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2022-03-31-accounts

THE NORWOOD AND NEWTON SETTLEMENT

Registered Charity No. 234964

REPORT AND ACCOUNTS

For The Year Ended 31st March 2022

Clemence Hoar Cummings

CHARTERED ACCOUNTANTS

THE NORWOOD AND NEWTON SETTLEMENT

Registered Charity No. 234964

CONTENTS

For The Year Ended 31st March 2022

Page
1 - 4 Trustees' Report
5 - 6 Auditor's Report
7 Statement of Financial Activities
8 Balance Sheet
9 - 12 Notes to the Financial Statements
The following pages do not form part of the audited accounts
13-14 Schedule of Investments, Dividends and Interest Received

Page 1.

THE NORWOOD AND NEWTON SETTLEMENT

Registered Charity No. 234964

TRUSTEES' REPORT

For The Year Ended 31st March 2022

The Trustees are pleased to present their report together with the financial statements of the Settlement for the year ending 31st March 2022.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity number: 234964 Principal office: 5 Convent Close Upminster RM14 2FA 01708 226618 www.norwoodandnewton.co.uk norwoodandnewton@btinternet.com Auditor: Clemence Hoar Cummings Riverside House 1 - 5 Como Street Romford RM7 7DN Bankers: National Westminster Bank PLC 10 South Street Romford RM1 1RD

TRUSTEES

The Trustees serving during the year and since the year end were as follows:

Alan David Gray Trevor William Marlow Mrs Stella Holland Rodney Stuart Eborn Mrs Susan Elisabeth Newsom Roger John Lynch (resigned 22 October 2021)

During the year Stella Holland retained the responsibilities of Correspondent of the Settlement.

STRUCTURE, GOVERNANCE AND MANAGEMENT

History

This Charitable Settlement came from the amalgamation on 4th July 1996 of the Norwood Settlement created by the late THOMAS ENGLAND by Deed dated 20th November 1952 and registered as a Charity under Registration number 234964 and the Newton Settlement created by the late ESTHER SWEETING ENGLAND on 5th July 1960 also a Registered Charity.

Governing Document

The Trust Deed stipulates that the Trustees shall hold the income and so much of the capital of the Trust Fund as they shall from time to time in their absolute discretion think fit upon trust for such charitable institution or institutions or charitable object or objects or for such other charitable purpose or purposes in such proportions and in such manner as the Trustees in their absolute discretion shall think fit. The Deed contains a 'wide investment clause'. The assets are invested in accordance with the Trust Deed and the Trustee Act 2000. Both capital and income may be used at any time for the furtherance of the Settlement's aims and therefore the portfolio could be managed on a Total Return basis. At present, all securities belonging to the Settlement, consist of Common Investment Funds or similar.

Appointment and Induction of Trustees

The Settlement does not change Trustees on a regular or rotation basis but deems on-going experience to be of greater benefit.

When seeking to appoint a new Trustee, the agreement of all Trustees to such an appointment would be paramount. The most appropriate media for the recruitment of a Trustee would be used, which may include informal soundings within like minded organisations. Advertising may be considered when these approaches have failed.

Page 2.

THE NORWOOD AND NEWTON SETTLEMENT

Registered Charity No. 234964

TRUSTEES' REPORT (Continued)

For The Year Ended 31st March 2022

Any new Trustee would be given full induction into the workings of the Settlement and depending upon their experience and skill would be encouraged, at the Settlement's expense, to attend any training courses which were deemed appropriate.

Risk Management

The Trustees have identified the major risks to which the Settlement is exposed and have reviewed the systems which are in place to mitigate them as follows:-

The Settlement relies on the investment return to fund grant making. However, grants are generally one-off awards and the number and value of these may vary depending on circumstances. The key risk to the long-term sustainability of the Settlement is inflation, and the assets should be invested to mitigate this risk over the long-term. The Trustees understand that this is likely to mean that investment will be concentrated in real assets and that the capital value will fluctuate.

The Settlement has sufficient liquid assets to meet its known liabilities. Future commitments can be adjusted in line with income. Cash funds are deposited in very low risk accounts but with the aim of obtaining a reasonable return. At the present time the need for immediate access impedes income from this source.

Every effort is made to ensure that the Settlement does not pay fraudulent claims and to guard against fraud. It is considered that the necessary safeguards are in place. All Trustees are authorised signatories for any financial transaction, for which any two are required to sign. As the Settlement does not own any operational assets or directly employs staff, it is not considered that there are any operational risks.

Investment Policy

The base currency of the investment portfolio is Sterling.

The overall objectives are to create sufficient income and capital growth to enable the Settlement to carry out its purposes consistently year by year with due and proper consideration for future needs and the maintenance of and, if possible, enhancement of the value of the invested funds while they are retained. The Settlement is expected to exist in perpetuity and investments should be managed to meet the investment objective and ensure this sustainability.

The Standard Criteria is for a "balanced" return between income and capital with Medium risk.

During the year, Stanhope Consulting was approached to review our current Investment policy and to recommend to the Trustees any amendments. A revised Investment policy was approved by the Trustees in July 2021 and the revisions to that policy are noted below.

The portfolio asset allocation fell within broad ranges as set out below:

Strategic Asset Allocation Ranges %
Cash 0-20
Bonds 5-20
Total cash and bonds 5-25
UK equities 10-30
Global equities 40-60
Total equities 60-80
Property 5-20
Alternatives 0-10
Total alternatives 5-25

The allocations exclude working cash.

Page 3.

THE NORWOOD AND NEWTON SETTLEMENT

Registered Charity No. 234964

TRUSTEES' REPORT (Continued)

For The Year Ended 31st March 2022

The allocations could be viewed flexibly, depending upon the chosen weighting of the Common Investment Fund Managers. The Trustees originally measured the overall performance of the investment portfolio against the MSCI WMA Balanced Total Return Index for the Accounting period, which after the investment review was replaced with the ARC Charities Indices - 'Steady Growth' Charity Index”.

Environment, Social and Governance (ESG) investment policies are pursued as far as possible but so as not to materially affect total returns. An ESG policy was adopted as part of the Investment review and changes were made to asset holdings to more closely reflect these policies.

Most of the investments are held in Pooled or Common Investment Charity Funds as it is felt that this is the best way to achieve a broad range of asset categories and to spread any risks. The Trustees do not see the need for discretionary management of the whole portfolio, but prefer to be invested in a range of Common Investment Funds or similar which, in effect, achieves a multimanager position. This negates the need for frequent reviews of an individual fund manager. To this end they consider that they have sufficient investment knowledge to make investment decisions: although they would, if necessary, take advice from time to time regarding asset allocation. Investment decisions are made by all the Trustees at their regular meetings.

The Settlement aims to distribute grants of between £300,000 and £400,000 per annum from income, but this can vary from year to year depending on grant making opportunities; conditions being met to take up the grant offer and investment returns.

OBJECTIVES AND ACTIVITIES

The Trust Deed contains three objectives, namely, the promotion of occupational education; the promotion of social education; and the promotion of the Christian Religion, by way of support to Charities only. However, the Trustees' powers are not restricted to these charitable purposes alone. Over the years, and in accordance with the wishes of the original Settlors, the policy operated by the Trustees has evolved. During the period under review, the Trustees have continued to favour beneficiaries such as Free Churches; and other charitable causes which commend themselves to the Trustees. By assisting those charities who themselves must provide identifiable benefits to the public, the Trustees consider that the Settlement satisfies its aims in providing public benefit.

Where churches are concerned, grants are awarded mainly for capital building schemes and the Trustees take particular note of contributions and promised contributions, whether monetary donations, voluntary labour or local fund-raising activities, made by members specifically towards the scheme in question. The Trustees believe this to be a clear indication of the measure of commitment of the members themselves to that project. It is not the Trustees' normal policy to fund the ongoing work of a Charity nor will the Trustees consider a grant where an application for National Lottery Funding has been made or is contemplated.

In normal circumstances an applicant is sent, within a few days, either a refusal or an application form inviting further information. The decision at this stage is made by the Correspondent, bearing in mind the guidelines established by the Trustees. A monthly report is made to the Trustees detailing the applications that have been turned down and the reasons for refusal. Subject to satisfactory information being received, applications are then considered by the Trustees at quarterly meetings and a decision is communicated shortly thereafter. At all times applicants are kept informed of the Trustees' time scale.

The assets of the Charity include no restricted funds, nor does the Charity own any subsidiary or associated undertakings.

ACHIEVEMENTS AND PERFORMANCE

In the year under review, a total of £285,000 was disbursed in 18 grants ranging individually from £2,000 to £30,000, to a variety of charities engaged in the building of new premises or in making improvements to their existing premises.

Details of the grants made during the Settlement year are to be found on Page 10 of the Accounts. At the year end, conditional promises of grants outstanding amounted to £368,000 this being the total sum remaining to be paid over to potential beneficiaries, for which reason (inter alia) it is the practice of the Trustees to maintain what they judge to be an adequate measure of liquidity at all times.

FINANCIAL REVIEW

Total income for the year was £395,893 (2021: £371,785), total expenditure for the year including grants paid and administrative costs was £321,514 (2021: £398,281). Reserves carried forward at 31 March 2022 were £12,182,495 (2021: £11,388,672). All funds of the charity are unrestricted.

Page 4.

THE NORWOOD AND NEWTON SETTLEMENT

Registered Charity No. 234964

TRUSTEES' REPORT (Continued)

For The Year Ended 31st March 2022

RESERVES POLICY

It is not the policy of the Trustees to accumulate reserves in the long term. However, it is the Trustees’ policy to maintain the real value of the Settlement’s capital assets and on disposal of an asset the total proceeds are re-invested to maintain the real value. The income from the investments of the Settlement is used to cover administration costs, which are kept to a minimum, with the major part being awarded in grants. The Settlement does not fundraise.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Settlement and of the incoming resources and application of resources of the Settlement for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Settlement and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Settlement and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

.......................................... A Gray - Chair of Trustees

Dated:

Page 5.

REPORT OF THE AUDITORS

TO THE TRUSTEES OF THE NORWOOD AND NEWTON SETTLEMENT

OPINION

We have audited the financial statements of The Norwood and Newton Settlement for the year ended 31st March 2022 which comprise of the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including 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 31 March 2022, and of its incoming resources and application of resources, for the year then ended;

BASIS OF 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 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 trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 6.

REPORT OF THE AUDITORS (Continued)

TO THE TRUSTEES OF THE NORWOOD AND NEWTON SETTLEMENT

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

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

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the trustees’ responsibilities statement, set out on page 4, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

AUDITORS RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATMEMENT

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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.

THE USE OF OUR REPORT

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Lee Blunden FCCA CTA Senior Statutory Auditor Clemence Hoar Cummings Chartered Accountants and Registered Auditors

Dated:

Page 7.

THE NORWOOD AND NEWTON SETTLEMENT

Registered Charity No. 234964

STATEMENT OF FINANCIAL ACTIVITIES

For The Year Ended 31st March 2022

2022 2021
Notes £ £ £
INCOMING RESOURCES
Incoming resources from generated funds:
Investment Income 2 395,893 371,785
Total incoming resources 395,893 371,785
RESOURCES EXPENDED
Charitable activities 3 321,514 398,281
Total resources expended 321,514 398,281
NET INCOMING RESOURCES BEFORE OTHER RECOGNISED GAINS 74,379 (26,496)
Other recognised gains:
Gain on revaluation of investments - Unrealised 719,444 1,731,889
NET MOVEMENT IN FUNDS 9 793,823 1,705,393
Reconciliation of funds
Total funds brought forward 11,388,672 9,683,279
TOTAL FUNDS CARRIED FORWARD £ 12,182,495 £ 11,388,672

The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from unrestricted continuing activities.

Page 8.

THE NORWOOD AND NEWTON SETTLEMENT

Registered Charity No. 234964

BALANCE SHEET - 31st March 2022

Notes
FIXED ASSETS
Investments
7
CURRENT ASSETS
Accrued investment income
Bank accounts
COIF Charities deposit account
Methodist Chapel Aid deposit account
CREDITORS: Amounts falling due within
one year
8
NET CURRENT ASSETS
NET ASSETS
FUNDS
Unrestricted funds
9		 2022
2021
£
£
£
11,570,076
10,850,632
18,357
18,381
325,645
271,158
100,000
10,000
170,000
240,000
614,002
565,991
1,583
1,499
612,419
538,040
£
12,182,495
£
11,388,672
12,182,495
11,388,672
£
12,182,495
£
11,388,672

The financial statements were approved by the Board of Trustees and were signed on its behalf by:

.......................................... A Gray - Trustee

.......................................... Mrs S. Holland - Trustee

Page 9.

THE NORWOOD AND NEWTON SETTLEMENT

Registered Charity No. 234964

NOTES TO THE ACCOUNTS

For The Year Ended 31st March 2022

1. The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year.

(a) Basis of Accounting

The financial statements have been prepared under the historical cost convention, as modified by the inclusion of fixed asset investments at market value, in accordance with the Charities Act 2011 and the requirements of the Statement of Recommended Practice: Accounting and Reporting by Charities.

(b) Fund Accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Settlement. Unrestricted funds include a revaluation reserve representing the restatement of investment assets at market values.

(c) Incoming Resources

Investment income is included when receivable.

(d) Resources Expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates:

Charitable expenditure comprises those costs incurred by the Settlement in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Grants paid are included within charitable expenditure and are accounted for when they are paid.

(e) Investments

Investments held as fixed assets are revalued at mid-market value at the balance sheet date with any unrealised gain or loss recognised in the Statement of Financial Activities.

(f) Debtors

Debtors represent the value of accrued income which is receivable at balance sheet date.

2.
INVESTMENT INCOME
M & G 'Charifund' Income Units
COIF Charities Investment Fund Income Units
COIF Charities Ethical Investment Fund Income Units
Charities Property Fund
Deposit account interest
Property Income Trust
Cazenove Charity Responsible Multi Asset Fund
Sarasin Endowments Fund
Newton Sustainable Growth and Income Fund
Rathbone Active Income and Growth Fund
3.
TOTAL RESOURCES EXPENDED
Donations & grants paid
Administration
Legal and professional
Audit fee
Sundry expenses		 Ordinary
Activities
£
285,000
16,845
-
-
50
301,895		 2022
2021
£
£
141,071
121,321
26,380
52,360
81,383
52,477
23,835
22,978
657
1,564
14,075
11,711
40,067
39,725
44,043
47,657
16,658
14,522
7,724
7,470
£
395,893
£
371,785
Total
Total
Governance
2022
2021
£
£
£
-
285,000
380,000
-
16,845
16,710
18,000
18,000
-
1,619
1,619
1,538
-
50
33
19,619
321,514
398,281		 2022
2021
£
£
141,071
121,321
26,380
52,360
81,383
52,477
23,835
22,978
657
1,564
14,075
11,711
40,067
39,725
44,043
47,657
16,658
14,522
7,724
7,470
£
395,893
£
371,785
Total
Total
Governance
2022
2021
£
£
£
-
285,000
380,000
-
16,845
16,710
18,000
18,000
-
1,619
1,619
1,538
-
50
33
19,619
321,514
398,281
Total
2021
£
380,000
16,710
-
1,538
33
398,281

Page 10.

THE NORWOOD AND NEWTON SETTLEMENT

Registered Charity No. 234964

NOTES TO THE ACCOUNTS

For The Year Ended 31st March 2022

4. DONATIONS AND GRANTS PAID

DONATIONS AND GRANTS PAID
2022 2021
£ £
Gosport Waterfront Church, Hants 10,000
Comberton Baptist Church, Cambs 7,500
Bluntisham Baptist Church, Cambs 25,000
Crossway Church, (Meth/URC), Seaford, Sussex 3,000
Bethany Baptist Church, Pwllgwaun, Pontypridd 5,000
Trinity Methodist Church, Sth Elmsall, Yorks 2,500
Ainon Baptist Church, Cardiff 20,000
Godmanchester Baptist Church, Cambs 25,000
Edale Methodist Chapel, Derby 5,000
Grace Community Church, Oxon 20,000
Kidlington Methodist Church, Oxon 10,000
Hope Church, Rhydyfelin 15,000
Hill City Church, Pontypool 20,000
Calvary Baptist Church, Gwent 30,000
Kingsheart Church, Rise Park, Romford 2,000
Sawyers Church, Brentwood 30,000
Bread of Life Project (Baptist), Strood, Kent 25,000
Gateway Church, Poole, Dorset 30,000
Havering Road Methodist Church, Romford 25,000
Ridgeway Evangelical Ch. Chingford, London E4 7,500
Christ Church Newham URC 25,000
Trinity (Meth/URC) Church, Abingdon, Oxon 3,000
Radcliffe on Trent Methodist Ch. Nottingham 5,000
Wellspring Elim Community Church, Peterborough 25,000
Greenhill Methodist Church, Sheffield 20,000
Freeschool Court Church, Bridgend 10,000
Rainham Foodbank, Havering 10,000
St Ives Methodist Church, Huntingdon 15,000
Hemsworth Methodist Church, Pontefract 2,000
Rowlands Gill Meth Church, Stanley, Co. Durham 20,000
Harold Hill Foodbank, Havering 10,000
Wall Heath Evangelical Free Church, W. Midlands 30,000
Carnforth Free Methodist Church, Lancashire 25,000
The Church in the Barn, Penrith 30,000
Syke Methodist Church, Rochdale 5,000
Marlow Methodist Church, Bucks 7,500
Hope Methodist Church, Higham Ferrers, Northants 10,000
Wellspring Ch. Wirksworth, Derby 15,000
South Hams Christian Fellowship, Devon 15,000
Didcot Baptist Church, Oxon 5,000
Portishead Methodist Church, Bristol 5,000
Dawlish Christian Fellowship, Devon 25,000
Worcester Park Baptist Church, Surrey 30,000
£ 285,000 £ 380,000

Page 11.

THE NORWOOD AND NEWTON SETTLEMENT

Registered Charity No. 234964

NOTES TO THE ACCOUNTS

For The Year Ended 31st March 2022

5. TRUSTEES' REMUNERATION & RELATED PARTY TRANSACTIONS

During the year amounts totalling £16,845 was reimbursed to one Trustee, (2021 £16,710 reimbursed to two Trustees) on account of professional services rendered and travel and subsistence expenses.

6. TAXATION

As a charity, The Norwood and Newton Settlement is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Settlement.

7. INVESTMENTS 2022 2021
Market Market
Cost Value Cost Value
£ £ £ £
At 1st April 2021 £ 5,366,484 £ 10,850,632 £ 5,366,484 £ 9,118,743
Additions 1,000,000 1,000,000 - -
Disposals (151,629) (1,000,000) - -
Gain / (loss) on revaluations - 719,444 - 1,731,889
At 31st March 2022 £ 6,214,855 £ 11,570,076 £ 5,366,484 £ 10,850,632
Analysis of Investments at 31st March 2022
Quoted Securities:
COIF Charities Investment Fund - - 816,947 1,792,640
COIF Charities Ethical Investment Fund 1,622,750 3,831,776 805,803 1,736,573
M & G 'Charifund' Income Units 342,106 1,970,147 493,735 2,769,532
Charities Property Fund Units 449,999 672,069 449,999 578,749
Property Income Trust 250,000 332,773 250,000 279,576
Cazenove Charity Responsible Multi Asset Fund 1,800,000 2,115,971 800,000 1,060,465
Sarasin Endowments Fund 1,000,000 1,528,772 1,000,000 1,596,568
Newton Sustainable Growth and Income Fund 500,000 812,427 500,000 741,286
Rathbone Active Income and Growth Fund 250,000 306,141 250,000 295,243
£ 6,214,855 £ 11,570,076 £ 5,366,484 £ 10,850,632

8. CREDITORS : Amounts falling due within one year

2022 2021
£ £
Sundry creditors & accruals £ 1,583 £ 1,499

Page 12.

THE NORWOOD AND NEWTON SETTLEMENT

Registered Charity No. 234964

NOTES TO THE ACCOUNTS

For The Year Ended 31st March 2022

9. MOVEMENT IN FUNDS AT 31ST MARCH 2022

MOVEMENT IN FUNDS AT 31ST MARCH 2022
Funds brought forward
Net incoming resources on ordinary activities
Unrealised gain on revaluation of investments
Realised gain on disposal of investments
MOVEMENT IN FUNDS AT 31ST MARCH 2021
Funds brought forward
Net outgoing resources on ordinary activities
Unrealised gains on revaluation of investments		 General
Funds
£
5,904,524
74,379
-
848,371
6,827,274
General
Funds
£
5,931,020
(26,496)
-
5,904,524		 Revaluation
Funds
£
5,484,148
-
719,444
(848,371)
5,355,221
Revaluation
Funds
£
3,752,259
-
1,731,889
5,484,148		 Total
Funds
£
11,388,672
74,379
719,444
-
12,182,495
Total
Funds
£
9,683,279
(26,496)
1,731,889
11,388,672

THE NORWOOD AND NEWTON SETTLEMENT

Registered Charity No. 234964

The following pages do not form part of the audited accounts

Page 13.

THE NORWOOD AND NEWTON SETTLEMENT

Registered Charity No. 234964

SCHEDULE OF INVESTMENTS, DIVIDENDS AND INTEREST RECEIVED

For The Year Ended 31st March 2022

Nominal Cost Market Interest and Dividends
Holding Value Date Gross
£ £ £
COIF Charities Investment Closed during year 28/05/21 13,190.00
Fund - Income Units 31/08/21 13,190.00
-
-
£ 26,380.00
COIF Charities Ethical Investment 1,290,855.88 1,622,749.62 3,831,776.59 28/05/21 13,325.55
Fund - Income Units 31/08/21 13,325.55
30/11/21 27,366.14
28/02/22 27,366.14
£ 81,383.38
M & G 'Charifund' Income 124,715.76 342,105.84 1,970,147.35 28/05/21 40,440.46
Units 31/08/21 33,857.13
15/12/21 43,261.88
28/02/22 23,511.89
£ 141,071.36
Charities Property Fund Units 466,132.00 449,999.27 672,069.12 13/08/21 5,444.14
15/11/21 5,898.67
15/02/21 5,801.01
O/S 6,690.95
£ 23,834.77
Property Income Trust 336,473.76 250,000.00 332,772.55 28/05/21 1,360.80
30/06/21 1,133.26
30/07/21 809.84
31/08/21 1,043.31
30/09/21 1,061.97
29/10/21 1,018.56
30/11/21 1,580.25
31/12/21 1,305.01
31/01/22 985.99
28/02/22 1,466.54
31/03/22 1,175.01
O/S 1,134.50
£ 14,075.04

Page 14.

THE NORWOOD AND NEWTON SETTLEMENT

Registered Charity No. 234964

SCHEDULE OF INVESTMENTS, DIVIDENDS AND INTEREST RECEIVED

For The Year Ended 31st March 2022

Nominal Cost Market Interest and Dividends
Holding Value Date Gross
£ £ £
Cazenove Charity Responsible 3,717,446.81 1,800,000.00 2,115,970.72 18/06/21 9,931.38
Multi Asset Fund 07/09/21 9,974.77
07/12/21 10,007.88
08/03/22 10,152.87
£ 40,066.90
Sarasin Endowments Fund 1,338,679.83 1,000,000.00 1,528,772.36 25/08/21 11,244.91
25/11/21 11,244.91
25/02/21 11,244.91
O/S 10,307.83
£ 44,042.56
Newton Sustainable Growth and 500,416.98 500,000.00 812,426.97 28/05/21 3,160.49
Income Fund 31/08/21 5,702.33
30/11/21 5,208.77
28/02/22 2,586.31
£ 16,657.90
Rathbone Income and Growth 211,613.35 250,000.00 306,141.03 28/05/21 1,608.26
Fund 31/08/21 2,179.62
30/11/21 2,285.43
28/02/22 1,650.58
£ 7,723.89
£ 6,214,854.73 £ 11,570,076.70 395,235.80