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2025-06-30-accounts

Docusign Envelope ID: 5B6F7F18-DF21-4996-9228-45B654B990FA

Charity number: 1209261

ISAAC NEWTON TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

Docusign Envelope ID: 5B6F7F18-DF21-4996-9228-45B654B990FA

ISAAC NEWTON TRUST

CONTENTS

Page
Reference and Administrative Details of the Trust, its Trustees and Advisers 1
Trustees' Report 2 - 7
Independent Auditors' Report on the Financial Statements 8 - 12
Statement of Financial Activities 13
Balance Sheet 14
Statement of Cash Flows 15
Notes to the Financial Statements 16 - 29

Docusign Envelope ID: 5B6F7F18-DF21-4996-9228-45B654B990FA

ISAAC NEWTON TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2025

Trustees

Professor F P Kelly, Chair Professor A Amin Professor Sir David Baulcombe Professor Dame Ann Dowling Professor L R Gelsthorpe Professor R H Langton Professor J A Marenbon Professor J Pyle Professor B D Simons Professor Dame Jean Thomas Professor N Thomas

Charity registered number

1209261

Principal office

The Postdoc Centre, 105 Eddington Place, Cambridge, CB3 1AS

Patron

His Majesty King Charles III

Officers

Dr L Friday - Director (until 30 September 2024) Dr G Burgess - Director (from 01 October 2024) Mr D Hearn - Treasurer (until 31 December 2024) Mrs L Thompson - Treasurer (from 01 January 2025)

Independent auditors

PEM Audit Limited, Salisbury House, Station Road, Cambridge, CB1 2LA

Bankers

Barclays Bank plc, 1 Churchill Place, London, E14 5HP

Co-operative Bank plc, 1 Balloon Street, Manchester, M4 4BE

Investment managers

University of Cambridge Investment Management Limited, The Old Schools, Trinity Lane, Cambridge, CB2 1TN

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ISAAC NEWTON TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2025

The Trustees submit their annual report and the audited financial statements of Isaac Newton Trust for the year ended 30 June 2025. The Trustees confirm that the annual report and financial statements of the Trust comply with the current statutory requirements, the requirements of the Trust's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Policies and Objectives

The object of the Trust is to offer financial support for the furtherance of education, learning and research in the University of Cambridge (the University).

Activities for Achieving Objectives for the Public Benefit

The Trust’s activities include the provision of research grants to senior members of the University, which aim either to leverage external funding or to offer seed corn funding for start-up projects, which are thereby able subsequently to win external support. Its grants play an important part in the research strategy of the University, which is widely recognised as one of the leading research universities in the world both in terms of quality and in terms of scope and breadth.

The Trust is a major contributor to the academic and professional training of early career postdoctoral researchers and provides partial funding for certain doctoral programmes. The Trust is also committed to giving financial assistance to the research, teaching and widening participation activities of Colleges of the University in such a way that helps to address inequalities of endowment.

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 and in particular to its two key principles, that there must be identifiable benefit and that the benefit must be to the public or a section of the public.

As our principal beneficiary, the University of Cambridge, through the dissemination of its research, offers public benefit through the continued advancement of knowledge across the sciences, medicine, arts, humanities, culture, and heritage. A large proportion of the Trust's research grants go to support research undertaken in the University across the fields of clinical medicine, biomedicine, physics of medicine, and engineering; this research leads directly to health care.

The Trust’s support for the University’s teaching and education and its commitment to widening participation helps to ensure that those participating in its educational programmes are equipped with the highest quality of teaching and infrastructural, academic and pastoral support. It is fundamental to the University’s mission that its students are academically, professionally and personally equipped to contribute positively to society.

The Trustees are satisfied that the activities and purpose of the Trust, as described above and in the accompanying financial statements, fully meet the public benefit requirements and paid due regard to the Charity Commission guidance on public benefit.

Grant-making Policies

All the bursaries, grants and other assistance provided by the Trust are awarded in accordance with advertised selection criteria.

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ISAAC NEWTON TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

Achievements and performance

The Trustees have continued to review their objectives and range of funding activities. Key decisions include:

Review of Activities

The activities of the Trust are described in the Annual Report, which, in accordance with the Trust Deed, is sent each year to the Council of Trinity College and to the Finance Committee of the University of Cambridge. A copy of the Annual Report, which does not form part of this report, is available from the Trust’s website: https://

During the year to 30 June 2025 the main funding activities of the Trust were:

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ISAAC NEWTON TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

Review of Activities (continued)

In 2024-25, the Trustees approved the following new awards:

Investment policy and performance

The Trust’s Investment Sub-Committee reviews the investment manager's performance in the light of the Trust’s Statement of Investment Policy and Objectives. The primary objective is to achieve a total return of at least CPI inflation plus 5%. The Trust has a requirement for sufficient liquid funds to cover its forward commitments without detriment.

The Trust has placed its investment portfolio of £7.6m (2024 £7.5m) in the Cambridge University Endowment Fund, which is considered to be suitable for university charitable funds with income requirements. Trustees expect the Trust’s portfolio to be invested in a socially responsible manner; they have engaged with CUEF in this regard and are pleased to note the strong progress made towards decarbonising the portfolio by 2038. The Trust has also moved its deposit accounts to the Co-operative Bank during the year. The Trustees are pleased to be partnering with a bank whose values and ethics are in alignment with our own.

Financial review

The Trust’s income was £2.8m (2024: £2.7m) including Trinity College’s generous grant of £2.4m (2024: £2.4m). Almost all other income was provided by income from investments.

During the year, the Trust made grants of £2.5m (2024: £3.9m) as set out in note 5 of the financial statements including substantial contributions to support early career fellowships. The Annual Report gives details of the grants made during the year.

The investments and cash shown in the balance sheet date total £10.8m (2024: £10.8m) providing a comfortable margin above the level of total liabilities, which amount to £6.7m (2024: £6.8m) after allowing for the writebacks notified by the end of the year.

The financial statements show a surplus of £0.2m (2024: deficit of £1.0m). As a result, there is an increase in uncommitted funds carried forward amounting to £4.2m (2024: £4.1m) at the balance sheet date.

Financial risk management objectives and policies

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. The risk that Trinity College might decide to reduce its ongoing commitment to the Trust is currently judged to be low; the risk that the investment portfolio might suffer from a major global collapse is somewhat higher. The Trustees keep these risks under review when budgeting and judging how and when to adjust the liquidity of assets.

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ISAAC NEWTON TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

Principal funding

The Trust’s income was £2.8m, including Trinity College’s generous grant of £2.4m. Investment income of £0.3m was received in the year.

Reserves

The Trust’s unrestricted funds amount to £4.3m. The unrestricted funds have not been designated or otherwise committed, as such the Trust’s free reserves at 30 June 2025 amounted to £4.3m. The Trust’s total funds amounted to £4.3m and do not include any restricted funds this year.

The Trustees review the level of reserves required to meet anticipated commitments over the next five years, and consider what levels of expenditure could be sustained if the income were to cease. The Trustees control the number, size and duration of grants made in such a way that the Trust's activities could be reduced or ended in an orderly fashion, in the event that support from Trinity College were to cease entirely. The Trustees consider this policy is sufficiently prudent in the circumstances and the level of reserves represents the appropriate amount required to meet Trustees’ plans for the future activities of the charity.

From 2016 to 2021, the Trustees maintained a strategy of reducing their reserves, by making a number of more substantial grants for the benefit of the University’s strategic research portfolio and profile; they are now satisfied that reserves are commensurate with the Trust’s current level of grant-making activity and can be maintained at a level sufficient to cover current commitments. Trustees now therefore budget for expenditure not to exceed the expected income for the coming year. The overall aim, in line with the requirements of CUEF for investment, will be to maintain a total of at least £10m in investments and cash at the end of each financial year.

Plans for future periods

The Trustees review their priorities at regular intervals and seek to remain responsive and flexible in the face of new developments both in the University and in the academic and research community generally. The Trustees operate on a three-year cycle of commitment and some programmes have been renewed repeatedly; for example, the Leverhulme Early Career Fellowships, which the Trust has supported on behalf of the University since 2007, and the research funding programmes run jointly with the Schools of the University.

The Trust has rolled-out a new innovative research studentship programme during the year made possible by an investment of £12m from its main donor, Trinity College. Trinity Cambridge Research Studentships, or TCRS, is a new five-year programme to promote research through grants for PhD studentships, funded jointly by Trinity College and the University for a period of five years (2025-26 to 2029-30).The programme will double the Trust’s income for the following five years.

Structure, governance and management

Constitution

The Trust was founded by the Trust Deed dated 22 November 1988 (amended 6 July 2017). It continued as an exempt charity, regulated by the Office for Students (OFS) and sub-regulated by the University of Cambridge, until the end of the 2023-24 year.

An application to become a registered charity was made at the beginning of 2024 and approved by the Charity Commission in July. The Trust now reports directly to the Charity Commission. Our Charity number is 1209261.

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ISAAC NEWTON TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

Method of appointment or election of Trustees

The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust Deed. The revised Deed of 6 July 2017 charges the Council of Trinity College with responsibility for the election of one or two Fellows of Trinity as Trustees, while the responsibility for election of the other Trustees lies with the Trustees themselves. New Trustees are normally selected from among current and recently retired senior academic Officers of the University and of the Colleges. They are appointed because of their particular expertise and their considerable experience of serving on boards and of administering charities. Before their first meeting, new Trustees are sent information about the Trust in the form of the Trust Deed and recent Annual Reports and are directed to relevant Charity Commission information for Trustees.

Pay policy for senior staff

The staff are paid in accordance with the University's remuneration arrangements.

Organisational structure and decision making

The Trustees meet three times each year. Day-to-day management is delegated by the Trustees to the Director, and through the Director to other staff.

Related party relationships

The Trust has a close relationship with Trinity College which provided a £2.4m grant for 2024-25. The Trust rents office space within the University's Postdoc Centre. The Trust continues to review its data collection, record keeping and archival policies in the light of GDPR requirements.

Information on fundraising practices

The Trust does not currently raise funds from the public and it does not employ or engage professional fundraisers. Any donations to the Trust are currently made through Trinity College. Should fundraising activities occur in the future the Trust is committed to avoiding intrusive fundraising approaches and will never apply undue pressure to donate.

Trustees' responsibility statement

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources for that period. In preparing these financial statements, the Trustees are required to:

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ISAAC NEWTON TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

Trustees' responsibility statement (continued)

The Trustees are responsible for keeping proper 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 Trust Deed. 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.

The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by order of the members of the board of Trustees and signed on their behalf by:

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................................................ Professor F P Kelly, Chair of Trustees (Trustee) Date: 27 November 2025

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ISAAC NEWTON TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ISAAC NEWTON TRUST

OPINION

We have audited the financial statements of Isaac Newton Trust (the 'charity') for the year ended 30 June 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards 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.

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.

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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ISAAC NEWTON TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ISAAC NEWTON TRUST (CONTINUED)

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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ISAAC NEWTON TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ISAAC NEWTON TRUST (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

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ISAAC NEWTON TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ISAAC NEWTON TRUST (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (CONTINUED)

As a result of the above risk assessment procedures we identified the greatest risk of material misstatement on the financial statements arising from irregularities and fraud to be within the potential for management to override controls together with the risk of fraudulent revenue recognition. We considered the risk of fraudulent revenue recognition to be most prevalent in the cut-off of revenue. In response to these identified risks, we designed procedures which included, but were not limited to:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

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ISAAC NEWTON TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ISAAC NEWTON TRUST (CONTINUED)

USE OF OUR REPORT

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. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

PEM Audit Limited

Chartered Accountants Statutory Auditors Salisbury House Station Road Cambridge CB1 2LA

Date: 28 November 2025

PEM Audit Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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ISAAC NEWTON TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2025

Note
INCOME FROM:
Donations
2
Investments
3
Other income
TOTAL INCOME
EXPENDITURE ON:
Charitable activities
4
TOTAL EXPENDITURE
NET INCOME/(EXPENDITURE)
BEFORE NET GAINS ON
INVESTMENTS
10
Net gains on investments
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
2025
£
2,014,292
335,691
150
2,350,133
2,185,211
2,185,211
164,922
116,762
281,684
4,040,239
4,321,923		 Restricted
funds
2025
£
457,441
-
-
457,441
582,829
582,829
(125,388)
-
(125,388)
101,495
(23,893)		 Total
funds
2025
£
2,471,733
335,691
150
2,807,574
2,768,040
2,768,040
39,534
116,762
156,296
4,141,734
4,298,030		 Total
funds
2024
£
2,406,528
324,146
-
2,730,674
4,059,062
4,059,062
(1,328,388)
348,749
(979,639)
5,121,373
4,141,734

The notes on pages 16 to 29 form part of these financial statements.

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ISAAC NEWTON TRUST

BALANCE SHEET AS AT 30 JUNE 2025

Note
FIXED ASSETS
Investments
10
CURRENT ASSETS
Debtors
11
Cash at bank and in hand
CURRENT LIABILITIES
Creditors: amounts falling due within one
year
12
NET CURRENT LIABILITIES
TOTAL ASSETS LESS CURRENT
LIABILITIES
Creditors: amounts falling due after more
than one year
13
TOTAL NET ASSETS
CHARITY FUNDS
Restricted funds
14
Unrestricted funds
14
TOTAL FUNDS		 92,801
3,263,888
3,356,689
(4,677,693)		 2025
£
7,621,436
7,621,436
(1,321,004)
6,300,432
(2,002,402)
4,298,030
(23,893)
4,321,923
4,298,030		 112,603
3,337,592
3,450,195
(4,502,980)		 2024
£
7,504,674
7,504,674
(1,052,785)
6,451,889
(2,310,155)
4,141,734
101,495
4,040,239
4,141,734

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Professor F P Kelly Chair of Trustees

Date: 27 November 2025

The notes on pages 16 to 29 form part of these financial statements.

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ISAAC NEWTON TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2025

Note
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash used in operating activities
16
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends and interests from investments
NET CASH PROVIDED BY INVESTING ACTIVITIES
CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR
Cash and cash equivalents at the beginning of the year
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
17
The notes on pages 16 to 29 form part of these financial statements		 2025
£
(409,545)
335,841
335,841
(73,704)
3,337,592
3,263,888		 2024
£
(261,394)
324,146
324,146
62,752
3,274,840
3,337,592

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ISAAC NEWTON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

1. ACCOUNTING POLICIES

1.1 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) second edition - October 2019 (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

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.

Isaac Newton Trust 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.

1.2 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 Trust and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Trust for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

1.3 GOING CONCERN

The Trustees intend to maintain a level of investments to meet anticipated commitments over the next five years, and consider what levels of expenditure could be sustained if the income were to cease. The Trustees control the number, size and duration of grants made in such a way that the Trust's activities could be reduced or ended in an orderly fashion, in the event that support from Trinity College were to cease entirely.

The Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for at least 12 months from the date of signing. Accordingly, the financial statements continue to be prepared on the going concern basis.

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ISAAC NEWTON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

1. ACCOUNTING POLICIES (CONTINUED)

1.4 INCOME

All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

1.5 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.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

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.

Grant commitments are shown gross in the year with grant write backs being shown separately. Grant commitments in relation to the Leverhulme Early Career Fellowships are subject to match funding. The match funding is awarded before the year end. Only the grants awarded with successful match funding are shown gross in the financial statements.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Trust's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

1.6 INTEREST RECEIVABLE

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

1.7 FINANCIAL INSTRUMENTS

The Trust 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.

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ISAAC NEWTON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

1. ACCOUNTING POLICIES (CONTINUED)

1.8 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 after the deduction of investment managers' fees.

1.9 DEBTORS

Other debtors are recognised at the settlement amount. Accrued income is valued at the amount receivable.

1.10 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.

1.11 CREDITORS AND COMMITMENTS

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. Grant commitments are recognised at the amount that the charity anticipates it will pay to settle the debt. Grant commitments are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the grant commitment is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

1.12 PENSIONS

Employees of the Trust are included in the Trinity College Defined Contribution Pension Plan. The pension cost represents a recharge from Trinity College.

1.13 CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

Preparation of the financial statements requires management to make significant judgements and estimates. The key areas in the financial statements where these judgements and estimates have been made are as follows:

The key areas in the financial statements where these judgements have been made are as follows:

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ISAAC NEWTON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

2. INCOME FROM DONATIONS

Unrestricted
funds
2025
£
Trinity College donation
2,000,000
Other donations
14,292
2,014,292
TOTAL 2024
2,006,528		 Restricted
funds
2025
£
457,441
-
457,441
400,000		 Total
funds
2025
£
2,457,441
14,292
2,471,733
2,406,528		 Total
funds
2024
£
2,400,000
6,528
2,406,528

3. INVESTMENT INCOME

Unrestricted
funds
2025
£
Investment income
300,404
Bank interest
35,287
Intellectual property income
-
335,691		 Total
funds
2025
£
300,404
35,287
-
335,691		 Total
funds
2024
£
293,906
30,002
238
324,146

4. ANALYSIS OF CHARITABLE EXPENDITURE BY ACTIVITIES

Education, learning and research
TOTAL 2024		 Grants and
bursaries
payable
(note 5)
2025
Support and
governance
costs
(note 7)
2025
£
£
2,587,365
180,675
3,913,591
145,471		 Total
funds
2025
£
2,768,040
4,059,062		 Total
funds
2024
£
4,059,062

Grants expenditure above represents new commitments net of refunds and writebacks (see note 5).

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ISAAC NEWTON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

5. GRANTS AND BURSARIES

Unrestricted
2025
£
Trust grants
Research Grants to Departments
465,077
Grants to Schools
-
Leverhulme Early Career Fellowships
1,074,788
College Junior Research Fellowships
147,000
Widening Participation & Induction Fund
-
Strategic Grants
566,080
Humboldt Feodor Lynen Fellowships
-
Trinity: Project Completion Grants for Mid-
Career Researchers in Humanities
-
Academic Development Career Fellowships
120,000
Trinity: Collection-based Research in the
Humanities
-
Total grant commitments
2,372,945
Less grants written back and refunds
received during the year:
Trust grants
Research Grants to Departments
(99,448)
Grants to Schools
(28,274)
Leverhulme Early Career Fellowships
(257,942)
Widening Participation & Induction Fund
-
Strategic Grants
(19,894)
Newton Trust Teaching Fellowships
-
College Junior Research Fellowships
-
ESRC Fellowships
-
Humboldt Feodor Lynen Fellowships
-
AHRC Doctoral Training Programme
-
Academic Development Career Fellowships
(17,012)
Total writebacks and refunds
(422,570)
Discounting of grants payable in more
than 1 year
54,160
Grants committed less writebacks and
refunds
2,004,536		 Restricted
2025
£
-
-
-
-
421,442
-
-
141,000
-
38,111
600,553
-
-
-
(17,723)
-
-
-
-
-
-
-
(17,723)
-
582,830		 Total
2025
£
465,077
-
1,074,788
147,000
421,442
566,080
-
141,000
120,000
38,111
2,973,498
(99,448)
(28,274)
(257,942)
(17,723)
(19,894)
-
-
-
-
-
(17,012)
(440,293)
54,160
2,587,365		 Total
2024
£
749,234
475,000
2,054,926
134,000
466,958
574,080
-
-
252,355
-
4,706,553
(252,043)
(18,477)
(198,867)
(9,098)
(117,787)
-
(33,000)
-
-
(17,483)
(39,708)
(686,464)
(15,470)
4,004,620

In 2024, £3,546,760 of grants related to unrestricted funds and £457,860 to restricted funds.

The grant commitments are discounted to reflect their present value beyond one year. The restricted grant commitments are all payable within one year and therefore have not been discounted. The discount rate used is the Bank of England base rate at the year end, being 4.25% (2024 - 5.00%).

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ISAAC NEWTON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

6. GRANTS AND BURSARIES

Breakdown of grants by recipient
University of Cambridge, School of Arts, Humanities & Social Sciences
University of Cambridge, School of Biological Sciences & Clinical Medicine
University of Cambridge, School of Physical Sciences & Technology
Christ's College
Churchill College
Clare College
Clare Hall College
Corpus Christi College
Downing College
Fitzwilliam College
Girton College
Gonville & Caius College
Homerton College
Hughes Hall College
Jesus College
Lucy Cavendish College
Magdalene College
Murray Edwards College
Newnham College
Pembroke College
Peterhouse College
Queens' College
Robinson College
Selwyn College
Sidney Sussex College
St Catharine's College
St Edmund's College
Trinity Hall College
Wolfson College
Other Grants
Adjustment for discounting of grants payable more than 1 year
Grants committed less writebacks and refunds		 2025
£
639,072
913,055
401,798
9,429
51,643
-
13,989
7,887
45,637
-
28,800
12,811
6,500
7,921
17,188
9,000
17,028
40,079
4,889
4,938
9,775
8,020
69,381
81,071
17,575
11,449
18,270
28,000
58,000
-
54,160
2,587,365		 2024
£
1,982,254
646,325
872,260
22,626
26,362
39,632
30,000
15,863
-
41,756
-
12,719
41,642
49,255
-
27,000
18,000
109,806
6,944
33,588
-
4,190
7,190
3,129
-
26,368
16,275
27,572
(1,056)
(39,610)
(15,470)
4,004,620

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ISAAC NEWTON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

GRANTS AND BURSARIES (CONTINUED)

Grant commitments creditor reconciliation

Trust
grants		 Restricted
grants		 2025
2024
£ £ £
£
Creditors brought forward 6,361,194 324,927 6,686,121
5,422,828
Commitments in year (net of writebacks and
refunds)		 2,004,536 582,830 2,587,365
4,004,620
Grants and bursaries paid (2,300,756) (400,016) (2,700,772)
(2,741,327)
Creditors carried forward 6,064,974 507,741 6,572,715
6,686,121

STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES AND THE COST OF KEY 7. MANAGEMENT PERSONNEL

Wages and salaries
Social security costs
Contribution to defined contribution pension scheme		 2025
£
107,515
8,097
11,760
127,372		 2024
£
83,477
7,518
13,523
104,518

The average number of persons employed by the Trust during the year was as follows:

2025 2024
No. No.
Administration and support 4 4

No employee received remuneration amounting to more than £60,000 in either 2025 or 2024.

The key management personnel of the charity comprises the Trustees, Director and Treasurer. Total remuneration, including pension contributions and employer's NI paid to these staff was £41,390 (2024: £46,983).

The Trustees all give their time and expertise without any kind of remuneration or other benefit in kind (2024: £NIL).

During the year, no Trustee received reimbursed travel expenses (2024: £NIL).

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ISAAC NEWTON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

8. SUPPORT AND GOVERNANCE COSTS

Miscellaneous
Bank charges
Wages and salaries
National insurance
Pension costs
Audit fees
Accountancy fees
Professional fees
TOTAL 2025
TOTAL 2024		 General
support
2025
£
33,417
498
107,515
8,097
11,760
-
-
-
161,287
122,229		 Governance
2025
£
-
-
-
-
-
17,010
2,380
-
19,390
23,246		 Total
funds
2025
£
33,417
498
107,515
8,097
11,760
17,010
2,380
-
180,677
145,475		 Total
funds
2024
£
17,670
41
83,429
7,566
13,523
16,440
2,160
4,646
145,475

In 2025 and 2024, all support and governance costs related to unrestricted funds.

9. AUDITOR'S REMUNERATION

2025 2024
£ £
Fees payable to the Trust's auditor in respect of:
Audit services 17,010 16,440
Non audit services 2,380 2,160

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ISAAC NEWTON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

10. FIXED ASSET INVESTMENTS

COST OR VALUATION
At 1 July 2024
Revaluations
AT 30 JUNE 2025		 Unlisted
investments
£
7,504,674
116,762
7,621,436

The Trustees believe that the carrying value of investments is supported by their underlying net assets. The risks to the investments are mitigated by the highly diverse portfolio which takes a long term view of investments. In addition the dividend return on CUEF is based on a smoothing formula so that a significant fall in the value of investments will not materially affect the investment return.

11. DEBTORS

DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Accrued income		 2025
£
-
2,772
90,029
92,801		 2024
£
238
31,927
80,438
112,603

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Grants, fellowships and scholarships payable
Accruals		 2025
£
4,570,313
107,380
4,677,693		 2024
£
4,375,966
127,014
4,502,980

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ISAAC NEWTON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Grants, fellowships and scholarships payable 1-2 yrs
Grants, fellowships and scholarships payable 2-5 yrs		 2025
£
1,840,346
162,056
2,002,402		 2024
£
1,428,827
881,328
2,310,155

The grant commitments are discounted to reflect their present value beyond one year. The restricted grant commitments are all payable within one year and therefore have not been discounted. The discount rate used is the Bank of England base rate at the year end being 5.0% (2024: 5.0%).

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ISAAC NEWTON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

14. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

UNRESTRICTED FUNDS
General Funds - all funds
RESTRICTED FUNDS
Widening Participation &
Induction Fund
Trinity Project
Trinity Collection
TOTAL OF FUNDS		 Balance at 1
July 2024
£
4,040,239
101,495
-
-
101,495
4,141,734		 Income
£
2,350,133
417,441
-
40,000
457,441
2,807,574		 Expenditure
£
(2,185,211)
(403,718)
(141,000)
(38,111)
(582,829)
(2,768,040)		 Gains/
(Losses)
£
116,762
-
-
-
-
116,762		 Balance at
30 June
2025
£
4,321,923
115,218
(141,000)
1,889
(23,893)
4,298,030

Restricted funds comprise the Widening Participation & Induction Fund, The Trinity Project, and the Trinity Collection. The Widening Participation & Induction Fund provides awards to Colleges to provide outreach and induction initiatives for potential and future undergraduates from the UK who would not traditionally consider applying to Cambridge.

The Trinity Project provides awards for Departments and Faculties in the Schools of Arts and Humanities and of Humanities and Social Sciences and/or (where relevant) Colleges, to enable mid-career researchers in the humanities to complete their second monograph or a substantial project that qualifies for Research Excellence Framework (REF) submission, by providing the costs of replacement teaching and administrative duties for one term. The Trinity Project was in deficit at the year end as grants were awarded prior to the year end, in advance of post year end receipts.

The Trinity Collection awards small grants of up to £5,000 for collection-based research in the Humanities through modest-sized study sessions and/or workshops of up to two days in Collegiate Cambridge.

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ISAAC NEWTON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

14. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS - PRIOR YEAR

UNRESTRICTED FUNDS
General Funds - all funds
RESTRICTED FUNDS
Widening Participation &
Induction Fund
TOTAL OF FUNDS		 Balance at
1 July 2023
£
4,962,018
159,355
5,121,373		 Income
£
2,330,674
400,000
2,730,674		 Expenditure
£
(3,601,202)
(457,860)
(4,059,062)		 Gains/
(Losses)
£
348,749
-
348,749		 Balance at
30 June
2024
£
4,040,239
101,495
4,141,734

15. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Unrestricted
funds
2025
£
Fixed asset investments
7,621,436
Current assets
2,872,841
Creditors due within one year
(4,169,952)
Creditors due in more than one year
(2,002,402)
TOTAL
4,321,923		 Restricted
funds
2025
£
-
483,848
(507,741)
-
(23,893)		 Total
funds
2025
£
7,621,436
3,356,689
(4,677,693)
(2,002,402)
4,298,030

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ISAAC NEWTON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

15. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR

Unrestricted
funds
2024
£
Fixed asset investments
7,504,674
Current assets
3,023,773
Creditors due within one year
(4,178,053)
Creditors due in more than one year
(2,310,155)
TOTAL
4,040,239
16.
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW
ACTIVITIES
Net income/(expenditure) for the year (as per Statement of Financial
Activities)
ADJUSTMENTS FOR:
(Gain) on investments
Dividends and interests from investments
Decrease in debtors
(Decrease)/Increase in creditors
NET CASH USED IN OPERATING ACTIVITIES		 Restricted
funds
2024
Total
funds
2024
£
£
-
7,504,674
426,422
3,450,195
(324,927)
(4,502,980)
-
(2,310,155)
101,495
4,141,734
FROM OPERATING
2025
2024
£
£
156,296
(979,639)
(116,762)
(348,749)
(335,841)
(324,146)
19,802
109,906
(134,326)
1,129,532
(410,831)
(413,096)

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ISAAC NEWTON TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

17. ANALYSIS OF CASH AND CASH EQUIVALENTS

2025 2024
£ £
Cash in hand 3,263,888 3,337,592

18. ANALYSIS OF CHANGES IN NET DEBT

Cash at bank and in hand At 1 July
2024
£
3,337,592
3,337,592		 Cash flows
£
(73,704)
(73,704)		 At 30 June
2025
£
3,263,888
3,263,888

19. RELATED PARTY TRANSACTIONS

Certain of the Trustees are also Fellows of Trinity College, Cambridge, which recharges the Trust for salaries of some employees and officers. In the year there were recharges of £105,629 (2024: £100,914) for these and other costs incurred by the Trust, but initially paid for by Trinity College. At the year end, an amount of £105,629 (2024: £100,914) was outstanding.

Trinity College also made a donation of £2,457,441 (2024: £2,400,000) to the Trust during the year.

Professor Frank Kelly, Chair of the Trustees, was also Fellow of Christ's College during the financial year. Other Trustees with close ties to the University of Cambridge or the Colleges during the year include Professor Ash Amin (1931 Professor of Geography), Professor Sir David Baulcombe (Emeritus Fellow, Trinity College), Professor Dame Ann Dowling (Emeritus Fellow, Sidney Sussex College), Professor Loraine Gelsthorpe (Emeritus Fellow, Pembroke College), Professor Rae Langton (Professorial Fellow, Newnham College), Professor John Marenbon (Senior Research Fellow under Title E, Trinity College), Professor John Pyle (Emeritus Fellow, St Catharine's College), Professor Benjamin Simons (Fellow, St. John's College), Professor Dame Jean Thomas (Honorary Fellowships: Darwin College, Murray Edwards College, St Catharine's College), Professor Nicholas Thomas (Director of Museum of Archaeology and Anthropology).

During the year, the Trust’s Sub-Committee for Collection-based Research in the Humanities awarded a grant of £5,000 to the Museum of Archaeology & Anthropology. The Museum’s Director is Professor Nicholas Thomas who also chairs this sub-committee. Professor Thomas absented himself from all discussion by the Sub-Committee about this application and has no direct involvement in this research. The Principal Investigator for the grant is the Museum’s Senior Curator, Dr Mark Elliott.

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