REGISTERED CHARITY NUMBER: 501567
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 FOR
THE NEWMAN TRUST HOMES
Flint & Thompson Chartered Accountants 2 Manor Square Solihull B91 3PX
THE NEWMAN TRUST HOMES
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
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|Report|of the|Trustees|1|to|3|
|Independent|Examiner's|Report|4|
|Statement|of Financial|Activities|2)|
|Balance|Sheet|6|
|Notes|to|the|Financial|Statements|7|to|13|
|Detailed|Statement|of Financial|Activities|14|
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THE NEWMAN TRUST HOMES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025
The trustees present their report with the financial statements of the charity for the year ended 5 April 2025. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Charity was formed in 1971 under the will of Henry James Newman to build and manage four homes in the Handsworth district of Birmingham for elderly residents. The Charity was reconstituted on 6th April 1998 under a Scheme of the Commissioners and continues to provide housing for the elderly and to generally relieve poverty by way of donation. The Trustees ensure that the Charity's assets are maintained in good order. When considering the Charity's activities the Trustees are mindful of the Charity Commission's guidelines on public benefit.
ACHIEVEMENTS AND PERFORMANCE
Charitable activities
The significant activities for achieving the objectives are as detailed in the accounts. Grants are made following applications made to the Trustees 6 times per year. The day to day management of the bungalows is managed by BCOP referring significant expenditure needs to the Trustee meetings or if urgent via the clerk.
FINANCIAL REVIEW
Financial position
Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
The charity generated a deficit of £29,056 (2024 surplus £74,796) in the financial year. This deficit was due to the weaker investment performance of quoted securities during the year. At the year end, the charity has unrestricted reserves of £134,438 (2024 £120,673), Endowment funds of £1,340,530 (2024 £1,383,351) The cash at bank balance has increased from £26,297 to £26,305.
During the year the Charity made grants to four individuals amounting to £1,600 (2024: £4,640).
Principal risks and uncertainties
The principal risk faced by the charity is the potential market value of investments decreasing and loss of rents received. However we use a stock broker to manage our investments and an agent to manage the rents received by tenants.
Reserves policy
In the opinion of the Trustees the Charity's assets are available and adequate to fulfil the objects of the Charity. The level of reserves held is sufficient to enable the Charity to operate at its current level for the foreseeable future.
Funds policy
Unrestricted funds comprise the accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Trustees in furtherance of the general charitable objectives. In addition, the Trustees may designated two funds to provide for cyclical maintenance and extraordinary repairs.
FUTURE PLANS
To continue to use a stock broker to manage our investments and agent to manage our rent receivable from the investment property.
Investment Powers and Policy
The Trustees have discretion over the investment power of the funds. The investments are long-term assets, the purpose of which is to generate income and capital growth that will maintain real value to finance the funds’ expenditure on its charitable objectives.
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THE NEWMAN TRUST HOMES
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a Charity Commissions Scheme dated 6 April 1998 and constitutes an unincorporated charity.
Organisational structure and decision making
The Board of Trustees are the ultimate control in the party of the charity.
Selection and appointment of Trustees
The selection and appointment of new Trustees is determined by the Board of Trustees in office at that time. This policy is based on a complementary age profile, general experience in managing charities and also to provide complementary skills to the other Trustees.
Policies adopted for the induction and training of trustees
Newly appointed Trustees are provided with a thorough introduction via the Charity Commission Guidance The Essential Trustee to the workings of the charity and are provided with all necessary information which will enable them to properly fulfil their role as Trustees.
Decision making
The trustees are involved in the decision making of the charity and have the power to use the charity's funds as follows:
-
The trustees have unrestricted access to the income produced by the charity’s assets each year (including surplus income brought forward from earlier years) in so far as it is used for the charitable purposes set down in the Charity Commissioners Scheme dated 6 April 1998.
-
If the trustees wish to gain access to any part of the underlying endowment fund, they must apply to the Charity Commissioners for permission but are allowed to vary the investments as they see fit.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number 501567
Principal address
c/o Tyndallwoods Solicitors 29 Woodbourne Road Edgbaston BIRMINGHAM B17 8BY
Trustees
Mrs J Dyke Ms D Gauton Ms Y Messam Mrs R Fox Fr P Clement
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THE NEWMAN TRUST HOMES
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Peter Geordiades BA FCA Flint & Thompson Chartered Accountants 2 Manor Square Solihull B91 3PX Approved by order of c a the board oftrustees on ASpI2.]2S... and signed on its behalf by:
J Dyke - an aS —s
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE NEWMAN TRUST HOMES
Independent examiner's report to the trustees of The Newman Trust Homes
I report to the charity trustees on my examination of the accounts of The Newman Trust Homes (the Trust) for the year ended 5 April 2025.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1, accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2: the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
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‘ZeFfint & Thompson BA FCA
Chartered Accountants
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2 Manor Square
Solihull
B91 3PX Qu (2(pe2S,
Date: ....serssecsesseesedsecneeafecssennesscesees
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THE NEWMAN TRUST HOWES
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025
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|---|---|---|---|---|---|---|---|
|2025|2024|
|Unrestricted|Endowment|Total|Total|
|funds|funds|funds|funds|
|INCOME AND|ENDOWMENTS|FROM|Notes|£|£|£|£|
|Contributions|from|residents|25,519|-|25,519|23,804|
|Investment income|2:|32,634|-|32,634|30,723|
|Total|58,153|-|$8,153|$4,527|
|EXPENDITURE|ON|
|Support|costs|28,617|-|28,617|32,622|
|Charitable|activities|
|Administrative and management|costs|19,195|9,420|28,616|30,176|
|Total|47,812|9,420|57,232|62,798|
|Net gains/(losses) on investments|271|(30,247)|(29,976)|83,067|
|NET INCOME/(EXPENDITURE)|13,765|(39,667)|(29,056)|74,796|
|Net movement|in|funds|13,765|(42,821)|(29,056)|74,796|
|RECONCILIATION OF FUNDS|
|Total|funds|brought forward|120,673|1,383,351|1,504,024|1,429,228|
|TOTAL FUNDS CARRIED FORWARD|134,438|1,340,530|1,474,968|1,504,024|
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The notes form part of these financial statements
————eee
Page 5
THE NEWMAN TRUST HOMES
BALANCE SHEET 5 APRIL 2025
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|t="|
|2025|2024|
|Unrestricted|Endowment|Total|Total|
|Notes|funds|funds|funds|funds|
|FIXED|ASSETS|£|ra|4|£|
|Tangible|assets|5|-|400,000|400,000|400,000|
|Investments|6|102,575|940,530|1,043,105|1,065,867|
|102,575|1,340,530|1,443,105|1,465,867|
|CURRENT ASSETS|
|Debtors|7|8,678|~|8,678|20,075|
|Cash|at|bank|26,305|:|26,305|26,297|
|34,983|-|34,983|46,372|
|CREDITORS|
|Amounts|falling due within|one year|§|(3,120)|~|(7,619)|(8,215)|
|NET CURRENT ASSETS|31,863|-|31,863|38,157|
|TOTAL ASSETS|LESS|CURRENT|
|LIABILITIES|134,438|1,340,530|1,474,968|1,504,024|
|NET ASSETS|134,438|1,340,530|1,474,968|1,504,024|
|FUNDS|9|
|Unrestricted|funds:|
|General|fund|108,480|89,703|
|Extraordinary|Repair Fund|13,035|12,535|
|Cyclical|Maintenance Fund|12,923|18,435|
|134,438|120,673|
|Endowment|funds|1,340,530|1,383,351|
|TOTAL FUNDS|1,474,968|1,504,024|
|The|financial|statements|were|approved|by|the|Board|of|Trustees|and|authorised|for|issue|on|
|PAM|RZOZS....|cucu. and|were signed on|its|behalf|by:|
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J Dyke - Chair
The notes form part of these financial statements
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THE NEWMAN TRUST HOMES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED § APRIL 2025
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1. ACCOUNTING POLICIES
Basis of preparing the financial] statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘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)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Treland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. In addition, the investment properties are held under the valuation model, with the last valuation in November 2020.
The charity constitutes a public benefit entity as defined by FRS 102. The charity is regarded as a small entity and has therefore taken all necessary exemptions available under FRS 102.
The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern as they consider that there are sufficient cash reserves to meet the charity's liabilities as they fall due.
Income
Charitable activities
Income from the occupiers of the almshouses is included in the period when the contributions fall due.
Investment income
Investment income is accounted for in the period in which the Charity is entitled to receipt.
Interest receivable
Interest is accounted for when received by the Charity.
Expenditure
Resources expended are included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT. Certain expenditure is directly attributable to specific activities and has been included in those cost categories.
Support costs comprise costs involved in the core activity of running costs and upkeep of the almshouses.
Tangible fixed assets
Individual fixed assets are capitalised at cost or valuation in respect of donated assets. .
The Charity’s freehold property assets, consisting of almshouses, are held under the valuation model as they are maintained in good repair and the Trustees are of the opinion that their market value is in excess of cost therefore depreciating the assets would not provide a true and fair view of their net book value. The Trustees feel that the cost of a formal market valuation is currently in excess of the benefits to the Charity at this time. The property was last valued in November 2020 by an independent third party to have a market value of £400,000.
Taxation
The charity is exempt from tax on its charitable activities.
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THE NEWMAN TRUST HOMES
2 INVESTMENT INCOME
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 5 APRIL 2025
1 ACCOUNTING POLICIES - continued
Fund accounting
General funds
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. Designated Funds can be used in accordance with the objects of the Charity.
Designated funds comprise the Extraordinary Repair Fund and Cyclical Maintenance Funds.
Details of the nature and purpose of each fund is set out in Note 9 to the financial statements.
Investments
Investments are included at closing mid-market value at the balance sheet date. Any realised or unrealised gains or losses on investments are recognised in the Statement of Financial Activities.
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Investment | income | - | Fixed Interest Securities | 7,637 | 3,488 |
| InvestmentIncome | Income | ~UK | UK Equities | 24,997 | 27,235 |
| 32,634 | 30,723 |
3; TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2025 nor for the year ended 5 April 2024.
Trustees’ expenses
There were no trustees' expenses paid for the year ended 5 April 2025 nor for the year ended 5 April 2024.
| 4, | COMPARATIVES FOR THE STATEMENTOF FINANCIAL ACTIVITIES | COMPARATIVES FOR THE STATEMENTOF FINANCIAL ACTIVITIES | ||
|---|---|---|---|---|
| Unrestricted | Endowment | Total | ||
| funds | funds | funds | ||
| £ | £ | £ | ||
| INCOMEAND ENDOWMENTS FROM | ||||
| Contributions from residents | 23,804 | - | 23,804 | |
| Investment income | 30,723 | - | 30,723 | |
| Total | 54,527 | - | 54,527 | |
| EXPENDITURE ON | ||||
| Support costs | 32,622 | - | 32,622 | |
| Charitable activities | ||||
| Administrativeandmanagementcosts | 21,482 | 8,694 | 30,176 |
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THE NEWMAN TRUST HOMES
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 5 APRIL 2025
| 4. | COMPARATIVES FOR THE STATEMENTOFFINANCIAL ACTIVITIES - | COMPARATIVES FOR THE STATEMENTOFFINANCIAL ACTIVITIES - | continued | |
|---|---|---|---|---|
| Unrestricted Endowment |
Total | |||
| funds | funds | funds | ||
| aee | ee | |||
| Total | 54,104 | 8,694 | 62,798 | |
| Net gains on investments | - | 83,067 | 83,067 | |
| NETINCOME/(EXPENDITURE) | 423 | 74,373 | 74,796 | |
| Netmovement in funds | 423 | 74,373 | 74,796 | |
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | 120,250 | 1,308,978 | 1,429,228 | |
| TOTALFUNDS CARRIED FORWARD | 120,673 | 1,383,351 | 1,504,024 | |
| 5: | TANGIBLE FIXED ASSETS | |||
| Freehold | ||||
| property | ||||
| £ | ||||
| COST | ||||
| At 6 April 2024 and 5 Apri] 2025 | 400,000 | |||
| NETBOOK VALUE | ||||
| At 5 April 2025 | 400,000 | |||
| At5April2024 | 400,000 |
The properties were revalued by Independent surveyor Cottons Chartered Surveyors in November 2020 at £400,000.
| 6. | FIXED ASSET INVESTMENTS | |
|---|---|---|
| Listed | ||
| investments | ||
| £ | ||
| MARKETVALUE | ||
| At 6 April 2024 Additions Disposals Revaluations |
1,065,867 68,131 (60,646) (30,247) |
|
| At 5 April 2025 | 1,043,105 | |
| NETBOOKVALUE | ||
| At 5 April 2025 | 1,043,105 | |
| At5April2024 | 1,065,867 |
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THE NEWMAN TRUST HOMES
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 5 APRIL 2025
6. FIXED ASSET INVESTMENTS- continued
The investment portfolio contains a mixture of listed UK equities, government gilts and fixed rate securities.
Cost or valuation at 5 April 2025 is represented by:
| Listed | |||
|---|---|---|---|
| investments | |||
| £ | |||
| Valuation | in | 2025 | (30,246) |
| Cost | 1,073,351 | ||
| 1,043,105 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Other debtors | 8,471 | 17,907 | |
| Prepayments and accrued income | 207 | 2,168 | |
| 8,678 | 20,075 |
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°
THE NEWMAN TRUST HOMES
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 5 APRIL 2025
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|---|---|---|---|---|---|---|---|---|---|---|
|8.|CREDITORS:|AMOUNTS|FALLING|DUE|WITHIN|ONE|YEAR|
|2025|2024|
|£|7|
|Other|creditors|3,120|8,215|
|9;|MOVEMENT|IN|FUNDS|
|Net|
|movement|At|
|At|6/4/24|in|funds|5/4/25|
|£|A|£|
|Unrestricted|funds|
|General|fund|89,703|18,777|108,480|
|Designated|-|Extraordinary|Repair Fund|12,535|500|13,035|
|Designated|-|Cyclical Maintenance|Fund|18,435|(5,512)|12,923|
|120,673|13,765|134,438|
|Endowment|funds|
|Permanent Endowment|1,383,351|(42,821)|1,340,530|
|TOTAL FUNDS|1,504,024|(29,056)|1,474,968|
|Net|movement|in|funds,|included|in|the|above|are|as|follows:|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|58,153|(47,813)|271|10,611|
|Endowment|funds|
|Permanent Endowment|-|(9,420)|(30,247)|(39,667)|
|TOTAL FUNDS|58,153|(57,232)|(29,976)|(29,056)|
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Unrestricted funds
Unrestricted funds include contributions from residents and investment income as income and expenditure in relation to the charity. All costs are included that meet the aims and objectives as included in the governing document to include costs for maintaining the properties, including repairs as well as all costs of administration and management of the charity.
Designated Cyclical Maintenance Fund
Costs of £7,512 (2024 - £nil) in relation to cyclical maintenance works were incurred and expended during the current year. An annual transfer to this fund of £2,000 (2024 - £2,000) was received and the Trustees deemed this to remain a suitable amount in the current year.
Designated Extraordinary Repairs Fund
There have been no withdrawals during the current or previous year. An annual transfer to this fund of £500 (2024 - £500) was received and the Trustees deemed this to remain a suitable amount in the current year.
Endowment funds
Endowment funds comprise the almshouses and historical investments. Realised and unrealised gains and losses are included within the fund. The costs of the investment manager are included within the endowment funds. Any income from investments are included in the unrestricted funds.
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THE NEWMAN TRUST HOMES
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 5 APRIL 2025
9: MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
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|---|---|---|---|---|---|---|---|
|Net|
|movement|At|
|At|6.4.23|in|funds|5.4.24|
|£|£|if|
|Unrestricted|funds|
|General|fund|91,780|(2,077)|89,703|
|Designated|-|Extraordinary|Repair Fund|12,035|500|12,535|
|Designated|-|Cyclical|Maintenance|Fund|16,435|2,000|18,435|
|120,250|423|120,673|
|Endowment|funds|
|Permanent Endowment|1,308,978|74,373|1,383,351|
|TOTAL|FUNDS|1,429,228|74,796|1,504,024|
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Comparative net movement in funds, included in the above are as follows:
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|---|---|---|---|---|---|
|Incoming|Resources|Gains|and|Movement|
|Incoming|Resources|Gains and|Movement|
|resources|expended|losses|in|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|54,527|(54,104)|-|423|
|Endowment|funds|
|Permanent Endowment|-|(8,694)|83,067|74,343|
|TOTAL|FUNDS|54,527|(62,798)|83,067|74,796|
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A current year 12 months and prior year 12 months combined position is as follows:
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|---|---|---|---|---|---|---|---|
|Net|
|movement|At|
|At|6/4/23|in|funds|5/4/25|
|£|5|£|
|Unrestricted|funds|
|General|fund|91,780|16,700|108,480|
|Designated|-|Extraordinary|Repair Fund|12,035|1,000|13,035|
|Designated|-|Cyclical|Maintenance|Fund|16,435|(3,512)|12,923|
|120,250|14,188|134,438|
|Endowment|funds|
|Permanent Endowment|1,308,978|31,552|1,340,530|
|TOTAL FUNDS|1,429,228|45,740|1,474,968|
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THE NEWMAN TRUST HOMES
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 5 APRIL 2025
5. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
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|||||||
|---|---|---|---|---|---|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|112,680|(101,917)|271|11.034|
|Endowment|funds|
|Permanent Endowment|-|(18,114)|52,820|34,706|
|TOTAL FUNDS|112,680|(120,031)|53,091|45,740|
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10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 5 April 2025 nor for the year ended 5 April 2024.
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THE NEWMAN TRUST HOMES
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| HB Receipts | 25,519 | 23,804 |
| Investment income | ||
| Investment income - Fixed Interest Securities | 7,637 | 3,488 |
| Investment Income -UK Equities | 24,997 | 27,235 |
| 32,634 | 30,723 | |
| Total incoming resources | 58,153 | $4,527 |
| EXPENDITURE | ||
| Support costs | ||
| Insurance | 488 | 1,628 |
| Water rates | 2,167 | 472 |
| Light and heat | 10,416 | 2,876 |
| General repairs and heating | 12,461 | 21,776 |
| Cleaning and pestcontrol | 1,085 | 930 |
| Grants paid | 1,600 | 4,640 |
| Christmas gifts to residents | 400 | 300 |
| 28,617 | 32,622 | |
| Charitable activities | ||
| Legal fees - Tyndalwoods | 8,370 | 11,251 |
| Accountancy | 4,740 | 4,667 |
| Brokers Management fee (charged to endowment fund) | 9,420 | 8,694 |
| BCOPManagement fees | 6,085 | 5,564 |
| 28,615 | 30,176 | |
| Total resources expended | 57,232 | 62,798 |
| Net (expenditure)/income before gains and losses | (921) | (8,721) |
| Unrealised net gains and losses on investments | ||
| Unrealised net gains/(losses) on fixed assetinvestments | (29,976) | 83,067 |
| Netincome/(expenditure) | (29,055) | 74,796 |
This page does not form part of the statutory financial statements
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