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← The Incorporated Anglo-American Medical Assistance Fund

2020-12-31-accounts

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“£7 a[=] = s i —— Kk > pwe he INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE INCORPORATED "[—] a ANGLO-AMERICAN MEDICAL ASSISTANCE FUND | "— — REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS - Opinion . = In our opinion, The Incorporated Anglo-American Medical Assistance Fund’s financial statements (the a “financial statements”): Ss e give a true and fair view of the state of the charitable company’s affairs as at 31 December 2020 a and of its incoming resources and application of resources, including its income and ; expenditure, and cash flows, for the year then ended; . 0 ° have been properly prepared in accordance with United Kingdom Generally Accepted ;x @ P ; © Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The -— Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable = law); and .=> == 7 Wee havehaveaudited the been prepared financial in accordance withstatements, included. the requirements within. . the Trustees’ ofthe> CompaniesReport and Act 2006.Financial . “hea Statements for the year ended 31 December 2020 (the “Annual Report”), which comprise: the balance -— sheet as at 31 December 2020; the statement of financial activities (incorporating an income and Zz expenditure statement), and cash flow statement for the year then ended ; and the notes to the , © financial statements, which include a description of significant accounting policies. x + Basis of our opinion = We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) sg < and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ a responsibilities for the audit ofthe financial statements section of our report. We believe that the audit b——_er Independenceevidence we have obtained is sufficient and appropriate to provide a basis for our opinion. . S = We remained independent of the charitable company in accordance with the ethical requirements that - are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical p . Standard and we have fulfilled our other ethical responsibilities in accordance with these = requirements. - — =dl * ~ Brg ? PricewaterhouseCoopers SpA ess Sede legale: Milano 20145 Piazza Tre Torti 2 Tel. 02 77851 Fax 02 7785240 Capitale Sociale Euro 6.890.000,00 iv. C.F. e PIVAe Reg. Imprese = a Milano Monza Brianza Lodi 12979880155 Iscritta al n° 119644 del Registro dei Revisori Legali - Altri Uffici: Ancona 60131 Via Sandro Totti 1 Tel. 071 2132311 - Bari 70122 Via Abate Gimma 72 Tel. 080 5640211 - Bergamo 24121 Largo Beloiti 5 Tel. 035 229691 - Bologna 40126 Via =~ AngeloFirenze Finelli 50121 8 VialeTel. 051 Gramsci 618621115 Tel. - Brescia055 2482811 25121 Viale- Genova Duca 16121 d'AostaPiazza 28 Tel.Piccapietra 030 3697501 9 Tel. -010 Catania 29041 95129- Napoli Corso80121 Italia Via 302deiTel.Mille 09516 7532311Tel. 081 - 36181 - Padova 35138 Via Vicenza 4 Tel. 049 873481 - Palermo 90141 Via Marchese Ugo 60 Tel. 091 349737 - Parma 43121 Viale Tanara 20/A _ Tel. 0521 275911 - Pescara 65127 Piazza Ettore Troilo 8 Tel. 085 4545711 - Roma 00154 Largo Fochetti 29 Tel. 06 570251 - Torino 10122 Corso i Palestro 10 Tel. 011 556771 - Trento 38122 Viale della Costituzione 33 Tel. 0461 237004 - Treviso 31100 Viale Felissent 90 Tel. 0422 696911 - " ww Trieste 34125 Via Cesare Battisti 18 Tel. 040 3480781 - Udine 33100 Via Poscolle 43 Tel. 0432 25789 - Varese 21100 Via Albuzzi 43 Tel. 0332 ; 285039 ~- Verona 37135 Via Francia 21/C Tel. 045 8263001 - Vicenza 36100 Piazza Pontelandolfo 9 Tel. 0444 393311 ad www.pwe.com/it

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Conclusions relating to our concern

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.

In auditing the financial statements, we have concluded that the trustees’ use ofthe going concern basis of accounting in the preparation of the financial statements is appropriate.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the charitable company’s ability to continue as a going concern.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Reporting or other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance 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 an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of 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 based on these responsibilities. reportBased oncertain our work opinions undertakenand matters in theas course ofdescribedthe below. audit, the Companies Act 2006 requires us also to

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Trustees’ Annual Report

In our opinion, based on the work undertaken in the course of the audit the information given in the Trustees’ Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Trustees’ Annual Reporhas been prepared in accordance with applicable legal requirements.

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As explained more fully in the Trustees’ Responsibilities Statement, the trustees explained more fully in the Trustees’ Responsibilities Statement, the trustees more fully in the Trustees’ Responsibilities Statement, the trustees fully in the Trustees’ Responsibilities Statement, the trustees in the Trustees’ Responsibilities Statement, the trustees the Trustees’ Responsibilities Statement, the trustees Trustees’ Responsibilities Statement, the trustees Responsibilities Statement, the trustees Statement, the trustees the trustees trustees are responsible for for the preparation preparation of the financial the financial financial statements in accordance with the accordance with the with the the applicable framework and for being framework and for being and for being for being being satisfied that they give a true and fair view. The trustees that they give a true and fair view. The trustees they give a true and fair view. The trustees give a true and fair view. The trustees a true and fair view. The trustees true and fair view. The trustees and fair view. The trustees fair view. The trustees view. The trustees The trustees trustees are also responsible for such internal control also responsible for such internal control responsible for such internal control for such internal control such internal control internal control control as they determine they determine determine is necessary to enable the preparation necessary to enable the preparation to enable the preparation enable the preparation the preparation preparation of financial statements that are free from financial statements that are free from statements that are free from that are free from free from from material misstatement, whether due to fraud due to fraud to fraud fraud or error. error. :

Our objectives objectives are to to obtain reasonable assurance about whether the financial assurance about whether the financial about whether the financial whether the financial the financial financial statements as a whole a whole whole are free from material misstatement, whether due to fraud or error, free from material misstatement, whether due to fraud or error, from material misstatement, whether due to fraud or error, material misstatement, whether due to fraud or error, misstatement, whether due to fraud or error, whether due to fraud or error, due to fraud or error, to fraud or error, fraud or error, or error, error, and to to issue an auditors’ an auditors’ auditors’ report that includes our opinion. includes our opinion. our opinion. opinion. Reasonable assurance assurance is a high level high level level of assurance, but is not a guarantee not a guarantee a guarantee guarantee that an audit conducted conducted in accordance with ISAs (UK) ISAs (UK) (UK) will always always detect a material misstatement when a material misstatement when material misstatement when misstatement when when it exists. Misstatements Misstatements can arise from fraud or error and are considered material from fraud or error and are considered material fraud or error and are considered material or error and are considered material error and are considered material and are considered material are considered material considered material material if, individually or in or in in the aggregate, they could reasonably be expected to aggregate, they could reasonably be expected to they could reasonably be expected to be expected to expected to to influence the economic decisions the economic decisions economic decisions decisions of users taken taken on the basis of these these financial statements.

Based on our understanding on our understanding our understanding understanding of the charitable company and the environment company and the environment and the environment the environment environment in which which it operates, operates, we. identified that the principal that the principal the principal principal risks of non-compliance non-compliance with laws and regulations and regulations regulations related to the to the the Charities Act 2011 2011 and we considered the extent to which non-compliance might have we considered the extent to which non-compliance might have considered the extent to which non-compliance might have the extent to which non-compliance might have extent to which non-compliance might have to which non-compliance might have which non-compliance might have non-compliance might have might have have a material material effect on the on the the financial statements. We We also considered those laws and regulations those laws and regulations laws and regulations and regulations regulations that have have a direct impact on the direct impact on the impact on the on the the financial statements such as the Companies Act 2006. We statements such as the Companies Act 2006. We such as the Companies Act 2006. We as the Companies Act 2006. We the Companies Act 2006. We Companies Act 2006. We Act 2006. We 2006. We We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override fraudulent manipulation of the financial statements (including the risk of override manipulation of the financial statements (including the risk of override of the financial statements (including the risk of override the financial statements (including the risk of override financial statements (including the risk of override statements (including the risk of override (including the risk of override the risk of override risk of override of override override of controls), and determined that the determined that the that the the principal risks were related to posting inappropriate journal were related to posting inappropriate journal related to posting inappropriate journal to posting inappropriate journal posting inappropriate journal inappropriate journal entries. Audit procedures performed included: procedures performed included: performed included: included:

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<—2 ° enquiry of management and the trustees with regard to actual and potential fraud and non-
< compliance with laws and regulations; ;
> e reviewing minutes to the Board to identify significant or unusual transactions and known or
ts suspected instances of fraud or non-compliance with laws and regulations;
= ° understanding and evalutating management’s controls in place to prevent and detect
> irregularities;
| = e testing ofjournal entries where we identified particular risk criteria;
= ° obtaining independent confirmations of cash and investment balances at the year end and
-— testing management’s year end bank reconciliations;
e assessing financial statement disclosures, and testing to supporting documentation, for
- = compliance with applicable laws and regulations.
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L There are inherent limitations in the audit procedures described above. We are less likely to become .
, = aware of instances of non-compliance with laws and regulations that are not closely related to events
-<) and transactions reflected in financial statements. Also, the risk of not detecting a material
= misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud
. 3 may involve deliberate concealment by, for example, forgery or intentional misrepresentations or
> through collusion.
9 A further description of our responsibilities for the audit of the financial statements is located on the
Lees, FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’
[. report.
Sg
ly Use ofthis report
3 This report, including the opinions, has been prepared for and only for the charity’s members as a
L> body in accordance with Chapter 3 of Part 16 ofthe Companies Act 2006 and for no other purpose. We
Ly do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other
bs person to whom this report is shown or into whose hands it may come save where expressly agreed by
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= Other required reporting .
Bie Companies Act 2006 exception reporting
9
Under the Companies Act 2006 we are required to report to you if, in our opinion:
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- 3 ° we have not obtained all the information and explanations we require for our audit; or
“y ° adequate accounting records have not been kept or returns adequate for our audit have not
been received from branches not visited by us; or
“9 ° certain disclosuresived from ofbranch trustees’ remunerationt visited b specified by law are not made; or
“9 e the financial statements are not in agreement with the accounting records and returns.
-s We have no exceptions to report arising from this responsibility.
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Entitlement to exemptions

Under the Companies Act 2006 we are required to report to you if, in our opinion, the trustees were not entitled to: prepare financial statements in accordance with the small companies’ regime; take advantage of the small companies’ exemption in preparing the Trustees’ Annual Report; and take advantage of the small companies exemption from preparing a Strategic Report. We have no exceptions to report arising from this responsibility.

Rome, 20 September 2021

PricewaterhouseCoopers SpA

&. Cunningham (Legal Auditor)

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THE INCORPORATED ANGLO-AMERICAN MEDICAL ASSISTANCE FUND (a charitable company incorporated in the U.K. and limited by guarantee)

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

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TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

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CONTENTS |

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||||| |---|---|---|---| |Trustees’|Report:|,| |Introductory|Page:|3| |Organisational|Structure|5| |Risk Management|5| |Report on Activities|for the Year|6| |Statement of|Financial|Activities|6| |Plans|for Future Periods|7| |Responsibilities|of Trustees|7| |Auditors|8| |Compliance with Statutory|Regulations|8|

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Financial Statements:

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|||||| |---|---|---|---|---| |Balance Sheet as|at|31|December 2020|9| |Statement|of Financial Activities|10| |Statement of Cash Flows|11| |Notes to the Financial Statements as at 31|December 2020|12| |APPENDIX:|Statement of Investments|Held at 31/12/20|16|

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: : Introductory Page: Reference and Administrative Details of the Fund, its Trustees and Advisers

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Name of the charity: The Incorporated Anglo-American Medical Assistance Fund

Charity registration No. 242436

Company registration No. 75713

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||||| |---|---|---|---| |Registered|Office:| |c/o|Penningtons|Manches LLP| |125|Wood|Street,| |London|EC2V 7AN| |England| |Administration|offices:| |Secretary:|Ms.|Andrea|Manchée| |c/o|St.|Paul's|Within the Walls| |Via|Napoli|58,| |00184 Rome,|Italy| |Treasurer:|Ms.|Simonetta|Ciccolini| |c/o St.|Paul’s Within the Walls| |Via|Napoli|58,| |00184 Rome,|Italy| |List of Trustees|(April|2021):-| |Mr. John McGhie,|Chair| |The|Rev.|Steve|Petroff| |Mr.|Donald|Carroll| |The Rev. Austin|K.|Rios| |The Rev.|Robert Warren| |Former Trustees who served on the Board|in|2020:| |The|Rev.|Peter McEnhili|

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Principal banker and investment manager: Coutts & Co. 440 Strand, London, U.K. Auditors: PricewaterhouseCoopers S.p.A., Rome, Italy

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Legal and Administrative

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Report on Activities for the Year

The Fund is invested with Coutts in a diversified investment plan called ‘Wealth Enhancement Medium Term.’ A listing of the portfolio is contained in the Appendix.

The results for 2020 generated a net loss of Euros 43.050 compared to a net loss of Euros 29.418 for 2019 (Statement of Financial Activities, Line E). Comparing these last two figures shows there was an increase in net loss in 2020 of Euros 13.632. This was made up as follows:

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INCOMING RESOURCES PF
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Lower realised gains on disposal of investments | 15.252,
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Statement of Financial Activities

The statement of cash flows for 2020 shows a decrease in cash balances of Euros 17.995 at the end of the year. This comprises a net outflow from operating activities of Euros 58.680 (includinga ~ fee of 6.041 to our lawyers, incurred in 2019 for work regarding the changing of the Fund’s Statutes, and paid in 2020) plus a net inflow from investment activities of Euros 40.685.

The market value of our investments at December 31, 2020 was Euros 158.220 higher than book value compared to Euros 143.818 higher at December 31, 2019. The difference in market value of Euros 14.402 is shown.on line F of the Statement of Financial Activities (also see note 9).

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¢ 2 . Plans for Future Periods ~ The Fund plans to continue the activities outlined above in the forthcoming years subject to ~ satisfactory results from its managed investments (income and capital gains). “ Responsibilities of Trustees . = U.K. company law 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 Fund as at the balance sheet date and > of its incoming resources and application of resources, including income and expenditure, for the - financial year. ~[.] —[In][preparing][those][financial][statements,][the][trustees][should][follow][best][practice][and:] 2 e Select suitable accounting policies and then apply them consistently; ~~ e Make judgments and estimates that are reasonable and prudent; and « e Prepare financial statements on a going concern basis unless it is inappropriate to assume ~ that the Fund will continue on that basis. “ 7] es withThe Bore a sonablerd of Trusteesaccuracyis responsibleat any time forthe maintafinanc i alningposition properof accounting the Fund andrecordsenable which them discloseto ensure - 7 that the financial statements comply with the U.K. Companies Act 2006 and the Charity a Commission SORP FRS 102. — The Board of Trustees is also responsible for safeguarding the assets of the Fund and hence for | taking reasonable steps for the prevention of fraud and other irregularities. “4 The persons who who are trustees trustees for the the purpose of U.K. U.K. company law and trustees law and trustees and trustees trustees for the the purpose » U.K. charity law are listed on the introductory page of this this Trustees’ Report. y ‘ In accordance with U.K. company law, as the Fund’s trustees we hereby certify that: y < (a) So far as we are aware, there is no relevant audit information of which the Fund’s auditors > are unaware; and 7 ~ (b) We have taken all the necessary steps in order to make ourselves aware of any relevant a] audit information and to establish that the Fund’s auditors are aware of that information. J i . & < ww

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The persons who who are trustees trustees for the the purpose of U.K. U.K. company law and trustees law and trustees and trustees trustees for the the purpose of U.K. charity law are listed on the introductory page of this this Trustees’ Report.

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Auditors

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PricewaterhouseCoopers S.p.A., Rome were re-appointed as the Fund’s auditors during the year.

Compliance with Statutory Regulations

This report has been prepared following the Statement of Recommended Practice (SORP) for accounting and reporting by Charities in accordance with the U.K. Companies Act 2006, using the provisions relating to Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Approved by the Board of Trustees on and signed on its behalf by:-

John McGhie, Chair Date: 7 | NY.effen F ey 20 2 J Gh RMchve Nn) G [

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5= aaee ae) | = —2 reee ee ee a [CurentasseTt | sy [Totalcurrentassets rn ee ey C | 84.135] 82.190) “3 [Gurtontliablidiesandiproviton || ‘SS rs [Total current liabilities and provisions | 23] 2.874 | be ee) |S] ksE Netcurentassots Lae «|| 3 Se e N e t asses: (Toa asstsoss curentibi e s) | 105asn8| 1.600.173) e i el ed CG Rereonedy= L- [GeneralFund Balnce(Wote®) === BRE) 1.00.73 L— The accompanying Notes 1 to 10 and the Appendix are an integral part of these financial statements. ws These accounts are prepared in accordance with the Companies Act 2006 and the SORP (FRS 102). They were om approved by the Board of Trustees on September 21, 2021 who authorised Mr. John McGhie to sign the Balance Sheet ad on its behalf. The Treasurer, Mrs. Simonetta Ciccolini, has also signed. L;

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Balance Sheet as at 31 December 2020

(Expressed in Euros)

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Statement of Cash Flows for the Year Ended 31 December 2020 (Expressed in Euros)

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The accompanying notes 1 to 10 and the Appendix are an integral part of these financial statements. .

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-] 1. BRIEF DESCRIPTION OF ACTIVITY “ The main purpose and activity of the the Fund is - ! in Italy in connection with hardship arising

= e eeer ee) SSdYCSCS s© Total grants aay) YT = 2. SIGNIFICANT ACCOUNTING POLICIES ~ The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year. fir Valuation of investments an 2020InvestmefurInvestmefurfur n itt s hed areby shownour investmentin the Balancemanager. Sheet at market value based on prices areby shownour investmentin the Balancemanager. Sheet at market value based on pricesby shownour investmentin the Balancemanager. Sheet at market value based on prices shownour investmentin the Balancemanager. Sheet at market value based on pricesour investmentin the Balancemanager. Sheet at market value based on prices investmentin the Balancemanager. Sheet at market value based on pricesin the Balancemanager. Sheet at market value based on prices the Balancemanager. Sheet at market value based on prices Balancemanager. Sheet at market value based on pricesmanager. Sheet at market value based on prices Sheet at market value based on prices at market value based on prices market value based on prices value based on prices based on prices on prices prices at December December 31, - r[-] Basis of accounting The financial statements are prepared on an accrual basis and are in compliance with the + Statement of Recommended Recommended Practice (SORP) for accounting and reporting by charities under the ¥ Charities Act 2006, using the Financial Reporting Standard applicable in the UK and Republic Ireland (FRS 102). 7 J Fund accounting ~ There are no restricted or endowment funds. + incoming resources 3 All incoming resources are included in the Statement of Financial Activities when when the Fund is entitled to the income and it can be quantified with reasonable accuracy. Bank interest is 4 when received. ” Resources expended 3 Expenditure is recognised on an accrual basis as and whenaa liability is incurred. Expenditure ~ includes any Value Value Added Tax (VAT) which cannot be recovered and is reported as part of the s expenditure to which it relates. ae Foreign currency 2 The accounting records are kept in Euros and the financial statements are expressed in Euros rs (roundedItalyItaly and topaym thpaym th th e nts nearest Euro)to nearest Euro)toto beneficiaries becausar becausarar e themade Fund’sinmade Fund’sin Fund’sinin Euros. charitableTransact act charitableTransact actTransact act act i* vitiesonsons in areforeign carriedcurrenciesout entirely areforeign carriedcurrenciesout entirelyforeign carriedcurrenciesout entirely carriedcurrenciesout entirelycurrenciesout entirelyout entirely entirelywerein ~ translated into Euros at the rate of exchange exchange ruling on the date they took place. All foreign " assets and liabilities at 31 December 2020 2020 have been translated into Euros at the the rates of — exchange ruling on that date. _ J Taxation < No income tax was withheld was withheld withheld on interest received from from direct investments in Euro bonds. The is a recognised charity and is exempt from from U.K. income tax under the the Corporation Tax Act Act wv

NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2020

The main purpose and activity of the the Fund is to render assistance to American and British citizens in Italy in connection with hardship arising from ill health. During the years ended 31 December 2020 and 2019, charitable grants were awarded as follows:

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2020InvestmefurInvestmefurfur n itt s hed areby shownour investmentin the Balancemanager. Sheet at market value based on prices areby shownour investmentin the Balancemanager. Sheet at market value based on pricesby shownour investmentin the Balancemanager. Sheet at market value based on prices shownour investmentin the Balancemanager. Sheet at market value based on pricesour investmentin the Balancemanager. Sheet at market value based on prices investmentin the Balancemanager. Sheet at market value based on pricesin the Balancemanager. Sheet at market value based on prices the Balancemanager. Sheet at market value based on prices Balancemanager. Sheet at market value based on pricesmanager. Sheet at market value based on prices Sheet at market value based on prices at market value based on prices market value based on prices value based on prices based on prices on prices prices at December December 31,

The financial statements are prepared on an accrual basis and are in compliance with the Statement of Recommended Recommended Practice (SORP) for accounting and reporting by charities under the Charities Act 2006, using the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

All incoming resources are included in the Statement of Financial Activities when when the Fund is entitled to the income and it can be quantified with reasonable accuracy. Bank interest is included when received.

Expenditure is recognised on an accrual basis as and whenaa liability is incurred. Expenditure includes any Value Value Added Tax (VAT) which cannot be recovered and is reported as part of the expenditure to which it relates.

The accounting records are kept in Euros and the financial statements are expressed in Euros (roundedItalyItaly and topaym thpaym th th e nts nearest Euro)to nearest Euro)toto beneficiaries becausar becausarar e themade Fund’sinmade Fund’sin Fund’sinin Euros. charitableTransact act charitableTransact actTransact act act i vitiesonsons in areforeign carriedcurrenciesout entirely areforeign carriedcurrenciesout entirelyforeign carriedcurrenciesout entirely carriedcurrenciesout entirelycurrenciesout entirelyout entirely entirelywerein translated into Euros at the rate of exchange exchange ruling on the date they took place. All foreign currency assets and liabilities at 31 December 2020 2020 have been translated into Euros at the the rates of exchange ruling on that date. _

No income tax was withheld was withheld withheld on interest received from from direct investments in Euro bonds. The Fund is a recognised charity and is exempt from from U.K. income tax under the the Corporation Tax Act Act 2010.

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12

oa re i Dividends and interest received from investments in Coutts collective investment programmes are “Tn net of withholding taxes applied by the countries where the investments are held. These taxes + cannot be recovered. | “(ee The U.K. Inland Revenue has informed the Fund that it cannot recover VAT charged on services _ ww rendered to the Fund in the U.K. This mainly concerns VAT on portfolio management fees and the se rent of the Fund’s registered office c/o Penningtons Manches LLP in London. . w b—: 3. REMUNERATION PAID FOR SERVICES RENDERED b— Ts The Fund’s Secretary, Ms. Andrea Manchée, and Ms. Simonetta Ciccolini, the Treasurer received — remuneration in 2020 for services rendered on a part time basis. In accordance with the Fund’s 2 Memorandum and Articles of Association all Trustees acted on a voluntary basis during the year . 2020. Tn 4. TAX ON CAPITAL GAINS ww ~ As a general rule, capital gains realised by a recognised charity are not subject to U.K. capital 2 gains tax provided they are utilised for charitable purposes. There was a net gain on sales and q redemptions of investments in 2020 of Euros 12.778 (line D of Statement of Financial Activities), ad but since all funds are used to further the Fund’s aims and objectives, either through operations or 2 reinvestment, no provision for U.K. tax on capital gains has been made. 3 ww > 5. GENERAL FUND BALANCE 4 an The amount of Euros 1.854.525 represents the net worth of the Fund at 31 December 2020, an » decrease of Euros 28.648 (line G of Statement of Financial Activities) compared to net worth at the wy end of the previous year.

re =

~ = = =a Vw a

.

6. INVESTMENT INCOME (Expressed in Euros)

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Interest from Coutts Bond programmes
Dividends from Coutts Equity programmes
Dividends from Commodities ze
otalinvestmentincome
| sa64| HH
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J J aw 13 y

= 7. PORTFOLIO MANAGEMENT FEES . ~ An annual management fee is charged at 0,35% plus VAT for the portfolio management, plus a 3 platform fee of 0,18% and an underlying fund cost of 0,54%. ~ 8. REALISED GAINS ON DISPOSAL OF INVESTMENTS ' = S The cost of the investments sold or redeemed represents historical cost at historical exchange = rates. Gains or losses on sale therefore include gains and losses on exchange. = 9. INVESTMENTS = A list of investments held at 31 December 2020 is provided in the Appendix. This shows both the > historical cost and the market value at that date. The latter is based on a valuation supplied by the o Fund’s investment manager, Coutts & Co., London. na A ‘Reserve for fluctuations in the market value of investments’ was first set up in 2003 to adjust > book value of investments to market value in order to comply with the Charity Commission SORP. = The market value of the Fund’s investments at 31 December 2020 was Euros 158.220 higher than a book value. This compares to a market value at the end of 2019 which was Euros 143.818 higher 7 than book value. The movement in the reserve in 2020 and 2019 is shown below: - > 2 td 5 : : [Balance at31 December «| ts.az0| a | a e) S =)

S. s, ~ ec eS wv Se) vw Si) - ww w wv Vv Vv ww)

.

14

In the balance sheet investments are shown at market value, made up as follows:

Bonds (all categories) ; 723.136 736.184
Revaluation to marketvalue _ 33.470 14.127
Bonds at market value 756.606 750.311
Equities (all categories) 886.516 846.227
Revaluation to market value 125.116 129.941
Equities at market value 1.011.632 976.168
Alternative Investments at historical cost 17.520 17.520
,
Revaluation to MarketValue 1.605
Alternative Investments at market value 19.125 18.326
Other assets at historical cost 35.021 53.300
Revaluation to Market Value -1.971 -1.500
Structured Products at market value 33.050 51.800
Investmenttrusts/Fundsand pension Funds
RevaluationtoMarketValue
InvestmentsTrusts/Funds atmarketvalue		 a)
a
Pan)		 36.869
37.311
Total investments at historical cost 1.662.193 1.690.090
Reserve for fluctuations in market value 158.220 143.818
Totalinvestmentsatmarketvalue 1.820.413 1.833.917

At the respective year ends the exchange rates for the Euro versus the currencies in which some of the Coutts equity programmes are invested are shown below, as given by Coutts for 31 December:

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SSS~dC~SC
Gurency
U.S. dollar 41,2267 1,1231
British pound 0,8984 0,8508
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10. U.K. STATUTORY REQUIREMENTS

A copy of the audited financial statements and the trustees’ report must be filed each year with Companies House and the Charity Commission. The deadline for Companies House is 30 September and for the Charity Commission is October 31.

:

15

= | “— Dd S =

.

APPENDIX: Statement of Investments Held at 31/12/20 (Expressed in Euros)

:

DdS
=		 APPENDIX:
Statement of Investments Held at 31/12/20
—~) (Expressed in Euros)
.
~
s e
on
~
a
“2
~,
x-= =
= =
=>
=
ae
~
<
=
>
=
a
=
ee2
=
a
>		 2
Lota
onvs}
><—
=
i> =
a
=
ee
=
E
>
a»
[=
Ks
heams		 LS
btotal]
>
=
>
<
ra 16
b>
—

“~ , a, —_ a) ) | )

) ) )
<) Redeemable
Reserve for
~
—_		 :
amen)
—
a)~
~~		 he
2
CY
ncLC
646,0122
7.315]
118]
7.433
8.324,044
9.536]
-409
9.127
—=
ell
=		 ian
SOS—SSSC
2.172
35.089
4.874
39.963
—/
— 18.550
2.980
21.530
wal Subtotal]=
53.639
7.854
61.493
—_>
how
-
=
~		 55,75
23.185
4.578
27.763
Subtotal]
ss
— 302,375
28.984
3.990
32.974
=> 26.277
2.609
28.886
_ 299,2470
34.612
5.588
40.200
es.
SS
—_>		 Subtotal] ==
107.865
16.233
124.098
a
CT
= 1.897
26.314
3.110
29.424
~ 2,683,610
25.998
18.578
44.576
a
=
=
—
>
Subtotal=
52.312
21.688
74.000
eee
ee
eee,
ees ee
Po
totacquities
I
-
—_>
-
=
-		 132,194
17.520
1.605
19.125
Subtotal]=
17.520
1.605
19.125
=
=>
a
a
=
<
=
—_>

35.021
1.971
33.050
Subtotal]=
35.021
-1.971
33.050
re
ae
ees ee
ee
=

—)> =

17

—_), — —~,