|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|





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|<br>otwithstandingthepotentialconflictofinterestsoftwoTrusteesinrelationtothetrans<br>heTrusteesreceived£40,091,537incashtogetherwithaholdingof2,694,800inCazoo|<br>action.InJanuary<br> 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 



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# 24 April 



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|ATEMENTOFFINANCIALACTIVITIES<br>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:<br>Charitableactivities|3|51,660|||||51,660|143,101|
|Expenditurerelatingto14DunstanRoad|4|40,593|||||40,593|40,753|
|||92,253|||||92,253|183,854|
|Charitablegrantmaking<br>Grantspayable<br>Supportcostsofmakinggrants|5<br>6|379,700<br>411,303|||||379,700<br>411,303|542,104<br>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<br>Realisedgains/(losses)oninvestments<br>Unrealisedgains/(losses)oninvestments<br>Unrealisedlossesoninvestments|8<br>8<br>8|49,163<br>40,611|60,643<br>(5,389)|(1,070,892)|-|(173,279)<br>222,244|(63,473)<br>257,466<br>(1,070,892)|(37,542,519)<br>(1,001,217)<br>(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<br>Balancesbroughtforwardat1October2022|11|(30,563,327)<br>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 



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||||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|





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||<br>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|



## 

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|<br>Fellowsintheyear(2022|<br>:fo|<br>urFellows).|||
|---|---|---|---|---|
||||2023|2022|
||||£|£|
|Grants|||47,305|138,540|
|Expenses|||4,355|4,561|
||||51,660|143,101|
|Expenditurerelatingto|14|DunstanRoad|||



|hefollowingexpensesrelatetotheaccommodationprovidedby <br>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|





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|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|





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|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.||



## 

|<br>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|





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|<br>notwithstandingthepotentialconflictofinterestsoftwoTrusteesinrelationtothetransactio<br>theTrusteesreceived£40,091,537millionincashtogetherwithaholdingof2,694,800in<br>shares.|<br>n.InJanuary202<br> 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|





## 

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|||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<br>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.<br>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|