THE VAN MESDAG FUND
TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
THE VAN MESDAG FUND
TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
CONTENTS
| Index | Page | Page | |
|---|---|---|---|
| Trustees' report | 1 | - | 3 |
| Independent Examiner's report | 4 | ||
| Statement of financial activities | 5 | ||
| Balance sheet | 6 | ||
| Notes to the Accounts | 7 | - | 10 |
THE VAN MESDAG FUND
1
TRUSTEES' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The trustees present their report and accounts for the year ended 30 June 2024.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, 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 and Republic of Ireland (FRS 102)".
Reference and Administrative Information
Charity Number: 1166453
Principal Office
Flat G/1, 112 Cloch Road, Gourock, Renfrewshire, PA19 1FN.
Trustees
Ewen Hamilton Gilmour Rozemarijn van Mesdag Savanna Nuala Katharine van Mesdag Milo Maarten van Mesdag
Independent Examiner
Rachel Chim of
UHY Hacker Young LLP, Quadrant House, 4 Thomas More Square, London E1W 1YW.
Accountants
UHY Hacker Young LLP, Quadrant House, 4 Thomas More Square, London E1W 1YW.
Bankers
Metro Bank, One Southampton Row, London WC1B 5HA.
Investment Managers
Close Brothers Asset Management, 10 Crown Place, London EC2A 4FT.
Objectives and Activities
The trustees shall hold the capital and income of the Trust Fund upon trust to apply the income, and all or such part or parts of the capital, at such time or times and in such manner to, or for the benefit of, such exclusively charitable objects and purposes in any part of the world as the Trustees may in their discretion think fit. During the current period grants were made to other organisations that are themselves charitable in nature.
Public Benefit
The trustees have complied with section 17(5) of the 2011 Charities Act, having due regard for the Charity Commission's guidance on public benefit when reviewing the trust's aims and objectives, when setting the grants making policy and in making awards.
Grant Making Policy
The trustees consider grant applications on an individual basis.
THE VAN MESDAG FUND
2
TRUSTEES' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
Achievement and Performance
During the year the charity received total income amounting to £111,645 (2023: £122,678). Grants of £336,560 (2023: £209,706) were awarded during the year.
Plans for the Future
The trustees have no immediate plans to significantly modify or change any of the objects, activities, or policies described above.
Financial Review
The charity utilises its income to fund its expenditure on charitable activities and fundraising costs. The charity is reliant on the income generated by its investments and further donations.
Investment Policy and Performance
The trustees continue to be satisfied that their current investment portfolio provides the charity with sustainable income from which it is able to make donations to other charities and good causes and expect that their investment income will continue to grow going forward. This investment strategy accords with the Trustees' long term aim of achieving underlying income growth for the charity into the future.
Reserves Policy
The trustees' aim is to maintain free reserves in unrestricted funds at a level that will provide sufficient funds to respond to applications for grants and ensure that there are sufficient funds available to cover governance costs and provide for the continuation of the charity for the foreseeable future. At the yearend, the balance of the unrestricted fund amounted to £5,091,160 (2023: £4,835,853).
Structure, Governance and Management
The trust is an unincorporated body, constituted under a trust deed dated 1 September 2015 and a registered UK charity (number 1166453). The trust was established by an initial gift of £10 from Rozemarijn van Mesdag. The trust does not actively fundraise and maintains a careful stewardship of its existing resources.
The power of appointing new or additional trustees is exercisable by the existing trustees. The trustees meet at such intervals as they consider appropriate.
The charity has no full time or part time employees or volunteers to assist in the running of the charity, the daily administration being carried out by the trustees themselves.
Risk Management
The trustees have reviewed the major risks that impact on the work of the trust. The systems that have been established enable the trustees to review and take necessary steps to lessen these risks.
THE VAN MESDAG FUND TRusfEES' REPORT FOR THE YEAR ENDED 30 JUNE 2•24 Statement of trllstees, re5PDDSibilities The trustees are resnSible for prepaTing the Tn*££. Report and the accounts in accordanee with applicable law Unit1 Kingdom Attounting Standards (United Kingdom Generally Aceepted Accounting Practice). The law applicable to ChitieS in Englalld 8nd Wales requires the tntstees to prqwe aOllts for each financial reporting period wkn"¢h give a true and fair view of the stste of affair5 of th¢ ¢harity and of the incoming resourccs and application of resourc&% of chgrity for thatperic - select suitable &cCOUnti polici and then apply tlnn csIste. . observe th¢ tndhods and principles in the Cl)aTities SORP. . state wheth¢r applicable accoulltiDg Standard5 bJv¢ been followe4 subject to auy TDateTial departures disclosed and explained in the accounts" and . prepare the financial statements on the going eoncern Emsis Wil it is inapptW to that the charity will contillue in op¢rJtio The trustees are TWODSible for keeping sufficient 0tillg rxords that disclose with Th8onable accllracy at any time the fmancial position of the charity and vlhich enable them to ensure that the accounts eornply with th¢ Charities Act 2011. the Charity (Accounts and Rep)rts) Regulations 21J08 and the provisions of the trust dee(L They aTe also resporL%ible for safrguarding the assets of the charity and hence for taknngreagonable steps for the prevention and detection of fraud and other ieities. Approved by the tsIL8tett ott ................. .. 2025 and signed on th¢ir Ialf by. Ewen HamihoD Gilmour
UHY UHY Ha(kerYoungLLP Quadrant House 4 Thorn¥s More Square London Elw IYW THE VAN MLSDAG FUND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE VAN MLSDAG FUND FOR THE YEAR ENDED 30 JUNE 2024 I report to the trustees on my examination of the accounts of Thc Mtsdag Fur for the year ended 30 Julle 2024, which are s¢t out on pages 5 to 10. This reryjrt is made solely to the ch¥riW$ trus¢s, #s a IMy. in #¢¢ord¥n¢e with se¢¢ion 145 of the Charities Act 2011. My exalnination h&s been undertaken 50 that l rnight 5tste to the charity5 trSt tho% matter5 1 am required to state io them in art independent examinefs report ar for no other purp)sc. To t full&st extent [mItted by law, I do accept or assume responsibiliry to anyone other thall the charitys ttuses &s a body. for my examin10 for this repoLL or for the opinions I have fornied. R¢spoffj$ibilitie5 •nd basts of report As the charity inL5te¢s of th¢ Chgrity. you ryonsible for th¢ prepaiion of the K¢owits in gccordance with the requirements of the chltieS Act 2011 Cthe Ace). I rewrt in reSpt of my examination of th¢ Tru4t¢es' accounts out under s¢¢tioD 145 of the 2011 Act and in carrying out my examination I hthve followed ail the aPpIle Directions ven by the Charity Commission wider StiOn 145(5)Ib) of the 2011 Act. Independent examiner's statement I have compl¢t¢d my examinatioa. l thai no matrs hav¢ come to my att¢ntion in c¢)ntwtion with thc examination giving me cau to believe that iti any Materi rewtr. (l) accountill8 records were llot kept in res of the Trust as required by10 130 of the Ac( or (2) th¢ Kcounts do not accord with those re. OT {3) the accounts do not cornpty wtth th¢ appltthl¢ requiremenrs concerning the fotm and content of a¢counts sel out in the Chariti&s (Accounts aDd Reports) Regulations 2008 other than #ny requiretnent that the aecowits give true and faiv view which is not a matter coThsidered as part of an independent examinatLOn. I have no ¢oncern5 and hav¢ come across no oth¢r matteT5 in wnn¢ctioD vlith the ex4rniDation to attention should be drawn in this rcpjrt in to enable a prDper Ullders of the accouDts to be reached. Rachel Chim UHY Hacker Young Quadrant House 4 Thomas More Square Lolldoll Elw IYW
THE VAN MESDAG FUND
5
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024
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2024 2023
Unrestricted Unrestricted
funds funds
Note £ £
Income and endowments from:
Investment income 2 111,645 122,678
Total income 111,645 122,678
Expenditure on:
Raising funds (investment management fees) (37,856) (37,820)
Charitable activities 3 (344,724) (216,622)
Total expenditure (382,580) (254,442)
Net expenditure before gains/(losses)
on investments (270,935) (131,764)
Net gain on investments 7 526,242 98,254
Net movement in funds 255,307 (33,510)
Reconciliation of funds:
Total funds brought forward 4,835,853 4,869,363
Total funds carried forward £5,091,160 £4,835,853
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All recognised gains and losses have been included in the Statement of Financial Activities and are derived from the continuing activities of the Charitable Trust.
THE VAN MLSDAG FUND BALANCE SHEET AS AT 311 JUNE 2024 21124 2023 Fixed assets 5.129.742 4.689.739 Current assets Cash at bank 107.045 166.475 Current li4bili¢i Creditors falling due within one year (145.627) (20J61) Net eurrellt assets (38.582) 146.114 Net Sets £5.091,160 £4,835,853 Tb¢ funds of the ebarfty Unrestricted funds (page 5} £5.091.160 £4.835,853 These finalloxal statements on p8ge8 5 to 10 weTe approved by the TnLStees 00 ................ .......... 2025 and are siglled on their bebaif by. Ewen Hajnilton Gillnour Trlte¢
THE VAN MESDAG FUND
7
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
1 Accounting policies
Charity information
The Van Mesdag Fund is a Charitable Trust established by Rozemarijn Van Mesdag pursuant to a trust deed dated 1 September 2015.
1.1 Accounting convention
The accounts have been prepared in accordance with the charity's trust deed, 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 and Republic of Ireland (FRS 102)" . The charity is a Public Benefit Entity as defined by FRS 102.
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.
These accounts have been prepared under the historical cost convention, modified to include the revaluation of 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 accounts, 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 accounts.
1.3 Charitable funds
All funds are unrestricted. Both the capital and income of the charity can therefore be applied at the discretion of the trustees in furtherance of the charitable objectives of the trust.
1.4 Income recognition
All income is recognised once the charity has entitlement to the income, there is sufficient certainty of receipt (so it is probable that the income will be received) and the amount of income receivable can be measured reliably.
1.5 Expenditure recognition
Liabilities are recognised as resources expended 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 and has been classified under headings that aggregate all costs related to the category. These financial statements include a provision for the cost of their preparation and independent examination.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the trust. The grants are accounted for where either the trustees have agreed to pay the grant without condition and the recipient has a reasonable expectation that they will receive a grant, or any condition attaching to the grant is outside the control of the trust.
1.6 Irrecoverable VAT
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
1.7 Charitable activities
The expenditure on charitable activities includes grants and governance costs.
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice, including all management and administrative costs.
1.8 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.
THE VAN MESDAG FUND
8
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
1.10 Investments
Investments are stated at market value as at the balance sheet date.
1.11 Gains and losses on investments
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 sale proceeds and their opening carrying value or their acquisition cost if acquired during the current financial period. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
| 2 Investment income Interest on investments Interest on cash deposits 3 Expenditure on charitable activities Dividends on investments Grants awarded (see note 4) Governance costs (see note 5) Net tax rebate |
2024 £ 89,274 16,269 2,783 3,319 £111,645 2024 £ 336,560 8,164 £344,724 |
2023 £ 96,060 26,275 343 - £122,678 2023 £ 209,706 6,916 £216,622 |
|---|---|---|
THE VAN MESDAG FUND
9
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
4 Analysis of grants
The charity undertook no direct charitable activities but awarded grants to a number of institutions in furtherance of its charitable activities.
The provisions of the Charities Act 2011 section 132(4) have been applied to the analysis of grants under this note heading.
| Grants awarded during the year: General Health & Disability Prevention Or Relief of Poverty Animal Welfare Education 5 Governance costs Management and administration Accountancy fees Independent examiner's fees Bank charges |
2024 £ 113,090 102,420 70,050 38,000 13,000 £336,560 2024 £ 6,630 1,248 286 £8,164 |
2023 £ 50,099 69,768 62,090 8,749 19,000 £209,706 2023 £ 5,448 1,212 256 £6,916 |
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6 Staff costs
No staff were employed by the charity during the year, the daily administration of the charity being carried out by the trustees themselves (2023: nil).
| 7 Fixed asset investments Opening market value Acquisitions at cost Disposal proceeds Realised gain (ref. note 1.11) Unrealised gain (ref. note 1.11) Closing market value 8 Analysis of current assets Cash and cash equivalents Close Brothers Asset Management - Capital account Metro Bank - Current account Total current assets |
2024 £ 4,689,739 305,216 (391,455) 11,500 514,742 £5,129,742 2024 £ 53,459 53,586 £107,045 |
2023 £ 4,786,677 605,896 (801,088) 54,119 44,135 £4,689,739 2023 £ 47,112 119,363 £166,475 |
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THE VAN MESDAG FUND
10
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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9 Analysis of liabilities 2024 2023
£ £
Creditors falling due within one year
Investment management fees 8,845 9,207
Accountancy fees 5,040 4,860
Independent examiner's fees 1,242 1,194
Charitable grant commitments 130,500 5,100
Total current liabilities £145,627 £20,361
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10 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year (2023: nil).
11 Related party transactions
During the year the charity did not engage in any related party transactions (2023: nil).