Company registration number 6176935 (England and Wales)
Charity registration number 1119183 (England and Wales)
SFUMATO FOUNDATION
COMPANY LIMITED BY GUARANTEE
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
SFUMATO FOUNDATION
COMPANY LIMITED BY GUARANTEE
LEGAL AND ADMINISTRATIVE INFORMATION
Trustee
Mr Glenn Hurstfield
Country of incorporation
United Kingdom
6176935
(England and Wales)
Charity registration
England and Wales
1119183
Principal address
First Floor, 48 Chancery Lane
London
WC2A 1JF
Registered office
First Floor, 48 Chancery Lane
London
WC2A 1JF
Accountants
Bright Grahame Murray
Emperor's Gate
114a Cromwell Road
Kensington
London
SW7 4AG
SFUMATO FOUNDATION
COMPANY LIMITED BY GUARANTEE
CONTENTS
Page
Trustee's report
1 - 2
Accountants' report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
6 - 9
SFUMATO FOUNDATION
COMPANY LIMITED BY GUARANTEE
TRUSTEE'S REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The trustee present their annual report and financial statements for the year ended 31 March 2025.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)”

Objectives and activities

The charity's objects are to promote, encourage and support the education of the public in the arts, humanities and sciences. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting grant policy for the year.

The charity's aims are to improve education opportunities for all. The main objectives for the year were to make grants to other charities in order to achieve these aims, by identifying suitable charities with similar objects to whom grant would make a significant difference to their work in this area. Occasionally, the charity commits to regular funding over a term of up to 5 years to assist in the completion of a specific project.

Public benefit

The trustee ha s paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance
Significant activities and achievements against objectives

The charity made no grants during the year as there was no liquid cash available.

Financial review

The charity's policy is to use its available funds to make grants to other charities, rather than to build up reserves. Grants are considered to any undertakings that satisfy the objectives of the charity and are subject to approval by the trustee.

Unrestricted funds held at the year end were £6,187 (202 4: £1,963).

The charity's only source of funding is from Keith Morris, the original founder of the charity.

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustee consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Major risks

The trustee has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. The trustee manages the risks by setting a reserve policy and reviewing it regularly.

Plans for future periods

The charity plans to continue its existing activities in the future periods.

Structure, governance and management

The charity is governed by its Memorandum and Articles of Association dated 21 March 2007 and is a company limited by guarantee.

SFUMATO FOUNDATION
COMPANY LIMITED BY GUARANTEE
TRUSTEE'S REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

The trustee, who is also the director for the purpose of company law, and who served during the year was:

Mr Glenn Hurstfield
Recruitment and appointment of trustees

The trustee holds the power to recruit and appoint new trustees. New trustees are trained by existing trustees. The trustee does not have any beneficial interest in the company. The trustee is a membe r of the company and guarantee s to contribute £5 in the event of a winding up.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the charity will continue in operational existence for the foreseeable future.

The trustee's r eport was approved by the trustee.

Mr Glenn Hurstfield
17 December 2025
SFUMATO FOUNDATION
COMPANY LIMITED BY GUARANTEE
CHARTERED ACCOUNTANTS' REPORT TO THE TRUSTEE ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SFUMATO FOUNDATION FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sfumato Foundation for the year ended 31 March 2025, set out on pages 4 to 10 from the charity’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made to the charity's trustee, as a body, in accordance with the terms of our engagement letter dated 7 December 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Sfumato Foundation and state those matters that we have agreed to state to the charity's trustee, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sfumato Foundation and the charity's trustee as a body, for our work or for this report.

It is your duty to ensure that Sfumato Foundation has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus of Sfumato Foundation. You consider that Sfumato Foundation is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.

We have not been instructed to carry out an audit or a review of the financial statements of Sfumato Foundation. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory f inancial statements.

Bright Grahame Murray
Chartered Accountants
Emperor's Gate
114a Cromwell Road
Kensington
London
SW7 4AG
17 December 2025
SFUMATO FOUNDATION
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
Unrestricted
Unrestricted
funds
funds
2025
2024
Notes
£
£
Income from:
Donations and legacies
2
8,400
5,040
Total income
8,400
5,040
Expenditure on:
Charitable activities
3
4,176
7,529
Total expenditure
4,176
7,529
Net income/(expenditure) and movement in funds
4,224
(2,489)
Reconciliation of funds:
Fund balances at 1 April 2024
1,963
4,452
Fund balances at 31 March 2025
6,187
1,963

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

SFUMATO FOUNDATION
COMPANY LIMITED BY GUARANTEE
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 5 -
2025
2024
Notes
£
£
£
£
Current assets
Cash at bank and in hand
8,407
4,063
Creditors: amounts falling due within one year
8
(2,220)
(2,100)
Net current assets
6,187
1,963
The funds of the charity
Unrestricted funds
6,187
1,963
6,187
1,963

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these accounts.

The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustee on 17 December 2025
Mr Glenn Hurstfield
SFUMATO FOUNDATION
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
1
Accounting policies
Charity information

Sfumato Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is First Floor, 48 Chancery Lane, London, WC2A 1JF.

1.1
Basis of preparation

The accounts have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustee have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustee continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds comprise those funds which the trustee are free to use for any purpose in furtherance of the charitable objectives. Unrestricted funds include designated funds where the trustee, at it's discretion, have created a fund for specific purposes.

1.4
Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is accounted for on a receivable basis.

1.5
Expenditure

Governance costs relating to the general running of the charity, such as accountancy fees, legal fees, and professional fees, are recognised in the statement of financial activities when the liability arises.

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

SFUMATO FOUNDATION
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 7 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.7
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.9

Grants

Grants are recognised in the statement of financial activities on an accruals basis. All grants are approved by the trustee prior to payment.

2
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Donations and gifts
8,400
5,040
Donations and gifts
Donations
8,400
5,040
8,400
5,040
SFUMATO FOUNDATION
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
3
Expenditure on charitable activities
Charitable activities
Charitable activities
2025
2024
£
£
Direct costs
Share of support and governance costs (see note 4)
Governance
4,176
7,529
Analysis by fund
Unrestricted funds
4,176
7,529
4
Support costs
Governance costs
2025
2024
Basis of allocation
£
£
£
Accountancy fees
2,340
2,340
2,400
Governance
Legal and professional
1,836
1,836
5,129
Governance
4,176
4,176
7,529
Analysed between
Charitable activities
4,176
4,176
7,529
5
Trustee

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

6
Employees

The average monthly number of employees during the year was:

2025
2024
Number
Number
Total
0
0
There were no employees whose annual remuneration was more than £60,000.
7
Taxation

The charity is exempt from tax ation on its activities because all its income is applied for charitable purposes.

SFUMATO FOUNDATION
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
8
Creditors: amounts falling due within one year
2025
2024
£
£
Accruals and deferred income
2,220
2,100
9
Related party transactions
Transactions with related parties

Included in voluntary income are donations of £8,400 (2024: £5,040) received from K Morris, the charity's founding member.

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