REGISTERED COMPANY NUMBER.. 12652984 (England and Wal•¥l REGISTERED CHARITY NUAIBER: 1189201 Roport of the Tru¥tsg8 and Flnanclal Statements for th• Y•ar Endèd 31 Dècembor 2023 for THE PERIVOLI FOUNDATION Knox Cropper LLP Chartered Accounlanls ond Slalulory Audllory 65 Leadenhall Slr8at London EC3A2AD THE PERIVOLI FOUNDATION Cont•nts of tho Flnanclal 8tatsmonts for th• Year Ended 31 Dac•mbar 2023 Page Referen¢9 and Admlnl$tr4tlvè Detalls Rèport of thè Trustees Report ofthe Independent Audltors 9 to 12 Ststsmont of Flnanclal A¢llvltle$ 13 Ststsment of Flnanclal Posltlon 14 Statsment of Cash Flows 15 Notss to thg Statsmont of Cash Fro 16 Not•8 to th• Flnanclal Stat•mgnts 17 10 26 Dotalled Stotem•nt of FlnancSal Actlvltl•s 27 10 28 THE PERIVOLI FOUNDATION Rotsrenco and Admlnlstratlve Detalls for the Year Ended 31 D•¢•mbor 2023 TRUSTEES J M Alexandroff OBE H J Grool¢nhuis 8 M Mccorkell REGISTERED OFFICE Thlrd Floor 20 Old Balley London EC4M 7AN REGISTERED COMPANY NUMBER 12552984 IEn9land and Wale81 REGISTERED CHARITY NUMBER 1189201 AUDITORS Knox Cropper LLP Chartered Accountant8 and Stalulory Auditors 65 Leadenhall Slreel London C3A2AD BANKERS C. Hoare & Co. 37 Fleet Slfeel London EC4P 4DQ SOLICITORS Wllhtrrs LLP Third Floor 20 Old Balley London EC4M 7AN Page 1 THE PERIVOLI FOUNDATION Report of tho Trustees for thg Ygar End￿ 31 D•¢èmbor 2023 The Trustee$ who are also dirpciors ol Ihe charlly for the purposes of the Companies Act 2006, present their reporl wllh the financial slal8menls of the charity for the year ended 31$1 December 2023, being the third full year of the Foundation. The Trustees have adopted the provisions of A¢counling and Repc*ting by Charities.. Slalemenl of Recommended Practic8 8ppli¢able lo charllles preparing Iheir accounts In accordance with the Financlal Reporllng Standard applicable In the UK and Republic of Ireland IFRS 102)18ffe¢tive 1 January 201SI. OBJECTIVES AND AcnviTIES Alms & ObJaetlv•8 for t￿ publlc beneflt Alms The Alms of the Perivoli Foundalk)n are undorthg dl$¢relSon of the Trustees to make gran18 for charitable purpoges lo indlvlduals. olher charilles or voluntary bodiè$ with an emphasis on the advan¢emenl ol oducalion aNJ pro￿￿ting the consarvalion of Ihe envlronmenl such as those ¢onlalnlng cllmale change, comballing poachlng. th¢ ml¥trealment of animals and natural habitat degradaliori. Obloctlv¢s Th& oble¢t8 of the Charily are for the publi¢ b¢n&fit lo furth•r'. lal the advancement of education. in particular. bul nf)l exclu8lvely, in low and middlo In¢om¢ countries worlch¥id8 including Alrica and through the funding of research, Ihe rfj$ulls of which are publicty di85eminat8d'. Ib) thè conservalion and preservalion of the natural environment, blological diversity and the 8uslalnable u88 of natural resource$ and ecological processes- and 1¢18uch other charllable purp¢s•s as the Trustèes may in their absolute dlscrellon deterrnine. Charitable purposes are defined ag purposes that are ex¢lu$lvely charitable under the laws of England and Wales. Publlc ￿n•fit Thè Tru$lee$ conflrm that Ihey have conSId•r￿ Iho general guldance Issued by Ihg Charity Commi8$kJn In connection with public benefit in 8etllng thè objectives ol the Chartty and in particular Ih8y have eortsifJ8red how plgnned aclivllles furlher Ihe Charity's objects. Page 2 THE PERIVOLI FOUNDATION Rgport of th• Trust90$ for th• Yoar Ended 31 Dgc•mbor 2023 OBJECTIVES AND ACTIVITIES Grantmaklng The Foundation has e8tsbli8h8d ils grant making pollcy lo achieve ils objects for tho publlc benefit. The euffenl grant making pollcy Is lo support. in partlcular, projects which al support educ8llon, in parti¢ular1gw and mlddle IrKome Gounlrles in Affica.. and bl pro1￿1 thè environment. such as Ihose contslnlng global wamiing. combatling poaching, Ihg mi51realmenl of animal$ and natural habilal degradatlon. The sranl making poll¢y will be reviewod annually by tho Trustee5 and may be changed in accordan￿ with the Tru$lees' vlews of the rnosl effeclivo application of available funds to ensure that il reflects lh8 charity, oble¢l8 and advances publ1¢ benef￿. Approach The P6rivoli Foundation d8lN8rs118 key objectives through the followlng granl-maklng vehicles.. Malor Grants. The Trustees acknowledge the value of worklng wrfh trusted third parties and dedicated organisalions lo dglive( projo¢ts in line wllh ils prlorities lo m8ximi8e the impact of Ils support 8nd where other organisalions have gr8al8r 8xpar1188. Small Grants. Thè Trustees wlll, from Ilme to lime, choosg lo make small grants - nomialty ono-off - lo trusted third parties by which lo further the Foundation'8 objectives. Proposals for support from the Foundation are made via the Truste88 81 Ihgir meeting or approved wa wrillen resolutions ol Ihg Tru31ee8. Trustees musl be In agreement that the grants meét one or more of thé Foundalion's oblgcllves. Goographlcal Area The Trustees wish lo support causes In bolh Ihe UK and ov8rs88s. In r88pe¢l of overseas projects, the Irust••s have agreed that the Foundation's work should be p8rti¢ularly {bul nol exGlu$ively) focusgd in Bolswana, Lesotho, Malawi. Moz8mblque, Namibia. Tanzania, Zambla and Zimbabwo, Duo Dlliggnce 1 grants will b• 8ublecl lo Ihe Foun(lalbn's Grant Maklng Poliey, encompassing due diligence proces$ havlng bgen undertaken. Recogni$ing their duly lo saf8guard charitable as$els, tru$lge8 ccnfirm that any third party organisalion re¢ewlng 3UPPOrt from the Fo￿datiOn musl bo.. UK reglslered charily., or, an or9anlsation that carries out 8¢lIv￿leS that are charilabl? under UK law. In re8PgCt of organisalion$ outside of the UK. thè Foundation will engure that such organlsalions are ellher registered with the appropriate local regulator ot publlc authorities andlor have in place appropriate governance and financial handling policies and procedure8 lo ensure the approprlalg safeguarding and u$8 ¢)f Ihe Foundatic￿. charllable funds. Page 3 THE PERIVOLI FOUNDATION Rèport of thè TrustO&8 for the Year Ended 31 December 2023 ACHIEVEMENT AND PERFORMANCE Charftablo a¢tlvlll98 The Perivoli Foundation commenced operallons in 2020 receiving donations. mainly from the Perlvoll Trust. a Mauritian trust selllad by Mr James Alexandroff in 2000 and Ihe Foundation has been added as a benefi¢iaTy of the Perivoli Trust. Donallons were also received in the period ended 31 December 2020 from The Perivoll Philanthropy, a Mauritian domiciled company limitèd by guaTanlea establ1$h￿ by Ihe Tru91eas of Perivoll Tru81. In 2021. the Charily received donatic￿8 in lerrns of Shares from Perivoli Tw81 and Mr Alexandroff, and in 2022. the Charity racaived c8sh and shares donation Irom Mr Al8xandroff lalong Wlth his 8pousoI and the Per￿0￿ Trust. In the year under review. the Charity receNed cash donations from the Perivoli Trust and shares donation from Mr exandroff and hi$ Spouse. The TruSt￿S have made various granlB in li￿ vrilh the objects of the Charity during the ypar. These are detailed in note 6 to the Financial Slatemenls. The Foundation will rnonilor the performancé of Ils grants programmè uslng rnports from grant reclplenls. These reports, including the Financial Statements of recipient inslilutlons, wlll Influence whether ￿ not further gr8nl$ will be made lo that body. The Perivoli Foundation does nol have ? Chlef Executive officer or equivalent, The rpview and monitoring of grantees arè cgrried oui by the three Trustaes. Thé Trustees hav& appointed functionaTléS {such as for18gal and eompliance matters, Wlher8 LLP, for 8dmini8lra1￿* mallers h8ndled by officer8 Skyè Partners Limli•d, •lcl lo assist In day-lo-day acllwlies. The Trustees as5e8s the effectiveness of the Charlly's work in terms ol the Impact Ihal tho gianlees have and In athloving Its sel objèctivas. Thi9 18 datèrmined by rèviewing the updatas Tècèiv•d and will be witnessed by making on the ground visits, 89 is happening post upliftlng of Covid-19 reslriclion9. Durlng the yèar under review, thè maln re¢lplenl was the Perlvoli Schoolg Tru81 IHoldlng$l, a Mauritian ¢h¥ilable Purpose Trust. that oversees and all￿aleS glants recelved from the Charlty lo each of tho Perivoll Schools Trust enlilies established in varigus ¢ountrie$ which carry out the training program of pro-prwnary school lea¢hers in those countries. This is a program that has begn sponsored by the trust•8 of P8rivoli Tru51 slnce il wa5 first slart8d on a pilol basis in Nam1￿.8. The program Is belng expandad In C*lher equally deserving African ctsunlrles wherè a formal curriculum early chlldhood e(Iuc811on Is mi8slng_ Given the pressing challenge8 facing humanity and our planet in relallon lo dimale change. the Trustee haB supported further Ihe aetivitiès that could m*igal& the impact of climate ¢hange, and promote adaptali¢)n Ini118llves princlpally through the Perivoli Clirnale Trust, a Namibian Trust. The laller Trust 81m$ through the seque81ration of carbon dioxide and the regenerallon of blodlverslly al re81or8llon of degraded land into healthy land for 11$ mNe productive use. 11 1$ a $clence-based, famier-conlri¢, nol-for-profil organisalion focuslng currently 115 aclivllleg In Namibia. Page 4 THE PERIVOLI FOUNDATION Roport of the Truste for th8 Year Endad 31 Dec•mber 2023 FINANCIAL REVIEW Ovgrvl•w The Foundation's work Is enthrely rellanl On donated income and investment returns. Invostmenl income In the year anwunled lo £126,554, whilst donations of £1,902.928 (part of Ihls being a gift ol sho￿8 an￿￿ntIng lo £1.215.775 and a cash donation of £687.153 were made lo th6 Foundation In the yearl. This enable(I the char to develop ils grant maklng policy. The ¢har51y's total income for the year amounted lo £2,029,481, Rèsourcès Expended amounted lo £1,517,060. whilst nel movemenls In inve81rnenls amounted to losses of £1119.8031 resullSng In Tolal Fund8 amt)unling lo È10,808,028 81 Ihe year end. AS a result the Truslee$ wnsider there arg no uncertalnllgs about the charlty'8 ablllty lo continue a$ a golng Concern. Durlng 2021 Ihg Charfty w88 appolnled lo recelve thè diwdend flows from part of the sharehokling Ihalthe Iru81ee8 of Perivoli Trust hold In Skye Pailners knmlled, a Mauritian Company, which holds the Slako of lh¢ FourKler$ long of whom is Mr Alexandroff) of Arfsaiy Partners., a fund management and advisory firm focus on Impact 8m8rging maikels inve81rnenls. The main income stream for lh& PeTivoli Foundation is likely lo b& income 8lre*h from th Skye Partn$rs Limited Shares (depending on the performance ol the underlylng buslness) whl¢h would help the xlivilies of the Charily and accumul8le its 898els. In 2023, the PeTivoli Foundolion re￿•Ve￿ £626,906 a8 Income from Skye Par1ners Llmiled shares. In 2023, Ihe Charity was appointed to recolve the dlvld6nd flow¥ from all olthe Shareholding that the Iruslees of P8rlvoll Trust hold in Bruce Munro Limited. a UK Company, and roceNed £60,247 as income from those shares. During the year the Foundation has re¢eivod a signifi¢anl amount ol donallons and the Trustees have developed a r¢$erves policy lo balance using income for grant making and Invesllng It lo provide a regular income over the l¢J)ger term. Re8erves held by the Foundation at 31 December 2023 amounted lo £10.808.028 all of whi¢h are unreslricled. Invostment pollcy and pèrformanGp The prindp81 Obl￿tIVe ol keeping a porlfollo ot inv8slments is for long-lerm capllal appreciallon while 9eneraling income sufficient lo cover tha running co818 of the Charity and any surplus lo fund grant maklng activitias. It Is inlend•d that lulijre 88eurllies to be added in the porlfolio should be of Ih08e Companies whlch have a sliong focvs on ESG factors and Suslainabillly of their activities. The Charlly's invFslments were valued at £8.573,829 on 3181 Oecember 2023, an increase for the year of 16%. The Tru8lee3' minimum target lo achiévè 8 decent real relum above inlallon In any 3-5 year pwiod, PTDtecling opllal in Challenging Ilme5 and enhancing il when goo(l. Ro4arv•s poll¢y The Foundallon 18 in Ils Infancy and the Trusl8es' have $et thè resèrve5 level at £3W.000 belng Bquivalenl lo three months funding r8quiremenl8, given that the Trustee has not commilmenl towards any of the charitie$ l•xc•pl for Perivoli Alrican Research Cenlrel belng 8UPPOrted. Thls is excluding the £49,422 committed lo be disbursed in 2024 in favour of University of Brlslol, Re¥grve8 held by the Foundgtion 8131 December 2023 amounted lo È10.808.028 (year ended 31 December 2022.. £10.415,409). Page 5 THE PERIVOLI FOUNDATION Report of tho Trustees for the Year Ended 31 Decombor 2023 PLANS FOR FUTURE PERIODS The Tru$lees w511 b¢ focusing 9n- Develop a susl8inabl8 grants programme.. Monilorlng the inveslmenl and considering oppoitunilies., Looklng to SUPf)lemenl the incorne of the charlly if required.. Keep adminislralion expendilure to a reasonable level. In 2023. the Trustees ¢onlinued sponsoring the Perivoli Climate Trust, 8 Namlbian Trust focu8ing ilg aclivllles on Climate miligallon and Climalp adaplalion. In addition. soveral re8oarch proiocts crfenl$d towards land rejuvenation, renewable energy, carbon sequeslralion amongst oth8rg havg b88n funded. The climate change gnd global warming Containment related inilialives are expected to be imporlant themes that the Tru$lee$ of The Perivoli Foundation would wish lo direct ils effort and resources The expanslon of the Perbvoli Schools Trust Irainlng program would continue in other countries. Over time. the Trustees anticipate a growing synergy belween th8 8ducalion and climate ch8nge inillalives, creating new opportunities for collabtsralknn and Impactful outcomes.. 11 Is expected that PerDioli Innovation8. a Jer8ey Purpose Trust, would be a future lund8r of the Peiivoll FoundalSon In Ihe y¢ars lo comg. Perivoli Innovations ig a Trust e¥labli¥hed by the TruBlees of Peiivoll Tru81, Investing in early- stage venture opportunities presenled by the comrn&rcialisation of medical, Ife sciénce, climate sciance. diglt81 and produdlvily enhancing tochnologies. STRUCTURE. GOVERNANCE AND MANAGEPJtENT Gov•rnlng document The charlly Is controlled by [1$ governlrwJ document, 8 memorandum and articles of association. and conslilule$ a limiled company. limlled by guarantee. as defined by the Companles Act 2006, Rocrultmvnt and appolntment of new trustoe The PerThioli Foundallon is govtrined by a Board L)f Tru#lges wh¢$e mamber8 are ele¢lèd as thè need arises. T Trustee8 who have served during the period are Sel out on page 1, Oryanl$atlonal 8tructure The Board of Trustges contro18 the char51y. The 8oard allempls lo meet on a regukir basis. The day lo day ope¥alions of thè charity are oulsourceil. To facllhale eflecllve operations. individual Tru$lee¥ have delegalod authority, wilhln terms of delegation approved by the Tfuslees, for operational matter8 including finance. Inductlon and tralnlng of nvw Tru¥tee• New Trusleos wlll be provided with detalled Information on their l•gal obligallon$ under charlty law and wh81 the rolg will enlail. Their Irainlng needs wlll be 88se$8ed, and training provided rf requlr¢d. In addlllon, Trustees wlll be provided wilh eople$ ol.. the memorandum and article8 of association Board of papers from the last year includlng th& a¢¢oun18 a copy of CC3 The Es8enlial Trustee VVh8r& nÈcass8ry Trustees will be encouraggd lo attend approprlate external training events where these wlll facilitate the undertaklng of their role. Thero h8s bepn no new appolnlmenl of Trust88 during the year under rev1￿. Kgy management romuneratlon No remun&ration, directly or Indlrectly, was paid or is payablg for the peiKd to any Trustee. There ar& no other key management personnel. Pag&6 THE PERIVOLI FOUNDATION Report of thg Tr￿te90 for the Y8ar Ended 310gcombgr 2023 STRUCTURE. GOVERNANCE AND MANAGEMENT RIBk manag&ment Con$lderallon18 glven lo the major rlsks lo which the charlty 1$ exposed, as idenllffled by the Tru$l••s. Al present Ih& Foundation 18 building ils res&rves ba8ed on a substantial holding of investments and the Tru$lee¥ conslder vari8billly of Inveslmenl returns lo con81ilule the charity's major financial risk golng forward. The ri8k of bank lailure followlng Ihe financial crfsis wa8 considered by the Trustees and upon revlew it %Ya8 Considered that the banking services are secure. bul the situation should be monilored regularfy. In addition, Ihg Truste68 have In place procedures to mitigate these ri8k8 once they are Idenllfled and analy8etl. The Trustaes have adopted a Risk Management policy SIn￿ inception and re￿eW same on an annual basis having règard5 to the financial situation and potsnllal risks that could affect the Charity. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees (who are also Ihe dlreclors of The Perivoli Foundation for the purrA8e8 of company lawl aro rs¥pon8ible for preparing Ihg Repprt of the Tru8198¥ and the financial 8lalgmgnts in aKordan¢o with applicable law and United Kingdom Accountlng Standards Iunlled Kingdom Generalty Accepted Accounting Practlce). Company18w requlres the Tiuslee8 1¢ prepare financial statemen18 for each flnanclal year whlrh give a true and fair vlew of the 81ale of affairs of the charllable Company and of the Incomlng resources and application of resources, including the income and expenditure, of the charilable company lor that period. In preparing those financial slalemenls, the Truslees are required lo $elecl $uilablg ￿￿untIng policie¥ and then apply them consi8lenlty', observe tha methods and principles in the Charity SORP., make judgement8 and eslimales Ihal are rea8onable and prudenl., prepare Ihe financial 8talemenl8 on the going concern b8sIs unles8 il is inapproprlale lo presum8 Ihal the charllable ¢omp8ny wlll conllnue In business. The Trustees are responsib￿ for ke8ping proper accounting records which disclose wth reasonable accuracy al any Ilme the financial position of Ihe charitable coynpany and lo enable them lo ensvrg Ihallhe financlal $talemenl$ comply with the Companie8 Act 2006. They are a180 responsible for safeguarding the assets of the charitable company and honcg for taking reasonable 8teps for the prewentlcn and detectlon of fraud and other Irregu18rlll88. In so far as the Truste￿ ar& aware.. there is tK) relevant aud51 Inf(Kmatlon of which the charitable company's audilor8 are unaware.. and the Trusteos have taken all slep$ that thoy ought lo have lakgn to make Ihgmselves aware of any relev8nl audit information and lo establish that thè auditors are aware of that information. AUDITORS The audllor8, Knox Cropper LLP. will be prop)sed for re.appolnln*nl * the forthmning Annual Ggnoial MgBling. Page 7 THE PERIVOLI FOUNDATION Roport of th• Trusteos for the Year Endgd 31 D9¢9mbgr 2023 This report has been prep8r8d in accordance wllh the 8pecial promsions of Part 15 of the Companies Act 2006 relatlng lo small companies. Approved by order of the board of Truglees on , .27.¢.oplp.m.¥.¢r.2g.24........- and signèd on ils behalf by.. jaines Isep. 27, 2024 17.,4rf GMT+ll...,.............. J M Alexandroff 08E- Trustee Page 8 R•port of th• Indopend•nt Audltors to the Memb?rs of Tho Pèrlvoll Foundatlon Oplnlon We have auditèd the fin8n¢lal slalamenls of Tha Pèrivoli Foundation Ithe'charitable companll for the year ende(I 31 December 2023 which comprise the Statement of Financial AclivFtie8, the Statemènt of Finan￿al Posttign. tho Stalemgnl of Cash Flgws and notes lo the financial slalemenl$, Includlng a Summary of significant accounting poIKies. The financial reporting framework that has been applled in their preparalion is applicable law and Unllèd Kingdom Accounllng Standards (Uniied Kingdom Gen8r911y Accoptad Accounting Pracllce). In our cylnkjn the ffinan¢ial stslemenls.. Ive a true and fair viéw of the stale of the charitable company'8 affair8 as al 31 December 2023 and of [1$ incoming resource$ and appli¢alion of resources, Including 118 in¢omé and éxpéndilur&, lor the year then ended., have been properly prepared in accordance wllh Unlied Kingdom Generally Accepted Accounllng Practlce., and havo ￿fjn prgpar9d In acGordance with Ihe requirements of the Companies Act 2006. Ba$1$ for oplnlon We conducted our audit In a¢cord8ncg with International Standards on Auditing IUKI IISAS {UK)18nd appllcablg law. Our rosponsibl1511?s under those slandards are fUrt￿r described in the Audilor$' responsibllhie8 for the audit of Ihe financia1 statements seclion of our report. We are indep¢ndgnt of the charllable Company in accordancè wllh the elhi¢81 requlremenl8 that arè ralevant lo our audit ol the fflnanclal 61alemen18 in the UK, In¢ludlng the FRC'$ Ethloal Standard, and w8 have fulfilled our other ethical re8pon8ibilitie¥ in pKordan¢¢ wllh these requirernenls. We believe that the audii widèncè we hav8 oblainad is suificienl and approprialB lo prowd basis for (wr opSnlon. Conclu51ons relating to golng wn¢grn In auditing th8 flnancial slalemenls, we have concluded that the Iru8leg8' u¥e ol tho golng concern ba$ls of accounting in the preparation of the flnandal 8181emenl$ is appropri81è. Based on the work we have performed, we have not id8nlifi8d any m81orlal uncertainties relallng lo evenls Dr condillons that, Indlvldually or collectively, may casl significant doLTrbl on ¢harilable ¢¢mp8ny'8 ability lo conlinue as a going concern for a period of al least hyelve months from when the financlal 81alemgnls ar8 aulhorlsed for Issue. Our responsLbi1111gs and Ihg responsibllilies of the Iru$lees wilh respecl to going ￿nCern ora de$¢rfbed In the relevant 8ecllons of this report. other Informatlon Thè trustees are responsible for Ihe other inf¢rmali¢n. Thè olher Information ¢ompri8e8 the Iifomalion inC￿d¥d In the Annu81 Report, other than the flnan¢lal statements and our Report ol the Independent Auditors ther80n. Our opinion on the financial statements doe8 not cover the other infoTmation and, except to the extent otherwise explicitly staled In our rèporl. wg do not axprèss any form ot assurance concluglon Ihereon. In connection wllh our audil of the finand81 stalemenls, our responsiblllty is lo read the other information and. in doing 80. ￿nSIder whether the other Information is malerlally Inconsislonl wllh Ihe financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we idenllfy Such malerlal Inconsi$l¢ncio$ or appargnl rnalgri31 mi581ol¢menls. we ar¢ required lo ¢Jdoimino whglher this give$ rise lo a material misstatement in flnancial 8lal&menls themselves. If. based on the work we have performed. we conclude Ihal there is a mat￿la1 mis51alemenl of this other information, we are required lo rèport that fact. W have nolhlng lo report in this regard. Page 9 Report of th Indepèndent Audltors to thè Mèmbers of The Perlvoll F¢undatlon Oplnlons on othar mattgrs pM¥crlb•d by tho Companles Act 2006 In our oplnion, based on the work undertaken in the eOLwse of the audit.. the Informalitsn gwen in the Reporl of the Trusteps for the financial year for which the financial statements are Prepared is conslslenl wtth Ihe flnancial slalemen19', and the Report of the Trustees has been Prepared in accordance with applic8ble18gal requirements. Mattors on which wo are ￿quIred to rgPQrt by gXCgPtlon In the light of th8 knowledgè and uThJ8rslanding of tha charilable company and 118 onvironmenl oblaingd in the course of the audit. have not identified material misstatements in the Report of th? Trustee$. We havg nothing lo report In respe¢l of tho followlng maltgrs where Ihg Companles Act 2006 requires ug lo report lo you rf, in our opinion.. adoqu8t• accounting r•cords h8ve not boon kepl of returns adequ8le lor our audh have nol been recelved from branches not visited by us.. or the financlal 51alemenls are not in agreemenl with the a￿c￿ntIng rewrds relurn8,' or Certaln disclosures of trustees. remunBralion 8pecilied by law are not made,. or we have not r6aèived all the informailon and 8xplanations we require fLY our audlt.. or the trustees were not &ntilled lo lake advantage of the small companles exemption from Ihe requirement to prepare a Strategic Report or in preparing the Report of the Trusloe$. Rosponslbllltle8 of trustees As explaSned moro fully in Ihtr Slalgmenl of Tru8tegs' Responslbilllles, the Iru81ees (who are al80 the dlrectors of e charitable company for thè purposes of comp8ny lawl are re8pon8ible for the preparation of the finanry81 81alemenls and for being satisfied that they give a true and fair ￿ew, and for su¢h Inlemal wnlrol as the Iruslee$ delemiine is necessary lo enable Ihe preparallon of flnan¢ial statements Ihal are fr88 from material misslalement, whether due lo fraud or error. In preparlng the flnanclal slalemenls. the Iru81ees are responsible for assessing the charitable company's ability to conllnue as a going ¢onBern, disdosing, a¥ applicable, maller8 related lo going concern Bnd using the going concern basis of accounting unless thè trusle•s eiiher intend to liquKlale the charltable company or lo Cease opgrallons, or havo no realistic altematwe bul lo do so. P8ge 10 R•port of thg Indgpgndont Audltors to tho Memb•r8 of Thg Pgrivoll Foundatlon Our r•sponslbllltl•$ for the oudlt of tho flnanclal tststoments Our obje¢lives are lo oblaln rga8onable asgurance aboul whether the flnanrial ¥lalements as a whole are free from material mi58talement, wh8lher due lo fraud or error, and lo issue a Report of Ihe Independènt Auditors Ihal ncludes our opinivn. Reasonable assurance is a high level of assurance, bul is not a guarantee Ihal an audl ondLJcled in accordance wllh ISAS IUK} will always dglecl a malerlal misstolemenl when il exists. Mis&talem8nts can arlse from fraud or error and are consid8r8fJ material if. Inllividually or in Ihp aggregate. they could reasonably be expected to influence the economic deci$ion$ of usors taken on the bgsis of these financial slatemenl8. Th8 8xlent lo which our procadufe8 are eapable of deteclng irregularllie8. Including fraud18 detailed below,. We oblalned an understanding ol the leg81 and regulatory Irameworks that are applicablo to the charltable Company and determined that the most signifi¢anl are the Slatemenl of Recommended Practic8 'Ac¢ountlng and Reportlng by Charrtlgs, ISORPI, In accordance wllh the Financial Reporting Standard applicabk in the UK (FRS 1021 and the Companies Act 20[￿. - Wg understood how Ihe ¢h8rf1able company is complying wllh those frameworks via cornmunicalion with those charged with governan¢e. logelher with the review of the charitable company's documented policies and pro¢edures. The charitable company is required lo comply with both Company law and charily law and, based on our knowledge of its activitiog, we Identified that Ihelggal requirement lo accuralely ￿CoUnt for reslrirted funds was ol key slgnrficance. The audit team, which 1$ 8xparienced in thg audil of charilles. considered tho ¢harilable company's suscepllblllly lo material mlsstalemenl and how fraud may occur. Our consideralions Included the rlsk of managament oV￿rIde of controls. Our approach was tha chèck that the incom& from donations, w&r8 properly identified and a¢oural¢ly disclosed, that expenditure complied with th8 control pro¢edures and was appr¢¥)riately ¢hargsd. Wo confirmed Ihe movements on Ihe bank accounl. We also reviewed journal adjuslmenls and unusualtransaclion8 for management override, and considered the idenlrficalion and disch)sure of related party Ironsactions. Th&r• are Inherenl lirnilallons in Ihe audit procedure8 described above and, thè further removed non4umpliance wllh laws and regulations is from the èv8nls and transa¢lion8 renecled in the flnancial slalemenls, th8 lèss likely we would become aware of it. The risk of not delecllng a mglerial misslalemenl duo Iv fraud is highei than the ri$k of nol delecling one resulting from error. as fraud may Involve dellberale conc8alm8nl by. for example, forgery or intentional mi$represenlalions, or IhrDugh collusion. A ILther descrfplion of our re8ponsibililie$ for the audll of th8 finan¢l81 slalements 18 localgd on the Flnancial Reporting Council's websi18 al www.fic.org.uklaudllorsresponslbllllles. This de8cription fom15 part of our Report of the Independ8nt Audllors. P8ge11 Report of tho Indep•nd•nt Audltr>rs to the Member3 of Tho P&rlvoll Foundatlon Usè of our report This report18 made Solely lo the charitable companys members, a8 a body. in accordance wilh Chapler 3 of Part 16 of the Companie8 A¢1 2006. Our audit work hay been undertaken so Ihal we mlghl 8tal• to the charitable company's members those mattèrs we are fequirèd lo stalg lo them in an auditors. report and for no other purposg. To the fulle81 extent permitted by18w, we do not accept or assume respor￿1b1IIlY lo anyone olherlh8n tho charitable Company and the charitable company'g membgr$ as a body. for Ouf audit work, for this report. or for the oplnlons we have forrned. ]11,J L,fjt James Holland.L&ader (Senior Slalulory Audilorl for and on behalf of Knox Cropper LLP Chartored Accounlanls and Statutory Auditors 65 Lgad$nhall Street London EC3A2AD Page 12 THE PERIVOLI FOUNDATION statsment of Flnanclal Actlvlti¢s Ilncorporatjng an Income and Expendlturg Account) for th• Yoar Ended 31 De¢omb*r 2023 2023 Unr•strlct•d fund 2022 Total lunds Note8 INCOME AND ENDOWMENTS FROM Donations and 18gacies 1,902,928 2,327,253 Investment Income 126 564 103815 Total 029 2 2.431.068 EXPENDITURE ON Ralslng funds 44.646 46,818 Charltable actlvltles Granl maklng 1472414 891 332 Total 1517060 Nel gainslOosse$) on inveslmenlo 119 803} NET INCOME 392,619 407,249 RECONCILIATION OF FUNDS Total funds brought forward 10,415,409 10,008,160 TOTAL FUNDS CARRIED FORWARD 10 808 028 104154109 The noles form part of these financial slalemenl Page 13 THE PERIVOLI FOUNDATION (REGISTERED NUMBER: 125529841 statement of Flnanclal Po$ltlon 31 De¢emb&r 2023 2023 Unrestrlcted fund 2022 Tolal funds Notes FIXED ASSETS Invoslmgn18 8,$73,B29 7,422,(X)g CURRENT ASSETS Debtor8 Cash al bank and in hand 12 2,223 2 308 130 3 372.140 2,310,353 3,380,584 CREDITORS Amounts falling duè within one year 13 f16,1541 I￿7,762) NET CURRENT ASSET8 2 234 199 3 042 822 TOTAL ASSETS LESS CURRENT LIABILITIES 10.808,028 10.464,831 CREDITORS Amounts lalling dtje after more than one year 14 149,422) NET ASSETS 10808 028 10 415,409 FUNDS Unr&stricled fund8 15 10 808 028 10.415 409 TOTAL FUNDS 10 8OB 028 10.415.409 These finandal slalemenls hav• b8•n prepared in accordanco with the pr¢vl$lons applicable lo ¢harllable ¢ompanies subjeel to the small companles rggime. The financlal slaltsmenls wero approved by thè Board of Trustee8 and aulhorlsed fcr 188ua on ..17..Soptsmkor.2.Q24... .... and were slgned on Ils behalf by.. Janies (Sep 27 2024 J7..I4 Gwr+ii J M Alexandroff OBE- Tw8lee Thè notes fom) part of these financial stalèmenls Page 14 THE PERIVOLI FOUNDATION Statsment of Ca&h Flows for thè Year Ended 31 December 2023 2023 2022 N¢)te8 a8h flows from tsperdtlng a¢tlvltle$ Cash generated from operations 1 134 716 Nel Cash (used In}IprovidBd by operating acllvlties 1134 718 1.386.509 Ca8h flows from Inve$tlng actlvltl•s Purchase of flxed asset investments Sale of fixed asget investments Interest recelved Dlvidends received 1870,9951 815.147 19,357 107 197 103.254 Nèt ca8h provida(I by investing a¢lSvllles 103815 Change In ¢ash and cash equlval•nts In thè reportlng per5od Cash and ¢a$h oqulvalent• at th boglnnlng of reportlng p•rlod {1,064,0101 1.490,324 3 372 140 1881816 C•$h and cash equlval•nts at thè •nd of thg r•portlng perlod 2 308 130 3 372 140 The note6 form p8rl of these finon¢lal slalemenls Page 15 THE PERIVOLI FOUNDATION Noto8 to the Statement of Cash FEow8 for th• Y••r Endpd 310ecom￿r 2023 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Not Income for thè roportlng pèrlod la8 pèr thè Statsmènt of Flnanclal Actlvltlesl Adlustmonts for: Losses on investments Interest received Dividends received GIft￿ inveslm•nts Decreas&l{increase} in debtors {Decrease)lincrease in creditors 392,619 407.249 119,803 {19,3571 1107,197) 11,215,7751 6,221 1,085.669 1561) 1103,254) 1120,628) 17,569) Not cash lused Inllprovldvd by operations 1134 716) 1.386 509 ANALYSIS OF CHANGES IN NET FUNDS Al 1.1.23 Cash flow At 31.12.23 Not ¢a$h Cash at bank and in hand 3 372 140 1064 010 2 308 130 3 372 140 1064 010 2 308 130 Total 1064 010 2 308 130 The notes form part of Ihe8e flnanolal $latomenl$ Pag8 16 THE PERIVOU FOUNDATION Nots$ to tho Financlal Statements lor the Year Endod 31 Da¢•mbèr 2023 ACCOUNTING POLICIES Bas1$ of pr•pirlng the financial $tatomerts The financial slalpments of the charitable company, which Is a publlo benefit enlrfy under FRS 102, have been prepared in 8¢cordance with Ihe Charllies SORP IFRS 1021 'Ac¢ounling and Reportwig by Charflies.. Slalemenl of Recommended Pra¢tlce applicable lo charities preparing IheiT accounts in accordance with tho Financial Reporting Standard applicable in Ihe UK and Republic ol Ireland IFRS 102} leffeclive 1 January 2019)., Financial Reporting Standard 102 'Tha Financial R•porting Slandard applicabla in the UK and Republk of Ire&nd' and the Companies Act 2006. The financial statements have prepared under the hlslorfc81 cost convenllon. The functional and presentational currency of the Foundation is th8 Pound Sterling 1£). The Foundation received a substantial gift of inveslmenl8 In the period and as a result, the trustee$ conslder that there are ng molerial un¢ertalnllos aboul the Foundalion's abSllly lo conllnue a$ a going conoern. Income All incomé 16 recognised in the Slalemenl of Financial Activiti&s once th8 charity has èntillemenl lo the funds, is probable that tho ineom• will b8 recelved and the amunl can be mea8urwJ rellably. Donallons aro normalty recognised upon receipt. In the event tha a donallon Is subject lo condrtions that require a level of porformanc9 bofor¢ the charity is entitled to the funds, the income is deferred and not recognised until either those are fully mel, or the fullilm8nl ol thèse conditlons 1$ wholly within tha ¢onlrol of the charfly and11 1$ prob8ble that thos8 condlllM8 will be fulfllled In the reporting period. Intere81 on funds held on deposit is included when r•calvabl8 8nd the 8mounl can be mea8ured rellably by tho charity,. thi8 is normally upon nolificalion of Iha interest paid or payable by the bank. Expèndlture Liabilities are Tecognised as expendllure as soon as Ih8re is a legel or conslructlve obl*Jallon eommllting the charity lo that expendllure, 11 is probable that a transfer of gconomlc beneffils wlll b& requlred in settlement and the amount of the obligation can be mgasured reliabty. Expèndllura ig 8c¢ounled for on an a￿ru01$ basls and ha5 been classiffied under headings that aggregate all ¢051 related lo the category. Where costs cannot b• directly 8liributod lo partlcular hèadings they have been allocated lo a¢livllSe$ on a basis ¢on81slènl with the use of resources. Grants payable are payments mado lo third partie8 in the furtherance of the charrfab18 objects of Ihe Foundallon. In Ihe case of an unconditional grant offer this is 8¢crue