THE SCOULOUDI FOUNDATION REGISTERED CHARITY NO: 205685 TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 7 FEBRUARY 2025 Haysmac LLP 10 Queen Street Place London EC4R 1AG
THE SCOULOUDI FOUNDATION CONTENTS Page Trustees, Report Independent Examinerfs Report Statement ol Finanaal Actiwt*s Bala Sheet Notes io iha Financial Slalernenls 8-15
THE SCOULOUDI FOUNDATIOIY TRI"sfEES' REPORT FOR THE I'EAR ENDED ? FEBRI'.4RI' •02$ Reference and Admrnistration The Scouloudi Foundalion Is cnStitute by a Trusi Deèd daled 8 February 1%2 illcorporating amendment5 fflade by a scheme dated 19 October 2022 and by resdtslion dated 9 Febwary 2023. The Scouloudi Foun¢Jalion is a regislwed charily. Charily Nutnber 205685 Trustees Mrs Sarah E 8axtei- Chair Mr J David Marnharn- Relired 23April 2024 Mr James R Sewell Ms Wendy PrOcr Ms Rachel Sliolher- Appoinied 23Apnl 2024 Principal and Registe¥ed Address 10 Queen Sl¥eet Placè. London. EC4R 1AG Administration and Accounlan15 Haysmac LLP. 10 Queen Street Pla. London, EC4R IAG Independenl Examin Leonard Jones 8 Co. 1 Piinbng House Yard. London E2 7PR. Solicrtots Broadfld LLP. One Bartholomew Close. Lcffidon. EC1A 7BL Bankers CAF. 25 Kings Hill Avenve. Kinys Hill. $t Mallin9. Keni ME19 4JQ AIB. Berkeley Square House. Maylair W1J 6BR laccoLFnl dosed 12 September 20241 Invesirnenl Mar&agers James Hambio & Partners LLP. 45 Pall Mall. London SW1Y 5JG History of the Foundation The founder ol the FrnalK$n was Miss Irere ScouloudTr. who was an historian and philanthr0Sl. Objectlvtss and activities for the public btrtefit The object ol the chaiily. a5 Set oul In the TrL+Si Deed. is to apply Ihe annual Incorne olthe Charity to or for the Lynefit of such charity or charities (as defined by Section 101 the Charilies Act) a5 Ihe Trustees may Irom time to lime deode. The Trus¢ees' l)onations Pc4icy is lo support chanhes in the folknvwig catwie$'. Children & Young People Mvs En¥iionmenl History [erseaS Aid Disability der People Welfare There is no red percentage lor each calegory and new calegories nY be rdenlified by the Tntstèes from time lo me. The Trusteès confimi th they ha o)mpld wth section 4 ofthe CharitiesAct 2011. the Trust Deed and the Slatemenl of Recomrnended Practice. Accounting and Repovtin9 by Charitses ISeo)nd Edition. effettNe 1 January 20191. when reviewing th¢ Foundation's aims an¢J objec$ arsd in planning lutUTe acbutties and s8tling ih8 donabon making poly. Structur• govemance and rnanagement The 51alutory power of appoinlmeni ol trustees is exerosatAè by the psent Trusteès. New Iwstees. when requi. will be found by the exisiing Trustee5 en reeruiiing new trustees the Trustees look for intliwduals wth skills and experién¢% which are ol value lo the FoundatK>n and which a not necessanly represented by existing Trusiees Any polenlial Ivustees wll be inteTriewed by the existing Trustees and rf appointed will te providecl wrth a pack of infomation I1(11ng actounts and a copy of thè Tiusl Deed.
THE SCOULOUDI FOUIYDATION TRI'4TEES' REPORT FOR THE I'F..IR F.%DED7 FLBRI'.4RI" Z02 Structurtr, governance and managemenl l¢on'ti The Trustees aTe experienced Individuals and have a good unde¥slanding ol whai Is involved in bein9 a Iruslee of a chariiable trust ere appropriate Ihe Foundabon suppwis the trainin9 of Irtjstees Including attendance at sèmmar5. The Trvstees meei annualty to conshyer recxjfflmendalions for. and rnake final de(isions on, Ihe awarding of donaliorts The day-lfyday administration ol U)e Foundation is (attied oul by Haysmac LLP Jn consullalion the TnJstee5. as appropriate. Accounts The Tiustees present their annual ieport and accounls for Ihe yeaf ended 7 Febwary 2025. The accounts have been prepaTed in accordance wilh Ihe aco)unts"ng poliae5 set out In note 1 lo the accounis and comply wilh the Foundation's governing Ilo(xJmenl deed. the Charilses Act 2011. Accovnting and Rèporting by Charities. Slalemenl of Recommended P1acli applicable to chan¢Fes preparing their accounts in accordance with the Financial Reporting Slandard applicable In the UK and Republic of IFeland and Finanu31 Reporting Slandaid 102. Total return approaGh to investments Wilh effect frorn 8 February 2022 the Fnatn adopted a total retum approach lo TnvÈslment in latiOn lo its Perrnanenl Endowment. pursLJanl lo se¢iion 104AI21 of Ihe Charib'esAa 2011. The total return approach permits funds to be invesièd wlhoul Iho need to rnaintain a balancE beeen income and capilal reium5 and mOveS the restrictions as to expend1ture of capital that would n(Yrnally apply The Foundation's unapplied lotal retuin at 8 February 2022 was calculate<l by deducting the 0ri9inal Pertnanenl Endowment Valuation. being the original g¢fts rnade by Irene scouu1. the Foun¢Yation-s founder. from the Permaneni En¢Sowmenl al that dale. The Trusieès carried oul a valuation exefose and prepared a valualion report dated 28 March 2022, èxplaining the process camed in aNnbuling an estimated value ol E850.000 lo the Original Permanent Endowment (now referred 10 as the Trust for Investment). An adwce letter dated 28 March 2022 from Haysmac LLP. Ihe Foundatson's accountanls. condu¢Jed Ihai ihe sieps taken and the cgjndusion feathed by the Trustees In valuing Ihe Ongnal Permanent ErKlowmenl wewè Fèasonable. The FoundaiKJn'5 Permanent Entsowmenl was v31ued at £8.776.914 al 8 February 2022 giviThJ an inttiil unapplTed total retum at Ihat da of £7.926.914. In detemiining what percentage ol Ihe unapplied lotal retum to Iransfer to I)[ne on an annual basts. the Trustees ceived afi advice letter dated 28 Seplember 2022 from Jamè5 Harnbro & Partners LLP IJH&PI. the Foundabon s FCA-aulhorised inveslmenl manager The advicè anlryaled thai in pursuing a lolal relum appioach. up 19 fv40- thirds ol Ihe toial reiurn bwll derive from tatal growth wth Ihe balance from inwrne generation. allhough this tnay vary Irom timè to time depeni1ing on markei condrtton5 and is noi guaranleed The adwce also shtswed that the htsioric annualise¢J total retum on a nomin basis for a Maadale 3 Poitfol foi the period 31st Dernber 1969 to 30th June 2022 is +9.8Ok JH8P noled that Ihe effect of inflation is expected to rethjce the overall norninal relum over lime and Ihat they use hisltsric returns as a guide JH&Ps expectation 15 that lorecasls can improve over longer periods ol lime but over shorter perMx15 can be diswpleil quite signthcantty and parti¢ularty so fof èxample over the coming 10-year period when Ihey might reasonably expect a recess¢on and arguably higher levels ol inflation than have been the case In thè re1 past. Thesr analys5S thèiefore purposefully uses a per Irom the end of 1969 to encompass numefOUS Maet cydes and dfawdowns Having due regaTd lo Ihe advice received, the Truslees resolved 10 lake eath yeai to income 5% of the unapplied tol81 relurn. as valued al the date of the Twsiee meeting lo agree Ihe donaiions for the year. This policy will be subject lor a revtew thè year commenryng 8 February 2025. An amounl of £398.363 has been transferred frorn the unapplied total retum lo incorne for the year ended 7 Febtuary 2025 and no amounts have beet) albcaled lo Ihe Trust for Investmeni. Donatlon maklng F11¢Y and revlew of activilieg The Current distribulion pdicy of Ihe Truslees fied¥ the intStS and inlenlions olthe FourKler. Annual dislribvtiOll5 are diwded into two categories. 1. Donats"on5 to registered Ch115 and exempt thari1$ thal supp. eFKourage and promote hisiory in rfs widest sense and historians at all levels. This indudes knnding fellowshsps and scholarships lenable al academic Institutions. supporting researth anol publi&ilions in the fido of hislory. supportin9 engagemenl wilh hi510ry by events. lectures and workshops and encouraging the tÈathing ol history in schools. Thè Tru51ees also support Ihe creation and preseryation of arthives and Iibranes. aad the collection and tsnservation of hisiorical objects and artefact5. These donati$ are deoded by ihe Trustees annually 2. Donations to registered chaiilies whth are deuded ty thè Twstees annually.
THE SCOULOUDI FOUNDATION TRlISTTr'ES' REpoirr FOR TIIE I'E.4R [.D 7 FEBRI'ARI. 2025 Donation maklng poll¢y and review of activities l¢onll The distribulion of donab.ons duiin9 Ihe year was as lolloms". Total Children & Young People Musi¢ Environment H15tory OverseasAd Disability Ol¢Yer People Welfare 14 11 45.CrfX) 10.(KK) 65.136 16 20.tXIO 15.(X)O 168.(QO 40 418.136 Thg ¢umuL2tive tolal 01 donations made ty the Trustees the Twst was established up lo 7 February 2025 is £7.907.917 Achrevements and perfonnan¢e The Trustees, ot4'e¢ive lor the year was lo increase donatn$ Io VK)rthy causes. Forthe year ended 7 Febnjary 2025 the Foundation made donaiK)rn5 of £418.136. 3r} invease of £99.138 on ihe plr year's donatK)ns of £319.000 and therefore the Trustees considér Ihe obfftwe for Ihe year has been fvlty a¢hieved. Investment policy and performance The Trustees en9age James Hamt¥o & Partners LLP as Investment mana9ers with the brief lo adopt a medium risk lolal relum investmeni Slralegy. The Trnstee5 deuded io remove the composile benchmath whth was no loThJer lell lo be ustfut. The index Benchmark Is JH&P Steady Glos Index. and the Lrther mparatts are theARC Steady Growth Index and UK CPI +400bp5 pcr annum. The Invesimenl portfolio generaled income for the year of É131.59712024.. £156.5261 and made nel gains of £1,203.01612024." É374,2251 on the disposal ol inve5tmenls during Ihe yeai and Ihe ievalualion ol the portlolK) at Ihe year end_ The Trustees betseve thal an appropriale stralegy has teen adopted for Iwer lemi. FlnAncial review Income for the year amounled to £131.59712024 £156.5261 compftng inveslment inrne and, under tolal relum a¢Unting. has beèn taken to the Foundation's EndownEnl Fund. The deuea5e 01£24.929 le1e5 the adoption of 8 total luM Inveslmeni slraie9y from the FoundalKJn's piewous income investment sliategy. In addilK)n, an inveslmenl managemeni lee of £67.971. and a transfer lo the Income lund of £398.363 have be charged, and investrnenl gains of £1.203.016 have been credileo to thè Endowment Fund resulling in an inuease in the FounElalion's Endowment Fund al 8 FÈbmary 2025. of£868.279 to £9,472.325. The £398.363 Iransfer is Ihe 5% per annum ol the vnapplied tolal Telum th& Truslees ha iesolved to transfer during Ihe year as oxplained in noie 1{bl lo Ihe accounts. The Finanrial stalemenls investments at market value. The unrealised and reali5ed gains and losses on Ihe revaluation and disposal of investment assets fof the year was a nèt gain of £1,203.016 12024.. £374.2251. Nel as5els at the balance sheet dale amounted to £9.547.371 12024" £8,727.8451. lotal assets including invè5tmenls and cash at bank and on deposit bein9 £9.556.34712024. £8.798.8331 Resep40s wevlew Ineludin9 polley Al the balance sheet dale. the Foundation had an uniestrKteil Income Fund of £75.04612024.. £123.7991. an unapplied lolal retum Endowmènt Fund of £8 K22.32512024-. £7.754.0461. ano a $tricted TnJst for Investrnenl of E850.000 (2024". £850.QKIOI As a fesult of Ihe Truslees. deugon io adopl a tolal felum approach. the current level ol the Income Fund ha5 reduced In line wilh the prewous yearfs intenlK)n and il Is their inlention to reduce the levèl of Ihe Fund over the next yeai as additional thafili85 for donalions are Klenbfied. R6sk management The Tfustees have assessed Ihe major risks lo which the FouThdath)n. Is exposed. in particular, those relaled to the operatton and finances of Ihe Foundation and are sab"sfied Ihat syslem5 are in place io mrtigate exposure lo Ihe maior risk5.
THF, SCOULOUDI FOUNDATION TR41%'1'fr-.Tr'S' RTr.PORT FOR THE I'Tr.AR I.IVED 7 trfr.BRI".4RI" 2024 Going conc•m The Foundation had al 7 February 2025 arxessible lunds 01 £8.697.371. comwising unreslri(xed Income funds and unapplied lolal retum Ajso Ihere are no donation comrnilmersls nol provided for and all ol Ihe Foundalh)n'$ th'stributions are discrelwary_ Consequenity. given the level of ihe Foundation's accessible funds and the dis¢retionary nature of 115 dislnbulions. the Trustees ale of the opInion thal the Foundation is a going ncern for Ihe coming year ano the lore5eeabte fulvre. Plans lor the fLrtvre Follobwn9 the adoption ol a lotal retum bas6 and the consequent increase in Ivnds availaNe to dislribute tts worthy causes. the Tnjsiees. aim is to carry out a annual rew¥ew of the exi5knng thiti"t$ they give dona"On5 lo and to identify potential new charitiès Ststement of Tru5tees' spOnSibl11tio¥ The Trustees ale re5pon5ible lor prepanng the Trustee5' Report and Ihe finanoal 5tatemenis In accordan with applicable law Vnited Klngdorn Accouniing srards (United Kingdom Generally Accepted Accounting Practice). The law applicable to thariti.es in England 8 Wales requires Ihe Trvslees to prepare financial stalements lor eath rinancial year whith give a true and fair view of Ihe stale of allairs ol Iho chaity and ol Ihe incoming resour$ and pplication ol resources ol Ihe charity lor that peTh)d In prepanng these finanual siatemenls. the Trustees are required to". Selecl suit3blÈ a¢covnting policiÈs and 3Oy Ihern o)nsTstentty. Obserye Ihe methods and princ5ple5 in the Chanties SORP. Make ju¢Jgements and esiimates Ihai are reasonable and prudent: State whether applicable accounting standards have been lollowed. subiecl to any maierial departures disdosed and extyained in Ihè finanoal slaiements" aThJ Prepare ltte finanrJal slalemenis on Ihe 90ing concern basis unless rt is inappropnaie lo presume that Ihe Tnjsl will ¢14ne in business. The Twslees ale re5pon5*ble for keeptng sufficient a¢couniing records tha¢ (ldoSe wilh reasonable accuracy al any lime the financial posrtion of the Foundation and enae them lo ensure ihat the finanoal statements comply th Ihe ChariliesAct 2011, Ihe Tru51 (Accounts and Report51 Regulalioos and the prov5sn5 ol ihe trust deed. They are also iesponsible lor safeguaiding Ihe assets of the Foundabon and hence for taking reasonable steps for the prevention and deteclion of fra{ and other trgUlarI11eS Mrs Sarah E Baxter on behalf ol Ihe trustees Date
JNDEPENDENT E.I..I%IIN£R'S REPORT TOTIIE TRI'.STEESOFTIIE SCOI'LOI'DI FOI'ND.4TIO Indendent examlnerfs report to tho Tvustoes olThè SCOl0di Foundatlon I i¢port lo the Trustees on my exatnination of Ihe accounts of the Srz•uk)udi Foundalion (the Foundation) for the year ended 7 February 2025. which a sei out on pages 6 to 15 ResponslbrlitiL)8 and basis of report As the charity Trustees ol ihe Found31ion you are responsible lor ihe preParatn of aeeounts in accordance wilh the requirernenls of the ChanliesAcl 2011 flhe Acl'l. I report in ffespeci of my examination ol the Foundation's acLY)unis caTh¥ed oul uThJer section 145 of the 2011 Acl and sn carrying oul my examination I have followed all the applicable Direcltons given by the Charity Cornfflis5ion un(Jer seclion 1451Sllbl of the AGI. Independent examinerfs $tatement I have completed my examinalion. I confirm thal no rnaletial rnatte hav8 coma to my altention in connacln with the examinatit)n 9i¥ing rne cause to beIVe that in any matenal res{.. 1. actounling records we¥e nol kept in resped of the FOundatn as fequirei1 by sedion 130 of the Act." or 2. the ai£ounts do Aot aCld with Ihose records". or 3. the accounts do nol comply wfjth the ap1£able requirements cotKeming the forn and conleni of accounts set oul In the Chanties (Accounls and Reports) Re9U[aln$ 2(M)8 Other than any requiremenl that Ihe accounts gNe a true and fair view whh is not a matter consideJed as part ol an independent examination. I have no conc*rns and have come across olher matters in eonnectton wth the e¥amination to which attenbon should be drawn in this report in Nder lo enable a propef understanding of the accounts to be ached. D A Lyons. FCA Partner in Leonard Jones & Co. CharteredAccounlant5 1 Priniin9 House Yard London E2 7PR 2025 11 A.
THE SCOULOUDI FOUIYDATION ST.4TEIIENT 01- FINANC-IAI.Afl-Il'l flE.S FOR THE I'E.4R ENDED; Tr'FBRI'ARI" 2DZS unltrIct•d Fund• Endowment Fund Totsl 2025 Tolal 2024 Nol85 INCOME FROM Income from love5tmenls 131.597 131.597 156.526 Totsl Income 131.$97 131.597 158,526 EXPENDITURE ON Investmènt management lee 67,971 67.971 63.431 Charitable Activilies 447.116 447,116 348.520 Totsl Expendlbjre 447.116 67,971 515,087 411,951 Net IEXpendilu>IIfithrne belore 9ains and losses on Investrnents {447.116 63,626 {383,490) (255,4251 Net 9ains on Investments 1.203.016 1.203.016 374.225 Net IExpendiiurellincome 1447.1161 1.266.642 819.526 118,800 Gross tran$fers bEleen Funds: Transler- allocation of iotal reium I Ib)&3
J8.363 1398,3631 14ET MOVEMENT IN FUNDS Ftsnd balances brotsghl lOar{l al B Febiuary 2024 148.7531 868.279 819,526 118.800 123.799 8.604.046 8.727,845 8.609,04S Fund balanS carried forward al 7 February 2025 75.046 9.472,325 9.547.371 8,727.845 All Ifansactions during Ihe yeaf are derived from contiwing aththbes All recognised 9ains and losses a induded Ihe stalement of ffinanc*al adivities. The notes on pages 8 to 15 form part of lttese financial stsiemenis.
THE SCOULOUDI FOUNDATIO]Y 11.41.Ah'C.E SHEET AS AI. 7 FLBKI'.4KI' 2024 Hote 2026 2024 FIXED ASSETS Investments 9.537,459 8.705.046 CURRENT ASSETS Cash al bank and on deposit 18,888 93.787 18.888 93.787 Creditors: Amourtts falling due within one year Creditors 8.976 70.988 8.976 70.988 NET CURRENT ASSETS 9.912 22.799 TOTAL ASSETS LESS CURRENT LtA8ILITIES 9,547.371 8,727.845 TOTAL NET ASSETS 9.547.371 8,727.845 THE FUNDS OF THE CHARITY Income Fund - unfesl¥icte(I Endowmenl Fund 75.046 9.472.325 123.799 8,604.046 3&7 TOTAL CHARITY FUNDS 9.547.371 8.727.845 Approved by the board ol Iwstees and sKJrted on its behaff by.. Mrs Sarah E. Baxler. Trustee Dale The notes on pages 8 to 15 fo part ofthese fmanr#al slalements.
THE SCOULOUDI FOUNDATION OTE.STO THE FIP.4NCI,ILSt.ITE.1IENTS Princlpal Accounllng Polities lal 8a$is of aeeountin9 The financial statefflenls have Ixen prepared in atsxJrdan¢2 with Accounting and Reportlng by Charities.. Slalemeni of Recomfflended Practice lor chanties (Second Edition effective. I January 20191 and Finanual Reporting Standard 102. The Foundalion Meets the definitn of a bènèfii entity under FRS 102. The Foundation ts a TFUSI constituted by a Deed of Trust under EThJlish la%¥ The Chaniy's prinupal address and adrninfsltative address Is 10 Queen Streel Place. LondDn. EC4R 1AG. Assets and 5iabilth.es a inilialty recognised at hisiwical o)st or transaaion value unless Othermse staled in the relevant accounting policy notes Total R•turn Accounting th eHect from 8 FebrLtary 2022. pursvanl lo Sedion 104A121 of Ihe ChantiesAd 2011. the FounOatKTrn adopted a lolal return approach to uivèstment in relation to the Foundation's Permanenl End¢)wment. sndtyjing the ¥elurns from inveslments In calculating the Foundation's unapp1ied (oial felurns ai thal date Ihe Original Permanent Endowment. which ha5 been attribuled with an estimaled value of £850.C. was deduded from Ihe FoundalH)n's Permanent Endowment. The Foundatn'S unapplied total felurns can be used in accordance with the Foundation's objedives The Truslees. PDli¢y Is to Iransfer 5V/o of the unapplied lolal retum. as dlued at Ihe date ol Ihe Trustees. meeling to agiee the donalions for the year to income eath year. Ibl Icl Going ConG¢rn Thè Foundalion had al 7 February 2025 accessible lunds 01 £8,697.371. rA)mprisirvJ unreslricted InMe lunds and unapplted lotal reium. Ajso there are no donation commiiments not prowded for and all of Ihe Foundation s distribultons are disffttK>nary Consequenuy. given the level ol the Foundaiion's acrssible funds and Ihè di5cretvnary nature ol 115 dislnbuliDnS. the Truslees arè of the opinn that the FOundatn B a going concem lor the coming year and thè IeSeeable future. Idi Invesknents and Flnanclal Instrumonts The Foundation holds only basic finantsal tnstwThnls. whth are held as listed investments. Inveslnnts are stated al middle-markel values njling at the balance sheet date. A ¢onh"nuous revalualicm approach is adopted for invèstmeni assels AH reale0 and unrealised gains and bsses on Ihe revaluation an¢J disposal ol Investment asseis are Induded in the Statement of Finanaal Aclmties ant1 in the notes lo Ihe accounis. lel Income Income ansing frorn in¥eslmenls is accounted lor when rt is receivab. L)onatlons DonalTons are charged to the Statèment of FinanoalAthities when awwdad and a ¢yJmmilm8nl is enlefed into. Igl Expenditurn ExperKliture is recognised on an ClUat5 bass Govemance o)sls mpriSe those for the running ol ihe charity Ihl Inveslment Management fee Prior 10 19 October 2022 the Investment management lee wa5 char9ed to income in accordan with Ihe requirement5 of Ihe Foundabon's Deed ol Trust dated 8 Febnjary 1962. Foll1ng an aPpltIon by the Trustees the Chanty Commission ordered. under the power given in the ChariliesAci 2011. that Irom 19 Octobei 2022 Ihe dause in Ihe 8 February 1962 Trust Deed requinng the inveslment managerneni charge be charged to income be replace(S with a dause staling that any mst Of expense incurred in relalion Io the management ol the Charty's investments may be mei from Ihe capiial of the Pemianent Endowment Fund ofthe Charity. conseqentlY. with effect from 19 Odober 2022 any inveslment management fee in¢urred has been Charged to the Endowmeni Fund. (Nole 61
THF..SCOULOUDI FOUNDATION TO'fHE FINANCI.4L SI',ITEIIE%TS Endovnnenl FundlPemianent Endowment Fund Following the adoption on 8 February 2022 of a ioial reium apwoath to inVestMt5 in relaiK)n to the Foundation's Permanent Endthmenl. the Foundatson's Permanenl En(Jthvment Fund became the Foundaiion'5 Endowment Fund at Ihal date comprising the Onginal Petmanenl Valuation of £850.CKX), which Is now shm) as the Twusi ior Inve51ment. and an unappId Total Relum Fund of £7.754.046. Any Income and capiial galns or losse5 arising the Foundab"on's inveslments forrn part of ihe Endowmenl Fund's unapplied tolal felum. whith can be used in accordanCevth the Foundaiion s objectives and amounled to £8.6T2.325 at 7 February 2025 P•latorlal ludgemonts and uncertainties The preparation of Ihè finanoal siatements reqre$ management lo make iudgements, eslimale5 and a55umplior*s thal affecl Ihe amounts reported lor a55e15 and1&3bil¢lies as al the balanrA sheet date and the amounis report lor revenues ani5 expenses durin9 the yeai. The nÉivre of estimation means Ihe actual oulcomes eA)ukl differ from fvse esMaleS. Thère are no judgemenls madè that have a sUncan1 effect on the amounts re¢ognised in the financaal statements. (il Investments The investment portfolio is managed on a discreticffiary basis by James Hambro & Partners. on a medium iisk to¢31 relum inveslmeni strategy. The Foundatign's inveslments are registered irl the name ol RBC Investor se$ (UK Bfan¢hl or AllfutvJs Bank SA. the nominee company of Jarnes Hambro & Partners. Investmenls are ievalued by rèlèrence to market values as ai the 7 Februaty 2025 2025 2024 LIK investments ai rnarkel value Overseas quoted Investments Cash held as part of the investment portfolio 3.873.816 S.631,133 32,510 3.938.119 4,4.086 310,841 9.537,459 8.705.046 maet value al 8 Febry 2024 Additions at cost Market value of dssposals Net gains on valuaOn and poSalS 8.394.205 3.453.305 13.545,5771 1.203.016 8.494.923 1.832.515 12.307.458) 374,225 Markei value ai 7 February 2025 Cash held In Ihe inveslmenl portfolKJ 9.504.949 32.510 8.394,205 310.841 9.$37.459 8.705,046 Income UK qvoled inve51ments O¥eT5eas qtsoled inveslments Brokers interest Bank Inleres¢ 54.472 69.911 7.091 123 47.944 99.147 9.298 137 131.597 156.526
THE SCOULOUDI FOUNDATION Endowmènt Fund The Investment luThJ and app1110n of total fetufn to pem)anent endThmenl funds 2025 2024 Opening value ofendowmenl turwj 8.604.046 8.512.726 Less. Oiiginal Perfflanenl Endowrnenl-Trusi for Inv85lm8nt 18SO.(KJOI 1850.OLKII unappId total rtturn broughl fonyard 7.754.046 7,662.726 Invèsiment rètum- incomè Irom invesimeTrts Inve51menl ielvrn - net gainslllossesl Invtrslment managemeni fee 131.597 1.203.018 167.971) 156.526 374.225 163.431} Unapplted total retum belore tsansfw 10 InMe 9.020.688 8.130.046 Less Tolal relum applied (398,363) 1375.0001 Unappld total return as at 7 February 2024 8.622.325 7,754.046 Add Trus1 for Ir7ve51menl 850.C 850.000 Endowmenl fund at 7 FebruJy 2025 9.472,325 8.604.046 The Trustees, polry is to transfer 5% of thè unapphed loial Wetum. as valued at Ihe dale of the Irustees. meeling lo agree ihe donalions lor the year. to income whith lor the yeai ended 7 Feb¥uary 2025 amounied to £398.363. 4 lal AnatySi5 of Fund Balancas BetWn tho Net Assets lor the year trnded 7 February 2025 Income Fund End0n¢ Fund Totsl Fund5 Invesbnents Net trrent assèts 65,134 9,912 9.472.325 9.537,459 9,912 75.046 9.472.325 9,547.37t 4 Ibl Analysis of Fund Balances Betwtn th• N•t Assèts for the year ended 7 February 2024 UnreJlrTrctsd Endovrnent Funds Fund Totsl Funds 5nvèstrnenis Nel current liabilt$ 101.IX(J 22.799 8.604.046 8.705,046 22,799 123.7YQ 8.604.046 8.727,845 10.
THE SCOULOUDI FOUNDATION )OTESTOTHE FIN..I%C"I.ILSTATLIIENTS Creditors Incon Fund Funds 2025 2024 4.200 2.400 64.388 Administration Independent Examination12024.. IE) IHR 2.4(X) 2.976 8.976 70,988 6 lal Investment managementfee- 2025 Incom• Fund Endowment Fund 2025 Total Funds In¥esimenl Management lees 67.971 67.971 67.971 67.971 6 Ibl Investhnt managenRnt fee. 2024 In¢orne Fund Endowmèni Fund Total Funds Invèslm•nt Management fees 63.431 63,431 63.431 63.431 7 lal Fund Analysis- 202S Balan at Mov•ments in Mov•ments in 8 Feb 2024 income, expenditure, transfe in & investsnent and tr8n$fewy 9ains out Balanc& at 7 Feb 2025 Endowmenl Fund Income Fund 8.604.046 123.799 1.334.613 398,363 1466.3341 {447.1161 9.472.325 75.046 8.727.845 1.732.976 1913.4501 9.547.371 Folk)wing the adoption of a total relum apwoach to invèsknienls on 8 Fèbfuary 2022 the Foundation's PeafienI Endowment Fvnd became the Foundation's Endowment Fund and the General Fund became the Irt(Mne Fund. 7 Ibl. Fund Analys55 2024 0MeThts In Movèments In incomè and expenditu. transfers in investment losses and transfers Balance at out 7 Feb 2024 Bolan¢e at ¥ Feb 2023 Endowmenl Fund Income Fund 8.512.726 .319 530.7SI 376.C 1439.431) 8,804,046 1348.5201 123.799 .609.045 .751 1787.9511 8.727,845
THE SCOULOUDI FOUNDATION I 'OTTr.s-ro TFI&' fr IX.4YC-1.4LST.4TF.)IE,NTS Decennial Financial Record Year ended 7 February 1993 1963 1973 1983 21K13 Z013 Pemianènl Endowmenl S5.186 477.385 1.756.290 3.380.405 3.909.393 5.995.38S Total Income 1,931 1531 12.237 70.853 16.1181 193.4 217.812 126.0861 223.146 120.0181 Indirecl Expenditvre 14741 142.0561 Net Incorne before donalions 1,878 11.763 64.735 151.434 191.726 203.128 OcM)ations.' Hislorical Awards Olher 0gnation5 65,562 66.788 1.42S 5.765 31.( 89.7 127.5C 121,5C#J 1.425 10.765 149.700 193.C62 188,288 Cumulaiive tolal of donaiions 1.425 69.904 410.214 ,535.714 3.325.093 5.362.472 2023 202S Permanent Endowment Endowment Fund 8.512.726 9.472.325 Total Incorne Unapplied lolal eturn transferred 379.239 398.363 Indirect Expenditure 164.8711 128.980} Net Income before donaiioTh$ 314.368 369.383 Oonations. Hislorical Awards Other DonalN)ns 1C6.456 183.50) 418.136 289.956 418.136 Cumulative tolal of donalions 7.170.781 7.907.917 12_
THE SCOULOUDI FOUN'DATION YOI"LSTOTIIF FII.4NC-IALS"1.4TFNIENTS Analysls ol Charltsble Expenditure To¢01 2025 Totsl 2024 Oonations: Child & Young People oomsbury Foolball FoUnd3n Ooorslep Library Netsvork Lrteracy Pirates Limited Young Gamers & Gamblefs Edu¢ab"on Trust 15.OLXI 1S.OLTh) 10.OtXJ 15.tsjo 15.(K)O 60.(0 Musl¢ Gvildh311 School Trust The Music In Secondary Sthools Trusi Royal Northern College of Music 15.rxjo 10.rx)o 20.LX)O Environment Tfee Counril Campaign to ProlerA Rural England 10.CrfIO 10,OLX) 15,OLX) 10.1 25.000 History Fnends of the National Librar$ Hislorical Assoualion Huguenot Museum Unwersty ol London, Inslrtute of Historical Research London Record Society London Torx)graphical Sooety Royal Historical Society Textile Conservalion at Glas9ow UnNer51ty 10.(I)O 10,WO 5.th)0 5.000 10.000 2.0(K) 2.OtKJ 25.C 10.IXJO 10.0 65.136 29,OCKJ Ov•r5eas Aid Hope Full VisK)n A¢lion (loedY Vtston Aid Overseas) Zarte 10.(DJ 15.¢X 15,000 10.000 25.oc Dlsablllty Canine Partners Fight for Sighl Remtalise Respite Holi¢Jays 10.COJ io.(Mx) 10.000 10.OfKJ 20.¥ 25.¢)rA) Older Pèople SHINE St FranCS Leprosy Guild Turtle Kèy Arts 5,000 15,000 15.CX)O 15.CQO 25.(K)O 13
THE SCOULOUDI FOUNDATION OTES TO'I'IIE FIN.4NC'IAL S]'AI'E.I1EN'IS WeHar• BIG GNe ConneclTron al St Martin-in-the-Fiel(Js Food Bank AHY Hospice UK Shower Box CIO St Peler & St James Hosp Together for Short Lives 105.000 20.000 20.000 20.ofM) 15.ONJ 10.0 15.oc 20.OCKI 168.W) 160.000 Oonatson$ 418.136 319,000 Other Governance cos1s- Audit Accounlancy lees Le9al Fees Other 2.41XJ 25.8 2.400 25.800 1.320 420 447.116 348.520 10 Trustee5' RÈmuneration, benefits, expenses and ted party transactions None of Ihe Trustees has been paid any muneratSn or received any other beneffts from an employmenl wilh the charity or a ielaled eniity. One Trusiee's expenses have been reimbursed £390 Ilhis Is trustee5 insurance ol £157 and trustees ltsnth £233.) {2024 None) Thefe wefe no reLaied party l¥an5actions duiill9 the year12024.. None). 14-
THE SCOULOUDI FOU.I%DATIO)T OT>.Si TO TIIE FI%,INCI.4L gfATE,IIEN'TS 11 PrforYÈar Statement of Financial Activities Endowmont Fund Income EndowThent Fund Total 2024 INCOME FROM Income from Investmèrts 156,526 158,526 Total Incorne 156.526 156.526 EXPENDITURE ON Raising Funds 63.431 63.431 CharitablèActivities 348.520 348.520 Total ExpenditUFP 348.520 63.431 411,951 Nel IExperKJrturèlllncome bèlore gains and losses on Inve51menls 1348,5201 93.095 1255.4251 Nel losses on Investments 374.225 374,225 Nel (Expenditurelllncorne 1348.5201 467.320 116.800 Gross trdnsfevs betsYft Funds.. Allocation of total retum 376.CKJO {376.CO)I NET MOVEMENT IN FUNDS Fvnd balances brought loThva(d at 8 February 2023 27.480 91.320 118.8fYJ 96.319 8.512,726 8.609,045 Fund balances cawried forward al 7 February 2024 123.799 8.604.046 ,727.845 All fecognised gains and losses are tndL¥Jed tn the SlateThnt of financtal ¥tithbes. 15-