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| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||||ttctes|2023|| |---|---|---|---|---|---|---| ||||||8|| |Fixed aeeeta||||||| |Invesbnents||||10|t1,728,033|14,522,971| |Current assets||||||| |Cebtors
Cash at bank and||In|hand||112,822
2,639,519|106,582
2,107,215| ||||||2,652,341|2,212,777| |Creditors:|amounts||due within 1year|12|(932,480)|(78'I,563)| |ftet current|assets||||1,719,941|1,451,214| |Total assets less||current gabigtlsa|||t3,445,974|15,974,185| |Gmdltorst|amounts||due after 1 year|13|(530,000)|(535,000)| |Net assets|||||12,915,974|15,439,188| |Funds||||||| |lJnrestrlcted|lttnds|||'l4|12,915,974|15,439,185| |Toblf funds|||||12rt15,974|15,439,185| ## ## |||||||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 raising|funds|2023|2022| ||||E|E| |Investment|management|fees|14,93'7|12,912| ||||14,937|12,912| |Expenditure
on administration|costs|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| |||||||| |---|---|---|---|---|---|---| |13.|Creditors: amounts||falling due after one year||2023|2022| ||||||F.|| ||Grants payable||||530,000|535,000| ||||||530,000|535,000| |14.|Analysis|of net assets between funds -2023||Restricted|Unrestricted|Total| |||||funds|funds|funds| |||||8|8|| ||Investmsnts||||11,726,033|11,726,033| ||Other net|assets|||1,189,941|1,189,941| ||||||12,915,974|12,915,974| |Analysis ofnet assets between|funds —2022|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| ## ## ##