Chjjrity Registration No. 1123305 Company Reglstratlon No. 06364897 (England and Wales) THE NEU TRUST FUND LIMITED REPORT AND FINANCIAL STATEMENTS 30 SEPTEMBER 2025
THE NEU TRUST FUND UMrrED CONTENTS Pa9e Reference and administration informatio Trustees, report (Incorporatlng a Dlrectors, Report) ststement of Trustees, responslbllltyes Independent auditor's report Group statement of financial acrivities Charlty ststement of flnanclal acttvlties io Group ststement of financial position li Charity ststement of financial position 12 Grt*up sthternent of cash flows L3 Notes to the financial statements 14-19
THE NEU TRUST FUND LIMITED Ref erence and admlnlstration inf ormation Trustees H. McKenzie S. Ainger Re5gne1 9 Mar 25 P. Gouveia Resigned 27 Jun 25 J. Elderkin E. Glazier M. Carnavan N. Wigmore 8. Regan K. Knappe Panchal Resigned 30 Sept 25 H. Hu5sain Appointed I Sept 25 Secretsry Wi150ns Icompany Secretsrles) Llmitsd Charity number 1123305 Company nuft*Er 06364897 Prlncipal address Hamiiron House Mabledon Place London WCIH 9tsD Auditor$ Azets Regls P¢ouse 45 Klnd William Streel London eC4R 9AN Banker5 Nabonal Westminsrer 8ank Tavistoek Square Bronch 8ritish Medical House Tavlstock Square London WCIH 9JA Unlty Trust 8ank Four Brindleyplace Birmingham BI 2HB Scotbsh Widow5 8Jnk plc PO Box 12757 67 Morrison Street Edinburgh eH3 8YJ Carnbridge & Counties Bank Charnwood Court New Walk Leicester Lei 6TE Solicitors Wi150ns Alexandra House Sr Johns Street Salisbury SPI 2S8 Investment manager Quilter Cheviot Senator House 65 Queen Victoria Street London EC4V 4AB Rathbone Investment Management 8 Rnstsury Circus London EC2M 7AZ
THE NEU TRUST FUND LIMtTED TRUSTEES. REPORT (incorporating a Directors, Report) FOR THE YEAR ENDED 30 SEPTEMBER 2025 The Trustees present their report and accounts for the year ended 30 September 2025. The accounts hdvebeen preparedlnaccordany1lth the accou nting polioes setoutin note 2 to theaccounts and com Ith the Company's Memorandum and Artides of Assttiabun, the Charitie5 Act 2011, the Companies Act 2006 arKt tr Statement of Recommer¥Jed PracknTr ISORPI, applicatle for charities prepariry their accounts in accordan with the nancial Reporbng Standard applicable in the UK and Republlc of Ireland IFRS 1021 leffetty've l January 20191. Structure •nd Governance The trustees, whts are also the directors for the purpose of company law, ané who served during the year were.. M Canovan S. Ainger- Resigned 9 Mar 25 N Wigmore J. Elderkin P. Gouveia - Resigned 27 June 258 Regan K Knappe E. Glazier H. McKenzie H Panchal - Resigned 30 Sept 25 H Hussain Appointed I Sept 25 None of the trustees has any beneficial interest In the compzny. All of the trustees are mernbers of the company ar guarantee to cuntribute £1 in the event of winding up. rhe trust Is registered as an incorporated charity registered with the Charity Commission Inurnber 11233051, haviry previously been registereQ as an unincorporated charity. The NEU Trust Fund Lirnited Is also a company limitEd by guarantee Icornpany number 63648971 and 15 governed by its Memorandum and Artlcles dated 30 July 2007, which Y4ere updated on 29 March 2019, on which date the name chonged from the ATL Trust Fund Ltd. The Intorpor6ted trust Is the sole cerporate trustee and Is a linked charity of the unincorporated trust, The NEU Trusi Fund 11123305-11 that holds the Williarn Mitchell Endowment. The endowment Is therefore included within the GroLP Accounts of The NEU Trust Fund Mited as noted belN. Where reftnCe Is made to the Charity. these figures do include the capital of the William Mitchell Endowment as these are held in the unincorporated body. The income fromthisendowrrEntwas leftto the 8enevclentand Orphans stlarth1p fund of the Ass(KiationofTeachers and Lecturers upon trust to apply the incune thereof toward5 the general purpose of thE said fund. All other assets for the trust were transferred to the Incorporated trust on 5 December 2008 under 4greernent of the Charity Commssi for England and Wales. and agreeffnt froTn the Charity Commission wa5 Qbtsined to produce con501idated firnè statement5. Following the amalgamatjon ofthe ASSlabO ofTeachers and Lectuor5 IA TLI and the Natonal UnionofTeache15 IW to forrn the Natyonal Education Union INEUI. the trust thanged its name fromThe A TL Trust Fund Limited to The NEU Trust Fund Limite¢. Follov4ing this amalgamation, the trust has received donations from memtÉrs of the arnalgamatsj union. a5 well as other bequests and le9aoes frorn time to time. The eXparlen of the charity has enabled rn0 kWP to benefit from the charitable objects of the Trust Fund. Re£ruitm•nt and appolntment of trustees The 8oard comprise5 two Trustees who are Trustee5 of and apprxnted by the NEU (Appointed rrusteesl, t¥Yo elecr£d the Execuknve Committee of the PIEU (Executive trusieesl with thÈ remaining Trustees Board appointees. knovm as Ordinary Trustees. Ordinary Trustee5 are reuuited from a Y41de range of relevant background5 of skills. expert6e arKI qualifications. This ensure5 the Board has the ski115et to meet the needs of the beneficiaries. Rlsk management The tru5tee5 have considered the major risks to which the charity 15 exposed and have reviewed those risks estsblished systems and prDcedure5 to manage thosÈ risks. The trustees consider the variability of inve5tmwt returns on the permanwt endowment to constitute the charity majorrisk and recentvolatility In thÈworld financial Markets. The trustee5 are guided by the expertiseofthe Invesllnent managers to maintain the targÈt level of return.
THE NEU TRUST FUND LIMITED TRUSTEES, REPORT {Incorporating a Dlrectors, Report) FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued) Risk management {continued) Following 6 monitoring proEe55 the tru5tee5 have concluded that the risk appetite adopted remain5 acceptable. In particular, the (Jirettof5 have continued to reviewtheirabifity to ctinuether chartsble a£tivities, i.e. grnnt-makir¥J. glven grants of - £224,267. The conservatsve reserves policy and carefLI stewardship of finances means there are sufficient reseryes to meet expenditure requirements during the period. Objectives and acti¥ities for public benefit The objects of the charity 6re'.- the rellef and preveJ)tion of poverty of persons who are.. al rnembers OF the National Education Vnion or persons who have been such members.. bl persons who were membersof the Asslabon of Teachersand Letturery or the National Union of Teachers.. ond cl widows, widowers, survivmg civll partners. children and dependants of such persons referred to In Articles 2.1.Ilal and 2.1.Ilbl who a cornpletdy ormainly detErKlart for finarKial support on them in the opinion of the Trustees. Public knefit The Trustees ttave referred io the guidance conrained in the Charity CommI$90n's general guidan on public benefit when reviewing the charity s aims objective5 and in planning its future activities. Grant making poli¢y The frequency and vrtkje Df grants given is eststlShed by the trustees in an awarts pollcy. but may also be varied on a case by case basis. The pr(tess is by apication and apptoval by the Grants Cimmirree, hICh reports to the 8oard. Complicated apF4ications rnay be refeThed to a meeting of the 8oard. For clarity it has been decided that the 8oard will not normally make a grant unless the member has been In membership for more than 6 months. The Grants Commiiiee may vary this at their discretion and such a variance will be reported back to the Board. Achlevements and Performance The Trust Fund has achieved its airns in supporknng members and their dependants by.. i} by rnaking awarcts of £224,267 to 179 benefickAries in the current year, E250,318 to 197 beneficiarie5 In 2023124,. ill publicising the work of the TrSt Fund to NEU districts In order to raise the profile of the fund amongst rnernbers including a leaflet distribution and announcement to Annual Conference. iiil using an4 updating the annual calendar to ensure that all essential tasks were completed on time. Iv) reviewing the Awards and Complaints Policie5. Vl increasing the number of members and dlstrlcts that are rnaklng contributlons. Plans for the future In order for the Trust Fund to be 4ble to continue its work in the future we will be.. il develoing Furtherstrategies to seoJre inc)ft and Inc3$ea memfRrcontributy'ws to enable its charitable purpose to continue to be met,. ill reviewing policies according to the procerlure,. iiil continuing to scrutinise the work of the fund managers (Quilter Cheviot & Rarhbonesl,. iv) seeking to retain the SeNIs0f Trust Fund 8oard rnnter5 With approwiate expert15e and skills and undertakirg a recruitment process to appoint new Board members when existing ones rebre from office., vl continuing the development of an ethical Inve5trnent policy in collaboratron byith the fund manogers. vil continuing to monitor the dats on increasing levels of applications vill reviewing the levd OF grant, taking into account the funds available and the rlslng tost of living. The trustees would like to be In a position to Increase the level of grant that Is available.
THE NEU TRUST FUND LIMITED TRUSTEES, REPORT (incorporatlng a Director5. Report) continued FOR THE YEAR ENDED 30 SEPTEMBER 2025 Icontinuedl Flnanclal Revl¢w The Trust's V40rk is reliant on income From the meml)er5 OF NEU and Its Investment income. The income for the year ending 30 September 2025 was £298.72712024.. £301,651). The incorne frorn the NEU and its d15trict5 was É140.691 {2024.. £147,680) and legacie5 left to the trust fund £21.17212024,. £49,820). Grants issued in the year were £224267 12024.. E250,3181. Tot319roup reserves at the year-end were £3,614,37612024.. £3,438,652), of which £2,653.239 12024.. £2,527,127) were unresrritted. The capital value of the restricted reserves was £961.137 12024.. £911,525). Investmt Policv The trustees rdy on both the investment MagerS, QuilterChevic* Ltd and Rathbones, to maximise the returrs on the funds within the constraints set out by the trustees. The Board are to continue to monitorthe perfOr[An ef brAh QC and Rathbones rerdIng their meeting of tre bend)marks and meeting the ethical criteria set out for Investments. Reserve5 policy Consolidated re5erve5 held at the Year-e amounted to E3.614,37612024-. E3,438,6521. It Is the policy of The NEU Trust Fund to tnaintain unrestrrted funds at leveL4 of 4 years of operation or E 1.2rn. shId funts fall belowthis level then plans to replace fund5 should be taktw in hand. Shwld the reserves be le55 than É400k then plans to win(J up the trust should be put in place and the restricted funds transferEd to another charity with similar aims. At 30 SeplEmtr 2025, the Unrestric fund5 of the trust We £2,653,23912024'. £2,527.1271 and the[D the CUrrt policy is teirvj met. Audltors fn so far as rhe rrustees are aware.. there Is no relevant audit informabon of which the charitsble cornpony's auditor Is unaware., and the trustees have tsken all steps that they ought to have tsken to make themselves aware of any relevant information and to establish that rhe auditor Is aware of thar information. Approval In approving the Trustees, Rerort, the Trustee5 are also approving the Directors, Report in their capacity as company director5. Sm•ll Company provlslon$ The report ha5 been prepared in accordan with the special provisK)ns for small companies under Part 15 of ttr Companie5 Act 2006. Approved antt signed on behalf of the Trustees Chairperson Date.. 19 March 2026
THE NEU TRUST FUND UMITED STATEMENT OF TRUSTEES, RESPONSIBILrriES The Trustees are fesporsible for preparing the Trustees. Report and the financial statements In accordano wlth applicèble law and regulations. Company law requires the Trusreesto prepare flnancial staternents for each nnanclal year In accordance wlth Unlted Kingdom Generally AcceptedAccounb"ng practi {Vnited Kingtom AcCou.n9 Stsnéards and applicable lawl. UTrJer company lawthe Trustees rnt not approve the finar(10i statements unlessthey a satisfied thatthey give a true OTh fair view of the stste of affairs of the group and charity and OF the incorning resources and application of resource intluding the ¢ntome and expenditure, of the group and charity for that period. In preparing these financial s¢atemer¢ts, the Trustees are required to.. select sultable accountyng pollcle5 and then apply thèm censistenlyé rnake judgements and accounting estirnates that are reasonable and prudent,. state wbether app1$cab UK Accourtlng StaniJarLts have been followtd, subjert to any materlal ¢epartME$ disclosed and explained in the finaneial statements. prepare the financial staterrerts on the 90irg corcern ba4$ unless It Is Inappropdate to presume that t charsty will CDntnue in businè$5. TheTrusteesère respM$blefor keepng adequate&C¢ntin9reCIYds thataresuffic5enttQ 5howandexplain thecharvs transaction5and disclcse with rea5able accurncy ot any time the financid positicn olthe eharity and enatrAe them ensure rhaithe financial statemwts comply wlth the Companies Act2006. They are also respjnlble for safeguarth the assets of the charity and hence for taking reasonat4e steps for the preverition and detection olfraud and orher irregularity-es.
THE NEU TRUST FUND UMITED INDEPENDENT AUDOR's REPORT TO THE MEMBERS AND TRUSTEES OF THE NEU TRUST FUND LIMThED OpSnlon on the finonclal Statements In our opinion, the financial statement5'. give a true and fair viewofthe State of the group'sand ofthe p6rentchartablecompany's affairsa5 at305eptsmtsr 2025 and of the group's incoming resouFce5 and application of resource5 and the parent charitable companys in¢Dming resource5 and application of resources for the year then ended,. have been prwerly prepared in accord)nce with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance w1th the requirements of the Companies Act 2006. We have audited the financi sratements ofThe NEU Ttust Funé Limited (the part charitaNe tomparyl ard Sts1# charity Itogerherthe group~I for the year ended 30 September 2025 which comwisethe Group Statement of Finarwl Activities, the Charity Statementof Financial Activitye5, the Group Statenrtof Financial Posits, the Charity StatErnent of Financial Activities, the GroLP Stateftnt of Cash Hov4s and ntstes to the Financial statements, including a summary of significant accounting policies. The financial reporting framewjrk that has been applied In their preparatim s appllcable law ènd United Kingdom AccwntlrYJ Standard5, Includiry Financial Reporting Standarf 102 rhe Financ¥1 Reporting Standard applicable in the UK Republic of Jreland Iunited Kingdom General AcceFted AccourthrYJ Practice). B•$l$ for oplnlon We conducted our audit In accordance with Intsrnational Stsndards on Auditing IUKI IISAS IUKII and applicable law. Our responsiblities under those standarLls are further destnbed in the Auditor's spon9b1IitieS for the audit of t financial statements section of our report. We believe that the audit evidence we have obtained Is sufficient ar ppropriate to provide a basis for our opinion. Jndependence WÈ remain independent of the group Oné the parent charitable cornp6ny In accordance with the ethical requirernerts relevant to our audit ofthe Financial statements In the UK, including the FRC'S Ethical Stsndard, and we have fulfd our other ethical re5ponsibilitles in accerdan¢e with these requlrements. Conclusions related to going concern In audifing the financial statements, we have cCILded that the Tru5tee5' use of the going concern basi5 of accountiTrJ in the preparation of the financial ststements is appropriate. 84sed on the workwe have perfomed, %ye have not identified ary material uncertainties rdating to event5 orcorditknrs that. Individually or collecbvdy ffjay cast significant doubt on the group and the parent charitsble company's ability tD continue as a 9oing concern for a period of at least twelve rnonths from when the finoncial ststerrnts are aUth(d for issve. Our responslbilities and the reSPsbIlItIeS of the Trustees with respect to going concern aredesuibed In the Televart sections of this reporL other Information The Tru5teesare resporsible forthe otherinforynation. The othw infLYrnation cornprises the inftrmation included in Annual Report, other than the financial statenEnts and our audito5 report thereon. The other Information tomptis'. the Trustees, K)rt, incorporating a Directors, Report. Ouropinion on the finantial statements does not coverthe other Informatlon a, except to the extent othersmse expllotly stated in ourreport, we do not exp ss any form of a5surar conclusion theOn. Our responsibility Is to read the other informatron and, in doing so, consider whether the other Information is materially incongstent with the financial Staternts or ourknOethJe obtained In the audit or otherw appears to be rnaterially misstated. If Y4e ItifY such material intonsistencie5 or awarent material mi%tatements, we are required to determine whether there Is a material m1$5tatement in the financial statements or a materkAI misstatement of the other information. If, bas on the work we have perfonned, we condude that there is a rnateral misststement of this other information, we are required to report thai facL We have nothing to report in thts regard.
THE NEU TRUST FUND LIMED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE NEU TRUST FUND LIMED Other Companies Act 2006 r•portln¥ In our opinlon, based on the work undertaken in the course of the audit.. the Information given in the Trustees, Report, which include5 the Directors. Report prepared for the purposes of Cofflpany Law, for the financial yearfor whith the finanaal statemerts are prepared is congstent with the finarthl staternents,. an¢J the Directors, Rep(rt, which are includ&J in U)e Trustees'Repo¢ has be prepared in accordance with appli(ab legal requlrements. In the light of the knowledge atTrd understanding of the group and thE parentcharitable cotntkiny and its envIrorrntt obtained In the course of the audit, we have notidentified materiol rnlsstotents inthe Strategicreportor theTrustee report. We have nothing to report in respect of the following rnattws in relaticr to which the CornpaniesAct 2006 requires LS to report to you if. In our opinion: adequate accoLnting records have not been kept by the parentcharitable company, or returns adequate for OLr udit have not been received froffl branches not visited by u5. or the porent charitaile company finarKial 5t4tetnert5 are not in agreent with the accountiig recor< and retunE- or certaln dlsclosures of Oirectors, remuneration specified by law are not made.. or we have not received all the Information and explanations we require for our audit: or the trustees were not entled to prepare the finanaal staterrents In accordaKe with the small companies regme and take advantage ofthe small companie5. e¥emOion5 in preparing the director5, p)rt and from the reqUIrrt to prepare a strategic report. Respon8lbllltles of Trust As explaine¢ Ma fully in the sratement of Trustees, ReSp1111t1e5. the Trustees Ivjho are a150 the direciof50f charitable company for the purpose5 of company lawl are responyble for the preparati of the financial statemer15 and for being satisfied that they give a true and fair view, and for such Internal control as the Trusteesdetermines 6 necessary io enable the poparation of financia statsments that are free from materil mi59tatemwt, whethw dLE ID rraud or error. In preparing the finanoal staterTEnts, the Trustsare reSponslIe for a5se5yng the group's and the parent Charntrae company's ability to continue a5 a going contrm. disdosing, as apklicable, rnatte related to going concern and the going concern basis of accounting unless the Trusts either intend to Iiquidats the group or the parent charièL* company or to cease operation5, or have no realistic alternative but to do so. Audltor's tesponslbllltles for the •udlt of the flnanclal statements We have been appointed as auditor under the Comp3niesAct 2006 and report in accordance with the Act and relevart regulations made or having effect therÈunder. Our objective5 are to obtain reasonable assurance about whether the financial ststementsas a whole are free from matefial misstatement, svhether duÈ to fraud or error, and to issue an auditor's rÈport that IncludÈs our op1nion. Reasonable assuran is a high level of assurance, but 15 not a guarantee that an audit conducted in accordantt wth ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. inr11wd1IY or in the aggregatÈ, they could reas(x)ably be experted to Influerte the eoyKThr decisions of user5 taken on the basis of these financial ststements. Extent to which the aULlit Ivas capable of detecting irregularities, IncludAno frau Irregulanties, inc1udng fraud, are instances of n0n-mrnpllan with laws and regulations. We design protrdures in Ire with our resptsnsibilities. ouyined above, tu detect material misstsmentS in respect of irregularities, including fraud. The extent to which our procedures are capèble of ijetecting Irregularities, including fraud is detsiled below..
THE NEU TRUST FUND UED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE NEU TRUST FUND LIMITED As part of de5ignin9 our audit, basd on our unéerstandir¥J of the charitatrje conwany and the Industry in whith operates, we assessed the risks of mater¢1 mi55t3teent In the financial statements, includng how frath may occur. We considered the charltable ComnY,$ ov4n assnrt of the risks that irregularitie5 aY occur eIr as a result of fraud or errorand held discusOnS to corsider whether the was any kmwledge of actual, suspected or alleged frèud. We conSided the extent to which non-compliantr might have a material effert on the charitatAe company's financial statement5. Aspartof ourdiscussiors, we identifEd the intern24 contrds established to mitsgaÈ risks related to fraud or non<0mplian with laws and rÈgubtions and how management rnonitor these processes., We obtairned an understanding of the legal and regulatory frarrevluks thatare app15cabletothe charitablecompany. These include, but are not Ilmited to. cOmrA1ae1th the Charitles Act 2011. Unlte¢ Kingdom GenerallyAcrth1 Accounting Practice and tsx legislation. We completed the following procedures.. Reviewed the charitable company's congderation of risks and assrKiated mitigating action5and reviewedTru#ee Board meeting rninutes for any indication of fraud or non-compliance with laws and regulations., Made enquirie5 regording any matters Idertified as a SerioLS Incident reportable to the Charity Commissiixi. that auditing standard5 limit the required audir procedures to Identify non-compliantr with these laws and regulations to ewuiry ofTho Chargèj wlth Govern and orher managernent, and inspettlon of regulakny aTrJ legal correspondente if anyi Performed analytical procedu5 to identify any unusual or unexpected relationships that rnay InOi¢ate risks of material misstatement due to fraud,. In addre5sir£ the risk of fraud through management overrttfje of controls. we tested journal entries and oUr adju5trnent5 for Inappropriate or unusual journa15 outside of our expectarions, as well as for any significant transaction5 outside the normal course of busines5, tsking into considerati¢y) the scope for rnanè9ent to Manipula financial results through the timing of the recognitson of income or grant commitrnents. Otsr auditproteduresV4eredesigrEdto respondto risks of matenal mi5Statement In thefinancial stoternents, recogni%ry that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detectiro one sU1r from error. as fraud may Involve deliberate concealirEnt by, for eKample, forgery, misrewesentations or thr collusion. There are inherent Ilmitations In the audit procedures performed and the further removed non-complorKt with laws and regulatiorts is from the events and transattions refrted in the financi& 5taternents. the less like we to become aware ¢f it. A further description of our responsiknlities for the audlt of rhe finanoal statwnent5 is located at the Flnaneial Rewr Council's I"FRC's"I website at.. This descnption forms part of our auditor's report. Use of our report This report is made SOlY to the charitat4ecompany's meners, as a bodyi in accordance with Chapt¥ 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that vle might stste to the charitsble cern members those rnatters we are required to stste to them In an auditorfs rep(rt and forno other purpose.To the fulkst extent permitted by14w, we do not accept or assume respor6iixlity to anyone other than the charitable comparry aTr the charirable company's Members asa bodyi for our audit forthis report. or forthe opinions we have formed. Aj J.LTr- . J Howard FCA. Senior Statutory Auditor For and on behalf of Azets Audit Services. Statutory Auditor 45 King William Street, London, EC4R 9AN Oate z?
TPIE NEU TRUST FUND UmED GROUP STATEMENT OF FINANCIAL AcfiviTtES [Incorporatlng the consol'mlated Income and Expenditure Accountl FOR THE YEAR ENDED 30 SEPTEMBER 2025 Unrestricted Fund5 Fiestricte endowment Funds Tot•1 2025 Total 2024 Notes Donations and Legacles Investh)ent ineome 197,567 IOL,160 19Y.567 101.160 203,705 97,946 Totsl In¢om• 298,727 298,727 301,6SI Charitsble actrvlth'es Ralsing funds 265.764 11.676 265,764 15,255 289,401 14.780 3.S79 Total •xp•ndlture 277,440 3,579 281,019 304.181 Net gain5 on inve5trnent a55ets 104,825 53.191 158.016 264.sll Nei in<omellexpenéiturel, bein9 net movemenr In funds 126,112 49,612 175,724 261,981 Fund bal4nces at i October 2.S27,127 911,525 3,438,652 3.176.671 Fund bl•ne •t 30 S•pt•mb•r 2,653,239 961,137 3,614,376 3,438.652 All the above amounts are derived from conDnuing operarions. The notes on pages 14 to 19 form part of these flnancial ststements.
THE NEU TRUST FUND UMrrED CPL4RrrY STATEMENT OF FINANCIAL AcriVlEs Ilncorporatlng the Income and Expersdlture Account] FOR THE YEAR ENDED 30 SEPTEMBER 2025 Total 2025 Total 2024 Notes Donations and Legacies Investsrent income 215.925 82,802 222.080 79,571 Totsl In<ome 298.727 301,651 Charitable activitle$ ising funds 265,764 11,676 289,401 11.383 Total •xp•ndlture 277,440 300.784 Net gainslllossl cn investrnent assets 8b 104,625 212,959 Net Iexpenéiturel/ince, being net movement In fvnds 213,826 126.112 Funtt balances at i October 2,527,127 2,313,301 Fund balances •t JO Sept•mber 2,653,239 2.527,127 All the above am¢unts are derived frorn continuing operations. The notes on pages 14 ro 19 form part of these fSnanclal ststements io
THE NEU TRUST FUNO L]mE GROUP STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025 2025 2024 Notes Flxed aso¢ts Investmenrs 3,584,152 3,421,462 Current ets Debtor5 Cash at bank and In han¢ 59,520 81,632 59,520 81,632 Credltors.. amounts falllng due wlthln one year (29,296) 164,4421 et current assets 30,225 17,190 Total usets le•• CUrrt Iljbllltl 3,614.376 3.438.652 C•plt•l fund• Endowment funds io 961,137 911,525 Income funds Unrestricted funds io 2.653.2J9 2,527,127 3,614,376 3.438,652 These nnanck31 ststements have been prepared in accorthrte with the special provlslons for small companies under Part 15 of tt)e Companies Act 20D6. The flnancial statsments were approved by the Boar¢J of Trustee5 On 19 March 2026 nd were signed on its behalf by.." Trustee 2_1411 Company Reglstration No. 06364897 The notes on pages 14 to 19 forrn part of these t5naneial statements.
THE NEV TRUST FUND LIMrrED CHARrrY STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025 2025 2024 Notes Flx¢d 4$9¢ts Investmenrs eb 2,913,108 2,800,030 Current aBJeti Debtors Cash at bank and In hanij 59,520 81,632 59,520 81,632 Cr•diiors: amounts fjlllng due withln one year (319.389) 1354,5351 Net Current Iliabilibesl/assets (259,869) 1272,9031 2.653.239 2,527,127 Totsl 4g1•ts l••s curr•nt Ilabllitl•* Income fund• Unrestricted funds 1,653,239 2.527,127 2.653,239 2,527,127 These financHI statements have been prepartrj In aCCCfdaeWPth the speclal provisions for small comp•nles under Parl 15 of the Companie5 Act 2006. The financial statements were approved by the Board of Trustees on 19 March 2026 and were signed on its behalf by'.- Trustéé Company Registration No. 06364897 The notes on pages 14 to 19 form part of these flnancial statements. 12-
THE NEU TRUST FUND UMrrED GROUP STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2025 2024 Calh flow5 (u•d In) I from op•rtlng aetlvltl•s: Net movement In fvnds Gains on Investrnents Dlvident1s and Interest from Investments Change in debtors Change In creditors Net ¢h floTW• {u•4d In)/from opor•tlng 4¢tlvltl 17S,724 1158.0161 1101,1601 261,981 1264,Slll (97,9461 135,1461 1118.5981 111,7541 1112.2301 Not ¢Mh flow• from Inv••tm•nt a¢tlvltl•s: Investment income 101,160 179,492 {136,1941 147,9721 96.486 97,946 439.037 {479,3541 1357,6041 1300,1751 Proceed5 from sale of investments Purthèse of investments (Increase) I detrease in investment cash Net ch flow froffl InVtmat actlvltl Change In cash and cash equlvalents 122,1111 1412,4041 Cash and cash equlvalents at beglnning of year 81,632 494.037 Cash and tfv •4ulv*l•nt at th• •nd ol y•ar 59,520 81,632 An•ly•li of cmh and ¢uh •qulval•nt•: Cash at bank and in hand 59.520 81,632 AnJlyg1$ gf ¢h•nge• In not d•bti Cash flows Nonrf•sh rnov•rn•nt 30 Swt 2025 l Oct 2024 Cash ot bank and in hand 81632 {22,Llll 59,520 The notes on pages 14 to 19 fofrn part of these financlal statements. 13
THE NEU TRUST FUND LIMED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 General Information The NEU Trust Fund Limited Is a charitable company Iirnited by guarantee, re91#erj in England and Wa Icornpany no. 06364897, charity no. 11233051. It is governed by its Memorandum and Articles dated 30 JLrE 2007. The aodress of the registered offits Is given on pap l. These financkil statements are forthe year eThJed 30 Septernb 2025. The funcbonal currerty 15 GBP, which is the same as the presentational currerty. The financial statements are rounded to the nearest pound. Accountlng pollcleg Basis of accountlng The financial Snnts have been pPared under the historK& cost convention, as m(lfied by the revalLfi of fixed asset Investments. and In ac¢otdance with the Statement of Recommended Pra¢tice ISORP}, aprAic for charitie5 preparing their accounts in accordance with the Finantial Reporting Standard applicable in the iK and Republic of Ireland IFRS 1021 (effective l January 20191, the Financial Fleporting Standard applicaLle in the United Kingdom and Republic of Ireland IFRS 1021 the Charities Act 2011. and the Companies Act 2006. The Charity constitutes a public benefit entity as defined by FRS 102. The Charty is the sole corporate trustee of The NEU Trust Fund (registered charity number 1123305-11, an unincorporoted trustwhich hclds the William Mirchell Endowrnert. The unincon)orafrd trust is a linked charty of The NEU Trust Fund mited and has therefore been cor601idated Into thesefinarrial statewÉnts on a line by li basis. The Trustee5 have elect&J to prepare Clidated accounts for the linked charibts, rather than use brd accounting a5 allowable under the Charifies SORP, on the basis that they consider consolidated accounts present the deial of the rewrtsng tharity and linked charity in a mènner thèt is more undwstanthtAe to U of the finbncièl ststements. The charities hold reserves to supplement income requirements to meet charitable objectives as requiod. Tre Trustees con90erthatthereareno material uncertaintie50verthe charities'abilityto continue a5a going cOrM for the foreseeable future. belng a peI)d of at least 12 mcnthsfrom the date of signiw the financwl statemÈnts. Judgements in applyin9 accountlng policies and k•y sources of estlmatlon un¢rtainty The prepardtion of the finèncial statements r&Juire5 the Trustees to make esbmate5and assumptionsthat affect the reported amwnts of revenu, expenses, assets and Ilabilitie5, and the disclosure of conttnGent Iiabilrties at the date of the financial statemts. If in the future such estimates and assumptio[, which are based on tlE Trustee5' best judgement at the date of the financial statements. deviate from the actual cirCumstae$, tr original estimatÈs and a5wrnptyons will be modified as apprrjpriate In the year inwhich the clrcumstanc& charye. ThÈ Trustees, consider that there are no key source5 of estimation uncertainty. rntome Donabons, sut6cnptrs and legacies a recognised when receivable. Income from the National Educalon Union rnembers is recognid on an accrual's basis. Dividend incon is credited to the Statement of FinanaE4 Activities in the year in which it is receivable. For le9acies. entit10mt is takw as the earlierof the date on which either.. the charity is aware that prob3te h3s been granted, the estate has been finalis and notifiration has been rnade by the executorlsl to the CTharity Ihat a distribution will be made. or when a diStriltion is received from the estate. Receipt of a legacy, in whoOr part, Is only considered probable whenthe am(yJnt can be rneasU reSably ar¥J the charity ha5 been norified c the executor's IntÈrnti to rnake a distribLtion. whe legaties have been notifi& to the charity, or the chanty Is aware of thÈ granbng of probate. and the cntena fcr 1ce recoJThtion have not been rnet, then the leg 15 a treated as a contingent asset and disclosed if material (see note 31. 14-
THE NEU TRUST FUND LIMttED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accountlng pollcies (continu•d) ExpendSture Expenditure is recognised on an accruals basis. inclusive of value adde(J tax. Expenditure relating to the cFkiritaYe attivities a thoseelemtS ofex11tUre diTrttly indStEthy Inojrred in performing these actrvities. Cost5 of grant rnakin9 are included in the St4tefflent of Fin3ncial Acknvitie5 in trE year they are payable. Cosrs include grants made and support costs associated with the activity- Costs in support of grant making relates to the day-to-day admnistration of the affairs of the charities aN1 a allocatsd based on rhe tiasis of time spent in that area. Govemance costs include those costs incurred in the governarre of the charity'5 a55et5 and are primari assttiated with constitutional and ststutory requirenv15 and are included as part of charitable activity expenditure. Galnsl1065es on Investment assets All gains and losses ère taken to the Staternent of Financial Activitie5 as they arise. Unreali5ed gain5 and1(Se$ on investment assets rÈwesent the differentr between theirfairvalue at the end ofthe year and their fair valLE at the beginning of the year, ortransKtion value if acouired duringthe year. Realis&l gair6 and10sseson disposal of Investment assets represent the differentr between the sale prOc¢ts and the foir value atthe beginniw ( the year. or transaction value if acquired during the year. Flnanclal Instruments The charity only ha5 finanoal as and financial liabllitles of a kind that qualify as basc finanoal nstrurl5. Basic financial instruments are inibally recogni5ed at transaction value and subSeqUtIY measured at the settlement value. Investments Investment5 consist of funds held on deposit in notice accounts or fixed terrn deposit5 and listed Inve5trnen sted Investments are a form of basicfinanoal instrument and a initially recognis&Y at their transattion vafue and subsequently rneasu at their fair value a5 at the b41ance sheet date using their closlng quoted market price. Funds held on dep)sit In nobce accounts or fixed term deposits are included within fixed a55et where they are held speKifically for investment purposes ère not intended to be realised within 12 months of reporting date. Debtors Debtors are recognlsed at fair value. Cash and cash equlvalents Cash and cash eouivalents consst of balances In bank accounts with Instant access or deposit accwntswith a rnaturity date of le55 than three M(thS, held for the purposes of meeting Short-tM ca* commitments as 2.10 Creditors Creditors are recogn15ed at fair value. 2.11 Taxation The charity benefits from the tax exemptsons availaLle to UK registered chartie5 atxl aco)rdingl¥ is not liabk incorne tax or capit41 gains tax on income and 9ains derived from its investments. 2.12 Accumulated funds Unrestricted funds are general fund5that are available for the use at the Trustees, dIsCrets In furtherar£e of the objectives of the charity. On 51h DecemiEr 2008, the net assÈts of the unincorporated ATL Trust Fund (now called The NEU Trust Fund) were transferred to the Incorporat ATL Trust Fund Limited (now called the NEU Trust Fund Ltd) with the exception of the Mitchell bequest which is still held by the unincorwrated body. Under the terms of the MitcFEI bequest, the capital valuecanmtbÈ spent; only the Interestreceivedcan be used fordistributicn. The EndthErnt Fund is the William Mitchell EndownErt of the unincorptr&ed NEU Trust Fund, of whlch NEU Trust Fund Limtsd is the sole trustee. 15
THE NEU TRUST FUND ME0 NOTES TO THE FINANCtAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEM8ER 2025 Donatlon• •né L•yacl•s Ch•rlty 2025 Group 2025 2024 2024 Members Donations & glfts General Donations NEU & Districts Legacies 20,740 33,367 140.691 21.172 19,520 5,060 147.660 49.820 2.382 33,367 140.691 21.172 1.145 5.060 147,680 49,820 215,925 222.080 197,567 203.705 Income of £18.35812024. £16,712) gentrated bythe unfiKtrwatsd body is donated to the NÉU Tru# Fund Ud (the charity). All donation Income in both 2024 and 2025 relatsd tt) unrestricted funds. Inve•tment Ineomg Ch•rlty 2025 Group 2025 2024 2024 Incomt from Ilsted Investments Inrerest reteivable 58.868 23.934 57,865 21,706 77.226 23.934 76,240 21,706 82.802 79.571 101,160 97.946 All investrnent income In both 2025 and 2024 relates to unrestrlctsd funds. Ch•rltablq actl¥ltl Group •nd Chavlty Other Costs Grant Costs Tot 2025 Total 2024 R•ll•ff for members Grant funding of actlvltles to Inélviduals Support COSts Governance costs - auditor's remuneration 224.267 224.267 34.087 7,410 250.318 31,883 7,200 34.087 7.410 41,497 224,267 265,764 289.401 Tru•te•• The Tru5tee5 conslderthemselvesto be the key rnanagernert persDmd olthe charity, in charge of directr and controlllng the charity. None OF the trustees lor any person connected with them) received any remuneration during the ytar {2024: nil}. RamrS&nts of tra and 5Utsist*Y fortrustees arroLntsdtrJ EI,613. 12024.. £1.6451. Employ• There were no employees during the year12024'. nll). 16
THE NEU TRUST FUND UmED NOTES TO THE FINANCLAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEM8ER 2025 a) Flx•d a#••t Inv••tm•nt - Group Deposit Fund Cash heltl for Inve$tsnent sted nvestsnents Tot•1 Market Value al 30 September 2024 583.719 23.615 2.814.12B 3,421,462 Cash Movement Disposal proceetls Acqu151tlons Change In value In the year 6,203 41.769 47,972 {179,4921 (179,492) 136,194 136.194 158.016 Js8,010 M•rketV¥lue at 30 September 2025 589,921 65,384 a,928,845 3,584,151 Hlstorl¢ eojt: At 30 September 2025 589.922 65,384 2,386.032 3,041.338 At 30 September 2024 583.719 23,615 2,424,436 3,031.770 É53,191 of the change in value of investments in the year relates to the re5tr•cted endowment fvnd {2024'. £51,552). Included within the total group investment balance is £660,89512¢24.. £619,827) belonging to the endowment fund in addition to £ LO,149 (2024.. £1,6051 of Cash held wIthn InvesDnents. Usted Investmentsat rnarket value are held Sn the follo*ing cl45ses'. 2025 2024 UK fixed intérest UK equities Foreign equities Other 560.702 530,202 1.503.537 334.404 1,004,865 481,788 1,033,167 294,308 2,928,845 2,814,128 17-
THE NEU TRUST FUND LIMED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 b) Flx•d ass•t Inve9tment Charlty Dep051t Fund Cash held for investment listed investments Total Market Value at l October 2024 583,719 22.010 2,194,301 2,800,030 Cash Movement Disposal procee¢$ Acquisifjons Change in Value in the year 6,203 33.225 39,428 (141,1291 (141.129) 109,953 109.953 104,825 104,025 Mark•t V•lue at 30 S•pt•mb•r 2025 589,9Z2 55,235 2,267,950 2,913.108 Hlstorle co•t: At 30 September 2025 589,922 55,235 1,838,437 2,483,594 At 30 September 2024 583.719 22,010 1,868,011 2,473.740 Investments at market value are held the following classes.. 2025 2024 UK fixed InteSt UK equSties Foreign equittes Other 430,781 399,250 1,199,232 238,685 882,823 350,928 755.296 205.254 ¥267,948 2,194.301 Cr¢dltors: •m•unts du• wlthln on• y•ai 2025 2Q24 Group Gront Credltors Other CreditorslAccruals 17,490 11,80fj S3,300 11.142 29.296 64,442 Ch•rlty Grant Creditors Other CredltorslAcenJals Amounts due to the unineorperèted fund 17,490 11,800 290,093 53.300 Ll.142 290.093 319.389 354,S3S 18-
THE NEU TRUST FUND UMrrED NOTES TO THE FENANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 io Analy¥l of n•t a•sets b•tw•4n fund Unrestricted Restricte Endo%yment Tot Group Fund balances at 30 September 2025 are represented bv.. Investments Current assets Creditors.. amounts falling due withln one year 2,913,108 59,520 1319,3891 671,044 290,093 3,584,152 349,613 (319,389) 2,653,239 961,137 3,614,376 charlty Fund balances at 30 September 2025 are represented by.. Investments Current A55ets Creditors.. amounts falllng due wSthlri one year 2,913,108 59,520 1319,3891 2,913,108 59,520 (319,389) 2.653.239 2,653.239 Thè unrestncted funds rekyesent the freelunds of the charity whichare not designated for a partycular purwse and are the funds ol the incorporated charity, The NEU Trust Fund LSmlted. The restricted endwnpnt represwtsthe lunds bestot to the unincorp)rnteJ chwlty. The NEU Trust Fund, by Wllllam Mltthell. The income from thi5 endowment can be applied towards the general purpose charity. nstricted Restricted Endowment Tot•1 Group Fund balances at 30 September 2024 are represented by.. Investments Current assets Credltors.. amounts lallin9 due within one year 2.800,030 75.259 13S4.5351 621,432 290,093 3,421,462 365,352 (354,5351 2,520,754 911,525 3,432.279 Charlty Fund baljnces at 30 September 2024 are represented bv.. Investments Current Assets Credtors: amounts falling due witrin one year 2,800.030 75,259 1354,5351 2,800.030 75.259 1354,5351 2,520,754 2,520.754 19-