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2023-07-31-accounts

REGISTERED COMPANY NUMBER: 10283625 (England and Wales) REGISTERED CHARITY NUMBER: 1175889

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 FOR GALILEO FOUNDATION

Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG

1

GALILEO FOUNDATION

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

Page
Reference and Administration Details 1
Report of the Trustees 4 to 7
Independent Examiners Report 8
Statement of Financial Activities 9
Balance Sheet 10
Cash Flow Statement 11
Notes to the Cash Flow Statements 12
Note to the Financial Statements 13 to 19
Detailed Statement of Financial Activities 20

2

GALILEO FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

10283625 (England and Wales)

Registered Charity number

1175889

Registered office

71-75 Shelton Street London WC2H 9JQ

Trustees

L Doughty Trustee S B Power (resigned 1 August 2022) Trustee J A Etchingham (resigned 29 October 2022) Trustee J F Normand (appointed 1 March 2023) Trustee

Independent examiners

Adam Halsey FCA Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG

Solicitors

Stone King LLP Boundary House 91 Charter Street London EC1M 6HR

3

GALILEO FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the of the charity for the year ended 31 July 2023. The trustees have adopted the provisions of the Statement of Recommended Practice for Charities (SORP) (Second Edition, effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

The Galileo Foundation seeks to strengthen the mission and the institutional capacity of the Catholic Church, particularly in its work with other faiths.

The foundation continues to fund projects which reflect the apostolic mission of Pope Francis, such as the global fight against human trafficking, the promotion of the Church’s child safeguarding work, the protection of Christian communities in the Holy Land and the promotion of dialogue and understanding between all faiths.

It continues to work towards the creation of an international platform for the dialogue between faith and philanthropy. The foundation successfully organized the first ‘Faith and Philanthropy’ Summit at the Vatican in October 2022, held in conjunction with the Congregation for Catholic Education, UBS Optimus Foundation, the Jewish Funders’ Network and the Global Circle of Muslim Philanthropists.

The Trustees have complied with their duty to have due regard to public benefit guidance published by the Charity Commission in determining the activities undertaken by the charity.

ACHIEVEMENTS AND PERFORMANCE

The Foundation continued to support the work of the global network of sisters fighting human trafficking around the world, Talitha Kum. We continued our support for their ‘Wells of Hope II’ project working with victims and survivors in Jordan, Syria and Lebanon as well as those in North Africa. Our funding helped the network develop the ‘Walking In Dignity’ app designed to encourage young people to accompany those victims and survivors of trafficking on their challenging and difficult journey. In addition we supported the Talitha Kum Young Ambassadors Programme.

We also continued our support for the Vatican Museums, through grants made through the Italian and International Patrons of the Arts, including one of the Raphael tapestries.

We supported a major project in the Diocese of Padua, Italy: the renovation of residential accommodation at the University’s Collegium Gregorianum, celebrating its 70th anniversary. The project will allow the college to admit female applicants with the provision of the new buildings, funded by two Galileo benefactors from the United States.

The trustees were also pleased to support the work being done in Pakistan by Father McCulloch of the Saint Columban’s Missionary Society to promote interfaith dialogue and understanding through various meetings and the translation of the Roman Missal into Urdu.

The Foundation organized the inaugural ‘Faith and Philanthropy Summit’, in October 2022, bringing together 130 of the world’s leading philanthropists from six different faiths to dialogue, share their experiences and commit to collaboration across faith lines. The keynote speaker and first recipient of the ‘Prophet of Philanthropy’ award was Mr Jeff Bezos, in recognition of his philanthropic partnership with Chef Jose Andres. His Eminence Cardinal Pietro Parolin, Cardinal Secretary of State, gave the welcome remarks and the Summit was also attended by H.E. Cardinal Peter Turkson.

4

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023

GALILEO FOUNDATION

FINANCIAL REVIEW

The charity has made a deficit in the year of £68,179 (2022: surplus £226,908) as a result of a decrease in donations received during the financial year. During this financial year there has been a deliberate effort to utilize the previous year’s surplus through the allocation of grants to projects that would have a 3-5 year lifespan. As a result of these activities our reserves decreased to £163,592.

It is the policy of the trustees to retain sufficient unrestricted funds which, in their judgement, will mitigate the short- term effect of income volatility and retain funds to generate sufficient income to meet current and future operational activities of the charity. The charity’s reserves are at £163,592 and the trustees are confident that ongoing fundraising and a number of forward pledges from donors will ensure that reserve funds will be maintained at a satisfactory level going forward.

The charity does not fundraise in any public facing manner.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its Articles of Association constituting a company limited by guarantee as defined by the Companies Act 2006.

New trustees are nominated by any board member or John McCaffrey (President of Galileo Foundation) to the board and are voted and approved at a board meeting.

We commissioned a high level governance review and written report of legal advice and recommendations in 2020 from Birkitts, and have been working to gradually review and implement those whilst managing the day-to-day activities of the charity, with limited resources in terms of staff and trustee time.

We are in the process of updating the following policies:

In addition we are implementing GDPR policies relating to:

Although we have a small number of trustees (due to various circumstances over the past two years), we try to ensure that each trustee is aware of their key duties (as set out in the Charities Commission guidance) and have been signposted to free webinars and training opportunities and encouraged to do so. Our chair Lucy Doughty is a trustee of at least two other English charities so she is already well aware of her responsibilities as Chair and as a trustee.

5

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023

GALILEO FOUNDATION

Grant giving policy:

We do not solicit grant applications. We award grants to organisations which are either researched and identified by our foundation as being the most effective in the areas which we support, or are recommended to us by partner organisations such as the Holy See.

To date, grants have been given on a one-off basis but we hope that in the future, with a secure income stream, we can commit to 3 year funding grants. (We have awarded repeat grants, but each time letters of application have always been invited).

We ask the grant recipient to outline how the grant will be used to greatest effect and where possible, how collaboration with other partners will amplify our funding of their project or organisation. As well as regular updates, we request a report on the use of the grant after 18 months or the end of the project. Any consideration of future or repeat funding will take into account the efficacy of the first or previous grant.

We always ask for a public acknowledgement of the role of the Galileo Foundation in printed materials, usually with our logo prominently displayed. We note that grant recipients have continued to further the objectives of the charity.

Reserves policy:

To date we have not had a reserves policy due at each year end (which is what exists in an informal way to our small size. As we grow and income levels increase, we would aim to have a reserves policy of £100,000 at the moment) in our accounts at any time, to ensure that sufficient funds exist for staff salaries and planned grant commitments.. (To date our policy has been not to award grants that are unfunded). Unrestricted funds stood at £163,592 at the year-end which is above the target, but it is anticipated that additional spending in the future will reduce this level.

Method for calculating pay of key management personnel:

We have two part-time staff, one in the UK and one part-time consultant in Rome. The UK position is paid pro-rata in line with industry comparisons for other Project Director level posts in non-profit organisations.

Fundraising Activities & Future Developments :

All of our fundraising activity is targeted to high-net-worth individuals, through cultivation, meetings and our events in Rome and elsewhere, bringing together donors and benefactors from diverse faith groups.

We have successful increased the level of donations from pre-pandemic levels by over 300% in due largely to the success of our events in Rome, and we anticipate that our income levels will grow exponentially through events such as our second ‘Faith and Philanthropy’ Summit, taking place in the UK in October 2024.

We do not undertake any public facing fundraising activities such as street collections, telemarketing or advertised fundraising.

6

GALILEO FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023

Statement of trustees' responsibilities

The trustees (who are also directors for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and UK Accounting Standards (UK Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of income and expenditure for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time, the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Approved by order of the board of trustees on 28[th] July 2024 and signed on its behalf by:

L Doughty -Trustee

7

Independent Examiners Report to the trustees of The Galileo Foundation ( ti d)

I report to the Trustees on my examination of the accounts Galileo Foundation for the year ended 31 July 2023 which are set out on pages 9 to 19.

Respective responsibilities of trustees and examiner

The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”). The trustees are satisfied that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and have chosen instead to have an independent examination.

Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable company’s accounts as carried out under section 145 of the 2011 Act. In carrying out my examination I have followed the applicable directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

Since the charity’s income is in excess of £250,000 your examiner must be a member of a body listed in the 2011 Act. I can confirm that I am qualified to undertake the examination because I am a registered member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies

I have completed my examination. I confirm that no matters have come to my attention giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or

  3. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Adam Halsey FCA Haysmacintyre LLP, 10 Queen Street Place London EC4R 1AG Date:

8

GALILEO FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2023

Notes
INCOME FROM:
Donations and Legacies
2
Total income
EXPENDITURE ON:
Raising funds
3
Charitable Activities
4
Total expenditure
Net (expenditure) /
income
Net movement in funds
RECONCILIATION OF
FUNDS
Fund balance brought
forwards 1 August 2022
Fund balance carried
forward 31 July 2023		 Unrestricted
Funds
£
971,558
971,558
254,857
748,939
1,033,796
(32,238)
(32,238)
195,830
163,592		 Restricted
Funds
£
-
-
-
35,941
35,941
(35,941)
(35,941)
35,941
-		 2023
Total
£
971,558
971,558
254,857
784,880
1,039,737
(68,179)
(68,179)
231,771
163,592		 2022
Total
£
1,493,518
1,493,518
295,422
971,188
1,266,610
226,908
226,908
4,863
231,771

The notes on pages 10 to 19 form part of these accounts.

9

GALILEO FOUNDATION

BALANCE SHEET AT 31 JULY 2023 COMPANY NUMBER: 10283625

Notes
CURRENT ASSETS
Debtors
8
Cash at bank
CREDITORS
Amounts falling due within one year
9
NET CURRRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
10
Unrestricted funds
Restricted funds
TOTAL FUNDS		 2023
Total
Funds
3,667
165,805
169,472
(5,880)
163,592
163,592
163,592
163,592
-
163,592		 2022
Total
Funds
3,667
236,984
240,651
(8,880)
231,771
231,771
231,771
195,830
35,941
231,771

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

These financial statements have been prepared in accordance with the provisions applicable to charitable companies’ subject to the small companies regime.

The financial statements were approved by the Board of Trustees on 28[th] July 2024 and were signed on its behalf by:

L Doughty – Trustee

10

GALILEO FOUNDATION

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2023

Cash flows from operating activities:
2023
£
Net cash (used in ) /generated from operating activities
(see below)
(71,179)
Change in cash and cash equivalents in the
reporting period
71,179
Cash and cash equivalents at the beginning of the
reporting period
236,984
Cash and cash equivalents at the end of the
reporting period
165,805
========
=
The charity has no net debt at either year end.		 2022
£
224,752
224,752
12,232
236,984
=======

11

GALILEO FOUNDATION

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2023

RECONCILIATION OF NET EXPENDITURE) /INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net (expenditure) / income for the reporting period (as per the statement of
financial activities)
Adjustments for:
Decrease in debtors
(Decrease) in creditors
Net cash (used in) / generated from operating activities
=		 2023
2022
£
£
(68,179)
226,908
-
819
(3,000)
(2,975)
(71,179)
224,752
=======
=======		 2023
2022
£
£
(68,179)
226,908
-
819
(3,000)
(2,975)
(71,179)
224,752
=======
=======
224,752
=======

12

GALILEO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, have been prepared in accordance with the Statement of Recommended Practice for Charities (SORP) Second Edition, effective 1 January 2019, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Galileo Foundation is a private company registered in England.

Galileo Foundation meets the definition of a public benefit entity under FRS 102.

Preparation of the accounts on a going concern basis

Having considered future budgets and cash flows, the trustees confirm that they have no material uncertainties about the entity’s ability to continue as a going concern for the foreseeable future.

Income

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year-end date are noted as a commitment but not accrued as expenditure.

Support costs have been allocated to charitable activities. Governance activities comprise organisational administration and compliance with constitutional and statutory requirements. Costs include direct costs of external audit, legal fees and other professional advice.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Debtors

Debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

13

NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 JULY 2023

GALILEO FOUNDATION

Cash at bank and in hand

Cash at bank and in hand includes bank accounts, cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Estimation uncertainty

In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basis financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2.

DONATIONS AND LEGACIES

2023 2022
£ £
Grants and donations 971.558 1,493,518
======== ========

All donations came from the Galileo Foundation USA. The 2022 grants received included restricted funds of £650,338.

3.

RAISING FUNDS

Raising donations and legacies

Raising fund related income
Rome/ Vatican liaison work
USA donor outreach
Other
Administrative expenses
Aggregate amounts
=		 2023
£
-
151,804
40,240
-
192,044
62,813
254,857
=======
=		 2022
£
-
233,986
23,309
8,406
265,701
29,721
295,422
=======

14

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 JULY 2023

GALILEO FOUNDATION

4. CHARITABLE ACTIVITIES - 2023

Grant
funding of Support costs
activities (See note 6) Totals
Other (See
note 5)
£ £ £ £
Support in furtherance of the Catholic faith 225,401 442,201 117,276 784,878
======= ======== ======== ========
CHARITABLE ACTIVITIES - 2022
Grant
funding of Support
activities costs (See Totals
Other (See note 6)
note 5)
£ £ £ £
Support in furtherance of the Catholic faith 346,198 564,778 60,212 971,188
====== ======== ======== ========
5. GRANTS PAYABLE
2023 2022
£ £
Grants to institutions in line with the objectives 442,201 564,778
======== ========

The foundation officers identify projects the values of which closely align with the priority areas of the Galileo Foundation, the apostolic mission of Pope Francis and the current and future needs of the Holy See.

Due diligence is applied to all potential grant recipients after which a recommendation is made to the board of trustees who then approve based upon strategic priorities and funds available. The foundation does not give grants to unsolicited requests or applications. Grants are only paid to institutions.

During the year grants that were granted in excess of £10,000 have been listed below:

2023 2022
£ £
Apostolic Nunciature Iraq - -
Union of Superiors General - 29,081
Diocese of Padua 442,201 516,847

15

GALILEO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 JULY 2023

6. SUPPORT COSTS - 2023

Finance
Information
technology
Governance
costs
£
£
£
Other
110,166
-
7,110
========
========
========
=
SUPPORT COSTS – 2022
Finance
Information
technology
Governance
costs
£
£
£
Other
47,894
-
12,318
========
========
========
=
Support costs, included in the above, are as follows:
Governance Costs
2023
£
Audit and accountancy
3,693
Legal fees
3,417
7,110
========
=		 Totals
£
117,276
=======
Totals
£
60,212
======
2022
£
6,533
5,785
12,318
=======

7. STAFF COSTS AND TRUSTEES

There was no trustees’ remuneration or other benefits for the year ended 31 July 2023 (2022 – the same).

Trustees’ expenses

No payments were made to trustees for travel expenses for the year ended 31 July 2023 (2022 – £Nil).

Staff costs were as follows:

Gross salaries
National insurance
Pension costs
=		 2023
£
37,862
-
3,506
41,368
=======
 2022
£
23,933
-
1,950
25,883
========

1 person was employed by the charity in the year (2022 – 1) and no employee earned over £60,000 in the year (2022 – the same). Key management personnel are the charity’s trustees who are unremunerated.

16

GALILEO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 JULY 2023

8. DEBTORS

2023
£
Other debtors
3,667
========
REDITORS: AMOUNTS FALLING DIE WITHIN ONE YEAR
Trade creditors
2023
£
-
Accruals and deferred income
5,880
5,880
========
 2022
£
3,667
========
2022
£
3,000
5,880
8,880
========

9. CREDITORS: AMOUNTS FALLING DIE WITHIN ONE YEAR

10. MOVEMENTS IN FUNDS

Balance at 1
August 2022
£
Unrestricted funds– general funds
195,830
Restricted funds:
Diocese of Padua Project
35,941
231,771
========
 Income
Expenditure
Balance at
31 July 2023
£
£
£
971,558
(1,003,796)
163,592
-
(35.941)
-
971,558
( 1,039,737)
163,592
========
========
========

Amounts were received from two US donors via the US Foundation to be spent on the Diocese of Padua Project at the Collegio Gregorianum in 2022. The balance was spent in 2023.

MOVEMENTS IN FUNDS 2022

Balance at 1 Balance at
August 2021 Income Expenditure 31 July 2022
£ £ £ £
Unrestricted funds– general funds 4,863 843,180 (652,213) 195,830
Restricted funds:
Diocese of Padua Project - 650,338 (614,397) 35,941
------------------ ------------------ ----------------- ------------------
£4,863 £1,483,518 £(1,266,610) £231,771
======== ======== ======== ========

17

GALILEO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 JULY 2023

11. ALLOCATION OF NET ASSETS BETWEEN FUNDS – 2023

Unrestricted Restricted 2023 2022
Fund Fund Total Total
£ £ £ £
Current assets 169,472 - 169,472 240,651
Creditors (5,880) - (5,880) (8,880)
163,592 - 163,592 £231,771
=========
========= ========== ==========
ALLOCATION OF NET ASSETS BETWEEN FUNDS - 2022
Unrestricted Restricted 2022 2021
Fund Fund Total Total
£ £ £ £
Current assets 204,710 35,941 240,651 16,718
Creditors (8,880) - (8,880) (11,855)
-------------------- ------------------- -------------------- --------------------
£195,830 £35,941 £231,771 £4,863
========= ========= ========== ==========

12. RELATED PARTIES

The charity had no related party transactions in either 2023 or 2022.

18

GALILEO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 JULY 2023

13. STATEMEMT OF FINANCIAL ACTIVITIES - 2022

Unrestricted Restricted 2022
Funds Funds Total
INCOME FROM: £ £ £
Donations and legacies 843,180 650,338 1,493,518
----------------- ----------------- ----------------
Total income 843,180 650,338 1,493,518
----------------- ----------------- ----------------
EXPENDITURE ON:
Raising funds 295,422 - 295,422
Charitable Activities 356,791 614,397 971,188
----------------- ----------------- -----------------
Total expenditure 652,213 614,397 1,266,610
----------------- ----------------- ----------------
Net income/(expenditure) 190,967 35,941 226,908
----------------- ----------------- ----------------
Net movement in funds 190,967 35,941 226,908
RECONCILIATION OF FUNDS
Fund balances brought forward 1 August 4,863 - 4,863
2021
-------------------- ----------------- --------------------
Fund balance carried forward 31 July 2022 £195,830 £35,941 £231,771
========== ======== ==========

19

GALILEO FOUNDATION

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2023

2023 2022
£ £
INCOME FROM:
Donations and legacies 971,558 1,493,518
Total income 971,558 1,493,518
EXPENDITURE
Raising donations and legacies
Project expenditure - -
Rome/ Vatican liaison work 151,804 233,986
USA donor outreach 40,240 23,309
Japan - 8,406
Papal -
Grants paid -
192,044 265,701
Investment management costs
Administrative expenses 62,813 29,721
62,813 29,721
Charitable activities
Grants 442,201 564,778
Other
Print, postage and stationery - 68
Consultancy 225,400 346,130
Miscellaneous office expenses - -
225,400 346,198
Support costs
Finance
Travel and subsistence 85,848 56,232
Entertainment 20,948 4,460
Sundries - -
Bank charges 85 119
Foreign exchange losses 3,285 (12,917)
--------------- ---------------
110,166 47,894
Governance costs
Accountancy 3,693 6,533
Legal fees 3,417 5,785
7,110 12,318
Total expenditure 1,039,734 1,266,610
---------------
Net income/(expenditure) (68,176) 226,908
======== ========

20