Registered number: 1013843 NEWTON BURSARY FUND TRUSTEES, REPORT AND FIINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
Newton Bursary Fund Trustees, Report and Financi21 Ststements For The Year Ended 31 August *024 Table of Contents Trust Jnfomiation...................... Trustees, Report.................. ............................................................................................................................................,.....,.....,............. Independent Examiner Report................. ............................................................................................................................. . Statement of Financial Activities........................................................ Balance Sheet....... Notes to the Financial Statements.............................................................................................................. ..............................................
Newton Bumry Fund Trust Information For The Year Ended 31 Auoyst ?024 Trustees Mr. Steffen Goelkel Mr. Matt Downing Mathew Mrs. Alison Fleming Mr. Farhaan Walji Dr. Farouk Walji Ms. Karine Neri- Appointed on Oi December ?0?4 Ms. Menna McGreoor- Appoin*d on O) December 2024 Charity Number IOli84i Re%istered Office CIO 149 Batters¢a Park Road London SW8 4BX Bank'ers Barclays Bank Pl¢ I Churchill Place London E14 5HP Independent Examiner Accountax (UK) Ltd Chartercd Cenified Accountants & Registered Auditors ? l Knightsbridge London SWIX 7LY Page I
Newton Bursary Fund Trustees, Report For The Year Ended 31 August ?OA? The tNstees present their report and the financial sthkments for the y&7r ended J l August ?0?4. STRUCTURE. GOVERNANCE AND MANAGEMENT Coverning Doeument Newton Bursary Fund ("NBF') is a charity regislcrcd with the Charity Commission. governed by a trust deed dated 22 July 1992 as amended on 16 June ?016. Organisational Structure NBF is a renistered charity in Ennland. number l 01)84) and is constituted under a trjst deed da*d ?? July 1992. The chair is responsible for the generydl control and management of the charity. The trusttts meet three times a year for a review of the charity's fomial business. Recruitment, Appointment and Training of Truste New trustres may be appointed by a resolution of a meering of the misiees and whenever a trnstee is appointed a memordndum of their appoinmient shall be prepared and sioned by the persons presenl at such m¢eiing. The previous chair Mr Simon Barratt resigned during the year on i June ?0?4. Dr Farouk iKalji was appoin(ed as the acting chair. BURSARY FUND OKJECTIVES The ¢liarity'5 objects are for the promotion and encOuraement of educaiion ai Newion Prep by providing financial assislance io families with cl)ildren who would otherwis¢ noi be able ¢0 benefit from the education offered a( Newton Prep. During the p¢riod under review, the cliarity has in place the financial capacity to mainlain the awards already made. Public Benefit The trustees of NBF have ensured compliance with the Charity Commission's guidance on public benefiL The charity is dedicated to niaking education accessible to underprivileoed pupils. thereby fostering a knowledgeable and sk.illed society. By offering the means tesied bursaries. the charity ensures that pupils. irrespective of their SOCiOveconomi¢ back.¢round. can achieve their academic poiential and aspirations so that they will pronress 10 higher education and ultimately ¢ontribule positively to the communiti¢s in wliich th¢y live. Future Plans NBF is committed to expand its reach and impact by: Increasing the number of means tested bursaries for pupils in need. Enhancing the pupils. educational experiences by encouraging participation in extracurricular activity. Work'ing with senior schools to create more opporrunities for recipient pupils. Raising awareness and securing additional funding to sustain and grow the bursary programme. FINANCIAL RF.VIEW NBF has histori¢allv lled on donations from NeOn Enterprises Ltd. Newton Prep IYA and other senerous donors. For this year. no direct donations were received from NeWn Prep PTA. Below is the key aciivity carried out by NBF between 1st September 2? and i I st August 20?4: Educational Support: Thc charity has providcd financial lStance to numerous pupils. hclpints thcm covcr tuition fees and other academic-rclated expenses. The charity provides financial suppon for strong academic and enrichment programme5 to help pupils excel in their studies and personal development.
Newton Bursary Fund Trustees, Report (Conlinued) For The Year Endcd 31 August ?OA? Reserve Policy: As at the year end. the reserves total £ 1.8i8.0)6 {20? j £ 1.879.985). Income trenerated is applied io fijnd scholarships. and any surplus income not used in Ihe year is added back io reserves in accordance with the uovernin documenL The Tnistees consider li appropriate to malniain these reserves ensure that the reserves can continue lo meei its objectives over the long terni. In exceptional circumstances. up to IOO/o of capitsl may be applied annually ai the Trustees. discretion, as pem)itted by the Trust deed. Trustees Responsibilities The trustees are required under Charity Law to prepare financial statrments for each financial year. which give a trne and fair view of the scare of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial 5talements. the tNsiees are r¢quired to: select suitable accounting policies and then apply them consis*ntly. make jud. uements and estimates that are reasonable and prudent. prepare the financial statements on the tsoing concern basis unless it is Inappropria io presume that the charity will continue in operation: and state whether applicable accouniinft standards and statements of recommended Pfdctice have been followed. subject to any material departures disclosed and explained tn the financial siatements. The trustees are also responsible for keeping proper accounting records which disclose with reasonable accurncy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions. They are also responsible for safeguarding the assets of the charity and hence for takino reasonable steps for the prevention and detection of fraud and other irrcgularilies. The trustees arc also spOnsIble for the contents of the trustces, report and th¢ responsibility of thc independcnt eyaminer in relation to the trustees, report is limited to ensuring thaL on the face of the repo there are no inconsistencies with the figures disclosed in the financial statements. Trustees The Trustees who held office during the year and up to the date of signatyre of financial statements were as follows: Mr Simon Barratt (resiJed on i June 20?4) Mr Matthew Downing Mrs Alison Fleming Mr Steffen Goelkel Mr Farhaan Walji Dr Farouk Walji Ms. Karine Neri - Appointed on 03 December ?0?4 Ms. Menna McGregor- Appointed on Oi December 2024 On behalf of the of TNstees Dr Farouk Walj Acting Chair Date: 2 May 2025 Page i
Newton Bursary Fund Independent Examiner Report For The Year Ended 31 August 2024 We report to the charity trustees on our examination of the accounts of the charity for the year ended 3 Iir August 2024. Trustees & Examiner Responsibilities As the charity's trustees you are responsii)le for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'the Act.). We report in respect of our examination of the charity's accounts carried out under section 145 of the Act and in canying out my examination. We have followed all the applicable Directions given by the Charity Cotnmission under section 145(5)(b) of the ACL Independent Examiner Slaternent: We have completed our examination. We nfrn that no material matters have come to our attention which gives us cause to b¢li¢ve that: accounting records were not kept in respect of the charity &$ required by section 130 of the Act; or the accounts do not accord with those records. or the accounts do not comply with the applicable requirements con¢ernkng the forni aDd content of accounts set out in the Charities (A¢¢ounts and Reports) Regulations 2008 other than any requirement that the IOunts give a'true and fair view, which is not a maller considered as part oran independent examitiOn. We have no concerns and have come a0$$ no other matters in ¢onn¢ction wsth the examination to which attention should be drawn in this report in order to enable a proper understanding of the aOUnts to be reached. Mr. Cbafoor Ahn)ad Khatt2k Aecount2x (UK) Ltd Chartered Certified Accountants & Registered Auditors 21 Knigbtsbridge London England SWIX 7LY
Newton Bursarv Fund Statement of Fin2nCig1 Aetivities For The Year Ended 31 August ?024 Notts Unrestrieted Funds Restricted Funds Total Total Funds 20?4 024 2024 023 Income Donations and leoacies Incoii)e from investments 4.050 ?.009 217?49 7.?j9 ?21 ?99 9.?48 240.906 166 Total income and endowments 6.059 ?24.488 ?41.07• Expcnsts Expenditure on raised funds Expendiiure on charitable aciivities ?.8?9 108.6>8 ?55 260.647 4.084 369.i05 1.584 40?.4?3 Total expcnseq 111,487 •61.90? 373.389 404.007 Net gains / (loss) on investments Net income l (expenditure) 20.944 79.949 100.89i 21.360 (84.484) 42.535 {41.949) 18429 Net income l (expenditure) for the year (84,484) (41,949) 18429 Total funds broutsht forward Total funds carried forward 1.489.716 1.879.985 2.064.?80 ,879.985 305,785 1.53? ?51 1,838,036 The notes on page 7 10 9 forni pan of these financial staiemenLS. Page 5
Newton Bursary Fund Balance Sheet As at 31 August ?0?4 ?0?4 2093 NotLq Current Assets Debtors 119.i07 Investmenis 1.8)? 996 1.88J.791 Cash at bank and in hand 6.441 1.467 1,839,437 2,004565 Creditors: Amounts Falling Due Wiihin One Year (1.401) {1?4580) Nct Current Assets 1.83&036 J,879,985 Total Assets Less Current Liabilities 1,83&036 1,879,98S CAPITAL AND RESERVES Unrestricted funds General fund io i05.785 i90 ?69 .489,716 Restricted funds io 1.838.036 1.879.985 The financial siatements were approved and authoriscd for issue by the Board of Trustees on 18 March 2025 and w¢r¢ signed on its behalf by. Dr Farouk" Walj Acting Chair Date: 2 May 2025 The notes on pagc 7 10 9 forni part of these financial statements. P4fFe 6
Newton Bursary Fund Notes to the Financial StatemenL For The Year Ended il Alloust ?024 l. Accounting Policies 1.1. Basis of preparation of financial ststements The financial statements havc bcen prepared in accordance with Accounting and Reportin(J by Charities.. Statemeni of Recommended Practice (SORP) applicable to charities preparinTr their accounts in accordance with the Financial Reportinu Standard applicable in the UK and Republic of Ireland (FRS 10?) (effeccive l January 2015)- (Charities SORP {FRS I O?), and with the Charities Act ?0 I i. The financial staternents are presented in Sterling (£) and figures have been rounded off to the nearest Sterling (£). l ? Going contern disclosure Thc Trustees are noi aware of any rnatcrial uncertaintics about thc ehariry"s ability to continue ag a going concern. Thc financial statements have Iherefore been prepared on the basis that the chariry is 8 rToinTr concern. 1.3. Ineome All incomingy resources are included in the Stafrmenl of Financial Activities (SOFA) when the charity is legally entitled to the income )d the amoun( can be quaniified with reasonable accurdcy and there is cenainry of receipt. Donations and le¢]eS.. This comprises all incoming resources from donations and gifts collected directly and incorne from fundraisincy events durins the year. .4. Expenditure Eypeiiditure is recoivnised once there is a legal or constructive obligation to make payment ¢0 a third pany. it is probable that settlement will be required and the amouni of obliiyation can be measured reliably. .5. Ch2rit2ble funds Unresiricied funds are available for use at the discretion of the trusttts in furtherance of their charitable objectives. Restricted funds arc subjcct to specific conditions by donors as to how they May be uscd. .6. Current investments Current investments comprise listed Investmen that are held as shon-temi investhients. These are initially recognised at fair value. which is nom)ally the transaction price. excluding transaction COSLS. Subsequently measured at fair value. with all chantses in fair value reco8nised in the Statement of Financial Activities. 2. Average number (If employtts Average number of employees. including Trustee& during the year was as follow5: NIL (?0?3: NIL) 3. Income Unr¢stri¢t¢d funds Restricted funds Total funds Totsl funds ?024 •0*4 2023 Donations and leg2cies Donations receivable 4.050 ?17.?49 ?21 ?99 ?40.906 4.050 ?17.?49 ??] ?99 ?40.906 Income from investments Interest & dividends ?.009 7.2)9 9,?48 166 2.009 7.2i9 9.248 166 6,059 ?24,488 •41,072 Page 7
Newton Bursary Fuftd Notes to the Financial StstemeDLs (continued) For The Year Ended 31 August ?024 4. Expenditure Unrestricted funds Restricted funds Totsl funds Totsl funds 20?4 ?024 ?024 ?023 Expenditure on ch2rit2ble aetivities Governance cost Charitable donations AdvertiSCTRent 900 107.758 900 i68.405 900 ?60.647 399.02) 2.500 108.658 ?60.647 369.i05 402.42i Expenditure on raised funds Advertisement Investment management fees ?.500 3?9 2.500 1.584 1.584 2.8?9 4.084 1.584 111,487 ?61.90? 373389 404.007 4. Gains on investments Unrestrict¢d funds Restricted funds Total funds Total funds 2024 20•4 20?4 2023 Gains / (loss) on listed investments ?0.944 79.949 100.893 (21.i60) 20.944 79.949 100393 (21,360) 6. Debtors: Amount fallin47 due in one year 20?4 •023 Other debtors 75.19i Prepayments 44.114 119J07 7. Investments 2024 2023 Listed investments 1.8)? 996 1.883.791 1,832,996 1083.791
Newton Bur42rv Fund Notos to the Fin2nci21 Ststements (conltnued) For The Year Ended 31 Auoust 024 8. Cash at bank and in hand ?024 20?3 Cash at bank and in hand 6.441 1.467 6,441 1.467 9. Creditors: Amount falling due within one vear ?0?4 Other creditors 501 123,680 Accruals 900 900 1.401 124,480 10.Statement of funds Atl" September 203 Income Expenditure At 31" August ?024 General funds Restricted funds 390.?69 1.489.716 6.059 2?4.488 (111.487) (261.90?) ?0.944 79.949 i05.785 1.53?251 Total funds 1.879.985 230.547 (373J89) 100.893 1,83&036 I l. Governance cost Unrestricted fund.s Restrict funds Totsl funds Total funds 20•4 20?4 •0?4 9023 1ndendeftt cNaminer fccs 900 900 900 900 900 12. Trustees remuneration No trustees have received any paJ'ments. benefits and remuneration from the company durinij the year and no expenses were incurred by the trustees on behalf of the chariN during the year (20a? . Nil). 13. Related party tran.4actionq The directors of Newton Enterpris&s Ltd are also the trustes in the charity. Durino the vear the Newton EnrPriseS Ltd donated £217.?49 (?0?- £?15.J?O) to the charity.