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← Neko Trust

2024-12-31-accounts

NEKO TRUST

Trustees Report and Unaudited Accounts

31 December 2024

Company Limited by Guarantee

Registration Number 05498101 (England and Wales)

Charity Registration Number 1112141

NEKO TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Ms C M Ward
Mr G Rowe
Charity Registration Number 1112141
Company Registration Number 05498101 (England and Wales)
Company Secretary Ms C M Ward
Registered office and Belgrave House
Principal address 39-43 Monument Hill
Weybridge
Surrey
KT13 8RN
Bankers NatWest Bank
66-68 St John’s Road
Clapham Junction
London
SW11 1PB
Independent Examiners Ward Williams
Belgrave House
39-43 Monument Hill
Weybridge
Surrey
KT13 8RN

NEKO TRUST

CONTENTS

Page
Trustees’ report 1 - 7
Independent examiner’s report 8
Statement of financial activities 9
Balance sheet 10
Notes to the accounts 11 - 18

NEKO TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees, who are also directors for the purposes of the Companies Act 2006, have pleasure in presenting their report and financial statements of NEKO Trust for the period ended 31 December 2024. The report has been prepared in accordance with Part 8 of the Charities Act 2011, and constitutes a directors' report for the purpose of company legislation.

The Trustees confirm that the annual report and financial statements of the company have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document:

NEKO Trust (NEKO) is a company limited by guarantee (company registration number 05498101) and has no share capital. It is registered for charitable purposes with the Charity Commission (charity registration number 1112141). In the event of the charity being wound up, the liability guaranteed by each member is £1.

Organisational Structure:

A board of Trustees, which convenes quarterly, administers the charity and takes overall responsibility for matters of governance, charitable purpose and risk management. A Chief Executive Officer (CEO), appointed by the Trustees, has delegated authority to manage day-today operations and to develop and propose the Trust’s policies, strategy and artistic vision for consideration and approval by the Trustees. A Finance Subcommittee meets quarterly.

The CEO is responsible to the Board and, on a day to day basis, to the Chair. Other staffing appointments are made by the CEO with input from the Trustees, where needed. The Trustees determine the remuneration of the CEO. Remuneration of other roles are determined by the CEO, within the overall budget approved by the Trustees.

Recruitment and appointment of new Trustees:

The Board recruits Trustees on the basis of the qualities, skills, competencies and experience which the Trustees from time to time determine are required to ensure the effective management of the charity; an annual skills audit of Trustees is undertaken.

As set out in the Articles of Association, the Chair of the Trustees is elected by the board of Trustees. The remaining Trustees (a maximum of 9) are elected by the members of the charitable company. These Trustees have the power to co-opt further members to fill specialist roles up until the next AGM.

NEKO TRUST

TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (Continued)

Recruitment and appointment of new Trustees:

Upon a Trustee’s appointment, the Trustee is invited to an induction briefing in order to give them a detailed overview of the Charity’s aims and objectives. Training is available for all board members in order to assist them in performing their duties as Trustee. This is available on request and authorised by the Board of Trustees where a skills gap is identified.

Directors and Trustees

All directors of the company are also Trustees of the charity and there are no other Trustees.

The Trustees who served during the period and to the date of signing were:-

Ms C M Ward Mr G Rowe

Related Parties

Transactions with related parties during the period have been disclosed in the financial statements (see note 12).

OBJECTIVES AND ACTIVITIES

Charitable Objects

The charitable company is governed by its Memorandum and Articles of Association.

The object of the charity is the promotion of general charitable purposes beneficial to the general public, both within the United Kingdom and overseas, by such exclusively charitable means as the Trustees shall from time to time determine.

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities.

Strategic Priorities

The Trust’s strategic priority this year was to generate rental income following the loss of its longterm base in Wandsworth. This period of consolidation enabled reflection and realignment of priorities to ensure they remain consistent with our Mission, Vision, Values and Aims.

Operations have continued from our new creative hub in Wimbledon, with Glen Rowe maintaining the CEO position until future expansion supports further leadership appointments.

NEKO TRUST

TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024

OBJECTIVES AND ACTIVITIES (Continued)

Vision, Mission, Aims and Values of the Charity were as follows:

Vision

Mission

Our Aims

Our Values

NEKO TRUST

TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024

OBJECTIVES AND ACTIVITIES (Continued)

Objectives

Achievements and Performance

Key achievements during the year included:

NEKO TRUST

TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024

OBJECTIVES AND ACTIVITIES (Continued)

The Trust continues to benefit from strong industry connections, including Domino Records, Production Services Association (PSA), Kyoto Music Management, Gallowglass, KB Events, Global Motion, Podd Sound, Shure, SW19 Studios, and others.

Volunteers and Grant-Making

The Trust did not engage in volunteer contributions or grant-making activity during the year.

Plans for the Future

In the year ahead, the Trustees intend to:

NEKO TRUST

TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024

FINANCIAL REVIEW

Reserves policy

The Trustees have examined the charity's reserves which show reserves available at the balance sheet date have increased to a negative balance of £17,088 (2023: negative £28,417). The Trustees are very aware that this position needs to improve, and the level of reserves held will be continuously monitored and reviewed annually by the Trustees at the AGM.

NEKO has operated with solid financial management this year. The organisation has a strategy in place to broaden its income base and is now proactively fundraising for its future plans as well as to ensure it maintains adequate free reserves.

Going concern, principal risks and uncertainties and forward financial position

The trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the forthcoming twelve months. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

An organisational risk register is reviewed annually. This continues to identify major financial and non-financial risks faced by the organisation and how they will be suitably managed.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees (who are also the directors of NEKO Trust for the purposes of company law) 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).

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

In preparing those financial statements, the Trustees are required to:

NEKO TRUST

TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF TRUSTEES’ RESPONSIBILITIES (Continued)

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Each of the Trustees confirms that, so far as the trustee is aware, there is no relevant information of which the charitable company’s independent examiner is unaware.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the Trustees on …………….. and signed on their behalf by:

Glen Rowe Director

NEKO TRUST

INDEPENDENT EXAMINER’S REPORT

TO THE TRUSTEES OF NEKO TRUST FOR YEAR ENDED 31 DECEMBER 2024

I report to the trustees on my examination of the accounts of the company for the year ended 31 December 2024 which are set out on pages 9 to 18.

Responsibilities and basis of report

As the charity 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 for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’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 material matters have come to my attention which gives me cause to believe that in any material respect:

  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 Charities SORP (FRS102).

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.

………………………… …………………………….. Colin Hamilton (ACCA) Ward Williams Chartered Accountants

Belgrave House 39-43 Monument Hill Weybridge Surrey, KT13 8RN

NEKO TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024

INCOME FROM:
Charitable activities
Income from trading activities
TOTAL INCOME
EXPENDITURE ON:
Costs of raising funds
Expenditure on charitable
activities
TOTAL EXPENDITURE
NET
INCOME/(EXPENDITURE)
FOR THE YEAR
Total fund at 1 January 2024
FUND BALANCES AT 31
DECEMBER 2024
Notes
2
3
3
4
13
Unrestricted
Funds
£
48,373
17,200

65,573

13,030
41,214
(54,244)
11,329
(28,417)
(17,088)
Restricted
Funds
£
-
-

-

-
-

-

-
-

-

Total Funds
2024
£
48,373
17,200

65,573

13,030
41,214

(54,244)

11,329
(28,417)

(17,088)
 Total
Funds
2023
£
29,517
1,000

30,517

17,175
76,127

(93,302)

(62,785)
34,368

(28,417)

The statement of financial activities includes all gains and losses recognised this year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

NEKO TRUST

BALANCE SHEET AS AT 31 DECEMBER 2024

FIXED ASSETS
Tangible assets
CURRENT ASSETS
Debtors
Cash at bank and in hand
CREDITORS: Amounts falling due within
one year
NET CURRENT ASSETS
NET ASSETS
CHARITY FUNDS
Unrestricted income funds
TOTAL CHARITY FUNDS
Notes
9
10
11
13





 7,054
2,341

9,395
(27,136)

2024
£
653
(17,741)

(17,088)

(17,088)

(17,088)
 2023
£
871
1,948
3,927

5,875
(35,163)
(29,288)

(28,417)

(28,417)
(28,417)

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board for issue on ……………………..

Glen Rowe Director Company registration number: 05498101

NEKO TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES

Charity information

NEKO Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Belgrave House, 39-43 Monument Hill, Weybridge, Surrey, KT13 8RN.

1.1 Basis of preparation of financial statements

The accounts have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

NEKO Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The principal accounting policies adopted are set out below.

1.2 Going Concern

At the time of approving the accounts, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future.

Although the charity is showing negative fund balances at the year end, the Trustees have plans in place to increase income from donations and charitable activities, as explained in the Trustee’s report.

Based on the above, the Trustees believe it remains appropriate to prepare the accounts on a going concern basis. The accounts do not include any adjustments that would result from the basis of preparation being inappropriate.

NEKO TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024

ACCOUNTING POLICIES (CONTINUED)

1.3

Incoming resources

All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and it is probable that the income will be received and the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

1.4 Resources expended

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 period end date are noted as a commitment but not accrued as expenditure.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity and are allocated proportionally to actual functional direct costs.

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

1.5 Taxation

The charity is exempt from corporation tax on its charitable activities.

NEKO TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024

ACCOUNTING POLICIES (CONTINUED)

1.6

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.

1.7 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Fixtures, Fittings & Equipment 25% WDV

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic Financial Assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic Financial Liabilities

Basic financial liabilities, including creditors are recognised at transaction price.

De-recognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

14 .

NEKO TRUST

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

2. CHARITABLE ACTIVITIES

Rental income
Miscellaneous Income		 2024
£
33,640
14,733
48,373
 2023
£
10,142
19,375

29,517

3. INCOME EARNED FROM OTHER ACTIVITIES

Turnover
Cost of sales
Administration costs
Depreciation
Staff costs
Interest payable
Expenditure (sub-total)
Net profit / (loss)
2024
£
17,200
(4,260)
(7,076)
(57)
(1,500)
(137)

(13,030)

4,170		 2023
£
1,000
(448)
(1,093)
(10)
(15,624)
-

(17,175)

(16,175)

Income earned from other activities is from the rental of rehearsal and storage space in excess of the short term needs of the charity.

4. EXPENDITURE ON CHARITABLE ACTIVITIES

Charitable Expenditure
Neko Academy
Premises costs
Governance costs
Direct
Staff
Costs
£
1,500
-
-

1,500

Other
Direct
Costs
£
1,374
11,977
6,462

19,813

 Support
Costs
£
19,901
-
-
19,901









 Total
2024
£
22,775
11,977
6,462

41,214


Total
2023
£
58,011
13,236
4,880

76,127

NEKO TRUST

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

5. SUPPORT COSTS

Promotional, marketing & website
Insurance
Travel
Marketing & outreach support
Miscellaneous
Subscriptions
Consultancy
Loss on disposal of asset
Fund
Raising
£
-
118
-
1,049
11
127
5,771
-

7,076

Neko
Academy
£
-
330
-
2,951
32
359
16,229
-

19,901

Total
2024
£
-
448
-
4,000
43
486
22,000
-

26,977
 Total
2023
£
1,061
652
251
-
37
420
18,800
12,143

33,364

6. GOVERNANCE COSTS

Accountancy fees
Other costs
Restricted
Funds
2024
£
-
-

-

Un-
restricted
Funds
2024
£
6,462
-

6,462
 Total
2024
£
6,462
-

6,462
 Total
2023
£
4,200
680

4,880

Governance costs include £4,200 (2023: £4,200) regarding fees payable to the Independent Examiner (exclusive of VAT).

NEKO TRUST

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

7. NET INCOME / (EXPENDITURE)

This is stated after charging:

Depreciation of tangible fixed assets 2024
£
218
 2023
£
291

8. EMPLOYEES

Staff costs were as follows:

Wages and salaries
Social security costs
Pension costs		 2024
£
3,000
-
-

3,000
 2023
£
27,713
3,205
330

31,248

The average number of full-time equivalent employees during the year was as follows:

Employees
2024
Number
-
 2023
Number
2

No employee received remuneration amounting to more than £60,000 in either year.

NEKO TRUST

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

9.
TANGIBLE FIXED ASSETS
COST
At 1 January 2024
Additions during year
Disposals during the year
At 31 December 2024
DEPRECIATION
At 1 January 2024
Charge for the year
Depreciation on disposal
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023
Furniture,
Fittings and
Equipment
£
4,456
-
-

4,456

3,585
218
-

3,803

653

871

10.
DEBTORS
Rents receivable
Prepayments and accrued income
2024
£
7,054
-

7,054
 Total
£
4,456
-
-
4,456
3,585
218
-

3,803
653

871
 Total
£
4,456
-
-
4,456
3,585
218
-

3,803
653

871
2023
£
1,500
448

1,948

NEKO TRUST

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

11.
CREDITORS: Amounts falling due within one year
Trade creditors
Accruals and deferred income
Taxation and social security
2024
£
20,698
6,300
138

27,136
 2023
£
22,698
7,700
4,765

35,163

12. RELATED PARTIES

Trustees

The following amounts were received from the charity to trustees for services, during the year:

• Ms C M Ward £nil (2023: £2,000) • Mr G Rowe £22,000 (2023: £16,800)

Controlling party

The charity is controlled jointly by the trustees. There is no ultimate controlling party.

13. RESERVES

ESERVES
At Incoming Resources At
01.01.24 resources expended 31.12.24
£ £ £ £
Unrestricted funds
General fund (28,417) 65,573 (54,244) (17,088)

(28,417)
65,573
(54,244)
(17,088)