Charlty Reglstratlon Number: 1080765 The Roger Newport Foundation Report and financial statements for the year ended 31 December 2021
The Roger Newport Foundation Annual report and financial statements for the year ended 31 December 2021 Contents Pagv Report of the Trustee Independenl auditor's report to the Trustee of The Roger Newport FoundalK Slalemenl of financial aclivites 12 Baance sheet Principal accounting policies Notes lo the financial statements 14 16
Report of the Trustee for the year ended 31 December 2021 The Trustee presents ils report and audited financial ststemenls for The Roger Newport Foundation {"Ihe charily") for the year ended 31 December 2021. The financial slalemenls comply with current slatulory reqU1MentS. the governing instruments and the Statement of Recommended Practice {SORP}"Acc(MJnling and Reporting by Charities" issued in 201 g. Trustee. officers and advisers The Trustee of the charity is SMV Trustee Company Limited. Listed below are those members who have served on the Board of SMV Trustee Company Limited during the year.. David Freed Patrick Despard Micttael Bolhamley Gillian Camm Ross Ancdl Charles Griffrths Tony Kenny Cullum Mcmpine John Walson Gail Bragg Aan Lewis Robert Boums Mohammed Saddiq Jonalhon Baker Andrew Nisbel Martin Thatcher Roderick Davidson Steve Allpress Nick Baker Kad Tucker Kalharine Finn (Deceased 03 June 20211 {Relired 10 Novefflber 2021) {Relired 10 November 2021) (Retired 10 Novemi*r 2021) (Relired 10 November 2021) (Retired 10 November 2021} (Appointed 10 November 20211 (Appointed 10 NoverTbber 20211 (Appointed 10 NoverTbber 20211 (Appointed 10 November 20211 Registered address of the Charity Merchants, H811 The Promenade Clifton Bristol BS8 3NH Charity Numbor: 1080765
Report of the Trustee for the year ended 31 December 2021 Names and addresses of other relevant organisations Auditor KPMG LLP. 66 Queen Square. Bristol. BS14BE Banker Nalwesl Bank plc. 32 Com Street. Bristol. BS99 7UG Solicltor wom1e Bond DiCk$0n (UK) LLP. 3 Terne Quay, Temple Back East, Bristol. BS16DZ Investment Manager Evdyn P&tners Investrnent Management LLP. Pcthial Place. Poriwall Lane. Bristol. BS16NA Reference and administrative information Structure, govemance and management GovernSng document The Roger Newport Foundation is a registered charity (charity no 1080765) and is governed by a Trust Deed daleil 1 March 2000. GovernSng body and organlsatlonal managemenl The Trustee of the Charity is SMV Trustee Company Limiled. a company limited by guarantee. All the members of the Society of Merchant Venlurers. Standing Committee are Directors of SMV Trustee Company Limited. The Trustee meets regularly and periodically feviev*S the operation and financial results of the Charity. Assisting the Tnjslee are the Roger Newport Advisory Committee. the Investment Strategy Group, the Finance and Investment Sub-committee and the Confflicts of Interest Advisory Sub-commillee. The Roger New Advisory Committee manages the charity on behatf of the Trustee and considers Ihe level of bursaries and prizes lo be awarded lo pupils al the Collegiate School Iformerly Colslon's School) against the level of surplus funds lo be invested in acwdance with the Founder's wishes. Members of the Committee who served during the year were". Chris Booy (Chairl Nick 8aker Karen Morgan Kathryn 8ishop (appointed 10 November 2021) Caroline Duckworlh Jeremy Mccullough (Ex Officio. Headleacher) The Conflicls of Interest Advisory Sub£ommillee was establishe(J in 2021 and comprises of two individuals with no conneclion lo either SMV or SMV TCL who can advise on areas where a conflict of interest might arise. As detailed in note 10, Ihe Society of Merchanl Venlurers provided adminislralive services lo the charities of which SMV TCL was Iruslee and las permilled by the Charity Commission) made a charge for these. The Conflicts of Inleresl Advisory Sub-commillee has reviewed these charges and made a recommendation lo the board of SMV TCL Ihal the tpoSed charges are. {in the opinion of the members of the Sub-commilleel appropriate.
Report of the Trustee for the year ended 31 December 2021 Goveming body and organlsatlonal management {conlinuedl The Trustee has delegated lo Ihe Investment Strategy Group management of Ihe assel allocation and the investment strategy on an annual basis taking into account the recommendats'ons from the Finance and Investment Sub-commillee, past and projecled inveslment performance and fulure capiia5 and revenue requirements. The members of the Inveslment Strategy Group vkno served durirMJ Ihe year were." Alan Lewis (Chairman) David Freed Palrick Despard Michael Bolhamley {Appoinled 10 November 20211 Tim Ross Ross Ancell Cullum McAlpine Geoff Mallhews Chris Pople Dr Steve Alpress Caroline Duckworth Gillian Camm (Relired 10 November 2021 } Giles Clarke (Relred 10 November 2021) The TTuslee has delegaled lo the Finance and Investment Sub-commillee management of the financial asset investment porrfolio., the appointment of approprkqle Fund Managers and monitoring their performance,. and lo recommend lo the Investment Sirale9y Group the optimum strategy for financial inveslmenl. The members of Ihe Finance and Investment Sub-committee who served during the year were.. Dr Steve Allpress {Chaimian) David Freed Patrick Despard Michael 8olhamley Alan Lewis Tim Ross Ross Ancell Cullum McAlpine Geoff Mallhews Chris Pople Caroline Duckworth Gillian Camm IRelired 10 Noven7ber 20211 Giles Clarke {Relired 10 November 2021 } Recruitment and trainlng of the Trustee The members of the Board of SMV Trustee Company Limited are elected annually from wilhin the membership of the Society and are appfised of the general duties of a trustee. In Ihe evenl of significant changes lo legislation or best practe. further relevant training is urmlertaken. The members of the Investment Strategy GrcMJP and Finance & Investment Sub-commillee Ixing with them skills and experience of the financial investment sector. Members of the Roger Newport Advisory Committee reflect the Trustee's interest in educab'on and possess the experien to meet the objects of the Foundation.
Report of the Trustee for the year ended 31 December 2021 (continued) Risk Management In Ih1 of the c(ale Governance ldae contained within the Statement of Recommended Practice 'Accounling and Reporting by Charities", the Tnjstee has examined the major risks faced by the charity. The Trustee continues to monitor and manage onwing risks relating to areas such as the achievement of the charitable objects and Ihe protection of the charity's assets. Systems are in place to WnitOr and control these risks lo miligale the impact that they may have on the charity in the future. The Society of Merchant Venturers. Audit Committee is responsible for assessing the scope and effectiveness of the systems and processes esta1Shed by managemenl lo idenlrfy, assess, manage and monilor the financial and non-financial risks. The risk fegisler is reviewed and updated as required and on a bi-annual basis by Managemenl and by the Merchant Venlurers, Audit Committee and is noted by the Trustee. The Charity is reliant on the income from ils investments lo enable il to fund bursaries and prizes in the furtherance of ils charilatAe objeclNes. The charity does however have reserves in significant excess of ils annual expenditure and Iherefore rf required il could meet expenditure from these reserves. Objectives and activities The Trustee confirms that il has referred lo the guidance contained in the Charity Commission's general guidance on public benefit reviewing the charity's aims arHd objectives and in planning future activities. Objects of the Foundation The object of the Foundation is the advancefflenl of education by the creation of bursaries or Prizes lo be awarded lo children who wsh lo attend the Collegiate Sch(K)I Ifofmerly Colslon's School). Slaplelon. Bristol bul would nol otherwise be able to do so wilhoul financial as51slance. This object has been mel during the year. [rIng 2022 following a consullalion process the Governors of Colslon's School announ(*d that, from Seplember 2022, the school's new name will be Collegiate, or Collegiate School. Bristol. The trustee has therefore adopted the Collegiate naffle for these financial staternents. Achievements and Perforniance The Truslee is pleased lo report that the Foundation continued lo meet ils objects during the year by pledging £g).672 12020.. £50,603) for bursaries for pupils al the ColWiale School (formerty Colslon's School). Financial review Over seven billion COVID-19 vaccines were administered worldwide in 2021. helping lrfe lo return lo a semblance Df normality. This helped lift real GDP by S.gilJ¢, the fastest growth rale in over 40 years. Economic recovery drove optimism back into risk a5sels. Companies ddivered stron9 earnings growth despite the pandemic lingering. Inflation was pushed higher by accommodative F)olicy and penl-up demand al a lime when global supply chains We disrupted. and labour markets slrelched. The lolal return of the investment portfolio in the year was a gain of 14.64% versus the composrte benchmark of 12.73%12020'. 4.08•A versus the Composite benchmark of 1.9%1. The charity generated nel operating deli1 of (£15,910) for 2021, this compared to an operating surplus of £17.431 in 2020. Investment policy The investment portfolio is of medium risk and has an emphasis on investments considered lo have longer term growth potential with less regard for current income_ The portfolio is monitored against the MSCI AII Share index as well as a composite index comprising 20% Mkt iBoxx Gill. 55% Ff Ai Share, 20Q/o MSCI World EX-UK, 5% 3M LIBOR.
Report of the Trustee for the year ended 31 December 2021 (continued) Reserves policy In accordance with the Founderfs wishes. the Trustee aims to steadily grow the lund via a combination of capital growth and reinveslmenl of income. whilst providing a reliable income stream lo meet the charity's objectives. The policy is reviewed by the Truslee on an annual basis. Al 31 December 2021 Ihe urwestricled funds were £3,634,465. Al 31 December 2021 there were net current assets of £198,574. Going concem The financial slalemenls have been prepared on a Ing Lern basis which the Truslee cortsiders lo be appropriate fix the following reasons. The Trustee has prepared cash flthv forecasts fLY a period of 12 months frorn the date of appyoval of these financial slalemenls Vthh indute that. taking actount of reasonabty possible downsides. the charty will have sufficient funds lo meet ils liabilrties as they fau due fLY that The downside scenar*)s conSered by the TnJsl& indude a situation where income is signrficanlly reduced. The charity has current assets considerably in excess of ils liabilities and. even with a significant fall in income, has sufficient resources lo meet ils liabilrties as they fall due throughout the forecast period. Consequentty, the Trustee is confident that ihe charity have suffinI fuThJs lo meet its liabilit as they fall due for al least 12 months from the date of approval of the financial slalemenls aThJ therefo has prepared the financk81 statements on a going coeM basis. Future plans 11 is the intention of the Trustee lo continue to invest Surplus funds in a managed portfolio with Tilney Smith and Willi3mson Investment Management. The portfolio will be managed on a discretionary basis to provide a balanced return between longer lemi capitsl growth and current income with a medium level of risk. In order lo award bursaries and prizes. the Trustee aims to provide a sustainable income stream which is capable of growing in real terms. This income will. in accordan with the Founder's wishes, be primarily used lo provide bursaries to Sixth Fomi wpils wishing lo attend the Collegiate School Iformerly Colslon's sehooll.
Report of the Trustee for the year ended 31 December 2021 (continued) Accounting and reporting responsibilities Ststement of Trnstee's r•sponslbllitles In respect of the Trustee's Annual Report and the financlal statements Under ¢harily law. the Iruslee is responsible f(K preparing the Trustee's Annual Reporl and the financial slalemenls in accordance with applicable law and regulations. The trustees are required to prepare the financial statements in accordance with UK Accounting Standards. including FRS 102 The Financial Reportirw Standard applicable in the UK arKI RepublK of Ireland. The financial slalemenls are required by law lo give a Irue and fair view of the slate of affairs of Ihe charity and of the incoming resources and application of resources for Ihal period. In preparing these financial slatemenls. generally accepted accounlirKJ practi entails Ihat the trustee.. 5elecls suitable accounling t1cleS and then apply them consistenlly-, makes judgements and eslimales that are reasonable and pnJdenl.' slates whelher applicatAe UK Accounting StaF)dards and the Statement of Recommended Practice have been follr)wed, subject to any mater1 departures disdosed and explained in the financial slalemenls., slates whether the financial slalements comply with the trust deed land rulesl, subject lo any material departures disdosed and explained in the financial slalemenls- assesses the charity's ability lo ¢J)nlinue as a going concem. disdosing. a5 applicable. mallers related lo going concern.. arml uses the going concern basis of accounting unless Ihey either intend lo liquidate the charity OT to cease operations, or have no realistic allemalive bul lo éo so. The Iruslee is required lo act in accordan wlh the trusl deed of the charity. within the framework of trust law. They are responsible for keeping accounting records which are sufficient lo show and explain the charity's transactions and disdose al any lime. with reasonable accuracy. the financial position of the charity al that lime, and lo enable the Injslees lo ensure thal. where any slalemenls of accounts are prepared by them under section 132111 of the Charities Act 2011. those slalemenls of accounts comply with the requirements of regulations under that provision. They are responsible for such Internal control as they determine is necessary lo enable the preparation of financial slalements that are free from material misslalemenl. whether due lo fraud Of error. and have general responsibility for taking such steps as are reasonably open to them lo safeguard the assets of the charity and lo prevent and delect fraud and other irregularities. Signed for and on behalf of ihe Trustee Davld Freed, Director Merchants, Hall, The Promenade. Clifton. Bristol, BS8 3NH Date.. 1% Xak
Independent auditor's report to the Trustee of The Roger Newport Foundation Opinion We have audited Ihe financial slalements of The Roger Newport Foundation {"the charity"} for the year ended 31 December 2021 which comprise the slalement of financial activities, balance sheet and relate notes, including the accounting poliryes on pages 14 to 15. In our opinion the financial slalemenls". give a true and lair view of the slate of ihe charity s affairs as at 31 DernIr 2021 and of ils incoffling reSoUrS and application of resources for the year then ended,. have been property prepared in accordance wth UK accounting standards. indudin9 FRS 102 The Fin8nctsl Reporting Stsndard spplicable in Ihe UK and Republic of IrelanLI". and have been propedy weped in accordance wth the requirements of the Charities Act 2011. Basis for opinion We have been appointed as auditor under section 145 of the Charilies Act 2011 lor ils predecessors) and report in accordance with regulations made under sectson 154 of that Act. We conducte(l our audit in accordance th Intemalional Standards on Auditing (UK) I'ISAS IUKI") and applicable law. Our responsibilities are described below. We have fulfilled our ethical reswnsibililies under, and are independent of the Charity in accordance with. UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a Sufflent and appropriate basis for our opinion. Going concem The Iruslees have prepared the finanaal stalemenls on the wing concem basis as they do not intend lo Ildate the charity or to cease ils operations. and as they have concluded that the charity's financial position means that this is realistic. They have also condude(I that there are no material uncerlainlies that could have cast snifICant (Joubl over tts ability lo continue as a wing concern for al least a year from the dale of approval of the financial statements I"Ihe going concern period"). In our evaluation of the tNslees' conclusions. we Considered the inherent risks lo the charity's business model and analysed how those risks might affect the chaws financial resources or abilty lo continue operations over the going concern period. Our conclusions based on this work.. we consider that the Iruslees. use of the going concem basis of accounting in the preparation of the financial sialemenls is appropriale.. we have rK)l identified. and concur with the trustees. assessment that there ts not. a material uncertainly related to events or conditions that. individually or collectively. may cast sJnificanl doubl on the chafity's ability lo continue as a g)ing concern for Ihe going concern period. However. as we cannot predicl all fvlure evenls or conditions and as subsequent events may result in outcomes that are inconsistent with judgemenls Ihal were reasonable al Ihe time they were made, the above conclusions are not a guarantee Ihal the charity wll continue in operation. Fraud and breaches of laws and regulation$- ability to detect Identifying and responding lo risks of material misslalemenl due lo fraud To identify Ti$ks of material fflisslalement due to fraud l-fraud risks") we 8ssessed events or conditions that c(MJld indicale an incentive or pressure lo commrt fraud or provmle 8n opportuniiy lo commit fraud. Our risk assessment procedures included. Enquiring of management as lo the charTty'5 high4evel w)licies and procedures to prevent and delecl fraud as well as whether they have kno%•Aedge of any actual. suspected or alleged fraud. Reading Standing Comwnillee. audrt commiilee, and investment commillee meeting minutes. Using analytical procedures lo idenirfy any unusual or unexpecled year on year movements. We communicated identified fraud risks throughout the audit team and remained alert lo any indications of fraud through¢1 the audrt.
Independent auditor's report to the Trustee of The Roger Newport Foundation (continued) As required by auditing standard5, and taking into account our overall kr)owledge of the control environment we perform procedures lo address Ihe risk of management override of controls and the risk of fraudulent revenue recognition, in particular the risk that management may be in a FK)silion lo fflake inappropriate accounling entries. We did not idenlrfy any additional fraud risks. In determining the audit wocedures we took into aceounl the results of our evaluation and lesling of the operating effectiveness of some of the fraud risk management controls. We also perfomied procedures Iluding". SubslantNe lesling of investment income and aeement to supporting evidence. Identifying and responding to risks of maferMI misstalement due lo non-compliance with laws and r&gulations We identified areas of laws and fegulalions that could reasonably be expecled to have a material effect on the financial statements from our general commercial and sector experience and discussed with the directors and other management the pdiues and wocedures regarding compliance with laws and regulations. As the Charity is regulated, our assessment of risks involved gaining an understanding of the control environment including the enlity's procedures for complying with regulatory requirements. We communicated idenlrfied laws and regulations througl)oul our leam and remained alert to any indicalions of non-compliance throughout the audit. The potential effect of these laws and regulalÈons on the financial ststemenls varies considerably. Firstly, the Charity is subject to laws and regulations that direcuy affect the financial slalemenls including financial reporting legislation (including charities legislalionl and taxaln legislatson and we assessed the exlenl of compliance with these laws and regjlalions as part of our procedures on the related financial slatemenl items. Secondly, the Charity is suty.ect lo many other laws and regulations where the consequences of non- compliance could have a material effect on amounts or disdosures in the financial slalements. for instance through the imtiosilion of fines or litigation. We idenlffjied the following areas as those most likely to have such an effeel.. certain aspects of charity legislation recognising the financial and regulated nature of the Charity's activities and ils legal form. Auditing standards limit the required audit procedures to identrfy non- Complian with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal CoeSpOndente. rf any. Therefore rf a breach of operational regulations is not disdosed lo us or evident from relevant corresponden. an audit will not delect that breach. Context of the ability of the audit lo detect fraud or breaches of law or regulation {ing lo the inherent limitations of an audit, there 15 an unavoidable risk that we may not have detected some material misslatemenls in the financial statements. even though we have propedy planned and performed our audit in aecordanee with auditing standards. For example. the further removed non- compliance wlh laws and regulations is from the events and transactions reflected in the financial slalemenls. the less likely the inherently limited procedures required by auditing standards would identify In addition. as with any audr(, there remained a higher risk of non-deleclion of fraud, as these may involve c(Alusion, forgery, intentional omissions. misrepresenlalions, or the override of internal controls. Our audit procedures are designed to delect material misstatement. We a nol responsible for preventing non- compliance or fraud and cannot be expected lo detect In-CoMplian¢e with all L3ws and regulalw)ns. Other information The Iruslee is responsible for the other inforrnalion. which comprises the Report of the Trustee. Our opinion on the financial slalemenls does not cover the other infonnalion and. accordingly. we do not express an audit opinion or. except as eXp1¢1Y slated below. any form of assurance conclusion thereon. 10
Independent auditor's report to the Trustee of The Roger Newport Foundation (continued) Our responsibility is lo read the other irrforfflalion and. in doing so, consider whether, based on our financial statements audit work, the informalion therein is materially misstated or inconsislenl wilh the financial statemen15 or our audit knovledge. We are requ*ed lo rert lo you rf: based solely on that Wck, we have identified material misslalements in the olher information., or in our opinion. Ihe Informaln given in the Report of the Trustees is irwnsi$tenl in any material respect with the financial slaternenls. We have nothing lo reporl in these respects. Matters on which we are requiied to report by exception Under the Charities Act 2011 we are required lo report lo you rf. in our opinion= the charity has not kept sufficient accounting records-. or the financial slalemenls are not in agreement 4Mlh the aCuntIng records.. or we have not received all the informalion and explanatws we require for our avdil. We have nothing lo report in these respects. Trusteg5' responsibllitles As explained more fully in their slalemenl sel out on page 8. the trustees are responsible for.. the preparation of financial slalemenls which give a Irue and fair view., such internal conlrol as they determine is necessary to enable the preparation of financial statements Ihal are free from material misstalemenl. whether due lo fraud or error: assessing the charity s ability lo conlinue as a going concem, disclosing, as applKable, mallers related to going concern., and using the going concem basis of accounting unless they either intend to liquidate the charity or lo cease operations. or have no realistic allemalNe bul lo do so. Audltor's responsSbilities Our objectives are lo obtain reasonable assurance about whelher the finanoal 51alemenls as a whole are free from malerial misstslement, whether due lo fraud or error. and to issue our opInn in an auditor's report. Reasonable assurance is a high level of assurance bul does not guarantee that an audit conducted in accordance wilh ISAS IUKI will always detecl a malerial misslalemenl when il exists. Misslalemenls can arise from fraud or errof and are consKJered material if, indNidually or in aggregate, they could reasonably be expected lo influence the econom decisions of users taken on the basis of the financial slatemenls. A fuller desuiplion of our responsibil"eS www.frc.of .uklauditorsres nsibililies. is provided the FRC'S website at The purpose of our audlt work and to whom we owe our responslbllltles This report is made solely to the charity s Iruslees as a brxly, in accordance with section 145 of the Charities Act 2011 lor rts predecessors) and regulations made under seclion 1 $4 of that Act. Our audit work has been underlaken so that we might stale to the charity's Iruslees those matters we are required lo slate lo them in an auditor's repofl and for no olher purpose_ To the fullest exlenl pemiilled by law, we do not accept or assume responsibility lo anyone other than the charity and its Iruslees as a body, for our audit work. for this report. or for the opinions we have fomied. Jonathan Brown for and on behalf of KPMG LLP. Statory Audltor Chartered Accountants KPMG LLP is eligible to act as an audilor in lerms of seCtn 1212 of the Companies Act 2006 66 Queen Square Bristol, BS14BE Date. 21 July 2022
The Roger Newport Foundation Statement of financial activities for the year ended 31 December 2021 Notes 2021 2020 Incom8 from: Investments 71.478 78,018 Total Income 71.478 78,018 Expenditurg on: Raising funds - Investsnenl manaw charges Charilable aclivilies 13.3741 (80,7721 {3.2421 (87,3881 (15.9101 373.774 {2,6561 154.7291 {3,2021 160.5871 17.431 Other Total gxpgndituro Net {deficitysurplu8 Gain on revaluation of investments 34,417 Ngt movgment in funds 357,864 51.848 Reconclliatlon of funds: Total funds brought forward Total funds carried forward 3.276,601 3,224,753 3,276,601 3,634,465 The slalefflenl of finanryal activities IludeS all gains 1 losses rwnised in the yew. All incoming resources and resources expended (Jerive from conbnuirg activities. All income and expenditure in bolh years is unrestrrted. The accompanwng leS fomi part of the finawal stalements. 12
The Roger Newport Foundation (Charity Number 1080765) Balance sheet at 31 December 2021 Notes 2021 2020 Fixed Assets Inveslmenis 3,4ffi115 3.095.383 Current assets Debtors 100.000 118,549 129,615 248.164 Cash 155,646 255.646 Creditors.. amounts fallSng due within one yèar Ngt current assgts 157.0721 {50.0781 198.S74 198.086 Creditors.. amounts falllng duo after more than one year assets (30.224) 3.634465 (16.8681 3,276,601 Funds UDrestrictgd fund 3,634,465 3.276.601 The financial slalements on pages 12 to 19 we apr0Ved by the Ttee on If JVLY were svJned on its behalf by.. and David Froed Director Pa Director 13
The Roger Newport Foundation Principal accounting policies Basls of preparation The financial statements have been prepared under the historical cost convention, modtfied by the revaluation of fixed asset Investments, and in aCcOrdae wth Accounting and Reporting by Charities.. Statement of Recommended pract applible lo charit5 preparing thr accounts in arae wlh the Financial Reporting Skndarij appli(xble in the UK a1 ReputAic of Ireland {FRS 102} leffeclNe 1 January 20191- (Charities SORP IFRS 1021) and the Finanrial RerK)rting Standard appluble in the UK Republic of Ireland IFRS 102). The accounting policies that the charity has adopted lo detemiine the amounts induded in respect of material items shown in the balan sheet and also lo delem1 the irKome and expenditure have been applied consistently in Ihe ojrrenl and preceding year aThJ e sFNy•m below. The Roger Newport FoundalN)n meets the definition of a Wb1 benefil entity Und FRS 102. Assets and Ikgbilrties are inili4lly rKognised al histor cosl trar1 vae unth otherwise stat in the relevant accounting policy. Golng Concem The financial slalemenls have been tffepared on a goirwJ 0)rern basis vthich t Trustee5 consider lo be appropriate for the following reasons. The sInesS model of the charty is such that its charitable activities are limited lo tse whh il has suffleI funds lo support from the excess of fundirwJ receNed over the costs of admir)isleriFvJ the chtty. The charity has specific bursary commitments vthich il has suent cash lo cover, bul no other committed cos15 Lwond ils fixed costs of operalTh whh are delailed in notes 2 a1 3. The Trustees have reviewed the cash flow forecasts f¢y a period 12 months from the dale of approval of these financial slalements which indicale Ihal Ihe chartty VAII have sufficient funds lo meet Ils liabilities as they fall due for that peric*l. The Trustees have Jso considered various downsKle scenarios on these cash flow forecasts and consKler that as a resull of ils operating rn explained above. even rf no further funding is received in the 12-month perK)d, the charity has Suf[ent cash reserves to pay all committed costs. Consequently, the Tiustee is confidenl Ihal the charty wll have suffnI funds lo 1xtinUe to meet its liatx'lilies as they fall (Jue for al least 12 months trom Ihe date of approval of the finanaal ststemenls. Critical aOnting judgements and key sources of estimalion uncèrtainty In applying the charity's accounting pdicies, the Truslee is required lo make judgements, estimates and assumptions aboul the carying amounts of assels and liabilit$ that are not readily apparent froffl other sources. Actual results may differ Irom these estimates_ Incoming resources Inveslmenl income is induded in the sialement of financial activit5 when the charity is enlilled lo the income, receipt is probable. and il can be quantified with reasonable certainty. Residuary legacies are recognised as T•Vable once probate has been granted provided th81 Sufflent information has been received lo enable valualion of Ihe charity's enlillemenl. Other income is credited lo the statement of financial activities on a receivable basis. ExndIture (a) All expenditu is accounted for on an accruals basis and is recognised vknen there is a legal or constructive obligation to pay for expenses. {b) Charitable donations. irtluding supportin9 adminislralion costs. relate lo Ihe dislribulions made or approved lo the Collegiate Schod Ifofmerly Colslon's Sch¢y)11 as detailed in the objecls of the Foundation. (cl Governa1 costs relate lo the strategic management of the charity's assets. and compliance wilh ¢onstilulion21 and slalulory requirernenls. 14
The Roger Newport Foundation Principal accounting policies (continued) Irrgcoverable VAT Any irrecoverable VAT 1$ charged lo the statement of financial actt.vttS or capilalised as part of the asset where appropriate. Fund accounting Legacies and investment income recetved are induded as unrestricted funds of the Charity. Investments The Trust's investments are slated at mid-markel value al the balance sheet date. This is not in accordance with FRS 102 which recommends bid value but is consistent wlh the entity s performance management process. Using bi¢J values would lead to a movement in Ihe valuation of these listed investments of an amounl whh is considered by the Trustee to be immaterial. The slalemenl of finanaal aclbvilies IludeS the nel gains and losses arising on revaluations and disposals Ihfoughoul Ihe period. Cash flow statement A slalemenl of cash flows has r1 been Fyepared as the charsty has laken advantage of the exemption available in the SORP for smaller charities. Taxatlon The Roger Newport FIndatiOn is a iegislered charity and as such lax exemplDn applies to the income arising from and expended on charitable activities and to its investmenl income and gain5. 15
The Roger Newport Foundation Notes to the financial statements for the year ended 31 December 2021 Incoming resources 2021 2020 Investment income Dividenés 71.464 77,874 Bank intere51 14 144 71.478 78,018 Analysis of costs of charitable aGtivities Dlrect Support 2021 2020 Collegiate School Iformedy Colston's SchocAI 80.772 3.242 84.014 57.931 AJI SUprt costs have been alkxaled lo one charitable actNity ladyarment of edUCanI. The Foundation has no employees and no slaff costs (2020: nill. A rtharge is made by the SOcty of Merchant Venturers for staff time as disdosed in rnle 9. Other costs 2021 2020 Audit fee 3,180 3.180 22 Insurance 3,242 3.202 The audit fee exdui*ng irrecovera4e VAT was £2.65012020: £2.6501. 1fj
The Roger Newport Foundation Notes to the financial statements for the year ended 31 December 2021 Fixed asset investments Total Investment Listed Investments Cash Cost As al 1 January 2020 Additions 2.530,084 2,629 2,532,713 217.035 7,436 224,471 Disposals At 31 Dècèmber 2021 {251.2471 2.495,872 1251,2471 2.505.937 10,065 Revaluatlons unalISed gains al 1 January 2020 Realised in respect ol disposal Gain arising on revaluation Unreallsed galns at 31 Dember 2021 Market valuè at 31 Dècèmber 2021 562,670 23,734 562,670 23,734 373,774 960, 178 373,774 ,178 3.456,050 10,066 3,466.115 Maikel value al 31 December 2020 3.092.754 2.629 3,095,383 Investments with a market value of £3.466.115 {2020- £3.095,3831 are managed on behalf of Ihe Roger Newport Foundalion by Tilney Smith and Willkgmson. The Eymfolio is spread across distinct classes of investment as follows.. Investment assets in the UK 42.7 Inveslment assets ouiside the UK 49.0 Altemalives & Mults asset Cash 100.0 Debtors 2021 2020 Prewd BUr$arS Loan 18,549 100.000 100,000 100,000 118.549 The loan was made lo enable the fofflier assistant of the Founder to purchase a propety and will be for the period of her lifetime. The loan is interest free and secured against the property and was made with agreement from the Charity Commission and Ihe Founder's family.
The Roger Newport Foundation Notes to the financial statements for the year ended 31 December 2021 Creditors: amounts falling due within one year 2021 2020 Collegiate School Ifcffiiety Cdston's School) Other creditors 53.033 45,531 4.039 4.547 57,072 50.078 Creditors: amounts falling due after more than one year 2021 2020 Clegiate Scknol Ifomierly CcAston's Schcd) 30,224 16,868 Movement in Unrestricted Funds Unrestricted funds comprise those funds whth the Trustee is free to use in accordan with the Charitable objects. Th&se include all assels and liabililies of the charty. Balance at 1 January 2021 Balance at 31 Docember 2021 nveslmenl Gains Ircome Expendrture Unreslricled funds 3,276,601 71.478 (87,3881 373,774 3,634,465 Trustee's remuneration No director of SMV Trustee Company Limited direcuy benefited from remurkeralion or reimbursement of expenses for Iheir services lo the Foundation during the year, rr held any benefiual interest in any contract with the Foundation during the year {2020= £nd}. 10 Related Party Transactions All Ihe Directors of SMV Trustee Company Ltd are members of Ihe Society of Merchant Venturers Standing Committee. The Society of Merchant Venturers charged £3.936 {2020= £4,126} to the charity as a realIcll0n of salaries of which £nil was oulstarKling al 31 December 202112020.. £nil). 18
The Roger Newport Foundation Notes to the financial statements for the year ended 31 December 2021 11 Connected organisations Collegiale School. Bristol (fomierly Colslon'5 Schodl is a conrted organisation. with govemor nomination rights from the Society of Merchant Venturer5. Cdlegiate School. Bristol Ifomierty Colston's School) can be contacted al Bell Hill. Staet0. Bri51d. BS16 1 BJ. 19