| CONTENTS | Page |
|---|---|
| Legalandadministrativeinformation | 2 |
| Trustees'report | 3-6 |
| Independentauditor'sreport | 7-9 |
| Statementoffinancialactivities | 10 |
| Balancesheet | 11 |
| Statementofcashflows | 12 |
| Principalaccountingpolicies | 13-16 |
| Notestothefinancialstatements | 17-24 |
| Trustees | TheFourthViscountRothermere |
|---|---|
| ViscountessRothermere | |
| MrVPWHarmsworth | |
| MrVHarmsworth(appointed10January2024) | |
| MrGJHolbourn(resigned10January2024) | |
| Registeredoffice | NorthcliffeHouse |
| 2DerryStreet | |
| London | |
| W85TT | |
| Charitynumber | 314125 |
| Auditor | BuzzacottLLP |
| 130WoodStreet | |
| London | |
| EC2V6DL | |
| Bankers | C.Hoare&Co. |
| 37FleetStreet | |
| London | |
| EC4P4DQ | |
| InvestmentAdvisors | UBSWealthManagement |
| 5Broadgate | |
| London | |
| EC2M2QS | |
| CazenoveCapital | |
| 31GreshamStreet | |
| London | |
| EC2V7QA | |
| LegalAdvisors | BatesWells |
| 10QueenStreetPlace | |
| London | |
| EC4R1BE |
otwithstandingthepotentialconflictofinterestsoftwoTrusteesinrelationtothetrans heTrusteesreceived£40,091,537incashtogetherwithaholdingof2,694,800inCazoo |
action.InJanuary GroupLtdshare |
|---|---|
| ThedisposalofDMGTsharesof12.5penceAordinaryNon-Votingshareswasas | £ |
| follows: | |
| 568penceincashforeachDMGTshare(incomespecialdividend) | 26,624,568 |
| 17.30pencedividendforeachDMGTshare(income) | 810,924 |
| 0.5749CazooGroupLtdsharesforeachDMGTshare(income) | 12,804,250 |
| TotalasNote2onpage16 | 40,239,742 |
| 270penceincashforeachDMGTshare(Capital—Permanent | |
| EndowmentFund) | 12,656,045 |
| 52,895,787 |
23 April
24 April
| ATEMENTOFFINANCIALACTIVITIES RTHEYEARENDED30SEPTEMBER2023 |
||||||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | PermanentEndowment | |||||||
| Notes | General | Rothermere | Expendable | Permanent | ||||
| Fund | Fellows | Endowment | Endowment | Investment | Total | Total | ||
| Fund | Fund | Fund | Fund | 2023 | 2022 | |||
| £ | £ | £ | £ | £ | £ | £ | ||
| Incomeandendowmentsfrom: | ||||||||
| Investments | 2 | 1,304,559 | 114,371 | 1,418,930 | 40,405,498 | |||
| Totalincome | 1,304,559 | 114,371 | 1,418,930 | 40,405,498 | ||||
| Expenditureon: Charitableactivities |
3 | 51,660 | 51,660 | 143,101 | ||||
| Expenditurerelatingto14DunstanRoad | 4 | 40,593 | 40,593 | 40,753 | ||||
| 92,253 | 92,253 | 183,854 | ||||||
| Charitablegrantmaking Grantspayable Supportcostsofmakinggrants |
5 6 |
379,700 411,303 |
379,700 411,303 |
542,104 329,506 |
||||
| 791,003 | 791,003 | 871,610 | ||||||
| Totalexpenditure | 883,256 | 883,256 | 1,055,464 | |||||
| Netincomebeforeinvestmentgainsandlosses | 421,303 | 114,371 | 535,674 | 39,350,034 | ||||
| Otherrecognisedgainsandlosses Realisedgains/(losses)oninvestments Unrealisedgains/(losses)oninvestments Unrealisedlossesoninvestments |
8 8 8 |
49,163 40,611 |
60,643 (5,389) |
(1,070,892) | - | (173,279) 222,244 |
(63,473) 257,466 (1,070,892) |
(37,542,519) (1,001,217) (11,694,287) |
| Foreignexchange(losses)/gains | (1,311,847) | (7,702) | (1,319,549) | 2,834,859 | ||||
| Netincome/(expenditure) | 511,077 | 169,625 | (2,382,739) | 41,263 | (1,660,774) | (8,053,130) | ||
| Transferduringtheyear Balancesbroughtforwardat1October2022 |
11 | (30,563,327) 32,364.426 |
3,380,496 | 30,563,327 | 12,656,044 | 865,139 | 49,266,105 | 57,319,235 |
| Balancescarriedforwardat30September2023 | 11 | 2,312,176 | 3,550,121 | 28,180,588 | 12,656,044 | 906,402 | 47,605,331 | 49,266,105 |
23 April
| 30 | 30 | |||
|---|---|---|---|---|
| September | September | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Cashflowsfromoperatingactivities: | ||||
| Netcash(usedin)/providedbyoperatingactivities | A | (2,211,580) | 1,801,948 | |
| Cashflowsfrominvestingactivities: | ||||
| Investmentincomeandinterestreceivable | 1,418,930 | 40,405,498 | ||
| Purchaseofinvestments | (18,802,834) | (18,624,401) | ||
| Purchaseofshorttermdeposits | (1,070,516) | (26,333,960) | ||
| Proceedsfromthedisposalofinvestments | 10,888,484 | 13,993,491 | ||
| Netcash(usedin)/providedbyinvestingactivities | (7,565,936) | 9,440,628 | ||
| Changeincashandcashequivalentsintheyear | (9,777,516) | 11,242,576 | ||
| Changeincashandcashequivalentsduetoexchangeratemovements | 1,311,846 | (2,828,795) | ||
| Cashandcashequivalentsat1October2022 | 9,888,390 | 1,474,609 | ||
| Cashandcashequivalentsat30September2023 | B | 1,422,720 | 9,888,390 | |
| A | Reconciliationofnetmovementinfundstonetcashflowsfrom | |||
| operatingactivities: | ||||
| Netmovementinfundsfortheyear | (1,660,774) | (8,053,130) | ||
| Adjustmentsfor: | ||||
| Depreciationcharges | 11,840 | 11,840 | ||
| Lossesoninvestments | 876,899 | 50,238,022 | ||
| Investmentincomeand interestreceivable | (1,418,930) | (40,405,498) | ||
| (Increase)/decreaseindebtors | (374) | 6,089 | ||
| (Decrease)/increaseincreditors | (20,241) | 4,625 | ||
| Netcash(used)/providedbyinoperatingactivities | A | (2,211,580) | 1,801,948 | |
| B | Analysisofcashandcashequivalents | |||
| Cashatbankandinhand | 402,164 | 1,230,401 | ||
| Cashheldbyinvestmentmanagers(note8) | 1,020,556 | 8,657,989 | ||
| B | 1,422,720 | 9,888,390 |
asqualifyingcashflowhedges. |
|||
|---|---|---|---|
| 2. | Investmentincome | 2023 | 2022 |
| £ | £ | ||
| Dividends—DailyMailandGeneralTrustplc(DMGT)12.5penceperA | |||
| OrdinaryNon-Votingshares(seebelow) | - | 40,239,742 | |
| Dividends—fellowsportfolio | 114,371 | 36,541 | |
| Interestoncashdeposits | 1,304,559 | 129,215 | |
| 1,418,930 | 40,405,498 | ||
| 568penceincashforeachDMGTshare(incomespecialdividend) | 26,624,568 | ||
| 17.30pencedividendforeachDMGTshare(income) | 810,924 | ||
| 0.5749CazooGroupLtdsharesforeachDMGTshare(income) | 12,804,250 | ||
| 40,239,742 |
Fellowsintheyear(2022 |
:fo |
urFellows). |
||
|---|---|---|---|---|
| 2023 | 2022 | |||
| £ | £ | |||
| Grants | 47,305 | 138,540 | ||
| Expenses | 4,355 | 4,561 | ||
| 51,660 | 143,101 | |||
| Expenditurerelatingto | 14 | DunstanRoad |
| hefollowingexpensesrelatetotheaccommodationprovidedby oundationfortheOxfordProfessorFellowship: |
the | |
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Overheadcosts | 8,171 | 6,104 |
| Repairsandmaintenance,includinggardencosts | 10,654 | 9,476 |
| Motorexpensesandinsuranceandtravelcosts | 3,394 | 2,185 |
| Managementfeesandothercosts | 6,534 | 11,148 |
| Depreciation | 11,840 | 11,840 |
| 40,593 | 40,753 |
| 5. | Grantspayable | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Grantspaidintheyear | 379,700 | 502,104 | |
| Grantcommitments(note10) | - | 40,000 | |
| 379,700 | 542,104 | ||
| Grantspayablefortheyear | |||
| £ | £ | ||
| Medicalresearch | |||
| BritishHeartFoundation | 5,000 | ||
| GreatOrmondStreetHospital | 5,000 | ||
| MedecinsSansFrontieres | 5,100 | ||
| StBartholomew'sHospital | 15,000 | ||
| StJohnAmbulance | 10,000 | ||
| 15,000 | 25,100 | ||
| £ | £ | ||
| Educational/Children'scharities | |||
| FarleyAcademy | - | 5,000 | |
| LearningSkills | 5,000 | ||
| LewestonSchoolTrust | 1,500 | ||
| OxfordUniversityDevelopmentFund | 20,000 | 30,000 | |
| SandroydSchool | 1,470 | ||
| StMary'sSchool | - | 10,000 | |
| StPeter'sCollegeOxford | 100,000 | ||
| WhipperleyAcademy | 5,100 | ||
| 20,000 | 158,070 | ||
| £ | £ | ||
| TheArts/Sport | |||
| CherubinMusicTrust | 3,000 | ||
| GreenhouseSports | 5,000 | ||
| RoyalAcademyofDramaticArts | 5,000 | ||
| TheBritishOlympicShootingTeam | 1,000 | ||
| TheStourMusicFestivalLimited | 10,000 | 10,000 | |
| 10,000 | 24,000 |
| 5. | Grantspayable(continued) | 2023 | 2022 |
|---|---|---|---|
| £ | £ | ||
| Othercharitabledonations | |||
| ActsFast | 5,000 | ||
| Beehive(DiverseAbilities-SplashAppeal) | 15,000 | ||
| BestforYou | - | 5,000 | |
| ChalkeValleyHistoryFestivalLimited | 4,100 | 9,809 | |
| ChallockChurch | - | 5,000 | |
| CharlieWallerTrust | 10,000 | ||
| CountrysideAllianceFoundation | 5,000 | ||
| CropperPaperFoundation | - | 10,000 | |
| CranborneChaseandChalkeValley | - | 5,000 | |
| CranleighRDA | 2,000 | ||
| DeerParkInitiative | - | 1,125 | |
| GameandWildlifeConservationTrust | 50,000 | 100,000 | |
| GivingtoUkraine(previouslyUkranianEquestrianFund) | 10,000 | 5,000 | |
| HandsUpFoundation | 10,000 | 5,000 | |
| HarmsworthMemorialResearch | - | 10,000 | |
| IonadChaluimChilleIle | 800 | - | |
| JusttheJob | 1,000 | ||
| K&CJubilee | - | 5,000 | |
| KentCommunityFoundation | 1,200 | ||
| MNDAssociation | 2,000 | ||
| MedicalDetectionDogs | 5,000 | ||
| NorthcliffeCentenary | 29,000 | ||
| NorthcliffePioneerMuseum | 15,000 | 5,000 | |
| PaulHSimmons | 2,000 | ||
| QuintessentiallyFoundation | - | 5,000 | |
| RNLIFundraiser | 5,000 | ||
| RareBreeds | - | 2,000 | |
| RoyalMarsden | - | 10,000 | |
| SummerFieldsSchool | 75,000 | - | |
| TheMissingSalmonAlliance | 100,000 | 100,000 | |
| TheWordsworthTrust | 10,000 | ||
| WickhambreauxParishChurch | 4,600 | ||
| WorldHorseWelfare | 15,000 | ||
| ZoologicalSocietyofLondon | 10,000 | ||
| 334,700 | 334,934 | ||
| TotalGrantsPayable | 379,700 | 542,104 |
| 5. | Grantspayable(continued) | 2023 | 2022 |
|---|---|---|---|
| SummaryofTotalGrantsPayable | £ | £ | |
| Medicalresearch | 15,000 | 25,100 | |
| Educational/Children'scharities | 20,000 | 158,070 | |
| TheArts/Sport | 10,000 | 24,000 | |
| Othercharitabledonations | 334,700 | 334,934 | |
| 379,700 | 542,104 | ||
| 6. | Supportcosts | 2023 | 2022 |
| £ | £ | ||
| VPWHarmsworth'sfeesandexpensesasSecretary | 54,303 | 49,415 | |
| Professionalfees | 154,199 | 33,041 | |
| RothermereFellows—investmentportfoliofees | 54,455 | 57,412 | |
| Othercosts | 3,870 | 3,353 | |
| Governancecosts | 144,476 | 186,285 | |
| 411,303 | 329,506 |
| Tangiblefixedassets | Freehold | Computer | |
|---|---|---|---|
| Property | Equipment | Total | |
| Costorvaluation | £ | £ | |
| At1October2022 | 775,000 | 772 | 775,772 |
| At30September2023 | 775,000 | 772 | 775,772 |
| Depreciation | |||
| At1October2022 | 94,720 | 772 | 95,492 |
| Chargefortheyear | 11,840 | 11,840 | |
| At30September2023 | 106,560 | 772 | 107,332 |
| NetBookValueat30September2023 | 668,440 | 668,440 | |
| NetBookValueat30September2022 | 680,280 | - | 680,280 |
| 8. | Investments | 2023 | 2022 |
|---|---|---|---|
| £ | £ | ||
| UKEquities | |||
| Marketvalueat1October2022 | 50,249,185 | ||
| Disposalsduringtheyear | (50,249,185) | ||
| Marketvalueat30September2023 | |||
| FellowsFund | |||
| Marketvalueat1October2022 | 9,587,809 | 4,945,736 | |
| Additions—CazooGroupLtd | 12,804,251 | ||
| Additionsatcost | 18,802,834 | 5,820,150 | |
| Disposalsatopeningmarketvalue(proceeds:£10,888,484,realisedlosses: | (10,951,957) | (1,286,824) | |
| £63,473) | |||
| Unrealisedgains/(losses) | 257,466 | (1,001,217) | |
| RealisedlossonCazooGroupLtdshares | (1,070,892) | (11,694,287) | |
| Cashheldbyinvestmentmanagers | 1,020,556 | 8,657,989 | |
| Cashheldforlongterminvestment | 28,921,425 | 29,162,755 | |
| 46,567,241 | 47,408,553 | ||
| Representedby: | |||
| RothermereFellowsunrestrictedfund | 3,319,669 | 3,231,265 | |
| RothermereExpendableEndowmentfund | 29,118,409 | 30,099,682 | |
| RothermereEndowmentfund | 12,656,044 | 12,656,044 | |
| RothermereEndowmentinvestmentfund | 1,473,119 | 1,421,562 | |
| 46,567,241 | 47,408,553 | ||
| Totalinvestmentsatmarketvalueat30September2023 | 46,567,241 | 47,408,553 | |
| Historiccostat30September2023 | 29,176,297 | 21,331,132 | |
| Materialinvestmentsinindividualentitiesheldat30September2023: | |||
| CazooGroupLtdshares | 39,072 | 1,109,964 |
| 9. | Debtors | 2023 | 2022 | |
|---|---|---|---|---|
| £ | £ | |||
| Prepaymentsandaccruedincome | 30,736 | 30,362 | ||
| 10. | Creditors | 2023 | 2022 | |
| £ | £ | |||
| Amountsfallingduewithinoneyear: | ||||
| Grantcommitments(note5) | 40,000 | |||
| Accrualsanddeferredincome | 63,250 | 43,491 | ||
| 63,250 | 83,491 | |||
| MINN. |
othforincomeandcapital. |
||
|---|---|---|
| 2023 | 2022 | |
| Unrealisedgainsincludedabove: | ||
| Ontangiblefixedassets | 652,140 | 663,980 |
| Oninvestments | 17,390,944 | 26,077,421 |
| Totalunrealisedgainsat30September2023 | 18,043,084 | 26,741,401 |
| Reconciliationofmovementsinunrealisedgains | ||
| Unrealisedgainsat1October2022 | 26,741,401 | 51,752,643 |
| Add:Net(loss)/gainarisingonrevaluationsduringtheyear | (876,899) | (62,944,689) |
| Less:depreciationchargedtotheunrestrictedgeneralfund | (11,840) | (11,840) |
| Add:movementsinrespectofdisposalsintheyear | (7,809,578) | 37,945,287 |
| Totalunrealisedgainsat30September2023 | 18,043,084 | 26,741,401 |
notwithstandingthepotentialconflictofinterestsoftwoTrusteesinrelationtothetransactio theTrusteesreceived£40,091,537millionincashtogetherwithaholdingof2,694,800in shares. |
n.InJanuary202 CazooGroupL |
|---|---|
| ThedisposalofDMGTsharesof12.5penceAordinaryNon-Votingwasasfollows: | |
| 568penceincashforeachDMGTshare(incomespecialdividend) | 26,624,568 |
| 17.30pencedividendforeachDMGTshare(income) | 810,924 |
| 0.5749CazooGroupLtdsharesforeach DMGTshare(income) | 12,804,250 |
| TotalasNote2onpage16 | 40,239,742 |
| 270penceincashforeachDMGTshare(Capital—PermanentEndowmentFund) | 12,656,045 |
| 52,895,787 |
| Unrestricted | Unrestricted | Permanent_ | Endowment | |||
|---|---|---|---|---|---|---|
| Notes | General | Rothermere | Permanent | Investment | Total | |
| Fund | Fellows | Endowment | Fund | 2022 | ||
| Fund | Fund | |||||
| £ | £ | £ | £ | £ | ||
| Incomeandendowmentsfrom: | ||||||
| Investments | 2 | 40,368,957 | 36,541 | 40,405,498 | ||
| Totalincome | 40,368,957 | 36,541 | 40,405,498 | |||
| Expenditureon: | ||||||
| Charitableactivities | 3 | 143,101 | 143,101 | |||
| Expenditurerelatingto14 DunstanRoad |
4 | 40,753 | 40,753 | |||
| 183,854 | 183,854 | |||||
| Charitablegrantmaking | ||||||
| Grantspayable | 5 | 542,104 | 542,104 | |||
| Supportcostsofmakinggrants | 6 | 329,506 | 329,509 | |||
| 871,610 | 871,610 | |||||
| Totalexpenditure | 1,055,464 | 1,055,464 | ||||
| Netincomebeforeinvestment | ||||||
| gainsandlosses | 39,313,493 | 36,541 | 39,350,034 | |||
| Otherrecognisedgainsandlosses | ||||||
| Realisedgains/(losses)on | ||||||
| investments | 8 | 30,168 | (37,593,141) | 20,454 | (37,542,519) | |
| Unrealisedgains/(losses)on | ||||||
| investments | 8 | (11,694,287) | (310,280) | (690,937) | (12,695,504) | |
| Foreignexchangegains/(losses) | 2,828,796 | 6,063 | 2,834,859 | |||
| Netincome/(expenditure) | 30,448,002 | (243,571) | (37,593,141) | (664,420) | (8,053,130) | |
| Balancesbroughtforwardat1 | ||||||
| October2021 | 1,916,424 | 3,624,067 | 50,249,185 | 1,529,559 | 57,319,235 | |
| Balancescarriedforwardat30 | ||||||
| September2022 | 32,364,426 | 3,380,496 | 12,656,044 | 865,139 | 49,266,105 |
| 16. Comparative |
balancesheet-2022 | balancesheet-2022 | ||||
|---|---|---|---|---|---|---|
| Unrestricted | Permanent | Endowment | ||||
| Notes | General | Rothermere | Permanent | Total | ||
| Fund | FellowsFund | Endowment | Investment | 2022 | ||
| Fund | Fund | |||||
| £ | £ | £ | £ | £ | ||
| Fixedassets | ||||||
| Tangiblefixedassets | 7 | 680,280 | 680,280 | |||
| Investments | 8 | 30,099,682 | 3,231,265 | 12,656,044 | 1,421,562 | 47,408,553 |
| 30,779,962 | 3,231,265 | 12,656,044 | 1,421,562 | 48,088,833 | ||
| Currentassets | ||||||
| Debtors | 9 | 30,362 | 30,362 | |||
| Cashatbank | 1,637,593 | 149,231 | (556,423) | 1,230,401 | ||
| 1,667,955 | 149,231 | (556,423) | 1,260,763 | |||
| Creditors:amounts | ||||||
| falling | ||||||
| duewithinoneyear | 10 | (83,491) | (83,491) | |||
| Netcurrentassets | 1,584,464 | 149,231 | (556,423) | 1,177,272 | ||
| Netassets | 32,364,426 | 3,380,496 | 12,656,044 | 865,139 | 49,266,105 | |
| Funds | 11 | 32,364,426 | 3,380,496 | 12,656,044 | 865,139 | 49,266,105 |