THE VICTOR ADDA FOUNOATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 THE VICTOR ADDA FOUNDATION CONTENTS Page Trustees, Report Independent Examinerfs Report Slalement of Financial Activitie5 Balance Sheet Notes to the Financial Statements THE VICTOR ADDA FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report and Financial Statements of the charity for the year ended 31 Maich 2024. The Financial Statements have been prepared In accordance with the accounting poliaes set out in note 1 to the Financial Slatemènls and comply wth the charity's Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities". Staternenl of Recommended Practi￿ applicable to charities pieparing their Financial Statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019. Legal and Administrative Information Consti￿￿On The Victor Adda Foundation is a registered charity governed by a Settlement Deed dated 5 November 1984. Charity Number.. 291456 Régist•red office The Administrator One Bank Street. Canary Wharf, London E14 4SG Bankers and Investment Managèrs SG Kleinwort Hambros Bank Limited One Bank Street. Canary Wharf, London E14 4SG Indèpendent Examiners M S Aulak Bsc, CIPFA FCCA Chartered Certified Accountant 25 Coolgardie Avenue, Chigwell Essex IG7 SAX Trustees Mrs Helene Esther Alexander Jeremy Hawes Linda Zeitlin Susannah Alexander Objects of the charity The objects of the charity are lo promote and support such charitable purpose or purposes. and such charitable organisalion or organisations Ibeing purposes and organisations which are exclusively charitable according lo the law of England) a5 the Trustees shall from time to time in their discretion decide. Grdnt making policy The Trustees. current policy is lo consider all written appeals received, bul only succe$5ful applicants are notified of the Trustees, decision. Donations ale decided periodically, and il is unusual for the Ttustees to respond favourably to unsolicited appeals. The principal activity of the Trust is the continued support of the Fan Museum Trust. During the period under review. the Trustee5 made donatitsn5 to charities detailed on page 8 of the financial statements. Charitys public beneflt The Trustees have ensured that all activities throughout the period have been in the interest ol public benefit. THE VICTOR ADDA FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 Flnancial review and investment policy The financial statement5 cover all the activities of the charity during the year. Gross income lolalled £71.669.2512023- £64.590.371. Gross Expenditure totalled £59,043.6712023- £89.659.691 Under the governing document, there are no restriction5 on the charitys power to invesl. The overall inveslrnent policy is lo achieve long term capital growth in real term5, whilst providing a weld al least in line wrth the UK eqLJity market. Review of the activitie5 and I￿Ure developmènts The Trustees are satisfied wth the financial position of the charity and confirm that they have adequate assets available to fulfil their obligations. There afe no plan5 to aller the charity's activities next year. Appolntment of Trustees and charity oryanisation The charity 15 managed by the Trustees who aTe appointed under the terms of the Trust Deed, wrth daily administration being dealt with by the Administrator at SG Kleinwort Hambros Trust Colnpany IUKI Limited. The directors of the Corporate Trustee on the date of the Trustees, appToval were.. George Robert Ryan. Rachel Anne Armstrong Iles. Delyth Ann Richards and David Brornley. No fundraising is undertaken to support thè work of the eharity. Rèsèrvès policy and rlsk managèment The Trustees aim to rnaintain free reserves in unrestricted funds at a level whi¢h equates lo approximately three months of unreslncted charitable expenditure. The Trustees consider that this level will provide sufficient funds to respond to applications for grants and ensLJre that the 5UPPOrt and governance costs are Covered. The Trustees consider that a level of three months is sufficient given the flexibility afforded by the total retum approach towards the investment of the permanent endowment which allows the Trustees to transfer afflounls fiorn the unapplied total element of the endowment fund in the case of urgent need. The balance held as unrestricted funds at 31 Maich 2024 was £1.874.425.95 which is regarded as free reserves. Actual three month cash payments lolalled £14,760.91. The current level of reserves is therefore higher than is needed. The Trustees have considered what risks the charity lace5 and believe these to be fraud or poor investment performance. Adequate systems are in place lo mitigate fraud and investment perfomance is regularly monitored. Trustees. responsibilities in relation to the financial statements The charity Trustee5 are responsible for preparing a Tru5tees' annual report and FinanE131 Slalernents in accordance wth applicable law and United Kingdom Accounting Standard5 (United Kingdom Generalty Accepted Accounting Practice). The law applicable to charities in England and Wale5 requires the charity Trustees to prèpare Financial Statements for each year which give a true and fair view of the sl8le ol affairs of the charity and ol the incorning iesource5 and application of resources, of the charity for Ihat period. In prepaTing the Financial Statements, the Trustees are Tequired to." select suitable accounting policies and then apply them con51slentty'. observe the Methods and principles in the applicable Charities SORP., make judgernents and estimates that are reasonable and prudent", THE VICTOR ADDA FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 Stale whether applicable accounting standards have been followed. subject to any material departures that musl be disclosed an¢J explained in the Financial Statements., prepare the Financial Statements on the going concem basis unless rf( is inappropriate to presume that thè charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position ol the charity and lo enable them lo ensure that the Financial Statements comply wth the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the TIu5t Deed. They are also responsible for safeguarding the assets of the ¢harity and taking reasonable steps for the prevention and detection of fraud and other ir￿gUI8r1ties. The financial slalements were approved by the Trustees. Signed on behalf of the Trustees. Mrs Helene Trustee slher Alexander 12-IZ-2oZ Oaled THE VICTOR ADDA FOUNDATION INDEPENDENT EXAMINER'S REPORT Independent •xaminerfs report to the Trustèes of Victor Adda Foundatlon I report lo the Trustees on my examination of the account5 of the Victor Adda Foundation for the year ended 31 March 2024. Responslbilities and basis of report As the charity TTU5tees of the Tmst you are responsible for the PTeparalion of the accounts in accordance with the requirements of the Charits'es Act 2011 I'the Act'l. I report In ￿SpeCt of rny examination of the TTUSt's accounts carried out under section 145 of thè 20f1 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Cornmi5sion under section 14515llbl of the Act. Independent Examinerfs Statement I have completed my examination. I confirm that no material matters have come lo my attention In connecb.on wlh the examination giving me cause lo believe that in any material respect.. 1. accounting records were not kept in respect of the Trust as required by sects'on 130 of the Act., OT 2. the accounts do not accord with those reeoids., or 3. the accounts do not comply with the applirable requirements concerning the fom and content of accounts set out in the Charities (Accounts and Reports) Regul8lion5 2008 othei than any requirement that the accounts give a Irue and faiT wew, which is not a matter considered as part of an independent exarrination. I have no ¢on¢ems and have come across no other Matters in connection wth the examination to which attenlion should be drawn in this report in order lo enable a Proper understanding of the accounts lo be reached. M S Aulak Bsc CIPFA FCCA Chartered Certified Accountant 25 Coolgardie Avenue Chigwell Essex IG7 SAX Dated ........ THE VICTOR AODA FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE Y&4R ENDED 31 MARCH 2024 3110312024 Not* UnrÈ$trictsd Fund 3110312023 Unrestrictod Fund In¢ome Investrnent Income 71.569.25 64,590.37 Total Income 71.669.25 64.590.37 Exponditure Costs of Investment Management.. SG Kleinwort Hambr05 Investment Management Fees 11,968.67 12.331.89 Expenditure on charitab￿ Activities.. Donations Support Costs 37,500.00 9.575.00 64.560.00 12,768.00 Total Expendtture 59.043.67 89,659.69 Net IneomellExpenditurel Before Gains and Lo$$ès on Investmènts 12,625.58 125,069.321 Net ILosse8llGain8 on Inveslrnonts Realised Unrealised Aviva Distribution Proceeds Book Cost Adjustment- Robe 14.183.6SI 56.838.98 128,609.061 1112.776.191 3,660.84 138 431 52.616.90 (137,724.411 Net Movement in Funds in the Year 66.242.48 (162,793.731 Funds At 1 April 2023 1,809.183.47 1.971,977.20 Net Movement of Resour¢e$ in the Year 65,242.48 (162,793.731 At 31 Mar¢h 2024 £1,874,425.95 £1.809,183.47 THE VICTOR AODA FOUNDATrON BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2024 Nol¢ 2024 2023 Fixed Assets Investrnenls Freehold Property 1,700,754.24 100.00 1,657.785.24 100.00 1.700,854.24 1,857.885.24 Curront Assots Debtor5 Cash at Bank 56.771.37 118.120.34 57.021.33 107.044.90 174.891.71 164.066.23 urrent Liabllitie5 c￿￿￿Or$. amount5 falling due within one year 1.320.00 12.768.00 Net Currtnt A55¢ts 173,571.71 151.298.23 A5$ets le55 Current Liabilities £1,874.425.95 £1.809.183.47 Un￿StrICted Fund 1,874.425.95 £1,809.183.47 £1.874.425.95 £1.809,183.47 The Financial Slatements were approved by the Trustees on 2024 Jererny Hawes Chaimian of the Trustees 12-12-24 Dat THE VICTOR AODA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1 A¢counting Policie5 Accounting Convention These financial statements have been p￿pared in accordan￿ with the particular accounting poli¢ie5 described below. Basis of Preparation and As$Es¥ment of Going Concern The financial slaternenls have been prepa￿d under the historical c05t convention except for inve5tTnents, which have been included at market value. The financial statements have been prepared In accordance with the Statement of Recommended practi￿." Accounting and Reporting by Charities preparing their Financial Statements In accordance ￿t￿ the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102115sued on October 2019 and the Financial Reporbng Standard applicable in the United Kingdom and Republic of I￿land IFRS 1021 and the Charities Act 2011. The charity constitute5 a public benefit entity as defined by FRS 102. The Trustees consider that there are no rnalerial uncertainties about the charity's ability to continue a5 a going concem. Ba515 of Accounting Income recognition All incoming resources a￿ Induded in the Statement of Finanual Activitie5 when the tharity 15 legally entided lo the incorne and the amount can be quantified with reasonable accuracy. Income lax recoverable in ￿latIOn to investment in¢orne is recognise¢J at the tirne Inve$tsrent incorne is receivable. - Expenditure recognition All expenditure is accounted for on an accruals basis and ha5 been included under expense &qtegories that aggregate all costs for allocation lo activities. Vvhere costs cannot be diredy attributed to particular activities they have been allocated on a basis consistent with the use of the resource5. Grants payable are charged in the year when the offer is made except in those case5 where the offer is conditional, such grant5 being recogn15ed as e¥pendilure when the condition5 atta¢hing are fulfilled. Grants offered subject to con¢Jitions which have not been rnet at the year end are noted as a commitment, but not accrued a5 expenditure. Inve$tments Listed inve5trnent5 are included in the financial statements at rnid-mafket value at the balance sheet date. Un115ted Investments are Included In the balance sheet at their historical cost le55 any arnounls written off. Investments indude cash held for Investment purposes. Realised gains and losses All gHins and losses are taken lo the Statement of Financial Activities as they allse. Rea115ed gain$ and lo$$e5 on investments are calculated as the LIIfferen￿ beh¥een sales proceeds and their opening carrying value or their purchase value if acquired Subsequent to the first day of the financial year. Unrealised gain5 and 1055es a calculated a$ the dIffe￿nCe between the fair value at the year end and their carrying value. 2 Infomiation regarding Trustees and Ernployee$ No remuneration wa5 paid lo the Trustees during the year12023 nil) and no expenses were clairned 12023. nil) and SG Kleinwort Hambros Trust Company IUKI Limited re￿IVed a fee of £8.220.00 (£11,448.00 in 20231 for allministration Services. The charity had no ernployee$. 3 Irwe$tment Income 2024 2023 Incorne frorn UK Listed Securities SG Kleinwort Hambros Bank Interest 67.990.13 3,679.12 63.798.00 792.37 £71.669.25 £64.590.37 THE VICTOR ADDA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 4 Donation$ to Charitable Institutlon$ 2024 2023 The Fan Museum Trust Kagan Learning 30.000.00 7.500.00 64,560.00 £37.500.00 £64,%0.00 6 Analysi$ of Govemance and Support Costs 2024 2023 Governance Costs: SG Kleinwort Hambr05 Trust Company IUKI Limited Fee5 Bank Charges Independent Examinerfs Fees 8,220.00 35.00 1,320.00 11,448.00 1,320.00 £9.575.00 £12,768.00 6 Inve5trn¢nts The portfolio Is structured to provide a wide range of diversification to protect the Trust'5 capital and to produ￿ a level of incorne in line with or above that of the Financial Times 100 Index. Investments Il$t*d on a recognised Stock Exchange 2024 2023 MaFket Value Brought Forward 1.657.785.24 1,674,3S4.24 Purchases Dispos815 902,207.81 IS11,894.141 560,486.49 1435,670.241 1,648,098.91 1,799,170.49 Realised ILos$llGain Unrealised GainllLos81 14,183.651 56,838.98 128,609.061 (112,776.191 Market Value Carried Fonvard £1.700.754.24 £1.657.785.24 7 Fyeèhold Property The £100 represents the value of the reversionary freehold of 10-12 Crooms Hill, Greenwich subject to a lease granted lo the Fan Museum Trust for 999 year5 from 1 July 1988. 8 Debtors 2024 2023 Accrued In¢ome Dividends Due Tax Reclaimab 97.60 426.76 660.00 55,934.57 660.00 56.013.77 £56.771.37 £57,021.33 THE VICTOR ADDA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 g Credstors. amounts falling due within one year 2024 2023 Independent Examinees Fee SG Kleinwort Hambros Trust Company IUKI Limited Fe88 1,320.00 1,320.00 11,448.00 £1.320.00 £12,768.00 10 Related party tran8a¢tion8 and tru8tee$' expenses and remune￿￿.On During the year the Victor Adda Foijndation made charitable donaiions amounting to £30,000 12023 - £64,560) to the Fan Museum Trust {registe￿￿ charity number 2953031. Two of the Trustees of the charity Mr5 H E A￿xander and Mrs L Zeitlin are also Trustees of the Fan Museum Trust. SG KleinwDrt Hambros Trust Company IUKI Limrted received a fee of £8,220.001£11,448.00 in 20231 for administration services.