THE VICTOR ADDA FOUNDATION
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
THE VICTOR ADDA FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' Report | 1 - 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 - 9 |
THE VICTOR ADDA FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025
The Trustees present their annual report and Financial Statements of the charity for the year ended 31 March 2025. The Financial Statements have been prepared in accordance with the accounting policies set out in note 1 to the Financial Statements and comply with the charity's Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing 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
Constitution
The Victor Adda Foundation is a registered charity governed by a Settlement Deed dated 5 November 1984. Charity Number: 291456
Registered Office The Administrator One Bank Street, Canary Wharf, London E14 4SG Bankers and Investment Managers Union Bancaire Privee (UK) Limited One Bank Street, Canary Wharf, London E14 4SG Independent Examiners M S Aulak BSc, CIPFA FCCA Chartered Certified Accountant 25 Coolgardie Avenue, Chigwell Essex IG7 5AX
Trustees Mrs Helene Esther Alexander Jeremy Hawes Linda Zeitlin Susannah Alexander
On 31 March 2025 the legal name of the corporate trustee changed from SG Kleinwort Hambros Trust Company (UK) Limited to Kleinwort Hambros Trust Company (UK) Limited.
Objects of the charity
The objects of the charity are to promote and support such charitable purpose or purposes, and such charitable organisation or organisations (being purposes and organisations which are exclusively charitable according to the law of England) as the Trustees shall from time to time in their discretion decide.
Grant making policy
The Trustees' current policy is to consider all written appeals received, but only successful applicants are notified of the Trustees' decision. Donations are decided periodically, and it is unusual for the Trustees 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 Trustees made donations to charities detailed on page 8 of the financial statements.
Charity's public benefit
The Trustees have ensured that all activities throughout the period have been in the interest of public benefit.
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THE VICTOR ADDA FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025
Financial review and investment policy
The financial statements cover all the activities of the charity during the year. Gross income totalled £81,333.96 (2024 - £71,669.25). Gross Expenditure totalled £53,798.55 (2024 - £59,043.67)
Under the governing document, there are no restrictions on the charity's power to invest. The overall investment policy is to achieve long term capital growth in real terms, whilst providing a yield at least in line with the UK equity market.
Review of the activities and future developments
The Trustees are satisfied with the financial position of the charity and confirm that they have adequate assets available to fulfil their obligations. There are no plans to alter the charity's activities next year.
Appointment of Trustees and charity organisation
The charity is managed by the Trustees who are appointed under the terms of the Trust Deed, with daily administration being dealt with by the Administrator at Kleinwort Hambros Trust Company (UK) Limited. The directors of the Corporate Trustee on the date of the Trustees' approval were: George Robert Ryan, Rachel Anne Armstrong Iles and David Bromley. No fundraising is undertaken to support the work of the charity.
Reserves policy and risk management
The Trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately three months of unrestricted charitable expenditure. The Trustees consider that this level will provide sufficient funds to respond to applications for grants and ensure that the support and governance costs are covered. The Trustees consider that a level of three months is sufficient given the flexibility afforded by the total return approach towards the investment of the permanent endowment which allows the Trustees to transfer amounts from the unapplied total element of the endowment fund in the case of urgent need. The balance held as unrestricted funds at 31 March 2025 was £1,942,799.03 which is regarded as free reserves. Actual three month cash payments totalled £13,449.63. The current level of reserves is therefore higher than is needed.
The Trustees have considered what risks the charity faces and believe these to be fraud or poor investment performance. Adequate systems are in place to mitigate fraud and investment performance is regularly monitored.
Trustees' responsibilities in relation to the financial statements
The charity Trustees are responsible for preparing a Trustees' annual report and Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity Trustees to prepare Financial Statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the Financial Statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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THE VICTOR ADDA FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 prepare the Financial Statements on the going concem basis unless it is inappropriate to presume Ih81 the charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose wlh reasonable accuracy at any time the financial position of the chaTity and to enable them to erssure that the Financial Statements comply with the Charities Act 2011, Ihe applicable Charibes (Accounts and R8POrts} Regulations. and the provisions of th8 Tnjst Deed. They ara also responsible for saf8guarding the assets of the charity and taking reasonable steps for the prgvention and detection of fraLKI and other irregularities. The financial statemen18 were 8pproved by the Trustees. Signed on behalf of the Trustees. Mrs Helene EslherAJexander Tnjstee Dated
THE VICTOR ADDA FOUNDATIOM INDEPENDENT EXAMINER'S REPORT IN10ndOnt •xamlnerfs report to th• Tru$te88 of Victor Adda Foundatlon I report lo the Trustees on my exarninallon of the accounts of the Victor Adda Foundation for the year ended 31 March 2025. ResPSIbIlItieS and ba8b of report As the charfty Trustees ol thè Trust you are responsibfe for the preparatlon of the ac¢ounts in accordance vh the requirnents of the Charrties Act 2011 Dhe A¢t). I reptyt in respect of my examinaiion of the Trust's accounts carried out und8r section 145 of the 2011 Act and in carrying out my examination I have followed all Ihe applicable Direetion$ given by the Chadty Commission under Section 145151{bl of the Act. Ind•pond•nt Examlnfrrfs Ststgm•nt I have completed my examination. I confirm that no material matters have come to my attention in connection %wth the examlnalion giving me causè to belleve that in any material respect.. 1. accounting records [e not kept in respect of the Trust as reqUId by section 130 of the Act., or 2. the accounts do not accord with those records., OT 3. the accounts do not comply 7th the applicable requlremenls conceming the fomi and content of accounts set out in the Charities (Accounts and Reports) Regulation8 2008 other than any requirement that the accounts give a Irue and fair view which Is not a matter considered as part of an independent examination. I have no ¢on¢ems arKI have come across no other mallers in connection %Mth the examination lo which attention should be drawn in this report in Order lo enable a proper understanding of the accounts to be reached. M S Aulak Bsc CIPFA FCCA Chartered Certified Ac¢ountsnt 25 Codgardle Avenue Chiwdl Essex IG7 SAX
THE VICTOR ADDA FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
| 31/03/2025 | 31/03/2024 | ||
|---|---|---|---|
| Note | Unrestricted | Unrestricted | |
| Fund | Fund | ||
| £ | £ | ||
| Income | |||
| Investment Income | 3 | 81,333.96 | 71,669.25 |
| Total Income | 81,333.96 | 71,669.25 | |
| Expenditure | |||
| Costs of Investment Management: | |||
| Union Bancaire Privee Investment Management Fees | 12,378.55 | 11,968.67 | |
| Expenditure on Charitable Activities: | |||
| Donations | 4 | 32,000.00 | 37,500.00 |
| Support Costs | 5 | 9,420.00 | 9,575.00 |
| Total Expenditure | 53,798.55 | 59,043.67 | |
| Net Income/(Expenditure) Before Gains and | |||
| Losses on Investments | 27,535.41 | 12,625.58 | |
| Net (Losses)/Gains on Investments | 6 | ||
| Realised | (6,024.69) | (4,183.65) | |
| Unrealised | 46,862.36 | 56,838.98 | |
| Book Cost Adjustment - Robeco | - | (38.43) | |
| 40,837.67 | 52,616.90 | ||
| Net Movement in Funds in the Year | 68,373.08 | 65,242.48 | |
| Funds | |||
| At 1 April 2024 | 1,874,425.95 | 1,809,183.47 | |
| Net Movement of Resources in the Year | 68,373.08 | 65,242.48 | |
| At 31 March 2025 | £1,942,799.03 | £1,874,425.95 |
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THE VICTOR ADDA FOUNDATION BALANCE SHE FOR THE YEAR ENDED 31 MARCH 2025 Note 2025 2024 FSxed Assets Investments Fre8hotd PPertY 1.729,557.24 11K).00 1.700,754.24 100.00 1,729.657.24 1,700,854.24 Current As68t$ D8btors 16.929.65 210.427.64 56,771.37 118.120.34 Cash at Bank 227,357.29 174,891.71 Currnnt Liabilitiès Cr8ditors, amounts falling due vthin one y88r 9,420.00 1.320.00 Net Current Ass8ts 217.937.29 173,571.71 Assets less Curr4nt Llabllltl•s £1.947,594.53 £1.874,425.95 Unreslrictsd Fund 1.947.594.53 £1.874.425.95 £1.947.594.53 £1,874,425.95 The Financlal Statements were approved by the Trustses on 2025 Jeremy Haw*s Chairman of the Trustees 2S-11-LJ Dated
THE VICTOR ADDA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting Policies
Accounting Convention
These financial statements have been prepared in accordance with the particular accounting policies described below.
Basis of Preparation and Assessment of Going Concern
The financial statements have been prepared under the historical cost convention except for investments, which have been included at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their Financial Statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102. The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Basis of Accounting
- Income recognition
All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Income tax recoverable in relation to investment income is recognised at the time investment income is receivable.
- Expenditure recognition
All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
Investments
Listed investments are included in the financial statements at mid-market value at the balance sheet date. Unlisted investments are included in the balance sheet at their historical cost less any amounts written off. Investments include cash held for investment purposes.
Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.
2 Information regarding Trustees and Employees
No remuneration was paid to the Trustees during the year (2024: nil) and no expenses were claimed (2024: nil) and Kleinwort Hambros Trust Company (UK) Limited received a fee of £8,100.00 (£8,220.00 in 2024) for administration services. The charity had no employees.
| 3 Investment Income Income from UK Listed Securities Union Bancaire Privee Bank Interest |
2025 £ 76,438.09 4,895.87 £81,333.96 |
2024 £ 67,990.13 3,679.12 |
|---|---|---|
| £71,669.25 |
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THE VICTOR ADDA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| 4 Donations to Charitable Institutions The Fan Museum Trust Kagan Learning 5 Analysis of Governance and Support Costs Governance Costs: Kleinwort Hambros Trust Company (UK) Limited Fees Bank Charges Independent Examiner's Fees |
2025 £ 32,000.00 - £32,000.00 2025 £ 8,100.00 - 1,320.00 £9,420.00 |
2024 £ 30,000.00 7,500.00 |
|---|---|---|
| £37,500.00 | ||
| 2024 £ 8,220.00 35.00 1,320.00 |
||
| £9,575.00 |
6 Investments
The portfolio is structured to provide a wide range of diversification to protect the Trust's capital and to produce a level of income in line with or above that of the Financial Times 100 Index.
| Investments listed on a recognised Stock Exchange | 2025 | 2024 |
|---|---|---|
| £ | £ | |
| Market Value Brought Forward | 1,700,754.24 | 1,657,785.24 |
| Purchases | 579,980.50 | 902,207.81 |
| Disposals | (592,015.17) | (911,894.14) |
| 1,688,719.57 | 1,648,098.91 | |
| Realised (Loss)/Gain | (6,024.69) | (4,183.65) |
| Unrealised Gain/(Loss) | 46,862.36 | 56,838.98 |
| Market Value Carried Forward | £1,729,557.24 | £1,700,754.24 |
7 Freehold Property
The £100 represents the value of the reversionary freehold of 10-12 Crooms Hill, Greenwich subject to a lease granted to the Fan Museum Trust for 999 years from 1 July 1988.
| 8 Debtors Accrued Income Dividends Due Tax Reclaimable |
2025 £ 3,763.45 - 8,370.79 £12,134.24 |
2024 £ 97.60 660.00 56,013.77 |
|---|---|---|
| £56,771.37 |
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THE VICTOR ADDA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| 9 Creditors, amounts falling due within one year Independent Examiner's Fee Kleinwort Hambros Trust Company (UK) Limited Fees |
2025 £ 1,320.00 8,100.00 £9,420.00 |
2024 £ 1,320.00 - |
|---|---|---|
| £1,320.00 |
10 Related party transactions and trustees' expenses and remuneration
During the year the Victor Adda Foundation made charitable donations amounting to £32,000 (2024 - £30,000) to the Fan Museum Trust (registered charity number 295303). Two of the Trustees of the charity Mrs H E Alexander and Mrs L Zeitlin are also Trustees of the Fan Museum Trust.
Kleinwort Hambros Trust Company (UK) Limited received a fee of £8,100.00 (£8,220.00 in 2024) for administration services.
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