THE NEwfoN CHARITABLE TRUST FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2024
THE NEwfoN CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 cOrENTs Page Legal & Administrative Details Trustees, Report Independent Examiners, Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 9-17
THE NEWTON CHARITABLE TRUST LEGAL AND ADMINISTRATIVE DETAILS Full Name The Neon Charitable Trust Governing Instrument Trust Deed dated 12 June 1992 Charity Registration Number 1012140 Trustees Reverend Sir G P H Newton 2 Cranmore Lane Aldershot Hampshire GU113AS Lady J L Newton 2 Cranmore Lane Aldershot Hampshire GU113AS K J Bruce-smith Esq Sinclair Gibson 3 Lincoln's Inn Fields London WC2A 3AA Address of Principal Office 2 Cranmore Lane Aldershot Hampshire GU113AS Bankers National Westminster Bank PIC 12 Whitegate Drive Blackpool Lancashire FY3 9AG Accountants and Independent Examiners Westcotts Chartered Accountants Timberly South Street Axminster Devon EX13 SAD Solicitors Sinclair Gibson 3 Lincoln's Inn Fields London WC2A 3AA Investment Advisers Evelyns 25 Moorgate London EC2R 6AY
THE NEWTON CHARITABLE TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 The Trustees present their report along with the Financial Statements of the Charity for the year ended 30 June 2024. The Financial Statements have been prepared in accordance with the accounting policies set out on page 8 and comply with the Charities Trust Deed and Applicable Law. HISTOR Y OBJECTIVES AND ACTIVITIES OF THE TRUST The Newton Charitable Trust is constituted under its Trust Deed on 12 June 1992 and is a registered charity, number 1012140. The objects of the Charity are to hold the capital and income of the Trust Fund for charitable purposes and to make such charitable donations as they see fit. The Trust Deed gives the trustees the power to apply the funds in such a manner as they think fit, to or for the benefit, of any charitable object or purpose. The trustees currently have a policy of supporting three types of activity: religious organisations; organisations providing education and training; and the relief of poverty and overseas aid. The trustees identify projects and organisations they wish to support and so the Trust does not make grants to people or organisations who apply speculatively. The Trust also has a policy of not responding to any correspondence unless it relates to grants it has agreed to make or to the general management of the Trust. MANAGEMENT AND GOVERNANCE ARRANGEMENTS The Trust Deed provides for a minimum of 3 trustees. Were there a requirement for new trustees, these would be identified and appointed by the remaining trustees. The chair of trustees is responsible for the induction of any new trustee which involves awareness of a trustee's responsibilities, the governing document, administrative procedures, the history and philosophical approach of the charity. A new trustee would receive copies of the previous year's annual report and accounts and a copy of the Charity Commission leaflet The Essential Trustee: What You Need To Know" The existing trustees have held office for over 10 years. The trustees annually review the risks that the charity faces. To date these have mainly related to investment management and these have been ameliorated by diversified portfolio management . In looking to the future. trustees have also recently become aware of risks associated with making grants (for example fraud and charities seeking two grants for the same project) as more money becomes available. PROCEDURES AND POLICY FOR GRANT MAKING The trustees normally meet quarterly to consider what grants they will make and to review any feedback they have received. Nominations for grants are elicited by informal means. The trustees use knowledge gained to support the work of the charity and to inform grant making.
THE NEwfoN CHARITABLE TRUST TRUSTEES. ANNUAL REPORT CONTINUED FOR THE YEAR ENDED 30 JUNE 2024 PROCEDURES AND POLICY FOR GRANT MAKING continued Though the trustees make grants with no formal application, they normally ask invited organisations to submit a formal application saying how the funds would be used and what would be achieved. The trustees have a policy, which is communicated to all beneficiaries, that they make only one off grants with no guarantees of future funding. The trustees always seek feedback on the actual use of the grants given and the achievements made, including those given to individuals. The explanations and feedback received are sufficient for monitoring the quality of the grants made. FINANCIAL REVIEW INVESTMENT POLICY AND RESERVES The investment income for the year totalled £8,996 net of tax. Direct charitable expenditure totalled £4,990 on donations to charitable organisations. Administration expenses totalled £2,943 with the net incoming resources for the year being £1,063. The Chairty also received exceptional income of £158,534, in the form of money and investments. Unrealised profits on investments in the year of £52,618 have been recognised following the increase in the stock markets in the year. The investments have been re-valued in accordance with the Statement of Recommended Practice. Disposals of investments arose in the year with realised profits of £6,167. The net assets at 30 June 2024 totalled £450,027 compared to £231,645 last year. There are no restrictions on the Charity's Power to Invest. The investment strategy is set by the Trustees and takes account of recent demands for funds and the quality of the funding applications. The Trustees consider the income requirements, the risk profile and the strategies currently set with a view to minimising risk. It is the policy of the Charity to maintain unrestricted funds, which are the free reserves of the charity. The level of reserves held at 30 June 2024 is in line with the policy and is largely tied up in investments which will generate income to continue making grants The Trustees have examined the major strategic, business and operational risks which the Charity faces and confirm that systems have been established to enable regular reports to be produced so that necessary steps can be taken to lessen any risks arising. The net assets at 30 June 2024 are considered available and adequate to meet the Charity's needs. FUTURE PLANS The Trustees intend to continue providing grants in a similar way to the recent past continuing the emphasis on those areas of giving but retaining flexibility as to the timing, and scale of grant making.
THE NEwfoN CHARITABLE TRUST TRUSTEES, ANNUAL REPORT CONTINUED FOR THE YEAR ENDED 30 JUNE 2024 PUBLIC BENEFIT The Trustees confirm that they have complied with the requirements of Section 17 of the Charities Act'2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
THE NEWTON CHARITABLE TRUST TRUSTEES, ANNUAL REPORT CONTINUED FOR THE YEAR ENDED 30 JUNE 2024 STA TEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. Charity law requires the trustees to prepare financial statements for each financial year which show a true and fair view of the state of affairs of the charity and its financial activities for that period. In preparing those financial statements, the trustees are required to: Q Select suitable accounting policies and then apply them consistently; Q Observe the methods and principals in the Charities SORP; ¢ Make judgements and estimates that are reasonable and prudent; Q State whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the Financial Statements; and Prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operational existence. 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 The Charities (Accounts and Reports) Regulation, 2008, and the provisions of the constitution. 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 the Trustees and signed on their behalf by: Reverend Sir G P H ewton J L Newton K J Bruce-smith Esq Zs 4pol 2025
THE NEWTON CHARITABLE TRUST INDEPENDENT EXAMINERS, REPORT TO THE TRUSTEES OF THE NEWTON CHARITABLE TRUST I report to the Trustees on my examination of the accounts of The Newton Charitable Trust (the Trust) for the year ended 30 June 2024, which are set out on pages 6 to 17. Responsibilities and Basis of Report As the Charity Trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('The Act,). I report in respect of my examination of the Trustee's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent Examlners Statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material {1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or (2) the accounts do not accord with those records", or (3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Gifford-England ACA dependent Examiner estcotts Chartered Accountants Timberly South Street Axminster Devon EX13 SAD Date: 11 Apfjl 2015
THE NEwfoN CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024 2024 Note UNRESTRICTED FUND Income and Endowments From Shaw C Trust 119 Investment Income Dividends Gross Income Interest on Stockbrokers Deposit Account Bank Deposit Interest Accrued Income 8,061 75 712 39 (101 6,741 83 19 {9) Total 8,996 6,840 Expendlture On Charitable Activities Grants 4,990 4,550 Support Costs Stockbroker Management Fees Accountancy Fees (Governance) 1,415 1,528 1,252 1,429 7,933 7,231 Net Income/(Expenditure) for the Year 1,063 (391) Exceptional Income from JMFinn 96,845 Donated Investments Other Recognised Gains and Losses Realised Profit on Investment Assets Unrealised ProfiV(Loss) on Investment Assets Total ProfiU(Loss) on Disposal or Revaluation 61,689 6,167 52,618 902 (1 ,280) 58,785 (378) Net Movement in Funds for the Year 218,382 (769) Fund Balances Brought Forward at 1 July 2023 231 ,645 232,414 Fund Balances Carried Fonvard at 30 June 2024 450,027 231,645
THE NEWTON CHARITABLE TRUST BALANCE SHEET AS AT30 JUNE 2024 2024 2023 Note INVESTMENTS Quoted Investments 423,259 220,212 CURRENT ASSETS Bank Current Account Bank Capital Reserve Account Stockbroker's Investment Account Stockbroker's Dividend Account 5,667 2,767 19,976 235 3,400 2,728 6,922 128 28,645 13,178 Liabilitles - Amounts Falling Due Within One Year Accruals 1,877) (1,745) Net Current Assets 26,768 11,433 Net Assets 450,027 231 ,645 Income Funds Unrestricted Fund 450,027 231,645 The notes on pages 9 to 17 form an integral part of these Financial Statements. Approved by the Trustees on 2s Ao-il £OZS Reverend Sir G P H Newton La J L Newton K J Bruce-smith Esq
THE NEWTON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 ACCOUNTING POLICIES a) Basis of Pre aration The financial statements have been prepared on the historic cost convention with the exception that investments are valued at market value, and in accordance with the Statement of Recommended Practice Accounting and Reporting by Charities (SORP 2019), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FFIS102) and the Charities Act 2011. b) Donations Cash donations and gifts are included in full in the Statement of Financial Activities as soon as they are received. Donations and investments are included in the Statement of Financial Activities when they are received at their market value at the time of receipt. c) Investment Income Dividends are included in the Statement of Financial Activities when they are received at an amount which excludes any tax credit arising. Interest receivable from banks and other sources are included in the Statement of Financial Activities on receipt. d) Investments and Investment Gains and Losses Stocks and shares quoted on the London Stock Exchange are included at their Market Value at the Balance Sheet date. Profits and losses arising on the disposal of investments and unrealised gains and losses on investments held at the Balance Sheet date are included in the Statement of Financial Activities. No unquoted investments are held. e) Grants Grants are made at the discretion of the Trustees to organisations and Charities which the Trustees consider meet with the objectives of the Trust. enditure All expenditure is accounted for on an accruals basis. g) Goln Concern The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
THE NEWTON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Date Gross DIVIDENDS UK Dividends Alliance Witan PIC 28.03.24 28.06.24 03.05.24 31.07.23 31.10.23 31.01.24 30.04.24 31.07.23 31.10.23 31.01.24 30.04.24 12.10.23 17.04.24 23.02.24 24.05.24 11.01.24 30.09.23 31.03.24 13.07.23 12.10.23 11.01.24 11.04.24 31.07.23 31.01.24 05.10.23 16.05.24 05.10.23 14.05.24 31.08.23 27.09.23 29.12.23 27.03.24 26.06.24 31.07.23 31.10.23 31.01.24 30.04.24 26.09.23 06.06.24 85.59 89.37 106.50 433.61 44.31 53.07 34.59 84.02 87.18 90.57 86.77 127.84 83.33 100.50 103.50 16.00 130.81 31.90 62.16 62.16 62.16 71.04 114.94 78.75 9.99 23.31 66.56 144.31 11.41 55.77 55.77 55.88 56.43 114.30 116.10 117.45 124.65 82.80 212.14 Beazley PIC Blackrock Continental Europe Blackrock Fund Manager Diageo PIC Edinburgh Investment Trust Findlay Park American Smaller Co's First State Asia Pacific Leaders Glaxosmithkline PIC Guinness Asset Management Funds PIC Haleon PIC Intercontinental Hotels PIC Ishares US $Corp BD JP Morgan AM UK Ltd Legal & General Group C/Fwd 3,487.54 10
THE NEWTON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Date Gross DIVIDENDS (CONTINUED) B/Fwd 3,487.54 M & G Global Dividend fund Maitland Inst Services Ltd 31.05.24 31.08.23 30.11.23 29.02.24 31.05.24 20.05.24 09.08.23 11.01.24 15.09.23 24.05.24 21.09.23 18.04.24 18.09.23 20.12.23 25.03.24 24.06.24 17.07.23 12.10.23 31.12.23 12.01.24 12.04.24 25.08.23 24.11.23 29.02.24 23.05.24 21.09.23 08.03.24 04.08.23 04.08.23 16.11.23 14.02.24 16.05.24 31.08.23 08.12.23 22.03.24 07.06.24 201.82 88.57 94.57 89.66 91.47 182.75 337.65 174.21 107.24 162.26 275.34 407.54 86.20 86.82 88.77 88.90 46.14 55.92 0.88 54.67 58.70 111.72 111.72 111.72 111.72 304.65 90.00 7.27 82.73 90.90 90.90 90.90 74.00 74.30 72.94 73.48 Murray Internatioanl Trust PIC National Grid Reckitt & Benckiser PIC Rio Tinto PIC Royal Dutch Shell SEI Global Master Fund PIC Sequoia Economic Infrastructure Scottish & Southern Energy PIC Supermarket Income REIT PIC Unilever PIC CIFwd 7,766.57
THE NEWTON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMEwfs (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Dale Gross B/Fwd 7,766.57 DIVIDENDS (CONTINUED) Warehouse REIT PIC 07.07.23 06.10.23 29.12.23 02.04.24 73.60 73.60 73.60 73.60 8,060.97 Gross Income Gross Treasury Stock 0.125°/9 2029 22.09.23 22.03.24 22.10.23 22.04.24 31.07.23 03.01.24 2.96 2.99 26.00 26.00 8.75 8.75 Treasury Stock 1°/9 2024 Treasury Stock 0.25 % 2025 75.45 Accrued Income Treasury Stock 0.125 /. 2028 Treasury Stock 0.250/0 2031 (3.33) 6.66 (9.99 12
THE NEWTON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR YEAR ENDED 30 JUNE 2024 Market Unrealised Value Gainl Loss Holdin Cost INVESTMENTS UK Equities Alliance Witan PIC Ord 25p Shares Alphabet Inc Capital Stock Beazley PIC Ord 5p Shares Blackrock Continental Europe Income Units Blackrock Fund Managers Ltd Corporate Bond Diageo PIC Ord 28 1011108p Shares Edinburgh Investment Trust PIC Ord 25p Shares Findlay Park American Smaller Co's Units First State Asia Pacific Leaders Accum Units Glaxosmithkline PIC Ord 0.3125p Shares Guinness Asset Management Global Equity Trust Haleon PIC Ord 1 p Shares Intercontinental Hotels PIC Ord 15.80p Shares Ishares US $ Corp BD Shares J P Morgan AM UK Ltd Ord £1 Shares Legal & General Group Ord 25p Shares M & G Global Dividend fund Global Equities Maitland Inst Servs Ltd Twenty 4 Dyn Bond Microsoft Corp Com Overseas Equities Murray International Trust PIC Ord 5p Shares C/Fwd 1,350 3,712 16,362 12,650 50 7,055 7,203 148 750 3,818 5,310 1,492 14,500 21,906 27,430 5,524 £8,300 9,361 8,097 (1 ,264) 260 2,171 6,473 4,302 1,500 9,807 10,890 1,083 150 4,097 25,616 21,519 2,750 14.125 29,708 15,583 444 2,268 6,791 4,523 350 6,668 10,698 4,030 555 529 1,790 1,261 172 4,551 14,321 9.770 1,100 6,277 4,619 {1 ,658) 4,500 6,838 20,457 13,619 1,450 4,052 3,291 (761) 4,500 10,199 14,712 4,513 65 7,351 6,322 (1,029) 25 9.006 8,837 (169} 4,250 10,219 10,731 512 144,010 239,658 95,648 13
THE NEwfoN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {COriNuED) FOR YEAR ENDED 30 JUNE 2024 Market Unrealised Value Gain/(Loss) Holdin Cosl Blfwd 144,010 239,658 95,648 National Grid Ord 11.395p Shares Ninety One Funds Series Divirsified Income Novo Nordisk Overseas Equities Reckitt & Benckiser PIC Ord 10.5263p Shares Rio Tinto PIC Ord 1 Op Shares Royal Dutch Shell PIC Ord B Euro Shares Sanlam Global Artifical Intelligence Global Equities Schnieder Electric Ord 20p Shares Scottish Mortgage Inv Trust Ord 5p Shares Scottish & Southern Energy PIC Ord 50p Shares SEI Global Master Fund PIC Income Fund Sequoia Economic Infrastructure Income Fund SSGA Spdr ETFS Europe Overseas Equities Supermarket Income REIT PIC Ord 1 p Shares Unilever PIC Ord 3.1111p Shares Vaneck UCITS ETFS Overseas Equities Veolia Environment Ord Eur 13.5 Warehouse REIT PIC Ord 1 p Shares Zoetis Inc Com 0.01 USD 1,159 8,680 10,229 1,549 11,000 9,927 9,909 (18) 70 7,910 8,003 93 140 859 5,995 5,136 200 1,711 10,402 8,691 330 1,783 9,352 7,569 3,000 10,214 10,641 427 200 7.686 7,617 (69) 1,475 6,521 13,042 6,521 450 3,018 8,053 5,035 400 5,353 5,672 319 6,500 7,029 5,200 (1,829) 25 10,185 10,862 677 6.000 7.077 4,350 {2,727) 200 2,497 8,690 6,193 225 8,720 8,180 (540) 625 7,831 7,402 (429) 4,600 7,053 3,731 (3,322) 60 8,214 8,223 C/Fwd 266,278 395,211 128,933 14
THE NEWTON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR YEAR ENDED 30 JUNE 2024 Markel Unrealised Value Gainl Loss Holdin Cost BIFwd 266,278 395,211 128,933 Fixed Interest Treasury Stock 0.25 /0 Treasury Gilt 2031 Treasury Stock 0.1250/. Index Linked 2029 Treasury Stock 0.125 % Treasury Gilt 2028 Treasury Stock 0.250/. Treasury Gilt 2025 £10,000 7,601 7,705 104 £3,000 4,287 4,797 510 £10,000 8,606 8,702 96 £7,000 6,486 6,844 358 293,258 423,259 130,001 15
THE NEWTON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Market Value Cost INVESTMENTS (CONTINUED) As at 1 July 2023 Additions Donated Shares Disposals Unrealised Profit in the Year 131,431 108,750 61,689 (8,622) 220,212 108,622 61,689 (19.882) 52,618 At 30 June 2024 293,248 423,259 GRANTS TO CHARITIES The following charitable donations were made in the year: _ ACET UK Barnabus Aid Care for the Family Holy Trinity csw Tear Fund 500 500 500 1,990 750 750 4,990 INDEPENDENT EXAMINER'S FEES 2024 2023 Fees for Examining the Financial Statements Fees for Accounts Preparation 540 988 520 909 1,528 1,429 TRUSTEES EXPENSES No remuneration or expenses were paid to any Trustee in the year to 30 June 2024 (2023 none). RELATED PARTY TRANSACTIONS No related party transactions arose in the year (2023 - £nil). 16
THE NEwfoN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 FUNDS Other Balance at Incoming Resources recognlsed Balance al 01.07.23 Resources Expended galns/(losses) 30.06.24 Unrestricted Funds General 231,645 167,530 7,933) 58,785 450,027 ANALYSIS OF NET ASSETS BETWEEN FUNDS Un-restricted Funds Total at 30.06.24 Fixed Asset Investments Current Assets Current Liabilities 423,259 28,645 (1,877) 423,259 28,645 (1,877 Total Net Assets 450,027 450,027 17