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 B￿leY 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 Deeemtr*r 2021. The Trustees have adopted the provisions of the Statement of Recommended Pract￿& 'Accounting and Repo￿ng by Charities" in preparing the annual report and financial stat￿ents 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 08￿6741. 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 manag￿￿TrI The Charty does not empk*y 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 ne￿Y appointed Tru51ees. Governlng In•trumonts The Chanty is 9ovwned by its men￿￿durn and A￿'CloS of Associab"on, dated 28 March 2014. ObJfr¢ts. Aims. Obl&¢tlv•8 and AGtlvftl Charltablo Obl￿ts 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 educat￿n, 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 signffj￿ant 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 IM￿ernented 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 su￿lent to allow distribution of granls in furtherance of the chari￿s 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 m￿lure of fixed Ir￿Qme 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$ $vJnifunt unrestricted funds, minimal financial risk, and only modest overheads. Because all anli¢ipated costs ar￿ expenditures are ampty prOv￿ed for, Ihe Trustees have not lormally adopted a prescriplive reseryes policy. Plans lor Futurn Porlod8 Having ￿ceiVed signifunl donab'ons of £7,305.15812020 - £13,498,427) from a Tnjstee in the year. the Foundation will consitjer a range of worthy new projects to fund, consistent wilh rts mission and Grant Making Polry, Including, ￿thOut limitalK￿. making grants to museums br charitable purposes and lo relieve poverty and increase access to f(x>J and health se[V￿@S for vulnerable women and children. advance educab.on for wrxnen and children, and piotect vulnerable populations fr¢>n abuse and explollalion. In the coming financial periods, the Trustees intend lo incfease the level of grant making, as well 8$ ai(ling entities partKularly I￿rd 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 signif￿d 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 SeCt￿n 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 Tru*ees' reF(Jrt and the financial staten￿nts in accordanee wrth appticable law and regulal*)ns. Company and Charity law requires the Trustees lo prepare finar￿lar statements for each financial year. Under that law the Trustees have elected to prepare the financjal statements in accordance with Charilies, Statement of ReCcYnMeTh￿ed 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 I￿jgMents 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 p￿pare the Flnancial Statements on the going ¢1￿Cern 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 suffic￿nI to Show and explain the Charrtable Company's Iransxtions and disclose with reasonable accuracy at any lime the financlal poSit￿n of the charrtab￿ Company and enable them lo ensure that the financial stslements comply with the Companies A¢1 2￿6 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, inclL*ding a sumrnary of signif￿ant 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 Rep￿n9 St8nd&rd appI￿ab￿ in the UK and Republic of Iroland (United Kingdom Generally Accepted Acca)unb"ng Practs"ce}. In our opinion, Ihe finanGHI stat￿WIts". 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 *Cordar￿e wth the requirements ol the Companies Act 2006. Ba•18 for oplnlon We condl￿1ed our audit in accwdarte with International Stand8fd$ on Auditing (UK) IISAS IUK}l and applicable law. Our ￿spOnSibl111*S under those standards are further ¢Jescribed In the Auditor's resFonsibililies for the audit of the financ*l stslements section of our rer*Xt. We are independent of the Charilabie Company in accordance with the ethical require￿￿nts that are relevant to our audit of the financ￿1 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 opin￿n. 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 $wJnfftant doubt on the Charitsble Ccmpany's ability to conlinve as a 90ing cOr￿ern for a perth of at leasl tsvelve m￿th$ from when the financial slatemtnts are authorised for issue. Our responsibilities and the responsib￿thS of the Tnjstees wrth respect to going concem ar6 descr￿ed 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 ￿$p￿sIble for the other information contsined within the Trustees, allnual reporL Our opinion on the finarKial slalements does not cover the other infomlalion and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other Information and, in dThng so, consider whether the otlw information is materially inconsislenl with the finanoal stalemenfs or our knowledge obtained in the course of the audit. or otherwise appears to be materially misstated. If we Klentsfy such malerk41 inconsisiencies or apparent material mi5stslements, we are fequired io detemine whether this gives rise to a materral missialement in the financial statements themselves. If. based on the work we have performed, we Cor￿l￿de that there is a material m15stat￿ent of this other infoM)al￿, we are requ￿ed to report that fxt. We have nothing lo report in this re9ard. THE GAUDIO FAMILY FOUNDATION {UKI UMITED INDEPENDENT AUDITOR'S REPORT Opinlons on oth•r matters prgscrlbod by the Companies Act 2006 In our opinion, based on Ihe work undertaken in the c￿TSe of the audit.. the inforynatM)n gNen in the Trustees, report, wh￿h includes the Directors. report prepared for the purwses of rmipany law. for Ihe financial year for Wh￿ti the financial statements are prepared is consistent with the financ￿1 stalernents,. and the Direclofs. report included wrthin the Tr￿tees, rewrt has been prepared in accordance with applicable legal requirements. Mattern on whlch wa aro roqulr•d to r•port by excoptlon In Ihe light of the knowledge and understsnding of the Chantable Company and its ènvironment obtained in the course of the audit, we have not klenffied material migststtsnents in the Directors, report included within the Trustees. annual report. We have nothing to report in respect of the following matters in relatffi to which the Companie$ Act 20C6 and the Charities Act 2011 requires us to rep(yt lo you rf. in our 0￿.n￿)n." adequate and suff￿￿nt accounting r￿OrdS have not been kept by th8 charitab￿ c￿￿panY, or reluins adequate fof our audit have not been re￿iVed from branches not visited by us., or the charitab￿ Companls financk81 slatements are not in agreement wrth the a¢￿Un￿n9 records and fetums., or certaln disclosures ofTrusleos' remuneraiw speCif￿d 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 fina￿181 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 operat￿nS. 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 rnater￿1 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 p￿￿edureS 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 AUD￿OR,8 REPORT We obtained an underslanding of the charitab￿ Cornpany and the se¢tc* in which they operate lo hlenlify laws and regulat￿nS 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 knO￿edge and eXper￿nCe of the We determined the principal laws and regulabons relevant to the cha￿tab￿ Company in thi$ regard lo be those arising from Companies Act 20C6, Charibes kt 2011. Charities (Accounts and Re￿￿8) Regulations 2008 and tsx legisl?￿n. We desvJned our audit p￿xedu￿ to ensure the audit team o)nsidered whether there were any indications of non-compl1a￿e by the Charitable Company with those laws and regulations. These prwedures included, bul were nol limited lo. enquirie¥ of Trustees and review of governing documentsI￿n. 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 financ￿1 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 fina￿la1 ststemenls, as we will be less likely lo beccme aware of instan¢e$ of non