Charty r8glstratlon number 285368 Company règlstratlon number 01638962 (England and Wale$} THE RIX-THOMPSON-ROTHENBERG FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2023 THE RIX-THOMPSON-ROTHENBERG FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Board Of Governors Jonathan Rix- Qhaimian Bairie D3VIS Suzanne Marriott Andy Minnion M8E Bob Rolhenberg M8E- Treasurer Simon Fox Rory Kinnear Charlty number 285368 Company numbèr 01638962 Principal address 7 Luna Place Dundee Technology Park Dundee OD2 1TP Registered office cjo Blick Rolhenberg Ltd. 16 Great Queen Street Covent Garden London WC2B SAH Indepèndént èxamlnèr Murray Dalgety For and on behalf of Bird Simpson & Co. 144 Neihergate Dundee OD14E8 Bankers CAF Bank Lld Kings Hill West Malling Kent ME19 4JQ Investment advlsors Ralhbone Investment Management Llmited Port of Liverpool BLtilding Pier Head Liverpool L3 1NW THE RIX-THOMPSON-ROTHENBERG FOUNDATION CONTENTS Page Board Of Governors report Independent examinerf8 report Slalement of fit)ancial aclivilies Balance sheet Statement of cash flows Notes lo IhÈ finaneial slatemenls 8-14 THE RIX-THOMPSON-ROTHENBERG FOUNDATION BOARD OF GOVERNORS REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The goveTnois ol Ihe company, whg arg Iruslees and directors for the purposes of charity law, pres8nl their Teport and financial statements for the year ended 31 December 2023. This is a directors, rÈport required by s417 ot Companias Act 2008 and all Ihe governors a￿ diredors. Th¢ accounts have been prepared in accordance with the accounting poliue8 sel out in note 1 to aceounls and comply with the Foundation's Memorandum and Artid8s ol Association, the Companies Act 2006 and 'AcGounling and Reporting by Charities.. Statem@nt of Recommended Practice" applicable lo charities preparing their gccounts in accordan￿ with the Finanfjial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021. ObSèctivÈs and activities The Foundation is dedicated to sUPPOrting projecls which focus tjpon the So￿￿1 lives of people with learning disabilities, particularly those involving the arts and enhanryng social inl8raclion. We also seek to support those which encourage indusive practi￿. Such projects will involve a range of participants from beyond a single type ol institution or organisation andlor will sèek to dèvelop nÈw ways of working to indude new, diverse audiences. 11 makes grants to a variety of org8nis8lions which aim to benefit people with a learning dlsabilily and their carers. The Board of Governors makè grant making and policy decisions and confirw that Ihey have referfed lo the guidance ¢ontaSned in the Charity Commission's general guidance on public benefil whon reviewing the Trust's aims and objectives and in planning for the future and in sètting IhÉ oranl mgking policy for the year. Grant Appllcatlons The Foundalion considers gFallt ap￿I￿all0￿5 al two rneelings each year. in Jvnè and Decémb￿. Grants are awarded to registered charitie8 or voluntary organisations that work with or support people wrth leaming {intèllècluall disabilities and their farnilies. Applications for 5pectfic leawning difficulties are not supported. All Applicants musl complete an application form and provide a copy of their lalesl audited accounts. In the first instance the applicanl should discuss the proposed work either by telephone, email or leller lo the administrator. a minimum of 4 months in advan￿ of a board mèeting. Contact details are.. The Administrator, RTR Foundation, 7 Luna Place, Dundee Technology Park, Dundeé, DD2 1TP Email= rtrfound8tion@gmail.CQT Appli¢allons r￿1Ve￿ without going through this process will not be ad(nowledged or considered. Relatlonshlps The Foundation maintains a close relationship wilh the Bally Thomas Charitablé Fund which gives it substantial donations toward8 the annual granl-making activity. Achievements and perforfflance Duiing the year the Foundation madè 26 (2022.. 281 grants foT the public benefit lotalling £139,938 12022,, £136.3871 listed in note 7 of thè finana81 statemetTrls, and all were made in accordance wilh the Foundation's conslilutton. In the year the Foundation received grants and donations lotalling £79.28112022'. £73,908). THE RIX-THOMPSON-ROTHENBERG FOUNDATION BOARD OF GOVERNORS REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Flnanclal revlew The nel movement in funds for the year amounted to £22,427 {2022.' £12Q3.76011. Th8 changè in results between 2023 and 2022 related mainly lo a in(Yease in the valualion of investments in 2023. AI 31 Dècember 2023 the Foundalian had nel assets of £1,614,215 12022.. £1,591.7881. The Board ol Governors engag8s regularty wilh ils investment advisors lo ensure that, in th8 light of current 8conomic conditions and inveslmenl relurns, the correct balance between income and capital growth is maintained. The prin¢ip81 funding sources of the Foundation are income receThied fron ils investment portfolio, and donations received from charitablè organisations and individuals. Investment policy reserves The Foundation's assets are invested in accordance with the powèrs availablè to tha governors as set out in the ernorandum and articles of association. There are no restrictions t)n thè FourTrdation's pow6r to invest 2nd the investment strategy Is agreed between the governors and the investment advisors and is regularly reviewed. The governors are seeking lo sécuré a good income return whilst 2iming to grow Ihg combined capital and income above the rate ol inflation over Ihe ltsnger term. Tho currènt investment strategy which has been agreed by the invostrnent adwsor and the governors, is for Ihe furlds available for investment lo be Invested auoss a range of asset classes wllh a viéw lo achieving 2 lower level of volatility than the equity market. The portfolio is dassified as medium risk and as such wll have an exposure lo ￿ultY risk assets of around 80% with Ihe balance invested in lower volJlili¢y fixed inbrest investments and other "diversifying" assets whi¢h have a low correlation to equitie5. The exposur8 to less volatile assets within the portfolio helps to mitigate the risk of withdrawing capital to supplement grants al times of equity Market weakness. The market value of thè invèstments held at 31 December 2023 was £f,587.288 {2022'. £1,569,056). As at 31 December 2023 the inveslmelll porilolio was revalued which generated unrealised gains of £68,50412022 losses of '. £1131.5261). Th6 governors are mindfLJS of the necesgily lo maintain rese￿e5 al a lèvèl which enables them to nHke grants principally from income although a limited amounl of capital wll be used lo supplèmènt thÉ total grants made. In the lighl of this policy on reserves the financi81 risk to which the Foundation is exposed aii5gs from Ihe fluctuations in Ihe value of investments as a result of movement in the stock marfiet. The portfolio is kept under review by the governors al their meetings. The govemors examine thè major risks that the Foundation faces every financial year and have developed systems lo monitor and control these risks lo miligale 8ny impact they may have on the Foundation in the fulLJrÈ. Plans for the future The governors intend to continue making grants lo charitable inslitulions for the public benefit specifically those operatlng in the field of benefiting people with a learning disability and their carers. It Is intended that future donations will be made from Ihe annual income of the Foundallon. Struc￿re$ governance and management The Foundation is a company limited by guarantee govemed by its Memorandum and Artides ofAssocl81ion daled 25th March 1962. It is registered as a charity with thé Charity Commission. The Board of Goveinors, who are also the directors for the purpose of cx)mpany law, and who soryed during Ihe year We￿.. Jonathan Rix- Chaiiman Fred Heddell CBE- SeGrel8ry Barriè Dalis Suzanne Marriott Andy Minnion MBE Bob Rolhenberg MBE- Treasurer Simon Fox Rory Kinnear (Resigned 15 December 20231 THE RIX-THOMPSON-ROTHENBERG FOUNDATION BOARD OF GOVERNORS REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Thé Foundglion Board has the power lo appoint new governors. The governors in offlce were either appointed Ltnder the memorandum and articles of associalion dated 25th March 1982 or were appointed by the Foundation Board. Vacancies are filled by nomination and elected by a simple majority. The current govemors are responsiblè for thè inductran of any new governors which invofves awareness of a governor's responsibilities, tho governing document, 8dminislrative procedures and the history of the Foundation. A new governor would receive copies of the previous years annual report and accounts. The Foundation maintained a part-time secretary who assists with the velling of grant 8ppllcations. book-keeping and other administrative matters on a self employed basis. statémènt of Board of Govèrnors responsibilities The Board of Goverllois, who are also the directors of The Rix-Thompson-Rothenb6rg Foundation for the purpose of company law, are responsible for p￿paring the Board Of Govèmorg Rèport and the financial slalemellts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom GenerallyAc(epted Accounting Practice). Company Law r8quir8s the Boxrd of Govemors lo wepaTe financial statements for each financial ye8r which give a true and fair viéw of the slate of affairs of the Foundation and of the incoming resources and applicalion of resources, including the income and expenditure. of the chAril8ble comp8ny for that year. In prepaTing these financial statements. the Board of Govèrnors are required lo.. select suitable accounlirig policies and then apply Ihern consislenlly.. obs8rv8 th8 mÈlhods and principles in the Charities SORP,. make ludgements and estimates that are reas(Inable 2nd prudent., slate whether applicable UK Accounting Stand8rds have been followed. subject lo any material dEparture5 disclosed and explained in Ihe financial slalemenls., and prèpare thé financlal 81*emellls oll the goillg concern basis Ljnless 11 Is Inappropriate lo presume that the Foundation will eonlinue in opeialion. The Board of Governors are responsible for keeping Adaqua18 acwunling records that disclose with reasonable accuracy al any time the financial position of the Foundation and enable them lo ensure that the finanaal statements comply with the Comp8nies Ad 20[￿, They are also responsible for safeguarding the a8se15 of the Foundation and hence foT taking reasonable steps for the prevention and detèction of fraud and olhei irregulaiilies. On behaLI of the ard of Board of Governors Jonathan Rix- Chairman Governor Bob Rothenb Govèrnor Dated". rg MBE - Treasurer THE RIX-THOMPSON-ROTHENBERG FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE BOARD OF GOVERNORS OF THE RIX-THOMPSON-ROTHENBERG FOUNDATION I report lo the BoaTd of Goveinors on my examination of the financial slalemenls ol The Rlx-Thompson-Rothenberg Foundation Ilhe Foundalionl for the year ended 31 December 2023. R•spon5ibilities and basls of report As the Board ol Governors of the Foundation (and also 118 directors for (he purposes of cornpany lawl you are responsible for the preparation of Ihe financial slalements in 8cGord8nce with the requiremenls of the Companles Act 2006 Ilhe 2006 Act). Having satisfied mysell that the financial 81alements of the Foundation are not required lo be audited under Part 16 of IhB 2008 Acl and are eligible for independent éxamin8tion. I report in respect of my examinaliorTr of the Ftsundalion's financial statements carried out under section 145 of thè Charities Act 2011 Ilhe 2011 Acll. In cairying out tlly ex•mlnaliDn I have followed all the applicable Diiections given by the Charity Commission unI￿r section 145 {51{b) of the 2011 Act. Independent examinerfs statement I have completed my examination. I confirm Ihal no matters have CA)me lo my attention In ¢onnoclion with the examination oiving rne cause lo believe that in any material réspect.. accounting records wgre not kept in resped of the Foundalion as required by 5èclion 386 of the 2006 Acl.. or the finan(llal 813lemènls do not accord wtlh those records.. or the financial slalements do not comply wilh the accounting requirèmènts of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair VI￿ whidi is not a matter aonsidered as part of an independent exarnSnallon', or IhÈ financial statements have not been prepared in accordance with the methods and princtples of the s￿lement ol Recommended Pract1￿ for accounting and reporting by eharitiès applicable to charities preparing Iheii accounts in acwrdance with the Financtal Reporting Standard applieablè in thè UK aNJ RÈpublic of Ireland IFRS 1021. I have no concern8 alld have ¢ome across no other matters in connection with thè èxamination to which attention should be drawn in this report In order to enable a proper understanding of the financial slalemeD15 to be reached. Murray Igety For and on behalf of Bird Simpson & Co. 144 Nethergate Dundee DDI 4EB Dated.. THE RIX-THOMPSON-ROTHENBERG FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted R8stricted funds funds 2023 2023 Total Unro¥tri¢ted Restricted funds funds 2022 2022 Total 2023 2022 Notes Donations and legacies Investments 9,28 44,984 70,000 79.281 44.984 3,908 43,159 70,000 73,908 43,159 Total income 54.265 70,000 124,265 47,067 70.000 117.067 Raising funds fj1,335 11,335 11,545 11,545 Charitable a¢ttvllles 83,701 70.000 153.701 79,581 70.0 149,581 Total expenditure 95,036 70,000 165,036 91.126 70,OfX) 161,126 Nel gainsloossesl on inveslments 11 63,198 63,198 1159,701) (159,7011 N&t mov8m8nt in funds 22.427 22,427 {203,7601 {203.7601 Fund balances at 1 January 2023 1,591,788 1,591,788 1.795,548 1.795,548 Fund balances at 31 Decernber 2023 1.614,215 1,614,215 1,591,788 1,591,788 The slalernenl of financial acjivities inclLÈd8s all gains and losses recognised in the year. All Incom8 and expenditure derive frorn continuing aclivities. The stalemenl of financial aotivitles also complies wilh the requirements for an income and expenditure account under the Companies Act 20(￿. THE RIX-THOMPSON-ROTHENBERG FOUNDATION BALANCE SHEET AS A T 31 DECEMBER 2023 2023 2022 Notes Fixed assets Investments 13 1.587.289 1,569,056 Current assets Debtors Cash al bank and in hand 14 3.509 100,943 t08,111 108,111 104,452 Creditors.. amounts falllng due within onè yèar 15 181.1851 {81,720) Nel current assets 26.926 22,732 Total as¥els less current liabilities 1.614,215 1,591.788 Income funds Unreslrioied funds 1.614,215 1.591.788 1,614,215 1,591,788 The company is enlilled lo the exemption from the audil requirernent contained in sed¢on 477 of the Companiès Act 2008, for the year ended 31 Decernbèr 2023. The directois ackn0￿edgÈ their responsibilities for complysng with the requirements of the Companies Act 2006 wllh respect to accounting récords and the preparation ol financial slatemenls. The membèrs havè not required the company to obiain an audit of its financial statements for tho year in question in accordant* with section 476. Thése financial slatemev)ts have been prepared in accordance with the prom$￿nS 8ppll¢able to companies subject lo the small ¢ompanies regime. The finanual sla enls were approved by the Board Of Govemors on ......... |03li4 Jonathan Rix- Chaimian Trustee Bob Rrilhenb Trustee g MBE- Trèasurer Company regiStr4tion number 01638962 THE RIX-THOMPSON-ROTHENBERG FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from Opera￿n9 actlvlties Cash ab80rbad by operations 17 {B2,78f} {114.4461 Investing activltles Purchase of investments Procèèds on disposal of inveslrnenls Income from listed investments (627,4631 672,428 44.984 1279.2261 268,822 43,159 Net cash generated from Investlng activitles 89.949 32,755 Net cash uBed in financing actlvltles Net Increaselldecreasel in cash and cash èqulvalents 7,168 181.6911 Cash and cash equivalents at beginning of year 100,943 182,634 Cash and cash Èqulvalènts at end of year 108,111 100,943 THE RIX-THOMPSON-ROTHENBERG FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policie8 Compèny Information The Rix-Thompson-Rothenberg Foundation is a private company limited by guarantee Sn¢orporated in England and Wales. The regisle18d office Is clo Blick Rothenberg Ltd., 16 Great Queen Street, Covent Garden, London, WC2B 5AH. 1.1 Accounting convention The 8¢counls have been prepared under the hisloiical cost convèntion. The financial slalemenls have Ileparted from the Charities (Accounts and Reports) Regulations 2008 only to the exlenl required lo prowd8 a Iiue and fair vièw. This departure has involved following the Slalemenl of Recommended Practice lor charities applying FRS 102 rather than the version of the Slalemenl of Recommendèd Praciice which is referred lo in the Regulalions but whiGh has since been withdrawn. The financial statements are prépared in sterting, which is the functional currency ot the Foundation. Monetary amounts in these financial slalernents are rounded lo the nearest £. The financial statements have been prepared undei the hislori¢al tosl convéntion, Imodified lo include the revaluation of freehold properties Ènd to indude investment properties and cèrtain financial instruments at fair valuel. The principal accounting pofieies adopted are set out below. 1.2 Golng GoDGern At the time of approiqng the financial slaleTnenls, the Board of Governors have a reasonable expectalic>n that the Foundation has adequate resourc85 lo continue in operational existence for the foreseeable (ulure. Thus the Board ol Governors continue to adopt the going concÈrn basis of aceounting in preparing the finallcial slalemenls. 1.3 Charitable funds Unreslrided funds are available for use al the discretion of tho Board of Govemors in furtheranTr of thelr charitable objectivès unless the funds have been d&signaled for other purpose5. These funds are for the benefit of providing grants lo organisalions and lo provide small grants for individuals with18arning disabilities. Reslricled funds arè made up of donations received from the 8aily Thomas Charitable Fund which are then used lor the funding of Sp￿￿￿1 projèets. Restricted funds are subject lo specilic conditions by donors as to how they may be used. The purposes and uses of the reslrided lunds are set out in the note$ lo thè financial slalèments. 1.4 Incoming f8sourcès Income Ss re¢ognised when Ihe Foundation is legally enlilled lo il 8ftÉr any performance conditions have be@ll met, the amounts can bB measured reliably, and it is probable Ihxl it)ctsme will be received. Cash donations are re¢ognlsed on receipt. Other donations are recognised once the Ftrundation has been notified of the donation, unle55 porformanGe condilions require deferral of the amount. Income tax recoverable In relation lo donations r￿1Ved un(leT GiftAld or deeds of covenant is recognised al the time of the donation. Légaciès are recognised on re￿Ipl 01 olhorwise if the Foundation has been nolified of an impénding distribution, the amount is known, and receipt is expected. 11 thè amount is not known. the legacy is Irealed as a conlingenl asset. 1.5 R6sources expended Expenditure is accéunlèd for on an accruals basis. Governan￿ costs ar8 those incurred in connection with the administration ol the Foundation and compliance with conslilulional and s18lultsry requirements. Rèsources expended include allribulable value added lax which cannol be recovered. THE RIX-THOMPSON-ROTHENBERG FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DEGEMBER 2023 Accounting pollclas (Continued) 1.6 G88h and cash equlvalents Cash and cash equivalents include cash in hand, deposits held al call with banks, other short.teim liquid nv6slmenls with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowillgs in current liabilities. 1.7 Flnanclal Instrum&nts The Fouridalion has elected to apply the pr(wisions ol Section 11 'Basic Finanaal Inslrumenls. and Section 12 'Olher Finanaal Instruments ISS￿$, of FRS 102 to all of ils financial instruments. Financial instruments are iecognised in the Foundation's balancè shèèt whèn thè Foundation become8 party to the ¢onlractual provisions of the inslrumenl. Financial assets and liabilities are offset, with the nel amounts presented in the financial statements, whan there is a legally enforceable right lo sel off the recognised amounts and there is an intention to sÈllle on g nel basis or to r83lisè th8 asset and sellle the liability simultaneously. Baslc finaneialassels Basic fin8ncial assets, which include debtors and cash and bank balances, are initially measured at transaction price iT)clvding transaction costs and are subsequently carried at amortised rKJs( using the effective Interest method unless Ihe arrangement conslilules a financing transaction, where the transaction is measured at the present value of the luture receipts di8counted at a market rate of interest. Finanei81 assèts dassified as rec&ivablè within on8 yÈar arg not amortised. 8aslc financial liabilities Basic finanaal liabili1185, including creditors and bank loans are initially recogniged al transaction pri￿ unless thè arrAngement conslilules a finanang transaclron, where the debt instrument is measured at the present value of the future payments discounted at a market ralo of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsoquenlty carrled al amortised cost. using the effective interest rate method. Trade creditors are obligations lo pay for goods or services that have been acquirèd in the oidinary course of operations from supplieis. Amounts payable are dassified as currènt li8bililiès if payment is due within one yèar or less. If not, they are presented as non-currenl liabilities. Trade creditors are recognised initially at transaction price and subsequently measured al amortised cost using the effective intere51 method. Derecognition of flnanelal liabilities Financial liabilities are dereoognised when the Foundation's contraotual obligabons èxpirÉ or are dischatged or cancelled. 1.8 Taxation The Foundation is a charity wthin thè meaning of section 506 111 of the Taxes Act 1988. Accordinjly the Foundation is potentialw 8XémPt from laxalion in respect of income or capital gains received wilhill calggories covered by So¢1ion 505 of the Taxes Act 1988 or Section 256 of the Txxalion of Chargeable Gains Act 1992 to the extent that such illcorne or gains are applied to exelusively charitable purposes. The financial slalemenls have been prepar￿ under the historical cost convention, Imodified lo include the revalualion of freehold propertie5 and to include investment properties and certain finanaal instruments 81 fair valuel. Thé prinapal accounting polirAes adopted are set out below. THE RIX-THOMPSON-ROTHENBERG FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Crltlcal accounting e8timats6 and judgomants In Ihe applicalion of the Foundation's accounting policies, th6 Board of Governors are required lo make judgernènls, èstimates and assumptions about the carrying amount of ass¢ls and liabilities that are not readily apparent fron) othèr sources. The estimates and associated assumptions are based on historical experience and other factois Ihal ar8 ¢onsidered lo be relevanl. Actual Tesults may differ from IhÉs6 8Stimales. The estimates and undeilying assumptions are reviewed on an ongoing basis. Revisions lo a¢¢ounting eslimales are recognised in the period in which thè éstimate is revised where Ihe revision aff8cls (￿[Y that period, or in the period of the revision and future PÈTiods wherè th& revision affects both current and future periods. Donatlons and legacies Unrestricted Restricted fund8 funds gènèral Totsl 2023 Total 2022 Donations and gifts 9,281 70.000 79,281 73,908 Donatlons and gifts Bally Thomas Charitable Fund One Family Andor Charitablè Tntst CAF P Grime The Desmond Foundalior7 70,000 70,000 821 3,000 1,960 1,000 2,500 70,000 908 3,000 821 3.000 2,500 9,281 70.000 79,281 73.908 Invéstments 2023 2022 Income from listed investments Ilbteresl receivable 44,291 693 42.747 412 44,984 43,159 Ralslng funds 2023 2022 11,335 11,545 11,335 11,545 10- THE RIX-THOMPSON-ROTHENBERG FOUNDATION NOTES TO THE FINANCIAL STATEMENTS n diiiing this year or the. prpvioiis yp,ar. 13- THE RIX-THOMPSON-ROTHENBERG FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 Related party transactions {Continuèdl Transactions with related parties During the year the Foundation entered into the following transactions with related parties.. Donation$ Received 2023 2022 Olher rèlated parties 70,000 70.000 70.￿0 70.000 Suzanne Marriott who is a is a trustee of Ihe Rlx-Thompson-Rolh$nberg Foundation is also a trustee ol Ihe Bally Thomas Charitable Fund which made donations ta the Foundation in the year 01 £70,000 12022.. £70.0001. Andy Minnion was a DiiecloT of RIX Researth and Media {resigned 31108120231 who received a grant from the Foundalion in the year of £21,32512022'. £Nill During thÉ yèar thèré were no grants received or paid lo any other related parties. No guarantees have been given or received. 17 Cash gènèyated from operations 2023 2022 Surplusl{defi¢il) for thè year 22,427 1203,7601 Adjustmenls for.. Investment income recognisod in profil or loss Loss on disposal of inveslmenls Fair value gains and losses on investments 144,984) 5,306 {68,5041 143,1591 28.175 131,526 Movements in working capital.. Decreasellincreasel in debtors (Decrease) in creditors 3.509 {535) (3.5091 {23,7191 Cash absorbed by oper8tlons 182,781) 1114,446) 18 Analysis of changes in net funds The Foundation had no debi during the yeai. 14.