THE SCOULOUDI FOUNDATION REGISTERED CHARITY NO: 205685 TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 7 FEBRUARY 2024 Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG THE SCOULOUDI FOUNDATION CONTENTS Page Trustees. Report Independent Examinerfs Report Statement ol Financr8lAcb'vities 8alafi¢e Sheet Notes to the Finanaal Slalements 8-14 THE SCOULOUDI FOUNDATION TRL.'STEES' REPORT FOR THEYE..IR ENDED 7 FEBKL.ARI'2024 Referen¢¢ and Adminlstratlon The Scouloudi FoundalKJn is constrtuled by a Deed of Trusl daied 8 February 1962 incorporating amendments made by a scherre dated 19 October 2022 and by fesolulion dated 9 February 2023. The Scouloudi Foundaiion is a regb$teied tharity. Charity Number 205885 T¥uslees Mrs Sarah E 8axter- Chairtnan Mr J Oavid Marnham- Retired 23Aprd 2024 Mr James R Sewell Ms Vvendy Pro¢tor- Appointed 14 May 2023 Rachel Strother- Appointed 23 Apnl 2024 Prinapal and RegisleredAddres$ 10 Queen Street Place. London. EC4R 1AG Adminis1181ion and Accountants Haysmaontyre LLP. 10 Queen Street Pla¢e. Lon(kni. EC4R 1AG Independenl Examiner Leonard Jones & Co. J Printing House Yartl, London. E2 7PR Solicitors 8D8 Pitmans LLP. One Bartholrn Close. London, EC1A78L Bankers A18, 1 st Floor, Berkeky Square Hovse. Mayfair. London W1J 68R lnve5trr￿nI Mana9ers Jame5 Hambro & Partners LLP. 45 Pal Mam. London SW1Y 5JG Hlstory of thè Foundation The lounder of the Foundation was Miss I￿ne Scouknudi. who was an historian and philanthropist. Objectives and zctivitses lor ¢he publlc benefil The objecl of the charity. as set out in the Deed ofTNsl. is to appty Ihe annual I￿rne ofthe Charity to or lor the benefit of su¢h tharity or chanties las defined by SeCt￿n 101 the CharitsesActl as the Trustees may from lime lo lime dwde. The Truslees, Donations Policy is lo support chawityes within the folknwing categories: Children & Youth Environment 8 Humanities Overseas Handicapped & Disabled Medicine. Health & Hosp￿$ Social Welfare There is no fLxed per￿ntage lor each cate90ry and caleg￿leS be Idenrf￿￿ by the Trustees from time lo lime. The Tnjslees confirm thai they have complied wth sectton 4 of the Charnies Acl 2011. Ihè Tw51 Oeed and the Statement of Recommended Practice. Accountin9 and Reporting by Charities (Second Edition. effective 1 January 20191, when reviewng the Foundation's aims and objeG¢Lves and in pknning future activit*5 and setting Ihe donation making policy. Structure, govornance and managèmont The statutory power of appoinlmenl of Irustees is exerasable by the P￿sent Truslees. New Ir(tstees, when required. will b& found by the exisiing Iruslees. When recwiting new trustees the Trustees look for ind￿ldualS with skills and experience which are of valve to Ihe FOUndat￿n and which a¥e not neces58rity epresenled by existing Irusrees. Any poler1t￿l trustees will be interviewed by Ihe existing Trustees and rf appointed will be provided wth a pack of information indvding ac£ounts and a copy of the Trust Deed. THE SCOULOUDI FOUNDATION TRiISTEES' REPORT FOR THE Tr'E,IR ENDED 7 FEBRLIARI. 2024 Structure. governance and management {con'tl The Trustees are expenenced individuals and have a gocpj understanding of what ts invofved in being a trustee of a charrtab]e trust. Wherè appfopriate Ihe Foun¢JaI￿n supports ihe training of Iruslees including attendance at seminars. The Trustees meet annualty to consider recomwEndalions for. and make final deasrons on, the awarding 01 donations. The day to day adminislralK)n of the Foundation is ¢arried out by Haysmacintyre in consultation with Ihe Trustees, as appropriate. The fovnder ol the Foundalion was Miss liene Scoubudi. who ￿0S an hk8lorian and philanthropi51. Accounts The Trustees present their annual report and accounls for the year ended 7 Feb￿￿ry 2024. The accounts have been prepared in accordance wth the accounting polioes set OLrt in fiote 1 to the accounts and ¢ompty with the FoundalKJn's govèrnin9 documenl deed. Ihe CharitièsAct 2011. Accounting and Reporting by Chanties." Statement of Recommen¢Jed Practice applicable lo charities preparing their accounts in accordanc& with the Financial Reporting Standard applicable in the UK and Repubk ol Ireland and Financial Reporting Stsndard 102. Total retum approaeh to investments Wth effecl Irom 8 February 2022 Ihe FoundatK*n adopied a total retum approach to investmenl in relation to its Permanent Endowmenl. pursuant lo seclion 104AI21 of tite Chanbes Act 2011. The total retum approach pemiits funds 10 be invesleil without the nee(J to maintain a b?￿nCe be￿een income and caprtal retums and remDves the re5lriclions as to expendilure of rapilal thal wovld normauy appty. The Foundation's uaapplied tolal retum al 8 Febwary 2022 was cakulated by ￿ed￿ting the Original Pemanenl Endowment Valuation. being the 0ri9inal 91fts made by Irene Scoubudi. Ihe Foundation's founder. frgm Ihe Pemanent Endowment al that date. The Twustees carried oul a ValUat￿n exerryse and prepared a valuation report daied 28 March 2022. explaining the process carried oul in attfibuling an esiimated value of £850,000 to Ihg Original Permanenl Endowment. An advi￿ letter dated 28 March 2022 from Haysmaontyre. the Foundation'¥ accountants. conduded Ihat the steps tsken and the concFusion reached by Ihe Trustees in valuing Ihe Original Pemanent Endowment We￿ ￿8$onable. The Foundation's Pem)anent Endowment was valued at £8.776.914 at 8 February 2022 gNing an initial unappr￿￿ total return at Ihat date of £7,926.914. In determining what percentage of the unapplied total reium io transfer lo income on an annual basis the Trustees received an advi￿ letter dated 28 September 2022 from James Hambro & Partners LLP IJH&PI. the Found31ion'3 FCA-aulhorised investment manager. The adv￿ a￿ti￿pared Ihat in pursuing a lolal retum approach up to thirds of the tolal ￿tUrn will derNe from capital 9rowih wrth the balance from income generalion. arthough this rnay vary from tim¢ to lirne depending on market condibons and is nol 9uaranteed_ The advicè alsg showed that the historic ann¢Jalised total relum on a nominal basis fof a Mandale 3 Portfolio fof the period 31st Decernber 1969 to 301h June 2022 is +9.8°/o. JH&P noted th31 the effect ol inflation 15 expecled to redu￿ the overall nominal return over time and that they use historic retums as a guidè. JH&P's expecialion is ihat forecasts can improve over longer periods of lime but ovei Shorter periods can be disrupled qurte signthcantty and particularty so foi example ouer the coming 11>year period when Ihey might reasonabty expect a recession and arguably higher levels ol inflation than have been the case in Ihe ￿￿nt past. Their anatysis thérefore purposefulty uses a period from the end of 1969 to encompass numerous market cyctes and drawdowns. Having due regard to the advice received the Twstees resolved to lake each year lo income 5% ol the vnapplied total relvm. as valued at the dale ol the Trustee meeting to agree the donaiions for the year. This policy will be subject for a rewew for the year commencing e February 2025. An amount of £376,000 has been translerred Irom Ihe unapplied total return to income for the year ended 7 February 2024 and no amounts have been allocated to the Twsl for Inve5tmenl. Donatlon maklng polley and revlew of activities The current ¢Jislribulion poly ol the Trustees ￿llects the inte￿$t$ and MilentK)ns of Ihe Founder. Annual distributions are dwided into calegories". 1. Donations to iegi5tered tharrties and exempl chan.lyds thai sUPPOrt, encourage and promote history in its widest sense and historians at all le¥els_ This indude5 ftjndiftg lellowships and scholarsh*ps tenable 8t academic ¢n5titulions. supporting research and publi￿1￿)n$ in the fiekl of history. 5UPPOrting public en9agemenl with history by events. leaures and workshops and encouragin9 Ihe leaching of history in schools. Thè truslees also support the ¢￿atIon and preseNal'on of archNes and libraries. and the col*ctK)n and conservation of hisloiical objects and arlefacls. These dtsnalions are deryded ty the Tfuslees annvalty. 2. Donat￿nS to re91sle￿￿ charibes whth are decided by the Trustees annual￿. DonatFon making policy and review ol atlivitles (con'ti The distribution of donatKJns during Ihe yearwas as follows.. THE SCOULOUDI FOUNDATION TRL'STEES, REPORT FOR THE I'E,IR ENDED 7 FEBRL..IR)'2024 Total Children & Youlh Environmenl & Humanitio$ Overseas Aid Handicapped & Disobled Medicine. Health & Hospices Social Wellare 30.fKIO 159.000 25.OIKI 25.(XXI 30.￿1 16 319.(KAI The cumulalive total of d¢ination5 made by the Injslees since the Twslwas esiablished up to 7 Febwary 2024 is £7.489,781. Achievements and perforniance The Trustees, obieclNe for Ihe year was lo irwease donations to worthy causes. For the year ended 7 February 2024 Ihe Foundation made donations of £319.000. an inc￿8Se of £29.044 on the prior year's donations of £289,956 and therefore the Trustees consKler the objedsve for the year has been luuy achieved. Investsnent pollcy and perfomianc• The Trustees en9a9e James Hambro & Pariners LLP as invesirnent rnanagets With the briefto adopt a medium risk lotal return investmeni strategy and have agreed on a composite benchmark by which to judge perfomiance and whilsl the performance was slightty beltsw ihe benchmark lor Ihe year the Trustees understand the re850ns for the under perfomiance and bel*ve that an appropnate investmenl 5trate9y has been adopted for the longer term. The investment portfolio generated income for the year of £156.52612023.' £202.38418nd Thade nel gains of £374.22512023.' bsses £56,203) on ihe disp0501 of investmenls dwing the yeac and the revaluation ofthe portfolio at Ihe year end. Flnanclal revlèw Income for the year amounted to £156.52612023.' £202.3841 comprising investrnent income and Jjnder total ielum accounting has been taken to the Foundatitsn's Endowment Fund. The deuease of£45.858 reflects the adoplion ol a total return investment slaiegy from the Foundation's previous income invesin*nt strategy. In addition an investment rnanagement fee ol £83.431. and a tran5fei lo the Incorre lund 01 £376,000 have been charged and investmethl gains of £374.225 have been credrted to the Endowrnent Fund resulting in an increase in the Foundation's Endowment Fund at 8 February 2024. of£91.320 to £8.604.046. The £376.000 Iransfer is the 5% per annum of Ihe UnappI￿d total retum the Tw5tees have resolved to transfer during the year as explained in nole 11bl to the 3ccount5. The Financial statements show investmenis ai market value. The unrealised and realised gains and losses on the revaluation and disposal of investment assets for the ye3r was a nel gain of £374,22512023'. loss £56.2031. Nét assels al the balance sheei dale amounled lo £8.727,84512023." £8.609.0451. total assels including inveslmenls and ￿$h at bank and on deposit being £8.798.83312023." £8.700.5911 Rèstrves rgvlew In¢ludlng polley Al the balance sheet date the Foundaiion had an unrestrKled IncDme Fund of £123.79912023: £96.3191, an unapplied tol81 return Endowmenl Fund of £7.754.046 {2023". £7.662,7261, and a reslricled TfUSI for Investment of £850.00012023." £850.0001. As a resutt ol the Trustees. Ile¢ision ¢0 adopt a total ￿turn approach, the current level of the Income Fund is hvJher than the tru5tee5 believe is ￿quired and it is their inlenb.on lo ieduce the level of the Fund over the next year as additional charities for (lonations a￿ i(Jentified. Rlsk managemont The Trustees have assessed Ihe major risks to which Ihe Foundation is exposed. in particular, those rela(ed to the operation and finance5 of the Fourtdat￿n and are satisfied thal systems are in place to mittgate exptssure to the major risks. Goln9 concem The Found31K)n had at 7 Febtyary 2024 accessible funds 01 £7.877.845. comprisin9 unrestricted incomè funds and unapplied total return. no donation commitments not provtded lor and all of the Fotsndaiion's dislnbulion$ are discretionary. Consequently. given Ihe level of Ihe Foundation'5 accessiblp fund5 and the di5crelionary nature of its distnbutsons. the Trustees are of the opinion Ihat Ihe FOundat￿n is a going concem for the coming year and the k)￿seeable luture. TIIF. SCOULOtiDI FOUNDATION TRL￿F.Tr..￿. 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