REGISTERED CHARITY NUMBER: 1164193
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 October 2021
for
St Nicholas Foundation
Douglas Wadkin
11 Amwell Street
London
EC1R 1UL
St Nicholas Foundation
Contents of the Financial Statements
for the Year Ended 31 October 2021
|
|
Page |
|
Report of the Trustees |
|
1 |
|
Independent Examiner's Report |
|
2 |
|
Statement of Financial Activities |
|
3 |
|
Balance Sheet |
|
4 |
|
Notes to the Financial Statements |
5 |
to |
7 |
Detailed Statement of Financial Activities |
|
8 |
|
St Nicholas Foundation
for the Year Ended 31 October 2021
Report of the Trustees
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31October2021.Thetrustees have
adoptedthe provisionsof Accountingand Reportingby Charities:Statementof RecommendedPracticeapplicableto charities preparing
theiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS102)(effective 1
January 2019).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1164193
Principal address
10 Lower Grosvenor Place
London
SW1W 0EN
Trustees
A G Bisbas
A A Kappas
J C Amin
D J Eleazar
V R King
E J Dutton
I Quashigah (appointed 1.4.21)
Independent Examiner
Douglas Wadkin
11 Amwell Street
London
EC1R 1UL
Approved by order of the board of trustees on 10 May 2022 and signed on its behalf by:
J C Amin - Trustee
Page 1
Independent Examiner's Report to the Trustees of
St Nicholas Foundation
Independent examiner's report to the trustees of St Nicholas Foundation
IreporttothecharitytrusteesonmyexaminationoftheaccountsofStNicholasFoundation(theTrust)fortheyear ended
31 October 2021.
Responsibilities and basis of report
As the charitytrusteesof the Trustyou are responsiblefor the preparationof the accountsin accordancewiththe requirementsof the
Charities Act 2011 ('the Act').
IreportinrespectofmyexaminationoftheTrust'saccountscarriedoutundersection145oftheActandincarryingout my
examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
Ihavecompletedmyexamination.Iconfirmthatnomaterialmattershavecometomyattentioninconnectionwiththe examination
giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements 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 fair view which is not a matter considered as part of an independent examination.
I havenoconcernsandhavecomeacrossnoothermattersin connectionwiththeexaminationtowhichattentionshouldbe drawn in
this report in order to enable a proper understanding of the accounts to be reached.
Douglas Wadkin
Douglas Wadkin
11 Amwell Street
London
EC1R 1UL
10 May 2022
Page 2
St Nicholas Foundation
Statement of Financial Activities
for the Year Ended 31 October 2021
|
|
|
|
31.10.21 |
31.10.20 |
|
|
Unrestricted |
Restricted |
Total |
Total |
|
|
funds |
fund |
funds |
funds |
|
Notes |
£ |
£ |
£ |
£ |
INCOME AND ENDOWMENTS FROM |
|
|
|
|
|
Donations and legacies |
|
95,342 |
- |
95,342 |
89,861 |
Charitable activities |
|
|
|
|
|
Ghana school |
|
5,843 |
- |
5,843 |
- |
Total |
|
101,185 |
- |
101,185 |
89,861 |
EXPENDITURE ON |
|
|
|
|
|
Charitable activities |
|
|
|
|
|
Ghana school |
|
115,823 |
- |
115,823 |
65,716 |
NET INCOME/(EXPENDITURE) |
|
(14,638) |
- |
(14,638) |
24,145 |
RECONCILIATION OF FUNDS |
|
|
|
|
|
Total funds brought forward |
|
77,518 |
- |
77,518 |
53,373 |
TOTAL FUNDS CARRIED FORWARD |
|
62,880 |
- |
62,880 |
77,518 |
The notes form part of these financial statements
Page 3
St Nicholas Foundation
Balance Sheet
31 October 2021
|
|
|
|
31.10.21 |
31.10.20 |
|
|
Unrestricted |
Restricted |
Total |
Total |
|
|
funds |
fund |
funds |
funds |
|
Notes |
£ |
£ |
£ |
£ |
CURRENT ASSETS |
|
|
|
|
|
Cash at bank |
|
73,255 |
- |
73,255 |
87,518 |
CREDITORS |
|
|
|
|
|
Amounts falling due within one year |
4 |
(10,375) |
- |
(10,375) |
(10,000) |
NET CURRENT ASSETS |
|
62,880 |
- |
62,880 |
77,518 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
62,880 |
- |
62,880 |
77,518 |
NET ASSETS |
|
62,880 |
- |
62,880 |
77,518 |
FUNDS |
5 |
|
|
|
|
Unrestricted funds |
|
|
|
62,880 |
77,518 |
TOTAL FUNDS |
|
|
|
62,880 |
77,518 |
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon10May2022andweresignedon its
behalf by:
J C Amin - Trustee
The notes form part of these financial statements
Page 4
St Nicholas Foundation
Notes to the Financial Statements
for the Year Ended 31 October 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financialstatementsof the charity,whichis a publicbenefitentityunderFRS 102,havebeen preparedin accordance with
theCharitiesSORP(FRS102)'AccountingandReportingbyCharities:StatementofRecommendedPracticeapplicable to
charitiespreparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublic of
Ireland(FRS102)(effective1 January2019)',FinancialReportingStandard102'TheFinancialReportingStandardapplicable in
theUKandRepublicofIreland'andtheCharitiesAct2011.Thefinancialstatementshavebeenpreparedunderthe historical
cost convention.
Income
All income is recognisedin the Statementof FinancialActivitiesonce the charityhas entitlementto the funds, it is probable that
the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommittingthecharityto that
expenditure,it is probablethat a transferof economicbenefitswill be requiredin settlementand the amountof the obligation
canbemeasuredreliably.Expenditureisaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadings that
aggregateallcostrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadingstheyhave been
allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthecharity.Restrictionsarise when
specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2.
TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31October2021norfortheyear ended
31 October 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 October 2021 nor for the year ended 31 October 2020.
3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
|
Unrestricted |
Restricted |
Total |
|
funds |
fund |
funds |
|
£ |
£ |
£ |
INCOME AND ENDOWMENTS FROM |
|
|
|
Donations and legacies |
89,861 |
- |
89,861 |
EXPENDITURE ON |
|
|
|
Charitable activities |
|
|
|
Ghana school |
65,716 |
- |
65,716 |
NET INCOME |
24,145 |
- |
24,145 |
continued...
Page 5
St Nicholas Foundation
Notes to the Financial Statements - continued
for the Year Ended 31 October 2021
3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
|
|
Unrestricted |
Restricted |
Total |
|
|
funds |
fund |
funds |
|
|
£ |
£ |
£ |
|
RECONCILIATION OF FUNDS |
|
|
|
|
Total funds brought forward |
53,373 |
- |
53,373 |
|
TOTAL FUNDS CARRIED FORWARD |
77,518 |
- |
77,518 |
4. |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
|
|
|
|
31.10.21 |
31.10.20 |
|
|
|
£ |
£ |
|
Other creditors |
|
10,375 |
10,000 |
5. |
MOVEMENT IN FUNDS |
|
|
|
|
|
|
Net |
|
|
|
At |
movement |
At |
|
|
1/11/20 |
in funds |
31/10/21 |
|
|
£ |
£ |
£ |
|
Unrestricted funds |
|
|
|
|
General fund |
77,518 |
(14,638) |
62,880 |
|
TOTAL FUNDS |
77,518 |
(14,638) |
62,880 |
|
Net movement in funds, included in the above are as follows: |
|
|
|
|
|
Incoming |
Resources |
Movement |
|
|
resources |
expended |
in funds |
|
|
£ |
£ |
£ |
|
Unrestricted funds |
|
|
|
|
General fund |
101,185 |
(115,823) |
(14,638) |
|
TOTAL FUNDS |
101,185 |
(115,823) |
(14,638) |
|
Comparatives for movement in funds |
|
|
|
|
|
|
Net |
|
|
|
At |
movement |
At |
|
|
1/11/19 |
in funds |
31/10/20 |
|
|
£ |
£ |
£ |
|
Unrestricted funds |
|
|
|
|
General fund |
53,373 |
24,145 |
77,518 |
|
TOTAL FUNDS |
53,373 |
24,145 |
77,518 |
continued...
Page 6
St Nicholas Foundation
Notes to the Financial Statements - continued
for the Year Ended 31 October 2021
5. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
|
Incoming |
Resources |
Movement |
|
resources |
expended |
in funds |
|
£ |
£ |
£ |
Unrestricted funds |
|
|
|
General fund |
89,861 |
(65,716) |
24,145 |
TOTAL FUNDS |
89,861 |
(65,716) |
24,145 |
A current year 12 months and prior year 12 months combined position is as follows:
|
|
Net |
|
|
At |
movement |
At |
|
1/11/19 |
in funds |
31/10/21 |
|
£ |
£ |
£ |
Unrestricted funds |
|
|
|
General fund |
53,373 |
9,507 |
62,880 |
TOTAL FUNDS |
53,373 |
9,507 |
62,880 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|
Incoming |
Resources |
Movement |
|
resources |
expended |
in funds |
|
£ |
£ |
£ |
Unrestricted funds |
|
|
|
General fund |
191,046 |
(181,539) |
9,507 |
TOTAL FUNDS |
191,046 |
(181,539) |
9,507 |
6. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 October 2021.
Page 7
St Nicholas Foundation
Detailed Statement of Financial Activities
for the Year Ended 31 October 2021
Detailed Statement of Financial Activities
for the Year Ended 31 October 2021 |
|
|
|
31.10.21 |
31.10.20 |
|
£ |
£ |
INCOME AND ENDOWMENTS |
|
|
Donations and legacies |
|
|
Gifts and donations |
95,342 |
89,861 |
Charitable activities |
|
|
Gift Aid tax recovery |
5,843 |
- |
Total incoming resources |
101,185 |
89,861 |
EXPENDITURE |
|
|
Charitable activities |
|
|
Staff costs for Ghana school |
43,377 |
39,459 |
Childrens costs |
15,774 |
12,004 |
School operating costs |
11,141 |
2,151 |
Buildings & maintenance costs |
37,262 |
6,989 |
Miscellaneous |
2,034 |
- |
Building development |
- |
2,662 |
|
109,588 |
63,265 |
Support costs |
|
|
Management |
|
|
Insurance |
3,937 |
693 |
Finance |
|
|
Sundries |
(45) |
45 |
Bank charges |
- |
132 |
Exchange differences |
2,343 |
1,581 |
|
2,298 |
1,758 |
Total resources expended |
115,823 |
65,716 |
Net (expenditure)/income |
(14,638) |
24,145 |
This page does not form part of the statutory financial statements
Page 8