REGISTERED CHARITY NUMBER: 298942
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021 FOR THE VIVIAN MOON FOUNDATION
THE VIVIAN MOON FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Report of the Independent Examiner | 4 to 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 to 8 |
| Notes to the Financial Statements | 9 to 14 |
| Detailed Statement of Financial Activities | 15 |
THE VIVIAN MOON FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021
The Trustees present their report, along with the financial statements of the Foundation for the year ended 31 March 2021. The financial statements have been prepared in accordance with the accounting policies set out on page 9, and comply with the Foundation's Trust Deed and applicable law.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
298942
Principal address
Millennium House, Brannam Crescent Roundswell Business Park BARNSTAPLE Devon. EX31 3TD
Trustees
A May D Atton Bsc K J Berry FCA R Moon (Chairman) H Murch MB ChB MRCGP DFFP G Curry BA (Hons) MBPS A Burke BA (Hons) Solicitor S Pitcher BA DipTP MRTPI MCIHT MIED P
Secretary
P Byrom
Independent Examiner
R Woosey 4 Cross Tree Centre Caen Street Braunton Devon. EX33 1AA
Bankers
Lloyds Bank Plc 17 Cross Street Barnstaple Devon. EX31 1BE
Investment Managers
SG Kleinwort Hambros Bank Limited Norfolk House 31 St James Square London. SW1Y 4JR
Page 1
THE VIVIAN MOON FOUNDATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST MARCH 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Vivian Moon Foundation is constructed under a Trust Deed dated 7 March 1988 and subsequent amendments. It is a registered charity number 298942.
The aim of the Foundation continues to be the provision of financial assistance to encourage people to obtain professional or other qualifications connected with learning or work skills, favouring those who are likely to practice their skills in the North Devon area.
Public Benefit
In planning the Foundation’s activities for the year the Trustees kept in mind the Charity Commission’s guidance on public benefit.
The Charity’s grant making policies
The foundation invites applications for funding further education from distributed leaflets and local advertising, applicants are requested to submit their applications in specific for which are then considered by the secretary, subgroup and full board against specific criteria. Most applicants are partially funded on a course or annual basis.
Financial Review and Investment Policy
The original capital of £100,000 was donated by the late President, Vivian D Moon, and further substantial assets were transferred to the Foundation from NDMA Training Limited in 1996. The assets of the Foundation now stand just over £623,000. Donations to the Foundation are actively sought and the Trustees are grateful to those who saw fit to make donations in the year. Investment income for the year amounted to £9,976. Grants and related expenditure totalled £27,960.
Risk Management
The Trustees have examined the major strategic, business and operational risks which the Foundation faces and confirm that systems have been established to enable regular monthly reports to be produced so that the necessary steps can be taken to lessen these risks.
Taxation Status
The Vivian Moon Foundation was accepted as a charity within the definitions of Section 566 Income Corporation Taxes Act 1988 on 6 July 1988.
The organisational structure of the charity and how decisions are made
The Trustees who have served during the year and since the year end are as set out on the contents page. The composition of the governing body shall be reviewed annually. The Trustees meet three times per year, but there are sub-groups for grant applications, which also meets three times per year, and for financial matters which meets when necessary. The sub-groups report to the full board, which then ratifies or refuses their recommendations.
The Trustees as a group continually assess the need or not to replace outgoing Trustees or to add new Trustees. The composition of the group of Trustees is intended to cover all necessary expertise required by the Charity, this includes but is not limited to expertise in matters financial, legal, educational, health, charity governance and information technology. Should a vacancy be anticipated or arise, the Trustees actively seek out candidates from the local area and an appointment process is undertaken which includes interviews being undertaken and references being sought.
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THE VIVIAN MOON FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Policies on reserves
It is the policy to maintain instantly accessible unrestricted funds, which are the free reserves of the Foundation, at a level which equates to at least six months' unrestricted expenditure. These are held in the form of instant access bank accounts. This provides sufficient funds to cover management, administration and support costs, and to respond to any emergency applications for grants which may arise.
Total unrestricted funds are maintained well above this level with the Charity’s other major assets being comprised of the Fixed Asset Investments disclosed in note 11 to the financial statements.
STATEMENT OF TRUSTEES RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees 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 and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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, including the income and expenditure, of the charity for that period. In preparing those 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 Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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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 which disclose with reasonable accuracy at any time the financial position of the charity and to 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 board of trustees on 18th October 2021 and signed on its behalf by:
Mr R Moon (Chairman) - Trustee
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Section A
CHARITY COMMISSION Independent examiner's FOR ENGLAND AND WALES report on the accounts
Independent Examiner's Report
Report to the trustees/ I On accounts for the year 31 March 2021 [Cha�ity no ] ended (1f any) �---------------1 I --- ~~-~~ 1[298942] ~~--~~ ----� Set out on pages 1 -15 �---------------------------� 1 The Vivian Moon Foundation members of
I report to the trustees on my examination of the accounts of the above charity ("the Trust") for the year ended 31/03/2021
- Responsibilities and As the charity trustees of the Trust, you are responsible for the preparation basis of report of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act").
I report in respect of my examination of the Trust'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 Act.
Independent I have completed my examination. I confirm that no material matters have examiner's statement come to my attention (other than that disclosed below*) in connection with the examination which gives me cause to believe that in, any material respect:
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accounting records were not kept in accordance with section 130 of the Act or
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• the accounts do not accord with the accounting records
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I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
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Please delete the words in the brackets if they do not apply. Signed: Date: 20/01/2022 I � ! Name: Rachael Woosey ~~I~~
Relevant professional AAT Membership 10162118 Licence number 1000911 qualification(s) or body (if any):
Address: North Devon Accounts 4 Cross Tree Centre, Caen Street, Braunton, North Devon EX33 1AA
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Section 8 Disclosure
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Only complete if the examiner needs to highlight matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners).
Give here brief details of any items that the examiner wishes to disclose.
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THE VIVIAN MOON FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2021
| Notes INCOME Donations and grants 2 Investment income 3 Total income EXPENDITURE Investment management charges 4 Charitable activities 5 Total expenditure Gains/(losses) on investments Net income/(expenditure) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 14 |
2021 Total Funds £ - 9,976 9,976 7,253 20,707 27,960 40,734 22,750 601,099 623,849 |
2020 Total Funds £ 1,200 9,950 11,150 7,323 13,907 21,230 (11,960) (22,040) 623,139 601,099 |
|---|---|---|
The notes form part of these financial statements
Page 6
THE VIVIAN MOON FOUNDATION
BALANCE SHEET AT 31ST MARCH 2021
| Notes FIXED ASSETS Tangible assets 10 Investments 11 CURRENT ASSETS Prepayments 12 Cash at bank CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 14 Unrestricted funds TOTAL FUNDS |
2021 Total Funds £ 3 607,957 607,960 - 18,745 18,745 (2,856) 15,889 623,849 623,849 623,849 623,849 |
2020 Total Funds £ 4 584,486 584,490 414 19,815 20,229 (3,620) 16,609 601,099 601,099 601,099 601,099 |
|---|---|---|
The notes form part of these financial statements
continued...
Page 7
THE VIVIAN MOON FOUNDATION
BALANCE SHEET - CONTINUED AT 31ST MARCH 2021
The financial statements were approved by the Board of Trustees on 18th October 2021 and were signed on its behalf by:
Mr R Moon (Chairman) -Trustee
Mr K J Berry -Trustee
The notes form part of these financial statements
Page 8
THE VIVIAN MOON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements have been prepared on the basis of the historical cost convention with items recognised at cost or transaction value unless otherwise stated, in accordance with:
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Statement of Recommended Practice: Accounting and Reporting By Charities (FRS102), and Update Bulletin 1;
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the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102); - the Charities Act 2011;
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the Accounting Standards (UK Generally Accepted Practice) as applied from 1 January 2016.
There are no material uncertainties about the Foundation’s ability to continue.
The charity constitutes a public benefit entity as defined by FRS102.
Income
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Expenditure
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Allocation and apportionment of costs
All costs are considered and allocated on an item by item basis.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings
- 25% on reducing balance
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THE VIVIAN MOON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST MARCH 2021
1. ACCOUNTING POLICIES – continued
Short Term High Liquid Investments
The charity has defined these items as any being any bank balances not held on a term deposit.
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Creditors
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Financial Instruments
The trust 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.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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THE VIVIAN MOON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST MARCH 2021
2. DONATIONS AND GRANTS
| 2021 £ Grants and donations - Grants received, included in the above, are as follows: 2021 £ Nil 3. INVESTMENT INCOME 2021 £ Deposit account interest - Current asset investment income 9,976 9,976 4. INVESTMENT MANAGEMENT CHARGES 2021 £ Portfolio management 7,253 5. CHARITABLE ACTIVITIES COSTS Direct costs Grant funding of activities Support costs (See note 6) (See note 7) £ £ £ Charitable activities 3,045 17,462 200 6. GRANTS PAYABLE 2021 £ Charitable activities – individual grants 17,462 |
2020 £ 1,200 |
|
|---|---|---|
| 2020 £ Nil |
||
| 2020 £ - 9,950 |
||
| 9,950 | ||
| 2020 £ 7,323 Totals £ 20,707 |
2020 £ 7,323 |
|
| 2020 £ 10,288 |
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THE VIVIAN MOON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST MARCH 2021
7. OTHER COSTS
| OTHER COSTS | |
|---|---|
| £ | |
| Charitable activities – audit fees and independent examination | 200 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st March 2021 nor for the year ended 31st March 2020.
Trustees' expenses
During the year the Foundation incurred accountancy costs of £834 (2020: £804) with an accountancy practice owned by the Governor Mr Keith Berry. The Governors confirm that these costs were properly authorized by the Board and are not prohibited by the Trust Deed.
9. STAFF COSTS
During the year the Foundation did not employ any employees earning more than £60,000 per annum.
10. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| Fixtures and | |
| fittings | |
| £ | |
| COST | |
| At 1st April 2020 and 31st March 2021 | 1,479 |
| DEPRECIATION | |
| At 1st April 2020 | 1,475 |
| Charge for year | 1 |
| At 31st March 2021 | 1,476 |
| NET BOOK VALUE | |
| At 31st March 2021 | 3 |
| At 31st March 2020 | 4 |
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THE VIVIAN MOON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST MARCH 2021
11. FIXED ASSET INVESTMENTS
| Listed investments Cash and settlements pending £ £ MARKET VALUE At 1st April 2020 516,197 68,289 Additions 258,169 - Disposals (204,297) (53,721) Revaluations 23,320 - At 31st March 2021 593,389 14,568 NET BOOK VALUE At 31st March 2021 593,389 14,568 At 31st March 2020 516,197 68,289 There were no investment assets outside the UK. 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 £ Prepayments - 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 £ Creditors 20 Accruals and deferred income 2,836 2,856 |
Totals £ 584,486 258,169 (258,460) 23,762 607,957 607,957 584,486 2020 £ 414 2020 £ 149 3,470 3,619 |
Totals £ 584,486 258,169 (258,460) 23,762 607,957 607,957 584,486 2020 £ 414 2020 £ 149 3,470 3,619 |
|---|---|---|
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THE VIVIAN MOON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST MARCH 2021
14. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | ||
|---|---|---|
| Unrestricted funds General fund TOTAL FUNDS |
At 1stApril 2020 Net movement in funds At 31stMarch 2021 £ £ £ 601,099 22,750 623,849 601,099 22,750 623,849 |
|
| 623,849 |
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement in | |
|---|---|---|---|---|
| resources | expended | losses | funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 9,976 | (27,960) | 40,734 | 22,750 |
| TOTAL FUNDS | 9,976 | (27,960) | 40,734 | 22,750 |
15. RELATED PARTIES
There have been no related party transactions in the year; apart from those referred to in note 8 to the financial statements.
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THE VIVIAN MOON FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2021
| INCOMING RESOURCES Voluntary income Grants and donations Investment income Deposit account interest Current asset investment income Total incoming resources RESOURCES EXPENDED Investment management costs Portfolio management Charitable activities Administrative expenses Accounting costs Website expenses Sundries Plant and machinery Grants to individuals Other costs Audit and independent examination fees Total resources expended Net expenditure before gains and losses Gains and losses on investments Realised gains / (losses) on fixed asset investments Unrealised gains / (losses) on fixed asset investments Net income / (expenditure) |
2021 £ - - 9,976 9,976 9,976 7,253 1,682 834 453 75 1 17,462 20,507 200 27,960 (17,984) 17,414 23,320 22,750 |
2020 £ 1,200 - 9,950 9,950 11,150 7,323 1,400 804 409 35 1 10,288 12,937 970 21,230 (10,080) 2,361 (14,321) (22,040) |
|---|---|---|
This page does not form part of the statutory financial statements
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