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
resOUr￿S 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