2024-03-31-accounts

The Vintners’ Foundation (incorporating Vintners’ Gifts Charity & Save our Swans)

FINANCIAL STATEMENTS

For the year ended

31 March 2024

Charity Registration No: 1015212

The Vintners’ Foundation (incorporating Vintners’ Gifts Charity and Save our Swans) REPORT AND FINANCIAL STATEMENTS 2024

CONTENTS

	Page
Charity Administration Details	1
Report ofthe Trustee	2-5
Independent Auditors’ Report	6-8
Statement ofFinancial Activities	9
Statement ofFinancial Position	10
Statement ofCash Flows	11
Accounting Policies	12-13
NotestotheFinancialStatements	14-19

The Vintners’ Foundation (incorporating Vintners’ Gifts Charity and Save our Swans) CHARITY ADMINISTRATION DETAILS

See

TRUSTEE

The Master, Wardens and Freemen and Commonality of the Mystery of Vintners’ of the City of London

Represented by: Anthony Fairbank (to 12/07/2024) Ann Hill (from 12/07/2023) Richard Wilson Ian Harris (from 12/07/2023) James Handford (from 12/07/2024) Edward Berry (to 12/07/2023) Sophia Bergqvist (to 12/07/2023)

ADMINISTRATIVE ADDRESS Vintners’ Hall Upper Thames Street London EC4V 3BG

INDEPENDENT AUDITORS Saffery LLP 71 Queen Victoria St, London EC4V 4BE

SOLICITORS Farrer & Co BANKERS National Westminster Bank Plc

INVESTMENT ADVISERS CCLA Investment Management Ltd

CHARITY NUMBER 1015212

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The Vintners’ Foundation (incorporating Vintners’ Gifts Charity and Save our Swans) REPORT OF THE TRUSTEE SSee

INTRODUCTION

The Trustee (as represented by the Master and Wardens) presents their report together with the financial] statements of the Vintners’ Foundation, the Vintners’ Gifts Charity and Save our Swans for the year ended 31 March 2024, The financial statements have been prepared in accordance with the accounting policies set out in notes to the financial statements, and comply with the Charity’s governing document, the Charities Act 2011 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, second edition.

On 24 November 2021, at the request of the Trustee representatives, the Charity Commission linked the Vintners’ Foundation, the Vintners’ Gifts Charity and Save our Swans for registration and accounting purposes. Following the guidance in the Charity Commission’s operational guidance “OG5S55 Linked Charities”, the effect of this is that the charities need prepare only one Trustee’s report and one set of aggregated accounts. These aggregated financial statements account for the Vintners’ Gifts Charity and Save our Swans as if they were branches of The Vintners’ Foundation. i.e. its activities, assets and liabilities are aggregated on a line-by-line basis. During the year Save our Swans was dissolved as it effectively had no assets or liabilities and donations to charities supporting swans were covered by the other linked charities.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Vintners’ Foundation is an unincorporated trust, constituted under a deed dated 2 November 1992. Vintners’ Gifts Charity is an unincorporated trust, governed by a scheme of the Charity Commissioners sealed on 29 January 2002. Save our Swans is an unincorporated trust, constituted under a Declaration of Trust dated 1 August 1983 as amended by a Deed of Variation on 1 March 1993 and was dissolved on 13 December 2023,

Trustee

The Trustee is represented by the Master & Wardens of the Vintners’ Company holding office during the year and up to the date of signature of[the][financial][statements][were][as][follows:]

Ann Hill (from 12/07/2023) Edward Berry (to 12/07/2023) Anthony Fairbank (to 12/07/2024) Sophia Bergqvist (to 12/07/2023) Richard Wilson (from 13/07/2022) Ian Harris (from 12/07/2023) James Handford (from 12/07/2024)

The Trustee is represented by the Wardens ofthe Vintners’ Company. They stand down once they leave the post of Master, They receive no remuneration or reimbursement of expenses from the Charity. The Trustee representatives meet at regular intervals during the year to review decisions made by the Vintners’ Foundation Committee on the Charity’s operations, which includes oversight of grant making, investment, reserves and risk management policies and performance.

Upon appointment, Trustee representatives are provided with information on the constitution and purpose of the Charity and their role and responsibilities as Charity Trustee representatives. Trustee representatives are made aware of the guidance available on the Charity Commission’s website and have new developments drawn to their attention. If required, professional advisors advise them on governance matters. Routine management of the Company’s charitable activities is undertaken by the Vintners’ Foundation Committee, and the day to day administration is delegated to the Clerk and Stavesman (Finance Director) of the Vintners’ Company.

FUNDRAISING

The Trustee representatives take their responsibility under the Charities (Protection and Social Investment) Act 2016 seriously and have considered the implications on their activities. The Charity raises funds from the members of The Vintners’ Company. It does not actively fundraise from the general public and therefore the Trustee representatives do not consider it necessary to have a formal fundraising policy in place. The Trustee representatives confirm that in the current financial year there have been no complaints in respect of fundraising.

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The Vintners’ Foundation (incorporating Vintners’ Gifts Charity and Save our Swans) REPORT OF THE TRUSTEE en

PRINCIPAL RISKS AND RISK MANAGEMENT

The Trustce representatives maintain a risk register which is regularly reviewed. A number of risks have been identified and mitigation taken to ensure controls are in place to minimize the charities exposure. Risks relating to failure to meet charitable objectives and the potential of weak governance are addressed with regular meetings ofthe charitable committee and Trustee training.

RESERVES POLICY

The Charity’s reserves policy is based on maintaining a sound capital base using existing funds and the annual increment added by the Vintners’ Company. Grants and donations will be made each year from investment income and members’ donations and part of the Vintners’ Company donation. The balance of donations from the Company will be used to build up and maintain reserves. The charity aims to maintain at least three months charitable expenditure in free reserves. One quarter’s expenditure equated to nearly £114,000 in the financial year which was more than covered by free reserves represented by net current assets of £168,000 at the year end, the charity considers net assets of both the Vintners’ Gift Charity and Vintners’ Foundation as available to cover normal expenditure.

OBJECTIVES, ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE

• Principal objectives The Charities’ principal objectives are : The Vintners’ Foundation, to — Assist charities concerned with the reliefof the poor, destitute and homeless in Greater London who are disadvantaged by reasons of health, education or poverty;

• — Assist charities concerned with treating the social effects of alcohol and substance abuse; ~ Assist charities concerned with mental health issues. — Support young people, youth projects and designated educational establishmentsin London; — Support certain other charities, as put forward by Liverymen of the Vintners’ Company; ~ Assist other charitable causes which the Trustee may, from time to time, see fit.

• The Vintners’ Gifts Charity, to ~ Relieve persons in need* in the following order of[priority:] - a. Members ofthe Vintners’ Company and their dependents; - b, Persons now or formerly engaged in the wine trade and/or spirits trade and their dependents, and

• — c. Such other persons in need of assistance as the Charity shall in its absolute discretion think fit. — *The trustee may relieve persons in need by: (a) paying pensions or making grants of money to them, including the costs of education; or (b) providing or paying for goods, services or facilities for them; or (c) making grants of money to other persons or bodies who provide goods, services or facilities to those in need; or (d) assisting in the provision of housing accommodation for them.

• Save our Swans — To promote the wellbeing and protection of swans on the River Thames.

• During the year, Save our Swans transferred its remaining assets to The Vintners’ Foundation to cover grants paid by The Vintners’ Foundation to charities supporting swans (see p17). Save our Swans was then wound up with dissolution completed on the 13" December 2023,

Grant making policies

Grants are made to registered charities only. Grants are not normally made to national charities, research charities, charities relevant to buildings (as opposed to people), nor charities which support independent education or the exclusive benefit of any religious faith.

Future developments and plans

The Vintners’ Foundation Committee will continue to meet regularly and consider new grant applications and petitions at each meeting.

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The Vintners’ Foundation (incorporating Vintners’ Gifts Charity and Save our Swans) REPORT OF THE TRUSTEE

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----- Start of picture text -----
|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |Review|of|[activities]| |During|the|year|donations|and|grants|comprised;| |2024|2023| |£|£| |The|Drinks|Trust|30,000|45,000| |London|Youth|Rowing|25,000|25,000| |City|Harvest|50,000|50,000| |Outside Edge|Theatre|20,000|20,000| |Spitalfields|Trust|-|10,000| |Nehemiah|Project|-|10,000| |New|Regent’s|College|12,000|12,000| |Khulisa|-|10,000| |Abram|Wilson|Foundation|10,000|10,000| |Greencoat|School|17,854|-| |Key4Life|20,000|10,000| |Wave|Wrangler|10,000|-| |Amy Winehouse|Foundation|-|10,000| |Purchases|for|the|Children’s|Christmas|Appeal|14,083|15,596| |More|than|50|Charities|received|donations|and|grants|of £7,500|or|less|245,041|205,666| |Total|donations|and|grants|for the|financial|year|453,978|433,262|

----- End of picture text -----

Grants to a wide range of charities, listed above, assisted those charities in achieving their various stated aims and objectives throughout the year.

PUBLIC BENEFIT

The Vintners’ Foundation exists for the relief of poverty by way of payments for relief to those in need, to alleviate the social effects of alcohol abuse, and for youth projects. The Charity’s objects are achieved as above. The Trustee representatives have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives and in planning the future activities of the Charity.

In particular, the Trustee representatives consider how planned activities will contribute to the aims and objectives they have set.

FINANCIAL REVIEW

During the year, net income (after expenditure) before investment gains was £248,248 (2023: £265,785 net income) and after investment gains of £885,161 was a net surplus of £1,133,409 (2023 investment losses of £351,657 was a net expense of £85,872).

Income from donations and legacies was £421,212 (2023: £428,769) including £294,000 (2023: £280,000 ) from the Vintners’ Company and £127,211 (2023: £141,709 ) from individual members of the Vintners’ Company. A further £9,255 (2023: £7,060 ) was generated from fundraising events.

£294,000 (2023: £280,000) of donations from the Vintners’ Company paid in the year is considered an expendable endowment. This is not restricted but was given to grow the reserves and income of the Vintners’

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The Vintners’ Foundation (incorporating Vintners’ Gifts Charity and Save our Swans) REPORT OF THE TRUSTEE

es Foundation for the future.

Donations and grants made during the year totalled £453,978 (2023: £433,262), the larger individual grants being listed above.

Income from investments was £282,629 (2023: £272,759), and unrealised capital gains were £885,161 (2023: unrealised losses of £351,657 ). A total return (income and capital) of 12 per cent (2023: -1 per cent) was earned on the investment portfolio.

As at 31 March 2024 the net assets of the Charity had increased by £1,133,409 to £10,867,813 (2023: decreased by £85,872 to £9,735,804

INVESTMENT POLICY

The Trustee representatives broadly aim each year to make grants which equal approximately the annual income of the charity and donations received by members. The investments are held by CCLA Investment Management Ltd to be invested in specific charity funds in order to generate both income and capital growth. This is considered by the Trustee representatives to be the most beneficial approach in meeting the Charity’s long term aims. As at 31 March 2024 the charity had total unrestricted reserves of £4,324,589 (2023: £4,008,296). Reserves are considered sufficient to meet ongoing commitments. Grants and donations will be made each year from investment income and members’ donations and part of the Vintners’ Company donation. The balance of donations from the Company will be used to build up and maintain reserves.

STATEMENT OF TRUSTEE’ RESPONSIBILITIES

The Trustee representatives are responsible for preparing the Trustee’s Annual Report and the 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 Trustee representatives 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 of the Charity for that period. In preparing these financial statements, the Trustee representatives are required to:

• select suitable accounting policies and then apply themconsistently, - observe the methods and principles in the Charities SORP; - make judgments and estimates that are reasonable and prudent,

• state whether applicable 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 business.

The Trustee representatives are responsible for keeping proper 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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. The Trustee representatives are responsible for the maintenance and integrity of the Charity and financial information included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved on behalf of the Trustee on.& EPEC URC C .2£0¢4-by the Master of the Vintners’ Company.

ANN HILL

REPRESENTATIVE OF TRUSTEE

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The Vintners’ Foundation (incorporating Vintners’ Gifts Charity and Save our Swans) INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE OF THE VINTNERS’ FOUNDATION For the year ended 31 March 2024

Opinion

We have audited the financial statements of The Vintners’ Foundation for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies, The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• ° give a true and fair viewofthe state of the charity’s affairs as at 31 March 2024 and of[its][incoming][resources] and application of resources for the year then ended;

• ° have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• ° have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorized for issue.

Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report.

Other information

The Trustee representatives are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports)

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The Vintners’ Foundation (incorporating Vintners’ Gifts Charity and Save our Swans) INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE OF THE VINTNERS’ FOUNDATION For the year ended 31 March 2024

Regulations 2008 require us to report to you if, in our opinion: e the information given in the Trustee’s Annual Report is inconsistent in any material respect with the financial statements; or ° the charity has not kept sufficient accounting records; or ° the financial statements are not in agreement with the accounting records and retums; or ° we have not received all the information and explanations we require for our audit.

Responsibilities of Trustec

As explained more fully in the Trustee’s Responsibilities Statement set out on page 5, the Trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustee is responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud, The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the Trustee’s representatives, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of[the][financial][statements.][We][identified][laws][and] regulations that are of significance in the context of the charity by discussions with Trustee’s representatives and updating our understanding of the sector in which the charity operates.

Laws and regulations of direct significance in the context of[the][charity][include][the][Charities][Act][2011,][the][Charities] (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.

Audit response to risks identified: We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

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The Vintners’ Foundation (incorporating Vintners’ Gifts Charity and Save our Swans) INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE OF THE VINTNERS’ FOUNDATION For the year ended 31 March 2024

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional skepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.fre.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s Trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Trustee those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the Trustee as a body, for our audit work, for this report, or for the opinions we have formed.

Saffery LLP

71 Queen Victoria Street London Chartered Accountants EC4V 4BE

Statutory Auditors

Date: G Octobe- ROAL

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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The Vintners’ Foundation (incorporating Vintners’ Gifts Charity and Save our Swans) STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 March 2024

	Notes	Unrestricted Funds	Restricted Funds	Expendable Endowment	Total 2024	Total 2023
		2024	2024	2024	£	£
		£	£	£
Income
Donations and legacies	l	126,212	1,000	294,000	421,212	428,769
Fundraising activities		-	9,255	-	9,255	7,060
		126,212	10,255	294,000	430,467	435,829
Investment income	2	151,520	131,109	-	282,629	272,759
Total income		277,732	141,364	294,000	713,096	708,588
Expenditure
Charitable activities	3	314,652	150,196	-	464,848	442,803
Total expenditure		314,652	150,196	-	464,848	442,803
Net income before net gains on
investments		(36,920)	(8,832)	294,000	248,248	265,785
Net gains/(losses) on investments	5	295,440	462,589	127,132	885,161	(351,657)
Net income/(expenditure)		258,520	453,757	421,132	1,133,409	(85,872)
Transfers between funds	8	57,745	(57,745)	-	-	-
Netmovement in funds		316,265	396,012	421,132	1,133,409	(85,872)
Total funds brought forward		4,008,324	4,523,615	1,202,465	9,734,404	9,820,276
Totalfundscarriedforward		4,324,589	4,919,627	1,623,597	10,867,813	9,734,404

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as at 31 March 2024

The Vintners’ Foundation (incorporating Vintners’ Gifts Charity and Save our Swans) STATEMENT OF FINANCIAL POSITION

asat31March2024	asat31March2024	asat31March2024	asat31March2024
as at 31 March 2024 i Ss
	Notes	2024	2023
		£	£
FIXED ASSETS
Investments	5	10,700,526	9,468,357
CURRENT ASSETS Debtors .	6	79,217	82,140
Cash atbank		97,550	192,907
		176,767	275,047
CREDITORS:AMOUNTS FALLINGDUEWITHIN	7	(9,480)	(9,000)
ONE YEAR
NETCURRENTASSETS		167,287	266,047
TOTAL ASSETS LESS CURRENT LIABILITIES		10,867,813	9,734,404
REPRESENTED BY:
Unrestricted funds	8	4,324,589	4,008,324
ExpendableEndowment fund	8	1,623,597	1,202,465
Restricted funds	8	4,919,627	4,523,615
		10,867,813	9,734,404

The financial statements on pages 9 to 19 were approved and authorized for issue by the Trustee on. lie. Seeeember Lo4and signed on their behalf by:

• ANNHILL MASTER, REPRESENTATIVE OF THE TRUSTEE

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The Vintners’ Foundation (incorporating Vintners’ Gifts Charity and Save our Swans) STATEMENT OF CASH FLOWS 2eee

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|||||||||| |---|---|---|---|---|---|---|---|---| |2024|2023| |Notes|ie|ie|£|£| |Cash|generated|from|operations|12|(324,979)|(283,026)| |Investing|activities| |Investments|acquired|(404,764)|(283,871)| |Income|from|investments|282,629|272,759| |Proceeds|from|investment|disposals|$7,757|-| |Net cash provided by|/ (used|in)|investing|activities|(64,378)|(11,112)| |Financing|Activities| |Receipt of cash endowment|294,000|280,000| |Net cash provided by/(used|in)|financing|activities|294,000|280,000| |Net|(decrease)|/ increase|in|cash|and|cash|(95,357)|(14,138)| |equivalents| |Cash|and|cash|equivalents|at beginning|of year|192,907|207,045| |Cash|and|cash|equivalents|at end|of year|97,550|;|192,907|

----- End of picture text -----

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The Vintners’ Foundation (incorporating Vintners’ Gifts Charity and Save our Swans) ACCOUNTING POLICIES For the year ended 31 March 2024 i BASIS OF ACCOUNTING

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) second edition and the Financial Reporting Standard applicable in the United Kingdom (FRS 102) and the Charities Act 2011,

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102).

Following the approval by the Charities Commission in November 2021, the financial statements take the ‘branch’ form of accounting as required by the Charity Commission’s guidance for linking charities. For this purpose, Vintners’ Foundation is the reporting charity and the linked charities are Vintners’ Gifts Charity and Save our Swans.

The Vintners’ Foundation meets the definition ofa public benefit entity under FRS 102.

Assets and liabilities are initially recognized at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Vintners’ Foundation is a charity registered in England and Wales. The registered office of the Charity is Vintners’ Hall, Upper Thames Street, London, EC4V 3BG.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

PREPARATION OF THE ACCOUNTS ON A GOING CONCERN BASIS There are no material uncertainties about the ability of the Charity to continue as a going concern..

INCOME RECOGNITION

All income is recognized once the Charity has entitlement to the income; it is probable that the income will be received; and the monetary value of the income can be measured with sufficient reliability. Donations and legacies are recognized when the Charity has been notified in writing of both the amount and settlement date. Interest is accounted for on a receivable basis, and investment income is accounted for on an accrual basis.

EXPENDITURE RECOGNITION

Liabilities are recognized as expenditure as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expenditure is accounted for on an accruals basis; is inclusive of any VAT which cannot be recovered; and has been classified under headings that aggregate all costs related to the category. Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Charity. Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

CHARITABLE ACTIVITIES

Costs of charitable activities represent donations and grants made principally for the relief of persons in need; to assist schools and charities concerned with the prevention of alcohol abuse and treating the social effects of alcohol in Greater London; for youth projects; and for governance costs.

SUPPORT AND GOVERNANCE COSTS

The Vintners’ Company (refer to note 11) provides administrative support to the Charity. No charge is made for these services. Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include audit fees together with overhead costs.

FIXED ASSET INVESTMENTS

Listed investments are initially recognized at their transaction value and subsequently included in the balance

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The Vintners’ Foundation (incorporating Vintners’ Gifts Charity and Save our Swans) ACCOUNTING POLICIES (CONTINUED) For the year ended 31 March 2024

eee sheet at fair value. The Statement of Financial Activities includes the net gains and SSlosses arising on revaluation and disposals throughout the year.

REALISED AND UNREALISED 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 opening fair value (purchase date if later). Unrealised gains and losses are calculated as the difference between the fair value at the year end and opening fair value (or purchase date if later). Realised and recognized gains are not separated in the Statement of Financial Activities.

FINANCIAL INSTRUMENTS

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognized at transaction value and subsequently measured at their settlement value, with the exception of listed investments which are subsequently measured at fair value.

DEBTORS

Trade and other debtors are recognized at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

CASH AT BANK

Cash at bank includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of[the][deposit][or][similar][account.]

CREDITORS AND PROVISIONS

Creditors and provisions are recognized where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party, and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognized at their settlement amount after allowing for any trade discounts due.

FUND ACCOUNTING

Funds held by the Charity are either:

• e Unrestricted general funds — these are funds which can be used in accordance with the charitable objects at the discretion of the Trustee.

• Restricted funds — these are funds that can only be used for particular restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

• ¢ The endowment fund represents funds received from the Vintners’ Company. The Trustee have the power to convert endowment funds in to income and it is therefore classed as an expendable endowment.

CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATION UNCERTAINTY

In the application of the company’s accounting policies, the Trustee 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 recognized 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

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The Vintners’ Foundation (incorporating Vintners’ Gifts Charity and Save our Swans) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024

Se

• 1 INCOME FROM DONATIONS AND LEGACIES

	2024	2023
	£	£
The Vintners’ Company	294,000	280,000
Under GiftAid	91,974	63,542
Non Gift Aid	15,727	40,048
Legacies	-	38,412
Other	19,511	6,767
Total	421,212	428,769

The donations received from Trustee representatives amounted to £3,500 (2023: £2,795). £1,000 (2023: nil) was received as a donation for a grant to a specific charity.

In addition to the above donations are amounts of £9,255 (2023: £7,060) in relation to the Christmas Present Appeal.

2 INCOME FROM INVESTMENTS

	2024	2023
	£	£
Dividends	279,246	271,478
Interest	2,439	293
Other income	944	988
	282,629	272,759

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The Vintners’ Foundation (incorporating Vintners’ Gifts Charity and Save our Swans) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024

eee

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |3|ANALYSIS|OF EXPENDITURE|ON CHARITABLE|ACTIVITIES| |Current year|Charitable|Governance|2024| |expenditure|Costs|Ey| |£|£| |Donations|to|Charities|368,540|-|368,540| |Grants|—|Educational|institutions|65,355|-|65,355| |Purchases|for|the|Children’s|Christmas|Appeal|20,083|-|20,083| |Other|grants|-|-|-| |Support|and|governance|costs|—| |Audit|fees|9,540|9,540| |Other|costs|1,330|1,330| |453,978|10,870|464,848| |Comparative|year|Charitable|Governance|2023| |expenditure|Costs|£| |£|iP| |Donations|to|Charities|370,750|-|370,750| |Grants —|Educational|institutions|46,916|-|46,916| |Purchases|for|the|Children’s|Christmas|Appeal|15,596|-|15,596| |Other|grants|-|-|-| |Support|and|governance|costs —| |Audit|fees|8,370|8,370| |Other|costs|1,171|1,171| |433,262|9,541|442,803| |Donations|to|Charities|370,750|-|370,750| |Grants — Educational|institutions|46,916|.|46,916|

----- End of picture text -----

Donations and Grants given are detailed in the review of activities on page 4.

Of the expenditure on charitable activities, £315,652 (2023: £330,843) was unrestricted and £149,196 (2023: £111,960) was restricted.

Of the total expenditure, £453,978 (2023: £431,862 ) relates to charitable expenditure and £10,870 (2023: £9,541 ) relates to governance costs.

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The Vintners’ Foundation (incorporating Vintners’ Gifts Charity and Save our Swans) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024

4 ANALYSIS OF STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT PERSONNEL

	The Charity considers its key management personnel to be the Trustee representatives.	The Charity considers its key management personnel to be the Trustee representatives.	The Charity considers its key management personnel to be the Trustee representatives.	The key
	managementpersonnel didnotreceive anyremuneration andno Trustee representatives		expenses have
	been incurred during the current or prior year.
	The Charity hadno employees during the current or prior year.
5	INVESTMENTS	2024		2023
	Quoted investments:		S	£
	At 1 April
	Fair value	9,468,357		9,536,143
	Additions	404,764		283,871
	Disposals	(57,757)		-
	Unrealised gains / (losses)	885,162		(351,657)
	Fair value at 31 March	10,700,526		9,468,357
	Being: COIF InvestmentFund	10,570,580		9,464,919
	COIF Segregated Account	73,500		-
	COIFDeposit Fund	56,446		3,438
		10,700,526		9,468,357
	Totalinvestmentsatcost	6,491,907		6,149,816

All investments are carried at their fair value. Investments in equities and fixed interest securities are all traded in quoted public markets. Holdings in common investment funds, unit trusts and open-ended investment companies are at the mid-market value (net asset value). The basis of fair value for quoted investments is equivalent to the market value, using the mid-market value (net asset value). Asset sales and purchases are recognised at the date of trade at cost (that is, their transaction value).

6	DEBTORS
		2024	2023
		2	£
	Tax refundable	5,363	9,933
	Accrued income and other debtors	73,854	72,207
	Total	79,217	82,140

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The Vintners’ Foundation (incorporating Vintners’ Gifts Charity and Save our Swans) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024

The Vintners’ Foundation (incorporating Vintners’ Gifts Charity and Save our Swans) NOTES TO THE FINANCIALFINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024	The Vintners’ Foundation (incorporating Vintners’ Gifts Charity and Save our Swans) NOTES TO THE FINANCIALFINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024	The Vintners’ Foundation (incorporating Vintners’ Gifts Charity and Save our Swans) NOTES TO THE FINANCIALFINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024	The Vintners’ Foundation (incorporating Vintners’ Gifts Charity and Save our Swans) NOTES TO THE FINANCIALFINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024	The Vintners’ Foundation (incorporating Vintners’ Gifts Charity and Save our Swans) NOTES TO THE FINANCIALFINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024	The Vintners’ Foundation (incorporating Vintners’ Gifts Charity and Save our Swans) NOTES TO THE FINANCIALFINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024	The Vintners’ Foundation (incorporating Vintners’ Gifts Charity and Save our Swans) NOTES TO THE FINANCIALFINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024	The Vintners’ Foundation (incorporating Vintners’ Gifts Charity and Save our Swans) NOTES TO THE FINANCIALFINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024	The Vintners’ Foundation (incorporating Vintners’ Gifts Charity and Save our Swans) NOTES TO THE FINANCIALFINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024	The Vintners’ Foundation (incorporating Vintners’ Gifts Charity and Save our Swans) NOTES TO THE FINANCIALFINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024	The Vintners’ Foundation (incorporating Vintners’ Gifts Charity and Save our Swans) NOTES TO THE FINANCIALFINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024
ee
7	CREDITORS: AMOUNTS		FALLING DUEWITHIN		ONE
	YEAR
								2024	2023
								£		£
	Accruals							9,480	9,000
	Total							9,480	9,000
8	ANALYSIS OF CHARITABLE
	FUNDS
	Currentyear	Balance at 1		Income	Expenditure		Gains/(losses)		Transfer	Peee March 2024
	Unrestricted funds	. April 2023 £ 4,008,324		£ 277,732	FS (314,652)		£ 295,440		£ 57,745	£ 4,324,589
	ExpendableEndowment	1,202,465		294,000		-	127,132		-	1,623,597
	Restricted funds —
	Vintners’ GiftCharity	4,467,294		130,611	(139,941)		461,663		-	4,919,627
	Save our Swans		56,321	498		.		926	(57,745)	i
	Specific Appeals and		-	10,255	(10,255)			-	-	-
	Grants
	Totalrestricted funds	4,523,615		140,364	(149,196)		462,589		(57,745)	4,919,627
	Total	9,734,404		713,096	(464,848)		885,161		-	10,867,813
	Comparative year		Balance	at	April 2022	Income		Expenditure		Gains
				£	£		£		£	£
	Unrestricted funds			4,195,323	290,252		(330,843)		(146,408)	4,008,324
	ExpendableEndowment			956,514	280,000		-		(34,049)	1,202,465
	Restricted funds —
	Vintners’ GiftCharity Save our Swans			4,611,682 56,757	129,702 1,574		(104,900) -		(169,190) (2,010)	4,467,294 56,321
	SpecificAppeals			-	7,060		(7,060)		-	-
	Total restricted funds			4,668,439	138,336		(111,960)		(171,200)	4,523,615
	Total		9,820,276708,588			—~-(442,803)		+~—~—=«(351,657)		~—«94,734,404

The restricted funds relating to the Vintners’ Gift Charity and Save our Swans are due to the linking of the three Vintner charities in November 2021, the objects of the Vintners’ Gifts Charity and Save our Swans are separate from the Vintners’ Foundation which has resulted in separate restricted funds as shown above.

The transfer of charitable funds of £57,745 from Save our Swans to Vintners' Foundation took place on 16" November 2023 to cover the grants and donations paid by the Vintners' Foundation to charities supporting Swan welfare since 2019.

Restricted funds included in specific appeals are funds raised for the Children’s Christmas Appeal (2023: the Children’s Christmas Appeal).

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The Vintners’ Foundation (incorporating Vintners’ Gifts Charity and Save our Swans) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024 eeeS eee

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |9|ANALYSIS|OF|NET|ASSETS|BETWEEN|FUNDS| |Current year|Unrestricted|Expendable|Restricted| |Funds|Endowment|Funds|Total| |2024|2024|2024|2024| |£|£|£|S| |Represented|by:| |Investment|assets|4,251,674|1,623,597|4,825,255|10,700,526| |Current|assets|79,995|.|96,772|176,767| |Current|liabilities|(7,080)|-|(2,400)|(9,480)| |4,324,589|1,623,597|4,919,627|10,867,813| |Comparative|year| |Unrestricted Funds|Expendable|Restricted| |Endowment|Funds|Total| |2023|2023|2023|2023| |£|£|£|£| |Represented|by:| |Investment|assets|3,789,532|1,202,465|4,476,360|9,468,357| |Current|assets|225,392|-|49,655|275,047| |Current|liabilities|(6,600)|-|(2,400)|(9,000)| |4,008,324|1,202,465|4,523,615|9,734,404|

----- End of picture text -----

10 FINANCIAL INSTRUMENTS

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |2024|2023| |z|a| |Financial|assets:| |Instruments|measured|at|fair|value|through|profit or|loss|10,700,526|9,468,357|

----- End of picture text -----

11 RELATED PARTY TRANSACTIONS

The Master and Wardens of the Vintners’ Company are Trustee of this Charity. The Vintners’ Company provides all management and accounting facilities for no charge. During the year The Vintners’ Company donated £294,000 (2023: £280,000 ) to the Foundation. At the year end The Vintners’ Company owed nil to the Foundation.

There were no other related party transaction during the current or prior year.

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The Vintners’ Foundation (incorporating Vintners’ Gifts Charity and Save our Swans) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 March 2024

12 CASH GENERATED FROM OPERATIONS	12 CASH GENERATED FROM OPERATIONS
				2024	2023
				£	£
Surplus/(Deficit) for the year				1,133,409	(85,872)
Adjustments for:
Investment income recognised in Statement		ofFinancial	Activities	(282,629)	(272,759)
Fairvalue (gains) and losses on investments				(885,161)	351,657
Decrease/(Increase) in debtors				2,922	3,954
(Decrease)/Increase in creditors				480	(6)
Expendable Endowmentreceipt				(294,000)	(280,000)
Cash generated from operations				(324,979)	(283,026)
13 ANALYSIS OF CHANGES IN NET DEBT
			1 April	Cash flows	31 March
			2023	£	2024
			£		£
Cash			192,907	(95,357)	97,550
14 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES
	Unrestricted		Restricted	Expendable	Total
		Funds	Funds	Endowment	2023
		2023	2023	2023	£
		£	a	£
Income
Donations and legacies		148.769	-	280,000	428,769
Fundraising activities		-	7,060	-	7,060
		148,769	7,060	280,000	435,829
Investment income		141,483	131,276	-	272,759
Total income	290,252		138,336	280,000	708,588
Expenditure
Charitable activities	330,843		111,960	-	442,803
Total expenditure	330,843		111,960	-	442,803
Net income before net gains on investments	(40,591)		26,376	280,000	265,785
Net gains/(losses) on investments	(146,408)		(171,200)	(34,049)	(351,657)
Netincome and net movements in funds	(186,999)		(144,824)	245,951	(85,872)
Total funds brought forward	4,195,323		4,668,439	956,514	9,820,276
Totalfundscarriedforward	4,008,324		4,523,615	1,202,465	9,734,404

Page 19