CHARIIY REGisfRATION NUMBER: 1193054 CHRISTOPHER NIEPER FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CHRISTOPHER NIEPER FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustee• David Christopher Niepei OBE ICh8irl Aev P8ul Martin Pfitchard Arbdrew Timothy Cook Prof Paul John PottgCBE Robert Gerard Pittam Or Kathryn Hobbs K•y Manaq•m•nt P•rnann•l Nicola Hall IProgr8mme DirKtorl Re￿41@rad Charlty numb•r 1193054 Reglgtared offSc• Dgvid Ni•per Ltd Nottingham Road Altreton DE55 7LE Ind•p•nd•nt Ex•mln•r Joanne Heldrelch Beehlvg Chartered Accountants The 88rn. Kin88 Newton Hall Mgin Street Kingg Newlon Derbyshire DE73 8BX Bank•r• NationalWe8iminster Bank plc Nottingham City Branch Unit 27 Victoria C8ntr8 Nottingh&m NG13QD Inv•3tm•nt Manag•rn Ev81yn Partners 45 Gresham Street London EC2V 7BG CHRISTOPHER NIEPER FOUNDAMON CONTENTS Page Chalr'8 Report Trustees, Report 2to4 Independent Ex8miner'8 Report Statement of Financial Activities Balance She¢t NotBs to the Financi81 Stet8menl8 eto15 CHRISTOPHER NIEPERFOUNDATION CHAIR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Out mls9ion Is to lead by exBmple with Practical and proven ideas to l)oost eduGation. gGonomiG renewal and civic engagement in Britain's left behind iowns. Wè are based in tho Derbyghrro town of Allreton, 2 former coal mining 8re8 where my f8mily'g t8Xtile ompany has been 8 m8jor employer for over 60 years. The Christopher Nieper Educ8tion Trust runs alongside Christopher Nieper Foundation which is tunded principally by donationy from our family and f8mlly company David Nieper fashion where l am CEO and which wa8 founded by my parents in 1961. Withtheabove mission I believe our company is 8fb exernpl8rof corporate 90cial r88pon8ibilltywhich could bo repli¢at¢d to great eff6ct elsewhere in Britain. Res88rch ty We8tmin8ter Think tank, TFie Centre for Sociallu8tice has identified 20s1o￿one￿ English towns with similarsocioeconomic prolileto Alfreton with 8round 5 milknon inhabitants. many in the Midlands & North. Our philosophy 18 th81 home grown prosperity from within a community is a powerful private sector r¢$pon80 to the challengeg of tsft behlnd communltles and more gU818in8ble th8n t8XP8yer handouts. A8 such we are concentrating on employability skills and behavlours for schools and civlc engagement by our not-lor-prollt Ioe81 media. the Splrlt of Alfreton. Employablllty skllls are often mlssing Irom s¢hoo18, but they help young people go further and faster. 8rning more In their c8reer with self-esteem and SOGial mobility. Our 6 omployability benchmarks. dèveloped with the Chrlstopher Nl8per Edu¢8tion trust are already operotion81 Jmon88t the 81 S $e¢ondary school pupils at David Nieper Academy ensuring they secufe good jobs. apprenticeships or places at hlgherllurttter education and givingthem 8 good ch8nce of becoming Britsin'slegders 8nd 8chlever8 Otthe futuré. Our clvSc engagement is acfrteved ty8 ground-bre8klftg non-for-protit hyper Ioc81 media. the'splrlt of Alfreton. a communityweb51t8 and exemplar for responsible use of the opportunity provided by social medla. The Spirii olAlfreton glready has a 81gnificant re8¢h an)ongst Ihe looal populatlon. Davld Chrlstoph•r Nlop•r OBE Chalr Page 1 CHRISTOPHER NIEPER FOUNDATION TRUSTEES. REPORT FOR THEYEARENOED31 MARCH 2024 The Tru$tee$ pro8Ont their annual report and fin8ncial ststem8nts for the yegr ended 31 M8ich 2024. The financial ststements have been prepgred in accord8ne8 with the accounting policies Set out in note 1 to rhg finanriAI 8tAt•ment$ and tomplywith th• Charity's gov8rningdocument. the Charities Act 2011 ond Accounting and Reporting by Charities. Staiemenf of Recomm8ndod Practice appLicable to ¢hariti8s preparing th8ir accounts in a¢¢ordance with the FinanGial Reporting Standard applicable in the UK and Republ1¢ ol Ireland IFRS 1021. leffoctive 1J8nuary 20191. OBJECTIVES AND ACTNMES Purpoaè The ¢hgrlty se$ksthe promoiion for public benelii of social inclusion. by preventing people trom becomlng socially oxcluded. relieving the needs ol those peoplè who are socially excluded and 858igting th•m to IntèErÈte into 8OCI8ty. Maln Actlvltl•s Duringthe 2023-24finan¢ialyear. the Foundatlon r6co8ftlsed incorne of £29,755 from Davld Nlepgr Ltd 8nd made charitable donation# of E23.000 to David Nieper A¢gdemy and ÈS00 to the Alfreton Young8terB Umbrella Prov1810n. The m8ln ongoing 8ctivitie8 remain gs 8UPPOrting education and community cohesion In AltreteF) and 88ttlng8n example for unloeklng loc81 talent for economic gfowlh within lèft behind towns. The Foundatlon a180 intend¥ to match lund future monits raised fof chgritsble donati¢n¥ by Jtgff ai Davld Nieper Ltd. PubllG Benofft The tru8tees have rnferred to the guidance contained in the Charity Commission's general guldance on publlc benefit when ieviewing their Bim8 and objectNe8 &nd when planning fof future actlvities. In pBrticular. the trustees consider how planned aciivities will contribute to tha 8im8 and otsj8ctives they havo ACHievEMENTS AND PERFORMANCE David Nieper Acedemy has become Derbyshire's 6, most ov8rwb¥Gribed school and our innovative approach to employabilty has helped every leaver 8t 880 18 in 2024 to secure a job, an oppronticoship or a place at higher education includin8, thlg year tor the fir3t tlme 3 grndvates securlng places at Rvssell group unlversiiles. The splrlt ol AIITeton. our local media hasgrown it¥ re8der¥hip to 2.500 per month online and 2,500 per month tysociAI mèdia. FINANCIAL REVIEW Flnanclat posltlon The Statement of Financial Activitie3 is set oul on page 6. Tolal incomlng resources for the period 8mounted to É29.755 12023-. £56,500). After administr¥tive expe￿￿￿8 and charitable 9xpenditure of £30,60112023.. £69.6111 and a gain on investments of E4.80612023' gain £nill.the net surpluslorthe period 8mountèd to £3.96012023.. deftcit £13,111). During the year tha fDundation Tec8Ned 8 one-off donalion of Elm which h8s been shLSwn in deferred income wlth the interrtion ot Supporti￿ its charitable 8etlvitie8 over the next 10 years The trustees considei that the overall resutt for the pgriod 18 in Uno w5th •xpaetstlong. Page 2 CHRISTOPHER NIEPER FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 R¢¥¢ryo¥ and going conc•TII The trustees have considered the need to hold I￿Ne5 and consider the £4,091 12023.. £1311 of free reserves held 88 Ot 31 March 2024 to be sufficient given the minimal oporation81 costs associated with running the Foundation. The trustees have a180 Consid8r￿ tho cash requir8ments of th8 charity and aim to hold 6 rnonth8 ba8ed on current expènditure. with 1 month of this hold as ifflmediately av8i18ble c8sh. Trustees have no Current conctrns re8ardin8ViBbilty and going cone&rn. Invo8lm•nt polloy and obJ•¢tlv•• Th8 Christopher Nieper Foun¢J8tion'8 investment policy 18 io maintsin 8 bolance b8tween incomg generBtion and presetving the cBplt8L v81ue of tund$ whlch h#v• bèen retained for future dI￿rtbU110n. Tru8teos have appointed investment management company Evelyn Partners to manag8 Inve8tmont8 on behalf of the Foundation on 8 disci8tion8ry basis an(J to acquire end dl8PO8e of investm*ntB, Bs the tfuslees require. Any income generated is to be applled to meet the charity's objects. The overall attitude toword investment risk is modium to low. bast described 88 balanced. Inve$ted funds ore designeted for future 8rantS. therefore the Trustees wlll noi take unnecessary caoiiBI rlsk. Deciglons will be made in accord8nce with prolessional guidance, which will consider the mandat?. STRUCTURE, GOVERNANCE AND MANAGEMENT Gov•rnlng do¢um•nt Christopher Nigper Foundation Is 8 Ch8rlt#bl8 In¢orporatad Or8an180tlon ond 1$ governed by its CIO Foundation Constltutlon doGument d8ted 7 January 2021. It Is regl$*reO as a charity wilh the Charlty Commisslon. As o chorlty registered in En8land and W8le$. thè charitable compary aL80 reports in accordance with the Ch•rity Commls$ion for EngL8nd gnd W81e8' 8uidan¢e on public beneff( and the Charltle8 Act 2011. The TIu8te88 who served during the year and up to the date of sl8n8tur• of the financial slatement$, and the Key Manogement Personne( are 88 $¢1 out in th¢ legal and admini8tratlYe intormailon. R•orultm•nl and appolntrnent of n•Wirugt••• Founding members have th8 power to 8ppoint new tru3tee¥ and to remove and replace trustees. Trustees who are not founding mgmb*r$ are appointed tor a fi'xed temi of three yoarg. and retire at thè end of that term unless re.oppoint8d by the founding members. A new trustee or trustees may be appointed 8t any time, Th• minimum number of trustees is three. there is no maximum. Any naw tru8188 or trustees would be appointed by referencetotheir8bilitie$to optsrate a chartyofthis natureand the existingtrusto8s would ensure at all time5 that theywere thu¥ competent. The charity 18 operaied by its board of Trustees vkno are responslble for all declslons un)3.S41 1.003.541 CURRENT ASSEf3 Ca8h atbank 23 23 131 CREOITORS Amounts falling due within one yoar 11 111)0,5001 {100,$001 NET CURRENT LIABILITIES 111XI,4771 1100,4771 131 Total asset8 le85 current Ilabllltses 903.064 903,064 131 CREDITORS Amount8 lalllng due after one year 1898.9731 1898,9731 NET ASSErs 4,091 4.091 131 FUNDS Unrostricted lund9 4.091 4.352 TOTAL FUNDS 4,091 4.352 The financi81 stat8mBnts were approvod tytho Tru8to0$ on 8 O¢tob•r 2024. Ojvld Chrl*topher Nleper OBE Ghair Pay7 CHRISTOPHER NIEPER FOUNDATION NOTESTOTHE FINANCIAL STATEMENTS FOR THEYEARENDED 31 MARCH 2024 1. ACCOUNTING POLICIES Basls ol Pfoparlngtha Tlnanclai statemgnt8 The flnancial stat6ments have been prepared in accordance with the Ch8rity'y governing documont, thg Charitie9 Act 2011. FRS 102 -The Financial Reporting standard applicabl8 in the UK8nd Republi¢ ol Ireland" {"FRS 102. andthe Charities SORP"Accounting and Reporting by Charities.. Statem8nt of Recommended Pr8Ctice applicable to charities preparin8 their accoun18 In accordance with the Fln8nri¥l Reporting St8ndard applicable in thg UK and Republic of Ir818nd IFRS 1021. {eftective 1 January 2019). The Ch81ity 18 a Public Benefit Entity 88 detlned byFRS 102. The Charity has taken advantage of the provisions in the SORP for cheritles not to pr8pare Statement of Cash Flows. The flnanclal statements have departed from the Charities IA¢count8 and Aeportsl Regulation8 2008 onlylo the extent required to pfowde atrue and fairview. This departure ha Involved lollowing the Statement of ReGommend6d Practlce for charitles epplylng FRS 102 rather th8n the version of th& Siatement of Rèeommended Pr8Ctlce whieh is referred to in the Aègulation$ butwhich has since beenwlthdrawn. The flnancial statements are prepared In sterllng. which is the functional currency of the Charity. Monetary amounts in these fin8ncialstatements are rounded to the nearest £. The financial statements have been prepared under the historical cost conventlon, with the 8xception of Inv8Strnent8 which are Included at m8rket value, as modlfled by the revaluation of cen8in 8s$ets. The prlnclp818ccounting policies 8dopted are set out below. Goinq conGern At the time of approving the fin8ncial Statements. the Trustee$ have a reasonable axpèctation that the charity has adequate resources to continue in operational existence for the forBse8able future. Thi¥ the Trusteés continue to adopt the 80in8 concern basis of accounting in preparing the financial statements. P88e B CHRisfopHER NIEPER FOUNDATION NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH2024 1. ACCOUNTING POLICIES{¢ontlnued) 1.3. Charliable fund8 Unrestiicted funds are available fo¥ use at the discretion of the Truste88 in furtheranc& of their chaTltab18 oblectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purpose8 and uses of the restricted funds are set out in the notes to the financial $tatement$. 1A. In¢om• Income is recognised when the Charity is legally entitled to it after any perFormance condltlons havè ￿en met, the amounts can be measured reliably, and it is probable that income will be receiveil. Cash donations are recognised on receipt. Other donations are recogni$ed once the Charlty has been notlfied of the don8tlon, unless perfomiance condltlons fequire del8rral of the amount. Income tax recovorabl8 In r8latlon to donations received under Gift Aid or da8ds of coven8nt is r&¢ogni8ed gt the tlme of the donation. Assets for dl8tributlon are recognlsed only wh8n distfibuted. Assets given for use bythe Ch811ty are recognised when receivable. Stocks of undistributed donaied goods ar• rbot valued for balance Sheet purposes. EX￿ndIture Expenditure 13 recognised when there is a legal orconstructive obligatlon io tr8n5fer economic benefit to 8 third party. it is probable that 8 tran8fer of economic benefits will be required in 8ettlement. and the amount ofthe obligation can be measured wèliably. Expenditurè is classrfied by actlvity. The co818 ol each activity are made up of the tot81 of direct costs and shared costs. including support costs involved in undertaking each activity. Direct cost5 attributable to a single activity are allocated directly to that 8Ctivity. Shared c08t8 which contribute to more than one aCtI￿ty and support costs whlch are not attributable lo a single actlvlty are 8PPOrtloned between those activities on 8 basis Consistént with the use of resources. Central staff co¥ts are allocated on the basis of tirne spent, and dopieciation charges are allocated on the portion of the asset's use. Taxatlon The foundation is a registered charityand is Bxemptliom taxation. Page 9 CHRISTOPHER NIEPER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2024 1. ACCOUNTING POUCIES (contlnued) Flnanelallnstruments The foundation only has financial a8sets and finencial liabilities of a kind that qualify as basiG financial instrum8nts. Basic tinanci81 instruments are initially fecognised at transaction value and subsequently me8SUTed 8ttheir 5ettlementvalue with ihe exception of bank loans which are sut*sequ8ntly measured 8t amortlsed cost using the effective interest method. Flx•d asJ•t Inv•stm•ntg Investments are a form of basic fin8ncial instrument and are initially recognised at cost and subsequenily measured at theirfair value as at the balance sheet date uslng th8 m8rket Value. The Statement of FinancialA￿￿VltlOS includes the net gains and losses arising on r8valuation8 throughoutthè year 1.9. Crltlcal a¢couMlnq estlm•t•s and Judgoments In the applicatlon of the Charity'8 accounting policies, the Tru8lees are requlred to make luégem8nt8. estlm8tes ènd 8$sumptSons about the carrying arnount ot assets snd liabilities thgt ere not readily apparentfrom othor sources. The astim8te$ and assoclated assumption3 8re based on historic818xperien¢e and other factorg that are considered io be tglev8nt. Actual results may différ frorn these estimates. The estimates and underlylng 89sumptions are reviewed on an ongoing basis. Revisions to accounting estlmat•s ar• wognis8d in the period in which the estimate is revised where the revision affects only that perlod. or In the period of the revision and future periods where the revision affects both ¢urrenl and future periods. PBge 10 CHRlStOPHER NIEPER FOUNDATION NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCA 2024 2. INCOME FROM DONATIONS AND LEGACIES 202>24 UnrBslricted Fund¥ 2022-23 Ljnrestiicted Funds Don8tions and gifts 29,755 56.500 3. INVESTMENTINCOME 2023-24 Unrestricted Funds 2022-23 Unrestricted Funds InveBtment incorne 4. RAISING FUNDS 2023-24 Unrestricted Funds 2022-23 Unrestrlcted Fund8 Investmeni management Support costs Inoto 71 238 238 S. CHARITABLE ACTIVMES Grant funding of activiti89 18ee note 61 Support costs (See note 71 Total Charitable 8Ctlvities 23,500 6.863 30.363 Page11 CHRISTOPHER NIEPERFOUNDATION NOTES TOTHE FINANCIAL STATEMENTS FOR THEYEARENOED 31 MARCH2024 6. GRANTS PAYABLE 2023-24 Unrestri¢t¢d Fund$ 202-23 Unrestricted Funds Charitabl¢ activities 23,500 56,500 2023-24 Or•nt• payabio David Nieper Academy Alfreton Youngsters UrnbTella Provision 23.000 500 23.500 7. SUPPORTCOSTS The breakdown of 8uppon costs and howthese Y￿re allocat6d betbveen governance and other support costs is shown In the toble below: Other support C0818 Governance felated Total Co*t typ• IT 8nd Website Development Prlni costs Indepgndeni Ex8min8tion 6.333 6,333 30 500 500 6,363 6.863 To allocate support Costs to actrvities. the Charity inilially identilies th8 COSt8 of Its support function. It then identifies Ihose costs which reL8te to the governgnGe function. Having identified its governance costs. the remaining support costs togeiher with the govern8nce costs are apportioned betweenthe activitie8 undertaken. In the ye8r to 31 March 2024. aLL support costs f8latad dlrectly to supportlng tha charity's activities and the programme of granl making that was underway. P8g8 12 CHRISTOPHER NIEPER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 7. SUPPORT COSTS Icontlnued) The breakdown of support cost$ between activitjes is as follows: Raising fvnds Ch8rit8bl actNItI8S Total IT ond Webslte Dèvèlopm&nt Print CQSts Governance Gosts- Independent Examination 6.333 30 500 6.333 30 500 6,863 6,863 TRUSTEES REMUNERATION. BENEFITSAND EXPENSES The Trustees all givo frèaly their time and expertise without any form of remuneratlon or other benefit inc88h or kind. ExpensespaidtolheTrustees inth8ye8rended 31 March 2024totalled £nil12023.' Enlll. 9. NEf INCOMEIIEXPENDITURE) Net incomel{expenditurg1 is stated after charging Icr8diting): 2023-24 Indepondeth Examlnation F• 500 10. FIXED ASSET INVESTMENTS 2023-24 2022-23 Market value at 1 April Additions Revaluationa 998.973 4,568 Markel valug gt 31 March 1.003.541 Totgl assets und9r management at 31 March 1,OD3,541 Hi$tori¢81 cost of inve8tmentS 8t 31 March 998,973 Pggg13 CHRISTOPHER NIEPER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. FIXED ASSET INVESTMENTS {Contlnued) 202&24 2022-23 Quoted hrnv8simÈnts- UK Quoted investments- Foreign Property Alternative inv88tment8 Other Investments Cash invesiments 292,238 367.508 23,800 72.193 182,402 65.400 1,003,541 11.CREDITORS 2023.24 2022-23 Arnounl• l•illng du• wtthln on• year Deferred Sncome Accruals 100.000 500 100,500 Amoun1* f•Ulnq aft•r rnor• Ihan on• y¢•r Deferred Incorne 898,973 Ineluded withln er9drior$ is £998.973 of deferred incom8. relating to grant income received in 8dv8nce. This relatès to a donation mada in March 2024 by David Nioper Developments Ltd. on behalf of David Christopher Nieper 08E (Ch•irl. •nd invested directly into securiti8B on behalf of ihe Chrlsiophor Nieper Found8tlon. The invesiments are held to provide tunding for the Foundation to enable it to meet its charitable objectives for the Gomingien years, The m0￿ment eaft ￿ an81ysed as folLow8: 2023-24 2022-23 8alance bllwd Additions in the yeaf Released in ihe year 989.973 989,973 P8gè14 CHRISTOPHER NIEPER FOUNDATION NOTESTOTHE FINANCIAL STATEMENTS FOR THEYUR ENDED 31 MARCH 2024 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2023-24 2022-23 Unrestrlcted fund baL•nce¥ are repr•¥•nted by: Invastm8nts Current As88ts Liabilities 1,003.541 23 1999.4731 131 4,091 131 13. RELATED PARTY TRANSACTIONS During2023-24,the charity made donationstotalling£23,00012023: £42,361) to David Nieper Academy. which18 led by Dr Kathryn Hobbs. 8 Irustee ofthe charity. The eharlty also made donations of £nil12023: E25.0001 to The Centre for Soclal Ju8tlc8, è polit1¢81 think tank led by Andrew Cook. a trustee of the charity. Theie vlere no balances due tolfrom D8vld Nlep8r Academy orThe Centre for Social Justice as at 31 March 202412023: £nill. Th& charity réeéived operational support free of charge from David Nieper Ltd, 8 company In which Trustees, David Christopher Nieper 08E and Rev Paul Martin Prltchard, ar8 al80 Dir6ctors. Page15