TH FOUNDATIO ANNUAL REPORT & FINANCIAL STATEMENTS Year Ended 31st March 2025
CONTENTS LEGAL AND ADMINISTRATIVE INFORMATION WHO WE ARE AND WHAT WE DO ACTIVITIES REPORT TRUSTEES, REPORT 7.10 INDEPENDENT AUDITOR S REPORT STATEMENT OF FINANCIAL ACTIVITES 14 BALANCE SHEET 15 CASH FLOW STATEMENT 16 NOTES TO THE FINANCIAL STATEMENTS 17.25
LEGAL AND ADMINISTRATIVE INFORMATION Charity Name: Charity Registrati( number.. Registered Office and operational address: The H8rley Foundation 276611 Partland Est8te Office Worksop Nottinghamshire S803LT Trustees." Mr W H M Parente Ms D M A Parente Mr RJ Brown Mrs Z Glbson Mrs D M Roberts lappolnted on 5 Aprll 20241 Senior Management. Ms Bryony Bond {Directorl Curatorial Advisory Group: Mr M Hall Mrs K He8rn ICh8irl Ms H Obee Mr H Wyndham Auditors Dlxon WSlson Audit Servlce5 LLP 22 Chancery Lane, London WC2A 1LS Bankers. Natwest Bank PIC 69 Bridge Street Woiksop, S80 IDJ Solicitors Wiggin Osborne Fullerlove 52 Jermyn Street London, SW1Y 8LX
WHO WE ARE AND WHATWE DO The Harley Foundation was set up in 1978 by the late Duchess of Portland to encourage creativity arld to help mainlain traditional craft skills. Today we aim to help more peopto access and enjoy the ViSU818rtS and lo help artists and makers lo continue to create. Vision To encourage o80ple 10 enjoy the visual arts end crafts. Mission To create spaces there the imagination can flourish, and be enjoyed. Activities To spark creativity by bringing the old and the new face to lace ihrough publlc exhibitlons in the Harley Gallery and the Portland Collection Museum. To celebrate the handmado through exhibitions. events. and studio spaces. To offer 8rtistS end mekers sp8ces to create anci sell their work. Admission to the Harley Gallery and Poriland Colleciion Museum is ITee. At ihe Harv Siudios we provide subsidised work$p8¢es and $pec181 schemes of 9uppori for individual 8rtistg and makefs. rhc Harley G811ery has three exhibition spaces. The exhibition spaces show the work of contemw- rary artists and makers ihrough a varied programme which changes four tirq?s annually. The Gallery has an annual programme ol events lor 8dult visltors, f8milieg, schools. and chlldren. The G8lleiv Shop sells work from around 250 makers and craltspeopltt from across the UK. The Portland Collection Museum shows fine end decorative aris from the Poriland Collection. The Halley Foundation receives an ar)nual income from the investment of the gifts made by Ihe18te Duchess of Portland In 1978 and from the laie Lady Anne Beniinck in 2010. In addition, Ihe Founda- tIDn raises income from studio licence fees, grant funding for particu18r projècis and via Its trading subsidiary from the Harley Gallery shop, events and c81e.
ACTIVITIES REPORT Activilies Our mission to create spaces where creaiivity can flourish remained in place. as did our commitment to engaging w1th as broad a range of vi51tors as possible. Both of our gallery spaces remain free admission and we welcomed ovei 103,000 visitors in the year. Parrland CnllecTlI)n M118cum The Portland Collection Museum has Ihree diffeienl vi51tor ttails that have been developed by Independent curators Karen Hearn and Hannah Obee. HArley Cyallery April July Effie Burns.. Earthly Treasures, c8St glass Nlark Frtth., An¢ieni 08ks, pencll drawings Paul Hart.. Truncated. photography Anthony Whishaw.. TreescapLs, painting Four 8rtl818 exploring rrees 8nd woodland in different media. July- October The Harley Open 2024 185 works chosen from over 1.200 submlsstons, Ocrob8r- Januarv lan Kirkpalrick.. ICONOCLASH Symbols from cartoons, cave ail and coniempoiaiy lile remixed in sculptures. quiStod wall pieces énd ombroidory. Supported by Aris Council England. January- March People's Art Five contemporary aiiisls- Ingrid Murphy, Zac Weinberg. Liaq8t R8suI, julia Giiff iihs lones, and Fr8ncise.a Onumah made new work In response io hislorlc pE¢es of folk art made by unnamed 8rtists. Sales in the gallery and museum shops lotalled over £255k. Gi3nls We received the following grants during the year.. £12,750 From the John Hemingway Trust lo dovelop a community educatt)n progrbmrne {recognised up front in the financial statements of g prevlous yearl £17.460 from Inspire, N.C C. lo subsidise 8 programme ol adult and family learning in the Harlev Pottery Studio and Education Studio {recognised as service Income in these financial stalementsl. l?ub',11.' r)enc-f t Both the Harley Gallery and the Portland Collection Museum are 7 days a week and are free admission The Harley Poitery Studio ran cl£sses for students of all ages and abilities. We have continued to work in partnership with Notlinghamshire MIND to offer short courses to their service users
Ai-lisl Siudios The Harley Foundaiion offers 22 artist studios ai subsidised costs to practicing aTtists. The studsos were full throughout the year. Occup8nts.. Restoration The Gl?ss Repository Goelze Gwynn- Organ Restoration Ross Alcock- Clock Restorer Freeman & Young Conservation - Paintina Conservatlon Fiona Hutchinson- Ceramic Restoration Geoff TinniswooKJ - Keyb08rd Re8toration Clairo Ridley - Pioture Frame Conservator Visual Arts Michelle Reader- Sculptor Phil Neal - Sculptor Steve H8ndley- Sculptor Rebecca Smith - Digital artist Georgina Rixon - Dancer and owner of Detail Dance Studio Crali 8nd Design Laura Baxter- Jeweller Hope and Elvis- Textile workshop studio Janie Withers- fexlile Oesign Ruih Waller 8nd Lee Hewitt Textile DesSgners Richard Hanley- Guitar rnaker Rachel Wood- Potter Kyra Cane- Poller Simon Mount - Furniture Maker Daniel 18ck8cn - Scientific Glass Insirumenl Maker Thornas Veryard- Furniture Maker Studio Discovery Dayg run with tours. talks and demonstratlons fealurlng the Harley Studio Artists, A programme of school workshops was offered rhroughout the year A range of flee family activities txovided in the gallery for each exhibition. A programme of creative fami and children's workshops clelivered throughout the year.
TRUSTEES, REPORT The Trustees presenr their r-port and 8udited fin8nc181 s:arements for (he year ended 31 March 2025 The financial 5taremenls have been prepared in accordance with the accounting policies set out In note 1 to The accounts and Comply with the charity's Trust D8ed. the Charities Act 2011 and tho Charitles SORP IFRS 1ry21. Goveriidiice c)nd Man48(Jn.rnp.nr The lull name of the unincorporated charity 1s'The Harley Foundation, I'Foundalion'l. The Foundation is governed by a Trusi Deed dated 11 September 1978 and various supplemental deeds. The Foundation's reoisrered office address and current Trustees are listed on page 3 The FoundatKin has a wholly-owned subsidiary, Harley G8118iy Trading Limited. a private company lim- iled by share capital, company number 08083700. The subsidi8ry c8rries on Irading activitle8 under the direction of th8 Trustees and s&nior managemenL .i.IiiiLJnl anrl Aiiw.In."rypn* ol Tri !tlnDC Trustees are 8ppointed by un8nimous formal resolution ol the Board of frustees, Th8 Trustees have the power to add, amend. replace or revoke all or any of the powers conferred on them by the Trust Deeds provided that no exercise of Ihat power shall affect the obiects ol the Foundation. I rLJslee |i)clucrion and Trainir,y Polenlial Trustees ffleet with the Dlrcctor 8nd Chair of Trusrees for 8 discussion aboul the work ol the Harley Foundation and Ihe intor8Ction berween siaff and Trustees They are invited to ioln us for a lull Truslep Meeting and ro meet with other Trustees. Once Trusrees have joined, Ihey are given a full Infor- mation pack wlth information about curreni work projects, the mission statement and future plans. They Ihen spend lime with gallery st8ff. key stakeholders and partner5. All new I'ruslees are given appropriale Ch8111y Commisslor) documents relating lo good practice lor Charity Trustees. Risk Management The Trusle&s have examined rhe major risks to which the Foundallon ig exposed. Financial sustainabilily is rhe m8jor firiancial risk for boih the FoJnd8tion and its subsidiary. A key element in the management af fineiiLial risk is a rcGulor revlew of avai18ble liquid funds to settle debts as rhey fall due. In particular. the Foun(Jation's investments are rnonilored to ensure sufficient Funds are generated to provide working capital for the Foundation and its subsidi8ry company. There are a150 non-financial iisks arising from health and safely of staff. clients and vlsitors lo the gall8ry Proc8dures are in place to manag8 ihe58 risk5, and these procedures are periodically reviewed to ensure that they continue to meet the require- ments ol the Foundation. Curatorial Aclvisory Group The Curatorial Advisory Group considers the display of works from the Portland Collection In the Port- land Collection Museum. The terms of reference of the group are 10 offer advice and oversight of pro. posed exhibitions of the Portland Collection, to propose likely academic links and partnerships end lo 8dvise on best practice with regard to Interpretation 8nd display matters. Members lo the Group are ap- ty)inted lor a 3-year term which may be extended The Curatorial Advisory Group is made up ol leading art historians and curators and the members of the group arè listed on page 3.
Objectives and Activities The FoLJndation's objects as set out in the Trust Deeds are.. The advanment of public education particularly in the arts and crafts,. The promotion and assisiance in the promotion of training, apprenticeship. Instruction and edu- cation of persons in the Unrced Kingdom In the practice and performance of arts and crafts.. Other charitable pursx)ses for the advancement of education. The Foundation's principal activities in pursuance of its objectives are.. The maintenance of the Harley Gallery as a premier l(xalion in Nottinghamshire for the promcF tion of exhibitions of art and craft. and as a venue for Ihe holding of courses for school children and adult learners,. The maintenance of Ihe Portland Collection Museum for the display of historic fine and decora. tive arts from the Portland Collection. The displays are semi-permanent and change every 36 months,. The provision of subsidised workshops for craftspeople to encourage training and preservation of art and craft skills. The Foundation gives encouragement to artists to display and sell thelr work at the Gallery and elsewhere. and,. The Foundation aims to attract at least 90,000 visitors per annum lo the Harley Gallery and max- imise the occupancy of ils crafi workshop, as well as maximising the opportunities It can offer to support and promote arts and crafts. Inlormallon on the Foundation's activities during the year Is given on p8ges 5 to 6. Public Benefir Statement The Trustees, having regard to the Public Benefit guidance published by the Charity Commission in ac- cordance with secrion 17 of rhe Charities Acr 2011, consider that the purpose and activities of the chari- ty satisfy the requirements of the public benefit lesl set out in section 4 of the Same Act. ",prvp• Poliry The Trustees. having reviewed the future commitments of the Foundation, are of the opinion that the funds and investments held at the year end are necessary 10 produce income and gains to supplement that generated from its charitable activities ill order to maintain the normal operations of the Founda- tion, to cover ongoing costs of maintaining and operating the gallery and workshops, and to continue the educational activities of the Foundation. The Trustees are confident that the Foundation has the financial resources to continue to further its charitable objectives outlined above. Financial Review A summary OF the Foundation's results for the year are as set out in the Statement of Fin8ncial Activities on page14. 100%12024.. 100%) of the Foundation's expenditure related to its key charitable objectives. The Foundation's total outgoing resources this year were £1,108.69412024.. £1,032,578) which has been
funded through income generated from the Foundation's charitable activities of £113,833 12024.. £117,174). investment income of £317,205 (2024.. £7.6]2) and donations from Harley Gallery Tradiro Lirniied and third parties of £86,875 12024.. £261,891) leaving a deficit for the year of £590,781 12024.. £201,901 deficit). There wefe also net losses arigng on the FoJndalion'5 fixed and current asset Invest- ments In the year èmounting to £65.01512024.. net gains £1.581,3451. resulting in lot81 unrestricted funds carried forward of £25.128.97712024.. £25.784.7731. The principal sources OF funding for the Foundation are Income and gains generated by its investm8ntS, supplemented by income gener8ted by Harley Gallery Trading Limited. grants from third parties and license lees paid by the occupants ol the craft workshops. IIivLlStI-ient Piilicy The Trustees have adopted a balanced investment approach with the view ol achieving 8 long term iotal reiurrn through a mixrure of property 8nd equity Inveslmenis Details ol the Foundation's current In vesiments In agricultural land and equitie5 are set out in note 7 of the financi81 statements. The Foundation has holdings In two investment funds: the Royal London Short-Term Money Market Fund. managed by Royal London Unit Trust Man8gers Limiied. and The Ord Fund ICVC. managed by Thesis Asset Management Limited. The former's obltive is lo preserve capital and provide an income over rolling 12-rnonlh periods by piedominanily invesling in cash and cash eqLJivalonls. The latter's ob- j¥Clive is lu Iiiaxiniise Ils lotal reluifl from a diversified porrfolio, mainly of equilies. spread across global markers principally through securifies and .%hares in ¢ollecLive schemes but al30 ihrough money market In8trument.4. depr)sitS and c8sh or near cash investments No emph8sis is placed on any particular eco- nomlc, industrial or geographical sector The fund has 8 focu9 on total return r8ther than hlgh yEld and the Trustee£ p18n 10 sell iinI18 to provide funds lo subsidlse Ihe foundation's ch8rit8ble activities. The Foundation's rradeable Inveglmenls showed a revaluation gain of £15,96412024.. 981n of £1.457.9411. The value of the Foundation's agricultur81 land decreased In the year by £80.00012024.. g20,000 in. crease). Overall, the value ol the Foundation's investments decreased by 2%12024.. 7% in¢reasel. Svriioi rriaiidyoin?.It Matters of slraregy are agreed by rhe frusrees whllst day to day managernent Including decisions involving the execution ol strategy are delegated lo the senior management. The pay of key managemeni personnel Is reviewed annually. The review considers pay in the sector. the gener81 economic environment and personal performanc&. Respunsibililies ol Ilie Tru61eeL' The Trustees are responsible for preparing the Report of the Managerneni Committee and rhe financial statements in accordance with applic8ble law and United Kingdom Accounting St8ndard8 (United King- dom Generally Accepted Accounting Practice). The law applicable to charities In England & Wales requires the Trustees to prepare hnancial statemenls for each financial year which give a true and lair view of Ihe state of affairs ol tlie charity and ol Ilie in- oming resources and applic8tian of resou[S ol the charity lor Ihal perioci. In preparing Iliese fiiian- cial statements. the Trustees are required to.. solect 5LJltable accounting policies and then apply them consistently,. observe the method$ and principles in the Charities SORP-,
make judgements and estIte$that are reasonable and prudenL' stste whether 8pp1108ble ac¢ountlng standard8 h8vo been followed. sublect to any material depar- tures disclosed and explalned In the fin8ncial statements,. prepare the financial ststements on the going concern basis unless it is inappropriate to presum8 that the charity will continue in busines& The Truste8s 8r8 responslble for keeplng 8ceounting records which dlsclose with reasonable accur8Cy the flnancial position of the Foundation 8nd enable them to ensure that the financial statements comply with the Charltles Act 2011, the Charlty (Accounts and Reports) Regulations 2008 and the provislons of tha Trust Deeds. They are also re8ponslble for safeguording the assets of the Foundation and hence for tsking re&8c>nable steps for the preventlon and detection of fraud and other irregularities. Approved by the Board of Trustees on 7 and slgned on r(8 beh8lf by: W H M Parente Trustee io
INDEPENDENT AUDITOR'S REPORT Opinion We have audited the financial statem&nls of The Harley Foundation (the 'charity'l lor the year ended 31 MÈrch 2025 which comprise the statement of financial activities. b818rnce sheet. statement ol cash flows and notes to Ihe linancial statements, including 8 summary of Significant accounring policies The finan- cial reporling118mework that has been appliod in their preparation is applicable law and United Kingdom AccoLJnting Standards, including Financial Reporting 8t8ndarcl 102 The FinancSal Repting Siandard ap- plicable In the UK Ond Republic of Ireland (unit Klngck)m Generally Accepted Accounting Pr&clicel, In our opinion. the financial statements." give a true and fair view of the state ol the charity's affairs as al 31 March 2025 and ol its incoming resources arKI application of re80urces, for the year the ended.. have been properly wepared In a¢¢ord8nce with United Kingdom Gonor@Ily Acccpted Accountlng Practice,. havc bcon prepared In accordance with the requirements of the Ch8ritie8 Act 2011. We conducted our audit in acGordance with International Standards on Auditing IUKI IISAS IUKII 8nd 8p- plicable law. Our responsibilities under those standards are further descri in the Auditor's responslbll- ilies lor Ihe audit ol Ihe lin8nGial slalemenls section of our report. We are independent of the ch8rlty in accordance with the eihical rpquiremenis Ihat 8r2 relevant to our 8udil ol the financial staremeni$ in the UK, Including rhe FRC'S Ethical St8ndard, 8nd we have fulfilled our oiher ethical responsibilities in ac- cordance with thesc requirements We believe that ihe audit evidence we have obtained Is suffi'cient and 8ppropri8ie ro provlde 8 basis for OLJr g)inion. i-.r.nr.l. Iqir)rns r:-.11t ni rr q*in3.-.nnr.prn In sudiling the financial slatemenls, we have concluded that the trustee's Ljse ol Ihe gDing concern ba4s ol acGouriting in ihe preparation DI Ihe financial statemenrs is appropri81e. 8ased on the work we have performed, we have not identified any material uncertainties relating to evenrs or conditions th81, indlvldually or collectively. ry)ay cast significant doubt on Ihe chaiity's ability to continue as a going concern lor a period ol at le8sI twelvE month5 from when rhe financial slalemenls are authorlsed for Issue. Our responsibilities and the responsibilities of the trustee5 With respect lo going concern a d8scribed In the relevant sections of this report. li
Othrnr iInrrn-. ',Iri Thc oth.e". ir.,ormatlDP. compfises the information Included in the annual rewrt. oiher Ihan the linonaal statements and our auditor's report thereon. rhe trLJStees gre responsible for the other inlormarion. Our opinion on the financial statements does not cover the other Information and we do nor express any form of assurance conclusion thereon. In connection with our audil of the finan¢i81 siatements. our responsibility is lo read the other infor- maiion and, in doing so. consider wheihèi the other information is materially Inconsistent with the Finan- cial statements or our knowledge obtain in the audit Dr otherwise appears to materially misstated. 11 we identify such material incDnsi5tencies or apparent material missiatemenis, we are requir io de- termine whether there is 8 materi81 misstatemeni in the linanc181 statements or a material misstalemenl of the other informaiion. If, based on the work we have performed, we conclude th81 Iheie is a material misstatement of this other informatlon. we are required lo report that fact. We have nothing to report Sn this regard. We have nothing lo report in respect ol the following matters in relation lo which the Charities IAc¢oLJnts and Roporr41 Regulorions 2008 requires us to report lo you il. in our opinion.. the information given in rhe fin8nci81 statemernts is inconsislenl in any maierial respecl with the Irusiees. annual report., or sufficient accouniing records have not been kept.. or the financial statements are not in agreement wlth the accounting records" or wc h8vc not received 811 the inforrnalion and explanations we iequire lor our audit. As explained more fully In th8 tru5tees' responsibilities statement sel o¢Ji on page 9, Ihe trust$ are re- spon5ible lor the preparation of the financial statements and for being satisfi'ed that they give a Irue and 1811 view. and lor such Internal control as the rruslees determine Is necessary lo enable the prep8r8tion of Financial statements that are free from matèrial misstatement. whether due lo fraud or error In prepering the financial stalemenis, the IrLJStees ale responsible lor assessing the charity's 8bility lo continue as a going eonccrn, di8closing. tjs 8pplicable. mallers related lo goii)g conGerii and using the going concern basis of accounting unless the trustCP9 either intend lo liquidate the Gharily or lo oease operations. or have no re81istlc alrernaiive bul to do so. Auditor's responsibilities foi the audit of Ike financial statèments We have been appointed as auditoi undei sectiori 144 01 the Charities Act 2011 and report In accord. ance with the Act and relevani regijlations made or having effect thereunder Our objectives are to obtain rea8on8ble assurance 8boul wheihei the financi31 slaleiii8rils as a whole are free from rll8lerial rnisstaternent. whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance 15 a high level of a88ur8nco. but is not a guarantee that an audit conducted In 8ccordance with ISAS IUKI will always detect a material misslaremeni when il exists. Misstatements can arise frorn fraud error and are consldered materi81 if. Individu8lly or in the or in 80- gregate. they could reasonably be expected to Influence the economic decisions ol users taken on Ihe basis of these financral slatemenis. 12
Irregularities. including fraud. are inst8nces of non-complianoe with laws and regulations. We design procedLJres in line wlth our reswnsibillties, outllned above, to detect materi81 misstetements in respect of irregul8rf(les. Including freud. The extent to which our procedures are capable of delectlng irregu18ri- ties. Including fraud 1$ detailed below.. We galned an understsndbng of the legal 8nd regulatory framework applicable to the charity by consid- ering, arnong other things, the sector In which It operates and considered the rlsk of acts by ihe charity that were wntrary to 8ppllcable laws 8nd regulations, including fraud. We designed audit procedures to respond to the assessed level of rlsk, but recognlsed that the risk of rt deterting a material misstat ment due to fraud is higher than the risk of not dot8cling one resulting from error, as fraud may involve deliberate concealment by, for example, Intentional misrepresentations, or through collusion. We fuSBd on laws end regulations which could glve rise to 8 rnaterlal mlsststemenl In the fSnandal 8tatemenls, including, but not limited to UK Ch8rity Law, Our tests included 8greelng the financial state- ment disclosures to underlying supportlng dotumentstion. enquiries with mark9gement and r8Vi8wlng correspondence with the Charity Commission. A8 In all our 8udit8. we also addressed the risk of management override of Intern81 controls, Including testing journals and evaluetlng whether there wa5 evidence of bias by management that represented a r15k of m8teri81 mls8tatement due io fraud. There 8re inherernt limitations in the audlt procedures descrlted above and, the further removed non- compliance with laws and regulations Is from the events and transaotions reflected in the fi'nancial stat8- ments, th6 le8s likely we would become aware of it. We did not Identify 8ny key 8udlt matters relatlng to irregul8rltie$, includlng fr8ud. A further descriplion of our responslbllllSes for the audlt of the financial statements is located on the Fl- nancial Reporting Council's website at-. www.Irc.org.uVaudllorsresponsibilities. Th15 descrlption form8 part of our 8uditorfs rewrt. Use of our report ThLq report18 made solely to the charlty's tiuste8s, 85 a Qdy, In 8ccord8nc8 wlth regukiions made un. dei Section 154 of the Charitles Act 2011. Our audit work h85 been undert8ken so that we mlght stale to the charlty's trusleos those mallers we are required to state to them in an 8udltor's report and for no other purp08e. To the fullest extent permitted by18w, we do not accept or assume responslbilily to any- one other than the charity and the charlty's trustees 88 a body. for our aLKIIt work, for this report, or for the opinions we have formed. Dlxon W1180n Audlt S8rvlce8 LLP, Statutory Audltor 22 Chancery Lane London WC2A1LS Date.. Dixon Wilson Audit Services LLP is eligible to 8Ct as an audltor terms of section 1212 of rhe Gompanles Act 2006. 13
STATEMENT OF FINANCIAL ACTIVITIES Unr8Strlctad ftjr Unre3triGted funth 2024 Notes 2tr25 Incom Don8tlons kgaGIg5 e6,875 261,891 Investmeni Ino)me 317.205 451.612 Charit8bl& acfivSties Galleries 54.546 55.873 - Craft workshops 59,287 61,301 113.833 117.174 Total incon 517,913 830,677 &xp8ndltur• Choritoble acrivlri8S Gallprlgs 1,049.459 972.397 - Craft work8hoF lotal expendrture 59.235 60,181 11.108,6941 11,032,578) Net Ilossesllgains on investments 165,0151 1.581.345 Nét Income and net movement In fvndg 1655.7961 1,379,444 ReconcSllotlon of fund8 To1 funds brought forward 25,7e4,773 24.405.329 Total funds carrled forward 25.128,977 25.784.773 14
BALANCE SHEET Notos 2025 2024 A88ets T8nglble fixed assets 5,745,778 5.934.376 Investments 17,278,540 19.142,576 Total fixed assets 23.024.318 25.076.952 Curr•ni 48•ets Debtofs 383,633 451,55() Currenr 888ei Investments 1,750.648 7D,650 Cash at bank end in hand 16.435 JlJ.511 Total currènt assets 2.150.716 835.711 Cf8ditorg.. Arnunt3 falllng due wlthin one year 10 146.0571 1127.8901 Net current 888ets 2.la4.659 707.821 Totsl 8B8ets Its88 eurrent Iiabilitloe 25.128.977 25.784.773 Fund8 of th• ch8rMy Unre8trl¢teA fundB 25.128.977 25,784.773 Approved 8oaiG ol Trusiee5 odand signed on Its beha by.. Vl H M per71 ie Tiust The notes on pag& 17 to 25 form part of these Financial siaiements. 15
CASH FLOW STATEMENT 2025 2024 Cash flows from operations Nel movement in funds 1655.7961 1.379.4 Le&8-. Invesrm8nr Illcoe 1317.2051 1451.6121 Nei108seslloalnsl on Investmenis 64.443 11,588,158) Decrease/lin¢re8sel In debtory De¢reBse In credftors 21.347 1199,6681 123.8191 10 181.8331 DepreciatK)n Net $h used In opwatlons 208,560 214,578 1760.4841 1669.234 Cash flow8 from ntment Invesrmenr incom8 363,775 436.537 Procoedg from sale ol Invesimonis 10,509.734 3Cfj,813 Purchase of Invesimenrs Purchase ol fixed asseis 18.709.734) 120.3791 Proceeds from sale of fixed asyet8 10 Nei caah 98n8rated from Inv•st- mant 2,143,406 743.350 Net movement In 088h ènd C8Bh aqulvalents 1.382,922 74,116 Cash and cash equivalents at the beginning ol tli8 year C8gh and Cash equlv8lènt8 at ih &nd of the year 313.511 239.3g5 1.696.433 313.511 ReKonclllatlon to cash Bt bank and In h8nd= Cash ar bank and in hdnd at end of year 16.435 313.511 Cash 8quivalenis 1.679.998 C88h and cash equlvolents at the end of the year 1.696,433 313,511 A net debt r8eoncili81ion has not been included In the financial statemenis because Ihe"e are no108n& ov81- drafts or finance leases. IG
NOTES TO THE FINANCIAL STATEMENTS Accounting policies a%1.£ of •cc,oiJn'.I,i9 The finanoal statements have beon preoarod Jr)der the historical cost mnvenlion, as modified by Lhe revaluarion of cert8in as8ei$. in 8ecordance with applicable 8c¢ounting standards ard Accounting and R8[x)Iii by Charilies.. Statement ol Recommended Practice applicable to chariiies preparing their accounts In accordance with the Financial Reporting Standard applicab In the UK and Republic of Ireland (Charities SORP IFRS 10211 leffecrive 1 Janu8ry 20191 The financial statemenT8 have b8en rounded to the nearest £. The Found8tion15 noi recwlred to produce Consolidat accounts because it Is wiihln the rebvant threshold. 1.2 Fiiyrl otriiv.ti Irp The Foundation was creared bythe Most Noble Ivy Duchess ol Portland by Trust D8ed d8red 26 18nuary 1978 as a single charitable fund with the Trustèès having power 10 hold the capital 8nd Income ol the trust fund in Irusr ro apjy the $8ryk as Ihey shall ai rheir absolute discretion think Iii. 8y D88ds of Variaiion of the Will ol Ledy Anne Bwtinck dBtcd 27 November 2010 ond 26 Dember 2010. Various paintings and works of art were bequeathed to the Fwndaiion ro hold as p8rt ol lhe singlé chaii1gble fund on rhe rerms set out above Income aid expenditure is recognised on an aGcruab ba818. The lollowlng 5pecllie pollcies are apolsed ro particular categories of.. Income Dividend income is recogni5ed when the security is quoted 8x-dividgnd. Incomlng iesources from ch811rab trading aGiivities are accounted lor when earnèd. renral Income iy counted lor In the period to which it rslales. Grants and donations are ie¢ognised once the charily 15 entitlgd 10 receive Ihefft. 8s evklgriced by fcimal offer ol fundiro comrryJnic8ted In writing. 8nd thère Is sufficient evidenee that gny att8ched Londitions will be mvl. Exrendituie All cos13 8re 811ocated between the expendlture categories ol the Ststement of Financial Activities on basis designed 10 reflect the use of the resource 17
1.4 Tangihlp fixed awls Equipment purchased for Ljse In the craft workshops and ggllery office eqJipment is ¢3p1lld and depreciat8d by equal instslments over 8 live year term. The Portland Collection buildino is depreciated by equal Inst81ments over a 50 year period, while the fixturès 8nd fittings 8r8 deprec18ted in eqLJal iTh%ialmen-,s over 8 20 year period. The Halley G8lleiy and the craft workshops have been lully deprla[ed C8Plt81 expenditJre incurred on Improving leasehold property LS cepitslised and includ0 as fixed assets. It L8 then depre¢iÈted by equel Instalments over the len9th ol th818858. Exhibits purchased for the Harley Gallery are chafged in th8 year they are purchased 8s e dlrect cost In accordance with the accouniing practica adopted by Museums. 1.5 Fixed assets investmenr and Investment Income The Foundation's Ireehokl interests In farm land and bulldlng$ are Included 8$ invement properties. These prOperlS ale rovalu anriually 8nd 8re included in the Balance Sheet at rI6ir open market value (lair value) in accordance with FRS 102. Irvestments listed on a recognised Stock Ix¢hange and other r&y re8118able Invesrmenis are vald 81 their m,"d-market price prevailing at the 881ance Sheet date, PioliLs 01 losses on sales ol Invesiments arKI net gains on revaluation of investments arg ¢fedited to the Slalernent ol Financial Activits. Investments In subsidi8r'es are Included at C05t less provlsion fcy lmp81rmt. 16 Cuirenl asS8t investments Works of art are h91d ot ihe Tiusie88' best estirnate ol market value. Cash equwalents are money market funds held at the quoted shara pr Re811ged and unre81ised gains 8nd losses Ore Includgd In ihe S18tement ol Financial Acrivillcs. As a charity, The Hgrley Foundarion 15 exempl from tax on income and gaing falling within part 10 of the Income lax Act 2001 or section 256 01 the Taxation of Chafgeable Gains Act IW2 10 the extent char rhese are appl*d ro its cheritoble object8 No lax charges have orisen In the Foundaiion. 1.8 eo-. Ir-. 71 c-¢limilip,n Inr.?.rt.3 rl The valuation of investment prop8rty is a source of 8stimation uncertsinty, as it is subjective and liable to change due io dernand anci market conditions TFE c8rrying 8mount 15 deiailed in nore 7
Income analysis 2025 2024 Donetlons leyol88 Grant from The John Hemlrow8y Charitstr8 Tr[ Oon8tk)n fr¢)m Harley G81L9ryTradlrvJ Umltsd 191.250 86,875 70.641 86,875 261.8 Investment Income Income from trad98ble Investments 6.098 95,514 Rent recelv8ble Int8r&8t recelvoblg 95,5 $0.570 317205 451,812 73,503 19
Analysis of Charitable income and expenditure Cr8ft workshop8 Gallerles Grants Tot41 Year anded 31 March 2025 Inwm¢ Sales and ch£rge5 Granis and donailons 41.918 12.628 59.287 101.205 12.628 54.546 59.287 113.833 Expenditure Dlreci costs 133.2711 1308.8491 1353,3341 1208.5601 1145.4451 133,2ni 1359.8541 361,5641 1208.5601 1145.4451 Staff costs 151.0051 18,2301 Premises costs Depreclaiion Other costs 11.049.459) 159.2351 11.108.ÉQ41 N•t Id8flclt}18urplu8 for th8 ye8r 1994,9131 52 1994.8611 Yeer 8nded 31 March 2024 Incom sas and charges Grants and donations 42.81S 13.057 81.301 104.117 13.051 55,873 61.301 117.174 Exp8ndltur• Dircct costs 152.2281 1312,9291 12&3.3331 1214.5781 1129,3291 1972.397) 152.2281 1364.4291 127.5641 1214.5781 1129.7791 11.032.578) Staff cosis 151,5001 18.2311 Premises cosis Depreclation her costs 14501 (60,1811 Net Idefltsit)Isurplus for the year 1916.5241 1,120 1915.40dl
qIJDport and oovernance costs Athitoi's remLJneratx)n 2025 2024 free payab to the auditDr lor the audtt ot the financial siateinenls Fees pay8ble 10 thÉ auditor for othei services 7.200 8.000 The above costs 8re the only suprx)rt and governance cost5 Incurred during the year. The cosrs have been allWat to ihe Galleries. BCtNity as the amount 811ocated to any other 8CtiMties would be Imm8teri81. Staff costs 2025 Number 2024 Number Full time Parf lime 18 18 20 2025 2024 Staff costs Iloi the above personsl.. Wages and salaiies Social security costs 316.310 321.601 22.368 26.447 Pension costs 14.892 9,380 Siaff ellowances 6,283 7.001 359,8S3 364,429 During the year, one employee12024.. one) e1Ve emoluments of between £70.000 8n(J e80.000 and the Foundatlon mede pension contribuiions of E8,ogg12024.. £8.6191 in respect ol thls MOYee. The Foundatlon peid m8nagement lees ro The Welbeck E8t8te5 Company Limited as det8ileLI In note Key managament p6rsonnal iiic1jeS the diigLtur. The total emolurrEnt8 ol key management personnel of the Foundarion was E83.169 12024.. £84.0391. 21
Tangible fixed assets Plont4nd rn80h1ny Property &98lh Equlprnent At l Aprfl 2024 Addltion8 Disposals 68.601 10.603,199 171,497 20,379 1807) 75.756 10,919,053 20,379 18071 At 31 Maroh 2025 68,601 10,603,199 191,069 75.756 10,S38.625 Dopr8018tknn At l Apill 2024 Charge for the year DIsF%)sals 10.553 1.055 4.747,020 190.509 162,292 7.317 13901 64,812 9,679 4.084.671 208,56Q 13901 At31 Mgroh 2025 11,608 4.937,529 169,219 74,491 5,192.847 Nc4t bwkvoluo At 31 Morth 2tr25 56,993 5,665,670 21,850 1265 5,745.778 At 31 March 2U24 58.048 5,856.179 9.205 10,944 5.934.376 22
Fixed 8sset investments 202S 2024 Freehold investment propert 4,815.000 4.895.000 Trade8bltr inv8simen(s 12.263.440 14.047.476 Investment In subsidiarv 200.100 200.100 17 278.540 19.142,576 Fre8hold Investment proFertleg Markct vulue ai i April 2024 and l Aprll 2023 4,895,000 4.775.000 Revaluation Ilossllgain In th& year 180.0001 120.000 Market value at 31 March 2025 •nd 31 M•r¢h 2024 4.815.000 4 895.000 H18torlcal cosl at 31 March 2025 8nd 31 M8roh 2024 784.131 784.131 The investrnent propériies were valued by th8 trLJStees In consuli8rlDn wkh an oxternal re818st8te servlces providèr. 2025 2024 Trade8bl8 Inveitment8 Marker value at l Aprll 2024 and l AprS12023 14.047.476 12,886,130 Addltlons 8.709.734 10.218 DIsposAI8 Rev8luarlon g8ln in rhe ye8r 110.509,7241 15,964 1306,8131 1.457.941 Markèt valuo at 81 March 2025 and 31 Marah 2024 12.263.440 14.047.476 Hlstorical c08t at 31 March 2025 and 31 March 2024 11.661.069 12 433 389 The Foundation's tradeable investmenis comprises a holding of nil 12024.. 511.4711 unirs in COIF Charities Invesirngnt Fund Income Units ar 1767.02112024.. 830.28615h8r&s In The Old Fund ICVC. 23
2025 2024 Investment In subsidi8ry Carrying value at l April 2024 200.1CM) 200.100 Carrying value at 31 March 2025 200.100 200.100 The investment in subsidiary represents 8 100% trK)Iding in Harley Gallery Tr8diDg Limlted. a company which carri8s out trading gciivitvJ previousfy c8rried out by the Foundailon (see 8180 note111. Debi¢Ns 2024 Tr8de debtors O(h8r debtors 1.334 70.106 312,193 9.845 33.788 407.917 Prepaym8nts and 8cciued income 383.633 451.550 Curreni assei Investments 2025 2024 Works ol art 70.850 70.e50 Cosh equivglents 1.679,998 1,750,648 70,650 2025 2024 WorkB of art Mark8t value at l April 2024 70.650 70.650 Market value at 31 March 2CY25 70.650 70.650 2025 224 Cash equlv&lents M&rkct v•lue 8t l Aprll 2024 Addlon8 1.680.570 15721 Revaluation105s in thc year Market value at 31 March 2025 1.679.998 The Fcxjndation's cash equwalenis comprlses a holding of 1,454,32712024. nlll units in rhe ROYAI London Shorl- Terrn Money Market Fund 24
10 Creditois 2025 2024 Trade crediiors Other crltOrS 10.764 27.338 15.081 45.987 66,822 Tho Welbock Esrate5 Comp8ny Limited 7.955 46.057 127.890 Truslee femuneraiion and re181ed party transactions No Trustee rec*ived 8ny remuneration or relmbursement lor expenses in the rICK (2024.. £nill. Two of the Trustees ar8 diwtors ol The W8lbeck Esiate5 Comp8ny Limited I'ihe company'l. During the peric(l. th8 Foundation was charged 9.804(2O24.. £19,808) in rent and £61.95512024.. £55,502) ir man- 8gem8nr charges and Insuience costs. Thes& transactlons were carried oui on an aims-length basis. The r.omp8ny aLso paid expenditure on behalf of the Foundation. The balance outstanding at the perlod eThJ is shown In nDte10. The Harley Found8tion owns 100% of the share capital ef H8rley Gallery Trading Llm5ted 1.the company'l Durlng ihe w.ri(xl. company o8ld r6ni of C18.16712024 E18,058110 Ihe Foundbtion. The Foundation advanced loans 10 and p81d exoenses on behalf ol ihe comp£ny of £215,05012024.. £222.0551. The Foun- dation rgceived funds on belidll ol and r8paymenrs from the cornpany ol £178.73112024.. £257.0991 The company also made a donarion tu Ihg Foundari(M of £86.87512024. 70.64111. Ai Ihe balance She datg tha amouni due from the cornpany was £70,10612024.. £33.7871. 12 Financial instruments 2025 2024 Financi818ssets that are tr8de8b Investments and cash equivalents measured at 18ir value Ihicufjh profil or loss Financi818ssets that are debt instruments ar amortised Cost 13,943.438 14,047,476 87,875 357.144 Fin8nci81 assets Ihai are equiry instruments measured at cosr less impalrmeni Fin8nci81118billtios that are debt instrurnents me85uied ai amoitised cost 200.100 200,1C)) 138,8601 1117,2761 14.192.553 14.487,444 13 Fund movements 8rouqht Forward G81ns and C8rrled foTh¥ard Income Expendltu Fund unreStrted l(Jnds 25.784.773 S17,3 11,108.6941 165,0151 25.128.971 Total funds 25.784.773 517.913 11.108.694) 165.0151 25.128.977 25