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2023-11-14-accounts

THE APOLLO FOUNDATION CHARITY NUMBER 290351

TRUSTEES' REPORT AND ACCOUNTS FOR THE YEAR ENDED 14 NOVEMBER 2023

THE APOLLO FOUNDATION

CONTENTS

Page
Trustees' Report 1 - 4
Auditor's Report 5 - 7
Statement of Financial Activities 8
Balance Sheet 9
Statement of Cashflows 10
Notes to the Accounts 11 - 19

Contents page.xlsx

THE APOLLO FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 14 NOVEMBER 2023

The trustees are pleased to present their annual trustees’ report together with the financial statements of the charity for the year ended 14 November 2023.

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 (resigned 13 August 2023)

Robert O’Byrne

Geoffrey Adrian Richards (retired 16.04.2024)

The Countess of Erne Harriet Elizabeth Crichton (appointed 28 March 2024)

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 2023

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 £325,534 (2022: £214,378). Details of the amounts (with their Euro equivalents where appropriate) are in note 13 of the accounts. Note 14 shows outstanding commitments at 14 November 2023, being £183,526 (2022: £322,331). The Charity purchased no additional heritage assets in the year (2022: £129,668), but received a donation of heritage assets of £10,000 (2022: nil). This value is an estimate provided by Alec Cobbe; there has been no formal valuation. The heritage assets are detailed in Note 8.

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 2023 when compared with the previous year, has decreased by £433,833, from £4,577,845 to £4,144,012: further details are in note 7 of the accounts. Vermeer Asset Management portfolio has decreased in value by £395,468 on 14 November 2023 from £4,842,240 to £4,446,772 (Further details of both portfolios are shown in note 7 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 2023

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 2023 there was unspent/uncommitted income of £1,057,937 (2022: £1,016,142). 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 £48,478 for the year (2022: £44,936). 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 was stuck off as it is no longer required.

3

20934547.1

THE APOLLO FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 14 NOVEMBER 2023

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.

Signed for and on behalf of the Trust

E N W Brown - Trustee Date: 05.09.2024

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 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including 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).

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

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

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

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

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. The trustees are responsible for the other information contained within the annual report. 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.

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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

5

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

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 5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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 related 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.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the charity and how it operates and considered the risk of the charity not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements. In relation to the charity this included financial reporting.

The risks were discussed with the audit team and we remained alert to any indications of noncompliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following:

6

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

Auditor’s responsibilities for the audit of the financial statements (continued)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-

fi/description-of-the-auditor%E2%80%99s-responsibilities-for. 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 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

Date ………………………………. 5 September 2024

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 2023

Notes
Unrestricted
Fund
Income and Endowments from:
£
Donations and legacies
3
-
Investments
478,927
Deposit interest
4
6,820
Total income
485,747
Expenditure on:
Raising funds
5
-
Charitable activities
6
443,952
Total expenditure
443,952
Net (losses)/ gains on investments
7
-
41,795
Reconciliation of Funds
Balances brought forward at 15 November 2022
18
1,016,142
Balances carried forward at 14 November 2023
1,057,937
Net (expenditure)/income being net
movement in funds		 Expendable
Endowment
Fund
£
10,000
-
-
10,000
48,478
-
48,478
(714,298)
(752,776)
9,774,946
9,022,170		 Total Funds
2023
£
10,000
478,927
6,820
495,747
48,478
443,952
492,430
(714,298)
(710,981)
10,791,088
10,080,107		 Total Funds
2022
£
-
488,916
1,193
490,109
44,936
359,265
404,201
(589,442)
(503,534)
11,294,623
10,791,088

The notes on pages 11 to 19 form part of the financial statements

8

THE APOLLO FOUNDATION

BALANCE SHEET as at 14 November 2023

Notes
Fixed Assets
Investments
7
Heritage Assets
8
Current Assets
Debtors
9
Cash at bank
10
Total current assets
Current Liabilities
Creditors:
Amount falling due within one year
11
Net Current (Liabilities)
Total Net Assets
Funds of the Charity:
Unrestricted Fund
15
Expendable Endowment Fund
15
Total charity funds		 £
£
£
£
8,946,491
9,786,849
1,239,512
1,166,758
30,122
49,491
75,312
138,767
105,434
188,258
(211,330)
(350,777)
(105,896)
(162,519)
10,080,107
10,791,088
1,057,937
1,016,142
9,022,170
9,774,946
10,080,107
10,791,088
2022 restated
2023		 £
£
£
£
8,946,491
9,786,849
1,239,512
1,166,758
30,122
49,491
75,312
138,767
105,434
188,258
(211,330)
(350,777)
(105,896)
(162,519)
10,080,107
10,791,088
1,057,937
1,016,142
9,022,170
9,774,946
10,080,107
10,791,088
2022 restated
2023
105,434
(211,330)
10,791,088
1,016,142
9,774,946
10,791,088

The notes on pages 11 to 19 form part of the financial statements

The financial statements were approved and authorised for issue by the Trustees on

05.09.2024

Authorised to sign on behalf of the Trustees:

E N W Brown - Trustee

9

THE APOLLO FOUNDATION

STATEMENT OF CASH FLOWS

as at 14 November 2023

Cash flows from operating activities
Net (expenditure) for the reporting period
Dividends, interest and rents from investments
Losses on investments
Decrease in debtors
(Decrease) in creditors
Net cash used in operating activities
Cash flows from investing activities
Dividends, interest and rents from investments
Purchase of heritage assets
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
Cash at bank (See note 10)
Cash & cash equivalents held within investments (See note 7)
Total cash & cash equivalents
The notes on pages 11 to 19 form part of the financial statements
Cash and cash equivalents is made up of:		 2023 2022 restated
£
£
(710,981)
(503,534)
(485,747)
(490,109)
714,298
589,442
19,369
85,198
(139,447)
(85,249)
(602,508)
(404,251)
485,747
490,109
(72,754)
(129,668)
(1,284,673)
(2,013,675)
1,399,682
2,122,767
528,002
469,533
(74,506)
65,282
505,525
440,243
431,019
505,525
75,312
138,767
355,707
366,758
431,019
505,525		 2023 2022 restated
£
£
(710,981)
(503,534)
(485,747)
(490,109)
714,298
589,442
19,369
85,198
(139,447)
(85,249)
(602,508)
(404,251)
485,747
490,109
(72,754)
(129,668)
(1,284,673)
(2,013,675)
1,399,682
2,122,767
528,002
469,533
(74,506)
65,282
505,525
440,243
431,019
505,525
75,312
138,767
355,707
366,758
431,019
505,525
(602,508) (404,251)
485,747
(72,754)
(1,284,673)
1,399,682		 490,109
(129,668)
(2,013,675)
2,122,767
528,002 469,533
(74,506)
505,525
431,019
75,312
355,707		 65,282
440,243
505,525
138,767
366,758
431,019 505,525

10

THE APOLLO FOUNDATION

Notes forming part of the financial statements for the year ended 14 November 2023

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.

Donations and legacies

Donations and gifts are recognised when receivable. Donated goods are measured at their fair value, unless it is impractical to measure reliably the fair value of donated item.

11

THE APOLLO FOUNDATION

Notes forming part of the financial statements for the year ended 14 November 2023

1 ACCOUNTING POLICIES (continued…)

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 Vermeer Partners. The investments as at 14 November 2023 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.

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 8). 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.

BDB Pitmans LLP maintain records of the assets and hold on to the loan agreements on the trustees’ behalf. The assets or the purchase of them are discussed at trustee meetings.

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.

12

THE APOLLO FOUNDATION

Notes forming part of the financial statements for the year ended 14 November 2023

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.

3 DONATIONS AND LEGACIES

A painting (Studio of Onorio Maranari - Salome) was donated during the year and has been included on the Balance Sheet in the Heritage Assets at a value of £10,000 (See note 8) (2022: nil)

4 DEPOSIT INTEREST
Rathbones Investment Management
Vermeer Investment Management
5 COST OF GENERATING FUNDS
Rathbones Investment Management fees
Vermeer Investment Management fees		 2023
£
2,656
4,164		 2022
£
735
458
6,820 1,193
2023
£
25,578
22,900		 2022
£
23,289
21,647
48,478 44,936

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

13

THE APOLLO FOUNDATION

Notes forming part of the financial statements for the year ended 14 November 2023

**6 ** CHARITABLE EXPENDITURE
Grants made or committed in year - further details in note 12
Support costs
Audit fee (incl. prev yr adj.)
Alec Cobbe Design fee
Trustees travel and other expenses - see below
Messenger and remittance fees
BDB Pitmans LLP administration fees
Vermeer debit interest
Bank charges
Exchange rate gain
Art transportation costs
Costs of closing Terra Eire Limited
Total of support costs
Total of grants and support costs
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:		 2023
£
325,535
9,900
-
7,690
-
69,643
-
1,282
23,270
5,426
1,206
118,417		 2022
£
214,379
6,090
26,280
3,603
830
83,053
291
-
14,658
10,082
-
144,886
443,952 359,265

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 the charity or a related entity. Trustees' travel and subsistence expenses of £7,690 have been incurred and reimbursed during the year ( 2022: £3,603).

Please see further details for related party transactions at note 17.

Audit fees

The amount payable for the charity's 2023 audit was £9,900. (2022: £5,700).

14

THE APOLLO FOUNDATION

Notes forming part of the financial statements for the year ended 14 November 2023

7 INVESTMENTS
Quoted securities
Rathbones
Quoted securities
Terra Eire Limited
£1 ordinary shares
Historic cost
Vermeer Asset
Management
Cash and cash
equivalents		 £
4,577,845
4,842,240
6
366,758
Restated
market
value on
15.11.2022		 Additions
at cost
£
593,385
691,288
-
-		 Gains/(losses)
realised and
Disposals
unrealised
£
£
(745,727)
(281,491)
(653,949)
(432,807)
(6)
-
-
-		 Gains/(losses)
realised and
Disposals
unrealised
£
£
(745,727)
(281,491)
(653,949)
(432,807)
(6)
-
-
-		 £
(11,051)
Cash
movements
in year		 £
4,144,012
4,446,772
-
355,707
Market Value
on 14.11.2023
9,786,849 1,284,673 (1,399,682) (714,298) (11,051) 8,946,491
-
8,545,162
£		 (122,422)
(591,876)

The trustees were 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 held the shares in the subsidiary on trust on behalf of the Foundation. The trustees adopted the policy; if a director ceases to be a trustee they will be required to transfer shares(s) held to another trustee. Terra Eire Ltd was dissolved on 21 February 2023.

8 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.Studio of Claude-Joseph Vernet, 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
12.Anthony Lee - Portrait of a Lady
Balances carried forward		 2023
£
143,696
7,500
661,077
4,384
2,523
1,376
41,296
10,400
58,500
19,500
1,560
9,100		 2022
£
143,696
7,500
661,077
4,384
2,523
1,376
41,296
10,400
58,500
19,500
1,560
9,100
960,912 960,912

15

THE APOLLO FOUNDATION

Notes forming part of the financial statements for the year ended 14 November 2023

8 HERITAGE ASSETS (continued...)
Balances brought forward
13.Joseph Leeson - Copy of portrait
14.Pier Glass for Newbridge House
15.Venus de Medici (part)
16.Table - Boite D'Ouvrage
17.Studio of Claude-Josephe Vernet, Fishermen returning at noon
18.Lacroix de Marseille, Evening 38 x 53 in
19.Studio of Onorio Marinari - Salome
Add: expenses
2015/2016 expenses
2016/2017 expenses
2017/2018 expenses
2022/2023 expenses
Heritage Assets at cost 14 November 2023
9 DEBTORS
Other debtors
Prepayments and accrued income
10 CASH AT BANK
BDB Pitmans LLP
Metro Bank
Rathbones Investment Management
Vermeer Asset Management
11 CREDITORS
Grants payable (note 12 and note 13)
Accruals
Other creditors		 960,912
6,240
24,528
12,520
6,144
20,760
85,000
10,000		 960,912
6,240
24,528
12,520
6,144
20,760
85,000
-
1,126,104
25,061
20,006
5,587
62,754		 1,116,104
25,061
20,006
5,587
-
1,239,512 1,166,758
2023
£
-
30,122		 2022
£
4,304
45,186
30,122 49,491
2023
£
-
12,981
8,395
53,936		 2022 restated
£
3,177
17,409
6,617
111,564
75,312 138,767
2023
£
183,526
25,039
2,765		 2022
£
322,331
28,440
6
211,330 350,777

16

THE APOLLO FOUNDATION

Notes forming part of the financial statements for the year ended 14 November 2023

12
13
**14 **		 GRANTS PAYABLE
Grants brought forward
Grants authorised in the year (note 13)
Grants paid in the year
Foreign exchange movement
GRANTS TO INSTITUTIONS
Donations paid or committed during year
The Alfred Beit Foundation (ABF)
Drawing Room gilding project
Additional expenditure re Vernet drawing room (€6,985)
Repairs, Maintenance & Insurance (€14,437)
Russborough maintenance grant (€270,000)
Other beneficiaries
Bantry House
Curraghmore (€38,582)
Four Courts Press - 18th century Irish domestic life
Georgian Ireland Publication
Historic Houses Ireland
Irish Primate of France
National Gallery (€1,000)
Royal Irish Academy of Music
Waterford Treasures at the Granary Limited - Irish Wake Museum (€31,000)
West Wicklow Festival
Total Grants
Adjustments made in the year to previously committed grants
-
2021/22 adjustments
2022/23 adjustments
Net Grants committed
OUTSTANDING COMMITTED PAYMENTS
The Alfred Beit Foundation (ABF)
Curator at Russborough (€54,167)
Statue casts for niches (€14,600)
Gardener (€21,666)
Drawing Room gilding project €50,000
Russborough House maintenance (€14.167)
Balances carried forward		 2023
£
322,331
325,535
(487,549)
23,209		 2022
£
418,560
214,378
(325,563)
14,956
183,526 322,331
2023
£
-
6,189
13,032
239,479
-
33,666
-
-
-
5,000
873
-
27,395
-		 2022
£
43,720
12,257
37,838
-
8,430
17,055
4,288
4,306
6,880
-
90,855
10,425
-
12,645
325,634
-
(100)		 248,699
(34,321)
-
325,534 214,378
£
47,265
12,740
18,906
-
12,362		 £
87,439
12,766
50,926
43,720
-
91,273 194,851

17

THE APOLLO FOUNDATION

Notes forming part of the financial statements for the year ended 14 November 2023

14 OUTSTANDING COMMITTED PAYMENTS (continued...)

Balances brought forward
Other beneficiaries
Armagh Robinson Library
Historic Houses Ireland
Bantry House (€4,650)
College of St Columba (€762)
Curraghmore (€38,582)
Georgian Ireland Publication
Irish Household Publications
Irish Primate of France
Kilmainham Hospital - restoring paintings €10,000
National Gallery (€36,000)
Royal Irish Academy of Music over 5 years
West Wicklow Chamber Music Festival (€10,000 over 2 years)		 91,273
-
-
4,057
665
33,666
-
-
5,000
8,726
31,413
-
8,726		 194,851
2,634
3,497
4,066
666
-
4,371
16,500
-
8,744
62,956
10,930
13,116
183,526 322,331

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

15 ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
Income Fund
£
Investments
1,163,833
Heritage Assets
-
Net current assets
(105,896)
1,057,937
Unrestricted
Income Fund
£
Investments
1,178,661
Heritage Assets
-
Net current assets
(162,519)
1,016,142		 ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
Income Fund
£
Investments
1,163,833
Heritage Assets
-
Net current assets
(105,896)
1,057,937
Unrestricted
Income Fund
£
Investments
1,178,661
Heritage Assets
-
Net current assets
(162,519)
1,016,142		 Expendable
Endowment
Fund
£
7,782,658
1,239,512
-		 Total Funds
2023
£
8,946,491
1,239,512
(105,896)
1,057,937 9,022,170 10,080,107
Expendable
Endowment
Fund
£
8,608,188
1,166,758
-		 2022
£
9,786,849
1,166,758
(162,519)
Restated
Total Funds
1,016,142 9,774,946 10,791,088

16 PRIOR YEAR RESTATEMENT

Following a review of the cash and cash equivalents held by the charity, the trustees identified that £366,758 was classified as cash at bank in the prior year rather than cash held within investments. The comparative balance sheet has therefore been restated to reflect this presentational adjustment. The impact of the restatement was to reduce cash at bank by £366,758, increase cash and cash equivalents held within investments by £366,758.

17 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 £69,643 for administration fees (2022: £83,053) which is all charitable expenditure (support costs). At the year end BDB Pitmans were owed £15,139 (2022: £22,740).

Alexander Cobbe was a Trustee during the period covered by these accounts and the owner of Alec Cobbe Design, who provided services of £71,711 in the year (2022: £26,280), £25,571 (£Nil) relating to works done on the Vernet Room and £46,140 (£Nil) relating to works done on Heritage assets. No funds were owed to Alec Cobbe Design at the year end.

There are no other related party transactions requiring disclosure (2022 - Nil).

18

THE APOLLO FOUNDATION

Notes forming part of the financial statements for the year ended 14 November 2023

18 PRIOR YEAR STATEMENT OF FINANCIAL ACTIVITIES

STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 14 November 2022
Notes
Income and Endowments from:
Investments
Other
4
Total income
Expenditure on:
Raising funds
5
Charitable activities
6
Total expenditure
Net (losses) on investments
7
Net income/ (expenditure) being net movement in funds
Reconciliation of Funds
Balances brought forward at 15 November 2021
Balances carried forward at 14 November 2022		 Unrestricted
Fund
£
488,916
1,193		 Expendable
Endowment
Fund
£
-
-		 Total Funds
2022
£
488,916
1,193
490,109
-
359,265		 -
44,936
-		 490,109
44,936
359,265
359,265
-		 44,936
(589,442)		 404,201
(589,442)
130,844
885,298		 (634,378)
10,409,324		 (503,534)
11,294,622
1,016,142 9,774,946 10,791,088

19