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





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





## 

|||`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`<br>`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`<br>`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`<br>`Proceedsfromsaleofinvestments`<br>`Distributionfromprivateequity`||`241,682`<br>`1,205,108`<br>`126,799`|`45,140`<br>`467,822`<br>`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`|





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|`Donations`|<br>`1,259,572`|<br>`539,083`|
|---|---|---|
||`1,259,572`<br>|`539,083`<br>|



## 

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





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



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





## 

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



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





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## 

||`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`|<br>`-`|<br>`(1,220,800)`|<br>`(1,220,800)`|
|`Netassets`|<br>`-`<br>|<br>`23,605,881`<br>|<br>`23,605,881`<br>|
|`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`|<br>`-`|<br>`(1,831,200)`|<br>`(1,831,200)`|
|`Netassets`|<br>`-`<br>|<br>`24,638,603`<br>|<br>`24,638,603`<br>|



## 



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





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