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||||**€**|||
|---|---|---|---|---|---|
||||**2021**|||
||**Permancnt**|**Unrestricted**||||
||**Endowment**|**Funds**||**Total**|**2020**|
|**Incoming rcsources**||||||
|Income from UK Investments poitfolio|-|19,808||19,808|20,922|
|Interest onlong terni investments inItaly||2,516||2.516|2,418|
|Gainson investments||283,661||283,661||
|Other incoming resources||||||
|**Total Incoming resources**|-|**305,985**||**305,985**|**23,340**|
|**Resources expended**||||||
|Charitableactivities|-|(5,400)||(5,400)|(3,200)|
|Governance costs||(5,464)||(5,464)|(5,208)|
|Losses on investments||(151)||(151)|(24,749)|
|Other resource expended||(4,950)||(4.950)|(4,950)|
|**Total resources expended**|“|**(15,965)**||**(15,965)**|**(38,107)**|
|**Net incoming/outgoing resources**|-|**290,020**||**290,020**|**(14,767)**|
|**Other recognised gains/losses**||||||
||-|||||
|Other recognised gains/losses||-||-|-|
|**Net movement in funds**|-|**290,020**||**290,020**|**(14,767)**|
|**Reconciliation of Funds**||||||
|Total funds brought forward|641,269|2,000,384||2.641,653|2,656,420|
|**Total funds carried forward**|**641,269**|**2,290,404**||**2,931,673**|**2,641,653**|





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||**€**|**€**|**€**|
|---|---|---|---|
||**2021**|**2020**|**Change**|
|**Net income/(loss) for thè year**|**290,020**|**(14,767)**|304,787|
|_Adjustment for:_||||
|- Movements in receivablesand payables||||
|Decrease/ (increase) in accrued interest||||
|Increase/(decrease) in accrued expenses||||
|**Net cash generated by operations**|**290,020**|**(14,767)**|**304,787**|
|Purchaseof long-term investments|(343,153)|**-**|(343,153)|
|Redemption/Sale on long terni investment|59,992|4,938|55,054|
|**Total net cash inflow/(outflow)**|**6,859**|**(9,829)**|**16,688**|
|**Cash at1 January**|4,343|14,172|(9,829)|
|**Cash at31December**|**11,202**|**4,34.3**|**6,859**|






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||**Euro**|**Euro**||||
|---|---|---|---|---|---|
||2021|2020||||
|Cash|56,524|22,144||||
|Bond|983,127|792,279||||
|Equities|1,146,251|1,043,785||||
|Property|-|13,899||||
|Alternative|-|33,623||||
|**Total**|2,185,902|1,905,730||||
||||7|di|10|





|The following figure shows thè net movement in UK portfolio|for thè year ending 31 December 2021:|
|---|---|
|**UK Portfolio**|€|
|Carrying valueas of 31.12.2020:|**1,905,730**|
|Additions/capitalised interests:|19,808|
|Transfer:|-|
|Gains on disposala :|-|
|Exchange difference:|260,364|
|Carrying value as of 31.12.2021:|**2,185,902**|



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|**ITALIAN PORTFOLIO**||**EURO**||
|---|---|---|---|
||**2021**|**2020**|**Change**|
|Eurizon multiasset Equilibr 07/22A|86,295|84,181|2,114|
|Eurizon obblig 7/22A|-|50,314|(50,314)|
|EurizonDifesa Flessibile 12/22|44,770|45,928|(1,158)|
|Eurizon FlexEquilibrio 07/24A|123,316|120,824|2,491|
|Eurizon Top Selection Crescita06/24A|120,518|109,554|10,964|
|Eurizon E DEFTOP SEL 07/24|96,300|96,420|(121)|
|Eurizon Flex Crescita 07/24A|35,307|33,689|1,617|
|Eurizon Top Select 03/23A|106,719|102,997|3,722|
|Eurizon Top select 12/22A|85,924|92,622|(6,698)|
|Eurizon ThematicOpp. ESG50 07/26A|40,371|-|40,371|
|**Total**|**739,519**|**736,530**|**2,989**|





|**Italian Portfolio**|€|
|---|---|
|Carrying value as of 31.12.2020:|**736,530**|
|Additions:|40,000|
|Disposala :|(59,992)|
|Loss on disposala :||
|Revaluation (Impairment):|22,981|
|Carrying value as of 31.12.2021:|**739,519**|



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|**Euro**|**2021**|**2020**|
|---|---|---|
|Income from U.K. investments|19,808|20,922|
|portfolio|||
|Interest on long terni investments|2,516|2,418|
|in Italy|||
|Other incoming resources|-|-|
|Gains on investments|283,661|-|
|**Total incoming resources**|**305,985**|**23,340**|



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|Euro|**2021**|**2020**|
|---|---|---|
|Charitable activities|5,400|3,200|
|Audit fees|4,057|4,057|
|Non-recoverable VAT|893|893|
|Losses on investments|151|24,749|
|Governance costs|5,464|5,208|
|Total resources expended|15,965|**38,107**|



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