THE VAN MESDAG FUND
TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
THE VAN MESDAG FUND
TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
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 2025
The trustees present their report and accounts for the year ended 30 June 2025.
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
TrinityBridge, 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 2025
Achievement and Performance
During the year the charity received total income amounting to £93,248 (2024: £111,645). Grants of £315,880 (2024: £336,560) 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 £5,070,483 (2024: £5,091,160).
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.
We have di8dosed to you the identity of the entity'5 rekated parties and all the related paty relationthips and transactions ofwhith we are aware; and bl We have properly accounted for and disclosed all wch re]Atinnghipq 2nd franrtEnn in the fi[wicl statemenTS. In makin8that confiTmation we acknowledse: the following broad definitionof related partLes, bell those inth"viduats, companies and other entities connected or linked with the diarity or its trustees in suth a way a8 to make feasble the negotiation 0£mUal contracts on anon-arnb length basis; and bl the formal definition of'related partie5" in the app]icable accounting 5tsndard. 11. Risk& oceurrences and allesations of fraud We are not aware of any fraud or suspected fraud affecting the tharity involvin. the truste8; or others where the fraud l(Jr su$tt fr211d) rn111A hAve A material effert on the financial statements. We are not aware 0£ any allesations of fraud (or suspected fraud) al£crtin8 thc charitys financial statements communxcated by the regulators or others. YourJ faithfully Ewen HamAlton Gilmovr (Siwed on behalf of the board of trustees} Datr. s PAi_K .
UHY UHY Ho¢ker Youni iLP Quadrant House 4Thornas More Square London Elw IYW THE VAN MESDAG FUND INDEPENDENT EXAMINER'S REPORT TOTHE TRUSTEES OF THE VAN MESDAG FUND FOR THE YEAR ENDED 30 JUNE 2025 I report to tlie trustees oil my examination of the accounts of The Van Me5da¥ Fund for le year ended 30 June 2025, which ale set out on page$ 5 to 10. This report j5 made solely to the charity's trustees. as a body, in accordance with section 145 of the Charities Act 2011. My exatnination ha5 been undertaken so ¢hai I might slat¢ io the ¢haTlty's trustees those matters l am required to state to them in an independent examin¢r's report and for no other pllrpose. To the fullest extent permitted by law. I do not accept or assume responsibility to anyone other thall the chaTity'S trustees as a body, for my exatninAtion, for this repor¢ or for the opinions I have forrn. Responsibilities and basis of report As the charity trustee5 of the Charity, you are responsible for the preparation of the accounts in aecordance with the requirements of the Charities Act 2011 I'the Act,). I report in respeci of my examination of Ihe Trustees. accounts carried out under section 145 of the 2011 A¢t and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145151{bl of the 2011 Act. Independent examiner's statement I have completed my examinatioii. I confirm that no matter5 have corne to my attention in connection with the examination giving me cause to believe that in any maierial respecr". {1) a¢¢ounting records were not kept in respect of tlie Trust as required by section 130 of the Act: or {2) the account5 do not accord with those ie¢ords; or (3) the accounis do noi comply with the applicable requirements ¢on¢eming the fomi and ¢ont¢nt of a¢counts set out in th¢ Chariti¢s (Accollnts and Reports) Regiilations 2008 other than any reqijirement that the accounts give a 'true and faiP view which is not a matter considered as part of an independent examination. I have no concerns and have come acros5 no other matters in contLe¢tion with the examination to which attentÈon should be drawn in this report in order to etjable a proper understsnding of the o¢¢ollnts to be reached. Rachel Chim UHY Hacker Young Quadrant House 4 Thomas More Square London Elw IYW Date.. I hPEIL
THE VAN MESDAG FUND
5
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2025
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2025 2024
Unrestricted Unrestricted
funds funds
Note £ £
Income and endowments from:
Investment income 2 93,248 111,645
Total income 93,248 111,645
Expenditure on:
Raising funds (investment management fees) (39,133) (37,856)
Charitable activities 3 (323,320) (344,724)
Total expenditure (362,453) (382,580)
Net expenditure before gains/(losses)
on investments (269,205) (270,935)
Net gain on investments 7 248,528 526,242
Net movement in funds (20,677) 255,307
Reconciliation of funds:
Total funds brought forward 5,091,160 4,835,853
Total funds carried forward £5,070,483 £5,091,160
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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 VAP4 MESDAG FUND RAIANCE SHEET AS AT 30 JUN 2025 Z025 21124 Note Flxed assets Investsnents at market value 4,979.451 5.129,742 Current a$&ets Cash at bank 107,426 107.045 Currellt ilabllltles Creditors falliDg due witbiu onc year {16,3941 (145.6271 Net current assets 91,032 (38,582) Net assets £5.070.483 £5,09l.160 The fvnds of the ¢harlty Unrestncle41 fimds (page 5) £5,070,483 £5.091.160 These fu1¢11 ststements on pag¢5 5 to 10 were approved by th¢ Trustees on . 8T gre SIStd on their beb#lf by.. . 2026 Ewen Hamilton Gilmour Trngtee
THE VAN MESDAG FUND
7
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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.
Where the charity holds interests in offshore reporting or non-reporting funds as defined by HMRC, any Excess Reportable Income (ERI) notified by fund managers is regarded as a UK tax construct that does not give rise to cash or an enforceable receivable for the charity. Accordingly, ERI is not recognised as investment income within the charity’s Statement of Financial Activities (SoFA). The impact of any such undistributed returns retained within the investment fund is reflected within the SoFA through fair‑value movement within net gains/losses on investments.
Where a disposal between coupon dates arises in respect of an investment in gilts or corporate bonds, proceeds are split between the clean price (capital) and accrued interest (income) thereof. Accrued interest is recognised within the SoFA under 'income from investments', calculated in accordance with market conventions (and for index-linked gilts, incorporates the relevant indexation lag). Any movement in the clean price upon the disposal of such investments is recognised within the SoFA under 'net gain/loss on investments'.
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.
THE VAN MESDAG FUND
8
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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.
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.
THE VAN MESDAG FUND
9
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
| 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 |
2025 £ 85,610 6,895 743 - £93,248 2025 £ 315,880 7,440 £323,320 |
2024 £ 89,274 16,269 2,783 3,319 111,645 2024 £ 336,560 8,164 £344,724 |
|---|---|---|
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: The relief of those in need The advancement of health or saving lives Any other charitable purposes The advancement of anumal welfare The prevention or relief of poverty The advancement of education The advancement of arts, culture, heritage, or science 5 Governance costs Management and administration Accountancy fees Independent examiner's fees Bank charges |
2025 £ 90,200 90,200 45,200 45,000 25,080 15,200 5,000 £315,880 2025 £ 5,868 1,308 264 £7,440 |
2024 £ - 102,420 113,090 38,000 70,050 13,000 - £336,560 2024 £ 6,630 1,248 286 £8,164 |
|---|---|---|
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 (2024: nil).
THE VAN MESDAG FUND
10
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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7 Fixed asset investments 2025 2024
£ £
Opening market value 5,129,742 4,689,739
Acquisitions at cost 602,465 305,216
Disposal proceeds (1,001,284) (391,455)
Net realised and unrealised gain (ref. note 1.11) 248,528 526,242
Closing market value £4,979,451 £5,129,742
8 Analysis of current assets 2025 2024
£ £
Cash and cash equivalents
TrinityBridge
- Capital account 57,355 53,459
Metro Bank
- Current account 50,071 53,586
Total current assets £107,426 £107,045
9 Analysis of liabilities 2025 2024
£ £
Creditors falling due within one year
Investment management fees 9,806 8,845
Accountancy fees 5,280 5,040
Independent examiner's fees 1,308 1,242
-
Charitable grant commitments 130,500
Total current liabilities £16,394 £145,627
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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 (2024: nil).
11 Related party transactions
During the year the charity did not engage in any related party transactions (2024: nil).