Abbreviated Company Accounts - THE VENTURE PARTNERSHIP FOUNDATION LIMITED

THE VENTURE PARTNERSHIP FOUNDATION LIMITED - Company Information

Registered Number 05307891

THE VENTURE PARTNERSHIP FOUNDATION LIMITED

Abbreviated Accounts

31 December 2013

THE VENTURE PARTNERSHIP FOUNDATION LIMITED Registered Number 05307891

Abbreviated Balance Sheet as at 31 December 2013

	Notes	2013	2012
		£	£
Fixed assets
Investments	2	1	1
		1	1
Current assets
Debtors		7,139	77,153
Investments		92,527	228,299
Cash at bank and in hand		212,016	760,282
		311,682	1,065,734
Creditors: amounts falling due within one year		(121,657)	(393,147)
Net current assets (liabilities)		190,025	672,587
Total assets less current liabilities		190,026	672,588
Creditors: amounts falling due after more than one year		(63,317)	(158,036)
Total net assets (liabilities)		126,709	514,552
Capital and reserves
Called up share capital		34	34
Profit and loss account		126,675	514,518
Shareholders' funds		126,709	514,552

For the year ending 31 December 2013 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 16 September 2014

And signed on their behalf by:
Mike Risman, Director

THE VENTURE PARTNERSHIP FOUNDATION LIMITED Registered Number 05307891

Notes to the Abbreviated Accounts for the period ended 31 December 2013

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Companies Act 2006 and the Statement of Recommended Practice: Accounting and Reporting by Charities issued in March 2005 (SORP 2005).
Consolidated financial statements, “group accounts” have been prepared in respect of the charity and VPF Worldwide LLP. The results of VPF Worldwide LLP have been consolidated into the statement of financial activities on a line by line basis.

Turnover policy
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income.
(i) Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable, unless it relates to a future accounting period, in which case it is deferred.
(ii) Grants receivable are recognised in full in the statement of financial activities in the year in which they are receivable. No recognition is contained in the accounts in respect of donor commitments.
(iii) Investment income is included when receivable.

Tangible assets depreciation policy
Tangible fixed assets costing over £1,500 (including any incidental expenses of acquisition) are capitalized. Depreciation is provided at rates calculated to write off the cost on a straight line basis over their expected useful economic life.

Other accounting policies
Transactions in foreign currencies are translated at the average exchange rate for the period. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the balance sheet date.

2Fixed assets Investments
Between 2009 and 2013 VPF Worldwide LLP held shares in a Dutch Real Estate Investment Trust, The Dutch Active Fund. The shares are not publicly traded. The LLP originally entered into a share purchase agreement which matched the amount of long-term loan on disposal. This agreement ended in 2012 and the shares were sold, but as part of the sale deal the LLP retained an option, purchased for one Euro, that could result in a financial benefit should the Fund return to positive equity by end 2014. At the most recent valuation (December 2013) the Fund's debt was approximately 120% of the value of it's property portfolio.