## **ANNUAL REPORT 2024** Facilitating and creating opportunities to drive transformation for the benefit of everyone in Newmarket Newmarket Charitable Foundation Annual Report | **3** ## **CONTENTS** |**CONTENTS**|| |---|---| |Welcome from Chair of Trustees and Executive Director|4 – 5| |About Us|6| |Community – Grants and Events|7 – 9| |Town Infrastructure|10 – 13| |Young People|14 – 15| |Financial Review|17| |Our Partners|18| **4** | Newmarket Charitable Foundation Annual Report Newmarket Charitable Foundation Annual Report | **5** **Welcome** to the inaugural Annual Report for the Newmarket Charitable Foundation (NCF). Established as recently as 2022, I am honoured to share the amazing work our organisation has accomplished over the last 12 months. Through the generous donations and tireless efforts of our supporters, volunteers, and trustees, we have been able to make a tangible difference in the lives of so many individuals and the whole Newmarket community. We have welcomed our first full time Executive Director, Joshua Schunmann, who started in October 2023, recruited to meet the growing demands of the charity’s work. In the past twelve months we have given numerous grants, delivered projects for young people and opened Newmarket’s long-desired cinema, 50 years after the previous cinema closed its doors … and this is just a snapshot of the many workstreams the charity has been focusing on, with much more planned for the coming year. I would like to thank the Trustees for their ongoing support and expertise they bring to the charity. Lastly, I would like to thank Dr David Hall for his contribution to NCF as our previous part-time Director and welcome him to his new role as a member of our Trustees. On behalf of our entire organisation, I want to extend my sincere gratitude to every donor, volunteer, and partner who has contributed to our mission. Your generosity is truly transforming lives and building a stronger, more resilient Newmarket. **CHAIR** Sarah Howard MBE **Joining** Newmarket Charitable Foundation in October 2023 has been an immense privilege. My passion for community and working with others to create positive outcomes, coupled with a background in Local Government and law as well as a history of charity work and educational governance, fits perfectly with the purpose of the NCF. The charity is all about transformation of the town with Town Infrastructure and Young People at its heart. Our focus is on positively impacting Newmarket High Street and the economic output of the town, as well as creating aspiration and opportunities for our Young People. Following decades of calls to re-establish a cinema in town, the opening of the Kings Cinema in April was the first of many lasting changes that I hope to deliver to ensure Newmarket is a great place to live, work and visit. The charity has awarded grants to numerous community groups and organisations as well as hosting and delivering events which has seen us engage with hundreds of people. Developing and supporting initiatives that positively impact both the horseracing and non-horseracing communities has helped to bridge these two worlds and emphasised the importance of the whole of Newmarket’s community being key to the Town’s success. Although the core principles of the charity remain the same, the charity has undergone a significant time of change as it comes of age. And now it is poised, primed, to take the next exciting steps. I look forward to working with people in Newmarket to deliver our next set of projects and would welcome a conversation with anybody hoping to be involved. **EXECUTIVE DIRECTOR** Joshua Schunmann **6** | Newmarket Charitable Foundation Annual Report Newmarket Charitable Foundation Annual Report | **7** ## **ABOUT US** Our organisation has already proved that it can be a catalyst for sustainable transformation across the town. We are proud to be an ‘enabling’ and ‘doing’ organisation and a trusted facilitator for the community, working alongside partners and existing initiatives. Newmarket Charitable Foundation was established as a charity in 2022 and works across political, business and community organisations to unite our efforts and represent the whole community, focusing on three key pillars of activity: Community, Young People and Town Infrastructure. This report will capture what the charity has delivered and identify what we plan to do next. The charity was formed with a simple vision – to unlock potential and drive transformation to create a thriving Newmarket for the whole community. **James Crowhurst** Newmarket Equine Hospital **Laraine Moody** Vice Principal, West Suffolk College **Dr David Hall** CEO, The Ideas Centre Ltd **Rachel Flynn** Partner, Keystone Law **Nick Patton** Managing Director, Jockey Club Estates **Sarah Howard MBE** Chair, British Chamber of Commerce **Kevin Hancock** Director, Yutree Insurance ## **COMMUNITY: GRANTS AND EVENTS** NCF has continued its longstanding tradition started by the Newmarket Festival (a Community Interest Company and the forerunner of NCF) of providing grants to local organisations, directly impacting the lives of Newmarket residents. Community events have been held to raise funds and provide a chance to bring the people of Newmarket together. Over £50,000 in grants have been awarded, addressing cost-of-living challenges, supporting young people’s access to sports and wellbeing, and enabling community groups to offer enriching programs and activities … including grants to local primary schools, sports groups and cost -of-living support. **Summer walk Event** ## **Case Study - Lego Club** Richard Keeble, EPIC Dad CIC Founder and Project Leader said: _“EPIC Dad and Newmarket Library would like to express our grateful thanks to the Newmarket Charitable Foundation who have kindly funded our Lego Club for next year. These sessions are regularly attended by about 100 people and bring together local dads, mums, carers, and children of all ages for fun Lego activities which encourage creativity, support family wellbeing and relationships, and strengthen community connections.”_ ## **Case Study 2** _“We are delighted with such a generous donation from Newmarket Charitable Foundation. The sum will go towards supporting our 27 Trainees with learning disabilities (Printers) through the real workplace experience we provide each day in our business and retail shop (Hidden Treasures),”_ said John Smith, Chairman of Burwell Print Centre.” **Geoff Hurst - Sportsman’s dinner** **8** | Newmarket Charitable Foundation Annual Report Newmarket Charitable Foundation Annual Report | **9** **----- Start of picture text -----**
2nd Newmarket Scouts £400
6th Newmarket Brownies £400
Abbeycroft Leisure £2,700
Air Cadets £1,620
All Saints’ Primary School £2,500
Bed Poverty £500
Burwell Community Print £1,500
Cheveley Village Hall £200
Ellesmere Centre £2,000
Ellesmere Centre £3,000
Epic Dad £1,000
Kettlefields Primary School £2,500
Kettlefields Primary School £1,000
Let’s Run Girls £1,000
Little Buds Day Nursery £1,000
Merida £250
Moulton Panthers FC £2,000
Newmarket Community Arts £1,000
Newmarket Cricket Club £2,000
Newmarket Day Centre £2,000
Newmarket Day Centre £1,500
Newmarket School Sports £2,000
Open Door £250
Open Door £500
Open Door (Cost of Living) £6,000
Open Door (Christmas) £2,000
Pony Academy (Weekends) £4,000
Reach (Cost of Living) £3,000
Open Door (Cost of Living) £2,000
Pony Academy (Weekends) £4,000
Total £53,820
**----- End of picture text -----**
**10** | Newmarket Charitable Foundation Annual Report Newmarket Charitable Foundation Annual Report | **11** ## **TOWN INFRASTRUCTURE** Newmarket Charitable Foundation has supported a range of transformative projects that will help improve the town for the benefit of the whole community. ## **Kings Cinema** In April 2024, NCF proudly opened Newmarket’s first cinema in almost 50 years in partnership with Kings Theatre and Abbeygate Cinema, breathing new life into the local theatre. The cinema screens the latest releases, classic favourites, and live broadcasts, offering a vibrant cultural hub for our community. With the Doric and the Kingsway cinemas closing in the 1960’s and 70’s, there has long been a call to re-establish a cinema in town, providing entertainment for young and old alike. With all previous attempts to deliver failing, in 2022 NCF started to work with the Jockey Club to explore the development of the Subscription Rooms as a venue for a cinema. The first step was the installation of a mobile cinema at The Severals in February 2023, aiming to test the appetite of the community for something more permanent. This identified an overwhelming support with 97% of over 1500 people polled agreeing that this is what Newmarket needs – equating to approximately 15% of the entire population of the town. Undeterred and armed with the new data, plus the impetus from the mobile cinema, NCF began exploring options for a permanent cinema in town. NCF recognised an opportunity to collaborate with the Kings Theatre and the NOMADS charity, who own a venue that was struggling with increasing costs and decreasing usage. NCF facilitated a partnership between NOMADS and Abbeygate cinema, secured over £100k of funding and overcame barriers thrown up along the way to open Kings Cinema on 5th April 2024. Showing new releases, live theatrical and musical broadcasts and offering a fully licensed bar along with the obligatory popcorn and ice cream; Newmarket now has its own permanent cinema as a result of NCF’s efforts. ## **Outdoor Gym** NCF has obtained funding (provided by AVIVA) for an outdoor gym, much like those that can be seen if on holiday across the continent and the United States. To ensure that everyone has free access to facilities which encourage healthy lifestyles and fitness, the outdoor gym will be installed at The Severals in the coming months. Knowing that active life choices can significantly improve your physical and mental health, NCF is working with Abbeycroft, West Suffolk Council and The Jockey Club to look at how we can increase the amount of usable open space and access to community and sports facilities. **12** | Newmarket Charitable Foundation Annual Report Newmarket Charitable Foundation Annual Report | **13** ## **Town Transformation Research** It is clear to all that Newmarket would benefit enormously from a set of interventions aimed at transforming the town’s economic, cultural, and historical landscape. As a result, NCF initiated and funded a piece of research working in partnership with the consultancy company Metro Dynamics. Following extensive research and engagement, the final report was made available in May 2024. This comprehensive initiative brought together local authorities and stakeholders to devise strategic interventions that will create jobs, attract events, and bolster the town’s growth. A number of similar sized towns that have successfully transformed were investigated as a source of inspiration. The emerging interventions which are now being investigated further include: - reinvention of the high street funding alternative use for vacant units e.g. - a pop-up shop for would-be entrepreneurs to test their venture - table tennis parlour (similar to that in the Grafton Centre in Cambridge) supported by Table Tennis England - co-working space and business support for those working from home or starting up a new business - securing Royal Status for Newmarket - establishing Festivals and Events - whole Town Historic and Cultural Trails and Curation, ## - establishment of an Education and Skills Campus – potentially with a Sixth Form College, Higher Education facility We already have a range of other ideas to consider and explore. Watch this space! ## **Community Hub at the Racing Centre** Being embedded in Newmarket voluntary and non-profit making sector has resulted in building close relationships with many organisations that support the town. During a number of conversations, it became apparent that there was a collective desire to create a Community Hub where organisations could have office space or drop-in presence in one, combined, location. Recognising the many benefits of coming together, we began discussions with numerous organisations to explore how we could facilitate this being created in Newmarket. We are delighted that, as a result of those discussions The Racing Centre is now the home of the community hub with a range of charities and service providers coming together. ## **Home-Hosting Scheme for Young** ## **People in Racing** Working with The British Racing School (BRS) NCF has created a pilot homehosting scheme which will offer 16–18-yearold BRS graduates access to vetted accommodation. This will ensure they have safe and suitable accommodation while they continue their training for a career in the racing industry. We have engaged with The Racing Foundation who have welcomed an application to fund this pilot. NCF has made the application and continues to look for additional funding opportunities to ensure Newmarket launches this pilot which will help to secure a racing workforce of the future while having numerous additional community benefits. ## **Building Relationships and Partnerships** Jill Korwin, Strategic Director West Suffolk District Council, said ‘NCF is the organisation which delivers’ and stressed we would be the partner organisation that the council wishes to work with to help make lasting and significant changes to Newmarket. - rejuvenation of the market **14** | Newmarket Charitable Foundation Annual Report Newmarket Charitable Foundation Annual Report | **15** ## **YOUNG PEOPLE** It should go without saying, but let’s say it: Young People are our future! There is woefully little support across Newmarket for our Young People – with a massive lack of recreational provision, opportunities to raise aspirations, guidance on careers, access to welfare workers and counselling. ## **Careers Fair** In 2023 NCF held an inaugural Careers Fair which engaged with every secondary school student at Newmarket Academy, providing access to local businesses and organisations available on their doorstep, to - raise awareness - broaden their horizons - raise aspirations - explore career options, and - make informed decisions. The charity coordinated 24 organisations across the town to attend the school for a full day to talk to 850 students from Years 7-11 about career opportunities. Careers represented included horse racing, ground maintenance/sports amenities, automotive, events management, distribution, leisure, law, accountancy, police, logistics, manufacturing, agriculture, hospitality, fire and rescue, military, drug development, entrepreneurship, insurance and animal healthcare/veterinarian. The Careers Fair is now a regular event, hosted by The Academy secondary school, and we continue to explore how we can further develop connections with young people and career opportunities. ## **Careers Festival** Following the Careers Fair, NCF developed a Careers Festival to further delve into the world of careers, offering an in-depth insight into what it would be like to work in certain fields of employment. A number of local business and organisations opened their doors and welcomed students from Newmarket Academy to discuss and explore careers. NCF liaised with businesses to agree times and details of what they would offer students and produced a brochure which was circulated to students explaining how they could book their visit. _‘My daughter has left there feeling inspired and full of thoughts about future careers, so, thank-you to everyone for their time and enthusiasm’_ ## **Newmarket Pony Academy Weekend Club** Newmarket Pony Academy is well established as a truly fabulous initiative delivered through partnership between Godolphin and the British Racing School – providing an opportunity for those children of primary school age that struggle with conventional teaching practices to learn alongside ponies. The time allocated for any child is just a week, 5 days, and many, many lives have been opened up, transformed as a result. Then it all comes to an end … but no longer! NCF approached Newmarket Equine Hospital and Rossdales veterinary practice and jointly we now fund provision for those that want more by providing staffing at weekends. The impacts of this have been profound including preventing at least one young person from being removed from mainstream education. _‘Chloe loves horses. She has a special needs brother who takes a lot of our time which has had an impact on her. She started to self-harm and dropped out of mainstream school. The Newmarket Pony Academy has helped her so much with her confidence and anxiety.’_ **Youth Centres, Youth Workers and Counsellors** In partnership with 4YP, a registered charity specialising in youth provisions throughout Suffolk, NCF is conducting an evaluation project to identify the specific needs and opportunities for young people in Newmarket. Drawing upon the findings of the evaluation project and the success of past initiatives, NCF will implement targeted programs and initiatives to ensure that young people in Newmarket have the support they need to reach their full potential. Drawing upon the findings of the evaluation project and the success of past initiatives, NCF will secure grant funding for and implement targeted programs and initiatives to ensure that young people in Newmarket have the support they need to reach their full potential. All intervention projects will be informed by this research and therefore driven by an understanding of what young people across the town actually want, rather than what a group of adults believe that they need. The interventions will address gaps in the current provision and aim to work seamlessly with existing initiatives to maximise the value added, and are likely to include the provision of: - locations for young people to gather under the supervision of trained youth workers - a group of detached youth workers and counsellors that will work in every primary and secondary school that wants it for a fixed number of days each week **16** | Newmarket Charitable Foundation Annual Report Newmarket Charitable Foundation Annual Report | **17** ## **GOVERNANCE** ## **Financial** NCF is hugely grateful to its Founder Partners (The Jockey Club, Newsells Park Stud and The Alborada Trust) who have supported the charity from the start, each providing sizeable and recurring core funding that has allowed us to quickly generate a robust structure to identify and deliver major change. The Governance Committee oversees the process of securing and spending the NCF funds, ensuring that all appropriate measures are taken and systems put in place. The charity maintains appropriate levels of reserves to protect the ongoing running of the charity as advised by the Charity Commission, and ensures that all financial commitments are covered by those reserves. ## **Safeguarding** Such is the wide-ranging scope of the NCF’s activity, it is inevitable that we will be working with both young people and those that are potentially vulnerable at various times. NCF has procedures to eliminate as far as possible any associated risks. **18** | Newmarket Charitable Foundation Annual Report ## **OUR PARTNERS** _‘The Jockey Club is passionate about playing its part in the future of Newmarket and ensuring the town and its racing industry have a bright future. Its mission is to actively engage with the local communities in which we operate and be seen as a positive force for change.’_ _‘Newsells Park Stud is one of Europe’s foremost commercial stud farms, it aims to ensure the stud remains at the pinnacle of breeding and racing’_ _‘The ALBORADA Trust aims to provide funding for medical and veterinary causes, research, education, the welfare of animals and with the provision of relief to disaster areas worldwide.’_ NCF believes that collaboration is key to achieving lasting positive change. We work closely with a variety of stakeholders, including local businesses, community organisations, local government agencies and individuals, to ensure that our initiatives are aligned with the needs and aspirations of the entire community. We would like to thank our funders, supporters and volunteers whose help and support has ensured we could deliver projects that help us achieve our objectives. There are many ways you can get involved with NCF, whether it’s through volunteering your time, donating to our cause, or simply spreading the word about our work. Together, we can create a brighter future for Newmarket, a town where everyone has the opportunity to thrive. To contact us, please email: **director@newmarketcharity.org** or call **07841524007** Newmarket , charitable foundation Ch•rlty r•O%tr•tlon numb•r 1194204 IEn8l•nd and Wal•s) THE NEWMARKEf CHARITABLE FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 THE NEWMARKEf CHARITABLE FOUNDATION LEGAL AND ADMINISTrATIVE INFORMATION J Cro*knt R nynn N Patlon K Har￿￿k Dr D Hall S Glbson llppolnted 30 (ktober 20231 I￿￿￿nted 28 October 20241 Charfty numb•r (Eryland •nd Wal•s1 1194204 I Sta￿1 Cambrfdgethlre C87 5JW Ivhitlw LLP George Court CB7 4JW THE NEWMARKrr CHARITABLE FOUNDATION CONTENTS Pa TrMtee5' ￿port Independent examlnef5 report Statement of flnanclal actfvitles Statement of finandal posltlon Notes to the finarKlal Statements 9-16 THE NEWMARKEf CHARITABLE FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 AIARCH 2024 The Ttu%tees present thelr amual report and flnancl•l ststemenli for the ￿ar ended 31 March 2024. The IIna￿l41 5tateTh￿nt$ ha￿ been prepared In aCcorda￿t wtth the aCco￿tIng p)Ikles sel out In ￿te 1 to the financlal statements and comply wlth the charftyS 8overnln8 ¢Jocument, the Charllles kt 2011, FRS 102 Fknanclal Reportlni Si•ndaryl applkabie In Ihe UK and P*publlc ol Irelan(r and the Charttles SORP -Acc¢)untln8 and I￿ortIng by C￿rflIes. Statement of knfflen￿ Practlce •ppilcable to charttle5 preparlng thelr accounts In •ccordarte wlth the FlnarKlal P•>rtlr* Standard applkable In the UK and ￿p￿Ik of Ireland IFRS 1021". ObJ*¢tlv•s and actfvftfes Unlocklnl Potentl•l Almin8 to cwte and facllltate CYM￿ltIeS t¢ 5h•pe a thrIvI￿ and sustakn4lAe town, dIm￿ transfomwtlon for the beneflt Of ¢omfflunlty reatlr)8 a thrlvlni Newmark•t for the ￿t￿le comrnunltf . Drmnq transfofmath)n for I)e￿It of the Cl¥nm￿tty, by artlvatlng local projects wt*lch *ere sly seen as intractable . enabl7r￿ and doing organisation wlth an apwoath arthj *4tslble rOlldO￿ whlth creates Impart . on the nd vAth a broad raroe of people. A tnthd fadlitator for the ctyml￿Ity. a1￿ide partners and exlstlng initlatlbts to create a thrl¥try town v*ith S￿at oprknt￿lt7eS for all THE NEWMARKET CHARITABLE FOUNDATION TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 3 1 hi4RCH 2024 Tr•lnln8 Con¥ult4nt Funded full.llme tralnlnq Consultant thro￿1 West Sulfolk Coilele to locus M skllls, emplwiblllty and ureer It￿lOpment wilhln the to¥￿. l¥ole¢t In very early sta8e5 . •pproxtmtely 10 IndMdu)I beneflclarles and 3 or8anlsatlons to date. Cost to 31st ￿￿TCh 2024 - £28k Future £C* Ideclslon to Mt cwtlnue thls project) Clnema Clntmo project has d￿lOped the KlnRs Theatre. Nev+rnfket, and Abbrylatr Clnema, Bury St Ednwnds. The charfty wlll fa¢llltate a partnef5hlp and delfver a slngle screen clnema In Newmarket. The project has ¢j￿10ped 4 IMJd8et v*thlch has Indk•ted o total expendlture of £5Jk. The charity has had dl*usslon5 wlth funder5 that a8reed fundlng of £45k. Tr* charlty wfjll look to secure the addltlonal fundlnl needed. Cost In FY . Future coffffiltment. £( V•cant Hlth Str••t Untt t1ft￿d Partr￿ShIp *)ykln8 wlth East of Eryland.based p￿der of co.worklry space Il•*nta . a Communlty Interest Group) and wtentlal other partners. £9,5￿) UKSPF frant Tecelved from West Sulfolk COLWKII to support refurblshff*nt costs lorw•rd Into ￿xI fl￿￿1*1 year Costs In r*. Future Cfmmltment: £IXt £18C* 0￿r 3 yp•rn Imlnlnxttn terni of lease) W••k•nd Pgny k*d•my Agreed Jolnt fundlng ￿th Newmarket Equlne Hospltal and P4)ssdJies. tach pmvldlrq £8k per annwi for 2 yeats to fund stalllng of the Academy ￿￿ertd to ¢arBet Sr￿llIC hl8h need beneflclarfjes. Cost In Ff". Future Commttment: £4k £4k The forenmner of the charlty. the Ne*n￿rket Fe5tlval. had secwed grnnt fwKlln8 of £20.(XKI from AVIVA to Prn￿de an 9￿(￿10r 8yrn whkh Is to be Icoted on Lambton piaylng flelds. The #rant was recel¥Ed In January 2022. The fuThSs are In the b•nk account are restrkted for thls 4)eclflc appllcatlon Ilknllc bertefit The T￿￿tee$ havé pald due relard to ￿lda￿e ts$￿d trjf thè Ch•rfty CthThmlSsl￿ In dedthng what xtlvltles the chartty strthyAd undertake. THE NEWAIARKEf CHARITABLE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 3 1 A4ARCH 2024 Achlevwmnts •nd p*rforni•n¢• Slsnlfk&nt octltAtles Qndochle￿ments aytslnst objettlves The Exwutfve Dlrt¢tor was rttalned on a n1)n￿n￿l c￿tr￿t 01 16 hours wr y￿k wbtll October 2023. It became dtftl that the dTratlty rtq￿red a full eXtt￿l￿ dlrtctor. The full Ilme r•)sltlon was swce5sfully recrulted on I Cttober 2023. The thorlty htbsfte IW•h¥.nv4￿￿harIty.or1￿ has been malntalrttd and lurther dertlwd.. The t￿￿tee$ c¢)ntinue to be tralr*d on thelr dutles and re5p)nslbllltle5. IrKlwJbn4 ￿feguardIng, arwj the Lead and r*wJty Lead for safeguardin8 have completed I￿$$ary tralnlng. MCth￿ corts ha￿ been Incurred In malntalnlrté the charfty. •ltyty wlth acc¢xmtarKy fees for the annual rev1￿. Ik#knt costs ha￿ t*en IncUr￿d to actwfre rece55ary software and varfcAts membershlps of charfty assttlatlons. Total cost to 31 hlatth 2024 £75k Future crrnltrntht: £24k per x 2 year5 CLYm￿Clng operatl¢xts In January 2022. Secured 3 x Fowwjer Partnerthnatloffj of £9).L￿ each: Jctkey Club Estates . Ne1￿1￿ Stud . Alb)rada Tnffjt ALI 3 F(￿der Partnets have con¥))itted f￿1n4 at thls lth*l for 3 each. forward. the followAng 15 piamed: bld into the Natltsnal and local Grant makiro ￿ganisat￿)ns. - partner v*lth Local A•Jthorlty to secwe project ba¥ed fundirq: . begin devleoping a Ilst of ￿tential core ftJth5. fyant Gfvlry 7.5% of Founder Partner fundlng Is alliKated to grant-giving within the town its surroundlng vllta8e5. managed by the comm￿lty cOn￿ttlee with tr[￿tee as its chair. aThJ arth a5 dewty chalr. £31,817 of grants have been Iss￿1 across the folltrwlrwa 13 projects ￿lesSIng a wkle range lapprox 8C(Jl of beneflciarles: Cambian I￿A￿al Giasshtlls . Alr Cadets . Abwroft Leisure Brltlsh Racln8 Sclv)I . Llttle B￿J$ Let's Ilwn Glris EPIC Dad . BRS . Fl)ny kathmy Eliesmere Day Centre . Open D(nr Burnell print Fln•rKl•l revl We a￿ grateful (or all donatlons. partlcularly the regular ones. &xh (kxwtlons and our sO￿d fIna￿la1 polkles iyrt the F¢￿￿j•t￿.5 flnances In a healthy stste at the end of the year In splte of 8eneral economk conditions. THE NEWMARKEf CHARITABLE FOUNDATION TRU5TEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 A14RCH 2024 After miklng ipwoprl•tt eTrqulrl&, the trustee5 have a ￿asOnable expectallon that the charlty has adequatè re5¢Airce5 to CMtIn￿ In crf>eratlonal ex15tWKe for the foreseeable future. For thls reason they contlnue to adopt the o)InR corttrn basls In prtpadng the flnanclal 5laiements. Further detall$ wardlnq the ath)ptlon Of the s01￿ ¢tyKem basls can be found In the kcountlnq tljllcles. Reserves p￿IcY A resep￿ of £40.C(KJ Is bel￿ mèlntafjned whl¢h ￿preSentS core costs over a 6 fflonth perfod. Plans for futurè wrlods Currently under revlew, It Is proposed that the charity wlll play an actlve role In the facllltatlon of the dv4olqrnt of the followlrt8 Strate8les for the town: TO￿ Centre Strnteqy . Yoth Strategy Nwrodiver51ty Strategy Lefjsu￿ and Commerclal Space Strate Padng and Non.Raclnq StrateKY Th15 wlll Inlrlve co￿rdInatIon across a number of bodles includlnq.. TOMI Council Vle5t Suffolk Councll . Suffolk ((￿*ty Coundl t￿ BID . wlmary and secondary schools charitable organisations acr055 the town otI￿r gjpport oryanlsations Structure. p¥emanc• and manayment The Newmarket Charltable Foundation was registered as a Charitsble Incorporated Organlsatlon ICIOI at the Charity co￿1$$1￿1 on 23rd April 2021. TNstees are apy)Inted by the e￿stIng trustees. Trustee re¢nrftm•nt, Indurtlon and tralnln8 New tntstees are app)Inted with reference to the roie Oescrtption for NCF trustees and any specific skllls the trustees con51der that the Board may requlre as a result of any ski115 audlt undertaken. ALI trustees recelve an intrOd￿ry presentstlon from NCF'S ExeC￿7ve tArector and are provlded wlth regular reFQrtin8 and d0cty￿tat1Qn to Lydate them on NCF'5 Straty, governance, p)Ilcle5 and Current challenges. Tntstees are erthira8ed to keep updated wlth re￿aTrt le8lsLatlon. deveLoprr*nts and best prartlce. The Tn￿tee5 v+*￿ served durln8 year and up to the date of sIgnatU￿ of the financlal statements were.. S Howard IRe5i#ned 31 December 20241 J Croyknurst R Flynn N Patton K Ma￿¢(k N Byrne Dr D Hall 5 Glby)n I￿$14ned 30 Aprfl 20241 IAppolnte(130 OCto￿r 20231 (Appointed 28 (ktober 20241 THE NEWMARKEf CHARITABLE FOUNDATION TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 A14RCH 2024 Rlsk A&inayernt New irustees art arpolnted wlth reference lo ihe rDle descrlptlon lor NCF trustees and any speclflc skllls the trustees cM51der t￿l board may requ1￿ as a result of any Jkllij gudli undertaken. All trwtees retelve in Intro(hKtory wesent•llon frtsn NCFts Executlye Dlrectw and •re provlded ￿th reqular reP)rtI￿ •nd d￿[mI11k￿ to w1•te thern on NCF¥ stratery. 8oYernance. p)Ilcles and current challenles. Tnstees are er<(￿led to keep updated ￿th rtlevant leg151alk￿. I￿10￿￿*t Ind best practke. rity has est•b115hed crynmlttee5 that meet quarterly (Tty￿ Infrjstruciure and Govem•ncel and ¢)ne that ff*ets mty)thty 1CcAr#n￿Ity1 vAth all trKee In¥olvln8 a mlnlrrnmn of 2 trusteeg and and reportlfig Into the Board Of Trust￿ •150 ff￿ets ou•rteTiy . all of are bLMJ¥J by a set of pollcles and procethres whlch The Tnjstees, reprrt Wa5 apr￿0¥ed by the Board of Tnstees. THE NEWMARKEf CHARITABLE FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE NEwl￿RKET CHARITABLE FOUNDATION I to the TnJ5tees on my t￿mInal￿)n of the fIn•￿Ill st•temenis ol The Newmorket Chafii¥ble Found•iion (tIE charftyl for ttr* ended JI Ma￿h 2024. Respon31bllltl•s •nd b•ils ¢f r•wt As the Tru5tee5 of tP* tharfiy )VU I￿ rn¢*)nslble for the Preparatlon of Il* flnancl•l stateff*nts In 8CCOfdance th requlrewits of It* (￿rItIeS Act 2011. I IEF*)rt In respert of exam1￿11￿ of Ihe charfty's flnanclal 5talements carrled ¢yrt vrthr sectlon 145 of t Chafitles *11 2011. In my examlnatton I ￿ve follo*td the Dlrectlons SI￿n by the Chartty 5ectk*) 14515llbl of the Charltle5kt 1011. Ywr attentfion 15 dra￿ to fact that the charfty has prepared the flnanclal stalements In accordance wlth the relethi ￿r510￿ of Stat￿t of Pe£(￿mended l*xtlce appilcable to charltles preparlry thelr IIDafKlal stateirwt5 in xctroènce vAth ttre Flnandal P•)rtln8 Standard appilcable In the UK and Pepubllc of Ireland IFRS 1021 In prefertrKe to kntymtlnd and Pemlng by ChJrltles: Statement of Reconbr*nded Practice Issued on 1 I￿12(￿)5 v+thich ts ￿ferred to In tl* extant rtgulatl(ffi5 but has rb)w t*en wfjthdrawn. l understand that thls has been Ojne in order lor the finaKlal Stattt￿ to and falr vlew In xcordance wtth UK Generally I ha￿ completed eyamlnatI￿. I conflrm th•t NJ matter5 ha￿ COW￿ to my attentlrm In conrtttlon ￿th eyamfjnotion qfvfn8 caw to that in ary materlal respert: acc(￿n￿rI1 record5 *Ere kept In respect of the charSty as required by sectlon 130 of the Charftles Act the finarKfi•l stateffthts O) not accord wTrth thjse records: or tlxb finaKial 5taterr*nts do comply vAth ￿ applicable requirements corKemlng the form and content of fina￿la1 statements set in the Charitie5 (Accwnts aThJ Wrtsl Wulatlorts 2£￿8 other than any reqLnrtment that the finarKial stateffents a tnE and falr view. wfiKh ts rr)t a matter c¢￿$*1ered as part of an Independent examlnation. I ha￿ Th) concerr6 and have con* a¢n)ss IYJ other rnatters in conr*clion with the exarnination to whlch attention sFK*uld te drawTr in this rtwrt in order to enable a prow ￿mIerStandIng of the financial statements to be G C Plper Partw of Whiting5 LLP rAorye Co Ely CB7 4JW THE NEWMARKET CHARITABLE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unr•strlct•d kntrict•d funds lunds 2024 2024 Total Unr•strlct•d R•5trlrt•d funds funds 2023 2023 Total 2024 2023 Incon* from: Donations and le8acle5 Charitable artivltfje$ 123,392 6,812 130,Z04 147.9 79,923 11.532 159.441 79.923 Total Income 128.336 6,812 135.148 227,832 11,532 239,364 Expèndlture on: Ralsing funds Ch)rftabLe actfvities Z,316 105.822 2,316 105,822 31.114 103.959 31.114 105,959 Totsl ewdlture 108,138 108,138 135,073 137.073 Net Incomè and mov•ment In funds 10,198 6,812 27,010 92.759 9,532 102.291 Reconcillatlon of fund5: Fund balances at 1 Aprtl 2023 102.059 29.532 131,591 20.C 29,3CQ Fund balanc•s at 31 March 2024 122,257 36.344 158.601 102,059 29,532 131.591 The statement of financlal actlvitles Inclvdes all galns and losses recognlsed In the year. All I￿oMe and expendItU￿ derlve from contlnutng actlvltles. THE NEWMARKEf CHARITABLE FOUNDATION STATEMENT OF FINANCIAL posinoN AS AT 31 MARCH 2024 2024 2013 Nrt•s Cvrreht •55•ts Cash at bank and In hand 163,711 131,591 Curreftt N•bllltl•s 10 158,601 131,591 The furtds of the (￿rIty Restricted Incrfft funds Unrestricted fLA)d5 12 13 36,344 122,257 19,532 102,059 158.￿1 731.591 The fln)rthl statements were approved by the Trustees on ...... ... ... ¥lf ThL THE NEWMARKrr CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 WIRCH 2024 The He￿arket Charfjtable Fowthtfjon was feqlste￿d as a Charftable IrKol￿Ta1ed Lkganlsatlon ICIOI at the Charity Cormilsskn on 23rd Wl 2021. The finarKial statetrtnts have teen p￿pared In XCOfdJn¢e ￿th the chartty5 qovernln8 document. the Charities Act 2011, FRS 102 Ihe Fana￿111 Ikptsrtlr@ Standard appllcable In the UK and Republlc of Ireland- and the Charitie5 SORP "k¢ounting and Pw*rtlroJ by Charities: Statement of ￿￿OM￿￿nded Practlce applKable to charities preparin8 their accounts In aCcOrda￿e v*ith the fir￿KId1 Reporting Standard applfcable in the UK and of Irelarbj IFRS 1021-. The charfjty Is a 14Jbllc Be￿fIt Entity as deflned by FRS 102. The finarKfial staterrthts have dpparted from the Charitie5 IkcouTrts and PeF¥)rtsl Reguljtlons 2cx18 only to the extent required to provfjde a and fair view. Thi5 departure has Inw)l￿d foliovring the Statement of p￿0M￿ded Practlce for charities applying FRS 102 rather than the version of the Statement of Recommended Practlce thith is referred to in the P4￿atIO￿ lyJt *thich has SIn￿ been withdrawn. The finandal staten*nts are prepared in sterlirvd. vknKh 15 the fwKtional cwrerKy of the charlty. lknnetary ariy)Imts in ttrw financlal staterr￿ts are rouThJed to the nearest £. The firwicial Stateme1￿ have been wepared U* htstorfKal cost COn￿tIOn. Tr wlrftpal accounting F4)licies adopted are set out ￿lOw. At the time of approving tt* fln•Klal Staten￿ts. Trustees 4 rea9￿ble e¥pectatlon that the chthty has athuate rexjurres to continue In owatlonal existe￿¢ for the foreseeable future. Thus the TnJ5tee5 contlnue to adopt the goirn4 ¢Ortern basts of accowtirg in p￿parfjng flnandal statements. 1.3 Charltabl• fund5 un￿strICted funds are available for we at the dlscretM¥n of tre Trustees In furtherance of thelr charltabie objertibts. Restro￿ fuK15 are gJbJert to 5pKlfk Conditm¥￿ by dtyYKs or grnntor5 as to h)w tly may be used. JrFWA and wes of the restrkted fLThJs are Set in the Mtes to the flnardal statements. Endowment are sthJe¢t to cmdltwjns iry domrs that capital be malntslned by the charlty 1.4 Income Grant and legacy InccKne 15 reco￿￿￿ charity is Legally entftled to It after any wfonnatKe co￿lIt10nS have been ￿. the aFTh￿nts can be meawred reilabiy, and it ts probable that Inccrfne ￿1[ be Cash ¢k)nathJn5 are recOgni￿d recelpt. ¢Xher dc￿at￿)n$ are recognised 0￿e the chorfty has been notified of the ¢*Jiatlon, unless perfoffl￿n￿ ¢￿￿tIOnS requlre deferral of the a￿nt, I￿orne t&x recobtrJbLe In reiatlon to O)iatlon5 receI￿d wMJer Glft Ald or deeds of covenant Is reco4n15ed at the tlff Le8acles Jre recoqn15ed on recdpt or othenvlse If the charlty has been Th)tlfled of an lrnpeftdlnq dlstrlbutl¢M. the Is kr¥J*m. and recelpt ts expected. If the anw)urt Is ry)t kTh)wn, the leqacy Is treated as a wtlr8ent assrt. THE NEWMARKEf CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 AttoUnt1￿ poll¢l•s IContlnu•dl ItKome fs r￿QgnISed ¥thtn the charlty 15 legally entltled to It after any performance condltlons haye been met, Ihe amouThis can be measured rellably, and It Is probable that Income wlll be ￿te1Ved. 1.5 Expendltvre EyndItv￿ Is ￿gnISed once there Is a le8al ￿ CLMStructlve obll8allon lo transfer economlc beneflt to • thlrd party, it 15 probable that a transfer of economlc be￿Ilts wlll be requlred In *ttlement, and the amount of the oblleatlon can be measured rellably. ExpendFture Is classlfled by actmty. The costs of each aCtfj￿ty are ma(le up of the total of dlrect costs and sha￿d costs. Includin8 5￿port costs Inw)Ived In undertaklTrg each aCtI￿ty. Dlrect Costs attrlbutable to a 51ngle actMty are allocated dlrectly to that actI￿tY. Shared costs whlch contrfbute to mre than one actmty and SLVP)rt costs whlch are Trjt attrlbutable to a slnRle artl¥Aty are app)rtloned between those attr￿tIeS on a basis conslstent ￿th the use of resources. Central staff costs are alloCa￿d on the basls of tlme sFent, and depreciatlon charyes are allocated on the p)rtlon of the a55et's use. 1.6 Cash and cash equlvalents Cash and cash eqwvalents Include cash In hand, depo$lts held at call vAth banks. other slKJrt-tem Ilquld Invest￿￿Trts ￿th original maturities of three nb)nths or less, and bank overdrafts. Bank overdrafts are sIv)V+n ￿thin tr#)rrwn¥s in current liabilities. Basicfinonci41 assets Bas?c finarKlal assets, vthlch Incl￿ trade and other recefvable5 aTrd ¢ash and bank balances, are Initlally measured at transactIC￿ prlce incluthng IransactioTr costs and are Subsequently ¢arded at arnortlsed cost using the effectfve Interest metlKJd unless the arrangement constitutes a flnancln4 transaction, where the transaction Is measured at the present value of the future receipts dlscounted at a market rate of Interest. FlnarKtsI ase*ts clas51fled as recefvable vAthln one year are not amortlsed. 51¢ finoncial liebilities Bas6¢ financol IlabilTties, in¢luding trade and other payables and bank loan5 are inltlally recognlsed at tsansa¢tioA price Unle￿ the arrangement constftuces a flnaKlng traTrsactlon, where the debt instnsment is fflea5ured at the present value of the future payments dlscounted at a market rate of Inte￿(. Flnanclal Ilablllties classified as payable vlthln one year are not amortlsed. Debt instruments are subsequently carrled at aftY)rtlsed cost, U51ng the effectlve Interest rate metI￿)d. Trade payables are obllgat10Tr5 to pay for 8oods or se￿(e5 that have been acqulred in the Ordinary course of operations from suppllers. Amunts payable are classifled as current liabllities if payment Is within year or Less. If not, tw are presented as nonrtlr* Standard applkable In the UK and ￿p￿Ik of Ireland IFRS 1021". ObJ*¢tlv•s and actfvftfes Unlocklnl Potentl•l Almin8 to cwte and facllltate CYM￿ltIeS t¢ 5h•pe a thrIvI￿ and sustakn4lAe town, dIm￿ transfomwtlon for the beneflt Of ¢omfflunlty reatlr)8 a thrlvlni Newmark•t for the ￿t￿le comrnunltf . Drmnq transfofmath)n for I)e￿It of the Cl¥nm￿tty, by artlvatlng local projects wt*lch *ere sly seen as intractable . enabl7r￿ and doing organisation wlth an apwoath arthj *4tslble rOlldO￿ whlth creates Impart . on the nd vAth a broad raroe of people. A tnthd fadlitator for the ctyml￿Ity. a1￿ide partners and exlstlng initlatlbts to create a thrl¥try town v*ith S￿at oprknt￿lt7eS for all THE NEWMARKET CHARITABLE FOUNDATION TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 3 1 hi4RCH 2024 Tr•lnln8 Con¥ult4nt Funded full.llme tralnlnq Consultant thro￿1 West Sulfolk Coilele to locus M skllls, emplwiblllty and ureer It￿lOpment wilhln the to¥￿. l¥ole¢t In very early sta8e5 . •pproxtmtely 10 IndMdu)I beneflclarles and 3 or8anlsatlons to date. Cost to 31st ￿￿TCh 2024 - £28k Future £C* Ideclslon to Mt cwtlnue thls project) Clnema Clntmo project has d￿lOped the KlnRs Theatre. Nev+rnfket, and Abbrylatr Clnema, Bury St Ednwnds. The charfty wlll fa¢llltate a partnef5hlp and delfver a slngle screen clnema In Newmarket. The project has ¢j￿10ped 4 IMJd8et v*thlch has Indk•ted o total expendlture of £5Jk. The charity has had dl*usslon5 wlth funder5 that a8reed fundlng of £45k. Tr* charlty wfjll look to secure the addltlonal fundlnl needed. Cost In FY . Future coffffiltment. £( V•cant Hlth Str••t Untt t1ft￿d Partr￿ShIp *)ykln8 wlth East of Eryland.based p￿der of co.worklry space Il•*nta . a Communlty Interest Group) and wtentlal other partners. £9,5￿) UKSPF frant Tecelved from West Sulfolk COLWKII to support refurblshff*nt costs lorw•rd Into ￿xI fl￿￿1*1 year Costs In r*. Future Cfmmltment: £IXt £18C* 0￿r 3 yp•rn Imlnlnxttn terni of lease) W••k•nd Pgny k*d•my Agreed Jolnt fundlng ￿th Newmarket Equlne Hospltal and P4)ssdJies. tach pmvldlrq £8k per annwi for 2 yeats to fund stalllng of the Academy ￿￿ertd to ¢arBet Sr￿llIC hl8h need beneflclarfjes. Cost In Ff". Future Commttment: £4k £4k The forenmner of the charlty. the Ne*n￿rket Fe5tlval. had secwed grnnt fwKlln8 of £20.(XKI from AVIVA to Prn￿de an 9￿(￿10r 8yrn whkh Is to be Icoted on Lambton piaylng flelds. The #rant was recel¥Ed In January 2022. The fuThSs are In the b•nk account are restrkted for thls 4)eclflc appllcatlon Ilknllc bertefit The T￿￿tee$ havé pald due relard to ￿lda￿e ts$￿d trjf thè Ch•rfty CthThmlSsl￿ In dedthng what xtlvltles the chartty strthyAd undertake. THE NEWAIARKEf CHARITABLE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 3 1 A4ARCH 2024 Achlevwmnts •nd p*rforni•n¢• Slsnlfk&nt octltAtles Qndochle￿ments aytslnst objettlves The Exwutfve Dlrt¢tor was rttalned on a n1)n￿n￿l c￿tr￿t 01 16 hours wr y￿k wbtll October 2023. It became dtftl that the dTratlty rtq￿red a full eXtt￿l￿ dlrtctor. The full Ilme r•)sltlon was swce5sfully recrulted on I Cttober 2023. The thorlty htbsfte IW•h¥.nv4￿￿harIty.or1￿ has been malntalrttd and lurther dertlwd.. The t￿￿tee$ c¢)ntinue to be tralr*d on thelr dutles and re5p)nslbllltle5. IrKlwJbn4 ￿feguardIng, arwj the Lead and r*wJty Lead for safeguardin8 have completed I￿$$ary tralnlng. MCth￿ corts ha￿ been Incurred In malntalnlrté the charfty. •ltyty wlth acc¢xmtarKy fees for the annual rev1￿. Ik#knt costs ha￿ t*en IncUr￿d to actwfre rece55ary software and varfcAts membershlps of charfty assttlatlons. Total cost to 31 hlatth 2024 £75k Future crrnltrntht: £24k per x 2 year5 CLYm￿Clng operatl¢xts In January 2022. Secured 3 x Fowwjer Partnerthnatloffj of £9).L￿ each: Jctkey Club Estates . Ne1￿1￿ Stud . Alb)rada Tnffjt ALI 3 F(￿der Partnets have con¥))itted f￿1n4 at thls lth*l for 3 each. forward. the followAng 15 piamed: bld into the Natltsnal and local Grant makiro ￿ganisat￿)ns. - partner v*lth Local A•Jthorlty to secwe project ba¥ed fundirq: . begin devleoping a Ilst of ￿tential core ftJth5. fyant Gfvlry 7.5% of Founder Partner fundlng Is alliKated to grant-giving within the town its surroundlng vllta8e5. managed by the comm￿lty cOn￿ttlee with tr[￿tee as its chair. aThJ arth a5 dewty chalr. £31,817 of grants have been Iss￿1 across the folltrwlrwa 13 projects ￿lesSIng a wkle range lapprox 8C(Jl of beneflciarles: Cambian I￿A￿al Giasshtlls . Alr Cadets . Abwroft Leisure Brltlsh Racln8 Sclv)I . Llttle B￿J$ Let's Ilwn Glris EPIC Dad . BRS . Fl)ny kathmy Eliesmere Day Centre . Open D(nr Burnell print Fln•rKl•l revl We a￿ grateful (or all donatlons. partlcularly the regular ones. &xh (kxwtlons and our sO￿d fIna￿la1 polkles iyrt the F¢￿￿j•t￿.5 flnances In a healthy stste at the end of the year In splte of 8eneral economk conditions. THE NEWMARKEf CHARITABLE FOUNDATION TRU5TEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 A14RCH 2024 After miklng ipwoprl•tt eTrqulrl&, the trustee5 have a ￿asOnable expectallon that the charlty has adequatè re5¢Airce5 to CMtIn￿ In crf>eratlonal ex15tWKe for the foreseeable future. For thls reason they contlnue to adopt the o)InR corttrn basls In prtpadng the flnanclal 5laiements. Further detall$ wardlnq the ath)ptlon Of the s01￿ ¢tyKem basls can be found In the kcountlnq tljllcles. Reserves p￿IcY A resep￿ of £40.C(KJ Is bel￿ mèlntafjned whl¢h ￿preSentS core costs over a 6 fflonth perfod. Plans for futurè wrlods Currently under revlew, It Is proposed that the charity wlll play an actlve role In the facllltatlon of the dv4olqrnt of the followlrt8 Strate8les for the town: TO￿ Centre Strnteqy . Yoth Strategy Nwrodiver51ty Strategy Lefjsu￿ and Commerclal Space Strate Padng and Non.Raclnq StrateKY Th15 wlll Inlrlve co￿rdInatIon across a number of bodles includlnq.. TOMI Council Vle5t Suffolk Councll . Suffolk ((￿*ty Coundl t￿ BID . wlmary and secondary schools charitable organisations acr055 the town otI￿r gjpport oryanlsations Structure. p¥emanc• and manayment The Newmarket Charltable Foundation was registered as a Charitsble Incorporated Organlsatlon ICIOI at the Charity co￿1$$1￿1 on 23rd April 2021. TNstees are apy)Inted by the e￿stIng trustees. Trustee re¢nrftm•nt, Indurtlon and tralnln8 New tntstees are app)Inted with reference to the roie Oescrtption for NCF trustees and any specific skllls the trustees con51der that the Board may requlre as a result of any ski115 audlt undertaken. ALI trustees recelve an intrOd￿ry presentstlon from NCF'S ExeC￿7ve tArector and are provlded wlth regular reFQrtin8 and d0cty￿tat1Qn to Lydate them on NCF'5 Straty, governance, p)Ilcle5 and Current challenges. Tntstees are erthira8ed to keep updated wlth re￿aTrt le8lsLatlon. deveLoprr*nts and best prartlce. The Tn￿tee5 v+*￿ served durln8 year and up to the date of sIgnatU￿ of the financlal statements were.. S Howard IRe5i#ned 31 December 20241 J Croyknurst R Flynn N Patton K Ma￿¢(k N Byrne Dr D Hall 5 Glby)n I￿$14ned 30 Aprfl 20241 IAppolnte(130 OCto￿r 20231 (Appointed 28 (ktober 20241 THE NEWMARKEf CHARITABLE FOUNDATION TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 A14RCH 2024 Rlsk A&inayernt New irustees art arpolnted wlth reference lo ihe rDle descrlptlon lor NCF trustees and any speclflc skllls the trustees cM51der t￿l board may requ1￿ as a result of any Jkllij gudli undertaken. All trwtees retelve in Intro(hKtory wesent•llon frtsn NCFts Executlye Dlrectw and •re provlded ￿th reqular reP)rtI￿ •nd d￿[mI11k￿ to w1•te thern on NCF¥ stratery. 8oYernance. p)Ilcles and current challenles. Tnstees are er<(￿led to keep updated ￿th rtlevant leg151alk￿. I￿10￿￿*t Ind best practke. rity has est•b115hed crynmlttee5 that meet quarterly (Tty￿ Infrjstruciure and Govem•ncel and ¢)ne that ff*ets mty)thty 1CcAr#n￿Ity1 vAth all trKee In¥olvln8 a mlnlrrnmn of 2 trusteeg and and reportlfig Into the Board Of Trust￿ •150 ff￿ets ou•rteTiy . all of are bLMJ¥J by a set of pollcles and procethres whlch The Tnjstees, reprrt Wa5 apr￿0¥ed by the Board of Tnstees. THE NEWMARKEf CHARITABLE FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE NEwl￿RKET CHARITABLE FOUNDATION I to the TnJ5tees on my t￿mInal￿)n of the fIn•￿Ill st•temenis ol The Newmorket Chafii¥ble Found•iion (tIE charftyl for ttr* ended JI Ma￿h 2024. Respon31bllltl•s •nd b•ils ¢f r•wt As the Tru5tee5 of tP* tharfiy )VU I￿ rn¢*)nslble for the Preparatlon of Il* flnancl•l stateff*nts In 8CCOfdance th requlrewits of It* (￿rItIeS Act 2011. I IEF*)rt In respert of exam1￿11￿ of Ihe charfty's flnanclal 5talements carrled ¢yrt vrthr sectlon 145 of t Chafitles *11 2011. In my examlnatton I ￿ve follo*td the Dlrectlons SI￿n by the Chartty 5ectk*) 14515llbl of the Charltle5kt 1011. Ywr attentfion 15 dra￿ to fact that the charfty has prepared the flnanclal stalements In accordance wlth the relethi ￿r510￿ of Stat￿t of Pe£(￿mended l*xtlce appilcable to charltles preparlry thelr IIDafKlal stateirwt5 in xctroènce vAth ttre Flnandal P•)rtln8 Standard appilcable In the UK and Pepubllc of Ireland IFRS 1021 In prefertrKe to kntymtlnd and Pemlng by ChJrltles: Statement of Reconbr*nded Practice Issued on 1 I￿12(￿)5 v+thich ts ￿ferred to In tl* extant rtgulatl(ffi5 but has rb)w t*en wfjthdrawn. l understand that thls has been Ojne in order lor the finaKlal Stattt￿ to and falr vlew In xcordance wtth UK Generally I ha￿ completed eyamlnatI￿. I conflrm th•t NJ matter5 ha￿ COW￿ to my attentlrm In conrtttlon ￿th eyamfjnotion qfvfn8 caw to that in ary materlal respert: acc(￿n￿rI1 record5 *Ere kept In respect of the charSty as required by sectlon 130 of the Charftles Act the finarKfi•l stateffthts O) not accord wTrth thjse records: or tlxb finaKial 5taterr*nts do comply vAth ￿ applicable requirements corKemlng the form and content of fina￿la1 statements set in the Charitie5 (Accwnts aThJ Wrtsl Wulatlorts 2£￿8 other than any reqLnrtment that the finarKial stateffents a tnE and falr view. wfiKh ts rr)t a matter c¢￿$*1ered as part of an Independent examlnation. I ha￿ Th) concerr6 and have con* a¢n)ss IYJ other rnatters in conr*clion with the exarnination to whlch attention sFK*uld te drawTr in this rtwrt in order to enable a prow ￿mIerStandIng of the financial statements to be G C Plper Partw of Whiting5 LLP rAorye Co Ely CB7 4JW THE NEWMARKET CHARITABLE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unr•strlct•d kntrict•d funds lunds 2024 2024 Total Unr•strlct•d R•5trlrt•d funds funds 2023 2023 Total 2024 2023 Incon* from: Donations and le8acle5 Charitable artivltfje$ 123,392 6,812 130,Z04 147.9 79,923 11.532 159.441 79.923 Total Income 128.336 6,812 135.148 227,832 11,532 239,364 Expèndlture on: Ralsing funds Ch)rftabLe actfvities Z,316 105.822 2,316 105,822 31.114 103.959 31.114 105,959 Totsl ewdlture 108,138 108,138 135,073 137.073 Net Incomè and mov•ment In funds 10,198 6,812 27,010 92.759 9,532 102.291 Reconcillatlon of fund5: Fund balances at 1 Aprtl 2023 102.059 29.532 131,591 20.C 29,3CQ Fund balanc•s at 31 March 2024 122,257 36.344 158.601 102,059 29,532 131.591 The statement of financlal actlvitles Inclvdes all galns and losses recognlsed In the year. All I￿oMe and expendItU￿ derlve from contlnutng actlvltles. THE NEWMARKEf CHARITABLE FOUNDATION STATEMENT OF FINANCIAL posinoN AS AT 31 MARCH 2024 2024 2013 Nrt•s Cvrreht •55•ts Cash at bank and In hand 163,711 131,591 Curreftt N•bllltl•s 10 158,601 131,591 The furtds of the (￿rIty Restricted Incrfft funds Unrestricted fLA)d5 12 13 36,344 122,257 19,532 102,059 158.￿1 731.591 The fln)rthl statements were approved by the Trustees on ...... ... ... ¥lf ThL THE NEWMARKrr CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 WIRCH 2024 The He￿arket Charfjtable Fowthtfjon was feqlste￿d as a Charftable IrKol￿Ta1ed Lkganlsatlon ICIOI at the Charity Cormilsskn on 23rd Wl 2021. The finarKial statetrtnts have teen p￿pared In XCOfdJn¢e ￿th the chartty5 qovernln8 document. the Charities Act 2011, FRS 102 Ihe Fana￿111 Ikptsrtlr@ Standard appllcable In the UK and Republlc of Ireland- and the Charitie5 SORP "k¢ounting and Pw*rtlroJ by Charities: Statement of ￿￿OM￿￿nded Practlce applKable to charities preparin8 their accounts In aCcOrda￿e v*ith the fir￿KId1 Reporting Standard applfcable in the UK and of Irelarbj IFRS 1021-. The charfjty Is a 14Jbllc Be￿fIt Entity as deflned by FRS 102. The finarKfial staterrthts have dpparted from the Charitie5 IkcouTrts and PeF¥)rtsl Reguljtlons 2cx18 only to the extent required to provfjde a and fair view. Thi5 departure has Inw)l￿d foliovring the Statement of p￿0M￿ded Practlce for charities applying FRS 102 rather than the version of the Statement of Recommended Practlce thith is referred to in the P4￿atIO￿ lyJt *thich has SIn￿ been withdrawn. The finandal staten*nts are prepared in sterlirvd. vknKh 15 the fwKtional cwrerKy of the charlty. lknnetary ariy)Imts in ttrw financlal staterr￿ts are rouThJed to the nearest £. The firwicial Stateme1￿ have been wepared U* htstorfKal cost COn￿tIOn. Tr wlrftpal accounting F4)licies adopted are set out ￿lOw. At the time of approving tt* fln•Klal Staten￿ts. Trustees 4 rea9￿ble e¥pectatlon that the chthty has athuate rexjurres to continue In owatlonal existe￿¢ for the foreseeable future. Thus the TnJ5tee5 contlnue to adopt the goirn4 ¢Ortern basts of accowtirg in p￿parfjng flnandal statements. 1.3 Charltabl• fund5 un￿strICted funds are available for we at the dlscretM¥n of tre Trustees In furtherance of thelr charltabie objertibts. Restro￿ fuK15 are gJbJert to 5pKlfk Conditm¥￿ by dtyYKs or grnntor5 as to h)w tly may be used. JrFWA and wes of the restrkted fLThJs are Set in the Mtes to the flnardal statements. Endowment are sthJe¢t to cmdltwjns iry domrs that capital be malntslned by the charlty 1.4 Income Grant and legacy InccKne 15 reco￿￿￿ charity is Legally entftled to It after any wfonnatKe co￿lIt10nS have been ￿. the aFTh￿nts can be meawred reilabiy, and it ts probable that Inccrfne ￿1[ be Cash ¢k)nathJn5 are recOgni￿d recelpt. ¢Xher dc￿at￿)n$ are recognised 0￿e the chorfty has been notified of the ¢*Jiatlon, unless perfoffl￿n￿ ¢￿￿tIOnS requlre deferral of the a￿nt, I￿orne t&x recobtrJbLe In reiatlon to O)iatlon5 receI￿d wMJer Glft Ald or deeds of covenant Is reco4n15ed at the tlff Le8acles Jre recoqn15ed on recdpt or othenvlse If the charlty has been Th)tlfled of an lrnpeftdlnq dlstrlbutl¢M. the Is kr¥J*m. and recelpt ts expected. If the anw)urt Is ry)t kTh)wn, the leqacy Is treated as a wtlr8ent assrt. THE NEWMARKEf CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 AttoUnt1￿ poll¢l•s IContlnu•dl ItKome fs r￿QgnISed ¥thtn the charlty 15 legally entltled to It after any performance condltlons haye been met, Ihe amouThis can be measured rellably, and It Is probable that Income wlll be ￿te1Ved. 1.5 Expendltvre EyndItv￿ Is ￿gnISed once there Is a le8al ￿ CLMStructlve obll8allon lo transfer economlc beneflt to • thlrd party, it 15 probable that a transfer of economlc be￿Ilts wlll be requlred In *ttlement, and the amount of the oblleatlon can be measured rellably. ExpendFture Is classlfled by actmty. The costs of each aCtfj￿ty are ma(le up of the total of dlrect costs and sha￿d costs. Includin8 5￿port costs Inw)Ived In undertaklTrg each aCtI￿ty. Dlrect Costs attrlbutable to a 51ngle actMty are allocated dlrectly to that actI￿tY. Shared costs whlch contrfbute to mre than one actmty and SLVP)rt costs whlch are Trjt attrlbutable to a slnRle artl¥Aty are app)rtloned between those attr￿tIeS on a basis conslstent ￿th the use of resources. Central staff costs are alloCa￿d on the basls of tlme sFent, and depreciatlon charyes are allocated on the p)rtlon of the a55et's use. 1.6 Cash and cash equlvalents Cash and cash eqwvalents Include cash In hand, depo$lts held at call vAth banks. other slKJrt-tem Ilquld Invest￿￿Trts ￿th original maturities of three nb)nths or less, and bank overdrafts. Bank overdrafts are sIv)V+n ￿thin tr#)rrwn¥s in current liabilities. Basicfinonci41 assets Bas?c finarKlal assets, vthlch Incl￿ trade and other recefvable5 aTrd ¢ash and bank balances, are Initlally measured at transactIC￿ prlce incluthng IransactioTr costs and are Subsequently ¢arded at arnortlsed cost using the effectfve Interest metlKJd unless the arrangement constitutes a flnancln4 transaction, where the transaction Is measured at the present value of the future receipts dlscounted at a market rate of Interest. FlnarKtsI ase*ts clas51fled as recefvable vAthln one year are not amortlsed. 51¢ finoncial liebilities Bas6¢ financol IlabilTties, in¢luding trade and other payables and bank loan5 are inltlally recognlsed at tsansa¢tioA price Unle￿ the arrangement constftuces a flnaKlng traTrsactlon, where the debt instnsment is fflea5ured at the present value of the future payments dlscounted at a market rate of Inte￿(. Flnanclal Ilablllties classified as payable vlthln one year are not amortlsed. Debt instruments are subsequently carrled at aftY)rtlsed cost, U51ng the effectlve Interest rate metI￿)d. Trade payables are obllgat10Tr5 to pay for 8oods or se￿(e5 that have been acqulred in the Ordinary course of operations from suppllers. Amunts payable are classifled as current liabllities if payment Is within year or Less. If not, tw are presented as non