**Charity number: 201951** ## **THE VAN NESTE FOUNDATION** ## **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 5 APRIL 2021** **THE VAN NESTE FOUNDATION** ## **CONTENTS** ||Page| |---|---| |**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1| |**Trustees' Report**|2 - 4| |**Independent Auditors' Report on the Financial Statements**|5 - 8| |**Statement of Financial Activities**|9| |**Balance Sheet**|10| |**Statement of Cash Flows**|11| |**Notes to the Financial Statements**|12 - 21| **THE VAN NESTE FOUNDATION** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2021** |**Trustees**|B M Appleby| |---|---| ||L Appleby| ||T Appleby| ||M Delaney| ||J Dickens| ||J F J Lyons| ||J M Lyons (appointed 17 June 2020)| |**Charity registered**
**number**
201951
**Principal office**
15 Alexandra Road
Clifton
Bristol
BS8 2DD
**Independent auditors**
Bishop Fleming LLP
Chartered Accountants
10 Temple Back
Bristol
BS1 6FL
**Bankers**
Cater Allen
9 Nelson Street
Bradford
BD1 5AN
**Investment Advisors**
Rathbone Greenbank
10 Queen Square
Bristol
BS1 4NT|| Page 1 **THE VAN NESTE FOUNDATION** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2021** The Trustees present their report and audited financial statements for the year ended 5 April 2021. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the Charity. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the Charity's Trust Deed, the Charities Act 2011 and 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 published on 16 July 2014 as amended by Update Bulletin 1 published on 2 February 2016. ## **Trustees** The Trustees who served during the year were: B M Appleby L Appleby T Appleby M Delaney J Dickens J F J Lyons J M Lyons The Trust Deed allows for a maximum of 10 Trustees to be appointed with the minimum number of Trustees being 3. Trustees serve until they either resign or are requested to retire by their co-trustees. New Trustees are nominated by members of the Board of Trustees, interviewed by a panel of 4 Trustees and appointed where they have the necessary skills to contribute to the Charity's management and development. 5 of the existing Trustees have served as a Trustee for more than 3 years. When new Trustees are appointed they are given an introduction to the work of the trust and provided with the information they need to fulfil their roles, which includes information about the role of Trustees and Charity Law. Each Trustee takes responsibility for monitoring the Trust's activities with the chairman, Jeremy Lyons, being responsible for the day to day operation of the Charity. ## **Objects of the charity** The Charity was established by a Charitable Trust Deed on 17 April 1959 and constitutes an unincorporated association. The Charity's objects are to apply the trust funds for one or more lawful charitable purposes as the Trustees or a majority of the Trustees shall from time to time decide. The Charity delivers its charitable objectives through grant making. Decisions relating to grants are made by the Trustees at their regular meetings during the year. The Trustees personally carry out all the grant making functions and administration of the Foundation. The Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit. They have referred to the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning the Charity's future activities. In particular, the Trustees have considered how planned activities will contribute to the aims and objectives they have set. ## **Review of activities** The Foundation made or provided for 39 grants to charitable bodies during the year (2020: 38). These are listed on pages 14 to 16. This continues the Foundation's activity of making grants out of its income in accordance with the Trustees' current policies. Page 2 **THE VAN NESTE FOUNDATION** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021** The constitution of The Van Neste Foundation does not restrict its charitable objective and the Foundation has considered the Charity Commission's guidance on public benefit. Currently the Trustees' policy prioritises the Foundation's resources on the following categories: 1. Social Change 2. Children and Young People 3. Developing World These objectives are reviewed by the Trustees, but applications outside them are unlikely to be considered. Applications can only be entertained from registered charities and Community Interest Companies. No particular form of application is required but it should be in the form of a concise letter setting out the clear objectives of the appeal. It should be supported by details of agreed funding from other sources and also a timetable for achieving the objectives of the appeal. The latest audited accounts should also be submitted. Please note the Foundation does not normally make grants on a continuing basis. No grants will be made to individuals and the Foundation is unlikely to respond to National Appeals. Applications may be made through the charity website (www.vanneste.org.uk), addressed to the secretary of the Van Neste Foundatation, Mr J F J Lyons at 15 Alexandra Road, Clifton, Bristol, BS8 2DD. Enquiries will not be dealt with by telephone. Appeals are considered by the Trustees at their meetings in January, June and October. With a view to keeping the overheads to a minimum, applications are not acknowledged, but successful applicants will be informed within two weeks of the relevant meeting. ## **Review of financial position** The Trustees' investment powers are not restricted. Their policy is to maintain income in real terms over the medium to long term. The Trustees review the investment fund at three meetings in the year with the Foundation's Investment Advisors. In the year the Foundation received investment income of £216,022 (2020 - £381,739) which was used for grants and administrative expenses totalling £319,523 (2020 - £526,800), resulting in a deficit of £103,501 (2020 - surplus of £145,061). The Foundation's investments increased in value by £2,555,868 (2020 - decreased by £1,318,278) during the year. The Foundation made purchases with a value off £1,81,630 (2020 - £6,343,377) and disposals of £1,239,013 (2020 - £6,514,569). There was a realised net gain of £398,328 (2020 - £76,431 loss) and unrealised net gain of £1,964,453 (2020 - £1,145,567 loss) arising from disposals and changes in the values of its quoted investments. The figures for 2021 and comparative figures for 2020 are set out in the Statement of Financial Activities on page 8. ## **Reserves policy** The general fund represents unrestricted funds which are held as investments to produce the Foundation's annual income. The Trustees have designated the investments of £9,959,641 (2020 - £7,403,773) as designated funds together with a designated cash holding of £28,896 (2020 - £266,921) to produce future income. The Trustees' policy is to retain sufficient undesignated reserves (general funds) to maintain anticipated levels of grant giving and cover expenses for at least one year. The undesignated reserves of £371,335 (2020 - £429,898) are sufficient to allow the Trustees to maintain the current level of grant giving for approximately twelve months and are felt to be satisfactory. ## **Risk factors** The Trustees have assessed the major risks to which the Charity is exposed and are fully aware of the global impact that COVID-19 has had and are satisfied that systems are in place to mitigate exposure to major risks. Page 3 **THE VAN NESTE FOUNDATION** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021** ## **Related parties** The Foundation paid fees to a Trustee, Mr J F J Lyons, for services during his tenure as secretary to the Trustees. These services are support costs incurred in investigation and supporting applications received for grants. ## **Plans for the future** The Charity plans to continue providing assistance through its grant making policy to the areas which it has identified as requiring the Foundation's support. ## **Trustees’ responsibilities statement** The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial 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 these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP (FRS 102); - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) 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: ## **J F J Lyons, Trustee** Date: Page 4 ## **THE VAN NESTE FOUNDATION** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE VAN NESTE FOUNDATION** ## **OPINION** We have audited the financial statements of The Van Neste Foundation (the 'charity') for the year ended 5 April 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the charity's affairs as at 5 April 2021 and of its incoming resources and application of resources for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011. ## **BASIS FOR OPINION** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **CONCLUSIONS RELATING TO GOING CONCERN** In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. ## **OTHER INFORMATION** The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 5 **THE VAN NESTE FOUNDATION** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE VAN NESTE FOUNDATION (CONTINUED)** ## **MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION** We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: - the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. ## **RESPONSIBILITIES OF TRUSTEES** As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Page 6 **THE VAN NESTE FOUNDATION** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE VAN NESTE FOUNDATION (CONTINUED)** ## **AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS** We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - We have considered the nature of the sector, control environment and financial performance; - We have considered the results of enquiries with management and Trustees in relation to their own identification and assessment of the risk of irregularities within the entity; and - We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation. As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year end cut off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override. We have also obtained understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities SORP, FRS 102 and UK tax legislation. In additions, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Charity's ability to operate or avoid a material penalty. Our procedures to respond to risks identified included the following: - Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; - Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; - Reviewing Trustee meeting minutes; - Enquiring of management in relation to actual and potential claims or litigations; - Performing detailed transactional testing in relation to the recognition of revenue with a particular focus around year end cut off; and - In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgments made in accounting estimates are indicative of potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business. We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non compliance with laws and regulations throughout the audit. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Page 7 ## **THE VAN NESTE FOUNDATION** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE VAN NESTE FOUNDATION (CONTINUED)** A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-theauditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report. ## **USE OF OUR REPORT** 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. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. **Bishop Fleming LLP** Chartered Accountants Statutory Auditors 10 Temple Back Bristol BS1 6FL Date: Bishop Fleming LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 8 ## **THE VAN NESTE FOUNDATION** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021** |**Note**
**Income from:**
Investments
3
**Total income**
**Expenditure on:**
Raising funds
5
Charitable activities
6
**Total expenditure**
**Net expenditure before net gains/(losses) on**
**investments**
Net gains/(losses) on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2021**
**£**
**216,022**
**216,022**
**45,359**
**274,164**
**319,523**
**(103,501)**
**2,362,781**
**2,259,280**
**8,100,592**
**2,259,280**
**10,359,872**|**Total**
**funds**
**2021**
**£**
**216,022**
**216,022**
**45,359**
**274,164**
**319,523**
**(103,501)**
**2,362,781**
**2,259,280**
**8,100,592**
**2,259,280**
**10,359,872**|Total
funds
2020
£
381,739
381,739
32,534
494,266
526,800
(145,061)
(1,221,998)
(1,367,059)
9,467,651
(1,367,059)
8,100,592| |---|---|---|---| The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 12 to 21 form part of these financial statements. Page 9 ## **THE VAN NESTE FOUNDATION** ## **BALANCE SHEET AS AT 5 APRIL 2021** |**Note**
**Fixed assets**
Investments
9
**Current assets**
Cash at bank and in hand
Creditors: amounts falling due within one
year
10
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
**Charity funds**
Unrestricted funds
12
**Total funds**|**454,063**
**454,063**
**(53,832)**|**2021**
**£**
**9,959,641**
**9,959,641**
**400,231**
**10,359,872**
**10,359,872**
**10,359,872**
**10,359,872**|795,004
795,004
(98,185)|2020
£
7,403,773| |---|---|---|---|---| |||||7,403,773
696,819| |||||8,100,592| |||||8,100,592| |||||8,100,592| |||||8,100,592| The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: **J F J Lyons** Trustee Date: The notes on pages 12 to 21 form part of these financial statements. Page 10 ## **THE VAN NESTE FOUNDATION** ## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2021** |**Note**
**Cash flows from operating activities**
Net cash used in operating activities
13
**Cash flows from investing activities**
Proceeds from sale of investments
Purchase and equalisation of investments
**Net cash (used in)/provided by investing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
14
The notes on pages 12 to 21 form part of these financial statements|**2021**
**£**
**(147,854)**
**1,637,342**
**(1,830,429)**
**(193,087)**
**(340,941)**
**795,004**
**454,063**|2020
£
(62,770)
6,438,137
(6,341,858)
**96,279**
**33,509**
761,495
795,004| |---|---|---| Page 11 **THE VAN NESTE FOUNDATION** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** ## **1. GENERAL INFORMATION** The Van Neste Foundation is a registered charity. The charity number is 201951 and its principal address is 15 Alexandra Road, Clifton, Bristol, BS8 2DD. ## **2. ACCOUNTING POLICIES** ## **2.1 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 2015), 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. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Van Neste 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. ## **2.2 GOING CONCERN** At the balance sheet date the charity had net current assets of £400,231 and the trustees are not aware of any indication that sufficient funds will not be available to meet all ongoing activities of the charity. The trustees are aware of global impact that the COVID-19 outbreak has had. The trustees do not consider that this will affect the Charities ability to meet its liabilities as they fall due. The financial statements have therefore been prepared on a going concern basis. ## **2.3 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. ## **2.4 EXPENDITURE** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefits 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 raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Page 12 **THE VAN NESTE FOUNDATION** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** ## **2. ACCOUNTING POLICIES (continued)** ## **2.4 EXPENDITURE (CONTINUED)** Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs. Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to expenditure. All expenditure is accounted for on an accruals basis. Grants payable are recognised when paid or if earlier when a constructive obligation to make the grant arises. These are included in the Statement of Financial Activities. Support and Governance costs, which include the Secretary's fees, audit fees and Trustees' expenses, are accounted for on an accruals basis. Support costs have been allocated to activity cost categories on a basis consistent with the use of resources. ## **2.5 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. ## **2.6 INVESTMENTS** Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Net gains on investments’ in the Statement of financial activities. ## **2.7 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. ## **2.8 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. Page 13 **THE VAN NESTE FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** ## **2. ACCOUNTING POLICIES (continued)** ## **2.9 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. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. ## **3. INVESTMENT INCOME** |**Unrestricted**
**funds**
**2021**
**£**
Income from listed investments
215,608
Interest receivable
414
216,022|**Total**
**funds**
**2021**
**£**
**215,608**
**414**
**216,022**|Total
funds
2020
£
377,926
3,813
381,739| |---|---|---| Page 14 **THE VAN NESTE FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** ## **4. GRANTS PAYABLE** All grants payable are made to institutions. |**RECIPIENTS**
**YOUNG PEOPLE**
Amber Foundation
Working with disadvantaged young people - specific
project to provide music tuition
Bath Youth for Christ
These people are raising funds to provide a sheltered
safe outdoor space for youth club/gathering in a
deprived part of Bath.
Bricks
This is a new charity that want to transform an old
Council property in to a the cultural hub for the local
community for workshops, art class, youth activities
Helford River Children's Sailing
Trust
Free and subsidised sailing classes for underprivileged
kids
Heron Corn Mill Cumbria
Funding towards educational programme for Youth and
Teenager clubs
Kinetic Science Foundation
Funding to provide Saturday science workshops for
schools in East Anglia
Mentoring Plus bath
Providing mentoring to children and young people up to
the age of 21
Aspire Create Elevate
Run music and mentoring clubs Docklands St Pauls
Tall Ships
Taken ten disadvantaged kids and put them on a tall
ships voyage
Clifton Childrens Society
Independent voluntary adoption agency
Hope's Place
Supporting disadvantaged children in Bristol by running
courses in school
My Time
Support for young carers Dorset
Sandwell Youth Action
Providing support services for disadvantaged and
disengaged young girls, Birmingham
Villiers Park Educational Trust Working with 14 to 19 disadvantaged youth to develop
skill knowledge Swindon
Wycombe Youth Action
Providing services to vulnerable and disadvantaged
youth people in High Wycombe
Babbasa Youth
Building confidence, develop skills and find work and
placements BAME Bristol
Be On Board
Training and mentoring a group of young people
**Total**|**£**
5,000
5,000
7,500
4,300

5,000
5,000

5,500
10,080
3,000
10,000

5,000
5,000
5,000
25,000
5,000
8,000
(1,153)| |---|---| ||112,227| Page 15 **THE VAN NESTE FOUNDATION** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** ## **GRANTS PAYABLE (continued)** |**SOCIAL CHANGE**
North Bristol Advice Centre
Free legal advice
Global Goals
New Bristol charity aims to raise awareness of climate
and inequality issues
In Hope
Christian charity based in Bristol offering food shelter
and hope to the poor and marginalised
Portishead Methodist Church
Creation of café and community hub on Portishead
High Street
Paradance
Working to promote dance classses for the elderly in
Wirral
Bath Music Festival
Run music workshops for young people in Radstock
Drama Express
Allowing disabled children in Cornwall to get involved
with performing arts
Transforming Plymouth
Training and support for healthy food programme for
families in Plymouth
Arterne CIC
Tackling mental health Plymouth
One25
Support for street workers in Bristol
Square Food
Community cookery school
Walk Ministries
Helping released prisoners out of the cycle of prison
addiction
**Total**|**£**
10,000
10,000
5,000
10,000
2,000
5,000
2,500
7,500
5,000
10,000
10,000
2,000| |---|---| ||79,000| ||| Page 16 **THE VAN NESTE FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** GRANTS PAYABLE (continued) |**RECIPIENTS**
**DEVELOPING WORLD**
Legs for Africa
Providing prosthetic limbs
Action Ethiopia
Alternative healthier cooking stoves to improve health
Jubulani Rural Health
Foundation
South African Charity wants funding for a project to
work with, train and mentor a small group of young
women to develop skills and self confidence
Just a Drop
Funding for a project to create a dam to store water in
Kenya
Skatepal
Skateboard project in Palestine
African French speaking
community support
Additional learning support for children from this
community in WM
Chance for Childhood
Supporting young mothers support centre in Ghana
Prodigal Bikes
Charity that does up old mountain bikes and sends
them to Africa
Village Aid
Working with subsistence farms in central Ghana
Zoa
Working with orphans and young people in Zambia
Tairo Zimbabwe
Supporting school in Zimbabwe
Chiboza Community Trust
Developing schools in Zambia
**Total**
**Grand total**|**£**
3,000
5,000
5,000
5,000
18,000
4,850
10,000
3,000
10,000
5,000
5,000
(6,250)| |---|---| ||67,600| ||| ||258,827| ||| ## **5. INVESTMENT MANAGEMENT COSTS** ||**Unrestricted**|**Total**|Total| |---|---|---|---| ||**funds**|**funds**|funds| ||**2021**|**2021**|2020| ||**£**|**£**|£| |Investment management fees|45,359|**45,359**|32,534| Page 17 **THE VAN NESTE FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** ## **6. ANALYSIS OF EXPENDITURE BY ACTIVITIES** ||**Grant**|||| |---|---|---|---|---| ||**funding of**|**Support**|**Total**|Total| ||**activities**|**costs**|**funds**|funds| ||**2021**|**2021**|**2021**|2020| ||**£**|**£**|**£**|£| |Grants and support costs|258,827|15,337|**274,164**|494,266| ## **ANALYSIS OF SUPPORT COSTS** |Trustees' fees
Auditors' remuneration
Auditors' non audit costs
Trustees expenses reimbursed
Website design
Professional fees
Sundries|**Total**
**funds**
**2021**
**£**
**9,425**
**2,700**
**3,060**
**249**
**-**
**-**
**(97)**
**15,337**|Total
funds
2020
£
8,300
2,625
4,983
405
668
3,603
-
20,584| |---|---|---| ## **7. AUDITORS' REMUNERATION** The Auditors' remuneration consists of an audit fee of £2,700 (2020 - £2,625) and accountancy services provided of £3,060 (2020 - £4,983). ## **8. TRUSTEES' REMUNERATION AND EXPENSES** During the year, no Trustees received any remuneration or other benefits (2020 - £NIL). During the year ended 5 April 2021, expenses totalling £249 were reimbursed or paid directly to 1 Trustee (2020 - £405 to 2 Trustees). Trustees are reimbursed expenses for attending meetings and duties directly related to their duties as Trustee. The Trust Deed permits the remuneration of a Trustee who is Secretary of the Charity. J F J Lyons received fees of £9,425 (2020 - £8,300) during the year for services as Secretary to the Trustees. No other amounts were paid to Trustees or key management personnel. The charity has no employees other than the Trustees. Page 18 **THE VAN NESTE FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** ## **9. FIXED ASSET INVESTMENTS** |**COST OR VALUATION**
At 6 April 2020
Additions
Disposals
Revaluations
Equalisations
AT 5 APRIL 2021
**NET BOOK VALUE**
AT 5 APRIL 2021
AT 5 APRIL 2020|**Listed**
**investments**
**£**
**7,403,773**
**1,831,630**
**(1,239,014)**
**1,964,453**
**(1,201)**| |---|---| ||**9,959,641**| ||| ||**9,959,641**| ||7,403,773| The fixed asset investments are held by the Charity's Investment Advisors, Rathbone Greenbank and are quoted investments. Investment decisions are made by the Charity's Trustees after consultation with the Investment Advisors. ## **10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Accruals and deferred income
Grants accrued - institutional|**2021**
**£**
**18,832**
**35,000**
**53,832**|2020
£
13,935
84,250
98,185| |---|---|---| ## **11. FINANCIAL INSTRUMENTS** ||**2021**|2020| |---|---|---| ||**£**|£| |**FINANCIAL ASSETS**||| |Financial assets measured at fair value through income and expenditure|**9,959,641**|7,403,773| Financial assets measured at fair value through income and expenditure comprise investments. Page 19 ## **THE VAN NESTE FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** ## **12. STATEMENT OF FUNDS** ## **STATEMENT OF FUNDS - CURRENT YEAR** |**UNRESTRICTED**
**FUNDS**
Designated funds
General funds|**Balance at 6**
**April 2020**
**£**
**7,670,694**
**429,898**
**8,100,592**|**Income**
**£**
**-**
**216,022**
**216,022**|**Expenditure**
**£**
**-**
**(319,523)**
**(319,523)**|**Transfers**
**in/out**
**£**
**(44,938)**
**44,938**
**-**|**Gains/**
**(Losses)**
**£**
**2,362,781**
**-**
**2,362,781**|**Balance at 5**
**April 2021**
**£**
**9,988,537**
**371,335**
**10,359,872**| |---|---|---|---|---|---|---| Designated funds are unrestricted funds set aside at the discretion of the Trustees for making investments, in order to generate investment income that can be used to make grants. Designated funds is represented by investments of £9,959,641 and investment cash of £28,896. ## **STATEMENT OF FUNDS - PRIOR YEAR** |**UNRESTRICTED**
**FUNDS**
Designated funds
General funds|Balance at
6 April 2019
£
8,930,157
537,494
9,467,651|Income
£
-
381,739
381,739|Expenditure
£
-
(526,800)
(526,800)|Transfers
in/out
£
(37,465)
37,465
-|Gains/
(Losses)
£
(1,221,998)
-
(1,221,998)|Balance at
5 April 2020
£
7,670,694
429,898
8,100,592| |---|---|---|---|---|---|---| ## **RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING 13. ACTIVITIES** |Net income/expenditure for the year (as per Statement of Financial
Activities)
**ADJUSTMENTS FOR:**
(Gains)/losses on investments
Increase/(decrease) in creditors
**NET CASH USED IN OPERATING ACTIVITIES**|**2021**
**£**
**2,259,280**
**(2,362,781)**
**(44,353)**
**(147,854)**|2020
£
(1,367,059)
1,221,999
82,290
(62,770)| |---|---|---| Page 20 **THE VAN NESTE FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** ## **14. ANALYSIS OF CASH AND CASH EQUIVALENTS** |Cash in hand
**TOTAL CASH AND CASH EQUIVALENTS**
**15.**
**ANALYSIS OF CHANGES IN NET DEBT**|**2021**
**£**
**454,063**
**454,063**|2020
£
795,004| |---|---|---| |||795,004| |||| ||**At 6 April**||**At 5 April**| |---|---|---|---| ||**2020**|**Cash flows**|**2021**| ||**£**|**£**|**£**| |Cash at bank and in hand|**795,004**|**(340,941)**|**454,063**| Page 21