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2021-12-31-accounts

The de Brome Trust

Registered Charity Number: 1065902

Unaudited Group Accounts

for the year ended 31st December 2021

Wenn Townsend

Chartered Accountants

Oxford

The de Brome Trust

Trustees’ report on the accounts for the year ended 31st December 2021

Administrative details

Trustees: N Hardyman The Revd Dr W R S Lamb F Leach J Greenland 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 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 2021 (continued)

The Trustees present the accounts of the charity for the year ended 31st December 2021.

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 £30,266 (2020: £265,350) 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 £8,914 towards the cost of mission and outreach. In addition the Trust has supported the church by matching an Archbishops Council grant towards the cost of the roof repairs, which totalled £144,461 and extended a loan of £400,000 to help with cashflow during the project.

Plans for future periods

The Trust will continue to support the Church including the activities mentioned above. In 2022-23 the south aisle stonework will require refurbishment and preliminary work is underway.

Financial review

At the year end the charity had net assets of £2,100,268 (2020: £2,103,585). 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

19th April 2022

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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 2021 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:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. 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

19th April 2022

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The de Brome Trust Consolidated Statement of Financial Activities for the year ended 31st December 2021

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) before gains on investments
Net gains on investments
4
Net movement in funds
Reconciliation of funds:
Total brought forward at 1st January 2021
Balances carried forward at 31st December 2021		 Total
Total
2021
2020
£
£

49,774
30,913
-
62,190
208,349
137,761
1,820
2,231
35,598
45,519
295,541
278,614
246,661
199,742
26,328
17,536
163,115
117,514
436,104
334,792
(140,563)
(56,178)
175,660
93,680
35,097
37,502
2,133,855
2,096,353
2,168,952
2,133,855

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 2021

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 2021
Balances carried forward at 31st December 2021		 Total
Total
2021
2020
£
£
30,266
265,350
1,820
2,231
35,598
45,519
67,684
313,100
246,661
199,742
246,661
199,742
(178,977)
113,358
175,660
93,680
(3,317)
207,038
2,103,585
1,896,547
2,100,268
2,103,585

All of the above funds were unrestricted.

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The de Brome Trust

Balance Sheets as at 31st December 2021

Group Charity Charity
2021 2020 2021 2020
£ £ £ £
Note
Fixed assets
Tangible assets 5 1,690 2,896 - -
Investments 4 1,421,997 1,746,338 1,421,999 1,746,340
─────── ─────── ─────── ───────
1,423,687 1,749,234 1,421,999 1,746,340
Current assets
Stock 6 19,650 26,149 - -
Debtors 7 88,990 24,845 238,854 -
Cash at bank and in hand 651,606 402,594 441,315 364,421
─────── ─────── ─────── ───────
760,246 453,588 680,169 364,421
Creditors
Amounts falling due within one year 8 (14,981)
(68,967)		 (1,900) (7,176)
─────── ─────── ─────── ───────
Net current assets 745,265 384,621 678,289 357,245
─────── ─────── ─────── ───────
Net assets 2,168,952 2,133,855 2,100,268 2,103,585
═══════ ═══════ ═══════ ═══════
Represented by:
Unrestricted funds
General 712,952 1,183,855 644,268 1,153,585
Designated funds 1,456,000 950,000 1,456,000 950,000
─────── ─────── ─────── ───────
Total unrestricted funds 10 2,168,952 2,133,855 2,100,268 2,103,585
═══════ ═══════ ═══════ ═══════

These accounts were approved by the Trustees at a meeting held on 19th April 2022

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 2021

Note
2021
£
£
Net cash (used) by operating activities
11
(288,406)
Cash flows from investing activities:
Interest and dividends
37,418
Sale proceeds from investments
500,000
_
Net cash provided by investing activities
537,418
_
Change in cash and cash equivalents in the year
249,012
Cash and cash equivalent brought forward at 1st January 2021
402,594
_
Cash and cash equivalent carried forward at 31st December 2021
651,606
═════		 2020
£
£
(234,441)
47,750
-
_
47,750
_
(186,691)
589,285
_
402,594
═════

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The de Brome Trust

Notes to the accounts

for the year ended 31st December 2021

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 2021

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 2021 2020
£ £
Wages 104,737 70,600
Heating and lighting 24,818 20,100
Insurance 12,634 12,430
Depreciation 1,206 1,276
Other overheads 19,491 12,686
Tax payable 229 422
────── ──────
163,115 117,514
══════ ══════

3 Trustees' remuneration

No remuneration was paid to or expenses reimbursed to the Trustees during the year (2020: £Nil).

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The de Brome Trust

Notes to the accounts (continued) for the year ended 31st December 2021

4 Investments

Investments
Group Charity
2021 2020 2021 2020
£ £ £ £
Subsidiary, St Mary’s (P.C.C.) Limited - - 2 2
═══════ ═══════ ═══════ ═══════
CAF UK Equity Fund
Balance at 1st January 2021 142,475 151,991 142,475 151,991
Increase/(decrease) in valuation during the year 18,550 (9,516) 18,550 (9,516)
─────── ─────── ─────── ───────
Balance at 31st December 2021 161,025 142,475 161,025 142,475
═══════ ═══════ ═══════ ═══════
CCLA Church of England, Investment fund
Balance at 1st January 2021 1,603,863 1,500,667 1,603,863 1,500,667
Additions in year - - - -
Disposal proceeds (500,000) - (500,000) -
Realised loss (703) - (703) -
Increase in valuation during the year 157,812 103,196 157,812 103,196
─────── ─────── ─────── ───────
Balance at 31st December 2021 1,260,972 1,603,863 1,260,972 1,603,863
═══════ ═══════ ═══════ ═══════
Total 1,421,997 1,746,338 1,421,999 1,746,340
═══════ ═══════ ═══════ ═══════

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 2021, the company had net assets of £68,682 after turnover of £208,349 and a profit of £68,680 in the year.

5
Fixed assets
Group
Cost
Improvements
Fixtures
to property
and fittings
£
£
At 1st January 2021
30,159
30,991
_
_
At 31st December 2021
30,159
30,991
_
_
Depreciation
At 1st January 2021
27,263
30,991
Charge for the year
1,206
-
_
_
At 31st December 2021
28,469
30,991
_
_
Net book value
At 31st December 2021
1,690
-
═════
═════
At 31st December 2020
2,896
-
═════
═════		 Total
£
61,150
_
61,150
_
58,254
1,206
_
59,460
_
1,690
═════
2,896
═════

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The de Brome Trust

Notes to the accounts (continued) for the year ended 31st December 2021

6 Stock

Goods for resale

Debtors
Owed by The University Church of St Mary
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
2021
2020
£
£
19,650
26,149
═════
═════
Group
2021
2020
£
£
84,501
-
1,426
21,783
3,063
3,062
_
_
88,990
24,845
═════
═════
Group
2021
2020
£
£
543
3,160
-
60,031
9,038
1,276
5,400
4,500
_
_
14,981
68,967
═════
═════		 Charity
2021
2020
£
£
-
-
═════
═════
Charity
2021
2020
£
£
238,854
-
-
-
-
-
_
_
238,854
-
═════
═════
Charity
2021
2020
£
£
-
-
-
5,496
-
-
1,900
1,680
_
_
1,900
7,176
═════
═════		 Charity
2021
2020
£
£
-
-
═════
═════
Charity
2021
2020
£
£
238,854
-
-
-
-
-
_
_
238,854
-
═════
═════
Charity
2021
2020
£
£
-
-
-
5,496
-
-
1,900
1,680
_
_
1,900
7,176
═════
═════
_
7,176
═════

7 Debtors

8 Creditors: due within one year

9 Connected parties

At 31st December 2021, the charity and its trading subsidiary were owed £84,501 by The University Church of St Mary the Virgin (2020: owed £60,031 to The University Church of St Mary the Virgin), 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 2021

10 Statement of funds
At 1st Investment At 31st
January Income Expenditure gains December
2021 Transfers 2021
£ £ £ £ £ £
Group
General funds 1,183,855 295,541 (292,104) 175,660 (650,000) 712,952
Designated funds:
Nave roof 700,000 - (144,000) - - 556,000
South Aisle exterior 250,000 - - - 650,000 900,000
────── ────── ────── ────── ────── ──────
Total 2,133,855 295,541 (436,104) 175,660 - 2,168,952
══════ ══════ ══════ ══════ ══════ ══════
Charity
General funds 1,153,585 67,684 (102,661) 175,660 (650,000) 644,268
Designated funds:
Nave roof 700,000 - (144,000) - - 556,000
South Aisle exterior 250,000 - - - 650,000 900,000
────── ────── ────── ────── ────── ──────
Total 2,103,585 67,684 (246,661) 175,660 - 2,100,268
══════ ══════ ══════ ══════ ══════ ══════
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
══════ ══════ ══════ ══════ ══════ ══════

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 2021

11 Reconciliation of net movement in funds to net cash flow from operating activities

2021 2020
£ £
Net movement in funds 35,097 37,502
Add back depreciation charge 1,206 1,276
Deduct gain on investments (175,660) (93,680)
Deduct interest and dividend income shown in investing activities (37,418) (47,750)
Decrease in stock 6,499 83
(Increase) in debtors (238,394) (2,995)
(Decrease)/increase in creditors 120,264 (128,877)
────── ──────
Net cash (used) by operating activities (288,406) (234,441)
══════ ══════

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:

£
Mission and outreach 8,914
Repairs 144,461
Parish share 91,086
─────
244,461
═════

At 31st December 2021, the charity and its trading subsidiary were owed £84,501 from The University Church of St Mary the Virgin (2020: owed £60,031 to The University Church of St Mary the Virgin), a charity connected to this charity.

- 13 -

The de Brome Trust

Income and Expenditure Account for the year ended 31st December 2021

2021 2020
£ £
Income
Donation received from St. Mary’s PCC Ltd. 30,266 265,350
Bank interest receivable 1,820 2,231
Dividends receivable 35,598 45,519
─────── ───────
67,684 313,100
Expenditure
Support of the University Church (244,461) (197,890)
Accountancy (2,200) (1,852)
─────── ───────
(246,661) (199,742)
Net gain on investments 175,660 93,680
─────── ───────
Net (deficit) / surplus for the year (3,317) 207,038
═══════ ═══════

This page does not form part of the statutory accounts.

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