,, 4185 th ANNIVERSARY 1839- 2024 1839 2024 2024 Annual Report NewslrAide The helping hand of the Newstrade
Contents pali.ons & ()t"fic'ers Board or 'I"ru&ilL'L's 2 Patron5, Off icers and Trustees Patron: The Viscount Rothermere Chair Tracy O'sullivan IDistributionl 3 Our Objects. Mission and Aims President David Dinsrnore John Bardsley (Distribuiionl (appointed April 20241 Colin Fletcher IRetaill Parin Gohi I (Publishing) Adrian Hughes IDi5Eribulionl Ingrid Jones (Distribution) Shaun Jones (Publishing) Grant Jordan (Wholesale) Surjit Khunkhun (Retaill lappoinied Sepiernber 20241 Paul Latham (Wholesalel Mike Mirams (Publishing) Mylene Sylvestre (Publishing) Richard Webb Iwholesalel 4 Committees and Almoners (Welfare Volunteers) Chief Executive Officer: Neiljagger Operations Dirertor Tom Rodger 5. Welcome from the Chair and CEO Finance Director: Laura Grice 6 Achievements and Performance Engagement & Communications Manager & EA to the CEO: Lindsay Rule An eventful year for NewstrAid 10 Financial Review Welfare Manager. Katie Babooram 12 Risk Management 13 Objectives for 2025 14 Structure, Governance and Management 16 Trustees, Responsibilities Statement Deputy Welfare Manager: Frankie Gabbani-stokeld l.eual .Ind .Idniinisiratll-L l)elail4i Welfare & Benefits Officer: Georgia Cannon Auditors Alvryns LLP Crown House 151 High Road, Loughton Essex IG104LG Welfare & Administration Assistant: Joanne Willis 17 Independent Auditorfs Report 19 Statement of Financial Activities Solicitors Withers LLP 20 Old Bailey London EC4M 7EG Vice-Presidents". David Mackay Rupert Murdoch AC 20 Balance Sheet Investment Fund Managers Rathbone Investment Management Ltd 30 Gresham Street London EC2V 7QN 21 Statement of Cash Flows 22 Notes to the Financial Statements Bankers Barclay5 Bank PIC 1 Churchill Place London E14 5HP
Oiir Objects, Imission and Aims OBJECTS To relieve persons who are in conditions of need or hardship.. and to relieve the distress caused thereby through the provision of welfare for persons who are. or have been, employed in the selling and distribution of newspapers, magazines and periodicals ('The Trade") in the United Kingdom. including their immediate family and dependants. Engagement sh311 normally have been for a minimum of five years for the award of regular benefits but may be less for other grants and services. MISSION To generate sustainable incomes to enable the charity to provide welfare to qualifying beneficiaries and 10 distribute those funds in ways which deliver the best value support in the context of rigorous governance. AIM To provide welfare for persons who are, or have been, employed in the selling and distribution of newspapers and magazines in the UK. including their immediate family and dependants. who are in hardship or distress. We aim to achieve this b),: Providing Welfare Support One-off financial grants, long-term financial support, mental health support and other assistance Advice and Signposting Befriending services Raising Awareness Industry engagement Trade partnerships Running events 2024Annual Report
Committees & Almoners (Welfare Volunteers) Welfare Committee Almoners Renamed Welfare Volunteers in April 2024 Sue Abbott Peter Mcclurg Sally Bardsley Pauline McDonnell Elizabeth Bayley o'oined ALtg 241 Ryan Michael (joined Oct 24) Graham Bennett Anne Mitchelson Iresiglled Mar 241 Mike Bowker Ray Monelle Andrew Boyd Alan Mottram-Playfoot John Bradshaw Andrew Munro Jacqui Broadbridge John Musselwhite (resigned Nov241 Robert Broadley lan Naylor Mike Buckmaster Jean Neill Richard Burke Jeremy Parfect Nick Carling Alan Pemberton John Chapman Farhad Pezhman Ken Chapman Tony Pink Elaine Cleary (Joined Sept 24) David Piper Alan Cocklin Lidia Popa ts'oined Oct 24) Trevor Collier Darren Powell Phyllis Corner Tim Prideaux Carole Crocker Kevin Rance Annette Dodds Craig Reynolds Colin Duke Tom Rodger Mary Field Vera Seaman Colin Fleicher Chris Shuttleworth Wayne Foster Iresignedjan 241 Terry Skipsey Judy Frumin Roddy Smith Paul Goodall Christine Southern (resigned Feb 241 Graham Hales Nick Southern (resigned Feb 241 Charles Harness (resigned Mar 24) Darren Taylor (resigned Apr 241 David Holliday (resigned May 241 Emma Thomas (joined Sept241 Mike Hopkins (resigned Nov 24) Don Thompson Adam Jones (resigned Ocr 24) Alex van Straubenzee -It always gives Ingridjones John Walsh me a boost when Kevinjones Mike Walsh Grant Keogh Iresigned Feb 24) Cathywatkins ts'oined Dec 241 the regular benefit Simon Kirkham Gill Webb paymentgoes into my I Paul Latham Jeff White account, almost like Scott Lister Kevin Whitehead taking a big breath in Martin Manuel Sam Whiteside Dave Martin ond reloxl l always tell Graham Willows Ideceasedl Pat Mayall Esther Winn (J'oined Au8 241 myself how lucty l am David Winn to hove that support." Ingrid Jones- Chairwoman Sam Whiteside- Vice Chairman Alan Cocklin Colin Duke Mary Field David Hall Martin Manuel Jean Neill Darren Powell Terry Skipsey Mylene Sylvestre Investment Committee Adrian Hughes - Chairman Claire Blunt Parin Gohil Laura Grice Mike Newman Alex van Straubenzee 2024 Annual Report
Welcome from the Lhair and CEO ,, 2024 marked the 185th anniversary of NewstrAid. and we are immensely proud to upholdthelegacyof Charles Dickens and our other founders. in supporting colleagues across the newstrade. both past and present. To commemorate this milestone. vie organised a series of initiatives. including a special thank-you lunch to reco8nise the tireless efforts of our Welfare Volunteers. a Christmas hamper for all our regular beneficiaries and a number of other birthday activities throughout the year. During 2024, we pro'iided vital support 10 nearly 1.600 individuals from the rerail, publishing, whjlesale, and sJpply chain sertors, wilh l 11 ot those benefiting from New.%LrAid for Ilie Iiisl lime. Irb luLal. benefi:ia,ry (uoport cosls reaohed £816,000. 4185 th ANNIVERSARY 1839.2024 At Iheir management conference, Ncwsteam held a raffle among rne delegates, raising'unds for NewstrAid. Aod lionally, Econoprint was awi4roed our third Excelleyce ATAia.'d in recogniiion of their ouisianding 5uoport in Ihe design and production of OLJr markeiing materials. SJpport for retailers remains a cornersione of ew5;rAid's mission and tIiiou21) our renrarded Reiailer Support Scheme, we awarded £iO.000 to l 12 retailers and their siaff. This iniliative received ge_nerous advenising_supporr from Ner(1de MeJia, T..ie Ped, anc Asian Tr-ader, to iwhom we exLend oui Sincere gra-i-.de. The NewstrAid ieam also aicended a nurrbe., or r.ade 5hov¢s and retail resrivals during the year, and it Was Iruly gratifying to hear firsthand the warriiiki aiid affec.,,o.4 wit which reiailers regard Ihc iliaricy. In conclusion, a heartfe.t thank you to all Ihe companies anc .Oci1duals who have supportec NewstrAid In P024. YoLJr geqerosily has enaDled us to assist even more iewsirade colleagues a- the :imes they need il most. We are also deeply grareful to our deo icated wolunteer etworK including Ihe Area Comiiil(ees, Welfare v01JnIPer5. Invesimenl arid Ve1-are Committees, and I rJstce Board meTbcrs, w0 all seneroLS',y sive their i.Tre 10 supporc Newsr". 3r,d, mo". e .mpoitanLly, our bpgeficiaries. NewstrAid's support goe.s op.yond financ'.al asS1Slance. anc we saw an increase in the number ot people accessing our online Wellbeing Suite. Delivered In artncr5hip with Spertrum Life. the iulte offers 24 hoijr sJppori for thnse facing emotiori(Jl chal..enge5. as well a£ guidance for improving overall v4ellbeir18_ Finally. 2 spec al t,Tr2iks tc tie NewstrA.d team in Bisnop's S:ortforc loi their uii'lvc'ierifig commitmeni in ersu-.ng ihi, =lThari:y coTtIPJQS to tk,rive, aelivering first- class service :. o oJr benefic aries. The help NewsrrAid receives from our indu51ry partners Is crucial LO our success. Me'nzie5 D stribui on spearheaded a retail recruirmeni drive, resLJI-ing in 831 retailers Joining our regional lotrery and charitable donation programmes. In addition. Meozies Distribution, Tindle Newspapers and DC Thorrsor )ade 8enerous corpor31e donations. Looking ahead to 2025, we remain committed to en5urircT our suppori siays relevant, and we will continJe sirjwng tc helD as many colleagues as possiole. Tracy O'sullivan. Chair and Neil Jagger, CEO A determined groLJP of adventurers frow VGrkerforce successfully completed the National 3 Pea challenge, rGisirg £5,000 for NewstrAid. This follows the r Yorkshire 3 Peaks Walk in 2023, and we pow eagerly await to see what their 2025 challenge w11 be. In ddditiori, we saw twenty teams from busir.esses acr055 the Industry take part in our inaugural Sc.avenger HLint. which was a resounding success and will be 'epeaied in 2025. "NewstrAid has been a God send to me and myfamilyfor over 20years and has helped me through difficult times." 2024 Annual Report
Achievements and Performance Achievements against our 4 key objectives for 2024 Increase welfare delivery and protect and improve regular beneficiaries, standard of living. 112 AA The relaunched Retailer Support Scheme generated 112 successful payments to retailers Application portal Lightning Reach increased the pool of ne beneficiaries and accounted for 25% of new applications in 2024 960/0 of regula r beneficiaries were contacted in 2024 either in person or via telephone 'What a lovely surprise when we received the lovely hamperfrom you todayl Itgave u5 such a lovely lift, thank you all ever so much." A Winter fuel top up grant was sent to 87 beneficiaries whose government grant was stopped Christmas hampers were sent to 476 beneficiaries Protect and optimise NewstrAid's income streams. New Corporate Donation packages totalling £60k received from Tindle's, DC Thomson and Menzies Distri bution Over 800 retailers within Menzies wholesale territories were recruited into the lotiery £5k raised by Marketforce's National 3 Peaks Challenge £21k Investments increased by £915k National events and raffles raised over £21k net surplus 2024 Annual Report
Ensure NewstrAid volunteers continue to play a key role. Almoner role renamed Welfare Volunteers 185th Birthday lunch held for our volunteer force 5 Area Committee events organised 'Thanks for chatting with me on the telephoneyou have really comforted me in my difficult time.. 244 regular beneficiaries contacted by our Welfare Volunteers 3 Telephone Volunteers added to the volunteer cohort Work with Stakeholders to maintain and grow engagement with NewstrAid. Lll, 1 Oil participants joined the 185th Birthday Scavenger Hunt Asian Trader and Independent Retail news now how NewstrAid supports the retail trade ',cleo produced highlighting NewstrAid's financial support Trustee Board members appointed NewstrAid attended trade shows, the Fed Conference and Better Retailing Festival Econoprint was awarded a NewstrAid LALriiriii¥ Award. 2024Annual Report
An eventful year for Ni 'ewstr,lid A month-by-month look at our 185th Anniversary year We thoroughly enjoyed meetingvolunteers. beneficiaries. industry colleagues, and partners throughout the year as we celebrated 185 years of supporting the magazine and newspaper industry. Many of our events. including the Lingfield Race Day. Ramsgate Fishing Day. Scottish Curry Nights. and Thames Valley Golf Day, raised more funds than in previous years. Meanwhile. new initiatives such as the Scavenger Hunt and the Welfare Volunteer lunch were well received and are set to become regular fixtures in our calendar. 2024 also saw us receive corporate donations from a number of industry partners. Key highlights during our 185th year include: ESSENTIALS CERTIFIED JANUARY FEBRUARY Flood relief and cold weather supportcampaign runs in the trade press. Corporate donation received from Newsquest. Cyber Essentials adopted to strengthen our measures. Corporate donation received JULY PF lil, The annual Sea Fishing Day organised by the East of England Area Committee involves 5 boats from Ramsgate Harbour and sees the best catch for 6 years (despite the weather!} AUGUST A team from Markerforce take on the National Three Peaks Challenge raising an impressive £SK for the charity. SEPTEMBER NewsTeam conference raises funds and recruits new Welfare Volunteers Marketforce staff presentation and drinks reception helps to recruit new Welfare Volunteers. An anniversary Coffee morning 15 hosted at Old Ben Homes in Seaford. 2024Annual Report
4185 Ih ANNIVERSARY 1839-2024 'Congratulations on your 185 years. Well done for all the good workyou have done and still do, it is very much appreciated. JTV JUNE APRIL MAY Industrywide scavenger hunt involves 20 teams and 100 participants. Almoners renamed aswelfare Volunteers. Lingfield Race Day raises £1.500 more than in 2023. Scottish Area Committee holds their second curry night in Paisley. and Thames Valley Area Committee holds their annual Golf Day in Surrey involving 50 golfers. Corporate donation received from Tindle Newspapers. Retailer support scheme launched to help retailers and their staff. OCTOBER NOVEMBER DECEMBER for Welfare Volunteers takes place in London. 87 additional Ivinter fvel tOP.UP5 provided to pensioner5 missing out on government support. A total of £13K raised through Christmas event5 including the Carol Concert, ACE Lunch and the East of England Christmas lunch. Winter rfjmfort orHryts are distributed to over 3 beneficiaries at a special anniversary rate of £185. 476 Christmas hampers delivered to beneficiaries. 2024 AnnLJal Report
Financial RevieNv The charity received £2.01 m {2023: £1.99m) in income during the year. which exceeded budget expectations by £0.15m. Total expenditure of £1.85m {2023: £1.82ml was in line with budgeL INCOME 2024 £2.01m Budget£1.86m The surplus for the year, after accounting for realised gains on the disposal of investments. w35 £0.10m (2023: £0.17m}. £0.8m greater than budget. EXPENDITURE 2024 £1.85m Budget£1.85m The unrealised gain on the revaluation of investments during the year of £0.74m {2023: £0.43m}. constitutes most of the net increase in funds of £0.84m {2023: £0.60m). SURPLUS 2024 £0.10Tri Budgei £0.02m Where our income came from We do not proactively engage with the public to raise funds and rely on the long-srar,d.ng i elaiionships formed with our industry supporters to continue the worc ol Ile cnar'ty. Income has increasec by 1 % coThpared to13st year due to successful loitery recruitment and new corporate sponsorships. Donitions, events lind t?iftg in kir,d. ro.44m On average, 12.Sk retailers made weekly donatioqs of 40p per week totalling £0.24m12023'. £0.24m} across the year. Donations from retailers were 6% higher than budget due 10 recruiimeni during the. ye.ar. Investment income- £0.43m Invesimeni income was in line witm budget expertations. but 6% lower than lasi year, due to Liming éifferences in income from bonds held. Corporace donations increased for the. second consecutive year lo £0 1 Om12023-. £0.08ml, L4e5e donations dre kindly given by leading newstrade names_ Other donations of £0.01 m {2023= £0.01 m) come from other fundraising initiatives such as the annual raffle held by the Association of Circulation Execuiives (ACE) which supports the children's Christma5 grani and oll)er charities/individuals. £2.01m 12 Ii.ndraising events were held during Ihe year {202_3_' 181 raising £0.06rri before costs {2023'. £0.06m}. 2023.. £1.99ml Gifrs in kind £0.03m12023. £0.03ml relates to free advertising received to promote welfare initiatives. valkned at the cost the charity would havp. been willing to pay for Ihose services, not the markei valbe, in aocordancc with tkie charities SORP. Retailer Donations £0.24m {2023'. £0 ?4ml (2023.. £0.08ml £0.01 rn 12023: £0.01 m) £0.06m12023. £0.06ml £0.03m (2023.. £0.03ml £1.14m12023_' £1.12ml .43rt 12023. £0.4Sm) Corporate donations Oiher donaiions Lottery-£1.14m Tne charity runs 13 lotteiie5 across the couniry and c-nduCLS 148 lottery draws a year. Over 800 new oarticibantS bvere recruited inio the lottery dur.ng 2024 addir.g £0.06m to Ioiiery Income. Eveiils Gifts in kind Lottery Invesiment income 111 2024Annual Report
How we spent our funds We aim to sireamline running cosls to ernsb'e:hat we cay allocate the maximum amouni of fundirg possible to our beneficiaries whilst also complying wilh rigo.'ous governance policies. Direct paymerits to beneficiaries- £0.81m Paymenrs to be.neTiciories have deireased 11) toial value by 2.-396 in the year, however, Ihis is not refleclive ol the total number of payTrenrs, which have iiicre2sed from 2,505 in 2023 to 2,543 i- 024. The average iialue pe.r grant has decreased d.jp to a higher derTldnd lor in the momeni, s.iort tprTr _fiJpi)orl, wliich Is usually of lower valijp. DiJrin8 the year Ihe Charity Iniroduced it5 Retailer £iJoport Schetne, specifically aimed al finding relailer5 l-at need Dur supporr frotn the largest Sector of our i.Idustry. The charity remains committed ro he ping Ils 'e8ular beneficiaries and the nexr benchr)arKing exercise, which will review the relevance anc impact of-.he value of support offered. Is scheduled for 2025. The charity Increased ie8ular benefit oayments by 10% in 2022 and 10% again in 2023. Governance costs- £0.07ni GGverrance cosis hove ;ema.'neo in I ne with previou5 ears due ro e_fforts rrace lo conrrol cos'.s 5ucli a5 .'e-ieqdering lor Ihe .Jnriual audit ard seeking free or Iow-C05t meeEing room h"re. £1.85m 12023. £1.82T.I Costs of raising funds and other income- £O.57m The cost of raisin8 fund5 and other income rr.ost consi5t5 of lottery prizes which represent 2- % of the -otal lottery Income received. A150 ncludec is the cost of se.rling up aiid running furdraising events, i ncluding an apportionment of siaff costs and overl)ead5, a5 well as the corresponding cost LO gifts n kind. Dii ecr Dayments to ere. Iciaries £0.81m12023. £0.83ml Loiiery orizes venr costs 12023.. £0.23ml £0.04m12023." £0.04ml £0.30m12023. £0.28ml Other costs of chariiable acri ILies- £i.40m Staff costs and overheads associated with :haritable activlties such as facilitating welfare payments. voluntppr trainiiig, administration, signJosting a.?d bef riending. Furdraising oiJerhe3ds and staff CO>ts Orher cosis olchariiable £0.40m12023. £0.38ml aciiv r,es Governance cos(s £0.07m {?0?3. 1_0 06ml Investments Our Irive5tmenrs wiere valued at f.14.5m ol lye year-end12023'. z13.6m). Tk,o totral re.tiirr 011 investments during the yearwas 7.08% net of fees12023 - 6.8%), rnade up of income 3.05% 12023- 3.5%) and capital returr. 4.9?%. {2023 3.3%). ITPI See page 14 for furthe.r info"matior) on our Investment Policy. Laiira Grirg Finance Director 2024 Annual Report
Ri,sk,Management The Trustees and Executive Management Team have continued the approach to risk management introduced in 2022. Strategic risks are monitored by the Trustees with Operational Risks managed by the Executive Management team. Tnere are seven strateElC risks and there ha5 been no significant change In the impact or likelihood of these affecting the charity. The. Trustees and Management Team are cor)Tident tnat the measures arid contro15 in place are sufficient to manage the Charity. Item Potential Risk Comment An iqdeper..oen( r-'iek'i ".'as cor.pleied in FeL 24. Tl"e Investmeni manage"i le'4el o,, fe&s and oiiality of servile were rov,ewed and p&i'orr-. arTrie w35 benckmorked ag3insi a cotTIPa'lSO.* Index. -he In)s[Ment managers repDq round no,SSL'es in respect of '.ees or service and coyfirmed that Ihe GertO"T.ance w'as b'oadly In line with our large= and Ilie co.pa..1s0n index. Investment Income Economic volaiiliiy anc/or the m¢rket declines severely affeiing investmeni Income and ifflpaciing irie su5rainability of NewstrAid. Purpose of Charity 5janificanl deLiin(' Iii Iicneficiary numbf'rs, impacting raison d'eire OF NewstrAid. The number ofwelfare payments made has increased year on year wth 2.543 payment5 made In 2024vs 2,505 In 2023. Purpose of Charity The relevance of Ihe charitls actiiij[jes and welfare offer d"minishes. New schemes (Retail Suppari S:heme120241 H,elp for Hobbies 120221 and Ihe l-ost of Living cr.sis Funo120221 coYiir,ue io e.?sure ibai Ine C.arIty reT,ains relevant 10 Ihe individJals in-.ie Irade. Naiioial one-off events also contiriae 10 be supported i.e. Floods. Riois, Vittiims of Reiail Crime. Security and Privacy of Data A breach ol s?c.Iirity or coniralier.tion of legislation. resuliinF, In1055 of data. -ara being compromised or cybeF ransom. Tye_re. have Deen no b."eache5 in 2024. Security matters are conside'ed 31 le.2£r ap.nually wi-i -he -la[15 IT p6rin('.r and a penetr41t- -n iesi carried out o'iery 18 Wi.'(Jr;Ys In rodition, the char.ry Jouepii ar.d ack.eved C_iJe" _55entlols ceflificaiion irTr 202 Action by Regulators l ead'.ng lo1055 of opt Dui method. lQ"ngs Counsel iekiiew in 2024 conrirmed thai the current approath.. io enaagerr..ent sarisfies al, regulatory requirements. Industry Support WTrolesalers withdraw support from tb.e clariry includirig a change of 0r£hip siruciure. VrfholesG'er< live secured oublisier ccriracis tliroigh to 028 -3p0 hoih arts r?Lrf u.ng diver51f cation sirategies to ensure iL.St3ifsJ,liiy- Industry Decline Material decline in support for Ilie charity. -. he charity remains relevant across rhe ineusrry as ev1denced by Ihe increase in support. 2024Annual Repon
Objectives for 2025 Increasewelfare delivery offer and protect and improve regular benefickrie< standard af INin& coniin.ue ro Duild on Ihe early 5CCesS of Ihe Reiailei. Suoporr Scl leie Re-Iii'/igoi'aie WellbeiftlT oifei'ing by iai-oeiino deinooi'?.pliii gi"OLJPS willi i-elevani and iirr&e messaging Rlievy Eiiid i)eiichffi,41"k" i eDLJl<)I' beneliiiary paiiniLJnts io en>UI c Ilioy ai"t &iPIJI"OI)I'l<llL.lL.I1nSl IOL iun'ci)I econorri,'( l),likili'ci) 11)41n1& Ihe ptJ(!I lil ijl)léllll<)I ripplii--11)1s Ihrouvfi '8e of the Lighiniiig Reacli poriol Review iniernal prccesses and recoi)Imeiid chaIL 10 l ifoiessLi al)Il S¢>ion)s iliijl will del191. elleciive chanse5 10 ihe Wellire oi"lei' Ensure NewstrAid volunteers ntinue to play a key role EncoLE'. ¥ge Welfare Ilolunieers 10 ielephon.e Denericiaries Oulside of ip.eir 3rea and onboard rie ielepr,one volun(eefS ltriplemeni or.line Ir31ning resource 10 taciliiaie Welfai-e l/olunieer induciion Hola K'ellai'e VolJfi(eer ILJnihes and online di-op-ifi sessions 10 intain engagemeni Protect and optimlse NewstrAids income streams Work with stakeholders to continue and grow engagement with NewstrAid Reneiv exisiino ond Iniroduce ne¥y ccrporaie donors C¢rr51 oul re13iler recrilitmeni crpies 10 join reoional Ioiieries In Smiins I,le,Ns (erriiorie> Incre3se loitery eniry fees in appropriate ierriiories anage invesifi ieni income arTd reserves io ensure susiain3biliry of Ihe Chari, Eno-oe wrn Turthef trace maua-. ineslweD5ites 10 prom.o;e ajid marKei whal Nev..scrAid does and che 5dpport li provides Attend additional retail trade evenis and Fed District meeiings Gain invofvemeni from more companies in Ihe Sca.ie.iLTer liL,ni EnsJfe Ihe SLEpoori thar Nev5[r'd provides is ccmmL'n%C3:.ecl EO releiiani eniplo}ees of st3keliolder companies ConiinL'.e 10 harness rhe goorjwjll and SUNJport of Ilie indJsiry a pro dmme of reuular cominihnication 2U24Annual Report l.'I
tructure, GoTr"ernance and Managemenl The Charity The INewsvendors Benevolent and Provident Instiiut"'on was founded in 1839 to grant reliefto members o, the newsgaper industry in London, who reqLJired assis=ance because of infirmity, age or distress. T,e NewsirA"d Benevolent fund, the current name of t-e charity. is Ihe occuparional benevolent furid for the c',rcularior. dis-riDuiion, wliole5dlir)g and ro.tailing seci on of the iiew%Japer and magazine trade Lliruuohoul the Jnited K.ngdom. -1 lie oli(]rity Is widely known as Ne¥vstrAid and lii5 alway_£ been referred to, affectionately. a5 Old Ben. FLhnd. Reporting to Lhe CFO are rie Operaiions D""ector, Finance Director, Ivelfare ljanagei and Engagement &. Commuriicaiions Manager and EA to rhe CEU. A numDer oflhe. T."ustees. former directors and Incusiry colleagues, sit on Ihe Iv40 SIG nd ng iommittees w-ich deil wiik, welfare and Ipvestmeit. The role of the P"esideri is to chair the Ar"nual Cieneral Meeiing of i he .NevisiiAiO Befjevclenr Furd_ The Tru51ees have prp_p8red the repor= and ciolounts tor the. year ended 31 Decembe,- 2024. In 2006, the charily became an incorporaied litnited company and a charity regulated by the Cnarily Commission. The conipany Is e.£tablished unde. Ar.Icles uf Association, which is the Governing Do(umep.i. This report is also a directors, report required by S.41 S ofthe Companies Act 2006. In pr-paring th15 report, tbe direc(0:-5 liave taken -dvaniage (if the small compan es exemp".ions provided by section 415A of the Corrpanies Act 2006, including exemprions noi 10 prepa re a slrategic report. Recruitment & Trainin(r of Trustees The board endeavours to find indiviou'a15 frort. different sections of the newstrade who are willi.gg to siagd as Tr."stees. Potential new Trustees are put foriNaro to the board, who consider how their knowlecge and skills will beiiefiL Ihe curreni makp-up of Ihe board. Voi,.ng is r.arried out bs1 the members present ai Ihe Annual General Meetin& where a ballot takes place. TrLs-ees sere for è period of three years before reiir n8. -' hey may seek re-election for a ffuril)er three-year period. taLh Trusiee must have completed a DisclosL'e and Barring Service check as well as a Decla."ation of Inieresi to avoid any conflict of interesi ano a Automatic Disqualification DeclarJiion. Al Irustees urdergo training from an external orgapi5atiui) of chariiy 5pecidli515 arid new Trusieg_-£ will pe £ubiert io (Jn Induciinn programtne on appointment. The Charity provides Trustee Indemnity Insurance. IniJestment I,lan,7nrrn?nt Tie Invesimeni Committee ffleet twice a year witli the furd mana8er, RathJone InvestTent Management with whom we have a Thanagemeni agreemeni. Invesimcnts are reviewed n the co-tex= of oJr agreed Investment Pol"cy Statemep,= Rattrbones reviews rhe portfolio on an ongo.ng basis and prov.des a quarterly valuation arid reaott 10 Ihe Investmeii: Coyi 1mit.ee memoers, which inclLdes Ihe Finance Director ap,e. the CEO. Trustees are Jpdared at Ihe board meeiing folluwiiig each Investmeni Coinmiltee meeting. Investment Policy The TrLJslees adopt a medium risk irvestment strategy. based on a divers,fied porrfol o. Governance The Board of Trusiees (who are also directors of the chariEable company lor the purpose of conpary law) meets five limes per annum. Four ofthe5e meetin85 involve a review and disiu55iun on finan=e, welfare, fupdraisiiig and markeiing. Thp fifth meeting takes place on the same day as the AGM, in o.der to elect ihe Chair.Tran and Vice Chairman of the board a5 well as electing Lhe members ofvarious commitiees. The board currently nominates up 10 five managirig Trusiees of Olo Ben Homos, an affiliated charity- The objectives stated in our Investment Policy are: To p"odLce [e optimal total return balaqced belween inc0e and caJital To maiitain rhe real capi-.21 value for as long as possible whi15t 8eneraiing 8 sustainable level 01 income to support curre?t charitable activities. To ac4ieve ag annL.aliseo iotal return of CPI plus 3 nei o,. lees, and i-, ,come o,. CPI + 2.5% over tl)e long term. There are currently three I"rusiees who have been on the board for nii)e years or more. A review has Deen conducied, considering the need for Pi OEressive refreshing of tlie boar d, arkd the. Truste.e.s agreed rhat the. experience and industry connections 4eld by Ige three -. rustees was required for the ooard to operate effeciively Tle InvestrrieTrt Policy specifies thai the Investment cO,.t[ee .'s requi-ed to consider Ihe congrJence of Dotential invesimenis witk Ihe aims of the Lharity and c[re..t lJiid gbideliiies p'ever. d reci ..nvesimp.nt in compan.es whic. de-, jiie mo.-e Ihan 20% of their iJriovei-.rom gambling iobaico, poinogrdphy or high ir)tere5L lendir,Ll Managyement Th Chief Execuiive Officer ICE0} is responsible for the day- tcFday rnaNageiNerit of Lhe NewsirAie. Be_np.vole.n-. l? accordance with the pol',cy, an indepeydenr rev.e'N assessing the fund man.3ge¢s performance 14 2024 Annual Rew)rr
is conducted ai Icast evcry 5 years, or earlier if
performance is not In line with ihe objectives Staled
above.
The rfalue of SeICeS provided by volunteers is not
.nclJGed in :he figancial statements in a£:ordance with
Chèrity SORP. All volLnieers arts subject to DisclosLJre
and Ba"r,Ig serv.ce cnecroial
relationships with whclesalers wtr,o collect monies on
our behalf and t.-ose busiyesses urdersiand Ihe need
to proiect the pJblic 3?d nave Iheir own policies to
111.'s effeci w'iioli New51rAid 6enevolen- Fund re.gLJlarly
reviews.
Long-ierm forecasts show thai in 3 years, lime.
retai.er income will have declined 10 an exient where
Investment income can no longer bridge the gap
be-.ween reLailer income arld expendiiure and *he
charity will need to start using free resepjes ;o fund
Cd5h flow.
Criar'tdble expenditure remains high due 10 the
commitmpnt to support Ihose wl)o have previously
wuiked in the industry. as we.11 as tho_£e whn are
currently employed. Expcnditure levels are expec.ed
to decrease over the next 10-15 year£ 4.£ the .ncusiry
continues to contract and free reserves will be usec to
SUDPOrt expenditure durin% that period.
The Charity Is registered with the Fundraising Regulator
e.rher the Charitrj nor any person 3Ctirig on behalt of
Ihe Charit51 Wa5 subject io ay u1de-, ,. aking to be bound
by any volun(ary scheiT)e 'o' "L'8ula:irg fundraisin& or
any volLJnrary standard of fundraising. We reoeived no
lundraising complaints in [.e year.
Free i esepies are £6.5m, which excludes .'esiriLled
a.nc designaied funds arid illiquid asse:5. 5 year
expL'ridilure based on curre.nt e.xpe_ndilure levels,
excluding regular beneficiary payments, 15 £6_4rr. Tne
add tional £0. I m held in free reseNes is considered
app"opri¢te given the current economic sitbation and
he Increasing number of requests for support.
Public Benefit
The Trustees review Ige airr,s, objectives, and activitie.s
of rhe Charily ai l. eli meetings th[0ghOul the year
a.Trd confirm Ilat t-ey have rega-d 10 -.he ChariLy
Commissioii's gL.dai'ce on pJblii bene It In p13nning
future activity and Ihat they have complied '1th their
dL'ly in section 17 of =. ke ch.arities Act 2011 Further
deta,Is of how ike charity nas rulrilled i-.s objects for
-bli( benefil are giver 'n the Ach,evementfi and
Perform3nce 5ertion ofthis repoi.
The charity continues to seek additional ircome
sl'eain5, opportunitie£ for which are rel311elY low given
tne niche nature ol Lhe Ihariry.
Pay Policy for Senior Staff
The management of the charity is the responsiDiIiry
o! Ihe Charitys Trustees, who ionstitute tlie Board of
F)irecior5.
Trustees are noi remuneraied for their I me and
details of Trustee expenses are shoiNn in note 9 0. the
accounrs.
Related. Affiliated or Connected
Parties Old Ben Homes
(Chariry No. 251629)
The pay of Ihe executive management ieam is reviewed
annually by Ihe_ Budget and Reinuner(Itiori Comni-tee
011 the basis of Inflaiion and other relevant factors.
01(J Ben Homes is a separaie cliariiy rugulaipd by
a sclienie of (he Cliarit/ Coiminissiop,er5 on l Oili
Jonuafy 1 CJ67. Ir was iiicorpo., ated 011 7 )th Jaiiuaii
2003 and the scI)eme ap,)ended on l O;II Jliiie
2009.
Donated Services
From tiine-10-tiine Lrade partners donate advertising
space and release social media posts displaying
NewstrAid advertisements free of charge. This
contribution is included in Ihe financial statements,
see r.ote 2, at Ihe rate which woijld have reosoriably
bpeii paid by tlie charity for the services receivec in
(IQQG'rdance wilh Charity SORP.
The NlewsriAid Benevolent Fund api)oin(s urJ to
live ol (lie eleven maan Trustees foi- Old Ben
Homer. eacli bein? fcH- a oei100 ot tl)i-ee siears.
2024 Annual Report 15
Trustees, Responsibilities Statement The Trustees (who are also directors of NewstrAid Benevolent Fund for the purposes of company law) are responsible for preparing the Trustees. Annual Repon and the financial statements in accordance with applicable law and regulation5. Company law require5 the Trustees to p'epare pieparing their accou pts in accordance with the financia I statemenrs for each financia:, year. Under Fiqancial Reporting sian.dard applicable in the UK that law the Trustees have elected to prepare the and Republic of Ireland IF45 1021 {effect.ve J January fi nancial sraiements in accordance with Un tec 20", 51- (Charities SORPI, the .=inancial Reporting Kingdom Generally Accepted Accounting Practice Standard applicable in tli e L K aid Republic of Ireland Iunited Kingdom Accounting Standards 2nd (FRS 102). the Charities and Trusiee Investmer)t applicable lawl, including FRS 102 The Financ131 (Scorlandl Act 200) and the Companies Act 2006. Reporring Standard applicable in the UK and Republic Tiiey are also responsible for safegua'ding the assets of Ireland. Under company law the Trusrees must OT the charitable company and Ihe gi oJp and hence rioL approve tlie financial statements unless they for tak"'-g ."easonable sieps for-he prevenLion and are satisfied that theji give a true and fair view (ieteciion of fraud and other irregJlar.ties. of the Slate of affair5 Of the charitable corrpany and of the incoming resources and applicat".on of esources, including the income and expenditure, of the charitable company for that period. In preporing Ihese financial statemenrs. Ihe Trustees are required 10 so far as each Trustee is aware, there is no relevant audit information of which the charitable companls auditor is unaware-, and the Trustees have taken all the steps that they ought to have taken as Trustee5 in order to make themselves aware of any relevant audit information and to establish that the charitable cotnpanfs auditor is aware of that information. select suitable accounting policies and then apply them consistently,. observe the methods and principles set out in the Charities SORP IFRS 102): The Trusiees are resDonsible for tTe nainte.nance and ..rytegrity of the corporate un,d financial ,ni orr)tsiion included or tne chariiable compan515 website. Legislat on In the United Kingdom governing the prepararion and dissemipaiion of financial statement5 may differ from legislation in orher jurisdict ons. makejudgments and accounting estimates that are reasonable and prudent". state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements: prepare the financial 5tatefflents on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. In p". eparing this repol to the Trustees, who are also Directors, have ta ken advantage of the small comDanies' exemptions provided by section 415A of the Companies Act 2006. The TrusLees are respon51ble for keeping adequaie accounting records that are sufficient to Show and explain the charitable companls transaciions and disclose with reasonable accuracy at any time the financial position of Ihe charitab e company and enable them to ensure that the financial statements have been prepared in accordance wilh 'ACCon:1g and Reporting by Charities.. Staiement of Recommended Practice, applicable to charilies Approved by the board ofTrLJStees on 23rd April 202>. Zird Tracy O'sullivan S gned on behalf ofthe Joard of Trustee5. 16 2024 Annual Report
Independent auditor's report lo the lembers of N'ewstr,4id Benevolent Fund OPINION We 'ove aLJditÈd the financial statemenrs o,. N'ewsirA d Benevolent Fund Iihe'chari16ble COmPdn¥l for Ibe year ended 31 leoember 2024 which cotllpfise the St3(eTren-. of F.nancial Aciiv,iies, the Balance Strieet, the Statetnent uf Cash Flc and ?otes ro the rinancial staicment5, Includin a SJTrTraTr ?f significanr accounlints policies The fIn(la1 repo.lin8 fraMe¥k -.k.ai has been applied in their preparJiion is 8p11(aLle law -d United Kingdoryi Accouniing Siandards, Inclucing Finarrj31 Reporting Siandard 102 The Financial Reporing Sianoaro applicablo In rhe UK and Republic of Ir-land (Uniied Kirgdom Generally Accepied Accouniing Praciicel. OTHER INFORMATION The Trbaees are responsiblo 'or t-e oiher i.-'ormatitsn The otrer i-,fG'Traiion compriies Ihe Inforrration incldded In the Tru5tees' ReDOrt other itridn tye fi-anci31 siatewents and oJr tiuaiTofs repert rhereon Our cpinio- op tk.e f..nancial s=ateT.enTs does not cover t-..e ather InfJriTation and, except to ine exLeni otherwT5e expliciily SiBLec i OLr repori. we do not expre55 3rn"y fortn of assurance conclusion thereon. In ccnner.ion wth our aud r ol rhe fina-ciol s:atemerits, our responsièil.ri Is ro rpad the o-her infDrmation and, In doing so, consider wheiher Ike o(ker Informaliofj is materially inconsistent wth Ihe Tinèncial sia(emens. o. our knowledge ottained in T.-e aknd'r or .he.rI%e. appe3rs ro b? marer131iy n155tatcd If wp denrify sur.h mare.'ial iycopsistencies or apparent tnateiial rrissiaiemenis, we are requ red -0 deiertr.ine wheiher rhis gwe5 ."Ise 10 a ma=er al misstaremerni in Ihe fiiancial tttatements Iherrselves. If. Dased ()n r-e viork yoe have ¢?erformed, we conclude Ikiai Ihere Is a ma(e"ial m ss-a(emeit of Ih15 Other information," we are required (o reJon Ihai'act. In oui opinion, Ihe finaniial statements.. give 8 trLie and fair of the slace of Ihe cha'iiable companls affairs as at 31 Decernbei 2024 ano o,, ,ts ircoT.ing resources and applicarion of resources. including 1-5 income and expenditijre, for the year then ended, have been propeily piepdred Iw) accordance h Unrted KingdotTi (iener¢illy Aooepted Acoounting Praiiice.. ard hove been prepared in 3ccordJnce with Ihe roquiretnents of thp c.ompanies Arr ?006, the Charities 8nd "usiee Investment Iscoclandl ACL 2005 (Ind re8ulatlOn5 8 of the Chdriiies Accounis Iscorlandl Regulaiions 2006 las amendedl. We have nolhing Yo repon in t1$ regard. OPINIONS ON OTHER MAThERS PRESCRIBED BY THE COMPANIES ACT 2006 oJr opinion, based on the work undertacen in Ihe course of Ihe Judit" BASIS FOR OPINION INe conducred our audit Irb accoidance IniernaLiDnal Siandards ori Audi(Ing IUKI IISAS IUKII and dpplicable law. Oknr responsibiliiie5 under rhose st3ndards are furtier described in t.ye ALJditorfs responsibilities for rhe ciudii oF;he financ al Itaremenis secrion of our repor[. We are Independeni of Ine charitable company In accordance with ihe eih.cdl 'equirernerits ITai are relevanr to ollr audit of the financial statemerts ir the UK, Including Ihe FP.C's Eihical Standaid, and we h.ave ful'illed ou., oiher eihical fesponsibililies In accordance wty ttrese "equi'empnrs. We be.lipvp that the audir evideriCC' Yie have obiained 15 sufficienr and appropriate to Pfovide a basis for our opir)ion. the Inform¢tio.- given In the TrJstees' a Inual repoit, trvhich Includes ilie Ji.'ectois' Xeport ror lie finar.=ial year fDr which the Ii'.Jcial 51a:erTepts are preparec Is con5151eni with the financial srarements." ènd he )r Irpctors. Repo-, Iincluded within tne Trusiees, annual rejoqi has been ?repèied iii aicorda-ce wilh applic.able legal 'equi'eme.-rs. MAThERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In Ihe li84t of the kno¥Jedge and understanding of the charitable cofflpany ano lis environmeni obiair.ed In rho course o, Il)e <lUUlI. we r.ave rior ide, Il'.fied naierial misstaiement In the Trus=ees' annual reporr. CONCLUSIONS RELATING TO GOING CONCERN In aLditing Ihe firiancial SLa(errienL5, we have concludee. tnat Ine rustees. use of Ihe ooing concern basis of accourt.no in t?e preparaiion ol the financial £raremp.nts Is appropriaie. We knave roihinR to report 'n respecr of rhe la..lo¥iing mbtteri In "elation iu wtiich Ihe Companies Act L006 ilie Lhariiies Accounis Iscotlandl Regulaiions 2006 reouire us io repon 10 you If. In our opinion" Based on the work we have performed, we have noi identified any rnater131 uncertaiiicies relarinu to evenrs o. cJiditions tha¢ Ir.dividuBlly or collectively. may casr significarTt doibt op. the charivs obility to coniinue as a going concer.I for a period o- a-. Ipa51 Iwelve tnonihs from when Ihe financial SloremLntS are abiYofi5ed for issue. proper and adoquare accoun-jn.g records .&¥e not been kcpt, or relrS adequate for our Judit a'4e noi Deen received frorr branthes nu,. visited u5. or the financiol srJtemDts are nct In ag"eemeni with the accounting records one return5'. cr ie kciin disclosures o)f Directors, rerr.Lneration specified by lavv are noi rnade, Dr we-ave noi "eCeI a I the Informutiog anc explanation5 we req_jre for our aud I," or The Trusiee5 were noi e-.t.i.ed ro prepa"e the fifjancial sia-emenis i- aC=Oi cance 1th [ srr..al. companies, exerrp-ions in prepanntr T".. di.":ciors' reoorL and from Ihe requirer1n[ 10 prepare a straieg'.c repcrt. Our responsibilities and the responsibilicies of Ihe T'us-.ees wit respeci lu gDiiig ouiicern are described In Ihe relevoni 5eciions of Ihis report. 2024Annual Report 17
RESPONSIBILITIES OF TRUSTEES
These matters were discJ55=d amoni55- the engagement ieam
ai i.-.e p un-lng s-Ace aid rhe team rerna ned alert to non-
CO7iPllaP.=e Imrobpuhoui Ihe audi=.
As exp13ined more In the Truee5, Resyonsibilit'"e) Siaieffteni
set out on page 16 Ihe Trustees (who are tJl>O the directors 0,
tie charitable company for the purposes o" corrpary l¢wI A'e
responsible for rhe preparation of the Tinancial stutements ap.a
for èeir'g sa(islied Ihai rhey give 3 true and f(7ir viev<. i#nd for
s.'ch In'.ern31 control as Ihe Trustees determi-, p is p.c.cess2P. to
enable the preparaiion of finaniial si3iements Ih3-. 3re free from
mèterial misstarement, whether due to fraud or eror
Ad1- p."ocedu'es unden3ke-, In respopse 10 the potential
ris reLIiY8 to ,r"eg-1uriliS I'oékictri inclade f¢3ao and non.
campl ance iMth13¢1s ayd re2Jla-ions1 comprised of." Inquiries
of managemeni and Iho Trur.ees as-o wheihei the eniiiy
comolies with such laws and regulat oris. enqlliries wiih Ihe
S3me iorycerninp 3fiy d£tuJ.' or ?aien(ial Ii-lgarion or claim5,'
inspeiion of relevait legal cJrre<poidtsiice." review of
Trusiees, meeting rninuie5." revicv.. ryl rhe fi11ancial Slaiements
éisclosuies and ogreei-8 to 5uppor-.lrg cocJmen-.atlDn, testing
Ihe ttppropriiiiane55 of jo.r-,31 e"'Ii ie5," assessing significani
esiimaies and iudgeme-. t rr.ade by mai3gemeni for bia5, and
the performance of an311(al review lo ideniib/ Uiiexpeaed
ovemen(s In accouni balanies v.'h ch may be ,ndiCative of
In preparing the financial siaietnents, the TnJ%iee£ ar
'e£ponsible for assessing the cliBriiable companys dbilily 10
conrinup. as a going concern, di5c105ing as applica3le. na-ters
re18ted to going cor)cern and using ttrie going concern basis of
accountir)g unle55 the Trustees either Intend to Iiquidare rhe
(ar1[able company 01 to cease opera(ions, or have -0 realisiic
alternative bui to do so.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OFTHE
FINANCIAL STATEMENTS
We have been appoinied as audiior under seuicn 4q",Xcl of the
ChArilies arid Trusree Investment Iscotlandl Aci 2C05 ano .ndei
iiie Lornpanies Aci 2006 and feport In accordance wit- Ihe Ars
ano ielevdrii iexuliLIoTlS fTltide or hdving etteci thereunder
O ifj51ance< o. marpr 31 nDn-corr..pliance wt.re iecniified.
However. Ike likeli.ood of deiec.lng irregJlar ties, ncluding
Trad. Is I mired by the intr,ereni d.rficulfy In dececiing
irreg'.larities, rhe effecriveries£ o. rhe e.riiiils controls, and the
naru"e. i rning and ex-.enL of the aucit p"ocp.purps perfDrmpd.
I[[e13=4eS=ha= resLIt l.om frad niight L'e inverenLly rnore
d ff Cult ro detecr thari irreg.larifie> rnar "=sJlr trom error. F
exJlaiied above, tere is an u-ab'oicablp riqk rY3r ,vaTerial
m ssta-ements mag CL be detecied. evan Ihough rhe audii has
beep. planned and performoc iy accorcance vli(hIS IUKI.
Our objecrive.s Are. tD obtain reasonaole assurance about
wk.e:-he.' Ihe financial statement5 as a whole are f.-ee fro
maierial mi551aiernenL whether due to ff<3ud J" errcr: anc 10
IsEue an allditorfs report that Include5 our opi-.icn. Reosoloble
assarance Is a high level of assurance bul is noi a guarantee
ha-. an audii condLJcied in accordance Virh ISAS ILK;. 4bill alwa
ceiec( a maierial missiaiemen( when li exisis. iilissiaiemer.ls
can a'ise from fraud or error and are considerec rr.aie"ial
It, ',ndivicually or in Ihe aggreg3te, tkiei/ coLld re2sJn2bF¥ De
expected-.0 Influence the economic decis ons o- useis iaken on
Ihe b3515 of Ihese fioancial s13tements
A'- 'nler éesc'ip',10- of ¢ r respon51b..Iiiies'.or the audit
or-he i nap.cial 5ta-eme?ts .5 lo=a-ed on Ihe -i-ancial
Reponi-g Counal's websire a-. httJs.'//wMfy.frc crg.ukl
aLdiicrsresporisib.Iilies. Th15 descripr on fcrms part of our
a1[r5 "eporL
USE OF OUR REPORT
This reporr is rriade solety to the ChJr,'taole Companf% members,
5 B bctsy. In accoidapce wi-h Ch<lPte. ? or Pirt I S of ilie
Corr.p3iies Ac- 2006, and to the chori(ale Lomoanls irus(ees,
as a Joay. In 2rcorda-ce *4i-.h Regular on 10 of r-e Ch3rifie
Accounis IS(oilandl Regu'.31,on$ 2006 n.ur aLiaj[ trias been
uideia
New5trAid Benevolent Fund Statement of Financial Activities (Incorporating an income and expenditure account) For the year ended 31 December 2024 General Note Unrestricted Designated Restricted 2024 Total 2023 Total Donations and legacies Income from other trading acrivities Investment and other income 377.910 1.200.144 4,485 382,395 1.200.144 431,821 357,975 1,174,179 458.236 431.821 Total income 1009.875 1014,360 1.990.390 Eypenditure Costs of raising funds and other income Costs of charitable activities 567.225 1.172,593 567.225 1,281,393 548,503 1,273,206 108.800 Total expenditure 1.T39.818 108.800 1.848.618 1.821.709 Net income before other recognised 270.057 (70.0551 740.128 1104,3151 165.742 170.055) 740,128 168,681 2,326 429,607 Realised IID55l/gain on disposal of Investfflents Unrealised gain on revaluation of inve5trnents Net irhcome 13 13 940.130 {104.3151 . 835.815 600.614 Gross transfers between funds Net movement in funds 1978,5031 (38.373) 1.026,855 922.540 148.3521 (48.3521 835.815 600.614 Ret0[11T-.-_Trn Total funds brought forward 6.528,257 7.140.004 48,352 13,716.613 13.115.999 Total funds carried forward 6.489.884 8.062,544 14.552.428 13.716,613 The statement of financial activities includes all gains and1055e5 recognised in the year. All income and expenditure derive from continuing accivtthes. The notes on page 22 to 30 form part of these financial sLatÈments. 2024 Annual Repon 19
NewstrAid Benevolent Fund Balance Sheet as at 31 December 2024 Note 2024 Total 2023 Total Fixed assets Intangible assers Tangible assets Investments 3.922 15,915 14.535.583 14.555.420 3,228 18.806 13.620.361 13.642.395 Total Fixed Assets CLirrL'iir a55Pts Debtor5, prepayments and accrued income Cash ar bank and in hand 149,656 142,988 157.581 208.699 Total Current A55ets 292.644 366.280 Creditors falling due within one Net current Illabilitiesllass¢ts ear 1295,6361 1292.0621 (19921 74.218 Net assecs 14.552.428 13.716.613 Unresiricted funds Designated funds General funds 8.062.544 7,140,004 2,289.695 4,200.189 3,068,196 3.460.061 Investment ains fund 6.489,884 6.528.257 48,352 13.716,613 Restricted funds Total Iharity funds 18 14.552.428 These financial statements have been prepare¢J in accoidance with the special provisions of Part 15 of the Companies Art 2006 relating to sm311 companies. The noies on pages 22 to 30 form part of these finaniial 5tstements. The financial statements on pages 19 to 30 were approved by the Trustees and authorised for issue on 23 April 2025 and signed on their behalf by. Ne.il laqepr Chief Executive Officer Trac¥ O'siillivan "rector Company re2iStÈred nurlkber 1% 05973987 Englisli chdrity registered number 15 1116824 Scottish charity re8iSlered nufftboi 15 SC038775 20 2024Annual Repor(
NewstrAid Benevolent Fund Statement of Cash Flows For the year ended 31 December 2024 Note 2024 Total 2023 Total Cash used by operating activities 24 1233,9171 1287.5061 Cash flo-"': Investment and interest income 431,821 458,236 Purchase Df intangible fixed assets 12.838 12.9761 Purchase of tangible fixed assets 13.7881 16,6481 Investment Additions {628.0481 {132.5311 Investment Disposal Proceeds 371,059 12,394 Cash generated by investing artivitie5 168.206 328.475 (Decreasellincreèse in cash in the year 165,7111 40,969 Cash at the beginning of the year 208,699 167,730 Total cash at the end of the year 141988 208.699 The notes on pages 22 to 30 form pan of these financial statements. 2024Annual Reporr
NewstrAid Benevolent Fund
N tes to the Financial Statements
For the year ended 31 December 2024
The principal accounting policies adopted. Judgment5 and key
50UTce5 of estimation uncertainty in the preparaticn of the financial
statements are as follows=
Tangible Fixed Sets
Targible l.xed asses are 5.aitd at cost Itss 3ccumul¢ted aep'eriation anc
impaiimeni lesses Deprec ¥tion 6 prryoided at raios calculaiod 10 wiitc
dow.--Tre cosi ?- eac4 3sser;o lis estimated residual N'alLe o¥er its expected
U5eil lifp.
-ftice furniiJre 3nd eqJiawieni 25% F.er annum Ucing Ihe fecjucing
balance rTreihcé
Computer ecJJO(r.er- between 16 67% and 33.33% PL" annum using Ihc
sira.biki In rri@Ihna
Tay ble fixed asse15 3-,e c3Prtalised Il they CLlSt Te Iliai £750 and will be
5e¢ on an Oiigoing busls.
Fixed Asse- lllve51ments
lTh/estmer.ts art .?i-ially recog4ized at Iheir tran5a(tior v31Le 3iid
sJbsLqLen"Jy Trc.asurec ai lair value (market value) as a-.he b-lancn shee-
dale The SiaieTert OT FiidlLIGI Aciwities Includes tfrie nel lis Jnd105se5
r151rg Dii I31[r. arj Ul¥Jy5als tliiuughoul IhE year
Tax3tion
Ttr.? chiniaJle Icrnpanj Is exerp.pi frotn corporation lax on Inc.3me arid
gasfiS':allirg wiihii section ios of ihe Taxes Act 1988 or section 252 01 the
T¥xauon o'Ciè'i2ble Gè rs Ac: 1992 10 Ihc cxicnt tkaL tkiCSC a'c applied
ro lis cha'itsbif& objects
Volunteers
Trp v31ue of 5eDJjies pro¥ d&d byvolunieers is not InLorEorared Inio th@5e
fi.viciai s:3iemets. 1 3ccordance wirh the Charities SCRP. FiJrtner det311s
o'"kti:orir bJr cn maoe Jy Ine OlUnteerS can be fobd Ir the-.rusiees
AnrJGI Rcporr.
Pep,sion Costs
Tie cr Iy Loiiirib.ius tL' a def lied iJritTIMriori ponsior s¢kere. The
a55eis ol the s=herre are held se&ara(ely Irorn Ihose olthe :h3r',ty In ap,
incepeideni.i admiristfrreo fdnd.
Oper)ting Lease
Rentals payabk. Lnoer operaiing leases are charged ro thc 51atcmont ol
-Fiancl Aai¥it.es on a siraigh- Iinv bas15 o%'cr rhe Ica5e ierm
Preparation of the Account5 ori a Going Concern Basi5
Manaoerneri and T'Lstees coiicluded thai IhE onai ry has 5Lfficient
ir=0.e. ca£h txalarKOS resf Th.es 10 meei Ils oblig3=ions ond 10 SLJpport
Ihgse in need-.or ifra foreseeable fulure.
1. Accounting Policies Basis of Preparation
The Charity Is a Public Benefi= Ent DJ ard ttre f na?cial staleryn1s have
been prepared In Accordance wiitr, Accoknniing and Reportins w (t"1-ies..
Starecrnt tsl RecomtnQnde ?raciice applicable 10 ch3ricies prep3rirk Ihei.
fin&ricial bLaierrients Iri acioidance Ih Ihe Finaricial Repcrtii)%
-r.Ja[
appliLable 111 thè UK and R&J.JbliL oi.i&lard IFRS IU21 leffeiti'le I df-udly
?0191- Iihp Charities SORP 201al, The iya.. i- es Atr ?0" 1 and Charrties
Triistee Invesimeni IS(0-.13rJl Act 20D5 3nd Regul21ic.n$ 6 and 8 O-
the Chariri?.% Accttunts lfcorlanul RegJIatiCr £QOb135 amende¢l and rhe
Companie5 Act 2006
The financiil statemenrs have beeD prtspartse under the hisiont31 cosi
as sp?cifieo In rhe accouniiiig po.. cies Delov. Ihe iuric(ional (Jriency
In preparing lhe5 linancial 513ierrier:5 no significanl judgerneris o.
e%iimArè.E havp bp?n refjijired. wilh regard 10 r.n assessreni of
010 Ben Horrief Limiled (note 1 il and rhe estirraiion of iomwitrrer.s made
Eo benefii13fiei at Ehe year-eno InclJGed w,'"hin o-hor cro¢iiors ifioie 141
Incotne
All 11)come Is ioclu4ed Irt the Slateryieilt of Fin
- Income from Donations and Legacies Unrestricted L>esiEnated Restricted 2024 Total Donations Gifts in kind 347.910 4,485 352,395 30.000 382.395 377.910 4.485 2023 Unrestricted Designated Restricted 2023 Total Donations Gifts in kind 323.320 30.000 353.320 4.655 327.975 30,000 357,975 4.655 Designated donations During 2024 the charity received £4,485 {2023- £4.655} from lundraisin8 carried out by the Association of Circulalion Executives IACEI to support the Christmas children's grant. Gifts in kind relates to advert15ing in publiiation5 to aratt benefiriaries. In accordance with FR5102 and the Charities SORP IFR5102). the economic coniribution of general volunieers is not recognised in the accounts.
- Income from Other Trading Activities Unrestricted Designated Restricted 2024 Total 2023 Total Membership Area Committee fundraIng Events fundraising 50 50 1.136.060 64.034 1200.144 1,136,060 64.034 1.200.144 1.116,096 58,033 1.174.179 All income from other trading activities in 2023 related to unrestritted knnds.
- Investment and Other Income Unrestrirted Desisnated Restricted 2024 Total 2023 Total Income frorn quoted investrnents Bank deposit interest 429.224 2.597 431.821 429,224 2,597 431.821 456,545 1.691 458.236 All investment and other income in 2023 related to unrestricted funds.
- Costs of Raising Funds and Other Income Unre5trirted Designated Restricted 2024 Total 2023 Total Lottery prize5 Patd Events fundraising costs Administration, governance and support costs 233.760 42.402 291.063 233.760 42.402 291.063 567,225 233.760 38,468 276,275 548.503 All costs of raising funds and other incoffle in 2023 related to unrestricted funds.
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Costs of Charitable Activities Unrestrirted Designated Restricted 2024 Total 2023 Total Financial grants paid to benef&ciaiie5 Other welfare costs including welfare salaries Administration. governance and support costs 701.614 182.079 288.0 1.172.593 108.800 810,414 182.079 288,900 1.281.393 829,607 170,565 273,034 1.273.206 108.800 £105,320 of the total financial grants paid to beneficiaries in 2023 was paid from designated funds. 2024Annual Repon 23
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Total Expenditure Costs of Costs of Raising Charitable Voluntary Income Artivities support Costs 2024 2024 Total Staff costs {including recruitment costs) Fundraising costs Governance costs 23.547 277,304 173.090 298,078 54,191 73,412 66.232 494,715 331,495 73.412 876,646 8,989 54,538 6.679 2,144 Grants paid to beneficiarie5 Other wclfarc costs Advert15ing, prornotion and website Depreciation Amortisation Support costs 810,414 &989 30,000 24.S38 6,679 2.144 1525,2741 236.374 567.225 288.900 1281.393 1,848.618 Costs of Raising Voluntary Income Costs of Charitable Artivities Support Costs 2023 2023 Total Staff costs (including recruitment costs) Fundraising costs Governance costs 21.709 159,070 288,256 469,035 327,422 64.083 895.630 11,495 46,704 5,977 1,071 292 273,404 54,018 64,083 66.023 Grants paid to boneficiaries Other welfare costs 11.495 Advertising. promotion and website Depreciaiion Amortisation 30.0 16.704 5.977 1,071 292 Loss on disposal Support costs 223.390 548.503 £30,00012023'. £30.0001 within advertÉsin& promoiion and web55te relates to gifts in kind. 273.034 1.273.206 1496.4241 1.821.709
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Analysis of Governance and Support Cosfs Governance costs compri5e- Legal and professional fees including investment management charges Audit and accountaniy Meeting costs Annual report and accounts 2024 Total 2023 Total 28.640 20,781 22,800 18,162 2,340 64.083 24,000 18,912 1,86Q 73.412 Costs of Raising Voluntary Income 4546 Cost5 of Charitable Activities 55 202J 2024 Total Support Costs ?re allocated to charitable activities as follow Staff costs and recruitment Staff training and expenses Senior manager expenses office overhead5 Compucers Advertising and promotion Governance costs 134,735 2,681 1.485 36,230 13,795 10.685 33.035 357 163.943 3.276 1.815 44.281 16.860 13,059 40,377 437 298,078 5,957 3,300 80,511 30.655 23,744 73,412 794 Website Depreciation Amortisation 3,673 1.179 6.679 2,144 965 Loss on dis osal 236.374 52S.274 ')4 2024Annual Report
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Analysis of Governance and Support Costs Icontinuedl Costs of Raising Voluntary Income 45% Costs of Charitable Activities 55% 2023 2023 Total Staff costs and recruitrnent Staff training and expen5e5 Senior manager expenses Office overheads Computers Advertising and promotion Governance costs 129,715 3.878 2.529 38,123 9.488 158.541 4,741 3,091 46.595 11.596 8,502 35.246 685 288,256 8,619 5,620 84,718 21,084 15,458 64.083 1.246 5.977 1.071 292 6.956 28.837 561 Website Depreciation Amonisation 2.690 482 3,287 589 LDSS on disposal 161 223.390 273.034 496,424 Support C0515 of seneratins funds ale allocaied io fundraising events Support Costs of charitable activities are allocated between welfare payfflents and costs of raising funds in the ratio of SS'.45
- Net Income for the year 2024 Total 2023 Total This 15 Stated after charging.. Operating leases - equipment Atnortisation 5.271 2.144 6.679 24,000 988 5.904 1.071 5,977 22,800 1,089 Depreciation Audir of charitable cornpany Trustees, reimbursed expenses During the year 412023.. 41 trustees were reifflbursed for travel and 5ub%stence.
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Staff Costs 2024 Total 2023 Total Siaff costs were as follows.. Salarie5 and wages social security Costs Pension contributions Total emoluments paid to staff 435,854 45,514 13.348 494.716 411,256 41,496 12,322 465.074 Two etnployees earned between E80,000 and £,000 during the year and one employee earned between 170,000 and £80,000 12023.. One etnployee earned between £80.IKK> and £90.000 and two ernployees earned between £70.000 and £80.0001. The pension contribution5 paid by the companywith regards ro these ernployees wa5 £3.28012023= £3.2351. The key management personnel of the charity, comprise the Trustees, the Chief Executive Officer, Operations Director, Finance Director, Welfare Manager and Engagement & Communicalion5 Manager EAIO (he CEO . The total employee benefits of the key management personnel of the charity were £382,80612023'. £363.073}. The trustees received no remuneration in the year. The average weekly number of employees during the year was as follows.. 2024 Number 2023 Nurnber Head Office full tirne equivalent Head Office total head count 2024Annual Report
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Intangible Assets Costlvaluation At 1 January 2024 Additions Software 22.365 2,838 25.203 At 31 December 2024 Depreciation At 1 january 2024 Charge for year At 31 December 2024 19,137 2.144 21.281 Net Book Value At 31 Detèmber 2024 3.922 At 31 December 2023
- Tangible Assets Office Fixings, Furniture and Equipment Computer Equipment Total C05trValuation At 1 january 2024 Additions 5.212 27,593 3.788 32,805 3,788 19861 35.607 Disposals At 31 December 2024 19861 4.226 31.381 Depreciation At 1 january 2024 Charge for year Disposals At 31 December 2024 3.994 305 10,005 6.374 13,999 6.679 19861 19.692 (9861 3.313 16.379 Net Book Value At 31 Decernber 2024 913 15.002 15.975 At 31 December 2023 1.218 17.588 18.806
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Investments 2024 Total 2023 Total Quoted investments Market value at 1 january Additions 13,620,361 628.048 13,075,106 132.531 Disposal proceeds ILossllEain on disposal of investments Unrealised gainlllossl Movement in cash held 1371.0591 170.0551 740,128 111.8401 14.535.583_ 112,3941 2,326 429.607 16,8151 13.620.361 Market value at31 December The following investments are held in excess of 5% 0'thetal irwe5tment portfolio vaue. 2024 Total 2023 Total RATHBONE UNIT TRUST MANAGEMENT 10096 14,535.582 96% 13,136.294 2024 Annual Report
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Debtors 2024Total 2023 Total Trade debtors Other debtors Prepayments 69,594 78,783 36,893 41,905 157.581 24.454 55,608 149.656
- Creditor5 Due Within One Year 2024 Total 2023 Totsl Trade credirors Other creditors 6.520 189.778 12,917 86,421 295.636 1.237 199,166 11,715 79,944 292.062 PAYE and pen5i0n5 Accruals Included within other creditors is an amount of £5,93412023- E5.9341 in relaTion to W Starlin& a former resident of Barneston CDUrt Care horne. This amount is being held pending compleiion of W Stsrlings's probate.
- Investments gain5 fund5 2024 Total 2023 Total At 1 lanuary Gain inyear At 31 Deiember 3,460.061 740,128 4.200.189 3.030,454 429.607 3.460.061
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Analysis of net assets between funds Restricted J steele 2024 Total Unrestrirted Designated 2024 Funds balances ai 31 December 2D24 are represented by.. IntanEible fixed assets Tangible fixed asseis Investments 3.922 15.915 6.473.039 291644 1295,6361 6.489.884 3,922 15,915 14.535.583 292,644 1295,6361 14.552.428 8.062.544 Current assets Creditors: amounts falling due within one year 8.061544 Unrestricted (Restated) Restrirted J Steele 2023 Total Designated 2023 Funds balances at 31 December 2023 are represented by. Inran8ible fixed assets Tangible fixed a55et5 Invostments 3.228 18.806 6.437.466 360.819 3,228 18,8L16 13.620.361 366,280 1292,0621 13.716.613 7.140.004 42.891 5.461 Current assets Creditor5'. amounts falling due within one year 1292.0621 6.528.257 7.140.004 48.352 2024Annual Report 27
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Analysis of Charitable Funds Brought Forward Unrealised Realised Gain Gain Impairment Transfers Income Expenditure 2024 2024 Restricted fundsjane Steele Total restricted funds 48.352 48.352 148,3521 148,3521 Designated funds ACE Legacy income 512.184 Regular benefit comrnitment 6,627,820 Total designated funds 7.140.004 4.485 17.8751 1100.9251 3,390 411,259 7.651,285 8.061544 1,023.465 1.026.855 4.485 111)&800) General funds Total general funds 6,528.257 2.009.875 11.739,8181 6.528.257 2.009.875 11.739.818) 740,128 170,0551 740.128 (70.0551 1978.5031 {978.5031 6.489,884 6,489.884 Total funds 13.716.613 2.014360 {1.848,618) 740.128 170.055) 14.552.428 Brought Forward Vnrealised Reali5ed Gain Gain Impairment Transfèrs Income Expenditure 2023 2023 Rostricted fundsjane Sceele Total restritted funds 48,352 4&352 48,352 Designated funds ACE 4,655 125.0241 180.2961 20,369 Legacy income Regular benefit curTimitmeni Total designated fund5 592.4 512.184 6,627,820 7.140.004 6.627,820 6.648.189 591480 4.655 (105320) General fund5 Total general funds 12A75.167 1.985.735 11.716.389} 12.475.167 1.985.735 (1.716J89} 429.607 429.607 2.326 1326 16.648.189)
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(6.648,1891 6.528.257 6.528,257 Totsl funds 13.115.999 1.990.390 (1.821.709) 429.607 1326 13.716.613 Purposes of Fiestricted Fund5 Thelane Steele restrirted fund was sei up using legacy funds. It was used foigranting interest free loans for home improvements to beneficiaries. to be repaid on the sale of (he property. The charity is no lonser able to loan money due to Financial Conduct Authority Regulations. and it has subsequently been identified. from looking ai historical ir¢formaiion. that the formal restricrion plaied on the legacy funds was iniorrect. The funds should have been treated as designated as opposed to resiricted. After correspondence with the Charity Commission and approval from the TrustL*. thc funds have been transferred to general funds. Purpose of Designated Fund5 The ACE Children's fund finances the annu31 chiklrerfs Christmas grant paid in December. The deficrt on the fund is made up from general funds on the 31 December eaih year. Legacy income relates to funds bequeathed io NewstrAid in the will of the late Harry Hammond. The funds are available for general samaritan grants. The regular benefit commitment represenES motw designated to 5UPPOrt the IhariW5 regukr benefKiaries, who receive payrnents three times a year, tor their remaining expeaed lives. Unrealised gains The investment gains represent the amount by which investments exceed their historical cost. 2024Annual Report
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Pensions The chariry contribute5 to a defined contribution scheme which is available ro all of the charitys employee5 aged 22 yea15 and ovef. Contributions are charged to the Staiement of Financial Aaivities a5 incurred and there were no outstanding or proposed contributions at the balance sheet date. Pension costs In Ihe year were £13.34812023= £12.3221 ènd ihe amounrs outstanding at the year end We £nil12023- £nill.
- Financial Instruments 2024 2023 Financial a5set5 measured at fair value through profi( or1055 Financial assets measured at amortised cost Financial liabilities measured at amortised cost 14,535,583 231.575 1209.2151 13,620,361 318,914 1212,1181 Financial assets measured at fair value through profit or1055 comprises quoted investments held as at 31 December 2024 (note 131. Financial assets measured at amortised cosi cornprise5 total currenr assets less prepayments and lane Steele loans (note 141. Financial liabilities at amort15ed c05t comprises creditors due in less than one year less accruals {note 151.
- Operating Lease Commitments The Charitys future minimum lease payments are as follows.. Operating leases which expire= Within one year Between one and five years Over five years Land and buildings 2024 Total 2023 Total 36.267 144,480 2,375 38,353 2,522 Other 2024 Total 2023 Total Within one year BeNeen one and five years 5,607 10.663 4,887 12,932
- Related Party Transactions There were no transactions with Old Ben Homes and no transactions in the previous year. Page 15 provides rnore information regarding the relationship beeen New5trAid Benevolent Fund and Old Ben Homes. During the year the amount received from Tru5tee5 a550Clated related parties amounted to £63.24012023- £48.4501. The total amount paid to related parties £11,24912023- £5.6941 was made up of= £6,60012023- £2.4001 paid to Newtrade Media, a company which Parin Gohil Itrusceel is the Managing Director of. for muliiple advertisements promoting the support available from the Iharity 10 poienti31 beneficsaries. £4,64912023- £nill paid to Iniersend Ltd a company controlled byjohn Bardsley {trusteel relating to postage costs for our 185th Birthday Christmas hampers. Each year the charity pays for a table at the Association of Circulation Executives IACEI Christmas lunch. where the charity runs its annual raffle from which the proceeds are used to fund the ACE Childrens Christmas grant. Michael Mirams Itrusteel wa5 the Chair of ACE until 2023 when he stood down. The amount paid to ACE in 2023 was £3.294 for tables at tN)th the Northern and London ACE event5.
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Members. Liability NewstrAid Benevolent Fund is a company lirnited by guarantee. In the event of a winding up. the liability of each member Idirectorl is limited to £1. 2024 Annual Report 29
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Reconciliation of net movement in funddebt and net movement in funds to net cash flow from operating activities Atthe stsrt of theyear Ar the end of the year al net movement infund51debt Cash at bank and in hand 208.699 208.699 165.7111 165.7111 142.988 142.988 Netfund5 2024 Total 2023 Total b} net movement in funds to net cash Ilow from operating artlvities Net movement in funds Add back depreciation charge Add back Amorrisation Add back105s on disposal Add back lossllprofitl on disposal of invesiments Less unrealised gain on Investments Interest incorne shown in investing activi(ies Increase in cash held at investment managers Decreaselllncrea5el in debtors Increase in creditors Net cash used by operating attivities 835,815 6,679 2,144 600,614 5.977 1.071 292 70.055 1740,1281 1431,8211 11,840 7,925 3.574 1233.917) 12,3261 1429.6071 1458,2361 6.815 118.7551 6.649 {287.506} 2024 Annual Reporr
'You'll never knowjust how muchyour help and support has meant to me over theyears. Thonkyoufor everything up to now and in thefuture. / "A heartfelt thonkyoufor all your 5UPPOrt. Ifs difficult to find the words of gratitudel But its notjust the huge financial help. it's the offer of ongoing 5UPPOrt too... Thank youfor coming to the / re5cue.- 'Thankyou all very muchfor allyour help and support throughout the year. It mean5 so much to us both.. "We shall always remember NewstrAid with affection ond heartfeltgratitude. without such help our lives would have been very different. Thanks to all the team for their dedication to NewstrAid.' honkyou so very much for the parcel and its great contents. Wow. I really can't thankyou enough for oll the goodies inside. I laughed ond did a little dance whilst looking through it." trjld , I
NewslrAide The helping hand ofthe Newstrade Registered Office: Su ite 2 Thremhall Estate, Start Hill Bishop's Stortford CM22 TtD Te.. 01279 879569 Email: mail@newstraid.org.uk in I,'ree I IL.Iplinc: 0800 9118616 ii'ii'ii'.iieii"slraid.org.iik www.facebook.comlnewstraid.benevolentfund x.comlnewstraid www.lnstsgram.c0m@Nev1rald_ www.linkedin.comlcompanylnewstraid-benevolent-fund Charity Registration Number: 1116824 Company Registration Nurnber: 05973987 Scottish Charity Number SC038775