Charlty Registration No. 1123305 Company Reglstration No. 06364897 (England and Wales) THE NEU TRUST FUND LIMITED REPORT AND FINANCIAL STATEMENTS 30 SEPTEMBER 2024
THE NEU TRUST FUND LIMITED CONTENTS Page Reference and administration Informatlon Trustees, report (Incorporatlng a Dlrectors, Report) Statement of Trustees, responsibllltles Independent auditor's report Group statement of flnanclal actlvltles Charlty statement of flnanclal actlvltles io Group statement of flnanclal posltlon li Charlty statement of financlal wsStlon 12 Group statement of cash flows 13 Notes to the flnanclal statements 14-19
THE NEU TRUST FUND LIMITED Reference and administration Information Trustees C. Cranmer Resigned 31 Aug 24, J. Huckstep Resigned 31 Aug 24 A. Robinson Resigned 31 Aug 24, M. Lawes Resigned 31 Aug 24 H. McKenzie Reslgned 30 Nov 23 & reappointed I Sept 24, L. Blrch Resigned l June 24 S. Alnger P. Gouvela J. Elderkln E. Glazier M. Canavan Appointed 2 Dec 23 N. Wigmore Appointed 17 June 24 B. Regan Appointed I Sept 24 K. Knappett Appolnted I Sep 24 H Panchal Appolnted I Sep 24 Secretary Wllsons {Company Secretaries) Llmited Charlty number 1123305 Company number 06364897 PrlncSpal address Hamllton House Mabledon Place London WCIH 9BD Audltors Azets Regls House 45 Klnd William stet London EC4R 9AN Bankers Natlonal Westmln5ter Bank Tavistock Square Branch Brltlsh Medlcal House Tavlstock Square London WCIH 9JA Unity Trust Bank Four Brlndleyplace Blrmlngham BI 2HB Scottlsh Wldows Bank plc PO Box 12757 67 Morrlson Street Edinburgh EH3 8YJ Cambrldge & Countles Bank Charnwood Court New Walk Lelcester LEI 6TE Sollcitors Wllsons Alexandra House St Johns Street Salisbury SPI 2SB Investment manager Qullter Chevlot Senator House 85 Queen Victoria Street London EC4V 4AB Rathbone Investment Management 8 Finsbury Clrcus London EC2M 7AZ
THE NEU TRUST FUND LIMITED TRUSTEES, REPORT (Incorporating a Directors, Report) FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Trustees present thelr report and accounts for the year ended 30 September 2024. The accounts have been prepafftd In accordance with the accounting pollcles set out in note 2 to the accounts and comply with the Company's Memorandum and Articles of Association. the Charities Act 2011, the Companles Act 2006 and the ststement of Recommended Practice (SORP), applicable for charities preparing thelr accounts in accordance with the Financlal Reporting Standard appllcable in the UK and Republic of Ireland (FRS 102) (effectlve l January 2019). structure and Governance The trustees, who are also the dlrectors for the purpose of company law, and who served during the year were: C. Cranmer S. Alnger J. Elderkln L. Blrch E. Glazier A. Roblnson M, Lawes P, Gouvela J. Huckstep H. McKenzle M Canavan N Wlgmore B Regan K Knappett H Panchal None of the trustees has any beneflcial interest in the company. All of the trustees are members of the company and guarantee to contrlbute £1 in the event of wlndlng up. The trust Is registered a5 an Incorporated charlty registered wlth the Charlty Commission (number 1123305), havlng previously been reglstered as an unincorporated charlty. The NEU Trust Fund Limlted 55 also a company Slmlted by guarantee (company number 63648971 and Is governed by Its Memorandum and Articles dated 30 July 2007, whlch were updated on 29 March 2019, on whlch date the name changed from the ATL Trust Fund Ltd. The Incorporated trust Is the sole corporate trustee and is a Ilnked charlty of the unincorporated trust, The NEU Trust Fund (1123305- 1) that hold5 the Wllliam Mitchell Endowment. The endowment Is therefore inclLJded wlthln the Group Accounts of The NEU Trust Fund Llmlted as noted below. Where reference Is made to the Charity, these figures do not Include the capltal of the Wllllam Mitchell Endowment as these a held In the unlncorporated body. The income from thls endowment was left to the Benevolent and Orphans Scholarshlp fund of the Assoclatlon ofTeachers and Lecturers upon trust to apply the Income thereof towards the general purpose of the sald fund. All other assets for the trust were transferred to the Incorporated trust on 5 December 2008 under agement of the Charlty Commlssion for England and Wales, and agreement from the Charlty Commlsslon was obtalned to produce consolidated financlal Statements. Followlng the amalgamatlon of the Assoclatlon of Teachers and Lecturers (ATL) and the National Union of Teachers (NUT) to form the National Educatlon Union (N EU), the trust changed its name from The ATL Trust Fund L5mlted to The NEU Trust Fund Limlted, Followlng thls amalgamatlon, the trust has recelved donatlons from members of the amalgamated unlon, as well as other bequests and legacles from time to tlme. The expanslon of the ChartY has enabled more people to benefit from the charitable objects of the Trust Fund. Recrultment and appointment of trustees The Board comprises two Trustees who are Trustees of and appolnted by the NEU (Appointed trustees), elected by the Executive Commbttee of the NEU (Executive trustees) with the remaining Trustees Board appointees, known as Ordinary Trustee5. Ordinary Trustee5 are recruited from a wide range of relevant background5 of skllls, expertise and qualifications. Thls ensures the Board has the ski115et to meet the need5 of the beneficiaries, Risk management The trustees have considered the major rlsks to which the charity 15 exposed and have revlewed those rlsks and established systems and procedures to manage those risks, The trustees consider the varlablllty of investment tUrnS on the pemianent endowment to constitute the charity'5 major rlsk and recent volatility in the world financial markets. The trustees are guided by the expertise of the Investment managers to malntain the taryet level of return.
THE NEU TRUST FUND LIMITED TRUSTEES, REPORT (incorporating a Directors, Report) FOR THE YEAR ENDED 30 SEPTEMBER 2024 (continued) Risk management (continued) Following a monitorlng process the trustees have concluded that the risk appetite adopted remains acceptable. In partlcular, the directors have continued to review thelr abllity to continue thelr charitable actlvltles, i.e. grant-making, given grants of - £250,318. The conservatlve reserves pollcy and careful stewardship of fInanS means there are sufficient reserves to meet expenditure reqU1ments during the perlod. Objectlves and artlvltles for publlc benefft The objects of the charity are:_ the relief and preventlon of povety of persons who are.. a) members of the National Education Unlon or persons who have been such members; b) persons who were members of the Associatlon of Teachers and Lecturers or the National Union of Teachers; and ) widow5, wldower5, survlvlng civil partners, chlldren and dependants of such persons referred to In Artlcles 2. 1. 1(a) and 2. 1.1(b) who are completely or mainly dependant for flnancial support on them in the oplnion of the Trustees. Publlc Benefit The Trustees have referred to the guidance contalned In the Charfty Comm1551on's general guldance on publlc beneflt when revlewing the charlty's aims and objectlves and in plannlng Its future actlvities. Grant making pollcy The frequency and value of grants given Is establlshed by the trustees In an awards pollcy, but may also be varled on a case by case basls. The process Is by appllcatlon and approval by the Grants Commlttee, whlch reports to the Board. Compllcated appllcatlons may be referred to a meetlng of the Board. For clarity It has been decided that the Board wlll not normally make a grant unless the member has been In membership for more than 6 months. The Grants Committee may vary this at thelr dlscretlon and such a varlance woll be reported back to the Board. Achlevem¢nts and Performance The Trust Fund has achleved Its alms In supportlng members and their dependants by.. l) by making awards of £250,318 to 197 beneflclarles In the year, £274,942 to 159 beneflciaries in 2022123; 11) publlclsing the work of the Trust Fund to NEU dlstrlcts In order to raise the profile of the fund amongst members including a leaflet dlstributlon and announcement to Annual Conference. iii) uslng and updating the annual calendar to ensure that all essentlal tasks were completed on tlme. Iv) revlewlng the Awards and Complalnts Policies. Plans for the future In order for the Trust Fund to be able to contlnue its work in the futu we will be: l) developing further strategles to secure Income and Increased member contributions to enable It5 charltable purpose to contlnue to be met; 11) reviewing policie5 accordlng to the procedure: iii) continuing to scrutlnlse the work of the fund manager5 (Qullter Cheviot & Rathbones); iv) seeking to retaln the services of Trust Fund Board members with appropriate expertise and skills and undertaklng a recruitment pro5$ to appolnt new Board members when existing ones retire from offlce; v) continuing the development of an ethical investment policy in collaboration with the fund managers.
THE NEU TRUST FUND LIMITED TRUSTEES, REPORT (Incorporating a Directors, Report) continued FOR THE YEAR ENDED 30 SEPTEMBER 2024 (continued) Financlal Review The Trusvs work Is reliant on income from the members of NEU and its Investment income. The income for the year ending 30 September 2024 was £301,651 (2023: 183.484). The income from the NEU and Its districts was £147,680 (2023: £65,316) and legacies left to the trust fund £49,820 (2023.. £33,143). Grants Issued in the year We £250,318 (2023: £274,942). Total group reserves at the year-end were £3,438,652 (2023: £3,176,671), of which £2,527,127 (2023: £2,313,301) were unrestricted. The capital value of the restricted reserves was £911,525 (2022: £863,370). Investment Pollcy The trustees rely on both the investment managers, Qullter Chevlot Ltd and Rathbones, to maxlmlse the returns on the funds wlthln the constraint5 set out by the trustees. The Board are to contlnue to monltor the performance of both QC and Rathbones regarding thelr meetlng of the benchmarks and meetlng the ethical crlterla set out for Investments. Reserves pollcy Consolldated reserves held at the year-end amounted to £3,438,652 (2023: £3,176,671). It Is the policy of The NEU Trust Fund to malntain unrestricted funds at levels of 4 years of operatlon or £1.2m. Should funds fall below thls level then plan5 to replace funds Should be taken in hand. Should the reserves be less than £400k then plans to wind up the trust should be put in place and the restrlcted fund5 transferred to another charlty wlth 51milar aims. At 30 September 2024, the unrestrlcted funds of the trust were £2,527,127 (2023.. £2,313,301) and therefore the current policy Is belng met. Audltors In so far as the trustee5 are aware: there is no relevant audlt Infomiatlon of whlch the charltable company's auditor15 unaware; and the trustee5 have taken all step5 that they ought to have tsken to make themselves aware of any relevant audlt Informatlon and to establlsh that the auditor Is aware of that Informatlon. Approval In approving the Trustees, Report, the Trustee5 are also approvlng the Dlrector5' Report In thelr capaclty as company directors. Small company provlslons The pOrt has been ppared In accordantt wlth the speclal provlslons for small companles under Part 15 of the Companies Act 2006. Approved and slgned on behalf of the Trustees Chairperson Date: 27 March 2025
THE NEU TRUST FUND LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are SpOnSIble for preparlng the Trustees, Report and the ffinanclal statements in accordan with applicable law and regulatlons. Company law requires the Trustees to prepare flnancial statements for each flnancial year in accordan with United Klngdom Generally Accepted Accountlng Practice (Unlted Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affalrs of the group and charity and of the incomlng resources and appllcation of resources, including the Income and expendlture, of the group and charity for that period. In preparlng these flnanclal statements, the Trustees are requlred to: Select sultable accountlng pollcles and then apply them conslstently; make Judgements and accountlng estlmates that are reasonable and prudent. State whether applicable UK Accounting Standards have been followed, subject to any materlal departures dlsclosed and explalned in the flnanclal statements. prepa the financlal statements on the golng concern basis unless It Is inapproprlate to presume that the charlty wlll continue In business. The Trustees are responslble for keeping adequate accountlng records that are sufficlent to show and explaln the charlty'5 transactlon5 and dlsclose wlth reasonable accuracy at any tlme the financlal posltlon of the charlty and enable them to ensure that the financlal statements comply wlth the Companles Act 2006. They are also respon51ble for safeguardlng the assets of the charlty and hence for taking reasonable steps for the preventlon and detertlon of fraud and other Irregularltles.
THE NEU TRUST FUND LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE NEU TRUST FUND LIMITED Opinion on the flnanclal statements In our opinion, the financlal statements: give a tnje and falr vlew of the state of the group's and of the parent charitable company's affalrs as at 30 September 2024 and of the group's Incoming resources and applicatlon of sOurceS and the parent charitable company's Incoming resources and application of resources for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accountlng Practice; and have been prepared in accordance with the reqU1MentS of the Companles Act 2006. We have audited the f Inanclal statements of The NEU Trust Fund Limlted Ithe parent charltable company) and its Ilnked charity (together the group") for the year ended 30 September 2024 whlch comprise the Group Statement of Flnancial Actlvlties, the Charlty Statement of Flnanclal Activities, the Group Statement of Financial Position, the Charity Statement of Financlal Actlvltles, the Group Statement of Cash Flow5 and notes to the financial statements, Including a Summary of signlflcant accountlng pollcles. The flnancial reporting framework that has been applled In their preparatlon Is appllcable law and United Kingdom Accountlng Standards, includlng Flnanclal Reporting Standard 102 The Flnancial Reportlng Standard applicable in the UK and Republic of Ireland (United Klngdom Generally Accepted Accounting Practice). Basls for oplnlon We conducted our audlt in accordance wlth International Standards on Audltlng (UK) (ISAS (UK)) and appllcable law. Our responsibilitles under those standards are further descrlbed In the Audltor's responsibilltle5 for the audlt of the flnancial 5tstements sectlon of our report. We belleve that the audlt evidence we have obtalned is sufflcient and approprlate to provlde a basis for our opinion. Independen We remain independent of the group and the pant charitable company in accordan wlth the ethical requirements relevant to our audlt of the financlal statements In the UK, includlng the FRC'S Ethlcal Stsndard, and we have fulfilled our other ethlcal respon51bllltle5 in accordance wlth these requirements. Con¢lu$lons related to golng ¢onc¢rn In audltlng the flnanclal statements, we have concluded that the Trustees, use of the going concern basis of accountlng In the preparatlon of the flnancia1 statements Is appropriate. Based on the work we have performed, we have not Identlfled any materlal uncertalntles Rlatlng to Èvents or condltions that. indivldually or collectlvely, may cast slgnificant doubt on the group and the parent charitable company's ability to continue as a golng concern for a perlod of at least twelve months from when the flnancial statements are authorised for Issue. Our responslbllltles and the responsibilities of the Trustees with respect to going concern are descrlbed In the relevant sections of this report. other informatlon The Tmstees are responsible for the other informatlon. The other information comprlses the information Included In the Annual Report, other than the financial statements and our audltor's port thereon. The other information comprises: the Trustees, Report, Incorporating a Dlrectors, Report. Our opinion on the financial statements does not cover the other Information and, except to the extent otherwise explicltly stated in our report, we do not express any form of assurance concluslon thereon. Our responsibility is to read the other information and, In doing SD, consider whether the other Informatlon Is materially inconsistent wlth the financial statements or our knowledge obtained in the audit or otheNise appears to be materlally misstated. If we identlfy such material inconsistencie5 or apparent material mlsstatements. we are required to determine whether there is a material misstatement in the financlal ststements or a material mlsstatement of the other information. 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.
THE NEU TRUST FUND LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE NEU TRUST FUND LIMITED Other Companles Act 2006 reportlng In our oplnlon, based on the work undertaken in the course of the audit.. the Information given In the Trustees, Report, which includes the Directors, Report prepared for the purposes of Company Law, for the flnancial year for which the flnancial statements are prepared is conslstent with the financial statements; and the Directors, Report, which are Included In the Trustees, Report, has been prepared In accordance with applicable legal requirements. In the Ilght of the knowledge and understandlng of the group and the parent charitable company and Its environment obtained In the course of the audlt, we have not identlfled material mlsstatement5 In the Strategic report or the Trustee's report, We have nothing to report In respect of the followlng matters in relation to which the Companles Act 2006 requires us to port to you If, In our oplnlon,. adequate accountlng records have not been kept by the parent charltsble company, or returns adequate for our audit have not been recelved from branches not vlsSted by us; or the parent charitable company financlal statements are not in agreement wlth the accountlng records and returns; or certaln di5cIosures of Dlrectors, remuneratlon speclfied by law are not made; or we have not received all the Informatlon and explanatlons we requlre for our audit; or the trustees were not entltled to prepare the flnanclal statements in accordance wlth the small companles regime and take advantage of the small companies, exemptlons in preparlng the dlrectors, pOrt and from the requlrement to prepare a strateglc report. Responslbllltles ol Trustees As explalned more fully In the Statement of Trustees, Responslblllties, the Trustees (who are also the d1CtorS of the charitable company for the purposes of company law) are responslble for the preparatlon of the financlal ststements and for being satlsfled that they glve a true and falr vlew, and for such internal control as the Trustee5 determlnes is necessary to enable the preparation of financlal statements that are free from materlal mlsstatement, whether due to fraud or error. In preparing the financlal statements, the Trustees are responslble for a55essing the group'5 and the parent charitable company's ablllty to continue as a golng concern, dlscloslng, as appllcable, matters related to golng concern and using the golng concern bas15 of accountlng unless the Trustees either intend to Ilquldate the group or the parent charltable company or to cease operatlons, or have no reallstlc alternatlve but to do so. Audltor's r•spon$lbllltl•s for the audSt of the flnanelal rtatements We have been appointed as auditor under the Companies Act 2006 and report in accordance wlth the Act and relevant regulation5 made or having effect thereunder. Our objettives are to obtain reasonable assurance about whether the financlal statements as a whole are free from material mi55tatement, whether due to fraud or error, and to Issue an auditor's report that includes our opinlon. Reasonable assuran is a high level of a55urance, but Is not a guarantee that an audit conducted in accordan with ISAS {UK) wlll always detect a materlal mlsstatement when It exists. Misstatements can arise fmm fraud or error and are cOnsided materlal If, individually or In the aggregate. they could reasonably be expected to inf luence the economlc decisions of u5er5 taken on the basis of these flnancial statements. Extent to which the audit Wa5 capable of detecting irregularities, includlng fraud Irregularitie5, includlng fraud, are instances of non-compliance wlth laws and regulatlons. We design procedures In Ilne with our responsibilities, outllned above, to detect material misstatements in respect of irregularities, Including fraud. The extent to which our procedures are capable of detecting IrgUIarltIes, including fraud Is detailed below:
THE NEU TRUST FUND LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE NEU TRUST FUND LIMITED As part of designing our audlt, based on our understandlng of the charitable company and the Industry in whlch It operates, we assessed the risks of material misststement In the financial statements, including how fraud may occur. We considered the charitsble company's own assessment of the risks that irregularities may Ixcur either as result of fraud or error and held discusslons to consider whether there was any knowledge of actual, suspected or alleged fraud. We consldered the extent to whlch non-compliance mlght have a material effect on the charitable company's financial statements. As part of our discusslons, we identified the Internal controls established to mltlgate rfisks related to fraud or non-compllance with laws and regulatlons and how management monitor these processes. We obtalned an understandlng of the legal and regulatory frameworks that are appllcable to the charitable company. These include, but are not limited to, compliance with the Charities Act 2011, United Kingdom Generally Accepted Accountlng Practlce and tsx leglslation. We completed the followlng prOdures'. Reviewed the charltable company's consideratlon of risks and assoclated mltlgatlng actlons and revlewed Trustee Board ffleetlng minutes for any indlcatlon of fraud or non-compllance wlth laws and regulatlons; Made enqulries regarding any matters identiffied as a Serlous Encident reportable to the Charlty Commisslon. Note that audStlng standards Ilmit the requlred audlt procedures to identify non-compllance with these laws and regulations to enqulry of Those Charged wlth Governance and other management, and Inspection of gUlatOry and legal correspondence If any; Performed analytical procedures to Identify any unusual or unexpected latIOnShIpS that may Indicate rlsks of mater431 mlsstatement due to fraud. In addressing the risk of fraud through management overrlde of controls, we tested Joumal entrle5 and other adjustment5 for Inappropriate or unusual Joumals outside of our expectations, a5 well as for any slgniflcant transactions outside the normal course of buslness, taklng Into con51deration the Scope for management to manlpulate financlal results through the tlmlng ol the recognltlon of Income or grant commltments. Our audit procedures were deslgned to respond to rlsks of material misstatement In the financial statements, recognlslng that the rlsk of not detecting a material mlsstatement due to fraud Is hlgher than the risk of not detecting one resultlng from error, as fraud may involve dellberate COnalment by, for example, forgery, misrepresentatlons or through ollusion. There are Inhent Ilmitations In the audlt procedures performed and the further removed non-compllance wlth laws and regulatlons is from the events and transactlons reflected In the flnanclal statements, the less Ilkely we are to become aware or It. A further descrlption of our responslbilitle5 for the audlt of the financlal Statements Is located at the Financlal Reportlng Council's {"FRC's') webslte at: Thls de5criptlon forms part of our audltor's report. Use of our r•port This report Is made solely to the charitable company's members, as a body, In accordance wlth Chapter 3 of Part 16 of the Companies Act 2006. Our audlt work has been undertaken so that we mlght State to the charltable company's members those matters we a required to state to them In an audltor's port and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for thls report, or for the opinlons we have formed. J Howard FCA, Senior Statutory Auditor For and on behalf of Azets Audit Service5, Statutory Auditor 45 King William Street. London, EC4R 9AN 24 April 2025 Date
THE NEU TRUST FUND UMITED GROUP STATEMENT OF FINANCIAL A1VITIEs [Incorporating the consolidated Income and Expenditure Account] FOR THE YEAR ENDED 30 SEPTEMBER 2024 Unrestrlcted Funds Restrlrted Endowment Funds Total 2024 Total 2023 Notes ncome fro Donations and Legacles Investment income 203,705 97,946 203.705 97,946 109,230 74,254 Total Income 301,651 301,651 183,484 ndltu Charitable actlvlties Ralsing funds 289,401 11,382 289,401 14,780 310,911 13,526 3,397 Total expendltur• 300,783 3,397 304,181 324,437 Net gains on Investment assets 8a 212,959 51,552 264,511 13,242 Net Income/(expenditure), belng net movement In funds 213,826 48.155 261,981 (127,711) Fund balance5 at l October 2023 2,313,301 863,370 3,176,671 3,304,382 Fund balances at 30 September 2024 2,527,127 911,525 3,438,652 3,176,671 All the above amounts are derlved from continuing operations. The notes on pages 14 to 19 form part of these flnanclal statements.
THE NEU TRUST FUND LIMITED CHAFUTY STATEMENT OF FINANCIAL AVITIEs [Incorporating the Income and Expenditure Account] FOR THE YEAR ENDED 30 SEPTEMBER 2024 Total 2024 Totsl 2023 Notes In ome from: Donations and Legacles Investment income 222,080 79.571 128,555 54,929 Total income 301,651 183,484 Charitable activltles Raising funds 289.401 11.383 310,911 10.222 Total exp•ndlturn 300,784 321,133 Net galns/(loss) on Investment assets 8b 212,959 (7,755) Net (eXpendItu)I1nC0rne, belng net movement In funds 213,826 (129,894) Fund balances at l October 2023 2,313,301 2,443,195 Fund balances at 30 September 2024 2,527,127 2,313,301 All the above amounts are derlved from contlnulng operatlons. The notes on pages 14 to 19 form part ol these flnanclal statements 10
THE NEU TRUST FUND LIMITED GROUP STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2024 2024 2023 Notes Fixed assets Investments 8a 3,421,462 2,758,830 Current assets Debtors Cash at bank and in hand 81,632 494,037 81.632 494,037 Credltor8: amounts falling due wlthin one year (64,442) (76,196) Net current assets 17,190 417,841 Total assets less Current Ilabllltles 3,438,652 3,176,671 Capltal funds Endowment funds io 911,52S 863,370 Income funds Unrestrlrted funds io 2,527,127 2,313,301 3,438,652 3,176,671 These flnancial statements have been prepared In accordance with the speclal provislon5 for small companles under Part 15 of the Companles Act 2006. The financlal statements were approved by the Board of Trustees on 27 March 2025 and were signed on Its behalf by:" Trustee Company Registration No. 06364897 The notes on pages 14 to 19 form part of these flnancial statements. 11
THE NEU TRUST FUND LIMITED CHARITY STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2024 2024 2023 Notes Fixed assets Investments 8b 2,800,030 2,185,553 Current assets Debtors Cash at bank and in hand 81,632 494,037 81,632 494,037 Cr¢dltors: amounts falllng due wlthln one year (354,535) (366,289) Net current (Ilabllltles)lassets (272,903) 127,748 2,527,127 2,313,301 Totsl ass•t$ l•$$ current Ilabllltle8 Income fund* Unre5trlrted funds 2,527,127 2,313,301 2,527,127 2.313,301 These flnanclal statements have been prepared in accordance with the speclal provislons for small companSes under Part 15 of the Companles Act 2006. The flnanclal statements were approved by the Board of Trustees on 27 March 2025 nd were slgned on its behalf by'.- Trustee Company Registratlon No. 06364897 The notes on pages 14 to 19 form pèrt of these flnanclal statements. 12
THE NEU TRUST FUND LIMITED GROUP STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Cash flows (used In) / from operatlng actlvltles: Net movement In funds 261,981 (264,511) (97,946) {127,711) (13.242) (74,254) 117,771 28,481 (68,955) Gains on Investment5 Dlvldends and Inte$t from Investments Change in debtors Change in creditors Net cash flows (used In}/from operatlng actlvitles (11,754) (112,230) Net Cash flows from Investment artlvltles: Investment Income 97,946 439,037 (479,354) (357,804) (300,175) 74,254 302,593 (813,011) 13,121 {423,043) Proceeds from sale of Investments Purchase of investments (Increase) I decaSe In Investment cash Net cash flow from Investment actlvltles Change In cash and cash equivalents (412,404) (491,998) Cash and cash equlvalents at beglnnlng of year 494,037 986,035 C•sh and cash equlval•nt at the •nd of year 81,632 494,037 Analygls of cash and cash equlvJl•nts: Cash at bank and In hand 81,632 494,037 Analysls of changes In net debt: Cash flows Non-cash movement 30 Sept 2024 l Oct 2023 Cash at bank and In hand 494,037 (412,405) 81,632 The notes on pages 14 to 19 form part of these financlal statements. 13-
THE NEU TRUST FUND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 General Informatlon The NEU Trust Fund Limited Is a charitable company limited by guarantee, gIstered in England and Wales (company no. 06364897, charlty no. 1123305). It Is governed by Its Memorandum and Articles dated 30 June 2007. The address of the registered offlce is given on page l. These flnanclal statements are for the year ended 30 September 2024. The functional currency is GBP, which is the same as the presentstlonal currency. The flnancial statements a rounded to the nearest pound. Accountlng pollcles Basis of accounting The financial statements have been prepared under the hlstorical cost convention, as modified by the ValUatIOn of flxed asset investments, and in accordance with the Statement of Recommended Practlce (SORP), appllcable for charitles preparlng their accounts In accordance wlth the Flnancial Reporting Standard applicable in the UK and Republlc of Ireland (FRS 102) (effective l January 2019), the Financlal Reporting Standard appllcable In the United Kingdom and Republic of Ireland (FRS 102) the Charltles Act 2011, and the Companles Act 2006. The Charlty constitutes a publlc beneflt entity as defined by FRS 102. The Charlty Is the sole corporate trustee of The NEU Trust Fund (reglstered charity number 1123305-1), an unlncorporated trust whlch holds the Willlam Mitchell Endowment. The unincorporated trust is a linked charlty of The NEU Trust Fund Limlted and ha5 therefore been consolldated Into these financlal statements on a line by line basis. The Trustees have elected to prepare consolldated accounts for the Ilnked charlties, rather than use branch accountlng as allowable under the Charitles SORP, on the basls that they consider consolldated accounts to present the detail of the reporting charlty and Ilnked charlty in a manner that is more understandable to users of the fSnanclal ststements. The charities hold reserves to supplement Income requirements to meet charltable objectives as quIred. The Trustees conslder that there are no material uncertalntles over the charltles, ablllty to contlnue as a going concern for the foreseeable future, belng a period of at least 12 months from the date of slgnlng the flnancial statements. Judgements In applylng ac¢ountlng pollcles and key source$ of estimatlon uncertainty The pparatIon of the flnanclal statements requires the Trustees to make estlmates and assumptlons that affect the reported amounts of revenues, expenses, assets and Ilabilities, and the disclosure of contlngent Ilabilitles at the date of the financlal statements. If in the future such estlmates and assumptions, which are based on the Trustees, best Judgement at the date of the flnancial statements, devlate from the actual circumstances, the original estlmates and assumptlons wlll be modlfled as appropriate In the year in whlch the clrcumstances change. The Trustees, conslder that there are no key sources of estlmation uncertalnty. Income Donations, subscrlptlons and legacies are recognised when recelvable. Income from the Natlonal Educatlon Unlon members Is CognISed on an accrual's basls. Dlvidend Income is cdited to the Statement of Financlal Actlvities In the year In whlch It Is recelvable. For legacies, entitlement is taken as the earller of the date on whlch either: the charlty is aware that probate has been granted, the estate has been flnallsed and notlflcation ha5 been made by the executor(s) to the Charity that a dlstrlbutlon wlll be made, or when a dlstributlon 15 recelved from the estate. Receipt of a legacy, in whole or in part. is only consldered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity. or the charlty is aware of the granting of probate, and the criteria for Income recognltlon have not been met. then the legacy Is a treated as a contingent a55et and dlsclosed if materlal (see note 3)- 14-
THE NEU TRUST FUND UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting pollcles (continued) Expenditure Expenditure is recc*Jnised on an accruals basis, incluslve of value added tax. Expenditure relatlng to the charltable actlvities are those elements of expendlture directly and indirectly incurred in performing these actlvities. Costs of grant making are included In the Statement of Financlal Activitles In the year they are payable. Costs Include grants made and support costs associated wlth the activlty. Costs in support of grant maklng relates to the day-to-day admlnlstratlon of the affairs of the charlties and are allocated based on the basls of time spent In that area. Governance costs include those costs incurred In the govemance of the charity's assets and are primarily assoclated with constitutional and statutory requlrements and are Included as part of charltable activlty expenditure. Galns/losses on Investment a$set$ All galns and losses are taken to the Statement of Flnancial Activities as they arlse. Unrealised galns and losses on investment assets represent the dlfference between thelr falr value at the end of the year and thelr falr value at the beginning of the year, or transactlon value if acquired durlng the year. Reallsed galns and losse5 on dlsposal of Investment assets present the dlfference between the sale proceeds and the falr value at the beglnnlng of the year, or transaction value if acquired durlng the year. Flnanclal Instruments The charity only has financlal a55ets and flnanclal Ilablllties of a kind that qualify as baslc flnanclal Instruments. Baslc flnanclal instruments are inltlally recognised at transactlon value and subsequently measured at their settlement value. Investments Investments conslst of funds held on deposlt In notice account5 or fixed term deposlts and listed investments. L15ted Investments are a form of baslc flnanclal instrument and are Inltially recogn15ed at thelr transaction value and subsequently measured at thelr faSr value as at the balance sheet date using their closing quoted market prlce. Funds held on deposlt In notlce accounts or flxed term deposlts are Included wlthln flxed asset investments where they are held speclfically for investment purposes are not intended to be alISed withln 12 months of the reporting date. Debtors Debtors are recognised at falr value. Cash and cash equlvalents Cash and cash equlvalents conslst of balances In bank accounts wlth Instsnt access or deposlt accounts wlth a maturity date of less than three months, held for the purposes of meetlng short-term cash commltments as they fall due. 2.10 Credltors Creditors are recognised at fair value. 2.11 Taxation The charity benefits from the tax exemptlons available to UK registered charitles and accordingly is not liable for Income tax or capltal gain5 tax on income and galns derived from Its investments. 2.12 A¢¢umulated funds Unrestricted funds are general funds that a available for the use at the Trustee5' discretion in furtheran of the objectives of the charity. On 5th December 2008, the net a55ets of the unincorporated ATL Trust Fund (now called The NEU Trust Fund) were transferred to the Incorporated ATL Trust Fund Limited (now called the NEU Trust Fund Ltd) with the exception of the Mitchell bequest which is stlll held by the unincorporated body. Under the terms of the Mitchell bequest, the capital value cannot be spent; only the interest recelved can be used for distribution. The Endowment Fund is the William Mltchell Endowment of the unlncorporated NEU Trust Fund, of which NEU Trust Fund Limited is the sole trustee. 15
THE NEU TRUST FUND LIMED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Donations and Legacles Charity 2024 Group 2024 2023 2023 Members Donations & gifts General Donatlons NEU & Districts Legacles 19,520 5,060 147,680 49,820 25,393 4,703 65,316 33,143 1,145 5,060 147,680 49.820 6,068 4,703 65,316 33,143 222,080 128,555 203,705 109,230 Income of £16.712 (2023.. £19,325) generated by the unlncorporated body is donated to the NEU Trust Fund Ltd (the charity). All donation Income in both 2023 and 2024 related to unrestricted funds. Investment Income Charlty 2024 Group 2024 2023 2023 Income from Ilsted investments Interest receivable 57,865 21,706 48,681 6,248 76,240 21,706 68,006 6,248 79,571 54,929 97,946 74,254 All Investment income In both 2024 and 2023 relate5 to unrestricted funds. Charltable artlvltles Group and Charlty Other Costs Grant Costs Totsl 2024 Total 2023 Rellef for members Grant fundlng of actlvitles to Indivldua15 Support costs Governance costs - audltor's remuneration 250,318 250,318 31,883 7,200 274,942 29,069 6,900 31,883 7,200 39,083 250,318 289,401 310,911 Trustées The Trustees consider themselves to be the key management personnel of the charity, In charge of dlrertlng and controlling the charlty. None of the trustees (or any person connected wlth them) CeIved any remuneration during the year (2023: nll). Relmbursements of travel and subsistence for trustees amounted to £1,645. (2023: £312). Employees There were no employees during the year (2023: nil). 16-
THE NEU TRUST FUND UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 a) Fixed asset Investment - Group Deposit Fund Cash held for Investment Llsted investments Total Market Value at 30 September 2023 193,029 56,501 2,509,300 2,758,830 Cash Movement Disposal proceeds Acqulsltlons Change In value in the year 390,690 (32,886) 3S7.804 (439,037) (439.037) 479,354 479,354 264,511 264,511 Market Valu• at 30 September 2024 583,719 23,615 2,814.128 3,421,462 Hlstorlc cost: At 30 September 2024 583,719 23,615 2,424,436 3,031,770 At 30 September 2023 193,029 56,501 2,337,337 2,586,867 (£51,552) of the change In value of investments In the year relate5 to the restrlcted endowment fund (2023: £5,487). Included within the totsl group Investment balance Is £619,827 (2023: £563,779) belonging to the endowment fund In addltlon to £1,605 (2023: £9,498) of Cash held wlthln Investments. Llsted Investments at market value are held In the followlng classes: 2024 2023 UK flxed interest UK equltles Forelgn equltle5 Other 1,004,865 481,788 1,033,167 294,308 869,700 480,772 868,618 290,210 2,814.128 2,509,300 17-
THE NEU TRUST FUND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 b) Fixed asset Investment Charity Deposlt Fund Cash held for investment Llsted Investment5 Total Market Value at l October 2023 193,029 47,002 1,945,522 2,185,553 Cash Movement Disposal proceeds Acquisitions Change In value in the year 390,690 (24,993) 365,697 (291,137) (291,137) 326,958 326,958 212,959 212,959 Market Value at 30 September 2024 583,719 22,010 2,194,301 2,800,030 Hlstorlc cost: At 30 September 2024 583,719 22,010 1,868,011 2,473,740 At 30 September 2023 193,029 47,002 1,792,754 2,032,785 Investments at market value are held In the followlng classes: 2024 2023 UK fixed Interest UK equltles Forelgn equltles other 882,823 350,928 755,296 205,254 775,984 320,521 642,256 206,760 2,194,301 1,945,521 Credltors: amounts due wlthln one year 2024 2023 Group Grant Credltors Other Creditor5/Accrua15 53,300 11,142 64,400 11,796 64,442 76,196 Charlty Grant Credltors Other CreditorslAccruals Amounts due to the unlncorporated fund 53,300 11,142 290,093 64,400 11,796 290,093 354.535 366.289 18
THE NEU TRUST FUND LIMED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 io Analysis of net assets between funds Unrestricted Restrlcted Endowment Total Group Fund balances at 30 September 2024 are repsented by-. Investments Current assets Credltors: amounts falling due within one year 2,800,030 75,259 (354,535) 621,432 290,093 3,421.462 365.352 (354,535) 2,520,754 911,525 3,432,279 Charlty Fund balantts at 30 September 2024 are repsented by: Investments Current Assets Credltors: afflounts falllng due wlthin one year 2,800.030 75,259 (354.535) 2,800,030 75,259 (354,535) 2,520,754 2.520,754 The unrestrlcted funds represent the free funds of the charlty whlch are not deslgnated for a partlcular purpose and are the funds of the Incorporated charlty, The NEU Trust Fund Llmlted. The restricted endowment represents the Funds bestowed to the unincorporated charlty, The NEU Trust Fund, by Wllllam Mltchell. The Income from thls endowment can be applled toward5 the general purpose charlty. UnrestCted Restrlcted Endowment Total Group Fund balances at 30 September 2023 are presented by,. Investments Current Assets Creditors.. amounts falllng due wlthin one year 2,185,553 203,944 (76,196) 573,277 290,093 2,758,830 494,037 (76,196) 2,313,301 863,370 3,176,671 Charlty Fund balances at 30 September 2023 are represented by: Investments Current Assets Credltors: amounts falllng due wlthln one year 2,185,553 494,037 (366,289) 2,185,553 494,037 (366,289) 2,313,301 2,313,301 19-