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← The Northstar Foundation

2025-03-31-accounts

Company Registration No. 09035820 Registered Charity No. 1158262

The Northstar Foundation

Annual Report and Financial Statements

For the year ended 31 March 2025

The Northstar Foundation

Annual report and financial statements
For the year ended 31 March 2025
Contents Page
Officers and professional advisers 1
Chairman’s report 2
Trustees’ report 3
Statement of trustees’ responsibilities 6
Independent auditor’s report 7
Statement of financial activities 10
Balance sheet 11
Cash flow statement 12
Notes to the financial statements 13

The Northstar Foundation

Annual report and financial statements For the year ended 31 March 2025

Officers and professional advisers

Trustees, Members (Directors)

A W Henfrey (Chairman) S M I’Anson A D Ross

Secretary

E R O’Rourke

Registered Office

5th Floor Maybrook House 27-35 Grainger Street Newcastle upon Tyne Tyne and Wear NE1 5JE

Bankers

Barclays Bank plc 49/51 Northumberland Street Newcastle upon Tyne NE1 7AF

Solicitors

Muckle LLP Time Central 32 Gallowgate Newcastle upon Tyne NE1 4BF

Auditor

RSM UK Audit LLP Third Floor 2 Semple Street Edinburgh EH3 8BL

1

The Northstar Foundation

Annual Report and financial statements For the year ended 31 March 2025

Chairman’s Report – 2024-25

This has been the eleventh year of significant activities for the Foundation which started to operate during 2015-16.

Payments and awards

A grant of £5,000 was made to Durham University (a registered charity) to support its research commercialisation activities in the North East of England.

A grant of £2,250 was made to Beamish Museum (a registered charity) to support its activities in the North East of England.

The Staff Matched Giving Scheme, whereby appropriate charitable fund-raising by the individual employees of Northstar Ventures Limited and NEL Fund Managers Limited is matched by the Foundation, made total grants of £1,406.

Going forwards

Going forwards the Trustees are exploring several activities to see how best to further the Foundation’s mission and impact.

Anthony Henfrey

A W Henfrey Chairman

17/11/25

2

The Northstar Foundation

Trustees’ report For the year ended 31 March 2025

The Trustees of The Northstar Foundation, who are also Directors of the company for the purposes of the Companies Act 2006, present their annual report on the affairs of the charity, together with the financial statements and auditor’s report for year ended 31 March 2025.

1. Introduction

The charity was incorporated on 12 May 2014 with Companies House with company number 09035820 and registered with the Charity Commission on 15 August 2014. Its registered office is 5[th] Floor, Maybrook House, 27-35 Grainger Street, Newcastle upon Tyne, Tyne and Wear, NE1 5JE. The Trustees who served during the year and subsequently were:

A W Henfrey A D Ross S M I’Anson

2. Aims & Activities

The objects of The Northstar Foundation are to support entrepreneurship and social enterprises, primarily in the North East of England.

The Trustees distribute the income to a limited number of charities, agreeing to make substantial donations over a period of years to support specific projects for the public benefit.

Grant-making policy

The Trustees have determined that the current priorities for grant-making are to support entrepreneurship and social enterprises that benefit excluded and deprived communities primarily in the North East of England. Grants are awarded in line with the Trust’s Giving Criteria.

3. Achievements & Performance for the Public Benefit

The Foundation made a number of small grants during the year and the Trustees are considering a larger grant programme for 2025 onwards.

The Trustees confirm that in carrying out the objectives of the charity due regard has been paid to the public benefit guidance published by the Charity Commission.

4. Financial Performance

The charity’s income consisted of donations received and investment income.

Total income during the year was £45,656 (2024: £33,057) and after donations to beneficiaries of £8,656 (2024: £16,833) and costs of charitable activities of £16,692 (2024: £9,818), there was a net increase in funds of £20,308 (2024: £6,406).

Reserves Policy

The Trustees review the level of reserves annually. The Trustees retain the reserves to the extent considered necessary to ensure that adequate funds are available to cover future expenditure which may not otherwise be covered by income. The immediate need of the Trust is considered to be no more than £10,000 to cover one year’s audit and tax fees and Trustees’ expenses. At the year end, the level of reserves was £626,863 comprising £626,863 of unrestricted reserves (2024: total reserves of £606,555 comprising unrestricted reserves). The reserves policy is therefore met.

3

The Northstar Foundation

Trustees’ report

For the year ended 31 March 2025 (continued)

5. Risk Management

The Trustees are responsible for the management of risks faced by the charity.

The Trustees work to an established risk management process to assess business risks and implement risk management strategies. This has involved identifying the types of risks faced, prioritising them in terms of potential impact and likelihood of occurrence, and identifying means of mitigating the risks.

The key controls used and mitigating actions undertaken include:

Going concern basis

The charity is dependent upon its existing unrestricted cash reserves of £570,348 at 31 March 2025 (2024: £552,340) and receiving funding from Northstar Ventures Limited and NEL Fund Managers Limited. Existing reserves will enable the charity to continue to make grants for the foreseeable future. Grants will not be made unless there are adequate cash reserves to cover current proposals and future commitments. The Trustees believe the charity is well placed to manage its business risks successfully despite the current uncertain economic outlook. The Trustees have further assessed the potential impact to the business from the effects of the current cost of living crisis however due to the nature of the charity’s activities, no significant impact on its going concern position is expected. The Trustees, therefore, consider that the going concern assumption is an appropriate basis on which to prepare these financial statements.

6. Plans for future periods

The Trustees are exploring several activities to see how best to further the Foundation’s mission and impact.

Structure, Governance and Management

1. Charity organisation

The Northstar Foundation is a public benefit entity, registered charity (registered Charity Number 1158262) and a company limited by guarantee (Company Registration number 09035820). The liability of a member in the event of the Trust being wound up whilst a member, or within one year of ceasing to be a member, is not to exceed £10.

2. Governance and Management

The Trust is governed by its Memorandum and Articles of Association which provide for a minimum of two Trustees and no maximum number of Trustees.

The Chair of Trustees, together with the Company Secretary, is responsible for the recruitment and induction of any new Trustees. Trustee induction involves raising awareness of Trustees to their duties and responsibilities under both the Charities Act 2022 and the Companies Act 2006 as well as an introduction to the governing documents of the Trust and the internal policies adopted. New Trustees receive an Induction Pack in which copies of the following are included:

  1. The Trust’s latest annual report and financial statements;

  2. The Trust’s internal governing documents;

  3. The Trust’s Memorandum and Articles of Association; and

  4. The Charity Commission publications ‘The Essential Trustee: What You Need to Know’ and ‘The Hallmarks of an Effective Charity’.

When appropriate, Trustees receive regular Charity Commission updates and information about issues facing the voluntary sector locally.

4

The Northstar Foundation

Trustees’ report

For the year ended 31 March 2025 (continued)

The Trustees meet approximately twice per year to agree the strategic direction of the Foundation, to review applications and award grants. Grants are awarded in line with the Trust’s Giving Criteria. Whilst there is no maximum award, grants to individual organisations are generally awarded for £50,000 or less.

The Trust does not have any direct employees. On a day to day basis, the Trust is administered by members within the Corporate Social Responsibility team of Northstar Ventures Limited, and associated costs are borne by Northstar Ventures Limited.

3. Relationships with related parties

Details of transactions with related parties are set out in note 11 to the financial statements.

The Foundation has one wholly-owned subsidiary, NSF Holdings Limited, which is a 20% shareholder in NEL Fund Managers Limited, a venture capital fund manager, and a 30% associate of Northstar Ventures Holdings Limited, which is the sole shareholder of Northstar Ventures Limited, a venture capital fund manager.

The Trustees have taken the exemption in section 398 of the Companies Act to not prepare group accounts, on the basis that The Northstar Foundation qualifies as a small company and a small group.

Auditor

RSM UK Audit LLP have expressed their willingness to continue in office as auditor. Accordingly a resolution to reappoint them will be proposed at the forthcoming Annual General Meeting.

The Trustees’ Report was approved by the Board and signed on its behalf by:

Anthony Henfrey

A W Henfrey Chairman/Trustee

17/11/25

5

The Northstar Foundation

Statement of Trustees’ responsibilities For the year ended 31 March 2025

Statement of trustees’ responsibilities

The Trustees (who are also directors of The Northstar Foundation for the purposes of company law) are responsible for preparing the Trustees’ Annual 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 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 these financial statements the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safe-guarding 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:

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

6

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE NORTHSTAR FOUNDATION

Opinion

We have audited the financial statements of The Northstar Foundation (the ‘charitable company’) for the year ended 31 March 2025 which comprise the Statement of Financial Activities (incorporating the income and expenditure account), the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor’s 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 other information comprises the information included in the Trustees’ Report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Trustees’ Report. 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.

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 course of 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.

7

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE NORTHSTAR FOUNDATION (CONTINUED)

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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 Directors’ Report included within the Trustees’ Report.

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:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 6, 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.

Auditor’s 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 an auditor’s report 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 the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

8

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE NORTHSTAR FOUNDATION (CONTINUED)

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006 and the Charities Act 2022. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report and remaining alert to new or unusual transactions which may not be in accordance with the governing documents.

The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to any significant, unusual transactions and transactions entered into outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 auditor’s 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.

Kelly Adams

Kelly Adams (Senior Statutory Auditor)

For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants Third Floor, 2 Semple Street Edinburgh EH3 8BL Date

18/11/25

9

The Northstar Foundation

Statement of financial activities (incorporating the income and expenditure account) For the year ended 31 March 2025

2025 2024
Note Unrestricted Unrestricted
£ £
Income from:
Donations, legacies and grants 2 22,202 10,020
Investments 3 23,454 23,037
Total income 45,656 33,057
Expenditure on:
Charitable activities 4 (25,348) (26,651)
Total expenditure (25,348) (26,651)
Net income for the year 20,308 6,406
Net movement in funds 20,308 6,406
Reconciliation of funds:
Total funds brought forward 606,555 600,149
Net movement in funds for the year 20,308 6,406
Total funds carried forward 626,863 606,555

All the above results derive from continuing operations. All gains and losses recognised in the year are included above. The notes on pages 13 to 18 form part of these financial statements.

There was no restricted income or expenditure in the current year or the previous year.

10

The Northstar Foundation

Balance sheet At 31 March 2025

Note
Fixed assets
Investments
6
Current assets
Debtors
7
Cash and cash equivalents
Creditors: amounts falling due within one year
8
Net current assets
Total assets less current liabilities
Net assets
Funds
Unrestricted funds
Restricted funds
Total funds		 2025
£
7,298
60,137
570,348
630,485
(10,920)
619,565
626,863
626,863
626,863
-
626,863		 2024
£
7,298
56,017
552,340
608,357
(9,100)
599,257
606,555
606,555
606,555
-
606,555

The notes on pages 13 to 18 form part of these financial statements.

There were no restricted assets or liabilities or funds in the current year or the previous year.

The accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements of The Northstar Foundation, company number 09035820 and charity number 1158262, were approved by the Trustees and authorised for issue on 11 November 2025.

Signed on their behalf by:

Anthony Henfrey

A W Henfrey Chairman

17/11/25

11

The Northstar Foundation

Cash flow statement For the year ended 31 March 2025

Note
Net cash flows from operating activities
9
Cash flows from investing activities:
Interest received
3
Net cash flows from investing activities:
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Reconciliation to cash at bank and in hand:
Cash at bank and in hand
Cash equivalents
Cash and cash equivalents		 2025
£
(5,446)
23,454
23,454
18,008
552,340
570,348
20,348
550,000
570,348		 2024
£
(10,861)
23,037
23,037
12,176
540,164
552,340
52,340
500,000
552,340

The notes on pages 13 to 18 form part of these financial statements.

12

The Northstar Foundation

Notes to the financial statements For the year ended 31 March 2025

1. Accounting policies

Company and charitable status

The Northstar Foundation, a public benefit entity, is incorporated in England and Wales as a company limited by guarantee not having a share capital. There are currently three Trustees who are also the members and directors of the company. Each member has undertaken to contribute to the assets in the event of winding up a sum not exceeding £10. The charity is a registered charity. The registered office is given on page 1. The principal activity of the charity is the making of grants to charities and other not-for-profit organisations to support social enterprise and entrepreneurship, primarily in the North East of England.

Basis of preparation

The financial statements are prepared under the historical cost convention, in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities (SORP 2019)” applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the UK and Republic of Ireland (FRS 102); and the Companies Act 2006. Its functional currency is considered to be pounds sterling because that is the currency of the primary economic environment in which the charity operates.

The charity has net assets and expects this to continue in future periods. Based on this, the Trustees have assessed that there is no material uncertainty surrounding the going concern of the charity as further noted in the Trustees’ report. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Consolidation

The directors have taken the exemption in section 398 of the Companies Act to not prepare group accounts, on the basis that The Northstar Foundation qualifies as a small company and a small group.

Income

All income is recognised in the statement of financial activities when the charity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received, and the amount can be measured reliably.

The following accounting policies are applied to income:

Donations receivable

Voluntary income is accounted for on the date when it becomes receivable.

Investment income

Investment income is accounted for when receivable.

Donated goods and services

Gifts in kind and donated services are included at the lower of their value to charity and their estimated market value.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Charitable activities - grants payable

Grants are included in the Statement of Financial Activities when approved by the Trustees and agreed with the recipient organisation. If a grant is awarded that is dependent on certain conditions being met, it is treated as expenditure and a liability of the Trust if those conditions fall outside of the control of the charity.

13

The Northstar Foundation

Notes to the financial statements (continued) For the year ended 31 March 2025

1. Accounting policies (continued)

Fund accounting

The Charity maintains various types of funds as follows:

Restricted funds

Restricted funds represent grants and donations received which are provided by the donor for specific purposes. Any costs of raising or administering such funds are charged against the specific funds.

Unrestricted funds

General unrestricted funds represent funds which are expendable at the discretion of Trustees in furtherance of the objects of the Charity. Such funds may be held in order to finance both working capital and capital investment.

Taxation

The company is a registered Charity and has no liability to corporation tax on its charitable activities.

Fixed asset investments

Investments held as fixed assets are stated at cost less any provision for impairment.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and cash in hand includes cash and equivalents being short term treasury deposits.

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Concessionary loans

Concessionary loans made or received are initially recognised in the statement of financial position at the amount paid or received. To the extent that a loan that has been made is irrecoverable, an impairment loss shall be recognised in income and expenditure.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The Trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed above.

14

The Northstar Foundation

Notes to the financial statements (continued) For the year ended 31 March 2025

2. Income from donations, legacies and grants

Donation from Northstar Ventures Limited
Donation from NEL Fund Managers Limited
Income from Amazon Smile
3.
Income from investments
Bank interest received
4.
Analysis of expenditure on charitable activities
Supporting entrepreneurship and social enterprises
Grant funding of activities
Grants to beneficiaries
Support costs
Bank charges
Confirmation statement fees
AchieveGood Ltd project
Information Commissioner’s Office annual fee
LCN fee for web domain
Bad debt provision
Governance costs (note 5)		 2025
£
5,001
17,201
-
22,202
2025
£
23,454
2025
£
8,656
111
68
6,000
35
140
-
10,338
25,348		 2024
£
5,000
5,000
20
10,020
2024
£
23,037
2024
£
16,833
56
13
-
35
-
443
9,271
26,651

15

The Northstar Foundation

Notes to the financial statements (continued) For the year ended 31 March 2025

4. Analysis of expenditure on charitable activities (continued)

Grants which relate to applications requesting funding of £10,000 or less are dealt with under delegated powers. Under such delegated authority, awards totalling £8,656 (2024: £16,833) were made to five (2024: 11) beneficiaries, comprising registered charities, community interest companies and not-for-profit organisations. A summary of the awards made during the year ended 31 March 2025 is shown on page 2. All awards are ratified at regular Trustees’ meetings.

Grants to institutions
The Prince’s Trust
Durham University
Beamish
The Community Foundation Serving Tyne & Wear and Northumberland
Catalyst Stockton on Tees Limited
The Plunkett Foundation
Staff matching		 2025
£
-
5,000
2,250
-
-
-
1,406
8,656		 2024
£
10,000
-
2,250
1,000
500
250
2,833
16,833

5. Governance costs

Audit fees
Tax fees
Trustee expenses reimbursed		 2025
£
10,220
-
118
10,338		 2024
£
7,000
2,100
171
9,271

Governance costs include audit fees for the current year of £8,820 (2024: £7,000) and tax return costs of £nil as no tax return was required (2024: £2,100).

6. Investments held as fixed assets

Cost:
Shares in group undertakings
Subsidiary
Associate
Other investments		 2025
£
1
7,286
11
7,298		 2024
£
1
7,286
11
7,298

16

The Northstar Foundation

Notes to the financial statements (continued) For the year ended 31 March 2025

6. Investments held as fixed assets (continued)

Details of subsidiary and associated undertakings owned by the company which are registered in England and Wales are as follows:

are as follows:
Name Share capital Ownership Activity
NSF Holdings Limited (owner of 20% of £600 ordinary 100% Intermediate holding
the ordinary shares in NEL Fund company, non-trading
Managers Limited, a venture capital fund
manager)
Northstar Ventures Holdings Limited £35 B ordinary and 30% Intermediate holding
(owner of 100% of the ordinary shares in £500,000 redeemable company, non-trading
Northstar Ventures Limited, a venture preference shares
capital fund manager)

At 31 March 2025, the aggregates of capital and reserves and the profits of the above-named companies are shown below:

NSF Holdings Limited
Northstar Ventures Holdings Limited
Other investments are as follows:
Capital contribution to the North East Social Investment Fund Limited Partnership
7.
Debtors
Concessionary loans made
Prepayments and accrued income
Amounts due from group undertakings		 Profit
£
-
-
2025
£
11
2025
£
58,115
2,022
-
60,137		 Capital
and
reserves
£
100
511,287
2024
£
11
2024
£
53,897
2,034
86
56,017

Concessionary loans made are unsecured, bear no interest and have no fixed repayment date.

A commitment of £100,000 was made on 7 July 2017 to the North East Social Investment Fund Limited Partnership, which is an investment fund making loans to charities and social enterprises. The Northstar Foundation is a limited partner in the fund. The commitment was drawn down between 7 July 2017 and 10 December 2024, as required by the fund to make investments and finance fund management fees and fund running costs. The fund is managed by Northstar Ventures Limited. The commitment has been funded by the charity’s unrestricted reserves.

17

The Northstar Foundation

Notes to the financial statements (continued) For the year ended 31 March 2025

8. Creditors: amounts falling due within one year

Accruals
9.
Reconciliation of net income to net cash generated from operations
Net income
Interest receivable
(Increase)/(decrease) in debtors
Increase in creditors
Net cashflow from operating activities		 2025
£
10,920
2025
£
20,308
(23,454)
(4,120)
1,820
(5,446)		 2024
£
9,100
2024
£
6,406
(23,037)
1,830
3,940
(10,861)

9. Reconciliation of net income to net cash generated from operations

10. Trustees

None of the trustees received any remuneration in the current or prior year. One of the trustees was reimbursed for outof-pocket travel expenses of £118 (2024: £171) during the year.

11. Related party transactions

During the year, the charity received donation income of £5,001 (2024: £5,000) from a related company, Northstar Ventures Limited. At 31 March 2025 the charity was owed £nil (2024: £86) by Northstar Ventures Limited relating to over-payment of re-imbursement of Trustee’s expenses. The charity indirectly owns 30% of the ordinary share capital of Northstar Ventures Limited.

During the year, the charity received donation income of £17,201 (2024: £5,000) from a related company, NEL Fund Managers Limited. The charity indirectly owns 20% of the ordinary share capital of NEL Fund Managers Limited.

During the year, the charity paid the annual confirmation statement filing fee for its subsidiary, NSF Holdings Limited, amounting to £34 (2024: £13).

The charity has no direct key management or other personnel. The charity is administered by members within the Corporate Social Responsibility team of Northstar Ventures Limited, and associated costs are borne by Northstar Ventures Limited although their value cannot be reliably estimated.

During the year ended 31 March 2025 the charity made concessionary loans of £4,218 (2024: £2,335) to the North East Social Investment Fund Limited Partnership. The balance of the concessionary loan outstanding at 31 March 2025 was £58,115 (2024: £53,897). During the year ended 31 March 2017 the charity made a capital contribution of £11 to the North East Social Investment Fund Limited Partnership, a venture capital investment fund which is managed by Northstar Ventures Limited.

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