DocuSign Envelope ID: D8383CF9-81DA-430E-B63A-C0763A3217C4
## **The Nagle Family Foundation**
**Annual Report and Audited Financial Statements**
**for the financial year ended 31 May 2023**
**Hugh McCarthy & Associates 1st & 2nd Floor, The Mill, Greenmount Industrial Estate, Harold's Cross, Dublin 12 Ireland**
**Company Number: CE014263 Charity Number: 1178593**
DocuSign Envelope ID: D8383CF9-81DA-430E-B63A-C0763A3217C4
## **The Nagle Family Foundation CONTENTS**
||**Page**|
|---|---|
|Trustees' and Other Information|3|
|Trustees' Annual Report|4 - 7|
|Statement of Trustees' Responsibilities|8|
|Independent Auditor's Report|9-11|
|Statement of Financial Activities|12|
|Balance Sheet|13|
|Statement of Cash Flows|14|
|Notes to the Financial Statements|15 - 18|
|Supplementary Information relating to the Financial Statements|20 - 21|
**2**
DocuSign Envelope ID: D8383CF9-81DA-430E-B63A-C0763A3217C4
## **The Nagle Family Foundation TRUSTEES' AND OTHER INFORMATION**
## **Trustees**
Peter Nagle Paul Nagle Sharon Nagle Adam Nagle Rebecca Nagle Helena Nagle
**Charity Number in England and Wales**
1178593
**Company Registration Number**
CE014263
**Registered Office and Principal Address**
Third Floor, Sterling House 20 Station Road Gerrards Cross Buckinghamshire SL9 8EL United Kingdom
## **Auditors**
Hugh McCarthy & Associates 1st & 2nd Floor, The Mill, Greenmount Industrial Estate, Harold's Cross, Dublin 12 Ireland
## **Principal Bankers**
Barclays Leicester Leicestershire United Kingdom LE87 2BB
**3**
DocuSign Envelope ID: D8383CF9-81DA-430E-B63A-C0763A3217C4
## **The Nagle Family Foundation TRUSTEES' ANNUAL REPORT**
for the financial year ended 31 May 2023
The trustees present their Trustees' Annual Report, combining the Directors' Report and Trustees' Report, and the audited financial statements for the financial year ended 31 May 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities Statement of Recommended Practice (second edition) and Financial Reporting Standard FRS 102.
## **Mission, Objectives and Strategy**
## **Objectives**
The aim of the charity is to support people and solve their problems through philanthropic activities at the discretion of the trustees in the United Kingdom, Ireland and South Africa. Charitable purposes mean purposes which are charitable under the laws of England and Wales.
## Significant activities
A donation of £150,018 was received in the financial period. As this was the charity's fifth period of establishment, the trustees oversaw work to put in place appropriate systems and processes to support the charity's future grant-making activity. The charity made donations in current year amounting to £334,230 (2022: £354,283) providing educational support, mental and physical health support, young children educational support and prisoners development support programmes.
## Public benefit
The charity meets the definition of a public benefit entity under FRS102. The trustees have had due regard to guidance issued by the Charity Commission on public benefit and all grants which are to be made in future will be to further the charity's purposes for public benefit.
## Grant making Policy
## Securing the funding
Potential recipients prepare a summary grant document that is submitted to the trustees, containing all the relevant information that would allow the grant or support to be approved. If approved by Trustees, the grant paper will be forwarded to the Due Diligence stage for final sign-off. The paper set out the payment expectation and the required banking information for where the payment is to be made and a confirmation from the accounts that the funding for the intended grant is available.
## Due Diligence
Once the Stage 1 approval for the identified cause (Entity) has been secured, a due diligence file is created which covers the following;
- Check that the Entity is in good standing and up to date with its filings.
- There is no reputational risk associated with supporting the Entity.
- There is no risk that the funds will be diverted away from the intended aid.
- Make sure the entity is in line with the charitable objectives.
- Identify any obligations to be imposed on the entity from receipt of the grant, including follow-up and publicity.
- If the Due Diligence is passed, the Grant Paper is sent to trustees for approval.
## **Structure, Governance and Management**
## **Structure**
The charity is an incorporated charity which was established on 31 May 2018 number 1178593. The Trust is recognised by HMRC for donation aid. The organisation is a charitable incorporated company. The charity does not have a share capital and consequently the members of the charity have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities if the charity is wound up.
The charity was established in accordance with the Charitable Incorporated Organisation (CIO), which established the objects and powers of the charity, how it is governed and managed by the Trustees.
There is a clear division of responsibility within the charity, with the trustees retaining control of the major decisions. The trustees retain overall responsibility for the strategic development of the charity.
## Appointment of the new trustees
Apart from the first charity trustees, every trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees.
In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills,
**4**
DocuSign Envelope ID: D8383CF9-81DA-430E-B63A-C0763A3217C4
## **The Nagle Family Foundation TRUSTEES' ANNUAL REPORT**
for the financial year ended 31 May 2023
knowledge and experience needed for the effective administration of the CIO.
Trustees are elected at the Annual General Meeting (AGM) of the charity and are responsible for the management of the foundation. The trustees are put through a formal induction course on appointment as trustee.
## Information for new charity trustee
The charity trustees will make available to each new charity trustee, on or before his or her first appointment: (a) a copy of the current version of this constitution; and
(b) a copy of the CIO’s latest Trustees’ Annual Report and statement of accounts.
New trustees are briefed on their legal obligations under charity law the content of the constitution of the charity, the committee and decision-making processes, recent financial performance and future plans. They are introduced to other trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
## Key management personnel remuneration
Trustees are the people responsible for controlling the work, management and administration of the charity on behalf of its beneficiaries. Generally, trustees are treasurer, chair, board member etc. The trustees are responsible for keeping this list up to date and can do this by updating their details as they happen through the online service. All trustees give their time freely and No trustees receive any remuneration, payments or benefits from the charity.
## **Review of Activities, Achievements and Performance**
During the period the trustees identified various activities that met the support criteria set by the foundation.
The trustees extended the geographic area of operations of the Foundation to include South Africa with the particular interest in the area was around the scourge of "Club Foot" in young children. The trustees supported a range of projects providing infrastructure to deliver holiday relief to families with children with special needs, Baby support centre, young children educational support, crafts in the community, prisoner development, trauma recovery and living in the community support for people with special need.
## Club Foot Program
Donations were made to charity which supports the children with clubfoot from disadvantaged backgrounds in their treatments at the specialist clinics. The Foundation supported the treatment of 170 children with clubfoot in South Africa.
## Human Milk
Donations were made to help more families feed their babies with human milk by providing screened donor human milk to sick, premature babies in NICUs across England & Wales, and to new mothers with cancer and other health conditions through The Hearts Milk Bank. The funding was used to refurbish a new facility into a human milk bank with laboratory, charity and milk bank offices and a bespoke parent counselling room where they can support families.
## Family Holiday
Donations were made to a charity which provides family holidays to families with children with special needs who are facing tough times. The majority of families were the ones who had never been on holiday before and have not experienced the transformative effects a short break can have. The Foundation supported the family holidays for 75 families.
## Young Children Education
Donations were made to support the education of young children who are struggling with reading. The foundation supported 100 young children through online reading programmes. The programs have led to improvements in the reading skills of early readers, and it has improved the confidence of children in reading and enjoyment/attitude in reading.
## Prisoners' Development
Donation was made to a charity which provides vital educational opportunities to prisoners across England, Wales, the Channel Islands and the Isle of Man. The Foundation supported the distance learning courses to 18 men and women who are held in prisons. The courses were mainly focused on providing advice and guidance to prisoners to help them in getting a job on release.
## **Financial Review**
The results for the financial year are set out on page 12. The charity received income from below sources: - The Nagle Family
- Amazon Smile program from spending
The reserves are unrestricted and are distributed as required by the trustees.
The charity needs cash reserves to:
**5**
DocuSign Envelope ID: D8383CF9-81DA-430E-B63A-C0763A3217C4
## **The Nagle Family Foundation TRUSTEES' ANNUAL REPORT**
for the financial year ended 31 May 2023
- Ensure the charity can continue to provide a stable service to those who need them.
- Meet contractual obligations as they fall due;
- Meet unexpected costs;
- Provide working capital when funding is paid in arrears;
## Reserves policy
The charity had reserves of £1,181,401 at 31 May 2023 (2022: £1,372,253), all of which was unrestricted reserves. The trustees aim to maintain free reserves in unrestricted funds to respond to applications for grants and ensure that support and governance costs are covered.
## Future Plans
The trustees intend to continue to identity projects worthy of charitable support throughout the next financial period. The trustees shall continue to review the grant-making strategy and the priorities for funding for improving the wellbeing of humankind by preventing and solving social problems.
## **Results and Dividends**
At the end of the financial year the charity has assets of £1,187,901 (2022 - £1,378,753) and liabilities of £6,500 (2022 - £6,500). The net assets of the charity have decreased by £(190,852).
## **Principal Risks and Uncertainties**
Risk management
The trustees believes that there is no reputational risk associated with the support of the entity. There trustees are confident that there is no risk that the funds will be diverted away from the intended support.
## **Reference and Administrative details**
Charity Name The Nagle Family Foundation
## Principle Office
Third Floor, Sterling House, 20 Station Road, Gerrads Cross, Buckinghamshire, SL9 8EL, United Kingdom
Charity Number: 1178593
## Auditors
Hugh McCarthy & Associates, 1st and 2nd Floor, The Mill, Greenmount Industrial Estate, Harold's Cross, Dublin 12, Ireland
## Bankers
Barclays, Leicester, Leicestershire, United Kingdom, LE87 2BB
## **Trustees**
The trustees who served throughout the financial year, except as noted, were as follows:
Peter Nagle Paul Nagle Sharon Nagle Adam Nagle Rebecca Nagle Helena Nagle
## **Compliance with Sector-Wide Legislation and Standards**
The charity engages pro-actively with legislation, standards and codes which are developed for the sector. The Nagle Family Foundation subscribes to and is compliant with the following:
- The Companies Act 2006
- The Charities SORP (FRS 102)
- Charities Act 2011
## **Post Balance Sheet Event**
There have been no events between the balance sheet date and the date of the approval of these financial statements by the trustees that require inclusion in these financial statements.
## **Statement on Relevant Audit Information**
In accordance with section 418 of the Companies Act 2006, so far as each of the persons who are directors at the time this report is approved are aware, there is no relevant audit information of which the statutory auditors are unaware. The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and they have established that the statutory auditors are aware of that information.
**6**
DocuSign Envelope ID: D8383CF9-81DA-430E-B63A-C0763A3217C4
## **The Nagle Family Foundation TRUSTEES' ANNUAL REPORT**
for the financial year ended 31 May 2023
## **The Auditors**
The auditors, Hugh McCarthy & Associates have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.
2/7/2024
**Approved by the Board of Trustees on ____________________ and signed on its behalf by:**
**Sharon Nagle Trustee**
**________________________________ Paul Nagle Trustee**
**7**
DocuSign Envelope ID: D8383CF9-81DA-430E-B63A-C0763A3217C4
## **The Nagle Family Foundation STATEMENT OF TRUSTEES' RESPONSIBILITIES**
for the financial year ended 31 May 2023
The trustees, who are also directors of The Nagle Family Foundation for the purposes of company law, are responsible for preparing the financial statements in accordance with applicable law and regulations.
Company law requires the trustees as the directors to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the net income or expenditure of the charity for that period.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006 and. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
2/7/2024 **Approved by the Board of Trustees on ____________________ and signed on its behalf by:**
**________________________________ ________________________________ Sharon Nagle Paul Nagle Trustee Trustee**
**8**
DocuSign Envelope ID: D8383CF9-81DA-430E-B63A-C0763A3217C4
## **INDEPENDENT AUDITOR'S REPORT to the Members of The Nagle Family Foundation**
## **Report on the audit of the financial statements**
## **Opinion**
We have audited the charity financial statements of The Nagle Family Foundation ('the charity') for the financial year ended 31 May 2023 which comprise the Statement of Financial Activities (incorporating an Income and Expenditure Account), the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including the summary of significant accounting policies set out in note 2. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102.
In our opinion, when reporting in accordance with a fair presentation framework the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 May 2023 and of its deficit for the financial year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other Information**
The other information comprises the information included in the annual report other than the financial statements and our Auditor's Report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
## **Opinion on other matter prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees' Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Trustees' Annual Report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Annual Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Trustees' Annual Report.
**9**
DocuSign Envelope ID: D8383CF9-81DA-430E-B63A-C0763A3217C4
## **INDEPENDENT AUDITOR'S REPORT to the Members of The Nagle Family Foundation**
## **Responsibilities of trustees for the financial statements**
As explained more fully in the Statement of Trustees' Responsibilities set out on page 8, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the charity and industry, we identified that the principal risks of non-compliance with laws and regulations related to completeness of income, management override of journal adjustments, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to completeness of income, management override of journal adjustments. Audit procedures performed included:
- All of the systems and information systems of the company was documented in full at the planning stage of the audit with a specific focus on the sales and income aspects of the system.
- Based on documentation of systems and information systems, walk through testing, control testing and detailed initial analytical review risk was formally assessed in relation to completeness of income.
- Review and assessment of significant journal entries during the year.
- Discussions with Management
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.
**10**
DocuSign Envelope ID: D8383CF9-81DA-430E-B63A-C0763A3217C4
## **INDEPENDENT AUDITOR'S REPORT to the Members of The Nagle Family Foundation**
## **Further information regarding the scope of our responsibilities as auditor**
- As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charity's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by trustees.
- Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the charity to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
## **The purpose of our audit work and to whom we owe our responsibilities**
This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
## **__________________________________ Garrett McCarthy (Senior Statutory Auditor) for and on behalf of HUGH MCCARTHY & ASSOCIATES**
Chartered Accountants Statutory Audit Firm 1st & 2nd Floor, The Mill, Greenmount Industrial Estate, Harold's Cross, Dublin 12 Ireland 2/12/2024
**...............................**
**11**
DocuSign Envelope ID: D8383CF9-81DA-430E-B63A-C0763A3217C4
## **The Nagle Family Foundation STATEMENT OF FINANCIAL ACTIVITIES**
## **(Incorporating an Income and Expenditure Account)**
for the financial year ended 31 May 2023
|||**Unrestricted**|**Total**|Unrestricted|Total|
|---|---|---|---|---|---|
|||**Funds**|**Funds**|Funds|Funds|
|||**2023**|**2023**|2022|2022|
||**Notes**|
**£**|**£**|£|£|
|**Income**||||||
|Donations and legacies|**3.1**|
**150,018**|**150,018**|625,507|625,507|
|||───────|───────|───────|───────|
|**Expenditure**||||||
|Charitable activities|**4.1**|
**334,230**|**334,230**|354,283|354,283|
|Other expenditure|**4.2**|
**6,640**|**6,640**|6,595|6,595|
|||───────|───────|───────|───────|
|**Total Expenditure**||**340,870**|**340,870**|360,878|360,878|
|||───────|───────|───────|───────|
|**Net income/(expenditure)**||**(190,852)**|**(190,852)**|264,629|264,629|
|Transfers between funds||**-**|**-**|-|-|
|||───────|───────|───────|───────|
|**Net movement in funds for the financial year**||**(190,852)**|**(190,852)**|264,629|264,629|
|**Reconciliation of funds:**||||||
|Total funds beginning of the year|**10**|
**1,372,253**|**1,372,253**|1,107,624|1,107,624|
|||───────|───────|───────|───────|
|**Total funds at the end of the year**||**1,181,401**|**1,181,401**|1,372,253|1,372,253|
|||═══════|═══════|═══════|═══════|
The Statement of Financial Activities includes all gains and losses recognised in the financial year. All income and expenditure relate to continuing activities.
The notes on pages 15 to 18 form part of the financial statements
**12**
DocuSign Envelope ID: D8383CF9-81DA-430E-B63A-C0763A3217C4
## **The Nagle Family Foundation Company Number: CE014263 BALANCE SHEET**
as at 31 May 2023
|||**2023**|2022|
|---|---|---|---|
||**Notes**|**£**|£|
|**Current Assets**||||
|Cash at bank and in hand|**7**|**1,187,901**|1,378,753|
|||───────|───────|
|**Creditors: Amounts falling due within one year**|**8**|**(6,500)**|(6,500)|
|||───────|───────|
|**Net Current Assets**||**1,181,401**|1,372,253|
|||───────|───────|
|**Total Assets less Current Liabilities**||**1,181,401**|1,372,253|
|||═══════|═══════|
|**Funds**||||
|General fund (unrestricted)||**1,181,401**|1,372,253|
|||───────|───────|
|**Total funds**|**10**|**1,181,401**|1,372,253|
|||═══════|═══════|
These financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
2/7/2024
**Approved by the Board of Trustees and authorised for issue on ____________________ and signed on its behalf by**
**________________________________ ________________________________ Sharon Nagle Paul Nagle Trustee Trustee**
The notes on pages 15 to 18 form part of the financial statements
**13**
DocuSign Envelope ID: D8383CF9-81DA-430E-B63A-C0763A3217C4
## **The Nagle Family Foundation STATEMENT OF CASH FLOWS**
for the financial year ended 31 May 2023
|||**2023**|2022|
|---|---|---|---|
||**Notes**|**£**|£|
|**Cash flows from operating activities**||||
|Net movement in funds||**(190,852)**|264,629|
|||───────|───────|
|Cash (used in)/generated from operations||**(190,852)**|264,629|
|||───────|───────|
|**Net (decrease)/increase in cash and cash equivalents**||**(190,852)**|264,629|
|**Cash and cash equivalents at the beginning of the year**||**1,378,753**|1,114,124|
|||───────|───────|
|**Cash and cash equivalents at the end of the year**|**7**|**1,187,901**|1,378,753|
|||═══════|═══════|
**14**
DocuSign Envelope ID: D8383CF9-81DA-430E-B63A-C0763A3217C4
## **The Nagle Family Foundation NOTES TO THE FINANCIAL STATEMENTS**
for the financial year ended 31 May 2023
## **1. GENERAL INFORMATION**
The Nagle Family Foundation is a charitable incorporated organisation limited liability with no share capital incorporated in the United Kingdom. The registered office of the company is Third Floor, Sterling House, 20 Station Road, Gerrards Cross, Buckinghamshire, SL9 8EL, United Kingdom which is also the principal place of business of the charity. The financial statements have been presented in Pound (£) which is also the functional currency of the charity.
## **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charity’s financial statements.
## **Basis of preparation**
The financial statements have been prepared on the going concern basis under the historical cost convention. The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102".
As permitted by the Companies Act 2006, the charity has varied the standard formats in that act for the Statement of Financial Activities and the Balance Sheet. Departures from the standard formats are to comply with the requirements of the Charities SORP and are in compliance with section 4.7, 10.6 and 15.2 of that SORP.
## **Statement of compliance**
The financial statements of the charity for the financial year ended 31 May 2022 have been prepared on the going concern basis and in accordance with the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102".
## **Fund accounting**
## **Unrestricted funds**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. All funds used by the Foundation during the period relate to unrestricted funds.
## **Income**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
## **Expenditure**
Expenditure is recognised on accrual basis as a liability is incurred and is recorded as part of the expenditure to which it relates.
It is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.
Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant.
Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust.
**15**
DocuSign Envelope ID: D8383CF9-81DA-430E-B63A-C0763A3217C4
## **The Nagle Family Foundation NOTES TO THE FINANCIAL STATEMENTS**
## continued
for the financial year ended 31 May 2023
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.
The provision for a multi-year grant is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the Trust that would permit the Trust to avoid making the future payment(s), settlement is probable and the effect of discounting is material. The discount rate used is the average rate of investment yield in the year in which the grant award is made.
This discount rate is regarded by the trustees as providing the most current available estimate of the opportunity cost of money reflecting the time value of money to the Trust.
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs.
Governance costs and support costs relating to charitable activities have been apportioned based on the number of individual grant awards made in recognition that the administrative costs of awarding, monitoring and assessing research grants, salary support grants and postgraduate scholarships are broadly equivalent.
The allocation of support and governance costs is analysed in note 3.
## **Cash at bank and in hand**
Cash at bank and in hand comprises cash on deposit at banks requiring less than three months notice of withdrawal.
## **Taxation and deferred taxation**
No current or deferred taxation arises as the charity has been granted charitable exemption. Irrecoverable valued added tax is expensed as incurred.
|**3.**|**INCOME**||||||
|---|---|---|---|---|---|---|
|**3.1**|**DONATIONS AND LEGACIES**||**Unrestricted**|**Restricted**|**2023**|2022|
||||**Funds**|**Funds**|||
||||**£**|**£**|**£**|£|
||Donations and legacies||**150,018**|**-**|**150,018**|625,507|
||||═══════|═══════|═══════|═══════|
|**4.**|**EXPENDITURE**||||||
|**4.1**|**CHARITABLE ACTIVITIES**|**Direct**|
**Other**|**Support**|**2023**|2022|
|||**Costs**|
**Costs**|**Costs**|||
|||**£**|
**£**|**£**|**£**|£|
||Homelessness charity supports and|**5,000**|
**-**|**-**|**5,000**|-|
||grants||||||
||Food behind bar program supports|**-**|
**-**|**-**|**-**|60,000|
||and grants||||||
||Children health and development|**200,500**|
**-**|**-**|**200,500**|84,000|
||supports and grants||||||
||Mental health and development|**89,230**|
**-**|**-**|**89,230**|57,000|
||supports and grants||||||
||Educational supports and grants|**39,500**|
**-**|**-**|**39,500**|78,283|
||Re-wilding of lands supports and|**-**|
**-**|**-**|**-**|40,000|
||grants||||||
||Mass giving supports and grants|**-**|
**-**|**-**|**-**|35,000|
|||───────|
───────|───────|───────|───────|
|||**334,230**|
**-**|**-**|**334,230**|354,283|
|||═══════|
═══════|═══════|═══════|═══════|
**16**
DocuSign Envelope ID: D8383CF9-81DA-430E-B63A-C0763A3217C4
## **The Nagle Family Foundation NOTES TO THE FINANCIAL STATEMENTS**
continued
for the financial year ended 31 May 2023
|**4.2**|**OTHER EXPENDITURE**|**Direct**|**Other**|**Support**|**2023**|2022|
|---|---|---|---|---|---|---|
|||**Costs**|**Costs**|**Costs**|||
|||**£**|**£**|**£**|**£**|£|
||Other expenditure|**-**|**140**|**6,500**|**6,640**|6,595|
|||═══════|═══════|═══════|═══════|═══════|
|**4.3**|**SUPPORT COSTS**|||**Other**|**2023**|2022|
|||||**Expenditure**|||
|||||**£**|**£**|£|
||Audit fee|||**6,500**|**6,500**|6,515|
|||||═══════|═══════|═══════|
|**5.**|**ANALYSIS OF SUPPORT COSTS**||||||
||||||**2023**|2022|
||||||**£**|£|
||Audit fee||||**6,500**|6,515|
||||||═══════|═══════|
|**6.**|**NET INCOME**||||**2023**|2022|
||||||**£**|£|
||**Net Income is stated after charging/(crediting):**||||||
||Auditor's remuneration:||||||
||- audit services||||**6,500**|6,515|
||||||═══════|═══════|
|**7.**|**CASH AND CASH EQUIVALENTS**||||**2023**|2022|
||||||**£**|£|
||Cash and bank balances||||**1,187,901**|1,378,753|
||||||═══════|═══════|
|**8.**|**CREDITORS**||||**2023**|2022|
||**Amounts falling due within one year**||||**£**|£|
||Accruals and deferred income||||**6,500**|6,500|
||||||═══════|═══════|
|**9.**|**RESERVES**||||||
||||||**2023**|2022|
||||||**£**|£|
||At the beginning of the year||||**1,372,253**|1,107,624|
||(Deficit)/Surplus for the financial year||||**(190,852)**|264,629|
||||||───────|───────|
||At the end of the year||||**1,181,401**|1,372,253|
||||||═══════|═══════|
|**10.**|**FUNDS**||||||
|**10.1**|**RECONCILIATION OF MOVEMENT IN**|**FUNDS**|||**Unrestricted**|**Total**|
||||||**Funds**|**Funds**|
||||||**£**|£|
||At 1 June 2021||||1,107,624|1,107,624|
||Movement during the financial year||||264,629|264,629|
||||||───────|───────|
||At 31 May 2022||||1,372,253|1,372,253|
||Movement during the financial year||||(190,852)|(190,852)|
||||||───────|───────|
||At 31 May 2023||||**1,181,401**|**1,181,401**|
||||||═══════|═══════|
**17**
DocuSign Envelope ID: D8383CF9-81DA-430E-B63A-C0763A3217C4
## **The Nagle Family Foundation NOTES TO THE FINANCIAL STATEMENTS**
continued
for the financial year ended 31 May 2023
|**10.2**|**ANALYSIS OF MOVEMENTS ON FUNDS**|**ANALYSIS OF MOVEMENTS ON FUNDS**||||||
|---|---|---|---|---|---|---|---|
|||**Balance**||**Income**|**Expenditure**|**Transfers**|**Balance**|
|||**1**|**June**|||**between**|**31 May**|
||||**2022**|||**funds**|**2023**|
||||**£**|**£**|**£**|**£**|**£**|
||**Unrestricted funds**|||||||
||Unrestricted General|1,372,253||150,018|340,870|-|1,181,401|
|||───────||───────|───────|───────|───────|
||**Total funds**|**1,372,253**||**150,018**|**340,870**|**-**|**1,181,401**|
|||═══════||═══════|═══════|═══════|═══════|
|**10.3**|**ANALYSIS OF NET ASSETS BY FUND**|||||||
||||||**Current**|**Current**|**Total**|
||||||**assets**|**liabilities**||
||||||**£**|**£**|**£**|
||Unrestricted general funds||||1,187,901|**(6,500)**|1,181,401|
||||||───────|───────|───────|
||||||**1,187,901**|**(6,500)**|**1,181,401**|
||||||═══════|═══════|═══════|
## **11. POST-BALANCE SHEET EVENTS**
There have been no events between the balance sheet date and the date of the approval of these financial statements by the trustees that require inclusion in these financial statements.
## **12. RELATED PARTY TRANSACTIONS**
No trustees or other person related to the charity had any personal interest in any contract or transaction entered into by charity during the financial year.
Trustee payments
No trustees received any remuneration, payments or benefits from the charity.
**18**
DocuSign Envelope ID: D8383CF9-81DA-430E-B63A-C0763A3217C4
## **THE NAGLE FAMILY FOUNDATION**
## **SUPPLEMENTARY INFORMATION**
## **RELATING TO THE FINANCIAL STATEMENTS**
**FOR THE FINANCIAL YEAR ENDED 31 MAY 2023**
**NOT COVERED BY THE REPORT OF THE AUDITORS**
**19**
DocuSign Envelope ID: D8383CF9-81DA-430E-B63A-C0763A3217C4
## **The Nagle Family Foundation SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS OPERATING STATEMENT**
for the financial year ended 31 May 2023
|||**2023**|2022|
|---|---|---|---|
||**Schedule**|**£**|£|
|Income||**150,018**|625,507|
|Charitable activities and other expenses|**1**|**(340,870)**|(360,878)|
|||───────|───────|
|**Net (deficit)/surplus**||**(190,852)**|264,629|
|||═══════|═══════|
The supplementary information does not form part of the audited financial statements
**20**
DocuSign Envelope ID: D8383CF9-81DA-430E-B63A-C0763A3217C4
## **The Nagle Family Foundation SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS SCHEDULE 1 : CHARITABLE ACTIVITIES AND OTHER EXPENSES**
for the financial year ended 31 May 2023
||**2023**|2022|
|---|---|---|
||**£**|£|
|**Expenses**|||
|Auditor's/Independent Examiner's remuneration|**6,500**|6,515|
|Bank charges|**140**|80|
|Charitable donations|**334,230**|354,283|
||───────|───────|
||**340,870**|360,878|
||═══════|═══════|
The supplementary information does not form part of the audited financial statements
**21**