**Registered Charity Number 1201646**
## **Ferdinando & Luigi Innocenti Foundation**
**Annual Report and Financial Statements For the Period Ended 31 December 2023**
Ferdinando & Luigi Innocenti Foundation
## **Financial Statements**
## **Period from 19 January 2023 to 31 December 2023**
## **Contents**
||**Page**|
|---|---|
|Trustees’ Annual Report|2|
|Independent Auditor’s Report to the Trustees|6|
|Statement of Financial Activities|8|
|Balance Sheet|9|
|Statement of Cash Flows|10|
|Notes to the Financial Statements|11|
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Ferdinando & Luigi Innocenti Foundation
## **Trustees’ Annual Report**
## **Period from 19 January 2023 to 31 December 2023**
The trustees present their report and the financial statements of Ferdinando & Luigi Innocenti Foundation ("Foundation") for the period ended 31 December 2023.
## **Reference and administrative details**
## **Registered charity name**
Ferdinando & Luigi Innocenti Foundation
## **Registered charity number**
1201646
## **Trustees**
Lorenzo Ferdinando Innocenti Filippo Noseda Dr Luca Colaianni Ruth Pryce
(Appointed 19 January 2023) (Appointed 19 January 2023) (Appointed 19 January 2023) (Appointed 27 May 2024)
## **Chief executive officer**
Andrea Cooper
## **Principal office**
The Clock House 6 St. Catherine’s Mews London SW3 2PX
## **Bankers**
HSBC UK 145 Sloane Street London SW1X 9BN
## **Statutory auditors**
Haysmacintyre LLP s 10 Queen Street Place London EC4R 1AG
## **Solicitors**
BDB Pitmans One Bartholomew Close London EC1A 7BL
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Ferdinando & Luigi Innocenti Foundation
## **Trustees’ Annual Report** _(continued)_
## **Structure, governance and management**
The charity was registered as a charitable incorporated organisation (CIO) on 19 January 2023. It was established by way of the Foundation Model Constitution and was founded by Lorenzo Ferdinando Innocenti.
The constitution states that there must be at least three trustees, and the maximum is seven. The first trustees are entitled to hold office until they; retire, are absent without permission, become physically or mentally incapable, are disqualified from acting as a trustee, are removed from office by written notice from the Founder or are removed by a resolution at a meeting of the charity trustees (excluding the charity trustee whose proposed removal is the subject of the resolution).
In selecting individuals for appointment as charity trustees, the charity trustees will have regard to the skills, knowledge and experience needed for the effective administration of the CIO. Apart from the first charity trustees, every trustee shall be appointed for a term of three years. Any person retiring as a charity trustee is eligible for reappointment. Other than the Founder, a trustee who has served for three consecutive terms may not be reappointed for a fourth consecutive term, save in exceptional circumstances and with the unanimous approval of the charity trustees.
Future trustees must be appointed by resolution of the trustees.
The CIO will give regard to the Charity Commission's advice on the training and recruitment of new trustees.
A quorum at a meeting of the trustees is two trustees.
No decision of the charity trustees shall bind the CIO unless the Founder has formed part of the voting majority, for as long as he remains a trustee for the CIO, save where the Founder is subject to a conflict of interest in relation to the relevant decision.
The trustees have had due regard to the Charites Commission guidance on public benefit.
The law firm BDB Pitmans supported the Foundation to set up all key policies in compliance with best practice.
An Agreement for Supply of Services with Ratio Ventures Limited was adopted 16 February 2023.
The day to day management of the charity is carried out by staff employed by Ratio Ventures Limited, who are seconded to the Foundation.
All staff are interviewed and an assessment is carried out of their skills, qualifications and experience against their job description and capability. Comparative salaries are sought and benchmarked against suitable pay scales.
## **Objectives**
The objectives of the Foundation are to advance such charitable purposes (according to the law of England and Wales) as the Trustees see fit from time to time.
The Foundation is a grant-making charitable foundation. Grants will be made for such charitable purposes as the Foundation sees fit, in accordance with its policy and strategy.
## **Achievements and activities during the financial year and future plans**
The Foundation’s Deputy Director was appointed in January 2023, and following an extensive search and thorough recruitment process the Chief Executive Officer joined in June 2023.
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Ferdinando & Luigi Innocenti Foundation
**Trustees’ Annual Report** _(continued)_
The initial years of the Foundation present an opportunity to:
- Develop an inspiring **LEGACY** for Ferdinando and Luigi Innocenti
- Invest funds to achieve **IMPACT**
- **BUILD** partnerships across the sector to maximise impact, build on others’ expertise, and reduce duplication and overlaps
- Experiment, **LEARN** , and develop the model
- Develop a track record in the UK to further develop for launch in **ITALY** and beyond
Across June – December 2023, the Foundation team undertook an extensive exercise to:
- understand the issues facing children and young people across the UK
- understand the landscape of charitable foundations supporting young people across the UK
- build relationships with key stakeholders across the sector.
By the end of 2023, the Foundation had commissioned Trust Impact to support the development of a Theory of Change framework to guide the Foundation’s priorities over the initial three to five year period. The Foundation aims to start allocating funds to projects across 2024.
## **Financial review**
The main source of annual income for the charity is donations by Ratio Ventures Limited and this will continue into the following year.
## **Reserves policy**
Restricted reserves are held for the purpose of grant making activities.
The unrestricted reserves figure is negative at the year end. It represents running costs incurred by the Foundation, but not due for payment at the year end. This shortfall is to be covered by Ratio Ventures Limited in the subsequent year, when payment falls due.
At 31 December 2023, the Foundation had total funds of £822,053, which was made up of an unrestricted fund liability of (£7,947) and restricted funds of £830,000.
## **Risk assessment**
The trustees have carried out an overall risk assessment to identify the risks associated with the operations of the Foundation and, where appropriate, have introduced controls and safeguards to minimise the effect of these risks.
## **Funding**
The trustees are satisfied that the Foundations assets are available and adequate to fulfil its obligations.
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Ferdinando & Luigi Innocenti Foundation
## **Trustees’ Annual Report** _(continued)_
## **Statement of Trustees’ Responsibilities**
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees 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’ annual report was approved on the 4[th] October 2024 and signed on behalf of the board of trustees by:
Lorenzo Ferdinando Innocenti Chair Trustee & Founder
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Ferdinando & Luigi Innocenti Foundation
## **Independent Auditor’s Report to the Trustees of Ferdinando & Luigi Innocenti Foundation**
## **Opinion**
We have audited the financial statements of Ferdinando & Luigi Innocenti Foundation for the period ended 31 December 2023 which comprise Statement of Financial Activities, Balance Sheet, Cashflow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 31 December 2023 and of the charity’s net movement in funds for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Responsibilities of trustees for the financial statements**
As explained more fully in the trustees’ responsibilities statement set out on page 5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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Ferdinando & Luigi Innocenti Foundation
## **Conclusions relating to going concern**
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- adequate accounting records have not been kept by the charity; or
- sufficient accounting records have not been kept; or
- the charity financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustees as a body for our audit work, for this report, or for the opinions we have formed.
Haysmacintyre LLP 10 Queen Street Place Statutory Auditors London Date: 7 October 2024 EC4R 1AG
Haysmacintyre LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
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Ferdinando & Luigi Innocenti Foundation
## **Statement of Financial Activities**
## **Period from 19 January 2023 to 31 December 2023**
|**Note**
**Income from:**
Donations and legacies
4,5
Investments
**Total income**
**Expenditure on:**
Charitable activities
6,7
Other
**Total expenditure**
**Net (expenditure)/ income and**
**net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**Funds**
**£**
154,665
420
155,085
163,032
-
163,032
(7,947)
-
(7,947)|**Restricted**
**Funds**
**£**
830,000
-
830,000
-
-
-
830,000
-
830,000|**2023**
**Total**
**Funds**
**£**
**984,665**
**420**|
|---|---|---|---|
||||**985,085**|
||||**163,032**
**-**|
||||**163,032**|
||||**822,053**|
||||**-**|
||||**822,053**|
The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities.
The notes on pages 11 to 17 form part of these financial statements.
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Ferdinando & Luigi Innocenti Foundation
## **Balance Sheet as at 31 December 2023**
|**Note**
**Current assets**
Debtors
14
Investments
11
Cash at bank and in hand
13
**_Total current assets_**
**Creditors**
Amounts falling due within one year 12
**Net current (liabilities)/ assets**
**Total assets less current liabilities**
**Total net (liabilities)/ assets**
**Funds of the Charity**
Restricted income funds
Unrestricted funds
**Total funds**|**Unrestricted**
**Funds**
**£**
638
420
-
1,058
(9,005)
(7,947)
(7,947)
(7,947)|**Restricted**
**Funds**
**£**
-
820,000
10,000
830,000
-
830,000
830,000
830,000|**2023**
**Total**
**Funds**
**£**
**638**
**820,420**
**10,000**|
|---|---|---|---|
||||**831,058**
**(9,005)**|
||||**822,053**
**822,053**|
||||**822,053**|
||||**830,000**
**(7,947)**|
||||**822,053**|
The financial statements were approved by the trustees, and authorised for issue on 4[th] October 2024 and signed on their behalf by:
………………………………………………………………..
Lorenzo Ferdinando Innocenti Chair Trustee & Founder
The notes on pages 11 to 17 form part of these financial statements.
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Ferdinando & Luigi Innocenti Foundation
## **Statement of Cash Flows**
## **Period from 19 January 2023 to 31 December 2023**
|**Notes**
**Cash flows from operating activities**
Cash generated from operations
1
Net cash provided by operating activities
**Cash flows from investing activities**
Interest received
Net cash provided by investing activities
**Change in cash and cash equivalents in the reporting period**
**Cash and cash equivalents at the beginning of the reporting period**
**Cash and cash equivalents at the end of the reporting period**|**£**
830,000|
|---|---|
||830,000|
||420|
||420|
||830,420
-|
||830,420|
The notes on pages 11 to 17 form part of these financial statements.
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Ferdinando & Luigi Innocenti Foundation
## **Notes to the Financial Statements**
## **Period from 19 January 2023 to 31 December 2023**
## **1. General information**
The Ferdinando & Luigi Innocenti Foundation is a public benefit entity that is constituted as a registered charitable incorporated organisation (CIO) in England and Wales. The address of the principal office is The Clock House, 6 St. Catherine’s Mews, London, SW3 2PX. The CIO was registered with The Charity Commission on the 19[th] January 2023. Its first accounting period is the date from registration to the 31[st] December 2023.
## **2. Statement of Compliance**
The charity is a public benefit entity as defined by FRS102. These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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)) and the Charities Act 2011.
## **3. Accounting policies**
## **Basis of preparation**
The financial statements have been prepared on the historical cost convention.
The financial statements are prepared in pounds sterling, which is the functional currency of the charity and are rounded to the nearest £1.
## **Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees have adopted the going concern basis of accounting in preparing the financial statements.
## **Judgements and key sources of estimation uncertainty**
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
## **Fund accounting**
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
## **Incoming resources**
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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Ferdinando & Luigi Innocenti Foundation
## **Donated services and facilities**
Donated services and facilities are included in the SoFA when received at the value of the gift to the charity provided the value of the gift can be measured reliably.
Donated services and facilities that are consumed immediately are recognised as income with an equivalent amount recognised as an expense under the appropriate heading in the SoFA.
## **Income from interest**
This is included in the accounts when receipt is probable and the amount receivable can be measured reliably.
## **Resources expended**
Expenditure is recognised on an accruals basis as a liability is incurred.
All expenditure inclusive of irrecoverable VAT.
Expenditure is classified under headings of the statement of financial activities to which it relates:
- expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
- other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
## **Creditors**
The charity has creditors which are measured at settlement amounts less any trade discounts.
## **Financial instruments**
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
## **Debtors**
Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
## **Current asset investments**
The charity has cash and cash equivalents with a maturity date less than one year. These include cash on deposit and cash equivalents with a maturity date of less than one year held for investment.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
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Ferdinando & Luigi Innocenti Foundation
## **4. Analysis of income**
|**Donations and legacies**
Donations and gifts
Donated goods, facilities and services
**Total**
**Income from investments**
Interest income
**Total**
**Total Income**|**Unrestricted**
**funds**
**£**
-
154,665
**154,665**
420
**420**
**155,085**|**Restricted**
**funds**
**£**
830,000
-
**830,000**
-
**-**
**830,000**|**Total funds**
**2023**
**£**
830,000
154,665|
|---|---|---|---|
||||**984,665**|
||||420|
||||**420**|
|||||
||||**985,085**|
## **5. Donated goods, facilities and services**
|Accountancy services
Seconded staff costs
Supplier invoices settled
Use of computer equipment
Use of property
**Total**|**2023**
**£**
1,200
97,293
31,100
500
24,572|
|---|---|
||**154,665**|
All donations were from Ratio Ventures Limited. During the period, Ratio Ventures Limited settled supplier invoices on the Foundation’s behalf totalling £31,100, paid seconded staff costs of £97,293 and provided donations in-kind of accounting services, use of computer equipment and office space amounting to £26,272. These are measured at their fair value.
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Ferdinando & Luigi Innocenti Foundation
## **6. Expenditure on charitable activities by fund type**
|**Expenditure on charitable activities**
Accountancy & audit
Bank charges
Computer costs
Conferences
Consultancy & professional Fees
Legal Fees
Membership fees & subscriptions
Recruitment fees
Rent
Staff costs
Travel & accommodation
**Total expenditure on charitable activities**|**Unrestricted**
**funds**
**£**
8,400
5
946
2,407
11,615
5,037
36
7,680
24,572
96,655
5,679
**163,032**|**Restricted**
**funds**
**£**
-
-
-
-
-
-
-
-
-
-
-
**-**|**Total funds**
**2023**
**£**
8,400
5
946
2,407
11,615
5,037
36
7,680
24,572
96,655
5,679|
|---|---|---|---|
||||**163,032**|
## **7. Expenditure on charitable activities by activity type**
|**Activity or**
**programme**
Set-up phase
**Total**|**Activities**
**undertaken**
**directly**
**£**
-
**- **|**Grant**
**funding of**
**activities**
**£**
-
**-**|**Support**
**costs**
**£**
163,032
163,032|**Total**
**£**
**163,032**|
|---|---|---|---|---|
|||||**163,032**|
## **8. Analysis of Support costs**
|Accountancy & audit
Bank charges
Computer costs
Conferences
Consultancy & professional Fees
Legal Fees
Membership fees & subscriptions
Recruitment fees
Rent
Staff costs
Travel & accommodation
**Total**|**2023**
**£**
8,400
5
946
2,407
11,615
5,037
36
7,680
24,572
96,655
5,679|
|---|---|
||**163,032**|
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Ferdinando & Luigi Innocenti Foundation
## **9. Auditors remuneration**
**2023 £** Fees payable for the audit of the financial statements **7,200**
## **10. Staff costs**
The Foundation does not employ any staff. Staff are seconded from Ratio Ventures Limited, which is a related party.
No seconded employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000
During the period, payments made from Ratio Ventures Limited to seconded key management personnel totalled £47,882.
## **11. Analysis of current asset investments**
|Cash or cash equivalents
**reditors: amounts falling due within one year**
Accrued expenses|**2023**
**£**
**820,420**|
|---|---|
||**2023**
**£**
**9,005**|
## **12. Creditors: amounts falling due within one year**
## **13. Cash at bank and in hand**
|Cash at bank and on hand|**2023**
**£**
**10,000**|
|---|---|
## **14. Debtors and prepayments**
|Prepayments and accrued income|**2023**
**£**
**638**|
|---|---|
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Ferdinando & Luigi Innocenti Foundation
## **15. Analysis of charitable funds – movement in funds**
|**Unrestricted funds**
**Restricted funds**
**Total Funds**|**At 19 January 2023**
**£**
**-**
**-**
**- **|Income
**£**
155,085
830,000
985,085|Expenditure
**£**
163,032
-
163,032|**At 31 December 2023**
**£**
**(7,947)**
**830,000**|
|---|---|---|---|---|
|||||**822,053**|
Restricted funds are held for the purpose of grant making activities.
## **16. Analysis of net assets between funds**
|Current assets
Creditors due within one year
**Net Assets**|**Unrestricted**
**funds**
**£**
1,058
(9,005)
**(7,947)**|**Restricted**
**funds**
**£**
830,000
-
**830,000**|**Total funds**
**2023**
**£**
**831,058**
**(9,005)**|
|---|---|---|---|
||||**822,053**|
## **17. Operating lease commitments**
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
||**2023**||
|---|---|---|
||**£**||
|Within one year||-|
A Licence to Occupy is in place between Ratio Ventures Limited and the Foundation. Office space is provided by Ratio Ventures Limited as a donation in-kind.
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Ferdinando & Luigi Innocenti Foundation
## **18. Transactions with trustees and related parties.**
## **Trustees’ remuneration and benefits**
None of the trustees were paid any remuneration or received any other benefits from an employment with the charity or a related entity in the period ended 31[st] December 2023.
## **Trustees’ expenses**
|Type of expenses reimbursed
Travel
Accommodation
**Total**|**2023**
**£**
734
876|
|---|---|
||**1,610**|
Two of the trustees had travel and accommodation expenses met by the charity.
## **Transactions with related parties**
All of the donations into the Foundation are from Ratio Ventures Limited. This company is under the control of Lorenzo Ferdinando Innocenti who is also one of the company’s directors, and who is Chair Trustee & Founder of this Foundation.
Leonardo Colaianni who is the son of trustee Luca Colaianni had hotel and travel expenses of £486 paid by the charity in his capacity of young advisor to the Board of Trustees.
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