Charity registration number 1151843
Company registration number 08463157 (England and Wales)
THE NIGEL GEE FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
THE NIGEL GEE FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | N D Gee |
|---|---|
| R H Esdaile | |
| Z E Esdaile | |
| Charity number | 1151843 |
| Company number | 08463157 |
| Principal address | Bowers Solicitors |
| Unit 2 Technology Park | |
| Colindeep Lane | |
| London | |
| NW9 6BX | |
| Registered office | Devonshire House |
| 1 Devonshire Street | |
| London | |
| W1W 5DR | |
| Independent examiner | Henry Charles FCA |
| Citroen Wells | |
| Devonshire House | |
| 1 Devonshire Street | |
| London | |
| W1W 5DR | |
| Bankers | C. Hoare & Co |
| 37 Fleet Street | |
| London | |
| EC4P 4DQ | |
| Solicitors | Bryan Cave Leighton Paisner LLP |
| Governor's House | |
| 5 Laurence Pountney Hill | |
| London | |
| EC4R 0BR |
THE NIGEL GEE FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Statement of trustees' responsibilities | 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 - 12 |
THE NIGEL GEE FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023
The trustees, who are also directors for the purpose of company law, present their report and accounts for the year ended 31 March 2023.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Memorandum and Articles of Association, the Companies Act 2006 and “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
The Company's objectives are:
(a) the advancement of education, in particular (but not limited to) technical and vocational training for young people and retraining for adults;
(b) the advancement of health;
(c) the advancement of the arts, culture, heritage or science, in particular the promotion of choral music in the United Kingdom;
(d) the relief of those in need because of age or ill-health; and
(e) such other charitable purposes which are beneficial to the public and which are consistent with the objects stated above as the trustees shall in their absolute discretion determine.
The policies adopted in furtherance of these objects are to provide grants and donations to those charities furthering the Company's aims.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Company's aims and objectives and in planning future activities and setting the grant making policy for the year. The Company carries out these objectives by making grant funding to institutions operating in the above areas.
Achievements and performance
The Company makes charitable contributions for wide charitable purposes at the discretion of the trustees to benefit health, education, arts and culture and general charitable purposes.
The current year's incoming resources have been distributed and committed to charitable beneficiaries.
The Company's financial position at the end of the year was entirely satisfactory.
Financial review
During the year the Company donated and committed to donate amounts totaling £63,920 (2022: £53,785) to charities furthering the objects of the Company. Details of these donations can be found in the notes to the accounts. The Company received investment income, net of costs, of £56,236 (2022: £59,286). Additionally, the company received a donation from the Cecil Gee Foundation of £92,140 (2022: £nil)
The current period surplus resulted in an overall balance on the income funds of £2,069,204 (2022:£1,990,859).
Investment policy and performance
It is the policy of the Company to distribute up to 100% of net income, or more, provided this does not conflict with the Company's policy to maintain net current assets at a level which is considered adequate to cover short term requirements and to retain adequate liquid resources to meet current projected payments or to respond to an emergency.
- 1 -
THE NIGEL GEE FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Risk management
The trustees have assessed the major risks to which the Company is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.
Plans for future periods
Plans for the future
The Company's future plan is to work in the most efficient and effective way towards achieving its objectives.
Structure, governance and management
The Company is limited by guarantee. The Company is governed by its Memorandum and Articles of Association.
The trustees who served during the year were:
N D Gee
R H Esdaile
Z E Esdaile
Trustees shall in future be appointed by the Board for a period of three years and shall be eligible for reappointment for further successive three year periods.
None of the trustees has any beneficial interest in the Company. All of the trustees are members of the Company and guarantee to contribute £1 in the event of a winding up.
The day to day administration of the Company is the responsibility of the trustees, who are required to hold meetings each year to ensure proper management of the Company.
Trustees are expected to identify their training needs and to take measures to ensure that these needs are met.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The trustees' report was approved by the Board of Trustees.
N D Gee Trustee
29 January 2024
- 2 -
THE NIGEL GEE FOUNDATION
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2023
The trustees, who are also the directors of The Nigel Gee Foundation for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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 Company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 3 -
THE NIGEL GEE FOUNDATION
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE NIGEL GEE FOUNDATION
I report on the financial statements of the Company for the year ended 31 March 2023, which are set out on pages 5 to 12.
Respective responsibilities of trustees and examiner
The trustees (who are also the directors of the Company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the company is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
-
(i) examine the financial statements under section 145 of the 2011 Act;
-
(ii) follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
-
(iii) state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared accounts in accordance with Accounting and reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has not been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In connection with my examination, no matter has come to my attention:
-
(a) which gives me reasonable cause to believe that in any material respect the requirements:
-
(i) to keep accounting records in accordance with section 386 of the Companies Act 2006; and
-
(ii) to prepare financial statements which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities;
-
have not been met or
-
(b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Henry Charles FCA
The Institute of Chartered Accountants in England and Wales (ICAEW) Independent examiner Devonshire House 1 Devonshire Street London W1W 5DR Dated: 29 January 2024
- 4 -
THE NIGEL GEE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
| Notes Income from: Donations and legacies 3 Investment income 4 Total income Expenditure on: Raising funds 5 Charitable activities Education 6 Health 6 General & arts and culture 6 Total charitable expenditure Total resources expended Net income/(expenditure) for the year/ Net movement in funds Fund balances at 1 April 2022 Fund balances at 31 March 2023 |
2023 £ 92,140 69,430 161,570 13,104 25,232 29,619 15,270 70,121 83,225 78,345 1,990,859 2,069,204 |
2022 £ - 70,859 70,859 11,573 22,871 19,524 17,610 60,005 71,578 (719) 1,991,578 1,990,859 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 5 -
THE NIGEL GEE FOUNDATION
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
| Notes Fixed assets Investment properties 12 Current assets Cash at bank and in hand Current liabilities Other payables 13 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2023 £ £ 1,948,050 137,060 15,906 121,154 2,069,204 2,069,204 2,069,204 |
2022 £ £ 1,948,050 58,437 15,628 42,809 1,990,859 1,990,859 1,990,859 |
2022 £ £ 1,948,050 58,437 15,628 42,809 1,990,859 1,990,859 1,990,859 |
|---|---|---|---|
| 1,990,859 | |||
| 1,990,859 | |||
| 1,990,859 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023. Members have not required the company to obtain an audit. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements.
The trustees acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The accounts were approved by the Trustees on 29 January 2024
N D Gee Trustee
Company Registration No. 08463157
- 6 -
THE NIGEL GEE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
Charity information
The Nigel Gee Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is Devonshire House, 1 Devonshire Street, London, W1W 5DR. The company’s principal office is 172-174 Granville Road, London, NW2 2LD.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Company's governing document, the Companies Act 2006 and “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). The Company is a Public Benefit Entity as defined by FRS 102.
The Company 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 financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
The charity's unrestricted funds are attributable to the original amount settled on the charity, subsequent settlements, accumulated realised and unrealised capital gains/losses and undistributed income. Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
1.4 Income
All incoming resources are included in the statement of financial activities when it is virtually certain that the incoming resources will be received and the amount can be quantified with reasonable accuracy. Income receivable under property leases is recognised on a straight line basis over the lease term.
Deferred income represents rent received in advance as at the year end.
1.5 Expenditure
Resources expended are included in the statement of financial activities on an accruals basis.
Costs of generating funds comprise those costs directly attributable to the management of investment properties.
Grants awarded are charged in the year when the offer is conveyed to the recipient, irrespective of the period covered by the grant, such grants being recognised as expenditure.
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. Governance costs attributable to charitable activities are apportioned pro rata to the cost of grants.
- 7 -
THE NIGEL GEE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
(Continued)
1.6 Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value as at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.
1.8 Grant-making policy and provision for commitments
Where the Company has entered into a legally enforceable contract to make charitable grants in future periods, this expenditure is recognised in the period in which the contract is made. This is also the case where there is a constructive obligation to make such grants.
Expenditure resulting from provisions that arise due to a legal constructive obligation is, therefore, recognised in full in the Company's financial statements as soon as the obligation arises.
2 Critical accounting estimates and judgements
In the application of the Company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
- 8 -
THE NIGEL GEE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
2 Critical accounting estimates and judgements
(Continued)
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows;
Valuation of investment properties
Investment properties are recognised at fair value, with changes in fair value being recognised through profit or loss. The investment properties are stated at the trustees' valuation on an open market basis. There is an inevitable degree of judgement involved and value can only ultimately be reliably tested in the market itself.
3 Donations and legacies
| Unrestricted funds 2023 £ Donations and gifts 92,140 4 Investment income Unrestricted funds 2023 £ Rental income 69,430 5 Raising funds 2023 £ Investment management 13,104 13,104 |
Total 2022 £ - |
|---|---|
| Total 2022 £ 70,859 |
|
| 2022 £ 11,573 |
|
| 11,573 |
- 9 -
THE NIGEL GEE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
6 Charitable activities
| Education 2023 £ Grant funding of activities (see note 7) 23,000 Share of governance costs (see note 8) 2,232 25,232 7 Grants payable Education £ Grants to institutions: Lifelites 500 Chai Cancer Care - Chelsea Synagogue - Friends of Pilzno 10,000 Jewish Care - Kisharon Learning Disability London Jewish Male Choir 2,500 Magen David Adom UK - Friends of Yad Sarah ORT UK Foundation 10,000 Glyndebourne - United Synagogue - 23,000 |
Health General & arts and culture 2023 2023 £ £ 27,000 13,920 2,619 1,350 29,619 15,270 Health General & arts and culture £ £ - - 500 - - 5,580 - - 12,500 - - - - - 9,000 - 5,000 - - - - 5,000 - 3,340 27,000 13,920 |
Total 2023 £ 63,920 6,201 70,121 Total £ 500 500 5,580 10,000 12,500 - 2,500 9,000 5,000 10,000 5,000 3,340 63,920 |
Total 2022 £ 53,785 6,220 |
|---|---|---|---|
| 60,005 | |||
| 2022 £ - 5,000 5,500 5,000 12,500 2,500 2,500 - 3,000 10,000 7,735 |
|||
| 53,785 |
- 10 -
THE NIGEL GEE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
8 Governance costs
| Governance costs £ Independent examiner's fee 5,670 Bank charges 531 6,201 Analysed as Charitable activities 6,201 |
2023 £ 5,670 531 6,201 6,201 |
2022 £ 5,760 460 |
|---|---|---|
| 6,220 | ||
| 6,220 |
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year.
10 Employees
The average number of persons (including directors) employed by the company during the year was 3 (2022: 3).
11 Taxation
No liability arises as the company is a registered charity and is therefore exempt from taxation on the income arising from its normal activities.
12 Investment property
| Investment property | |
|---|---|
| 2023 | |
| £ | |
| Fair value | |
| At 1 April 2022 and 31 March 2023 | 1,948,050 |
Investment property comprises residential property with a fair value of £1,948,050. N D Gee is a trustee of the charity with considerable knowledge and experience of the properties, which have been stated at their fair values as at 31 March 2023 as assessed by him and with reference to rental yields and other available information. The trustees have confirmed that this valuation materially reflects the fair value of the property at the year end.
The historic cost of the investment properties is £1,570,000.
- 11 -
THE NIGEL GEE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
| 13 Other creditors falling due within one year Other payables Accruals and deferred income |
2023 £ 8,532 7,374 15,906 |
2022 £ 8,532 7,096 |
|---|---|---|
| 15,628 |
14 Related party transactions
At 31 March 2023, the company owed one of its trustees £8,532 (2022: £8,532).
During the year, the company donated £10,000 (2022: £5,000) to Friends of Pilzno, a registered charity of which one of the company's trustees is also a trustee. Additionally, the trust received further donations of £92,140 from the Cecil Gee Charitable Trust, a charity of which one of the trustees is also a trustee.
- 12 -