REGISTERED CHARITY NUMBER: 265596 bn or arl ble ciwrord Roberts Chartered Accountants P8cioII House 9 Brookfield Duncan Close Northampton Northampton5hlre NN3 6WL
The Vemieer artners Charltable T Co t nts of the Flnanclal S èare de atemgn 120 Pago R•port of th• Tru•ts•• Indop•ndont Examln•rfs Report 8t•tsm•nt of Flnanclal A¢llvltl Balance Sho•t Not•• to th• Flnarnclal 8tst•m•nts 8 to 13 O•tall•d 8tat•m•nt of Flnan¢l•l A¢tlvltl•• 14
•Vg eer Partners harltable T st Re for the ort of th9 Trustees ear nded 5 A rll 2025 The trustees present their report with the financial statements of the charity for the year ended 5 April 2025. The trustee5 have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 2019). OBJECTIVES AND ACTIVITIES ObJeGtlves The Charity's objecllve8 continue lo be lo make charitsb18 contrlbulions for any purpose recognised a$ charitable by English law. The charity particularly supports lesser known charities, people and organi$alion$ in the field of medicine, welfare and education. The Iruste8s have a requlrement to maintain thé capital base of the ch8rlty. SO the poIY adopted is to maxSmise Income avallable for donations, whilst operallng within the obligation. Publlc benoflt All of the Charity's gctivities are undertaken to further our charitable pu05e for the benefit of th8 public. The Iruslees have had regard to the Charlty Commission guidance on public benefit in section four of the Charities Act 2011. The main benefits which have arisen during the year from th8 organi$ations aims and aclivili&s are detailed In the following sectlons and in th8 nnanclal revlew. ACHIEVEMENT AND PERFORMANCE Ch•rltabl8 actlvltles During the year the Chaflty made Sufficient Income to make donations lotalling £13,33012024.' £15,750). FINANCIAL REVIEW Flnan¢lal Revlew The Charity operaled throughout the year, maklng donatlon8, whSlst operatlng wlthln the restricllon imposed upon it. The trustees consider that the unr8stricled funds tot8lllng £752,84512024.' £789,354) are sufficient lo suglaln Its operatlons should Income generating acllvilies be curtalled unexpectedly over the forthcoming year. FUTURE PLANS The truslees intend to conllnue the oblecllves of the Charity into future years, adjusllng the levels ol donations as necessary to conllnue wllhln the restricon5 oulllnad In the tNst deed. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The charity is controlled by its governing document. a deed of trust and constitutes an unincorporated ¢haTIty. The cttaty 1$ govemed by 8 Irust deed, dated 30th March 1973, which aulhorlses the Injslees lo perform the objects of the Trust. The Charity changed its name from Cheviot Asset Managment Charltable Trust lo The Vermeer Partners Charitable Trust by a Speclal Resolution on the 30th O¢lober,2019 Thls Resolution was fllled wllh, and registered by, the CharSly Commission and 18 reflected In the Register of Charities. The recrultment, appolnlment, inductlon and training of new tru8tees are Conducted by existing trustees. The Iruslees have assessed the major rlsks lo which the charity is exposed, In partl¢ular, those related to the operations and finances of the charity, and are satisfied that systems are In place to mitigate any exF<Jsure to these risk8. Rlsk managemgnt The trustees have a duty to identify and review the risks to whlch the ¢harlty is exposed and to ensure appropriate controls are in place lo provide reasonable assur8nce against fraud and error. REFERENCE AND ADMINISTRATIVE DETAILS Reglstored Charlty number 265596
he Verme ners Charitsble T us Re orth ort of tho Truste ear nde Prlncipal addres$ 130 Jermyn Street London SWIY 4UR Trustees M N C Kerr-Dlneen JBMann T W Lahaise D P Malpas G C Rothwell Ind&pondfrnt Examlner Sue Kellegher BFP FCA TEP Clifford Roberts Chartered Accountants P8cloll House 9 Brookfield Duncan Clo$8 Northampton Northamptonshlre NN3 6WL Inv?•tm•nt manag•r Vermeer Partners 130 Jermyn Street London SW1Y 4UR TRUSTEES, RESPONSIBILITY STATEMENT The trustees are responsible for preparing the Report of the Trustee8 and the financial Slalements In acoordance wf(h applicable law and Unlled KSngdom Accounting Standards Iunlled Klngdom Generally Accepted Accountlng PracllGel. The law appllcable lo charities In England and Wal8s, the Charllles Act 2011, CharTty (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requlres the trustees to prepare financial statements for each financial year whlch give a true and fair vkryw of the state of affairs of the charity and of the incoming resources and application of resources, includlng the income and expendlture. of the charity for that peiiod. In preparing those financial statements, the trustees are requlred lo sele¢l suitable a¢counting pollcies and then appty them consistently., observe the methods and prlnciples in the Charity SORP., make judgements and estimates that are reasonable and prudent., prepa the financial statement$ on the going concem basis unless it Is In8ppropriate to presume that the charity will Continue in buslness. The trustees are responsible for keeplng proper accounting rewrds which dlsclose with reasonable accuracy al any lime the finan¢i81 position of the charity and to enable them lo ensure that the financial statements comply with the Charilles Act 2011, the Charity (Accounts and R8POrts) Regulations 2008 and the provisions of the trust deed. They are also re$ponslble for safeguarding the assets of the Gharity and hen¢e for tsklng reasonable steps for the prevention and detection of fraud and other Irregularllles. he board of truste8s on and signed on ils behalf by: Approv d by order of - Truste8
Inde endent Examlngrfs Rg ort to the Truste•s The Vermeer Partngrs Charltable Trust Independent examlnerfs report to the trustees of Tho Vemieer Partn•rs Charftabl8 Trust I report lo the cbarily trustees on my examinatlon of the accounts of The Vermew Partners Charitable Trust (the Trust) for the yew ended 5 April 2025. Responslbllltles and basls of report As the charlty trustees of the Trust you are re8ponsibl8 for the pr¶llon of the aGGounts in &cordance with the requirements of the Charities Act 2011 ('Ih& ACVI. I report In respect of my examln8tlon of the TrusV$ accryjnts cathed out under Section 145 of the Act and in C8rrying out my examinalion I have followed all 8pplicabl8 Direcllon$ gSv8n by Uie Charity Commisslon under Sgction 14515llb} of the Act. Indopendont examln?rf8 ststemenl I have completed my examination. I confirm that no material matters have come to my attenon In connection with the examination glvlng m8 cause to believe that in any material respect.. accounting records were not kept In r8specl of the Trusl 88 requlred by Secllon 130 01 the Act,. or the accounts do not accord wblh those records.. or the accoun15 do not Comply wlth the appllcable requ1Ments concerning the fomi and content of accounts $81 out In the Charllles IA¢counls and Reports) Regulations 2008 other than any requirement that the accounls glvo a true and falr view which Is not a matter consldeT8d as part of an Indepèndent examin8tion. I have no concerns and have come acro$8 no other matters In connection wlth th8 examSnatlon to whlch 8ttenllon should be drawn In Ihls report In order to enable 8 proper understandSng of the accounts to be reached. Sue Kellegher 8FP FCA TEP Cllfford Roberts Chartered Accountants P8cloli House g Brookfleld DunGan Clo8• Northampton Northamplonshir8 NN3 6WL Dale: .-
hev rme r Partnèrs Charltable T st Statement of Financlal Actlvltles he aren ed rll 2025 2025 Unreststed fvnd 2024 Total funds Notes INCOME AND ENDOWMENTS FROM Donatlons and lagacias 1,428 1,743 Investment Income 24,148 17,059 Tolal Incorno and •ndowments EXPENDITURE ON Ralsing funds 3,345 Charltabl• actlvltl•8 Donatlons 15,750 13,330 1,740 Other 1,830 T¢)tsl •xp•ndltur• NEf INCOMINGI(OUTGOING) RESOURce3 10,418 {2,0331 Nat gainsllbs5esl on Investments 146,925) 47,340 NET MOVEMENT IN FUNDS 136,5091 45,307 RECONCILIATION OF FUND3 Total fund• brought forward 789,354 744,047 TOTAL FUNDS CARRIED FORWARD 752 845 789 354 The notes fom part of these financial statements
hev rmee Part
rs Charlta
le Tru Ba nce Sheet S A rll 2025 2025 Unrestricted fund 2024 Total funds Notes FIXED A8SET8 Investments 10 731,806 766,098 TOTAL FIXED ASSETS 731808 766 098 CURRENT ASSETS Cash al bank 22,889 24,996 CREDITORS Amounts falling due within one year NET CURRENT ASSETS 11 (1,8301 11,7401 21,039 NET ASSET8 752 845 789,354 FUNDS UnrestrScted funds 12 752,845 789,354 TOTAL FUNDS In accordance wlth the engagement leller, we approva the above financial stalemenls, whlch comprise the Statement of Flnancial Activities, Balance She81 and related note5, sel out on page$ 6-13. We acknowledge responsibility for the financial slalemenls, includlng the appropriateness ol the accounting convention and polleies. and for providlng Cllfford Roberts with all information and explanations necessary for IheSr com lellon. 752 845 789,354 ann - Truste8 M N C Kerr-Dlneen - Trustee D i? Malpas - Truste T W Lah8lse- Trustee 7kn1( G C Rothwell - Trustee D8te The notes form part of these financial statements
ève eer Partners Ch rlt ble T st N tes to the Financial Statements ort earend d5 rll 2025 ACCOUNTING POLICIES Basls of preparlng tho flnanclal statement$ The financial statements of Ihe Charity, which is a publi¢ benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charits'es- Slaternenl of Recommended Practice applicable lo charities preparing their acoounls in accordance with the Finan¢i81 Reporting Standard applicable in the UK and Republic of Ireland {FRS 102} leffeclive 1 January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable In the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been pPared under the historical cost convention, wSlh the exception of investments which are included 81 market value, as modified by the revaluallon of certain assets. The financlal statements are prepared in Sterllng (£1 and Gover the perlod to the Slh April each year. Judgements and key 8ourco8 of ostlmatlon uncertslnty The key assumptlons concerning the future and other key sources of estimatlon uncertainty at the porting dale that have signlli¢ant risk of causing a material adjustment to the carrying amount of the assets and Ilabllitles withln the next financial year include the value of unrealis8d gains and losses. As they are calculated based on the year end rnarkel value, the galn or losJ18 a notlonal fLgure. The maln lorm of financial rSsk facefj by the charty Is that of volalillty In equSly markets and Investment markets due lo wider economic ¢ondllions. altitudes of investors lo Inv&stmenl risk and changes In sentiment concerning equRies and wilhln particular sector or sub 8ectOTS. Preparation of the finanGial statemènts requlres management to make slgnlflnt lud9ements and estimates. The items in the financlal 81al8menls Whe these judgements and estimates h8v8 been made Include.. {a} Falr voluo of Ilsled Inv•stmontJ The fair valu8 of the listed investments has been det8rmlned on the basls of thg prlce quoted on the London Stock Exchange as at the closing rale on the 5th Apr51 2025 and 5th Apnl 2024. Llsted Inveslmenis held at fair value lolalled £731,80612024'. £766,098) at th8 year end. GoSng Concern The financial statements have been prepad on a going concern basi5 as the trustees believe that no material uncertainties exlst. The trustees have ¢onsidered the level of funds held and the expected level of income and expenditure for 12 months Irom the date the financlal slal8m8nts are authorised, Baglc flnanclal In81rumonts The charity accounts for ba81¢ financial Instruments on inSllal recognillon as per paragraph 10.1 FRS102 SORP. Subsequent measuremenl Is as per paragraphs 11,17 10 11.19, FRS102 SORP. The trust does not acqulre pul optlons, derlvatfves or other cornplex financlal Instrum8nts. Incomo All incoming resources are recognised once the charlty has entStlement to he resources, it Is certain Ih81 the resources will be recelved and the monetary value of incoming resources can be measured with sufficient reliabllity. Gifts in kind are recognised once the charity has entitlement to the glft. The carrying value18 obtained by using a market value at th8 date of the transfer. Expendlturn Liabilities are recognised as expenditure as soon as there is a legal or constructlve obllgation committing the charity to that expenditure, it is probable that a transfer of economic benefits will b8 required In settlement and the amount of the obligation can be measured Teliably. Expendllure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related lo the category. Where costs cannot be directly attributed to particular headings they have been allocated to aclivltles on a basls consistent with the us8 of resources.
The ermeer Partners Char ablg rust otes to the Flnancial Statements - con for thè ear en A rll 2025 Inued ACCOUNTING POLICIES . ¢ontlnu•d Expendltur• Included within Charltable activltles are donations made to thlrd paty charities In the furtherance of the ¢haTilable objects of the trusL Govemancts costs Governance costs comprise all costs Involving the public ac¢ounlability of the charity and its compliance with regulation and good practice. These costs Include Costs relating to slatulory accounting and indepen¢Jent examination and legal fees. Taxatlon The ch8rf(y is exempt from tsx on ils charitable actfvitles. Unrostrlct8d lund8 UnreslTlCted fvnd8 can be used in ac¢ordance wllh the charitable oble¢tlV8s al th8 di$cretlon of th8 trustees. R••trlcted fund• Restricted fvnds comprfse ol Income assets or Income from donated 0888ts whlch hav8 bean gifted by a donor for a speclfic purpose. There wer8 no restrlct8d funds ot the balance shoet date. Roalls•d galns and10¥•o8 All galns and 1055e$ are taken to the Statement of Flnanelal AGtlvS1ies 8$ they ari88. Re81Ssed galns and losses on investments a calculated as th6 dlfference beeen sales proceeds and the purchase prlce. VnTeallsed gains and losses are calculated as the dlfference belween the market value al the ye8r end and openin9 mafket value, after due regard for addlllons and disposals during the year. Reallsed and unaliSed gains are not separated in the Statement of Flnancl81 Activities but are disclosed In th8 noles. Flxod 8SS•t Inv88tmgnts Investments are a form of baslc fln8nclal Instrument and are Inltlally recognlsed at Ihelr Iransactlon value and subsequently measuTed at Ihelr fair value as al the balance sheet dale using the closed quoted market price. The stslement of financial aclivllles Includes the net gains and lo$se8 8ri$in9 On revaluation and dlsposals throLsghoul the year. Debtors r•celvable •nd cr•dStor8 peyable wlthln one yoar D8btors and creditors with no staled interest rate and recelvablg or payable wllhln one year are recorded 81 transaction prlce. Any losses arising from impalrment a recognised as expendllure. Cash and ca•h aqulvalent8 Cash and cash equivalents 8re baslc financial assets and include cash In hand, deposits held at call wlth banks. other short-lèrm liquld investments wlth original maturitie5 of Ihffje months or less, and bank overdrafts. Bank overdrafts are shown withln the borrowings in current liabilit188. Lloblllty recognltlon Liabilities are recognised where il Is more likely than not that the is a legal constructlve obllgalion committing the charity to pay out resources and the amount of the obligatlon can be measured with r8asonable ¢ertainty.
The Vemi Charltable Tru Notes to the Flnanclal Statements ¢ontln or the ear ended 5 A rll 2025 •d DONATIONS AND LEGACIES 2025 2024 Donatlons INVESTMENT INCOME 2025 2024 UK equities, unll trusts and real e$tate Foreign equities and unit trusts 24,148 13,478 17.059 CHARITABLE ACTNITIE8 COSTS Dire¢t Costs (see note 51 Donations DIRECT COSTS OF CHARITABLE ACTIVITIE8 AnalyJl• of charll•ble oxpendltur• 2025 2024 Blg Glver River Actlon London City Orchestra The Mudlarks Communlty The Foundation for Conducllve Educatlon The Sophle FizpalrKk Foundatlon for Rare Cancers The Pulmonary Fibrosls Trust Demelza Hospice for Children Enthuse Fletchers Foundation Princess Allce Hospltal Children's and young people's playground and parish recreation ground Queen Mother's Clothlng Guild Hornsby Profe8slon81 Cricket Fund Mind Macmilan Cancer Supwt Sonoro British Red Cross IsraellGaza Appeal Companions of Malta Wlnter Warmer ILSC Snow Camp St Margarets HospSce Sutton Group Maggi&s Caring Trust 1,075 1,000 1,000 1,500 2,002 1,002 soo soo 501 500 750 1,000 2,000 2.500 250 500 1,000 5,000 2,500 500 1,000 1,500
ho V rmeer Partnors harltable T st otes o the Financial Statements - contlnued fo ear en rll 2 25 SUPPORT COSTS Govemance Finance Tolals Other resources expended AII ¢08ts Incurred are allocated to the sole activity of the charity. Support Costs, included in the above, are a8 follows.. Investment management costs 2025 2024 Other resources expended Total actSvitie5 Total activities Managemenl fees Accountants, fees- year end accounts and Indep8ndent Examinallon 3,345 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other ben8fl1s lor th? yèar anded 5 Aprfl 2025 nor for the ye8r ended S Aprll 2024. Tru•tao•' oxpen8•8 There We no trustees, 8xwJnses pald for the year ended 5 April 2025 nor for thè year ended 5 April 2024. COMPARAnve8 FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unreslricled fund INCOME AND ENDOWMENTS FROM Donallon5 and legacies 1,743 Investm8nt Ineome 17,059 Total Income ind endowmonts EXPENDITURE ON Raising funds 3,345 Charltable aGllvltl•8 Donations 15,750 Other 1,740 Total gxpendltur• NEf INCOMEI(OUTGOING) RESOURCES {2,033}
e Vermeer Partn harltablo Trust otes to the Financlal Statements - contlnued for the ear ended 5 A rll 2025 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTivrriES - contlnued Unreslri¢led fund NET INCOMEI(OUTGOINO) REPA)URCES Net galnsl{lossesl on Investments NET MOVMENT OF FUNDS {2,0331 47.340 45,307 RECONCILIATION OF FUND8 Total fund• brought forward 744,047 TOTAL FUNDS CARRIEO FORWARD FINANCIAL INSTRUMENT8 The carrylng amounts of the charity's financlal In8trum8nts are a8 follows.. Sea note 2025 2024 Flnanclal as8gt8 Measured at fair value Ihrough the 81alement of financlal actlvllles Fixed 938et listed investments 10 731806 Measured at undlscounted amount Cash al bank Fln•ncl•l Ilabllltle• Measur8d al undSscounled amount - Ac¢ruals 11 The Income. expenses, net galns and 1088e8 attributsbL• to thè charlty's flnanclal instruments are dlsclosed In notes 2 to 8 and all relate to financlal assets measured 81 fair value or LFndlscounl•d amount. The compgny's income, expense, 98lns and1088es in r85pe¢l of flnanclal InstNments are summarlsed below.. 2025 2024 Fln8n¢lal galn8lllos¥•$l rn•4sur•d al falr valuo Flxed asset investments 46 9251 10
o Vermeer Partners Cha Itabl Trus s to the Financlal Stat ment$- contlnue for th ear 5 A rll 2025 10. FIXED ASSEf INVESTMENTS Listed investments MARKET VALUE At 6 April 2024 Additions Revaluations 768,098 12,633 At 5 Aprll 2025 NET BOOK VALUE At 5 April 2025 731.806 At S April 2024 766 098 There were no Investment assets outside the UK. Cosl or valuatlon at 5 Aprfl 202518 represented by.. Listed Investments Valuatlon In 2025 731806 11. CREDITOR8: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Other credllix8 12. MOVEMENT IN FUND8 Nel movement In funds Al 5.4.25 Al 6.4.24 Unrestrlct•d funds General fund 789,354 {38,5091 752,845 TOTAL FUNDS 36 5091 752 845 Net movement In funds, included in the above are as follows.. Incoming resourcés Resources expended Gains and Movement losses in funds Unr•$trlcted fund8 General fund 25,576 115,1601 146,9251 136,5091 TOTAL FUNDS 15 1601 46 9251 36,5091 11
Th V•nnegr Partne Ch abl Trust s to the Financlal Statements - contlnu orth ea ended 5 A rll 2025 12. MOVEMENT IN FUNDS- ¢ontlnued Comparatlvos for movement In fund8 Net movement in funds At 5.4.24 At 6.4.23 Unrostrlcted fund• General fund 744,047 45,307 789,354 TOTAL FUNDS 789 354 Comparallve nel movement in funds, included In th8 above are as follows.. Incomlng R880urcès resources expended Galns and Movement Ios885 In funds Unro8trlct•d fund• General fvnd 18.802 120,8351 47,340 45.307 TOTAL FUNDS A current year 12 months and prlor year 12 months combined poslllon Is as follows.. Nel movemont In fund5 At 5.4.25 At 6.4.23 Unrestrlcted funds General fund 744,047 8,798 752,845 TOTAL FUND8 744 047 752 845 A current year 12 months and prlor year 12 months comblned net movement in funds. included in the above are as follow8: Incoming resources Resources expended Gains and Movement losses In funds Unrostrlcted fund• General fund 44,378 {35.995) 415 8,798 TOTAL FUNDS 415 12
Thè Vèmig rPa ners Charftable Tr st Note to thg Flnancial Statemonts - contl or ren ed5 rll 2025 ad 13. RELATED PARTY DISCLOSURES Thore We no related paty transactlons for the year ended 5 April 2025. 13
he Veme Partners Charitable Tr Detalled Statement of Finan¢ial Actlvlti or ea en ed5A r112 25 2025 2024 INCOME AND ENDOWMENT8 Donallons and legaci•• Oonatlons 1,428 1,743 Inv•stmont In¢om• UK equities, unit trusts and real estsle Foreign equities and unit tNst6 24,148 13,478 Total Incornlng rosourG•• 25.576 18,802 EXPENOITURE CharSlabl• •dlvltl•s tk)nallon8 13,330 15,750 Support costs Flnanco Management fee$ 3,345 Govornan¢e co8t• Accounlanls, fees- year end accounts and Indepandent Examinatlon Total rgsources expended N•t l•xp•ndlture)Ilncom• bgloro galn• •nd lo•s•• 10,416 12,0331 Reall•od r•cognS•ad galn• and los$•• Reallsed galnslllos8es) on fixed a8sel Investments N•t In¢om• This page does not fom part of the statutory flnancl81 ststements 14