**Registered Charity Number 1201646**
## **Ferdinando & Luigi Innocenti Foundation**
**Annual Report and Financial Statements For the Year Ended 31 December 2024**
Ferdinando & Luigi Innocenti Foundation
## **Financial Statements**
## **For the year ending 31 December 2024**
## **Contents**
||**Page**|
|---|---|
|Trustees’ Annual Report|2|
|Independent Examiner’s Report to the Trustees|7|
|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**
## **For the year ending 31 December 2024**
The trustees present their report and the financial statements of Ferdinando & Luigi Innocenti Foundation ("Foundation") for the year ending 31 December 2024.
## **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 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
## **Independent examiner**
Richard Weaver FCA Haysmac LLP 10 Queen Street Place London EC4R 1AG
## **Solicitors**
Broadfield Law 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 dated 19 January 2023 and was founded by Lorenzo 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.
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 Ltd, who are seconded to the Foundation. Plans were underway across the year to establish the Foundation as an independent entity from January 2025, including new employment contracts and stand-alone financial management.
## **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**
2024 was an excellent year for the Foundation, characterised by strong strategic direction.
The Foundation’s initial Theory of Change framework was approved in February 2024. The Theory of Change was created with support of our expert Learning Partner Trust Impact, and involved a series of workshops with vital input from Board members, sector leaders, and a group of Youth Advisors. The framework will guide the organisation’s investments, impact measurement, and commitment to learning. Subsequent work with Trust Impact across the year further developed the indicators that the Foundation will use to collect data in collaboration with funded partners. Platfform were commissioned later in the year to write a report to summarise available research evidence to support the Foundation’s vision for young people.
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Ferdinando & Luigi Innocenti Foundation
## **Trustees’ Annual Report** _(continued)_
Agent Marketing were commissioned in March 2024 to develop the Foundation’s brand identity and digital platform. In July 2024, the Agent team unveiled the brand, brand guidelines and positioning, and ‘Sparking Joy’ strapline. The visual identity will be used across all collateral, including the website (which would launch early 2025).
The team continued to invest time and energy in building partnerships and relationships across the youth sector. In October 2024, investments were approved with three initial partners: Big Change, BBC Children in Need, and Agent Academy. These projects – along with future projects – will be measured to ensure learning on the most effective ways to achieve impact in line with the Theory of Change. A grant agreement framework and process was developed with support from Broadfield Law.
Effective Youth Voice and Participation is a priority for the Foundation. The team and two Youth Advisors participated in a course held by the Centre for Youth Voice across Autumn 2024, followed by three facilitated action learning sessions also including the participation of a Board member. The purpose was to develop an action plan to ensure best practice Youth Voice and Participation. Emerging recommendations would be considered by the Board across early 2025.
Plans were underway towards the end of the year for the official launch of the Foundation, which would take place in February 2025.
## **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. In 2024, total income was £449,907 (2023: £985,085). Expenditure totalled £534,553 in 2024 (2023: £163,032).
## **Reserves policy**
Restricted reserves are held for the purpose of grant making activities.
The unrestricted reserves figure represents running costs incurred by the Foundation; these were positive at 31 December 2024 although negative at the last year end due to the timing of payments.
At 31 December 2024, the Foundation had total funds of £737,407, which was made up of an unrestricted fund of £29,157 and restricted funds of £708,250. The Directors of Ratio Ventures Limited have confirmed their intention to continue to support F&LIF for at least 12 months from the date of approval of this policy. The Directors of Ratio Ventures Limited have agreed to keep [in liquid form] a sum equivalent to the average quarterly request over the last 12 months to ensure that main operations can continue for a period of 12 months or longer if required.
## **Risk**
The main risks to the Foundation relate to its overall effectiveness in launching and delivering its initial strategy i.e. establishing a Theory of Change, identifying strong partners, monitoring the impact and effectiveness of its investments, and using learnings to evolve and grow the Foundation.
## **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
## **Plans for future periods**
The Foundation is committed to learning in order to understand, enhance, and grow its impact. It will launch with a small number of projects and work with its Learning Partner (Trust Impact) to measure and understand the impact of these projects and identify gaps in the portfolio for further projects. This commitment to learning will enable the Foundation to become experts in the field of ‘youth-led joy’. As the Foundation builds its expertise, it aims to attract further philanthropists to its platform of ‘youth-led joy’.
Wider influence: the Foundation will also use its learnings to make the case for the importance of, and more:
- youth-led investment
- investment in early-stage ideas and emerging models / mechanisms of philanthropic giving
- investment into activities that support young people to discover new passions, lead their own personal growth and live with purpose.
Over the coming years and once we have established our track record and expertise, we plan to expand our operations into Italy.
## **Grant making policy**
- The Trustees have determined that the priorities for funding across its initial period will be:
- activities aligned with the vision and outcomes as per its Theory of Change framework
- partners aligned with organisational values.
- partners with a shared commitment to learning and evaluation.
## **Investment policy and performance**
F&LIF seeks to produce the best financial return for the Charity within an acceptable level of risk. The shortterm investment objective for the reserves is to preserve the capital value with a minimum level of risk. Assets should be readily available to meet unanticipated cash flow requirements. The long-term investment objective for the reserves is to generate a return in excess of inflation whilst generating an income to support the delivery of charitable activities.
## **Going concern**
Based on the reserves policy and detailed cashflow forecasts there are no specific circumstances or uncertainties that impact on the Board of Trustees assessment that the Foundation is a Going Concern.
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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 25[th] September 2025 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 EXAMINER’S REPORT TO THE TRUSTEES OF FERDINANDO & LUIGI INNOCENTI FOUNDATION**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
I report to the Trustees on my examination of the accounts of the Ferdinando & Luigi Innocenti Foundation, for the year ended 31 December 2024, which are set out on pages 8 to 17.
## **Respective responsibilities of trustees and examiner**
As the trustees of the charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts conducted under section 145 of the 2011 Act and in conducting my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
Since the Charity’s income is in excess of £250,000, your examiner must be a member of a body listed in the 2011 Act. I can confirm that I am qualified to undertake the examination because I am a registered member of the Institute of Chartered Accountants of England and Wales which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Richard Weaver FCA HaysMac LLP 10 Queen Street Place London EC4R 1AG Date: 8 October 2025
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Ferdinando & Luigi Innocenti Foundation
## **Statement of Financial Activities**
## **For the year ending 31 December 2024**
|**Note**
**Income from:**
Donations and
legacies
4
Investments
4
**Total income**
**Expenditure on:**
Charitable activities
6,7
**Total expenditure**
**Net (expenditure)/**
**income and net**
**movement in funds**
**Reconciliation of**
**funds:**
Total funds brought
forward
**Total funds carried**
**forward**|**Unrestricted**
**Funds**
**£**
284,903
35,004
319,907
282,803
282,803
37,104
(7,947)
**29,157**|**Restricted**
**Funds**
**£**
130,000
-
130,000
251,750
251,750
(121,750)
830,000
**708,250**|**Year**
**ended 31**
**December**
**2024**
**£**
**414,903**
**35,004**
**449,907**
**534,553**
**534,553**
**(84,646)**
**822,053**
**737,407**|Period
ended 31
December
2023
£
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 2024**
|**Note**
**Current assets**
Debtors
12
Cash at bank and in hand
13
Investments
14
**_Total current assets_**
**Creditors**
Amounts falling due within one year
15
**Net current assets**
**Total net assets**
**Funds of the Charity**
Restricted income funds
16
Unrestricted funds
16
**Total funds**|**£**
14,394
134,028
603,000|**2024**
**£**
737,407
737,407
708,250
29,157
737,407|**£**
638
10,420
820,000|**2023**
**£**
822,053|
|---|---|---|---|---|
||751,422
(14,015)||831,058
(9,005)||
||||||
||||||
|||||822,053|
|||||830,000
(7,947)|
|||||822,053|
The financial statements were approved by the trustees, and authorised for issue on 25[th] September 2025 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**
## **For the year ending 31 December 2024**
|**Notes**
**Cash flows from operating activities**
Cash generated from operations
Interest income
Decrease/ (increase) in debtors
Increase in creditors
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**|**2024**
**£**
(84,646)
(35,004)
(13,756)
5,010
(128,396)
35,004
35,004
(93,392)
830,420
737,028|**2023**
**£**
822,053
(420)
(638)
9,005|
|---|---|---|
|||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**
## **For the year ending 31 December 2024**
## **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.
## **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 Ferdinando & Luigi Innocenti Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy
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.
## **Cash at bank and in hand**
Cash at bank and in hand includes cash and short term highly liquid investments.
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Ferdinando & Luigi Innocenti Foundation
## **Income**
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.
## **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.
## **Expenditure**
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.
- Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year-end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT.
## **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.
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Ferdinando & Luigi Innocenti Foundation
## **Debtors**
Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.
## **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.
## **4. Analysis of income**
|**Donations and legacies**
Donations and gifts
Donated goods, facilities and
services
**Total**
**Income from investments**
Interest income
**Total**
**Total Income**
**. Donated goods, facilities and**
Accountancy services
Seconded staff costs
Supplier invoices settled
Use of computer equipment
Use of property
**Total**|**Unrestricted**
**funds**
**Restricted**
**funds**
**Year ended**
**31**
**December**
**2024**
Period
ended 31
December
2023
**£**
**£**
**£**
£
1,375
130,000
131,375
830,000
283,528
-
283,528
154,665
**284,903**
**130,000**
**414,903**
984,665
35,004
-
35,004
420
**35,004**
**-**
**35,004**
420
**319,907**
**130,000**
**449,907**
985,085
**services**
**Year ended**
**31 December**
**2024**
Period ended
31 December
2023
**£**
£
5,400
1,200
150,028
97,293
93,302
31,100
500
500
34,298
24,572
**283,528**
154,665|**Year ended**
**31**
**December**
**2024**
Period
ended 31
December
2023
**£**
£
131,375
830,000
283,528
154,665|
|---|---|---|
|||**414,903**
984,665|
|||35,004
420|
|||**35,004**
420|
||||
|||**449,907**
985,085|
||**services**||
## **5. Donated goods, facilities and services**
All donations were from Ratio Ventures Limited. During the period, Ratio Ventures Limited settled supplier invoices on the Foundation’s behalf totalling £93,302 (2023: £31,100), paid seconded staff costs of £150,028 (2023: £97,293) and provided donations in-kind of accounting services, use of computer equipment and office space amounting to £40,198 (2023: £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
Entertaining
Grant funding
Legal Fees
Membership fees & subscriptions
Recruitment fees
Rent
Staff costs
Travel & accommodation
**Total**|**Unrestricted**
**funds**
**£**
5,400
60
2,537
-
74,167
534
-
3,900
4,018
-
34,298
150,028
7,861
**282,803**|**Restricted**
**funds**
**£**
-
-
-
-
-
251,750
-
-
-
-
-
-
**251,750**|**Year ended**
**31**
**December**
**2024**
**£**
5,400
60
2,537
-
74,167
534
251,750
3,900
4,018
-
34,298
150,028
7,861
**534,553**|Period
ended 31
December
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
Charitable
activities
**Total**|**Grant**
**funding of**
**activities**
**£**
-
251,750
**251,750**|**Support**
**costs**
**£**
-
282,083
**282,083**|**Year ended 31**
**December**
**2024**||Period ended 31
December
2023|
|---|---|---|---|---|---|
||||**£**
**-**
**533,833**
**533,833**||£
163,032
-|
||||||163,032|
## **8. Analysis of grants**
|Grants paid to institutions|**Year ended 31**
**December**
**2024**
Period ended
31 December
2023
**£**
**£**
**251,750**
**-**
**251,750**
**-**|
|---|---|
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Ferdinando & Luigi Innocenti Foundation
## **9. Analysis of Support costs**
|Accountancy & audit
Bank charges
Computer costs
Conferences
Consultancy & professional Fees
Entertainment
Legal Fees
Membership fees & subscriptions
Recruitment fees
Rent
Staff costs
Travel & accommodation
**Total**|**Year ended**
**31 December**
**2024**
**£**
5,400
60
2,537
-
74,167
534
3,180
4,018
-
34,298
150,028
7,861
**282,083**|Period ended
31 December
2023
**£**
8,400
5
946
2,407
11,615
-
5,037
36
7,680
24,572
96,655
5,679|
|---|---|---|
|||**163,032**|
## **10. Audit and accountancy fees**
|Auditor’s remuneration
Independent examiner’s fees|**2024**
**2023**
**£**
**£**
**-**
**7,200**
**3,000**
**-**
**3,000**
**7,200**|
|---|---|
## **11. Staff costs**
The Foundation does not employ any staff. Staff are seconded from Ratio Ventures Limited, which is a related party.
One (2023: 0) seconded employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000.
|||**Year**|Period||
|---|---|---|---|---|
|||**ended 31**|ended 31||
|||**December**|December||
|||**2024**|2023||
|||**£**|**£**||
|£80,001|- £90,000|**1**||**-**|
During the period, payments made from Ratio Ventures Limited to seconded key management personnel totalled £87,509 (2023: £47,882).
## **12. Debtors**
|Prepayments and accrued income
Accrued income
**Total**|**2024**
**£**
**8,304**
**6,090**
**14,394**|2023
£
638
-|
|---|---|---|
|||638|
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Ferdinando & Luigi Innocenti Foundation
## **13. Cash at bank and in hand**
|Cash at bank and on hand
**nalysis of current asset investments**
Cash or cash equivalents|**2024**
2023
**£**
£
**134,028**
10,000
**2024**
2023
**£**
£
**603,000**
820,420|
|---|---|
## **14. Analysis of current asset investments**
## **15. Creditors: amounts falling due within one year**
|Aged creditors
Accruals
**Total**|**2024**
**£**
**6,810**
**9,005**
**14,015**|2023
£
-
9,005|
|---|---|---|
|||9,005|
## **16. Analysis of charitable funds – movement in funds**
|**Current year**
**Unrestricted funds**
**Restricted funds**
**Total Funds**|**At 1 January 2024**
**£**
(7,947)
830,000
822,053|Income
**£**
319,907
130,000
449,907|Expenditure
**£**
(282,803)
(251,750)
(534,553)|**At 31 December 2024**
**£**
**29,157**
**708,250**|
|---|---|---|---|---|
|||||**737,407**|
Restricted funds are held for the purpose of grant making activities that supports young people to discover new passions, have fun, find purpose in life and experience the joy of leading their own personal growth, as disclosed in the reserves policy section of the Trustees Report, on page 4.
## **Prior year**
|**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**|
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Ferdinando & Luigi Innocenti Foundation
## **17. Analysis of net assets between funds**
|**Current year**
Current assets
Creditors due within one year
**Net Assets**
**Prior year**
Current assets
Creditors due within one year
**Net Assets**|**Unrestricted**
**funds**
**£**
43,172
(14,015)
**29,157**
**Unrestricted**
**funds**
**£**
1,058
(9,005)
**(7,947)**|**Restricted**
**funds**
**£**
708,250
-
**708,250**
**Restricted**
**funds**
**£**
830,000
-
**830,000**|**Total funds**
**2024**
**£**
**751,422**
**(14,015)**|
|---|---|---|---|
||||**737,407**|
||||**Total funds**
**2023**
**£**
**831,058**
**(9,005)**|
||||**822,053**|
## **18. Transactions with trustees and related parties**
## **Trustees’ remuneration and benefits**
None (2023: 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 2024. There were no balances outstanding with any related parties at the 31 December 2024 (2023: Nil).
## **Trustees’ expenses**
|Type of expenses reimbursed
Travel
Accommodation
**Total**|**Year ended**
**31**
**December**
**2024**
Period
ended 31
December
2023
**£**
£
-
734
-
876|
|---|---|
||**-**
1,610|
None (2023: 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 £131 (2023: £486) paid by the charity in his capacity of young advisor to the Board of Trustees.
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