**REGISTERED COMPANY NUMBER: 08478949 (England and Wales) REGISTERED CHARITY NUMBER: 1152943** 

**Report of the Trustees and Audited Consolidated Financial Statements for the Year Ended 30 April 2023 for The Zaha Hadid Foundation (A Company Limited by Guarantee)** 



**The Zaha Hadid Foundation** 

**Contents of the Financial Statements For the year ended 30 April 2023** 

||**Page**|
|---|---|
|**Reference and Administrative Details**|2|
|**Report of the Trustees**|3 to 4|
|**Report of the Independent Auditors**|5 to 6|
|**Consolidated Statement of Financial Activities**|7|
|**Consolidated and Charity Statement of Financial Position**|8|
|**Consolidated Statement of Cash Flows**|9|
|**Notes to the Financial Statements**|10 to 17|



Page 1 



**The Zaha Hadid Foundation** 

**Reference and Administrative Details** 

**For the year ended 30 April 2023** 

**Trustees** 

**Registered office** 

**Registered company number** 

**Registered charity number** 

**Auditors** 

Mr B Clarke Ms R Hadid Lord P Palumbo (resigned 8/7/2022) Professor H M Kara (appointed 28/6/2022) Sir P Cook (appointed 24/2/2023) 

28 Shad Thames London SE1 2YD 08478949 (England and Wales) 

1152943 

Cooper Parry Group Limited Statutory Auditor New Derwent House 69-73 Theobalds Road London WC1X 8TA 

Page 2 



**The Zaha Hadid Foundation** 

**For the year ended 30 April 2023** 

## **Report of the Trustees** 

The Trustees who are also Directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 April 2023. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). 

## **Objectives and activities** 

The Charity continues to consolidate the various assets bequeathed by Dame Zaha Hadid, which includes preservation of the collection for future safeguarding. The Charity has also improved and enhanced the safety of spaces it occupies, both public and for storage of the collection. In addition, activities in the 2022-2023 year have included several educational endeavours.  More detail is set out below. 

Its charitable objects, and examples of activities carried out pursuant to those objects, are as follows: 

The advancement of education and the promotion of useful knowledge relating to architecture especially modern architecture, design and related disciplines by such charitable means as the trustees shall think fit including without prejudice to the generality of the foregoing: 

## **1. advancing the education of students and young persons in the fields of architecture, design and related disciplines;** 

Activities carried out included the following: 

- continued sponsorship (full bursaries, fees & living allowance) of 3 students to support their architectural study at the London School of Architecture covering the academic years Sep 2022-July 2024; 

- established placements for PhD students through the AHRC Techne Programme, hosting two six-month placements from Feb 2023, to undertake research into archives and collections contributing to exhibitions, publications and collections inventory. One student has now been employed by the Foundation for a longer term; 

- established a work experience programme for school students, which is to be delivered with Art Emergency in future, benefitting students for low income and socially deprived backgrounds. 

**2. for the public benefit, establishing, providing and/or maintaining archives and permanent or temporary exhibitions of the works of Dame Zaha Hadid (whether comprising models, furniture, jewellery, fashion, drawings, paintings or other related works) and such other architects or practitioners in related disciplines as the trustees may determine; This has included the development of a museum-standard database, to record the collection and archive, and the ongoing inspection of works in the collections with regard to their authorship, physical stability and their conservation needs** 

Activities carried out included the following: 

- the process of reorganisation of the spaces at the Foundation's Shad Thames site for the safe storage of the collection and archives was advanced along with formalisation of a number of collection handling policies in line with Spectrum UK guidelines; 

- ZHF's second exhibition Zaha's Moonsoon: An Interior in Japan, held at its Clerkenwell gallery (20 April - 22 July 2023), exploring the design of her first completed interior in Japan, 1990. The exhibition involved the documentation and conservation of previously unseen works in the collection. It was accompanied by a programme of public events. Free to the public. 

## **3. for the public benefit, the establishment and maintenance and/or support of a museum and/or art gallery; and the advancement of such other charitable objects as the trustees may determine.** 

Activities carried out included the following: 

- The development and phased delivery of security & safety infrastructure. Phase 1 (completed by the end of April 2023) included the upgrade of closedcircuit television, access control, intruder alarm and fire alarm systems at the collections store. 

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake. 

## **Financial review** 

The trustees consider the financial position of the charity to be satisfactory. 

The charity has no specific reserves policies. 

The reserves of the group at the year end were £37,616,101 (2022 - £13,353,885) to be distributed at the discretion of the Trustees. 

## **Structure, governance and management** 

The Charity is a company limited by guarantee which was incorporated on 8 April 2013. 

The Trustees are committed to ensuring the Foundation continues to provide the legacy that its founder Dame Zaha Hadid envisaged at its creation and would be proud of, following her untimely passing in 2016. 

The articles of the company require that there be no less than three and no more than nine trustees. 

None of the Trustees have any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up. 

The Charity is related to the other companies controlled and owned by the Estate of Dame Zaha Hadid. 

The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to them. 

Page 3 



**The Zaha Hadid Foundation** 

## **Report of the Trustees** 

## **For the year ended 30 April 2023** 

## **Statement of trustees' responsibilities** 

The trustees (who are also the Trustees of The Zaha Hadid Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charity SORP; 

- 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; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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 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 company's auditors are 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 auditors are aware of that information. 

## **Auditors** 

The audit business of Haines Watts London LLP was acquired by Cooper Parry Group Limited on 14 November 2023. Haines Watts London LLP has resigned as auditor and Cooper Parry Group Limited has been appointed in its place. 

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company Trustees, on 19 April 2024 and signed on the board's behalf by: 


.................................................................... Sir B Clarke - Trustee 

Page 4 



**Report of the Independent Auditors to the Members of The Zaha Hadid Foundation** 

## **Opinion** 

We have audited the financial statements of The Zaha Hadid Foundation (the 'charitable company') for the year ended 30 April 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the charitable company's affairs as at 30 April 2023 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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 matters** 

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 Report of the Independent Auditors 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. 

In connection with our audit of the financial 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 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. 

## **Opinions on 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 for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- -the Report of the Trustees 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 charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: -adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or 

-the 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, the trustees (who are also the Trustees 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 view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the 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 charitable company or to cease operations, or have no realistic alternative but to do so. 

Page 5 



**Report of the Independent Auditors to the Members of The Zaha Hadid Foundation** 

## **Our responsibilities for the audit of the financial statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

We gained an understanding of the legal and regulatory framework applicable to the Charity and the industry in which it operates, and considered the risk of acts by the Charity that were contrary to applicable laws and regulations, including fraud. We discussed with the Trustees the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance. 

During the audit we focused on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and the Charities SORP. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. 

Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the Trustees that represented a risk of material misstatement due to fraud. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk 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 instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. 

## **Use of our report** 

This report is made solely to the 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 charitable company's members those matters we are required to state to them in an auditors' 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. 


Jane Wills (Senior Statutory Auditor) for and on behalf of Cooper Parry Group Limited Statutory Auditor New Derwent House 69-73 Theobalds Road London WC1X 8TA 

Date: ............................................. 

Page 6 



**The Zaha Hadid Foundation** 

## **Consolidated Statement of Financial Activities** 

## **For the year ended 30 April 2023** 

|||**Unrestricted funds**|**Restricted funds**|**Total**|Total|
|---|---|---|---|---|---|
|||**Group**|**Group**|**Group**|Charity|
||**Note**|**2023**|**2023**|**2023**|2022|
|||**£**|**£**|**£**|£|
|**Income and endowments from**||||||
|Royalties and levies|**2**|**4,951,124**|**21,863,960**|**26,815,084**|3,837,710|
|Other trading activities|**3**|**-**|**2,082,130**|**2,082,130**|-|
|Investment income|**4**|**237,377**|**6,108**|**243,485**|26,566|
||||||───────|
|||───────|───────|───────||
|**Total incoming resources**||**5,188,501**|**23,952,198**|**29,140,699**|3,864,276|
|||═══════|═══════|═══════|═══════|
|**Expenditure on**||||||
|Other expenditure|**6**|**3,776,362**|**1,102,121**|**4,878,483**|1,133,137|
|||───────|───────|───────|───────|
|**Total resources expended**||**3,776,362**|**1,102,121**|**4,878,483**|1,133,137|
|||═══════|═══════|═══════|═══════|
|**Net (expenditure)/ income**||**1,412,139**|**22,850,077**|**24,262,216**|2,731,139|
|Transfers between funds||**-**|**-**|**-**|-|
|||───────|───────|───────|───────|
|**Net movement in funds**||**1,412,139**|**22,850,077**|**24,262,216**|2,731,139|
|**Funds brought forward at 1 May 2022**||**13,353,885**|**-**|**13,353,885**|10,622,746|
|||───────|───────|───────|───────|
|**Funds carried forward at 30 April 2023**||**14,766,024**|**22,850,077**|**37,616,101**|13,353,885|
|||═══════|═══════|═══════|═══════|



The statement of financial activities includes all gains and losses recognised in the year. 

All income and expenditure is derived from continuing activities. 

The comparative figures presented are for the charity only as the group was formed on 31 January 2023. 

_The notes on pages 10 to 17 form part of these financial statements._ 

Page 7 



**The Zaha Hadid Foundation** 

## **Consolidated and Charity Statement of Financial Position As at 30 April 2023** 

|||**Group**|**Charity**|Group|Charity|
|---|---|---|---|---|---|
||**Note**|**2023**|**2023**|2022|2022|
|||**£**|**£**|£|£|
|**Fixed Assets**||||||
|Intangible assets|**14**|**208,901**|**28,757**|-|-|
|Tangible assets|**13**|**16,875,662**|**489,993**|-|70,638|
|Investments|**15**|**-**|**21,916,591**|-|-|
|||**───────**|**───────**|───────|───────|
|||**17,084,563**|**22,435,341**|-|70,638|
|||**═══════**|**═══════**|═══════|═══════|
|**Current Assets**||||||
|Stocks|**16**|**483,766**|**47,041**|-|47,041|
|Debtors|**17**|**3,968,044**|**843,438**|-|275,731|
|Cash at bank and in hand||**18,496,992**|**14,059,920**|-|13,537,801|
|||**───────**|**───────**|───────|───────|
|||**22,948,802**|**14,950,399**|-|13,860,573|
|||**═══════**|**═══════**|═══════|═══════|
|**Creditors: Amounts falling due within**||||||
|**one year**|**18**|**(2,417,264)**|**(748,682)**|-|(577,326)|
|||**───────**|**───────**|───────|───────|
|**Total assets less total liabilities**||**37,616,101**|**36,637,058**|-|13,353,885|
|||**═══════**|**═══════**|═══════|═══════|
|**Funds**||||||
|Restricted funds|**19**|**22,850,077**|**21,863,960**|-|-|
|Unrestricted funds|**19**|**14,766,024**|**14,773,098**|-|13,353,885|
|||**───────**|**───────**|───────|───────|
|**Total funds**||**37,616,101**|**36,637,058**|-|13,353,885|
|||**═══════**|**═══════**|═══════|═══════|



The charity has prepared group accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. 

The surplus generated by the charity for the financial year was £23,283,173 (2022: £2,731,139 surplus) 

Approved by the Board of Trustees on 19 April 2024 and signed on their behalf by 


Sir B Clarke **Trustee** 

Registered charity in England and Wales - 1152943 Company Registration Number - 08478949 

_The notes on pages 10 to 17 form part of these financial statements._ 

Page 8 



**The Zaha Hadid Foundation** 

## **Consolidated Statement of Cash Flows** 

## **For the year ended 30 April 2023** 

|||**Unrestricted funds**|**Restricted funds**|**Total**|Total|
|---|---|---|---|---|---|
|||**Group**|**Group**|**Group**|Charity|
||**Note**|**2023**|**2023**|**2023**|2022|
|||**£**|**£**|**£**|£|
|**Cash flows from operating activities:**|**23**|**748,678**|**371,750**|**1,120,427**|3,260,952|
|||───────|───────|───────|───────|
|**Net cash provided by (used in) operating activities**||**748,678**|**371,750**|**1,120,427**|3,260,952|
|||───────|───────|───────|───────|
|**Cash flows from investing activities:**||||||
|Purchase of non-current assets||**(488,190)**|**(16,771,052)**|**(17,259,242)**|(69,990)|
|Non-current assets received on acquisition||**-**|**16,771,052**|**16,771,052**|-|
|Cash received on acquisition of subsidiaries||**58,054**|**4,313,716**|**4,371,770**|-|
|Cash flow from taxation||**-**|**(254,501)**|**(254,501)**|-|
|Interest received||**203,577**|**6,108**|**209,685**|-|
|||───────|───────|───────|───────|
|**Net cash provided by (used in) investing activities**||**(226,559)**|**4,065,323**|**3,838,763**|(69,990)|
|||───────|───────|───────|───────|
|**Change in cash and cash equivalents in the reporting period**||**522,119**|**4,437,072**|**4,959,191**|3,190,962|
|**Cash and cash equivalents at the beginning of the**|**reporting**|||||
|**period**||**13,537,801**|**-**|**13,537,801**|10,346,839|
|||───────|───────|───────|───────|
|**Cash and cash equivalents at the end of the reporting period**||**14,059,920**|**4,437,072**|**18,496,992**|13,537,801|
|||═══════|═══════|═══════|═══════|



The comparative figures presented are for the charity only as the group was formed on 31 January 2023. 

_The notes on pages 10 to 17 form part of these financial statements._ 

Page 9 



**The Zaha Hadid Foundation** 

**1 Accounting Policies** 

## **Notes to the Financial Statements** 

## **For the year ended 30 April 2023** 

## **Basis of preparing the financial statements** 

The Zaha Hadid Foundation is a registered charity, limited by guarantee, registered in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. 

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value. 

Preparation of the financial statements requires management to make significant judgements and estimates in determining the carrying amounts of certain assets and liabilities. Management makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The management's estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. This disclosure excludes uncertainty over future events and judgement in respect of measuring financial instruments. There are no further significant judgements or estimates. 

## **Basis of consolidation** 

These accounts consolidate those of the Charity and its wholly owned trading subsidiaries; Zaha Hadid Design Limited, Zaha Hadid Holdings Limited, Zaha Hadid (Services) Limited and Zaha Hadid (Italy) Limited. These are adjusted, where appropriate, to conform to group accounting policies. Zaha Hadid Foundation obtained legal title of Zaha Hadid Design Limited, Zaha Hadid Holdings Limited, Zaha Hadid (Services) Limited and Zaha Hadid (Italy) Limited on the 31 January 2023. The Zaha Hadid Foundation also acquired the beneficial interest in Zaha Hadid Design Limited and Zaha Hadid Holdings Limited on 31 January 2023 however, the beneficial interest in Zaha Hadid (Services) Limited and Zaha Hadid (Italy) Limited was transferred in March 2018. The subsidiaries results are consolidated from 31 January 2023 and therefore the comparatives presented are for the Charity only. Zaha Hadid (Services) Limited has a 30 September year end, all other subsidiaries align with the Charity year end. A separate Statement of Financial Activities and Income an Expenditure Account for the charity have not been presented in accordance with the exemption afforded by section 408 of the Companies Act 2006. 

## **Going concern** 

The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of authorisation for issue of the financial statements and have concluded that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the charity’s ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements. 

## **Key sources of estimation uncertainty and judgements** 

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of tangible fixed assets. 

## **Income resources** 

All income is recognised on a receivable basis, in accordance with the provisions of Statement of Recommended Practice- Accounting and Reporting by Charities. 

## **Trading income** 

Income in trading subsidiaries represents amounts receivable for goods and services net of VAT. 

## **Expenditure** 

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 

Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at their Headquarters. 

## **Heritage assets** 

The charity adopts a policy of valuation, though is not required to recognise heritage assets on the balance sheet due to the fact that information on their cost or valuation is not currently available and such information cannot be obtained at a cost commensurate with the benefit to the users of the accounts and to the charity. 

## **Tangible fixed assets** 

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. 

Improvements to property - 10% on cost Fixtures and fittings - 20% on cost Computer equipment - 33% on cost 

## **Intangible assets** 

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Intangible assets are amortised evenly over their estimated useful life. 

Page 10 



**The Zaha Hadid Foundation** 

## **Notes to the Financial Statements** 

## **For the year ended 30 April 2023** 

## **1 Accounting Policies - continued** 

## **Stocks** 

The Foundation has received a number of artworks and other personal chattels from the Estate of Dame Zaha Hadid which it intends to use to promote the causes of the Foundation. The only cost to the Foundation has been shipping overseas assets to the U.K and it is these costs that are included in the stock figure. Stock is included at the lower of cost or net realisable value. 

Stock is also held in the trading entities, and is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. 

## **Fund Accounting** 

Unrestricted funds are donations and other income resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds. 

There is a new restricted fund in 2023 in both the Charity and the Group. This relates to a restriction on the Charity's access to the profits, assets, and liabilities of Zaha Hadid Design Limited and Zaha Hadid Holdings Limited for a period of 7 years from 2022 as part of the conditions of appointment of the Charity as parent of the Group. 

## **Pension costs and other post-retirement benefits** 

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. 

## **Interest receivable** 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by bank. 

## **Financial instruments** 

Financial assets and financial liabilities are recognised in the balance sheet when the Group becomes a party to the contractual provisions of the instrument. 

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Group will not be able to collect all amounts due. 

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the Group's cash management. 

Financial liabilities and equity instruments issued by the Group are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs. 

## **Taxation** 

The charity is exempt from corporation tax on its charitable activities, however tax is incurred on non-charitable subsidiaries. 

Taxation in the trading entities for the year to year comprises of current and deferred tax. Tax is recognised in the Statement of Financial Activities, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. 

|**Royalties and levies**|**Unrestricted funds**|**Restricted funds**|**Total**|Total|
|---|---|---|---|---|
||**Group**|**Group**|**Group**|Charity|
||**2023**|**2023**|**2023**|2022|
||**£**|**£**|**£**|£|
|Voluntary income|**1,078,588**|**-**|**1,078,588**|40|
|Royalties and levies|**3,819,905**|**-**|**3,819,905**|3,822,916|
|Publishing rights|**-**|**-**|**-**|14,754|
|Donations|**52,632**|**21,863,960**|**21,916,591**|-|
||───────|───────|───────|───────|
||**4,951,124**|**21,863,960**|**26,815,084**|3,837,710|
||═══════|═══════|═══════|═══════|
|**Other trading activities**|||||
||**Unrestricted funds**|**Restricted funds**|**Total**|Total|
||**Group**|**Group**|**Group**|Charity|
||**2023**|**2023**|**2023**|2022|
||**£**|**£**|**£**|£|
|Income of trading subsidiaries|**-**|**2,082,130**|**2,082,130**|-|
||───────|───────|───────|───────|
||**-**|**2,082,130**|**2,082,130**|-|
||═══════|═══════|═══════|═══════|



- **2 Royalties and levies** 

- **3 Other trading activities** 

Page 11 



**The Zaha Hadid Foundation** 

## **Notes to the Financial Statements** 

## **For the year ended 30 April 2023** 

## **4 Investment income** 

|**Investment income**|||||
|---|---|---|---|---|
||**Unrestricted funds**|**Restricted funds**|**Total**|Total|
||**Group**|**Group**|**Group**|Charity|
||**2023**|**2023**|**2023**|2022|
||**£**|**£**|**£**|£|
|Rents received|**33,799**|**-**|**33,799**|26,566|
|Deposit account interest|**203,577**|**6,108**|**209,685**|-|
||───────|───────|───────|───────|
||**237,377**|**6,108**|**243,485**|26,566|
||═══════|═══════|═══════|═══════|



## **5 Trading subsidiaries** 

The wholly owned trading subsidiaries listed below are incorporated in the United Kingdom and pay profits surplus to trading requirements to the charity. 

The summary financial performance of the subsidiaries in the period of consolidation are as follows: 

|||**Zaha Hadid**|**Zaha Hadid**|**Zaha Hadid**|**Zaha Hadid**|
|---|---|---|---|---|---|
|||**Design Ltd**|**Holdings Ltd**|**(Italy) Ltd**|**(Services) Ltd**|
|||**£**|**£**|**£**|**£**|
||Turnover|**2,082,090**|**57,171**|**-**|**-**|
||Expenses|**(564,068)**|**(342,169)**|**(650)**|**(1,908)**|
||**Operating profit**|───────|───────|───────|───────|
|||**1,518,022**|**(284,998)**|**(650)**|**(1,908)**|
||Taxation (Note 12)|**(302,157)**|**55,250**|**-**|**-**|
|||───────|───────|───────|───────|
||Profit before distribution|**1,215,865**|**(229,748)**|**(650)**|**(1,908)**|
|||═══════|═══════|═══════|═══════|
||Assets|**14,562,942**|**16,615,717**|**611**|**58,627**|
||Liabilities|**(513,598)**|**(7,300,135)**|**(5,777)**|**(7,903)**|
||Capital and reserves|**(14,049,344)**|**(9,315,582)**|**5,166**|**(50,724)**|
|||═══════|═══════|═══════|═══════|
||**Company number**|**06019320**|**05628725**|**06693897**|**06693908**|
|||**Group**|**Group**|**Group**|Charity|
|||**2023**|**2023**|**2023**|2022|
|**6**|**Other expenditure**|**Management costs**|**Other costs**|**Totals**|Totals|
|||**(see note 7)**|**(see note 8)**|||
||**Support costs**|**£**|**£**|**£**|£|
||Unrestricted funds|**2,095,595**|**1,680,767**|**3,776,362**|337,982|
||Restricted funds|**494,042**|**608,079**|**1,102,121**|795,155|
|||───────|───────|───────|───────|
|||**2,589,637**|**2,288,846**|**4,878,483**|1,133,137|
|||═══════|═══════|═══════|═══════|
|**7**|**Management costs**|||||
|||**Unrestricted funds**|**Restricted funds**|**Total**|Total|
|||**Group**|**Group**|**Group**|Charity|
|||**2023**|**2023**|**2023**|2022|
|||**£**|**£**|**£**|£|
||Wages|**619,372**|**251,034**|**870,406**|146,878|
||Social security|**73,852**|**28,351**|**102,203**|18,858|
||Pensions|**12,063**|**3,811**|**15,874**|1,120|
||Staff training|**12,541**|**-**|**12,541**|2,625|
||Rates and water|**110,859**|**-**|**110,859**|85,347|
||Light and heat|**103,337**|**1,409**|**104,745**|28,757|
||Telephone|**10,655**|**-**|**10,655**|5,856|
||Postage and stationery|**6,195**|**-**|**6,195**|5,217|
||Advertising|**20,880**|**-**|**20,880**|2,914|
||Rent|**1,085,761**|**4,200**|**1,089,961**|36,671|
||Depreciation|**39,633**|**174,648**|**214,281**|3,739|
||Amortisation of intangible assets|**445**|**30,590**|**31,035**|**-**|
|||───────|───────|───────|───────|
|||**2,095,595**|**494,042**|**2,589,637**|337,982|
|||═══════|═══════|═══════|═══════|



Page 12 



**The Zaha Hadid Foundation** 

## **Notes to the Financial Statements** 

## **For the year ended 30 April 2023** 

|**8**|**Other costs**|**Unrestricted funds**|**Restricted funds**|**Total**|Total|
|---|---|---|---|---|---|
|||**Group**|**Group**|**Group**|Charity|
|||**2023**|**2023**|**2023**|2022|
|||**£**|**£**|**£**|£|
||Repairs and renewals|**114,536**|**-**|**114,536**|37,264|
||Computer costs|**45,549**|**12,068**|**57,617**|31,819|
||Insurance|**69,212**|**33,221**|**102,433**|35,631|
||Travel expenses|**23,534**|**-**|**23,534**|2,897|
||Legal fees|**1,007,332**|**37,656**|**1,044,988**|635,634|
||Accountancy fees|**25,206**|**31,346**|**56,551**|9,783|
||Security|**135,842**|**-**|**135,842**|10,609|
||Entertainment|**5,651**|**1,651**|**7,302**|76|
||Subscriptions|**3,411**|**-**|**3,411**|113|
||Cleaning|**9,917**|**-**|**9,917**|3,016|
||Sundry|**36,508**|**234**|**36,742**|28,079|
||Direct costs - trading subsidiaries|**-**|**385,918**|**385,918**|-|
||Art handling costs|**203,489**|**-**|**203,489**|-|
||Bad debts|**-**|**-**|**-**|-|
||Taxation - trading subsidiaries (Note 12)|**-**|**246,907**|**246,907**|-|
||Foreign exchange (gains)/loss|**-**|**(141,480)**|**(141,480)**|-|
||Bank charges|**580**|**560**|**1,140**|234|
|||───────|───────|───────|───────|
|||**1,680,767**|**608,079**|**2,288,846**|795,155|
|||═══════|═══════|═══════|═══════|
|**9**|**Net income/(expenditure)**|||||
|||**Unrestricted funds**|**Restricted funds**|**Total**|Total|
||Net (expenditure)/ income is stated after charging/(crediting):|**Group**|**Group**|**Group**|Charity|
|||**2023**|**2023**|**2023**|2022|
|||**£**|**£**|**£**|£|
||Auditors' remuneration|**29,000**|**31,250**|**60,250**|6,500|
||Depreciation and amortisation - owned assets|**40,079**|**205,237**|**245,316**|3,740|
|||═══════|═══════|═══════|═══════|



## **10 Trustees' remuneration and benefits** 

There were no trustees' remuneration or other benefits for the year ended 30 April 2023 nor the year ended 30 April 2022. 

## **Trustees' expenses** 

There were no trustees' expenses paid for the year ended 30 April 2023 nor the year ended 30 April 2022. 

|**11**|**Staff costs**|**Unrestricted funds**|**Restricted funds**|**Total**|Total|
|---|---|---|---|---|---|
|||**Group**|**Group**|**Group**|Charity|
|||**2023**|**2023**|**2023**|2022|
|||**£**|**£**|**£**|£|
||Wages and salaries|**619,372**|**251,034**|**870,406**|146,878|
||Social security costs|**73,852**|**28,351**|**102,203**|18,858|
||Other pension costs|**12,063**|**3,811**|**15,874**|1,120|
|||───────|───────|───────|───────|
|||**705,287**|**283,196**|**988,483**|166,856|
|||═══════|═══════|═══════|═══════|
||The average monthly number of employees during the year was as follows:|||**Group**|Charity|
|||||**2023**|2022|
|||||**£**|£|
||Employed by trading subsidiaries|||**3**|-|
||Management and administration of charity|||**12**|3|
|||||───────|───────|
|||||**15**|3|
|||||═══════|═══════|



The number of employees whose employee benefits (excluding employers pension costs) exceeded £60,000 was: 

|||**Group**|Charity|
|---|---|---|---|
|||**2023**|2022|
|||**£**|£|
|£60,000|- £70,000|2|-|
|£80,000|- £90,000|1|1|
|||═══════|═══════|



Page 13 



**The Zaha Hadid Foundation** 

## **Notes to the Financial Statements** 

## **For the year ended 30 April 2023** 

## **12 Taxation** 

Taxation is incurred by the trading subsidiaries of the Charity. The tax (credit)/charge on trading profits for the period of consolidation was as follows: 

||**Unrestricted funds**|**Restricted funds**|**Total**|Total|
|---|---|---|---|---|
||**Group**|**Group**|**Group**|Charity|
||**2023**|**2023**|**2023**|2022|
||**£**|**£**|**£**|£|
|UK corporation tax|**-**|**303,811**|**303,811**|-|
|Deferred tax|**-**|**(56,904)**|**(56,904)**|-|
||**───────**|───────|───────|───────|
|**Tax on trading profits**|**-**|**246,907**|**246,907**|-|
||═══════|═══════|═══════|═══════|



Taxation is included in other costs in the consolidated statement of financial activities. 

## **13 Tangible fixed assets** 

**Group** 

|**Group**||||||
|---|---|---|---|---|---|
||**Freehold**|**Improvements**|**Fixtures &**|**Computer**||
||**property**|**to property**|**equipment**|**Equipment**|**Total**|
||**£**|**£**|**£**|**£**|**£**|
|**Cost**||||||
|As at 1 May 2022|**-**|**-**|**60,486**|**20,205**|**80,691**|
|Additions|**16,500,000**|**152,540**|**321,641**|**45,125**|**17,019,305**|
|Disposals|**-**|**-**|**-**|**-**|**-**|
||**───────**|**───────**|**───────**|**───────**|**───────**|
|**As at 30 April 2023**|**16,500,000**|**152,540**|**382,127**|**65,330**|**17,099,996**|
||**═══════**|**═══════**|**═══════**|**═══════**|**═══════**|
|**Depreciation**||||||
|As at 1 May 2022|**-**|**-**|**8,850**|**1,203**|**10,053**|
|Charge for the period|**165,000**|**6,236**|**31,955**|**11,090**|**214,281**|
|Eliminated on disposal|**-**|**-**|**-**|**-**|**-**|
||**───────**|**───────**|**───────**|**───────**|**───────**|
|**As at 30 April 2023**|**165,000**|**6,236**|**40,805**|**12,293**|**224,334**|
||**═══════**|**═══════**|**═══════**|**═══════**|**═══════**|
|**Net book value**||||||
|**As at 30 April 2023**|**16,335,000**|**146,304**|**341,321**|**53,037**|**16,875,662**|
||═══════|═══════|═══════|═══════|═══════|
|As at 30 April 2022|-|-|51,636|19,002|70,638|
||═══════|═══════|═══════|═══════|═══════|
|**Charity**||**Improvements**|**Fixtures &**|**Motor**||
|||**to property**|**equipment**|**vehicles**|**Total**|
|||**£**|**£**|**£**|**£**|
|**Cost**||||||
|As at 1 May 2022||**-**|**60,486**|**20,205**|**80,691**|
|Additions||**152,540**|**268,432**|**38,015**|**458,987**|
|Disposals||**-**|**-**||**-**|
|||**───────**|**───────**|**───────**|**───────**|
|**As at 30 April 2023**||**152,540**|**328,918**|**58,220**|**539,678**|
|||**═══════**|**═══════**|**═══════**|**═══════**|
|**Depreciation**||||||
|As at 1 May 2022||**-**|**8,850**|**1,203**|**10,053**|
|Charge for the period||**6,236**|**23,391**|**10,005**|**39,632**|
|Eliminated on disposal||**-**|**-**||**-**|
|||**───────**|**───────**|**───────**|**───────**|
|**As at 30 April 2023**||**6,236**|**32,241**|**11,208**|**49,685**|
|||**═══════**|**═══════**|**═══════**|**═══════**|
|**Net book value**||||||
|**As at 30 April 2023**||**146,304**|**296,677**|**47,012**|**489,993**|
|||**═══════**|**═══════**|**═══════**|**═══════**|
|As at 30 April 2022||-|51,636|19,002|70,638|
|||**═══════**|**═══════**|**═══════**|**═══════**|



Page 14 



**The Zaha Hadid Foundation** 

## **Notes to the Financial Statements** 

## **For the year ended 30 April 2023** 

## **14 Intangible fixed assets** 

|**15**<br>**16**<br>**17**|**Group**<br>**Patents &**<br>**Computer**<br>**licenses**<br>**software**<br>**Total**<br>**£**<br>**£**<br>**£**<br>**Cost**<br>Additions<br>**5,803**<br>**234,134**<br>**239,937**<br>**───────**<br>**───────**<br>**───────**<br>**As at 30 April 2023**<br>**5,803**<br>**234,134**<br>**239,937**<br>**═══════**<br>**═══════**<br>**═══════**<br>**Amortisation**<br>Charge for the period<br>**184**<br>**30,851**<br>**31,035**<br>**───────**<br>**───────**<br>**───────**<br>**As at 30 April 2023**<br>**184**<br>**30,851**<br>**31,035**<br>**═══════**<br>**═══════**<br>**═══════**<br>**Net book value**<br>**As at 30 April 2023**<br>**5,618**<br>**203,283**<br>**208,901**<br>**═══════**<br>**═══════**<br>**═══════**<br>As at 30 April 2022<br>-<br>-<br>**-**<br>**═══════**<br>**═══════**<br>**═══════**<br>**Charity**<br>**Patents &**<br>**Computer**<br>**licenses**<br>**software**<br>**Total**<br>**£**<br>**£**<br>**£**<br>**Cost**<br>Additions<br>**5,803**<br>**23,400**<br>**29,203**<br>**───────**<br>**───────**<br>**───────**<br>**As at 30 April 2023**<br>**5,803**<br>**23,400**<br>**29,203**<br>**═══════**<br>**═══════**<br>**═══════**<br>**Amortisation**<br>Charge for the period<br>**184**<br>**261**<br>**445**<br>**───────**<br>**───────**<br>**───────**<br>**As at 30 April 2023**<br>**184**<br>**261**<br>**445**<br>**═══════**<br>**═══════**<br>**═══════**<br>**Net book value**<br>**As at 30 April 2023**<br>**5,618**<br>**23,139**<br>**28,757**<br>**═══════**<br>**═══════**<br>**═══════**<br>As at 30 April 2022<br>-<br>-<br>**-**<br>**═══════**<br>**═══════**<br>**═══════**<br>**Investments**<br>The Charity holds the following investments in subsidiary undertakings:<br>**Charity**<br>Charity<br>**2023**<br>2022<br>**£**<br>£<br>Zaha Hadid Design Limited<br>**12,318,630**<br>-<br>Zaha Hadid Holdings Limited<br>**9,545,330**<br>-<br>Zaha Hadid (Services) Limited<br>**52,632**<br>-<br>Zaha Hadid (Italy) Limited<br>**-**<br>-<br>**───────**<br>──────<br>**21,916,591**<br>-<br>═══════<br>═══════<br>The above investments represent an 100% holding of the subsidiary undertakings.<br>**Stocks**<br>**Group**<br>**Charity**<br>Group<br>Charity<br>**2023**<br>**2023**<br>2022<br>2022<br>**£**<br>**£**<br>£<br>£<br>Stocks<br>**483,766**<br>**47,041**<br>-<br>47,041<br>───────<br>───────<br>───────<br>───────<br>**483,766**<br>**47,041**<br>-<br>47,041<br>═══════<br>═══════<br>═══════<br>═══════<br>**Debtors**<br>**Group**<br>**Charity**<br>Group<br>Charity<br>**2023**<br>**2023**<br>2022<br>2022<br>**£**<br>**£**<br>£<br>£<br>Trade debtors<br>**2,636,629**<br>**2,560**<br>-<br>7,260<br>Prepayments and accrued income<br>**993,975**<br>**839,630**<br>-<br>268,471<br>Other debtors<br>**77,997**<br>**-**<br>-<br>-<br>Taxation<br>**259,443**<br>**-**<br>-<br>-<br>Amounts owed to group undertakings<br>**-**<br>**1,248**<br>-<br>-<br>───────<br>───────<br>───────<br>───────<br>**3,968,044**<br>**843,438**<br>-<br>275,731<br>═══════<br>═══════<br>═══════<br>═══════|
|---|---|



Page 15 



**The Zaha Hadid Foundation** 

## **Notes to the Financial Statements** 

## **For the year ended 30 April 2023** 

## **18 Creditors: amounts falling due within one year** 

|||**Group**|**Charity**|Group|Charity|
|---|---|---|---|---|---|
|||**2023**|**2023**|2022|2022|
|||**£**|**£**|£|£|
|Trade creditors||**901,613**|**533,572**|-|244,593|
|Other creditors||**80,412**|**25,263**|-|12,933|
|VAT||**116,153**|**80,307**|-|156,064|
|Deferred tax||**1,164,953**|**-**|-|-|
|Accruals and deferred income||**154,134**|**109,539**|-|163,736|
|||───────|───────|───────|───────|
|||**2,417,264**|**748,682**|-|577,326|
|||═══════|═══════|═══════|═══════|
|**Movement in funds**||||||
|**Group**||||||
||**Opening**|**Incoming**|**Outgoing**|**Transfers**|**Closing**|
||**balance**|**resources**|**resources**|**between funds**|**balance**|
||**£**|**£**|**£**|**£**|**£**|
|Unrestricted fund|**13,353,885**|**5,188,501**|**(3,776,362)**|**-**|**14,766,024**|
|Restricted fund|**-**|**23,952,198**|**(1,102,121)**|**-**|**22,850,077**|
||───────|───────|───────|───────|───────|
|**Total Funds**|**13,353,885**|**29,140,699**|**(4,878,483)**|**-**|**37,616,101**|
||═══════|═══════|═══════|═══════|═══════|
|**Charity- 2023**||||||
||**Opening**|**Incoming**|**Outgoing**|**Transfers**|**Closing**|
||**balance**|**resources**|**resources**|**between funds**|**balance**|
||**£**|**£**|**£**|**£**|**£**|
|Unrestricted fund|**13,353,885**|**5,544,111**|**(4,124,898)**|**-**|**14,773,098**|
|Restricted fund|**-**|**21,863,960**|**-**|**-**|**21,863,960**|
||───────|───────|───────|───────|───────|
|**Total Funds**|**13,353,885**|**27,408,071**|**(4,124,898)**|**-**|**36,637,058**|
||═══════|═══════|═══════|═══════|═══════|
|**Charity- 2022**||||||
||**Opening**|**Incoming**|**Outgoing**|**Transfers**|**Closing**|
||**balance**|**resources**|**resources**|**between funds**|**balance**|
||**£**|**£**|**£**|**£**|**£**|
|**Unrestricted fund**|**10,622,746**|**3,864,276**|**(1,133,137)**|**-**|**13,353,885**|
||───────|───────|───────|───────|───────|
|Total Funds|**10,622,746**|**3,864,276**|**(1,133,137)**|**-**|**13,353,885**|
||═══════|═══════|═══════|═══════|═══════|



## **19 Movement in funds** 

There is a restriction on the Charity's access to the profits, assets, and liabilities of Zaha Hadid Design Limited and Zaha Hadid Holdings Limited for a period of 7 years from 2022 as part of the conditions of appointment of the Charity as parent of the Group. This gives rise to a restricted fund in both the Charity figures and Group figures. 

The restricted fund in the Charity relates to the investment in Zaha Hadid Design Limited and Zaha Hadid Holdings Limited, which are both trading subsidiaries of The Zaha Hadid Foundation Group (See note 15) 

The restricted fund in the Group figures relates to the profits, assets, and liabilities of the same subsidiaries that the Charity does not yet have access to. 

## **20 Pension costs** 

The group operates a defined contribution pension scheme for its employees.  The charge across the group for the period was £15,874 (Charity 2022: £1,120). 

## **21 Related party disclosures** 

During the year the foundation received levy income of £3,819,905 (2022: £3,808,841) from Zaha Hadid Limited, a company previously owned by the Estate of Dame Zaha Hadid. This levy income was incurred at an arms length basis. 

Zaha Hadid Holdings Limited owns two properties which have been used by the Zaha Hadid Foundation free of charge during the year. Rent has been recognised at an arms length basis in the accounts of the Zaha Hadid Foundation as required by the SORP, but has not been recognised in Zaha Hadid Holdings Limited. 

For all other related party transactions advantage has been taken of the FRS102 exemption for the disclosure of transactions with wholly owned subsidiaries. 

## **22 Ultimate controlling party** 

The company is under the control of its trustees. 

Page 16 



**The Zaha Hadid Foundation** 

## **Notes to the Financial Statements** 

## **For the year ended 30 April 2023** 

## **23 Reconciliation of net income to net cash flow from operating activities** 

|**24**<br>**25**|**Unrestricted funds**<br>**Restricted funds**<br>**Total**<br>Total<br>**Group**<br>**Group**<br>**Group**<br>Charity<br>**2023**<br>**2023**<br>**2023**<br>2022<br>**Net income for the reporting period:**<br>**£**<br>**£**<br>**£**<br>£<br>**1,412,139**<br>**23,096,984**<br>**24,509,123**<br>2,731,139<br>**Adjustments for:**<br>Depreciation charges<br>**40,079**<br>**205,237**<br>**245,316**<br>3,739<br>Donation of subsidiaries<br>**(52,632)**<br>**(21,863,960)**<br>**(21,916,591)**<br>-<br>Interest received<br>**(203,577)**<br>**(6,108)**<br>**(209,685)**<br>-<br>(Decrease)/ Increase in stocks<br>**-**<br>**(146,541)**<br>**(146,541)**<br>-<br>Decrease/ (increase) in debtors<br>**(617,438)**<br>**(1,019,764)**<br>**(1,637,202)**<br>143,851<br>Increase in creditors<br>**170,107**<br>**105,901**<br>**276,008**<br>382,223<br>───────<br>───────<br>───────<br>───────<br>**Net cash provided by (used in) operating activities**<br>**748,678**<br>**371,750**<br>**1,120,427**<br>3,260,952<br>**═══════**<br>**═══════**<br>**═══════**<br>═══════<br>**Analysis of changes in group net funds**<br>**At 1 May 22**<br>**Cash flow**<br>**At 30 April 23**<br>**Net cash**<br>**£**<br>**£**<br>**£**<br>Cash at bank<br>**13,537,801**<br>**4,959,191**<br>**18,496,992**<br>**───────**<br>───────<br>**───────**<br>**Total**<br>**13,537,801**<br>**4,959,191**<br>**18,496,992**<br>**═══════**<br>═══════<br>═══════<br>**Analysis of net assets between funds**<br>**Unrestricted**<br>**Restricted**<br>**Total**<br>**Group- 2023**<br>**£**<br>**£**<br>**£**<br>Intangible fixed assets<br>**28,757**<br>**180,144**<br>**208,901**<br>Tangible fixed assets<br>**489,993**<br>**16,385,669**<br>**16,875,662**<br>Net current assets / (liabilities)<br>**14,247,274**<br>**6,284,264**<br>**20,531,538**<br>────────<br>────────<br>────────<br>**Balance as at 30 April 2023**<br>**14,766,024**<br>**22,850,077**<br>**37,616,101**<br>═══════<br>═══════<br>═══════<br>**Unrestricted**<br>**Restricted**<br>**Total**<br>**Charity- 2023**<br>**£**<br>**£**<br>**£**<br>Intangible fixed assets<br>**28,757**<br>**-**<br>**28,757**<br>Tangible fixed assets<br>**489,993**<br>**-**<br>**489,993**<br>Investments<br>**52,631**<br>**21,863,960**<br>**21,916,591**<br>Net current assets / (liabilities)<br>**14,201,717**<br>**-**<br>**14,201,717**<br>────────<br>────────<br>────────<br>**Balance as at 30 April 2023**<br>**14,773,098**<br>**21,863,960**<br>**36,637,058**<br>═══════<br>═══════<br>═══════|
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