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2022-09-30-accounts

CONTENTS Page
Legal and administrative
information
Trustees'
report		 3-6
Independent
auditor's		 report 7-9
Statement offinancial activities 10
Balance sheet
Statement ofcash flows 12
Principal
accounting		 policies 13-16
Notes to the financial statements 17-24

Trustees The Fourth Viscount Rothermere The Fourth Viscount Rothermere
Viscountess
Rothermere
Mr V P W Hatntsworth
Mr G J Holbourn
Registered office Northcliffe
House
2 Derry Street
London
Wg 5TT
Charity number 314125
Auditor Buzzacott LLP
130Wood Street
London
EC2V 6DI.
Bankers C.Hoare dt Co.
37 Fleet Street
I ondon
EC4P 4DQ
Investment Advisors Barnett Waddingham LLP
Decimal Place
Chiltern
Avenue
Amersham
HP6 5FG
UBS Wealth Management
5 Broadgate
London
EC2M 2QS
Cazenove
Capital
31 Gresham
Street
London
EC2V 7QA
I egal Advisors Bates Wells
10Queen Street Place
London
EC4R 1BE

Unrestricted Unrestricted Permanent Endowment Endowment
Notes General Rothermere Permanent
Fund Fellows Endowment Investment Total Tots I
Fund Fund Fund 2022 2021
Income and endowments
from:
Investments 2 40,368,957 36.541 40,405,498 1,181,762
Total income 40,368,957 36.541 40,405,498 1,181,762
Expenditure
on:
Charitable
activities		 143,101 143,101 165,202
Expenditure
relating to 14
Dunstan
Road		 40,753 40,753 37,171
183854 183854 202,373
Charitable
grant making
Grants
payable		 5 542,104 542,104 501,025
Support costs ofmaking
grants		 6 329.506
871,610		 329,506
871,610		 120,609
621.634
Total expenditure 1,055,464 I 055464 824,007
Net income before
investment
gains and losses		 39,313,493 36,541 39,350,034 357,755
Other recognised
gains and
losses
Realised gams (losses) on
investments		 30.168 (37,593,141) 20,454 (37,542,519) 416,237
tinrcaliscd
(losses)/ gains on
mvestments		 S (11,694,287) (310,280) (/)90,937) (12,695,504) 285,555
Unrenlised
gain on
investmenh		 19,921,552
Foreign exchange
gams/
(losses)
Net income/
(expenditure)		 2,828,796
30,448,002		 (243,571) (37,593,141) 6,063
(664,420)		 2,834,859
(8,053,130)		 20,973,804
Balances brought
forward
nt
October 2021		 I I 916424 3 624 067 50 249 185 I 529 559 57319235 36,34E431
Balances carried forward
30September 2022 (Note		 at
11)		 32,364,426 3,380,496 12,656,044 865,139 49,266 105 57,319,235

Unrestricted Unrestricted Permanent Endowment
Notes General Rothermere Permanent Total Total
Funds Fellows Endowment Investtnent 2022 2021
Funds Fund Fund
Fixed assets
Tangible lixed assets 7 680,280 680,280 692,120
Investments 8 30,099,682 3,231,265 12,656.044 1,421,562 47,408,553 55,272,342
30,77').962 3,231,265 12,656,044 1.421,562 48,088,833 55,964,462
Current
assets
Debtors 9 30,362 30,362 36,451
Cash at hank I 637 593 149,231 (556.423) I 230,401 1,397,188
1,667.955 149,231 (556,423) 1,260,763 1,433,639
Creditors: amounts
doc within
one year		 falling 10 (83,491) (83,491) (78,866)
Net current assets 1,584,464 149,231 (556,423) 1,177,272 1,354,773
Net assets 32,364,426 3,380,496 12,656,044 865,139 49,266,105 57,319,235
Funds 11 32,364426 3,380,496 12656044 865139 49266 105 57319,235

30 30
Septemher September
2022 2021
Cash flows from operating activities:
Net cnsh usedin
nperating		 ncli vities A 1,801,948 (790,323)
Cash flows from investing activities:
Investmcnt
income and interest receivable		 40,405,498 1,181,762
Purchase ofinvestrncnts (18,624,401) (1,996,962)
Proceeds fiom the disposal ofinvestments 13,993,491 1,737,862
Net cnsh provirled
by investing
nctivities		 35,774,588 922,662
Change
in cash and cash equivalents
in the year		 37,576,536 132,339
Cash and cash equivalents at I October 1,474,609 1,342,270
Cash anrl cash ertuivnlents nl 30Septenrber B 39,051,145 1,474,609
A Reconciliation
ofnet movement
in funds to net cash flows from
operating
activities:
Net movement
in funds for the year		 (8,053,130) 20,973,804
Adjustments
for:
Depreciation
charges		 11,840 11,840
Losses/(gains)
on investments		 50,238,022 (20,623,344)
Investment
income and interest receivable		 (40,405,498) (1,181,762)
Decrease/ (increase)
in debtors		 6,089 (8,124)
lttcrease
ln cl'editors		 4,625 37,263
Net cash usedin
operating		 nclivilies A I Soi 948 (790,323)
B Analysis ofcash and cash equivalents
Cash at bank and in hand 1,230,401 1,397,188
Cash held by investment
managers		 37,820,744 77,421
B 39,051,145 1,474,609

recognised
in the Statement ofFinan
as qualifying
cash flow hedges.		 cial
Activities
e		 xcept whe n defened
 in other comprehen sive
income
Investment
income		 2022 2021
Dividends —Dally Mail and General Trust pic (DMGT) 123pence per A
Ordinary
Non-Voting
shares (see below)		 40,239,742 1,147,406
Dividends —fellows portfolio 36,541 34,043
Interest on cash deposits 129,215 313
40,405,498 1,181,762
568 pence in cash for each DMGT share (income special dividend) 26,624,568
17.30pence dividend
for each DMGT share (income)		 810,924
0.5749 Cazoo Group Ltd shares for each DMGT share (income) 12004 250
40,239,742
Further
details are given
in note 14.
Fellowship
grants
Grants and expenses off143,101 were made to support three Rothermere
Fellows
in the year (2021:four Fellows).
2022 2021
Grants 138,540 161,066
Expenses 4,561
143,101		 4136
165,202
Expenditure
relating to 14Dunstan
Road
The following
expenses relate to the		 accommodation provided by the
Foundation
for the Oxford Professor		 Fellowship:
2022 2021
Overhead
costs		 6,104 5,422
Repairs and maintenance,
including
garden costs
Motor expenses
and insurance
and travel costs
Management
fees and other costs
Depreciation		 9,476
2,185
11,148
11,840		 10,431
1,921
7,557
11,840
40 753 37,171

5. Grants payable
2022 2021
Grants paid
in the year		 502,104 453,715
Grant commitments
(note 10)		 40,000 47,310
542,104 501 025
Grants payable for the year
Medical research
Alzheimer's
Research		 10,000
British Heart Foundation 5,000
Dorset and Somerset Air Ambulance 5,000
Great Ormond
Street Hospital		 59000
Medecins Sans Frontieres 5,100
St Bartholomew's
Hospital		 15,000
St John Ambulance 10,000
25,100 30,000
Educational/Children's charities
Farley Academy 5,1100
Learning
Skills
Leweston
School Trust		 5,000
1,500
Royal Society for Blind Children
Oxford University
Development
Sandroyd
School
StMary's School		 Fund 30,000
1,470
10,000		 100,0DO
30,000
26,310
10,000
St Peter's College Oxford 100,000
The Magpie Project
University
ofOxford Charitable
Whipperley
Academy		 Trust 5100
158070		 3,000
157609
184919
The Arts/Sport
Cherubin
Music Trust		 3,000
Greenhouse
Sports		 5,0DO
Royal Academy of Dramatic Arts 5,000
The British Olympic
Shooting Team
The Stour Music Festival Limited		 1,000
10,000		 5,000
24,000 5,000

Grants payable (continued) Grants payable (continued) 2022 2021
Other charitable
donations
Best for You 5,000
Blandford
Forum PCC		 5,000
Chalke Valley History Festival 9,809 10,206
Challock Church 5,000 5,000
Charlie Wailer Trust 10,000
Cropper Paper Foundation 10,000
Cranborne
Chase and Chalke Valley		 5,000
Cranleigh
RDA		 2,000
Deepest Books
Deer Park initiative		 ],125 41,500
Duke UK Trust 14,700
Fairy Water Trust Living Uplands 2,700
Fitzroy Lodge
Game and Wildlife Conservation		 Trust 100,000 5,000
100,000
Hands Up Foundation
Harmsworth
Memorial		 Research 5)000
10,000		 5,000
Journalists
Charity		 1,000
Just the Job 1,000
K&C Jubilee 5,000
Northcliffe
Centenary		 29,000 1,000
Notthcliffe
Pioneer Museum		 5,000
Police Arboretum 5,000
Quintessentialty
Foundation		 5,000
Rare Breeds 2,000
Royal Marsden
Summetfields		 10,000 10,000
The Caring Family
The Dominican
Count		 2,000
2,000
The Hill
I 12MF		 4,000
The Missing
Salmon Alliance
The Platinum
Jubilee Pageant Ltd.		 100,000 50,000
Urban Synergy
Wild Waves		 15,000
1,000
World Horse Welfare 1,000
Zoological Society of London 10,000
Ukraine
Equestrian
Relief		 5,000
334,934 281,106
Total Grants Payable 542,104 501,025

Grants payable (continued) Grants payable (continued) 2022 2021
Summary
ofTotal Grants Payable
Medical research 25,100 30,000
Educational/Children's charities 158,070 184,919
The Arts/Spott 24,000 5,000
Other charitable
donations		 334,934 281,106
542,104 501,025
Support costs 2022 2021
V P W Harmsworth's fees and expenses as Secretary 49,415 43,558
Professional
fees		 33,041 19,789
Rothermere
Fellows		 —investment portfolio fees 57,412 43,547
Other costs 3,353 515
Governance
costs		 186,285 13,200
329,506 120,609

Statutory
audit fee of613,656(202		 1;f13,200) is inclu ded
within
governance
c		 osts.
Tangible fixed assets Freehold
Property		 Coniputer
Equipment		 Total
Cost or valuation 0
At I October 2021 775,000 772 775,772
At 30 September 2022 775,000 772 775,772
Depreciation
At
I October 2021		 82,880 772 83,652
Charge for the year 11,840 11,840
At 30 September
2022		 94,720 772 95,492
Net Book Value at 30September 2022 680,280 772 680,280
Net Book Value at 30 September 2021 692,120 772 692,120

THE YEAR ENDED 30SEPT E MBER 2022
Investments 2022 2021
FK Equities
Market value at
1 October 2021		 50,249,185 30,327,633
Disposals
during
the year		 (50,249,185)
Unrealised
gain on revaluation
on		 DMGT shares at 30 September 2022 19,921,552
Market value at 30 September 2022 50,249,185
Historic cost at 16April 1956 50,000
Fellows Fund
Market value at
1 October 2021		 4,945,736 3,984,845
Additions —Cazoo Group Ltd 12,804,251
Additions
at cost		 5,820,150 1,996,962
Disposals at opening
market value		 (proceeds; f.l,337,446, realised gams'. (1,286,824) (1,321,626)
f50,622)
Unrealised
(losses)l gains		 (1,001,21 7) 285,555
Loss on Cazoo Group Ltd shares (11,694,287)
Market value at 30 September 2022 9,587,809 4,945,736
Cash held by investment
manager		 37,820,744 77,421
47,408,553 5,023,157
Represented
by:
Rothcrmere
unrestricted
general
funds		 30,099,682
Rothermere
lrellows unrestricted		 fund 3,231,265 3,492,805
Rothermere
Endowment		 12,656,044
Rothermerc
Endowment
investment		 fund 1,421,562 1,530,352
47,408,553 5,023,157
Historic cost at 30 September 2022 21,331,132 ~ 14- 5 9
Total investments
at market value		 at 30 Septentber 2022 47,408,553 55,272,342
Material investments
in individual		 entities held at 30 September 2022:
Nil (2021:4,687,424) Daily Mail
Ordinaty
Non-Voting
shares		 and Cicneral Trust pic 12.5 pence per A 50,249,185
Cazoo Group Ltd shares 1,109,964

9. Debtors 2022 2021
Prepayments and accrued income 30,362 36,45]
10. Creditors 2022 2021
Amounts falling due within one year;
Grant commitments (note 5) 40,000 47,310
Accruals and deferred income 43,491 31,556
83,491 78,866

ithin the permanent
endowment
funds, there		 is an inv estment
fund		 held for the Fellows.
2022 2021
Unrealised
gains included
above:
On tangible
fixed assets
On investments		 663,980
26,077,421		 675,820
51,076&823
Total unrealised
gains at 30September 2022		 26,741,401 51,752,643
Reconciliation ofmovements
in unrealised
gains
Unrealised
gains at
1 October 2021
Add: Net (loss)/ gain arising on revaluations
Less: depreciation
charged to the unrestricted		 during the year
general
fund		 51 752 643
(62,944,689)
(11,840)		 31,817,070
20,207,107
(11,840)
Add: movements
in respect ofdisposals
in the year		 37,945,287 (259,694)
Total unrealised
gains at 30 September 2022		 26,741,401 51,752,643

15
C		 ompa ra tive
Sta		 tement offinancial activities offinancial activities - 2021
Unrestricted Permanent Endowment
Notes Genera
I		 Rothermere Permanent Investment Total
Fund Fellows Endowment Fund 2021
Fund Fund
Income and endowments from:
Investments 2 1,147,719 34,043 1,181762
Total income 1. 4 7 34,043
Expenditure
on:
Charitable
activities		 3 165,202 165,202
Expenditure
relating
to
Dunstan
Road		 14 37,171 37,171
202,373 202 373
Charitable
grant making
Grants payable
Support costs oi' making
grants		 5
6		 501,025
120,609
621,634		 501,025
120,609
621,634
Total expenditure 824 007 824 007
Net income before investment
gains and losses 323,712 34,043 357,755
Other recognised gains and losses
Unrealised
gains/
investments		 (losses) on 171,664 19,921,552 113,891 20,207,107
Realised gains on investments 325.751 90.486 416,237
Foreign exchange losses (7,295) (7,295)
Net income/ (expenditure) 323,712 531,458 19,921,552 197,082 20,973,804
Balances brought
October 2020		 ('orward at I I 592,712 3,092,609 30327,633 » 1.477 6 43431
Balances carried forward at 30
September 2021 ,9 6.424 3 4.667 - 2 9 1,529,559 57,319,235

16 Comparative Comparative balance sheet - 2021
Unrestricted Permanent Endowment
Votes General Rothermere Permanent Total
Fund Fellows Fund Endowment Investment 2021
Fund Fund
Fixed assets
Tangible tixed assets 7 692,120 692,120
Investments 8 3,492,805 50,249.185 1,530,352 5(,272,342
692,120 3,492.805 50.249,185 1,330,352 55,964,462
Current assets
Debtors 9 36,451 36,451
Cash at bank 6.719 131.262 793 I 397,188
1,303,170 131,262 (793) 1,433,639
Creditors: amounts
falling
due within one year 10 (78,866) (78,866)
Net current assets 1,224,304 131.262 (793) 1,354,773
IVet assets 1,916,424 3624 067 50,249,185 5 5 ~57319 35
Funds 11 I 916424 3624 067 50,249,185 1 529 559 57319235