THE CONNIE NEWTON TRUST FINANCIAL STATEMENTS 30 SEPTEMBER 2024 (Registered Charity Number 1120841) THOMAS & YOUNG LIMITED CHARTERED ACCOUNTANTS THE CONNIE NEWTON TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 CONTENTS Pa9e Report of the Trustees Independent Examinerfs Report Statement of Financial Activities Balance Sheet Accounting Policies Notes to the financial statements 10- 11 Page I THE CONNIE NEWTON TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 In accordance with established practice, it gives the Trustees pleasure to take this opportunity to comment on the activities of the charity during the period. MANAGEMENT OF THE CHARITY The charity was established under a Declaration of Trust on 4 January 2007 and was registered with the Charity Commissioners on 13 September 2007 (Registered Number 1120841). The main objects of the charity, as amended by two Special Resolutions at a Special Meetings of the Trustees on 2151 February 2012 and 24th November 2015, are... In benefitting persons over the age of foty five years who live or reslde, or have lived or resided for a period or periods of ten years or more, within the Parish of Shrewley, Warwickshire, or the adjatrnt Parishes and who have worked for or provided benefits for the said Parish of Shrewley, or the adjacent Parishes and who are suffering financial hardship and are in need of financial assistance. During the year under revlew, the following persons were Tru5tees:_ Mr J M P Hathaway Mrs S M Green Mr N K Winnett Mr R G Wesbury Mr K R Everitt Mrs H Greenly Mr AJ Robertson Mrs C J Cheshire New Trustees are appointed by resolutlon at a special meeting under the terms of the Trust. Appropriate induction and training is provided, as required, by the other Trustees. PRINCIPAL OFFICERS AND ADVISERS TO THE CHARITY Principal Address and Clerk to the Charity: Mr J M P Hathaway Heath & Blenkinsop Solicitors 42 Brook Street Warwick CV34 4BL Bankers: Lloyd5 TSB Bank 12 Swan Street Warwick CV34 4BJ Investment Managers: CCLA Investment Management Limited One Angel Lane London EC4R 3AB Page 2 THE CONNIE NEWTON TRUST REPORT OF THE TRUSTEES (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 PRINCIPAL OFFICERS AND ADVISERS TO THE CHARITY (Continued) Solicitors: Heath & Blenkinsop Soliators 42 Brook Street Warwick CV34 4BL Independent Examiner: Thomas & Young Limited Carleton House 266-268 Stratford Road Shirley Solihull West Midlands B90 3AD Page 3 THE CONNIE NEwfoN TRUST REPORT OF THE TRUSTEES (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 REVIEW OFTHE PERIOD The charity's endowment created income of £29,689 to support charitable activity. During the year the endowment was subject to unrealised surplus on valuation of £55,974 and at 30 September 2024 was valued at £688,446. During the year, unrestricted investment income was received of £11,288. Charitable expenditure amounted to £25,385 and unrestritted funds, after transfers of endowment income of £18,401, amounted to £253,797 at 30 September 202. The Trustee5 aim to significantly raise the level of charitable expenditure in future years. RESERVES POLICY Endowment funds are required to be maintained intact, subject to fluttuations in market value. The Trustees have agreed a policy whereby unrestricted funds are held as liquid assets. INVESTMENT POLICY The Trustees have considered the most appropriate policy for investing funds, The Trustees have invested endowment funds in COIF Charities Investment Fund Income Units and unrestricted funds primarily in COIF Deposit Fund. The Trustees consider that the returns on these funds are satisfactory. RISK REVIEW The Trustee5 have a duty to identify and review the risks to which the charity Is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Trustees have considered the risks to which the charity is exposed and have established systems for mitigating those risks. GRANT MAKING POLICY The Trustees are actively encouraging new applications for grants in accordance with the objects of the charity and are extending local awareness of the charity. PUBLIC BENEFIT The TrUst￿S have had due regard to the guidance published by The Charity Commissioners on public benefit and consider that the objectives and activities of the charity fulfil their •• requirement. STATEMENT OF TRUSTEES RESPONSIBILITIES The Trustees are responsible for preparing financial statements for each financial year and submitting the statements to the Charity Commissioners in accordance with the provisions of the Charities Act 2011. Page 4 THE CONNIE NEWTON TRUST REPORT OF THE TRUSTEES (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 STATEMENT OF TRUSTEES RESPONSIBILITIES (Continued) The Trustees are responsible for keeping proper accounting records with respect to its transactions and its assets and liabilities which disclose, with reasonable accuracy at any time, the financial position of the Charity. Trustees are also responslble for the establishment and maintenance of a satisfactory system of control of its tooks of account, its cash holdings and all its receipts and remittantrs to enable them to ensure that the financial statements comply with the Dedaration of Trust dated 4 February 2004, subjett to the Deed of variations dated 9 May 2007, 21 February 2012 and 24 November 2015. The Trustees are also responsible for safeguarding the assets of the Charity and hen￿ for taking reasonable steps for the prevention and detection of fraud. The Trustees have fulfilled these responsibilities to the best of their abllity. Approved by the Trustees and signed on their behalf. Trustee: Dated: Page 5 THE CONNIE NEWTON TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 I report on the accounts of the Charity for the year ended 30 September 2024, which are set out on pages 6 to 11. RESPECTIVE RESPONSIBILITY OF TRUSTEES AND EXAMINER The charity s Trustees are responsible for the preparation of the accounts. The charity's Trustees consider that an audit is not required for this year under Section 144 (2) of the Charities Att 2011 (the 2011 Att) and that an independent examination is needed. It is my responsibility to: examine the accounts under Settion 145 of the 2011 Act; to follow the procedures laid down in the general Directions given by the Charity Commission under Section 145 (5) (b) of the 2011 Act; and to state whether particular matters have come to my attention BASIS OF INDEPENDENT EXAMINER'S REPORT My examlnatlon was carried out In accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no oplnion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below. INDEPENDENT EXAMINER'S STATEMENT In connection with my examination no matter has come to my attention: i) which gives me reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with Section 130 of the 2011 Act. and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met. or Page 6 THE CONNIE NEWTON TRUST INDEPENDENT EXAMINER'S REPORT (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2024 INDEPENDENT EXAMINER'S STATEMENT (Continued) 2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached, J Carty FCA FCCA Thomas and Young Limited Chartered Accountants & Reglstered Auditors Carleton House 266-268 Stratford Road Shirley Solihull West Midlands B90 3AD Dated: Page 7 THE CONNIE NEWTON TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 Unrestrlcted Endowment Funds Funds Year to 30.9.24 Year to 30.9.23 Note Incomlng Resources Investment income: Bank interest COIF Charities Investment Fund 11,288 11,288 18,401 8,139 18,260 18,401 Total Incoming Resources 11,288 18,401 29,689 26,399 Resources Expended Charitable activities 25,385 25,385 9,000 Governan 600 600 600 Total Resources Expended 25,985 25,985 9,600 Net {outgolng)lincomfng resources before transfers (14,697) 18,401 3,704 16,799 Transfers betmeen funds 18,401 (18,401) Net incoming resources before Revaluatlon 3,704 3,704 16,799 Galns or losses on Investment Assets: Unrealised profit on revaluation of Investments 55,974 55,974 (12,562) Net movement on funds 3,704 55,974 59,678 4,237 Balance brought forward at l October 2023 250,093 632,472 882,565 878,328 Fund balances at 30 September 2024 253,797 688,446 942,243 882,565 Page 8 THE CONNIE NEWTON TRUST BALANCE SHEET AS AT 30 SEPTEMBER 2024 2024 2023 Notes Fixed Assets Investments 688,446 632,472 Current Assets Cash at bank 254,397 250,693 Creditors: Amounts falling due within one year 2 (600) (600) Net Current Assets 253,797 250,093 Total Assets Less Current Llabilities 942,243 882,565 Net Assets 942,243 882,565 Capital Fund5: Endowments 688,446 632,472 Income Funds: Unrestricted 253,797 250,093 942,243 882,565 Approved by the Trustees on Signed: Trustee Page 9 THE CONNIE NEWTON TRUST ACCOUNTING POLICIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 GENERAL INFORMATION AND BASIS OF PREPARATION The financial statements have been prepared under the historical cost convention. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practitr applicable to charities preparing their accounts in accordance with the Financial Re￿)rtIng Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 (as updated through Update Bulletin I published on 2 February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and UK Generally Accepted Accounting Practice. The charity has applied Update Bulletin i as publlshed on 2 February 2016 and does not nclude a cash flow statement on the grounds that it is applying FRS 102 Section IA. INVESTMENTS Investments are valued at market value. Investment gains and losses are recognlsed in the Statement of Financial Adivities. INCOMING RESOURCES Income from investments is accounted for on an accruals bas15. Donations, legacies and grants are treated as Income in the period of retript. RESOURCES EXPENDED Expenditure is accounted for on an accruals basls. Grants are recognised once approved and formally committed by the Trustees. FUND ACCOUNTING Unrestricted funds are available for use at the discretion of the Trustees, in furtherance of the objects of the charity. Endowment funds are funds that have been given to the charity subject to the restrlction that they are held as capital. Page 10 THE CONNIE NEWTON TRUST NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 INVESTMENTS COIF Charities Investment Fund Market value at l Ottober 2023 Unrealised gain on revaluation 632,472 55,974 645,034 (12,562) Market value at 30 September 2024 688,446 632,472 CREDITORS: Amounts falling due within one year Professional fees 600 600 600 600 ENDOWMENT FUNDS Balance at l October 2023 Surplus for the period Surplus on revaluation of investments Transfer to unrestricted funds 632,472 18,401 55,974 (18,401) 645,034 18,260 (12,562) (18,260) Balan￿ at 30 September 2024 688,446 632,472 UNRESTRICTED FUNDS Balance at i October 2023 Deficit for the period Transfer from endowment funds 250,093 (14,696) 18,401 233,294 (1,461) 18,260 Balan￿ at 30 September 2024 253,797 250,093 ANALYSIS OF NET ASSETS BETWEEN FUNDS Fixed Assets Net Current Assets Total Endowment Funds Unrestricted Funds 688,446 688,446 253,797 253,797 688,446 253,797 942,243 Page 11 THE CONNIE NEWTON TRUST NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 CHARITABLE ACTIVITIES Grants Support costs: Clerk's fees Room hlre 24,114 7,750 921 350 900 350 25,385 9,000 Twenty grants totalling £24,114 were made to indivlduals during the year. GOVERNANCE COSTS Independent examiner's fees 600 600 600 600 No remuneration or expenses were paid to any Trustee. RESERVES Balance Transfer$ Invest- Blfwd Incoming Resources between ment 01.10.23 resources expended lunds galns Balance clfwd 30.9.24 Endowment Funds Unrestrltted Funds 632,472 250,093 18,401 (18,401) 55,974 688,446 18,401 253,797 3,704 882,565 18,401 3,704 55,974 942,243 Endowment funds: The income earned by the endowment investments is utilised to fund charitable activities in accordance with the charity's governing document. Unrestrirted Funds: These comprise the accumulated surplus on the charity's activities available for distribution at the direction of the Trustees, in accordance with the charity's objects.