## **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.
Page 2
## **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
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- 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
Page 3
## **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:
- accounting records were not kept in accordance with section 130 of the Act or
- • the accounts do not accord with the accounting records
- 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.
* _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
Page 4
**----- Start of picture text -----**
Section 8 Disclosure
**----- End of picture text -----**
**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.**
Page 5
## **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:
- Statement of Recommended Practice: Accounting and Reporting By Charities (FRS102), and Update Bulletin 1;
- the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102); - the Charities Act 2011;
- 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
Page 9
## **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.
Page 10
## **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||
Page 11
## **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|
Page 12
## **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|
|---|---|---|
||||
||||
Page 13
## **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.
Page 14
## **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
Page 15