THE BARING FOUNDATION
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Company number 950696
Charity number 258583

THE BARING FOUNDATION
CONTENTS
Page
Trustees, Report
Independent Audilorfs Report
Slalemenl of Financial Activities
10
Balall￿ Sheet
Cash Flow Statement
12
Notes to the Financial Statements
13-22

THE BARING FOUNDATION
TRUSTEES'ANNUAL REPORT
Status
The organisalion is a charitable company limited by guarantee, incorporated on 25 March
1969 and registered as a charity on 31 July 1969.
Govorning Do¢um9nt
The company was established under a memorandum of association which established
the objects and powers of the charitable company and is governed by its articles of
association.
Compat7y Number
Charity Number
950696
258583
Rggistergd Office and
Opèrational Address
8-10 Moorgate
London
EC2R 6DA
Honorary offl¢¢rs
Lucy de Grool
Shauneen Lambe
David Elliott
Ashley Coombes
David Culler
Chair
Vice Chair
Treasurer Ito 31 December 20211
Treasurer Ifrom 1 January 20221
Secretary
Principal Staff
David Culler
David Sampson
Director
Deputy Director
Bankers
Royal Bank of Scotland
Bolton Customer Services
P.0. Box 2027
Parklands
De Havilland Way
Bolton BL6 4YU
Solicitors
Bates Wells
10 Queen Street Pla
London
EC4R IBE
Audltors
Haysmacinlyre LLP
Chartered Accounlanls and Slalulory Auditors
10 Queen Street Place
London
EC4R 1AG
Investment Managers
Baillie Gifford & Co.
Charities Property Fund
Callon Square
Savills Investment Management
1 Greenside Row
33 Margaret Street
Edinburgh EH13AN London W1G OJD

THE BARING FOUNDATION
TRUSTEES'ANNUAL REPORT
The trustees present their report and the audited financial slalemenls for the year ended 31 December 2021. The
trustees who served during the year and up lo the date of this report were as follows..
Asif Afridi
Chair of the Strengthening Civil Society Committee
Victoria Amedume
Chair of the Arts Committee
Dr Rob Berkeley MBE
Ashley Coombes (from June 20211
Lucy de Grool CBE
David Elliott
Andrew Hind CB
James Jenkins
Poonam Joshi
Shauneen Lambe
Francois Matsrasso lunlil September 20211
Jillian Popkins
Rhys Pullen
Sam Thorne
Emebel Wuhib-mulungi
Referen￿ and adminislralive information set out on page one forms part of this report. The financial statements
comply with current statutory requirements. the memorandum and articles of association and the Statement of
Recommended Practice, A¢counling and Reporting by Charities (Sècond Edition, effective 1 January 20191, and the
Companies Act 2006.
Chair of the Board and Chair of the Nominations Committee
Chair of the Investment Committee
Chair of the International Committee
Chair of the Audit Committee
Purpose and values
The Baring Foundation was set up in 1969. It is a registered charity and company limited by guarantee governed by its
memorandum and articles of association. It may use ils capital and income lo make grants'lo such charities or for
such charitable purposes" as trustees determine. The Foundation derives its income from a diversified investment
portfolio.
The following purpose and values slalemenl was adopted by Iruslees in December 2018".
We are an independent foundation which protects and advances human rights and promotes inclusion. We believe in
the role of a strong, independent civil society nationally and inlemationally. We use our resources lo enable civil society
lo work with people experiencing discrimination and disadvantage and to act strategically lo tackle the root causes of
Injusti￿ and inequality.
We seek lo build positive, purposeful partnerships with grant recipients, grantmakers and others in order to work
together for socially just change.
Vve use our funds to strengthen civil society, responding creatively, flexibly and pragmatically.
We add value to our work by encouraging the development and communication of knowledge and evidence.
We aim to be as accessible as possible within clear programme guidelines, treating grant-seekers and grant
recipients with courtesy and respect.
We help to create enduring change both in the lives of those served by the work we are funding and by building the
capacity of organisalions lo become more sustainable and resilient. The UN Sustsinable Development Goals ISDGsl
provide a framework for our work.
We believe in the importance of'speaking truth to powev and use the independence and influence we have lo amplrfy
the views of civil society and the people it serves.
Structure. governance and manag&m¢nt
The trustees of the charity are members of the Board of the Foundation and are directors under the Companies Act
2006. The current members appoint new trustees. Every three years trustees retire from office at the AGM but are
eligible for re-election, currently subject lo a maximum term of 12 years.
Al the Board and AGM in June 2021 Ashley Coombes was elected as a Member of the Board., David Elliott and Sam
Thorne retired by rotation and were reelected as Members of the Board. In September 2021 Francois Matara$so
resigned from the Board.
Trustees invite suitably qualified and experienced people to consider nomination as a trustee. A trustees, skills audit is
undertaken from lime lo time lo identify ways in which the Board could be strengthened. On appointrnenl trustees are
given an induction pack and are offered one or more briefing meetings with the Director andlor Chair.
Trustees are responsible for all decisions on the Foundation's policy and grants. In 2021 the Board had seven
subcommittees., three for grant programmes, Investment, Audit, Remuneration and Nominations.

THE BARING FOUNDATION
TRUSTEES'ANNUAL REPORT
All Iruslees give their lime voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity
are set out in note 5 to the accounts.
Trustees have carefully considered the Charity Governance Code, concluding that they satisfactorily comply with ils
advi￿ overall though choosing to depart from it on two issues. Firstly, they relain a maximum board strength of 15
(rather than the rewmmended maximum of 121 as they believe the many different fields requiring expertise merit a
larger board. Secondly, they ielain an upper limit of 12 years tenure in renewable three year periods for trustees Iralher
than the recommended maximum of 9 years). This is due to the belief that the turnover on a large board Is sufticient
and the long lime scale of our grant programmes and investment strategy benefits from this potential longevity.
The Foundation employs six staff who adopt a hybrid workin9 approach working from office accommodation In central
London generously provided pro bono by ING bank and home locations.
Objectlves and actlvltle8
The Foundation agreed a lolal of 74 new grants during the year lo the value of £3,962,472 (see note 81. These were".
eightArts and Mental Health programme grants lolaling £378,500,. 26 Arts and Mental Health Racial Justice grants
totaling £794.165,' three International Development grants lolaling £410,000, 20 Strengthening Civil Society programme
grants tolaling £1,725,246 and 13 Slrenglhening Civil Society Racial Justi￿ grants lolaling £809,655. Four grants,
which were outside the above-mentioned programmes, were made lolaling £44,9D6.
Of those 74 grants agreed during 2021, £1,577,981 had been paid by the end of the year", a further £1,457,970 was
paid as a result of grant decisions made in previous years.
The Foundation is a member of 360 Giving and this year also agreed lo join the Flexible Funders, initiative and to
become a Living Wage Funder, as part of an ongoing review of our ways of working as a grantmaker.
Our approach to grant making is bespoke lo each grant programme and the opportunities which we see as available in
each field. These circumstances change over time and our approach will continue lo evolve. This means that we do not
have a default approach, such as a￿ayS funding core costs or projects, short or long term, restricted or unrestricted,
but Carefully consider specific needs in liaison with civil society organisalions. As regards the developing situation
around the pandemic this meant different things in each programme, for instance continuing some specific grants on
the effects of pandemi¢ in our Strengthening Civil Society programme.
The Arts Programme focused on two groups of people who seemed lo continue lo be bearing the brunt of the terrible
pandemic,. people living with mental health problems lour programme starting in 20201 and older people, including
those in care homes and those living with dementia lour legacy programmel. Arts and mentsl health is a complex field
with many actors and issues and we are eady on in a journey lo beller understand how we can support the sector. In
2020 the trustees initiated a process to further emphasise our commitment to racial equity across all our work. In the
arts in 2021 this resulted in a work stream called 'Creatively Minded and Ethnically Diverse, starting with a research
report on how well arts and rNental health serves people from elhnicalty diverse communities. This was followed by a
highly oversubscribed grants programme with 25 grants made to a wide variety of organisations from small grassroots
organisations lo an orchestra. While most of our funding was spent in this way, a small number of other strategic grants
were given Including lo new funding partnerships with the Arts Council of Vvales and the Greater London Authority.
Among other publications in this area we launched Creatively Minded and Heritsge. We have a number of ongoing
grants from our arts and older people programme that ran from 2010 10 2019. This work stretches across the UK and
includes a grant to set up a new se¢lor support body in England hosted by Manchester Museums. called the Creative
Ageing Development Agency. We funded 8 third national Arts in C8re Homes Day marked by the launch of our second
Treasury of Arts Activities for Older People. We also jointly published a report on creative ageing in Finland called Love
in A Cold Climate.
Our International Programme since 2014 has focused on the rights of Lesbian Gay Bisexual Transgender and Intersex
ILGBTII people, especially women, in Africa. These groups do important work on very little funds and have been almost
invisible in the humanitsri8n response to the pandemic. We commissioned an independent review of the first five years
of our funding as well as an additional review through the lens of anli-colonialism and anli-racism. Throughout the year
we maintsined and extended our funding lo African civil society through our three regional partners in East, West and
Southern Africa. This was 81so the sècond year of 8 multi-year partnership with the Astraea Lesbian Foundation for
Justice. Alongside these significant partnerships, a small amount of funding supports UK and international
organisations lo encourage greater funding lo LGBTI human rights defenders in Africa. In particular. in anticipation of
the role of the UK Government in leading a delayed inlergovernmenlal Conferen￿ we have done further work lo
propose the creation of additional resources in the shape of a UK Government initiative. As the programme was
reviewed during the year, grants awarded were fewer in number and smaller in value than previous years with the
expectation that this will increase significantly in 2022.

THE BARING FOUNDATION
TRUSTEES'ANNUAL REPORT
As in previous years, our Slrenglhening Civil Society Programme funds voluntary organisations lo use the law for
positive change especially in tackling discrimination and disadvantage. This programme benefits from the support of
the Legal Education Foundation and the Esmee Fairbairn Foundation. Time was spent researching areas that would
lead on lo two funding 51rands. Our conviction as lo the importance of expert legal organisalion5 or 'hubs' working with
other voluntary organisations was given expression through awarding 10 grants to organisalions to scale up this work
over three years. Secondly we focused on racial inequity within the criminal justice system to make 13 grants lo anti-
racist organisations. In related work we published a new report'The Pursuit of Racial Justice through Legal Action,.
Among other work we have also been actively engaging with the Government's Independent Review of the Human
Rights Act.
Full details of the Foundation's programmes and of the grants agreed during 2021 are published on the Foundation's
website Iwww.baringfoundalion.org.ukl and are provided in the Report on Activities which has been published
separately and reports on what the charity has achieved and the outcomes of ils work.
Achievements and perfomance in the delivery of public benefit
The trustees have referred lo the Charity Commission's gener81 guidance on public benefit when reviewing the charity's
aims and objectives and in planning Its future activities. In particular, the trustees consider how planned activities will
contribute to the aims and objectives that have been set.
The Foundation has a broad social objective and employs a range of monitoring and evaluation techniques in an
attempt to assess its impact. These range from a light touch se￿-aSSesSMent for a small grant to an independent expert
assessment for large grants or programmes of grants. The results of all evaluations are reported lo the Iruslees.
The trustees are satisfied from this information that the work funded by the Foundation remains highly in demand and
serves important needs in slrenglhening voluntary organisalions which support people experiencing discrimination and
disadvantage.
In addition to the activities reported above, the Foundation seeks lo be an engaged granlmaker by finding ways it can
add value lo the work of the organisalions which it funds. The lessons derived through grantmaking are regarded as a
major outcome in their own right. The Foundation frequently Commissions or writes publications on are8s relating lo ils
grant programmes.
Financial review
The Trustees follow a lolal return strategy both for the management of the Foundation'5 inve51menl portfolio and for
determining the amount available each year lo fund the grants programmes and meet expenses. This amount includes
both income arising from the portfolio and an element of capitsl growth. The objective is lo al least sustain the real
value of grant dislribulions and the long-lerm real value of the investment fund. To that end we budget income each
year on the basis of a distribution from the portfolio eqLJal to a percentage of the rolling average value of the investment
funds over the preceding 12 qusrters. From 2020 10 2021 that percentage was 3.77% p.a. and from 2022 the budget
distribution will increase to 4.2010 p.a. From 2013 to 2021, to meet our cash requirements, our principal fund manager
has distributed 3.5QA of the current value of the portfolio each year in quarterly inslalmenls,. from 2022 this will increase
to 4¥0.
The Baring Foundation investment portfolio saw a positive return during the calender year of 2021, of 7.6Q/o bul this
lagged ils long term objective of 10.10/0. Overall 2021 was another year of strength for equity markets, with the MSCI
World rising 22.9% and nearly all major developed equity markets posted positive retLJrns, led by the U.S. the U.K. and
Europe, bul Japan Snd Emerging Markets rose 20/0 and fell 20/0 respectively. During the last quarter of 2021, equity
markets continued to see a shift in leadership with growth stocks land particularty technology stocks) faltering in favour
of value stocks that had been hardest hil by the COVID-19 pandemic. Over the year both gills and Corporate bonds
posted negative low single digit returns. The Baillie Gifford portfolio found the conditions much more difficult, with the
significant rotational shift towards cyclical companies and more value-oriented companies, as economies looked to re-
open, leading lo underperformance relative lo a benchmark of 7.40k, led by some of their more growth oriented funds,
particularly UK Alpha, Paris-Aligned Global Alpha and Positive Change. Their bond fund modestly outperformed and
the Responsible Global Equity Fund also outperformed. This is the first full calendar year that the Baillie Gifford
portfolio has underperformed since inception of the current structure in 2016. Longer-lem, however, the portfolio
remains comfortably ahead of the benchmark over three and five years. The overall portfolio recorded a gain of 14.9°
from ils property allocation. but chiefly owing lo the manager's quality lilt and conservative attitude lo deploying cash,
this led lo benchmark Underperforman￿ of-5%. Despite the more challenging conditions experienced in 2021, the
combined Baring Foundation portfolio continues to achieve ils long-term objective over all longer-temi rolling periods
and continues to perform strongly compared lo the peer group average since inception.

THE BARING FOUNDATION
TRUSTEES'ANNUAL REPORT
During 2021 the asset allocation of the Baillie Gifford portfolio saw one strategic switch within the global equity
exposure, with a new purchase of the Paris-Aligned Global Alpha Fund Ilower carbon Inlensityl funded by a complete
sale of the Global Alpha Fund. This is in keeping with OLJr intention to be more ESG-focLJsed in our fund selection.
Baillie Gifford currently manage around 890/0 of the funds, including both equity and fixed interest securities, and the
Charities Propety Fund around 110/0, Wlth the balan￿ representing private equity less than 1 %. The broad asset mix is
expected lo al least meet our long-term real return objective but we are prepared lo lolerale a reasonably high level of
volatility, given the objective lo manage the foundations portfolio into perpeluily.
Net assets at the yearend were £124.8 million (2020.. £120.0 million). Although there is building confidence globally
that the worst of the COVID-19 pandemic may now be behind us, the combination of central banks looking to raise
interest rates to combat inflation and the rising geopolitical temperature lespecially around Russia and Ukraine) has led
to equity markets weakening at the stsrt of 2022. There has also been a continuation of the style rolalion from last year
which has seen value outperforming growth stocks, and we are monitoring the persisten￿ of this trend. As at 31 May
2022, the total portfolio value was £104.5 million, which is 16Vo lower than the value al the balan￿ sheet dale, 31
December 2021.
Responsible Investment Policy
In 2022 the Iruslees revised their ststement on this, retaining established principles bul further elaborating on these in
the interests of transparency. These are published in full on our website but the core of our approach is as follows..
The Foundation takes a responsible and long-lerm approach lo Investment, investing predominantly through external
investment managers. The Board of Trustees has overall responsibility for the Foundation's investsnenl policy. 11 has an
Investment Committee chaiied by a Trustee with relevant experience. The majority of the endowment is investèd
through investment managers who have signed up to, and adhere to, the FRC UK Stewardship Code. We expect them
to invest responsibly and lo be proadive in considering environmental, social and governance issues. We aim to invest
in responsible companies which operate with fairness and integrity, and companies that offer positive solutions lo
global challenges such as climate change, resource constraints and loss of biodiversity. We try to avoid exposure lo
underlying companies which are associated with human rights violations or engage in activities that cause social harm.
We work closely with our investment managers to understand the underlying Investment frameworks they use to help
us monitor how well aligned their approach is with our values. We believe this approach will enable the Foundation lo
continue lo generate attractive long-lerm relums and provide well-aligned liquidity for conlinuily of grant-making in real
terms.
Resorves Policy
The Foundation's reserves effectively correspond lo its investment portfolio which is managed on a totsl relum basis
with the intention of providing an annual income that will enable the Foundation lo al least maintain in perpetuity the
real value of the annual grants il makes. To that end the aim lo achieve a minimum average annual return on
investments of 3.5% plus RPI net of management fees Ilhis was revised in January 2022 10 40A plu5 CPI). In addition lo
holding the major part of its Investments in readily marketable quoted securities the Foundation aims lo keep cash
balances sufficient lo meet short-lerm grant commitments and ongoing expenses. The Trustees consider that the
current level of unrestricted funds of £124.8 million at 31 De￿rnber 2021 meets this reserves policy.
Social inve$tm9nts
The Foundation holds a social investment in Charity Bank valued at £43,300 at 31 December 2021.
Plans
In 2022 the Foundation will fund work in three fields." LGBTI civil society in Africa, and, in the UK, the use of the law by
civil society for social change and arts and mental health. In addition, the Foundation will spend at least a further
£600,000 focusing on racial justice through our Arts and Slrenglhening Civil Society programmes. The Foundation will
discuss whether il should focus additional support to issues around shrinking civic spa￿. Overall the Foundation will
seek lo remain responsive lo the needs of civil society and continue lo develop our policies and approach in this
regard.
Ri8k a88e88ment
During the course of the year, the Iruslees considered the major risks lo which the Foundation is exposed and the
systems which il has lo mitigate them.
The following areas of risk 8re considered most important..
Failure lo achieve programme goals.,
Failure lo earn adequate returns from our investrnenl portfolio.
The Foundation has policies, procedures and systems in pla￿ lo address the identified risks.

THE BARING FOUNDATION
TRUSTEES'ANNUAL REPORT
Remuneration policy
The Foundation's policy is lo provide remuneration that will allracl and relain able and suitably qualified and
experienced individuals who will effectively deliver the Foundation's objects and supplemented where appropriate by
independent experts on a consultancy basis. As far as is pra¢li¢able, salaries are set by reference lo the median pay
for comparable positions within the charitsble sector. The pay of each member of staff Is reviewed annually by a
committee of Trustees having regard lo the financial resources and commitments of the Foundation, the impact of
inflation on the real value of pay, and any recommendations of the Director. We have as a Board taken note of NCVO'S
recommendations in their Report of the Inquiry into Charity Senior Executive Pay and guidance for trustees in setting
remuneration" Our commitment lo transparency is shown in disclosing the ￿muneratIon of senior staff in full in this
report.
Fundraising policy
The Foundation's income is from its Investment portfolio and partnerships with other grant makers. No fundraising
activity is carried out by the charity.
Statement of trustees. responsibilities
The trustees (who are also directors of The Baring Foundation for the purposes of company lawl are responsible for
preparing the Iruslees, report and the financial ststemenls in accordance with applicable law and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practi￿1.
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair
view of the state of affairs of the Foundation and of the incoming resources and application of resources, including the
income and expenditure, of the Foundation for that period. In preparing these financial slalemenls, the trustees are
required to..
select suitable accounting policies and then apply them consistently.,
observe the methods and principles in the Charities SORP.,
make judgments and accounting estimates that are reasonable and prudent..
stste whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed
and explained in the financial statements., and
prepare the financial slalemenls on the going con¢em basis unless il is inappropriate to presume that the Foundation
will continue in operab"on.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any lime
the financial position of the Foundation and enable them to ensure that the financial stslemenls comply with the
Companies Act 2006. They are also responsible for safeguarding the assets of the Foundation and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
As far as the Iruslees are aware..
there is no relevant audit information of which the Foundation's auditors are unaware.. and
the trustees have taken all necessary steps lo make themselves aware of any relevant audit information and lo
establish that the auditors are aware of that information.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on
the Foundation's website. Legislation in the United Kingdom governing the preparation and dissemination of financial
slalemenls may differ from legislation in other jurisdictions.
Members of the charity guarantee to Contribute an amount not exceeding £1 to the assets of the charity in the event of
winding up. The lolal number of such guarantees al 31 December 2021 was 1412020- 141. The Iruslees sre the
members of the charity. This entitles them only to voting rights. The trustees have no beneficial interest in the charity.
Approved by the trustees on 21 June 2022 and signed on their behalf by
Lucy de Grool CBE - Chair Date

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE BARING FOUNDATION
Opinion
We have audited the financial statements of The Baring Foundation for the year ended 31 December 2021
which comprise the Statement of Financial Activities, the Balall￿ Sheet, Slalemenl of Cash Flows and
notes to the financial statements. including a summary of significant accounting policies. The financial
reporting framework that has been applied in their preparation is applicable law and United Kingdom
Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard
applicable in the UK and Republic of Ireland Iuniled Kingdom Generally A¢￿pIed Accounting Pra¢lice}.
In our opinion, the financial slalemenls..
give a true and fair view of the state of the charitable company's affairs as al 31 December 2021 and of the
charitable company's net movement in funds, including the income and expenditure, for the year then
ended,. and
have been properly prepared in accordan￿ with United Kingdom Generally Accepted Accounting PracliTr',
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with Inlern81ional Standards on Auditing IUKI IISAS IUKII and
applicable law. Our responsibilities under those standards are further described in the Auditor's
responsibilities for the audit of the financial slalemenls section of our report. We are independent of the
charitable company in accordance with the ethical requirements that are relevant lo our audit of the
financial statements in the UK. inclLJding the FRC'S Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. Vve believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial slalemenls, we have concluded that the trustees, use of the going concern basis of
accoLJnling in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identifi'ed any material un¢ertainlies relating lo events
or conditions that, individually or collectively, may cast significant doubl on the charitable company's ability
to continue as a going concern for a period of at least twelve months from when the financial statements
are aulhorised for issue.
Our responsibilities and the responsibilities of the trustees with respect lo going concem are described in
the relevant sections of this report.
Other information
The Iruslees are responsible for the other information. The other information comprises the infomiation
included in the Trustees, Report (incorporating the strategic report). Our opinion on the financial slalemenls
does not cover the other information and, except lo the extent otherwise explicitly slated in our report, we
do not express any form of assuran￿ Conclusion thereon.
In connection with our audit of the financial slalemenls, our responsibility is to read the other information
and, in doing so, consider whether the other Information is materially Inconsislenl with the financial
slalemenls or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we
identify such material inconsistencies or apparent m8lerial misstslements, we are requirèd lo determine
whether there is a material misstatement in the financial statements or a material misstatement of the other
information. If. based on the work we have perfomed, we conclude that there is a material misststement of
this other information, we are required lo report that fact. We have nothing to report in this regard.
Opinions on oth&r mattors proscribed by thg Companies Act 2006
In our opinion. based on the work undertaken in the course of the audit..
the information given in the Trustees, Report lincorporaling the Directorfs and Strategic Report) for the
financial year for which the financial statements are prepared is consistent with the financial statements",
and
the strategic report and directors, report included within the Trustees, Report has been prepared in
accordance with applicable legal requirements.

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE BARING FOUNDATION
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtsined in
the course of the audit, we have not identified material misstatements in the Trustees, Report Iwhich
incorporates the strategic report and diredors, reporti.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006
requires us to report to you if, in our opinion..
adequate accounting records have not been kept by the charitable company., or
the charitable company financial statements are not in agreement with the accounting records and returns.,
or
certain disclosures of trustees, remuneration specified by law are not made", or
we have not received all the information and explanations we require for our audit", or
the trustees were not enlitleé to prepare the financial slalemenls in accordance with the small companies,
regime and tske advantage of the small companies, exemptions in preparing the trustees, report and from
the requirement lo prepare a strategic report.
Responsibilities of trustees for the financial statements
As explained more fully in the Ststement of Trustees, Responsibilities statement set out on page 6, the
trustees (who are also the directors of the charitable company for the purposes of company lawl are
responsible for the preparation of the financial stslements and for being satisfied that they give a true and
fair view, and for such Internal control as the Iruslees detemiine is necessary lo enable the preparation of
financial statements that are free from material misststemenl, whether due lo fraud or error.
In preparing the financial slalemenls, the trustees are responsible for assessing the charitable company's
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going Concern basis of accounting unless the trustees either intend lo liquidate the group or the
charitable company or lo cease operations, or have no realistic allernalive bul to do so.
Audltor's responslbilities for the audlt of the flnanclal statements
Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are
flee from material misslalemenl, whether due lo fraud or etror, and to issue an auditor's report that
includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an
audit conducted in accordance with ISAS IUKI will always delect a material misslalemenl when il exists.
Misslalemenls can arise from fraud or error and are considered material If, individually or in the aggregate,
they could reasonably be expected to Influen￿ the economic decisions of users taken on the basis of
these financial slalemenls.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, lo deleel material misststemenls in respect of
irregularities, including fraud.
Based on our understanding of the and the environment in which it operates. we identified that the principal
risks of non£0mplian￿ with laws and regulations related to health and safety, data protection legislation
and employment (including iaxationl, and we considered the extent to which non-compliance might have a
material effect on the financial slalemenls. We also considered those laws and regulations that have a
direct impact on the preparation of the financial slalemenls such as the Companies Act 2006 and the
Charities Act 2011.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial
slalements (including the risk of override of controls. Audit procedures performed by the engagement team
included..
Inspecting correspondence with regulators and tsx authorities.,
Discussions with management including consideration of known or suspected instances of non-compliance
with laws and regulation and fraud.,
Evaluating management's controls designed to prevent and detect irregularities..
Identifying and lesling journals, in particular journal entries posted with unusual account combinations,
postings by unusual users or with unusual descriptions," and
Challenging assumptions and judgements made by management in their critical accounting eslimales.
A further description of our responsibilities for the audit of the financial ststements is located on the
Financial Reporting Council's website al". www.fr¢.org.uklauditorsresponsibililies. This description forms
part of our auditor's report.

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE BARING FOUNDATION
Usg of our rgport
This report is made solely lo the charitable wmpany's members, as a body, in accordance with Chapter 3
of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the
charitable company's members those matters we are required to stale to them in an Auditorfs report and for
no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo
anyone other than the charitable company and the charitsble company's members as a body, for our audit
work, for this report, or for the opinions we have formed.
Siobhan Holmes {Senior Statutory Auditor)
For and on behalf of Haysmacintyre LLP, Stalulory Auditors
10 Queen Street Place
London
EC4R 1AG
Dale: l [uly 2022

THE BARING FOUNDATION
STATEMENT OF FINANCIALACTIVITIES {INCORPORATING AN INCOME AND EXPENDITURE ACCOUNTI
FOR THE YEAR ENDED 31 DECEMBER 2021
Restricted Unrestricted
Funds
Fund
Total
2021
Total
2020
Notes
INCOME FROM..
Donations
Contributions lo programmes
Donated serVI￿S
Investments
Other
400,000
400,000
75,692
1,805,727
370
408,000
78,334
1,742,741
5,150
75,692
1,805,727
370
Total Income
400,000
1,881,789
2,281,789
2,234,225
EXPENDITURE ON..
Raising Funds
Investment Management
Charitable Activities
Strengthening Civil Society programme
-Arts programme
International Development programme
Special initiative
Other charitable work
553,773
553,773
494,991
400,000
2,149,029
1,351,462
528,933
44,906
141,528
2,549,029
1,351,462
528,933
44,906
149,528
1.938,629
1,109,974
1,746,436
8,000
151,656
Total expenditure
408,000
4,769,631
5,177,631
5,441,686
Net lexpenditurel before investment gains
18,0001 12,887,842) 12,895,842) 13,207,461)
Net gains on investments
10, 11
7,654,499
7,654,499 20,547,359
N9t1gxpgnditurgllincomo and
net movement in funds
18,0001 4,766,657
4,758,657
17,339,898
Total funds brought forward
8,000 120,012,857 120,020,857 102,680,959
Total funds carried forward
124,779,514 124,779,514 120,020,857
All of the above results are derived from continuing activities. There were no other recognised gains or losses
other than those stated above. Movements in funds are disclosed in note 16 to the financial statements.
The slalemenl of financial activities includes the income generated by the assets held in the investment
portfolio and the nel gains or losses on those investments.
10-

THE BARING FOUNDATION
COMPANY NUMBER 950696
BALANCE SHEET
AS AT 31 DECEMBER 2021
Note
2021
2020
FIXED ASSETS
Investments
Social investments
10
11
124,827,319
43,300
120,282,957
42,050
124,870,619
120,325,007
CURRENT ASSETS
Cash al bank and on deposit
Debtors
3,055,281
100,000
1,895,023
100,000
12
3,155,281
1,995,023
LIABILITIES
Creditors.. amounts due within one 13
year
12,662,050)
11,743,742)
NET CURRENT ASSETS
493,231
251,281
TOTALASSETS LESS CURRENT
LIABILLITIES
125,363,850
120,576,288
Creditors.. amounts due after more
than one year
14
{584,3361
1555,4311
NET ASSETS
16
124,779,514
120,020,857
FUNDS
17
Reslricled funds
Unreslricled funds
Revaluation fund
General funds
8,000
65,202,74S
59,576,769
60,553,735
59,467,122
Total funds
124.779,514
120,020,857
Approved by the trustees and signed on 21 June 2022 on their behalf by..
Lucy de Grool CBE
Chair
Ashley Coombes
Treasurer

THE BARING FOUNDATION
STATEMENT OF CASH FLOWS
YEAR ENDED 31 DECEMBER 2021
2021
2020
Cash used in operating activities
13,754,356) 14,394,060)
Cashflows from investing activities
Dividend5 and interests
Purchase of investments
Proceeds from sale of investments
1,805,727
1,742,741
142,176,252) {37,632,5001
45,285,139 40,299,615
Net cash provided by investing activities
4,914,614
4,409,856
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting
period
1,160,258
1,895,023
173,5841
1,968,6D7
Cash and cash equlvalents at the end of the reportlng
period
3,055,281
1,895,023
NOTES TO THE CASH FLOW STATEMENT
2021
2020
Reconclllatlon of net expendlture to net cash outflow from
operating activities
Net income for the reporting period
Ilncreasel in debtors
Increase in creditors
Dividends and interest
(Gains) on investments
4,758,657
17,339,898
185,0001
947,213
641,142
11,805,727) 11,742,741)
17,654,499) 120,547,359)
Net cash (used inl operating activities
13,754,356) 14,394,060)
Analy$i$ of cash and Cash equivalents
Cash al bank and on deposit
3,055,281
1.895,023
3,055,281
1,895,023
Change$ in not dobt
Al 1 January
Cash Flows
At31
December
2021
2021
Cash al bank and on deposit
1,895,023
1,160,258
3,055,281
12-

THE BARING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Principal Accounting Policies
The principal accounting policies adopted, judgements, and key sources of eslimalion uncertainty in the
preparation of the financial ststements are as follows..
lal
Basis of accounting
The financial slalemenls have been prepared in accordance with Accounting and Reporting by
Charities.. Statement of Recommended Practice for Charities (Second Edition, effective 1
January 20191, and the Companies Act 2006.
The charity meets the definition of a public benefit enlily under FRS 102. Assets and li8bilities
are initially recognised at historical cost or transaction value unless otherwise slated In the
relevant acwunling policy notes.
Ibl
Donations and donalgd servi¢gs
Income from donations is included in full in the slalement of financial activities when receivable.
Donated services and facilities are recognised as income where the benefit lo the Foundation is
quantifiable and measurable, and are valued at the estimated cost the Foundation would pay for
an equivalent Servi￿ or facility in the open market. Donated premises and facilities are received
from ING Bank N.V. London Branch.
Icl
Investment income
Income from investments is included in the financial ststements when il becomes receivable.
Idl
Grants payable
The full costs of grants are included in the statement of financial activities in the year in which
they are approved. If grants that are approved during the year are payable by inslalments or
have not been paid, in part or in full, by the end of the year, any unpaid amounts are included as
creditors in the balance sheet if the conditions attached to the grant are accepted by the
beneficiary before the accounts are signed.
This policy reflects the Foundation's experien￿ that il is highly probable that any further
inslalmenls will be paid 8$ It is unlikely that ¢ir¢umstsnces will arise in which conditions attached
lo such grants are not met. The trustees consider that the Foundation has a constructive
obligation in respect of such unpaid grants and therefore believe it prudent lo treat these
commitments as liabilities.
lel
Other expenditure
Support and governance costs consist of those office and administration costs which are not
directly attributed to a grant programme. The majority of these are the estimated costs of the
premise and facilities donated by ING Bank N.V. London Branch. Isee note 1bl. The
Governance percentage has doubled Sin￿ 2020 because il was agreed that some types of work
should moved from the'olher Charitsble expenditure" Category to Ihe"Governan¢e' category.
Total support costs are allocated lo the main grant programmes based on the estimated
percentage of lime spent by the stsff on each activity. In 2021, on this basis, the support costs
were apportioned as follows..
Governance
Investment management
strengthening Civil Society programme
Arts programme
International Development programme
Other charitable work
120
40
33%
24°
15%
12%
ifj
Restricted funds
Reslricled funds are lo be used for specific purposes as laid down by the donor. Expenditure
which meets these criteria is charged to the fund together with a fair allocation of management
and support Costs.
13-

THE BARING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Principal Accounting Policies Icontinuedl
Igl
Unrastrictad funds
Unreslricled funds are income re￿1vable or generated for the objects of the charity.
Ihl
Going concern
The Iruslees consider that there are no material uncertainties regarding the Charity's ability lo
continue as a going concern.
Critical accounting judgements and estimates
In preparing these accounts, management has made judgements, estimates and assumptions
that affect the application of the charity's accounting policies and the reported assets, liabilities,
income and expenditure and the disclosures made in the accounts. Estimates and judgements
are continually evaluated and are based on historical experience and other factors, including
expectations of future events that are believed lo be reasonable under the circumstances.
')
Debtors
Short-lenr debtors are measured at transaction pri￿, less any impairment.
Ikl
Creditors
Creditors snd provisions a￿ recognised where the charity has a present obligation resulting from
a past event that will probably result In the transfer of funds to a third party and the amount due
lo settle the obligation can be measured or estimated reliably.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qLJalify as basic
financial inslrumenls. Basic financial inslrumenls, including trade and other debtors and creditors
are initially recognised al transaction value and subsequently measured at their selllement value.
Im)
Redundancy and termination costs
The charity re¢ognises employee redundancy and lerminalion costs in full on the date the
redundancy or termination is confirmed.
Inl
Fixed asset investments
Fixed asset Investments are continuously revalued al bid price value and the value al the
balance sheet date is the bid price value. as determined by the investment managers. The nel
gains or losses for the period are tsken to the statement of financial activities.
lol
Social invgstments
Social investments are recognised at fair value. Any gains or losses are taken lo the statement of
financial activities
(pl
Foreign Currencies
Monetary assets and liabilities denominated in foreign currencies have been translated into
sterling at the relevant rates of exchange ruling al the balance sheet date, or where appropriate,
the rates of exchange fixed under the temis of the relevant transaction.
14-

THE BARING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Principal Accounting Policies Icontinuedl
Iql
Pension costs
staff from the Baring Foundation receive a pension from the ING UK Pension Fund. For historic
reasons one of the staff was an admilled member of a defined benefit scheme. The liability of
the scheme is with ING Bank N.V. and not the Baring Foundation.
The pension wsl represents wnlribulions payable under the scheme by the Foundation lo the
fund. The Foundation has no liability under the scheme other than for the payment of those
contributions.
Contributions to programmes
The Legal Education Foundation and the Esmee Fairbairn Foundation jointly funded the Strengthening Civil
Society programme in 2021, each providing £200,000.
Donated Sgr¥i¢9$
2021
2020
Service$ donated by ING Bank NV:
Premises and facilities
75,692
78,334
75,692
78,334
Income from Investments
2021
2020
Income from Investments
Bank interest
1,805,513
214
1,740,149
2,592
1,805,727
1,742,741
15-

or
DJ ￿ Lrj ¢0
DJ o r41
I ID 171 r in ¢fJ
ro)r

Ln o
u) Nio o m oo
(3J UJ

THE BARING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Net Expenditure for the Year
2021
2020
This is stated after charging..
Trijslees, reimbursed expenses
180
Auditors, remuneration
For audit of the financial slalemenls
Other services
12,600
16,500
12,000
15,900
Trustees, reimbursed expenses represent the reimbursement of travel and subsistence costs of £012020..
£1801 relating to attendance at meetings. No Iruslees have been remunerated for their role.
staff Costs and Numbars
2021
2020
Staff costs were as follow$:
Salaries and wages
Social security costs
Pension contributions
333,970
37,282
49,886
315,865
34,962
46,099
421,138
396,926
Kgy managgmgnt and Salary pgn$ion
The following staff comprise key management and their remuneration is as follows..
£90,000 - £99,000 - David Culler- Director salary £96,681 12020.. £95,256), employerfs Nl £12,08912020..
£11.9391 and pension £16.83212020'. £16.6701.
£70,000 - £79,999 - David Sampson - Deputy Director salary14.5 days per weekl £70,98012020. £65,203),
employerfs Nl £8,54212020: £7,738) and pension £8,90412020.' £8,150>.
The average number of staff during the year was.. 612020.. 61.
The number of staff earning over £60,000 in the year was 212020.. 2}.
Grants Payabl•
2021
2020
The grants payabla figure in 2021 comprisgs..
Grants made in the year
Grants cancelledlwritten back
3.962.472
4,352.725
160,000}
3,962,472
4.292,725
All grants were made to institutions.
There is a full list of the grants made during the year on the Baring Foundation's website
(W￿.barIngfOundal10n.Org.ukl and this will be listed in the Report on Aclivilies.
Taxation
The charitable company is exempt from corporation tax as all its income is charitable and is applied for
charitable purposes.
18-

THE BARING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
10. Investments
2021
2020
Market value of investments at 1 January 2021
Disposals at market value
Additions al Cost
Nel gain on investments
120.282,957
145,285.1391
42.176,252
7,653,249
102.312,633
140,299.6151
37.721.880
20.548,059
Market value of investments at 31 December 2021
124,827,319
120,282,957
Historical cost of investments al 31 December 2021
102,181,315
76,525,282
Pooled Investments comprise
2021
2020
UK
Non UK
124,809,706
17,613
120,259,907
23,050
124,827,319
120,282,957
11. Social Investments
2021
2020
Opening carrying value
Nel gain on investments
42,050
1,250
42.750
1700}
Closing carrying value
43,300
42,050
Held as..
Investments
43,300
42,050
£43,300 is invested with Charity Bank. Charity Bank provides loans to ch8rilies, social enterprises and
community organisations lo facilitate social change whilst earning a financial relum.
12. Other Debtors and Accrued Income
2021
2020
Accrued contributions to programmes and income in investment funds
100,000
100,000
19-

THE BARING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
13. Creditors.. Amounts due within one year
2021
2020
Grants authorised but not yet paid
Other ¢redilors
2,488.586
173,464
1,590.970
152,772
2,662,050
1.743,742
14. Cr•dltors.' Amounts due after more than one year
2021
2020
1-2 years- grants aulhorised but not yel paid
584,336
555,431
584,336
555,431
15. Related party transa¢tions
As is usual in a grantmaking foundation, a number of the trustees and senior stsff of the Baring Foundation
are involved in othèr charities, eithèr as staff or volunteers. The charity holds a record of all conflicts of
interest. Also al the beginning of each trustee meeting any relavanl declarations are declared based on the
agenda of the meeting. V￿ere Iruslees have a conflict of interest in a grant decision they are not involved in
the decision and leave the meeting for the discussion.
The following trustees had conflicts of interest relating lo grantees in 2021. The trustees declared their
interests and left the meetings prior to the decision lo award the grants..
Poonam Joshi is ￿nneded with the charity Give Out who received a grant of £60,000.
Shsuneen Lambe is connected with the charity Civil Liberties Trust. who received a grant of £150,000
Two arts advisers had conflicts of interest relating to grantees in 2021. The advisers declared their interests
and were not involved with the grant recommendations..
Daniel Regan is connected with the charities Freespace Project, Bethlem Gallery and Marlborough
Productions who received grants of £39,000, £26,625 and £40,000 respectively.
Sabra Khan is connected with the charity Sampad who re￿iVed a grant of £39,800.
Member of staff, Jannal Hossain, declared an interest in the charity Racial JusliTr Network and did not
participate in the assessment process for the grant of £50,000 awarded.
In 2018 the Foundation and New Philanthropy Capital agreed a contract for New Philanthropy Capital to act as
its Learning Partner. The original contract was for £30.000 per annum until 2020, subsequently extended lo
2021. There was a decision al the March 2021 SCS Committee meeting lo renew the contract until 2024 al
£35,000 p.a. Lucy de Groot is a Trustee of New Philanthropy Capital and did not participate in this decision.
-20-

THE BARING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
16.
Analysis of Net Assets Between Funds - 2021
Restricted Revaluation
Fund
Fund
General
Fund
Total
2021
Investments
Net current assets
Creditors.. amounts dLJe after more than one year
65,202,745 59,667,874 124,870,619
493,231
493,231
1584,3361
1584,3361
Not assets at the end ofthe ygar
65,202,745 59,576,769 124,779,514
Analysis of Net Assets Betsveen Funds - 2020
Rostrlcted Revaluatlon
Fund
Fund
General
Fund
Total
2020
Investments
Nel current assets
Creditors.. amounts due after more than one year
60,553,735 59,771,272 120,325,007
243,281
251,281
{555,4311
1555,4311
8,000
Net asset8 at the end of the year
8,000
60,553,735 59,459,122 120,020,857
17.
Net Movement in Fund8- 2021
At the stsrt
of the year
Expendilurel
gains on
investments
Al the end
of the year
Income
Restricted funds
Slrenglhening Civil Society
8,000
400,000
1408,0001
Total restrlcted funds
8,000
400,000
1408,0001
Unrestricted funds
Revaluation reserve
General funds
60,553,735
59,459,122
4,S49,010 65,202,745
1,881,788 11,764,141) 59,576,769
Total unrestricted funds
120,012,857
1,881,788
2,884,869 124,779,514
Total funds
120,020,857
2,281,788
2,490,368 124,779,514
The revaluation reserve represents the difference bebNeen the historical cost of investments and their current
market value.
21

THE BARING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
18
Net Movemènt in Funds- 2020
At the start
of the year
Expenditurel At the end
losses on
of the year
investments
Income
Restricted funds
Strengthening Civil Society
Treasury of arts activities for older people
2nd addition {Rayne Foundation)
400,000
1400,OODI
8,000
8,000
Total restricted funds
408,000
1400,0001
8,000
Unrestricted funds
Revaluation reserve
General funds
42,091,885
60,589,074
18,461,850 60,553,735
12,964,177) 59,467,122
1,834,225
Totsl unrestricted funds 102,680,959
1,834,225
15,497,673 120,012,857
Total funds 102,680,959
2,242,225
15,097,673 120,020,857
-22-