2023-04-05-accounts

Trustees	SirPaulRuddock LadyJillShaw-Ruddock MichaelFullerlove (retired	SirPaulRuddock LadyJillShaw-Ruddock MichaelFullerlove (retired	SirPaulRuddock LadyJillShaw-Ruddock MichaelFullerlove (retired	4Joniwy2023)
	SophieRuddock StephenGreen(Ap	Po!	teA	UJonesy2023)
	IsabellaRuddock
Bankers	BarclaysWealth 1ChurchillPlace
	London
	£14SHP
Solicitors	WigginOsborneFullerlove 95ThePromenade
	Cheltenham
	Gloucestershire
	GL501HH
Independentauditors	SafferyLLP
	71QueenVictoria	Street
	London
	EC4V4BE
Registeredaddress	10ColvilleMews
	London
	W112DA
Charitynumber	1134994

16 November 2023

		Unrestricted	Expendable	Total		Total
		income	endowment	funds		funds
		funds	funds	2023		2022
	Notes	£	£	£		£
Incomeandendowments
from:
Donations		.	1,259,572	1,259,572		539,083
Investments		241,682	-	241,682		45,140
Totalincome		241,682	1,259,572	1,501,254		584,223
Expenditureon:
Raisingfunds		-	1,884	1,884		1,634
Charitableactivities
-Grants		410,308	-	410,308		4,307,714
-Grantrelatedsupportcosts		9,324	-	9,324		8,812
Totalexpenditure		419,632	1,884	421,516		4,318,160
(Losses)/gainsoninvestments			(2,081,062)	(2,081,062)		1,616,124
Net(expenditure)/income		(177,950)	(823,375)	(1,001,324)		(2,117,813)
Transfersbetweenfunds		177,950	(177,950)		-		-
Other(losses)/ gains		-	(31,396)	(31,396)		112,863
Netmovementinfunds		-	(1,032,720)	(1,032,720)		(2,004,950)
Balancesbroughtforward
at6 April2022		-	24,638,602	24,638,602		26,643,552
Balancescarriedforward
at5 April2023		-	23,605,881	23,605,881		24,638,602

		2023	2022
	Notes
Fixedassets
Investments		21,969,505	23,847,555
Programmerelatedinvestments
		21,969,505	23,847,555
Currentassets
Cashatbank		3,476,136	3,490,796
Currentliabilities
Creditors:amountsfallingdue withinoneyear		(618,961)	(868,548)
Netcurrentassets		2,857,175	2,622,248
Totalassetslesscurrentliabilities		24,826,680	26,469,802
Non-currentliabilities
Creditors:amountsfallingdue
aftermorethanoneyear		(1,220,800)	(1,831,200)
Netassets		23,605,881	24,638,602
Funds
Unrestrictedincomefund Expendableendowmentfund	9	15,517,957	14,145,108
Revaluationreserve		8,087,924	10,493,494
		23,605,881	24,638,602

	Notes	2023	2022
Cashflowsfromoperatingactivities:
Netcashprovidedby/(usedin)operating	11	(1,206,121)	(1,136,047)
activities
Cashflowsfrominvestingactivities:
Dividends,interestsandrentsfrominvestments Proceedsfromsaleofinvestments Distributionfromprivateequity		241,682 1,205,108 126,799	45,140 467,822 87,710
Purchaseofinvestments		(1,641,698)	(770,515)
Netcashprovidedbyinvestingactivities		(68,109)	(169,843)
Cashflowsfromfinancingactivities:
Cashendowmentreceipt		1,259,572	539,083
Netcashprovidedbyfinancingactivities		1,259,572	539,083
Changeincashandcashequivalentsintheyear		(14,658)	(766,807)
Cashandcashequivalentsat6 April2022		3,490,796	4,257,603
Cashandcashequivalentsat5 April2023	12	3,476,136	3,490,796

Donations	1,259,572	539,083
	1,259,572	539,083

vestmentincome
	2023	2022
	if:	£
Dividendincome Distributionsfromprivateequityfunds Interest	92,642 142,536 6,504	45,140 - -
	241,682	45,140
llocationofoverheadcosts	2023	2022
	£	£
Raisingfunds Bankcharges	1,884	1,634
	1,884	1,634
Grantrelatedsupportcosts
Auditfees Accountancyandtaxadvice	4,356 4,968 9,324	3,960 4,852 8,812

5.	Analysisofgrantspayable	2023	2022
		£	£
	TheFoundationmadegrantsacrossthefollowingareasof
	focus:
	Researchandcuratorialsupport Museumacquisitions Museumandgalleryprojects Culturalexhibitions Otherareas	83,306 - 287,745 - 39,457	726,169 7,259 3,320,344 253,942	-
	Totalgrantscommittedintheyear	410,308	4,307,714

Investments
	2023	2022
	£	£
Marketvalueat6 April2022 Additionsatcost Disposalsatmarketvaluebrought forwardorcost Distributionfromprivateequity Unrealisedgains/(losses)onrevaluationat5 April (Decrease)/Increaseincashheldbyinvestmentmanager	23,847,552 1,641,703 (1,205,108) (126,799) (2,187,840) -	22;175,571 770,515 (467,822) (87,710) 1,457,010	-
Marketvalueat5 April2023	21,969,505	23,847,552
Historicalcostat5 April2023	13,881,581	13,354,061
Theinvestmentportfolioincludesmaterialholdings inThelemeFundLimited of£5,597,548 (2022:£6,888,066),LansdowneDevelopedMarketsof£4,390,189(2022:£4,417,174),Bridges PropertyAlternatives of£1,767,993 (2022:£2,045,525) andtheMarylebone LaneFund of

vestmentsatmarketvalue:
	2023	2022
	£	£
UKotherinvestments Overseasotherinvestments	6,158,179 15,811,326	6,462,699 17,384,865
Cash
Totalinvestmentsatmarketvalue	21,969,505	23,847,564

	2023	2022
	£	£
Grantspayable Accruals	610,400 8,561	860,400 8,148
	618,961	868,548
Creditors- amountsfallingdueaftermorethanoneyear	2023	2022
	£	£
Grantspayable	1,220,800	1,831,200
	1,220,800	1,831,200

	Unrestricted	Expendable	Totalat
	income	endowment	5April
	fund	fund	2023
	£	£	£
Investments	-	21,969,505	21,969,505
Currentassets	618,961	2,857,175	3,476,136
Currentliabilities	(618,961)	-	(618,961)
Longtermliabilities	-	(1,220,800)	(1,220,800)
Netassets	-	23,605,881	23,605,881
xpendableendowmentfundincludestherevaluationreserveof			£8,087,924.
	Unrestricted	Expendable	Totalat
	income	endowment	5April
	fund	fund	2022
	£	£	£
Investments	-	23,847,555	23,847,555
Currentassets	868,548	2,622,248	3,490,796
Currentliabilities	(868,548)	-	(868,548)
Longtermliabilities	-	(1,831,200)	(1,831,200)
Netassets	-	24,638,603	24,638,603

11.	Reconciliationofnetincometonetcashflowfromoperating	Reconciliationofnetincometonetcashflowfromoperating	activities
				2023		2022
				£		£
	Netincome/(expenditure)for theyear			(1,032,720)		(2,004,950)
	Adjustmentsfor: (Gains)/lossesoninvestments Realisedforeignexchangegain Dividends,interestandrentsfrominvestments Loanconvertedtoa grant (Increase)/decreaseindebtors Increase/(decrease)increditors Endowmentsreceived			2,187,840 - (241,682) - - (859,987) (1,259,572)		(1,457,000) - (45,140) 10,000 272,500 2,627,626 (539,083)
	Netcash(usedin)/providedbyoperatingactivities			(1,206,121)		(1,136,047)
12.	Analysisofcashandcashequivalents
	At	6	April 2022	Netcash movement		At5 April 2023
			£	£		£
	Cashinhand Cashheldbyinvestmentmanager	3,490,796 -		(14,660)	-	3,476,136	-
	Totalcashandcashequivalents	3,490,796		(14,660)		3,476,136

13.	2022SOFAcomparatives
		Unrestricted Funds			Endowment Funds	2022 Total
Incomeandendowments
from: Donations Investments Totalincome		- 45,140 45,140			539,083 - 539,083	539,083 45,140 584,223
	Expenditureon: Raisingfunds	-			1,634	1,634
	Charitableactivities -Grants -Grantrelatedsupportcosts Totalexpenditure Gain/(loss)oninvestments	4,307,714 8,812 4,316,526 -			- - 1,634 1,616,124	4,307,714 8,812 4,318,160 1,616,124
	Netincome/(expenditure)	(4,271,386)			2,153,573	(2,117,813)
	Transfersbetweenfunds Other(losses)/ gains	4,271,386	-		(4,271,386) 112,863	- 112,863
	Netmovementinfunds		.		(2,004,950)	(2,004,950)
	Balancesbrought forward at6 April2021			-	26,643,552	26,643,552
	Balancescarriedforward at5 April2022				24,638,602	24,638,602