Charity number: 1104214 THE NIRVANA CHARITABLE TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 THE NIRVANA CHARITABLE TRusr CONTENTS Page ReFe￿nCe and administrative details of the charity, its trustees and advisers Tru5tees' report Trustees, responsibilities statement Independent audrtor's report on the finandal Sta￿ments Statement of fi'nancial attivities io Balan￿ sheet li Statement of cash flows 12 Notes to the financial statements 13-22 THE NIRVANA CHARrrA8LE TRUS[ REFERENCE AND ADMINISTRATIVE D￿AILs OF THE CHARITY. ITS TRusfEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023 Trusteès D C Goldberg, trustÈe N Harri5, tnjstee Charity ragistornd number 1104214 Principal office First Urban Unit 2 167 Broadhurst Gar(lens London NW6 3AU Indépéndont auditor SRLV Audit Limtrd Chartered Accountants ststutory Albditor E151ey Court 20-22 Great Titchfield street London WIW 8BE Page 1 THE NIRVANA CHARThABLE TRusr TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 The trustees present their annual ￿pOrt together with the audited financial statemènts of the The Nlrvana Charitable TnJst for the year l April 2022 to 31 March 2023. ObJectlves and actlvities a. Pollcoes and obJectiv•s The char6ty's alms are to distribute funds to registered charities that align with the objectives of The Nirvana Charitable Trust. Our objectlves are to supporting organisations that improve health, ￿la1 & urgent care, as Y4ell as those who provide food, shelter and protection for a variety of disadvantaged groups and enhance specialist educational needs as well as supporting artisty"c and cultural pursuits. In setting objectives and planning for activities, the trustees have fegard to the Charlty Commlsslon guidance on public benefit. b. Activitiès undertaken to achievo objectives The charity delivers its charitsble aim5 by issuing donarions to regIste￿d charitses and periodlcally the trustees may attend events by invitation of charitable organisations. Strate9lc report Achiavemants and ￿rforManCe a. Revlew of act¥viti•s Durtng the year, the charity has secured a legacy donation of £l.873m which will secure the ongoing future of the trust and enable many more donations to be made for charitable benefit. During the year, the trust made donaknons of £39.720 to a range of charities incllsding Jewtsh Care, Norwood, Royal Freè and Refugee Action amongst others. b. Investment policy and performance The charity, having regard to the liquidity r￿uIreMefits of the operation and to the reserve policy, has the power to invest in any way the trustees wish. Financial raview a. Going concem The trustees are 5atlsfied that there fs a reasonable expectation that the charity has adequate ￿SOurceS to continue in operational existence for the foreseeable fvt￿￿ Inext twelve month5 from the signing of the financial statements) and to adopt the going concern basis in preparing the finanaal statements. The large legacy donation of £l.873m tn the year has enabled the trust to maintain 5ignfficant resetve5 whilst making donations from the investment returns on this capital. Page 2 THE NIRVANA CHARITABLE TRusr TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 b. Reserves pollcy With the exception of such funds as the trustees consider necessary for thè ongoing Maintenan￿ of the charity. all unrestritted funds, excluding unrealised revaluab.on reserves, a￿ designated for the purposes of the general charitable objects of the charity. The trusteès consider a ￿eTwe of £lm to be necessary for the maintenance of the chartty (to be sufficient to generate Investment ￿turns to fund ongoing donations). c. Princlpal funding Principal fttnding each year Is nomially throwh investment returns. However. during the year, a large legacy donation of £1.873m was feceived. The trustees do not antiopate similar donations in the foreseeable futu and expect the charity's principal funding to retum from its investment portfolio. d. Performance during thé y￿r During the finanoal year. the charity weceived legaLy gift income of £1.873m (2022 - £NIL). The tharlty wa5 able to dlstribute É39.720 (2022 - £32.850} to varithjs registered charity"e5 whlle meeting the charity's objettives. StTUCtUrny governance and mana￿rn￿nt . Constitution The Nirvana Charitable Twst is a ￿gistered charlty, chadty number 1104214. and Is constituted under trust deed. The charity changed its name from The Gallant Charitable Trust on 4 February 2008. b. Methods of appointment or elettion of trustaés The power of recruiting and appointing Trustees 15 Vested solely in the Board of trustees. If a vacancv occurs, an appointment WOLFld only be made when the suitsbility, skills and expertence of a potential new trustee have been found to match those required by the ffjle. c. Pol¥cié$ adopted for the Indurtion and trainlng of trustees New trustees w￿uld undergo an orientation session to brief them on their legal obligations under charity law. the content of the trust deed, the committee and the decision-making processes, the bu5ine5s plan and the recent financial performance of the charity. New trustees would be encouraged to attend appropriate extemal training èvents where these will facilitate the undertaking of their role. d. Related party relationshlps None of our trustees receive remuneration or other benefit from their work with the charity. Any connection between a trustee or senior manager of the charity with service user, extemal contrattor or suppler of services must be disdosed to the full 8oard of trustees in thè same way a5 any other contractual relationshlp with a related party. There We￿ no related party transattions in the year. Page 3 ## **THE NIRVANA CHARITABLE TRUST** ## **TRUSTEES'REPORT{CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023** ## **Structure, governance and management (continued)** ## **e. Organisational structure and decision making** The board of trustees meets regularly to administer the charity. Daniel Goldberg and Natalie Harris are appointed as administrators by the trustees to manage the day-to-day operations of the charity. ## **f. Risk management** The trustees have a risk management strategy which comprises: - annual review of the risks the charity may face/ establishment of systems and procedures to mitigate those risks identified In the plan; and -the implementation of procedures designed to minimise any potential impact on the charity should those risks materialise. ## **Disclosure of information to auditor** - Each of the persons who are trustees at the time when this trustees' report is approved has confirmed that: - so far as that trustee is aware, there is no relevant audit information of which the charity's auditor is unaware, and - that trustee has taken all the steps that ought to have been taken as a trustee in order to be aware of any relevant audit information and to establish that the charity's auditor is aware of that information. ## **Auditor** The auditor, SRLV Audit Limited, has indicated its willingness to continue in office. The designated trustees will propose a motion reappointing the auditor at a meeting of the trustees. Approved by order of the members of the board of trustees on 5 September 2024 and signed on their behalf by: Page 4 ## **THE NIRVANA CHARITABLE TRUST** ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2023** The trustees are responsible for preparing the trustees' report 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 & Wales 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 its incoming resources and application of resources, including Its income and expenditure, for that period. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles of the Charities SORP (FRS 102); - make judgements and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained In the financial statements; - 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 adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and 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 members of the board of trustees on 5 September 2024 and signed on their behalf by: Page 5 THE NIRVANA cHAR￿ABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE NIRVANA CHARITABLE TRUST Opinion We have audited the financial statements of The Nirvana Ctharitable Trust (the 'charity'l for the year ended 31 March 2023 which compnse the statement of financial artivities. the balance sheet, the statement of cash flows and the related notes, including a summary of significant accountfrng policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kin9dom Accounting Standards, Including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and RepublSc of I￿13nd. (United Kingdom Generally AC￿pted Accountin9 Prattice). The financial statements have been prepared In accordance with Accounting ar￿ Reporting by Charitles p￿paring their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of I￿land IFRS 102} in preference to the Accounting and Reporting by Charities.. Statement of Recommended Prartice iSSLted on l April 2005 which is referred to in the Èxtant regulations but has been withdrawn. This has been done in order for the accounts to provKle a tnje and Fair view in accordance with the Generally Accepted Accounting Practice effective for reporting penods beginning on or after l January 2015. In our opinion the financial statements= give a true and fair view of the state of the charity'5 affalrs as at 31 March 2023 and of its incoming resoLtrces and application of resources for the year then ended,. have been properly p￿pared in accordance with United K4ngdom Generally Accepted Accounting Prartice,. and have been p￿pared in accordance with the requirements of the Charitiès Art 2011. Basis for opinio We conductsd our aLEdit in accordance with International Standards on Auditing IVKI IISAS IUKI) and applicable law. Our ￿spOnsIbIlItIeS under those standards a￿ further described in the auditor's sponsibilities for the audit of the financial statement5 section of our report. We a￿ independent of the charity in accordance wtth the ethical requirement5 that are relevant to our audit of the financial statements In the United Kingdom, including the Financial Rep)rting Council's Ethical Star7dard, and we have fulfilled our other ethical re5ptsnsibilitie5 in accordance wtth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinlon. Conclusions r•lating to going concern Ir¢ auditing the financlal statements. we have concluded that the trnstee5' Use of the golng concern basis of accounting in the prepardtion of the financial statements is approprtate. Based on the work we have performed. we have not identified any material uncertainties relating to events or condition5 that, individually or collecty"vely, may cast significant doubt on the charity'5 ability to conttnue as a going concern for a period of at least twelve months froffl when the financial statements are authorised for issue. Our responsibilities and the responsibilltles of the twstees with respett to going concem are described in the relevant settions of this report. THE NIRVANA CHARrrABLE TRusr INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE NIRVANA CHARITABLE TRusf (CONTINUED) Othar information The other information compri5e5 the Information induded in the annual ￿port other than the h"nanclal statements and our auditorfs report thereon. The trustees are responsible for the other infomation contained within the annual ￿POrt. OLFr opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise explicitly stated in our ￿pOrt. we do not expres5 any form of assuran￿ conclusion the￿On. Our ￿SponsIbl1￿ is to read the other information and. in doing so, consider whether the other infomiatiOE) is materially inconsistent with the financial statements or our knowledge obtained in the course of the a￿dIt, or otherwlse appears to be matertally misstated. If we Identify such material inconsistencies or apparent material misstatements, we are ￿qUIred to deterffline whether this gives rise to a material misstatement in the financial Statements themselves. If, based on the work we have performed, we cgnclude that there is a matefial misstatement of this other information, we a￿ ￿qUired to ￿POrt that fatt. We have nothing to report in this regard. Matters on which wé are required to report by exceptSon We have nothing to report in re5pett of the following matters Whe￿ the Charities (Atcounts and Reports) Regulations 2008 requires us to report to you if. in our opFnion= the Infomiation given in the trustees. report is incon5iStent in any material respett with the financial statements- or sufficient accounting reco￿5 have not kèpt; or the financial statements a￿ not in agreement with the accounty.ng records and retums- or we have not received all the infomiation and explanations we require for our audit. Responsibllltle5 of trust•es A5 explained more fully in the tTUStees' responsibilities statement, the tnjstees are responsible for the p￿ParatIOn of the financial statements which give a tnJe and fair view. and for such internal control as the trustees determine ¢s necèssary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assesslng the char*ty's ability to conttnue as a going concern, disc105ing, as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic altemative but to do so. PaJe 7 THE NIRVANA CHARThABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE NIRVANA CHARITABLE TRUST (CONTINUED) Auditor's responsibilities for tht audit of the financial statements We have been appointed as auditor under Settion 144 of the I￿antIeS Att 2011 and rèport tn accordance with the Att and ￿levant regulations made or having eff￿t thereunder. Our objettives are to obtain reasonable assurance about whether the finanoal statements as a whole a free from material misstatement, whether due to fvaud or error. and to Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of a$5urance, but is not a guarantee that an audlt conducted in accordance with ISAS {UK) will always detert a material misstatement when it exisrs. MIssta￿MentS can arise from fraud or error and a￿ conSide￿d material if, individually or in the agoregate, they co(Jld reasonably be expetted to influence the economic decisions of users taken on the basis of these rinancial statements. Irregularttie5, Induding fvaud, a￿ instances of non£ompliance with laws and regulations. We deslgn procedures in line with our responsib"lities, oudined above, to ¢Jetett material mtsstatements in respett of irregulartties. Including fvaud. The extent to which our procedures a￿ capable of detecting irregularities. induding fraud Is detailed below-. Identifying and asses￿ng wtential risks ￿lated to irregularit￿S In Id￿tsfyIng and assessing risks of material misststement in respect of irregularitiès, including fraud and non-compliance with laws and regulatlons. we considered the following: the nature of the entity's industry ar￿ sertor. control environment, business perfomiance and management incentives- the results of our spectfic enqutries of management and those charged wrth governance about their own identification and assessment of the risks of irregular¥ties- any mètter5 we identified having obtained and reviewed the charity's (bxumentation of their poltcies and procedures relating to: identifying, evaluating and complylng with laws and regulab.ons and whether they were aware of any instances of non-compliance. detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud- the intemal controls estsblished to rnit￿ate risks of fvaud or non-complian￿ with laws and gulations; the matters di5CU55ed among the audit en9agement team regarding how and where fraud might occur in the financial statements and any potentlal indicators of fraud. As a ￿sUIt of these procedures, we conSide￿d the opportunities and In￿ntIveS that may exist wlthSn the oryanisation for fraud. In common with all audits under LSAS {UKI, we are also required to perform Specific procedures to ￿spOnd to the risk of management override of controls. We also obtained an understanding of the legal and regulatory frameworks in which the charity operates, focusing on provisions of those laws and regulations that had a dirett effect on the determination of material amounts and disclosures in the linancial staterrhents. The key laws and regulation5 we considered in thls context included the UK Charities Act legislation. In additlon, we consldered provisions of other laws and regulations that do not have a dlrect effert on the financial statements but Complian￿ vrfith which may be fundafflentsl to the charity's ability to operate or to avoid a material penalty. Audir respgnse to risks identified Our procedures to respond to rlsks Identified included the folliMTrng: reviewrng the financial statement disclosures and testing to supporting documentatlon to assess P•Je 8 ## **THE NIRVANA CHARITABLE TRUST** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE NIRVANA CHARITABLE TRUST (CONTINUED)** - compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; - enquiring of management concerning actual and potential litigation and claims; - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; - reading minutes of meetings of those charged with governance; and - in addressing the risk of fraud through management override of controls: testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias, and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Whilst the procedures above describe the extent to which our procedures are capable of detecting irregularities, including fraud, there are inherent limitations in these audit procedures. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, misrepresentation or through collusion. We are not responsible for preventing irregularities, including fraud, or non-compliance with laws and regulations and cannot be expected to detect all irregularities or non-compliance with all laws and regulations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.orq.uk/auditorsresponsibilities. This description forms part of our auditor's report. ## **Other matters** The comparative figures disclosed in these financial statements for the charity balance sheet as at 31 March 2022, plus the statement of comprehensive income for the year then ended, were not audited. ## **Use of our report** This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. ## **Richard Gilbert (Senior Statutory Auditor)** for and on behalf of ## **SRLV Audit Limited** Chartered Accountants and Statutory Auditor Eisley Court 20-22 Great Titchfield Street London WlW 8BE 5 September 2024 Page 9 THE NIRVANA CHARrrABLE TRusr StATEMENT OF FINANCIAL AcnvmES FOR THE YEAR ENDED 31 MARCH 2023 Unavdlted Total funds 2022 Vnrestrfcted fvnds 2023 Total funds 2023 Income from: Donations and legacie5 Investments 1,873,059 (4,588) 1,873,059 (4.588) 25,074 Total Income 1.868.471 1,868,471 25,074 Expendlturn on: Charitable activities 49.669 49,669 40,497 Total expenditura 49,669 49,669 40,497 Net mov•mant in funds 1.818.802 1,818,802 115,4231 Reconclliatlon of fvnds: Total funds bfought forward Net movement in funds 367,132 1,818,802 367,132 1,818,802 382,555 115.4231 Total funds carried forward 2,185,934 2,185,934 367. 132 The statement of financial atti¥itiè5 indudes all gains and losses recognised in the year. The notes on page5 13 to 22 fomi part of these financial statements. Page 10 ## **THE NIRVANA CHARITABLE TRUST** ## **BALANCE SHEET AS AT 31 MARCH 2023** ||||||Unaudited| |---|---|---|---|---|---| ||||**2023**||2022| ||**Note**||**£**||| |**Fixed assets**|||||| |Investments|12||**315,741**||357,611| ||||**315,741**||357,611| |**Current assets**|||||| |Cash at bank and in hand||**1,876,093**||10,346|| |||**1,876,093**||10,346|| |Creditors: amounts falling due within one|||||| |year|13|**(5,900)**||(825)|| |**Net current assets**|||**1,870,193**||9,521| |**Total assets less current liabilities**|||**2,185,934**||367,132| |**Total net assets**|||**2,185,934**||367,132| |**Charity funds**|||||| |unrestricted funds|15||**2,185,934**||367,132| |**Total funds**|||**2,185,934**||367,132| The financial statements were approved and authorised for issue by the trustees and signed on their behalf by: ## 5 September 2024 The notes on pages 13 to 22 form part of these financial statements. Page 11 THE NIRVANA CHARrrABLE TRusr srATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 Unatjdlted 2022 2023 Cash flows from operatlng artivities Net cash generated froml{used In) operating artivit￿S 17 1.834.827 (40,220) Cash flows from investlng artlvities Dividen¢Js. interests and rents from investment5 Proceeds from sale of investments Purchase of rnvestments 7.427 6,042 254,559 129,193 (231,066) {131,5421 Net cash provided by Investlng actl¥ltl•s 30.920 3,693 Chan9e in cash and cash equlvalents In the year Cash and cash equlvalents at the beginning of the year 1,86S,747 (36,527) 46,873 10.346 Cash and cash ￿ul¥aIeTrts at the end of the year 18 1,876.093 10.346 The notes on pages 13 to 22 form part of these financial statements Page 12 THE NIRVANA CHARITABLE TRusr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 General information The Nirvana Charitable TrLFSt is a chafity regISte￿d with the Charity Commission For England And Wale5. registration number 1104214. The address of the prlnopal office of the charity is First Urban, Unit 2, 167 Broadhurst Gardens, London. NW6 3AU. The principal objectives of the trust are to support organisations that Improve health. social & urgent ca￿, as well as those who provide food. shelter and protettitsn for a vanety of disadvantaged groups and enhan￿ speaallst educabonal needs as well as supporting artistic and cultural pursults. Accounting policiés 2.1 Basts of prepayatlon of financSal statements The financial statements have been prepared in accordancè with the Chant¢es SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Prattice applicable to ¢harities preparing their accounts in accordance with the Financial Reporting Standard appl¢cable in the UK and Republic of Ireland IFRS 1021 (effecb"ve l January 20191, the Financlal Reporting Standard applicable in the UK and RewblK of Ireland IFRS 1021 and the Charities Art 2011. The financial statements have been p￿pared to oive a 'tnJe arbd fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair, view. This departure has involved following the Charities SORP IFRS 102) published In October 2019 rather than the Accounting and Reporbng by Charities.. Statement of Recommended Prattice effective from l April 2005 which has since been withdrawn. The Nlrvana Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transattion value unless otherwise stated in the relevant accountsng policy. 2.2 Income All income is reco9nised once the charity ha5 entitlement to the income, it is probable that the income will be received and the amount of income ￿CeiVable can be fftea5ured reliably. The recognition of income from legaties is dependent on esta￿¢Shing entitlement. the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of enbtlement to a legacy exssts Y4hen the charity has sufficient evi¢Jence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor Is sarisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legary must be recognised when it is probable that it will be received and the fair value of the amount ￿ceiVable. which will generally be the expected cash amoLtnt to be distributed to the charity, can be ￿liablY measured. Income tax recover3ble in relation to investment income is recogni5ed at the tlme the investment Income is receivable. Page 13 THE NIRVANA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Attounting policiés {continuad) 2.3 EX￿nditUr Expenditure 15 recognÈsed once there is a legal or constnjrtive obligation to transfer economic benefit to a third party. it is probable that a transfer of economic benefits will be ￿qU￿red in settlement and the amount of the oblF9ation can be measured reliably. Expenditu￿ is classified by artivity- The costs of each att¢vity are made up of the total of dI￿rt costs and shared c05t5, including support costs involved in undertaking each attivity. Dirèct costs attributable to a single activity are allocated ¢Jirettiy to that attivity- Sha￿d costs which contribute to rn0￿ than one activity and support costs which are not attributable to a single attivity a￿ apportioned betweén those attivities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation charges allocated on the po￿On of the asset's use. Expenditure on charitable attivits"e5 is incurred on directly undertaklng the attivities which further the charity's oblettives. as well as any aSs￿lated support costs. l expenditure is inclusive of irrecoverablè VAT. 2.4 Interest receivable Inte￿st on fijnds hehl on deposit Is included when receivable arKI the amount can be measured reliably by the charity- thi5 is nomially upon notrficatlon of the inte￿t paid or payablè by the institution with whom the funds are depostted. 2.5 Investments Fixed asset investments are a lomi of financial instrument and are initially recognised at thelf transartion cost and subseouentty measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it 15 measured at cost less tmpairment. Investment gains and losses, whether ￿liSed or unrealised. are corrtrbined and presented a5 'Galns/(Lossesl on investments, in the statement of financial attivitie5. Investments hehy as fixed assets are shown at cost lèss provision for impairment. 2.6 Cash at bank and in hand Cath at bank and in hand includes cash and short-terni highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar aCCOLtnt. 2.7 Liabilities and provisions Liabilities are recognised when the￿ is an obligation at the balance sheet date as a rèsult of a past event. it is probable that a transfer of economic benefit will be ￿Qui￿d in settlement, and the amount of the setttement can be estimated ￿Fiabty. Liabilities are recognised at the amotjnt that the chaiity anticipates it will pay to settle the debt or the amount it has ￿CeIved as advanced payments for the goods or services it myst provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effert of the time value of money is material, the provision is basetl on the present value of those amounts, discounted at the p￿-taX discount rate that refietts the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost. PaJe 14 THE NIRVANA CHARITABLE TRusr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policiés (continu￿) 2.8 Flnancial instrumants The charity only has financk41 assets and h"nancial liabilities of a kind that qualify as basic financial Instruments. Basic financial instruments are inittally recognised at transartion value and subsequently measured at their settlement value with the exception OF bank ltsans which are subsequently measured at afflorbsed cost using the effectsve inte￿t method. 2.9 Fund account5ng General funds are unrestritted funds which are avaiLable ft)r use at the discretion of the trustees in furtheran￿ of the general objectives of the chartr and which have not been designatèd for other purFoses. Investment income, galns and losses are allocated to the appropriate fund. Income from donatlons and legacies Unaudited Total funds 2022 Unrestricted funds 2023 Total funds 2023 Legacles 1.873,059 1,873,059 Invostmttnt intomt Unrestrlcted funds 2023 Total funds 2023 Loss on disposal of investments Bank interest ￿e1Vable Other interest receivable 184.7201 (84,720) 6,362 6,362 215 215 FaÈr value changes in Investment Dividend income 66.343 7,212 66,343 7,212 Total 2023 {4.588) {4,588) Page 15 THE NIRVANA CHARITABLE TRusr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Investment income (continued) Unrestritted Unaudited funds Total funds 2022 2022 Profit on disP05al OF investments Bank Snterest receivab 5,484 Other interest receivablè 12 13,546 6,030 12 Fair value changes rn investment Dividend income 13,546 6,030 Total 2022 25,074 25,074 Activitiés of expÈnditure by expendititre type Unaudited 2022 2023 Donations to insts"tuts"ons Support cost5 Govemance costs 39,720 5,149 4,800 32,850 7,647 49.669 40,497 PaJe 16 THE NIRVANA CHARrrABLE TRusr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Donatlons pald to insti￿tIOnS Unaudited 2022 2023 Marie Curie 1,000 250 Save a Child's Heart Community Security Trust Brit15h Friends of Chatzer Hakodesh Viznitz Loving Classroom Jewish Care Norwood Ravenswood Tèl Aviv University Trust The UCL Glioblastoma Fund 2.500 1,000 1,000 12,500 5,000 1,500 2,500 2,500 loo 3,000 i.soo 25,000 5.000 Royal Free Charity Jewlsh Women's Aio 1500 Unlted Synagogue West London Synagogue of 8ritish Jews Breast Cancer UK Refvgee Action Crackerjacks Child￿n,$ Trust Hatzola Trust Ltd I,soo 520 2,500 200 1,000 39,720 32,850 Analysis of support C05t5 Unaudited 2022 2023 Professional fee5 3, 150 1,875 Investment managemènt tharges Computer costs Accounts and bookkeepino fees Barhk charges 4,28S 158 275 2,615 431 5,149 7,647 Page 17 THE NIRVANA CHARtrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysis of govérnancè costs Unaudited 2022 2023 Audit fees 4,800 Auditor's remuntration Unaudited 2022 2023 Fees payable to the tharity's auditor tor the audit of the tharlty's annual accounts 4,800 10. Avéragè numbor of emplov The average number of persons employe(I by the charity during the year was NIL12022 - NIL). The average number of trustees during the year was 2 {2022 - 2). 11. Trustees. remuneratlon and expenses During the year, no trusteeg received any remunerdtion or other benefits12022 - £NIL). During the year ended 31 March 2023, no trustee expenses have t*en incurred (2022 - £NIL}- Page 18 THE NIRVAP4A CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 12. Fixtd assét investments Othe¥ fixed assèt investments Valuation At l April 2022 Additions 357.611 231,066 (339.279) 66,343 Disposals Revaluations At 31 March 2023 315.741 N•t book value At 31 Marth 2023 315,741 At 31 March 2022 357,611 PaJe 19 THE NIRVANA CHARZTABLE TRusr NOTES TO THE F114ANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 13. Cred5tors: Amounts falling du• within on• yoar UnaudSted 2022 2023 Accruafs 5,900 825 14. FSnancial instruments Unaudited 2022 2023 Financial assets Financial assets measure(l at fair valve through Income and expenditure 1,876,093 10,346 Financial assets measured at fair value through income and expenditure comprise cash at bank. IS. Statement of fund5 Statement of funds- currnnt year Balance at l April 2022 Balance at 31 March 2023 Incomè Ex￿ndit￿re UnrtStricted fund5 General Funds- all funds 367.132 1,868,471 (49,669) 2,185.934 Statoment of funds - prior year Unaudlted Balance at 31 March 2022 Balance at l April 2021 Income Expenditijre Unrestrirted funds General Funds - all funds 382.555 25,074 {40.497) 367.132 PaJe 20 THE NIRVANA CHARITABLE TRusr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 16. Analysis of net assets between fund$ Analysis of net assets b•tweon funds- currertt year Unrestrirted funds 2023 Total funds 2023 Flxed asset irhvestments CU￿nt assets Credltors due wlthln one year 315,741 315.741 1.876,093 1,876,093 15,900) (5,900) Totsl 2.185,934 2,185,934 Analysis of nat assats between funds- prior yur Unaudited Unrestricted fvnds 2022 Unaudited Total hjnds 2022 Fixed asset Invesbments Current assets 357.611 10,346 (825) 357,611 10,346 (8251 Creditors due withtn one year Total 367.132 367,132 17. Reconciliation of net movement in fvnds to net cash flow from operating actlvitles unaudited 2022 2023 Net incomelexpenditure for the year (as per Stètemertt of Fillanaal Activilies) 1,818.802 (15,4231 Adjustments for: (Gainsll105ses on investments Dividends, ￿nte￿$ts and rents from investsments InC￿aSe in creditors 84,720 (7A27) 5,075 {66.343) 15,4841 16,042) 275 Falr value changes In Investment 113,546) Nat cash providéd by/(U￿d in) operating artiviti 1,834,827 140,2201 Page 21 THE NIRVANA CHARThABLE TRusr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 18. Analysis of cash and cash ￿￿1¥alents Unaudited 2022 2023 Cash in hand 1.876,093 10,346 Total tash and cash equivalents 1,876,093 10,346 19. Analysls of changes in nat dabt At31 March 2023 At l April 2022 Cash flows Cash at bank and in hand 10,346 1,86S,747 1,876,093 10,346 1,865,747 1,876,093 PaJe 22