THE GAUDIO FAMILY FOUNDATION (UK) LIMtTED ANNUAL REPORT AND FINANCIAL STATEAIENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Company Numbgr 08966741 Gharity Number 1157301
THE GAUDIO FAMILY FOUNDATION {UK) LIMITED CONTENTS Pagg Company Informatlon TN8tee$' Report Statement of DifeGtors' Re8pon5ibilitles Independent AudÉto¢s Report statement of Financlal ActlvltTes Balanc• Shegt 10 Statement of Cash Flows Accountlw Pollcies 12&13 Notes to the Flnancial Statements 14-16
THE GAUDIO FAMILY FOUNDATION IUKI LIMITED COMPANY INFORMATION Trustees Alfred Cavallaro Belma Gaudio Julius Gaudlo Company Number 08966741 Charlty Number 1157301 Roglstsred Office wr(hers LLP Third Floor 20 Old Bailey London EC4M 7AN Audltors PKF Littw'ohn LLP Stalulory Auditor8 15 Westferry Circu5 Canary Wharf London E14 4HD
THE GAUDIO FAMILY FOUNDATION IUK) LIMITED TRUSTEES, REPORT The Directors, being the Trustee8 under eharity law, present their report and audited financial 8lalemenl$ for tha year lo 31 December 2023. The Trustees have ailopted the provisions of the statement of Recommended Practice 'Accounting and Reporting by Charities" in PTeparing th6 8nnual report and financial slalemenls of the Charity. Reforonc• and Administrative Intom)atlon The Gaudlo Family Foundation IUKI Limited (the 'Foundation,° 'Charity,' or'charitsble Companfl is a company limited by share capital ieglslered as c(mpany number 08966741. The Charity IS 8180 registered with thè Charity Commission under charity number 1157301. The Truslegs ond principal address of the Charity are listed. along with p8rticul8rs of its professK)nal aLSorS, on page 2. structure. Govèrn#n¢$ and Manag•m•nt The Charity does not.employ any staff, all decision5-being-m8de by"Ihe.Trustees.-.A-comprehensfve' briefing pack including 811 relevarnl wrporate docktments (related lo formation and Compliance} and financial stsloments is provKleA to all newly appointed Trustee5. Govemlng Instruments The Charity is governed by its M8moTandum and ArtK195 of Assoaalion, dal$d 28 MarGh 2014. filèd under the name of'The Buttérs Foundab'on IUKI Limited. prior to the Charity'3 name change to'Tha Gaudio Famrfy Foundation (UK) Limilwj" circa January 2018. Objgcls, Alm$, Oblectlvfj$ and Actlvltlos Charitable Objects The Charity operate$ as a grant making foundation. The ¢haril8ble objècis of the ChBrity are exclusively charitable purposes for the public benefit. In the furtherance of 115 gerberal charitable purposes, the Directors, as Trustees of the Charty, hav& compljed with the duly in s.17151 of the Ch3ri118s Aci 2011 and have due regard lo the Charity Commission's publlsh$d general guidance corbceming the interpretation cl the Publ Bgnefft requirement under that Act. Alms and Int8nded Impact Within Ihese objects. the Foundation aims lo provide grants aimed 81.. Relieving povety, especially in urban areas., Advancing and improving education, p8rt1cularty for disadvantaged children in impoverished areas.. and Various other charilabla endeavours at thg di8cration ofth& Trustees. Flnanclal revlaw During the year, th8 Charity made a surplus of income over expenditure, before forelgn exchange gains and1055es and inwslment gains and losses, of £7,664,798 {2022 - £8,870,686) all of whlch is unrestricted. Grants made in the year, lolalling £4,826,67412022 - £5,984,170), ha been in line with the established Grant Making Policy and are sel out in note 3 to the financial 5ts1oThenl$ on page 14. There have been no sigrifficanl issues or problems in the year or after the yeai end. through th8 date of signing of this reporL The Trusteès have regard lo the rnain risks lo the Charty, which includa mÈsapplicatlon of grants by beneflaTies, grantee insolvency or misrnanagemenl, and failure of 8 funded project to provide sufficient public benefit. These are addressed through regularly obtaining reports frorn grant recipients and Èvldence of projects funding bèing implemented SUesSfully- appropriate due diligence is undertaken in respect of proposed grantees to ensure funded projects are exclusiv8ly Charrtable. Further, mulli-year grant commitments are generally not made. thereby limiting the iisk lo the Charity.
THE GAUDIO FAMILY FOUNDATION (UK) LIMITED TRUSTEES. REPORT Financlal wlgw {contlnuedl The Charity invests tha funds not immediately requlred for it$ ¢h8rilable granl-making accordance with ils 8dopled Investment Policy Slalemenl which is reeWed regularly by Ihg Trustees. The Charivs investments are made with the intèntion of providing a reasonably stable, growing. and predable income stream in Ihg form of dividends. intèrest 8nd Tealised gains sufficient to allow distribLJlion of grants in furtherance of the Charity's purposes. settle all administrative costs, and to protect the Charity's inv¢slmenl capital for the K)ng-lern. In the perlod, assets were held in a diversified portfolio, induding a mixtuie of fixed income equlty invesbnenls, with some assets managed on the Charity's behalf by Coutts & Co. The performanc& of tha inve31ml managèr is subject lo regular monitoring and review by tho Trusle8S. The Charity has significant unreslricled funds, mlnimal finan¢ial rFsk, and only rnodest Dverhe8d$. Because" all" antffClP8ted-costs and expenditu$ are ampty provided for. the Trustaas have not formally 8dopted a prescriptive rrVeS policy. Plans for Future Periods Having received significant donations of £8.973.41712022- £10.956,5221 from a Trustee in the year, the Foundatron will consider a range of worthy new projects to fund, consistent with ils mission and Grant Making Pollcy. including, wilhtsul limi(aliDn. making grants to museums for chaTilable Pose$ and lo relÈve poverty and increase access lo food and health Setv$ for vulnerable women and childr8n, advan education for womon and children, and protect vulnerable populallons from abuse and èxploitation. In the coming financial periods, the Trustees intend lo increase the level of grant making, as well as aiding enlib'es particularly hard hil by Covid-19, which are still experiencing the èffècts of the global pandemic. Directoys. Intsr•$ts No Oirector had any b8neficial interest$ in the shares of tho Charptable Company at 31 December 202312022- nonè). Provlslon of Infomiation to Audltors So far a8 each of the Dir¢ctors is aware al the tlme this report is approved: there is no rel&vant audll infomi8tion of which the Charstable Compaw's audftois are unawar•', and the Directors have taken all steps thal they ought to have taken lo make th8mgèlves aware of any r&l8vant audtt inforrT7ation and lo estsblish that the auditors are aware of th81 Snfomiation. Audltors PKF Littlejohn LLP h8s Signified its willingness to continue in offlce as auditors. Status of thi5 Trustees. Rèport In preparing this report, th& DSieGlors have laken.advantag8 of the small companies exemption provided by Section 485 of the Companies Act 20L%. By Order of t oard Truste8 September 2024
THE GAUDIO FAMILY FOUNDATION IUKI LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES The Twst9es ara r8sponslblo for preparing the Trustees. rep1 and the financial statements in a¢wrdancÈ with appli¢xbJe law and regulations. Company and Charity law iequlre5 the Trustees lo prepaie financial statements for each finan¢k41 year. Under that law the Trustees have elected to Prepa the financial statetllents in accordance with Charilie8' Statement of Recommended Pr8clice, Accounting and Reporting by Charities (Uniled Kingdom Financial Rfyporting and A¢¢ounting Standards and applicable lawl. Under Company and Charity law the Trustèeg must not approve the financial statements unlèss they are satisfied that they give a twe and fair view of thè slate of affairs ol tho Charitable Company and of the surplus ol tho Chatitablo Company for that perfod. In preparing these finanrjal statements. the Trustees are required to.. eleGI $uitabl8 accounting polic$ and appty them consistently, obsetvg the methuds and principles of the Charities, SORP,-A-¢coun Charities., ing and-"Kepoiting by make judgments and estimates that are ieason8ble and prudent," slate whether applicable United Kingdom Generally Acceptèd Ac¢oLrnling Practice {United KSngdom A¢counting Standards and applicable lawl has been fdlowed, 8nd disclose and •xplain any departures therefrom in the Finandal Slatsmenls,. and prepare the Financial Slalements on th• going concem basis unless il inappropriate to assum8 that the Charity will be able lo continue in operation. The Trustees are reskY)nsible for keeping adequate accounting records that are SUffi¢nI to $hDW and explain the Charilablfj Company's transactions and disdose with reasonable accuracy al any lime thè financial position of the Charitable Company and gnable them to ensure that the financial slalements o)mply with th8 Compani8s Acl 20L% and Charities Act 2011. They are also responsible for safeguarding the assets of the Charitable Company and hence for taklng reasonable 51ep5 for the prevention and detection of fraud and other irregularitiès.
THE GAUDIO FAMILY FOUNDATION IUKI UMITED INOEPENDENT AUOITOR'S REPORT Independent Audltor's report to the sharaholdgr of The Gaudlo Family Foundatlon (UK) Llmlt8d Opinion We have audited the financial slalements of The Gaudio F8rllily Foundation (UK} Lirniled (the 'Charilable Company) for the ytrar ended 31 December 2023 which compriso the Stalernenl of Financial Aclwities, the Balance Sheet, the Stat8m8nl of Cash Flows and notes to the financial 8talemenls. inclLtding a summary of signifi'cant a¢¢ounting policies. The financlal reporting frafflework that has been applied in their preparation is applicabl8 law and United Kingdom kcounling Standards, including Financial Reporti'ng Standard 102 Thé Financial R9POrting Standard sP1cable th8 UK and R8public of Ireland {Uniled Kingdom Generalty Accepted Accounting Praclicel. In our opinlon. the finan¢k4151atemenls', give a tnje and fair vlew of the stal$ of the Charilable Company's afl8irs as al 31 Dernber 2023 and of its Incorning $¢UrceS and aFylication of resources. in¢luding Jts incom8 an¢J expenditure, for the year then ended", have been properly pr8parèd in accordance with United lfjngdom Genèrally Accepted A¢¢ounling Practice.. and have been prepared in accordance with the requirements of the Companies Act 2006. Ba$i for opinion We conducted our audit in accordan with Inlemab'onal Standards on Auditing IUKI IISA$ {UK)l and 8pplirable law. Our responsibilities under those standards are further described in the Auditorfs rèsponsibilittes for the audit of the financial slalemenls section of our repo)rt. We are independent of the Charitable Company In accordance with the ethi¢al requirements that are relevant lo our audit of th financ¢al slalemen15 in the UK, including the FRC'S Ethlcal Standard, and w& have fulfilled our other ethic81 rèspon3ibiliti&s in accordance with these requirements. We believe that thg audit evidonco we have obtained is suffi¢ionl alld approprlale to prowde a basis for ouropinion. Conclusions rfrlatlng to going con¢em In auditing the financial statements, we hav8 concluded that the Trustee5' use of the going concem ba8iS of accounting in the preparation of the financial statamenls is approprtale. Based on the work we have perfomed. we hav8 not identified any material uncertainties relating lo events or conditions that, individually or colle¢tNety. may cast significant doubl ¢M the Charitabl& Company's ability lo Continue as a going concern for a period of at least e1ve months from when the financial statements are aulhorised for Issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concem are descrlbed in th¢ relevant sections of this 1gPOrt. Oth8r infomatlon The other inlomlon comprises th8 informallon Included In the Truslegs. annual report. other than the financial ststements and our auditor's report Ihèreon. The Twslee5 are responsible for the other infomalion contained within the TnJsteeB' annual report. Our opinion on thg financial st8lemenls does not cover the other information and we do not express any fomi of as$ufance conclusion Ihereon. Our responsibility is lo read th8 other infomlation and. in dolng so, nSIder whethèr the other information is maleri8lly inconsislont with the financial stat$rnenls or our knowledge obtained in thg course of the audit. or oth&iSe appears lo be materially misstated. If we identty such material inconsistencies or apparent material misstslements, we are requirèd lo determine whether thls glves risg to a material misslalement In the financial statements Ihernselves. If, based on the woth we have perfomied. we concludÉ that therg is a material misstatement of this other infonnalion, we are rgqulred lo report that fact. We ha nothing to report In this regard.
THE GAUDIO FAMILY FOUNDATION (UK) LIMITED INDEPENDENT AUDITOR'S REPORT Oplnlons other matters prns¢rlbed by the Companles Act 2006 In our opinion, based on the worf( undertaken In Ihe coursè of the aud((.' the information given in the Trustees. report, which includes the Dlredors. report prepared for the purposes of company law. lor the financid year for whl¢h the financial statements ars prepared is consistent with th& financial slatem8nls', and the Directors, report included within the Truste, report has bn prepared in accordance with applicable legal requirements. Matters on whlch we are requirèd to rwort by exceptlon In the light of the knowledge and understanding of the Charitable Company and ils environment obtained in the course of the audil,-we have-not"idenlifi-maIlal-m1sStateM8nts in Ihe-Dir8Ctors'_report included within th8 Trustees, annual report. Wg have nothing to r¢port in respect of the following malters in relation to which the Companies Act 2006 and the Charities Act 2011 requires us to report to you rf. in our opinion- ad8quale and sufficient accounting records have not been kept by the Charitable Company, or returns adequate for our audit have not been r1Ved from branches not visited by us,. or the Charitable Company's fin8ncial slalements are not in agreement with the accounting records and rèturns,. or certain di5dosures of Trustees. rernunerallon specified by law are not made., or we have not reiVed all the infomiation and explanations we require for our audrt. Responslbilitles of Trustg9S As explained more fully in the Trustees. Stslgrnènl of Responsibilities. the Trustees (who are also the Directors (rf the Charitable Company for the purposes of company law) are responsible for the preparation of the Charitable Company's financial statements and for being satisfied that they give a true and fairview, and for such internal control as the Trustees del¢m)ine is necessary lo enable the preparation of financlal stalernanls that are free from material misstatement, whather due to fraud or error. In preparing the Charitablè Compan5 firanc¢al statements, the Trustees are responsible for assessing the Charitable Company's ability lo continue as a going concern, disclosing, as applicable, matters related lo going COnM and using the going concern basis of accounting unless the TNslees either Intènd lo liquidate the Charitable Company ot to cease operations, or have no realistic alternative to do so. Audltov's responsiblliti8s for the audit Of the flnanclal ststemènts We have been appoirbted auditor under the Companie$ A¢t 20C6 and section 151 ofthe Charities Act 2011 and report in &cordance with those Acts and rolevanl regulatlons made or having effect th$reunder. Our objeclThies are lo obtain reasonable assurance about whether the finala1 slalemenls as a whole are free from malorial misstalemenl. whelher due lo fraud or èrror. and to 18gue an auditorfs report that Includes our opinion. Reasonable assurance is a high level of assurance bul is not 8 gLJaranlee that an audit conducted in accordan¢e with ISAS IUKI wll aways detect a rnalerial misstatement when it exists. Misstalernenls (n arise from fraud or error and are consldered material if. individually or in the aggreg81e. could reasonably be axpecled to influ•nce the economlG declsions of user5 taken on the basis of these financial slalemenls. Irregularflies, Including fraud. are instan$ of non4M)plian¢e wilh laws and règulations. We design procedures in line with our responsibilitie8, oulllned above, lo detect material misstatements In respect of Irregularities. including fraud. The extent lo which our procedures ala capable of delecling irregularities. including fraLJd is detailed below..
THE GAUDIO FAMILY FOUNDATION IUKI LIMITED INDEPENDEr AUDITOR'S REPORT We obtained an understandlng of the Charrtable Company and th8 38Ctor in which they operate lo identify laws and regulations that could reasonably be expected lo hava a direct effect on the financial statements. We obtsined our undèrstanding in IhE8 regard through discussion5 With managwnent, industry research. appllcatlon of cumulative audit knowledge and experiencA of the sector. We deleminèd the prlncipal laws and regulations relevant lo Iha Charitable Company in IhSs regard to be those arising from Cornpanies Act 2006. CharitY&s Act 2011, Charlties IA¢counls and Reports) Regulations 2008 and lax leglslalion. Wa designed our audit procedures lo ensure that the audit team considered whether there were any indications of non-complianTr by the Ch8rit8ble Company with those laws and regulations. These procedur8s Included, but were not limited to, enquiries o>f Trustees and review of governing docurnentatiorn. Wg also identified the risk8 of material misstatement of the financial statements duo lo fraud. We nsidered. in addition lo the non-rabuttable presumption of a risk of fraud arising from rnanag8menl override of controls, that the ¢omplelengss of liabilities was also an area of risk. As in all of our audits, wa addressed the risk of fraud 8ri5ing from management override of eonlrols by perfomiing audlt procedures which IrlUded, bul were not limited to.. reviewing actounling estimat lor eden of bias,, and evaluating the business rationale of any significant transactions that are unusual or outsid& the nom81 course of business. Because of the inherent limitalions of an audit, there is a risk that we will not detect all irregularitres, In¢luding those leading to a m8leri81 misstatement in the financial statements or non-compliance with ¥egulalion. Thi5 risk increases the more that complian¢8 with a law or regulation is removed from tha events and Iransacticin8 reflect8d in the financial statements. as we will be less likdy lo become aware of instances of non-compliance. The risk is also greater rogarding irregularities occurring due lo fraud rather Ihall error. as fraud involves intentional concealment. forgery, eollusion, omission or misrepresentslion. A furthèr description of oui responsibilitie5 foi thè audit of the financial statements Is located on the Financial Reporting Ctsun¢li'$ w&bsile at,. www.frc.or .uklauditorsrés onsibil'tie This description foms part ofour aud(iorfs report. Use of our report Thss report is made solely to the Charitable Company's members. as a body, in accordance with Chapter 3 of Part 16 of thè Compani8s Act 2006 and to the Ch8rS18ble Company's Trustees. as a body, in accordance with Part 4 of the Charilles (Accounts and Reports) Regulations 2008. Our audit work has been undertak8ri so that we might slate lo the Charitable Company'$ members and Trustees those matters we are required to yt8t8 lo them in an audrtorfs report and for no other purposg. To the fullest extent pemiittwj by law, we do not accept or assume SPOnSIbl11ty lo anyone, other than the Charitable Company and the Charitable Company's mernbers as a body and the Charitable Company's Trustees as a body, for our audit Work. lorthis rgport, or for the opinions we have formed. Alastair Duke {Senior Statutory Auditor) For and on behalf of PKF Llttl•lohn LLP Statutory ALKlilor 15 Westforry Circus Canary Wharf London E14 4HD
THE GAUDIO FAMILY FOUNDATION IUKI LIMITED STATEMENT OF FINANCIAL ACTNITIES Ilncorporating an In¢ome and expenditure account) Year •ndgd 31 0o¢ember 2023 Note 2023 2022 Incom• and •ndowments from: Donations Gift aid Investment income 8.973,417 10,956,522 2.724,960 3,890,239 1.179,318 421,932 Total Income 12.877,695 15,268,693 Expgndlture on- Cost of raising funds Charitable activities 137,277 S,075,620 149.276 6,248.731 Total Expondlture 5.212.897 6,398,007 Ngt Income for the y•ar 7,664,798 8.870,686 Other gain11¢$$eSI Foreign exchange gains Investments 11.543,5911 2.730,292 2,167,832 12.399,6951 Net movement In funds 8,289.039 9,201,283 8aiance brought fryward al start of year 52,414,396 43.213,113 Balancè carrlèd foTrvard at end of year £60,703,435 £52.414,396 All irmme a1 expendilure is unrestricted and derives from continuing activities. The statement of fin8n¢HI activities indudes all gains and k)sses recognised during the year. Thg Acwunting Policie5 and Notes M pages 1210 16 form part of these Financlal Statgmant8.
THE GAUDIO FAMILY FOUNDATION (UK} LIMITED Company number: 08966741 BALANCE SHEET As at 31 December 2023 2023 2022 Flxod Aets Investments 26.895.083 24.445,848 Currant Assats D8btors Unpaid Sha capital Interest receivable Short term deposits Cash al bank and in Iiand 386.362 14.904,299 18,526,391 27,984,288 33.817.053 27,984,289 Credltors.. amounts falling duè within ong year 18.71)0) 115,740) Net Current Assets 33,808,353 27.968.549 Net A8$•ts £60,703,436 £52.414.397 Re80rvo8 Called up share capital General fund 60.703.435 52.414.396 £60.703.436 £52.414.397 These Financial Stat]nIs were appn)ved by the Board of Trustees Qnloseptener 2024 and signed On its behalf by. Mr Trus Cav Ilaro The Accounting PolirAes and Notes on page$ 12 to 18 forrn part of Ihese Financial Sl8temenls. 10
THE GAUDIO FAMILY FOUNDATION IUKI UMITED STATEMENT OF CASH FLOWS Year 8nd•d 310ecomber 2023 2023 2022 Net cash flow from op•ratlng a¢thiltle$ {soè belowl 6.092,078 8.440,621 Cash from investing activities Payments lo acquire investments Decreaselllncreasel in ¢ash held al investment manage Proceeds from sale of investments Dividends and interest from investments 114,436,739) {10,240,588) 658.194 13.497.142 1297,529) 9,880,397 1,179,318 421,932 Nèt ca$h flow by Inve5tlng actlvltles 897,915 1235.788} Effect of exchange rale flUatKjn$ on cash hgld 11.543.591) 2,730,292 Chang• Sn cash and ¢a$h equlvalents in the year 5,446,402 10,935,125 Cash and cash equivalents broughtforward 27,984.288 17.049,163 Cash and cash equlval•nts ¢arrl8d fopNard £33,430,690 £27,984.288 N•t In¢om* for tho year Dividends and interest fiom investments In¢reasellOecreasel in creditors Ilncr8as8yDè¢reas6 in debtors 7,664,798 8.870.686 11.179,3181 (421.932} 17,0401 {8,133) I388,32) Net ¢a$h flow fr¢m operating activities £6,092,078 £8,440,621 The Accounting Policies and Notes on pagos 12 to 16 fOn part of these Fina101 Staloments.
THE GAUDIO FAMILY FOUNDATION (UK) UMITED ACCOUNTING POLICIES General Infomlatlon and basls af preparatlon The Gaudio Famlly Foundation IUKI Limited is 8 charitable company limited by shares, incorporated on 31 March 2014 and règisleFed as a charrty on 3 June 2014 in the United Kingdom (incorporated and registored under the name of °The Butters Foundation IUKI Limitèd. prior to the Charity's name change to 'The Gaudio Famify Foundation IUK} Limited. ciica January 20181. The addr&ss of the registered office is given in the charty infomialion on page 2 of these financial statements. The naturo of the Charity's operations and its prillpar activity Is the making of grants. The financlal statements havè been pr6p8red in accordan¢e with Accounting and Reporting by Charities.. Stslemenl of Ract>mmended Practice applicab lo charities preparing their accounts in accordancè with the Finana81 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, the Finan¢ial Reportlng Standard applicable in the United Kingdr)m and Republi¢ of Ireland IFRS 1021, the Charities Acl 2011. Ihfj Companies Act 2006-and-UK Generally Accepled-Accounting' Practice-as il applies from" I January 2019. The ffnancial stslements are prepared on a going con¢em basis under the historical c051 convention, modified lo includè certain items al fair value. The financtal statements are prepared In slerting which is the functional Cltrrency of the Gharily. The significant accounting policies applied in the preparation of these financial slalemenls are sel out beiow. These policies have been consistently applied lo all years presented unless Otherwise slated. Income recognltton All Incoming r8sources are included In the Statement of Financial Activities ISoFA} when Ihe Charity 1$ legally entitled lo the income, after any perfomiance ¢olldilions have boen mel, wh&n the amount be measured reliabty and when il is probable that the income will be re¢elved. Income from donations is re¢ognised on Ceipt, unless there are conditlons attached lo the donation that rèqijirè 8 level of porformance bfrforg enlillement can be obtained. In thts case Income is deferred until those conditions are fully met or the f4Jifitsn8nt of those conditions is within the control of the Charity and11 is probable that they will be fulfilled. Investment income Is recognised as the Chaiitls rightto recefve payment is established. Expénditure r8cognition All expenditure is ac¢ounled for on an accruals basis. Expenditure is recoyni5ed where Ihgre is & legal or construcltve obligation to make payrnents lo thlrd parties. il is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised as expenditur¢ on charitable activ(tie8. Grant8 payable to third parties are Included in exp8ndilure on Charitable acllvKies. Vthera unconditional grants are madè, these aOnts are recognised when a conslruclive obligation is ¢realed. typlcally when the recipi8nl is notified that a grant will be made to them. Where grants are conditional on performance, then th8 gtanl is onty recognised once any unfulfilled condition$ are outside of th8 control of the Charity. Support costs have been irbcluded within charitable actiwti6s and consist of the costs of running the Charity. For•lgn ¢urr8ncy Forei9n currency transactions are inili8lly recognised by applying to the forèign currency amount the spot ex¢hange rate between the functional currency and the foreign currency al the date of the transaction. Monetsry assets and llabll1eS denominated in a foreign currency 81 the balan¢e sheet date are translated using the closing rat&. Gains and losses on forgign exchang8 are shown in the Statement of Financlal Aclimlies. 12
THE GAUDIO FAMILY FOUNDATION IUKI LIMITED ACCOUNTING POLICIES InVtments Publicly traded investments, or those where fair value Can olhewise b8 mèasured reliably, are measured at fair value 818acl balanc& sheBt (iats. with changes in fair valu* rècognised in 'nel gains I Iloss•sl on inveslmtrnls. in the SOFA. Tax As a regsslered ch8rty land havSng been duly recognised as such by HMRC), the Charitable Company is enlilled lo rtain tax exemptions on income and profits from investments carried on in furtherance of the Charitable Company's prirnary ofy'e¢lives. if the68 profits are applied solely tor charitable purposes. 13
THE GAUDIO FAMILY FOUNDATION {UK} LIMITED NOTES TO THE FINANCIAL STATEMENTS Year endgd 31 December 2023 l. Donatlon8 Income in the yearwas unrestricted and in the foTh of du)ations from a Trustee (see note 101. 2023 2. Costs of ra151ng funds 2022 Invesimont man898rs fees £137,277 £149,276 3. Expenditure on charftable oetlvtties 2023 2022 Grants mad¢'. Gaudio Family Foundatson Wesl London Zone Sl Giles Trust Refugoe Adion CAMFED USA Foundallon City Harvest Limited Smart Works charity Resurgo Trust New Horizon Youth Centre Root Capital In¢ Namali Inc Little Vi118ge GFF UK Trust Room lo Read Onside Youth Zon8 Diiva Forward Foundafjon Siobhan's Trust So¢ Des Amis National Safè Lives Limited The Anna Freud ctre Girls not Brides Mental Health Innovations Football Beyond Borders Pla¢e2Ba 2,197,571 3.983.377 250,000 175,000 250,000 175.000 225,]0 125,000 207,928 200.000 200.000 175,OlX) 175.000 166,352 137,537 125,000 120,905 119,386 100,000 100,000 50,000 26.995 150.000 125,000 150,000 100,000 100.000 100,000 25,793 150,000 150,000 150,000 150,000 100,000 75,000 4.826,674 5,984,170 Support $1$". Professlonal fees 248,948 264.561 £5,075.620 £6,248,731 4. Net movemont In funds 2023 2022 Net income is stsled after chaTging'. Auditors. remunèration (nat ofVAT) statutory 3udil tax services £7,300 £1,300 £7,165 £1.050 14
THE GAUDIO FAMILY FOUNDATION IUKI LIMITED NOTES TO THE FINANCIAL STATEMENTS Year èndad 31 December 2023 5. Invostmonts 2023 2022 Balan¢¢ brought fotwatd Additions Sale proceeds Net gainsllkjsses) 23,384,346 25,423,850 14,436,739 10,240.588 {13.497.1421 {9.880,3971 2.167,832 (2,399,695} 26,491,T15 23,384.346 Cash held at investment managers 403,308 1,061,502 £26.895.083 £24.445,848 Itweslments at fairvalue include Equltle8 Bonds Cash wlhin investment porltolio 18,213.326 15,346,139 8,278.449 8.038.207 403,308 1,C61,502 £26,895.083 £24.445.848 6. Credltors: amounts falllng due wlthln one year 2023 2022 A¢¢rual8 £8,700 £15,740 7. Share Capltal Author150d l Ordinary share of £1 oach £1 £1 Allottod, called up and fully paid 1 Ordinary shares of £1 each £1 £1 8. R•¢oncMlatlon of Mov8m•nts In Reserves 2023 2022 Result for the year Opening shareholderfs furKI8 8,289.039 9.201,283 52.414.396 43,213,113 Closing shareholdels lund8 £60.703,435 £52,414,396 9. Ultlmats Paront Undertaklng The parent undgrt8king at the yearond is The Gaudio Family Foundation, a US based charitable Foundation. 15
THE GAUDIO FAMILY FOUNDATION (UK) UMITED NOTES TO THE FINANCIAL STA TEMENTS Year ended 31 Decgmber 2023 10. Relatod party transactions During the year a Trustee donated £8,973.4f7 {2022 £10.956,5221. No condillons were attached lo the donation. Two grants tolalllng £2,197,571 lindivldual grants of $1,700.0008nd $1,101.350 wwe mad& during th8 year to the parent undartaking, The Gaudio Family Foundation, lo be applied by Tr& Gaudio Family Foundation In furtheranee of the charity's charitable putposes. In 2022 three gran18 were rnada for £3,983,377 (individual grants of $857.498, $673,000 and $3,300,000). With respect to all su¢h giants to The Gaudio F8mily Foundation. The Gaudio Family Foundation has provided written confirmation lo The G8udio Family Foundation IUKI Llmiled confirmin9 that all such funds have be&n disbursed as of thé dale of this Report and were proper deployed directly for purpo$os that qualify as charitablg under the law Df England and Wales. One grant of £120.905 was made in the year lo The GFF UK Trust. a newly established eharfty in the year wherg Julius Gaudio is a Iruslee. 16