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

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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
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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.
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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
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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
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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.
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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
d￿uFhY7ÉJJ1Itr￿l1 #tIBSTIDTC•11
D J Murphy
ITrusleel
Dale.. 16 July 2024
The notes on pages 7 10 11 form part of these financial statements.
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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.
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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
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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
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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
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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
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