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2021-12-31-accounts

Charity number: 262146

Venice in Peril Fund

Report and financial statements For the year ended 31 December 2021

Venice in Peril Fund

Contents

For the year ended 31 December 2021

Page Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 2 Independent examiner’s report .................................................................................................... 12 Statement of financial activities (incorporating an income and expenditure account) ................... 14 Balance sheet ............................................................................................................................... 15 Statement of cash flows ……………………………………………………………………………………………16 Notes to the financial statements ................................................................................................. 17

Venice in Peril Fund

Reference and administrative information

For the year ended 31 December 2021

Charity number 262146
Country of registration
England and Wales
Registered office and
Unit 11, Hurlingham		 Studios
operational address Ranelagh Gardens
LONDON
SW6 3PA
Trustees Trustees who served during the year and up to the date of this report were
as follows:
Jonathan Keates FSA FRSL Chairman
Lady Clarke CBE President and Vice Chairman
Gaia Penteriani Cosulich Treasurer
Richard Haslam Secretary
Geri Della Rocca de Candal
Lady Hale
Professor Deborah Howard
John Millerchip
Marina Morrisson Atwater
Sarah Quill
Jon Rayman
Key management Emma-Louise Bassett Joint Chief Executive Officers
personnel Annabel Randall
Bankers Lloyds Bank Ltd
21-23 Hill Street
Mayfair
LONDON, W1J 5JW
Independent Fleur Holden FCA
Examiner Sayer Vincent LLP
Chartered Accountants
Invicta House
108-114 Golden Lane
LONDON
EC1Y 0TL

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Venice in Peril Fund

Trustees’ annual report

For the year ended 31 December 2021

The Trustees present their report and the financial statements for the year ended 31 December 2021.

On 20 July 2021, the trustees of the Venice in Peril Fund signed a Deed of Transfer for all the assets of Venice in Peril Fund to be transferred to the successor charity Venice in Peril Fund CIO (1186770). Venice in Peril Fund CIO was registered on 5 December 2019. The transfer occurred on 30[th] June 2021. Venice in Peril Fund is in the process of being merged with Venice in Peril Fund CIO.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the charity's trust deed and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

Purposes and aims

The purposes and aims of Venice in Peril Fund, which was formed as an unincorporated charity, are governed by its trust deed of 5 February 1971. They are to assist, financially or otherwise, the rescue, restoration and safeguarding for future generations of antiquities, ancient buildings, monuments, archives and works of art situated in Venice and on the islands of the Venetian lagoon, which have suffered degradation from floods, rising damp, corrosive smog and other adverse elements over the course of time; and to assist research and study into the combined effect of environmental factors, the decline in population and modern technology which are causing damage to them.

The Trustees of Venice in Peril Fund select and adopt projects, most of which are nominated by the Venice heritage authorities, on the basis of need, significance and the charity’s capacity to assist.

Fundraising and seeing the projects through the process of conservation are the main activities of the charity. This activity is described under ‘Conservation’.

In support of its principal conservation purposes the charity aims to deepen understanding of Venice - its complex history, the contribution it has made to world culture and the challenges it faces - in order to encourage informed supporter involvement in its projects. This activity is described under ‘Education and Outreach’.

The Trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The Trustees report the success of each key activity and how it assists the Italian government and the city of Venice to revitalise Venice as a cultural centre of importance to the whole world. The review also helps the Trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

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Venice in Peril Fund

Trustees’ annual report

For the year ended 31 December 2021

The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives that have been set.

Achievements and performance

The operations and assets of the original charity were transferred to the CIO on 30[th] June 2021.

The charity's main activities and whom it tries to help are described below. All its charitable activities focus on the safeguarding of Venice and are undertaken for the public benefit.

Achievements and performance in Venice

A report on each of the projects current in 2021 is given below. This report covers ongoing projects funded by both Venice in Peril Fund and Venice in Peril Fund CIO which necessarily overlaps since Venice in Peril Fund CIO is the successor charity of Venice in Peril Fund

Achievements and Performance – Conservation Projects in Venice –

Armstrong Mitchell Crane - Arsenale

The Victorian Armstrong Mitchell Crane, of 1883, stands on a wharf surrounded by the part of the Arsenale leased by the Biennale. Since 2003 Venice in Peril Fund had paid for research, surveys and conservation maintenance of the structure but was unable to raise the €2.4 million for the full project. In 2021 it was announced that €153 million of EU Recovery and Resilience Plan funds is to be managed by the Public Works Department of the Comune for the development of the Arsenale, with €3.5million earmarked for the Armstrong-Mitchell Crane and its setting. The Trustees await further news but will offer all research results and conservation reports funded by ViP to the responsible institution.

Canova Cenotaph – Basilica of the Frari

Work started in May 2021 on the main project to safeguard this imposing neoclassical monument and is due to complete in September 2022 ahead of the 200th anniversary of Canova’s death on October 13. The conservation firm of Ottorino Nonfarmale under Giovanni Giannelli also undertook the earlier diagnostic project in summer 2020. Two Conservation students from the Istituto Veneto per I Beni Culturali have benefited from internships working on the project. It is the first time that it has been possible to share a project in real time, thanks to an initiative from Ottorino Nonfarmale to record the work on Instagram. The early part of the project was also included in the Venice in Peril 50th Anniversary film – ‘50 years of conservation stories’ shot in October 2020. A further short film covering the whole project will be presented in autumn 2022.

Nativity Triptych – Accademia

Three vertical panel paintings and a lunette make up a triptych commissioned as one of four for the Carità church suppressed in 1797. The dismantled panels have, like many artworks affected by political turbulence, had a chequered history. The Nativity panel was sent to the Brera in 1808 and

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Venice in Peril Fund

Trustees’ annual report

For the year ended 31 December 2021

returned in 1891. The two flanking saint panels and the lunette went to San Giovanni Evangelista. The saint panels were returned to the Accademia in 1834 and the lunette, via the Correr, only in 1923. Since then the triptych has been displayed in a speculatively reassembled state in the Accademia. This project started in September 2019 but progress was delayed by Coronavirus lockdowns in 2020 and again in 2021 with staff absences combined with climatic control issues and other work taking precedence in the conservation laboratory. Evidence is emerging that as well as Giovanni Bellini having undertaken most of the work on the panels, with a journeyman assistant, the artist was also working on a layout scheme for this and the other three altars set in the architectural ‘barco’ structure between the sanctuary and nave in the Cappella della Carita. The Accademia is working with Bellini experts on a consolidation and extension of knowledge project to try and understand the original scheme and significance. It hopes to find funding for the fourth of the triptychs to complete the series and share findings via an exhibition. This project has both safeguarded a work of art and enabled a larger programme of research and interpretation. See plan for the future.

San Zaccaria Crucifix – San Zaccaria

A joint project with the Dutch Committee, American-Italy Society of Philadelphia, SAVE Venice and the Austrian and Italian Committees. The conservation project for this 15th century polychrome wooden figure of Christ crucified (which originally hung in the nave of the original Gothic church of San Zaccaria), was carried out by Roberto Bergamaschi in the state-owned Misericordia laboratory in Cannaregio and completed in 2021. It will be installed in the chapel to the right of the high altar in summer 2022.

Torcello Iconostasis

This project, supported jointly with SAVE Venice Inc, in memory of Venice in Peril’s founding Chairman, John Julius Norwich, started in 2019 when the 11C stone screen was treated. The 13 tempera panels of the Apostles and the Virgin dating to about 1425 are still undergoing conservation by studio MAUVE srl in Venice. Since some of the panels have suffered extensive paint loss and the original order of their display is unknown, there have been careful deliberations about how to solve the challenges of both the former and the latter. It was featured in the Winter 2021 Newsletter and in April 2022 a liturgically acceptable order was decided. The panels will be reinstalled on 28[th] June 2022. This project suffered delays caused by the pandemic.

Acqua Alta 2019 Projects

In November and December 2019 Venice was flooded several times with varying degrees of disastrous damage inflicted to businesses and historic monuments. Venice in Peril Fund launched an Acqua Alta 2019 Appeal in November and raised over £160,000. It took many weeks for a full inventory of the damage to emerge and so the funds raised were allocated to three projects in the course of 2020 rather than to immediate response in the aftermath since that need was answered. The Trustees concluded it would be more effective to offer assistance to sites with which the Fund already had a relationship.

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Venice in Peril Fund

Trustees’ annual report

For the year ended 31 December 2021

San Nicolò dei Mendicoli

Venice in Peril first became involved with this church in the 1970s, returning to undertake a number of projects to support the parish. Over the winter of 2019 the church, which is particularly low, flooded badly and often. The 2020 project at San Nicolo was undertaken to prevent damage should MOSE fail, even once. Prepared by San Nicolò’s architect, Marco Zordan, it initially involved newer, higher and lighter door barriers and a new drainage channel system and pumps for the sanctuary area. The project was not completed in 2021 as hoped because of delays in the supply of the door barriers and pandemic related issues. It was then unexpectedly discovered in early 2022 that the waterproof concrete layer installed the 1970s which was thought to be limited to the nave in fact extended across the Sanctuary as far as the high altar but had subsequently been breached in places in order to lay cabling. So the project was amended with the installation of pipes to intercept water rising through the gravel below the zatterone/substructure and carry it to the pump points. The gravel was then covered with an impermeable membrane.

Tablino – Palladio interior in the Accademia Galleries

The Tablino, an interior inspired by the villas of ancient Rome, is a room in a wing designed by Palladio for the convent of the Lateran Canons in 1562. The range is now part of the Accademia Galleries and houses works by Canova and his contemporaries on the ground floor. Venice in Peril supported the fitting out of these rooms and the conservation of some of the Canova works between 2011 and 2016. The series of high winter tides in 2019 caused flooding here for the first time which damaged the terracotta floor and traditional marmorino walls. Working with the director of the Accademia, Giulio Manieri Elia, and the conservation firm UNISVE, it was decided, alongside the repairs in the Tablino, to open a bricked-up doorway and instal a new pump below ground in the adjacent Palladio stairwell to carry off floodwater should the Tablino be flooded again. This extension of the project offered the added benefit of giving visitors sight of Palladio’s spectacular spiral staircase. The project was finished in June 2021 and Palladio’s staircase is now accessible to view for the first time from the Tablino.

San Pietro Relief – San Trovaso

This is a 13th century Greek marble relief showing St Peter, set in a niche in a wall in Campo San Trovaso. The iron grating across the niche has caused extensive staining of the stone and the relief has suffered surface spalling. The trustees adopted this €20,000 project in memory of Peter Boizot, founder of Pizza Express and initiator of the Veneziana pizza fundraising campaign that has raised over £2 million for Venice in Peril Fund projects. By the end of 2021 project planning was well advanced and work should take place in 2022.

Bursary Assistance for Assistant to Head Conservation Scientist at Misericordia Laboratory

The Accademia Galleries is the only state museum in Italy with its own laboratory offering the full range of diagnostic tools to inform conservation treatments and ideally operates with a team of four conservation scientists. It currently only has one, Stefano Volpin, who is approaching retirement and the laboratory is challenged by the enormous task of maintaining artworks from across Venice and the Veneto. Responding to the proposal from Giulio Manieri Elia, Director of the Accademia, to the Association of International Private Committees, for a funded three year bursary costing €12000 a

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Venice in Peril Fund

Trustees’ annual report

For the year ended 31 December 2021

year, Venice in Peril contributed €12,000 and further funding has come from Pro Venezia Sweden and SAVE Venice. Venice in Peril has a track record of supporting conservation education and training and the trustees saw this as both an urgent need and an opportunity to build capacity at the Misericordia. The bursary was awarded to Lucia Giorgi who started in May 2021. She has worked on the Polyptych di Santa Chiara, by Paolo Veneziano, Lion of Saint Mark, by Vittore Carpaccio, Erminia and Vaprino with the wounded Tancredi, by Giannantonio Guardi, Sant’Anna by Jacopo Bassano, Annunciation by Alvise Gaetano, Parable of the Wise and Foolish Virgins by Il Padovanino, Saint George and the Dragon and Vision of St Augustine, by Vittore Carpaccio.

Trinity Wellhead, Archivio di Stato

The Wellhead in the larger of the two cloisters of the Archivio di Stato complex dates to 1725 and consists of a wellhead below an imposing arch surmounted by a sculptural group in Istrian stone showing the Trinity of God the Father, God the Son and the Holy Spirit (the latter represented as a bronze dove with bronze rays issuing from it), among billowing clouds. The wellhead and the four archangel statues around it are by Francesco Penso, known as Cabianca. With the patterned paving around it, which is broken over the water channels, and forms part of the well-system, it has been on the Soprintendenza list as priority needs for several years. A major state project to restore large parts of the archive complex and the wellhead in the adjacent cloister and extend public access via a new entrance in the Rio Marin, to include conference and reception facilities, gave this project the appropriate context for the Trustees to approve it as a 50th Anniversary project in July 2021. An Appeal for £100,000 was launched and a fundraising lecture held in September given by Jeremy Warren, Honorary Curator of Sculpture at the Ashmolean Museum. By late March 2022 the target was close to being met. Preparations for the design of the project are underway.

Portale San Antonio

A project to restore the monumental doorway (1689) of the Winter Refectory in the Archivio di Stato complex was funded entirely by the Fondation Jean-Barthélemy in memory of Monique Velay and carried out by LARES Restauri. It was unveiled in November 2021.

Polychrome and gilded wooden statues from San Nicolò dei Mendicoli

Three statues of St Mark, St John and an Angel candle bearer, dating to the late 16[th] early 17[th] century, were adopted, one by the Fondation Jean-Barthelemy and two by Frances Clarke to mark her 90[th] birthday. Conservation was carried out under the auspices of the Ufficio per Arte Sacra e Beni Culturali del patriarcato di Venezia by MAUVE Srl in their Venice studio. The two evangelist statues are now set upon on the High Altar but were probably originally mounted above columns in the sanctuary as part of the series of statues that still lines the nave. They were then removed when the sanctuary was stripped back to its Gothic appearance in the 1920s. The Angel candlebearer is currently sited in the chapel to the right of the high altar.

Achievement and Performance in the UK

In the UK the charity maintains a balance between fundraising for the projects in Venice, raising awareness of the city’s ongoing problems and needs as regards conservation and the safeguarding of its unique heritage. It provides Friends and donors with opportunities to discover more about

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Venice in Peril Fund

Trustees’ annual report

For the year ended 31 December 2021

Venice as they contribute to the conservation which can be a catalyst for sustainability and economic renewal. This is a significant and necessary activity.

2021 was the 50th Anniversary of Venice in Peril Fund. A general 50th Anniversary Appeal was launched in the Winter 2020 Newsletter and then in July with the announcement of the adoption of the Trinity Wellhead (see projects), a target of £100,000 was set which by March 2022 had nearly been met. July 2021 also saw the launch of the Patron circle of supporters who commit to an annual donation of £500 or more (now a group of 30) and in November an informal Young Venetians group was launched. A half hour film, ’50 years of conservation stories’, shot between lockdowns in October 2020, by Kate Herron was premiered in September 2021 and is hosted on the website. The film was intended to make the core conservation work more accessible to supporters and enable the charity to connect with new audiences – which it is doing successfully. A 50th Anniversary party to thank longstanding supporters and introduce new donors was generously hosted by a donor in October.

A programme of lectures underpins Venice in Peril’s supporting objectives and because lecturers generously give their time and share their expertise, they are donations in kind. In 2021 some talks were in person and some online, enabling access to audiences with a wider geographic spread. The lectures often take a specific project as a starting point making them an opportunity to explain the significance of places and objects and why they should be conserved. The speakers were: Jonathan Keates (Carlo Goldoni: Theatre of Real Life in 18C Venice, connected to the Goldoni Marionettes project of 2019); John Darlington (Venice and Spirit of Place); Bernard Aikema (San Zaccaria in the 15C, connected to the San Zaccaria 15C crucifix); Montserrat Pis Marcos (Woburn Canaletto show at the Holburne); Jeremy Warren, (Cabianca and the Trinity Wellhead, in support of the 50th Anniversary Appeal); Jo Willett (Lady Mary Wortley Montagu’s Adventures in Venice); Matthew Rice gave the Ashley Clarke Memorial Lecture ‘Sketchbooks: Why I always have mine with me’ and Jonathan Keates (The Gondoliers and Gilbert and Sullivan). About 1400 attended Venice in Peril Lectures.

Trustees including Jonathan Keates, Sarah Quill and Deborah Howard also gave talks in their areas of expertise with reference to the work of Venice in Peril Fund.

Additionally 2021 saw the launch of a new website, a Summer and Winter Newsletter posted to Friends, donors and Patrons, a Christmas Card featuring the Bellini Triptych Nativity a current project of Venice in Peril Fund.

Education and Outreach

The launch of the Young Venetians group, the extension of online lectures with free sign ups for students, an informal connection offering free tickets to young teachers at Art History LinkUp together with the hosting of the new film ’50 years of Conservation Stories’ on the new website have boosted education and outreach in 2021.

One bursary in Venice was supported at a cost of €12,000 for the training of a conservation scientist for a year – see projects.

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Venice in Peril Fund

Trustees’ annual report

For the year ended 31 December 2021

City and Guilds of London Art School

The City and Guilds of London Art School internship was cancelled because of the Coronavirus pandemic, as was the Stonework Conservation student visit to Venice.

Beneficiaries of our services

The beneficiaries of our services include everyone who cherishes Venice and its heritage now and in the future, both in the city and across the world. They include the public, visitors to Venice and its residents, conservators whose businesses are supported by the work funded, museum curators, academics, graduates, students and professional conservators who receive bursaries. The charity’s funding of conservation should also be seen in a wider beneficial context as a catalyst for sustainability and economic renewal in the city.

Principal risks and uncertainties

Underlying the sustained level of income in 2021, is the reality that legacies make up a disproportionately large but unpredictable income stream. Unrestricted income of other kinds remains at a relatively low level, although the launch of the Patron Group has been successful. The pandemic meant that there were fewer opportunities to interact with supporters but that did not result in markedly negative financial outcomes.

Since Frances Clarke no longer lives in Venice the visibility of Venice in Peril, within the city, has been reduced and needs to be boosted. The trustees will be planning how to correct this through VIPF CIO.

John Millerchip who has been a trustee and has steered the projects in Venice signalled his intention to retire. Susan Steer began to shadow John over the course of 2021 with the aim that she will gradually take over his duties. It will be a period of transition and the trustees will be monitoring and supporting developments.

COVID-19

The risks and uncertainty arising from the prolonged pandemic and successive lockdowns continued through 2021 and meant that fundraising for the 50[th] Anniversary Appeal was more challenging and a fundraising thank you party had to be postponed. Income streams were not unduly affected in the first half of 2021 although the impossibility of holding the Kirker Lecture resulted in lower event income but also lower visibility and less interaction with supporters.

In Venice in 2021, there were further delays to projects, after it had looked as though these would not impede progress and again the difficulties in travel made it hard to sustain representation in the city and for Trustees to keep in touch with the situation on the ground.

The pandemic also resulted in further delays in the progress of three projects: the Bellini Triptych, San Nicolo dei Mendicoli and the Torcello panels when conservators fell sick with CoVid.

VIPF is exposed to fluctuating £/€ exchange rates. In 2021 these had minimal impact on operations.

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Venice in Peril Fund

Trustees’ annual report

For the year ended 31 December 2021

Financial review

The activities of Venice in Peril Fund for the year ended 31 December 2021, up to the point of the total transfer of assets on the 30 June 2021 to Venice in Peril Fund CIO, resulted in an overall deficit of £15,552. This consists of a £73 surplus on restricted funds and a £15,625 deficit on unrestricted funds.

The total value of the net assets of the charity as at the 30 June 2021, including the result for the year up to this date, was at the value of £802,090, then transferred to the Venice in Peril Fund CIO.

During its operational period up to the date of transfer, the charity had total income of £93,694 and total expenditure of £109,246. Activities of the charity have continued within the new CIO entity.

Reserves policy and going concern

The Venice in Peril Fund is no longer a going concern following the transfer of assets on the 30 June 2021 to Venice in Peril Fund CIO as described above in this report.

Plans for the future

Venice in Peril Fund will cease to exist once the merger with Venice in Peril Fund CIO comes into effect.

Structure, governance and management

The transfer tood place on 30 June 2021 to enable the assets of the unincorporated Venice in Peril Fund Charity No 262146 to be transferred to the successor charity Venice in Peril Fund CIO No. 1186770.

Tasks relating to the transfer have mostly been completed and Bates Wells is responsible for placing Venice in Peril Fund on the Charity Commission list of mergers.

All Trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 8 to the accounts. One trustee receives an honorarium of £1,800 pa towards expenses incurred in managing the project workload.

Appointment of Trustees

With the signing of the Transfer Deed, the trustees became trustees of the Venice in Peril Fund CIO for the remainder of their three year appointment terms. A schedule of appointments was included in the Constitution of the Venice in Peril Fund CIO registered with the Charity Commission on 5 December 2019, so that the subsequent appointment of trustees to the CIO might be achieved in an orderly staged way.

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Venice in Peril Fund

Trustees’ annual report

For the year ended 31 December 2021

Trustee induction and training

The Chairman of Trustees is responsible for the induction of any new Trustee. This involves familiarization with responsibilities, with the governing document and administration procedures, and with the charity’s history and fundamental principles. A new Trustee will receive copies of the previous year’s annual reports and accounts and a link to the Charity Commission booklet ‘The Essential Trustee: What You Need To Know’.

Related parties and relationships with other organisations

The charity is a member of the Association of International Private Committees for the Safeguarding of Venice, an international body with 27 member committees which has an office and part-time employee based in Venice and to which the charity pays an annual subscription plus handling charges for each project. The subscription in 2021 was €3500. In 2021Venice in Peril Fund administered most of its conservation projects in partnership with one or more of the following stakeholders, Association of Private Committees, individual museums, the Superintendencies in Venice (the Italian state authorities with responsibility for heritage, one department of which designs the projects while another directs works) and the Ufficio per Arte Sacra e Beni Culturali del Patriarcato di Venezia.

In 2021 John Millerchip and Frances Clarke, Trustees of Venice in Peril Fund, served on the committee of ARECSM (Associazione per il Reparto Evangelico del Cimitero di San Michele) which works for conservation of the Protestant Cemetery on San Michele. Frances Clarke is on the parish council of the Anglican Church of St George in Venice. Emma-Louise Bassett is a Trustee of the GeM Award. Deborah Howard is the Chairman of the British and Commonwealth Committee of the Gladys Krieble Delmas Foundation, which awards small grants for research in Venice.

VIP Trading Limited is a company set up to undertake income generating trading on behalf of Venice in Peril Fund. Its only (2) shareholders are Trustees of Venice in Peril Fund and hold their shares on trust for the charity (see Note 17). Venice in Peril Fund Trading was transferred to the CIO but in view of the limited possibility of significant income being generated in future, it has been decided that the company should be dissolved.

Statement of responsibilities of the Trustees

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the Trustees should follow best practice and:

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Venice in Peril Fund

Trustees’ annual report

For the year ended 31 December 2021

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. They 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 are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Trustees’ annual report was approved by the Trustees on 19 July 2022 and signed on their behalf by

Jonathan Keates Trustee (and Chairman during 2021)

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Venice in Peril Fund

Independent Examiner’s Report

For the year ended 31 December 2021

I report to the trustees on my examination of the accounts of Venice in Peril Fund for the year ended 31 December 2021.

This report is made solely to the trustees as a body, in accordance with the Charities Act 2011. My examination has been undertaken so that I might state to the trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for my examination, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity 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 carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Emphasis of matter – financial statements prepared on a basis other than going concern

We draw attention to Note 1d to the financial statements which explains that the directors Venice in Peril Fund transferred all assets and liabilities on 30 June 2021 to a newly formed Charitable Incorporated Organisation, Venice in Peril Fund CIO and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern. Our opinion is not modified in respect of this matter.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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Venice in Peril Fund

Independent Examiner’s Report

For the year ended 31 December 2021

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.

Name: Fleur Holden

Address: Sayer Vincent LLP, Invicta House, 108-114 Golden Lane, London, EC1Y 0TL Date: 19 August 2022

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Venice in Peril Fund

Statement of financial activities

For the year ended 31 December 2021

Restricted
£
13,545
-
-
-		 2021
Total
£
93,495
-
61
138		 Unrestricted
£
88,015
4,065
3,639
2,730		 Restricted
£
109,847
-
-
-		 2020
Total
£
197,862
4,065
3,639
2,730
80,149 13,545 93,694 98,449 109,847 208,296
18,290
54,254
23,230		 -
13,472
-		 18,290
67,726
23,230		 28,067
158,566
17,525		 -
57,480
-		 28,067
216,046
17,525
95,774 13,472 109,246 204,158 57,480 261,638
(15,625) 73 (15,552) (105,709) 52,367 (53,342)
(15,625)
661,972
(646,347)		 73
155,670
(155,743)		 (15,552)
817,642
(802,090)		 (105,709)
767,681
-		 52,367
103,303
-		 (53,342)
870,984
-

As described in note 1d and in the trustees' annual report, Venice in Peril Fund transferred all assets and liabilities on 30 June 2021 to a newly formed Charitable Incorporated Organisation, Venice in Peril Fund CIO (charity number 1196672). There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 15a to the financial statements.

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Venice in Peril Fund

Balance sheet

As at 31 December 2021

Note
Fixed assets:
16
Current assets:
12
Liabilities:
13
15
Total unrestricted funds
General funds
Total funds
Investments
Cash at bank and in hand
The funds of the charity:
Creditors: amounts falling due within one year
Total net assets
Unrestricted income funds:
Designated funds
Debtors
Restricted income funds		 £
-
-		 2021
£		 £
6,497
827,189		 2020
£
2
-
-		 2
817,642
-
-		 833,686
(16,046)
-
-
-		 406,286
255,686
-
-		 155,670
661,972
- 817,642

Approved by the trustees on 19 July 2022 and signed on their behalf by

Jonathan Keates Trustee

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Venice in Peril Fund

Notes to the financial statements

For the year ended 31 December 2021

1 Accounting policies

a) Statutory information

Venice in Peril Fund is an unincorporated charity registered with the Charity Commission in England & Wales, registration number 262146.

The registered office address and principal place of business is Unit 11 Hurlingham Studios, Ranelagh Gardens, London SW6 3PA.

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the Trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

During the year the trustees agreed to convert Venice in Peril Fund to a Charitable Incorporated Organisation (CIO). The new CIO (Venice in Peril CIO) was registered with the Charity Commission on 5 December 2019, number 1196672. The new CIO remained dormant until 30 June 2021 when all assets and liabilities of Venice in Peril Fund were transferred to it.

All activities are expected to continue with the newly formed CIO. As such the current Venice in Peril Fund will no longer continue to exist. These financial statements have been prepared on a basis other than as a going concern. The transfer includes all activities, assets and liabilities.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

16

Venice in Peril Fund

Notes to the financial statements

For the year ended 31 December 2021

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

g) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.

h) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

i) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned using an estimate, based on staff time, of the amount attributable to each activity.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

j) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

k) Investment in subsidiary

Investment in subsidiary is at cost.

l) Debtors

Trade and other debtors are recognised at their settlement amount. Prepayments are valued at the amount prepaid net of any trade discounts due.

m) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

n) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

o) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

17

Venice in Peril Fund

Notes to the financial statements

For the year ended 31 December 2021

1 Accounting policies (continued)

p) Pensions

The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity in respect of the year.

2 Income from donations and legacies

Membership subscriptions
Donations
Gift aid from donations
Gift aid from subsidiary
Legacies		 Unrestricted
£
10,355
28,744
2,966
-
37,885		 £
-
13,295
250
-
-
Restricted		 2021
Total
£
10,355
42,039
3,216
-
37,885		 Unrestricted
£
19,590
38,232
6,036
21,495
2,662		 £
-
105,782
4,065
-
-
Restricted		 2020
Total
£
19,590
144,014
10,101
21,495
2,662
79,950 13,545 93,495 88,015 109,847 197,862

During the reporting period trustees, either individually or via a related trust or foundation, donated £nil (2020: £11,250) to restricted projects of the charity and £470 (2020: £250) to unrestricted funds. In respect of the restricted projects, these donations contributed to existing projects undertaken as part of the normal operations of the charity. All donations are given at arm’s length with any conflicts of interest or loyalty being appropriately managed by the charity.

3 Income from charitable activities

3
Income from charitable activities
Lectures
4
5
Income from investments
Income from fundraising activities
Book and Christmas card sales
Interest earned on deposits		 Unrestricted
£
-		 £
-
Restricted		 2021
Total
£
-		 Unrestricted
£
4,065		 £
-
Restricted		 2020
Total
£
4,065
Unrestricted
£
61		 £
-
Restricted		 2021
Total
£
61		 Unrestricted
£
3,639		 £
-
Restricted		 2020
Total
£
3,639
Unrestricted
£
138		 £
-
Restricted		 2021
Total
£
138		 Unrestricted
£
2,730		 £
-
Restricted		 2020
Total
£
2,730

18

Venice in Peril Fund

Notes to the financial statements

For the year ended 31 December 2021

6a Analysis of expenditure (current year)

Raising
funds
£
Staff costs (note 8)
5,061
Project expenditure
-
Honorarium
-
Accommodation costs
-
Website and communication
-
Office expenses
7,364
Professional fees
-
Trustee expenses
-
Finance charges
-
Loss /(gain) on exchange
-
Total
12,425
Support costs
5,018
Governance costs
847
Total expenditure 2021
18,290
Total expenditure 2020
28,067
Conservation
Arsenale Crane
Bellini Triptych
Canova Monument
Caffi Sketchbooks
Goldoni Puppets
Iconostasis in Torcello Cathedral
Morosini despatches
Portale San Antonio
Renaissance Maiolica at Museo Correr
San Nicolo dei Mendicoli
San Zaccaria Crucifix
Tintoretto Exhibition
S.Angelo Raffaele mss
St Georges Anglican Church windows
Synagogue - Scuola Canton
San Pietro Relief
Tablino
Trinity Wellhead
Tintoretto Ceiling Scuola S Rocco
Education and Outreach
Student Bursary
GeM Award
Lectures
Support Costsinclude costs of Archive project
Charitable activity expenditure includes spend on		 Raising
funds
£
5,061
-
-
-
-
7,364
-
-
-
-		 Charitable activities Charitable activities Governance
costs
£
5,061
-
-
-
-
-
-
-
-
-		 Support
costs
£
6,384
-
900
6,364
5,703
5,642
4,081
-
799
97		 2021 Total
£
25,365
52,531
900
6,364
6,087
13,022
4,081
-
799
97		 2020
Total
£
68,048
136,034
1,800
12,152
9,465
17,031
17,021
8
2,606
(2,527)
Conservation
£
4,253
41,756
-
-
-
-
-
-
-
-		 Education and
Outreach
£
4,606
10,775
-
-
384
16
-
-
-
-
12,425
5,018
847		 46,009
18,579
3,138		 15,781
6,373
1,076		 5,061
-
(5,061)		 29,970
(29,970)
-		 109,246
-
-		 261,638
-
-
18,290 67,726 23,230 - - 109,246 261,638
28,067 216,046 17,525 - - 2021
£
-
652
51,580
-
-
652
-
131
-
784
130
-
-
-
-
130
12,037
1,630
-
2020
£
-
35,788
74,062
-
17,764
43,090
-
512
-
5,689
512
-
-
16,475
41
-
1,023
-
21,090
67,726 216,046
16,121
-
7,109		 -
-
17,525
23,230 17,525
- 22,119

19

Venice in Peril Fund

Notes to the financial statements

For the year ended 31 December 2021

6b Analysis of expenditure (prior year)

Staff costs (note 8)
Project expenditure
Honorarium
Accommodation costs
Website and communication
Office expenses
Professional fees
Trustee expenses
Finance charges
Loss /(gain) on exchange
Support costs
Governance costs
Total expenditure 2020
Total		 Raising
funds
£
14,761
1,769
-
-
-
460
1,174
-
-
-		 Charitable activities Charitable activities Governance
costs
£
7,380
-
-
-
125
818
12,480
8
-
-		 Support
costs
£
29,917
-
1,800
12,152
9,090
15,101
3,367
-
2,606
(2,527)		 2020
Total
£
68,048
136,034
1,800
12,152
9,465
17,031
17,021
8
2,606
(2,527)
Conservation
£
8,610
131,186
-
-
-
20
-
-
-
-		 Education
and Outreach
£
7,380
3,079
-
-
250
632
-
-
-
-
18,164
7,671
2,232		 139,816
59,045
17,185		 11,341
4,790
1,394		 20,811
-
(20,811)		 71,506
(71,506)
-		 261,638
-
-
28,067 216,046 17,525 - - 261,638

20

Venice in Peril Fund

Notes to the financial statements

For the year ended 31 December 2021

7 Net expenditure for the year

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2021 2020
£ £
Trustees expenses 900 2,502
Operating lease rentals:
Property 4,920 9,840
Independent examiner's remuneration (excluding VAT):
Independent examination 2,250 3,050
Foreign exchange (gains) / losses 97 (2,527)

Staff costs were as follows:

Staff costs were as follows:
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes		 2021
£
22,417
932
2,016		 2020
£
62,772
1,510
3,766
25,365 68,048

No employee earned more than £60,000 during the year (2020: nil).

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £25,365 (2020: £49,202).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2020: £nil). No charity trustee received payment for professional or other services supplied to the charity (2020: £nil).

Trustees' expenses represents the payment or reimbursement of travel, meeting and subsistence costs totalling £900 (2020: £2,502) incurred by 0 individual (2020: 3) trustees. That total includes an honorarium of £900 (2020: £1,800) paid to John Millerchip towards expenses incurred in managing the project workload.

9 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 2 (2020: 2.5).

10 Related party transactions

At the year end the charity's trading subsidiary, VIP Trading Limited, had retained loss of £1,544 (retained earnings 2020: £129).

There are no donations from related parties which are outside the normal course of business.

11 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

21

Venice in Peril Fund

Notes to the financial statements

For the year ended 31 December 2021

12 Debtors

Debtors
Prepayments
Sundry debtors
Rent deposit
Accrued income		 2021
£
-
-
-
-		 2020
£
1,640
3,143
100
1,614
- 6,497

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Accruals
Trade creditors		 2021
£
-
-		 2020
£
2,718
13,328
- 16,046

Accruals in 2020 included an amount of £7,923 in respect of the return of a deposit paid in previous years to UNESCO, who were at the time managing the Canova project, to cover anticipated expenses on that project. UNESCO have now withdrawn from the project and returned the balance unspent of that deposit. This amount was therefore held pending the appointment of a new project manager or for payment of expenses to be incurred on the project and is held within the Venice in Peril CIO fund at 31 December 2021.

14a Analysis of net assets between funds (current year)

Investments
Net assets at 31 December 2021
Debtors
Cash at bank and in hand
Creditors - amounts falling due within one year		 General
unrestricted
£
-
-
-
-		 Designated
£
-
-
-
-		 Restricted
£
-
-
-
-		 Total funds
£
-
-
-
-
- - - -

14b Analysis of net assets between funds (prior year)

Investments
Debtors
Creditors - amounts falling due within one year
Net assets at 31 December 2020
Cash at bank and in hand		 General
unrestricted
£
2
6,497
265,233
(16,046)		 Designated
£
-
-
406,286
-		 Restricted
£
-
-
155,670
-		 Total funds
£
2
6,497
827,189
(16,046)
255,686 406,286 155,670 817,642

22

Venice in Peril Fund

Notes to the financial statements

For the year ended 31 December 2021

Movements in funds (current year)
Bellini Triptych
Flood Appeal
Tablino
Total restricted funds
Bellini Triptych
Trinity Wellhead
Goldoni Puppets
Tintoretto Ceiling Scuola San Rocco
Morosini publication
San Zaccaria Crucifix
Portale San Antonio
Iconostasis in Torcello Cathedral
Wellhead San Corte
San Pietro relief
IUAV Bursary
Archive project
Total designated funds
General funds
Total unrestricted funds
Canova monument
San Nicolo dei Mendicoli
Armstrong Mitchell crane in the Arsenale
Unrestricted funds:
Designated funds:
Restricted funds:
Total funds		 At 1 January
2021
£
18,024
-
86,831
20,565
30,250		 Income &
gains
£
-
1,174
-
12,371
-		 Expenditure
& losses
£
-
(652)
-
(784)
(12,036)		 Transfers
£
(18,024)
(522)
(86,831)
(32,152)
(18,214)		 At 31
December
2021
£
-
-
-
-
-
155,670 13,545 (13,472) (155,743) -
24,505
365,964
-
-
-
2,112
-
-
-
-
10,280
3,425
-		 -
-
-
-
-
-
-
-
-
-
-
-
-		 -
(51,579)
(1,630)
-
-
-
(131)
(131)
(652)
-
(131)
(16,122)
-		 (24,505)
(314,385)
1,630
-
-
(2,112)
131
131
652
-
(10,149)
12,697
-		 -
-
-
-
-
-
-
-
-
-
-
-
-
406,286 - (70,376) (335,910) -
255,686 80,150 (320,595) (15,241) -
661,972 80,150 (390,971) (351,151) -
817,642 93,695 (404,443) (506,894) -

The narrative to explain the purpose of each fund is given at the foot of the note below.

23

Venice in Peril Fund

Notes to the financial statements

For the year ended 31 December 2021

15b Movements in funds (prior year)

Movements in funds (prior year)
Total restricted funds
Bellini Triptych
Goldoni Puppets
Tintoretto Ceiling Scuola San Rocco
Morosini publication
Wellhead San Corte
San Pietro relief
IUAV Bursary
Archive project
Total designated funds
General funds
Canova monument
Canova monument
St Georges Anglican Church windows
Armstrong Mitchell crane in the Arsenale
Bellini Triptych
Flood Appeal
S. Angelo Raffaele
Iconostasis in Torcello Cathedral
San Nicolo dei Mendicoli
Tablino
Total funds
Total unrestricted funds
Designated funds:
Restricted funds:
Unrestricted funds:		 At 1 January
2020
£
18,024
-
-
48,165
-
37,114
-
-
-		 Income &
gains
£
-
1,050
2,137
105,170
-
1,490
-
-
-		 Expenditure
& losses
£
-
(1,050)
(2,137)
-
-
(38,604)
(5,689)
-
(10,000)		 Transfers
£
-
-
-
(66,504)
-
-
26,254
30,250
10,000		 At 31
December
2020
£
18,024
-
-
86,831
-
-
20,565
30,250
-
103,303 109,847 (57,480) - 155,670
36,830
369,693
10,450
13,648
-
17,130
10,280
3,425
20,000		 -
-
-
-
-
-
-
-
-		 (34,738)
(71,924)
(10,450)
(13,648)
-
-
-
-
(20,000)		 22,413
68,195
-
-
2,112
(17,130)
-
-
-		 24,505
365,964
-
-
2,112
-
10,280
3,425
-
481,456 - (150,760) 75,590 406,286
286,225 98,448 (53,397) (75,590) 255,686
767,681 98,448 (204,157) - 661,972
870,984 208,295 (261,637) - 817,642

Purposes of restricted funds

Armstrong Mitchell crane in the Arsenale

These funds were received to contribute to fundraising for the Arsenale Crane project.

Bellini Triptych

These funds were received to contribute to conservation of 4 panel paintings (making up a triptych with a lunette) in the Galleria dell'Accademia.

Canova Monument

These funds were received to contribute to the Canova Monument project.

Flood Appeal

These funds were received in response to an appeal following the November 2019 flooding of Venice. They will be used to support various activities to mitigate or repair damage caused by the flooding and, if possible, to prevent or minimise future such damage.

Goldoni Puppets

These funds were received to conserve 20 18th century marionettes in the Goldoni museum.

24

Venice in Peril Fund

Notes to the financial statements

For the year ended 31 December 2021

15b Movement in funds (continued)

S. Angelo Raffaele

These funds were received to conserve music manuscripts from the church of S Angelo Raffaele.

Iconostasis in Torcello Cathedral

These funds were received as a result of the John Julius Norwich Memorial Appeal and will be used to pay for work to conserve the iconostasis in the cathedral of Torcello.

San Nicolo dei Mendicoli

These are Flood Appeal funds used for the diagnosis of damage caused by 2019 series of high tides and flooding to the church of San Nicolo dei Mendicoli.

Tablino

These are Flood Appel funds used for the repair of flodd damage to Palladio's Tablino, a room in the Accademia Galleries.

St Georges Anglican Church windows

These are Flood Appeal funds used to restore the two (south-facing) windows either side of the organ in the organ gallery of St Georges' Anglican Church.

Purposes of designated funds

Designated funds indicate monies earmarked by the Trustees for projects that have either started or are about to begin and for which payment has been approved.

Amounts have been designated for the following projects: Current year: Prior year: Bellini Triptych Bellini Triptych Trinity Wellhead Canova Monument San Nicolo dei Mendicoli Morosini publication San Pietro relief IUAV Bursary

Purpose of fund transfers

As described in note 1d and in the trustees' annual report, Venice in Peril Fund transferred all assets and liabilities on 30 June 2021 to a newly formed Charitable Incorporated Organisation, Venice in Peril Fund CIO. The transfers in this note represent the transfer of funds to the Venice in Peril Fund CIO in the year.

25

Venice in Peril Fund

Notes to the financial statements

For the year ended 31 December 2021

16 Trading subsidiary

VIP Trading Limited is the charity's trading subsidiary (Company Number: 07659446). The charity has taken advantage of the exemption offered by the Statement of Recommended Practice, Accounting and Reporting by Charities that allows the charity exemption from preparing group accounts where the consolidated income of the group is beneath the gross income threshold for a statutory charity audit.

The object of VIP Trading Limited is to carry on business as a general commercial company to procure profits and gains for the purpose of paying them to the charity.

The Directors of VIP Trading Limited are Mr. Jonathan Keates, Mr. John Millerchip, Mrs. Marina Morrisson Atwater, Mrs Gaia Penteriani and Mr. Jon Rayman.

The charity is the beneficial owner of all the share capital of VIP Trading Limited.

Retained earnings
Total retained earning brought forward
Distribution under Gift Aid to parent charity
Profit for the financial year
Funds
Turnover
Administrative expenses
Profit on ordinary activities before taxation
Taxation on profit on ordinary activities
Assets
Liabilities
The aggregate of the assets, liabilities and funds was:
Profit/ loss for the financial year		 2021
£
-
(1,673)		 2020
£
-
(2,171)
(1,673)
-		 (2,171)
(540)
(1,673) (2,711)
24,336
(1,673)
-		 24,336
(2,711)
(21,496)
22,663 24,336
22,665
(2)		 242
(111)
22,663 131

The trustees have now decided that, in view of the limited possibility of significant income being generated in future, the company should be dissolved in 2022.

17 Operating lease commitments payable as a lessee

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods

of the following periods
Less than one year 2021
2020
£
£
-
4,100
-
4,100
Property
- 4,100

26