## 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 res￿nSible for prepaTing the Tn￿*££. Report and the accounts in accordanee with applicable law Unit￿1 Kingdom Attounting Standards (United Kingdom Generally Aceepted Accounting Practice). The law applicable to Ch￿itieS in Englalld 8nd Wales requires the tntstees to prqwe a￿O￿llts 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 c￿sIste￿￿. . 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 ￿0￿￿tillg 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 i￿e￿ities. Approved by the tsIL8tett ott ................. .. 2025 and signed on th¢ir I￿alf 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 IM￿y. 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 tr￿St￿ 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 ttus*es &s a body. for my examin￿10￿ 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¢ prepai*ion of the K¢owits in gccordance with the requirements of the ch￿ltieS Act 2011 Cthe Ace). I rewrt in reSp￿t 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 aPpI￿le Directions ￿ven by the Charity Commission wider S￿tiOn 145(5)Ib) of the 2011 Act. Independent examiner's statement I have compl¢t¢d my examinatioa. l thai no mat*rs 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 by￿10￿ 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 **----- Start of picture text -----**
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
**----- End of picture text -----**
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 Trl￿te¢ 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| |---|---|---| ## 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| |---|---|---| THE VAN MESDAG FUND 10 ## NOTES TO THE FINANCIAL STATEMENTS ## FOR THE YEAR ENDED 30 JUNE 2024 **----- Start of picture text -----**
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
**----- End of picture text -----**
## 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).