2022-03-31-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 2022

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 2022

	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 21

THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022

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 2022. 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 Foundation 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 the following) to further its objectives:

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 2022

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 £300,000 (2021 - £425,000) and will receive a Gift Aid repayment (including repayment supplement) in respect of earlier donations amounting to £818,182 (£380,158). The trustees approved grants totalling £60,000 (2021: £30,000). The Foundation incurred costs in general administration but apart from these costs, which have been included as part of governance costs and fund raising costs, the Statement of Financial Activities reports net income (before taking into account unrealised gain) of £1,053,164 (2021 - £776,677).

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 13. They comprise unrestricted funds. The balance at 31 March 2022 was £4,742,505 (2021: £3,689,341). 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.

Page 2

THE JAN AND CATHERINE NASMYTH CHARITABLE

FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022

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.

Page 3

THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022

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

Sinclairs Bartrum Lerner Second Floor 34 Lime Street London EC3M 7AT

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

Investment Managers

Cazenove Schroder & Co. Limited 1 London Wall Place London EC2Y 5AU

Page 4

THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022

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"

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 25th January 2023 and signed on its behalf by:

P G B Dodson - Trustee

Page 5

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 'Foundation') for the year ended 31st March 2022 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 Foundation's affairs as at 31st March 2022 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 Foundation 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 Foundation'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.

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.

Page 6

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 Foundation'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.

Page 7

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.

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 recognise 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;
assessed whether judgement and assumptions made in determining the accounting estimates set out in note 1 were indicative of potential bias; and
investigated 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.

Page 8

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 Foundation'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 Foundation'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 Foundation and the Foundation'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

25th January 2023

Page 9

THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2022

----- Start of picture text -----
2022 2021
Unrestricted Total
fund funds
Notes £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 3 1,118,182 805,158
Investment income 4 21,624 6,619
Total 1,139,806 811,777
EXPENDITURE ON
Raising funds 5 1,003 -
Charitable activities 6
Governance Costs 11,305 5,100
Grants 60,000 30,000
Other 3,509 -
Total 75,817 35,100
NET INCOME 1,063,989 776,677
Other recognised gains/(losses)
-
Gains/(losses) on revaluation of fixed assets (10,825)
Net movement in funds 1,053,164 776,677
RECONCILIATION OF FUNDS
Total funds brought forward 3,689,341 2,912,664
TOTAL FUNDS CARRIED FORWARD 4,742,505 3,689,341
----- End of picture text -----

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 10

THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

STATEMENT OF FINANCIAL POSITION 31ST MARCH 2022

----- Start of picture text -----
2022 2021
Unrestricted Total
fund funds
Notes £ £
FIXED ASSETS
Investments 10 2,505,694 -
CURRENT ASSETS
Debtors 11 818,182 -
Cash at bank 1,427,269 3,695,341
2,245,451 3,695,341
CREDITORS
Amounts falling due within one year 12 (8,640) (6,000)
NET CURRENT ASSETS 2,236,811 3,689,341
TOTAL ASSETS LESS CURRENT LIABILITIES 4,742,505 3,689,341
NET ASSETS 4,742,505 3,689,341
FUNDS 13
Unrestricted funds 4,742,505 3,689,341
TOTAL FUNDS 4,742,505 3,689,341
----- End of picture text -----

The financial statements were approved by the Board of Trustees and authorised for issue on 25th January 2023 and were signed on its behalf by:

P G B Dodson - Trustee

S J Kinna - Trustee

The notes form part of these financial statements

Page 11

THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2022

----- Start of picture text -----
2022 2021
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 247,775 767,658
Net cash provided by operating activities 247,775 767,658
Cash flows from investing activities
Purchase of fixed asset investments (2,516,519) -
Interest received 672 6,619
Net cash (used in)/provided by investing activities (2,515,847) 6,619
Change in cash and cash equivalents in the
reporting period (2,268,072) 774,277
Cash and cash equivalents at the beginning
of the reporting period 3,695,341 2,921,064
Cash and cash equivalents at the end of
the reporting period 1,427,269 3,695,341
----- End of picture text -----

The notes form part of these financial statements

Page 12

THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2022

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Interest received Increase in debtors Increase/(decrease) in creditors Net cash provided by operations 2. ANALYSIS OF CHANGES IN NET FUNDS At 1/4/21 £ Net cash Cash at bank 3,695,341 3,695,341 Total 3,695,341	2022 £ 1,063,989 (672) (818,182) 2,640 247,775 Cash flow £ (2,268,072) (2,268,072) (2,268,072)	2021 £ 776,677 (6,619) - (2,400) 767,658 At 31/3/22 £ 1,427,269 1,427,269 1,427,269

The notes form part of these financial statements

Page 13

THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the Foundation, 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, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

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 FRS 102. The financial statements are presented in pound sterling (£) which is the functional currency of the 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 Foundation 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 Foundation 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 Foundation 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 Foundation is exempt from tax on its charitable activities.

The Foundation 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.

continued...

Page 14

THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

1. ACCOUNTING POLICIES - continued

Fund accounting

Restricted funds can only be used for particular restricted purposes within the objects of the Foundation. 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.

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.

Investments

The Foundation's investments, which are shown as fixed assets, are disclosed in the financial statements at their market value at the end of the year rather than at cost.

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 Foundation'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	2022 £ 300,000 818,182 1,118,182	2021 £ 425,000 380,158 805,158

continued...

Page 15

THE JAN AND CATHERINE NASMYTH CHARITABLE

FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

4. INVESTMENT INCOME

4. INVESTMENT INCOME	4. INVESTMENT INCOME	4. INVESTMENT INCOME
2022 £ Accumulated income 20,952 Deposit account interest 672 21,624 5. RAISING FUNDS Investment management costs 2022 £ Portfolio management 1,003 6. CHARITABLE ACTIVITIES COSTS Grant funding of activities Support (see note costs (see 7) note 8) £ £ Governance Costs - 11,305 Grants 60,000 - 60,000 11,305 7. GRANTS PAYABLE 2022 £ Grants 60,000 Grants payable to institutions during the year were: Year ended 31/03/2022 £ Childhood Eye Cancer Trust Strongbones Children's Charitable Trust 10,000 Shelter from the storm - Roald Dahl Marvellous Children's Charity 20,000 Prospex - Hackney Doorways 10,000 Providence Row 10,000 Whitechapel Mission 10,000				2021 £ - 6,619 6,619 2021 £ - Totals £ 11,305 60,000 71,305 2021 £ 30,000
		Year ended 31/03/2022 £ 10,000 - 20,000 - 10,000 10,000 10,000	Year ended 31/03/2021 £ 10,000 - 10,000 - 10,000 - - -

continued...

Page 16

THE JAN AND CATHERINE NASMYTH CHARITABLE

FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

7. GRANTS PAYABLE - continued

GRANTS PAYABLE - continued
		60,000		30,000
SUPPORT COSTS Other resources expended Governance Costs	Finance £ 3,509 25 3,534	Governance costs £ - 11,280 11,280		Totals £ 3,509 11,305 14,814

8. SUPPORT COSTS

Governance costs include Audit fees of £4,680 (2021: Audit fees of £3,000).

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st March 2022 nor for the year ended 31st March 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st March 2022 nor for the year ended 31st March 2021.

10. FIXED ASSET INVESTMENTS

Shares Cash with Investment manager Additional information as follows: MARKET VALUE Additions Revaluations At 31st March 2022 NET BOOK VALUE At 31st March 2022 At 31st March 2021	2022 £ 1,742,825 762,869 2,505,694	2021 £ - - - Listed investments £ 1,753,650 (10,825) 1,742,825 1,742,825 -

continued...

Page 17

THE JAN AND CATHERINE NASMYTH CHARITABLE

FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

10. FIXED ASSET INVESTMENTS - continued

There were no investment assets outside the UK.

Cost or valuation at 31st March 2022 is represented by: Valuation in 2022 Cost Investments (neither listed nor unlisted) were as follows: Capital A/C No 7375290010 Income A/C No 7375290120 Income A/C No 7375290320 Capital A/C No 7375290210 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors	2022 £ 12,791 1 77 750,000 762,869 2022 £ 818,182	Listed investments £ (10,825) 1,753,650 1,742,825 2021 £ - - - - - 2021 £ -

continued...

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THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Accruals and deferred income 13. MOVEMENT IN FUNDS Unrestricted funds Income fund TOTAL FUNDS Net movement in funds, included in the above a Unrestricted funds Income fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds Income fund TOTAL FUNDS	re as follows: Incoming resources £ 1,139,806 1,139,806	At 1/4/21 £ 3,689,341 3,689,341 Resources expended £ (75,817) (75,817) At 1/4/20 £ 2,912,664 2,912,664	2022 £ 8,640 Net movement in funds £ 1,053,164 1,053,164 Gains and losses £ (10,825) (10,825) Net movement in funds £ 776,677 776,677	2021 £ 6,000 At 31/3/22 £ 4,742,505 4,742,505 Movement in funds £ 1,053,164 1,053,164 At 31/3/21 £ 3,689,341 3,689,341

continued...

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THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

13. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds Income fund TOTAL FUNDS	Incoming resources £ 811,777 811,777	Resources Movement expended in funds £ £ (35,100) 776,677 (35,100) 776,677

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

Unrestricted funds Income fund TOTAL FUNDS	At 1/4/20 £ 2,912,664 2,912,664	Net movement in funds £ 1,829,841 1,829,841	At 31/3/22 £ 4,742,505 4,742,505

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

Unrestricted funds Income fund TOTAL FUNDS	Incoming resources £ 1,951,583 1,951,583	Resources expended £ (110,917) (110,917)	Gains and losses £ (10,825) (10,825)	Movement in funds £ 1,829,841 1,829,841

continued...

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THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

14. RELATED PARTY DISCLOSURES

During the period ended 31st March 2022 , the Foundation received donation of £300,000 (2021:£425,000) from the Founder of the Foundation .

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 £4,100 plus VAT.

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