THE APOLLO FOUNDATION CHARITY NUMBER 290351 TRUSTEES. REPORT AND ACCOUNTS FOR THE PERIOD 15 NOVEMBER 2023 TO 31 DECEMBER 2024
THE APOLLO FOUNDATION CONTENTS Pag• Trustees. Report Indèp8ndant Auditovs Rèport Statement of Financial Activiti'es Balance Sheet Statement ol Cashflows 10 Notes
THE APOLLO FOUNDATION TRUSTEES, REPORT FOR THE PERIOD 15 NOVEMBER 2023 TO 31 DECEMBER 2024 The trustees are pleased to present their annual Trustees. Report together with the financial statements of the ¢harity for the period 15 November 2023 to 31 De¢embèr 2024. Reference and administrative infomiat5on Name of charity The Awllo Foundation Charity Registr8lion Number 290351 Address ol the Principal Office of the Charity One Bartholomew Close, London EC1A 78L Trustees Marcus Hugh Tristram de la Poer Beresford (The Honourable Lord Oeciesl Richard Mexander Cobbe (Retsred 9 January 20251 Edward Nicholas William Brown (Retired 8 May 20251 Robert O'Byme Geoffrey Ailnan Rid)ards The Countess of Eme Harriet Elizabeth Crichton Judith Woodworth Hamish Caradoc Frost Christopher Norman Moor8 IRe¢ir8d 16 April 20241 (Appointed 28 March 20241 (Appointed 28 November 20241 (Appointed 15 April 20251 IApptsinle(115 April 20251 Structur• Gov•rnan¢• and Manag•ment Governing document The Trust was eslablished as a ¢h8rity in 1984 and Is govfrmed by a Trust Deed dated 1 OCtor 1984. Risk managemont The Trustees have o)nsidered all material risks facing the charity and confimi that procedures are in place to manage those risks. Obje¢tives and Activities Thè objects are to PTomot8 and further the advan¢em8nt in 8ducation In th8 rine arts in Ireland (which includes Northem Iland1- The Trust has applied the Trust lund and income derived from il accordingly. The Trustee5 have paid due regard to the Charity Commission guidance on public benefit in deciding whal activibes the charity should undèrtakè. The Charity was the main benefi¢iary of the estste of La¢Jy B&it. Under her UK and Irish Wills the Charity received approximately £7.4m. There are no further assets due from Ihe estale. Key management personnel The Trustees consider Ihem50lves lo be key management for the Foundation. They are responsible for deciding remuneration or provision of such at Trustees. meetings. The Trustees have met four times in the period 10 31 Decèmber 2024. Ngw trustg9S New Trustee5 are apFX)inted in acc8ce wilh the Trust Deed. New Trustees will have infomial meetings with existing Trustees before being appointed. They are intrcNJuced lo the Trustees meeting, if not earlier. They keep Ihemselves up io date with charity law, as it develops and insolar as it affects exclusively grant-fftaking charibes, and their Involvement in and knovAedge of the field of charitable activity supported by the Foundation. Trustees are eno)uraoed to aitend trainino events where necessary. Page 1
THE APOLLO FOUNDATION TRUSTEES, REPORT FOR THE PERIOD 15 NOVEMBER 2023 TO 31 DECEMBER 2024 Fundraising The FoUndatic'S income is derived from ihe income generated from the investmènts held. it does not undertake fundraising activib"8s, it is nevertheless mindtul of the code issued by the Fundraising regu1810r. Public benefit Thè Trustees confimi that thèy have complied with thè duty in Sèction 17 of the Charibes Act 2011 to have due regard lo the public benefit guid8nce published by the Charity Commission in determining the activities undertaken by the Charity. A¢hl•v•m¢nts and Porfomian¢• Achievements The Trust has again achieved its objecb.ve ol supporbng th8 fine 8rts in Ireland by making grants. Further grants were c4)mmitted of £623,893.. £325,535>. Details of the amounts Iwth their Euro equivalents where appropriatel are in note 13 of the accounts. Notè 14 shows outstanding commitments a131 December 2024, being £381,37912023.. £183,526>. The Charity purchased heritsge assets cosling £2.150 in the period12023.. £nill, and received no donations of herilage assets12023'. £10,000). The heritage a$s¢ts ar¢ detsiled in Not¢ 8. Flnanclal Revlew Investment Olcy The Trust Deed gives the Trustees wide powers of investment. Rathbones and Vem)eer Assel Management have been appointed as investment m8n8gers both have invesled in diverse portfolios. Rathbones invesiment value on 31 December 2024 when compared with the previous year-end, has increased by £372,809, from £4,144,012 to £4,516,821. Vemeer Asset Management portfolio has increased in valug by £273,688 on 31 December 2024 from £4,446,772 10 £4,720,460. (Furthèr deiails of both porfc4i05 are shown in note 7 of the accoun151. Funding policy The obiecls of the Charity pem)il Ihg Trtjslegs lo benefit the fine arts In Ire18nd. In view of Lady Bell's express wishes and the subslants'al funds bequealhed io the Charity under her Will, ihe Trustees decided that the Charity would continue its policy lo benefit the Ajfred Belt Foundation, which mainlains and supports Russborough, Co Wicklow, Ir8land and its olleclions. Grants wll be provided mainly from income bul the Trustees will consider requests for laroer orants from capital for suitable projects. Reserves policy The Trustees will trstsblish the AwAlo Foundatson's Reserves Policy with reference to Charity Comrnission guidance ICC191 and accounting standards ISORP 2019- FRS 1021. The Apollo Foundation holds adequate reserves as working capital, to match income receipts wth operating expendilure. Cashflow is monitorèd on 3 règular basis to meet this Obltive. The Trustees do not intend to build up reserves for unspecified purposes, but rather to apply all income to direct charitable purposes. If, however, the applications do not warrant grants equal to the income any unspenl income 11 be rrIed fotward tr) the next period. As at 31 Dwmber 2024 the was n¢ommitted Income of £826,901 12023-. £1,065,441). It 1$ envisaged th81 these funds will LE used in fU1u years towards Ru5sborough andlor altemative grants. Page 2
THE APOLLO FOUNDATION TRUSTEES, REPORT FOR THE PERIOD 15 NOVEMBER 2023 TO 31 DECEMBER 2024 Other expenditure Comprises expenditure connected with raising funds {i.e. investment managemènt fèès). These were £50,157 for the year12023.. £48,478). Future plans The Apollo Found8bon expects lo fvnd futher work tOW8rds the restoration of Russborough in addition to the substantial grants cornmitted so far. The development of its loThJ tem) plans will aim to achieve the future commercial viability of Russborough. Thè Fourhdation may also make grants in future years lo other projects connected fine arts in Ireland. Page 3
THE APOLLO FOUNDATION TRUSTEES, REPORT FOR THE PERIOD 15 NOVEMBER 2023 TO 31 DECEMBER 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are reswnsible for prepariThJ the TnJstees' Report and the financial statements in accordance wth the applicablè law and United lfj"ngdom A¢¢ountirrfJ SlandaTds {Unit Kingdom Accèptéd Ac¢ounb"ng Pra¢ti¢el. The18W applicable lo ¢h8ri1ies in Engl8nd & Wales requires Ihe Iru5tees to prepare fin8nry81 stslements for eath 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 ol the Charity for that period. In preparing Ihese financial statements, the Trustees are required to.. Select suitable accounting Oicies and then apply them consislenuy., Obsetve the methods and principles in the Charslies SORP 2019 IFRS 1021.. Make judgments and estimates that are reasonable and prudent.. State Wther applicabl8 accounting standards have been followed; and Prepare the financial statsments on th8 going concern basis unless il is inappropriate lo presume that the Charily wll conlinuo in operation. The Trustees are responsible lor keeping proper accounting records that disclose with reasonable accuracy at any Ilmg the financial position of the Charity and enab Ihem to ensu that the financial statements comply wlth the Ch8rilies Act 2011, the Charity IAccounls 8nd Reports) R&gul8tions 2008 8niJ the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable sleos for the Drevents'on and detection of Iraud and other irreoularities. The Truslees confim that they have complieil with the duty In Se¢Uon 17 01 the Charfues Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the Charity. Slgn•d for and on bghall of th• Trust H C Frost- Trust•• Date.. 2711012025 Page 4
INDEPENOENT AUDITOR'S REPORT TO THE TRUSTEES OF THE APOLLO FOUNDATION Opinion We have audited the financial statements of The Apollo Fndat)n Ithe'chariwl for the period ended 31 December 2024 whith comprise the Statement of FinancAal Activities, the Balance Sheet, th8 Statement of Cash Flows and notes to the fiThanaal statements. induding significant accounting policies. The financial reporting IrarnewLYk that ha5 been applied in their preparation is applicable law and United Kingdom Acwunting stsndards. induding Finanaal Reporting Standard 102 The Financial Reporting Standard applicable in Ihe UK and Repu of Ireland (United Kingdom Generally Accepted Accounting Pracbctl. In our opinion the financkql stalernents.. give a true and fair w8w of Ihe state ol Ihe drity'S affairs 88 8t 31 December 2024, and of ils incorning resources and applK8IK)n of resources. i[d1J its Incr and exp8nditur8, ftx the period then ended.. have been properfy pr•parnd in ac(yxdance th United Kingdom Generally Aceeptèd Accounting Praclic8', and have been prepared in acwdance wth the wuirements ofthe charit$ Act 2011. Bas18 for oplnlon We conducted our aLKJit in accordan wilh Intemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our SponSibl1111es under thosg Standards a furthgr de$cTibed in the Auditor'$ reswnsibililies for the audit of Ihe financrdl slalements sectN)n of our report. We are independent of the ch8rily in accordancè with the olhical requiremènls Ihat ar6 relevant to our 8udii of the financial stal•m8nls in th UK, including Ihe FRC'S Elhical siandard. and wtr havè fuifillad our othar 8thical responsibilities in accord8nc8 wilh Ihe5e r8quirem8nts. We bdi8ve ihat tho Audrt evidence wè havè obtained is sufficient end appropriate lo wovide a basis opinK)n. Concluslons relatlng to golng concem In audiling the financial slalernenls. we have ¢orKluded that the Iwslees. useollhe 90irrtJ con¢gm b8$1$ of accounting In Ihe preparati of Ihe financial stslements Is appropriate. Based on th8 work w8 ha porformed. we hav8 not ¥J8ntrfi8d any material unc8rtaintl8s relating to events or conditions that, individually or cc41ectivdy. rnay ca51 svJnific8nt doubt on the charity's ability to continue as a going coneem for a peric#J ol aikasltwelve rMnih5 from wh8n the financial stalements are aulhorised for issue. Our responsibilits'es and Ihe reswnsibililies olth6 trustees ilh ffjSF*Ct to going corrn are describèd in tha relavant sections of this report. Oth•r Inlom)atfjon Tho other inlorrnation cornprises the Informati Iuded in Ihe Iruslee5' annual report, other Ihan the financial statement5 and our audit(x's rew)rt Iher80n. Th8 Irus188s are r8sponsible for th8 Other information contain8d within the annual report Our opinion on the financial statements do85 not cover the other information and, excepl lo the Èxlenl olherwse expIlIty staled in our rewjrt, we do not express any fomi of assurance conclusion ther. Our re5ponsibilty 15 to read th8 Oth8r informaiion aThJ, in doing so, consider whether th8 Oth8r information is materialty inconsislent wilh the financial siatemenis or our krboedge ob18ined in the course of the audit or otherwise appears to be malerially rnisstat8d. If we identify such material inconsistenc$ or apparent material misstatements, we are required io determine whether this gives rise to a malenal missialemeni in the financial staiements Ihemselves. If. based on the work we have perfortned, we ctsndude that the is a matenal misstatement of this other information, we are required to reFX)rt that fact We have nothing to report in Ihis regard.
INDEPENDENT AUDOR's REPORT TO THE TRUSTEES OF THE APOLLO FOUNDATION Icontinuedl Matters on which we are required to report by excoption W8 have nothing lo report in respect of the fdlowing matters in relatrjn towhich lh8 Charit18s IAc&wnts and Reports) R8gulatk)ns 2(K)8 require us io rèrM)rt to you rf, in our opinicffi= the infomialion given In the finanoal ststements is ints)nsislent in any matenal respect with the trustees, rerx)rt". or the charity h85 nol kept adequate 8cwJnbng recL¥ds', or the financial statements are not in agreement with the 8ccounting r8cords 8nd retums,. or we have not received all the infomialk)n and explanations we require for our audit. R88F)onsibiliti88 of trust8e8 As explained more fully in the truste8s' re5F#JnsiIitieS statement set c¥Jt cffl pag8 4. the tru51885 are respon51e lor the prepar811 ol Ihe financ41 staiernents and for being 581i5fied that they give a true and fair vièw. and lor such inlemal conlrol as Il Iwslees delemiine Is ne$sary enable th& preparatr.on of finanaal slalemenls that are free from material nmsstatement. ¥whether due to fraud or error. In ptsparing thè finanrial ststtrnents. trusté•5 • rt5P)n5iblè assessing Ihe ch3rty'5 ability lo eonlinue as 8 going concem. disdosng. as applicable. matters related lo going conr and using tha going concern basAs of accounting unK855 Ihe trus18e5 eilher in18nd to Uldte th8 charity or to cea58 operations, or havè no realislit a1tèmati bul to do so. Audltor's r•$pon8lblllll•$ for th• audlt of th• Ilnan¢lal stst•m•nts We have been appointed as audilor under seCtn 144 01 Ihe Charitias Aei 2011 and raport in accordance with regulations made under $8cbon 154 of thal ACL Our objectives are lo obtsin 8$Onable as$ur8nce about whether Ihe financi81 stalenwnts as a whole are free from material misstslemenl. whether due lo fraud (* error. and lo Issue an audilor's report thal includes our opini)n. Reasonable assurance is a hh level ofassurance. bul is not a guarantee that an audil conducted in accordanc8 with ISAS IUKI will atways det a mai#rial misststomenl when it oxisis. Misstatements can arise from fraud or eThor 8TrJ are considered material il, individually or in th8 aggrale, they CCAJld 8$Onaty be expecled ¢0 infiuence the economic decisions of users taken on the b881s of these financi81 slaternenls. Irragularitios. includirng fraud, aro instances ol rt)nthcomp4iance with laws and regulations. We design proeedures in lin8 With our r8spon5ibilities. tled above. to detect rna18rial mis5tat8rnents in respect of irregularilie5, including fraud. The specific procedures lor this engagernent and the extent io which these a Capable of detecting irregulanlies. Induding fraud Is ¢Yelailed below. We g8ne an understsnding of the legal and regulatory framework appli lo the chartty and how il operates and considered the n5k of Ihe charity nol complying with the apF4icable laws and regulations induding fraud in particular Ihose Ihat could have a malenal impact on ihe financial statements. Thi5 induded those regulations directly related the finarJ1 stslements. In latiOn to the charity this induded fi'nancial rerM)rtsng. The risks were discussed wrth Ihe audit team a1 we remained alert lo any indtionS of non complianc8 Ihroughout th8 audit. We cal8d spectfic procedure5 to addr8S5 th8 risk5 id8ntffi8d. These induded the f(Alowing'. Managemen¢ override." We reviewed systems and pr(teou$ lo identfy potential areas ol managemen¢ OVerre risk. In parb"cdar. we carried (t testing ol ioumal entries and other dju51rnents for appropriatene5S.
INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES OF THE APOLLO FOUNDATION (continued) Audito5 responsibilities for tho audit of th• fina181 stat8rnent5 Icontinuedl We vieWed minutes of Trustee 8oartJ meetings. correswndence with the Charity CommissM)n. agreeing the finan¢ia $latemenl disdosvres to undeflwng supporting documentation and made enquiries of management induding those responsible for the key regulations. We have reviewed the procedure5 in place forthe reporting of any incidents to the Trustee Board inrjuding serious incid8nt repcrting of th888 rnatlers as nec8ss8ry With th8 Charty CommissKbn. Because of the Inherent limltats)ns of an audit. is a risk that we will not detect all irregulariues. induding those leading to a rnaterial misstatement in the financial ststernents or nOn-Cornlance with regulation. Thi5 risk increa58S th8 more Ihal cLlance with a law or regUlatn 15 removed trom the events and tr8nsactK)ns rellected in the financial statements, as we will be less lik81y lo b9me 8war8 of instances of nofvcompliance. The risk is also gwler warding irregularib.es occurring due to fraud rather than error, as fraud involves intent¥)nal concealment. forgery. collusion. omission or misrepresenlalion. A further description ol OUT responsibilrties is available on th6 Finanual Reportsng CounrAI's website at- https'.Ilwww.frc.org.uklau¢yitorslaudit-assurancelaudilponSIbi1rtIes-for4htr8udlt-of-the- fildescription-of-thevauditor.hE2%80%99wesponsiblitiesvfor. Thss ¢escriptsoD f¢xms part of our audilor's report. Use of our report This report 1$ made scAely lo the Charity's tnJslee3, as a body, in aOranCe with Part 4 ofthe Charities (Accounts and Reports) Regulations 2008. Ouraudil work has been undertaken so that we might stale to the charity's trustees those matters we are reouired lo state lo them in an auditor's report and for no other purpose. To Ihe fullèst tsent pormrtted by law. wa do not ap1 or assumè responsibility lo anyon6 Othèr than thè charity and Ih charity's Irusiaès as a txjty. ouf audit work. for this report. or for Ihe opinions we have forrrd. Piyty P49 Ilp Price Bailey LLP. Chartered Accx)unlant and Slatutory Auditor Tennyson House Cambridge Business Part Cambridge CB4 OWZ D8te 28 October 2025 Price Ba1Y LLP is eligibkp lo aci a5 an wdiic* in lern of Sectw 1212 ofthg C¢ynpanig8 Art 2006.
THE APOLLO FOUNDATION STATEMENT OF FINANCIAL ACTMTIES FOR THE PERIOD 15 NOVEMBER 2023 TO 31 DECEMBER 2024 Total Fund5 Expendable Period Endowmont 15.11.2023 to Fund 31.12.2024 Total Funds Year to 14.11.2023 Unrestrlcted Fund In¢ome and Endowments Irom: Donations and legaoe5 10,000 Investment5 486,426 486.426 478,927 Deposit intere8t 6,194 6,194 6,820 Totsl In¢om• 492.ffj20 492.620 495.747 Expondlture on.. Raising funds 50,157 50,157 48,478 Charitsble athvitses 723.656 723.656 443,952 Total oxpendltur• 723.656 50.157 773.813 492.430 Net galns11108seal on Inv08tmont8 449.246 449.246 1714,2981 N•t l•xp•ndltur•V Incom• bèlng n•t mov•m•nt In fvnds 1231.0381 399.089 188.053 1710.9811 R•¢on¢lllatlon of Fund• Balances brought forward al 15 Nov8rnt4r 2023 13 1,057,937 9,022,170 10,080,107 10,791.088 Balance8 carrl8d forward al 31 Oecomber 2024 826.901 9,421,25 10,248,1 10,080,107 The notes on pages 1110 19 fomi part of the finartial $tements Page 8
THE APOLLO FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2024 31 De¢¢mb*r 2024 14 November 2023 Flx8d Assets Inve81ments 9,313,076 8,946,491 Heritage Assets 1,246,662 1,239,512 Current Assets Debtor5 Cash al bank 29.H3 67.438 30.122 75.312 10 Totsl ¢urr•nt a88•18 96.881 105.434 Currgnt Ll8bllltl•$ Cr8dilors'. Amount falling duo wthin one year 11 408,459 211,330 Net Current A88•ts 1311.5781 1105,8961 Totsl N•t As8•t8 10.248,160 10.080.107 Fund8 olth• Charbty- Unrestricted Fun Expendable Endowment Fund 15 15 826.901 9.421.259 1.057.937 9.022.170 Total charlty fund8 10.248.160 10,080.107 The notes on pages 11 to 19 fomi part of the financial statements 27 Oct 2025 The financlal 8tatement8 were approved and authorlsed for lJ8ue by the Trustees on Authorlsed to slqn on behall of the Trn8te88: Hamish Frost HCFrost- OEt 27. 2025. ru8te8 Page 9
THE APOLLO FOUNDATION STATEMENT OF CASH FLOWS FOR THE PERIOD 15 NOVEMBER 2023 TO 31 DECEMBER 2024 Period 15.11.2023 to 31.12.2024 Year ended 14.11.2023 Cash flows from opera¢ln9 a¢tlvllles Net Incofflel lexpenditurel for the ret*Nb'ng period Diwdends. interest and nts from investments (Lossesy gains on investments Decrease in debtor5 Increasel Idecreasel In credbtors 168.053 1492.6201 1449.2461 679 197.129 1710.9811 1485.7471 714.298 19.369 1139.4471 Net eash u59d in operating actiwb9S 1576,0051 1602.5071 Cash fflows Irom Inve8tlng a¢llvlVo8 Dividends. Inieresl and renls from investments Purchase ol heritage assets Purchase of investments Proceed$ from sale of investments 492.620 485,747 17,1501 172.7541 12,619,035) 11,284,673) 2,421,784 1,399,682 288.219 528,002 Change Sn cash and cash 8qul¥alont8 In th• year 287.7861 174,5061 Cash and cash tqui¥al•nlS al start of y 431,019 505.525 Ca8h and ¢aih 04ulv•l•nt8 at •nd of y•ar 143.233 431,019 Cash and ¢a•h •qufj¥•l•nt8 Is m•d• up ol: Cesh al bank (See note 101 87,438 75,312 Cesh and cash equivalents held 1h1n investments (See note 71 75,795 355,707 143.233 431019 Page 10
THE APOLLO FOUNDATION NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE PERIOD 15 NOVEMBER 2023 TO 31 DECEMBER 2024 1 ACCOUNTING POLICIES The folloving accwnting rM)licies have been ar(Aied w$istenlly in dIng wth items thich are ¢on$id&red material in lats.0n lo the Trusys finantsal slatements. Gonwal The charity constilules a public benefit enbty as defined by FRS 102. The financial s18tements have been prepared In arxordan¢e vnth A¢counts"ng and Ren9 by Charibe$'. Statement of Re¢ommgnded Pra¢li¢e applicable to charitie5 preparing their accoun15 in accoydance ilh the Financial Reporbng Standard applicable in th8 UK and Republic of Irdand issu8d in Octob8r 2019, th8 Financial Repa'n9 Standard applicable in the United Kingdom ané Republi¢ of Iland IFRS 1021. the Charits"es Ad 2011 and UK Generally Accepted Accounliry Practice. The Tru51ees knk th8 decison 10 8xlend Iheir accounling period so that their yar-end is timed with the 8nd of the calendar year. This de¢ision was laken as the calen¢Jar year end dale 1$ in line th many of the re¢ipient eharills 10 whom grants are awarded. The financial slatemenls have been prepa 10 give a 'true and lair, view and have departed from the Charities (Accounts and Reports) Regulations 2(X)8 only lo the exlent required lo provide a 'lrue and f8ir view.. This departure has invdved following the Acwnting and Rewjrting by Charib'es.. Sl8lement of Recommended Practice applicable 10 chariiies preparing Iheir ac¢ounls in acc(Kdance th Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 ralher than the Accounting and Reporting by Charities.. Sla¢ernent of Reujrnmended prath. elle¢ti¥e frcn 1 April 21X)S %thich has since been thdraWn. The Trust consts'luies a public benefit enbty as defined by FRS 102. Assets liabililies ar8 inilially COgnised al historical cosl or Iran5aclion ¥8lue unless otheiS8 slaled in Ihe relevanl accounting policy note. The financial slalemenis are presented in $lertin9. vkni¢ is the functional CUnCY of Ihe charity and a rounded to the nearest pound. Golng concem The Trustees have a reasonable expectsllon that Ihe Trust has adeouale soUrceS lo continue In operatlonal exislenc8 lor the foreseeable futur8. For this reason Ih8y CCfitinu8 lo adopt the going concem basis in the preparation of the finanrial slalements. Funds UnstriCted Funds comprise Ihose fvnds which Ihe Trustees a fe lo Use in accordance with the charitable objects. The Expendable En¢Jobwnent Fund represent5 tr58 a5set5 bvhich a held for the longer term for th8 Trust, in accordance bwlh the temis of the Trust Deed. In(xyne arising on Ihe Expendable Endowmenl Fund can be used in 8¢cordan¢e with Ihe objects of the Trust is induded in tt)e UnStrICted income. As an Endowmenl, capilal can also be spent in certain arcumslance5 in fuifilmenl of the Trust's objec15. Any capital gains or kjsses arising on the inv&slmenls held in Ihe Expendable Endowmenl Fund fomi part of th8 Fund. When there is a defiot in Ihe Unresiricted Income Fund. funds can be tsansferod from the Expendable Endowrnent Fund to meel Ihe rt[all. Income AJI investrnenl income is accTrIed for %*then th8 tharity is entiued lo receive the inme. Dividends are recognised when the shareholder's right to receive pawnent is established. Ml other income 1$ recognised once the charity ha5 entiuernent lo inc£e. it is that incorne will be r1ved and Ihe arnount of incorne receivable cAn be measured reliatrAy. Expenses l expenditure and liabilitie5 are accounted fvr an acLyua15 basis aw¥J has been da5sffied under headiThJ5 that aggregate all c¥)sts to the categcry. Donabons are recconised vthen paid or an eadier commitment made. All expenses extspt those related to raisiry funds lsio¢kbroke¢s managetnent lees) a deducted from the Unrestricted Fund as charitable expenditure IsuppKxt C05151. Page 11
THE APOLLO FOUNDATION NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE PERIOD 15 NOVEMBER 2023 TO 31 DECEMBER 2024 1 ACCOUNTING POLICIES (Continu...) Grants Grants payab18 ar8 payments made to third parbes in the furtherance of the charitable objects of the Trust. Single or fflulli-year grants are accounted for vthen eilher Ihe Tecipieni has a rea$able expecialitsn Ihai ihey will receive a grant and the trustee5 have agreed to pay the grant wilhoul condition, or the recipient has 8 re8son8ble 8XP8clatson that Ih8y will receivè a grant and any rdItion allaching to Ihe grant is cxJtsid8 of the control of Ihe Twst. Investments The Tru51 hold5 portfclios. one bilh Ralhtrx5 and Ihe other 1th Qui118r Cheviot Asset Management. The investments a$ at 31 December 2024 a stated al market value. Realised gains and lo$se$ are tsken to the statsmenl of Financial Acbvibes on diswsal ol investsnents and UnalISed gains and losses are tsken to Ihts Statement of Financial Activities on revaluation of the a58ets each Yr. Forelgn Currencles Transacb"ons during the ar have b88n converted al the same ex¢hange rale applicable al Ihat lim8. Assets and liabilitie5 in foreign currencie5 are translated at th8 exchange rdles at th8 balance sheet d8te or, where eppropriale, the rates of exchange under rdevanl foreign exth8nge contr8¢ts. Gains 8nd losses ari$ing therefrom are included in the Statement ol Financial Acbwti8& Deblors Short tsmi debtors are measured ai transaCn price. less any impaim)ent. Cr¢dl¢or¥ •ndprnvl•lon8 Creditors are reco9nised wknere Ihe Charity has a present oNJab"on resuthThJ Irorn 8 p86t event th81 wll probably result in the Iransler of funds lo a third party and Ihe amount due seiue ihe obligaiion can be measured or e51irnaled rdiably. Cr8ditor5 are normally recognised al their setU8rnenl amount after allowing for any trade discounts due. Flnancl81 Instruments The Charity ¢)nly has finala1 ossets aThJ finanual liaknlits'es of a kind that ¢walrfy as basic financial instruments. Basic financial instruments are inibally recogni58d at transaction valu8 and sub5equ8nly m8asured at their settlement value. which, in Ihe case of Ihe Charity is al o)sl for ClI0r$ and ¢Yeblors and market value for investments. Herltage Assots Heritage assets are valued at o)sl and baned lo Ihe AJfr8d B&1 Foundalion Idetailthl in note 81. The paintings have not been purchased as an invesiment bul for their aeS1he"c qualiD"es ¢JisrAay ai Russborough and the education of those visiting and viewing them lin line the objects). The Trustees have nol obtained valuation5. The Trustees feel Ihe ¢o$t of rthodi¢ valuatKJns w)uld ¢)uthigh the benefit Ihe Trustees and other users of the financial stalerDents. Broadfi81d Law UK LLP Ifrrnrfy BDB Pitman8 LLPI mainlain records of th8 as58ts and h(Ad on to the loan agreements on the Trustees, behalf. The assets wthe purchase of Ihem are dis(xwed at Trustees, meetings. Cash atbank orhand Cash at bank and eAsh in hand include5 rAsh and short le highly liquid investments with 8 short maturity of three months or less frcm the date ol acquisition or cTrIng of deFM)sitor similar account. Page 12
THE APOLLO FOUNDATION NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE PERIOD 15 NOVEMBER 2023 TO 31 DECEMBER 2024 2 JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the applicats.on of the Charitys wunting pleO8, ar& in note 1, the Trustees are reqUId to tnake judgemen15. eslirnates anEI assurnpbons aiwjul the cartytKJ arTM)unlS of a$5ets and liabilitie5 that are not readily apparent from other sources. The estimate5 assouated assumpti(5 are based on historical experience and other fa¢tors ¢on$thred to be rdevant. ArAual resuhs maydiffer from these estimates. The ests'males underfying assumption5 a re¥wed on an ongoing basis. Revi5ion5 to accounting estimates 8re r8cognis8d in the p8ri0d in %thich Ihe estimate is revised if Ihe r8vi&on affects only that peri, or in the period of Ihe revision and future perirMJ$ If the revision affects both ¢urrenl and future p$. The Trustee5 do not consider there are any utscal accounting judgements or key sources of estimation uncertainty requiring disdosure. 3 DONATIONS AND LEGACIES There werg rrf) donations 8Tha1gga¢ig$ during th8 P8nJ(2023.. £10,000.) 4 DEPOSIT INTEREST P•rlod 15.11.2023 to 31.12.2024 Year ended 14.11.2023 Ralhbones Investment Management Vermeer Investrnenl Management 3,422 2.772 2,856 4.164 P•rlod 15.11.2023 to Yoar ended 31.12.2024 14.11.2023 S COST OF GENERATING FUNDS Rathbones Investment Management lees Vemieer Investrneni Management fees 27.369 22.788 25,578 22,900 The cost of generabng funds represent expendrtV set agalr1 Ihe ExpendatrAe Endowment Fund In Ihe current and pCeding year. 6 CHARITABLE EXPEN0uRE P•riod 15.11.2023 to 31.12.2024 Year ended 14.11.2023 Grants mad¢ or ¢ommill•il in y•ar-fiJrtherdotsils in n*)t• 12 623.893 325.535 The Trust supports gen8r81 charitaN8 obJ8cves a5 ouuined in th8 TNste8S Report. In accordance 1h SORP 2019 FRS 102 grantmaking should indude the cost of grants and as50oatwJ 5UPtK)rt Costs these are a5 fL4Iow5: Balan carried fowdrd 623.893 325,535 Page 13
THE APOLLO FOUNDATION NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE PERIOD 15 NOVEMBER 2023 TO 31 DECEMBER 2024 6 CHARITABLE EXPENDITURE I¢cntlnue¢ll Period 15.11.2023 to 31.12.2024 Year ended 14.11.2023 Balances broughtforward 623,893 325,535 Support C08ts Audit f88 e¢ Cobbe Design fge Trustees travel and other eXn$8$- see below BDB Pilmans LLP jministraCffi lees Bank charyes Exchange Rale IIos5esV gain5 Art Transportation C051s Costs of dosing Terra Eire Limited 9,900 9,559 7,690 69.643 1.282 23.270 5.426 1,206 80.016 1.543 111.0921 4,743 Totsl of support ¢o•ts 99.763 118.417 723.656 Charitable actiwlies expendilU unreslricteil in n8tuTr in )th the aTrJ preceding the year. Dl8Glo8ur• olTrust••s' R•mun•rntlon. B•n•fft8 and Exp•n••• None ol the Trustees have been paid any rernuneralion received any other benefits from an emplonent with Ihe Charlty or a rdaled enlity. Tw$iees' travel and subsistence expenses of £5.094 have been incurred an rMbur$ed during Ihe ye8r12023.. £7.6901. Pleas8 see further d818i1s Icf related party tranSaCc5 ai noie 17. AudSt fe The amount payable Icrf Ihe Chantys 2024 aJit £9.5. (2023." £9.9001. 7 INVESTMENTS Malket Valug on 15.11.2023 Galns reallsed and unr¢oll$¢d Cash Market Valuo mov•m•nts Addttlons al ¢o$l Dlsposals 31.12.2024 Quoted securities Rathbone5 4,144,012 1,058,364 1919,0781 233,523 4.516,821 Quoled securitie5 Verrneer 4,446,772 1,560,671 11,502,7C61 215,723 4,720,460 Cash 355,707 1279,9121 75,795 8,946,491 2,619,035 2,421,784 449,246 279,912 9,313,076 Historic (x)sl £ 8.820.310 Realised 9ains 147.890 12023". £8.545.1621 Unw11 9ains 301.356 Page 14
THE APOLLO FOUNDATION NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE PERIOD 15 NOVEMBER 2023 TO 31 DECEMBER 2024 8 HERITAGE ASSETS PÈ0 15.11.2023 to 31.12.2024 Year ended 14.11.2023 1. Jacques de Lajoue- The Nalural Hi510ry Cabinel of mSIeUr Bonni8r d81a Mosson1É180.IXX)- 16 May 20161 2. Irish Schod 18th Century- Portrait of the Eart of mill1thl23 Marth 20161 3. Van O$tade- Adorati of the Shepherds125 May 20171 4. Pair of George 11 Cast Silver Candlesticks. Arthur AnneSY 1759 lÉS,OI- 5 April 20181 Silver handled tray10.3(K)- 25 June 20181 6. Silver Tffjasury Slanllish London 1É1.800- 25 June 20181 7. Pair of polygonal land5cape5 by George Baffel IE45.(KQ- 9 January 20191 8. Italian Bronze Nessus and Dwaneira after Giarnwogna, 17th1181h Century 9. Studlo of ClauOe•Joseth Vemel. Cappncrio Vie of Nar4es aThJ Ti¥c4i 143,696 143,696 7,500 7.500 661.077 661.077 4,384 4,384 2.523 2.523 1.376 1.376 41,296 41.296 10,400 10.400 58.500 10. Robert Hunter, Portrait ol Joseph Le8son. 2nd Earf of N'IMown 11. Follower of Pier Leone Ghezzi, a caricalurg of 9endemen takin9 tea 12. Anthony Lee. Portrall of a Lady 13. Joseph Leeson- Copy of portrait 14. Pi8r Glass for Newbridg¢ Hou80 15. Venus de Medici Iparti 16. Table- Boite D'ouvrdgts 17. Sludio of Claude-Jos8phe Vemet. Fish8ffln r¢luming al nwi 18. Lacroix de Marseille, Eveniry 38 x $3 in 19. Studio ol Omrio Marin81i- Sal)m 19,500 19.500 1,560 9.100 9.1L)O 6,240 6.240 24,528 24.528 12,520 12.520 6,144 6.144 20,760 20,780 85,000 10,000 10,(M)O 20. Pair of Irish p)rtrait5 2,150 1.128,254 1,128,104 Add: •xponS•• 20151201e expenses 201612017 expenses 201712018 expenses 202212023 expenses 202312024 expenses 25.061 20.006 5.587 62.754 s,000 25.061 20,006 5,587 62,754 Herltago Assets at cost 31 December 2024 1,246,662 1,239,512 9 DEBTORS Perlod 15.11.2023 to 31.12.2024 Year •nd•d 14.11.2023 Other d8btors Prepayw*nls and accru8d irrne 8,816 20,627 30,122 29,443 30,122 Page 15
THE APOLLO FOUNDATION NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE PERIOD 15 NOVEMBER 2023 TO 31 DECEMBER 2024 10 CASH AT BANK PÈ0 15.11.2023 to 31.12.2024 Year ended 14.11.2023 Metro Bank RatK)neS Investment Mana9ement Vemieer Asset Management 7,258 3,149 57.031 12,981 8,395 53.936 75. 11 CREDITORS Poriod 15.11.2023 to 31.12.2024 Y••r •nd•d 14.11.2023 Grants payable Inole 12 and note 131 Accruals Olher creditors 381.379 27,080 183,526 25.039 2,765 408,459 211,330 12 GRANTS PAYABLE Pèrfod 15.11.2023 to 31.12.2024 Year ended 14.11.2023 Grants broughl lothard Granls aulh0ri5ed in ihe year Inoto 131 Grants paid in the year Foreign exchang8 rnovgrnent 183.526 623.892 1413,7801 112,2591 322.331 325,535 1487.5491 23,209 13 GRANTS TO INSTITUTIONS 15.11.2023 to 31.12.2024 Y•ar ènded 14.11.2023 The Alfred Bell Foundation Additional expenditure re Vemet dr8ng rrKJm If6.9851 Repairs, maintenance & in5urafice IE14.4371 Russborough maintenance and other gonts Vernel Room publication1É4.0001 e.190 13.032 239.479 399.905 3,552 Other beneficiaries College of St Colombia- lap88ty r8pairs1É5,0001 Curraghmore- Sh811 Hous81É38,5821 Curraghmore- pictu dean and hang 4,144 33,666 10.(KK) Balan carried forwar 417,601 292,367 Page 16
THE APOLLO FOUNDATION NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE PERIOD 15 NOVEMBER 2023 TO 31 DECEMBER 2024 13 GRANTS TO INSTrruTIONS ICon¢inuedl Perlod 15.11.2023 to 31.12.2024 Year ended 14.11.2023 Balances brought forward 417,601 292,367 her beneflclarles contlnued Curraghmore- walled 9aré6n lQ6.5e81 Dr Edward McParfand". The Language ofArchiieciural class$M(9.942.37j Ferdinand Webber Piano. Alidore caSe- 5t£¥allOn ests'male Historic Roydl Palaces- resloralion ol a wlrail lo te displayeil af Hillboroug Historic Roy81 Palaces- r8sloration ol Lady AJic8's T8rnF48 at Hillborough Hunt Museum, Lim8rick If10,0001 IGS Journal." $it8 funding1É5,OCiII Irish Primate of Franco The King's Foundation Natsonal Gallery1É1,0001 Temple House1É20,1721 Walercolour Worfd Watsrford Treasures ai tho &any Limii•d- Irish Wake j$ourn131,0 22.021 8.824 5,500 43,1 8,289 4,411 5,000 100,000 873 16,720 5.000 27.395 Totsl Grants 632,966 325,635 2022123 adjustments 2023124 adluslments 11001 19,0741 Net Gron¢• ¢ommStt 14 OUTSTANDING COMMITTED PAYMENTS P•dod 15.11.2023 to 31.12.2024 Y•or •nd¥d 14.11.2023 Curator at RuSstrK)rough1É50,OI Stalue casts lor ni¢*eB 1É3,6501 Gardener1é20,0001 Russborough House mainlenance1É14.1671 Russborough House 9enerèl1&25.lJOOI 47,265 12.740 18.W6 12.362 3,025 186.449 Bantry House 1É4.6501 Co118ge of St Columba 1É5,7621 Curraghrnore- Shell House I,582) 4,057 4,809 4,057 665 33,686 Balan carried forward 198.340 129.661 Page 17
THE APOLLO FOUNDATION NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE PERIOD 15 NOVEMBER 2023 TO 31 DECEMBER 2024 14 OUTSTANDING COMMfrTED PAYMENTS IntinU) PÈ0 15.11.2023 to 31.12.2024 Year ended 14.11.2023 Balances brought forward 198,340 129,661 Curraghmore- pictu dean and hang Curraghfflore- walled 9arden1é26.5681 Ferdinand Webber Piano. Alidore caSe- rest(¥alion esb'male Historic Roydl Palaces- restorab'on ol Lady Ajice's TernF48 at Hillborough Hunt Museum, Lim8rick1É10,0001 Irish Primate of Francg Kilmainham Ho$pilal- reslon"NJ painliNJs é10.L The King's Foundation Natsonal Gallery1É36.0(Kll Temple House1É15,200 Watercolour Worfd West Wicklow Chamb8r Music Feslival IfS.CWI 10.000 22.021 1.500 43,100 8,289 5,000 8.726 75,000 31.413 16,720 2,267 4,142 8,726 381. 79 .526 Euro values $18led above h8ve l)een converted the exchwvae rate in plar at Ihe relevant year end. 15 ANALYSIS OF NET ASSETS BETVEEN FUNDS Total Funds Exp8ndablo P•rlod Endowment 15.11.2023 to Fund 31.12.2024 Unrn8tdctsd Incorne Fund Investments Hentage Assets Net current assets 1,138.479 8.174,597 1,246.662 9,313.076 1.24e.f62 1311.5781 1311.5781 826.901 9 421,259 10,248 160 Expendable En41owm¢nt Fund Totsl Funds Year to Vnrn$trl¢t In¢om Fund 14.11.2023 Inveslrnent5 Heritsge A55ets Net current a5S8ts 1.163.833 7.782.658 1.239,512 8.946.491 1,239.512 1105,8961 1105,8961 1,057,937 9,022,170 10,080,107 16 RELATED PARTY TRANSACTIONS Edward Nitholas William was a consuiiant to Brvadfield Law UK LLP Ilowpnerfy BDB Piknan5 LLPI during the perk)d covered by these aco)unts. During Ihe period. the Charity was Invol £80.016 for administrdtion fees 12023.. t69,6431, which is all charitable eXnditre (support costs). At th8 year end Broadfield were owed £12,18012023.. £15,139). exander Cobbe was a Twstee during the perKMY 0)Ve by these accounts and the owner of Alec Cobbe D8sign, who prowded serwces of £11,708 in the periiMI 12023.. £71,711), £9,559 12023.. £25,571) relating to works done on the Vemet RIK)m and £2.14912023- £46.1401 rdating to works done on the Heritage assets. No funds were owed to Ajec Cobbe Design 8t Ihe peri(Al end. There are no olher related party transad?ns requiring disrJsure12023.. £Nil}. Page 18
THE APOLLO FOUNDATION NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE PERIOD 15 NOVEMBER 2023 TO 31 DECEMBER 2024 17 PRIOR YEAR STATEMENT OF AcTlEs STATEMENT OF FINANCIAL AcTIVlEs FOR THE YEAR ENDED 14 NOVEMBER 2023 Expendable Endowment Fund Totsl Funds Year to 14.11.2023 Unsl¢t¢d In¢omè Fund Income and Endowments from.. Donations an¢ 109a¢ie$ Investments 10,000 10,(K)O 478.927 478.927 D8P0511 interest 6.820 6.820 Totsl Incom• 48S.747 10.000 49S.747 Exp•ndlture on: Raising funds Charitable acti¥Atie$ 48,478 48.478 443.952 443.952 Total •xnd61Ur• N•t galnsl 11088081 on In¥•8tm•nts 443.952 48.478 492.430 1714.2981 1714.2981 N•t l•xp•ndltur•ll In¢om• b•ln¥ not movom¢nt In lund• 41.795 1752.7761 1710.9811 R•¢onclllatlon ol Fund8 Balances brought forward at 15 November 2022 1.016.142 9,774.946 10.791,088 B414n¢•s carrl•d for%¥ard •t 14 Nov•mb•r 2023 1,057,937 9.022.170 10,080 107 Page 19