Docusign Envelope ID: BF1B7DBD-3D9D-40B8-950A-1D99322AF614 

**Charity number: 512217** 

## **ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY** 

**TRUSTEES' REPORT AND FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED 31 MARCH 2025** 

Docusign Envelope ID: BF1B7DBD-3D9D-40B8-950A-1D99322AF614 

## **ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY** 

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CONTENTS<br>Page<br>Reference and Administrative Details of the Charity, its Trustees and Advisers 1<br>Trustees' Report 2 - 6<br>Independent Auditors' Report on the Financial Statements 7 - 10<br>Statement of Financial Activities 11<br>Balance Sheet 12<br>Notes to the Financial Statements 13 - 25<br>**----- End of picture text -----**<br>


Docusign Envelope ID: BF1B7DBD-3D9D-40B8-950A-1D99322AF614 

## **ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY** 

## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025** 

|**Trustees**|Mr S J Lightley, Chairman|
|---|---|
||Mr N Paton, Vice Chairman (resigned 1 July 2025)|
||Ms R Amey (resigned 14 April 2025)|
||Mr M Barker (appointed 26 September 2025)|
||Mr A Birkmyre (resigned 9 April 2025)|
||Mr G C Hunter|
||Mr J W Kyle|
||Dr H Jones-Lee|
||Ms N Miller (appointed 14 April 2025)|
||Mrs C S Penn (resigned 2 September 2025)|
||Mr M Richardson (appointed 10 June 2025)|
||Mr R Singh Sanghera (appointed 1 July 2025)|
|**Charity registered**<br>**number**<br>512217<br>**Principal office**<br>5 - 7 Osborne Terrace<br>Newcastle upon Tyne<br>NE2 1SQ<br>**Independent auditors**<br>Kinnair Associates Limited<br>Chartered Accountants<br>Aston House<br>Redburn Road<br>Newcastle upon Tyne<br>NE5 1NB<br>**Bankers**<br>National Westminster Bank plc<br>16 Northumberland Street<br>Newcastle upon Tyne<br>NE1 7EL<br>**Solicitors**<br>Mincoffs Solicitors<br>5 - 7 Osborne Terrace<br>Newcastle upon Tyne<br>NE2 1SQ<br>**Clerk to the Trustees**<br>Timothy Rohan Gray<br>**Deputy Clerk to the**<br>**Trustees**<br>Christopher Hughes||



Page 1 

Docusign Envelope ID: BF1B7DBD-3D9D-40B8-950A-1D99322AF614 

## **ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY** 

## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025** 

The Trustees present their annual report together with the audited financial statements of the Charity for the year from 1 April 2024 to 31 March 2025. 

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the Charity’s governing document, the Charities Act 2011 and the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 

## **Objectives and activities** 

##  **Policies and objectives** 

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. 

The object of the Charity is to administer and manage the property in its care. 

i. The income of the Estate Management Charity is to be applied as follows: 

-  £400 to the Vicar for the time being of the Ecclesiastical Parish of Saint Matthew, Newcastle upon Tyne, for his own use and benefit; and 

-  £1,000 to the Newcastle upon Tyne Royal Grammar School for application in advancing the full-time further education of students who are under the age of 25 years and who have for not less than three years attended secondary school in the City of Newcastle upon Tyne. 

- ii.  The Estate Management Trustees shall pay the residue of the yearly income of the Estate Management Charity: 

-  as to 53% thereof to the Newcastle upon Tyne Royal Grammar School for application in accordance with the trusts of the Charity; and 

-  as to 47% thereof to the Almshouse Trustees for application in accordance with the trusts of the Charity. 

## **Achievements and performance** 

##  **Review of activities** 

Net investment income was £77k (2024: £75k). More recently, issues with the global economy and the conflict in the Ukraine, accompanied by high levels of inflation and interest rates, have affected the current performance of equity investments adversely. 

Rental income has fallen marginally this year reflecting principally a rent reduction on one of the Charity's properties at the time of an extension of that lease. Property outgoings have reduced reflecting full occupancy at some formerly vacant units. As a result, net property income was £359k (2024: £362k). 

General administrative costs have increased slightly from last year. 

Share investment values have decreased by £29k. 

Page 2 

Docusign Envelope ID: BF1B7DBD-3D9D-40B8-950A-1D99322AF614 

## **ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025** 

## **Achievements and performance (continued)** 

##  **Investment policy and performance** 

The Trustees have adopted a policy of seeking medium risk investments in order to generate income and achieve some capital growth. The Charity remains a long term investor and, on professional advice, holds a diversified portfolio of equities, bonds and property with some cash. 

The portfolio total return was +2.9% for the year to 31 March 2025 (2024: +11.8%).  This compares with total returns for the following indices: 

||Year to 31.03.25|Year to 31.03.24|
|---|---|---|
|BD Risk Category 6 Benchmark|+6.5%|+ 13.4%|
|FTSE British Government All Stocks Index|<br>- 1.2%|-    0.0%|
|Iboxx £ Corporate Bond Index|+ 2.3%|+   7.4%|
|FTSE All Share Index|+ 10.5%|+   8.4%|
|FTSE All World Ex UK Index|+  5.2%|+ 21.4%|
|IA Property Index|+ 6.2%|-   3.5%|
|IA Targeted Absolute Return Index|+ 4.5%|+  6.3%|



The Brewin Dolphin Risk Category 6 Benchmark comprises 3.5% UK Gilts, 2.5% UK Bonds, 11% Overseas Bonds, 17% UK Equities, 51.5% Overseas Equities, 3% Property, 9% Alternatives & 2.5% Cash. 

Global equities continued to make new highs at the start of the year supported by resilience in the US economy and the increasing prospects of a ‘soft landing’.  There was a clear divergence in US and Eurozone market performances and, while the S&P 500 and NASDAQ Composite indexes reached record highs as investors continued piling into tech stocks, Europe ended barely in the black. 

However, the momentum built up over the previous couple of months stalled in the latter half of July and, after the global ‘Crowdstrike’ outage, investors began to look for alternative ways of playing the spread of artificial intelligence (AI).  August was also something of a rollercoaster ride as, with inflation concerns falling, a US employment report came in below forecasts for only the fifth time in the previous two years.  The possibility of a US recession became a greater concern and was initially thought to be the catalyst for the sell-off in technology stocks.  However, with US rates set to decline the (fairly long running) dollar/Yen carry trade became less attractive and, in early August, the yen started to appreciate very fast.  This put pressure on investors being squeezed out of the trade to reduce positions and the Japanese TOPIX index fell a stunning 12% in a single session.  The knock-on effects were felt across global markets and the gains made by semi-conductor and AIrelated stocks were particularly targeted. 

At the beginning of November the action was dominated by the US presidential election.  The reaction to the results was largely intuitive and equities generally benefited, reflecting the prospect of less regulation and potentially lower taxes. However, the election of President Trump warranted an increased premium for risky assets and the imposition of tariffs, which could reduce global growth and re-fuel inflation, and saw treasury yields rise sharply. 

It was always likely to be a lively start to 2025 but major markets performed well in January.  Even so, the performance of the US equity market had been broadening out since the election in November and, although 2024 had been a strong year for the ‘Magnificent Seven’ mega-cap stocks, the month saw the group lose further ground against the wider market. 

There have been two distinct phases to the market action since the US election.  The first was a repeat of the ‘Trump bump’ experienced in his first term and this took place after the result confirmed he would have a second term, as investors reacted to the prospect of anticipated benefits, such as reduced regulation and the possibility 

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Docusign Envelope ID: BF1B7DBD-3D9D-40B8-950A-1D99322AF614 

## **ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025** 

## **Achievements and performance (continued)** 

of tax cuts.  However, the bump became a slump and, from mid-February, there was a sharp sell-off for global equities, driven almost entirely by the US.  The most obvious rationale for the sell-off was trade tariffs and the dramatic escalation in President Trump’s global trade war. 

A handful of UK stocks have weighed on relative performance.  The UK market is closely linked to the performance of value versus growth, and, while there are reasons to believe that the outlook for the growth style is brighter, we consider that some diversification continues to make sense.  The domestic allocation also makes a significant contribution to portfolio income. 

## **Financial review** 

##  **Going concern** 

The Trustees have considered the likely effect of the current macro-economic global uncertainties on the prospects for future investment income and on the ability of tenants to continue to meet their rental income obligations. These forces will likely impact adversely on the Charity’s future levels of income. However, as the greater part of the Charity’s expenditure represents distributions to the beneficiaries that are linked to the level of income earned and will reduce if income levels remain low the Trustees are satisfied 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. 

##  **Reserves policy** 

The Trustees have a policy, after allowing for other expenditure and interim payments to beneficiaries, of paying out the residual balance of the Charity's net incoming resources to the beneficiaries at the conclusion of the meeting approving the Trustees' report and financial statements. Consequently the reserves are represented by investment properties, other investments and funds awaiting investment and changes in those reserves result from changes in the value of investment properties and other investments as dictated by the Investment Policy. 

## **Structure, governance and management** 

##  **Constitution** 

St Mary the Virgin Estate Management Charity is a registered charity, number 512217, and is constituted under a Trust deed. 

It is regulated by The Saint Mary's Hospital (Newcastle upon Tyne) Acts 1888 and 1927 as affected by Schemes of the Charity Commissioners of the 18 September 1903, the 18 March 1930, the 12 December 1966, the 2 April 1979, 20 September 2000 and 20 February 2014 as well as a Scheme made by the Board of Education on the 4 July 1914. 

It is organised into two separate Charities named the Hospital of St. Mary the Virgin (Rye Hill and Benwell) Almshouses Charity, referred to as the Almshouses Charity and the St. Mary the Virgin Estate Management Charity, referred to as the Estate Management Charity. 

There have been no changes in the objectives since the last annual report. 

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Docusign Envelope ID: BF1B7DBD-3D9D-40B8-950A-1D99322AF614 

## **ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025** 

## **Structure, governance and management (continued)** 

##  **Organisational structure and decision-making policies** 

The Charity is run by a body of eight Trustees (increased in number from seven by the Scheme of the 20 September 2000). The Trustees are assisted by their Clerk. The body of Trustees shall consist of: 

- Five Nominative Trustees 

One appointed by the Bishop of Newcastle; Two appointed by the Almshouse Trustees; 

Two appointed by the Governors of The Newcastle upon Tyne Royal Grammar School; 

- Three Co-optive Trustees 

Appointed by a special resolution of the Estate Management Trustees. 

##  **Policies adopted for the induction and training of Trustees** 

Upon appointment, Trustees are given copies of the Charity Commission Scheme, the accounts and the minutes of the last meetings of the Trustees. They are also supplied with the Charity Commission booklet in relation to the responsibility of charity trustees. 

Trustees are appointed for their particular skills in dealing with a charity of this nature. 

##  **Financial risk management** 

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. 

## **Plans for future periods** 

The Trustees intend to maintain their investments in commercial property and stock markets at current levels but the Trustees will keep this under review. 

The lease at the York property has been extended in November 2024 at a reduced rental and as a result the Trustees anticipate a significant drop in income from property in the coming financial year. 

The Trustees anticipate that dividend receipts will remain at a reduced level for the foreseeable future and so amounts available for distribution to the Charity’s beneficiaries will continue generally lower than a few years ago. The Trustees are mindful of the adverse effect that this has on the interests of the Charity’s beneficiaries. 

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Docusign Envelope ID: BF1B7DBD-3D9D-40B8-950A-1D99322AF614 

## **ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025** 

## **Statement of Trustees' responsibilities** 

The Trustees are responsible for preparing the Trustees' 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 its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP (FRS 102); 

- make judgments and accounting estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards (FRS 102) 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 business. 

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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. 

## **Disclosure of information to auditors** 

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that: 

- so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and 

- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. 

## **Auditors** 

The auditors, Kinnair Associates Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. 

Approved by order of the members of the board of Trustees on _________________________________________________ 26-Sep-2025 and signed on their behalf by: [stephEAF14BF17BCC480... by: **Mr S J Lightley** 

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Docusign Envelope ID: BF1B7DBD-3D9D-40B8-950A-1D99322AF614 

## **ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF  ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY** 

## **Opinion** 

We have audited the financial statements of St Mary the Virgin Estate Management Charity (the 'charity') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, 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). 

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. 

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. 

In our opinion the financial statements: 

- give a true and fair view of the state of the charity's affairs as at 31 March 2025 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 

- 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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** 

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. 

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Docusign Envelope ID: BF1B7DBD-3D9D-40B8-950A-1D99322AF614 

## **ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF  ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY (CONTINUED)** 

## **Other information** 

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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. 

## **Matters on which we are required to report by exception** 

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

- the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; 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, 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. 

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Docusign Envelope ID: BF1B7DBD-3D9D-40B8-950A-1D99322AF614 

## **ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF  ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY (CONTINUED)** 

## **Auditors' 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 the Act and relevant regulations made or having effect thereunder. 

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 Auditors' 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 

- we identified the laws and regulations applicable to the Charity through discussions with Trustees and other management, and from our commercial knowledge and experience of the sector; 

- we focused on specific laws and regulations which we consider may have a direct material effect on the 

- financial statements or the operations of the Charity, including the Charities Act 2011 et seq., the Charities (Protection and Social Investment) Act 2016, the Trustees Acts 1925 and 2000 and Charity Commission regulations; 

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 

- we ensured that the identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - 

- making enquiries of management as to where they considered there was susceptibility to fraud and their 

- knowledge of actual, suspected and alleged fraud; and • considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 

To address the risk of fraud through management bias and override of controls, we: - 

- performed analytical procedures to identify any unusual or unexpected relationships; 

- tested journal entries to identify unusual transactions; and 

- assessed whether judgements and assumptions made in determining the accounting estimates set out in the notes to the financial statements are indicative of potential bias. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which include, but are not limited to: - 

- agreeing financial statement disclosures to underlying supporting documentation; 

- reading the minutes of meetings of those charged with governance; 

- enquiring of management as to actual and potential litigation and claims; and 

- reviewing correspondence with HMRC, relevant regulators and the Charity’s legal advisors. 

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Docusign Envelope ID: BF1B7DBD-3D9D-40B8-950A-1D99322AF614 

## **ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF  ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY (CONTINUED)** 

There are inherent limitations in our anticipated audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any. 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 

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

## **Use of our report** 

This report is made solely to the charity's Trustees, as a body, in accordance with 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 Auditors' 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 its Trustees, as a body, for our audit work, for this report, or for the opinions we have formed. 

## **Kinnair Associates Limited** 

Chartered Accountants Statutory Auditor Aston House Redburn Road Newcastle upon Tyne NE5 1NB 

Date: 26-Sep-2025 

Kinnair Associates Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. 

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Docusign Envelope ID: BF1B7DBD-3D9D-40B8-950A-1D99322AF614 

## **ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025** 

|**Note**<br>**Income and endowments from:**<br>Investments<br>3<br>Other income<br>4<br>**Total income and endowments**<br>**Expenditure on:**<br>Raising funds<br>5<br>Charitable activities<br>7<br>**Total expenditure**<br>**Net income before net gains on**<br>**investments**<br>Net gains on investments<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>Net movement in funds<br>**Total funds carried forward**|**Endowment**<br>**funds**<br>**2025**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**60,381**<br>**60,381**<br>**7,152,986**<br>**60,381**<br>**7,213,367**|**Restricted**<br>**funds**<br>**2025**<br>**£**<br>**446,676**<br>**13,605**<br>**460,281**<br>**23,986**<br>**436,295**<br>**460,281**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**|**Total**<br>**funds**<br>**2025**<br>**£**<br>**446,676**<br>**13,605**<br>**460,281**<br>**23,986**<br>**436,295**<br>**460,281**<br>**-**<br>**60,381**<br>**60,381**<br>**7,152,986**<br>**60,381**<br>**7,213,367**|_Total_<br>_funds_<br>_2024_<br>_£_<br>_450,119_<br>_11,827_|
|---|---|---|---|---|
|||||_461,946_|
|||||_24,868_<br>_437,078_|
|||||_461,946_|
|||||_-_<br>_155,300_|
|||||_155,300_|
|||||_6,997,686_<br>_155,300_|
|||||_7,152,986_|



The Statement of Financial Activities includes all gains and losses recognised in the year. 

The notes on pages 13 to 25 form part of these financial statements. 

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## **ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY** 

## **BALANCE SHEET AS AT 31 MARCH 2025** 

||||||||**2025**|**2025**|||_2024_|_2024_|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||**Note**||||**£**||||_£_||
|**Fixed assets**|||||||||||||
|Investments|||13||||**2,569,886**||||_2,601,194_||
|Investment property|||12||||**4,580,000**||||_4,505,000_||
||||||||**7,149,886**||||_7,106,194_||
|**Current assets**|||||||||||||
|Debtors|||14||**18,078**|||||_36,562_|||
|Cash at bank and in hand|Cash at bank and in hand||||**173,820**||||_131,577_||||
||||||**191,898**||||_168,139_||||
|**Current liabilities**|||||||||||||
|Creditors: amounts falling due within one||Creditors: amounts falling due within one|||||||||||
|year|||15||**(128,417)**||||_(121,347)_||||
|**Net current assets**|||||||**63,481**||||_46,792_||
|**Total assets less current liabilities**|**Total assets less current liabilities**||||||**7,213,367**||||_7,152,986_||
|**Total net assets**|||||||**7,213,367**||||_7,152,986_||
|**Charity funds**|||||||||||||
|Endowment funds|||17||||**7,213,367**||||_7,152,986_||
|**Total funds**|||||||**7,213,367**||||_7,152,986_||
|The<br>financial|statements|were|approved|and|authorised||for<br>issue||by|by<br>the|Trustees<br>on||
|_________________________________________________and signed on their behalf by:<br>26-Sep-2025||||||||and signed on their behalf by:|||||



**Mr S J Lightley** 

The notes on pages 13 to 25 form part of these financial statements. 

Page 12 

Docusign Envelope ID: BF1B7DBD-3D9D-40B8-950A-1D99322AF614 

## **ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **1. General information** 

St Mary the Virgin Estate Management Charity is a registered charity, number 512217. The Charity is unincorporated and its registered office is 5 - 7 Osborne Terrace, Newcastle upon Tyne, NE2 1SQ. 

## **2. Accounting policies** 

## **2.1 Basis of preparation of financial statements** 

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. 

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. 

St Mary the Virgin Estate Management Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 

## **2.2 Going concern** 

The Trustees have considered the likely effect of the current macro-economic global uncertainties on the prospects for future investment income and on the ability of tenants to continue to meet their rental income obligations. These forces will likely impact adversely on the Charity’s future levels of income. However, as the greater part of the Charity’s expenditure represents distributions to the beneficiaries that are linked to the level of income earned and will reduce if income levels remain low. The Trustees are satisfied 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. 

## **2.3 Income** 

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 

## **2.4 Expenditure** 

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 

All expenditure is accounted for on an accruals basis.  All expenses including support costs and governance costs are allocated to the applicable expenditure headings. 

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. 

Page 13 

Docusign Envelope ID: BF1B7DBD-3D9D-40B8-950A-1D99322AF614 

## **ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **2. Accounting policies (continued)** 

## **2.4 Expenditure (continued)** 

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. 

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. 

## **2.5 Interest receivable** 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 

## **2.6 Investments** 

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities. 

The Charity classifies land and buildings as investment properties when they are held to earn rentals or for capital appreciation, or both. Investment properties are initially measured at cost which comprises the purchase price and any directly attributable expenditure. Investment properties are subsequently remeasured to fair value (which for this purpose is market value) at each reporting date with any changes in the fair value recognised in the statement of financial activities. 

## **2.7 Debtors** 

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 

## **2.8 Cash at bank and in hand** 

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

## **2.9 Liabilities and provisions** 

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 

Page 14 

Docusign Envelope ID: BF1B7DBD-3D9D-40B8-950A-1D99322AF614 

## **ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **2. Accounting policies (continued)** 

## **2.10 Financial instruments** 

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 

## **2.11 Fund accounting** 

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 costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. 

Investment income, gains and losses are allocated to the appropriate fund. 

## **3. Investment income** 

|Rent receivable<br>Dividends and interest on investment<br>Bank deposit interest<br>Rent receivable<br>Dividends and interest on investment<br>Bank deposit interest|**Restricted**<br>**funds**<br>**2025**<br>**£**<br>354,947<br>90,340<br>1,389<br>446,676<br>_Restricted_<br>_funds_<br>_2024_<br>_£_<br>_362,016_<br>_85,878_<br>_2,225_<br>_450,119_|**Total**<br>**funds**<br>**2025**<br>**£**<br>**354,947**<br>**90,340**<br>**1,389**|
|---|---|---|
|||**446,676**|
|||_Total_<br>_funds_<br>_2024_<br>_£_<br>_362,016_<br>_85,878_<br>_2,225_|
|||_450,119_|



Page 15 

Docusign Envelope ID: BF1B7DBD-3D9D-40B8-950A-1D99322AF614 

## **ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **4. Other incoming resources** 

|Reimbursement of insurance premiums<br>Reimbursement of insurance premiums|**Restricted**<br>**funds**<br>**2025**<br>**£**<br>13,605<br>_Restricted_<br>_funds_<br>_2024_<br>_£_<br>_11,827_|**Total**<br>**funds**<br>**2025**<br>**£**<br>**13,605**|
|---|---|---|
|||_Total_<br>_funds_<br>_2024_<br>_£_<br>_11,827_|



## **5. Investment management costs** 

|Investment management fees<br>Outgoings on investment properties<br>Investment management fees<br>Outgoings on investment properties|**Restricted**<br>**funds**<br>**2025**<br>**£**<br>13,845<br>10,141<br>23,986<br>_Restricted_<br>_funds_<br>_2024_<br>_£_<br>_13,061_<br>_11,807_<br>_24,868_|**Total**<br>**funds**<br>**2025**<br>**£**<br>**13,845**<br>**10,141**|
|---|---|---|
|||**23,986**|
|||_Total_<br>_funds_<br>_2024_<br>_£_<br>_13,061_<br>_11,807_|
|||_24,868_|



Page 16 

Docusign Envelope ID: BF1B7DBD-3D9D-40B8-950A-1D99322AF614 

## **ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

|**Outgoings on properties**<br>Insurance<br>Professional fees<br>**6.**<br>**Analysis of grants**|**2025**<br>**£**<br>**1,641**<br>**8,500**<br>**10,141**|_2024_<br>_£_<br>_11,807_<br>_-_|
|---|---|---|
|||_11,807_|
||||



|Payment of grants to institutions<br>Payment of grants to institutions|**Grants to**<br>**Institutions**<br>**2025**<br>**£**<br>406,732<br>_Grants to_<br>_Institutions_<br>_2024_<br>_£_<br>_412,339_|**Total**<br>**funds**<br>**2025**<br>**£**<br>**406,732**|
|---|---|---|
|||_Total_<br>_funds_<br>_2024_<br>_£_<br>_412,339_|



The Charity has made the following material grants to institutions during the year: 

|**Name of institution**<br>Vicar of the Parish of Saint Matthew, Newcastle upon Tyne under<br>Regulation 25 (1) (a) of the 1979 Scheme<br>The Governors of Newcastle upon Tyne Royal Grammar School payment<br>under Regulation 25 (1) (b) of the 1979 Scheme<br>The Governors of the Newcastle upon Tyne Grammar School<br>The Trustees of the Almshouses Charity|**2025**<br>**£**<br>**400**<br>**1,000**<br>**214,826**<br>**190,506**<br>**406,732**|_2024_<br>_£_<br>_400_<br>_1,000_<br>_217,798_<br>_193,141_|
|---|---|---|
||||
|||_412,339_|



Page 17 

Docusign Envelope ID: BF1B7DBD-3D9D-40B8-950A-1D99322AF614 

## **ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **7. Analysis of expenditure on charitable activities** 

## **Summary by fund type** 

|Grant making activities<br>Grant making activities|**Restricted**<br>**funds**<br>**2025**<br>**£**<br>436,295<br>_Restricted_<br>_funds_<br>_2024_<br>_£_<br>_437,078_|**Total**<br>**2025**<br>**£**<br>**436,295**|
|---|---|---|
|||_Total_<br>_2024_<br>_£_<br>_437,078_|



## **8. Analysis of expenditure by activities** 

|**Direct costs**<br>**- grant**<br>**making**<br>**activities**<br>**2025**<br>**£**<br>Grant making activities<br>406,732<br>_Direct costs -_<br>_grant making_<br>_activities_<br>_2024_<br>_£_<br>Grant making activities<br>_412,339_|**Support**<br>**costs**<br>**2025**<br>**£**<br>29,563<br>_Support_<br>_costs_<br>_2024_<br>_£_<br>_24,739_|**Total**<br>**funds**<br>**2025**<br>**£**<br>**436,295**|
|---|---|---|
|||_Total_<br>_funds_<br>_2024_<br>_£_<br>_437,078_|



Page 18 

Docusign Envelope ID: BF1B7DBD-3D9D-40B8-950A-1D99322AF614 

## **ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **8. Analysis of expenditure by activities (continued)** 

## **Analysis of support costs** 

|Bank charges<br>Clerk's fees<br>Professional charges<br>Governance costs<br>Trustees' indemnity insurance<br>Bank charges<br>Clerk's fees<br>Professional charges<br>Governance costs<br>Trustees' indemnity insurance<br>Governance costs comprise:<br>Governance auditors' remuneration<br>Clerk's fees|**Activities**<br>**2025**<br>**£**<br>293<br>11,250<br>8,550<br>9,042<br>428<br>29,563<br>_Activities_<br>_2024_<br>_£_<br>_279_<br>_11,250_<br>_4,058_<br>_8,790_<br>_362_<br>_24,739_<br>**2025**<br>**£**<br>**5,292**<br>**3,750**<br>**9,042**|**Total**<br>**funds**<br>**2025**<br>**£**<br>**293**<br>**11,250**<br>**8,550**<br>**9,042**<br>**428**|
|---|---|---|
|||**29,563**|
|||_Total_<br>_funds_<br>_2024_<br>_£_<br>_279_<br>_11,250_<br>_4,058_<br>_8,790_<br>_362_|
|||_24,739_|
|||_2024_<br>_£_<br>_5,040_<br>_3,750_|
|||_8,790_|



Page 19 

Docusign Envelope ID: BF1B7DBD-3D9D-40B8-950A-1D99322AF614 

## **ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **9. Auditors' remuneration** 

||**2025**|_2024_|
|---|---|---|
||**£**|_£_|
|Fees payable to the Charity's auditor for the audit of the Charity's annual|||
|accounts|**3,550**|_3,440_|
|Fees payable to the Charity's auditor in respect of:|||
|VAT and other professional services|**1,742**|_1,600_|



## **10. Trustees' remuneration and expenses** 

During the year, no Trustees received any remuneration or other benefits _(2024 - £NIL)_ . 

During the year ended 31 March 2025, no Trustee expenses have been incurred _(2024 - £NIL)_ . 

## **11. Net gains/(losses) on investments** 

|Gains/(losses) on disposal of share investment assets<br>Gains/(losses) on revaluations of share investment assets<br>Gains/(losses) on revaluations of investment properties|**2025**<br>**£**<br>**14,868**<br>**(29,487)**<br>**75,000**<br>**60,381**|_2024_<br>_£_<br>_3,173_<br>_187,127_<br>_(35,000)_<br>_155,300_|
|---|---|---|



## **12. Investment property** 

|**Valuation**<br>At 1 April 2024<br>Gain on revaluation<br>At 31 March 2025|**Freehold**<br>**investment**<br>**property**<br>**£**<br>**4,505,000**<br>**75,000**|
|---|---|
||**4,580,000**|



The desktop valuations were made in August 2025 by Naylors Gavin Black, Chartered Surveyors, on an open market value for existing use basis. 

Page 20 

Docusign Envelope ID: BF1B7DBD-3D9D-40B8-950A-1D99322AF614 

## **ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **13. Fixed asset investments** 

|**Cost or valuation**<br>At 1 April 2024<br>Additions<br>Disposals<br>Revaluations<br>At 31 March 2025<br>**Net book value**<br>At 31 March 2025<br>_At 31 March 2024_<br>**Debtors**<br>**Due within one year**<br>Rent and insurance debtors<br>The Hospital of St Mary the Virgin Almshouses Charity<br>Prepayments and accrued income|**Listed**<br>**investments**<br>**£**<br>**2,597,372**<br>**402,000**<br>**(422,101)**<br>**(29,487)**<br>**2,547,784**<br>**2,547,784**<br>_2,597,372_|**Other fixed**<br>**asset**<br>**investments**<br>**£**<br>**3,822**<br>**18,280**<br>**-**<br>**-**<br>**22,102**<br>**22,102**<br>_3,822_<br>**2025**<br>**£**<br>**10,130**<br>**-**<br>**7,948**<br>**18,078**|**Total**<br>**£**<br>**2,601,194**<br>**420,280**<br>**(422,101)**<br>**(29,487)**<br>**2,569,886**<br>**2,569,886**<br>_2,601,194_<br>_2024_<br>_£_<br>_24,054_<br>_4,144_<br>_8,364_<br>_36,562_|
|---|---|---|---|
|||||
|||||
|||||
|||||



**14. Debtors** 

Page 21 

Docusign Envelope ID: BF1B7DBD-3D9D-40B8-950A-1D99322AF614 

## **ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **15. Creditors: Amounts falling due within one year** 

|Rent deposits<br>The Hospital of St Mary the Virgin Almshouses Charity<br>Other taxation and social security<br>The Newcastle upon Tyne Royal Grammar School<br>Accruals and deferred income|**2025**<br>**£**<br>**17,438**<br>**10,613**<br>**2,700**<br>**14,263**<br>**83,403**<br>**128,417**|_2024_<br>_£_<br>_-_<br>_-_<br>_22,723_<br>_1,328_<br>_97,296_|
|---|---|---|
||||
|||_121,347_|



Included in accruals and deferred income above is deferred income of £71,272 (2024: £86,636) representing rental income received in advance. 

## **16. Financial instruments** 

||**2025**|_2024_|
|---|---|---|
||**£**|_£_|
|**Financial assets**|||
|Financial assets measured at fair value through income and expenditure|**2,547,784**|_2,597,372_|



Financial assets measured at fair value through income and expenditure comprise quoted investments stated at market value. 

Page 22 

Docusign Envelope ID: BF1B7DBD-3D9D-40B8-950A-1D99322AF614 

## **ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **17. Statement of funds** 

## **Statement of funds - current year** 

||||||**Balance at**|
|---|---|---|---|---|---|
||**Balance at 1**|||**Gains/**|**31 March**|
||**April 2024**|**Income**|**Expenditure**|**(Losses)**|**2025**|
||**£**|**£**|**£**|**£**|**£**|
|**Endowment funds**||||||
|Endowment Funds - all funds|**7,152,986**|**-**|**-**|**60,381**|**7,213,367**|
|**Restricted funds**||||||
|Restricted Funds - all funds|**-**|**460,281**|**(460,281)**|**-**|**-**|
|**Total of funds**|**7,152,986**|**460,281**|**(460,281)**|**60,381**|**7,213,367**|
|**Statement of funds - prior year**||||||
||||||_Balance at_|
||_Balance at_|||_Gains/_|_31 March_|
||_1 April 2023_|_Income_|_Expenditure_|_(Losses)_|_2024_|
||_£_|_£_|_£_|_£_|_£_|
|**Endowment funds**||||||
|Endowment Funds|_6,997,686_|_-_|_-_|_155,300_|_7,152,986_|
|**Restricted funds**||||||
|Restricted Funds|_-_|_461,946_|_(461,946)_|_-_|_-_|
|**Total of funds**|_6,997,686_|_461,946_|_(461,946)_|_155,300_|_7,152,986_|
|||||||



Page 23 

Docusign Envelope ID: BF1B7DBD-3D9D-40B8-950A-1D99322AF614 

## **ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **18. Summary of funds** 

## **Summary of funds - current year** 

|Endowment funds<br>Restricted funds|**Balance at 1**<br>**April 2024**<br>**£**<br>**7,152,986**<br>**-**<br>**7,152,986**<br>_Balance at_<br>_1 April 2023_<br>_£_<br>_6,997,686_<br>_-_<br>_6,997,686_|**Income**<br>**£**<br>**-**<br>**460,281**<br>**460,281**<br>_Income_<br>_£_<br>_-_<br>_461,946_<br>_461,946_|**Expenditure**<br>**£**<br>**-**<br>**(460,281)**<br>**(460,281)**<br>_Expenditure_<br>_£_<br>_-_<br>_(461,946)_<br>_(461,946)_|**Gains/**<br>**(Losses)**<br>**£**<br>**60,381**<br>**-**<br>**60,381**<br>_Gains/_<br>_(Losses)_<br>_£_<br>_155,300_<br>_-_<br>_155,300_|**Balance at**<br>**31 March**<br>**2025**<br>**£**<br>**7,213,367**<br>**-**|
|---|---|---|---|---|---|
||||||**7,213,367**|
||||||_Balance at_<br>_31 March_<br>_2024_<br>_£_<br>_7,152,986_<br>_-_|
|**Summary of funds - prior year**||||||
|Endowment funds<br>Restricted funds||||||
||||||_7,152,986_|



The income of the Estate Management Charity arising from the Permanent Endowment Funds is to be applied to the Restricted Funds as follows: 

- £400 to the Vicar of the Parish of St Matthew, Newcastle upon Tyne, for his own use and benefit; and 

- £1,000 to the Newcastle upon Tyne Royal Grammar School for application in advancing the full-time further education of students who are under the age of 25 years and who have for not less than three years attended secondary school in the City of Newcastle upon Tyne. 

The Estate Management Trustees shall pay the residue of the yearly income of the Estate Management Charity: 

- as to 53% thereof to the Newcastle upon Tyne Royal Grammar School for application in accordance with the trusts of the Charity; and 

- as to 47% thereof to the Almshouse Trustees for application in accordance with the trusts of the Charity. 

Page 24 

Docusign Envelope ID: BF1B7DBD-3D9D-40B8-950A-1D99322AF614 

## **ST MARY THE VIRGIN ESTATE MANAGEMENT CHARITY** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **19. Analysis of net assets between funds** 

## **Analysis of net assets between funds - current year** 

|Fixed asset investments<br>Investment property<br>Current assets<br>Creditors due within one year<br>**Total**|**Endowment**<br>**funds**<br>**2025**<br>**£**<br>2,569,886<br>4,580,000<br>63,481<br>-<br>7,213,367|**Restricted**<br>**funds**<br>**2025**<br>**£**<br>-<br>-<br>128,417<br>(128,417)<br>-|**Total**<br>**funds**<br>**2025**<br>**£**<br>**2,569,886**<br>**4,580,000**<br>**191,898**<br>**(128,417)**<br>**7,213,367**|
|---|---|---|---|



## **Analysis of net assets between funds - prior year** 

|Fixed asset investments<br>Investment property<br>Current assets<br>Creditors due within one year<br>**Total**|_Endowment_<br>_funds_<br>_2024_<br>_£_<br>_2,601,194_<br>_4,505,000_<br>_46,792_<br>_-_<br>_7,152,986_|_Restricted_<br>_funds_<br>_2024_<br>_£_<br>_-_<br>_-_<br>_121,347_<br>_(121,347)_<br>_-_|_Total_<br>_funds_<br>_2024_<br>_£_<br>_2,601,194_<br>_4,505,000_<br>_168,139_<br>_(121,347)_<br>_7,152,986_|
|---|---|---|---|



## **20. Related party transactions** 

The Charity is constituted under a trust deed called the Hospital of Saint Mary the Virgin, in the City of Newcastle upon Tyne, in the County of Tyne and Wear. 

It is organised into two separate charities named the Hospital of St. Mary the Virgin (Rye Hill and Benwell) Almshouses Charity referred to as the "Almshouses Charity" and the St. Mary the Virgin Estate Management Charity referred to as the "Estate Management Charity". 

Grants payable by this Charity to the Almshouses Charity and the Newcastle upon Tyne Royal Grammar School are shown within the analysis of grants note to the financial statements. Amounts due to the Almshouses Charity and the Newcastle upon Tyne Royal Grammar School at the year-end are shown within the creditors due within one year note to the financial statements. 

Page 25