ULLY FENICHEL FOUNDATION FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 OCTOBER 2024 ULLY FENICHEL FOUNDATION INDEX TO THE FINANCIAL STATEMENTS for the pariod endgd 31 October 2024 Page Chartty Information Trustees. Rewt 2to5 Report of tha Auditors 6108 Statgm8nt of Financial Actwrt Balance Sheet 10 Statgrnent of C8Bh Flows 11 Notss lo th8 Flnancial Stalèmnts 12to15 ULLY FENICHEL FOUNDATION CHARI￿ INFORMATION forthe perfod ended 31 October 2024 CHARrrY NUMBER.. 1205185 TRUSTEES: CDZMartln S E Zelenka NRZM8rtin E H Cox {Appoinled 14 Juty 2024} REGISTERED OFFICE.. 33 Dents Road Lond SW116JA AUDITORS., Daffems LLP Chartered Acts)untants Slalutory Auditors One Easiwwd Hary Weston Road Binley Business Park Coventry CV3 2UB BAMKERS.. C. Hoare & Co 37 Fleet st￿0t London EC4P 4DQ P4e1 ULLY FENICHEL FOUNDATION TRUSTEES, REPORT for the period endod 31 Octob•r 2024 The TruSt￿S present their 8nnu81 report along with the financial statements of the Ch8rity for the period endè 31 October 2024. The Trustees have adopted the provisions of Statement of R￿OrnMended PraCt￿e ISORP A￿ountIng and Reporting by Ch8fbties" IFRS 1021 in preparing the annual rew)rts and financial statements of thè Charty. The financkgl statements have been prepa￿ in accordan￿ wlh the accounting policies sel out in notes to the accounts and ccffipty w(th the Chanty's governing document, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of R¢commended Practice 4)pluble lo Charities preparing their accounts in cordance wrth the Financial Reporting Standard applica1￿8 in the UK and Republ￿ of Ireland published in October 2019. OWECTIVES AND ACTIVITIES The LFF'8 charitsble object is the furtherance of the education of thg public in the appreciatKJn of art and the promotion of art, including without limilalion in th8 Albuquerque area in tha slate of New Mexico, USA, in such way8 88 shall be exclusively charrtable. In practice. the Iru9tees of the LFF intend to meet this ctsject by, for the benefit of the public, protecting and promoting the oeuvre ol Lilty Fen￿he1, a hitherto lrtt1e-kn￿n, b(rt important artist of the early Abstract Expressionist movement. 115 ukn'mate objectiva is lo make grants to aspiring young artists who share Lilty Fen￿h81.9 approach lo artistic crèalNty. 118 xtm1￿ include the cataloguing and safeguarding of tho body ol athork$ of Lilly Fenrhel il owns, promoting Lllty Fenichal in the art world and making a￿OrkS available for selected exhibilicfis of public and p¥ival& collections. In orderlo financa Ihese8Ctivrties, (( partn8r8wf(h 8uti8ble gall8ries and indwkluals inthe saleof a limrted number of arNvork$. Funds permrtting, rt plans to trace and catalogug Ihg arfv￿rks of LI1￿ Fenithel held by prNale collector8, which ar6 currently ef(h8r unknown lo it or uncatalcgued by it. Success in meèting The LFF'S objecbves is, at present, measured by thè suslainabilty and surtabilty of the envifonmenl in wh￿h rt $tores ts arfvrks and the completeness and accuracy ol ils catalogue, 1118 8180 measured by the qualty and quantty of the exposure LI1￿ Fenichel's oeuvre gets in the art world, the extent to which Lilly Fenichel is &knowledged as an important artist of h8r time loftgn refiecled in the prices bLtyers pay for her arfvnrf(sl, the sustsinability of The LFF'S finances, and urtimately by it8 abilty to make grants to aspiring young arbsts. The trustees have regard lo the Charty Cornmis$ion's guidance on public benefrt. ENT AND PERFORMANCE Lilly Fen￿h￿l digd at the age of 89 in hor *Jptsd homg in M8xw. USA. in 2016. leaving her estate, including her col￿ted artworffs. lo her three closest living relalNes, her first cousins once removed, Chades and N￿h0￿S Zelenka Martin, residents of London, UK and Stephen ze￿nka, a resident of Los Angeth, USA. On inheriting the collected armrks, her beneficiaries realised that her *acy couKf not be preserved, her arNvork property appreciated, gr her desire land the desire of the trustee8 in proMOt￿)n of the charity's objects) lo help 8irnilar￿ minded aspiring artists be realtsed, wrthoul the promotion of her ceuvre and the sale of 50me of her arknks. However. they did not have the time or opportunty to do much about rt before 2021. Page 2 LILLY FENICHEL FOUNDATION TRUSTEES. REPORT for th¢ pèriod ended 31 October 2024 ACHIEVEMENTS AND PERFORMANCE NTINUED The LFF was eventually fourKJed on 12 October 2023. They endowed the net pr%xeeds of th8 Lilty Fenrhel eslale 8nd the artwort(g on 2 April 2024. This is the first annual report of the trustee5 Qf the LFF. SIr￿e its foundalKin, the arfftrks hav8 continued lo be stored and the catalogue maintained in New Mexico, as had been before the LFF'S foundation and before Lilly Fenichel's death. In June 2023, befor6the fomab'on ofThe LFF, Lllty Fenichel's VA)rk appeared in'west Coa8tWonEn ofAbstwl Expressiontsm. al the Berry Campbell Galkqry in New York. One work was Sold. Th18 Was P08sitily th8 first lime her work had been exhibited in New York. In 202314, one of Lilty Fen￿hel'S a￿orkS was included in a successful touring exhibtth)n 'Action, Gesture, Paint.. Womèn Art15ts and Global Abstraction 194￿1970. whieh, featured at the Whtiechapel Gallery in London, UK, the Fondation Vincent Van Gough in Arfes, France and the Kunsthalle in Biekfeld, Germany. Thi8 wa8. to the best of our kno%￿edge, the first lime a Lilly Fenichel 8thoFk had aver been exhibited outside the USA. In the spring of 2024, seven of Lilly Fenichel's athork8 were featur8d in an exhibrtion of Ab51racl Expr888Ktrnist female artists, 'Montag8', hdd al the Gazelli Art House in London, UK, at which tsvo wer8 sold. In the Summer of 2024, Fenrynes Artistes du Musge de Mugines opened in the South of France with an eaT VK)rk by Lilty Fen￿he1 in The Christian Levett Collect￿n, which is displayed there. Al the end of2024 Thè LFF'$ publl¥hed a s8coThJ edition oflha catslogua of LiSly Fenichel's work entilled'Again$l the Grain,. Copies are available from the LFF on requ881, free of charge. Since 'Monlage'. the LFF has agreed the tem8 of an exclusN8 exhibrtion of fv￿nty4)ne of Lilly FenKhal's arNvorks at the Gazelli Art House In London, UK, lo be held in earty 2025, ent￿￿d'AgainSl the Grain,. Again, th18 will be free of charge to the public. The trustees are pbased with the progress of The LFF to 31 O¢tober 2024. In particular, they believ8 that the Against the Grain, exhibilK)n is a significantdevelcpmenl in their objective of having Lilly Fen￿he1 acknowledged as an important artist of her tim. The prices achieved by the 8ales al 'th)nt•Je' are Gonsistenl with this belief. FINANCIAL REVIEW Shortly after ts inception, The LLF was endowed by its founders with appr0￿mat￿Y $94,000 in cash and collection of Lilly Fen￿heI,8 arknrks. Valu￿ for prcthte purposes at abcrtrt $1.5m. The ￿ sales of arNvorks m￿8 in the period lo 31 October 2024 were at prices above their probate valuations. The sales conlribuied lo the LFF'8 cash re8erve8, wh￿h at the end of the perh)d repre¥enled •pproximalety 10 yeats of current ffjcurring costs. 0￿Prte the1o¢k of recurring revenue, the trustees therefore ¢on$lder The LFF lo be linancialty 80und. Howgver, they are mindful that recurring costs are likely lo increase. The trustees have consider¢(I the princpal non-financial risks to the trust. These are b81iov8d lo relate lo the storage. maintenance. acc8ss and transp(xt ofthe ar￿lOrkS in New Mexico. These arrangements are considered Sub-optimal, partly becauso of New Mexw's rernotene5s from Ihe truslee5 and, as a resutt, the trust's reliance on ts Ic¢al unpaid, volunleei representatwe in New Mexico. In order lo mitsgale this risk, f( is the trustees, intentKin to contract a part-tIn￿ representative in New mex￿ lo understudy the rob and lead the trust's effort to trace and catalogue athorks of Lilly Fenichel that are curTenlty unknown lo it. They are also sub-optimal, because the storage facility does not nieet the standard5 requirerl for the trust lo be able to insure the artrlorks. Page 3 LILLY FENICHEL FOUNDAnoN TRUSTEES. REPORT for the period ended 31 October 2024 FINANCIAL REVIEW CONTINUED The tnjstees have researched the cost of felocating the artr￿rkS to a speciali51 art storage unrt and insuring them. Thoy have concluded that the trust's financial position is not sufficiently strong to be ab￿ to afford such K)ve yet bul wll revw the sf(ualion at least annualty and make the move when affordable. In making this assessment. they have fomed the vh8w that, although 1898 than optimal, the current f8cIIIty acceptable for the lime being, as the ar￿lOrkS have been Stored there for de&*Jes, wrthout k)ss or damage. Totsl expenditure wa8 $14,136 were r8L8ted lo the support costs for the Charity. RESERVES POLICY The operating costs of the Charty are low and con88qu8nlty th8 Trustees consider Ihgre is no requffemenl lo maintain a sp8cfic level of fvnds to meet these in future perh)ds. All ratained fijnds are therefore avaiknl8 for distribution. LANS FOR FUT RE PERIODS In the year lo 31 October 2025, tha trustées plan lo contract a part-time assistant in New Mexlco lo help manago storage and cataleguing ané lo build on Ihe'Againsl the Grain. exhibition by arranging something similar in the USA. They a150 plan lo develop relationshp5 with 8el•ct8d publi¢ g811ori88, in order to have Lilty Fen￿h81,8 athrks on dispLYy pemwnently to the general publ￿, thereby furthering the charity's object of promoting art and art education, Beyond 31 October 2025, financing permitting, the trustees, inlentr)n to move the collection lo a specialist art Stor￿e facility. Wh￿ it can be insured, and to m8ke financ￿1 grants lo aspiring young arti$l$ who share Lilly Fenichel's approach to artr￿t￿ creativity. STRUCTURE GOVERNANCE AND MANAGEMENT Lilty Fenichel Foundat￿n 1$ a chan￿1$ In¢orporat8d OffdaniSat￿n g0￿M$d by it$ ¢On$lttUt￿n daled12 October 2023. Th8 Trust888 who served during the period and 8inc8 the perM)d end are set out on page 1. The founding Iruslees were the three principal beneficiar￿ of Lilly Fenichel's will: Charfe8 Zelenka Martin. Ntholay Ze￿nka Martin and Stephen Zelenka. None have any prof888ional experience ofthe art worfd, bul all have us8fv1 genéral man￿ement eXpener￿a. Emma Cox, a UK solicrtor wFh) specialises in charty18w, was appointed during the period as an ind¢p¢nd6nl, norFfamily tru¥leg, with valuable relevant profe3sional experien￿. In due ¢ourse, the trustees would like to appoint another rlon-famity trustee with professional management exp8rigrKe from the Art worfd, preferably based in the USA. Decis*)n5 are made coll￿tively by the twstees. Jor ri8k8 have been rev￿ and poliae$ est*lished lo manage Ihose risks, a$ set out in the Financial Rwew. The LFF has no employees bul relie5 on the help and efforts of iwo volunteer associates who are based in the USA. RJ Baile is responsible for the storage, transport and catak)guing of the ath40rks and is based in New Mèxico. Juri Koll looks after the websrte and art world public relat￿n$ in the USA, bas&J in Los Angeles. The trustees would like to record their thanks for the work Ih8y do for the LFF. Page 4 ULLY FENICHEL FOUNDATION TRUSTEE8' REPORT for th• p•rlod end•d 31 Odob•r2024 RISK MANAGEMENT Tho Twsto•s hav8 oThd8r•J th8 mAJtX ri8k8 to whkh the Charfty 18 •XFKJs•d and have r￿thyed tr￿8 d8ks ond estaL4i#hed 8y8tsmg Ind w0￿dUM8 to managtr thom. The TnJslg9¥ Wo rewonsiblg for prgparlng Ihe Trusts08' Report and Ihe flnanclal 8tstemenl6 kn acGordanc• wtth applitsble law Unw Klngdom Accountlng Standafd$ {UnW I￿ngdoM Go￿ra1￿ Acc¥ptèd Accounting Practlcol. Tho law appllcable to Ch8ritig3 In En￿and and Wal8B requlros the Trustee8 to prepgre fingncl&l ststements for each ffnonolal yetsr whlch glve a true and falr ￿&W of th8 stste of aff3lr6 of the Charfty and ol tha Incomlng reBDurcA$ and applIc•t1￿ of r•sourrAy of tho Charfty for that ￿rtOd. In pr8p8dng thos•1kn8ncial stat•m6nts, the Tn￿tea8 are lo.. seloct sullable accountkng pollcles and than appty them con8lstentty,' obs8rv8 th8 mèthods 8nd PrfnCl￿OS in tho Chadllas SORP 2019 {FRS 1021; m8k8 I￿19m•n￿ ond a8￿M8t•S that ara r8880n8ble and pnthnl.. 8lat8 wh8lh8r aFpllcable Aceounllng st8nd8rd8 h8ve begn fdiuwed, autyocl to any matorfal départur•6 dlsclosed and oxplglngd In the finandal 8talements', prnpar• tho financlal 8t8t•m8nts on thè go5ng con￿rn ball8 unl•85 It 1$ In#pprapri8te lo prn8um• that the Charty wlll r￿unU8 In oper811￿. The Tru81088 are respon￿ble for keeplng accounting record• thgt disclose with reasonab￿ accur8cy 8t ony tlme the fMancl81 {￿￿tiOn of Ihe Charlty 8nd 8nabla them to gniufe that thè flnandbl 8tst8m8nt8 COM￿ wlth the Charftl08 Acl 2011, the Chartty (Acmunts and Roport•l Regulatlon8 2008 and TTUBt Daèd. Thay ar& ¥lso r08pon81blo for 8afvguardlng th9 a$#èts of tho Charlty and h8nc• for taklng reasonablo Btepo lor tho prev8nUon and deloctlon of fraud and other Irre lorities. Approvod tytho .<.. , an olr behalf by: N. R. Z. Martln-TnJJteo ULLY FENICHEL FOUNDATI¢ INDEPENDENT AiIDftORS' REPORTTO THE TRUSTEES OF ULLY FENICHEL FOUNDArnN Oplnlon We havo a￿jIt*3 the finandal statements of Llly F￿￿01 Ft￿n￿al&)n (the 'Charfty'l for th8 pthjd erKlgd 31 Octobor 2024 which Com￿38 tho Statsment of Financial ActiW￿e3, the Balance She8t, the Statament of Cash Fk)w8 and rK)t8s to tho ffinancial 8t8tsments, Including a Bummary of4niknnt ac¢ounth"ng policies. Tho finanu81 rwrting fr8mgth that has b8èn appli&d in thair preparation Is applicable18w and un￿ert Kingdom Accounwno Stsndard8. Includlng Flnancial ReporOn9 Standard 102, The Finan￿81 Reporting Stondard applicabla in Ihg UK And Repthlkn of Iroland (Unllgd Klngdom Generally Acc8ptsd Accountlng Prscllcol. In wr opSnbn the finandal Jtat•m8nts'. ve a tru• and falr of the state of thg Charty's aff8trs aB 0131 October 2024, and of ts Incomlng r880ureg6 and aprl6c4Uon of rè80urces. tor the period Ih8n end8d,' have beer4 prop$￿ rrfep8red In accordan￿ YAlh Unhed Kjngjom Ggnernly Acc4pted A¢cou￿ng Practk*', and hav8 b88n prepwgd In a¢cordanca wlth th8 requlrernents of the Chorltl8$ ILI 2011. 8MIB lar aplnlon We condLth our audlt In Arththn¢e vAlh Intemalonal Stondords on Audttlng IUKI {ISA8 IUKII and 8pp4cabto Lqw. Our rosponslbilAkn undor thos• 8tand8rds Bre further doBcribed in th& Auditorf8 r88pon81blitl&g fortho a￿lIt olthe financhl st8tements 80cfjon ofour repcrfl. W¢ are Indèp8ndontolthe Charlty In ac￿rdance wlth the othlcal uirem￿ts that are r•lov8nt to our aud+t of the fin8nclal $181¥monts in the UK. Induding the FRC'8 Ethical Standard, and wo hgve tulfiH•d our other ethical rwonsits4111b88 In accord8nc• ￿th these requirements. We b•llovg Ih8t audit 8wd4nce we have obt8ingd rd sufficrant and a[pro￿t6 to provlde a basls for our oplnbn. Cohc1u￿on¥ r•latlng to golng wi¢•m In audtlng th8 Iln#ndal stslwn￿ts, we have wthlèd that th8 TNstaè8' U88 of bY)IryJ c(Mcern bash of aCC￿1n11Th) In the prep8r8llon of the flnanc￿l 5tat•ments Is approprièto. 8a8•a on the wg havg pwfomi6d, wo havo not Id•ntMled any mat•rtal unc•rt•lntle8 relau￿ to evonts or conditlon8 that, individually or colledlvety, may cast 81gnfficant doubt on lh8 Charftyy 8blllty to conlnue 88 golng conc•m for a Ferfjod ofalloayl fvAve monlhs frorn when Ihe flnawel $tstem8nts aro auth￿3¢d for 18$￿. ¢)Jr r•8FKn8blllfje8 and thè rgwinJibililie8 of t￿ Trustees vAlh respect tr* going corwi p4e d98￿bad In I evant 80ctlons of th13 report. Othw Inforni￿lQn The other Inform8th)n comprfses th¥ inforniatlon IncludeAI h the Tru5te85' rewrt, other than ts lInar￿81 statem￿ts aTra our audltoI8 report theroon. The Trustees are responslble IDr the rknr Information corts11￿￿ wthin the annual reporL OF4'nKJn on the financial 8tat8menls doe8 not cover the oth•r Inf¢Ymatlon and, exceplto the oxtsnl oth8Thvl8e explicity 51gted in our repLrt we do rKJl express anyform ofa8surance conduslon Our re5ponsi)ilty is lo read th• other Infomiallon wd. so, co￿lder vthelher the oiher informalion matsriafy irb))nslstent vlth th• fin8ncl81 statements. or our knowledge obtaln8d In the c<)Urn8 of the audtt or otheTh¥l8e eppew5 to be materlalty migstatod. If we Idenlfy SUL* maledal inconsi8lenC￿ ￿ apparent mater m188tatamants. we 8re r8qulrod to detemine Ythelhw thls glves 1199 to a molgrlal mlsstaloment in lh9 Ilnanclal statemerts themselves. If. based on woth w8 hava pwf(rned. w8 condLtde that Ihero is a rnatsrial m139tatement of this other infomati)n, w• required to report thal facL We havg nothlng to report kn thk5 r•Jard. LILLY FENICHEL FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF LILLY FENICHEL FOUNDATION Matters on whlch we are requlred to report by exception We have nothing to report in respect of the following matters in reL8tion to wh￿h the Charities (Accounts Reports) Reguktions 2¢XJ8 require us lo report to you rf, in our opinion.. the information gwen in the finanual statements is inconsistent in any material respect with the Trustee8' suffic￿nI accounting records have not been kept., or the financial statements are not in agreement with the accounting records,. or have not receNed all the infom)alion and explanations we require for our audit. Respon81bllltles of TnMtO As •xpLgined mole fulty in theTruslees' re8pon$ibllhle$ gtstwnen18etoul on page S, IheTru$tees a￿ wp¢x$ible forlhe preparaliors of the financial slatemenls which give a true and fair view, and for such internal control as the Trustees detemiine is necessary lo enable the preparation of financial statements that are free from material misststement. whether due lo fraud or error. In preparing tho flnanci¥l slatwnent8, the Tru8tees are respon8ibl8 for as8essirvJ the Charity'8 abilrty to conlinL as a going concern, dksclosing, as applicabk8, matters related lo g¢Jng concern and u81ng the going concem basis of accounting unless the TruBlee8 either intend lo liquidate the Charity or to cea8e operati?ns, or have no realisli atternalive but lo do 80. Audltor'J re8PDnslbllStl88 for thè audSt of th8 flnanclal Statements We hav8 been appointed as auditor under seth'on 144 of the Charitie8 Act 2011 and report in acCordar￿a With the act and rethanl feguL9ts'ons made or having affect ther8 under. Our objectives 8ra to obtain rea50nablg assurance about whelher the financial slatem8nl8 a8 a Who￿ are freg from material migslatement, whether due lo fraud or èrror. and lo issue an auditorfs report that includes our opinion. Reasonable 888ur8nce is a huh1gv&l of a$$urance, bul is not a guarantee that an audit conduGlsd in accordance wfth ISAS IUIQ will afv48ys detect 8 matorlal misstslwnenl when rt exists. Missl8lem8nls can arls9 from fraud or error and ar8 considerod malenal rf. individualty or in the aggregate, they could rea80nabty be 8xpecled lo influence the economic d￿1610￿8 of u8ers taken on the basis ofthese financial stalemenls. I￿egUlar￿•￿8, including fraud, aro instonces ol non-compliance with laws and regulations, We design procedure8 in Ilne with our responsibilit￿. outlined above, lo delecl material misstatementg in respect of irregulant￿, in¢luding fraud. The Specific procedures for this engagement and the extent lo whith Ihese are capable of del￿ting irr8gularrtie5. including fraud is dgtailed below.. Enquiry of Trustees around ￿tUal and potential liligalion and elaims.. Enquiry of Trustees in complkgnce functions to idenlfy any instancey of non-compliance with and regulations.. Reviewing minute8 of m8etlngs of th088 chargèd with govomanctr.. Reviewing financial stslemenl discbsures and testing lo supporting d￿umentalIon to assess complia￿e wi(h applvblelows and regulations," Performing audrt work overthe rL8k of man&¥ment ove￿Ide of controls, including testing of joum81 enlrles and other adjustments for approprh*enes5, evaluating the ratsonak of significant transactions outside the nomial course of activities and reviewing accounting estimate5 for bias. Because of the inhorgnl limitations of an audit, there is a risk that we will not detect all irregularilie5. including those leading to a material misstslemenl in the financk?I statements or nonn 1212 ofthe Companie5 Act 20C Page 8 LILLY FENICHEL FOUNDATION STATEMENT OF FINA14CIAL ACTIVITIES IINCLUDING INCOME AND EXPENDITURE ACCOUNT) for the pedod ended 31 Octo￿r 2024 Un tri¢ Inc¢)m• from.. Donadon8 and lega¢i98 Interest rgcelvable Galn on dlspos81 of herftage as80ts 1,529.651 1,529,851 18,863 18,863 ToLIl Incom• 1,548,515 1.548.515 Exp•ndlturn on.. Charilablo gctiwties 14.136 14,136 Totsl Exp•ndStur• 14.136 14.1 N•t Incom• l N•t mo¥•rn•nt In fund• 1,534,379 1,5Y,379 R•cr*n¢lll•tlon of fundj: Totsl funds brought lo￿ard Total funds ¢grried fcTh¥rd 1,$34,379 1.534.379 The 81atemont ol flnancial actfvttYd8 InGknd8J all g8lns and losses retsjgnogd during Iho poriod. The notes gn pages 12 to 15 forrn part of these financial $18temenls Page 9 LILLY FENICHeL FOUNDATION BALANCE SHEET 4t 31 0￿0￿r 2024 24 FixeD AS3Ers assets 1,410,155 1,410,155 CURRENT ASSETS Trgd8 08bto Cash at bank and In hand 44,642 84,237 128,879 CREDITORS: Amount lallln9 duo vlthin one ￿¢1￿￿.. Accru&J •xp8nses Other credllors 13,8571 NEf CURRENT A88Efs i {UABILmESI NeT ASSETS 124,224 1 S34 379 Ch•rfty Funds: ￿n￿strICted ￿ndS 1.534.379 TOTAL FUN08 10 1534.379 The finoncial statomèfft. h8vo apkYov8d and outhorised for 188Ug ty the 8oard of TN8tw . and Slgnod on its behalf by.. N. R. L M8rtbn Trusloe The notes on pag85 12 to 15 form part of these flnancial statements Page 10 LILLY FENICHEL FOUNDATION STATEMENT OF CASH FLOWS forthe pertod endgd 31 October 2024 Notes Cash flow from O￿tating a¢tivitie8 Nel inwmellexpendilurel for period 1,534.379 Donation of heritage assets Gains on disposa15 of hertsge assets Decreasellincr8asel in debtors (Dee￿8$¢￿1n¢rease in Creditors 11,412,505) 118,863) 144,642} 4.655 Net ¢a•h flow from owratlng actlvhlej 63,024 Cash flow from Investlng actl¥ltle• Proceeds from salè of harrtage assets 21,213 Net Cash flow from Inva8tlng actlvltlo8 21,213 N•t Incr•a801{d•creas•l In cash and cash oqulvalonts 84,237 Cash and cajh gqulvalents at 12 October 2023 Cash and caBh wulvJl•nts at 31 October 2024 Ca•h and cmh oqulval•nts con818ts of: Cash at bank and in hand 84,237 Ca8h and cash equlvalent8 at 31 Octob•r 2024 84 237 Analy•l• of chang•s In not dobt Cashflow 202 Cash and cash equNalenls 84,237 84,237 Totsl net debt 84,237 Thg not95 on pages 12 to 15 fom p*t ofthesg finar￿la1 statements Page11 LILLY FENICHEL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS for the period onded 31 October 2024 ACCOUNTING POLICIES The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial 5tat¢men15 are as follows". al Basis of preparatlon LI1￿ Fenichel Foundation 15 a Chantable Incorporated Organssation in England registered on 12 October 2023. Thè address of th8 registered office is gnien In the Charity inforrnalion on page 1 of Ihe¥e financial slalemenls. The nature of th8 Charity's operations and principal activities are th8 furtherance of public educal*)n n the appreciation and promotion of art by the late Lilly Fenichel. The Chafily con8tilutes a publ1¢ benefrt entty under FRS102. The financlal 8t8lements have been prepafed in accordance with applicabk accounting stand8rds, tho Charities Act 2011 and the Slalemenl ol Recommend8d Practu 'Accounling and Reporting by Charrties. issuthl in Octobér 2019 ISORP {FRS10211. The financial slalemenls have been prepared lo give a 'lrue and f8iV' viow and have departed from the Chafllies IAccounls and Reports) Regulations 2008 only lo the extent required lo provide a 'lrue and fair view" This departure has involved following the Accounting and Repoth'ng by Ch8rilie$.' Slalemenl of Recommended Practice applieable to Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republie of Ireland issued in October 2019 rather than the Accounting and Reporting by Charrtig$'. Statement of Recommended Pr￿l￿o effa¢tN¢ from 1 April 2005 which has since been wrthdrawn. The financial statements 8re préparod on a going concem basis under the historical cost convention. The financial slalemenls are presented in US dollars which is the functional curency of the Charity, transactions are rounded to the nearesl $. The signifunl ar¢ounling policies applied in the preparalrons of these financial slalemenls are set out below. These policies have been consi3tently applied lo all periods presented unless otherwise staled. bl Income rocognltlon All incoming ￿SOurceS are included in the Slalemenl of Financial Aclivrties when the Charity 15 legally entitled to the income, the amount can be me8sured reliably. and Il is prcbable that il will ba received. Th8 deemed value of arhyork gffted lo th8 Chanty B recognised 88 donation income at the dale the rrght of ownership ha5 been transferred. Income is recogntyed on the sale of athrk, on¢fr ¢)vmorship of the a￿ork has bean transferred. InC￿e i¥ recognised on arfftrk hel(l under consignment arrangement only when Ihe artrork has been 801d to a third party by the ¢on$lgnee. ¢1 Expendlturg rncognltlon All expendrture 1$ accounted for on an accruals basis and has been classffied under headings that aggregate all costs related to the category. Expenditure is recogni5ed where there is a legal or constructive obl￿all0ft lo make payments lo third parties, rt is probable that the settlement will be required, and the amount of the obligation can be measured reliably. Expendrture is accounted for on an accrual basis and has been classrfied under headings that aggfegate all costs related to the category. Irrecoverab￿ VAT 1$ charged as an expense against the aclivty for which expenditure arose. Page 12 ULLY FENICHEL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS for the period endgd 31 October 2024 1. ACCOUNTING POLICIES (CONTINUED) dl Heritsgè Assets Hefilage assets are inf(ially accounted for al deemed wst. No heritage assets have been revalued, nor depreciated due to the perceNed infinrte economic lrfe of Ihesg heritsge assets, which consi81 solety of artwork. The Lilty Fenichel Foundation has approximately 600 art pieces, which were grfted by the e$lale of Lilty Fenichel on incorporation of the Charity. The art ¢ollecllon is held in support of the Charity, primary objective ofadvancing arts and art education by promoting the oeuvre of Lilly Fenichel Whlely. by pLacing selected art pieces with museums and gaI￿rieS and privat8 collections. The art collection is hold in New Mexico. Further infom81ion on the coll￿tIon 18 given in Note 6 of the accounts. èl Financial In$trumènt8 Debtors and credrtors with no Stated inlgrest rale and receivable or payab￿ within one period are recorded al IransaclM)n price. Any108ses arising from impairment are recognlsed in expenditure. Q Unre8trlctod Funds Unrestricted funds are available for use al th8 discretion ol the Tru51ees in fvrtherance of the general objectives of the Charrty and which have not been designated for other purposes. gl Forolgn currenclos A8sel8 and liabilitie8 in Sterling are Iran81aled lo the functional currenGy of US D0118rB, 81 the rates of exchange ruling al the balance sheet date. Transacllons in Sterling aro Iran51ated into US Dollars al the rate of exchange ruling al the date of Iran5a¢lion. Ex¢hange differences are taken into account in arriving at the op8r8tin9 resutt. h) GoSng con¢om The financial stslemenls have been prepared on a going concern b8818 as the Trusleos believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these fin8n¢ial slalem8nls. Tho budgeted income and expendilurg is suffiGienl with the level of reseNes for the Charrty lo be able to continue as a going concern. DONATIONS AND LEGACIES 2024 Cash donation Donated heritage assets Gift income rtteiv8ble 93,717 1,412,505 23,429 1 529,651 EXPENDITURE ON CHARITABLE AcmwmES 2024 Storage of 8thork Websrte Transportation of arfv￿rk Sundry expenses 3,924 67 3,941 791 1,128 197 231 3,857 Bank charges Foreign &xchange k)$8 Audr( and accountancy (govem8nce) Page 13 ULLY FENICHEL FOUNDATION NOTES TO ThE FINANCIAL STATEMENTS for the period ended 31 October 2024 AUDITORS REMUNERATION The auditor's remuneration amounts lo an audit fee of $3,214 and other serv￿e8 of $643. EMPLOYEE AND TRUSTEE REMUNERATION AND EXPENSES The Charity had no employees during the year. No trustee or persons connected with Trustees received any remunèration from th8 Charity during the year. In 2024. no Trustees receNed reimbUrS￿ent of expènses from the Ch8flty. RECONCIUATION OF HERITAGE ASSET8 Total Assets Cost 12 October 2023 Additions Di¥posa15 Co81 at 31 October 2024 1,412.505 2.350 1,410,155 1,412,505 2,350 1,410,155 The collection of 638 paintings is reported in the Balance Sheet at deemed cost, being the probate V8lualion of the paintings. The valuation 8ssessment was performed in 2017 by Apprais81 & Connoisseur A3sociate8. an International Society of Apprai8ers accredf(ed appraisal fimi based in New Mexico, USA. The heritage assets have not been depreciated. a8 the a88el8 are parceived lo have an Indelinile useful life. FINANCIAL SUMMARY OF HERITAGE ASSET TRANSACTIONS 024 Purchase8 Paintings Donation Pointings 1.412,505 TOTAL ADDITIONS 1 412,505 Carrying value 2,350 Sales proceeds 21.213 TRADE DEBTORS 024 Pioceeds re¢givablg on athoTk sale Grft aid re¢8ivablo 21,213 23,429 44.642 Grfl aid receNable is in relation to cash gifted to the foundation, with further details given in Note 11. P8ge 14 ULLY FENICHEL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS forthe period ended 31 Odober 2024 UNRESTRICTED FUNDS Analysls of movements In unr95trictgd fund¥ Balance Income transfers and ain Ex endilure transfers nd losses Balance 1 October 2024 October 2023 Unrestricted 1,548,515 114,136) 1.534,379 1.548,515 14,136 1534 379 10. ANALYSIS OF NET A88ETS BETWEEN FUNDS Analy818 of nat assats beknyeen fund• Nel Current S8 Fix Assets Unrestricted 1,410,155 124,224 1,534,379 1.410,155 124,224 1,534.379 11. RELATED PAR￿ TRANSACTIONS On the 2 Apdl 2024, Truste88 C. Martin and N. Martin giftfrJ Ihg Charity a cash gum of $93,757, In additvjn, they along with S. Zelenka, donated th8 638 pieces of arNvork they inherited from the estate of Lilly FenKhel. 12. CONTROLLING PART The Charty is under Ihg ¢onlrol of ts Tru8tee8. Pa9e15