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||||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|
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||||||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|
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|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|
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|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|
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##
|||||||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|
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|||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|
##
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##
|||||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|
##
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##
||||||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|
##
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##
|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|
##
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##
|||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|
##
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##
##
##
|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|
##
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##
##
|||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|
##
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##
|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|
##
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##
##
##
|||||||||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|
##
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