## **ANNUAL REPORT FOR THE YEAR ENDING 31 DECEMBER 2023** **Polyseum Foundation** : REGISTERED CHARITY NO. 1168604 **PRESENT:** ALDO GARBAGNATI (Chairman of the board of trustees) NINO LORENZINI (trustee) ALEXANDRA-MARIA BADIU (trustee) SIMONE GARBAGNATI (trustee) **CHAIRMAN** : ALDO GARBAGNATI **SECRETARY** : SIMONE GARBAGNATI The assembly of the Board of Trustees was opened on this day 23[rd] October, 2024 at 11.00 AM. As an opening remark the Chairman noted that the charity has been mostly inactive for the period under scrutiny. A new bank account has been operational since January 2024. During the period under scrutiny, the Charity incurred expenses related to sponsorship, promotions and subscriptions that were paid by Aldo Garbagnati through his company Emicapital, as a form of funding to the Charity. Polyseum organised and sponsored a music concert in Dubai in December 2023, at the prestigious event COP28, for one of its supported artists. Last April 2024, the Charity sponsored its first event entitled “The Future of Nature” which was held at BAFTA 195 Piccadilly, London. The occasion were graced by various well-known artists. Polyseum Foundation will continue to (i) organise new art exhibitions; (ii) organise educational events such as music concerts for supported artists; and (iii) generate fundraising events and initiatives. The Charity intends as well to hire an employee to run their clerical operations. No further business was discussed and the 2023 annual report was approved unanimously. The chairman then closed the meeting at 11:45AM. **==> picture [89 x 62] intentionally omitted <==** **Aldo Garbagnati** Chairman of the board of trustees ag@polyseum.org London, 23[rd] October 2024 ## **POLYSEUM FOUNDATION** **==> picture [547 x 565] intentionally omitted <==** **----- Start of picture text -----**
MANAGEMENT REPORT 2023
**----- End of picture text -----**
## **Executive Summary** ## Polyseum Foundation For the year ended 31 December 2023 **==> picture [462 x 575] intentionally omitted <==** **----- Start of picture text -----**
Key indicator 2023 2022 Variance
Cash
Cash received 0.00 0.00 0.00%
Cash spent 0.00 0.00 0.00%
Cash surplus (deficit) 0.00 0.00 0.00%
Closing bank balance 0.00 0.00 0.00%
Profitability
Income 0.00 0.00 0.00%
Direct costs 0.00 0.00 0.00%
Gross profit (loss) 0.00 0.00 0.00%
Other income 0.00 0.00 0.00%
Expenses 81,083.20 32,950.70 146.07%
Profit (loss) (81,083.20) (32,950.70) -146.07%
Balance Sheet
Debtors 0.00 0.00 0.00%
Creditors 15,609.22 0.00 0.00%
Net assets (114,033.90) (32,950.70) -246.07%
Sales
Number of invoices issued 0.00 0.00 0.00%
Average value of invoices 0.00 0.00 0.00%
Performance
Gross profit margin (%) 0.00 0.00 0.00%
Net profit margin (%) 0.00 0.00 0.00%
Return on investment (p.a.) (%) 71.10 100.00 -28.90%
Position
Average debtor days 0.00 0.00 0.00%
Average creditor days 0.00 0.00 0.00%
Short term cash forecast (15,609.22) 0.00 0.00%
Current assets to liabilities 0.00 0.00 0.00%
Term assets to liabilities 0.00 0.00 0.00%
**----- End of picture text -----**
Polyseum Foundation ## **Balance Sheet** As at 31 December 2023 **==> picture [434 x 455] intentionally omitted <==** **----- Start of picture text -----**
Amount in GBP
Account 31 Dec 2023 31 Dec 2022
Assets
Current Assets
Prepayments 180.00 0.00
Total Current Assets 180.00 0.00
Total Assets 180.00 0.00
Liabilities
Current Liabilities
Accounts Payable 15,609.22 0.00
Accruals 1,289.89 1,329.30
Due to Emicapital LLC 91,402.11 31,621.40
Due to Emicapital Advisory LLC OPC 5,912.68 0.00
Total Current Liabilities 114,213.90 32,950.70
Total Liabilities 114,213.90 32,950.70
Net Assets (114,033.90) (32,950.70)
Equity
Current Year Earnings (81,083.20) (32,950.70)
Retained Earnings (32,950.70) 0.00
Total Equity (114,033.90) (32,950.70)
**----- End of picture text -----**
## **Profit and Loss** ## Polyseum Foundation For the year ended 31 December 2023 **==> picture [446 x 382] intentionally omitted <==** **----- Start of picture text -----**
Amount in GBP
Account 2023 2022 Year to date
Gross Profit 0.00 0.00 0.00
Operating Expenses
Consulting 32,271.55 23,516.78 32,271.55
Travel & Entertainment - International 26,541.26 0.00 26,541.26
Sponsorship Expenses 15,223.35 4,111.05 15,223.35
IT & Subscription 2,291.69 4,271.78 2,291.69
Non-recoverable expense 1,930.30 0.00 1,930.30
OB Hotel-Accomodation 1,524.14 0.00 1,524.14
Bank Charges 681.63 581.22 681.63
General Expenses 570.25 0.00 570.25
Office Expense 49.03 0.00 49.03
Entertainment - 0% 0.00 319.87 0.00
Fines & Penalties 0.00 150.00 0.00
Total Operating Expenses 81,083.20 32,950.70 81,083.20
Net Profit (81,083.20) (32,950.70) (81,083.20)
**----- End of picture text -----**
## **Cash Summary** ## Polyseum Foundation For the year ended 31 December 2023 **==> picture [453 x 614] intentionally omitted <==** **----- Start of picture text -----**
Account 2023 2022 Variance
Less Expenses
Accruals 39.41 (1,329.30) 102.96%
Bank Charges 681.63 581.22 17.28%
Consulting 32,271.55 23,516.78 37.23%
Due to Emicapital Advisory LLC OPC (5,912.68) 0.00 0.00%
Due to Emicapital LLC (59,780.71) (31,621.40) -89.05%
Entertainment - 0% 0.00 319.87 -100.00%
Fines & Penalties 0.00 150.00 -100.00%
General Expenses 570.25 0.00 0.00%
IT & Subscription 2,291.69 4,271.78 -46.35%
Non-recoverable expense 1,930.30 0.00 0.00%
OB Hotel-Accomodation 1,524.14 0.00 0.00%
Office Expense 49.03 0.00 0.00%
Prepayments 180.00 0.00 0.00%
Sponsorship Expenses 11,627.35 4,111.05 182.83%
Travel & Entertainment - International 14,528.04 0.00 0.00%
Total Expenses 0.00 (0.00) 0.00%
Surplus (Deficit) 0.00 0.00 0.00%
Plus Tax Movements
Tax Collected 1,930.30 0.00 0.00%
Tax Paid (1,930.30) 0.00 0.00%
Net Tax Movements 0.00 0.00 0.00%
Net Cash Movement 0.00 0.00 0.00%
Summary
Opening Balance 0.00 0.00 0.00%
Cash Balance 0.00 0.00 0.00%
**----- End of picture text -----**