Company rcgi51rdtion number= 4750130 Lharity registration number: 1102881 Villa Scalabrini (A company limitcd by guarantee) Annual Report and Financial S(at¢m¢n¢s for ihe Year Ended 31 M4rGh 2024 Strrling Grove Accountants Limitcd Chartcrcd Ccrtified Accountants and Statutory Auditors awlcy House 2 Regalla Placc Marlow Road Bournc F.nd Buckinghamshire SL8 STD
Villa Scalabrini Contcnts Rclcrcnce and AdMinistr1Ve Details Strategic Report 2Lo3 TNslees' Rcporl 4107 Sialcmenl of Trus(ees' Responsibilities Independen¢ Auditors, Report 910 12 Sialcmcnl of Finuncial Aciiviiies 13to 14 Ralance Sheet 15 Statcmcnt of C&%h Flows 16 Nolcs l() IhL Financial Statemcnls 17 10 31
Villa Scalabrini Reference and Administrative Details Trustees Mr Michael Polledri M.B.E. Fr Franccsco Butta7 Fr Giuseppe Bortolazzo Fr Geraldo Melotti Junior Fr Mauro IAzzarato Mr Si¢fano Fiori Mrs Lis& Ciccon¢ Mr Frdncis GiAcon Secretsry l.ino De Almeida Charity RegistrAtlon Number 11028¥1 CompAny ReglstrAtlon Number 4750130 Reglitered Office Green 8trcel Shcnley Herts WD7 9BR Auditor l¢rling tirovc AccounlanL$ Limited Chartcrcd Ccrtified Account&nL8 and Siatulory Auditors Fawlcy Flouse 2 Regatla Place Marlow Ruad Bourne End Buckinghamshire SL8 STD Bank¢r8 CAF Bank Limi¢ Page I
Villa Scalabrini Strategic Report for the Year Ended 31 March 2024 Thc Irustccs, who arc dircctors for the purp()s¢s ol'company law, prcscnt their Stratcgic report for the ycar cndcd 31 MarLh 2024, in Lumpliance with s414C of thc Companies Act 2006. The financial statements havc bccn preparted in accordwiLe with the accounting policies set out in the notes co th¢ dLLI)ullLs 41nd ci)mply wilh ihc charity's govcrning do¢um¢nl. th¢ Charitits Act 201 l and Accounting and Reporting by chari11.. Ststcment of l<ec()mmended PracliLe applicable to charitics prcparing their accounts in accordance with Ihc financial Rcpot1ing Standard appliLabl¥ in Ihc IJK und Republic ol. Ircland publishcd on 16 July 2014. Achiev¢men¢s And performance Thc Trustees keep the finanLLS of ihc Villa under constant rcvicw. Thc financial pcriod to 31 sl March 2024 w&8 posilivc onc. I lowcvcr, the projects plannLd (nLW wing. internal refurbi.$hmL'nt and back-up gcnLrJlor) as w¢II incrcÉisLd coyls u1- operation. such as thc risc in energy L()%(% dnd pay inLfL&%CS, will plaLC lin Éiddilional burdcn on thc Charity's linancial r¥M)urLCS bul Lhc Trustees arc confidcni thal Ihcsc can bc financcd wiihoul rcLoursc lo Lhird PdrLy borrowing. The Trustees supportcd thc main fundr<iising aclivilic5 hcld in the grounds of the Villa, namely, the annual SLampagn4lta (fayrc) and Ihe Classic c.ar show. 'I'hc Trusiees are very grateful ts) all th().%L whi) hLIpLd t() organisc and deliver these ¢v¢nt& in particular, th¢ friends ()f Villa SL&labrini and mcmbcrs ol'siatl.. 'hc 'fruslcLs arc also vcry grateful tsi all Ihosc individuals and <)rganisulions who havL madc donations LO Ihc Charity in this finuncial yLur. 'fhc 'frustees wish li) thank, in parlicular, the Mazzini Cyaribaldi foundation, the Italian MediLal C'.hurily and Ihc RSA Tru%1 for their bignificarti financial support. FinAiiciAI review In 2112.3124 IhL Lharily'y accounLs show a surplus of£475,309 (2023.. £427.510). 'I'hL Lharily inLomL Icvcls increa.%ed from £2.1109m lo £3.037m du¢ li) inLrcdsc (uLs and high ILvcl L)f ocLupancy levels through()ut thL yLar. Costs havc incrcascd from £2.382m to £2.570m which wa5 mainly due to staff costs increasc lo mcel thc dcmandb ot'ihe home. Thc accounting fi8ur¢s app¢ar lo bc very robusL howev¢r w¢ ¢onslantly review prin¢ipv¢l risks and uncertaintics quarterly. Policy on reserve It is thL poli¢y uf the charity lo maintain suificicnt unrcstricted funds dt the level which is simil(Ir tu one year5 cxpcnditurc Icvc15 for charitable a¢liviLi¢s. I'his policy enables Ihc homc lo maintain ils standard5 cvcn in a ycar ()f dirriLuliy. The tru5tccs havc Ihc powcr to invest in suLh siocks and shares investments and property as thcy scc fiL Thc Iruslees hold the majority of funds on inieresl-bearing deposil wilh a small investment held in CAf Balanced Growth Fund. Page 2
Villa Scalabrini Strategic Report for the Year Ended 31 March 2024 Pl4n5 for fllturt period5 Aims kty objeclivÉsforful#reperiods Thc TrLlS(ees are taking foi'wtrll'd plans tor a complete refiirbishtnci)t of the conimon arca5 and the residenis, rooins in order to Illdke Ih¥in Inorc allra¢liv¢ and b¢neficial to residents ond visitors. hDih op¢r¥lion8lly and a¢sih¢ti¢dlly. In response lo a recoiiiii)endalion fToill 8 Supervisin authoril),. th¢ '1 ruslees al'e invesligaiii)g the ingtallalion or buck-up generalor. For th¢ l(Iii&y¢r lerni, the 'lrustees gr¢ ¢on%idering way.% in which the Villu Tnay be expanded and improved furtlier, in Ilie .servic¢s prlivided and Ihe accoi))ii)odalii)n <ind facilities Ihal are available lo residLnl8 and slaff. so Ihal ihe Charily is in d Posltion l(J meet thc ne¢ds of fijtiire r¥sid¥nls and the cliall¢nges of TecTUiting and r¢luinin8 Sultable pcr50nnel in a ¢omp¢litive mark¢l. The slralegiL report M.'as approvcd by the ITU.%tees of the cliarilv on 14 Ociob¢r 2024 and siRned ()n 11% behalf bv.. L Bi?rtola££() .1 ru.¥l¢e Pdge 3
Villa .Scalabrini Trustees, Report Thc irustecs, who are dirL'clors for the purposes of company law, prescnt the annual reporl log¥ther with the rinancial st&tcment5 and auditors, r¢port of Ihe charitable company for thc ycar cndcd 31 March 2024. Truste¢s •nd oleerS The tru51ccs and OlLerS serving during the year and sin¢c thc ycar ¢nd wcrc a5 lollows: 'rrubtccs: Mr MiLhucl Pullcdri M.Fl.P,. Fr FranLCSLU Flulia710 Fr CJIUSCPPC Bortolazzo r Grraldu Melotti Junior Fr Mauru l.a7.7Aralo Mr,8tcfano Fiori Mrs l.isu Ciccon¢ Mr Pr4nci¥ Giacon Fr JovanniL Puslranv (rLsigncd 13 Junc 2024) Sccretary: (ieniil Cioncalve8 IK'sign¢d 12 July 2024) I,ino l)e Almeidu (appvinlLd 26 July 2024) Page 4
Villa Scalabrini Trustees, Report Objectives and activities One of the main objectives ol'(h¢ Lharity is, nan]rally. lo providc quality pcrson•centred care to its residents in a friendly and wclcoming enwironmenl. To do this. stdff ure key. 'fhc Charity prides itself on the dedIcLon and commitment ofils stafl.. However, the Trustees are aware of the difficulti&s which ihe care sector faces in lerni.8 of staff recruilmenl and rcicntion. Wilh this in mind, th¢ Charity provide% accommodalion Lo staff al alTordable rents bolh on-sile and in a housc n¢arby in Borehamwi)od. I'hL 'I'rust¢¢s ulsu seek lo ensure that its stsff arc paid a fair markct sa18ry and Ihat ihey ()pur&i6' in a supportive and friendly ¢nvironmcnt. I'hc Trustees usc various mcasurcs lo gauge the Villa'% perf¢)mikinLe, including infomal IcedbaLk Irom re.sidLnls dnd their lamilies. Thi.s leLdbdck is gcncrally p05itivc. The Trusl¢Ls havL parliLulur rL¥ard to Ihl a$8L'tssmcnls made by the Care Quuliiy Cummissiun und those local authi)riliLS whv suppurt rcsid¥n(s at (h¢ Villa. Villa Scalabrirti has been rdtcd 'oulstanding' by thc CQC since Fchrulwy 2020. ThL I.ruSeS also keep the "hard" facililics of the Villa under conslunt rcvicw and scek lu improve thesL where po8sible. 'l-hc construction ot. a new wingl LiimminL¢d in Novcmber 2023. This ncw wingT will prvvide Slyer1 new ri)om5 for residents as well as somL addiliunal slalT ULcommodalion. li is hi)ped ihut thL nLY win&F will be complciL'd in the summer ot-2024. Thr I'ruslccs are also taking lorwdrd plan5 for a complclc refiJrbi.8hmenl of Ihc Lommon arLUS und IhL fLsidLnls' room8 in ordLf io makL ihcm murc attractive bLnLlicial lo rcsidcnls and vi8ilors, both operationally and acstheticdlly. It is hopLd Ihal this rclurbishmeni will hc Lomplc(Ld in Ihc next tinancial year. In rcsponse lo a rcLI)mmLndaliun from a supervising authority. thL 'I'ru4tLL5 IirL' invcsli8alin8 IhL int>lallalion ol. a back-up Lmcrgcncy gcnerator. or the longLr Icrm, thL TruslLcs arc considering ways in which (hc Villa may be expanded and improved lurthLr, not only in respect of the sL'rviLLs providcd bul also in rclaiion ti? thL kiLLumvduliun and fuLililiLS ihal are &vailablc lo re8iden18 and .slJlT, (() LnsurL thai ihc Charily is in a po8iti()n lo MLLI th¢ ncLds ur rulur¥ rL5idLnls and lh¢ challenge% ol-r¢Lruiling rLlaining suiiable personnel in a cumpcliLivL m#rk¢l. Page 5
Villa Scalabrini Trustees, Report Publlc benefil The Charity's activities focus on providing care to the eldcrly and arc undcrtakcn to further the Charity's work for thc bcnefit of thc public. Althou7 Villa Scalabrini was originally established for the purpose of accommodating and caring mainly for eldcry Iialians, il now offers equal opportuniiies lo all cultures, r¢ligions and nationalities, thereforc wcl¢omin8 all individuals. Villa Scalabrini has ihc luciliiics to accommodat¢ 53 r¢sidcnls. Some ure privatlly lunded while uihers ar¢ part or fully fundld ihri?ugh Ii)Lal Authorili¢s. On completion of the new win& an additional s¢ven rooms will bc providcd for residenls. The TwsteLS oonsidLr it impur(anl that acceR8 to the qerviLC4 1)ffLrcd by Villa SLalabrini is nul rcslriclcd lo Ihuse whu can ulTord the fees. Thttref()r¢, Ii)Liil #uihorili¢s urc involved in pri)vidinb' Of the f¢e.q tor some of the rcsidenls. Villa Scalabrini 1.5 Li>mmillLd tu pruviding Iriendly. dedicated and profcssional care and suppi)rt th&t lh¢ residents requir¢ dnd expccls all staff and volunleer.q to share this Lomwnilmcnl. Thc Icvcl of. carc provided depends ()n Ihc individual cirLumslance8 and Villa Scalabrini seeks to recognise each re.8ident's physiLul. Lmotional. sociul and spiritual need8 und ti? providc Iipprorialc suppurt lo mcci ihLm. 'rhc Trustee¥ confirm that they hllvL' Lomplicd wilh Ihc rcquiremenLs (If 8LLIi(?T] 17 (?f ihe Lharilies Act 2011 Io havc duc regard lo thL puhliL hLllLfiL guidancc publi¥hed by the Charity ('ommi%4ii)n r()r F.ngland and Wales. Structure• governance management Hre ofRovernlng document The LhurilublL Cumpany. whiLh is Limited by guHrdntLL. wus inLorporalLd on l May 2003 undcr rcgislration numhLr 4750130 and is 8ovcrncd by 11.8 MemoranduTn und ArLiclLS UI. Associdtion. ThL company was rcgislLrcd with Lhc Charity Commission on 26 March 20n4 dnd givLn Ihc numbcr 1102881. Recruilmefti and•wolA1nll* oflrnxlee Wh¢n th¢ n¢ed for a new trustee 14 idLntifiLd. a sL'arch is undcrtaken for candIdaS and then their suitability is discu%scd and appropriate baLkgri)und Lhccks undcrldken, A new tN8tee 1% introduced al the next approriate trustLL micling bui doLS noi bLcome a trustee UT]lil IhL r¥sulis of ihc chc¢ks arc rLcciv¢d and thc Icgal pro5¢6 havL bccn Lomplclcd. lftduclion andtrolnlng nflrnxle Induclion lakes th¥ fom i)f 8 meeting with other Trustees and, where relevani, key .%taff who explain rcsponsibilities and how thc Villa works. Th¢ n¢w tnJ8tec is also .qupplivd wilh ('hurity (.i)mmi.4%iun guidunL¥ on the trusL¢e's role and re5pon5ibilities. Pagc 6
Villa Scalabrini Trustees, Report orgnnisnli•Ifi1 slttscliii'e The day ¢0 day niaiiageii)enl of Ihe hoine is dtkne by tlie mRnagcnienl team inclLiding G. Goi)calves lassislant direetorl and L. D'Alnieida (directoi}. Ivho rcport regiil81.ly lo Trustees. None of tl)¢ Ti'ustees have any b¢neficial interest ii) the conipany. All ()I' the Ti'uslees ar¢ ni¢mbeTS of Ilie coinpany and guuTalltee to contribute £ l in lh¢ ¢venl of a winding up. Tl)e Triistees meet on a regiilar b3si5 lo review Ilie Cliarity's pei'formance and issue new giiidance if i¢quii'ed. Tlie cliarity iq Connected to the S¢#labYini falh¢rs Compony ICharili¢s Comlliission I'ef¢r¢n¢e 11410841 and to IIIL Regii)nal I'ruvinci81 Holise bub¢d iii Basel, Swil/.¢Tl41111. Financial inslrument$ Ohj¥clive.i rtnrfpolicie.v 'rhc Cliarity s ilLlivilies cxp(i%e il niinibcr of financial risks including Lr¥dit risk. cash flow ri&k 4nd IioLiidity ri%k. ThL use nr rindllLial dLrii'aliv¢s is giiverncd by Ili¢ LhaTily'.s pi)li¥i¢% appi'oved bil Il)e bo¢ll'd (Il. Iruslccs. use derivative finaiiciL41 inslruinLI)l¥ foi. specLilalii'e piirposcs. Crerfil ri.i'A Tl)L (.'harily's prineii?al finanLial assLl% are bdnk balanLL¥ and casli, ITadc and oiliLr receivablL.%. and investmenis, The C'.harilv's Lrcdit risk 1% priii)aril)i allriblilable lo ils Irdde receivablc.¥. -rhe aiiiiiiinl.% pre%cnlLd in ihe b¥lance 8lieel Jre nLI i)t alloivdllLL% for diiuhtlul reLeivablL%. An alliii¥&ncL flir iinpairiyiLnl i.s Il1udi wl)ere tliei'L 1.% an idenlified loss evenl wliicli, bascd on picvinus CXPLFience. Is CitidcnLe nl. a rLduction in IIiL rccoverability i)I' Ihc cash IloM'.¥. 'I'lie ciLdit risk on liquid funds ond derivalive financidl inslruii)Lnt5 is liiniled b¢¢U%¢ the countL'rparlics are b#nk.¥ witli IiiL)Ii Lredit-rÉilings as8ibJned by inlernationdl ciedil-rdling dgtrLncies. 'hc Charity has ni> signiliLant con¢Lntrdli<iii lif L'r¢dii risk, wilh ¢XWibiire spre8d ov¢r a laTg¢ Iiuiiiber or counlLrparties and cii&toniLI'%. Liiiuidity rl.fk n <ii'dei' lo Iiiainluin Iiqliidity lo en%ur¢ ihal sullicienl lunds are availahle lili. ongoiiig npei'alif)i).% and tulure devLI()pmenl%. th¢ Chdrity USC.1. d% appr(ITldte, a mixiiir¢ ol. long-terin and shori.ILrm debi findn¢e. ruriher dLlails rcgarding liquidily risk can L)¢ li)und in thc S(*il¢inenl ol- accoiirilin¥ p()liLies in Ilie financial 51aleincnls. Dl.s¢losur¢ uf Information to Ruditor E¥LlI ti'(Istee lias lak¢n %tCP5 Ilial tli¢y Iiiiglil lo liave takin 05 a trustee in ord¢r In InakL Ilieinselv¢.i #wal'e ol. any rclei'anl aiidil infor113alion a11d li) ¢%lablish thai lh¢ ¢harily's auditor 1% Jware Df that inforinaiion. The truslees confin)I 11141 Iliere is no relevant information Ilidl Ilicy knoiir of and ofwhiLlI thcv knoiir th¢ ouditQT is unaware. Tlie annual report was approved by tlie Iruslees of the cliarity on 14 October 2024 and signed on its bel)alf by.. IIL tli)11ola££ii rustee Page 7
Villa Scalabrini Statement of Trustees, Responsibilities The trustees Iwlio are also the directOlS Ot Villa Sealabrini for ilie purposes ot coinpany laiv) are responsibl¢ for pr¢paring the iTU.%lees' report and the Iiiiancial slaiements in accordance with applicable 18w and Llnited Kingdoin Accounting Standards {United Kingdom G¢n¢rally Accepted Accounting Practice), incliiding FRS 102 'The Financial Reporting Staiidard applicable in Ilic INK and Republic of Ireland Company lami reqiiii'es the tl'115tees lo prepai'e financial statements for ea¢h financial yeai.. Unde¥ coinpany la the trustees 11)ust not approve the fiii8neial blatei)ienis iinless they are sat15ficd that the}. give a trLie and fair view of the stute Ibf affairs (if the cliJrilablL coiiipany and of the incoi11ing rL.%iiurLCS and p1]lILalin of Tcsources, incliiding ils inLiii))e and expenditurL, ot. the cliaTilable ¢oiy)pany for Iliat pei'iod. Ill Preparing these Iinancial 5tai¢ii)ents, lh¢ Irii%tees lire T¢qLiired to.. select suitablL accounting p()liL'i¢% bnd apply theiil con.iistenily,' observe Ilie Inetliod% and pi'iiiciple% in il)¥ Cl)arili¢s SORP; Inakc judgement% und eslim8lis Il)al arc reasonable aiid priidenl. .%tstL whether applicabl¥ ¥L¥vunting siandards. coiiiprising FR8 102 hav¢ been followcd. %ubj¢¢l to any m¥tcri¥l departures di5clI?%¢d #nd ¢xpl4in¢d in the financial statcmenl%', and pr¢parc th¢ financial %tatemcnts on 11)e going Loncern b¥sis Linle.ss it is inappT()priul¢ lo presuine ihal Ihe chai'ilable company M'ill conliniie in busiiiLss. ThL' Iriistees are respI)n%ibl¥ for keeping i)riiper accounting reLnrds that can disclii%e with rcasonabl¢ acciiracy al any liinc tlie financial pi)%iliiin of Il)¢ ¢liarilabltt Liiii)pdny dnd enable IIILln lo ensurL Ilial tlic financial slateinen15 LUIpIY witli IliL Coinpanie% ALI 21106. '1'liey are also TLspon.%ible lor 4ali&iuardinB Il)e dssLls 01. Il)e cl)arilable (lipanY and lictlce flir laking rcasondbl¢ 51¢p.% fi)r Ihi prLvcntion diid dLlccti()n i?I' IraLid aiid other irreguluTiIi¥s. TIIL IrLISILI.% ar¢ rcspon%ible far the niainlenanL¢ and integrity ()l- Ilie corporalL und fin¢incial inloTinalii)n incliided i)n IIiL LlJai'itable L'(1iiipuny'.% wcbsile. I,euFi%lation goi'erning tliL preparaliuii and disseiiiinalion of linancial sla(ciMcnt5 diffcr from legi.%latii)n in oihci'.juiisdicli()n.%. AppriTrvLII by ilie tl'LlStees ol'ihL Lliarily ()n 14 ()cliilx'i' 2024 aiid signcd on ils beliall. by.. rtola7.7.0 .1 rubl¢¢ Pag¢ 8
Villa Sealxbrini Independent Auditor's Report to the Members of Villa Scalabrini OpiniD We have audited the financial slalemenls of Villa Scalabrini (the 'charity') for the year ended 31 March 2024. which comprisc the Statement ot FinwiLial Activilies. Balancc Shcct, S(atcmcnt ot'cash Flows. and Notes to the FinanLial Slalcmcnts, including a summary of signifiLiint aLLounlitLg policics. The financial reporting framcwot* (hat h&q hecn appliLd in Lhcir preparation is Unil¢d Kingdom Accounting Stkmdityd%. L()Tnprising Charities SORP - FRS 102 'The Finanlial Rcporting Siandard applicable in thc UK and Rcpublic of Ireland, and applicahlc law (United KingdoTn Gencrally Acccplcd AccounlinB prItIl¢). In our opinion Ihc financial 5talcmcnts'. Jivc u iruc and fair vi¢w of (h¢ slatc of the charity's urrairs 31 Mdrch 2024 and ol- its incoming resources and application Of rewurcci, IrbLluding ils income and expenditurc. for Ihc ycar then endcd,. have been properly prepared in dLcurddncc WiLh United Kingdom Gcncrally Acccptcd Accounting Practice. and havc bcrn prcpared in accordancc wilh Ihc rcquir¢menl8 (Jf th¢ Li)mpanics Ac12006. Basis (or opinion We LonduLlcd our audit in accordancc with Inlemdlii)nal Standards on Auditing IIJK) IISAS 11.IK)) and appliLttblc law. nur rL%P()nsibililics undcr Iho$c .8land¢wds arc furLhcr dcscribed in the audilor rcsponsibililics for Ihe #udil vl. Ihe finanLiul slalcmcnls scction of our rep()rt. W¢ ar¢. indepcndent of th¢ 6hariiy in a¢¢ordanL¥ with IhL ¢ihiLal requiremen15' Ihal wc rLlcvanl lo our audit lif ihc financial slatemenis in the IIK, including Ihc TrRC's Lihical %iandard. and we have tuifillLd our uihcr Lthical re$p4)nsibililiLS in ULLordancc wiEh these requirements. We belicvL ihal Ihe audit ¢vidLllLL wc have obtsined 1$ Su]LlL.nt appropriatc lo provide kt basi.% for ilur oplniun. Conclusions relating to goiDg concern In audiling ihe financial %lal¥mLnls. WL. have concluded Ihdl IhL Iruslccs usc of the going L(InL¢rn basis of IILLounling in the prcpdraliun of Lhc financial statemen(¥ is approprialc. FJusLd on the work WL havi pGrfvrm¢d, we havc ni)l id¥'rklifi¢d any material uncertainliLS r¥.laiing io cv¢ntb or iundilions thal, inLlividually or collcclively, may Ldsl bignifican¢ doubt on the charily's abilily lo conlinuc as a going Lun¢irn lor a period i)I' ul ILust IwclvL monihs Irom when th¢ vriginul lindncial slalemcnls wLr¢ auih(>ris¢d for i&su¢. Our respon.%ibiliLics and the respon$ibilitlLS of thc Iruslccs with respect lo going conccm arc described in the relevunl sections of this report. other information 'rhL Iruslrcs arc rcsponsible for the other inf(Imi81ivn. 'I"he other infornialion compriscs thc information included in thc annual report, i)Ih¢r than lh¢ financial statemcnls and our auditor's report Lherei)n. ()ur opiniun un ihe linancial slatcmcnls does not ci)ver thv vth¢r inlormalion and, cxccpl to Ihc cxtcnt otherwise expliLiIIy Staled in our rep()rt, w¢ do not exprcss any form of a55urance conclusion th¢revn. In c(InneLlion with our audit of thc financial statement¥, our r¢sponsibilily is lo read the othcr inforn]alion and, in doing so, consider wh¢ih¢r ihe oiher inlomlation is matcrially inconsistent with the finanlial slul¢m¢nts or our knowledge obtaincd in thc audil or otherwise app¢ars lo be mal¢rially misstated. If wc idcntify such ma(crial inconsistencies or apparenl material misslaicmcnts, wc arc required to deterniin¢ wh¢iher Ihere is a mal¢rial misstatcmcnt in the finanLial slylem¢nls or a maLcriaLmi551atrtnGnt.ol.lknr oibGr infOrmaUv IL. b&g¢d..ou.thL w()rk wc havc pcrtormcd, wc ¢on¢ludc thal there is & malrrial mi5slalement of this other inforniation, aro r¢quircd to rttp()rt ihai lact. We havc nothing to rcpurt in this rcgard. Page 9
Villa Scalabrini Independent Auditor's Report to the Members of Villa Scalabrini Opinion on other matter prescribed by the Companies Att 2(H)6 In our opinion, based on ihc wurk undLrtaken in ihc coursc ofthe audit= the inf0mli()n given in ihe Strategic Report and Trustees, Report for the financial year for which the tinancial statements are pr¢pHr¥d is LVnSiSlcnt with thc financial 51at¢menLs; and the Strat¢gic R¢port and Tr81¢¢, R¢port h&ve been pr¢parcd in accordance with applicable legal requiremcni&. MAtters on which we are required io report by exceptivn In Ihc li¥hi ol- our knowledg¢ und undcrslanding of thc Lhariiy and ils environment obiaincd in Ihc coursc of Ihc audil. we havc noi idcnlilicd material misstalcmcnls in the Sirdl¥¥iL Rcport dnd 1hc-fr8tees, Repori. Wc hav¢ noihing li) rcpi)rt in rcsprLI of the following maltcrs where the Li)mpunics Act 20(16 rcquircs us to report to you it.. in our opinion.. adcquale accounting rLLords havc not be¢n k¢pL or turnS adequalc for our audit havc not bccn rcccived from branchL.% nol visilcd by u8- or Ihc financial 41atcmcnls arc not in agrecmcnl with the acctsunting r¢cords and rclurns; or ccrtain di8Lliisurcs of trustee$ remuneruliibn spccilied by law not mad¢; or we have nol rLYciv¢d all the informalii>n and lplan8110n.% WL rLquir¢ for our audit. Responslbllitiel of trujtees Ai cxplained morL. fully in Ihc Sialcmenl of 'l'ruslccs' Rcsponsihililieli (1 out on pagc il). Ihc Irustecs are rL'5ponsible for th¢ prLP<ifdliun ul- the financial slylcmcnls and lor bling sulisficd ih411 ihLy give a Irue and fair vicw, und for %ULh inlcrnal control &$ the truilcc& dclcrmine is neLL.%ary lo cnablc Ihc pr¢par&lion ol. financial .4tatemrnts Ihal are free trom mulLrial mi551atemenL whLihLr duc lo Iraud or error. In prLPdring the financiHI .%l&iL'mLnls. Ihc Iru$lee.% urL rLspunsiblc tor asse45in&F thL Lharily'¥ abilily lo conlinuc as a going canLcrn. disLlosing, as appliLublc, mallcrs relaled L() &i(bing LonLcrn and using the going concern bdsi% of aLLI)unling unless thi IruslL'cs Liihcr intend lo liquidalr Ihc charity or to opLralion4 or h&v¢ no rcalistic aliernalive bul lo d() Sio. Audltor responsibilities for the audlt vf the finnclal sltemtnt Our ubjectivi% ar¢ Iv obiain reasonabl¥ assuranLC about whethLr ihL. financial slalemenls &$ a whole are fre¢ tr()m murIal misstalLm¢'nl. whcihcr due lo fraud or crror. and to Issue dn uudilor's rLport thal includcs our opinion. LI1)nb]C assurance is a high Icvcl of assuranLL, bul is nol u guaranlee that an audit conduclcd in acc4)rdance with I%As (UK) will always drlLLt a matcrial mi5slatemenl wh¢n il ¥xisls. Misslalcmcnls can arise rrom fraud or rrror and arc con.%idered multyrial if, individually or in thc aggrcgatc, they could reasonably be cxpccted tn inlluenL¢ the economic decisions of u5crs taken on the busi& of these linancial slalements. The extent tv which our procedures arc capablc of detecting irr¢gularilies. including fraud is detailcd bclow-. Page 10
Villa Scalabrini Independent Auditor's Report to the Members of Villa Scalabrini Our approach co ideniitying and assessing thc risks of material misstatcment in rcspcct of irregularitics, including fraud and non*ompliance with laws and regulations. was as follows-. thc cngagcmcnt partncr ensured that the engagement leam colleLtively had the appropriate compctencc, capabilitics and skills to idcntity or recognise non-compliance with applicable laws and rcgulaLions' WL idLnlified the laws and rl'gulations appliLuble io the company through discussions wilh directors and other managemcnL and Irom our commercial knowlcdgc and cxpcricncc of thc cnvironmcntsl wastc sector- WL foLUSL.d on speLifiL laws tu)d regulations which we con.8idered may have a direct material effeLi on the rinancial slatcmcnls or thc opcrations of the company. inLluding thL (.IbmpaniLS ALt 2006, t&Yation 1¢8islation and daiu protection. aT]ti-bribLry, LmploymcnL cnvironmcntal and health and safety Icgislalion. WL as%L.%s¢d thL uxtLnt ufLumplianLC Wlth the laws and regulations identitied above through making enquiries ol'mandgLtnenl and in5PLLting ILgal correspondence,. and idLnlifiLd laws and rLguldlions wcrc communicated wilhin the audit team regularly and the team remained alcrl lo inslanccs ofnon-compliancc Ihmughoul the audit. Wc ass¢sscd the SU¢pIlb]IitY of the company's financial staMentS malcrial missi&ILmenL inLludin8 obiaining an undcrsianding ot how Iraud mi¥ht i?ILur. by= makin¥ Ln4uifiLS ()f mundgLmcnl as lu where they considered there w&8 suscepiibilily lo frau& their knowlLdgc Iifr a¢lulll, %uspcclcd and allcgcd fraud; and eonsidcring the internal contmls in pl¢lC¥ lo mitigatc risks or rraud tÉnd non-compli8ncc wilh laws and regulations. 'I'o uddrLss IhL risk or rraud thmugh management bi&% und i)VLrridc i)fL()ntr()li, WL.. pLrlormL'd unalylicul pr()cedurcs lo identity uny unusuul ()r unLXPLLILd rLluiiunship.s,' IcslLd juurnal cnlrics lo identity unu.8ual tran.LI11)n4' asscs%ed whcihcr .judgemenls and &UmpI11)nts mddc in dciL"rmining thc ktLLouniin&J Lltimates sei oui in the IICLounting pi)IiLiL8 WLrL indiLalivc of polcnlial bias,. and invLs1iwd(Ld Ihc ruli()ndlL bLhind 5ignilicant ()r unusual Lrdnsaclinn.8. In rL"spollsL lo IhL risk of irrcgularities and nan-complidnLL Wlth l&w4 and rLLFulation¥. we de.8igned pruccdurcs whiLh includcd, bul wcrc not limited to: agreeing finanLiRI statemL'nl disLlosurcs lo undcrlyinE supporting documentation: readin&T the minuic.% ()fmcclings of (hosc Lharged with governance. cnquiring ol'managemeni as lo ac(u#l und p()tLnliul li(Ig<iiion and claims-, and rcviLwing L()rrcspondcnLL wilh I IMRC, relevani regulator.s and the company's legal advisors. There are inherent limitatii)ns in nur uudit proccdurcs dcscribcd abovc. 'fhc morc rcmovcd Ihal law% and regulaiion.8 arc trom findllLiiII trdllsdctions, Ihc Icss likcly it is thal we would becomc awarc of non-Lomplian¢¢. Audilin8 Standurds also limit Ihc audit proL¢durLS fL'quifLd to idLniily ni)n-Li)mplianL¥ with laws and regulations tD ¢nquiry ol. the dircctors and other manag¢menl and Ihe insp¢¢lion of r¢gulaiory and legal Liirrespondence. if any. Material misslaiemenL% Ihal arisc du¢ to fraud can be harder lo dclecl than those thal arise from error as Ihey may involvc dclibcratc concealment or collusion. Us¢ Drovr report This rcporl is made solely tn the charitahle COTnpany's Irustces. as a body, in accordancc with c.hapter 3 nf Part 16 u1- the Lompanils ALI 2006. Our dudit work has bLLn undLrtakLn so Lhai ivc iniglil stalL io thc charily., Irustccs thosL maticr5 we arc rcquircd to stale lo them in an auditor's report and for no other purpose. To the lull¢st extent perniitled by law. we do not accept or assumc rc5ponsibility lo anyonc othcr than th¢ charitsbl company and its trustees as a body, for our audit work. for Ihis rcporl. or for the opinions we have formed. Pagell
Villa Scalabrini In(lependent Auditor's Report to the Member5 of Vill# Sealabrini Mr Ciian i Pietro Ai 15JiIII FCCA (Senior Statutory Auditor) For wid on belialf vf Sterling Grove Accountsnts Limited, Statutory Auditor raM,le)' I Ii)Lise 2 RL'2aiia Plac¢ i31)ui'ii¢ Li)d SL.115-1'L) 14 OetobeT 2024 Page 12
Villa Scalabrini Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expendilure Account and Stalement of Total Recognised Gains and Losses) Total 2024 Unrestricted Restricted Note ncome and Endowments from: Donation.8 and IrgaLi& Lhdrilablc activilies Invcslmcnt income Other incomc 56.266 1778,2U3 48,562 26.405 127,365 183.631 2,778,203 48,562 26,405 Total incom¢ 2,909,436 127,365 3.036,801 Expenditure on: Raising funds CharilablL aLlivilies Other expenditurc (612) {2.527,338) 36.0001 (612) (2.533.338) 36,000 (6,1)00) Total expendiiure Gainsllosscs on investment assetg (2,563,950) 11.458 (6,000) 12,569,950) ¥.4511 Ncl income Tran8fLrs bctwccn tiinds 353,944 ion,oiiu 121.365 1011.uou 475.309 Ncl movement in funds 453.944 21.365 475.309 R¢concili4tion of funds Toial tbnds brought furward 9,827,803 24,000 9.851,803 'rothl funds carried forward 22 10,281,747 45,3C)5 Restricted fud8 10,327,112 Total 2023 Unrestricted funds Not¢ Income gnd Endowments from: r)unalion5 and legacies huritsble aclivitics Invcslment incomc Othcr incomc 62,313 2.655,940 10,392 32.475 47,549 109,862 2,655,940 10,392 32,475 Totsl income 2.761,120 47,549 2.%08,669 Expenditure on: Charitahle activities Other expcnditure (2,328.920) 33,000 {18.030) 2,265) {2.346,950) 35,265 Total ndIlure Gainsllosscs invcstment asse15 (2.361.920) 1156 {20.295) (2.382,215) Net income Transfers betwccn funds 400.256 27,254 27.254 {27,254) 427,510 The note5 on pages 17 to 31 forni an integral part of these financial slalements. Page 13
Villa Scalabrini Statement of Financial Activitie5 for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losse5) Unrestricted funds Restrieted funds Total 2023 Note Nrt movcmrnt in tunds 427,510 427.510 ReconciliatlDll of funds Total lunds brought fotward 9.400,293 24,000 9,424,293 Toial funds carried ronrd 22 9.827.803 24.000 9.851,803 All ofihc charity's aLtiviliLS dcrivc Irom continuing opcrulions during the above two periods. Thc tiinds breakdown for 2023 & 2024 is shown in notc 22. Thc notcs on pages 17 to 31 forni an intcgral part of thrsr financial stat¢mcnts. Pagc 14
Villa Scalabrini (Registration number: 4750130) Balance Sheet as at 31 Mareh 2024 2024 2023 IY•te [i'ixed A8x¢t Twib)iblc uygels InvLslni¢iils 15 8.130.676 296,742 7.583.2DI 288.284 11.4?7,41 7.871.485 (.'urrL Trt IlSlL.I& l)ebior Lash ill bank wi(1 iii liand 17 18 57.-574 2.1159,553 6.976 2,166.(V)Ll 2.117.127 2,17.1,1126 Crcditor5: èlmounts f¥llin% du¥ witliin on¢ '¢r 19 1217.433) {19?.708) Nct L'urreTht o*J¢t¥ 1,8 J( 9.61)4 1,91111.3111 Net #Jict$ 10,327.112 9,851,8113 Tr'undx of th¢ ch4rity; Rt.4triettd 45,365 24,11011 Ilnreitrltted Inefjme fundi lJiiresiriclLd l)L¥igiialLd I,unds IlnresLriclLd L'ev<ilLialioii I'LsLrve 7,1411,963 3.0110.11110 1.12,7114 ¥,D113,477 1.7oii.ui)U 124.326 To11 LiiifLsiricled lunds 10,281,747 (1,1127,1101 l ot¥1 fund% 111,327,112 ¢).8.51,81)1 'rii¢ linmrtcithl statements 011 piiges 13 10 31 appr(IvLd by die Lrusl¥¥s, unLI iiuiliDTiseLI r()r ISSUL on 14 OciuiK'r 2024 wi<1 sigiic(l ()1) thLir l)Lhiili' by.. I-tyvb. I",r 1.viusep Eloi1'ola/./.o The notes nii pag¢¥ 17 10 31 form an inligral Pl ol'ihcsc finwiiiiil stsilcmLnls. l)llg¢. 15
Villa Scalabrini Statement of Cash Flows for the Year Ended 31 March 2024 2024 21123 Note Cash flows from operAting 9Ctiviti¢8 Net cash incom¢ 466,851 426,454 Adjustments to C89h flows from non-cash items Depreciation Investment income 193.016 4A,562 180,373 111.392 611,305 596.435 Working capitAI gdjustm¢nts (InLrca5cydLLrLasL in debtors Incrc&se in credit()r 17 19 (5Q,638) 24.725 62,161 37.124 Nct cash flows from operdling activities 5115.392 695.720 Cash flows from inveiting activities Inlcrcsl rcceivable and similar incomc Purchasr {)ringIbIC lixed a*8et 48,5()2 (740,491) 10,392 (112.038) 15 Ncl ca.%h tlows trom invLslinB activities Ncl {decre&8e)lin¢rLasL' in cash and cash cquivalLn(s C&sh and cash equivulcnts al l April Ldsh llnd cash equivalents ul 31 MurLh 691.929) 101.646) (106,537) 594,1174 2.166.{V) ,572.016 2.059,553 2,166,090 All of Lhc Lash flows are derived fmm Lonlinuing operations during thc dknvL Iwo pcriod5. Thc notc5 on pages 17 10 31 forni an integral part of Ihcse financia] statrmcnls. Pagc 16
Villa Scalabrini Notes to the Finaneial Statements for the Year Ended 31 March 2024 I Charity stAtus The charity is limited by guarantcc, 1ncotp0r&t in England and W#le& and consequently does not have sharc capital. Each ol. thc trustecs is liable Lo coniribute an amount not exceeding £1 towards thc asscls of th¢ charity in Ihc cvcnl of liquidation. -l-he address of its rcgistcr¢d office is: Green Slre¢l Shenley WD7 9BB Thcse financial s1Men1S wcre aulhorised for issuc by thc Iruslccs on 14 October 2024. 2 Aceountlng polleles Summary of significant IlCCOUhting pDllclei key accountlng estlmAt¢ Thu principal ÉiLcuun(ing policie8 applied in Ihc prLparaliun of lh¢ financial slalemenls ar¢ .%cl uul bclow. The.8L policics have been con8islLnily applied to all the yellrs presented. un1¢5S Othctiyisc slated. Statement ofcompliance ThL linancial slatem¥nls huvc brcn prepared in &LL()rd#nLI wilh ALcounling and Rcporting by Ch&riliLS.' iatLmcnt ol- ReLamm¥ndLd PraLlice (appliLablL I(1 LhdriiiL5 prcpuring ihcir accounts in acc(Jrdance wilh th inancial Rep(?rting %ndard applicable in the UK and RcpubliL of Irlland (FIIS 102)) li&8ued in ()clohLr 2019) (Churities SORP (TrRS I U2)), the finanLial RLpofiing Siandard upplicablc in the IJK and RepubliL l)r IrLlund (FRS 102) and ihc (:umpanicy Act 2006. BASIS of prepgration Villa Scalubrini mL¢ls ihc definition (If d public bcncfit entity under fRS I n2. AIsLls dnd liabililiis #rl initially rL'Logniscd at hisii)riLuI ¢vsi or Iransaction value unliss uihLrwisL slul¢d in Ihc relevant accounting puliLy nulls. Going eoncern Thc trustccs consider thd( thLYL ar¢ no material unccrtainlies aboul thc charity's ability to continue as a going LonL¢rn nor any significanl arcas of uncertainty thaL affeLI Lh¢ value ol'assels held by the charity. In¢ome and endowments All income 15 c08n15Cd once Ihe charity has enliilement lo the income, it is probabl¢ that lh¢ incomc will be received and the amount ot the income receivabl¢ can be meusured relimbly. Donathin¥ andlqacles Donatiuns are recognised whcn thc charity been notified in writing of both the amount and settlemeni datc. In thc evenl ihul a donation 15 5ubjcct lo conditions ihat rcquirc a level of perlormtinie by lh¢ churily belvr¢ the lIriLY iy LiiliLILd Lu LIIL funtl.¥, thL illLumL is dLfurrcd nol rLLognised until eithci. thosc conditioiis are fijlly met, or the fuifilmcnl of Ih05c conditions is wholly within thc control of the rh4rity and il is probablc ihal thcse cortdilions will bc fulfilled in th¢ r¢porting pcriod. Page 17
Villa Scalabrini Notes to the Financial Statements for the Yeydr Ended 31 March 2024 Grants receivable Grants are recognised when the charity has an entitlement to the funds and any conditions linked to th¢ grants havc been met. Where performance conditions are attached to the grant and are yet to be met. thc income is reco2niscd &s a liability and included on the balance sheei &8 deferred incomc to be releascd. DefeFredlftcome Defecd incomc r¢prcscnts amounLs rcccivcd lor futurc pcriods and is r¢l¢as¢d ¢0 incoming r¢sources in the period for which, il ha& been reLeived. SuLh income is only deferrcd when: 'I'hc donor spccifics that ihc grant or donation musl only bc used in tiiiure accounling periods; or The donor has impvsed Lvnditions whiLh must b¢ mel b¥for¢ Ihe iharity has unLunditii?ndl #nliilement. Inveslmeni Income Dividcnd5 arc reco8ni8ed once the dividend has bcen declared and nolifiLalion h&$ been received of the dividend due. Expendltvrt All ¢'xpcnditurc is rccogniscd oncc ihcrc is a Icsal or consInlIve obligation lo that expcndilurc. it is probublc sLiIILmcnL 15 rc4uircd and ihc 4imounl cun bc mcusured reliably. All cost8 are allocated io Lhc dpplicublc expendilurr hrudin¥ ih&l ag¥rLLl similur L(isl8 lo that culLgVry. WhLfL Losts Lunnol bl dirLLily aiiribuicd lo puriiLular hcadin&8 they huvc been allacatcd on a husis consi.8lent with the use of resaurces. with cenlral sidn- Losls allocalcd on the basis of lime spenL and depreciation char¥e.8 allocalcd on the portion of the &&8el's usc. Qther suppurt C0&4ts urc alloLalLd bascd on IhL' sprcad vfblulT cosls. Ralslnglunds Thcse are costs inLurred in attraLtinLT V()luntary income. the managcmcnl ol. invc¥LmcnLs tind ih()%e incurred in iThIng dclivilics iha( raisc funds. Charliahle acrfvliies Charildhlc cxpcndilurc Lompriscs ihosL Lo&iS inLurrcd by ihc charity in Lhc dclivcry of its aLLiviIiLS dnd sLrvicc ror ils beneliciaries. It includes both costs thai can be alloLated dircLily tu SULh activities and those costs of an indircct nature necessary tctr.support them. Governance coyts These inLludL thL L()sis' ullributhblc lo IhL Lhttrily's Lompliancc with cortslilulional and slatuiory requir¢m¢nts, includin8 audit. 5trate8ic management and irustees meetin88 and r¢imbur.qL.d Lxpcn8L'%. Government grants Gov¢rnm¢nt gr8nls are r¢¢ogni8ed based on the accrual m()del and are mc(isured at Ihe lair value of the assel rcccived or rcceivable. Grants are classified as relating eithLY to revLnue or tu asYl%. CFrants relating to revenue arc rLLvgJnl"d in inuomc ovcr Ihc pcriod IT] which thc rclated costs are recogniscd. Grants relaling lo alS arc r¢¢ognis¢d ov¢r Ihc ¢xpcctcd useful life of the asset. Where part of a grant relating lo an asset is deferred. it is rccogniscd as dcferred incomc. PC 18
Villa Sealabrini Notes to the Financial Statements for the Year Ended 31 March 2024 Taxgtio The Lhlty is considered co pass the tests sel out in Paragraph I Schedule 6 of the Finance Act 2010 and thcrefore it meets the d¢finition ol- a Lhariiable company tor UK corporation tax purposcs. Accordingly, the charity is poienlially cxcmpt from taxation in respect of income or Lapithl gains r¢Leived within cateLtr()ries covered by L'haptir 3 Purl I l of the Corporation Act 2010 or Section 256 of thc TallOn ol. Chargcablc Gains Aci 1992, to the extent that such inLvmL or gains are applied exclLL8ively to chariiable purposes. Tangible fixed auets Individual fixcd asscts costing £1 00.00 or mor¢ urc inilidlly recorded at cost. DepreelAtlon 4nd amortiJAtio r)cpr¢cialion is provided i)n lan¥iblL fix¢d assets so as to wriie off the cosi or vulualion, less any estImad residual value, over Lheir expeLtc(l uruI cconomic life as follows: Amet class rrcchold pr(trp¢rty E ixlurLS und fitiings Mi)(ur VLhiclcs Depre¢i8tlon method and r4te Ovcr 50 ycars 15.200/o Reducing balance 25Yo Reducing balancc ReseArch 4nd development RcsL'arch and development LpLndj1url IS IITIIILn otl-&s incurred. Fixed asset investments Fixed asset invistminls. othLr Ihun progrwnme related invLslmLnis, arL includLd ul markcl vuluc dl IhL b4tlunLL shLLt dalc. RLalised gains and lo.8se8 ()n invL51mcnis arc calculated as the ditlerence between sale8 proceeds and IhLir markcL value at the start of the year. or Ihcir subscquenl co$4 and are charged or credited lo the Siatemeni ol'FintLLal ALl1vi(i in th¢ pcriod ol-dispo.sal. Unrcalised gains and Ii)&scs 'p's¢nt ihe movement in markcl vuluLS during thL yLur and urc LrLdit¥d or charged to the Si&MLt of FinJn¢ial Aclivili¢s b&sed (Jn th¢ m4rkLi valul al IhL' yLar Lnd. Trade debtor$ Trade debiors are amounts duc from customcrs for merchandise siild or %ervictts perf()rm¢d in the ordinary course vl. busin¢55. Trade debiors are recognised initially ai thc Iransaction price. They are subsequcnily me&sured at amortid cost using th¢ effiLIIvL intcr6sl mcthod, less provi8ion for impdirm¢nl. A pruvision lor lh¢ impdimi¢nl vf Irud¢ dcbiors 15 established when thLrc its ubj¢cliv¢ cvidcnce that the charity will not be ablc to LoIILut all umounls du according tv thc original tern15 of the receivabl¢5. Cash And cash equivalenty Cush und cash Cquivdlcnls LumprisL Lash on hand and call dep()sits, and ()th¥r .sh(irt-tLrm highly liquid inv&%lmenlti Ilial urL* fLadily LonvLfLiblL lo a knuwn Jinounl of cash dnd are.iubje¢l lo ttn iii%igiiilic8iit ribk or change in value. Pagc 19
Villa Scalabrini Notes to the Financial Ststements for the Year Ended 31 March 2024 Trade creditors Trade Lrediti)rs are obligations lo pay for goods or services that have bccn acquired in the ordinary course of busincss Irom suppliers. A¢counis payablc are classifi¢d Lurrenl liabilitics it thc charity does not have an unLunditiOT]al righL at ihe end of Ihc rcporting period, to defer .settlemenl vf thc crcdilor lor al Icast twelvc month.s after Ihc rcporting date. If thcrc i.q an uncondilional right to dcfcr s¢tLl¢m¢nl for at least twelve m()nih5 aft¢r th¢ r¢porting dalr. thcy arc pre5eni¢d as non-currrnl liabilitiCS. Tradc creditors arr r¢Lvgnised initially at the tranllIon price and 5ub5cquently mcasurcd at amortised cvst Using ihc eftective intcrcsi method. Borrowings Interest-bedring borrowing.8 are initiully recordcd al fair valu¥, n¢t of iransaction costs. Inlcrest-bcarin borrowing% arc 5ttbsequently carried al amiirtiscd cost, with the diffcrcncc beLween the proLccd%. nc( of IransaLlion co.8(s, and thc #mount duL on rcdemptitsn b¢ing reLognised as a charg¢ to Ihc Siaicmcnl of Financial Aciivitici ov¢r Ihc period of ihc rclevanl b()rruwing. Inlcrcsl expen%L is rccognised ()n Ihc basis of Ihc cffcclive interest method dnd is included in interest puyablc and similar charges. Borrowin&y ar¢ Llassificd as Lurrcnl liabiliLie% unl5 Ihc charity h&% an uncondilional right deter %eLilcm¢ni of IhL liability lor at ILU$I Iwclvc months uftLr the reporting datc. Fund structure UnrLslricted inci)m¥ funds are gcnLrktl fund5 that arl available for usc at thr IrusiLUS disLrclion in furtheranLL of thc objective8 ()f IhL charity. r)Voignated funds arc unrestriLtLd lunds set &sidL lor spccilic purpn.4es ut ihL di5LrLlion ot the tr81¢&8. Rcstricied incvmc funds are thosc donated ltir usi in 8 particular ()r for spccific purposes, thL USL ()fwhirh is re8lricl¢d lo ih&l drea or purpobc. P¢nJions and other post retlrement obli8Ations 'rhc charity i)pcral¢s a defined cvnlribution pcn5ion scheme whiLh is a p¢nsion plan under which fixcd c(Intribulions are paid inio a pension fund and Ihc charity hus nu Icgal or construLtiv¢ ()bligulion lo puy tiirther contribution5 even if Ihc lund does ni)t hold sufficient a55cls lo pay all ¥mpluycus IhL bLncfits relating lo ¢mpluyce service in ihc current and prior periods. Lonlributions to dcfined contribulion plans are rccogniscd in the slatemenl ufF inanLial Activities whcn Ihcy arc due. If cvnlribution paymcn(s cxceed thv Lonlribulion due for scrvicc. thc exce.45 is reLI)¥nised us a prepayment. Pag¢ 20
Villa Scalabrini Notes to the Financial Statements for the Year Ended 31 March 2024 3 Income from don4tions and legaeies Unrestricted funds General Restricted fund8 Total 2024 TotAI 2023 Don&iions and legacies. Donations from individullls 56,266 106.165 162.431 85,582 Gov¢mm¢nl grants Grants. from othcr charitie$ 24,280 21,200 21,2 56.266 127.365 183.631 109.¥62 4 Income from chArltAble Actlvltles Unrejtricted funds General TotAI 2024 Total 2023 Rctr*pilc carc E)rivale funding Local auihuirty funding lospitality incom¢ 132.027 1.843,492 739,300 63,384 132.027 .843,492 739,300 63,384 9U.407 .788.342 723.311 53,880 2.778.203 2,778,203 2.655.940 S Investment Income Unrestricted fuTrd$ Gencral Total 2024 TotAI 2023 Interest r¢¢eivabl¢ tffid similar income. Other interesl receivable 48,562 48.562 10,392 6 Other ineome Unrestricted TotAI 2024 Total 2023 General Fundraising income 26.405 26.405 32.475 Page21
Villa Scalabrini Notes to the Financial Statements for the Year Ended 31 March 2024 7 Kxpenditure on charitable aetiviti Unrestricted Total 2024 Tot41 2023 Gener81 Restricted NDte Food purchases lJiility costs F'slablishmertt costs Rcpairs and mainicnanLC Officc exp¥nscs Priniin& p()Ing and sl#tionLry undry and other cost Cleaning Motor expcnses Advcnsing and prom()Lion 'rrainin8 and '1[r¢ Losls 128.582 10.258 31,143 128.582 110.258 31.143 118,132 81,969 28.930 120,523 11,459 126,523 11,459 76.579 9.494 16.123 16,123 10,174 39,758 36,105 4.147 39,758 36,105 4,147 34.853 30,OU9 4,934 3,047 3.047 2,192 14,651 14.651 7,362 cpreciali()n. murtisation and othLr similar cthsls Statl'cusl Cyovernlincc costs 193,016 ,760,925 57,601 193.016 1.760.925 57,6111 180,373 1,732,424 29.525 2,527.338 6.11110 1533.338 2,346,950 Other expenditure Unrestricted fund$ General Restricted funds Total funds Note Dona¢ion.4 paid 36,0(N) 36,000 Total for 2024 36,000 36,00 Total (or 2023 33,0011 2,265 35,265 PaEe 22
Villa Scalabrini Notes to the Financial Statements for the Year Ended 31 March 2024 9 Analysis of governance ind support costs Governance cojts UnreBtricted (und8 General Total 2024 Total 2023 Audit fee5 Audit of Ihe financial statements Oihcr fees paid to auditors l.Lgal f¢Ls Ilank Lharges 7.800 12,409 37.129 263 7.800 12.4()9 37.129 263 6.900 8,1119 13.903 533 57,601 57,601 29,525 10 Net Incomlngloutgoing resources Ncl inLoming rcsourccs for Ihc yLar includc: 2024 2023 Audit fees rJ¥priLiulion ofiixcd asscls 7.8IM) 193.016 6.9011 1¥0,373 I l Trustees remuneration and expenseA No Irust¢e5. nor any persons cnnne¢l¢d with th¥m. havc rL'ccivcd any remunLratiun from Ihc charity during ihc No trustees have reL'eivLd uny rcjmbursL LxpLnscs or any oihcr benetil8 from th¢ charity during Ihc y¢ar. 12 St8f(¢0815 The aggregate payroll costs were as follows: 2024 2023 Staff costs during the year were: WagL.% and balJri¢s Social &LLurily costs Pension cos15 1,592.621 1311,074 30,230 .566.932 137,185 211,307 1,760,925 ,732,424 Pag¢ 23
Villa Scalabrini Notes to the Financial Ststements for the Year Ended 31 March 2024 Thc monthly averdge number al- persons (including senior managcmenc I leadership (eam) employed by the charily during the year exprcsscd &8 full timc cquivalenls was as follows.. 2024 2023 Residential home 65 55 56 (2023 - 55) of Ihc abovc employees participalcd in the Defined Conlribution Pension Schemes. Thc numbcr of Cmployees em()lum¢nls fell within the following bands was: 2024 2023 £60,001- £70,000 'I'hL lotsl Lmpluycc tKnetits ofthe key mandgcmcnl pcrsonncl of thc charity werc £167.255 (2023 - £171.999). 13 Auditors, remuneration 2024 2023 Audil of the linancial .81aiL"mcn 7.11011 6,900 Other fees to auditori All oihcr non-audil Services 12.409 11,189 14 Taxation 'l-h¢ charity 18 a registered Lharily und is Ihcrclorc exempl from t&xation. Page 24
Villa Scalabrini Notes to the Financial Statements for the Year Ended 31 March 2024 15 Tangible fixed assets Freehold Land And buildings Furniture gnd equipment Motor vehieles Total C08t Al l April 2023 Additions 8,173,881 733.615 632,029 6,X76 13.559 8,819.469 740.491 At 31 MarL'h 2024 8,907,496 63¥.905 13,559 9.559.960 Depreciatlon Ai l April 2n23 Lhargl for Ihc year 657.745 17¥,150 566.519 14.477 12,IIU4 389 ,236.268 193.016 Ai 31 March 2024 835.895 580,996 12,393 ,429,284 Net book vAlue Ai 31 Murch 2024 8.071,601 57,1)09 1,166 8,130,676 Ai 31 MarLh 2023 7,516,136 65,510 1,555 7.5113,201 16 Fixed asset investments 2024 2023 OihLr investmen15 296,742 288,284 Other invutments Other investments Tot41 Cost or Valuatlon At l April 2023 Rcvaluktlion 2811,284 8.458 288.2¥4 8,458 At 31 March 2024 296,742 296,742 Net book vglue Al 31 March 2024 296,742 2Y6,742 At 31 March 2023 288.284 288.284 Page 25
Villa Scalabrini Notes to the Financial Statements for the Year Ended 31 Mareh 2024 17 D¢btors 2024 2023 Trade debtors Prepaymcnls Other dcbtors 51.429 5.045 1,100 700 4,547 1.689 57,574 6,936 18 CAsh and CAsh equivalents 2024 2023 C&8h on hand C&8h at bunk 364 2,059,189 2.184 2,163,W6 2.059.553 2.166.09t) 19 Creditors: Amounts fAlllng due within one year 2024 2023 Trade crL'dilors Other taxalion and social security Pcnsion schemL rl1tur Accruals Deterred incomc 106.649 38.764 7,065 44,018 20,937 22.932 52,016 6,957 53,676 57,127 217.433 2024 192.708 2023 D¢fcrred incomL at l April 2023 Resour¢¢8 dLf¢rrL'd in ihc period AmounLs rclcascd from prcvious periods 57,127 20,937 57,127 50.317 57,127 50.31 D¢f¢rr¢d income at year end 20.937 57,127 20 Penslon and othtr schemts Defined contribution pension scheme The charity operalcs a dcfincd contribution pension scheme. The pension cost chargc for the ycar rcprc5¢nt5 contrihutions payablc by thc charity to the .SLhcmc and llted tu £30,230 (2023 £28,307) and this expense Ills been all()¢ut¢d in l.ull LO unrcb4Liici¢d ILinds ()ll ihe basis ihul il. rel&lL'y uiitirely ID ihL-runninu ol. tli¢ h(ImL. Page 26
Villa Scalabrini Notes to the Financial Statements for the Year Ended 31 March 2024 21 Reserves UDreslricted revaluation reserve Total Ai l April 2023 Unr¢alised gain on investments 124,326 8,458 124,326 8.458 At 31 MarLh 2U24 132.784 132,7114 UNrestrieted revalvation reserve Total Ai l April 2022 Ilnrcaliscd gain on invcslmcnl$ 123,270 1,056 123,270 1,056 At 31 MurLh 21123 124,326 124,326 22 Funds BalAnce at l Aprll 2023 Other Balance at recoglSed 31 March TrAnsfer8 gainsl{losses) 2024 Incomlng resources Resources expended Unrestrlcted funds Gcncral 11.003.477 2.909,436 (2,563,950) 11,208,458) 8,458 7.148,963 Dc5ignated Rev4luulion reserve 1.71111.000 124.326 1.3(K),QOO ¥,458 3,OOQ,O( 132,7114 Total unrejtrlcted rundJ 9,827,803 2.909,436 (2,563.950) 127.365 6.000 i 00.000 8.458 10,281,747 Restrleted fund8 24,000 100.000 45,365 Total funds 9,851,803 3.036,801 (2,569,950 11,4511 10.327,112 Page 27
Vill2 Scalabrini Notes to the Finaneial Ststements for the YeAr Ended 31 March 2024 Bglance 9t 31 March 2024 Balanee at I April 2023 Incoming resourees Resources expended Transfers Re8tric¢ed funds RSA Trust donation Demenlia Lari" donation NLW Wing donaiion Donations for 81dff RSA Trusi gran¢ 24,000 24.000 6,000 100.000 165 21.2UU (6.000) (i 00.ooo) 165 21.2UO 24,0 127.365 16.UUU) ( iuo.000 45,365 Balance at l April 2022 Other B•lanc¢ 4t Incoming Resovrees reco¥nised 31 March resour¢¢J expended Transfers gain$l{losses) 2023 Unrestrlcted fundj Cicneral 9,277,023 2,761.120 (2.361.920) (1.673.802) 1.056 8.3.477 r)csignatcd 1.700,000 1.700.000 Other 123,270 1.056 124.326 Total unrutricted fundj 9.41MI.293 2.761.120 {2,361,9201 27.254 1,056 9,827,803 Restricted fundi 24,000 20.295 27.254 24.OL)L) Total funds 9.424.293 2.808,669 2,3112,215 I,U56 9.1151,1103 Page 28
Villa Scalabrini Notes to the Financial Statements for the Year Ended 31 March 2024 The specific purposes for which the funds are lo be applicd arc as follows.. Thc Designated funds have been created by the Trustccs for thc costs rclatcd to the new wing. The Restricted fvnds held are for- R%A dunaliL)n- In 2021 a donation towards from R%A was reLL"ivLd Ivwards a new kitchen in the new dining room. I'his has still not b¢Ln compl¢tsd but therc arc plans lo do this n¢xC ycar RSA Tru%t granl. I'his relates to a donalion agreed by RSA whiLh will paid io thu LarL hom¢ ovLr 3 yLars it is towards interior renovktlion. this wurk has noi y¢t commcnced but is cxpecled to be complcl¢d next year. l)cm¢ntia carl dvnution- 2 donation8 wLre rcccivcd in the year tor the purpo8¢ ul. imprvving the DemLnti environment thLb¥' donalions were ulili.%L"d again51 costs in the year lor that purposL. NLW wing donation- 'l-his dvnalion reLeiv¢d from Mu/.i.ini Garibuldi Foundation towards the cost of cxILndin¥ and updating Villa Scalabrini. This wurk Lommcnccd in ihc year and is expected to be completed by Scptcmb¢r 2024. T)onalions lor Siuff- r)unations were receiv¢d spccilically for .8laff in the year, this gel% dislribulcd to the .%td viu the puyroll once the amuunl Is slgnilicant enough thcrLforL Ihis Jmounl will bc cxpccled lo bc dislribuled nrxl yLar lo slali. The purpth8C ()rtrunslcrs were= Designalcd funds- a Irdnsfer ()r runds havc bcen made tur th¥ cos18 inLurrLd su fur un IhL new wing dcvclopmcnt w()rk.4 which commenced in ihc ycar and ditIonal funds work u]11Cd lo dcsi8nalcd as inlcrnal rclurbishments wurks havc also been agrrLd. RLvalulion rcserve- a tr&nslir h&8 bccn made tar revulu&lion gain in Ihc yLar on lixcd asset investments held. Restricted funds• a transfer of fund.¥ w¢r¢ madc lh¢ reslricted funds received for IhL' purposc of Ihc ncw wing WO fully utili.sed io h¢lp fund the costs which h3vc oxco¢dcd lh¢ donation r¢¢¢iv¢d in th¢ year. 23 Analysis ofnet Asitts between funds UTrre$tri¢ted funds Generil Total funds It 31 Mgrch 2024 Restricted funds Tangible fixcd 8ss¢Is Fixcd a55cI inveslm¢nls Currcnt assets 8.130,676 296,742 2.071,762 217.433 ,130,676 296,742 2.117,127 (217.433) 45.365 CutTent liabilities Total.net a55cts 10.281.747_ 45.365 IOJ27,112... Page 29
Villyd Scalabrini Not to the Financial Statements for the Year Ended 31 March 2024 Unrutricted funds General Total funds at 31 March 2023 Restricted funds Tangible fixcd asscts Fixed assct invcstmcnts Current assets Current liabilities 7.583,201 288,284 2.149.026 192,708 7.583,201 288,284 2,173,026 192,708 24,000 Total nct assets 9,1127,803 24.000 9.851.803 Page 30
Villa Scalabrini Notes to the Financial Statements for the Year Ended 31 March 2024 24 Analysis of net funds At l April 2023 Financing cash At 31 Mareh floivs 2024 Cash al bank and in hand 2,166,090 106,537 2,U59,553 Nct debt 2,11)6.OYU At l April 2022 (106,537) 2,059,553 Fin*nciThg cA$h At 31 Msrch flows 2023 l.ash al bank and in hand 1,572,1116 594,074 2.166.090 Nci dcbt 1,572.016 594,074 2,166.090 25 Rtlattd pgrty trAnsactions During thc year the charity mad¢ (hc following rclalcd party Iransaclions: Scalabrini Fa¢hers Company Iscdlabrini fathers Company is a rcgislcrcd with the Charity Commi,¥%ion undLr rlf¢rLn 1141084) uring the year Villa %Laltibrini paid donations lo Scalabrini Faihcrts lo(alling £36.000 (2023.. £33,000) for ihc year. Ai ihL balanLL sheet date the umi)unl duc loifrom Scalabrini fathers Company was £Nil {2023 - £Nill. Pagc31