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2023-08-31-accounts

Newcomen Collett Foundation Charity No. 312804

Financial Statements

for the year ended 31[st] August 2023

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

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

2

Newcomen Collett Foundation

Report of the Governors for 2023

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. 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 2023

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. The Foundation holds its funds in the CCLA COIF Charities Investment Fund, a Common Investment Fund which gives the necessary diversification.

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 2023

2. ACHIEVEMENTS AND PERFORMANCE

Achievements

In 2022 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 also 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 year ended 31[st] August 2023 was a busy and successful year for the Foundation. 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 £94k to 176 individuals and organisations (2022: £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 decreased by 4.00% over the year. Residential property increased in value, but warehouse values reduced, reflecting market conditions. Rental income for the year showed a return of 6%. There were no bad or doubtful debts.

Securities

The value of securities reduced by 1.00% over the year. In December, on the recommendation of the Investment Committee, the governors decided to sell the Foundation’s holding of securities in the Cazenove Charity Multi Asset Fund and invest the proceeds in the CCLA COIF Charities Investment Fund. The Governors found CCLA to be more engaged than Cazenove and the fund has better returns.

The investment managers provide regular reports on the performance of the fund, 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 5.2%. Dividends for the year showed a return of 4.7%.

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

90 (2022 – 72) grants were awarded for the purchase of school uniforms during the year.

Grants to Individuals

23 (2022 – 20) 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

63 (2022 – 52) grants were awarded to organisations for a range of projects covering the arts, drama, sports, school trips and holiday clubs.

Grants made by St Mary Newington Educational Foundation

1 (2022 – 1) grant was made to a school for maintenance purposes, 4 (2022 - 2) grants were made to organisations and 1 (2022 – 0) grant was made to an individual to promote education.

5

Newcomen Collett Foundation

Report of the Governors for 2023

3. FINANCIAL REVIEW

Review of Finances

The Newcomen Collett Foundation incurred a deficit of £34,914 on its activities during the year, excluding losses on investments. The Governors had agreed a deficit budget for the period of £43,944 to reduce unrestricted reserves. St Mary Newington Educational Foundation generated a surplus of £2,602 on its activities during the year, excluding losses on investments. Thus, the consolidated results for the period showed a deficit of £32,312 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 decrease 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 2023 the target level of free reserves was £80,000. However, the actual level was £302,681. 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 2024 is £86,591.

Going Concern

Having reviewed the financial performance for the year, the budget for the year ended 31[st] August 2024 and plans for future years, the Governors confirm that the financial statements for the year to 31[st] August 2023 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 2023 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 2023

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 three 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 2023

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 7[th] December 2023 and signed on their behalf:

Robin Lovell Robert Ashdown

Governor Governor

8

Newcomen Collett Foundation

Independent Examiner’s Report to the Governors for 2023

I report to the Trustees on my examination of the accounts of Newcomen Collett Foundation for the year ended 31 August 2023 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.

C Williams

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

Date: 7[th] December 2023

Newcomen Collett Foundation

9

Consolidated Statement of Financial Activities for the year ended 31st August 2023

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
Group
Funds
Fund
2023
2022
£
£
£
£
152,648
-
152,648
125,984
18,047
-
18,047
11,838
170,695
-
170,695
137,822
55,785
-
55,785
47,326
147,222
-
147,222
112,361
203,007
-
203,007
159,687
(32,312)
-
(32,312)
(21,865)
-
(110,000)
(110,000)
20,000
(19,869)
(15,408)
(35,277)
(17,442)
(52,181)
(125,408)
(177,589)
(19,307)
-
-
-
-
(52,181)
(125,408)
(177,589)
(19,307)
738,803
4,242,030
4,980,833
4,582,400
-
-
417,740
686,622
4,116,622
4,803,244
4,980,833

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 year ended 31st August 2023

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
2023
2022
£
£
£
£
152,648
-
152,648
125,984
1,098
-
1,098
86
153,746
-
153,746
126,070
55,552
-
55,552
47,291
133,108
-
133,108
105,477
188,660
-
188,660
152,768
(34,914)
-
(34,914)
(26,698)
-
(110,000)
(110,000)
20,000
-
(15,408)
(15,408)
3,923
(34,914)
(125,408)
(160,322)
(2,775)
-
-
-
-
(34,914)
(125,408)
(160,322)
(2,775)
337,595
4,242,030
4,579,625
4,582,400
302,681
4,116,622
4,419,303
4,579,625

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 2023

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
Charity
Group
Charity
2023
2023
2022
2022
£
£
£
£
2,620,000
2,620,000
2,730,000
2,730,000
2,172,165
1,809,942
2,208,228
1,826,136
4,792,165
4,429,942
4,938,228
4,556,136
-
-
-
-
88,946
54,638
113,505
87,889
88,946
54,638
113,505
87,889
77,867
65,277
70,900
64,400
11,079
(10,639)
42,605
23,489
4,803,244
4,419,303
4,980,833
4,579,625
686,622
302,681
738,803
337,595
4,116,622
4,116,622
4,242,030
4,242,030
4,803,244
4,419,303
4,980,833
4,579,625

Approved by the Governors and authorised for issue on 7th December 2023 and signed on their behalf:

Governor

Robin Lovell

Governor Robert Ashdown

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

Newcomen Collett Foundation

12

Consolidated Statement of Cash Flows for the year ended 31st August 2023

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		 2023
2022
£
£
(196,024)
(126,133)
170,695
137,822
-
-
931,914
-
(931,144)
-
171,465
137,822
(24,559)
11,689
113,505
101,816
88,946
113,505

Robin Lovell

Robert Ashdown

13

Newcomen Collett Foundation

Notes to the accounts for the year ended 31[st] August 2023

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 year ended 31[st] August 2023

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 year ended 31st August 2023 (continued)

2 Freehold properties

Freehold properties
Opening balance at 1st September 2022
Additions during the year
Revaluation of properties at year end
Closing balance at 31st August 2023		 Group
Charity
Group
Charity
2023
2023
2022
2022
£
£
£
£
2,730,000
2,730,000
2,710,000
2,710,000
-
-
-
-
(110,000)
(110,000)
20,000
20,000
2,620,000
2,620,000
2,730,000
2,730,000

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 September 2022
SMNEF securities
Additions during the year
Disposal during the year
Surplus/(loss) on sale of securities
Net (loss)/gain on revaluations during the year
Tranferred to income
Market value at 31st August 2023
Historical cost at 31st August 2023		 Group
Charity
Group
Charity
2023
2023
2022
2022
£
£
£
£
2,208,228
1,826,136
1,822,213
1,822,213
403,457
931,144
931,144
-
-
(931,914)
(931,914)
-
-
(43,103)
(43,103)
-
-
7,826
27,695
(17,442)
3,923
(16)
(16)
-
-
2,172,165
1,809,942
2,208,228
1,826,136
1,825,727
1,669,923
1,612,984
1,457,179

Securities consisted of the following holdings:

Securities consisted of the following holdings:
Market Value Market Value
Group Charity Group Charity
2023 2023 2022 2022
£ £ £ £
Cazenove Capital Charity Multi-Asset Fund - - 975,032 975,032
CCLA COIF Charities Investment Fund 1,886,664 1,809,943 929,444 851,104
CCLA COIF Property Investment Fund 36,858 46,523
CCLA COIF Global Equity Fund 66,397 65,041
M&G Equity Investment Fund for Charity (Charifund) 182,246 192,188

16

Newcomen Collett Foundation

Notes to the accounts for the year ended 31st August 2023 (continued)

4 Dividends and interest on securities

Dividends and interest on securities
UK Dividends
Other interest received and other income		 Group
Charity
Group
Charity
Y/e 31/08/23
Y/e 31/08/23
11 m/e 31/8/22
11 m/e 31/8/22
£
£
£
17,318
369
11,752
-
729
729
86
86
18,047
1,098
11,838
86

5 Debtors and prepayments

Debtors and prepayments
Other debtors Group
Charity
Group
Charity
Y/e 31/08/23
Y/e 31/08/23
11 m/e 31/8/22
11 m/e 31/8/22
£
£
£
£
-
-
-
-
-
-
-
-

6 Creditors: amounts falling due within one year

Grants authorised but unpaid
Rent deposits held for tenants
Value Added Tax
Other creditors		 Group
Charity
Group
Charity
Y/e 31/08/23
Y/e 31/08/23
11 m/e 31/8/22
11 m/e 31/8/22
£
£
£
£
42,109
29,519
39,855
33,355
5,000
5,000
-
-
3,642
3,642
3,642
3,642
27,116
27,116
27,403
27,403
77,867
65,277
70,900
64,400

7 Endowment Fund

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
Group
Charity
Y/e 31/08/23
Y/e 31/08/23
11 m/e 31/8/22
11 m/e 31/8/22
£
£
£
£
4,242,030
4,242,030
4,218,107
4,218,107
(110,000)
(110,000)
20,000
20,000
27,695
27,695
3,923
3,923
(43,103)
(43,103)
-
-
4,116,622
4,116,622
4,242,030
4,242,030

8 General Purposes Fund

General Purposes Fund
Balance brought forward from previous year
Adjustment to market value of securities
Surplus/(deficit) for the year		 Group
Charity
Group
Charity
Y/e 31/08/23
Y/e 31/08/23
11 m/e 31/8/22
11 m/e 31/8/22
£
£
£
£
203,013
-
217,790
-
(10,539)
-
(19,610)
-
2,603
-
4,833
-
195,077
-
203,013
-

17

Newcomen Collett Foundation

Notes to the accounts for the year ended 31st August 2023 (continued)

9 Capital Fund

Balance brought forward from previous year
Adjustment to market value of securities		 Group
Charity
Group
Charity
2023
2023
2022
2022
£
£
£
£
198,194
-
199,950
-
(9,330)
-
(1,756)
-
188,864
-
198,194
-

10 Governors and Related Party Transactions

11 Independent Examiner fees

Fees paid to the Independent Examiner in the year totalled £1,075 (2022 - £1,000) and were all in respect of independent examination services.

12 Analysis of Net Assets between Funds

Restricted Funds
Endowment Fund
Unrestricted Funds
Unallocated Income		 2023
2022
Net
Net
Investments
Current
Investments
Current
General
Assets/
Total
General
Assets/
Total
Purposes
(Liabilities)
Purposes
(Liabilities)
£
£
£
£
£
£
4,116,622
-
4,116,622
4,242,030
-
4,242,030
675,543
11,079
686,622
696,198
42,605
738,803
4,792,165
11,079
4,803,244
4,938,228
42,605
4,980,833

Newcomen Collett Foundation

18

Notes to the accounts for the year ended 31st August 2023 (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

Y/e 31/08/23 11 m/e 31/08/22
£ £
14,503 12,695
553 455
2,371 2,232
17,427 15,382
1 1
1 1

In 2023, no employee received remuneration above £60,000 (2022- 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

CHARITY
Cost type
Staff costs
Office costs & overheads
Cost type
Staff costs
Office costs & overheads		 Y/e 31/08/23
Governance
Other
related
support costs
TOTAL
Basis of
Apportionment
£
£
£
2,332
50,737
53,069
661
20,355
21,016
2,993
71,092
74,085
Staff time
Staff time
11 m/e 31/08/22
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

GROUP

GROUP
Cost type
Staff costs
Office costs & overheads
Cost type
Staff costs
Office costs & overheads		 Y/e 31/08/23
Governance
Other
related
support costs
TOTAL
Basis of
Apportionment
£
£
£
2,275
48,580
50,854
661
22,652
23,313
2,936
71,231
74,167
Staff time
Staff time
11 m/e 31/08/22
Governance
Other
related
support costs
TOTAL
Basis of
Apportionment
£
£
£
1,922
46,889
48,810
1,754
12,753
14,507
3,676
59,642
63,318
Staff time
Staff time

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

Investment Management
Grants		 Group
Charity
Group
Charity
Y/e 31/08/23
Y/e 31/08/23
11 m/e 31/8/22
11 m/e 31/8/22
£
£
£
£
33,765
33,532
28,525
28,490
40,402
40,553
34,793
34,769
74,167
74,085
63,318
63,259

19

Newcomen Collett Foundation

Notes to the accounts for the year ended 31st August 2023 (continued)

16 Expenditure

CHARITY

Cost of raising funds
Investment Management
Property costs
Charitable activities
Grant costs available
(see note 18)		 Direct
Allocated
Direct
Allocated
costs
support
costs
support
costs
TOTAL
costs
TOTAL
Y/e 31/08/23
11 m/e
31/8/22
£
£
£
£
£
£
-
33,532
33,532
-
28,490
28,490
22,020
-
22,020
18,801
-
18,801
22,020
33,532
55,552
18,801
28,490
47,291
92,555
40,553
133,108
70,708
34,769
105,477
114,575
74,085
188,660
89,509
63,259
152,768

GROUP

Cost of raising funds
Investment Management
Property costs
Charitable activities
Grant costs available
(see note 18)		 Direct
Allocated
Direct
Allocated
costs
support
costs
support
costs
TOTAL
costs
TOTAL
Y/e 31/08/23
11 m/e
31/8/22
£
£
£
£
£
£
-
33,765
33,765
-
28,525
28,525
22,020
-
22,020
18,801
-
18,801
22,020
33,765
55,785
18,801
28,525
47,326
106,820
40,402
147,222
77,568
34,793
112,361
128,840
74,167
203,007
96,369
63,318
159,687

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

Net income for the reporting period (as per
the statement of financial activities)
Losses/(gains) on investments
Dividends, interest and rents from investments
Decrease in debtors
Increase in creditors
Cash transferred in from St Mary Newington Educational Foundation
Net cash used in operating activities		 11 m/e
Y/e 31/08/23
31/8/22
£
£
(177,589)
(19,307)
145,293
(2,558)
(170,695)
(137,822)
-
2,967
6,967
16,304
-
14,283
(196,024)
(126,133)

20

Notes to the accounts for the year ended 31st August 2023 (continued)

NEWCOMEN COLLETT FOUNDATION

18 Major grants during the year

Recipient
St Peter’s Primary School
Kintore Way Nursery School
Cathedral School
Burgess Sports
Khulisa UK
Heber Primary
Lyndhurst Primary School
acet UK
Goose Green Primary School
Friars Primary (Foundation) School
Goose Green Primary School
Unicorn Theatre
Magic Lantern
Heritage Charity London
The Grasshopper Music Trust
Echoes of Hope
Proudtobeme
Angel Oak Academy
Rotherhithe Primary School
Coin Street Centre Trust
St James' C of E Primary School
Southwark Playhouse
Team Up
London Youth Choirs
Inspire New Creative Performing Arts
Rotherhithe Primary School
Pilgrims Way School
The Purple Ladies
Southwark Music
Keyworth Primary School
Bellenden Primary School
Townsend Primary School
Surrey Square Primary School
Rose Education CIC
Embracing Arts
Maya Productions
Southwark Theatres Ed. Partnership
Music Changes Moods
Hollydale Primary School
The Wells Trust (Step Out mentoring)
Sacred Heart Catholic School
Theatre Peckham
Foundation for Young Musicians
Groundwork London
Brunswick Park Primary School
Cobourg Community Primary School
St John's & St Clement's C of E PS
Comber Grove Primary School
Somerville Youth Play Provision
Sapphire Employability and Wellbeing
KIDS
Orchard Hill College
Bede House Association
Climate Ed
Spring Community Hub
Camberwell Afterschool Project
Afro-Brazilian Arts&Cultural Exchange
Children & Family Empowerment
Other grants to organisations &
individuals - Group 125, Charity 124
Less: Cancellations
Total net grants		 Group
Charity
Y/e 31/08/23
Y/e 31/08/23
£
£
Recipient
8,400
-
St Peter’s Primary School
3,000
3,000
Southwark Playhouse
2,000
2,000
Heber Primary
2,000
0
Cathedral School
2,761
2,761
Create (Arts) Limited
2,496
2,496
Lyndhurst Primary School
2,000
2,000
Theatre Troupe CIC
2,000
2,000
acet UK
1,880
1,880
Living Bankside Academy
1,536
1,536
Angel Oak Academy
1,500
1,500
John Keats Primary School
1,500
1,500
St James' C of E Primary School
1,500
1,500
John Donne Primary School
1,500
1,500
Pilgrims Way School
1,500
1,500
Cobourg Community Primary Sch.
1,500
1,500
23rd Camberwell Scout Group
1,500
1,500
MusicOnWheels CIC
1,440
1,440
Keyworth Primary School
1,440
1,440
St. George's Cathedral Catholic PS
1,350
1,350
Global Generation
1,340
1,340
Cambridge House and Talbot
1,250
1,250
Employment 4 ALL CIC
1,250
1,250
Southwark Theatres Education Part.
1,250
1,250
Downside Fisher Youth Club
1,250
1,250
XLP
1,250
1,250
St John's & St Clement's Primary Sch.
1,248
1,248
BXM Inspired
1,224
1,224
London Bubble Theatre
1,200
1,200
Afro-Brazilian Arts & Cultural EI
1,190
0
KIDS
1,104
1,104
Southwark Tigers RFC
1,100
1,100
Spring Community Hub
1,000
1,000
Multi-Story Music
1,000
1,000
ONG AFRICA ASSOCIATION
1,000
1,000
Youth Futures
1,000
1,000
Camelot Primary School
1,000
1,000
Camberwell afterschool project
1,000
1,000
Bede House Association
1,000
1,000
St Giles Trust
1,000
1,000
Foundation for Young Musicians
1,000
1,000
Half Moon Young People's Theatre
1,000
1,000
Fairbeats!
1,000
1,000
Surrey Docks Farm
1,000
1,000
Glaziers' Foundation
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
0
1,000
0
83,459
69,869
25,153
24,478
Other grants to organisations &
individuals - Group 104, Charity 101
108,612
94,347
(1,792)
(1,792)
Less: Cancellations
106,820
92,555
Total net grants		 Group
Charity
11m/e
31/08/22
11m/e
31/08/22
£
£
5,500
0
2,160
2,160
2,112
2,112
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
1,728
1,728
1,500
1,500
1,440
1,440
1,404
1,404
1,296
1,296
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
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
20,871
20,511
81,011
74,151
(3,443)
(3,443)
77,568
70,708