The Valesco Foundation
Reports and Financial Statements
Period ended: 31[st] December 2021
Charity no: 1194039
The Valesco Foundation
Contents of the Financial Statements for the Period Ended 31 December 2021
| Page | |
|---|---|
| Charity Information | 1 |
| Trustee’ Annual Report | 2 |
| Report of the Independent Examiner | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 |
The Valesco Foundation
Charity Information for the Period Ended 31 December 2021
TRUSTEES: Shiraz Jiwa, Chair of Trustees Philip Manning Caroline Rees Williams Zohra Khaku PRINCIPAL OFFICE: 25 Berkeley Square London W1J 6HN United Kingdom CHARITY NUMBER: 1194039 INDEPENDENT EXAMINER: Mr Chetan Parmar Chancellers LLP Vicarage House 58-60 Kensington Church Street London W8 4DB United Kingdom BANKERS: The Co-Operative Bank Plc PO Box 250 Skelmersdale WN8 6WT United Kingdom
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The Valesco Foundation
Report of the Trustees
for the Period Ended 31 December 2021
Report of the Trustees for the year ended 31 December 2021
The Trustees present their annual report and financial statements of the charity for the year ended 31 December 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and the Charities Statement of Recommended Practice (second edition) and the Financial Reporting Standard FRS 102.
Objectives and Activities for the public benefit
The Valesco Foundation (“TVF” or “the Foundation”) is the independent corporate foundation of The Valesco Group. The purposes and objects of the foundation are to advance for public benefit such charitable purposes (according to the law of England and Wales) as the Trustees see fit from time to time.
The Foundation therefore considers grants for public benefit to charities registered in the UK and for other charitable purposes in the UK and in other countries that meet these purposes.
The Foundation commenced on 8 April 2021, and we were pleased to initially partner with The London Community Foundation (LCF) during the financial year. The LCF are one of 47 community foundations in the UK, aimed at supporting London’s communities by convening donors to address community needs and support smaller local organisations. The Valesco Foundation committed a grant to the LCF of £50,000 in November 2021, which was distributed amongst 4 charitable organisations that were aligned with the Foundation’s charitable purposes. The allocation was completed post the year end in January 2022 and will therefore be included in next years’ annual report.
Grant Making Policy
The Foundation has established its grant making policy to achieve its objectives for the public benefit.
The Foundation furthers its charitable purposes for the public benefit through this grant making policy which aims to fulfil its purpose by providing grants supporting:
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The advancement of education
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The prevention or relief of poverty
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The advancement of human rights, conflict resolution or reconciliation or the promotion of religious or racial harmony or equality and diversity
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The advancement of health or the saving of lives
The Trustees expect grants will achieve public benefit by making grants to charities who themselves will also be subject to the public benefit requirement. In the rare event grants are made to bodies which are not registered as charities, the Foundation will expect the funded work to be for public benefit and not for private profit.
Financial Review
The Foundation is currently funded solely by The Valesco Group, who donate a percentage of its profits each year. For the year ending 2021, the donation received by The Valesco Foundation was £100,000.
During its first financial year, TVF spent and donated £56,709. As at 31 December 2021, TVF had £43,291 remaining in its reserves to be distributed in the following financial year.
Given the Foundation’s infancy, the first injection of cash from TVF was intended to be distributed during 2021 and 2022, therefore it was anticipated that there would be a surplus of funds in reserve.
All reserves are held in TVF’s bank account.
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The Valesco Foundation
Report of the Trustees - continued for the Period Ended 31 December 2021
Structure, Governance and Management
In its first year, the Foundation focused initially on implementing best practice across its operations by establishing its strategy, processes, and policies. This involved several strategy sessions, as well as the Trustees undergoing trustee training to ensure their responsibilities were fully understood.
As stated in the Foundation’s Constitution:
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Following the appointment of the Foundation’s first trustees, every trustee will be appointed for a term of two years by a resolution passed at a properly convened meeting of the charity trustees.
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In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.
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Every charity trustee must be a natural person.
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No individual may be appointed as a charity trustee of the CIO:
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if he or she is under the age of 16 years; or
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if he or she would automatically cease to hold office under the provisions of clauses 13(1)(e) or 13(1)(f).
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No one is entitled to act as a charity trustee whether on appointment or on any re-appointment until he or she has expressly acknowledged, in whatever way the charity trustees decide, his or her acceptance of the office of charity trustee.
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At least one of the trustees of the CIO must be 18 years of age or over. If there is no trustee aged at least 18 years, the remaining trustees may only act to call a meeting of the charity trustees, or appoint a new charity trustee.
Key Management Personnel Remuneration
All Trustees give of their time freely and no Trustee remuneration is paid. Details of any Trustee expenses and related party transactions are disclosed in note 6 to the accounts.
Trustees are required to disclose all relevant interests and register them with the Chairman, and in accordance with the Foundation’s policy, withdraw from decisions where a conflict of interest arises.
Trustees
Shiraz Ali Jiwa - Chair of Trustees Edwin Philip Alfred Manning Zohra Khaku Caroline Rhiannon Rees Williams
Principal Office
25 Berkeley Square, London W1J 6HN
Charity Number
1194039
Auditors
Chancellers LLP Vicarage House 58-60 Kensington Church Street London W8 4DB United Kingdom
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The Valesco Foundation
Report of the Trustees - continued for the Period Ended 31 December 2021
Bankers
The Co-Operative Bank PO Box 250 Skelmersdale WN8 6WT
Trustees’ Responsibilities in relation to the Financial Statements
The Trustees are responsible for preparing a Trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period.
In preparing the financial statements, the Trustees are required to:
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Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles in the applicable Charities SORP;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards have been followed, subject to any material
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Departures that must be disclosed and explained in the financial statements;
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Foundation and taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the Foundation and financial information included on the Foundation’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.
Approved by the Trustees on 19[th] October 2022 and signed on their behalf by:
……………………….. Shiraz Ali Jiwa Chair of Trustees
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Report of the Independent Examiner to the Trustees of The Valesco Foundation
I report to the trustees on my examination of the accounts of the above charity (“the Foundation”) for the period ended 31 December 2021.
Responsibilities and basis of report
As the charity trustees of the Foundation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Foundation’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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.
Mr Chetan Parmar FCCA Chancellers LLP Vicarage House 58-60 Kensington Church Street London W8 4DB United Kingdom
Dated: 19 October 2022th
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The Valesco Foundation
Statement of Financial Activities for the Period Ended 31 December 2021
| Total | ||||
|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Funds | |
| Funds | Funds | Funds | 2021 | |
| £ | £ | £ | £ | |
| Donations Received | ||||
| Direct donations received | 100,000 | - | - | 100,000 |
| Generated by fundraising activities | ||||
| ‒‒‒‒‒‒ | ‒‒‒‒‒‒ | ‒‒‒‒‒‒ | ‒‒‒‒‒‒ | |
| Total donations received | 100,000 | - | - | 100,000 |
| ‒‒‒‒‒‒ | ‒‒‒‒‒‒ | ‒‒‒‒‒‒ | ‒‒‒‒‒‒ | |
| Donations Made | ||||
| Charitable donations | ||||
| The London Community Foundation | 50,000 | - | - | 50,000 |
| Expenditure | ||||
| Consultancy | 4,875 | - | - | 4,875 |
| Travel and subsistence | 154 | - | - | 154 |
| Independent Examiner fees | 1,680 | - | - | 1,680 |
| ‒‒‒‒‒‒ | ‒‒‒‒‒‒ | ‒‒‒‒‒‒ | ‒‒‒‒‒‒ | |
| Total donations made (inc expenditure) | 56,709 | - | - | 56,709 |
| ‒‒‒‒‒‒ | ‒‒‒‒‒‒ | ‒‒‒‒‒‒ | ‒‒‒‒‒‒ | |
| Foreign Exchange Gains/(Losses) | ||||
| Total transfers between funds | - | - | - | - |
| ‒‒‒‒‒‒ | ‒‒‒‒‒‒ | ‒‒‒‒‒‒ | ‒‒‒‒‒‒ | |
| Total Fund c/fwd | 43,291 | - | - | 43,291 |
| ====== | ====== | ====== | ====== |
The notes form part of these financial statements
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| The Valesco Foundation | ||
|---|---|---|
| Balance Sheet | ||
| 31 December 2021 | ||
| 31.12.21 | ||
| Notes | £ | |
| CURRENT ASSETS | ||
| Cash at bank | 3 | 50,000 |
| ‒‒‒‒‒‒ | ||
| CURRENT LIABILITIES | ||
| Other Creditors | 4 | 6,709 |
| ‒‒‒‒‒‒ | ||
| TOTAL NET ASSETS | 43,291 | |
| ====== | ||
| FUNDS FOR THE CHARITY | ||
| Total Unrestricted Funds | 43,291 | |
| ====== |
The financial statements were approved by the Chair of Trustees on 19[th] October 2022 and were signed on its behalf by:
.............................................................................. Shiraz Jiwa – Chair of Trustees
The notes form part of these financial statements
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Notes to the Financial Statements for the Period Ended 31 December 2021
The Valesco Foundation
1. ACCOUNTING POLICIES
Basis of accounting
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and with the Charities Act 2011.
The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.
Funds structure
Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose
Income recognition
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.
Donations, are recognised when the Trust has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
Expenditure recognition
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.
2. EMPLOYEES
There were no paid employees during the year. All trustees provided their time on a voluntary basis for the furtherance of the charitable cause
3. ANALYSIS OF CURRENT ASSETS
| ANALYSIS OF CURRENT ASSETS | |
|---|---|
| 2021 | |
| £ | |
| Cash at bank | 50,000 |
| ‒‒‒‒‒‒ | |
| 50,000 | |
| ===== |
Balance held at the bank at the end of the year was all classified as unrestricted funds.
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The Valesco Foundation
Notes to the Financial Statements - continued for the Period Ended 31 December 2021
4. ANALYSIS OF CURRENT LIABILITIES
| ANALYSIS OF CURRENT LIABILITIES | |
|---|---|
| 2021 | |
| £ | |
| Other creditors – The Valesco Group Limited | 5,029 |
| Accruals – Independent examiner fees | 1,680 |
| ‒‒‒‒‒‒ | |
| 6,709 | |
| ===== |
All creditors relate to unrestricted funds and are due under 1 year.
5. TOTAL FUNDS
| TOTAL FUNDS | |||||
|---|---|---|---|---|---|
| Opening | Total | Total | Closing | ||
| Balance | Receipts | Payment | Transfers | Balance | |
| £ | £ | £ | £ | £ | |
| Funds | |||||
| Unrestricted: | |||||
| General fund | - | 100,000 | (56,709) | - | 43,291 |
| Designated | - | - | - | - | - |
| Restricted: | - | - | - | - | - |
| ‒‒‒‒‒‒ | ‒‒‒‒‒‒ | ‒‒‒‒‒‒ | ‒‒‒‒‒‒ | ‒‒‒‒‒‒ | |
| Total all funds | - | 100,000 | (56,709) | - | 43,291 |
| ===== | ===== | ===== | ===== | ===== |
6. RELATED PARTY DISCLOSURE
The charity was controlled throughout the current period by its trustees.
As at the year end, the charity owed The Valesco Group Limited £5,029. This company is a related entity by the virtue of the fact that the chair of trustees, Mr S Jiwa, is also the majority shareholder and a director of The Valesco Group Limited.
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