The Newman Trust (Registered Charity Number: 251158)
Financial Statements
for the year ended 30th June 2024
Wenn Townsend
Chartered Accountants
Oxford
The Newman Trust
Contents
| Trust Information | 1 |
|---|---|
| Trustees’ Report | 2 - 5 |
| Independent Auditor’s Report | 6 - 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Notes to the Accounts | 11 - 19 |
The Newman Trust
Trust Information for the year ended 30th June 2024
| TRUSTEES: | Rt Revd N Hudson | (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) | |
| 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 2024
The Trustees submit their annual report and financial statements for the year ended 30th June 2024. 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 1st 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;
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iii. a student library on the first floor, as well as a meeting room and offices; and
-
iv. 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, and the first and the top floor has a research institute as a tenant.
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.
The Trust’s income which to a large extent depends on the hiring out of rooms and the conference/ summer school business in the Easter and summer vacations has been slowly recovering since summer 2021. The Trust is grateful to the Chaplaincy Manager for looking after this side of the income stream and is hopeful that business may continue to improve in future financial years. During the current year, the Trust again approved renovation and updating works to support the options of future income streams.
The Trust continued its regular maintenance of the buildings as usual.
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 2024
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 £131,000 (2023: £89,000). At the year-end the Trust’s net current unrestricted assets amounted to £133,337 (2023: 214,514). Total resources held at the year-end were £13,528,270 (2023: £13,210,584). 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 2024
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.
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
15th January 2025
4
The Newman Trust
Trustees’ Report for the year ended 30th June 2024
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 2024 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 2024;
-
2, 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 5, 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
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Enquiry of management and those charged with governance around actual and potential litigation and claims;
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Reviewing minutes of meetings of those charged with governance;
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Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
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Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
7
Independent Auditor’s Report to the Trustees of the Newman Trust (continued)
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
15th January 2025
Wenn Townsend is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
8
The Newman Trust
Statement of Financial Activities for the year ended 30th June 2024
| Unrestricted | Unrestricted | Unrestricted | Designated | Total |
Unrestricted | Designated | Total |
|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds |
Funds | Funds | Funds | ||
| 2024 | 2024 | 2024 |
2023 | 2023 | 2023 | ||
| Note | £ |
£ | £ |
£ | £ | £ | |
| Income | |||||||
| Donations and legacies | 2 | 16,774 | - | 16,774 |
10,648 | - | 10,648 |
| Investments | 3 | 76,619 | - | 76,619 |
74,159 | - | 74,159 |
| Other: | |||||||
| Rent receivable | 4 | 350,698 |
- |
350,698 |
372,037 |
- |
372,037 |
| ____________ | |||||||
| Total Income | 444,091 | - | 444,091 |
456,844 | - | 456,844 | |
| Expenditure | |||||||
| Charitable activities: | |||||||
| Grants | 5 | 72,000 | - | 72,000 |
72,000 | - | 72,000 |
| Buildings maintenance | 6 | 191,275 | - | 191,275 |
47,454 | 2,901 | 50,355 |
| Other Chaplaincy costs | 7 | 261,993 |
- |
261,993 |
232,077 |
- |
232,077 |
| ____________ | |||||||
| Total Expenditure | 525,268 | - | 525,268 |
351,531 | 2,901 | 354,432 | |
| Net gains/(losses) on investments | |||||||
| Net gains/(losses) on | |||||||
| investment properties | 9 | - | 43,247 | 43,247 |
- | 148,901 | 148,901 |
| Net gains/(losses) on investments | 11 | - |
133,994 |
133,994 |
- |
(70,048) |
(70,048) |
| ____________ | |||||||
| Net Income/(Expenditure) | (81,177) | 177,241 |
96,064 |
105,313 | 75,952 | 181,265 | |
| Gains/(losses) on revaluation of fixed assets | |||||||
| Gains/(losses) on land and buildings | 8 | - 221,622 221,622 - 763,049 763,049 ____________ |
|||||
| Net movement in funds | |||||||
| before transfers | (81,177) | 398,863 |
317,686 |
105,313 | 839,001 | 944,314 | |
| Transfers | |||||||
| Fixed asset additions | - |
- |
- |
(1,320) |
1,320 |
- |
|
| ____________ | |||||||
| Net movement in funds | (81,177) | 398,863 |
317,686 |
103,993 | 840,321 | 944,314 | |
| Reconciliation of Funds | |||||||
| Fund Balances as at 1st July 2023 | 214,514 |
12,996,070 |
13,210,584 |
110,521 |
12,155,749 12,266,270 |
||
| ____________ | |||||||
| Fund Balances as at 30th June 2024 | 133,337 | 13,394,933 | 13,528,270 | 214,514 | 12,996,070 13,210,584 | ||
| ═════════════════════════════════════════════ |
None of the Trust’s activities was acquired or discontinued during 2023 and 2024.
9
The Newman Trust
Balance Sheet at 30th June 2024
| Unrestricted | Unrestricted | Designated | Total | Unrestricted | Designated | Total | |
|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | Funds | Funds | ||
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | ||
| Note | £ |
£ | £ | £ | £ | £ | |
| Fixed Assets | |||||||
| Land and Buildings | 8 | - | 9,857,339 | 9,857,339 | - | 9,635,717 | 9,635,717 |
| Investment Properties | 9 | - | 1,923,553 | 1,923,553 | - | 1,880,306 | 1,880,306 |
| Other Fixed Assets | 10 | - | - | - | - | - | - |
| Investments | 11 | - | 1,614,041 | 1,614,041 | - | 1,480,047 | 1,480,047 |
| ____________ | |||||||
| - | 13,394,933 | 13,394,933 | - | 12,996,070 | 12,996,070 | ||
| Current Assets | |||||||
| Debtors | 12 | 94,989 | - | 94,989 | 42,243 | - | 42,243 |
| Cash at Bank and In Hand | 113,222 | - | 113,222 | 224,835 | - | 224,835 | |
| ____________ | |||||||
| 208,211 | - | 208,211 | 267,078 | - | 267,078 | ||
| Creditors: Amounts falling due | 13 | (74,874) | - | (74,874) | (52,564) |
- | (52,564) |
| ____________ | |||||||
| Net Current Assets | 133,337 | - | 133,337 | 214,514 | - | 214,514 | |
| ____________ | |||||||
| Net Assets | 133,337 | 13,394,933 | 13,528,270 | 214,514 | 12,996,070 | 13,210,584 | |
| ═════════════════════════════════════════════════ | |||||||
| Capital & Reserves | |||||||
| Unrestricted Funds: | |||||||
| General Fund | 14 | 133,337 | - | 133,337 | 214,514 | - | 214,514 |
| Designated Funds | 15 | - | 13,394,933 | 13,394,933 | - | 12,996,070 | 12,996,070 |
| ____________ | |||||||
| 133,337 | 13,394,933 | 13,528,270 | 214,514 | 12,996,070 | 13,210,584 | ||
| ═════════════════════════════════════════════════ |
Approved by the Board of Trustees on 15th January 2025 and signed on its behalf by
Mrs J Kerkhecker Trustee
The notes on pages 11 to 19 form part of these accounts
10
The Newman Trust
Notes on Financial Statements for the year ended 30th June 2024
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. 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.
11
The Newman Trust
Notes on Financial Statements for the year ended 30th June 2024
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.
12
The Newman Trust
Notes on Financial Statements for the year ended 30th June 2024
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
| 2 | Donations and legacies | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Donations - General Fund | 16,774 | 10,648 | |
| Tax reclaim | - | - | |
| ───── | ───── | ||
| 16,774 | 10,648 | ||
| ═════ | ═════ | ||
| 3 | Income from investments | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Interest receivable | 468 | 162 | |
| Dividends receivable | 76,151 | 73,997 | |
| ───── | ───── | ||
| 76,619 | 74,159 | ||
| ═════ | ═════ | ||
| 4 | Rent receivable | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Leases | 129,980 | 125,826 | |
| Newman Rooms | 105,039 | 129,333 | |
| Student accommodation | 115,679 | 116,878 | |
| ───── | ───── | ||
| 350,698 | 372,037 | ||
| ═════ | ═════ |
13
The Newman Trust
Notes on Financial Statements for the year ended 30th June 2024
| 5 | Grants payable | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Allowances to Catholic Chaplaincy | 72,000 | 72,000 | |
| ───── | ───── | ||
| 72,000 | 72,000 | ||
| ═════ | ═════ | ||
| 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
| 6 | Buildings maintenance | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Maintenance | 5,108 | 3,075 | |
| Subcontractors | 186,167 | 44,380 | |
| Depreciation | - | 2,900 | |
| ───── | ───── | ||
| 191,275 | 50,355 | ||
| ═════ | ═════ | ||
| Depreciation costs are charged to the designated fund, all other costs are unrestricted. | |||
| 7 | Other chaplaincy costs | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Wages and salaries | 155,377 | 147,318 | |
| Bank charges | 9 | 91 | |
| Professional fees | 3,570 | 19,045 | |
| Rates | 34,848 | 17,605 | |
| IT | 7,217 | 2,945 | |
| Insurance | 36,598 | 32,779 | |
| Auditors Remuneration – audit | 4,500 | 3,600 | |
| Auditors Remuneration – accounts | 4,500 | 3,600 | |
| Other | 15,374 | 5,094 | |
| ───── | ───── | ||
| 261,993 | 232,077 | ||
| ═════ | ═════ |
14
The Newman Trust
Notes on Financial Statements for the year ended 30th June 2024
8 Land and Buildings
| nd and Buildings | |
|---|---|
| Chaplaincy | |
| Buildings | |
| £ | |
| Valuation | |
| At 1st July 2023 | 9,635,717 |
| Revaluation | 221,622 |
| ─────── | |
| At 30th June 2024 | 9,857,339 |
| ═══════ | |
| 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 2024 with reference to the BCIS House Rebuilding Cost Index.
9 Investment Properties
| vestment Properties | |
|---|---|
| 82/83 | |
| St Aldates | |
| Valuation | £ |
| At 1st July 2023 | 1,880,306 |
| Revaluation | 43,247 |
| ─────── | |
| At 30th June 2024 | 1,923,553 |
| ═══════ | |
| 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 2024 with reference to the BCIS House Rebuilding Cost Index.
15
The Newman Trust
Notes on Financial Statements for the year ended 30th June 2024
10 Other Fixed Assets
| Furniture | Office | Plant and | ||
|---|---|---|---|---|
| and Fixtures | Equipment | Machinery | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
| At 1st July 2023 | 22,634 | 3,188 | 8,184 | 34,006 |
| Additions | - | - | - | - |
| At 31st June 2024 | 22,634 | 3,188 | 8,184 | 34,006 |
| Depreciation | ||||
| At 1st July 2023 | 22,634 | 3,188 | 8,184 | 34,006 |
| Charge | - | - | - | - |
| At 30th June 2024 | 22,634 | 3,188 | 8,184 | 34,006 |
| Net Book Amount | ||||
| 30th June 2023 | - | - | - | - |
| 30th June 2024 | - | - | - | - |
| 11 | Fixed Asset Investments | ||
|---|---|---|---|
| M&G | Total | ||
| £ | £ | ||
| Market value at 1st July 2023 | 1,480,047 | 1,480,047 | |
| Revaluation gains / (losses) | 133,994 | 133,994 | |
| ─────── | ─────── | ||
| Market value at 30th June 2024 | 1,614,041 | 1,614,041 | |
| ═══════ | ═══════ | ||
| M&G | Total | ||
| £ | £ | ||
| Market value at 1st July 2022 | 1,550,095 | 1,550,095 | |
| Revaluation gains / (losses) | (70,048) | (70,048) | |
| ─────── | ─────── | ||
| Market value at 30th June 2023 | 1,480,047 | 1,480,047 | |
| ═══════ | ═══════ | ||
| 12 | Debtors | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors | 54,769 | 5,291 | |
| Prepayments | 40,220 | 36,952 | |
| ─────── | ─────── | ||
| 94,989 | 42,243 | ||
| ═══════ | ═══════ |
16
The Newman Trust
Notes on Financial Statements for the year ended 30th June 2024
| 13 | Creditors | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Deferred Income | 19,826 | - | |
| Accruals | 16,020 | 7,020 | |
| Social security and other taxes | 2,264 | 2,463 | |
| Pensions payable | 581 | 576 | |
| Other creditors | 36,183 | 42,505 | |
| ───── | ───── | ||
| 74,874 | 52,564 | ||
| ═════ | ═════ | ||
| 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:- | |||
| 2024 | 2023 | ||
| £ | £ | ||
| Brought forward | - | 6,995 | |
| Released in year | - | (6,995) | |
| Deferred in year | 19,826 | - | |
| ───── | ───── | ||
| Carried forward | 19,826 | - | |
| ═════ | ═════ | ||
| 14 | General Fund | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Cash at Bank | 113,222 | 224,834 | |
| Debtors | 94,989 | 42,243 | |
| Creditors | (74,874) | (52,564) | |
| ───── | ───── | ||
| 133,337 | 214,514 | ||
| ═════ | ═════ | ||
| Balance at 1st July | 214,514 | 110,521 | |
| (Deficit) / surplus for the year | (81,177) | 105,313 | |
| Transfers | - | (1,320) | |
| ───── | ───── | ||
| Balance at 30th June | 133,337 | 214,514 | |
| ═════ | ═════ |
17
The Newman Trust
Notes on Financial Statements for the year ended 30th June 2024
15 Designated Funds
| Year Ended 30th June 2024 Land and Buildings Investment Properties Investments Other Fixed Assets Balance at 1st July 2023 Surplus for year Transfers Balance at 30th June 2024 Year Ended 30th June 2023 Land and Buildings Investment Properties Investments Other Fixed Assets Balance at 1st July 2022 Surplus for year Transfers Balance at 30th June 2023 |
Land and buildings Investment properties Investments Other fixed assets Total £ £ £ £ £ 9,857,339 - - - 9,857,339 - 1,923,553 - - 1,923,553 - - 1,614,041 - 1,614,041 - - - - |
|---|---|
| 9,857,339 1,923,553 1,614,041 - 13,394,933 |
|
| 9,635,717 1,880,306 1,480,047 - 12,996,070 221,622 43,247 133,994 - 398,863 - - - - - |
|
| 9,857,339 1,923,553 1,614,041 - 13,394,933 |
|
| Land and buildings Investment properties Investments Other fixed assets Total £ £ £ £ £ 9,635,717 - - - 9,635,717 - 1,880,306 - - 1,880,306 - - 1,480,047 - 1,480,047 - - - - - |
|
| 9,635,717 1,880,306 1,480,047 - 12,996,070 |
|
| 8,872,668 1,731,405 1,550,095 1,581 12,155,749 763,049 148,901 (70,048) (2,901) 839,001 - - - 1,320 1,320 |
|
| 9,635,717 1,880,306 1,480,047 - 12,996,070 |
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.
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.
18
The Newman Trust
Notes on Financial Statements for the year ended 30th June 2024
17 Staff Costs
The Trust incurred staff costs as follows:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Salaries | 137,422 | 128,927 |
| Social security costs | 11,313 | 11,479 |
| Pension costs | 6,643 | 6,911 |
| ───── | ───── | |
| 155,377 | 147,318 | |
| ═════ | ═════ |
No employee received remuneration of more than £60,000. The average number of staff employed in the year was 4 (2023: 4).
19