2021-03-31-accounts - The Jan And Catherine Nasmyth Charitable Foundation

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REGISTERED CHARITY NUMBER: 1172417

REPORT OF THE TRUSTEES AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2021

FOR

THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

Haines Watts (City) LLP New Derwent House 69-73 Theobalds Road London W1CX 8TA

THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

		Page
Report of the Trustees	1	to	5
Report of the Independent Auditors	6	to	9
Statement of Financial Activities		10
Statement of Financial Position		11
Statement of Cash Flows		12
Notes to the Statement of Cash Flows		13
Notes to the Financial Statements	14	to	19

THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021

The trustees of The Jan and Catherine Nasmyth Charitable Foundation ("the Foundation") present their report with the financial statements of the charity for the year ended 31st March 2021. The trustees have adopted the provisions of the Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) 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) and relevant provisions of the Charities Act 2011.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objective of the Foundation is to advance such exclusively charitable purposes for the public benefit as the charity trustees from time to time in their absolute discretion think fit.

The organisation carries out its purposes by making grants to other organisations in furtherance of its purposes.

The focus of the Foundation continues to be providing grants to children's charities, those involved with the homeless and those charities associated with support for those involved with the armed services. They will use this to help them decide which organisations to benefit.

The Foundation has power to do anything (including following) to further its objects:

make grants and provide other funding to individuals and organisations;
borrow money and to charge the whole or any part of its property as security for the repayment of the money
borrowed;
the Foundation must comply as appropriate with sections of the Charities Act 2011, if it wishes to mortgage
land.

Public benefit

The Foundation makes grants to other charities or voluntary bodies and the general public/mankind by making grants to organisations for general charitable purposes. The Trustees have due regard to guidance on public benefit published by the Charities Commission.

Page 1

THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021

OBJECTIVES AND ACTIVITIES

Grantmaking

The policy adopted by the trustees of the Foundation is summarised as follows:

It is the policy of the trustees to make grants to any organisation in England and Wales operating projects that further exclusively charitable purposes (as defined in the Charities Act 2011).
The trustees intend - so far as the Foundation's financial position permits and subject to availability of suitable recipients - to make a series of grants in each year.
The trustees envisage that initially the primary focus of the Foundation will be on providing grants as noted above.
In each case, the trustees shall apply such terms and conditions as are appropriate. In formulating these principles and conditions, the trustees will have regard to the need to ensure that grants are used only for exclusively charitable purposes (as defined in the Charities Act 2011).
The trustees will carry out appropriate due diligence on all grant recipients. This will include a review of the relevant grant recipient's annual report and accounts.
This policy may be amended, varied, added to or revoked at any time by resolution of the trustees.

The trustees will continue to evolve their grant making policy but in the short term they plan to expand the number of those charities to whom grants are made in future years. Details of the grants made during the year are shown in note 6 to the accounts.

The activities of the Foundation in the year were not significantly affected by the continued impact of Covid-19 pandemic. The Foundation's activities continued during the year with trustees meeting during periods of lockdown via telephone and video links to consider prospective grants.

FINANCIAL REVIEW

Financial position

During the year the Foundation received a further donation of £425,000 (2020 - £1,000.000) and received a Gift Aid repayment (including repayment supplement) in respect of earlier donations amounting to £380,158. The trustees approved grants totalling £30,000 (2020: £40,000). The Foundation incurred costs in general administration but apart from these costs, which have been included as part of governance costs, the Statement of Financial Activities reports net income of £776,677 (2020 - £964,984).

Principal funding sources

The Foundation does not carry out significant fundraising activities. The Foundation received a donation from a Nasmyth family trust.

Reserves

The reserves are detailed in note 10. They comprise unrestricted funds. The balance at 31 March 2021 was £3,689,341 (2020: £2,912,664). It is the Foundation's policy to maintain the reserves to provide a long term resource for the Foundation's future grant making.

FUTURE PLANS

In the early years of the Foundation's establishment the trustees aim to build a fund from which they hope to gradually develop a pattern of grant making that can be sustainable in the longer term. As such the trustees plan to set aside funds that will, over time provide an income that can support the grants that the Foundation makes. As part of these plans, after the balance sheet date, the trustees transferred a portion of the cash funds to an investment manager to invest over the medium to long term.

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THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Foundation is a Charitable Incorporated Organisation or CIO, a foundation registered on 4th April 2017 with the Charity Commission for England and Wales.

Charity constitution

The Foundation's constitution can be amended as per section 224-227 of the Charities act 2011.

Nothing in the constitution shall authorise an application of the property of the Foundation for the purpose which is not charitable.

Recruitment and appointment of new trustees

Apart from the first Foundation trustees, every trustee will be appointed:

by the Founder, Mrs C Nasmyth during her lifetime; and
thereafter by a resolution passed at a properly convened meeting of the Foundation trustees.

In selecting individuals for appointment as Foundation trustees, the founder (or after her lifetime the Foundation trustees) will have regard to the skills, knowledge and experience needed for the effective administration of the Foundation.

The first Foundation trustees are as follows:

Catherine Nasmyth Patrick Dodson Simon Kinna.

Under the constitution there must be at least three Foundation trustees. If the number falls below this minimum the remaining number of Foundation trustees that may act only to call a meeting of the Foundation trustees or appoint a new Foundation trustee.

There are no maximum number of Foundation trustees that may be appointed to the Foundation.

Decision making

The trustees are responsible for the governance and management of the foundation. Any decision may be taken either:

at a meeting of the Foundation trustees; or
by resolution in writing or electronic form agreed by a majority of the Foundation trustees.

Any decision to:

amend the constitution of the Foundation;
amalgamate the Foundation with, or transfer its undertakings to, one or more other CIO's, in accordance with
the Charities Act 2011; or
wind up or dissolve the Foundation (including transferring its business to any other charity),

must be made by a resolution of the members of the Foundation (rather than a resolution of the Foundation trustees) either by resolution at a general meeting or by resolution in writing by majority of members entitled to vote.

The members of the Foundation are its Foundation trustees for the time being.

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THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

The trustees have carried out a review of the major risks to which the Trust is exposed to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. This has included a consideration of the future generation of income, the basis on which grant making is considered and managed and the nature and future diversification of the Foundation's funds.

The trustees are satisfied with the measures taken to date to manage the risks affecting the Foundation but continue to keep all procedures under review.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number

1172417

Principal address

Forum House, 1st Floor, 15-18 Lime Street London EC3M 7AN

Trustees

C E Nasmyth S J Kinna P G B Dodson

Auditors

Haines Watts (City) LLP New Derwent House 69-73 Theobalds Road London W1CX 8TA

Bankers

SG Kleinwort Hambros Bank Limited 5th Floor 8 St James's Square London SW1Y 4JU

Solicitors

Farrer & Co LLP 66 Lincoln's Inn Fields London WC2A 3LH

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

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THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on 19th January 2022 and signed on its behalf by:

C E Nasmyth - Trustee

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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

Opinion

We have audited the financial statements of The Jan and Catherine Nasmyth Charitable Foundation (the 'charity') for the year ended 31st March 2021 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

give a true and fair view of the state of the charity's affairs as at 31st March 2021 and of its incoming resources and application of resources, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

COVID-19 pandemic

However, not all future events or conditions can be predicted. The COVID-19 viral pandemic is one of the most significant economic events for the UK with unprecedented levels of uncertainty of outcomes. It is therefore difficult to evaluate all of the potential implications on the Foundation and wider economy. The trustees' view on the impact of COVID-19 is disclosed within the accounting policies note 1.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognised non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the Foundation through discussions with trustees, and from our commercial knowledge;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Foundation, including the Charities SORP, taxation legislation, employment, data protection and capital requirements;
we assessed the extent of compliance with the laws and regulations identified above though making enquires of trustees and inspecting legal correspondence;
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Foundation's material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of trustees as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations

To address the risk of fraud through bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assess whether judgement and assumptions made in determining the accounting estimates set out in note 1 were indicative of potential bias; and
investigate the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosure to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of trustees as to actual potential litigation and claims; and
reviewing correspondence.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Haines Watts (City) LLP New Derwent House 69-73 Theobalds Road London W1CX 8TA

20th January 2022

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THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2021

----- Start of picture text -----
2021 2020
Unrestricted Total
fund funds
Notes £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 3 805,158 1,000,000
Investment income 4 6,619 13,024
Total 811,777 1,013,024
EXPENDITURE ON
Charitable activities 5
Governance Costs 5,100 8,040
Grants 30,000 40,000
Total 35,100 48,040
NET INCOME 776,677 964,984
RECONCILIATION OF FUNDS
Total funds brought forward 2,912,664 1,947,680
TOTAL FUNDS CARRIED FORWARD 3,689,341 2,912,664
----- End of picture text -----

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

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THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

STATEMENT OF FINANCIAL POSITION 31ST MARCH 2021

----- Start of picture text -----
2021 2020
Unrestricted Total
fund funds
Notes £ £
CURRENT ASSETS
Cash at bank 3,695,341 2,921,064
CREDITORS
Amounts falling due within one year 9 (6,000) (8,400)
NET CURRENT ASSETS 3,689,341 2,912,664
TOTAL ASSETS LESS CURRENT
LIABILITIES 3,689,341 2,912,664
NET ASSETS 3,689,341 2,912,664
FUNDS 10
Unrestricted funds 3,689,341 2,912,664
TOTAL FUNDS 3,689,341 2,912,664
----- End of picture text -----

The financial statements were approved by the Board of Trustees and authorised for issue on 19th January 2022 and were signed on its behalf by:

C E Nasmyth - Trustee

P G B Dodson - Trustee

The notes form part of these financial statements

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THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2021

----- Start of picture text -----
2021 2020
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 767,658 914,960
Net cash provided by operating activities 767,658 914,960
Cash flows from investing activities
Interest received 6,619 13,024
Net cash provided by investing activities 6,619 13,024
Change in cash and cash equivalents in
the reporting period 774,277 927,984
Cash and cash equivalents at the
beginning of the reporting period 2,921,064 1,993,080
Cash and cash equivalents at the end of
the reporting period 3,695,341 2,921,064
----- End of picture text -----

The notes form part of these financial statements

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THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2021

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Interest received Decrease in creditors	OPERATING ACTIVITIES 2021 2020 £ £ 776,677 964,984 (6,619) (13,024) (2,400) (37,000)
Net cash provided by operations	767,658 914,960

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash Cash at bank Total	At 1/4/20 £ 2,921,064 2,921,064 2,921,064	Cash flow £ 774,277 774,277 774,277	At 31/3/21 £ 3,695,341 3,695,341 3,695,341

The notes form part of these financial statements

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THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of the financial statements are set out below and have been consistently applied to all years presented unless otherwise stated. The financial statements have been prepared under FRS102. The financial statements are presented in sterling which is the functional currency of the charitable foundation and rounded to the nearest pound.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid deposits or similar accounts.

Creditors and provisions

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure and not otherwise withdrawn.

Taxation

The charity is exempt from tax on its charitable activities.

The Charity is registered under the gift aid scheme with HMRC. Monies arising from claims made under this scheme are included in total income and are accounted for once a claim has been submitted and agreed with HMRC.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

continued...

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THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021

1. ACCOUNTING POLICIES - continued

Going concern

These financial statements have been prepared on a going concern basis.

The trustees have concluded that there are no uncertainties regarding going concern and they can continue to adopt the going concern basis in preparing the annual report and accounts.

2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires trustees to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements

Trustees do not consider there to be any significant judgements made in the process of applying the entity's accounting policies.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by the nature, will rarely equal the related actual outcome. The trustees do not consider there to be any key assumptions or other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

3. DONATIONS AND LEGACIES

Donations Gift aid- HMRC reclaim 4. INVESTMENT INCOME Deposit account interest	2021 £ 425,000 380,158 805,158 2021 £ 6,619	2020 £ 1,000,000 - 1,000,000 2020 £ 13,024

continued...

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THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021

----- Start of picture text -----
5. CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities Support
(see note costs (see
6) note 7) Totals
£ £ £
Governance Costs - 5,100 5,100
Grants 30,000 - 30,000
30,000 5,100 35,100
6. GRANTS PAYABLE
2021 2020
£ £
Grants 30,000 40,000
Grants payable to institutions during the year were:
Year ended Period
31/03/2021 31/03/2020
£ £
Childhood Eye Cancer Trust 10,000 10,000
School Home Support Service UK - 10,000
Shelter from the storm 10,000 10,000
Snowdon Trust 10,000
Prospex 10,000
30,000 40,000
7. SUPPORT COSTS
Governance
costs
£
Governance Costs 5,100
----- End of picture text -----

continued...

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THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021

7. SUPPORT COSTS - continued

Governance costs include Audit fees of £3,000 (2020: Audit fees of £3,000).

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st March 2021 nor for the year ended 31st March 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st March 2021 nor for the year ended 31st March 2020.

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other creditors 10. MOVEMENT IN FUNDS Unrestricted funds Income fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds Income fund TOTAL FUNDS	At 1/4/20 £ 2,912,664 2,912,664 Incoming resources £ 811,777 811,777		2021 £ 6,000 Net movement in funds £ 776,677 776,677 Resources expended £ (35,100) (35,100)	2020 £ 8,400 At 31/3/21 £ 3,689,341 3,689,341 Movement in funds £ 776,677 776,677

continued...

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THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021

10. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds Income fund TOTAL FUNDS Comparative net movement in funds, included in the above are as Unrestricted funds Income fund TOTAL FUNDS	At 1/4/19 £ 1,947,680 1,947,680 follows: Incoming resources £ 1,013,024 1,013,024	Net movement in funds £ 964,984 964,984 Resources expended £ (48,040) (48,040)	At 31/3/20 £ 2,912,664 2,912,664 Movement in funds £ 964,984 964,984

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds Income fund TOTAL FUNDS	At 1/4/19 £ 1,947,680 1,947,680	Net movement in funds £ 1,741,661 1,741,661	At 31/3/21 £ 3,689,341 3,689,341

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming resources £ Unrestricted funds Income fund 1,824,801 TOTAL FUNDS 1,824,801	Resources Movement expended in funds £ £ (83,140) 1,741,661 (83,140) 1,741,661

continued...

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THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021

11. RELATED PARTY DISCLOSURES

During the period ended 31st March 2021 , the Foundation received donation of £425,000 from the Founder of the Charity .

The Foundation is under the control of the trustees. Mr S J Kinna, a trustee, is a partner in Sinclairs Bartrum Lerner, who act as accountants to the Foundation.This firm provided professional services during the year amounting to £2,500 plus VAT.

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