St. Nicholas Foundation Annual Report 2022/2023
1
| Contents | Page |
|---|---|
| Chair message | 3 |
| Our vision, objectves and values | 4 |
| Our people | 5 |
| Our programmes | 6 |
| Our property | 8 |
| Our families | 8 |
| Our supporters | 9 |
| Our fnances | 10 |
| Our charity | 11 |
Chair Message
2
This year our charity has overseen many positive developments at St Nicholas School in Ghana. Perhaps the most significant milestone is that we now have the infrastructure and resources to offer the full primary/junior secondary curriculum. It was just over ten years ago that the school opened with 25 pupils and our intake now exceeds 200.
At the beginning of the year our first cohort of pupils sat the Ghana Basic Education Certificate Examination (BECE). We are delighted that all the pupils passed with excellent results and attained places at a prestigious senior secondary school. Towards the end of 2023 this achievement was replicated when once again pupils in Year 7 were all offered places to complete their secondary education.
Another highlight in our school calendar was a second visit from the Greek Minister of Foreign Affairs (now Minister of Defence) Mr. Nikos Dendias. On his earlier visit the Minister donated funds for the construction of a basketball court and he has now pledged additional funding for a football pitch. This has further reinforced the strong ties between Greece and St Nicholas. At a local level, the school has been greatly supported by the Greek industrial conglomerate Mytilineos S.A. who most recently have provided funding for a new school bus.
Closer to home, our trustees have been busy raising the essential funds needed to run the school. One of our most successful ventures was a fundraising dinner at the RAC Club in London, which was attended by more than 120 guests. As well as raising £27,000, the event attracted much interest in St Nicholas and several of our guests have now signed up to our pupil sponsorship scheme.
During the year we were sorry to say goodbye to one of our most proactive trustees, Andreas Bisbas, who has spearheaded several of our fundraising ventures. We are, however, delighted to welcome two new trustees, Marianna Gavrias and Haris Brounidis, both of whom have strong connections to Greece and Ghana. We also welcome Nick Stovold, who joins us from the Tsakos company, a long-standing supporter of the school.
Whilst we are delighted with our achievements in 2022/23, a number of challenges remain. Food prices in Ghana have escalated and one of our key donors is no longer able to provide the dry foods which have sustained the school since its beginning. As with previous years, flooding from extreme weather conditions and inadequate drainage in the municipality are an on-going problem. Of particular concern has been the damage to the school’s perimeter wall with implications for the fabric and security of the school itself. Despite these obstacles, the trustees and staff of Nicholas are unwavering in their commitment to provide a quality education and better future for the children of Tema New Town.
Our vision, objectives and values
3
Our vision
At St. Nicholas, we believe that ‘Every child deserves an education’
Our objectives are to:
-
Educate children well and ensure their well-being
-
Provide excellent teachers and staff
-
Provide and maintain excellent buildings and facilities
-
Provide engaging co-curricular activities
-
Recruit excellent volunteers, young ambassadors and supporters
-
Ensure strong sufficient charity management
Our values
At Nicholas, we have five simple values that we apply to everything we do and believe they are fundamental to helping our children LEARN:
Listen: When we listen, we learn; when we learn, we grow
Enthusiasm: Children learn better when they are surrounded by positivity and enthusiasm Achieve: We have high aspirations for St. Nicholas children to achieve their goals
Resourceful: We encourage our children to always be resourceful
Nurture: We nurture our children to help them grow with confidence and resilience
In the sections which follow, we highlight some of the achievements and developments which have accorded with our vision, objectives and values.
Our People
4
Our pupils
During the current financial year our pupil intake reached more than 200 pupils and the school has now reached its capacity . Our average class size is only 15 which helps ensure that every child gets as much attention as she or he needs. As well as their education, all pupils receive free meals (breakfast and lunch), uniforms, learning materials, health checks and access to medical care.
Since the school was founded ten years ago, our priority has been to recruit the most disadvantaged children from the local Tema area. To ensure that we honor this commitment, we recently introduced a robust monitoring system which was overseen by two trustees during this year’s selection process.
We have also introduced a system for monitoring and tracking pupil attendance. Regular attendance amongst some pupils has, in the past, been inconsistent. This is of particular concern for children who risk losing out on their learning thereby jeopardizing the unique educational benefits which the school offers them. We are glad to report that with the introduction of our monitoring system and with follow up visits to caregivers, there has been a marked improvement in pupil attendance.
Our staff
In 2022/23 we had 31 staff on the payroll of which 19 are teachers. We employ a head teacher and deputy head to oversee the management of the school and the delivery of our learning programme. Our sizeable teaching team enables us to provide a high teacher to pupil ratio unheard of in most Ghanaian schools. The remaining employees provide catering, security and cleaning services. We also employ a driver for our school bus.
Corporate management of the school is overseen by our founder Deborah Eleazar with support from our longstanding champion and trustee Barry Hedges. Deborah and Barry make frequent visits to Ghana to liaise with staff, oversee building work and meet with distinguished visitors. Local management is provided by Patrick Mensa and Roberta Mensah Amo.
Our trustees
The St Nicholas Foundation was set up as a UK registered charity in 2015 to oversee the running of the school and ensure good governance. The charity, which is based in London, has a board of ten trustees who meet regularly and are largely responsible for raising the funds needed to sustain the school.
5
Our Learning and Support Programmes
Early Learning
Providing a good education for our children is the top priority at St Nicholas so they are encouraged to start as early as possible. Children enter the school as young as three and in the early stages there is an emphasis on learning through play, creative activities and a focus on pre-literacy and numeracy skills. During their two years in Kindergarten pupils consolidate their writing skills
Classes 1-7
Our Primary School Classes (1 to 7) follow the syllabus set by the Ghana Education Service (GES). Core subjects cover:
-
Mathematics
-
Science
-
English Language
-
Social Studies
-
Religious and Moral Education,
-
French
-
Ga (a widely spoken Ghanaian language)
-
Information and Computer Technology
During the year, two new programmes have been introduced at the school. For pupils sitting the final exams there is a Dawn Tuition Programme to help them with their revision and an E Learning Programme is currently being integrated into the curriculum.
Extracurricular Learning
Greek language and culture
Because of the school’s close ties to Greece our pupils have the opportunity to study Modern Greek taught by a Greek national living in Ghana. They are also taught Greek songs and dancing and regularly give displays to visitors and at the annual St Nicholas Day celebrations in December.
Music and dance
With Ghana’s rich heritage in music and dance, these feature prominently in the curriculum. We are fortunate in having some talented staff to tutor our pupils on a range of instruments donated to the school and oversee our brass band and drumming groups. Traditional music and dance are regularly showcased at school events.
Naval Cadets
6
The school has a thriving cadet corps made up of both boys and girls who receive training from a professional naval officer. Our cadets put on impressive displays for visiting dignitaries and on ceremonial occasions.
Sport
Friday afternoons are generally devoted to sporting and recreational activities at St. Nicholas. Our sports programme currently focuses on football, handball and volleyball. With support from the Ghana Athletics Association we are exploring ways of making athletics an established part of the curriculum.
Environmental activities
We are committed to fostering environmental awareness amongst pupils and are proud to have instigated a programme to clear-up rubbish on the nearby beach. On these occasions, children team up with staff, parents, local residents and other voluntary organisations to clear the beach of plastic and other rubbish.
Learning Support
We recognise that some of our children struggle with their studies, often because of their home circumstances. Our policy is for teachers to identify pupils who are experiencing learning difficulties in particular subjects and for these pupils to be given extra support after school hours.
Pastoral Care
Because many of our pupils come from vulnerable backgrounds our teachers closely monitor pupils to identify issues which can affect their learning. Where there are concerns about homework, health, absenteeism or behaviour our staff visit parents or guardians to discuss these problems and identify ways to overcome these challenges.
Medical Support
Many of our children are predisposed to a number of acute medical conditions. Priority is given to ensuring they receive a healthy diet by giving them breakfast and lunch during school hours.
We arrange for all the children to be issued with a National Health Insurance card which gives them free and fast access to medical centres in Ghana. We also pay for any medication. The Ghana Health Service visits the school twice a year to administer vaccinations for polio, rubella and measles. The children also have dental and eye checks
During the year, one of our pupils –Frank - developed serious complications from sickle cell disease and had to be admitted to hospital for some complex and costly treatment.
7
Fortunately we were able to raise the funds to pay for his treatment and Frank has since made a good recovery.
Parent involvement
The school has an active Parent Teachers Association (PTA) which holds meeting twice a term at the school. The meetings keep parents and guardians informed of the school policy and pupils’ progress. PTA meetings are also used to distribute donated clothes and shoes.
Governance
Governance of the school charity is overseen by the St Nicholas Foundation board of trustees who set and review policies in number of areas including pupil behaviour, health and safety, risk assessment and equal opportunities. These policies are implemented and monitored by the headmaster and his senior staff. Locally, the Ghana Education Service conducts inspections to ensure that the school meets its operating standards.
Our Property
As our intake of pupils has grown so too has our need for classroom accommodation. Over the years our generous sponsor Mytilineos has provided the funding for a dedicated learning centre comprising classrooms, IT suite and library. Mytilineos has also pledged to underwrite the final internal work on the upper floor of the building.
Alongside our new build project, ongoing maintenance work has put considerable pressure on our resources. Once again, heavy rainfall and flooding has caused significant damage to our external walls as well as to the basketball pitch currently under construction. Much of the problem is caused by inadequate drainage in the municipality and solutions to this problem continue to challenge our charity.
With the rise in the cost of food staples and a fall in the supply of food donations the focus is now on using some of our vacant land for crop cultivation.
Our Families
At St Nicholas, we have come to recognize that in order to have an impact on our pupils’ learning we need to work closely with their parents and caregivers. For this reason we employ a dedicated social worker to work with vulnerable children and their families, particularly those children for whom issues at home may be a cause of anxiety or tension. Engagement with families is also facilitated through our thriving Parent Teacher Association. These forums also provide opportunities to distribute the clothing, shoes and toys which we receive from our donors in the UK.
8
Our Supporters
Underpinning our work, we are fortunate in having a network of friends and supporters in Ghana, Greece, the UK and other parts of the world who have provided funding, food, clothing, learning resources, teaching support, advice and other contributions to help ensure the viability and success of the school.
Donors
In 2022/23 we have been fortunate in receiving donations from a number of organisations and individuals including:
Maria Tsakos Foundation Annual Grant Mytilineos SA Funding for a new school bus Government of the Hellenic Republic Funding for a basket ball pitch Pelagos fund Funding donation Leon & Lotus Shipping Funding donations Sea and Shore Services Ghana Management support New Beginnings (airline crews) Clothing, shoes, learning resources UK schools Uniforms, sports equipment, learning resources St Nicholas Pupil Sponsorship Scheme Regular donations for individual pupils
During the year we were delighted to be accepted by the US based funding platform Myriad USA (formerly King Baudoin Foundation). The platform enables US donors to offset taxes against donations and our supporters in the US have already benefited from this scheme.
Fundraising initiatives
Two fundraising events in London collectively raised £40,000 as follows: Baltic Exchange Caledonian Society Lunch Ticket sales and auction Charity Dinner at RAC Club London Tickets sales and donations
Volunteers/visitors
Volunteers and visitors play an important role in the life of St Nicholas. During the year we received a number of visitors from Ghana, the UK and Greece and were particularly honoured to have a second visit from the Greek Minister of Foreign Affairs (now Minister of Defence) Mr. Nikos Dendias . We were also grateful for the help and support received from Maria Asmarianaki , a Greek national working in Accra.
Our Finances
9
Income
In 2022/23 our total income was £240,037. Of this, £197,300 was unrestricted income which was used to fund the school/charity’s running costs. Our unrestricted income in 2022/23 was 38% higher than the previous year and was raised largely in the UK through fundraising activities (including the RAC Club dinner) charitable donations and our pupil sponsorship scheme.
In addition, we received restricted income of £51,737 from two donors: Mytilineous in Ghana for a new school bus and from the Greek Foreign Minister for a basket ball pitch.
Expenditure
Our total expenditure on the school/charity in 2022/23 was £220,193. This figure, which includes the cost of the bus and basket ball court, represents an increase in spending of 144% over the previous financial year. The data below show the main areas of spending during both periods
| Cost component | 2022/23 | 2021/22 |
|---|---|---|
| Staf salaries | 50,575 | 55,245 |
| School operatng costs | 47,554 | 7,643 |
| Travel (school bus) | 33,818 | - |
| Buildings and maintenance | 27,826 | 11,644 |
| Children’s costs | 14,856 | 9,734 |
| Fundraising/insurance | 26,221 | 649 |
| Miscellaneous | 12,444 | 2,350 |
| Support costs | 6,653 | (121) |
| Professional fees | 246 | 3,102 |
| ___ | _ | |
| Total | 220,193 | 90,246 |
The figures above show that during 2022/23 show that there was a significant increase in nearly all areas of expenditure for which there is comparable data. Staff salaries were the only cost to remain relatively static. School operating costs and buildings and maintenance accounted for the greatest increase in spending. Apart from one-off capital and fundraising costs, the increase in spending largely reflects the rise in the cost of living in Ghana (including food) and ongoing construction and repair work to the property.
As a charity we are proud to have a policy of keeping our administration costs to a minimum which accounted for 3% of total spending in 2022/23.
10
Commentary
In the financial year under review we made a net gain of £28,844 compared with a net gain of £87,126 in the previous year. Whilst we generated a healthy income of nearly £250,000 in 2022/23, the significant increase in our costs has had an impact on our balance sheet. Some of these costs, including the new school bus and basket ball pitch are one-off costs and we anticipate that with much of the building and repair work now underway or completed our costs should stabilise in the next financial year. At the same time we are committed to pursuing some of the funding strategies which have proved so successful in the current year.
Our Charity
Registered name:
The name of the Charitable Incorporated Organisation (the "CIO") is St Nicholas Foundation
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Registered charity number: 1164193
Registered Address: The principal office of the CIO is: First Floor 10 Lower Grosvenor Place London SW1W 0EN United Kingdom
St. Nicholas Trustees:
During 2022/23 the charity trustees were as follows:
Elizabeth Dutton – Chairperson (appointed 2.11.15) Barry Hedges – Vice Chairperson (appointed 28.9.22) Jacqueline Amin – Treasurer (appointed 2.11.15) Deborah Eleazar (appointed 2.11.15) Alkiviadis A Kappas (appointed 2.11.15) Vivienne King (appointed 2.11.15) Andreas G Bisbas (resigned 8.9.23) Ivan Quashigah (appointed 1.4.21) Nicholas Stovold (appointed 16.10.23) Marianna Gavriel (appointed 16.10.23) Haris Broumidis (appointed 21.11.23)
Bankers: NatWest, Victoria, PO Box 1357, 169 Victoria Street, London, SW1E 5NA Independent Examiner: Douglas Wadkin, 11 Amwell St, London EC1R 1UL
Governing Document: The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
12
Charitable Objectives
Through the St Nicholas School in Tema, Ghana (the "School") which was established in 2012, the CIO aims to advance the education, health and community development of students of the School by providing the funds, facilities, staff and/or materials to:
-
(I) provide high quality education for infant and primary up to school leaving age children at minimal cost to families and ensuring that the students acquire the necessary learning skills to progress to higher levels in the education system, including competencies in English and mathematics;
-
(ii) provide financial support to students and their family members as deemed appropriate by the Executive Committee and according to a defined set of criteria;
-
(iii) Improve the students' health and well-being by providing nutritious meals, drinks and snacks whilst the students are at school and access to medical care where necessary;
-
(iv) ensure that the students acquire social and life skills and foster the development of the local community; and
-
(v) develop links with local people and organizations including parents, community activists, local dignitaries and food suppliers, in order to improve both the living conditions and levels of education of the students.
Risks and Reserves/Financial Health
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. During the first year of operation as a registered charity, a Reserves Policy was implemented with the aim of holding at least three months of operating costs in reserves. This undertaking was achieved during the financial year October 2022/2023.
13
Activities, developments and achievements
A detailed account of the charity’s activities, developments and achievements is set out in the earlier sections of this report.
Charity management
Trustees
-
Three meetings of the trustees were held during 2022/2023
-
Three trustees, Deborah Eleazar, Ivan Quashigah and Vivienne King visited the school during the same period.
Policies
The following policies/documents are in place:
-
Code of Behaviour
-
Health and Safety
-
Risk Management
-
Safeguarding
-
Financial Reserves
-
Trustee Conflicts of Interest
-
Equal Opportunities
Annual Accounts
- Annual accounts were produced, audited and submitted to the Charity Commission in August 2024.
Newsletter
- Two newsletters were produced and circulated by the school during the academic year 2022/2023
14
Signed on behalf of the charity trustees
____________ Elizabeth Dutton ( Chaiman )
Approved by the Board of Trustees on 1/8/2024
15
REGISTERED CHARITY NUMBER: 1164193
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 October 2023
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 2023
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 |
8 |
Detailed Statement of Financial Activities |
9 |
St Nicholas Foundation
for the Year Ended 31 October 2023
Report of the Trustees
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31October2023.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 B Hedges Independent Examiner Douglas Wadkin 11 Amwell Street London EC1R 1UL 1/08/2023 Approved by order of the board of trustees on ............................................. 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 2023.
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
Date: .............................................
Page 2
St Nicholas Foundation
Statement of Financial Activities
for the Year Ended 31 October 2023
31.10.23 |
31.10.22 |
|||||
|---|---|---|---|---|---|---|
Unrestricted |
Restricted |
Total |
Total |
|||
funds |
funds |
funds |
funds |
|||
Notes |
£ |
£ |
£ |
£ |
||
INCOME AND ENDOWMENTS FROM |
||||||
Donations and legacies |
197,300 |
51,737 |
249,037 |
177,372 |
||
EXPENDITURE ON |
||||||
Raising funds |
2 |
- |
- |
- |
(7,923) |
|
Charitable activities |
||||||
Ghana school |
168,456 |
51,737 |
220,193 |
98,169 |
||
Total |
168,456 |
51,737 |
220,193 |
90,246 |
||
NET INCOME |
28,844 |
- |
28,844 |
87,126 |
||
RECONCILIATION OF FUNDS |
||||||
Total funds brought forward |
150,006 |
- |
150,006 |
62,880 |
||
TOTAL FUNDS CARRIED FORWARD |
178,850 |
- |
178,850 |
150,006 |
The notes form part of these financial statements
Page 3
St Nicholas Foundation
Balance Sheet
31 October 2023
31.10.23 |
31.10.22 |
||||
|---|---|---|---|---|---|
Unrestricted |
Restricted |
Total |
Total |
||
funds |
funds |
funds |
funds |
||
Notes |
£ |
£ |
£ |
£ |
|
CURRENT ASSETS |
|||||
Cash at bank and in hand |
178,850 |
- |
178,850 |
150,006 |
|
NET CURRENT ASSETS |
178,850 |
- |
178,850 |
150,006 |
|
TOTAL ASSETS LESS CURRENT LIABILITIES |
178,850 |
- |
178,850 |
150,006 |
|
NET ASSETS |
178,850 |
- |
178,850 |
150,006 |
|
FUNDS |
5 |
||||
Unrestricted funds |
178,850 |
150,006 |
|||
TOTAL FUNDS |
178,850 |
150,006 |
1/08/2024 The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on 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 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthe 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. RAISING FUNDS
Raising donations and legacies
Raising donations and legacies |
|||
|---|---|---|---|
31.10.23 |
31.10.22 |
||
£ |
£ |
||
Support costs |
- |
(7,923) |
3. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31October2023norfortheyear ended
31 October 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 October 2023 nor for the year ended 31 October 2022.
continued...
Page 5
St Nicholas Foundation
Notes to the Financial Statements - continued
for the Year Ended 31 October 2023
4. |
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
|||
|---|---|---|---|---|
Unrestricted |
Restricted |
Total |
||
funds |
funds |
funds |
||
£ |
£ |
£ |
||
INCOME AND ENDOWMENTS FROM |
||||
Donations and legacies |
177,372 |
- |
177,372 |
|
EXPENDITURE ON |
||||
Raising funds |
(7,923) |
- |
(7,923) |
|
Charitable activities |
||||
Ghana school |
98,169 |
- |
98,169 |
|
Total |
90,246 |
- |
90,246 |
|
NET INCOME |
87,126 |
- |
87,126 |
|
RECONCILIATION OF FUNDS |
||||
Total funds brought forward |
62,880 |
- |
62,880 |
|
TOTAL FUNDS CARRIED FORWARD |
150,006 |
- |
150,006 |
|
5. |
MOVEMENT IN FUNDS |
|||
Net |
||||
At |
movement |
At |
||
1/11/22 |
in funds |
31/10/23 |
||
£ |
£ |
£ |
||
Unrestricted funds |
||||
General fund |
150,006 |
28,844 |
178,850 |
|
TOTAL FUNDS |
150,006 |
28,844 |
178,850 |
|
Net movement in funds, included in the above are as follows: |
||||
Incoming |
Resources |
Movement |
||
resources |
expended |
in funds |
||
£ |
£ |
£ |
||
Unrestricted funds |
||||
General fund |
197,300 |
(168,456) |
28,844 |
|
Restricted funds |
||||
Basketball Court |
20,713 |
(20,713) |
- |
|
School Bus |
31,024 |
(31,024) |
- |
|
51,737 |
(51,737) |
- |
||
TOTAL FUNDS |
249,037 |
(220,193) |
28,844 |
continued...
Page 6
St Nicholas Foundation
Notes to the Financial Statements - continued
for the Year Ended 31 October 2023
5. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
Net |
|||
|---|---|---|---|
At |
movement |
At |
|
1/11/21 |
in funds |
31/10/22 |
|
£ |
£ |
£ |
|
Unrestricted funds |
|||
General fund |
62,880 |
87,126 |
150,006 |
TOTAL FUNDS |
62,880 |
87,126 |
150,006 |
Comparative net movement in funds, included in the above are as follows: |
|||
Incoming |
Resources |
Movement |
|
resources |
expended |
in funds |
|
£ |
£ |
£ |
|
Unrestricted funds |
|||
General fund |
177,372 |
(90,246) |
87,126 |
TOTAL FUNDS |
177,372 |
(90,246) |
87,126 |
A current year 12 months and prior year 12 months combined position is as follows:
Net |
|||
|---|---|---|---|
At |
movement |
At |
|
1/11/21 |
in funds |
31/10/23 |
|
£ |
£ |
£ |
|
Unrestricted funds |
|||
General fund |
62,880 |
115,970 |
178,850 |
TOTAL FUNDS |
62,880 |
115,970 |
178,850 |
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 |
374,672 |
(258,702) |
115,970 |
Restricted funds |
|||
Basketball Court |
20,713 |
(20,713) |
- |
School Bus |
31,024 |
(31,024) |
- |
51,737 |
(51,737) |
- |
|
TOTAL FUNDS |
426,409 |
(310,439) |
115,970 |
continued...
Page 7
St Nicholas Foundation
Notes to the Financial Statements - continued
for the Year Ended 31 October 2023
6. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 October 2023.
Page 8
St Nicholas Foundation
Detailed Statement of Financial Activities
for the Year Ended 31 October 2023
Detailed Statement of Financial Activitiesfor the Year Ended 31 October 2023 |
||
|---|---|---|
31.10.23 |
31.10.22 |
|
£ |
£ |
|
INCOME AND ENDOWMENTS |
||
Donations and legacies |
||
Gifts and donations |
249,037 |
143,924 |
Metka income |
- |
33,448 |
249,037 |
177,372 |
|
Total incoming resources |
249,037 |
177,372 |
EXPENDITURE |
||
Charitable activities |
||
Staff costs for Ghana school |
50,575 |
55,245 |
Childrens costs |
14,856 |
9,734 |
School operating costs |
47,554 |
7,643 |
Buildings & maintenance costs |
27,826 |
11,644 |
Miscellaneous |
12,444 |
2,350 |
Professional fees |
246 |
3,102 |
Travel expenses |
33,818 |
- |
187,319 |
89,718 |
|
Support costs |
||
Management |
||
Insurance |
702 |
649 |
Fund raising event |
25,519 |
- |
26,221 |
649 |
|
Finance |
||
Sundries |
1,405 |
10 |
Bank charges |
1,036 |
190 |
Exchange differences |
4,212 |
(321) |
6,653 |
(121) |
|
Total resources expended |
220,193 |
90,246 |
Net income |
28,844 |
87,126 |
This page does not form part of the statutory financial statements
Page 9
REGISTERED CHARITY NUMBER: 1164193
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 October 2023
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 2023
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 |
8 |
Detailed Statement of Financial Activities |
9 |
St Nicholas Foundation
for the Year Ended 31 October 2023
Report of the Trustees
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31October2023.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 B Hedges Independent Examiner Douglas Wadkin 11 Amwell Street London EC1R 1UL 1/08/2023 Approved by order of the board of trustees on ............................................. 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 2023.
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
Date: .............................................
Page 2
St Nicholas Foundation
Statement of Financial Activities
for the Year Ended 31 October 2023
31.10.23 |
31.10.22 |
|||||
|---|---|---|---|---|---|---|
Unrestricted |
Restricted |
Total |
Total |
|||
funds |
funds |
funds |
funds |
|||
Notes |
£ |
£ |
£ |
£ |
||
INCOME AND ENDOWMENTS FROM |
||||||
Donations and legacies |
197,300 |
51,737 |
249,037 |
177,372 |
||
EXPENDITURE ON |
||||||
Raising funds |
2 |
- |
- |
- |
(7,923) |
|
Charitable activities |
||||||
Ghana school |
168,456 |
51,737 |
220,193 |
98,169 |
||
Total |
168,456 |
51,737 |
220,193 |
90,246 |
||
NET INCOME |
28,844 |
- |
28,844 |
87,126 |
||
RECONCILIATION OF FUNDS |
||||||
Total funds brought forward |
150,006 |
- |
150,006 |
62,880 |
||
TOTAL FUNDS CARRIED FORWARD |
178,850 |
- |
178,850 |
150,006 |
The notes form part of these financial statements
Page 3
St Nicholas Foundation
Balance Sheet
31 October 2023
31.10.23 |
31.10.22 |
||||
|---|---|---|---|---|---|
Unrestricted |
Restricted |
Total |
Total |
||
funds |
funds |
funds |
funds |
||
Notes |
£ |
£ |
£ |
£ |
|
CURRENT ASSETS |
|||||
Cash at bank and in hand |
178,850 |
- |
178,850 |
150,006 |
|
NET CURRENT ASSETS |
178,850 |
- |
178,850 |
150,006 |
|
TOTAL ASSETS LESS CURRENT LIABILITIES |
178,850 |
- |
178,850 |
150,006 |
|
NET ASSETS |
178,850 |
- |
178,850 |
150,006 |
|
FUNDS |
5 |
||||
Unrestricted funds |
178,850 |
150,006 |
|||
TOTAL FUNDS |
178,850 |
150,006 |
1/08/2024 The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on 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 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthe 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. RAISING FUNDS
Raising donations and legacies
Raising donations and legacies |
|||
|---|---|---|---|
31.10.23 |
31.10.22 |
||
£ |
£ |
||
Support costs |
- |
(7,923) |
3. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31October2023norfortheyear ended
31 October 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 October 2023 nor for the year ended 31 October 2022.
continued...
Page 5
St Nicholas Foundation
Notes to the Financial Statements - continued
for the Year Ended 31 October 2023
4. |
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
|||
|---|---|---|---|---|
Unrestricted |
Restricted |
Total |
||
funds |
funds |
funds |
||
£ |
£ |
£ |
||
INCOME AND ENDOWMENTS FROM |
||||
Donations and legacies |
177,372 |
- |
177,372 |
|
EXPENDITURE ON |
||||
Raising funds |
(7,923) |
- |
(7,923) |
|
Charitable activities |
||||
Ghana school |
98,169 |
- |
98,169 |
|
Total |
90,246 |
- |
90,246 |
|
NET INCOME |
87,126 |
- |
87,126 |
|
RECONCILIATION OF FUNDS |
||||
Total funds brought forward |
62,880 |
- |
62,880 |
|
TOTAL FUNDS CARRIED FORWARD |
150,006 |
- |
150,006 |
|
5. |
MOVEMENT IN FUNDS |
|||
Net |
||||
At |
movement |
At |
||
1/11/22 |
in funds |
31/10/23 |
||
£ |
£ |
£ |
||
Unrestricted funds |
||||
General fund |
150,006 |
28,844 |
178,850 |
|
TOTAL FUNDS |
150,006 |
28,844 |
178,850 |
|
Net movement in funds, included in the above are as follows: |
||||
Incoming |
Resources |
Movement |
||
resources |
expended |
in funds |
||
£ |
£ |
£ |
||
Unrestricted funds |
||||
General fund |
197,300 |
(168,456) |
28,844 |
|
Restricted funds |
||||
Basketball Court |
20,713 |
(20,713) |
- |
|
School Bus |
31,024 |
(31,024) |
- |
|
51,737 |
(51,737) |
- |
||
TOTAL FUNDS |
249,037 |
(220,193) |
28,844 |
continued...
Page 6
St Nicholas Foundation
Notes to the Financial Statements - continued
for the Year Ended 31 October 2023
5. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
Net |
|||
|---|---|---|---|
At |
movement |
At |
|
1/11/21 |
in funds |
31/10/22 |
|
£ |
£ |
£ |
|
Unrestricted funds |
|||
General fund |
62,880 |
87,126 |
150,006 |
TOTAL FUNDS |
62,880 |
87,126 |
150,006 |
Comparative net movement in funds, included in the above are as follows: |
|||
Incoming |
Resources |
Movement |
|
resources |
expended |
in funds |
|
£ |
£ |
£ |
|
Unrestricted funds |
|||
General fund |
177,372 |
(90,246) |
87,126 |
TOTAL FUNDS |
177,372 |
(90,246) |
87,126 |
A current year 12 months and prior year 12 months combined position is as follows:
Net |
|||
|---|---|---|---|
At |
movement |
At |
|
1/11/21 |
in funds |
31/10/23 |
|
£ |
£ |
£ |
|
Unrestricted funds |
|||
General fund |
62,880 |
115,970 |
178,850 |
TOTAL FUNDS |
62,880 |
115,970 |
178,850 |
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 |
374,672 |
(258,702) |
115,970 |
Restricted funds |
|||
Basketball Court |
20,713 |
(20,713) |
- |
School Bus |
31,024 |
(31,024) |
- |
51,737 |
(51,737) |
- |
|
TOTAL FUNDS |
426,409 |
(310,439) |
115,970 |
continued...
Page 7
St Nicholas Foundation
Notes to the Financial Statements - continued
for the Year Ended 31 October 2023
6. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 October 2023.
Page 8
St Nicholas Foundation
Detailed Statement of Financial Activities
for the Year Ended 31 October 2023
Detailed Statement of Financial Activitiesfor the Year Ended 31 October 2023 |
||
|---|---|---|
31.10.23 |
31.10.22 |
|
£ |
£ |
|
INCOME AND ENDOWMENTS |
||
Donations and legacies |
||
Gifts and donations |
249,037 |
143,924 |
Metka income |
- |
33,448 |
249,037 |
177,372 |
|
Total incoming resources |
249,037 |
177,372 |
EXPENDITURE |
||
Charitable activities |
||
Staff costs for Ghana school |
50,575 |
55,245 |
Childrens costs |
14,856 |
9,734 |
School operating costs |
47,554 |
7,643 |
Buildings & maintenance costs |
27,826 |
11,644 |
Miscellaneous |
12,444 |
2,350 |
Professional fees |
246 |
3,102 |
Travel expenses |
33,818 |
- |
187,319 |
89,718 |
|
Support costs |
||
Management |
||
Insurance |
702 |
649 |
Fund raising event |
25,519 |
- |
26,221 |
649 |
|
Finance |
||
Sundries |
1,405 |
10 |
Bank charges |
1,036 |
190 |
Exchange differences |
4,212 |
(321) |
6,653 |
(121) |
|
Total resources expended |
220,193 |
90,246 |
Net income |
28,844 |
87,126 |
This page does not form part of the statutory financial statements
Page 9