**Charity registration number 1162681 (England and Wales) Company registration number 09383412** ## **VINCHEL FOUNDATION** # **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **VINCHEL FOUNDATION** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|A R Tulloch| |---|---| ||A Vinchel| ||M Vinchel| ||I Makhrachev| |**Charity number (England and Wales)**|1162681| |**Company number**|09383412| |**Registered office**|4 Hill Street| ||London| ||W1J 5NE| |**Independent examiner**|Gravita Audit Oxford LLP| ||First Floor, Park Central| ||40-41 Park End Street| ||Oxford| ||OX1 1JD| |**Investment advisors**|Goldman Sachs International| ## **VINCHEL FOUNDATION** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 2| |Independent examiner's report|3| |Statement of financial activities|4| |Summary income and expenditure account|5| |Balance sheet|6| |Notes to the financial statements|7 - 13| ## **VINCHEL FOUNDATION** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ The trustees present their annual report and financial statements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Articles of Association, the Companies Act 2006 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 (FRS 102)" (effective 1 January 2019). ## **Objectives and activities** The objective of the Foundation are to pay out grants for the relief of people who are blind or visually impaired, the relief of the families and carers of the blind and the visually impaired, the advancement of education of the blind and visually impaired, the advancement of scientific knowledge of the causes and treatment of blindness. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. ## **Achievements and performance** During 2024 grants of, in aggregate, £20,000 were made to the organisations supporting the blind and visually impaired, as described in the Foundation's website www.vinchelfoundation.com. The largest grant was to Microphthalmia, Anophthalmia & Coloboma Support (MACS) for the completion of their project. The project aims to, over the next three years, recruit 24 volunteers, simplify the recruitment process for volunteers, implement regional volunteer led MACS meetups, and expand the offering of volunteer-led events. MACS is a small charity who offer support services to parents of children born with Microphthalmia (small eye/s), Anophthalmia (no eye/s) or Coloboma (a cleft in the eye/s) or a combination of these conditions, helping over 3,000 people across the UK. ## **Financial review** The current year shows movement of funds of £1,092,834 compared with £924,251 in the previous year, with £1,011,698 of net gains on investments in 2024 and £1,042,108 net gains in the prior year., The majority of the charity's funds consist of an expendable endowment fund which is used to provide income for the Trustees to apply in accordance with the objects of the charity. The amounts of reserves within unrestricted funds at the year-end amounted to £149,805. ## **Structure, governance and management** The charity is a company limited by guarantee. The Foundation is managed by a board of Trustees The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: A R Tulloch A Vinchel M Vinchel Trustees are appointed by an ordinary resolution, or by the Trustees (in which case the appointment is only until the next AGM). None of the trustees has any beneficial interest in the company. The majority of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. - 1 - ## **VINCHEL FOUNDATION** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **Small company exemeptions** This report has been prepared in accordance with the Small Companies Regime under Section 419(2) of the Companies Act 2006. The trustees' report was approved by the Board of Trustees. .............................. A R Tulloch **Trustee** Date: .11th February 2025. - 2 - ## **VINCHEL FOUNDATION** ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF VINCHEL FOUNDATION** I report to the trustees on my examination of the financial statements of Vinchel Foundation (the charity) for the year ended 31 December 2024. ## **Responsibilities and basis of report** As the trustees of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - 1 accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006. - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or - 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Colin Mills FCA **Gravita Audit Oxford LLP** First Floor, Park Central 40-41 Park End Street Oxford OX1 1JD Date: ............................14 February 2025 - 3 - ## **VINCHEL FOUNDATION** ## **STATEMENT OF FINANCIAL ACTIVITIES** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ |**Unrestricted Endowment**
**funds**
**funds**
**2024**
**2024**
**Notes**
**£**
**£**
**Income from:**
Investments
**3**
172,925
-
**Expenditure on:**
Raising funds
**4**
-
68,669
Charitable activities
**5**
23,120
-
**Total expenditure**
23,120
68,669
Net gains/(losses) on
investments
**10**
-
1,011,698
Gross transfers between
funds
-
-
**Net movement in funds**
149,805
943,029
Fund balances at 1 January
2024
-
11,537,673
**Fund balances at 31**
**December 2024**
149,805
12,480,702|**Total Unrestricted Endowment**
**funds**
**funds**
**2024**
**2023**
**2023**
**£**
**£**
**£**
172,925
204,349
-
68,669
-
62,246
23,120
259,960
-
91,789
259,960
62,246
1,011,698
-
1,042,108
-
24,044
(24,044)
1,092,834
(31,567)
955,818
11,537,673
31,567
10,581,855
12,630,507
-
11,537,673|**Total**
**2023**
**£**
204,349| |---|---|---| |||62,246| |||259,960| |||322,206| |||1,042,108| |||-
924,251
10,613,422| |||11,537,673| The statement of financial activities includes all gains and losses recognised in the year. The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 4 - ## **VINCHEL FOUNDATION** ## **SUMMARY INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ||**All income**|**All income**| |---|---|---| ||**funds**|**funds**| ||**2024**|**2023**| ||**£**|**£**| |Gross income|172,925|204,349| |Transfer (to)/from endowment funds|-|24,044| |Total income in the reporting period|172,925|228,393| |Total expenditure from income funds|23,120|259,960| |**Net income/(expenditure) for the year**|149,805|(31,567)| - 5 - ## **VINCHEL FOUNDATION** ## **BALANCE SHEET** ## _**AS AT 31 DECEMBER 2024**_ |**Notes**
**Fixed assets**
Investments
**12**
**Current assets**
**Creditors: amounts falling due within**
**one year**
**13**
**Net current liabilities**
**Total assets less current liabilities**
**The funds of the charity**
Endowment funds
**14**
Unrestricted funds
**15**|**2024**
**£**
**£**
12,635,787
-
(5,280)
(5,280)
12,630,507
12,480,702
149,805
12,630,507|**2023**
**£**
**£**
11,544,873
-
(7,200)
(7,200)
11,537,673
11,537,673
-
11,537,673| |---|---|---| The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2024. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the trustees on 11th February 2025. .............................. A R Tulloch **Trustee** Company registration number 09383412 (England and Wales) - 6 - ## **VINCHEL FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **1 Accounting policies** ## **Charity information** Vinchel Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is 4 Hill Street, London, W1J 5NE. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the charity's Articles of Association the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements and there are no material uncertainties that exist. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. ## **1.4 Income** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. For the charity, this includes dividend income and interest receivable from the investment portfolio held. ## **1.5 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. - 7 - ## **VINCHEL FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **1 Accounting policies** ## **(Continued)** ## **1.6 Fixed asset investments** Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. ## **1.7 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. ## **2 Critical accounting estimates and judgements** In the application of the charity’s accounting policies, the trustees 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 recognised 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. - 8 - ## **VINCHEL FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **3 Investments** ||**Unrestricted**|Unrestricted| |---|---|---| ||**funds**|funds| ||**2024**|2023| ||**£**|£| |Dividends from listed investments|106,959|108,658| |Income from fixed interest securities|65,966|95,691| ||172,925|204,349| ## **4 Raising funds** ||**Endowment**|Endowment| |---|---|---| ||**funds**|funds| ||**general**|general| ||**2024**|2023| ||**£**|£| |Investment management|68,669|62,246| ||68,669|62,246| |**Expenditure on charitable activities**||| ||**Total**|**Total**| ||**2024**|**2023**| ||**£**|**£**| |**Direct costs**||| |Grant funding of activities (see note 6)|20,000|255,000| |**Share of support and governance costs (see note 7)**||| |Support|-|1,120| |Governance|3,120|3,840| ||23,120|259,960| |**Analysis by fund**||| |Unrestricted funds|23,120|259,960| ## **5 Expenditure on charitable activities** - 9 - ## **VINCHEL FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **6 Grants payable** ||**Unrestricted**|Unrestricted| |---|---|---| ||**funds**|funds| ||**2024**|2023| ||**£**|£| |Berkshire Vision|-|3,000| |New College Worcester|-|160,000| |Victa Children Ltd|-|92,000| |Microphthalmia, Anophthalmia & Coloboma Support (MACS)|20,000|-| ||20,000|255,000| ## **7 Support costs allocated to activities** |Professional fees
Governance
**Governance costs comprise:**
Independent examiner's fees - current year
Independent examiner's fees - PY overprovision|**Total**
**2024**
**£**
-
3,120
**2024**
**£**
5,280
(2,160)
3,120|**Total**
**2023**
**£**
1,120
3,840| |---|---|---| |||**2023**
**£**
3,840
-| |||3,840| ## **8 Trustees** None of the trustees (or any persons connected with them) received any remuneration, benefits or reimbursement of expenses from the charity during the year. ## **9 Employees** The average monthly number of employees during the year was: ||**2024**|**2023**| |---|---|---| ||**Number**|**Number**| |Total|-|-| - 10 - ## **VINCHEL FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **10 Net gains/(losses) on investments** ||**Endowment**|Endowment| |---|---|---| ||**funds**|funds| ||**general**|general| ||**2024**|2023| ||**£**|£| |Revaluation of investments|903,756|1,144,489| |Gain/(loss) on sale of investments|107,942|(102,381)| ||1,011,698|1,042,108| ## **11 Taxation** The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. ## **12 Fixed asset investments** |**Listed**
**investments**
**£**
**Cost or valuation**
At 1 January 2024
11,439,718
Additions
1,635,076
Valuation changes
1,011,698
Cash movement
-
Disposals
(1,547,114)
At 31 December 2024
12,539,378
**Carrying amount**
At 31 December 2024
12,539,378
At 31 December 2023
11,439,718
**13**
**Creditors: amounts falling due within one year**
Accruals and deferred income|**Cash in**
**portfolio**
**£**
105,155
(1,635,076)
-
79,216
1,547,114
96,409
96,409
105,155
**2024**
**£**
5,280|**Total**
**£**
11,544,873
-
1,011,698
79,216
-| |---|---|---| |||12,635,787| |||12,635,787| |||11,544,873| |||**2023**
**£**
7,200| - 11 - ## **VINCHEL FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **14 Endowment funds** Endowment funds represent assets which it is intended to hold permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund. For expendable endowment funds transfers are made to unrestricted funds to cover any excess of expenditure over available income. |**At 1 January**
**2024**
**Expenditure**
**£**
**£**
**Expendable endowments**
2017 donation
11,537,673
(68,669)
**Previous year:**
**At 1 January**
**2023**
**Expenditure**
**£**
**£**
**Expendable endowments**
2017 donation
10,581,855
(62,246)|**Transfers**
**£**
-
**Transfers**
**£**
(24,044)|**Gains and**
**losses**
**£**
1,011,698
**Gains and**
**losses**
**£**
1,042,108|**At 31**
**December**
**2024**
**£**
12,480,702
**At 31**
**December**
**2023**
**£**
11,537,673| |---|---|---|---| ## **15 Unrestricted funds** The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. |**At 1 January**
**2024**
**£**
General funds
-
**Previous year:**
**At 1 January**
**2023**
**£**
General funds
31,567|**Income**
**Expenditure**
**£**
**£**
172,925
(23,120)
**Income**
**Expenditure**
**£**
**£**
204,349
(259,960)|**Transfers**
**£**
-
**Transfers**
**£**
24,044|**At 31**
**December**
**2024**
**£**
149,805
**At 31**
**December**
**2023**
**£**
-| |---|---|---|---| - 12 - ## **VINCHEL FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **16 Analysis of net assets between funds** |**Unrestricted**
**Endowment**
**funds**
**funds**
**2024**
**2024**
**£**
**£**
**At 31 December 2024:**
Investments
155,085
12,480,702
Current assets/(liabilities)
(5,280)
-
149,805
12,480,702
**Unrestricted**
**Endowment**
**funds**
**funds**
**2023**
**2023**
**£**
**£**
**At 31 December 2023:**
Investments
7,200
11,537,673
Current assets/(liabilities)
(7,200)
-
-
11,537,673|**Total**
**2024**
**£**
12,635,787
(5,280)
12,630,507
**Total**
**2023**
**£**
11,544,873
(7,200)
11,537,673| |---|---| ## **17 Related party transactions** There were no disclosable related party transactions during the year (2023 - none). - 13 -