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 Ma￿h 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 A￿oUntIng
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.
All￿atIon 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￿,C￿0
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