**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: 

1. 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). 

2. 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. 

3. The trustees envisage that initially the primary focus of the Foundation will be on providing grants as noted above. 

4. 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). 

5. 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. 

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


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


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


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**<br>**Activities)**<br>**Adjustments for:**<br>Interest received<br>Increase in debtors<br>Increase/(decrease) in creditors<br>**Net cash provided by operations**<br>2.<br>**ANALYSIS OF CHANGES IN NET FUNDS**<br>At 1/4/21<br>£<br>**Net cash**<br>Cash at bank<br>**3,695,341**<br>**3,695,341**<br>**Total**<br>**3,695,341**|**2022**<br>**£**<br>**1,063,989**<br>**(672)**<br>**(818,182)**<br>**2,640**<br>**247,775**<br>Cash flow<br>£<br>**(2,268,072)**<br>**(2,268,072)**<br>**(2,268,072)**|2021<br>£<br>776,677<br>(6,619)<br>-<br>(2,400)<br>767,658<br>**At 31/3/22**<br>**£**<br>**1,427,269**<br>**1,427,269**<br>**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<br>Gift aid- HMRC reclaim|**2022**<br>**£**<br>**300,000**<br>**818,182**<br>**1,118,182**|2021<br>£<br>425,000<br>380,158<br>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.**<br>**INVESTMENT INCOME**|**4.**<br>**INVESTMENT INCOME**|**4.**<br>**INVESTMENT INCOME**|||
|---|---|---|---|---|
|**2022**<br>**£**<br>Accumulated income<br>**20,952**<br>Deposit account interest<br>**672**<br>**21,624**<br>**5.**<br>**RAISING FUNDS**<br>**Investment management costs**<br>**2022**<br>**£**<br>Portfolio management<br>**1,003**<br>**6.**<br>**CHARITABLE ACTIVITIES COSTS**<br>Grant<br>funding of<br>activities<br>Support<br>(see note<br>costs (see<br>7)<br>note 8)<br>£<br>£<br>Governance Costs<br>**-**<br>**11,305**<br>Grants<br>**60,000**<br>**-**<br>**60,000**<br>**11,305**<br>**7.**<br>**GRANTS PAYABLE**<br>**2022**<br>**£**<br>Grants<br>**60,000**<br>Grants payable to institutions during the year were:<br>Year ended<br>31/03/2022<br>£<br>Childhood Eye Cancer Trust<br>Strongbones Children's Charitable Trust<br>10,000<br>Shelter from the storm<br>-<br>Roald Dahl Marvellous Children's Charity<br>20,000<br>Prospex<br>-<br>Hackney Doorways<br>10,000<br>Providence Row<br>10,000<br>Whitechapel Mission<br>10,000||||2021<br>£<br>-<br>6,619<br>6,619<br>2021<br>£<br>-<br>Totals<br>£<br>**11,305**<br>**60,000**<br>**71,305**<br>2021<br>£<br>30,000|
|||Year ended<br>31/03/2022<br>£<br>10,000<br>-<br>20,000<br>-<br>10,000<br>10,000<br>10,000|Year ended<br>31/03/2021<br>£<br>10,000<br>-<br>10,000<br>-<br>10,000<br>-<br>-<br>-||



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**<br>Other resources expended<br>Governance Costs|Finance<br>£<br>**3,509**<br>**25**<br>**3,534**|Governance<br>costs<br>£<br>**-**<br>**11,280**<br>**11,280**||Totals<br>£<br>**3,509**<br>**11,305**<br>**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<br>Cash with Investment manager<br>Additional information as follows:<br>**MARKET VALUE**<br>Additions<br>Revaluations<br>At 31st March 2022<br>**NET BOOK VALUE**<br>At 31st March 2022<br>At 31st March 2021|**2022**<br>**£**<br>**1,742,825**<br>**762,869**<br>**2,505,694**|2021<br>£<br>-<br>-<br>-<br>Listed<br>investments<br>£<br>**1,753,650**<br>**(10,825)**<br>**1,742,825**<br>**1,742,825**<br>-|
|---|---|---|



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



continued... 

Page 18 



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



continued... 

Page 19 



**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**<br>Income fund<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>811,777<br>811,777|Resources<br>Movement<br>expended<br>in funds<br>£<br>£<br>(35,100)<br>776,677<br>(35,100)<br>776,677|
|---|---|---|



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

|**Unrestricted funds**<br>Income fund<br>**TOTAL FUNDS**|At 1/4/20<br>£<br>2,912,664<br>2,912,664|Net<br>movement<br>in funds<br>£<br>1,829,841<br>1,829,841|At<br>31/3/22<br>£<br>4,742,505<br>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**<br>Income fund<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>1,951,583<br>1,951,583|Resources<br>expended<br>£<br>(110,917)<br>(110,917)|Gains and<br>losses<br>£<br>(10,825)<br>(10,825)|Movement<br>in funds<br>£<br>1,829,841<br>1,829,841|
|---|---|---|---|---|



continued... 

Page 20 



**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. 

Page 21