OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2020-11-14-accounts

THE APOLLO FOUNDATION CHARITY NUMBER 290351

TRUSTEES' REPORT AND ACCOUNTS FOR THE YEAR ENDED 14 NOVEMBER 2020

22272254_1

THE APOLLO FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 14 NOVEMBER 2020

The trustees are pleased to present their annual trustees’ report together with the financial statements of the charity for the year ended 14 November 2020.

Reference and administrative information

Name of charity THE APOLLO FOUNDATION Charity Registration Number 290351 Address of the Principal Office of the Charity One Bartholomew Close, London EC1A 7BL Trustees Marcus Hugh Tristram de la Poer Beresford (The Honourable Lord Decies) Richard Alexander Cobbe Edward Nicholas William Brown Lucinda Victoria Chetwode Robert O’Byrne Geoffrey Adrian Richards

Structure Governance and Management

Governing The Trust was established as a charity in 1984 and is governed by a Trust Deed dated 1 document October 1984.

Risk The Trustees have considered all material risks facing the charity and confirm that Management procedures are in place to manage those risks.

Objectives The objects are to promote and further the advancement in education in the fine arts in and Activities Ireland (which includes Northern Ireland). The Trust has applied the Trust fund and income derived from it accordingly. The Trustees have paid due regard to the Charity Commission guidance on public benefit in deciding what activities the charity should undertake. The Charity was the main beneficiary of the estate of Lady Beit. Under her UK and Irish Wills the Charity received approximately £7.4m. There are no further assets due from the estate.

Key The trustees consider themselves to be key management for the Foundation. They are Management responsible for deciding remuneration or provision of such at Trustees meetings. The personnel Trustees meet twice a year.

1

20934547.1

THE APOLLO FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 14 NOVEMBER 2020

New trustees New trustees are appointed in accordance with the Trust Deed. New Trustees will have informal meetings with existing trustees before being appointed. They are introduced to the Trustees meeting, if not earlier. They keep themselves up to date with charity law, as it develops and insofar as it affects exclusively grant-making charities, and their involvement in and knowledge of the field of charitable activity supported by the Foundation. Trustees are encouraged to attend training events where necessary.

Fundraising The Foundation’s income is derived from the income generated from the investments held, it does not undertake fundraising activities, it is nevertheless mindful of the code issued by the Fundraising regulator.

Public benefit The trustees have had due regard to the Charity Commission’s guidance on public benefit. The charity’s aims are far-reaching and for the public benefit. By making grants in accordance with the charity’s aims, the trustees are confident that their public benefit duty is fulfilled. The trustees also consider that there is no detriment, harm or private benefit that arises from carrying out the charity’s aim.

Achievements and Performance

Achievements The Trust has again achieved its objective of supporting the fine arts in Ireland by making grants. Further grants were committed of £371,224 (2019: £434,093). Details of the amounts (with their Euro equivalents where appropriate) are in note 12 of the accounts. Note 13 shows outstanding commitments at 14 November 2020, being £533,753 (2019: £501,750). The Charity purchased additional heritage assets in the year for £89,960 (2019: £41,296). These are heritage assets and are detailed in Note 7.

Financial Review

Investment The Trust Deed gives the Trustees wide powers of investment. Rathbones and Vermeer Policy Asset Management have been appointed as investment managers both have invested in diverse portfolios.

Rathbones investment value on 14 November 2020 when compared with the previous year, has decreased by £509,282, from £4,991,921 to £4,482,639: further details are in note 6 of the accounts. Vermeer Asset Management portfolio has decreased in value by £266,878 on 14 November 2020 from £4,985,013 to £4,718,135 (Further details of both portfolios are shown in note 6 of the accounts).

Funding The objects of the Charity permit the Trustees to benefit the fine arts in Ireland. In view of Policy: Lady Beit’s express wishes and the substantial funds bequeathed to the Charity under her Will, the Trustees decided that the Charity would continue its policy to benefit the Alfred Beit Foundation, which maintains and supports Russborough, Co Wicklow, Ireland and its collections. Grants will be provided mainly from income but the Trustees will consider requests for larger grants from capital for suitable projects.

2

20934547.1

THE APOLLO FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 14 NOVEMBER 2020

Reserves The Trustees will establish the Apollo Foundation’s Reserves Policy with reference to Policy Charity Commission guidance (CC19) and accounting standards (SORP 2019 – FRS 102). The Apollo Foundation holds adequate reserves as working capital, to match income receipts with operating expenditure. Cash flow is monitored on a regular basis to meet this objective. The Trustees do not intend to build up reserves for unspecified purposes, but rather to apply all income to direct charitable purposes. If, however, the applications do not warrant grants equal to the income any unspent income will be carried forward to the next period. As at 14 November 2020 there was unspent/uncommitted income of £891,047 (2019: £936,686). It is envisaged that these funds will be used in future years towards Russborough and/or alternative grants.

Comprises expenditure connected with raising funds (i.e. investment management fees). Other These were £40,567 for the year (2019: £36,700). expenditure

Future Plans The Apollo Foundation expects to fund further work towards the restoration of Russborough in addition to the substantial grants committed so far. The development of its long term plans will aim to achieve the future commercial viability of Russborough.

The Foundation may also make grants in future years to other projects connected with fine arts in Ireland.

The trustees set up and became directors of a private Limited company called Terra Eire Limited. The company has been set up to enable the Trustees to purchase land in the future that was previously part of Russborough’s demesne. During the year the company has remained dormant.

3

20934547.1

THE APOLLO FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 14 NOVEMBER 2020

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with the applicable law and United Kingdom Accounting Standards (United Kingdom Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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 confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the charity.

----- Start of picture text -----
Signed for and on behalf of the Trust
----- End of picture text -----

E N W Brown - Trustee Date: 10.09.2021

4

20934547.1

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE APOLLO FOUNDATION

Opinion

We have audited the financial statements of The Apollo Foundation (the ‘charity’) for the year ended 14 November 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

5

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE APOLLO FOUNDATION (Continued)

Other information

The trustees are responsible for all other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion 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 such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in 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 in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 4, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

6

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE APOLLO FOUNDATION (Continued)

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters that we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

……………………..…….

Price Bailey LLP, Chartered Accountant and Statutory Auditor Tennyson House Cambridge Business Park Cambridge CB4 0WZ

13 September 2021 Date ……………………………….

Price Bailey LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

7

THE APOLLO FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 14 November 2020

Notes
Income and Endowments from:
Investments
Other income
3
Total income
Expenditure on:
Raising funds
4
Charitable activities
5
Total expenditure
Net (losses)/gains on investments
6
Net (expenditure)/income being net movement in funds
Reconciliation of Funds
Balances brought forward at 15 November 2019
Balances carried forward
at 14 November 2020		 Unrestricted
Expendable
Total Funds
Total Funds
Fund
Endowment
2020
2019
Fund
£
£
£
£
409,800
-
409,800
501,909
380
-
380
568
410,180
-
410,180
502,477
-
40,567
40,567
36,700
455,819
-
455,819
546,437
455,819
40,567
496,386
583,137
-
(784,160)
(784,160)
297,003
(45,639)
(824,727)
(870,366)
216,343
936,686
10,228,812
11,165,498
10,949,155
891,047
9,404,085
10,295,132
11,165,498

The notes on pages 11 to 17 form part of the financial statements

8

THE APOLLO FOUNDATION

BALANCE SHEET as at 14 November 2020

Notes
Fixed Assets
Investments
6
Heritage Assets
7
Current Assets
Debtors
8
Cash at bank
9
Total current assets
Current Liabilities
Creditors:
Amount falling due within one year
10
Net Current Assets
Total Net Assets
Funds of the Charity:
Unrestricted Fund
14
Expendable Endowment Fund
14
Total charity funds		 2020
2019
£
£
£
£
9,200,780
9,976,940
1,002,467
912,507
38,432
43,428
621,941
746,361
660,373
789,789
(568,488)
(513,738)
91,885
276,051
10,295,132
11,165,498
891,047
936,686
9,404,085
10,228,812
10,295,132
11,165,498		 2020
2019
£
£
£
£
9,200,780
9,976,940
1,002,467
912,507
38,432
43,428
621,941
746,361
660,373
789,789
(568,488)
(513,738)
91,885
276,051
10,295,132
11,165,498
891,047
936,686
9,404,085
10,228,812
10,295,132
11,165,498
11,165,498
936,686
10,228,812
11,165,498

The notes on pages 11 to 17 form part of the financial statements

The financial statements were approved and authorised for issue by the Trustees on 10 September 2021 Authorised to sign on behalf of the Trustees:

----- Start of picture text -----
……………………………………..
Trustee
----- End of picture text -----

9

THE APOLLO FOUNDATION

STATEMENT OF CASH FLOWS for the year ended 14 November 2020

Cash flows from operating activities
Net (expenditure)/income for the reporting period
Dividends, interest and rents from investments
Losses/(gains) on investments
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash used in operating activities
Cash flows from investing activities
Dividends, interest and rents from investments
Purchase of heritage assets
Adjustment to heritage expenses 2017/18
Purchase of investments
Proceeds from sale of investments
Change in cash and cash equivalents in the year
Cash and cash equivalents at start of year
Cash and cash equivalents at end of year		 2020
2019
£
£
(870,366)
216,343
(410,180)
(502,477)
784,160
(297,003)
4,996
17,178
54,750
(23,172)
(436,640)
(589,131)
410,180
502,477
(89,960)
(41,296)
-
3,600
(2,448,890)
(1,610,715)
2,440,890
1,788,122
312,220
642,188
(124,420)
53,057
746,361
693,304
621,941
746,361

10

THE APOLLO FOUNDATION

Notes forming part of the financial statements 14 November 2020

1 ACCOUNTING POLICIES

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Trust's financial statements.

General

The charity constitutes a public benefit entity as defined by FRS 102. 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

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 the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Trust constitutes a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. The financial statements are presented in sterling, which is the functional currency of the charity and are rounded to the nearest pound.

Going concern

The trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the forseeable future. For this reason they continue to adopt the going concern basis in the preparation of the financial statements.

Funds

Unrestricted Funds comprise those funds which the trustees are free to use in accordance with the charitable objects. The Expendable Endowment Fund represents those assets which are held for the longer term for the Trust, in accordance with the terms of the Trust deed. Income arising on the Expendable Endowment Fund can be used in accordance with the objects of the Trust and is included in the unrestricted income. As an Endowment capital can also be spent in certain circumstances in fulfilment of the Trust's objects. Any capital gains or losses arising on the investments held in the Expendable Endowment Fund form part of the fund. When there is a deficit in the Unrestricted Income Fund, funds can be transferred from the Expendable Endowment Fund to meet the shortfall.

Group accounts

The financial statements contain information about the Trust as an individual charity and do not consolidate the subsidiary undertaking, Terra Eire Limited (a company limited by shares). The charity and its subsidiary undertaking comprise a small-sized group. The charity has therefore taken advantage of the exemptions not to prepare group accounts in accordance with section 139(2) of the Charities Act 2011.

Income

All investment income is accounted for when the charity is entitled to receive the income. Dividends are recognised when the shareholder’s right to receive payment is established. All other income is recognised once the charity has entitlement to income, it is probable that income will be received and the amount of income receivable can be measured reliably.

Expenses

All expenditure and liabilities are accounted for on an accruals basis and has been classified under headings that aggregate all costs to the category. Donations are recognised when paid or an earlier commitment made. All expenses except those related to raising funds (stockbroker's management fees) are deducted from the Unrestricted Fund as charitable expenditure (support costs).

Grants

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the Trust.

Investments

The Trust holds two portfolios, one with Rathbones and the other with Quilter Cheviot Asset Management. The investments as at 14 November 2020 are stated at market value. Realised gains and losses are taken to the Statement of Financial Activities on disposal of investments and unrealised gains and losses are taken to the Statement of Financial Activities on revaluation of the assets each year.

Foreign Currencies

Transactions during the year have been converted at the same exchange rate applicable at that time. Assets and liabilities in foreign currencies are translated at the exchange rates at the balance sheet date or, where appropriate, the rates of exchange under relevant foreign exchange contracts. Gains and losses arising therefrom are included in the Statement of Financial Activities.

11

THE APOLLO FOUNDATION

Notes forming part of the financial statements 14 November 2020

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors and provisions

Creditors 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 are normally recognised at their settlement amount after allowing for any trade discounts due.

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, which, in the case of the charity is at cost for creditors and debtors and market value for investments.

Heritage Assets

Heritage assets are valued at cost and loaned to the Alfred Beit Foundation (detailed in note 7). The paintings have not been purchased as an investment but for their aesthetic qualities for display at Russborough and the education of those visiting and viewing them (in line the objects). The trustees have not obtained valuations, the trustees feel the cost of periodic valuations would outweigh the benefit for the trustees and other users of the financial statements.

Cash at bank or 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.

2 Judgements and key sources of estimation uncertainty

In the application of the Charity's accounting policies, which are described in note 1, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates associated assumptions are based on historical experience and other factors considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The Trustees do not consider there are any critical accounting judgements or key sources of estimation uncertainty requiring disclosure.

12

THE APOLLO FOUNDATION

Notes forming part of the financial statements 14 November 2020

3 DEPOSIT INTEREST
Quilter Cheviot Asset Management
Rathbones Investment Management
Vermeer Investment Management
4 COST OF GENERATING FUNDS
Quilter Cheviot Asset Management fees
Rathbones Investment Management fees
Vermeer Investment Management fees		 2020
2019
£
£
-
50
92
350
288
168
380
568
2020
2019
£
£
-
5,495
27,307
29,923
13,260
1,282
40,567
36,700

The cost of generating funds represent the expenditure set against the Expendable endowment fund in the current and preceding year.

**5 ** CHARITABLE EXPENDITURE 2020 2019
£ £
Grants made or committed in year - further details in note 12 371,224 434,093

The Trust supports general charitable objectives as outlined in the Trustees Report. In accordance with SORP 2019 FRS 102 grantmaking should include the cost of grants and associated support costs these are as follows:

Support costs
Audit fee
Underprovision of 2018 audit fee
Alec Cobbe Design fee
Trustees travel and other expenses - see below
Messenger and remittance fees
BDB Pitmans LLP Administration fees
Colliers - land valuation fees
Delivery charges
Replica moulds
Vermeer debit interest
Exchange Rate (Gains)/Losses
Total of support costs
Total of grants and support costs		 4,200
4,200
-
120
9,354
12,198
1,320
7,333
136
627
60,921
66,456
-
1,376
-
2,641
4,998
-
2,113
-
1,553
17,393
84,595
112,344
455,819
546,437

Charitable activities expenditure was unrestricted in nature in both the current and preceding the year.

DISCLOSURE OF TRUSTEES REMUNERATION, BENEFITS AND EXPENSES

None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity. Trustees travel and subsistence expenses of £1,320 have been incurred during the year, these have been reimbursed (2019: £7,333). Edward Nicholas William Brown, a Trustee, was a partner in BDB Pitmans LLP until the 1st June 2020 and has an interest in transactions with BDB Pitmans LLP - see note 15: Related Party Transactions. The Trustees have paid £1 each for the share capital in Terra Eire Limited. Alexander Cobbe, a trustee of the Foundation is also the owner of Alec Cobbe Design and has an interest in those transactions £9,354 (2019: £12,198).

AUDIT FEES

The amount payable for the charity's 2019/20 audit was £4,200 (2019: £4,200)

13

THE APOLLO FOUNDATION

Notes forming part of the financial statements 14 November 2020

6 INVESTMENTS
Quoted securities
Rathbones
Quoted securities
Vermeer Asset Management
Terra Eire Limited
£1 ordinary shares
Historic cost - £8,265,781 (2019: £8,448,698)		 gains/(losses)
Market Value
Additions
realised and
Market Value
on 15.11.19
at cost
Disposals
unrealised
on 14.11.20
£
£
£
£
£
4,991,921
330,697
(471,890)
(368,089)
4,482,639
4,985,013
2,118,193
(1,969,000)
(416,071)
4,718,135
6
-
-
-
6
9,976,940
2,448,890
(2,440,890)
(784,160)
9,200,780
Realised gains
(561,022)
Unrealised gains
(223,138)

The trustees are directors of Terra Eire Ltd. This was registered as private limited company on 3 October 2018. The trustees are shareholders of the company rather than the Foundation. The trustees of the foundation currently hold the shares in the subsidiary on trust on behalf of the foundation. The trustees have adopted the policy; if a director ceases to be a trustee they will be required to transfer shares(s) held to another trustee.

7 HERITAGE ASSETS
1. Jacques de Lajoue - The Natural History Cabinet of Monsieur
Bonnier de la Mosson (€180,000 - 16 May 2016)
2. Irish School 18th Century - Portrait of the Earl of Milltown (23 March 2016)
3. Van Ostade - Adoration of the Shepherds (25 May 2017)
4. Pair of George II Cast Silver Candlesticks, Arthur Annesley 1759
(€5,000 - 5 April 2018)
5. Silver two handled tray (€3,300 - 25 June 2018)
6. Silver Treasury Standish London (€1,800 - 25 June 2018)
7. Pair of polygonal landscapes by George Barret (€45,000 - 9 January 2019)
8.Italian Bronze Nessus and Deianeira after Giambologna, 17th/18th Century
9.Stufio of Claude-Joseph Verney, Cappriccio views of Naples and Tivoli
10.Robert Hunter, Portrait of Joseph Leeson, 2nd Earl of Milltown
11.Follower of Pier Leone Ghezzi, a caricature of two gentlement taking tea
Add: expenses
2015/2016 expenses
2016/2017 expenses
2017/2018 expenses
Heritage Assets at cost - 14 November 2020
8 DEBTORS
Other debtors
Prepayments and accrued income		 2020
2019
£
£
143,696
143,696
7,500
7,500
661,076
661,076
4,384
4,384
2,523
2,523
1,376
1,376
41,296
41,296
10,400
-
58,500
-
19,500
-
1,560
-
25,062
25,062
20,006
20,006
5,588
5,588
1,002,467
912,507
2020
2019
£
£
4,221
636
34,211
42,792
38,432
43,428

14

THE APOLLO FOUNDATION

Notes forming part of the financial statements 14 November 2020

9
10
11
**12 **		 CASH AT BANK
Metro Bank
Rathbones Investment Management
Vermeer Asset Management
CREDITORS
Grants payable
Accruals
Other creditors
GRANTS PAYABLE
Grants brought forward
Grants authorised in the year
Grants paid in the year
Foreign exchange movement
Grants carried forward
GRANTS TO INSTITUTIONS
Donations paid or committed during year
The Alfred Beit Foundation (ABF)
Curator at Russborough (€50,000)
East Colonnade €9,000
Marketing €85,000
Roof repairs €35,000
West Colonnade €27,000
Statue casts for niches €14,600
Russborough overheads 2020 €102,662
Russborough overheads 2021 €176,000
Other beneficiaries
Bantry House (€36,000)
Birr Castle (€3,000)
College of St Columba (€30,000)
Curraghmore (€20,000)
Dublin Castle exhibition
Instructment report for keyboards in Collins Barracks, National Museum of Dublin
Irish Country House Garden
Irish Household Publications
Marsh's Library (€21,000)
Myrtle Grove
Newbridge House Curtains - additional commitment
Princes Foundation
St Patricks Catheral (€10,000)
Stradbally Fountain repair (€10,000)
Ulster Architecturial Hertiage Society
West Wicklow Chamber Music Festival (€15,000 over 3 years)
Total Grants
Adjustments made in the year to previously committed grants
-
2019/20 adjustments
Net Grants committed		 2020
2019
£
£
17,617
27,409
231,067
126,897
373,257
592,055
621,941
746,361
2020
2019
£
£
553,753
501,750
14,729
11,982
6
6
568,488
513,738
2020
2019
£
£
501,750
517,114
371,224
434,093
(336,648)
(449,457)
17,427
-
553,753
501,750
2020
2019
£
£
44,902
-
-
7,712
76,334
72,841
-
29,993
-
23,138
-
12,511
94,589
-
158,057
-
-
30,850
-
2,570
-
25,709
-
17,139
-
3,500
-
5,912
8,981
-
-
16,500
-
17,996
-
32,804
-
924
-
100,000
-
8,570
-
8,570
-
4,000
-
12,854
382,863
434,093
(11,639)
-
371,224
434,093

15

THE APOLLO FOUNDATION

Notes forming part of the financial statements 14 November 2020

**13 ** OUTSTANDING COMMITTED PAYMENTS
The Alfred Beit Foundation (ABF)
Curator at Russborough
East Colonnade €9,000
Marketing
New entrance, east wall €25,000
Roof repairs €35,000
Statue casts for niches €14,600
West Colonnade €27,000
Russborough overheads 2021 €176,000
Other beneficiaries
Armagh Robinson Library
Bantry House (€36,000)
Birr Castle (€3,000)
College of St Columba (€30,000)
Curraghmore (€20,000)
Dromana (€10,000)
Instrument report for keyboards in Collins Barracks, National Museum of Dublin
Irish Country House Garden
Irish Historic Houses Association (IHHA) €40,000 over three years
Irish Household Publications
Kilmainham Hospital - restoring paintings €10,000 - unchanged
Marsh's Library (€21,000)
National Gallery of Ireland (€25,000 per year for 3 years)
National Museum of Ireland
Princes Foundation
Royal Irish Academy of Music over 4 years (€50,000)
St Patricks Catheral (€10,000)
Stradbally Fountain repair (€10,000)
West Wicklow Chamber Music Festival (€15,000 over 3 years)		 2020
2019
£
£
52,385
59,104
8,082
7,712
89,060
66,341
-
11,954
-
29,993
13,111
12,511
-
23,138
158,057
-
7,837
11,551
26,158
30,850
2,694
2,570
26,941
25,709
-
17,139
-
7,027
-
5,912
8,981
-
3,243
11,947
16,500
16,500
8,981
8,569
18,859
17,996
22,451
21,424
-
1,673
50,000
50,000
22,451
32,136
-
8,570
8,981
8,570
8,981
12,854
553,753
501,750

Euro values stated above have been converted using the exchange rate in place at the relevant year end.

14 ANALYSIS OF NET ASSETS BETWEEN FUNDS
Investments
Paintings
Net current assets
Investments
Paintings
Net current assets		 Unrestricted
Expendable
Total Funds
Income Fund
Endowment
2020
Fund
£
£
£
799,162
8,401,618
9,200,780
-
1,002,467
1,002,467
91,885
-
91,885
891,047
9,404,085
10,295,132
Unrestricted
Expendable
Total Funds
Income Fund
Endowment
2019
Fund
£
£
£
660,635
9,316,305
9,976,940
-
912,507
912,507
276,051
-
276,051
936,686
10,228,812
11,165,498

16

THE APOLLO FOUNDATION

Notes forming part of the financial statements 14 November 2020

15 RELATED PARTY TRANSACTIONS

Edward Nicholas William Brown was a Trustee during the period covered by these accounts and is also a partner in BDB Pitmans, the charity's legal advisors and administrators but retired from the partnership on 1 June 2020. During the year the charity was invoiced £60,921 for administration fees (2019: £66,456) which is all charitable expenditure (support costs). At the year end BDB Pitmans were owed £10,530 (2019: £7,783). Alexander Cobbe was a Trustee during the period covered by these accounts and the owner of Alec Cobbe Design, who provided services of £9,354 in the year (2019: £12,198), no funds were owed to Alec Cobbe Design at the year end. There are no other related party transactions requiring disclosure (2019- Nil).

16 PRIOR YEAR STATEMENT OF FINACIAL ACTIVITIES

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 14 November 2019

Notes
Income and Endowments from:
Investments
Other
2
Total income
Expenditure on:
Raising funds
3
Charitable activities
4
Total expenditure
Net gains/(losses) on investments
5
Net income/(expenditure) being net movement in funds
Reconciliation of Funds
Balances brought forward at 15 November 2018
Balances carried forward
at 14 November 2019		 Unrestricted
Expendable
Total Funds
Fund
Endowment
2019
Fund
£
£
£
501,909
-
501,909
568
-
568
502,477
-
502,477
-
36,700
36,700
546,437
-
546,437
546,437
36,700
583,137
-
297,003
297,003
(43,960)
260,303
216,343
980,646
9,968,509
10,949,155
936,686
10,228,812
11,165,498

17