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 c￿nStitute￿ 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 PrOc￿r
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
Broadf*ld LLP. One Bartholomew Close. Lcffidon. EC1A 7BL
Bankers
CAF. 25 Kings Hill Avenve. Kinys Hill. ￿$t Mallin9. Keni ME19 4JQ
AIB. Berkeley Square House. Maylair W1J 6BR laccoLFnl dosed 12 September 20241
Invesirnenl Mar&agers
James Hambio & Partners LLP. 45 Pall Mall. London SW1Y 5JG
History of the Foundation
The founder ol the Fr￿n￿alK$n was Miss Irere ScouloudTr. who was an historian and philanthr0￿Sl.
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$'.
Children & Young People
Mvs
En¥iionmenl
History
[￿erseaS Aid
Disability
der People
Welfare
There is no r￿ed percentage lor each calegory and new calegories n￿Y be rdenlified by the Tntstèes from time lo
me.
The Trusteès confimi th* they ha￿ o)mpl*d wth section 4 ofthe CharitiesAct 2011. the Trust Deed and the
Slatemenl of Recomrnended Practice. Accounting and Repovtin9 by Charitses ISeo)nd Edition. effettNe 1 January
20191. when reviewing th¢ Foundation's aims an¢J objec￿$ 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 p￿sent 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 I￿1￿(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 F￿n￿at￿n 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 be￿een 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 scou￿u￿1. 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 Ong*nal 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 ta￿tal 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 De￿rnber 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 re￿￿1 past. Thesr analys5S thèiefore purposefully uses a per￿ Irom the
end of 1969 to encompass numefOUS Ma￿et 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 F￿11¢Y and revlew of activilieg
The Current distribulion pdicy of Ihe Truslees ￿fied¥ the int￿StS and inlenlions olthe FourKler. Annual
dislribvtiOll5 are diwded into two categories.
1. Donats"on5 to registered Ch￿11*5 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¢i*ve lor the year was lo increase donat￿n$ 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 pl￿r 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 ￿mparat￿ts 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 compft*ng inveslment in￿rne and, under tolal relum
a¢￿Unting. has beèn taken to the Foundation's EndownEnl Fund. The deuea5e 01£24.929 le1e￿5 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 th￿iti"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 s￿r￿ards (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
¢￿￿14n￿e in business.
The Twslees ale re5pon5*ble for keeptng sufficient a¢couniing records tha¢ (l￿doSe wilh reasonable accuracy al
any lime the financial posrtion of the Foundation and ena￿e them lo ensure ihat the finanoal statements comply
th Ihe ChariliesAct 2011, Ihe Tru51 (Accounts and Report51 Regulalioos and the prov5s￿n5 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 tr￿gUlarI11eS
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
Inde￿ndent examlnerfs report to tho Tvustoes olThè SCO￿l0￿di 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 preParat￿n 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 $tatement
I have completed my examinalion. I confirm thal no rnaletial rnatte￿ hav8 coma to my altention in connacl￿n with the
examinatit)n 9i¥ing rne cause to beI￿Ve that in any matenal res{￿..
1. actounling records we¥e nol kept in resped of the FOundat￿n as fequirei1 by sedion 130 of the Act." or
2. the ai£ounts do Aot aC￿ld with Ihose records". or
3. the accounts do nol comply wfjth the ap￿1£able requirements cotKeming the forn and conleni of accounts set oul In
the Chanties (Accounls and Reports) Re9U[al￿n$ 2(M)8 Other than any requiremenl that Ihe accounts gNe a true and
fair view wh￿h 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
unl￿trIct•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 bEl￿een Funds:
Transler- allocation of iotal reium
I Ib)&3
>J8.363
1398,3631
14ET MOVEMENT IN FUNDS
Ftsnd balances brotsghl
lO￿ar{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 balan￿S 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 definit￿n 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 Foundat￿n'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 In￿Me 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 acr*ssible funds and Ihè di5cretvnary nature ol 115 dislnbuliDnS.
the Truslees arè of the opin￿n that the FOundat￿n B a going concem lor the coming year and
thè I￿eSeeable future.
Idi
Invesknents and Flnanclal Instrumonts
The Foundation holds only basic finantsal tnstwTh*nls. whth are held as listed investments.
Invesln*nts are stated al middle-markel values njling at the balance sheet date.
A ¢onh"nuous revalualicm approach is adopted for invèstmeni assels AH real￿e0 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. Foll￿￿1ng an
aPpl￿tIon 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.
conseq￿entlY. 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 inVestM￿t5 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 unappI￿d 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 accordanCev￿th 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 req￿re$ 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 es￿MaleS. Thère are no
judgemenls madè that have a sUn￿can1 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
ma￿et value al 8 Feb￿￿ry 2024
Additions at cost
Market value of dssposals
Net gains on ￿valua￿On 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 app1￿￿110n 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
unappI￿d 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 In￿Me
9.020.688
8.130.046
Less
Tolal relum applied
(398,363)
1375.0001
Unappl*d 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 BetW￿n tho Net
Assets lor the year trnded 7 February 2025
Income
Fund
End0￿￿n¢
Fund
Totsl
Fund5
Invesbnents
Net t￿rrent 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 Betwt*n th• N•t
Assèts for the year ended 7 February 2024
UnreJlrTrctsd Endovrnent
Funds
Fund
Totsl
Funds
5nvèstrnenis
Nel current liabil￿t$
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 Investh*nt 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 Pe￿afienI Endowment Fvnd became the Foundation's Endowment Fund and the
General Fund became the Irt(Mne Fund.
7 Ibl. Fund Analys55 2024
￿0￿MeThts 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 FoUnd3￿n
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 (lo￿edY 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 FranC￿S 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 ￿munerat￿Sn 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 betsY￿ft 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 SlateTh￿nt of financtal ¥tithbes.
15-