HINRICHSEN FOUNDATION CIO A Charitable Incorporate Organisation Charity number 1171401 TRUSTEES REPORT AND ANNUAL ACCOUNTS YEAR ENDED 31 DECEMBER 2023
HINRICHSEN FOUNDATION CIO Year ended 31 December 2023 INDEX Trustee and admini$lr8ttV8 delai15 Report of the Trustees Independent Examinerfs Report 10 Slalem&nl ol Finan¢ial Activities 11 Balance Shget 12 Notes lo tha Financial Statements 13-15
HINRICHSEN FOUNDATION CIO Year ended 31 Dernber 2023 TRUSTEE AND ADMINISTRATIVE DETAILS Trust8gs Dr Ed McKeon ICh8irmanl Mark BroMY (Vfi Chairman) Tim Berg Tabby Esiell Dr BobbièJane Gardr Eleanor Gus5man (resigned 29 April 20241 Dr Gavin Hwjgins Dr Linda Hirsl Dr John Christian Mason Professor Stephen Walsh Charlty Numbar 1141701 Princip818nd Adminisiraliv8 Offic8 rjo 14- 15 88m8rs Street London W1T 3LJ Secretary Dr Angela Slaler Independent Examiner Helen 8inns FCA Beevgr and Slrulhers Chartered Accountants One Express 1 George Lelgh Street Manch8$1or M4 50L Bank CAF Bank 25 Kings Hill Avenue Kings Hill Wesl Malling Kent ME79 4JQ Sc4icitors Blandy & Blandy 1 Friar Stragt Rèading RG1 1DA
HINRICHSEN FOUNDATION CIO Year ended 31 December 2023 REPORT OF THE TRUSTEES The Trustees present th•"r annual r8pyttogether ith the fin8nco1 stalemen15 of the Hinri¢h¥8n Foundation CIO Ilh8 Charity) lor the ye8r ended 31 De¢emb8r 2023. The Trustees preseni the Annu81 report fin8na81 statements of the Ch8rTty in a(tord8nc8 With the accounlin9 policies in note 1 and lo compty with tl Charity's TnJ51 Dee<l. the Charities Acl 2011 and the ovisions of th8 Statement of Recommended Pwlice ISORPI applicable to charibes preparing Ih8ir financiol statements In accordance Ih th? Fingnoal Reportin9 Standard appllc4ble in UK 8nd Republlc of Ireland IFRS 1021. The change In the charity's position enab188 the Tntstses lo wnfirm lat they have b88n able to prepare tho68 accwnts Or tho 90ing cC¢M eonvonts"¢)n. OBJECTIVES AND ACTIVITies We have lrr1d to the Charlty Commission's guidwce wblc beneftt when w¢wAng ouralms and objectiv88 Bnd In plannlng Jr lulur• #Ltyvibes. Pollcl•8 and obl•rti¥•• Thg airn, and Ihe principal object, of the Charity is lo k¥ovid• support for Ihe performance of contempDrary rnusic, which may Indude commissi¢min9 of naw r(k. ¢0mM8ral r8cordirYJ or publication. The Tru$lee$ ar¢ oware that financlal assistanc8 is oft¢ft theces$8ry in order to ¢ate the opportunltiès for both composition and resoarch. There remains a back ofiundin9 WAI.n the #rts Sect g8n8r81ty ané organis8llon$ and perforrner$ are having lo be incfeasiryly innovaiNe in how they fund Ihèir aciivity. They are equalty aware that the rè5uhs from mposition or rosaarch nood to be madè knowi 1$ Ih81 financial as$istsnc• is often neeessary forthe proJuclion of porfom)8nce materia. lor the pub11¢8bon of the r•SultsofSe8r¢tt an(1 for Ihe performa¢ of new compositions 18ke place (L$Ity warded 88 Certain 10 invofve loss for the concert prnOterS and others invofved in thB fi¢ldl. The Trustees regard the exply¥thJn 8nts ¢Jevel0Ment of new music. its ¥c8ssibillly by the 9ener?I puNic. lo b8 imporlanl to Gultural d8v&Wnenl and wellbaiThJ ofthe UK. A5 sh Ihtsy focus on supporting adivilies of perfomers and promoters who are l)¢th innovhtiye in the music they 8re bringlng to the public, and 8r8 al80 Innovaliv• in how th6y saak to engag¢ with the community and to bring in fr8sh 8udience5. Tha FOundatn Ss keen to look dt ap1¢811S from across the UK- notlu5t the main uan ¢entr88. b. Adlvltl•8 fora¢hlevln9 obl•ctiv•s The Charity athle Its objedivesby rn?n9 granlslointh.valjjTrjtyg0sèts)n$ in b¥0 broad ¢atètr)ri88'. 1. t(1 $upport the puC performances olwork8 by liviry CoMpr$,. aTrJ 2. to as51St wlh the publtaJon of rnugec4c¥Jlcal research. Full dg18i15 are avaikbk th? Charitys b.1. ¢. ¢harll8ble Adlvftlos Gran15 are payable lo individuals and organi8alior Ic4kwin9 ¢¢)nsideration at a meeting of TnJstee8. Eaeh application is con4dered on Ils own rnerits. alb¥n0 an apwcpriate level offunding to be determined. Grants afe based on an apFdi¢abon pror*ss and are 95sed by the TNstee5 at Iheir regular meètings in accordanre wlh a number of criteria incbjding conlempDrary music clent. audience 8¢h. potential for other lundin9. availabilrty of other contempLY8ry perfom)ance in the 8pplicarits a8. and consideration of the significance of Ihe proposed tyle¢l to the hjcal ccffjmuryry as well as to Ih8 brogder UK contemporary music landscape.
HINRICHSEN FOUNDATION CIO Year ended 31 December 2023 REPORT OF THE TRUSTEES- continued d. A5$ts$rn•nt of Success The Trustg8s otrlain rporis whereverpossibla from al of I11r¥80M6Trt orgenioab¢)n8 and thi8 is a cwdition ol the grant. Success Is conwderod in both tary18 and intawlble ways and inthde a nurnr of faciors Including.. The artistic qualSty ol nthv rnusic-a6se$s8d ettherthrough a1tw¢ypCo by a Tnjstee, IKal review5. or other Yeedback obtsined.. Audience 8ngagern¢nl - whik the Trustees do rnt use aUdnCe numbers as a coro mgasuT8, the altendanco numbers and gen•AI 188dba¢k ¥AII oft•n InIne vth81h8r organlsalSon6 r8cèiv• fundi fof future proiecis.. The prolessionali$rn of the perf0rrn - ¢ov•ring all ayct5 from promotion thrwgh to the fkn81 eoncert delivery and up". Local engagement- the ¢¢9ree to which the eveni managed to ervJage with the local Cornrnunity and re8¢h indiwéua15 who may It otherwi58 have twi aware or Int•re6ted in Ihg events. REVIEW OF THE YEAR AND FUTURE STRATEGY Salo of P•t•r• Edltlon Group ol Companb•s In Spring 2023 CIO'S wedecessor chanty, The Hinrithsen Foun¢J8tion18 Charty consliluled undèr 8 Oeed of Trusll ¢ornpleted thè sale ol Its majority niterest in the Peters Edition Group of Companie$ to Wi$e 1C Group. Followng lh• successful eomplelion ol Ihis sJe, Ihal charity's assgls and li8bilti•s w•re tr8nsf8rr8d lo Ihis Gharily. a CharilabK8 Inc¢ywrate Organisalion which had been esOI1$hod fu the sperIG purpose of eonlinuing the sama chanlable aims bul lIhin a more appropnat8 legal structurè. This Ir8n51er was undertaken on 27" June 2023. and thès8 accoLtnts repTe5èni th8 firsi period of op•raiion of Ihe CIO, havlng previousty been dowanl. Inv•slmoni m•naym•nt Following the Salo olthe Pelers Edilion of panieS, th& Trusiees Underto[ a competllive lenderlng proc•s5 forthe appdntrnenl of investTYWt managers for1 ¢h&rfty. After Iden'fyin9 • $hortli8t. tha Trustees 8elecled Ckm Asset maneMent as the Inve81menl manag8rn. The Tru5t888 ar• s88king a risk m8nJemenl strategy in rakiw)n to Its as5¢ts, and at Ihis polnt ceIVe a £37,500 a quarter payment from the invesimèni pjlfolio ¢0 rneei itts c%trreni grant expeciation8 and adminstratiVe cosls. £5 milon w85 IrAnsf6rred to Close Assel MarlanI in Augug12023 anJ at 31 Oecèmber 2023 the investment portfolo wa¥ Valu at tS,182.333. R•vi•w ola¢tl¥itles The Charlty Th8 Sale of its assets has enabled the Trusiees to reopen it5 9ranl gl¥lng 8clivity on & r1#[ basls and during the period grants totalling £26.549 were awathd. The a¢tNtt18s of the fDuDdation are furKJed frorn the designated reserve (being the Inveslment portfol¥)l. with tran6fer8 rrwde as oqulred in order to m88t cashflow requiretnenls. The linancial actiwty fL¥ year 1$ shthn on p4e 11. The total inveslmenl ¥etum lorthe period was 4.4%.
HINRICHSEN FOUNDATION CIO Year ended 31 December 2023 REPORT OF THE TRUSTEES -conllnued M•nag6mentofth8 Ch•rity Th8 pr8d8ce550r Gharity was creai•¢J ¢)n 18 Ociob8r 1976. Frorn Ihis tim• until her r•tirorn&nt in Juty 2024, the Found81ion's day40•8y M8n8geent has been led by LesleyAdamson. Th8 Trustees land we are sure rnany #Gross the UK conlemporary MUS scen81 wcutd wish lo reco¥d their thanks lo L851ey for her many years of palient str¢e ofthe Foundation and we 81 wsh rlI in rgtirernen¢. Th8 Trustees 8r8 delight kome Dr Angela Slater ¥tho ha8 taken the rokg of GOVal Mana90r. RESERves i DISTRIBUTIQN POLICY The assets of Ihe CIO are largely derwed fmm the proce8th of thè Sakn of thg Charily'B inter9Jl$ in the Edition Peiers group of cornpanies. The Trust885 have decKl8d Ihat, wthe tre bn9er lerrn strategy for th¢ CIO Is bein6 devetopwj. thai the aim6 ar8.. Presèrve the 8s$el base of thè CIO an approxirnale amoLmi from the Inv•stsnw¢ portlolio of N¥••n 3% and 5% eaeh yoar lo mg91 Ih? expanses ol Ihe CV) aThJ to be avalb for gr8nt6. STRATEGIC REVIEW Tho flnanclal structure of th• Charlty has t>een tr8nsfwi?d 88 a resull ol th sg1• of asoets, 8nd th18 h88 had 0 significant imp8cI on Iha chanty'8 rfsk wofle. The Twslees are currgnly consd•ring the FndatIon'S future strategy, includln9 the types of oryanisaiion and aeiNity we wish to f¢XUS on. th• rokn th Mullar commitrnèThl$ have, our 9eogr8phic coverage, and tha lovels of support are wshing commll to. The fftvèstft*nt portlolh) repr88•nts our sole assel, and th¢ question of balance belween brrfJ temi mal¢nare of that asset bose, and the need$ of the 58etOT. is a key part ol that fkrture siralegy. Th1$ str8tegl¢ revivi bthll Impocl on our res8rv•s and Lllstrl)utlw polity 9oln9 f¢ywor¢.
HINRICHSEN FOUNDATION CIO Year ended 31 Decembèr 2023 REPORT OF THE TRUSTEES - continuod GOVERNANCE Con8titution The CIO wa5 established os a Chaiitablt hcOOr9t9d O0anLsab. and was tered a$ a Charity wlh the Charity Commission on 31 January 2017. Trustse5 The TFu818e5 wk) seryed during tho year an(J 86 al Ihe dale of lh r8FQrt are as fr)IhJ¥8'. Dr Eé M¢Keon (Chairman) Mark 8rDmley (v Chaimiw} Tim B8rg T8bby Eslell 8cbble4ane Ggrth8r Eleanor Gussman Dr Gavirt Higgln$ Dr Linda Hi1 Dr John Chrisan Kla50n of¢$$cf si•phen Wa16h ApKrt)inted 29 January 2024 Resigned 29 April 2024 Appointed 29 January 2024 Aprolnlod 29 January 2024 Eleanor Gussm8n stoc down as a Trust88 on 29 Apn"12024. Th8 Trustees would Uke to thank her for her ¢onlrtbuort as a tyu$t8e for lh8 Foundolion. Method olAppolntmonl or El#eYon oi frn$l¢¢s •ftd th•lf Inductl¢)n Charity has a rnirninyjm of 6 and 0 maximum of 12 1otslè•s. New Trustsès •rn app)Inted by a rèsoJts'on of the Truslèts passed al a meeting of Ihe Truslee$. The Trustee$ are appolnie¢ tor 8 thre8-year term and can be reoppoinied by Ihe Bo8rd ai the end of each 18rm ¥vilhout any Ilmit on the numbor ofsubsequeni rmS Ih8t can be seryed. Orgonls•Tron•l structurn •nd d•¢islon making The Boafd ol Trustees administers the Charity. The Tte¢S meet thr¢è Of four b"rn99 88eh year to con$i(ler formal aPpIatron5 which come wilhin the Charivs ¢)bieclives aThJ 104Jeode on Iha disposal ol thir incorne., 81 aOmin151rative dube$ a c8rned out by the General Manager. The Charty Is a member of the Association of Charit8bk Foundgbons IACFI. ACF pffjwd•s much helpful Information on good Practe. changes in law affeding ¢harib88 and act as an authorit8tiV8 lobby on beha of the charitable founO8W"on5 W4th the Government and Reguk8iors. Rlsk M•fv•g¢ment The Trustees hav8 a risk rnznagompnt $lrttagy which ¢omprises; al An ongoing review of Ihe mai(x risks the Chhnty may lace, induding the malntenanc• and miewof a risk regi51er', bl The eslablshmeni of systerns 8n¢ procedu$ to mthgate Ih05e risks idenl1f.. cl The imptementalion of procedurps ¢Jesigned to mIntnr6e any potenti81 impact on the Charity.
HINRICHSEN FOUNDATION CIO Year ended 310ecember 2023 REPORT OF THE TRUSTEES -contlnued The key conlrobs u1 by the Trustees inckjde.. An established organi5ationai struCre fL¥mal repth"w of al opera08 and activibes aff¢¢ting the Charity. n¢Iding forrnal agendas and fflnute5 of meets"rYdS Wd.. Clear aulhorisab.on and appioval18vek8", Engagement of extsmal prgfe5wonal advlsors lo th8 Trus8$ 88 and when neeary. The Trustees havo anatysad the FolaOn'3 activity in ¢ho tsvo 8r8as of Arti5bG and Govamanco. and havo previously identified a numt• ol potenli81 risks wilhwi ea¢h aiea wh¢ch WeTe primarity link8d to the Ch8rty' relationship wilh the Edibon Peter$ GfOUP. Prevbusty Identsfled In this arèa IncXJded the atslty lo influence the Group or l¢s other shareho¥Jers in relation 10 di¥endS and dislnbutKJM. and the impact ol operalir¥J issues or sriG initiakn'ves within the Peiers Edition Group on luture tthStnbutns. Wilh th$ of Ihe Chanly s inter8518, the50 ri$k$ no k)ng8r aptyy. The TnJs18es had 81so Identifled Ihat the Chafty's ¢ompl8x stwcture Impacted on th8 Charity's abillty to attrocl new tnJstees. The Trust5 aro ¢elNJhtsd to hsv8 boen abl8 to add Ihr•e now tru$l985 to the Board this year. Tho TnJglee6 are rg¥i5rtirrfJ ththr nsk r¢9i$ler AS part ol the current $trateg¢¢ revi. PROVISION OF INFORMATION TO INDEPENDEIIT EXAMINER Each of tho person6 who or• Tnjslees al fv lirne vthen this Trugt¢g¥' Roport b approved hA8 tonfimed that.. So far as that Twst•• 1$ 8W8rn, 18 fK foartt audlt h)ffyTh&tKJn of wttich tho Ind•pgndenl Examiner Is un8ware. znd Thai Trust88 h8s taken Hll Ihe sieps that oughl lo have been tak•n 09 8 Tw8tee in ord&r10 be Aware ofany Informalion needed by the Independent Examiner in ¢gnnection wilh preparlng 118 rèport and lo èsiabhsh that the Indepandoni Exarnir is awam ol Ihat information. STATEMENT OF TRUSTEES, RESPONSIBILITIES Thè TfUSt48s are responsible for wepanng th8 Trust88s' reFort and finanaal stal8mgnts in aecordanc6 ilh applicab Lgw qnd United Kingdom A¢¢ovnthng Standards (United Kingdorn Gen•r4lly Ac¢8pted countirKJ Prackncel. The law applicab to charities in Engkind & W818s requirgs Ihe frustees lo prepare financial st8tamènts for each nnanclal year wbith give a Inje and fair view ol Ihe slate of affairs d the Charity and of the surplus or dellclt of lh• Charity forlhat F4riod. In Fn9 Ihe8• finanrAal slalemants, Ihe fru5te•s ore requlred lo.. sglect Suitab accounting policies and Ihen apply them consistenly.. obs8rv8 the fflethods and prinapl&s in tr Charities SORP IFRS 1021.. make judgrrlS and estimate$ that are reasonable and prudenL stale whether applicable UK Accwnting Standards IFRS 1021 have been fo1d. $ubJ'Ècl to 8ny matenal departures disdosed and exoained in the finanoal statements", prepare the finanGial Statements on the gc¥ng ¢oncem basis urJles$414s inappropriale tts pSuMe thal the Charity will conJnue in op8ration.
HINRICHSEN FOUNDATION CIO Year énded 31 December 2023 REPORT OF THE TRUSTEES - continued The Trustees a respon¥it* fLY keeping prcyer aUnting reoyds that dix4ose with reasonable aracY at any lime Ihe financial wsib.on of Ihe Charity aThJ enabk ihern to eTrSU that U)e finantial slaternenls comrAy with Ihe Charities AGt 2011. Lho Charity IAw>un18 and Raportsl Regulatn5 2008 and the provi$iDn of the Trust Deed. They are also responsible for 58fe9u3rthng the assets of the Charty h8nc8 fortaking reasonable steps for the prevenlion and deiedion of fra and other IrguIntleS. The Trustees are responsib18 lorthe maintenance end integrity ol Ihe Chartty and finandal infom)atlon iluded on the Charity's websi18. Legi$klion in England & Wal&s gov8ming th8 preparation and dissemination of financid statements and olher inlormatk)n In¢lJded in the finanEial $teMen15 may differ from legislab.on in olh&r iun8diction5. This report W8$ appTtsVtd by the Boafd ol Tru¥tees on 31 October 2024 and ned on their behalf, by.. TIM B•rg
HINRICHSEN FOUNDATION CIO Year ended 31 December 2023 INDEPENDENT EXAMINER'S REPORT To the Trust•o5 of Hlnrichsen Foundatlon CIO for th• y•ar ended 31 0•mber 2023 I r8POrt on the aco)unts of th8 eornpany for Iha year ended 31 D8cemb8r 2023 %vhlch ara 881 out rxi p8g0S Rtip•ctlv¢ r•Bponslbllllle8 of tru•t•e$ and •xamln•r Th¢ Iruslees Iwho are also the direelor5 of Ihe ¢ompany for the purposes of company lawl a spOnsib for the preparation of the accounts. Tf Irustee5 consioer that an audft Is noi wuir8d for this year under ¥8Ction 144121 of thg Chsrities Act 20111th9 2011 Act) and Ihat an ind8peNJent examlnalon n8eded. 11 is my respon4t4.lty 10.. 8X8rnlno the ac(xJunls under sedon 14$ of lh8 2011 Act to lolbw the proc•dure$ lald down in the gwral Directson5 gIN by Iho Gharfly Cornmisslon under section 14515llbl ol the 2011 Acl lo stale wholher p8rticular rnaiiors h8¥e lo my allentn. Basis Of Ind8pendent oxaminer'$ r•port My exèminalion was carried out in a¢corLlance 1h Ihg genèral Directhons given by the Charily Cwmission. An examinallon includes a reviv4 of 8¢¢0untirrfJ records kopt by th8 charity and a compad50n of the accounts presented wih thos8 record8.11 olso irtludes considèration of any unusual itèms or disdosures in the accounts and $eeking explanatie•s from you as tru5t•os con¢eming any 5ueh matters. Th8 procadures undertaken do not provide am Ihè evidence wwld to 91r9d in an audit and conseguenlly no Dpinion is oiven as to whether Ihtr a¢untI PreThi a Yrue and lair ¥y8W. and th• rep¥t 1$ lrnitsd to tttose matters ¥81 out in the next ststgThni. Independ•nt •xamln•r's ststern•nt In conn8Ctlon ry1h my examination. matter has come to my 8ttention'. which 9ives m8 reasonabb cau$8 lo belltrve Ihat in any material rnspecl thg requirements.. 10 k8ep 4ccountiTwJ record¥ In accordanc• wAth Ihe cha0¥ Aet 2006 and lo prepare accwnts whlth acccrt th tho gccounbng r•¢ord8 ond with the m•ihods and princlples of the S181ement of Racornrnend8d Pfa¢tica.' Acrnunting and Rewbng by Chan1$ have not b88n rnel or 2. lo which, in myopinion, attention should h drawn, to onable a propgruThJwstandlng 01thg xcounls lo be ached. Slgned. 4.t EA.-. Namè.. Hflen Blnns FCA 8eev8r ar Slwlhers Chartsred ActnIts One Expr885 1 George Lei9h Street Manche¥igr M4 5DL 31 October 2024
HINRICHSEN FOUNDATION CIO Year ended 31 December 2023 STATEMENT OF FINANCIAL ACTIVlEs rot•l 2023 Toial 202Z Funds G•Mral Incom• •nd •th1onIfi trom.. 2,707 26,865 29.$72 Toi81 ItyT 2.707 2$,865 28.572 R•in0 Investm1 Manorn1 l•$ 3.070 3.870 Ch¥rits¥e O¢bViiie5 Gr8ni$ payab 25.S49 25.175 26.$49 2S.175 Si.724 51.724 T frxp•ndire 51.724 3.870 55.594 N81 Inc¢mo 1oxpond4twel kvrin• M Inv95trnEnts 149.017} 22.996 IZ6,0221 196.838 196.838 N¢1 InCne lexpeDditvwl fr1 YY 219,833 170.816 A65et$ It91T hfrcm Thè HINkhs•n Fwnd8U S.Ql1.115 IDl•i fu Irwofei 14,962.5COI 4.962,SOO Nel mo¥•m)t In forlmyo {4021 S,182,333 5,181,931 B•n¢g5 broWllth¥arf 81 l 0bIT Icrtwd •1 31 O•nb•r {4Q21 S.182.333 5.181,931 l amoun15 rdle Th•r• aro no rocowiS•d lo fu Jr¢ fir0e1 y••r fthd•l p&K•J othw lthn aa 8ho¥wn 8bov•. The notq5 tr) o•J•s 13 io IS lrym wrt olihes•
HINRICHSEN FOUNDATION CIO Year ended 31 December 2023 BALANCE SHEET 2023 3022 FIXEOASSErs 5.182.333 5.182.333 CURRENT A88Ers DfybtiS 01 barth and In CREDITOAS.. fang du• wllhln on• y•ar I.808) NET CURREPIT ASSETS IUAeiuTE$I TOTAL ASSgf8 LESS CUF¢VtENT LIABILinE3 BEING NET ASSET5 5,181,931 R•wqHni•d by. Unrnstricithyfunds.. . C)•n•ro1 frjndts DO5nled lund# 14021 5.182.339 5.181.931 The Thnèndal slementS worè 8rvty•J and •ulhEoknOklMion 31 Octob•r 2124 and4w behgl ty.. 11m Baro FCA Tr••Juror Th¢ noiei on pay•$ 1310 15ftyrn p•rtofrt*•fiM
HINRICHSEN FOUNDATION CIO Year ended 31 Dec8mber 2023 NOTES TO THE ACCOUNTS ACCOUNTING POUCIES Foundatw CIO is a chariiab irturnaed w151oEd a5 8 ihe Chafity c0mllu$rn In Englaryj ¥nd Ir) 11417011. The enbty 89 ded In FirhwKi•i Repwbnq 102 IfRS1027. Thtr finantyal $tolerneDls are werea In darK0 lIh cOmnAd and Y Ch8rthsAct 2011 Accouniir R&portiNJ by Charl5." St8WhNgni ol R0mm0Jwj Prauto appIabb9 ID th¥iti8s Ilhb -SORP-I k7panng Ihtrir Hcroun18 in x¢oiddnc•wih FRS102. th• Financial apCbkn LM(8nd Irgiw)d. Agoiry has been adopted abt tho theriiy's abity ¢oniif foi lorts$ÈÈablè futu1<. A wing Cortem ¥L% tr•9 t44n •Jcgled arrfl tm Tnrnts cfuMJvrthJt rm4¥¥ 8fwi th• ¢harfiy aDilily toconlinue lorlhe tW8818•)b I¥1•. kn wbrLl8rlheTNglwG haw lh• ryxtol CLhld.19on Iho chartys ility 10 lund its ¢hanlabkwcgrtmm•• ILIII wrF¥)w. A5¥1t8 •nd Il•Nltios we rn¢0gthd at ¢M vu• oth•ThYl•e $t•tqd ID tho Miiva Cotr9 poIGy th)tss. gnifKeni ri$kol4n OLI1 rt4 r hi pwoy ts) lofth¢ 8&19ts orllatrd1•, Fund accounlkng GIn•1 fu18 ale luThJ8 w¥l•tya tr u1• •t T01•0• in furtrrnrK cr genet•l (4•¢ir4M olth• Chllnty hp¥e bew dBsw•with1 lorotr•r purpo. O•signalad lund. Tho aesiwed Ivnth rewu•hi the In¥05trMni port1¢0¢ hm been rryaT4o& 88 8 knn9 iaim a88w. g•n•rniirva Ihv Tty%t• lo en•t40 ihern to hAII 1fv• thariiatk Tth & mfieclN• ol w4y in ¥vhich Ihe ort•1 chr In¢¢m• Income iq recc1Jn•¢ the thiity tyrrn•ni to fur•Ji. •iy atth•d lo the irKLYn has moi. N18 weblltyie rnc•wd dlhai IrK¢Thweon bA M•T•d fy. •xpbMthro retrairy tollw li expec1 b O¢¢LV fft ofL4lw• p•Md than IM aram loi a Crf¥JfLW8ffj as Ro3gr¥o3. Lo99G No IrKorn• b•en rt4ifiad d 8n entrtmrt v8kn6 011Th8t enlilkneni c8n be e6rabbthedv4Tth rn88or49ty0 c•rt•ty. rt6 b8en CQDfftn*d. us11Y by way Dcmrh)ns aT8 wn150tt Iiw chwty Is of •sIlIt& thallon¥ hovg b¢4n MBI. iJcth1th. Expgndttur• Expendire & recvwisttl •n wu•ls t•5M VAT. Grenls P8y814frwo ornnt Is ¥pry•d tyTRtsl. cosls all ol YrIvIj In Apport tl thè Chantys otrlBCts. comkw th• th8 59creiary. ccqts to day oper•iityKoftMcnBrty. Inv•stm•nts inve5trnpnts arp ¥¥1 at la)Je al Iho $&t dale. Realmd wwe•llsod oakns 4nd ths05 are 13
HINRICHSEN FOUNDATION CIO Year ended 31 Dember 2023 NOTES TOTHEAC¢QUIITS 2023 2022 INVESTIIENT AND OTHER INCOME 88nk InteresiKf irKCrnB 29,572 INVESTMENT MANAGFMEPFÉeS Fe95 payablO Invéstment man•3•r 3.870 CIIARfTABLE ACTMTIES 26.54 Adrninistrauw costs.. Tru¥le8¥ knnEh•s ¥nd expen5•B Setret8rf8 $8kty Pnnliry. $lwory. Iph 1,425 11.366 624 340 1,500 7,048 2,819 50 Audit Legèl fe•$ IUKI l)her wol055lon¥lf•• 88nk ¢h•r911 Th• o¥v89• Mr¢1P•Trb •rnPkn>•J yer•S 1. Thw8• fv S•crJry. L E8¥0. INVESTMENTS Oyring babr Ac4uisil5 at c1 $rxisBb Bt C051 Unr•Alse& wofft fry y• 4.718,782 198,$67 Cloilty b8W¢• 4,801,014 Inv••tn•Dt C••h OpeDlrg Tronsler trom CIO b•nk Tf8nsfer bgnk Ac4Ui8ilK aicwl PrfKo•d• on dsSPN Oiher¢8sn mov•wt S.(,000 137,5001 14,718.702} 114.585 22.996 381.319 Toiai at mark6tVk 31° 2023 S,182.339 TOI4 Invésth•nts atcost 31W D•ri*2023 4.9B3.7e6 CREOITORS rants pgy £crtw 84.108 85.6D6
HINRICHSEN FOUNDATION CIO Year ended 31 Dember 2023 NOTES TO ThE ACCOUNTS- Contlnu•d FUNDS r•souru¥l Trwure•51 8awnce at Tran nel 1 Jinuwy frryn p0t Invv4bnwt Ih¥•thnt ZO23 ¢hthty B•ne 41 Tw•nf•M 2023 UnrHtrkt•d fund• G•nernl 5.011,1tS 2.707 151.7241 14.2.5001 14021 5.011.115 2.707 151.7241 14.%2.5001 13,8701 4.962.500 14021 S,182, furdi (So• Totsl unr•#thd•d 226.410 {55,5941 5.181.931 Wnen th• pr1d08 ehanty. Th• Hinrfthyoty Ftyxd8tkn. tas cr•tsd li 1976 th• way IINg1 tyW• an •sgét base rewesenlgd by thè Mktry in Peters Editrtyl thai ThJbSboincrfft pnarabng forihe CttaTIty. Foiknwing Ihe 01tchrI.3 In10$8 In P4t4rs Edlkn Grwp ltr 2023. Iho asso¥ and IrIll&S Of thAI Charfly Vr0 tr8Th8l0ffed iolh• HiMth59rt Fnalty C. TTnJth•S have deswknd th• as 8 s•p•rate fu I th8ycw draw on to meEt Ihr rn•dwm ano thj tqrm Thv& 15 th• Daws clthe P6Walqd fun6. NET ASSETS BETEN FUNDS Unr••trf¢t•d Fund¥ Gw•rnl D•BlgMt•d Tol•l InvBstm•n CurreDIAs# Cuffont Liatqlb 6,182,333 5,182,333 J¥,206 185,5081 {8S.1081 14021 5.182.333 TAX4TK)N Ag Ihè Hiniiefffjw CP) v6 ar•tyu•d OI01h8 exempiv4frw cryatknn tax bffordud by th• 2011 i¥w>Th pr••I¥ IJ1cllb1# PUWO&. INDEPENDE14T EXAMINER FEES The lrn#ep•nd•ni ExurrdnwF••fll >Y4r £1.scrfJ rI022-£[l. RELATED PARTIES FivD TnJS19 12022 Nill éxp totarg E55812022 CNI to 41tendin9 m8rfing• ol TnJilMJ and Other nw¢bng5. M 8rornlty i r7• Chlly ol th• Boerd d DifeL*orn cl Sl in Fldds rncei¥ed £20812022 £Nlllduthg the pthad ltrih• r.