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$lee8
cortinualty revw the rrmyat appropfK4te metfrK*ts gwabng thè r￿d5 ll￿55￿ry lo achievo thelr obj•Gtiv8s.
c. MAIN ACTIVITIES UNDERTAAEN TQ FURTHER THE cHA￿rr5 PURPOSES FOR PUBUC 8ENEFIT
In settl￿ objectives and plannw for Ihè Trust￿ ha¥e ghen due con$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 in*stm•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" frc*M 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 prepar*K)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 b*rg 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 mairtt*Th 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 iKorpc*ated 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 m*Je
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 sab5f*d th* $￿emB a)d procgjures are in place lo
mli9*e 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,
m*ejudgm¢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 L*e 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.
r*n 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 <rf the accounts of the charity for Ihe year ended 31 March
2024.
This report is made solely tc thè char.'.y's Trustees, as a t¢)Jy, Iri accOrda￿e ￿1th secticn $45 af the Charities
Act 2011 anu règulalionx madè UMÈr sectK)n 154 of Ihal Act. My work has been undertakgn so lyal l Might stste
to the rhardls Tfustees Ih05e mayers l ain required tc stale lo them ￿ an Independent examlierfs report and
101 no other purs*se Tc the tulte51 extenl per￿l￿ed by ￿w, I do not ￿Ce.
l or 8ssume respgn51bilty Its anyone
other Ihan Ihe charty ar& charivs TiUStee5 as a body. '0" my wcrk or fo": trls repc
RESPONSIBILITIES AND BASIS OF REPORT
As Ine Trustees of tt￿ ¢haTIty Y£￿ ate re>ponsible lor the prepWaI￿ ol the aCCOLJnts in attcordance the
requirernenls of the Char5tie$ 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 rAtr*r m*rB in connecdon the examinatKn to vhitch
attention should be dr&4m in this reFQrt in ¢x*r 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 c*arty 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¢$Lon hts been mad* by the
execLrtOTlsl te thè TftJ￿ that a distnbuticn wll be madÈ. or when a distribution is recetved Ircwn the
¢late. Receipt cl a lelxy. in in p•1. 15 onty (x)nshlered pmbable wher the amounl can be
measured reliabty and ttre charili has b8sr n￿.1f￿ of ',he r*xecuior's intents.on to make a distribution
Where leg&ies have been not lo the cha,-tri. or th8 tharity Is aware Oi he granting of probate.
and the criteria for In.-cmo recognitron have rot beer. met. Iften tke1￿￿tY 18 trèatèd a$ 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 char*y 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¥ll*s.
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]L*d ak the I￿￿Or of cost and net realisable ￿lue after rnak￿9
duè allowartè for obsolele and $1ry*4-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 settlem*hl. 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 w*ich 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
Ch*ritable 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 Donat*MS
2024
2Q23
Edinburgh UnrrferstyTravd aw¥d$
Ho8pitslfield Trust- funding of loan cl-R*)" scbvure
NalK)p.al Gajleries o.. ScotLand- purchase of arh4*rk
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 Expend*ure
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