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2025-02-28-accounts

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ANNUAL REPORT

&

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

28 February 2025

Registered company number: 07350078

Registered charity number: 1138145

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THE ROTHSCHILD FOUNDATION CONTENTS

Page
Legal and Administrative Information 1
The Trustees’ Report 2-14
Independent Auditors’ Report to the Trustees 15-19
Consolidated Statement of Financial Activities 20
Balance Sheets 20-21
Consolidated Cashflow Statement 22-23
Notes to the Financial Statements 24-62

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THE ROTHSCHILD FOUNDATION

LEGAL AND ADMINISTRATION INFORMATION

FOR THE YEAR ENDED 28 February 2025

Trustees

Hon Dame Hannah M Rothschild DBE (Chair) Hon Emmy M Freeman-Attwood Christopher Kemp Francesco J Goedhuis Prof Deborah A Swallow Peter Troughton CVO CBE S.J.P. Trust Corporation Limited

Chief Executive

Sir Roger Wright CBE (appointed 28/10/2024)

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

Investment manager

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

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The Trustees present the report of the Trustees for the year ended 28 February 2025.

Introduction

I am incredibly proud to continue and build on the legacy and extraordinary achievements of both my father Jacob, and our cousin Dorothy, and to guide the Foundation as it looks to maintain its relevance in a challenging world.

The Foundation’s greatest assets are the people who have powered our work: colleagues, other organisations, grantees and associates who inspire us and with whose help and dedication we will future proof an extraordinary legacy.

I also acknowledge with thanks our ongoing and vital relationship with the National Trust.

In this year we have welcomed a new CEO, Sir Roger Wright, and so a new era for the Foundation has begun.

These accounts show the range of work undertaken by the Foundation, both at Waddesdon and beyond its gates, and I look forward to the years ahead.

In this first full year since the death of my father, I would like to thank my fellow Trustees, associated family members and colleagues for helping to deliver our promise of delivering positive change and meaningful impact for the benefit of future generations.

Dame Hannah Rothschild DBE 24 September 2025

Chair, The Rothschild Foundation

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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 philanthropic grant maker.

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.

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 2 – 14.

Overview of Activities

The Foundation continues to Invest in Waddesdon Manor and awarded Grants to a wide range of charitable organisations which undertake activity within the Foundation’s core focus areas of the Arts

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and Humanities, Environment and Social Welfare. During the year to 28 February 2025,the investment in Waddesdon Manor, both in supporting its operations and Capital upkeep amounted to £3.5m (2024: £2.1m), the Trustees also approved grant funding amounting to £13.8m (2024: 6.9m). The Grant funding included Local and Community £1.6m (2024: £3m), Special Interest £12m (2024: 3.9m) and an additional grant of Services to the Illuminated River Fund of £5k (2024: £5k). The Foundation also operates a number of pre-designated funds which support and inform the grant programme development and wider Waddesdon activity of £0.2m. (2024: £0.01m).

Waddesdon

The financial year at Waddesdon started with the sad news of the death of Lord Rothschild on 26 February still sinking in. His impact and influence at Waddesdon was so far-reaching that it is almost impossible to quantify and the legacy he leaves is immense.

The 2024/25 season opened with a major new exhibition, ‘King David and the Wise Women: Guercino at Waddesdon:’ , bringing together the painting of King David with two pendant sibyls for the first time, joined by the painting of Moses , the last major acquisition by the late Lord Rothschild for the Foundation. May then saw the opening of ‘Flights of Fancy: Birds at Waddesdon’ with birds taking over throughout the Manor, Gardens and Aviary, on porcelain, in paper, on objects, and in carpet bedding.

It was a busy year for academic activity, research and publications, with the launch in November of Jewish Country Houses , marking the end of the major research project with Oxford University, funded by the Arts and Humanities Research Council (AHRC). The closing stage of the project was marked by two major conferences, one partly hosted at Waddesdon and one at the V&A.

Our digital ambitions were much encouraged by getting to the final stage of our application for a Bloomberg Digital Accelerator Grant. The application, for £300K to cover a digital asset management system (DAMS) and a customer relation management system (CRM) will put our management of images and digital assets and understanding of our visitor and customer base in a stronger position and build increased efficiency and resource.

In another first, the year saw the opening of a new Conservation Hub to communicate our ambitions for sustainability. Work continued through the year on the Rothschild Foundation Sustainability and Biodiversity Strategies and they were approved by Trustees in January 2025.

Visitors and Annual Programming

In total, the Manor received 312k (2024: 310k) visitors during the year.

Throughout the season, we ran our usual programme of events in the house and gardens, including talks and tours in both the Garden and House and our summer offering was capped off by Chilli Fest.

September was a challenging month with four consecutive weekend closures of the A41, due to HS2 works. This had an impact on visitor numbers and limited our programming options.

The programme of talks and tours continued from June to October, including House Highlights, Exhibitions, Wedding Cake and Eythrope tours, as well as an expanded number of Relaxed Openings for visitors with sensory, disabled or neurodivergent access requirements. Working with Heritage

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Interpreters, the team successfully delivered the first of our bespoke British Sign Language (BSL) tours, which received wonderful feedback from attendees.

Christmas 2024

Christmas opened on 13th November, the theme was inspired by the Leon Bakst paintings of Sleeping Beauty, commissioned by James de Rothschild and using members of the family as models for the characters, which were moved into the Red Anteroom. The displays through the House, the projection on the façade and elements of the light trail all tell aspects of the story. The Education and Learning team created an installation in the Coach House working with 15,500 school children on a project titled Once upon a Christmastime, inspired by fairy tales and nursery rhymes.

Acquisitions and Loans

There were no significant acquisitions by the Foundation during the year, but loans to exhibitions by both the Foundation and the Estate of Lord Rothschild included Guercino’s Moses to Rome for ‘Guercino e i Ludovisi a Roma’ at Scuderie del Quirinale, a pair of French trompe d’oeils of writing implements for an exhibition at the Musée Marmottan Monet, Paris and Romney’s Emma Hart, Lady Hamilton as Circe to the Gallerie d’Italia, Naples.

Loans in for exhibitions included three paintings by Guercino for the King David and the Wise Women exhibition: The Cumaean Sibyl with a Putto and The Samian Sibyl with a Putto from the National Gallery, London and The Libyan Sibyl from His Majesty the King via the Royal Collection Trust.

33 drawings and 46 Vincennes and Sèvres porcelain objects came on loan for Flights of Fancy from the Musée Nationale de Céramique at Sèvres and a number of private collections.

The Aviary continues to work closely with European zoos through our membership of EAZA (European Association of Zoos and Aquaria). This summer’s Breeding season was the most successful since 2011.

We have created a new quarantine unit for incoming birds. This was a recommendation from our Ethical and Veterinary advisory groups. No avian diseases affected The Aviary during the year, but we have reviewed our protocols and remain vigilant.

Learning & Engagement (including funded projects)

Schools Programme

The Learning team welcomed a total of 1,234 school visitors between the end of July and the end of December 2024 for regular schools’ workshops. In July, we also hosted In-Tentz, our annual camp for Scouts and Guides. This year was sold out, with over 100 young people staying in the Manor grounds for two nights and participating in a variety of activities.

The major focus of the 2024 Autumn term was the Christmas engagement project.

Foundation supported projects

Schools Access Fund

We are continuing to encourage pupils from more disadvantaged backgrounds to benefit from our Learning and Education team’s programme. Funding is prioritised for schools that have above average

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attendance of students receiving Pupil Premium support, an Education Health and Care Plan or English as an additional language. 28 schools have received a grant to cover the cost of school trips to Waddesdon.

Art History Link Up

Our partnership with Art History Link-Up continues to develop, with the introduction of an Art History Higher Project Qualification (HPQ) starting in March 2025. This is the equivalent of a GCSE, and the initial cohort of students will be taken from Waddesdon School.

Waddesdon Church of England School Partnership

The new building, named the Jacob Rothschild Sixth Form Centre, got underway with Dame Hannah Rothschild presiding over a ceremony to lay the foundation stone. The relationship with the school has prospered with the appointment at the end of the year of a Foundation-funded new post to work between the School, Waddesdon’s education and learning team and the Estate to widen access for pupils. This blueprint is designed to be rolled out to other schools in Buckinghamshire.

Grants

The Rothschild Foundation’s grants programmes are committed to making long term impactful contributions to the arts, local communities, and the environment.

Arts

Recognising the significant challenge of fundraising in times of high need and stretched resources, the Foundation continued to offer multi-year core funding for those delivering excellent and ambitious work to a wide range of audiences and participants. This included enabling the Charleston Trust to expand its local programming in its hometown of Lewes, supporting salary and exhibition costs at the Royal Academy of Arts, and enabling the acquisition of the rare archives of Duncan Grant by the Tate.

We were proud to join our peer funders in supporting the Art Fund’s Diversity in Curatorial Leadership programme, a new initiative which will interrogate the lack of diversity in arts leadership and provide role models for the next generation.

A focus on equipping people with the skills and experience they need to thrive could be seen in grants to the London Screen Academy and East London Arts and Music through the Screen Academy Foundation. Making sure these skills are fit for the future inspired a collaboration with Somerset House to launch a new Arts and Tech Hub within its Artists’ Studios.

Alongside our formal grant programmes, the annual Rothschild Foundation lecture at the Royal Academy welcomed Chimamanda Ngozi Adichie as guest speaker.

Closer to home, the Foundation’s funding continued to build the local cultural sector in Buckinghamshire. Co-funding with Buckinghamshire Council secured a further three-year grant for local sector support organisation, Buckinghamshire Culture. Grants to Chiltern Music Therapy, bursary support for Tring Park Performing Arts School, and disability led dance company Sign dance Collective, amongst others, enabled access to a range of art forms for local communities. Acknowledging that the arts are a powerful tool for supporting for those on the margins, the Foundation continued its

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partnership with HMP Springhill through an artist residency and education programme led by Ikon Gallery.

Environment

The year saw further exploration of the role of food and farming in delivering better outcomes for people and the planet. This builds on the significant role that the Rothschild family and the Foundation has played in nature restoration both at Waddesdon and across the UK. A focus on accelerating farming practice that delivers nature restoration, whilst enabling access to nutritious food that nurtures communities, underpins the Foundation’s commitment to a more sustainable food system.

An interest in farmer-led research led to two significant grants. The first, to the Royal Agricultural University, to develop a new training programme to equip Researchers with the skills needed to undertake collaborative research with farmers. This programme will be rolled out in 2025. The second to The University of Leeds’s large plot trial measuring the impacts of different combinations of regenerative agriculture principles on the soil, crop, greenhouse gas emissions and profit to the farmer.

Enabling the translation of research into meaningful advice, training and learning materials informs a second funding strand of Knowledge Exchange for farmers. To this end support was extended to Farmer Clusters in the local area with core support for the Northeast Cotswold Farmer Cluster CIC. Complementing this on the ground peer to peer learning, was a three-year development grant for Agricology, the online knowledge exchange platform led by the Organic Research Centre.

Inspired by the conservation work undertaken on the Waddesdon Estate, a farm visit and convening event was held in June at the Foundation’s base at Windmill Hill where peer funders listened to farmer-led NGOs about the levers of change required to enable agricultural transition. Bringing together funders in order to increase investment in this space is an ambition that the Foundation will continue to pursue in 2025.

Community

Through its Community Fund, the Foundation supported 33 local organisations across communities in Buckinghamshire. Partnership is a crucial part of the Foundation’s local grant making and during the year the Foundation continued its valued membership of the Buckinghamshire Strategic Funders Group and Steering Committee member of the Bucks Data Exchange, an online data source for the local third sector.

Staff and volunteers spent the year supporting Aylesbury Women’s Aid as the Rothschild Foundation’s Charity of the Year. This included grant funding and additional activities to raise money for the Charity.

To mark a new generation of leadership at the Foundation, a number of exceptional grants were made at the end of the year. These recognised the work of organisations connected to the Rothschild family’s environmental legacy and its commitment to the arts, as well as those delivering meaningful social impact and pioneering research.

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Rothschild Waddesdon Ltd (RWL)

The RWL board was joined by Sir Roger Wright on his arrival as Foundation CEO in November, and he took over direct management of the Trading Company in January. The appointment of a COO is planned for late 2025.

Hospitality and Private Events

A high point of the autumn for RWL was the opening of The Bow pub in the village on 5th October. Now leased from Foundation to RWL and managed alongside the Five Arrows Hotel, initial revenue has been good and customer feedback has been positive.

Catering

Within the current model of food service, across the site most metrics are good. However, the current level of visitor numbers means that the profit centre continues to run at a loss. We are reviewing the options for the on-site offer and adapting staffing models to address this.

Retail

Reduced visitor numbers and lower than hoped for international wine sales mean that the profit centre continues to run at a loss, although the re-launching of the online wine shop and the creation of a new Waddesdon Wine Club are creating encouraging momentum, as is the spend per visitor.

Public Events & Filming

There is a difference in profitability versus last year due to a lack of location filming. There is always a very high level of interest from film companies, but the conversion to bookings is unpredictable, so filming income is never forecast.

The RWL board was joined by Sir Roger Wright on his arrival as Foundation CEO in November, and he took over direct line management of the Trading Company in January. The appointment of a COO is planned for late 2025.

People

Interns (Pathways programme)

The Pathways Programme, launched in spring 2023, offering year-long internships designed to build awareness and develop talent for the future of careers in the heritage sector. The internships, which run annually from September, are paid at the National Living Wage and are offered subsidised accommodation on-site. The programme offers work-based training with access to both internal and external training courses to help prepare interns for future employment. Feedback from Year 1 led to the addition of an interpersonal skills course for Year 2, which will continue in future years.

Year 1 (23/24) had eight internships in areas like hospitality, wine, heritage management, marketing, and gardens, with Year 2 adjusting to seven internships across new and refined categories.

We have completed a detailed evaluation of the scheme.

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Wellbeing

CareCoins mental health therapy for staff continues to be a welcome benefit, with over 77 hours of therapy provided in 2024. We will again run the staff wellbeing survey in the autumn to see if the perception of wellbeing, in particular financial wellbeing, has altered since 2022.

We are reviewing the service provider, and the new offer will include full Occupational Health support for the Rothschild Foundation and associated entities, flu vaccinations, health assessments for night workers and mental health counselling services.

EDI (Equity, Diversity, Inclusion)

An EDI Staff & Volunteers Committee has now been established, and a Steering Group is being convened. Both will meet bi-monthly. The Committee is chaired by external consultant Chris Allan and will help draw together ideas for sharing resource, education and bringing staffing teams together on topics. The Steering Group will draw together all the different strands of EDI across the Foundation, including the very important work on diversifying our audiences and outreach to local communities.

The Foundation is continuing to support a 2-year Community Engagement post, designed to explore and develop new audiences and links with hard-to-reach communities. This is already bearing fruit with successful engagement with older audiences through organisations such as the local Wednesday Club, a feasibility study for a community bus project and support with neuro-diverse and work on British Sign Language tours.

A series of workshops were delivered in 2024 through specific allocation of internal EDI (Equality, Diversity and Inclusion) funding. A similar programme is proposed for 2025 within the HR L&D budgets including the following;

Leadership and Development Training

We continue to provide leadership training to Heads of Department and Managers under the Future, Engage, Deliver model. We are developing a bespoke programme for the executive team to support the creation of a leadership plan for the future. Our internship cohort also benefits annually from a curated skills development programme to equip them for future roles after their time in the Pathways scheme.

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Financial Review

Over the year, the Foundation’s total funds increased to £826.1 million (2024: £773.2 million), an increase in funds of £53 million (2024: decrease of £24 million). The total market value of the Foundation’s investment portfolio on 28 February 2025 was £737.5 million (2024: £675.3million). The investment portfolio gained 11.43% (2024: loss 0.79%) over the financial year. Investment Income was £16 million for the year (2024: £16.3 million). Total Income for the year was £27 million (2024: £39.5 million) which also includes transfers of assets and donations of £0.2 million (2024: £3.5 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 £38.2 million (2024: £37.2 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. An investment committee has been set up amd this meets twice a year to review and discuss Investment performance.

Reserves Policy

As at 28 February 2025, the Foundation and Group held total reserves of £826 million (2024: £773 million). Of this, the unrestricted capital fund of £813 million (2024: £758 million) 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 £7.3 million (2024: £7.0 million) as at 28 February 2025.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

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controls are reviewed on an ongoing basis as part of the day-to-day risk management process within the Foundation.

Key Management Personnel

The Trustees consider the Board of Trustees, the Chief Executive, and the Senior Leadership Team 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, and all employees are kept abreast of major events and decisions affecting the Charity.

Business Relationships

The Charity recognises its primary stakeholders as grantees, visitors and customers, staff, volunteers, and regulators. Throughout the year, the Charity has actively engaged with each of these groups through various channels and initiatives. The following are some of the key actions taken by the Charity in relation to its 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 its customers are crucial to the delivery of its charitable aims and the operation of its trading activities.

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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 reviewing periodically for cleansing and removal.

Environment & Sustainability

The charity has agreed a new Sustainability Strategy which includes four natural world systems (pillars) – climate, land, water and biodiversity. A fifth pillar, people, has been incorporated due to the large number of people that visit Waddesdon Manor. These visitors are instrumental to further our influence on the environment. This financial year has set the foundations to begin the baselining of the five pillars and understand the interconnectivity of these systems within our operations.

The strategy has set each five ambitious targets for 2050 including to be Net Zero by 2050, although we expect to be Carbon Neutral by 2040.

Purposeful changes to our energy consumption and fossil fuel use have been limited this year and any variations in greenhouse gas emissions are due to the different activities we hosted at Waddesdon. Several diesel vehicles have been replaced with electric models and a staff vehicle pool of four electric cars are now available.

The table on the next page details the Foundation’s Greenhouse gas emissions and energy use for 2025, compared to the previous year:

025, compared to the previous year:
UK Greenhouse gas emissions and energy
use 2025 2024
Energy consumption used to calculate
emissions (kwhs)
Energy consumption breakdown
Gas 1,789,721 1,784,414
Electricity 1,602,989 1,662,038
Scope 1 Emissions in Kg CO2
Gas Consumption 341,275 330,117
Electricity Usage 331,931 344,158
Owned Transport 100,713 112,170
Total Energy/ KWh 3,392,709 3,446,452
Total Emissions CO2 773,918 786,445

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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 core ESG principles which will guide the Charity’s investment decisions in the future.

We believe all companies have a role to play in reducing both their relative and absolute emission footprints.

We expect human capital policies within companies to be considerate, and our organisation’s role within society to be both inclusive and beneficial.

We believe in good governance and in the importance of organisations creating healthy eco systems in which all stakeholders are included.

Trustees also recognise that ESG policy globally spans different cultures and religions, all of whom have different approaches based on their belief system or local customs. Trustees therefore understand that flexibility is required and expect our investment teams to evolve strategies as science and data becomes established, as societies and priorities develop, and as new technologies present 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:

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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 Report of the Trustees, which includes the Strategic Report, was approved by the Board on XXX and signed on their behalf by:

24 September 2025

…………………...……………..

The Hon. Dame Hannah Rothschild DBE

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Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES

FOR THE YEAR ENDED 28 FEBRUARY 2025

Opinion

We have audited the financial statements of The Rothschild Foundation (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 28 February 2025 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:

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.

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,

15

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2025

we do not express any form of assurance conclusion thereon. The trustees are responsible for the other information. The Trustees are responsible for the other information.

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:

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:

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.

16

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2025

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:

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:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities, as set out on page 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 preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

17

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025

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 group or the parent charitable company 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

18

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2025

procedures for compliance with laws and regulations with members of management responsible for compliance.

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.

25 September 2025

……………………………………………………

Sally Appleton (Senior Statutory Auditor)

For and on behalf of Saffery LLP Chartered Accountants Statutory Auditors

10 Wellington place

Leeds

LS1 4AP

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

19

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 28 FEBRUARY 2025

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 (Expenditure)/Income before gains and losses –
Continuing
Net Income before gains and losses - Non
continuing
Net (Expenditure)/Income before gains and losses
Net Gains/(Losses) on Investments
Net (Expenditure)/Income
22
Transfer between funds
22
Net movement in funds
22
Reconciliation of Funds
Balances brought forward 1 March 2024
Balances carried forward 28 February 2025
21/22		 Income Fund
2025
Capital Funds
2025
Total
Total
2025
2024
£'000
£'000
£'000
£'000
242
-
242
3,523
16,041
-
16,041
16,257
5,401
-
5,401
5,323
21,684
-
21,684
25,103
5,338
-
5,338
6,367
-
-
-
8,042
27,022
-
27,022
39,512
1,715
1,924
3,639
4,274
19,932
-
19,932
9,497
8,932
-
8,932
7,446
30,579
1,924
32,503
21,217
5,745
-
5,745
8,006
-
-
-
7,941
36,324
1,924
38,248
37,164
(65)
-
(65)
4
(9,237)
(1,924)
(11,161)
2,243
-
-
-
101
(9,237)
(1,924)
(11,161)
2,344
-
64,130
64,130
(26,072)
(9,237)
62,206
52,969
(23,728)
5,846
(5,846)
-
-
(3,391)
56,360
52,969
(23,728)
3,391
769,773
773,164
796,892
-
826,133
826,133
773,164

There were no gains or losses other than the net movement on funds stated above. The notes on pages 24 to 62 form part of these financial statements.

20

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION

BALANCE SHEETS AS AT 28 FEBRUARY 2025

Note
Fixed assets
Investments
12
Investment properties
13
Investment in subsidiary undertaking
14
Heritage assets
15
Tangible fixed assets
16
Current assets
Stock and work in progress
17
Debtors
18
Cash at bank and in hand
Current liabilities
Creditors: amounts falling
due within one year
19
Net current (liabilities)/assets
Total assets less current liabilities
Creditors: amounts falling
due after more than one year
20
Net assets
Funds
Unrestricted capital fund
Restricted capital fund
Unrestricted Income Fund
Unrestricted revaluation reserve
Restricted revaluation reserve
Total funds
21/22		 Group
2025
2024
£'000
£'000
737,530
675,316
42,072
41,385
-
-
39,431
42,088
15,023
14,637
834,056
773,426
5,253
5,300
2,610
4,539
3,432
3,685
11,295
13,524
(12,236)
(10,213)
(941)
3,311
833,115
776,737
(6,982)
(3,573)
826,133
773,164
530,744
534,843
7,332
6,976
-
3,454
282,453
223,210
5,604
4,681
826,133
773,164		 Foundation
2025
2024
£'000
£'000
735,957
673,743
42,072
41,385
6,755
6,755
39,431
42,088
14,557
14,169
838,772
778,140
65
63
5,519
7,099
1,852
1,904
7,436
9,066
(10,925)
(8,833)
(3,489)
233
835,283
778,373
(6,982)
(3,573)
828,301
774,800
532,912
535,624
7,332
6,976
-
4,309
282,453
223,210
5,604
4,681		 Foundation
2025
2024
£'000
£'000
735,957
673,743
42,072
41,385
6,755
6,755
39,431
42,088
14,557
14,169
838,772
778,140
65
63
5,519
7,099
1,852
1,904
7,436
9,066
(10,925)
(8,833)
(3,489)
233
835,283
778,373
(6,982)
(3,573)
828,301
774,800
532,912
535,624
7,332
6,976
-
4,309
282,453
223,210
5,604
4,681
778,140
63
7,099
1,904
9,066
(8,833)
233
778,373
(3,573)
774,800
535,624
6,976
4,309
223,210
4,681
828,301 774,800

The total income of the Foundation as an individual entity for the year was £21.8m (2024: £26.4m) and its net income was £53.5m (2024: £21.3m net expenditure). 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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24 September 2025
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…………………...……………..

The Hon. Dame Hannah Rothschild DBE

Company number 07350078

The notes on pages 24 to 62 form part of these financial statements.

21

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION

CONSOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDING 28 FEBRUARY 2025

Note
Net cash (outflow) from
operating activities (Note 25)
25
Cash flows from investing
activities:
Dividends, interest and rents
from investments
Proceeds from sale of
investments
Purchase of fixed assets
Purchase of investment
property
Proceeds from Sale of
Investment Property
Purchase of heritage assets
Purchase of investments
Net Cash provided by
Investing activities
Financing activities
Loan Debtors repaid
Repayment of Bank Loans
Net Cash Inflow/(outflow)
from Financing activities
Change in cash and cash
equivalents in the reporting
period
Cash and cash equivalents at
the beginning of the reporting
period
Change in cash and cash
equivalents due to exchange
rate movements
Cash and cash equivalents at
the end of the reporting
period		 2025
£'000
17,125
13,174
(748)
(687)
-
(159)
(11,829)
380
-		 2025
£'000
(18,085)
16,876
380
(829)
24,407
894
24,472		 2024
£'000
15,779
7,641
(597)
(287)
762
(3,548)
(17,496)
4
(7,300)		 2024
£'000
(13,089)
2,254
(7,296)
(18,131)
49,559
(7,021)
24,407

The notes on pages 24 to 62 form part of these financial statements.

22

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION

CONSOLIDATED CASHFLOW STATEMENT (CONTINUED) FOR THE YEAR ENDING 28 FFEBRUARY 2025

Changes in Cash and Cash
Equivalents
Cash at bank and in hand
Investment cash
Total cash and cash
equivalents		 Net
balances
as at 1
March
2024
Cash
(Decrease)/increase
in the period
Net
balance
as at 28
February
2025
£'000
£'000
£'000
3,685
(253)
3,432
20,722
318
21,040
24,407
65
24,472
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		 At 1
March
2024
Cash
flows
Transfer
Fair value
movements
Foreign
Exchange
movements
Other
non-
cash
changes
At 28
February
2025
£'000
£'000
£'000
£'000
£'000
£'000
£'000
3,685
(253)
-
-
-
-
3,432
20,722
(576)
-
-
894
-
21,040
24,407
(829)
-
-
894
-
24,472
12
(4)
-
-
-
-
8
756
(376)
-
-
-
-
380
25,175
1,213
-
-
894
-
24,856

The notes on pages 24 to 62 form part of these financial statements.

23

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025

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 28 February 2025, 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, Golden Mede Management Company Limited and Golden Mede Development Company Limited are consolidated on a line by line basis in these financial statements.

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 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.

24

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FFEBRUARY 2025 (CONTINUED)

THE ROTHSCHILD FOUNDATION

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:

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

25

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FFEBRUARY 2025 (CONTINUED)

THE ROTHSCHILD FOUNDATION

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 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 asset’s 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.

26

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FFEBRUARY 2025 (CONTINUED)

THE ROTHSCHILD FOUNDATION

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 three pension schemes.

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 Rothschild Waddesdon Limited and Waddesdon Wine Limited are offered membership of the National Trust pension scheme, a defined contribution 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

Stocks are valued at lower of cost and net realisable value. Within Golden Mede Development Company, Work in progress 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.

27

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FFEBRUARY 2025 (CONTINUED)

THE ROTHSCHILD FOUNDATION

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) Going concern

The Management and the Trustees have undertaken an assessment of going concern and conclude that the going concern basis is appropriate. Although there is a small net current liabilities figure on the balance sheet, this is attributable to a timing difference between approving Grants and drawing down cash to pay them. The Foundation has the ability to draw cash from their investments at any time to cover liabilities. Consequently, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the Group and individual entities to continue as a going concern.

n) 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

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.

28

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FFEBRUARY 2025 (CONTINUED)

THE ROTHSCHILD FOUNDATION

o) 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.

p) 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.

q) 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.

r) 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.

29

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (CONTINUED)

3. Donations and legacies

Capital fund Capital fund Income fund 2025 Capital fund Capital fund Income fund 2024
£'000 £'000 £'000 £'000 £'000 £'000
Donation of Shares
& other - - 540 540
Investments
Donation of Cash - - - 1,250 - 1,250
Donation of
Tangible fixed - - - 535 - 535
Assets
Donation of
Heritage Assets		 - - - 144 - 144
Donation of
Investment - - 762 - 762
Property
Donation of Stock - - - - - -
Donations
 - - - 3,231 - 3,231
Other income - 242 242 - 292 292
- 242 242 3,231 292 3,523

There were no donations during the year, all donations in the previous year were unrestricted.

4. Income from Investments

Equity
investment
Property
investments
Interest
received		 Foundation Subsidiary
Group
Adjustment
2025 Foundation Subsidiary
Group
Adjustment
2024
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
13,746
-
- 13,746
13,703
-
- 13,703
1,398
-
-
1,398
1,405
-
-
1,405
1,067
4
(174)
897
1,341
19
(211)
1,149
16,211
4
(174) 16,041
16,449
19
(211) 16,257

£72k of the Investment Income and £87k of Interest received related to restricted Investments.

30

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (CONTINUED)

5. Expenditure on raising funds

5. Expenditure on raising funds
Management of investments
Property management
Impairment of subsidiary		 Direct Support
Direct Support
Costs
Costs
2025
Costs
Costs
2024
£'000
£'000
£'000
£'000
£'000
£'000
1,924
170
2,094
1,988
337
2,325
776
769
1,545
763
786
1,549
-
-
-
400
-
400
2,700
939
3,639
3,151
1,123
4,274

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

6. Expenditure of Foundation activities and Waddesdon Manor


Grant making
Arts & Humanities
Education & Social Welfare
Energy & Environment
Costs of Grant Making
Grant of services to Illuminated
River
Charitable Events
Foundation management
Expenditure on Foundation
activities as per SOFA
Expenditure on Waddesdon
Manor (see note 7)		 Grants
MadeDirect Support
Grants
MadeDirect Support

Costs
Costs
2025
Costs
Costs
2024
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
6,941
-
-
6,941
3,489
-
-
3,489
3,528
-
-
3,528
2,238
-
-
2,238
3,341
-
-
3,341
1,191
-
-
1,191
-
-
603
603
-
469
469
5
-
-
5
5
-
-
5
-
9
-
9
-
36
-
36
13,815
9
603
14,427
6,923
36
469
7,428
-
-
5,505
5,505
-
-
2,069
2,069
13,815
9
6,108
19,932
6,923
36
2,538
9,497
-
6,436
2,496
8,932
-
5,323
2,123
7,446
.
13,815
6,445
8,604
28,864
6,923
5,359
4,661
16,943

The funding of the Manor is represented in each year as follows:


Income
Expenditure
Taxation (Note 30)
Total funding		 2025
£

(5,401)
8,932
(12)
3,519		 2024
£
(5,323)
7,446
(4)
2,119

31

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (CONTINUED)

7. Waddesdon Manor income and expenditure 7. Waddesdon Manor income and expenditure
Manor Group 2025 Manor Group 2024
Adjustment Adjustment
£'000 £'000 £'000 £'000 £'000 £'000
Income
Admissions revenue 1,999 - 1,999 2,040 - 2,040
National Trust visitor revenue 2,201 - 2,201 2,123 - 2,123
National Trust contribution 300 - 300 300 - 300
Public events and Education 167 - 167 173 - 173
Other Visitor related income 373 - 373 406 - 406

Revenue		 5,040 - 5,040 5,042 - 5,042
Other Income 390 (29) 361 315 (34) 281
Total income 5,430 (29) 5,401 5,357 (34) 5,323
Expenditure
Staff costs 3,548 - 3,548 3,122 - 3,122
Other operational costs 4,397 (61) 4,336 3,879 (59) 3,820
Improvements to Manor and projects 896 - 896 413 - 413
Depreciation 152 - 152 91 - 91
Expenditure 8,993 (61) 8,932 7,505 (59) 7,446
Taxation (Note 30) 12 - 12 4 - 4
Net expenditure before Foundation
contribution		 (3,551) 32 (3,519) (2,144) 25 (2,119)
Contributions from Foundation reserves 3,551 (32) 3,519 2,144 (25) 2,119

32

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (CONTINUED)

8. Income & Expenditure of Subsidiary

Companies

8. Income & Expenditure of Subsidiary
Companies
RWL GMMC GMDC Sub
total		 Group
Adjustment		 2025
£'000 £'000 £'000 £'000 £'000 £'000
Income Statement
Turnover 5,300 29 - 5,329 - 5,329
Cost of sales (1,799) - (60) (1,859) - (1,859)
Gross profit 3,501 29
(60)		 3,470 - 3,470
Administrative Expenses (3,771) (26) (89) (3,886) - (3,886)
Other Operating Income 9 - - 9 - 9
Operating profit (261) 3 (149) (407) - (407)
Interest receivable (In Income from
Investments SOFA Note 4)		 4 - - 4 - 4
Interest payable - - (174) (174) 174 -
Profit on ordinary activities before taxation (257) 3 (323) (577) 174 (403)
Tax on profit on ordinary activities - - - - - -
(Loss) / (Profit) for the financial year (257) 3 (323) (577) 174 (403)

(Loss) / (Profit) for the financial year
attributable to:
Owners of the parent (257) 3 (323) (577) 174 (403)
Non-controlling interest - - - - - -

Profit for the financial year		 (257) 3 (323) (577) 174 (403)
Consolidated Comprehensive Income for
the financial year		 (257) 3 (323) (577) 174 (403)
Waddesdon Enterprises was in the Group at the year end waiting to be wound up, but there were no Income
and Expenditure transactions during the year and no assets or liabilities at the end of the year. The company
is now wound up.
Expenditure of trading subsidiaries shown on the SOFA is made up as follows:
RWL GMMC GMDC Sub
total		 Group Adj 2025
£'000 £'000 £'000 £'000 £'000 £'000
Cost of Sales 1,799 - 60 1,859 - 1,859
Administrative Expenses 3,771 26 89 3,886 - 3,886
Interest payable and similar charges - - 174 174 (174) -
Expenditure of trading subsidiary as per
SOFA		 5,570 26
323		 5,919 (174) 5,745
Taxation - - - - - -

33

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (CONTINUED)

8. Income & Expenditure of Subsidiary Companies (Continued)

8. Income & Expenditure of Subsidiary
Companies (Continued)
RWL WWL WEL GMMC GMDC Group
Adjustment		 2024
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Income Statement
Turnover (Income from Trading subsidiary
on SOFA)		 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 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
 (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 -
Profit on ordinary activities before taxation (179) 130 (51) (1) (1,600) 211 (1,490)
Tax on profit on ordinary activities - (8) - - - - (8)
Profit / (Loss) for the financial year (179) 122 (51) (1) (1,600) 211 (1,498)

Profit / (Loss) 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
Other Operating 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)

34

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (CONTINUED)

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
Impairment
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
Adjustment
2025
Staff
costs
Other
costs
Depreciation/
amortisation
Group
Adjustment
2024
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
-
2,094
-
-
2,094
-
2,325
-
-
2,325
-
-
-
-
-
-
400
-
-
400
-
1,472
73
-
1,545
-
1,486
63
-
1,549
-
3,566
73
-
3,639
-
4,211
63
-
4,274
-
13,815
-
-
13,815
-
6,923
-
-
6,923
378
225
-
-
603
213
256
-
-
469
-
9
-
-
9
-
36
-
-
36
378
14,049
-
-
14,427
213
7,215
-
-
7,428
1,944
673
388
-
3,005
1,709
11
349
-
2,069
-
-
2,500
-
2,500
-
-
-
-
-
2,322
18,288
2,961
-
23,571
1,922
11,437
412
-
13,771
3,990
4,851
152
(61)
8,932
3,499
3,915
91
(59)
7,446
6,312
23,139
3,113
(61)
32,503
5,421
15,352
503
(59)
21,217
2,165
3,407
173
-
5,745
2,413
13,324
210
-
15,947
8,477
26,546
3,286
(61)
38,248
7,834
28,676
713
(59)
37,164

35

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (CONTINUED)

9. Total expenditure (Continued)

Depreciation:
Foundation
Trading Subsidiaries
Total Depreciation
Impairment - Foundation
Total Depreciation and Impairment
Auditors’ remuneration:
Foundation
Trading subsidiaries
Non-Audit services - corporation tax compliance
Total Auditors remuneration		 2025
£'000
(613)
(173)
(786)
(2,500)
(3,286)
(36)
(31)
(11)
(78)		 2024
£'000
(697)
(210)
(907)
-
(907)
(32)
(31)
(14)
(77)

36

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (CONTINUED)

10. Grants made during the year

10. Grants made during the year
2025 2024
£'000 £'000
240Project 60 -
Amersham Museum - 72
Art History Link-Up - 222
Ashmolean Museum 250 -
Aspire for Young people 516 -
Buckinghamshire Community Foundation - 100
Buckinghamshire Council 75 -
Buckinghamshire Culture 330 -
Butrint Foundation - 79
Chiltern Music Academy 90 -
Chiltern Music Therapy - 53
Chiltern Rangers - 140
Chilterns Conservation Board - 200
Civic Future - 150
Conservation Collective 61 -
Courtauld Institute of Art 500 -
Eton College - 60
Feeding Britain 500 -
Freshwater Habitats Trust - 115
Garsington Opera - 51
Give a Book - 150
Global Feedback (Feedback) - 200
Glyndebourne 150 -
Grow Together Bucks - 136
Hay Festival of Literature - 66
Hazara Charitable Trust - 160
Ikon Gallery 65 -
Kestrel Theatre Company - 100
London LGBTQ+ Community Centre 90 -
London Library - 150
London Philharmonic Orchestra 60 -
Maggie’s 500 -
National Gallery 500 -
National Gallery Trust - 410
National Paralympic Heritage Trust - 210
Natural History Museum 560 -
Nature Friendly Farming Network Limited - 150
North East Cotswold Farmer Cluster CIC 250 -
Organic Research Centre 317 -
River Thame Conservation Trust - 200
Royal Academy of Arts 600 -
Royal Academy of Music - 250
Royal Agricultural University 200 -
Royal Drawing School 250 -
Royal Opera House - 300

37

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (CONTINUED)

10. Grants made during the year (Continued)

Royal Shakespeare Company
Screen Academy Foundation
Soil Association
Somerset House
St James's Piccadilly
Sustainable Food Trust
Tate
The Art Fund
The Auckland Project
The Board of Trustees of the Tate Gallery
The Charleston Trust
The Houghton Arts Foundation
The Line Art Walk
The Listening Place
The Queen's Reading Room
The Share Foundation
The University of Buckingham
The Wallace Collection
The West London Synagogue of British Jews
Trent Park Museum Trust
University of Cambridge
University of Leeds
University of Oxford
Unlocking Potential
Wildlife Trust (Berks, Bucks and Oxon)
Wiltshire Archaeological and Natural History Society
Wycombe Arts Centre
Wycombe Wanderers Sports & Education Trust

Grants under £50,000 in both last 2 years

Grants Made
Grant of Services to illuminated River
Total Grants (see notes 6 and 9)		 -
150
500
-
300
-
352
-
250
-
820
-
-
150
150
-
250
-
150
-
300
-
50
-
-
150
200
-
150
100
130
-
96
-
-
184
500
-
300
-
250
-
500
-
500
-
100
-
190
-
500
-
-
171
-
101
12,462
4,730
1,348
2,188

13,810
6,918
5
5
13,815
6,923

38

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (CONTINUED)

THE ROTHSCHILD FOUNDATION

Note 11. Employees

Average
The average number of Permanent staff employed in the year was:
Manor
Grants and administration
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 administration
Foundation Total
Subsidiaries		 2025
2024
88
77
51
52
139
129
36
46
175
175
122
107
156
128
278
235
2025
2024
101
92
56
49
157
141
54
61
211
202

39

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (CONTINUED)

11. Employees (Continued)

Foundation

11. Employees (Continued)
Foundation		 Foundation
Manor
Grants and
Administration
Total
Subsidiaries
£'000
£'000
£'000
£'000
Wages and salaries
3,453
1,980
5,433
1,948
Social security costs
303
200
503
133
Other pension costs
234
142
376
84
Rothschild Foundation
3,990
2,322
6,312
2,165
Redundancy costs
Payments to key personnel during the year
included in the above amounted to
Pension costs for the year break down as follows:		 Manor
Grants and
Administration
Total
Subsidiaries
£'000
£'000
£'000
£'000
3,453
1,980
5,433
1,948
303
200
503
133
234
142
376
84		 2025
2024
£'000
£'000
7,381
6,804
636
603
460
427
3,990
2,322
6,312
2,165		 8,477
7,834
2025
2024
£'000
£'000
50
61
2025
2024
£'000
£'000
1,102
1,145
Pension costs for the year break down as follows:
Defined contribution scheme Foundation
Manor
Admin
Total
Subsidiary
2025
2024
£'000
£'000
£'000
£'000
£'000
£'000
234
142
376
84
460
427
234
142
376
84
460
427

40

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (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:
2025 2024
60,000-69,999 4 2
70,000-79,999 2 1
-
80,000-89,999 1
90,000-99,999 - 1
-
100,000-109,999 1
110,000-119,999 1 1
120,000-129,999 - 1
-
130,000-139,999 1
150,000-159,999 - 1
-
180,000-189,999 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.

41

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (CONTINUED)

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 (Losses) / (Gains) for the year –
realised
- unrealised
Market value at 28 February
Historical cost at 28 February (excluding
investment cash)
Analysis of market value at 28 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
Other Investments
Goedhuis Waddesdon Limited		 Group
Foundation
2025
2024
2025
2024
£'000
£'000
£'000
£'000
675,316
690,610
673,743
690,610
-
540
-
540
11,829
19,069
11,829
17,496
(13,174)
(7,641)
(13,174)
(7,641)
318
(8,211)
318
(8,211)
(2,496)
765
(2,496)
765
65,737
(19,816)
65,737
(19,816)
737,530
675,316
735,957
673,743
440,257
438,406
438,684
436,833
Group
Foundation
2025
2024
2025
2024
£'000
£'000
£'000
£'000
323,547
279,263
323,547
279,263
314,570
310,360
314,570
310,360
78,588
66,141
77,015
64,568
21,040
20,723
21,040
20,723
(215)
(1,171)
(215)
(1,171)
737,530
675,316
735,957
673,743
Group
Foundation
Market value
as at
Market value
as at
Market value
as at
Market value
as at
28 February
2025
29 February
2024
28 February
2025
29 February
2024
£'000
£'000
£'000
£'000
297,659
271,495
297,659
271,495
280,184
252,312
280,184
252,312
155,633
147,455
155,633
147,455
733,476
671,262
733,476
671,262
4,054
4,054
2,481
2,481
737,530
675,316
735,957
673,743

42

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (CONTINUED)

13. Investment Property

13. Investment Property
Group and Foundation
Open market value at 01 March
Additions in the year
Donation
Disposals

Open market value at 28 February

Historical cost at 28 February		 2025
2024
£'000
£'000
41,385
41,098
687
287
-
762
-
(762)
42,072
41,385
25,092
24,405

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 28/02/21, by an independent property agent, who is a Fellow 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 property at 28 February 2025 is a fair reflection of market value.

14. Investment in subsidiary undertakings

The Foundation (RF) 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, Including Catering, Retail, Private Events, The Five Arrows hotel, The Bow Pub and Public Events & Filming. The ordinary shares held have a nominal value of £1 per share and are fully paid up.

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 (2024: £4,655,100) and are fully paid.

The Foundation holds 94.6% (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 (2024: £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.

43

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (CONTINUED)

14. Investment in subsidiary undertakings (Continued)

Investment in
subsidiary
undertakings,
at cost
RWL GMDC WEL 2025 WWL RWL GMDC WEL 2024
£'000 £'000 £'000 £'000 £'000 £'000 £'000
£'000		 £'000
At
1
March
2024		 1,000 4,655 1,100 6,755 1,083 1,000 4,655
1,500		 8,238
Investment in
year		 1,100 - - 1,100
Impairment
Provision
in		 - - - - - - -
(400)		 (400)
year
Disposal
in
year		 - - (1,100) (1,100)
(1,083)		 - -
-		 (1,083)
At 28 February
2025		 2,100 4,655 - 6,755 - 1,000 4,655
1,100		 6,755
15. Heritage Assets
Group and Foundation
Summary of heritage asset transactions
2025 2024 2023 2022 2021
£'000 £'000 £'000 £'000 £'000
Cost
At 1 March 42,294 35,204 34,901 34,828 34,745
Donations received - 144 - 52 -
Additions in the year 159 6,946 303 21 83
At 28 February 2025 42,453 42,294 35,204 34,901 34,828
Depreciation
At 1 March 206 - - - -
Charge in year 2,816 206 - - -
Impairment in year 2,500 - - - -
At 28 February 2025 3,022 206 - - -
Net book value at 28 February
2025		 39,431 42,088 35,204 34,901 34,828

44

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (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 28 February 2025, 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 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 Wedding Cake has been subject to an Impairment of £2.5m during the year. 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.

`

45

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (CONTINUED)

16. Tangible fixed assets

Group

Cost
At 1 March 2024
Additions
Transfers
Disposals
At 28 February 2025

Depreciation
At 1 March 2024
Charge in year
Disposals
At 28 February 2025
Net book value at 28 February 2025
Net book value at 29 February 2024

Foundation
Cost
At 1 March 2024
Donations
Additions
At 28 February 2025

Depreciation
At 1 March 2024
Charge in year
Disposals
At 28 February 2025
Net book value at 28 February 2025
Net book value at 29 February 2024		 Freehold,
Land and
Buildings
Long
Leasehold
Improvements
Vehicle,
Furniture,
Fixtures &
Equipment
Total
£'000
£'000
£'000
£'000
12,554
1,310
4,104
17,968
-
22
726
748
(12)
-
12
-
-
-
(145)
(145)
12,542
1,332
4,696
18,570
91
238
3,002
3,331
86
36
239
361
-
-
(145)
(145)
177
274
3,096
3,547
12,365
1,058
1,600
15,023
12,463
1,072
1,102
14,637
Freehold,
Land and
Buildings
Long
Leasehold
Improvements
Vehicle,
Furniture,
Fixtures &
Equipment
Total
£'000
£'000
£'000
£'000
12,510
1,310
2,406
16,226
-
-
-
-
-
22
783
805
12,510
1,332
3,189
17,031
83
238
1,736
2,057
84
36
297
417
-
-
-
-
167
274
2,033
2,474
12,343
1,058
1,156
14,557
12,427
1,072
670
14,169

46

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (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

Unpaid Dividend Income
Loan to Goedhuis Waddesdon Limited
Other Loans
Loan Interest		 2025
£'000
63
703
766
4,519
28
(60)
-
4,487
5,253
65
2025
£'000
723
286
-
384
1,393
833
376
8
-
2,610		 2024
£'000
63
718
781
6,969
300
(1,006)
(1,744)
4,519
5,300
132
2024
£'000
851
460
31
512
1,854
1,870
756
12
47
4,539

47

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (CONTINUED)

18. Debtors (Continued)
Foundation
Trade Debtors
Owed from Group Undertakings
Other debtors
Deferred Tax from Rothschild Waddesdon Limited
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		 2025
£'000
668
205
250
-
317
1,481
833
2,600
376
8
221
5,519
2025
£'000
799
858
32
2
950
89
-
2,730
9,506
12,236		 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

48

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (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
Deferred Income Amounts falling due within one year
Group
Balance at 1 March 2024
Income in advance received during the year
Transferred from > one year during the year
Disposal of Waddesdon Wine Limited
Transferred income to SOFA
Balance at 28 February 2025

Foundation
Balance at 1 March 2024
Income in advance received during the year
Transferred Income to SOFA
Balance at 28 February 2025		 2025
£'000
570
16
119
633
-
81
1,419
9,506
10,925
2025
£'000
30
65
(6)
-
-
89
30
65
(14)
81		 2024
£'000
705
30
128
571
19
30
1,483
7,350
8,833
2024
£'000
2,956
65
-
(993)
(1,998)
30
12
65
(47)
30

49

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (CONTINUED)

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

Group and Foundation
Grant commitments accrued

Additional reconciliation of grants payable
Balance at 1 March 2024
Grant commitments made during the year
Grants paid in the year
Balance at 28 February 2025
Grant commitments falling due in less than one year
Grant commitments falling due in more than one year		 2025
£'000
6,982
6,982
2025
£'000
10,923
13,815
(8,250)
16,488
9,506
6,982
16,488		 2024
£'000
3,573
3,573
2024
£'000
10,604
6,923
(6,604)
10,923
7,350
3,573
10,923

50

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (CONTINUED)

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

Grant Commitments
Accrued
Group creditors falling due
£'000

>1<2 years
9,506
>2<5 years
6,982
16,488
2025
£'000
Deferred Income Amounts falling due after more than one year
Group
Balance at 1 March 2024
-
Income in advance received during the year
-
Disposal of Waddesdon Wine Limited
-
Transferred to current assets during the year
-
Balance at 28 February 2025
-

2025
£'000
Deferred Income Analysis Summary
Group
Balance at 1 March 2024
30
Income in advance received during the year
65
Transferred to SOFA
(6)
Disposal of Waddesdon Wine Limited
-
Balance at 28 February 2025
89

Shown as:
Creditors < 1 year
89
Creditors > 1 year
-
89		 Grant Commitments
Accrued
Group creditors falling due
£'000

>1<2 years
9,506
>2<5 years
6,982
16,488
2025
£'000
Deferred Income Amounts falling due after more than one year
Group
Balance at 1 March 2024
-
Income in advance received during the year
-
Disposal of Waddesdon Wine Limited
-
Transferred to current assets during the year
-
Balance at 28 February 2025
-

2025
£'000
Deferred Income Analysis Summary
Group
Balance at 1 March 2024
30
Income in advance received during the year
65
Transferred to SOFA
(6)
Disposal of Waddesdon Wine Limited
-
Balance at 28 February 2025
89

Shown as:
Creditors < 1 year
89
Creditors > 1 year
-
89		 Deferred
Income
£'000
-
-
-




















 Deferred
Income
£'000
-
-
-




















 2025
£'000
9,506
6,982
16,488
















2024
£'000
4,272
2,160
(1,998)
(4,434)
-
2024
£'000
4,272
2,160
(1,998)
(4,404)
30
30
-
30
-
2025
£'000
30
65
(6)
-
89
89
-
89

51

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (CONTINUED)

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 (liabilities) / assets
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 (liabilities) / assets
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
2025
2024
£'000
£'000
£'000
£'000
£'000
£'000
£'000
-
6,183
454,993
4,989
271,365
737,530
675,316
-
1,149
29,220
615
11,088
42,072
41,385
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
39,431
-
-
39,431
42,088
-
-
15,023
-
-
15,023
14,637
-
-
-
-
-
-
-
(941)
-
-
-
-
(941)
3,311
(6,982)
-
-
-
-
(6,982)
(3,573)
7,923
-
(7,923)
-
-
-
-
-
7,332
530,744
5,604
282,453
826,133
773,164
-
-
-
-
-
-
-
-
7,332
530,744
5,604
282,453
826,133
773,164
-
6,183
453,420
4,989
271,365
735,957
673,743
-
1,149
29,220
615
11,088
42,072
41,385
-
-
6,755
-
-
6,755
6,755
-
-
39,431
-
-
39,431
42,088
-
-
14,557
-
-
14,557
14,169
(3,489)
-
-
-
-
(3,489)
233
(6,982)
-
-
-
-
(6,982)
(3,573)
10,471
-
(10,471)
-
-
-
-
-
7,332
532,912
5,604
282,453
828,301
774,800

52

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (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
2024
£'000
£'000
£'000
£'000
£'000
£'000
-
5,827
453,301
4,066
212,122
675,316
-
1,149
28,533
615
11,088
41,385
-
-
-
-
-
-
-
-
-
-
-
-
-
-
42,088
-
-
42,088
-
-
14,637
-
-
14,637
-
-
-
-
-
-
3,311
-
-
-
-
3,311
(3,573)
-
-
-
-
(3,573)
262
-
(262)
-
-
-
-
6,976
538,297
4,681
223,210
773,164
-
-
-
-
-
-
-
6,976
538,297
4,681
223,210
773,164
-
5,827
451,728
4,066
212,122
673,743
-
1,149
28,533
615
11,088
41,385
-
-
6,755
-
-
6,755
-
-
42,088
-
-
42,088
-
-
14,169
-
-
14,169
233
-
-
-
-
233
(3,573)
-
-
-
-
(3,573)
3,340
-
(3,340)
-
-
-
-
6,976
539,933
4,681
223,210
774,800

53

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (CONTINUED)

22. Movement in Funds


Capital funds
(Expendable
endowment)
Unrestricted
Restricted to
Waddesdon Manor
Unrestricted
revaluation reserve
Restricted revaluation
reserve
Unrestricted income
funds
Total funds		 Balance at 1
March 2024
Income Expenditure
Realised/
unrealised
gains and
losses
Transfers
Total
Movement
Balance
at 28
February
2025
£'000
£'000
£'000
£'000
£'000
£'000
£'000
534,906
-
(2,280)
3,964
(5,846)
(4,162)
530,744
6,976
356
-
-
-
356
7,322
223,210
-
-
59,243
-
59,243
282,453
4,681
-
-
923
-
923
5,604
769,773
-
(1,924)
64,130
(5,846)
56,360
826,133
3,391
27,022
(36,259)
-
5,846
(3,391)
-
773,164
27,022
(38,183)
64,130
-
52,969
826,133

Movement in Funds Prior year


Capital funds
(Expendable
endowment)
Unrestricted
Restricted to
Waddesdon Manor
Unrestricted
revaluation reserve
Restricted revaluation
reserve
Unrestricted income
funds
Total 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
539,734
3,231
(2,388)
(5,671)
-
(4,828)
534,906
6,976
-
-
-
-
-
6,976
244,244
-
-
(21,034)
-
(21,034)
223,210
4,048
-
-
633
-
633
4,681
795,002
3,231
(2,388)
(26,072)
-
(25,229)
769,773
1,890
36,281
(34,780)
-
-
1,501
3,391
796,892
39,512
(37,168)
(26,072)
-
(23,728)
773,164

54

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (CONTINUED)

23. Revaluation Reserve

Included within the capital fund are the revaluation reserves with the following values:

Fixed Asset
Investments		 Investment Properties Total
£'000 £'000 £'000
At 1 March 2024 216,188 11,703 227,891
Unrealised gains during the year 65,738 - 65,738
Realised Gains during the year (2,495) - (2,495)
Release of previously recognised
unrealised gains		 (3,077) - (3,077)
At 28 February 2025 276,354 11,703 288,057
Revaluation Reserve Prior Year
Fixed Asset
Investments		 Investment Properties Total
£'000 £'000 £'000
At 1 March 2023 236,589 11,703 248,292
Unrealised gains 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
The Revaluation reserve was divided between restricted and unrestricted reserves as follows:
Restricted 4,066 615 4,681
Unrestricted 212,122 11,088 223,210
At 1 March 2024 216,188 11,703 227,891
Restricted 4,989 615 5,604
Unrestricted 271,365 11,088 282,453
At 28 February 2025 276,354 11,703 288,057

The revaluation reserve represents cumulative increases in the value of underlying assets since acquisition.

55

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (CONTINUED)

24. Financial commitments

At 28 February 2025 the group had annual commitments under noncancellable operating leases as follows:

Expiry date:
Less than year
Within two to five years
In over five years		 Land and Buildings
2025
2024
£'000
£'000
25
25
100
100
50
75
175
200		 Plant and Equipment
2025
2024
£'000
£'000
30
21
-
30
-
-
30
51		 Plant and Equipment
2025
2024
£'000
£'000
30
21
-
30
-
-
30
51
51

At the Balance sheet Date the outstanding capital commitment to investment related holdings of £50.7m (2024: £47.0m) 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.

56

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (CONTINUED)

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

Net (Expenditure) / income for the reporting period (as per the SOFA)
Rent from investment property
Donation of Investments
Donation of investment property
Donation of Heritage assets
Donation of Tangible fixed assets
Depreciation charges - Tangible Fixed Assets
Depreciation charges - Heritage Assets
Impairment of Heritage Assets
Loan Impairment
Disposal of subsidiary
Loss on disposal of Fixed Assets
Dividend and Interest receivable
Decrease in Debtors
Decrease in Creditors
Increase/(Decrease) in grant commitments
Increase in creditors due after one year
Non-controlling interest
Decrease in Stock
Decrease in Work in Progress
Net cash outflow from operating activities		 2025
£'000
(11,161)
(1,398)
-
-
-
-
361
316
2,500
-
-
-
(14,643)
461
(133)
2,156
3,409
-
15
32
(18,085)		 2024
£'000
2,344
(1,405)
(540)
(762)
(144)
(535)
506
206
-
100
(1,573)
91
(14,852)
4,599
(4,719)
(1,651)
1,006
(572)
2,362
2,450
(13,089)

57

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (CONTINUED)

26. Related Party Transactions

26. Related Party Transactions
2025 2024
Related Party 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 by Waddesdon Estate - (101) - - (63) (6)
Charged to Waddesdon Estate 127 - 14 118 - 12
Charged by Lower Blackgrove Farm - (28) - - (16) -
Charged by JRSL - (199) - - (25) (4)
Charged to JRSL 36 - 4 34 - 4
Charged to Spencer House 66 - 20 66 - 20
Charged by Windmill Hill Asset Management Ltd - (945) - - (703) -
Charged to Windmill Hill Asset Management Ltd 59 - - 102 - 1
Charged to SJP Trust Corporation Ltd 9 - 8 - - -
Charged to Beachendon Publications 1 - - - - -
Charges to Rothschild Foundation Hanadiv
(Europe)		 78 - 8 62 - 28
Charged to The Late Lord Rothschild 77 - 204 27 - -
Charged to Illuminated River 5 - - - - -
Charged to Waddesdon Enterprises - - - 283 - 23
Charged to Rothschild Waddesdon Ltd 197 - 205 - - -
Charged by Rothschild Waddesdon Ltd - - (21) - - -
Charged to Golden Mede Development company
Ltd		 174 - - 177 - 47
Charges to Waddesdon Wine Limited - - - 88 - 25

58

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (CONTINUED)

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.

28. Foundation reserves reconciliation

As at 1 March
Surplus in Year
As at 28 February		 2025
£'000
774,800
53,501
828,301		 2024
£'000
796,119
(21,319)
774,800

59

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (CONTINUED)

29. Group SOFA - prior year

29. Group SOFA - prior year
Donations and Legacies
Income from Investments
Income from Waddesdon Manor
Income from Foundation activities and Donations
Income of Trading Subsidiary - Continuing
Income of Trading Subsidiary - Non Continuing
Total Income
Expenditure on raising funds
Expenditure on foundation activities
Expenditure on Waddesdon Manor
Expenditure of Trading subsidiaries - Continuing
Expenditure of Trading subsidiaries - Non Continuing
Total Expenditure
Taxation
Net Income before gains and losses on Investments
Net Gains on Investments
Net Income		 Income
Capital
Fund
Fund
Total
2024
2024
2024
£'000
£'000
£'000
292
3,231
3,523
16,257
-
16,257
5,323
-
5,323
21,872
3,231
25,103
6,367
-
6,367
8,042
-
8,042
36,281
3,231
39,512
1,886
2,388
4,274
9,497
-
9,497
7,446
-
7,446
18,829
2,388
21,217
8,006
-
8,006
7,941
-
7,941
34,776
2,388
37,164
4
-
4
1,501
843
2,344
- (26,072)(26,072)
1,501(25,229) (23,728)

60

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (CONTINUED)

30. Taxation
2025
Foundation RWL GMMC GMDC Total
Tax Charge
Current tax (12) - - - (12)
Deferred tax (53) - - - (53)
Total Tax Charge (65) - - - (65)
Factors affecting tax charge for the year
Profit/(loss) on ordinary activities before - (257) 3 (323) (577)
tax
Profit on ordinary activities multiplied by
the standard rate of UK corporation tax of
25% - - 1 - 1
Effects of:
Movement in deferred tax not recognised (53) - - - (53)
Effect of losses carried forward - - (1) - (1)
Museum and Galleries Tax relief (12) - - - (12)
Tax charge (65) - - - (65)

61

Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB

THE ROTHSCHILD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 28 FEBRUARY 2025 (CONTINUED)

30. Taxation (continued - prior year)

30. Taxation (continued - prior year)
2024
Foundation RWL WWL WEL GMMC GMDC Total
Tax Charge
Current tax (4) - - - - - (4)
Deferred tax - - - - - - -
Total Tax Charge (4) - - - - - (4)
Factors affecting tax charge for the year
Profit/(loss) on ordinary activities before tax - (179) 32 (51) (1) **(594) ** (793)
Profit on ordinary activities multiplied by
the standard rate of UK corporation tax of
19% - 44 8 - - - 52
Effects of:
Effect of losses carried forward - (44) - - - - (44)
Museum and Galleries Tax relief (4) - - - - - (4)
Tax charge (4) - 8 - - - 4

62