Docusign Envelope ID." 33EOF6F1-810(HA84-9F33-90D18FB35666 REGISTERED COMPANY NUMBER.. 14017653 IEngland and Wale51 REGISTERED cHARy NUMBER.. 1199371 Report of the Trustees and Unauditèd Financial Statèmènts for th8 Yaar Ended 30 Aprll 2024 for GALLEON FOUNDATION
Docusign Envelope ID." 33EOF6F1-810(HA84-9F33-90D18FB35666 GALLEON FOUNDATION Contents of the Financial Statements for the year ended 30 April 2024 Pag& Report of the Twstees Independent Examinerfs Report Statamènt of Financial Activiti•s Balance Sheet Notes to the Financial Statements 9 to 13
Docusign Envelope ID." 33EOF6F1-810(HA84-9F33-90D18FB35666 GALLEON FOUNDATION Report of the Trustees for the year ended 30 April 2024 The Tru5t885, who also act as Directors for the purposes of company law, are pleased lo prgsenl their rgPQrt wth the independenuy examined financial statements of the cornpany, 'Galleon Foundation. I'lhe charitable company'l Iregistered in England and Wales), for the year ended 30 April 2024. The Trustees confirm that the Annual Report and independently examined financial statements of the charitable COTnp3ny CoMY with the ourrent ststutory requirements, the requirements of the oharitsble cornpanys governing document and the provisions of the Statement ol Recommended Practice ISORPI, applicable to charities preparing their accounts in accordanee with the Financial Reporting Standard applieable in the UK and Republic tsf Iieland IFRS 1021 issued in October 2019. The independenlly examined financial statements wmply wlh the Charities Ad 2011, the CoTnpanies Act 2006, the Mernorandum and Articles of Association, and Accounting and Reporting by Charities.. Stalernent ol Recommended Practs"ce applicable to charities preparing their accounts in accordance with the Financial Repotting Stsndard applicable in the UK and Republic of Ireland IFRS1021 issued in October 20191 Charitses SORP FRS 1021. Page 1
Docusign Envelope ID." 33EOF6F1-810(HA84-9F33-90D18FB35666 GALLEON FOUNDATION Report of the Trustees for the year ended 30 April 2024 Structure, governance and management Govèmin documènt The Charity is a company limited by guarantee (No. 140176531, governed by ils Memorandum and Artides of Association and was incoiporated on 1 April 2022. Its Charity number is 1199371. Govomancè and mana amont The charitable company is managed by the diligence ol ils Trustees who meet regulady for the discussion of its businèss, relevant mattets and financial reports. Trustees are eleded at the Annual General Meeting, in accordance with the requirement ouuined in the governing document and in accordance with the requirements of the Charity Commission. The Trustees of the charitable company during the period were as follows.. Mrs A F Chapm8n-D8niel. Trustee Ms S A Chapman-Daniel, Trustee Mrs D P Wilson, Trustee Rlsk mana èmant The Trustees have assessed the major risks to which the charitable company is exposed, in particular those related to thè opèrations and financès of thé charitsblè ctsmpany, and are satisfiÈd that systèms and procédurés arè in placa to manage the exposure lo the major risks. 2024 was considered to be a wntinuing challenging period due to factors such as., increasing inflation in both the UK and globally, other impacts were seen as a result of the war between Russia and Ukraine and the attack on Israel from G8za and subsequent troues. These ClrcutnstanS have continued to itnpact upon the availability of iesources and put strain on supply chains. increasing costs generalty across the board. The charitable company has regularly reviewed ils cost base in order lo identify and rninimise costs incurred. The Trustees operate a rigorous review and ensure all expenditure is appropriate, reasonable and maintained at a level which is financially sustainable wthout irnpacting th8 ability for the charitable company to continu8 SLJPPOrting th8 arts and heritage sector. The Trustees met regulady throughout the period and have ntinued lo do so after the yearend. All committed funding and charitable income is reviewed at these meetings, and the Trustees satisfy themselves that adequate funds ar8 held lor all commitn18nts. Funds ar8 also h8ld with the intention ol ke8ping th8m on a IOng8r-te basis. Grants and donations are vieWed on a casewbywcase basis and are entirely at the discretion of the Trustees after ensuring sufficient finanoes wll be held post-granl for the charitable company lo remain in operation lor the foreseeable future. The grants and donations given are unfettered and the charitable company does not expect to realis8 a r8tLJrn on the arnounts giv8n. Ob ectlves and actlvltles The objectives ol the charitable company are to support a wide range ol organisations, such as volunteer and local community groups, particulady those that have a primary focus or operation within the arts and heiitsge space. Organisalions lor which the charitable company may provide grants and donations are identified by the nature and aims of their ongoing work, including their impact and strive to Improve and enhan opportunities within local communities, both in the UK and globalty. The grants and donations that the charitable company agrees to enter into are reviewed on a c8se-by-c8se basis and are entirely at the discretion of the Trustees. The grants and donations are unlettered and the charitable company does not 6xpÈet to Ioalisè a rèturn on tha amounts givèn. In setting objectives and planning for activities, the Trustees have given due consideration to general guidan published by the Charity Gommission relating to public benefit, including the guidance 'Public benefrt.. running a charity IPB21'. Page 2
Docusign Envelope ID." 33EOF6F1-810(HA84-9F33-90D18FB35666 GALLEON FOUNDATION Report of the Trustees for the year ended 30 April 2024 The trustees confirm that, in the exercise of their powers as Charity Trustees, they have had due regard to the published guid8n¢8 from the Gh8rity Cornrnission when renewing the charitsble COTnp8ny's 8itlls and objectives and in planning future activities. Inv The Trust88s have adopt8d an inv8Stm8nt policy to 8nsur8 that the charitab18 company's funds ar8 manag8d prud8ntly and in line with its objectives. The policy prioritises capital preservation while achieving a rnodest return to support the charitable company's activities. The charitable company primarily invests in money market inslrurnents with a maturity of up to 12 months. These invÈstmènts are selectèd to maintain liquidity and rÈduce risk, ènsuiing funds arè rèadily availablè to moet opèiational needs. The Charitable company is building its cash reserves from whieh it has started making grants and donations in the advancernent of its objectives. This activity and the making of some grants and donations have continued. Whilst th8 charitable company d085 not expect to gener3t8 a retum on the grants and donations tMad8, the Truste85 have sought routes frorn which financial returns can be oblained on the cash balances held. the retums of which will be directly reinvesled and used for the charitable company's primary objectives and charitable activities. Charitable income The charitable company's income is derived from donations which are received from private individuals. The charitable wmpany does not C8rry out any other specific fundraising actimty, and any other retums are generated from interest income earned on cash balances held and on temporary fixed-temi deposits. Page 3
GALLEON FOUNDATION Report of th8 Trustees for the year ended 30 Aprll 2024 Plans and ob ectlves forthe future The ch8rit8ble company's activities hav8 begun 8t a gen8rally low18vel during the initi81 period while rAsh r858rw8s 8r8 LY)Istered by investment income but it is reviewing and providing some grants to suitable parties, supporting new and existing projects in the arts and heritage spa. Should the charitable company require additional funding they will consider the prospect of fundraising actniities and discussing ongoing support with private individuals and donors. The cash balances and assets of the charitable company will b8 continually revi8wed and, where excess cash or conv8rtib18 assets are h81d, these may b8 considered to be invested or provided on a ShOrt-te basis to generate a financial retum, whilst ensuring satisfactory liquidity and a¢ssibilitY to maintsin financial stability. It is intended that any financial return generated would be used wfx)Ily lor the furtheran of the charitable Company's objectives. Flnanclal revlew The staternent of financial activitie5 for the peri ended 30 April 2024 shows net incotne of £63,902 12023.. £1,125.1971. As al 30 April 2024. the net assets were £1,189,099 12023.. £1,125,197), of which £679,447 12023.. £1,140,300) was cash h81d. The expenditure during the peri(Kl primarily consisted of accountsncy costs, grants and donations made in the adv8ncement of the charitable company's objectives. As the charitable company h8s now been operational for over a year, these costs reflect its ongoing activth"e5 and cotnrnitrnentto achieving its charitable goals. The Trustees considerthe finanual position of the Foundation as at 30 April 2024 to be satisfa¢tory. Reserves The Trustees have decision-making authority on how they manage Reserves and Investments. They have considered the scale, complexity and risk profile ol the charitable company and taken account of the funding base. which mainly consists of donations. The Trustees aim to balance the needs of current and future beneficiaries. On an ongoing bas, the Trustees plan to generate sufficient income from investment adivities, including holding exSS cash balarn$ in high interest yielding accounts, such that financial tum$ are generated which will enable the charitable company to fund activrties for current benefiuaries for the short. medium and long-term. Unrestricted serveS are available for use by the TtU5tees in furtheran of the general objectives of the charitable company and enable il to meet its cash flow needs. The Trustees monitor these fund levels to ensure they are suffici8nt to fund th8 ch8ritable (x)mpanls core expenditur8. Restricted reserves are for expenditure on the purposes stipulated by ttx)se who provide specific funding. AJI funds were applied in accordants with the objectives of the Foundation. Reference and administrative dètails Reglstered Company number 14017653 (England and Wales) Registered Charity number 1199371 Registered office One Bartholomew Close London EC1A 7BL Trustees Mrs D P Wilson Mrs A F Chapman-Daniel Chief Executive Offir Ms S A Chapman-Daniel Page 4
Docusign Envelope ID." 33EOF6F1-810(HA84-9F33-90D18FB35666 GALLEON FOUNDATION Report of the Trustees for the year ended 30 April 2024 Reference and administrative details Indèpèndènt Examinèr Cooper Parry Group Limited CUBO Birmingham 4th Floor Two Chamberfain Square Bimingham West Midlands B3 3AX Trustees, responslblllty statement The Truste8s who 8rg 81s0 Directors of Galleon Foundation for the purposes of company law are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounb"ng Practice). Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the stste of affairs of the oharit8ble cornpany and of the incorning resources and 8pplic8tion of resources, including the income and expenditure, of the charitable company lor that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting poliues and then apply them consistently., observe the rmethods and principles in the Charities SORP 2019 IFRS 1021., make judgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been ft)Ilowed, subject to any matèrial departures disdosed and explained in the financial stalemenls.. prepare the finanual statements on the going concern basis unless it is inappropriate to presume that the haritaiAe Gompany will continue in operation. The Trustees ar8 responsible lor keeping adequate accounting records that disclose with re350nable accuracy at any tirne the financial position ol the charitable company and enable thern to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking re8son8ble steps for the prevention and detection of fr8ud and other irregularities. The Trustees are responsible ft)r the maintenanee and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ Irtsm legislation in other jurisdictions. Legal status of the charity The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding-up is limited lo a maxirllum £10. Disclosurè of information to indè èndènt èxaminèrs Each of the persons who are Trustees at the time when this Trustees, Report is approved has confimed that.. so far as that Trustee is aware. there is no relevant audit information ol which the charity independent exarniner5 are unaware", and th8t Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any rdevant audit information and lo establish that the charity's auditors are aware ol that informats'on. This report has been prepared in accordan with the speaal provisions of Part 15 of the Companies Act 2006 relating to small companies. 16 January 2025 Approved by order ol the board of trustees on ............................................. and signed on its behalf by.. d by.. - CLw4W-goJAXLI FF202AS8EBWC2 Mts A F Chapman-Daniel - Trustee Page 5
Docusign Envelope ID." 33EOF6F1-810(HA84-9F33-90D18FB35666 Independent Examinerf5 Report to the Tru5tee5 of Galleon Foundation Indèpendènt examinèr's raport to thè trustèès of Gallèon Foundation I'thè Company'l I report lo the charity trustees on my examination of the accounts of the Company for the year ended 30 April 2024. Responsibilities and basis of r8POrt As the charity's trustees of the Company land also its directors for the purposes ol company lawl you are responsible lor the preparation ol the accounts in accordan with the requirements of the Companies Act 20061'the 2006 Act'l. Having satisfied myself that the accounts ol the Company are not required to be audited under Part 16 01 the 2006 Act and ar8 eligibl8 for independ8nt examination, I report in respect of rny examination of your charity's accounts as carr18d out under Section 145 of the Charities Act 2011 I'lhe 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145151 Ibl of the 2011 Act. Independent examinerfs statement I have completed my examination. I conlim that no matters have come to my attention in connection with the ex8minalion giving me cause to believe.. aooounting records were not kept in respect of the Company as required by Se¢tion 386 of the 2006 Act,. or the accounts do not accord with those records.. or the accounts do not comply with the aecounting requirements of Seetion 396 of the 2006 Ael other than any requirement Ihat the accounts give a true and fair wew which is not a matter considered as part of an independent examination., or the accounts have not b8en prep3r8d in accordance with th8 methods and principl&s of the Statement ol Recommended Practice for accounting and reporting by charities lapplicable to charities preparing their ccounts in accoidance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no oonoerns and have cotllg acros5 no other rn8ttgrs in connection with the ex8mination to which attention should be drawn in this report in order to enable a proper understanding ol the accounts to be reached. Glen Bott FCA Cooper Parry Group Limited CUBO Birmingham 4th Floor Two Ch8mberl8in Square Birmingharn W6st Midlands B33 Date.. 17 January 2025 Page 6
Docusign Envelope ID." 33EOF6F1-810(HA84-9F33-90D18FB35666 GALLEON FOUNDATION Statement of Financial Activities Ilncorporating an Income and Expenditure Account) for the year ended 30 April 2024 Period 114122 Year ended 3014124 Unrestricted fund 3014123 Total funds Notes Income and endowments from Donations and legacies 50,1100 1,162,000 Investment income 44,007 2,385 Total 94,007 1,164,385 Expendlture on Raising funds 8,564 Charltable actlvltlgs Antigua & Barbuda Youth Syrnphony Orchestra Bohd8n Ilnytsk Support costs Other 6.299 5,000 13,052 5.754 22,046 1,000 7,578 Total 30,105 39.188 NETINCOME 63,902 1,125,197 Reconciliation of funds Total funds brought forward 1,125,197 Total funds carried fOard 1,189,099 1,125,197 The notes fom) part of these financial statements Page 7
Docusign Envelope ID." 33EOF6F1-810(HA84-9F33-90D18FB35666 GALLEON FOUNDATION Balance Sheet 30 April 2024 2024 Unrestricted fund 2023 Total funds Notès Current assets Debtors Investments Cash al b8nk 6,179 511,470 679,447 961 1,140,300 1,197,096 1,141,261 Creditors Amounts falling due within one year 10 17,9971 116,0641 Net current assets 1.189,099 1.125,197 Total assets less cuThent liabilities 1,189,099 1,125,197 NET ASSETS 1.189,099 1.125,197 Funds Unrestrided funds 1,189,099 1,125,197 Total funds 1,189,099 1,125,197 The charitable company is entided lo exemption from audit under Section 477 of the Companies Aci 2006 for the year ended 30 April 2024. The m8mb8rs have not reqLJi18d th8 Cotnpany to obtain an audit of its financial stat8m8nts for th8 y8ar 8nd8d 30 April 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for lal ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companiés Aet 2006 and preparing financial statements which give a true and fair view ol the state ol affairs ol the charitable company as at the end ol each financial year and ol its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 8nd which otherwise comply with the requirements of the Companies Act 2006 relating to financial stalemenls, so far as applicable to the charitable company. Ibl These financial statements have been prepared in accordan wth the provisions applicable to charitable cornpanies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue ..lffj-..ianua.r.y..2fj2.5....... and were signed on its behalf by.. on SW•d by.. IF2S&EEHcts................. A F Chapman-Daniel - Trustee The notes fom) part of these financial statements Page 8
Docusign Envelope ID." 33EOF6F1-810(HA84-9F33-90D18FB35666 GALLEON FOUNDATION Notes to the Financial Statements for the year ended 30 April 2024 Accounting policies Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Chaiities SORP IFRS 1021 'AccoLJnb"ng and Reporting by Charities.. Statement ol Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffedive 1 January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost onvention. Income All incom8 is recognis&d in the Staternenl of Finanoial Activities once the charity has gnlilletngnl to the funds. 11 is probable that the incorne will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charrty to that expenditure, it is probable that 8 transfer of economic benefits will be required In settlement and the amount ol the OlgatIOn can be measured reliably. Expenditure is accounted lor on an accruals basis and has been dassified under headings that aggregate all cost related to the category. Where costs cannot be diredly attributed to particular headings they have been allocated to activities on 8 basis consistent with the use ol resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Taxation The charity is exempt from corporation tax on its charitable activities. Fund accountlng Unrestrieted funds ran ba usad in aceordanca with th6 charitabl6 objéctivès at thé discrétion ol thè trustsès. Restricted funds can only be used lor particular restricted purposes within the objects of the charity. Reslriotions arise when spe¢tfied by the donor or when funds are raised for particular restried purposes. Further explanation ol the nature and purpose of each fund is induded in the notes to the financial statements. Cash at bank Cash at bank includes c55h held in current account5, deposlt accounts, and money market accounts tnaturing within three months of the year-end. These balances are slated at their nominal value. Financial instruments Financial assets and financial liabilities are recognised in the balance sheet when the charitable company becomes a party to the contractual provisions of the instrumenl. Tiade and other debtors and ereditots are Classified as basic financial instruments and measured at initial recognition al transaction price. Cash and cash equivalents are dassilied as basic financial instruments and comprise cash in hand and at bank. Financial liabilities are classifigd in 8wordanoe with the substsnGe of the wnlraolual arr8ngetnenls entered into and the definitions of a financial liability. Going eoncern The Trustees, having considered the financial position of the charitable company as well as its future aims and forecast cash flows, have conduded that the charitable company will continue to operate lor the foreseeable future and al least until 12 months from the signing of these fin8n¢ial sl8temenls. As a result of this. the financial statements continue to be prepared on the going concern basis. The financial statements do not InclLJd8 any adjustn18nts that would be requir8d il th8 going conc8rn concept was not deemed appropriate. Page 9
Docusign Envelope ID." 33EOF6F1-810(HA84-9F33-90D18FB35666 GALLEON FOUNDATION Not•s to the Financial Statements . continuèd for the year ended 30 April 2024 Investment income Pèrlod 114122 to 3014123 Year ended 3014124 Deposlt account interest 44,007 2,385 Raising funds Raising donations and l•gacias Period 114122 to 3014123 Year ended 3014124 sUprt costs 8,564 Support costs Governance costs Supwrt costs 13,052 sUprt costs, included in the above, are as follows.. Finance Period 114122 Year ended 3014124 Total aetiviti8s 3014123 Total aetivit18S Bank charges 78 Governance costs Period 114122 to 3014123 Total activities Y•ar ènded 3014124 Support costs Auditors, rernuneration Independent examination lees Accountancy and legal lees 7,500 4,800 8,252 8,564 13,052 16,064 Pag8 10
Docusign Envelope ID." 33EOF6F1-810(HA84-9F33-90D18FB35666 GALLEON FOUNDATION Not•s to the Financial Statements . continuèd for the year ended 30 April 2024 Net incomellexpenditurel Net incomellexpenditurel is slated after chargingllcreditingl.. Period 114122 to 3014123 Year ended 3014124 Auditors. rernuneration Other accountancy services Independent exatnination lees 7,500 3,000 4.800 Trusta•s' remunèration and banafits There were no trustees. MUneratIon or other benefits for the year ended 30 April 2024 nor for the period ended 30 April 2023. Trustees, expenses During the year, the Trustee, Ann Frances Chaprnan-Daniel, incurred reimbursable expenses totalling £197. This amount is induded in creditors at the year-end. Comparatlves for the statement of financlal actlvStles Unrèstrietèd fund Income and endowments from Donations and legacies 1,162,000 Investment income 2,385 Total 1,164,385 Expendlture on R81sing funds 8,5fj4 Charitable activities Antigua & Baibuda Youth Syrnphony Orchestra Bohdan Ilnytskyi Other 22,046 1,000 7.578 Total 39,188 NET INCOME 1,125,197 Total funds carrièd forward 1,125,197 Pag811
Docusign Envelope ID." 33EOF6F1-810(HA84-9F33-90D18FB35666 GALLEON FOUNDATION Not•s to the Financial Statements . continuèd for the year ended 30 April 2024 Debtors: amounts falling due within one year 2024 2023 Prepayments and accrued income 6,179 961 Current asset investments 2024 2023 Mongy markgl investments 511,470 The charit8ble company holds money rnarkel instruments classified as current asset investments. 85 they mature after three months but within one year of the reporting date. These instruments are stated at amortized cost in accordanc8 Wlth th8 charrtable cornpanvs accounting policy. 10. Credltors.. amounts falllng due wlthln one year 2024 2023 Other creditors Accruals and deferred income 197 7,800 8,564 7,500 7,997 16.064 11. Movement in funds Net movement in fund5 At 115123 At 3014124 Unrestricted funds General fund 1.125.197 63,902 1,189.099 TOTAL FUNDS 1,125.197 63,902 1,189.099 Net movement in funds, induded in the above are as follows.. Incoming rasourc•s Resources axp•ndad Movement in funds unstrICted funds General fund 94,007 130,1051 63,902 TOTAL FUNDS 94,007 130,1051 63,902 Pag8 12
Docusign Envelope ID." 33EOF6F1-810(HA84-9F33-90D18FB35666 GALLEON FOUNDATION Not•s to the Financial Statements . continuèd for the year ended 30 April 2024 11. Movement in funds- continued Comparatives for movement in funds Nèt movement in funds At 3014123 Unrèstrictèd funds General fund 1,125,197 1,125.197 TOTAL FUNDS 1,125,197 1,125.197 Comparative net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement In funds Unrestricted funds General fund 1,164,385 139,1881 1,125,197 TOTAL FUNDS 1,164,385 139,1881 1,125,197 12. Related party dlsclosures During the year, the charitable cornpany reiVed donations lotalling £50.000 12023.. £1.162,0001 Irorn related parties. This indudes £25,000 from the Trustee, A F Chapman-Daniel and £25,000 from O Daniel who Is a close family merrber of the Trustee. Pag8 13