Charity Number: 1200163 Company Number: 14047340 22 North Foundation Annual Report and Accounts For the period from incorporation on 14 April 2022 to 30 Aprll 2023
22 North Foundation Reference and administrative details Trusts•s Gabriel Ng Helen Parker Raphael Houdmont Company number 14047340 Charlty number 1200163 Reglstered Offlce Third Flc 20 Old Bailey London EC4M 7AN Ind•pond•nt Examln•r Simon GoodrKlge FCA Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Bank•rs Unity Trust Bank Four Brindley Place Birmingham B1 2JB Sollcltors Withers LLP 20 Old Bailey London EC4M 7AN
22 North Foundation Trustees, report for the period from incorporation on 14 April 2022 to 30 April 2023 The Iruslees are pleased lo present their first annual report together wilh Ihe financial statements of the charity for the period from incorporation on 14 April 2022 to 30 April 2023. Reference and adminislralive infom7ation sel out on page 1 forms part of this Teport. The financial slalemenls comply with current slalutory requirements, the charivs constrtuliori and the Statement of Recommended Practice - Accounting and Reporting by charit.. SORP applicable to charities preparing their accounts In accordance with FRS 102. Structure, Governance and Management Legal status The 22 North Foundation is a company limited by guarantee and a registered charity. The company was registered in England and Wales on the 14 April 2022 and gained charitable status on the 24 August 2022. Governlng Document The 22 North Foundalion is govgmèd by its Memorandum and Articles of Assocolion datgd 14 April 2022. Organlsatlonal Structure The directors of the charitable company aro its truste05 for the purposè of chanty law. Throughout thi5 report they are collectively referred lo as tho Iruslees. The lollowing individuals served as trustees during the period.. Gabriel Ng {appoinled 14 April 20221 Helen Parker {appointed 14 April 20221 Raphael Houdmont {appoinled 14 April 2022) Al trustees served for the full period unless othemse staled above. Tho Foundation's conslilulion requires the Board shall consisl of al leasl thr90 members and shall meet not less than tsvi¢6 per year. The Board oversees thè stralegie direction of the charily and makes funding decision5 based on the recommendations of tèchnical experts who solicit. receive and perform pre-award due diligence on grant applications from potential 9ranlees. and make recommgndations for funding lo the Board. Thè adminislralion of the charity and post-award monitoring of use of the Foundatlon's grants is handled by a single part-lime member of staff. Recruitment and appointment of new trustees The Iruslees are appointed by majority vote ol the members. The Board regularty reviews thè skills. experience and Specialisms of Iruslees in order lo ensure that il can adequately discharge ils functions and responsibilities, and il necessary, makes a recommendation to the members of the Foundation regarding appointment of new trustees. Orb successful appointment of a Iruslee. the board provides documentary and verbal induction material lo introduce the Injstee lo Ihe workings and objectives of the charity and the role and responsibilities of charity trustèes. Objectives and principal activities The objects of the Foundation are for the benefit of the public lo promote all purposes recognised 8$ charitable under the laws of England and Wales from time to time. The Foundation furthers these objectives by making grants to charitable organisations primarily lo¢ussing on underfunded and ovedooked causes.
22 North Foundation Trustees, report for the period from incorporation on 14 April 2022 to 30 April 2023 Achievements and performance This was the Foundation's first year of activrty and the focus was on setting up the organisalion and establishing ils modus operandi. During this first period of operation5 the Foundat did not make any grants but appointed advisers to mar)age both the org8nisalion and its grant-making and recruited ils first member of staff who joined in the month after the year end. The first grants were made in September 2023. Public Benefit Having reviewed the Charity Commission's general guidance on public benefit. the TnJstees consider that these activities provide benefft lo the general public both in the UK and abroad. Risk Management The Trustees have reviewed tho risks the charity faces and aro satisfied thal systems ara in place to mitigate their exposure to the major risks. Future Plans The Foundation expects lo develop long lemi relatShIpS with the charitable organisalions that it supports. The first 2 grants were made after Ihe year end and are multi-yoar contractual commitm•rbt5 Wlth further fvndirbg subject lo salisfaclory performanc& and reporting by granloes. Flnanclal revlew During the first period of operations the char¢ty received donalions lolalling £521,040. After deducting opèrating expenses of £11.601 and adding interest earnings of £2,513 the Foundation made a surplus lor th¢ period of £511,952. As this was the Foundatron's first penod of operalions £511.952 was also the value of nel assets held al the balance sheel dale. Reserves The Foundation aims lo hold as reserves cash equal lo the value of any conlraclual grant commitments plus six months of the organizalion's average running costs. The Board believes this level of r858rves will ensvre the Foundation's financi81 stability in the event of a significanl drop in income, wilhoul any adverse effect on the Foundation's beneficiaries or the ability of thè Foundation lo meet applicable regulatory ompliance requirements. Based on the expendrturo in these accounts this would require reserves of £5,800. Reserves are shown in the Balance Sheet as unrestn'cted funds Canied forward. and Ihe total amount held al 30 April 2023 was £511.952. Given this was the first year of operations and tho chanty has nol yel commitled to any grants, the Trustees are satisfied this level of reserves is in line with the FoundalK)n's policy. Responsibilities of the Trustees in relation to the financial statements The Iruslees Iwho are also the directors of the 22 North Foundation for Ihe purposes of company lawl are responsible for preparing the Report of the Trustees and the financial slalements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the trustees lo prepare financial slalemenls for each rinancial year which give a true and fair view ol the stale of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial slatemenls, the Irustees are required to select suitable accounting policies and then apply them consistentty: observe the methods and pnnciples in the Charity SORP., make judgements and estimates that are reasonable and PTudent', prepare the finanual slatemenls on the going concern basis unless it is inappropriate lo presume that the charitable company will continue in business.
22 North Foundation Trustees, report for the period from incorporation on 14 April 2022 to 30 April 2023 The Iruslees are responsible lor keeping proper accounting records which disck)se with reasonable accuracy al any time the financial position of the charitable company and to enable them lo ensure that the financial statements comply wrth the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregul8nlies. Small eornpany provlsions This report has been prepared in accordance ¥wlh the special provisions for small companies under Part 15 of the Companies Act 2006. This report was approved by the Board of Tnjstees on 6th January 2024 and signed on its behalf by.. . Gabriel Ng Trustee
Report of the independent examiner to the members of 22 North Foundation I report lo the members of the charitable company on my examination of the financial statements of the charitable ¢ompany for the period from 14 April 2022 to 30 April 2023 as set out on pages 6 10 11. Responsibllhle5 and basls of report As the trustees of the charitable company land 8150 its directo for the purposes of company law) you are responsible for the preparalion of the financial stalements in accordance wilh the requirements of the Companies Act 20061.the 2006 Act'i. Having satisfied myseLf that the financial statements of the charitable ccHnpany are not required to be audited under Part 16 of the 2006 Act and are eligible for independent exarninalion, I report in respect of my examination of the Company s financial slalements carried out under section 145 of the Charities Act 2011 I'the 2011 Act'}. In carrying oul my examination I have folk)wed the Direclions 9iven by the Charity Commission under section 14515Xb) of the 2011 Act. Indepèndent •xamlnerfs statèmgnt The charitable company s gross incA)me gxceeded £250.000 and l am qualrfied to undertake the examination by being a qUaIrf rnrnr of ICAEW. I have completèd my examination. l nffirM that no material matters have coma lo ffly attention {oth8r than Ihal disclosèd below) which gtves mè eau5e lo believe that-. accounting records were not kepl in accordance with soclion 386 of the Companies Act 2006.. or the financial slalemenls do nol accord with such records,. or the financial slalBm8nls do not comply with relgvanl accounting requirements undèr sgclion 396 of the Companies Act 2006 other than any requirement that Ihe financial slalements give a 'lrue and lair. view which is not a matter con51dered as part ol an indepondenl examin8lion,' or the financial stolements have not boen prepared in accordance with the Charities SORP IFRS1021. I have no concerns and have come aeross no other matters in ¢onnectK)n with Ihe 8xaminalion lo which allenlion should bè drawn in this rep)rt in order lo enable a propor understanding of the financial slalemenls lo be reached. )eJtr 10 January 2024 Simon Goodridge FCA Knox Cropper LLP 65 Leadenhall Street, London EC3A 2AD
22 North Foundation Statement of Financial Activities for the period from incoiporation on 14 April 2022 to 30 Aprfl 2023 Unrestricted Funds Restricted Funds Total Funds 2023 2023 2023 Note Income Donations Other income 521.040 2,513 521,040 2,513 Total Income 523,553 523,553 Expendlture Charitable activi1105 11.601 11,601 Total Expendlturè 11,601 11,601 Net Incom• l •xpondltur• 511,952 511,952 Rè¢on¢lllatlon of funds Total funds brovghl forward Total funds carrlod forward 511,952 511.952 All of the above results are derived from ¢onlinuing activitses. There were no other recognisèd gains or losses other than those stated above. The notes on pages 9 10 11 fom part of those financial slalemenls.
22 North Foundation Balance Sheet as at 30 Aprll 2023 2023 Note Currnnt assets Cash al bank and in hand Debtors 511.479 2.513 513.992 Creditors.. amounts falling due vthhin one year {2,040) Net assets 511.952 Thè funds of the charlty UnTeslricled funds.. 511.952 Total fvnds 511,952 For the period ending 30 April 2023 the Company was entided lo exemption from audit under $oclion 477 of the Companies Act 2006 relating lo small companiès. The members have not rfjquired the company lo obtain an audrt of its financial slalements for Ihg year in qugslion in accordance th seelh)n 476. The direclors acknowledge their responsibilities for complwng wlh the raquirements of the Act with respect lo accounting records and Ihe preparation of financial stslements. These financial statements have been prepared in accordance wth Ihe provisK*ns appli¢ablg 10 companies 5ubiecl to the small compani8$' regime. The financial slalemenls were approved by the Board of Trustees on 6 January 2024 and were signed on its behalf by. Gabriel Ng Twslee 22 North Foundation - Company no. 14047340
22 North Foundation Statement of Cash Flows for the period from incorporntion on 14 April 2022 to 30 Aprll 2023 2023 Net in¢ome/(expenditure) for the reporting period fas per the Statement of Financial Activities) 511,952 Adjustmenls for: Depreciation charges {Incr&aselldecrease in debtors Increaselldecreasel in creditors 12.513) 2.040 Net cash provided by (usèd In) operatlng acllvltl•s 511,479 Cash flows from Snvèstlng actlvltS•• Purchase of fixed assets Net cash provld•d by lui•d In) Invostlng actlvltl•i N•t Incr•as•l(decreas•) In cash and ¢ash èquivalents 511,479 Cash and cash •qulvalont• at beglnnlng of perlod Cash and ¢a8h èqulvalents at end of rIOd 511,479
22 North Foundation Notes to the accounts for the period from incorporation on 14 April 2022 to 30 April 2023 1 Principal accounting policies The principal accounting PiCieS adopted in the preparab.on of the ffinanoal ststements are sel out below. (al Basls of accountlng The financial slalements have been prepared in accordance wth AcCoung and Reporb'ng by Charities- Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191- {Charilies SORP IFRS 10211. the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Companies Act 2006. 22 North Foundation meets the definition ol a public benefit entity under FRS 102. Assets and liabilities are inilialty recognised al historical ¢osl or transaction value uniess otherwise stalèd in the relevant accounting poli¢y nolelsl. Ibl Fund accountlng lil Unreslri¢led funds are available for use al the discrets'on of the trustees in lurtheran¢e of the general objectives of the charity. lil) Restricted funds are subject lo spetrfic condition$ imposed by the donor as lo h¢)w they may be usèd. To date the charity has not roceived any rèstricted funding. It) Income Income is recognisgd and induded in the statèment of financial activities when the charity is enlilled lo the income and the amount can be quantrfied with reasonable accuracy. The following specific policies are applied lo particular calegorigs of income. lil Donations are received by way of grants. donations and gifts and the income is included in full in the Stalgmenl ol Financial Aciivili6s whon receivable. Grants receivable are recognisgd when the ¢harity beeomgs UnconditTraIly entitled lo the granl. Illl The value of services provided by volunle•rs has not bean included as income in Iheso accounts. (lill Investment in¢ome t5 inchjded %then receivable. ldl Exp•ndltur• Expenditure is recognised on an accnjals basis as a liability 15 incurred. and includes any VAT which cannot be fulty recovered. lil Expenditure on charilablo activslies cornprises expendrture related to lh8 direct lurtherance of the charity's objeclives. Grants payable arè included under charitable expenditure when the Board has formalty committed the Foundation lo a grant. Where $1S cannot bg directly attributed. they have been albcated to activitses on a basis consistent with the tss$ of resources. (ill Support costs relate lo those lunclions Ihal assisl the work of the charity bul do not directly undertake charitable aclivilies. Support costs include include primarily finance and adminislralion cosls. These costs have been allocated on a basis consistenl wlh the use of resources.
22 North Foundation Notes to the accounts for the period from incorporation on 14 April 2022 to 30 April 2023 2 Donations 2023 Donations 521,040 521.040 3 Expenditure During the period the Foundation the followng ¢0sts- Charltablo actlvltles Governancè & support Total 2023 Research Administration exps Indepéndènl examin8rfs f•8 5.984 5,984 3,817 1.800 3,817 1.800 5,984 5,617 11,601 4 Debtors 2023 Accwed income 2.513 2,513 5 Creditors 2023 Trade creditors Accruals 240 1,800 2,040 10
22 North Foundation Notes to the accounts for the period from incorporation on 14 April 2022 to 30 April 2023 6 Movements In funds At 14Apr 2022 At 30 Apr 2023 In¢om• Exp•nditurn Total unrestrictgd funds 523.553 111.6011 511.952 TOTAL FUNDS 523,553 111,6011 511,952 All of the inttjme received by the charity during the year was unrestncted income. 7 Staff Costs The charity not incur staff eosl$ during the period. as it dhl not employ staff during this first penod of operations. The key managemenl p6rsonno1 of the charity comprise the InJsleè$. No remuneration was paid lo the Trustees. 8 Trustee remuneration and expenses None of the Trustaès received any remuneration lor thoir services as trustees dunng the perlod. and no Iruslee expenses were feimbursed. 9 Taxation The charity is exempt from corporation tax as all its income is eharitabl• and is applied for charitable purposes.