REGISTERED CHARITY NUMBER: 1168728 Report of the Trustees and Unaudited Flnancial Statements for the Year Ended 5 April 2024 for The Nèumark Foundatlon Salisbury & Company Chartered Accountants Irish Square uPr Denbigh Road StAsaph Denbighshire LL17 ORN
The Neumark Foundation Contents of the Financial Ststements for the year ended 5 April 2024 Page Report of the Trustees Indepèndènt Examinerfs Report Statement of Flnan¢lal Activitles Balan Sheet Notes to the Flnaneial Statements 8 to 12 D•tsiléd Ststern•nt of Flnanclal A¢tlvities 13
Thè Naumark Foundatlon Report of the Trusteès for the year ended S April 2024 The trustees present their report with the financi81 statements of the charity for the year ended 5 April 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. St2lÉmÈnl of Recommended Pr2eti¢e applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 leffeclive 1 January 20191. OBJECTIVES AND ACTIVITIES Objectives and aims The prtncipal object of the charity is for the benefit of the public to promote any purposes that are charitable according to the laws of England and Wales. The charitable objects must apply the income. and all such parts of the ¢apitsl as the Trustees think fit (whether through donations to other charities or by any other charitable means), for or towards such charitable purposes the TnJstee5 think fit. Publlc bènefft The Charity Commission, in its 'Charities and Public Benefif Guidance states that there are Iwo key principles to be met in order to show that an organisalion's aims are for the public benefit.. firstly, there must be an identifiable benefit and secondly, that the benefit musl be lo the public or a section of the public. The Trustees are satisfied that the aims and objectives of the charity, and the activities Ported on below lo achieve those aims, meet these principles. Grantmaklng The Charity provided grants to othor charitable institutions in order lo help fund the charitable services they provide. Page 1
The Neumark Foundation Report of the Trustèes for the year ended S April 2024 ACHIEVEMENT AND PERFORMANCE Charitsble activities Donations and legacies Income for the year was £39,733 12023= £324,290) and totsl expenses were £167,206 {2023'. £376.4241. There Charity received investmenl income of £8.704 {2023= loss of £395,997). This resulted in a deficit for the year of £118,76912023= deficit of £448,131). During the year grants of £134.729 {2023: £294,168} We made to institutions. Unrestricted fvnds al the year end werè £812,46212023.' £931,231). The main achievement during the year has beèn the provision of diaritable donations to various local. national and intemational charities. The Neumark Foundation has successfvlly continued to fijnd charitable organisations and projects against the remits set out by the Iruslees throughout the yèar. The focus of The Neumark Foundation remains strictly with improving the lives of children and young people living in North Wales. to enable them to overcome disadvantsges as a result of wioeconomic challenges within their families or units. health challenges and disabilib'es. and those whose life choices have led them to require guidance and support from outside agencies and other organisalions. lo enable them lo reach their true potential. Improving and enhancing educational. social and personal development, in addition to wellbeing improvement, aTr the Foundations, key priorities when considering activity for funding. Our funding is reserved for organisalions and projects that have proven effectiveness in their Charity business models, and regular monitoring through our monthly reporting requirement ensures that we are quickly able to identify any good or poor practice, or any other issues that occur during the funding period and raisè issues or highlight good pralee with funding recipients. Reporting templates are not slandardised. but designed alongside ea¢h funding recipient, to suit the nature of the activity the Foundation is supporting. Application procedures are deady ¢ommunicated during eady stages of applicatlon development with potential applicants. Funding applications can be individualised in cases where this may bè necessary and mutually beneficial. We have a standardisèd online application process that is regulady reviewed to ensure that il is robust and effeclive, in addition, meetings and visits lake place prior to applications being made, to prevent ts'mewasting for both the applicant and the Foundation. Application development and creation for each organisation. or project, prior 10 submission. is supported by the Neumark Foundation Project Funding Manager and CEO. In cases where the Project Funding Manager and CEO feel that direct dialogue beeen applicants and trustees would beneffl Iruslees in making their funding award decision, sometimes due lo the complexity of the activity, ils aims and outcomes, or with groundbreaking projects, we invite applicants to present their applications in person directly to the Iruslees al the Board meetings. The majority of funding application submissions and decisions are made al the quarterfy Board meetings, and applicants are infomed of decisions immediately following the 8oard meetings. Exceptions to this may 0ur in cases whereby an urgent funding need is identffied, and trustees wll consider exceptional applications on an individual basis. The Neumark Foundation has a preference for funding local organisations, whose fantsstic activities may not bè widely known about due to their lirnited resources. The Neumark Foundation also spends lime researGhin9 and identfying, approaching and Communicating with these organisations, to see if, for suitable organisations. there is anything thal we may be able to support with. As a Foundation, we are keen to provide valu&added support for our funding recipients. providing additional netsvorking support. introductions to beneficial eontacls, and guidance lo organisations keen to diversify their support and services. We were able to support KIM Inspire in developing a groundbreaking project, to support to Neurodivergent girfs and young women. After funding an init'al 6-month research and development project which laid the groundwork for the programme. following the success of this phase, we were pleased lo provide additional funding lo help transition the proiect into its implementation phase We were able to fund a llabOratiOn beeen t0 charities, Dangerpoint and Youth Shedz on knrfe crime. These were exisling beneficiaries that had individual exporti in youth education. and they were able to combine their strengths to creale a virtual realty film on knife crime. which. will now be used by North Wales Police to support preventive education. The innovative approach of the Foundation to understand the organisalions we work with, and act as a facilitator and onnector enables us lo support creative partnerships and opportunities. The Neumark Foundation processes and procedures continue to develop year on year. to Ènsure continuous improvement with the support we provide. Page 2
The Neumark Foundation Report of the Trustees for the year ended 5 April 2024 We constsnlly evaluate our relationships and role as a funder. We proaclivety build and maintsin relationships in a wide range of sectors. We listen to how areas that we are interested in supporting a operating, and how, using our assets as a funder and ctsnnectCr. we can seek to make a difference. Our approach. we think makes us a kinder funder who looks to build strong relationships with the organisations we work with. We've really brought to life the principle of being relats'onal and we will continue to put this principle in adion. Fundraising activities The Charity had no fundraising acts'vities rèquiring disdosure under S162A of the Charities Act 2011. Investment perforniance The Charivs investments are managed by Kleinwort Harnbros. For the period from 6 April 2023 10 5 April 2024, The Neumark Foundation Discretionary Portfolio {managed to Respcnsible Balanced Strategy). retumed 8.28Yv vs benchmar1( relum of 7.19•/0. For the period from 6 April 2023 10 5 April 2024, The Neumark Foundation Execution Only portfolio returned -5.31910. There is no slated benchmark for this Execution Only portfolio. FINANCIAL REVIEW Principal funding sources The principal funding of the tnjst is by donations re¢eived from P Neumark. ReseNes policy The Trustees consider that the reseNes of the Trust should be sufficient to guarantee the long temi future of the Trust. Unrestricted reserves of the Trust al 5 April 2024 was £812,46212023.' £931,231>. Golng ¢on¢em After making appropriate enquiries. the trustees have a reasonable expectation that the charity has adequate resources to conb'nue in operational existence for the foreseeable fvlure. For this reason, they continue to adopt the going concem basis in preparing thè financial slalements. Further details regarding the adoption of the going concem basis can be found in the Accounting Policies. FUTURE PLANS The Charivs plans for the fvlure are to continue to provide grants of a Charitable nature. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by ts goveming document, a deed of trust and constitutes an unin¢orporaled charity. Charity constitution The Neumark Foundation is constituted by a Trust Deed made on 19 April 2016 and is a regist6red charity, number 1168728. The Charity is controlled by its goveming document, a Deed of Trust, and conslituled an unincorporated charity. Organisatlonal structure In setting the Charity's policy and planning its activities. the Trustees have given careful consideration to the Charity Commission's general guidan on public benefit. The management of the Charity is the responsibility of the Trustees. Risk management The trustees have a duty lo identify and review the risks to which the charity is exposed and to ensure appropriate controls a in place lo provide reasonable assurance against fraud and error. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1168728 Page 3
P P S Nark tr R A S¥rybury Mr S IrwBn•d 24} 14tr J G 8•rn•5 MrTP Eiiiot Vs M B J Nounwk M8REWxwi Solijw & C•rpany Chr1&yAmn1ln IrWTr Squw A¥P LL17 ORII
Independent Examinerfs Report to the Trustees of The Neumark Foundation Independent examinefs report to the trustees of The Neumark Foundation I report to the charity trustees on my examination of the accounts of The Neumark Foundation {the Trust} for the year ended 5 April 2024. Responsibilitles and basis of report As the Charity trustees of the Trust you are responsible for the preparation of Ihe accounts in accordance with the requirements of the Charities Act 2011 {'Ihe Act'l. I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145151(bl of the Act. Independent examinerfs statement I have completed my examination. I confimi that no material matters have ¢ome to my attention in connedion vitth the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Trust as required by Section 130 of the Act: or the accounts do not accord with those records- or the accounts do not comply with the applicable requirements conceming the fonn and content of accounts set out in the Charities (Accounts and Reports} Regulats'ons 2008 other than any requirement Ihat the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no ¢on¢ems and have come across no other matters in connection wilh the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Jere Salisbu e Institute of arter Accountants in England and Wales Salisbury & Chartered Irish Squa Upper Denbigh Road St Asaph Denbighshire LL17 ORN ntants Date.. Page 5
The Neumark Foundation Statement of Financial Activities for the year ended S April 2024 2024 Unreslricled fvnd 2023 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and légaciés 39,733 324,290 Investment income 8,704 1395,997} Total 48,437 171,707) EXPENDITURE ON Raising fvnds 7,857 8.580 Charitable adivities Donalions 158,938 345.879 Other 411 21,965 Total 167,206 376,424 NET INCOMEIIEXPENDITUREI (118,7691 {448.131 } RECONCILIATION OF FUNDS Total funds brought forward 931,231 1,379.362 TOTAL FUNDS CARRIED FORWARD 812.462 931,231 The notes forrn part of these financial statements Page 6
SAprt 2024 2024 Jno fvnos 742 .197 .318 73'..939 .318 Cash at bank 127 (:.4761 11,37S} 125.913 811482 •31.231 812.412 931231 8IZ482 1.231 811462 931.231
The Neumark Foundation Notes to the Financial Statements for the year ended S April 2024 ACCOUNTING POUCIES Basis of preparing the financial statements The financial slalements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance wth the Charities SORP IFRS 102) 'Accounling and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities pparIng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191.. Financial Reporting Standard 102 The Finanaal Reporting Stsndard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are induded al market value, as modified by the revaluats'on of certain assets. Income l income is recognised in the Statement of Financial Activities once tre charity has entiuement to Ihè funds. it is probable that the income will be received and the amount can be measured reliably. Exponditure Liabilities are recognised as expenditure as soon as there is a legal or construclive obligation committing the Charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been dassified under headings that aggregate all cost related to the category. whe wsls cannot be direcuy attributed to particular headings they have been allocated to activities on a basis consistent with the use of r8sources. Grants offered subject to Conditions which have not b88n met al the year end date are noled as a commitment bul not accrued as expenditu. Tanglble fixed asset$ Depreciation is provided at thè following annual rates in order to write off each asset over ils estimated usefijl life. Planl and machinery Taxation The charity is exempt from lax on its charitable aclivities. Fund accounting UnStriCted funds can used In attordan¢e with the charitable objectives at the discretion of tre trustees. Reslricled funds Can only be used for particular restricted purposes within the objects of the ¢harty. Restrlctions arise when specified by the donor or whan funds are raised for particular restricted purposes. Further explanalion of the natu and purpose of each fund is included in the notes to the financial slalements. INVESTMENT INCOME 2024 2023 Dividends received Interest received Revaluation of Investments 10,199 1,555 13,0501 9.398 917 (406,3121 8,704 (395,9971 Page 8 continued...
The Neumark Foundation Notes to Ihe Financial Statements - continued for the year ended 5 April 2024 RAISING FUNDS Raising donations and legacies 2024 2023 Support costs 1,008 810 Investmont management costs 2024 2023 Support costs 6,849 7,770 Aggregate amounts 7.857 8,580 TRUSTEES, REMUNERATION AND BENEFITS There were no trustées, remuneration or other benefits for the year ended 5 April 2024 nor for the year ended 5 April 2023. Trustees, expenses There were no trustees, expenses paid for tr¢e year ended S April 2024 nor for the year ended 5 April 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOME AND ENDOWMENTS FROM Donations and legacies 324.290 Investrnènt income (395,9971 Total {71.7071 EXPENDrruRE ON Raising funds 8.580 Charitable activitiès Donations 345.879 Other 21,965 Total 376,424 NET INCOMEI(EXPENDITUREI 1448,1311 RECONCILIATION OF FUNDS Total funds brought foThJard 1.379.362 TOTAL FUNDS CARRIED FORWARD 931,231 Page 9 continued...
The Neumark Foundation Notes to the Financial Statemènts - continued for the year ended 5 April 2024 TANGIBLE FIXED ASSErs Plant and machinery COST Additions 824 DEPRECIATION Charge for year 82 NET BOOK VALUE At 5 April 2024 742 At 5 April 2023 FIXED ASSET INVESTMENTS Shares in group undertakings Listed investments Totals MARKET VALUE At 6 April 2023 Additions Disposals Revaluations 805,318 173 182.0581 7,664 805,318 273 182.0581 7.664 100 At 5 April 2024 100 731,097 731,197 NET BOOK VALUE At 5 April 2024 100 731,097 731,197 At 5 April 2023 805.318 805,318 Ther8 were no investment assets outside the UK. Cost or valuation ai 5 April 2024 is represented by.. Shares in group undertakings Listed investments Totals Valuation in 2022 Valuation in 2023 Valuation in 2024 Cost 1,217.604 {412.2861 {74.2211 1.217.604 1412.2861 (74.221 } 100 1CIO 100 731,097 731,197 Page 10 continued...
The Neumark Foundation Notes to the Financial Statements - continued for the year ended S April 2024 CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Other creditors 1,475 1,375 MOVEMENT IN FUNDS Net movement in funds At 514124 At 614123 Unrestricted funds General fund 931,231 {118,769} 812,462 TOTAL FUNDS 931,231 {118,769} 812,482 Net movement in funds, included in the above are as follows: Incoming resources Resource5 expended Movement in funds Unrestrlcted funds General fund 48.437 1167,2061 {118,769) TOTAL FUNDS 48.437 1167,2061 {118.769} Comparatives for movement In funds Net movement in funds At 514123 At 614122 Unrestrictéd funds General fund 1,379,362 {448,1311 931,231 TOTAL FUNDS 1,379.362 1448,1311 931,231 Comparative nel movemenl in funds, included in the above are as follows: Incoming resources Resources expended Mov&menl in funds Unrestricted funds General fund {71,707) 1376,4241 {448,131 } TOTAL FUNDS {71,707} 1376,4241 (448.131) Page11 continued...
The Neumark Foundation Noles to the Financial Statemènts - continued for the year ended 5 April 2024 MOVEMENT IN FUNDS-¢ontinued A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 514124 At 614122 Unrestricted funds General fund 1.379,362 (566,9001 812.462 TOTAL FUNDS 1,379,362 1566,9001 812,462 A current year 12 months and prior year 12 months ¢ombined nel movemenl in funds, included in the above are as follows.. InrnIng resources Resources expended Movement in funds Unrestricted funds General fund 123.270) 1543.6301 {566,900} TOTAL FUNDS 123.270) 1543,6301 {566,900) 10. RELATED PARfY DISCLOSURES Al 31 March 2024. Ihe Chadty owed £100 {2023 - £Nil) to velo Motorsports Limited in respect of unpaid $har8 capital. Page 12
The Neumark Foundation Detailed Statement of Financial Activities for the year ended 5 April 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacies Donations Gsft aid 34,500 5,233 126,520 197,770 39,733 324,290 Investment income Dividends received Interest ceiVed Revaluation of Investments 10,199 1,555 13,0501 9.398 917 1406,3121 8,704 1395,9971 Totsl incoming resources 48.437 {71.7071 EXPENDITURE Charitable actlvltles Wages Grants to individuals 17,000 134.729 26.791 294,168 151.729 320.959 Support costs Management Sundries Website costs Plant and machinery 24,920 2,409 82 2,491 24,920 Finance Bank charges 1,008 810 Human resources Recruitrnent 329 Govemance costs Accountancy Legal fees 4,800 6.849 21,965 7,770 11,649 29,735 Totsl sourceS expended 167.206 376,424 Net exp•nditure (118,769) 1448,1311 This page does not fonn part of the statutory financial statements Page 13