2023-04-05-accounts - The Schroder Foundation

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THE SCHRODER FOUNDATION Flnancial Statements 5 Aprll 2023

Contents			Page
Reference and administrative		information
Report ofthe Trustees			2-4
Independent auditor's	report
Statement offinancial	activiTies
Balance sheet
Statement ofcash flows			10
Notes to the financial	statements		11-18

						Notes		2023	2022
								6	8
Cash flows from operating activities:
Net cash (used in) / provided by operating		activities				(a)		(1,747,333)	3,999,608
Cash flows from investing activities: Dividends and interest from investments								32?,601	254,515
Proceeds from sale ofinvestments								3,637,768	2,801,175
Purchase ofinvestments								(1,788,006)	(5,181,943)
Change in investment cash								2,274	8,390
Net cash provided by / (used in) investing		activities						2,1'/9, 637	(2,117,862)
Change in cash and cash equivalents	in the reporting		period					432„304	1,881,745
Cash and cash equivalents at the beginning		ofthe reporting		period		(b)		2,107,215	225,470
Cash and cash equivalents at the end	ofthe reporting		period			(b)		2,539,519	2,107,215
(a) Reconciliation of net income to net	cash flows from			operating	aotivities
Net Income for the reporting period								(2,523,211)	3,840,697
Adjustments for. Losses / (gains) on investments Dividends and interest from investments								1,122,024 (504,723)	(692,490) (415,418)
(Increase) / decrease in debtors Increase in creditors								(7,260) 165,837	7,788 1,259,031
Net cash (used in) / provided by operating		activities						(1,747,333)	3,999,608
(b)Analysis ofcash and cash equivalents
Cash in hand								2,539,519	2,107,215
Total cash and cash equivalents								2 539519	2 107215
(c) Analysis ofchanges in net debt:
				6	April			Non-cash	5April
					2022	Cash	flows	movement	2022
					6		6	6
Cash and cash equivalents				2,107,215		432,304			2,539,519
The notes on page 11 to 18 form part of	these iinancial statements.

	Restricted	Unrestricted	2023	2022
	E	E	E	E
Donations				5,122,380
				5,122,380
Income from investments
	Restricted	Unrestricted	2023	2022
	E	E	E	E
Bank interest Dividends		22,690 482,033	22,690 482,033	215 415,203
		504,723	504,723	415,418

Expenditure on administration	2023
	E
Salary and pension costs:
Wages and salaries Social security costs Pension costs Consultancy costs Other staff related costs Office running costs Subscriptions Grants management system Training and travel	95,000 5,960 10,243 6,688 90 41,138 3,894 2,343 368	81,009 4,878 7,357 15,729 0,535 34,149 3,780 9,030 222
	165,724	162,689

Notes to I(he financial state	Notes to I(he financial state	ments	for the year ende	d 5April 202	3
7„Charitable grants (continued)
b) Charitable grants approved by	the islay 8 Jure Sub-Committee:				2023
					6
Argyll Piping Trust					7,000
Cantilena Festival On Islay					2,000
Finlaggan Trust					50Q
Glasgow Islay Gaelic Choir Islay 8Jure Community Enterprise Islay 8Jure Community Piping and		Ltd Drumming	Club		750 6,000 500
Islay &Jura Highland Dancers					1,000
Islay Pipe Band Association					4,000
lglmeny Community Playing Museum of Islay Life	Field				1,000 500
North and West islay Church	ofScotland				2,0QQ
2023 Total					25,250
2022 Total					33,500
All charitable donations paid	in both	2023 and	2022 were unrestricted.
Net investment gains and	losses			2023	2022
				6	2
Realised (losses) / gains Unrealissd (losses) / gains				(311,780) (810,244)	46,995 645,495
				(1,122,024)	692,490
Net movement in funds
Net movement in funds is stated after charging:
				2023	2022
Trustees' emoluments				6	6
Auditor's remuneration
-as auditor -for tax services				6,600 180	6,000

Not	es to the finanoiall stat	em	ents for the year	ended 5April 202	3
10,	Investments			2023 6	2022
	Market value brought forward Additions at cost			14,516,846 1,965,128	11,282,585 5,342,846
	Disposal proceeds Net (losses) r gains on disposals	and	revaluations	(3„637,768) (1,122,024)	(2,801,175) 592,'490
				11,722,182	14,516,848
	Portfolio cash held by the investment		manager	3,851	6,125
	Market value carried forward			11,726,033	14,522,971
	Historic cost carried forward			11,136,476	12,809,948
	Investments comprise the following:			2023	2022f
	Equities (listed) Private equity			11,590,826 131,356	14,639,622 147,224
				11,722,182	14,516,846
11.	Debtors			2023 6	2022 2
	Dividends and interest receivable			65,364	64,729
	Other administration &accountancy Other debtors		fees receivable	42,396 5„062	35,771 5,062
				112,822	105,562
	Creditors: amounts t'siting due	within one year		2023 6	2022 2
	Grants payable			920,000	750,990
	Accruals:
	Auditor's fees for audit and accountancy Accountancy fees Investment management fee payable			6,600 1,500 4,300	6,000 1,500 3,073
				932,400	761,563
	Reconciliation ofGrant creditorm
				2023	2022
					6
	Balance ofgrant creditors at 6 April 2022 Grant commitments made in the year Grants paid during the year			1,285,990 1,790,250 (1,626,240)	23,000 2,274,290 (1,011,300)
	Balance ofgrant creditors at 5 April		2023	1,450,000	1,285,990

Analysis ofnet assets between	Restricted	Unrestricted	Total
	funds	funds	funds
			8
Investments		14,522,971	14,522,971
Other net assets		916,214	971,214
		15,439,185	15,439,185