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 OCto￿r 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 I￿land1- 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 acc￿￿8￿ce 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$s¢ts ar¢ detsiled in Not¢ 8.
Flnanclal Revlew
Investment Olcy
The Trust Deed gives the Trustees wide powers of investment. Rathbones
and Vem)eer Assel Management have been appointed as investment
m8n8gers both have invesled in diverse portfolios.
Rathbones invesiment value on 31 December 2024 when compared with
the previous year-end, has increased by £372,809, from £4,144,012 to
£4,516,821. Vemeer Asset Management portfolio has increased in valug by
£273,688 on 31 December 2024 from £4,446,772 10 £4,720,460. (Furthèr
deiails of both porfc4i05 are shown in note 7 of the accoun151.
Funding policy
The obiecls of the Charity pem)il Ihg Trtjslegs lo benefit the fine arts In
Ire18nd. In view of Lady Bell's express wishes and the subslants'al funds
bequealhed io the Charity under her Will, ihe Trustees decided that the
Charity would continue its policy lo benefit the Ajfred Belt Foundation, which
mainlains and supports Russborough, Co Wicklow, Ir8land and its
olleclions. Grants wll be provided mainly from income bul the Trustees will
consider requests for laroer orants from capital for suitable projects.
Reserves policy
The Trustees will trstsblish the AwAlo Foundatson's Reserves Policy with
reference to Charity Comrnission guidance ICC191 and accounting
standards ISORP 2019- FRS 1021. The Apollo Foundation holds adequate
reserves as working capital, to match income receipts wth operating
expendilure. Cashflow is monitorèd on 3 règular basis to meet this
Obl￿tive. The Trustees do not intend to build up reserves for unspecified
purposes, but rather to apply all income to direct charitable purposes. If,
however, the applications do not warrant grants equal to the income any
unspenl income ￿11 be ￿rrIed fotward tr) the next period. As at 31
Dwmber 2024 the￿ was
n¢ommitted Income of £826,901 12023-. £1,065,441). It 1$ 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 W￿ther 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 F￿ndat￿)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 d￿rity'S affairs 88 8t 31 December 2024, and of ils
incorning resources and applK8IK)n of resources. i[￿￿d1￿J 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 cor￿rn are describèd
in tha relavant sections of this report.
Oth•r Inlom)atfjon
Tho other inlorrnation cornprises the Informati￿ I￿uded 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 expI￿lIty 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 krbo￿edge 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 AUD￿OR'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#Jnsi￿IitieS statement set c¥Jt cffl pag8 4. the tru51885 are
respon51￿e 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￿$sary ￿ enable th&
preparatr.on of finanaal slalemenls that are free from material nmsstatement. ¥whether due to fraud or
error.
In ptsparing thè finanrial ststtrnents. trusté•5 *• rt5P)n5iblè assessing Ihe ch3rty'5 ability lo
eonlinue as 8 going concem. disdosng. as applicable. matters related lo going con￿r￿ and using tha
going concern basAs of accounting unK855 Ihe trus18e5 eilher in18nd to ￿Uld￿te th8 charity or to cea58
operations, or havè no realislit a1tèmati￿ bul to do so.
Audltor's r•$pon8lblllll•$ for th• audlt of th• Ilnan¢lal stst•m•nts
We have been appointed as audilor under seCt￿n 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$ur8nce about whether Ihe financi81 stalenwnts as a whole
are free from material misstslemenl. whether due lo fraud (* error. and lo Issue an audilor's report thal
includes our opini)n. Reasonable assurance is a h￿h level ofassurance. bul is not a guarantee that an
audil conducted in accordanc8 with ISAS IUKI will atways det￿ a mai#rial misststomenl when it oxisis.
Misstatements can arise from fraud or eThor 8TrJ are considered material il, individually or in th8
aggr￿ale, they CCAJld ￿8$Ona￿ty 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. t￿l￿ed 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 g8￿ne￿ 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 finar￿J1 stslements. In ￿latiOn to the charity this
induded fi'nancial rerM)rtsng.
The risks were discussed wrth Ihe audit team a￿1 we remained alert lo any ind￿tionS of non
complianc8 Ihroughout th8 audit. We ca￿l8d 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¢ OVerr￿e 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)
Audito￿5 responsibilities for tho audit of th• fina￿181 stat8rnent5 Icontinuedl
We ￿vieWed minutes of Trustee 8oartJ meetings. correswndence with the Charity
CommissM)n. agreeing the finan¢ia $latemenl disdosvres to undeflwng supporting
documentation and made enquiries of management induding those responsible for the key
regulations. We have reviewed the procedure5 in place forthe reporting of any incidents to the
Trustee Board inrjuding serious incid8nt repcrting of th888 rnatlers as nec8ss8ry With th8
Charty CommissKbn.
Because of the Inherent limltats)ns of an audit. is a risk that we will not detect all irregulariues.
induding those leading to a rnaterial misstatement in the financial ststernents or nOn-Corn￿lance with
regulation. Thi5 risk increa58S th8 more Ihal cL￿￿lance with a law or regUlat￿n 15 removed trom the
events and tr8nsactK)ns rellected in the financial statements, as we will be less lik81y lo b9￿me 8war8
of instances of nofvcompliance. The risk is also gwler warding irregularib.es occurring due to fraud
rather than error, as fraud involves intent¥)nal concealment. forgery. collusion. omission or
misrepresenlalion.
A further description ol OUT responsibilrties is available on th6 Finanual Reportsng CounrAI's website at-
https'.Ilwww.frc.org.uklau¢yitorslaudit-assurancelaudil￿￿￿ponSIbi1rtIes-for4htr8udlt-of-the-
fildescription-of-thevauditor.hE2%80%99wesponsiblitiesvfor. Thss ¢escriptsoD f¢xms part of our
audilor's report.
Use of our report
This report 1$ made scAely lo the Charity's tnJslee3, as a body, in a￿Or￿anCe 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 ts￿ent pormrtted by law. wa do not a￿p1 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 forrr*d.
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 Ba1￿Y 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$istenlly in d￿Ing wth items thich are ¢on$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 Re￿￿n9 by Charibe$'. Statement of Re¢ommgnded Pra¢li¢e
applicable to charitie5 preparing their accoun15 in accoydance *ilh the Financial Reporbng Standard applicable
in th8 UK and Republic of Irdand issu8d in Octob8r 2019, th8 Financial Repa￿'n9 Standard applicable in the
United Kingdom ané Republi¢ of I￿land IFRS 1021. the Charits"es Ad 2011 and UK Generally Accepted
Accounliry Practice.
The Tru51ees knk th8 decison 10 8xlend Iheir accounling period so that their y*ar-end is timed with the 8nd of
the calendar year. This de¢ision was laken as the calen¢Jar year end dale 1$ 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 frc*n 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 othe￿iS8 slaled in Ihe relevanl accounting policy note. The financial
slalemenis are presented in $lertin9. vkni¢* is the functional CU￿nCY of Ihe charity and a￿ rounded to the
nearest pound.
Golng concem
The Trustees have a reasonable expectsllon that Ihe Trust has adeouale ￿soUrceS lo continue In operatlonal
exislenc8 lor the foreseeable futur8. For this reason Ih8y CCfitinu8 lo adopt the going concem basis in the
preparation of the finanrial slalements.
Funds
Un￿striCted Funds comprise Ihose fvnds which Ihe Trustees a￿ f￿e lo Use in accordance with the charitable
objects. The Expendable En¢Jobwnent Fund represent5 tr￿58 a5set5 bvhich a￿ held for the longer term for th8
Trust, in accordance bwlh the temis of the Trust Deed. In(xyne arising on Ihe Expendable Endowmenl Fund can
be used in 8¢cordan¢e with Ihe objects of the Trust is induded in tt)e Un￿StrICted income. As an
Endowmenl, capilal can also be spent in certain arcumslance5 in fuifilmenl of the Trust's objec15. Any capital
gains or kjsses arising on the inv&slmenls held in Ihe Expendable Endowmenl Fund fomi part of th8 Fund.
When there is a defiot in Ihe Unresiricted Income Fund. funds can be tsansferod from the Expendable
Endowrnent Fund to meel Ihe ￿rt[all.
Income
AJI investrnenl income is acc￿￿TrIed for %*then th8 tharity is entiued lo receive the in￿me. Dividends are
recognised when the shareholder's right to receive pawnent is established. Ml other income 1$ recognised once
the charity ha5 entiuernent lo inc£￿e. it is that incorne will be r￿1ved 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$￿able expecialitsn Ihai ihey will
receive a grant and the trustee5 have agreed to pay the grant wilhoul condition, or the recipient has 8 re8son8ble
8XP8clatson that Ih8y will receivè a grant and any r￿dItion allaching to Ihe grant is cxJtsid8 of the control of Ihe
Twst.
Investments
The Tru51 hold5 portfclios. one b*ilh Ralhtr*x*5 and Ihe other ￿1th Qui118r Cheviot Asset Management. The
investments a$ 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 Un￿alISed gains and losses are tsken to Ihts
Statement of Financial Activities on revaluation of the a58ets each Y￿r.
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$ing
therefrom are included in the Statement ol Financial Acbwti8&
Deblors
Short tsmi debtors are measured ai transaC￿n price. less any impaim)ent.
Cr¢dl¢or¥ •ndprnvl•lon8
Creditors are reco9nised wknere Ihe Charity has a present oN*Jab"on resuthThJ Irorn 8 p86t event th81 wll probably
result in the Iransler of funds lo a third party and Ihe amount due ￿ seiue ihe obligaiion can be measured or
e51irnaled rdiably. Cr8ditor5 are normally recognised al their setU8rnenl amount after allowing for any trade
discounts due.
Flnancl81 Instruments
The Charity ¢)nly has fina￿la1 ossets aThJ finanual liaknlits'es of a kind that ¢walrfy as basic financial instruments.
Basic financial instruments are inibally recogni58d at transaction valu8 and sub5equ8nly m8asured at their
settlement value. which, in Ihe case of Ihe Charity is al o)sl for C￿lI0r$ 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 c￿TrIng 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 p￿le￿O8, ar& in note 1, the Trustees are reqUI￿d 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 P8n￿J(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 agalr￿1 Ihe ExpendatrAe Endowment Fund In Ihe
current and p￿Ceding year.
6 CHARITABLE EXPEN0￿uRE
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 obJ8c￿ves 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¢c*ntlnue¢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 eX￿n$8$- see below
BDB Pilmans LLP *jministra￿Cffi 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 emplo￿nent with
Ihe Charlty or a rdaled enlity. Tw$iees' travel and subsistence expenses of £5.094 have been incurred an
r￿Mbur$ed during Ihe ye8r12023.. £7.6901.
Pleas8 see further d818i1s Icf related party tranSaC￿c￿5 ai noie 17.
AudSt fe
The amount payable Icrf Ihe Chantys 2024 a￿Jit £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
PÈ￿0
15.11.2023 to
31.12.2024
Year ended
14.11.2023
1. Jacques de Lajoue- The Nalural Hi510ry Cabinel of m￿SIeUr
Bonni8r d81a Mosson1É180.IXX)- 16 May 20161
2. Irish Schod 18th Century- Portrait of the Eart of mill1th￿l23 Marth 20161
3. Van O$tade- Adorati￿ of the Shepherds125 May 20171
4. Pair of George 11 Cast Silver Candlesticks. Arthur AnneS￿Y 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. Fish8ffl*n 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 ir￿rne
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
PÈ￿0
15.11.2023 to
31.12.2024
Year ended
14.11.2023
Metro Bank
Ra￿tK)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 dr8￿ng 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￿$M(￿9.942.37j
Ferdinand Webber Piano. Alidore caS￿e- ￿5t£¥allOn ests'male
Historic Roydl Palaces- resloralion ol a wlrail lo te displayeil af Hillboroug
Historic Roy81 Palaces- r8sloration ol Lady AJic8's T8rnF48 at Hillborough
Hunt Museum, Lim8rick If10,0001
IGS Journal." ￿￿$it8 funding1É5,OCiII
Irish Primate of Franco
The King's Foundation
Natsonal Gallery1É1,0001
Temple House1É20,1721
Walercolour Worfd
Watsrford Treasures ai tho &an*y Limii•d- Irish Wake ￿j$ourn1*31,0￿
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,O￿I
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 I￿ntinU￿)
PÈ￿0
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 caS￿e- 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 eX￿ndit￿re (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 disr*Jsure12023.. £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 AcT￿lEs
STATEMENT OF FINANCIAL AcTIV￿lEs
FOR THE YEAR ENDED 14 NOVEMBER 2023
Expendable
Endowment
Fund
Totsl Funds
Year to
14.11.2023
Un￿s￿l¢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 •x￿nd61Ur•
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