REGISTERED CHARITY NUMBER: 327383 Report of the Trustees and Audlted Flnanclal Statements for the Year Ended 31st March 2024 The de Laszlo Foundatlon
The de Laszlo Foundation Contents of the FinancSal Statements for the Year Ended 31st March 2024 Page Chalrman's Report Report of thè Trustees Report of the Ind•pendent Audltors 7 to 10 Statement of Fln•nclal Actlvltles li Statement of Flnanclal Posltlon 12 Statement of Cash Flows 13 Notes to the Statement of Cash Flows 14 Notes to the Flnan¢lal Statements IS to 23 Detalled Statement of Flnanclal Actlvltles 24 to 25
The de Laszlo Foundatlon Chalrman's Report for the Year Ended 31st March 2024 The Foundatlon met Its target of awarding grants of more than £1 milllon again In the year to 31st March 2024, reaching total donations of £1,083,000 compared with £1,039,000 In the previous year. As In prlor years The de Laszlo Archive Trust was the lar8est reciplent receivlng a grant of £245,000 compared with £190,000 In 2023. The Archive Trust held a hugely successful exhlbltion of de Laszlo's work at Galnsborou8h's House in 2024. As in 2021 and 2022, £45,000 was awarded to Portsmouth Universlty Marlne Blology Department for research into the polluted state of the waters around mainland UK. The work is undertaken In conjunction with GB Row Challenge which organlses a 21)Xl mlle rowlng race around the UK each year for charltv. The next largest grant reclplents were Clty & Gullds, who received £34,500forstudent support and £25,000 for ongoln8 work wlth Southampton Unlversity to fund early stage cancer Immunology research. The Foundatlon allocates fundlng prlnclpally to Arts, Medlclne, Sclence and Educatlon: the latter belng the lar8est cate80ry during the year wlth a total of £317.995. The prlnclpal beneflciaries of education funding Include PhD students at Sheffleld Unlverslty, Physl¢s Partners focusln8 on tralnln8 physlcs teachers In state schools, an outreach STEM project at Greshams School and TreloarTrust, MedSclne recelved £245.859 of support In¢ludln8 four donatlons of £20,000 to Horatlo's Garden for art therapy In splnal units, Actlon for ME for Myal8lc Encephalomyelltls research, Hampshlre Medlcal Fund for equlpment for Hampshlre hospitals and Braln Tumour Charlty for braln tumour research, In addltlon to the donatlons to The de Laszlo Archlve Trust, Arts recelved £143,189 and Sclence £70,762. Durlng the year the Foundatlon held Investment portfollos wlth two fund mana8ers, James Hambro & Partners and Waverton Investment Managers. A year of recovery In investment performance, driven globally by the technology and healthcare sectors, desplte the ongolng un¢ertalnty of Inflatlon and hlgh Interest rates, led to an 18% Increase In the value of the Foundatlon's Investment portfolios. The Trustees Intend to In¢rease annual grant awards to £1.4m-£1.5m In future years, This increase will be funded by an expected Increase In donatlons recelved. The Trustees conslder that, to protect the charlty's financlal reserves It may be approprlate to malntaln a surplus over the next few years. Damon de Laszlo Date: ll Sf ei 6Aii3tr.r. 2c,2 9. Pa8e I
The de Laszlo Foundation Report ot the Trustees for the Year Ended 31st March 2024 The trustees present their report with the financial statements of the charity for the year ended 31st March 2024. The trustees have adopted the provisions of Accountin8 and Reportin8 by Charities: Staternent of Recommended Practlce applicable to charities preparing their accounts in accordance wlth the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 (effective l January 20191. OOJECTIVES AND ACTNMES Oblects and alms The objects of the de Lasilo Foundation are.. I l The advancement and womotlon of education and Interest In the vlsual arts, wlth speclal reference to encouraglng a knowledge of the works of contemporary palnters and in particular those of the late Phllip de Laszlo. 111 To encourage research {the results of whl¢h will be publlshedl Into restoratlon of works of art and thelr preservation and the locatlon of sultable venue5 for them. 1111 To acqulre and malntaln a collectlon of the works of art of the artlst Philip de Laszlo and other works of art of the same or any other perlod, whether by purchase, hlre or acceptance as a 8lft or on loan and to malntaln premlses for purposes of housln8, dlsplay or exhibltlon of such works of art and In partlcular to enable them to be vlewed by the general publlc, whether on free admlsslon or on the payment of a fee and that such housln81 dlsplay or exhlbltlon shall be open to publ1¢ access at all reasonable tlmes. Iv) To advance educatlon and research generally in the area of arts, sclence, economlcs and medlclne. vl To encourage the study, reproductlon and ¢atalo8uSng of works of art and the publl¢atlon of books and Ilterature In that respect. vll To promote the foundln8 of scholarships and prlzes and the makln8 of 8rants to any per$on or body or organlsatlon whlch Trustees feel may be for the furtherance of the objects mentioned above. Actlvltles and measurement The objectlves of the Trust are achieved through the work of the Trustees. Sl8nlflcant, unpald tlme Is spent revlewing grant requests, considering how any request would meet the oblects of the Foundatlon, ensurlng a reasonable allocation of donations between the different areas of support and meetin8 Potential beneflciarles, Havlng agreed to make a 8rant, partlcularly one to be pald In stages over a period, follow up meetings afe held with the donee or8anisations to measure the success of the work undertaken with the help of the grant and generally ensuring compllance with the grant condltlons. It Is typlcally a condition of any grant that subsequent payments wlll only be released when the donee has provided support for the work undertaken. The volunteer time spent by the Trustees cannot be readlly quantlfied and valued. Grants are made based on research by the Trustees and the Trust's advisors and requests received by the Trustees. Grants are formally consldered and made on at least a six-monthly basls at Trustee meetlngs and Informally on regular occasions during the year. Major rlsks have been reviewed and systems and procedures have been established to manage those risks. Page 2
The de Laszlo Foundation Report of the Trustees for the Year Ended 31st March 2024 08JECTIVES AND ACTIVITIES Publlc benellt In shapin8 thelr objectives for the year and plannin8 their actlvltles and grant makin8 policy, the Trustees have considered the Charlty Commlssion 8uidance on public beneflt. The Foundation continue5 to support causes that need help in education, medicine, science and the arts and to promote the founding of scholarships and prizes. The Foundation provides grants to any per50n, body or organisation which the Trustees feel may be for the furtherance of the objective5. ACHIEVEMENT AND PERFORMANCE As a grant maklng charlty the Foundation does not Itself undertake charltable actlvlties. It seeks to meet Its oblectlves by makln8 grants and donatlons across all aspects of the charity's six objects Ilsted above. The Trustee5 have a reasonable estimate of the level of donatlons It will recelve at the beglnnln8 of the year and seek to match the charlty's grant making wlth the estlmated income. The objettive to spend what is received by way of donations has been achieved In recent years, any surplus to the Charity's funds being derlved from Investment income in the year, the amount of whlch cannot be determlned wlth certalnty at the start of each year. The prlnclpal donatlons made and the key achlevements of the Foundatlon are covered In the Chairman's report on pa8e l. FINANCIAL REVIEW Income The Foundatlon recelves Its donatlons from other charltable trusts wlth very slmllar objects, The amounts recelvable are typlcally known at least one year In advance enabllng the Trustees to mana8e the Foundatlon's reserves a5 noted below. Investment powors The Trust deed 8lves the Trustees the power to Invest In such funds, shares and se¢urltles or other Investments as they In their absolute dlscretlon thlnk flti provlded that they have acted on professlonal advlce In makln8 such Investments. The Trustees have no powers to borrow, mort8a8e or char8e any part of the Trust fund. Investment pollcy and oblectlve$ The investment policy has been to seek lon8 term capltal appreclatlon to bulld up the Trust's resources. The liquid a55et portfolio is spread across two Investment fund managers, Both managers prlnclpally invest into a dlversified portfolio of equities and funds across a broadly based 8lobal approach, reducln8 the risk5 Inherent in a concentrated all-equlty strate8y. The performance of the portfollo In the year Is addressed in the Chairman's statement. The Foundation ha5 also received shares In unquoted companles as gifts over the years. These illiquld investments have consistently contrlbuted to the Foundation's investment Income in recent years, but the Foundation has no influence over the amount or timing of any distributlons. As such no allowance Is made for investment income when planning the charitable expenditure in any given year. Page 3
The de Laszlo Foundation Report of the Trustees for the Year Ended 31st Mah 2024 FINANCIAL REVIEW ReseNes pollcy The Foundation's pollcy was to bulld up its reserves for twenty one years to January 21J)8 whilst it had the power to accumulate Income and to 8enerate sufficient grant and Investment income to cover expenditure. From this date onwards the expendlture of the Foundation should exceed that of the income in accordance with the Trust deeds and for the last slx years charitable expendlture has exceeded income from donations and le8acles. The Foundatlon has earmarked future non4)inding commltments to a number of charltle5 on the basls that they meet performance mllestones for future years. As a result, a suffi¢lent level of reserves are retalned to ensure these payments can be made. The charity has Ilmlted operatln8 expenses and no employees so the level of commitments can be managed to ensure this, No allowance Is made for income from Investments to meet ¢haritable ¢ommltment as the foundatlon has no control over the level of Investment Income. As such, Income from these Investments have added to reserves in recent years. As dlscussed in the Chalrman's Statement, the Investments 8enerated positlve returns In the financlal year, resultlng In the Foundatlon's reserves Incre3sln8 to £4.8m at 31 March 2024 compared wlth £3.8m at 31 March 2023. FUTURE PLANS The Trust expects to Increase donatlons to £1,4m to £1.5m ID the next year and beyond, and wlll seek to Increase the number of larger donatlons. STRucfuRE, GOVERNANCE AND MANAGEMENT Governlna document The charlty Is controlled by Its 8overnln8 document, the De¢lar3tSon of Trust dated 21st January 1987, as amended on 1st October 2003 and constitutes an unlncorporated charity. Re¢rultment and •ppolntment of new Trustees The number of Trustees shall not be less than three, nor more than slx. Damon de L35210, as founder, has the power to appoint and remove Trustees durln8 hls Ilfe. After death these powers vest In such person as he nominates by deed or wlll. The trustees Include experlenced investment professlonals workln8 In dlfferent buslnèss and profe551onal envlronments and re8ularly receive training, particularly on flnanclal and 8overnance matters, that enable them to stay up to date with relevant legislation and procedures Impactln8 the charlty. General Volunteers The de Laszlo Foundatlon has a number of volunteers supportln8 the trustees, by way of scientlflc or other speciallst 3dvice to asslst wlth the understandin8 of possible grants and donatlons or provldin8 administrative services. 8rlef Terms of the Trust The Trust Fund Is held to apply the whole or any part as the Trustees. In thelr absolute discretion, think fit in order to fulfll the objects of the Foundation. Page 4
The de Laszlo Foundatlon Report of the Trustees for the Year Ended 31st March 2024 STRucfuRE, GOVERNANCE AND MANAGEMENT Declslon makln8 The trustees work tO8ether to determine the bud8eted charltable expendlture each year and the allocation between the dlfferent categories of expendlture as presented in the fltlancial statements. Within each cate80ry trustees will make individual recommendations on grants. The trustees meet regularly to review the Investment portfollo and collectlvely agree on all major changes. Rlsk management The Foundation Is reliant on a small number of donors and on investment Income for Its Income each year. There Is a rlsk that these donatlons may not contlnue or Investment performance does not allow for dlvldends to be paid to the Foundatlon. The Trustees ensure there are sufflclent reseNes of cash and liquld assets to meet existin8 Ilabilitles and commitments, prlmarlly for the support of The de Laszlo Archive Trust. REFERENCE AND ADMINISTRAnvE DEfAILS Reglstered Charlty number 327383 Prlnclpal addre 5 Albany Courtyard Plccadllly London WIJOHF Trustees Darnon de Laszlo Lucy Birkbeck Robert de Laszlo Wllllam de Laszlo Audltors Sheen Stlckland Chartered Accountants Statutory Audltors 2 Orlel Court Omega Park Alton Hampshire GU34 2 Investment Managers James Hambro & Partners 45 Pall Mall London SWIY 5JG Waverton Investment Management 16 Babmaes Street London SWIY 6AH Page S
The de Laszlo Foundation Report of the Trustees for the Year Ended 31st March 2024 REFERENCE AND ADMINisfRATIVE DETAILS Advlsers Meriel Kltson Stephen Oppenhelmer Grania Phllllps Stephanle Wllllams Octavla Wllliams STATEMENT OF TRusfEES' RESPONSIBILITIES The trustees are responslble for preparin8 the Annual Report and the financial statements in accordance wlth appllcable law and United Kln8dom Accountln8 Standards Iunlted Kingdom Generally Accepted Accounting Practlcel Including Ftnancial Reporting Standard 102 "The Financlal Reporting Standard appllcable in the UK and Republic of Ireland" The law appllcable to charlties In En8land and Wales, the Charltles Act 2011, Charlty (Accounts and Reports) Re8ulatlons 2008 and the provislons of the trust deed requlres the trustees to prepare flnanclal statements for each flnancial year which glve a true and falr vlew of the state of affalrs of the charliy and of the Incomlng resources and appllcatlon of resources, Including the income and expenditure. of the charlty for that period. In preparlng those finan¢Sal statements, the trustees are requlred to select 5ult3ble a¢countln8 pollcies and then apply them conslstentlyi observe the methods and prlnclples In the Charlty SORP. makelud8ements and estlmates that are reasonable and prudent; state whether appllcable accountlng standards have been followed, subject to any materSal departures dlsclosed and explalned In the flnanclal statements; prepare the flnanclal statements on the going concern basls unless It Is Inapproprlate to presume that the charlty wlll contlnue In buslness. The trustees are responsible for keeplng proper accountln8 records whlch dlsclose wlth reasonable accuracy at any tlme the financl31 posltion of the charlty and to enable thern to ensure that the financlal statements comply wlth the Charitles Act 2011, the Charlty IAccoui)ts and Reportsl Regulatlons 2008 and the provlslons of the trust deed. They are also responslble for safe8uardln8 the assets of the charlty and hence for takln8 reasonable steps for the prevention and detectlon of fraud and other Irre8ularltles. Approved by order of the board of trustees on .. and sl8ned on Its behalf by: Damon de Laszlo- Trustee Page 6
Report of the Independent Auditors to the Trustees of The de Laszlo Foundatlon Oplnlon We have audited the flnancial statements of The de Laszlo Foundatlon Ithe 'charity'l for the year ended 31st March 2024 which comprise the Statement of Financial Activitle5, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant counting policies. The financial reportin8 framework that has been applied in their preparation is ppllcable law and United Klngdom Accounting Standards Iunlted Kin8dom Generally Accepted AoUntIng Practlcel, Includln8 Flnancial Reportlng Standard 102 'The Flnanclal ReportSng Standard applicable in the UK and Republlc of Ireland,. In our oplnlon the flnaneial statements: 8lve a true and falr vlew of the state of the ¢harlty'S affalrs as at 31st March 2024 and of its incomln8 resources and appllcation of resources, for the year then ended; have been properly prepared in accordance wlth Unlted Klngdom Generally Accepted Accounting Practlce, Sntludlng Flnancial Reportln8 Standard 102 The Flnan¢lal Reportin8 Standard applicable In the UK and Republlc of Ireland,, and have been prepared In accordance wlth the requlrements of the Charltles Act 2011. Basls lor oplnlon We conducted our audlt In accordance wlth International Standards on Audltln8 IUKI IISAS IUKII and appllcable law, Our responslbllltles under those standards are further descrlbed In the Audltors, responslbilltles for the audlt of the flnanclal statement5 5ectlon of our report. We are independent of the charlty Sn accordance wlth the ethical requirements that are relevant to our audit of the flnanclal statements In the UK, Includlng the FRC'S Ethlcal Standard, and we have fulfllled our other ethlcal responsibllitles In accordance wlth these requlrements. We belleve that the audlt evidence we have obt3lned15 sufflclent and approprlate to provlde a bas15 for our oplnlon. Contluslons rèlatlng to golni concern In audltin8 the flnanclal statements, we have concluded that the trustees, use of the 8oln8 concern basls of accountln8 Sn the preparatlon of the flnanclal statements Is approprlate, Based on the work we have performed, we have not Identlfied any materlal uncertalntles relatlni to events or condltlons that, Indlvidually or collectlvely, may cast slgnlflcant doubt on the charlty's abillty to contlnue s a goln8 concern for a perlod of at least twelve months from when the flnanclal statements are authorlsed for Issue, Our responslbllltles and the responslbilltles of the trustees Wlth respect to golng concern are described In the relevant sectlons of this report. Page 7
Report of the Independent Auditors to the Trustees of The de Laszlo Foundatlon Other Informatlon The trustees are responslble for the other information. The other inforrnation comprises the information Included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the fln3ncial statements does not cover the other informatlon and, except to the extent otherwise expllcltly stated In our report, we do not express any form of assurance concluslon thereon. In connection with our audit of the financial statements, our responslblllty is to read the other informatlon and, In dolng so, conslder whether the other Information Is materlally in¢onslstent wlth the financial statements or our knowledge obtalned In the audit or otherwlse appears to be materlally mlsstated. If we Identify such materlal inconsistencies or apparent materlal mlsstatements, we are required to determine whether thls gives rise to a material misstatement in the financlal statements themselves. If, based on the work we have performed, we conclude that there is a material mSsst8lernÈnt of thls other Information, we are requlred to report that fact. We have nothlng to report In thls regard. Mattèrs on whlch we are requlred to report by exceptlon We have nothing to report In respect of the followin8 matters where the Charitles IAccounts and Reports) RegulatSons 2008 requlres us to report to you If, In our oplnlon: the Informatlon glven In the Report of the Trustees Is Inconslstent in any material fespert wlth the flnancial statements; or sufflclent accountln8 records have not been kept; or the flnanclal statements are not In agreement wlth the accountln8 records and returns. or we have not recelved all the Information and explanatlons we requlre for our audlt. Responslbllltles of trustees As explalned more fully in the Statement of Trustees, Responslbllltles, the trustees are responsible for the preparatlon of the financlal statements whlch give a true and falr vlew, and for such Internal control as the trustees determlne Is necessary to enable the preparatlon of flnanclal statements that are free from materlal mlsstatement, whether due to fraud or error. In preparlnB the flnanclal statements, the trustees are responslble for assessln8 the charlty's ablllty to contlnue as a goln8 concern, discloslng, as appllcable, matters related to 8oln8 concern and uslng the 8oln8 concern basls of accountlng unless the trustees either Intend to Ilquldate the charlty or to cease operatlons, or have no reallstlc alternative but to do so. Pa8e 8
Report of the Independent Auditors to the Trustees of The de Laszlo Foundation Our responslbllltles for the audlt of the financlal statement$ We have been appolrbted as audltors under Sectlon 144 of the CharitSes Act 2011 and report In accordance wlth the Act and relevant regulations made or havlng effect thereunder. Our objectlves are to obtaSn reasonable assurance about whether the financlal ststement5 as a whole are free from materlal mlsstatement, whether due to fraud or error, and to Issue a Report of the Independent Audltors that includes our opinion. Reasonable assurance Is a high level of assurance, but 15 not a guarantee that an audlt conducted In accordance with ISAS IUKI will always detect a materlal misstatement when It exists. Misstatements can arise from fraud or error and are considered materSal if, individually or in the 388re8ate, they could reasonably be expected to Influence the economlc decisions of users taken on the basls of these flnanclal statements. Irre8ularltles, Includln8 fraud, are Instances of non-compliance with laws and regulatlons. We design procedures in Ilne wlth our responslbllltles, outllned above, to detect materlal mlsstatements in respect of Irre8ularltles, Includlng fraud. The extent to which our procedures are capable of detecting IrregLblaritles, includln8 fraud is detalled below: We ensured that the enga8ement team comectlvely had the approprlate competence, capablllties and skllls to Identlfy or recognlse non-compllano wlth appllcable laws and re8ulatlons. The laws and regulatlons appllcable to the company were Identlfled through dlscusslons wlth the Trustees and other management, also from our commerclal knowled8e and experlence of the charlty. Of these laws and regulatlons, we focused on thosè that we consldered may have a dlrect material effect on the financlal statements or the operatlons of the charltyi Includlng but not limlted to taxation le8Sslation, data protectlon, antl-bribery, antl-money-launderingi employment, environmental and health and safetv le8islatlon. The extent of compllance wlth these laws and re8ulatlons Identlfled above was assessed through maklng enqulrles of mana8ement and Snspectlng legal expendlture and correspondence, The Identlfled laws and regulations were communlcated wlthln the audit team, the team remalned alert to Instances of non-compllance throughout the audlt. We assessed the susceptlbllity of the charity's financlal Statements to materlal mlsstatement, including obtalnln8 an understandln8 of how fraud mlght occur, by: making enqulrles of mana8ement as to where they consldered there was susceptlbllity to fraud, them knowledge of actual. suspected and alleged fraud,. To address the risk of fraud through management blas and override of controls, we.. tested Journal entries to Identlfy unusual transactlons; performed analytlcal procedures to identify any unusual or unexpected relationships; assessed whetherJud8ements and assumptlons made in determinlng the accounting estimates were indicatlve of potent131 blas,. and Investl8ated the ratlonale behlnd signSfitant or unusual transa¢tlon5. In response to the risk of Irregularitles and non-compliance wlth laws and regulations, we designed protedures which Sncluded, but were not limited to- agreeing financial statement disclosures to unclerlying supporting documentation. reading the mlnutes of meetings of those charged with governance,. and enquirin8 of management as to actual and potential litigation and clalms. Page 9
Report of the Independent Auditors to the Trustees of The de Laszlo Foundation Because of the inherent Ilmltatlons of an audlt, there is a rlsk that we wlll not detect all irregularities. includln8 those leading to a material mlsstatement in the flnanclal statements or non-compliance with regulation. This risk increa5e5 the more that compliance wlth a law or regulation is removed from the events and transactions reflected in the financi31 statements, as we will be less likely to become aware of instances of non-compliance. The risk 15 also greater regardln8 Irre8ularities occurrin8 due to fraud rather than error, as fraud involves Intentional concealment, for8eryi colluslon, omlsslon or misrepresentatlon. A further description of our responslbllltles for the audit of the financial statements Is located on the Flnancial Reportln8 Council's website at www.frc.or8.uk/auditorsresponslbillties. This description forms part of our Report of the Independent Auditors. Use of our report This report is made soleFy to the charlty's trustees, as a body, In accordance wlth Part 4 of the Charltles (Accounts and Reports) Re8ulatlons 2008. Our audlt work has been undertaken so that we mlght state to the charlty's trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responsiblllty to anyone other than the charlty and the charlty's trustees as a body, for our audlt work, for thls report, or for the opinions we have formed. Sheen Stlckland Chartered Accountants Statutory Audltor$ 2 Oriel Court Omega Park Alton Hampshlre GU34 2YT Date,. Page 10
The de Laszlo Foundation Statement of Financlal Actlvlties for the Year Ended 31st March 2024 2024 Total funds 2023 Total funds Unrestricted Restricted funds funds Notes INCOME AND ENDOWMENTS FROM Donations and legacles 930,000 5,366 935,366 824,107 Investment Income Other income 524,840 14,5311 524,840 14,531) 435,642 100,104 Total 1,450,309 S,366 1,455,675 1,3S9,853 EXPENDITURE ON Ralsln8 funds Ralsln8 donatlons and legacies 27,926 27,926 27,443 27,926 27,926 27,443 Charltable artlvltles Art5 Educatlon Medlclne Scholarshlps and Grants Archlve Trust Other Charltles Sclence Economics 143,189 317,995 240,859 35,000 245,000 120 70,762 26,000 143,189 317,995 245,859 35,OCW) 245,0(N) 120 70,762 26,OCQ 139,130 309,489 260,075 35,700 190,000 3,700 85,447 16,OLKI 5,000 Other 9,884 9,884 7,190 Total 1,116,735 5,000 1,121,735 1,074,174 Net gains/llosses) on Investments 656,004 656,004 {411,3211 NET INCOME/(EXPENDITUREI 989,578 366 989,944 1125,6421 RECONCILIATION OF FUNDS Total funds brought forward 3,798,226 9,016 3,807,242 3,932,884 TOTAL FUNOS CARRIED FORWARD 4,787,804 9,382 4,797,186 3.807,242 The notes form part of these flnanclal statements Page 11
The de Laszlo Foundation Statement of Flnanclal Position 31st March 2024 2024 Total funds 2023 Total funds Unrestricted Restricted funds funds Notes FIXED ASSETS Investments 11 4,353,032 4.353,032 3,408,773 CURRENT ASSETS Debtors: amounts f311in8 due wlthln one vear Debtors: amounts fallln8 due after more than one year Cash at bank 12 130,540 130,540 8,212 12 75,000 242,296 75,IXIO 251,678 loo,000 496,257 9,382 447,836 9,382 457,218 604,469 CREDITORS Amounts falllng due wlthln one year 13 113,0641 113,0641 1206,000 NETCURRENT ASSErs 434,772 9,382 444,154 398,469 TOTAL ASSETS LESS CURRENT LIABILITIES 4,787,804 9,382 4,797.186 3,807,242 ET ASSETS 4,787,804 9,382 4,797,186 3,807,242 FUNDS Unrestrlcted funds Restrlcted funds 14 4,787,804 9,382 3,798,226 9,016 TOTAL FUNDS 4,797,186 3,807,242 Th financlal statements were approved by the Board of Trustees and authorlsed for issue on .lQ,2.¥,. and were sl8ned on its behalf by: Damon de Las210- Trustee The notes form part of these financlal statements Page 12
The de Laszlo Foundation Statement of Cash Flows for the Year Ended 31st March 2024 2024 2023 Notes Cash tlows from operatlng artlvltles Cash 8enerated from operations 41,171 478,379 Net cash provlded by operating activlties 41,171 478,379 Cash flows from Investln8 artlvltles Purchase of fixed asset investments Sale of flxed asset investments Movement In investment cash Interest received 11,013,Slll 663,712 55,871 8,178 1755,4311 573,641 86,14S 5,C(iO Net cash used In Investln8 actlvltles 1285,7501 190,6451 Chan1• In ca$h and cash equlvalents In the reportln8 perlod Cash and cash equlvalents at the beglnnln8 of the reportln8 perlod 1244,5791 387,734 496,257 108,523 Cash and cash equlvalents at the end of the reportlni perlod 251,678 496,257 The notes form part of these financlal statements Page 13
The de Laszlo Foundation Notes to the Statement of Cash Flows for the Year Ended 31st March 2024 RECONCILIATION OF NET INCOMV(EXPENDITURE) TO NEY CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net In¢ome/lexpendlture) for the reportlng perfod las per the Slatement of Flnanclal Actlvltles) Adlustments for: IGainl/losses on Investments Loss/lproflt} on disposal of flxed assets Interest received Increase In debtors IDecreasel1Sn¢rease in Credltors 989,944 1125,6421 1654,8621 4,531 18,1781 197,3281 1192,9361 510,063 1100,1041 15,CMXIl 19381 200,000 Net cash provlded by operatlons 41,171 478,379 ANALYSIS OF CHANGES IN NEf FUNDS At 1,4.23 Cash flow At 31.3.24 Net cash Cash at bank 496,257 1244,5791 251,678 The notes form part of these financial statements Page 14
The de Laszlo Foundation Notes to the Flnanclal Statements for the Year Ended 31st March 2024 STATEMENT OF COMPLIANCE The de Las210 Foundatlon is an unlncorporated charity reglstered In England, charlty number 327383. The re8iStered office Is S Albany Courtyard, Piccadilly, London, WIJ OHF. The financial statements are presented In sterllng whlch is the functional currency of the charity and rounded to the nearest pound. The financlal statements have been prepared In tompllance wlth FRS 102 as It applled to the financial statements for the year ended 31st March 2024. The significant accountlng policles applied In the preparatlon of these flnanclal statements are set out below. These pollces have been conslstently applled to all years presented unless otherwise stated. ACCOUNTING POLICIES 8•$ls of preparfn8 the financlal statements The flnanclal statements of the charlty, whlch Is a publlc beneflt entlty under FRS 102, have been prepared In accordance wllh the Charltles SORP IFRS 1021 'Accountin8 and Reportlng by Charlties,. Statement of Recommended Practlce applicable to charltles preparlng thelr accounts in accordance wlth the Flnanclal Reportln8 Standard applScable in the UK and Republic of Ireland IFRS 1021 (effectlve l January 20191,, Flnanclal Reportlng Standard 102 'The Financlal Reportln8 Standard appllcable In the UK and Republlc of Ireland, and the Charltles Act 2011. The flnanclal statement5 have been prepared under the hlstorlcal cost convention with the exception of Investments which are Included at market value, as modlfled by the revaluatlon of certaln assets. The trustees conslder that there are no materlal uncertalntles about the Foundatlon's ablllty to contlnue as a 8oln8 concern. The charity is consldered a 80in8 concern due to the charlty havlng sufflclent cash to meet the charltable commltments for at least 12 months from the date of approval of these flnanclal statements and that the charlty has no flxed overheads that need to be covered. Incom• All income is recognised In the Statement of Financlal Activitle5 once the charity has entitlement to the funds, It Is probable that the Income wlll be recelved and the amount can be measured reliably. Expendlture Liabilities are recognlsed as empenditure as soon as there is a legal or constructlve obll8atlon ¢ommlttln8 the charlty to that expeDdSture, It Is probable that a transfer of economlc beneflts will be requlred in settlement and the amount of the obligation can be measured reliably. Expenditure Is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued a5 expenditure. Page 15 tontinued...
The de Las210 Foundatlon Notes to the Flnanclal Statements - contlnued for the Year Ended 31st March 2024 ACCOUNTING POLICIES- contlnued Charftable a¢tlvttles Costs of charltable actlvlties include grants made and cost of exhlbltlons. The de Las210 Foundation h35 a policy of expenslng palntings, Sculpture and other artworks through the Statement of Financial Activlties each year. Many of the artworks acquired are from students or youn8 artlsts, whose work is unknown and hard to value and the income Is used to fund the artlsts, educatlon. It Is very difflcult to determlne the open market value of the work and It Is consldered prudent to expense the Items when acqulred. Support costs Support costs are those functlons that asslst the work of the charlty but do not dlrectly undertake charitable actlvities. Support Costs include back Off1 costs, finance, payroll and governance costs whlch support the Trust's artlstlc programmes and actlvltles. These costs have been allocated as charltable actlvltles. The breakdown of support costs are set out In note 7. AllatIon and apportlonment of costs The malorlty of costs are dlrectly altrlbutable to 5peclflc actlvltles and are allocated on thls basls. Overheads are apportloned to dlrect and other expendlture on a basls almed to reflect Use. Taxatlon The charlty Is exempt from tax on Its charltable actlvltles. Fund ac¢ountln8 Unrestrlcted funds can be used In accordance with the charltable objectlves at the discretlon of the Trustees. Restrlcted funds are used In accordance wlth the restrlct5on placed on the donatlon by the donor. Ftyel£n curren¢les Assets and IlabSlltles In forel8n currencies are translated Into sterlln8 at the rates of exchan8e rulln8 at the Statement of flnanclal positlon date. Transactlons In forel8n currencles are trans13ted Into sterlin8 at the rate of exchange rullng at the date of transactlon. Exchan8e differences are taken into account In 3rrlvin8 at the operatln8 result. Flnan¢lal Instruments The charlty only has financlal assets and flnanclal Ilabllltles of a klnd that qualify as baslc flnanclal instruments. Baslc flnanclal instruments are initially reco8nised at transaction value and subsequently measured at their settlement value. Inve$tments All quoted investments are stated at market value. Unquoted Investments are Included by the Trustees at their best estimate of market value based on the inforrnation readily available. The SOFA includes realised galns and losses from investments that have been sold and unrealised gains and losse5 arising from the revaluation of investments that are still held. Page 16 continued...
The de Laszlo Foundatlon Notes to the Flnancial Statements- continued for the Year Ended 31st March 2024 DONATIONS AND LEGACIES 2024 2023 Donations 935,366 824,107 INVESTMENT INCOME 2024 2023 Dlvldend income Deposlt account interest Loan Interest 516,662 1,253 6,925 430,642 5,000 524,840 435,642 CHARITABLE ACTIVITIES COSTS 2024 2023 Grants payable Other (see note 71 1,083,925 9,884 1,039,541 7,190 1,093,809 1,046,731 GRANTS PAYA8LE Durlng the year all grants were made payable to Institutlons, Included In the Chalrman's report are detalls of the materlal 8rants pald to indlvidual Instltvtlons, There are no support costs allocated to grant-making activities. SUPPORT COSTS Governance costs Finance Totals Other resources expended 140 9,744 9,884 Page 17 continued...
The de Laszlo Foundation Notes to the Flnanclal Statements- contlnued for the Year Ended 31st March 2024 SUPPORT C05TS- contlnued Support costs, Included in the above, are as follows.. Flnante 2024 Other resources expended 2023 Total activlties Bank charges 140 iio Governance costs 2024 Other resources expended 2023 Total artivitles Accountancy fees Audit Fees 2,8 6,944 1,900 5,180 9,744 7,080 Please note that the accountancy and audlt fees noted above for 2024 are Incluslve of VAT whllst the comparable year Is excluslve of VAT. TRUSTEES, REMUNERATION ANO BENEFITS There were no tru5tees' remuneration or other benefits for the year ended 31st March 2024 nor for the year ended 31st March 2023. Trustees, expen$e$ There were no Trustees, expenses pald for the year ended 31st March 2024 nor for the perlod ended 315t March 2023. STAFF COSTS There were no staff costs for the year ended 31st March 2024 nor for the perlod ended 31st March 2023. No employees reteSved emoluments in excess of £60,000. Page 19 continued..
he de Laszlo Foundatlon Notes to the Flnanclal Statements- continued for the Year Ended 31st March 2024 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcnvmES Unrestricted Restricted funds funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacles 818,500 5,607 824,107 Investment Income Other Income 435,642 100,104 435,642 100,104 Total 1,354,246 5,607 1,359,8S3 EXPENDITURE ON R3lsln8 funds Ralsin8 donatlons and le8a¢les 27,443 27,443 27,443 27,443 Charltable a¢tlvltl•s Arts Educatlon Medlcine Scholarshlps and Grants Archlve Trust Other Charlties Sclence Economlcs 139,130 306,489 256,148 35,700 190.LVJO 3,700 85,447 16,CN)O 139,130 309,489 260,075 35,700 190,000 3,700 85,447 16,000 3,000 3,927 Other 7,190 7,190 Total 1,067,247 6,927 1,074,174 Net galnslllossesl on Investments 1411,321} 1411,3211 NET INCOME/(EXPENDrruRE) 1124,3221 11,3201 1125,6421 RECONCILIATION OF FUNDS Total funds brou8ht forward 3,922,548 10,336 3,932,884 TOTAL FUNDS CARRIED FORWARD 3,798,226 9,016 3,807,242 Page 19 continued...
The de Las210 Foundatlon Notes to the Flnanclal Statements - continued for the Year Ended 31st March 2024 11. FIXED ASSET INVESTMENTS Llsted Unlisted investments Investment5 Cash Totals MARKET VALUE At 1st Aprll 2023 Addltions Disposals Revaluatlons Movement Sn the year 3,008,080 1,013,510 1668,2431 611,993 320,188 80,505 3,408,773 1,013,510 1668,2431 654,862 155,870) 42,869 55,870) At 31st March 2024 3,965,340 363,057 24,635 4,353,032 Nrr BOOK VALUE At 31st March 2024 3,965,340 363,057 24,635 4,353,032 At 31st March 2023 3,008,080 320,188 80.505 3,408,773 The historical cost of fixed asset Investments as at 31st March 2024 was £4,131,152 12023.. £3,838,959), Of the above Investments £471,02412023'. £377,204) relate to Investment a55et5 In the UK. Cost or valuatlon at 31st March 2024 Is represented by: Llsted Unllsted investments Investments Cash Totals Valuatlon blf Valuation 2024 Cost 147,645 611,993 3,205,702 1580,6271 42,869 900,815 1432,9821 654,862 4,131,152 24,635 3,965,340 363,057 24,635 4,353,032 Page 20 continued...
The de Laszlo Foundation Notes to the Finandal Statements - contlnued for the Year Ended 31st March 2024 12. DEBTORS 2024 2023 Amounts falling due within one year: Other debtors Prepayments and accrued Income 30,540 I,C0 4,789 3,423 130,540 8,212 Amounts fallln8 due after more than one year.. Other debtors 75,000 ioo,oc A88re8ate amounts 205,540 108,212 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Accruals and deferred Income 13,064 206,IJOO 14. MOVEMENT IN FUNDS Gains and losses In¢omln8 resources Resources expended At 31.3.24 At 1.4.23 Unrestrlctgd lunds 3,798,226 1,450,309 11,116,735) 656,CQ4 4,787,804 General fund Restrlrted funds Restrlcted 9,016 5,366 9,382 TiyfAL FUNDS 3,807,242 1,455,675 1,121,735) 656,004 4,797,186 Page 22 continued...
The de Laszlo Foundatlon Note5 to the Financlal Statements - contlnued for the Year Ended 31st March 2024 Comparatlves for movement In funds Galns and losses Incoming resources Resources expended At 31.3.23 At 1.4.22 Unre$trl¢ted funds 3,922,$48 1,354,246 11,067,247) {411,3211 3,798,226 General fund Restrlrted funds Restrlcted 10,336 S,607 16,9271 9,016 TOTAL FUNDS 3,932,884 1,359,853 11,074,174) 411,321 3,807,242 15, RELATED PARTY DISCLOSURES The charlty made donatlons of £245,IXIO12023: £190,000) to a related charlty, The de L35210 Archlve Trust durin8 the year. The charlties are related through Damon de Laszlo belng the common founder. The charlty made a donatlon durlng the year of £50012023.. £5,000) to The Charlle Waller Memorlal Trust, of whlch Wllllam de Laszlo Is a trustee. The Charlty made a donatlon durln8 the year of £25,OCKI12023: £20,0001 to The AMLLP Foundatlon, of which Wllllam de Laszlo Is a trustee, The charlty made a donation durlng the year of £lO,00012023.' £10,WOI to The Economic Research Councll, of whlch Damon de Laszlo Is a trustee. Damon de Laszlo Is a dlrector of Lombos Llmited, in which The de Laszlo Foundatlon holds shares at a value of £363,05712023.' £320,188). A dlvidend of £478,43912023'. £394,031) was received in the year. Damon de Laszlo and Wllllam de La5zlo are members of the Foundatlon Councll of The Ned Foundation, from whlch The de Laszlo Foundatlon received donatlons of £450,OC(t12023.' £400,OC(Il. Damon de Laszlo and Willlam de Las210 are dlrectors of Harwin Plc, from which The de Laszlo Foundation recelved donations of £80,00012023: £10,OCN)). Page 22 continued,..
The de Las210 Foundatlon Detailed Statement of Financial Activitles for the Year Ended 31st March 2024 2024 2023 INCOME AND ENDOWMENTS Donatlons and leBacles Donations 935,366 824,107 Investment Income DivSdend income Deposit account Interest Loan interest 516,662 1,2S3 6,925 430,642 5,OiXJ 524,840 435,642 Other Income Galn/profit sale of Investment 4,531 ILKI,104 Total Incomln8 resources 1,455,675 1,359,8S3 EXPENDITURE RalslTr8 donatlons and le8a¢lès Fundralslng expenses Investment mana8ernent fees 9,324 18,602 11,584 15,859 27,926 27,443 Charltable actlvltles Grants to Instltutlons 1,083,925 1,039,541 Support Costs Flnance Bank charges 140 iio Governance costs Accountancy fees Audit Fees 2,800 6,944 1,900 5,180 7,080 Total resources expended 1,121,735 1,074,174 Net Income before 8alns and losses 333,940 285,679 Thls page does not form part of the statutory financial statements Page 24
The de Las210 Foundation Detailed Statement of Financlal Activltles for the Year Ended 31st March 2024 2024 2023 Reallsed recognlsed galns and losses Unrealised gains/1055es on fixed asset Investments 656,004 1411,3211 Net Incomel(expendlture) 989,944 1125,6421 Thls page does not form part of the statutory financial statements Page 25