Docusign Envptope ID.. CA93131T-901A4B52-8E4B-96D2A9DOCOFE
REGISTERED CHARITY NUMBER: 1189723
L5nèudited Financial Statements
for the year ended
31 Detsmber 2023
The Horseferry FoundatDn
Nicklin Accountanq SèNitts Limited
Church Court
stourbrfdge Road
Halesowen
West Midlands
863 3FF

Docusign Envebpe ID= CA931317-901A4B524e48-96D2A9DOCOFE
The Horseferry Foundation
Contents of the Financial Statements
ror the year ended 31 December 2023
Page
Rèport of the Trustees
I to 2
Independent Exarniner's Report
statement of FEnancial Attmti
Balance Sheet
Notes to the Financial Ststements
6 to 9
Detalled Statement of Financpl Athivities
io

DoCu￿9n EnvakJp8 ID.. CA931317-901A4B524E48-96D2A9DQCOFE
The Horgef8Try Foundatton
Report of the Trustees
for the year ended 31 r)ecernber 2023
The trusteÉs present their repjrt with the financial statements of the charity for the year ended 31 De￿rnber 2023. The
trusteès hève adopted the prO￿Slon$ of Accounting and Reporting by Charities.. Statem¢nt of Recommended Practice
applicable to charities preparing thelr accounts in accordance with the Financial Reportlng Staxdsrd applicable in the UK
nd Republic of Ireland (FRS 1021 {eff8rtive L J8nuary 2019).
OBJECTIVES AND ACTNifiES
Objectives and alms
The objects of The HO￿ferry FOUnda￿on are to advance such charitsble purposes (according to the law of England and
Wèles) for thé puNic benefit as the tntstee5 S￿ fit From time to tlme, in particular, but not limTted to: (al the
advancement of education,. and (bl the protection and corEervalion of the environment, principally ttrough facilitating
researth into reducing the amount of carbon dioxide and other toxlns In the atmosphere ans sea (the results of which are
publicly disseminaied).
Publi¢ benefit
When plannlng the actitritie5 the trusW have had regard lo the Char&ty Commission's gUIdan￿ on public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Donation5 received totaned £306,705 and donations made to charftable foundattons amounted to £354,556. The general
fund stood al £2,706,844.
FINANCIAL REVIEW
Reserves policy
The reseFves FK)Iloy Is to malntaln sufficient reseNes to ensLrre that The Horsetery FoUn￿tiOn is able to meet its
liabilities and obligations,
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is aJntrolled by Its goveming doatment, its CDnstilution as a Iharitsble Incorporated organisaknon, together
with any S￿bseqUent reSDlutions.
Recruitment and appolntment of new trustees
The memberg of the charitable incorporated organisatlon (CIO) may, at 6ny time. admit additional members by resolutton
or è written noti￿ *gned by all the men)bers of the CIO a(kIres￿￿ to the charity Irustees,
Risk management
The trustees have a duty tts iderttify ano reilew the ￿￿kS to whKh the charity is exwsed and to ensure approprlats
contmls a￿ in place to provide reasonable assurance against fraud and error. The trustees have assessed the risks to
whlch the Hor5efery FoundatsoTr is exposed and are satisfied that the systems in plate are adequate to miligate those
risks that would threaten its long.term suNival. The trustees are content that other risks shDuld be acccepted because
the cost (Jf mitigating them woukl be unacceptydble.
REFERENCE AND ADMINisfRATIVE DETAILS
Registered Charity nuinber
1189723
Principal address
Third Floor
20 Old Balley
London
EC4M 7AN
Trustees
S C L Gibb)n5
Miss S Li
Mrs J Markovitz Bordenave
Page I

DoGU5rgn Envelope ID.. CA931317-901A4B52-8E4B-96DZA9DOCOFE
The Horsefery Foundaito
Report of the Tnjstees
for the year ended 31 December 2023
REFERENCE AND ADMINISTRATIVE DETAZLS
Independent Examiner
Nicklin Accountancy SeNices Limrted
Church Court
Stourbridge Road
Halesowen
Wgst Midlands
6633
Approved by order of the board of trustees on .......
. and signed on its befklf by:
5 C L Gibb(ins - Trustee
Page 2

Ek)¢u$ion Env?bpe ID-. cA931317-901A4B52-8E4B-9sD￿DOCoFE
IndÈpendent Examiner's Report to the Trustees of
The Horseferry Fotsndatlon
Independent examinevs report to th¢ trustee5 of The Horseferry Foundation
I report to the charity trustees orj my examinalty)n OF the accounts of The Horseferry Foundatton (the Trust) for the year
ended 31 December 2023.
R¢$ponslbilities and basls of report
As the charity trustees of the Trust you are responslble for the prepèrètion of the accounts in accordance with the
rewlremenL£ of the Chèrfbes Act 2011 ('the Act,).
I report in respect of my ex3minatk)n of the Trust's accounts cariied out under Section 145 of the Act and In ￿rryIng out
my examination I have followed dl appli¢able Dire(tian5 given by the Charity Commission unaor Section 145{5}(b} of the
ACL
Xndependent examiner's $tstèmént
Since your charivs gross income exceeded £250,000 your examiner must be a member of a listed boo¥. E can confirm
that E am quallfied to undertake the examination because l affl a member of the Instttute of Chartered Aorountants In
England and Wales, which Is one ofthe Ilsted bodle5.
I have cornpleted my examinatiojn. I conf5rm that no material matters have come to my altenvon In connection with the
examination giving me cause to bdieve that in any rnaterial respect..
ccounttng record5 were Th)1 kÈpl in respect of thè Trust as required by Section 130 of the Act,. or
the accounts do not accord with those records. or
the accounts do not comply with the applicable requirements concerning the form and Eonlent of accounts set
out In thé (haritios {Accounts and Reports) legu1ations 2008 other than any requiremeDt that the accounts glve
a true and fair ￿eW which Is not a matter considered as part of an independent examination.
I have no ConC￿nS have come across no other maiters in connection with the exaFnination to which attention should
be drawn in this report in order to enable a proper understanding af the accounts to be reached.
MaTk Howell
The Institute of Charterèd Accoutstsnts in England and Wales
Nicklin Accountancy Servic&5 LÈmited
Churth Court
Stourbridge
Hal￿Owe￿
Wesl Midlands
B63 3fF
oxlern
P3ge 3

DotusKJn Enyetope ID.. CA93131T-901A4B52-8E4&96D2A9DOCOFE
The Horseferry Foursdatlon
stalemÈnt of Flnancial A￿￿￿kneS
for the year ended 31 December 2023
2023
un￿strI¢ted
fund
2022
Total
funds
Notes
INCONE AND ENDOWMENTS FROM
Donations and legaaes
306,705
I￿,000
Charitable artSvities
Consultancy
19,350
Invesknnent Sncome
14,811
109,239
Tatal
34rJo66
209,239
EXPENDITURE ON
Charitable activitles
Grants and donationg
A(hinlgtration costs
Govemance costs
Finan￿ costs
354,556
109,608
3,000
456
28,719
26,102
3,822
839
Total
467,620
59,482
NÈt gainsluosses) on investments
(244,547)
510,717
NET INCOMEI(EXPENDtruRE)
(371,301)
660,474
RECONCILIATION OF FUNDS
Total funds brought forward
3,078,145
2,417,671
TOTAL FUNDS CARRIED FORWARD
2,706,844
3,078,145
The notes form part of these flnandal statements
Page 4

Docusign Env8lope ID.. CA931317-901A4852-8F4B46D2AgDOCOFE
The Horseferry Foundation
Balance Sheet
31 December 2023
2023
un￿trIcted
fund
2022
Totsl
nd5
Notes
FIXED ASSETS
Investments
L,937,658
2.159,609
CURRENT ASSETS
L)ebtors
Cash at bank
15,750
760,021
2,566
922,055
775,771
924,621
CREDITORS
Arnounts falling due withln one year
(6,585)
(6,085)
NETCURRENT ASSErs
769,186
918,536
TOTAL ASSETS LESS CURRENT LIABILMES
2,706,844
3,078,145
NET ASs￿s
2,706,844
3,078,145
FUNDS
Unrestricted fiJnds
2,706,844
3,078,145
TOTAI FUNDS
2,706,844
3,078,145
The financlal statements were approve(S by the Board of TNstea5 and authorised for Issue
and were Signed on its behalf by..
on
I40FE￿IE0￿•E%?"
S C L Gib￿rns- Trustee
The notes form part of these finanaal statements
Page 5

Dowsign ErtvÈlopÈ ID.. CA931317-901A4B524E4B-96D249DOCQFE
The Horseferry Foundatnn
Notes to the Financial Stètements
for the year ended 31 December 2023
ACCOUNTING POLICIES
Basls of preparing the financial statements
The financrdl statements of thÈ charity, which is a publlc benent entlty under FRS 102, have been prepared irk
accordance wilh the Charitiès SORP (FRS 1021 'Accounting and Reporting by Charities.. Slalement of
Recommended Pract[￿ applicable to charibes preparlng their accounts in accordance with the Financial Reporiing
Stsndard applicable in the UK and Republic of Ireland IFRS 102) (effective l January 2019),, Financ(al
standard 102 Yhe Financial Repotting Standard applicable in the UK and Republic of Ireland, ènd the Charitse5
Att 2011. The flnancial stslements have been prepared under the hlstorical cost convenliL)n, with the exceptlon
of investments which are included at market value, as modified by the revaluaknon af Certa￿ a%sels.
Iticome
All income is recogni5ed in the Ststèment of Financial Actiwlies On￿ the charity has entidement ¢0 the funds, ti is
probable that the Income will be re￿IVed and the amount can be meagured reliablv.
Expenditure
Llabillties are recognised as Èxpenditurt 3$ soon as there is a legal or con5trucbve obllgation committing the
chèrfty to that expanditure, it Is probable that a transfer of economic benefits will be required in ￿ttIeMeTht and
the amount of the obligation can be measured reliably. Expenditure is accounted for on an accru31g bag1% and has
been da55ified under headlngs that aggregate all c05t related to the category. Where costs cannot bÈ direcdy
èttributed to pèrlcular headings they have been allocated to aCtI￿tIeS on a basis consistent WEth the use of
resourtrs.
Grants offefftd subject to conditlons which h3v2 not been met at the year end date are noted as a commitment
but not accrued 35 expenditure.
Taxatlon
The charlty Is exempt from tax on its charitsble activiues.
Fynd accountlng
Unrestricted funds can be used in accordance with the charitsbl@ obJecfv&q atthe dlscretion ofthe trustee5.
Restricted funds c3n onty be used for particular restrKted purposes within the tsbiects of the charity. Restrictions
arise when speafEd by thÈ donor or when funds are rdised for particular iethcted purposes.
Further e%￿anatIOn of the nabJre and purpose of eath fvnd is induded In the notes to the f5nanc&31 statements,
INVESTMENT INCOME
2023
2Q22
rnvestment income
B?nk interest
4,891
9,920
105,257
3,982
14,81L
109,239
TRUSTEES. REMUNERATION AND BENEFfTS
There were no trusteeg remuneration or olfr￿r benefits for the year ended 31 t)ecember 2023 nor for the year
ended 31 December 2022.
Page 6
CDntinued...

Docusign EFrJebpe ID.. CA931317-901A4B52-8E4B4602A9DOCOFE
The Horseferry Foundation
Notes to the Financlal Statements- continued
for the year ended 31 December 20
TRUSTEES, REMUNERATION AND BENEFITS - contlnued
Trustees. expenses
During the year there were £6,693 of trustee expenses12022: £nil), but thig wès repaid by way of 3 donation
from the trustee who incurred the eXt￿nse.
STAFF COSTS
The averoge monthw number of employees during the year was as follows..
2023
2022
Administration
No employees received emoluments In excess of £60,000.
COMPARATIVES FOR THE STATEMEKf OF FINANCIAL ACTIVITIES
Un￿trICt
fund
LNCOME AND ENDOWMENTS FROM
DonatlDn5 and legacies
loo,000
Investment income
109,239
Total
209,239
EXPENDrruRE ON
Charitable activities
Grants donations
Administration Costs
Govwnance costs
nance costs
28,719
26,102
3,822
839
Total
59,482
Net gains on investments
510,717
NET INCOME
660,474
RECONCILIATION OF FUNDS
Totsl funds brought forward
2,417,671
TOTAL FUNDS ￿RRIED FORWARD
3,078,145
Page 7
contsnued...

Docusign Envetope ID.. CA93131T-901A4B52-8E4B-96DWDOCOFE
The Horseferry Foundath)n
Notes to the Financial St?lements- continued
for the year ended 31 December 2C123
FIXED ASSET INVESTMENTS
Listed
inve5tfflents
MARKEf VALUE
At l January 2023
Disposals
Revaluations
2,159,609
(9,490)
(212,461)
At 31 De￿mber 2023
1.937,658
NEf BOOKVALUE
At 31 December 2023
1,937,658
At 31 December 2022
2,159,609
Cost or valuatton at 31 December 2023 is represent& by:
Listèd
inv&tments
Valuation in 2023
1,937,658
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023
2022
Other debtors
Prepayments and accrued income
15,750
2.566
15,750
2,566
CREDrroRS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023
2022
Taxatlon and social secutity
Other creditors
2,693
3,892
2,102
3.983
6,585
6085
MOVEMENT IN FUNDS
Net
movement
In funds
At
31.12.23
At 1.1.23
Unrestricted funds
General fund
3,078,145
(371,301)
2,706,844
TOTAL FUNDS
3,D78,145
(371,301)
2,706,844
Page 8
contTnued...

DoGuBign Envelope ID.. CA931317-901A4B52-8E48-96D2A9DOCOF
The Horseferry Foundal*o
Notes to Y)e Financlal Ststements - continued
for the year ended 31 December 2023
MOVEMENT IN FUNDS- contlnued
Net movernent in fund5, included in the above are as follows:
Incoming
resour
Resources
expended
Gains and
losses
Movement
in funds
Unrestricted funds
General fund
34Q,866
(467,620)
(244,547)
1371,301)
TOTAL FUNDS
340,866
146?,620)
C244,547)
1371,301)
Comparatives for movement in funds
Net
movement
in funds
At
31.12.22
At 1.1.22
Unrestrlcted funds
General ￿nd
2,417,671
660,474
3,078,145
TOTAL FUNDS
2,417,671
660,474
3,078,145
Camparatlve net movement ift funds, Induded in the above are as follows..
Incoming
resources
ResourcÉs
expended
ing aThl
105ses
Movement
in funds
Unrestricted funds
General fvnd
209,239
(59,482)
510,717
660,474
TOTAL FUNDS
209,239
(59,482)
510,717
660,474
io.
RELATED PARTY DISCLOSURES
There wert no rektsd party disclosures lor the year ended 31 December 2023 other than as degcriF£d in Note 3.
Pag8 9

Docu&gn EnVèkty￿ ID.. CA931317-9D1A4B524E4&96D2A9DDCOFE
The HDrseferry Found&(on
Detailed Ststement of Financial Athvities
for the year ended 31 December 2023
2023
2022
INCOME AND ENDOWMENTS
Donatlons and leoacies
D(>nations
306,705
loo,000
Investment income
Investment Income
Bank interest
4,891
9,920
105,257
3,982
14,811
109,239
Charitable activtties
Consultancy income
19,350
Total incoming resource5
340,866
209,239
EXPENDITURE
Charitable activities
Grants to Instttulions
354,556
28,719
Support costs
Administration
Staff costs
Website and other prolessN)nal SeNi￿S
Sundry expenses
Custody fees
Subscriptions
77,954
5,262
79
24,666
360
32
586
266
192
392
25,921
109,608
26,102
Finan
Bank charges
456
839
Governan¢e costs
Accuuntèn
Legal and pwfe%ional
3,000
3,480
342
3,000
3,822
Total r¥ources expended
467,620
59,482
Net (expendliure)Ilncome before galns and
losses
(126,754)
149,757
Recognixed gain5 and losses
FO￿ign exchange gainsl{losses)
Net unrealisèd gainslllosslq) on Investments
(33,7231
(210,8241
74,934
435,783
Net (expenditure)/incotne
(371,301)
660,474
Trls page does not fomi part of the stsrutory financial ststements
Page 10