```
REGISTERED CHARITY NUMBER: 1172417
```
## **`REPORT OF THE TRUSTEES AND`**
## **`AUDITED FINANCIAL STATEMENTS`**
## **`FOR THE YEAR ENDED 31ST MARCH 2023`**
## **`FOR`**
```
THE JAN AND CATHERINE NASMYTH CHARITABLE
FOUNDATION
```
```
Cooper Parry Group Limited
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA
```
```
THE JAN AND CATHERINE NASMYTH CHARITABLE
FOUNDATION
```
## **`CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023`**
|||**`Page`**||
|---|---|---|---|
|**`Report of the Trustees`**|`1`|`to`|`6`|
|**`Report of the Independent Auditors`**|`7`|`to`|`10`|
|**`Statement of Financial Activities`**||`11`||
|**`Statement of Financial Position`**||`12`||
|**`Statement of Cash Flows`**||`13`||
|**`Notes to the Statement of Cash Flows`**||`14`||
|**`Notes to the Financial Statements`**|`15`|`to`|`22`|
```
THE JAN AND CATHERINE NASMYTH CHARITABLE
```
## **`FOUNDATION`**
## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023`**
```
ThetrusteesofTheJanandCatherineNasmythCharitableFoundation("theFoundation")presenttheirreportwith the
financialstatementsofthecharityfortheyearended31stMarch2023.Thetrusteeshaveadoptedtheprovisionsof the
Accountingand Reportingby Charities:Statementof RecommendedPractice(SORP) applicableto charitiespreparing their
accountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS 102)
(effective 1 January 2019) and relevant provisions of the Charities Act 2011.
```
## **`OBJECTIVES AND ACTIVITIES`**
## **`Objectives and aims`**
```
TheobjectiveoftheFoundationistoadvancesuchexclusivelycharitablepurposesforthepublicbenefitasthe 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.
```
```
ThefocusoftheFoundationcontinuestobeprovidinggrantstocharitiesinvolvedinsupportingchildrenand young
people,thoseinvolvedwiththehomelessandthosecharitiesthatareconsideredtobealignedwithcausesthat the
foundershave expressedan interestin supporting.The trusteesuse these principlesas a guide 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 Foundationmust complyas appropriatewith sectionsof the CharitiesAct 2011, if it wishes to mortgage
land.
```
## **`Public benefit`**
```
TheFoundationmakesgrantstoothercharitiesorvoluntarybodiesandthegeneralpublic/mankindbymakinggrants to
organisationsforgeneralcharitablepurposes.Thetrusteeshavedueregardtoguidanceonpublicbenefitpublished by
the Charities Commission.
```
```
Page 1
```
```
THE JAN AND CATHERINE NASMYTH CHARITABLE
```
## **`FOUNDATION`**
## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023`**
## **`OBJECTIVES AND ACTIVITIES`**
## **`Grantmaking`**
```
The policy adopted by the trustees of the Foundation is summarised as follows:
```
```
1. It is thepolicyof the trusteesto make grantsto anyorganisationin EnglandandWalesoperatingprojectsthat further
exclusively charitable purposes (as defined in the Charities Act 2011).
```
```
2.Thetrusteesintend-sofarastheFoundation'sfinancialpositionpermitsandsubjecttoavailabilityof suitable
recipients - to make a series of grants each year.
```
```
3.ThetrusteesenvisagethatinitiallytheprimaryfocusoftheFoundationwillbeonprovidinggrantsasnotedin the
Objectives and Activities paragraphs above.
```
```
4. In each case, the trusteesshallapplysuch terms and conditionsas are appropriate.In formulatingthese principles and
conditions,thetrusteeswillhaveregardtotheneedtoensurethatgrantsareusedonlyforexclusively charitable
purposes (as defined in the Charities Act 2011).
```
```
5.Thetrusteeswillcarryoutappropriateduediligenceonallgrantrecipients.Thiswillincludeareviewofthe 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.
```
```
Thetrusteeswillcontinuetoevolvetheirgrantmakingpolicybutintheshorttermtheyplantoexpandthenumber of
thosecharitiesto whom grantsare made in futureyears.Detailsof the grantsmade duringthe year are shownin note 7
to the accounts.
```
## **`FINANCIAL REVIEW`**
## **`Financial position`**
```
DuringtheyeartheFoundationreceiveddonationstotalling£797,636(2022-£300,000)which,togetherwithGift Aid
repayments(includingrepaymentsupplement)receivable,amountingto£293,783(2022- £818,182)provided additional
fundsof£1,091,419(2022-£1,118,182).Inaddition,theFoundationreceivedinvestmentincomeamountingto £96,800
(2022-£21,624)withtheresultthattheFoundation'stotalincomefortheyearamountedto£1,188,219(2022 -
£1,139,806).
```
```
Thetrusteesapprovedgrantstotalling£30,000(2022:£60,000)andtheFoundationincurredcostsin investment
managementandgeneraladministration(as furtherdetailedin notes5, 6 and8 of the accounts)withthe resultthat the
Foundation'snet incomeforthe yearamountedto £1,139,902(2022- £1,063,989).Takingintoaccountunrealised losses
arisingfromtherevaluationoftheFoundation'sinvestmentsof£(161,492)(2022-£(10,825))thenetincreasein the
Foundation's unrestricted reserves was £978,410 (2022 - £1,053,164).
```
```
Further details are provided in the accompanying financial statements.
```
## **`Principal funding sources`**
```
TheFoundationdoesnotcarryoutsignificantfundraisingactivities.TheFoundationreceivedfundsfroma separate
charitable trust which had been previously established by the founder and a donation from a Nasmyth family trust.
```
```
Page 2
```
```
THE JAN AND CATHERINE NASMYTH CHARITABLE
```
## **`FOUNDATION`**
## **`REPORT OF THE TRUSTEES`**
## **`FOR THE YEAR ENDED 31ST MARCH 2023`**
## **`FINANCIAL REVIEW`**
## **`Reserves`**
```
Thereservesaredetailedinnote13.Theycompriseunrestrictedfunds.Thebalanceat31March2023was £5,720,915
(2022:£4,742,505).ItistheFoundation'spolicytomaintainthereservestoprovidealongtermresourcefor the
Foundation's future grant making.
```
## **`FUTURE PLANS`**
```
IntheearlyyearsoftheFoundation'sestablishmentthetrusteesaimtobuildafundfromwhichtheyhopeto gradually
developa patternof grantmakingthatcan be sustainablein the longerterm. As such the trusteesplanto set aside funds
thatwill,overtimeprovideanincomethatcansupportthegrantsthattheFoundationmakes.Aspartofthese plans,
during the year the trustees transferred further cash funds to invest over the medium to long term.
```
## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`**
## **`Governing document`**
```
TheFoundationisaCharitableIncorporatedOrganisationorCIO,afoundationregisteredon4thApril2017with 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.
```
```
Nothingintheconstitutionshallauthoriseanapplicationof thepropertyof theFoundationforthepurposewhichis 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 individualsfor appointmentas Foundationtrustees, 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.
```
```
UndertheconstitutiontheremustbeatleastthreeFoundationtrustees.Ifthenumberfallsbelowthisminimum the
remainingnumber of Foundationtrustees that may act only to call a meeting of the Foundationtrusteesor appointa new
Foundation trustee.
```
```
There is no maximum number of Foundation trustees that may be appointed to the Foundation.
```
```
Page 3
```
## **`THE JAN AND CATHERINE NASMYTH CHARITABLE`**
## **`FOUNDATION`**
## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023`**
## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`**
## **`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),`
```
mustbemadebyaresolutionofthemembersoftheFoundation(ratherthanaresolutionoftheFoundation 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.
```
## **`Risk management`**
```
The trusteeshave carriedout a review of the majorrisks to whichthe Trust is exposedto ensureappropriatecontrols are
inplacetoprovidereasonableassuranceagainstfraudanderror.Thishasincludedaconsiderationofthe future
generationofincome,thebasisonwhichgrantmakingisconsideredandmanagedandthenatureand future
diversification of the Foundation's funds.
```
```
ThetrusteesaresatisfiedwiththemeasurestakentodatetomanagetherisksaffectingtheFoundationbutcontinue 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
```
```
Page 4
```
```
THE JAN AND CATHERINE NASMYTH CHARITABLE
FOUNDATION
```
## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023`**
## **`REFERENCE AND ADMINISTRATIVE DETAILS`**
## **`Auditors`**
```
Cooper Parry Group Limited
New Derwent House
69-73 Theobalds Road
London
WC1X 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
```
## **`STATEMENT OF TRUSTEES' RESPONSIBILITIES`**
```
ThetrusteesareresponsibleforpreparingtheReportoftheTrusteesandthefinancialstatementsinaccordance with
applicablelawandUnitedKingdomAccountingStandards(UnitedKingdomGenerallyAcceptedAccounting Practice)
includingFinancialReportingStandard102"TheFinancialReportingStandardapplicableintheUKandRepublic of
Ireland".
```
```
ThelawapplicabletocharitiesinEnglandandWales,theCharitiesAct2011,Charity(AccountsandReports) Regulations
2008andtheprovisionsofthetrustdeedrequiresthetrusteestopreparefinancialstatementsforeachfinancial year
whichgiveatrueandfairviewofthestateofaffairsofthecharityandoftheincomingresourcesandapplication of
resources,includingtheincomeandexpenditure,ofthecharityforthatperiod.Inpreparingthosefinancial 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.`
```
Page 5
```
## **`THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION`**
## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023`**
## **`STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued`**
```
Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracyatany time
the financialpositionof the charityandto enablethem to ensurethatthe financialstatementscomplywiththe Charities
Act2011,theCharity(AccountsandReports)Regulations2008andtheprovisionsofthetrustdeed.Theyare also
responsibleforsafeguardingtheassetsofthecharityandhencefortakingreasonablestepsfortheprevention and
detection of fraud and other irregularities.
```
```
Approved by order of the board of trustees on 29th January 2024 and signed on its behalf by:
```
```
P G B Dodson - Trustee
```
```
Page 6
```
```
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
THE JAN AND CATHERINE NASMYTH CHARITABLE
FOUNDATION
```
## **`Opinion`**
```
We haveauditedthe financialstatementsof The Jan andCatherineNasmythCharitableFoundation(the'charity')for the
year ended 31st March 2023 which comprisethe Statementof FinancialActivities,the Statementof FinancialPosition, the
Statementof Cash Flows and notes to the financialstatements,includinga summary of significantaccountingpolicies. The
financialreportingframeworkthat has been appliedin their preparationis applicablelaw and United Kingdom Accounting
Standards(UnitedKingdomGenerallyAcceptedAccountingPractice),includingFinancialReportingStandard102 'The
Financial Reporting Standard applicable in the UK and Republic of Ireland'.
```
## **`Basis for opinion`**
```
We conductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))andapplicablelaw. Our
responsibilitiesunderthosestandardsarefurtherdescribedintheAuditors'responsibilitiesfortheauditofthe financial
statementssection of our report.We are independentof the charityin accordancewith the ethicalrequirementsthat are
relevantto ourauditof the financialstatementsin the UK, includingthe FRC's EthicalStandard,andwe have fulfilled our
otherethicalresponsibilitiesinaccordancewiththeserequirements.Webelievethattheauditevidencewe have
obtained is sufficient and appropriate to provide a basis for our opinion.
```
## **`Conclusions relating to going concern`**
```
In auditingthe financialstatements,we have concludedthatthe trustees'use of the goingconcernbasisof accounting in
the preparation of the financial statements is appropriate.
```
```
Based on the work we have performed,we have not identifiedanymaterialuncertaintiesrelatingto events or conditions
that,individuallyorcollectively,maycastsignificantdoubtonthecharity'sabilitytocontinueasagoingconcernfor a
period of at least twelve months from when the financial statements are authorised for issue.
```
```
Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribedinthe relevant
sections of this report.
```
## **`Other information`**
```
Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincludedin the
Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
```
```
Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttotheextent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon.
```
```
Inconnectionwithourauditof thefinancialstatements,ourresponsibilityis toreadtheotherinformationand,in doing
so,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsorour knowledge
obtainedintheauditorotherwiseappearstobemateriallymisstated.Ifweidentifysuchmaterialinconsistencies or
apparentmaterialmisstatements,we are requiredto determinewhetherthisgives rise to a materialmisstatementin the
financialstatementsthemselves.If,basedontheworkwehaveperformed,weconcludethatthereisa material
misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
```
## **`Matters on which we are required to report by exception`**
```
WehavenothingtoreportinrespectofthefollowingmatterswheretheCharities(AccountsandReports) 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.`
```
Page 7
```
```
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
THE JAN AND CATHERINE NASMYTH CHARITABLE
FOUNDATION
```
## **`Responsibilities of trustees`**
```
As explainedmorefullyintheStatementofTrustees'Responsibilities,thetrusteesareresponsibleforthepreparation of
thefinancialstatementswhichgiveatrueandfairview,andforsuchinternalcontrolasthetrusteesdetermine is
necessarytoenablethepreparationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherdue to
fraud or error.
```
```
In preparingthe financialstatements,the trusteesare responsiblefor assessingthe charity'sabilityto continueas 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 8
```
```
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`**
```
WehavebeenappointedasauditorsunderSection144oftheCharitiesAct2011andreportinaccordancewiththe Act
and relevant regulations made or having effect thereunder.
```
```
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefree from
material misstatement,whether due to fraud or error, and to issue a Report of the IndependentAuditorsthat includes our
opinion.Reasonableassuranceis a highlevel of assurance,butis not a guaranteethatan auditconductedin accordance
withISAs (UK) willalwaysdetecta materialmisstatementwhen it exists.Misstatementscan arisefrom fraudor error and
areconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybe expectedtoinfluencethe 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:
```
```
We gainedanunderstandingof thelegalandregulatoryframeworkapplicabletothecharityandtheindustryinwhich it
operates,andconsideredtheriskofactsbythecharitythatwerecontrarytoapplicablelawsandregulations, including
fraud.Wediscussedwiththetrusteesthepoliciesandproceduresinplaceregardingcompliancewithlaws and
regulations.Wediscussedamongsttheauditteamtheidentifiedlawsandregulations,andremainedalertto any
indications of non-compliance.
```
```
Duringtheauditwefocusedonlawsandregulationswhichcouldreasonablybeexpectedtogiverisetoa material
misstatementinthefinancialstatements,including,butnotlimitedto,theCharitiesActandUK taxlegislation.Our tests
includedagreeingthefinancialstatementdisclosurestounderlyingsupportingdocumentationandenquiries with
management.
```
```
Ourproceduresinrelationtofraudincludedbutwerenotlimitedto:inquiresofmanagementwhethertheyhave any
knowledgeof any actual,suspectedor allegedfraud,and discussionsamongstthe auditteam regardingrisk of fraud such
asopportunitiesforfraudulentmanipulationoffinancialstatements.Wedeterminedthattheprincipalrisksrelated to
postingmanualjournalentriestomanipulatefinancialperformanceandmanagementbiasthroughjudgements in
accountingestimates.We alsoaddressedtheriskofmanagementoverrideofinternalcontrols,includingtesting journals
andevaluatingwhethertherewas evidenceof biasby the directorsthatrepresenteda riskof materialmisstatement due
to fraud. Our tests include agreeing the financial statement disclosures to underlying supporting documentation.
```
```
Becauseoftheinherentlimitationsofanaudit,thereisariskthatwewillnotdetectallirregularities,including those
leadingtoa materialmisstatementinthefinancialstatementsornon-compliancewithregulation.Thisriskincreases the
morethatcompliancewithalaworregulationisremovedfromtheeventsandtransactionsreflectedinthe financial
statements,aswewillbelesslikelytobecomeawareofinstancesofnon-compliance.Theriskisalsogreater regarding
irregularitiesoccurringduetofraudratherthanerror,asfraudinvolvesintentionalconcealment,forgery, collusion,
omissionor misrepresentation.In assessing the potentialrisks of materialmisstatementwe obtainedan understanding of;
theentitiesoperations,includingthenatureofitsrevenuesourcesandservicesandofitsobjectivesandstrategies to
understandthe classesof transactions,accountbalances,expectedfinancialstatementdisclosuresand businessrisks that
mayresultinrisksofmaterialmisstatement.Wedidnotidentifyanymattersrelatingtonon-compliancewithlaws and
regulations relating to fraud.
```
```
A furtherdescriptionof ourresponsibilitiesfortheauditof thefinancialstatementsis locatedontheFinancial Reporting
Council'swebsite at www.frc.org.uk/auditorsresponsibilities.This descriptionforms part of our Report of the Independent
Auditors.
```
```
Page 9
```
```
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
THE JAN AND CATHERINE NASMYTH CHARITABLE
FOUNDATION
```
## **`Use of our report`**
```
Thisreportismadesolelytothecharity'strustees,asabody,inaccordancewithPart4oftheCharities(Accounts and
Reports)Regulations2008.Ourauditworkhasbeenundertakensothatwemightstatetothecharity'strustees those
matterswe are requiredto stateto them in an auditors'reportandfor no otherpurpose.To the fullestextent permitted
bylaw,we donotacceptorassumeresponsibilitytoanyoneotherthanthecharityandthecharity'strusteesasa body,
for our audit work, for this report, or for the opinions we have formed.
```
```
Cooper Parry Group Limited
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA
```
```
29th January 2024
```
```
Page 10
```
## **`THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION`**
## **`STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2023`**
|**`Notes`**
**`INCOME AND ENDOWMENTS FROM`**
`Donations and legacies`
`3`
`Investment income`
`4`
**`Total`**
**`EXPENDITURE ON`**
`Raising funds`
`5`
**`Charitable activities`**
`6`
`Governance Costs`
`Grants`
`Other`
**`Total`**
**`NET INCOME`**
**`Other recognised gains/(losses)`**
`Gains/(losses) on revaluation of fixed assets`
**`Net movement in funds`**
**`RECONCILIATION OF FUNDS`**
`Total funds brought forward`
**`TOTAL FUNDS CARRIED FORWARD`**
**`CONTINUING OPERATIONS`**|**`2023`**
**`Unrestricted`**
**`fund`**
**`£`**
**`1,091,419`**
**`96,800`**
**`1,188,219`**
**`3,497`**
**`14,820`**
**`30,000`**
**`-`**
**`48,317`**
**`1,139,902`**
**`(161,492)`**
**`978,410`**
**`4,742,505`**
**`5,720,915`**|**`2022`**
**`Total`**
**`funds`**
**`£`**
`1,118,182`
`21,624`|
|---|---|---|
|||`1,139,806`|
|||`1,003`
`11,305`
`60,000`
`3,509`|
|||`75,817`|
|||`1,063,989`
`(10,825)`|
|||`1,053,164`
`3,689,341`|
|||`4,742,505`|
||||
```
All income and expenditure has arisen from continuing activities.
```
```
The notes form part of these financial statements
```
```
Page 11
```
## **`THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION`**
## **`STATEMENT OF FINANCIAL POSITION 31ST MARCH 2023`**
|**`Notes`**
**`FIXED ASSETS`**
`Investments`
`10`
**`CURRENT ASSETS`**
`Debtors`
`11`
`Cash at bank`
**`CREDITORS`**
`Amounts falling due within one year`
`12`
**`NET CURRENT ASSETS`**
**`TOTAL ASSETS LESS CURRENT LIABILITIES`**
**`NET ASSETS`**
**`FUNDS`**
`13`
`Unrestricted funds`
**`TOTAL FUNDS`**|**`2023`**
**`Unrestricted`**
**`fund`**
**`£`**
**`3,436,297`**
**`204,545`**
**`2,088,953`**
**`2,293,498`**
**`(8,880)`**
**`2,284,618`**
**`5,720,915`**
**`5,720,915`**
**`5,720,915`**
**`5,720,915`**|**`2022`**
**`Total`**
**`funds`**
**`£`**
`2,505,694`
`818,182`
`1,427,269`|
|---|---|---|
|||`2,245,451`
`(8,640)`|
|||`2,236,811`|
|||`4,742,505`|
|||`4,742,505`|
|||`4,742,505`|
|||`4,742,505`|
```
The financialstatementswere approvedby the Board of Trustees and authorisedfor issue on 29th January2024 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 12
```
## **`THE JAN AND CATHERINE NASMYTH CHARITABLE FOUNDATION`**
## **`STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2023`**
|**`Notes`**
**`Cash flows from operating activities`**
`Cash generated from operations`
`1`
`Net cash provided by operating activities`
**`Cash flows from investing activities`**
`Purchase of fixed asset investments`
`Sale of fixed asset investments`
`Interest received`
`Net cash used in investing activities`
**`Change in cash and cash equivalents in the`**
**`reporting period`**
**`Cash and cash equivalents at the beginning`**
**`of the reporting period`**
**`Cash and cash equivalents at the end of the`**
**`reporting period`**|**`2023`**
**`£`**
**`1,735,287`**
**`1,735,287`**
**`(1,262,568)`**
**`170,473`**
**`18,492`**
**`(1,073,603)`**
**`661,684`**
**`1,427,269`**
**`2,088,953`**|**`2022`**
**`£`**
`247,775`
`247,775`
`(2,516,519)`
`-`
`672`
`(2,515,847)`
`(2,268,072)`
`3,695,341`
`1,427,269`|
|---|---|---|
```
The notes form part of these financial statements
```
```
Page 13
```
```
THE JAN AND CATHERINE NASMYTH CHARITABLE
FOUNDATION
```
## **`NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2023`**
## **`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`
`Decrease/(increase) in debtors`
`Increase in creditors`
**`Net cash provided by operations`**|**`2023`**
**`£`**
**`1,139,902`**
**`(18,492)`**
**`613,637`**
**`240`**
**`1,735,287`**|**`2022`**
**`£`**
`1,063,989`
`(672)`
`(818,182)`
`2,640`|
|---|---|---|
|||`247,775`|
## **`2. ANALYSIS OF CHANGES IN NET FUNDS`**
|**`Net cash`**
`Cash at bank`
**`Total`**|**`At 1/4/22`**
**`£`**
**`1,427,269`**
**`1,427,269`**
**`1,427,269`**|**`Cash flow`**
**`£`**
**`661,684`**
**`661,684`**
**`661,684`**|**`At 31/3/23`**
**`£`**
**`2,088,953`**|
|---|---|---|---|
||||**`2,088,953`**|
||||**`2,088,953`**|
```
The notes form part of these financial statements
```
```
Page 14
```
```
THE JAN AND CATHERINE NASMYTH CHARITABLE
```
```
FOUNDATION
```
## **`NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023`**
## **`1. ACCOUNTING POLICIES`**
## **`Basis of preparing the financial statements`**
```
The financialstatementsof the Foundation,whichis a publicbenefitentityunderFRS 102, have been prepared in
accordancewith the CharitiesSORP (FRS 102) 'Accountingand Reportingby Charities:Statement of Recommended
PracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReporting Standard
applicableintheUKandRepublicofIreland(FRS102)(effective1January2019)',FinancialReporting Standard
102'The FinancialReportingStandardapplicablein the UK and Republicof Ireland'and the CharitiesAct 2011. The
financialstatementshavebeenpreparedunderthehistoricalcostconvention,withtheexceptionof investments
which are included at market value, as modified by the revaluation of certain assets.
```
```
Thesignificantaccountingpoliciesappliedinthepreparationofthefinancialstatementsaresetoutbelow and
have been consistentlyappliedto all years presentedunlessotherwisestated.The financialstatementshave been
preparedunderFRS102.Thefinancialstatementsarepresentedinpoundsterling(£)whichisthe 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`**
```
Creditorsand provisionsare recognisedwhere the Foundationhas a present obligationresultingfrom a past event
that will probablyresult in the transfer of funds to a third party and the amount due to settle the obligationcan be
measured or estimatedreliably.Creditorsand provisionsare normallyrecognisedat their settlementamount after
allowing for any trade discounts due.
```
## **`Income`**
```
All income is recognisedin the Statementof FinancialActivitiesonce the Foundationhas entitlementto the funds,
it is probable that the income will be received and the amount can be measured reliably.
```
## **`Expenditure`**
```
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
Foundationtothatexpenditure,itisprobablethata transferofeconomicbenefitswillberequiredin settlement
and the amountof the obligationcan be measuredreliably.Expenditureis accountedfor on an accrualsbasis and
has been classifiedunderheadingsthataggregateallcostrelatedto the category.Wherecostscannotbe directly
attributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwiththeuse of
resources.
```
```
Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedasa commitment
but not accrued as expenditure and not otherwise withdrawn.
```
## **`Taxation`**
```
The Foundation is exempt from tax on its charitable activities.
```
```
The Foundationis registeredunderthegiftaidschemewithHMRC.Moniesarisingfromclaimsmadeunder this
schemeareincludedintotalincomeandareaccountedforonceaclaimhasbeensubmittedandagreed with
HMRC.
```
```
continued...
```
```
Page 15
```
```
THE JAN AND CATHERINE NASMYTH CHARITABLE
FOUNDATION
```
```
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023
```
## **`1. ACCOUNTING POLICIES - continued`**
## **`Fund accounting`**
```
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
```
```
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe 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.
```
```
Thetrusteeshaveconcludedthattherearenouncertaintiesregardinggoingconcernandtheycancontinue to
adopt the going concern basis in preparing the Annual Report and accounts.
```
## **`Investments`**
```
TheFoundation'sinvestments,whichareshownasfixedassets,aredisclosedinthefinancialstatementsat their
market value at the end of the year rather than at cost.
```
## **`2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY`**
```
The preparationof the financialstatements requires trustees to make judgements,estimates and assumptions that
affecttheamountsreported.Theseestimatesandjudgementsarecontinuallyreviewedandarebased on
experienceand other factors,includingexpectationsof future events that are believedto be reasonableunder the
circumstances.
```
## **`Significant judgements`**
```
Trusteesdo not considerthereto be anysignificantjudgementsmade in the processof applyingthe Foundation's
accounting policies.
```
## **`Key sources of estimation uncertainty`**
```
Accountingestimatesandassumptionsaremadeconcerningthefutureand,bythenature,willrarelyequal the
relatedactualoutcome.Thetrusteesdonotconsidertheretobeanykeyassumptionsorothersources of
estimationuncertaintythathaveasignificantriskofcausingamaterialadjustmenttothecarryingamounts of
assets and liabilities within the next financial year.
```
```
continued...
```
```
Page 16
```
```
THE JAN AND CATHERINE NASMYTH CHARITABLE
FOUNDATION
```
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023`**
|**`3.`**
**`DONATIONS AND LEGACIES`**
`Donations`
`Gift aid- HMRC reclaim`
**`4.`**
**`INVESTMENT INCOME`**
`Accumulated income`
`Deposit account interest`
**`5.`**
**`RAISING FUNDS`**
**`Investment management costs`**
`Portfolio management`
**`6.`**
**`CHARITABLE ACTIVITIES COSTS`**
**`Grant`**
**`funding of`**
**`activities`**
**`(see note`**
**`7)`**
**`£`**
`Governance Costs`
**`-`**
`Grants`
**`30,000`**
**`30,000`**|**`2023`**
**`£`**
**`797,636`**
**`293,783`**
**`1,091,419`**
**`2023`**
**`£`**
**`78,308`**
**`18,492`**
**`96,800`**
**`2023`**
**`£`**
**`3,497`**
**`Support`**
**`costs (see`**
**`note 8)`**
**`£`**
**`14,820`**
**`-`**
**`14,820`**|**`2022`**
**`£`**
`300,000`
`818,182`|**`2022`**
**`£`**
`300,000`
`818,182`|
|---|---|---|---|
|||`1,118,182`||
||||**`2022`**
**`£`**
`20,952`
`672`|
||||`21,624`|
||||**`2022`**
**`£`**
`1,003`
**`Totals`**
**`£`**
**`14,820`**
**`30,000`**|
||||**`44,820`**|
```
continued...
```
```
Page 17
```
```
THE JAN AND CATHERINE NASMYTH CHARITABLE
FOUNDATION
```
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023`**
## **`7. GRANTS PAYABLE`**
|`Grants`
`Grants payable to institutions during the year were:`|**`2023`**
**`£`**
**`30,000`**|**`2022`**
**`£`**
`60,000`|
|---|---|---|
||||
||**`Year ended`**|`Year ended`|
|---|---|---|
||**`31/03/2023`**|`31/03/2022`|
||||
||**`£`**|`£`|
||||
|`Strongbones Children's Charitable Trust`|**`-`**|`10,000`|
|`Beyond the Streets`|**`10,000`**|`-`|
|`Roald Dahl Marvellous Children's Charity`|**`10,000`**|`20,000`|
|`Hackney Doorways`|**`-`**|`10,000`|
|`Providence Row`|**`10,000`**|`10,000`|
|`Whitechapel Mission`|**`-`**|`10,000`|
||||
||||
||**`30,000`**|`60,000`|
||||
## **`8. SUPPORT COSTS`**
|**`SUPPORT COSTS`**||
|---|---|
||**`Governance`**|
||**`costs`**|
||**`£`**|
|`Governance Costs`|**`14,820`**|
```
Governance costs include Audit fees of £4,920 (2022: Audit fees of £4,680).
```
## **`9. TRUSTEES' REMUNERATION AND BENEFITS`**
```
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31stMarch2023norforthe year
ended 31st March 2022.
```
## **`Trustees' expenses`**
```
Therewerenotrustees'expensespaidfortheyearended31stMarch2023norfortheyear ended
31st March 2022.
```
```
continued...
```
```
Page 18
```
```
THE JAN AND CATHERINE NASMYTH CHARITABLE
FOUNDATION
```
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023`**
|**`10.`**
**`FIXED ASSET INVESTMENTS`**
`Shares`
`Cash with Investment manager`
`Additional information as follows:`
**`MARKET VALUE`**
`At 1st April 2022`
`Additions`
`Revaluations`
`At 31st March 2023`
**`NET BOOK VALUE`**
`At 31st March 2023`
`At 31st March 2022`
`There were no investment assets outside the UK.`
`Cost or valuation at 31st March 2023 is represented by:`
`Valuation in 2022`
`Valuation in 2023`
`Cost`|**`2023`**
**`£`**
**`2,826,618`**
**`609,679`**
**`3,436,297`**|**`2022`**
**`£`**
`1,742,825`
`762,869`
`2,505,694`
**`Listed`**
**`investments`**
**`£`**
**`1,742,825`**
**`1,245,285`**
**`(161,492)`**
**`2,826,618`**
**`2,826,618`**
`1,742,825`
**`Listed`**
**`investments`**
**`£`**
**`(10,825)`**
**`(161,492)`**
**`2,998,935`**
**`2,826,618`**|
|---|---|---|
```
continued...
```
```
Page 19
```
```
THE JAN AND CATHERINE NASMYTH CHARITABLE
FOUNDATION
```
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023`**
## **`10. FIXED ASSET INVESTMENTS - continued`**
```
Investments (neither listed nor unlisted) were as follows:
```
|`Capital A/C No 010`
`Income A/C No 120`
`Income A/C No 320`
`Capital A/C No 210`
**`11.`**
**`DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**
`Other debtors`
**`12.`**
**`CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**
`Accruals and deferred income`
**`13.`**
**`MOVEMENT IN FUNDS`**
**`Unrestricted funds`**
`Income fund`
**`TOTAL FUNDS`**|**`At 1/4/22`**
**`£`**
**`4,742,505`**
**`4,742,505`**|**`2023`**
**`£`**
**`3,129`**
**`566`**
**`16,795`**
**`589,189`**
**`609,679`**
**`2023`**
**`£`**
**`204,545`**
**`2023`**
**`£`**
**`8,880`**
**`Net`**
**`movement`**
**`in funds`**
**`£`**
**`978,410`**
**`978,410`**|**`2022`**
**`£`**
`12,791`
`1`
`77`
`750,000`
`762,869`
**`2022`**
**`£`**
`818,182`
**`2022`**
**`£`**
`8,640`
**`At`**
**`31/3/23`**
**`£`**
**`5,720,915`**|**`2022`**
**`£`**
`12,791`
`1`
`77`
`750,000`|**`2022`**
**`£`**
`12,791`
`1`
`77`
`750,000`|
|---|---|---|---|---|---|
|||||`762,869`||
|||||**`2022`**
**`£`**
`818,182`||
||||||**`2022`**
**`£`**
`8,640`|
||||**`5,720,915`**|||
```
continued...
```
```
Page 20
```
```
THE JAN AND CATHERINE NASMYTH CHARITABLE
FOUNDATION
```
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023`**
## **`13. MOVEMENT IN FUNDS - continued`**
```
Net movement in funds, included in the above are as follows:
```
|**`Unrestricted funds`**
`Income fund`
**`TOTAL FUNDS`**|**`Incoming`**
**`resources`**
**`£`**
**`1,188,219`**
**`1,188,219`**|**`Resources`**
**`expended`**
**`£`**
**`(48,317)`**
**`(48,317)`**|**`Gains and`**
**`losses`**
**`£`**
**`(161,492)`**
**`(161,492)`**|**`Movement`**
**`in funds`**
**`£`**
**`978,410`**
**`978,410`**|
|---|---|---|---|---|
## **`Comparatives for movement in funds`**
|**`Unrestricted funds`**
`Income fund`
**`TOTAL FUNDS`**|**`At 1/4/21`**
**`£`**
`3,689,341`
`3,689,341`|**`Net`**
**`movement`**
**`in funds`**
**`£`**
`1,053,164`
`1,053,164`|**`At`**
**`31/3/22`**
**`£`**
`4,742,505`|
|---|---|---|---|
||||`4,742,505`|
```
Comparative net movement in funds, included in the above are as follows:
```
|**`Unrestricted funds`**
`Income fund`
**`TOTAL FUNDS`**|**`Incoming`**
**`resources`**
**`£`**
`1,139,806`
`1,139,806`|**`Resources`**
**`expended`**
**`£`**
`(75,817)`
`(75,817)`|**`Gains and`**
**`losses`**
**`£`**
`(10,825)`
`(10,825)`|**`Movement`**
**`in funds`**
**`£`**
`1,053,164`
`1,053,164`|
|---|---|---|---|---|
```
continued...
```
```
Page 21
```
```
THE JAN AND CATHERINE NASMYTH CHARITABLE
FOUNDATION
```
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023`**
## **`13. MOVEMENT IN FUNDS - continued`**
```
A current year 12 months and prior year 12 months combined position is as follows:
```
|**`Unrestricted funds`**
`Income fund`
**`TOTAL FUNDS`**|**`At 1/4/21`**
**`£`**
`3,689,341`
`3,689,341`|**`Net`**
**`movement`**
**`in funds`**
**`£`**
`2,031,574`
`2,031,574`|**`At`**
**`31/3/23`**
**`£`**
`5,720,915`|
|---|---|---|---|
||||`5,720,915`|
```
A currentyear12 monthsandprioryear12 monthscombinednetmovementinfunds,includedintheabove are
as follows:
```
|**`Unrestricted funds`**
`Income fund`
**`TOTAL FUNDS`**|**`Incoming`**
**`resources`**
**`£`**
`2,328,025`
`2,328,025`|**`Resources`**
**`expended`**
**`£`**
`(124,134)`
`(124,134)`|**`Gains and`**
**`losses`**
**`£`**
`(172,317)`
`(172,317)`|**`Movement`**
**`in funds`**
**`£`**
`2,031,574`
`2,031,574`|
|---|---|---|---|---|
## **`14. RELATED PARTY DISCLOSURES`**
```
The Foundation is under the control of the trustees.
```
```
Duringtheperiodended31stMarch2023,theFoundationreceiveddonationof£547,636(2022:£300,000) from
theFounderandtrusteeviaaseparatecharitabletrust.Afurtheramountof£250,000(2022:nil)was received
from a Nasmyth family trust.
```
```
Mr S J Kinna,a trustee,is a partnerin SinclairsBartrum Lerner, who act as accountantsto the Foundation.This firm
provided professional services during the year amounting to £7,750 plus VAT.
```
```
Page 22
```