NE¥VFIELD CHARrrABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NEWFIELD CHARITABLE TRUST IM)EX TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 Charty Information Trustees, Report Independent Examinerf$ Report statement of F￿anc￿l Activities Balance Sheet Notes to the Financial Statements NEWFIELD CHARITABLE TRUST CHARITY INFORMATION CHARITY NUMBER.. 221440 TRUSTEES.. Mrs. R. Bott (Chairman until 4 Seplernber 2W241 Ms. C. Finn IApFrf)inted 6 De￿mber 20231 Mr. J. Barrett Mrs. J. Rav41ings IChairm8n frc*m 4 September 20241 The R8veier¥J Canon Baib¥a Clutton Mrs. P. Smth Mrs. H. Jone5 (Reslgned 17 June 20241 CLERK TO THE TRUSTEES.. Miss. S. Collett PRINCIPAL OFFICE.. 8 & g The Quadrant Coventry CV12EG INDEPENDENT EXAMINER: G.R. Cox BA FCA Daffems LLP Chartered Accountants One Eastsvood larry Weston Road Binley Business Park Coventry CV3 2UB BANKERS: ardays Bank plc 25 High Street Coventry CV15QZ INVESTMENT MANAGERS: Quilter Chev¢ot Provincial House 37 New Walk Leicestèr LE16TU Page 1 NEWFIELD CHAR￿ASLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDEO 31 MARCH 2024 The Trustees wesent their report and finan¢ial ststernents foi the year ended 31 March 2024. The Trustees have adopted the provtsions ol Statement of Recommended Practice ISORPI"Accounbn9 and Repottin9 by Chaithes" IFRS 1021 In prep8ring the Annual Report and finanaal ststements of Charty. STRUCTURE, GOVERNANCE AND MANAGEMENT Govemin9 document Newfidd Charitable Trust 15 r￿Stitute￿ by Schem8s dat8d 19 January 1977 aThJ 21 September 1983 mgyg by the Charity Commissioners of Engl8nd and Wales and is a registered th8rity number 221440. All quoted investments have been acqui￿￿ in accordance wth the Tnjst's governing instruments. TNstses The Charity Trustees during the year lo 31 March 2024 were.. Mrs. Hilary Jones (Resigned 17 June 2U241 The Reverend Canon 8arbara Clutton Mts Jean Rawlings (Chairman) Ms. Clare Finn (Appointed 6 December 2023 Mrs Rosalind Bott- Chairman Mr John Barrett Mrs Pal Smrth The Trustees appointed to the Board ofTrustees Ljnder the Schème. MANAGEMENT AND GOVERNANCE ARRANGEMENTS The incurnbent Trustees are entiU8d to appoint new Trustees. The Charity is a member of the Assoaation ol Charrtable Foundations and a member of the West Midlands Charitable Trust Group. The Trustee8 meet 4 times a year to consKter grant applicabons and cor6ider aPpl￿tiOnS b8tween meetings foWowiTrJ an ernail protocol. OBJECTIVES AND ACTIVITIES The objeots of the Charity are to apply the inwme ollhe Trust in the rel'el ofthe physical, mentsl and moral needs of. and the promotion ol the physical, soaal and educatithal training of, gwls and young Mvmen INing in Coventy or Leamington Spaorthe neighbourhood who are In need of careand assIStan￿ in particular. butwthout prejud to the generalty of the foregoing, tsy.. {al promoting the rehabilitation ol bE[￿fiCi¥l85 who are in need ol physical. mental or rnoral (zre." Ibl assisting by eduGation an¢J trainirvJ (he preventi￿ ol- li) juveTNle delinwerry. lill the abuse of drugs, akohol and garnbkng", liiil the prC￿￿ti￿n of Lywanted children.. and livl the neglect or ill-tre8trnent of children. Icl adv￿1￿3 aThY assistiTrJ by education and training beneficiar￿$ who a￿ parents in thè upbringing of their chiljren", {dl woviding for ber￿licIa￿e$ faalities fr)r re￿atIOn and other lo18ur￿￿.rne oWu￿bOn in the irtterests of sc4al weffare wlh the object of irnprowng their Cond￿"0n$ of life and helplng them so lo ¢Yevelop thelr phystal, mental and spiirtval ¢apacrf(ies, sell reliance and individLMI responsibility that they may 9row to fvll maturity as indivKluals and members of$￿iety.. Pag& 2 NEWFIELD CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Continued l..-....- lel providing finanLi&I gssistsnce, ouifits, clolhlng. tods, in5trvments or bod(s to help beneficiaries on1gaviwYJ school, un￿￿91ty 01 other ed￿atIonal establl$hments to prepare for, ￿ enter. a profession, trade or calliryj". fj promotin9 reseatth calcujated to assist the Trustees n futherin9 the purpose$ of the Charty.. ond Igl tnakllg grants to ctoritable organi88tions in fvtherance ol the pur￿lSe$ of the Charty. In making suth ￿ants. the Twstees arè e$pee48lly anxicmjs that grants should be effe(INe and help 8ppl¢ants lo change th￿r arcumstance5 in some p>sthve way foi (he better, to help Ihern to he￿ ttrtrnselves. The TrLBtees confirm that they have referred tD thp guidance contained in the Ctority Commissioners general gJrdancB on publi benefrt when reviewing Ihe Charity'5 aims and objectives in pl8nniThJ future ￿ti￿th"e$ 8nd seth.ng the grant m8king Folicy for Ihe year. ACHIEVEMENTS OFTHE TRUST Applications were referied lo the Trustees Irom 8 variety of agenaes including sgual Servi￿$, heath VISI￿$, sthools and Oth￿ chariiies 85 welj as receiving applicaty.ons direct from indwiduals. Duriry the year the Trustees received 8 totsl of57 applications, olwhich 42 applications were approved and grants poid tutslling £57.85712023' £26.8981. Th8 remaining applications did not progress due lo their being incomplete in one form or another or the applicant being ineligible for a grant and one application was rejeeted. Grants weie rllade to individu815 for ilerrs such as school and general clothing. beds and bedding. essentral household items, educational trips, iPads, textbooks and other equiprnenL The decline from th? 81artofthe pandemic in the number ol Individual applications, which mLJ5t be with the help of a support work&r has not recovered to pre-pandemic levels. The qualty of the information provided in the applications remaine(S bel￿ the pre-pan(￿MIC standard. The Trustees, therèfora, considered olherways inwhich they could provide assistancetogirls and women in need. TheTrustees supported three projects to benefit young girfs and women. The Trustees conts.nued lo provide grants kn schools. The Trustees also made a grant to 8 charitable Drganisation lo wovide wnter dothing p&ks for young women in need. A grant was also msd8 to a local Charity tr* provide funding for shoes Icf school aged girls in rEed. These were not treated as indpiidual grants. FINANCIAL REVIEW, INVESTMENT POLICY AND RESERVES The Chaity's income is prim*ity obtained from dividends received on the Charity's Ggpital investments. and income for the year ended 31 March 2024 was £63,14212023." £56.7(Kll. Totsl expenditure for Ihg ye81 vra5 £82,85212023.' £51.2861. ofwhich £57,65712023' £28.8981 were grants p&d, a breakdown ofthis can be seen at note 4 of these financial statements. An in year surplus 01£77.320 wa5 seen at the end of the fi'nanual year. after taking into aCc￿nt gains on investrnents of £106,06712023.' in year deficit of £108.204, after t*ing into account losses on investments of £104.3381. Totsl reserves cathed fotwaid as at 31 March 2024was £l,826.C6912023.' £1,748,749) ofwhich £660,(￿(2023'. £648.5561 rewesents unreslncted funds. RESERVES POLICY The endowment fvnds represent the ¢apital of the Charity up)n fomigtion. 8$ odjustsd lor 99ins ¥ThJ tos*$ on inVeStrn￿ts, which 1$ to be rnaintained indefnitely. The Trustees airn to maintain free reservès In unrestricted funds a a level %thi¢h equotes to approximatety 3 years Lmrestricted eXpe1￿lIUre. The Trustees consider11¥s level will prow7de sufficignt reserves in order to rnaintain a sufficienlty Subs￿￿"al religbTe annual incorne stream. Free reserves at thè ywend were £660.OCE (2023." £643,5￿) whth is in eX￿s9 olthe current poEy.' Twstees e actNely seekirvJ applications to expend ex¢¢s$ reserves. Page 3 NEWFIELD CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 Continued l.-...-. INVESTMENT POLICY The Trustees have seta forrnal i￿eStMent poll¢y for which the main objectives ar9 10." Prp5etve the Charity's ￿serVeS in real terms.. Deliver a reasonable overall total ￿tum, set al infiation plu5 3.5%.. and Sufficient liquidity to fund cash flow shortfalls and any unfunded ctsmmrtrnents. The Charrty pr6rkJdes any direct inwestm8nt in tobatto and amiament Iximpanies. and the investment manager will monitor the position ol cc4lècbve investment schem85 to ensure this is kepl to a minimum. The Trustees wish tobe reswnsibk investors and require that Environmental, Social and Govemarck IESGI siandard5 are followecj. The Trustees appoint Quitter Cheviot to rnanage the wrtfolio on a dlscrelionary basis in accordan￿ with tre principles set out in the full Investment poliw statement. The Trustees will monitor performance ol the portfolio againstthe slated investment ben¢hmark5 set RBK STATEMENT The Trustees have reviewed the m3Joi TlSks to which the Trust Is exposed. and acts'on has been iaken to develop systems and procedures to mit'gate those risks. The TrtJ51ees will continue to monitor risk on a wular basi$, FUTURE PLANS The Trustees inlend to contiriu8 providing grants in a simllar way t¢ the Tecent past TRUSTEES RESPONSIBILITIES IN RELATrON TO THE FINANCIAL STATEMENTS The law applicable to charities in England and Waks requires the Trustees to prepare financial statements for each financial year whicm give a true and fair view of the Charity'8 financial athities during the year and ol its posrtion at the end of the year. In preparirvJ financial staternents, gI￿Trg a twe and tslr view. the Trustees Should follow best pr8ctitE 8nd:_ selert sui18ble ac£ountin9 poll¢1￿ and then appty thern consistentty", observe the methods and principles ofthe Chants"es SORP". makejudgernents aThJ estimates th8t S￿ reasonable and prudent., state whether applicable accounting stand8r(Is 8nd ststements ol recommended pr*￿e have been followed. subject to tny material departures disclosed and explained in the financial statements., and prepare tre financk?I statètnents on the going concern basis unless tt is inappropriate lo presume that Ch8rty will continLE its activities. The Trustees are responsible for keeping proper accounlng records, which disclose with reasonable accurary al any tirne, the finarcial positic￿ of the Charity and which enable them lo er15we thatthe financ4al 5tatement5 comply wth the char￿e8 Act 2011. the Charity IAccounts and Reports) Regulations arKI the provis￿n￿ of the TtUSt Deed. They have general rosponBibilty lor takng such steps 85 are re3sonabiy open to them to safeguard the assets of the Charity and to prevent and detèct fraud and other irregularth"e5. >proved by the Trustees on 3 October 2￿24 and 5vJned on treir behalf by.. Mrs. J. Rawllngs Ch8ir of TrusteES 8 & 9 The Quadrant Coventry CV12EG Pagvl 4 NEWFIELD CHAR￿ABLE TRUST INDEPENDEMf EXAMINER'S REPORT TO THE TRUSTEES OF NEWFIELD CHAR￿ABLE TRLIST Independent Examinerf¥ Report to the TrusteES Of Newfield Charitablg TNst I report lo the Charity Trustees on my examination of the a￿Unts of the Ch8rty for th8 year ended 31 March 2024 which are set out on pages 6 to 11. Responslbllltl?s and basis of ￿port As the Charity's Tiuslees you are responsible for the preparatim of the Bccounts In accoriJ8nce wfth the requirernents ol the CÉ)aritres Act 2011 Ilhe Aci'l. I report in respect gf my exarnination of the Charity's acxounls carried wt under s8cion 145 of the Aet and in arryiry OLrt my gxamlnatlon I have followed all the applicable Th'iections 9iven by ￿ Charity Commission under seth'on 14515}(bl of tre Act. Independent vxominets statement I have coM￿ete￿ my examinotion. l ¢Dnfirm that no rnatters havo ¢omg to my attention in connection with bye examination giving me cause to believe that in any materi31 respect.. aC￿￿￿ting reo)rds were not kept in respect ofthe Charity as requir6d ty S￿lton 386 ofthe 2008 Act., or 2. the acrx>unls do not 8ccord wrth thtrso re¢orts'ngdom and Republic of I￿land IFRS 1021. the Charities Act 2011, and UK Generally AcTrpled Accountrng Pr8¢tice The financial ststements have been prepaied to give a 'true and fair, view and have departed from the Charities (Accounts and Report51 Regul81ions 2008 only lo the extent requirèd to provide a Irue and fair view.. This departure has involved following the Accounting and Repo)rting by Chaiib'es.. Statement of Recommended Practice applKablè lo charities preparing their accounts In accordance Mlh the Financial Reporting Standa¥d applicable in the UK and Republic of Ireland IFRS 1021 issued in Ortober 2019 ialher than the Aceounts'ng and Reporting by Charities." Statement of Recommended Practice elfedive from 1 April 2005 which has slnce been wthdrawn. The Iinarllal Statements are prepared on a going concern basis under the historical c05t convention, modified lo include cgrtain itsms at fair value. The financval statgments a￿ presented in Pound Sterfing 1£) which is the fu￿tional currency of th& Charity, rountyed to the nearest £. Thè wgnifi¢8nt a¢Gounting poliaes applied in the preparation of these finan¢ial statements 8re sel out below. These policiss have been consisttrnlly applied to 811 years presented unless otherwise st*d. Investments Investments are recognised inits8lly at fair value which 15 normally the transaction price èxcluding transaction costs. Sub3equerfy, they are measured at fair value with changes re¢ognised in 'net gain5 1 (losses) on Investments, in the Statement ol Finanaal Activitieg ISOFAI if the shares are publicly traded or their fair value can otherwise bg measured reliably. Other investsnents are measured at Cost less impaimient. Curient asset inve$tment8 are short term highly liquid Investments 8nd are held at fsir value. These include cash on deposit and cash equivalents with a rnaturity of l&ss than one year. Inve8tsnent property Freehold land held for inve8tmenl purposes is stated at valuation on an open market basis. Income recognltlon l incomlng resources are included in the Statempnl ol Financial Activilies ISOFAI when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the incotne will be re￿IVed. Pagè 8 NEWFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS for the year end￿ 31 March 2024 ACCOUNTING POLICIES ICONTINUEDI For donations lo be recognised the Charity will have been notified olthe amounts and the settlement date in writing. If there are conditions attached tci the donaticsn and this requires a level of perfom)ance before entitlement can be obtsined then income is cleferred unlrl Ihoso conolitions are fully met orthe fulfilment of those conditions is wthin the control ol the Charty 8nd it is probable that they will bg fulfilled. No arnount is it￿1￿￿ed in the fillancial $tslements for volunteer b.me in line wth thg SORP IFRS 1021. Investment Income is eamed through holding assets for investment purposes such as $hares and propety. It includes dividends. Interest and rent. WTrere il is not practle8ble to identify investment management costs incurred within a scheffle with reasonable accu18Cy the investment I￿ome is reported net of these costs. It is included when the amount can be measured reli8bly. Interest income is rewgnised Using the effective interest method and dividend and rent in¢ome is recognis¢d as the Charity's right to receive paytllent is pslablished. Expendlture reco9nltlon l expenditure is accounted for on an accruals basis arid has b¢en classified under headings that a99regale all costs related to the cat&gory. Expendittsr8 is re¢ognised where there is ¥ legal tsr constructive obligation lo make pAyrnents to third parties, it 13 probable that the setuemenl will be required and the amount of the obllgatson can be measured reliably. It is calegorised under the following headin9S'. Costs of raising funds includ*s the cost ol portfolio management.. ExpenditLJre on charitable acb'vities includes th8 direct C05t of giant making., and Other expenditure represents those iterns not falling into the categories above. Ir￿0VeratI& VAT Is charged as expense against thg a¢tivity forwhich expenditure arose. Grants payable to third part￿$ are Mrithin th8 charrtable objeGtives. Where uneonditional 9rantS 81e offer6(l. this is accrued as soon as the recipier¥t is nob'fied of the grant. as this gives rise lo a re8sonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions ar8 Outside ol the control of the Charity. Support Costs allocation Supwrt costs are those that a8SlSt thework oflhe Charity bul do not direct￿ rèpresent ¢h8rilable a￿'vItieS and indude office costs. governance costs. etc. They are incurred directty in support ol expenditure on the objects of the Charity. Where supporl ¢osts cannot be direclly attributed to particulai heading5 they have been allocated to ¢ost of charitable activities on a basis consistent with use of the restsurces. Fund$ Unrestricted funds a￿ available lor use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Endowment funrjs repiesent those assets which must be held permangnlly by tho Charity. principally18nd and quoted investments. Income arising oll the endowment funds can be used in 3iLordan¢e with the objects ol the Charity and is induded as ￿n￿stricted income. Any capital gain5 or108ses arising on the investments fom part ol the fund. Debtots and credltors recelvable I payable wlthln one year Debtor5 and creditors with no statèd intere51 rate and re￿1V￿ble or payablo within one year ar¢ recorded at transaction price. Ally losses arising from impairmènt are recognlsed in expenditure. Page 9 NEWFIELD CHARrrABLE TRUST NOTES TO THE FI￿NcIAL STATEMENTS forthe year endgJ 31 March 2024 ACCOUNTING POLICIES ICONTINUEDI GoFng eoncern The financial statements have been prepared on a going concern b8$1s as the Trustees believe that no materlal uncertainties exist. The Trustees have considered the level ol funtys held and the expecied level of income and oxpendilure lor 12 tnonths trom authorisin9 the3e financial 51atements. The budgetpd income and expendilure is sufficient with th8 IEvel of reserves for the Chority lo be 8ble to continue as goin9 concern. INCOME Income from dotwtlolls and gifts was £60012023". £6001 which was ￿OllY attributablè to unrestricted fvnds. Investment irwrne w85 £60,542 12023. £56.0621 W1￿Ch was wholly attributable lo unrestricted general funds. Grants retumed ￿re £24012023.. £381 ¥thich were wholty attributable to unrestricted ggnetal fund8. TRUSTEES, REMUNERATION The T￿￿tee$ n6ither receNed any emoluments or expenses from the Trust during the current or pievious year. GRANTS 20 2023 No. No. To iTrSividuals for the following purposes., Educational Clothing Gener81 17,324 5,3B5 34.948 9.802 1.7e5 15,311 29 24 42 57.657 26,898 During the year £29.552 of grants were paid io 7 instrtutions12023. £11,200 to 51. YMCA Heart ol England rgceived £10,876 (for their yQLrth leadership programmel. Little Heath Primary School reeewed £448 ltsr a resKlenti81 trip for eligi￿e girl pupils), Coundon Primary Sr*ool received £9,028 (for iPads for eligible girl pupils), You Can Flourish received £5,000 Ifortheir rnentorit￿ programmel. Karios re￿iVed £700 Ifor gifts for eligible females). Coventry Rugby Foundation received £1,00012023". £1,(H)01 (for markoting lor girls only Rugby pr(4iamrnel, Coventry Children's Boot Fund received £2.500 Ito prowde school shoes to digible girJsl- SUPPORT COSTS 2024 2023 Governan￿ Costs". Clerk's fee Independent exarninerfs fee Insuran Professional lees 21,240 3.354 280 320 20,420 320 25.194 24,388 Expendibjre on support¢ostswerewholly attributableto unrestrictedfunds in both the currentand pre￿Irng year_ Page 10 NEY¥FIELD cPlAR￿ABLE TRUST NOTES TO ThE FINANCIAL STATEMENS forthg year ended 31 March 2024 INVESTMENT PROPERTY Cost orvaluallon Freehold Land As at 31 March 2￿4 and 31 March 2￿23 40.000 Th9 freehold land at Washbrook Lane. Ajlesley, Coventy is held for investm¢nt PLirposes and was revalued cn an opeft matkel basis as at 01 June 2021 by Godfrey Payton. Ch8rtered Surveyors, in order to coM￿Y th the Statemerrt of Recommended Practice'Accounting by Charib"es". fhg historical cost ofthis land was £4,000. Thè Trustees consider thore has been no significanlchange in ihe value olthe18nd since the18yI vafuthn. FIXED ASSET INVESTMENTS 2024 2023 Ma*ket value at 1 April 2023 1,$26,24CI 1,683.4Q3 Less.. sale prcceeds Add.. acquisitions at cost Net gain51llossesl revaluation 8131 March 2024 1446.8181 453,628 1(b.(￿7 166,3391 113,514 1104,3381 Market value at 31 March 2024 1.739.117 1,626,240 Historical cost at 31 March 2024 1,476.440 f,448.82S No investment represented more than S% ofthè pLthKo value during the currentyear. ANALYSIS QF NET ASSETS BY FUND General Endowment De5vJnated Unrestrlcted Fund Income Fun Fund cy￿entyear Total Inveslmont property Quoted investments 8glanTr5 With QUi￿er CheviDt Other ojtrent assets Current liabi1rt18s 40,0 1.C60,854 20.725 44,484 40,0( 1.739,117 37.917 47.19) 138.1151 678,263 17,192 2,686 138.1151 Fu)Yl b818rte as at 31 Mgrch 2024 1.166,063 660,OOS 1.826.069 Page11 NEWFIELD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENS for th• year eniled 31 March 2024 ANALYSIS OF NET ASSEfs BY FUND ICQNTINUEOI General Llnrestrict Ftsnd Prlorye#r Endtswmont Deslgnated Fund In¢ome Fund Totsl Investment pr¢Jpety Quot8d investments Balance5 Wrth Quifter Chev4)t Other current assets 40,000 984.807 41,149 39,237 40.000 1.626.240 53,303 56.119 126.9131 641,433 12.154 16,882 1219131 Fund bajants as al 31 Ma￿h 2023 1,105, 193 643.556 1.748.749 The Initial capit81 of Ihe Trust was pla￿0 in the end0￿Ment fund. This fvnd is inteThJed to provide the permanont capital base of the Trust. The unrestricted fund is ub'li5ed for the no￿al prO￿$10n of grants. RELATED PARTY TRANSACTIONS There were no reL4ted party trans￿￿)n& during the year12023." £nil). There wgre no transacti¢)n5 ￿th Trustees. other than those discbsed in note 3. Page 12