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2023-03-31-accounts

Page
Reference and administrative
details ofthe Charity,		 its Trustees and advisers
Trustees'
report		 2-12
Independent auditor's
report to the Trustees ofthe		 Apax Foundation 13 - 16
Consolidated statement
offinancial
activities		 17
Consolidated statement
offinancial
position		 18 - 19
Charity statement
offinancial
position		 20-21
Consolidated statement
ofcash flows		 22
Notes to the financial statements 23-41

Unrestricted Restricted Total Total
funds funds funds funds
15months 15months 15months 12 months
ended ended ended ended
31 March 31 March 31 March 31 December
2023 2023 2023 2021
Note E
Income from:
Donations
and other incoming
resources 4 2,113,392 2,113,392 1,428,397
Investments 5 805,134 805,134 498,439
Total income 2,918,526 2,918,526 1,926,836
Expenditure
on:
Investment
management		 costs 6 17,242 17,242 8,916
Charitable
activities		 3,002,313 3,002,313 2,158,737
Other expenditure 8 (2,315,891) (2,315,891) 1,191,864
Total expenditure 703,664 703,664 3,359,517
Net income/(expenditure) before net
(losses)/gains
on		 investments 2,214,862 2,214,862 (1,432,681)
Net (losses)/gains on investments (8,397,237) (8,397,237) 15,352,934
Net (expenditure)/income (6,182,375) (6,182,375) 13,920,253
Transfers
between		 funds 18 (18,035) 18,035
Net income and movement in funds (6,200,410) 18,035 (6,182,375) 13,920,253
Reconciliation
of		 funds:
Total funds brought forward 78,999,456 78,999,456 65,079,203
Net movement
in funds		 (6,200,410) 18,035 (6,182,375) 13,920,253
Total funds carried forward 72,799,046 18,035 72,817,081 78,999,456

As at 31 March 2 023
31 March 31 December
2023 2021
Note E E
Fixed assets
Investments 13 71,568,654 70,650,399
71,568,654 70,650,399
Current assets
Debtors 14 1,091,959 347,113
Cash at bank and in hand 22 921,485 8,408,670
2,013,444 8,755,783
Creditors: amounts falling due within one
year 15 (388,926) (267,218)
Net current assets 1,624,518 8,488,565
Total assets less current liabilities 73,193,172 79,138,964
Creditors: amounts falling due after more
than one year 16 (376,091) (139,508)
Net assets 72,817,081 78,999,456
Total net assets 72,817,081 78,999,456
Charity funds
Restricted
funds:
Restricted
funds		 18 18,035
Total restricted funds 18 18,035
Unrestricted
funds		 18 72,799,046 78,999,456
Total funds 72,817,081 78,999,456

As at 31 March 2 023
31
31 March December
2023 2021
Note E
Fixed assets
Investments 13 71,568,654 70,650,399
71,568,654 70,650,399
Current assets
Debtors 14 257,749 113,591
Cash at bank and in hand 921,057 8,398,309
1,178,806 8,511,900
Creditors: amounts falling due within one
year 15 (379,926) (259,793)
Net current assets 798,880 8,252,107
Total assets less current liabilities 72,367,534 78,902,506
Creditors: amounts falling due after more
than one year 16 (376,091) (139,508)
Net assets excluding pension asset 71,991,443 78,762,998
Total net assets 71,991,443 78,762,998
Charity funds
Restricted
funds:
Restricted
funds		 18 18,035
Total restricted
funds		 18 18,035
Unrestricted
funds		 18 71,973,408 78,762,998
Total funds 71,991,443 78,762,998

15months 12 months
ended ended
31 March 31 December
2023 2021
Note E
Cash flows from operating activities
Net cash used
in operating		 activities 21 (983,781) (239,308)
Cash flows from investing activities
Income from investments 5 547,385 498,439
Proceeds from sale of investments 13 3,368,156 6,644,475
Purchase of investments 13 (10,418,945) (9,141,485)
Net cash used in investing activities (6,503,404) (1,998,571)
Change in cash and cash equivalents in the period (7,487,185) (2,237,879)
Cash and cash equivalents at the beginning ofthe period 8,408,670 10,646,549
Cash and cash equivalents at the end of the period 22 921,485 8,408,670

Unrestricted Total Total
funds funds funds
15months 15months 12 months
ended ended ended
31 March 31 March 31 December
2023 2023 2021
E E E
Other donations 861,712 861,712 86,089
Profit share from Apax Partners LLP 1,160,101 1,160,101 1,309,559
Donated services 91,579 91,579 32,749
2,113,392 2,113,392 1,428,397

Unrestricted Total Total
funds funds funds
15months 15months 12 months
ended ended ended
31 March 31 March 31 December
2023 2023 2021
Liquid investments 805,134 805,134 498,439
805,134 805,134 498,439

Unrestricted Total Total
funds funds funds
15months 15months 12 months
ended ended ended
31 March 31 March 31 December
2023 2023 2021
E
Investment management fees 17,242 17,242 8,916
17,242 17,242 8,916

Donations
to		 Total Total
Institutions funds funds
15months 15months 12 months
ended ended ended
31 March 31 March 31 December
2023 2023 2021
E E E
Advancement of education 578,410 578,410 500,317
Social enterprise and relief offinancial hardship 1,080,619 1,080,619 590,152
Other charitable purposes 659,115 659,115 599,627
Emergency initiatives 532,684 532,684 402,743
2,850,828 2,850,828 2,092,839

15months
ended
31 March
2023
Name of institution
The Opportunity
Network		 430,337
Red Cross 376,030
Impetus 231,000
Breaking
Barriers		 150,000
The Entrepreneurial Refugee Network 130,000
Children
of Fallen		 Patriots Foundation 129,220
Street Child 108,211
UNICEF 80,059
West Ham United Foundation 80,000
Fundacion
para la		 Accion Social por la Musica (FASM) 70,394
The Godolphin and Latymer School Foundation 68,760
The Latymer Foundation 56,700
The Portland Trust 55,000
Build NYC 54,719
World Jewish Relief 42,900
MoMA 41,012
Ilaney Chesed 37,985
Filling
in the Blanks		 lnc 35,678
PIB 30,000
School in the Square 27,497
2,235,502
Other donations 615,326
2,850,828

Unrestricted Total Total
funds funds funds
15months 15months 12 months
ended ended ended
31 March 31 March 31 December
2023 2023 2021
E E E
(2,315,891) (2,315,891) 1,191,864

Support Total Total
Donations costs funds funds
15months 15months 15months 12 months
ended ended ended ended
31 March 31 March 31 March 31 December
2023 2023 2023 2021
E E E E
Advancement of education 578,410 30,735 609,145 516,071
Social mobility 1,080,619 57,422 1,138,041 608,735
Other charitable purposes 659,115 35,024 694,139 618,508
Emergency initiatives 532,684 28,304 560,988 415,423
2,850,828 151,485 3,002,313 2,158,737
Analysis of support costs
Other
Advancement Social charitable Emergency Total Total
ofeducation mobility purposes initiatives funds funds
15 months 15months 15months 15months 15months 12 months
ended ended ended ended ended ended
31 March 31 March 31 March 31 March 31 March 31 December
2023 2023 2023 2023 2023 2021
E E E E E E
Staff costs 18,581 34,714 21,173 17,112 91,580 32,750
General office
costs 340 636 388 312 1,676 995
Governance
costs 11,814 22,072 13,463 10,880 58,229 32,153
30,735 57,422 35,024 28,304 151,485 65,898

Auditor's
remuneration
15months 12 months
ended ended
31 March 31 December
2023 2021
E
Fees payable to the Groups's auditor for the audit ofthe Group's annual
accounts 31,875 32,153

Staff c osts
Group Group Company Company
31 March 31 December 31 March 31 December
2023 2021 2023 2021
Wages and salaries 91,580 32,750 91,580 32,750
91,580 32,750 91,580 32,750

Liquid Unquoted
investments investments Total
Group E
Cost or valuation
At 1 January 2022 41,313,129 29,337,270 70,650,399
Additions 9,913,926 505,019 10,418,945
Disposals (2,479,237) (888,919) (3,368,156)
Revaluations (4,928,199) (3,486,251) (8,414,450)
Foreign exchange movement 178,437 2,103,479 2,281,916
At 31 March 2023 43,998,056 27,570,598 71,568,654
Investments
in subsidiary Liquid Unquoted
companies investments investments Total
Charity E E
Cost or valuation
At 1 January 2022 41,313,129 29,337,269 70,650,399
Additions 9,913,926 505,019 10,418,945
Disposals (2,479,237) (888,919) (3,368,156)
Revaluations (4,928,199) (3,486,251) (8,414,450)
Foreign exchange movement 178,437 2,103,479 2,281,916
At 31 March 2023 1 43,998,056 27,570,597 71,568,654

The following was a subsidiary
u		 ndertaking
 ndertaking
 ofthe Cha rity: rity:
Name Company Registered office Principal Class of Holding Included in
number activity shares consolidation
Apax E Member 05611395 33Jermyn Street, Member ofApax Ordinary 100% Yes
Limited London, SW1Y6DN Partners LLP
The financial results ofthe subsidiary for the 15months to 31 March 2023 were:
Name Income Expenditure Profit/(Loss)/ Net assets
E Surplus/ E
(Deficit) for
the period
E
Apax E Member Limited 1,160,101 (570,921) 589,180 825,638

Group Group Charity Charity
31 March 31 December 31 March 31 December
2023 2021 2023 2021
E E E E
Prepayments and accrued income 1,091,959 347,113 257,749 113,591
1,091,959 347,113 257,749 113,591

Group Group Charity Charity
31 March 31 December 31 March 31 December
2023 2021 2023 2021
E
Accruals and deferred income 29,400 29,925 20,400 22,500
Grants accrued 359,526 237,293 359,526 237,293
388,926 267,218 379,926 259,793

Group Group Charity Charity
31 March 31 December 31 March 31 December
2023 2021 2023 2021
Grants accrued 376,091 139,508 376,091 139,508
376,091 139,508 376,091 139,508

Group Group Charity Charity
31 March 31 December 31 March 31 December
2023 2021 2023 2021
E
Financial assets
Financial assets measured at fair value
through income and expenditure 72,490,138 79,059,069 72,489,711 79,048,707

Balance at 1 Balance at 1 Balance at
January Transfers Gains/ 31 March
2022 Income Expenditure in/out (Losses) 2023
E E E E E
Unrestricted
funds
Designated
Funds 18,035 (18,035)
General
Funds		 78,981,421 2,918,526 (703,664) (8,397,237) 72,799,046
Total
Unrestricted
funds 78,999,456 2,918,526 (703,664) (18,035) (8,397,237) 72,799,046
Restricted
funds
Restricted Fund 18,035 18,035
Total offunds 78,999,456 2,918,526 (703,664) (8,397,237) 72,817,081
Statement offunds - prior period
Balance at Balance at
1 January Gains/ 31 December
2021 Income Expenditure (Losses) 2021
E
Unrestricted funds
Designated Funds 18,035 18,035
General
Funds		 65,061,168 1,926,836 (3,359,517) 15,352,934 78,981,421
Total Unrestricted funds 65,079,203 1,926,836 (3,359,517) 15,352,934 78,999,456

Summary offun ds - current
per		 iod
Balance at 1 Balance at
January Transfers Gains/ 31 March
2022 Income Expenditure in/out (Losses) 2023
E E E E E
Designated
funds 18,035 (18,035)
General funds 78,981,421 2,918,526 (703,664) (8,397,237) 72,799,046
Restricted funds 18,035 18,035
78,999,456 2,918,526 (703,664) (8,397,237) 72,817,081
Balance at
Balance at 31
1 January Gains/ December
2021 Income Expenditure (Losses) 2021
Designated funds 18,035 18,035
General funds 65,061,168 1,926,836 (3,359,517) 15,352,934 78,981,421
65,079,203 1,926,836 (3,359,517) 15,352,934 78,999,456

Analysis of net assets between funds - current year
Unrestricted Restricted Total
funds funds funds
31 March 31 March 31 March
2023 2023 2023
E
Fixed asset investments 71,568,654 71,568,654
Current assets 1,995,409 18,035 2,013,444
Creditors due within one year (388,926) (388,926)
Creditors due in more than one year (376,091) (376,091)
Total 72,799,046 18,035 72,817,081

Analysis ofnet assets between funds - prior year
Unrestricted Total
funds funds
31 December 31 December
2021 2021
Fixed asset investments 70,650,399 70,650,399
Current assets 8,755,783 8,755,783
Creditors due within one year (267,218) (267,218)
Creditors due in more than one year (139,508) (139,508)
Tl 78,999,456 78,999,456

Group Group
15months 12 months
ended ended
31 March 31 December
2023 2021
Net
(expenditure)/income		 for the period (as per Statement of Financial
Activities) (6,182,375) 13,920,253
Adjustments
for:
Investment income (805,134) (498,439)
Unrealised losses/(gains) on investments 6,132,534 (14,724,645)
(Increase)/decrease in debtors (487,097) 1,247,281
Increase/(decrease) in creditors 358,291 (183,758)
Net cash used in operating activities (983,781) (239,308)

Group Group
31 March 31 December
2023 2021
Cash in hand 921,485 8,408,670
Total cash and cash equivalents 921,485 8,408,670

Changes
in
market value
and
exchange
At 1 January rate At 31 March
2022 Cash flows movements 2023
E
E
Cash at bank and in hand 8,408,670 (7,835,010) 347,825 921,485
8,408,670 (7,835,010) 347,825 921,485