REGISTERED CHARITY NUMBER: 1092145
Report of the Trustees and
Financial Statements
for the Year Ended 5 April 2025
for
The Netherby Trust
The Netherby Trust
Contents of the Financial Statements for the Year Ended 5 April 2025
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Report of the Independent Auditors | 4 | to | 6 |
| Statement of Financial Activities | 7 | ||
| Balance Sheet | 8 | ||
| Cash Flow Statement | 9 | ||
| Notes to the Financial Statements | 11 | to | 17 |
The Netherby Trust
Report of the Trustees for the Year Ended 5 April 2025
The trustees present their report and accounts for the year ended 5 April 2025.
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) and the Charities Act 2011.
OBJECTIVES AND ACTIVITIES
Objectives and aims
To make donations to deserving causes in the local area and other deserving causes.
Significant activities
During the year under review the charity made donations of £996,786 (2024: £561,896) to keep up the tradition of significant donations. The charity donated primarily to local charities, supporting causes that align with the charities key beliefs.
Public benefit
The Trustees have paid due regard to public benefit guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
Grantmaking
All requests for grants and donations are considered by the trustees.
Volunteers
The charity does not have any volunteers.
ACHIEVEMENTS AND PERFORMANCE
Charitable activities
The gross incoming resources from investments for the year amounted to £18,657 (2024: £218,323) attributed to general reserves.
The charity received donations totalling £Nil (2024: £Nil) and made donations of £983,588 (2024: £548,753) in the year across 24 donations.
Investment performance
During the year the charity's investments decreased in value by £835,461 (2024: Increase of £541,438). This follows the movement in stock markets in March 2025.
FINANCIAL REVIEW
Principal funding sources
The charity receives funding from investment income and donations that are made by them.
Investment policy and objectives
The trustees meet with the Investment Advisors on a 6 monthly basis. The balance of the portfolio is discussed and adjusted based on current and anticipated market conditions. The allocation of the investments aim to provide protection against inflation and capital growth in majority of the funds together with providing liquidity for possible donations as they arise.
Reserves policy
The general reserves may be put to the general purpose of the charity as defined in the Declaration of Trust dated 14th December 2001.
It is the policy of the charity that general funds that have not been designated for a specific use should be maintained at a level equivalent to approximately one year's expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in incoming resources they will be able to continue the charity's current activities while consideration is given to ways in which additional income may be raised.
The unrestricted fund is topped up from designated fund when required to meet donations.
The Trustees have cash and facilities in place to ensure that general reserves meet 6-12 months expenditure.
Going concern
The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern.The Trustees maintain sufficient liquid funds to meet anticipated donations for the next 12 months.
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The Netherby Trust
Report of the Trustees for the Year Ended 5 April 2025
FUTURE PLANS
The trustees continue to look for worthwhile causes to make donations. The trustees are actively talking to a number of local organisations about projects where The Netherby Trust may assist.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The trust is governed by a declaration of trust adopted on the 14th December 2001.
Organisational structure
The trust has nine trustees. The trustees meet formally on a regular basis to review requests for donations and document these decisions. The charity obtains a number of recommendations from the Community Foundation for Surrey (CFS) which are then made from the funds allocated to CFS on an annual basis. All proposals are fully discussed and appraised by the Trustees before donations are made.
Where appropriate other donations may be made following an email being sent to all trustees asking for support for a particular donation that cannot wait until the next meeting.
Induction and training of new trustees
Any new trustees will undergo an induction to clarify their duties and responsibilities. Trustees recognise the need for training and most trustees receive training through their other positions held.
Wider network
The trustees promote the charity through local, national and international contacts.
Related parties
The accounts include a charge of £4,980 (2024: £4,194) for the preparation of the accounts by Williams & Co Chartered Accountants, of whom M Williams is partner. There is no charge for his duties as a trustee.
Risk management
The trustees review the strategic risks that the charity might face on a regular basis and periodically review systems and controls that are in place to mitigate those risks.
The trustees involved with the investments meet every 6 months to discuss the portfolio. Regular reports are received from the investment managers. The Trustees have reviewed the status of the Investment Managers together with their authorisation with the FCA.
The charity has substantial wealth and the Trustees are looking to the longer term to ensure the fund maintains its true value. Therefore a mixed portfolio of investments is maintained to meet this objective.
Trustees meet every 6 months to review requests for donations. Other donations are restricted to small (under £500) donations by the Chairman. Donations are still made by cheque and two signatures are required on all cheques issued.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1092145
Principal address
Merstham Lodge Harps Oak Lane Merstham Surrey RH1 3AN
Trustees
G J Williams CA R A Williams M Williams FCA N J Williams Miss S J Williams Mrs K Walton Mrs S Chrysanthou B Williams G Williams
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The Netherby Trust
Report of the Trustees for the Year Ended 5 April 2025
REFERENCE AND ADMINISTRATIVE DETAILS Auditors
Richard Place Dobson Services Limited Statutory Auditors 1-7 Station Road Crawley West Sussex RH10 1HT
COMMENCEMENT OF ACTIVITIES
The trust started on 14th December 2001.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business;
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................
G J Williams CA - Trustee
Page 3
Report of the Independent Auditors to the Trustees of The Netherby Trust
Opinion
We have audited the financial statements of The Netherby Trust (the 'charity') for the year ended 5 April 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 5 April 2025 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Page 4
Report of the Independent Auditors to the Trustees of The Netherby Trust
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.
In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatements due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.
However it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud, the audit engagement team made enquiries of management, and those charged with governance, regarding the procedures relating to identifying, evaluating and complying with;
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laws and regulations and whether they were aware of any instances of non-compliance;
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detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
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the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;
As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, General Data Protection Regulations, Charities Act 2011 and the Charities Statement of Recommended Practice. We performed audit procedures to detect non-compliance, which may have a material impact on the financial statements. These included reviewing financial statement disclosures and evaluating advice received from external advisors. There were no significant laws and regulations we deemed as having an indirect impact on the financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the rationale in relation to any significant, unusual transactions and transactions entered into outside of the normal course of business.
Valuation and existence of investments was also considered a significant risk. Audit procedures performed on investments included but was not limited to; obtaining the Investment valuation report from the Investment manager; Obtaining confirmation of title resting with the charity of the investments; Testing a sample of the investment valuations at the year end; Checking the internal controls and qualifications of the investment manager.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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Report of the Independent Auditors to the Trustees of The Netherby Trust
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Richard Place Dobson Services Limited Statutory Auditors 1-7 Station Road Crawley West Sussex RH10 1HT 28 November 2025 Date: .............................................
Richard Place Dobson Services Limited are eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Richard Place Dobson Services Limited
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The Netherby Trust
Statement of Financial Activities for the Year Ended 5 April 2025
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 Other income 3 Total EXPENDITURE ON Raising funds 4 Charitable activities 5 Donations Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Transfers between funds 11 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 18,657 - 18,657 4,425 996,786 1,001,211 - (982,554) 796,156 (186,398) 199,607 13,209 |
Designated fund £ - 1,047,274 1,047,274 - - - (835,462) 211,812 (796,156) (584,344) 14,791,621 14,207,277 |
2025 Total funds £ 18,657 1,047,274 1,065,931 4,425 996,786 1,001,211 (835,462) (770,742) - (770,742) 14,991,228 14,220,486 |
2024 Total funds £ 218,323 156,672 |
|---|---|---|---|---|
| 374,995 | ||||
| 6,010 561,896 |
||||
| 567,906 | ||||
| 541,438 | ||||
| 348,527 - |
||||
| 348,527 14,642,701 |
||||
| 14,991,228 |
The notes form part of these financial statements
Page 7
The Netherby Trust
Balance Sheet 5 April 2025
| 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Designated | Designated Total |
Total | ||||
| fund | fund | fund | fund | funds | funds | ||
| Notes | £ | £ | £ | £ | |||
| FIXED ASSETS | |||||||
| Investments | 9 | - | 14,184,365 | 14,184,365 | 14,776,635 | ||
| CURRENT ASSETS | |||||||
| Cash at bank | 20,073 | 22,912 | 42,985 | 221,457 | |||
| CREDITORS | |||||||
| Amounts falling due within one year | 10 | (6,864) | - | (6,864) | (6,864) | ||
| NET CURRENT ASSETS | 13,209 | 22,912 | 36,121 | 214,593 | |||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 13,209 | 14,207,277 | 14,220,486 | 14,991,228 | |||
| NET ASSETS | 13,209 | 14,207,277 | 14,220,486 | 14,991,228 | |||
| FUNDS | 11 | ||||||
| Unrestricted funds: | |||||||
| General fund | 13,209 | 199,607 | |||||
| Designated fund | 14,207,277 | 14,791,621 | |||||
| 14,220,486 | 14,991,228 | ||||||
| TOTAL FUNDS | 14,220,486 | 14,991,228 |
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 28 November 2025
............................................. G J Williams CA - Trustee
............................................. M Williams FCA - Trustee
The notes form part of these financial statements
Page 8
The Netherby Trust
Cash Flow Statement for the Year Ended 5 April 2025
| Notes Cash flows from operating activities Cash generated from operations 14 Net cash used in operating activities Cash flows from investing activities Purchase of fixed asset investments Proceeds from sale of fixed asset investments Net cash (used in)/provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2025 £ 1,588,622 1,588,622 (1,767,094) (1,767,094) (178,472) 221,457 42,985 |
2024 £ (17,572) (17,572) (212,589) (212,589) (230,161) 451,618 221,457 |
|---|---|---|
The notes form part of these financial statements
Page 9
The Netherby Trust
Notes to the Financial Statements for the Year Ended 5 April 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard (FRS 102) (effective 1 January 2019) and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
The functional currency of the Charity is considered to be pounds sterling because that is the currency of primary economic environment in which the Charity operate. The financial statements are presented in pounds sterling. Monetary amounts in these financial statements are rounded to the nearest whole £1.
Income
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Donations of shares are recognised when the shares are legally transferred to the charity and at the market value at the date of transfer.
Investment income which includes dividends received, other listed investment income and interest receivable is included in the statement of financial activities in the year in which it is receivable.
Other income is the gain on sale of investments and is recognised once the charity has entitlement to the income.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
The cost of raising funds consists of investment management fees.
Governance costs
Support costs incurred in meeting the legal and statutory requirements of the charity and are detailed in note 5. All support costs are allocated to the one charitable activity identified.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
The trustees have designated certain unrestricted reserves as the Investment Fund. This fund represents the trustees have earmarked them to be retained for long-
Funds may be drawn from the Investment Fund when required to meet charitable donations or other expenditure -term strategy
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Going concern
Forecasts show that the Charity can meet its obligations as they fall due for at least twelve months from the date of approval of the financial statements, and thus the Trustees consider it appropriate to prepare the financial statements on the going concern basis.
The charity is well equipped to deal with most situations with the group having a strong bank balance and low borrowing levels but there are risks to the business that remain depending on the ongoing government actions
Fixed asset investments
Investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposal during the year.
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The Netherby Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
1. ACCOUNTING POLICIES - continued
Debtors
Debtors are recognised at the settlement amount due.
Creditors
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Financial Instruments
The only financial instruments that the charity enters into relate to investments as advised by the Investment Managers. These are reported in the accounts at market value at the year end.
Accounting estimates and key critical accounting judgements
The charity, while significant in size, operates without complexity. Apart from immaterial accruals, no accounting estimates are required. Investments are measured at fair value, based on market prices that reflect prevailing conditions in publicly traded markets. No other critical accounting judgements have been applied in the preparation of these accounts.
2. INVESTMENT INCOME
| Dividends received Deposit account interest 3. OTHER INCOME Gain on sale of investments 4. RAISING FUNDS Investment management costs Portfolio management 5. CHARITABLE ACTIVITIES COSTS Donations |
Direct Costs £ 983,588 |
2025 £ 16,519 2,138 18,657 2025 £ 1,047,274 2025 £ 4,425 Support costs (see note 6) £ 13,198 |
2024 £ 216,114 2,209 |
|
|---|---|---|---|---|
| 218,323 | ||||
| 2024 £ 156,672 |
||||
| 2024 £ 6,010 Totals £ 996,786 |
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The Netherby Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
6. SUPPORT COSTS
| Donations Support costs, included in the above, are as follows: Bank charges Foreign exchange gain/(loss) Auditors' remuneration Accountancy and legal fees |
Finance £ 25 |
Governance Other costs £ £ 4,000 9,173 2025 Donations £ 25 4,000 4,980 4,193 13,198 |
Totals £ 13,198 2024 Total activities £ 75 4,338 4,536 4,194 13,143 |
|---|---|---|---|
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2025 nor for the year ended 5 April 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2025 nor for the year ended 5 April 2024.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Investment income Other income Total EXPENDITURE ON Raising funds Charitable activities Donations Total Net gains on investments NET INCOME/(EXPENDITURE) Transfers between funds Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 218,323 - 218,323 6,010 561,896 567,906 - (349,583) 194,186 (155,397) 355,004 199,607 |
Designated fund £ - 156,672 156,672 - - - 541,438 698,110 (194,186) 503,924 14,287,697 14,791,621 |
Total funds £ 218,323 156,672 |
|---|---|---|---|
| 374,995 | |||
| 6,010 561,896 |
|||
| 567,906 | |||
| 541,438 | |||
| 348,527 - |
|||
| 348,527 14,642,701 |
|||
| 14,991,228 |
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The Netherby Trust
Notes to the Financial Statements - continued
for the Year Ended 5 April 2025
9. FIXED ASSET INVESTMENTS
| MARKET VALUE At 6 April 2024 Additions Disposals Revaluations At 5 April 2025 NET BOOK VALUE At 5 April 2025 At 5 April 2024 |
Listed investments £ 14,776,635 1,767,094 (1,523,903) (835,461) 14,184,365 14,184,365 14,776,635 |
|---|---|
Investments are managed by Investment Managers in the UK. However some underlying investments may be overseas and denominated in foreign currencies. Fixed asset investment split is as follows:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Equities | 639,196 | 535,547 |
| Hedge funds | 12,276,059 | 13,230,988 |
| Private Equity | 542,400 | 941,120 |
| Short term | 726,710 | 68,979 |
| TOTAL | 14,184,365 | 14,776,634 |
The investment represents portfolios held with Pictet
Investments in excess of 5% of the total are: Bryn Siriol Fund £12,276,059 (2024: £13,230,988).
Cost or valuation at 5 April 2025 is represented by:
| Valuation in 2025 Cost |
Listed investments £ (592,269) 14,776,634 14,184,365 |
|---|---|
The original cost of the investments was £14,776,634 (2024: £14,197,946).
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The Netherby Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors MOVEMENT IN FUNDS Unrestricted funds General fund Designated fund TOTAL FUNDS |
At 6.4.24 £ 199,607 14,791,621 14,991,228 14,991,228 |
Net movement in funds £ (982,554) 211,812 (770,742) (770,742) |
2025 £ 6,864 Transfers between funds £ 796,156 (796,156) - - |
2024 £ 6,864 At 5.4.25 £ 13,209 14,207,277 14,220,486 14,220,486 |
|---|---|---|---|---|
11. MOVEMENT IN FUNDS
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Designated fund TOTAL FUNDS |
Incoming resources £ 18,657 1,047,274 1,065,931 1,065,931 |
Resources expended £ (1,001,211) - (1,001,211) (1,001,211) |
Gains and losses £ - (835,462) (835,462) (835,462) |
Movement in funds £ (982,554) 211,812 (770,742) (770,742) |
|---|---|---|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund Designated fund TOTAL FUNDS |
At 6.4.23 £ 355,004 14,287,697 14,642,701 14,642,701 |
Net movement in funds £ (349,583) 698,110 348,527 348,527 |
Transfers between funds £ 194,186 (194,186) - - |
At 5.4.24 £ 199,607 14,791,621 14,991,228 14,991,228 |
|---|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Designated fund TOTAL FUNDS |
Incoming resources £ 218,323 156,672 374,995 374,995 |
Resources expended £ (567,906) - (567,906) (567,906) |
Gains and Movement losses in funds £ £ - (349,583) 541,438 698,110 541,438 348,527 541,438 348,527 |
|---|---|---|---|
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The Netherby Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
11. MOVEMENT IN FUNDS - continued
The designated fund represents funds invested by the trustees from which the investment income is generated and spent annually on pursuing the charitable objectives of the Trust.
Included within the designated fund is £592,270 (2024: £578,689 unrealised gains) loss on investments.
12. OTHER FINANCIAL COMMITMENTS
Other financial commitments made at the year end date were as follows:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| My Names Doddy - MND Research | - | 100,000 |
| The Fore | 300,000 | - |
| Reigate College | - | 25,000 |
| The Listening Place | 160,434 | - |
| St Catherine's Hospice | 100,000 | - |
| SparkFish | 13,000 | 26,000 |
| Delight | - | 30,000 |
| Blue Smile Project | - | 25,000 |
| Furzefield School - Home School Link Worker | 26,000 | 51,796 |
| Furzefield School - Red Oak Family Centre | 25,000 | 50,000 |
| Joss Searchlight | 2,500 | 5,000 |
| GASP | 13,056 | 26,112 |
| Merstham Community Facility Trust | 36,897 | 73,794 |
| The Fore | - | 120,000 |
| The Listening Place | - | 237,459 |
| The Ryan Nero Therapy Centre | 4,756 | 9,512 |
| Welcare -Support worker | 70,000 | - |
13. RELATED PARTY DISCLOSURES
The accounts include a charge of £4,193 (2024: £4,194) for the preparation of the accounts by Williams & Co Epsom LLP, Chartered Accountants, of whom M Williams is a Partner. There is no charge for his duties as a trustee.
Donations were made to charities where trustees were also involved with other charities or organisations as follows:
G J Williams :-
- Community Foundations for Surrey £404,202 (2024: £80,600)
14. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Losses/(gain) on investments Profit on disposal of fixed assets Net cash used in operations |
2025 £ (770,742) 835,462 1,523,903 1,588,622 |
2024 £ 348,527 (541,438) 175,339 (17,572) |
|---|---|---|
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