2020-06-30-accounts

The Newman Trust

(Registered Number: 251158)

Financial Statements for the year ended 30th June 2020

Wenn Townsend

Chartered Accountants

Oxford

The Newman Trust

Contents

Trust Information	1
Trustees’ Report	2 - 4
Trustees’ Responsibilities Statement	5
Independent Auditor’s Report	6 - 7
Statement of Financial Activities	8
Balance Sheet	9
Notes to the Accounts	10 - 17

The Newman Trust

Trust Information for the year ended 30th June 2020

TRUSTEES:	Rt Revd J Arnold	(ex Officio)
	Rt Revd W Kenney	(ex Officio)
	Miss H Merrington-Rust	(ex Officio)
	Fra’ J S Eidinow	(Lay Trustee)
	Dr G Kantor	(Lay Trustee)
	Mrs J Kerkhecker	(Lay Trustee)
	Dr M McMenamin	(Lay Trustee)
	Mr S Power	(Lay Trustee)
CHARITY NUMBER:	251158
ADDRESS:	The Old Palace
	Rose Place
	St Aldates
	Oxford
	OX1 1RD
AUDITORS:	Wenn Townsend
	Chartered Accountants
	30 St Giles
	Oxford
	OX1 3LE
BANK:	The Co-operative Bank
	PO Box 250
	Skelmersdale
	WN8 6WT
SOLICITORS:	Blake Morgan
	Seacourt Tower
	West Way
	Oxford
	Oxfordshire
	OX2 0FB

1

The Newman Trust

Trustees’ Report for the year ended 30th June 2020

The Trustees submit their annual report and financial statements for the year ended 30th June 2020. The financial statements comply with the Charities Act 2011, and Accounting and Reporting by Charities: 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) (effective 1 January 2015).

The Trust is constituted under an indenture made on the 24th September 1914. Its charity registration number is 251158.

The objectives of the Newman Trust are:

• i. to support the Catholic Chaplain to the University of Oxford,

• ii. to repair and maintain the buildings that house the Catholic Chaplaincy,

• iii. to promote and support the Roman Catholic religion in the University.

The Chaplains live in the Old Palace, a sixteenth century building, and its annexe. The new building of 1972 comprises:

• i. a Chapel,

• ii. a large multipurpose public space, the Newman Room, which is used for Mass on Sundays during University term and is also let (with its substantial foyer and the recently created Polygon Room) for various purposes at other times, and

• iii. a student library on the first floor, as well as a meeting room and offices,

• iv. and student accommodation, which is let to undergraduates and graduates, and contributes a significant part of the income of the Trust.

The ground floor of the Old Palace is leased as a coffee shop.

Apart from these buildings, the Trust owns three nearby properties, 85 St Aldates, which is rented out as student rooms, 83 St Aldates, which is let to a shopkeeper selling tourist items, and 82 St Aldates, of which the ground floor is let to a bookseller, the first floor is used as conference rooms which are hired out, and the top floor is rented out to students. The rent from these commercial lettings comprises about 20% of the income of the Trust.

Review of the Year and Future Developments

The Statement of Financial Activities for the year is set out on page 7 of the financial statements.

Since March 2020, the Trust’s income has been seriously affected by the restrictions imposed by the UK government to contain the pandemic: the holiday lettings of student rooms, the hiring out of meeting rooms and the conference/ summer school business during the Easter and the summer vacations 2020 was as good as non-existent. The Trust has moved some of the conference rooms to a tenancy for a research institute in autumn 2020, to diversify the risk to income.

In the interest of the medium- and long-term income for the trust, the Trust has allowed its tenants some late payments and a few reduced payments where appropriate.

The money and shares that the Trust received as a bequest late in 2019 – with enormous gratitude to the benefactor – were reinvested, with the welcome advice of one of the trustees and with the help of our main investment fund administrators at M&G (whom the Trust re-appointed after a competitive review in February 2020).

Thus, the changed public health and financial climate continued to create not ideal operating conditions for the Trust; the Trust continued its regular maintenance of the buildings which has brought the Trust’s properties now to a standard that will keep them safe in the medium to long term. The Trustees are very grateful to the Chaplaincy Manager for his excellent work in achieving this.

For the future, the Trust is looking to build on this basis and to continue to increase (albeit in small steps) the support available for the chaplains and the chaplaincy.

The Trust is very grateful to all its supporters.

Otherwise this was a year of normal operation for the Trust and the activities which it supports.

2

The Newman Trust

Trustees’ Report for the year ended 30th June 2020

Public Benefit

The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aim and objectives and in planning our future activities

The main area of benefit is to the Catholic Chaplaincy of the University of Oxford. The Trust exists specifically to support the Roman Catholic faith in the University community, including its undergraduate and graduate members, but also its academic and other staff. This purpose is predicated on the belief that supporting the Roman Catholic faith brings numerous benefits to the community (for instance in the field of pastoral welfare). The Charity therefore shares in the mission of other national or local Charities for Roman Catholic purposes in the United Kingdom, and of other charitable provisions for religious and pastoral purposes in universities and colleges, including Oxford.

The buildings in which the Oxford University Catholic Chaplaincy are housed, and especially the Old Palace, as well as the other properties owned by the Trust in St Aldate’s are of architectural and historical importance to the Oxford townscape.

Reserves Policy

The Trustees aim to maintain a general cash reserve equivalent to three months average expenditure. This amounts to approximately £89,000. At the year end the Trust’s net current unrestricted assets amounted to £156,385 (2019: £139,712). Total resources held at the year-end were £10,298,865 (2019: £9,850,911). The trustees are actively investigating ways to increase income in order to increase reserves to the optimum level.

The Trust has investment properties and other investments which are held in order to provide the majority of the Trust’s regular income.

Governance

The management of the Trust is in the hands of the five lay Trustees, who must be Members of Congregation of the University, and practising members of the Roman Catholic Church.

The Trust also has three ex officio trustees who represent the Oxford and Cambridge Catholic Education Board, the Archbishop of Birmingham and the University of Oxford Catholic Chaplaincy Management Committee.

The Trust’s policy in respect of appointing new trustees is to seek volunteers from the community of qualified Members of Congregation, and, in case of contest, to hold an election among such qualified Members.

The Trust has a policy to alert Trustees of their responsibilities to the Trust and of any factors which may affect the Trust.

The Trustees are also the Key Management Personnel of the charity and all give of their time freely.

3

The Newman Trust

Trustees’ Report for the year ended 30th June 2020

Principal risks and uncertainties

The Trustees monitor all ongoing risks to the Trust and have adopted policies which aim to minimise the impact of such risks.

The principal risks, together with the strategies undertaken by the charity to manage the risks, are detailed below:

• Variation of income generated – managed by specialist advice.

• Unexpected maintenance costs in historic buildings – managed by regular maintenance and specialist advice.

Special note on COVID-19:

• Financial implications: conference income extremely reduced;

• Effect on going concern: no substantial effects so far;

• Trustees’ efforts to mitigate: reduction of non-urgent building projects; diversifying hiring-out of spaces; supporting existing long-standing commercial tenants to secure medium- to long-tern income.

Investment policy

The Trustees have given their investment managers discretion to manage the Trust’s portfolio. The principal investment fund is specifically targeted at charities. The Trustees regularly review the performance of the Trust’s investments.

Mrs J Kerkhecker

On behalf of the Board of Trustees

22nd March 2021

4

The Newman Trust

Trustees’ Responsibilities Statement

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

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

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP (FRS 102);

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

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

5

The Newman Trust

Independent Auditor’s Report to the Trustees of the Newman Trust

Opinion

We have audited the financial statements of the Newman Trust (the ‘charity’) for the year ended 30th June 2020 which comprise the Statement of Financial Activities, the Balance Sheet, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charity’s affairs as at 30th June 2020, and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• • comply with regulation 8 of the Charities (Accounts and Reports) Regulations 2008.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

• the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

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

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

We have nothing to report in this regard.

6

The Newman Trust

Independent Auditor’s Report to the Trustees of the Newman Trust (continued)

Matters on which we are required to report by exception

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

• the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

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

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

Auditor’s responsibilities for the audit of the financial statements

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

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

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

Wenn Townsend Chartered Accountants, Statutory Auditor 30 St Giles Oxford

22nd March 2021

Wenn Townsend is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

7

The Newman Trust

Statement of Financial Activities for the year ended 30th June 2020

Unrestricted	Unrestricted	Unrestricted	Designated	Total	Unrestricted	Designated	Total
		Funds	Funds	Funds	Funds	Funds	Funds
		2020	2020	2020	2019	2019	2019
Note		£	£	£	£	£	£
Income
Donations and legacies	2	13,134	-	13,134	616,851	-	616,851
Investments	3	56,251	-	56,251	44,287	960	45,247
Other:
Rent receivable	4	307,958	-	307,958	295,008	-	295,008
		____________
Total Income		377,343	-	377,343	956,146	960	957,106
Expenditure
Charitable activities:
Grants	5	75,259	-	75,259	79,000	-	79,000
Buildings maintenance	6	60,733	6,208	66,941	120,503	7,373	127,876
Other Chaplaincy costs	7	178,059	-	178,059	150,180	-	150,180
		____________
Total Expenditure		314,051	6,208	320,259	349,683	7,373	357,056
Net gains/(losses) on investments
Net gains/(losses) on
investment properties	9	-	105,434	105,434	-	37,613	37,613
Net gains/(losses) on investments	11	-	(246,126)	(246,126)	-	(29,808)	(29,808)
		____________
Net Income/(Expenditure)		63,292	(146,900)	(83,608)	606,463	1,392	607,855
Gains(losses) on revaluation of fixed assets
Gains/(losses) on land and buildings	8	-	531,562	531,562	-	189,631	189,631
		____________
Net movement in funds
before transfers		63,292	384,662	447,954	606,463	191,023	797,486
Transfers
Fixed asset additions		(120,884)	120,884	-	(2,834)	2,834	-
Transfer of investments to designated		74,265	(74,265)	-	(475,123)	475,123	-
		____________
Net movement in funds		16,673	431,281	447,954	128,506	668,980	797,486
Reconciliation of Funds
Fund Balances as at 1st July 2019		139,712	9,711,199	9,850,911	11,206	9,042,219	9,053,425
		____________
Fund Balances as at 30th June 2020		156,385	10,142,480 10,298,865		139,712	9,711,199	9,850,911
		═════════════════════════════════════════════

None of the Trust’s activities was acquired or discontinued during 2019 and 2020.

8

The Newman Trust

Balance Sheet at 30th June 2020

	Unrestricted	Unrestricted	Designated	Total	Unrestricted	Designated	Total
		Funds	Funds	Funds	Funds	Funds	Funds
		2020	2020	2020	2019	2019	2019
	Note	£	£	£	£	£	£
Fixed Assets
Land and Buildings	8	-	7,379,592	7,379,592	-	6,728,631	6,728,631
Investment Properties	9	-	1,440,047	1,440,047	-	1,334,613	1,334,613
Other Fixed Assets	10	-	6,103	6,103	-	10,825	10,825
Investments	11	-	1,316,738	1,316,738	-	1,637,130	1,637,130
		____________
		-	10,142,480 10,142,480		-	9,711,199	9,711,199
Current Assets
Debtors	12	46,685	-	46,685	57,962	-	57,962
Cash at Bank and In Hand		143,061	-	143,061	165,736	-	165,736
		____________
		189,746	-	189,746	223,698	-	223,698
Creditors: Amounts falling due	13	(33,361)	-	(33,361)	(83,986)	-	(83,986)
within one year		____________
Net Current Assets		156,385	-	156,385	139,712	-	139,712
		____________
Net Assets		156,385	10,142,480 10,298,865		139,712	9,711,199	9,850,911
		═════════════════════════════════════════════
Capital & Reserves
Unrestricted Funds:
General Fund	14	156,385	-	156,385	139,712	-	139,712
Designated Funds.	15	-	10,142,480	10,142,480	-	9,711,199	9,711,199
		____________
		156,385	10,142,480	10,298,865	139,712	9,711,199	9,850,911
		═════════════════════════════════════════════

Approved by the Board of Trustees on 22nd March 2021 and signed on its behalf by

Mrs J Kerkhecker Trustee

The notes on pages 9 to 16 form part of these accounts

9

The Newman Trust

Notes on Financial Statements for the year ended 30th June 2020

1 Accounting Policies

a) Basis of preparation

The charity constitutes a public benefit entity as defined by FRS 102. These accounts have been prepared on an accruals basis and include income and expenditure as they are earned or incurred, rather than as cash is received or paid. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements, including a revision of expectations for the potential impact of COVID-19 on the charity. They have concluded that the budgeted income and expenditure is sufficient with the level of reserves held for the charity to be able to continue as a going concern.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

b) Funds

General funds are unrestricted funds which are available for use at the discretion of the Trustees in the furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific funds. The aim and use of each restricted fund is set out in the notes to the financial statements.

c) Income recognition

All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees’ Annual Report.

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity where it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.

10

The Newman Trust

Notes on Financial Statements

for the year ended 30th June 2020

1 Accounting Policies (continued)

d) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity. Grants are paid on a monthly basis in accordance with the Trust’s governing document.

e) Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses.

Depreciation is provided on tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Furniture and fixtures 25% straight line Office equipment 25% straight line Plant and machinery 25% straight line

Freehold Property is shown at the latest available valuation. No depreciation has been charged on the value of the buildings, as, in the opinion of the Trustees, the regular valuation of such properties, coupled with the continuing programme of renewal and renovation would render such a charge to be immaterial. For this reason, the Trustees carry out an annual assessment of the properties. The SOFA includes the net movement in the value of the freehold property in the year.

f) Investment Properties

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in ‘net gains / (losses) on investments’ in the SOFA. Specialist properties are valued at insurance reinstatement value.

g) Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably.

h) Gifted Assets

Assets donated to the trust in the past have not been capitalised, such gifts are now treated in accordance with the Statement of Recommended Practice.

11

The Newman Trust

Notes on Financial Statements for the year ended 30th June 2020

1 Accounting Policies (continued)

i) Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

j) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

k) Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

2 Donations and legacies

onations and legacies
	2020	2019
	£	£
Donations - General Fund	11,488	14,797
Legacy income	(688)	599,505
Tax reclaim	2,334	2,549
	─────	─────
	13,134	616,851
	═════	═════

During the year, a legacy of £688 was repaid due to a prior overpayment of legacy income.

3 Income from investments

come from investments
	2020	2019
	£	£
Interest receivable	496	42
Dividends receivable	55,755	45,205
	─────	─────
	56,251	45,247
	═════	═════

4 Rent receivable

	2020	2019
	£	£
Leases	71,890	67,434
Newman Rooms	134,007	145,908
Student accommodation	102,061	81,666
	─────	─────
	307,958	295,008
	═════	═════

12

The Newman Trust

Notes on Financial Statements for the year ended 30th June 2020

5 Grants payable

ants payable
	2020	2019
	£	£
Allowances to Catholic Chaplaincy	75,259	79,000
	─────	─────
	75,259	79,000
	═════	═════

Grants are paid to the Catholic Chaplaincy of the University of Oxford in accordance with the Trust’s governing document to support the day to day operation of the Chaplaincy and to maintain its buildings.

6 Buildings maintenance

ildings maintenance
	2020	2019
	£	£
Maintenance	59,571	120,383
Sub-contractors	1,162	120
Depreciation	6,208	7,373
	─────	─────
	66,941	127,876
	═════	═════

Depreciation costs are charged to the designated fund, all other costs are unrestricted.

7 Other chaplaincy costs

her chaplaincy costs
	2020	2019
	£	£
Wages and salaries	112,766	97,770
Bank charges	662	756
Professional fees	13,472	12,305
Rates	7,843	7,481
IT	8,874	10
Insurance	26,827	24,745
Auditors Remuneration – audit	2,800	2,700
Auditors Remuneration – accounts	3,550	3,600
Other	1,265	813
	─────	─────
	178,059	150,180
	═════	═════

13

The Newman Trust

Notes on Financial Statements for the year ended 30th June 2020

8 Land and Buildings

nd and Buildings
	Chaplaincy
	Buildings
	£
Valuation
At 1st July 2019	6,728,631
Building Improvements (not depreciated)	119,400
Revaluation	531,562
At 30th June 2020	───────
	7,379,592
	═══════
Freehold property at cost	2,075,388
	═══════

The land and buildings were valued by the Trustees, having taken professional advice, at their insurance reinstatement value on 30th June 2020 with reference to the BCIS House Rebuilding Cost Index.

9 Investment Properties

vestment Properties
	82/83
	St Aldates
Valuation	£
At 1st July 2019	1,334,613
Revaluation	105,434
	───────
At 30th June 2020	1,440,047
	═══════
Investment properties at cost	330,000
	═══════

The Investment Properties were valued by the Trustees, having taken professional advice, at their insurance reinstatement value on 30th June 2020 with reference to the BCIS House Rebuilding Cost Index.

14

The Newman Trust

Notes on Financial Statements for the year ended 30th June 2020

10 Other Fixed Assets

10	Other Fixed Assets
		Furniture	Office	Plant	and
		and Fixtures	Equipment	Machinery		Total
		£	£		£	£
	Cost
	At 1st July 2019	18,829	3,188	8,184		30,201
	Additions	1,485	-		-	1,485
	At 30th June 2020	20,314	3,188	8,184		31,686
	Depreciation
	At 1st July 2019	10,287	2,241	6,848		19,376
	Charge	4,611	747		849	6,208
	At 30th June 2020	14,898	2,988	7,697		25,583
	Net Book Amount
	30th June 2019	8,542	947	1,336		10,825
	30th June 2020	5,416	200		487	6,103
11	Fixed Asset Investments
			M&G	HSBC	Charles	Total
					Stanley	Unit Trusts
			£	£	£	£
	Market value at 1st July 2019		1,092,426	82,175	462,529	1,637,130
	Additions		330,536	-	-	330,537
	Revaluation gains / (losses)		(189,616)	417	(56,927)	(246,126)
	Income retained by broker		-	-	-	-
	Shares Sold		-	-	(404,802)	(404,802)
	Transfer		82,592	(82,592)	-	-
	Market value at 30th June 2020		1,315,938	-	800	1,316,738
12	Debtors
				2020		2019
				£		£
	Trade debtors		19,110			33,379
	Accrued interest and dividends		6,849			6,849
	Gift Aid recoverable		2,334			-
	Prepayments		18,392			17,734
			───────		───────
			46,685			57,962
			═══════		═══════

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The Newman Trust

Notes on Financial Statements for the year ended 30th June 2020

13	Creditors
		2020	2019
		£	£
	Trade creditors	811	1,680
	Deferred Income	17,083	69,206
	Accruals	6,500	6,300
	Social security and other taxes	2,360	808
	Pensions payable	480	350
	Other creditors	6,127	5,642
		─────	─────
		33,361	83,986
		═════	═════
	Deferred income consists of rent and hire income billed prior to the year end		but relating to future
	accounting periods and is analysed as follows:-
		2020	2019
		£	£
	Brought forward	69,206	34,257
	Released in year	(69,206)	(34,257)
	Deferred in year	17,083	69,206
		─────	─────
	Carried forward	17,083	69,206
		═════	═════
14	General Fund
		General Fund	General Fund
		2020	2019
		£	£
	Cash at Bank	143,061	165,736
	Debtors	46,685	57,962
	Creditors	(33,361)	(83,986)
		─────	─────
		156,385	139,712
		═════	═════
	Balance at 1st July 2019	139,712	11,206
	Surplus for the year	63,292	607,423
	Transfers	(46,619)	(478,917)
		─────	─────
	Balance at 30th June 2020	156,385	139,712
		═════	═════

16

The Newman Trust

Notes on Financial Statements for the year ended 30th June 2020

15 Designated Funds

Year Ended 30th June 2020 Land and Buildings Investment Properties Investments Other Fixed Assets Balance at 1st July 2019 Surplus for year Transfers Balance at 30th June 2020	Land and buildings Investment properties Investments Other fixed assets Total £ £ £ £ £ 7,379,592 - - - 7,379,592 - 1,440,047 - - 1,440,047 - - 1,316,738 - 1,316,738 - - - 6,103 6,103
	7,379,592 1,440,047 1,316,738 6,103 10,142,480
	6,728,631 1,334,613 1,637,130 10,825 9,711,199 531,562 105,434 (246,127) (6,207) 384,662 119,399 - (74,265) 1,485 46,619
	7,379,592 1,440,047 1,316,738 6,103 10,142,480

Year Ended 30th June 2019 Land and Buildings Investment Properties Investments Other Fixed Assets Balance at 1st July 2018 Surplus for year Transfers Balance at 30th June 2019	Land and buildings Investment properties Investments Other fixed assets Total £ £ £ £ £ 6,728,631 - - - 6,728,631 - 1,334,613 - - 1,334,613 - - 1,637,130 - 1,637,130 - - - 10,825 10,825
	6,728,631 1,334,613 1,637,130 10,825 9,711,199
	6,539,000 1,297,000 1,190,855 15,364 9,042,219 189,631 37,613 (29,808) (7,373) 190,063 - - 476,083 2,834 478,917
	6,728,631 1,334,613 1,637,130 10,825 9,711,199

Funds have been designated to represent the fixed assets which they hold. This allows the charity to readily track free reserves throughout the year. All assets have been purchased from unrestricted funds and any proceeds from the sale of these assets can be transferred to free reserves at the discretion of the trustees.

17

The Newman Trust

Notes on Financial Statements for the year ended 30th June 2020

16 Trustees and Key Management Personnel Remuneration

No remuneration was paid to the Trustees (who are the Key Management Personnel) during the year under review and no expenses were reimbursed to the Trustees.

17 Staff Costs

The Trust incurred staff costs as follows:

e Trust incurred staff costs as follows:
	2020	2019
	£	£
Salaries	102,044	90,660
Social security costs	4,725	3,573
Pension costs	5,327	3,238
Chaplain’s allowances	620	-
Staff expenses	50	299
	─────	─────
	112,766	97,770
	═════	═════

No employee received remuneration of more than £60,000. The average number of staff employed in the year was 5 (2019: 6).

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