Veronica and Lars Bane Foundation CIO
Report and Financial Statements For the Year Ended 31 December 2022
Charity number 1183391
Veronica and Lars Bane Foundation CIO
Financial Statements
For the Year Ended 31 December 2022
| Contents | Page |
|---|---|
| Legal and Administrative Information | 1 |
| Report of the Management Committee | 2 |
| Independent Examiner’s Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Statement of Cash Flows | 9 |
| Notes to the financial statements | 10 |
| Veronica and Lars Bane Foundation CIO | Veronica and Lars Bane Foundation CIO | |||
|---|---|---|---|---|
| Reference and Administrative Information | ||||
| For the Year Ended 31 December 2020 | ||||
| Charity registration number: | 1183391 | |||
| Registered Office and operational | 98 Frognal | |||
| address: | London NW3 6XB | |||
| Trustees | Lars Bane | Chair of Trustees | ||
| Veronica Bane | Treasurer | |||
| Georg Kjallgren | ||||
| Martin Wiwen-Nilsson | ||||
| Auditors | Goldwins | |||
| 75 Maygrove Road | ||||
| London NW6 2EG | ||||
| Bankers | SEB, 1 Carter Lane, | |||
| London EC4V 5AN, | United Kingdom | |||
| SEB, | 4, rue Peternelchen, | |||
| L-2370 Howald, Luxembourg | ||||
| Solicitors | Stone King LLP, | |||
| Boundary House, 91 Charterhouse Street, | ||||
| London EC1M 6HR |
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Report of the Management Committee for the year ended 31 December 2022
The trustees present their report and audited financial statements for the year ended 31 December 2022.
The trustees confirm that the financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.
Our Aims and objectives
Purposes and Aims
Our charity’s purposes as set out in the governing documents and are to:
benefit the public by grant making to experienced and established organisations working within Youth and Education, Livelihoods and Human Rights, Health and Wellbeing and Arts and Culture.
Ensuring our grants delivers our aims
We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous 12 months. The review looks at the success and viability of the supported organisations and guide our future commitments. We aim to stay with our programme partners for the long run.
Achievements and performance
Grants of £239,192 were approved during 2022:
Youth and Education: London Academy of Excellence, Stratford (sponsoring of 15 students for 1 year)
Roundhouse, Camden (youth projects and ongoing programmes)
EMPower (over 200 programmes benefiting young people in emerging markets)
School-Home-School Charity (working with schools to support pupils and their families)
Abaarao Network (schools in Somaliland)
VOW for Girls (working towards ending child marriage)
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Livelihoods and Human Rights: Hand-in-Hand (creating jobs for women in developing countries)
Human Rights Watch (for their work in Democratic Republic of Congo)
Health and Wellbeing: Fistula Foundation (treating fistula in northeast Africa)
BiteBack2030 (promoting healthy eating in young people)
Refettorio Felix at St Cuthbert’s (drop-in centre and community kitchen)
Arts and Culture
Hampstead Theatre (benefit the local community in Hampstead)
Serpentine Gallery
Royal Academy
Tate Modern
Financial Review
Veronica and Lars Bane Foundation CIO was registered in May 2019. During 2022, there were £220,000 in cash donations.
Principal Funding Source
Lars and Veronica Bane are the sole donors of funds to the foundation. Therefore, the donations will vary from year to year.
Investment Policy
On 31st December 2022, there was GBP 2,233,453 invested in Farallon Capital General Fund, GBP 481,258 in other Farallon funds and GBP 150,062 in other investments.
When examining the valuation of assets, it turned out that part of an investment (FASS 22) donated in September 2020 was overvalued. £223,733:14 (USD 269,558) was therefore written down against donations. The donor has reimbursed this amount during March 2023 in cash (GBP).
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Reserves Policy
There foundation has almost no expenditure. Lars and Veronica Bane have paid privately for small charges, e.g. registration fees, business cards and accounting programs. The only known cost will be for Goldwins’ Independent Examination, which this year was GBP 2,580, bank charges of GBP 2,339 and a philanthropy conference £2,498.
Structure, Governance and Management
Governing Document
The organisation is a charitable incorporated organisation - foundation, incorporated on 13 May 2019 and registered as a charity on 13 May 2019.
Trustee Induction and Training
The trustees are already familiar many of the grantees and make direct donations to some of them. All trustees give of their time freely and no trustee remuneration was paid in the year.
New trustees are briefed about our objectives and given the booklet ‘The essential trustee: what you need to know, what you need to do’ guidance by Charity Commission for England and Wales together with the foundation deed.
Responsibilities of the Management Committee
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales 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 income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent; and
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and 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/constitution. 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.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the Trustees on …………………………….and signed on its behalf by: 18th May, 2023
Veronica Bane (Treasurer)
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Independent examiner’s report to the Trustees of Veronica and Lars Bane Foundation CIO
I report to the trustees on my examination of the accounts of Veronica and Lars Bane Foundation CIO (the Charity) for the year ended 31 December 2022.
Responsibilities and basis of report
As the trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011(‘the Act’).
I report in respect of my examination of the Trustee’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
(1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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(2) the accounts do not accord with those records; or
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(3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Anthony Epton BA, FCA, CTA, FCIE Goldwins Limited Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG
Date: 19 May 2023
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Veronica and Lars Bane Foundation CIO
Statement of financial activities (including income and expenditure account) For the year ended 31 December 2022
| Note Income from: Donations Investment income 2 Total income Expenditure on: Charitable activities 3 Total expenditure Net (expenditure) before other recognised gains and losses Net (loss)/gains on investments 5 Net (expenditure) for the year Exchange rate gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
2022 2021 Unrestricted Total Unrestricted Total £ £ 36,267 - 5,114 - |
|---|---|
| 41,381 - |
|
| 246,871 149,717 |
|
| 246,871 149,717 |
|
| (205,490) (149,717) (36,993) 92,108 |
|
| (242,483) (57,609) 117,962 17,904 |
|
| (124,521) (39,705) |
|
| 4,064,411 4,104,116 |
|
| 3,939,890 4,064,411 |
All of the above results are derived from continuing activities. There were no recognised gains or losses other than those stated above. The attached notes form part of these financial statements.
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Veronica and Lars Bane Foundation CIO
Balance sheet
As at 31 December 2022
| 2022 Note £ Fixed Assets: Investments 5 Current assets: Debtors 6 98,033 1,004,663 1,102,696 Liabilities: 7 (27,580) Cash at bank and in hand Creditors: amounts falling due within one year Net current assets Total net assets Funds Total funds Unrestricted funds |
2022 Note £ Fixed Assets: Investments 5 Current assets: Debtors 6 98,033 1,004,663 1,102,696 Liabilities: 7 (27,580) Cash at bank and in hand Creditors: amounts falling due within one year Net current assets Total net assets Funds Total funds Unrestricted funds |
2022 2021 £ £ 2,864,774 - 558,317 558,317 (2,400) 1,075,116 3,939,890 3,939,890 3,939,890 |
2021 £ 3,508,494 555,917 |
|---|---|---|---|
| 1,102,696 (27,580) |
|||
| 4,064,411 | |||
| 4,064,411 | |||
| 4,064,411 |
Approved by the trustees on ………………………………and signed on their behalf by:18th of May, 2023
Veronica Bane Treasurer
The attached notes form part of the financial statements.
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Veronica and Lars Bane Foundation CIO Statement of cash flows For the year ended 31 December 2022
| Note Cash flows from operating activities: Net cash provided by operating activities 9 Cash flows from investing activities: Interest/ rent/ dividends from investments Sale/ (purchase) of investments Cash provided by / (used in) investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Change in cash and cash equivalents due to exchange rate movements Cash and cash equivalents at the end of the year 10 |
2022 £ 5,114 724,201 |
2022 2021 2021 £ £ £ (400,931) (265,465) - 86,820 729,315 86,820 328,384 (178,645) 558,317 719,058 117,962 17,904 1,004,663 558,317 |
|---|---|---|
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Veronica and Lars Bane Foundation CIO Notes to the financial statements For the year ended 31 December 2022
1 Accounting policies
a) Basis of preparation
The financial statements have been prepared in accordance with 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 2015) - (Charities SORP FRS 102) and UK Generally Accepted Accounting Practice.
The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
b) Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
c) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.
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Veronica and Lars Bane Foundation CIO Notes to the financial statements For the year ended 31 December 2022
1 Accounting policies
d) Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
e) Fund accounting
- Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.
f) Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
-
Costs of raising funds comprise of trading costs and the costs incurred by the charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.
-
Expenditure on charitable activities includes the costs of delivering services to further the purposes of the charity and their associated support costs.
-
Other expenditure represents those items not falling into any other heading.
-
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
g) Allocation of support costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity and its and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities.
h) Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities.
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Veronica and Lars Bane Foundation CIO Notes to the financial statements For the year ended 31 December 2022
1 Accounting policies
i) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
j) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
k) Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
l) Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
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Veronica and Lars Bane Foundation CIO Notes to the financial statements For the year ended 31 December 2022
2 Income from investments
| Income from investments | |||||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| Unrestricted | Restricted | Total | Total | ||
| £ | £ | £ | £ | ||
| Bank interest | 5,114 | - | 5,114 | - | |
| 5,114 | - | 5,114 | - | ||
| Analysis of expenditure | |||||
| Current year | |||||
| Charitable | |||||
| Basis of | **Activities ** | Governance | Support | ||
| allocation | costs | **costs ** | 2022 Total | ||
| £ | £ | £ | £ | ||
| Grants to institutions | Direct | 239,192 | - | - | 239,192 |
| Audit fees | Direct | - | - | - | - |
| Independent examiners fees | Direct | - | 2,580 | - | 2,580 |
| Bank charges and interest | Direct | - | - | 2,339 | 2,339 |
| Memberships and conferences | Direct | - | - | 2,498 | 2,498 |
| Sundry expenses | Direct | - | - | 262 | 262 |
| 239,192 | 2,580 | 5,099 | 246,871 | ||
| Support costs | 5,099 | - | (5,099) | - | |
| Governance costs | 2,580 | (2,580) | - | - | |
| Total expenditure 2022 | 246,871 | - | - | 246,871 |
3 Analysis of expenditure Current year
All the expenditure was unrestricted (2021: all unrestricted).
Grants were made to the following institutions to support their charitable activities: Abaaraso Network BiteBack2030 EMpower Fistula Foundation Hampstead Theatre Hand in Hand Human Rights Watch London Academy of Excellence Refettorio Felix Royal Academy of Arts School-Home Support Serpentine Gallery Tate Modern The Roundhouse VOW for Girls
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Veronica and Lars Bane Foundation CIO Notes to the financial statements For the year ended 31 December 2022
3 Analysis of expenditure (continued)
Previous reporting period
| Previous reporting period | |
|---|---|
| Basis of allocation Grants to institutions Direct Independent examiners fees Direct Bank charges and interest Direct Sundry expenses Direct Support costs Governance costs Total expenditure 2021 |
Charitable Activities Governance costs Support costs 2021 Total £ £ £ £ 145,000 - - 145,000 - 2,400 - 2,400 - - 2,257 2,257 - - 60 60 |
| 145,000 2,400 2,317 149,717 2,317 - (2,317) - 2,400 (2,400) - - |
|
| 149,717 - - 149,717 |
All the expenditure was unrestricted (2020: all unrestricted).
Grants were made to the following institutions to support their charitable activities: Abaaraso Network BiteBack2030 EMpower Fistula Foundation Hampstead Theatre Hand in Hand Human Rights Watch London Academy of Excellence School Home Support The Roundhouse
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Veronica and Lars Bane Foundation CIO Notes to the financial statements For the year ended 31 December 2022
- 4 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel
The charity had no employees in the year.
The charity trustees were not paid or received any benefits from employment with the charity in the year (2021: none) neither were they reimbursed for expenses during the year (2021: none). No charity trustee received payment for professional or other services supplied to the charity (2021: none).
5 Investments
| Investments at fair value: Investment funds Unlisted investments Movements Market value at the start of the year Additions at cost Disposals at carrying value Net gain / (loss) on revaluation Net gain / (loss) on exchange rate movement Market value at the end of the year |
2022 2021 £ £ 2,714,712 3,329,390 150,062 179,104 |
|---|---|
| 2,864,774 3,508,494 |
|
| 3,508,494 3,489,558 - - (724,201) (86,820) (36,993) 92,108 117,474 13,648 |
|
| 2,864,774 3,508,494 |
| 6 Debtors Other debtors 7 Creditors: amounts falling due within one year Other creditors Accruals |
2022 2021 £ £ 98,033 - |
|---|---|
| 98,033 - |
|
| 2022 2021 £ £ 25,000 - 2,580 2,400 |
|
| 27,580 2,400 |
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Veronica and Lars Bane Foundation CIO Notes to the financial statements
For the year ended 31 December 2022
- 8 Analysis of net assets between funds Current year
| Investments Net current assets Net assets at the end of the year Previous reporting period Investments Net current assets Net assets at the end of the year |
General unrestricted Restricted Total funds £ £ £ 2,864,774 - 2,864,774 1,075,116 - 1,075,116 |
|---|---|
| 3,939,890 - 3,939,890 |
|
| General unrestricted Restricted Total funds £ £ £ 3,508,494 - 3,508,494 555,917 - 555,917 |
|
| 4,064,411 - 4,064,411 |
- 9 Reconciliation of net income / (expenditure) to net cash flow from operating activities
| Net income / (expenditure) for the reporting period (as per the statement of financial activities) Interest, rent and dividends from investments Gains/ (losses) on investments Gains/ (losses) on exchange rate movement of investments (Increase)/ decrease in debtors Increase/ (decrease) in creditors Net cash provided by / (used in) operating activities |
2022 2021 £ £ (242,483) (57,609) (5,114) - 36,993 (92,108) (117,474) (13,648) (98,033) - 25,180 (102,100) |
|---|---|
| (400,931) (265,465) |
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Veronica and Lars Bane Foundation CIO Notes to the financial statements For the year ended 31 December 2022
10 Analysis of cash and cash equivalents
| Cash at bank and in hand Total cash and cash equivalents |
At the beginning of the period Cash flows At the end of the period £ £ £ 558,317 446,346 1,004,663 |
|---|---|
| 558,317 446,346 1,004,663 |
11 Related party transactions
There are no related party transactions to disclose for the year.
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