ANNUAL REPORT
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 FEBRUARY 2024

ILLUMINATED RIVER FOUNDATION
CONTENTS
Page
Legal and Administrative Information
Chairman's statement
Report of the Trustees
Independent Examinerfs Report to the Trustees
Statement of Financial Activities
Balance Sheet
io
Cashflow Statement
li
Notes to the Financial Statements
12

ILLUMINATED RIVER FOUNDATION
LEGAL AND AOMINISTRATIVE INFORMATION
FOR THE YEAR ENDED 29 FE8RUARY 2024
Trustees
Lord Mendoz3, Chair of Trustees
Fabia Bromovsky
The Hon. Dame Hannah Rothschild
Anthea Case
Sarah Gaventa
member of Finance sub-commitlee
Address
Illuminated River Foundation
15 St. James's Place
London SWIA INP
www.i11 u minatedriver.london
Independent Examiner
Cara Turtington FCA DChA
S3ffery LLP
71 Queen Victoria Street
London EC4V 4BE
Solicitors
Macfarlanes LLP
20 Cursitor Street
London EC4A ILT
Bankers
National Westminster Bank PIC
216 Bishopsgate
London EC2M 4QB

ILLUMINATED RIVER FOUNDATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 29 FEBRUARY 2024
Illuminated River featured, once again, prominently in the great events of our nation. In May 2023,
with a splendid lighting display in red, white and blue, central London's bridges provided a perfect
backdrop for celebration of the coronation of King Charles111.
London Bridge litfor the Coron(Jtion, Lle5igned by Durhom Marenghifor the Mayorof London
Illuminated River ha5 continued to inspire Londoners and visitors from elsewhere in the UK and from
around the world. It has been gratifying to see the positive reaction to the project on social media
and in our vibrant programme of public engagement event5, walks, talks and also boat tours run In
partnership with Uber Boat by Thames Clippers. In September 2023, we were delighted to host a
boat tour with the youth charity Renaissa nce Foundation,. this gave London-based young carers an
opportu nity to experience Illumi nated River while meeting career professionals across a range of
disciplines. I n October, in collaboration with The Poetry Society and coi nciding with National Poetry
Day, we published a new work celebrating the artwork from emerging writer and performer Tife
Kusoro. Illuminated River 3150 continues to be recognised by a number of prestigious awards.
This project was i nspired, i nitiated and Supported by the Rothschild Foundation. The charity has had
the support of three other world-leading foundations: Arcadia Fund, Blavatnik Family Foundation
and Reuben Foundation. This philanthropic support has resulted in a great gift to London that will
last a generation.

ILLUMINATED RIVER FOUNDATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENOED 29 FEBRUARY 2024
Illuminated River is a long-term project- the Foundation has committed to supporting the completed
artwork until July 2029 but the instal lation and systems are expected to have longevity well beyon d
that date. We have in place a legacy group, bringing together Greater London Authority and bridge
owners to provide continued oversight of the project, alongside a robust programme of bridge
inspections and routine maintenance to ensure the installation operates reliably into the future.
-glp*iil'"
81ackfriars Bridge, photo by Kelly Killan
Our charity's commitment to best practice, high quality and long-term sustainability has informed
every stage of this project's design, development and delivery. We assembled an experienced and
talented team of project partners and the Foundation continues to operate with dedicated support
arrangements in place.
On behalf of the Foundation I wish to acknowledge the incredible skill and efforts of all of our project
team members, alongside the wider constituency of partners, stakeholders, community and business
groups upon whose support the success of Illuminated River has relied.
Lord Mendoza
Cha ir of Trustees
September 2024

ILLUMINATED RIVER FOUNDATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 29 FEBRUARY 2024
Objectives and activities
The Foundation has the charitable object of promoting the arts by the creation and implementation of a
lighting scheme of artistic merit for London's bridges. The Illuminated River project transform5 the capital
with a unif bed kinetic artwork across Central London's bridges.
The Trustees confirm that they have regard to the Charity Commission'5 guidance on public benefit when
reviewing the Foundation's aims and objectives and in planning future activities. Illuminated River aims to be
a model of best practice and collaboration, working in partnership with other charities and organisation5
working on the Thames,. sharing experience and learning," and showing how different sectors and London
boroughs can work together to make the city more attractive and accessible for everyone.
During the financial year, the maintenance and legacy phase of the CQTnpleted nine bridge programme of
1 Iluminated River continued. This unique artwork is free, publicly accessible and will be in place until at least
July 2029 when the installation and systems will be gifted back to the respective bridge owner5 . Based on a
single lighting concept, the artwork on each bridge captures its unique history and identity, and responds to
its distinct area of the Thames.
111
Westminster Bridge, photo by Paul Crawley
Millennium 8ridge, photo by Philip Petrou

ILLUMINATED RIVER FOUNDATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 29 FEBRUARY 2024
Achievements and performance
During the year, we continued with the maintenance and legacy phase of the project, ensuring ongoing
operation of the lighting and related technologies that underpin the artwork, promoting the project to diverse
aud iences and also highl ighting the ach ievements. Alongside the charity's Board of Trustees, we have a legacy
group that brings together Greater London Authority and respective bridge owners to uphold the integrity of
the artwork and wider long-term legacy of the project. Illuminated River has been recognised in the following
awards..
Dezeen Award 2022.. Arch itectural Lighting Design of the Year
Building 8eaLJty Award 2022.. Public Space Award
London Design Award 2021.. Silver
Maritime Society Award 2021.. Digital Media
Waterfront Award 2021
Civic Trust Award 2021
Royal Town Planning Institute Award 2021.. Excellence in Planning for Heritage and Culture
New London Architecture Award 2020.. Jury's Choice
British Construction Industry Award 2020.. Small Project of the Year
Planning Award 2020.. Best Use of Art5 Culture or Sport in the Place Making
New London Architecture Award 2019.. Culture
The Foundation has f rom inception adopted best practice and committed to close collaboration with riverside
communities, bridge owners, business and other stakeholders. These relationsh ips conti nue to be important -
in the past year we worked in partnership to deliver a range of public and community events and activities
designed f urther to embed the project and raise public awarene55 of I Iluminated River over the longer-term.
Future activities
Illum inated River was from inception planned and designed for the long-term, with the Foundation committed
to supporting the project until July 2029- 10 years from the date of illumination of our first phase. At that
t￿Me, the charity expects to hand over to the respective bridge owner5, at no cost to them, systems and light
fitti ngs installed on the nine bridges to enable the artwork- eq uipment with longevity well beyond 10 years.
Financial Review
Total income for the year was £10,44712023-. £81,2811. A breakdown of donations and legacies is set out in
Note 3.
Total expenditure for the year was £0.34 million12023.' £0.34 millionl. This comprises maintenance and legacy
costs,. related professional fees, including communicatlolls,. and modest running costs of the Foundation.
At the financial year-end, the Foundation'5 total fund5 were £3. 1 million12023'. £3.4 million).
Reserves policy
As at 29 February 2024, the Foundation held total reserves of £3,083,871 12023. £3,413,171), comprising
unrestricted reserves of £3,067,84112023. £3,391,829), and restricted reserves of £16,03012023.. £21,342).
The balance of unrestricted reserves also constitutes the balance of free reserves at year-end.

ILLUMINATED RIVER FOUNDATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 29 FEBRUARY 2024
The adequacy of reserves is reviewed anriually, with reserves maintained at a level Suff icient to meet f inancial
commitments as they are made in realising and supporting the project. Unrestricted income ra￿Sed in the year
is used to support the cost of the charitable activities.
The Trustees are satisfied with the reserves position at the year end and consider the level of reserve5 a5
adequate to complete the project and support maintenance of the artwork until July 2029, the planned date
of handover of the installation to bridge owners.
Structure, Governance and Management
The Illuminated River Foundation is a registered charity Inumber 11683751. The Foundation is a Charitable
I ncorporated Organisation ICIOI and was established on 21 July 2016. The CIO is an independent charity and
not part of any 'umbrella" body. The members of the CIO are the Fou ndation's Trustees who undertake to act
in good faith to further the PLJrpose of the Foundation.
Trustees have the power to delegate any of their powers or functions to a committee or committees. New
Trustees are appointed for a term of three years, renewable, by a resolution passed at a properly convened
meeting of the Foundation'5 Trustees. There is an interview and induction process for new Trustee5 and on-
going training is undertaken, including regular meetings, discussions with individuals and organisations, with
relevant briefing papers in the work areas supported by the Foundation.
The Board of Trustees meets six monthly to review the Foundation's strategy, performance towards agreed
objectives, and f uture plans. In addition, the Finance sub-committee meets in between Board meetings to
review the Foundation's finances, contract and procurement issues, key risk5.
Risk management
The Trustees are responsible for establishing and monitoring internal control systems within the Foundation.
The major risks which may impact the activities of the Foundation have been reviewed during the year and
the Trustees are satisfied that the system of internal controls currently in place is adequate, whilst recognising
that they are designed to manage rather than eliminate risk.
Internal contro15 are reviewed on an ongoing basis as part of the day-to-day risk management process within
the Foundation. The key risk area5 for the Foundation arise from the complexity of managing a long-term,
large scale, public art project involving the engagement and support of a number of public and private sector
organi5ations. Currently, key risks include ensuring the quality and integrity of the completed installation in
SLJpport of the effective and reliable operation of the artwork and its ongoing maintenance.
The Foundation is successfully managing risks through appointment of expert advisers, and by timely and
sustained engagement with stakeholders, includ ing bridge owners, local communities, public and private
sector organisations.
Fundraising
The Trustees take their responsibilities under the Charities (Protection and Social Investment) Act 2016
seriously and have considered the implications on their f undraising activities. The Foundation has raised f und5
by direct applications to private Tru5t5 and Foundations and has not carried out any fundraising activity in
order to raise f unds f rom the general public, or otherwise to engage professional f undraisers. The Trustees
are not aware of any complaints made in respect of fundraising during the year.

ILLUMINATED RIVER FOUNDATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDEO 29 FEBRUARY 2024
Statement of Trustees, responsibilities
The Trustees are responsible for preparing the Trustees. Report and financial statement5 in accordance with
applicable law and U nited Kingdom Accounting Sta ndards IU nited Kingdom Generally Accepted Accounting
Practicel.
The Charities Act 2011 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 charity and of the Incoming resources and application of
resource5, of tho Foundation for that year.
In preparing these financial statements, the Trustees are required to..
select suitable accounting pol icies 8 nd then apply them consistently,.
observe the methods and principles in the Charities SORP-
make judgements and estimates that 3 re re3sonable 3nd prudent,.
state whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the f ina ncial statements,. and
prepare the financial statements on the going concern basis unless it is Inappropriate to presume
that the charity will continue in business.
The Tru5tee5 are responsible for keeping proper accoLJnting records that disclose with reason3blo accuracy at
any tirne the financial position of the charitable company and enable them to ensure that the financial
statements comply with the Charities Act ?.01 l. They are also responsible for safeguarding the assets of the
Foundation and hence for taking reasonable Steps for the prevention and detection of fraud and other
irregularities.
The Report of the Trustees was approved by the Board on 9 Septefflber 2024 and Signed on their behalf by..
Lord Mendoza
Chairman

ILLUMINATED RIVER FOUNDATION
Independent Examiner's report to the Trustees
FOR THE YEAR ENDED 29 FEBRUARY 2024
I report to the trustees on my examination of the accounts of Illuminated River Foundation (the
'Foundation'l for the year ended 29 February 2024.
Respective Responsibilities of trustees and examiner
As the charity trustees of the Foundation you are responsible for the preparation of the accounts in
accordance with the requirements of the Charities Act 20111'the Act'l.
I report in respect of my examination of the Foundation's accounts carried out under section 145 of the 2011
Act and in carrying out my examination I have followed all the applicable Directions given by the Charitv
Commission under section 14515llbl of the Act.
Basis of independent examinerfs report
My examination w35 carried out in accordance with the general Direction5 given by the Charity Commission.
An examination includes a review of the accounting records kept by the charity and a comparison of the
accounts presented with those records. It also includes consideration of any unusual items or disclosures in
the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures
undertaken do not provide all the evidence that would be required in an audit and con5equÈntly no opinion
is given as to whether the accounts present a 'true and fair view, and the report is limited to those matter5
set out in the statement below.
Independent examiner's Statement
I have completed my examination. I confirm that no material matter5 have come to my attention in
COf4nection with the examination giving me cause to believe that in any material respect..
l. accounting records were not kept in respect of the Foundation as required by section 130 of the Act,. or
2. the accounts do not accord with those records- or
3. the accounts do not comply with the applicable requirements concerning the form and content of
accounts Set out in the Charities IAccounts a nd Reports) Regulations 2008 other than any requirement that
the accounts give a 'true and fair Vie￿ which is not a matter considered as part of on independent
examination.
I have no concerns and have come across no other matter5 in connection with the examination to which
attention should be drawn in this report in order to enable a proper understanding of the accounts to be
reached.
Signed=
Name.. Cara Turtington FCA DChA
Address.. Saffery LLP, 71 Queen Victoria Street, London, EC4V 48E
Date..
4 Odjy 20

ILLUMINATED RIVER FOUNDATION
STATEMENT OF FINANCIAL A￿1VITIEs
FOR THE YEAR ENDED 29 FEBRUARY 2024
Note Unrestricted Restricted
Fund
Fund
Total
Total
2024
2024
2024
2023
Income from:
Donations and legacies
10,447
10,447
81,281
Total income
10.447
10,447
81,281
Expenditure on-
Raising funds
Foundation activities
334,435
5,312
339,747
335,370
Total expenditure
334.435
5,312
339,747
335.370
Net income/lexpenditurel
1323,9881
15,3121 {329.300} {254,0891
Reconciliation of Funds
Balances brought forward at l March 2023
3,391,829
21,342
3,413,171
3.667,260
Balances carried forward at 29 February
2024
li
3,067,841
16,030 3,083,871
3,413,171
The note5 on pages 12 to 17 form part of thesè financial statements.
The statement of financial activities includes all gai ns and losses recognised.
All income and expenditure derive from continuing activities.

ILIUMINATED RIVER FOUNDATION
BALANCE SHEET
AS AT 29 FEBRUARY 2024
Note
2024
2023
Current assets
Debtors
Cash at bank and in hand
2,985,715
142,138
3,127,853
3,281,986
166,918
3,448,904
Current liabilities
Creditors.. amounts falling due within one year
143,9821
{35,733)
Net assets
3,083,871
3,413,171
Funds
Unrestricted fund
Restricted fund
3.067,841
16,030
3,391,829
21.342
Total funds
io
3,083,871
3.413.171
The financial statements were approved by the Trustee of the Illuminated River Foundation on 9 September 2024
and signed on their behalf by..
Lord Mendoza, Chai
The notes on page5 12 to 17 form part of these financial stateme
Charity number 1168375
an
io

ILLUMINATED RIVER FOUNDATION
STATEMENT OF CASHFLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024
2024
2024
2023
2023
Cash flow from operating activities:
Net income las per SOFA)
Decrease in debtors
1329,3001
1254,0891
296,271
8,249
246,184
1245,3881
Increase in creditors
Net cash generated from / (used inl
operating activities
304,520
796
Change in cash and cash equivalents I n
the reporting period
Cash and cash equiwdlents at the end of
the reporting period
124,7801
1253,2931
142,138
166.918
Analysis of cash and cash equivalents
Net
balance at
l March
2023
Cash
decrease in
the period
Net balance at
29 February
2024
Cash at bank and in hand
166,918
124,7801
142,138
Totsl cash and cash equivalents
166,918
124,7801
142,138
The notes on pages 12 to 17 form part of these financial statements.
li

ILLUMINATED RIVER FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
l. Foundation Information
The Illuminated River Foundation is a registered charity Inumber 11683751.
2. Accounting policies
al Basis of financial statements
The financial 5tatemellts have been prepared in accordanco with the Statement of Recommended
Practice.. Accounting and Reporting by Charities preparing their account5 in accordance with the Fi nancial
Reporting Standa rd applicable in the UK and Republic of Ireland IFRS 1021 and the Financial Reporting
Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011 and
U K Generally Accepted Accounting Practice.
The Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are
initially recognised 3t historical cost or transaction value unless otherwise stated in the relevant
accounting policy notelsl.
The financial statements are prepared in sterling, which Is the f unctional currency of the Foundation.
The financial statements have been prepared under the historical cost convention.
b} Income
Income from donations and grants, including government grants, 15 included in income when there is
entitlement, probability of receipt and the a mount can be tneasured with sufficient reliability, unless the
donor has specified th2t the donation or grant relates to a future period or that certain pre-conditions
must be fulfilled before use. In these cases atnounts received are recognised in the relevant period or
when the pre.conditions have been met and until then treated as deferred income. Donations and gra nts
for particular purposes are included In Incoming resources as restrictod funds. All other Income is
recognised on an accruals basis once the charity 15 legally entitled to receipt.
c) Expenditure
Expendilure is included on an accruals basis. Expenditure on raising funds comprises those expenses
directly attributable to fundraising. Expenditure on Foundation activities comprise administration and
support Costs of the Foundation.
dl Support and Governance expenditure
Support cost and Governance costs are alloc3ted to the Foundation activities as incurred. Governance
expenses comprise of all costs involvin8 the public accountability of the charity and expenses related to
statutory requirements. These expenses Include fees for statutory audit and legal fees where relevant.
12

ILLUMINATED RIVER FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
g} Taxation
The Foundation is a registered charity and is not liable to United Kingdom income tax or corporation tax
on charitable activities.
h) Pensions
Foundation staff are el igible to join a defi ned contribution pension scheme. Pension costs In relation to
this scheme are included In the Statement of Financial Activities as they fall due.
i} Going concern
The management have undertaken an asse55ment of going concern and conclude that the going concern
basis is appropriate because there are no material uncertainties related to event5 or condition5 that may
cast significant doubt about the 3bil ity of the company to continue as a going concern.
Restricted funds can only be used for particular purposes within the objectives if the Foundation.
Restrictions arise when specif led by the donor or when funds are raised for a particular purpose.
Unrestricted reserves are funds that can be used for any purpose within the Foundation's objectives.
j) Critical accounting judgements and key sources of estimation uncertainty
In the application of the accounting policies, the Trustees are reqLJired to ma ke judgements, e5timate5
and assumptions aboLJt the carrying amount of assets and liabilities that are not readily apparent from
other sources. The estimates and associated assumptions are based on historical experience and other
factors that are considered to be relevant. Actual results may differ from these estimates.
The e5timate5 and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised and in future periods where
necessary.
The Trustees consider there to be no critical accounting estimates and judgements.
kl Financial instruments
The Foundation only has financial a55ets and financial liabilitie5 of a kind that qualify as basic financial
instruments. Basic financial instru ments are initially recognised at transaction v21ue and subsequently
measured at their settlement value. The Foundation has selected to apply the provisions of Section 11
'Basic Financia1 Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its
financial instruments.
13

ILIUMINATED RIVER FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDEO 29 FEBRUARY 2024
Donations and legacies
Year ended 29 February 2024..
Unrestricted fund
Restricted fund
Totsl
Donation5
Grant of service
5,447
5,000
5,447
5,000
10,447
10,447
Year ended 28 February 2023..
Unrestricted fund
Restricted fund
Total
Donations
Grant of service
3,781
5,000
72.500
76,281
5,000
8,781
81,281
£5,00012023.. £71,500) of the above donations were received from trustees or entities to which they arè
related.
72,5￿)
Total Expenditure
Staff costs
Other costs
2024
Raising funds
Total expenditure on raising f unds
Development, maintenance and legacy expenses
Management and admin expenses
322,638
17,109
322,638
17,109
Total expenditure on Foundation activities
339,747
339.747
Total Expenditure
339,747
339,747
Staff costs
Other costs
2023
Raising funds
Total expenditure on raising funds
Development, mai ntenance and legacy expenses
Management and admin expenses
314,419
20,951
314,419
20.951
Total expenditure on Foundation activities
335,370
335.370
Total Expenditure
335,370
335.370
14

ILLUMINATED RIVER FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
Net income
2024
2023
Net income is stated after charging:
Auditor5, remuneration..
Independent examination
3,720
3.600
Trustees
Trustees received emoluments in the year totalling £ 16,18012023.. £6,000). Amounts reimbursed to trustees for
travel and other expenditure totalled £180 in the year12023'. nill. During the year the charity made payments to
Sarah Gaventa totalling £16,180 for Services Sarah provides to the charity. These payments were made in
accordance with Article 6121 of the charity's constitution which permits trustees to be paid. In deciding to make
these payments, the Trustees considered Sarah to be uniquely placed to offer the service5 required due to her
historic knowledge of the charity. She played no part in the decision to use her services nor In the decision to fix
the remuneration.
Employees
Following completion of the project, the staff team were made redundant and no staff were employed after
June 2021.
Debtors
2024
2023
Other debtors
Prepayment5 and accrued income
3,511
2,982,204
3,281,986
Debtors re13ting to operating activities
2,985.715
3.281.986
Creditors - Amount5 falling due within one year
2024
2023
Trade creditors
Other cred￿tOrS
Accrua15
29.139
203
5.598
172
14,640
29,963
Creditors relating to operating activities
43.982
35,733
io.
Analysis of Net assets between funds
Unrestricted
Fund
Restricted
Fund
2024
2023
Net current a55et5 / Iliabilitiesl
3,067,841
16,030
3.083.871
3.413.171
Net Assets
3,067,841
16,030
3,083,871
3,413,171
15

ILLUMINATED RIVER FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
ii.
Movement in Funds
Balance at I
March 2023
Balance at 29
February 2024
Income
Expenditure
Unrestricted
3,391,829
10,447
334,435
3.067.841
Restricted
21.342
5,312
16,030
Total funds
3.413.171
10,447
339,747
3,083,871
12. Related Party Transactions
During the year, the Rothschild Foundation made grants totalling £5,00012023'. £77,500) to I Iluminated River
Foundation, Including a grant of services of £5,00012023'. £5,000). Hon. Dame H M Rothschild, a trustee of
Illuminated River Foundation served as a Trustee of the Rothsch ild Foundation.
13. SOFA- prior year analysis of funds
Unrestrirted
Fund
2023
Restricted
Fund
2023
Total
2023
Income from:
Donations and legacie5
8,781
72,500
81,281
Totsl income
Expenditure on:
Raising funds
Foundation activities
8,781
72,500
81,281
262,870
72,500
335,370
Total expenditure
262,870
72,5CK)
335,370
Net income
Reconciliation of Funds
Balances brought forward from l March 2022
1254,0891
1254,089)
3,645,918
21,342
3.667.260
Balances carried forward at 28 February 2023
3,391,829
21,342
3,413,171
16

ILLUMINATED RIVER FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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FUNDERS
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17