The trustees present their annual report and financial statements for the year ended 31 July 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 governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
The Galileo Foundation seeks to strengthen the mission and institutional capacity of the Catholic Church in a variety of ways, particularly at the centre of the Church and in its work with other faiths.
The Foundation continues to fund key areas that reflect the apostolic mission of the Pope and the aims of the Holy See, namely the global fight against human trafficking and modern slavery, the protection of minors and the Church’s safeguarding work, the protection of Christian communities in the Holy Land, and the promotion of dialogue between all faiths.
During the year, the Galileo Foundation continued its mission of supporting ongoing projects that amplify the work of the Catholic Church and the Holy See. Many of these, such as the work of the religious sisters’ network Talitha Kum, had their origins in the encouragement of Pope Francis and his personal commitment to the dignity of the human person and the global fight against modern slavery.
The Foundation supported further restoration work in the Vatican Museums, as well as other papal projects.
Following the success of the first ‘Faith and Philanthropy’ Summit at the Vatican in October 2022, held in conjunction with UBS Optimus Foundation, the Jewish Funders’ Network and the Global Circle of Muslim Philanthropists, the Foundation held a successful follow-up convening: the second ‘Faith and Philanthropy’ Summit, which took place at Blenheim Palace in the UK from 8 to 10 October 2024. More than 150 philanthropists from many different faith backgrounds attended the two-day Summit, which heard compelling stories about the fight against human trafficking, the protection and empowerment of women and girls, and the protection of our oceans. Many new collaborations arose from the second Summit, alongside a renewed commitment by those present to improve the situation and condition of the most marginalised people in our world.
Attendees and honourees included President Mary Robinson, Sharon Stone and Donatella Versace.
We continued our support of Father Robert McCulloch’s work in Pakistan, including the translation of the Roman Missal into Urdu, as well as other initiatives that promote interreligious dialogue.
The Foundation continued to support the ‘Mensa’ project of the Pontifical Swiss Guard, which underwrites the costs of the corps’ daily dining requirements. Once again, a group of Galileo donors travelled to Rome and were hosted by the Commander of the Swiss Guard. In addition to private visits to the Apostolic Palace and the Vatican Museums, where they were able to see the restoration projects they had funded, the group met Pope Francis, who reiterated his grateful thanks for the support of the Galileo Foundation. This was especially meaningful as the Holy Father passed away in April 2025, just a few months later.
The President, John McCaffrey, attended both the funeral of Pope Francis and the Installation Mass of Pope Leo on behalf of the foundation.
Fundraising activities and future developments
We continue to develop and grow our network of donors and supporters who share our vision for faith-based initiatives that strengthen mutual understanding between all faiths. Our events are designed to bring together donors from all faith groups who share the vision of the late Pope Francis and the apostolic mission of Pope Leo.
We do not undertake any public-facing fundraising activities, such as street collections, telemarketing or advertised fundraising.
The charity has made a deficit in the year of £104,215 (2024: £40,015) as a result of a decrease in donations received during the financial year. During this and the previous financial year there has been a deliberate effort to utilize the surplus from earlier years, through the allocation of grants to projects that would have a 3-5 year lifespan. As a result of these activities our reserves decreased to £19,363.
It is the policy of the trustees to retain sufficient unrestricted funds which, in their judgement, will mitigate the short-term effect of income volatility and retain funds to generate sufficient income to meet current and future operational activities of the charity. The charity's reserves at the year end are £19,363 (2024 - £123,578) and the trustees are confident that ongoing fundraising and a number of forward pledges from donors will ensure that reserve funds will be maintained at a satisfactory level going forward.
The charity does not fundraise in any public facing manner.
The charity is controlled by its Articles of Association constituting a company limited by guarantee as defined by the Companies Act 2006.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
New trustees are nominated by any board member or John McCaffrey (President of Galileo Foundation) to the board and are voted and approved at a board meeting.
We commissioned a high level governance review and written report of legal advice and recommendations in 2020 from Birkitts, and have been working to gradually review and implement those whilst managing the day-to-day activities of the charity, with limited resources in terms of staff and trustee time.
We are in the process of updating the following policies:
Grant giving policy
Volunteer Management Policy
Conflict of Interest policy
Trustees Skills Audit
Charity compliance checklist
Internal charity financial controls policy and procedures
Financial reserves policy and procedures
Internal Risk management policy
Trustees expenses policy
Social media policy and procedures
In addition we are implementing GDPR policies relating to:
A data protection policy
A records management policy
An information security policy
Although we have a small number of trustees (due to various circumstances over the past two years), we try to ensure that each trustee is aware of their key duties (as set out in the Charities Commission guidance) and have been signposted to free webinars and training opportunities and encouraged to do so. Our chair Lucy Doughty is a trustee of at least two other English charities so she is already well aware of her responsibilities as Chair and as a trustee.
We do not solicit grant applications. We award grants to organisations which are either researched and identified by our foundation as being the most effective in the areas which we support, or are recommended to us by partner organisations such as the Holy See.
To date, grants have been giving on a one-off basis but we hope that in the future, with a secure income stream, we can commit to 3 year funding grants. (We have awarded repeat grants, but each time letters of application have always been invited).
We ask the grant recipient to outline how the grant will be used to greatest effect and where possible, how collaboration with other partners will amplify our funding of their project or organisation. As well as regular updates, we request a report on the use of the grant after 18 months or the end of the project. Any consideration of future or repeat funding will take into account the efficacy of the first or previous grant.
We always ask for a public acknowledgement of the role of the Galileo Foundation in printed materials, usually with our logo prominently displayed. We note that grant recipients have continued to further the objectives of the charity.
To date we have not had a reserves policy due at each year end (which is what exists in an informal way to our small size). As we grow and income levels increase, we would aim to have a reserves policy of £100,000 in our accounts at any time, to ensure that sufficient funds exist for staff salaries and planned grant commitments. (To date our policy has been to not award grants that are unfunded). Unrestricted funds stood at £19,363 at the year-end which is below the target, but it is anticipated that additional income in the future will increase this level.
Method for calculating pay of key management personnel
We have two part-time staff, one in the UK and one part-time consultant in Rome. The UK position is paid pro-rata in line with industry comparisons for other Project Director level posts in non-profit organisations.
Fundraising Activities & Future Developments:
We continue to develop and grow our network of donors and supporters who share our vision for faith-based initiatives which strengthen mutual understanding between all faiths. Our events are designed to bring together donors from all faith groups who share the vision of Pope Francis.
We are planning a series of events during the year to support the second Summit.
We do not undertake any public facing fundraising activities such as street collections, telemarketing or advertised fundraising.
The Trustees report was approved by the Board of Trustees.
The trustees, who are also the directors of Galileo Foundation for the purpose of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each 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, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
I report to the trustees on my examination of the financial statements of Galileo Foundation (the charity) for the year ended 31 July 2025.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of ICAEW and ACCA, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Galileo Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is 71-75 Shelton Street, London, England, WC2H 9JQ.
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". 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 not to prepare a statement of cash flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until those conditions are fully met or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Grants offered subject to conditions which have not been met at the year-end date are noted as a commitment but not accrued as expenditure.
Support costs have been allocated to charitable activities. Governance activities comprise organisational administration and compliance with constitutional and statutory requirements. Costs include direct costs of external independent examination, legal fees and other professional advice.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
Debtors
Debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
No Trustee or person related or connected to them received any remuneration or benefits from the charity during the current or preceding year.
No trustees received any reimbursed expenses in the year (2024: NIL).
The average monthly number of employees during the year was:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
Amounts were received from two US donors via the US Foundation to be spent on the Diocese of Padua Project at the Collegio Gregorianum in 2022. The balance was spent in 2023.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
There were no disclosable related party transactions during the year (2024 - none).