**REGISTERED CHARITY NUMBER: 1191313**
**Report of the Trustees and Unaudited Financial Statements**
**for the Year Ended 31 December 2022**
**for**
**The Newcore Foundation**
Griffiths Green Arnold Accountants & Business Advisors 11 New Street Pontnewydd Cwmbran NP44 1EE
**The Newcore Foundation**
## **Contents of the Financial Statements for the Year Ended 31 December 2022**
||**Page**|
|---|---|
|**Report of the Trustees**|1|
|**Independent Examiner's Report**|2|
|**Statement of Financial Activities**|3|
|**Balance Sheet**|4|
|**Notes to the Financial Statements**|5 to 6|
**The Newcore Foundation**
## **Report of the Trustees for the Year Ended 31 December 2022**
The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES Objectives and aims**
To advance such charitable purposes (according to the law of England and Wales) as the trustees see fit from time to time, in particular but not limited to advancements of education, advancements of health, the relief of those in need and advancements of environmental protection or improvement, for the public benefit by making grants.
In planning our activities for the year we kept in mind the Charity Commission's guidance on public benefit at our trustee meetings.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
The charity received donations of £64,300 during the year and made grants to six organisations totalling £100,000.
## **FINANCIAL REVIEW Reserves policy**
There is no reserve policy in place. The trustees meet regularly to review the financial position of the charity and review its reserves. The reserves held at 31 December 2022 totalled £17,841, all of which are unrestricted, are considered to be sufficient to meet the charity's financial liabilities for the foreseeable future.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
The charity was registered as a CIO on 16 September 2020 and is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
## **Recruitment and appointment of new trustees**
Trustees are appointed or reappointed annually at the Annual General Meeting.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1191313
**Principal address** Eagle House 50 Marshall Street London W1F 9BQ **Trustees** H W J Llewelyn – Chair N Sarkhel H J Savory K Fenn-Smith
**REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner** Griffiths Green Arnold Accountants & Business Advisors 11 New Street Pontnewydd Cwmbran NP44 1EE Approved by order of the board of trustees on 06/09/2023 and signed on its behalf by:
H W J Llewelyn - Trustee
Page 1
## **Independent Examiner’s Report to the Trustees of The Newcore Foundation**
## **Independent examiner's report to the trustees of The Newcore Foundation**
I report to the charity trustees on my examination of the accounts of The Newcore Foundation (the Charity) for the year ended 31 December 2022.
## **Responsibilities and basis of report**
As the charity trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
## **G Francis FCA**
Independent Examiner **Griffiths Green Arnold** 11 New Street Pontnewydd Cwmbran NP44 1EE
Date: .............................................
Page 2
## **The Newcore Foundation**
## **Statement of Financial Activities**
**for the Year Ended 31 December 2022**
|**Income**
Donations and legacies
**Expenditure**
Charitable activities
Other
**Net (expenditure)/ income**
Extraordinary items
Other gains/ (losses)
**Net movement in funds**|**£**
**£**
**£**
**£**
64,300
129,133
(100,000)
(73,531)
(981)
(1,080)
(100,981)
(74,611)
(36,681)
54,522
-
-
-
-
**(36,681)**
**54,522**
**31 December 2022**
**Year Ended**
**Period Ended**
**31 December 2021**|
|---|---|
|||
Page 3
**The Newcore Foundation**
||**Balance Sheet**||||
|---|---|---|---|---|
||**As at31 December 2022**||||
||**31 December 2022**||**31 December**|**2021**|
||**£**|**£**|**£**|**£**|
|**Fixed Assets**|||||
|Investments||1,000||1,000|
|**Current Assets**|||||
|Debtors|8,020||10,625||
|Cash at Bank|9,821||43,897||
||17,841||54,522||
|**Current Liabilities**|||||
|Accruals|(1,000)||(1,000)||
|**Net Current Assets**||16,841||53,522|
|**Long Term Liabilities**||-||-|
|**Net Assets**||**17,841**||**54,522**|
|**Funds**|||||
|Unrestricted funds||17,841||54,522|
|**Total Funds**||**17,841**||**54,522**|
The financial statements were approved by the Board of Trustees and authorised for issue on and were signed on its behalf by:
H W J Llewelyn - Trustee
The notes form part of these financial statements
Page 4
**The Newcore Foundation**
## **Notes to the Financial Statements for the Year Ended 31 December 2022**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive 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 classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **2. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2022.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 December 2022.
## **3. MOVEMENT IN FUNDS**
|||Net||
|---|---|---|---|
|||movement|At|
||At 01.01.22|in funds|31.12.22|
||£|£|£|
|**Unrestricted funds**||||
|General fund|54,522|(36,681)|17,841|
|**TOTAL FUNDS**|54,522|(36,681)|17,841|
|Net movement in funds, included in the above are as follows:||||
||Incoming|Resources|Movement|
||resources|expended|in funds|
||£|£|£|
|**Unrestricted funds**||||
|General fund|64,300|(100,981)|(36,861)|
|**TOTAL FUNDS**|64,300|(100,981)|(36,861)|
Page 5
continued...
**The Newcore Foundation**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2022**
## **4. RELATED PARTY DISCLOSURES**
During the year donations were received from Mr H W J Llewelyn, trustee of the Charity, and Newcore Capital Management LLP, an organisation to which the trustees are also connected.
Page 6