Veronica and Lars Bane Foundation CIO
Report and Financial Statements For the Year Ended 31 December 2023
Charity number 1183391
Veronica and Lars Bane Foundation CIO
Financial Statements
For the Year Ended 31 December 2023
| Contents | Page |
|---|---|
| Legal and Administrative Information | 1 |
| Report of the Management Committee | 2 |
| Independent Auditors’ Report | 6 |
| Statement of Financial Activities | 11 |
| Balance Sheet | 12 |
| Statement of Cash Flows | 13 |
| Notes to the Financial Statements | 14 |
| Veronica and Lars Bane Foundation CIO | Veronica and Lars Bane Foundation CIO | |||
|---|---|---|---|---|
| Reference and Administrative Information | ||||
| For the Year Ended 31 December 2023 | ||||
| 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 Limited | |||
| 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 |
1
Report of the Management Committee for the year ended 31 December 2023
The trustees present their report and audited financial statements for the year ended 31 December 2023.
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 £259,347 were approved during 2023:
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)
Micael Bindefelds Stiftelse (remembrance of the Holocaust)
2
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 2023, there were £223,733 (+ £71,103 in Gift Aid) 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
At 31st December 2023, there was GBP 2,407,264 invested in Farallon Capital General Fund, GBP 416,324 in other Farallon funds and GBP 101,166 in other investments.
Reserves Policy
The 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’ audit fees, which this year was GBP 4,800 and bank charges of GBP 2,793.
3
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.
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.
4
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.
Statement as to disclosure to our auditors
In so far as the trustees are aware:
-
There is no relevant audit information of which the CIO’s auditors are unaware; and
-
The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Auditors
Goldwins limited were appointed as the auditors of the CIO during the year and have expressed their willingness to continue in that capacity.
13th June 2024 Approved by the Trustees on …………………………….and signed on its behalf by:
Veronica Bane (Treasurer)
5
Independent Auditor’s Report to the Trustees of Veronica and Lars Bane Foundation CIO
Opinion
We have audited the financial statements of Veronica and Lars Bane Foundation CIO for the year ended 31 December 2023 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
-
Give a true and fair view of the state of the charity’s affairs as at 31 December
-
2023 and of its income and expenditure for the year then ended.
-
Have been properly prepared in accordance with United Kingdom Generally
-
Accepted Accounting Practice.
-
Have been prepared in accordance with the requirements of the Companies
-
Act 2006.
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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
6
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 charitable company’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 other information comprises the information included in the trustees’ annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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.
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 course of 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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
-
sufficient accounting records have not been kept;
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not obtained all the information and explanations necessary for the purposes of our audit.
7
Responsibilities of trustees
As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
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 an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
-
We enquired of management, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to:
-
Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
-
Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
-
The internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations.
8
-
We inspected the minutes of meetings of those charged with governance.
-
We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.
-
We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.
-
We reviewed any reports made to regulators.
-
We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
-
We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
-
In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
9
Use of our report
This report is made solely to the Charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Date: 13 June 2024
…………………….. Goldwins Limited Chartered Accountants Statutory Auditor 75 Maygrove Road West Hampstead London NW6 2EG
Goldwins Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
10
Veronica and Lars Bane Foundation CIO
Statement of financial activities (including income and expenditure account) For the year ended 31 December 2023
| Note Income from: Donations Investment income 2 Total income Expenditure on: Charitable activities 3 Total expenditure Net gains/(losses) on investments 6 Net Income/(expenditure) before other recognised gains and losses Exchange rate gains/(Losses) Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
2023 2022 Unrestricted Total Unrestricted Total £ £ 294,836 36,267 43,655 5,114 |
|---|---|
| 338,491 41,381 |
|
| 267,161 246,871 |
|
| 267,161 246,871 |
|
| 138,435 (36,993) 209,765 (242,483) (49,379) 117,962 |
|
| 160,386 (124,521) |
|
| 3,939,890 4,064,411 |
|
| 4,100,276 3,939,890 |
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.
11
Veronica and Lars Bane Foundation CIO
Balance sheet As at 31 December 2023
| 2023 Note £ Fixed Assets: Investments 6 Current assets: Debtors 7 2,522 1,177,800 1,180,322 Liabilities: 8 (4,800) Cash at bank and in hand Creditors: amounts falling due within one year Net current assets Total net assets Funds Total funds Unrestricted funds |
2023 Note £ Fixed Assets: Investments 6 Current assets: Debtors 7 2,522 1,177,800 1,180,322 Liabilities: 8 (4,800) Cash at bank and in hand Creditors: amounts falling due within one year Net current assets Total net assets Funds Total funds Unrestricted funds |
2023 2022 £ £ 2,924,754 98,033 1,004,663 1,102,696 (27,580) 1,175,522 4,100,276 4,100,276 4,100,276 |
2022 £ 2,864,774 1,075,116 |
|---|---|---|---|
| 1,180,322 (4,800) |
|||
| 3,939,890 | |||
| 3,939,890 | |||
| 3,939,890 |
Approved by the trustees on ………………………………and signed on their behalf by:13th June 2024
Veronica Bane Treasurer
The attached notes form part of the financial statements.
12
Veronica and Lars Bane Foundation CIO Statement of cash flows For the year ended 31 December 2023
| Note Cash flows from operating activities: Net cash provided by operating activities 10 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 11 |
2023 £ 43,655 54,516 |
2023 2022 2022 £ £ £ 124,345 (400,931) 5,114 724,201 98,171 729,315 222,516 328,384 1,004,663 558,317 (49,379) 117,962 1,177,800 1,004,663 |
|---|---|---|
13
Veronica and Lars Bane Foundation CIO Notes to the financial statements For the year ended 31 December 2023
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 (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.
14
Veronica and Lars Bane Foundation CIO Notes to the financial statements For the year ended 31 December 2023
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.
15
Veronica and Lars Bane Foundation CIO Notes to the financial statements For the year ended 31 December 2023
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.
16
Veronica and Lars Bane Foundation CIO
Notes to the financial statements
For the year ended 31 December 2023
2 Income from investments
| Income from investments | |
|---|---|
| Bank interest | 2023 2022 Unrestricted Restricted Total Total £ £ £ £ 43,655 - 43,655 5,114 |
| 43,655 - 43,655 5,114 |
3 Analysis of expenditure Current year
Grants to institutions Audit fees Bank charges and interest Sundry expenses Support costs Governance costs Total expenditure 2023 |
Charitable Activities Governance costs Support costs 2023 Total £ £ £ £ 259,347 - - 259,347 - 4,800 - 4,800 - - 2,793 2,793 - - 221 221 |
|---|---|
| 259,347 4,800 3,014 267,161 3,014 - (3,014) - 4,800 (4,800) - - |
|
| 267,161 - - 267,161 |
All the expenditure was unrestricted (2022: 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
17
Veronica and Lars Bane Foundation CIO
Notes to the financial statements
For the year ended 31 December 2023
3 Analysis of expenditure (continued)
Previous reporting period
| Previous reporting period | |
|---|---|
| Grants to institutions Audit fees Independent examiners fees Bank charges and interest Memberships and conferences Sundry expenses Support costs Governance costs Total expenditure 2022 |
Charitable Activities Governance costs Support costs 2022 Total £ £ £ £ 239,192 - - 239,192 - - - - - 2,580 - 2,580 - - 2,339 2,339 - - 2,498 2,498 - - 262 262 |
| 239,192 2,580 5,099 246,871 5,099 - (5,099) - 2,580 (2,580) - - |
|
| 246,871 - - 246,871 |
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 School Home Support The Roundhouse
18
Veronica and Lars Bane Foundation CIO
Notes to the financial statements
For the year ended 31 December 2023
4 Net income / (expenditure) for the year
| This is stated after charging: Audit fees Independent examiner's fees Foreign exchange (gains) / losses |
2023 2022 £ £ 4,000 - - 2,150 25,359 1,151 |
|---|---|
5 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 (2022: none) neither were they reimbursed for expenses during the year (2022: none). No charity trustee received payment for professional or other services supplied to the charity (2022: none).
6 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 |
2023 2022 £ £ 2,823,588 2,714,712 101,166 150,062 |
|---|---|
| 2,924,754 2,864,774 |
|
| 2,864,774 3,508,494 - - (54,516) (724,201) 138,435 (36,993) (23,939) 117,474 |
|
| 2,924,754 2,864,774 |
7 Debtors
| Other debtors | 2023 2022 £ £ 2,522 98,033 |
|---|---|
| 2,522 98,033 |
19
Veronica and Lars Bane Foundation CIO
Notes to the financial statements
For the year ended 31 December 2023
| 8 | Creditors: amounts falling due within one year 2023 2022 £ £ Other creditors - 25,000 Accruals 4,800 2,580 4,800 27,580 Analysis of net assets between funds General unrestricted Restricted Total funds 2023 2023 2023 £ £ £ Investments 2,924,754 - 2,924,754 Net current assets 1,175,522 - 1,175,522 Net assets at the end of the year 4,100,276 - 4,100,276 Previous reporting period General unrestricted Restricted Total funds 2022 2022 2022 £ £ £ Investments 2,864,774 - 2,864,774 Net current assets 1,075,116 - 1,075,116 Net assets at the end of the year 3,939,890 - 3,939,890 2023 2022 £ £ Net income / (expenditure) for the reporting period 209,765 (242,483) (as per the statement of financial activities) Interest, rent and dividends from investments (43,655) (5,114) Gains/ (losses) on investments (138,435) 36,993 Gains/ (losses) on exchange rate movement of investment 23,939 (117,474) (Increase)/ decrease in debtors 95,511 (98,033) Increase/ (decrease) in creditors (22,780) 25,180 Net cash provided by / (used in) operating activities 124,345 (400,931) Reconciliation of net income / (expenditure) to net cash flow from operating activities |
2023 2022 £ £ - 25,000 4,800 2,580 |
|---|---|---|
| 9 10 |
||
| 4,800 27,580 |
||
| 124,345 (400,931) |
20
Veronica and Lars Bane Foundation CIO
Notes to the financial statements
For the year ended 31 December 2023
| 11 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 £ £ £ 1,004,663 173,137 1,177,800 |
|---|---|
| 1,004,663 173,137 1,177,800 |
12 Related party transactions
During the year, one of the trustees made a donation of £223,733 to the charity.
21