## **St. Nicholas Foundation Annual Report 2023/2024**
**1**
|**Contents**|**Page**|
|---|---|
|**Chair message**|**3**|
|**Our vision, objectives and values**|**4**|
|**Our people**|**5**|
|**Our programmes**|**6**|
|**Our property**|**9**|
|**Our families**|**9**|
|**Our supporters**|**9**|
|**Our finances**|**10**|
|**Our charity**|**11**|
**2**
## **Chair Message**
During this year progress has been steady as St Nicholas continues to expand to provide essential education services in the local Bankuman community. Our school roll has increased to 230 and we have taken proactive measures to ensure that pupil numbers in later years use the school’s resources efficiently.
At the beginning of the year our second cohort of pupils sat the Ghana Basic Education Certificate Examination (BECE). We can report that all pupils achieved the required standards to enable them to progress to further education either at Senior High School or at Vocational college. Subject choices are diverse and include Science, General Arts and Visual Arts.
The charity continues to welcome highly motivated volunteers from all over the world. We are indebted to all these individuals who give up their time and energy to support the work of St Nicholas.
During the year work has been continuing to complete the construction of the final section of the main school building. When this is complete our pupils will have access to state-ofthe-art facilities including an IT suite and a Music/Drama studio. In this respect and in many others, we recognise the unwavering support we have had from Mytilineos spearheaded by our Trustee Marianna Gavriel.
We continue to receive much needed support from the Maria Tsakos Foundation. This support comes in the form of help with our running costs and the donation of food items towards our feeding programme at the school which provides two nutritious meals per day to our children.
St Nicholas cares passionately not only about the education of our children but also their health and welfare. We continue to provide much needed support when our children are ill to help both them and their families.
We are sad to report the passing of one of our founding Trustees Captain Alkiviadis Adam Kappas. A sombre yet celebratory service was held at the school to honour his incredible life and legacy.
The school was visited by the National School Inspectorate Authority (NaSIA) of Ghana. They gave us an excellent report and invaluable feedback to enable us to make sure that we continue to provide a first-class education at St Nicholas.
Fundraising continues to be a challenge, but we thank all our supporters for their efforts on our behalf to make sure that we continue to provide a free education to our children. The goal remains to break the poverty cycle through education.
**3**
## **Our vision, objectives and values**
## **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.
**4**
## **Our People**
## **Our pupils**
During the Covid years we halted the intake of pupils into our Nursery class. In September 2024 a decision was made to use our existing infrastructure to re-open our Nursery class. In support of pupil numbers in later years our class sizes in Nursery and KG1 were increased. This led to the largest intake the school has seen with twenty-five children joining the Nursery stage with a similar amount in KG1. The school now teaches across 12 stages. As we aim to have 25 pupils in each year we have the capacity for 300 children. Our average class size remains low but over the coming years should increase as in each year we will admit 25 pupils into our Nursery class. In classes where pupils leave, for any reason, we will actively try to replace these children to keep our pupil numbers up.
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 13 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 have a robust monitoring system which is overseen by two trustees.
Pupil attendance continues to be a focus area for the school. Detailed records are kept of children who do not attend either as part of an authorised absence or a non-authorised absence. In general absence levels are very low. In September 2024 a Fine System was introduced as an added incentive to ensure compliance, and this has led to further improvements in attendance levels. The children’s participation at Ghanaian cultural events can also lead to conflict with attendance and further work needs to be carried out to advise parents on the importance of their children’s education.
## **Our staff**
In 2023/24 we had 30 staff on the payroll of which 18 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 Mensah and Roberta Mensah Amo.
**5**
## **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.
## **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 Stages**
Our school is separated into 12 class stages as follows:
## **Pre-School**
Nursery class and two Kindergarten Classes (KG1 and KG2)
## **Lower Primary**
Basic 1 to Basic 3
## **Upper Primary**
Basic 4 to Basic 6
## **Junior High School**
Basic 7 to Basic 9 (JHS1 to JHS3)
Our Primary School Classes follow the syllabus set by the Ghana Education Service (GES). Core subjects’ cover:
- Mathematics
- Science
- English Language
- Social Studies
- Religious and Moral Education,
- French
**6**
- Ga (a widely spoken Ghanaian language)
- Information and Computer Technology
For our Basic 9 (JHS3) pupils we provide extra support by way of a **Dawn Tuition programme** . Within 3 months of the BECE examinations, we change this to a **Camping Programme** when the children are given accommodation within the school and receive lessons in the early morning, late in the evening and over the weekend.
We continue to integrate our **E Learning Programme** 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**
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.
**7**
## **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. 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 meetings 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 is overseen by the St Nicholas Foundation board of trustees who set and review policies in a 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.
**8**
## **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.
## **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 2023/24 we have been fortunate in receiving donations from a number of organisations and individuals including:
**Maria Tsakos Foundation** Annual Grant **Pelagos fund** Funding donation **Leon & Lotus Shipping** Funding donations **Sea and Shore Services Ghana** Management support **New Beginnings (airline crews)** Clothing, shoes, learning resources
**9**
**UK schools St Nicholas Pupil Sponsorship Scheme**
Uniforms, sports equipment, learning resources Regular donations for individual pupils
We continue to benefit from 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**
## **Baltic Exchange Caledonian Society Lunch** Ticket sales and auction
## **Volunteers/visitors**
Volunteers and visitors play an important role in the life of St Nicholas. During the year we received several visitors from Ghana, the UK and Greece. We were also grateful for the help and support received from **Maria Asmarianaki** , a Greek national working in Accra.
## **Our Finances**
## **Income**
In 2023/2024 our total income was £157,520. All of this income was used to fund the school running costs.
## **Expenditure**
Our total expenditure on the school in 2023/2024 was £139,886. The data below shows the **main** areas of spending during this period.
|**Charitable Activities**|(All in UK £)|
|---|---|
|Staff Costs for Ghana School|48,457|
|Children Costs|14,892|
|School OperatingCosts|5,392|
|Buildingand Maintenance Costs|29,750|
|Miscellaneous|14,301|
|Professional Fees|4,640|
|Travel Expenses|4,102|
|Equipment|8,745|
|Other|9,607|
|Total|139,886|
In the year 2023/2024 there was a small reduction in Staff Costs from £50,575 in the previous year to £48457. Spending on Buildings and Maintenance increased from £27,826 in the previous year to £29750.
**10**
Currency exchange rate fluctuations during this period impacted on these figures. In October 2023 the average rate of exchange was approximately 14 Ghana Cedi to 1 GBP. In November 2024 the average rate of exchange was approximately 21 Ghana Cedi to 1 GBP.
## **Our Charity**
**Registered nam** _**e:**_ The name of the Charitable Incorporated Organisation (the "CIO") is St Nicholas Foundation **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 2023/24 the charity trustees were as follows:
Barry Hedges – Chairperson (appointed 28.9.22) Elizabeth Dutton – Vice Chairperson (appointed 2.11.15) 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) 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.
**11**
## **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, 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 2023/2024.
**12**
## **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 2023/2024
- Four trustees, Deborah Eleazar, Ivan Quashigah, Barry Hedges 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 2025.
Signed on behalf of the charity trustees
______________________________________________________
Barry Hedges ( Chaiman **)**
Approved by the Board of Trustees in August 2025
**13**
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REGISTERED CHARITY NUMBER: 1164193
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Report of the Trustees and
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Unaudited Financial Statements for the Year Ended 31 October 2024
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for
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St Nicholas Foundation
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Douglas Wadkin
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11 Amwell Street
London
EC1R 1UL
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St Nicholas Foundation
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## `Contents of the Financial Statements for the Year Ended 31 October 2024`
|||`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`||
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St Nicholas Foundation
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for the Year Ended 31 October 2024
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## `Report of the Trustees`
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Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31October2024.Thetrustees have
adoptedthe provisionsof Accountingand Reportingby Charities:Statementof RecommendedPracticeapplicableto charities preparing
theiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS102)(effective 1
January 2019).
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## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`**
## **`Governing document`**
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The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
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## **`REFERENCE AND ADMINISTRATIVE DETAILS`**
## **`Registered Charity number`**
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1164193
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## **`Principal address`**
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10 Lower Grosvenor Place
London
SW1W 0EN
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## **`Trustees`**
```
A A Kappas (resigned 15.11.24)
J C Amin
D J Eleazar
V R King
E J Dutton
G B Hedges
C C Broumidis (appointed 21.11.23)
M Gavriel
I Quashigah
N Stovold
```
## **`Independent Examiner`**
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Douglas Wadkin
11 Amwell Street
London
EC1R 1UL
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Approved by order of the board of trustees on 31 July 2025 and signed on its behalf by:
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J C Amin - Trustee
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Page 1
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Independent Examiner's Report to the Trustees of
St Nicholas Foundation
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## **`Independent examiner's report to the trustees of St Nicholas Foundation`**
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IreporttothecharitytrusteesonmyexaminationoftheaccountsofStNicholasFoundation(theTrust)fortheyear ended
31 October 2024.
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## **`Responsibilities and basis of report`**
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As the charitytrusteesof the Trustyou are responsiblefor the preparationof the accountsin accordancewiththe requirementsof the
Charities Act 2011 ('the Act').
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IreportinrespectofmyexaminationoftheTrust'saccountscarriedoutunderSection145oftheActandincarryingout my
examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
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## **`Independent examiner's statement`**
```
Ihavecompletedmyexamination.Iconfirmthatnomaterialmattershavecometomyattentioninconnectionwiththe examination
giving me cause to believe that in any material respect:
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`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.`
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I havenoconcernsandhavecomeacrossnoothermattersin connectionwiththeexaminationtowhichattentionshouldbe drawn in
this report in order to enable a proper understanding of the accounts to be reached.
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Douglas Wadkin
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Douglas Wadkin
11 Amwell Street
London
EC1R 1UL
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31 July 2025
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Page 2
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St Nicholas Foundation
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## `Statement of Financial Activities`
## `for the Year Ended 31 October 2024`
|||||`31.10.24`|`31.10.23`|
|---|---|---|---|---|---|
|||`Unrestricted`|`Restricted`|`Total`|`Total`|
|||`funds`|`funds`|`funds`|`funds`|
||`Notes`|`£`|`£`|`£`|`£`|
|**`INCOME AND ENDOWMENTS FROM`**||||||
|`Donations and legacies`||`144,394`|`-`|`144,394`|`249,037`|
|**`Charitable activities`**||||||
|`Ghana school`||`13,126`|`-`|`13,126`|`-`|
|**`Total`**||`157,520`|`-`|`157,520`|`249,037`|
|**`EXPENDITURE ON`**||||||
|`Raising funds`|`2`|`264`|`-`|`264`|`-`|
|**`Charitable activities`**||||||
|`Ghana school`||`139,622`|`-`|`139,622`|`220,193`|
|**`Total`**||`139,886`|`-`|`139,886`|`220,193`|
|**`NET INCOME`**||`17,634`|`-`|`17,634`|`28,844`|
|**`RECONCILIATION OF FUNDS`**||||||
|`Total funds brought forward`||`178,850`|`-`|`178,850`|`150,006`|
|**`TOTAL FUNDS CARRIED FORWARD`**||`196,484`|`-`|`196,484`|`178,850`|
```
The notes form part of these financial statements
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Page 3
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St Nicholas Foundation
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## `Balance Sheet`
## `31 October 2024`
|||||`31.10.24`|`31.10.23`|
|---|---|---|---|---|---|
|||`Unrestricted`|`Restricted`|`Total`|`Total`|
|||`funds`|`funds`|`funds`|`funds`|
||`Notes`|`£`|`£`|`£`|`£`|
|**`CURRENT ASSETS`**||||||
|`Cash at bank and in hand`||`196,484`|`-`|`196,484`|`178,850`|
|**`NET CURRENT ASSETS`**||`196,484`|`-`|`196,484`|`178,850`|
|**`TOTAL ASSETS LESS CURRENT LIABILITIES`**||`196,484`|`-`|`196,484`|`178,850`|
|**`NET ASSETS`**||`196,484`|`-`|`196,484`|`178,850`|
|**`FUNDS`**|`5`|||||
|`Unrestricted funds`||||`196,484`|`178,850`|
|**`TOTAL FUNDS`**||||`196,484`|`178,850`|
```
The financialstatementswere approvedby the Board of Trusteesand authorisedfor issue on 31 July 2025 and were signed on its behalf
by:
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J C Amin - Trustee
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The notes form part of these financial statements
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Page 4
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St Nicholas Foundation
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Notes to the Financial Statements
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for the Year Ended 31 October 2024
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## **`1. ACCOUNTING POLICIES`**
## **`Basis of preparing the financial statements`**
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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`**
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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.
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## **`Expenditure`**
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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.
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## **`Taxation`**
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The charity is exempt from tax on its charitable activities.
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## **`Fund accounting`**
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Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
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Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthecharity.Restrictionsarise when
specified by the donor or when funds are raised for particular restricted purposes.
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Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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## **`2. RAISING FUNDS`**
## **`Raising donations and legacies`**
|**`Raising donations and legacies`**||||
|---|---|---|---|
||`31.10.24`|`31.10.23`||
||`£`|`£`||
|`Support costs`|`264`||`-`|
## **`3. TRUSTEES' REMUNERATION AND BENEFITS`**
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Therewerenotrustees'remunerationorotherbenefitsfortheyearended31October2024norfortheyear ended
31 October 2023.
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## **`Trustees' expenses`**
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There were no trustees' expenses paid for the year ended 31 October 2024 nor for the year ended 31 October 2023.
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continued...
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Page 5
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St Nicholas Foundation
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Notes to the Financial Statements - continued
for the Year Ended 31 October 2024
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## **`4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`**
|**`4.`**|**`COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`**||||
|---|---|---|---|---|
|||`Unrestricted`|`Restricted`|`Total`|
|||`funds`|`funds`|`funds`|
|||`£`|`£`|`£`|
||**`INCOME AND ENDOWMENTS FROM`**||||
||`Donations and legacies`|`197,300`|`51,737`|`249,037`|
||**`EXPENDITURE ON`**||||
||**`Charitable activities`**||||
||`Ghana school`|`168,456`|`51,737`|`220,193`|
||**`NET INCOME`**|`28,844`|`-`|`28,844`|
||**`RECONCILIATION OF FUNDS`**||||
||`Total funds brought forward`|`150,006`|`-`|`150,006`|
||**`TOTAL FUNDS CARRIED FORWARD`**|`178,850`|`-`|`178,850`|
|**`5.`**|**`MOVEMENT IN FUNDS`**||||
||||`Net`||
|||`At`|`movement`|`At`|
|||`1/11/23`|`in funds`|`31/10/24`|
|||`£`|`£`|`£`|
||**`Unrestricted funds`**||||
||`General fund`|`178,850`|`17,634`|`196,484`|
||**`TOTAL FUNDS`**|`178,850`|`17,634`|`196,484`|
||`Net movement in funds, included in the above are as follows:`||||
|||`Incoming`|`Resources`|`Movement`|
|||`resources`|`expended`|`in funds`|
|||`£`|`£`|`£`|
||**`Unrestricted funds`**||||
||`General fund`|`157,520`|`(139,886)`|`17,634`|
||**`TOTAL FUNDS`**|`157,520`|`(139,886)`|`17,634`|
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continued...
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```
```
St Nicholas Foundation
```
```
Notes to the Financial Statements - continued
```
```
for the Year Ended 31 October 2024
```
## **`5. MOVEMENT IN FUNDS - continued`**
## **`Comparatives for 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`|
|`Comparative 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`|
|`A current year 12 months and prior year 12 months combined position is as follows:`|`A current year 12 months and prior year 12 months combined position is as follows:`|||
|---|---|---|---|
|||`Net`||
||`At`|`movement`|`At`|
||`1/11/22`|`in funds`|`31/10/24`|
||`£`|`£`|`£`|
|**`Unrestricted funds`**||||
|`General fund`|`150,006`|`46,478`|`196,484`|
|**`TOTAL FUNDS`**|`150,006`|`46,478`|`196,484`|
```
continued...
```
```
Page 7
```
```
St Nicholas Foundation
```
## `Notes to the Financial Statements - continued`
## `for the Year Ended 31 October 2024`
## **`5. MOVEMENT IN FUNDS - continued`**
```
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`|`354,820`|`(308,342)`|`46,478`|
|**`Restricted funds`**||||
|`Basketball Court`|`20,713`|`(20,713)`|`-`|
|`School Bus`|`31,024`|`(31,024)`|`-`|
||`51,737`|`(51,737)`|`-`|
|**`TOTAL FUNDS`**|`406,557`|`(360,079)`|`46,478`|
## **`6. RELATED PARTY DISCLOSURES`**
```
There were no related party transactions for the year ended 31 October 2024.
```
```
Page 8
```
```
St Nicholas Foundation
```
```
Detailed Statement of Financial Activities
for the Year Ended 31 October 2024
```
|`Detailed Statement of Financial Activities`
`for the Year Ended 31 October 2024`|||
|---|---|---|
||`31.10.24`|`31.10.23`|
||`£`|`£`|
|**`INCOME AND ENDOWMENTS`**|||
|**`Donations and legacies`**|||
|`Gifts and donations`|`144,394`|`249,037`|
|**`Charitable activities`**|||
|`Gift Aid tax recovery`|`13,126`|`-`|
|**`Total incoming resources`**|`157,520`|`249,037`|
|**`EXPENDITURE`**|||
|**`Charitable activities`**|||
|`Staff costs for Ghana school`|`48,457`|`50,575`|
|`Childrens costs`|`14,892`|`14,856`|
|`School operating costs`|`5,392`|`47,554`|
|`Buildings & maintenance costs`|`29,750`|`27,826`|
|`Miscellaneous`|`14,301`|`12,444`|
|`Professional fees`|`4,640`|`246`|
|`Travel expenses`|`4,102`|`33,818`|
|`Equipment`|`8,745`|`-`|
||`130,279`|`187,319`|
|**`Support costs`**|||
|**`Management`**|||
|`Insurance`|`751`|`702`|
|`Fund raising event`|`-`|`25,519`|
||`751`|`26,221`|
|**`Finance`**|||
|`Sundries`|`1,000`|`1,405`|
|`Bank charges`|`94`|`1,036`|
|`Exchange differences`|`7,762`|`4,212`|
||`8,856`|`6,653`|
|`Total resources expended`|`139,886`|`220,193`|
|**`Net income`**|`17,634`|`28,844`|
```
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 2024
```
```
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 2024`
|||`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 2024
```
## `Report of the Trustees`
```
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31October2024.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 A Kappas (resigned 15.11.24)
J C Amin
D J Eleazar
V R King
E J Dutton
G B Hedges
C C Broumidis (appointed 21.11.23)
M Gavriel
I Quashigah
N Stovold
```
## **`Independent Examiner`**
```
Douglas Wadkin
11 Amwell Street
London
EC1R 1UL
```
```
Approved by order of the board of trustees on 31 July 2025 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 2024.
```
## **`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
```
```
31 July 2025
```
```
Page 2
```
```
St Nicholas Foundation
```
## `Statement of Financial Activities`
## `for the Year Ended 31 October 2024`
|||||`31.10.24`|`31.10.23`|
|---|---|---|---|---|---|
|||`Unrestricted`|`Restricted`|`Total`|`Total`|
|||`funds`|`funds`|`funds`|`funds`|
||`Notes`|`£`|`£`|`£`|`£`|
|**`INCOME AND ENDOWMENTS FROM`**||||||
|`Donations and legacies`||`144,394`|`-`|`144,394`|`249,037`|
|**`Charitable activities`**||||||
|`Ghana school`||`13,126`|`-`|`13,126`|`-`|
|**`Total`**||`157,520`|`-`|`157,520`|`249,037`|
|**`EXPENDITURE ON`**||||||
|`Raising funds`|`2`|`264`|`-`|`264`|`-`|
|**`Charitable activities`**||||||
|`Ghana school`||`139,622`|`-`|`139,622`|`220,193`|
|**`Total`**||`139,886`|`-`|`139,886`|`220,193`|
|**`NET INCOME`**||`17,634`|`-`|`17,634`|`28,844`|
|**`RECONCILIATION OF FUNDS`**||||||
|`Total funds brought forward`||`178,850`|`-`|`178,850`|`150,006`|
|**`TOTAL FUNDS CARRIED FORWARD`**||`196,484`|`-`|`196,484`|`178,850`|
```
The notes form part of these financial statements
```
```
Page 3
```
```
St Nicholas Foundation
```
## `Balance Sheet`
## `31 October 2024`
|||||`31.10.24`|`31.10.23`|
|---|---|---|---|---|---|
|||`Unrestricted`|`Restricted`|`Total`|`Total`|
|||`funds`|`funds`|`funds`|`funds`|
||`Notes`|`£`|`£`|`£`|`£`|
|**`CURRENT ASSETS`**||||||
|`Cash at bank and in hand`||`196,484`|`-`|`196,484`|`178,850`|
|**`NET CURRENT ASSETS`**||`196,484`|`-`|`196,484`|`178,850`|
|**`TOTAL ASSETS LESS CURRENT LIABILITIES`**||`196,484`|`-`|`196,484`|`178,850`|
|**`NET ASSETS`**||`196,484`|`-`|`196,484`|`178,850`|
|**`FUNDS`**|`5`|||||
|`Unrestricted funds`||||`196,484`|`178,850`|
|**`TOTAL FUNDS`**||||`196,484`|`178,850`|
```
The financialstatementswere approvedby the Board of Trusteesand authorisedfor issue on 31 July 2025 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 2024
```
## **`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`**||||
|---|---|---|---|
||`31.10.24`|`31.10.23`||
||`£`|`£`||
|`Support costs`|`264`||`-`|
## **`3. TRUSTEES' REMUNERATION AND BENEFITS`**
```
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31October2024norfortheyear ended
31 October 2023.
```
## **`Trustees' expenses`**
```
There were no trustees' expenses paid for the year ended 31 October 2024 nor for the year ended 31 October 2023.
```
```
continued...
```
```
Page 5
```
```
St Nicholas Foundation
```
```
Notes to the Financial Statements - continued
for the Year Ended 31 October 2024
```
## **`4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`**
|**`4.`**|**`COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`**||||
|---|---|---|---|---|
|||`Unrestricted`|`Restricted`|`Total`|
|||`funds`|`funds`|`funds`|
|||`£`|`£`|`£`|
||**`INCOME AND ENDOWMENTS FROM`**||||
||`Donations and legacies`|`197,300`|`51,737`|`249,037`|
||**`EXPENDITURE ON`**||||
||**`Charitable activities`**||||
||`Ghana school`|`168,456`|`51,737`|`220,193`|
||**`NET INCOME`**|`28,844`|`-`|`28,844`|
||**`RECONCILIATION OF FUNDS`**||||
||`Total funds brought forward`|`150,006`|`-`|`150,006`|
||**`TOTAL FUNDS CARRIED FORWARD`**|`178,850`|`-`|`178,850`|
|**`5.`**|**`MOVEMENT IN FUNDS`**||||
||||`Net`||
|||`At`|`movement`|`At`|
|||`1/11/23`|`in funds`|`31/10/24`|
|||`£`|`£`|`£`|
||**`Unrestricted funds`**||||
||`General fund`|`178,850`|`17,634`|`196,484`|
||**`TOTAL FUNDS`**|`178,850`|`17,634`|`196,484`|
||`Net movement in funds, included in the above are as follows:`||||
|||`Incoming`|`Resources`|`Movement`|
|||`resources`|`expended`|`in funds`|
|||`£`|`£`|`£`|
||**`Unrestricted funds`**||||
||`General fund`|`157,520`|`(139,886)`|`17,634`|
||**`TOTAL FUNDS`**|`157,520`|`(139,886)`|`17,634`|
```
continued...
```
```
Page 6
```
```
St Nicholas Foundation
```
```
Notes to the Financial Statements - continued
```
```
for the Year Ended 31 October 2024
```
## **`5. MOVEMENT IN FUNDS - continued`**
## **`Comparatives for 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`|
|`Comparative 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`|
|`A current year 12 months and prior year 12 months combined position is as follows:`|`A current year 12 months and prior year 12 months combined position is as follows:`|||
|---|---|---|---|
|||`Net`||
||`At`|`movement`|`At`|
||`1/11/22`|`in funds`|`31/10/24`|
||`£`|`£`|`£`|
|**`Unrestricted funds`**||||
|`General fund`|`150,006`|`46,478`|`196,484`|
|**`TOTAL FUNDS`**|`150,006`|`46,478`|`196,484`|
```
continued...
```
```
Page 7
```
```
St Nicholas Foundation
```
## `Notes to the Financial Statements - continued`
## `for the Year Ended 31 October 2024`
## **`5. MOVEMENT IN FUNDS - continued`**
```
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`|`354,820`|`(308,342)`|`46,478`|
|**`Restricted funds`**||||
|`Basketball Court`|`20,713`|`(20,713)`|`-`|
|`School Bus`|`31,024`|`(31,024)`|`-`|
||`51,737`|`(51,737)`|`-`|
|**`TOTAL FUNDS`**|`406,557`|`(360,079)`|`46,478`|
## **`6. RELATED PARTY DISCLOSURES`**
```
There were no related party transactions for the year ended 31 October 2024.
```
```
Page 8
```
```
St Nicholas Foundation
```
```
Detailed Statement of Financial Activities
for the Year Ended 31 October 2024
```
|`Detailed Statement of Financial Activities`
`for the Year Ended 31 October 2024`|||
|---|---|---|
||`31.10.24`|`31.10.23`|
||`£`|`£`|
|**`INCOME AND ENDOWMENTS`**|||
|**`Donations and legacies`**|||
|`Gifts and donations`|`144,394`|`249,037`|
|**`Charitable activities`**|||
|`Gift Aid tax recovery`|`13,126`|`-`|
|**`Total incoming resources`**|`157,520`|`249,037`|
|**`EXPENDITURE`**|||
|**`Charitable activities`**|||
|`Staff costs for Ghana school`|`48,457`|`50,575`|
|`Childrens costs`|`14,892`|`14,856`|
|`School operating costs`|`5,392`|`47,554`|
|`Buildings & maintenance costs`|`29,750`|`27,826`|
|`Miscellaneous`|`14,301`|`12,444`|
|`Professional fees`|`4,640`|`246`|
|`Travel expenses`|`4,102`|`33,818`|
|`Equipment`|`8,745`|`-`|
||`130,279`|`187,319`|
|**`Support costs`**|||
|**`Management`**|||
|`Insurance`|`751`|`702`|
|`Fund raising event`|`-`|`25,519`|
||`751`|`26,221`|
|**`Finance`**|||
|`Sundries`|`1,000`|`1,405`|
|`Bank charges`|`94`|`1,036`|
|`Exchange differences`|`7,762`|`4,212`|
||`8,856`|`6,653`|
|`Total resources expended`|`139,886`|`220,193`|
|**`Net income`**|`17,634`|`28,844`|
```
This page does not form part of the statutory financial statements
```
```
Page 9
```