NICK JENKINS FOUNDATION (a Company Limited by Guarantee) REPORT AND UNAUDITED ACCOUNTS YEAR ENDED 31 MARCH 2024 Charity number: 1135565
NICK JENKINS FOUNDATION INDEX Year ended 31 March 2024 Page Report of the Trustees including directors réport Independent Examiners, report Stslement of financial activilies (including income and expenditura account) Balance sheet Notes to the financial statements
NICK JENKINS FOUNDATION REPOR T OF THE TRUSTEES Year ended 31 March 2024 The Trustees present their report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out on page 7 and 8, wilh the Companies Act 2006 and the Accounting and Reporting by Chariti8s.' Statemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). The Nick Jenkins Foundation is a company limited by guarantee and became a registered charity on le April 2010. Structurei governance and management The names of the directors who served throughout the year are ststed on page 3. The directors of the comp8ny are also charity Trustees for the purposes of Charity law. The liability of each guarantor in the event of a winding up is limited to £1. At 31 March 2024 there were three guarantors, N D Jenkins, A C Jenkins and R C Rafferty. The Nick Jenkins Foundation is governed by a board of Trustees who meet quarterly to discuss the charity's strategy, including grant making, investment, risk management, policies and performance. The board currently consists of three Trustees listed as directors on pag8 3. New members of this board will be selected and appointed by existing Trustees. New Trustees are provKled with guidance as to their responsibilitie8 from existing Trustee8, The Nick Jenkins Foundation is governed by Memorandum and Articles of Association dated 5 March 2010. Application of income of Ihe charity is limited to the promotion of its objects. Decisions are made by simple majority of votes cast at a meeting of the Trustees. ObJoGt• and a¢tivlti•$ for tho public bon•flt Thè Nick Jenkins Foundation is a grant giving charity fundèd Éntirely by Nick Jenkins, the charity's Founder and Chair of Trustees. The charity's main object is the improvement of health, education and welfare of children In Ihe UK and worldwide although a proportion of the funds are used to support other causes as determined by the Trustees from time to lime, The Nick Jenkins Foundation actively seeks projects to fund and does not accept unsolicited applications for grants. The policy of the charity is to continue to apply the Unrestricted Funds for general charitable purposes in furtherance of the main objective and to make available the Expendable Endowment Funds to ischool Africa for the provision of education and to empower teachers and students by giving them access to the world's mosl advanced educational technology and classroom practices. The Trustees, having regard to the Public Benefit Guidanc8 published by the Charity Commission in accordance with section 17 of The Charities Act 2011, consider that Ihe purpose and activities of the Nick Jenkins Foundation satisfy the qu1ments of the public benefit test set out in section 4 of the same Act. Achlevementa and p•rformance The total amount of grants awarded this financial period was £19,000 (2023 - £7,000). This sum was distributed across the charities stated in note 4. 4 grants were awarded to institutions in the year ended 31 March 2024 (2023- 4) in line wilh the main cbjective to improve the health, education and welfare of children in the UK and Worldwe. During the year ended 31 March 2021, the charity purchased 3,972.984 shares of the Mwabu Group Lld. as part of a rights issue, for a price of £100,000. Following continued disappointing perfomiance the shares value have been fully impaired in the year.
NICK JENKINS FOUNDATION RE POR T OF TH E TRUSTEES (continued) Yoar ondod 31 March 2024 Flnanolal revlew and ro8erv88 policy The directors have taken advantsge of the exemption from audit conferred by section 477 of the Companies Act 2006 and the accounts for the year are unaudited. The Trustees note that a surplus of £3,365 existed within the unrestricted reser4es. The accounts are set out on pages 510 11. The charity has no signrficant recurring overheads and therefore has no need to maintain r8serve8 at a particular level in order to ensure its continued op8ration, The charity received £26,750 in donations12023 - £12,000) during the year. Futur• d•velopm•nts The Trustees will continue with the primary objective of improving the health, education and welfare of children in the UK and worldwide. In addition the Trustees will make other grants as th8y see fit. Rl8k managoment The Trustees have assessed the major risks lo which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems are in place to manage the exposure to the major risks. Golng Conc•rn As at the date of approval of these financial statements, the Trustees have prepared the financial statements on thé going concern basis. In assessing whether Ihe going concern basis is appropriate, the Trustees have reviewed the charity's ability tc fundraise and ils ability to meet its liabilities as they fall due. On completion of their review, the Truste8s are satisfied that the charity has sufficient liquid resources to ccvar liabilities falling due for a period cf at least 12 months after the date of approval of the financial statements and that, as the charity is solely funded by Nick Jenkins, the charty's ability to fundraise wlll not be materially impaired. Ref?Tgn¢• and admlnlstratlve dots118 Dlre¢torB and Tru8to08 N D Jenkins A C Jenkins R C Rafferty R•gi6t8red and prlnclpal off ic• Stockton House Stockton Warminster BA12 OSQ
NICK JENKINS FOUNOATION RE POR T O F TH E TRUSTEES {continued> Y•ar ended 31 March 2024 Charlty number 1135565 Company registration number 07179995 Indep8nd•nt Examlner Suzanne Rose Dixon Wilson 22 Chancery Lane London WC2A 1LS Bankern C Hoare & Co 37 Fleet Street London EC4P 4DQ Trust008' respon8iblllt108 In rolation to tho finanelal 8tat•ment8 The charity Trustees are responsible for preparing a Trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting standards. The law applicable to charities in Englend and Wales requires Ihe charity Trustees to prépare financi85 statements for each year which give a true and fair view of the state of the affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements. the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the applicable Charities SORP, make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in th8 financial statement5; prepare the financial statement5 on the going concern basis unless it is inappropriate to presume that the charity will continue in buslness. The Trustees are responsible for keeping proper 8ccounting records that disclose with reasonable accuracy at any tim8 the financial position of the charity and to enable them to ensure that the financial statemants comply with the Charities Act 2Q11, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. Th8y are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and delection of fraud and other irregularities. Declaratlon The Trusl de e that they have approved the Trustees, report above. Ifoft ard NOJ NKINS 2024
NICK JENKINS FOUNDATION INDEPENDENT EXAMINERS REPOR T Year ended 31 March 2024 INDEPENDENT EXAMINERS, REPORT TO THE TRUSTEES OF THE NICK JENKINS FOUNDATION I r8POrt to the Trustees on my examination of the accounts of the Trust for the year ended 31 March 2024. Responslbilities and ba818 of report As the charity Trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'}. You are Satisfied that an audit is not required for this year under charity law and that an independent examination is needed. I report in respect of my examination of the Trust's accounts carried out und&r section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145151(b) of the Act, An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover 811 the matters than an auditor considers in giving their opinion on the accounls. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide, Consequently, l express no opinion as to whether the accounts present a 'true and fair, view and my report is limitèd to those specific matters set out in the independant examiner's statement. Independent •xamlner'8 8tatom•nt l am qualified to undertake the exemination by being a Qualified member of the In8titut8 of Chartered Accountants in England and Wales. I have complated my examination. I confim that no material matters have come to my attention in connection with ihe examination giving me cause to believe that in any material respecl.. accountin9 records were not kept in respect of the Trust as required by sectlon 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts dc nol comply with the applicable requiroments concerning the form and content of accounts Set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and f8ir vi, which is not a matter considered a8 Part of an independent examination. 4. the accounts have not been prepared accordance with the mothods and princlples of the Statement of Recommended Practice for accounting and reporting by ch8rities applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Sreland IFRS 102) I have no concerns and have come across no matters in connection with the examination to which attention should be drawn in Ihis report in order to enable a proper understsnding of the accounts to be r8ached. SE ixon W150n 22 Chancery Lane London WC2A 1 LS 2024 TA 19 November
NICK JENKINS FOUNDATION ST A TEM ENT OF F INANCIAL ACTIVITI ES { I NC LU DI NG I N COM E AND EXPENDITU RE ACCOUNT) Year ended 31 March 2024 Note Unre8trlcted Endowmant Fund8 Funds Total Funds 2024 Total Fund8 2023 Income and endowments from: Donations and legacies Other income 26,750 174 26,750 174 12,000 Total Incom• 26,924 26,924 12,000 Exp•ndSture on: Charitable activities 122,223) 122,223) {22,223) (10, 123) (22,223) (10, 123) Total •xpondlturn Net income 4,701 4,701 1,877 Net losses on investments (100,000) 1100,000) (33,400) Transfer of funds 33,400 Not movement in fund8 38,101 (34,7361 3,365 (133,400) 95,299 133,400 98,664 3,365 1,877 96, 787 Total funds brought loard Total fund8 ¢arri•d loard 98,664 The Statement of Financial Aclivities includes all gains 8nd108sos for the year. All income and expenditure derives from continuing activrties.
NICK JENKINS FOUNDATION Company number: 7179995 BALANCE SHEET At 31 March 2024 Note 2024 2023 Fixed a88et8 Mixad motiva invèstments 100.000 Current a88ets Debtors Cash at bank 7,924 303 844 8,227 844 Credltors: amounts falllng duè wlthln one year Not ¢urrent a880ts1{Ilabllltles <4,862) 3,365 (2, 180) (1,336) Total ass•ts1088 curront Ilabllltle8 3,365 98, 664 Total fund8 of th• ¢harlty: Unrestrictad incoma funds Expandable endowment funds Tot•1 3,365 (34, 736) 133,400 3,365 98, 664 For the year ending 31 March 2024 the company was entitled to examptlon under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Act wilh respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime in Part 15 of the Companie5 Act 2006. The accounts on pages 6 to 12 were approved by the board of directors on onrtsb If by.. 11 2024 and were signed N D JENKINS Director
NICK JE14KINS FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ènded 31 March 2024 A¢¢ountlng pollcle8 General Information The Nick Jenkins Foundation v3 a company limited by guarantee with no share capital Incorporated in England and Wales. The address of the regislereé office is: Stockton House Stockton Waiminster BA12 OSQ The principal accounting policies adopted, judgement and key sources of estlmation uncertainty in the preparation of the financial statements are as follows.. K8y Judgements and sources of estimation include the determination of fair value of the mixed motive investment. Please see policy (Q below. (a) Ba818 of pr•paration and a88•8gm•nt of going concem The financial statements have been preparad in accordance with AGGounting 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) leffectiV8 1 January 2019)- (Charities SORP (FRS 102)), the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 20C6 and the Charities Act 2011. Nick Jenkins Foundation meets the definition of 8 public benefit entity under FRS 102. Assets and liabilities S initially recognised at historical cost cr transadlon value unless otherwise stated in the relevant accounting policy note. The financial statemen15 have been prepared on the going concern basis in line with the disclosure given in the Report of the Trustees on page 3. The charity only makes grants available to institutions in line with its objectives On funding for that granl has b88n received. (b) Fund accountlng pollcy Unrestricted funds are general funds that are available for use at the Trustaes, discretion in furtherance of the objectives of the charity. The expendab18 endowment fund was created by gifts from the chairman of the Trustees. The terms of the endowment allow the capital of the fund lo be spent if the Trustees so determine. {c) Incomlng re8ourc08 All income is recognised in the statement of financial activities when the Nick Jenkins Foundation has entitlement to the income, it is probable that the income will be received and the amount of the income can be measured reliably. Donations 8re recognised when the charity has been notified in writing of both the emount 8nd settlement date. In the event that a donation is subject to conditions that require a level of perfomiance before the charity is entitled to the funds, the income is deferr8d and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the contro5 of the charity and it is probable that those conditions will be fulfilled in the reporting period. Interest on funds held on deposil is included when re1vable and the amount can be measured reliably by the charty.. this is normalty upon notification of the inter8St paid or payable by the bank. Amounts receivable for Gift Aid is recognised in the same period in which donations eligible for Gift Aid are received.
NICK JENKINS FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 March 2024 Accounting policies (contlnued) (d) Resources expendeil Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accwals basis and has been classrfied under headings that aggregate all costs related to the category, for further information on the allocation and apportionment of governance and support costs across these categories refer to note 3 below. Charitable activities include donations payable as and when they a approved by the Trustees and agreed with the donee and the governance and support costs, in connection with the management of the Nick Jenkins Foundation including the accountancy fees, organisational administration and compliance with constitutional and statutory requirements. lo) Flnanclal Instruments Financial instruments are recognised in the company's Balance Sheet when the company becomes party lo the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to sel off the recognised amounts and there is an intention to settle on a net basis or lo realise the asset and settle the liability simultaneously. Ba81c flnanclal a8set8 Basic financial assets, which include receivables and cash at bank, are initially measured at transaction price including transaction costs and are subsequently Carried at amortised cost using the effective interesl method unless the arrangement constitutes a financing transaction. where the transaction is measured at present value of the future receipts discounted at a markel rate of interest. Other flnanclal a88ets Other financial assels, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assels are subsequenlly carried at fair value and the changes in fair value are recognised in the Statement of Financial Aclivilies, except Ihat investments in equity inslrumenls that are not publically traded and whose fair values cannol be measured reliably are measured at cost less impairment. Basic financial liabllltle8 Basic financial liabilities. including payables, are initially recognised at transaction price unless the arrangement constilutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. (n Mixed motiv• investments Mixed motive investments represent Ihe ordinary share capital of an unlisted company. It is measured at fair value by reference to the underlying performance of the unlisted company. Fair value can be measured by reference lo recent transactions for subscription in the ordinary share capitsl of the underlying company by third paty investors. (g) Foreign currencies Monetary assets and liabilities denominated in foreign currencies are translaled into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction. Exchange rate differences are taken to the Statement of Financial Aclivilies.
NICK JENKINS FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 March 2024 Donatlons and legacies 2024 2023 Unrestricted income from Nick Jenkins Interest lunreslricled) 26,750 174 12,000 26,924 12,000 The incorne from donations and legacies was £26,75012023- £12,000). Analy818 of charltable oxpenditurn Direct a¢tivltie8 Support Costs Total 2024 Total 2023 Charitable actlvltle8 Donations to institutions (note 41 19.000 3,223 22,223 10, 723 19,000 3,223 22,223 10, 123 2024 2023 Support Costs Accountancy fees Bank charg88 2,862 361 2,761 362 3,223 3,123 Expenditure on charitable activities relates wholly12023 - relat8s wholly) to unrestricted funds. Support costs relate wholly to charitable activities Charitable activltl•8 2024 2023 All grants were made to institutions which are detailed below.. Alabare Child's-l Foundation Commonwealth Education Trust Mission Rabies Paphitis Charitable trust Parish Church Committee of Stockton Royal Opera House Covent Garden Shivia 2,000 2, 000 1,000 2,000 2, 000 5,000 2,000 10.000 19,000 7, 000 All granls awarded were paid during the period. 10
NICK JENKINS FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 March 2024 Financial Instruments The Charity financial instruments comprise fixed asset investments measured at fair value through profit or loss and other financial assets, which comprise cash, and other financial liabilities, which comprise trade creditors and other creditors, measured al amortised cost. Mlxed motive Investment8 2024 2023 8rought forward fair value Additions Fair value movement 100,000 100, 000 (100,0001 Carried forward fair value 100, 000 Mwabu Group Limited is an education business that uses technology to improve education outcomes, focused on Africa. Due to ongoing business issues th8 investment has been reduced lo £nil. Cash at bank 2024 2023 C Hoare & Co current account 303 844 303 844 Credltor8: amounts falllng due wlthin one year 2024 2023 Other creditors Accruals 2,462 2,400 4,862 180 2. 000 2,780 Tru8t806' remuneratlon No Trustees received remuneration or reimbursement of expenses during the period. The charity has no staff. 10. Taxatlon The Nick Jenkins Foundation is a registered charity and as such is exempt from tax on its income to the extent this is applied for charitable purposes.
NICK JENKINS FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 March 2024 11. Liablllty of member8 The company is limited by guarantee and has no share capital, it was incorporated in England and Wales. The Memorandum of Association provides that every member, as defined by Clause 8 of the Articles of Association, is liable to conlribute a sum not exceeding £1 in the event of tha company being wound up while he or she is a member. Al 31 March 2024 there were 3 members. 12. Analy818 of fund8 At 1 Aprll 2023 Incomlng Rosourco8 resources exponded At 31 March 2024 Tran8fer8 Analy818 of fund movements Unrestricted fund Expendable endowment {34,736) 133,400 28,924 {22,223} {100,0001 33,400 133.4001 3,365 The above funds are explained further in the reserves policy in the Trustees Report. Analy818 of fund8 between net a580ts Not current assets Invè8tments Total Unrestricted fund Expendable endowment 3,365 3,365 Total funds 3,365 3,365 12