2023-04-05-accounts - The Jmcmrj Sorrell Foundation

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		Page
Legal and administrative information
Trustees' report		2 —4
Independent auditors'	report	5-6
Statement offinancial	activities
Balance sheet
Cash flow statement
Notes to cash flow statement		10
Notes tothe financial	statements	ll - 16

Charity registration	number	1118913
Trustees		Sir Martin Sorrell (Chairman)
		Cristiana Falcone, Lady Sorrell (CEO)
		M.R.A.Sonell
		R.A. Sorrell
		J.E.H. Sorrell
Principal office		19Wilton Row,
		London,
		SWIX7NS
Auditors		Purcells,
		Statutory Auditors,
		Chartered Accountants,
		4Quex Road,
		London,
		NW6 4PJ
Bankers		HSBC Private Bank (UK) Limited,
		78 St. James's Street,
		London,
		SWIA IJB
		UBSWealth Management
		5Broadgate
		London
		EC2M 2QS
		Citbank
		153East 53"Street
		Floor 24
		New York
		NY 10022
Solicitors		Wrigleys LLP,
		19Cookridge Street,
		Leeds,
		LS23AG
		UK

		Unrestricted	Endowment	Endowment	2023	2022
		Fund	Fund		Total	Total
	Note	E
Incoming resources
Incoming resources from
generated funds:
Voluntary income
Investment income	3	I 919677			1919677	1451870
Total incoming resources		1,919,677			1,919,677	1,451,878
Resources expended
Charitable activity:
Grants payable	4	7,555			7,555
Governance costs	4	~4636			~4636	~3I90
Total resources expended		2,919			2,919	(3,190)
Net incoming/(outgoing)resources
before other recognised	gains and losses	1,922,596			1,922,596	1,448,688
Other recognised gains and losses
Unrealised gain/(loss)	on revaluation
oflisted investments			~38IILtm		i33n7 8n93
Net movement in funds		1,922,596	(3,887,894)		(1,965,298)	4,953,287
Funds brought forward		~I70818	~54	49041	~56358 30	51404743
Funds carried forward		3,630,785	50,761,947		54,392,732	56,358,030

			Note	Unrestricted ~96 f	Endowment ~d	2023 Ttt f		2022 Ttt
FIXEDASSETS
Investments			5	64,439	50,761,947	50,826,386	54,714,280
CURRENT ASSETS
Sundry debtors Cash at bank				3,633,086		3,633,086		1,706,590
				3,633,086		3,633,086		1,706,590
CREDITORS: amounts		falling due
Within		one year	6	( 46,740)		( 46,740)	(	42,840)
Net current assets/(liabilities)				3,586,346		3,586,346		1,663,750
Total assets less current liabilities				3,650,785	50,761,947	54,412,732	56,378,030
CREDITORS: amounts		falling due
after more	than one year		7	( 20,000)		( 20,000)		( 20,000)
Net assets/(liabilities)				3,630,785	50,761,947	54,392,732	56,358,030
FUNDS
General unrestricted	income fund			3,630,785		3,630,785		1,708,189
Expendable endowment		fund			56 767 947	59 767 947	54 649 94t
				3,630,785	50,761947	54,392,732	56,358,030

					2023	2022
					Total	Total
				Notes
Cash flow from operating	activities:			A
Cash generated from operations					6,819	(	7,630)
Net cash provided by (used	in) operating				6,819	(	7,630)
activities
Cash flows from investing	activities:
Interest received					74,286		755
Dividends received					1,845,391	1,451,123
Net cash provided by (used	in) investing				1,919,677	1,451,878
activities
Change in cash and cash equivalent		in the			1,926,496	1,444,248
reporting period
Cash and cash equivalents	at the beginning		of		1,706,590	262,342
the reportiag period
Cash and cash equivalents	at the end	ofthe
reporting period					3,633,086	1,706,590

				2023	2023	2022
				Total		Totalf
Net income for the	reporting period
(as per the statement	offmancial activities)				(1,965,298)	4,953,287
Adjustments for:
Interest received Dividends from investments Unrealised (gain)/ loss on revaluation		oflisted investments		( (	74,286) 1,845,391) 3,887,894	( 755) (1,451,123) (3,504,599)
Decrease in debtors
Decrease in creditors					3,900	(4,440)
Net cash provided	by (used in) operating		activities		6,819	(7,630)

					2023	2022
2.	VOLUNTARY INCOME
	Donation
	Gift in kind
3.	INVESTMENT INCOME
	Dividends receivable Interest receivable				1,845,391 74 286	1,451,123 ~75
					1,919,677	1,451,878
4.	RESOURCES EXPENDED
			Grants to ttttt	9	2023 TtI	2022 TII f
	Costs directly allocated
	to activities
	Charitable distributions	(note 4.1)
	Audit and accountancy			3,900	3,900	4,200
	Management fees
	Bank charges			12	12	12
	General expenses Exchange (gains)/losses		7555	724	724	~1022
			(7.555)	4,636	(2,919)	3,190

							FIXEDASSET INVESTMENTS	FIXEDASSET INVESTMENTS
							2023	2022
	UK listed investments
	Market value at beginning of			year			54,649,841	51,145,242
	Market value ofdonated		investments
	Gain/ (Loss) on revaluation						~3887 &94	~504599
	Market value at end of	year					50,761,947	54,649,841
	Programme related investment
	Equity interest						44439	6 439
							50,826386	54,714,280
All the UK listed investments		are held in WPP pic.
The	programme related investment			represents	the charity's	minority	interest in the common stock ofa
New	York benefit corporation,		MpowerD Inc.
							2023	2022
							6
6.	CREDITORS: amounts		falling due
	within one		year
	Grants payable						30,000	30,000
	Other creditors Accruals						12,840 3900	8,640 ~400
							46,740	42,840
7.	CREDITORS: amounts		falling due
	after more		than one year
	Grants payable						20,000	20,000

MOVEMENT IN FUNDS
		Net
		movement	At
	At 6.4.22	in funds	5.4.23
Unrestricted Fund	1,708,1$9	1,922,596	3,630,785
Endowment Fund	54,649,841	(3,887,$94)	50,761,947
TOTAL FUNDS	56.358,030	(1~965,298)	54,392,732
Net movement in funds, included	in the above are as follows:

Net moveme	nt in funds, inclu	ded in the above are as f	ollows:
		Incoming	Resources	Gains	Move
		resources	expended	losses	in funds
					6
Unrestricted	Fund	1,919,677	2,919		1,922,596
Endowment	Fund			(3,$87,894)	(3,887,894)
TOTAL FUNDS		1,9~19677	2,919	(3,$87,894)	(1,965,298)

Comparativ	es for moveme	nt in	funds
							Net
							movement	At
						At 6.4.21	in funds	5.4.22
						f	f.
Unrestricted	Fund					259,501	1,448,688	1,708,189
Endowment	Fund				51,145,242		3,504,599	54,649,841
TOTAL FUNDS					51~404743		4,953,287	56,N8,030
Net movement in funds, included			in the above are as		follows;
			Incoming			Resources	Gains/	Move
			resources f,			expended f,	losses f	in funds f,
Unrestricted	Fund		1,451,878			(3,190)		1,448,688
Endowment	Fund						3,504,599	3,504,599
TOTAL FUNDS			1,4~51 878			~3,190)	3,5~04599	4,953,287
A current	year 12 months	and	prior year	12 months		combined	position is	as
follows:
							Net
							movement	At
						At 6.4.21	in funds	5.4.23
						f	f	f
Unrestricted	Fund					259,501	3,371,284	3,630,785
Endowment	Fund				51,145,242		(383,295)	50,761,947
TOTAL FUNDS					5	1~404743	2,987,989	54,392,732

		Incoming	Resources	Gains	Move
		resources f	expended	losses	in funds
Unrestricted	Fund	3,371,555	(271)		3,371,284
Endowment	Fund			(383,295)	(383,295)
TOTAL FUNDS		3,371,555	~271)	(3~83,295	2,9~87989

		Page
Legal and administrative information
Trustees' report		2 —4
Independent auditors'	report	5-6
Statement offinancial	activities
Balance sheet
Cash flow statement
Notes to cash flow statement		10
Notes tothe financial	statements	ll - 16

Charity registration	number	1118913
Trustees		Sir Martin Sorrell (Chairman)
		Cristiana Falcone, Lady Sorrell (CEO)
		M.R.A.Sonell
		R.A. Sorrell
		J.E.H. Sorrell
Principal office		19Wilton Row,
		London,
		SWIX7NS
Auditors		Purcells,
		Statutory Auditors,
		Chartered Accountants,
		4Quex Road,
		London,
		NW6 4PJ
Bankers		HSBC Private Bank (UK) Limited,
		78 St. James's Street,
		London,
		SWIA IJB
		UBSWealth Management
		5Broadgate
		London
		EC2M 2QS
		Citbank
		153East 53"Street
		Floor 24
		New York
		NY 10022
Solicitors		Wrigleys LLP,
		19Cookridge Street,
		Leeds,
		LS23AG
		UK

		Unrestricted	Endowment	Endowment	2023	2022
		Fund	Fund		Total	Total
	Note	E
Incoming resources
Incoming resources from
generated funds:
Voluntary income
Investment income	3	I 919677			1919677	1451870
Total incoming resources		1,919,677			1,919,677	1,451,878
Resources expended
Charitable activity:
Grants payable	4	7,555			7,555
Governance costs	4	~4636			~4636	~3I90
Total resources expended		2,919			2,919	(3,190)
Net incoming/(outgoing)resources
before other recognised	gains and losses	1,922,596			1,922,596	1,448,688
Other recognised gains and losses
Unrealised gain/(loss)	on revaluation
oflisted investments			~38IILtm		i33n7 8n93
Net movement in funds		1,922,596	(3,887,894)		(1,965,298)	4,953,287
Funds brought forward		~I70818	~54	49041	~56358 30	51404743
Funds carried forward		3,630,785	50,761,947		54,392,732	56,358,030

			Note	Unrestricted ~96 f	Endowment ~d	2023 Ttt f		2022 Ttt
FIXEDASSETS
Investments			5	64,439	50,761,947	50,826,386	54,714,280
CURRENT ASSETS
Sundry debtors Cash at bank				3,633,086		3,633,086		1,706,590
				3,633,086		3,633,086		1,706,590
CREDITORS: amounts		falling due
Within		one year	6	( 46,740)		( 46,740)	(	42,840)
Net current assets/(liabilities)				3,586,346		3,586,346		1,663,750
Total assets less current liabilities				3,650,785	50,761,947	54,412,732	56,378,030
CREDITORS: amounts		falling due
after more	than one year		7	( 20,000)		( 20,000)		( 20,000)
Net assets/(liabilities)				3,630,785	50,761,947	54,392,732	56,358,030
FUNDS
General unrestricted	income fund			3,630,785		3,630,785		1,708,189
Expendable endowment		fund			56 767 947	59 767 947	54 649 94t
				3,630,785	50,761947	54,392,732	56,358,030

					2023	2022
					Total	Total
				Notes
Cash flow from operating	activities:			A
Cash generated from operations					6,819	(	7,630)
Net cash provided by (used	in) operating				6,819	(	7,630)
activities
Cash flows from investing	activities:
Interest received					74,286		755
Dividends received					1,845,391	1,451,123
Net cash provided by (used	in) investing				1,919,677	1,451,878
activities
Change in cash and cash equivalent		in the			1,926,496	1,444,248
reporting period
Cash and cash equivalents	at the beginning		of		1,706,590	262,342
the reportiag period
Cash and cash equivalents	at the end	ofthe
reporting period					3,633,086	1,706,590

				2023	2023	2022
				Total		Totalf
Net income for the	reporting period
(as per the statement	offmancial activities)				(1,965,298)	4,953,287
Adjustments for:
Interest received Dividends from investments Unrealised (gain)/ loss on revaluation		oflisted investments		( (	74,286) 1,845,391) 3,887,894	( 755) (1,451,123) (3,504,599)
Decrease in debtors
Decrease in creditors					3,900	(4,440)
Net cash provided	by (used in) operating		activities		6,819	(7,630)

					2023	2022
2.	VOLUNTARY INCOME
	Donation
	Gift in kind
3.	INVESTMENT INCOME
	Dividends receivable Interest receivable				1,845,391 74 286	1,451,123 ~75
					1,919,677	1,451,878
4.	RESOURCES EXPENDED
			Grants to ttttt	9	2023 TtI	2022 TII f
	Costs directly allocated
	to activities
	Charitable distributions	(note 4.1)
	Audit and accountancy			3,900	3,900	4,200
	Management fees
	Bank charges			12	12	12
	General expenses Exchange (gains)/losses		7555	724	724	~1022
			(7.555)	4,636	(2,919)	3,190

							FIXEDASSET INVESTMENTS	FIXEDASSET INVESTMENTS
							2023	2022
	UK listed investments
	Market value at beginning of			year			54,649,841	51,145,242
	Market value ofdonated		investments
	Gain/ (Loss) on revaluation						~3887 &94	~504599
	Market value at end of	year					50,761,947	54,649,841
	Programme related investment
	Equity interest						44439	6 439
							50,826386	54,714,280
All the UK listed investments		are held in WPP pic.
The	programme related investment			represents	the charity's	minority	interest in the common stock ofa
New	York benefit corporation,		MpowerD Inc.
							2023	2022
							6
6.	CREDITORS: amounts		falling due
	within one		year
	Grants payable						30,000	30,000
	Other creditors Accruals						12,840 3900	8,640 ~400
							46,740	42,840
7.	CREDITORS: amounts		falling due
	after more		than one year
	Grants payable						20,000	20,000

MOVEMENT IN FUNDS
		Net
		movement	At
	At 6.4.22	in funds	5.4.23
Unrestricted Fund	1,708,1$9	1,922,596	3,630,785
Endowment Fund	54,649,841	(3,887,$94)	50,761,947
TOTAL FUNDS	56.358,030	(1~965,298)	54,392,732
Net movement in funds, included	in the above are as follows:

Net moveme	nt in funds, inclu	ded in the above are as f	ollows:
		Incoming	Resources	Gains	Move
		resources	expended	losses	in funds
					6
Unrestricted	Fund	1,919,677	2,919		1,922,596
Endowment	Fund			(3,$87,894)	(3,887,894)
TOTAL FUNDS		1,9~19677	2,919	(3,$87,894)	(1,965,298)

Comparativ	es for moveme	nt in	funds
							Net
							movement	At
						At 6.4.21	in funds	5.4.22
						f	f.
Unrestricted	Fund					259,501	1,448,688	1,708,189
Endowment	Fund				51,145,242		3,504,599	54,649,841
TOTAL FUNDS					51~404743		4,953,287	56,N8,030
Net movement in funds, included			in the above are as		follows;
			Incoming			Resources	Gains/	Move
			resources f,			expended f,	losses f	in funds f,
Unrestricted	Fund		1,451,878			(3,190)		1,448,688
Endowment	Fund						3,504,599	3,504,599
TOTAL FUNDS			1,4~51 878			~3,190)	3,5~04599	4,953,287
A current	year 12 months	and	prior year	12 months		combined	position is	as
follows:
							Net
							movement	At
						At 6.4.21	in funds	5.4.23
						f	f	f
Unrestricted	Fund					259,501	3,371,284	3,630,785
Endowment	Fund				51,145,242		(383,295)	50,761,947
TOTAL FUNDS					5	1~404743	2,987,989	54,392,732

		Incoming	Resources	Gains	Move
		resources f	expended	losses	in funds
Unrestricted	Fund	3,371,555	(271)		3,371,284
Endowment	Fund			(383,295)	(383,295)
TOTAL FUNDS		3,371,555	~271)	(3~83,295	2,9~87989

		Page
Legal and administrative information
Trustees' report		2 —4
Independent auditors'	report	5-6
Statement offinancial	activities
Balance sheet
Cash flow statement
Notes to cash flow statement		10
Notes tothe financial	statements	ll - 16

Charity registration	number	1118913
Trustees		Sir Martin Sorrell (Chairman)
		Cristiana Falcone, Lady Sorrell (CEO)
		M.R.A.Sonell
		R.A. Sorrell
		J.E.H. Sorrell
Principal office		19Wilton Row,
		London,
		SWIX7NS
Auditors		Purcells,
		Statutory Auditors,
		Chartered Accountants,
		4Quex Road,
		London,
		NW6 4PJ
Bankers		HSBC Private Bank (UK) Limited,
		78 St. James's Street,
		London,
		SWIA IJB
		UBSWealth Management
		5Broadgate
		London
		EC2M 2QS
		Citbank
		153East 53"Street
		Floor 24
		New York
		NY 10022
Solicitors		Wrigleys LLP,
		19Cookridge Street,
		Leeds,
		LS23AG
		UK

		Unrestricted	Endowment	Endowment	2023	2022
		Fund	Fund		Total	Total
	Note	E
Incoming resources
Incoming resources from
generated funds:
Voluntary income
Investment income	3	I 919677			1919677	1451870
Total incoming resources		1,919,677			1,919,677	1,451,878
Resources expended
Charitable activity:
Grants payable	4	7,555			7,555
Governance costs	4	~4636			~4636	~3I90
Total resources expended		2,919			2,919	(3,190)
Net incoming/(outgoing)resources
before other recognised	gains and losses	1,922,596			1,922,596	1,448,688
Other recognised gains and losses
Unrealised gain/(loss)	on revaluation
oflisted investments			~38IILtm		i33n7 8n93
Net movement in funds		1,922,596	(3,887,894)		(1,965,298)	4,953,287
Funds brought forward		~I70818	~54	49041	~56358 30	51404743
Funds carried forward		3,630,785	50,761,947		54,392,732	56,358,030

			Note	Unrestricted ~96 f	Endowment ~d	2023 Ttt f		2022 Ttt
FIXEDASSETS
Investments			5	64,439	50,761,947	50,826,386	54,714,280
CURRENT ASSETS
Sundry debtors Cash at bank				3,633,086		3,633,086		1,706,590
				3,633,086		3,633,086		1,706,590
CREDITORS: amounts		falling due
Within		one year	6	( 46,740)		( 46,740)	(	42,840)
Net current assets/(liabilities)				3,586,346		3,586,346		1,663,750
Total assets less current liabilities				3,650,785	50,761,947	54,412,732	56,378,030
CREDITORS: amounts		falling due
after more	than one year		7	( 20,000)		( 20,000)		( 20,000)
Net assets/(liabilities)				3,630,785	50,761,947	54,392,732	56,358,030
FUNDS
General unrestricted	income fund			3,630,785		3,630,785		1,708,189
Expendable endowment		fund			56 767 947	59 767 947	54 649 94t
				3,630,785	50,761947	54,392,732	56,358,030

					2023	2022
					Total	Total
				Notes
Cash flow from operating	activities:			A
Cash generated from operations					6,819	(	7,630)
Net cash provided by (used	in) operating				6,819	(	7,630)
activities
Cash flows from investing	activities:
Interest received					74,286		755
Dividends received					1,845,391	1,451,123
Net cash provided by (used	in) investing				1,919,677	1,451,878
activities
Change in cash and cash equivalent		in the			1,926,496	1,444,248
reporting period
Cash and cash equivalents	at the beginning		of		1,706,590	262,342
the reportiag period
Cash and cash equivalents	at the end	ofthe
reporting period					3,633,086	1,706,590

				2023	2023	2022
				Total		Totalf
Net income for the	reporting period
(as per the statement	offmancial activities)				(1,965,298)	4,953,287
Adjustments for:
Interest received Dividends from investments Unrealised (gain)/ loss on revaluation		oflisted investments		( (	74,286) 1,845,391) 3,887,894	( 755) (1,451,123) (3,504,599)
Decrease in debtors
Decrease in creditors					3,900	(4,440)
Net cash provided	by (used in) operating		activities		6,819	(7,630)

					2023	2022
2.	VOLUNTARY INCOME
	Donation
	Gift in kind
3.	INVESTMENT INCOME
	Dividends receivable Interest receivable				1,845,391 74 286	1,451,123 ~75
					1,919,677	1,451,878
4.	RESOURCES EXPENDED
			Grants to ttttt	9	2023 TtI	2022 TII f
	Costs directly allocated
	to activities
	Charitable distributions	(note 4.1)
	Audit and accountancy			3,900	3,900	4,200
	Management fees
	Bank charges			12	12	12
	General expenses Exchange (gains)/losses		7555	724	724	~1022
			(7.555)	4,636	(2,919)	3,190

							FIXEDASSET INVESTMENTS	FIXEDASSET INVESTMENTS
							2023	2022
	UK listed investments
	Market value at beginning of			year			54,649,841	51,145,242
	Market value ofdonated		investments
	Gain/ (Loss) on revaluation						~3887 &94	~504599
	Market value at end of	year					50,761,947	54,649,841
	Programme related investment
	Equity interest						44439	6 439
							50,826386	54,714,280
All the UK listed investments		are held in WPP pic.
The	programme related investment			represents	the charity's	minority	interest in the common stock ofa
New	York benefit corporation,		MpowerD Inc.
							2023	2022
							6
6.	CREDITORS: amounts		falling due
	within one		year
	Grants payable						30,000	30,000
	Other creditors Accruals						12,840 3900	8,640 ~400
							46,740	42,840
7.	CREDITORS: amounts		falling due
	after more		than one year
	Grants payable						20,000	20,000

MOVEMENT IN FUNDS
		Net
		movement	At
	At 6.4.22	in funds	5.4.23
Unrestricted Fund	1,708,1$9	1,922,596	3,630,785
Endowment Fund	54,649,841	(3,887,$94)	50,761,947
TOTAL FUNDS	56.358,030	(1~965,298)	54,392,732
Net movement in funds, included	in the above are as follows:

Net moveme	nt in funds, inclu	ded in the above are as f	ollows:
		Incoming	Resources	Gains	Move
		resources	expended	losses	in funds
					6
Unrestricted	Fund	1,919,677	2,919		1,922,596
Endowment	Fund			(3,$87,894)	(3,887,894)
TOTAL FUNDS		1,9~19677	2,919	(3,$87,894)	(1,965,298)

Comparativ	es for moveme	nt in	funds
							Net
							movement	At
						At 6.4.21	in funds	5.4.22
						f	f.
Unrestricted	Fund					259,501	1,448,688	1,708,189
Endowment	Fund				51,145,242		3,504,599	54,649,841
TOTAL FUNDS					51~404743		4,953,287	56,N8,030
Net movement in funds, included			in the above are as		follows;
			Incoming			Resources	Gains/	Move
			resources f,			expended f,	losses f	in funds f,
Unrestricted	Fund		1,451,878			(3,190)		1,448,688
Endowment	Fund						3,504,599	3,504,599
TOTAL FUNDS			1,4~51 878			~3,190)	3,5~04599	4,953,287
A current	year 12 months	and	prior year	12 months		combined	position is	as
follows:
							Net
							movement	At
						At 6.4.21	in funds	5.4.23
						f	f	f
Unrestricted	Fund					259,501	3,371,284	3,630,785
Endowment	Fund				51,145,242		(383,295)	50,761,947
TOTAL FUNDS					5	1~404743	2,987,989	54,392,732

		Incoming	Resources	Gains	Move
		resources f	expended	losses	in funds
Unrestricted	Fund	3,371,555	(271)		3,371,284
Endowment	Fund			(383,295)	(383,295)
TOTAL FUNDS		3,371,555	~271)	(3~83,295	2,9~87989