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 expendI￿re 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 cha￿￿e$.. Stsiemenl of Remmmended Pra¢tice applicable to Charities preparfng iheSr accounts in
a¢cordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. (effective
1 January 2019).
Objectlves and actmtles
e objective of the Foundatitjn Is to P8y Out grants for the rellef of people who are bllnd or vlsually Impalred. the relief
ofthe families and carers of the blind and the visually impaired, the advancement ofe￿l￿allOn of the ￿lD￿ and vlsualty
impaired. Ihe advancement of 5cienttfic knowledge of the causes and treatment of bllndness.
-The trustees hav8 paid du8 regard to guidance issued by the-charity Comrnission in decidlng what activlties the
charity should undertake.
Achl•vemonts and perfomian
Durfng 2022 grants of, in aggregate. £162.500 were made lo the organ15allons wporting the blind and vlsually
Impaireil in the UK. as deSC￿bad in the Foundation's website www.vinchelfoundation.com and covering the provision
of long curalorlal support of guide dogs for the blind and partialty sighted. medlcal research for chlldren wlth anlddla
and albinism. and assistan￿ with medical equipment, ophth8lmologlc818Sgstsnco lo loster childr8n with vision
problems and psychological assistance to thelr new familie5, creation of geogf8phical maps for blind schoolchildren.
fundlng the development ofa spedal 50nlc el￿OniC ball for blind foolball players, production and dislribuvon support
01918ctronic 8quipment for blind children (Smart Robin).
Flnancl•l rovl
The current year shows movement of lunds of -£1,374,990 compared with £1,028,255 in tho prevlou$ 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 un￿1 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) (CO￿rINuED)
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 prepa￿ng these flnanclal statements, the trustees are wulred tts..
- seleEt suitable accounting policies and then apply them ￿nsIste￿tty-
- 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
reaSona￿e 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$ibiliti88 and basis of rgp¢)rt
As the chaAty's trustees of the company land a1501ts dlrectots for the purposes of company lawl yw are responsib
for the preparation ol the acc￿Unts In accordance wlth the requirements of the Companies Acl 20061.the 2006 Act,).
Hawng satisfied myself that the a￿)Unts of the company are not required to be audlted under Part 16 of the 2006 ACL
and are ellglble for independent examination, I report In respect of my examinatson of your thari￿$ 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$idered as partofan independent
examination- or
41 the a0￿Unts have not been preparèj in aceordance the methods and principles of tha Statamont of
Recomrnended pracllce for accounting and reportsng by charitses applicable lo charities preparing theiT accounts in
accordance wllh the Financlal Reporting Standard applicable in the UK and Republic of Ireland {FRS 102>-
I have no concerns and have come acros5 no other mattars in COnn￿lI0n wth the examination to whiGh attenllon
should be drawn Sn this report In order to enable a proper understanding of the atxounts to be ￿aChed.
Nama of 8xaminar: Colin Mills
Name ol fim); Crftchw Audit LLP
Relevant pr*)fo8slonal body: Inslliute Df Chartered Acwjntsnts in England and W818S
Add￿$. 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 P￿pared 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 ReCommend￿j
Practice appIl￿ble 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 Conve￿On, 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 fU￿re. Thus the trustees
continue to adopt the going COn￿M 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 specificconthli￿s by donors Ihatthe ￿pIla1 musl be malnlalned by the charlty.
1.4 Incom•
Income is recognised when thg tharfty Is I￿allY 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 i￿Orne 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 be￿n 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￿ MeasU￿d 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 balar￿6$. are Inlfjally measured at transaction
price incjuding transaction costs and are subsequently carried at amortlsed cost uslng the effgdive interest
melh¢Jd unless the arrangement constitules a finanring Iransacbon, where the transaction is measuTed at the
present value of the future r￿81pts discounted at a market rate of interest. FinancAal assets da8￿fled 88
receivable within one year 8re not amortised.
Bas1¢ financlal liabllftl•s
Basic firkincial liabililles, indudSng creditots are InlU811y r￿nISed at transaction price unless the arrangement
¢onslltutes a financing trans8cbon. whère the d6bl instnjment is me8sured al the present value of the fuiur8
payments discounted at 8 markel rate of inleresL Financial liabllllles classlfied as payable within one year are
not amortised.
Trnde c*edit￿$ 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 ll8bill￿eS are derecognised when the charlty's contractual obligalions explre or are thscharged or
canc61￿d.
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
unr￿trict8d 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
NuM￿r
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 Exp8r*88 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 assetsllliobilil*sl
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-