CHARITY REGISTRATION NUMBER.. 00273258 THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD Unaudited Financial Statements 31 December 2023 IOANNOU & CO Chartered accountants 767-769 High Road North Finchley London N12 8JY THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD Financial Statements Year ended 31 December 2023 Page Trustees, annual report Independent examiner's report to the trustees staternent of financial activities Statement of financial position Notes to the financial slalemenls The following pages do not form part of the flnancial statements Detailed statement of financial activities Notes to the detailed statement of financial activities 14 15 THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD Trustees, Annual Report Year ended 31 December 2023 'I"he trusLeL% i)rL'.4eni dieir repoii and UIC Undudikd li113n6Jal 51afrAi¢nLS VL. thL charitt." tor die Y'ear ended 31 Lle¢embLr 20?- Chair's rEpurt ?O?i a i'ir. actii"e i."£ar hi. the frieEyL- ol'kL'niioixJ. AJi()n£ le hiohli?hri kn b¢¢n our supporl ol. d)L J<)%hua Reixolds celebraiion Lxhihilion. A_tyant froni thc l-riirkls hLIp¥d lund the rehllnu and rL]nd tlie oiJ]erLul boouei thIE t Icotllparncd Ihc eihibiucin. The eibitiOn I'ai'ouidhli. TLI"ILiid and ieinindeSbin? ¥oUcctson vl"th¢ Ii"ea9h L4¢quesL ,innthtr lu?bIiqhi lias U)e neil" eQbion shoiicasL ol. l.adi" Cohen miniatttres. IlTren IAdi G)hL'n o¢iicri)Uil!" donated her coll¥CllOII ol. InltT¢s io keniiood_ tht Fn¢ii(L% or. Kenii"o(Kl oai'e a olthi io fun thL resluraiioA Of thv llithialurcb Ilfftlier nr&nl 10 pai. tor a bL5pnKe dspI&' ]0%1.CaL li) be placed Dn the Oun¢t IluiiT in r4ibe allene$S VL Keiii%vi)d'.i Liniiiut iolle¢tiorLOt lliiniaiures. Thv Annu31 mLIn'r%, ii¥nt held ip_ OcknbL'r 202i Iii .1¥bra th15 Éenero bei]U¢Si QAIJ il iNd% ¥iiend¢d bi. Ladi. CLTrhen. lier gu¢%LTh and our ]neniber.- I Mi)uld Iik-c to th¥- l.llUi2t Coolin? Alan Derhi"Nhiri ti)r their tslk'.s aTrd the ci'cnL% teani for or8anising thi.% Lirnt. We alsv dotL.d ioNi7r& Jl¢ath Hands, prL)iecl of crtating an InlEq)fLL4iion Rovin dl keniiood l)aiTh-. W"e llopc thi$ help ¢ll?a¥c the local Con1rn. iurthgr iilieji iliei" i'i%itthe Ken)i'ood E%tste Laler in th¢ i.ear e E¥TI ol. fi-eagb otlucd a unioLk inur of Eli-eden Ilall: lh¢ rem&tK"ablc TrU.e in Sut'tolk th&t had becn translunnE41 bi. Prince DLliep Su)8h: the la4t fvl.thatai311 Puni¥b. 11.'ith i'en" short ntstie lie iiure ?bl¢ It) i)roaruse a wuch Inp and the r.aTI took. l-'TicfiJ% on U ii)ur ot the tamil%" FLZle he iiU> 5cllint, In rditye ro rcpair thL FO(It' ot die buildiDÈ. Our 1{1 Mark Kin? ii.ho oooiu%cd the ikliolL L'icnl IA d lei% dui's. li nised a leii pounds toiiwds fuiuTe Cl'¥nL% dl Ken%i.ood. OLheT I"ISits m OUF proL1r1lle haie projets eNtrcn¥l! popujar. l ain also ietill to TTaN' Abr17..aIlV' r)02anis: dnd Jcr71' kierkuc-Trieiinski lor ihknLf tsLippon on the Council Tliekcnii"ui)Lt le¢ture% IncledOvr>V7&j dnnl ei'enl." a t9Ie l¢ciurL on thd"clI)DmCnl of"Ininiart& Lo coincide ii.ith Ili¥ QPL'lliO ol. die ueKI. di)ylai'. (kn tliaTrk"% io AnEela Cox aud Iliclmrd ()mTrond tor on&L a]rL orBanisill8 d rem*-able set ot 1¢Cn¢S across the l'ear ond 10 Nick I'ieldiO and Heln Pdi IiL lor dll the supportii.ork thi.oli'ed to m8k-e rlkse lecNr¢s ai'ailablc 10 all. hLld i drinks recepLioii B% parL i)I-OUT gnnual eN'eoL gnd a CknKlr[$ reception iiuth deli" ious Iiiinct pics. These eiienis iiould nti'erhai¢ liapplmol li itli¢sui the UTelesi effotts oi hgala GolL' iltid Helln Pai'ne IIIC L.*[lI] P&TtiiipatitiÉ in Englith HLriwvrer Ken Solollkous tor ¢oinp11itsz hi* Annual Riport. Ken h85 eii%uTed the Iga¢Ll5 io the Friends f)t.KenIin are iiisel!. irLi"L'.%lcd. Itnacies iiill enable tbe friends ro Lotttinuc Lo Lid ¥xhihitions aiiJ uiienl ib>ues b.kc thL PICEure liohtsnl oi rjie colleition. 11.'c dre gratetid tts Juliu¥ Bacr killik Peniland. (SUT Corpottte Bcnetactors. lor thcir %teadia_%t.%ui)por Jnd also to our I'-CAll¢¥f dnd Remb[dI frien&-. I'-inaElI", a bie Ihdnk i Clu in all ni&llrg. Your suppoil nabl&l the l.rLiAdb ill pla!. a cnn%tnL'lii'e and LlcUie ruLi in thL E'uture Qi keniinryj. Dame Jentts. AbFdlllSk. Chair of Trtree 27 1'¥bnwi. )024 THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD Trustees, Annual Report (Contsnufdj Year ended 31 December 2023 Reference and admillistrative details Registered ch2ritTr' Dame Charity, registration number PrTrDcipal oftfice THE FRIENDS OF THE IVEAGH BEQUEST: KENTWOOD 00273258 Kenwood House HaTnpstead Lane London NW3 7JR The trustees Dame J G Abrams Mr K S Solomons MTS Mi Gole Mrs A Cox rs S E Doganis MrMBKing Mr R L Ormond -ms H E Payne Mrs T C Abraham Mr J J Kierkuc-Bielinski Mr N Fielding Dr P J Hirdy Mrs Mala Gole Company secretary Independent examiner Constantinos E. loannou FCA Structure? governance and management The Friends of The Iveagh Bequest, Kenwood, also known as "The Friends of Kenwood" is constituted as unincotporated charity, the activities of which are governed by a trLlSt deed dated 27th February 1977 as amended on 15th April 2012 as amended on 15th September 2021. The trustees oversee and authoTise all expenditure of the charity as well as the main fund-raising events. Objectives and activities The c>bject of the charity ig the proTnotion and improvement of the amenity for the public at large of the Iveagh Bequest, including Kenwood House, Hampstead Lane. Londtsn NW3 7JR, its estate and collection5, through the support and assistance of a group of Friends. Achiei'ements and performance During 2023, we again ran our programme Of talks in the Lecture Theatre at Ken'00d House, while also providing a live-stream link for those of our members who c(>uld not attend in person. We continued to M'ork i¥'ith English Heritage on the preparation of a Masterplan for Kenwood House and Estate and it is hoped that this will be completed in 2024. We funded an exhibition of Joshua Reynolds, palntings in the House during the year to commemtsrate the tercentenary of the artist's birth. THE FRIENDS OF THE IVEAGH BEQUEST, KENWQOD Trustee5' Annual Report reonunue Year ended 31 December 2023 Fsnancial rci-icTr ljntsl the Keniiwd Nlagierplan is coiri?leied and ai)proi'e¢L il i) noi CNpLt¢d Ihdl an!" >18ndiaL lundlli rcqucst). Lor Fll_21tsh HetiL4¢Je Proiecis iiill anse. apart fioRI l¥iLp¢Jrdn" ixhibiuans. COR quentI": ii"e licll i)IdLLd tlie majoi pan ot our liJnds on inicrL'sI-hciinng tull¢ deposits aod co1unenc a pha3ed ini"estrneni UILa tiiD Cli¢1riti" LSG fun&% PlaD5 for future p¢rlods Th¢ cltsnL)' 711 conUl. th¢ proinotion ot its obiecuies and the support ol-ED¥li%li Heritage. 'Ilw Ints'i¢¥ts' annual rert approi'ed on ?7 1:cbruaTh" ?074 and %igned on bel]alf ot Qit board ot tDJstee< bi.: r Abr8Thbk¥' Chair TrLL%tees Tredsuier THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD Independent Examiner's Report to the Trustees of THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD Year ended 31 December 2023 I report to the trustees on my examination of the financial stateinents of THE FRJENDS OF THE IVEAGH BEQbEST, KENWOOD ('the charity. ) for the )'ear ended 31 December 2023. Re5pon5ibilities and b25is of report As the irustees of the charity, you are responsible for the preparation of the financial statements in accordance with the requireTnents of the Charities Act 2011 ('the Act,). I report in respect of Iny examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carri'ing oiit my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)Ib) of the Act. Independent examiner's stgtemeDt I have completed tny examin&ion. I confirni that no material matters have come to my attention in connection vith the exatnination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity. as required by section 130 of the Act,. or the financial statement5 do not accord with those records,. or the financial statements do not comply with the applicable requirements conceming tlTre fomi and content of accounts set out in the Cliarities (Accounts and Reports) Regulation$ 2008 other than any requiTernent that the account5 give a 'true and fair, view WhCh is not a matter considered as part of an independent examination. I have no concems and have come across no other m2tter5 in cotmection with the examination to 'hICh attention should be draiN'n in this report in order to enable a proper understanding of the accounts to be reached. Constantinos E. loatwou FCA loannou & Co Chartered Accountsnts 767-769 High Road North Finchley London N12 8TY. 27 February 2024 THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD Statement of Financial Activities Year ended 31 December 2023 2023 Restricted funds Total funds 2022 Unregtricted funds Total funds Note Income and endoivmentS Donations and legacies Other fundraising artivities Investment incotne 15,998 7,695 12,319 15,998 7,695 13,057 365,309 3,099 ,691 738 Total income 36,012 738 36,750 370,099 Expenditure Expenditure on charitable a¢tivilies Tot81 expenditure 13,931 6,500 20,431 114,926 13,931 6,500 20,431 114,926 Net gains on investments (3,263) (3.263) Net income and Det 0eMent fulld5 22.081 {2,499) 19,582 255.173 Recollciliation of funds Total funds brought forward Total funds carried forsvard 384,995 91,286 476,281 221,108 407,076 88.787 495,863 476,281 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 7 to 12 form part of these financial statements. THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD Statement of Financial Position 31 December 2023 ?023 ?0?2 Note Fii¢d as.sEt5 Ini.eslen 13 83,263 Current ossets Dcbiori C&¢h ai bk and in honil 14 10,65ti 403,81i 477.819 414,467 47-..961 Crcditor5.' atntrunts fvllitig duc iTritknin one i'ear N¢t rurrcllt asset5 1,867 1.6AO 476,?81 Total assets le>$ Current liabililiL'5 476.?81 Fun415 of the ¢harih' funds Unr¢slFiCted funds ¥8,787 41)7,n75 91.=26 Toi#l Char(t fiElld% 16 49i,86i 476,-.81 The8c financial staiernenL% ii'tre approt.ed bi" the board oi- LLE5 aDd iiuIIM)ri5cd ftsT i&%ue f)n 27 Februarn" )024. 8nd sizlled on t¢hiLfof th¢ b0d bi": DUL lie J G Abnsk.1. Lhair TnLsL¢e5 r L S tsolomo Tr¢asureT The notes on pages 7 to 12 form part of these financial stslements. THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD Notes to the Financial Statements Year ended 31 December 2023 GeDeTal informatio The charity, is a public benefit entity, and a registered charity in England and Wales and is unincorporated. The address of tlie principal offi¢e is Kenwood House, Hampstead Lane, London, NW3 7JR. Statement of compliance These financial statements have been prepared in compli2nce with FRS 102: 'The Financial Reporting Standard applicable in the UK and the Repiiblic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordan¢e w'ith the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act2011. Accountillg policies Basis of preparation The financial statetnents have been prepared on the historical cost basis, as Tnodified by the revalLiation of certain finaT]cial setS and liabilities and investsnent properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimatlon Ullcertainty The preparation of the financial statements requiies management to make judgements. estimates and 3ssumptioJ]s that affect the aTnounts reported. These estimates and judgements are continually reviewed and are based on experience Sjnd other factors, including expectation5 of future events that are believed to be reasonable under the circumstances. Fuod accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated ndS are unrestricted fijnds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or ihroiigh the terms of an appeal, and fall into one of tsvo sub-classes.. restricied income fund5 or endoivment funds. Incomillg resources All incominir resources are incliided in the statement of financial activities when entitlement has passed to the charitv.. it is probable tliat the economic benefits associated with the transaction will flow to the charity, and the amount can be reliably measured. The following specific policies are applied to particulai categori¢s of income.. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its 2Tnoiint can be Meured reliably. legacy income is recognised ii,hen receipt is probable and entitlement is established income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value 15 derived from the cost to the donor or the estimated resale value. Donated facilities ld services are recognised in the accoiints when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD Notes to the Financial Statements fcontinuedj Year ended 31 December 2023 Accountlllg policies {coiilinued) Resource5 eipended Expenditure is recoLFnised on an accruals basis as a liability, is incurred. Expenditure includes an). VAT which cannot be fully recovered, and 15 classified under headings of the statement of financial activities to which it relate5'. expenditure on raising funds includes the costs of all ndraISing activities, events. non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities incliides all costs incurred by a charitv in undertaking activities that further its ch2ritable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to chaiitable activities. other expenditure includes all expenditure that is neither related to raising ndS for the eharity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct Costs attribiitable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent b8sis. InvesttneDts Unlisted equity, investtnents are initially recorded at COSt, and subsequently measured at faiT value. If fair va]ue cannot be reliably eUred, assets are measured at cost less impairment. Listed investments are rnea5ured at fair value with changeg in fair value being reCOlsed in income or expenditure. Finanelal Instruments Financial instruments are classified and accounted for, a¢¢ording to the substance of the contractual arrangement, as either financial &sets. financial liabilities or eqiiity instruments. An eqiiity instruTnent is any contract that evidences a residual interest in the setS of the company after deducting all of ils THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD Notes to the Financial Statements (contlnued) Year ended 31 December 2023 Donations and legaeies Unrestricted Total Fund5 Unrestricted Total Funds Funds 2023 Funds 2022 DonatlOll5 Donations 442 442 220 220 Legacies Legacies & Bequests Gifts Corporate Benefactors Subscriptions SubscTlPtioJ)s Annual Members Subscriptions Life Members Subscriptions Rembrandt Members Subscriptions Venneer Members Gift Aid Repiyrnents 349,000 349,000 1,SOCI 1,500 1,000 1.000 8,360 2,375 600 750 1,971 8,360 2,375 600 750 1,971 9,400 1,875 300 7iO 2,764 9,400 1,875 300 750 2,764 15.998 15,998 365,309 365,309 Other trading xctivities Unrestricted Total Funds UnstriCted Total Funds Funds 2023 Funds 2022 Fundraising events 7,695 7,695 3,099 3.099 Investment income Unrestricted Funds Restricted Totxl FuDd5 Funds 2023 Bank interest receivable 12,319 738 13,057 UnrestiEcted Funds Restricted Total Funds Funds 2022 Bank interest receivablc 1,286 405 ,691 THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD Notes to the Financial Statements (continuedj Year ended 31 December 2023 13. Inve5tmeDts Listed investments C05t or valuation At l January 2023 Additions Fair value movements 80,000 3,263 At 31 December 2023 83,263 ImpaTrmellt At l J2lluary 2023 and 31 December 2023 Carr)'iug arnount At 31 December 2023 83,263 At 31 December 2022 All investments shown above are unit trusts and carried at their fair value. The basis of fair value is equivalent to the market value, using the bid price. 14. Debtors 2023 2022 Prepayments and accrued incotne 10,652 142 15. Creditors: amounts falling due within one year 2023 2022 Trade ereditors 1,867 1,680 16. Analysi5 of charitable funds Lnrestrieted fllnds Gains and 31 Decetnber losses 2023 l January 2023 Incotne Expenditure General fvnd5 384,995 36,012 (13,931) 407,076 Gains and 31 December 10$5es 2022 l January 2022 Income Expenditure General funds 120,227 369,694 (104,926) 384,995 THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD Notes to the Financial Ststements Icontinuedj Year ended 31 December 2023 16. Analvsis of Charitable fund5 (conliniied) Restricted fund5 Gain5 and 31 Decernber losses 2023 l January 2023 Income Expenditure Restricted Fund I desc in alcs 91,286 738 (6,500) 3,263 88,787 Gains and 31 December losses 2022 l January 2022 Income Expenditure Restri¢ted Fund I desc in c5 100,881 405 (10,000) 91,286 17. Anal)sis of net xssets betiTreen fund5 Unxestricted Funds Restricted Total Funds Funds 2023 cuent assets Creditors less than l year Net assets 408,943 (1.867) 407,076 88,787 497,730 (1,867) 88.787 495,863 Unrestricted Funds Restricted Total Funds Funds 2022 Current assets Creditors less than l year Net assets 386.675 (1,680) 384,995 91,286 477,961 (1,680) 476,281 91,286 18. Restrieted funds The Restricted Funds are rcpresented by a designated bank account named Curatorial Fund M,hich was established in 2019 bj. an anoii),Mo donation from a metnber of the charity, amounting to £IOO,000, to which was added the relevant Gifi Aid of £25,000. Its primary purpose is to fiiiid English Heritaoe for the cost of mounting temporary exhibitions over a ten-}wear period to raise the profile of Kenwood House and its collections. It may also be used for research and other curatorial activities and it is covered b). an agreement betw¢en the charity.. English Heritage and tlie donor. As at 31 December 2023 the restricted fiinds balance £88,787 (2022 - £91,286). 12 THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD Management Information Year ended 31 December 2023 The following pages do not form part of the financlal statements. 13 THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD Detailed Statement of Financial Activities Year ended 31 December 2023 2023 2022 Income and endom'ments Donations and legacies Donations Legacies & Bequests CoTporate Benefactors Subscriptions Arthual Members Subscriptions Life Member5 Subscriptions Rembrandt Meinbers SLibscription5 Venneer MeFnbers Gift Aid Repayments 442 220 349,000 I,otso 9,400 1,875 300 750 2,764 365,309 1,500 8,360 2,375 600 750 1,971 15,998 Other trading aetivities Fiindraising events 7,695 3,099 lllvestment ineome Ba]]k interest receivable 13,057 1,691 Total income 36,750 370,099 Expenditure ExpendÉture eharitable aet&vities Insuiance Independent Examiner's fees Other office costs Other interest payable and similar charges Awards and Grants Costs of Fund-Raising Events N¢M."51etter costs Computer & intemet expenses 484 900 1,563 739 7,000 6,183 3,295 267 370 600 979 199 103.755 5,641 2,786 596 20,431 114.926 Total eipenditure (20,431) {114,926) 'et gaiDS on investments Gains/(lossesl on list¢d investments 3,263 Net income 19,582 255,173 THE FRIENDS OF THE IVEAGH BEQUEST, KENWOOD Notes to the Detailed Statement of Financial Activities Year ended 31 December 2023 2023 2022 Expenditure on charitgble activitie5 Cbaritable Activities Activities undertaken directly Sundry Cxpcnses Awards and Grants Costs of Fund-Raising Events Newsletter Computer & internet expenses 1,563 7,000 6,183 3,295 267 979 103,755 5,641 2,786 596 18,308 113,757 Covernanee eosts Insurance Examiner's Fee Finance charges 484 900 739 370 600 199 2,123 1.169 Eipenditure on charitable activities 20,431 114,926