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← John Bristow And Thomas Mason Trust

2024-09-30-accounts

John Bristow and Thomas Mason Trust

Registered Charity No. 1075971

School Cottage, built by John Bristow, Rector 1615-1637, now known as Bristow’s Cottage

Annual Report

1 October 2023 – 30 September 2024

www.jbtmt.org.uk

facebook.com/jbtmt

@JBTMTCharlwood

JOHN BRISTOW AND THOMAS MASON TRUST

Registered Charity No 1075971
Registered Address Beech Hay
Ifield Road
Charlwood
Surrey RH6 0DR
Trust Secretary Mrs Sam Songhurst
Beech Hay
Ifield Road
Charlwood
Surrey RH6 0DR
Bankers Barclays Bank plc
Investment Advisers Cazenove Capital Management Limited
1 London Wall Place
London Wall, Barbican
London, EC2Y 5AU
Solicitors Irwin Mitchell LLP
Belmont House, Station Way
Crawley
West Sussex, RH10 1JA
Auditors Kreston Reeves LLP
Springfield House
Springfield Road
Horsham
West Sussex, RH12 2RG
How to contact the Trust E-mail: trust-secretary@jbtmt.org.uk
Phone: 01293 862734
Internet: www.jbtmt.org.uk/contact-us
Twitter: @JBTMTCharlwood
Facebook: facebook.com/jbtmt
Trustees
Mrs Alison Martin Chair, Office expires 26 January 2026.
Rev. Sue Lepp Ex-officio trustee with effect 27 November 2023.
Mrs Lizzy Daly Re-appointed 15 May 2024, Office expires 14 May 2028.
Mr Bjorn Harris Office expires 26 April 2027.
Mr Matthew Hill Office expires 21 March 2027.
Mr Nick Howarth Office expires 16 May 2025.
Mr Richard Parker Re-appointed 20 May 2024, Office expires 19 May 2028.
Mr Chris Peters Office expires 26 January 2026.
Mrs Dawn Traynor Office expires 14 September 2026.

John Bristow and Thomas Mason Trust Annual Report 2024

Table of Contents

Chair’s Report for the Period Ended 30 September 2024 ............... 2 List of Grants for the Period to 30 September 2024 ..................... 6 The Trust Scheme ............................................................. 8 Statement of Trustees’ Responsibilities ................................... 9 Independent Auditor’s Report .............................................. 10 Statement of Financial Activities .......................................... 15 Balance Sheet ................................................................. 16 Notes to the Accounts ....................................................... 17 Endowment Fund ............................................................. 22 Statement of Policies ........................................................ 23 The History of the John Bristow and Thomas Mason Trust ............. 25 The Area of Benefit .......................................................... 27

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John Bristow and Thomas Mason Trust Annual Report 2024

Chair’s Report for the Period Ended 30 September 2024

And so we come to the end of another busy year for the Charity Trust that is John Bristow & Thomas Mason with its various aims and objectives and the constant need to remain relevant and accessible in today’s fast-paced and increasingly on-line, virtual world.

For many, we continue (despite our best endeavours) to remain a mystery! We’re absolutely not and I’d encourage anyone who genuinely has no idea of who we are or what we do to take a moment to search on line and check out our website, or catch us on FB or speak to any of the Trustees who live in either Hookwood or Charlwood.

Our FB link is facebook.com/jbtmt

Economics and Investments

With regard to money, our finances have again held up well and we’ve retained a healthy balance in cash and in investments. Investment markets were again unpredictable with multiple market factors in play but over the course of the year the Trust’s diversified investment portfolio accreted in value by just shy of £200,000, closing the year at just under £3.2m. This investment endowment fund underpins a consistency in expected future investment returns allowing us to continue to support requests from organisations and people within the Area of Benefit.

With steady rental income again supplementing a growth in investment income the Trust was able to report a record level of income for a second successive year which is good news in terms of giving the Trust the resources to continue to support its Objects over the longer term. Our investment portfolio is managed by Cazenove and they continue to deploy a balanced but defensive investment strategy in maintaining a well-diversified investment mix in the light of prevailing market volatility; this tactic supports the longterm focus of our investment policy.

The Trust continues to use an on-line banking portal for administering the settlement of grants and this allows us to act somewhat more swiftly than the traditional, but still available, chequebook option!

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John Bristow and Thomas Mason Trust Annual Report 2024

People

We currently have a full complement of Trustees and we name amongst our number the following good folks: Chris Peters, Richard Parker, Rev Sue Lepp, Matt Hill, Lizzy Daly, Dawn Traynor, Nick Howarth and Bjorn Harris; and I am currently the Chair, and I’m Alison Martin.

We’ve had a fairly static year in terms of Trustee turn-over and for that, I’m grateful as it’s allowed us to dig a bit deeper into some of the areas that needed a fresh approach. Big thanks as ever go to Richard for his ongoing management of our principal physical asset (John Bristow’s cottage) which has been another of the things that’s needed some modernisation over this last year, as well as some general maintenance. Thanks also to Chris Peters for being the brains behind the numbers and for doggedly pursuing the online banking option when most of us had resigned ourselves to cheques for ever; to our Object Two committee (Lizzy, Matt and Dawn), to Bjorn for building the relationships with the Woodland Trust in particular, as well as a keen eye for detail and translating that into a simple form for educational grant assessments.

Nick continues to be our comms lead (although he may not think he is!) and behind scenes researcher into the very large archives, which is vital as we surface some areas that need historical input to inform future decisions. And finally Rev Sue Lepp, who is bringing a very different viewpoint to the table both from her background as a Macmillan Nurse, her current role as Lead Chaplain in LGW as well as being IC of Sidlow and Charlwood but also from her being new to the Area of Benefit and questioning everything with a fresh pair of eyes.

Grants

This year we’ve awarded 29 grants totalling more than £88,000. Our Object Two grants were just under £20,000 this year, and whilst it is difficult for people sometimes to consider even asking, we’re always ready and willing to listen and step in wherever we can with support both financial and emotional. We continue to support those needing endof-life care with donations to St Catherine’s Hospice. None of us is ever prepared for being told that life is to end suddenly, and whilst the donation of money doesn’t make it a better situation for those affected, it does mean that those who can give care and support might be able to do so for more people, and that has to be a good thing.

We retain a key focus on education and in the last year we have supported nine young people moving into University or College education, as well as retaining close links with Charlwood School with a mix of requests including a book initiative, swimming lessons, funding Providence Chapel sessions and providing a school stage for our performers of tomorrow to begin their careers!!

Our Objects (reasons for our being a charity) are discussed on the following page and formally set out on page 8.

A full list of grants is given on page 6.

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John Bristow and Thomas Mason Trust Annual Report 2024

Objects of the Trust and Public Benefit Reporting

JBTMT has a set of objectives or objects against which each application for help is assessed. Some are really clear fits and some less so and it’s our duty to ensure that our decision making is sound and that we use the Trust’s investment wisely throughout the year. In planning for activities, the Trustees give due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance “Public benefit: running a charity (PB2)”. The Objects of the Trust are set out in some detail on page 8.

We are a registered charity and it is a requirement that we produce accounts annually to comply with regulations; but we also do this so you have a chance to see what goes on behind the scenes and to provide you, our readers, with a source of endless entertainment and questions for your quizzes! Within the accounts you will find a variety of literary and numerical anecdotes and facts which together explain what we have done, why and often when. Where possible, recipients of grants will be shown excepting when it is in the best interests of those involved not to be named.

During the last year we’ve supported thirteen requests for direct help and funded another sixteen grants to external organisations.

Bristow’s Cottage

As usual, old property requires a lot of maintenance and with Bristow’s Cottage being a Grade Two Listed Property we must comply with a multitude of regulations, primarily regarding the external appearance. However, with new tenants moving in in December 2021 we had previously decided that it was essential to improve the property internally and for their benefit and so we had installed a new kitchen, refurbished the bathroom and then redecorated the exterior.

We are now preparing for the anticipated change in Government regulations regarding the “hot topic” of insulation and so with Bristow’s having a stone roof we will be undertaking a lot of work in the void over the next couple of years, working around the tenants of course and hopefully with their co-operation.

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John Bristow and Thomas Mason Trust Annual Report 2024

In the meantime, the Cottage remains an iconic feature of Charlwood and a reminder of times gone by. The carrying value of the Cottage continues to reflect the contemporary valuation of £550,000 as originally reported in the 2022 Annual Report.

Publicity

As a Trust we continue to look to gently raise our profile and increase local awareness of the objectives of the Trust and the ways we can offer support within the Area of Benefit. We continue to look to update and improve our website but are also trying to ensure that our FB page has regular posts for dates of meetings and so on; this is to help those wishing to apply for grants to get them in within the deadlines for our cut-off points.

Final words

And finally – I’ve decided that the time is right to step away from being the Chair of JBTMT and I will formalise that decision in the New Year. I have been associated with the charity for quite some time now and it seems like a good time to let the next wave of projects and ideas be challenged and explored by a different mind than mine.

I’ve also got family commitments which increasingly take me away from Charlwood and I need to be able to devote time and energy to that; so – thank you for supporting me through the years, thanks to all my Trustees and here’s to the next wave.

Alison Martin Chair

Date: 4[th] March 2025

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John Bristow and Thomas Mason Trust Annual Report 2024

List of Grants for the Period to 30 September 2024

Grants approved during the period may be analysed as follows: £
Education Grants
Personal Education Grants (nine grants) 27,572
Charlwood Village Primary School (use of Providence Chapel) 1,000
Charlwood Village Primary School (books and resources) 1,800
Charlwood Village Primary School (stage) 1,800
Charlwood Village Primary School (theatre trip) 1,000
Charlwood Village Primary School PTA (swimming coach travel) 875
Assistance Grants
Personal1(four Object Two grants) 19,676
General Grants
Charlwood Parish Magazine (“Parish Pump”) 4,000
Hookwood Hall (electrics and squirrel counter measures) 3,000
St Nicholas Church (mowing) 2,290
St Nicholas Church (roof repairs) 6,880
St Catherine’s Hospice 5,000
Charlwood Appalachian Clog Dance Team 1,140
Charlwood at Christmas 350
The Friday Group 500
Charlwood Tea & Chat 385
Parish Venture Week 5,500
Village transport initiative 5,500
Total Grants for the period 88,268

1 We do not usually give names of individuals and never do so for Assistance Grants.

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John Bristow and Thomas Mason Trust Annual Report 2024

The Trust has supported St Catherine’s Hospice for several years, recognising the care offered to many residents from the Area of Benefit over time.

The Trust pledged funding to support the launch of the new, and well-received, Parish Magazine with the Trustees helping deliver the first issue across Charlwood and Hookwood.

The Trust has been a long-standing supporter of St Nicholas Church and the largest single grant of the year was to address urgent roof repairs for the church.

The Trust has a primary Object to promote education in the Area of Benefit and is delighted to have further increased the incidence of individual educational grants in recent years.

The Trust is a long-term supporter of Charlwood Village FC which now has 100+ members drawn from the local community.

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John Bristow and Thomas Mason Trust Annual Report 2024

The Trust Scheme

The Trust Scheme was set up by order of the Charity Commissioners for England and Wales effective 1 March 1999, and amended by resolutions passed at special meetings of the Trustees on 23 June 2006 and 13 December 2015.

Charity N[o] : 1075971

Objects

The objects of the Trust as laid down by the Charity Commission are:-

  1. The promotion of education in the Area of Benefit* through the provision and support of such facilities and services as the Trustees think fit.

  2. The relief of inhabitants** who are

  3. a) in need, hardship or distress; or

  4. b) sick, convalescent, disabled, handicapped or infirm.

  5. The provision and support, with the object of improving the conditions of life of the inhabitants in the interests of social welfare, of facilities for recreation and other leisure-time occupation of the inhabitants or any sufficient section of them;

  6. The provision and support of such other charitable purposes for the benefit of the inhabitants or any sufficient section of them as the Trustees think fit.

Trustees

The Scheme for the John Bristow and Thomas Mason Trust, as amended by a resolution passed at a special meeting of the Trustees, states that there should be:

one ex officio trustee the rector for the time being of the ecclesiastical parish of St. Nicholas, Charlwood

four co-opted trustees: who, as far as possible, are persons who through residence, occupation, employment or otherwise have special knowledge of the Area of Benefit

  • the Area of Benefit is shown on the map on page 27 and is the 1926 boundary of the Parish of Charlwood

** “the inhabitants” means the inhabitants of the Area of Benefit

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John Bristow and Thomas Mason Trust Annual Report 2024

Statement of Trustees’ Responsibilities

The Charity's Trustees are responsible for preparing the Annual Report and Financial Statements for the year ended 30 September 2024 in accordance with applicable law and United Kingdom Accounting Standards and Generally Accepted Accounting Practice.

The Law applicable to Charities in England and Wales requires the Trustees to prepare financial statements for each financial period, which give a true and fair view of the state of affairs of the Charity and its financial activities for that period. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper 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 ascertain the financial position of the Charity, 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.

The Trustees confirm that so far as they are aware, there is no relevant audit information of which the Charity’s Auditors are unaware. They have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the Charity’s Auditors are aware of that information.

By order of the Trustees

Alison Martin Chair

Date: 4[th] March 2025

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John Bristow and Thomas Mason Trust Annual Report 2024

Independent Auditor’s Report

to the Trustees of the John Bristow and Thomas Mason Trust

Opinion

We have audited the financial statements of The John Bristow and Thomas Mason Trust (the 'Trust') for the year ended 30 September 2024 set out on pages 15 to 21. 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable Trust 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.

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John Bristow and Thomas Mason Trust Annual Report 2024

Independent Auditor’s Report (continued)

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustee’s 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.

Other information

The other information comprises the information included in the Trustees’ annual report, other than the financial statements and our auditor’s 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 on 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:

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John Bristow and Thomas Mason Trust Annual Report 2024

Independent Auditor’s Report (continued)

Responsibilities of Trustees

As explained more fully in the Trustees’ Responsibilities Statement, the Trustees are responsible for the preparation of 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 charitable Trust'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 charitable Trust or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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 Auditor's 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:

Capability of the audit in detecting irregularities, including fraud

Based on our understanding of the charity and the sector as a whole, and through discussion with the Trustees and other management (as required by auditing standards), we identified that the principal risk of non-compliance with laws and regulations related to anti-bribery. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities SORP (FRS 102) Second Edition (released October 2019), and other relevant charity legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated Trustees' and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements such as the valuation of investment properties.

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John Bristow and Thomas Mason Trust Annual Report 2024

Independent Auditor’s Report (continued)

Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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John Bristow and Thomas Mason Trust Annual Report 2024

Independent Auditor’s Report (continued)

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charitable Trust'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 charitable Trust's Trustees those matters we are required to state to them in an Auditor's 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 charitable Trust and its Trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Kreston Reeves LLP

Chartered Accountants Statutory Auditor

Springfield House Springfield Road Horsham West Sussex RH12 2RG

Date: 4[th] March 2025

Kreston Reeves LLP is eligible for appointment as auditor in terms of section 1212 of the Companies Act 2006.

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John Bristow and Thomas Mason Trust Annual Report 2024

Statement of Financial Activities

For the year ended 30 September 2024

Funds Funds Funds Total Total Total
Statement of Financial Activities Notes Unrestricted Endowment 2024 2023
£ £ £ £
Income and Endowments
Investment Income 3 117,355 — 117,355 107,734
Expenditure
Investment Management Costs — 14,890 14,890 14,798
Charitable Activities
-On Properties 4 2,688 — 2,688 4,584
-Grants and Donations Payable 5 88,268 — 88,268 81,304
-Governance and Support Costs 7 11,275 — 11,275 10,876
Total Charitable Expenses 102,231 — 102,231 96,764
Total Expenditure 102,231 14,890 117,121 111,562
Gain on Investment Property revaluation 8 — — — —
Net gains on Listed Investments 9 — 199,175 199,175 36,447
Net Income 15,124 184,285 199,409 32,619
Transfers between Funds — — — —
Net Movement in Funds 15,124 184,285 199,409 32,619
Reconciliation of Funds
Total Funds brought forward 156,623 2,999,846 3,156,469 3,123,850
Total Funds carried forward 171,747 3,184,131 3,355,878 3,156,469

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John Bristow and Thomas Mason Trust Annual Report 2024

Charity N[o ] 1075971

Balance Sheet

At 30 September 2024

Funds Funds Funds Total Total Total
Balance Sheet Notes Unrestricted Endowment 2024 2023
£ £ £ £
Fixed Assets
Investment Properties 8 — 600,002 600,002 600,002
Listed Investments 9 — 2,587,929 2,587,929 2,403,544
Total Investments — 3,187,931 3,187,931 3,003,546
Debtors 10 5,100 — 5,100 3,866
Cash at bank and in hand 174,913 — 174,913 160,087
Total Current Assets 180,013 — 180,013 163,953
Creditors: amounts falling due within 1 year 11 (8,266) (3,800) (12,066) (11,030)
Net Current Assets/(Liabilities) 171,747 (3,800) 167,947 152,923
Total Assets less Current Liabilities 171,747 3,184,131 3,355,878 3,156,469
Permanent Endowment Funds — 3,184,131 3,184,131 2,999,846
Total Capital Funds — 3,184,131 3,184,131 2,999,846
Unrestricted Funds 171,747 — 171,747 156,623
Total Charity Funds 171,747 3,184,131 3,355,878 3,156,469

The financial statements were approved by the Trustees and signed on their behalf by:

Alison Martin Chair

Date: 4[th] March 2025

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John Bristow and Thomas Mason Trust Annual Report 2024

Notes to the Accounts

For the Period Ended 30 September 2024

1. Accounting Policies

Basis of Preparation – The financial statements have been prepared under the historical cost convention, unless otherwise stated in these notes. The financial statements have been prepared in accordance with 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 issued in October 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) issued 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.

The Trust has not presented a Statement of Cash Flows, taking advantage of the exemptions available to a small entity under the Charities SORP (FRS 102) and FRS 102.

The Trust constitutes a public benefit entity as defined by FRS 102.

Income - Income is recognised when the Trust has entitlement to the income and includes dividends, interest receivable and rent receivable for the year.

Expenditure - All grants and expenditure are accounted for when they become payable, or when there is a constructive obligation, including grants and loans which have been formally approved by the Trustees, but not yet paid. All expenditure is accounted for on an accruals basis and grants payable represent payments made, or to be made, to third parties in furtherance of the charitable objects of the Trust.

Charitable activities – The costs of charitable activities include grants made, investment property related costs and governance and support costs.

Listed Investments - Investments are valued at the middle market price as disclosed on the London Stock Exchange at the year end. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year; investments all relate to the Endowment Funds of the Trust. The principal investment portfolio is managed on a discretionary basis by the Trust’s investment advisers, investment management costs are charged against the Endowment Funds.

Funds - The Unrestricted Funds represent monies which are available for future grants, the primary source of receipt is from the investment income generated by the Endowment Fund.

The Endowment Fund is not available for distribution without the specific authority of the Charity Commissioners. It represents the endowment capital received by the charity adjusted for gains and losses on investments.

Investment Properties -The recreation land at The Withey and the Millennium Field are carried at £1 each because these are non-income producing assets. Bristow’s Cottage and Charity Field are shown at the market values as at the date of the last valuation.

2. Taxation

As a registered charity, the Trust is not subject to United Kingdom corporation tax or income tax. Any tax deducted from interest is recoverable. The Trust is not registered for Value Added Tax, with the result that VAT suffered on expenditure is irrecoverable.

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John Bristow and Thomas Mason Trust Annual Report 2024

3. Investment Income

Income
Listed Investment Income
Bank Interest receivable
Rental Income
Total Income		 Funds
Total
Unrestricted
Endowment
2024
2023
£
£
£
£
94,772
—
94,772
86,110
3,745
—
3,745
2,462
18,838
—
18,838
19,162
117,355
—
117,355
107,734

The 2023 figures all relate to Unrestricted Funds.

4. Expenditure on Property

The following expenditure was incurred on Bristow’s Cottage and other properties during 2023/24:

2024
2023
Unrestricted
Funds
£
Unrestricted
Funds
£
General maintenance & renewals
1,042
3,003		 2024
2023
1,042
3,003
Rental management fees —
—
Insurance on all Properties 1,646
1,581
Professional fees —
—
Total spent on Properties Total spent on Properties
2,688
4,584

5. Grants and Donations Payable

2024
2023
Unrestricted
Funds
£
Unrestricted
Funds
£
Grants to third parties – individuals (see page 6 for full list)
47,248
36,716		 2024
2023
47,248
36,716
Grants to third parties – groups (see page 6 for full list) 41,020
44,588
Total 88,268
81,304

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John Bristow and Thomas Mason Trust Annual Report 2024

6. Related Party Transactions

One educational grant of £4,500 was paid in the year to a dependant of a Trustee, Mr C Peters. The grant was determined in the normal course of the Trust’s business and agreed by reference to the standing objects of the Trust; the Trustee declared an interest in the application and took no active part in the consideration and approval of the grant concerned. There were no related party transactions in the prior year.

7. Governance and Support Costs

2024
2023
Unrestricted
Funds
£
Unrestricted
Funds
£
Trust Secretarial Services Costs
2,460
2,660		 2024
2023
2,460
2,660
Other office costs 1,315
1,340
Total Support Costs 3,775
4,000
Auditor’s remuneration - Governance Costs 7,500
6,876
Total spent on Governance and Support Costs 11,275
10,876

The Trust has no direct employees and no employee costs were incurred in the year. No remuneration was paid to Trustees in the period (2023: £Nil) and no expenses were claimed by the Trustees in the period (2023: £Nil).

8. Investment Properties

White & Sons, Estate Agents and Surveyors, carried out formal property valuations for Bristow’s Cottage and for Charity Field as at 30 September 2013, and provide valuation advice on a caseby-case occasional basis. The basis of the valuations at 30 September 2013 was the market value for owner occupation as defined in the R.I.C.S. Appraisal and Valuation Standards (The Red Book). White & Sons are not an Independent Valuer strictly as defined in the Appraisal and Valuation Standards, as at the time valuation information was provided they were receiving remuneration in respect of the management of both of the above properties, but the Trustees accepted their valuation advice as an Independent Valuer.

The fair value of the investment properties held by the Charity is subject to a significant element of uncertainty due to the lack of observable and comparable market prices of the assets held. Given the passage of time since the 2013 valuation, and movements in the prevailing property market, in 2022 the Trustees asked White & Sons to provide a contemporary valuation of Bristow’s Cottage. White & Sons subsequently provided an indicative valuation of £550,000 for Bristow’s Cottage as at 18 July 2022 and the Trustees agreed to reflect this valuation in the 2022 accounts and this valuation is retained as at 30 September 2024; Charity Field remains at a carrying value of £50,000.

The recreation land at The Withey and the Millennium Field are carried at £1 each because these are non-income producing assets.

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John Bristow and Thomas Mason Trust Annual Report 2024

8. Investment Properties (continued)

2024
2023
Endowment
Funds
£
Endowment
Funds
£
Bristow’s Cottage, Rectory Lane, Charlwood
550,000
550,000		 2024
2023
550,000
550,000
Charity Field, Beggarshouse Lane, Charlwood 50,000
50,000
Total 600,000
600,000
The Withey, Hookwood, and the Millennium Field, Charlwood 2
2
Total Valuation 600,002
600,002

9. Listed Investments

Investments are principally in UK listed investment funds for equities, bonds and alternatives and are stated at middle market prices totalling £2,587,930 with an original cost of £2,072,164. More detail is shown in note 13.

2024
2023
Endowment
Funds
£
Endowment
Funds
£
Investments at valuation brought forward
2,403,544
2,381,995		 2024
2023
2,403,544
2,381,995
Net gains on investment 199,175
36,447
Investment management costs (14,790)
(14,898)
Investments at valuation carried forward 2,587,929
2,403,544

10. Debtors

Debtors are made up as follows:

Other debtors
Prepayments & accrued income
Totals		 Funds
Total
Unrestricted
Endowment
2024
2023
£
£
£
£
1,650
—
1,650
812
3,450
—
3,450
3,054
5,100
—
5,100
3,866

The 2023 figures all relate to Unrestricted Funds.

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John Bristow and Thomas Mason Trust Annual Report 2024

11. Creditors: amounts falling due within 1 year

Creditors are made up as follows:

Unrestricted
Funds		 Endowment
Funds		 2024 2023
£ £ £ £
Grants payable 400 — 400 400
Accruals 7,866 3,800 11,666 10,630
Totals 8,266 3,800 12,066 11,030

The 2023 figures include accruals of £3,700 relating to Endowment Funds.

12. Fund movements - comparatives

Unrestricted
Funds
£
1 October 2022
145,653
Income
107,734
Expenditure
(96,764)
Gains on investments
—
Transfers between funds
—
30 September 2023
156,623		 Endowment
Funds
Total
£
£
2,978,197
3,123,850
—
107,734
(14,798)
(111,562)
36,447
36,447
—
—
2,999,846
3,156,469

The Endowment Funds represent capital available for long-term investment to provide capital growth and generate investment income. Investment income is then available for application under the provisions relevant to Unrestricted Funds but the Endowment Fund itself is not available for distribution without the specific authority of the Charity Commissioners.

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John Bristow and Thomas Mason Trust Annual Report 2024

13. Supplementary information: Endowment Fund Values

Investments at 30 September 2024

30 September 30 September 30 September 2024 30 September 2024 30 September 2023 30 September 2023 30 September 2023
Units Cost (£) Market Value
(£)		 Units Cost (£) Market Value
(£)
Equity Investment Funds
770,000 258,649 425,579 Charity Equity Income Fund 815,000 273,364 413,368
13,000 151,644 197,436 M & G Charifund Investment Fund 13,000 151,644 186,034
120,000 28,368 89,052 Charity Equity Value Fund 141,155 33,369 93,318
2,200 108,161 178,360 Vanguard S&P 5000 UCITS ETF 1,800 81,105 120,510
100,000 90,934 145,330 M&G Global Dividend Fund 120,000 109,120 148,008
164,000 138,400 194,688 Fidelity Global Dividend Fund 164,000 138,400 167,936
366,221 411,324 Other Equity Funds 341,799 361,042
Bonds
250,789 266,438 UK Bonds 307,957 291,415
150,990 151,641 Non-UK Bonds 106,453 93,078
Other Funds
36,394 49,319 Multi-Asset Funds 48,526 61,688
438,716 425,855 Alternatives 445,881 435,528
52,898 52,897 Cash 31,619 31,619
2,072,164 2,587,929 2,069,237 2,403,544

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John Bristow and Thomas Mason Trust Annual Report 2024

Statement of Policies

Reserves Policy

In line with the guidance issued by the Charity Commission, the Trustees seek to apply all income on charitable purposes as soon as is reasonably prudent, however they have concluded:

  1. that it is right to keep about £20,000 to £30,000 in reserve as this approximates to four months outgoings and this is the amount required to ensure that the Trust can be run efficiently and to meet grant applications without delay.

  2. that it is right to keep additional reserves when it is anticipated that there is a real prospect that the Trustees will, within the following two years or thereabouts, make a grant which is greater than 20% of the budgeted annual income. The amount of this reserve will depend on the size of the anticipated grant or the accumulated total if there is more than one.

The Trustees monitor the level of reserves regularly.

Risk Management and Control Policy

The Trustees have identified the major risks to which the Trust is exposed and have established systems and procedures to mitigate those risks.

The Trustees monitor their Risk Register at least once a year.

Investment Policy

It is the Trustees’ policy to invest in equities, fixed interest instruments, commercial property and alternative assets (including hedge assets) and to place money with deposit takers.

The objective is to achieve growth, both in capital and income, but in particular to preserve the capital for future generations. Within that broad objective the aim is to obtain income in the range of £75,000 to £80,000 per annum (at the time of writing) from the Trust’s investments. This will be reviewed at least annually.

The Trustees have appointed Cazenove Capital as investment advisers. With effect from 1 January 2017, they have had discretion to invest, within defined parameters, on behalf of the Charity. They seek a well-diversified portfolio of investments, with a medium to high attitude to risk and there are no restrictions in place. Some funds are placed on deposit with Schroders, otherwise investments are mainly in pooled funds to ensure a good level of diversification and efficiency. The performance is benchmarked against relevant asset class indices and inflation.

The ratio between asset classes will vary, but in general 45% to 75% will be in equities, 5% to 25% in fixed interest , 5% to 15% in commercial property funds and 0% to 20% in alternatives (including hedge assets). A small proportion may be with a deposit taker or in a current bank account.

Cazenove Capital report four times a year on the investment performance and the

investment policy is reviewed at least once a year.

The Trust also owns real property and there are historical reasons for each holding. The Trustees do not invest in real property for purely investment purposes.

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John Bristow and Thomas Mason Trust Annual Report 2024

Policy on selection of individuals and institutions who are to receive grants

i) the Area of Benefit will be taken as a whole and applications from any part of the Area of Benefit or communities within it will be considered on merit;

ii) steps will be taken to achieve growth both in capital and in income but in particular to preserve Bristow’s Cottage and other capital of the Trust for future generations;

iii) in supporting projects and societies, the Trustees are determined that voluntary fund-raising efforts must not be impaired and it wishes community involvement to remain as strong as it has been in past years;

iv) the Trustees are willing to work in co-operation with other charities within the Area of Benefit such as Smiths and Earles.

Recruitment of Trustees

Co-opted Trustees are appointed following local recommendation from organisations and the community.

On appointment, a new Trustee is sent an induction pack comprising:

The Chair then has a meeting with the new Trustee to give further information and details on the Trust and to answer any questions.

Policy of Conflict of Interest

Trustees must always be alert to the possibility of a conflict of interest. In particular they must make known, just as soon as is feasible, any interest in a matter scheduled for or under discussion which may, in the opinion of others, give rise to even a remote possibility of bias. If the interest affects the Trustee personally or affects a member of his or her family, the best course will be for the Trustee to take no part in the discussion and to leave the room.

If the interest affects an organisation of which the Trustee is a member a more complicated situation arises. The interest must be made known as soon as possible and it is then for the Trustee, for the Chair of the meeting and for other Trustees present to exercise their judgement as to what part if any the Trustee should play in discussing the matter: it will be inappropriate for the Trustee to cast a vote.

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John Bristow and Thomas Mason Trust Annual Report 2024

The History of the John Bristow and Thomas Mason Trust

The John Bristow and Thomas Mason Trust formally came into existence on 1 March 1999 when the two Charlwood Charities of the John Bristow Charity and the Thomas Alexander Mason Trust combined to form a single new charity to carry on the work of both the charities.

History of John Bristow’s Charity

John Bristow was rector of Charlwood from 1615 until his death in 1637. He was a local Charlwood man whose family had lived here for at least two centuries. He was comparatively well off, owning properties in Horley and Charlwood.

During his lifetime John Bristow built a cottage now known as Bristow’s cottage and gave it, and the half acre adjoining, under the care of six trustees, to be “a Schoolhouse, and for the teaching of two poor children therein gratis”. In his will he added a field of seven acres, now called Charity Field, beside Beggarshouse Lane and increased to three the number of children to receive free education.

The cottage remained as the village school for over 200 years, until a new and larger boys’ school was built in 1840 and a new girls’ school (now the Parish Hall) in 1852. In 1863 it was recorded that the aged schoolmaster, John Mann, was still teaching without charge, four poor children to read, write and cast accounts. Subsequently the cottage was let, with the rental income being used to support education.

For many years the cottage was occupied by a well known Charlwood character, Eric Wickens, and his family. When he died in 1995 the Trustees decided that the cottage needed extensive restoration, to preserve it, and to bring the bathroom and kitchen up to date. The charity did not, however, have sufficient funds to finance this expenditure, and therefore suggested an amalgamation with the Thomas Alexander Mason Trust.

The Charity Commission decided that the merger made sense since the Bristow’s Charity and the Thomas Alexander Mason Trust both covered the same Area of Benefit, both covered education, both had the Rector of Charlwood as an ex officio Trustee, and it allowed the new charity to spend some of its capital on the restoration. The merger also allowed the cottage to be retained in community ownership at the time, thus preserving a unique part of the heritage of the village.

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John Bristow and Thomas Mason Trust Annual Report 2024

History of the Thomas Alexander Mason Trust

Thomas Alexander Mason was born in Southwark in 1859. Actually he was born as Thomas Alexander Bear but changed his name to Mason by deed poll when he was 29. He inherited a successful family tobacco business which he sold to British American Tobacco at the end of the First World War. For many years he lived in Reigate, and died at the age of 90. He was a solitary man and a private benefactor, often buying plots of land and giving them to charities.

In 1926 he bought an acre of land in the centre of the village of Lowfield Heath “for the purpose of a recreation ground and open space”. There is no record of why he made this gift. At that time Lowfield Heath was part of the Parish of Charlwood and the Charlwood Parish Council became the Trustee for the land.

In the 1970s much of the village of Lowfield Heath was demolished due to the noise from Gatwick Airport, leaving just the church and the windmill. The 1973 boundary changes transferred Lowfield Heath to Crawley, but the Charity Commission ruled that the land should remain under the trusteeship of Charlwood Parish Council. During the following eight years the ground became disused and overgrown and eventually planning permission was obtained for development.

In November 1981 the land was sold for £490,000. After guidance and direction from the Charity Commission as to who should have responsibility for safeguarding this large sum for the Parish, a new charitable trust was set up named after the original donor. The Trust, which came into existence in January 1983, was ‘for the benefit of the inhabitants of the Parish of Charlwood’, with the boundaries as they were in 1926 when Thomas Mason made his gift (as illustrated on the Area of Benefit map).

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John Bristow and Thomas Mason Trust Annual Report 2024

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