2021-03-31-accounts

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Registered Company Number: 10722941 (England and Wales) Registered Charity Number: 1173462

THE PACKARD FOUNDATION

REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2021

THE PACKARD FOUNDATION

CONTENTS

	Pages
Reference and Administration Details	1
Report of the Trustees	2 - 4
Independent Auditors Report	5 -7
Statement of Financial Activities	8
Statement of Financial Position	9
Statement of Cash Flow	10
Notes to the Financial Statements	11 to 14

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THE PACKARD FOUNDATION

ADMINISTRATION DETAILS

REFERENCE AND ADMINISTRATION DETAILS

Registered Company Number

10722941 (England and Wales)

Registered Charity Number 1173462

Registered Office

First Floor 140 Brompton Road London SW3 1HY

Trustees

D M Packard T T M Packard A M M Packard M D B Simon (resigned on 23/02/2021) P D Daniel (resigned on 23/02/2021)

Independent Examiner

Nikki Crane FCA Wilson Wright LLP Chartered Accountants Thavies Inn House 3-4 Holborn Circus London EC1N 2HA

Solicitors

Collyer Bristow LLP 4 Bedford Row London WC1R 4TF

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ff REPORT OF THE TRUSTEES THE PACKARD FOUNDATION

FOR THE PERIOD ENDED 31 MARCH 2021

The trustees, who also the directors of the Charity for the purposes of the Companies Act 2006, present their report and financial statements for the Charity for the period ended 31st March 2021 which are also prepared to meet the requirements for a directors’ reports and financial statements for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Charity’s Memorandum and Articles of Association and have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and UK Generally Accepted Practice as it applies from 1 January 2019.

The accounts have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective from 1 January 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Structure, Governance and Management

The charity was formed as a company limited by guarantee on 12 April 2017. The Company registration number is 10722941. Registered with the Charity Commission – Registration Number 1173462.

Governing document

The Packard Foundation (the “Charity”) is a Company limited by guarantee and is governed by its Memorandum and Articles of Association dated 12 April 2017.

Method of appointment of trustees

Any person may be appointed to be a trustee by ordinary resolution, or by a decision of the trustees. The number of trustees should be not less than 3. The trustees are appointed and operate in accordance with the Trust Deed. No formal policies have been adopted for the induction and training of trustees.

Trustees

D M Packard T T M Packard A M M Packard M D B Simon (resigned on 23/02/2021) P D Daniel (resigned on 23/02/2021)

Risk management

The trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees have assessed the major risks to which the Charity is exposed and systems have been established to mitigate these risks.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objects of the Charity are all such objects as are exclusively charitable under the laws of England and Wales.

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REPORT OF THE TRUSTEES THE PACKARD FOUNDATION

FOR THE PERIOD ENDED 31 MARCH 2021

Significant activities

During the period the Charity has undertaken a number of activities, including:

• Continuing A Million Realities, the Charity’s fellowship programme, which champions and supports bold, bright individuals passionate about creating social change;

• Providing scholarships for students to attend a top-level UK school; and

• Supporting art and sporting heritage by funding a curator at the National Horseracing museum.

Public benefit statement

The Charities Act 2011 requires all charities to meet the legal requirement that its aims are for the public benefit. The Charity Commission in its Charities and Public Benefit guidance states that there are two key principles to be met in order to show that an organisation’s aims are for the public benefit: firstly, there must be an identifiable benefit or benefits and secondly, that the benefit must be to the public or a section of the public. The trustees consider that they have complied with Section 17 of the Charities Act 2011 including guidance the ‘Public benefit: running a charity (PB2)’.

The trustees are satisfied that the objects and activities of the Charity are within the definition of the Charitable Purposes set down in the Act. The trustees are not aware of any public detriment caused by the Charity’s objective or activities, nor are they aware of anyone receiving any private benefit from the Charity’s activities.

Grantmaking

During the year, the Charity has primarily been a grant making charity which supports a variety of charitable causes through grants to other registered charities. The Charity has also undertaken charitable work directly, primarily through its A Million Realities program.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

Multiple, ongoing annual grant funding agreements are in place with several organisations in order to fulfill the charitable objectives outlined above.

Fundraising activities

No major fundraising events were held in the period.

FINANCIAL REVIEW

The Charity receives all of its funding through private donations. During the period ended 31 March 2021, the Charity received £2,755,000 (Period ended 31 December 2019: £600,000) in donations.

Reserves and reserves policy

On incorporation, the Charity was assigned a number of loans when it merged with, and acquired all of the assets and liabilities of, the Packard Trust (registered charity number 1143015) and consequently had negative reserves. During the year, the Charity repaid the loan and at the balance sheet date held reserves of £234,424 (2019 - £1,210,943 deficit).

It is the Charity’s policy to maintain minimal reserves and subsequent to the year-end the Charity has continued to undertake charitable activities.

Social Investment

In 2018, a concessionary loan was made to Head Talks Productions CIC, an organisation supporting mental wellbeing. This loan is fully impaired in the Charity’s books.

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REPORT OF THE TRUSTEES

THE PACKARD FOUNDATION

FOR THE PERIOD ENDED 31 MARCH 2021

Events after the reporting date

Subsequent to the year-end, the Charity’s A Million Realities fellowship programme has been transferred to a separate legal entity, the A Million Realities Foundation. One of the Charity’s trustees, A M M Packard is also a trustee of this new entity.

Future Aims

The trustees intend that the Charity will continue to support the A Million Realities programme, by way of grant and continue to provide support to beneficiaries outside of this programme.

Trustees' responsibilities in relation to the financial statements

The trustees (who are also the directors of The Packard Foundation for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for that year. 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 judgments and estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

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.

By order of the trustees

Trustee: D M Packard

Date: 12 October 2021

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INDEPENDENT AUDITOR’S REPORT

THE PACKARD FOUNDATION

FOR THE PERIOD ENDED 31 MARCH 2021

Opinion

We have audited the financial statements of The Packard Foundation on pages 8 to 14 for the period ended 31 March 2021. The financial framework that has been applied in the preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements

• give a true and fair view of the state of the Charity’s affairs as at 31 March 2021 and of its incoming resources and application of resources, for the period 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 Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity 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

I n auditing the financial statement, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statement 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 company’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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INDEPENDENT AUDITOR’S REPORT

THE PACKARD FOUNDATION

FOR THE PERIOD ENDED 31 MARCH 2021

Other information (continued)

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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 our audit:

• the information given in the trustees’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the trustees’ report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records, or

• certain disclosures of director's 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 trustees’ responsibilities statement set out on page 4, the trustees 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 charity’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 cease operations, or have no realistic alternative but to do so.

Auditor’s 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 an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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INDEPENDENT AUDITOR’S REPORT

THE PACKARD FOUNDATION

FOR THE PERIOD ENDED 31 MARCH 2021

Auditor’s responsibilities for the audit of the financial statements (continued)

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.

Capability of the audit in detecting irregularities, including fraud

Based on our understanding of the Charity and sector, we identified that the principal risks of non-compliance with laws and regulations related to the failure to comply with Charity regulation, health and safety regulation and tax regulation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charity Acts 2011. We evaluated management's incentives and opportunities for fraud manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed by the auditors included:

• discussions with the trustees, including consideration of known or suspected instances of noncompliance with laws and regulations and fraud.

• assessing management's significant judgements and estimates in particular those relating to the provision for bad and doubtful debts.

There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Wilson Wright LLP Chartered Accountants and Statutory Auditors Thavies Inn House, 3-4 Holborn Circus London EC1N 2HA Date: 18 October 2021

Wilson Wright LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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THE PACKARD FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNTI FOR THE PERIOD ENDED 31 MARCH 2021 Period ended 31 MarGh 2021 P8riod endod 31 December 2019 Unr¢$trl¢t8d fund UnM$trl¢tsd Notes Incom? 0on8llon$ and k9a¢ie$ 2.755.000 650,000 To¢al In¢om? 2.755.000 650,000 E¥pondlturn Exp6ndilure on CharllAbl& Aetivllièi 1,309,733 561,723 Total expendlturo 1,309,733 561,723 N¢¢ Incom• 1,445,267 88,277 Total fund• •t 1 January 2020 11,210.9431 11,299,220) Totsl fund• at 31 Ma￿h 2021 1,210,943 All In¢om• and &xwndilur• h#8 arlson from ¢trnllnulng adlvlllei.

THE PACKARD FOUNDATION

STATEMENT OF FINANCIAL POSITION FOR THE PERIOD ENDED 31 MARCH 2021

Notes Fixed assets Social investments 6 Current assets Trade and other receivables 7 Cash at bank Creditors 8 Amounts falling due within one year Net current liabilities Total assets less current liabilities Net liabilities Represented by: Funds 9 Unrestricted funds Total funds	31 March 2021 Unrestricted Fund £ - 797 276,494 277,291 (42,967) 234,324 234,324 234,324 234,324 234,324	31 December 2019 Unrestricted Fund £ - 65,466 113,189
		178,655 (1,389,598)
		(1,210,943)
		(1,210,943)
		(1,210,943)
		(1,210,943)
		(1,210,943)

Approved by the Board for issue on 12 October 2021

Trustee: D M Packard

Company Registration No. 10722941

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THE PACKARD FOUNDATION STATEMENT OF CASHFLOWS FOR THE PERIOD ENDED 31 MARCH 2021 P•rfod •nd•d JI MIiGh 2Q21 Pork)d ènd•d 31 2019 Ntcah g•n•r•tsd I l¥horb•dl by op•r•tlno 4ctlYltto• 10 163,300 11oiin¢MAs•I Id•EY•41•1 In ¢•h •4ulvl•nts In th• y•¥r 163,JOS ¢••h •nd ci•h •4ulvilonts4tth• b•glnnlng Ith• y•4r 141.014 ¢••h •nd ci•h •qulvil•nte4tth• •nd orth• y•4r 276.494 10

THE PACKARD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2021 Accountlng pollclol The Charity has changed its ar£ounbng felerence dale from 31 DeTrmbprto 31 Marth. The pedod covered by Ihe5e financial statements is the period 1 January 202019 31 March 2021, whilst Ihe comparalwe figures cover the penod 6 April 2019 10 31 De￿fflber 2D19 50 are not entirely wrnparable. The deGi510ll lo exlend the accounllng period w85 made to ￿cOmpa$S all results from th8 Charity's"A MilliDn Realit￿￿. progrBmme. The principal arxounlng pollu88 adopted and ludoemenls In the pr8paralh?n of the ffnanclal St8￿Ments are as follows.. 1.1 8451$ of proparatlon of accounti The finan￿84 slalamanis have baen prepared In acc¥)rdanc8 wlth ALuunUng and Repor￿ng by Charflk9$'. Statemanl of Recommended Practic6 8pplICab￿ 10 charl1￿8 preparlnu Ihelr accounts In 8ccord8rrte with the Fin8ncial Reportlnu Slsndard applicable In the UK 8nd Rep￿bISC of Ireland IFRS 1021 l&ff8ttive l January 20191-IChartU&s SORPIFRS 10211 and the Companles Act 2006. The Charity mee18 th8 definllbn of 8 publlc b8nefil enllly under FRS 102. A8geL8 and 118b1111￿6 are Inllkglly recognlsed al hislorlcal cost or Iran88cIKin value unl895 olherw15e Slated In the relev3nl accounlino policy mtes. The financlal 8tstsments prè pr¥p•r8d in siÈrllnu, wh￿h 1$ thtr funuionol currency of the Ch8rity. Monetary amount& In thesè flnanGIo1 stslements gre rounded to the near88t £, 1.2 Golng Gon¢rn The TTuslees 51111 have a reasonable expecl8lion that the chjrity hos a¢equate resources to conllnue In operolbnal oxislence for the for08e8able future. On th18 bas15, the Trustees conllnue lo odopl the oolng concern basls of accounting In preparlno Ihe financl81 slal8menl8. 1.3 Incomlng re•ourc•i All Income18 r8cogni$ed onco tho Char￿Y hÈ$ ￿n￿lI&M•￿t 10 the incom&,1118 probab18 1tt81 the Income wlll be r¢celved 8nd iht 8mouni of income recalvable can ba me8sured r8llably. Donat1￿& 8re recognlsed when the charlly h88 8nllllomenl lo the fund8 end 11 li probablo that Ihv In¢omo wlll be recelved and iha amount can be measured rellably. 1nl8re81 on funds held on deposll 18 Included when r8C8Svable and the arnounl can be rneaour•d rdlably by th• charlty.. Ih181s normally upon noulbcailon ot the Inter881 pald or payable by the bank. 1.4 Ca•h ot ban Cash al bank Includ¢$ ¢o$h ond •hort1grm hlgttly Ilqukl In¥88knen18 wnh 8 8hort maludty from the dBle of openlnll Ihe dgpo$II. 1.$ ¢redltor• Cr&rliiof8 are r¢¢¢gnli•d wherè thè chadty ho8 a presenl obllgallon r88ulllng from a payl evenl that wlll probab re$ull In Ihe Ir8n$for ¢f fund$ to O Ihlrd p8rty and tha amount 10 Sett￿ th? obllgallon can t measured or O$1imai•d rèllobly. 1.8 Flnanclal In•trum•tht Thg Ghorlty only fln8nGlal 85sBls and118billlies Of 8 klnd Ihèi qu81￿ 88 bBslc fln8n&al insirumenw whkh Irbclude bwnk b8lwnces and SlKJal Invoslfflenl 10onJ. BaJL flngnclal Insirumani8 are Inlllally recoonlsed al Iransacuon valu8 nd subs8qu8niiy meo$urel Ai tholr 8ettl8menivalue. 1.7 Socl•l Inv••trnont• A conGgS51on3ry lo•n w85 ffl8dB lo Hgad Talk8 Produ¢ik)n CIC In thè 2018 fln8ncLg1 yeer. Th18 loan was Inter881 free. wllh no fixed repgymenl dale gnd hed been fulty Impolred in provlou8 years. The Imp81rmenl expense waB recogll15e¢ wlihln expendilure on charitable activilLe5. 1.8 R•sourco8 exwndèd Expendilurt Is reGognisod oncè Ih&r8 18 a kn981 or constructi￿ obllgallon to make a payment lo a IhSrd party. 1115 probable Ihai setuemeni will be raqu￿red and the amount of the oblSoallon can be me8oureO rel￿bly. Expendilurels ¢las8ifi8d under the followino 8Cilvty h88dlw8. Expendituts on ¢haritab￿ a¢llvttleB comprls88 those costs Incurrnd by the chartty In the dellvery of118 acllvllles and service5. 11 inGludes both (x)515 that be olkjtratrd directty 10 such acli¥llrdS and th088 C08ts of an IndSr8ci nature neTr5Sary to support it. Govemance cosls Induded costs as50cialed with moeling con$iilutional and 8tth￿ry ￿qUIreMentS of the charfty and are &llocated lo charftable expendSlure. vaiw aadea tax 18 Mi recover8￿& ana sucn 1$ Inciua80 In the rekgvani c0515 In Ihe Stgternenl ot Financ&i ACtiwlk*s.

THE PACKARD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2021 1 Aceountlng poll¢lg8 Iconiinuèdl 1.9 Fund accountlng Unreslrfcled funds are available10 Spend on 8cllvill88 Ihal fijrther any orif purposes of the tharlly Designated funds are unre5tricled funds ol the ch8rlly whlch the Irusiees have dwded al their discretion lo %1 aside lo us8 for a speofic purpose. Reslricl8d funds are donations which the donor has Specified are lo b8 solely used for parti¢ular areas of the Chaity'5 work or are ral$ed for parbcul8r related purposes. 2 Expondlture on charltablo •¢¢lvttl P&rlod et)dod 31 Mar¢h 2021 P¢rfod Bnderf 31 Decomber 2019 Granl expendllure Prograrnme costs Govemance ¢061818ee note 31 Staff Gos15 Olher R8n181 ond r•ies Adv150ry Reuullm¢nl and TralnlryJ 445,879 382,995 44.373 230.087 20.164 32.302 125.932 28.001 1,309.733 207,425 85,828 28,163 112,171 14,075 33.761 80,3(KJ Support CO8ta support C08t• Support costs Support C08ts Support cost• Support co8tg 561.723 Grani expendllure Indud81 gr8nl8 lo In8llluUon8 of £130,879 (pe￿0a Ended 31 Oecember 2019.. £127,42SI. ExpendItu￿ on ¢h8rflable actlvlUe8 Includ88 BUPPOrt costs of È480.859 (Perlod Ended 31 December 2019.. E268,4701, whlch are alloc8led In Ihdr entlfely lo GhariiaNe •¢14vlty from unfe6irl¢ied fundi. 3 01)v•m•n¢• ¢o¥t• Porlod ènd•d 31 Merch 2021 P•r4od •nd•d 31 Docembor 2019 A¢¢oJntsn¢y Auditor'$ remunerallon Fees for Independent examlnallon Legwl fee 10.910 11.500 18,290 3,500 6.373 28.163 22.083 44,373 4 Dlrectorn gn¢J employoo Inlomiatlon A M M Pwckard. who IB a Iru81ee and a dlrecior. repa￿ed remunerallon fr¢m the Char￿Y of £36,458 (Period entled 31 December 2019.. £24,7601 In Ihelr ¢ap8¢ity 88 CEO. 1 member o18tefi r¢celved 10181 reMuneffj￿0n In the bond £80,000- £70.000 Ipérlod end•d 31 December 2019.. 11. 1 member of 8t8ff reealved lolol romuneratlon In the band £70,001 t80.000 (Perlod ended 31 December 2019.. nlll. The average full Iln equlval6nl number ofperson$ employed by the Gh8rW durfng the perlod wo$ 4 December 2019. 31. Porlod ended 31 March 2021 Portod onded 31 D•c•mbor 2019 Amounts pald lo employe88 oflhe Charlly dwing Il* year.. S8larie5 wages Pension costs Sooal security cost¥ 204,913 6.135 19.039 230,087 100.611 3,653 7.907 The Charity con51ders il key manag￿ent perS￿ne1 lo be the dSiectors. These payments were mad8 In accordan￿ wlh the po%¥eFS oflhe Ch8riV$ goveming document. 12

THE PACKARD FOUNDATION NOTES ro THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCPI 2021 Movemert In funds Net movement In funds Balance as at 6 Aprll 2019 11,299,220) P•rlod ended 31 DeceM￿r 2019 Income and expenditure ac¢ounl 88,277 Balancg 8¢ 31 D•c•mb8r 2019 11,210,9431 Perlod endod 31 Mar¢h 2021 Income and 8xp8nditure ac¢tsunt 1.445,2e7 Bal••¢• at 31 March 2021 234,324 10 Cash gen?rgtsd from op•ratlon• Porlod onded Perlod 8nd6d 31 March 2021 31 Doc8mb¢r 2019 Not movgment In fund• for the portod 1,445.267 88,277 Mgvem¢nt In worklng ¢•plt*l D8cr88$elllncragsol In d•blor5 D8crea$e creditors Ca$h flow 9ener#iedl lab8orb8dl by OP8raling activilio1 64.669 11,346,631) 1S5,1981 le8,9341 163,3 135.8551 11 Operatlng 10880 commltm?nts L88580 Al the reportlng dale 1178 Charity hed oul$tanding commllmen15 for futur• mlnimurn 188$e paymonts under non-con￿11•￿1a oper8lin9 leases, which fall due as follows.. P8rlod onded 31 March 2021 Porlod onded 31 D•¢•mbor 2019 Withln on8 y88r 10,260 12 R•l8t•d party tranoactlon• During the y88r, governan￿ co$ts Included kg81 work undartaktsn by Coltyor Brislow LLP, an 8ntrty In whl¢h M O B Simon and P O Danlel are partners These Iruslees reslgned from the Charlly in the period. Fees poyabk9 for the period were £22,063 (Period Ended 31 Oecernber 2019.. £6,373), of which £nll IPerlod Ended 31 December 2019., £9001 was oui$i&nding al the balanc8 she81 dal?. 13 Event8 aftor th• roportlng date Subsequent to the ye8r-end. the A mill￿￿8 Realllies programme W8B Ir8n$lerred to 8 geparte regal entity, A Mllllon$ Realilits$ Foundat￿n. 14