2024-03-31-accounts

Chaiity numbBr- 1162290 THE PAOLOZZI FOUNDATION (CIO) UNAUDrrED TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IIIARCH 2024

THE PAOLOZZJ FOUMDATION ICIO) COMTENTS Reference and admInI￿r￿1ve d•tals of th? Chaifty. #s IntsteÈs and advisers Tw5t#ès' report Independent oxamin•rfs report Siat•m•nl of financial a¢llvlties Balancg sheet Note8 to the ffinancial statrments 10-17

THE PAOL02ZI FOUNDATION {CIO REFERENCE AND AOMINISTRATIVE DETAILS OF THE CHARrrY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENOEO 31 MARCH 2024 Trugtè David ,goss, Chaiwman Adrian SacrÈ Toby Treves Aftn Gallagher Dantel Hetimann Ch￿lty regislergd nunknr 1162290 Principal ¢fffce Catder and Co. 30 Orange Slreèt. Londrm. WC2H 7HF At¢ountants Cawef & Go, 30 Orange Stwl LLMdon. WC2H 7HF Investmènt Manage Evelyn Pwtners, 45 Gresham Street. LorKlon. EC2V 7BG Psge 1

THE PAOLOZZI FOUNDATION (CIOI TRUSTEES. REPORT FOR THE YEAR ENDED 31 blARCH 2024 The Trustees present ￿1[ annual ￿l￿)rt together the f￿ancra[ staements for the 1 April 2023 to 31 March 2024. QbjgGlivèS and A¢ifvhlÈs a, POLICIES AND 08JECTNES The principal ¢bjedrvÈ of Ihe Foundation is to thancÈ the 2d￿atIOn of publir. by the promolion of their appreciation of floe arts in patbcLilar. the works of Sir Eduardo Paolozi. The Truslees, polity is lo uli115e the assets held by ttr,e Chariy lo actr.i&ve this ot.jetrwe. b. ACTIVITIES FOR ACHIEVING OBJECTIVES Fol.owro Ihe deth of Sir Eduaido Paakjzzi in W 2C¥)5 and the sigNfiwl Wies ￿￿￿ed. the Tru$lee8 cortinualty revw the rrmyat appropfK4te metfrKts gwabng thè r￿d5 ll￿55￿ry lo achievo thelr obj•Gtiv8s. c. MAIN ACTIVITIES UNDERTAAEN TQ FURTHER THE cHA￿rr5 PURPOSES FOR PUBUC 8ENEFIT In settl￿ objectives and plannw for Ihè Trust￿ ha¥e ghen due con$iderati)n to 98ngral guidance pubbshed by the Gharty CommissK)n relatins lo pubk ￿e￿fit * are confident Ihat there is an Identifi3blÈ put)lic benefit Achievements and perforniance . KEY FINANGLAL PERFORm￿l¢E INWATORS The FOundat￿n generates incorne frcffl sales of athrk. rD￿￿S 8nd IKencès. In pernd lo 31st March 2024, income ot £50.022 was ¢a￿d as well 86 instm•ni I￿orn8 of £17,144. De$wJnated Ir￿GI)le donat￿n$ of £274,284 ￿tre a150 re￿ve{l (Jwin9 the ypar. REVIEW OF ACTIVITIES H05Pitaffieid, Arbfoalh. Tru51aes hav• funded the knan d Ihe sculpture"Rio" frcM Hunlewian Galw. Glasgow. A support programme cl talks 81 Hospitaifietd wa5 ￿ by 03nEI ￿T[r￿ann an¢J the FoundatK)n ha5 pur¢hased a worf( by Emma Hart and donated i¢ lo the Scottish Nakn'onal Ga[kr￿S of M¢>lern Art {S￿￿). Publications. The FoUThdat￿n has supwrted Ihe publtsl(wi of-The H￿tcry of No1hin￿, over 45 years after the book was Gon¢%ved and written by Jasrd Re4chafdi. fne book M'nch was hekj al the National Portrait Galkry on 8 Klarch 2024. the exact dat? 0,. Ihe centenary p￿tiz￿.5 birth. Tru5tee5 havè maintainèd thèir efforts in $vpptsrt of preparK)n anEI of books cf reSp￿t￿elY Paok)zzi's metal sculpfures and of prints. W8ldftsden skLIF4U￿ park, WuppertaUGermany. An exhrtJrtv)n of Pac4ozzi's vwjrk is scheduled to open Augusl 2024 al Tony Cra99'8 gallw WuppertaL The exhlbilion, curaled by Dr Jon Wl￿d, ond the catalogue will ￿ $upportet1 by the Four¥J8tson. Head of Oscar Wibde. Thi5 ￿Y￿u[e is brg ca81 in bronze al Pangolin Editions in Slroud. Glos wlh Support fr¢)m the Royal BgIQU9n of KensnY1￿ and Chd5ea Paolgui lived and worked in the Royal Bvrough for over 40 years and VVI.iJe also INed in c￿etsea lal TrR st.eetl éurirtrg hi8 Tharfiage. PeMi￿S1On has been granted by the rdevant church èuthorty (Ihe Afth(l¢￿ ¢1 uh1d￿eXI for thi5 wo to be Kislalled on DO¥￿hOuse Green Page 2

ThÉ PAOLOZZI FOUNDATION (CIO} TRUSTEES. REPORT Icontwhueill FOR THE YEAR ENDED 31 MARCH 2024 In Chelsea. Lerth Alhl81ic FC. The I￿tball club has ad¢pted a rthv tearn stn"p. tras ￿t￿ based on designs by Paolozzi (who grew up in Leithl. Padou'$ studio. The studio and rts conte0( whth was re-created Modern 2 gallÈry bvlding at SNG￿, has now been dNJitaty scanned on behalf of Unvmty. Cooling Tthwerl 14'sGalttr. Both t￿e works by tho arfi5t require rm5eNaknn w)rk. The fomer is now 8 listetl monuwenl. The latter has been rwn¢Ned to $trye its previoL'S Ic¢alion Bl Eu$lon Station. The Foundatior. is ¢￿1]nUing t¢ liaise wth ihe re6pe¢lwe (FwneT ol the wol<s to ￿SUre that they are properly ccmseryed and, in the case of Pi%or. r&sited approprialdy. ¢. INVESTMENT POLICY ANO PERFORhWKE The fund value at the year end £1.015.571. trustees are a h)ng tem view on the investments and n? immediat8 chang8s are planned. lJKI)ne of £17.144 was 9energlg¢ in Ihe period ccmpaTed ts £17,017 in the Pr￿louS year. d. FACTORS RELEvAp￿ TO ACHIEVE OBJECTIVES The principal MeCh￿tsM$ which ènablé ￿ F(MJrNJaliw lo achYav8 ts £￿Ie¢ll¥e5 aFP the public eXhi￿rt￿)n of work5 of art in particular those by Sir EdLardo Paok)zJ. and xtivities tn pr￿t and other m&ia. Since the Foundation dD85 not itself act￿ tradè, Il requres Ihe cocyeralion end sUp￿rt of art historians aid othet8_ 11 is then able to respond to iNt￿Ne$ wilh funding 3Th￿or ther $upprt res&r¥8s hpltts. Flnancial rgvi8w •. GOINGCONCERN After making apprvprk8t8 £rNuiries, the TrLIst￿5 a rfrascThble eXpectatW￿ that the Fcthlatr"cffl has 8dequatè rèsouTrees to continu$ in operational e￿tence the foreseeable future. For this reason they ccffitiwe 19 adopt the gwg coi¢em basi5 in preparing me fin￿la1 5tat8menls. Furthw 4elails regwding the 8doption of the going concwn basis can be found ￿ the Awounling P￿ries. b. RESERVES POLICY The Foundaiion needs to mairttTh reseNes in orde¥ to fLnd ts conservation ￿ storage ol arthrk. Howgver, thère is no intention lo hold significwl reseNe5 f¢N Ihe l(YVJ-*mi and grants andlor d￿atrOng ￿11 be made as appiopri8le Page 3

THE PAOLOZZI FOUNDATION ICIOI TRUSTEES. REPORT (coThtinuedl FOR THE YEAR ENDED 31 MARCH 2024 Stnjclurn. gOv•Man￿ and management . CONSTITimoN Tho Foundation 15 Gonstituled a$ a d￿rtiati1è iKorpcated orwi5ation. b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES Th& Th￿agement cl the FOUndatK￿ IS tr.e respon5t4ty of Ihe TN5tees whD are ele¢ted aThY COthOPted under th• ierms of Ihe Trust deed. . ORGANISATIQNAL STRUCTURE AND DECISK)N The Found8ti04 is managed by the Truslees the as$tstarte of a quaffj1￿ Tfeasurer. Al deasion5 ere mJe by the Truslees al iegular meetings hekl r¥)t less than three limes a Jpar. The Foundation has no employees. d. RELATED PIRTY RELATIONSHIPS During the period, no Twstees r￿￿ed remurwaion w benefits in kind. Rout'ne expenses were reimbvrsed. e. RISK MANAGEMENT The Trvslèes havè assessed the major risks to vth¢h the Founrjalion is exposed. ITr partular IhcJ5e related to ihe ope,"ation8 and financ88 of Ihe Foundation. ￿ are sab5fd th $￿emB a)d procgjures are in place lo mli9e Quf expttsurÈ to the major rkks. FUNDS HELD AS CUSTODIAPI There are no hjnds hel¢J as custcKlian dher parties. TRUSTEES. RESPON3IBILmES STATEMENT The Tiuslees ale respons￿1 le for prepwing the Trusle¢s' r¢pott ￿ the financial staieTrents in 3ccordance with plrcable law and Lthited I￿￿￿0M AcC￿ntIng sI￿dards (Uryted Kingd￿￿ Generalty Accepted Accounts"ng Practice). Th2 law awIcab￿ ID charibes in England & Wales wures the Trustees to prepare fin￿131 statements lor exh finanrjal year and rnust not appyove the statements wle$5 they are satisfied that they gwe a true and fair view of +he stale of affairs ol the charity ar¥J ￿ Ij￿ InGcvn rwJ iestsurees and appl..ealion of iesources or the charityi for Ihai pericd. In prewing ihe5e [ma￿.81 sLAlanents. the Tru6tees are requtrEd to: select suitable &tounling poliC￿S and then them Cor￿￿￿en11￿. observe he methods and prsrt¥les in Ihe Charities SORP, mejudgm¢nts gnd accounlin9 estimates that we reason*le and prudeni" prepar¢ Ihg f￿￿CHI staterroThts on th8 CDfr8rn basis unless l is Inappropriate to pre5urne that the charity wll ￿nI1)u¢ ￿ oFeration. Page4

TFE PAOLOZZI FOUNDATION (CIO) TRUSTEES. REPORT (eontinuedl FOR THE YEAR ENDED 31 MARCH 2024 Th8 Trusteès arè res￿n￿ble for kewng wcper accounttng ￿ordS that are $L￿c￿t lo shcw and explain the charivs tranSact￿nS di5ck>se with reasonab￿ a¢¢uraGy al ary b.rng Ib.e fLnancial p05ilion of the tharity and enable th￿￿ to ensure that the financial slatements ccfftply with the Charili&s ALt 2011, 1he Charity (Accounts and Reports) Regulatior,$ 2008 and the piovisims of the trus: deed. They are also restth5ible for Safeguarding th8 assets of the charity and hence taking reasonable stÈtk8 for Le prevènti￿) 8nd detecjion of fraud and other irreguL4ri1￿5_ This r￿tsrt was 3pprovÈd by the Trustees, Ort 15 October 2024 and sgned on their behalf by. rn Bar¥-Srnilh relary Page 5

THE PAOLOZJ FOUNDATK)N (CJ)) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PAOLOZZI FOUNDATION {CIOI Ith• 'chari I report lo Ihe charty Trustees on my exaMinat￿In ponsible lor the prepWaI￿ ol the aCCOLJnts in attcordance the requirernenls of the Char5tie$ Act 2Q1', llhè 2011 Act'l. I report ir) iespect of rny examinalion of l.le Cha￿￿ s ￿Ju￿¢S wiÈd eut LThJèr sectiDn 145 01 Ihe 2011 Aci an in Car￿n9 oul m¥ examir,ation I ha￿ I￿Owed the 41?lic&Jfe Dreclions given by the Chairfy Cofntnission ur¥Jer 5edion 1451i;Ibl of the 2011 Ad. As permitted by Direction l ISS￿ by the Ch¥ty Corr.miswi the fim) which I w£xk has provided Ihe Company with bucl(keeping seM¢eA duiing ihè yÉar •rdad 31 March 2￿￿4. As a consequeyce I have folk)wEd the req￿[ervent ol the FRC'S Etnical Slandard bthen uTrJertaking this aswgnmenL An independent examinalion does not involve gathering all Ihe evDJence that would be required In an audit and cons4iienUy d(￿S not all tr rr,atleis thal ap. auditof COD5hJers r. giving their opiiion on Ihe financial slalernenls. The planniry and conduct o,. an audrt goes beyond the litniled assurance Ihal an independElll 8xaminalion can pr()vide. c(x)S￿Uen1￿ l expr&ss p.o cpinb?n as .0 wryelher thè fina)cial slalernents pr￿eThI a Xrue and fair. arb my report is knm.'t&l lo li￿se Spec￿¢ matters set out in ¥he indeFendenl examiner's statemeNI. INDEPENDENT EXAMINER'S STATEMENT Since the chartV5 gross tncome ex-eedeLS ￿50.0￿ yC￿r exarniner must be a Mernb￿ of 2 body listèd in section 145 of Ihe 2011 Act. I confimi'.h. l am qualfted to Jr,derA(e Ihe exaprination becsuse 12m 8 Inember of lenter body hère). whith is one of the ltsled bodies. I have comoleled mi ÈxaminattorL I can confmi itral io .￿￿tter9 have come 'kO my altenllon ITr ¢onnection Mlh the examinalion gpiing me cause lo bdieve Ih8t I￿ any mèlerial reSp￿t

ceouftting records weie not kept In respect of the charty as requ￿ed by sec11c￿ 130 of the 2011 Act., or

Ihe accouW.s do not ￿COrd vnth l*ose record$". gr Ihe accounts do ccryjly Ihe applrale iequvemenls ccfficerning the fDm and C¢￿tent ol aGGounls set out ip. the Chariues {AccoJils and R-thlsl Regulat￿n5 2008 other than sny requirement that the accouits give a 'true and f2if v&ew wknicb is r..ol a matter c(ffisideTe(135 part OF an indepèndgnt Èxamination. Page S

THE PAOL027J FOUNDATtON (CIO) I￿)EpENDENT EXAM￿ERE RWRT (c(bnllnue411 FOR THE YEAR EMDED 311&4RCH 20 I have CUr￿￿￿S gnd h&e ¢c￿e •¢ross no rAtrr mrB in connecdon the examinatKn to vhitch attention should be dr&4m in this reFQrt in ¢xr io Mat4e a prLyer understanding ofthe accounts ￿he￿. <Fk--- tla*tr. 15 octoLw2￿￿4 A KoLWand AG CALDER & CO ())artered Actourfarts 30 Orar&e Street London WC2H 7HF Page7

THE PAOLOZZI FOUNDATION (CIO) STATEMENT OF FINANCIAL ACTlVtfiES FOR THE YEJR ENDED 31 MARCH 2024 Unrestblcted Restricted fund5 funds 2024 2024 Total funds 2024 lunds 2(r23 Note INCOME FROM.. Donations and le9aci Trading acllwlies Invesknarbts Other Incorna 274.387 274,367 52,420 17,144 53, 706 56.353 17.017 52,420 17.144 TOTAL INCOME 68.573 274,387 343.960 127.070 EXPENOITURE ON: Charitable activities 221.515 285,555 104,282 TOTAL EXPENDITURE 221,SlS 285ASS 104,282 NET INCOME BEFORE INVESTMEMT GAINSIILOSSES} Nel 9ainslllossesl on investrrtnts NET INCOME I (WENDITUREI BEFORE OTHER RECOGNISED G￿Ns AND LOSSES 5,533 122,887 52.872 58A05 122.987 10 128,520 62,872 181J92 (22. 168) NET MOVEMENT IN FUNDS 128.620 52,872 181A92 (22, 168) REGQNCILIATION OF FUNDS: Totsl funds brought f(Thard IOS7,062 831 1057,893 2,080,061 1186,582 5&703 2,239,285 2,057,893 TOTAL FUNDS CARRIED FORWARD The nol88 C￿ pageg 10 10 17 fom p¥( of thes& fina￿￿1 slatornents. Pagtr 8

THE PAOL¢)ZZI FOUNDATION {CIO BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 FIXED ASSETS Investrllents 10 1.016,671 84g.930 CURRENT ASSETS Stocks Debtors Cash al bank aFKI in hand 11 12 1.071.037 18.336 147,959 1,071.037 8,519 156.297 1.237.332 1.234853 CREDITOR8.' 8rn0unts falling due one year 13 113,6181 t27.89Q) NET CURRENT AssErs 1.223,714 1.207,963 NET ASSETS 1239285 2,057,893 CHARETY FUMDS Rest￿led funds UnreslrKted lunds 14 14 53.703 2,185.$82 831 2.057.062 TofAL FUNDS 1239.285 2,057.893 Thè finwcial slatemellls apw¢)ved by the Trustee5 Qn 1S Octot*r 2024 aNI signed on their behaW. by.. Oavi 05s, Chaimian The notes on pages 10 to 17 form part ol Ihese financial Btatsm Page 9

THE PAOLOZZI FOUNDATW)N ICIO) NOTES TO THE FINANCIAL STATEMEMTS FOR THE YEAR ENDED 31 MARCH 2D24 ACCOUNTING POUCIES 1.1 Basls of prÈparation of fm4nCi81 statements The financial stal8menls have been Frepared unoer the hislorKal cDsl corwenlion with Itèms re¢¢gnFsed af ¢osl or transacl.on V￿je unless Othe1￿lSe staled In the rdewanl noles lo :￿Se accounts. The fjna-.cial St31em,￿s >ave been prgpared in accordance wittr. thè Statèment o, R8CDmmended Prètt.i¢e". Accounting and RcpJrtbig by Chaiilies wepar1￿j their accounts in accordap,ce with the FinaNcia Repotti.-9 Staryda,"d appl.tak in in& UK 2nd Republ￿ of Ir￿aTr￿ {FRS 1021 IS5UEd Dn 16 Juty 2014 and Finaicia RepotbryJ StaTrJard awlicable in the Untled ￿r￿Jd0￿ &nd Republ￿ Of Irdand (.-RS 102j and Ctriarlt￿S Act 2011_ The Pa0102￿ Foundation (Cloi cansbt￿tes a P￿iC ￿nefi entity as defi[￿￿ by FRS 102. 1.2 Income All :.ncome is r￿QgniSed once Ihe carty has er¥li1￿meTht to Ihe inccme. li is prcbable that the income wll be received and the amoJnt of racewable can be rr.ea5ured Teliabty. For leg2cies. enlitlemeh". is tskon as thè earler of the da.e on which erther. tre charty is aw?re that probale has been gr2n:.ed. the est%e has been I..n"5￿[ and noirf¢$Lon hts been mad by the execLrtOTlsl te thè TftJ￿ that a distnbuticn wll be madÈ. or when a distribution is recetved Ircwn the ¢late. Receipt cl a lelxy. in in p•1. 15 onty (x)nshlered pmbable wher the amounl can be measured reliabty and ttre charili has b8sr n￿.1f￿ of ',he rxecuior's intents.on to make a distribution Where leg&ies have been not lo the cha,-tri. or th8 tharity Is aware Oi he granting of probate. and the criteria for In.-cmo recognitron have rot beer. met. Iften tke1￿￿tY 18 trèatèd a$ 8 conlingen; a5sel and di$tk)sed rf maleri￿. Donated SÈTrfices or laciliiies are recoggtsed %vhen -harity has control ?'4er the rtem. any conditions assocrated with ine dorOt￿a (Lem ￿ve beer.. rnet. the receipt ol econom¢ benefrt from the use ol the charrty ol the Itern is probaD18 and Ihal ecotLstniE benefrt Gan be measured reliably. In accorda￿& with th Charlies ¢ORP IFRS 102). Ihe general volunteer time of the Trustees is not re-ogniseé ard refer to tb.e Trus:ees' report for mcKe Ir4r￿M￿￿?n 8boLrt their contribution. On recèipi. donated professKJnal seThices and donated tacililie5 are recO￿lsed on the basis ol Ihe v￿ye of the gift lo the chathty which is the ¢Lrr.ount the ctrarty WOLthJ have been willing to pay lo obtain semces or lacilit"'es ol eqU￿￿ent ec0naFn￿ benelrt on the apen markÈt". a corrèsponding amounl IS ther) recognised in exFcndilure In the perKyJ of ieceipt. IrKome tax recoverab'e In ielatK)n to donalions receved ￿Cer Gift Aid or deed5 01 covenant 1$ recogniseLI al the knrne ol the donath" I￿Orne tax reuverable in relaDC>EI to irve51ment income Is rewnised ai the lime the investment income is rÈceivabl Page10

THE PAOLOZZI FOUNDATION ICIOI NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 AccouwnNG POLICIES l¢onlinued) 1.3 Expenditur Expend:'lure is .,ecosNS￿ ort¢e '.We is a le9al or constrLKtIV8 ebligation lo transfèr Èconomic benefrt lo 4 third paty. it is probab'8 th a Ir￿sle1 ol vcrnrnic benefits will be required in settlement and the amount ol thé exn bè measured reirJbty. Al Èxpenditure is accounted for on an accNa& basis. AN expensès inclvth'ng support costs arKI governance ¢o$ls are all(Kalfjd lo the apF4icaDl8 expendrture hea(Ings. Charitable act￿lI[e$ antl Governance cos15 aTe c051s ￿¢V￿[ed on the charity's educgtsonal operat￿n$. including suppoei cosls and costs relatin9 to the gcvernance of the charFty apportioned to haritsble tctr¥ilJ85. GraThls pay)le ale charge¢ in the swr when thè offer is rnade excepl in tIKsg CB5e5 where the offer 15 -ond"rtti)nal. such gran'.s beirg rec￿nISEd as eXper.ditU￿ when the ccndilions attachiThJ are fulrilled Grants offwed subjéd IJ cop.drtKli75 hw4e not been met al the yèaf 8nd are noted as a mmitmenl. but ncl ac4yued as exyroqb'ie. 1.4 Turnover Turnover cornpfises revenue reccgnised by the chary in respect of 9ctsJs seTViC8S 51JFplied duiing the yèar. exclusive ol Va￿e Added TaK. 1.5 In¥￿tMentS Fix￿1 asseL inve5trnent5 aEe a form of finartial instrument and are initially iecognised at their transaction cost and sub5equ8n'.5y mesSur￿) at fair value at the BalarK￿ sh¥el ddle. unle55 fail valu• ￿nr.0t be measured Idiabity ir, vrn￿h case The#sured al cost less tr￿paIrmen,.. IniEStT?nl ga.'ng Énd losses, whet.ier reali5pJ or un¥ealwl. are comJ,'ned and snown In the heading 'G3inslllosses> OTh investments. ir, e Slalemer,l of finarrial ￿ti¥lls. 1A Intèrest receivab Interest or funds 4ekl on de￿o￿t Is Iricknded wlen re¢eivaSle and the èmouiil can be rlleasured reliabty by chaity.. this is r.(m n?IrfKalicn o.. the interest pa:'d o", payable by Ihe Bank 1.7 Stocks and work In prngress STo¢ks aniy wor.% im progress are va]Ld ak the I￿￿Or of cost and net realisable ￿lue after rnak￿9 duè allowartè for obsolele and $1ry4-movin9 Stocks. Cost indudeB all th.recl costs and an appropriate proportion offiyed and variable Over￿adS. 1.8 Debtors Trade anrl (*er dèbtrtrs are r¢9nised at ibe Se￿er￿ent amount after apy traTJe discount offered. Prepayments we vabJea al Ihe piepaid nel ofany trad8 discrAJnis due. Page 11

THE PAOLOZZI FOUNDATr)N (CIO NOTES ro THE FINANCIAL STATEhlENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POUCIE5 Icontinu•d) 1.9 Crgditors and PTovlslons C..èth"tOTS are ￿te￿n￿Sed when there B an obloation at the Balance sh£et dale as a resun ol a pasl evenl. it is probab16 that a Irar)sfer of econ£¥￿..C benefi,. ￿1 be required in settlemhl. and the amouni of I￿.e settjemert can be eSb"Mal￿ ￿l￿bly. ￿abl1￿e5 are reccgnise(J at the amount th31 the c.iarly arl(Gipales it wjl pay to Sett￿ the debt cy amounl It ha5 recervèd as Advanced paynenls for the goods or services r¢ must prowde. 1.10 Financlal Instrvments The ¢h8rty has finarrial ￿elS and financial babilrtie5 01 a kind that qualfy as basic fin3ncial Inslrumen',5. Bes1¢ finanoal instrJm8nt$ 8,'e iritsaltr recagntsed at iTansaction value and 5ubsequenity measuied al thei." settlèment value wth Ihe exception of bapk loans whi¢h are svb5equentty measured al amoFlrsed cos: using Ihe effeciNe interes'i method. 1.11 Fund accounting Gènèral funds are unres1ii¢ted funds which awéilable for LL5e al the dtscreiton of Ihe Trus:ees in turtheran¢¢ of the general 04ecbves ol the charity and wich ha¥e not i•n designated for other purposes. Fiestricled tinds are funds 'whIc￿. are to be used in accordance i'mh specific restrictions imposed by dono's cr which have ra >ed by the Charity for part'.cular purposes. The costs ol raising and adrninistering such frJnds are ch¥gud agaiist the specFfic fund_ The and use ol each reslriGled 5 Set gul ',n the notes to Ih6financial slalements. Investment Income. gains and losses are altocate(I to Il* appiopriate funES. INCOME FROM DONATIONS AND LEGACIES Unrestrfcled Restrictgd funds funds 2024 2024 Totsl f￿ndS 2024 Tofal runds 2023 Don8trts)s- Head of 05car Wilde 274.387 274.387 53. 706 Tolal 2023 53.708 53. 706 Page 12

THE PAOLOZZI FOUNDATION (CIO) NOTES TO THE FINANc￿L STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRADING ACTIVITIES Total lunds 2Q24 Total funds 2023 fvnds 2024 ful￿S 2024 Charity trading incom• Royglties LicenGe agreernent 26,2B7 26,153 Z4,627 31.726 26.163 5142(1 62.420 56,353 Nel from trading t£tNths 61420 51420 56.353 INVESTMENT IKOME UnrÈstrlct tunds 2024 Restrltted nds 2024 Totrl fynd$ 2024 Tolar nds 2023 Investment Inwne Inveslrnent rnc(yn8 ftom cash bda held 16,810 16,81D 76.867 334 334 750 17.144 17,144 17,017 Total 2023 17.017 17,017 RESTRICTED COSTS Head of 0sGarWilde Tot41 2LI24 Totaj 2023 S¢ulplure ¢05ts Digitsl works 221.515 221,S1S S2,875 221.516 221.515 S5.875 Tol& 2ffd3 5&875 &fj.8T5 Page 13

THE PAOL02ZI FOUNDAnON {CIO) NOTES ro THE FINANCIAL sTATEmE￿Ts FOR THE YEAR ENDED 31 IAARCH 2024 SUPPORT COSTS Total 2024 Tol 2L723 A¢twiti¢s Storage cosis Rese￿Ch Gosts Computer eosts Websrte Gosts Art Photography Boc4( pubfjshing Sgcretzrial sypyort Entertaining 10.11B 4350 342 10,118 4,350 8. 778 191 1.ZOO 180 10.000 $34 10.LI)O 92 33.801 33.801 9.845 Tolal 2023 9,845 Duting the YE¥ ended 31 March 2024. the charity IncU￿ed the follc•Mng CLweman¢* costs.. GOVERNAMCE COSTS Unrestrlcted R06trictod lund8 funds 2024 2024 Tot•1 funds 2024 Tol81 funds 2023 A¢¢ountgn Insurance Inveslmeril management fees Bank ¢hargès Travel cost¥ Carriage 9.435 2,016 9,366 113 8,390 1.993 16.334 752 82 2059 2.016 9.365 113 310 310 21,239 29.010 Page 14

THE PAOLOZZI FOUNDATION (CIO) NOTES TO THE FINANCIAL sTATEME￿s FOR ThE YEAR ENDED 31 IAARCH Z024 ANALYSIS OF EXPENDITURE BY EXPENDITLkE fipE Othor costs 2024 Totsl 2024 Total 2023 Supwt costs Oth8r donalions Restricted co8ts 33.801 9,845 9.552 54 875 Z21,515 221,515 Chritable activilies .316 264.316 75.272 Govem•n¢e Costs 21,239 21.239 29.010 285,555 285,556 104,262 T￿￿1 2023 104,282 104,282 other DonatMS 2024 2Q23 Edinburgh UnrrferstyTravd aw¥d$ Ho8pitslfield Trust- funding of loan cl-R)" scbvure NalK)p.al Gajleries o.. ScotLand- purchase of arh4rk 2.500 500 9.1)00 INDEPENDENT EXA￿NAnON The Independent ExaM￿e¢S rernuoerat￿n amoufjts lo an 1nda￿ndènt Examinatk)n lee of £3.OOQ end cdh8r acc￿￿tIr￿j. tiookkeepry aThJ administr3iK)n fees of £6,435 lotaming £9,435. Page15

THE PAOL02a FOUN(TrAmoN (C￿) NOTES TO THE FINAPKIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2024 10. FIXED ASSET INVESTMEMT Listed sg¢uritle$ arket v•lu¢ Al 1 Atyril 2023 Adcfilions Di5P05als Revaluat￿n5 849,93 136.585 191.617) 120.673 At 31 March 2024 1,O15.S71 Investments at rnarket Val￿ compris•- 2024 2023 List8d investrnents 1.015.S71 849,930 11. STO¢KS 2024 2023 Otherw￿9 Probate value of thnated from th8 Estate of Sir Edu¥dD Padozzi 142.500 142,590 928,537 928,537 1.071.037 7,071,037 11 DEBTORS 2024 2023 Other debtot$ Pr8payments and accrued income 11.299 7.037 2,987 s,￿2 18.336 a519 Page 16

TFE Pl￿02ZI FOUNDATJON ICIOI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 PIARCH 2024 13. CREDITORS: Amovnts falling due within oneyear 2024 2035 T￿¢ credifots Accwals deferrod inc(￿0 7.980 5.638 24. S29 3.261 1&618 27.890 14 STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 31 IAarch 2D24 8alanc• at l April 2023 Galnr IL05ses) IA¢omt Expendure Unr¢strided funds General FL￿d$- al funds 2.lJ57,062 69,S73 164.040) 122.987 2.185.582 Re$tri¢ted fun Head ol Osc¥rWildÈ 831 27{387 {221.61• 53.703 Total of tunds 2.051,893 343.960 {285.555) 122.987 2,239.285 STATEMENT OF FUNDS -PRN)R YEAR Balance al 31 M8roh 2023 tYalane& at Ttsnsfej Gatr7 {L05ses) Incom& ExKW(hiu General F(Jnds- All fuNIs 2.080.061 73.370 (48,407) (3.Cl(Kl) (44.962J 2,057.062 Restrl¢t￿ lund5 Head ol oscar Witde 53.700 (55,875) 831 Total of funds 2.080.061 127.076 f104,282) (44.962J 2.057.893 IS. RESTRICTED FUNDS The restrKted funds aGwJnt reprwnts mtsriÉÉ r8C8.¥￿5 34d experthd on 'He￿ o106car Wildg. wh￿h 1$ lo be a bronze 5culplbre. ba$ed on a maquetta crealed by Sir Eduardo P.ozi an(S to be cast by Pangc4in Editi¢yts. Page 17