Virtualsigrhalure Transaction Rel. PNBF.gBZld-Y386 16 Jul 2024 11.22.-11 8ST IUTC *11 D 111 P 1113 Charity number.. 1189942 THE VLM FOUNDATION UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
Virtualsigrhalure Transaction Rel. PNBF.gBZld-Y386 16 Jul 2024 11.22.-11 8ST IUTC *11 D 111 P 2113 THE VLM FOUNDATION CONTENTS Page Reference and administrative details of the Charityi its Trustees and advisets Trustees. report Ac¢ountant$' rgport statement of financial activities Balance sheet Notes to the finaneial statements 7-11
Virtualsigrhalure Transaction Rel. PNBF.gBZld-Y386 16 Jul 2024 11.22.-11 8ST IUTC *11 D 111 P 3113 THE VLM FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees V L Marshall S J Chilvers D J Murphy Charity registered number 1189942 Principal office Flat 3 7 Nelherton Grove London SW10 9TQ Accountants James Cowper Kreston Chartered Accountants 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG196AB Bankers Coulls & Co 440 Strand London WC2R OQS Solicitors Macfarlanes LLP 20 Cursilor Street London EC4A 1 LT Page 1
Virtualsigrhalure Transaction Rel. PNBF.gBZld-Y386 16 Jul 2024 11.22-.11 8ST IUTC *11 D 111 P 4113 THE VLM FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the financial statements of The VLM Foundation for the year ended 31 March 2024. Policies and objectives The CIO Constitution gives the Trustees the power to apply both the income and capi1811o such legally charitable purposes in the United Kingdom or outside the United Kingdom as the Trustees shall in their absolute discretion from lime to time think fit. The Trustees are requested lo give consideration to charities which advance education, environmental protection or improvement, amateur sport, particularly sailing and to relieve povety with a focus on children, refugees and the homeless. In setting objectives and planning for aclivilies, the Trustees have given due consideration to general guidance published by the Charity Commission relating lo public benefit, including the guidance 'Public benefit.. running 8 charity (PB21'. Achievements and performance Main achievements of the Charity During the year the Trustees have made grants tolalling £45,000 lo ch8ritsble organisations, 17 separate grants were paid to 16 charitable organisations. These have benefitted the public in a variety of ways, from supporting charities in the local communities lo charities focusing on the environment through scientific research, investigations and education. Charities providing vital aid around the wodd have also been supported as well 8S charities dealing with the cost of living crisis. Financial review Going concern After making appropriate enquiries. the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concem basis can be found in the accounting policies. Reserves policy The Trustees wish lo retsin sufficient reserves to continue the level of grant making made in recent years whilst also considering some larger projects. The Trustees consider all funds to be unrestricted and that grants from the capital fund would be made if a spectfic need arose. Financial position During the year the charity received income of £1,905. Expenditure of £47.400 has been recorded for the year resulting in unrestricted funds of £97.830 carried forward. Risk management The Trustees have reviewed the risks faced by the Foundation and have implemented systems and controls lo 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 authorise and pay the grants to the relevant charities. Page 2
Virtualsigrhalure Transaction Rel. PNBF.gBZld-Y386 16 Jul 2024 11.22-.11 8ST IUTC *11 D 111 P &113 THE VLM FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 structure. governance and management Constitution The VLM Foundation is a registered charty, number 1189942, and is consliluled under a CIO Constilulion. Methods of appointment or election of Trustees The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. Organisational structure The constitution of the Charity is set out within the constitution section above. The Trustees who have served during the year and since the year end are set out on page 1. Stalulory powers of appointing Iruslees apply. The Trustees meet regularly on an informal basis and have a formal meeting annually. 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 Iunited Kingdom Generally Accepted Accounting Practice). The law applicable lo Charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the stsle of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial stslements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless il is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charitys transactions and disclose w(th reasonable accuracy al 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 IAccounts and Reportsl Regulations 2008 and the provisions 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.. MbwplLy D J Murphy ITrusleel Dale.. 16 July 2024 Page 3
Virtualsigrhalure Transaction Rel. PNBF.gBZld-Y386 16 Jul 2024 11.22-.11 8ST IUTC *11 D 111 P &113 THE VLM FOUNDATION ACCOUNTANTS. REPORT FOR THE YEAR ENDED 31 MARCH 2024 In accordance wth our tems of engagement, we have prepared for your approval the financial information of The VLM Foundation for the year ended 31 March 2024 which comprises the statement of financial activities, balance sheet and related notes, including accounting F)olicies from the accounting records and information and explanations you have given to us. As a member firm of the Institute of Chartered Accounlanls in England and Wales IICAEWI we are subject to ils ethical and other professional requirements which are detailed al www.icaew.comlenlmembershipl regulationsslandards-and-guidance. This report is made solely lo you, in accordance with the tems of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial information of The VLM Foundation and stale those matters that we have agreed to state to you in this report in accordance with the guidance of ICAEW as detailed at icaew.comlcompilation. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the Iruslees of The VLM Foundation for our work. or for this report. You have approved the financial information for the year ended 31 March 2024 and have acknowledged your responsibility for it, for the appropriateness of the financial reporting framework adopted and for providing all information and explanations necessary for ils compilation. We have not verified the accuracy or completeness of the accounting records or information and explanations you have given lo us and we do not, therefore, express any opinion on the financial information. Cmupoj L4tr6 James Cowper Kreslon Chartered Accountants 2 Communications Road Greenham Business Park Greenham Newbury RG19 6AB Dale.. 16 July 2024 Page 4
Virtualsigrhalure Transaction Rel. PNBF.gBZld-Y386 16 Jul 2024 11.22.-11 8ST IUTC *11 D 111 P 7113 THE VLM FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Total funds 2024 To181 funds 2023 Note Income from: Investments 1.905 1.905 Total income 1,905 1,905 Expenditure on: Charitable activities 47.400 47.400 63,300 Total expenditure 47.400 47,400 63,300 Net movement in funds 145.4951 145.4951 163,3001 Reconciliation of funds.. Totsl funds brought forward Nel movement in funds 143.325 145.4951 143.325 145.495) 206,625 163,3001 Total funds carried fonvard 97.830 97.830 143,325 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 7 10 11 form part of these financial statements. Page 5
Virtualsigrhalure Transaction Rel. PNBF.gBZld-Y386 16 Jul 2024 11.22-.11 8ST IUTC *11 D 111 P &113 THE VLM FOUNDATION BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Current assets Cash at bank and in hand 100.230 146,625 100,230 146,625 Creditors.. amounts falling due within one year (2,4001 13,300} Net current assets 97.830 143,325 Total net assets 97.830 143,325 Charity funds Unreslricled funds 97.830 143,325 Total funds 97,830 143,325 The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by- p fvtv¥r34Ly duFhY7ÉJJ1Itrl1 #tIBSTIDTC•11 D J Murphy ITrusleel Dale.. 16 July 2024 The notes on pages 7 10 11 form part of these financial statements. Page 6
Virtualsigrhalure Transaction Rel. PNBF.gBZld-Y386 16 Jul 2024 11.22.-11 8ST IUTC *11 D 111 P 9113 THE VLM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial 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 (Accounts and Reports} Regulations 2008 only lo the extent required lo provide a 'true and fair, view. This departure has involved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The VLM FoundationThe VLM Foundation meets the definition of a public benefit enlily under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise slated in the relevant accounting policy. 1.2 Income All income is recognised once the Charity has enlillemenl lo the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. 1.3 Expenditure Expenditure is recognised once there is a legal or conslruclive obligation lo transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs allributable lo a single activity are allocated directly to that aclivily. Shared costs which contribute to more than one activity and support costs which are not allributable lo a single activity are apportioned between those activities on a basis consislenl with the use of resources. Central staff costs are allocated on the basis of tsme spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions allaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. 1.4 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 institution with whom the funds are deposited. 1.5 Cash at bank and in hand Cash at bank and in hand includes cash and short-lerm 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. Page 7
Virtualsigrhalure Transaction Rel. PNBF.gBZld-Y386 16 Jul 2024 11.22.-11 8ST IUTC *11 D 111 P 10113 THE VLM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies l¢ontinuedl 1.6 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balance sheet dale 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 il will pay lo settle the debt or the amount il has received as advanced payments for the goods or services it musl provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific lo the liability- The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 1.7 Fund accounting General funds are unrestricted 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. Investment income, gains and losses are allocated to the appropriate fund. Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Investrnenl income 1,905 1,905 Analysls of expendlture on charltable actlvltles Summary by fund type Unrestrlcted funds 2024 Total 2024 Total 2023 Independent examinerfs and accounts preparation fees Grants awarded 2,400 45,000 2,400 45,000 3,300 60,000 Total 2024 47,400 47,400 63,300 Totsl 2023 63,300 63,300 Page 8
Virtualsigrhalure Transaction Rel. PNBF.gBZld-Y386 16 Jul 2024 11.22.-11 8ST IUTC *11 D 111 P 11113 THE VLM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure by aetivities Grant funding of activities Support costs Total funds 2024 Total funds 2023 2024 2024 Independent examinels and accoLJnts preparation fees Grants awarded 2,400 2,400 45,000 3,300 60,000 45,000 Total 2024 45,000 2,400 47,400 63,300 Total 2023 60,000 3,300 63,300 Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefils12023 - £NILI. During the year, no Trustee expenses have been incurred12023 - £NILI. Creditors: Amounts falling due within one year 2024 2023 Accruals 2,400 3,300 Page 9
Virtualsigrhalure Transaction Rel. PNBF.gBZld-Y386 16 Jul 2024 11.22.-11 8ST IUTC *11 D 111 P 12113 THE VLM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Statement offunds Statement of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Income Expenditure Unrestricted funds General funds 143,325 1.905 147,4001 97.830 statement of funds - prior period Balance at 31 March 2023 Balance at 15 April 2022 Expenditure Unrestricted funds General funds 206,625 163,3001 143,325 Page 10
Virtualsigrhalure Transaction Rel. PNBF.gBZld-Y386 16 Jul 2024 11.22.-11 8ST IUTC *11 D 111 P 12113 THE VLM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Current assets Creditors due within one year 100,230 12,400} 100,230 12,4001 Total 97,830 97.830 Analysis of net assets between funds - prior period Unreslricled funds 2023 Total funds 2023 Current assets Creditors due within one year 146,625 13,300} 146,625 13,3001 Total 143,325 143,325 Page11