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2022-08-31-accounts

Newcomen Collett Foundation

Charity No. 312804

Financial Statements

for the eleven months ended 31[st] August 2022

Newcomen Collett Foundation Index

Page

Governors, Officers and Advisers ................................................................................................................ 1 Report of the Governors ...................................................................................................................... 2 to 7 Report of the Independent Examiner ........................................................................................................... 8 Statement of Financial Activities ......................................................................................................... 9 to 10 Balance Sheet ........................................................................................................................................... 11 Statement of Cashflows ............................................................................................................................. 12 Notes to the Accounts ....................................................................................................................... 13 to 20 Analysis of Major Grants ............................................................................................................................ 20

1

Newcomen Collett Foundation

Governors, Officers and Advisers

GOVERNORS (are appointed by resolution of the remaining governors for a term of 4 years)

FIRST APPOINTED
a b c Alderman Tim McNally (Chair) 14.12.17
a c E Wingfield Esq (Vice Chair) 10.03.22
a c A Eden Esq 28.09.17
a R Lovell Esq 15.03.99
a b R V Ashdown Esq 22.09.05
A Leiffheidt Esq 11.12.08
a Mrs J Goodland 13.12.13
a P MacFarlane Esq 26.09.14
Canon M Rawson 10.03.16
a Mrs Neha Jain 09.03.17
Ms Janet Simpson 13.12.18
a
Member of the Investment Committee
b
Member of the Audit Committee
c
Member of the Governor Selection Committee

With effect from 1[st] January 2022 all governors are also trustees of St Mary Newington Educational Foundation, charity number 312317.

OFFICERS

Ms C M de Cintra BA ACA Ms A Lamont

Clerk to the Governors Field Officer

PRINCIPAL OFFICE

Marshall House Tel : 020 7407 2967 66 Newcomen Street e-mail: clerk@newcomencollett.org.uk London SE1 1YT

BANKERS

Unity Trust Bank plc Nine Brindley Place Birmingham B1 2HB

Charity Bank Ltd Fosse House, 182 High Street Tonbridge TN9 1BE

SOLICITORS

Cripps LLP 22 Mount Ephraim Tunbridge Wells TN4 8AS

INDEPENDENT EXAMINER

Mrs C Williams FCCA Verdant Accountants 20-22 Wenlock Road London N1 7GU

INVESTMENT MANAGERS CCLA 85 Queen Victoria Street London ECV4 4ET

Cazenove Capital 1 London Wall Place London EC2Y 5AU

2

Newcomen Collett Foundation

Report of the Governors for 2022

1. OBJECTIVES AND ACTIVITIES

Purposes of the Foundation

The Foundation was formed by the merger in 1988 of two much older charities. The Elizabeth Newcomen Educational Foundation was formed in 1685 and John Collett Educational Foundation in 1711. Both charities had been set up for the benefit of young people in and around Southwark.

The charitable purposes of the Newcomen Collett Foundation are:

On 31[st] January 2022 all the Governors of Newcomen Collett Foundation became Trustees of St Mary Newington Educational Foundation. Its corporate trustee, Southwark Charities, then resigned. St. Mary Newington Educational Foundation is constituted by a Charity Commission Scheme. The object of the Charity is to provide financial assistance to children in need in the former parish of St. Mary Newington.

Public Benefit

The objects and purposes of the Foundation are set out in the first paragraphs of this Report. The Governors confirm that they have referred to the Charity Commission’s general guidance on public benefit when reviewing the Foundation’s aims and objectives and in planning future activities and setting the grant-making policy for the year.

Activities

The principal area of activity is awarding grants using funds generated from investment assets. This is explained in more detail below.

For many years, the Foundation has shared the offices and costs with Marshall’s Charity, another grant-making charity. We will deal with this relationship further under the section on governance below.

A) Investment Management

As an Endowed Foundation one of the primary tasks of the Governors is to manage the investment assets. The Governors have adopted a policy of prudent diversification in relation to the investments and as such hold the investments in both property and equity assets.

The Investment Committee advises the Governors on Investment Policy for the Foundation. The aim is to balance the needs of current and future beneficiaries. The specific financial objectives of the Foundation are:

The Governors have invested all securities in accumulation units in order to grow the endowment fund for future beneficiaries. Grants to current beneficiaries are made from unrestricted funds.

Securities held by St Mary Newington Educational Foundation are invested in income units.

Property

Approximately 60% of the endowment is currently invested directly in property. The portfolio is diversified by size, location and class.

The Investment Committee continues to explore the development potential of all the properties in the portfolio. The

3

Newcomen Collett Foundation

Report of the Governors for 2022

Governors are also identifying which properties should continue to be held in the portfolio and are devising a strategy for selling properties identified for disposal.

The Foundation’s property portfolio is actively managed by the Surveyor to Marshall’s Charity.

Securities

Approximately 40% of the current endowment is invested in securities.

The investment policy recommends diversification of risk, and as such the Foundation holds its funds in two Common Investment Funds: the Charity Multi-Asset Fund with Cazenove and the CCLA COIF Charities Investment Fund.

St Mary Newington Educational Foundation holds its funds in the CCLA COIF Charities Investment Fund, the CCLA COIF Property Investment Fund, the CCLA COIF Global Equity Fund and the M&G Equity Investment Fund for Charity (Charifund).

Each Fund Manager issues quarterly reports showing the performance of the Funds. The Governors continue to monitor performance and also to keep under review the level of securities held in relation to property investments.

B) Grant-Making

The objects of the Foundation, which are set out in section 1, provide for four types of grant.

In practice most of the grant-making activities fall within the fourth object. In relation to the first three objects:

The grants made under the fourth object fall into three categories: school uniform grants, grants to individuals and grants to organisations.

School Uniform Grants

Each year a proportion of the available funds is made available for emergency grants to purchase school uniforms. Schools contact the Foundation to outline the pupil’s situation and request a grant. Grants are awarded under Clerk’s discretion and applications are usually turned around within 48 hours. The school is responsible for purchasing the items of school uniform and the Foundation reimburses the school.

Grants to Individuals

Individuals who are under the age of 25 and have been resident in Southwark for at least two years are eligible to apply for a grant towards the cost of their education. The majority of grants are awarded towards the costs of those attending tertiary or higher education. Priority is given to natives of Southwark, and to those embarking on their first post-school qualification. Grants to individuals under the age of 16 are usually only awarded in cases of exceptional talent or need. Individuals are eligible to apply once in any twelve-month period. The Governors do not make multi-year awards but will usually consider repeat applications from students for as long as they continue their studies.

Grants to Organisations

Organisations who work with young people in Southwark are eligible to apply for grants. Support is given towards a breadth of activities including residential trips, music productions and equipment, sports resources, arts projects, after school clubs and holiday clubs. Priority is given to organisations which are based in Southwark.

St Mary Newington Educational Foundation allocates between 40% and 50% of net income for the purpose of enabling the Governors or Managers of Church Schools within the boundary of the Ancient Parish of St Mary Newington to comply with their obligations with respect to the maintenance of such schools under the Educations Act, 1944 to 1953. The Trustees apply the balance of net income to be available for grants to organisations situated within the boundary of the Ancient Parish of St Mary Newington.

4

Newcomen Collett Foundation

Report of the Governors for 2022

2. ACHIEVEMENTS AND PERFORMANCE

Achievements

The Governors changed the financial year end from 30[th] September to 31[st] August. This was done to facilitate discussion of quarterly results at governors’ meetings. The Governors changed the year end of St Mary Newington Educational Foundation from 31[st] December to 31[st] August, so its year end is co-terminus with Newcomen Collett Foundation.

The eleven months ended 31[st] August 2022 was a busy and successful year for the Foundation. The Governors are pleased that the capital value of the investment assets has increased over the year. There were no Income returns from securities as all securities are in accumulation funds. However rental income from properties and the rundown of accumulated reserves enabled the Foundation to award grants of over £74k to 144 individuals and organisations.

The various achievements are explored in more detail below.

A) Investment Management

Property

The capital values of the properties increased by 0.75% over the year.

Securities

The value of securities remained stable from one year end to the next, increasing in value by 0.22%. The securities are split between the CCLA COIF Investment Fund and the Cazenove Charity Multi Asset Fund. The holdings in Cazenove and CCLA are roughly equal.

Investment Managers provide regular reports on the performance of their funds, and the Governors review the performance of their investments on a regular basis. The Foundation compares performance to the individual fund's own benchmarks.

The value of securities held by St Mary Newington Educational Foundation reduced in value by 5.3%,

B) Grant-making

The Foundation has continued to see greater demand for its grants than it has funds available. Consequently, the Governors, with the assistance of the Field Officer, follow the grant-making priorities of the Foundation. It is hoped that this will enable the Foundation’s limited funds to be directed to those organisations and individuals who will benefit most from a grant.

The number of grants awarded during the year are set out below:

School Uniform Grants

72 (2021 – 157) grants were awarded for the purchase of school uniforms during the year.

Grants to Individuals

20 (2021 – 29) grants were awarded to individuals over the year and these were generally towards the living costs of those pursuing post-16 educational opportunities.

Grants to Organisations

52 (2021 – 32) grants were awarded to organisations for a range of projects covering the arts, drama, sports, school trips and holiday clubs.

Emergency Laptop Grants

0 (2021 – 200) grants were awarded for emergency laptops to individuals to support educational activities during the pandemic whilst children were off school or students were being taught remotely. These grants have now ended.

Grants made by St Mary Newington Educational Foundation

1 grant was made to a school for maintenance purposes and 2 grants were made to promote the education of beneficiaries.

5

Newcomen Collett Foundation

Report of the Governors for 2022

3. FINANCIAL REVIEW

Review of Finances

The Newcomen Collett Foundation incurred a deficit of £26,698 on its activities during the eleven-month period, excluding gains on investments. The Governors had agreed a deficit budget for the period of £24,851 to reduce unrestricted reserves. St Mary Newington Educational Foundation generated a surplus of £4,833 on its activities during the eight-month period, excluding losses on investments. Thus, the consolidated results for the period showed a deficit of £21,865 excluding gains and losses on investments.

The freehold investment properties are revalued annually by the Surveyor to Marshall’s Charity. This year, in his view, there has been a small increase in the value of the portfolio.

Reserves Policy

The Governors have adopted a policy regarding free reserves which seeks to ensure that

Free reserves exclude restricted funds and designated funds. They also exclude any unrestricted funds held in fixed assets. At 31[st] August 2022 the target level of free reserves was £70,000. However, the actual level was £337,595. The governors have agreed to reduce the free reserves over a number of years by increasing the amount of grants awarded and hence setting budgets with a deficit. The budgeted deficit for the year ending 31[st] August 2023 is £43,944.

Going Concern

Having reviewed the financial performance for the year, the budget for the year ended 31[st] August 2023 and plans for future years, the Governors confirm that the financial statements for the eleven months to 31[st] August 2022 can be prepared on the going concern basis.

Investment Policy

The Governors continued with the Investment Policy adopted in December 2018. Currently the Governors do not wish to impose any specific ethical investment policy; however potential investments are assessed to ensure congruence with the aims and ethos of the Foundation.

Plans for the Future

The Foundation has a long-term strategy to build up its asset base in order to provide more income for the important grant needs of the community it serves.

Risk

The Risk Register is considered in detail at each Governors meeting and appropriate actions are being taken to mitigate any risks identified.

As at 31[st] August 2022 there were no major risks facing the Foundation.

4. STRUCTURE, GOVERNANCE & MANAGEMENT

Governing Documents & Governors

The Foundation was set up under a Scheme of the Charity Commissioners dated 16 September 1988.

The Foundation is controlled by a body of Governors, who are the trustees of the Foundation, all of whom are members of the General Meeting of Governors. Governors are elected to serve for a four-year period and may be re-elected for subsequent four-year periods. There is a maximum of fourteen Governors, none of whom receives any remuneration or benefit from the Foundation.

One Governor may be appointed as a Representative Governor by the Governors of the Cathedral School and Janet Simpson is currently that Governor. One other Governor may be appointed as a Representative Governor by the Guy’s & St Thomas’ Charitable Trust and Tim McNally is currently that Governor.

The Governors are pleased that Canon Michael Rawson is currently a Governor. He is Sub Dean and Canon Pastor at Southwark Cathedral. The Foundation has had a long relationship with Southwark Cathedral and the Governors are delighted that the relationship continues, and that Michael is able to represent the concerns of the local community.

6

Newcomen Collett Foundation

Report of the Governors for 2022

On 10[th] March 2022 Edward Wingfield was appointed a governor. He had previously been involved in St Mary Newington Educational Foundation through his role with Southwark Charities and has a great interest in Newcomen’s work.

St Mary Newington Educational Foundation is a registered charity (number 312317) which is governed by two schemes, the 1916 Scheme made by the Board of Education and the 1955 Scheme made by the Minister of Education, as amended by a Scheme of the Charity Commission dated 10th December 1965 and a resolution dated 26 September 2010.

Governor Selection & Training

The Governor Selection Committee meets as necessary to consider new appointments of Governors. There are currently four vacancies for Governors on the Board.

The Foundation is fortunate to have many highly qualified and experienced Governors who are also active in other charities. In keeping with the need to maintain the highest levels of governance, the Foundation encourages all Governors to participate in training that is relevant and which will assist them in their roles. Through our membership of the Charity Finance Group and the Association of Charitable Foundations and also from professional advisers, various courses are available in many of the specialist areas that affect the Foundation.

The management of the Foundation and its assets is largely undertaken by two experienced professional staff in the persons of the Clerk and the Surveyor of Marshall’s Charity, and the Foundation ensures that both of them undertake appropriate continuing professional education relevant to its needs. Both of them ensure that the relevant knowledge gained in this training is forwarded to the Governors.

Governance

As with the corporate world, the charity sector has recognised that good governance and transparency are key responsibilities in their relationship with the community they serve. The Newcomen Collett Foundation seeks to ensure that it meets the highest standards in these areas consistent with the size of its operations and funds. To this end, the Foundation seeks to ensure compliance with the Charity Governance Code.

There are currently three committees: an Investment Committee, an Audit Committee and a Governor Selection Committee. All committees have formal terms of reference and no committee has delegated powers to act without the authority of the General Meeting of Governors. The Governors rely greatly on the careful and thoughtful work undertaken by these committees which allows the General Meeting to deal more effectively with the many issues which are its concern.

The Foundation has a working agreement with Marshall’s Charity, together with a license to occupy the premises at Newcomen Street, which sets out the terms for sharing staff between the two charities.

In order to allow potential beneficiaries to find out more easily about the work of the Foundation and their ability to qualify for grants, the Foundation has its own website, www.newcomencollett.org.uk. As well as providing information about the Foundation, a link on this website allows applications to be processed online.

Audit Committee

This committee oversees the production of annual statutory accounts. The independent examiner is offered the opportunity to report to the Governors in confidence on any issues that might have arisen during the independent examination.

Management

The day-to-day management of the affairs of the Foundation is delegated to the Clerk and the Field Officer. The Governors believe that the operation of a Foundation with assets and income of this scale requires management by professionally trained staff with its necessary costs. They are immensely grateful to both the Clerk and the Field Officer for their dedication to the work of the Foundation, as well as the support given by Jim Keegan as Surveyor to Marshall’s Charity, who reports regularly to the Governors on matters related to the property portfolio of the Foundation.

Remuneration Committee

The pay arrangements for Foundation staff employed by Marshall’s Charity are dealt with by the Remuneration Committee of Marshall’s Charity. In view of the close working relationship between the charities, the Committee invites the Newcomen Collett Foundation to nominate representatives to join them for its meetings. At its annual meeting the Committee receives a report from the Clerk on staff issues and performance, and then considers sector and national pay rates and conditions, and levels of inflation, before preparing its recommendations. The Chair and Vice Chair advise the Governors on salary reviews for its own members of staff.

7

Newcomen Collett Foundation

Report of the Governors for 2022

Remuneration Policy

The Governors are grateful for the commitment and enthusiasm of the Foundation’s staff. The Governors take the view that it is essential to attract and retain staff with the appropriate skills and capabilities and reward them fairly for delivering the Foundation’s important work. In order to do this the Foundation reviews its salaries on a regular basis and this is done in conjunction with Marshall’s Charity Remuneration Committee.

Statement of Governors’ Responsibilities

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

The law applicable to charities in England & Wales requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of its incoming resources and application of resources of the Foundation for that period.

In preparing these financial statements the Governors are required to:

The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the Foundation’s transactions and disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Report) Regulations 2008 and the provisions of its Constitutional Scheme. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Governors are responsible for the maintenance and integrity of the corporate and financial information included on the Foundation’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislations in other jurisdictions.

Approved by the Governors on 9[th] March 2023 and signed on their behalf:

Tim McNally Chairman

Robert Ashdown Governor

8

Newcomen Collett Foundation

Independent Examiner’s Report to the Governors for 2022

I report to the Trustees on my examination of the accounts of Newcomen Collett Foundation for the eleven months ended 31 August 2022 which are set out on pages 9 to 20.

Respective responsibilities of trustees and examiner

The trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the 2011 Act”). The trustees are satisfied that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and have chosen instead to have an independent examination.

I report in respect of my examination of the Trust’s accounts as carried out under section 145 of the 2011 Act. In carrying out my examination I have followed the requirements of the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

I can confirm that I am qualified to undertake the examination because I am a registered member of ACCA which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention 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 2011 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts 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.

Chaweevan Williams FCCA Verdant Accountants Ltd 20-22 Wenlock Road London N1 7GU

Date: 23[rd] March 2023

Newcomen Collett Foundation

9

Consolidated Statement of Financial Activities for the eleven months ended 31st August 2022

Notes
INCOME AND ENDOWMENTS FROM:
Investment income
Property rentals
Dividends & other income
4
Total income
EXPENDITURE ON:
Raising funds
16
Charitable activities
16
Total expenditure
Net income/(expenditure) before
gains and losses on investment
Net recognised gains / (losses)
on investment
Property - unrealised
2
Securities - realised & unrealised
3
Net income/(expenditure) after
gains and losses on investment
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds from St Mary Newington Educational
Foundation
8&9
Total funds carried forward		 Unrestricted
Endowment
Group
Charity
Funds
Fund
2022
2021
£
£
£
£
125,984
-
125,984
89,616
11,838
-
11,838
1,880
137,822
-
137,822
91,496
47,326
-
47,326
46,545
112,361
-
112,361
142,665
159,687
-
159,687
189,210
(21,865)
-
(21,865)
(97,714)
-
20,000
20,000
563,854
(21,365)
3,923
(17,442)
257,385
(43,230)
23,923
(19,307)
723,525
-
-
-
-
(43,230)
23,923
(19,307)
723,525
364,293
4,218,107
4,582,400
3,858,875
417,740
-
417,740
-
738,803
4,242,030
4,980,833
4,582,400

All the above amounts relate to continuing activities and include all recognised gains and losses.

The notes on pages 13 to 20 form part of these accounts.

Newcomen Collett Foundation

10

Charity Statement of Financial Activities for the eleven months ended 31st August 2022

Notes
INCOME AND ENDOWMENTS FROM:
Investment income
Property rentals
Dividends & other income
4
Total income
EXPENDITURE ON:
Raising funds
16
Charitable activities
16
Total expenditure
Net income/(expenditure) before
gains and losses on investment
Net recognised gains / (losses)
on investment
Property - unrealised
2
Securities - realised & unrealised
3
Net income/(expenditure) after
gains and losses on investment
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
Endowment
Total
Total
Funds
Fund
2022
2021
£
£
£
£
125,984
-
125,984
89,616
86
-
86
1,880
126,070
-
126,070
91,496
47,291
-
47,291
46,545
105,477
-
105,477
142,665
152,768
-
152,768
189,210
(26,698)
-
(26,698)
(97,714)
-
20,000
20,000
563,854
-
3,923
3,923
257,385
(26,698)
23,923
(2,775)
723,525
-
-
-
-
(26,698)
23,923
(2,775)
723,525
364,293
4,218,107
4,582,400
3,858,875
337,595
4,242,030
4,579,625
4,582,400

All the above amounts relate to continuing activities and include all recognised gains and losses.

The notes on pages 13 to 20 form part of these accounts.

Newcomen Collett Foundation

11

Balance Sheet at 31st August 2022

Notes
FIXED ASSETS
Investments - General Purposes
Freeholds
2
Securities
3
CURRENT ASSETS
Debtors and prepayments
5
Cash at bank and in hand
Creditors: Amounts falling
due within one year
6
Net current assets
NET ASSETS
FUNDS
Unrestricted Fund
Endowment Fund
7
TOTAL FUNDS		 Group
2022
2022
2021
Charity
£
£
£
2,730,000
2,730,000
2,710,000
2,208,228
1,826,136
1,822,213
4,938,228
4,556,136
4,532,213
-
-
2,967
113,505
87,889
101,816
113,505
87,889
104,783
70,900
64,400
54,596
42,605
23,489
50,187
4,980,833
4,579,625
4,582,400
738,803
337,595
364,293
4,242,030
4,242,030
4,218,107
4,980,833
4,579,625
4,582,400

Approved by the Governors and authorised for issue on 9th March 2023 and signed on their behalf:

Tim McNally

Governor

Robert Ashdown Governor

The notes on pages 13 to 20 form part of these accounts.

Newcomen Collett Foundation

12

Consolidated Statement of Cash Flows for the eleven months ended 31st August 2022

Notes
Cash flows from operating activities:
Net cash provided by (used in) operating activities
17
Cash flows from investing activites:
Dividends, interest and rents from investments
Addition to property
Proceeds from the sale of investments
Purchase of investments
Net cash provided by (used in) investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the
reporting period		 2022
2021
£
£
(126,133)
(137,974)
137,822
91,496
-
(1,226)
-
507,779
-
(507,779)
137,822
90,270
11,689
(47,704)
101,816
149,520
113,505
101,816

13

Newcomen Collett Foundation

Notes to the accounts for the 11 months ended 31[st] August 2022

1. Accounting Policies

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 affected current and future periods. Judgements made by the trustees, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are deemed to be in relation to the valuation of properties and are discussed below.

14

Newcomen Collett Foundation

Notes to the accounts for the 11 months ended 31[st] August 2022

In the view of the Governors, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

15

Newcomen Collett Foundation

Notes to the accounts for the eleven months ended 31st August 2022 (continued)

2 Freehold properties

Freehold properties
Opening balance at 1st October 2021
Additions during the year
Revaluation of properties at year end
Closing balance at 31st August 2022/
30th September 2021		 Group
2022
2022
2021
Charity
£
£
£
2,710,000
2,710,000
2,144,920
-
-
1,226
20,000
20,000
563,854
2,730,000
2,730,000
2,710,000

The property portfolio has been valued by Mr J Keegan, who is the Surveyor to Marshall's Charity. The valuation is on the basis of open market value.

3 Securities - UK Managed Funds

Securities - UK Managed Funds
Market value at 1st October 2021
SMNEF securities
Additions during the year
Disposal during the year
Surplus/(loss) on sale of securities
Net (loss)/gain on revaluations during the year
Market value at 31st August 2022
Historical cost at 31st August 2022		 Group
2022
2022
2021
Charity
£
£
£
1,822,213
1,822,213
1,564,828
403,457
-
-
507,779
-
-
(507,779)
-
-
45,275
(17,442)
3,923
212,110
2,208,228
1,826,136
1,822,213
1,612,984
1,457,179
1,457,179

Securities consisted of the following holdings:

Securities consisted of the following holdings:
Market Value Market Value
Group Charity
2022 2022 2021
£ £ £
Cazenove Capital Charity Multi-Asset Fund 975,032 975,032 980,560
CCLA COIF Charities Investment Fund 929,444 851,104 841,653
CCLA COIF Property Investment Fund 46,523
CCLA COIF Global Equity Fund 65,041
M&G Equity Investment Fund for Charity (Charifund) 192,188

Newcomen Collett Foundation

16

Notes to the accounts for the eleven months ended 31st August 2022 (continued)

4 Dividends and interest on securities

UK Dividends Other interest received and other income

Group Charity Charity
11 m/e 31/8/22 11 m/e 31/8/22 Y/e 30/9/21
£ £ £
11,752 - -
86 86 1,880
11,838 86 1,880

5 Debtors and prepayments

Debtors and prepayments
Other debtors Group
11 m/e 31/8/22
11 m/e 31/8/22
Y/e 30/9/21
Charity
£
£
£
-
-
2,967
-
-
2,967

6 Creditors: amounts falling due within one year

Grants authorised but unpaid
Value Added Tax
Other creditors		 Group
11 m/e 31/8/22
11 m/e 31/8/22
Y/e 30/9/21
Charity
£
£
£
39,855
33,355
34,706
3,642
3,642
1,659
27,403
27,403
18,231
70,900
64,400
54,596

7 Endowment Fund

Balance brought forward from previous year Adjustment to market value of properties Adjustment to market value of securities Profit/(loss) on sale of securities

Group Charity Charity
11 m/e 31/8/22 11 m/e 31/8/22 Y/e 30/9/21
£ £ £
4,218,107 4,218,107 3,396,868
20,000 20,000 563,854
3,923 3,923 212,110
- - 45,275
4,242,030 4,242,030 4,218,107

8 General Purposes Fund

SMNEF funds transferred on 01/01/22 Adjustment to market value of securities Surplus/(deficit) for the year

Group Charity
2022 2022 2021
£ £ £
217,790 - -
(19,610) - -
4,833 - -
203,013 - -

17

Newcomen Collett Foundation

Notes to the accounts for the eleven months ended 31st August 2022 (continued)

9 Capital Fund

----- Start of picture text -----
Group Charity
2022 2022 2021
£ £ £
SMNEF funds transferred on 01/01/22 199,950 - -
- -
Adjustment to market value of securities (1,756)
198,194 - -
----- End of picture text -----

10 Governors and Related Party Transactions

11 Independent Examiner fees

Fees paid to the Independent Examiner in the year totalled £1,000 (2021 - £1,500) and were all in respect of independent examination services.

12 Analysis of Net Assets between Funds

Restricted Funds
Endowment Fund
Unrestricted Funds
Unallocated Income		 2022
2021
Net
Net
Investments
Current
Investments
Current
General
Assets/
Total
General
Assets/
Total
Purposes
(Liabilities)
Purposes
(Liabilities)
£
£
£
£
£
£
4,242,030
-
4,242,030
4,218,107
-
4,218,107
696,198
42,605
738,803
314,106
50,187
364,293
4,938,228
42,605
4,980,833
4,532,213
50,187
4,582,400

Newcomen Collett Foundation

18

Notes to the accounts for the eleven months ended 31st August 2022 (continued)

13 Analysis of staff costs and remuneration of key management personnel

Salaries and assessable benefits
Social security costs
Other pension contributions
Average number of staff (including full-time and part-time staff)
Field Officer		 11 m/e 31/8/22
Y/e 30/9/21
£
£
12,695
13,466
455
478
2,232
2,160
15,382
16,104
1
1
1
1

In 2022, no employee received remuneration above £60,000 (2021- 0).

14 Allocation of support costs

The breakdown of support costs and how these were allocated between Governance and other support costs is shown below:

CHARITY

Cost type
Staff costs
Office costs & overheads		 11 m/e 30/08/22
Governance
Other
related
support costs
TOTAL
Basis of
Apportionment
£
£
£
1,919
46,891
48,810
1,754
12,695
14,449
3,673
59,586
63,259
Staff time
Staff time
Y/e 30/09/21
Governance Other Basis of
related support costs TOTAL Apportionment
£ £ £
Cost type
Staff costs 2,171 48,038 50,209 Staff time
Office costs & overheads 1,673 22,310 23,983 Staff time
3,844 70,348 74,192
GROUP
11 m/e 30/08/22
Governance Other Basis of
related support costs TOTAL Apportionment
£ £ £
Cost type
Staff costs 1,922 46,889 48,810 Staff time
Office costs & overheads 1,754 12,753 14,507 Staff time
3,676 59,642 63,318

All staff support costs have been allocated on the estimated basis of time spent on those categories. All other overheads (except independent examination costs, which have been charged to Governance) have been allocated between the categories on the basis of the total staff costs.

15 Allocation of support costs

ation of support costs
Investment Management
Grants		 Group
Charity
11 m/e
31/8/22
11 m/e 31/8/22
Y/e 30/9/21
£
£
£
28,525
28,490
36,170
34,793
34,769
38,022
63,318
63,259
74,192

19

Newcomen Collett Foundation

Notes to the accounts for the eleven months ended 31st August 2022 (continued)

16 Expenditure

CHARITY

Cost of raising funds
Investment Management
Property costs
Charitable activities
Grant costs available
(see note 16)		 Direct
Allocated
Direct
Allocated
costs
support
costs
support
costs
TOTAL
costs
TOTAL
11 m/e
31/8/22
Y/e
30/9/21
£
£
£
£
£
£
-
28,490
28,490
-
36,170
36,170
18,801
-
18,801
10,375
-
10,375
18,801
28,490
47,291
10,375
36,170
46,545
70,708
34,769
105,477
104,643
38,022
142,665
89,509
63,259
152,768
115,018
74,192
189,210

GROUP

Direct Allocated 11 m/e
costs support 31/8/22
costs TOTAL
£ £ £
Cost of raising funds
Investment Management - 28,525 28,525
Property costs 18,801 - 18,801
18,801 28,525 47,326
Charitable activities
Grant costs available 77,568 34,793 112,361
(see note 16)
96,369 63,318 159,687
Reconciliation of net movement in funds to net cash from operating activities
11 m/e Y/e
31/8/22 30/9/21
£ £
Net income for the reporting period (as per (19,307) 723,525
the statement of financial activities)
(Gains) on investments (2,558) (821,239)
Dividends, interest and rents from investments (137,822) (91,496)
Decrease in debtors 2,967 36,983
Increase in creditors 16,304 14,253
Cash transferred in from St Mary Newington Educational Foundation 14,283 -
Net cash used in operating activities (126,133) (137,974)

17 Reconciliation of net movement in funds to net cash from operating activities

20

NEWCOMEN COLLETT FOUNDATION

Notes to the accounts for the eleven months ended 31st August 2022 (continued)

18 Major grants during the year

Major grants during the year
Recipient
St Peter’s Primary School
Southwark Playhouse
Heber Primary
Cathedral School
Create (Arts) Limited
Lyndhurst Primary School
Theatre Troupe CIC
acet UK
Living Bankside Academy
Angel Oak Academy
John Keats Primary School
St James' C of E Primary School
John Donne Primary School
Pilgrims Way School
Cobourg Community Primary School
23rd Camberwell Scout Group
MusicOnWheels CIC
Keyworth Primary School
St. George's Cathedral Catholic PS
Global Generation
Cambridge House and Talbot
Employment 4 ALL CIC
Southwark Theatres Education Part.
Downside Fisher Youth Club
XLP
St John's & St Clement's Primary Sch.
BXM Inspired
London Bubble Theatre
Afro-Brazilian Arts & Cultural EI
KIDS
Southwark Tigers RFC
Spring Community Hub
Multi-Story Music
ONG AFRICA ASSOCIATION
Youth Futures
Camelot Primary School
Camberwell afterschool project
Bede House Association
St Giles Trust
Foundation for Young Musicians
Half Moon Young People's Theatre
Fairbeats!
Surrey Docks Farm
Glaziers' Foundation
Other grants to organisations &
individuals - Group 104, Charity 101
Less: Cancellations
Total net grants		 Group
Charity
Charity
31/8/22
31/8/22
Y/e 30/9/21
£
£
Recipient
£
5,500
-
Pembroke House
3,000
2,160
2,160
South London Strings
2,350
2,112
2,112
Cathedral School
2,000
2,000
2,000
Acet UK
2,000
2,000
2,000
ONG Africa Association
2,000
2,000
2,000
Mousetrap Theatre Projects
2,000
2,000
2,000
Goose Green School
2,000
2,000
2,000
Inspire New Creative Perf. Arts
2,000
2,000
2,000
Mountview Academy of The. Arts
2,000
1,728
1,728
Bounce Forward
2,000
1,500
1,500
Flautotonic
2,000
1,440
1,440
Echoes of Hope
1,800
1,404
1,404
Southwark Playhouse
1,800
1,296
1,296
Camberwell After School Project
1,700
1,000
1,000
Southwark African Initiative Dev.
1,363
1,000
1,000
Friars Primary (Foundation) Sch.
1,360
1,000
1,000
National Theatre
1,350
1,000
1,000
Afro-Brazilian Arts & Cult. Exch.
1,000
1,000
1,000
The Young Vic
1,000
1,000
1,000
Sacred Heart Catholic School
1,000
1,000
1,000
Camelot Primary School
1,000
1,000
1,000
Lyndhurst Primary School
1,000
1,000
1,000
Hollydale Primary School
1,000
1,000
1,000
Team Up
1,000
1,000
1,000
Bede House
1,000
1,000
1,000
Snowsfields
1,000
1,000
1,000
Defibrillator Theatre
1,000
1,000
1,000
Southwark Travellers Action Gp
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
2,000
1,000
60,140
53,640
43,723
20,871
20,511
Other grants to organisations &
71,601
individuals - 390
81,011
74,151
115,324
(3,443)
(3,443)
Less: Cancellations
(10,681)
77,568
70,708
Total net grants
104,643
43,723
71,601
115,324
(10,681)
104,643