CHARITY REGISTRATION NUMBER.. 270824 Charles Newman Memorial Fund Unaudited Financial Statements 5 April 2024 W FRAN SON& Chartered Accountants 364 High Street Harlingion Hayes Middlesex UB3 5LF Charles Newman Memorial Fund Flnancial Slalements Year ended 5 April 2024 Page Trustees, annual report Independenl examiner's report to the trustees Slatement of financial aclivities Statement of financial position Notes to the financial slalements Charles Newman Memorial Fund Trustees. Annual Report Year ended 5 April 2024 The trustees present their report and the unaudited financial slatements ol the charity lor the year ended S April 2024. Reference and adminlstralive detalls Reglstered charity name Charles Newman Memorial Fund Charlty registration number 270824 Principal office Clo Kent House 14-17 Market Place London W1W8AJ The trustees J Morgan D Oakervee P Bouveral R Owen SFOX Independent examlner N Ruddick FCA S W Frankson & Co 364 High Street Harlington Hayes Middlesex U83 5LF Structurn. govemance and management Governin The organisalion is an unincorporated charity set up under a Trust Deed dated 10 November 1975. The Iruslees are appointed under the stalulory power ol appoinlmenl by the continuing Iruslees. Oblectives and activities The object of the fund shall be charitable only and is to pay the income Ih¢reol, al the discretion of the Trustees. lo the Lighthouse Construction Industry Charity lor the purpose ol relieving poverty suffered as a result ol accident, disability or ill health by persons employed or formerly employed within the building and civil engineering industry and allied trades in the UK including widows and children ol such persons. Charles Newman Memorial Fund Trustees. Annual Report (Conlim￿l) Year ended 5 April 2024 Achievements and performance The fund is a capital fund, the incom8 from which may be distributed to The Lighthouse Construction Induslry Charity ILCICI. Historically not all ol the incoTne generated has been dislribuled. M(>re recenlly, the fund has agreed to distribute £315,000. The accumulated dislribulable income fund is now in excess of £128,000 al the year end 12023 - £114.0001. Despite the challenging economic environment over the past lew years. the overall fund value has held up well as detailed below. DelaiL% ol the fund's income distribution history is included in note 14. Flnanclal review serves P lic The Trustees ol the Charles Newman Memorial Fund may, al their discretion, pay over any parl ol the investment income Iincluding accurnulated incomel lo the Lighthouse Con51ru¢tion Industry Charity las successor lo the Lighthouse Club Benevolent Fundl, lor the purFX)se ol relieving poverty, and accumulate any surplus income as an addition lo the invested capital ol the Fund. Over the last eight years, the FLJnd has agreed lo distribLJte £315,OQO. The movement in the fund's capital is not separately identified as a reserve. however, the market value ol the trust lund as al 5 April 2024 remains healthy at £1,275,021 12023 - £1,153,761). Inv The investment objective is lo provide a balance ol income and capital growth which is conservative and in the long term constructing a balanced portfolio with a principal aim ol achieving capital growth. Plan$ for future periods The charity remains in a strong posltlon lo concentrate on achieving ils objectives. Given the current uncertainly surrounding the world's economies, the trustees remain cautious regarding the lulure, bul are hopeful that the fund will continue lo grow and perform well. The trustees, annual report was approved on 5 September 2025 and signed on behalf ol the board ol lyuslees by.. R Owen Trustee Charles Newman Memorial Fund Independent Examlner's Report to the Truslees of Charles Newman Memorial Fund Year ended 5 Aprll 2024 l leport to the trustees on my examination ol the financial slalements ol Charles Newman Memorial Fund I'the charily'l lor the year ended S April 2024. Responslbililies and basls of report As the trustees ol the charity you are responsible lor the preparabon ol the financial slalemenls in a¢Gordance with the requirements ol the Charities Act 2011 I'lhe Acl'l. I report in respect ol my examination ol the charity's financial slalemenls carried out under section 145 ol the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under seCt￿n 14515llbl ol the A¢1. Independent examlner's statement I have completed my examination. I confirm thai no material matters have come to my attention in connection with the examination giving me cause lo believe thai in any material respect: accounting records were not kept in respect ol the charity as required by section 130 01 the Act., or the financial statements do not accord with those records., or the financial slalements do not ¢omply with the applicable requirements concerning the form and conlenl DI accounts set out in the Charities (Accounts and Fleporlsl Regulations 2(KJ8 other than any requirement that the accounts give a Yrue and lairf wew which is not a matter considered as parl ol an independent examination. I have no concerns and have come across no other matters in connection with the examination lo which allenlion should be drawn in this report in order lo enable a proper understanding ol the accounts to be reached. N Ruddick FCA S W Frankson & Co Independent Examiner 364 High Street Harlinglon Hayes Middlesex UB3 5LF 8 September 2025 Charles Newman Memorial Fund Statemenl of Financial Aclivities Year ended 5 April 2024 2024 Restricted lunds Total funds 2023 Total funds Note Income and endowments Investment income 34,150 34,150 34,150 27,809 27,809 Total Income 34,1 $0 Expenditure Expenditure on raising luNds'. Investment managernent costs Expenditure on charitable activities Total expendilure {1,0811 121,9921 123,0731 (1,0811 121,9921 123,0731 19611 121,9441 122,9051 Net gainslllossesl on investments 110.182 110.182 147,6971 Net incomel{8xpendllure) and net movement In funds 121.259 121.259 142,7931 Reconcillallon of funds Total funds brought forward Total tund$ carried fornard 1,153,782 1,275,021 1,153,762 1,275,021 1,196,554 1,153,761 The statement ol financial activities includes all gains and lossBs recognised in the year. All in¢ome and expenditure derive from continuing aclivtties. Thè notè$ tsn 6 to g form part of thès¢ ftnancial ¥tOtgm*nl& Charles Newman Memorlal Fund Statement of Financial Position 5 April 2024 2024 2023 Note Fixed assets Investments 1,292,493 1.173,914 Currenl assets Cash at bank and in hand 4,710 21,981 Creditors: amounts falllng due wlthln one year Nel currenl liabllltles 12 22,182 42,134 17.472 1.275,021 1,275,021 20,153 Total assets less current Ilabilities Nel assets 1,153,761 1.153,761 Funds of the charlty Restricted lund5 1,275.021 1,1 $3,761 Total charlty funds 13 1,275,021 1.153,761 These Ilnancial statements were approved by the board ol Iruslegs and aulhorised lor issue on 5 September 2025, and are signed on behalf ol the board by.. R Owen Trustee The notes on pages 6 to 9 form part of these flnanclAI st•i*m¢nt$. Charles Newman Memorial Fund Noles lo the Financial Statements Year ended 5 April 2024 General Information The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address ol the principal off i¢e is CIO Kent House, 14-17 Market Place, W1W 8AJ, London. Siat9ment of compllance These financial slalements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic ol Ireland,, thg Staletnenl ol Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Fteporling Standard applicable in the UK and Republic ol Ireland IFRS 1021 (Charities SORP IFRS 10211 and the Charities Act 2011. Accounting pollcles Basls of preparatlon The financial slalements have been pr&pared under the historical cost convention, with the exception that investments are included at mark81 value. These include ihe results ol the charitls operations as indicated in the Trustees, rewrt, all ol which are continuing and are in accordance with the charivs governing document. Going coneern There are no tnaterial uncertainties about the charills ability to continue. Fund accounting Reslricled funds are subject lo external restrictions on their gxpendilure. Restricted Ivnds include revaluations repr@senling the restatement ol investment assets to market value. Incoming re¥our¢e3 A11 incoming resources are included in the slalemenl ol financial activities when enlillement ha5 passed to the charity,. il is probable Ihal the economie benefits associated with the transaction will flow lo the charity and the amount can be reliably measured. Investment income is included when receivable. Resources expended Expenditure is recogni5ed on an accnjals basis as a liability is incurred. Fxpendilure includes any VAT which cBnnol be lully recovered, and is classified under heaclings ol the statement of financial a¢livili&s lo which it relates: expenditure on ralslng funds comprise the costs ol managing the investrnents that provide the fund income expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charilable aims lor the benefit ol ils beneficiaries, including those support costs and costs relating lo the governance of the charity apportioned to charitable activrties All costs are allocated lo expenditure categories reflecting the use ol the resource. Investmenls Investments are included in Ihe financial statements at market value. All realised and unrealised gains on investments are included in the Slalemenl ol Financial Activities lor the year. Charles Newman Memorial Fund Notes to the Financial Statements {contlnu8d) Year ended 5 April 2024 Accounting policie$ {￿ntInued1 Financial instrumenis A financial asset or a financial liability is recognised only when the entity becomes a party lo the onlraclual provisions ol th8 inslrumenl. Basic financial instruments are initially recognised al the amount receivable or payable including any related transaction costs. Gurrenl assets and Current liabilities are SLJbsequently mèasured at the ¢ash or other consideration expected to be paid or received and not discounted. Financial assets that are measured al cost or amortised cost are rewewed lor objective evidence ol impairment al the end DI each rep(>rting dale. 11 there is objective evidence ol irnpairmenl, an impairment loss is recognised under the appropriate heading in the statement ol financial a¢livilies in which the initial gain was recognised. For all equity In5trumgnls regardless ol significance, and other financial assets that are individually significant, these are assessed indivldually lor impairment. Other financial assets are either assessed individLJally or grouped on the basis ol similar credit risk characteristics. Any reversals ol impairment are recognised immediately, to the exlenl that the reversal does not resu￿ in a carrying amount ol the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Investfflent Income Restricted Total Funds Funds 2024 Restricted Total Funds Funds 2023 Income from listed investments Income from cash held in a UK ¢nve51ment portfolio Bank interest receivable 33,286 33.286 27,470 27,470 710 154 710 154 314 25 314 25 34,150 34,150 27,809 27,809 Inveslment management ¢o$t$ Restricted Tolal Funds Funds 2024 Restricted Total Funds Funds 2023 Portfolio management Bank charge5 600 481 600 481 600 361 600 361 1,081 1.081 961 961 Expendlture on charitsble acllvitles by fund type Reslricled Tolal Funds Funds 2024 Reslricled Total Funds Funds 2023 Lighthouse ConstruclKJn Industry Charity Support costs 20,000 1,992 21,992 20,000 1,992 21,992 20,000 1,944 20,000 1,944 21,944 21,944 Charles Newman Memorial Fund Notes to the Flnancial Statements Icontlnuedj Year ended 5 April 2024 Net gainsl(lossesl on Investments Restricted Total Funds Funds 2024 Restricted Total Funds Funds 2023 Revaluation gainslllossesl on listed Invesimenls 110,182 110,182 147,6971 147,6971 Independent examination fees 2024 2023 Fees payable ID the independent examin8r for.. Independent examination ol the financial statements 1,992 1,944 Statt costs No salaries or wages have been paid lo employees, induding the members ol the committee during the year. 10. Trustee remuneratlon and expenses No remuneration or other benefits from employment with the charity or a related enlily were received by the trustees. 11. Investments Cash or cash Listed equivalents investments Total Cost or valuatlon Al 6 April 2023 Additions Disposals Other movements 18,157 1,155,757 1,173,914 8,397 8,397 110,182 1,292,493 110,182 1,265,939 At 5 April 2024 Impairment At 6 April 2023 and 5 April 2024 Carrylng amount At 5 Aprll 2024 Al 5 April 2023 26,554 26.554 1,265,939 1,155,757 1,292,493 1,173,914 18,157 A51 investments shown above are held at valuation. Listed investment5 The historical cost as al 5 April 2024 was £1,086,684 12023 £1,086,801). oiher movements reter to nel gains or losses on revaluations during the year. Charles Newman Memorial Fund Notes to the Flnancial Stalemenls (¢onllnu¢fyl} Year ended 5 April 2024 11. Investments (¢ontlnued? Flnanclal assets held al f8lr value All investments are carried al Ihelr lair value. Investments in equities. fixed and Iloaling interest securities are all traded on quoted public markets. The basis ol lair value lor quoted investments is equivalent to the market value, using the mid-markel price lor UK quoted inveslmenls and mid- price lor overse8s inveslmenls. Asset sales and purchases are recogni5ed al the dal& ol trade al cost Ilhal is their transaction value). 12. Creditors.- 8mounts falling due within onè year 2024 2023 Accruals 22,182 42.134 Included in ac¢rua15 is £20,000 12023 £40,000) in respect ol the income arising that the Trustees have approved and agreed lo pay to The Lighthouse Construction Indijstry Charity. 13. Analysis of charitable funds Restricted funds Al 6 April 2023 Gains and At losses 5 April 2024 Income Expenditure General lunds 1,153,762 34,150 123,0731 110,182 1,275,021 Al 6 April 2022 Gains and At losses 5 April 2023 Income Expenditure General funds 1,196,554 27,809 122,9051 147,6971 1.153.761 14. Income dlstribution hlslory During the last twenty years in particular the Charles Newman Memorial Fund's investrnenls have produced signilicanl levels of income. During that time, the Fund has generated investment Income 01 £524,746 ané bank interest of £2,082. Out ol that, the Trustees of the Fund have approved distributions of £398,610 lo the Lighthouse Construction Industry Charity and relain accumulated income funds of £128,218 available lor lulure distribution to the Lighthouse Construction Industry Charity al the discretion ol Trustees.