THE NEEDHAM RESEARCH INSTITUTE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2023 ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ||||O|l|l||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| ||||C
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00| ||||O|0|||||z||||||||||| ## ||||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| |NOTES|TO|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|SERVICES|||| |---|---|---|---|---|---|---| |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| ## ## ## |13.|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| ||0
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tl|al||0|'0|al|o|oo|oo|||A||P|0|0| |M||||||||||||||||||||||||||||||||||| |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| ## ## ## ## ## ## ## ## ##