Annual Report 2011 - Fai

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Notes to the financial statements Structure and content Villa Della Porta Bozzolo 1,403 Villa Balbianello 2,497 Villa Panza 408 Total 9,198 There were decreases and/or disposals of € 2,989 during the year, and thus at the balance sheet reference date, net of depreciation, this item amounted to € 142,562. Depreciation for the year amounted to € 37,651, and has been charged to the Financial Statements – Operating Section in the amount of € 32,722, and to the Reserve for Contributions to Specific Tangible Assets, in the amount of € 4,929. Equipment There were acquisitions of € 32,576 in total in 2011, for the following assets: Castello della Manta 325 Abbazia di San Fruttuoso 1,255 Villa Balbianello 780 Castello di Masino 4,817 Villa Panza 180 Giardino della Kolymbetra, Agrigento 6,000 Villa Necchi Campiglio 6,552 Villa dei Vescovi 8,645 Negozio Olivetti 1,830 Cà Mocenigo 1,848 Offices in Milan 344 Total 32,576 There were decreases and/or disposals of € 15,554 during the year, and thus at the balance sheet reference date, net of depreciation, this item amounted to € 70,713. Depreciation for the year amounted to € 36,490, and has been charged to the Financial Statements – Operating Section in the amount of € 28,568, and to the Reserve for Contributions to Specific Tangible Assets, in the amount of € 7,922. Photo library and photographic equipment Acquisitions amounted to € 1,198 in 2011. After charging depreciation for the year of € 160 to the Financial Statements – Operating Section, this item amounted to € 1,301 as at the balance sheet reference date. Motor vehicles The depreciation charge of € 676 was charged entirely to the Financial Statements – Operating Section, in its full amount. Accordingly this item amounted to € 338 as at the balance sheet reference date. Furniture and office furnishings There were acquisitions of € 47,670 in total in 2011, for the following assets: Castello di Masino 2,904 Castello della Manta 452 Cà Mocenigo 10,918 Villa Della Porta Bozzolo 2,511 Negozo Olivetti 19,003 Villa Panza 653 Bosco di San Francesco 191 Villa dei Vescovi 10,480 Offices in Milan 558 Total 47,670 There were decreases and/or disposals of € 8,072 over the course of the year, and thus at the balance sheet reference date, net of depreciation, this item amounted to € 123,236. Depreciation for the year amounted to € 18,215, of which € 18,205 was charged to the Financial Statements – Operating Section and € 10 to the Reserve for Contributions to Specific Tangible Assets. Office equipment There were acquisitions of € 93,860 in total in 2011, for the following acquisitions: Offices in Milan 53,432 Regional Offices 1,041 Villa Panza di Biumo 457 Castello di Avio 996 Castello della Manta 212 Abbazia di San Fruttuoso 1,810 Villa Della Porta Bozzolo 1,464 Giardino della Kolymbetra, Agrigento 251 Villa Necchi Campiglio 1,110 Villa dei Vescovi 16,833 Bosco di San Francesco 11,932 Negozio Olivetti 4,322 Total 93,860 There were decreases and/or disposals of € 52,569 over the course of the year, and thus at the balance sheet reference date, net of depreciation, this item amounted to € 172,882. Depreciation for the year amounted to € 61,298, and has been charged to the Financial Statements – Operating Section in the amount of € 60,448, and to the Reserve for Specific Contributions, in the amount of € 850. All assets that are fully depreciated are measured at a value of € 1. Depreciation is calculated on the basis of rates considered representative of the possibility of further useful life. The rates applied are as follows: Plant and machinery 12% Equipment 25% Photo library and camera equipment 18% Motor vehicles 20% Furniture and office furnishings 10% Office equipment 18% FINANCIAL INVESTMENTS Equity participations The investment in the property firm La Fonte (in liquidation), in an amount of € 1, was reduced to zero during 2011, following the company’s liquidation. Amounts receivable from subsidiaries The amount of € 181,842 has been netted against the appropriate liability reserve following liquidation of the property firm La Fonte. CURRENT ASSETS CLOSING BALANCE This mainly relates to various books and other items at the shops within the Foundation’s Properties. As at the balance sheet reference date, they amounted to € 158,488, an increase of € 8,705 compared to the same date in 2010. The book value is in any event less than the estimated realizable value, and takes into consideration a partial writedown, to € 35,676, of those inventory items identified as slow-moving. RECEIVABLES The amount of receivables as at the balance sheet reference date was lower than on the same date in 2010, by € 88,943. The most significant changes comprised: Receivables from customers 226,014 Sundry receivables 43,574 Specific contributions (resolved upon) (380,912) This item amounted to € 6,942,386, and comprised: Amounts due from customers 1,101,161 Reserve for writedowns of receivables (85,000) Non-performing receivables 41,160 Prepaid expenses 17,236 Tax receivables 46,971 Guarantee deposits 38,698 Reserve for writedowns Guarantee deposits (22,803) Receivables from tenants 91,211 Receivables from credit cards and postal accounts 68,603 Operating contributions (resolved upon) 716,022 Specific contributions (resolved upon) 4,287,440 Sundry receivables 641,687 Total 6,942,386 The allowance for doubtful accounts decreased as follows: As at 1 January 2011 118,612 Use in current year (68,938) Provision made in current year 35,326 Total 85,000 The decision was made in the preparation of these financial statements to write off the deposit made in relation to the rent of the Milan office, because, as stated in the Report on Operations, the Board has decided to transfer the operational headquarters from Viale Coni Zugna 5/a to Via Carlo Foldi 2, and instructed the General Manager to reach an arrangement with the offices’ owners. Operating and specific contributions (resolved) regard certain payments that are to be received in subsequent years. That part of receivables that do not relate to the current year is matched in part by entries among the liabilities, under the Restricted Reserves. The item Sundry receivables comprised the following: Advances to Suppliers 64,509 Concert tickets awaiting receipt of funds 29,410 Recharges to be made 1,424 Contributions to be received 491,234 Sundry receivables 6,365 Insurance payments receivable 48,745 Total 641,687 The item Contributions to be received comprised € 238,063 receivable from the mobile and fixed telephony operators, in relation to the SMS fundraising campaign carried out in October; and € 12,471 receivable from private firms and individuals in relation to that same campaign; and the remaining € 105,515 consisted of various accrued contributions that were received in early 2011. SECURITIES These amounted to € 11,269,379, a net increase over the previous year, with € 466,592 arising out of the investment of the donation that accompanied Villa Flecchia, of € 1,500,000; and divestments to meet liquidity needs. They comprised € 6,534,574 from alienable and € 1,047,630 from inalienable assets, the latter being bonds serving as collateral for bank guarantees, and additionally Generali shares to a value of € 3,687,185, part of the Boso Roi gift restricted by testamentary provisions and currently the subject of negotiations with the executor, with the Foundation seeking to convert the shares into bonds or similar securities. Securities were measured at the lower of their purchase price and their market price as at the balance sheet reference date, with the exception of inalienable securities serving as collateral, whose value corresponded to that at which they were previously measured. CASH AND CASH EQUIVALENTS These amounts decreased by € 240,617 from the previous year. This item comprised as follows: Bank and postal deposits 222,224 Cash on hand 65,487 The Cash Flow Statement (Schedule B) summarizes the cash flow in the year (both in relation to the securities concerned, and their alienability). PREPAYMENTS AND ACCRUED INCOME The amount of € 247,144 comprised: Interest on securities, 2011 70,076 2011 membership fees, for receipt in 2012 20,000 Cost of goods and services, accruing in 2012 157,068 Total 247,144 BALANCE SHEET – LIABILITIES Equity - (Schedule C) Equity increased by € 6,256,993, as follows: Recapitalisation contributions 747,688 Specific contributions 4,081,384 Donations 1,969,043 80 Annual Report 2011 Annual Report 2011 81
Notes to the financial statements Structure and content Transfers to other reserves (98,251) Loss for the year (442,871) Total 6,256,993 Equity, amounting to € 79,016,709, comprised the following items: EQUITY FUNDS INITIAL EQUITY AND RESERVES ENDOWMENT FUND This amounted to € 258,228, being the amount of the founders’ initial contributions. RESERVE FOR OPERATING ACTIVITIES This amounted to € 14,648,920, an increase of € 975,151 compared to the same date in 2010, as a result of the net effect of the deficit for the previous year of € 993,892, and of donations of both assets and money of € 1,969,043. DEFICIT FOR THE YEAR This amounted to € 442,871. OTHER EQUITY FUNDS RECAPITALISATION RESERVE This amounted to € 13,624,272, with an increase in the contributions collected in 2011 that amounted to € 747,688. RESERVE FOR SPECIFIC CONTRIBUTIONS The Fund increased by € 4,081,385 due to the release of funds used to cover restorations carried out in the course of the year, and decreased by € 98,251 as a result of a reclassification of an item to the Provisions for Contributions Specific to Assets on Loan or Licensed, and as at the reference date, amounted to € 50,928,160. Details may be found in Schedule A of the Financial Statements. PROVISIONS FOR CONTINGENCIES AND OTHER LIABILITIES ALLOWANCES FOR LOSSES ON SUBSIDIARIES The amount of € 181,842 was applied to write off receivables no longer recoverable, following liquidation of the property firm La Fonte. RESERVE FOR SPECIFIC CONTRIBUTIONS FOR ASSETS UNDER LOAN OR CONCESSION This reserve increased by € 98,251 as a result of the reclassification of the Reserve for Specific Contributions, and decreased by € 567,578 as a result of amortisation not charged to the Financial Statements – Operating Section. The total amount was thus € 2,814,814, comprised as follows: CHURCH OF MANTA – expires 30 December 2033 Gross value, Reserve at 31 December 2011 721,013 Released from fund, as at 31 December 2011 (227,605) Balance (net amount) at 31 December 2011 493,408 PARCO VILLA GREGORIANA – expires 30 April 2029 Gross value, Reserve at 31 December 2011 4,756,755 Released from fund, as at 31 December 2011 (3,259,559) Balance (net amount) at 31 December 2011 1,497,196 GIARDINO DELLA KOLYMBETRA – expires 11 October 2024 Gross value, Reserve at 31 December 2011 456,823 Released from fund, as at 31 December 2011 (182,862) Balance (net amount) at 31 December 2011 273,961 BATTERIE TALMONE – expires 30/6/2027 Gross value, Reserve at 31 December 2010 716,120 Eliminations, by way of completed amortisation (52,454) Released from reserve, as at 31 December 2011 (113,407) Balance (net amount) at 31 December 2011 550,249 CASTEL GRUMELLO – expires 2011 Gross value, Investments, at 31 December 2010 59,273 Eliminations, by way of completed amortisation (59,273) Gross value, Amortisation Reserve (0) Balance (net amount) at 31 December 2011 0 RESERVE FOR CONTRIBUTIONS SPECIFIC TO TANGIBLE ASSETS This fund decreased as a result of depreciation not charged to the Financial Statements – Operating Section in the amount of € 38,911, thus reaching a total of € 118,968, comprised as follows: Castello di Avio 868 Castello della Manta 1,105 Villa Della Porta Bozzolo 3,349 Villa Balbianello 888 Castello di Masino 4,478 Villa Panza 2,108 Teatrino di Vetriano 4,435 Villa Necchi Campiglio 4,386 Parco Villa Gregoriana 761 Bosco di San Francesco 20,989 Offices in Milan 75,600 Total 118,968 RESTRICTED RESERVES This fund has increased as a result of contributions received or pledged, in the amount of € 2,021,118, and decreased by € 4,346,757 following release to the income statement. Accordingly, as at 31 December 2011, the reserve had a total value of € 3,443,959, comprised as follows: Restorations, as set out in Schedule A, Financial Statements 1,758,525 Kolymbetra Gardens 5,500 Malvezzi legacy 25,000 Future initiatives 437,500 Recipients, Luoghi del Cuore 1,217,434 Total 3,443,959 EMPLOYMENT SEVERANCE INDEMNITY FUND As at 31 December 2011, this amounted to € 875,629, a decrease compared to the previous year of € 59,820, derived primarily from the allocation of the adjustment for the year, of € 36,172, net of sums paid pursuant to terminations and advances, of € 95,992. LIABILITIES – SHORT-TERM The amount of liabilities as at the balance sheet reference date increased over the same date in 2011, by € 3,949,802. The most significant changes comprised: Increase in payables to suppliers 1,398,178 Decrease in sundry payables (242,310) Increase in payables to banks 2,544,520 This item amounted to € 10,716,347, and comprised: Amounts payable to banks 4,584,207 Amounts payable to suppliers 4,595,272 Amounts payable to social security institutions 402,590 Tax liabilities 354,462 Guarantee deposits 50,764 Amounts payable to employees 513,732 Sundry liabilities 142,969 Short-term instalments on loans 72,351 Total 10,716,347 The item, liabilities to employees, comprises the 14th instalment of pay, and liabilities for bonuses, holidays, leave and former public holidays, accrued as at 31 December 2011 and not yet enjoyed. The item Sundry payables comprised the following: Banking charges on securities management 49,810 FAI Committees 17,589 Liabilities to third parties for employee withholdings 3,059 Fourth quarter payment to pension funds 26,271 Out-of-pocket expenses pending payment 17,110 Refuse collection charges outstanding 14,367 Other sundry payables 14,763 Total 142,969 LIABILITIES – LONG-TERM This item represented the debts owed to the Region of Lombardy under ten and twenty-year interest-free loans obtained for the restoration of Villa Panza and Villa Necchi Campiglio, and to Finlombarda for work to Villa del Balbianello, comprised as follows: Lombardy Social Infrastructure Fund, Villa Della Porta Bozzolo – matures 30 June 2011 885,310 Balance as at 31 December 2010 88,531 Repayments 2011 (88,531) Balance as at 31 December 2011 0 Lombardy Social Infrastructure Fund, Villa Panza di Biumo – matures 30 June 2023 1,172,357 Balance as at 31 December 2010 762,032 Repayments 2011 (58,617) Balance as at 31 December 2011 703,415 Lombardy Social Infrastructure Fund, Villa Necchi Campiglio – matures 30/6/2027 274,646 Balance as at 31 December 2010 233,449 Repayments 2011 (13,732) Balance as at 31 December 2011 219,717 Finlombarda loan 123,788 Balance as at 31 December 2010 0 Repayments 2011 0 Balance as at 31 December 2011 123,788 Reclassification of short-term debt (72,351) Total 974,568 ACCRUED LIABILITIES AND DEFERRED INCOME Insurance policies 10,553 Prepaid membership fees 1,064,462 Contributions, 2012 accruals 59,000 Rentals 2011 5,801 2011 items, sundry clients 5,500 Total 1,145,316 MEMORANDUM ACCOUNTS Guarantees provided by third parties: Unicredit Banca – Finlombarda 165,000 Unicredit Banca – Region of Lombardy (Lombardy Social Infrastructure Fund II) 703,416 Unicredit Banca – Region of Lombardy Lombardy Social Infrastructure Fund, Villa Necchi) 260,914 Banca Pop. Bergamo, Cred. Varesino – Poste Italiane 2,324 Unicredit Bank – Aspem (gas Biumo) 7,127 Unicredit Bank – Aspem (gas Biumo) 11,568 Unicredit Banca – Ministry of Environment 14,400 Total Guarantees 1,164,750 FINANCIAL STATEMENTS OPERATING SECTION OPERATING INCOME MEMBERSHIP FEES Membership fees accrued over the year amounted to € 2,381,846, an increase of € 237,215 compared to 2010. Fees from renewals amounted to € 1,615,265, and from new members, € 766,581. 82 Annual Report 2011 Annual Report 2011 83
Page 1 and 2: Annual Report 2011
Page 3 and 4: About Us FAI - Villa dei Vescovi, L
Page 5 and 6: Properties regularly open to the pu
Page 7 and 8: © Giorgio Majno © Giorgio Majno I
Page 9 and 10: Management Overview Angelo Maramai,
Page 11 and 12: The Negozio Olivetti in Piazza San
Page 13 and 14: Our threefold mission © A. Angeluc
Page 15 and 16: 1. Protecting and enhancing Restora
Page 17 and 18: 1. Protecting and enhancing Restora
Page 19 and 20: 1. Protecting and enhancing Conserv
Page 21 and 22: 1. Protecting and enhancing Opening
Page 23 and 24: FAI - Giardino della Kolymbetra, Va
Page 25 and 26: 2. Educating and raising awareness
Page 27 and 28: Our mission is a major team effort
Page 29 and 30: Raising and managing funds The supp
Page 31 and 32: Corporate Golden Donor Companies th
Page 33 and 34: Communication Getting the substance
Page 35 and 36: People The role played by personal
Page 37 and 38: Financial Statements - Balance Shee
Page 39 and 40: Financial Statements - Operating Se
Page 41: Notes to the financial statements S
Page 45 and 46: Notes to the financial statements S
Page 47 and 48: Schedule A Work carried out on prop
Page 49 and 50: A heartfelt thanks to all those who
Page 51: Cover: FAI - Bosco di San Francesco

Annual Report 2011 - Fai

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