Charily Reglstration Number: 1080765 The Roger Newport Foundation Report and financial statements for the year ended 31 December 2023
The Roger Newport Foundation Annual report and financial statements for the year ended 31 December 2023 Contents Page Report of the Trustee Independent Examiner's repori lo the Trustee of The Roger Newport FourKlation Stalemenl of financial acliviles 10 Balance sheel 11 Principal accwnting policies Notes lo Ihe financial statements 12 14
Report of the Trustee for the year ended 31 December 2023 The Trustee presents it5 retxirt and audited finanoal statements for The Roger Newport Foundation (Ihe charily'l for the year ended 31 December 2023. The financi81 statements comply with current stalulory requifftments. the governing instruments and the Sialemenl of Recommended Prac11 ISORPI 'AcutIng and Reporting by Charities. issued in 2019. Trustee. officers and advlsers 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.. Michael Both8eY Robert BcMJrns Jonalhon Baker Patrick Despard David Freed Gillian Camm Ross Ance Martin Thatcher Dr Steve Allpress Nk Baker Karf Tucker Kalharine Finn David Powell Mark Burchfield Heather Frankham Professor Sir Steven Wesl Laura Marshall Tracey Killen {Retired 10 November 2023) {Retired 10 November 2023) {Rebred 10 November 2023) (Apprynled 10 Novembw 2023) (Appoinled 10 Novemtw 2023) (Apwinted 10 November 2023) Registered addiess of the Charity Merchants, Hall Th8 Promenade Clifton Bristol BS8 3NH Charlty Number: 1080765
Report of the Trustee for the year ended 31 December 2023 Names and addresses of other relevant organlsations Independent Examiner Bishop Fleming LLP. 10 Temple Back. Bnsld. BS16FL Banker Nalwest Bk plc. 32 Cc¥n Street. Bristol. BS99 7UG Solicitor Womble Bond 0Inson IUKI LLP. 3 Temple Quay. Temple Back East, Bristol. BS16DZ Investment Managor Evdyn Partner5 lllvestmenl Managemenl LLP. P11 Place, Portsvall Lane. Bristol, BS16NA Reference and admlnlstratlve Infomatlon Structure, govemance and management Governlng document The Roger Newport Foundation is a registwed charity {charity no 1080765) and is verned by a Trust Oeed dated 1 March 2000. Governlng body and organisational managgment The Trustee of the Chaiity is SMV Trustee Company Limiled, a company limited by guaranlee. All Ihe members of the Society of MerGhanl Venturers. Standing Commillee are Direclors of SMV Trustee Company Limited. The Trustee meets regularfy and periodically reviews operation and financial results of the Charity. Assisling the Trustee are the Roger Newport Advisory Committee. the Inveslmenl Siralegy Group. the Finance and Investment SutFCommillee and the Conflicts of Inle$1 Advisory Sub-commillee. The Roger Newport Advisory Committee manages the charity on behalf of the Trustee and constders the level ol bUrsarS and prizes lo be awarded lo pupils al the Collegiate School against the level of surplus funds lo be invested in accordar)ce with the Founder's wshes. Members of the Committee served during the year weie: Chris Booy (Chairl Nick Baker Karen Morgan Kathryn Bishop Caroline Duckworth Jeremy Mccullough (Ex Officio, Headl The Conflicts of Interest Advisory Sub-commillee comprises of two individua15 Wlth no nne¢lIOn lo either SMV or SMV TCL who can advise on areas where a conllicl of interest mwjhl arise. As detailed in note 10. the So¢ty of Merchant Venlurers provided admiriislrats.ve services lo the charities of which SMV TCL was Injslee and las pem)itled by the Charity Commission) made a charge for these. The Conflicts of Interest Advisory Sub-commillee ha5 reviewed these charges and made a recommendation lo the board of SMV TCL that the proposed charges are, lin the opinion of the members of the Sub-committee) appropriate.
Report of the Trustee for the year ended 31 December 2023 Govoming body and organisatlonal management (cont5nued) The Trustee has delegated lo the Inveslmenl Strategy Group management of the asset allocation and the investment strategy on an annud basis laking into account Ihe recommendations from the Finance and Inve51fflenl Sub-commillee. past and projected inveslmenl performance and fulure capital and revenue requirements. The members of the Investmenl Strategy Group who served during the year were.. Atan Lewi5 {Chairnianl Michad Bolhamley David Freed Patrick Despard {Resigned 10 November 20231 Robert Bourns Jonalhon Baker (Appointed 10 November 20231 Tim Ross Ross Ancell Cullurn McAlpine (Resigned 10 November 20231 Geoff Matthews {Resigned 10 November 2023> Chris Pople Dr Steve Allpress Caroline Duckworth The Trustee has delegated to the Finance and Investment Sub-committee management of the financial asset investment portfolio.. the appointment of appropriate Fund Managers and monitoring their performance,. and to recommend lo the Investment Strategy Group the optimum strategy for financial investment. The members of the Finance and Investment sUcOMMittee who served during th8 year were.. Dr Steve Allpress (Chairman} Michael Bolhamley Robert Bourns Jonalhon Baker (Appointed 10 November 2023) Patrick Despard (Resigned 10 Novernber 20231 OavKI Freed Alan Lews Tim Ross Ross Ancell (Resigned 10 November 2023) Cullum McAlpine (Resigned 10 November 2023) Geoff Mallhews Chris Pople Lee Gardhouse IAppKJinled 10 November 2023) Caroline Duckworth Recrultment and trainlng of the Truste8 The members of the Board of SMV Trustee Company Limited are elected annually from within the membership of the Society and are apprised of the general duties of a trustee. In the event of signrficanl changes lo legislation or best practjce, further relevant Iraining is underlaken. The members of the Investment Stralegy Group and Finance & Investment Sub-commillee bring with them skills and experience of the financial inveslmenl sector_ Members of the Roger Newpoil Advisory Committee reflect the Trustee's interest in e(lucalion and possess Ihe experience lo meet the objects of the Foundats"on.
Report of the Trustee for the year ended 31 December 2023 (continued) Risk Management In light of the Corporate Govemance guidance contained wilhin the Statement of Recommended Practice "Accounting and Reporting by Charilvè5" the Trustee has examined the major risks faced by the charily. The Trustee continues to monit and manage ongoing risks relating lo areas such as Ihe achievement of the charitable objects and the protection of the charity's assets. Syslems are in place lo monitor and control these risks to mitvJale the impact that they rnay have on the charity in Ihe luture. The Society of Merchant Venturers. Audit Committee is responsible for assessing the scope and effecliverbess of the systems and processes estatlshe by managemenl lo idenlrfy, assess. manage and monitor the financial and non-financial risks. The risk register is reviewed and updated as required and on a bi-annual basis by Management a1 by the Merchant Venlurers. Audit Committee and is noted by the Trustee. The Charity is relianl on Ihe income from ils investments lo enable il lo fund bursaries and prizes in the furtherance of ils charitable objectwes. The charty does however have reserves in significant excess of ils annual expenditure and therefore rf required il could meet expenditure from these reserves. Objectlves and activitles The Trustee confirms that it has referred to the guidance contained in Ihe Charity Commission's general guidance on public benefrt when reviewing the charity's aims and objectives and in planning future activities. Objects of the Foundation The object of the Foundation is the advancemenl of education by the creation of bursaries prizes lo be awarded lo children who wish lo allend the Collegiate School. Siaplelon. Bristol but would not otherwise be able lo do so wilhoul financial as51slance. This object has been met during the year. Achlevements and Perfomiance The Trustee is pleased lo report that the Foundation continued lo meet Ils objects during the year by FedgIng £107.468 {2022.' £32.8501 for bursaries for pupils al the Collegiate School. Flnanclal revl•w During 2023 a lug of war between inflation arKI interest rates played out acT05S continents. Many central banks had the delicate task of Curbing infiation wilhoul il slffling the economy. The UK graprled with sticky inflation. and this posed challenges to both consumefs and policymakers. Al the stsrl of the year Consumer Price Inflation ICPI} hil a reeord 10.7°h by Oclobef Il had declined lo 4.6¥0 bul it remained higher Ihan the US13_2Yo} and the eurozone12.9Qk). 2023 saw the lowest percentage of stocks outperforming Ihe index over the past 25 years. wlh the -Magnrficent Seven" driving equity retums in 2023 returns dwarfing the US and International market returns. Developed equity valuations (led by the US markell are close again lo previous peaks. The total return of Ihe investment portfolTro in the year was a gain of +9.54% versus the composite benchmark of +8.6%12022.' loss of 16.8% versus the mpOsIte benchmark loss of 6.3%}. The charity had a net operating deficit of (£30.2691 for 2023. this compared to an operating surplus of £43,069 in 2022. Investment policy The investment portfolio is of medium risk and has an emphasis on inveslmenls considered to have lon9er term growth potential with less regard for current income. The portfolio is monitored againsl the MSCI AII Share index a5 well as a composite index comprislng 20¢A Mkt iBoxx Gill, 550A FT All Share. 200 MSCI Wortd EX-UK, SO/y 3M LIBOR.
Report of the Trustee for the year ended 31 December 2023 (continued) Reserves pollcy In accordance with the Founder's wishes, the Tnjstee aims to sleadity grow the fund 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 Tmslee on an annual basis. Al 31 December 2023 the unrestricted funds were £3.163,571. At 31 December 2023 there were nel current assets of £250,873. Going concern The financial stalemenis have been tyepared on a g)1 ¢orwn basis vthith Trustee corksiders lo be approwiale for the following reasons. The Truslee has prepared cash flow forecasts for a perKMI (rf 12 months from the dale of approval of these financial statements whrh iThJicale that. taking account of reasonabty possibLg downsides. the charty will have sufficwt funds lo meet ils liabilities as they fall due that permjd. The doWnse scenarios conskjered by the Trustee indude a siluab.on where income is significantly redud. The charity has current assets consKlwably in excess of ils liabilits.es and. even with a significant fall in income, has sufficient resour lo m8et ils liilities as they fall due throughout the fOraSt pericJ. Consequently, the Twslee is confthnl Ihal the charity wll have 5ufficErt furKls to meet ils liabdrti8s as they fall due for al least 12 monlhs from the dale of approval of the finarrid stslemenls a1 therefore has prepared the r5nanci* slalemenls on a going coreM basis. Future plans 11 is the intention of the Truslee lo continue lo invest surplus funds in a managed portfolio with Evelyn Partners Inveslment Management. The portfolio will be managed on a discretionary basis to provide a balanced return betsveen longer term capital growth and current income with a ffledium level of risk. In order lo award bursaries and pfizes. Ihe TnJstee aims to provide a wstainable income stream which is apable of growin9 in real terms_ This income TrMII. in accordance with the Founder'5 wishes, be primarily used lo provide bursaries to Sixth Fomi pupils wishing to attend Collegiate School.
Report of the Trustee for the year ended 31 December 2023 (continued) Accounting and reporting responsibilities Statement of Trustee's rgsponslbllliles in respect of tho Trustee's Annual Report and the financial statements Under charity law, the Iruslees are responsible for preparing a Trustees, Annual Report and the financial staternenls in accordance wlh applicable law and regulations. The Iruslees are required to prepare the financial slalemenis in accordance with UK Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland_ The financial slalemènts are required by law lo give a true and fair VMV of the stale of affairs of the charity and of the incoming resour$ and application of resources for that period. In preparing these financial slalements. generally acpted accounting practice enlails that the trustees.. selecl suitable accounting policies and Ihen apply them consistenlly.. make judgemenls and eslimales that are reasonable and prudent-. slate whether applicable UK A(xounting Standards and the Slalement of Recommended Praelice have been followed. subject to any material departures disclosed and explained in the financial slalemenls.. slate whether the financial statements comply with Ihe trust deed. subject lo any material departures disdosed arKJ explained in Ihe financial statements.. assess the Charis ability lo continue as a gjing concern. discJosin9. as applicable. matters related lo going concem.. and use the going concem basis of accounting unless they either intend to liquidate the charity or lo cease operations, or have no realist allernatNe bul lo do so. The Iruslees are required to act in accordance with the tnJ$l deed of the charity, within the framework of trust law. They are resp)nsible for keeping accounting records which are sufficient to show and explain the charity's transactions a1 disclose al any lime. wlh reasonable accuracy, the financial position of the charity al that lime. and lo enable the trustees to ensure that. where any slalemenls of accounts are prepared by them under section 132{1) of the Charitie5 Act 2011. those sialements of accounts comply wilh the requirements of regulations un(ier that provision. They are responsible for such internal control 88 they determine is necessary lo enable the preparation of financial statements that are free from material misstalemenl. whether due lo fraud or error. and have general responsibility for taking such steps as are reasonably open lo them lo safeguard the assets of the charity and lo prevent and delect fraud and other irregularities. The Iruslees are responsi1e for Ihe mainlenance and integrity of the financial and other information included on the charity's website. Legislation in the UK goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Slgned for and on behalf of the Trustee /6Lo_4 Michael Bothamley, Director Merchants, Hall, The Promenade. Clifton. Bristol. BS8 3NH Dale: 7 >>KJf 20%*
Independent Examiner's report to the Trustee of The Roger Newport Foundation I report to th8 charity Trust88 on rny eXamaLl of ihe accounts ofthe charity for Ihe year ended 31 Dec&mb8r 2023. R•sponsibilities and ba515 of report As the Trustee of the ¢harity you are responsble for the preparalicffl of the accounts in cOrdar W[ Iho requirements of thè Charities Act 2011 Ilhe 2011 Act'l. I r8POrt in r8specl ol my examin8tpon of Ihe charivs accounts carried out under secth)n 145 of the 2011 Acl and in carrying out Tny examination I have followed all the appIae Direclionsgiven bythe Charity CoMmissn undersection 14515llbl ol the 2011 Act. Indop•nd¢nt 0mIner'S ¥tat¢menl Your attention 15 drawn to the Igcl th81 Ihe charity has prepared ihe accounls in accordan wilh Accountin9 and ReportirKJ by Charits.. Staternenl ol Rrnrnended Practice applicable to charities preparirKJ their accounts In a¢cordan¢e with the Finala1 Repo.ng Standard appluble in Ihe UK and Republic ol Ilan(S IFRS 1021 in prfÈr8FKe lo the A¢¢ounling ar¥1 Reportiw by Charities.. Slatemenl of Recommended Praclbce ISSU ot) 1 A"12005 whh i refer to in the èxtant regulations bul has been wthdrawn. l understand that thi5 has b88n done in cyder tr the Io PTowde a twe and lair vW in accordance wth th8 Geralty Ac¢epletJ A¢¢ountry Pr#Ice effectNe for remirg perKJs beginning on or after 1 January 2019. I have completed my examination. I can confinn that no matters have ojme to my attention in connection wth the examination giving m$ cause lo b$lieve that in 8ny matwial respect.. accounting records weTr rK)I kept in resp6rl of Ihe charity as required by section 130 of the 2011 Act.. the accounts do not acr with tIK)3e records: or the accounts do not comtAy wth the applicable wuiremenis COrm1rj the fomi and contenl ol accounts sèt out in the Charities IAr£ounls and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf 8 which is not a matter consdered as part ol an indepeThYenl examination. I havè no concems and have ¢omo a¢ross IK) other fflatte in connection with the examination to whth attentKJn should be drawn in this ort in ortler to 8e a proper vndw3knding of ihe actounts lo be reached. This port is madè solèly to th8 charitys Trustee. as a tKYy. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been unijertaken so Ihat I mKJhl state to the charity's Trustee those mattets I am QuIred lo state to theffl in an IrKkpendent Examinerfs Report and for no oiher purkx)se. To the fullesl extent pemiiited by law. I do not accept or assume resp[ibl1ity to YOne other than charity and the charity's Trustee as a body, for my worft or for this retM)rt. Chris Trantham FCA Blshop Fl•ming LLP Chartered Accountsnls 10 Temple Back Brislol 8S1 6FL Date.. ULY 3oQ4
The Roger Newport Foundation Statement of financlal activities for the year ended 31 December 2023 Notes 2023 2022 Income from: Investments 94.389 81,038 Total income 94.389 81,038 Expenditur• on-. Raising funds - Investment manager charges Charilable activities (2.682) (119,902) (2.0741 {124,6581 130,269) 179.562 {2,9941 (31,7301 13,2451 (37.9691 43.069 Other Total expendlture Net Ideficltllsurplus Gainl(lossl on revaluation of investments Net movement In funds (663.2561 (620.1871 149.293 Reconciliation of funds: Total funds brought fonvard Total funds carried forward 3.014.278 3,634.465 3.163.571 3.014.278 The statement of finanoal aclwilies ndudes all gains arbJ10sses rwnised in the year. Al incoming resources a1 resour expended derive from continuiry aclNilies. Al income and eynditure in ljoth years is Unreslrted. The accompanying notes fomi part of the ffinancial staternents. 10
The Roger Newport Foundation (Charity Number 1080765) Balance sheet at 31 December 2023 Notes 2023 2022 Flxed Assots Investments 2,977.156 2.800,639 Current assèts Debtors 18.800 Cash 182228 152.745 182.228 171.545 Creditors: amounts falling due within one year Net current assets (31.355) 146,9561 150.873 124.589 Debtors: amounts fdling due after more than one year 100,000 100.C()O Creditors: amounts falling due aftermore than one year Net assets {64,458) 3.163.571 (10.9501 3,014,278 Funds Unrgstricted fund 3.163.571 3,014,278 The financial slalemenls on pages 11 10 17 were approved by the Truslee on 4 YUAJE 20* and were signed on its behaw by: Michael Bothamley Director Robert Boums Director
The Roger Newport Foundation Principal accounting policies Basls of preparation The financial slalemenls have been prepared under the historical cost convention, modrfied by the revaluation of fixed asset inveslmenls, and in accordance with Accounkn"ng and ReFQrting by Charities.. Stalemenl of Recommended pract spltable to charib.es prepanng their xcounls in aCcOrdae with the Financial Reporting Standard applICae in the UK and RepUt]C of Ireland IFRS 102} leffeclive 1 January 20191- (Charities SORP IFRS 10211 and the Financ1 Rerxirting Standard applKable in the UK and Republic of Ireland {FRS 102). The accounting wIleS that the charity has adopted to delemiine the aMnts induded in respect of material items shown in Ihe balance sheel arky also lo delemiine the income and expeThJiture have been applied ¢onsistentty in the cwrenl and precediTrJ year a1 a shchvn below. The Roger Newport FourKlalion rreels definthn of a pU1C benefrt entity uThJer FRS 102. Assets and liabilities are initl8lly r&ognised at historical cost or trartslI0n value unless otherwtse slated in the relevant accounting polw. Going ConceTn The financial slalements have been wepwed on a concem basis lch the Trustees consider to be appropriate fcK the flowIng reasons. The business model af the charity is such that its charitable activilies are limited lo those which il has sufficient funds lo support Irom the excess of funding receNed over Ihe costs of admin¢sleriry the charity. The charity has specrfic bursary commilmenls il has SUnI cash lo cover. tMJt rw) other o)mmiLted costs beyond its fixed costs of operation which are delailed in rv)tes 2 and 3. The Trustees have reviewed the cash flow forecasts fi a perKKI 12 monlhs from the dale of approval of these financial statements which Indte that the charity will have Suff18nt fuTrJs lo meel ils liabilities as they fall due for that period. The Trustees have also considered various downside scenarios on these oish flow forecasts and consider that as a result of its operating mcKJel exklained above. even rf no further funding is received in the 12-month period. the ¢hanty has sufficient cash reserves to pay all MIlled costs. Consequenuy. the Trustee is confmlenl that the charity will have Sfftnl furKls lo continue lo meet ils lialItieS as they fall due for al least 12 months from the dale of approva of the financial slalements. Critical accounting judgements and key sources of estlmatlon uncertalnty In applying the charity's accounting policies. the Trustee Is required to make judgements, eslimales and assumption5 about the carrying amounts of assets and liabilib'es thal are nol readily apparent from other source5. Aclual results may differ from these estimates. Incomlng resources Investment income 15 included in the statement of finarKial activilies when the charity is enlilled lo the income. receipl is probable. and it can be quantrried with reasonable cerlainty. Residuary legacies are recognised as receivable once probate has been granted provided that sufficient information ha5 been received lo enable valuation of the charity's enlillemenl. Other income is credited lo the statement of financial activities on a receivable basis. Expenditure lal l expenditure is accovnled for on an accruals basis and is recognised when there is a legal or onslruclive obligation lo pay for expenses. Ibl Charilable (JonalK)ns, including supporting administration costs. relate lo the dislribulions made or approved lo the Collegiate School as delailed in the object5 of the Foundation. Icl Governance cosls relate lo the strategic management of the charity's assets, and compliance with conslitulional and statutory requirements. 12
The Roger Newport Foundation Principal accounting policies (continued) Irrecoverable VAT Any irrecoverable VAT is eharged lo the statemenl of financial activities or capilalised as part of the asset where appropriate. Fund accountlng LegaCS and investment income received are included as unrestricted funds of the Charity. Investments The Trust's investments are staled at bid value at the balance sheel date. This is in accordance with FRS 102. The slalemenl of financi81 activities indudes the nel gains and losses arising on revaluations and disposals throughout the period. Cash flow sLitemont A 51alement of cash flows has not been prepwed as Ihe charity has taken advantage of the exemption available in the SORP for Smaller charities. Taxatlon The Roger Newport Foundation is a regislere(J chwty and as such tax exemption applies to the income arising from and expended on tharitable activilb8s and lo its investment income and gains. 13
The Roger Newport Foundation Notes to the financial statements for the year ended 31 December 2023 Incoming resources 2023 2022 Investment Incomo Dividends 92.182 80.680 Bank interest 2.207 358 94.389 81.038 Analysls of costs of charitable actlvltles Direct costs Support costs 2023 2022 Collegiate School 119.902 2,074 121,976 34,975 All sUPPOrt costs have been allctated to one tharilaNe Nity {adWarment of education). The Foundation has no employees and m staff costs {2022'. nd). A recharge is made by the Society of Merchant Venturers for staff lime as disdosed in note 11. Other costs 2023 2022 Audit fee 3.180 Independent Examiner Fee InsUrare 80 65 2.074 3.245 The audil fee excluding irrecoverable VAT £2.650 in 2022. The lThJependent examiner fee excludirvJ irrecovefable VAT was £1.662 for 2023. 14
The Roger Newport Foundation Notes to the financial statements for the year ended 31 December 2023 Fixed asset investments Listed Investrnents Total Cash Investments Cost As at 1 January 2023 Additions 2.495.872 7,845 2,503,717 120.397 120,397 Disposals At 31 Dember 2023 (141.6> 2,474,363 12,798) 5.047 (144,704} 2.479,410 Revaluatlons Unrealised gains a11 January 2023 Realised in respect of disposal Gain arising on revaluation Unrealised gains at 31 Dg¢wnber 2023 Markgt value at 31 December 2023 2.922 296,922 21,262 21.262 179.562 179,562 497.746 497.746 2.972.109 5.047 2.977.1 $6 Market value al 31 December 2022 2.792.794 7.845 2.800,639 Investments WFlh a bid value of £2,977,156 (2022-. £2.800.639 market value) are managed on behalf of the Roger Newport Foun(Jalion by LGT & Evelyn Partner5. The portfolio is spread across distinct classes of investment as follows- Inveslmenl assets in the UK 46.3 Inveslmenl assets outside the UK 53.5 Cash 100.0 Debtors: amounts falling due within one year 2023 2022 Prepaid Bursaries 18.800 18,800 15
The Roger Newport Foundation Notes to the financial statements for the year ended 31 December 2023 6 Debtors: amounts falling due after more than one year 2023 2022 Loan 100,000 100,1)00 100,000 100.000 The loan was made lo enable the former assistant of the Founder to purchase a property and will be for the period of her lrfelime. The loan is interest free and secured against the property and was made with agreement from the Charity Commission and the Founder's family. Creditors: amounts falling due within one year 2023 2022 Collegiate Sch1 Other creditors 31,355 1.800 43,075 3.881 33,155 46,956 Creditors: amounts falling due after more than one year 2023 2022 Collegiate Sch)ol 10,950 Movement in Unrestricted Funds Unreslri¢led funds comprise those funds which the Trustee is free to use in accordance with the Charitable objects. Th85e include JI assets and liabilities of the ¢hanty- Balance at 1 January 2023 Balan¢¢ at 31 December 2023 Investment Gains Income Expenditure Unrestricted funds 3.014.278 94.389 {124.6581 179,562 3,163.571 10 Trustee's remuneration No (Sireclor of SMV Truslee Company Limited directly benefited from remuneration or reimbursement of expenses for their services lo the Foundation during the year. nor held any beneficial interest in any conlr2cI with the Foundation during the year {2022.. £ndl- 16
The Roger Newport Foundation Notes to the financial statements for the year ended 31 December 2023 11 Related Party Transactions All the Directors of SMV Trustee Company Ltd are MeMt of the Society of Merchant Venturers Standing Committee. The Society of Merchant Venturers charged £4.510 (2022-. £4.042) to the charity as a reallocation of salaries of which £nil was outstanding al 31 December 2023 (2022= £nil). 12 Connected organisations Collegiate SchcM)I, Brisld is a connected organisalK)n. y•1h govemor rx)minalion rights frorn the Society of Merchant Venturers. Collegiate SchcM)l. Bristol can be contacted al Bell Hill, Slaplelon. 8rislol, BS16 1 BJ. 17