2024-02-29-accounts - The Rothschild Foundation

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ANNUAL REPORT

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

29 FEBRUARY 2024

Registered company number: 07350078

Registered charity number: 1138145

THE ROTHSCHILD FOUNDATION CONTENTS

	Page
Legal and Administrative Information	1
The Trustees’ Report	2‐14
Independent Auditors’ Report to the Trustees	15‐18
Consolidated Statement of Financial Activities	19
Balance Sheets	20
Consolidated Cashflow Statement	21‐22
Notes to the Financial Statements	23‐61

THE ROTHSCHILD FOUNDATION LEGAL AND ADMINISTRATION INFORMATION FOR THE YEAR ENDED 29 FEBRUARY 2024

Trustees

The Hon. Dame H M Rothschild DBE (Chair) Lord Rothschild – Deceased 26/02/24 Dame Janet De Botton – resigned 03/07/23 The Hon. E Freeman‐Attwood Christopher Kemp F J Goedhuis S.J.P. Trust Corporation Limited Peter Troughton Dame D A Swallow – appointed 23/06/23

Chief Executive

Nick Archer resigned 07/08/23

Registered office Windmill Hill, Silk Street Waddesdon Buckinghamshire HP18 0JZ

Company Secretary S.J.P Secretaries Limited Windmill Hill, Silk Street Waddesdon Buckinghamshire HP18 0JZ

Auditors Saffery LLP 10 Wellington Place Leeds, LS1 4AP

Solicitors

Farrer & Co LLP 66 Lincoln’s Inn Fields London WC2A 3LH Bankers National Westminster Bank Plc PO Box 34 15 Bishopsgate London EC2P 2AP

Investment Manager

Windmill Hill Asset Management Limited Windmill Hill, Silk Street Waddesdon Buckinghamshire HP18 0JZ

THE ROTHSCHILD FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 FEBRUARY 2024

The Trustees present the report of the Trustees for the year ended 29 February 2024.

Structure & Governance

The Rothschild Foundation is a registered charity (number 1138145) and a company limited by guarantee (07350078). The Foundation represents one of the Rothschild family’s philanthropic activities in the United Kingdom. The work of the Foundation has two distinct remits: as an operating charity, responsible for the care and management of Waddesdon Manor near Aylesbury, Buckinghamshire and as a grant maker, undertaking a more general grants programme.

Central to the Foundation’s work is the management of Waddesdon Manor, a Rothschild house leased from the National Trust and managed on their behalf, in order to preserve, protect, maintain and improve this property, its gardens, buildings and collections for the benefit of the public generally. Through the Foundation, the Trustees have secured Waddesdon’s position as a centre of excellence for the arts, heritage and culture, conservation, and horticulture and are committed through this work to the environment, education, research and the dissemination of knowledge. The Manor is open to the public, and its grounds, gardens, exhibitions and collections are leading attractions for family recreation, scholars and art lovers.

Through its grants programme, the Foundation supports a number of other charitable activities particularly in the Arts & Humanities, Environment, and Social Welfare. It also undertakes a small grants programme focussed on the communities local to Waddesdon which support its broader charitable purposes.

This work is overseen by its Board of Trustees which meets at least twice a year to review the activities of the Foundation including the operation of Waddesdon, consider grant applications, review investment performance, and discuss matters of a strategic and administrative nature. For the management of Waddesdon, the Trustees are advised by three expert panels: the Management Committee, the Academic Committee and the Gardens Committee, all of which include a specialist advisor from the National Trust. To consider Grant applications, the Trustees convene a Grants Committee consisting of Trustee representatives alongside the executive team. For investments and financial matters, the Trustees are advised by two further committees, the Investment Committee and the Audit, Risk and Conflicts Committee. Each committee meets at least twice a year and has a minimum of one Trustee member.

The Trustees confirm that they have had regard to the Charity Commission's general guidance on public benefit when reviewing the Foundation’s aims and objectives and in planning future activities, setting grant‐making policy and in making grants.

THE ROTHSCHILD FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

Strategic Report

The strategic report for the purpose of the Companies Act comprises the Overview of Activities, Financial Review, Investment Policy, Reserves and Risk Management which are on pages 3 – 12.

Overview of Activities

Grants are awarded to a wide range of charitable organisations which undertake activity within the Foundation’s core focus areas of the Arts and Humanities, Environment and Social Welfare. During the year to 29 February 2024, the Trustees approved grant funding amounting to £6.9m (2023: 8.3m) for the following programmes: Local and Community £3.04m (2023: £2.79m), Special Interest £3.88m (2023: £5.38m) in addition to the ongoing commitment to Waddesdon of £2.1m (2023: £1.6m) and an additional grant of Services to the Illuminated River Fund of £5k (2023: £5k). The Foundation also operates a number of pre‐designated funds which support and inform the grant programme development and wider Waddesdon activity by £0.01m (2023: £0.17m).

Grants

A key focus of the Foundation’s nationwide work has been the development of a food and farming strategy. Working with an external consultant and other funders, regenerative food and farming was identified as an area where the Foundation could make a significant difference. Within this area, three priorities were identified: supporting farmers, encouraging innovation, and advocacy and public engagement. The strategy will be delivered through large scale grants to key organisations, encouraging investment from other philanthropic sources and building the evidence base for more sustainable farming and supply methods. Initial grants awarded in this area included core support for the Nature Friendly Farmers Network and a development grant to the Agricology platform via the Organic Research Centre.

The food system within Buckinghamshire is a key strategic priority for the Rothschild Foundation. Through collaborating with local statutory and voluntary organisations, three key priorities were identified: increasing access to healthy food, reducing the environmental impact of food and increasing the take up of locally produced food. Strategic grants to the River Thame Conservation Trust and Chiltern Conservation Hub have supported local farmers to improve soil health and develop their data, and therefore reducing their environmental footprint. Restore Hope has provided local families with the opportunity to grow, cook and enjoy local food produce. A capital contribution to Oakley Village Stores has ensured local, sustainable food availability for the first time in the village. Funding for Grow Together Bucks has built its capacity to engage with local schools to encourage sustainable growing and healthy food availability.

The Rothschild Foundation's support of the Arts and Humanities included grants to nationally significant cultural institutions, including the Courtauld Institute of Art for the Frank Auerbach exhibition, and a four‐year commitment to the National Gallery . Furthering exploration of digital and new technologies for the cultural sector, grants were made to the Royal Opera House's streaming platform, the Royal Academy of Music's Digital and Media Composition Suite, and towards the Royal Shakespeare Company's International Fellowships programme providing a platform for interdisciplinary research. Ensuring access to high‐quality arts and culture continues to be a significant theme within the grants programme. Funding was awarded to Art History Link‐Up to offer access to art history qualifications for state school students in partnership with museums and galleries, as well

THE ROTHSCHILD FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

as the Hay Festival of Literature's schools programme providing author‐led workshops to encourage reading and writing.

The focus on accessible creativity carried through into our support of the Buckinghamshire cultural sector neighbouring Waddesdon. Chiltern Open Air Museum and the National Paralympic Heritage Trust delivered programmes that encouraged under‐represented audiences to engage with their collections in‐person and online. With an ambition to improve the resilience of creative organisations locally, the Foundation prioritised support for those seeking to be creatively ambitious and mindful of both financial and environmental sustainability. Grants to Amersham Museum and Wycombe Arts Centre expanded the diversity of creative activities offered and enabled both venues to become a hub of community engagement.

In Buckinghamshire, young people continued to be prioritised for social welfare support through grant‐making. Funding to organisations including Community Youth Ventures and Burnham Youth Club provided invaluable grassroots assistance, and a strategic research project exploring barriers to sports led by Wycombe Wanderers Foundation will provide learning and insights for youth partners across the county. The year in focus marked a shift in the Foundation’s support of young people. A two‐year investment in the Young Futures Fund, a collaboration led by community foundation, Heart of Bucks , will allow a panel of informed and passionate young people aged between 16‐24 years to lead investment in issues significantly impacting their generation.

Closer to home, eight young people joined the first Waddesdon Training Pathway , our own National Living Wage paid internship programme. In this first full year of the Pathway, placements were offered across Waddesdon and the Rothschild Foundation’s operations, including hospitality, wine, heritage operations, visitor and conservation management, aviary, marketing, and gardens and sustainability. Pathway interns aged 18‐24 benefited from a year‐long immersive training programme as well as on site accommodation in Waddesdon village. This pilot year of the Pathway will be evaluated in readiness for the second cohort of interns joining us in 2024.

The Charity of the Year programme brought Waddesdon and Rothschild Foundation teams together in support of their chosen partner , Chiltern Music Therapy . Our Community Fund offered 51 local charities flexible and multi‐year support, facilitating their work to respond to the needs of Buckinghamshire communities. Over the year, we delivered targeted outreach to ensure that Community Fund resource reached groups previously under‐represented in the grants programme. Funding for Dementia Carers Respite , Hairoun Day Centre and Prisma Group CIC helped to us extend our reach to older and diverse groups in the local community. Recognising the continued challenges presented by the cost‐of‐living crisis on the local charity sector, organisations were offered a 10% increase to their existing grants.

A table showing the number of Grants made during the year and their size, is shown below.

Size of Grant	2024	2023
>£100k	25	23
>£50k‐<100k	10	11
>£10k‐<50k	77	59
<£10k	133	70

Total	245	163

THE ROTHSCHILD FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

Waddesdon

This year was a momentous one for Waddesdon, with the very sad news of the death of the late Lord Rothschild on 26 February 2024. His impact and influence at Waddesdon was so far‐reaching that it is almost impossible to quantify and the legacy he leaves is immense.

However, despite this sadness, the year overall was one of the most exciting in Waddesdon’s recent history. It was an eventful season, the first since the pandemic which felt properly back to normal, with everything open, and a full programme. We were delighted with the launch of the long‐awaited Wedding Cake by Joana Vasconcelos in June. The Christmas season was generally hailed as a triumph by visitors and saw an increase in numbers. Although this was positive, overall, the year was disappointing for visitor numbers, which came in below budget at 310k. This mirrored results in some, but not all NT regions, with some properties seeing increasing numbers. This is something we are looking to address for 2024. However, even though footfall was lower, the percentage of paying visitors increased, so commercially, it was a more buoyant year.

The year was also noteworthy thanks to the arrival of three highly significant paintings, Guercino’s King David , lent by Lord Rothschild and Canaletto’s The Capitoline Hill, Rome, belonging to the Foundation . Both were previously at Spencer House, and King David , in particular, was a tremendous addition and will be the focus of an exhibition in 2024. Then in October, the Foundation acquired another Guercino, of Moses , which will also be included in the exhibition.

Elsewhere in the Collection, a particular highlight was the cleaning and conservation of the Elephant Automaton, the process of which was filmed and shared on social media.

The Gardens also had a good year, continuing to make excellent progress in catching up with the post‐ pandemic backlog, initiating a programme of tree planting and installing beautiful bedding, including a special carpet bed to mark the Coronation as well as the installation of a 3‐D bird. At Eythrope, the tours of the Garden did extremely well.

Visitors and Annual Programming

In total, the Manor received 310k visitors during the year.

At the end of the main season in October 2023 season, the year‐to‐date visitor total stood at 168k (178k for the same period last year). Of these, House visitors were 79k (2022/23: 75k) which is 47% of all visitors (2022/23: 42 %). 20 % (2022/23: 15%) of the Grounds visitors were paying visitors.

Although Easter was reasonably strong, with a family trail and other activities, April and May were quieter than usual, even with an additional Bank Holiday in May for the Coronation. This seemed to be a national trend in the historic house sector. In May half term we hosted Colourscape again, followed in June by the opening of the Wedding Cake, as well as an exhibition by the artist, Catherine Goodman. We were pleased that visitor numbers to the grounds picked up as the season progressed, thanks to thoughtful programming. We ran a family‐oriented series of events through the school holidays, with something happening every week, from outdoor theatre to family activities and trails and a Living History week and a camping event, Waddesdon In‐tentz , organised by the Learning Team. In September, we hosted Luna Cinema, later in September, the popular Chilli Fest took over the North Front and was much enjoyed by the 10k people who attended. October half term was given over to Halloween, with a Skeleton Trail outside and in the Manor, family events such as Zoolab in the Powerhouse, and special spooky menus in the Restaurant and at the Stables.

THE ROTHSCHILD FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

Christmas 2023

The Christmas season ran from 22 November 2023 to 1 January 2024. The theme was “Once upon a time…” , using favourite literature as inspiration – J.M Barrie’s Peter Pan, Hans Christian Andersen’s The Snow Queen, and Lewis Caroll’s Alice in Wonderland. Outside, we invested in a digitally mapped projection on the North Front, created by Jamie Shiels, a leading designer, drawing on the history of the Manor, the collections and the theme in the House. Inside we extended the route to bring the Bachelors’ Wing back into the offer, and also used the Dining Room, as we did last year for the first time.

Also outside, Luminism (Yes Events) designed the light trail in the garden, which included giant stars on the Parterre, illuminations in Daffodil Valley, the Rose Garden and on Aviary Lawn, and light sculptures at the Stables. The ever‐popular Christmas Fair was also in residence on the North Front.

Another stand‐out element was a new initiative from the Education and Learning team who worked with the author Yuval Zommer and Oxford University Press on a schools’ project to transform the Coach House inspired by Yuval’s book, The lights that dance in the night , populated with illuminated willow sculptures of the animals and stars, all made by the children. An extraordinary 14,000 pupils took part. Schools also created a display of butterflies, linked to the natural history collections of Walter Rothschild, in the Conservatory.

Christmas in numbers

In terms of audience reaction, this was one of our best ever Christmas seasons. We had continued to cap numbers at 5,000 per day, and the season was shorter by 5 days than last year, so visitor numbers were slightly down (121k compared to 147k the previous year); however, financially, we did very well, thanks to increased paying visitors, an excellent performance by the trading activities and very good spend per visitor. Overall, Christmas delivered a significant contribution to the Rothschild Foundation to support Waddesdon.

Exhibitions and Displays

A stand‐out moment of the year was the opening of The Wedding Cake , by Joana Vasconcelos. This was formally opened on 15 June by the President of Portugal, following a very successful press day on 6 June. The opening was accompanied by a book with essays on the Cake itself, and its context, and a short film about the commission and its development, to be shown on‐site and online along with a range of other digital content. Public ticketed tours of the Cake begin on 18 June.

The exhibitions programme contributed to the increase in House visitors from June, with the opening of Catherine Goodman’s exhibition, Do you remember me ? This show of new work inspired by an olive grove in Corfu was a collaboration with Hauser and Wirth and featured oil paintings in the Coach House and pastel drawings in the Drawings Room in the Manor. The Rothschild Foundation received a donation of 30% on all work sold, to underwrite installation and publication costs, and 8,000 visitors saw the exhibition.

The Alice de Rothschild centenary exhibition in the Manor was continued for an additional year.

Rothschild Foundation Acquisitions and Loans for Waddesdon

There have been significant additions to the Collections in the period. In October the Rothschild Foundation acquired an extraordinary painting by Guercino of the Old Testament prophet and

THE ROTHSCHILD FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

patriarch, Moses, made in 1618‐19. It was unknown before 2022 when it appeared on the art market. The painting will go on public display for the first time in 2024 as part of the exhibition King David and the Wise Women: Guercino at Waddesdon .

Finally, the Rothschild Foundation made a very pleasing re‐acquisition – the return of two pieces of the Stahremberg Service, two liqueur coolers dated 1766. These were part of a group of pieces from the service which were removed from Eythrope in unexplained circumstances sometime between 1958 and 1966, other parts of which were separately retrieved in 1997 and 2020. They appeared in an Australian auction house, and were purchased through private treaty ahead of the sale.

Marketing and PR

Digital marketing and social media reach widened with an increase to over 109k e‐newsletter subscribers, an audience reach on Facebook of 2.9m, and a 22% increase in Instagram followers to 39k. There were 2.2m website page views, with 47k views of exhibition web pages.

There were also 1,000 media articles, across print, digital and broadcast.

The Garden

We are getting used to managing extremes of weather, and this reporting period has produced its share of challenges. Although there were no prolonged periods of difficulty, we did have a freak storm on 11 June which caused considerable damage.

In April, the Florence Nightingale Hospice Charity returned to Waddesdon for what has become an annual event. The Aviary lawn housed a display of metal flowers commemorating loved ones, which were sold to raise money for the charity.

The bedding has worked extremely well. The tulips on the Parterre and the daffodils in the Aviary Garden were show‐stopping; these were followed by a special carpet bed display to coincide with the King’s Coronation on 6 May. This was a patriotic red, white and blue scheme, and we reintroduced a 3D carpet bedding bird.

Tree management continues to be a major feature of our work, with removal and replacement of specimens due to stress from last summer’s drought and damage from wind, as well as diseases such as Ash die‐back. We started a planting campaign in Autumn 2023 to renew and restore the shelter belt around the hill. Pest management is another on‐going issue, particularly box caterpillar and Chestnut Leaf Minor Moth infestations.

In project work, we undertook a renewal campaign in the Rose Garden, and we are also cut back the foliage and revealed the Pulham rockwork at Tay Bridge – an important part of the history of Waddesdon and of interest to visitors.

The Gardens team were also heavily involved in the landscaping around the Wedding Cake and Lafite, clearing the surrounding area, laying turf and preparing for grass sowing, as well as working with the contractors on laying gravel.

The Aviary

THE ROTHSCHILD FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

Although the Aviary team is small, it continues to punch well above its weight in the national and international Aviary community, as can be seen from the involvement with the European Association of Zoos and Acquaria, and other bodies below. Much of the last six months has been focused on the breeding season which has largely been good. A total of 33 individuals representing 15 species have been reared to independence during 2023 (defined as 30 days old). 53% of species reared are of conservation concern. The rearing of seven Fairy bluebirds has been a particularly successful result when compared to the other 20 European collections that work with this species who collectively reared just three individuals. The redecoration of the Aviary is complete, though the gilding required will again cause some disturbance to breeding next year.

We are also rebuilding our transfer and exchange programme, which was halted by the pandemic, and our programme of ex‐situ conservation projects and advice.

Learning & Engagement (including funded projects)

Schools Programme

All children visiting Waddesdon as part of the Schools programme enjoyed an on‐site workshop delivered by the Learning team. These encompass a range of activities depending on the topic.

The majority of workshop sessions during summer focussed on the outdoors, but we have seen an increase in bookings for our Key Stage 2 ‘Myths & Legends’ workshop, which centres on Classical mythology inside the house. We have also seen a noticeable increase in secondary school visits, for Careers Days and Leisure and Tourism workshops.

For Education and Learning’s Christmas projects, see above.

Rothschild Foundation Supported Projects

We work with a range of partners on various projects to increase access and outreach. These include the Schools Access Fund, which now covers 19 schools and means providing funding for transport to Waddesdon; Living History Week, which gives students the opportunity to investigate the past with expert artisans. This year’s theme was science and technology. Action4Youth where we form a component of their Arts Pillar, part of their Inspiration Programme, working with five local secondary schools encouraging students to look more closely at both our contemporary and historical art. ARTiculation Discovery Days, in partnership with the National Gallery’s ARTiculation Prize; Art History Link Up, who we are working with to develop a programme of art history teaching for local secondary schools; the Royal Drawing School in celebration of Catherine Goodman’s exhibition ‘Do you remember me’ , where the RDS supported two local secondary schools by providing tutors for a drawing workshop in September using the exhibition as inspiration.

Waddesdon Church of England School Partnership

Following the major Rothschild Foundation grant to the School to build a new 6th Form Centre, we are continuing to work with Waddesdon School to develop a Grants‐funded role to support a programme of collaborative work.

THE ROTHSCHILD FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

Rothschild Waddesdon Ltd (RWL) and Waddesdon Enterprises Ltd (WEL)

A restructure of Waddesdon trading took place during summer 2023. Following full consultation, the decision was taken to close WEL (Waddesdon Enterprises Ltd) as a trading entity, and to move the Private Events and Five Arrows Hotel teams under the umbrella of RWL (Rothschild Waddesdon Ltd) once more. This decision was made purely for operational efficiency, to bring all the commercial operations into one management and governance structure.

Staffing, Training, Wellbeing, Interns and Access

Staff Engagement, Development & Events

Our partnership with Hive People Science continues to provide great opportunities for staff recognition, with 462 Hive Fives registered to date. Open Door also provides the opportunity for any member of staff to flag a whistleblowing or safeguarding concern, to share an idea or ask a question on an anonymous and confidential platform. No notable concerns have been raised to date.

Training and events planning also continued, including for the Future, Engage, Deliver Leadership programme and additional Coaching & Mentoring training. We are partnering with ‘Perfectly Autistic and ADHD’ to provide workshops for staff and line managers to raise awareness and help support colleagues with neurodiverse challenges.

Wellbeing

Access to CareCoins continues to be in demand with 187 hours of individual counselling committed since we started working with the provider. Monthly wellbeing sessions, with a focus on CBT skills began in the summer and will continue until June 2024. Coupled with access to the Headspace mindfulness app, and winter wellness support in the form of Flu jabs for staff and volunteers, this continues to evolve into a holistic programme of support for staff.

Equality, Diversity and Inclusion (EDI)

Since April we have been working with an external consultant to develop our EDI strategy surrounding our staff and volunteer teams. Phase 1 of this programme has included an encouraging audit of where we are now, including looking at our recruitment processes and HR policies.

In September we appointed our first Community Engagement Officer, who is creating a pilot project to widen access to hard‐to‐reach audiences locally. The pilot runs for a year, and then further funding will be sought to implement the recommendations.

We also made great progress with the Access Review carried out last year by Goss Consultancy, which looked at both barriers to physical access and provision for those with different accessibility needs. A number of its recommendations have already been implemented. We are boosting the focus on widening our audience and local community engagement through a new role in the Visitor Services.

Financial Review

Over the year, the Group’s total funds decreased to £773.1 million (2023: £796.9 million), a decrease in funds of £23.8 million (2023: decrease of £68 million). The total market value of the Group’s investment portfolio at 29 February 2024 was £675.2 million (2023: £690.6million). The investment portfolio reduced by 0.77% (2023: ‐8.66%) over the financial year. Investment income was £16.3 million for the year (2023: £13.4 million). Total income for the year was £39.5 million (2023: £41.4

THE ROTHSCHILD FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

million) which also includes transfers of assets and donations of £3.5 million (2023: £0.3 million). A full breakdown of all donations and legacies is set out in Note 3. Total expenditure, including Foundation grant making and other activities, Waddesdon Manor (including trading subsidiaries) and management of investments and properties, was £37.2 million (2023: £42.3 million).

Fundraising

The Trustees take their responsibilities under the Charities (Protection and Social Investment) Act 2016 seriously and have considered the implications on their fundraising activities. The Foundation is one of three philanthropic trusts supported by Dame Hannah Rothschild and her family. It does not carry out any fundraising activity in order to raise funds from the general public. The Foundation does not work directly with commercial sponsors or engage professional fundraisers. The Trustees are not aware of any complaints made in respect of fundraising during the year.

Investment Policy

The investment policy of the Trustees is to seek to generate total returns, whilst maintaining the real value of the portfolio and not subjecting it to undue risk through strategic and geographic diversification. Trustees review investment performance at their bi‐annual meetings, and the Foundation’s investment policy at least annually. The Trustees confirm that while the investment objective of making total returns without reducing the real value of the portfolio was not met in 2024, due to ongoing challenging trading conditions, relevant benchmarks were outperformed.

Reserves Policy

As at 29 February 2024, the Group held total reserves of £773 million (2023: £797 million). Of this, the unrestricted capital fund of £758 million (2023: £784 million), including a revaluation reserve of £223.2m (2023: £244.2m) is in the form of an expendable endowment and represents the market value of its investments and other assets. The restricted capital fund reserve totalled £11.7 million (2023: £11.02 million), including a revaluation reserve of £4.7m (2023: £4m) as at 29 February 2024. Given the value of the expendable endowment fund, the Trustees are of the view that it is not necessary for the Foundation to hold general unrestricted reserves or free reserves. Unrestricted income raised in the year is used to support the cost of the charitable activities. Any potential shortfall in funds raised is therefore met by the expendable endowment fund, via a reserve transfer. Therefore, the Trustees are satisfied with the level of free reserves and the overall reserves position as at the year end.

Risk Management

The Trustees are responsible for establishing and monitoring internal control systems within the Foundation. The major risks which may impact the activities of the Foundation have been reviewed during the year and the Trustees are satisfied that the system of internal controls currently in place is adequate, whilst recognising that they are designed to manage rather than eliminate risk. Internal controls are reviewed on an ongoing basis as part of the day‐to‐day risk management process within the Foundation.

The two key risk areas within the Foundation lie with its investments and as a result of its agreement with the National Trust for the management of Waddesdon. The Trustees have established an investment policy to manage their investment risk and investment management reports are reviewed

THE ROTHSCHILD FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

regularly by the Trustees. In addition, quarterly risk management reports across the Foundation’s activities are prepared by the Executive Board and key Heads of Department, with an annual review by the Trustees.

Key Management Personnel

The Trustees consider the Board of Trustees, the Chief Executive, and other members of the Executive Board of the Foundation, as comprising the key management personnel of the charity responsible for directing and controlling the day‐to‐day operations. All Trustees give of their time on an unremunerated basis.

Employees

The Charity’s employment policies respect the individual and offer career opportunities regardless of age, gender, religion or race. The Charity recognises its obligations towards disabled persons and gives full and fair consideration to applications for employment made by such persons.

The Charity recognises the need for full consultation with employees at all levels and by various means of employee engagement, all employees are kept abreast of major events and decisions affecting the Charity.

Business Relationships

The Charity identifies its primary stakeholders as grantees, visitors and customers, staff, volunteers and regulators. During the year the Charity has directly engaged with all primary stakeholders through a variety of methods. Noted below the Charity has considered the actions of the Charity with regard to the identified primary stakeholders during the year.

Companies Act 2006 Section 172 Statement

The Trustees, both individually and together, consider that they have acted in the way they consider would be most likely to promote the success of the Charity for its beneficiaries and for the future (having regard to the stakeholders and matters set out in s172 (1) (a‐f) of the Companies act 2006) in the decisions taken during the year. In particular:

Long term strategy

The Trustees have a long‐term strategy for the future of the Charity, and review progress with this strategy in conjunction with senior management. The Trustees also review detailed management information and key performance indicators at each Board meeting to ensure the Charity continues to meet its aims.

Employees

The Charity’s employees and volunteers are fundamental to its operation. The Charity has a range of initiatives and activities aimed at enhancing the engagement of its employees and volunteers.

Suppliers and customers

Both the Charity’s suppliers and customers are crucial to the delivery of its charitable aims and the operation of its trading activities.

THE ROTHSCHILD FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

The Charity’s terms and conditions are provided to its suppliers when commencing any supply of goods and services and clearly set out expectations for the business relationship. New suppliers must undergo GDPR checks as part of the approval process to ensure appropriate stewardship of personal and confidential data. Customer data is stored securely complying with GDPR requirements and reviewed periodically for cleansing and removal.

Environment & Sustainability

The Charity aims to minimise its impact on the environment. The Charity is committed to compliance with all relevant environmental legislation and our grant giving programme regularly supports environmental causes. The Charity reviews its sustainability programme with regard to the minimisation of waste.

The Foundation appointed its first Sustainability lead in November 2023, to lead on the Foundation’s sustainability and environmental planning work. This will lead to the development of an Environmental and Sustainability Action Plan for Trustees to consider, with the aim of reducing the Foundation’s carbon footprint across its operations.

The table below details the Foundation’s gas emissions and energy use for 2024, compared to the previous year:

UK Greenhouse gas emissions and
energy use	2024		2023
Energy consumption breakdown
(khw)
Gas	1,784,414		1,546,627
Electricity	1,662,038		1,475,570
Scope 1 Emissions (in kg CO2)
Gas Consumption		330,117	282,756
Electricity Usage		344,158	310,017
Owned Transport		112,170	74,150
Total Energy (kwh)	3,446,452		3,022,196
Total Emissions (CO2)		786,445	666,923

Environmental, Social and Governance Policy

The approach of Trustees to investment has always been long term, designed to grow the Charity’s capital with cautious but well researched and resourced investment advice. As the Trustees look to the future, they believe that the Charity’s core values that guide it in its charitable objectives should also be the framework of the ESG policy when considering our investment strategy.

We have identified the following core ESG principles that will guide the Charity’s investment decisions in the future.

We believe in the Net Zero target set out in the Paris Climate Agreement. We believe all companies have a role to play in reducing both their relative and absolute emission footprints.

THE ROTHSCHILD FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

We expect human capital policies within corporates to be considerate and the company’s role within society to be both inclusive and beneficial.
We believe in good governance. The importance of corporates to create healthy eco systems where all stakeholders are included.

Trustees also recognise that ESG policy globally remains subjective, spanning different cultures and religions, all of whom have different approaches based on their belief system or local customs. With this backdrop, Trustees understand that some flexibility is sensible and as such we would expect our investment teams to evolve strategies as science and data becomes established, as societies and priorities develop, and as new technologies unleash new possibilities.

Our Commitment:

Trustees expect ESG to be incorporated into investment decisions. As long‐term investors, Trustees view ESG risk as financial risk and should form part of any materiality analysis when it comes to investment decisions.

Trustees expect both quantitative and qualitative accountability on ESG issues, with regular and consistent reporting on these matters.

Statement of Trustees’ responsibilities

The Trustees (who are directors of the Rothschild Foundation for the purposes of company law and are listed on Page 1) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of The Rothschild Foundation (the ‘parent charitable company’) and its subsidiaries (the ‘group’) and of the incoming resources and application of resources, including the income and expenditure, of the charitable company and the Group for that year. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP (FRS102);
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware:

THE ROTHSCHILD FOUNDATION INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES FOR THE YEAR ENDED 29 FEBRUARY 2024

Opinion

We have audited the financial statements of The Rothschild Foundation (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 29 February 2024 which comprise the Consolidated Statement of Financial Activities, the Group and Foundation Balance Sheets, the Consolidated Statement of Cashflows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the affairs of the group and the parent charitable company as at 29 February 2024 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

THE ROTHSCHILD FOUNDATION INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

Other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Report of the Trustees which includes the Directors’ Report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Report of the Trustees which includes the Directors’ Report and the Strategic Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees and Strategic Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 require us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent charitable company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ Responsibilities, as set out on pages 13 and 14, the Trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable

THE ROTHSCHILD FOUNDATION INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the group and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the parent charitable company or Group, or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the group and parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non‐compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charitable company by discussions with trustees and updating our understanding of the sectors in which the group and parent charitable company operate.

Laws and regulations of direct significance in the context of the group and parent charitable company include The Companies Act 2006 and guidance issued by the Charity Commission for England and Wales.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

THE ROTHSCHILD FOUNDATION INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non‐compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non‐compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non‐compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non‐ compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the parent charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charitable company and the parent charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

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Sally Appleton (Senior Statutory Auditor)

For and on behalf of Saffery LLP Chartered Accountants Statutory Auditors

10 Wellington Place, Leeds, LS1 4AP 28 November 2024

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

THE ROTHSCHILD FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 29 FEBRUARY 2024

Note Income from Donations and legacies 3 Income from investments 4 Income from Waddesdon Manor 7 Income from Foundation activities and donations Income of Trading subsidiaries ‐ Continuing 8 Income of Trading subsidiaries ‐ Non Continuing 8 Total Income Expenditure on raising funds 5 Expenditure on foundation activities 6 Expenditure on Waddesdon Manor 7 Expenditure of trading subsidiaries ‐ Continuing 8 Expenditure of trading subsidiaries ‐ Non Continuing 8 Total Expenditure 9 Taxation 30 Net Income before gains and losses ‐ Continuing Net Income before gains and losses ‐ Non Continuing Total Net Income before Gains and Losses Net (Losses) on Investments Net Income/(expenditure) 22 Transfer between funds 22 Net movement in funds 22 Reconciliation of Funds Balances brought forward 1 March 2023 Balances carried forward 29 February 2024 21/22	Income Fund 2024 Capital Funds 2024 Total Total 2024 2023 £'000 £'000 £'000 £'000 292 3,231 3,523 255 16,257 ‐ 16,257 13,449 5,323 ‐ 5,323 4,829
	21,872 3,231 25,103 18,533 6,367 ‐ 6,367 10,504 8,042 ‐ 8,042 12,318
	36,281 3,231 39,512 41,355
	1,886 2,388 4,274 3,721 9,497 ‐ 9,497 10,391 7,446 ‐ 7,446 6,417
	18,829 2,388 21,217 20,529 8,006 ‐ 8,006 9,818 7,941 ‐ 7,941 11,952
	34,776 2,388 37,164 42,299 4 ‐ 4 95
	1,400 843 2,243 (1,405) 101 ‐ 101 366
	1,501 843 2,344 (1,039) ‐ (26,072) (26,072) (66,632) 1,501 (25,229) (23,728) (67,671)
	‐ ‐ ‐ ‐ 1,501 (25,229) (23,728) (67,671)
	1,890 795,002 796,892 864,563
	3,391 769,773 773,164 796,892

There were no gains or losses other than the net movement on funds stated above.

The notes on pages 23 to 61 form part of these financial statements.

Docusign Envelope ID: 93CB35B0-089F-491F-AF2A-62E0917A5615 THE ROTHSCHILD FOUNDATION BALANCE SHEETS AS AT 29 FEBRUARY 2024

Note Group Foundation

2024 2023 2024 2023

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£'000 £'000 £'000 £'000
Fixed assets
Investments 12 675,316 690,610 673,743 690,610
Investment properties 13 41,385 41,098 41,385 41,098
Investment in subsidiary undertaking 14 - - 6,755 8,238
Heritage assets 15 42,088 35,204 42,088 35,204
Tangible fixed assets 16 14,637 14,104 14,169 13,455
773,426 781,016 778,140 788,605
Current assets
Stock and work in progress 17 5,300 10,112 63 132
Debtors 18 4,539 12,160 7,099 11,493
Cash at bank and in hand 3,685 20,626 1,904 15,290
13,524 42,898 9,066 26,915
Current liabilities
Creditors: amounts falling
due within one year 19 (10,213) (21,383) (8,833) (15,298)
Net Current Assets 3,311 21,515 233 11,617
Total assets less current liabilities 776,737 802,531 778,373 800,222
Creditors: amounts falling
due after more than one year 20 (3,573) (5,067) (3,573) (4,103)
Net assets 773,164 797,464 774,800 796,119
Funds
Unrestricted capital fund 534,843 539,734 535,624 540,851
Restricted capital fund 6,976 6,976 6,976 6,976
Unrestricted Income Fund 3,454 1,890 4,309 -
Unrestricted revaluation reserve 223,210 244,244 223,210 244,244
Restricted revaluation reserve 4,681 4,048 4,681 4,048
Funds attributable to the charity 773,164 796,892 774,800 796,119
Non-controlling interest - 572 - -
Total funds 21/22 773,164 797,464 774,800 796,119
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The total income of the Foundation as an individual entity for the year was £26.4m (2023: £19.1m) and its
net expenditure was £21.3m (2023: 68.1m). A statement of financial Activities for the foundation as an
individual entity is not included, using the exemption given in section 408 of companies Act 2006.
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«+Nee se SROTSETETEGBNPIRT ttt iteteetersecesseeesesesceeconseesesesecansesseseaeates
The Hon. Dame Hannah Rothschild DBE, Chair of Trustees
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The Notes on pages 23 to 61 form part of these financial statements. Company number 07350078

THE ROTHSCHILD FOUNDATION CONSOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDING 29 FEBRUARY 2024

		2024	2024	2023	2023
	Note	£'000	£'000	£'000	£'000
Net cash (outflow) from
operating activities (Note 25)	25		(13,089)		(13,196)
Cash flows from investing activities:
Dividends, interest and rents from investments		15,779		13,323
Proceeds from sale of investments		7,641		12,370
Purchase of fixed assets		(597)		(683)
Purchase of investment property		(287)		(3,266)
Proceeds from Sale of Investment Property		762		‐
Purchase of heritage assets		(3,548)		(303)
Purchase of investments		(17,496)		(6,559)
Net Cash provided by
Investing activities			3,010 2,254		14,882
Financing activities
Loan Debtors repaid		4		4
Repayment of Bank Loans		(7,300)		(565)
Net Cash (outflow) from Financing activities			(7,296)		(561)
Change in cash and cash equivalents in the reporting period			(18,131)		1,125
Cash and cash equivalents at the beginning of the reporting period			49,559		45,785
Change in cash and cash equivalents due to exchange rate movements			(7,021)		2,649
Cash and cash equivalents at the end of the reporting period			24,407		49,559

The notes on pages 23 to 61 form part of these financial statements.

THE ROTHSCHILD FOUNDATION

CONSOLIDATED CASHFLOW STATEMENT (CONTINUED) FOR THE YEAR ENDING 29 FEBRUARY 2024

Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
Cash at bank and in hand Investment cash Total cash and cash equivalents Analysis of changes in net debt Cash Cash Equivalents Loans receivable falling due within one year Loans receivable falling due after more than one year Loans payable falling due within one year Loans payable falling due after more than one year	Net balances as at 1 March 2023 £'000 20,626 28,933 49,559 At 1 March 2023 Cash flows £'000 £'000 20,626 (16,941) 28,933 (1,190)	Cash (Decrease)/increase in the period £'000 (16,941) (8,211) (25,152) Transfer Fair value movements £'000 £'000 ‐ ‐ ‐ ‐	Net balance as at 29 February 2024 £'000 3,685 20,722 24,407 Foreign Exchange movements Other non‐ cash changes At 29 February 2024 £'000 £'000 £'000 ‐ ‐ 3,685 (7,021) ‐ 20,722
	49,559 (18,131) 116 (4) ‐ ‐ (4,800) 4,800 (2,500) 2,500	‐ ‐ ‐ (100) 756 ‐ ‐ ‐ ‐ ‐	(7,021) ‐ 24,407 ‐ ‐ 12 ‐ ‐ 756 ‐ ‐ ‐ ‐ ‐ ‐
	42,375 (10,835)	756 (100)	(7,021) ‐ 25,175

The notes on pages 23 to 61 form part of these financial statements.

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDING 29 FEBRUARY 2024

1. Company Information

The Rothschild Foundation is a registered charity (number 1138145) and a company (number 07350078) limited by guarantee of its members. In the event of a winding up, each member guarantees to pay an amount not exceeding £1. At 29 February 2024, the total of such guarantees was £2.

2. Accounting policies

a) Basis of financial statements

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Companies Act 2006 and UK Generally Accepted Accounting Practice as it applies from 1 January 2019. The financial statements of the charity's subsidiaries, Rothschild Waddesdon Limited, Waddesdon Wine Limited (to 6 November 2023), Waddesdon Enterprises Limited, Golden Mede Management Company Limited and Golden Mede Development Company Limited are consolidated on a line by line basis in these financial statements, for the period over which they were under the charity’s control.

The Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

These financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest thousand (£’000).

b) Income

Donations are recognised in the year in which the Foundation has entitlement to and probability of receipt and the amount can be reliably measured. Income is only deferred when the Foundation has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future year. Gift aid is added to the value of the donation to which it relates.

Investment and rental income is accounted for on a receivable basis.

Within Rothschild Waddesdon Limited, Waddesdon Enterprises Limited, and Waddesdon Wine Limited income relates to amounts receivable for goods and services net of VAT and trade discounts and is accounted for on a receivable basis.

The Golden Mede Development Company Limited will recognise income from property sales as and when contracts are signed and the sale is confirmed.

On the grounds that the charitable company's results are consolidated into the charitable company's group accounts, the charitable company has taken advantage of certain exemptions conferred by section 1.11 of FRS 102 as follows:

‐ Exemption from presenting a charitable company statement of cash flows as a primary statement to the financial statements.

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDING 29 FEBRUARY 2024

A separate Statement of Financial Activities and Income and Expenditure Account for the charitable company has not been presented because the Charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

c) Expenditure

Expenditure is included on an accruals basis.

Expenditure on raising funds comprises those expenses directly attributable to managing the investment portfolio and investment income.

Expenditure on Foundation activities comprises Grant making as well as the expenditure on the collection and central management and administration of the Foundation. Grants payable are charged in the year where the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions are no longer seen to be within the control of the Trustees. Grants offered subject to conditions which have not been met at the year‐end are noted as a commitment, but not accrued expenditure.

Expenditure on Waddesdon Manor comprises all those expenses directly attributable to managing and running the operation and upkeep of the Manor.

Expenditure of trading subsidiaries comprises all expenditure of the subsidiary that is not cancelled on consolidation.

d) Support and Governance expenditure

Support costs and Governance costs are allocated to the Foundation activities as incurred. Governance expenses comprise of all costs involving the public accountability of the charity and expenses related to statutory requirements. These expenses include fees for statutory audit and legal fees where relevant.

e) Investments and investment properties

Investments, listed and quoted, are included at market value. For unlisted collective investment funds, the basis of the valuation is the net asset value of the underlying securities. The valuation is provided by a third party fund administrator. Private equity funds are included at the most recent valuation received from their respective managers (adjusted for any cash distributed or called since the last statement). Where the manager has yet to provide a valuation or the Foundation is unable to obtain a reliable net asset value (as with direct private equity investments), the investment will be held at cost less any known impairment or at a value advised by the investment manager.

Investment properties are included in the financial statements based on open market value. There is a five year programme of revaluation for all investment properties undertaken by an independent chartered surveyor. Any revaluation gains and losses are recognised in the Statement of Financial Activities in the year in which they arise against the capital fund.

Any investments with a maturity of 6 months or less are regarded as short‐term and classified as current assets.

f) Heritage assets

Heritage assets comprise the collection of chattels more fully described in Note 15. Assets are acquired or received as donations in pursuit of the Foundation’s objective to preserve, protect, maintain and improve Waddesdon, its grounds and contents, for the benefit of the

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDING 29 FEBRUARY 2024

public generally and to secure Waddesdon’s position as a centre for excellence in the Arts, heritage and culture.

Heritage assets are capitalised immediately and held at cost for most assets as depreciation is considered to be immaterial. Where depreciation is considered to be material it is charged over the assets useful life. The Trustees perform an annual impairment review and depreciation on the assets held at cost will only be charged if significant impairment is found to have occurred.

g) Tangible fixed assets and depreciation

Freehold land is not depreciated. Freehold buildings are reviewed annually by the Trustees and their remaining economic life and value reassessed. Depreciation will be charged over the remaining economic life of the asset. At the current time, the Trustees are of the opinion that both the depreciation charge and accumulated depreciation are immaterial and therefore no charge is reflected in these accounts. The buildings are reviewed for impairment annually.

Leasehold property is depreciated over the life of the lease.

The other tangible fixed assets are stated at cost less depreciation. Depreciation is provided on these assets at annual rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life as follows:

Long leasehold improvements over the remaining term of the lease Furniture, fixtures, equipment over three to ten years

Assets costing over £2,000 related to Waddesdon Manor are capitalised where the economic benefit of the asset will remain with the Foundation rather than the National Trust. Enhancements and additions to National Trust properties are excluded and are expensed in the year the expenditure is incurred.

h) Taxation

The Foundation is a registered charity and as such is a charity within the meaning of schedule 6 of the Finance Act 2010. Accordingly, the Foundation is potentially entitled to tax exemption under part 11 of the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 in respect of income and gains arising. Given this, no tax charge arises in the Foundation.

The trading subsidiaries are liable to corporation tax on chargeable profits. Current tax, including UK Corporation and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantially enacted at the balance sheet date. Where profits arising in the subsidiaries are gift aided to the parent charitable company within 9 months of the year end, no corporation tax arises.

i) Foreign currencies

Assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the balance sheet. All differences are taken to the Statement of Financial Activities.

j) Pensions

The Foundation's employees take part in one of two pension schemes.

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDING 29 FEBRUARY 2024

Foundation staff employed on grant‐making and administration are eligible to join a defined contribution pension scheme run by Aviva Plc. Pension costs in relation to this scheme are included in the Statement of Financial Activities as they fall due.

Staff employed at Waddesdon Manor and its trading subsidiaries are offered membership of the National Trust pension scheme, a defined contribution scheme. As of September 2023, staff of the trading subsidiaries were transferred to ethe Aviva Plc scheme. Pension costs in relation to this scheme are included in the Statement of Financial Activities as they fall due.

k) Stock and work in progress

Stock is valued at the lower of cost and net realisable value. Cost comprises land and associated acquisition costs, direct materials and subcontract work, other direct costs and those overheads (based on normal operating capacity) that have been incurred in bringing stock to its present location and condition, excluding borrowing costs.

Provisions are established to write down land where the estimated net sales proceeds less costs to complete exceed the current carrying value. Adjustments to the provisions will be required where selling prices or costs to complete change.

Net realisable value for land was assessed by estimating selling prices and cost (including sales and marketing expenses), taking into account current market conditions.

l) Leasing

Rentals payable under operating leases are charged on a straight line basis over the lease term.

m) Deferred Income

Income relating to wine sales in future periods is treated as deferred income and is included in creditors brought forward.

n) Going concern

The Management have undertaken an assessment of going concern and conclude that the going concern basis is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

o) Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in future periods where necessary.

The key areas for consideration are:

Valuation of investment property

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDING 29 FEBRUARY 2024

Property valuations are based on regularly updated, independent valuations carried out in accordance with the RICS Valuation – Professional Standards 2014. The Trustees have made key assumptions in the determination of the fair value of the investment property in respect of there being no material change in its market value since its most recent independent valuation.

Valuation of unlisted investments

Investments such as collective investment funds and private equity, which have no readily identifiable market value, are included at the most recent valuations from their respective managers. Where the value of private equity investments and unquoted investments cannot be reliably assessed, these are included at cost and reviewed annually for impairment.

Professional advice is sought when assessing all accounting estimates.

k) Financial instruments

The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. The Foundation has selected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

l) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short‐term highly liquid investments with a short maturity held for working capital.

m) Debtors and other assets

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid. Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the income and expenditure account.

n) Termination payments

Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

3. Donations and legacies

Donation of Shares & other Investments Donation of Cash Donation of Tangible fixed Assets Donation of Heritage Assets Donation of Investment Property Donation of Stock Donations Other income	Capital fund Income fund 2024 £'000 £'000 £'000 540 540 1,250 ‐ 1,250 535 ‐ 535 144 ‐ 144 762 762 ‐ ‐ ‐ 3,231 ‐ 3,231 ‐ 292 292 3,231 292 3,523	Capital fund Income fund 2023 £'000 £'000 £'000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 63 ‐ 63
		63 ‐ 63 ‐ 192 192
		63 192 255

£3,231k (2023 ‐ £63k) of the above donations were received from trustees or entities to which they are related. All of the donations were unrestricted.

4. Income from Investments

Equity investment Property investments Interest received	Foundation Subsidiary Group Adjustment 2024 Foundation Subsidiary Group Adjustment 2023 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 13,703 ‐ ‐ 13,703 10,950 ‐ ‐ 10,950 1,405 ‐ ‐ 1,405 1,461 ‐ ‐ 1,461 1,341 19 (211) 1,149 1,260 7 (229) 1,038
	16,449 19 (211) 16,257 13,671 7 (229) 13,449

£57.3k of the Investment Income and £37k of Interest received related to restricted Investments.

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

5. Expenditure on raising funds

	Direct	Support		Direct	Support
	Costs	Costs	2024	Costs	Costs	2023
	£'000	£'000	£'000	£'000	£'000	£'000
Management of investments	1,988	337	2,325	1,913	443	2,356
Property management	763	786	1,549	676	689	1,365
Impairment of subsidiary	400	‐	400	‐	‐	‐
	3,151	1,123	4,274	2,589	1,132	3,721

Direct Costs refer to investment management fees, repairs and maintenance to let properties, while Support Costs relate to general overheads and accountancy services.

6. Expenditure of Foundation activities and Waddesdon Manor

Grants Made Direct Support Costs Costs £'000 £'000 £'000 3,489 ‐ ‐ 2,238 ‐ ‐ 1,191 ‐ ‐ ‐ ‐ 469 5 ‐ ‐ ‐ 36 ‐	Grants Made Direct Support 2024 Costs Costs £'000 £'000 £'000 £'000 3,489 1,906 ‐ ‐ 2,238 2,796 ‐ ‐ 1,191 3,631 ‐ ‐ 469 ‐ 421 5 5 ‐ ‐ 36 ‐ 70 ‐	2023 £'000 1,906 2,796 3,631 421 5 70
6,923 36 469 ‐ ‐ 2,069	7,428 8,338 70 421 2,069 ‐ ‐ 1,562	8,829 1,562
6,923 36 2,538 ‐ 5,323 2,123	9,497 8,338 70 1,983 7,446 ‐ 4,554 1,863	10,391 6,417
. 6,923 5,359 4,661	16,943 8,338 4,624 3,846	16,808
	2024 £ (5,323) 7,446 (4) 2,119	2023 £ (4,829) 6,417 4
		1,592

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

7. Waddesdon Manor income and expenditure

	Manor	Group	2024	Manor	Group	2023
		Adjustment			Adjustment
	£'000	£'000	£'000	£'000	£'000	£'000
Income
Admissions revenue	2,040	‐	2,040	1,764	‐	1,764
National Trust visitor revenue	2,123	‐	2,123	1,927	‐	1,927
National Trust contribution	300	‐	300	300	‐	300
Public events and Education	173	‐	173	145	‐	145
Other Visitor related income	406	‐	406	388	‐	388
Revenue	5,042	‐	5,042	4,524	‐	4,524
Other Income	315	(34)	281	414	(109)	305
Total income	5,357	(34)	5,323	4,938	(109)	4,829
Expenditure
Staff costs	3,122	‐	3,122	2,641	‐	2,641
Other operational costs	3,879	(59)	3,820	3,241	(65)	3,176
Improvements to Manor and projects	413	‐	413	529	‐	529
Depreciation	91	‐	91	71	‐	71
Expenditure	7,505	(59)	7,446	6,482	(65)	6,417
Taxation (Note 30)	(4)	‐	(4)	4	‐	4
Net expenditure before Foundation contribution	(2,144)	25	(2,119)	(1,548)	(44)	(1,592)
Contributions from Foundation reserves	2,144	(25)	2,119	1,548	44	1,592

THE ROTHSCHILD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

8. Income & Expenditure of Subsidiary Companies
	RWL	WWL	WEL	GMMC	GMDC	Group Adjustment	2024
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Income Statement
Turnover	3,230	8,042	1,659	19	1,450	‐	14,400
Cost of sales	(1,216)	(6,698)	(269)	‐	(2,814)	‐	(10,997)
Gross profit / (loss)	2,014	1,344	1,390	19	(1,364)	‐	3,403
Administrative Expenses	(2,204)	(1,180)	(1,458)	(20)	(59)	‐	(4,921)
Other Operating Income	1	‐	8	‐	‐	‐	9
Operating profit / (loss)	(189)	164	(60)	(1)	(1,423)	‐	(1,509)
Interest receivable (In Income from Investments SOFA Note 4)	10	‐	9	‐	‐	‐	19
Interest payable	‐	(34)	‐	‐	(177)	211	‐
(Loss) / Profit on ordinary activities before taxation	(179)	130	(51)	(1)	(1,600)	211	(1,490)
Tax on profit on ordinary activities	‐	(8)	‐	‐	‐	‐	(8)
(Loss) / Profit for the financial year	(179)	122	(51)	(1)	(1,600)	211	(1,498)
(Loss) / Profit for the financial year
attributable to:
Owners of the parent	(179)	93	(51)	(1)	(1,600)	211	(1,527)
Non‐controlling interest	‐	29	‐	‐	‐	‐	29
Profit for the financial year	(179)	122	(51)	(1)	(1,600)	211	(1,498)
Consolidated Comprehensive Income for the financial year	(179)	122	(51)	(1)	(1,600)	211	(1,498)
Expenditure of trading subsidiaries shown on the SOFA is		made up as follows:
	RWL	WWL	WEL	GMMC	GMDC	Group Adj	2024
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Cost of Sales	1,216	6,698	269	‐	2,814	‐	10,997
Administrative Expenses	2,204	1,180	1,458	20	59	‐	4,921
Interest payable and similar charges	‐	34	‐	‐	177	(211)	‐
Non‐controlling interests	‐	29	‐	‐	‐	‐	29
Gift aid	‐	‐	‐	‐	‐	‐	‐
Provision for unrealised Profits	‐	‐	‐	‐	‐	‐	‐
Expenditure of trading subsidiary as per SOFA	3,420	7,941	1,727	20	3,050	(211)	15,947
Taxation	‐	(8)	‐	‐	‐	‐	(8)

WWL is included in the consolidation until 06/11/ 23 at which point it was sold and therefore the amounts have been reported in both the current and prior year as discontinued. See note 14 for details about the Companies.

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

8. Income & Expenditure of Subsidiary Companies (Continued)

Income Statement Turnover (Income from Trading subsidiary on SOFA) Cost of sales Gross profit Administrative Expenses Other Operating Income Operating profit Interest receivable (In Income from Investments SOFA Note 4) Interest payable Profit on ordinary activities before taxation Tax on profit on ordinary activities Profit / (Loss) for the financial year Profit / (Loss) for the financial year attributable to: Owners of the parent Non‐controlling interest Profit for the financial year Consolidated Comprehensive Income for the financial year Expenditure of trading subsidiaries shown on the Cost of Sales Other Operating expenses Interest payable and similar charges Non‐controlling interests Gift aid Provision for unrealised Profits Expenditure of trading subsidiary as per SOFA Taxation	RWL WWL WEL GMMC GMDC Group Adjustment 2023 £'000 £'000 £'000 £'000 £'000 £'000 £'000 2,762 12,318 2,010 10 5,713 ‐ 22,813 (1,060) (9,860) (312) ‐ (4,938) ‐ (16,170)
	1,702 2,458 1,698 10 775 ‐ 6,643 (1,654) (1,975) (1,706) (5) (33) ‐ (5,373) ‐ ‐ 9 ‐ ‐ ‐ 9
	48 483 1 5 742 ‐ 1,279 2 ‐ 5 ‐ ‐ ‐ 7 ‐ (30) ‐ (0) (199) 229 ‐
	50 453 6 5 543 229 1,286 2 (90) ‐ (1) ‐ ‐ (89)
	52 363 6 4 543 229 1,197
	52 276 6 4 543 229 1,110 ‐ 87 ‐ ‐ ‐ ‐ 87
	52 363 6 4 543 229 1,197
	52 363 6 4 543 229 1,197
	SOFA is made up as follows: RWL WWL WEL GMMC GMDC Group Adj 2023 £'000 £'000 £'000 £'000 £'000 £'000 £'000 1,060 9,860 312 ‐ 4,938 ‐ 16,170 1,654 1,975 1,706 5 33 ‐ 5,373 ‐ 30 ‐ ‐ 199 (229) ‐ ‐ 87 ‐ ‐ ‐ 140 227 338 ‐ ‐ ‐ ‐ (338) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
	3,052 11,952 2,018 5 5,170 (427) 21,770
	2 (90) ‐ (1) ‐ ‐ (89)

THE ROTHSCHILD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

9. Total expenditure

9. Total expenditure
Management of investments Impairment costs Property management Total expenditure on raising funds Grant making (Note 10) Grant making support expenses Charitable Events Grant making and support costs Management and admin expenses Total expenditure on foundation activities excluding Waddesdon Manor Waddesdon Manor Expenditure Total expenditure on foundation activities including Waddesdon Manor Trading subsidiary expenses Total Expenditure	Staff costs Other costs Depreciation/ amortisation Group Adjustme nt 2024 Staff costs Other costs Depreciat ion/ amortisat ion Group Adjustment 2023 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 ‐ 2,325 ‐ ‐ 2,325 ‐ 2,356 ‐ ‐ 2,356 ‐ 400 ‐ ‐ 400 ‐ ‐ ‐ ‐ ‐ ‐ 1,486 63 ‐ 1,549 ‐ 1,302 63 ‐ 1,365
	‐ 4,211 63 ‐ 4,274 ‐ 3,658 63 ‐ 3,721 ‐ 6,923 ‐ ‐ 6,923 ‐ 8,338 ‐ ‐ 8,338 213 256 ‐ ‐ 469 213 208 ‐ ‐ 421 ‐ 36 ‐ ‐ 36 ‐ 70 ‐ ‐ 70
	213 7,215 ‐ ‐ 7,428 213 8,616 ‐ ‐ 8,829 1,709 11 349 ‐ 2,069 1,287 239 36 ‐ 1,562
	1,922 11,437 412 ‐ 13,771 1,500 12,513 99 ‐ 14,112 3,499 3,915 91 (59) 7,446 3,091 3,320 71 (65) 6,417
	5,421 15,352 503 (59) 21,217 4,591 15,833 170 (65) 20,529 2,413 13,324 210 ‐ 15,947 2,717 18,820 233 ‐ 21,770
	7,834 28,676 713 (59) 37,164 7,308 34,653 403 (65) 42,299

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

9. Total expenditure (Continued)

Net income/(expenditure) is stated after charging:

Depreciation: Foundation Trading Subsidiaries Total Depreciation Auditors’ remuneration: Foundation Trading subsidiaries Non‐Audit services ‐ corporation tax compliance Total Auditors remuneration	2024 £'000 (697) (210) (907) (32) (31) (14) (77)	2023 £'000 (143) (222)
		(365)
		(30) (46) (17)
		(93)

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

10. Grants made during the year

10. Grants made during the year
	2024	2023
	£'000	£'000
Amersham Museum	72	‐
Art History Link‐Up	222	‐
Arts at the Old Fire Station	7	100
Bite Back	‐	260
British Museum	‐	218
Buckinghamshire Community Foundation	100	130
Buckinghamshire Council	‐	60
Buckinghamshire Disability Services (BUDS)	‐	96
Buckinghamshire Mind	‐	150
Butrint Foundation	79	40
Chefs in Schools	‐	170
Chiltern Music Therapy	53	‐
Chiltern Rangers	140	‐
Chilterns Conservation Board	200	‐
Civic Future	150	‐
Courtauld Institute of Art	25	250
Eton College	60	‐
FareShare	‐	400
Food, Farming & Countryside Commission (FFCC)	‐	220
FoodCycle	20	100
Freshwater Habitats Trust	115	‐
Garsington Opera	51	50
Give a Book	150	‐
Global Feedback (Feedback)	200	‐
Grow Together Bucks	136	‐
Hay Festival of Literature	66	‐
Hazara Charitable Trust	160	50
Illuminated River Foundation	‐	72
Justice Collaborations	‐	100
Kestrel Theatre Company	100	‐
Landworkers' Alliance	30	120
London Library	150	‐
National Gallery Trust	410	‐
National Paralympic Heritage Trust	210	‐
Nature Friendly Farming Network Limited	150	‐
One Can Trust Food Bank	‐	180
One Eighty	‐	96
Organic Research Centre	30	60
Pasture‐Fed Livestock Association	30	150
Queens Park Arts Centre	‐	160
Restore Hope	12	180
River Thame Conservation Trust	200	5
Royal Academy of Music	250	‐
Royal College of Art	6	200

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

10. Grants made during the year (Continued)

Royal Drawing School Royal Opera House Royal Shakespeare Company Save the Children Somerset House Sustain Talkback Tate The Centre for Education and Youth The Felix Project The Food Foundation The Line Art Walk The Queen's Reading Room The Theatre Shed The Wallace Collection Waddesdon Church of England School Wycombe Arts Centre Wycombe Food Hub Wycombe Wanderers Sports & Education Trust Youth Concern Grants > £50,000 In one or both of last 2 years Grants under £50,000 in both last 2 years Grants Made Grant of Services to illuminated River Total Grants (see notes 6 and 9)	2024 2023 £'000 £'000 4 300 300 ‐ 150 30 ‐ 75 1 79 8 150 ‐ 150 150 ‐ 5 100 2 200 10 300 150 ‐ 100 ‐ 6 90 184 ‐ 2 1,405 171 ‐ ‐ 180 101 10 ‐ 210 4,928 6,896 1,990 1,437
	6,918 8,333 5 5
	6,923 8,338

Royal Drawing School
Royal Opera House
Royal Shakespeare Company
Save the Children
Somerset House
Sustain
Talkback
Tate
The Centre for Education and Youth
The Felix Project
The Food Foundation
The Line Art Walk
The Queen's Reading Room
The Theatre Shed
The Wallace Collection
Waddesdon Church of England School
Wycombe Arts Centre
Wycombe Food Hub
Wycombe Wanderers Sports & Education Trust
Youth Concern
Grants > £50,000 In one or both of last 2 years
Grants under £50,000 in both last 2 years
Grants Made
Grant of Services to illuminated River
Total Grants (see notes 6 and 9)

2024
2023
£'000
£'000
4
300
300
‐
150
30
‐
75
1
79
8
150
‐
150
150
‐
5
100
2
200
10
300
150
‐
100
‐
6
90
184
‐
2
1,405
171
‐
‐
180
101
10
‐
210
4,928
6,896
1,990
1,437

6,918
8,333
5
5

6,923
8,338

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

Note 11. Employees

Average The average number of Permanent staff employed in the year was: Manor Grants and admin Foundation Total Subsidiaries The Total number of Seasonal staff employed in the year was The Foundation Subsidiaries Full time Equivalents The Full time Equivalent of all permanent and seasonal employees during the year was: Manor Grants and admin Foundation Total Subsidiaries	2024 2023 77 63 52 44
	129 107 46 51
	175 158
	107 90 128 130
	235 220
	2024 2023 92 85 49 37
	141 122 61 68
	202 190

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

[11. Employees (Continued) ]

£'000 Grants and Admin Foundation Manor Total Subsidiaries £'000 £'000 £'000 Other pension costs Social security costs Wages and salaries 189 263 3,047 136 166 1,620 325 429 4,667 102 174 2,137 Rothschild Foundation 3,499 1,922 5,421 2,413 Redundancy costs Payments to key personnel during the year included in the above amounted to	£'000 Grants and Admin Foundation Manor Total Subsidiaries £'000 £'000 £'000 189 263 3,047 136 166 1,620 325 429 4,667 102 174 2,137	2024 2023 £'000 £'000 427 603 6,804 6,319 583 406
	3,499 1,922 5,421 2,413	7,834 7,308
		61 £'000 2024 195 £'000 2023
		£'000 2024 £'000 2023 1,145 1,057

The key Personnel of the Group Includes Directors and Key senior managers within the Trading subsidiaries as well as, from the Foundation, the Directors of HR, Waddesdon and Marketing and the CFO.

Pension costs for the year break down as follows:

Defined contribution scheme	Foundation 189 £'000 Manor 136 £'000 Admin 325 £'000 Total 102 £'000 Subsidiary 427 £'000 2024 406 £'000 2023
	189 136 325 102 427 406

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

11. Employees (Continued)

The number of Group employees who have received remuneration amounting to more than £60,000 in either year was:

more than £60,000 in either year was:
	2024		2023
60,000‐69,999		2		2
70,000‐79,999		1		1
80,000‐89,999		1		‐
90,000‐99,999		1		1
100,000‐109,999		1		‐
110,000‐119,999		1		1
120,000‐129,999		‐		1
130,000‐139,999		2		‐
150,000‐159,999		1		‐
160,000‐169,999		1		1
280,000‐289,999		‐		1

All the higher paid employees were accruing benefits under defined contribution schemes.

Total pension contributions on behalf of these employees in the year were £84,217.

No Trustee received any remuneration in their role as a trustee during the year. No Trustees were reimbursed for any expenses during the current or previous year.

The higher paid employees in the prior year were employed by the commercial subsidiaries of the Foundation.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

THE ROTHSCHILD FOUNDATION

12. Investments

12. Investments
Market value at 1 March Donation of shares and other investments received Purchases made in the year Sales proceeds on disposal Increase/(Decrease) in investment cash Investment gains / (Losses) for the year ‐ realised ‐ unrealised Market value at 29 February Historical cost at 29 February (excluding investment cash) Analysis of market value at 29 February Equities – listed on recognised exchanges Collective investment funds Private equity investments Cash on deposit awaiting investment Forward currency contracts RIT Capital Partners plc WHAM Endowment Fund Goedhuis Waddesdon Limited Other Investments	Group Foundation 2024 2023 2024 2023 £'000 £'000 £'000 £'000 690,610 768,489 690,610 768,489 540 ‐ 540 ‐ 19,069 6,559 17,496 6,559 (7,641) (12,370) (7,641) (12,370) (8,211) (2,787) (8,211) (2,787) 765 1,860 765 1,860 (19,816) (71,141) (19,816) (71,141)
	675,316 690,610 673,743 690,610
	438,331 425,088 436,832 425,088
	Group Foundation 2024 2023 2024 2023 £'000 £'000 £'000 £'000 279,263 309,795 279,263 309,795 310,360 291,990 310,360 291,990 66,141 59,314 64,568 59,314 20,723 28,933 20,723 28,933 (1,171) 578 (1,171) 578
	675,316 690,610 673,743 690,610
	Group Foundation Market value as at Market value as at Market value as at Market value as at 29 February 2024 28 February 2023 29 February 2024 28 February 2023 £'000 £'000 £'000 £'000 271,495 302,276 271,495 302,276 252,312 236,122 252,312 236,122 4,054 ‐ 2,481 ‐ 147,455 152,212 147,455 152,212
	675,316 690,610 673,743 690,610

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

13. Investment Property Group and Foundation Open market value at 01 March Additions in the year Donation Disposals Open market value at 29 February Historical cost at 29 February	2024 2023 £'000 £'000 41,098 37,832 287 3,266 762 ‐ (762) ‐
	41,385 41,098

	24,405 24,118

The majority of the properties are located in the village of Waddesdon near Aylesbury, the remainder of the properties are located in St James’s Place, London. The properties were re‐valued on 28 February 2021, by independent property agents (Briggs and Stone), who are Fellows of the Royal Institution of Chartered Surveyors. This valuation took place as part of the commitment to review Investment property values every 5 years. In the opinion of the Trustees, the carrying value of properties as at 29 February 2024 is a fair reflection of market value.

14. Investment in subsidiary undertakings

The Rothschild Foundation holds 100% of the issued ordinary share capital of Rothschild Waddesdon Limited (“RWL” – company number 02565999), a company registered in England and Wales that operates the various trading activities at Waddesdon Manor and from 1 December 2023 the Five Arrows Hotel and Private Events businesses run by its fellow subsidiary, Waddesdon Enterprises Limited, until that point. The ordinary shares held have a nominal value of £1 per share and are fully paid up.

On 6 November 2023, Waddesdon Wine Limited (“WWL”) merged with Goedhuis Ltd to form Goedhuis Waddesdon Limited (“GWL”). The shareholding of the Foundation was diluted down from 76.02% in WWL to 36% in the merged company, therefore the Investment in WWL as a subsidiary is disposed of and the shareholding in GWL is now included in Investments on the Foundation and Group Balance sheets.

The Foundation holds 100% of the issued ordinary share capital of Golden Mede Development Company limited (“GMDC” – 09985276), a company registered in England and Wales. The ordinary shares held have a nominal value of £1,427,100 (2023: £4,655,100) and are fully paid.

The Foundation holds 90.9% (2023 94.6%) of the issued share capital of Golden Mede Management Company Limited (“GMMC” – company number 11707201), a company registered in England and Wales. The ordinary shares held have a nominal value of £254 (2023: £246) and are fully paid. GMMC is exempt from the requirement of the Companies Act 2006 relating to the audit of accounts by virtue of section 479A of the Companies Act 2006. The Trustees of the Foundation have given a guarantee to the directors of GMMC under section 479C of the Companies Act 2006.

The Foundation holds 100% of the issued share Capital of Waddesdon Enterprises Limited (“WEL” – Company number 12779940), a company registered in England and Wales that runs a hospitality business at Waddesdon. Since 1 December 2023 the hospitality business was transferred to RWL in order to simplify the operations and WEL will be dissolved in the next financial year.

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

14. Investment in subsidiary undertakings (Continued)

Investment in
subsidiary
undertakings,	at cost
	WWL		RWL	GMDC	WEL	2024	WWL	RWL	GMDC	WEL	2023
	£'000		£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
At 1 March 2023	1,083		1,000	4,655	1,500	8,238	1,123	1,000	4,655	1,500	8,278
Impairment
Provision in		‐	‐	‐	(400)	(400)	‐	‐	‐	‐		‐
year
Disposal in year	(1,083)		‐	‐	‐	(1,083)	(40)	‐	‐	‐	(40)
At 29
February		‐	1,000	4,655	1,100	6,755	1,083	1,000	4,655	1,500	8,238
2024

15. Heritage assets

15. Heritage assets
Group and Foundation Summary of heritage asset transactions Cost At 1 March Donations received Additions in the year At 29 February 2024 Depreciation At 1 March Charge in year At 29 February 2024 Net book value at 29 February 2024	2024 2023 2022 2021 2020 £'000 £'000 £'000 £'000 £'000 35,204 34,901 34,828 34,745 34,686 144 ‐ 52 ‐ 7 6,946 303 21 83 52
	42,294 35,204 34,901 34,828 34,745 ‐ ‐ ‐ ‐ ‐ 206 ‐ ‐ ‐ ‐
	206 ‐ ‐ ‐ ‐
	42,088 35,204 34,901 34,828 34,745

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

15. Heritage assets (Continued)

The Foundation maintains its heritage assets for long‐term preservation, aligning with its philanthropic mission, primarily benefiting Waddesdon, where they are on loan and managed as part of the permanent collection. These assets encompass sculptures, paintings, furniture, metalwork, and works on paper, deemed historically and artistically significant. Adhering to Waddesdon Manor's and the National Trust's public access policies, the collections, including stored items, are accessible to the public. Periodically, the Foundation lends items from its collection to galleries and historic venues beyond Waddesdon Manor.

As of 29 February 2024, the value of heritage assets is recorded at acquisition cost or, for donated items, at their valuation upon receipt. An annual assessment and conservation/restoration schedule ensure the assets retain their value. Notably, the completion of the Wedding Cake, located at the Dairy, is reflected in the assets' value, and it is subject to depreciation due to its assessed useful economic life, unlike other assets in this category. The Trustees ascertain no significant impairment to the remaining assets' value during the year, though they recognise some chattels may now exceed their carrying value substantially.

The Foundation's heritage assets loaned to the National Trust at Waddesdon are overseen by the Collections Department, adhering to loan policies akin to those of the National Trust. For detailed information on these policies, individuals may contact the Head of Collections at Waddesdon Manor, Waddesdon, Aylesbury HP18 0JH.

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

16. Tangible fixed assets

Group Cost At 1 March 2023 Additions Donation Disposals At 29 February 2024 Depreciation At 1 March 2023 Charge in year Disposals At 29 February 2024 Net book value at 29 February 2024 Net book value at 28 February 2023 Foundation Cost At 1 March 2023 Donations Additions At 29 February 2024 Depreciation At 1 March 2023 Charge in year Disposals At 29 February 2024 Net book value at 29 February 2024 Net book value at 28 February 2023	Freehold, Land and Buildings Long Leasehold Improvements Vehicle, Furniture, Fixtures & Equipment Total £'000 £'000 £'000 £'000 11,980 1,303 3,763 17,046 39 7 551 597 535 ‐ ‐ 535 ‐ ‐ (210) (210)
	12,554 1,310 4,104 17,968
	5 201 2,736 2,942 86 37 383 506 ‐ ‐ (117) (117)
	91 238 3,002 3,331

	12,463 1,072 1,102 14,637
	11,975 1,102 1,027 14,104
	Freehold, Land and Buildings Long Leasehold Improvements Vehicle, Furniture, Fixtures & Equipment Total £'000 £'000 £'000 £'000 11,968 1,303 1,944 15,215 535 ‐ ‐ 535 7 7 462 476 12,510 1,310 2,406 16,226

	‐ 201 1,559 1,760 83 37 177 297 ‐ ‐ ‐ ‐ 83 238 1,736 2,057
	12,427 1,072 670 14,169
	11,968 1,102 385 13,455

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

17. Stock and work in progress Group Stock of Guidebooks held by Foundation Trading stock held by Subsidiaries Work in Progress In Golden Mede Development Company Opening Balance Additions Provision Adjusted for properties completed and exchanged Work in progress Total Foundation Stock of Guidebooks 18. Debtors Group Trade debtors Other debtors Value added tax recoverable Prepayments and accrued income Debtors relating to operational activities Prepaid Heritage Assets Unpaid Dividend Income Loan to Goedhuis Waddesdon Limited Other Loans Loan Interest	2024 £'000 63 718 781 6,969 300 (1,006) (1,744) 4,519 5,300 63 2024 £'000 851 460 31 512 1,854 ‐ 1,870 756 12 47 4,539	2023 £'000 132 3,011
		3,143 10,466 1,347 ‐ (4,844)
		6,969
		10,112
		132
		2023 £'000 2,068 295 ‐ 4,090
		6,453 3,385 2,123 ‐ 116 83
		12,160

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

18. Debtors (Continued)

Foundation Trade Debtors Owed from Group Undertakings Other debtors Deferred Gift aid receivable from Rothschild Waddesdon Limited Value added tax recoverable Prepayments and accrued income Debtors relating to operational activities Unpaid Dividend Income Loan Due from Golden Mede Development Company Limited Loan to Goedhuis Waddesdon Limied Other Loans Loan Interest 19. Creditors ‐ Amounts falling due within one year Group Trade creditors Other creditors Value added Tax payable Other taxes and social security Accruals Deferred Income Corporation Tax Creditors relating to Operating activities Grant commitments accrued Secured Loan	2024 £'000 825 133 425 54 ‐ 377 1,814 1,870 2,600 756 12 47 7,099 2024 £'000 869 915 76 ‐ 972 30 1 2,863 7,350 ‐ 10,213	2023 £'000 385 123 168 54 19 3,727
		4,476 2,123 4,800 ‐ 16 78
		11,493
		2023 £'000 2,198 1,264 43 48 1,036 2,956 37
		7,582 9,001 4,800
		21,383

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

19. Creditors ‐ Amounts falling due within one year (Continued)

19. Creditors ‐ Amounts falling due within one year (Continued)
Foundation Trade creditors Amounts Owed to Group Undertakings Other creditors Accruals VAT Deferred Income Creditors relating to Operating activities Grant commitments accrued Secured Loan	2024 £'000 705 30 128 571 19 30 1,483 7,350 ‐ 8,833	2023 £'000 696 97 188 504 ‐ 12
		1,497 9,001 4,800
		15,298

The secured loan, a loan from the Northern Trust, taken out to fund the Golden Mede Development was repaid in full during the year.

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

19. Creditors ‐ Amounts falling due within one year (Continued) Deferred Income Amounts falling due within one year Group Balance at 1 March 2023 Income in advance received during the year Transferred from > one year during the year Disposal of Deferred Income in Waddesdon Wine Limited Transferred income to SOFA Balance at 29 February 2024 Foundation Balance at 1 March 2023 Income in advance received during the year Transferred Income to SOFA Balance at 29 February 2024	2024 £'000 2,956 65 ‐ (993) (1,998) 30 12 65 (47) 30	2023 £'000 2,771 2,024 1,316 ‐ (3,155)
		2,956
		10 65 (63)
		12

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

20. Creditors ‐ Amounts falling due after more than one year

Group Grant commitments accrued Deferred income Other Creditors Secured Loan Foundation Grant commitments accrued Secured Loan Additional reconciliation of grants payable Balance at 1 March 2023 Grant commitments made during the year Grants paid in the year Balance at 29 February 2024 Grant commitments falling due in less than one year Grant commitments falling due in more than one year	2024 £'000 3,573 ‐ ‐ 3,573 ‐ 3,573 3,573 ‐ 3,573 2024 £'000 10,604 6,923 (6,604) 10,923 7,350 3,573 10,923	2023 £'000 1,603 950 14
		2,567 2,500
		5,067
		1,603 2,500
		4,103
		2023 £'000 8,357 8,338 (6,091)
		10,604
		9,001 1,603
		10,604

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

20. Creditors ‐ Amounts falling due after more than one year (Continued)

Grant Commitments Accrued £'000 7,350 3,573	Deferred Income £'000 ‐ ‐	2024 £'000 7,350 3,573 10,923 2023 £'000 3,731 3,696 (3,155) ‐
10,923	‐
	2024 £'000 4,272 2,160 (1,998) (4,404) 30 2024 £'000 30 0 30
		4,272
		2023 £'000 2,956 1,316
		4,272

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

THE ROTHSCHILD FOUNDATION

21. Analysis of Net assets between funds

Group Fixed asset investments Investment properties Investment in Subsidiary Intangible fixed asset Heritage assets Tangible fixed assets Goodwill on Consolidation Net current assets / (liabilities) Creditors greater than one year Transfer between funds Net assets Minority interests Funds of the charity Foundation Fixed asset investments Investment properties Investment in Subsidiary Heritage assets Tangible fixed assets Net current assets / (liabilities) Creditors greater than one year Transfer between funds Net Assets	Unrestricted Income Fund Restricted Capital Fund Unrestricted Capital Fund Restricted revaluation reserve Unrestricted revaluation reserve 2024 2023 £'000 £'000 £'000 £'000 £'000 £'000 £'000 ‐ 5,827 453,301 4,066 212,122 675,316 690,610 ‐ 1,149 28,533 615 11,088 41,385 41,098 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 42,088 ‐ ‐ 42,088 35,204 ‐ ‐ 14,637 ‐ ‐ 14,637 14,104 ‐ ‐ ‐ ‐ ‐ ‐ ‐ 3,311 ‐ ‐ ‐ ‐ 3,311 21,515 (3,573) ‐ ‐ ‐ ‐ (3,573) (5,067) 3,653 ‐ (3,653) ‐ ‐ ‐ ‐
	3,391 6,976 534,906 4,681 223,210 773,164 797,464
	‐ ‐ ‐ ‐ ‐ ‐ (572)
	3,391 6,976 534,906 4,681 223,210 773,164 796,892
	‐ 5,827 451,728 4,066 212,122 673,743 690,610 ‐ 1,149 28,533 615 11,088 41,385 41,098 ‐ ‐ 6,755 ‐ ‐ 6,755 8,238 ‐ ‐ 42,088 ‐ ‐ 42,088 35,204 ‐ ‐ 14,169 ‐ ‐ 14,169 13,455 233 ‐ ‐ ‐ ‐ 233 11,617 (3,573) ‐ ‐ ‐ ‐ (3,573) (4,103) 7,649 ‐ (7,649) ‐ ‐ ‐ ‐
	4,309 6,976 535,624 4,681 223,210 774,800 796,119

THE ROTHSCHILD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

21. Analysis of Net assets between funds (Continued) prior year

Group Fixed asset investments Investment properties Investment in Subsidiary Intangible fixed asset Heritage assets Tangible fixed assets Goodwill on Consolidation Net current assets / (liabilities) Creditors greater than one year Transfer between funds Net assets Minority interests Funds of the charity Foundation Fixed asset investments Investment properties Investment in Subsidiary Heritage assets Tangible fixed assets Net current assets / (liabilities) Creditors greater than one year Transfer between funds Net Assets	Unrestricted Income Fund Restricted Capital Fund Unrestricted Capital Fund Restricted revaluation reserve Unrestricted revaluation reserve 2023 £'000 £'000 £'000 £'000 £'000 £'000 ‐ 5,827 448,194 3,433 233,156 690,610 ‐ 1,149 28,246 615 11,088 41,098 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 35,204 ‐ ‐ 35,204 ‐ ‐ 14,104 ‐ ‐ 14,104 ‐ ‐ ‐ ‐ ‐ ‐ 21,515 ‐ ‐ ‐ ‐ 21,515 (5,067) ‐ ‐ ‐ ‐ (5,067) (12,281) ‐ 12,281 ‐ ‐ ‐
	4,167 6,976 538,029 4,048 244,244 797,464
	(572) ‐ ‐ ‐ ‐ (572)
	3,595 6,976 538,029 4,048 244,244 796,892
	‐ 5,827 448,194 3,433 233,156 690,610 ‐ 1,149 28,246 615 11,088 41,098 ‐ ‐ 8,238 ‐ ‐ 8,238 ‐ ‐ 35,204 ‐ ‐ 35,204 ‐ ‐ 13,455 ‐ ‐ 13,455 11,617 ‐ ‐ ‐ ‐ 11,617 (4,103) ‐ ‐ ‐ ‐ (4,103) (7,514) ‐ 7,514 ‐ ‐ ‐
	‐ 6,976 540,851 4,048 244,244 796,119

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

THE ROTHSCHILD FOUNDATION

22. Movement in Funds

	Balance at 1 March 2023	Income	Expenditure	Realised/ unrealised gains and losses	Transfers	Total Movement	Balance at 29 February 2024
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Capital funds
(Expendable
endowment)
Unrestricted	539,734	3,231	(2,388)	(5,671)	‐	(4,828)	534,906
Restricted to
Waddesdon	6,976	‐	‐	‐	‐	‐	6,976
Manor
Unrestricted
revaluation	244,244	‐	‐	(21,034)	‐	(21,034)	223,210
reserve
Restricted
revaluation	4,048	‐	‐	633	‐	633	4,681
reserve
	794,939	3,231	(2,388)	(26,072)	‐	(25,229)	769,773
Unrestricted income funds	1,890	36,281	(34,780)	‐	‐	1,501	3,391
Total funds	796,892	39,512	(37,168)	(26,072)	‐	(23,728)	773,164
Movement in Funds Prior year
	Balance at 1 March 2022	Income	Expenditure	Realised/ unrealised gains and losses	Transfers	Total Movement	Balance at 28 February 2023
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Capital funds
(Expendable
endowment)
Unrestricted	539,211	‐	(1,913)	2,373	‐	460	539,671
Restricted to Waddesdon Manor	6,976	‐	‐	‐	‐	‐	6,976
Unrestricted revaluation reserve	313,537	‐	‐	(69,293)	‐	(69,293)	244,244
Restricted revaluation reserve	3,760	‐	‐	288	‐	288	4,048
	863,484	‐	(1,913)	(66,632)	‐	(68,545)	794,939
Unrestricted income funds	1,079	41,355	(40,481)	‐	‐	874	1,953
Total funds	864,563	41,355	(42,394)	(66,632)	‐	(67,671)	796,892

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

23. Revaluation Reserve

Included within the capital fund explained in note 22 are the revaluation reserves with the following values:

	Fixed Asset Investments	Investment Properties	Total
	£'000	£'000	£'000
At 1 March 2023	236,589	11,703	248,292
Unrealised losses during the year	(19,816)	‐	(19,816)
Realised Gains during the year	765	‐	765
Release of previously recognised unrealised gains	(1,350)	‐	(1,350)
At 29 February 2024	216,188	11,703	227,891
Revaluation Reserve Prior Year
	Fixed Asset Investments	Investment Properties	Total
	£'000	£'000	£'000
At 1 March 2022	305,594	11,703	317,297
Unrealised gains during the year	(71,141)	‐	(71,141)
Realised Gains during the year	1,860	‐	1,860
Release of previously recognised unrealised gains	276	‐	276
At 28 February 2023	236,589	11,703	248,292
The Revaluation reserve was divided between	restricted and unrestricted reserves as follows:
Restricted	3,433	615	4,048
Unrestricted	233,156	11,088	244,244
At 1 March 2023	236,589	11,703	248,292
Restricted	4,066	615	4,681
Unrestricted	212,122	11,088	223,210
At 29 February 2024	216,188	11,703	227,891

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

24. Financial commitments

At 29 February 2024 the group had annual commitments under non‐ cancellable operating leases as follows:

Expiry date: Less than year Within two to five years In over five years	Land and Buildings 2024 2023 £'000 £'000 25 25 100 100 100 125 225 250	Plant and Equipment 2024 2023 £'000 £'000 23 23 28 51 ‐ ‐ 51 74	Plant and Equipment 2024 2023 £'000 £'000 23 23 28 51 ‐ ‐ 51 74
			74

At the Balance sheet Date the outstanding capital commitment to investment related holdings of £47.0m (2023: £49.4m) comprised a number of funds.

The charity acts as lessor over a large portfolio of investment properties. However, the majority of the leases are for terms of 12 months or less and are on a rolling basis and as a result the charity does not have long term income committed to be received to warrant a full analysis of these arrangements to be disclosed in the accounts.

THE ROTHSCHILD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

25. Reconciliation of net income to net cash flow from operating activities

	2024	2023
	£'000	£'000
Net income for the reporting period (as per the SOFA)	2,344	(1,039)
Rent from investment property	(1,405)	(1,461)
Donation of Investments	(540)
		-
Donation of investment property	(762)
		-
Donation of Heritage assets	(144)
		-
Donation of Tangible fixed assets Depreciation charges ‐ Tangible Fixed Assets	506 (535)	403 -
Depreciation charges ‐ Heritage Assets	206
		-
Loan Impairment	100
Goodwill on consolidation	‐	-
Disposal of subsidiary	(1,573)	-
Loss on disposal of Fixed Assets	91
Dividend and Interest receivable	(14,852)	(11988)
Decrease/(Increase) in Debtors	4,599	(909)
(Decrease)/Increase in Creditors	(4,719)	378 (3,453)
(Decrease)/Increase in grant commitments	(1,651)	1,983
Increase/(Decrease) in creditors due after one year	1,006	(95)
Non‐controlling interest	(572)	230
Decrease/(Increase) in Stock	2,362	(364)
Decrease/(Increase) in Work in Progress	2,450	3,497
Net cash outflow from operating activities	(13,089)	(13,196)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

THE ROTHSCHILD FOUNDATION

		2024			2023
26. Related Party Transactions	Income during the year	Expenditure during the year	Balance receivable/ (payable) at year end	Income during the year	Expenditure during the year	Balance receivable/ (payable) at year end
	£'000	£'000	£'000	£'000	£'000	£'000
Charged to J Rothschild Services Ltd	34	‐	4	31	‐	7
Charged by J Rothschild Services Ltd	‐	(35)	(4)	‐	(50)	(25)
Charged to Spencer House	66	‐	20	63	‐	20
Charged to Waddesdon Estate	118	‐	12	125	‐	11
Charged by Waddesdon Estate	‐	(63)	(6)	‐	(115)	(48)
Charged to Windmill Hill Asset Management Ltd	102	‐	1	63	‐	8
Charged by Windmill Hill Asset Management Ltd	‐	(703)	‐	‐	(816)	‐
Charged to Rothschild Foundation Hanadiv (Europe)	62	‐	28	126	‐	‐
Grant to the Illuminated River Foundation	‐	(5)	‐	‐	(8)	‐
Charged to Waddesdon Enterprises	283	‐	23	226	‐	18
Charged to Lord Rothschild	27	‐	‐	10	‐	3
Charged to Waddesdon Wine Limited	88	‐	25	87	‐	39
Charged to Golden Mede Development Company Ltd	177	‐	47	199	‐	‐

27. Immunity from Seizure

In February 2012 we received confirmation that our application for protection under Section 136 of the Tribunals, Courts and Enforcement Act 2007 which provides immunity from seizure for objects which are loaned from overseas to temporary public exhibitions, had been approved. The application included details of the processes, procedures and policies which are involved in compiling details of provenance for each exhibition loan and the particular attention needed when considering any gaps in provenance. We were pleased that both of the consultant’s reports acknowledged the experience that we have in researching art of the holocaust era. Having gained approval to apply for protection for specific loans, we commit to apply the necessary processes and will report to each Academic Committee meeting and to the Rothschild Foundation Trustees meetings.

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

28. Foundation reserves reconciliation

As at 1 March Deficit in Year As at 29 February	2024 £'000 796,119 (21,319) 774,800	2023 £'000 864,191 (68,072)
		796,119

THE ROTHSCHILD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

29. Group SOFA ‐ prior year

Income from Waddesdon Manor Income from Investments Donations and Legacies Income from Foundation activities and Donations Income of Trading Subsidiary Total Income Expenditure on Waddesdon Manor Expenditure on foundation activities Expenditure on raising funds Expenditure of Trading subsidiary Total Expenditure Taxation Net Income before gains and losses on Investments Net losses on Investments Net Income	£'000 2023 Fund Income £'000 2023 Capital Fund Total 2023 £'000 4,829 13,449 255 ‐ ‐ ‐ 255 13,449 4,829
	18,533 ‐ 18,533 22,822 ‐ 22,822
	41,355 ‐ 41,355
	6,417 10,391 1,808 ‐ ‐ 1,913 3,721 10,391 6,417
	18,616 1,913 20,529 21,770 ‐ 21,770
	40,386 1,913 42,299
	95 ‐ 95
	874 (1,913) (1,039) ‐ (66,632) (66,632)
	874 (68,545) (67,671)

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

30. Taxation

Deferred tax Current tax Tax Charge Total Tax Charge Profit/(loss) on ordinary activities before tax Factors affecting tax charge for the year Profit on ordinary activities multiplied by the standard rate of UK corporation tax of 25% Museum and Galleries Tax relief Losses utilised Effect of losses carried forward Charitable donations Movement in deferred tax not recognised Deferred Tax Expenses not deductible for tax purposes Remeasurement of deferred tax for changes in tax rates Fixed asset differences Effects of: Tax charge	WEL 2024 RWL WWL GMMC GMDC Total Foundation ‐ (4) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ (4)
	(4) ‐ - ‐ ‐ ‐ (4)
	‐ (179) 32 (51) (1) (594) (793)
	‐ 44 8 ‐ ‐ ‐ 8 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ - (8) - (44) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ (4) ‐ ‐ ‐ (4) ‐ ‐
	(4) ‐ - ‐ ‐ ‐ 4

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 29 FEBRUARY 2024 (CONTINUED)

Foundation RWL 4 ‐ (2) (2)	2023 WWL WEL GMMC GMDC Total 88 ‐ 1 ‐ 93 2 ‐ ‐ ‐ (2)
2 (2)	90 ‐ 1 ‐ 91
‐ 50	452 6 5 544 1,057
‐ 10 ‐ 3 ‐ ‐ ‐ ‐ ‐ ‐ 2 (2) ‐ (13) 4 ‐	86 1 1 136 234 ‐ (3) 1 ‐ ‐ 1 2 ‐ ‐ ‐ 2 5 1 ‐ ‐ 6 ‐ ‐ ‐ ‐ (3) ‐ ‐ (3) ‐ ‐ ‐ (136) (149) ‐ ‐ ‐ ‐ 4