2025-09-30-accounts

The Newman Trust (Registered Charity Number: 251158)

Financial Statements for the 15 months ended 30th September 2025

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 15 months ended 30th September 2025

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 15 months ended 30th September 2025

The Trustees submit their annual report and financial statements for the 15 months ended 30th September 2025. 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;

• 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 9 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 trustees approved a large amount of renovation work to improve 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 15 months ended 30th September 2025

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 £125,000 (2024: £131,000). At the year-end the Trust’s net current unrestricted assets amounted to £134,586 (2024: £133,337). Total resources held at the year-end were £14,233,367 (2024: £13,528,270). 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 15 months ended 30th September 2025

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

25th June 2026

4

The Newman Trust

Trustees’ Report for the 15 months ended 30th September 2025

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 15 months ended 30th September 2025 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 September 2025, and of its incoming resources and application of resources, for the period then ended;

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

• • have been prepared in accordance with the requirements of the Charities Act 2011.

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:

• Enquiry of management and those charged with governance around actual and potential litigation and claims;

• Reviewing minutes of meetings of those charged with governance;

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• 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

25th June 2026

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 15 months ended 30th September 2025

Unrestricted	Unrestricted	Unrestricted	Designated	Total	Unrestricted	Designated	Total
		Funds	Funds	Funds	Funds	Funds	Funds
		2025	2025	2025	2024	2024	2024
Note		£	£	£	£	£	£
Income
Donations and legacies	2	21,471	-	21,471	16,774	-	16,774
Investments	3	95,105	-	95,105	76,619	-	76,619
Other:
Rent receivable	4	507,651	-	507,651	350,698	-	350,698
		____________
Total Income		624,227	-	624,227	444,091	-	444,091
Expenditure
Charitable activities:
Grants	5	90,000	-	90,000	72,000	-	72,000
Buildings maintenance	6	157,354	-	157,354	191,275	-	191,275
Other Chaplaincy costs	7	375,624	-	375,624	261,993	-	261,993
		____________
Total Expenditure		622,978	-	622,978	525,268	-	525,268
Net gains/(losses) on investments
Net gains/(losses) on
investment properties	9	-	92,815	92,815	-	43,247	43,247
Net gains/(losses) on investments	11	-	135,397	135,397	-	133,994	133,994
		____________
Net Income/(Expenditure)		1,249	228,212	229,461	(81,177)	177,241	96,064
Gains/(losses) on revaluation of fixed assets
Gains/(losses) on land and buildings	8	-	475,636	475,636	-	221,622	221,622
		____________
Net movement in funds		1,249	703,848	705,097	(81,177)	398,863	317,686
Reconciliation of Funds
Fund Balances as at 1st July 2024		133,337	13,394,933	13,528,270	214,514	12,996,070	13,210,584
		____________
Fund Balances as at 30th Sept 2025		134,586	14,098,781	14,233,367	133,337	13,394,933	13,528,270
		═════════════════════════════════════════════

None of the Trust’s activities was acquired or discontinued during 2024 and 2025.

9

The Newman Trust

Balance Sheet at 30th September 2025

	Unrestricted	Unrestricted	Designated	Total	Unrestricted	Designated	Total
		Funds	Funds	Funds	Funds	Funds	Funds
		2025	2025	2025	2024	2024	2024
	Note	£	£	£	£	£	£
Fixed Assets
Land and Buildings	8	-	10,332,975	10,332,975	-	9,857,339	9,857,339
Investment Properties	9	-	2,016,368	2,016,368	-	1,923,553	1,923,553
Other Fixed Assets	10	-	-	-	-	-	-
Investments	11	-	1,749,438	1,749,438	-	1,614,041	1,614,041
		____________
		-	14,098,781	14,098,781	-	13,394,933	13,394,933
Current Assets
Debtors	12	152,722	-	152,722	94,989	-	94,989
Cash at Bank and In Hand		190,759	-	190,759	113,222	-	113,222
		____________
		343,481	-	343,481	208,211	-	208,211
Creditors: Amounts falling due	13	(208,895)	-	(208,895)	(74,874)	-	(74,874)
		____________
Net Current Assets		134,586	-	134,586	133,337	-	133,337
		____________
Net Assets		134,586	14,098,781	14,233,367	133,337	13,394,933	13,528,270
		═════════════════════════════════════════════════
Capital & Reserves
Unrestricted Funds:
General Fund	14	134,586	-	134,586	133,337	-	133,337
Designated Funds	15	-	14,098,781	14,098,781	-	13,394,933	13,394,933
		____________
		134,586	14,098,781	14,233,367	133,337	13,394,933	13,528,270
		═════════════════════════════════════════════════

Approved by the Board of Trustees on 25th June 2026 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 15 months ended 30th September 2025

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 accounts are for 15 months to 30 September 2025, with comparatives for 12 months to 30 June 2024. As a result, income and expenditure figures are not directly comparable.

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 15 months ended 30th September 2025

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 which is considered to be equivalent to fair 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.

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.

12

The Newman Trust

Notes on Financial Statements for the 15 months ended 30th September 2025

1 Accounting Policies (continued)

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 charity 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
		15 months
		to 30th	12 months
		September	to 30th June
		2025	2024
		£	£
	Donations - General Fund	21,471	16,774
		─────	─────
		21,471════	16,774
		═	═════
3	Income from investments
		15 months
		to 30th	12 months
		September	to 30th June
		2025	2024
		£	£
	Interest receivable	251	468
	Dividends receivable	94,854	76,151
		─────	─────
		95,105	76,619
		═════	═════
4	Rent receivable
		15 months
		to 30th	12 months
		September	to 30th June
		2025	2024
		£	£
	Leases	172,206	129,980
	Newman Rooms	180,696	105,039
	Student accommodation	154,749	115,679
		─────	─────
		507,651	350,698
		═════	═════

13

The Newman Trust

Notes on Financial Statements for the 15 months ended 30th September 2025

5 Grants payable

ants payable
	15 months
	to 30th	12 months
	September	to	30th June
	2025		2024
	£		£
Allowances to Catholic Chaplaincy	90,000		72,000
	─────		─────
	90,000		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

ildings maintenance
	15 months
	to 30th	12 months
	September	to	30th June
	2025		2024
	£		£
Maintenance	49,953		5,108
Subcontractors	107,401		186,167
	─────		─────
	157,354		191,275
	═════		═════

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

7 Other chaplaincy costs

her chaplaincy costs
	15 months
	to 30th	12 months
	September	to 30th June
	2025	2024
	£	£
Wages and salaries	206,837	155,377
Bank charges	1,900	9
Professional fees	30,762	3,570
Rates	52,585	34,848
IT	5,155	7,217
Insurance	52,024	36,598
Auditors Remuneration – audit	5,500	4,500
Auditors Remuneration – accounts	4,500	4,500
Other	16,361	15,374
	─────	─────
	375,624	261,993
	═════	═════

14

The Newman Trust

Notes on Financial Statements for the 15 months ended 30th September 2025

8 Land and Buildings

nd and Buildings
	Chaplaincy
	Buildings
	£
Valuation
At 1st July 2024	9,857,339
Revaluation	475,636
	───────
At 30th September 2025	10,332,975
	═══════
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 September 2025 with reference to the BCIS House Rebuilding Cost Index. This is considered to be equivalent to fair value.

9 Investment Properties

vestment Properties
	82/83
	St Aldates
Valuation	£
At 1st July 2024	1,923,553
Revaluation	92,815
	───────
At 30th September 2025	2,016,368
	═══════
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 September 2025 with reference to the BCIS House Rebuilding Cost Index. This is considered to be equivalent to fair value.

15

The Newman Trust

Notes on Financial Statements for the 15 months ended 30th September 2025

10 Other Fixed Assets

		Furniture	Office	Plant and
		and Fixtures	Equipment	Machinery	Total
		£	£	£	£
	Cost
	At 1st July 2024	22,634	3,188	8,184	34,006
	Additions	-	-	-	-
	At 30th September 2025	22,634	3,188	8,184	34,006
	Depreciation
	At 1st July 2024	22,634	3,188	8,184	34,006
	Charge	-	-	-	-
	At 30th September 2025	22,634	3,188	8,184	34,006
	Net Book Amount
	30th June 2024	-	-	-	-
	30th September 2025	-	-	-	-
11	Fixed Asset Investments
			M&G	Total
			£	£
	Market value at 1st July 2024		1,614,041	1,614,041
	Revaluation gains / (losses)		135,397	135,397
			───────	───────
	Market value at 30th September 2025		1,749,438	1,749,438
			═══════	═══════
			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
			═══════	═══════
12	Debtors
			2025	2024
			£	£
	Trade debtors		128,987	54,769
	Prepayments		23,735	40,220
			───────	───────
			152,722	94,989
			═══════	═══════

16

The Newman Trust

Notes on Financial Statements for the 15 months ended 30th September 2025

13	Creditors
		2025	2024
		£	£
	Deferred Income	159,998	19,826
	Accruals	10,034	16,020
	Social security and other taxes	296	2,264
	Pensions payable	4,902	581
	Other creditors	33,665	36,183
		─────	─────
		208,895	74,874
		═════	═════
	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:-
		2025	2024
		£	£
	Brought forward	19,826	-
	Released in year	(19,826)	-
	Deferred in year	159,998	19,826
		─────	─────
	Carried forward	159,998	19,826
		═════	═════
14	General Fund
		2025	2024
		£	£
	Cash at Bank	190,759	113,222
	Debtors	152,722	94,989
	Creditors	(208,895)	(74,874)
		─────	─────
		134,586	133,337
		═════	═════
	Balance at 1st July	133,337	214,514
	(Deficit) / surplus for the year	1,249	(81,177)
	Transfers	-	-
		─────	─────
	Balance at 30th September	134,586	133,337
		═════	═════

17

The Newman Trust

Notes on Financial Statements for the 15 months ended 30th September 2025

15 Designated Funds

15 months ended 30th September 2025 Land and Buildings Investment Properties Investments Other Fixed Assets Balance at 1st July 2024 Surplus for year Transfers Balance at 30th Sept 2025 Year Ended 30th June 2024 Land and Buildings Investment Properties Investments Other Fixed Assets Balance at 1st July 2024 Surplus for year Transfers Balance at 30th Sept 2025	Land and buildings Investment properties Investments Other fixed assets Total £ £ £ £ £ 10,332,975 - - - 10,332,975 - 2,016,368 - - 2,016,368 - - 1,749,438 - 1,749,438 - - - - -
	10,332,975 2,016,368 1,749,438 - 14,098,781
	9,857,339 1,923,553 1,614,041 - 13,394,933 475,636 92,815 135,397 - 703,848 - - - - -
	10,332,975 2,016,368 1,749,438 - 14,098,781
	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

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 15 months ended 30th September 2025

17 Staff Costs

The Trust incurred staff costs as follows:

	15 months
	to 30th	12 months
	September	to 30th June
	2025	2024
	£	£
Salaries	190,408	137,422
Social security costs	3,454	11,313
Pension costs	12,975	6,643
	─────	─────
	206,837	155,377
	═════	═════

No employee received remuneration of more than £60,000. The average number of staff employed in the year was 4 (2024: 4).

19