Charlty Registration Number: 1080765 The Roger Newport Foundation Report and financial statements for the year ended 31 December 2024
The Roger Newport Foundation Annual report and financial statements for the year ended 31 December 2024 Contents Page Report of the Trustee Independent Examiner'5 report to the Trustee of The Roger Newport Foundation Statement of financial activites 10 Balance sheet Principal accounting policies Notes lo the financial siatements 12 14
Report of the Trustee for the year ended 31 December 2024 The Trustee presents its report and financial statements for The Roger Newport Foundation ("the charily") for the year ended 31 December 2024. The financial statements comply with current statutory requirements, the governing instruments and the Statement of Recommended Practice {SORP) "Accounting and Reporting by Charities" issued in 2019. Trustee, officers and advisers The Truslee 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: Robert Bourns Jonathon Baker Katharine Finn Michael Bothamley Patrick Despard David Freed Gillian Camm Nick Baker Karl Tucker David Powell Mark Burchfield Heather Frankham Professor Sir Steven West Laura Marshall Tracey Killen Dr Jacqueline Cornlsh Gail Bragg Martino Burgess (Deceased 23 June 2025) (Retired 10 November 20241 (Retired 10 November 2024) (Retired 10 November 2024) (Appointed 10 November 2024) (Appointed 10 November 20241 (Appointed 10 November 2024) Reglstered address of the Charlty Merchants, Hall The Promenade Clifton Bristol BS8 3NH Charity Number: 1080765
Report of the Trustee for the year ended 31 December 2024 Names and addresses of other relevant organisations Independent Examiner Bishop Fleming LLP, 10 Temple Back, Bristol. BS16FL Banker Natwest Bank plc. Trinity Quay 2. 2nd Floor, Avon Street, Bristol, BS2 OPT Solicitor Womble Bond Dickinson (UK) LLP, 3 Temple Quay, Temple Back East. Bristol, BS16DZ Investment Manager LGT Wealth Management, 15 Queen Square, Bristol, BS14NP Evelyn Partners Investment Management LLP, Pothall Place, Pothall Lane, Bristol, BS16NA Reference and administrative information Structure, governance and management Governlng document The Roger Newport Foundation is a registered charity (charity no 1080765) and is governed by a Trust Deed dated 1 March 2000. Governing body and organisational management The Truslee of the Charity is SMV Trustee Company Limited, a company limited by guarantee, All the members of the Society of Merchant Venturers, Standing Committee are Directors of SMV Trustee Company Limited. The Trustee meeis regularly and periodically reviews the operaiion and financial results of the Charily. Assisting the Trustee are the Roger Newport Advisory Committee, the Investment Slralegy Group, the Finance and Investment Sub-committee and the Conflicts of Interest Advisory Sub-committee. The Roger Newport Advisory Committee manages the charity on behalf of the Trustee and considers the level of bursaries and prizes to be awarded to pupils al the Collegiale School against the level of surplus funds lo be invested in accordance with the Founder's wishes. Members of the Committee who served during the year were: Chris Booy (Chair) Nick Baker Karen Morgan Kathryn Bishop Caroline Duckworth Jeremy Mccullough (Ex Officio, Head) The Conflicts of Interest Advisory Sub-committee comprises of two individuals with no connection to either SMV or SMV TCL who can advise on areas where a conflict of interest might arise. As detailed in note 10, the Society of Merchant Venturers provided administrative services to the charities of which SMV TCL was trustee and (as permilled by the Charity Commission) made a charge for these. The Conflicts of Interest Advisory Sub-committee has reviewed these charges and made a recommendation to 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 2024 Governlng body and organlsatlonal management {contlnued) The Trustee has delegated to the Investment Strategy Group management of the asset allocation and the investment strategy on an annual basis taking into account the recommendations from the Finance and Investmenl Sub-committee, past and projected investment performance and future capital and revenue requirements. The members of the Investment Strategy Group who served during the year were.. Alan Lewis (Chairman) Robert Bourns Jonathon Baker Kalharine Finn (Appointed 10 November 20241 Michael Bothamley (Resigned 10 November 20241 David Freed Tim Ross Ross Ancell 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 lo recommend to the Investment Strategy Group the optimum strategy for financial investment. The members of the Finance and Investment Sub-committee who served during the year were: Dr Steve Allpress (Chairman) Robert Bourns Jonathon Baker Katharine Finn (Appointed 10 November 2024) Michael Bothamley (Resigned 10 November 2024) David Freed Alan Lewis Tim Ross Geoff Matthews (Resigned 01 May 2024) Chris Pople Lee Gardhouse Caroline Duckworth Recruitment and training of the Trustee The members of the Board of SMV Trustee Company Limited are elecled annually from within the membership of the Society and are apprised of the general duties of a trustee. In the event of significant changes to legislation or best practice, further relevant training is undertaken. The members of the Investment Strategy Group and Finance & Investment Sub-committee bring with Ihem skills and experience of the financial investment sector. Members of the Roger Newport Advisory Committee reflecl the Trustee's interest in education and possess the experience to meet the objects of Ihe Foundation.
Report of the Trustee for the year ended 31 December 2024 (continued) Risk Management In light of the Corporate Governance guidance contained within the Statement of Recommended Practice "Accounting and Reporting by Charities" the Trustee has examined the major risks faced by the ¢harily. The Trustee continues lo monitor and manage ongoing risks relating lo areas such as the achievement of the charitable objects and the protection of the charity's assets. Systems are in place lo monitor 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 established by management lo identify, 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 and by the Merchant Venturers, Audit Committee and is noted by the Trustee. The Charity is reliant on the income from its investments to enable il lo fund bursaries and prizes in the furtherance of its charitable objectives. The charity does however have reserves in significant excess of ils annual expenditure and therefore if required it could meet expenditure from these reserves. Objectives and actlvltles The Trustee confirms that it has referred lo the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities. Objects of the Foundation The object of the Foundation is the advancement of education by the creation of bursaries or prizes to be awarded to children who wish to attend the Collegiale School, Stapleton, Bristol bul would not otherwise be able lo do so without financial assistance. This object has been mel during the year. Achievements and Performance The Trustee is pleased lo report that the Foundation continued lo meet ils objects during the year by pledging £176,937 (2023.. £107,468) for bursaries for pupils al the Collegiate School. The Trustee pledge includes a special support bursary of 509/0 of the current bursary donations for a period of 2 years, the preference was that this additional funding should be used on a means tested basis to support a larger number of pupils. Financial review Although markets concluded 2024 on a subdued note, equities demonstrated robust performance over the calendar year, with the US as the standout performer largely driven by the "magnificent 7 mega cap tech stocks. Amid political instability in Germany and France, European equities, along with emerging market stocks struggled owing to concerns that proposed US tariffs might trigger a trade war and hinder growth in other regions. Meanwhile, bond markets reacted negatively to the pro-growth, higher-inflalion narralive. US elections, which ushered in Donald Trump's second administration significantly influenced markets. The charity had a net operating deficit of {£53,525) for 2024, this compared to an operating deficit of (£30,269) in 2023. Investment policy The investment portfolio is of medium risk and is allocated 650/0 lo the Income Focused Strategy and 35°/0 to the Collectives Global Medium Strategy. The sub-porlfolios are monitored against the ARC balanced and the ARC Growth respectively.
Report of the Trustee for the year ended 31 December 2024 (continued) The total return of the Income Focused Strategy in the year was a gain of +6.830/0 versus the ARC balanced benchmark of +6.73 % and the total return of the Collectives Global Medium Strategy was a gain of +8.24 % versus the ARC growth benchmark of +8.92D/o. In 2023 the investment manager was Evelyn Partners and the portfolio total return was gain of +9.540/0 versus the composite benchmark gain of +8.60/0. Reserves policy In accordance with the Founder's wishes, the Trustee aims to steadily grow the fund via a combination of capital growth and reinvestment of income, whilst providing a reliable income stream to meet the charity's objectives. The policy is reviewed by the Trustee on an annual basis. Al 31 December 2024 the unrestricted funds were £3,246,765. At 31 December 2024 there were net current assets of £112,229. Going concern The financial statements have been prepared on a going concern basis which the Trustee considers to be appropriate for the following reasons. The Trustee has considered scenarios including a situation where income is significantly reduced. The charity has current assets considerably in excess of its liabilities and, even with a significant fall in income, has sufficient resOUrS to meet ils liabilities as they fall due throughout the forecast period. Consequently, the Trustee is confident that the charity will have sufficient funds to meet ils liabilities as they fall due for al least 12 months frorn the dale of approval of the financial statements and therefore has prepared the financial statements on a going concern basis. Future plans In order to 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 accordance with the Founder's wishes, be primarily used to provide bursaries to Sixth Form pupils wishing to attend Collegiate School.
Report of the Trustee for the year ended 31 December 2024 (continued) Accounting and reporting responsibilities Statement of Trustee's responslbilities in respect of the Trustee's Annual Report and the financial statements Under charily law, the truslees are responsible for preparing a Trustees, Annual Report and the financial statements 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 Reporting Standard applicable in the UK and Republic of Ireland. The financial slatements are required by law to give a true and fair view of the stale of affairs of the charity and of the incoming resources and applicalion of resources for that period. In preparing these financial statements, generally accepted accounting practice entails that the Irustees: select suilable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards and the Statement of Recommended Praclice have been followed, subject to any material departures disclosed and explained in the financial statements. state whether the financial statements comply with the trust deed, subject to any maierial departures disclosed and explained In the flnanclal statements; assess the charity's ability lo continue as a going concern, disclosing, as applicable. matters related to going concern., and use the going concern basis of accounting unless they either intend to liquidate the charity or lo cease operations, or have no realistic alternative but to do so. The trustees are required to act in accordance with the trust deed of the charity. within the framework of trust law. They are responsible for keeping accounting records which are sufficient to show and explain the charity's transactions and disclose at any time, with reasonable accuracy, the financial position of the charity al that time, and to enable the trustees to ensure that, where any statements of accounts are prepared by them under section 132{1) of the Charities Act 2011, those statements of accounts comply with the requirements of regulations under that provision. They are responsible for such internal control as they delermine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error, and have general responsibility for taking such steps as are reasonably open lo them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the financial and other information included on the charity's website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Slgned for and on behalf of the Trustea Jon on Baker, Director Merchants, Hall, The Promenade, Cllfton, Bristol, BS8 3NH Date: OG &D&S
Independent Examiner's report to the Trustee of The Roger Newport Foundation I report to tho charity Trustee on my examination of the accounts of the charity for the year ended 310écember 2024. Responslbilities and basis of report As the Twstee of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 Ilhe 2011 Act'l. I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my axaminalion I have followed all the applicable Directions given by the Charity Commission under section 145(51{b) of the 2011 Act. Independent oxamln8r's statement Your attention is drawn to the fact that the charity has prepared the accounts in accordanc6 with Accounting and Reporting by Charities.. Slalemenl of Recommended Praclica applicable to charities preparing their accounts in accordancè with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 in preference to the Accounting and Reporting by Charities.. Slalemenl of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations bul has b88n withdrawn. l understand that this has been done in order for the accounts lo provide a true and fair view in accordance with the Generally AGcepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019. I have completed my examination. I can confirm thal no mattars have come to my attention in connection with the examination giving mè cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act: or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements conceming the fomi and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requiremenl that the accounts give a 'lrue and fair, view which is not a matter considered as part of an independent 8xaminalion. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. This report is made solely to the charity's Trustee, as a body, in accordance with Part 4 of the Charities {Accounts and Reports) Regulations 2008. My work has bean undertaken so that I might slate to the charity's Trustee those mallers I am required to slate lo them in an Independent Examiner's Report and for no other purpose. To the fullest exlenl permilt8d by law, I do not accept or assume responsibility lo anyone other than the charity and the charily's Trustee as a body, for my work or for this report. Chris Trantham FCA B18hop Flaming LLP Chartered Accountants 10 Temple Back Bristol BS16FL Date.. 17 July 2025
The Roger Newport Foundation Statement of financial activities for the year ended 31 December 2024 Notes 2024 2023 Income from: Investments 87,790 94,389 Total income 87,790 94,389 Expenditure on: Raising funds Investment manager charges Charitable activities (20,053) {119,376) (1,886) (141,315) (53,525) 11,621 125,098 (2,682) (119,902) (2,074) (124,658) {30,269) Other Total expendlture Net (deflclt)Isurplus Gainl(loss) on disposal of investments Gainl(loss) on revalualion of investments Net movement in funds 179,562 83,194 149,293 Reconclllatlon of funds: Total funds brought forward Total funds carrled forward 3,163,571 3,014,278 3,246,765 3,163,571 The slatemenl of financial activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities. All income and expenditure in both years is unrestricted. The accompanying notes fomi part of the financial statements. 10
The Roger Newport Foundation (Charity Number 1080765) Balance sheet at 31 December 2024 Notes 2024 2023 Fixed Assets Investments 3,115,013 2,977,156 Current assets Cash 199,662 182,228 199,662 182,228 Credltors: amounts falllng due wlthln one year Net current assets (87,433) (31,355) 112,229 150,873 Debtors.. amounts falllng due after more than one year 100,000 100,000 Credltors: amounts falllng duo after more than one year Net assets {80,477) 3,246,765 (64,458) 3,163,571 Funds Unrestrlcted fund 3,246,765 3,163,571 The financial statements on pages 10 to 18 were approved by the Trustee on 06 7vNE Ao25 were signed on its behalf by.. and Jonathon Baker Director Katharine Finn Dlrector
The Roger Newport Foundation Principal accounting policies Basis of preparation The financial statements have been prepared under the historical cost convention, modified by the revaluation of fixed asset investments, and in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). The accounting policies that the charity has adopted to determine Ihe amounts included in respect of material items shown in the balance sheet and also lo determine the income and expenditure have been applied consistently in the current and preceding year and are shown below. The Roger Newport Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless olherwise slated in the relevant accounting policy. Golng Concern The financial slalements have been prepared on a going concern basis which the Trustees consider to be appropriale for the following reasons. The business model of the charily is such that ils charitable activilies are limited lo those which il has sufficient funds lo support from the excess of funding received over the costs of administering the charity. The charity has specific bursary commitments which it has sufficient cash to cover, bul no other committed costs beyond its fixed costs of operation which are detailed in notes 2 and 3. The Trustees have reviewed the cash flow forecasts for 2 period 12 months from the dale of approval of these financial slalemenls which indicate that the charity will have sufficient funds to meet its liabilities as they fall due for that period. The Trustees have also Considered various downside scenarios on these cash flow forecasts and consider that as a result of its operating model explained above, even if no further funding is received in the 12-monlh period, the charity has sufficient cash reseNes to pay all committed costs. Consequently, the Trustee is confident that the charity will have sufficient funds lo continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. Crltlcal accountlng Judgements and key sources of estimation uncertainty In applying the charity's accounting policies, the Trustee is required to make judgements, estimates and assumptions about the carrying amounls of assets and liabilities that are nol readily apparent from other sources. Actual results may differ from these estimates. Incomlng resources Investment income is included in the statement of financial activities when the charity is entitled lo the income, receipt is probable, and it can be quantified with reasonable certainly. Residuary legacies are recognised as receivable once probate has been granted provided thal sufficient information has been received to enable valuation of the charity's entitlement. Other income is credited lo the statement of financial activities on a receivable basis. Expenditure (a) All expenditure is accounted for on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenses. (b) Charitable donations, including supporting adminislralion costs, relate to the dislribulions made or approved to the Collegiate School as detailed ir) the objects of the Foundation. (c) Governance costs relate lo the strategic management of the charity's assets, and compliance with constitutional and statutory requirements. 12
The Roger Newport Foundation Principal accounting policies (continued) Irrecoverable VAT Any irrecoverable VAT is charged to the stalernent of financial activilies or capitalised as parl of the asset where appropriate. Fund accountlng Legacies 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 sheet dale. This is in accordance with FRS 102. The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the period. Cash flow statement A slalement of cash flows has not been prepared as the charity has taken advantage of the exemption available in the SORP for smaller charities. Taxation The Roger Newport Foundation is a registered charity and as such tax exemption applies to the income arising from and expended on charitable activities and to its investment income and gains. 13
The Roger Newport Foundation Notes to the financial statements for the year ended 31 December 2024 Incoming resources 2024 2023 Investment Income Dividends 81,504 92,182 2,207 94,389 Bank interest 6,286 87,790 Analysis of costs of charltable activities Dlrect costs Support costs 2024 2023 Collegiate School 119,376 1,886 121,262 121,976 All support costs have been allocated lo one charitable activity (advancement of education). The Foundation has no employees and no staff costs (2023.. nil). A recharge is made by the Society of Merchant Venturers for staff time as disclosed in note 11. Other costs 2024 2023 Independenl Examiner Fee Insurance 1,800 86 1,994 80 1,886 2,074 The Independenl examiner fee excluding irrecoverable VAT was £1,500 for 2024 (2023.. £1,662). 14
The Roger Newport Foundation Notes to the financial statements for the year ended 31 December 2024 Fixed asset investments Listed Investments Total Cash Investments Cost As al 1 January 2024 Additions 2,474,363 3,436,105 {2,954,420} 2,956,048 5,047 2,479,410 37,973 3,474,078 (2,954,420) 2,999,068 Disposals At 31 December 2024 43,020 Revaluations Unrealised gains al l January 2024 Realised in respect of disposal Gain arising on revaluation Unrealised galn8 at 31 December 2024 Market value at 31 December 2024 497,746 (506,8991 125,098 497.746 (506,899) 125,098 115,945 3,071,993 115,945 43,020 3,115,013 Market value al 31 December 2023 2,972,109 5,047 2.977,156 Investments with a bid value of £3,115,013 {2023.' £2,977,156) are managed on behalf of the Roger Newport Foundation by LGT Wealth Management (2023.. Evelyn Partners). The portfolio is spread across distinct classes of investment as follows; Investment assets in the UK 11.8 Investment assets outside the UK 83.6 Investments assets in the UK with global exposure Cash 100.0 5 Debtors: amounts falling due after more than one year 2024 2023 Loan 100,000 100,000 100,000 100,000 The loan was made lo enable the former assistant of the Founder to purchase a properly and will be for the period of her lifetime. The loan is interest free and secured against the property and was made with agreemenl from the Charity Commission and the Founder's family. 15
The Roger Newport Foundation Notes to the financial statements for the year ended 31 December 2024 6 Creditors: amounts falling due within one year 2024 2023 Collegiate School Other creditors 80,851 6,582 29,555 1,800 87,433 31,355 7 Creditors: amounts falling due after more than one year 2024 2023 Collegiate School 80,477 64,458 8 Movement in Unrestricted Funds Unreslricled funds comprise those funds which the Trustee is free lo use in accordance wlth the Charitable objects. These include all assets and liabilities of the charity. Balance at 1 January 2024 Balance at 31 December 2024 Investment Gains Income Expenditure Unrestricted funds 3,163,571 87,790 {141,315) 136,719 3,246,785 9 Trustee's remuneration No director of SMV Trustee 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 conlract with the Foundation during the year (2023.. £nil). 10 Related Party Transactions All the Directors of SMV Trustee Company Ltd are members of the Society of Merchant Venturers Standing Committee. The Sociely of Merchant Venturers charged £4,691 (2023.. £4,510) to the charity as a reallocation of salaries of which £nil was outstanding at 31 December 2024 {2023'. £nil). 11 Connected organisations Collegiate School, Bristol is a connected organisation, with governor nomination rights from Ihe Society of Merchanl Venturers. Collegiate School, Bristol can be contacted at Bell Hill, Stapleton. Bristol, BS16 18J. 16