2023-09-30-accounts - The Needham Research Institute

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THE NEEDHAM RESEARCH INSTITUTE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2023

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			Notes	2023		2022
FIXEDASSETS
Tangible assets Investments			10 11		1,085,036 14,758,859		1,100,940 14,399,017
TOTAL FIXEDASSETS					15,843,895		15,499,957
CURRENT ASSETS
Debtors			12	87,729		53,600
Cash at bank and in	hand			220,923		225,324
TOTAL CURRENT	ASSETS			308,652		278,924
LIABILITIES:
Creditors: Amounts	falling due
within one yern			13	(31,018)		(32,070)
NET CURRENT ASSETS					277,634		246,854
TOTAL ASSETSLESS		CURRENT
LIABILITIES					16,121,529		15,746,811
Provisions for liabilities		and charges	14		(31,717)		(35,162)
TOTAL NET ASSETS					16089 812		15,711,649
THE FUNDS OF THE CHARITY'.
Restricted funds			15		2,361,320		2,289,287
Endowment funds			16		9,972,171		9,754,618
Unrestricted funds:
Designated funds			17	76,025		75,132
Other charitable	funds		17	3,680,296	3,756,321	3,592,612	3,667,744
TOTAL CHARITY	FUNDS		18		16,089,812		15,711,649

					2023	2022
					Total	Total
				Notes	Funds	Funds
Cash tlows from operating	activities:
Net cash provided by (used ln) operating			activities	19	(473,343)	(484,005)
Cash flows t'rom investing	activities:
Investment income					409,413	399,077
Purchase oftangible fixed assets					(5,266)	(1,669)
Purchase ofinvestments					(2,607,087)	(2,364,907)
Proceeds from investments					2,145,987	2,942,870
Net cash provided by (used in) investing			activities		(56,953)	975,371
Changein cash and cash etfutvatents		ln	the year		(530,296)	491,366
Cash and cash equivalents	brought	forward			873,030	381,664
Caslb and cash equivalents	carried forward			19	342,734	873,030

S TO	THE FINANC	IAL STATEMENTS
2.	INCOME	FROM DONATIONS	AND LEGACIES	Unrestricted	Restricted	Endowment	2023
	FOR THE	YEAR ENDED 30TH	SEPTEMBER 2023	Funds	Funds	Funds	Total
	Donations			365	60,270		60,635
	Gilt Aid				1,250		1,250
				365	61,520		61,885
	INCOME	FROM DONATIONS	AND LEGACIES	Unrestricted	Restricted	Endowment	2022
	FOR THE	YEAR ENDED 30TH	SEPTEMBER2022	Funds	Funds	Funds	Total
	Donations			150	32,097		32,247
	Gilt Aid				1,250		1,250
				150	33,347		33,497
	INCOME	FROM CHARITABLE ACTIVITIES		Unrestricted	Restricted	Endowment	2023
	YEAR ENDED 30TH SEPTEMBER 2023			Funds	Funds	Funds	Total
	Grants			5,500	170,386		175,886
	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 INVESTMENTS		Unrestricted	Restricted	Endowment	2023
	YEAR ENDED 30TH SEPTEMBER2023			Funds	Funds	Funds	Total
	Interest receivable			13,032	2,319		15,351
	Dividends	receivable		37,034	53,936	266,118	357,088
	Rents receivable (No 2 Sylvester		Road)	36,974			36,974
				87,040	56,255	266,118	409,413
	INCOME	FROM INVESTMENTS		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
5	INCOME	FROM OTHER		Unrestricted	Restricted	Endowment	2023
	YEAR ENDED 30TH SEPTEMBER2023			Funds	Funds	Funds	Total
	Royalties Sundry			16,257 2,561			16,257 2,561
				18,818			18,818
	INCOME	FROM OTIIER		Unrestricted	Restricted	Endowment	2022
	YEAR ENDED 30TH SEPTEMBER2022			Funds	Funds	Funds	Total
	Royalties Sundry			3,506 8,761			3,506 8,761
				12,267			12,267

EXPENDITURE ON;
CHARITABLE ACTIVITIES			Unrestricted	Restricted	Endowment	2023
YEAR ENDED 30TH SEPTEMBER 2023			Funds	Funds	Funds	Total
Academic and related costs			208,700	251,437		460,137
Establishment costs			70,572		16,770	87,342
Office and support costs			139,540	17,582		157,122
Governance costs			7,871	4		7,875
			426,683	269,023	16,770	712,476
ANALYSIS OF EXPENDITURE		ON CHARITABLE	Unrestricted	Restricted	Endowment	2023
ACTIVITIES YEAR ENDED 30TH SEPTEMBER2023			Funds	Funds	Funds	Total
Academic and related costs
Salaries (academic)			105,451	90,025		195,476
Salaries (librarian)			70,561	23,020		93,581
Research grants				121,800		121,800
Books and publications			13,761	4,317		18,078
Travel and accommodation			4,626	10,790		15,416
Computer costs Telephone, postage and photocopying Other (incL lecture and exhibition expenses)			5,113 3,472 5,716	885 600		5,998 3,472 6,316
			208,700	251,437		460,137
Establishment costs
Rates			14,388			14,388
Insurance			9,532			9,532
Repairs and maintenance			14,303			14,303
Water, light and heat Cleaning			13,689 10,113			13,689 10,113
Gardening and grounds			8,547			8,547
Depreciation					16,770	16,770
			70,572		16,770	87,342
Office and support costs Other salaries			74,111			74,111
Depreciation			4,400			4,400
Printing and stationery Events			5,256 173	1,534 6,156		6,790 6,329
Investment broker charges			55,600	9,892		65,492
			139,540	17,582		157,122
Governance costs
Audit and accountancy			7,833			7,833
Other legal and professional	fees		38			42
			7,871			7,875
			426,683	269,023	16,770	712,476

EXPENDITURE ON:
CHARITABLE ACTIVITIES			Unrestricted	Restricted	Endowment	2022
YEAR ENDED 30TH SEPTEMBER 2022			Funds	Funds	Funds	Total
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
Salaries (academic)			98,302	83,3/6		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
Ofgce 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 costs
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

THE FINANCIAL	STATEMENTS
NET INCOME	FOR THE YEAR			2023	2022
This is stated after charging;
Auditors remuneration		- external	audit	7,833	6,533
		- non audit services
Depreciation of	tangible fixed assets			21,170	26,890

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	2023		2022
KEYMANAGEMENT	PERSONNEL
Salaries and wages			266,305		258,151
Social security costs			28,581		28,912
Pension contributions			75,744		76,864
			370,630		363,927

The pension	contributions	shown above include	shown above include	shown above include	amounts	relevant to the inclusion ofthe pension	relevant to the inclusion ofthe pension	relevant to the inclusion ofthe pension	relevant to the inclusion ofthe pension	relevant to the inclusion ofthe pension	provision	shown
in note 14to	the financial	statements		as required	following	the introduction			of	FRS 102.
The total number ofemployees			whose	total salaries exceeded			f60,000 is as		follows:			2023
f60,000 - 670,000
f70,000 - f80,000
The average number ofstaff employed, analysed					by function,		employed	during		the year were:
												2023	2022
											Number		Number
Academic												5	6
Administration												3	3
Establishment												I
													10

10.	TANGIBLE FIXEDASSETS		Long	Fixtures &	Equipment
	YEAR ENDED 30TH SEPTEMBER 2023		Leasehold	Fittings	&Software	Total
						8
	COST
	Balance at 1stOctober 2022		1,626,664	70,813	23,425	1,720,902
	Additions				5,266	5,266
	Balance at 30th September 2023		1,626,664	70,813	28,691	1,726,168
	DEPRECIATION
	Balance at 1stOctober 2022		536,558	63,110	20,294	619,962
	Charge for the year		16,770	1,537	2,863	21,170
	Balance at 30th September 2023		553,328	64,647	23,157	641,132
	NET BOOK VALUE as at 30th September 2023		1,073,336	6,166	5,534	1,085,036
10.	TANGIBLE FIXEDASSETS		Long	Fixtures &	Equipment
	YEAR ENDED 30TH SEPTEMBER2022		Leasehold	Fittings	&Soiiware	Total
					8	8
	COST
	Balance at 1stOctober 2021		1,626,664	70,813	28,422	1,725,899
	Additions				1,669	1,669
	Disposals				(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
	iNVESTMENT FIXEDASSETS		2023		2022
				Market		Market
			Cost	Value	Cost	Value
			6		f
	Investment properties - long leasehold		111,548	1,200,000	111,548	1,200,000
	Listed investments		10,755,379	13,437,048	9,631,066	12,551,311
	Capital account		121,811	121,811	647,706	647,706
			10,988,738	14,758,859	10,390,320	14,399,017
	Market value at 1stOctober			13,751,311		16,035,338
	Listed investments acquired			2,607,087		2,364,907
	Listed investments disposed			(2,145,987)		(2,942,870)
	Realised (losses)/gains			(28,894)		(564,714)
	Gains/(losses) on revaluations	at 30th September		453,531		(1,141,350)
	Market value at 30th September			14,637,048		13,751,311

CREDITORS	CREDITORS		2023	2022
Due within	one year:
Trade creditors				55
Accruals and deferred		income	28,269	29,990
Deposit held			2,749	2,025
			31,018	32,070
PROVISIONS FORLIABILITIES				2023
				K
Balance at	1stOctober	2022		35,162
Provision	identified in	the year
Movement	in provision			(3,445)
Balance at	30th September 2023			31,717
PROVISIONS FOR LIABILITIES				2022
Balance at	1stOctober	2021		38,442
Provision	identified in	the year
Movement	in provision			(3,280)
Balance at	30th September 2022			35,162

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ENDOWMENT FUNDS	Balance			Revaluation		Balance
YEAR ENDED 301H	B/Fwd.	Income	Expenditure	Gains	Transfers	C/Fwd,
SEPTEMBER2023						6
Building Fund	694,607		(10,650)			683,957
Building Fund (South Wing)	447,836		(6,120)			441,716
Endowment Fund	8,104,436	266,118		234,323	(266,118)	8,338,759
Endowment Fund Library	21,850					21,850
Joseph Needham Estate	485,889					485,889
	9,754,618	266,118	(16,770)	234,323	(266,118)	9,972,171

ENDOWMENT FUNDS	ENDOWMENT FUNDS	Balance			Revaluation		Balance
YEAR ENDED 30TH		B/Fwd.	Income	Expenditure	Gains	Transfers	C/Fwd.
SEPTEMBER2022
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
UNRESTRICTED FUNDS		Balance			Revaluation		Balance
YEAR ENDED 30TH		B/Fwd.	Income	Expenditure	Gains	Transfers	C/Fwd.
SEPTEMBER2023
Designated funds:
Building repairs fund		23,622				4,000	27,622
Computer and equipment
fund		16,485					16,485
Library Special Fund		35,025		(3,107)			31,918
		75,132		(3,107)		4,000	76,025
Other charitable funds		3,592,612	111,723	(423,576)	126,174	273,363	3,680,296
		3,667,744	111,723	(426,683)	126,174	277,363	3,756,321
Purpose ofdesignated	funds:

UNRESTRICTED FUNDS	Balance			Revaluation		Balance
YFAR ENDED 30TH	B/Fwd.	Income	Expenditure	Gains	Transfers	C/Fwd.
SBPTEMBER2022
Designated funds:
Building repairs fund	32,000		(12,378)		4,000	23,622
Computer and equipment
fllud	21,429		(4,944)			16,485
Library 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

ANALYSIS OF NET ASSETS BETWEEN FUNDS	ANALYSIS OF NET ASSETS BETWEEN FUNDS	ANALYSIS OF NET ASSETS BETWEEN FUNDS	ANALYSIS OF NET ASSETS BETWEEN FUNDS			2023
YEAR ENDED 30TH SEPTEMBER 2023			Unrestricted	Restricted	Endowment	Total
			Funds	Funds	Funds	Funds
Fund balances at 30th September	are represented		by:.
Tangible fixed assets			11,700		1,073,336	1,085,036
Investment fixed assets			3,662,230	2,229,260	8,867,369	14,758,859
Debtors			42,264	45,465		87,729
Cash at bank and in hand			100,389	89,068	31,466	220,923
Current liabilities			(28,545)	(2,473)		(31,018)
Provisions for liabilities			(31,717)			(31,717)
Net assets			3,756,321	2,361,320	9,972,171	16,089,812
ANALYSIS OF NET ASSETS BETWEEN FUNDS						2022
YEAR ENDED 30TH SEPTEMBER 2022			Unrestricted	Restricted	Endowment	Total
			Funds	Funds	Funds	Funds
Fund balances at 30th September	are represented		by:.
Tangible Exed 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
RECONCILIATION OF NET MOVEMENT IN			FUNDS TO NET CASH FLOW	FROM OPERATING ACTIVITIES
					2023	2022
Net movement in funds					378,163	(1,783,076)
Add: Depreciation					21,170	26,890
Less: Investment income					(409,413)	(399,077)
Less: (Losses)/Gains on investments					(424,637)	1,706,064
Decrease/(increase) in debtors					(34,129)	(31,531)
Increase/(decrease) in creditors					(1,052)	5
Decrease in provisions					(3,445)	(3,280)
Net cash provided by (used in) operating		activities			(473,343)	(484,005)
ANALYSIS OF CASH AND CASH EQUIVALENTS					2023	2022
Cash held under investments					121,811	647,706
Cash at bank					220,923	225,324
					342,734	873,030