Docusign Envelope ID: 37D7EA80-38A5-4A26-8D98-52DFDAF6C6B2
Charity number: 1206146
NEEDHAM TRINITY FOUNDATION
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Docusign Envelope ID: 37D7EA80-38A5-4A26-8D98-52DFDAF6C6B2
NEEDHAM TRINITY FOUNDATION
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 - 2 |
| Trustees' Report | 3 - 6 |
| Trustees' Responsibilities Statement | 7 |
| Independent Examiner's Report | 8 - 9 |
| Statement of Financial Activities | 10 |
| Balance Sheet | 11 |
| Notes to the Financial Statements | 12 - 30 |
Docusign Envelope ID: 37D7EA80-38A5-4A26-8D98-52DFDAF6C6B2
NEEDHAM TRINITY FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024
| Trustees | Mr R Hobbs, Chairman |
|---|---|
| Cllr R Denness | |
| Mrs S Friend-Smith | |
| Cllr C Phillips | |
| Mrs E Every | |
| Mr D Graves | |
| Rev D Holmes (appointed 1 January 2024) | |
| Mr P Coutts (appointed 30 January 2024) | |
| Mr M Banyard (appointed 10 June 2024) | |
| Dr S Hall (appointed 2 December 2024) | |
| Charity registered number 1206146 Principal office Millard Consultants 79 Ely Road Little Downham Ely Cambridgeshire CB6 2SN Correspondent J Millard Independent examiner Peters Elworthy & Moore Chartered Accountants Salisbury House Station Road Cambridge CB1 2LA Bankers Barclays Bank Plc 28 High Street Ely Cambridgeshire CB7 4LA Solicitors HCR Hewitsons 50-60 Station Road Cambridge Cambridgeshire CB1 2JH Lettings & property managers Keeleys 48a St Mary's Street Ely Cambridgeshire CB7 4EY Investment manager CCLA Investment Management Senator House 85 Queen Victoria Street London EC4V 4ET |
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NEEDHAM TRINITY FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Property consultants Brown & Co - Property and Business Consultants LLP The Atrium St George's Street Norwich Norfolk NR3 1AB Chartered surveyor and Maxey Grounds & Co LLP valuer 42 High Street March Cambridgeshire PE15 9JR
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NEEDHAM TRINITY FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their annual report together with the financial statements of Needham Trinity Foundation for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the Charity’s CIO Constitution, the Charities Act 2011 and the Charities Statement of Recommended Practice (second edition) and Financial Reporting Standard FRS 102.
OBJECTIVES
The Charity exists to promote the wellbeing and development of individuals within Ely, Cambridgeshire (the "Area of Benefit"), through a range of targeted charitable activities. Its objectives, as set out in the constitution, are:
1. Relief of Financial Hardship
The Charity provides financial support to individuals and families experiencing hardship within Ely and, in exceptional cases, the surrounding areas. This is achieved through grants that help cover the cost of essential items, services, or facilities that improve quality of life and alleviate financial stress.
2. Advancement of Education
We are committed to supporting educational opportunities for young people under the age of 25 who reside in or have attended schools in Ely. This includes:
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Supporting local schools and educational institutions by funding facilities not provided by the local authority.
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Offering scholarships, bursaries, and grants to assist with further education, vocational training, and personal development.
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Providing financial assistance for educational travel, music and arts studies, and preparation for professional or vocational careers.
3. Advancement of the Christian Faith
In line with our founding principles, we contribute a small portion of our annual income (not exceeding 1%) to support the ministry of the Church of Holy Trinity with St Mary in Ely.
These objectives guide our work and ensure that our resources are directed towards making a meaningful and lasting impact in the local community.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
CHARITABLE ACTIVITIES FOR THE PUBLIC BENEFIT
Relief of financial hardship
The Charity provided grants amounting to £8,327 to support the relief of financial hardship (2023: £8,140). These are detailed in Note 10.
Advancement of education
During the year, the Charity made grants to 8 schools totalling £28,400 (2023: 8 schools totalling £70,510). See Note 10 for a breakdown of these grants.
Advancement of the Christian faith
A grant of £1,500 was made to Ely Parochial Church Council during the year in support of the Christian faith (2023: £nil).
The Trustees continued to hold their board meetings at Ely Museum, which is an important part of Ely's heritage and an important facility for local schools.
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NEEDHAM TRINITY FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
INVESTMENT POLICY AND PERFORMANCE
Investment policy
The financial objective of the Trustees when selecting investments is to achieve long-term total return comprising growth in capital and income. The Trustees invest in a diverse range of asset classes, with an emphasis on overseas equities, UK equities and property.
The Trustees avoid investments with weak environmental, social and governance (ESG) credentials. For instance, the Trustees do not invest in companies that generate more than 10% of their revenue from the extraction and/or refining of oil and gas.
Investment performance
The policy above is achieved by investing in the following assets.
COIF Charities Ethical Investment Fund and the COIF Charities Property Fund
The COIF Charities Ethical Investment Fund is invested in a diverse range of assets, principally property and equities. The Fund has a wide range of ethical restrictions, such as excluding companies that derive more than 10% of revenue from extracting coal, oil and gas. The fund’s strategy is aligned with the Trustees’ Investment Policy.
The COIF Charities Property Fund aims to provide a high level of income and long-term capital appreciation. It is invested mainly in UK commercial property. The fund is managed in accordance with the policies of the Church of England’s Ethical Investment Advisory Group.
During the year, the COIF investments generated income totalling £19,419 (2023: £21,131). The unrealised gain amounted to £13,285 (2023: £38,258).
Agricultural land
The Charity owns 147 acres of agricultural land. Management of the land is performed in house.
During the year, rental income amounted to £29,163 (2023: £17,452). The increase is due to the reletting of Wold Farm at an increased rent.
Residential property (Newnham Street and Catherine Needham Arts Centre)
The Charity owns and lets out (through Keeleys Letting Agents) three properties in Ely: 20, 22 and 24 Newnham Street.
During the year, rental income totalling £32,567 (2023: £29,380) was generated. Keeleys’ professional fees amounted to £3,742 (2023: £3,567). Property inspection, maintenance and refurbishment costs totalled £6,365 (2023: £7,663).
The Charity also lets out the Catherine Needham Arts Centre to King’s School (an independent day and boarding school in Ely) on a commercial basis. During the year, rental income totalling £21,500 (2023: £21,500) was generated.
GRANT MAKING POLICY
Grants are awarded based on the following key criteria:
-
Schools and academies must be community or voluntary aided schools in the area of Ely.
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Individuals must be under 25, resident in the area of Ely and attending (or at some time have attended) a community or voluntary aided school in Ely for a minimum of 2 years.
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NEEDHAM TRINITY FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
RISK MANAGEMENT
Fall in value of investments
The Trustees believe that volatility in the value of the CCLA investment constitutes the most significant financial risk to the Charity. This risk is mitigated by having experienced fund managers and regular trustee oversight.
Non-payment of rent
Failure of the tenants to pay rent would result in a material fall in income. This risk is mitigated through regular contact with tenants, helping to ensure that any circumstances causing non-payment of rent are addressed promptly.
Ineffective grants
The Trustees consider that the most significant operational risk is providing grants that fail to further the charitable objectives of the Charity. This is mitigated by careful due diligence and, where deemed proportionate, regular monitoring.
Non-compliance with laws and regulations
The Charity is required to comply with laws and regulations, such as the Charities Act 2011 and let property regulations. A breach of these regulations could be detrimental to the reputation of the Charity. The Trustees mitigate this risk by consulting external professionals with knowledge of these laws and regulations.
Risk management statement
The charity trustees have given consideration to the major risks to which the Charity is exposed and are satisfied that systems and procedures are established in order to manage the risks.
RESERVES POLICY
The Trustees aim to maintain free reserves in unrestricted funds at a level equating to approximately 6 months of expenditure. The Trustees consider that this level will provide sufficient resources and time to respond to a sudden adverse shock on the operations of the Charity, minimising the impact on beneficiaries. The Trustees consider that 6 months is sufficient given the discretion they have over grant making, historic surpluses generated by the activities of the Charity and the relatively short time period required to realise investments, particularly those held with CCLA.
The operational cost of running the Charity for 6 months is estimated to be between £15,000 and £25,000. Free reserves (unrestricted funds less designated funds) equated to £62,300, which is above the reserves policy. The Trustees are close to completing a comprehensive governance review. Part of this review involves granting surplus free reserves.
FUNDRAISING PRACTICES
The Charity does not actively engage in fundraising and does not employ or engage professional fundraisers. Therefore, the Charity is not registered with the Fundraising Regulator. However, this will be reviewed should fundraising activities increase in the future. In any case, the Charity is committed to avoiding any intrusive fundraising practices and will never pressurise potential donors.
FINANCIAL REVIEW
Income from fundraising activities (rent from residential property, agricultural land and listed investments) amounted to £102,714 (2023: £89,463). Other income (wayleaves) amounted to £nil (2023: £22).
Expenditure on charitable activities (chiefly grants to schools) amounted to £45,518 (2023: £86,573). Expenditure on raising funds (cost of administering and maintaining the agricultural land and residential properties) amounted to £21,700 (2023: £28,800).
Other expenditure of £9,438 (2023: £29,916) represented legal and professional fees in respect of setting up a
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NEEDHAM TRINITY FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Needham Trinity Foundation and merging it with Needham's Foundation and Ely Trinity Dole.
The gain on revaluation of the investments was £13,285 (2023: £38,258).
Before investment gains, the Charity made a surplus of £26,058 (2023: £55,804 deficit). After investment gains, the overall surplus was £39,343 (2023: £17,546 deficit).
At the end of the reporting period, the Charity had net assets totalling £3,045,613 (2023: £3,006,270). Cash at bank and in hand amounted to £146,290 (2023: £93,824).
Unrestricted funds amounted to £3,045,613 (2023: £3,006,270), of which designated funds amounted to £2,983,313. For details of the purposes of these funds, please see note 19.
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Structure
The Needham Trinity Foundation operates under a Foundation model Charitable Incorporated Organisation (CIO) constitution dated 11 December 2023, where the only voting members are the charity trustees. The appointment of new trustees is governed by the provisions set out in the constitution.
Trustees
New charity trustees are appointed by resolution at a properly convened meeting of the existing trustees, typically for a term of three years. In making appointments, the trustees consider the skills, knowledge, and experience required for the effective administration of the charity. The constitution also provides for the appointment of ex officio and nominated trustees. The rector of Ely Holy Trinity with St Mary serves as an ex officio trustee for the duration of their incumbency, unless they choose to decline or nominate a suitable alternative from the church’s stipendiary clergy, subject to trustee approval.
Additionally, up to four trustees may be nominated by external bodies: one each by the Lord Bishop of Ely, the Dean and Chapter of Ely Cathedral, the Parochial Church Council of St Mary’s Ely, and the City of Ely Council. Each nominated trustee serves a three-year term, and appointments are made in accordance with the ordinary practices of the respective nominating bodies.
PLANS FOR THE FUTURE
Promoting greater awareness
The Trustees plan to invest in promoting greater awareness of the Charity. Potential steps in the short-term include making better use of social media and developing a dedicated website.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Mr R Hobbs Chair
Date: 11 September 2025
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NEEDHAM TRINITY FOUNDATION
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Charity Commission Scheme. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on its behalf by:
Mr R Hobbs Chair
Date: 11 September 2025
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NEEDHAM TRINITY FOUNDATION
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NEEDHAM TRINITY FOUNDATION ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2024.
RESPONSIBILITIES AND BASIS OF REPORT
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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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.
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NEEDHAM TRINITY FOUNDATION
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: 11 September 2025
Mrs K Bretherick
FCA
PETERS ELWORTHY & MOORE
Chartered Accountants Salisbury House Station Road Cambridge CB1 2LA
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NEEDHAM TRINITY FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
| Note INCOME FROM: Investments 4 Other income 5 TOTAL INCOME EXPENDITURE ON: Raising funds 6 Charitable activities 7 Other expenditure 11 TOTAL EXPENDITURE NET INCOME/(EXPENDITURE) BEFORE NET GAINS ON INVESTMENTS Net gains on investments NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward Net movement in funds TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds 2024 £ 102,714 - 102,714 21,700 45,518 9,438 76,656 26,058 13,285 39,343 3,006,270 39,343 3,045,613 |
Total funds 2024 £ 102,714 - 102,714 21,700 45,518 9,438 76,656 26,058 13,285 39,343 3,006,270 39,343 3,045,613 |
Total funds 2023 £ 89,463 22 |
|---|---|---|---|
| 89,485 28,800 86,573 29,916 |
|||
| 145,289 (55,804) 38,258 |
|||
| (17,546) 3,023,816 (17,546) |
|||
| 3,006,270 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 12 to 30 form part of these financial statements.
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NEEDHAM TRINITY FOUNDATION
BALANCE SHEET AS AT 31 DECEMBER 2024
| Note FIXED ASSETS Investments 15 Investment property 14 CURRENT ASSETS Debtors 16 Cash at bank and in hand Creditors: amounts falling due within one year 17 NET CURRENT ASSETS Creditors: amounts falling due after more than one year 18 TOTAL NET ASSETS CHARITY FUNDS Unrestricted funds 19 TOTAL FUNDS |
6,240 146,290 152,530 (73,189) |
2024 £ 526,022 2,455,250 2,981,272 79,341 (15,000) 3,045,613 3,045,613 3,045,613 |
5,279 93,824 99,103 (30,820) |
2023 £ 512,737 2,455,250 |
|---|---|---|---|---|
| 2,967,987 68,283 (30,000) |
||||
| 3,006,270 3,006,270 |
||||
| 3,006,270 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Mr R Hobbs Chair
Date: 11 September 2025
The notes on pages 12 to 30 form part of these financial statements.
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NEEDHAM TRINITY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. GENERAL INFORMATION
Needham Trinity Foundation is a charitable incorporated organisation charity in England and Wales. Its registered office is 79 Ely Road, Little Downham, Ely, Cambridgeshire, CB6 2SN.
2. ACCOUNTING POLICIES
2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Charity merged with two other charities on 31 December 2024: Needham's Foundation and Ely Trinity Dole. The Charity has followed the guidance in the Charities SORP (FRS 102) (second edition - October 2019) (effective 1 January 2019) in applying merger accounting to the results for the year ended 31 December 2024. Accordingly, the prior-year comparatives are prepared on the basis that the merged structure has always been in place.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Needham Trinity Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 GOING CONCERN
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
There are no material uncertainties in relation to going concern.
2.3 INCOME
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
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NEEDHAM TRINITY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. ACCOUNTING POLICIES (CONTINUED)
2.4 EXPENDITURE
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Governance costs relate to compliance with statutory and legal requirements.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.5 INTEREST RECEIVABLE
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 INVESTMENTS
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
2.7 DEBTORS
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.8 CASH AT BANK AND IN HAND
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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NEEDHAM TRINITY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. ACCOUNTING POLICIES (CONTINUED)
2.9 LIABILITIES AND PROVISIONS
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.10 FINANCIAL INSTRUMENTS
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.11 FUND ACCOUNTING
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
Valuation of investment properties
The investment properties orginally held by Needham's Foundation and Ely Trinity Dole have been valued by Maxey Grounds & Co LLP, a RICS registered firm of professional valuers. Many assumptions have to be made when valuing the agricultural land, residential properties and commercial property owned by the Charity, including rental yields and the condition of the properties. At the end of the reporting period, the carrying value of these assets amounted to £2,334,000 (2023: £2,334,000).
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NEEDHAM TRINITY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. INVESTMENT INCOME
| Unrestricted funds 2024 £ Catherine Needham Art Centre rent 21,500 Land at Little Thetford rent 260 Land at Padnal Fen rent 890 Land at Wold Farm rent 23,904 20 Newnham Street rent 14,037 22 Newnham Street rent 9,790 24 Newnham Street rent 8,740 CCLA listed investment dividends 19,419 Bank Interest 65 ETD rents 4,109 102,714 TOTAL 2023 89,463 5. OTHER INCOMING RESOURCES |
Total funds 2024 £ 21,500 260 890 23,904 14,037 9,790 8,740 19,419 65 4,109 102,714 89,463 |
Total funds 2023 £ 21,500 260 890 12,193 8,845 10,460 10,075 14,889 6,242 4,109 |
|---|---|---|
| 89,463 |
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| UK Power Networks wayleave | - | - | 22 |
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NEEDHAM TRINITY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. EXPENDITURE ON RAISING FUNDS
FUNDRAISING TRADING EXPENSES
| Unrestricted funds 2024 £ 20 Newnham Street inspection and maintenance 1,109 22 Newnham Street inspection and maintenance 4,324 24 Newnham Street inspection and maintenance 932 Keeleys Commission - 20 Newnham Street 1,111 Keeleys Commission - 22 Newnham Street 1,582 Keeleys Commission - 24 Newnham Street 1,049 Landscaping and tree works 630 Legal and professional fees - Insurance 2,437 Correspondent fees 5,517 Accountancy and examination fees 3,009 21,700 |
Total funds 2024 £ 1,109 4,324 932 1,111 1,582 1,049 630 - 2,437 5,517 3,009 21,700 |
Total funds 2023 £ 1,855 520 5,288 1,103 1,255 1,209 600 6,865 3,955 3,750 2,400 |
|---|---|---|
| 28,800 |
7. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES
Summary by fund type
| Unrestricted funds 2024 £ Financial assistance to Ely schools 37,191 Financial assistance to Ely residents 8,327 45,518 |
Total 2024 £ 37,191 8,327 45,518 |
Total 2023 £ 78,433 8,140 |
|---|---|---|
| 86,573 |
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Docusign Envelope ID: 37D7EA80-38A5-4A26-8D98-52DFDAF6C6B2
NEEDHAM TRINITY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. ANALYSIS OF EXPENDITURE BY ACTIVITIES
| Financial assistance to Ely schools Financial assistance to Ely residents TOTAL 2023 |
Grant funding of activities 2024 £ 28,400 8,327 36,727 78,650 |
Support costs 2024 £ 8,791 - 8,791 7,923 |
Total funds 2024 £ 37,191 8,327 45,518 86,573 |
Total funds 2023 £ 78,433 8,140 |
|---|---|---|---|---|
| 86,573 | ||||
ANALYSIS OF SUPPORT COSTS
| Legal and professional Correspondent fees Accountancy and examination fees Trustees' meetings Bank charges |
Financial assistance to Ely schools 2024 £ 8 5,517 3,009 177 80 8,791 |
Total funds 2024 £ 8 5,517 3,009 177 80 8,791 |
Total funds 2023 £ 1,500 3,750 2,400 260 13 |
|---|---|---|---|
| 7,923 |
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Docusign Envelope ID: 37D7EA80-38A5-4A26-8D98-52DFDAF6C6B2
NEEDHAM TRINITY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. ANALYSIS OF GRANTS
| Financial assistance to Ely schools Financial assistance to Ely residents TOTAL 2023 |
Grants to Institutions 2024 £ 28,400 8,327 36,727 78,650 |
Total funds 2024 £ 28,400 8,327 36,727 78,650 |
Total funds 2023 £ 70,510 8,140 |
|---|---|---|---|
| 78,650 | |||
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Docusign Envelope ID: 37D7EA80-38A5-4A26-8D98-52DFDAF6C6B2
NEEDHAM TRINITY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. GRANTS
| General Grants (2024 Academic Year) Isle of Ely Primary School Lantern School St Mary's Church of England Junior School Springmeadow School Highfield Academy Ely College Bishop Laney 6th Form Ely St Johns General Grants (2025 Academic Year) Isle of Ely Primary School Lantern School St Mary's Church of England Junior School Springmeadow School Highfield Academy Ely College Bishop Laney 6th Form Ely St Johns Multi-year bursaries (Bishop Laney 6th Form) Bishop Laney 6th Form 2022 Bishop Laney 6th Form 2025 Bishop Laney 6th Form 2026 Bishop Laney 6th Form 2027 Bernie Parker 2024 Isle of Ely Primary School Lantern School St Mary's Church of England Junior School Springmeadow School Highfield Academy Ely St Johns |
2024 £ - - - - - - - - - 3,300 3,200 2,000 1,200 1,000 11,900 2,200 2,700 27,500 - - - - - - - - - - - - |
2023 £ 3,060 3,180 1,900 1,080 1,080 11,550 1,880 2,880 26,610 - - - - - - - - - (2,000) 15,000 15,000 15,000 43,000 150 150 150 150 150 150 900 |
|---|---|---|
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Docusign Envelope ID: 37D7EA80-38A5-4A26-8D98-52DFDAF6C6B2
NEEDHAM TRINITY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
| Bernie Parker 2025 Isle of Ely Primary School Lantern School St Mary's Church of England Junior School Springmeadow School Highfield Academy Ely St Johns Ely Trinity Dole grants Cruise Bereavement Group Isle of Ely Primary School Centre 33 Ely St Johns Bishop Laney 6th Form Ely Cancer Hub Ely College Ely Foodbank Ely Parochial Church Council Church hardship fund Reactive Support Pot Other Total grants |
150 150 150 150 150 150 900 1,450 - 2,000 - - - - 280 1,500 1,097 2,000 - 8,327 36,727 |
- - - - - - |
|---|---|---|
| - 500 2,000 2,000 600 520 500 1,240 - - - - 780 |
||
| 8,140 | ||
| 78,650 |
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Docusign Envelope ID: 37D7EA80-38A5-4A26-8D98-52DFDAF6C6B2
NEEDHAM TRINITY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. OTHER EXPENDITURE
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Merger costs | 9,438 | 9,438 | 29,916 |
Merger costs represent legal and professional fees in respect of the merging of Needham's Foundation and Ely Trinity Dole into Needham Trinity Foundation.
12. INDEPENDENT EXAMINER'S REMUNERATION
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's independent examiner for the independent | ||
| examination of the Charity's annual accounts (excl. VAT) | 3,000 | 2,500 |
| Fees payable to the Charity's independent examiner in respect of: | ||
| Preparation of statutory financial statements | 2,000 | 1,500 |
13. TRUSTEES' REMUNERATION AND EXPENSES
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).
During the year ended 31 December 2024, the following trustees' expenses were paid directly by the Charity.
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Trustee meetings venue hire and refreshments | 177 | 351 |
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Docusign Envelope ID: 37D7EA80-38A5-4A26-8D98-52DFDAF6C6B2
NEEDHAM TRINITY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
14. INVESTMENT PROPERTY
| VALUATION At 1 January 2024 At 31 December 2024 |
Freehold investment property £ 2,455,250 |
|---|---|
| 2,455,250 |
Investment property were valued at 27 April 2023 by Alan J Faulkner, who is a registered valuer with the Royal Institute of Chartered Surveyors and works for Maxey Grounds & Co LLP. The valuation has been performed in accordance with the requirements of the RICS Valuation - Global Standards 2022 incorporating the International Valuation Standards.
Based on their review of relevant indices and knowledge of the specific circumstances of the investment properties, the Trustees do not believe that the year end valuation differs materially from the 27 April 2023 valuation. Therefore, no change in value has been recognised.
The valuations presented below assume an unencumbered freehold title.
| Needham's Foundation Catherine Needham Art Centre Agricultural land 20 Newnham Street 22 Newnham Street 24 Newnham Street Ely Trinity Dole Cawdle Fen 6.61 acres Cawdle Fen 4.06 acres Lamb's Lane 5.95 acres Willow Walk 0.25 acres |
2024 £ 310,000 1,294,000 230,000 250,000 250,000 2,334,000 40,000 25,000 50,000 6,250 121,250 |
2023 £ 310,000 1,294,000 230,000 250,000 250,000 |
|---|---|---|
| 2,334,000 40,000 25,000 50,000 6,250 |
||
| 121,250 |
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Docusign Envelope ID: 37D7EA80-38A5-4A26-8D98-52DFDAF6C6B2
NEEDHAM TRINITY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. FIXED ASSET INVESTMENTS
| VALUATION At 1 January 2024 Revaluations AT 31 DECEMBER 2024 Fixed asset investments comprise the following: COIF Charities Ethical Fund COIF Charities Property Fund |
2024 £ 505,652 20,370 526,022 |
Listed investments £ 512,737 13,285 |
|---|---|---|
| 526,022 | ||
| 2023 £ 492,146 20,591 |
||
| 512,737 |
| 16. DEBTORS DUE WITHIN ONE YEAR Prepayments and accrued income 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals and deferred income Unsettled grant commitments (note 18) |
2024 £ 6,240 2024 £ 12,264 60,925 73,189 |
2023 £ 5,279 |
|---|---|---|
| 2023 £ 15,820 15,000 |
||
| 30,820 |
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Docusign Envelope ID: 37D7EA80-38A5-4A26-8D98-52DFDAF6C6B2
NEEDHAM TRINITY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
| DEFERRED INCOME Deferred income at 1 January 2024 Resources deferred during the year Amounts released from previous periods Deferred income at 31 December 2024 |
2024 £ 6,264 6,264 (6,264) 6,264 |
2023 £ 6,264 6,264 (6,264) |
|---|---|---|
| 6,264 |
Deferred income represents land rental income relating to 2025 received in advance.
18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Unsettled grant commitments | 15,000 | 30,000 |
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Docusign Envelope ID: 37D7EA80-38A5-4A26-8D98-52DFDAF6C6B2
NEEDHAM TRINITY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
Grant commitments
Below is a breakdown of the commitment unsettled at the year-end.
| Bishop Laney Sixth Form 2025 academic year Bishop Laney Sixth Form 2026 academic year Bernie Parker Grant Isle of Ely Primary School Lantern School St Mary's Church of England Junior School Springmeadow School Highfield Academy Ely College Award Bishop Laney Sixth Form Ely St Johns Cruse bereavement group Reactive Support Pot Due within one year (note 17) Bishop Laney Sixth Form 2026 academic year Bishop Laney Sixth Form 2027 academic year Due after one year |
2024 £ 15,000 15,000 900 3,300 3,200 2,000 1,200 1,000 11,900 2,200 2,700 525 2,000 60,925 - 15,000 15,000 75,925 |
2023 £ 15,000 - - - - - - - - - - - - |
|---|---|---|
| 15,000 15,000 15,000 |
||
| 30,000 | ||
| 45,000 |
Grant commitment movement
| Grant commitment at 1 January 2023 Grants committed Grants settled Grant commitment at 31 December 2024 |
2024 £ 45,000 36,727 (5,802) 75,925 |
2023 £ 32,000 78,650 (65,650 |
|---|---|---|
| 45,000 |
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Docusign Envelope ID: 37D7EA80-38A5-4A26-8D98-52DFDAF6C6B2
NEEDHAM TRINITY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
19. STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
| UNRESTRICTED FUNDS DESIGNATED FUNDS Residential property fund Agricultural farmland fund Catherine Needham Art Centre fund Investment fund Bernie Parker fund Ely Trinity Dole Reserves GENERAL FUNDS General fund TOTAL UNRESTRICTED FUNDS |
Balance at 1 January 2024 £ 730,000 1,294,000 310,000 338,774 3,764 306,162 2,982,700 23,570 3,006,270 |
Income £ - - - - - - - 102,714 102,714 |
Expenditure £ - - - - (900) - (900) (75,756) (76,656) |
Transfers in/out £ - - - 8,510 - (6,997) 1,513 (1,513) - |
Gains/ (Losses) £ - - - - - - - 13,285 13,285 |
Balance at 31 December 2024 £ 730,000 1,294,000 310,000 347,284 2,864 299,165 |
|---|---|---|---|---|---|---|
| 2,983,313 | ||||||
| 62,300 3,045,613 |
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Docusign Envelope ID: 37D7EA80-38A5-4A26-8D98-52DFDAF6C6B2
NEEDHAM TRINITY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
19. STATEMENT OF FUNDS (CONTINUED)
STATEMENT OF FUNDS - PRIOR YEAR
| UNRESTRICTED FUNDS DESIGNATED FUNDS Residential property fund Agricultural farmland fund Catherine Needham Art Centre fund Investment fund Bernie Parker fund Ely Trinity Dole Reserves GENERAL FUNDS General fund TOTAL UNRESTRICTED FUNDS |
Balance at 1 January 2023 £ 730,000 1,294,000 310,000 310,913 4,664 295,313 2,944,890 78,926 |
Income £ - - - - - - - 89,485 |
Expenditure £ - - - - (900) - (900) (144,389) (145,289) |
Transfers in/out £ - - - 27,861 - 10,849 38,710 (38,710) - |
Gains/ (Losses) £ - - - - - - - 38,258 |
Balance at 31 December 2023 £ 730,000 1,294,000 310,000 338,774 3,764 306,162 2,982,700 23,570 |
||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,006,270 | ||||||||||||
| 3,023,816 | 89,485 | 38,258 |
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Docusign Envelope ID: 37D7EA80-38A5-4A26-8D98-52DFDAF6C6B2
NEEDHAM TRINITY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
Residential property fund
This fund represents the value of 20, 22 and 24 Newnham Street. This fund has been designated to generate sustainable income to fund charitable activities.
Agricultural farmland fund
This fund represents the 131 acres of agricultural farmland owned by the Charity. This fund has been designated to generate sustainable income to fund charitable activities.
Catherine Needham Art Centre fund
This fund represents the old Needhams School, which is currently let out to King's School, Ely. This fund has been designated to generate sustainable income to fund charitable activities.
I nvestment fund
This fund represents the value of listed CCLA investments. This fund has been designated to generate sustainable income to fund charitable activities. The transfer represents the unrealised gain on revaluation of the CCLA investments.
Bernie Parker fund
This fund represents the legacy of Bernie Parker, a former Trustee of the Charity. In his memory, the Trustees have designated these funds to finance an annual gardening competition.
Ely Trinity Dole Reserves
This fund represents the funds transferred from Ely Trinity Dole. These funds have been designated to continue funding projects allied to the objectives of Ely Trinity Dole. The transfer represents the change in the value of these funds during 2024.
20. RELATED PARTY TRANSACTIONS
The Needham Trinity Foundation has not entered into any related party transactions during the year, nor are there any outstanding balances owing between related parties and the Needham Trinity Foundation at 31 December 2024 (2023: no related party transactions or balances).
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Docusign Envelope ID: 37D7EA80-38A5-4A26-8D98-52DFDAF6C6B2
NEEDHAM TRINITY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
21. MERGER
In January 2024, the Trustees of Needham's Foundation and Ely Trinity Dole formerly resolved to merge to form a new charity, called Needham Trinity Foundation. During 2024, the assets were transferred to Needham Trinity Foundation. As this process was substantially complete by December 2024, the merger is deemed to be effective on 31 December 2024.
Analysis of principal SOFA components for the current reporting period
| Needham's Foundation (pre- merger) |
Ely Trinity Dole (pre- merger) |
Charity (post- merger) |
Combined total |
|
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Total income | 97,640 | 5,074 | - | 102,714 |
| Total expenditure | (70,587) | (6,069) | - | (76,656) |
| Net income/(expenditure) | 27,053 | (995) | - | 26,058 |
| Other gains/(losses) | 8,511 | 4,774 | - | 13,285 |
| Net movement in funds | 35,564 | 3,779 | - | 39,343 |
Analysis of principal SOFA components for the previous reporting period
| Needham's Foundation (pre- merger) |
Ely Trinity Dole (pre- merger) |
Combined total |
|
|---|---|---|---|
| £ | £ | £ | |
| Total income | 79,134 | 10,351 | 89,485 |
| Total expenditure | (135,390) | (9,899) | (145,289) |
| Net income/(expenditure) | (56,256) | 452 | (55,804) |
| Other gains/(losses) | 27,861 | 10,397 | 38,258 |
| Net movement in funds | (28,395) | 10,849 | (17,546) |
| Total funds brought forward | 2,728,503 | 295,313 | 3,023,816 |
| Total funds carried forward | 2,700,108 | 306,162 | 3,006,270 |
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Docusign Envelope ID: 37D7EA80-38A5-4A26-8D98-52DFDAF6C6B2
NEEDHAM TRINITY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
21. MERGER (CONTINUED)
Analysis of net assets at the date of merger
| Needham's Foundation (pre- merger) |
Ely Trinity Dole (pre- merger) |
Combined total |
|
|---|---|---|---|
| £ | £ | £ | |
| Net assets Represented by: |
2,735,672 | 309,941 | 3,045,613 |
| Unrestricted funds | 2,735,672 | 309,941 | 3,045,613 |
| Total funds | 2,735,672 | 309,941 | 3,045,613 |
Page 30