VrbJJkgun*urvTrarwoCbc Ref. YWYF-P76K-88NK 14 Nov2022 13..33J8 GMT (UTC +0) D 111 P 1143 Charity number: 1189942 The VLM Foundation UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
VrbJJkgun*urvTrarwoCbc Ref. YWYF-P76K-88NK 14 Nov2022 13..33J9 GMT (UTC +0) D 111 P2143 CONTENTS Page Reference and administralive details of the Charity. its Trustees and advisers Trustees. report Independent exarninerfs report Statement of financtal activities Balance sheet Notes to th8 financial statements 7-11
VrbJJkgun*urvTrarwoCbc Ref. YWYF-P76K-88NK 14 Nov2022 13..33J9 GMT (UTC +0) D 111 P3143 REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022 Trustees V L Marshall S J Chilvers D J Murphy Charity registared number 1189942 Principal offico Flat 3 7 Nelherton Grove London SW109TQ Accountants James Cowper Kreston Chartered Accountants 2 Communications Road Greenham Business Parf Greenham Newbury Berkshire RG19 6AB Bankers Coutts & Co 440 Strand London WC2R OQS Solicitors Macfat1anes LLP 20 Cursitor Street London EC4A 1 LT Page 1
VrbJJkgun*urvTrarwoCbc Ref. YWYF-P76K-88NK 14 Nov2022 13..33AO GMT (UTC +0) D 111 P4143 TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Trustees present their annual report together 1th the financial statement5 of The VLM Foundation for the year 1 April 2021 to 31 March 2022. Policies and objectives The CIO Constitution gives the Trustees the power to apply both the income and capital to such legally charitable purposes in the Unrted Kingdom or outside the United Ktngdom as the Trustees shall in their absolute discrets.on from time to lime think fil. The Trustees are requested to give consideration to charities which advan education, environmental protecb.on or improvement, amateur sport, parb"cularfy sailing and to relieve poverty with a focus on children, relugees and the homeless. In setting objectives and planning for activities, the Trustees have given due (r)nsideration to general guidance published by the Charity Commission relating to public benefft. induding the guidance 'Public bene)It.' running a charity IPB2)'. Achievamants and performance Main achievement5 of the Charity This year the Trustees have made grants tolalling £20.000110 grants} to charitable organisations. These have benefitted the public in a variety of ways, from supporting local projects, dealing with physical and mental health issues lo intemat.onal relief chatities who are dealing with the refugees and vith.ms of the Ukraine conflict crisis. Financial review Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to cy)ntinue in operational existence for the foreseeable future. For this reason, they continue lo adopt the going concern basis in preparing the financial ststements. Further details regarding the adoption of the going concern basis can be found in the accounting w11e$. Reserves policy The TTUStees wish lo retsin sufficient reserves to continue the level of grant making made in reeent yeats whilst a150 considering some larger projects. The Trustees consider all fund5 to be unrestricted and that grants from the capital fund would be made rf a specific need ar05e. Financial position During the period the charity received income of £2,775. Expenditure of £23,650 has been recorded for the year resulting in unrestricted funds of £206,625 canied forwards. Risk management The Trustees have reviewed the risks faced by the Foundation and have implemented systems and controls to mitigate these risks. In particular, the Trustees consider that the major risk is the management of the bank account and have ensured the process is in place lo aLrthorise and pay the grants to the relevant charities. Page 2
VkiuaBunatLnTrarffjxlvM Ref. yF76KBNK 14 No¥ 2022 13...41 GMT (UTC +01 D 111 P&13 TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Structure, govamanca and management Constitution The VLM Foundation is a registered charity, number 1189942. and 15 constituted under a CIO Constitution. Methods of appointment or election of Trustees The management of the Charity is the responsibility of the Trustees who are elected and cr*opted under the temis of the Trust deed. Organisational structure The constitution of the charity is set out wthin the constitution section above. The Trustees who have served during the year and since the year end are set out on page 1. Statutory powers of appointing trustees apply. The Trustees meet regularly on an infomial basis and have a fomial meeb.ng annualty- Grants and decision making Material decisions and policies. and the approval of the trustees report and annual accounts are made by all Trustees. Statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustees. report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted AcuntIng Practice}. The law applicable to charities in England & Wales requires the Trustees to prepare finanal statements for each financial year Nthich give a true and fair view of the stale of affairs of the Charity and of ils incoming resources and application of resources, incltsding its income and expenditure. for that period. In preparing these financial statements, the Trustees are required to- select suitable accounting poliaes and then apply them consistentty., observe the methods and principles of the Charities SORP {FRS 1021., make judgments and accounting eslimales that are reasonable and prudent. state whether applicable UK Accounting Standards IFRS 1021 have been followed. subject to any material departures disclosed and explained in the financial statements.. prepare the finanal statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in busine5S. The Trustees are responsible for keeping adequate accounting records that are sufFicienl to show and explain the Charitys transactions and disclose wth reasonable accuracy at any time the financial position of the Charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the proS1OnS of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. MLLrpkLy D J Murphy ITrusteel Dale= 14 Novgmber 2022 Page 3
VrbJJkgun*urvTrarwoCbc Ref. YWYF-P76K-88NK 14 Nov2022 13..33A1 GMT (UTC +0) D 111 P6143 INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2022 Independent exarninevs report to the Trustees of I'the Charity) I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2022. Responsibilities and basis of report As the Trustees of the Charrty you are responsible for the preparation of the accounts in accordance with the requirements of the charikn.es Act 2011 I'the 2011 Ad). I report in respect of my examination of the Charitys accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 14515)Ib) of the 2011 Act. Independent examin8rfs statement Ytyjr attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charitie5." Statement of Recommended Practice applicable lo charitie5 preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities= Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations bul has been wthdrawn. l understand that this has been done in order for the accounts to PrOde a true and fair view in accordan with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection wrth the examination giving me cause lo believe that in any material respect.. accounting recy)rds were not kept in respect of the Charity as required by section 130 of the 2011 Act., or the accounts do not accord with those records: or the accounts do not comply wth the applicable requirements conceming the form and content of accounts sel out in the Charities (Accounts and Repottsl 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 lo be reached. This rel is made solely to the Charity's Trustees, as a L, in accordance th Part 4 of the Charities {Accounts and Reports) Regulations 2008. My work has been undertaken so that I might stale to the Charitys Trustees those matters l am required to state to them in an Independent examinerfs rekY)rt and for no other purpose. To the fullest extent pemiitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Chariws Trustees a5 a body, for my'work or for this report. Signed: Dated= 1411112022 Fiona Hawkin5 FCA James Cowper Kreston. 2 Communication5 Road. Greenham Business Park. Greenham, Newbury. Berkshire. RG19 6AB Page 4
VrbJJkgun*urvTrarwoCbc Ref. YWYF-P76K-88NK 14 Nov2022 13..33A2 GMT (UTC +0) D 111 P7143 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022 Unrestricted funds 2022 Total funds 2022 Total funds 2021 Note Income from: Donations and legacies 2.775 2,TT5 250.000 Total income 2.775 2,TT5 250,000 Expenditure on: Charitable activities 23.650 23,650 22.500 Total expenditure 23.650 23,650 22,500 Not movement in funds 120.875) {20,875) 227.500 Reconciliation of funds: Total funds brought forward Net movement in funds 227,500 120,875) 227,500 {20,8751 227.500 Total funds carried forward 206,625 206,625 227,500 The Statement of financial activities includes all gains and losses TeccKJnised in the year. The notes on pages 7 to 11 form part of these financial statements. Page 5
VkiuaBunatLnTrarffjxlvM Ref. yF76KBNK 14 No¥ 2022 13...42 GMT (UTC +01 D 111 PW13 BALANCE SHEET AS AT 31 MARCH 2022 2022 2021 Note Fixed assets Current assets Cash at bank and in hand 209,775 250.000 209,775 250.000 Creditors.. amounts falling due wthin one year 13,1501 122,5001 Not current assets 206.625 227,500 Total assets18ss current liabiliti8s 206.625 227,500 Total net assets 206.625 227,500 Charity funds unresth.cted funds 206,625 227,500 Total funds 206,625 227,500 The financtal statements were approved and authorised for issue by the Trustees and signed on their behalf by.. P MLLrpk D J Murphy ITrustee) Dale: 14 Novombor 2022 The notes on pages 7 to 11 fomi part of these financial statements. Page 6
VrbJJkgun*urvTrarwoCbc Ref. YWYF-P76K-88NK 14 Nov2022 13..33A3 GMT (UTC +0) D 111 P9143 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP {FRS 1021 Accounting and Reporting by Charities-. Statement of RernMended Practi applicable lo charities preparing their accounts in accordallce with the Financial Reporting Staridard applicable in the UK and Republic of Ireland (FRS 1021 leffeclive 1 January 2019}. the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a 'true and fairf view and have departed from the Charities IAccounts and Report51 Regulation5 2008 only to the extent required to provide a 'true and fai view. This departure has invotrrfed followng the Charities SORP IFRS 1021 published in October 2019 rather than the Accounts"ng and Reporting by Charittes.. Statement of Recommended Practice effective from 1 April 2CNJ5 which has since been withdrawn. The VLM Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheNise slated in the relevant aCCnting policy. 1.2 Income AJI income is rewnised once the Charity has enlidement to the income, it is probable that the income wll be received and the amount of income receivable can be measured reliably. 1.3 Expenditure Expenditure is recLYJnised once there is a legal or constructive obligation to transfer economic benefft to a third party, it 15 probable that a trafisfer of economic beneffts will be required in setuement and the amount of the obligation can be measured reliably. Expenditure 15 classified by activity. The costs of each activity are made up of the total of direct costs and shared cost5, including support costs involved in undertaking each activity- Direct costs attributable to a single activty are allocated directly to that activity. Shared costs which contribute to more than one ath.vity and support costs which are not attn"butable to a single activity are apportioned betsveen those activities on a basis consistent wrth the use of resources_ Central staff costs are allted on the basis of time Spent, and depreciatbon charges allocated on the portion of the asset's use. Expenditure on charitable activities is Inrred on direclly undertaking the activities further the Charitls objectives. as well as any assouated support costs. Grants payable are charged in the year Mthen the offer is made except in those cases where the offer is conditional. such grants being recognised as expenditure when the nditionS attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as commitment. but not accrued as expendilure. 1.4 Cash at bank and in hand Cash at bank and in hand includes cash and short-temi highty liquid investments wlh a short maturity of three nYJnlhs or less from the date of acquisition or opening of the deposit or similar account. Page 7
VrbJJkgun*urvTrarwoCbc Ref. YWYF-P76K-88NK 14 Nov2022 13..33A3 GMT (UTC +0) D 111 P 10113 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies {continuedl 1.5 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit wll be required in settlement, and the amount of the settlement can be estimated reliably Liabilities are recognised at the amount that the Charity anticipates it wqll pay lo settle the debt or the amount it has received as advanced payments for the goods or ServIS it musl provide. Provisions are measured at the best estimate of the amounts required to Settle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted at the prtrtax discount rate that reflects the risks speafic to the liability. The unwinding of the discount is recognised in the Statement of financial activilies as a finance cost. 1.6 Fund accounting General funds are unre51ricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Income from donations and legacies Unrestricted funds 2022 Total funds 2022 Total funds 2021 Donations 2,775 2.775 250,000 Total 2021 250,000 250,000 Analysis of expenditure on charitable activities Summary by fund typ8 Unrestricted funds 2022 Total 2022 Total 2021 Independent examinerfs and accounts preparation fees Grants awarded 3,650 20,000 3.650 20.000 2,500 20.000 Total 2022 23,650 23.650 22,500 Total 2021 22,500 22,500 Page 8
VrbJJkgun*urvTrarwoCbc Ref. YWYF-P76K-88NK 14 Nov2022 13..33A4 GMT (UTC +0) D 111 P 11113 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Analysis of expenditure by activities Grant funding of activities Support costs 2022 Total funds 2022 Total funds 2021 2022 Independent examinerfs and accounts preparation fees Grant5 awarded 3.650 3,650 20.000 2,500 20,000 20,000 Total 2022 20,000 3,650 23.650 22.500 Total 2021 20,000 2,500 22,500 Independent examinerfs remunoration 2022 2021 Gross fees payable to the Charitys independent examiner for the independent examinats.on of the Chartys annual accounts Adjustments= Under accrual of VAT in relation lo prior year fees 3,150 2,500 500 Trustees. remuneration and expenses During the year. no Trustees received any remuneration or other benefits {2021- £NIL}. During the year. no Trustee expenses have been incurred {2021- £NILI. Page 9
VrbJJkgun*urvTrarwoCbc Ref. YWYF-P76K-88NK 14 Nov2022 13..33A4 GMT (UTC +0) D 111 P 12113 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Creditors: Amounts falling due within one year 2022 2021 other creditors 20,000 2,500 Accruals and deferred income 3,150 3.150 22,500 ststement of funds ststement of funds - current year Balance at 31 March 2022 Balance at 1 April 2021 Income Expenditure Unrestricted funds General funds 227,500 2.775 123,650) 206,625 statement of funds - prior poriod Balance at 31 March 2021 Income Expenditure Unrestricted funds General fvnds 250,000 122.5001 227,500 Page 10
VrbJJkgun*urvTrarwoCbc Ref. YWYF-P76K-88NK 14 Nov2022 13..33AS GMT (UTC +0) D 111 P 13113 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Analysis of net assets between funds Analysis of net assets between funds- current year Unrestricted funds 2022 Total funds 2022 CuThenl assets 209,775 {3,1501 209,775 (3,1501 Creditor5 due within one year Total 206,625 206.625 Analysis of net assets between funds- prior period Unrestricted funds 2021 Total funds 2021 Current assets Creditors due wlthin one year 250.000 122,5001 250.000 122,500) Total 227.500 227,500 Page 11