The de Brome Trust
Registered Charity Number: 1065902
Unaudited Group Accounts
for the year ended 31st December 2020
Wenn Townsend
Chartered Accountants
Oxford
The de Brome Trust
Trustees’ report on the accounts for the year ended 31st December 2020
Administrative details
Trustees: N Hardyman M Roper (until 19th November 2020) The Revd Dr W R S Lamb F Leach J Greenland (from 19th November 2020) Clerk to the Trustees: J White Bankers: CAF Cash Limited West Malling Kent ME19 4TA Independent examiner: G L Cole FCA Partner Wenn Townsend Chartered Accountants Oxford OX1 3LE Registered address: University Church of St Mary the Virgin High Street Oxford OX1 4AH Investment advisors: CAF Cash Limited West Malling Kent ME19 4TA
Clerk to the Trustees:
CCLA Investment Management Limited 80 Cheapside London EC2V 6DZ
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The de Brome Trust
Trustees' report on the accounts for the year ended 31st December 2020 (continued)
The Trustees present the accounts of the charity for the year ended 31st December 2020.
Structure, governance and management
The charity is managed by its Trustees and is governed by a Trust Deed dated 1st October 1997. Trustees for The De Brome Trust are appointed from The University Church of St Mary the Virgin PCC, but operate independently from that body. New Trustees are fully briefed on the history and objectives of the Trust, and Trustees’ responsibilities and duties in general.
The Charity obtains finance from its subsidiary company, St Mary's (P.C.C.) Limited. The company has distributed profits for the year of £265,350 (2019: £280,190) to The de Brome Trust. The charity will continue to provide support to the Church as necessary.
Objectives and activities for the public benefit
The objects of the charity as stated in the charity’s governing document are to support the operations of The University Church of St Mary the Virgin.
It has helped to provide a full programme of worship and cultural events and a visitor welcome.
The Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties.
Achievements and performance
The de Brome Trust has helped provide funds for the University Church of St Mary the Virgin’s activities as follows: During the year the Trust supported the Church by donating £91,086 towards the Parish Share and contributed £106,804 towards the cost of salaries. This allowed the PCC to deploy an Assistant Priest (stipendiary), and a Community Engagement and Outreach Officer. The Trust continues to contribute towards the ongoing costs of maintaining a Grade 1 listed building. This included repairs to the fabric, including temporary repairs to a leak in the Nave roof.
Plans for future periods
The Trust will continue to support the Church including the activities mention above. In 2021 the nave roof will be re-leaded and looking further ahead the South Aisle stonework requires refurbishment in the near future.
Financial review
At the year end the charity had net assets of £2,103,585 (2019: £1,896,547). These funds are considered to be adequate to enable the charity to fulfill its objects, although repairs to the Church building are substantial from time to time. Any major repairs which cannot be paid for from funds of this charity would have to be raised from elsewhere, for example by an appeal.
Investment policy
The Trustees take a prudent view on this and wish to generate a reasonable income whilst maintaining the capital value of the investments.
Reserves policy
The Trustees consider that the reserves are not excessive since significant funds will be needed for future building repairs.
On behalf of the Trustees
F Leach
1st April 2021
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The de Brome Trust
Independent Examiner’s Report to the Trustees of The de Brome Trust
I report to the charity trustees on my examination of the accounts of the Trust for the year ended 31st December 2020 which are set out on pages 4 to 13.
Responsibilities and basis of report
As the charity’s trustees 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 charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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.
G L Cole BA FCA Partner Wenn Townsend Chartered Accountants Oxford
6th April 2021
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The de Brome Trust Consolidated Statement of Financial Activities for the year ended 31st December 2020
| Note Income: Donations and legacies: Government grants receivable Charitable activities: Income from coffee shop Income from shop and tower Investments: Bank interest receivable Dividends receivable Total income Expenditure: Charitable activities: Support of the University Church Cost of sales for trading activities Other expenses for trading activities 2 Total expenditure Net (expenditure)/income before gains on investments Net gains on investments 4 Net movement in funds Reconciliation of funds: Total brought forward at 1st January 2020 Balances carried forward at 31st December 2020 |
Total Total 2020 2019 £ £ 30,913 - 62,190 112,102 137,761 620,539 2,231 1,702 45,519 42,811 |
|---|---|
| 278,614 777,154 |
|
| 199,742 391,764 17,536 137,447 117,514 162,941 |
|
| 334,792 692,152 |
|
| (56,178) 85,002 93,680 233,297 |
|
| 37,502 318,299 2,096,353 1,778,054 |
|
| 2,133,855 2,096,353 |
All of the above funds were unrestricted.
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The de Brome Trust Charity Statement of Financial Activities for the year ended 31st December 2020
| Note Income: Donations and legacies: Donation from St Mary’s PCC Ltd Investments: Bank interest receivable Dividends receivable Total income Expenditure: Charitable expenditure Support of the University Church Total expenditure Net income/(expenditure) before gains on investments Net gains on investments 4 Net movement in funds Reconciliation of funds: Total funds brought forward at 1st January 2020 Balances carried forward at 31st December 2020 |
Total Total 2020 2019 £ £ 265,350 280,190 2,231 1,702 45,519 42,808 313,100 324,700 199,742 391,764 199,742 391,764 113,358 (67,064) 93,680 233,297 207,038 166,233 1,896,547 1,730,314 2,103,585 1,896,547 |
|---|---|
All of the above funds were unrestricted.
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The de Brome Trust
Balance Sheets
as at 31st December 2020
| Group | Charity | Charity | |||
|---|---|---|---|---|---|
| 2020 | 2019 | 2020 | 2019 | ||
| £ | £ | £ | £ | ||
| Note | |||||
| Fixed assets | |||||
| Tangible assets | 5 | 2,896 | 4,172 | - | - |
| Investments | 4 | 1,746,338 | 1,652,658 | 1,746,340 | 1,652,660 |
| ─────── | ─────── | ─────── | ─────── | ||
| 1,749,234 | 1,656,830 | 1,746,340 | 1,652,660 | ||
| Current assets | |||||
| Stock | 6 | 26,149 | 26,232 | - | - |
| Debtors | 7 | 24,845 | 21,850 | - | - |
| Cash at bank and in hand | 402,594 | 589,285 | 364,421 | 547,677 | |
| ─────── | ─────── | ─────── | ─────── | ||
| 453,588 | 637,367 | 364,421 | 547,677 | ||
| Creditors | |||||
| Amounts falling due within one year | 8 | (68,967) | (197,844) |
(7,176) | (303,790) |
| ─────── | ─────── | ─────── | ─────── | ||
| Net current assets | 384,621 | 439,523 | 357,245 | 243,887 | |
| ─────── | ─────── | ─────── | ─────── | ||
| Net assets | 2,133,855 | 2,096,353 | 2,103,585 | 1,896,547 | |
| ═══════ | ═══════ | ═══════ | ═══════ | ||
| Represented by: | |||||
| Unrestricted funds | |||||
| General | 1,183,855 | 1,346,353 | 1,153,585 | 1,146,547 | |
| Designated funds | 950,000 | 750,000 | 950,000 | 750,000 | |
| ─────── | ─────── | ─────── | ─────── | ||
| Total unrestricted funds | 10 | 2,133,855 | 2,096,353 | 2,103,585 | 1,896,547 |
| ═══════ | ═══════ | ═══════ | ═══════ |
These accounts were approved by the Trustees at a meeting held on 1st April 2021
Signed on behalf of the Trustees
F Leach
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The de Brome Trust
Consolidated Statement of Cash Flows
for the year ended 31st December 2020
| Note 2020 £ £ Net cash (used) / provided by operating activities 11 (234,441) Cash flows from investing activities: Interest and dividends 47,750 Purchase of investments - _ Net cash provided/(used) by investing activities 47,750 _ Change in cash and cash equivalents in the year (186,691) Cash and cash equivalent brought forward at 1st January 2020 589,285 _ Cash and cash equivalent carried forward at 31st December 2020 402,594 ═════ |
2019 £ £ 168,896 44,513 (500,000) _ (455,487) _ (286,591) 875,876 _ 589,285 ═════ |
|---|---|
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The de Brome Trust
Notes to the accounts
for the year ended 31st December 2020
1 Accounting policies
The following accounting policies have been used consistently in dealing with items which are considered material in relation to the charity's and the group's accounts.
a) Basis of preparation
The financial statements have been prepared under the historical cost convention, with the exception of investments, which are included at market value. 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 accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2019) preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Charity constitutes a public benefit entity as defined by FRS 102.
The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern. The impact of Covid-19 is detailed in the trustees report.
b) Funds structure
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 comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
c) Depreciation Depreciation of fixed assets is provided at the following rates in order to write off the fixed assets over their estimated useful lives:
Fixtures and fittings 10%- 20% Straight line Property improvements 4% Straight line
d) Stocks
Stocks are valued at the lower of cost and net realisable value. Cost is computed on a first in first out basis. Net realisable value is based on estimated selling price less the estimated cost of disposal.
e) Investments
Investments are shown at market value.
f) Income recognition
Income is included in the Statement of Financial Activities when the charity is legally entitled to the income, it is probable that the income will be received and the amount can be quantified with reasonable accuracy. The increase or decrease in market value of investments is shown as unrealised gains or losses in the Statement of Financial Activities.
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The de Brome Trust
Notes to the accounts for the year ended 31st December 2020
1 Accounting policies (continued)
g) Expenditure recognition
All expenditure is accounted for on an accruals basis and is recognised when there is a legal or constructive obligation committing the charity to the expenditure, it is probable that a settlement will be required and the amount of the obligation can be measured reliably.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.
h) Government grants The charity received government grants in respect of the Coronavirus Job Retention Scheme. These grants are recognised using the accruals model and as such are recorded in the statement of financial activities in the period in which the charity is entitled to such grants as a result of having furloughed staff members.
| Group | |||
|---|---|---|---|
| 2 | Other expenses for trading activities | 2020 | 2019 |
| £ | £ | ||
| Wages | 70,600 | 95,212 | |
| Heating and lighting | 20,100 | 35,877 | |
| Insurance | 12,430 | 12,054 | |
| Depreciation | 1,276 | 1,940 | |
| Other overheads | 12,686 | 17,489 | |
| Tax payable | 422 | 369 | |
| ────── | ────── | ||
| 117,514 | 162,941 | ||
| ══════ | ══════ |
3 Trustees' remuneration
No remuneration was paid to or expenses reimbursed to the Trustees during the year (2019: £Nil).
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The de Brome Trust
Notes to the accounts (continued) for the year ended 31st December 2020
4 Investments
| Group | Group | Charity | Charity | |
|---|---|---|---|---|
| 2020 | 2019 | 2020 | 2019 | |
| £ | £ | £ | £ | |
| Subsidiary, St Mary’s (P.C.C.) Limited | - | - | 2 | 2 |
| ═══════ | ═══════ | ═══════ | ═══════ | |
| CAF UK Equity Fund | ||||
| Balance at 1st January 2020 | 151,991 | 133,768 | 151,991 | 133,768 |
| Increase/(decrease) in valuation during the year | (9,516) | 18,223 | (9,516) | 18,223 |
| ─────── | ─────── | ─────── | ─────── | |
| Balance at 31st December 2020 | 142,475 | 151,991 | 142,475 | 151,991 |
| ═══════ | ═══════ | ═══════ | ═══════ | |
| CCLA Church of England, Investment fund | ||||
| Balance at 1st January 2020 | 1,500,667 | 785,593 | 1,500,667 | 785,593 |
| Additions in year | - | 500,000 | - | 500,000 |
| Increase in valuation during the year | 103,196 | 215,074 | 103,196 | 215,074 |
| ─────── | ─────── | ─────── | ─────── | |
| Balance at 31st December 2020 | 1,603,863 | 1,500,667 | 1,603,863 | 1,500,667 |
| ═══════ | ═══════ | ═══════ | ═══════ | |
| Total | 1,746,338 | 1,652,658 | 1,746,340 | 1,652,660 |
| ═══════ | ═══════ | ═══════ | ═══════ |
The charity holds 100% of the share capital of St Mary’s (P.C.C.) Limited. This subsidiary company operates a shop at the University Church of St Mary the Virgin, and also charges admission to the church tower. All of its taxable profits are donated to The de Brome Trust by way of Gift Aid. At 31st December 2020, the company had net assets of £26,574 after turnover of £203,111 and a profit of £92,544 in the year after donations to its parent charity.
| Fixed assets Group Cost Improvements Fixtures to property and fittings £ £ At 1st January 2020 30,159 30,991 _ _ At 31st December 2020 30,159 30,991 _ _ Depreciation At 1st January 2020 26,056 30,922 Charge for the year 1,207 69 _ _ At 31st December 2020 27,263 30,991 _ _ Net book value At 31st December 2020 2,896 - ═════ ═════ At 31st December 2019 4,103 69 ═════ ═════ |
Total £ 61,150 |
|---|---|
| _ 61,150 |
|
| _ 56,978 1,276 |
|
| _ 58,254 |
|
| _ 2,896 ═════ 4,172 ═════ |
5 Fixed assets
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The de Brome Trust
Notes to the accounts (continued) for the year ended 31st December 2020
6 Stock
| Goods for resale Debtors Trade debtors Prepayments and accrued income Creditors:due within one year Trade creditors Owed to The University Church of St Mary Taxes and social security Accruals |
Group 2020 2019 £ £ 26,149 26,232 ═════ ═════ Group 2020 2019 £ £ 21,783 21,850 3,062 - _ _ 24,845 21,850 ═════ ═════ Group 2020 2019 £ £ 3,160 11,850 60,031 154,952 1,276 20,687 4,500 10,355 _ _ 68,967 197,844 ═════ ═════ |
Charity 2020 2019 £ £ - - ═════ ═════ Charity 2020 2019 £ £ - - - - _ _ - - ═════ ═════ Charity 2020 2019 £ £ - - 5,496 302,110 - - 1,680 1,680 _ _ 7,176 303,790 ═════ ═════ |
Charity 2020 2019 £ £ - - ═════ ═════ Charity 2020 2019 £ £ - - - - _ _ - - ═════ ═════ Charity 2020 2019 £ £ - - 5,496 302,110 - - 1,680 1,680 _ _ 7,176 303,790 ═════ ═════ |
|---|---|---|---|
| _ 303,790 ═════ |
7 Debtors
8 Creditors: due within one year
9 Connected parties
At 31st December 2020, the charity and its trading subsidiary owed £60,031 to The University Church of St Mary the Virgin (2019: £154,952), a charity connected to this charity.
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The de Brome Trust
Notes to the accounts (continued) for the year ended 31st December 2020
10 Statement of funds
| At 1st | Investment | At 31st | ||||
|---|---|---|---|---|---|---|
| January | Income | Expenditure | gains | December | ||
| 2020 | Transfers | 2020 |
||||
| £ | £ | £ | £ | £ | £ | |
| Group | ||||||
| General funds | 1,346,353 | 278,614 | (334,792) | 93,680 | (200,000) | 1,180,161 |
| Designated funds: | ||||||
| Nave roof | 500,000 | - | - | - | 200,000 | 700,000 |
| South Aisle exterior | 250,000 | - | - | - | - | 250,000 |
| ────── | ────── | ────── | ────── | ────── | ────── | |
| Total | 2,096,353 | 278,614 | (334,792) | 93,680 | - | 2,133,855 |
| ══════ | ══════ | ══════ | ══════ | ══════ | ══════ | |
| Charity | ||||||
| General funds | 1,146,547 | 313,100 | (199,742) | 93,680 | (200,000) | 1,353,585 |
| Designated funds: | ||||||
| Nave roof | 500,000 | - | - | - | 200,000 | 700,000 |
| South Aisle exterior | 250,000 | - | - | - | - | 250,000 |
| ────── | ────── | ────── | ────── | ────── | ────── | |
| Total | 1,896,547 | 313,100 | (199,742) | 93,680 | - | 2,103,585 |
| ══════ | ══════ | ══════ | ══════ | ══════ | ══════ | |
| At 1st | Investment | At 31st | ||||
| January | Income | Expenditure | gains | December | ||
| 2019 | Transfers | 2019 |
||||
| £ | £ | £ | £ | £ | £ | |
| Group | ||||||
| General funds | 1,028,054 | 777,154 | (692,152) | 233,297 | - | 1,346,353 |
| Designated funds: | ||||||
| South Aisle exterior | ||||||
| and Nave roof | 750,000 | - | - | - | - | 750,000 |
| ────── | ────── | ────── | ────── | ────── | ────── | |
| Total | 1,778,054 | 777,154 | (692,152) | 233,297 | - | 2,096,353 |
| ══════ | ══════ | ══════ | ══════ | ══════ | ══════ | |
| Charity | ||||||
| General funds | 980,314 | 324,700 | (391,764) | 233,297 | - | 1,146,547 |
| Designated funds: | ||||||
| South Aisle exterior | ||||||
| and Nave roof | 750,000 | - | - | - | - | 750,000 |
| ────── | ────── | ────── | ────── | ────── | ────── | |
| Total | 1,730,314 | 324,700 | (391,764) | 233,297 | - | 1,896,547 |
| ══════ | ══════ | ══════ | ══════ | ══════ | ══════ |
The designated funds above represent monies set-aside by the trustees for future repair works due at The University Church of St Mary the Virgin. These funds are represented by cash held at bank and by investments.
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The de Brome Trust
Notes to the accounts (continued) for the year ended 31st December 2020
11 Reconciliation of net movement in funds to net cash flow from operating activities
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Net movement in funds | 37,502 | 318,299 |
| Add back depreciation charge | 1,276 | 1,940 |
| Deduct gain on investments | (93,680) | (233,297) |
| Deduct interest and dividend income shown in investing activities | (47,750) | (44,514) |
| Decrease/(increase) in stock | 83 | (3,899) |
| Increase in debtors | (2,995) | (1,914) |
| (Decrease)/increase in creditors | (128,877) | 132,281 |
| ────── | ────── | |
| Net cash (used)/provided by operating activities | (234,441) | 168,896 |
| ══════ | ══════ |
12 Transactions with related parties
During the year, The de Brome Trust made donations towards the following expenses of The University Church of St Mary the Virgin:
| £ | |
|---|---|
| Salaries | 106,804 |
| Parish share | 91,086 |
| ───── | |
| 197,890 | |
| ═════ |
At 31st December 2020, the charity and its trading subsidiary owed £60,031 to The University Church of St Mary the Virgin (2019: £154,952 owed to the Church), a charity connected to this charity.
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