Charity registration number 801590 THE DEREK HILL FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 9 MAY 2024
THE DEREK HILL FOUNDATION CONTENTS Page Legal and administrative information Trustees. repom Statement of trustees. responsibilities Independent examiner's report Statement of financial activities Statement of financial position Statement of cash flov45 10 Notes to the financial statements
THE DEREK HILL FOUNDATION LEGAL AND ADMINISTrATIVE INFORMATION Trustees Mr lan Paterson Mr Bruce NebIggIng Rathbones Trust Company Limited Mr Philip Hill Ms Harriet Hill Charity number 801590 Principal office 30 Gresham Street London EC2V 7QN Address for appeals (accepted by email only) rtccharities@rathbones.com Independent examiner Perrys Audit Limited Churchdovm Chambers Bordyke Tonbridge Kenl TN91NR Solicitors Rathbones Legal Sepiices Limited 30 Gresham Street London EC2V 7QN Investment advisors Rathbones Investment Management Limited 30 Gresham Street London EC2V 7QN
THE DEREK HILL FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 9 MAY 2024 The trustees present their report and accounts for the year ended 9 May 2024. The accounts have been prepared in accordance V4ith the accounting policies set out in note 1 to the accounts and comply with the foundation's deed, the Charities Act 2011 and °Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).. The accounts also comply wrth the Chanty's goveming document. Objectives and activities The foundation was established in May 1989 by the late Arthur Derek Hill, 'e founder" who intended to transfer to the trustees, either during his lifetime or on his death, his freehold properties knoTr as 16 and 18 Holly Hill, Hampstead, London, together the fumiture. pictures and thattels ordinarily kept at the said properties. The original intentions ofthe founder of the charitable foundation Vre to utilise the foundation's assets for.. The preservation for the public benefit of 16 and 18 Holly Hill. Hampstead, London (the properhes),. To protect and improve the properties for the public benefit.. To preserve for the public benefit the fijrniture, pictures and chattels kept at the properties., iv) The encouragement ofthe public to view the properties and their contents. If the objectives above cannot be met. then the trustees may support such charities or charitsble purposes as the trustees shall from time to time in their absolute diSeOn determine. On 30 July 2000 Mr Hill died. In his wll he left a speciffic legacy to the foundab-on of the treehold properbes known as 16 and 18 Holly Hill, Hampstead (the properties), together with the pictures and contents of the properties and pec#Jniary legacy of £250,000. The trustees considered that the state of the property, vthen they received the bequest trom Mr Hill's estate, made it impossible for them to comply with the main activities of the charitable trust deeds. They therefore regretfully decided to sell both the property and the pictures and other contents. These items were valued at the date of death and their disposition from then to 9 May 2024 are as follo5.. Value at Probate Sales Proceeds Realised Net Unrealised ProfrtllLoss) Loss on on Disposal Valuation Value Remaining 16118 Holly Hill Hampstead Pictures and bronzes Books 600,000 743,172 143,172 349,250 3,600 624,830 3,440 306,729 (160) (19,700) 11,449 The trustees consider that a more suitable use of the foundation's assets is the provision of grants and bursaries for art and related travel. The trustees therefore hold unrestricted fijnds from which they may make donations for such general charitable purposes as they in their absolute discretion think fit. In addition to the operation of the investment portfolio, the foundation still holds a number of chattels lch it treats as investments, and is in receipt of royalties, apart from which no other fijnd raising is undertaken to support the work ofthe charity The foundation is essentially investment based and intends to utilise the income generated from the investment portfolio to fund the grants the trustees have decided to make.
THE DEREK HILL FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 9 MAY 2024 Public benefrt The trustees have complied wth the duty in section 17 of the Charities Act 2011 and have due regard to the public benefit guidance published by the Charities Commission. The trustees have supported the chantable organisab"ons, as shown within note 18 to the financial statements. The trustees believe all the donations made are for the benefft of the public. Grant making polices The trustees meet on a regular basis to review applications for funding, investment performance, income levels and the financial statements. In the year ended 9 May 2024 the trustees met twice. The trustees keep in regular contact during the year through the foundats"on's administrator Rathbones Trust Company Limited. If decisions over grants or other matters need to be made outside of a meeting. the trustees discuss and agree the matter by telephone and email. Achievements and perf0mnCe During the year the trust generated income from the assets held as investments to apply towards its chosen grants for the year. The balance required for the grant payments was paid from capital funds. Investment perfonnance Over the year, the portfolio rose by +7.5% in capital terms and +10.4 % in totsl relurn terms (both net of fees). The MSCI PIMFA Balanced Index rose by +11.4% and +14.0 % in capital and total return terms respectively The fund as at 9 May 2024 was valued at £1,160,294 with an estimated annual income of £31,352 or a yield of 2.7 %. The trustees have taken out £67,934 in the last year. approximately half ofwhich came from dividend income with the balance being made up from capital. The fvnd is currently invested with 12.6% fixed income. 19.8% UK equities, 53.3% overseas equities, 11.4% alternatives and 2.9 % Gash, The portfolio is invested into the Rathbones Core Investment Fund for Charibes. Wthin this, the fixed income element of the portfolio is made up of a combination of government bonds and corporate bonds. The equity content primarily consists of direct companies, V¥ith some collective fvnd exposure. The altemative exposure includes property, pnvate equity, gold, infrastrucbjre and acb.vety managed fijnds. Financial review Total incoming resources were £31,653 (£28,218 in 2023), with £55,118 (£59,616 in 2023) being committed to charitable activities of which £23,139 (£30,669 in 2023) relates to support and govemance costs. Costs of fijndraising amounted to £2,648 (£2,655 in 2023). There was an unrealised gain of £83,585 (loss of £35,010 in 2023) on investments and in addition a realised gain of £398 (gain of £466 in 2023) resulting in net inflow of funds of£57,870 (ouffiow of£68,597 in 2023) Reserves policy The trustees consider their investments as expendable endovnnents, providing a relatively secure and predictable stream of income from which to make grants. The trustees aim to distribute a large percentage of the income, net of expenses, in each financial year and therefore do not maintain income reserves as such. The trustees ensure that income levels are continually reviewed and are happy that there have been sufficient funds to meet with their objethves
THE DEREK HILL FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 9 MAY 2024 Investment policy As there are no specific restrictions of investment powers under the goveming deed, the trustees have full discretion over the investments. The trustees have delegated their investment powers to Rathbones Investment Management Ltd to have fvll discretionary day to day control of the investment portfolio. The investment objective for the foundation is for a balance between capital growth and income with a medium risk profile as defined by Rathbones Terms of Business. The investment portFolio was transitioned from a 'segregated' portfolio into Rathbones, charty fund as this represented a meaningful cost saving and simplification for the foundation. The trustees have reviewed current policies and do not feel any amendments are necessary. Assets have been acquired and disposed of in accordance with the powers available to the trustees, Risks The trustees have identfied and reviewed all the major nsks to which the foundaton is exposed and systems have been established to mitigate them. In particular all major grants are carefvlly considered and monitored. Plans for future periods In the forthcoming year the trustees expect investment income to be on a par V*ith that received during the year ended 9 May 2024. The trustees continue to review the level of grant making in fijrlherance of their charitable objectives. Structure, govemance and management The foundation was established by a trust deed dated 9 May 1989 by the late Arthur Derek Hill, 'Ihe founder" The trustees who served during the year and were also in office at the date the financial statements were signed were.. Mr lan Paterson Mr Bruce Newbigging Rathbones Trust Company Limited Mr Philip Hill Ms Harriet Hill The individuals tho were directors of Rathbones Trust Company Limited were: Miss Linda Joyce Cousins Mr Trevor Harris Mr James Stephen Hurrell Mr Bruce Robert NeiggIng Mr Ajexander Richmond Mr Robert Paul Stockton Mrs Kerry Roberts The foundation's other advisors are noted on page 1. Recruitment and appointment of new or additional trustees The piesent trustees have the power of appointing new or additional trustees. Induction and training of trustees There are no formal polices or procedures adopted for the inductton or training of trustees, however, Rathbones Trust Company Limited keep abreast of changes in legislation and pass this information on to the other trustees.
THE DEREK HILL FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 9 MAY 2024 Accounts The trustees are satsfied wth the financial posth.on of the chanty and confirm that they have adequate assets available to fijlfil their obligations and the accounts complywith current statutory requirements. The trustees, report was approved by the board of Itustees. Bruce Newbigging on behalf of Rath bones Trust Company Limited Trustee 5 November 2024
THE DEREK HILL FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 9 MAY 2024 The trustees are responsible for preparing the trustees. report and the ffinancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charits-es in England and Wales requires the trustees to prepare finanaal statements for each financial year which give a true and fair view of the state of affairs of the foundation and of the incoming resources and application of resources of the foundation for that year. The trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources, induding the income and expenditure, of the Foundats'on for that perio In preparing these finanaal statements, the trustees are required to.. - select suitable accounting policies and then apply them consistently: - obseNe the methods and principles in the Charities SORP.. make judgements and estimates that are reasonable and prudent: state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements- and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation, The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position ofthe foundation and enable them to ensure that the financial statement5 comply wth the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the foundation and hence for taking reasonable steps for the prevention and detecton of fraud and other irregularib-es.
THE DEREK HILL FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DEREK HILL FOUNDATION I report to the trustees on my examinats.on of the financial statements of The Derek Hill Foundabon I'the foundation,) for the year ended year ended 9 May 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash FlowE and related notes. This report is made solely to the chanty's trustees, as a bo(ty. in accordance Vth secb.on 145 of the Charities Act 2011. My work has been undertaken so that I might state to the chanty's trustees those matters l am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibilty to anyone other than the charity and the charty's trustees as a body, for my work. for this report, or for the opinions I have formed. Responsibilities and basis of report As the trustees of the charty you are responsible for the preparab.on of the financial statements in accordance with the requirements of the Charities Act 2011 (the Arf). I report in respect of my examination of the charity's financial statements carried out under section 145 of the Act and in carrying out my examinab-on I have followed all the applicable Directtons given by the Charity Commission under section 145(5)(b) of the Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequenly does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, l express no opinion as to thether the financial statements present a 'true and fair, view and my report is limited to those specific matters set out in the independent examiner's statement. Independent examinerfs statemenl I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect- (i) accounting records were not kepl in respect of the charity as required by section 130 of the Act., or (li) the financial statements do not accord with those records., or (iii) the financial statements do not comply wth the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Stephen Hale FCA FCCA Perrys Audit Limiteé Churchdown Chambers Bordyke Tonbridge Kent TN91NR Dated.. 18 November 2024
THE DEREK HILL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 9 MAY 2024 Unrestricted Unrestricted funds funds 2024 2023 Notes Income from.. Investments Royalties 31,653 28,055 163 Total income 31,653 28,218 Expenditure on: Raising funds 2,648 2,655 Charitable activities 55,118 59,616 Total expenditure 57,766 62,271 Net gains l (losses) on investments 10 83,983 (34,5441 Net movement in funds 57,870 (68,5971 Fund balances at 10 May 2023 1,101,035 1,169,632 Fund balances at 9 May 2024 1,158,905 1,101,035 The statement of financial activities includes all gains and losses recognised in the year. Al income and expenditure derive from continuing activities.
THE DEREK HILL FOUNDATION STATEMENT OF FINANCIAL POSITION ASAT9 MAY2024 2024 2023 Notes Fixed assets Investments 12 1,171,743 1,118,631 Current assets Cash at bank and in hand 23,653 12,428 Creditors: amounts falling due wrthin one year 13 (36.491) (30,024) Net current liabilthes (12.838) (17,596) Total assets less current liabilities 1,158,905 1,101,035 Income funds Unrestricted funds 1,158,905 1,101,035 1.158,905 1,101,035 The notes on pages 11 to 18 form part of these financial statements. The accounts were approved by the trustees on 5 November 2024 Bruce Newbigging on behalf of Rath bones Trust Company Limited Trustee
THE DEREK HILL FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 9 MAY 2024 2024 2023 Notes Cash flows from operating activities Cash absorbed by operations 16 (51.299) (61,424) Investing activities Proceeds from disposal of investments Investment income received 30,881 31.653 35,493 28,057 Net cash generated from investing activities 62,534 63,55U Net cash used in financing aCtivrtS Net increase in cash and cash equivalents 11,235 2,126 Cash and cash equivalents at beginning of year 12,430 10,304 Cash and cash equivalents at end of year 23,665 12,43U
THE DEREK HILL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 9 MAY 2024 Accounting policies Charity inf0mtIOn The Derek Hill Foundation is a unincorporated charity created by trust deed dated 9 May 1989, charity registration number 801590. 1.1 Accounting convention The finanal statements have been prepared in accordance with 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporbng Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition), and the Financial Reporting Standard applicable in the United Kj'ngdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK GenerallyAccepted Practi as it applies from 1 January 2019. 1.2 Going concern The trustees consider there are no matenal uncertainb-es about the foundab-on's ability to contnue as a going concem. The review of our financial position, reserves levels and fijture plans gives the trustees confidence the foundation remains a going concem for the foreseeable future. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Irustees in futherance of their charitable objectives unless the funds have been designated for other purposes. 1.4 Income Investment income is accounted for on an accruals basis in the period to which it relates. Donations received by the trust indude the related gift aid credit ere applicable. Donations are accounted for when any conditions for receipt have been met and there is reasonable assurance of receipt. Royalties are accounted for when received. 1.5 Debtors Debtors are receivable at their expected settlement amount. 1.6 Expenditure Management and administration costs comprise those costs incurred in running the foundation. They have been apportioned on the basis of time spent between charitsble activities, cost of raising funds and governance costs. Governance costs consist of those costs associated Viith the overall running of the foundation and meeting statutory and regulatory requirements. Grants are included in the ffinancial statements when approved by the trustees and notified to recipients. The value of committed grants unpaid at the year end is accfued. Grants offered that are subject to conditions that have not been met at the year end are noted as a commitment but not accrued as expenditure. All funds are unrestricted. Grants of assets transferred in specie are shovm as transferred at their original historic cost in line with the investment valuation model included in the accounts for those assets. 1.7 Creditors Creditors are recognised ere the foundation has a present obligation resulling from a past event that wll probably result in the transfer of funds to a third paty and the amount due to setue the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowng for any discounts due.
THE DEREK HILL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 9 MAY 2024 Accounting policies Icontinued) 1.8 Prepayments Prepayments are recognised at their expected settlement amount. 1.9 Financial instruments Fixed asset investments represent listed investments Nthich are stated at market valuation, where market value represents the mid market value on the last trading day before the year end. Any unrealised or realised gains arising from investments are accounted for in the Statement of Finanaal Activities. The chattels shown as fixed assets of the foundation are included at their original valuation then received from the Executors of Arthur Derek Hill. The remaining costs of such chattels still held in the foundation at the year end was £11.449 (£11,449 in 2023). 1.10 Cash and cash equivalents Cash and cash equivalents indude cash in hand, deposits held at call with banks, other short-term liquid investments wth original maturits.es of three months or less, and bank overdrafts. Bank overdrafts are shown ithin borrowings in current liabiles. Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the bjture receipts discounted at a market rate of interest. Other financial assets, including investments in equty instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in net incomel(expenditure), except those investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. The trustees do not invest in any complex financial instruments. 1.11 Taxation The foundation is a registered charity and accordingly is exempt from tsxation on its income and gains where they are applied for charitable purposes. Critical accounting estimates and judgements In the application of the foundation's accounting poliues, the trustees are required to make judgements, esb-mates and assumpb-ons about the carrying amount of assets and liabilib-es that are not readily apparent from other sources. The estimates and assoaated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumpb-ons are revieVd on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised there the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
THE DEREK HILL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 9 MAY 2024 Investments 2024 2023 Income from listed investments UK fixed interest Overseas investment income Interest receivable 23,272 8,342 23,555 4,471 39 24 31,653 28,055 Royalties 2024 2023 Royalties 163 Raising funds 2024 2023 Investment management fees 2,648 2,655 2,648 2,655 Grants payable 2024 2023 23,219 14,947 2,OOQ 9,500 2,50Q Poety l Literature Music Theatre 6,500 2,260 31,979 28,947
THE DEREK HILL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 9 MAY 2024 Support costs Supporl Govemance costs costs 2024 Support Govemance costs costs 2023 Administration of grants 7.140 7.140 9.870 9,870 Independent examiner's fees Legal and professional Trustees, managemenl fees Travel disbursement 2,696 2,696 1,698 684 1,698 684 13,260 43 13,260 43 18,330 87 18,330 87 7,140 15,999 23,139 9,870 20,79S 30,669 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the foundation during the year, with the excepb.on of Rathbones Trust Company Limited, details of which are disclosed in note 15. The trustees received reimbursed expenses, details of which are disdosed in note 15. Employees There were no employees during the year, (2023: none) 10 Net gains l (losses) on investments 2024 2023 Revaluation of investments Gains on sale of investments 83,585 398 (35,010) 466 B3,983 (34,5441 11 Taxation The charty is exempt from tax on income and gains falling within section 1034 ITA2007 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charrtable objects.
THE DEREK HILL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 9 MAY 2024 12 Fixed asset investments Listed inveslments Chattels Cash in portfolio Total Valuation At 9 May 2023 Unrealised gain Realised gain Cash available to invest Disposals 1,107,180 83,585 398 11,449 1,118,631 83,585 398 10 (30,881) 10 (30,881) At 9 May 2024 1,160,282 11,449 12 1,171,743 2024 2023 Listed investments Chattels Cash in investment portfolio 1,160,282 11,449 12 1,107,18U 11,449 1,171,743 1,118,631 13 Creditors: amounts falling due within one year 2024 2023 Other credttors Accruals and deferred income 13,787 22,704 30,024 36,491 30,024 14 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated fijnds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 10 May 2023 Incoming Resources resources expended Gains and At 9 May 2024 losses General funds 1,101,035 31,653 (57.766) 83,983 1,158,905
THE DEREK HILL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 9 MAY 2024 14 Unrestricted funds Icontinued) Previous year: At 10 May 2022 Incoming resources Resources expended Gains and At 9 May 2023 losses General funds 1,169,632 28,218 (62.271) (34,544) 1,101,035 15 Related party transactions a) In 2024 one (2023 - one) of the trustees were reimbursed the followng amounts in respect of their travel: postage and photocopying expenses incurred in connection with the trust. 2024 2023 Mr lan Paterson 43 63 43 63 b) There is a pros1on of £20,400 (£28,224 in 2023) for Rathbones Trust Company Limited for management and administration seNices. The fee is broken dOn as follov*B, £13,260 for trust management fees and £7,140 for administration of grants. Rathbones Trust Company Limited are a wholly owned subsidiary of Rathbones Group Plc. c) The charges for the management of the investment portfolio provided by Rathbones Investment Management Limited amounted to £2,648 (£2,655 in 2023) for the year ended 9 May 2024. As at the year end the outstanding balance due to Rathbones Investmenl Management Limited was £nil (£nil in 2023) Rathbones Investment Management Limited are a wholly 0ed subsidiary of Rathbones Group Plc. The investment management is undertaken at their stsndard terms as offered to other charities. The trustees ich include Rathbones Trust Company Limited are not obliged to appoint or retain Rathbones Investment Management Limited as investment managers but do so on the basis that the terms and performance have been satisfactory en compatred to altemative providers of investment management. The matter is monitored and kept under review to ensure that the charity receives appropriate and cost effective investment management services. d) At the year end Mrs J Batterham (a former trustee) held Iwelve paintings, with a current value of £11,449 (£11,449 in 2023) on the trustees, behalf. The paintings are returnable to the trustees immediately on their request. Mrs J Batterham sadly died on 19 August 2024 and these painb'ngs are therefore now held by her executors on behalf of the trust.
THE DEREK HILL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 9 MAY 2024 16 Cash generated trom operations 2024 2023 Surplusl(deficit) for the year 57,870 (68,597) Adjustments for.. Investment income recognised in statement of financial aCts-v-eS Gain on disposal of investments Fair value gains and losses on investments (31 ,653) (398) (83,585) (28,0551 1466) 35,010 Movements in working capital.. Increase in creditors 6,467 684 Cash absorbed by operations (51 ,299) (61,4241 17 Cash and cash equivalents 2024 2023 Cash at bank and in hand Cash available to invest 23,653 12,428 23,665 12,430
THE DEREK HILL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 9 MAY 2024 18 tlonations approved dunng the year 2024 2023 To Institutions.. About Face Theatre Apollo Music Projects Armonico Consort Arts Emergency Service Art Fund British School at Rome Carousel Project City & Guilds London Art School Dartington Hall Trust De Morgan Foundation Dulwich Picture Gallery Glebe Gallery Prize Institute of Contemporarykn Iris Theatre Lennox Berkeley Society Line Project London Magazine Longborough Festival Orchastra Moore Arts Millom Music for all Prism Arts Quay Theatre Royal Academy ofArts Royal Academy of Music Royal College of Music Royal Drang School Royal Northem College of Music Spitalfields Festival Stephen Spender Trusl Vvest Dean College ofArts 2,260 1,OOQ 2,000 2,000 1,50Q 11,787 2,000 2,50Q 1,500 50Q 1,500 447 1,OOQ 1,OOQ 50Q 50Q 2,500 2,50Q 1,OOQ 432 1,OOQ 2,000 50Q 1,50Q 1,500 1,25Q 1,250 3,000 1,50Q 2,500 2,OOQ 1,500 3,000 31,97S 28,947