charlty number: 1189942 The VLM Foundation UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
CONTENTS Page Reforonca and administralivg dotsils of the Charity. its Trustees and advisors Trustees. report Ind8p•ndènt •xaminerfs report statement of financial aetlvttl•s Balance shoot hlot&s to the financial Statsments 7-11
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR EMDED 31 MARCH 2023 Trust99 V L Marshal S J Chilvers D J Murphy Charity r•gi$t•rnd number 1189942 Prinelpal offlc• Flat 3 7 Nelherton Grove LonL*)n SW10 9TQ Accountants James Cowper Kreston Chartered Acwunlants 2 Communications Road Greenham Busi$S Park GenhaM Newbury Berkshire RG19 6AB Bankè Coutts & Co 440 Strand Lornlon WC2R OQS Solicitors Macfarfanes LLP 20 Cursitor Street London EC4A 1 LT Pag• 1
TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Trustees present theii annual report together wilh the financial ststements of The VLM Foundat¢on for the year ended 31 March 2023. Poll¢lo$ and ¢bl¢tlv¢$ Tha CIO Conslitubon 9ives the Trustee8 the peT to appfy IxAh the income aThJ caytsl to Such legally d18rable purposes in the United Kingdom or Outde the United Kingdom as the Trustee5 shall in their absolute dlscrelion from lime to lime think fit. The Tfustees are requested to give consideration to charities which advance education, environmental p(otection or improvement, amateur SFX)rt. parti¢ulady sailing and lo relieve poverty wlh a focu5 on chldren, refugees and the homeless. In setting objectives and planrbing for activities. the Trustees have given due consideration lo gera1 guidan published by the Charity Commission relating to Ptjblic benefi( including the guid8nce 'Public benefrt.. running a charity IPB2}'. A¢hl•v•mants and perfomian¢e Maln •¢hi•vements of the Chaiity During Ihe year the Trustees have made grants lotalling £60,000 to tharilalAe organisatÈons, 20 separate grants were paid to 16 charilable organisations. Thése have benefftted the public in a variety ofways, from supporting charities helping the older generation5 in the ry)nNnunity to charitses helping the younger generations in their sthool erwironmenl. Lcul prq'ects have been sukwrtad as w811 as charitiès dèaling wth tho ¢o$t of livin9 Induded within the £60,000 e 'one off donalions lotalling £20.OCKJ which re made to charities in relation lo intemational relief. These charities were dealing wrfh the relu9ees and victims of the Ukraine conflict crisis. Flnanclal rovl•w Golng ¢on¢em After making appmpriale enquiries, the Twstw h8ve a re850nAe expethtion that the Charity has adequate reSoUS to continue in opeialional existence for the foreseeable flrture. For this reason. they continue to adopi th& going concem ba&s in prepaiing the financial statements. Further detail$ regarding the adoption of the going cnncern basis can be found in the accounting pdieAe$. ReseThfos policy The TDJslees to taIn sufficient fe5erves to continue the levd of grant maknThJ made in recent years whilsl also eonsidèring Some larger projects. The Trustees consider all frjnds to be unrestricted and that grants from the Catal fund would be made Jf a speafic need atose. Flnanclal position During the year the eharty received income of £nil. Expenditure of £63.300 has been recorded for the year resuming in unrestricted ndS of £143.325 catried foard. R18k management The Trustees have reviewed the ri5k5 faced by the FoLwKlalion arKt have implemented systems and controls to MIgate these Yisks. In particular, the Trustees consder that the major risk is the management of th8 bank ¢ovnt and have ensured the proc£s$ is in pla¢e lo authorise and the grants to the relevant c*arilies. Page 2
TRUSTEES. REPORT {CONTINUEOI FOR TrtE YEAR ENDED 31 MARCH 2023 Structuro. govornanco and management CDnstitulion The VLM Foundation is a reglstered dwnty. number 1189942, and is constituted under a CIO Constitution. Methods of apptyintmeDt or election of Trustees Thè martagemenl of the Charity is the responsibility of the Trustees vho are 8lect8d and cwpt¢d utKler the tsmis ofthe Trust deed. Organwsational structure The CnstitUtion of ihe charity is sat OLrt wihin tho ¢on$tiiulion section akove. The Tru$l¢es vtho have served durin9 the year and sincE the year end are set out on page 1. Ststutory powèrs of appoirrting trustees apply. The Trustees meet regulady on an inforrnal basi$ and have a formal meeting annualty. Grants and decision maklng Material decrsion8 and plIf#eS, and the approval of the trustees report and annual accounts are made by all Tnjstee statemont of TN$t•o$' r•$pon$ibilitios The TnBtea$ are re3pon3rble for prepartng the TNstees' rewtrrt and the financial ststsmenls in accordance with applrable law and United Kingth)m Account#ig Stsn¢Jards Iunlted Kingdom Generalty Accepted Acc(MJnling Pradice). The law applicable lo charities in England & e3 requires the Trustees to prepare financial statements for each finanoal whith give a true and fair view of the state of affairs of the Charity and of its incoming sOurCeS and application of resours. including its income and gxpendhure. for that period. In preparing these financial Statements. the Trustees arè required tr).. select suitabl• a¢¢ounting policies and then apply them consistently.. observè the methods and principles of the Charities SORP {FRS 1021- make judgments and accounling eslimal¢s that a reasonab and prudent,. stale whether applicable UK Accounn9 Standards IFRS 102) have been followed. subpcl to ony material dep3tlur¢s disclos and explained in the frnanaal slalements,. prepare the finanoal slatemenls on the going c(Jncem ba$18 unle88 it is tn8pprow(ate to presume that the Charity will continue in business. The Trustees are responslblè for keeptng adequate accounting records that arè guffi¢ient to show and explain the Charity's transactions and disdose wlh reasonable accuracy al any time the financial position of the Charity ar enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the wovisons ol the Twsl deed. They awe also responsible for safe9uar¢Jing the assets of the Charity and hgnce for taking reasonable step5 for the prevent and datethon of fraud and other iegUlaritieS. Approved by order of the m8Mr5 of the board of Ttuslees and signed on th8ir b8haEf by.. DJ Murphy (Trustee) Dale.. IGu£T 1013 Page 3
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED31 MARCH 2023 Independent examln•fs Mport to the Trustéès of {Ihe Charlty'l I rert lo the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2023. Re8pon8ibilltrès and ba$1$ of report As the Trustees of the Charity you are responsible for the preparation of the accounts in accdan the requirements of the Charities Act 2011 Cthe 2011 Ad). I report in respect of my èxamination of thè Charitys acc¢)unts carried out under seclion 145 of the 2011 Act and in cacrying oui my examination I have fdlowed the applicable Direction8 9iven by the Chanty Comrrmssion under sects'on 14515}Ib} of the 2011 Act. Indopendgnt oxaminorfs slatsmont Your attention is drawn to the laet that the Charty has prepared the 3c¢ounls in a¢)rdae wilh Accounting and Reporting by Charities.. Stslement of RècommÈnded Practice applreable lo ¢harillés preparing thalr accounts in aecordarKe the FirTranrAal Repoiting Standard apICable in the UK and Republic of Ireland (FRS 1021 in prefereTr 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 withdrawn. l understand that this has been done in orf1er for the accounts to provide 8 true and f8lr view in accordgnce with the Genwally Apted Accounb"ng Practice effective for reporting peFiods beginning on or after 1 January 2015. I have completed my examination. I confirm that no mattèrs have coma to my attantion in c4)nnaCOn wth Iha examination giving me cause lo believe that In any material iespe¢t'. attounting rerdS were not kept in respect of the Charity as required by section 130 of the 2011 Ac( or the accounts do not accord wth thosè records", or the accounts do not comply wilh th8 applicable requirements ¢on¢eming the form ar)d content of aLuunts sat out in the Charities (A(X4wnts and Reports} Regulations 2008 other than any requirement that the accoun15 give a Yrue and fairf view ¥thich is not a maiter considered as part of an independent examination. I have M con¢em$ and have come a(¥oss no other matters in connection with the examination lo which *tenlion 3hould be Lkavn in this report in order to enaN6 a prop8r undwstandiNJ of th8 acccyjnts to b• This rem is made solely to the Charivs Trustees, xs 8 bts. in 8¢¢ordan¢e with Part 4 of the Charities {Accounts and Reports) Regulats"on5 2008. My has been undertaken so that I might slate to the Charity's Trusltres those matters l am required to state to them in an Independent examinerfs report and for no other purpose. To the fullest extent pwmitted by law, I do rK)t ac¢ept or assume SpOnsIbl1ty 10 anyone other than the Charity and the Charity's Tvustees as a tody. for my work or for this report SWed: 8 August 2023 FK)na Hawkins FCA James Cowper Kreston, 2 Communications Road. Greenham Business Park. Greenham. Newbury. Bfjrtshlre. RG19 6AB Page 4
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 PMRCH 2023 Unrestrlctèd fvnds 2023 T¢tal fvnd$ 2023 Total fvnds 2022 Income from: Donations and legaaes 2.775 Total income 2.775 Expenditur8 on: Charbtable activities 63.300 63.300 23,650 Total oxpendlturg 63,300 63,300 23.650 Ngt movoment In funds 163,3001 {63,300> 120,8751 Reconciliation of fund$: Total funds brought forward Net movement in funds 208,625 {63,3001 206,625 163.300) 227,500 (20.875) Total funds Carr1 for 143,326 143,326 206,625 The Statement of financial activities indude5 all gains and losses recognised in the y. The notes on pages 7 to 11 fomi part of the8e fin8niaal Statements. PwJe 5
BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Nots Flxad assèts Curr•nt a$$ots Cash at bank and in hand 146,625 209.T15 146,625 209.775 Creditor$.' amounts falllng due witl)in one year 13,3QO} 13.150) Net current assets 143,325 206,625 Total ass•ts loss eurrant Ilabllltlas 143.325 206.625 Total n•t a$$ots 143,325 206,825 Charity funds ithre511icted fvnds 143.325 2(6.ff25 Totsl funds 143.325 206,625 The finarKial statements were approved and authorised for issue by Ihe Trustees and signed on Iheir behalf by: D J Murphy (rwsteel Date.. Gk54f The notes on pages 7 to 11 fomi part of these ffinancial stat8menl$. Page 6
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PAARCH 2023 Accountlng pollclos 1.1 B•si$ of proparation of finan¢ial $tst•monts The financial statements have been prepared in aco)rdan with the Chaiitte$ SORP IFRS 102) - Accounting and Reporting by Chariiies.. Statemenl of Recommended Practi applicable lo tharibes preparing their accounts in aCcLSrdare wbth the Financial Reporting Standard applicable in the UK and R¢publi¢ of IrelarKI IFRS 102} (offsrtive 1 January 20191. the Finanoal ReFM)rting Standard applieable in the UK and Republie of Ireland IFRS 1021 and the Charitias Act 2011. The financial stalements have been prepared to give a 'true and fairf view and have departed from thè Chartbès IAccx)unts and Reports) Règulations 2008 only to the extenl required to pmvide a'tnje and fairf view. This departure has involved following the Charities SORP IFRS 1021 published in Oclober 2019 rather than the Accounting and Rekxrting by Charitses.. Statement of ReCmMended Pra¢ti¢e effedive from 1 Aw"12005 whith has slnce been vhthdrawn. The VLM Foundation meets the dafinition of a public benefit enlity under FRS 102. Assets and liabilities are initially COgnised al histori(al (xjst or transalI)n value LTrnless otheiSe stated in the relevant ac(¥Junling policy. 1.2 In¢omè All income is recognised once the Charity has entitlement to the irthme. it is probable that the InMe will be received and the amount of IrMe re¢eivable Can be measured reliably. 1.3 Expenditure Exp1ur• is racognissd th9re is a Fegal or ccfft5lruW¥ obligation to transfer aconomic benefft to a third party, it 15 probable that a transfer of economic benefits will be required in seluement and the anw)unt of the oblrgation can be aSured reliabty. Expendilure is dassrfied by activity. The costs of each activity are made up of the total of direct costs atKI shared costs. induding support costs involved in undertaking each activity. Dtre¢t costs attritrtjlable lo a single activity are allocated directly lo that activity. Shared costs whith contribute to more than one activity and support costs which are not attributsble lo a sing1È activity are apportioned bets¥een those activities ¢)n a basis cori5131enl wlh the use of resources. Central Staff sts are allocated on the basi8 ollime spenL and depieaation carges allocated on the portion of the asset's use. Expenditure on charitable aclivities is incuffed on directly undertaklng the acliv.es which further the Charity's objectives, as well as any assooaled support costs. Granlg pay81Ae are charged in the year ¥then ihe offer is made except in those cases where the offer is conditional. such grants being recognised as expenditure when the conditions attathing are fulfilled. Grants offere(I subjèct to eondib.ons whid) have nel bè8n mèt at thè year end are noted as a cnmmilmenl, bul not accrued as expendrture. 1A Cash at bankand In hand Cash al bank and in hand includes cash and short-tem) highly liquid inveslmenls with a short maturity of Ihree months or less from the dale ol acquisition or ¢¥ening of the deposit or similar acnt Page 7
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting pol¢cigs (contlnuad) 1.5 LlabllStl8s and provl$lon$ Liabilities are recognised vthen there is an obligation at the Bance sheet Ilate as a result of a past event, it is probable that a Iran51er of e¢onoml¢ benefit will be required in setuemenl, and the amount of thè setuement can be estimated reliabty. Liabilities are iecognised at the anK¥unl that th$ Charity anti¢ipate$ It wlll pay lo Settle the debt or the amount it has receivèd as advxrhced payments for the goods or services il must provide. Provisions are measur&J at the best estimate of tha anY)unt$ requirèd lo $¥llle th8 obligation. Where the effect rtrf the tim& valuè of monèy is material, the provision is based on the present value of those amwnts, diso)unted al the pre-tax discount late that rellecls the risks speafic to th liability. The unwnding of the discwnt is recognisad in Iha Statèmènt ol finan¢ial acb¥iti9s as a finance c4)sL 1.6 Fund aetounting General ndS are unrestricted (unds whlch are available for use al the diScli0n ol the Trustees in fvrtherance of th& general objectives of the Charity and which have not been desi9nated for oth81 purposes. Incom• from donatlons and legacios Unr•$tri¢tsd funds 2023 Total funds 2023 Total fijnds 2022 Donations 2,775 Total 2022 2.775 2.775 Analy$ls of trxpgndlture on charltablo aetlvltl Summary by fund ty Unrastrletéd funds 2023 Total 2023 Total 2022 Independent examin*s and accounts preparation fee8 Grant8 awarded 3.300 80,000 3,300 60,000 3,650 20.000 Total 2023 63.300 63,300 23,fj50 Total 2022 23,650 23.650 Page 8
NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysis of oxpondituro on charftable actE¥ltlos (contlnuodl Summary by fvnd type {¢ontlnuedl Analysls of expenditure by activities Grant fundlng of a¢tivities 2023 Support Costs 2023 Totsl funds 2023 Total funds 2tr22 Independent examinerfs and accounts preparation f¢es Grants award•d 3.300 3AOO 3.650 20.000 60.orKI Total 2023 60,000 3.300 63,300 23.650 Total 2022 20,000 3.650 23,650 Independent examlnorf$ rnmunoratlon 2023 2022 Gross fees payable to the Chanty's independenl examiner for the independent examination of the Charity'$ annual accounts Adlu8tments'. Under accrual of VAT in relalion to prior year fee8 3,300 3,150 500 Trustsas. r•munoTation and expens•s During the year. no Trustees re¢eived any remuneration or other benefits {2022- £NILI. During the year, no Truslee expenses have bean incuThéd {2022- £NILI. Page 9
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Credltors: Amounts falling due within ono year 2023 2022 rual¥ 3.300 3,150 statement of funds ststèmènt of funds - curr•nt yoar Balance at 31 March 2023 Balance at 1 Aprll 2022 In¢om• Expenditure Unrè¥tricted funds General funds 206,625 63.3001 143.32$ statem•nt of fund8- prior pertod Balan at 1SApril 2021 Balance al 31 March 2022 Income Expenditure Unrestricted funds Gener81 fur)d$ 227,500 2.775 (23.8501 206.825 Page10
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysis of net assets between funds Anal18 ofnot 48$0ts between funds - current year Unr•strlctgd funds 2023 Total funds 2023 Current a8sot$ Creditois due thin <)ne year 146,625 (3,3001 146.625 13.3001 Tolal 143.325 143.325 Analysis of t assots balwn fvnds- prior riod Unrestricled funds 2022 Total funds 2022 Current assets Creditors due wlhin one year 209,775 13.150) 209,775 13.150) Totsl 206,625 2C6,625 Page11