**Charity number: 1189942**
## **THE VLM FOUNDATION**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2025**
## **THE VLM FOUNDATION**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 3|
|**Independent examiner's report**|4|
|**Statement of financial activities**|5|
|**Balance sheet**|6|
|**Notes to the financial statements**|7 - 12|
**THE VLM FOUNDATION**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025**
|**Trustees**|V L Marshall|
|---|---|
||S J Chilvers|
||D J Murphy|
|**Charity registered**
**number**
1189942
**Principal office**
Flat 3
7 Netherton Grove
London
SW10 9TQ
**Accountants**
James Cowper Kreston
Chartered Accountants
2 Communications Road
Greenham Business Park
Greenham
Newbury
Berkshire
RG19 6AB
**Bankers**
Coutts & Co
440 Strand
London
WC2R 0QS
**Solicitors**
Macfarlanes LLP
20 Cursitor Street
London
EC4A 1LT
**Independent Examiner**
Fiona Hawkins FCA
James Cowper Kreston
2 Communications Road
Greenham Business Park
Newbury
RG19 6AB||
Page 1
## **THE VLM FOUNDATION**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025**
The Trustees present their annual report together with the financial statements of The VLM Foundation for the year ended 31 March 2025.
## **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 United Kingdom or outside the United Kingdom as the Trustees shall in their absolute discretion from time to time think fit. The Trustees are requested to give consideration to charities which advance education, environmental protection or improvement, amateur sport, particularly sailing and to relieve poverty with a focus on children, refugees and the homeless.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **Achievements and performance**
## **Main achievements of the Charity**
During the year the Trustees have made grants totalling £50,000 (2024: £45,000) to charitable organisations. 20 (2024: 17) separate grants were paid to 16 (2024: 16) charitable organisations. These have benefitted the public in a variety of ways, from supporting charities in the local communities to charities focusing on the environment through scientific research, investigations and education. Charities providing vital aid around the world have also been supported as well as 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 concern basis can be found in the accounting policies.
## **Reserves policy**
The Trustees wish to retain 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 specific need arose.
## **Financial position**
During the year the charity received income of £104,465 (2024: £1,905), including an unrestricted donation of £100,000 (2024: £nil). Expenditure of £53,360 (2024: £47,400) has been recorded for the year resulting in unrestricted funds of £148,935 (2024: £97,830) carried forward.
## **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 to authorise and pay the grants to the relevant charities.
Page 2
THE VUI FOUNDATK)14
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## **THE VLM FOUNDATION**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025**
## **Independent examiner's report to the Trustees of The VLM Foundation ('the Charity')**
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2025.
## **Responsibilities and basis of report**
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's 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 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) 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 but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance 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 with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) 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 to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: 06/06/2025 Fiona Hawkins FCA
James Cowper Kreston, 2 Communications Road, Greenham Business Park, Greenham, Newbury, Berkshire, RG19 6AB
Page 4
## **THE VLM FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025**
|**Note**
**Income from:**
Donations and legacies
2
Investments
3
**Total income**
**Expenditure on:**
Charitable activities
5
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2025**
**£**
**100,000**
**4,465**
**104,465**
**53,360**
**53,360**
**51,105**
**97,830**
**51,105**
**148,935**|**Total**
**funds**
**2025**
**£**
**100,000**
**4,465**
**104,465**
**53,360**
**53,360**
**51,105**
**97,830**
**51,105**
**148,935**|Total
funds
2024
£
-
1,905
1,905
47,400
47,400
(45,495)
143,325
(45,495)
97,830|
|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 7 to 12 form part of these financial statements.
Page 5
THE VLM FQUNDATIQN
&4LANCE SH
AS AT 31 klARCH 202S
202$
2024
llt iri
15U95
100.230
100.230
{3.3101
c2.4)
14936
14&935
97.830
Ch•rtty fvnd*
10
148.935
97.830
Total fund¥
11855
97.830
nle5
The nL¢es 7 to t2 ftym p•t dtheoefrw¢i#l E¥emen
**THE VLM FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **1. Accounting policies**
## **1.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view.
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 otherwise stated in the relevant accounting policy.
## **1.2 Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
## **1.3 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. 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 attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time 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 attaching 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-term 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
## **THE VLM FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **1. Accounting policies (continued)**
## **1.6 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 will 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 will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must 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 to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
## **1.7 Financial instruments**
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **1.8 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.
## **2. Income from donations and legacies**
||**Unrestricted**|**Total**|Total|
|---|---|---|---|
||**funds**|**funds**|funds|
||**2025**|**2025**|2024|
||**£**|**£**|£|
|Donations|100,000|**100,000**|-|
## **3. Investment income**
|**Unrestricted**
**funds**
**2025**
**£**
Investment income
4,465
Total 2024
1,905|**Total**
**funds**
**2025**
**£**
**4,465**
1,905|Total
funds
2024
£
1,905|
|---|---|---|
||||
Page 8
## **THE VLM FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **4. Analysis of grants**
|**Grants to**
**Institutions**
**2025**
**Total**
**funds**
**2025**
**£**
**£**
Grants
50,000
**50,000**
Total 2024
45,000
45,000
The Charity has made the following material grants to institutions during the year:
**2025**
**£**
**Name of institution**
British Red Cross
**8,500**
Children Heard and Seen
**5,000**
Dementia Support Sage House
**1,000**
ERT
**-**
Greenpeace Environmental Trust
**5,000**
Internation Rescue Committee - Ukraine
**1,000**
Islington Boat Club
**1,000**
Magic Breakfast
**5,000**
Medecins San Frontieres (UK)
**2,000**
Medical Aid for Palestinians
**10,000**
Papyrus UK
**3,500**
Save the Children
**-**
St Mungo's
**2,500**
St Wilfrid's Hospice
**1,000**
Stroke Association
**-**
The Footprints Family
**2,500**
United Kingdom for UNHCR
**1,000**
**49,000**
Other grants to institutions < £500
**1,000**
**50,000**|Total
funds
2024
£
45,000|
|---|---|
||2024
£
10,000
-
1,000
10,000
5,000
-
1,000
5,000
2,000
-
1,000
5,000
-
1,000
1,000
-
1,000|
||43,000
2,000|
||45,000|
Page 9
## **THE VLM FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **5. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|**Unrestricted**
**funds**
**2025**
**£**
Charitable activities
53,360
Total 2024
47,400|**Total**
**2025**
**£**
**53,360**
47,400|Total
2024
£
47,400|
|---|---|---|
||||
## **6. Analysis of expenditure by activities**
|**Grant**
**funding of**
**activities**
**2025**
**Support**
**costs**
**2025**
**£**
**£**
Charitable activities
50,000
3,360
Total 2024
45,000
2,400
**Analysis of support costs**
Accountancy fees
**Independent examiner's remuneration**
Gross fees payable to the Charity's independent examiner for the
independent examination of the Charity's annual accounts|**Total**
**funds**
**2025**
**£**
**53,360**
47,400
**Total**
**funds**
**2025**
**£**
**3,360**
**2025**
**£**
**3,360**|Total
funds
2024
£
47,400|
|---|---|---|
|||Total
funds
2024
£
2,400|
|||2024
£
2,400|
**7. Independent examiner's remuneration**
Page 10
## **THE VLM FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **8. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).
During the year, no Trustee expenses have been incurred (2024 - £NIL).
## **9. Creditors: Amounts falling due within one year**
|Accruals
**10.**
**Statement of funds**
**Statement of funds - current year**
**Unrestricted funds**
General funds
**Statement of funds - prior period**
**Unrestricted funds**
General funds|**Balance at 1**
**April 2024**
**£**
**97,830**
Balance at
1 April 2023
£
143,325|**Income**
**£**
**104,465**
Income
£
1,905|**2025**
**£**
**3,360**
**Expenditure**
**£**
**(53,360)**
Expenditure
£
(47,400)|2024
£
2,400|
|---|---|---|---|---|
|||||**Balance at**
**31 March**
**2025**
**£**
**148,935**|
|||||Balance at
31 March
2024
£
97,830|
Page 11
## **THE VLM FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **11. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|**Unrestricted**
**funds**
**2025**
**£**
Current assets
152,295
Creditors due within one year
(3,360)
**Total**
148,935
**Analysis of net assets between funds - prior period**
Unrestricted
funds
2024
£
Current assets
100,230
Creditors due within one year
(2,400)
**Total**
97,830|**Total**
**funds**
**2025**
**£**
**152,295**
**(3,360)**
**148,935**
Total
funds
2024
£
100,230
(2,400)
97,830|
|---|---|
Page 12