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 Har￿v 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 advan￿ment 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 obl￿tive 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 estI￿te$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 Rep￿ting 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 i￿Inrrn-.
',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 r￿t 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 f￿uSBd 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
To￿1 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 per￿71 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 Illco￿e
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 ￿n￿tment
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 D￿ember 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 ¢3p1￿ll￿d 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 depr￿la[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$ inve*ment properties. These
prOperl￿S 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 val￿d 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 Activit*s.
Investments In subsidi8r'es are Included at C05t less provlsion fcy lmp81rm￿t.
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 Charitstr￿8 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
sa￿s 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 ￿M￿OYee.
The Foundatlon peid m8nagement lees ro The Welbeck E8t8te5 Company Limited as det8ileLI In note
Key managament p6rsonnal iiic1￿jeS the diigLtur. The total emolurrEnt8 ol key management
personnel of the Foundarion was E83.169 12024.. £84.0391.
21

Tangible fixed assets
Plont4nd
rn80h1n￿y
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
2￿24
Cash equlv&lents
M&rkct v•lue 8t l Aprll 2024
Add￿lon8
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 cr￿ltOrS
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
unreStr￿ted 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