THE APOLLO FOUNDATION CHARITY NUMBER 290351 TRUSTEES. REPORT AND ACCOUNTS FOR THE YEAR ENDED 14 NOVEMBER 2022
THE APOLLO FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 14 NOVEMBER 2022 The trustees are pleased to present their annual trustees, report together wth the financial stalemenis of the charity for the year ended 14 Novembei 2022. Reference and administrative infomiation Name of charity THE APOLLO FOUNDATION Charty RegistralH)n Number 290351 Address of the Principal Offtt of Ihe Charity One Barthobmew Close. Lornlon EC1A 7BL Trustees Marcus HwJh Tristram de la Poer Beresford (The Honcwfable Lord Deciesl RKhard Alexander Cobbe Eard Nicholas lliaM Brown Lucinda WlOria Chehvode Iresigned 13 August 2023) Robert O'Byme Geoffvey Adrian Rthartls structure Govemance and Management Goveming document The Trust was eslabli8hed as a charity in 1984 and is govemed by a Trust Deed d*ed 1 OCtor 1984. Risk The Twslees have Conside all material risks facing the charity and confirm that Management procedures are in pce to manage those risks. ObjeclNes and Aclivf(ies The objects a to promote and further the advancement in education in the fine arts in Ireland (which includes Northern Irelandl. The Trust has applied the Trusl fund and income derived from il accordingly. The Trustees have paKI due regard lo the Charity Commission guidance on publ benefrt in deciding what aclivities the charity should undertake. The Charily was the main beneficiary of the estaie of Lady Bert. Under her UK and Irish Wills the Charity received approximate £7 4m. There a no furthei assets dLJe from the estate. Key Management personnel The Iruslees nsider themselves lo be key management for the Foundation They are responsib fo¥ deciding remuneration or provis of such al Tfuslees meetings The Trustees meet lce a year. 20W34547 1
THE APOLLO FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 14 NOVEMBER 2022 New trustees New Injstees are appointed in OrdanCe with Ihe Trust Deed. New Trustees will have informal meelings with e$ting Injstees before being appointed. They are inlroduced lo the Trustees meeting. if not eartEr. They keep themselves up to date wrth charity law. as il develops and insofar as it affect5 exclusivefy granl-making charities, and their involvement in and knowledge of the field of chaiitable actNty supported by the Foundation. Trustees are encouraged tr) attend training events where nsSary. Fundraisiro The FOun(latn,$ ino)me Is derived from the income generated from the investments held, it dtss not undertake fundraising acb"vities. il is nevertheless mindful of the code issued by the Fundraising reguklor. Public benefrt The frustee5 have had due regard to the Charty Commission's guidance on public benefrt. The charity's aims are far-reaching and for the public benefit. By making grants in acc(xdan(x wlh the charity's aims. the tnjstees are Ix)nfident that their public benefit duty is fulfilled. The trustees also consKler that there is no delrimenl. harm or private benefit that arises from rrying out the charity's aim. Achievernents and Performance Achievements The Tnjst has again achieved its objective of supporting the fine arts in Ireland by making grants. Further grants were committed of £214,378 12021." £388,759). Details of the amounts Iwtth their Euro equNalents where appropriatel are in nole 12 of the accounts. Note 13 shows outstanding commit(nenls al 14 November 2022, bn9 £322,331 12021.. £418,560). The Charity purchased addrtional heriiage assels In the year for £129,668 {2021'. £34.624). These afe heritage assets and a detailed in Note 7. Financial Review Investment Policy The Trusl Deed gNes the Trustees wide pwers of investment. Ralhbones and Vermeer Asset ManagenEnt have been appointed as investment managers both have invested in diverse portfolios. Ralhbones investment value on 14 November 2022 whert compared with the previous year. has decreased by £334.280. from £4.912.125 10 £4.577.845." further details are in nole 6 of the accounts. Vermeer Asset Management portfolio has decreased in value by £364,255 on 14 November 2022 from £5,206.495 10 £4.842,240 (Further details of both portfolios are shown in note 6 of the accounts). Funding Policy.. The objects of the Charity permrt the Trustees lo benefrt the fine arts in Ireland. In view of Lady Belt's expiess wishes and the substantial funds bequeathed to the Charity under her Will. the Trustees decided that the Charty would conb.nue ils policy lo benefit the Aled Bell Foundation, whh maintsins and sUppts Russborough. Co Wi¢kk)w, Ireland and ils coIWions. Grants will be prowded mainly from income bul Ihe Trustees will consider requests for krger grants from capital for suitable prqects. 209J4$47.1
THE APOLLO FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 14 NOVEMBER 2022 Reserves Policy The Trustees 11 esiablish the Aw>llo Foundaliorh'5 Reserves Policy wth reference lo Charty Commissior¢ guidance ICC191 and accounting standards ISORP 2019 - FRS 1021. The Apollo Foundation holds adequate reserves as worting capital, lo match income receipts wrth operating expenditure. Cash flow is monitored on a regular basis lo meet thi5 objeclwe. The Trustees ¢Jo not intend lo buikj up reserves for unspecified purposes, bul rather to appty all irhcome to direct charitable purposes. If. however. the applicatKJns do not warrant grants equal lo the income any unspent income will be carried fOard lo the next peri¢)J. As at 14 November 2022 Ihere Vra5 unspenvuncommitted income of £1,016,14212021.. £885.298). 11 is envisaged that Ihese funds will be used in future years towards Russborough andlor aternalive grants. Other expenditure Comprises expenditure connected with raÉsing ftjnds (i.e. investment management fees). These were £44.936 for the year12021.. £50,009}. Future Plans The Apolk* Foundation expects lo fund further work towards the restoration of RussboTough in additv)n lo the substantral giants committed so far. The developmenl of rts long lemi plans will aim lo achieve the future commercial viability of Russborough. The Foundation may also make gfanls in future years to other projects ¢onnecled with fine arts in Ireland. The Iruslees sel up and became dire¢lors ol a private Limited company called Terra Eire Limited. The company has beer) sel up to enable the Trustees lo purchase land in the future that was previously part ol Russborough's demesne. During the year the company has remained domanL 20%M547 1
THE APOLLO FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 14 NOVEMBER 2022 STATEMENT OF TRUSTEES. RESPONSIBILMES The Tnjstees are resporbsible for preparing the Trustees. Rerort and the finanual statements in accordance with the applicable law and Untied lfj"n9dom Acwinting Standards {United Kingdom Accepted Accounting Prathe). The law applicable to chari(ies in EngLand & wa requires the trustee5 to prepare financ¢al statements for each financial year which give a twe and fair of Ihe stale of affairs of the charity and of the incoming resources and application of resource5 of the charity for that per. In preparsng these financial stalemenls, the Irustees are required to- Select suftable cOuntIng poIleS and then appty them consislentty", Obsetve the methods and principles in the Charities SORP 2019 IFRS 1021.. Make judgments and estimates that are reasonable and prudent-, Slate whether applicab accounting standards have been followed, subject to any material departures disclosed and explained in the financial stalemenls.. and Prepare the financial statements on the going coneem basis unless it is inappropriate to presume that the charity will continue in operation. The Iruslees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any lime the financial posrtion of the chanty and enable them to ensu that the financial 51alements Comp wifh the Charities Acl 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They a also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention an(J det&tion of fraud and other irregularities. The Trustees Confimi that they have complied wrth the duty in Section 17 of the Chari(ies Act 201110 have due regard lo the public benefit guidarte published by the Charity Commissk)n in detem)ining the activities undertaken by Ihe charity. Signed for and on behalf of th rust W Brown -Trust Date: I I 20*54Y7.1
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE APOLLO FOUNDATION Opinion We have audited the ftnancial slalemenls ofThe Ap)Ilo Foundation Ithe'charity'l lor the year ended 14 November 2022 which comprise the Slalement ofFinar¢cial Activities. the Balan Sheet. the Statement of Cash Fk)ws and notes lo the financial statements, including signifant accounting policies. The financial reporting framewoik that has bn applied in Iheir preparalion is applicable law and United Kingdom Accounling Standards, Including Financial ReFM)rting Siandard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireknd (Unrted Kingdom Generally Accepted Accounting Pracli¢el. In our opinion the financial slalements.. give a true and fair view of the state of the charity's affairs as at 14 November 2022. and of ils incoming SoUrceS and appli¢atKTrn of reSoUrs, incbjding r(s income and expendf(ure, for the year then ended", have been properly prepared in accordance wtth United Kingdom Generally Accepted Accounting Praciice.. and have been prepa in accordan wrth the requIreEntS of the CharitEs Act 2011. Basis for opinion We conducted our audr( in accordance vrith Inlemalional Stsndards on Auditing (UK) IISAS IUKII and applicable law. Our responsibilities Ihose standards are turther described in the Auditor's responsibilrties for the audit of the financial statements section of our report. We are independent ol the charity in accordance with the ethul requirements that are relevanl lo our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethi¢al responsibilities in acco[LIan with these requirements. We bel¢eve that the audrt evidence we have obtained is sufficient and appropriate to provide a basis for r opinion. Conclusions relating to going concem In audrting the financral statements. we have ¢on¢lude(I that the trustees. use oflhe going COTrrn basis of accounting in Ihe preparalK)n of the financial slalemenls is appropnate. Based on the work we have performed. we have not idenlrfied any material uncertainties relating lo events or conditions that. individually ¢y collively, may cast sNJnificant doubl on the charity's ability lo continue as a going concem for a period of al least twelve months f¥om when the financial slalemenls are authoiised for issue. Our responsibilities and the responsibilrties of the Irustees with resw to going eoncem are deribed in the relevant seclions of this report. Other information The other information comprises Ihe information induded in the trustees. annual retK>rt. other than the finan¢ial statements and our auditor's rert thereon. The Iruslees are responsible for the other information contained w¥thin the annual report. Our opinion on the financial statements does not cover the other information and. except to Ihe extent othemise explicilfy slated in OLtr report, we do not express any form of assurance conclusion Ihereon. OLtr responsibility is lo read the other infomiation and. in doing so. consider whether the other information is malerialty inconsislenl wth Ihe financial sialemenls or oui knowledge obtained in the course of the audrt or otherwise appears lo be m*erially misslaled. If we identify such material inconsistencies or apparent material misstalemenls. we are required lo determine whether this gives rise lo a malerial misstalement in the financial slalernenls themselves. 11, based on the work we have performed. we conclude that there 1$ 8 material misslalemenl of this other infomiation. we are required lo report Ihal fact_ We have nothing to report in this regard.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE APOLLO FOUNDATION {continuedl Matters on which we are required to report by exception We have nothing lo report in respect ofthe following matters in relation lo vthich Ihe Charities (Accounts and Reports) Regulations 2008 require us lo reFM)rt to you if. in our opinion." the information given in the financrdl stslements is inconsistent in any material res1 with the trustees, report., or the charty has not kept adequate accounting records.. or the financial statements are not in agement wrth the acn(ing records and relums". or we have not received all the infomiation and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees. re5POnSitylthes statement set oul on page 5, the trustees are responsible for the preparation of the financial statements and for being salisfied that they give a true and fair view, and for such intemal control as the trustees detefmine is fiSsary lo enable the preparation of financial statements that are free from malerKAI misstatement, whether due lo Iraud or error. In preparing the financial statemen15, the trustees are spOnSible for assessing the charily's ability to Continue as a going ¢oncem, disctosing, as applicab, matters related to going concern and using the going concem basi5 of accounting unless the Injslees either intend to liquidate the charity or lo ase operalK)ns, or have no realist alternatNe but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as audrtor under s&tn 144 of the Charities Act 2011 and Teport in accordance with regijlations made under section 154 of thal Act. Our objectives are lo oblain reasonable assurance about whether the financial statements as a whole are free from material misslatemerst. whether due trj fraud or error. and lo issue an auditor's rerort that includes our opinion. Reasonable assuran is a high Ve1 of assurance, but is not a guarantee that an audit conducted in CordanCe wi(h ISAS (UK) wsll aNvays detect a mater1 misstatemenlwhen rt exists. Misslatemenls can arise from fraud or error and are considered malefjal rf. individually or in the aggregate, they could reasonabw be expected lo influence the econom deCiSn$ of users taken on the basis of these financial slalements. Irregularities, including fraud, are instances of non-c0mtAiae with laws and regulations. We design procedures in line with our responsibilrtie5, Outlined above, to delecl material misslalements in respect of irregularities. including fraud. The specffic procedures for this engagemenl and the extent to which these are capable of detecting irregularities. including fravd is detailed below.. We gained an understanding of the legal and regulatory fr8mework applicable to the charity and how il operates and considered the risk of Ihe charity not comptying wrth the applicable laws and regulations including fraud in particular those that could have a material impact on the financial stalemenls. This included those regulations directly related to the financial stalemenls. In relation lo the charity this included financial reporting. The risks were discussed with the audit team and we remained alert lo any indications of non- compliance throughout the audi(. We carried out Specif predureS to address the risks identified. These included the following.. Management override.. We revtewed systems and proceduTes to identrfy potential areas of management override risk. In particuLAr, we carrEd out testing of journal entries and other adjustments for appropriateness.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE APOLLO FOUNDATION (continued) Auditor's responslbllltles for the audft of the finan¢lal ststements (continued) We ieviewed minutes of Trustee Board tttings. coThesFMJndence with the Charity Commission, agreeing the financial statement discbsures lo undertying supporting do¢urnenlalion and rne enquiries of management including those responsib for the key rul8t10ns. We have reviewed the procedures in place forlhe reporting of any incidents lo the Trustee Board including ser¥)us incident reporting of these matters as necessary wth the Charity Commission. Because of the inherent limrtations of an audrt. there is a risk that we will not detect all irregularities, including those leading to a material misslalemenl in the financial statements or non-wmpliance wrth regulation. This risk increases the more that compliance wrth a law or regulation ss removed from the events and transactions reflected in the financial slatemenls. as we will be less likely lo become aware of instances of non-compliance. The risk is also grealei regarding irregularities (Kcurring due lo fraud rather than error, as fraud involves intentional concealment, forgery. collusion. omission or mispresentat)n. A further description of Ouf responsibilities is available on the Financial Rewrting Council's website at.. htt s.'IlwM.frc.o .uklOur-WorklAudiVAudit-and-assuranceJSlandards-and uidancelSlandards-and- uidance-for-audf(orslAudilor5-S nsibilrtEs-for-audiVDescri lion-of-audilors-res nsibilrties-for. audit.as x. This descripts'on foms part of our aLHJitorfs report. Use ofour report This report is made solely lo the Charity's Iruslees, as a body, in accordance with Part 4 of the Charities (Accounis and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo the charity's trvstees those matters we are required lo slate lo 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 chality's trustees as a body, lor our audit work. for this report, or for the opinions we have lomd. Pft(6 AL Price Bailey LLP, Chartered Accountsnt and Statutory Audilor Tennyson House Cambridge Business Pa Cambndge C84 OWZ 9 October 2023 Date.-............................. Piice Bailey LLP is eligible lo act as an auditorin lemis of seCtn 1212 ofthe CoMpanS Act 2006.
THE APOLLO FOUNDATION STATEMENT OF FINANCIAL ACTWITIES forthe year ended 14 November 2022 Unrostrfctod Expendab Total Funds Fund Endwrnent 2022 Fund To1 Fund$ 2021 Incornè and Endowments from.. Invesbwts 488.916 468.916 486.585 Oepositinterast 1.193 1 193 Total InMme 490.109 490.109 486.$85 Exwnd1lU on.. Raising funds 44.936 Charitable 8thitie5 9,265 359.265 492.333 Totsi expenditure 359.265 4,936 404,201 542.342 Net{1055EsvIth$ on Investments 1569.4421 1589.442) 1.055.248 Ntrtl•xp8ndityreVln¢orn• boing netfflovÈment l• lunds 130.844 1634.3791 1503.5341 999,491 Reconciliatn of Fund5 Bala5 bro*t forw2rd ai IS NOb 2021 881298 10.409.325 11.294.623 10,295.132 Bal3ncts cattied forw¥d at 14 November 2022 1.016,142 9.774,946 10,791.088 11,294,623 The notes pages 11 to 17 kym wto1 5tatemerts
THE APOLLO FOUNDATION BALANCE SHEET as at 14 November 2022 2022 2021 Fixed Ass&15 IDveslments 9.4W.091 10,118,626 Nerit•ye Assets 1.1FA.758 1.037,091 Current Assets D8bttys Cash 81 bank 49,491 505.525 134.689 440.243 Total currenta5sets 555.016 574.932 Curront Llablllll•$ Creditors" knounl falliw due within L¥ year 10 50.777 436.026 14et ¢vY¥ont As$8ts 204.239 138.9 Total N•1 Assots 10,791,088 11.294.623 Funrfs of thè Chadly= Unrestrided Fund ExperKlable Endth¥fflenl Fund 14 14 1.016.142 9.774 946 885.298 10.409.325 Total ¢h*rity fund8 10.791.088 11,294,623 The notes on pages 11 to 17 frym pwtol ts fmarKial str1ts Th• flnanelgj stat@mèntB wow appm•d for1$$L by thè Trustrès on.. . Autho ed to sign on behaifof TrletS.. leo
THE APOLLO FOUNDATION STATEMENT OF CASH FLOWS for thè year ended 14 November 2022 2022 2021 Cash Ilows from operating a¢tNilies Nel lexpen(filurelAncome forthe rkl Dividends. Intere and fents from HilMentS GBinslllow$l w Investmènts lllcreaselldecreasel in IDecwseVuMxea If 1%)3,5341 1490,1091 589,442 85.198 185.2491 999.491 1486,5851 {1,055,2481 6.2581 {132.4621 Net¢a8h used in operabny bVities 404.251 771,061 Cash flows Irom invesbny a¢tfvities Dividends. intere and trTh Inhsbments Purchase ol heritsge assets Purchase ofinveslmenis Proce8¢étrom ofthvtsstrntS 490.109 1129.6681 12.013.675) 2.122,768 486.585 134.6241 11.793.670) 1,931,272 469.534 589.363 Change in cash and cash èqu010nts In tho 65.283 1181,6981 Cash and Cash ewwalenis aistwtofye* 440.243 621.941 Cash aod cash È4uhf818nts at•nd of YÈ 9J5,526 440.243 10
THE APOLLO FOUNDATION Notes fomiing part ol the financial staternents 14 Novèmber 2022 1 ACCOUPITING POLICIES folkwng aLrounbre prAleS ha¥e ¢WJri5tertty withitsms7hfvarethi malenal In k9)n tolhe Trust's ancIal swemert Gener81 The charity (jy&¢Utesa $defi ty FRS 102 The stat$ ha% tw kweped aOX)rdar wth Account9 and Repth1ir¥J by Chaiths Siatemertof Re0)mM Pr akWKxble iothanw prepanng thwrwJnts In aLOrdaeI} the FinarKial Rebry Stand¥d apphcab UKaThY Rewtol IrelarNI Issu In ooober 2019. itt FirbanLa Reportits) Standard Ni the Unrfed arxl RepbScolkelarwJ IFRS 102). li Chanteskl 2011 aTrY UK Gereraly Accepted Attounbw Pr financK 5tatgmenis h8% been wepwedto we a •ThJ J hrt departwj from Ihè Charits IAi%J>Jnts and R#¥ts) Regulations 2C¥)8 lothe extertt wirBd to ¥D¥ a.ear1 fawviÈW'. Ths departwe has ¥Ie4 frAknwiry thÈ Ahn9 and Reporting by Statement of ReConm•j lo rhanw werkgrmw a¢LYJunts In arrAKdw wth the Fnanoal Repo1ing Standard UKarKI RepubcoflrdaKI ¢55u&1 hi 2019 r8thts ihan Ihe Aaxxjnling and Rewtirvj by ¢h3n)es State[nenlofRmne1•) Prxb¢E effecbve fr(xn 1 Awl 2W5 whth has >nce been WitraWn TNStCr1uteS a putrlrlxfft tia$ FRS 102 Assetswd hablibes&¥¥baly rwi5ed at hthieal ¢osl (Y 8ns8ciw vgve unless0Se Sta F) aCl¥h pc4ry Ie. The stattrienisare WeIed stertry. wh Is the functh)rwl oflhe chanty a rwnded to itr net kKX1. Goin¥ concem The Iru51ee5 have 3 reasoptrAe exkwtal thatthe Tntsi resoJrtS to LY)nbnLE n operat eswce for th& lo¥eeatAe fVre For Ihvs reason W contsnue $the ¢X)rK In ts wepar¥i of fiDatwl statements Funds Unrestricted Funds ¢xxnpnse ttrSe the Iru5teesare free to Fl darK U [lIae ot4'e(s The Expendatrje Endowmeni Fund rekYe5enlsknose assashA We Wrterm knlhe TrusL adance the terms of Ihe Twst deed Irorne aii&ng on EXjale Endtrmeni FuThJ De used In x]ld3nth the 0e$01 Trust8 Is InrJLYJed In the vrtrestricied 1me As an Enrknwmeni Catal can akn be Sp1 th cthn oK¥mstatKesin Ient of the Trust's ¢t4e$ Any ¢awtal gns 0¢ bsses angn9 (x? the invesMwts hdd the EXpdatIe Endml FuThS fpym pt olts fil When Is a def¢1 in ihe Unrestncted In(x)me Fund, funds ¢8n LE IransferT&l liom ErthneI Fuvj to meet Ihe shortfall Group accotjftts The finantyal staletneDtsuJntain InfOn atxxrt the wKlvKlu¢arty th) (ws&daie the un(Jertakiw. Terra Eire Limiied la ts)mFwy knwle(J by sha) Trttharty ts yJ)5i(ay urthrtakTrJ cCmKtse a 41-$e grLWP The (arity ha5 ereretaken ad¥anw£e ofthe eXeMpt to pferwewpoxmts secthn 139121 of Ch¥nlts Act 2011. Income Al Investynent Irwne snted wtsn to elhe #D)me are r&¥)gni1 when tIE 5harehddgr's tighl lo recgive payment is estabh"sW. Wl otheriK¥xne is¥ecogntsed Or the (3tityhas enbllemenl to income, * is probgble thai IrK£Kne V•iU be reed aThl kne wA)iel IrKYJtne (xn be meawd rfgbly Expenses l expenditure 3j Ikqblibes are foronan ¥uuals bag$¥ld trwthwJsthai all a>sts 10 thè (3te90ry Dase reeognid pakl eartwo>nmilmeDI ttwde Ml elwexCept1O$e ted to Bising tud5 Isiockbrokerfs managmwil fees) ar0dedkn1 Irom Ihe Unwiths Fu dwrtableexkEnthhJre1gwAyt costs) Grants Grants payth are paym made to furthera1 ofts TDJst Sn9 ormum.yeai gr3Thts we acCotea either the re¢iwi ha88 SOnable expectabon that I1wl1 re¢w¥ea an1 the tfustees have agr&d to ltte granlvAthwi cor¥Jibtr), tr the has a reawable ewectatsL that they will fecwve a grani any cJ)ndibCM attathing to e 91ant is (xjtgde Of ofihe TtU5L Investments The Trust hdds rthd$. Rakn kne 01th Assel Mana9EmeDI The investments 3$ at 14 November 20>d are at market vale Re¥ gains and k7sses are taken to Stattrnent ofFinanoa ktiwe5Qn dispclsal ol Investmen1$ uhrea1ganSarXs P)ssesare lak>) StatsfflenlofFinat¥2al ol thtr as$ year. Foreiglp Currencies Trans¥clionsdunw yeai have been Lvledal kne sameexrharge r ar¥trable atthai l¥ne Assets 1"abliS Yi toragn currer¢ie8 We trandIe¢l * the exchawe raies ai ba5hl (Jate . ¥there the ratesofe¥charye uKler rdpvanl foregn exchange ¢tra#s Gain5 aTrl kssses lhere1t are the Staiemeni of FanOI Aaiwts.
THE APOLLO FOUNDATION Notes formin9 Part of the financial ststernents 14 Novemljer 2022 Debtors CrÈditOlS ondprnvlsions CieditOts¥8 rets)gnised the ch31tr15 a I(1Y1 Ircqn a trot¥hll resth in thetransferof funds loa ihird lty and theaThwntdL kn iYe the rt3tx can LE mea>J1 ty esbml ðlot5 e nwty re¢ognk%ed al theirsettlement atn(yJr)t arteraltrHfftg tor Itak¢Jjrrt$ dL Finaftciallnstruntents chanty only has finaL)I assets fuwvial LNrfJesofa k1 thatqual.fy a5 bastfinal Basrfwtt5al Instruments ale nitially reo)gnEed at trattswthl YabJ8 and rnea1 attrr S&Uemert ¥alue. tKh. nthecaseoflhe is at cost for uedilorsatKS (lebt(saj mathei 08[Or investrnents HeritageAs$eis Henlage 2sseis are v8KEd alcosl aThl kdtO Bert FrthlK)n Idelalgj p8iW5 have ¢vJt been pur(ws as an Investmefttbul for theA stheqUaIrts di¥tsy at Russtxwh aryj the edu¢¥iK>iof trose Virg aT¥J them lin line the obie¢L%I. The Irustees have (x)t vahjai. ts tesfe LostofKer¢¥31l1oS woupj Lth the benefit fDr ihe trustees and 0lheru5ers of lh2 firHtKl sbtwntrts Cash atbank orhand Cash al bank aTh5cash in haThJ cath WLI SW t•7n investriiwtswdh a maturity L 2 Jud9monts and kéy sour¢•s o1os¥matlon uncertainty In the applicabon oltrE Chanvs jrrg Fs. %Yhth are destrw in ntsle 1, IheTrustees are reqLiied ty make lu(t0 esbmalesand assumplionsattht thec¥rywrfJ afflijunt501a55ei$l1gbdrfES trutare re&ly appawi from Oiher sowiEs The difter from these esbmates The esbmate$ wdertywg assumpbtsts e tqS5 RtitAy)sto OYjntfftg estmales * nL5ed in tt pemd Inwhich estImate 15 revised rf Lt revwi aftswty th pth, orinthewtsl otthe revm]nar¥j fulure Il the revisK)n affecls both arrent¥tt pthl$ 12
THE APOLLO FOUNDATION Notes forming part of the financlal statements 14 November 2022 3 DEPOSIT INTEREST 2022 2021 Ralhb)nes Investrn¥i Msnagem)t Vemeer Invemeni PA¥ogemerrt 735 458 1.193 4 COST OF GENERAVING FUNDS 2022 2021 R3lhteS InvesthnI managtfeeS Vemieerlnveslrnenl MaTra9ent fees 23.289 21.647 28.980 21.029 44. rhe cost olgen21Vj lund5 repSent theexpenditure set3gwrtt the oJtteaTrJ wecedirg year 5 CHARITABLE EXPENDITURE 2022 2021 Granls nrte or cornrnltt•d In ygar-lurth•r detalls in not• 12 214.379 388,759 The TrustsupkxKts gerw81 ce0bj2Ltrts as In Il Trusts RerKJi h) •))yd•Kewth SORP 2019 FRS 102 tyanimakw stj lThy It (£61 ofts &¥sc)&J cosL% ts$e8 5 Support ¢08ts Audit fee EvYral.j Alec cOe fee Trusiees vavd ar ex. see t¢> Messen£er and rernrttse lees BDB Pitmans LLPAdMIni5trK t5 Delivery drgeS Legal fees re atx>Fbve knd tra(aNj Veimeei deknl Interest Excharoe Rate ga Art Transportaton 4.620 25.248 26.280 3.603 830 83.053 401 58.191 1.012 11.080 291 14.658 10.082 1.039 Total ol sUPPOrt COSts 144.886 1D3,574 Total of tants and SU ort ¢08 359,265 DISCLOSURE OF TRUSTEES REhlUNERATtON, BENEFITS AND EXPENSES rhlolle of e trustees have been pa any refflwab or reLYved anyo0benefilSfrnM an l)ploYml with Iltir charity ors related entity Ttustees travel arKJ SSte ewsesof £J.e3 have tEen IfKxrfrea Mbse0yunrwj the year12021 £NILwere Imivrs¥Jl Edward Nth¢las w11M Brtrwn. a Tfiisiee. was a parwtrin BOB Pibnars LLP the Isl June 2020 and h35 an Interest in transaoN$11h BDB Pibnans LLP- see rth 15 Relaw Party TraAsthns The Tw5tees have pa £1 ekn ts Iht $fva capital in Teiia Eire Limited Alexarth ¢otth. a i5 akn Lhe(winerofhJecCL*k Defi arvj has w) Initrest In those transartllS £26.28012021 É25.2481 AUDIT FEES The amount paydtrAe&ylhe (hWs2021f223th1rtvias È5.7W IX>21." £4.6XI) 13
THE APOLLO FOUNDATION Notes fonning part of the financlal statem&nts 14 Novèmber 2022 Galnslllossesl alised and rket Value unre8lisod on 14.11.22 6 INVESTMENTS Markot Valu• on ts.11.21 Additlons ai cost Disposa15 I)JOtsd t8CUritE5 Ralhbwes 4.912.125 1.147.123 11.070.691) 4.577.845 Quoted secufities VermeeT Asset Manageffenl S.Xffj.495 .553 (1.052.0781 {178.7301 4,842,240 Terra &r& MIted E1 ordinary sh8 8.626 75 Histotic ¢t- £8.674.17912021 £8,389.782) RealL%ed 9anS lInl$ed 98fftS {44.4431 1544,9991 The trustees are direclus ofTerra Ewe Ltd ThE4was regtstwed as wiyate bmited (thmpry( 3 Cwter 2018 The trustees are sharehdd&rs of the ralhei Ihe FrAJndai¥yi Tr trteeS oftkE ftyjndabon hcld Ihe shares ift the sbsry trust behalfofth fnalK)n TinJ$teeS have •kn)ied the rfa Ce to ita theyTr4A te requr8J to transfer shartslsl hdd to anothertrLthe. Terrd Eire Ltd wasths%)NvJon 21 Febrnary 2023 Ihe yeaf ertsre hasbeen a1 valws avjas a Althe vknoftrechantys hstsd nwesbmentshas t0n. A5 ai 12 Septemt¥20fJ. marketv cthe in¥eslmenbhad affxTh1£560.000. T HERITAGE ASSETS 2022 2021 1. Jacquesdt L4we. The Natura Fksiory CabMetolKknr Bonrderde L8 If180.0th)- 16 May2016} 143,6 143.696 2 Irish SclKyJl 181h Century- Portratoftrt Earf of.1t) P3 20161 3 Van Ostade. Pthration of SWrds 125 May 20171 1.076 661,076 4 Pair 11 casts1CasIk& 1759 IE5.(MJO- 5 Apr# 20181 4.384 S. h¥0 hanthed tyaYlf3.3ty- 25 20181 1523 2,523 6. Silvw Treasurysi¥rf&sh LiThlon 1É1.8Q)- 25Jurw 20181 1.376 1,376 7. Pair OrOnI landsL3pes by Getyge Ban If45.frfJO.9Jar¥w20191 41.2 41,2 8. Iialk9n Brtyoe NessusaThJ Owara afterGt(?9r0 1M181h C 10.400 10.400 9. StudDof Caw)x>ViWS of Na[$3 fNr 58.SLh) fo. Robert Hunlef, portrart0fJ Lew. ?J of 19,5 19.500 11. FoHMr of LeoneGhezi. 8 rricatixe 1.5fA) 1,560 12. AnnY Lee. P(xlraitefa 9.1 9.100 13. Joseph Lets$. Ccs)yo¢ 6.240 6.240 14. PierGL2s8 Ho 24,528 9,373 15. Ve$8 Medv Iwt} 12.520 9.911 16. Table- ttote 6.144 17. st ofclaJde-kn Verrt. relUll at rwi 2Q760 18. La(xoix de Evetmty 38x 53" 85.000 ed forward 1.116.103 986,435 14
THE APOLLO FOUNDATION Notes forming part of the financial statements 14 November 2022 7 HERITAGE ASSETS (Continued) 2022 2021 hl Add.. expontses 2015016 expeftses 201er2017 ewses 201712018 exKWS 1.116.103 98S.435 25,C62 25.2 20,006 s.8 Hèrl¢agfy Assets at GOSt. 14 Novembor 2022 1,166.758 1,037,09f a DEBTORS 2022 2021 oiher deblLYS Sale ptclteds Prepayrnenls¥d I¥e 8t.165 46.870 45.186 49,491 134.689 9 CASH AT BANK 2022 2021 BDB Pitrnans LLP Metro Bank Rakne$ Invemenl MwagemvAbt Vermeer Asset Manageme 3.177 17.409 136.047 3d8.892 43,022 215.961 181 359 SOS,525 1D CREtMTORS 2022 2021 Giants payab A¢uua Other csediiors 322.331 28.440 I18.0 17.460 350.777 11 GRANTS PAYA8LE 2022 2021 GTants broWI hywafd Grants aulhorised In theyear Grants in year FtytwJn exLarye movenwi 418,560 214,378 1325,5631 14.956 553.753 3U8.759 1512.329) Grants c¥rrd ttyward 418,S60 12 GF14NTS TO INSTITUTIONS 2022 2021 DGnation¥ id or comrnilt•d durln The Alfred 80it F undabo ABF Drawing Room wojecl If50.(iKkl Addilx)nal ekpendture re Vetr*idrdww rL Curator al Ru5sbuwh Gardener Maiket Repairs. man[enar & Insuran(É43.yYts1 Russtx)roW rejuvena1. CafB & Retail 1É145.LK¥)I 43.720 12.257 127,861 51.145 72.454 37.838 124,930 15
THE APOLLO FOUNDATION Notes fonnin9 Part of the financial statements forthe year ended 14 November 2022 12 GRANTS TO INSTITufioNS Icorrtinued) 2022 2021 Do d Orcomrnilt durfn Other belleficiari Isloric Houses IreL¥klIÉ8.L Fow Cwrts PsS. 18kn rnbJry Iiish lÉS.(ik)I Bantry HrA5se 1ÉlO.OI Nabonal Gallgry IE106.C¥)01 Royal 5nsh A(d¥myol mus1121 WostWidEhTr4 F8#t¥d1É15,lXI Irp5h Couniry HouseGarden Cutyaghmue Georyia) Ireland PU411 ffs.) 4.288 8.430 90.855 10.425 12.645 10.655 1,721 17.OSS Tolal Grdnts 248,699 388,766 male n the 2021ry2 adlvstnnts 134.3211 171 Net Grants cofflrnitted 214.378 8.759 13 OUTSTANDING COMMITTED PAYMENTS The Alfred Bolt Foundallon ABF CuTator at Russtrxwh ÉILQ.LXX) E¥si cde M¥(kelir stae casts forrickn5 É14.61X• GaidenerÉ58.242 Room glding W1).(Xx 87.439 134,970 7,672 87.715 12.445 51.145 12.766 50.926 43.720 Othei Historic Houses It8LwvJ IE4.CW magh Libtary National GaIry lQ2.(XKII Banlry House 1É5.3S)I of St ¢1Mba IV621 sh Hwsehdd PUtAatK>n5 Kiknainham Hospifd1- restoring pwbtysf10.frfN) Princes FoundatK Royal Irish ALzdemyol Muc ow 5 years (É12.5(Kll Wesl WKkk)w Chwxbtrr FestNal (Él5.0fy) o¥w 3sw} G8orgrdn ItBLBTrJ Pubk¢abon1£5.C¥JJl 3,497 2,634 62,956 4.066 3,994 4.646 15.377 16.500 8.524 50,000 21.310 4,262 16.5th) 8.744 10.930 13,116 4.371 41 Euro values slated hwe beenL¥xwt8d eXX)la rats w) re at the rdeVdni>arw. 16
THE APOLLO FOUNDATION
Notes forming part of the financial statements for the year ended 14 November 2022
14 ANALYSIS OF NET ASSETS BETWEEN FUNDS
| ANALYSIS OF NET ASSETS BETWEEN FUNDS Investments Heritage Assets Net current assets Investments Heritage Assets Net current assets |
Unrestricted Expendable Total Funds Income Fund Endowment 2022 Fund £ £ £ 811,902 8,608,189 9,420,091 - 1,166,758 1,166,758 204,239 - 204,239 |
|---|---|
| 1,016,142 9,774,946 10,791,088 |
|
| Unrestricted Expendable Total Funds Income Fund Endowment 2021 Fund £ £ £ 746,392 9,372,234 10,118,626 - 1,037,091 1,037,091 138,906 - 138,906 |
|
| 885,298 10,409,325 11,294,623 |
15 RELATED PARTY TRANSACTIONS
Edward Nicholas William Brown was a Consultant to BDB Pitmans during the period covered by these accounts. During the year the charity was invoiced £83,053 for administration fees (2021: £58,191) which is all charitable expenditure (support costs). At the year end BDB Pitmans were owed £22,740 (2021: £13,050). Alexander Cobbe was a Trustee during the period covered by these accounts and the owner of Alec Cobbe Design, who provided services of £26,279.72 in the year (2021: £25,248), no funds were owed to Alec Cobbe Design at the year end. There are no other related party transactions requiring disclosure (2021 - Nil).
16 PRIOR YEAR STATEMENT OF FINANCIAL ACTIVITIES
STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 14 November 2021
| Notes Income and Endowments from: Investments Other 2 Total income Expenditure on: Raising funds 3 Charitable activities 4 Total expenditure Net (losses)/gains on investments 5 Net (expenditure)/income being net movement in funds Reconciliation of Funds Balances brought forward at 15 November 2020 Balances carried forward at 14 November 2021 |
Unrestricted Expendable Total Funds Fund Endowment 2021 Fund £ £ £ 486,585 - 486,585 - - - |
|---|---|
| 486,585 - 486,585 - 50,009 50,009 492,333 - 492,333 |
|
| 492,333 50,009 542,342 - 1,055,248 1,055,248 |
|
| (5,749) 1,005,240 999,491 891,047 9,404,085 10,295,132 |
|
| 885,298 10,409,325 11,294,623 |
17