REGISTERED COMPANY NUMBER: 05622994 (England and Wales) REGISTERED CHARITY NUMBER: 1116612
Report of the Trustees and
Audited Financial Statements for the Year Ended 31 December 2021
for
NES FOUNDATION LTD
Martin + Heller Chartered Accountants Registered Auditors 5 North End Road London NW11 7RJ
NES FOUNDATION LTD
Contents of the Financial Statements for the Year Ended 31 December 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Report of the Independent Auditors | 3 | to | 5 |
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | ||
| Cash Flow Statement | 8 | ||
| Notes to the Cash Flow Statement | 9 | ||
| Notes to the Financial Statements | 10 | to | 16 |
| Detailed Statement of Financial Activities | 17 |
NES FOUNDATION LTD
Report of the Trustees for the Year Ended 31 December 2021
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 December 2021. 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 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The main objects of the charity are the relief of poverty, furtherance of the Jewish religious faith and education. This has been achieved by granting funds to UK Charities, who fulfill the above criteria .
Public benefit
In setting the charity's objectives the Trustees have given careful consideration to the Charity Commission's guidance on public benefit.
STRATEGIC REPORT
Reserves policy
The present level of reserves is adequate to support the continuation of our activities and the trustees consider the financial position of the Charity to be satisfactory.
The outbreak of the COVID-19 during 2020 has presented risks which are beyond the control of the charity and represents uncertainty to the revenue and valuation of its assets which cannot presently be quantified. The trustees are able to control the charity's grant making and as such the trustees believe the charity will continue as a going concern.
The statement of Financial Activities shows net deficit for the year of £51,777 (2020: £28,680 net surplus) and our reserves stand at £7,228,004 (2020: £7,279,781) in total.
Future plans
There are no significant future developments to report.
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.
Risk management
The Trustees have examined the main investment risks to which the Charity is exposed to and is satisfied that systems are in place to mitigate such risks.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
05622994 (England and Wales)
Registered Charity number
1116612
Registered office
Trustees
Mr S Morgenstern Mr N Sheinfeld Mrs R Sheinfeld
Company Secretary
Mrs R Morgenstern
Senior Statutory Auditor
Mr A Heller
Page 1
NES FOUNDATION LTD
Report of the Trustees for the Year Ended 31 December 2021
REFERENCE AND ADMINISTRATIVE DETAILS
Auditors
Martin + Heller Chartered Accountants Registered Auditors 5 North End Road London NW11 7RJ
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Nes Foundation Ltd 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
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company 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 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.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Martin + Heller, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 28 October 2022 and signed on the board's behalf by:
Mr S Morgenstern - Trustee
Page 2
Report of the Independent Auditors to the Members of Nes Foundation Ltd
Opinion
We have audited the financial statements of Nes Foundation Ltd (the 'charitable company') for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 31 December 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Page 3
Report of the Independent Auditors to the Members of Nes Foundation Ltd
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary 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 assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our audit will determine materiality and assess the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud.
Our audit procedures are designed to respond to risks of material misstatement in the financial statements, recognizing that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one result from error, as fraud may involve deliberate concealment by, for example forgery, misrepresentations or through collusion.
We did not identify any key audit matters relating to irregularities, including fraud.
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.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Page 4
Report of the Independent Auditors to the Members of Nes Foundation Ltd
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Mr A Heller (Senior Statutory Auditor) for and on behalf of Martin + Heller Chartered Accountants Registered Auditors 5 North End Road London NW11 7RJ
28 October 2022
Page 5
NES FOUNDATION LTD
Statement of Financial Activities for the Year Ended 31 December 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds 4 Charitable activities 5 Grants to Institutions Grants to Individuals Support costs Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.12.21 Unrestricted fund £ 105,590 476,018 581,608 185,790 438,744 - 8,851 633,385 (51,777) 7,279,781 7,228,004 |
31.12.20 Total funds £ 99,661 473,921 |
|---|---|---|
| 573,582 196,125 335,806 5,700 7,271 |
||
| 544,902 | ||
| 28,680 7,251,101 |
||
| 7,279,781 |
The notes form part of these financial statements
Page 6
NES FOUNDATION LTD
Balance Sheet 31 December 2021
| Notes FIXED ASSETS Tangible assets 11 Investments Investments 12 Investment property 13 CURRENT ASSETS Debtors 14 Cash at bank CREDITORS Amounts falling due within one year 15 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 16 NET ASSETS FUNDS 18 Unrestricted funds TOTAL FUNDS |
31.12.21 Unrestricted fund £ 11,551 100 9,215,923 9,227,574 30,178 32,484 62,662 (81,800) (19,138) 9,208,436 (1,980,432 ) 7,228,004 7,228,004 7,228,004 |
31.12.20 Total funds £ 13,610 100 9,215,923 9,229,633 198,124 64,857 262,981 (230,093) 32,888 9,262,521 (1,982,740 ) 7,279,781 7,279,781 7,279,781 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 28 October 2022 and were signed on its behalf by:
Mr S Morgenstern - Trustee
The notes form part of these financial statements
Page 7
NES FOUNDATION LTD
Cash Flow Statement for the Year Ended 31 December 2021
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash (used in)/provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Sale of fixed asset investments Net cash used in investing activities Cash flows from financing activities New loans in year Loan repayments in year Net cash (used in)/provided by financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
31.12.21 £ 39,105 (61,866) (22,761) (1,792) - (1,792) - (7,820) (7,820) (32,373) 64,857 32,484 |
31.12.20 £ 72,477 (64,717) 7,760 (4,432) 100 (4,332) 50,000 (9,800) 40,200 43,628 21,229 64,857 |
|---|---|---|
The notes form part of these financial statements
Page 8
NES FOUNDATION LTD
Notes to the Cash Flow Statement for the Year Ended 31 December 2021
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| OPERATING ACTIVITIES | |||
|---|---|---|---|
| 31.12.21 | 31.12.20 | ||
| £ | £ | ||
| Net (expenditure)/income for the reporting period (as per the | |||
| Statement of Financial Activities) | (51,777) | 28,680 | |
| Adjustments for: | |||
| Depreciation charges | 3,850 | 4,537 | |
| Interest paid | 61,866 | 64,717 | |
| Decrease/(increase) in debtors | 167,946 | (33,437) | |
| (Decrease)/increase in creditors | (142,780) | 7,980 | |
| Net cash provided by operations | 39,105 | 72,477 | |
| ANALYSIS OF CHANGES IN NET DEBT | |||
| At 1.1.21 | Cash flow | At 31.12.21 | |
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 64,857 | (32,373) | 32,484 |
| 64,857 | (32,373) | 32,484 | |
| Debt | |||
| Debts falling due within 1 year | (50,000) | 5,513 | (44,487) |
| Debts falling due after 1 year | (1,982,740 ) | 2,308 | (1,980,432 ) |
| (2,032,740 ) | 7,821 | (2,024,919 ) | |
| Total | (1,967,883 ) | (24,552) | (1,992,435 ) |
2. ANALYSIS OF CHANGES IN NET DEBT
The notes form part of these financial statements
Page 9
NES FOUNDATION LTD
Notes to the Financial Statements for the Year Ended 31 December 2021
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 2019)', 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, with the exception of investments which are included at market value.
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.
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
The trustees have allocated all the support cost to the charities sole activity, namely 'Grants to Institutions'.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Investment property fixtures & fittings - 25% on reducing balance
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from corporation tax on its charitable activities.
2. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| Donations | 105,590 | 99,661 |
continued...
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NES FOUNDATION LTD
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
3. INVESTMENT INCOME
| Rents received Other Income 4. RAISING FUNDS Investment management costs Portfolio management Rates & water Legal & professional fees Light & heat Insurance Property repairs Ground rent Depreciation Interest payable and similar charges 5. CHARITABLE ACTIVITIES COSTS Grants to Institutions 6. GRANTS PAYABLE Grants to Institutions Grants to Individuals |
31.12.21 31.12.20 £ £ 456,479 473,921 19,539 - 476,018 473,921 31.12.21 31.12.20 £ £ 45,522 48,621 547 660 1,158 1,282 1,993 2,655 17,041 11,202 52,013 60,651 1,800 1,800 3,850 4,537 61,866 64,717 185,790 196,125 Grant funding of activities (see note 6) £ 438,744 31.12.21 31.12.20 £ £ 438,744 335,635 - 5,700 438,744 341,335 |
31.12.20 £ 473,921 - |
|---|---|---|
| 473,921 | ||
| 31.12.20 £ 48,621 660 1,282 2,655 11,202 60,651 1,800 4,537 64,717 |
||
| 196,125 | ||
| 31.12.20 £ 335,635 5,700 |
||
| 341,335 |
continued...
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NES FOUNDATION LTD
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
6. GRANTS PAYABLE - continued
The total grants paid to institutions during the year was as follows:
| Achisomoch Ben Amram Charitable Trust Binyen Torah Limited Care All Limited Chasdei Sorele College for Higher Rabbinical Studies Edupoor Limited Friends of Yeshivas Daas Sholem Shotz Ichud Mosdos Gur Limited Keren Chochmas Shlomo Trust Keren Hatzolas Doros Alei Siach Kollel Torah Veyirah Limited Kollel Veyoel Moshe Kollel Viznitz London Live and Learn Mifal Hachesed Vehatzdoko Sheves Achim Reception Trust Shir Chesed Beis Yisroel Start Upright Support The Charity Worker Yeshiva Gedolah Veyirah Seven Oaks Limited Zlotchiv Donations less than £10,000 |
31.12.21 £ 15,000 10,000 - 35,000 11,000 - - 15,000 30,000 49,000 18,000 - - 10,000 12,000 10,000 - 101,100 10,000 21,000 10,000 22,000 59,644 438,744 |
31.12.20 £ - - 10,000 27,000 - 10,000 20,000 - 26,000 - 74,500 10,000 11,000 - - - 61,035 - - - - - 86,100 |
|---|---|---|
| 335,635 |
7. SUPPORT COSTS
| SUPPORT COSTS | ||
|---|---|---|
| Governance | ||
| costs | ||
| £ | ||
| Other resources expended | 8,851 | |
| NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | ||
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| Auditors' remuneration | 2,100 | 2,100 |
| Depreciation - owned assets | 3,851 | 4,536 |
8. NET INCOME/(EXPENDITURE)
continued...
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NES FOUNDATION LTD
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
10. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 31.12.21 | 31.12.20 | ||
|---|---|---|---|
| Trustees | 3 | 3 | |
| No employees received emoluments in excess of £60,000. | |||
| 11. | TANGIBLE FIXED ASSETS | ||
| Investment | |||
| property | |||
| fixtures | |||
| & fittings | |||
| £ | |||
| COST | |||
| At 1 January 2021 | 54,221 | ||
| Additions | 1,792 | ||
| At 31 December 2021 | 56,013 | ||
| DEPRECIATION | |||
| At 1 January 2021 | 40,611 | ||
| Charge for year | 3,851 | ||
| At 31 December 2021 | 44,462 | ||
| NET BOOK VALUE | |||
| At 31 December 2021 | 11,551 | ||
| At 31 December 2020 | 13,610 | ||
| 12. | FIXED ASSET INVESTMENTS | ||
| Shares in | |||
| group | |||
| undertakings | |||
| £ | |||
| MARKET VALUE | |||
| At 1 January 2021 and 31 December 2021 | 100 | ||
| NET BOOK VALUE | |||
| At 31 December 2021 | 100 | ||
| At 31 December 2020 | 100 |
There were no investment assets outside the UK.
continued...
Page 13
NES FOUNDATION LTD
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
12. FIXED ASSET INVESTMENTS - continued
The investment represent share capital in Merryhall Limited, which was dormant throughout the year.
13. INVESTMENT PROPERTY
| FAIR VALUE At 1 January 2021 and 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.21 £ Other debtors 18,365 Prepayments and accrued income 11,813 30,178 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.21 £ Bank loans and overdrafts (see note 17) 44,487 VAT 666 Other creditors 24,047 Accrued expenses 12,600 81,800 16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.12.21 £ Bank loans (see note 17) 1,980,432 17. LOANS An analysis of the maturity of loans is given below: 31.12.21 £ Amounts falling due within one year on demand: Bank loans 44,487 Amounts falling due in more than five years: Repayable otherwise than by instalments: Bank loans more 5 yrs non-inst 1,980,432 |
£ 9,215,923 |
£ 9,215,923 |
|---|---|---|
| 9,215,923 | ||
| 9,215,923 | ||
| 31.12.20 £ 186,137 11,987 198,124 31.12.20 £ 50,000 477 168,756 10,860 230,093 31.12.20 £ 1,982,740 |
31.12.20 £ 186,137 11,987 |
|
| 198,124 | ||
| 31.12.20 £ 50,000 477 168,756 10,860 |
||
| 230,093 | ||
| 31.12.20 £ 50,000 |
||
| 1,982,740 |
continued...
Page 14
NES FOUNDATION LTD
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
18. MOVEMENT IN FUNDS
| At 1.1.21 £ Unrestricted funds General fund 7,279,781 TOTAL FUNDS 7,279,781 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 581,608 TOTAL FUNDS 581,608 Comparatives for movement in funds At 1.1.20 £ Unrestricted funds General fund 7,251,101 TOTAL FUNDS 7,251,101 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 573,582 TOTAL FUNDS 573,582 |
Net movement in funds £ (51,777) (51,777) Resources expended £ (633,385) (633,385) Net movement in funds £ 28,680 28,680 Resources expended £ (544,902) (544,902) |
At 31.12.21 £ 7,228,004 7,228,004 Movement in funds £ (51,777) (51,777) At 31.12.20 £ 7,279,781 7,279,781 Movement in funds £ 28,680 28,680 |
|
|---|---|---|---|
Page 15
continued...
NES FOUNDATION LTD
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
18. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.1.20 £ 7,251,101 7,251,101 |
Net movement in funds £ (23,097) (23,097) |
At 31.12.21 £ 7,228,004 |
|---|---|---|---|
| 7,228,004 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 1,155,190 | (1,178,287 ) | (23,097) |
| TOTAL FUNDS | 1,155,190 | (1,178,287 ) | (23,097) |
19. RELATED PARTY DISCLOSURES
£105,590 (2020: £95,311) was donated to the charity from companies, of which the Trustees are Directors.
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NES FOUNDATION LTD
Detailed Statement of Financial Activities for the Year Ended 31 December 2021
| Detailed Statement of Financial Activities for the Year Ended 31 December 2021 |
||
|---|---|---|
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 105,590 | 99,661 |
| Investment income | ||
| Rents received | 456,479 | 473,921 |
| Other Income | 19,539 | - |
| 476,018 | 473,921 | |
| Total incoming resources | 581,608 | 573,582 |
| EXPENDITURE | ||
| Investment management costs | ||
| Portfolio management | 45,522 | 48,621 |
| Rates & water | 547 | 660 |
| Legal & professional fees | 1,158 | 1,282 |
| Light & heat | 1,993 | 2,655 |
| Insurance | 17,041 | 11,202 |
| Property repairs | 52,013 | 60,651 |
| Ground rent | 1,800 | 1,800 |
| Depreciation of tangible fixed assets | 3,850 | 4,537 |
| Bank interest | 61,866 | 64,717 |
| 185,790 | 196,125 | |
| Charitable activities | ||
| Grants to institutions | 438,744 | 335,635 |
| Grants to individuals | - | 5,700 |
| 438,744 | 341,335 | |
| Support costs | ||
| Governance costs | ||
| Auditors' remuneration | 2,100 | 2,100 |
| Bank charges | 858 | 922 |
| Accountancy fees | 4,200 | 4,200 |
| Legal fees | 1,693 | 220 |
| 8,851 | 7,442 | |
| Total resources expended | 633,385 | 544,902 |
| Net (expenditure)/income | (51,777) | 28,680 |
This page does not form part of the statutory financial statements
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