``` 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 ```