**CHARITY REGISTRATION NUMBER: 270824** 

## **Charles Newman Memorial Fund Unaudited Financial Statements** 

## **5 April 2025** 

## **S W FRANKSON & CO** 

Chartered Accountants 364 High Street Harlington Hayes Middlesex UB3 5LF 



## **Charles Newman Memorial Fund** 

## **Financial Statements** 

## **Year ended 5 April 2025** 

||**Page**|
|---|---|
|Trustees' annual report|**1**|
|Independent examiner's report to the trustees|**3**|
|Statement of financial activities|**4**|
|Statement of financial position|**5**|
|Notes to the financial statements|**6**|





## **Charles Newman Memorial Fund** 

## **Trustees' Annual Report** 

## **Year ended 5 April 2025** 

The trustees present their report and the unaudited financial statements of the charity for the year ended 5 April 2025. 

## **Reference and administrative details** 

**Registered charity name** Charles Newman Memorial Fund **Charity registration number** 270824 **Principal office** C/o Pinsent Masons LLP 30 Crown Place Earl Street EC2A 4ES 

## **The trustees** 

J Morgan D Oakervee P Bouverat R Owen S Fox **Independent examiner** N Ruddick FCA S W Frankson & Co 364 High Street Harlington Hayes Middlesex UB3 5LF 

## **Structure, governance and management** 

## Governing Document 

The organisation is an unincorporated charity set up under a Trust Deed dated 10 November 1975. 

## Appointment of Trustees 

The trustees are appointed under the statutory power of appointment by the continuing trustees. 

## **Objectives and activities** 

The object of the fund shall be charitable only and is to pay the income thereof, at the discretion of the Trustees, to the Lighthouse Construction Industry Charity for the purpose of relieving poverty suffered as a result of 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 of such persons. 

**- 1 -** 



## **Charles Newman Memorial Fund** 

**Trustees' Annual Report** _**(continued)**_ 

## **Year ended 5 April 2025** 

## **Achievements and performance** 

The fund is a capital fund, the income from which may be distributed to The Lighthouse Construction Industry Charity (LCIC). Historically not all of the income generated has been distributed. More recently, the fund has agreed to distribute £355,000. The accumulated distributable income fund is now in excess of £123,000 at the year end (2024 - £128,000). Despite the challenging economic environment over the past few years, the overall fund value has held up well as detailed below. 

Details of the fund's income distribution history is included in note 14. 

## **Financial review** 

## Reserves Policy 

The Trustees of the Charles Newman Memorial Fund may, at their discretion, pay over any part of the investment income (including accumulated income) to the Lighthouse Construction Industry Charity (as successor to the Lighthouse Club Benevolent Fund), for the purpose of relieving poverty, and accumulate any surplus income as an addition to the invested capital of the Fund. Over the last nine years, the Fund has agreed to distribute £355,000. The movement in the fund's capital is not separately identified as a reserve, however, the market value of the trust fund as at 5 April 2025 remains healthy at £1,243,526 (2024 - £1,275,021). 

## Investment Policy 

The investment objective is to provide a balance of income and capital growth which is conservative and in the long term constructing a balanced portfolio with a principal aim of achieving capital growth. 

## **Plans for future periods** 

The charity remains in a strong position to concentrate on achieving its objectives. Given the current uncertainty surrounding the world's economies, the trustees remain cautious regarding the future, but are hopeful that the fund will continue to grow and perform well. 

The trustees' annual report was approved on 29 January 2026 and signed on behalf of the board of trustees by: 

R Owen Trustee 

**- 2 -** 



## **Charles Newman Memorial Fund** 

## **Independent Examiner's Report to the Trustees of Charles Newman Memorial Fund** 

## **Year ended 5 April 2025** 

I report to the trustees on my examination of the financial statements of Charles Newman Memorial Fund ('the charity') for the year ended 5 April 2025. 

## **Responsibilities and basis of report** 

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’). 

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. 

## **Independent examiner's statement** 

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 

2. the financial statements do not accord with those records; or 

3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination. 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 

N Ruddick FCA S W Frankson & Co Independent Examiner 

364 High Street Harlington Hayes Middlesex UB3 5LF 

30 January 2026 

**- 3 -** 



## **Charles Newman Memorial Fund** 

## **Statement of Financial Activities** 

## **Year ended 5 April 2025** 

|**Year ended 5 April 2025**|||||
|---|---|---|---|---|
|||**2025**||2024|
|||Restricted|||
|||funds|**Total funds**|Total funds|
||**Note**|**£**|**£**|£|
|**Income and endowments**|||||
|Investment income|**4**|35,613|**35,613**|34,150|
|||ৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄ|
|**Total income**||35,613|**35,613**|34,150|
|||৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶|
|**Expenditure**|||||
|Expenditure on raising funds:|||||
|Investment management costs|**5**|(483)|**(483)**|(1,081)|
|Expenditure on charitable activities|**6**|(41,992)|**(41,992)**|(21,992)|
|||ৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄ|
|**Total expenditure**||(42,475)|**(42,475)**|(23,073)|
|||৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶|
|Net (losses)/gains on investments|**7**|(24,633)|**(24,633)**|110,182|
|||ৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄৄ|
|**Net (expenditure)/income and net movement in funds**||(31,495)|**(31,495)**|121,259|
|||৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶৶|
|**Reconciliation of funds**|||||
|Total funds brought forward||1,275,021|**1,275,021**|1,153,762|
|||ৄৄৄৄৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄৄৄৄৄ|
|**Total funds carried forward**||1,243,526|**1,243,526**|1,275,021|
|||৶৶৶৶৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶৶৶৶৶|



The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 

**The notes on pages 6 to 9 form part of these financial statements.** 

**- 4 -** 



## **Charles Newman Memorial Fund** 

## **Statement of Financial Position** 

## **5 April 2025** 

|**5 April 2025**||||||
|---|---|---|---|---|---|
|||**2025**||2024||
||**Note**|**£**|**£**|£|£|
|**Fixed assets**||||||
|Investments|**11**||**1,303,350**||1,292,493|
|**Current assets**||||||
|Cash at bank and in hand||**4,230**||4,710||
|**Creditors: amounts falling due**||||||
|**within one year**|**12**|**64,054**||22,182||
|||ৄৄৄৄৄৄৄৄ||ৄৄৄৄৄৄৄৄ||
|**Net current liabilities**|||**59,824**||17,472|
||||ৄৄৄৄৄৄৄৄৄৄৄৄ||ৄৄৄৄৄৄৄৄৄৄৄৄ|
|**Total assets less current liabilities**|||**1,243,526**||1,275,021|
||||ৄৄৄৄৄৄৄৄৄৄৄৄ||ৄৄৄৄৄৄৄৄৄৄৄৄ|
|**Net assets**|||**1,243,526**||1,275,021|
||||৶৶৶৶৶৶৶৶৶৶৶৶||৶৶৶৶৶৶৶৶৶৶৶৶|
|**Funds of the charity**||||||
|Restricted funds|||**1,243,526**||1,275,021|
||||ৄৄৄৄৄৄৄৄৄৄৄৄ||ৄৄৄৄৄৄৄৄৄৄৄৄ|
|**Total charity funds**|**13**||**1,243,526**<br>৶৶৶৶৶৶৶৶৶৶৶৶||1,275,021<br>৶৶৶৶৶৶৶৶৶৶৶৶|



These financial statements were approved by the board of trustees and authorised for issue on 29 January 2026, and are signed on behalf of the board by: 

R Owen Trustee 

**The notes on pages 6 to 9 form part of these financial statements.** 

**- 5 -** 



## **Charles Newman Memorial Fund** 

## **Notes to the Financial Statements** 

## **Year ended 5 April 2025** 

## **1. General information** 

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is C/O Pinsent Masons LLP, 30 Crown Place, Earl Street, EC2A 4ES. 

## **2. Statement of compliance** 

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011. 

## **3. Accounting policies** 

## **Basis of preparation** 

The financial statements have been prepared under the historical cost convention, with the exception that investments are included at market value. 

These include the results of the charity's operations as indicated in the Trustees' report, all of which are continuing and are in accordance with the charity's governing document. 

## **Going concern** 

There are no material uncertainties about the charity's ability to continue. 

## **Fund accounting** 

Restricted funds are subject to external restrictions on their expenditure. Restricted funds include revaluations representing the restatement of investment assets to market value. 

## **Incoming resources** 

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. 

Investment income is included when receivable. 

## **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 classified under headings of the statement of financial activities to which it relates: 

- expenditure on raising funds comprise the costs of managing the investments that provide the fund income 

- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities 

All costs are allocated to expenditure categories reflecting the use of the resource. 

## **Investments** 

Investments are included in the financial statements at market value. 

All realised and unrealised gains on investments are included in the Statement of Financial Activities for the year. 

**- 6 -** 



## **Charles Newman Memorial Fund** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 5 April 2025** 

## **3. Accounting policies** _**(continued)**_ 

## **Financial instruments** 

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. 

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. 

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 

## **4. Investment income** 

||Restricted|**Total Funds**|Restricted|Total Funds|
|---|---|---|---|---|
||Funds|**2025**|Funds|2024|
||£|**£**|£|£|
|Income from listed investments|34,793|**34,793**|33,286|33,286|
|Income from cash held in a UK|||||
|investment portfolio|820|**820**|710|710|
|Bank interest receivable|–|**–**|154|154|
||ৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄ|
||35,613|**35,613**|34,150|34,150|
||৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶|



## **5. Investment management costs** 

||Restricted|**Total Funds**|Restricted|Total Funds|
|---|---|---|---|---|
||Funds|**2025**|Funds|2024|
||£|**£**|£|£|
|Portfolio management|2|**2**|600|600|
|Bank charges|481|**481**|481|481|
||ৄৄৄৄ|ৄৄৄৄ|ৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄ|
||483|**483**|1,081|1,081|
||৶৶৶৶|৶৶৶৶|৶৶৶৶৶৶৶|৶৶৶৶৶৶৶|
|**Expenditure on charitable activities by fund type**|||||
||Restricted|**Total Funds**|Restricted|Total Funds|
||Funds|**2025**|Funds|2024|
||£|**£**|£|£|
|Lighthouse Construction Industry|||||
|Charity|40,000|**40,000**|20,000|20,000|
|Support costs|1,992|**1,992**|1,992|1,992|
||ৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄ|
||41,992|**41,992**|21,992|21,992|
||৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶|



## **6. Expenditure on charitable activities by fund type** 

**- 7 -** 



## **Charles Newman Memorial Fund** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 5 April 2025** 

## **7. Net (losses)/gains on investments** 

|||Restricted|**Total Funds**|Restricted|Total Funds|
|---|---|---|---|---|---|
|||Funds|**2025**|Funds|2024|
|||£|**£**|£|£|
||Revaluation gains/(losses) on listed|||||
||investments|(24,633)|**(24,633)**|110,182|110,182|
|||৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶৶|
|**8.**|**Independent examination fees**|||||
|||||**2025**|2024|
|||||**£**|£|
||Fees payable to the independent examiner for:|||||
||Independent examination of the financial statements|||**1,992**<br>৶৶৶৶৶৶৶|1,992<br>৶৶৶৶৶৶৶|



## **9. Staff costs** 

No salaries or wages have been paid to employees, including the members of the committee during the year. 

## **10. Trustee remuneration and expenses** 

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. 

## **11. Investments** 

||Cash or cash|Listed||
|---|---|---|---|
||equivalents|investments|**Total**|
||£|£|**£**|
|**Cost or valuation**||||
|At 6 April 2024|26,554|1,265,939|**1,292,493**|
|Additions|–|14,082|**14,082**|
|Transfers|21,409|–|**21,409**|
|Other movements|–|(24,634)|**(24,634)**|
||ৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄৄৄৄৄ|
|**At 5 April 2025**|47,963|1,255,387|**1,303,350**|
||৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶৶৶৶৶|
|**Impairment**||||
|**At 6 April 2024 and 5 April 2025**|||**–**|
||||৶৶৶৶৶৶৶৶৶৶৶৶|
|**Carrying amount**||||
|**At 5 April 2025**|47,963|1,255,387|**1,303,350**|
||৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶৶৶৶৶|
|At 5 April 2024|26,554<br>৶৶৶৶৶৶৶৶|1,265,939<br>৶৶৶৶৶৶৶৶৶৶৶৶|1,292,493<br>৶৶৶৶৶৶৶৶৶৶৶৶|



All investments shown above are held at valuation. 

## **Listed investments** 

The historical cost as at 5 April 2025 was £1,100,766 (2024 - £1,086,684). Other movements refer to net gains or losses on revaluations during the year. 

**- 8 -** 



## **Charles Newman Memorial Fund** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 5 April 2025** 

## **11. Investments** _**(continued)**_ 

## **Financial assets held at fair value** 

All investments are carried at their fair value. Investments in equities, fixed and floating interest securities are all traded on quoted public markets. The basis of fair value for quoted investments is equivalent to the market value, using the mid-market price for UK quoted investments and midprice for overseas investments. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value). 

## **12. Creditors: amounts falling due within one year** 

||**2025**|2024|
|---|---|---|
||**£**|£|
|Accruals|**64,054**|22,182|
||৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶|



Included in accruals is £60,000 (2024 - £20,000) in respect of the income arising that the Trustees have approved and agreed to pay to The Lighthouse Construction Industry Charity. Subsequent to the year end, £20,000 was paid to the Charity and the remaining £40,000 will be paid at the earliest opportunity. 

## **13. Analysis of charitable funds** 

## **Restricted funds** 

|||At|||Gains and|**At**|
|---|---|---|---|---|---|---|
||6|April 2024|Income|Expenditure|losses|**5 April 2025**|
|||£|£|£|£|**£**|
|General funds||1,275,021|35,613|(42,475)|(24,633)|**1,243,526**|
|||৶৶৶৶৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶৶৶৶৶|
|||At|||Gains and|At|
||6|April 2023|Income|Expenditure|losses|5 April 2024|
|||£|£|£|£|£|
|General funds||1,153,762|34,150|(23,073)|110,182|1,275,021|
|||৶৶৶৶৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶৶৶৶৶|



## **14. Income distribution history** 

During the last twenty years in particular the Charles Newman Memorial Fund's investments have produced significant levels of income. During that time, the Fund has generated investment income of £560,359 and bank interest of £2,082. Out of that, the Trustees of the Fund have approved distributions of £438,610 to the Lighthouse Construction Industry Charity and retain accumulated income funds of £123,831 available for future distribution to the Lighthouse Construction Industry Charity at the discretion of Trustees. 

**- 9 -**