THE GAUDIO FAMILY FOUNDATION IUK) UMITED ANNUAL REPOR T AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Company Number 08966741 Charity Number 1157301
THE GAUDIO FAMILY FOUNDATION IUK) LIMITED CONTENTS Page Company Information TrustÈe$' Report Statement of Dlrectors, Responsibili1*$ Independent Audltorfs Report ststement of Flnan¢lal Activities Balan¢e Sheet 10 ststement of Cash Flows Accounting Pollcles 12&13 Notsg to the Finanelal Statements 14-16
THE GAUDIO FAMILY FOUNDATION (UKI UMITED COMPANY INFORMATION Trustee8 Alfred Cavallaro Belma Gaudio Julius Gaudio Company Numbor 08966741 Ch•rlty Number 1157301 Rggist•r•d 0ffi¢o Wrthers LLP Third Floor 20 Old BleY Lon(Son EC4M 7AN Audltorn PKF LrtileJ'¢)hn LLP Statutory Auditors 15 Westferry Circus Canary Wharf Lonth)n E14 4HD
THE GAUDIO FAMILY FOUNDATION IUKI LIMITED TRUSTEES. REPORT The Directors, being the Trustees under charity L3w. present their report and audited financial stslements for the year lo 31 Deeemtrr 2021. The Trustees have adopted the provisions of the Statement of Recommended Pract& 'Accounting and Repong by Charities" in preparing the annual report and financial statents of the Charty. Referenc• and AdminiBtrative Infom4tlon The Gaudio Famity Foundath)n (UK) Lwmited lthe "Foundation." "Charity," or"Charilable Company") 1$ a company limrted by share capital regK8tered as oynpany number 086741. The Charity is atso registered with the Charity Commission under charity number 1157301. The Trustees and principal address of the Charity are listed, along with particuLqrs of its wofessional adwsors, on page 2. Strncture. Governance and managTrI The Charty does not empky any staff. all decisp?ns being made by the Trustees. A comprehensive briefing pack including all relevant corp)rale decuments Irelaled lo fomialion and compliance) and financial stalernents is provided to all neY appointed Tru51ees. Governlng In•trumonts The Chanty is 9ovwned by its mendurn and A'CloS of Associab"on, dated 28 March 2014. ObJfr¢ts. Aims. Obl&¢tlv•8 and AGtlvftl Charltablo Oblts Th& Charity operates as a grant making foundation. The ¢haritsble objects of the Charity are exclusively charitable purposes for the public benefit. In the furtherance of rts general chaiilable purposes, the Directors, as Trustees ol the Charity. have complied with the duty in 9.17151 of the Charities Act 2011 and have due regard to the Chanty Commission'ts published general guidance concerning the interprets1 of the Putsl Benefit requirement under that Act Alm8 and Int•nd•d Impact Within these objects. the Foundation aims to provide grants aimed at RelEving poverty, especkilly in urban areas, Advancing and improving educatn, parbculaty for disadvantaged chikyren in impov&rJshed areas,. and Various Qtlw charrtable endeavours * the discretion of th8 Trustees. Flnan¢lal rnvl During the year, the Charty made a surplu5 Qf Income over èxpenditure. before foreign exchange gains and lo$$es and investment gains and losses, of £7,267.24212020 - £10,171.6501 all of wh is unroslricled. Grants rnade in the year, totalling £3,666,89212020 - £S.032,2521, have been in line with the established Grant Making Poli¢y and are Set out in note 3 to the finawial statements on pa9e 14. There have been no signffjant tssues (ff pyoblems in the year or after the year end, despf(e the impact of Covid-19. through the dale of signirvJ of this report The Trustses have ward to the main r¢ks to the Charity, whKh indude misapplication of grants by beneficiaries. grantee insolverKy or mismanagement. and failure of a funded project lo provKle Sufficient public benofil. These are addressed through regularty obtsining reports frThm grant recipients and evidence of projects furKling being IMernented sue¢essfvlly" appropriate due diligence is undertaken in respect of proFosed grantees to ensure funded pr(¥ecls are exclusively charitable. Further, muhi-year grant Commitments are generalty not made, thereby limrting the risk lo Ihe Charity.
THE GAUDIO FAMILY FOUNDAnoN (UKI LIMITED TRUSTEES. REPORT Financial review (continued) The Charity invests the funds not immediately required for its charitable grant-rnaking in accordance th 11$ adopted Investrnenl Policy Statement whth is reviewed regulady by the Trustees. The Charity's investments are made wlh the intention of providing a reasonably stable, growing, and predictable Income stream n the form of dividends, Interest and realised gains sulent to allow distribution of granls in furtherance of the charis purposes. setde all administrative costs, and to protect the Charitys investsnenl capital for the long-term_ In Ihe pellod. assets were held in a diversified portfolio, including a mlure of fixed IrQme and equity investrnenls, with some assets managed on the Charitys behatf by Coutts & Co. The performance of the Investrnent manager is subJe¢t to regular monitoring aTrJ review by the Trustees. The Charity ha$ $vJnifunt unrestricted funds, minimal financial risk, and only modest overheads. Because all anli¢ipated costs ar expenditures are ampty prOved for, Ihe Trustees have not lormally adopted a prescriplive reseryes policy. Plans lor Futurn Porlod8 Having ceiVed signifunl donab'ons of £7,305.15812020 - £13,498,427) from a Tnjstee in the year. the Foundation will consitjer a range of worthy new projects to fund, consistent wilh rts mission and Grant Making Polry, Including, thOut limitalK. making grants to museums br charitable purposes and lo relieve poverty and increase access to f(x>J and health se[V@S for vulnerable women and children. advance educab.on for wrxnen and children, and piotect vulnerable populations fr¢>n abuse and explollalion. In the coming financial periods, the Trustees intend lo incfease the level of grant making, as well 8$ ai(ling entities partKularly Ird hit by CovbJ-19. whi¢h are still experiencing the eflects of the gbbal pandern. Dlroctor8' Int•r••ts No Director had any temficial interests in the shares of the Charrtable Company at 31 December 2021 12020 - none). Provlslon of inforniation to Audltorn So far as each of the Directors is awarn at the tThe this report15 approved.. there 1$ no relevant audit infomabon of 1¢h the Charitable Company's auditors a unaware.. and the Directors have taken all steps that they ought io have taken to make themselves aware of any relevant audit 1nf0mialh and to establish thal the auditors are aware of that informatK)n. Audltor¥ PKF Lfttlejohn LLP has signifd lis wlbngness io continue in off¢e as auditors. Status of th1$ Trustee8' Roport In preparing Ihis reth. the Directors have taken *Jvant&3e of the small Compan exemption provKled by SeCtn 485 of Ihe Cornpan Act 20C6. By Order of the Affred Cav ro Trustee a 7,1 Septemter 2
THE GAUDIO FAMILY FOUNDATION (UK) uMrtED STATEMENT OF TRUSTEES. RESPONSIBIUTIES The Trustees are responsible for preparing the Truees' reF(Jrt and the financial statennts in accordanee wrth appticable law and regulal)ns. Company and Charity law requires the Trustees lo prepare finarlar statements for each financial year. Under that law the Trustees have elected to prepare the financjal statements in accordance with Charilies, Statement of ReCcYnMeThed Practi, Ac£ounling and Repyting by Charibes Iunited Kingdom Financial Reporting aTrJ Accounting Standards and applicable lawl. Under Company and Charity law the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the stste of affairs of the Charitsble Ccynpany and of the surplus of the Charrtable Company for that period. In preparing these financial statements. the Tnjslees are required to: select suitable accounting pclicies and apply them Gonsistently. observe th8 method$ and winciples of the Charthes, SORP, AGcountiw and Reporting ty Charities,. make IjgMents and estimates that are reasonable and prudent stale whether appli¢able United Kingdcffi Generally Accepted Accounbng Practice Iunited Kingdom Accounbng Standards and appluble lawl has been lofiowed, and disc10$8 and explain any departures Iheretrom in the Financial Statements". and ppare the Flnancial Statements on the going ¢1Cern basis unless it 18 Inappropriale lo assume that the Charity will be able lo continue in operation. The Trustees are responsible for keeping adoquate a(untrng records Ihal are sufficnI to Show and explain the Charrtable Company's Iransxtions and disclose with reasonable accuracy at any lime the financlal poSitn of the charrtab Company and enable them lo ensure that the financial stslements comply with the Companies A¢1 26 and Chaiilies Act 2011. They are also responsible for safeguarding the assets of the Chantable Company ar hen for taking reasonabb steps for the prevents'on and deleclion of fraud and other irregulanb'es.
THE GAUDIO FAMILY FOUNDATION (UK) LIMrrED IndgPond•nt Auditovs report to the 8harehold•r of The Gaudio Family Foundallon IUK> Limited Opinion INDEPENDENT AUDITOR'S REPORT We have audrted the ffinafkcial stalements of The Gaudio Famity Foundab)n {UKI Lirnrted {the 'Charrtsble Company'l for the year ended 31 December 2021 whth comwise the Statement of Financial A¢livities, the Balance Shoel, Ihe Statement of Cash Flows and notes to the financial statements, inclLding a sumrnary of signifant accounting po[les. The financial reporb.ng framework that has been applied in their preparabon is applThble W and United Kingdom Accounts"ng Stsndards, including Financial Reporting Standard 102 The Financial Repn9 St8nd&rd appIab in the UK and Republic of Iroland (United Kingdom Generally Accepted Acca)unb"ng Practs"ce}. In our opinion, Ihe finanGHI statWIts". gNe a true and fair view of the state of the Charitable Company's affairs as at 31 Decemter 2021 and of its irwming resources and applulion of resources, includirKJ its income and expenditure, for the year then ended., have been properly prepwed in accordw wrth Unrted Kingdom Generalty Accepted Attountlng Praelte,. and have been prepared in Cordare wth the requirements ol the Companies Act 2006. Ba•18 for oplnlon We condl1ed our audit in accwdarte with International Stand8fd$ on Auditing (UK) IISAS IUK}l and applicable law. Our spOnSibl111S under those standards are further ¢Jescribed In the Auditor's resFonsibililies for the audit of the financl stslements section of our rer*Xt. We are independent of the Charilabie Company in accordance with the ethical requirents that are relevant to our audit of the financ1 statements In the UK, induding the FRC'S EthKal Standard, and we have fulfilled our other ethical sponsIbl1111es in accotdartt with these requirements_ We believe thal the audit evidence we have obtained is sufficient and approprele lo provide a basis lor our opinn. Con¢lu•lons relatbng to golng conc•m In auditing the financial statements, have cg)nchJded that the Truslett, use of the going concern basiq of accounting in the weparalion of the financial statements is appropriate. Based on the woth we have perfomed, we have not KJentsr any material uncertaintie5 relabn9 to events or condilioll5 that, indivhlually or collectively. may east $wJnfftant doubt on the Charitsble Ccmpany's ability to conlinve as a 90ing cOrern for a perth of at leasl tsvelve mth$ from when the financial slatemtnts are authorised for issue. Our responsibilities and the responsibthS of the Tnjstees wrth respect to going concem ar6 descred in the ielevant sections of this rep)rL Oiher Infomiatlon The other information comprises the information included in Ihe TnJslees' annual report, other than the financial ststements and our audrtorfs report Ihereon. The Tiustees are $psIble for the other information contsined within the Trustees, allnual reporL Our opinion on the finarKial slalements does not cover the other infomlalion and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other Information and, in dThng so, consider whether the otlw information is materially inconsislenl with the finanoal stalemenfs or our knowledge obtained in the course of the audit. or otherwise appears to be materially misstated. If we Klentsfy such malerk41 inconsisiencies or apparent material mi5stslements, we are fequired io detemine whether this gives rise to a materral missialement in the financial statements themselves. If. based on the work we have performed, we Corlde that there is a material m15statent of this other infoM)al, we are requed to report that fxt. We have nothing lo report in this re9ard.
THE GAUDIO FAMILY FOUNDATION {UKI UMITED INDEPENDENT AUDITOR'S REPORT Opinlons on oth•r matters prgscrlbod by the Companies Act 2006 In our opinion, based on Ihe work undertaken in the cTSe of the audit.. the inforynatM)n gNen in the Trustees, report, whh includes the Directors. report prepared for the purwses of rmipany law. for Ihe financial year for Whti the financial statements are prepared is consistent with the financ1 stalernents,. and the Direclofs. report included wrthin the Trtees, rewrt has been prepared in accordance with applicable legal requirements. Mattern on whlch wa aro roqulr•d to r•port by excoptlon In Ihe light of the knowledge and understsnding of the Chantable Company and its ènvironment obtained in the course of the audit, we have not klenffied material migststtsnents in the Directors, report included within the Trustees. annual report. We have nothing to report in respect of the following matters in relatffi to which the Companie$ Act 20C6 and the Charities Act 2011 requires us to rep(yt lo you rf. in our 0.n)n." adequate and suffnt accounting rOrdS have not been kept by th8 charitab cpanY, or reluins adequate fof our audit have not been reiVed from branches not visited by us., or the charitab Companls financk81 slatements are not in agreement wrth the a¢Unn9 records and fetums., or certaln disclosures ofTrusleos' remuneraiw speCifd by Lqw are not made., or we have not received all the informalhx explanattrons wts require for our audrt. R•8ponsibllltig• ol Tiu8t• As explained r(K)re fully in the Trnslees, Stalemenl of Responsibilrties, the Trnslees Iwh) are also the Directors of the Charrtable Ccmpany f¢y the purposes of company lawl are responsible for the preparation of the Chanlable C¢Jnpany's financial ststements and for being sabsfied that they give a true and fair view, and for such inlernal Control as the Truslees detemine ts necessary lo enable Ihg preparation of finanoial statements that are free from material misststemenl. vthether due to fraud or error. In preparing th8 charitab Company's fina181 ststements, the Trustees are responsible for assessing the Charitable Company's ability lo continue as a ¢¢ern, disck)sing, as applicable, rnatters related to going cM¢ern and using the going conom basis of accounting unless the Trustees either intend to liquidate the Charitable Company or to cease operatnS. or have no realist allemalive bul lo do so. Audttor'8 respon8lbllltl•8 lor the audlt of th• flnanclal 8tatamonts We have been appointed auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with Ihose Acts and relevant regulations made or having effect Ihereunder. Our objectNes are to obtain reasLY*ble assuran¢e abcwi whether the ffinan¢k41 slalements as a whole are free from material misstatement. whether due lo fraud or effor. and to issue an auditor's report that include5 our ow'nion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance wth ISAS IUKI will ahftys detsct a material misstatement when it exists. Misslalements can arise from traud or errcf and are conshjered rnater1 If, individually or in the aggregate, they could reasonably be expected to influence the econc¥nic decisions of users taken on the basis of these financial statements. Irregularities, indudir#J fraud. are instances of nonwplkqn¢e with laws and regulations. We design pedureS in line with our responsibilibes, ouuined above, lo detect material rnrsstatemenls in respect of irregularities, including fraud. The extent to whi¢h our pr(Kedure5 are capable of detecting irregulaiilies, including fraud is detsiled below=
THE GAUDIO FAMILY FOUNDATION IUKI LIMITED INDEPENDENT AUDOR,8 REPORT We obtained an underslanding of the charitab Cornpany and the se¢tc in which they operate lo hlenlify laws and regulatnS that coukl reasonabty be expected to have a direct effect th the financial statements. We obtsined our underslanding in this regard through discussions vlilh management, industy research, applicatK)n of cumulabve audit knOedge and eXpernCe of the We determined the principal laws and regulabons relevant to the chatab Company in thi$ regard lo be those arising from Companies Act 20C6, Charibes kt 2011. Charities (Accounts and Re8) Regulations 2008 and tsx legisl?n. We desvJned our audit pxedu to ensure the audit team o)nsidered whether there were any indications of non-compl1ae by the Charitable Company with those laws and regulations. These prwedures included, bul were nol limited lo. enquirie¥ of Trustees and review of governing documentsIn. We also idenb'fied the risks of material misststemenl of the financial statements due to fraud. We considered. in addition lo the non-rebuttable presumpb.on of a risk of fraud arising from management override of controls. that the completeness of liabilitEs was also an area of risk. As in all of our audrts. we addressed the risk of fraLkJ ansing from management oveThth of conlrols by perfomiing audit pr¢)¢edures which included. bul were not limited to.. revwing accounting estimates for evidence of bias., and evaluab'ng the business rationale of any Signifunl transaclvJns lh are unusual or tsJtsKle the normal course of business. Because of th8 inherent Imitations of an audrt. there is a rrsk that we will not delect all irregularits'es, including those leading lo a matsrial misstatement In the financ1 stslements or non-compliance with regulation. This lisk increases the more that compliance with a law or wulalion is removed Irom the events and transaction5 reflected in the finala1 ststemenls, as we will be less likely lo beccme aware of instan¢e$ of non<cmpliance. The risk is also greater regarding Irregularilies cecurring due lo fraud rather than error, as fraud involves intentional concealrnenl, forgery, collusion, omission or MIsrepSenlaIIn. A further descripbon ol our respor1b1lities for the audil of the financial slatements 1$ located on the Financial Reporting Council's websrte al.. klauditorsr part of our auditoffs report ts. Thts description forms U8• of our report Thls report is made solely lo the Charilable Company's members, as a body. in accordance wlh Chapter 3 01 Part 16 of the Companie$ hLI 20{ to Ihe Charitable Cerfnpany's Trustees. as a body, In accordance with Part 4 of the Charit*s IAccounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state 10 the charitab Companls members and Trustees those matters we are requ¥ed to state lo them in an audilorfs reF4)rt and for other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone. other than the Charitsble Company and the Charilable Compan8 members as a body and the Charitsble Company's Trustees as a body, for our audit work. ft)r this report, or for the opinrons we have forrned. Alastsir Duke (Senior Statutory ALKlitor) For and on behaM of PKF Littlgjohn LLP Stalulory Auditor 15 Westfery Cirujs Canary Wharf London E14 4HD 27 September 2(r22
THE GAUDIO FAMILY FOUNDATION (UK) LIMITED STATEMENT OF FINANCIAL ACTIVITIES (incorporating an income and expendltui# account) Yoar gnded 31 December 2021 2021 2020 Income and ondowments from: Donations Gift aid Investsmenl inccffie 7,305.158 13,498,427 3,601.167 1,760.030 349,702 153,128 Total Incom• 11,256.027 15,411,585 Expendlturo on: Cost of raising lunds Chartsble aclNitses 118,074 3,870,711 31,536 5.208,399 Total Expendhur• 3,988.785 5,239,935 Not Incomo lor th• y•ar Other gainsl{iosses) Foreign ex¢hanga Investments 7.267,242 10,171,650 157,5771 1.960,535 254,429 1.413,127 N•t mov•mont In ld8 9.170,2C(1 11,839.206 Balance brought forward at start of year 34,042,913 22.203.707 Balance rI1•d forward at and of year £43,213,113 £34,042.913 All in¢¢xne and expenditure is unrestrcted and derives frtyn conth'nuing xtivits'es. The statement of finarK1 actNibes includes all gains and losses recognised during the year. The Accounting Policies and Notes on p4es 12 to 16 fomi part of these Financial Statements.
THE GAUDIO FAMILY FOUNDATION (UK) LIMITEO Company rbumber. 08966741 BALANCE SHEET A8 at 31 December 2021 2021 2020 Fixed Assets Investments 26.187.823 17,130.387 Currnnt A81•ts Debtors UnpaKI share capital Cash at bank and in hand 17.049,163 16,926,666 17,049.164 16,926,667 Cr•dltorn". anounts falling due within one year 123.8731 114,1401 Nel Current Assets 17.025.291 16,912,527 Not Assets £43,213.114 £34.042,914 Called up share capilal General fund 43.213,113 34,042.913 £43,213.114 £34,042,914 These Financial Statements were approved by the Board of Trustees on J? aeptember 2022 and signed on its behalf by.. aval lee The Accounlw¥ Policies and Noles on pages 12 to 16 fom part of these Finanoal Statements. 10
THE GAUDIO FAMILY FOUNDATION {UK) LIMITED STATEMENT OF CASH FLOWS Year ended 31 Do¢ember 2021 2021 2020 Net cash fir)w from op•raling acllvhlo8 Isoe below) Cash from Inve8tlng activities Payments lo acquire investnwnts Increase in cash held al investrent managers Proceeds from sale of inve51rnenls DivKlends and inleregt frcxn invesknents 6,927,273 10,025,662 121,926,987) 117.805,6731 1406,946) 1146,2731 15.237,032 10,153.837 349,72 153,128 Not ca8h Ilow by Invostlng aetlvltlos (6,747,199) 17,644,981) Effe¢t of exchange rale fluctuations on cash held {57.5771 254,429 Change In c•$h Jnd cash equlvalonts in the y••r 122,497 2.635.110 Cash and ctsh oqulvalfrnl8 brought lorward 16,926.686 14,291.556 Cash and ¢a8h •qulvalents c•rrl•d IoThArd £17.049,183 £16.926,666 Net Incom• for the year Dividends and interest from inv8Stments IncroasellDe¢reasel in crediio 7.267,242 10,171,650 1349.7021 1153.1281 9,733 7,140 Net ca¥h flow frorn 0ratIng a¢tlvltl•8 £6,927,273 £10,025.682 The Ac£ounkng Policies and Notes on pages 12 to 16 form part of these Finala1 Statements. 11
THE GAUDIO FAMILY FOUNOATION (UK) UMITED ACCOUNTING POLICIES Gen•ral Infommtion and basi8 of preparatlon The Gaud Famity Foundabon (UK) Limited is a charrtable company limrted by shares. Incorporated on 31 March 2014 and registered as a charity on 3 June 2014 in the United Kingdom. The address of the registered office ¢s given in the Charity informab.on on page 2 of these financk?l stslernents The nature of the charity's operatK)ns arKI principal activit*s ¥e making of grants. The financial stslements have teen prepared in accordance wlh ACUn.rtg and ReF¥)rttng by Chafities". Statement of Recommended Practice appluble to charibes preparing their accounts in accofdance with the Financial Reporting Standard applicable in the UK and Republic of Irend {FRS 102). the Financial Reporting Standard applicable in the United Kingdom and Republic of IreL4ThY IFRS 1021. the Charities Ael 2011, the CoMpanS Act 20C6 and UK Generalty knepted PlaCe as it applies 1 January 2019. The financial slalements are prepared on a going ctsrern basis under the historical cost convention. modified lo include certain rtems at fair Vae. The fmancial statements are ppared sterling which 18 the functional currency of the charity. The signifunl accountsng polioes applied in the preparation of these financial ststements are Set out below These p)licies have been ¢onsislenUy applie(I to all years presenlgd unless otherwise slated. In¢om• r•cognltlon All in¢crfning resources are included in the Statement of Financial ActNiknes (SOFA) when the ¢hanty is legally entitled lo the income. after any perf0mlan cond'0n$ have been met, when the amount ¢an bo measured relk•bly and when it is probabbe that Ihe inccffle will be received. Inwne from donatM)ns is recognised on receip( unless there are conditions 8tta¢hed to the donab'on that require a level ol perfomknce before enbllement can be obtsined. In this case Inoyne is deferred until those CondOn$ ale fully met or the fulfilment of those conditions 1$ wthin the control of the charity and il is probable trat they will be fuffiNe(l. Investmt income18 reo)gnised as the ¢hanty's nghl to re¢eNe payment Is established. Expendlturo r•cognlllon All expenditure is accounted for an xcruals ba$i8 Expenditure is recojnrsed where there is a legal or constructive obligation lo make payments lo third partw, Il is probable that the settlement will be required and the amount of the oblvJatlon te measured reh'ably. It is Gglegorised as expenditure on Gharitabl? aclivilies. Grants payable to third parties are induded In expendrtute on charitable activities. Where unconditional grants are made, these alrunIS are recognised when a eonstructwe obligation is created, typically when the recipient is noljfied that a grant wll be made to them. wtte grants are condtts.onal on performarbce, then the grant is only iecognised once any unfulfilled conditsons are wtside of the control of Ihe chaiity. Support Costs have been included wrthin charilable actsvrtS and consL8t of the costs of running the chaiity. Foreign currency Foreign currency transactions are initially recognised by apptying to the foregn currency amount Ihe spot exchange rate been the functional currency and the forevJn curffw al the date of the transaction. Monetary assets and liabileS dencInat8d in a fn currery at the baLqnce sheet dale a translated using the closing rate. Gains and losses on foreyn exchange are shown in the Statement of Financial ActlvitEs. 12
THE GAUDIO FAMILY FOUNDATION IUKI LIPIIITED ACCOUNTING POLICIE8 Investments PUbl1Y traded investments. or those where fair value can otherwise be measured reliably. are measured al fair value at each balance sheet dale. with changes in fair value recc¥3nised in 'net gains I Ilossesl on inveslments. in the SOFA. Tax As a registered charity {and havifwJ been duty recL)3nised as suth by HMRCI. the Foundation is ents'tled to certain lax exemptions on income and profits frLNn investrnents carried on in furtheranee ol the charitsble company's primary obiecbves, if these proffts we applred solety for charitable purposes. 13
THE GAUDIO FAMILY FOUNDATION {UK) UMITED NOTES TO THE FINANCIAL STATEMENTS Year endad 31 Decgmbor 2021 1. Donation8 Income in the year was unrestricted and in the fwn of donations from a Trustee {see note 10). 2. Costs of raising funds 2021 2020 Investment man4ers fees £118,074 £31,536 3. Expondlturo on charltabk actlvlti•s 2021 2020 Giants made". Gaudio Family Fcndation West London Zone Sl Giles Trusl Safe Lives Limrted The Anna Freud Centre Girls nol Bndes Resurgo TnJ$l Mental Health Inn City Harvest Limited Refvgee Action Smart Works Charity Place2Be Just for Kids Law Drive Foard Fcojndation Helpffft Community Trust Mentsl Health Innovations Soc Des Amis Nab'onal 2,166,892 3,200,003 150,OCrf) 185,000 150,000 160,000 150,000 160.000 150,000 160.000 150,000 80,000 150,000 80,000 150,000 75.000 75.000 75,000 75,000 75,000 75,000 180,0¢)O 160,000 80,000 80,000 80,000 80,OC4) 160.0(X) 160,000 27,249 3,666,892 5,032,252 Support costs.. Professional lee$ Trustee indemnity insuranc4 Other costs 203,819 174,422 1,725 £3.870.711 £5,208,399 4. Net movoment In funds 2021 2020 Net income is stated after th¥ging: Audrtors, rernuneratn (net of VAT) statutory audit tax services £7,000 £1,050 £7,140 £815 14
THE GAUDIO FAMILY FOUNDATION IUKI UMITED NOTES TO THE FINANCIAL STATEMENTS Yoar endod 31 December 2021 5. Invostments 2021 2020 Balance brought forward Additions Sale proceeds Nel gainsl{k)sses) 16.773.360 7,708,397 21,926,987 17,805,673 {15.237,032) (10,153.8371 1.960,53S 1.413,127 25.423,850 16.773,360 Cash held al investrnent managers 763,973 357,027 £26,187.823 £17,130,387 Investrnents al faw valu• indude Equits'es Bonds Commc¢Jlth'es Cash within invesknenl porttol'o 17.324.522 11,552,713 8,099,328 4,785,364 435,283 357.027 763,973 £26.187.823 £17,130.387 r8dltors." amounts falllng du• withln on• year Accruals 2021 2020 £23,873 £14,140 7. Share Capital Authorlsed 1 Ordinary share of £1 e&h £1 Allotied, ¢all•d up and fully pald 1 Ordinary shares of £1 eh £1 8. R¢¢oTrcllSalkJn of Movements In Resorv Result for the year Opening shareholderfs fund$ 9,170,2C¥J 11.839,2C6 34.042,913 22,203,707 Cbsing shareholder's funds £43,213,113 £34,042,913 9. Ultimate Parent Undertaking The parent undertaking at the year•end B The Gaud) Famity Foundation. a US based charilab Foundation. 15
THE GAUDIO FAMILY FOUNDATION (UK) LIMrrED NOTES TO THE FINANCIAL STATEMENTS Year ended 31 D•c&mber 2021 10. Related party transactions During the year a Trustee donated £7,305.158 {2020 - £13.498.4271. No conditions were attached to the donation. One grant of £2, 166,892 I$3.000,2) was made dunng the year to the parent undertaking. The Gaudio Family Foundation, to be applied by The GaudD Family Foundatton in furtherance of the charity's haritsble purposes In 2020 grants were made for £1.200.C()3 1$1.513.4311 and £2.000.OC(I ($2,658,379}. With respect lo all such grants lo The Gaudio Family Foundation, The Gaudio Family Foundation has provided written ¢onffirmatn to Tr Gaudio Family Foundation (UK) Limited ¢onfiming that all such funds have been disbursed as of the dal8 of Ihi8 Report and were properly deployed for purposes that qualify as charitable under the law of England and Wabes. 16