Charity r•gl$trallon numb•r 1162681 Comp•ny rgglstratlon numb•r 09383412 (England and Wal•*l VINCHEL FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
VINCHEL FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Truste8s MrA R Tullod) A Vinchel l Makhrachev Charlty number 1182681 Company nun4)gr 09383412 Reglstsrgd offKe 4 Hlll Street London W1J5NE ..Independent Examlngr Critchleys Audit..LLP Beaver House 2348 Hyihe Brldge Street Oxford OX1 2EP Investment advlsor8 Goldman Sachs Intemaliona
VINCHEL FOUNDATION CONTENTS Trustees. report Statement of truslees, responsibilities Independent examinels report Statement of financial activtbes Summary income and expendIre account Balanra sheet Notes lo the finan¢ial statements 8-13
VINCHEL FOUNDATION TRUSTEES. REPORT{INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022 Th8 Inrstees present their annual report and financial statements forthe year ended 310ecember 2022. The finandal ststements have been prepared in acwrdance w6th the accounting pdicies set out In note 1 to the flnanclal statements 8nd comply wSth 1he charity's Articles of Association. the Companies Acl 2008 and "Accounllng and Reporlng by chae$.. Stsiemenl of Remmmended Pra¢tice applicable to Charities preparfng iheSr accounts in a¢cordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. (effective 1 January 2019). Objectlves and actmtles e objective of the Foundatitjn Is to P8y Out grants for the rellef of people who are bllnd or vlsually Impalred. the relief ofthe families and carers of the blind and the visually impaired, the advancement ofelallOn of the lD and vlsualty impaired. Ihe advancement of 5cienttfic knowledge of the causes and treatment of bllndness. -The trustees hav8 paid du8 regard to guidance issued by the-charity Comrnission in decidlng what activlties the charity should undertake. Achl•vemonts and perfomian Durfng 2022 grants of, in aggregate. £162.500 were made lo the organ15allons wporting the blind and vlsually Impaireil in the UK. as deSCbad in the Foundation's website www.vinchelfoundation.com and covering the provision of long curalorlal support of guide dogs for the blind and partialty sighted. medlcal research for chlldren wlth anlddla and albinism. and assistan with medical equipment, ophth8lmologlc818Sgstsnco lo loster childr8n with vision problems and psychological assistance to thelr new familie5, creation of geogf8phical maps for blind schoolchildren. fundlng the development ofa spedal 50nlc elOniC ball for blind foolball players, production and dislribuvon support 01918ctronic 8quipment for blind children (Smart Robin). Flnancl•l rovl The current year shows movement of lunds of -£1,374,990 compared with £1,028,255 in tho prevlou$ year. wilh £1.261.350 of net loss on investments in 2022 and £1,100,850 of gans In tt)e prfor year. The majorfty of Ihe charlty's fvnds Gonsist of an expendable endowment fund which is used to provlde Income for the Trustegs lo apply In accordan wlth the objects of Ihe Gharity. The amounts of reseNes within unrestrlcted funds at the ygar-end amounted lo £31.567. Structuro, gOv•man and mamgement The charity 15 a company limited by guarantee. The Foundation Is managed by a board ofTnJstees The trustees. are also the dlrectors for the purpose of company law. and who served durlng the year and up lo the dale of siqnature of the financial ststemen15 were.. MrA R Tulloch A Vinchel M Vinch81 l Makhrachev Trustees are appointed by Sn ordinary resolution, or by the Truslees (in whith case the appointment is only un1 the next AGM). None of the trustegs has any bgnefidal Inlerest In the ccffjpany. Al of the trustees are members of the company and guarantse to contribute £1 in th8 eV8nl of a wnding LFP.
VINCHEL FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (COrINuED) FOR THE YEAR ENDED 31 DECEMBER 2022 Small company •x•mpfjons Thls report has been prepared In accordance th the Small Companleg Reglme under Sec1ion 41912) of the Companies AGI 2006. The trustees, report was a roved by the B08rd of Trustees. MrA R Tullcch Trustee D81e:...l4...................................
VINCHEL FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2022 The trustees. vA)o are 81s0 the directors of Vlnchel Foundation for the purpose of comp8ry law. are responslblg for preparing the Trustees, Report and the financlal statements in accordance wlth applbcable law and Unlted Kingdom Accounting SlarKlard5 (United Kingdom Generally Acc8Pted Accounting PradiGol. Company Law requlres the trustees to prepara financ3al statements f¢y each finanoial year which give a true and falr view of the stale of affairs of the charity and of thè incoming resources and applration of resources. IndudSng the income and expenditure. of the charitsble C(panY for that year. In prepang these flnanclal statements, the trustees are wulred tts.. - seleEt suitable accounting policies and then apply them nsIstetty- - ctheNe the rnethods and prfndples in the Charilles SORP: - makejudgemen15 and estimate5 that are reasonable and prudenL' and prepar8 the financial statements on the gc¥ng concem basis unless it is inappropriate to presume that the Charity wlll continue In operation. The trustees are responsible for keeplng adequate 8ccounting records that disclose reasonable accuracy at any lime the financial position of the ch8rity and enable them to ensure that the ftnancial statements compty wllh the Companies Act 2006. They 8re 8180 responslble for safeguarding the assets of the charity and hancé for taking reaSonae steps for the prevenllon and detecllon of fraud and other ifregularilies.
VINCHEL FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF VINCHEL FOUNDATION I report to the charity trustees on my examination of the flnanclal statements of Vin¢hel Foundat1 Ilhe Company) the year ended 31 December 2022. whlch are sel out on pages 5 to 13. Respon$ibiliti88 and basis of rgp¢)rt As the chaAty's trustees of the company land a1501ts dlrectots for the purposes of company lawl yw are responsib for the preparation ol the accUnts In accordance wlth the requirements of the Companies Acl 20061.the 2006 Act,). Hawng satisfied myself that the a)Unts of the company are not required to be audlted under Part 16 of the 2006 ACL and are ellglble for independent examination, I report In respect of my examinatson of your thari$ acts)unts as carried out under section 145 of the Charfoes Act 2011 {the ?011 Act,). In carryin9 out my examlnatson I have followed thè Directions given by the Chartty Commlsslon under section 14515llbl of the 2011 ACL Independent examineffs report I have completed my examinalon. I confinn that no matters have come to my attention coMeclSon wlh the examlnalion giving me cause lo belleve- 11 8ccounting records were not kept in respect of the Company as required by seLtion 380 of the 20C6 Act; or 21 th& accounts do not accord wlh those accounlng records; or 31 the acccmjnls do not comply wth the accounting requlremenls of section 396 of the 2CQ6 Act other than any requlremenl that the 8CCA)unts give a'lwe and falrf vlew whlch Is not a m&ttercLJn$idered as partofan independent examination- or 41 the a0Unts have not been preparèj in aceordance the methods and principles of tha Statamont of Recomrnended pracllce for accounting and reportsng by charitses applicable lo charities preparing theiT accounts in accordance wllh the Financlal Reporting Standard applicable in the UK and Republic of Ireland {FRS 102>- I have no concerns and have come acros5 no other mattars in COnnlI0n wth the examination to whiGh attenllon should be drawn Sn this report In order to enable a proper understanding of the atxounts to be aChed. Nama of 8xaminar: Colin Mills Name ol fim); Crftchw Audit LLP Relevant pr*)fo8slonal body: Inslliute Df Chartered Acwjntsnts in England and W818S Add$. Beaver House, 2348 Hythe Brldge Stre6L Oxford, OX12EP Dato: 24 March 2023
VINCHEL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 Total Unr•strlcted endo funds nd$ general 2021 funds funds g•n8rn1 2022 2022 2022 2021 Investments 126,551 126.551 136,647 136.647 endilur• Raisingfunds 85.511 65,511 63,911 63,911 Charitsble aclovllles 174.680 174.0 145,330 145.330 Totsl gXPondltur• 174, 65,511 240,191 145.330 63.911 209,241 Net galnslllossesl on investments 10 11,261.350) 11.261.350) .1,1(,850 1,100,850 N•t movornent in funds 148,1291 11,326.861) 11.374.990) 18,6831 1,036,939 1.028,256 Fund balances at 1 January 2022 79,696 11,908.716 11.988.412 88,379 10,871,n7 10,960,156 Fund balan¢e$ at 31 D¢c•mber 2022 31.567 10.581.855 10.613.422 79,696 11.9)8.716 11.988.412 The 518tement of finan(ial adivities indudes all gains and losses recogntsed In the year. All inGome and expendilure deiiye from continulng activit$.
VINCHEL FOUNDATION SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022 All Income ndS Gross income 126A51 136,647 Total expenditure from income funds 174680 145,330 Net lexp•nditurg)Iln¢ome for ihe year 148.12_9) 18,883)
VINCHEL FOUNDATION BALANCE SHEET ASAT31 DECEMBER 2022 2022 2021 Fixed ets Inv85tments 11 10,623,022 12,052,473 Cuwrent asuts Credltor6: amounts falllng du• withln one year 13 19.6c(JI (64.061) Net currpnl Ilabilities 19.600) 164,C61} Total a$$ots less current Ilèbllltles 10.613.422 11.988.412 Capltsl fvnd$ Expendable endowmant Income furKIs Unrestricted fijnds 14 10,581.8S5 11.908,716 31.567 79,696 10.613.422 11.988.412 For the year ending 31 December 2022 the charity was entitled lo exempllon from audit under seclion 477 of Ihe Companles Act 2006 relaung lo small comp8nles. The members have not requlred the company lo obtain an audlt of its flnanGial statements for the year in question In accor(lanGe with section 476 of the Companies Act 2006. The directors acknowledge their responsibilitl8s for complying Wth the requlrements of the Act wtth respect lo accounilng records and the preparab.on of financial statements. These finan081 statements have been prepared in accordance with the provlslon5 appli¢able to companies sublect to the small companles, reglme. The finandal ststaments were approvgd and authorised for Issue by ihe Trustees on ......... MrA Company rggistration numbor 09383412
VINCHEL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Ac¢¢unting policies Charity inhrmatlon Vinchel Foundation is a privats comparry limited by guarantee incorporated in England Wales. The reglstered office is 4 Hill Slreel. London. W1J 5NE. 1.1 Accountlng conventlon The flnancial statements have been Ppared in accordance with the charity's Artides of Assoualion lh8 Companies Act 2006. FRS 102 The Financlal Reporfng Stsndard appllcable In the UK and Republic of Ireland" I'FRS 102.1 and the Charities SORP 'Accountlng and Reportlng by Charities: Stslement of ReCommendj Practice appIlble to ¢horities preparlng Ihelr a¢UnIS In accordance with the Financi81 Reporbng Standard applicable in the UK and Republic of Ir8land {FRS 102)" leffectsve 1 J8nuary 20191. The charity is a Publl Benefit Enttty_as defined by FRS 102. The charity has laken advanlage of the provlsions in the SORP for charlties not to prepare a Slatemenl of Cash Flfms. The finanual statements are prepared In sterflng, whlch is the functional currency of Ihe charity. Monetary amounts in these financial stslements are rounded to the nearest £. The flnanclal statements have been prepared under Ihe hist+yKal c05t ConveOn, modmed to Include certaln financial instruments al fair value. The principal accounting poliGies adoptgd are sel out belryu. 12 GoSng eonc•m At the time of approving the fin8ncOal ststements. the trustees have a reasonable oxpectauon that the chartty has adeouate resources lo conllnue In operational existence for the for8seeable fUre. Thus the trustees continue to adopt the going COnM basls of accountbng In preparfng the finandal ststements and there are no material uncertainlies that exst. 1.3 Charltablo funds UnTe5tricled funds are available for use ot Ihg dlscrellon of the trustees in furtherance of thdr charttable oblectlves. Restrlcted funds are subject to specific condTlrons by donors as to how they may be used. The purposes and uses of the ieslricted fund5 are set out in the notes to the finandal stslemenls. Endowmentfunds are sublect lo specificconthlis by donors Ihatthe pIla1 musl be malnlalned by the charlty. 1.4 Incom• Income is recognised when thg tharfty Is IallY enlltted to It after any perfomiance condlth)ns have been met, the amounts can be measure£l reliably. and it 1$ probable Ihal Income wil be receiv&d. Forthe (*8rity. this includes dSvklend iOrne an(J interesl recelvable from the Inveslmenl portfollo hdd. 1.5 Exyndlture Expenditure is recognised once there Is a legal or constructlve obllg8th)n to transfer ttonomic bènefit to a third party. 11 is probable that a transfer of economlc ben8flts wlll be requlred In s8tUem6nL and the amount of the obligation can be measured rellabty. Expenditure is classified by activity. The costs of each activity are made up ofthe total of directcosts and sharad costs, Including support costs involved in undertaklng each activity. DlreGt Costs attributable to a single activity are allocated directly to that aclivlty. Shared Costs which conlrSbute lo more than one activlty and support costs which are not attributable lo a ngle aGtivity arg apportloned ben those acthvities C a basis rnnsistonl with the use of resources.
VINCHEL FOUNDATION NOTES TOTHE FINANCIALSTATEMENTS{CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Accountlnp pollclos {Contlnued) 1.6 Flxed asset Inv•stm•nts Fixed asset inv8sknents are Initial MeasUd al transaction Prt exdudlng trans8Ctlon cosls, and ar& subsequently measured at falr value al each reporting dale. Chang8s in fair value are recognised In net incomel(expendituro1 for th8 year. 1.7 Cash and cash equlval•nts Cash and cash equivalents indude cash in hand. deposits held at call wlh banks, other short4em liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in cuffent Ilablllties. Beslc financlal assets Basicfinancial assets, whoch Include deblors and sh and bank balar6$. are Inlfjally measured at transaction price incjuding transaction costs and are subsequently carried at amortlsed cost uslng the effgdive interest melh¢Jd unless the arrangement constitules a finanring Iransacbon, where the transaction is measuTed at the present value of the future r81pts discounted at a market rate of interest. FinancAal assets da8fled 88 receivable within one year 8re not amortised. Bas1¢ financlal liabllftl•s Basic firkincial liabililles, indudSng creditots are InlU811y rnISed at transaction price unless the arrangement ¢onslltutes a financing trans8cbon. whère the d6bl instnjment is me8sured al the present value of the fuiur8 payments discounted at 8 markel rate of inleresL Financial liabllllles classlfied as payable within one year are not amortised. Trnde c*edit$ are obligations to pay for goods or swvlces that have been aGquired in the ordinary course of operations from suppliers. Amounts payable are dassified 8$ current liabilities rf payment is due wlthln one year or less. If not, they arfr presented as non-CUtTenl Ilabllltles. Trade creditors are recognised inits.ally al transaction price and subsequenuy measured at 8mortis8d cost uslng the effective interest method. Dwecognlilon of Ilnanclal IlabHIII•s Finandal ll8billeS are derecognised when the charlty's contractual obligalions explre or are thscharged or canc61d. CrftlGal aGGounting •$timatss and judg8m•nts In the application of the ch8rfty's accounllng poll(Mes. the trustee8 are requlred to make judgements. esilmates and assumptions about the carrylng amount of assets and liabilities that ar8 not readlly apparent from other sources. The estimates and assoclaled assumptions are based on historical expgri8nc8 and other factors that are considered to be rdevant. Actual results may differ from these estimat&s. The esYmate5 aThl underlyfvJ assumpllons ara revlewed on an ongoSng basss. Revisions 10 8cctyJnting eslifflalès are recognSsed In the period in leh the estlmate Is revlsed where the revision affects only Ihat period. or in the perfod of the rwsion and future periods whare the revision affects both (rrent and lulure periods.
VINCHEL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Investsnents unrtrict8d iknrestrith funds funds 2022 Drvidends frorrijisled investments Income from fixed interest securities 54,005 72,546 6T,883 74,764 126,551 136,647 Ral$lng fvnds Endowment Endthffilenl funds funds ggnwal general 2022 2021 Invastment management 65,511 63,911 65.511 63.911 Charttable actmtleg nds 2022 funds 2021 Grant fvndlng of aclbvltles (see note 6) 162.500 131.755 Share of support costs (see note 7) Share of governance cJ)sls Isee note 7) 5.70Q 6,480 5.655 7.920 174,680 145.330 10-
VINCHEL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Grants payabl• UnrestrlGtgd Unreslrictthy fvnds 2022 2021 Grants to institution5 {to assist those blindlvisutlly impaired) Geography of GOCKI Sozidanle Sensor-Teth New College Worcester The Living Palntings Trust Victa Childran Ltd 20.968 56.805 53.982 120,000 1,000 41,500 162,0 131.755 Support costs Support Governance 2022 Support Governance 2021 Professlonal fees AcLountanGy fees 3,300 3.755 3.755 Independent exaMlnor'Audrt 8,480 6.480 7,920 8.480 12.180 5,655 13.575 Anatysed befv Charitableactivities 5,7C 8.480 12.180 S.655 13.575 Govemance costs Includes p8ymenls to the audrtors of £6,480 (2021- £7,920) for Independent examinerfsl audit fe9$. Trustees None of th& truslegs (or any persons nnected th them} received any r8muneralion, benefits or reimbursement of expenses from the tharity during the year. Emplwes The average monthly number of èmployees durlng the yearwas.. 2022 Number NuMr Total 11
VINCHEL FOUNDATION NOTESTO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 10 N•t galn•l{l*) on Inv¢stm¢nts Endowm•nt End¢y•vmont funds lunds g•noral gener81 2021 Revaluation of invegtsments Gainlllossl on sale.of investrnenls 1821.1851 1440.1651 949.758 151,092 11,261,350) 1,100,850 11 FIX asset Investments Cash in portfollo Totsl Inv•slmonts Cost or valuatlon At 1 January 2022 Additi¢S Valuation thanges Cash mov8m8nt Disposals 11,989.965 1,e01,453 {1261,3) 62,9)8 (1,601,453) 12.052.473 11,261,350) {168,101) 1168,1011 1,798,505 (1,798,505) At 31 December 2022 10,631,563 91.459 10,623,022 Carrylng amount Al 31 December 2022 10,531,S63 91,459 10,623.022 At 31 December 2021 11.989,965 62.508 12.052.473 12 Financial Instruments 2021 Carrylng amount of flnanGlal assots Instruments measured al fair value through proflt or loss 10,531,563 11,989,965 13 Credltors: amounts falllNJ due wlthln one year 2022 2021 Grants payable A¢cruals and deferred in¢cthe 53.981 10.080 64,061 12-
VINCHEL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 14 Endowmènt funds Endowment fiJnds represent assets whith must be held permanenlly by the charity. Income arising on the endowment funds be used In accordance wlth the oLiiects of the charlty and Is induded as unreslri¢led income. Any (2pilal galns or losses arislng on the assets.fom) part of the fund. B•lanc•ai Exp8r88 Rwaluauo 1 January 9alns •rKI 11)ss¢8 Balanc• al 1 Jamary 2022 Exp•nau R8valvatI Balance 41 galns 31 D•G#nbw Expendabl& •ndovrti7onts 2017 dpnati 10,871,777 {63.9111 1,100,850 11,908,716 {65.511} (1,261.350110.581.855 10.871,777 163.9111 1.1C(1.850 11,908,716 {65.511) 11.261.350110.581,8SS 15 Anatysls of net assets l)etweon fund8 Unrestricted Endowm•nt funds Totsl Unrestrlcted Endwnent funds funds Tot81 2022 2021 Fund balances at 31 December 2022 aTe represented by.. Invesknents Cuwrent assetsllliobililsl 41.187 (9.600} 10,S91.855 10,623,022 19.6001 143.757 11,908.718 12,052,473 {64,061) (64.061) 31.567 10,581,855 10.813.422 79,696 11,908,716 11,988,412 16 Rglated party transa¢tlons There were no disclosable related p8ty transactk)ns durlng the year12021- none}. 13-