MICHAEL VARAH MEIK)RIAL FUND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 INDEX Page 1-3 TnJstees' Annual Report Report of Independent Examiner Statement of Financial A¢ts"vities Balan￿ Sheet Notes to the Accounts RegFSter8J ¢hanty number. 1120825 MICHAEL VARAH MEMORIAL FUND TRUSTEES. ANNUAL REPORT 31 MARCH 2022 TRUSTEES.. Mrs Kate Booth Mrs Nicola D&Ykins Mr James Sehmer Mrs Sally Anne Varah {Chaimwn) Mr James Varah SECRETARY.. Mrs Nrcola Dawkins REGISTERED OFFICE.. 3, Riverd6né Houge Wa￿ick'S Bench Guildford GU13TA REGISTERED CHARITY NO.. 1120825 GOVERNING DOCUMENT Dedaration of Trust BANKERS.. Nakn'onal Westminster Bank Ltd 151 High Street Guiklford CU13AH CAF Bank Ltd 25 Kings Hill Aven Kings Hill Wesl Mallin9 Kent ME19 4JQ Shw4vbrook Bank Ltd Lutea House Wartey Hill Business Park The Drive Oi¢at Vvamey Brentwood Essex CM13 3BE INDEPENDENT EXAMINER.. MrAlun Jones FCA New Tnjstees are appointed by invitalKin from the board of existtng Truste8s, such appointments being ralrfied at the next Annual General Meeb'ng. MICHAEL VARAH MEMORIAL FUND TRUSTEES ANNUAL REPORT 2022 The Trustees present their report and the financial statements for the year ended 3151 March 2022. The financial statements have been prepared in accordance WTth the accounting poliues sel out in Note I to the a￿Unts and comply with the charity's trust deed. the Charities Act 1993 and the Statement of Recommended Practice.. Accounting and Reporbng ty Charrbes 2005. Slructurg* governance and management The Trust was *t up as a memorial to Mich&1 Varah who d*d on ￿ Apn"12007. The Trust is incorpofated under a Tnjst Deed dated 3 September 2007. The deed sets no limit on the number of Trustees and the existing TnJstees have the power to appoint addrtKJnal Trustees. The Trustees normally meet regulaty each year in accordance wrth the needs of managing the fund. Objectives and actlviti08 The objects of the Trust are to".- Enable disaffected and marginalEed people to tealize the skills they never thought they had" Show vulnerable young people an altemative future.. Rehabilrtate offenders, both before and after release.. Train and engage with the horne￿$ and long-leftn unemployed to grve options and Opportun￿eS,. and Educate the Trusys supporters about the reality of Iwes affeded by crime. Funding stratogy The focus of grant making for our ch8nty is now to enab￿ indtvidual(sl to ap￿ for an 'award' that recognises, rewards and nurtures aspirab.on and talent The focus is on enabling the indNK1ual{sl to do something life- changing that- without the MVMF funding- they would not be able to do. By way of example onty, such 'transrtion grants, may include.. paying for pre-empbyment training., travel expenses for an intemshipl experience, equipment for 8 coursetjob. Awards might also be appli&Y to a group of indNiduals setting up a small S￿la1 enterprise. to gain experience to make them work ready. This may include in-prison workshops that provide tutoring to enhan￿ offender5, life skills and so improve their resetuement chances on release. We fund either alone, or in collaboration MVMF Partners (including Fine Cell Work, Watts Galiery Trust and the Prison Refom Trust). We partner wrth them on In￿"al￿e$ that nKfytivate those individualslclients with whom they work to appty for funding by the MVMF for a grant In this, we soek to make the MWF more PfOaCtive- rather than reactive to appltcations~ and to ensu￿ that our grants make a real difference to the prospects ofthose indNiduals we Th)st seek to benefit The objective is also to continue the Fund's ethos of wofking in partnership where possible.. using the [￿er of the collective purse to fund innovation and ta￿nt devebpment that mtght not happen otheNise," responding quickly to need., and nLtrturing talent. Public Benefft The Trustees are of the opinion that the objects of the Trust o)nstitute clear public benefit. They also believe that all the projects and organisab.ons that the Trust has SUF)Wrted also provide public benefrt and that there is no detriment resulting from its actrvrties that should be offset against the benefit that it provides. Operntions During the year under review, the Trustees receNed a per￿ntsge from the sale of ar￿￿rkS at an in-prison art exhibition. and several generous donations. It was again possible to hokl the annual Carol Concett which pr¢Jduced a surplL¢S of £4,221. The Fund afso re￿1V&￿ the PoSt￿r0duC￿.OTr profits from the sale of MVMF charity Christmas cards. postcards, notecards and a Calendar. Proffts from the sale of postcards, notecards and calendar were then pr￿sSed as part ofthe social enterprise the MVMF facilitatss for the HMP Send 'Our Time. women artists. All Trustees pay their own costs and no expenses are charged to the Trust. The Trustees considered a number of applications for grants and approved grants to the organisations set out in Note 2 to the Accounts. MICHAEL VARAH MEPAORIAL FUND TrUSTEES ANNUAL REPORT 2022 Reserves polley The Trustees intend to contlnue maklng 9rants at thgir dI$￿e￿on. with any defi¢tt charg&l against reserves, or any surplus used to build up reserves Can provKl6 an irtcorre to augment the futuro re¢e6pts of the TrusL Tho Trust has unRstrthd cash fvnds at the yw*nd 01£59.375 (2021- £71.7891 Invosthient pollcy The Tru¥l invests all Its Surp1￿ lun(Js In deFosOb wilh QAF Bank Ltd. and Bank Ltd. Plans lortho futyrn The Trustwill conb.nug lo make grants h) frn Wbth ts obiec*veJ and. where Fthsd)le, WIH raw lunds and commlt fund8 to reserve8. 8tatoment of TnMtM•' R￿p0￿1b11Itl Th6 Trusteès are responsible fDr preparing the Annual Report and 8CA))unt8 m XCOrdan￿ wth appll¢abKg l•w and Untted Klngdom Gonerally Act¥pted A(xounts'ng Pracbc•. Company law rwuires the Trvste•s to PTepar8 accounts for wh fffi•ncl*l yoar. whlch gNe a true and fair v of tho stale of affair8 of the Trust and of the results of the Tru81 for that year. In proparing tho&e aceounts. the Tru$te8S af8 wuired to Select suttable a¢￿UntIng poh'c*s arKI then appty them consistentty, mako judgements and estlmates that arè reasonable arHI pwdont and prepare the a¢£ounts on the going concern basi8 unlèss il 1$ Inappropr*ate to presum8 Ihal the TNSt wiu contsnu8 in buStn￿. The Trustges are re8pon8ible for kaepmg pr¢)per a¢¢¢>Jnts'ng records disd08e with r8a80nabb accuracy at any timè the flnancial po&Jon ot the Tnmt and to enabb them to ensurg that Ihe ￿e()Unts comply wlh the Companies A¢t 1985. They are akn r05FI)nsibfe for safeguarding the aswts of th8 Trnst an¢J hence for taking reasonable Steps for the prevenkn an(1 detwjion of fraud and olher wwutarrtsg8. SIGNED ON BEHALF OF THE TRUSTEES Samy Anne Varah Chairman 291h NovembOT 2022 MICHAEL VARAH AIEPAORIAL FUND Accoupifs FOR THE YEAR ENDED 31 MARCH 2022 INDEPENDENT EXAMINER'S REPORT I reF<)rt on the accounts of the h+lrhael Varah Memorial Fund for the year ended 31* Marth 2022, which are set out on pages 5 to 7. Re8￿ctiVe responsibililies of Tr￿tee8 and Examlnor The charity's Trustees are respon&ble for the preparation of the accounts. The charty's Tfustees consider that an audit is not required for this year under secti)n 144 of the Charib'es Act 2011 and that an independent examination is needed. It Ès my responsibilty to.. - examine the accounts under S￿1n 145 ofthe 2011 Art - to follow the wctedures laKJ down in the general Directkifts given by the Charty Commtssion under section 145 {51 b of the 2011 A¢ and - to state whether parlicular matters have come to my attention. Basls of Indopendent Examinerf8 roport My examination was carried out in a￿ordan￿ wtth the general Directions gNen by the Chanty Commission. An examination includes a revEw of the accounting records kept by the charty and a comparison of the accounts presented with those re￿[d5. It also indudes C0nwderat￿n of any unusual rtems or disclosures in the accounts, and seeking explanations from you as Trustees conceming any such matters. The procedures undertaken do not provide all the evKlence that woukl be required in an audit and wnsequentty no opinion is given as to whether the accounts presem a Irue and fair vithrf and the report Is limrted to those matters set out in the staten*nt below. Inde￿ndent Examlnoes statement In ¢onnection wth my examination, no matter has come to my attention". 11) which gwes me reasonab￿ cause to believe that in any material respect the requirements". - to keep accounting rets)rd5 in accordarkce with section 130 ot the 2011 Charities Actr, and - lo prepare accounts which accord wth the accounting records and ojmpty wfth the accounting requirements of the Charities Act have not Ixn met,. or 121 to which, in my opinion, attention shouhl be drawn in order to enable a proper understanding of the accounts to be reached. A R Jones FCA 23. Oxshott Rise, Cobham. Surrey, Iff11 2RW 29th November 2022 MICHAEL VARAH IIIEMORIAL FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 W4RCH 2022 2022 2021 Note INCOMING RESOURCES Donations Funds generated by activities Interest reeeivable 3,166 21,684 226 752 15,929 407 TOTAL INCOMING RESOURCES RESOURCES EXPENDED Costs of generating fvnds Costs of fund raising activrt.tes Charitable actwtties- Grants made 211 14,386 604 8,482 TOTAL RESOURCES EXPENDED NEf MOVEMENT IN FUNDS (12.4141 (1.0101 UNRESTRICTED FUNDS BROUGHT FORWARD UNRESTRICTED FUNDS CARRIED FORWARD The notes on page 7 form part of these accounts. All funds are unrestricted. All activities are continuing. There a￿ no gains or losses other than those recognised through the st*ement of financial activit￿. MICHAEL VARAH MEMORIALFUND BALANCE SHEEr AS AT 31 MARGH 2022 2022 2021 CURRENT ASSErs Cash at bank and In hand Curr6nt aecoLtnt Depostt accounts 1177 57,184 8,443 86,959 D8blofs- PrnpaKI expense TOTAL ASSErs Creditors 988 3,613 NET CURRENT ASSErs NET ASSETS FUNDS OF THE CHARITY Unrestricted Fur•S6 The note8 on 7 fomi part of the8t ￿nts. The8e accounts W8Te opwov8d and authwj for i88ue ty th6 Tntyte88 on 29th Novfjm￿r 2022 Varah (Chaiman) MICHAEL VARAH MEfdORIAL FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 ACCOUNTING POLICIES The following accounting pKslicE5 have been used (y)nsistenty in dealing wrth material aspects ofthe Charity's &Lounts. al Ba8FS of accountlng The accounts are prepared under the h￿1 cost convention. and in compliance with all applicable accounting standards and the Companies A(* 1985. b) Pre8entatlon of th• accounts The chaiity has adopted the Statsrrtht of Recommended Pr*ice ISORPI. Accounting and Reporb'ng by Charities. issued in March 2005. cl Voluntary income Donations and grants are induded in the amnts at the date of receipt Donations in kind are re¢ognised in income and exFendilure when the vaue of the donab.on is capable offinancrdl measurement dl Invostm8nt Income Interest from bank and short-term deF(>sits is accounted for on an accruaL8 basis. el Resource5 expended l expenditure is accx)unted for on an arzruals basis and has tseen ¢lassffied under headings that aggregate all costs related to the category. All support costs have been all￿ated lo the sole charitable acttvty. Di￿t ¢J)sts a￿ reccgnised when the third paty has provided the goods or servKe. 2. CHARITABLE EXPENDITURE Grants were made during the year to'.- Watts Gallery Fine Cell Work HMP Send Soual Enterprise Others 2022 2021 8,670 4,713 1,118 4,260 3.769 176 3. TRUSTEES REMUNERATION AND EXPENSES The Trustees received no remuneration in the year.