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|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||
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|||||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|
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|||||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|
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|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|
##
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|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|
##
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|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|
##
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|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|
##
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|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|