REGISTERED CHARITY NUMBER: 109795
Report of the Trustees and
Audited Financial Statements for the Period 17 November 2023 to 31 March 2025
for
The Nurture Foundation
BMK Accounting Limited 43 Lockview Road Belfast Antrim BT9 5FJ
The Nurture Foundation
Contents of the Financial Statements for the Period 17 November 2023 to 31 March 2025
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Report of the Independent Auditors | 5 | to | 7 |
| Statement of Financial Activities | 8 | ||
| Statement of Financial Position | 9 | ||
| Statement of Cash Flows | 10 | ||
| Notes to the Statement of Cash Flows | 11 | ||
| Notes to the Financial Statements | 12 | to | 15 |
| Detailed Statement of Financial Activities | 16 |
The Nurture Foundation
Report of the Trustees
for the Period 17 November 2023 to 31 March 2025
The trustees present their report with the financial statements of the charity for the period 17 November 2023 to 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
The Nurture Foundation was called forward for registration by the Charity Commission for Northern Ireland and was registered as a charity in November 2023 .
Charitable Purposes
The purposes of the charity are:
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To support those in need by reason of age, ill health, disability, financial hardship, social injustice or other disadvantage; and
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Such other charitable purposes as the trustees see fit from time to time.
Public Benefit
In setting the charity's objectives and activities, the trustees have had due regard to the Charity Commission for Northern Ireland's guidance on public benefit. The trustees believe that the charity's purposes are for the public benefit.
The Nurture Foundation provides public benefit by directing its resources to organisations and initiatives that support individuals experiencing disadvantage, including poor mental health, risk of homelessness, and social or economic hardship. By supporting established organisations with a proven track record, the charity seeks to improve wellbeing, reduce hardship, and contribute to stronger and more resilient communities.
ACHIEVEMENTS AND PERFORMANCE
This reporting period primarily focused on establishing the foundations necessary for effective governance, financial stewardship, and future charitable impact. As a newly registered charity, the trustees prioritised the development of appropriate administrative, financial, and governance arrangements.
During the period, the trustees determined that the Foundation would not engage in direct service delivery at this stage. Instead, the charity would support organisations with an established track record of effective service delivery that align with the Foundation's charitable purposes.
During the period, the Foundation:
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Appointed professional advisers to provide accountancy, audit, and investment management services, and opened a bank account in the charity's name.
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Established a source of income through the low-risk investment of its funds, reflecting a prudent approach appropriate to a new charity.
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Implemented governance and operational processes to support effective oversight and accountability.
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Made a charitable donation to Plum Village UK to support the establishment of a meditation centre in South West England, contributing to improved mental health and wellbeing for people across the UK.
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Developed plans for the next phase of charitable activity, including a proposed project focused on homelessness prevention in Northern Ireland.
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The Nurture Foundation
Report of the Trustees
for the Period 17 November 2023 to 31 March 2025
PRINCIPLE RISKS AND UNCERTAINTIES
Risk Policy and Internal Control Framework
The trustees have implemented a risk management process to identify and manage risks in line with the charity's objectives and agreed risk appetite. Appropriate controls and reporting systems are in place to assess risks and monitor mitigation measures. The trustees review risks at least annually and more frequently where significant changes occur.
Financial Risks
The primary financial risk facing the charity is the generation of sustainable income. The Foundation currently relies on funding provided by trustees and returns generated from the investment of its funds. The trustees seek to mitigate this risk through prudent financial management, careful control of costs, and regular review of investment performance.
Management and Operational Delivery
The Foundation has established governance structures, policies, and procedures designed to support sound decision-making and accountability. As charitable activities are delivered through third-party organisations, the trustees undertake appropriate due diligence to ensure that funds are used for the intended charitable purposes and deliver public benefit.
Systems and Data Security
The Foundation is committed to maintaining secure systems that comply with applicable data protection legislation. Systems are protected by passwords and firewalls, with access restricted to those who require it for their role. Regular data backups are undertaken to minimise the risk of data loss.
Compliance, Regulatory and Legal Risks
Failure to comply with legal, regulatory, or best-practice standards could result in reputational or financial damage. To mitigate this risk, the Foundation operates in accordance with relevant policies and procedures, which are reviewed regularly to ensure ongoing compliance with applicable legal and regulatory requirements.
External Risks
The trustees monitor the external political, social, and economic environment to identify factors that may impact the charity's activities or reputation. Where appropriate, plans are developed to mitigate potential adverse impacts. Despite these risks, the trustees remain confident in the continued need for the charity's activities and in the Foundation's ability to operate effectively in pursuit of its charitable purposes.
PLANS FOR FUTURE PERIODS
The Foundation does not currently have recurring external income and expects to continue to rely on trustee funding and investment returns in the medium term.
During the initial operating period, funds were held in low-risk investment accounts that generated modest returns. The trustees have reviewed the charity's investment approach and intend to move a proportion of funds into slightly higher-risk investment vehicles, once appropriate arrangements are in place, in order to improve long-term returns while continuing to safeguard the charity's assets.
FUTURE PROJECTS
The Foundation's next planned project will focus on homelessness prevention in Northern Ireland. Increasing numbers of individuals are at risk of homelessness due to a range of social and economic pressures.
The trustees have identified an organisation in England that operates an effective homelessness prevention model which could benefit people at risk of homelessness in Northern Ireland. The model involves providing targeted financial grants to individuals at risk of homelessness, enabling them to address immediate needs arising from their particular circumstances.
The project will involve collaboration with Northern Ireland-based organisations that already support people on the ground. These organisations will assist in identifying individuals in need and in facilitating the distribution and appropriate use of grants. Work is currently underway on a pilot project to develop and test this collaborative approach. The trustees will oversee the pilot closely and evaluate outcomes before committing further funding.
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The Nurture Foundation
Report of the Trustees
for the Period 17 November 2023 to 31 March 2025
FUNDS HELD ON BEHALF OF OTHERS
The Nurture Foundation does not hold funds on behalf of others.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisational Structure
The Nurture Foundation is governed by its deed of trust and constitutes an unincorporated charity. The charity is registered with the Charity Commission for Northern Ireland (CCNI), registration number NIC 109795 .
The trustees are responsible for the overall governance and strategic direction of the charity, including setting objectives, overseeing financial management, and ensuring that the charity operates in furtherance of its charitable purposes and for the public benefit. The trustees' roles and responsibilities are set out in the governing document.
Trustees are appointed in accordance with the provisions of the deed of trust. The trustees meet regularly to consider strategy, financial performance, risk, and future plans. Trustees are required to act in the best interests of the charity at all times and to identify and manage any potential conflicts of interest appropriately. The trustees recognise the importance of formalising a conflict of interest policy and intend to develop and adopt such a policy in a future reporting period.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
109795
Principal address
235 Seven Mile Straight Nutts Corner Crumlin Co. Antrim BT29 4YS
Trustees
Mrs P O'Hagan (appointed 17.11.23) Mr T Maguire (appointed 17.11.23)
Auditors
BMK Accounting Limited 43 Lockview Road Belfast Antrim BT9 5FJ
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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The Nurture Foundation
Report of the Trustees
for the Period 17 November 2023 to 31 March 2025
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under charity law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011 and The Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 14 January 2026 and signed on its behalf by:
Mrs P O'Hagan - Trustee
Page 4
Report of the Independent Auditors to the Trustees of The Nurture Foundation
Opinion
We have audited the financial statements of The Nurture Foundation (the 'charity') for the period ended 31 March 2025 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, for the period then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Page 5
Report of the Independent Auditors to the Trustees of The Nurture Foundation
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing potential risks of material misstatement in respect of irregularities, including fraud and non-compliances with laws and regulations, we considered the following:
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The nature of the industry and sector, control environment and business performance, including the company's remuneration policies for directors, bonus levels and performance targets, if any;
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Results of our enquiries of management about their own identification and assessment of the risks of irregularities;
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Any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:
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Identifying, evaluating and complying with laws and regulations and whether they are aware of any instance of non-compliance; - Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
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The internal control established to mitigate risks of fraud or non-compliance with laws and regulations;
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The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Page 6
Report of the Independent Auditors to the Trustees of The Nurture Foundation
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
BMK Accounting Limited 43 Lockview Road Belfast Antrim BT9 5FJ
14 January 2026
Brian McKee
Page 7
The Nurture Foundation
Statement of Financial Activities
for the Period 17 November 2023 to 31 March 2025
| Unrestricted | ||
|---|---|---|
| fund | ||
| Notes | £ | |
| INCOME AND ENDOWMENTS FROM | ||
| Donations and legacies | 2 | 911,026 |
| Investment income | 3 | 24,550 |
| Total | 935,576 | |
| EXPENDITURE ON | ||
| Raising funds | 4 | 672 |
| Charitable activities | 5 | |
| Donations paid | 35,000 | |
| Other | 1,825 | |
| Total | 37,497 | |
| Net gains on investments | 6,153 | |
| NET INCOME | 904,232 | |
| TOTAL FUNDS CARRIED FORWARD | 904,232 |
The notes form part of these financial statements
Page 8
The Nurture Foundation
Statement of Financial Position
31 March 2025
| Notes FIXED ASSETS Investments 10 CURRENT ASSETS Debtors 11 Cash at bank CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 13 Unrestricted funds TOTAL FUNDS |
Unrestricted fund £ 806,153 21,145 78,734 99,879 (1,800) 98,079 904,232 904,232 904,232 904,232 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 14 January 2026 and were signed on its behalf by:
Mrs P O'Hagan - Trustee
The notes form part of these financial statements
Page 9
The Nurture Foundation
Statement of Cash Flows
for the Period 17 November 2023 to 31 March 2025
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Cash flows from investing activities Purchase of fixed asset investments Interest received Net cash (used in)/provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
£ 854,184 854,184 (800,000) 24,550 (775,450) 78,734 - 78,734 |
|---|---|
The notes form part of these financial statements
Page 10
The Nurture Foundation
Notes to the Statement of Cash Flows for the Period 17 November 2023 to 31 March 2025
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES |
|---|---|---|
| £ | ||
| Net income for the reporting period (as per the Statement of Financial | ||
| Activities) | 904,232 | |
| Adjustments for: | ||
| Losses on investments | (6,153) | |
| Interest received | (24,550) | |
| Increase in debtors | (21,145) | |
| Increase in creditors | 1,800 | |
| Net cash provided by operations | 854,184 |
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 17.11.23 Cash flow At £ £ Net cash Cash at bank - 78,734 - 78,734 Total - 78,734 |
31.3.25 £ 78,734 |
|---|---|
| 78,734 | |
| 78,734 |
The notes form part of these financial statements
Page 11
The Nurture Foundation
Notes to the Financial Statements
for the Period 17 November 2023 to 31 March 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The financial statements are prepared in sterling, which is the functional currency of the charity.
The financial statements are prepared on a going concern basis.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
continued...
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The Nurture Foundation
Notes to the Financial Statements - continued
for the Period 17 November 2023 to 31 March 2025
2. DONATIONS AND LEGACIES
| 2. | DONATIONS AND LEGACIES | ||||
|---|---|---|---|---|---|
| £ | |||||
| Gifts | 911,026 | ||||
| 3. | INVESTMENT INCOME | ||||
| £ | |||||
| Deposit account interest | 13,120 | ||||
| Investment interest received | 11,430 | ||||
| 24,550 | |||||
| 4. | RAISING FUNDS | ||||
| Investment management costs | |||||
| £ | |||||
| Support costs | 672 | ||||
| 5. | CHARITABLE ACTIVITIES COSTS | ||||
| Grant | |||||
| funding of | |||||
| activities | |||||
| (see note | |||||
| 6) | |||||
| £ | |||||
| Donations paid | 35,000 | ||||
| 6. | GRANTS PAYABLE | ||||
| £ | |||||
| Donations paid | 35,000 | ||||
| 7. | SUPPORT COSTS | ||||
| Governance | |||||
| Finance | costs | Totals | |||
| £ | £ | £ | |||
| Investment management costs | 672 | - | 672 | ||
| Other resources expended | 25 | 1,800 | 1,825 | ||
| 697 | 1,800 | 2,497 |
continued...
Page 13
The Nurture Foundation
Notes to the Financial Statements - continued for the Period 17 November 2023 to 31 March 2025
8. AUDITORS' REMUNERATION
£ Fees payable to the charity's auditors for the audit of the charity's financial statements 1,800
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the period ended 31 March 2025.
Trustees' expenses
There were no trustees' expenses paid for the period ended 31 March 2025.
10. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| JP Morgan | |
| - GBP | |
| Liquidity | |
| Lvna | |
| £ | |
| MARKET VALUE | |
| Additions | 800,000 |
| Revaluations | 6,153 |
| At 31 March 2025 | 806,153 |
| NET BOOK VALUE | |
| At 31 March 2025 | 806,153 |
The charity has a variety of investments in the UK and Europe.
Cost or valuation at 31 March 2025 is represented by:
| JP Morgan | ||
|---|---|---|
| - GBP | ||
| Liquidity | ||
| Lvna | ||
| £ | ||
| Valuation in | 2025 | 6,153 |
| Cost | 800,000 | |
| 806,153 |
If fixed asset investments had not been revalued they would have been included at the following historical cost:
| £ | |
|---|---|
| Cost | 800,000 |
continued...
Page 14
The Nurture Foundation
Notes to the Financial Statements - continued for the Period 17 November 2023 to 31 March 2025
| 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors Prepayments and accrued income 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 13. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 935,576 (37,497) TOTAL FUNDS 935,576 (37,497) |
£ 14,205 6,940 21,145 £ 1,800 Net movement At in funds 31.3.25 £ £ 904,232 904,232 904,232 904,232 Gains and Movement losses in funds £ £ 6,153 904,232 6,153 904,232 |
|---|---|
14. RELATED PARTY DISCLOSURES
The charity had the following transactions with related parties during the year:
| 31.3.25 | |
|---|---|
| £ | |
| Mrs P O'Hagan | 379,540 |
| Mr T Maguire | 349,280 |
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The Nurture Foundation
£
Detailed Statement of Financial Activities for the Period 17 November 2023 to 31 March 2025
| INCOME AND ENDOWMENTS Donations and legacies Gifts Investment income Deposit account interest Investment interest received Total incoming resources EXPENDITURE Charitable activities Grants to institutions Support costs Finance Bank charges Governance costs Auditors' remuneration Total resources expended Net income |
911,026 13,120 11,430 |
|---|---|
| 24,550 | |
| 935,576 35,000 697 1,800 |
|
| 37,497 | |
| 898,079 |
This page does not form part of the statutory financial statements
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