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 2023
for
NES FOUNDATION LTD (A COMPANY LIMITED BY GUARANTEE)
Martin + Heller Chartered Accountants & Statutory Auditor 5 North End Road London NW11 7RJ
NES FOUNDATION LTD
Contents of the Financial Statements for the Year Ended 31 December 2023
| 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 | 17 |
| Detailed Statement of Financial Activities | 18 |
NES FOUNDATION LTD
Report of the Trustees for the Year Ended 31 December 2023
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 2023. 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 statement of Financial Activities shows net deficit for the year of £1,018 (2022: £212,599) and our reserves stand at £7,439,585 (2022: £7,440,603) 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
5 North End Road London NW11 7RJ
Trustees
Mr S Morgenstern Mr N Sheinfeld Mrs R Sheinfeld
Senior Statutory Auditor
Mr A Heller
Page 1
NES FOUNDATION LTD
Report of the Trustees for the Year Ended 31 December 2023
REFERENCE AND ADMINISTRATIVE DETAILS
Auditors
Martin + Heller Chartered Accountants & Statutory Auditor 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;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards 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 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:
-
there is no relevant audit information of which the charitable company's auditors are unaware; and
-
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 10 October 2024 and signed on the board's behalf by:
Mr N Sheinfeld - 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 2023 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 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
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:
-
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
-
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:
-
adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees' remuneration specified by law are not made; or
-
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.
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 & Statutory Auditor 5 North End Road London NW11 7RJ
10 October 2024
Page 5
NES FOUNDATION LTD
Statement of Financial Activities for the Year Ended 31 December 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds 4 Charitable activities 5 Grants to Institutions Support costs Total Net gains on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.12.23 Unrestricted fund £ 162,812 469,932 632,744 342,374 275,784 15,604 633,762 - (1,018) 7,440,603 7,439,585 |
31.12.22 Total funds £ 335,134 446,987 |
|---|---|---|
| 782,121 | ||
| 222,526 446,412 10,584 |
||
| 679,522 | ||
| 110,000 | ||
| 212,599 7,228,004 |
||
| 7,440,603 |
The notes form part of these financial statements
Page 6
NES FOUNDATION LTD
Balance Sheet 31 December 2023
| 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 |
31.12.23 Unrestricted fund £ 9,681 100 9,592,041 9,601,822 51,487 33,285 84,772 (153,033) (68,261) 9,533,561 (2,093,976 ) 7,439,585 7,439,585 7,439,585 |
31.12.22 Total funds £ 9,462 100 9,459,623 9,469,185 28,807 120,185 148,992 (174,160) (25,168) 9,444,017 (2,003,414 ) 7,440,603 7,440,603 7,440,603 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 10 October 2024 and were signed on its behalf by:
Mr N Sheinfeld - Trustee
The notes form part of these financial statements
Page 7
NES FOUNDATION LTD
Cash Flow Statement for the Year Ended 31 December 2023
| 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 Purchase of investment property Sale of investment property Net cash used in investing activities Cash flows from financing activities New loans in year Loan repayments in year Net cash 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 |
31.12.23 £ 127,088 (158,796) (31,708) (3,446) (132,418) - (135,864) 90,562 (9,890) 80,672 (86,900) 120,185 33,285 |
31.12.22 £ 294,324 (85,194) 209,130 (1,065) (383,700) 250,000 (134,765) - 13,336 13,336 87,701 32,484 120,185 |
|---|---|---|
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 2023
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Losses on investments Interest paid (Increase)/decrease in debtors (Decrease)/increase in creditors Net cash provided by operations |
31.12.23 £ (1,018) 3,227 - 158,796 (22,680) (11,237) 127,088 |
31.12.22 £ 212,599 3,154 (110,000) 85,194 1,371 102,006 294,324 |
|---|---|---|
2. ANALYSIS OF CHANGES IN NET DEBT
| At 1.1.23 | Cash flow | At 31.12.23 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 120,185 | (86,900) | 33,285 |
| 120,185 | (86,900) | 33,285 | |
| Debt | |||
| Debts falling due within 1 year | (34,841) | 9,890 | (24,951) |
| Debts falling due after 1 year | (2,003,414 ) | (90,562) | (2,093,976 ) |
| (2,038,255 ) | (80,672) | (2,118,927 ) | |
| Total | (1,918,070 ) | (167,572) | (2,085,642 ) |
The notes form part of these financial statements
Page 9
NES FOUNDATION LTD
Notes to the Financial Statements for the Year Ended 31 December 2023
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 | ||
|---|---|---|
| 31.12.23 | 31.12.22 | |
| £ | £ | |
| Donations | 162,812 | 335,134 |
continued...
Page 10
NES FOUNDATION LTD
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
3. INVESTMENT INCOME
| Rents received 4. RAISING FUNDS Investment management costs Portfolio management Rates & water Legal & professional fees Light & heat Insurance Property repairs Ground rent Finance fees Depreciation Interest payable and similar charges 5. CHARITABLE ACTIVITIES COSTS Grants to Institutions 6. GRANTS PAYABLE Grants to Institutions |
31.12.23 31.12.22 £ £ 469,932 446,987 31.12.23 31.12.22 £ £ 49,734 41,874 6,648 2,610 115 4,280 4,593 2,152 24,482 19,621 89,319 61,841 1,800 1,800 3,660 - 3,227 3,154 158,796 85,194 342,374 222,526 Grant funding of activities (see note 6) £ 275,784 31.12.23 31.12.22 £ £ 275,784 446,412 |
31.12.22 £ 446,987 |
|---|---|---|
| 31.12.22 £ 41,874 2,610 4,280 2,152 19,621 61,841 1,800 - 3,154 85,194 |
||
| 222,526 | ||
| 31.12.22 £ 446,412 |
continued...
Page 11
NES FOUNDATION LTD
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
6. GRANTS PAYABLE - continued
The total grants paid to institutions during the year was as follows:
| Achisomoch Ben Amram Charitable Trust British Friends of Nadvorne Ichud Mosdos Gur Limited Keren Chochmas Shlomo Trust Kollel Viznitz London Live and Learn Mifal Hachesed Vehatzdoko Mifal Tzedoko V'Chesed Limited Mosdot Ohavei Torah Shir Chesed Beis Yisroel Yeshivas Lev Simcha Limited Zlotchiv Donations less than £10,000 |
31.12.23 £ 15,110 31,000 - 26,200 - - 21,000 - 18,000 - 73,650 - 16,000 74,824 275,784 |
31.12.22 £ 18,790 - 10,000 54,000 110,000 11,000 - 18,000 - 41,545 97,110 9,802 11,000 65,165 |
|---|---|---|
| 446,412 |
7. SUPPORT COSTS
Other resources expended
Governance costs £ 15,604
8. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 31.12.23 | 31.12.22 | |
|---|---|---|
| £ | £ | |
| Auditors' remuneration | 2,100 | 2,100 |
| Depreciation - owned assets | 3,227 | 3,154 |
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
continued...
Page 12
NES FOUNDATION LTD
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
10. STAFF COSTS
| The average monthly number of employees during the year was as follows: | |||
|---|---|---|---|
| 31.12.23 | 31.12.22 | ||
| Trustees | 3 | 3 | |
| No employees received emoluments in excess of £60,000. | |||
| 11. | TANGIBLE FIXED ASSETS | ||
| Investment | |||
| property | |||
| fixtures | |||
| & fittings | |||
| £ | |||
| COST | |||
| At 1 January 2023 | 57,078 | ||
| Additions | 3,446 | ||
| At 31 December 2023 | 60,524 | ||
| DEPRECIATION | |||
| At 1 January 2023 | 47,616 | ||
| Charge for year | 3,227 | ||
| At 31 December 2023 | 50,843 | ||
| NET BOOK VALUE | |||
| At 31 December 2023 | 9,681 | ||
| At 31 December 2022 | 9,462 | ||
| 12. | FIXED ASSET INVESTMENTS | ||
| Shares in | |||
| group | |||
| undertakings | |||
| £ | |||
| MARKET VALUE | |||
| At 1 January 2023 and 31 December 2023 | 100 | ||
| NET BOOK VALUE | |||
| At 31 December 2023 | 100 | ||
| At 31 December 2022 | 100 | ||
| There were no investment assets outside the UK. |
The investment represent share capital in Merryhall Limited, which was dormant throughout the year.
continued...
Page 13
NES FOUNDATION LTD
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
13. INVESTMENT PROPERTY
| FAIR VALUE At 1 January 2023 Additions At 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 Fair value at 31 December 2023 is represented by: Valuation in 2016 Cost 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors Prepayments and accrued income 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 17) VAT Other creditors Accrued expenses |
31.12.23 £ 38,705 12,782 51,487 31.12.23 £ 24,951 942 112,830 14,310 153,033 |
£ 9,459,623 132,418 |
£ 9,459,623 132,418 |
|---|---|---|---|
| 9,592,041 | |||
| 9,592,041 | |||
| 9,459,623 | |||
| £ 238,226 9,353,815 |
|||
| 9,592,041 | |||
| 31.12.22 £ 17,492 11,315 28,807 31.12.22 £ 34,841 666 126,653 12,000 |
|||
| 174,160 |
continued...
Page 14
NES FOUNDATION LTD
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Bank loans (see note 17) 17. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loans Amounts falling due between two and five years: Bank loans - 2-5 years Amounts falling due in more than five years: Repayable otherwise than by instalments: Bank loans more 5 yrs non-inst 18. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS |
At 1.1.23 £ 7,440,603 7,440,603 Incoming resources £ 632,744 632,744 |
31.12.23 £ 2,093,976 31.12.23 £ 24,951 48,222 2,045,754 Net movement in funds £ (1,018) (1,018) Resources expended £ (633,762) (633,762) |
31.12.22 £ 2,003,414 31.12.22 £ 34,841 - 2,003,414 At 31.12.23 £ 7,439,585 7,439,585 Movement in funds £ (1,018) (1,018) |
|---|---|---|---|
Page 15
continued...
NES FOUNDATION LTD
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
18. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.1.22 £ Unrestricted funds General fund 7,228,004 TOTAL FUNDS 7,228,004 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 782,121 (679,522) TOTAL FUNDS 782,121 (679,522) |
Net movement in funds £ 212,599 212,599 Gains and losses £ 110,000 110,000 |
At 31.12.22 £ 7,440,603 |
At 31.12.22 £ 7,440,603 |
|
|---|---|---|---|---|
| 7,440,603 | ||||
| Movement in funds £ 212,599 212,599 |
||||
| 212,599 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.1.22 £ 7,228,004 7,228,004 |
Net movement in funds £ 211,581 211,581 |
At 31.12.23 £ 7,439,585 |
|---|---|---|---|
| 7,439,585 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming Resources resources expended £ £ Unrestricted funds General fund 1,414,865 (1,313,284 ) TOTAL FUNDS 1,414,865 (1,313,284 ) |
Gains and Movement losses in funds £ £ 110,000 211,581 110,000 211,581 |
Gains and Movement losses in funds £ £ 110,000 211,581 110,000 211,581 |
|---|---|---|
| 211,581 |
Page 16
continued...
NES FOUNDATION LTD
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
19. RELATED PARTY DISCLOSURES
£162,512 (2022: £334,698) was donated to the charity from companies, of which the Trustees are Directors.
Page 17
NES FOUNDATION LTD
Detailed Statement of Financial Activities for the Year Ended 31 December 2023
| Detailed Statement of Financial Activities for the Year Ended 31 December 2023 |
||
|---|---|---|
| 31.12.23 | 31.12.22 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 162,812 | 335,134 |
| Investment income | ||
| Rents received | 469,932 | 446,987 |
| Total incoming resources | 632,744 | 782,121 |
| EXPENDITURE | ||
| Investment management costs | ||
| Portfolio management | 49,734 | 41,874 |
| Rates & water | 6,648 | 2,610 |
| Legal & professional fees | 115 | 4,280 |
| Light & heat | 4,593 | 2,152 |
| Insurance | 24,482 | 19,621 |
| Property repairs | 89,319 | 61,841 |
| Ground rent | 1,800 | 1,800 |
| Finance fees | 3,660 | - |
| Depreciation of tangible fixed assets | 3,227 | 3,154 |
| Bank interest | 158,796 | 85,194 |
| 342,374 | 222,526 | |
| Charitable activities | ||
| Grants to institutions | 275,784 | 446,412 |
| Support costs | ||
| Governance costs | ||
| Auditors' remuneration | 2,100 | 2,100 |
| Bank charges | 500 | 411 |
| Accountancy fees | 4,200 | 4,200 |
| Legal fees | 8,804 | 3,873 |
| 15,604 | 10,584 | |
| Total resources expended | 633,762 | 679,522 |
| Net (expenditure)/income before gains and | ||
| losses | (1,018) | 102,599 |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on investment property | - | 110,000 |
| Net (expenditure)/income | (1,018) | 212,599 |
This page does not form part of the statutory financial statements
Page 18