2022-09-30-accounts - The Needham Research Institute

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		Notes	2022		2021
			5		8
FIXEDASSETS
Tangible assets Investments		10 11		1,100,940 14,399,017		1,126,161 16,158,541
TOTAL FIXED ASSETS				15,499,957		17,284,702
CURRENT ASSETS
Debtors Cash at bank and in hand TOTAL~ASSETS		12	53,600 225,324 278,924		22,069 258,461 280,530
LIABILITIES;
Creditors: Amounts falling due
within one year		13	(32,070)		(32,065)
NET CURRENT ASSETS				246,854		248,465
TOTAL ASSETSLESS	CURRENT
LIABILITIES				15,746,811		17,533,167
Provisions for liabilities	and charges	14		(35,162)		(38,442)
TOTAL NET ASSETS		18		15,711,649		17,494,725
THE FUNDS OF THE CHARITY:
Restricted funds		15		2,289487		2,593,253
Endowment funds		16		9,754,618		10,833,466
Unrestricted funds:
Dmignated funds Other charitable funds		17 17	75,132 3,592,612	3,667,744	91,519 3,976,487	4,068,006
TOTAL CHARITY FUNDS		18		15,711,649		17,494,725

					2022	2021
					Total	Total
				Notes	Funds	Funds
Cash flows from operating	activities:
Net cash provided by (used	ln) operating		actlvltles	19	(484,005)	(119,607)
Cash flows from investing	activities:
Inveslment income					399,077	364,023
Purchase oftangible fixed assets					(1,669)	(2,998)
Purchase ofinvestments					(2,364,907)	(2,101,529)
Proceeds fiom investments					2,942,870	1,515,158
Net cash prov hied by (used	In) Investing		actlvldes		975,371	(225,346)
Change ln cash and cash equivalents Cash and cash equivalents brought		In the year forward			491,366 381,664	(344,953) 726,617
Cash and cash equivalents	carried forward			19	873,030	381,664

S TO	THE FINANC	IAL STATEMENTS
2,	INCOME FOR THE	FROM DONATIONS YEAR ENDED 30TH	AND LEGACIES SEPTEMBER2022	Unrestricted Funds	Restricted Funds	Endowment Funds	2022 Total
	Donations			150	32,097		32,247
	Gift Aid				1,250		1,250
				150	33,347		33,497
	INCOME	FROM DONATIONS	AND LEGACIES	Unrestricted	Restricted	Endowment	2021
	FOR THE	YEAR ENDED 30TH	SEPTEMBER2021	Funds f.	Funds	Funds f	Total
	Donations			229,893	6,703		236,596
	Gift Aid				1,250		1,250
				229,893	7,953		237,846
	INCOME	FROM CHARITABLE ACTIVITIES		Unrestricted	Restricted	Endowment	2022
	YEAR ENDED 30TH SEPTEMBER2022			Funds	Funds	Funds	Total
	Grants			11,160	94,850		106,010
	INCOME	FROM CHARITABLE ACTIVITIES		Unrestricted	Restricted	Endowment	2021
	YEAR ENDED 30TH SEPTEMBER2021			Funds	Funds 6	Funds	Total f
	Grants				190,327		190,327
	INCOME	FROMINVESTS		Unrestricted	Restricted	Endowment	2022
	YEAR ENDED 30TH SEPTEMBER2022			Funds	Funds	Funds	Total
	Interest receivable
	Dividends	receivable		12,955	60,642	291,326	364,923
	Rents receivable (No 2 Sylvester		Road)	34,154			34,154
				47,109	60,642	291,326	399,077
	INCOME	FROM INVESTMENTS		Unrestricted	Restricted	Endowment	2021
	YEAR ENDED 30TH SEPTEMBER2021			Funds	Funds	Funds	Total
					6	f.	f,
	Interest receivable			28			28
	Dividends	receivable		41,931	55,053	234,817	331,801
	Rents receivable (No 2 Sylvester		Road)	32,194			32,194
				74,153	55,053	234,817	364,023
5	INCOME	FROM OTHER		Unrestricted	Restricted	Endowment	2022
	YEAR ENDED 30TH SEPTEMBER2022			Funds	Funds	Funds	Total
							f,
	Royalties Sundry			3,506 8,761			3,506 8,761
				12,267			12,267
	INCOME	FROM OTHER		Unre sir to ted	Restricted	Endowment	2021
	YEAR ENDED 30TH SEPTEMBER2021			Funds	Funds	Funds	Total
				8
	Royalties Sundry			7,820 862	43		7,820 905
				8,682	43		8,725

EXPENDITURE ON;
CHARITABLE ACTIVITIES			Unrestrioted	Restricted	Endowment	2022
YEAR ENDED 30TH SEPTEMBER2022			Funds	Funds	Funds	Total
					f
Academic and related costs			190,333	183,725		374,058
Establishment costs			67,725		16,770	84,495
Office and support costs			146,201	16,332		162,533
Governance costs			6,777			6,777
			411,036	200,057	16,770	627,863
ANALYSIS OF EXPENDITURE		ON CHARITABLE	Unrestricted	Restricted	Endowment	2022
ACTIVITIES YEAR ENDED 30TH SEPTEMBER2022			Funds	Funds	Funds	Total
Academic and related costs					f,
Salaries (academic)			98,302	83,376		181,678
Salaries (librarian)			68,119	34,998		103,117
Research grants				41,500		41,500
Books and publications			5,299	1,088		6,387
Travel and accommodation			5,157	1,269		6,426
Computer costs			8,791	5,213		14,004
Telephone, postage and photocopying			2,996			2,996
Other (incl. lecture and exhibition		expenses)	1,669	16,281		17,950
			190,333	183,725		374,058
Establishment costs
Rates			12,185			12,185
Insurance			9,609			9,609
Repairs and maintenance			19,255			19,255
Water, light and heat			9,727			9,727
Cleaning			8,522			8,522
Gardening and grounds			8,427			8,427
Depreciation					16,770	16,770
			67,725		16,770	84,495
Office and support costs
Other salaries			72,059			72,059
Depreciation			10,120			10,120
Printing and stationery			1,795	430		2,225
Events			6,849	1,707		8,556
Investment broker charges			55,381	14,195		69,576
Foreign exchange gain			(3)			(3)
			146,201	16,332		162,533
Governance casts
Audit and accountancy			6,533			6,533
Other legal and professional	fees		244			244
			6,777			6,777
			411,036	200,057	16,770	627,863

EXPENDITURE ON;
CHARITABLE ACTIVITIES continued			Unrestricted	Restricted	Endowment	2021
YEAR ENDED 30TH SEPTEMBER2021			Funds	Funds	Funds	Total
				f	f	f
Academic and related costs			169,610	101,874		271,484
Establishment costs			61,254		16,770	78,024
Office and support costs			146,926	11,387		158,313
Governance costs			7,390	155		7,545
			385,180	]13,416	16,770	515,366
ANALYSIS OF EXPENDITURE		ON CHAR%ABLE	Unresnicted	Restricted	Endowment	2021
ACTIVITIES YEAR ENDED 30TH SEPTEMBER2021			Funds	Funds	Funds	Total
Academic and related costs					f
Salaries (academic)			85,193	57,780		142,973
Salaries (librarian)			63,732	26,691		90,423
Research grants				14,500		14,500
Books and publications			4,936	1,680		6,616
Travel and accommodation			55			55
Computer costs			9,327			9,327
Telephone, postage and photocopying			3,373			3,373
Other (incl, lecture and exhibition		expenses)	2,994	1,223		4,217
			169,610	101,874		271,484
Establishmeat costs
Rates			12,186			12,186
Insurance			14,947			14,947
Repairs and maintenance			9,658			9,658
Water, light and heat			7,410			7,410
Cleaning			8,348			8,348
Gardening and grounds			8,670			8,670
Ground rent			35			35
Depreciation					16,770	16,770
			61,254		16,770	78,024
Office and support costs
Other salaries			65,946			65,946
Depreciation			8,483	1,224		9,707
Printing and stationery			877	282		1,159
Events			199			199
Investment broker charges			71,445	9,881		81,326
Foreign exchange gain			(24)			(24)
			146,926	11,387		158,313
Governance costs
Audit and accountancy			6,196			6,196
Other legal and professional	fees		1,194	155		1,349
			7,390	155		7,545
			385,180	113,416	16,770	515,366

NET INCOME FOR THE YEAR	NET INCOME FOR THE YEAR		2022	2021
This is stated afier charging:
Auditors remuneration	- external	audit	6,533	6,196
	- non audit	services
Depreciation oftangible fixed	assets		26,890	26,477

MANAGEMENT THREAT IN RELATION TO NON-AUDIT	MANAGEMENT THREAT IN RELATION TO NON-AUDIT	MANAGEMENT THREAT IN RELATION TO NON-AUDIT
In common with many other businesses ofour size and nature we use our auditors to assist			with the preparation	ofthe
financial statements.
ANALYSIS OF STAFF COSTS AND REMUNERATION		OF	2022	2021
KEYMANAGEMENT	PERSONNEL			8
Salaries and wages			258,151	214,197
Social security costs			28,912	23,382
Pension contributions			76,864	69,118
			363,927	306,697

The average number ofstaff employed, analysed by funct	ion, employed during the year were:
	2022	2021
	Number	Number
Academic	6	7
Administmtion	3	3
Establishment	I	I
	10

TANGIBLE FIXEDASSETS	TANGIBLE FIXEDASSETS	Long	Fixtures &	Equipment
YEAR ENDED 30TH SEPTEMBER 2022		Leasehold	Fittings	&Software	Total
		6	f,	8
COST
Balance at	1st October 2021	1,626,664	70,813	28,422	1,725,899
Additions				1,669	1,669
Dispos ala				(6,666)	(6,666)
Balance at	30th September 2022	1,626,664	70,813	23,425	1,720,902
DEPRECIATION
Balance at	1stOctober 2021	519,788	57,395	22,555	599,738
Charge for	the year	16,770	5,715	4,405	26,890
Eliminated	in disposal			(6,666)	(6,666)
Balance at	30th September 2022	536,558	63,110	20,294	619,962
NET BOOK VALUE as at 30th September 2022		1,090,106	7,703	3,131	1,100,940

Ib.	TANGIBLE FIXEDASSETS	continued	continued	Long	Fixtures &	Equipment
	YEAR ENDED 30TH SEPTEMBER2021			Leasehold	Fittings	&Software	Total
	COST
	Balance at 1st October 2020			1,626,664	70,813	25,424	1,722,901
	Additions					2,998	2,998
	Balance at 30th September 2021			1,626,664	70,813	28,422	1,725,899
	DEPRECIATION
	Balance at 1stOctober 2020			503,018	51,675	18,568	573,261
	Charge for the year			16,770	5,720	3,987	26,477
	Balance at 30th September 2021			519,788	57,395	22,555	599,738
	NET BOOK VALUE as at 30th		September 2021	1,106,876	13,418	5,867	1,126,161
11.	INVESTMENT FIXED ASSETS			2022		2021
					Market		Market
				Cost	Value	Cost	Value
	Investment properties - long leasehold			111,548	1,200,000	1»,548	1,200,000
	Listed investments			9,631,066	12,551,311	9,704,711	14,835,338
	Capital account			647,706	647,706	123,203	123,203
				10,390,320	14,399,017	9,939,462	16,158,541
	Market value at 1stOctober				16,035,338		13,323,327
	Listed investments acquired				2,364,907		2,101,529
	Listed investments disposed				(2,942,870)		(1,515,157)
	Realised (losses)/gains				(564,714)		(75,758)
	Gains/(losses) on revaluations	at	30th September		(1,141,350)		2,201,397
	Market value at 30th September				13,751,311		16,035,338
	The long leasehold of2 Sylvester Road was valued by the			Westley &Huff on the	basis ofits market value being
	81,200,000.
	Listed investments have been valued at the prices as shown on recognised exchanges.
	No listed investment, excluding		cash balances, made up more than 5%ofthe portfolio.
12.	DEBTORS					2022	2021
	Due within one yean					f
	Prepayments and accrued income					5,234	1,709
	Other debtors					48,366	20,360
						53,600	22,069
13.	CREDITORS					2022	2021
	Due within one year.					f,	8
	Trade creditors					55	54
	Accruals and deferred income					29,990	29,986
	Deposit held					2,025	2,025
						32,070	32,065

14.	PROVISIONS FORLIABILITIES	2022
	Balance at 1stOctober 2021	38,442
	Provision identified in the year
	Movement in provision	(3,280)
	Balance at 30th September 2022	35,162
	PROVISIONS FORLIABILITIES	2021
	Balance at 1st October 2020	50,199
	Provision identified in the year
	Movement in pmvision	(11,757)
	Balance at 30th September 2021	38,442

S TO	THE FINANCIAL STATEMENTS
16.	ENDOWMENT FUNDS	Balance			Revaluation		Balance
	YEAR ENDED 30TH	B/Fwd.	Income	Expenditure	Gains	Transfers	C/Fwd.
	SEPTEMBER 2022			f	f
	Building Fund	705,257		(10,650)			694,607
	Building Fund (South Wing)	453,956		(6,120)			447,836
	Endowment Fund	9,166,514	291,326		(1,062,078)	(291,326)	8,104,436
	Endowment Fund Library	21,850					21,850
	Joseph Needham Estate	485,889					485,889
		10,833,466	291,326	(16,770)	(1,062,078)	(291,326)	9,754,618

The Endowment Fund exists to secure the continuing operation	The Endowment Fund exists to secure the continuing operation	provide capital for ofthe Institute.	investment w	hich in turn will	produce income	sufficient in tim	e to
ENDOWMENT FUNDS		Balance			Revaluation		Balance
YEAR ENDED 30TH		B/Fwd.	Income	Expenditure	Gains	Transfers	C/Fwd.
SEPTEMBER 2021			f.		f	f.
Building Fund		715,907		(10,650)			705,257
Building Fund (South	Wing)	460,076		(6,120)			453,956
Endowment Fund		7,784,077	234,817		1,382,437	(234,817)	9,166,514
Endowment Fund Library		21,850					21,850
Joseph Needham Estate		485,889					485,889
		9,467,799	234,817	(16,770)	1,382,437	(234,817)	10,833,466
UNRESTRICTED FUNDS		Balance			Revaluation		Balance
YEAR ENDED 30TH		B/Fwd.	Income	Expenditure	Gains	Transfers	C/Fwd.
SEPTEMBER 2022		f.				f.
Designated funds:
Building repairs fund		32,000		(12,378)		4,000	23,622
Computer and equipment
fund		21,429		(4,944)			16,485
Librmy Special Fund		38,090		(3,065)			35,025
		91,519		(20,387)		4,000	75,132
Other charitable funds		3,976,487	70,686	(390,649)	(370,801)	306,889	3,592,612
		4,068,006	70,686	(411,036)	(370,801)	310,889	3,667,744
Purpose ofdesignated	funds:

UNRESTRICTED FUNDS	Balance			Revaluation		Balance
YEAR ENDED 30TH	B/Fwd.	Income	Expenditure	Gains	Transfers	C/Fwd.
SEPTEMBER 2021		f.	f,
Designated funds:
Building repairs fund	28,000				4,000	32,000
Computer and equipment
fund	27,143		(2,857)		(2,857)	21,429
Library Special Fund	38,933		(2,848)		2,000	38,090
	94,076		(5,705)		3,143	91,519
Other charitable funds	3,318,865	312,723	(379,475)	436,553	287,821	3,976,487
	3,412,941	312,728	(385,180)	436,553	290,964	4,068,006

E FINANCIAL STATEMENTS	E FINANCIAL STATEMENTS	E FINANCIAL STATEMENTS
ANALYSIS OFNET ASSETSBETWEEN FUNDS						2022
YEAR ENDED 30TH SEPTEMBER2022			Unrestricted	Restricted	Endowment	Total
			Funds	Funds	Funds	Funds
						f.
Fund balances at 30th September	are represented	by:.
Tangible fixed assets			10,834		1,090,106	1,100,940
Investment fixed assets			3,505,024	2,260,946	8,633,047	14,399,017
Debtors			37,895	15,705		53,600
Cash at bank and in hand			178,624	15,235	31,465	225,324
Current liabilities			(29,471)	(2,599)		(32,070)
Provisions for liabilities			(35,162)			(35,162)
Net assets			3,667,744	2,289,287	9,754,618	15,711,649
ANALYSIS OFNET ASSETSBETWEEN FUNDS						2021
YEAR ENDED 30TH SEPTEMBER2021			Unrestricted	Restricted	Endowment	Total
			Funds	Funds	Funds	Funds
						8
Fund balances at 30th September	are represented	by:.
Tangible fixed assets			11,781	7,504	1,106,876	1,126,161
Investment fixed assets			4,107,610	2,355,806	9,695,125	16,158,541
Debtors			17,186	4,883		22,069
Cash at bank and in hand			1,936	225,060	31,465	258,461
Current liabilities			(32,065)			(32,065)
Provisions for liabilities			(38,442)			(38,442)
Net assets			4,068,006	2,593,253	10,833,466	17,494,725

				2022	2021
					f
Net movement in	funds			(1,783,076)	2,411,194
Add: Depreciation				26,890	26,477
Less. Inveslment	income			(399,077)	(364,023)
Less: (Losses)/Gains		on investments		1,706,064	(2,125,639)
Decrease/(increase)		in debtors		(31,531)	(14,502)
Increase/(decrease)		in creditors		5	(41,357)
(Decrease)/increase		in provisions		(3,280)	(11,757)
Net cash provided	by (used in) operating		activities	(484,005)	(119,607)
ANALYSIS OF CASH AND CASH EQUIVALENTS				2022	2021
Cash held under investments				647,706	123,203
Cash at bank				225,324	258,461
				873,030	381,664

	2021/22	2020/21
Males currently aged 65 (years)	23.9	24.7
Females currently aged 65 (yemu)	23.5	26.1
Males currently aged 45 (years)	25.9	26.7
Females currently aged 45 (years)	27.3	27.9