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Charity number: 1189942
The VLM Foundation
UNAUDITED
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

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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

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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

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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 w11￿e$.
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.
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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 Ac￿untIng
Practice}.
The law applicable to charities in England & Wales requires the Trustees to prepare finan￿al 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 finan￿al 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 pro￿S1OnS 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
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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 PrO￿de 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
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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.
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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.
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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 Re￿rnMended 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 aCC￿nting 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 all￿ted on the basis of time Spent, and depreciatbon
charges allocated on the portion of the asset's use.
Expenditure on charitable activities is In￿rred 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.
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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 ServI￿S 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
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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.
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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
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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
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