Campbell Photography.

phf.org.uk

Paul Hamlyn Foundation | Annual Report 2024/25

12

Chair’s Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Report

CEO Statement

Strategic Report A period of renewal

The past year has seen a lot of change for us as an organisation.

Image: Our Plot programme at Peak Cymru. Photo credit: Peak Cymru.

phf.org.uk

Paul Hamlyn Foundation | Annual Report 2024/25

13

Chair’s CEO Statement Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Report

A period of renewal

Alongside shifts to our senior leadership and trustee board (see p35), we also reached some significant milestones in our grant-making.

After seven years, we made our final ‘major grants’ of this strategic period. These grants are significant investments in organisations we have long-term relationships with who we see as significant contributors to the sectors we work in. Our final grant was made to Royal Liverpool Philharmonic Society, and following this, we conducted an evidence and learning review to understand the impact of this method of grant-making, which we will use to inform our next strategic period.

While one programme of work concluded, many others re-opened. We opened up our refreshed Arts and Migration Funds, as well as our Ideas and Pioneers Fund. Each fund went through thoughtful consultation processes to ensure they were fit for the people and communities they intended to support. While these changes are still new, we have been encouraged by the breadth of organisations applying and the deeper understanding we have gained of the fields we work in.

As well as change internally, externally, we saw a change in UK government. Amongst other things, the government committed to a curriculum review, with an aim to broaden access to music, art, sport, and drama. Given the central importance of arts in the curriculum to our funding, we submitted evidence to the government’s curriculum review, advocating for a refreshed approach that centres the arts in education. By drawing on all of the ways we can effect change, beyond our core method of grant-making, we hope to further the missions and visions of the people we support.

Who we’ve funded

The Survivors’ Fund

We are so excited to have been awarded a grant from Paul Hamlyn Foundation which will enable us to move towards setting up the UK’s first Fund led by, and for, survivors of child sexual abuse. As survivors, we are already creating social, cultural, and political change – from breaking the silence around child sexual abuse, to reforming the legal and policy response. Yet, we experience multiple barriers in accessing funds. With the support of Paul Hamlyn Foundation, we will create a new Fund designed by us and for us. The Fund will provide flexible support to nurture and sustain a thriving survivor movement, so every child is seen, safe and heard.

Dr Lucy Martin Founder, The Survivors’ Fund

phf.org.uk

Paul Hamlyn Foundation | Annual Report 2024/25

14

Chair’s CEO Trustees’ and Statement Statement Directors’ Report

Strategic Financial Report Review

Independent Financial Auditor’s Report Statements

Notes to the Financial statements

Who we’ve funded

The Decelerator

This year, The Decelerator supported 124 courageous voluntary sector leaders navigating an increasingly uncertain landscape – from financial pressures, increased demand for services and political shifts to rising internal conflict and organisational strain. We offered free, confidential space to explore some of the sector’s toughest, most pressing, and often taboo questions: closures, mergers, leadership transitions, programme endings and more.

In a sector under pressure, we’re proud to be a calm, practical and early port of call — enabling better endings and new beginnings. Encouragingly, more people are coming to us earlier than they did when we began this work in 2019 with support from Paul Hamlyn Foundation. Half of those who come to us considering closure choose another path, and 100% say our support made a difference. More than ever, there’s recognition that putting an ending on the table isn’t failure or defeat – it’s taking the future seriously.

Iona Lawrence and Louise Armstrong Co-Founders, The Decelerator

Image: The Decelerator team. Photo credit: Iona Lawrence.

Real storiWho we’v e s funded Radical Ecology

Radical Ecology is an artist-led studio that explores the intersections of racial justice and environmental action. We do this through interventions ranging from participatory engagement with young people in the South Devon woods where we’re based to rethinking the global model for climate economics with leading climate scientists.

We believe that climate breakdown and racial inequity are inextricably connected. We see these twin crises, and our collective failure to address them, as outcomes of inherited cultures centuries in the making. Culture is the force that brings us together. It’s the space where we create meaning and choose to do more of the same or shape new worlds.

The ambition to create something new that’s sustainable and just – a house for climate justice – drives everything we do. We believe that Radical Ecology is a way of being through which we realise the life of the planet in ourselves, whoever and wherever we are.

Ashish Ghadiali Founder/Director, Radical Ecology

Image: Musical Passage workshop with Tomorrow’s Warriors, Radical Ecology. Photo credit: Steven Haywood.

phf.org.uk

Paul Hamlyn Foundation | Annual Report 2024/25

15

Chair’s Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Report

CEO Statement

Strategic Report

Strengthening relationships

Building relationships with other people isn’t just part of our work – it is the work.

Image: Football Beyond Borders. Photo credit: Impetus.

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Paul Hamlyn Foundation | Annual Report 2024/25

16

Chair’s CEO Statement Statement

Trustees’ and Directors’ Report

Strategic Financial Report Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strengthening relationships

This learning isn’t new for us, but it is reinforced with every grant we make. As the circumstances for the people we fund become all the more challenging (see p21 for more), we know how important it is for us to be a responsive and responsible funder. At the core of this is being connected to the people we work with.

This year, we convened grant holders from our Backbone Fund for the first time. Backbone seeks to support organisations who work to strengthen the sector as a whole – be that investigative journalism to identify shared threats to progressive movements or work to help charitable organisations build inclusive practices and deal with significant moments of change. This sometimes invisible work is central to the success of the more visible parts of our sector. In bringing them together, we saw how powerful it was to work across difference and grow from each other’s unique strengths and assets.

This approach – bringing grant holders together – has strengthened our work tremendously this year. In refreshing our Migration Fund, we introduced a Migration Advisory Group, made up of a cross-section of Paul Hamlyn Foundation staff and representatives from organisations we fund across the migration sector. The contributions of the people we fund have added a depth of richness and insight into our grant-making process, and we are better able to make informed, strategic grantmaking decisions as a result of their shared knowledge and expertise.

As well as bringing the people we fund together, this year we have also focused on bridging the gap between grant-maker and grant-holder. Inherent in what we do is an understanding of, and attention to, the power dynamics at play in our work, and we continually seek opportunities to meaningfully engage with the people we fund. In refreshing our Arts Fund at the start of 2024, we recognised that to be more effective in our decision making, we had to develop a greater understanding of the work of applicants.

Inherent in our work is an understanding of and attention to the power dynamics at play in our work, and we continually seek opportunities to meaningfully engage with the people we fund.

phf.org.uk

Paul Hamlyn Foundation | Annual Report 2024/25

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Chair’s CEO Statement Statement

Trustees’ and Directors’ Report

Financial Review

Independent Financial Auditor’s Report Statements

Notes to the Financial statements

Strategic Report

For the first time, our Arts Team met every organisation who progressed to the second stage of our application process in their place. These visits showed us how much of the work needs to be experienced to be understood and gave our Arts Team a much greater appreciation of the circumstances and practices of the arts organisations they support. We took a similar approach in our re-opened Ideas and Pioneers Fund, where we met with every second stage applicant to talk to them about who they are and their idea, so we were not making decisions solely based on how they communicated their ideas on paper. We’re tremendously grateful to each and every organisation and individual for their openness and generosity in bringing us closer to the work they do.

Lastly, strengthening our relationships internally was also a clear focus of this year. With a change of leadership and new trustees joining us, it was important as an organisation to cohere around a shared purpose and direction for our work. In doing so, we wanted staff and trustees alike to develop their understanding of our work and our shared roles and responsibilities. We introduced inclusivity training for all staff members with this in mind, to help us be better partners and peers to each other. All our managers received bespoke management training, aimed at supporting our staff to develop the practical and emotional tools to be effective managers.

Image: ALLFIE, ‘Our Voice’ co-lead Yewande Akintelu-Omoniyi. Photo credit: ALLFIE / Qais Khan.

Who we’ve funded

ALLFIE (the Alliance for Inclusive Education)

ALLFIE believes in the right of all Disabled learners to access and be supported in mainstream education – but too often Disabled young people’s voices have been ignored. ‘Our Voice’ is a youth-led national participation project to amplify their voices and address erasure of young people’s education experiences.

The success of our recent youth activism event shows why it is important for young Disabled people to connect in person in a relaxed environment. It brings the best out of them when doing activism work and makes it enjoyable. It also brought the best out of the ALLFIE team, as ‘Our Voice’ took the lead for the day. We learn and grow as a movement when we take the lead from young people.

Yewande Akintelu-Omoniyi Youth Project Co-Lead, ALLFIE

phf.org.uk

Paul Hamlyn Foundation | Annual Report 2024/25

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Chair’s CEO Statement Statement

Trustees’ and Directors’ Report

Strategic Financial Report Review

Independent Financial Auditor’s Report Statements

Notes to the Financial statements

Who we’ve funded

Social Equity Centre

At the Social Equity Centre, we’re committed to breaking down barriers for first-generation migrants in the UK public sector, with a particular focus on their underrepresentation in local government. Migrants face significant challenges in accessing these roles and having their voices heard in public sector decision-making. Our work focuses on changing that.

Our research explores the barriers migrants face in accessing employment opportunities in local government, and the challenges local authorities encounter in monitoring and reporting workforce diversity. To show their commitment to achieving a representative workforce, we invited local authorities to sign our Migrant Inclusive Local Government Pledge.

We’re also designing the Local Government Career Programme to equip first-generation migrants with the knowledge, skills, and confidence to apply for jobs in local government. This programme is built not just to inform, but to transform—by nurturing the next generation of leaders who will shape policy, practice, and culture from within.

Teo Benea CEO and Co-founder, Social Equity Centre

Image: Migrant Participation in Public Life conference, Social Equity Centre. Photo credit: Teo Benea.

Who we’ve funded

Amar Trishala Sewa Aashram (ATSA)

Amar Trishala works with young people to help them emerge as leaders and address their own development concerns. This programme aims to develop youth groups and create an enabling environment for young people to participate actively as agents of change and contribute to resolving developmental issues that impact marginalised communities.

Image: Image: Youth group meeting.

Photo credit: Amar Trishala.

Since the project began in October 2024, we’ve reached young people in 11 villages in the Muzaffarpur District of Bihar.

Over this time, we’ve seen the young people we work with grow in confidence and collaboration – like the participants in the Ganga Youth group in Narauli Kalyan. Initially members were hesitant to speak at monthly meetings, but they’ve grown together to create a welcoming, collaborative, and supportive space. Laughter, nods of understanding, and moments of reflection fill the room. The meeting fosters a sense of community, empowerment, and mutual learning, as each voice contributes to a collective journey of growth and inspiration.

phf.org.uk

Paul Hamlyn Foundation | Annual Report 2024/25

19

Chair’s CEO Statement Statement

Trustees’ and Directors’ Report

Financial Review

Independent Financial Auditor’s Report Statements

Notes to the Financial statements

Strategic Report

Who we’ve funded

RadHR

RadHR offers space for community, activist and nonprofit organisations and collectives to share radical, caring and liberatory internal policies and processes. The RadHR library enables members to upload their own policies for others to adapt and use. Through the RadHR Community Forum, you can request policies, ask questions, and share insights about how to make and implement policies that take an anti-oppressive approach to HR and operations.

The work that goes into creating even one radical internal policy from scratch is immense! We try to make it easier for groups doing their ‘internal’ work differently to learn from and build on each other’s work. RadHR believes that if we’re serious about changing systems of power in society, we need to change how those systems show up within our own groups and organisations – and learning how to do so will take all of our collective wisdom!

Image: Creative Classrooms project by darts. Photo credit: James Mulkeen.

phf.org.uk

Paul Hamlyn Foundation | Annual Report 2024/25

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Chair’s Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Report

CEO Statement

Strategic Report

Meeting the challenge

The organisations we work with are operating in an increasingly challenging environment. We see our role as being a support to them in facing this challenge.

Image: Idle Women. Photo credit: Jessie Leong.

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Paul Hamlyn Foundation | Annual Report 2024/25

21

Chair’s CEO Statement Statement

Trustees’ and Directors’ Report

Financial Review

Independent Financial Auditor’s Report Statements

Notes to the Financial statements

Strategic Report

Meeting the challenge

At a national level, here in the UK and in India, we have seen election cycles leading to shifts in government, and the difficulties and opportunities that brings. These changes form part of our global political system, which has also seen seismic shifts over the past year across multiple countries and elections.

Here at home, we grappled with hate and division. The August 2024 riots were fuelled by racist, anti-migrant and Islamophobic sentiment. In responding at that time, we focused our efforts on providing immediate support to those most affected, partnering with Civic Power Fund to deliver small grants at scale and pace. These grants helped frontline groups working with communities facing hate to respond to increased security threats, support the wellbeing of their staff and wider community, and to support individuals directly affected by the violence.

Image: Parallel Rhythms Teacher Development Fund workshop. Photo credit: Timm Cleasby.

Beyond this, however, we know that festering racism and hatred is not a short-term problem to solve. For that reason, we continue to build on our systems change approach, acknowledging that our ability to act over the long term is an asset we can use to support those who are creating a future where social justice is a reality for everyone. To this end, we further invested in our work with funder collaborations that are combining the resources of many to support communities in practicing anti-racism and bringing about a more just future. One such collaboration is the UK Democracy Fund, which is exploring ways to enable more people to vote and extending the right to vote.

Internally, we supported learning exchanges with other funders and supported our own trustees to consolidate our understanding of how, as a funder, we can contribute to longer-term, deep change that tackles the underlying causes of discrimination and injustice. Through our Youth Fund Learning Network, which supports the exchange of ideas and development amongst grant holders in our Youth Fund, organisations we fund participated in an anti-racism learning journey. This has been complemented by our own programme of anti-racist learning for our staff, as we continue to build on our commitment to be an anti-racist funder.

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Paul Hamlyn Foundation | Annual Report 2024/25

22

Chair’s CEO Trustees’ and Statement Statement Directors’ Report

Strategic Financial Report Review

Independent Financial Auditor’s Report Statements

Notes to the Financial statements

Alongside these social and political shifts, organisations we work with are also increasingly grappling with a scarcity of resources. From our position alone, we have seen a 108% growth in applications, as the voluntary sector adapts to new demands on their time and capacity with fewer sources of funding and increases in costs. To minimise the barriers organisations might face in applying for our funding, we increased our Access Support Bursary, offering up to £750 for disabled applicants who need to pay for additional support to complete an application and making this offer more prominent at the point of application.

Who we’ve funded

Stuart Hall Foundation

Inspired by the life and work of the eminent scholar and intellectual Professor Stuart Hall, the Stuart Hall Foundation was launched in 2015 by his family, friends, and colleagues to continue his life’s work and build on his unique and distinct legacy by attending to the urgent political, social, and cultural questions of our time.

Our mission is to popularise critical thought by supporting the creative and intellectual development of a new generation of artists, academics and activists who are dedicated to challenging issues of inequality through their work. We pursue this mission by equipping underrepresented practitioners with the learning resources, mentorship, and creative opportunities necessary to shape and expand public debates on history, politics, and culture.

This includes developing free digital tools to foster critical and interdisciplinary thinking, offering residencies, scholarships, and fellowships, and creating spaces – both online and in person – for collective dialogue, exchange, and collaboration.

Image: New Scholars Welcome Event, Stuart Hall Foundation.

Photo credit: Tayyab Amin.

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Paul Hamlyn Foundation | Annual Report 2024/25

23

Chair’s CEO Statement Statement

Trustees’ and Strategic Financial Directors’ Report Report Review

Independent Financial Auditor’s Report Statements

Notes to the Financial statements

Who we’ve funded

Runnymede Trust

The Runnymede Trust is the UK’s leading racial justice think tank – we work on issues that range from the kind of curriculum being taught in schools, to the intensification of Islamophobia, the racialised impacts of segregated asylum accommodation and most recently on health impacts of racism.

Image: All staff day 2024, Runnymede Trust. Photo credit: Rohini Kahrs.

Our research reports and policy influencing play a critical role in holding governments to account and challenging them to design policies that can support and uplift communities of colour, rather than penalise and scapegoat them. At a time of intensifying global and domestic crisis and still haunted by the racist riots of 2024, our work is rooted in a principled commitment to speaking with courage and evidenced conviction and we are always grateful to our funders for their loyal support that enables us to do this.

Shabna Begum Chief Executive Officer, Runnymede Trust

Who we’ve funded

Changing Relations

Changing Relations uses the arts to transform the ways people think about gender stereotypes and relationship behaviours. Our creative learning approach helps us create a safe environment to explore hard-to-approach topics, reach vulnerable people in underserved communities, such as those affected by abuse, and stimulate greater understanding and empathy.

This grant will support us to develop an education programme based around our ‘Sometimes it Hurts’ illustrated story series and a film of our play ‘A is for Amy’ – which were coproduced with young people affected by domestic abuse, either in their childhood homes or their own emerging intimate relationships.

The project aims to prevent young people developing unhealthy relationships and enable those affected by abuse and violence to access appropriate support. Changing Relations will also work collaboratively with teachers to increase their confidence and skills in addressing these difficult issues through arts-based activities.

Lisa Davis Managing Director, Changing Relations

Image: ‘A is for Amy’ performance. Photo credit: Changing Relations.

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Paul Hamlyn Foundation | Annual Report 2024/25

24

Chair’s CEO Statement Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Report

Managing risk

In line with statutory requirements, trustees regularly review and assess all risks faced by the Foundation and plan for the management of those risks.

The board delegate the detailed consideration of risk to the Finance, Audit and Risk Committee. The Committee have agreed an approach to managing risk. The operational risk register is owned and managed by the Senior Leadership Team and risk is reported and is a discussion item at every Committee meeting. The strategic risk register is owned by the board, advised by the Finance, Audit and Risk Committee. Should any operational risks move to ‘red’ in the year, the Senior Leadership Team will report this to the Chair of Finance, Audit and Risk Committee immediately.

In 2024/25, we reported on the perception of increased risk in the following areas:

The external environment remains volatile and means the Foundation continues to operate in a world where there is much challenge and change, and this accentuates a number of the risks identified in the operational risk register – for example, the importance of trustees having sufficient time for debate and decision-making; adapting our grant-making in a complex environment; and managing our investment portfolio whilst being mindful of potential conflicts with our organisational strategy.

While not an immediate threat to Paul Hamlyn Foundation, we are conscious that these are particularly challenging times to invest, and this presents risks around returns and spending levels and management of currency. As we develop a new organisational strategy, we will revisit how we calculate what we spend each year to ensure it remains appropriate.

India remains a complex environment in which to operate and we are conscious of the impact this has on our programme and team. We continue to work to ensure that our business continuity plans remain fit for purpose for all the team in India.

We remain conscious of the challenges of the current economic environment to those we work with and fund. We are also very aware of the significantly increasing numbers of applications to the Foundation and the resourcing challenges this creates; we will consider further how to manage this tension as part of our strategy review.

The external environment remains volatile and means the Foundation continues to operate in a world where there is much challenge and change.

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Paul Hamlyn Foundation | Annual Report 2024/25

25

Chair’s CEO Statement Statement

Trustees’ and Directors’ Report

Financial

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Financial Report Review

Plans for the future

Our plans for the future are echoed throughout the themes of this report; we intend to reflect on the work we have done to get us to this juncture, to help us understand what direction we want to take in the next strategic period.

In doing so, we’ll look to those who know us well to steer us in the right direction while we grapple with the increasing challenges faced by the organisations we fund.

While much of the focus in the upcoming year will be around our strategy, we’ll continue to prioritise activity that makes us a better grant-maker and employer.

Preparing for a new strategy. As our 2020 strategy concludes, we will look to what the next strategic period holds for the Foundation. We will bring in external expertise and perspectives, as well as drawing from the rich learning and knowledge of our staff, trustees, and advisors. We anticipate this work will continue beyond the next financial year.

Image: ‘The Tempest’ performance, Delight. Photo credit: Alex Brenner.

Develop our work environment. This year, we look to develop plans for our office space, updating the environment to reflect a modern, inclusive, hybrid way of working. We will continue to invite those we work with and fund into this space to allow for greater collaboration.

Strengthen ways of working. Complementing our plans to improve our working environment, we will look to strengthen our team culture.

We will institute our first all-staff engagement survey, to help us understand how we can further support staff at work and bring teams together. We will also hold all-staff away days, making sure everyone who works at the Foundation has the opportunity to visit an organisation we fund to better understand their work.

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Paul Hamlyn Foundation | Annual Report 2024/25

26

Chair’s Statement

Trustees’ and Directors’ Report

Financial Review

Independent Financial Auditor’s Report Statements

Notes to the Financial statements

Strategic Report

CEO

Statement

S172 statement

Engaging with stakeholders

Background

In doing so, regard (among other matters) must be given to:

As a company limited by guarantee, the Foundation is required to report on how trustees have discharged their duty to promote the best interests of the Foundation, while having regard to the matters set out in section 172 (1) (a) to (f) of the Companies Act 2006.

Long-term strategy and decision making

Our strategy, published in September 2020, sets out our vision for society and our mission to be an effective and independent funder, using all our resources to create opportunities and support social change. Its development was informed by external advisers, conversations with grant holders and research and learning from other philanthropic institutions and stakeholders.

Risk appetite and management is considered as part of the long-term strategy and decision making and is as outlined on page 25. ~~_~~

The strategy sets the framework in which decision making takes place. It helps ensure trustees are able to consider the long-term consequences of decision making and the balance between the different interests of stakeholders.

Image: ‘A Renaissance of the Peace Process?’ conference, Queen’s University Belfast. Photo credit: Committee on the Administration of Justice.

Our stakeholders

The trustees recognise that the Foundation’s relationship with its stakeholders is critical to its success. Our charitable objectives, scale and impact are achieved in large part through relationships and working with others to achieve public benefit. By understanding our stakeholders, trustees are able to consider the potential impact of our decisions on each stakeholder group and consider their needs and concerns.

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Paul Hamlyn Foundation | Annual Report 2024/25

27

Chair’s Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Report

CEO Statement

Those we fund and work in partnership with:

The Foundation’s values inform its relationships with those we work with. We place particular emphasis on collaboration and connection, trust, openness, and thoughtfulness. We believe in the power of working together to achieve greater impact. We aim to exploit the synergies between the different areas of our grant-making and build communities of interest in the fields we support. We understand the value in building connections, being aware of the external environment and developing a deep knowledge of the fields in which we operate. As a values-based organisation, the Foundation pays particular attention to how it operates and its relationships with stakeholders, including those we fund. We undertake periodic independent surveys of our applicants and grantees. The most recent of these was in 2020 and another is planned for 2025–26. We have a complaints policy and respond promptly to feedback and share this learning at our Management Team and Senior Leadership Team meetings.

Staff:

The local community in which we are placed and broader environment:

We know how important it is to have skilled and knowledgeable The Foundation established Our staff and trustees. They are a critical Neighbourhood Fund in 2018, a component of our decision making, programme set up in response to our efficacy as a grant-maker and the rising levels of hardship and our ability to establish quality disadvantage we see on our doorstep. relationships with those we fund. The Fund allocates 1% of Paul Hamlyn We are committed to investing in Foundation’s annual grant funding the professional development of our to support local people and people. We operate a core training organisations working in and around and development offer, and each our office location. The Foundation employee also has access to a is also an active participant in other dedicated professional development local initiatives including the budget. We remain committed and Knowledge Quarter – a local network supportive of our Justice, Equity, of knowledge-based organisations – Diversity and Inclusion Collective and local police/local authority staff network, the purpose of which networks. We have a strong interest is to seed and embed collective in our environmental impact and culture change. during the year, we invested in a sustainability audit of our building which will inform our plans for making improvements to our offices in the next financial year. We are participants in the Funder Commitment on Climate Change and consider environmental issues as part of our investment strategy (see page 30).

Businesses, investment managers and suppliers:

The Foundation’s values also inform its dealing with the businesses we work with. We seek to build constructive partnerships where possible and have long-term relationships with a number of key suppliers who we meet regularly to discuss issues and developments. Paul Hamlyn Foundation’s investment advisors and managers are key to the success of our investment activity and the Foundation’s Investment Director and Investment Committee meet regularly with Cambridge Associates and Fund Managers (see page 31).

We place particular emphasis on collaboration and connection,

trust, openness, and thoughtfulness.

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Paul Hamlyn Foundation | Annual Report 2024/25

28

Chair’s CEO Statement Statement

Trustees’ and Directors’ Report

Financial Review

Independent Financial Auditor’s Report Statements

Notes to the Financial statements

Strategic Report

Financial Review

The Unrestricted Fund is used to finance the Foundation’s tangible fixed assets and working capital. It is financed by returns on investments, including investment income and transfers from the Endowment Fund.

Overview

The Foundation’s operational model is to use the return from its endowment to support grant-making and charitable activities.

The Endowment Fund represents the original gifts by Paul Hamlyn, both in his lifetime and under the terms of his will, together with net gains from related investment assets. The trustees have the discretion to make disbursements from the Endowment Fund in circumstances they consider appropriate. The trustees have stated their intention to preserve the real purchasing power of the gifts from Paul Hamlyn’s estate.

The Restricted Fund comprises grant income from partners jointly funding some of the Foundation’s initiatives.

The Foundation reports funds on its Statement of Financial Activities (SoFA) on a combined basis and details of movements in funds are provided in note 13.

Investment review

There are times in investment when it is appropriate to worry about the return of the money as much as worrying about the return on the money.

Against a backdrop of an extended economic cycle, a long period of strong returns from global investing, tough business conditions in, among other areas, Europe and China, and market leadership focused on just a handful of stocks leading the United States market, this seemed to be one of those periods.

At Paul Hamlyn Foundation we continued, throughout 2024/25 to be cautiously invested with significant cash weightings, together with maintenance of the portfolio’s exposure to physical gold. This asset often performs well in periods of stress in the financial system as it did once again in the year under review.

Geopolitical tension weighed on investors’ minds, with the continuation of the war in Ukraine, significant conflict in Gaza, and growing strife in other areas.

The re-election of Donald Trump in November paved the way for the implementation of tariffs which have surprised and unsettled markets. There are significant worries that the US Government bonds and the value of the US dollar may struggle if he adopts a similar approach to tackling the budget deficit which is running, at present, at circa 6% of GDP which is the highest it’s ever been in peacetime, outside of the Covid-19 pandemic.

All of this and more has sharpened our focus on providing the Foundation with sustainable returns with which to continue our charitable grant making.

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Paul Hamlyn Foundation | Annual Report 2024/25

29

Chair’s Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Report

CEO

Statement

The Foundation’s stated investment objective is to:

In 2024/25 we did not quite match our investment objective, with the portfolio returning +6.9% for the 12 months to end March 2025, versus our benchmark comparator of +7.2%, being UK Retail Price Inflation plus 4%.

Responsible investing and approach to Environmental, Social and Governance (ESG) principle

Our charitable mission is to work to tackle inequality, foster opportunity and pursue social justice so we take the principles of responsible investing seriously. Over the longer term, whilst recognising the necessity to empower our grant-makers with the financial resources to foster change in their areas of focus, we are working to apply the same values and ethics that underpin our grant-making activity to our investment portfolio. We recognise the relative paucity of measurement metrics for many social and impact values together with the realisation that markets-based capitalism can frequently be extractive, exploitative, and ethically ambivalent.

This is a contested area with few universally accepted measures of success, we continue to use what we consider to be the leading frameworks for analysing our portfolio and guiding our decisions. Mindful of our responsibilities as thoughtful investors we continue to

focus on working only with asset managers who bind in ESG considerations to their work.

We grant-fund organisations that are helping to reshape capitalism. We believe that only with the adoption of carbon pricing can the real cost of industry and personal consumption be paid by society. Carbon transition is a massive, necessary, global investment that is starting to reshape the financial landscape. The adjustments at a personal, corporate, and governmental level are under appreciated by public and policymakers alike. Engagement and collective work by investment institutions to turn brown companies green remains a focus of much of what we do.

We believe we can be most effective in this fight through supporting initiatives which are lobbying in this direction (particularly direct share-holder activity) and through using our investment levers to push for change. We have been a signatory of the United Nations Principles of Responsible Investment since 2015 and are part of the Carbon Disclosure Project (http://www.cdp.net).

We participate in the Charities Responsible Investment Network, administered by ShareAction with whom we work closely and support with regular grants.

SoFA and Balance Sheet changes in the year

Total income decreased by 6% from last year, with charitable income falling remaining stable, and investment income falling from £10.0million to £9.4 million; the decrease mostly driven by a move away from investment property to different asset classes that produce gains rather than income.

Grant and other charitable expenditure decreased by £21.9 million after the last of our Major Grants, totalling £23.1 million were awarded in 2023/24. Support costs increased by 12%, due to inflation and a higher number of staff.

Investment management costs remained similar to the previous year at £9.3 million (2023/24: £9.4m). Investment gains were £60.5 million, up £12.6 million from £47.9 million last year.

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Paul Hamlyn Foundation | Annual Report 2024/25

30

Chair’s Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Report

CEO

Statement

Fundraising activities

The Charity has no fundraising activities requiring disclosure under S162A of the Charities Act 2011.

Financial risk management

The principal financial risks facing the Foundation relate to our investment portfolio and are in line with similar long-term endowment funds in the sector. Overall investment risk management is predicated on running a diversified portfolio of high-quality assets across a wide variety of asset classes and markets. The Investment Committee sets the longer-term strategic asset mix, with input from Cambridge Associates and others. Individual investment mandates are awarded to specialist managers after scrutiny by the Investment Committee with input from various sources. Impairment and liquidity risk are considered by the investment team and the Investment Committee as described above. The trustees consider the Foundation’s risk profile on a regular basis.

Reserves policy

The Foundation funds are held as an expendable endowment and, as such, the risk associated with not having adequate reserve balances is judged to be low. The implementation of both short-term and long-term financial objectives is managed through the grant-making and investment policies.

Within this context, the Finance, Audit and Risk Committee has agreed to manage its reserves by ensuring a sum equivalent to at least six months of working-capital commitments (including grant commitments) is held in readily accessible liquid assets. This is reviewed annually.

At the end of 2024/25 total funds held amounted to £861.4 million. Of these, £0.02 million is restricted and not available for general purposes of the Foundation at the end of the reporting period. No designated funds are held by the Foundation and no material amounts have been committed at the end of the reporting period.

Amounts that can only be realised by the disposing of tangible fixed assets or illiquid fixed assets investments total £364.2 million. In keeping with its asset-allocation policy outlined above, the Foundation holds a diverse range of investment holdings and of these liquid holdings excluding cash were approximately £560.6 million and cash £10.9 million. Six months of commitments are estimated at approximately £33.0 million.

As the value of the endowment remains significantly in excess of the value of existing commitments and planned spending over the coming year, trustees are satisfied that there are no material uncertainties surrounding the ability of the Foundation to continue as a going concern.

Streamlined Energy and Carbon Reporting

The Foundation’s UK operations consumed approximately 90,388 kWh of energy in 2024/25 (2023/24: 105,924 kWh) and its CO2 emissions are estimated at 53.39 tonnes (2023/24: 90.13 tonnes). This equates to approximately 0.0721 CO2e emissions per square metre (2023/24: 0.1216 CO2e emissions per square metre) of our office at Leeke Street.

Energy
consumption
(kWh)		 2024/
25
90,388
2023/
24*
105,924		 2022/
23
94,750
CO2emissions
(tonnes)
CO2emissions
per square
metre (tonnes)
CO2emissions
per FTE
employee		 53.39
0.0721
0.9852		 90.13
0.1216
1.8777		 20.49
0.0276
Data not
avail able

*Data for 2023/24 has been restated from the 2023/24 accounts to include known CO2 emissions from travel

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Paul Hamlyn Foundation | Annual Report 2024/25

31

Chair’s Statement

Trustees’ and Directors’ Report

Financial Review

Independent Financial Auditor’s Report Statements

Notes to the Financial statements

Strategic Report

CEO Statement

This figure is calculated by drawing on data from our gas and electricity suppliers on energy consumption and square metres of our office as measured by our surveyors. The Foundation staff and trustees travel by public transport, or in rare cases, taxi. Where these are booked through our travel agent the CO2 emissions have been included from 2023/24 and we continue to work to improve the accuracy and completeness of our carbon reporting. We have not calculated the energy consumption of staff working from home and do not currently calculate the carbon of other areas of the Foundation or its suppliers.

We are signatories to the Funder Commitment on Climate Change and report annually on our progress. In the coming year we plan to review how our office is used and hope to implement further improvements to our operating environment as well as consider how we can better work with organisations we fund to understand how we can support their own commitments to climate change.

Statement of trustees’ responsibilities

The trustees are responsible for preparing the Strategic Report, the Annual Report, and the Financial Statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.

In preparing these financial statements, the trustees are required to:

– state whether applicable UK Accounting Standards 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 Foundation will continue in business.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of 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 Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each trustee has taken reasonable steps to ensure that so far as they are aware:

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Paul Hamlyn Foundation | Annual Report 2024/25

32

Chair’s Statement

Trustees’ and Directors’ Report

Financial Review

Independent Financial Auditor’s Report Statements

Notes to the Financial statements

Strategic Report

CEO

Statement

Structure, governance and management

The Foundation’s governing documents are its Memorandum and Articles of Association.

The board of trustees comprises not less than three and not more than 11 members. The board meets at least four times a year and agrees the Foundation’s broad strategy and areas of activity and considers policy and performance around grantmaking and other charitable activity, investment, reserves, and risk management. The board also considers significant or strategic grant applications.

The board keeps the skills requirements for trustees under review and this informs trustee recruitment. Trustees are appointed by the Appointer as set out in the Articles of Association (currently the Chair of the Foundation). Trustees serve for a term of three years except in the case of family trustees (Jane Hamlyn and Michael Hamlyn) who have no maximum term.

Renewals of appointments for additional three-year terms are usually considered at AGMs and voted on by all trustees acting as members of the company.

A comprehensive induction is designed for each new trustee and include at a minimum:

The Foundation applies and follows the Charity Governance Code (for large charities).

The principal committees of the Foundation are:

comprising up to four trustees, up to four advisors and one member of the Senior Leadership Team. Meets five times per year.

– Migration and Youth Panel, comprising up to four trustees, up to four advisors and one member of the Senior Leadership Team. Meets five times per year.

comprising up to three trustees, one advisor and up to three members of staff. Meets around four times per year.

– India Programme Committee, comprising up to three trustees, up to four advisory members and two members of the Senior Leadership Team. Meets three times per year.

– Finance, Audit and Risk Committee, comprising of a minimum of three and a maximum of five trustees. Meets three times a year.

The Trustees delegate responsibility for operational management of the Foundation to the Chief Executive, who leads the Senior Leadership Team which in turn support the Management Team. Together these teams develop the Foundation’s plans, policies, and processes, following the board’s advice and approval.

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Paul Hamlyn Foundation | Annual Report 2024/25

33

Chair’s Statement

Trustees’ and Directors’ Report

Financial

Financial Independent Review Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Report

CEO

Statement

Key management personnel and remuneration arrangements

The Foundation defines its key management personnel as the trustees and the Senior Leadership Team. The following post-holders were in place as members of the Senior Leadership Team during 2024/25:

Chief Executive

Halima Khan (from November 2024); Moira Sinclair (until November 2024)

Chief Operating Officer Elizabeth Winder

Investment Director Richard Robinson

Director, Grants and Programmes Abdou Sidibe

Remuneration arrangements for all staff, including key management personnel, are decided by the Foundation’s People and Culture Committee, which is a sub-committee of the board of trustees.

The People and Culture Committee considers performance, benchmarks with comparator organisations, inflation levels and changes in responsibility levels, as well as affordability of any pay awards to the Foundation. Any annual pay awards are at the discretion of the People and Culture Committee and usually apply with effect from 1 April each year. The award of an increase in one year does not create an entitlement in any subsequent years. The Foundation is a London Living Wage Employer.

The Foundation draws on expert advice to supplement the expertise held by staff and trustees. In 2024/25, independent advisers were used to provide support to the main committees and panels of the Foundation. In addition, the Foundation has called on professional advice from lawyers, its auditors and investment consultants, the details of which are provided below.

Image: ‘My Words’ exhibition launch, Museum of Colour.

Photo credit: Sharron Wallace.

Director, Strategic Learning, Insight and Influence Holly Donagh

Director, People and Culture Paula Gay

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Paul Hamlyn Foundation | Annual Report 2024/25

34

Chair’s Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Report

CEO

Statement

Reference and administrative details

Paul Hamlyn Foundation is a charitable company limited by guarantee and does not have share capital. The company was formed on 12 February 2004 – company number 5042279 (registered in England and Wales) and registered charity number 1102927. The principal office of the Foundation is 5-11 Leeke Street, London WC1X 9HY, which is also the registered office of the company.

The trustees of the Foundation are as follows:

Jane Hamlyn CBE (Chair) Akeela Ahmed MBE

Silaja Birks

Tim Bunting (resigned July 2024)

Bernard Dallé (appointed October 2024)

Marcus Davey (appointed October 2024)

Jennifer Forster (appointed March 2025)

Tony Hall CBE (Lord Hall of Birkenhead) (resigned October 2024)

Michael Hamlyn

Andy Headley (resigned December 2024)

Charles Leadbeater (resigned July 2024)

Independent auditors

Crowe UK LLP, 2nd Floor, 55 Ludgate Hill, London EC4M 7JW

Solicitors

Withers LLP, 20 Old Bailey, London EC4M 7AN

Farrer & Co, 66 Lincoln’s Inn Fields, London WC2A 3LH

Bankers

NatWest PLC, 1st Floor, 440 Strand, London WC2R 0QS

C Hoare and Company, 37 Fleet Street, London EC4P 4DQ

Investment advisers

Cambridge Associates LLC, 80 Victoria Street, 4th Floor Cardinal Place, London SW1E 5JL

The Trustees’ Report and the Strategic Report were approved on 1 July 2025 by:

……………………………… Jo tomy

Jane Hamlyn Trustee

………………………………

Bernard Dallé Trustee

James Lingwood MBE

Martha Mackenzie (appointed October 2024)

Tom Palakudiyil Tom Wylie MBE (Vice Chair)

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Paul Hamlyn Foundation | Annual Report 2024/25

35

Chair’s CEO Statement Statement

Trustees’ and

Financial Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Report

Directors’ Report

Independent Auditor’s Report

to the Members of Paul Hamlyn Foundation

In our opinion, the financial statements:

Opinion

We have audited the financial statements of Paul Hamlyn Foundation (‘the charitable company’) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including 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).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.

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Paul Hamlyn Foundation | Annual Report 2024/25

36

Chair’s Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Report

CEO

Statement

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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 audit, or otherwise 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 performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006 reporting

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, 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 satisfied 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 material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

phf.org.uk

Paul Hamlyn Foundation | Annual Report 2024/25

37

Chair’s Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Report

CEO

Statement

Auditor’s responsibilities for the audit of the financial 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 assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our

responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the

financial statements but compliance with which might be fundamental to the charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustee and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

phf.org.uk

Paul Hamlyn Foundation | Annual Report 2024/25

38

Chair’s Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Report

CEO Statement

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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, 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 the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

……………………………… Yeon

Tina Allison

Senior Statutory Auditor

For and on behalf of Crowe U.K. LLP, Statutory Auditor

London

Date: 8 July 2025

Crowe U.K. LLP is a limited liability partnership registered in England and Wales (with registered number OC307043).]

phf.org.uk

Paul Hamlyn Foundation | Annual Report 2024/25

39

Chair’s CEO Statement Statement

Trustees’ and Directors’ Report

Financial

Independent Auditor’s Report

Financial Notes to the Statements Financial statements

Strategic Report

Review

Statement of Financial Activities (SoFA) for the year ended 31 March 2025

2025 2024 (restated)
Total funds (i) Total Funds (i)
Notes £m £m
Income and endowmentsfrom:
Donations 2 0.02 0.02
Investments 3 9.44 10.01
Other 4 0.01 -
Total 9.47 10.03
Expenditure on:
Investmentmanagement costs 5 9.31 9.36
Charitable activities 6 41.38 62.76
Total 50.69 72.12
Net (expenditure) beforeinvestment gains (41.22) (62.09)
Net gains on investments 9 60.49 47.89
Netincome/(expenditure) 19.27 (14.20)
Netmovementsin funds 19.27 (14.20)
Reconciliationof funds:
Totalfunds broughtforward 14 861.14 875.34
Totalfunds carriedforward 880.41 861.14

(i) All Restricted, Unrestricted and Endowment Funds. In line with the Charities SORP, paragraph 4.11, Paul Hamlyn Foundation has adopted a single combined funds column. A summary of funds movements is included in note 16 (b).

SoFA includes the Income and Expenditure Account and the Statement of Total Recognised Gains and Losses.

All amounts relate to continuing operations. All gains and losses recognised in the year are included in the SoFA.

There are no material differences between the net income for the year and their historical cost equivalents. The notes on pages 43–57 form part of these financial statements.

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Paul Hamlyn Foundation | Annual Report 2024/25

40

Chair’s CEO Statement Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Report

Balance Sheet as at 31 March 2025

Balance Sheet as at 31 March 2025
2025 2024
Total funds (i) Total funds (i)
Notes £m £m
Fixed assets:
Tangible assets 8 5.86 5.93
Investments 9 929.27 916.41
Totalfixed assets 935.13 922.34
Current assets:
Debtors 10 0.90 0.82
Cashat bankandin hand 0.52 2.46
Total current assets 1.42 3.28
Liabilities:
Creditors: Amountfalling duewithinone year 11 (31.62) (38.57)
Net current assets (30.20) (35.29)
Total assets less current liabilities 904.93 887.05
Creditors: Amountfalling due after more thanone year 11 (24.52) (25.91)
Totalnet (liabilities) 880.41 861.14
Thefunds ofthe charity: 13
Represented by:
Restrictedincomefunds 0.02 0.02
Endowment and unrestrictedfund
- Investmentrevaluation reserve 401.30 353.18
-Otherendowmentfunds 479.09 507.94
Total charityfunds 880.41 861.14

(i) All Restricted, Unrestricted and Endowment Funds.

The notes on pages 43–57 form part of these financial statements. The financial statements on pages 40–57 were approved and authorised for issue by the trustees on 1 July 2025 and were signed on their behalf by:

Jane Hamlyn Bernard Dallé Trustee Trustee

Paul Hamlyn Foundation. A company limited by guarantee registered in England and Wales — number 5042279.

phf.org.uk

Paul Hamlyn Foundation | Annual Report 2024/25

41

Chair’s Statement

Trustees’ and

Financial Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Report

CEO Statement

Directors’ Report

Statement of Cash Flows for the year ended 31 March 2025

2025
Total Funds (i)
£m
2024
Total Funds (i)
£m
Cash fromoperating activities:
Net cash(usedin) operating activities
(49.60)
(49.34)
Cash flowsfrom investing activities:
Investmentincomereceived
9.50
10.07
Purchase oftangiblefixed assets
(0.10)
(0.16)
Sale oftangiblefixed assets
-
-
Purchase of fixed asset and other
investments
(98.66)
(43.06)
Sale of fixed asset and other
investments
146.29
90.02
Investmentmanagement charges paid
(9.37)
(9.06)
Net cash provided by investing
activities
47.66
47.81
Change in cash and cash
equivalentsinthe year
(1.94)
(1.53)
Cash and cash equivalents at the
beginning ofthe year
2.46
3.99
Cash and cash equivalents at the end
ofthe year
0.52
2.46		 2025
Total Funds (i)
£m
2024
Total Funds (i)
£m
Reconciliation of net income/
(expenditure) to net cash flow from
operating activities:
Net income/(expenditure) for the
reporting period (as perthe SoFA)
19.27
(14.20)
Adjustmentsfor:
Depreciationcharges
0.17
0.15
(Gains) on investments
(60.49)
(47.89)
Investmentincome
(9.44)
(10.01)
(Increase)indebtors
(0.13)
(0.05)
(Decrease)/increaseincreditors
(8.29)
13.61
Investmentmanagement costs
9.31
9.05
Net cash(usedin) operating activities
(49.60)
(49.34)
Analysis ofcashand cashequivalents:
Cash in hand
0.52
2.46
Total cashand cashequivalents
0.52
2.46
(i) All restricted, unrestricted and endowment funds
Analysis of changes in net debt
As at 1 April 2024
£m
Cash flows
As at 31 March 2025
£m
Cash
2.46
(1.94)
0.52
Net cash
2.46
(1.94)
0.52

phf.org.uk

Paul Hamlyn Foundation | Annual Report 2024/25

42

Chair’s Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Report

CEO

Statement

Notes to the Financial Statements

For the year ended 31 March 2025

1. Principal accounting policies

Basis of preparation

The Foundation is incorporated in England & Wales as a company limited by guarantee, not having share capital. The financial statements are prepared on a going-concern basis under the historical cost convention, as modified by the revaluation of investments, and in accordance with applicable accounting standards in the United Kingdom, including the Charities SORP FRS 102 (second edition 2019) and in accordance with the Companies Act 2006 and the Charities Act 2011, using consistently applied accounting policies.

There are no material uncertainties about the charity’s ability to continue and the financial statements are prepared on a going-concern basis.

The charity meets the definition of a public-benefit entity under FRS102.

Under the terms of Paul Hamlyn’s will, the endowment of the Foundation is expendable, although the current policy of the trustees is, where possible, to invest the assets of the Foundation to retain the real value of the endowment while also generating sufficient return to fund grant-making and other charitable activities.

i. Income

All income is included in the SoFA when the Foundation becomes entitled to the receipt, it is probable that the economic benefit associated with the transaction will come to the Foundation and the amount can be measured reliably.

ii. Donation and grant income

Donations are recognised when the Foundation has been notified in writing of both the amount and the settlement date. If a donation is subject to conditions that require a level of performance before the Foundation is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met or the fulfilment of those conditions is wholly within the control of the Foundation, and it is probable that those conditions will be fulfilled in the accounting period.

iii. Investment income

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Foundation. This is normally upon notification of the interest paid or payable by the bank.

Distributions from private equity funds are accounted for in line with information provided by the general partners and assumed to be return of capital where information is not provided.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

iv. Expenditure

All expenditure including charitable activities, cost of raising funds, governance costs and termination payments relating to former employees, is accounted for on an accruals basis and has been classified under relevant headings in the SoFA

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Foundation to that expenditure, when it is probable that the settlement will be required and when the amount of the obligation can be measured reliably.

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Paul Hamlyn Foundation | Annual Report 2024/25

43

Chair’s CEO Statement Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Report

Support costs reflect the management structure of the organisation. Payroll and related costs include the cost of temporary staff and recruitment. Where possible, support costs are directly attributed to the activity they support.

v. Expenditure on raising funds

Investment management fees, including fees to consultants, and internal investment management costs, including staff costs, are the only costs of raising funds and are recognised on an accruals basis.

With respect to hedge funds and some private equity funds, the management agreements of the underlying funds provide for compensation to the respective managers in the form of management and performance fees determined as a percentage of net assets. Fees in these cases are deducted from the funds’ assets and are reflected in the net asset values reported.

vi. Charitable expenditure

The Foundation’s charitable expenditure comprises grant-making and direct charitable activities. Grants are recognised at their full value at the point at which the Foundation has a clear obligation to make a payment to a third party and the recipient has been informed. Where the payment is planned to be more than 12 months after the reporting date of the Foundation’s accounts, the Foundation reviews the present value of future payments.

Grants are classified as grants to individuals when they are made for the direct benefit of the individual grant recipient. All other grants are classified as institutional grants.

vii. Allocation of support costs

Where possible, support costs are attributed directly to the activity, or activities, to which they relate. These include support costs that relate to grant-making activities and include assessment and monitoring costs. However, some support costs – such as governance, personnel costs, finance department costs, and property-related expenditure –

support more than one area of activity. From 2024/25 these costs are apportioned across the activities they support based on the proportion of full-time equivalent staff working directly on these activities. In previous years support costs were allocated on the basis of direct charitable expenditure in each area.

viii. Tangible fixed assets

All tangible fixed assets are held for charitable use.

The cost of tangible fixed assets is their purchase price including associated costs such as taxes and legal fees, together with any costs directly attributable to bringing the asset into working condition for its intended use.

The Foundation has adopted the cost model as defined in FRS 102, whereby the value of fixed assets is measured as the original cost less any accumulated depreciation and accumulated impairment losses. Impairment reviews take place on an annual basis. Only tangible fixed assets, or interrelated groups of tangible fixed assets, with a cost exceeding £1,000, are capitalised.

Depreciation is calculated to recognise the cost of the tangible fixed asset on a straight-line basis over the expected useful economic life of the assets concerned. The economic life for tangible fixed assets shown in these financial statements is as follows:

Furniture and fittings
Computer equipment
Freehold building		 No. of years
4
4
50

Land is not depreciated but is subject to an impairment review.

ix. Intangible fixed assets

Occasionally, the Foundation holds intangible fixed assets. These are defined as non-monetary assets without physical substance, where the costs associated with the asset can be measured reliably and the Foundation can expect to receive future economic benefits from the asset.

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Paul Hamlyn Foundation | Annual Report 2024/25

44

Chair’s CEO Statement Statement

Trustees’ and Directors’ Report

Strategic Financial Report Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

The cost of intangible fixed assets is identified as their purchase cost including any taxes and any directly attributable costs of preparing the asset for its use. The Foundation has adopted the cost model as defined in FRS 102, whereby the value of intangible fixed assets is measured as the original cost less any accumulated depreciation and accumulated impairment. Depreciation is calculated to write off the cost of the intangible fixed asset on a straight-line basis over its useful economic life which the Foundation’s policy is to take as four years.

x. Fixed-asset investments

a) Investments valuations

The Foundation’s policy is to value its investment assets on a fairvalue basis following FRS 102. The Foundation’s approach is as follows:

Quoted investments

Unquoted investments

– Where the Foundation is a partner in a limited partnership as part of a private equity or venture capital investment, no readily identifiable market price will be available because the investments held have not yet been publicly listed. The Foundation relies on the most recent valuations from the respective manager provided in valuation reports or financial statements but reviews the basis of valuation to ensure it is compliant with industry-standard methodology. The valuations are adjusted for cash flows if the valuation is not available at the balance sheet date.

Hedge funds

In reviewing valuations for appropriateness, the Foundation also considers the audit arrangements in place, examines recent audit reports, and undertakes an impairment review at least annually.

b) Forward currency contracts

Gains or losses on forward currency contracts are reported in the SoFA and the carrying value of cash balances adjusted for any gain or loss. No forward currency contracts were in place at 31 March 2025 (2024: nil).

xi. Debtors

Debtors include amounts owed to the Foundation for goods or services for which the Foundation has paid in advance, and other amounts owed to the Foundation at the balance sheet date, including accrued investment income and external funding to which the Foundation is entitled. Amounts expected to be recovered within a year are shown at their anticipated receipt value. Any material amounts expected to be recovered after more than a year are shown at the present value at the balance-sheet date and adjustment made for the time value of money.

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Paul Hamlyn Foundation | Annual Report 2024/25

45

Chair’s Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Report

CEO

Statement

xiv. Current asset investments and cash

Current asset investments comprise of cash or cash equivalents held for a short time (up to three months) in order to provide readily accessible funding for ongoing operations while maintaining an investment return if possible. Cash at bank and in hand comprises cash held in the bank and also all cash equivalents held in the form of short-term highly liquid investments (usually less than three months). These are measured at carrying value in the most recent bank or valuation statements.

xv. Foreign currencies

Income in foreign currencies is recorded at the rate of exchange ruling on the date of receipt. Foreign-currency investments and liabilities are valued at their year-end market value translated into sterling at the year-end exchange rate or at the contract rate where foreign-currency investments are subject to an underlying hedge. All gains or losses on translation are recognised in the SoFA in the year in which they occur.

xvi. Pension costs

The Foundation makes payments to the defined contribution personal pension plans of all its employees. The payments are based on a salary percentage and are charged to the SoFA in the period to which they relate.

xvii. Taxation

Irrecoverable VAT is included as part of the expenditure to which it relates. The Foundation is a registered charity, and, as such, is entitled to certain tax exemptions on income and profits from investments if these profits are applied solely for charitable purposes.

xviii. Financial instruments

With the exception of investments of £929 million held at fair value, the Foundation’s basic financial instruments are measured at amortised cost. All financial liabilities are of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.

xix. Judgements, estimates and assumptions

In the preparation of the accounts the trustees are required to make judgements, estimates and assumptions. Other than investments and related income, the valuation of which has been discussed in detail within note 9, the trustees do not consider there to be any other significant judgements or estimates within the financial statements.

xx. Going concern

In considering whether the Foundation is a going concern, the trustees review commitments, of which the largest element is normally grant creditors, any contingent liabilities, and costs of ongoing operation. The value of the assets of the Foundation, any impairment to these and liquidity and valuation risks are also reviewed. Based on this review the trustees then consider if the Foundation should be reported as a going concern. In 2024/25 this review concluded that the Foundation has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going-concern basis of accounting in preparing the annual financial statements.

phf.org.uk

Paul Hamlyn Foundation | Annual Report 2024/25

46

Chair’s Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Report

CEO Statement

2. Donations

2. Donations
2025 2024
£m £m
Grant funding 0.02 0.02
Total 0.02 0.02

Donations include £0.02 million of restricted grant funding from partners in collaborative projects (2023/24: £0.01 million).

3. Investment income

3. Investment income
2025
£m
2024
£m
UK equities 0.88
1.06
Overseas equities 2.38
2.16
Investmentproperty
Gold
Alternative securities		 0.99
1.90
0.01
0.01
-
0.05
Cash deposits 5.13
4.81
Unlisted investments 0.05
0.02
Total 9.44
10.01

4. Other income

4. Other income
2025 2024
£m £m
Miscellaneous income 0.01 -

5. Investment management costs

5. Investment management costs
2024
2025 (restated)
Investment management fees £m £m
and consultancy 8.58 8.66
Internal investment management costs 0.41 0.39
Allocation of support costs 0.32 0.31
Total 9.31 9.36

The accounting policy for the allocation of support costs has been revised in 2024/25, resulting in central support costs now being allocated to Investment management costs. Support costs have been allocated on the basis of the number of full-time equivalent staff directly engaged in each area. There is no change to total expenditure, but there are additional costs now allocated to Investment management costs.

phf.org.uk

Paul Hamlyn Foundation | Annual Report 2024/25

47

Chair’s Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Report

CEO Statement

6. Charitable activities

For the year ended 31 March 2025

During the year ended 31 March 2025, the following grants were awarded by the Foundation and charitable activities undertaken:

Grants Direct charitable Direct staff and Allocation of Allocation of other
awarded activity other costs support staff costs support costs Total costs
£m £m £m £m £m £m
Arts 6.52 - 0.31 0.30 0.24 7.37
Education and Learningthrough the Arts 5.83 0.12 0.28 0.28 0.24 6.75
Investingin YoungPeople 7.64 0.14 0.26 0.25 0.21 8.50
Migration 5.54 0.16 0.27 0.30 0.25 6.52
NurturingIdeas and People 1.34 0.19 0.20 0.17 0.14 2.04
Evidence and Learning 0.78 0.49 0.16 0.15 0.12 1.70
India 3.21 - 0.27 0.06 0.05 3.59
Voice,Influence and Partnerships 0.20 0.02 0.01 0.01 - 0.24
KinshipDiscovery - 0.08 0.16 0.14 0.12 0.50
Strategic discretionaryfunding 4.84 - 0.03 0.02 0.02 4.91
Subtotal 35.90 1.20 1.95 1.68 1.39 42.12
Returnedgrants/adjustments (0.78) - - - - (0.78)
Accruals for future inflation-linkedgrantpayments (0.04) - - - - (0.04)
Discountingofgrant creditors 0.26 - - - - 0.26
Exchange rate adjustments (0.18) - - - - (0.18)
Total 35.16 1.20 1.95 1.68 1.39 41.38

Numbers of grants awarded

Numbers of grants awarded
Total 291
Includesgrants to individuals 10 grants totalling£0.75 million

A schedule of the grants awarded in each programme area is available on our website at www.phf.org.uk.

Included in support costs are governance costs of £96,528 (2023/24: £142,093) which include amounts charged by the auditor Crowe UK LLP, being costs of the audit of £44,940 excluding VAT (2023/24: £42,800 excluding VAT). Other amounts paid to Crowe UK LLP are costs of providing payroll services £7,937 excluding VAT (2023/24: £7,910 excluding VAT).

phf.org.uk

Paul Hamlyn Foundation | Annual Report 2024/25

48

Chair’s Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Report

CEO Statement

6. Charitable activities (continued)

For the year ended 31 March 2024 (restated)

The accounting policy for the allocation of support costs has been revised for 2024/25. In previous years, support costs were apportioned across charitable activities in proportion to direct expenditure. From 2024/25, support costs are allocated based on the proportion of full-time equivalent staff directly engaged in each charitable activity and investment management. 2023/24 figures have been restated to reflect this change. There is no change to total expenditure. During the year ended 31 March 2024, the following grants were awarded by the Foundation and charitable activities undertaken:

Grants Direct charitable Direct staff and Allocation of Allocation of other
awarded activity other costs support staff costs support costs Total costs
£m £m £m £m £m £m
Arts 14.49 - 0.29 0.27 0.23 15.28
Education and Learningthrough the Arts 8.89 0.15 0.25 0.24 0.21 9.74
Investingin YoungPeople 12.08 0.15 0.24 0.23 0.20 12.90
Migration 7.15 0.12 0.25 0.25 0.21 7.98
NurturingIdeas and People 0.67 0.25 0.12 0.11 0.09 1.24
Evidence and Learning 0.79 0.51 0.18 0.17 0.14 1.79
India 2.28 - 0.38 0.06 0.05 2.77
Voice,Influence and Partnerships 0.16 0.03 0.01 0.01 0.01 0.22
KinshipDiscovery - 0.10 0.10 0.08 0.07 0.35
Strategic discretionaryfunding 9.69 - 0.03 0.02 0.01 9.75
Subtotal 56.20 1.31 1.85 1.44 1.22 62.02
Returnedgrants/adjustments (0.08) - - - - (0.08)
Accruals for future inflation-linkedgrantpayments 0.88 - - - - 0.88
Discountingofgrant creditors (0.02) - - - - (0.02)
Exchange rate adjustments (0.04) - - - - (0.04)
Total 56.94 1.31 1.85 1.44 1.22 62.76

Numbers of grants awarded

Numbers of grants awarded
Total 265(2023: 581grants totalling£39.1 million)
Includesgrants to individuals 11 grants totalling£0.6 million(2023: 11grants totalling£0.7 million)

phf.org.uk

Paul Hamlyn Foundation | Annual Report 2024/25

49

Chair’s CEO Statement Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Notes to the Statements Financial statements

Strategic Report

7. Staff costs and trustee expenses

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 during the year were as follows:

Trustee expenses

No trustee has been paid any remuneration in 2024/25 (2023/24: £nil).

Expenses of £12,671 were reimbursed to five trustees or made directly to third parties on their behalf for travel and accommodation costs relating to attendance at meetings and visits to the Foundation’s grant-holders (2023/24: £16,897 to seven trustees).

Staff costs

Staff costs
Wages and salaries 2025
£m
2.93		 2024
£m
2.63
Social securitycosts 0.33 0.30
Employer’s pension contribution to
defined contribution schemes
Other benefit schemes		 0.40
0.14		 0.31
0.14
Total 3.80 3.38
2025 2024
£60,000 to £70,000 5 4
£70,001 to £80,000
£80,001 to £90,000
£90,000 to £100,000
£120,001 to £130,000		 1
-
2
1		 1
1
1
-
£130,000 to £140,000 1 -
£150,000 to £160,000 - 1
£200,000 to £210,000 - 1
£210,000 to £220,000 1 -

The Foundation considers its key management personnel to comprise the trustees and the Senior Leadership Team. The trustees are unpaid.

Total employee benefits (including employer pension contributions and employer national insurance contributions) of £1,037,473 (2023/24: £930,384) were paid to seven (2023/24: seven) staff representing the Senior Leadership Team of the Foundation.

Staff numbers

During 2024/25, the average headcount of the Foundation was 57, split between full-time (45) and part-time staff (12). The average full-time equivalent number of staff employed was 54.2 (2023/24: the average headcount was 51 and average full-time equivalent number of staff was 48.0).

The trustees are the directors of the Company. During the year and up to the date of approval of the financial statements, there was a qualifying third-party indemnity in place for directors as allowed by Section 234 of the Companies Act 2006.

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Paul Hamlyn Foundation | Annual Report 2024/25

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Chair’s CEO Statement Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Report

8. Fixed assets

8. Fixed assets
Freehold buildings Furniture and Computer
and land fittings equipment Total
£m £m £m £m
Cost
As at 1 April 2024 6.91 0.29 0.43 7.63
Acquisitions 0.04 - 0.06 0.10
Disposals - (0.04) (0.06) (0.10)
As at 31 March 2025 6.95 0.25 0.43 7.63
Depreciation
As at 1 April 2024 1.18 0.27 0.25 1.70
Charge for theperiod 0.10 - 0.07 0.17
Adjustment on disposal - (0.04) (0.06) (0.10)
As at 31 March 2025 1.28 0.23 0.26 1.77
Net book value
Net book value as at 31 March 2025 5.67 0.02 0.17 5.86
Net book value as at 1 April 2024 5.73 0.02 0.18 5.93

Freehold buildings and land

Land with a value of £1,666,000 (2023: £1,666,000) is included within freehold buildings and land and is not depreciated.

Intangible fixed assets

Included within the computer equipment are intangible fixed assets of £105,077 at 31 March 2025 (2023/24: £100,778) relating to the development costs for the Foundation’s website.

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Paul Hamlyn Foundation | Annual Report 2024/25

51

Chair’s Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Notes to the Statements Financial statements

Strategic Report

CEO

Statement

9. Investments

9. Investments
2025 2024
£m £m
Market value at 1 April 2024
Purchases		 916.41
98.66		 915.48
43.06
Sales (146.29) (90.02)
Net realised and unrealisedgains 60.49 47.89
Market value at 31 March 2025 929.27 916.41

Investments at market value comprised:

2025
£m
2024
£m
UK equities 42.25
44.29
Overseas equities
Investmentproperty		 292.63
285.70
20.25
22.34
Gold 135.21
100.40
Alternative securities 97.84
101.01
Cash deposits 96.59
112.81
Unlisted investments 244.50
249.86
Total (including cash held by
investment managers) 929.27
916.41

Trustees consider that any incidental cash balance held by an investment manager is an integral part of its asset allocation and have included it in the appropriate asset class. The trustees believe that the carrying value of the investments is supported by their underlying net assets.

The historical cost of the above assets is £526.9 million (31 March 2024: £563.2 million).

The Foundation has committed, where contractual terms are made, to undertake a further £70,014,402 of fixed asset investment acquisitions in private equity funds in future years (2023/24: £63,499,384).

10. Debtors

10. Debtors
2025 2024
£m £m
Prepayments 0.65 0.52
Accrued investment income 0.25 0.30
Total 0.90 0.82

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Paul Hamlyn Foundation | Annual Report 2024/25

52

Chair’s Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Report

CEO

Statement

11. Creditors

Falling due within one year:

11. Creditors
Falling due within one year:
2025
£m
2024
£m
Grantspayable 30.50
37.46
Trade creditors 0.45
0.43
Accruals 0.55
0.57
Taxation and social security
Other creditors
Total fallingdue within oneyear		 0.08
0.08
0.04
0.03
31.62
38.57

Falling due between one and five years:

Falling due between one and five years:
Grantspayable 24.06 25.31
Falling due after five years:
Grantspayable 0.46 0.60
Total fallingdue after oneyear 24.52 25.91

12. Grants payable

12. Grants payable
2025 2024
£m £m
Grantspayable at the start of theyear 63.37 49.59
Grants approved 35.90 56.20
Grants cancelled (0.78) (0.08)
Grantpayments (43.53) (43.22)
Grants returned 0.02 0.05
Accruals for future index-linked
grantpayments (0.04) 0.89
Foreign exchange adjustment (0.18) (0.04)
Year-end discounting
Grantspayable at the end of theyear		 0.26
55.02		 (0.02)
63.37

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Paul Hamlyn Foundation | Annual Report 2024/25

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Chair’s CEO Statement Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Report

13. Analysis of net assets by fund

At 31 March 2025

13. Analysis of net assets by fund
At 31 March 2025
Investment Other
revaluation endowment
Restricted Funds reserve fund Total
£m £m £m £m
Fixed asset investments - 401.30 527.97 929.27
Other fixed assets - - 5.86 5.86
Net current assets/(liabilities) 0.02 - (30.22) (30.20)
Liabilities fallingdue after more than oneyear - - (24.52) (24.52)
Net assets 0.02 401.30 479.09 880.41
At 31 March 2024
Investment Other
revaluation endowment
Restricted Funds reserve fund Total
£m £m £m £m
Fixed asset investments - 353.18 563.23 916.41
Other fixed assets - - 5.93 5.93
Net current assets/(liabilities) 0.02 - (35.31) (35.29)
Liabilities fallingdue after more than oneyear - - (25.91) (25.91)
Net assets 0.02 353.18 507.94 861.14

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Paul Hamlyn Foundation | Annual Report 2024/25

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Chair’s Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Notes to the Statements Financial statements

Strategic Report

CEO Statement

14. Funds of the Charity

Restricted Funds have restrictions imposed by donors and can only be applied for the particular purposes specified by donors.

a) Description of funds

The funds of the charity comprise the Endowment Fund, the Unrestricted Fund, and a small element of Restricted Funds.

The Endowment Fund represents the original and subsequent gifts of Paul Hamlyn to the Foundation. The trustees manage the Endowment Fund to maximise returns and also have the discretion to make disbursements from the Endowment Fund if they consider the circumstances appropriate. It is used to finance all the Foundation’s major activities including grant-making.

The majority of restricted funds received by the Foundation relate to projects operated in partnership with other funders where the Foundation holds the financial lead.

The Foundation does not consider the Endowment, Unrestricted and Restricted funds as independently material and reports on a combined funds basis in its main financial statements.

The Unrestricted Fund comprises accumulated income, income generated in year and transfers from the Endowment Fund. It is used to finance the Foundation’s working capital requirements.

Restricted Funds summary

Restricted Funds summary
Balances Balances
brought forward Income Expenditure carried forward
Funder
Purpose		 £m £m £m £m
AB Charitable Trust &
Barrow CadburyTrust
Narrative Power Summit		 - 0.01 - 0.01
Unbound Philanthropy
Events Managerpost		 0.01 - (0.01) -
Greater London Authority
Justice Collaboration		 0.01 - - 0.01
Total Restricted Funds 0.02 0.01 (0.01) 0.02

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Paul Hamlyn Foundation | Annual Report 2024/25

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Chair’s Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Statements

Notes to the Financial statements

Strategic Report

CEO Statement

b) Summary of fund movements

For the year ended 31 March 2025

b) Summary of fund movements
For the year ended 31 March 2025
Balance Net gains and Balance carried
brought forward Income Expenditure Transfers losses forward
£m £m £m £m £m £m
Unrestricted Fund - 9.46 (50.68) 41.22 - -
Restricted Fund 0.02 0.01 (0.01) - - 0.02
Investment revaluation reserve 353.18 - - - 48.12 401.30
Endowment Fund 507.94 - - (41.22) 12.37 479.09
Total funds 861.14 9.47 (50.69) - 60.49 880.41

For the year ended 31 March 2024

For the year ended 31 March 2024
Balance Net gains and Balance carried
brought forward Income Expenditure Transfers losses forward
£m £m £m £m £m £m
Unrestricted Fund - 10.02 (72.02) 62.00 - -
Restricted Fund 0.11 0.01 (0.10) - - 0.02
Investment revaluation reserve 326.88 - - - 26.30 353.18
Endowment Fund 548.35 - - (62.00) 21.59 507.94
Total funds 875.34 10.03 (72.12) - 47.89 861.14

c) Transfer from Endowment Fund to Unrestricted Fund

There was a transfer of £41.22 million from the Endowment Fund to the Unrestricted Fund in the year (2023/24: £62.00 million) to cover in year net expenditure.

d) Investment revaluation reserve

The investment revaluation reserve is calculated as the difference between the market valuation and the historic cost of the Foundation’s investments. In 2024/25 this was calculated as £401.30 million (2023/24: £353.18 million).

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Paul Hamlyn Foundation | Annual Report 2024/25

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Chair’s Statement

Trustees’ and Directors’ Report

Financial Review

Independent Auditor’s Report

Financial Notes to the Statements Financial statements

Strategic Report

CEO

Statement

15. Contingent liabilities

Paul Hamlyn Foundation makes an annual donation to the Helen Hamlyn Trust of £2 million. During 2024/25 the agreement with the Helen Hamlyn Trust was revisited and it was agreed that Paul Hamlyn Foundation would continue to make such an annual donation for the lifetime of Lady Helen Hamlyn and for a further three years or until the executors of her estate have satisfied the legacy from Lady Hamlyn’s estate to the Helen Hamlyn Trust, whichever is sooner. Given the terms of the agreement, Paul Hamlyn Foundation is not able to quantify the value of this commitment but has certainty that the annual donation will be continuing for the foreseeable future.

Martha Mackenzie joined the Paul Hamlyn Foundation board in October 2024 and is Executive Director of Civic Power Fund. At the time she joined the board, Paul Hamlyn Foundation was already in discussion with Civic Power Fund regarding a grant for £1 million, which was subsequently awarded later in 2024/25. Civic Power Fund was also awarded two further grants in 2024/25 totalling £120,000. Civic Power Fund was paid £65,000 in 2024/25 (2023/24: awarded £186,168 and paid £291,168).

The Foundation made a £2 million grant and a payment of this amount to the Helen Hamlyn Trust in 2023/24 (2023/24: Grant awarded and paid £2 million). Helen Hamlyn is the widow of Paul Hamlyn, the father of Jane and Michael Hamlyn.

There were no other contingent liabilities in 2024/25 (2023/24: none).

16. Related parties

The following key personnel and trustees have a controlling involvement or significant influence with the organisations listed below, to which the Foundation has awarded funding in the year or made payments following awards in earlier years. In all cases the individuals were not involved in decisions to make the award or in the direct management of the award.

Trustees

Michael Hamlyn is Trustee of the Nerve Centre which was awarded a grant of £2 million in December 2019 and paid £200,000 of this plus £49,053 inflationary increase in March 2024 (2023/24: awarded inflationary uplift of £42,978, paid £242,978).

In 2012/13 the Foundation gave a £5 million endowment to the Roundhouse Trust. Marcus Davey, who was appointed as a Trustee of the Foundation in October 2024, is CEO of the Roundhouse Trust, which meets annually with staff of the Foundation to review planned spending from the endowment.

Senior Leadership Team

Moira Sinclair is a trustee of Clore Leadership which was awarded two grants of £20,000 each in April and November 2024 both of which were fully paid in 2024/25 (2023/24: no awards or payments).

Sachin Sachdeva is a Member of Gramin Shiksha Kendra, which was awarded a grant of £79,308 and paid £21,461 in 2024/25 (2023/24: paid £17,858 relating to a previous grant).

Abdou Sidibe is a panel member for Islington Giving, a restricted fund of the Cripplegate Foundation, which was awarded a grant of £100,000 in 2024/25 (2023/24: paid £50,000 relating to a previous grant). Islington Giving is a fund contributed to by multiple local Foundations, and each funder is represented on the panel.

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Paul Hamlyn Foundation | Annual Report 2024/25

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Paul Hamlyn Foundation

Paul Hamlyn Foundation 5–11 Leeke Street London WC1X 9HY

020 7812 3300 information@phf.org.uk phf.org.uk Design: red-stone.com