Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB
ANNUAL REPORT
&
## FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 February 2025
_Registered company number: 07350078_
_Registered charity number: 1138145_
Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB
## **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**|
Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB
## **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
1
Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB
## **THE ROTHSCHILD FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025**
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**
2
Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB
**THE ROTHSCHILD FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025**
## **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
3
Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB
## **THE ROTHSCHILD FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025**
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
4
Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB
## **THE ROTHSCHILD FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025**
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
5
Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB
## **THE ROTHSCHILD FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025**
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
6
Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB
## **THE ROTHSCHILD FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025**
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.
7
Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB
## **THE ROTHSCHILD FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025**
## _**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.
8
Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB
## **THE ROTHSCHILD FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025**
## _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;
- General EDI introduction
- Neurodiversity - ADHD and Autism in the workplace
- Sexuality & Gender
- Neurodiversity – Dyslexia and Dyscalculia in the workplace
- Anti Racism – Allyship development
- Disability Awareness
- British Sign Language Training
## _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.
9
Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB
## **THE ROTHSCHILD FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025**
## **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
10
Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB
## **THE ROTHSCHILD FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025**
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.
11
Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB
## **THE ROTHSCHILD FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025**
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|
12
Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB
## **THE ROTHSCHILD FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025**
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP (FRS102);
13
Docusign Envelope ID: E1E115EF-4856-46AA-BA15-4E1AA3B7BDAB
## **THE ROTHSCHILD FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025**
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the Trustees are aware:
- there is no relevant audit information of which the charitable Group auditor is unaware; and
- _-_ the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
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**
14
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:
- give a true and fair view of the state of the affairs of the group and the parent charitable company as at 28 February 2025 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended ;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **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:
- the information given in the Report of the Trustees which includes the Directors’ Report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Trustees which includes the Directors’ Report and the Strategic Report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees and Strategic Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 require us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **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:
- the information given in the Report of the Trustees which includes the Directors’ Report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Trustees which includes the Directors’ Report and the Strategic Report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees and Strategic Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 require us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees’ Responsibilities, as set out on 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.
**----- Start of picture text -----**
24 September 2025
**----- End of picture text -----**
…………………...……………..
## **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:
- Exemption from presenting a charitable company statement of cash flows as a primary statement to the financial statements.
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