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 Ne￿bIggIng
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 kno￿Tr 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 V￿re 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 diS￿e￿On 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 follo￿5..
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 perf0m￿nCe
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 Ne￿iggIng
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 V￿th 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 aCtivrt￿S
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 inf0m￿tIOn
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 finan￿al 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 liabil￿es.
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 revieV￿d 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 pro￿s1on of £20,400 (£28,224 in 2023) for Rathbones Trust Company Limited for management
and administration seNices. The fee is broken dO￿n 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 0￿￿ed 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 Dra￿￿ng 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