THE VENEZIANA FUND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 REGISTERED CHARITY NO: 1061760 Pothecary Witham Weld sol icilors 84 Eccleston Square, London SW1 V 1 PX www. pwwsolicitors.co. uk THE VENEZIANA FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 TRUSTEES DURING THE YEAR: T Warren M Bennett S Taylor (resigned 2[￿ February 2024) E Dove S Playle (appointed 19th July 2024) J Vaughton (appointed 19th July 2024) PRINCIPAL OFFICEICORRESPONDENCE ADDRESS: 84 Eccleston Square London SW1V 1PX SOLICITORS: Pothecary Imtham v￿ld 84 Eccleston Square London SW1V 1PX BANKERS: CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ INDEPENDENT EXAMINER: Mr C Dadswell FCA FCCA DChA Caladine Ltd Chantry House 22 Upperton Road Eastbourne East Sussex BN21 1BF THE VENEZIANA FUND TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 Hlsto ectives and activities of the Trust The Veneziana Fund was set up by a Twst Deed dated 20th March 1997. The Trust deed gives the trustees the power to apply the funds of the charity to or for such charitable purposes or for the benefit of such charitable institutions or charitable foundations as shall from time to time be determined by the trustees. In identifying those charitable activities that the trustees will support and in deciding the aims of the charity and its grant making objectives, the trustees considered carefully the Charity Commission guidance 'Charities and Public Benefit,. For nineteen years the policy of the trustees has been to give 500h of income, after deduction of expenses, to the Venice In Peril Fund and 500A to the restoration, repair and maintenance of (a) buildings originally constructed prior to 1750, (b) the fixtures and fittings of such buildings. andlor {c) works of art made before 1750 (including the purchase of such items). In the reporting year new funding criteria were implemented to substrtute the criteria referring to restoration, maintenance and repair of certain buildings. 500/0 of income was awarded as grant in 2023124 to a charity selected by the trustees which focused on child counselling in SGhools called Place2Be. The Trustees have had regard to the Charity Commission's guidance on public benefit. Grants have been made to registered charities or exempt charities and therefore the trustees are confident that these have been made to further a charitable purpose to the public benefit. The income of the charity is derived from discretionary donations added to the price of the Pizza Veneziana sold in restaurants operated by Pizza Express Ltd. The Pizza Veneziana was the idea of Peter Boizot MBE, the founder of Pizza Express. It was his response to the disastrous flooding in Venice on the night of 4th15lh November 1966. The Venice in Peril Fund is a British charity Ihat was set up to help in the restoration of Venice after the flood. rn rr The Trust deed provides that truslees fall into two categories, elected trustees and one nominated trustee. Elected truslees are appointed by the existing elected trustees. The nominated Irustee is appointed or removed by a resolution of the Board of Directors of Pizza Express Ltd. New Trustees receive induction at their first meeting which includes a brief history of the Trust and detailed information regarding the grants policy. A copy of the Charity Commission leaflet Responsibilities of a Chanty Trustee is also provided along with any further information as appropriate. The Trustees annually review the risks to which the Fund is exposed and have implemented steps to mitigate those risks. oced res kin Grants paid by the end of the financial year totalled £100,000 (2023." £45,810). Of this £50,000 (2023.. £22,905) went to The Venice in Peril Fund. The balance went to Place 2 Be. THE VENEZIANA FUND Financlal review and reserves The year ended with a net surplus of £2,597 (2023'net surplus £58,264) after grants and operational expenses of £105,742 (2023: £50,829). At the end of the financial year reserves of £89,930 {2023: £87,333) were carried forward in unrestricted funds. The Trustees have agreed to hold £10,000 in reserles to facilitate the administration of the Fund. It is anticipated that the surplus income after retention of the reserves will be distributed during the year ending 30 June 2025. Approved by the Trustees on: December 2024 and signed on their behalf Trustee REPORT OF THE INDEPENDENT EXAMINER THE VENEZIANA FUND FOR THE YEAR ENDED 30th JUNE 2024 Independent Examiner's Report to the Trustees of The Veneziana Fund I report to the charity trustees on my examination of the accounts of the charity for the year ended 30th June 2024 which are sel out on pages 5 to 9. Responsibilities and basis of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011{'the ACV,) I report in respect of my examination of the charity's accounts carried out under Section 145 of the Acl and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent axaminer's statement I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination giving rne cause to believe that in any material respect: 1. Accounting records were not kept In respect of the charity as required by section 130 of the Act; or 2. The accounts do not accord with Ihose records; or 3.The accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requiremenl that the accounts give a 'true and fair" view which is not a matter considered as part of an independent examinalion. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in Ihis report in order to enable a proper understanding of the accounts to be reached Signed Datad 11/12/2024 Colin Dadswell FCA FCCA DChA Caladine Ltd Chantry House 22 Upperton Road Eastbourne East Sussex 8N21 1BF THE VENEZIANA FUND Receipts and Payments Account for the Year Ended 30 June 2024 Note Unrestricted Fund Unrestricted Fund 2024 2023 RECEIPTS Voluntary receipts Investment interest 106,322 2,017 108,538 555 TOTAL RECEIPTS 108,339 109,093 PAYMENTS Cost of charitable activities 105,742 50,829 TOTAL PAYMENTS 105,742 50,829 NET INCOMING RESOURCES 2,597 58,284 Fund balance at 1 July 2023 87,333 29,069 UNRESTRICTED FUND BALANCES CARRIED FORWARD AT 30 JUNE 2024 89,930 87,333 None of the charity's operations were acquired or discontinued during this or the previous year. The Notes on pages 6 to 8 form part of these accounts THE VENEZIANA FUND Statement of Assets and Llabilities as at 30 June 2024 Unrestricted Fund Unrestrlcted Fund 2024 2023 CASH FUNDS Short term deposit Cash at bank and in hand 81,502 8,428 85,711 1,622 Total cash funds 89,930 87,333 LIABILITIES Grant commitments Accrued expenses 2,670 3,055 Total Ilabllltle8 2,670 3,055 Approved by the Tru8to08 on: December 2024 and slgned on thelr behalf Trustee The Notes on pages 6 to 8 form part of these accounts THE VENEZIANA FUND NOTES TO THE ACCOUNTS TRUSTEES, RESPONSIBILITIES Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees are required to.. Select suitable accounting policies and then apply them consistently,. Make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements., 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 accounting records which disclose with reasonable accuracy the financial position of the charty and which enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for s8feguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ACCOUNTING POLICIES Accountlng conventlon and standards The accounts are prepared on the receipts and payments basis and in accordance with the Charities Act 2011. The Accounts comply with the requirements of the Trust Deed and applicable accounting standards. Inv•stm•nt Income Income from investments is taken into account by reference to the date on which it is received. Resources expended Expenditure is included as it is paid. Grants offered subject to conditions which have not been met at the year*nd are noted as a commitment, but not included as an expenditure. Management and administration comprise the costs of running the charity. Taxatlon The Trust, being a charity, is not liable for income tsx or corporation tax. Tax deducted from interest received is reclaimed. Value Added Tax is not recoverable and is included in the relevant charges for administration expenses. VOLUNTARY RECEIPTS Income represents the amount derived from donations of monies from the sale of pizzas by contributing restaurants. THE VENEZIANA FUND INVESTMENT INCOME 2024 2023 Interest on short term deposits 2,017 555 COST OF CHARITABLE ACTIVITIES 2024 2023 Grants paid Support costs (see note 7) 100,000 5,742 45,810 5,019 105,742 50,829 ACCRUED EXPENSES Support costs Independent examination 2,100 570 2,670 GRANTS PAID 2024 Venice in Peril 50,000 Place 2 Be 50,000 100,000 2023 Place 2 Be 22,905 22,905 Venice in Peril 45,810 THE VENEZIANA FUND ANALYSIS OF SUPPORT COSTS 2024 2023 Administration charges Governance costs Bank charges 5,112 570 60 4,416 540 63 5,742 5,019 Governance costs Independent examination fee 570 540 570 540 CONNECTED PARTY TRANSACTIONS During the year the fund received £106,322 (2023.. £108,538) from Pizza Express Ltd. S Taylor and E Dove, senior managers at Pizza Express Ltd seNed as trustees of the Charity during the year. The trustees received no remuneration or expenses.