Victor Batte Lay Foundation - Charities report - 19.1

REGISTERED COMPANY NUMBER: 07706484 (England and Wales)

REGISTERED CHARITY NUMBER: 1149656

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2018

FOR

VICTOR BATTE LAY FOUNDATION

VICTOR BATTE LAY FOUNDATION

CONTENTS OF THE FINANCIAL STATEMENTS

for the Year Ended 31 July 2018

Page

Report of the Trustees

1

Independent Examiner's Report

2

Statement of Financial Activities

3

Balance Sheet

4

Notes to the Financial Statements

5 to 7

VICTOR BATTE LAY FOUNDATION

REPORT OF THE TRUSTEES

for the Year Ended 31 July 2018

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with

the financial statements of the charity for the year ended 31 July 2018. The trustees have adopted the provisions of

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 charity took over the assets of the Victor Batte Lay Trust in July 2018.

INCORPORATION

The charitable company was incorporated on 15 July 2011.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by

guarantee, as defined by the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

07706484 (England and Wales)

Registered Charity number

1149656

Registered office

3 West Stockwell Street

Colchester

Essex

CO1 1HQ

Trustees

J P Benson

M R Carr

M C Dines

- resigned 5.12.17

T J H Fenton

- appointed 5.12.17

R F Matthews

Ms M Perrins

S C Lansley

Company Secretary

M R Carr

Independent examiner

Martyn Lewis Chartered Accountants

1 Brewery House

Brook Street

Wivenhoe

Essex

C07 9DS

Approved by order of the board of trustees on 13 June 2019 and signed on its behalf by:

M R Carr - Trustee

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

VICTOR BATTE LAY FOUNDATION

Independent examiner's report to the trustees of Victor Batte Lay Foundation ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2018.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1.

accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

2.

the accounts do not accord with those records; or

3.

the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached

Martyn Lewis

ICAEW

Martyn Lewis Chartered Accountants

1 Brewery House

Brook Street

Wivenhoe

Essex

C07 9DS

13 June 2019

VICTOR BATTE LAY FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

for the Year Ended 31 July 2018

Unrestricted fund

Restricted funds

Total funds

Notes

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

36,562

-

36,562

Other trading activities

2

2,767

7,597

10,364

Investment income

3

3,232

-

3,232

Total

42,561

7,597

50,158

EXPENDITURE ON

Raising funds

4

5,228

-

5,228

NET INCOME

37,333

7,597

44,930

RECONCILIATION OF FUNDS

Total funds brought forward

-

1,600,000

1,600,000

TOTAL FUNDS CARRIED FORWARD

37,333

1,607,597

1,644,930

VICTOR BATTE LAY FOUNDATION

BALANCE SHEET

At 31 July 2018

Unrestricted fund

Restricted funds

Total funds

Notes

£

£

£

FIXED ASSETS

Tangible assets

6

-

1,600,000

1,600,000

CURRENT ASSETS

Cash at bank

37,933

7,597

45,530

CREDITORS

Amounts falling due within one year

7

(600

)

-

(600

)

NET CURRENT ASSETS

37,333

7,597

44,930

TOTAL ASSETS LESS CURRENT LIABILITIES

37,333

1,607,597

1,644,930

NET ASSETS

37,333

1,607,597

1,644,930

FUNDS

8

Unrestricted funds

37,333

Restricted funds

1,607,597

TOTAL FUNDS

1,644,930

The charitable company is entitled to exemption from audit under

Section 477 of the Companies Act 2006 for the year ended 31 July 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended

31 July 2018 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)

ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies

Act 2006 relating to charitable small companies.

The financial statements were approved by the Board of Trustees on 13 June 2019 and were signed on its behalf by:

M R Carr -Trustee

VICTOR BATTE LAY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

for the Year Ended 31 July 2018

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)',

Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of

Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost

convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it

is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the

charity to that expenditure, 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 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.

Taxation

The charity is exempt from corporation 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.

Restricted funds:-

a) Freehold : This represents the market value of the Minories Art Gallery Colchester.

b) Art Fund : This represents the permanent collection. Trustees are permitted to sell parts of the collection

but proceeds must be reinvested in art work.

2.	OTHER TRADING ACTIVITIES

£

Sale of artwork

10,364

3.	INVESTMENT INCOME

£

Rents received

3,134

Interest receivable - trading

98

3,232

4.	RAISING FUNDS

Raising donations and legacies

£

Support costs

5,060

Investment management costs

£

Property expenses

168

Aggregate amounts

5,228

5.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 July 2018.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 July 2018.

6.	TANGIBLE FIXED ASSETS

Freehold property

Artwork

Totals

£

£

£

COST

At 1 August 2017 and 31 July 2018

900,000

700,000

1,600,000

NET BOOK VALUE

At 31 July 2018

900,000

700,000

1,600,000

7.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other creditors

144

Accrued expenses

456

600

8.	MOVEMENT IN FUNDS

At 1.8.17

Net movement in funds

At 31.7.18

£

£

£

Unrestricted funds

General fund

-

37,333

37,333

Restricted funds

Art Fund

700,000

7,597

707,597

Freehold

900,000

-

900,000

1,600,000

7,597

1,607,597

TOTAL FUNDS

1,600,000

44,930

1,644,930

Net movement in funds, included in the above are as follows:

Incoming resources

Resources expended

Movement in funds

£

£

£

Unrestricted funds

General fund

42,561

(5,228

)

37,333

Restricted funds

Art Fund

7,597

-

7,597

TOTAL FUNDS

50,158

(5,228

)

44,930

9.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 July 2018.