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REGISTERED COMPANY NUMBER: 05622994 (England and Wales)
REGISTERED CHARITY NUMBER: 1116612














Report of the Trustees and

Audited Financial Statements for the Year Ended 31 December 2023

for

NES FOUNDATION LTD
(A COMPANY LIMITED BY GUARANTEE)

NES FOUNDATION LTD






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Report of the Trustees 1 to 2

Report of the Independent Auditors 3 to 5

Statement of Financial Activities 6

Balance Sheet 7

Cash Flow Statement 8

Notes to the Cash Flow Statement 9

Notes to the Financial Statements 10 to 17

NES FOUNDATION LTD (REGISTERED NUMBER: 05622994)

Report of the Trustees
for the Year Ended 31 December 2023


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. 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
Objectives and aims
The main objects of the charity are the relief of poverty, furtherance of the Jewish religious faith and education. This has been achieved by granting funds to UK Charities, who fulfill the above criteria .

Public benefit
In setting the charity's objectives the Trustees have given careful consideration to the Charity Commission's guidance on public benefit.

STRATEGIC REPORT
Reserves policy
The present level of reserves is adequate to support the continuation of our activities and the trustees consider the financial position of the Charity to be satisfactory.

The statement of Financial Activities shows net deficit for the year of £1,018 (2022: £212,599) and our reserves stand at £7,439,585 (2022: £7,440,603) in total.

Future plans
There are no significant future developments to report.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Risk management
The Trustees have examined the main investment risks to which the Charity is exposed to and is satisfied that systems are in place to mitigate such risks.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
05622994 (England and Wales)

Registered Charity number
1116612

Registered office
5 North End Road
London
NW11 7RJ

Trustees
Mr S Morgenstern
Mr N Sheinfeld
Mrs R Sheinfeld

Senior Statutory Auditor
Mr A Heller


NES FOUNDATION LTD (REGISTERED NUMBER: 05622994)

Report of the Trustees
for the Year Ended 31 December 2023


REFERENCE AND ADMINISTRATIVE DETAILS
Auditors
Martin + Heller
Chartered Accountants &
Statutory Auditor
5 North End Road
London
NW11 7RJ

STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Nes Foundation Ltd for the purposes of company law) 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).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state 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 statements, the trustees are required to

-select suitable accounting policies and then apply them consistently;
-observe the methods and principles in the Charity SORP;
-make judgements and estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company 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 charitable company and to enable them to ensure that the financial statements comply with 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 irregularities.

In so far as the trustees are aware:

-there is no relevant audit information of which the charitable company's auditors are unaware; and
-the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS
The auditors, Martin + Heller, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 10 October 2024 and signed on the board's behalf by:





Mr N Sheinfeld - Trustee

Report of the Independent Auditors to the Members of
Nes Foundation Ltd

Opinion
We have audited the financial statements of Nes Foundation Ltd (the 'charitable company') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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:
-give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 charitable company 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 charitable company'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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Nes Foundation Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements
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:

Our audit will determine materiality and assess the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud.

Our audit procedures are designed to respond to risks of material misstatement in the financial statements, recognizing that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one result from error, as fraud may involve deliberate concealment by, for example forgery, misrepresentations or through collusion.

We did not identify any key audit matters relating to irregularities, including 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.

Report of the Independent Auditors to the Members of
Nes Foundation Ltd


Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mr A Heller (Senior Statutory Auditor)
for and on behalf of Martin + Heller
Chartered Accountants &
Statutory Auditor
5 North End Road
London
NW11 7RJ

10 October 2024

NES FOUNDATION LTD

Statement of Financial Activities
for the Year Ended 31 December 2023

31.12.23 31.12.22
Unrestricted Total
fund funds
Notes £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 162,812 335,134

Investment income 3 469,932 446,987
Total 632,744 782,121

EXPENDITURE ON
Raising funds 4 342,374 222,526

Charitable activities 5
Grants to Institutions 275,784 446,412

Support costs 15,604 10,584
Total 633,762 679,522

Net gains on investments - 110,000

NET INCOME/(EXPENDITURE) (1,018 ) 212,599


RECONCILIATION OF FUNDS
Total funds brought forward 7,440,603 7,228,004

TOTAL FUNDS CARRIED FORWARD 7,439,585 7,440,603

NES FOUNDATION LTD (REGISTERED NUMBER: 05622994)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Unrestricted Total
fund funds
Notes £    £   
FIXED ASSETS
Tangible assets 11 9,681 9,462
Investments
Investments 12 100 100
Investment property 13 9,592,041 9,459,623
9,601,822 9,469,185

CURRENT ASSETS
Debtors 14 51,487 28,807
Cash at bank 33,285 120,185
84,772 148,992

CREDITORS
Amounts falling due within one year 15 (153,033 ) (174,160 )

NET CURRENT ASSETS (68,261 ) (25,168 )

TOTAL ASSETS LESS CURRENT
LIABILITIES

9,533,561

9,444,017

CREDITORS
Amounts falling due after more than one year 16 (2,093,976 ) (2,003,414 )

NET ASSETS 7,439,585 7,440,603
FUNDS 18
Unrestricted funds 7,439,585 7,440,603
TOTAL FUNDS 7,439,585 7,440,603


The financial statements were approved by the Board of Trustees and authorised for issue on 10 October 2024 and were signed on its behalf by:





Mr N Sheinfeld - Trustee

NES FOUNDATION LTD

Cash Flow Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

Cash flows from operating activities
Cash generated from operations 1 127,088 294,324
Interest paid (158,796 ) (85,194 )
Net cash (used in)/provided by operating activities (31,708 ) 209,130

Cash flows from investing activities
Purchase of tangible fixed assets (3,446 ) (1,065 )
Purchase of investment property (132,418 ) (383,700 )
Sale of investment property - 250,000
Net cash used in investing activities (135,864 ) (134,765 )

Cash flows from financing activities
New loans in year 90,562 -
Loan repayments in year (9,890 ) 13,336
Net cash provided by financing activities 80,672 13,336

Change in cash and cash equivalents in
the reporting period

(86,900

)

87,701
Cash and cash equivalents at the
beginning of the reporting period

120,185

32,484
Cash and cash equivalents at the end of
the reporting period

33,285

120,185

NES FOUNDATION LTD

Notes to the Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM
OPERATING ACTIVITIES
31.12.23 31.12.22
£    £   
Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities)

(1,018

)

212,599
Adjustments for:
Depreciation charges 3,227 3,154
Losses on investments - (110,000 )
Interest paid 158,796 85,194
(Increase)/decrease in debtors (22,680 ) 1,371
(Decrease)/increase in creditors (11,237 ) 102,006
Net cash provided by operations 127,088 294,324


2. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank 120,185 (86,900 ) 33,285
120,185 (86,900 ) 33,285

Debt
Debts falling due within 1 year (34,841 ) 9,890 (24,951 )
Debts falling due after 1 year (2,003,414 ) (90,562 ) (2,093,976 )
(2,038,255 ) (80,672 ) (2,118,927 )
Total (1,918,070 ) (167,572 ) (2,085,642 )

NES FOUNDATION LTD

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

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.

Allocation and apportionment of costs
The trustees have allocated all the support cost to the charities sole activity, namely 'Grants to Institutions'.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Investment property fixtures & fittings - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

Taxation
The charity is exempt from corporation tax on its charitable activities.

2. DONATIONS AND LEGACIES
31.12.23 31.12.22
£    £   
Donations 162,812 335,134


NES FOUNDATION LTD

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. INVESTMENT INCOME
31.12.23 31.12.22
£    £   
Rents received 469,932 446,987

4. RAISING FUNDS

Investment management costs
31.12.23 31.12.22
£    £   
Portfolio management 49,734 41,874
Rates & water 6,648 2,610
Legal & professional fees 115 4,280
Light & heat 4,593 2,152
Insurance 24,482 19,621
Property repairs 89,319 61,841
Ground rent 1,800 1,800
Finance fees 3,660 -
Depreciation 3,227 3,154
Interest payable and similar charges 158,796 85,194
342,374 222,526

5. CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities
(see note
6)
£   
Grants to Institutions 275,784

6. GRANTS PAYABLE
31.12.23 31.12.22
£    £   
Grants to Institutions 275,784 446,412

NES FOUNDATION LTD

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. GRANTS PAYABLE - continued
The total grants paid to institutions during the year was as follows:
31.12.23 31.12.22
£    £   
Achisomoch 15,110 18,790
Ben Amram Charitable Trust 31,000 -
British Friends of Nadvorne - 10,000
Ichud Mosdos Gur Limited 26,200 54,000
Keren Chochmas Shlomo Trust - 110,000
Kollel Viznitz London - 11,000
Live and Learn 21,000 -
Mifal Hachesed Vehatzdoko - 18,000
Mifal Tzedoko V'Chesed Limited 18,000 -
Mosdot Ohavei Torah - 41,545
Shir Chesed Beis Yisroel 73,650 97,110
Yeshivas Lev Simcha Limited - 9,802
Zlotchiv 16,000 11,000
Donations less than £10,000 74,824 65,165
275,784 446,412


7. SUPPORT COSTS
Governance
costs
£   
Other resources expended 15,604

8. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Auditors' remuneration 2,100 2,100
Depreciation - owned assets 3,227 3,154

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.



NES FOUNDATION LTD

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. STAFF COSTS

The average monthly number of employees during the year was as follows:

31.12.23 31.12.22
Trustees 3 3

No employees received emoluments in excess of £60,000.

11. TANGIBLE FIXED ASSETS
Investment
property
fixtures
& fittings
£   
COST
At 1 January 2023 57,078
Additions 3,446
At 31 December 2023 60,524
DEPRECIATION
At 1 January 2023 47,616
Charge for year 3,227
At 31 December 2023 50,843
NET BOOK VALUE
At 31 December 2023 9,681
At 31 December 2022 9,462

12. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
MARKET VALUE
At 1 January 2023 and 31 December 2023 100
NET BOOK VALUE
At 31 December 2023 100
At 31 December 2022 100

There were no investment assets outside the UK.

The investment represent share capital in Merryhall Limited, which was dormant throughout the year.


NES FOUNDATION LTD

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

13. INVESTMENT PROPERTY
£   
FAIR VALUE
At 1 January 2023 9,459,623
Additions 132,418
At 31 December 2023 9,592,041
NET BOOK VALUE
At 31 December 2023 9,592,041
At 31 December 2022 9,459,623

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2016 238,226
Cost 9,353,815
9,592,041

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 38,705 17,492
Prepayments and accrued income 12,782 11,315
51,487 28,807

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 17) 24,951 34,841
VAT 942 666
Other creditors 112,830 126,653
Accrued expenses 14,310 12,000
153,033 174,160


NES FOUNDATION LTD

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 17) 2,093,976 2,003,414

17. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year on demand:
Bank loans 24,951 34,841
Amounts falling due between two and five years:
Bank loans - 2-5 years 48,222 -
Amounts falling due in more than five years:

Repayable otherwise than by instalments:
Bank loans more 5 yrs non-inst 2,045,754 2,003,414

18. MOVEMENT IN FUNDS
Net
movement At
At 1.1.23 in funds 31.12.23
£    £    £   
Unrestricted funds
General fund 7,440,603 (1,018 ) 7,439,585

TOTAL FUNDS 7,440,603 (1,018 ) 7,439,585

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 632,744 (633,762 ) (1,018 )

TOTAL FUNDS 632,744 (633,762 ) (1,018 )


NES FOUNDATION LTD

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

18. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement At
At 1.1.22 in funds 31.12.22
£    £    £   
Unrestricted funds
General fund 7,228,004 212,599 7,440,603

TOTAL FUNDS 7,228,004 212,599 7,440,603

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 782,121 (679,522 ) 110,000 212,599

TOTAL FUNDS 782,121 (679,522 ) 110,000 212,599

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1.1.22 in funds 31.12.23
£    £    £   
Unrestricted funds
General fund 7,228,004 211,581 7,439,585

TOTAL FUNDS 7,228,004 211,581 7,439,585

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 1,414,865 (1,313,284 ) 110,000 211,581

TOTAL FUNDS 1,414,865 (1,313,284 ) 110,000 211,581


NES FOUNDATION LTD

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

19. RELATED PARTY DISCLOSURES

£162,512 (2022: £334,698) was donated to the charity from companies, of which the Trustees are Directors.