# **ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025**
## **NILO FOUNDATION**
**(A COMPANY LIMITED BY GUARANTEE)**
**COMPANY REGISTRATION No: 13261660**
**CHARITY REGISTRATION No: 1195271**
Castle View Accounting Ltd Ground Floor Offices
53 High Street Arundel West Sussex BN18 9AJ
## **NILO FOUNDATION**
**(A COMPANY LIMITED BY GUARANTEE)**
## **CONTENTS**
|Page 3|Legal & Administrative Information|
|---|---|
|Pages 4 to 10|Report of the Directors'|
|Page 11|Statement of Financial Activities|
|Page 12|Balance Sheet|
|Pages 13 to 19|Notes to the Financial Statements|
|Page 20|Independent Examiner's Report|
2
## **NILO FOUNDATION**
## **(A COMPANY LIMITED BY GUARANTEE)**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**CHARITY NUMBER** 1195271 **COMPANY REGISTRATION NUMBER** 13261660 **DATE OF INCORPORATION** 12th March 2021 **START OF FINANCIAL YEAR** 1st September 2024 **END OF FINANCIAL YEAR** 31st August 2025 **DIRECTORS AT 31ST AUGUST 2025** Aurelia Kassatly Bertrand Perrodo Natalie Teall (Appointed 17th February 2025) **CHIEF EXECUTIVE OFFICER** Marie Paglinghi **GOVERNING DOCUMENT** Memorandum and Articles of Association incorporated 12th March 2021.
## **OBJECTS**
The object of the Charity are for the public benefit to further such purposes as are exclusively Charitable according to the Law of England and Wales from time to time, including without limitation the advancement of education (and in particular but not exclusively by establishing, promoting and maintaining social and emotional learning programmes).
**REGISTERED ADDRESS** 25 Hanover Square London W1S 1JF **PRIMARY BANKERS** Metro Bank Plc One Southampton Row London WC1B 5HA **SOLICITORS** Bates Wells 10 Queen Street Place London EC4R 1BE **INDEPENDENT EXAMINERS** Castle View Accounting Ltd Ground Floor Offices 53 High Street Arundel West Sussex BN18 9AJ
3
## **NILO FOUNDATION**
## **(A COMPANY LIMITED BY GUARANTEE)**
## **REPORT OF THE DIRECTORS' FOR THE YEAR ENDED 31ST AUGUST 2025**
## **Introduction**
The Trustees of NILO Foundation, who are also directors of the company for the purposes of the Companies Act 2006, present their annual report on the affairs of the Charity, together with the financial statements and independent examiner's report for reporting period 1st September 2024 to the 31st August 2025. This report sets out its annual accounts, which conform to FRS 102 and the Charities Statement of Recommended Practice (SORP).
NILO Foundation was incorporated on 12th March 2021 as a company limited by guarantee registered in England and Wales under company registration number 13261660 and registered as a charity with the Charity Commission for England and Wales on 22nd July 2021 under charity registration number 1195271. It is governed by its Articles of Association dated 12th March 2021.
## **Objectives and Activities**
NILO Foundation’s charitable objects as set out in its governing document are:
The objects of the Charity are for the public benefit to further such purposes as are exclusively charitable according to the laws of England and Wales from time to time, including without limitation the advancement of education (and in particular but not exclusively by establishing, promoting and maintaining social and emotional learning programmes).
These objects underpin its operational objectives.
## **Aims and Activities Undertaken in Relation with the Charity’s Objects for the Public Benefit**
NILO Foundation furthers its charitable objectives by making grants to organisations carrying out activities that are charitable in accordance with the laws of England and Wales.
NILO Foundation’s mission is to confront the intertwined crisis of an increasingly fragmented, unequal and unsustainable world, and ensure communities thrive and rely on each other.
It works on two specific grant-making areas, that are to advance social and emotional learning and wellbeing amongst children, and to transition towards just and sustainable economic systems.
NILO Foundation’s work is guided by four main values: Supporting social innovation; Systems-oriented thinking; Continually learning; and Collaborative mindset.
## **Grant-Making Policy**
## **Sourcing**
NILO Foundation proactively sources projects to fund, and unsolicited applications are not normally considered. Trustees and staff use their knowledge, expertise and network to conduct thematic research and identify projects that align with the funding priorities of the Charity from time to time. This process involves literature reviews and engagement with experts from academia and the relevant field in order to adopt a systemic view of the funding priority, and to establish a theory of change with clear public benefit and social change pathways.
Once the theory of change is defined, a pipeline of potential grant recipients is built that fit each pathway’s criteria. During that process the team undertakes a due diligence exercise, collecting and analysing key information, such as annual reports, impact and strategy documents, and conducting a series of meetings with management and (when appropriate) a field visit. Trustees are invited to contribute at different stages of the process, pre-selecting organisations for late stage selection, and signing off on grants and grants conditions at board meetings.
In particular, a strong emphasis is put on potential grant recipient’s activities and impact, their ability to deliver the charitable objectives for the public benefit, their operations, their governance, the viability of their long term strategy and theory of change, the quality of their leadership, their financial health, the scalability and replicability of their programmes, and the quality of their evaluation methods.
4
## **NILO FOUNDATION (A COMPANY LIMITED BY GUARANTEE)**
## **REPORT OF THE DIRECTORS' (Continued) FOR THE YEAR ENDED 31ST AUGUST 2025**
## **Partnership**
NILO Foundation usually offers multi-year funding that covers a combination of core and projects costs in line with the recipient’s three to five years business plan and budget (provided all such costs are for activities which further the Charity’s charitable purposes for the public benefit). The size of grants vary between EUR40,000 and EUR200,000 per year, depending on the size, maturity and needs of the recipient organisation.
Grant recipients are required to enter into a written grant agreement, with grant payments made in instalments across the project, conditionally to progress.
In addition to providing funds, NILO Foundation has adopted a Funder + approach, providing support in a range of areas, including strategy, evaluation and fundraising to build the organisational capacity of the grantee and to ensure sustained and systemic impact in the chosen cause area.
## **Monitoring, Evaluation and Learning**
Under the written grant agreement, grant recipients are required to provide annual reports to the Charity on use of the grant funds, implementation of the strategy and attainment of KPIs. In addition, the Charity monitors its grant recipients closely through a MEL framework that includes quarterly discussions with management, either in person or online, and the review of key documents such as strategy decks and impact reports. Progress is considered against agreed outputs, outcomes and milestones.
The MEL process is designed to foster a culture of mutual accountability and transparency between the Charity and its recipient organisations, to stimulate the recipients’ learning processes and R&D, and to facilitate the Charity’s decisionmaking for future grant-making.
At the end of the grant period, the Charity discuss the need to renew the grant and various exit scenarios with the grant recipient.
## **Social Investment Policy**
The Charity may at time provide social investments as another mean to further deliver on its charitable objects and contribute to the social pathways of its theory of change in each funding priority, in the case that the recipient’s financial position and revenue generation model makes this funding option preferable.
In deciding on an investment, the Trustees evaluate the ratio of public benefit vs financial performance, and the relationship between the investment’s impact strategy and the Charity’s theory of change for the funding area in question.
Once a loan agreement is signed, the investment recipient is evaluated, supported and monitored for public benefit and impact in the same way as grant recipients.
## **Funding Priorities**
At the date of reporting, the Charity’s current priorities for funding are:
• Organisations that advance social and emotional learning (SEL) and wellbeing among children in early years and later education, particularly through the support and training of professionals, carers, teachers and headteachers;
• Organisations that promote new economic models and just transition initiatives aiming for the wellbeing of people and planet, particularly through placed-based experimentations, education programmes, and mindset shift.
The current geographical focus are France and the UK.
## **Collaboration and Networks**
NILO Foundation takes the view that funders collaboration is necessary to ensure learning and impact. Collaborative and networks offer space for funders to share important pieces of data and research, discuss their respective strategy, and coordinate action to plug the gaps in underfunded areas.
NILO Foundation therefore continued during this period to contribute to, benefit from, and foster collaboration in the philanthropic sector, in line with its core values and charitable objectives.
5
## **NILO FOUNDATION**
## **(A COMPANY LIMITED BY GUARANTEE)**
## **REPORT OF THE DIRECTORS' (Continued) FOR THE YEAR ENDED 31ST AUGUST 2025**
## **Public Benefit Statement**
In shaping the objectives for the year and planning our activities, the Trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PD2)’. The achievements and activities above demonstrate the public benefit arising through the Charity’s activities.
## **Achievements and Performance**
## **NILO Foundation’s Achievements**
The Trustees had set key objectives for the period that were all achieved within the period.
The first objective was to hire a new trustee with specific competence and experience in the theme of Just Transition and New Economy. Rowena Teall joined in February 2025 after a period of onboarding, bringing an abundance of knowledge and ideas to the board, and facilitating the decision making on New Economy grants.
The second objective was to review grant making processes to ensure that the activities of sourcing, due diligence, monitoring and providing support to partners follow the latest in terms of best practices in the field. This was conducted by the operational team over three months, supervised by Rowena Teall and the rest of the board. There is now a high level of confidence that all processes align with NILO Foundation’s intention to be a trust-based funder, acting in the best interests of its grantees and the third sector as a whole, while ensuring it has the highest level of confidence in its grantees, their impact and ability to deliver on NILO Foundation’s charitable objectives.
The third objective was to onboard new partners in the field of Social and Emotional Learning in France, intersecting the issue of SEL with either strengthening provision in early years settings for children, or with (re-)connecting children to nature.
The board of trustees signed off on three new grants, all unrestricted and over 3 years, between EUR 70,000 and EUR 100,000 per year:
- De l’Or Dans les Mains
- Label Vie
- Pas à Pas l’Enfant
The board of trustees also had to decide whether to renew with existing partners EcolHuma and ScholaVie. They decided to renew for another three years, giving larger unrestricted grants, of EUR200,000 and EUR100,000 per year respectively.
Finally, the fourth objective was to advance the due diligence on a selection of organisations for the New Economy portfolio. Five organisations were presented by the operational team to the board of trustees in July 2025, who collectively agreed to move forward with three organisations for the last phase of due-diligence.
## **Performance**
Overall, over £450,000 were distributed to the charity sector over the period, to five recipient organisations.
## **SEL Programme Performance**
Partners in the SEL portfolio delivered on their plans in terms of input, output and outcomes.
EcolHuma and ScholaVie continued leading the SEL coalition in France, which grew its membership, gained greater visibility in the media and made the case for SEL to be at the top of the agenda of education policy.
Strategic support from NILO Foundation brought positive results, with introductions to funders and active prospecting translating into more than £100,000 in extra funds raised by grantees from other grant-making foundations.
6
## **NILO FOUNDATION**
## **(A COMPANY LIMITED BY GUARANTEE)**
## **REPORT OF THE DIRECTORS' (Continued) FOR THE YEAR ENDED 31ST AUGUST 2025**
## **Just Transition & Wellbeing Economics Performance**
The social investment in place with Ulterïa Formation was written off in October 2024 due to the receiving organisation’s commercial and operational difficulties. The trustees believe all of the charity’s funds spent by Ulterïa Formation as part of the loan were used solely for charitable activities in line with its own charitable objectives. They were satisfied with:
- The monitoring the team undertook throughout 2023, which included regular calls with the CEO of Ulterïa Formation;
- The investigative steps the team took and the documentation reviewed during the liquidation process.
Due to the nature of the investment as a social investment, and therefore its risk-profile balancing returns with charitable objectives, and because the non-repayment of the loan did not threaten NILO Foundation’s ability to operate and serve its beneficiaries, the trustees decided it was not relevant to file a Serious Incident Report.
## **Networks and Wider Impact**
The Charity continued its membership and contribution to formal and informal philanthropy networks, in France, UK and Europe more broadly, namely:
- The Global Early Childhood Funders Group, an international network of institutional funders working on early years education, including SEL;
- L’Association des Grantmakers, a French informal network of funders that promotes peer to peer learning and
- collaboration;
- PHILEA, a formal and established network of European funders;
- SPOT, an informal group of French funders investing in just transition, climate initiatives and new economic models and promoting systems-change, trust-based philanthropy.
The Charity’s management team attended regular events, in person or online, sharing insights about its theory of change and key learnings, and benefitting from the deep knowledge and expertise of other funders.
## **Financial Review**
The results for the year are shown in the financial statements on the following pages. Income for the year totalled £553,965 (2023/24: £279,128) and the expenditure in the year totalled £588,763 (2023/24 £187,107). The excess of income over expenditure in 2024/25 amounted to -£34,797 (2023/24:£92,020) and the cash reserves of £63,625 (2023/24:£100,429) are sufficient to meet the expected needs in the short term.
## **Funding Source and Financial Model**
NILO Foundation is entirely funded by its Sole Funder, Chairman of the Board and Sole Member Bertrand Perrodo. Donations are unrestricted.
The Trustees have considered risks in relation to relying on a sole funding stream and have concluded that this presents no major risks at this stage – the Charity has funding to fulfil its obligations under the various grant agreements it is party to. The situation will be re-assessed on a yearly basis and the Trustees will consider diversification of funding sources if required.
## **Reserves Policy**
The Trustees have established a zero reserves policy. An operating budget for running costs is signed off by the Trustees at the start of the accounting period, including a line for miscellaneous items equals to a month of operating costs. Strict day-to-day financial monitoring by the team ensures that this budget is respected.
Separate ad hoc donations are made by the Sole Funder whenever new grants are approved by the Trustees.
The Trustees are comfortable that the reserves level and financial procedures in place are sufficient to minimise financial risks.
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## **NILO FOUNDATION**
## **(A COMPANY LIMITED BY GUARANTEE)**
## **REPORT OF THE DIRECTORS' (Continued) FOR THE YEAR ENDED 31ST AUGUST 2025**
## **Risk Management**
The Trustees have considered the major risks to which the charity is exposed, their probability and potential impact, and have established systems and procedures to monitor, reduce and manage those risks, notably a risk matrix that is reviewed at every board meeting.
## _**Risks Overview**_
Risk are analysed by category:
- Reputational
- Impact/inability to deliver on charitable objectives
- Governance
- Operational
- HR/People
- Financial
## **Social Investment Policy and Risks Management**
In particular, in making any social investment, the Trustees have regard to guidance issued from time to time by the Charity Commission, specifically in terms of investment performance. The Trustees consider:
- The duration of the investment and how (and when) funds might be withdrawn;
• The risks of the investment failing to deliver, or under-performing in the delivery of, the expected mission benefit and financial return. The Trustees assess in particular the recipient’s financial forecasts, ability to repay, and quality of financial monitoring;
- How the performance of the investment will be measured, assessed and monitored, with at a minimum a yearly review of financial performance.
## **Policies**
Policies are also reviewed annually, in line with the needs and context of Charity Law and regulatory requirements in the UK, and in countries where grantees operate.
## **Future Plans**
Over the next three years, the Charity aims are to:
- Expand its New Economy Portfolio, onboarding one to three partners per year, and testing a new MEL Framework for this thematic;
- Expand its SEL Portfolio, onboarding one to three partners per year;
- Launch a new programmatic area, in line with its broader mission of confronting the intertwined crisis of an increasingly fragmented, unequal and unsustainable world and reconnecting to self, others and habitat;
- Continue strengthening its Organisational Development function, in order to deliver support to grantees in key areas (fundraising, strategy, impact measurement, comms etc.) in a comprehensive and efficient yet grantee-led way;
- Carry a stronger voice about systems change philanthropy and trust-based philanthropy in various related arenas, to encourage other actors to adopt practices that foster the resilience of the third sector;
- Review its communication strategy to promote transparency and clarity about its modus operandi, its governance, showcase its impact and provide greater visibility to the work of its grantees;
- Build an operational team alongside the current Director, to accompany this period of growth.
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## **NILO FOUNDATION**
## **(A COMPANY LIMITED BY GUARANTEE)**
## **REPORT OF THE DIRECTORS' (Continued) FOR THE YEAR ENDED 31ST AUGUST 2025**
## **Structure, Governance and Management**
## **Governing Document**
NILO Foundation is a charitable company limited by guarantee incorporated in England and Wales, governed by its articles of association.
## **Recruitment and Appointment of Trustees, Induction and Training**
The Charity is governed by its board of Trustees. New Trustees are appointed by decision of the Founder Member and Chair (the Founder Member is Bertrand Perrodo).
On appointment, new Trustees have an induction consisting of a series of meetings with the Chair and other Trustees which covers such topics as the history of the Charity, its purpose, values and strategic objectives, and an introduction to the team that manages the Charity on a day-to-day basis. New Trustees are also supplied with a copy of the Charity Commission's guidance 'The Essential Trustee' and a range of internal documents such as its funding policy, investment methodology and thematic research papers.
## **Organisation and Decision-Making**
At regular Trustees' meetings, the Trustees agree the strategy of the Charity, sign off on all new grants, review the existing portfolio of grants and their performance, as well as agreeing the annual operating budget and reviewing and adopting, amongst other things, the risk management policies and mitigation strategies of the Charity.
Day to day operations and management of grant-making activity is delegated by the Trustees to the operational team, led by the Director Marie Paglinghi. This includes conducting thematic research, sourcing partners, conducting due diligence for trustee review and overseeing monitoring, evaluation and learning, alongside representing the Charity in the broader ecosystem, delivering communications, and running the back office.
## **Related Parties**
All Trustees give their time freely and no Trustees' remuneration was paid in the year for time given in capacity as a Trustee. The Trustees are required to disclose all relevant interests to the Board of Trustees and highlight where a perceived conflict of interest may occur. Any transactions with related parties are undertaken with the full knowledge and consent of the Trustees, at arm's length.
## **Pay Policy for Senior Staff**
The Charity does not have any employees, but does engage a consultant whose remuneration is reviewed by the board annually. Pay is reviewed by the Trustees taking into account performance and the financial position of the Charity, UK inflation, and average progression of pay levels in charities of a similar size.
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NILO FOUNDATION
{A COMPANY UMITED BY GUARANTEEI
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## **NILO FOUNDATION**
## **(A COMPANY LIMITED BY GUARANTEE)**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST AUGUST 2025**
## **(Incorporating Income and Expenditure Account)**
|**Notes**
**INCOMING RESOURCES**
**Incoming Resources from Generated Funds**
Donations, Grants & Legacies
**3a**
Investment Income
**3b**
Other Incoming Resources
**3c**
**TOTAL INCOMING RESOURCES**
**RESOURCES EXPENDED**
**Cost of Generating Funds**
Charitable Activities
**4a**
Governance Costs
**4b**
**TOTAL RESOURCES EXPENDED**
**NET INCOMING/ (OUTGOING) RESOURCES**
Balance Brought Forward
Exchange Rate Gains/(Losses)
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
Restricted
**TOTAL**
**TOTAL**
Funds
Funds
**2024/25**
**2023/24**
£
£
£
£
553,881
-
553,881
278,000
-
-
-
509
85
-
85
619
**553,965**
**-**
**553,965**
**279,128**
582,266
-
582,266
172,135
6,497
-
6,497
14,972
**588,763**
**-**
**588,763**
**187,107**
**(34,797)**
**-**
**(34,797)**
**92,020**
206,846
-
206,846
114,221
(2,607)
-
(2,607)
605
**169,442**
**-**
**169,442**
**206,846**|
|---|---|
Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.
The notes on pages 13 to 19 form part of these financial statements.
11
NILO FOUNDATION
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107.857
107,857
107.857
107.857
107.857
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625
6&625
100,429
T•t•l Curr•nl A•••ts
13.626
63.626
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61,585
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16•.442
18•,442
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109,442
189.442
20s.a46
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General Funds
Re8tncted FuTrJ8
169,442
189.442
T•tal Fund•
169.442
169.442
206.84
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12
## **NILO FOUNDATION**
## **(A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2025**
## **1. ACCOUNTING POLICIES**
## **Basis of Preparation & Assessment of Going Concern**
## **Basis of Preparation**
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2015) (Second Edition, effective 1st January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011.
The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
## **Assessment of Going Concern**
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
## **Incoming Resources**
## _**Recognition of Incoming Resources**_
These are included in the Statement of Financial Activities (SOFA) when:
▪ the charity becomes entitled to the resources;
▪ the Directors are virtually certain they will receive the resources; and
▪ the monetary value can be measured with sufficient reliability
## _**Incoming Resources with Related Expenditure**_
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resource and related expenditure are reported gross in the SOFA.
## _**Grants and Donations**_
Grants and Donations are only included in the SOFA when the charity has unconditional entitlement to the resources.
## _**Tax Reclaims on Donations and Gifts**_
Incoming resources from tax reclaims are included in the SOFA in the same financial period as the gift to which they relate.
## _**Contractual Income and Performance Related Grants**_
This is only included in the SOFA once the related goods or services has been delivered.
## _**Gifts in Kind**_
Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable.
## _**Donated Services and Facilities**_
These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
## _**Volunteer Help**_
The value of any voluntary help received is not included in the accounts but is described in the Directors' annual report.
## _**Investment Income**_
This is included in the accounts when receivable.
13
## **NILO FOUNDATION**
## **(A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2025**
## **1. ACCOUNTING POLICIES (Continued)**
## _**Investment Gains and Losses**_
This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
## **Expenditure and Liabilities**
## _**Liability Recognition**_
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
## _**Governance Costs**_
Include costs of the preparation and examination of statutory accounts, the costs of the Directors' meetings and cost of any legal advice to Directors on governance or constitutional matters.
## _**Changes in Accounting Policies and Previous Accounts**_
There has been no change to the accounting policies (variation rules and methods of accounting) since last year, and no changes to the previous accounts.
## _**Grants Payable without Performance Conditions**_
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.
## _**Unrestricted Funds**_
These funds can be used for the general objectives of the charity as set out in the trustees report. The movements of the unrestricted funds are given in the Statement of Financial Activities.
## _**Designated Funds**_
These funds are funds set aside by the trustees out of unrestricted general funds for particular purposes
## _**Restricted Funds**_
These funds are where the donor has specified a purpose for the donation made. These restrictions often arise as a result of appeals for special offerings for specific purposes.
## _**Taxation**_
The charity is exempt from tax on its charitable activities.
## _**Investments**_
Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at Directors' best estimate of market value.
## _**Fixed Asset Investments**_
Fixed asset investments are held to generate income and a return on investment. The investments are held to generate income and for their future investment potential and capital appreciation. Fixed asset investments are investments that are held specifically to generate income to further the Charity's objects and due to capital appreciation the Charity expects to generate a profit on disposal to further the Charity's objects.
## _**Current Asset Investments**_
Current asset investments are held to generate income and/or for their investment potential. Current asset investments are investments that are held specifically for sale or are investments that the Charity expects to sell by the next balance sheet date.
14
## **NILO FOUNDATION**
## **(A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2025**
## **1. ACCOUNTING POLICIES (Continued)**
Investments, other than social investments (see below), are valued as follows:
**i** ) Investment property and listed investments are valued at their market value (fair value) at the balance sheet date.
## _**Social Investments**_
Social investments are investments where the primary motive is to further the charity's objects, not to generate an investment return.
## _**Concessionary Loans**_
These are initially recognised as the amount paid and thereafter the carrying value at every balance sheet date is adjusted for repayments, interest charges and provisions for impairment if the amount owed may not be fully recoverable.
## _**Impairment Losses**_
Impairment losses and losses arising on the disposal of social investments are included in the Statement of Financial Activities.
## _**Critical Accounting Estimates and Areas of Judgement**_
ln preparing financial statements certain judgements, estimates and assumptions have to be made that affect the amounts recognised:
**i** ) The valuation of fixed asset investments and the recoverability of social investments. These estimate are reassessed annually and the valuations are adjusted to reflect current expectations of the fair value of each.
**ii** ) The constructive obligation for grants payable is based on an assessment of the likely duration of the supported activity. Again this estimate is re-assessed annually and the obligation is adjusted to reflect current expectations.
## _**Legal Status of the Charity**_
The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
## _**Fixed Tangible Assets**_
These are capitalised if they can be used for more than one year, and cost at least £1,500. They are valued at cost or, if gifted, at the value to the charity on receipt.
## _**Depreciation Expense**_
Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied per annum are as follows:
Equipment Cost 25% - Reducing Balance Basis
## **2. TANGIBLE FIXED ASSETS**
The Charity held no Fixed Asset investment during this or the previous financial period.
The annual commitments under non-cancelling operating leases and capital commitments are as follows: 31st August 2025 : None 31st August 2024 : None
15
## **NILO FOUNDATION**
## **(A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2025**
## **3. INCOMING RESOURCES**
|**a) Donations, Grants & Legacies**
Gifts & Donations
Gift Aid
**b) Investment Income**
Interest
**c) Other Incoming Resources**
Sundry Income
**4. RESOURCES EXPENDED**
**a) Charitable Activities**
Bank Charges
Charitable Grants
Consultancy Costs
Event Costs
Office Costs
Travel & Subsistence
**b) Governance Costs**
Independent Examiners Fee
Legal & Professional Fees|Unrestricted
Restricted
**TOTAL**
**TOTAL**
Funds
Funds
**2024/25**
**2023/24**
£
£
£
£
456,680
-
456,680
220,800
97,201
-
97,201
57,200
**553,881**
**-**
**553,881**
**278,000**
-
-
-
509
**-**
**-**
**-**
**509**
85
-
85
619
**85**
**-**
**85**
**619**
Unrestricted
Restricted
**TOTAL**
**TOTAL**
Funds
Funds
**2024/25**
**2023/24**
£
£
£
£
77
-
77
80
498,615
-
498,615
89,308
63,339
-
63,339
76,150
6,674
-
6,674
1,302
1,494
-
1,494
1,074
12,068
-
12,068
4,221
**582,266**
**-**
**582,266**
**172,135**
1,620
-
1,620
1,440
4,877
-
4,877
13,532
**6,497**
**-**
**6,497**
**14,972**|
|---|---|
16
## **NILO FOUNDATION**
## **(A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2025**
## **5. RESTRICTED FUNDS**
The Charity held no restricted funds during this or the previous financial period.
## **6. SOCIAL INVESTMENT**
## **CURRENT FINANCIAL YEAR**
|Concessionary Loans - Ulterïa Formation
**PREVIOUS FINANCIAL YEAR**
Concessionary Loans - Ulterïa Formation|**Balance**
Loans
Loans
Provision for
**Balance**
**01-Sep-24**
Made
Repaid
Impairment
**31-Aug-25**
£
£
£
£
£
107,857
-
-
-
107,857
**107,857**
**-**
**-**
**-**
**107,857**
**Balance**
Loans
Loans
Provision for
**Balance**
**01-Sep-23**
Made
Repaid
Impairment
**31-Aug-24**
£
£
£
£
£
107,857
-
-
-
107,857
**107,857**
**-**
**-**
**-**
**107,857**|
|---|---|
During the year ended 31st August 2023, the Directors of the Nilo Foundation agreed to make Concessionary Loans to Ulterïa Formation in furtherance of the Charity's objects.
The main activity of Ulterïa Formation is to inform, educate and engage individuals and groups on a range of thematics linked to environmental preservation, regenerative economics and community building.
The Directors of the Nilo Foundation have agreed to provide a Social Investment Loan to Ulterïa Formation in France. The Directors have agreed to provide Ulterïa Formation with un unsecured loan of £107,857 (€120,000) which is repayable in fine after 7 years with interest payable at 2% per annum and paid annually.
17
## **NILO FOUNDATION**
## **(A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2025**
## **7. CASH AT BANK AND IN HAND**
|Cash at Bank and in Hand
**8. DEBTORS AND PREPAYMENTS**
Sundry Debtors|Unrestricted
Restricted
**TOTAL**
**TOTAL**
Fund
Fund
**31-Aug-25**
**31-Aug-24**
£
£
**£**
**£**
63,625
-
63,625
100,429
**63,625**
**-**
**63,625**
**100,429**
Unrestricted
Restricted
**TOTAL**
**TOTAL**
Fund
Fund
**31-Aug-25**
**31-Aug-24**
£
£
**£**
**£**
-
-
-
-
**-**
**-**
**-**
**-**|
|---|---|
## **9. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Independent Examiners Fee
Sundry Creditors|Unrestricted
Restricted
**TOTAL**
**TOTAL**
Fund
Fund
**31-Aug-25**
**31-Aug-24**
£
£
**£**
**£**
1,620
-
1,620
1,440
420
-
420
-
**2,040**
**-**
**2,040**
**1,440**|
|---|---|
## **10. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR**
The Charity held no long term liabilities during this or the previous financial period.
## **11. NET ASSETS BETWEEN FUNDS**
|Fixed Asset Investments
Net Current Assets
Long Term Liabilities|Unrestricted
Restricted
**TOTAL**
**TOTAL**
Funds
Funds
**31-Aug-25**
**31-Aug-24**
£
£
£
£
107,857
-
107,857
107,857
61,585
-
61,585
98,989
-
-
-
-
**169,442**
**-**
**169,442**
**206,846**|
|---|---|
18
## **NILO FOUNDATION**
## **(A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST AUGUST 2025**
## **12. RECONCILIATION OF MOVEMENT ON CAPITAL AND RESERVES**
The Company is Limited by Guarantee (13261660) and is a Charity registered with the Charity Commission (1195271) and does not have a Share capital and has no income subject to Corporation Tax.
|Profit / Deficit for the financial year
Other Recognised Gains
Balance Brought Forward
Closing Funds at 31st August 2025
**13. STAFF COSTS AND NUMBERS**
Gross Wages, Salaries & Fees
Employer's National Insurance Costs
Pension Contributions
Employees who were engaged in each of the following activities:
Charitable Activities|**TOTAL**
**2024/25**
**£**
(34,797)
-
**(34,797)**
142,790
**107,993**
**TOTAL**
**2024/25**
£
63,339
-
-
**63,339**
**TOTAL**
**2024/25**
1|**TOTAL**
**2023/24**
**£**
92,020
-
**92,020**
50,770
**142,790**
**TOTAL**
**2023/24**
£
76,150
-
-
**76,150**
**TOTAL**
**2023/24**
1|
|---|---|---|
The Charity operate a PAYE Scheme to pay all employed members of staff. The Charity also employs members of staff on a self-employed basis and is not liable for their Income Tax and National Insurance payments. The Chief Executive Officer is paid on a self-employed basis under a contract for services and has received emoluments in excess of £60,000.
## **14. DIRECTORS AND OTHER RELATED PARTIES**
During the financial year Director Mr Bertrand Perrodo made a gift of £456,680 (2023/24: £220,800) to the Charity in furtherance of the charity's objects.
The only payments made to the Directors consisted of reimbursements of expenses incurred in furthering the Charity's objects and no direct benefits were received by the Trustees during the financial period 2023/24:None).
No other payments were made to Directors or any persons connected with them during this financial period. No other material transaction took place between the organisation and a Director or any person connected with them.
19
## **INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS**
Report to the trustees/ members of the Nilo Foundation on the accounts for the year ended 31st August 2025 set out on pages 11 to 19.
## **Respective responsibilities of trustees and examiner**
The Charity's trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the financial statements. The trustees are satisfied that the audit requirement of Section 144(1) of the Charities Act 2011 (the Act) does not apply, and that there is no requirement in the governing document or constitution of the Charity for the conducting of an audit. As a consequence, the trustees have elected that the financial statements be subject to independent examination.
Having satisfied myself that the charity is not subject to audit, and is eligible for independent examination, it is my responsibility to:-
a) examine the accounts under section 145 of the Act;
b) to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Act; and;
c) to state whether particular matters have come to my attention.
## **Basis of independent examiner's statement**
I conducted my examination in accordance with the General Directions given by the Charity Commissioners for England & Wales in relation to the conducting of an independent examination, referred to above. An independent examination includes a review of the accounting records kept by the Charity and of the accounting systems employed by the Charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning such matters. The purpose of the examination is to establish as far as possible that there have been no breaches of the Charities legislation and that the financial statements comply with the SORP, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements.
The procedures undertaken do not provide all the evidence that would be required in an audit, and information supplied by the trustees in the course of the examination is not subjected to audit tests or enquiries, and consequently I do not express an audit opinion on the view given by the financial statements, and in particular, I express no opinion as to whether the financial statements give a true and fair view of the affairs of the charity, and my report is limited to the matters set out in the statement below.
I planned and performed my examination so as to satisfy myself that the objectives of the independent examination are achieved and before finalising the report I obtain written assurances from the trustees of all material matters.
## **Independent examiner's statement**
The charity's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Association of Accounting Technicians.
In the course of my examination, no matter has come to my attention:
1. which gives me reasonable cause to believe that in, any material respect, the trustees requirements:
- to keep accounting records in accordance with section 386 of the Companies Act 2006; and
· to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of recommended Practice: Accounting and Reporting by Charities.
have not been met; or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
K. Collaku MAAT Castle View Accounting Ltd Ground Floor Offices 53 High Street Arundel West Sussex BN18 9AJ
Date: 18th May 2026
20