Rffjl¥tered numb•r: 08861248
Charlty numbgr: 1180372
THE FOUNDATION FOUNDATION
(A company Ilmlted by guarantee)
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

THE FOUNDATION FOUNOATION
IA company Ilmited by guarantse)
CONTENTS
Page
R•for•nc• and admlDlstratlv• detalli of tho Company. Its Trust••B and advls•r8
Tru•t•o•' roport
Ind•wnd•nt audltor•' rnport on th• flnanclal 8tst•ments
10-13
Stat•m•nt of flnanclal actl¥lll•8
14
B•lanG• •h￿t
15
stst•m•nt of c••h flt)W•
16
Nots• to th• fFn•nclal •tst•m•nt•
17-26

THE FOUNDATION FOUNDATION
IA company limited by guarnnteo)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 JANUARY 2D23
Tru8tse•
Sir Antony Gorrnley
Vicken Parsons
Marco Compagnoni
Richard Calvocoiessi
Laura Stevenson
Company r•gl8tsrad
numb•r
08861248
Charlty regl•t•rnd
numbgr
1180372
R•gl¥t•r•d office
Antony Gormley Sludlo
15-23 Vale Royal
London
N7 9AP
Chlef exocutlv• offlc•r Allce O'Rellty
Ind•p•nd•nt •udltof•
MHA
Maidstone
Unlted Kingdixn
B•nk•r•
HSBC Private 84nk
8 Cork Street
Mayfair
London
W1S3LJ
Brown Advisory Investment Management
10 Brulon Street
Mayfair
London
W1J 6PX
SolScltorn
Wèil Gotghal & M8ngè$ (London) LLP
110 Fetter Lane
Holbom
London
EC4A 1AY
Page 1

THE FOUNDATION FOUNDATION
IA company IlmSted by guarant8•1
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
The TrL>Stees present their annual report together wth the audited financlal Statements of the ¢omp3ny for the
year 1st February 2022 - 31st January 2023. The Trustees confirm that the Annual Report and financlal
ststements of the company comply wth the Cur￿n1 statutory requirements, the requirements of the company's
governing document and the provisions of the Statement of Recommended Practice ISORPI applicable to
charities preparing their accounts In accordance with the Flnanclal Reporung Stsndard appIl￿ty1e In the UK and
Republic of Ireland IFRS 1021.
Alm•. ObJectlv•¥ •nd Actlvltl••
The Foundation Foundalbon was gslablished for the advancement of art for the pub15c benefit by advanclng
education In the arts in partlcular but not exdu8ively through..
prO￿510n of grants and professional development lo art Students at college and universty and to arlists
have recently graduated from college or universlty.
The Provision of arts educ81ion and workshop facilities i￿￿Uding 8tudio 8pa¢e lo art Studènts at college and
university and lo arbsls have recently graduated from college or unlver$ity.
After the death of Antony Gormley. the curation of the Studios, archlves, and works of art by Antony Gormley
and Vicken Parsons Ibul not includlng works of art by Vicken Parsons during her IKalimel for thè purposes of
display, us•, and research.
In shaping the objecttve8 and planning the Foundatson's activ￿'t8, Tru$tee$ havtr ccfi8idered the Charfty
Comrnisslon's guidance on public benefit. The Foundation continued to draw on donali¢ns made in 201812019
(and Income derlved from them) lo cover Ils running costs durlng the reportlng period. Ils activitie8 are offered
wlhoui charge lo bw*ficiaries.
The Foundallon is registered as a charty Iregislralion number 1180372) and15 not liable lo UK laxalion a¥ tt has
no taxable aclivlties. In the exeTclse of their powerg, the Trustees have paid due regard lo the published
guidance from the Charity Commission on the operation of the Public Benefrt requirement under the Charfles
Ac12011.
The following notes record ihe chlef elements in the Foundation's programme durlng the year with partlcular
reference lo thè accompanying fInan￿al slalements.
Page 2

THE FOUNDATION FOUNDATION
{A company limited by guarnnteel
TRUSTEES. REPORT {CONTINUEOI
FOR THE YEAR ENDED 31 JANUARY 2023
Alms. Objeetive¥ •nd Activltio¥ Icontlnuedl
R•vl•w of Actlvltl
During th15 reporting period the charty welcomed fifteen artts15 to the resldency programme at High House.
providing them wth studio space, lime. and beautiful surroundings in which lo develop thelr work. The chartty'8
new granlmaking programme, the Emerging Artist5 Exhibition Fund, has algo gene from strength to strength,
helping to fund origlnal new artwork from talented ernerging artists acros5 the U.K.
The Foundation Feundallon onee more hosted ￿ graduates of N0￿ch Univerydty of the Arts, Flne Art BA
progr8mme al High House Studios in the gummer of 2022. Each 2022 graduate received a £500 bursary to
cover livlng expenses and materia15 during their Stay. Selected by Bt8ff at Nolwch University of the Arts, the
young artists Spent a month cf Ihelr PDSt-yraduallon $ummer away from the demands of their everyday liv9$ 10
develop their pracb'ce al this crucial moment in their careers. At the end of the month, Antony Gormley and
cken Parsons joined members of the NUA faculty lo discuss the artist¥. progres3 and the next gleps in Ihelr
development. Gormley and Par50ns offered advice and guidance drawn Irom their own rich experSence of
making and exhlblts'ng Ihoir own work over the pg¥140 y84rs.
The thirteen other resldenty that the ehadty welcomed across the year were supported with travel grants of £100
and weekly 8ub8islence gran18 for food and maleri818 of £50 each. The board have been pleased and insplred
by the work created as part of Ihejse residencies. Artists have responded to the remarkable landscapè around
High House as well as using the ts'me and space of the residency lo prepare work lor exhibition or push their
praC￿Ce forward. We have seen painting. sculpture, ceramlcs, fllm and cellage emerge from the energetic,
concentrated, 4nd immensely fruillul w*ek8 that arti818 have Spent wth us durlng the year.
Wllh the hope of offerSng the residency opportunity to a circle of artists this year the Trustees have created
a new website lo Showcase the unique character of the High House residency and the work ol past residen13. By
listing our previous residents, linking to their own websites, and displaylng their work online we hope to be at the
centre of a growng community of High House alumni.
The feedback we have received from artlst Tesldents over the year has been enormously posllive..
'1 believe that l achleved much more than 16el out lo. Norfolk is an incredible place, rlch in wrilten history,
ecology, community and material. I had no idea just how Giucial thi9 place would become to my praclice. I came
to this residency lo make work for a show, but unexpectedly, l also found a deep relationship with the land itself,
and became ever more inspired and aclwated to continue my pr8cfjce in more experimental ways..
Jull•
Bennett
'The studlos are Incredlble spaces perfecuy designed for artists, better than any Studio I've ever had including
those at BA and MA. Working on the ground5 8 I￿le bil each morning was ¥ really healthy routine Setter and
helped me feel situated and settled in quickly. Everyone wag really friendly but respectful of privacy. Il's so Tare
lo find that 5UPPOrtive enwronment that allow5 you time and space that is no-strings-attached..
S8mu•l
Hann8r
This year the Trustees have watched their Emerging Arts'sts Exhibition Fund'5 impact wth a growing sense of
satisfaction. The fund is open to applications from museums and galleries hosting exhlbitions from artists
enjoying their first solo show at a public gallery in the UK. The awards made in 2021 supported Shows across the
country in 2022, as far north a5 Gateshead's Baltic and a5 far south as TO%￿eT in Eaglbourne. Rits Evans, Nikila
Gale, Alice Theobold, Moi Tran, Jala Wahid and Angharad VVilliam5 all used the £10,000 production grants to
rnake important new work for these milestone exhibitions in their careery. Thiy work, of ambition and excellence,
has been seen by thousands of members of the public and al a time when museums and galleries have been
struggling wlh budgets stretched by energy costs, the charty has been pleased to award grants syith purely
arbsti¢ aims. Artists have commented on the opportun￿"e$ that the grants have given them.. lo experiment with
new materials, learn new methods, and use the significant opportunity that the exhibitions have represented lo
Page 3

THE FOUNDATION FOUNDATION
IA company limit•d by guarante•l
TRUSTEES. REPORT {CONTINUEDI
FOR THE YEAR ENDED 31 JANUARY 2023
Alm•. Objectives and A¢tivltleJ Icontinuedl
show work at the Ilmit of their ambltlon to the public. fellow art18ts, potential cdlaborat¢xs, and Imwtant curators.
As a resuti of the obvious success of the programme the Trustees awarded another six grants. lotalling £53,500,
in the autumn of 2022. Seeking lo maximise the impact of available lund5 the Trustees have also decided lo
open the programme to another elght inslrtutions in 2023, taking the number of museums and galleries invited to
apply lo fv￿nty. We look forward wrth anticipation to the exhibitsons to come in 2023.
In these ways the charity continued lo fulfil ils aims through ils aclivilies.. nurturing tslented artists when they
graduate. offering studio space lo arti$15 seeking lo develop th&Sr work, and encouraging emerging arn'st3'
ambitions as they plan their fir81 major presentation al one of the U.K.'s leading 'producing housè. museums and
gaSleri&g.
A$ the charty'5 acllvilies continue, the Foundation assess tho succes5 of the residency programme by
archI￿n9 imageg of work created at High House Studios and collecting feedback from re$id&nl8 as well as NUA
faculty staff on the pregramme. The charity seeks lo maintain contact wth all residents and intends lo follow their
cartsers With interest In the future. The Foundalon Foundation collects feedback from the Emerging Artlg15
Exhibition Fund recipient in6lilulions and artists to undersiand the pr¢gramme's effect and hopes to build a
longer-lem picture of the grants, Impact as the programme ¢￿tinueS. Images and materia15 wll also be
collected lo record the supported artr￿rks and Ihelr èxhibition. The comments, thoughts and suggesllons of all
benefi¢iaries wll be used by the Trustees lo dwelop the charSty's so that rt always responds to the needs ol
those it seek$ to as8181.
The Trustees are Satisfied wllh the progre8g made by the charity In 8chieving its actlvltles dudng and subsequent
lo the reporting period.
Ex•cutlvo Offic•r
The Foundation 58 grateful for the assSstance of Alice O'Rellly. Alice is alBO Executive Assistant to Antony
Gormlèy. and her time provided lo the Charity is ramunerated under those separate arrangements.
Consequently there 18 no payroll cost to the Charity- 201 hours w?re provided by Allce during the year.
Grant Making Pollcy
The Foundation Foundation makes grants avallable to art15ts 81 important Stages of Ihelr career8. The overall
Inten￿On is to uge the monies of the Foundation to promote Innovation, ambrtion, collaboration, education, and
Ihg extension of an ever-wdening field of practs'ce in sculpture, paintlng, perfomiance and lime based medla.
The Trustee5 wsh to use their expertise in the field and the expert15e of others lo identify indlvidu81s and areas
of practs'ce that would benefrt from support. This will always be d¢)ne in line wth the objects of the charity to
advance education in the arts.
Whilst final responsibility for grant-maklng lies wrih the board of Trustees, dec18ions to offer grants to particular
recipients are made by de$ignaled persons and board members. and wlh the p8rticlp81ion of staff from NorvJich
University of the Arts lin the case ol the residencies for BA Fine Art gra¢Juate51.
Page 4

THE FOUNDATION FOUNDATION
IA company Ilmlt•d by guaRnteel
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 JANUARY 2023
Aims, Objactiv•s and Aetiviti•s Icontinu•d)
Flnanclol Analysls
At year end the Foundation holds total funds of £7,063.532 of which..
£6.830,408 is held in investments
£233,124 is in nel current asse15
The lolal incomlng resources for the year ￿tre £96.120 12022 - £84,205). Total resourceg expended w￿re
£92.910 12022 £147.4211. At 31 January 2023, the charity held fund balances of £7.063,532 12022
£7,141,202) of whlch unre51ricted funds was £7,063,532 12022 £7,141,202). There weffj no reslriclèd or
designated fvnd$ in eithér 2022 or 2023. The Trustees have decided to treat their investments lor operational
purposes as an expendable endowment in order to fvnd the current and future aclivkles of The Foundallon
Foundation.
Inv•slm•nts
Thls year has undoubtedly been a challenging one for the charlty's investm•nl portfolio. Volatility in financial
markets due lo concems over the global economlc outlook, the impact of the war in Ukraint. anxlety about
potential 8upply Shocks and inflationary pressureG all contributed to a very diffi'culi start to the year. The board
have. however, been pleased that108$es Sustained early in 2022 have steadied and there hag been a return to
grovAh in the value of their investments towards year end, with the portfollo perfomlng salsfactorily 8galn81
benchmark fundB throughout 202212023.
The investment alms of the charity are long term and Ils Invegtment policy Is th•refore steered toward 9rD￿h
and protection against the threat of Infi81ion.
The investments of the Foundatlon are managed by Brown Advi50ry and thé Trustees mainlaln a dlverslfied
portfolio so a$ not to expose the Foundation lo undue risk. The Foundatlon'8 Investment pollcy Is reviewed
annually to ensure rts contlnued efficacy and relevance. Income from investments Is dl8bursed os part of the
Foundation's work andlor reinvested al the discretion of the Trustees.
The Trustee5 expect the fund managers wlh whom the Foundadon's assets aro invested to behave %Mth
integrity, lo be lully compliant wlh all regulatory requlremenls and lo meet relevant codes of practlce. In addition,
investment manager¥ are expected to take account In Ihelr decl3lon-makSng of environmental, socigl and
governance issues.
Although the chaTltable gbjec15 of the Foundation do not require the automatic avgidance of investment In any
particular geography, sector or corporation the Trustees have decided lo adopt an investrnenl poli¢y Ihal
prohibits exposure to Ih08e equities, bonds and other 893et classes that might open the Foundation to crilicigm
on ethical or environmentsl grounds. They recognise that this policy may impact the gro%￿ potential of their
investments - and indeed in 2022123 the Trustees saw their prohibition of any exp05ure lo fossil fuels reduce
their investment relums al the beginning of the year- but they have decided that thi5 risk 19 8cceptable to protect
the Foundation's reputation and are confident that their positioning on renewable energy sources represents a
sensible, long-lerm investment.
The Found¥lion'$ long-tem investment objective is to achieve CPI +3% per annum lover rdling three year
periodsl- The strategic asset allocatson targets are Currently.. equities 80%. fixed interest assets 20%.
Page 5

THE FOUNDATION FOUNDATION
IA comparry limitèd by guarant••l
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
Aims, ObJ•¢tlves and Actlvltlej Icontinuod)
Ros•Nes Pollcy
The Trustees aim to maintain general funds al a level 8nd such liquidty as lo enable fvlelve to eighteen
months of unrestricted charitable expenditure lo be undertaken at any *me.
Al thr* end of the reporting period the charty had £243,187 In available cash.
The Trusteeg recognise that they are still developlng Ihelr long lenn5 Flans and IherefL)r• they have decided lo
continue lo keep their reserves al a higher level than required by their reserves policy in order to pro￿de for
potential feaslbility Studies relating to possible building Nw)rk5 and consultancy fees associated wth invegb"gating
new avenues of grant making aGtsvity.
The Trustees wll regularly review their ￿$•IveS policy lo ensure li remains appropriate in the ￿ntext of thelr
evolving range of acllvbts'es.
Rl•k Management
The Trustees review the molor financlal and non-financial risks to the Foundallon in order to ensuro that steps
have been taken to minimise rigk and lo lake action to mlligale the Smpact of any unavoidable rl$ks. Risk Is
reviewed at least annually svith action resulting from this analysis represented In the Foundation's Rlsk Pollcy.
One of the principal risks lo the charity'll funds 18 inflallon vthich has the potential lo threaten the value of the
Foundatson's investments. Thls Is particularty challenglng when political and economic uncertainty in the wder
World may cause volatility in the markets. Trust88s have sought to minimise thls risk by 5preadlng the
Foundation's investments over a broad strategic asset base and across global markeb.
A key reputational r58k has been identified by the Trustee5 in the types of equitle8 and bonds lo be Invested In by
the Foundation. Seeking lo minimise this risk, the Tru51ees have davised a stringent investment plan for their
investment marsager (Brown Advisoryl wknich proscrfbes cla5$o$ of investments, for example equities in fossil
fuels, tobacco and defence.
The Iruglees eonlinue to be conycious of the risk assoclaled with the Emerging Artists Exhlbillon Fund that
money glven by the charity to inylitulion5 could be uged for purposes other than those intended. As a result, the
board have ensured that ihe term3 and condllions of the grants allow for them to be repaid rf this is found lo be
the ca$9. Considering the charllable slalu$ and excellent rEPUtalion8 of the Institutions that the chanty is working
with the board also consider thls rlsk to be remote.
Infomiatlon on Fundralslng Practlc••
The Foundation does not currently rety on fundr81sing ag a major source of income nor does it employ or engage
profesgional fundraisers. The Foundation does not currently receive funding from the public or make application8
lo other trusts and foundations. As a result, tre Foundation is not registered with the Fundraising Regulator,
however, should fundraising activities take place in the future the Foundation will review this. The Foundation is
committed lo ay￿ding any intrusive fundraising approaches and wll never apply undue pressure to donate.
Page 8

THE FOUNDATION FOUNDATIOM
IA company Ilmlted by guarants•l
TRUSTEES. REPORT ICONTINUEOI
FOR THE YEAR ENDED 31 JANUARY 2023
Golng Gon¢8rn
The Foundation has substantial resources lo continue in cperational existence for the foreseeable future. For
this reason the Trustees continue to adopt the going concern basis in preparing the finandal statements.
Strat•glc R•vl•w and Futur• Plans
The charity 18 committed lo conknnuing the Emerging Artists Exhibition Fund and 118 relalion8hip %wth NUA In
202314.
Towards the end of the reporbng perlod the TruSt￿S decided - and agreed wrth staff al NUA- that in 2023 land
future years) the ￿ residencies for their students wll tje offered lo graduates of their MA rather than BA
programme. The Trustees are keen lo assess whether a resldency al this moment In a young artist's career ha8
more Impact and can be used more fruirfully than after the complellon of an undergraduate degree.
Ai already deSCri￿d. the Emerging Artlst's ExhI￿lI0n Fund in￿tatIOn list ha$ been expand¢d from twefve to
venty In 2023, ￿￿th the Trustees ready lo disth'bule proportlonalty more fund8 in 2023.
The charity's Trustees have conunued to conslder the possih'lily of a capitol project in th8 medium term and also
the possibility of addf(ions to the ¢h8rity's programme that complement the support currenuy offered to a￿'Sts
through the Foundolion's re$lden¢ie$ and Emerging Artists Exhibiknon Fund. Wlth the ch8rity now anllcipatlng
taking responsibllty for the artlstic estates of Antony Gormley and Wcktn Parsons the TTU$tees conts'nue to
carefully evaluate the long lemi vision for the charity, ensuring that all programm&$ can grow into the future.
Durfng the reporting perlod the charltyg advlly was funded from the Income of 1.6% of the value (calculated
over a defined prior period) of the Foundation's investment portfollo. The chaTlty intendg lo continue lo fund the
charity'8 gCtIMty in th18 8U8t8in8ble way- that conllnu88 to allow for long term gTovAh- for the fore•eeable futum.
The strategic prlorities of the Foundallon vall 8lw8ys be towards the chartty'8 aim of advancSng art for the public
benefit by supporting education In the arts. recognising and fo8terlng the potential of artists and thereby
supporb'ng a thriving. creative society in the UK.
Page 7

THE FOUNDATION FOUNDATION
(A company limlted by guarnnle•l
TRUSTEES. REPORT {CONTINUEDI
FOR THE YEAR ENDED 31 JANUARY 2023
Structure. Governancè and Manag•m•nt
Conltltutlon
The Found81ion1s registered as a ch8rf1able company limited by guarantee and w38 Set up by a Memorandum of
Associalion.11 1$ a registere(I charity number 1180372.
Organisation
The Board of Trustees is appointed by majority 8greement of the Charity's membership and meets regularly lo
review and make decisions by majorlty vote on the Foundation's activilles and strategy. Da￿l￿aY mana9ement
of the Foundation is undertaken by Alice O'ReiNy.
The Board of Trustees kee￿ under review the sklll¥ required of the Board, When neces8ary the Board will seek
new Tru51ee6 in order lo en¥ure tho1 the Board has # relevant and approprfate mix of skills lor the activities and
plan5 of the Founda￿On.
The InductSon of new Trustees is designed lo give them a proper understanding of all aspects of the work of the
Foundallon. On Ihelr appolntmenl new trustees are glv•n a copy of the Memorandum and Articles of
Assoclalion, previous Trustee reports and accounts and copie• of all chadty pollcie8.
ststem•nt of Tru•ts••' ro•pon•lbllltl•8
The Trustees Iwho are also the direciors of the Foundation Foundallon for the purposes of company lawl are
reyponsible for preparlng the Tru¥tee$' report and the financial 51alements in accordance with applicable law and
United Kingdom Accountlng Standard8 Iunlled Klngdom Generally Accepted Accounb'ng Practlcel.
Comp8ny law requlres the Twslees lo prepare financial 5talement$ for 08ch linancial year. Under companylow
the Trustees must not approve the financlal statements unless they are Satisfied that they give a true and fair
view of the Stale of affairs of the charflable company and ol the incoming resources and Bpplicalion of resources.
Induding the income and expenditure, of the charitable company for that period. In preparlng Ihese financial
statements, the Trustees are required lo..
Belect Suitable accounting policle$ and then apply them consislenlly-,
observe the methods and principles In the Charities SORP,.
make judgements and accounting e8timate5 that are reasonable and prudent,.
prepare the financial statements on the going Gon¢ern basis unle5$ (( is inappropriate lo presume that the
charitable company wll continue in operation.
The Trustees are responsible for keeping adequate accounllng records that aTe sufficient lo show and explain
the charitsble compangs transactions and disclose wth reasonable accur8Cy 818ny lime the financial position of
the charitable company and enable them to ensure that the financi81 slalemenls comply with the Companie5 Act
2006. They a￿ also responsible for safeguarding the a55?15 of the charitsble company and hence for taking
reasonable steps for the prevention and deteCtiC￿ of fraud and other iTregular￿.es. Legislation in the United
Klngdom governing the preparation and dissemination of financlal ststemenls may differ from legislaljon in other
jurisdictions.
Page 8

THE FOUNDATION FOUNDATION
{A company Ilmlted by guarante?)
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 JANUARY 2D23
Dlbclosure of Inlomiitlon to audltor8
Each of the persons vtho are Trustees at the tim• when this Trustee5' report18 approved h89 confimied that..
o far as that Trustee 18 8ware, there Is no relevant audit Information of whlch the charitable cornpany's
auditors are unaware,
that Twslee has tsken all the 8teps that ought to havé been taken 88 a Trustee In order to be aware of
ny relevant audrt information and lo establish that the charitable company's audllors arè aware of that
infomialion.
In preparlng the report, the Tru8tee8 have taken advantage ol the small companles exemptions available under
the Companies Act 2006. This report wa5 approved by The TnJsté•s, on
and
signed on their b8half by..
Antony Gomil•y
Page 9

THE FOUNDATION FOUNDATION
IA company limited by guarantèol
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE FOUNDATION FOUNDATION
Oplnlon
We have audited the f5nanclal statements of The FoundaliDn Foundation (the 'charitable company'l for the year
ended 31 January 2023 vthich comprise the Statement of financial activitie5, the Balance sheet, the Statement of
cagh flows 8nd the related notes, including a summary of significant accounting policies. The financial reporting
framework that h88 been applied in their preparation is applicable law and United Klngdom Ac¢ountlng
standards, including Financial Reporting Standard 102 The Financial Fleporting Stsndgrd oppll¢able in the UK
and Republic ol Ireland, (United Kingdcm Generally Accepted Accounting PraC￿ce).
In our opinion the financial slatemenls..
give a true and falr view of the slate ot the charllable compan18 affalrs as at 31 January 2023 and of its
Incoming resources and application ol resources, IncludSng income and expendrture for the year then
endetj,.
have been property prepared In accordance wkh Unlted Klngdom Generally Accepted kcountsng
Pradce., and
have been prepared In accordance wlh the requirements of the Companies Act 2006.
Balls for oplnlon
We conducted our audit in accordance with Inlemalion81 Standards on Auditsng IUKI IISAS IUK}l and applicable
law, Our responsibilitles under those standardg gre further described in the AudSlory' re3ponslbS1itle3 for the audit
of the financial statements section of our report. We are independent of the ¢harlt8ble company In accordance
with the ethical requirements th81 are relevant lo our audit of the financlal statements in the United Kingdom,
includlng the Financlal Reporting C¢uncil'5 Ethical Standard, and we have fulfilled our oth&r ethical
re$pon$ibililies In accordance Mth Ihe8e requiremenlg. We belleve that the audit ewdence we have obtained 13
sufficient and appropriate to provi¢Je a basis for our oplnion.
Con¢lu8lon8 relotSng to golng conc•in
In auditing the financial 8lalements. we have concluded that the Trustees, use of the going concem basis of
accounting in the preparallon of the financial statements18 8pproprkqte.
Based on the Work we have performed, we have not identified any material uncertainties relating ID evenl8 or
cMdilions that, individually or collectively, may cast significant doubt on the charitable cornpanls ability to
continue as 8 going concern for a period ol at least h￿e1ve months from when the fln8ncial slalements are
aulhvrised for issue.
Our responsibill￿e3 and the re$ponsibllKles of the Trustee5 with respect to golng concern are desulbed in the
relevant sedon5 of this report.
Page 10

THE FOUNDATION FOUNDATION
A c¢)mpany limited by guarante?)
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE FOUNDATION FQUMOATION
CONTINUED}
Oth•r Inforniation
The other information comprises the informalion Included in the Annual report other Ihan the financl81 statemènts
and our Auditors, report Ihereon. The Twslees are responsible for the other informats'on contained within the
Annual report. Our opinion on the financial statements does not cover the other informotion and. except to the
extent otheN4ise explic1￿Y stoled in our report, we do not express any fomi of assurance conclusion Ihereon. Our
responsibility is lo read the other inlomiation and, In doing so. consider whether the olher Inlormation is
materially inconsistent vthh the financial stalemenl$ or our knowledge obtained in the course of the audit, or
otherwse appears to be malerialty misstated. If we identify such material inconsistencies or apparent material
mi5Stalem8nts, we are required to determine whether this gives rige lo a material miystatemenl In the financial
statements themselves. If. based on the Work we have performed, we conclude that there 18 a material
mi8ytalement of this other inform8Uon, we ale required to repc*rt that fact.
We have nothing to report in this regard.
Oplnlon on oth•r matt•r• pr•Bcrlb•d by th• Companles Act 2006
In our opinion, based on the work undertaken in the coursè of the audll,,
the Informallon glven In the Trustees, report for the finanGlal year for whlch the financial statements Ar8
prepared Is consistent with the financlal 5talement8.
the Tru$teeg' report ha8 been prepared in accordance ￿th applicable leg81 requirements.
Matt•Ys on whlch w• arn rnqulred to report by •xc•ptlon
In the light of our kno¥%ledge and understanding of the Charitable compary and its environment obtalned in the
course of the audit, we have not identified materlal mis51atemenls in the Trustees, repo
We have nothing to report in respect of the followng matters in relatlon to vthich Companies Act 2006 requires
us lo report lo you If, Sn our opinion..
adequate accounting records have not befjn kgpt, or returns adequate for our audit have not been
received from branches not visited by us,. or
the ffnancial ststemenls are not in agreement vAth the accounting records and returns.. or
certain dlselosures of Twslees, remuneratlon specrfied by law are not made," or
we have nct recelved all the Infom)8tion and explanabons we require for our audll,. or
the Trustees were not enlilled to prepare the financial statements in accordance wlh the ¥mall companie5
regime and take advantage of Ihe Small wmpanies, exernpts'on8 in preparing the Tru5tees' report and
from the requirement lo prepare a Strategic report.
Page 11

THE FOUNDATION FOUNOATtON
(A company Ilmlted by guarantè•
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE FOUNDATION FOUNDATION
ICONTINUEDI
R•sponglbllltlo¥ of trust•g8
A8 explained more fulty In the Trustees. responsibilities statement, the Trustees (who are also the directors of the
charftsble company for the purposes of company lawl are responsible for the preparation of the financial
stalernents and for being sab"sfled that they give a true and fair view, and for such internal control as the
Trustees determine 1$ necessary to enable the preparation of financi81 statements that are free from malerlal
misstalemenl, vthelher due lo fraud or error.
In preparin9 the financial Slalemenls, thè Trustee5 are responsible for a$ses8ing the charitable company's abllity
to continue as a going concern, di$¢losSng, a5 applicable, matters related lo going concern and using the going
concem basis of accounting unless the Trustees either intend lo liquidate the charitable company or lo cease
operations, or have no realSytic altematwe but to do 80.
Audltor•' rnspon•lbllStl•• ft*r the audlt of th• fln•ncl•l •tat•m•nt8
Our objectlves are to obtaln reasonable assurance about vthelher the flnancièl ststemenls as a whole are fre•
from material misstslemenl, %theiher due to fraud or error, and lo 158ue an Audilor8' report that Includes our
opinion. Reasonable as8urance 15 a high level of assurance, bul is not a guaranl•e that an audit con¢Ju¢ted in
accordance with ISA$ IUKI wll 8lways delect a mateTial misstatement ￿en it exists. Misstatements can ad88
from fraud or error and are considered material If, indlvldually or In the aggregate. they could reasonably be
expected to influence the economic decislons of users tsken on the basis of these finanrAal statements.
Irregularities, Sncluding fraud, are in$tance5 of non-compliance with laws and regulallons. We deslgn procedures
in Ilne with our responsibilitses, outllned above. lo detect malerlal mlsstatements in respect of Irregul8rllies,
inclLJding fraud. The extent to whlch our procedures arè capabl• of detetling irregulaTitieB, Including fraud is
detailed below..
Enquiry of management antj those charyed wlh govemance around actual and potential lrtigalion and
claim8',
Performing audit work over the risk of management override of controls, including evaluating the business
rationale of significant Iransacllons outside the nomial course of business.,
RevIe￿n9 minutes of meetings of those charged wlh governance.. and
Reviewng financial statement disc108ures and testing to supporting documentsllon lo assess complian
th applicable law8 and regulations.
Because of the inherent limitations of an audit, there is a risk that we wll not delecl all Irregularities, including
those leading to a material mi5slatement in the financial statements or n￿-¢￿mplIanCe wlh regulation. This risk
increases the more that compliance wth a law or regulation Is ￿moVed from the events and transath'ons
reflected in the financtal statements, as we wll be less likely to become aware of ingtsn¢es of non-compliance.
The risk is also greater regarding irregularfties occurring due to fraud rather than error. as fraud involves
intentional concealment. forgery, colbJsion, omission or misrepresenlalion.
A further descripfjon of our responsibilities for the audit of the finanaal statements is located on the Financjal
Reporting Council's webshe al.. vJww.frc.
kl
Thi5 description forms part of our
Auditors, report.
Page 12

THE FOUNDATION FOUNDATION
(A company limltfrd by guarants•l
INDEPENDENT AUDITORS. REPORT TO THE hlEMBERS OF THE FOUNDATION FOUNDATION
ICONTINUEOI
Uso of our report
Th18 report is made solely to the charitable ￿mpanI& members. a8 a body, in accordance wth Chapter 3 of Part
16 of the Companies Act 2006. Our audit work hay been undertaken $0 that ￿ might slate to the charitable
company's members those mallers we are required lo slate to them in an Auditors, report and for no other
purpose. To the fvllesl extent perniitted by law, we do not accept or assume responsib'lity to anyone other thon
the charrtable company and bts members. as a body, for our audit work, for this report. or for the oplnions we
have formed.
D•vld Boo••y BAIPlonsl BFP ACA13enlor statutory auditor)
for and on behalf ol
MHA
Slalulory Audltor
M8id$lone
United Klngdom
Date.. 17 October 2023
MHA Is the tradlng nam• of M8clntym Hud80n LLP, a Ilmited Ilabillty partnership in England and Walés
IOC3123131
Page 13

THE FOUNDATION FOUNDATION
IA company Ilmlted by guardnts•)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI
FOR THE YEAR ENDED 31 JANUARY 2023
Unrgslri¢tsd
funds
2023
Total
funds
2023
Total
funds
2022
Note
Income from..
Donation3 and legacles
Investments
8,610
09,510
6,610
19,610
5, 148
79,057
Total In¢om•
96.120
96.120
84,205
Exp•ndlturn on:
Raising funds
Charitable 9¢b￿￿O9
6S.874
37,036
65.874
37,03fj
56,927
90.494
Totsl oxpendlturo
92,910
92,910
147,421
Not Incomo1{exp•ndltur•) beforn n•t {1088•8llg•ln¥
on Inv••trn•nt•
Nel {losse8llgoin8 on Investment8
3,210
3,210
f63,216)
180,8801
180,8801
517,356
N•t movem•nt In fund•
177,6701
{77,6701
454,140
Reco￿lI1•tIOn of fund8:
Total fund8 brought forvrard
Net movement in funds
7.141.202
177,6701
7,141.202
{77.6701
6,687,062
454, 140
Total funds urrled forward
7,063,532
7,063,532
7, 141,202
The Statement of financial activities includes aN gain¥ and losses recognlsed in the year.
The note8 on pages 17 to 26 fom part of these financlal statements.
Page 14

THE FOUNDATION FOUNDATION
IA company IlmSt•d by guarante•l
REGISTERED NUMBER: 08861248
BALAMCE SHEET
AS AT 31 JANUARY 2023
2023
2022
Nots
Flx•d •¥sgt•
Investments
12
6,830.408
7,057,691
.830,408
7,057,691
Cunvnt aM•ts
Investments
Cash at bank and In hand
1S7.584
85,603
99, 771
20,904
243,187
120,675
Credllor8'. amoun15 falling due vAthin one
year
14
110,0631
(37,164J
N•t curr•nt a•8•ts
233.124
83,511
Total n•t a•uts
7,063.532
7, 141,202
Ch•flty fund•
Un￿￿trIcted funds
7,063.532
7, 141,202
Total fundi
7.063.$32
7, 141,202
The Trustees acknO￿¢d90 their iesponslbililie8 for complying th the requlremen18 of the Act vAth respect to
aecounling records and preparation of financial statements.
The financial statements have be?n prepored in accordance vhth the prov15ion5 applicable to ent￿•8 sublect to
the small companie$ reglme.
The financial statements were approvod and aulh0ri5ed for issue by the Trustees and 8igned C￿ their behalf by..
Vl¢ken Parsons
The notes on pages 17 10 26 fom part of these financlal statements.
Page15

THE FOUNDATION FOUNDATION
{A company limited by guarnnteel
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2023
2023
2022
C48h flo￿ from OP•Tatlng 4ctlvltle8
Net cash used in operating activlties
1113,4011 (120,804)
Cash flowl from Inv•8tlng actlvltl•s
Diwdends, Intere8ts and rents from investment8
Proceeds from 8ale ol Inve81ments
Purchase of Investments
89.510
79,030
1.222.391
1.432, 118
(1.076.988) (1, 708,760)
N•t c*#h provld•d bylluud Inl Inve•tlng 4ctlvltl••
235,913
{197.6121
Chango In cuh and ca•h •qulv•lonts In the y•ar
Cash and cash equivalents 81 the beglnnlng ol the year
122.512
1318,4161
439.091
120,676
C••h Ind c••h •qulvalont• •t tho end of tho yoar
243,187
120,675
The notes on pages 17 10 26 fom Part of these financial 8talements
Page 16

THE FOUNDATION FOUNDATION
{A company Ilmlted by guarant¢•l
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
G•noral Inform•tlon
The Foundatlon Foundation Is 8 charilat4e company limited by guarantee and incorporated In the Unite¢J
Klngdom.
The aim5 of the chaTf(y are for the publ￿ benefit, the advancement of art and the advancement 01
education in the art5, in particular bul not eKdu8ively by.. A. the provision of grants and professional
development to Btudenlg at college and universty and lo artists have Tecenlly graduated from college
or univeTSily,' B. the provision of arts education and workshop facilits'es including studio space lo art
Students al college and univorsity and lo artists who have recenuy graduated from rollege or university., C.
after the death of Antony Gomley the curation of the studios, archives and works of art by Antony
Gormley and Vlcken Parsong Ibul not including work8 of art by Vicken Par8ons during her lrfetime) for the
purposes of di8play, use, and research.
The charitable company's functs'onal and presentational Currency 18 GBP, presented rounded to the
nearest £1.
Accountlng poll¢l••
2.1 8a818 of prnparatlon of Ilnancl•l •t•t•m•nts
The financial gtalemenls have been prepared in occordance wlh the Charities SORP IFRS 1021
A¢¢ounling and Reporkn'ng by Charities., Statement of Recommended Practice appllcable to charitles
prep8dng their 8ccounlg in accordgnce wth the Financial Reporting Standard applicable In the UK
and Republlc of Ireland IFRS 1021 {effective 1 January 20191, the Finanaal Reporting Standard
opplicable in the UK and Republic of Ireland IFRS 1021 and the Companies Aci 2006.
The Foundallon Foundation meets the definitson of a public benefit entlty under FRS 102. Assets and
Ilabiltilès are Inillally recognised at historical cost or transaction value unle58 olhethse ststed in the
relevant accounting policy.
2.2 Golng concem
The financlal slalements have be?n prepared on a going concern basis. The Trustees hav•
considered relevant information, inGluding the annual budget. forecast future cash flows and the
Impact of subsequent events in making their assessment.
B88ed on these 88sessmenls and hawng regard to the resources avallable to the enlily, the
Trustees have concluded that there is no material uncertainty and that they can continue lo adopt
the going concem ba315 in preparfng the annual report and accounts.
2.3 Incom•
AJI income is recognised once the Company has entiuement to the income, it 15 probable that the
income wll be received and the amount of income re¢eivable can be measured reliably. Investment
income is recognised in the period lo which tt relates. Don81ed professional services and facllrtles are
recognised on receipt on the basis of the value of the gift to the Company ￿lch is the arnount it
would have been willing to pay lo obtain services or tscilitses of equivalent economic benefit on the
open market,. a corresponding amount is then recognised In expenditure in the period of receipt.
Page 17

THE FOUNDATION FOUNDATION
(A company limited by guaianteel
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
Ac¢ountlng pollcles Iconunuedl
2.4 EX￿ndit￿re
Expenditure is recognised oncE there Is a legal or constructive obligats'on lo transfer economic benefrt
lo a third party. it is probable that a transfèr of economic benef((s will be required in settlement and
the amount of the obligatson can be measured rellably. Expenditure is classified by activity. The costs
of each acllvity are made up of the totsl of direct costs and Bhared costs, including support Costs
Invofved in undertaking each 8ctsvty. Direct costs attn"bulable lo a single activity are allocated direcUy
lo that aG￿vIty. Shared Costs ￿1¢h contribute lo more than one activity and support costs ￿leh are
not attributable lo a single aclivlty are apportioned betsveen those act5vities on a basls consistent wth
the u8e of resources.
Expendlture on ralglng fiJnd8 include$ all expenditure incurred by the Company to ralse fvnds for Its
charitable purposes and Includes costs of all fundraising actlvltie8 events and non-charftable trading.
Expenditure on charitable 8cb"vitie$1s incurred on directly undertaking the activlties whlch further the
Company'y oty'ective8, 88 ￿11 as any agsoclated support cost5.
Grants payable are charged in the year ¥th•n the offer is made except In those cases ￿ere the offer
is condltlonal, such grants being recognised as expenditure %then the conditions attaching are
lulfilled. Grants offered subject lo conditions %thich have not been met al the year end are noted as
commilmenl, bul not accrued as expenditure. The Company has taken the exempts'on under
$ubseclion111 ol the Charities Act 2011 not lo disclose the identities of recipients of grants made out
of the funds of the charity. or the amounts of any Indiwdual grants $0 made, if the d15c105ure would
fall to be made at a time ￿en the settlor or any 8pouse or civil partner of the sewor was Still alive.
All expenditure is Incluslve of irrecoverable VAT.
2.6 Invg3tmonl8
Fixed as5el investments are a fom of financial instrument and are inib'ally recognised at Ihelr
transacllon cost and subsequently me8$ured al fair value 81 the Balance sheet date, unless the value
cannot be measured reliably in ￿1¢h case11 Is measured at cost less impairment. Investment gain$
and Ios8es, whether Tealised OT unrealised. are combined and presented as 'Gain8llLosse$l on
inve$tmenls' in the Slalement of financlal aGtivhies.
2.6 Cash at bank and In hand
Cash 81 bank and in hand indudes cash and short-lemi hlghly liquld Investments with a short maturlty
of three months or les$ from the dale of acquisltion or opening of the dep0511 or similar account.
Page 18

THE FOUNDATION FOUNDATION
(A company Ilmlted by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
Accountlng pollclos Icontlnu•d)
2.7 Liabilities ond pFovislons
Liabillb'es ar8 recognised when there is an Obliga￿On at the Balance sheet dale as a resuit of a past
event, il is probable that a transfer of economic benefit wll be required in settlement, and the amount
of the Settlement c8n be e8timaled ieliabty.
Liablllues gr8 fecognI8e(l al the amount that the Company anlicipales 11 wll pay to $ettie the debt or
the amount It has received as advanced paymen18 for the goods or serMce¥ il must provlde.
Provisions are measured 81 the best estimate of the amounts required to settle the oblSgation. Wttere
the effect of the lime value of money 15 material, the provislon 1$ based on the present value of those
amoun15, discounted al the Pre-tax discount rale that reflects the risks specific to the liability. Th
unwnding cf the dilcounl recogni8ed in the S181ement of financlal acti￿tIeS 85 4 finance cost.
2.8 Flnan¢l•l Instrumonts
The Company only has financial assets and financial Ilabllili&s ol a kind that qualrfy as b4slc financial
Instruments. Sasic financial instrument5 are InI￿allY recognised 81 transaction value and subsequently
measured al their sethement value ￿th the exception of bank loans vA)ich aw 8ubsequenUy
measured at amortl$ed cost uslng the effective Intere81 method.
2.9 Fund gccountlng
General funds are unrestricted funds vthich are available for uge at the di8crellon of the Trustees in
furtherance of the general objeclivey of the Company and whlch have not betn de$lgn8led for other
purposes.
Invejtment income, galn8 8nd1088es are allocated lo the appropriate fijnd.
Incomo from don•tlons and1og•cl••
Unrn5trlctsd
funds
2023
Total
fund¥
2023
Total
fvnds
2022
Donated adminlslr8tor Ilme
6.610
6,610
5. 148
Total 2022
5,148
5,148
Page 19

THE FOUNDATION FOUNDATION
A company Ilmlted by guarante•l
NOTES TO THE FINANCIAL STATEMENTS
FOR THEYEAR ENDED 31 JANUARY 2023
Investment Incomg
Unrnstricted
funds
2023
Total
fund*
2023
Total
funds
2022
Dividend8 accumulated
other inlere8t received
89.510
89,510
79,030
27
89,510
89,610
79,057
Total 2022
T9.057
79.057
InYMtm•nt m•n•g•m•nt colts
Unrn•trfctsd
funds
2023
Total
fund•
2023
Tot81
runds
2022
Investment management fee8
55.874
55.874
56.927
Total 2022
56,92T
56.927
An•ly•i¥ of grants
Grnnts to
Indlviduals
2023
Total
fund$
2023
Tofal
funds
2022
Grant maklng
19,780
19,780
61,000
Total 2022
67.000
61,000
P¥ge 20

THE FOUNDATION FOUNDATION
(A cornpany Ilmlted by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
Analysls of •xp•ndltur• on charltable actlvltl
Summary by fund typ•
Unr•strl¢tad
funds
2023
Total
2023
Total
2022
Charit8ble aclivllies
37,036
37.036
90,494
Tolo12022
90,494
90,494
An•ly•l$ of •xp•ndltur• by •ctlvltl•B
Grnnt
fundlng of
*ctlvltl••
2023
Support
costs
2023
Totsl
fund•
2023
Total
funds
2022
ChBrfla￿e act5￿￿e$
19.780
17.256
37,038
90,494
Tol812022
61,000
29.494
90,494
Page 21

THE FOUNDATION FOUNDATION
(A company Ilmited by guarant••l
NOTES TO THE FINANCIAL STATEIAIENTS
FOR THE YEAR ENDED 31 JANUARY 2023
Analy8lB of 8xp•ndlture by actlvltl•s Icontinu•d)
An•lysi• of support costs
T¢Jtal
lund•
2023
Total
funds
2022
Actlvities
2023
Audit fees
Accountancy feej
Professional fees
Bank charges
Trustee expenses
Insurance
Listed Investment foreign exchange rate lo¥s
Donated adminiglrator Ilme- charge
4,894
3,060
4,894
3,060
384
32
11311
475
1,909
6.833
3, 157
3.268
15.775
36
32
{1311
475
1,267
678
225
5, 148
1,909
8,833
17,256
17.256
29,494
Total 2022
29,494
29,494
Audltorn. r•munoratlon
2023
2022
Fees payab￿ to the Company's audltor for the audit of the Compan1¥
annual accounts
4,894
3,157
Fees payable lo the Compan￿$ auditor In respect of..
AJI non-audrt seryices not included 8bove
3.060
3,268
10. Staff costs
During the year the charitable company employed No Staff {2022'. Nill. As a result, no employees recdved
any remuneiation in either year.
11.
Trnsl¢os' remun•ralion and •xp•ns•s
During Ihe year, no Trustee8 rècelved any remuneratbon or other benefrts (2022- £NILJ.
Page 22

THE FOUNDATION FOUNDATION
(A company IlmSted by guarnntee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
11. Tru•ts•*' remunoratlon and 8xpen8•8 Icontlnued
During the year ended 31 January 2023, expensèg lotalling £-131 were reimbursed or paid directly to
Tfustees (2022 - £1,267). This is made up of an £18 payment in respect of meetlng expenses and
rever8al of a 2021 accrual for £150. relating lo a fine that was later rescinded.
At the year end, £2,167 {2022- £1.2551 was due lo Antony Gonnley and is shown 8$ Other loan8 in Note
14. There were no other transactions related Pa￿eS during the current of prior year.
12. Flxed a¥Bet InveBtments
Llst•d
InveBtment¥
Co•t or vilu*tlon
At 1 February 2022
Additions
7,057,691
1.075,980
11,188.1881
{115,0831
0i5posa15
Revaluallcnj
At 31 January 2023
.830,408
Not book valu•
At 31 January 2023
6.830.408
At 31 J8nu8ry 2022
7,057,691
13. Curr•nt •53•t Inv•¥tm•nt•
2023
2022
Inve5tments- Cash deposits
IS7,584
99.771
Page 23

THE FOUNDATION FOUNDATION
(A company Ilmited by guaMnt••l
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
14. Cr•dltors: Amounts falllng duè wlthln ong ￿ar
2023
2022
Oiher loans
Trade credrtorn
Other creditors
Accru013 and deferred Income
2.167
372
1,255
12,000
3, 750
20.159
7,524
10.063
37,164
15. Statement of fvnd8
stst•m•nt of funds . curr•nt y•ar
Balancè at I
Fobruary
2022
Bal•nce It
G*ln#l 31 January
ILo81•1)
2023
Incixn• Exp•ndltur•
Unr•8trlct•d lun(h
Gener81 Funds- all fund8
7,141,202
96.120
192,910)
{80.8801 7,063,532
St•t•m•nt of fund• . prlor y•ar
Balanc8 81
l FebnJ8ry
2021
8alance at
Goinw 31 January
(Lossesj
2022
Income Expenditure
Unreslrlcted fund
Gen?ral Funds- all funds
6,687.062
84.205
(147,421)
517,356
7,141,202
Page 24

THE FOUNDATION FOUNDATION
IA company Ilmlted by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
16. An•ly•l# of net assets b•lM*•n fvnd•
Anal￿18 of not *8$•ts b•tw••n fund•- currnnt year
Unrestrlct•d
funds
2D23
Tot•1
funds
2023
Flxed a89et Investments
Current assets
Credttars due ￿￿thIn one year
6,830.408
243.187
{10,063)
6.830.408
243.187
110,0631
Totsl
7.063.532
7,063,532
AnalyBl• ol not a••vts bfrtwwn fund8- prfor y••r
Unr8strlcl8d
runds
2022
Total
runds
2022
Fixed 888el invejtmenls
Current assets
Creditor8 due ￿thIn one year
7.057.691
120.675
(37,1641
7,057,691
120,675
(37, 164)
T¢)tsl
7. 141.202
7, 141,202
17. Roconclllatlon of net Illovornont In fund• to nrt cash Ilow from oporating aCtlvltl•s
2023
2022
Nel incomelexpendKure for the year {88 per Stalernenl of Financlal
Actiwliesl
177,6701
454, 140
Adjustments for:
Gainsl(Iossesl on investments
Dividends. interests and rents from investrnents
Decrease in debtors
Increaselldecreasel In creditor8
80,08D
{89,510
(517,356)
(79,030)
4, 759
76.683
127,101)
Net cash used in opprntlng aGtivili
1113,401)
(120,804)
Page 25

THE FOUNDATION FOUNDATION
(A company Ilmltsd by guarants•l
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
18. Anaty•ls ol cash and cash oqulvalents
2023
2022
Cash in hand
243,187
120,675
Total c••h and c••h oqulvil•nts
243.187
120,6T5
19. Analy•l• of chang•i In n•t d•bt
Ch•ng•# In
m•rk•t
v•luo •nd
At1
•xchang•
F•bruary
rat•
2022 C••h flow• mov•mont•
At31
J•nu•ry
2023
Cash at bank and in hand
Debt due 1 year
Liquid investments
20.904
11.2551
99,771
84,699
19121
69,722
85,603
12,1671
167,684
{1,909)
119,420
123,509
{1,9091
241.020
Page 26