2021-06-30-accounts

The Newman Trust (Registered Charity Number: 251158)

Financial Statements

for the year ended 30th June 2021

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 2021

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 (resigned August 2021)	(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

Trustees’ Report for the year ended 30th June 2021

The Trustees submit their annual report and financial statements for the year ended 30th June 2021. 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 2019).

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 has a research institute as a tenant, and the top floor has been rented out to students

Review of the Year and Future Developments

The Statement of Financial Activities for the year is set out on page 8 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.

Thus, the changed public health and financial climate continued to create less than 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

Trustees’ Report for the year ended 30th June 2021

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 £85,073 (2020: £156,385). Total resources held at the year-end were £10,714,130 (2020: £10,298,865). 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

Trustees’ Report for the year ended 30th June 2021

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: the charity’s conference income has been extremely reduced as a direct result of the COVID-19 pandemic however the charity has been able to carefully manage costs during the period;

• Effect on going concern: the Trustees are satisfied that the charity has sufficient capital reserves that the pandemic has had no substantial effect on its ability to continue to operate as a going concern;

• Trustees’ efforts to mitigate: as a direct result of the pandemic, the Trustees have sought to reduce non-urgent building projects; diversify hiring-out of spaces; support existing long-standing commercial tenants to secure medium- to long-tern income for the charity.

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

28th April 2022

4

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

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 2021, 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

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

28th April 2022

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

7

Statement of Financial Activities for the year ended 30th June 2021

Unrestricted	Unrestricted	Unrestricted	Designated	Total	Unrestricted	Designated	Total
		Funds	Funds	Funds	Funds	Funds	Funds
		2021	2021	2021	2020	2020	2020
Note		£	£	£	£	£	£
Income
Donations and legacies	2	19,812	-	19,812	13,134	-	13,134
Investments	3	59,101	-	59,101	56,251	-	56,251
Other:
Rent receivable	4	164,824	-	164,824	307,958	-	307,958
		____________
Total Income		243,737	-	243,737	377,343	-	377,343
Expenditure
Charitable activities:
Grants	5	79,089	-	79,089	75,259	-	75,259
Buildings maintenance	6	17,260	3,843	21,103	60,733	6,208	66,941
Other Chaplaincy costs	7	219,500	-	219,500	178,059	-	178,059
		____________
Total Expenditure		315,849	3,843	319,692	314,051	6,208	320,259
Net gains/(losses) on investments
Net gains/(losses) on
investment properties	9	-	36,001	36,001	-	105,434	105,434
Net gains/(losses) on investments	11	-	270,729	270,729	-	(246,126)	(246,126)
		____________
Net Income/(Expenditure)		(72,112)	302,887	230,775	63,292	(146,900)	(83,608)
Gains/(losses) on revaluation of fixed assets
Gains/(losses) on land and buildings	8	-	184,490	184,490	-	531,562	531,562
		____________
Net movement in funds
before transfers		(72,112)	487,377	415,265	63,292	384,662	447,954
Transfers
Fixed asset additions		800	(800)	-	(120,884)	120,884	-
Transfer of investments to designated		-	-	-	74,265	(74,265)	-
		____________
Net movement in funds		(71,312)	486,577	415,265	16,673	431,281	447,954
Reconciliation of Funds
Fund Balances as at 1st July 2020		156,385	10,142,480 10,298,865		139,712	9,711,199	9,850,911
		____________
Fund Balances as at 30th June 2021		85,073	10,629,057 10,714,130		156,385	10,142,480 10,298,865
		═════════════════════════════════════════════

None of the Trust’s activities was acquired or discontinued during 2020 and 2021.

8

Balance Sheet at 30th June 2021

	Unrestricted	Unrestricted	Designated	Total	Unrestricted	Designated	Total
		Funds	Funds	Funds	Funds	Funds	Funds
		2021	2021	2021	2020	2020	2020
	Note	£	£	£	£	£	£
Fixed Assets
Land and Buildings	8	-	7,564,082	7,564,082	-	7,379,592	7,379,592
Investment Properties	9	-	1,476,048	1,476,048	-	1,440,047	1,440,047
Other Fixed Assets	10	-	2,260	2,260	-	6,103	6,103
Investments	11	-	1,586,667	1,586,667	-	1,316,738	1,316,738
		____________
		-	10,629,057	10,629,057	-	10,142,480	10,142,480
Current Assets
Debtors	12	30,175	-	30,175	46,685	-	46,685
Cash at Bank and In Hand		117,447	-	117,447	143,061	-	143,061
		____________
		147,622	-	147,622	189,746	-	189,746
Creditors: Amounts falling due	13	(62,549)	-	(62,549)	(33,361)	-	(33,361)
		____________
Net Current Assets		85,073	-	85,073	156,385	-	156,385
		____________
Net Assets		85,073	10,629,057	10,714,130	156,385	10,142,480	10,298,865
		═════════════════════════════════════════════════
Capital & Reserves
Unrestricted Funds:
General Fund	14	85,073	-	85,073	156,385	-	156,385
Designated Funds	15	-	10,629,057	10,629,057	-	10,142,480	10,142,480
		____________
		85,073	10,629,057	10,714,130	156,385	10,142,480	10,298,865
		═════════════════════════════════════════════════

Approved by the Board of Trustees on 28th April 2022 and signed on its behalf by

Mrs J Kerkhecker Trustee

The notes on pages 10 to 18 form part of these accounts

9

Notes on Financial Statements for the year ended 30th June 2021

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

Notes on Financial Statements for the year ended 30th June 2021

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

Notes on Financial Statements for the year ended 30th June 2021

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
	2021	2020
	£	£
Donations - General Fund	17,290	11,488
Legacy income	-	(688)
Tax reclaim	2,522	2,334
	─────	─────
	19,812	13,134
	═════	═════

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

3 Income from investments

	2021	2020
	£	£
Interest receivable	85	496
Dividends receivable	59,016	55,755
	─────	─────
	59,101	56,251
	═════	═════

4 Rent receivable

	2021	2020
	£	£
Leases	64,963	71,890
Newman Rooms	8,759	134,007
Student accommodation	91,102	102,061
	─────	─────
	164,824	307,958
	═════	═════

12

Notes on Financial Statements for the year ended 30th June 2021

5 Grants payable

ants payable
	2021	2020
	£	£
Allowances to Catholic Chaplaincy	79,089	75,259
	─────	─────
	79,089	75,259
	═════	═════

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
	2021	2020
	£	£
Maintenance	17,260	59,571
Sub-contractors	-	1,162
Depreciation	3,843	6,208
	─────	─────
	21,103	66,941
	═════	═════

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

7 Other chaplaincy costs

her chaplaincy costs
	2021	2020
	£	£
Wages and salaries	130,813	112,766
Bad debts	17,242	-
Bank charges	550	662
Professional fees	26,675	13,472
Rates	926	7,843
IT	5,654	8,874
Insurance	30,620	26,827
Auditors Remuneration – audit	3,470	2,800
Auditors Remuneration – accounts	3,550	3,550
Other	-	1,265
	─────	─────
	219,500	178,059
	═════	═════

13

Notes on Financial Statements for the year ended 30th June 2021

8 Land and Buildings

nd and Buildings
	Chaplaincy
	Buildings
	£
Valuation
At 1st July 2020	7,379,592
Revaluation	184,490
	───────
At 30th June 2021	7,564,082
	═══════
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 2021 with reference to the BCIS House Rebuilding Cost Index.

9 Investment Properties

vestment Properties
	82/83
	St Aldates
Valuation	£
At 1st July 2020	1,440,047
Revaluation	36,001
	───────
At 30th June 2021	1,476,048
	═══════
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 2021 with reference to the BCIS House Rebuilding Cost Index.

14

Notes on Financial Statements for the year ended 30th June 2021

10 Other Fixed Assets

Cost At 1st July 2020 Additions At 30th June 2021 Depreciation At 1st July 2020 Charge At 30th June 2021 Net Book Amount 30th June 2020 30th June 2021 xed Asset Investments Market value at 1st July 2020 Revaluation gains / (losses) Shares Sold Market value at 30th June 2021	Furniture and Fixtures Office Equipment Plant and Machinery Total £ £ £ £ 20,314 3,188 8,184 31,686 - - - -
	20,314 3,188 8,184 31,686
	14,898 2,988 7,697 25,583 3,194 199 450 3,843
	18,092 3,187 8,147 29,426
	5,416 200 487 6,103
	2,222 1 37 2,260
	M&G HSBC Charles Stanley Total Unit Trusts £ £ £ £ 1,315,938 - 800 1,316,738 270,729 - - 270,729 - - (800) (800)
	1,586,667 - - 1,586,667

11 Fixed Asset Investments

12 Debtors

btors
	2021	2020
	£	£
Trade debtors	4,147	19,110
Accrued interest and dividends	-	6,849
Gift Aid recoverable	-	2,334
Prepayments	26,028	18,392
	───────	───────
	30,175	46,685
	═══════	═══════

15

Notes on Financial Statements for the year ended 30th June 2021

13 Creditors

13	Creditors
		2021	2020
		£	£
	Trade creditors	-	811
	Deferred Income	16,894	17,083
	Accruals	6,500	6,500
	Social security and other taxes	4,667	2,360
	Pensions payable	498	480
	Other creditors	33,990	6,127
		─────	─────
		62,549	33,361
		═════	═════
	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:-
		2021	2020
		£	£
	Brought forward	17,083	69,206
	Released in year	(17,083)	(69,206)
	Deferred in year	16,894	17,083
		─────	─────
	Carried forward	16,894	17,083
		═════	═════
14	General Fund
		General Fund	General Fund
		2021	2020
		£	£
	Cash at Bank	117,447	143,061
	Debtors	30,175	46,685
	Creditors	(62,549)	(33,361)
		─────	─────
		85,073	156,385
		═════	═════
	Balance at 1st July 2020	156,385	139,712
	Surplus for the year	(72,112)	63,292
	Transfers	800	(46,619)
		─────	─────
	Balance at 30th June 2021	85,073	156,385
		═════	═════

16

Notes on Financial Statements for the year ended 30th June 2021

15 Designated Funds

Year Ended 30th June 2021 Land and Buildings Investment Properties Investments Other Fixed Assets Balance at 1st July 2020 Surplus for year Transfers Balance at 30th June 2021	Land and buildings Investment properties Investments Other fixed assets Total £ £ £ £ £ 7,564,082 - - - 7,564,082 - 1,476,048 - - 1,476,048 - - 1,586,667 - 1,586,667 - - - 2,260 2,260
	7,564,082 1,476,048 1,586,667 2,260 10,629,057
	7,379,592 1,440,047 1,316,738 6,103 10,142,480 184,490 36,001 270,729 (3,843) - - - (800) - - 7,564,082 1,476,048 1,586,667 2,260 10,629,057

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

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

Notes on Financial Statements for the year ended 30th June 2021

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:

	2021	2020
	£	£
Salaries	116,381	102,044
Social security costs	7,977	4,725
Pension costs	6,455	5,327
Chaplain’s allowances	-	620
Staff expenses	-	50
	─────	─────
	130,813	112,766
	═════	═════

No employee received remuneration of more than £60,000. The average number of staff employed in the year was 4 (2020: 5).

18