The Noel Buxton Trust Registered Charity No. 220881 ## Report and Accounts For the year ended 31 December 2024 **THE NOEL BUXTON TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Reference and administrative details** **Settlor:** Noel Edward Buxton, subsequently Lord Noel-Buxton **Name of the Charity:** The Noel Buxton Trust The principal governing document is a Settlement dated 28 June 1919. The Trust is a private charitable trust controlled by its Trustees. |**Charity Registration No:**|220881| |---|---| |**Trustees:**|Emma Compton-Burnett (Chair)| ||Tahera Aanchawan| ||Katie Aston, OBE| ||James Buckley| ||Katie Buxton| ||Sir Brendan Gormley, KCMG| ||Maryanna Therese Stogdon| ||Jo Tunnard (Vice-chair)| |**Principal Office Address:**|P O Box 520| ||Fleet| ||GU51 9GX| ||www.noelbuxtontrust.org.uk| |**Manager:**|Anne Murray| ||Applegate, Crondall Road| ||Crookham Village| ||Hampshire GU51 5SS| |**Independent Examiner:**|Gilroy and Brookes Accountants Limited| ||Suite 15, The Enterprise Centre| ||Coxbridge Business Park| ||Farnham GU10 5EH| |**Bankers**:|CAF Bank Limited| ||Kings Hill| ||West Malling| ||Kent ME19 4TA| |**Investments held at**:|M&G Charities| ||PO Box 9038| ||Chelmsford CM99 2XF| ||Charles Stanley| ||55 Bishopsgate| ||London EC2N 3AS| 2 **THE NOEL BUXTON TRUST TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024** **Investment powers** : Under the 1919 Settlement Trustees have broad discretion over the classes of investments that may be held. **Objects of the Charity:** The promotion of the welfare of the community Our concerns are with development in Africa, the welfare of families affected by domestic abuse, and the welfare of prisoners and their families in Britain. We present our annual report and financial statements of the charity for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and they comply with the charity’s trust deed, the Charities Act 2016, and Accounting and Reporting by Charities: Statement of Recommended Practice (Charities SORP FRS 102) applicable to charities preparing accounts for the accounting period beginning on or after 01 January 2019. ## **Objectives and activities for the public benefit** We confirm that we have referred to the Charity Commission’s guidance on public benefit when reviewing the Trust’s aims and objectives, planning future activities, and setting the grant-making policy for the year. The Objects of the Trust reflect the Founder’s world-wide view of human welfare. They require the Board to promote the welfare of communities both by direct means and by supporting social reform. We seek to enact these broad objectives though grant making. In 2023, we worked for the public benefit by making grants supporting voluntary organisations working in three areas, where we have many years of experience: 1. Sustainable livelihood projects in Africa, such as small business support and training, and microfinance in both urban and rural regions, and projects that support and protect street children. 2. Work with families affected by domestic abuse in Britain. We fund domestic abuse projects that work with survivors of abuse and with those who want to stop using abusive behaviour in their relationships. 3. Work by organisations that help to improve the lives of prisoners and former prisoners in Britain. We fund projects that offer practical help to rehabilitate people and help them prepare for life after release. **Public benefit statement** 3 **THE NOEL BUXTON TRUST TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024** In shaping our objectives for the year and planning our activities, we have considered the Charity Commission’s guidance on public benefit, including the guidance ‘Public benefit: running a charity’ (PD2). The achievements and activities above demonstrate the public benefit arising through the Charity’s activities. ## **Principal funding sources** The principal funding source of the Charity is dividend income from the investment portfolio. This year we also received part of a legacy from Dr John Basil Ponsonby’s estate. ## **Grant-making policies** Grants are awarded after submission of an eligible application by the applicant to the Trustees. We review the application to judge if the grant falls within the charity’s objectives and whether the application meets its requirements in terms of the benefits it gives. Each application is discussed and decided upon by Trustees. All decisions are reported at their regular meetings. ## **Structure, governance and management** The Noel Buxton Trust was established by Trust Deed in 1919 and is registered as a charity (Charity Number 220881). The Trust is managed by a Board of Trustees who are chosen for their relevant knowledge and experience and from those who share the ethos of the Trust. The Board met twice in 2024. Grant decisions were formally approved at the meetings. We delegate daily running of the Trust’s business to an experienced manager, who reports directly to the Trust’s Chair. Trustees receive no benefits, although the Trust will cover reasonable travel expenses. The Trust continued its membership of the Association of Charitable Foundations and took advantage of ACF’s meetings and publications, which help to inform us about good practice in grant making. ## **Achievements and performance** We have decided that, given the modest budget at our disposal, we must direct grants in an effective manner. We set out guidelines to help potential applicants understand the kinds of applications that are likely to be funded and those that cannot be considered. We publish criteria and exclusions for each of the three areas of work on our website, which was improved this year. 4 **THE NOEL BUXTON TRUST TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024** Under our guidelines, we made 28 grants supporting work in Africa, work with families affected by domestic abuse, and work with prisoners. In total we spent £131,000 (2023: £212,483) on work that had direct public benefit in the form of grants. A full list of grants is given on pages 14-17. We continue to learn from the experience of making grants and actively encourage beneficiary organisations to report on their work. We also meet with beneficiary and other organisations, when we judge that this can help with our decisions and learning. ## **Financial review** We received payments totalling £152,000 from Dr John Basil Ponsonby’s legacy. Our legacy aside, the Trust’s work is entirely dependent on the income derived from its investments. It was a reasonably good year overall for the asset classes that we hold, which are predominantly equities. We therefore held firm to our commitment to support our beneficiaries. We maintained our usual grant spending for our three programmes at approximately the same level as the previous year. ## **Investment performance** The income from our investments rose by 7.4% this year to £131,951 (2023: £122,832 ). We had more significant gains in our capital value which increased by 11.6%, with a yearend valuation of £3,091,948 (2023: £2,770,866). Our aim is to have a diversified allocation across our asset classes and across geographical regions, without incurring large management costs. We remain predominantly invested in M&G Charifund. However we sought to balance our portfolio by increasing our holdings in iShares VII PLC S&P 500, giving exposure to the US stock market and IsharesEuro MSCI EUR EX-UK, giving exposure to the European market. In addition, we bought Ishares IV PLC ISHS MSCI EM(ESG screened) which is an emerging markets fund. We continue to hold Ecofin GBL and Charibond, which is our only fixed income holding. ## **Reserves policy** We have agreed to keep at least six-month’s running costs (approximately £65,000) in cash, at CAF Bank, as a reserve. This money ensures that the Trust can provide continuity of grant making even if the investment income falters. ## **Risk management** 5 **THE NOEL BUXTON TRUST TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024** We have assessed the major risks to which the charity is exposed. We have identified that the major risks are those affecting the finances (capital and/or income); the operation of the Trust (though loss of experienced Trustees or Manager) and reputational damage (e.g. fraudulent use of a grant) which might affect the Trust or individual Trustees; and cybersecurity concerns. We monitor these risks at our meetings and, where appropriate, we set out policies and protocols to mitigate risk. ## **Plans for future periods** We plan to review our funding strategy this year in order to consolidate the things we are doing well and to encourage fresh thinking about how we respond to our beneficiaries and to the challenges they face. We plan to increase the level of our charitable spending by approximately 20%. This cannot be achieved solely by relying on investment income and hence we plan to take some of our capital value to supplement our budget (i.e. adopting a ‘total return’ approach to expenditure). Signed ………………………… Emma Compton-Burnett Chair of Trustees Date: 9 May 2025 6 **THE NOEL BUXTON TRUST INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024** I report on the accounts of the charity for the year ended 31 December 2024 set out on pages 8 to 17. ## **Respective Responsibilities of Trustees and Independent Examiner** The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 1993 (the 1993 Act), as amended by section 28 of the Charities Act 2006), and that an independent examination is needed. It is my responsibility to: - examine the accounts (under section 43(3)(a) of the 1993 Act, as amended); - follow the procedures laid down in the General Directions given by the Charity Commission (under section 43(7)(b) of the 1993 Act, as amended); and - state whether particular matters have come to my attention. ## **Basis of Independent Examiner’s Statement** My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on whether the accounts present a 'true and fair view'. ## **Independent Examiner’s Statement** In connection with my examination, no matter has come to my attention: - 1) which gives me reasonable cause to believe that in any material respect the trustees have not met the requirements to ensure that: - proper accounting records are kept (in accordance with section 41 of the Act); and - accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act; or - 2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Anna Coote, MAAT Dated Independent Examiner Gilroy & Brookes Accountants Limited Suite 15, The Enterprise Centre, Coxbridge Business Park, Farnham, Surrey GU10 5EH 7 ## **THE NOEL BUXTON TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024** Statement of Financial Activities ||Note|2024
2023| |---|---|---| |||Unrestricted
Unrestricted| |**Income**||| |Investment income|3|**131,951**
122,832| |Bank interest||**3,754**
4,618| |Realised sale of investments||-
-| |Legacy||**152,000**
440,000| |||| |**Total income**||**287,706**
567,450| |||| |**Expenditure**||| |**_Expenditure on raising funds_**||| |||| |**_Expenditure on charitable_**
**_activities_**||| |Grant-making|4|**144,889**
225,997| |Donations||1,000| |||| |**Total expenditure**||**144,889**
226,997| |||| |Net income / (expenditure) before
gains and losses on investments||**142,816**
340,452| |||| |Netgains/(losses)on investments|8|**131,132**
- 8,216| |||| |**Net movement in funds**||**273,949**
332,236| |||| |_Reconciliation of funds_||| |Total funds brought forward||**2,933,376**
2,601,140| |Total funds carried forward||**3,207,325**
2,933,376| ## **Continuing Operations** None of the Trust’s activities was acquired or discontinued during the above two financial years. ## **Total recognised Gains and Losses** The Trust has no recognised gains or losses other than the above movement in funds for the above two financial years. 8 **THE NOEL BUXTON TRUST BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2024** ## Balance Sheet ||Note|**2024**|2023|| |---|---|---|---|---| |||**Unrestricted**|Unrestricted|| |**_Fixed assets_**||||| |Investments|8|**3,091,948**|
2,770,866|| |**Total fixed assets**||**3,091,948**|
2,770,866|| |**_Current assets_**||||| |Cash at hand and in bank||**115,377**|
162,510|| |**Total current assets**||**3,207,325**|
2,933,376|| |**_Liabilities_**||||| |Creditors falling due within|||-|| |one year||**-**|
|| |**Net current assets**||**3,207,325**|
2,933,376|| |**_The fund of the charity_**||||| |Unrestricted fund||**3,207,325**|
2,933,376|| |**Total charity fund**||**3,207,325**|
2,933,376|| These financial statements were approved by the members of the committee and authorised for issue on 9 May 2025 and are signed on their behalf by the Chair: Signed ………………………… Emma Compton-Burnett Chair of Trustees 9 **THE NOEL BUXTON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **1. Accounting Policies** ## **(a) Basis of preparation and assessment of going concern** The accounts (financial statements) have been prepared 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 for Smaller Entities published on 16/07/14, the Financial Reporting Standard for Smaller Entities (FRSSE), and the Charities Act 2011 and applicable regulations. The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. ## **(b) Funds structure** The Charity’s assets are unrestricted. The Trustees have wide powers of investment and are able to spend both capital and income in pursuance of the objects of the Trust. ## **(c) Income recognition** All income is recognised once the charity has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably. ## **(d) Expenditure recognition** 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 settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated to the applicable expenditure headings in the statement of financial activities. For more information on this allocation refer to note (f) below. Grants payable are charged in the year when the offer is made. Grants offered subject to conditions that are not met at year end are noted as a commitment but not accrued as expenditure. ## **(e) Irrecoverable VAT** Irrecoverable VAT is charged against the expenditure heading for which it was incurred. ## **(f) Allocation of support and governance costs** Support costs have been differentiated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs relating to trustee Board and sub Committee meetings. The allocation of support and governance costs is analysed in notes 6 and 7. ## **(h) Charitable activities** The expenditure on charitable activities includes grants made, governance costs and support costs. A full list of grants made in 2023 is given at the end of these notes. ## **(i) Fixed asset investments** 10 **THE NOEL BUXTON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** Investments are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. ## **(j) Realised 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. Related party transactions and Trustees’ expenses and remuneration** The Trustees all give freely of their time and expertise without any form of remuneration or other benefit in cash or kind (2023: £nil). Expenses paid to the Trustees in the year totalled zero (2023: £nil). There were no related party transactions. ## **3. Investment income** |**Investment income**||| |---|---|---| ||**2024**|2023| ||**£**|£| |Dividend income||| |M&G Charifund|**93,594**|100,024| |M&G Charibond|**12,618**|10,300| |Ecofin GBL UTILITI ORD|**14,217**|8,844| |iShares VII PLC S&P 500 UCITS ETF|**3,750**|3,330| |IsharesEuro MSCI EUR EX-UK GBP HDG|**7,772**|334| |UCITS ETF DIST||| |**Total**|**131,951**|122,832| ## **4. Analysis of charitable expenditure** |Direct costs|**Grants to**
**beneficiaries**
**£**
**Governance**
**and support**
**£**
**Total**
**2024**
**£**
Total
2023
£| |---|---| ||**131,000**
**13,889**
**144,889**
225,997| 11 **THE NOEL BUXTON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **5. Analysis of grants** |Grant Programme
Supporting African communities
Supporting families affected by domestic abuse
Supporting prisoners and former offenders
Supporting migrants, refugees, asylum seekers
and displaced people|**Number**
**Amount**
Number
Amount
**2024**
**2024**
2023
2023
**£**
£
**5**
**45,000**
7
45,483
**5**
**43,000**
7
46,000
**18**
**43,000**
20
46,000
**-**
**-**
3
75,000| |---|---| ||**28**
**131,000**
37
212,483| |**6.**
**Management and administration costs**||| |---|---|---| ||**2024**|2023| ||**£**|£| |Administrator’s fee|**10,663**|10,488| |Office expenses (post, email, website)|**727**|1,400| |Bank fees|**168**|151| |Charles Stanley custodian charge|**1,439**|514| |Sundries|**-**
|52| ||**12,997**|12,604| |**7.**
**Governance costs**
Annual subscriptions
Meeting expenses
Trustees' expenses
Independent examiner's fees|**2024**
2023
**£**
£
**280**
270
**126**
167
**-**
-
**486**
474| |---|---| ||**892**
911| 12 **THE NOEL BUXTON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **8. Fixed asset investments** |Market value
At 1 January 2024
Additions
Disposals
Unrealised gain/(loss) on investment
Realised gain
At 31 December 2024
The Trust’s holdings at market value|**2024**
2023
**£**
£
**2,770,867**
2,479,438
**339,949**
399,645
**- 150,000**
- 100,000
**131,132**
- 8,216
-
-| |---|---| ||**3,091,948**
2,770,867| ||| |**No. units**
**31 Dec 24**
M&G Charifund
**99,771.94**
M&G Charibond
**257,511**
ISHARES VII PLC S&P 500 UCITS ETF
**45,081**
ISHARES MSCI EUR EX-UK GBP HDG
UCITS ETF DIST
**53,735**
ISHARES IV PLC ISHS MSCI EM IMI
ESG SCRND
**38,121**
ECOFIN GBL UTILITI ORD
**173,384**
|
**Value**
**31 Dec 24**
No. units
31 Dec 23
**£**
**1,469,042**
109,768.74
**277,854**
257,511
**450,201**
35,810
**386,435**
47,031
**198,058**
-
**310,357**
173,384
**3,091,948**|
Value
31 Dec 23
£
1,575,170
288,000
290,168
316,707
-
300,821| |---|---|---| |||2,770,866| ## **9. Grant commitments** At 31 December 2024 the Trust had commitments in respect of grants offered subject to conditions which have not been met at year end: |Within one year:|**2024**
2023| |---|---| ||**70,000**
79,000| 13 **THE NOEL BUXTON TRUST LIST OF GRANTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Grants supporting organisations working in Africa** |**Organisation**|**Location**|**Project**|**Grant**| |---|---|---|---| |Salaam Junub|Gurei
Suburb,
Juba, South
Sudan|To support former child soldiers and
survivors of gender-based violence to
develop sustainable livelihoods|£10,000| |Siiqqee Women's
Development
Association|Nemente
Town,
Ethiopia|To support internally displaced women
to develop sustainable livelihoods.|£10,000| |Danwadaag Relief
Alliance|Dhobley
Region,
Somalia|To support women setting up Village
Savings and Loans Associations.|£10,000| |Buhaguzi Action
for Rural
Development
Foundation
(BUARDEFO)|Kikuube
District,
Uganda|To help groups of women farmers
improve food security by running a
goat-herding scheme.|£5,000| |Mango Tree|Homabay,
Kenya|To support the Our Lives Our Land
project - an agricultural and fisheries
project led by Mango Tree Kenya, as
the UK team hand over responsibility.|£10,000| |||Total of fivegrants|£45,000| 14 **THE NOEL BUXTON TRUST LIST OF GRANTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Grants supporting organisations working with families surviving domestic abuse** |**Organisation**|**Location**|**Project**|**Grant**| |---|---|---|---| |FRG|UK Wide|To bring the voices of children and
families with experience of the child
welfare and family justice system into
the discussions that shape policy and
practice.|£10,000| |Respect|England|To fund Young Persons’ co-production
work to bring YPs’ voices into a
national campaign for policy change to
support families affected by DA|£10,000| |Staying Put|West
Yorkshire|Helping mothers and young children in
refuge by creating a safe sensory
space that complements Staying Put's
trauma-informed work.|£10,000| |Not Beyond
Redemption|England and
Wales|To support the costs of running in-
prison legal advice clinics for mothers
needing help with child custody and
contact. Advice provided pro bono by
family lawyers.|£10,000| |The DASH Charity|South|To help fund the core costs of a
grassroots charity supporting survivors
of domestic abuse|£3,000| |||Total of fivegrants|£43,000| 15 **THE NOEL BUXTON TRUST LIST OF GRANTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Grants supporting organisations working with prisoners and former offenders** |**Organisation**|**Location**|**Project**|**Grant**| |---|---|---|---| |Bucks Association
for the Care of
Offenders (BACO)|South East|To support prison leavers with the
transition to community life by
providing essential items and access
to training.|£3,000| |Changing Tunes|South West|To help expand the in-person music
and performance services for
prisoners and former offenders.|£2,000| |Clean Sheet|England|To help former prisoners into
sustainable employment or training by
linking with supportive employers.|£2,000| |Community Food
Initiatives North
East (CFINE)|Scotland|To help fund support for prisoners
from HMP Grampian including training
in warehouse skills and help with
housing, benefits and mental health.|£3,000| |Elizabeth Fry
Charity|South|To help fund an outreach programme
for vulnerable women leaving HMP
Reading.|£2,000| |Freedom Support
Network|South East|To support the costs of ‘Envision Anew'
- a project that works with, and
advocates for, BAME women prison-
leavers.|£2,000| |Landworks|South West|To help fund prisoners learn
transferable skills (landscaping,
gardening, woodwork) in a supportive
environment.|£2,000| |Liberty Choir|9 prisons|To support the costs of running singing
workshops and concerts in prisons
and community choirs for prison
leavers.|£2,000| |Lifecycle UK|Southwest|To help fund BikeBack, a programme
offering training in bike mechanics and
work placements to prisoners.|£2,500| 16 **THE NOEL BUXTON TRUST LIST OF GRANTS FOR THE YEAR ENDED 31 DECEMBER 2024** |New Bridge|England and
Wales|To help fund a volunteer befriending
programme for the most vulnerable
prisoners.|£2,000| |---|---|---|---| |Next Chapter
Scotland SCIO|Scotland|To fund core costs of a charity that
breaks down the discrimination faced
by former offenders in Scotland.|£3,000| |One 25|Southwest|To help fund the criminal justice
casework which provides advice and
advocacy for women prisoners|£2,500| |Prodigal Arts|South West|To expand a programme of take its
visual arts workshops in prison
settings.|£2,000| |Safer Living
Foundation|Midlands|To work with prisoners most likely to
commit sexual crimes after release.|£2,000| |SOFA Project|South West|To support job training for prisoners
and ex-offenders|£2,000| |Step Together|North West|To support a volunteer peer mentoring
programme working with women who
have been involved with the CJS.|£2,000| |Street Doctors||To expand a project that trains young
prisoners in first aid at HMP Hindley.|£4,000| |Unlock|UK|To help fund a volunteer-led helpline
giving advice to ex-offenders who face
barriers to employment and housing.|£3,000| |||Total of 18grants|£43,000| 17