The de Brome Trust
Registered Charity Number: 1065902
Unaudited Group Accounts
for the year ended 31st December 2023
Wenn Townsend
Chartered Accountants
Oxford
The de Brome Trust
Trustees’ report on the accounts for the year ended 31st December 2023
Administrative details
Trustees: N Hardyman W R S Lamb F Leach K Melham Clerk to the Trustees: J White Bankers: CAF Cash Limited West Malling Kent ME19 4TA Independent examiner: B Hayes FCA Wenn Townsend Chartered Accountants Oxford OX1 3LE Registered address: University Church of St Mary the Virgin High Street Oxford OX1 4AH Investment advisors: 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 2023 (continued)
The Trustees present the accounts of the charity for the year ended 31st December 2023.
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 funds from its subsidiary company, St Mary's (P.C.C.) Limited. The company has distributed profits for the year of £220,548 (2022: £68,680) 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 £376,001 towards the maintenance and upkeep of the building as well as contributions towards the cost of mission and outreach.
Plans for future periods
The Trust will continue to support the Church including the activities mentioned above. A feasibility study has been completed and detailed planning is underway on an ambitious plan to improve accessibility on the north side of the church and the trust looks forward to supporting this project as it progresses. In the near future the south aisle stonework of the church will require refurbishment and preliminary work is underway.
Financial review
At the year end the charity had net assets of £1,929,404 (2022: £1,910,087). These funds are considered to be adequate to enable the charity to fulfil 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
It is the policy of the De Brome Trust to hold in reserves an amount for likely building projects, repairs, and maintenance of the University Church due within the next 5 years. This policy will be reviewed every twelve months.
The trustees believe that, at present, we have reserves equivalent to approximately four years repairs and maintenance and continue to work to meet their target (approximately £2.5m).
On behalf of the Trustees
F Leach
17[th] April 2024
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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 2023 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.
B Hayes BSc FCA Wenn Townsend Chartered Accountants Oxford
17[th] April 2024
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The de Brome Trust
Consolidated Statement of Financial Activities for the year ended 31st December 2023
| Note Income: Donations and legacies: Donations Government grants receivable Charitable activities: 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 income before gains on investments Net gains/(losses) on investments 4 Net movement in funds Reconciliation of funds: Total brought forward at 1st January 2023 Balances carried forward at 31st December 2023 |
Total Total 2023 2022 £ £ 8,230 8,450 - 3,000 645,861 509,783 6,817 3,595 42,918 37,296 703,826 562,124 376,001 151,852 111,666 91,545 213,955 200,770 701,622 444,167 2,204 117,957 117,036 (156,274) 119,240 (38,317) 2,130,635 2,168,952 2,249,875 2,130,635 |
|---|---|
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 2023
| Note Income: Donations and legacies: Donation from St Mary’s PCC Ltd Donations 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/(losses) on investments 4 Net movement in funds Reconciliation of funds: Total funds brought forward at 1st January 2023 Balances carried forward at 31st December 2023 |
Total Total 2023 2022 £ £ 220,548 68,680 8,230 8,450 6,586 3,519 42,918 37,296 278,282 117,945 376,001 151,852 376,001 151,852 (97,719) (33,907) 117,036 (156,274) 19,317 (190,181) 1,910,087 2,100,268 1,929,404 1,910,087 |
|---|---|
All of the above funds were unrestricted.
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The de Brome Trust
Balance Sheets as at 31st December 2023
| Group | Group | Charity | Charity | ||
|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | ||
| £ | £ | £ | £ | ||
| Note | |||||
| Fixed assets | |||||
| Tangible assets | 5 | - | 484 | - | - |
| Investments | 4 | 1,382,759 | 1,265,723 | 1,382,761 | 1,265,725 |
| ─────── | ─────── | ─────── | ─────── | ||
| 1,382,759 | 1,266,207 | 1,382,761 | 1,265,725 | ||
| Current assets | |||||
| Stock | 6 | 19,431 | 17,566 | - | - |
| Debtors | 7 | 68,227 | 111,686 | 34,988 | 65,342 |
| Cash at bank and in hand | 801,692 | 768,379 | 514,055 | 581,020 | |
| ─────── | ─────── | ─────── | ─────── | ||
| 889,350 | 897,631 | 549,043 | 646,362 | ||
| Creditors | |||||
| Amounts falling due within one year | 8 | (22,234) | (33,203) | (2,400) | (2,000) |
| ─────── | ─────── | ─────── | ─────── | ||
| Net current assets | 867,116 | 864,428 | 546,643 | 644,362 | |
| ─────── | ─────── | ─────── | ─────── | ||
| Net assets | 2,249,875 | 2,130,635 | 1,929,404 | 1,910,087 | |
| ═══════ | ═══════ | ═══════ | ═══════ | ||
| Represented by: | |||||
| Unrestricted funds | |||||
| General | 349,875 | 480,635 | 29,404 | 260,087 | |
| Designated funds | 1,900,000 | 1,650,000 | 1,900,000 | 1,650,000 | |
| ─────── | ─────── | ─────── | ─────── | ||
| Total unrestricted funds | 10 | 2,249,875 | 2,130,635 | 1,929,404 | 1,910,087 |
| ═══════ | ═══════ | ═══════ | ═══════ |
These accounts were approved by the Trustees at a meeting held on 17[th] April 2024
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 2023
| Note 2023 £ £ Net cash made/(used) by operating activities 11 (16,422) Cash flows from investing activities: Interest and dividends 49,735 Sale proceeds from investments 156,448 Purchase of investments (156,448) _ Net cash provided by investing activities 49,735 _ Change in cash and cash equivalents in the year 33,313 Cash and cash equivalent brought forward at 1st January 2023 768,379 _ Cash and cash equivalent carried forward at 31st December 2023 801,692 ═════ |
2022 £ £ 75,882 40,891 - - _ 40,891 _ 116,773 651,606 _ 768,379 ═════ |
|---|---|
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The de Brome Trust
Notes to the accounts for the year ended 31st December 2023
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 2023
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.
2 Other expenses for trading activities
| 2 Other expenses for trading activities |
|||
|---|---|---|---|
| Group | |||
| 2023 | 2022 | ||
| £ | £ | ||
| Wages | 115,522 | 99,562 | |
| Heating and lighting | 50,169 | 57,273 | |
| Insurance | 15,537 | 14,637 | |
| Depreciation | 484 | 1,206 | |
| Other overheads | 32,134 | 27,809 | |
| Tax payable | 109 | 283 | |
| ────── | ────── | ||
| 213,955 | 200,770 | ||
| ══════ | ══════ |
3 Trustees' remuneration
No remuneration was paid to or expenses reimbursed to the Trustees during the year (2022: £Nil).
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The de Brome Trust
Notes to the accounts (continued) for the year ended 31st December 2023
4 Investments
| Investments | ||||
|---|---|---|---|---|
| Group | Charity | |||
| 2023 | 2022 | 2023 | 2022 | |
| £ | £ | £ | £ | |
| Subsidiary, St Mary’s (P.C.C.) Limited | - | - | 2 | 2 |
| ═══════ | ═══════ | ═══════ | ═══════ | |
| CAF UK Equity Fund | ||||
| Balance at 1st January 2023 | 153,188 | 161,025 | 153,188 | 161,025 |
| (Disposals) in the year | (156,448) | - | (156,448) | - |
| Increase/(decrease) in valuation during the year | - | (7,837) | - | (7,837) |
| Realised gain | 3,260 | - | 3,260 | - |
| ─────── | ─────── | ─────── | ─────── | |
| Balance at 31st December 2023 | - | 153,188 | - | 153,188 |
| ═══════ | ═══════ | ═══════ | ═══════ | |
| CCLA Church of England, Investment fund | ||||
| Balance at 1st January 2023 | 1,112,535 | 1,260,972 | 1,112,535 | 1,260,972 |
| Additions in the year | 156,448 | - | 156,448 | - |
| Increase in valuation during the year | 113,776 | (148,437) | 113,776 | (148,437) |
| ─────── | ─────── | ─────── | ─────── | |
| Balance at 31st December 2023 | 1,382,759 | 1,112,535 | 1,382,759 | 1,112,535 |
| ═══════ | ═══════ | ═══════ | ═══════ | |
| Total | 1,382,759 | 1,265,723 | 1,382,761 | 1,265,725 |
| ═══════ | ═══════ | ═══════ | ═══════ |
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 2023, the company had net assets of £320,473 after turnover of £645,861 and a profit of £320,471 in the year.
| 5 Fixed assets Group Cost Improvements Fixtures to property and fittings £ £ At 1st January 2023 30,159 30,991 _ _ At 31st December 2023 30,159 30,991 _ _ Depreciation At 1st January 2023 29,675 30,991 Charge for the year 484 - _ _ At 31st December 2023 30,159 30,991 _ _ Net book value At 31st December 2023 - - ═════ ═════ At 31st December 2022 484 - ═════ ═════ |
Total £ 61,150 |
|---|---|
| _ 61,150 |
|
| _ 60,666 484 |
|
| _ 61,150 |
|
| _ - ═════ 484 ═════ |
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The de Brome Trust
Notes to the accounts (continued) for the year ended 31st December 2023
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 Taxes and social security Accruals |
Group 2023 2022 £ £ 19,431 17,566 ═════ ═════ Group 2023 2022 £ £ 58,352 102,500 9,715 8,566 160 620 _ _ 68,227 111,686 ═════ ═════ Group 2023 2022 £ £ 3,980 14,072 12,924 13,631 5,330 5,500 _ _ 22,234 33,203 ═════ ═════ |
Charity 2023 2022 £ £ - - ═════ ═════ Charity 2023 2022 £ £ 34,988 65,342 - - - - _ _ 34,988 65,342 ═════ ═════ Charity 2023 2022 £ £ - - - - 2,400 2,000 _ _ 2,400 2,000 ═════ ═════ |
Charity 2023 2022 £ £ - - ═════ ═════ Charity 2023 2022 £ £ 34,988 65,342 - - - - _ _ 34,988 65,342 ═════ ═════ Charity 2023 2022 £ £ - - - - 2,400 2,000 _ _ 2,400 2,000 ═════ ═════ |
|---|---|---|---|
| _ 2,000 ═════ |
7 Debtors
8 Creditors: due within one year
9 Connected parties
At 31st December 2023, the charity and its trading subsidiary were owed £58,352 by The University Church of St Mary the Virgin (2022: £102,500), 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 2023
10 Statement of funds
| At 1st | Investment | At 31st | ||||
|---|---|---|---|---|---|---|
| January | Income | Expenditure | gains | December | ||
| 2023 | Transfers | 2023 | ||||
| £ | £ | £ | £ | £ | £ | |
| Group | ||||||
| General funds | 480,635 | 703,826 | (701,622) | 117,036 | (250,000) | 349,875 |
| Designated funds: | ||||||
| South Aisle exterior | 900,000 | - | - | - | - | 900,000 |
| North Churchyard | ||||||
| Restoration project | 750,000 | - | - | - | 250,000 | 1,000,000 |
| ────── | ────── | ────── | ────── | ────── | ────── | |
| Total | 2,130,635 | 703,826 | (701,622) | 117,036 | - | 2,249,875 |
| ══════ | ══════ | ══════ | ══════ | ══════ | ══════ | |
| Charity | ||||||
| General funds | 260,087 | 278,282 | (376,001) | 117,036 | (250,000) | 29,404 |
| Designated funds: | ||||||
| South Aisle exterior | 900,000 | - | - | - | - | 900,000 |
| North Churchyard | ||||||
| Restoration project | 750,000 | - | - | - | 250,000 | 1,000,000 |
| ────── | ────── | ────── | ────── | ────── | ────── | |
| Total | 1,910,087 | 278,282 | (376,001) | 117,036 | - | 1,929,404 |
| ══════ | ══════ | ══════ | ══════ | ══════ | ══════ | |
| At 1st | Investment | At 31st | ||||
| January | Income | Expenditure | gains | December | ||
| 2022 | Transfers | 2022 | ||||
| £ | £ | £ | £ | £ | £ | |
| Group | ||||||
| General funds | 712,952 | 562,124 | (444,167) | (156,274) | (194,000) | 480,635 |
| Designated funds: | ||||||
| Nave roof | 556,000 | - | - | - | (556,000) | - |
| South Aisle exterior | 900,000 | - | - | - | - | 900,000 |
| North Churchyard | ||||||
| Restoration project | - | - | - | - | 750,000 | 750,000 |
| ────── | ────── | ────── | ────── | ────── | ────── | |
| Total | 2,168,952 | 562,124 | (444,167) | (156,274) | - | 2,130,635 |
| ══════ | ══════ | ══════ | ══════ | ══════ | ══════ | |
| Charity | ||||||
| General funds | 644,268 | 117,945 | (151,852) | (156,274) | (194,000) | 260,087 |
| Designated funds: | ||||||
| Nave roof | 556,000 | - | - | - | (556,000) | - |
| South Aisle exterior | 900,000 | - | - | - | - | 900,000 |
| North Churchyard | ||||||
| Restoration project | - | - | - | - | 750,000 | 750,000 |
| ────── | ────── | ────── | ────── | ────── | ────── | |
| Total | 2,100,268 | 117,945 | (151,852) | (156,274) | - | 1,910,087 |
| ══════ | ══════ | ══════ | ══════ | ══════ | ══════ |
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 2023
11 Reconciliation of net movement in funds to net cash flow from operating activities
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Net movement in funds | 119,240 | (38,317) |
| Add back depreciation charge | 484 | 1,206 |
| Add/deduct loss/gain on investments | (117,036) | 156,274 |
| Deduct interest and dividend income shown in investing activities | (49,735) | (40,891) |
| Decrease/(increase) in stock | (1,865) | 2,084 |
| Decrease)/(increase) in debtors | 43,459 | (22,696) |
| Increase/(decrease) in creditors | (10,969) | 18,222 |
| ────── | ────── | |
| Net cash gained/(used) by operating activities | (16,422) | 75,882 |
| ══════ | ══════ |
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:
| £ | |
|---|---|
| Repairs and maintenance | 276,001 |
| Wages and salaries | 100,000 |
| ═════ |
At 31st December 2023, the charity and its trading subsidiary were owed £58,352 from The University Church of St Mary the Virgin (2022: were owed £102,500 from The University Church of St Mary the Virgin), a charity connected to this charity
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