REGISTERED CHARITY NUMBER: 207813
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
FOR
THE NORTHCOTE TRUST
Oury Clark Chartered Accountants Herschel House 58 Herschel Street Slough Berkshire SL1 1PG
THE NORTHCOTE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 11 |
THE NORTHCOTE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2024
| TRUSTEES | G D Fergusson |
|---|---|
| Dr S Sleight | |
| Dr M Mayston | |
| Professor P Austin (resigned 23.10.24) | |
| P Madden | |
| Dr H Emmett (appointed 23.10.24) | |
| PRINCIPAL ADDRESS | Australia Centre |
| Strand | |
| London | |
| WC2B 4LG | |
| REGISTERED CHARITY | 207813 |
| NUMBER | |
| INDEPENDENT EXAMINER | Oury Clark Chartered Accountants |
| Herschel House | |
| 58 Herschel Street | |
| Slough | |
| Berkshire | |
| SL1 1PG | |
| BANKERS | CAF Bank |
| 25 Kings Hill Avenue | |
| West Malling | |
| Kent | |
| ME19 4JQ | |
| Commonwealth Bank of Australia | |
| Ground Floor Tower 1 | |
| 201 Sussex Street | |
| Sydney | |
| NSW 2000 | |
| Australia | |
| INVESTMENT MANAGERS | M&G Investments |
| PO Box 9038 | |
| Chelmsford | |
| CM99 2XF | |
| Schroders Unit Trust Ltd | |
| 1 London Wall Place | |
| London | |
| EC2Y 5AU |
Page 1
THE NORTHCOTE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Trust's present objectives are to fund graduate studies at Australian universities and colleges for students resident in the UK. The Trust's objectives have changed in the past due to the need to adapt to circumstances.
The original objectives as determined by Lady Northcote's will became neither desirable nor feasible. As a result of a strategic review the Trustees sought wider powers in 1974 from the Charity Commissioners. These wider powers now allow the Trust to pursue their present objectives.
It is the Trustees' responsibility to review the current strategy on a regular basis to ensure that the strategy is appropriate and that there remains a demand from students for Northcote scholarships as well as an interest from Australian universities and colleges in taking graduate students from the UK.
Public benefit
In shaping our objectives for the year and planning our activities, the Trustees have considered the Charity Commission's guidance on public benefit, including the guidance "Public Benefit Running a Charity" (PB2) and are were satisfied that the Charity's activities, set out above, met the criteria for public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Trustees again launched their awards application process in 2024 for study commencing in 2025. The Trustees determined to exercise caution to support all existing students while recognising that awards should be granted to those applicants whose proposed course, project or dissertation aligned with the objects and purposes of the Trust.
The Trustees made an award to one PhD student (for 3 years to Monash University). That particular applicant had also been offered a stipend only scholarship from Monash. To that end, while the Trustees do not ordinarily approve awards where an applicant holds an additional scholarship, given this was stipend only and the applicant was the stand out candidate, the Trustees determined to offer the award in all respects bar removing the quarterly stipend over the 3 years. The Trustees recognised this would additionally further shore up reserves for making future awards and the continued support of existing scholars moving forward. The Trustees also granted an award to a Masters student for 2 years to James Cook University.
The Trustees also continued to meet their obligations to the students currently undertaking or completing their post-graduate studies and made grants totalling £160,138 (2023: £130,607).
FINANCIAL REVIEW
Financial position
The net gain for the year amounted to £143,167 (2023: £188,143). The Trust incurred a net surplus of £22,703 (2023: £48,483) prior to an investment surplus arising on the Trust's investment portfolio totalling £120,464 (2023: £139,660).
Principal funding came from the investment income arising on the Trust's investment portfolio. Investment returns increased from £200,115 in the year to 31 December 2023 to £209,359 for the year ended 31 December 2024. It is the aim of the Trustees to maximise the levels of grants paid each year whilst maintaining the Trust's capital, thereby ensuring the availability of income in future years so that grants giving may be maintained.
Investment policy and objectives
The investment objectives are firstly to protect, and secondly to enhance, the capital and income values of the investments in real terms in order that the aims of the Trustees can be fulfilled in future years at or above the current level of expenditure. The Trustees are risk averse. The current investment policy requires all investment funds to be held in unit trusts appropriate for British charities. The performance of the unit trust managers is monitored and the asset allocation is reviewed on an annual basis.
Page 2
THE NORTHCOTE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
FINANCIAL REVIEW
Reserves policy
The Charity's total reserves at 31 December 2024 amounted to £4,492,815 comprising £4,276,832 held in an expendable endowment fund and the balance of £215,983 in unrestricted general funds. The endowment fund represents the carrying value of the investments at the Balance Sheet date and demonstrates that these assets are held for the long-term to generate future income. The unrestricted general funds represent the free reserves of the Charity.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity administers a Trust Fund established under the will of Baroness Northcote, subsequently altered by a scheme approved by the Charity Commissioners in 1974 and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
Trustees are appointed by resolution of Trust Deeds.
Organisational structure and administration
Trustees are appointed by resolution of the Trustees. They meet twice a year. The Britain-Australia Society is responsible for the administration of the Trust under the instruction of the Trustees.
May 27, 2025
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................
Dr M Mayston - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE NORTHCOTE TRUST
Independent examiner's report to the trustees of The Northcote Trust
I report to the charity trustees on my examination of the accounts of The Northcote Trust (the Trust) for the year ended 31 December 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements 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.
Emma Crowley
Emma Crowley (May 27, 2025 15:26 GMT+1)
Emma Crowley
Oury Clark Chartered Accountants Herschel House 58 Herschel Street Slough Berkshire SL1 1PG May 27, 2025 Date: .............................................
Page 4
THE NORTHCOTE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Charitable activities 3 Charitable Activities Other Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 209,359 185,452 1,204 186,656 - 22,703 193,280 215,983 |
Endowment fund £ - - - - 120,464 120,464 4,156,368 4,276,832 |
31.12.24 Total funds £ 209,359 185,452 1,204 186,656 120,464 143,167 4,349,648 4,492,815 |
31.12.23 Total funds £ 200,115 |
|---|---|---|---|---|
| 151,632 - |
||||
| 151,632 | ||||
| 139,660 | ||||
| 188,143 4,161,505 |
||||
| 4,349,648 |
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
Page 5
THE NORTHCOTE TRUST
BALANCE SHEET 31 DECEMBER 2024
| Notes FIXED ASSETS Investments 7 CURRENT ASSETS Cash in hand CREDITORS Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 9 Unrestricted funds Endowment funds TOTAL FUNDS |
Unrestricted fund £ - 217,283 (1,300) 215,983 215,983 215,983 |
Endowment fund £ 4,276,832 - - - 4,276,832 4,276,832 |
31.12.24 Total funds £ 4,276,832 217,283 (1,300) 215,983 4,492,815 4,492,815 215,983 4,276,832 4,492,815 |
31.12.23 Total funds £ 4,156,368 194,965 (1,685) 193,280 4,349,648 4,349,648 193,280 4,156,368 4,349,648 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on May 27, 2025 ............................................. and were signed on its behalf by:
............................................. M Mayston - Trustee
The notes form part of these financial statements
Page 6
THE NORTHCOTE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts
Allocation and apportionment of support costs
Support costs are those functions that assist the work of the Trust but do directly undertake charitable activities. Support costs include office costs and governance costs which support the Trust's activities. These costs have been allocated to expenditure on charitable activities.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
Page 7
THE NORTHCOTE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES - continued
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
Financial instruments
Basic Financial Instruments, as covered by Section 11 of FRS 102, are measured at amortised cost. The company does not have any Other Financial Instruments, as covered by Section 12 of FRS 102.
Realised/unrealised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
2. INVESTMENT INCOME
3.
| Dividends - equities Interest - fixed interest securities Interest on cash deposits CHARITABLE ACTIVITIES COSTS |
31.12.24 £ 155,305 53,189 865 209,359 |
31.12.23 £ 172,563 26,840 712 |
|---|---|---|
| 200,115 | ||
| Charitable Activities 4. SUPPORT COSTS Management £ Other resources expended - Charitable Activities 13,475 13,475 |
Grant Support funding of costs (see activities note 4) £ £ 160,138 25,314 Governance Finance costs £ £ 4 1,200 11,839 - 11,843 1,200 |
Totals £ 185,452 |
Totals £ 185,452 |
|---|---|---|---|
| Totals £ 1,204 25,314 |
|||
| 26,518 |
continued...
Page 8
THE NORTHCOTE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.
6. GRANTS PAYABLE
Grants for the year ended 31st December 2024 represent awards to various individuals. Grants are made on approval by the Trustees and are paid to support recipients that are normally residents in the UK whilst studying abroad in Australia.
7. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 January 2024 Revaluations At 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 Market value analysed by type of investment |
Unlisted investments £ 4,156,368 120,464 4,276,832 4,276,832 4,156,368 |
||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| UK fixed interest | 1,171,252 | 1,214,021 | |
| UK equities | 2,807,782 | 2,652,116 | |
| Overseas equities | 297,798 | 290,231 | |
| 4,276,832 | 4,156,368 | ||
Cost or valuation at 31 December 2024 is represented by:
Valuation in 2024
Unlisted investments £ 4,276,832
continued...
Page 9
THE NORTHCOTE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
7. FIXED ASSET INVESTMENTS - continued
If fixed asset investments had not been revalued they would have been included at the following historical cost:
| Cost 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 9. MOVEMENT IN FUNDS At 1.1.24 £ Unrestricted funds General fund 193,280 Endowment funds Endowment funds 4,156,368 TOTAL FUNDS 4,349,648 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 209,359 (186,656) Endowment funds Endowment funds - - TOTAL FUNDS 209,359 (186,656) |
31.12.24 £ 3,316,490 31.12.24 £ 1,300 Net movement in funds £ 22,703 120,464 143,167 Gains and losses £ - 120,464 120,464 |
31.12.23 £ 3,316,490 31.12.23 £ 1,685 At 31.12.24 £ 215,983 4,276,832 4,492,815 Movement in funds £ 22,703 120,464 143,167 |
|---|---|---|
continued...
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THE NORTHCOTE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
9. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Endowment funds Endowment funds TOTAL FUNDS |
At 1.1.23 £ 144,797 4,016,708 4,161,505 |
Net movement in funds £ 48,483 139,660 188,143 |
At 31.12.23 £ 193,280 4,156,368 |
|---|---|---|---|
| 4,349,648 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Endowment funds Endowment funds TOTAL FUNDS |
Incoming resources £ 200,115 - 200,115 |
Resources expended £ (151,632) - (151,632) |
Gains and Movement losses in funds £ £ - 48,483 139,660 139,660 139,660 188,143 |
Gains and Movement losses in funds £ £ - 48,483 139,660 139,660 139,660 188,143 |
|---|---|---|---|---|
| 188,143 |
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2024.
Page 11