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 st￿et
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 ag￿ement 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 Char￿tY 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 fInan￿S means there are
sufficient reserves to meet expenditure reqU1￿ments 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 pro￿5$ 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 p￿pared 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 reqU1￿MentS 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 pa￿nt 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 d1￿CtorS 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 cOnside￿d 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 Ir￿gUIarltIes, 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 prO￿dures'.
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 COn￿alment by, for example, forgery, misrepresentatlons or through
ollusion. There are Inhe￿nt 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 A￿1VITIEs [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 A￿VITIEs [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 dec￿aSe 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 p￿paratIon 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 c￿dited 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 LIM￿ED
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 LIM￿ED
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 rep￿sented 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 rep￿sented 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.
Unrest￿Cted
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-