Regi•ter•d Company Number: 10722941 {England and Wales) Registered Charity NUm￿r. 1173462 THE PACKARD FOUNDATION REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IAARCH 2013 THE PACKARD FQUNDATIQN coKrENTS P•ges Reference and Administrth'on Details Report of the Trusle85 2to4 Indo￿ndefit Examinerf8 report 5t06 Slatelrnnl of Financwl Ac¢Nities Statement ol Financial Pc*it#)n Statement of Cash Fkyw Notes to the Financial Slatements 10t013 TrtE PACKARD FOUNDATION ADMINISTRATION DETAILS REFERENCE AND ADMINISTRATION DETAILS Rogister•d Company Number 10722941 (England and Wales) Reght•r•d Charity Number 1173462 Roghtsr•d Offlc• Sl Martin's Court 10 Paternoster Row London EC4M 7EJ Tru•ts•• D M Packgrd T T M Pack8rd AMMP*ard Ind•pend•nt Examln•r Nikki Crane FCA Wilson Wryht LLP Chartered Accountsnts 5 Fleet Place London EC4M 7RD Sollcltorn Collyer 8ri$l¢)w LLP 10 Palemosler Row London EC4M 7EJ REPORT OF THE TRUSTEES THE PACKARD FOUNDATION FOR THE YEAR ENDED 31 MARCH 2023 The trustees, who al80 the directcws of the Chanty lor the purposes of the Companies Act 2006, pr8sent their report and financial ststements for the Charity for the year ended 31st March 2023 which are also prepared lo meet the requirements for 8 di￿10($, reports and financial statements for compan￿ Act purposes. Thg finanu81 statements compty with the chanb.gs Act 2011. the Companies Act 2006, the Charity's Memofandum and Art￿￿$ of Association 8fKI have been prèpared in accordance wrth the Slalemenl of Recommended Practice.. Accounb"ng and ReF(Jrting by Chatities preparing their accounts in accordance with the Financial Reporting Standard aFplThble in the UK and Repl￿lIC of Iroland (FRS 102} and UK Generally Accepted Practice as il appl*s from 1 January 2019. Thfr accounts have been prepared lo gwe a Irue and fair, vw and have departed from the Charities (Aceounts and Reportsl Regulations 2008 onty to thé exient required to provide a true and fair vie￿. This departure has involved following Accounting and Reporting by Charities preparing their ￿OUnts in accordance with tho Financial R8POrting Stsndard applicab￿ In the UK and Rèpublic of IreLgnd IFRS 102} effeclNe from 1 January 2019 rather than the Accounting and Reporting by Chariliés". Stal8m6nl of Recommonded Pr8cIKe effective from 1 April 2005 which has since been wrthdrgwn. Stru¢tur•, Gov•rn•n¢• •nd M•n*g•ment The charity was formed as a ￿rnpanY limited by guaranteo on 12 Aoril 2017. The Company r•gi8lration number b8 10722941. Rogi$tw¢d with the Chanty commiss￿ - Registration Numb•r 1173462. Gov•rnlng docum•nt The Packard Foundation Ithe"Charity'l Is a Company h'miled by guarantee and o gtsvemed by it8 Memorandum and Articles of Asgocialion dated 12 April 2017 Method of •ppolntment of tru•t• Any person may be apw'nled lo bo 8 trusteo by ordinary ro8o1ul￿n, or by a decis￿ of th• Iruslees. The number of Iru$lee$ 3h¢JJld be not less than 3. The trustees are 8ppoint6d and operate in aecordance with the Trust Deed. No fom)al policie8 have been *Joptod for the induction and training of Iru$to9s. Truatè•• D M Packard T T M Pa¢kord A M M Packanj Rl8k manag•m•nt The trustees have a duty to Klenlfy and review the risks to which the Charity is exposed and to gnsure appropriate controls are in place lo provKle reasonable assurance against fraud and e￿Or. The trustees have assessed Ihe major risks to which the Charity is exposed, and sy¥tem¥ hove been established to mitigate these risks. OBJECTtVES AND ACTNMES Obl•ctlve8 and alm• The obj'ects of the Chanty are all Such oty'ects as are exdusivety Charitab￿ under thelows of England Wales. REPORT OF THE TRUSTEES THE PACKARD FOUNDATION FOR THE YEAR ENDED 31 MARCH 2023 Slgnlflcant actSvlll During the year thè Charty has undertaken several activitEs. irKluding'. Continuing lo support the A Million Realits"es felk)wship programme. which was transferred to a separate legal enlity. The A Million Realtties FoundatK)n. One of the chty's trustees, A M M Packard, is also tnjslee of this new enlrty. Funding the cost of on-srte trainin9 abroad for a Student al The 8ritish Ra¢ing *hool Providing scholarships for students to attend a top-lgvel UK school. and Supporting art and sporting herrtage by funding a curator at the Nat￿nal Horse Racing museum. Publle bènèflt #tst•m•fit The Charities Act 2011 requires all ch8r11￿8 to meet the legal requirement that it$ 4Nns a￿ for thg public benefit. The Charity CcffimiBsion in rts Chariligs and Public Benefit guidance states that there are two key prlnaple8 10 be m&t in ordor to show thal an organisalion's aims are ft)r the public benelit". firstly. there must be an idonbfiab benefit or benefits and secondly. that the benefit musl b8 lo the publK of a sg¢tion of the public. The Iruslees con8Nler that they have o)mplied wth Seth'on 17 of the Charities 2011 including guKlance the 'Public b￿af11 running 8 Charity IP82)'. The trustees are satisfied that the objects and actNrt*s of the Charrty are wrthin the definilKJn of the Charilab Purp08es sel dThYn in the Act. The trustees are not aware of any detriment caused by the Charity's obj'ective or activit￿5, nof are they aware of anyone receiving any prNate bw8fit from the Chanty's activit*8. Gr•ntmaklng Ouring the year. the Chanty has primarily been a kY8nt m•king charity whKh 8UPFtirt8 a variety of ch8ntabie causes through grants lo other registered charitie8. ACHIEVEMENT AND PERFORhlANCE Ch*rltsbl• •ctlvltl Multiple, ongoing annual gr8ni funding agreomonts aro h pl￿ wilh several 0rg8nl￿tl0￿s in order to fulhll Ihe charitable objeclives outlined above. The Charity h88 also èntered into a S year grant funding agmm8nt lo Support scholarships in a top4evel UK sthool. Fundr•l•lng 4¢tlvltl•s No major fundraising events were held li the penod. FINANCIAL REVIEW The Charity weives all of 11$ funding Ihrough Pfivale donations. During the year, the Charity received £560.628 12022. £820,008) in donat*Jn$ R￿81¥0• and rns?rve• policy At the B81ance Sheet date, funds were in def￿11 by £509.02712022 - £185.859 Surplus), due lo the recognition of the liability assou8ted with the 5 year grant The Truslee8' expect the Charity lo h8v& sufficN?nl funds lo make the grant payments as they fall due. A Trustse has also undertaken lo provid8 further fina￿￿81 support to tha charity lo cover the deficit on unrestrictgd funds should bg rgquired. The Charity's aim is to maintain minimal reser¥e$. whth should be SUffic￿t lo cover rt$ ewted non grant expenditu￿ for at least one year. As noted above. the Trustees expect the Charity to have sUffiC￿nI funds to make the grant payment8 as they are due and a Trustee has undertakgn lo provide furtttef financial 8UPPOrt to the Charity to cover the def￿41 on unrestricled fvjnds SI￿Uld Ihis be required. REPORT OF THE TRUSTEES THE PACKARD FOUNDATION FOR THE YEAR ENDED 31 MARCH 2023 Soclal InvMtm•nt In 2018, a coneessionary loan was made to Head Talks Productions CIC, an organisation sur4)orting mental wellking This loan is fully impaired in the Chanty's I￿)k5. Futur• Alms Thè Truslaes intend that the Foundation will cL)nlinue to SUFPOrt a range of causes through the provision of gr8nls. In particular. the Trustees intend that the Foundation will continue to support education through Marlborough Colkge and the 8rilish Racing &hcol by way of grants and bursar￿$. There ￿ also a continued yearfy grant the Nathonal ￿n9 Museum. Tru8t•M' r•¥pon8lbllltlM In r•latSon to th• Ilnancl•l •t•t•m•nt8 The trustees (who am al￿ th• dirnclors of Packard FtsJndth"on for tho purpcM8 of company law) are responsible for preparing the Irusloes. gnnual report and the fingnoal ststements in accordance with applicable law and Urbited Kingdom Accounting StatKlards Iunrtèd lfj"ngdtsn Generally Accepted Accountino Practice). Company law requires the tft18tea8 to prepaie finanaal stalements for gach financial year which gwe a true and fair viow ol the stsle of affairs of the charitable company and of the inrxrfning resources and applicalton of resources, including thè ine¢)mo and expenditure of the chantsble company for that ygar. In prgpallng those finanual slalemenls, the tru$lee8 afe required to. select Suitable accounting poliryes and then apply them consislentty., observe the methods and principles in the Charity SORP,, make jud9ments and èslimale$ that arg rea80nable ond prudenl., state whether applicable UK Accounting Standards have been followed, subj'ect lo any maltirial departures disclosed and explained in the finan¢ral statemènts," and prepare Ihg financial slalements on the going concern basr& unless it is inaFvropriat8 to pre6ume th81 the CharItsb￿ company will ¢ontinu8 lo operate. The trustees ar¢ respon$ibk for keeping proper accounting records which disclos8 with reasonable accur8cy al any lime the financial position of the charitable company and lo enable them lo ensure that the financial slalamenls eompty with the Companies Act 2006 They are a180 ￿SpOnSible ft>r saleguarding the a$￿ts ol tho ¢harilable company and hence for taking reasonabbg ¥lep8 for the prevents.on and detection of fraud and olher irregularities. 8y ortler of the trustees Tru81ee'. D M Packard 11 IILIZS INDEPENDENT EXAIAINER'S REPORT TO THE TRUSTEES OF THE PACKARD FOUNDATION I rep)rt to the charity trustees on my examinat￿ of the financial statements of The Packard Foundation for the year ended 31 March 2023. whKh comprise the Statement of Finanual Activitss. the Balance Sheet and related notes. This report 1$ made solety lo the charity's tTuslee8. as a body, in accordance with section 145 of the Charities kl 2011. My work has been undertaken so that I might state to the chanty's trLtslees those matters l am required lo state to them in thi8 rep)rt and for no other purpose. To the fvllest extent pemitted by law, I do not accept or assume responsibilty lo anyone other than the ¢harty and the charity's Iruslees a$ a W, for my work, for this rewrt. or for the opinv)ns I hm formod. Re8pon8lbllitl•• and ba•1• ol r•port As the charity's Iruslees of the company land also rts directors for the purposes of company lawl you are responsible for Ihg preparabon of tr*8 accounts in accordance with requirerrnnls of the Ctynpanies Act 20061'lhe 2006 Act'l. Having saltsfi•d my¥eV that the eccounts of the company arg not required lo be audited under Part 16 of the 2006 Act 8nd are eligible for indèpendent examination. I report in respect of my examination of your charity's accounts as carr￿d out under section 145 of thg Charities Act 2011 Ilhe '2011 Act'l. In carrying out my examination I havè lo1￿￿ed thg Directions ty the Charity Commi85v)n under section 145{5llbl of the 2011 Act. A8 permitted by Dire¢lion 2, is8ued by thè Chonty Comm*88ion the firm for which I work provided Ihe Company with bookkeeping services dunng the year ended 31 March 2023. As a consequence I have loll¢)wod the requirement of the FRC'¥ ElhKal Slandord when undertaking this assKJnmgnl Ind•p•nd•nt •xamln•rf• r•port Sin¢e the company's gros$ income eX￿ded £250.000 your exammier musl bè • membèr of a bc** listed In section 145 of Ihe 2011 Act. I confirm that l am quaIrf￿ to undertake the examination because l am member of the ICAEW, which of the IL8ted bod￿$. I have ¢ompleled my 8x8mination. I confimi that no mattèrs havo m to my attention in ¢onn•ctTron with thg examination gNing m& Cause to beliove.. I have completed my examination. I confinn that no material matters have ¢ome lo my attention in ¢onneth'on with the examina￿n giving m8 ¢aLW to belwe that in any malenal respect.. a¢counting récords were not kept in respect of the chanty 88 requirnd by section 130 01 th& Act., or the financial statements th) not accord with Ih¢)se records.. or the financial slalemènts ¢*$ not compty with the applicable requirements conceming th6 fomi and conlenl of accounts sel out In the Chaftt￿ IAccounls and Reports) Regulali¢)ns 2008 other than any requirement that the accounts giv8 a 'true and fair view which is not a mattfjr n$idered as part of an independent exarninat￿n. tho accounts hove not been prepaod in a￿rdance with the methods and principles of the Statement of Recommended pracb'ce for accounting and reporting by charrties lapplicable lo charities preparing thgiT ￿OUnts in accordance with the Financial Reporting Standard applicab￿ in the UK and Repu￿1¢ of IreL8nd {FRS 10211. INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PACKARD FOUNDATION I have no concerns anLI h8ve ￿me across no other mattefs in connection with the ex8minalion lo whKh attention *￿Uld be drawn in this report in order to enabb8 a proper undgTStanding of the accounts to be reached. Nikki Crane FCA Ison Wright LLP Chartergd Accountsnts 5 Fleet PL9ce London EC4M 7RD Dale.. 19 December 2023 THE PACKARD FOLINDATIOM STATEMENT OF FINANCIAL ACTIVITIES1114CLUDING INCOME AND EXPENorruRE ACCOUNTJ FOR THE YEAR ENDED 31 IAARCH 2023 2023 2022 UNMivkl•d fund Unr••trictsd lund Incom• Donations 560,628 820.008 Tt)tal Incom• 560,628 820.008 Expondllur• Expgndilure on Charitable aclwities 1.255,514 868.473 Totsl •xp•ndltur• 1,255,514 868,473 N•t •xp•ndltur• 1694.8861 148,4651 Totsl lund• at 1 Aprll 2022 165.859 234,324 Totsl l•orb•dl ty aw•¥no actl¥ltl•¥ 10 201.718 179,218 Il•¢ In¢r•u&lldocrnA••l In Ind c•¥h •quIva￿rth lrt y••r 201.718 179,2181 Cuh and e••b •9￿¥41•￿￿ at b•glnnlfig 197,278 276,494 Cuh •nd ca•h •4ulv4hnts •tth• *1￿ ofth• 398.994 197.276 THE PACKARD FOUI¥)AmON NOTES TO THE FIPIANCIAL STATEMEpns FOR THE YEAR EIIDED 31 IWIGH 2023 Aecounllng pollc The prinop81 •JoptsJ oflhe stalern8nt5 are as folltyAs'. 1.1 Ba8Lry of pr•parnfjon of•cGounts Tho finaroal slatement5 ha%e been prep8red in atrx¥dar￿ *ith Accounliry and Rewtrng by Charilti Slalemenl of Recomrnenoed Pwattice appli¢8b* lo charities wepariny tsir ar£ounts th ac(xKOanp* %*ith the Finanual Reportirvj St8nd8rd applic4tAe In the LIK and Re￿￿ of IrdoNJ IFRS 1021 ieffoc*¥e l 2019HCharitw SORPIFRS 10211 and the Companies Ad 21KI6. The Charity meets thè definthon of a te￿ FRS 102. Asgets gTrJ hobilrtw 4rE inth81ty re¢t)3Thsod ai hL8knrkal cost or trawctI￿ Val￿ otherwse staled in ts rde¥arrt a¢eth￿va Mle5 Tl* finanei￿ liat￿entS ar¢ wepared kn SlerfiTrJ. lh• GurnKy of Ihg Charty. Monetary arnount$ i Ih¢•e finangal 8taiewt8 8re rounded to the ￿are$l £. 1.2 Golng ¢orK•rn At Ihe BaL4nce s￿•1 d*e, fvnds d8firat ty £Wa.027 12022- £185.859 syrpktyl. to Il* rec4gr*t*on of the Ilability •$$￿81ed %￿lh ts 5 year grarn. The Tru8tee8' expect Ihe cn•rity to have $uffioeni fuTrJs lo mgk• the grartt p8ymenl8 as they fam due. A TnJ51ee wvJprf4ken lo finarwl 8UPPOrt to th• io cO￿r Iha defrit on unrestricted fi￿¥ $htyAd Ihis be B•&ed on •b¢)¥e, Ihe T￿t￿& hove a reo8cffj•b* eydabcffj Ih h•• •dequ•te t•tC4m8 to contirrtJ8 in operat￿nI1 e￿￿tanc* Iho loreaeea* hAurn. tre Tw*•¢• ¢wts"rw¢ to adorl tl* goTra conc•rn b•ty• ol oco)uniing in It* finarK￿l st8iemerrts. 1.3 In￿mIng I•MUIC•• l li recognised orK• dwnty hw$ 10 tl* tfi¢m, I r4 wthljle Ihol the IrK•me knil t* rrt•Ntd and the am￿nt of ineome rn¢eiY•bkn mo¥sured Don8lion$ a￿ r¢cogThsed %fftn hos enlitknenl lo tl* fiJ)d# rt li wob•ble th•t income *ill be rec?￿ and lh• amount can be ￿￿¥￿ed rdw. Interns1 on fijnds hold on depo¥t li inchJd•d rnta¥•b￿ ind ts •Tr¢xnt C4n t4 me•sw¢l by t1￿ thwnty., thIB l• n¢rn)aly upon nthfication orth• intereli p•ld ty D•y•N• by It* tyl￿. 1.4 exp•ndlttlrn Exper¥lilure is re￿n￿ed one* Ih¢fe t• • 109•1 or ¢¥MIrUth￿ obhg)tK)n io make a pa￿nt lo a third ￿rty. rt li probable Ihul *erfem•rt VAI be requir¢1 ond lh8 0n￿Urrt ol oWatpJn can te rneaBwed Ewnthwre l• ¢IasSff￿d uThJerthe lo1￿￿j acbwty h8adiTra8 Grints payaNe ar• payTh•nts made lo thtrd Wl I1￿ of the charrt•ble obj.ecls of Ihe chty. Un¢ondblon81 grnrn off¢r is 8¢¢n*d onrA Ihe noth*J ol grant Mrd. Th8 no￿ficat￿)n gi￿5 th• r?￿￿¢￿1 4 ft4Jwable eJperAJlw thjl ltrey *ill ￿¢￿￿•￿ the 4Ye"ye•r or mulb.y¥•r 9￿￿1. The pro￿On d 8 muhwar grnnt M re¢ognthJ at Its pr•t•nt vakn wtttemeTht 18 ¢Ju8 04w Tnort than ort ye from the dale ol the a¥vard, there are m wfulfil￿d wrfumance under the contrd of th• Tru51 th41 ￿)￿kJ the Trust ID a¥Th¢J rna￿￿ Ihe fi￿re paymenllsl. leillernent 18 probaNe Ind the Iff￿1 of discwrtw)g 1$ maieri•l The distouni rttte u¥ed is Ihe average loan Tafr in the yegr ITr grath a%•trd is made. This di8trxJnl rale regarded by the trusl¢¢$ a$ wovidw th¢ mosi curent •sDmale ofthe oPport￿lty coat ofmomy rellecting t dme value ol money 10 th¢ Chanty. l ew¢ndilum18 4trAuni*J f¢¢ M an ae£•J* baw. Imts)wrth VAT th•rg•d ty•in$i e￿w￿li￿e he•dirvJ fr)r 1.0 Cmh •t b•nk Cash al ba￿1 indudes cash oTrJ St￿ l¢ffli Iw4ubJ a shut matffj from the dale ofoFening th• 1.1 Cmdllorn Creditors JrE TECOgnised IhB tharity has a pfE%nt ￿￿alK)n ￿su1￿j frDm a p•sl e￿ thpt will probqbty rEJuIt the transfer of fwKl$ to • thiltl and tr* amourt dw to Sell￿ be or estimated 1.7 Flnanclal In81rum•nts The charity has fffjancial assets aThJ Hat¥"htM of a thj ttwi qualfy ss basx finaTrSal I￿1￿M8nts itlvJ• bank balar￿a5 and sockgl irNeslrnent loans. 8Bsi¢ fimnaal wt r8Ct4JThstrJ at ¥ilL* •ThJ $vb$equenty measured tyi thtrr seiJemert vath. THÉ PACIW40 FOUNDATIOII P40TES TO THE FINANCLIL STATEMEpirs FOR THE YEIR ENOED 31 MARCH 2023 A¢counUDg pollcl•• IA 8oc41 InvMtm•rbts A t￿Ce￿￿n￿ry ban was m8de to Head T4ls Prtsjuction CIC In the 2018 fina￿la1 year. loan was irterest free. Th) fixed rep8ym*ntdate and ha¢ impairtd Yea￿ Impwirmwt 8yn88 w¥& ￿￿r￿se0 tNn exp8Th1KL¥e on ¢n¥iièbkn I¢￿￿L*s. IConthiu•tsl 1J Rtsourr•• oxp•Dd•d Ex￿ndIture is recognIs￿ thern kn a cor4tructtr4* lo to a tNre party. 1118 pr￿ats￿ Ihal ¥ettlerr•nl wlll requirtd ard lh• amoL¥rt oftr* ot4pJakn t* m88und wl•bty. Ew(kn 4$ dissw und•rth8 ts•dings. 6WWC88. tt Indudes ¢>)*8 Ihal can t• lo ac*th aTrJ Ihos8 cc6ts ol•n vkllrpt* nalurn ¢PSOWy10suppcrft *. I￿ •llocated lo c*ar118b￿ trxpen0￿r• V•th addèd tax is not r•Mwrat48 in re*¥ant C¢4ts Slatomentol FthanrJ*AdMlkg1. 1.10 Funo •eeouTrtlng arn ut%eiMrt•d fiJTrJi o1th8 tru8*e8 hw¢ d¢adpd al to oel as￿ 10 for a spKJffc pwpoje Restricted ￿ndS ire dorv ha5 spedlt•J •18 to t• I￿81Y for parwAr oftha c11a￿ty* w¢tk+y •rn r•h•¢l for Partk￿ r*￿1•1 1.1 Fln*h¢l•l In•trum•nts Tho has fin￿d￿l 4u•t• ar*J ¥qbMthol • *wvJ J¥t as Instr￿ Irv*Jde tr•de •r oth¢r r•r*iva)kns, trade and othèr 8nd ￿8h •TrJ bank )•Wnc•5 8￿"¢ fin¥nd•l IrAILglly r8oJgniseo ai troN4￿0￿ wa￿ ana 8LWuerW mv•wreo 81 Imr ￿1￿1. EXp•ndI￿N on eh•rtl•bl• •¢lvK 202) 20r Grnrt •xpenthiur• Proqr4mme (wl$ Go¥em&n¢4 ¢01¢1 (••• not• 31 Oth•r Adwlsory Ro¢￿Im•￿t *fyJ Trnlrlr 1.246.627 853,256 ¢o•ts Support ¢o•ts svpport Support ¢o•ts Support ￿•1• 12.529 1.857 292 42 •M.47a 1.2JJO 614 Or•n¢ •xp•ndkurn Grant commth*rts m*d• In v* y••r Pr**¢ni v•lua thdjuatment cn grAn*c￿￿￿tr￿￿M1dO in yw 1.344.482 144 825 1.199.057 46.970 1.246,827 055,258 855,258 FlnarK• c£4t8 850.2 8r• Signth￿￿t Frint •r• due In greai•rlhan w )*8rth8 amounlo h•¥E tyeeTr dlscwtsJ to ref*c* tsir pr*s•ni V•￿e. FinDrKe repreaenl fiThDr￿ dwrgei In resF4a olts urpAfirn1iryJ of u* gr•nts. 2023 PrH•Dt v•lu• ofqrnrf m*d• In y•ar Commthen15 811 Apnl 2022 Commiknenis made ¥) ye¥r GFani$ pa￿ iThè yéar 1,190,657 1344.4821 46.970 Cpmmknwls •131 Maich 2023 Cornmilments at 31 Marth 2023 are p•yabl•g8 IrJbx8:. thin onè yèaf Inote 71 211.859 Aftor Ihan orn InLts 81 THE PACKARD FOUNDATION NOTES TO ThE FINANCIAL STATEMEIITS FOR THE YEAR ENDED 31 IAARCH 2023 3 fjo¥•manc• costs 2023 2023 A¢counl8n Fees lor Indep￿￿nt oxarninaltrJn Leg81 f8e5 4.250 7,1S2 6.¢)JO 16231 12,629 1.434 4 Tru8tow and 8fflployo No remuneration was pakl lo th• tw$t•￿ or I￿*r ￿nn•¢￿ pernon• lorlhe y•ar. •ny ¢xpens88 r8irrthrs•d to Ih•m12022- £nlll. There were no pernons ty tht th*Kfty durY#J lh• y•or wth•pre¥pJu• ￿*r 6 Inv••tm•nt• Prn9￿m• latsd In¥••tm•nt• l¢)an Co•t At 31 M•rch 2022 ind 31 M•r¢h 2023 125.C•JO Imp•lmi•nt Al 31 March 2Q22 Impoimiènl losa A¢ 31 M•rch 2023 125,C 125.ofrj C•rrylng amount At 31 Marth 2023 At 31 M•reh 2022 6 O•btor• 2023 2022 Oth•r d•btorn 124 7 Cr•¢￿￿￿.. Amounts faluftg du• fhlthln i)n• ymr 2025 2022 Tr•d• p4y•bl•$ Gr•ni piy•b Acwo15 211.859 11,417 11.417 217.659 8 Cv•dRorn.' Amount• falllno du• mor• than on• yw 20Z3 2022 Grant payab￿￿ 690.4e6 690.186 12 THE PACKARD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR E140ED 31 IAARCH 2022 Movem•nt in fundb In funds B•la￿A is &11 Awll 2021 234,324 Int4Mne ¥nd eXw￿rt￿l* accounl 148.wl B•lanc•at 31 ￿lEh 2022 185,859 Y•ar •nd•d 31 htsrch 2023 Inwmg •nd exp•Trl*ur• •¢co￿l 1694,8861 ealanc•at 31 ltsreh 1123 509.027 10 2023 2022 N•t mo¥•m•nt In fvnd• lor th• p•rfod 1694.8861 148,4651 Mov￿￿1 In woNn9 wllal Iln¢m88tyd8u*•se in debtors IrKr•8￿id￿reom} in c￿rt¢fI 11241 896.728 797 131,5501 C•ih g•Mr•tW4bwthdl ty Iln9 11 Tr•I￿￿OnI rnl*t•d p•rtl•• No f•hl*J pwty tr•w¢Aknn8 requlnw dMdDwr• took oIK• durfjn9 ye•r. 13