The Novum Trust
Report & Financial Statements
For the year ended 31 December 2025
Scottish Charity No: SC 021277
The Novum Trust
Report and Financial Statements For the year ended 31 December 2025
==> picture [339 x 219] intentionally omitted <==
----- Start of picture text -----
|||||
|---|---|---|---|
|Contents|Pages|
|Reference & Administrative|information|2|
|Report of the Trustees|3|
|Report of the Independent|Examiner|4|
|Receipts &|Payments Account|5|
|Statement|of|Balances|6|
|Notes|to|the Accounts|7|
----- End of picture text -----
-1-
The Novum Trust
Report and Financial Statements For the year ended 31 December 2025
Reference & Administrative Information
Scottish Charity No: SC 021277
Address:
Blair Cadeil LLP The Bond House 5 Breadalbane Street Edinburgh EH6 5JH
Trustees
The Trustees who served during the period from 1 January 2025 to 31 December 2025 were:
Mr Andrew Bennett
Ms Sandra Blair (appointed November 2025) Mr Sandy Dudgeon Mr Martin Fair (resigned November 2025) Mr Pete Kirkwood Mr Neil MacLennan Mrs Susan Masterton Ms Jill McGrath Ms Lesley Reid Ms Jackie Ringan Rev John Stein
Secretaries:
Mrs Susan Masterton Mr Alan Ritchie (resigned November 2025)
Independent examiner:
David Brown C.A. Bsc lan J Brown and Company Accountants Ltd 4 Lothian Street Dalkeith
-2-
The Novum Trust
Report of the Trustees
The Trustees are pleased to present their report and the financial statements for the year ended 31st December 20285.
Structure, Governance and Management
Governing Document
The Trust is administered in accordance with the terms of the Deed of Constitution.
Recruitment and Appointment of Trustees
In terms of the Constitution, Trustees will not exceed twelve in number and with the exception of the Chairman and Secretary shall serve for a maximum of ten years. When new Trustees are being appointed, consideration is given to the skills and experiences which they can bring. The expertise of the Trustees should include youth work, modern methods of communication, legal and financial knowledge and a wide spectrum of the life of the Church.
Organisational Structure
The Trustees meet bi-annually, normally in May and November, to consider applications for grants.
Objectives and Activities
The Novum Trust was established in 1973 to provide small short-term grants to initiate projects in Christian research and action which cannot readily be financed from other sources, with special consideration being given to proposals aimed at the welfare of young people, the training of lay people and new ways of communicating the faith.
Achievements & Performance
During 2025, 9 grants totaling £14,750 were approved within the terms of the Trust.
Financial Review
Receipts received during the year ended 31 December 2025 amounted to £412,983 with the majority of this due to the sale of investments (£401,787) The total payments amounted to £415,808, (Charitable expenditure £17,521) resulting in an operating deficit of £2,825 for the year. As a result, balance on the Revenue Account decreased from £5,261 at 31 December 2024 to £2,436 at 31 December 20285.
Reserves Policy
The Trust's income is derived primarily from investments which are held in an investment portfolio with Charles Stanley, and they form the reserves of the Trust. At 31 December 2025 these investments had a book cost of £394,522 and a market value of £407,211. As the Trust has been running for over thirty years with a continuing demand for its grants, the current level of Reserves is fully justified since the dividends derived from them form the vast majority of the income available to the Trust. This is not always sufficient to meet grant expenditure and units can be sold from the Growth Fund to raise additional revenue income to enable the Trust to award more applications at the amounts requested, subject to approval by the majority of trustees.
Approved by the Trustees and signed on their behalf:
==> picture [183 x 33] intentionally omitted <==
----- Start of picture text -----
Wren | Who} an
----- End of picture text -----
==> picture [109 x 33] intentionally omitted <==
----- Start of picture text -----
Date 15/04 [26
----- End of picture text -----
Trustee
-3-
Report of the Independent Examiner
To the Trustees of the Novum Trust
| report on the accounts of The Novum Trust (the charity) for the year ended 31 December 2025, which are set out on pages5 to 7.
Respective responsibilities of trustees and examiner
The Trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity trustees consider that the audit requirement of Regulation 10(1)(d) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.
Basis of independent examiner's statement
My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the acbounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide ail the evidence that would be required in an audit, and consequently | do not express an audit opinion on the view given by the accounts.
Independent examiner's statement
In the course of my examination, no matter has come to my attention
1. which gives me reasonable cause to believe that in any material respect the requirements:
-
e to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and
-
e to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations
have not been met, or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
David Brown C.A. Bsc lan J Brown and Company Accountants Ltd 4 Lothian Street Dalkeith
Date: 14" April 2026
-4-
Novum Trust
Receipts and Payments Account
For the year ended 31 December 2025
==> picture [445 x 419] intentionally omitted <==
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|2025|2024|
|Receipts|Note|£|£|
|Sale|of investments|401,787|-|
|Investment|income|11,196|13,964|
|Returned|grants|-|2,000|
|Total|Receipts|in|year|412,983|15,964|
|Payments:|
|Purchase|of Investments|398,287|
|Payments|for charitable|activities:|
|Grants|made|13,250|21,290|
|Secretarial|costs|3,200|2.660|
|Travel|64|68|
|Meeting|costs|
|61|45|
|Bank|fees|
|Computer|Expenses|140|-|
|806|-|
|Total|Payments|in|year|415,808|24,063|
|Net (payments)|/|receipts|in|year|(2,825)|(8,099)|
----- End of picture text -----
All funds are unrestricted.
5
Novum Trust
Statement of Balances as at 31 December 2025
==> picture [447 x 327] intentionally omitted <==
----- Start of picture text -----
Note 2025 2024
Funds reconciliation: £ £
Funds brought forward at 1 January 5,261 13.360
Net (payments) / receipts in year (2,825) (8,099)
Funds carried forward at 31 December 2,436 5,261
Bank & cash balances:
)
Current account 2,436 5,261
Total Bank & cash balances: 2,436 5,261
Other Assets
Investments 4 407,211 409,986
Liabilities
Grants approved but not paid 2,500 1,000
----- End of picture text -----
For and on behalf of the Trustees
==> picture [256 x 27] intentionally omitted <==
----- Start of picture text -----
Trustee: vi ASS C— MM O gh AN ;
----- End of picture text -----
==> picture [143 x 24] intentionally omitted <==
----- Start of picture text -----
Date: l S/vz! 26
----- End of picture text -----
The notes on page 7 form part of the financial statements.
6
Novum Trust
Notes to the Accounts For the year ended 31 December 2025
1. Basis of accounting
The accounts have been prepared on a receipts and payments basis in accordance with the Charities & Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
2 Trustees’ remuneration & expenses and Related Party Transactions
The Firm of Blair Cadell WS, of which Mrs Masterton is a partner, was paid the sum of £3,048 for secretarial services.
No other remuneration was paid to trustees or connected persons during the year.
Travel expenses of £64 were reimbursed to 2 Trustees.
| 3 | Grants & Donations | 2025 | 2024 |
|---|---|---|---|
| Number | Number | ||
| Grants | __9 | 12 | |
| 4 | Investments | 2025 | 2024 |
| £ | £ | ||
| Investments at Cost | |||
| Church ofScotland Investors Trust —- Growth Fund | - | 33,371 | |
| Church of Scotland Investors Trust— Income Fund | - | 151,157 | |
| Charles Stanley—CashAccount | 67,409 | - | |
| Charles Stanley— InvestmentAccount | 327,113 | - | |
| 394,522 | 184,528 | ||
| Investments atMarket Value | |||
| Church ofScotland Investors Trust—Growth Fund | - | 250,160 | |
| Church of Scotland Investors Trust— Income Fund | - | 159,826 | |
| Charles Stanley—CashAccount | 67,409 | - | |
| Charles Stanley—InvestmentAccount | 339,802 | - | |
| 407,211 | 409,986 |
7