Company no. 00335344 Charity no. 227151
## **Newby Trust Limited Report and Audited Financial Statements 5 April 2025**
## **Newby Trust Limited**
## **Reference and administrative details**
|**For the year ended 5 April 2025**|**For the year ended 5 April 2025**||
|---|---|---|
|**Company number**|00335344||
|**Charity number**|227151||
|**Registered office**|20 Goldney Road||
||Bristol||
||England||
||BS8 4RB||
|**Trustees**|Trustees, who are also directors under company law, who served during||
||the year and up to the date of this report were as follows:||
||Katharine Callaghan|Chair|
||K. Lisa Bartholomew||
||Daniel Callaghan||
||David Charlton||
||Anna Foxell||
||Antonia Gooder||
||R. Benham Gooder||
||Stephen Gooder||
||Annabelle Montgomery|(appointed 9 March 2024)|
||Evelyn Montgomery||
|**Company secretary**|Annabel Grout||
|**Bankers**|Coutts & Co|CCLA Investment Management Limited|
||440 Strand|Senator House|
||London|85 Queen Victoria Street|
||WC2R 0QS|London|
|||EC4V 4ET|
|**Investment managers**|Rathbone Investment Management Limited||
||8 Finsbury Circus||
||London||
||EC2M 7AZ||
|**Auditors**|Godfrey Wilson Limited||
||Chartered accountants and statutory auditors||
||5th Floor Mariner House||
||62 Prince Street||
||Bristol||
||BS1 4QD||
1
## **Newby Trust Limited**
## **Report of the trustees**
## **For the year ended 5 April 2025**
The trustees present their report along with the financial statements of the charity for the year ended 5 April 2025.
Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **OBJECTIVES**
The objects of the charity as stated in the governing documents are: "to promote all or any purposes which now are or hereafter may be deemed by law to be charitable and in particular the advancement of education, the furtherance of health and the relief of poverty, distress and sickness".
The principal focus of the charity’s grant-giving is currently on education, the environment, health and social welfare.
The trustees review the objectives of the charity annually. In 2024 the trustees added protection of the environment as a new strategic aim and refined the objectives for education, health and social welfare. The objectives for the year were as follows:
## Strategic Aims
- 1 Education: To enable people to benefit from educational opportunities and to support excellence;
2 Environment: To protect or restore climate-critical habitats and slow down climate change;
3 Health: To sustain good health and to increase medical knowledge through research; 4 Welfare: To improve the quality of life in disadvantaged communities;
- 5 The Trust: To strengthen family engagement in the Trust; and
- 6 Financial: To maintain and increase the endowment for the benefit of future beneficiaries.
## Objectives
1 Education:
- 1.1 to fund extra-curricular artistic and sporting activities for children; and 1.2 to nurture ability and talent at all ages.
## 2 Environment:
- 2.1 to support local initiatives that help biodiversity and the natural environment; and
- 2.2 to challenge and prevent environmentally damaging activities.
3 Health:
- 3.1 to maintain and improve the mental health of children and young people; and 3.2 to support people with dementia.
## 4 Welfare:
- 4.1 to support refugees and asylum seekers; and
- 4.2 to support people without secure homes and food.
2
## **Newby Trust Limited**
## **Report of the trustees**
## **For the year ended 5 April 2025**
- 5 The Trust:
- 5.1 to identify areas of interest for family members; and 5.2 to encourage younger members to become involved in the charity.
6 Financial:
- 6.1 to adopt investment strategies to maintain and increase the endowment and to achieve a sustainable return for expenditure on grants; and
- 6.2 to minimise administration and investment management costs by periodic review.
The trustees reviewed the administrative and investment management costs and were satisfied that the charity is meeting its financial objectives in these areas.
In view of the addition of the environment as one of the principal aims of the charity, the trustees decided that no annual special category would be chosen in the year.
The trustees will consider making grants to other good causes and charities which fall outside the four main categories if charity members propose suitable organisations for support.
## **ACTIVITIES**
## **1 Education**
Education is widely defined to include academic, arts, craft or sporting activities. In 2024/2025 the charity promoted education by providing grants to support:
- 1.1 children and young people through the funding of extra-curricular artistic and sporting activities; and
- 1.2 talented people of all ages to enable them to fulfil their potential.
In this category, the trustees approved 13 grants totalling £129,900 to:
|Apollo Music Projects
Bishopsland Educational Trust
Empire Fighting Chance
Grimsby Youth Zone
Livewire Youth Project
London Music Fund
National Youth Arts Trust
Venture Scotland
The Access Project
National Saturday Club
Urban Uprising
Vision Mechanics
Horfield Primary School
**Total**|**£**
10,000
15,000
25,000
20,000
10,000
4,000
10,000
5,000
10,000
10,000
5,000
4,000
1,900|
|---|---|
||**129,900**|
3
## **Newby Trust Limited**
## **Report of the trustees**
## **For the year ended 5 April 2025**
## **2 Environment**
- The environment was introduced as a new main category in 2024/2025 and the charity awarded 2.1 to support local initiatives that help biodiversity and the natural environment; and 2.2 to challenge and prevent environmentally damaging activities.
The trustees approved 8 grants totalling £136,000 to:
|Earth Trust
Global Canopy
Heal Rewilding
Plantlife International
RSPB Scotland
World Land Trust
Fauna and Flora
Epping Forest Heritage Trust
**Total**|**£**
10,000
25,000
10,000
25,000
10,000
25,000
30,000
1,000|
|---|---|
||**136,000**|
## **3 Health**
- In 2024/2025 the charity promoted health by providing grants:
- 3.1 to maintain and improve the mental health of children and young people; and
- 3.2 to support people with dementia.
In this category the trustees approved 11 grants totalling £120,000 to:
|Boxing Futures
Dandelion Time
Dementia Adventure
Dementia Forward
Stepping Out Theatre
Tor Support Services
Blue Smile
The Bridge Foundation
Race Against Dementia
Sport in Mind
Stormbreak
**Total**|**£**
10,000
10,000
10,000
10,000
10,000
5,000
10,000
10,000
25,000
10,000
10,000|
|---|---|
||**120,000**|
## **4 Welfare**
In 2024/2025 the charity made grants:
- 4.1 to support refugees and asylum seekers; and
- 4.2 to support people without secure homes and food.
4
## **Newby Trust Limited**
## **Report of the trustees**
## **For the year ended 5 April 2025**
The trustees approved 11 grants totalling £161,000 to:
|R L Glasspool Charitable Trust
Action Foundation
ASSIST
Back on Track Manchester
CARAS
Feeding Families
The Magpie Project
Migrateful
Trojan Women Project
Hope in the Valley Riding
for the Disabled
Street Storage
**Total**|**£**
50,000
10,000
10,000
20,000
10,000
25,000
10,000
10,000
5,000
1,000
10,000|
|---|---|
||**161,000**|
## **5 Miscellaneous Grants**
The trustees also awarded two grants that reflected areas of interest for family members to:
## **£**
|Quentin Blake Centre
for Illustration
Ditchling, Streat
and Westmeston PCC
**Total**|50,000
4,600|
|---|---|
||**54,600**|
**6 Designated funds for expenditure in financial year 2025/2026** At the March 2025 meeting, the trustees discussed support for suitable organisations in the 2025/2026 financial year and it was agreed that the amount available for R L Glasspool Charitable Trust would be maintained at £50,000.
## **GRANT PROCESSES**
The charity does not accept unsolicited applications in any of the categories and only charities that are invited to apply may submit applications. Full information is provided on the charity’s website www.newby-trust.org.uk. The charity makes grants across the United Kingdom although most larger grants are made in England. Due to the difficulties of verifying overseas organisations and monitoring grant expenditure, the grant programme is normally limited to UK charities.
5
## **Newby Trust Limited**
## **Report of the trustees**
## **For the year ended 5 April 2025**
## **ACHIEVEMENTS AND PERFORMANCE**
The trustees aim to achieve a sustainable return for expenditure on grants. In 2024/2025, £583,349 of income was generated and a total of £601,500 was approved for grants in the year.
The trustees aim to minimise administrative costs (governance and support costs). In 2024/2025, administrative costs amounted to £37,754 against £38,062 in the previous financial year.
The trustees aim to minimise investment management costs. In 2024/25, investment management costs amounted to £104,173 against £100,295 in the previous financial year. The increased cost this year is a direct result of variations in the portfolio value at the quarterly charge dates compared with last year.
The company continues to be heavily oversubscribed for its funds.
## **FUTURE PLANS**
The trustees reviewed the main categories in March 2025 and agreed to continue grant making activities in the four main categories of education, environment, health and welfare as well as continuing to encourage charity members to identify other areas of interest.
## **FINANCIAL REVIEW**
## **Financial Review**
Full details of the charity’s financial position can be found in the financial statements. The sole funding source of the charity is its investments and investment income. The charity does not fund raise from the public, nor does it use volunteers.
The trustees intend to make approximately 2.5% of the total value of the portfolio available for grants in accordance with the financial objectives. In the year ending 5 April 2025, the trustees approved unrestricted fund grants of £601,500.
## **Investment Performance**
The company’s principal investments are in stocks, bonds and listed securities.
Rathbone Investment Management Limited act as the charity’s investment managers. The trustees have given them discretion to manage the portfolio within the agreed risk profile subject to an ethical investment restriction on tobacco companies, armaments manufacturers and fossil fuels. The investment objective is to achieve a balance of capital growth and income generation from a portfolio of investments with an overall medium risk profile and a spread of asset classes.
The benchmark for performance measurement is the MSCI PIMFA Balanced Index. Portfolio movement for the year was -2.04% (net of fees) against the benchmark of 0.48%.
The trustees have appointed an independent investment adviser, Yoke & Co., to assist the trustees in reviewing the charity’s investment policy, strategy and performance. It is expected that the adviser will report to the trustees in the first quarter of the financial year 2025/26.
6
## **Newby Trust Limited**
## **Report of the trustees**
## **For the year ended 5 April 2025**
## **Reserves**
The reserves policy is reviewed by the directors on an annual basis.
The expendable endowment fund is available for release into the unrestricted fund at any time. Periodic transfers will be made to the unrestricted fund for expenditure on grants, provided a sustainable return is maintained in accordance with the overall strategic aim of maintaining and increasing the endowment.
The charity has free reserves of £538,589. Unrestricted funds invested in fixed assets and not available for expenditure total £nil. It is the policy of the charity to keep reserves sufficient to meet expenditure on charitable activities for at least twelve months and accordingly the trustees aim to have unrestricted reserves of £700,000 held in cash and in easily realisable liquid assets. Each financial year the trustees will review the financial objectives and reserves policy and will take advice from Rathbones to ensure that the grant-making policy is still reasonable in all the circumstances, taking into account inflation. They will then agree a prudent level of withdrawal for the year to ensure that the endowment fund will maintain its value in the longer term.
The charity’s full reserves at 5 April 2025 were £24,011,871, comprising £588,589 held in the unrestricted fund and £23,423,282 in the expendable endowment fund.
The free reserves of £538,589 are exclusive of the designated fund of £50,000 for the 2025/2026 grant that the charity intends to make in the next financial year, but was not committed at the year end.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Constitution**
The Newby Trust was established in December 1937 by Mr H N Smith, the industrialist who developed Smith & Nephew plc. Newby Trust Limited was registered as a company limited by guarantee in January 1938 and as a charity in May 1964. The company is governed by its Articles of Association.
## **Directors and trustees**
The directors of Newby Trust Limited are its trustees for the purpose of charity law. The current directors are all descendants or spouses of descendants of the founder and it is likely that new directors will be recruited from within the family for the foreseeable future. There are three branches of the family descended from the founder’s grandchildren and the directors aim to maintain a balance between experienced and new directors and between the family branches. The directors would be willing to recruit external directors if they considered that the company would benefit from specialist knowledge.
The more senior members of the board and the company secretary deliver induction training for new directors which includes providing information about the charity and its objectives together with summaries of the responsibilities of company directors and charity trustees. The directors receive updates on current regulatory requirements from the company secretary and may attend external training courses as necessary.
7
## **Newby Trust Limited**
## **Report of the trustees**
## **For the year ended 5 April 2025**
As set out in the Articles of Association, the members of the company at the annual general meeting may increase or reduce the number of directors. The board may appoint a director to fill a casual vacancy and may also appoint an additional director who shall retire from office at the following annual general meeting but will be eligible for re-election. One third of the board retires by rotation each year and is eligible for re-election.
## **Management**
The trustees meet twice each year to approve grants, review objectives and manage the business of the charity. The day-to-day running of the charity is delegated to the company secretary who is responsible for receiving and dealing with grant applications and with initiating all payments. The company secretary reports to the trustees regularly between trustees’ meetings.
The trustees manage the charity with minimal administrative expenditure and receive no salary. The company secretary is the only member of staff and the trustees review her salary on a yearly basis. The Association of Charitable Foundations gathers information each year to benchmark grant-making foundation staff salaries and the trustees refer to this information to set the remuneration package for the company secretary.
## **RISK MANAGEMENT**
The trustees have considered the major risks to which the charity is exposed and have established systems and procedures to manage the risks.
The charity’s grants are made from the expendable endowment fund. The trustees aim to maximise the return on the charity’s portfolio and believe the major risk facing the charity remains a significant fall in global stock markets. To mitigate this risk, the trustees keep the investment policy of the charity under review and regularly monitor the performance of the portfolio.
The trustees are aware that having a sole member of staff in charge of payments does constitute a risk. However, all payments require two signatures and the trustees monitor internal financial controls.
The charity’s portfolio is invested in global markets which may see significant fluctuations from time to time as a result of a pandemic, war or other event. As the charity is a long-term investor, the trustees intend to maintain the charity’s existing investment strategy but will keep the situation under close consideration in consultation with the charity’s investment managers.
## **PUBLIC BENEFIT**
The trustees have had regard to the Charity Commission’s guidance on public benefit and are satisfied that the charity meets the public benefit requirement.
8
## **Newby Trust Limited**
## **Report of the trustees**
## **For the year ended 5 April 2025**
## **STATEMENT OF RESPONSIBILITIES OF THE TRUSTEES**
The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with 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).
Company law 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 income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- ▪ observe the methods and principles in the Charities SORP; ▪ make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees 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.
In so far as the trustees are aware:
- there is no relevant audit information of which the charitable company's auditors are unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Members of the charity guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.
## **Auditors**
Godfrey Wilson Limited were re-appointed as auditors to the charitable company during the year and have expressed their willingness to continue in that capacity.
Approved by the trustees on 14 October 2025 and signed on their behalf by
K Callaghan - Trustee
9
## **Independent auditors' report**
## **To the members of**
## **Newby Trust Limited**
## **Opinion**
We have audited the financial statements of Newby Trust Limited (the 'charity') for the year ended 5 April 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes to the financial statements, 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).
In our opinion, the financial statements:
- give a true and fair view of the state of the charity's affairs as at 5 April 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **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 Auditor’s 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 UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 6 to the financial statements, 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.
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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.
10
## **Independent auditors' report**
## **To the members of**
## **Newby Trust Limited**
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
## **Opinion on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the trustees’ report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- ▪ the directors’ report included within the trustees’ report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.
## **Responsibilities of the trustees**
As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they 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.
11
## **Independent auditors' report**
## **To the members of**
## **Newby Trust Limited**
## **Our responsibilities for the audit of the financial statements**
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 auditor’s 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 procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:
(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.
(2) We reviewed the charity’s policies and procedures in relation to:
- Identifying, evaluating and complying with laws and regulations, and whether they were aware of any instances of non-compliance;
- Detecting and responding to the risk of fraud, and whether they were aware of any actual, suspected or alleged fraud; and
- Designing and implementing internal controls to mitigate the risk of non-compliance with laws and regulations, including fraud.
(3) We inspected the minutes of trustee meetings.
(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.
(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.
(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.
(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included:
- ▪Testing the appropriateness of journal entries;
- ▪Assessing judgements and accounting estimates for potential bias;
- ▪Reviewing related party transactions; and
- ▪Testing transactions that are unusual or outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
12
## **Independent auditors' report**
## **To the members of**
## **Newby Trust Limited**
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 auditor’s report.
## **Use of our report**
This report is made solely to the charityʼs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charityʼs members those matters we are required to state to them in an auditorʼs 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 charityʼs members as a body, for our audit work, for this report, or for the opinions we have formed.
Date: 15 October 2025
## **Robert Wilson FCA (Senior Statutory Auditor)**
For and on behalf of:
## **GODFREY WILSON LIMITED**
Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD
13
## **Newby Trust Limited**
**Statement of financial activities** _(incorporating an income and expenditure account)_
## **For the year ended 5 April 2025**
|Note
**Income from:**
Investments
3
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
_Education_
_Health_
_Welfare_
_Environment_
_Miscellaneous_
**Total expenditure**
4
Net gains / (losses) on investments
10
6
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**
**Net income / (expenditure)**
**and movement in funds**|Unrestricted
£
583,349
583,349
-
138,053
127,532
171,106
144,536
58,027
639,254
-
(55,905)
644,494
588,589|Endowment
£
-
-
104,173
-
-
-
-
-
104,173
(921,163)
(1,025,336)
24,448,618
23,423,282|**2025**
**Total**
**£**
**583,349**
**583,349**
**104,173**
**138,053**
**127,532**
**171,106**
**144,536**
**58,027**
**743,427**
**(921,163)**
**(1,081,241)**
**25,093,112**
**24,011,871**|2024
Total
£
566,024|
|---|---|---|---|---|
|||||566,024|
|||||100,295
131,288
80,850
227,023
136,001
-|
|||||675,457|
|||||789,982|
|||||680,549
24,412,563|
|||||25,093,112|
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 15 to the accounts.
14
## **Newby Trust Limited**
## **Balance sheet**
## **As at 5 April 2025**
|Note
**Fixed assets**
Tangible fixed assets
9
Investments
10
**Current assets**
Debtors
11
Cash at bank and in hand
**Liabilities**
Creditors: amounts falling due within 1 year
12
**Net current assets**
**Total assets less current liabilities**
Creditors: amounts falling due after more than 1 year
13
**Net assets**
14
**Funds**
15
Unrestricted funds
General funds
Designated funds
Endowment funds
**Total charity funds**|**£**
**83,662**
**251,891**
**335,553**
**(40,936)**|**2025**
**£**
**-**
**23,717,254**
**294,617**
**24,011,871**
**-**
**24,011,871**
**538,589**
**50,000**
**23,423,282**
**24,011,871**|2024
£
-
24,743,684|
|---|---|---|---|
||||105,318
342,750|
||||448,068
(93,640)|
||||354,428|
||||25,098,112
(5,000)|
||||25,093,112|
||||594,494
50,000
24,448,618|
||||25,093,112|
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.
Approved by the trustees on 14 October 2025 and signed on their behalf by
K Callaghan - Trustee
15
## **Newby Trust Limited**
## **Statement of cash flows**
## **For the year ended 5 April 2025**
|**Cash used in operating activities:**
Net movement in funds
Adjustments for:
(Gains) / losses on investments
Dividends, interest and rents from investments
Decrease in debtors
Decrease in creditors
**Net cash used in operating activities**
**Cash flows from investing activities:**
Dividends, interest and rents from investments
Proceeds from the sale of investments (note 10)
Purchase of investments (note 10)
**Net cash provided by investing activities**
**Increase/(Decrease) 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**
**Cash and cash equivalents comprise:**
Cash at bank and at hand
Cash held in investments (note 10)|**2025**
**£**
**(1,081,241)**
**921,163**
**(583,349)**
**21,656**
**(57,704)**
**(779,475)**
**583,349**
**4,349,653**
**(4,013,856)**
**919,146**
**139,671**
**375,352**
**515,023**
**251,891**
**263,132**
**515,023**|2024
£
680,549
(789,982)
(566,024)
35,130
(164,779)|
|---|---|---|
|||(805,106)|
|||566,024
8,171,444
(8,558,048)|
|||179,420|
|||(625,686)
1,001,038|
|||375,352|
|||342,750
32,602|
|||375,352|
The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.
16
## **Newby Trust Limited**
## **Notes to the financial statements**
## **For the year ended 5 April 2025**
## **1. Accounting policies**
## **a) Basis of preparation**
Newby Trust Limited is a charitable company limited by guarantee registered in England and Wales. The registered office address is 20 Goldney Road, Bristol, England, BS8 4RB.
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Newby Trust Limited 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 note.
## **b) Going concern basis of accounting**
The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of the expendable endowment fund. There are no material uncertainties about the charity's ability to continue as a going concern.
## **c) Income**
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.
## **d) Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.
## **e) Funds accounting**
Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. The restricted capital fund comprises an expendable endowment fund. The income generated by the funds held on this endowment are unrestricted and are, therefore, included as part of the unrestricted income funds for the year.
## **f) Expenditure and irrecoverable VAT**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
17
## **Newby Trust Limited**
## **Notes to the financial statements**
## **For the year ended 5 April 2025**
## **1. Accounting policies (continued)**
## **g) Grants payable**
Grants which have been authorised and paid are included as expenditure in the Statement of Financial Activities. Grants which have been authorised but not yet paid are accrued in the balance sheet and are included within creditors falling due within one year or after one year (as appropriate).
## **h) Allocation of support and governance costs**
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities based on staff time. The allocation of costs to charitable activities is apportioned based on the value of individual grants made:
||**2025**|2024|
|---|---|---|
|Raising funds|0%|0%|
|Charitable activities|||
|_Education_|22%|23%|
|_Health_|20%|14%|
|_Welfare_|27%|39%|
|_Special category - environment_|23%|24%|
|_Miscellaneous_|8%|0%|
## **i) Tangible fixed assets**
Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:
Computer equipment 3 years
Items of equipment are capitalised where the purchase price exceeds £500.
## **j) Listed investments**
Listed investments traded on a recognised stock exchange are stated at fair value at the reporting date, which is deemed to be their market value. Any gain or loss, whether realised or unrealised, is taken to the Statement of Financial Activities. Listed investments also includes cash and cash equivalents held for re-investment purposes.
## **k) Debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **l) Cash at bank and in hand**
Cash at bank and cash 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. Cash held by the investment managers for the purposes of re-investment is included within listed investments on the balance sheet.
18
## **Newby Trust Limited**
## **Notes to the financial statements**
## **For the year ended 5 April 2025**
## **1. Accounting policies (continued)**
## **m) Creditors**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **n) 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 recognised at amortised cost using the effective interest method.
## **o) Foreign currency transactions**
Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end.
## **p) Accounting estimates and key judgements**
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
There are no key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.
19
## **Newby Trust Limited**
## **Notes to the financial statements**
## **For the year ended 5 April 2025**
## **2. Prior year comparatives: statement of financial activities**
|**Income from:**
Investments
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
Education
Health
Welfare
Special category - environment
**Total expenditure**
Net losses on investments
**3.**
**Income from investments**
Dividends
Interest
**Total income from investments**
**Net income / (expenditure) and**
**net movement in funds**|Unrestricted
£
566,024
566,024
-
131,288
80,850
227,023
136,001
575,162
-
(9,138)|£
-
-
100,295
-
-
-
-
100,295
789,982
689,687
**2025**
**Total**
**£**
**464,686**
**118,663**
**583,349**
Endowment|2024
Total
£
566,024|
|---|---|---|---|
||||566,024|
||||100,295
131,288
80,850
227,023
136,001|
||||675,457|
||||789,982|
||||680,549|
||||2024
Total
£
491,247
74,777|
||||566,024|
All income from investments was unrestricted in the current and prior year.
20
## **Newby Trust Limited**
## **Notes to the financial statements**
## **For the year ended 5 April 2025**
## **4. Total expenditure**
|**Total expenditure**||||||
|---|---|---|---|---|---|
|Grants payable (note 16)
Staff costs (note 7)
Professional fees
Other operating costs
Investment manager fees
**Sub-total**
Allocation of support and
governance costs
**Total expenditure**|Raising
funds
£
-
-
-
-
104,173
104,173
-
**104,173**|_Education_
129,900
-
-
-
-
129,900
8,153
**138,053**|Charitable activities
_Welfare_
£
£
£
£
120,000
161,000
136,000
54,600
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
120,000
161,000
136,000
54,600
7,532
10,106
8,536
3,427
**127,532**
**171,106**
**144,536**
**58,027**
_Health_
_Environment_
_Miscellaneous_|£
-
24,204
10,350
3,200
-
37,754
(37,754)
**-**
Support and
governance
costs|**2025 Total**
**£**
**601,500**
**24,204**
**10,350**
**3,200**
**104,173**|
||||||**743,427**
-|
||||||**743,427**|
Total governance costs were £10,350.
21
## **Newby Trust Limited**
## **Notes to the financial statements**
## **For the year ended 5 April 2025**
|**4.**
**Total expenditure (continued)**
**Prior year comparative**
Grants payable (note 16)
Staff costs (note 7)
Professional fees
Other operating costs
Investment manager fees
**Sub-total**
Allocation of support and governance costs
**Total expenditure**|Raising
funds
£
-
-
-
-
100,295
100,295
-
100,295|_Education_
122,600
-
-
-
-
122,600
8,688
131,288|£
75,500
-
-
-
-
75,500
5,350
80,850
_Health_
Charitable|_Welfare_
£
212,000
-
-
-
-
212,000
15,023
227,023
activities|£
127,000
-
-
-
-
127,000
9,001
136,001
_Environment_|£
-
23,334
11,940
2,788
-
38,062
(38,062)
-
Support and
governance
costs|2024 Total
£
537,100
23,334
11,940
2,788
100,295|
|---|---|---|---|---|---|---|---|
||||||||675,457
-|
||||||||675,457|
Total governance costs were £11,940.
22
## **Newby Trust Limited**
## **Notes to the financial statements**
## **For the year ended 5 April 2025**
## **5. Grant commitments**
|**Grant commitments**|||
|---|---|---|
|Grant commitments brought forward
Grants committed during the year
Grants paid during the year
Total grant commitments|**2025**
**£**
**63,000**
**601,500**
**(657,600)**
**6,900**|2024
£
219,000
537,100
(693,100)|
|||63,000|
## **6. Net movement in funds** This is stated after charging:
|Depreciation
Trustees' remuneration
Trustees' reimbursed expenses
Auditors' remuneration (excluding VAT):
▪Statutory audit|**2025**
**£**
-
Nil
Nil
**7,850**|2024
£
-
Nil
Nil
7,450|
|---|---|---|
In common with other charities of our size and nature we use our auditors to assist with the preparation of the financial statements.
## **7. Staff costs and numbers**
Staff costs were as follows:
|Salaries and wages|**2025**
**£**
**24,204**|2024
£
23,334|
|---|---|---|
No employee earned more than £60,000 during the current or prior year. There were no social security or pension costs in the current or prior year.
The key management personnel of the charity comprise the Trustees and the Company Secretary. The total employee benefits of the key management personnel were £24,204 (2024: £23,334).
The average headcount was 1 (2024: 1).
## **8. Taxation**
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
23
## **Newby Trust Limited**
## **Notes to the financial statements**
## **For the year ended 5 April 2025**
**9. Tangible fixed assets**
|**Cost**
Cost at 6 April 2024 and 5 April 2025
**Depreciation**
Depreciation at 6 April 2024 and 5 April 2025
**Net book value**
**At 5 April 2025**
At 5 April 2024
**10. Investments**
Market value at 6 April
Additions
Disposal proceeds
Gains / (losses)
Market value at 5 April
Cash held pending reinvestment
**Total investments**
**11. Debtors**
Prepayments
Accrued income|£
1,599
1,599
**-**
-
**2025**
**£**
**24,711,082**
**4,013,856**
**(4,349,653)**
**(921,163)**
**23,454,122**
**263,132**
**23,717,254**
**2025**
**£**
**1,144**
**82,518**
**83,662**
Computer
equipment|**Total**
**£**
**1,599**|
|---|---|---|
|||**1,599**|
|||**-**|
|||-|
|||2024
£
23,534,496
8,558,048
(8,171,444)
789,982|
|||24,711,082
32,602|
|||24,743,684|
|||2024
£
809
104,509|
|||105,318|
24
## **Newby Trust Limited**
## **Notes to the financial statements**
## **For the year ended 5 April 2025**
## **12. Creditors: amounts falling due within 1 year**
|Accruals
Grants payable
**13. Creditors: amounts falling due after more than 1 year**
Grants payable
**14. Analysis of net assets between funds**
General
funds
£
Investments
-
269,356
Current assets
50,000
285,553
Current liabilities
-
(16,320)
**Net assets at 5 April 2025**
**50,000**
**538,589**
**Prior year comparative**
£
Investments
-
269,356
Current assets
50,000
398,068
Current liabilities
-
(67,930)
Non-current liabilities
-
(5,000)
**Net assets at 5 April 2024**
50,000
594,494
Designated
funds
General funds
Designated
funds|**2025**
**£**
**34,036**
**6,900**
**40,936**
**2025**
**£**
**-**
£
23,447,898
-
(24,616)
**23,423,282**
£
24,474,328
-
(25,710)
-
24,448,618
Endowment
fund
Endowment
fund|2024
£
35,640
58,000|
|---|---|---|
|||93,640|
|||2024
£
5,000|
|||**Total**
**funds**
**£**
**23,717,254**
**335,553**
**(40,936)**|
|||**24,011,871**|
|||Total
funds
£
24,743,684
448,068
(93,640)
(5,000)|
|||25,093,112|
25
## **Newby Trust Limited**
## **Notes to the financial statements**
## **For the year ended 5 April 2025**
## **15. Movements in funds**
|**Movements in funds**|||||||
|---|---|---|---|---|---|---|
|**Endowment funds**
Expendable endowment
**Unrestricted funds**
_Designated funds:_
Small grants
_Total designated funds_
General funds
Total unrestricted funds
**Total funds**|At 6 April
2024
£
24,448,618
50,000
50,000
594,494
644,494
25,093,112|Income
£
-
-
-
583,349
583,349
583,349|£
(104,173)
(50,000)
(50,000)
(589,254)
(639,254)
(743,427)
Expenditure|£
50,000
50,000
(50,000)
-
-
Transfers
between
-|Investment
losses
(921,163)
-
-
-
-
(921,163)|**£**
**23,423,282**
**At 5 April**
**2025**|
|||||||**50,000**|
|||||||**50,000**|
|||||||**538,589**|
|||||||**588,589**|
|||||||**24,011,871**|
The Trust's expendable endowment fund is attributable to the donated capital of the company, accumulated gains (or losses) less investment manager fees thereon. The endowment is expendable at the discretion of the trustees on expenditure which meets the charitable objectives of the Trust.
## **Designated funds**
Small grants - funds set aside to support charities working to support individuals requiring small grants in the next financial year.
26
## **Newby Trust Limited**
## **Notes to the financial statements**
## **For the year ended 5 April 2025**
**15. Movements in funds (continued) Prior year comparative**
|**Prior year comparative**
**Endowment funds**
Expendable endowment
**Unrestricted funds**
_Designated funds:_
Small grants
_Total designated funds_
General funds
Total unrestricted funds
**Total funds**|At 6 April
2023
£
23,758,931
75,000
75,000
578,632
653,632
24,412,563|Income
£
-
-
-
566,024
566,024
566,024|£
(100,295)
(75,000)
(75,000)
(500,162)
(575,162)
(675,457)
Expenditure|£
-
50,000
50,000
(50,000)
-
-
Transfers
between|£
789,982
-
-
-
-
789,982
Investment
gains|At 5 April
2024
£
24,448,618|
|---|---|---|---|---|---|---|
|||||||50,000|
|||||||50,000|
|||||||594,494|
|||||||644,494|
|||||||25,093,112|
27
## **Newby Trust Limited**
## **Notes to the financial statements**
## **For the year ended 5 April 2025**
## **16. Grants payable**
During the year, 45 (2024: 44) grants were award to institutions. Total grants committed to during the current year are disclosed in the trustees' report. Grants committed to in the prior year consist of:
|Education
Art History Link-Up
Edward Barnsley Educ. (over 3 years)
Linacre Institute
Read for Good
Royal School of Needlework
The Talent Tap
Ballet Lorent
The Nucleo Project
The Aloud Charity
Future Talent
Arts for All
Turf Projects
Heritage Craft Association
Health
Penny Brohn Cancer Care
Ride High
Sport in Mind
Tor Support Services
RAW Workshop
Stormbreak
The IBS Network
uS Active
Freedom from Torture
Welfare
Alive Activities (over 2 years)
Mentoring Plus
Hope in the Valley
Carlisle Youth Zone
St. Clement and St. James
Gifted Women
Become
JCWI
Jo Cox Foundation
LASSN
Welfare grants carried forward|2024
£
5,000
15,000
10,000
9,400
10,000
15,000
10,000
15,000
10,000
6,000
3,000
5,000
9,200|
|---|---|
||122,600|
||20,000
10,000
10,500
5,000
5,000
10,000
5,000
5,000
5,000|
||75,500|
||20,000
10,000
1,000
10,000
10,000
5,000
10,000
10,000
8,000
10,000|
||94,000|
28
## **Newby Trust Limited**
## **Notes to the financial statements**
## **For the year ended 5 April 2025**
## **16. Grants payable (continued)**
|Welfare (continued
Welfare grants brought forward
Lifeshare
MRSN
Mustard Tree
Refugee Action
R L Glasspool Charitable Trust
Special category-environment
Blue Marine Foundation
Client Earth
Manchester FoE
FoodCycle
Global Witness
Beaver Trust
Fareshare Yorkshire
**Total grants payable**|2024
£
94,000
8,000
10,000
15,000
10,000
75,000|
|---|---|
||212,000|
||20,000
35,000
2,000
15,000
20,000
15,000
20,000|
||127,000|
||537,100|
Allocation of support costs to grant making activities is given in note 4.
## **17. Related party transactions**
There were no related parties in the current or prior year.
## **18. Financial instruments at fair value**
|Financial assets measured at fair value|**2025**
**£**
**23,454,122**|2024
£
24,711,082|
|---|---|---|
Financial assets measured at fair value comprise financial investments (excluding cash).
29