THE MCLAIN FOUNDATION LIMITED
{Roglst•red Charity No. 1139841 and Company No. 07463093)
ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
RAWLINSON
& HUNTER

THE MCLAIN FOUNDATION LIMITED
ANNUAL REPORT QF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTENTS
Page
Annual Report of th8 Tru$te8s
Independent Auditor's R8POrt
Statement of Financlal A￿1v￿￿eS (including Income and Expenditure Account)
10
Balance Sheet
11
Statement of Cash Flows
12
Notes to the Financial Statements
13-20

Pa9e 1
THE MCLAIN FOUNDATION UMITED
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
Thé Trustees present their report and the independently audited financial statements of Th& McLain
Foundation Limited l.the Foundation. or °Ihe charitable Gompany'l. for the year ended 31 Dec8mber
2023. These havg b8en prepared in accordan￿ wlth the accounting policies set out on pages 13 to 15
and Gomply with appll¢able Gharily law.
The financial statements comply with the Charities Act 2011 and where applicable, the Charities A¢1
2022, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and
Reporting by Chariti8s.' Slatement of Rewmmended PraGlice applicable to charities preparing their
accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic cfj
Ireland (FRS 102) I'charities SORP FRS 102"), the Financial Reporting Standard applicable in the
United Kingdom arNI Republic of Iraland (FRS 102}.
REFERENCE AND ADMINISTRATIVE DETAILS
The McLain Foundation Limited (registered charity nLJmber 1139841 and company number
07463093) is based and administered in the United Kingdom. The registered address is Eighth
Floor. 6 New Street Square, New Fetter Lane, London, EC4A 3AQ.
Dlrectors and Trustees:
The Directors and Truslees of the Foundatlon who held office during the year arKI continue to Sèrve
at the date of this report are:
BruGe Hardy McLain
Helle McLain
lan Terry
Carina McLain
Cameron McLain
Chelsea McLain
Chloe McLaln
The Trustees did not hold any beneficial interest in the Foundation at 31 December 2023 or at any
tim8 during or since that periDd.
Banker:
Barclays 1 Churchill Place, London E14 5HP
Bardays 25 Circular Road, Douglas, Isle of Man IM11AD
Sollcitors:
Imlhers LLP. 20 Old Bailey, London, EC4M 7AN
Investment Custodians:
Pershiny Advisor Solutions LLC, One Pershing Plaza, Jersey Cily, NJ 07399, USA
Banque Pictèt & Cie SA, Roule d8s Acacias 60, 1211 Gen8ve 73, Switzerland
Accountsnts:
Rawlinson & Hunter LLP,
Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ
Independent Audltor:
Rawlinson & Hunter Audit LLP,
Eighth Floor. 6 New Street Square, New Fétter Lane, London, EC4A 3AQ

Page 2
THE MCLAIN FOUNDATION UMITED
ANNUAL REPORT OF THE TRUSTEES (continued)
FOR THE YEAR ENDED 31 DECEMBER 2023
STRUCTURE. GOVERNANCE AND MANAGEMENT
The Foundats'on is a private limited company governed by fts Memorandum and Artides of
Assoaation and is regislered as a Chanty Wlth the Charity Commlssion for England and Wales.
The Trustees are resident In the United Klngdom and meet regularly lo discuss and develop the
Found4tion'$ goals and strategy and to review grant proposals and general grant requèsts.
The numb8r of Trustees shall be a mlnirnum of two at any one time and new Trustees shall be
appointed by ordinary resolution by the existing Trustees. The range of skills represented on th8
Trustee Board will be kept under review as the Foundation develops over time.
InduGtion and Training
As part of thelr training, Trustees are given an infomation pack which includes the Foundatlon'8
Memorandum and Articles of Association and Ihe Charity Commission guidance on Trustees,
Responsibilities. Atl Trustees are aware of their legal duties and obligatlons in respect of the
management of the Foundation, induding in relation to the protectlon of its 25sets.
ststernent of Trustaes, Responslbilitie$
The Trustees (who are also Directors for the purposes of company law) are responsible for
preparing the Annual Report of the Trustees and the financlal statements in accordance with
appliGable law and Unitéd lQngdom Accounting Standards (United Kingdom Generally Accepted
Accounting PractiG6).
Company law requires the Ttustee$ to P￿pare financial statemenls for each financial year, which
giv8 a twè an¢J fair view of the slate. of affairs of the charitable company and of the incoming
resources and application of resources. including the income and expenditure, of the charitable
company for the period. In preparing these financial statements, the Trustees are required to,.
select suitable accounllng policies and then appw them consistently.,
observe the methods and prlnciples in thé Charities SORP (FRS 1021.,
make judgemenls and estimates that are reasonable and pNdent;
state whether applicab￿ UK Accounting Stsndards have been followed, subject to any
malerlal departures disdosed and explained in the financial stat￿￿ents,. and
prepare ttie financlal stalem8nts on the going concern basis unless it is inappropriate to
presume that the charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that dlsclose with
reasonable accuracy at any time the financial position of the Gharitable cornpany and enable them
to ensure that the finanGial statements compty with the Companles Act 2006. They are also
responsible for safeguarding the assets of the charitable ompany and hence for taking rèasonable
Steps for thfr prevention and dÈtéction of fraud and other irregulariti88.
Disclosure of Inft)miatlon to Audllor
In3ofar as the Trustees ara aware..
there ig no relevant audit infomalion of which the charity's auditor is unaware,. and
the Trustees have taken all steps that they ought to have taken to make themselves aware
of any relevant audil information and to establish that the auditor is aware of that information.

Page 3
THE MCLAIN FOUNDATION LIPdllTED
ANNUAL REPORT OF THE TRUSTEES (contlnued)
FOR THE YEAR ENDED 31 DECEMBER 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT {continued)
Intemal Controls
The Trustees have overall responsSbility for ensuring that the Foundatlon has appwopriate systems
of internal corrtrols. They are responsible for keeping proper accounting records which dtsclose
with reasonable accuraw al any time the financial position of the Foundation and enable them to
ensure that the financial statements follow best practice and all applicable law regulation and
guidance. The Trustees are also responsible for the Foundation safeguarding its assets gnd for
taking reasonable steps for the prevention and delection of fraud and other Irregularities.
The system of internal contro18 13 designed to provide reasonable, but not absolute. assurancè
against material misstatement or loss.
Risk Management & Corporate Goveman
A risk assessment has been undertaken which comprlses..
An annual review of the risks thg Foundation may face.,
The establishment of system8 and procedures to mitigate those rt8ks,' and
The implementation of procedures designed to minimise any potential impact on the
Foundation should those risks materiallse.
Thls continuing process wli l identify risk areas to which the Foundation is vulnerabl? and hlghlight
any necessary safeguards that will need lo be put in pla￿. No major risks were identified at the
date of theso accounts.
The Trustees have signed fit and proper declaralions in line with HMRC guidancè.
In addition, the Trustees have taken due consideration of Go¢xI Govemance
A Code for the
Voluntary and Community Sector, ensuring that the seven main principles of the Code are adhered
to. These are..
Organisational purpose.
Leadership.
Integrity;
Decision-making, risk arKI control
Board eff8cliveness',
Equality, diversity and inclusion; and
Openness and accesslbility.
The Trustees recognise that good governance plays an essential part in securing the future of the
Foundation and confirm that the said prinBiples of the Code are followed by them in leading,
direcllng and managing the Foundation.

Page 4
THE MCLAIN FOUNDATION LIMITED
ANNUAL REPORT OF THE TRUSTEES (continued)
FOR THE YEAR ENDED 31 DECEMBER 2023
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
The objects of the Foundation are such exdusively charitab16 purposes as the Trustees may in
their absolutè discretion determine. The Foundation operates as a grantrfnaking charity, SUPPOrting
charitable projects and organisalions with grant3 of varying sizes and durations.
The Trustees have developed a solid framework for future grant-maklng activities and have rofined
their grant-making focus areas. The Trustees have pursued a broad strategy of ensuring proper
due diligen¢8 in the assessment of Potential grants and ensuring Ihal grants are made subject to
appToprlate lerms and conditions.
Statement of Public Benefit
As a 9rant-funder, the Foundation's activittes will provide public benefrt to the individuals and
communities who are beneficiaries of the Foundation's funded projects. The Foundation's publi
benefit is not limited with reference to geogiaphy or otherwise. The Trustees are aware of the
Charity Commission guidance on Public Benefit and confimi that they have complied with the dLty
in Section 4 of the Charities Act 2011 to have due regard to it. They consider the infomialion which
follows in this annual report, about the Foundalion's airns, actiVit￿S and achievèments in the areas
of interèst that the Foundation supports demonstrates the benefit to its beneficiaries and through
them to the public, that arise from Ihose actiwties.
Grant Maklng Policies
The Trustees, grant making poliGy has been to generally consider making donations by way of
direct funding and also by way of grants to charilable organisations recogni5ed as such in their
re$p8GtNe jurisdictions for projects th8t are exdusively charitable under English law. The
Foundation has begun to put in plaGe sound granl arrangements so that it can continue to properly
8elect appropriate grantees and impose prudent tems on granls, including, as appropriate,
monitoring and evaluation of the way in which funds are applied by 9rantees.
Fundralsing
The Trustees have referred to the Charitie3 (Protection and Sodal Investment) Act 2016 {'the
Act°} and the Guidance on Charities and Fundraising issued by the Charity Commission
( CC20'). They confirm that the AGt and CC20 have no impact on the Foundation as It does not
engage in any public fundraising aGknvities.

Page 5
THE MCLAIN FOUNDATION LIMITED
ANNUAL REPORT OF THE TRUSTEES (contlnued)
FOR THE YEAR ENDED 31 DECEMBER 2023
ACHIEVEMENT AND PERFORMANCE
Investmonts
The assets of the Foundation consist principally of quoted inv8Stments, unquot8d inv8Strnents, and
cash. Listed investments are recorded on the Balance Sheet at their market value on that date.
Any increasa or decrease over the previous years, market value on the restatement of these
values is recorded in the Statement of Financial Activities. As at 31 December 2023, the value of
the Foundation's Ilsted investments was £14,698,445 12022
£15, 773.619). Investment
performance is monitored by Clartekl Financial Advisor9 LLC and Banque Pictet & Cie SA who
report thelr findings to the Trustees quarterly. In addition to these investments, the Foundation has
also made subscriptions lo HILP-C Investco LLC, Riverhawk Funding 111 LLC, Pacific Hotel Florida
LLC and CVC Capital Partners Vlll Associates L.P..
Charitable Actlvlties
Direct charitable expenditure for 2023 totalled £2,332,828 (2022 - £1,092,801) which includes
donations totalling £2,262,85212022 - £1,022, 179) lo a variety of organisations, based both in the
UK and overseas, and charity governance costs. All grants were paid in line with the poli¢Es sel
out in S8Ction 3 of this report, Objectives and Adivities.
A full list of grdnts made durfng the year is shown on page 16.
The accounting treatment in respect of grants is in Ilne wth that set out in the applicable statement
of recommended pra¢lice.
FINANCIAL REVIEW
The Statement of Financial Activities on page 10 shows total incoming resouroes for the year of
£1,192,25812022 - £3,470,921) clerivecl from donatlDns received and gift aid thereon and income
from investment assets. Governance costs amounted to £69.976 (2022 - £70,682) and are
Induded within charitable actlvtties.
The balance of reserves at 31 December 2023 is £20,493,034 (2022- £21,022,078).
Re6orve$ Pollcy
The Tiustees have examined the Foundation's requirement for resour¢es in light of the main risks
to the organisation and have no outstanding commitments or cash demands which are not
adequately covered by existing resources. The net assets of the Foundalion ar8 regarded as
unreslricled reserves and the funds at 31 December 2023 wlll be retained to make grants In
accordance with the Foundation's charitable objects and any policies. The Trustees consider that
the freely expendable funds are appropriate and adequate taking into account plans for grants to
be awarded in future and have al present therefore not designat8d any specific reserves. However,
the Trustees will keep this under constant review. In future years, a more specific reserves policy
may be required.
The ongoing confiict in Ukraine and the Middle East has resulted in high energy costs and other
cost inflating factors affecting the global economy. Having considered the contingency plans in
place and having reviewgj updated cashflow forecasts, th8 Trustees consider the adoption of the
going concern basis in preparing these financial statements continues to be appropriate.

Page 6
THE MCLAIN FOUNDATION UMITED
ANNUAL REPORT OF THE TRUSTEES (contlnued)
FOR THE YEAR ENDED 31 DECEMBER 2023
PLANS FOR THE FUTURE
The Trustees do not propose to deviate from the current objectives and activrties of the Foundation
as detailed in Section 3 of this report but will further develop and refine their slrategies, policies
and procedures in future.
In preparing thi8 report. thè Trusteès have taken advantage of the small companies exemptlons
provided by Section 415A of the Companies Act 2006.
AUDITOR
A resolution will be proposed at the Trustees, Meeting that Rthinson & Hunter Audit LLP be
appointed as auditor of the Foundation for th8 ensuing year.
Approved by the Trustees and signed on thelr behalf by:
Chelsea
Trustee

Pwde 7
THE MCLAIN FOUNDATION LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS
OF THE NCLAIN FOUNDATION LIMITED
Oplnion
We have audiled the finandal statements of The MGLain Foundation ('the charitable companll for the
year ended 31 December 2023 which comprise the Statement of Financial Activities (including Income &
Expendilure A¢¢ount}, the Balance Sheet, the Statement of Cash Flows and notes to the financial
statements, including a summary of significant accounting pollcies. The flnancSal reporting framework
th2t has been applied in their preparalion is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 The Fin&nGI81 Reporting Standard applicab18 in Ihe UK and
Republlc of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements..
glve a true and fair view of the state of the charitable company's affairs as al 31 December 2023, and
of rts incoming resources and application of resources, inGluding ils income and expenditure, for the
yeai then ended..
have been properly prepared In accordance with United Kingdom Generally A¢￿pted Accounting
Practice., and
have been prepared in accordance with tha requirements of the Gompanies Act 2006.
Bas1$ for oplnlon
We conducted our audlt in accordance wth Internatlon81 Standards on Auditing (UK) (ISAS (UK}) and
applicable law. Our responsibilities under those standards are further ¢Jescribed in the Auditor's
responsibilities for the audit of the financlal statements Section of our report. We are Independent of the
charitable company in accordance with the ethical requirements thal are relevant to our aLKJit of the
financial statements in the UK, including the FRC'S Ethical Standard, and we have fuffilled our other
ethical responsibilities In aGcordance with these requirements. We believe that the audrt evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion,
Conclusions relaling to golng concern
In auditing the financial statemenls, we hav8 concluded that the Trustees. use of the going concem basis
of a¢¢ounling in the preparation of the financial slatements is approprfate.
Based on the work we have performed, we have not identified any material unc8rtainties relating to
events or conditions that, individually or collectlvely, may cast significant doubt on the charitable
ompany's ability lo continue as a
oing concern for a period of al least twelve months from when the
financial st8tements are authorised
or issug.
Our responsibilities and the re5ponsibllitles of the Trustees with respect to going concern are d8scrited
in the relevant sections of thL8 report.
Other information
The Trustees are responsible for the other information. The olher information comprise$ the informallon
inGluded in the Annual Report of the Trustees and Financial Statements, other than the financial
Statemenls and our auditor's report thereon. Our opinion on the financial statements does not cover the
other information and, except to the 8xient olherwise ￿p1￿cidY staled in our report, we do not 8xpress
any form of assuran￿ conclu￿On thereon.
In connedion with our audtt of the fInar￿lat statements. 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 thè audtt or olhenmise appears lo be materially
mSsstated. If we identify such m*erial inconsistencies or apparent material mi$stalements, we are
required lo determine whether this glves Tise to a material misstatement in the financial slatem8nts
themselves. If, based on the wort we have performed, we conclude that there is a material misstatement
of this other infonnation, we are required to report that fact.
We have nothing to report in this regard.

Page 8
THE MCLAIN FOUNDATION LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS (conllnued)
OF THE MCLAIN FOUNDATION LIMITED
Opinions on other matters proscribed by the Companles Act 2006
In our opinion, based on the work undertaken in the course of the audiL'
the informallon given in the Annual Report of the Twstees (incorporating the Strabaic Rewt and
Directors, Report) for the fu)ancial year for which the financial statements are prepared is consistent
with the Financial Statements- and
the Strategic Report and Dire￿Or8, Report has been prepared in accordance with applicable legal
requirements.
Matters on whl¢h we are required lo report by excepllon
In thè lighl of our knowledge and understanding of the charitable company and its environment obtained
in the course of the audit, we have not identified material misstatements in the Strategic R￿c￿t and the
DiredoT5' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act
2006 requires us to report lo you rf, in our opinion-
adequate accountlng records have not been kept, or retums adequate for our audit have not b
received from branGhes not VlSited by us., or
the financlal stalements are not in agreement with the aGGounting rocords,. or
certain disclosures of directors, remuneration specified by law are not made,. or
we have not received all the Infom)ation and explanations we require for our audit.
Re8ponslbllltles of Trustees
As explained more fully in the Statement of Trustees, Responsibililies set out on page 2, the Trustees
(who are also the directors of the 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 viw.
and for suGh intemal Control as the Trustees determine is necessary to enable the preparation of
flnan¢ial statements that are free from material misstatement, whether due to fraud or error.
In prepariro the financial Btatem8nts, the Tru8tee8 are responsible for assessing the chartsble
cornpany's ability to continue a8 a goiThJ concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the Truslees either intend to liquidate
the charitable company or to Cease operations, or have no realistic altern2tive but to do so.
Audltor's r83ponsibllifjes for the audit ol the Ilnancial statements
Our objectives are to obtain reasonable assuran￿ about whether the financial statemefts as a whole
are free from material misstatèment, whether due to fraltd or error, and to issue an auditoff s report that
indude5 our opinion. R8asonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with 1&4s (UK) wll 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 expeded to Influen￿ Ihe economic decisions of users taken on the
basis of these financial statements.
Irregularltles, Including fraud. ar8 In8lanc8s of noTrcomplian¢e with laws and regulations. Vve d881gn
procedures in line with our responsibilities, outlined above, to detect material misstaternents In respect
irregularities, including fraud. The extent to which our procedures are capable of detecting
irregularities. including fraud is detailed below.
Our assessment of thg 5UsGeptibility of Ihe enlity's financial Statements to material misstatement,
including how fraud might occur, is considered to be low. This conclusion was reached after the
consideration of the following:

Page 9
THE MCLAIN FOUNDATION LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS (continued)
OF THE MCLAIN FOUNDATION LIMITED
Auditorfs responsiblllties for the audit of the flnanclal statements Icontlnued)
due to lh& relatively simple business model and a low number of Iransaclions within the charilable
company there are comparatively few unexpected fluctuations in Ihe reported results and balances
and any such unexpected items would be speclflcally enqulred into by us- and
there are a number of individuals which comprise management. and therefore ther8 is no single
individual who is likely to be able to override contrcls to effect a fraud.
We designed our audit procedures to respond to identrfied audlt risks, includlng non-￿Mpli8ncÈ with
laws and regulations (irregularities) that are material to the financial statements. Some of the specific
procedures perfoimed to detect irre9ularilies, includin9 fraud, are detsi16d below:
Ihe rewew of control accounts and journal entries for large, unusual or unauthorised entries.,
the anatytical review of the detailed statement of flnancial activities for variancès that are either
unexpected or felt not to be in accordance With our understanding of the charitable activities during
the year,
obtaining and reviewing for completeness a list of entities and persons ¢onsldèred to be relaled
parties (as defined by Financial Reporting Standard 102) and reviewing the ledgers of the
Foundation for previously unreported related party transactions-,
revlew of transactions journals for any indication of fraud or management override: and
review of Truslees, meeting minutes for unrecorded transactions.
Because of the inherent limttations of an audit, there is a risk that we will not detect al irregularities,
including those leading lo a material misststement in the financial statement8 or non-compliance with
regulatlon. This 17sk increases the more that Compliance with a law or regulation is removed from the
events and transactions reflected in the financial statements, as we will be less likely to become aware of
InStan￿S of non-compliance. The risk is also greater regarding irregularities occurring due to fraud
rather than 8rror, as fraud involves intentional concealment, ft)rgery, collusion, omission or
misrepresentation.
A further description of ¢)ur responslbilities for the audtl of the financAal statements is located on the
Financial Reporting Council's website at.. Mtyw.Irc.org.uklaudilorsresponslbilities. This thsuiption forms
part of our auditorfs report.
Use of our report
This report is made solely to the charitable company's members. as a body, in aGcordanpE bvrth Chapter
3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to
the charrta￿e company's members those matters w& are required to state to them in an 8uditor's report
and for no other purpgse. To the fullest ext8nt permitted by law, we do not accept or assume
responsibilty to anyone other than the charitable cornpany and the Gharitable CoMpan￿S memLErs as a
body, for our audlt work, ft)r thls report, or for the opinions we have formed.
Yuellng Wei (Senior Statutory Audltor)
For and on behalf of
Rawllnson & Hunter Audit LLP
Statutory Auditor and Chartered Accountanls
Eighth Floor
6 New Street Square
New Felter Lane
London
EC4A 3AQ

Page 10
THE MCLAIN FOUNDATION LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING INCOPdlE AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2023
Unrestsicted
Funds
2023
Unrestricted
Funds
2022
Page
Income from:
Donations (note 2)
Investments (note 3)
15
15
906,827
285,431
3,162,823
308,098
Total Income
1.192,258
3,470,921
Expenditure on:
Charitable aGliviti8s (nole 4)
Raising furKls (note 51
16
16
2.332,828
57.530
1,092,801
74,178
Total expendlture
2.390,358
1,166,979
Net gainl(lo$s) on Investments (note 12)
19
658,194
1262,372)
Net {expenditu￿Y1n¢om8
(539,9061
2,041,570
Othèr galns and losses
Realised g8inl(1088) on for8ign cwrency Iransactions
10,862
116,38n
Ngt movoment in funds
12
(529,0441
2,025.183
Reconciliatlon of funds:
Total funds brought foward at 1 January 2023
21,022,078
18,￿,895
Total funds carrfed forward at 31 Decemt*r 2023
11
£ 20.493,034-
£ 21,022,078
All 8mounts relate to Gontinuing operations.
There were no recognised gains and losses for years ended 31 December 2022 and 2023 othei than
those included in the Income and Exp8nditure A¢¢ount.
The notes on page 13 to 20 form part of these financial stalements

Page11
THE MCLAIN FOUNDATION LIMITED
IReglstsrod Charity No. 1139841 and Company No. 07463093)
BALANCE 8HEFr
AT 31 DECEMBER 2023
Page
2023
2022
Fixed assets:
Investm9nts and cash under management (note 12)
19
20,426,397
20,789,697
Total fixad assets
20,426,397
20,789.697
Curront avdets:
Cash at bank {note 13)
Debtors (note 141
19
19
184,727
138,074
195,024
Tolal Current assots
184.728
333,098
Current Ilabilitles:
Cr8ditors - amounts falling due within one year (note 15)
20
(118,090)
{100,718)
Total assets less current Ilabilities
£ 20,493,035 £ 21,022,079
The funds of the charity:
Share capital
Unrestricted funds
10
20.493.034 £21,022,078
£ 20,493.035 £21,022,079
The financial ststements were approved and auihorised for issue by the Trustees and were signed on
their bèhalf by..
èa McLaln
Trustee
nrnt•o nn nan*. 1.2 tn ?n inrrn AArt nf thp_8•. finAne.iAI s18tam8nl#

Pago 12
THE MCLAIN FOUNDATION LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page
2023
2022
Cash flows from operatlng actlvlties
Net movement in funds for the year
Adjustments for..
Income frtjn Investments and deposits
Net {gainllloss on investment assets
Decreasel(increase) in debtors
Increase in creditors
{Gain)Iloss on foreign curren
10
(529,044)
2,025,183
(285,431)
1658,194)
195,023
17,374
(10,862)
(308,098)
262,372
{6,5681
18.085
16.387
Ngt cash (used inyprovlded by operating activities
(1.271,134)
2,007,361
Cash flows from InvestSng actlvities
Income from Investments
Deposit interest
Payments to acquire investments
Receipts from sates of investmenls
258,483
298,871
26,948
9,227
(6.392,3381 (3,973,419)
7,398,538
1.603,182
Net cash provided by/(usedln) Investiny ectfvities
1,291,631
(2,062,139)
Net change in cash and cash equlvalents for the year
20,497
{54,778)
Cash and cash equivalents al 1 January 2023
Loss on foreign ¢urrency
169,110
10,862
240.275
(18,38n
Cash and cash equlvalents at 31 D•¢omber 2023
£ 200,469
£ 169.110
Cash and cash equlvalents consist Of:
Cash held with investment managers (note 71
Cash held at bank (note 13)
17
19
15.742
184.727
31,038
138,074
£ 200,469 £ 169,110
The notes on page 13 to 20 form part of these ffinencial statements

Page 13
THE MCLAIN FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ACCOUNTING POLICIES
Basis of Preparation of Financlal Statemenls
The McLain Foundation Limlled (régistered charlty number 1139841 and company number
07463093) is based and administered in the Uniied Kingdom, whose principal object is to support
charitable purposes in ￿ateVer manner the Trustees, at their discretion. deem appropriate. The
registered address is Eighth Floor, 6 New st￿et Square, New Feller Lane, London, EC4A 3AQ.
The financial 8tatemenls have been prepared in accordance with Accounting and Reportlng by
Charities.. Statement of Recommended Practice appliGable lo charities preparing their accounts in
accordance with the Financial Rpporting Standard applicable in the UK and Republic of Ireland
{FRS 102) ('Charities SORP FRS 102.1, the Financ4al Reporting Standard applicable in the United
Kingdom and Republic of Ireland {FFiS 102}, the Charities Acl 2011 and where relevant: the
Charities Act 2022, the Companies Act 2006 and UK Generally Accepted Accounting Practice.
The Foundation constitutes a publlc benefit ert￿Y as defined by Charities SORP FRS 102.
The financial statements are prepared on a going con￿rn basis under the historical cost
convention. modified to include ￿rtain items at fair value.
The significant accounting polici8s applied in the preparation of these fi'nancial slatem&nts are set
out below. These policles have been consistentty applied to all years presented unless othemise
staled.
In applying the financlal reporting framework, the Trustees may have to make a number of
subjective judgements, for exampkt in resped of 51gnificant acwunting estimates. Estimates and
judgements are continually evaluated and are based on historical experience and other f8Ctors,
including expectations of ￿tUre events that are believed to be reasonable under the
circumstances. The nature of thè eslimalion means the actual outcomes could drffer from those
eslimates. No significant estimates and judgements have bèen made.
The financial statements are presented in GBP which is the function81 currency of the Foundation.
Fixod Asset Investments
Quoted investments are included at closing mid-market value at the Balance Sheet date. Realised
gains and losses on investments are recognised on dlsposal on investments and any gain or loss
on revaluation is taken to the Slalement of Financial Activities ISOFAI. The determination of any
gains and losses is calculated by reference to the valu8 of such assets at the beginning of the
accounting period.
Mid-market Values are provided by Independent data feed rather than Investment manager
valuations.
Cash held for investment is included within the Fixed Asset5 Investments in ac¢ordanrk with the
applicable statement of Recommended Practice.
Private equity investments are held al fair market value based on Partner's Capital account
analysis, or as returned in Schedule K-1 (Form 10651 to the Department of Treasury Internal
Revenue Services. USA, wth any revaluation aGGounled through the SOFA.

Page 14
THE MCLAIN FOUNDATION UMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ACCOUNTING POLICIES Icontlnuedl
Income Recognition
Inve8tment income is derived from interest and dÈvidends receivable from inveslments and is
accounted for in the period in which the Foundation is entitled to re¢elpt. Inte￿t from bank
accounts are included when receivable only.
All incoming resources, including donation income and Investment income, are tncluded in the
SOFA when the Foundation is entitled to the income the arnount can be quantified with
reasonable accuracy.
Gift Aid Tax Relief is recognised as a tax credit on donatlons and treated as irKome in the p*iod in
which the donations are mad8.
Re30urces Expended
All expenditure is Included on an acuusls basis and is reGo3nised when there is a legal or
constructive obligation committing the Trustees to the expenditure.
Charitable activities comprise grants and donations made and governance costs iniyjrred during
the year and are expended through the SOFA when the offer is conveyed to the recipient and all
offer conditions are met.
Governance ccsls relate lo the general running of the Foundation, as opposed to the management
functions inherent in generating fund$.
Cost of raising funds relate to the costs incurred by the Charily in managing its inv8slments.
S&itus of Funds
The entire reSoUr￿S of the fund a￿ Unrestri￿ed and the Trustees have complete dlscretion for
their use in pursuance of its obleetlves.
Flnancial Instruments
The Foundation only has financial assels and financlal Ilabilities of a kind that qualify as basic
financial instruments. Basic financial instruments are recognised at transaction value, except ￿ere
settlement is delayed, in which cas8 the transaction is recognised at the wesent value of the
settlement amount.
Debtors and creditors receivablelpayable within one year
Debtors and creditors with no ststed Interest rate and recebv8ble or payable within one year are
recorded at transaction price. Any losses arising from impairmenl are recognised as expenditure.
Cash and cash equivalents
In the Statement of Cash Flows. cash and Gash equivalents are shown net of bank overdrafts that
are repayable on demand and fomi an integral part of the enlity's cash management Also included
Is cash held under management by the investment broker.
Provisions
Provisions are recognised when the Foundation has an obligation at the Balance Sheet date as
result of a past event, it is probable that an oufflow of economic benefit will be required in
settlement and the amount can be reliably estimated.

Page15
THE MCLAIN FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Foreign Currency
Assets and liabilities denominated in foreign currencies are translated at the rat8 of exchange
ruling at the Balance Sheet date. Transactions denomlnated in foreign currencies are converted at
the rale of exchange ruling at the date of the transaction. All translation differences are taken to the
Stalement of Financial Activities as they arise.
Taxation
The Foundation is not subject to any tax8s on Its charitable activlties. Irrecoverable VAT is charged
lo the SOFA against the category of resources expended for whlch it was incurred.
Golng Concern
The financ4al statements have b&en prepared on a going ¢on¢em basi5 a8 the Trustees beligv8
that no rnatèrial uncertainties exlst. The Trustees have consldered the level of funds held and the
expected level of income and expenditure for twelve months from the date of signing of these
financial statements. The forecast income and reserv8s are sufficient to cover all of the budgeted
e>penditure to be able to contlnue as a going ConGe￿.
The ongoing conflicts in Ukraine and Ihe middle east, the resultlng high energy costs and Other
cost inflating factors have affected the global economy. Having considered the conting8ncy plans
Sn place and having ieviewed updated cashflow forecasts, the Trustees consider the adoption of
the going concern basis in preparing these financial statements continues to be appropriate.
2023
Page
2022
DONATION INCOME
Donallons received
Gift Aid Tax Relief
725,000
181.830
2,530,093
632,730
10
E 906,830
£ 3,162,823
INVESTMENT INCOME
UK and overseas securltles income
Deposit interest
258.483
26,948
298,871
9,227
10
£ 285.431
£ 308,098

Page 16
THE MCLAIN FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page
2023
2022
CHARrrABLE ACTIVITIES
UK Grants Awarded:
V8A- Museum of Childhood
Donmai Warehouse
Felix Project
West London Zone
Barnardo's
Harrow Club
Roya Opera House
{Reg. Charity No. 1144508)
(Reg. Charity No. 284262)
(Reg- Charity No. 1168183)
(Reg. Charlty No. 1160947)
(Reg. Charity No. 216250)
(Reg. Charity No. 105475n
{R6g. Charity No. 211775)
2.000,000
100.000
30,000
10,000
10,000
60,000
45,000
10,000
10,000
5,000
1,350
2,140,000
141,350
US Grants Awarded:
Smilhsonian Museum ($100,000> (2022.. $20.000)
ger Charitable Foundation ($30,000} (2022.. $20,000)
Middle East Children's Institute {$15,000) (2022.- $10,1)00)
Jumble Bay ($10,000) {2022.' $10,000)
Princeton University (2022.. $1,000,000)
79,359
23,774
11.783
7,936
16,632
16,205
8,316
8,015
831,601
122,852
880,769
Total grants awarded
2,262.852 £ 1,022,119
Governance Costs
Administration fees
Accountsncy fees
Audit fees
Financial advisors, fees
Tax filing fees
Legal fees
24,470
18,844
12,000
14,218
444
24,925
15,237
9,000
15,020
6,SOO
69,976
70,682
Total Charltable Acllvltles
10
£ 2,332,828 £ 1,092,801
COST OF RAISING FUNDS
Investment management and admin fees
Internal Revenue Service (note 6)
Bank charge5
53,350
3,994
186
69.890
4,074
214
17
10
£ 57,530
£ 74,178

Page 17
THE MCLAIN FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
TAXATION
Pag8
Internal Revenue Service (note 5)
16
£ 3,994
£ 4,074
FIXED ASSET INVESTMENTS
Quoted Investments and Cash under management
Investments at market value at 1 January 2023
Additions at cost
Disposals al carrying value
15,742,583
16,394,283
5.687,475
1,748,765
17,397,701) 11,603,181)
14,032,357
16,539,867
Reallsed gainl(loss) on disposals
Unreallsed gainl(loss} on revaluation
43,740
604,806
(108,890)
(688,394}
Net gainllloss) on Inveslment Assets
19
648,348
{797,284)
Market value at 31 December 2023
14,680,703
15,742.583
Cash
12
15,742
31,036
Total Value at 31 December 2023
19 £ 14,696,445 £ 15,773,619
Historic costs as at 31 December 2023
£ 12.760,450 £ 12,888,137
Pa9e
2023
2022
RIVERHAWK FUNDING 111 LLC
Investmènt value at 1 January 2023
Additions
Unrealised gain on currency translation
1,294,856
101,740
(69,066)
555,021
628,545
113.290
19
Net asset value al 31 December 2023
19
£1,327,530
£1,294,856
The Foundation has commltted $1,450,000 to Rwertiawk. Additionally $129,51512022.- $92, 729) of
income has been accumulated and capitalised. There are no OLrtstanding Gapitsl commitsn6nts.
Two of the Trustees Cameron McLain and Chelsea McLain, are also particlpants in the LLC.

Page 18
THE MCLAIN FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page
2023
2022
HILP-C INVESTCO LLC
Investment value at 1 January 2023
Addltlons
Unrealised gain on revaluation
731,878
592,517
25,822
113,539
19
2,589
Nel asset value at 31 December 2023
£ 734,447
£ 731,878
The Foundatlon has committed a total of $750,000, ot which $685,686 h£s been drawn dovm. The
outstsnding commitment is $64,314.
10. PACIFIC HOTEL FLORIDA LLC
Investment value at 1 January 2023
Unrealised (loss)Igain on revalualio
282,495
(16.011)
252.561
29,934
19
Net asset value at 31 December 2023
£ 266,484
£ 282,495
The Foundation has Committed a tolal of $585,000, all of whi¢h has been drawn down.
Three of the Trustees, Cameron McLain. Chelsea M¢Lain and Carina McLain. are also
shareholders in Ihe LLC.
11. CVC Capltal Partners Vlll AssoGiatss L.P.
Investment value at 1 January 2023
Additions at cost
Disposals at carying value
2,706,850
603,123
(B381
856,414
1,572,287
3,309.135
2.428.701
Realised gain on disposal
Unrealised gan on revaluatKJn
838
91,518
278,149
Net galn on Investment assets
19
92.356
278,149
Total Valuo at 31 December 2023
19 £ 3.401,491 £ 2,706,850
The Foundation has committed a total of éS,000,000, of which &,494,148 (2022." é2. 799,963) has
been dmwn. The outstandlng commitment is É1.505,852 {2022.. E2,200,03n. No provision 18 made
for this commitment.
Bruce Hardy McLain, a Trustee, is the eJ)-founder Df CVC Capital Partners which manages the
investment. Two of Ihe Trustee5. Carina McLain and Chelsea McLaln are limiled partners of the
investment.

Page 19
THE MCLAIN FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEPIi8ER 2023
Page
2023
2022
12. INVESTMENT SUMMARY
Market Valufy
Quoted Investments and cash under management
Riverhawk Funding111 LLC
HILP-C Investco LLC
Pacific Hotel Florida LLC
CVC Capital Partners Vlll Associates L.P.
17
17
18
18
18
14,696,445
1,327,530
734,447
266,484
3,401,491
15,773,619
1,294,856
731,878
282,494
2.706,850
11
£20,426,397 £20,78g,6g7
Galns
Gainl(loss) on quoted investments {note 71
Gain on CVC Capital Partners Vlll (note 111
Unrealised gain on HILP-C Investco LLC (note 9)
Unrealised Iloss)Igain on Riverhawk Funding111 LLC {note 8)
Unrealised Iloss)Igain on ParAfic Hotel Florida LLC (nole 10)
17
18
18
17
18
648,346
92.356
2,569
169,DS6)
116,011)
(797,284)
278,149
113,539
113,290
29,934
10
£ 658,194
£ (262,372)
13. CASH AT BANK
Barclays International Business Resérve Account USD1$205.026)
Bartlays International Business Reserve Account EUR {Q6,243)
Barclays International Business Reserve Account G8P
Barclays MFL Account
Barclay8 International Reserve Account ($1)
161,057
22,796
769
104
11,533
86,276
27.929
12.336
11112
£ 184,727
£ 138,074
14. DEBTORS
Amount owed by parent undertaking
Gift aid receivable
195,023
£ 195,024

Page 20
THE MCLAIN FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page
2023
2022
15. CREDITORS - amounts fallrng due within one year
Accountancy fees
Administralion fees
Grant commitments
Audrt fees
Financial advisors, fees
Unfunded foreign currency trading commitments
Investment management fees
25,444
24,470
21,783
21,000
14,218
7,349
3,826
8.600
24,926
9,000
15,020
35,368
9,802
£ 118,09)
£ 100,716
16. FINANCIAL INSTRUMENTS
Financial assets measured at fair value (a)
Financial assets measured at amortised cost (b)
Financial liabilities measured at amortised cost {c)
20,611,124
20,927,771
195,024
100,716
118.090
al Financial assets measured at fair value through SOFA consist of the fixed asset quoted investments,
private equity investments at fair value and ¢ash under management and in hand.
b) Fniancial assets measured at arno￿5ed cost consist of debtors at year end.
Financial liabilities measured at amort15ed cost consist of the creditors at year end.
17. RELATED PARTY TRANSACTIONS
One Df the trustees made donation5 to the Foundation durtng the year which lotalled £725,000
(2022.. £2.530,300J on which Gift Aid Tax ielief of £181.250 has been claimed (2022.. £632,521.
£24,470 was charged by 8 Strands Ltd in respect of administration costs incurred on behalf of Ihe
Foundation {2022.' £24,926). The balance remalns outstanding at year end 12022.. £24,926
outstanding)- 8 Strands Ltd is owned and Gontrolled by a Trustee of the Foundation with another as
a Director.
No Trustee received any remuneratlon during the year to 31 December 2023.
18. ULTIMATE CONTROLLING PARTY
The immediate parent undertaklng is The M¢Lain Foundation (US), fomierly The McLain 8 Strands
Foundation (US), a Delaware Corporation not for profit and without ￿prtaI stock.
The Trustees consider that the Foundalion is jointly controll&4 by the Trustees and that there is no
ultimate controlling party.