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2021-12-31-accounts

Charity number: 1186770

Venice in Peril Fund CIO

Report and financial statements For the year ended 31 December 2021

Venice in Peril Fund CIO

Contents

For the year ended 31 December 2021

Page Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 2 Independent examiner’s report .................................................................................................... 14 Statement of financial activities (incorporating an income and expenditure account) ................... 15 Balance sheet ............................................................................................................................... 16 Notes to the financial statements ................................................................................................. 17

Venice in Peril Fund CIO

Reference and administrative information

For the year ended 31 December 2021

Charity number 1186770 Country of Registration England and Wales Registered office and Unit 11, Hurlingham Studios operational address Ranelagh Gardens LONDON SW6 3PA Trustees Trustees who served during the year and up to the date of this report were as follows:

Guy Elliott Elected Trustee 26 April 2022 Appointed Chairman 26 April 2022 Jonathan Keates FSA FRSL Chairman (retired 26 April 2022) Anthony Roberts Elected Trustee 26 April 2022 Appointed Vice-Chairman 26 April 2022 Lady Clarke CBE President and Vice-Chairman (retired 26 April 2022) Gaia Penteriani Cosulich Treasurer Richard Haslam Secretary Geri Della Rocca de Candal Lady Hale Professor Deborah Howard John Millerchip Marina Morrisson Atwater Sarah Quill Jon Rayman Nicholas Chandler Elected to CIO July 2021 Key management Emma-Louise Bassett Joint Chief Executive Officers personnel Annabel Randall Bankers Lloyds Bank Ltd 21-23 Hill Street Mayfair LONDON, W1J 5JW Independent Fleur Holden FCA Examiner Sayer Vincent LLP Chartered Accountants Invicta House 108-114 Golden Lane LONDON EC1Y 0TL

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Venice in Peril Fund CIO

Trustees’ annual report

For the year ended 31 December 2021

At the Venice in Peril Fund Trustees’ Board Meeting of 20 July 2021 the Transfer Deed was signed, whereby the operations and assets of the original charity Venice in Peril Fund (No 262146) were to be transferred to the successor charity Venice in Peril Fund CIO. The Transfer happened on 30[th] June 2021.

The Trustees present their report and the financial statements for the year ending 31 December 2021. The charity was operational from the 30 June 2021 following the transfer of net assets from the Venice in Peril Fund (charity number: 262146). As set out in accounting policy 1b, merger accounting has been applied, and therefore the comparative information for 2020, plus the activity up until 30 June 2021, is that of the existing charity number 262146.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the charity's trust deed and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

Purposes and aims

The CIO was established as the successor to the Venice in Peril Fund (the original charity, registration no. 262146) created by a Declaration of Trust dated 5[th] February 1971 and made by John Julius, Viscount Norwich, Robin Richard Allen, Nathalie Brooke, Hugh Denis Charles Fitzroy Duke of Grafton, Sir Henry Ashley Clarke, Richard Hugh Grierson, John Allan Chaplin Perce, Sir John Wyndham Pope-Hennessy and Carla Baroness Thorneycroft. This founding document cited the worldwide concern for the well-being of Venice expressed by the United Nations, the Council of Europe and the Parliaments of Italy and the United Kingdom.

The purpose of the CIO is to continue and build upon the work and achievements of the original Venice in Peril Fund accordingly the Objects of the CIO are:

To promote and support for the benefit of the public, the conservation of the antiquities, historic buildings, monuments, archives and works of art situated in Venice and on the islands of the Venetian lagoon by:

The Trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The Trustees

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Trustees’ annual report

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report the success of each key activity and the benefits the charity has brought to those it is set up to help. The review also helps the Trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives that have been set.

Achievements and performance

This report details the activities that previously took place within the Venice in Peril Fund and which now take place within the Venice in Peril Fund CIO from the date of the transfer 30 June 2021.

The charity’s main activities and whom it tries to help are described below. All its charitable activities focus on the safeguarding of Venice and are undertaken for the public benefit.

Achievements and Performance – Conservation Projects in Venice –

Armstrong Mitchell Crane – Arsenale

The Victorian Armstrong Mitchell Crane, of 1883, stands on a wharf surrounded by the part of the Arsenale leased by the Biennale. Since 2003 Venice in Peril Fund had paid for research, surveys and conservation maintenance of the structure but was unable to raise the €2.4 million for the full project. In 2021 it was announced that €153 million of EU Recovery and Resilience Plan funds is to be managed by the Public Works Department of the Comune for the development of the Arsenale, with €3.5million earmarked for the Armstrong-Mitchell Crane and its setting.The Trustees await further news but will offer all research results and conservation reports funded by ViP to the responsible institution.

Canova Cenotaph – Basilica of the Frari

Work started in May 2021 on the main project to safeguard this imposing neoclassical monument and is due to complete in September 2022 ahead of the 200[th] anniversary of Canova’s death on October 13. The conservation firm of Ottorino Nonfarmale under Giovanni Giannelli also undertook the earlier diagnostic project in summer 2020. Two Conservation students from the Istituto Veneto per I Beni Culturali have benefited from internships working on the project. It is the first time that it has been possible to share a project in real time, thanks to an initiative from Ottorino Nonfarmale to record the work on Instagram. The early part of the project was also included in the Venice in Peril 50[th] Anniversary film – ’50 years of conservation stories’ shot in October 2020. A further short film covering the whole project will be presented in autumn 2022.

Nativity Triptych – Accademia

Three vertical panel paintings and a lunette make up a triptych commissioned as one of four for the Carità church suppressed in 1797. The dismantled panels have, like many artworks affected by political turbulence, had a chequered history. The Nativity panel was sent to the Brera in 1808 and

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returned in 1891. The two flanking saint panels and the lunette went to San Giovanni Evangelista. The saint panels were returned to the Accademia in 1834 and the lunette, via the Correr, only in 1923. Since then the triptych has been displayed in a speculatively reassembled state in the Accademia. This project started in September 2019 but progress was delayed by Coronavirus lockdowns in 2020 and again in 2021 with staff absences combined with climatic control issues and other work taking precedence in the conservation laboratory. Evidence is emerging that as well as Giovanni Bellini having undertaken most of the work on the panels, with a journeyman assistant, the artist was also working on a layout scheme for this and the other three altars set in the architectural ‘barco’ structure between the sanctuary and nave in the Cappella della Carita. The Accademia is working with Bellini experts on a consolidation and extension of knowledge project to try and understand the original scheme and significance. It hopes to find funding for the fourth of the triptychs to complete the series and share findings via an exhibition. This project has both safeguarded a work of art and enabled a larger programme of research and interpretation. See plan for the future.

San Zaccaria Crucifix – San Zaccaria

A joint project with the Dutch Committee, American-Italy Society of Philadelphia, SAVE Venice and the Austrian and Italian Committees. The conservation project for this 15[th] century polychrome wooden figure of Christ crucified (which originally hung in the nave of the original Gothic church of San Zaccaria), was carried out by Roberto Bergamaschi in the state-owned Misericordia laboratory in Cannaregio and completed in 2021. It will be installed in the chapel to the right of the high altar in summer 2022.

Torcello Iconostasis

This project, supported jointly with SAVE Venice Inc, in memory of Venice in Peril’s founding Chairman, John Julius Norwich, started in 2019 when the 11C stone screen was treated. The 13 tempera panels of the Apostles and the Virgin dating to about 1425 are still undergoing conservation by studio MAUVE srl in Venice. Since some of the panels have suffered extensive paint loss and the original order of their display is unknown, there have been careful deliberations about how to solve the challenges of both the former and the latter. It was featured in the Winter 2021 Newsletter and in April 2022 a liturgically acceptable order was decided. The panels will be reinstalled on 28 June 2022. This project suffered delays caused by the pandemic.

Acqua Alta 2019 Projects

In November and December 2019 Venice was flooded several times with varying degrees of disastrous damage inflicted to businesses and historic monuments. Venice in Peril Fund launched an Acqua Alta 2019 Appeal in November and raised over £160,000. It took many weeks for a full inventory of the damage to emerge and so the funds raised were allocated to three projects in the course of 2020 rather than to immediate response in the aftermath since that need was answered. The Trustees concluded it would be more effective to offer assistance to sites with which the Fund already had a relationship.

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Trustees’ annual report

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San Nicolò dei Mendicoli

Venice in Peril first became involved with this church in the 1970s, returning to undertake a number of projects to support the parish. Over the winter of 2019 the church, which is particularly low, flooded badly and often. The 2020 project at San Nicolo was undertaken to prevent damage should MOSE fail, even once. Prepared by San Nicolò’s architect, Marco Zordan, it initially involved newer, higher and lighter door barriers and a new drainage channel system and pumps for the sanctuary area. The project was not completed in 2021 as hoped because of delays in the supply of the door barriers and pandemic related issues. It was then unexpectedly discovered in early 2022 that the waterproof concrete layer installed the 1970s which was thought to be limited to the nave in fact extended across the Sanctuary as far as the high altar but had subsequently been breached in places in order to lay cabling. So the project was amended with the installation of pipes to intercept water rising through the gravel below the zatterone (substructure) and carry it to the pump points. The gravel was then covered with an impermeable membrane.

Tablino – Palladio interior in the Accademia Galleries

The Tablino, an interior inspired by the villas of ancient Rome, is a room in a wing designed by Palladio for the convent of the Lateran Canons in 1562. The range is now part of the Accademia Galleries and houses works by Canova and his contemporaries on the ground floor. Venice in Peril supported the fitting out of these rooms and the conservation of some of the Canova works between 2011 and 2016. The series of high winter tides in 2019 caused flooding here for the first time which damaged the terracotta floor and traditional marmorino walls. Working with the director of the Accademia, Giulio Manieri Elia, and the conservation firm UNISVE, it was decided, alongside the repairs in the Tablino, to open a bricked-up doorway and instal a new pump below ground in the adjacent Palladio stairwell to carry off floodwater should the Tablino be flooded again. This extension of the project offered the added benefit of giving visitors sight of Palladio’s spectacular spiral staircase. The project was finished in June 2021 and Palladio’s staircase is now accessible to view for the first time from the Tablino.

San Pietro Relief – San Trovaso

This is a 13[th] century Greek marble relief showing St Peter, set in a niche in a wall in Campo San Trovaso. The iron grating across the niche has caused extensive staining of the stone and the relief has suffered surface spalling. The trustees adopted this €20,000 project in memory of Peter Boizot, founder of Pizza Express and initiator of the Veneziana pizza fundraising campaign that has raised over £2 million for Venice in Peril Fund projects. By the end of 2021 project planning was well advanced and work should take place in 2022.

Training Bursary for an Assistant to the Head Conservation Scientist at Misericordia Laboratory.

The Accademia Galleries is the only state museum in Italy with its own laboratory offering the full range of diagnostic tools to inform conservation treatments. It ideally operates with a team of four conservation scientists, but currently only has one, Stefano Volpin, who is approaching retirement. The laboratory is challenged by the enormous task of maintaining artworks from across Venice and the Veneto. Responding to the proposal from Giulio Manieri Elia, Director of the Accademia, to the

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Association of International Private Committees, for a funded three year bursary costing €12000 a year, Venice in Peril contributed €12,000 and further funding has come from Pro Venezia Sweden and SAVE Venice. Venice in Peril has a track record of supporting conservation education and training and the trustees saw this as both an urgent need and an opportunity to build capacity at the Misericordia. The bursary was awarded to Lucia Giorgi who started in May 2021. She has so far worked on the Polyptych di Santa Chiara, by Paolo Veneziano, Lion of Saint Mark, by Vittore Carpaccio, Erminia and Vaprino with the wounded Tancredi, by Giannantonio Guardi, Sant’Anna by Jacopo Bassano, Annunciation by Alvise Gaetano, Parable of the Wise and Foolish Virgins by Il Padovanino, Saint George and the Dragon and Vision of St Augustine, by Vittore Carpaccio.

Trinity Wellhead, Archivio di Stato

The Wellhead in the larger of the two cloisters of the Archivio di Stato complex dates to 1725 and consists of a wellhead below an imposing arch surmounted by a sculptural group in Istrian stone showing the Trinity of God the Father, God the Son and the Holy Spirit (the latter represented as a bronze dove with bronze rays issuing from it), among billowing clouds. The wellhead and the four archangel statues around it are by Francesco Penso, known as Cabianca. With the patterned paving around it, which is broken over the water channels, and forms part of the well-system, it has been on the Soprintendenza list as priority needs for several years. A major state project to restore large parts of the archive complex and the wellhead in the adjacent cloister and extend public access via a new entrance in the Rio Marin, to include conference and reception facilities, gave this project the appropriate context for the Trustees to approve it as a 50[th] Anniversary project in July 2021. An Appeal for £100,000 was launched and a fundraising lecture held in September given by Jeremy Warren, Honorary Curator of Sculpture at the Ashmolean Museum. By late March 2022 the target was close to being met. Preparations for the design of the project are underway.

Portale San Antonio

A project to restore the monumental doorway (1689) of the Winter Refectory in the Archivio di Stato complex was funded entirely by the Fondation Jean-Barthélemy in memory of Monique Velay and carried out by LARES Restauri. It was unveiled in November 2021.

Polychrome and gilded wooden statues from San Nicolò dei Mendicoli

Three statues of St Mark, St John and an Angel candle bearer, dating to the late 16[th] early 17[th] century, were adopted, one by the Fondation Jean-Barthelemy and two by Frances Clarke to mark her 90[th] birthday. Conservation was carried out under the auspices of the Ufficio per Arte Sacra e Beni Culturali del patriarcato di Venezia by MAUVE Srl in their Venice studio. The two evangelist statues are now set upon on the High Altar but were probably originally mounted above columns in the sanctuary as part of the series of statues that still lines the nave. They were then removed when the sanctuary was stripped back to its Gothic appearance in the 1920s. The Angel candlebearer is currently sited in the chapel to the right of the high altar.

Achievement and Performance in the UK

In the UK the charity maintains a balance between fundraising for the projects in Venice and raising awareness of the city’s ongoing problems and needs as regards conservation and the safeguarding

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of its unique heritage. It provides Friends and donors with opportunities to discover more about Venice as they contribute to the conservation which can be a catalyst for sustainability and economic renewal. This is a significant and necessary activity.

2021 was the 50[th] Anniversary of Venice in Peril Fund. A general 50[th] Anniversary Appeal was launched in the Winter 2020 Newsletter and then in July with the announcement of the adoption of the Trinity Wellhead (see projects), a target of £100,000 was set which by March 2022 had nearly been met. July 2021 also saw the launch of the Patron circle of supporters who commit to an annual donation of £500 or more (now a group of 30) and in November an informal Young Venetians group was launched. A half hour film, ’50 years of conservation stories’, shot between lockdowns in October 2020, by Kate Herron was premiered in September 2021 and is hosted on the website. The film was intended to make the core conservation work more accessible to supporters and enable the charity to connect with new audiences – which it is doing successfully. A 50[th] Anniversary party to thank longstanding supporters and introduce new donors was generously hosted by a donor in October.

A programme of lectures underpins Venice in Peril’s supporting objectives and because lecturers generously give their time and share their expertise, they are donations in kind. In 2021 some talks were in person and some online, enabling access to audiences with a wider geographic spread. The lectures often take a specific project as a starting point making them an opportunity to explain the significance of places and objects and why they should be conserved. The speakers were: Jonathan Keates (Carlo Goldoni: Theatre of Real Life in 18C Venice, connected to the Goldoni Marionettes project of 2019); John Darlington (Venice and Spirit of Place); Bernard Aikema (San Zaccaria in the 15C, connected to the San Zaccaria 15C crucifix); Montserrat Pis Marcos (Woburn Canaletto show at the Holburne); Jeremy Warren, (Cabianca and the Trinity Wellhead, in support of the 50[th] Anniversary Appeal); Jo Willett (Lady Mary Wortley Montagu’s Adventures in Venice); Matthew Rice gave the Ashley Clarke Memorial Lecture ‘Sketchbooks: Why I always have mine with me’ and Jonathan Keates (The Gondoliers and Gilbert and Sullivan). About 1400 attended Venice in Peril Lectures.

Trustees including Jonathan Keates, Sarah Quill and Deborah Howard also gave talks in their areas of expertise with reference to the work of Venice in Peril Fund.

Additionally 2021 saw the launch of a new website, a Summer and Winter Newsletter posted to Friends, donors and Patrons, a Christmas Card featuring the Bellini Triptych Nativity – a current project of Venice in Peril Fund.

Education and Outreach

The launch of the Young Venetians group, the extension of online lectures with free sign ups for students, an informal connection offering free tickets to young teachers at Art History LinkUp together with the hosting of the new film ’50 years of Conservation Stories’ on the new website have boosted education and outreach in 2021.

One bursary in Venice was supported at a cost of €12,000 for the training of a conservation scientist

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for a year – see projects. The Canova Monument project provided the opportunity of an internship for two conservation students from the Istituto Veneto per I Beni Culturali.

City and Guilds of London Art School

The City and Guilds of London Art School internship was cancelled because of the Coronavirus pandemic as was the Stonework Conservation student visit to Venice.

Beneficiaries of our services

The beneficiaries of our services include everyone who cherishes Venice and its heritage now and in the future, both in the city and across the world. They include the public, visitors to Venice and its residents, conservators whose businesses are supported by the work funded, museum curators, academics, graduates, students and professional conservators who receive bursaries. The charity’s funding of conservation should also be seen in a wider beneficial context as a catalyst for sustainability and economic renewal in the city.

Principal risks and uncertainties

Underlying the sustained level of income in 2021, is the reality that legacies make up a disproportionately large but unpredictable income stream. Unrestricted income of other kinds remained low through 2021 although the launch of the Patron Group has been successful. The pandemic meant that there were fewer opportunities to interact with supporters but this did not result in markedly negative financial outcomes.

Since Frances Clarke, widow of the founder of Venice in Peril no longer lives in Venice the visibility of Venice in Peril, within the city, is reduced and needs to be boosted. The trustees will be planning how to correct this.

John Millerchip who has been a trustee and has steered the projects in Venice signalled his intention to retire. Susan Steer began to shadow John over the course of 2021 with the aim that she will gradually take over his duties. It will be a period of transition and the trustees will be monitoring and supporting developments.

The reach of Venice in Peril Fund also needs to be substantially extended through creating a larger email database and the trustees are planning with the appointment of Anthony Roberts, new Vice chair, to launch a digital strategy to extend and improve digital presence.

Having more projects in progress than ever before, there is a risk that funds deplete, removing the cushion of reserves which has been used to underwrite small projects over the last few years. This increases the need for fundraising for general purposes at a time of uncertainty postpandemic.

Concerns relating to Brexit uncertainty did not have an negative impact on fundraising or projects.

The MOSE tidal barriers have been in regular operation safeguarding the city from extreme high tides but the risk to the fabric of the city continues to be chronic. Additionally the issues of

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demographic loss of residents and the likelihood that tourism numbers will return to unsustainable levels post-pandemic brings risk and uncertainty. It was agreed in July 2021 that three trustees meet in an informal sub-committee to explore the issues of residentiality and report back to the board.

COVID-19

The risks and uncertainty arising from the prolonged pandemic and successive lockdowns continued through 2021 and meant that fundraising for the 50[th] Anniversary Appeal was more challenging. A fundraising thank you party had to be postponed suddenly from June to October due to regulations. Income streams were not unduly affected in 2021 although the impossibility of holding the Kirker Lecture resulted in lower event income but also lower visibility and less interaction with supporters.

In Venice in 2021, there were further delays to projects, after it had looked as though these would not impede progress and again the difficulties in travel made it hard to sustain representation in the city and for Trustees to keep in touch with the situation on the ground.

The pandemic also resulted in further delays in the progress of three projects: the Bellini Triptych, San Nicolo dei Mendicoli and the Torcello panels when conservators fell sick with Covid. Indeed all three of these projects were still ongoing into the Spring of 2022.

After continuing with free access with a suggested donation to online lectures in Spring 2021, there was a move to hybrid and paid online events for the Autumn 2021 programme to counteract the fall in income from events. Live events were also re-introduced from September 2021.

VIPF is exposed to fluctuating £/€ exchange rates. In 2021 these had minimal impact on operations.

Financial review

The CIO became operational on the 30 June 2021 following the transfer of net assets from the Venice in Peril Fund (charity number: 262146).

As the new CIO has the same trustees, activities and accounting policies of the former Trust, the accounts are prepared as if it is one continuing entity. As such the financial statements show the comparative information of the former Trust and present the financial information for the Trust and CIO in 2021 as if undertaken by the CIO. As a result the assets of the former Trust are presented as the CIO’s reserves and therefore no actual transfer of assets is visible within the financial statements.

The net result for the operational period was a surplus of £47,833, bringing total funds at the year end to £865,475. This was made up of a surplus of £25,655 on unrestricted funds and £22,178 on restricted funds.

Reserves policy and going concern

The Trustee’s policy is for the charity to hold sufficient reserves to complete projects to which it is committed and those started in the year and also to take on further projects and continue its

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administration and fundraising activities for a year. The trustees consider that an amount of at least £120k is required to ensure that the charity can maintain its administrative capacity for 12 months.

The charity’s general reserves, after allowing for restricted and designated funds, amounted to £412k at year end. The Trustees believe that this level of reserves meets the requirements of the policy stated above.

Plans for the future

Although the pandemic necessarily curtailed some plans for the 50[th] Anniversary year in 2021, it became clear that the £100,000 anniversary appeal for the Trinity Wellhead was a realistic target (reached in May 2022), that the new Patron Group could be grown successfully and that there was enthusiasm and opportunity for the development of the Young Venetians programme inaugurated in November 2021.

Plans for 2022 include the consolidation of these initiatives and the marking of inaugurations of several projects coming to completion including the Canova Monument, San Nicolò dei Mendicoli, the Torcello Iconostasis, the Bellini Triptych and the Tablino.

Plans for the future will flow from the appointment of Guy Elliott as the new Chair of Venice in Peril Fund CIO and Anthony Roberts as Vice-Chair from 26 April 2022 following the retirement of Jonathan Keates as Chair. In Venice John Millerchip signalled his gradual retirement over the course of 2022 after 40 years. Susan Steer will take over project co-ordination (after a period shadowing John Millerchip) in a part-time paid role.

A new digital strategy will see updating of the charity’s systems.

The Kirker Lecture, revived after two years, was given by Tristram Hunt, director of the V&A, at the Royal Geeographical Society on 17 May 2022. The postponed 50[th] Anniversary party hosted by the Italian Embassy in London for Friends, Patrons, Young Venetians and Lecturers took place on 4 May 2022.

Awareness of the different environment in which the charity will be operating post-CoVid means the trustees will be alert to the rapidly changing situation which may produce adjustments to other operations of the charity in the UK and or in Venice.

Structure, governance and management

The charity is a Charitable Incorporated Organisation registered on 5 December 2019 in England and Wales. It is governed by its constitution dated 18 November 2019.

The Trustees signed the Transfer Deed on 20 July to enable the assets of Venice in Peril Fund Charity No 262146 to be transferred to the successor charity Venice in Peril Fund CIO No. 1186770. The Transfer took place on 30[th] June 2021.

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Tasks relating to the transfer have mostly been completed and Bates Wells is responsible for placing Venice in Peril Fund on the Charity Commission list of mergers.

All Trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 8 to the accounts. One trustee receives an honorarium of £1,800 pa towards expenses incurred in managing the project workload. This will cease during the course of 2022.

Appointment of Trustees

With the signing of the Transfer Deed on 20 July 2021, the trustees of Venice in Peril Fund Charity became trustees of the Venice in Peril Fund CIO for the remainder of their three year appointment terms. A schedule of appointments was included in the Constitution of the Venice in Peril Fund CIO registered with the Charity Commission on 5 December 2019, so that the subsequent appointment of trustees to the CIO might be achieved in an orderly staged way.

In July 2021 one trustee, Nicholas Chandler, was appointed as a Trustee of Venice in Peril Fund CIO.

In November 2021 a recruitment process for a new Chair was launched using Venice in Peril networks and Nurole Recruitment. In March 2022 Guy Elliot was appointed as Chair and Anthony Roberts as Vice Chair with their appointments being confirmed at the Trustee Meeting on 26 April 2022.

Apart from the first charity trustees (see above), every trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees. Any person retiring as a charity trustee is eligible for reappointment. A charity trustee who has served for three consecutive terms may not be reappointed for a fourth consecutive term but may be reappointed after and interval of at least one year.

New Trustees are recruited and appointed to fill gaps in expertise in the Trustee body.

Trustee induction and training

The Chairman of Trustees is responsible for the induction of any new Trustee. This involves familiarization with responsibilities, with the governing document and administration procedures, and with the charity’s history and fundamental principles. A new Trustee will receive copies of the previous year’s annual reports and accounts and a link to the Charity Commission booklet, ‘The Essential Trustee: What You Need To Know’.

Related parties and relationships with other organisations

The charity is a member of the Association of International Private Committees for the Safeguarding of Venice, an international body with 27 member committees which has an office and part-time employee based in Venice and to which the charity pays an annual subscription plus handling charges for each project. The subscription in 2021 was €3500. In 2021 Venice in Peril Fund

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administered most of its conservation projects in partnership with one or more of the following stakeholders: Association of Private Committees, individual museums, the Superintendencies in Venice (the Italian state authorities with responsibility for heritage, one department of which designs the projects while another directs works) and the Ufficio per Arte Sacra e Beni Culturali del Patriarcato di Venezia.

In 2021 John Millerchip and Frances Clarke, Trustees of Venice in Peril Fund, served on the committee of ARECSM (Associazione per il Reparto Evangelico del Cimitero di San Michele) which works for conservation of the Protestant Cemetery on San Michele. Frances Clarke is on the parish council of the Anglican Church of St George in Venice. Emma-Louise Bassett is a Trustee of the GeM Award. Deborah Howard is the Chairman of the British and Commonwealth Committee of the Gladys Krieble Delmas Foundation, which awards small grants for research in Venice.

VIP Trading Limited is a company set up to undertake income generating trading on behalf of Venice in Peril Fund. Its only (2) shareholders were Trustees of Venice in Peril Fund and hold their shares on trust for the charity (see Note 17). Venice in Peril Fund Trading was transferred to the CIO but in view of the limited possibility of significant income being generated in future, it has been decided that the company should be dissolved.

Statement of responsibilities of the Trustees

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the Trustees should follow best practice and:

The Trustees are responsible for keeping proper 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 Charities Act 2011. 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.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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The Trustees’ annual report was approved by the Trustees on 18 July 2023 and signed on their behalf by

Gaia Penteriani Trustee

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Independent examiner’s report

For the year ended 31 December 2021

I report to the trustees on my examination of the accounts of Venice in Peril Fund CIO for the year ended 31 December 2021.

This report is made solely to the trustees as a body, in accordance with the Charities Act 2011. My examination has been undertaken so that I might state to the trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for my examination, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity trustees of the CIO you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the CIO’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011 (‘the 2011 Act’).

Independent examiner’s statement

Since the CIO’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a 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 material 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 accounts to be reached.

Name: Fleur Holden FCA

Address: Sayer Vincent LLP, Invicta House, 108-114 Golden Lane, London, EC1Y 0TL Date: 26 September 2023

14

Venice in Peril Fund CIO

Statement of financial activities

For the year ended 31 December 2021

For the year ended 31 December 2021
Note
Income from:
2
3
4
5
6
6
6
7
Reconciliation of funds:
Donations and legacies
Charitable activities
Education and outreach
Raising funds
Total expenditure
Charitable activities
Investments
Total income
Expenditure on:
Other trading activities
Education and outreach
Conservation
Total funds carried forward
Net movement in funds
Total funds brought forward		 Unrestricted
£
227,546
5,679
3,530
260		 Restricted
£
96,951
-
-
-		 2021
CIO
Total
£
324,497
5,679
3,530
260		 Unrestricted
£
88,015
4,065
3,639
2,730		 Restricted
£
109,847
-
-
-		 2020
TRUST
Total
£
197,862
4,065
3,639
2,730
237,015 96,951 333,966 98,449 109,847 208,296
34,611
144,104
32,645		 -
74,773
-		 34,611
218,877
32,645		 28,067
158,566
17,525		 -
57,480
-		 28,067
216,046
17,525
211,360 74,773 286,133 204,158 57,480 261,638
25,655
661,972		 22,178
155,670		 47,833
817,642		 (105,709)
767,681		 52,367
103,303		 (53,342)
870,984
687,627 177,848 865,475 661,972 155,670 817,642

All of the above results are derived from continuing activities.

The CIO became operational on the 30 June 2021 following the transfer of net assets from the Venice in Peril Fund (charity number: 262146).

As the new CIO has the same trustees, activities and accounting policies of the former Trust, the accounts are prepared as if it is one continuing entity. As such the financial statements show the comparative information of the former Trust and present the financial information for the Trust and CIO in 2021 as if undertaken by the CIO. As a result the assets of the former Trust are presented as the CIO’s reserves and therefore no actual transfer of assets is visible within the financial statements.

The comparative column therefore states 'Trust' and the current year column 'CIO' throughout these financial statements. The 2021 figures for the statement of financial activities and related notes includes the results of the Trust to 30 June 2021 and the results of the CIO thereafter.

There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 15 to the financial statements.

15

Venice in Peril Fund CIO

Balance sheet

As at 31 December 2021

As at 31 December 2021 As at 31 December 2021
Note
£
Fixed Assets:
Current assets:
8,948
875,244
884,192
Liabilities:
(18,719)
Total unrestricted funds:
Designated funds
275,380
General funds
412,247
Cash at bank and in hand
Debtors
Investments
Restricted income funds
Total charity funds
The funds of the charity:
Creditors: amounts falling due within one year
Net current assets / (liabilities)
Total net assets / (liabilities)		 2021
CIO
£
£
2
2
6,497
827,189
833,686
(16,046)
865,473
865,475
177,848
406,286
255,686
687,627
865,475		 2020
TRUST
£
2
2
817,640
884,192
(18,719)
275,380
412,247
817,642
155,670
661,972
817,642

Approved by the trustees on 18 July 2023 and signed on their behalf by

Gaia Penteriani Trustee

16

Venice in Peril Fund CIO

Notes to the financial statements

For the year ended 31 December 2021

1 Accounting policies

a) Statutory information

Venice in Peril Fund CIO is an incorporated charity registered with the Charity Commission for England and Wales, registration number 1186770.

On 30 June 2021, the entire assets and liabilities of Venice in Peril Fund (former charity number 262146) were merged with those of the newly created Charitable Incorporated Organisation (CIO), Venice in Peril Fund CIO (charity number 1186770). Accounting policy 1b explains the basis of accounting for the merger.

The registered office address is Hurlingham Studios, Ranelagh Gardens, London SW6 3PA.

b) Basis of preparation

The financial statements have been prepared in accordance with 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) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

Merger accounting

The trustees of the unincorporated charity decided to establish a CIO to take forward the charity’s work. Nevertheless, the purposes and beneficiaries of the charity remained unchanged and the trustees also stayed the same. As such, the accounts have been prepared under merger accounting, as required under SORP section 27.

Merger accounting involves aggregating the assets, liabilities and funds of the combining charities and presenting them as though they had always been part of the same reporting charity. Although the reconstruction took place part way through the reporting period, the accounts have been drawn up to include the results of the combining charities for the whole of the reporting period in which the merger occurred.

The new CIO was registered with the Charity Commission on 5 December 2019 and remained dormant until the merger date of 30 June 2021. There were no changes in accounting policies or other adjustments required to the transferred assets and liabilities as a result of the merger. As such, the net assets and financial performance as reported in the statement of financial activities of the new CIO at the date of the merger are identical to those of the former entity.

c) Public benefit entity

The CIO meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the CIO's ability to continue as a going concern.

e) Income

Income is recognised when the CIO has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the CIO is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the CIO that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the CIO has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the CIO, or the CIO is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

f) Interest receivable

17

Venice in Peril Fund CIO

Notes to the financial statements

For the year ended 31 December 2021

g) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

h) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

i) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on an estimate of the amount attributable to each activity.

Governance costs are the costs associated with the governance arrangements of the CIO. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

j) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

l) Debtors

Trade and other 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.

m) Cash at bank and in hand

Cash at bank and cash in hand includes 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.

n) 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.

o) Financial instruments

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

p) Pensions

The CIO operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity in respect of the year.

18

Venice in Peril Fund CIO

Notes to the financial statements

For the year ended 31 December 2021

Income from donations and legacies
2021 2020
CIO TRUST
Unrestricted Restricted Total Unrestricted Restricted Total
£ £ £ £ £ £
Membership subscriptions 29,402 - 29,402 19,590 - 19,590
Donations 39,395 94,590 133,985 38,232 105,782 144,014
Gift aid from donations 8,364 2,361 10,725 6,036 4,065 10,101
Gift aid from subsidiary - - - 21,495 - 21,495
Legacies 150,385 - 150,385 2,662 - 2,662
227,546 96,951 324,497 88,015 109,847 197,862

During the reporting period trustees, either individually or via a related trust or foundation, donated £1,200 (2020: £11,250) to restricted projects of the charity and £510 (2020: £250) to unrestricted funds. In respect of the restricted projects, these donations contributed to existing projects undertaken as part of the normal operations of the charity. All donations are given at arm’s length with any conflicts of interest or loyalty being appropriately managed by the charity.

3 Income from charitable activities

3
Income from charitable activities
Lectures
4
5
Interest earned on deposits
Income from other trading activities
Income from investments
Book and Christmas card sales		 Unrestricted
£
5,679		 £
-
Restricted		 2021
CIO
Total
£
5,679		 Unrestricted
£
4,065		 £
-
Restricted		 2020
TRUST
Total
£
4,065
Unrestricted
£
3,530		 £
-
Restricted		 2021
CIO
Total
£
3,530		 Unrestricted
£
3,639		 £
-
Restricted		 2020
TRUST
Total
£
3,639
Unrestricted
£
260		 £
-
Restricted		 2021
CIO
Total
£
260		 Unrestricted
£
2,730		 £
-
Restricted		 2020
TRUST
Total
£
2,730

19

Venice in Peril Fund CIO

Notes to the financial statements

For the year ended 31 December 2021

6a Analysis of expenditure (current year)

Analysis of expenditure (current year) ar)
Raising
funds
£
Staff costs (note 8)
9,959
Project expenditure
1,752
Honorarium
-
Accommodation costs
-
Website and communication
-
Office expenses
12,578
Professional fees
-
Trustee expenses
-
Finance charges
-
Loss /(gain) on exchange
-
Total
24,289
Support costs
8,715
Governance costs
1,606
34,610
28,067
Conservation
Bellini Triptych
Canova Monument
Goldoni Puppets
Iconostasis in Torcello Cathedral
Portale San Antonio
San Nicolo dei Mendicoli
San Pietro Relief
San Zaccaria Crucifix
St Georges Anglican Church windows
Synagogue - Scuola Canton
Tablino
Tintoretto Ceiling Scuola S Rocco
Trinity Wellhead
Education and Outreach
Student Bursary
Lectures
Support Costs
Total expenditure 2021
Total expenditure 2020		 Raising
funds
£
9,959
1,752
-
-
-
12,578
-
-
-
-		 Charitable activities Governance
costs
£
9,959
-
900
-
-
-
-
2,418
-
-		 Support
costs
£
12,506
-
900
12,396
9,300
12,726
14,274
-
1,841
6,101		 CIO
2021
Total
£
49,854
160,056
1,800
12,396
9,684
27,708
14,274
2,418
1,841
6,101		 TRUST
2020
Total
£
68,048
136,034
1,800
12,152
9,465
17,030
17,021
9
2,606
(2,527)
Conservation
£
8,367
147,529
-
-
-
-
-
-
-
-		 Education and
Outreach
£
9,063
10,775
-
-
384
2,404
-
-
-
-
24,289
8,715
1,606		 155,896
52,823
10,158		 22,626
8,506
1,513		 13,277
-
(13,277)		 70,044
(70,044)		 286,132
-
-		 261,638
261,638
34,610 218,877 32,645 - - 286,132
28,067 216,046 17,525 - -
2021
£
1,241
127,233
-
1,242
20,513
14,181
248
248
-
-
50,155
-
3,816		 2020
£
35,788
74,062
17,764
43,090
512
5,689
-
512
16,475
41
1,023
21,090
-
218,877 216,046
16,357
16,288		 -
17,525
32,645 17,525
40,074 22,119

20

Venice in Peril Fund CIO

Notes to the financial statements

For the year ended 31 December 2021

Staff costs (note 8)
Project expenditure
Honorarium
Accommodation costs
Website and communication
Office expenses
Professional fees
Trustee expenses
Finance charges
Loss /(gain) on exchange
Total
Support costs
Governance costs
Total expenditure 2020		 Raising
funds
£
14,761
1,769
-
-
-
460
1,174
-
-
-		 Charitable activities Charitable activities Governance
costs
£
7,380
-
-
-
125
817
12,480
9
-
-		 Support
costs
£
29,917
-
1,800
12,152
9,090
15,101
3,367
-
2,606
(2,527)		 TRUST
2020
Total
£
68,048
136,034
1,800
12,152
9,465
17,030
17,021
9
2,606
(2,527)
Conservation
£
8,610
131,186
-
-
-
20
-
-
-
-		 Education and
Outreach
£
7,380
3,079
-
-
250
632
-
-
-
-
18,164
7,671
2,232		 139,816
59,045
17,185		 11,341
4,790
1,394		 20,811
-
(20,811)		 71,506
(71,506)
-		 261,638
-
-
28,067 216,046 17,525 - - 261,638

Charitable activity expenditure includes spend on the following projects:

Charitable activity expenditure includes spend on the following projects:
Conservation
Bellini Triptych
Canova Monument
Goldoni Puppets
Iconostasis in Torcello Cathedral
Portale San Antonio
San Nicolo dei Mendicoli
San Zaccaria Crucifix
St Georges Anglican Church windows
Synagogue - Scuola Canton
Tablino
Tintoretto Ceiling Scuola S Rocco
Education and Outreach
Student Bursary
Lectures
Support Costs		 2020
£
35,788
74,062
17,764
43,090
512
5,689
512
16,475
41
1,023
21,090
216,046
-
17,525
17,525
22,119

Venice in Peril Fund CIO

Notes to the financial statements

For the year ended 31 December 2021

7 Net expenditure for the year

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2021 2020
CIO TRUST
£ £
Trustees expenses 4,218 1,809
Operating lease rentals:
Property 9,840 9,840
Independent examiner's remuneration (excluding VAT):
Independent examination 4,500 3,050
Foreign exchange (gains) / losses 6,101 (2,527)

8 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Staff costs were as follows:
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes		 2021
CIO
£
43,247
2,518
4,089		 2020
TRUST
£
62,772
1,510
3,766
49,854 68,048

No employee earned more than £60,000 during the year.

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £49,854 (2020: £49,202).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year. No charity trustee received payment for professional or other services supplied to the charity.

Trustees' expenses represents the payment or reimbursement of travel, meeting and subsistence costs totalling £3,318 (2020: £2,502) incurred by 10 (2020: 3) individual trustee. That total includes an honorarium of £900 (2020: £1,800) paid to John Millerchip towards expenses incurred in managing the project workload.

9 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 2 (2020: 2).

10 Related party transactions

At the year end the charity's trading subsidiary, VIP Trading Limited, had retained loss of £1,544 (2020: retained loss of £129). There are no donations from related parties which are outside the normal course of business.

11 Taxation

The CIO is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

22

Venice in Peril Fund CIO

Notes to the financial statements

For the year ended 31 December 2021

12 Debtors

e year ended 31 December 2021
Debtors
Sundry debtors
Accruals
Trade creditors
Creditors: amounts falling due within one year
Prepayments
Accrued income
Rent deposit		 2021
CIO
£
1,640
-
1,188
6,120		 2020
TRUST
£
1,640
3,143
100
1,614
8,948 6,497
2021
CIO
£
5,822
12,897		 2020
TRUST
£
2,718
13,328
18,719 16,046

13 Creditors: amounts falling due within one year

Accruals includes an amount of £7,923 (2020: £7,923) in respect of the return of a deposit paid in previous years to UNESCO, who were at the time managing the Canova project, to cover anticipated expenses on that project. UNESCO have now withdrawn from the project and returned the balance unspent of that deposit. This amount is therefore held pending the appointment of a new project manager or for payment of expenses to be incurred on the project.

14 Analysis of net assets between funds (current year)

Analysis of net assets between funds (current year)
Debtors
Cash at bank and in hand
Creditors - amounts falling due within one year
Net assets at 31 December 2020
Net assets at 31 December 2021
Analysis of net assets between funds (prior year)
Investments
Investments
Debtors
Cash at bank and in hand
Creditors - amounts falling due within one year		 General
unrestricted
£
2
8,948
422,016
(18,719)		 Designated
£
-
-
275,380
-		 Restricted
£
-
-
177,848
-		 CIO
Total funds
£
2
8,948
875,244
(18,719)
412,247 275,380 177,848 865,475
General
unrestricted
£
2
6,497
265,233
(16,046)		 Designated
£
-
-
406,286
-		 Restricted
£
-
-
155,670
-		 TRUST
Total funds
£
2
6,497
827,189
(16,046)
255,686 406,286 155,670 817,642

14b Analysis of net assets between funds (prior year)

23

Venice in Peril Fund CIO

Notes to the financial statements

For the year ended 31 December 2021

15a Movements in funds (current year)

e year ended 31 December 2021
Movements in funds (current year)
Bellini Triptych
Flood Appeal
San Pietro relief
Tablino
Trinity Wellhead
Total restricted funds
Bellini Triptych
Morosini publication
San Zaccaria Crucifix
Portale San Antonio
Iconostasis in Torcello Cathedral
Wellhead San Corte
San Pietro relief
IUAV Bursary
Total designated funds
General funds
Armstrong Mitchell crane in the Arsenale
Designated funds:
Unrestricted funds:
San Nicolo dei Mendicoli
Restricted funds:
Total unrestricted funds
Canova monument
Trinity Wellhead
San Zaccaria Crucifix
Tablino
Portale San Antonio
Total funds		 TRUST
At 1 January
2021
£
18,024
-
86,831
20,565
-
30,250
-		 Income &
gains
£
40
2,174
-
34,871
14,877
-
44,989		 Expenditure
& losses
£
-
(1,242)
1
(14,181)
(14,877)
(42,287)
(2,187)		 Transfers
£
(18,063)
-
-
-
-
-
18,063		 CIO
At 31
December
2021
£
1
932
86,832
41,255
-
(12,037)
60,865
155,670 96,951 (74,773) - 177,848
24,505
-
-
-
365,964
-
2,112
-
-
-
-
10,280
3,425		 -
-
-
-
-
-
-
-
-
-
-
-
-		 -
(118)
(19,657)
(5,504)
(127,233)
(1,630)
-
(131)
(131)
(1,242)
-
(248)
(16,358)		 -
118
19,657
5,504
-
1,630
-
131
131
1,242
-
-
12,933		 24,505
-
-
-
238,731
-
2,112
-
-
-
-
10,032
-
406,286 - (172,252) 41,346 275,380
255,686 237,015 (39,108) (41,346) 412,247
661,972 237,015 (211,360) - 687,627
817,642 333,966 (286,133) - 865,475

The narrative to explain the purpose of each fund is given at the foot of the note below.

Purposes of restricted funds

Armstrong Mitchell crane in the Arsenale

These funds were received to contribute to fundraising for the Arsenale Crane project.

Bellini Triptych

These funds were received to contribute to conservation of 4 panel paintings (making up a triptych with a lunette) in the Galleria dell'Accademia.

Canova Monument

These funds were received to contribute to the Canova Monument project.

Flood Appeal

These funds were received in response to an appeal following the November 2019 flooding of Venice. They will be used to support various activities to mitigate or repair damage caused by the flooding and, if possible, to prevent or minimise future such damage Iconostasis in Torcello Cathedral

These funds were received as a result of the John Julius Norwich Memorial Appeal and will be used to pay for work to conserve the iconostasis in the cathedral of Torcello.

S. Angelo Raffaele

These funds were received to conserve music manuscripts from the church of S Angelo Raffaele.

San Nicolo dei Mendicoli

These are Flood Appeal funds used for the diagnosis of damage caused by 2019 series of high tides and flooding to the church of San Nicolo dei Mendicoli.

24

Venice in Peril Fund CIO

Notes to the financial statements

For the year ended 31 December 2021

15a Movement in funds (continued)

San Pietro relief

This is for repairs to a 13th Century marble relief showing St Peter, set in a wall in Campo San Trovaso.

Tablino

These are Flood Appeal funds used for the repair of flood damage to Palladio's Tablino, a room in the Accademia Galleries.

Trinity Wellhead

This is a 50th Anniversary project for restoration of The Wellhead, the larger of the two cloisters of the Archivio di Stato.

Purposes of designated funds

Designated funds indicate monies earmarked by the Trustees for projects that have either started or are about to begin and for which payment has been approved.

Amounts have been designated for the following projects: Bellini Triptych Canova monument Morosini publication San Pietro relief

15b Movements in funds (prior year)

Amounts have been designated for the following projects:
Bellini Triptych
Morosini publication
San Pietro relief
Movements in funds (prior year)
Canova monument
Bellini Triptych
Flood Appeal
Iconostasis in Torcello Cathedral
S. Angelo Raffaele
Tablino
Total restricted funds
Bellini Triptych
Tintoretto Ceiling Scuola San Rocco
Morosini publication
Wellhead San Corte
San Pietro relief
IUAV Bursary
Archive project
Total designated funds
General funds
San Nicolo dei Mendicoli
St Georges Anglican Church windows
Restricted funds:
Armstrong Mitchell crane in the Arsenale
Canova monument
Goldoni Puppets
Total unrestricted funds
Total funds
Unrestricted funds:
Designated funds:
Canova monument		 TRUST
At 1 January
2020
£
18,024
-
-
48,165
37,114
-
-
-
-		 Income &
gains
£
-
1,050
2,137
105,170
1,490
-
-
-
-		 Expenditure
& losses
£
-
(1,050)
(2,137)
-
(38,604)
-
(5,689)
(10,000)
-		 Transfers
£
-
-
-
(66,504)
-
-
26,254
10,000
30,250		 TRUST
At 31
December
2020
£
18,024
-
-
86,831
-
-
20,565
-
30,250
103,303 109,847 (57,480) - 155,670
36,830
369,693
10,450
13,648
-
17,130
10,280
3,425
20,000		 -
-
-
-
-
-
-
-
-		 (34,738)
(71,924)
(10,450)
(13,648)
-
-
-
-
(20,000)		 22,413
68,195
-
-
2,112
(17,130)
-
-
-		 24,505
365,964
-
-
2,112
-
10,280
3,425
-
481,456 - (150,760) 75,590 406,286
286,225 98,448 (53,397) (75,590) 255,686
767,681 98,448 (204,157) - 661,972
870,984 208,295 (261,637) - 817,642

25

Venice in Peril Fund CIO

Notes to the financial statements

For the year ended 31 December 2021

16 Trading subsidiary

VIP Trading Limited is the CIO's trading subsidiary (Company Number: 07659446). The CIO has taken advantage of the exemption offered by the Statement of Recommended Practice, Accounting and Reporting by Charities that allows the charity exemption from preparing group accounts where the consolidated income of the group is beneath the gross income threshold for a statutory charity audit.

The object of VIP Trading Limited is to carry on business as a general commercial company to procure profits and gains for the purpose of paying them to the charity.

The Directors of VIP Trading Limited are Mr. Jonathan Keates, Mr. John Millerchip, Mrs. Marina Morrisson Atwater, Mrs Gaia Penteriani and Mr. Jon Rayman.

The CIO is the beneficial owner of all the share capital of VIP Trading Limited.

CIO is the beneficial owner of all the share capital of VIP Trading Limited.
Retained earnings
Total retained earning brought forward
Distribution under Gift Aid to parent charity
Assets
Liabilities
Funds
Profit/ loss for the financial year
Profit for the financial year
The aggregate of the assets, liabilities and funds was:
Administrative expenses
Profit on ordinary activities before taxation
Taxation on profit on ordinary activities
Turnover		 2021
£
-
(1,673)		 2020
£
-
(2,171)
(1,673)
-		 (2,171)
(540)
(1,673) (2,711)
129
(1,673)
-		 24,336
(2,711)
(21,496)
(1,544) 129
184
(1,726)		 242
(111)
(1,542) 131

The trustees have now decided that, in view of the limited possibility of significant income being generated in future, the company should be dissolved in 2022.

17 Operating lease commitments payable as a lessee

The CIO's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods


periods
Less than one year Property
2021
CIO
£
4,100		 2020
TRUST
£
4,100
4,100 4,100

26