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2024-07-31-accounts

Charity registration number 1175889 (England and Wales)

Company registration number 10283625

GALILEO FOUNDATION

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

GALILEO FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr J F Normand Ms L Doughty Charity number (England and Wales) 1175889 Company number 10283625 Registered office 71 - 75 Shelton Street Covent Garden London WC2H 9JQ Independent examiner Simon Hayden ACA FCCA Perrys Audit Limited 4th Floor 399-401 Strand London United Kingdom WC2R 0LT

GALILEO FOUNDATION

CONTENTS

Page
Trustees report 1 - 4
Statement of Trustees responsibilities 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 15

GALILEO FOUNDATION

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2024

The trustees present their annual report and financial statements for the year ended 31 July 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".

Objectives and activities

The Galileo Foundation seeks to strengthen the mission and the institutional capacity of the Catholic Church in a variety of ways, but particularly at the centre and in its work with other faiths.

The foundation continues to fund key areas which reflect the apostolic mission of Pope Francis, namely the global fight against human trafficking and modern slavery, the protection of minors and the Church’s safeguarding work, the protection of Christian communities in the Holy Land and the promotion of dialog between all faiths.

Following the success of the first ‘Faith and Philanthropy’ Summit at the Vatican in October 2022, held in conjunction with UBS Optimus Foundation, the Jewish Funders’ Network and the Global Circle of Muslim Philanthropists, plans are well underway for the second Summit, which will be held in autumn 2024.

Achievements and performance

Significant activities and achievements against objectives

During the year, the Galileo Foundation continued its mission of supporting ongoing projects which amplify the work of the Catholic Church and the Holy See. Many of these, such as the work of the religious sisters’ network Talitha Kum, had their origins in the encouragement of Pope Francis and his personal commitment towards the dignity of the human person and the global fight against modern slavery.

The foundation supported further restoration work in the Vatican Museums, as well as the work of the Dicastery for Education on the Global Compact on Education.

We continued our support of Father Robert McCulloch’s work in Pakistan, translating the Roman Missal into Urdu as well as other initiatives which promote interreligious dialogue, including preparations for the second ‘Faith and Philanthropy’ Summit to be held in October 2024 at Blenheim Palace in England. Once again, over 150 philanthropists from diverse faith backgrounds are expected to attend the Summit, the theme of which will be ‘Promoting Peace and Understanding’.

Finally, the foundation began a three year initiative to support the daily life of the Pontifical Swiss Guard by underwriting the ‘Mensa’ or daily dining requirements of the corps. In May a group of Galileo donors visited the Commander of the Swiss Guards for a series of events which included meeting Pope Francis, who thanked the foundation profusely for its support in this tangible way.

Financial review

The charity has made a deficit in the year of £40,015 (2023: £68,178) as a result of a decrease in donations received during the financial year. During this and the previous financial year there has been a deliberate effort to utilize the surplus from earlier years, 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 £123,578.

GALILEO FOUNDATION

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Reserves policy

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 at the year end are £123,578 (2023 - £163,593) 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

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

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: Mr J F Normand

Ms L Doughty

Recruitment and appointment of trustees

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.

Other matters

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.

GALILEO FOUNDATION

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

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 giving 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 £100,00 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 award grants that are unfunded). Unrestricted funds stood at £123,578 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:

We continue to develop and grow our network of donors and supporters who share our vision for faithbased initiatives which strengthen mutual understanding between all faiths. Our events are designed to bring together donors from all faith groups who share the vision of Pope Francis.

We are planning a series of events during the year to support the second Summit.

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

GALILEO FOUNDATION

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

The Trustees report was approved by the Board of Trustees.

Mr J F Normand Trustee

11 September 2025

GALILEO FOUNDATION

STATEMENT OF TRUSTEES RESPONSIBILITIES

FOR THE YEAR ENDED 31 JULY 2024

The trustees, who are also the directors of Galileo Foundation for the purpose of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GALILEO FOUNDATION

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GALILEO FOUNDATION

I report to the trustees on my examination of the financial statements of Galileo Foundation (the charity) for the year ended 31 July 2024.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.

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

Independent examiner's statement

Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of ICAEW and ACCA, which is one of the listed bodies.

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

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 financial statements to be reached.

Simon Hayden ACA FCCA Perrys Audit Limited 4th Floor 399-401 Strand London WC2R 0LT United Kingdom

11 September 2025

GALILEO FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JULY 2024

Unrestricted
Unrestricted
Restricted
funds
funds
funds
2024
2023
2023
Notes
£
£
£
Income from:
Donations and legacies
3
723,248
971,558
-
Total income
723,248
971,558
-
Expenditure on:
Raising funds
4
147,457
254,858
-
Charitable activities
5
615,806
748,937
35,941
Total expenditure
763,263
1,003,795
35,941
Net expenditure and movement in funds
(40,015)
(32,237)
(35,941)
Reconciliation of funds:
Fund balances at 1 August 2023
163,593
195,830
35,941
Fund balances at 31 July 2024
123,578
163,593
-		 Total
2023
£
971,558
971,558
254,858
784,878
1,039,736
(68,178)
231,771
163,593

GALILEO FOUNDATION

BALANCE SHEET

AS AT 31 JULY 2024

Notes
Current assets
Debtors
10
Cash at bank and in hand
Creditors: amounts falling due within
one year
11
Net current assets
The funds of the charity
Unrestricted funds
14		 2024
£
32,833
94,054
126,887
(3,309)		 £
123,578
123,578
123,578		 2023
£
3,667
165,806
169,473
(5,880)		 £
163,593
163,593
163,593

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 July 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the trustees on 11 September 2025

Mr J F Normand Trustee

Company registration number 10283625 (England and Wales)

GALILEO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

1 Accounting policies

Charity information

Galileo Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is 71-75 Shelton Street, London, England, WC2H 9JQ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 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.

GALILEO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

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 independent examination, legal fees and other professional advice.

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8 Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.9 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.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

GALILEO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Donations and gifts 723,248 971,558
Expenditure on raising funds
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Fundraising and publicity
Rome and Vatican liaison work 92,897 151,804
USA donor outreach 1,035 40,241
Other fundraising costs 12,050 21,445
Staff costs 41,475 41,368
147,457 254,858
Expenditure on charitable activities
Support in Support in
furtherance furtherance
of the of the
Catholic Catholic
faith faith
2024 2023
£ £
Direct costs
Grant funding 354,645 442,201
Share of support and governance costs (see note 6)
Support 241,844 335,567
Governance 19,317 7,110
615,806 784,878
Analysis by fund
Unrestricted funds 615,806 748,937
Restricted funds - 35,941
615,806 784,878

4 Expenditure on raising funds

5 Expenditure on charitable activities

GALILEO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

6 Support costs allocated to activities

Bank fees
Entertainment
Travel and subsistence
Foreign exchange losses
Fundraising consultancy
General expenses
Computer running costs
Governance costs
Analysed between:
Support in furtherance of the Catholic faith
Governance costs comprise:
Accountancy
Legal and professional		 2024
£
830
10,334
51,770
5,595
171,992
1,124
199
19,317
261,161
261,161
2024
£
9,568
9,749
19,317		 2023
£
84
20,948
85,848
3,286
225,401
-
-
7,110
342,677
342,677
2023
£
3,693
3,417
7,110

7 Trustees

No Trustee or person related or connected to them received any remuneration or benefits from the charity during the current or preceding year.

No trustees received any reimbursed expenses in the year (2023: NIL).

8 Employees

The average monthly number of employees during the year was:

2024 2023
Number Number
1 1

GALILEO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

8
Employees
Employment costs
Wages and salaries
Other pension costs		 (Continued)
2024
2023
£
£
39,500
37,862
1,975
3,506
41,475
41,368		 (Continued)
2024
2023
£
£
39,500
37,862
1,975
3,506
41,475
41,368
41,368

There were no employees whose annual remuneration was more than £60,000.

9 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

10
Debtors
Amounts falling due within one year:
Other debtors
11
Creditors: amounts falling due within one year
Other taxation and social security
Other creditors
Accruals and deferred income
12
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2024
£
32,833
2024
£
20
289
3,000
3,309
2024
£
1,975		 2023
£
3,667
2023
£
-
-
5,880
5,880
2023
£
3,506

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

GALILEO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

13 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Previous year: At 1 August Resources At 31 July
2022 expended 2023
£ £ £
Diocese of Padua Project 35,941 (35,941) -

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.

14 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 August
2023
Incoming
resources
Resources
expended
£
£
£
General funds
163,593
723,248
(763,263)
Previous year:
At 1 August
2022
Incoming
resources
Resources
expended
£
£
£
General funds
195,830
971,558
(1,003,795)		 At 31 July
2024
£
123,578
At 31 July
2023
£
163,593

15 Analysis of net assets between funds

Unrestricted
funds
2024
£
At 31 July 2024:
Current assets/(liabilities) 123,578
123,578

GALILEO FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

15 Analysis of net assets between funds (Continued)
Unrestricted
funds
2023
£
At 31 July 2023:
Current assets/(liabilities) 163,593
163,593

16 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).