## **The Brelms Trust CIO**
Charity registerd in England nbr: 1153372
Report of the Trustees and Financial Statements for the year ending 30[th] November 2023
**The Brelms Trust CIO**
## Contents
Trustees’ Report for the year ending 30[th] November 2023 .................................................................... 3 Reference and Administrative Details of the Charity, its Trustees and Advisors ............................ 3 Structure, Governance and Management ....................................................................................... 4 Objectives and Activities ................................................................................................................. 4 Public Benefit statement ...............................................................................................................10 Trustee Recruitment......................................................................................................................11 Risk Management ..........................................................................................................................12 Financial Review and Reserves Policy ...........................................................................................12 Statement of Trustees' Responsibilities ................................................................................................13 Independent Examiner’s Report to the Trustees ..................................................................................14 Statement of Financial Activities for the year ending 30[th] November 2023 .........................................15 Balance Sheet as at 30[th] November 2023 .............................................................................................16 Statement of Cash Flows ......................................................................................................................16 Notes to the Financial Statements for the year ending 30[th] November 2023 ......................................18
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## **The Brelms Trust CIO**
Trustees’ Report for the year ending 30[th] November 2023
The trustees present their report and independently examined financial statements for the year ending 30 November 2023.
The accounts have been prepared in accordance with the accounting policies set out on pages 11-17 and comply with the Charities Act 2011 and the Charities SORP (FRS 102).
Reference and Administrative Details of the Charity, its Trustees and Advisors
|Charity Name|The Brelms Trust CIO|||
|---|---|---|---|
|Charity Registration Number|1153372|||
|Registered Office and Principal Address|Stringer House|||
||34, Lupton Street|||
||Hunslet|||
||Leeds|||
||LS10 2QW|||
|Trustees|Mary Cornish|Chair||
||Lesley Faithful|||
||Juliet Kemp|to 9 October|2023|
||Jill Malcomson|||
||Sue Maughan Brown|||
||Steve Stroud|Vice-chair||
||Alan Wallace|||
|Trust Administration|Chrysallis Consultancy|Solutions Ltd|to 31 January 2024|
||Marland House|||
||13 Huddersfield Road|||
||Barnsley S70 2LW|||
||Rachel Boggs||from 1 January 2024|
|Investment Advisers|Ellis Bates Wealth Management|||
||1st Floor, Clarendon House|||
||Victoria Avenue|||
||Harrogate|||
||HG1 1JD|||
|Bankers|Triodos Bank|||
||Deanery Road|||
||Bristol|||
||BS1 5AS|||
|Independent Examiner|Simon Bostrom FCIE|||
||West Yorkshire Community Accounting Service|||
||Stringer House|||
||34, Lupton Street|||
||Leeds|||
||LS10 2QW|||
Page 3 of 23
## **The Brelms Trust CIO**
Structure, Governance and Management
## _Governing body_
The charity was founded by Mary Cornish and the original charitable trust deed was adopted on 29 November 2007. The Trust was registered as a charity with the Charity Commission on 16 January 2008. A Charitable Incorporated Organisation (CIO) of the same name was formed on 13th August 2013 and these two charities were merged on 30 November 2013.
The Board of Trustees meets quarterly to monitor the work of the CIO and consider applications for grant awards. In addition, strategy meetings are arranged to address all issues arising in the operation of the charity. These issues include reviewing and where necessary making changes to policies and procedures, the investment portfolio, financial liquidity, the grant-giving criteria and the administration service. The administration service has been provided by Chrysalis Consultancy Solutions Ltd (CCS) since 1st July 2014.
The Trustees have appointed a new Trust Administrator who will start at the beginning of 2024, on the retirement of the team at CCS.
Trends and changing patterns in applications received are reviewed at each Quarterly Meeting and, if any changes in our decision-making process or funding criteria are suggested, identified issues are researched and referred to the next strategy meeting for in depth discussion and decision.
There is a practice in place to introduce prospective Trustees to the Board. For new Trustees, the Chair of Trustees and the Trust Administrator ensure that an induction process is completed within the first six months' probationary period. The process of introducing new Trustees to the Board has recently been reviewed.
Trustees are encouraged to attend a wide range of training opportunities usually researched and identified by the Trust Administrator. One or more Trustees always try to attend the Yorkshire Funders meetings as these present both networking opportunities and a chance to discuss diverse, topical issues. The key outcomes and discussion points arising from these events are then shared with the Board of Trustees at quarterly meetings.
At our Strategy Meetings we identify and explore issues arising throughout the year, both as part of our grant-giving, our visits to grantees and from networking meetings. We see these as an opportunity for in-house training and to reflect on the wider economic climate in which charities operate, and changes in our approach and policy may result.
The charity's accounting arrangements, including on-line software, provide administration benefits to the Trust Administrator and quality Management Information to Trustees. The valuable support from our Independent Examiner continues from the local accounting services of West Yorkshire Charity Accountancy Services (WYCAS).
Objectives and Activities
## _Charitable objects_
The objects of the CIO are to advance the following purposes for the benefit of the public in Yorkshire:
- the alleviation of poverty;
- the preservation and protection of health, and the advancement of health education and training in particular but not exclusively amongst groups in the community who are in need by reason of youth, age, ill-health, disability, financial hardship or other disadvantage;
Page 4 of 23
## **The Brelms Trust CIO**
- the development of the capacity and skills of the members of the socially and economically disadvantaged communities in such a way that they are better able to identify, and help meet, their needs and to participate more fully in society;
- the advancement of education, arts, culture, and amateur sport by the support of wider participation in community initiatives;
- the conservation, protection and improvement of the physical and natural environment;
- such other charitable purposes as the Trustees shall deem appropriate from time to time.
## Achievements and Performance
## _Grant giving this year_
Note: Figures in brackets relate to the previous year ending 30 November 2022 where these are comparable.
Applications are received throughout the year and Trustees meet quarterly to award grants. A preliminary assessment process rejects applications not meeting our funding criteria. This process is reviewed at least annually.
Since last year's Annual Report, 113 (113) applications have been received. This resulted in 31 (42) new grants being awarded, totaling £402,488 (£489,133). Applications considered at the Trustees' meetings this year were 74 (70). Grants were awarded to 42% (60%) of those applications assessed by the Board. Although we have tried to make our online application process as clear as possible, about a quarter of the applications did not meet our funding criteria. Based on all applications received (including those not meeting the stated criteria), 27% (38%) were successful. The Board was disappointed to see this decrease, particularly as the July meeting saw a near record number of new applications received.
As a result of the COVID-19 pandemic, some previously agreed grants were delayed at the request of Grantees. Other Grantees informed us they needed to delay continuation of their projects. The Trustee board adopted a flexible approach and met most of these requests. Sadly, we saw one closure because of COVID-19. When charities notify us that they are winding up, and once a full explanation is given, Trustees must be satisfied that grants already awarded benefitted the project outlined in their original application to avoid the need for recovery of funds. Trustees will not request the repayment of funds if they are satisfied that grants made were spent according to the purpose of the grant awarded prior to the closure.
Due to carry over effects of the pandemic, Trustees considered whether they should seek further financial information on the long-term sustainability of projects, particularly regarding the allocation of reserves. However, gauging a project's potential sustainability is not always practical and Trustees wish to support new and relatively small charities. Trustees decided that existing procedures are satisfactory and proportionate i.e. i) charities are encouraged to inform us if they are in financial difficulty and where this affects their ability to use grants awarded for the purpose stated in their application; ii) second- and third-year grant instalments may be delayed and are not processed until a full Monitoring and Evaluation Report has been received and approved; and iii) as part of our Monitoring and Evaluation process the project might be visited by Trustees, either in person or on Zoom.
Of the total number of grants awarded, the proportion of continuing grants increased to 71% (67%) and one-off grants decreased to 29% (33%). This is perhaps due to post-Covid restructuring of services and uncertainty, although Trustees would like to see Grantees considering more sustainable multi-year grants. Total financial value of grant support decreased by 18% following a significant increase of 32% last year.
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## **The Brelms Trust CIO**
The Trustees recognise two- and three-year grants in full at the time of agreement – so where a three-year grant is awarded, the full three years’ value of the grant is shown in the list of grants agreed and included under “Grant giving” (with second- and third-year instalments outstanding shown as creditors on the balance sheet). Grants are only recognised once they have been agreed by the Trustees and the terms of the grant accepted by the Grantee.
We continue to receive re-applications from organisations: 52 (64) of the 113 (113) applications received. Of the 31 (42) applications awarded grants 14 (26) or 45% (62%) were re-applications.
Applications are assessed on each application's individual merit and are not disadvantaged if funded (or not funded) previously unless a charity did not comply with Monitoring & Evaluation requirements for a previous grant award.
_List of accepted grants agreed during the period ended 30 November 2023_
|**Yorkshire**
**Area**
Anchor Project
West
Batley Food Bank
West
Better Communities Bradford
West
Bless Community Support
West
Bradford City of Sanctuary
West
Calderdale Valley of Sanctuary
West
Community Leeds After School Study Support (CLASS)
West
Dark Horse Theatre
West
Friends of Westwood Primary School
West
Green City Action
South
Health Empowerment Project
West
High Hopes Riding for the Disabled
South
Home Start Craven
North
Kingfisher Café
East
Kyra Women's Project
North
Lippy People Charitable Trust
West
Menfulness York
North
Next Steps Mental Health
North
North Yorkshire Centre for Independent Living
North
Norton Community Hall
South
Refresh Carers
West
Sheffield Steelers Wheelchair Basketball Club
South
Side by Side
Southing
Smart Works
West
St Christopher's Family Centre
West
St Peter's Church Bentley
South
Swan Song Project
West
Third Angel
South
Todmorden Food Drop In
West
VIDA Sheffield
South
Voluntary Action Doncaster
South
Total 31 grants awarded
Less grants cancelled
Total 31 grants payable|**Total Grant**
£ 18,000
£ 4,968
£ 18,000
£ 6,000
£ 9,458
£ 16,000
£ 17,040
£ 5,000
£ 4,546
£ 18,000
£ 9,411
£ 18,000
£ 3,840
£ 18,000
£ 14,940
£ 15,750
£ 6,000
£ 15,000
£ 6,000
£ 5,000
£ 13,608
£ 5,625
£ 15,000
£ 18,000
£ 17,509
£ 18,000
£ 17,940
£ 14,099
£ 18,000
£ 18,000
£ 17,754|
|---|---|
||£ 402,488|
||£ 9,839|
||£ 392,649|
Page 6 of 23
## **The Brelms Trust CIO**
Grants are categorised to help highlight the spread of our grant-giving, by the geographical area within Yorkshire which the project serves and by categories according to the primary purpose of the grant request, as follows:
Advice Services Specific advice provided to any age group ASR Projects or support specifically aimed at asylum seekers and refugees BAME Projects targeted at supporting black, Asian or other ethnic minority groups Community Resource Grants for general costs that support a community resource Community Transport Organisations providing transport for disadvantaged communities Counselling Specific counselling support Culture/Sports Grants not falling into other categories that support a sport or culture activity Disability Support for anyone that has a mental or physical disability Health Help and support for people with general health issues Mental Health Support for people with mental health issues Homeless Support for homeless people New Parent/Family Support for new or expectant parents, families with young children or general family support
Relief of Poverty Grants specifically for the relief of poverty (e.g. food banks) Skills development Education, training or equipment aimed at developing skills Social Isolation Helping and supporting people suffering social isolation Therapeutic Activities Activities aimed at improving general wellbeing or quality of life Victims of Abuse Support for anyone at risk of suffering physical or mental abuse Vulnerable Group Support for a particular identified vulnerable group Youth Grants specifically aimed at helping and support young people
## _Geographical analysis of grants agreed_
Of the 31 (42) grants approved, the geographical spread within Yorkshire was: West 16 (20), South 9 (15), East 1 (4) and North 5 (3)."
West Yorkshire once again received the greatest number of new grant awards: 52% (48%) whilst East and North Yorkshire received only 19% between them. There may often be an increase in the number of applications following a local funding advice seminar or community newsletter and if there have been recent Local Authority funding cuts in this sector. We also notice that partner agencies or networks of community organisations may submit applications in clusters.
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## **The Brelms Trust CIO**
## _Category analysis of grants agreed_
There can be overlap between categories and to try and minimise subjectivity, a category decision process flow chart was developed. Over time, analysis of the categories should allow Trustees to determine any patterns or trends and, if appropriate, take corrective measures.
The diverse spread of the categories for 2023 is shown in graphical form below:
A further analysis of grant awards for 2023 showed that 65% (55%) were for core funding and 35% (45%) for specific projects. The Board was satisfied with both the range of categories awarded and the core/specific funding split.
## _Ongoing grants from previous years_
Trustees of The Brelms Trust CIO frequently award continuing funding. This means that future liabilities have been created.
86 (94) Monitoring and Evaluation (M&E) Reports are due to be reviewed in the year to 30 November 2024 as part of the Trustees’ on-going Monitoring and Evaluation process. Of this total 48 (58) Grantees are due to receive further grants representing a liability of £255,809. The remaining 38 (36) reports due represent one-off grants or final year grants with no further funding due. There are 80 (101) outstanding Grants due to be paid with a future liability of £429,290 (£491,455) as of 30[th] November 2023.
COVID-19 caused disruption for many of our Grantees which led to delay in use of funds and consequent requests to delay grant payments. Four Grantees are currently in this situation and will therefore report at a later date.
Trustees note that organisations continue to show that they are impacted by the pandemic and are adapting in various ways
Page 8 of 23
## **The Brelms Trust CIO**
To strengthen and add value to the Monitoring and Evaluation process, Trustees would generally expect to make a visit to many of the projects receiving continuing grants, particularly for larger awards. Trustees consistently find that visiting current projects as part of the Monitoring and Evaluation process has substantial intrinsic value and highlights certain aspects of the project's work which may not have been obvious in the application. If organisations have needed to adapt their activities, due to a change in circumstances, visits are a useful opportunity for Grantees to update Trustees. Visits are intended to be supportive, and Grantees find them beneficial both to meet our Trustees, and to explore future funding possibilities.
Trustees expect to visit a number of organisations which have been awarded continuing grants and of the 30 new grants awarded for the previous year to November 2022 just one was visited in person due to COVID-19 restrictions and including telephone calls and Zoom meetings, 25 (28) 'visits' were arranged. These virtual visits include some of the delayed visits due during the COVID-19 lockdown.
Following visits, Trustees make recommendations to the rest of the Board on continuing funding, or whether certain adjustments should first be made by the project.
Virtual meetings proved a practical and effective way to engage with Grantees during the pandemic period, however, Trustees prefer face to face visits and these will be resumed if agreeable to both parties.
## _Grant giving policy_
Within the overall objects of the charity the Trustees have currently agreed the following criteria for grant-giving. Grants will be considered from organisations that meet the following criteria:
Registered charities (with the Charity Commission of England and Wales only), having an income in their last financial year of less that £300,000 (previously £500,000) and are based (embedded and managed) in Yorkshire, with projects exclusively benefitting Yorkshire communities.
Applications must demonstrate how the grant will improve community disadvantage or to specific disadvantaged groups within the community AND must reflect at least one of the Objects of the CIO
The maximum individual grants are now £6,000 per annum, £18,000 over 3 years (previously £5,000 pa/£15,000 over 3 years). This enables Trustees to award grants to a wider range of projects/ organisations, whilst considering the sustainability of the CIO's Endowment Fund.
Whilst the fallow period of 12 months between grant applications continues, Trustees implemented a change this year, whereby Trustees may offer specific one-off Grantees the opportunity to apply for a further 2 years of continuing funding for the same purpose, obviating the need to adhere to the fallow period.
Disruption caused by the pandemic resulted in a reduced number of applications in 2021, but this trend significantly reversed in 2022. In 2023, although the number of applications received was at the 2022 level, the number of grants awarded was lower. This disappointed Trustees who are looking at ways of increasing quality applications. Investment markets remain volatile, but the Endowment Fund continues to be valued at around £2,500,000 meaning that liabilities are well covered for future grant awards.
The Chair would like to thank the Board of Trustees and the Management Team for their continuing commitment and flexible approach to the work, and their patience and humour. Trustees have met face-to-face when possible for quarterly meetings and strategy meetings. We have also been encouraged by the extraordinary work of the projects we have supported over this period as they continue to try to meet the needs of the communities they serve.
Page 9 of 23
## **The Brelms Trust CIO**
## _Grant giving process_
Applicants submit grant applications on-line through The Brelms Trust website. There is full guidance on the process on which Grantees have provided positive feedback. The website is regularly updated with any changes to policies or procedures.
Applications are now received throughout the year and, after pre-assessment screening by the Chair and Trust Manager, the Trustees follow an established assessment process and meet quarterly to make grant awards based on a majority decision, after detailed and robust discussions. Successful and unsuccessful applicants are notified promptly and grant payments are made via internet banking arrangements which require any two Trustees to authorise. Grants awarded for more than one year are paid in annual instalments.
Successful applicants (Grantees) are required to complete Monitoring and Evaluation Reports (M&E) at the end of the project or annually where awards are for two or more years. Payment of the second and third instalments are made on the approval of such reports by Trustees. An existing Grantees' page on the website gives access to the M&E form with a Change of Details form to notify us of all relevant changes to the organisation, project or personnel. Both forms are submitted electronically.
Project Profiles of Grantees are chosen quarterly by Trustees and regularly updated on the website to represent the broad range of grants awarded and to help guide potential applicants. Testimonials taken verbatim from Grantees' Monitoring and Evaluation reports are also highlighted in a separate section of the website.
Investment policy and review of investment performance
Trustees receive quarterly written investment reports from their Investment Advisers and consider their recommendations for re-balancing the assets throughout the year. Trustees met with the Investment Advisers in their Harrogate office in July 2023. The Trustees are satisfied that they are receiving appropriate professional advice to protect and grow the Trust’s assets in a changing and unprecedented investment market.
With effect from 1st December 2017 the portfolio has been managed by Ellis Bates Wealth Management Ltd, the bespoke investment advice company of the Ellis Bates Group based in Harrogate.
The investment funds are held on the Transact assets platform within a risk profiled portfolio of mainly ‘Ethical’ and ‘Socially Responsible’ investment funds. Trustees remain committed to this approach but regularly review the strategy recognizing the limited (but growing) choice of investments.
In the year to 30 November 2023 the BRELMS portfolio made marginal gain of 1.34% when accounting for funds withdrawn for grants and other expenses. The equities portion of the fund underperformed general market indices, but this is a consequence of concentration in one sector of the market i.e., ethical and sustainable funds. For the first time in years fixed interest returns offered investment opportunities to obtain real yields at low risk and during the year we sought to include some of these opportunities in the portfolio.
Public Benefit statement
The charity advances its objects for public benefit as explained in this report. The specific grants made during the year are as listed above. All grants were made to organisations with charitable status registered with the Charity Commission for England and Wales. Through the application assessment process, Trustees try to ensure that the funding supports organisations to fulfil their own
Page 10 of 23
## **The Brelms Trust CIO**
public benefit and where grants to cover core costs are awarded, to strengthen the organisation's ability to support their beneficiaries.
The breadth and diversity of the CIO’s grant-giving is reflected in the list of grantees above.
Furthermore, the Trustees have continued to review their effectiveness and the performance of the Trust as follows:
1. Normally strategy meetings are held twice a year to discuss more effective ways of working and to look at the future grant giving strategy. A meeting was held in April 2023.
2. Ongoing reviews of the website guidelines and instructions have resulted in improvements to the electronic grant application process.
3. Trustees have worked in sub-groups on categorisation of grants, Trustee Board diversity, application criteria and opportunities to promote the availability of our grant funding.
4. The process for assessing applications has been structured into three stages. This has improved efficiency and allowed each Trustee to contribute to the decision-making on every application.
5. As noted earlier, visits to existing Grantees were virtual during 2022 but, during 2023, some in-person visits were made and we hope to increase these while still offering virtual visits if these are more acceptable to Grantees.
6. The Monitoring and Evaluation Report asks Grantees to account for funds spent and what impact this had on beneficiaries.
7. A proportion of funded organisations are visited by Trustees so that Trustees can assess the impact of the funding. Visits sometimes involve meeting direct beneficiaries.
8. Continuing training for all Trustees is encouraged and opportunities sought, prioritising new Trustees.
9. A dynamic financial model has been developed allowing future cash flows to be estimated. By reviewing cash liquidity under a range of scenarios, Trustees have a clear method of deciding if intervention is necessary to limit grant awards in any future period.
We are still mindful of the need to monitor the number of continuing grants to enable us to operate a more flexible grant giving policy, without constraint.
The Trustees confirm that they have had regard to the Charity Commission’s guidance on the public benefit requirement under the Charities Act 2011.
Trustee Recruitment
The charity has sought to broaden and review the diversity of the Trustee Board and at the time of writing this report now has six Trustees. This number enables a wide range of views and the sharing of the workload, whilst remaining an effective number for team working. We are actively seeking Trustees.
There has recently been a further review of Trustees' skills and experience with a view to developing a recruitment policy which aims to improve the diversity of the Board.
The CIO Constitution sets out the maximum period of time that can be served by Trustees before standing for re-election or retiring.
Page 11 of 23
**The Brelms Trust CIO**
Risk Management
|Risk Management||
|---|---|
|_KEY RISKS_|_STRATEGY FOR MITIGATION_|
|_Grants not reaching the_
_intended beneficiaries_|_The Trustees have adopted a systematic three-stage approach to_
_assessing grant applications. Bank account details are confirmed before_
_grant payments are made. Annual monitoring review forms are required_
_on all grants. These are approved by two Trustees before continuing_
_payments are made or final reports accepted. Trustees visit those_
_organisations awarded larger continuing grants to ensure the terms of_
_our offer have been met._|
|_Lack of resources to_
_continue existing grants_|_When a multi-year grant is agreed, it is recognised in full, so that the net_
_assets shown on the balance sheet have already taken account of the_
_full grant agreed._|
|_Poor investment_
_performance leading to_
_inadequate resources_
_for future Grant-making._|_The Trustees accept the inherent risks that may result in some years_
_where the investment portfolio declines in value, but they review the_
_investment criteria regularly and are confident with the current_
_investment policy for the CIO in the medium term. An investment sub-_
_committee meets to formalise the review and to enable more effective_
_decision making. The meetings are attended by two Trustees, the Trust_
_Manager and the Independent Investment Manager and the outcome of_
_these reviews is reported to the main board. The CIO also continues to_
_receive donations of variable amounts from a sole donor to enhance the_
_Endowment Fund._|
|_Charity Trustees_
_affected by litigation_|_As a CIO the Trustees are protected personally against the risk of_
_litigation._|
Financial Review and Reserves Policy
Based on the Charity Commission’s definition of gross income, the income of the charity was £444,390 (2022: £527,071) comprising £400,000 released from the expendable endowment for general funds (2022: £500,000) and £44,389 in investment income (2022: £27,071).
Total resources expended were £425,219 (2022: £545,292). This comprised £368,411 (2022: £489,323) of new grants payable (net of grants returned), £16,715 (2022: £17,658) of fundraising costs and £40,093 (2022: £38,311) on support and governance costs.
The charity's unrestricted funds at 30 November 2023 were £447,317 (2022: £411,432), and this constitutes the reserves of the charity.
Since liabilities for future grant instalments have already been deducted and since the Trustees could at any time authorise further transfers from the Expendable Endowment they consider that this amount of reserves is sufficient to cover anticipated expenditure in the initial months of the year ahead.
To fund short term liabilities in respect of grants payable and administrative expenditure for the coming year, £300,000 of fixed assets investments have been classified as short term since the trustees intend to dispose of these assets within the coming year.
Page 12 of 23
The Brelms Trust CIO
Statement of Trustees, Responsibilities
The Trustees of the chartty ècknowledge their responbilIty to maintsin proper accounting records,
to prepare Annual Accounts which slKsw a true and fair view of the attivities of the chartty and to
take appropriate measures to protert the assets of the chartty from major loss.
This Report is made under the Charities Att 2011 in accordance with the requirements of the
Charities (Accounts and Report5) Regulations 2CI)8.
Approvol
Thls Report was approved by the Board of Trustees on 9 April 2024.
Signed..
Mary H Cornish (Trusteel
Chair of Trustees
Stephen E Stroud ITrusteel
Vice-chair
Page 13 of 23
## The Brelms Trust CIO
## Independent examiner's report to the trustees of The Brelms Trust CIO
I report to the charity trustees on my examination of the accounts of the CIO for the year ended 30 November 2023, which are set out on pages 14 to 22.
## **Responsibilities and basis of report**
As the charity trustees of the CIO 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 CIO's accounts as carried out under section 145 of the 2011 Act. 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 CIO's gross income exceeded £250,000 your examiner must be a fellow of a body listed in section 145 of the 2011 Act.
I confirm that I am qualified to undertake the examination because I am a fellow of ACIE 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 Charities Act; 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.
Signed: …………………………………… Name: Simon Bostrom FCIE
30 April 2024
## **West Yorkshire Community Accountancy Service CIO**
Stringer House 34 Lupton Street Leeds LS10 2QW
14
## **The Brelms Trust CIO**
## Statement of Financial Activities
## for the year ending 30th November 2023
Including summary income and expenditure account.
|Notes
**Income from:**
Voluntary income
(2)
Investments
(3)
**Total income**
**Expenditure on:**
Raising funds
(4)
Charitable activities
(5)
**Total expenditure**
Net gains/(losses) on investments
**Net income / (expenditure)**
**Transfers between funds**
(6)
**Net movement in funds**
**Fund balances brought forward**
**Fund balances carried forward**|
2023
Unrestricted
funds
£
2023
Endowment
funds
£
-
422,752
44,389
-
44,389
422,752
-
16,715
408,504
-
408,504
16,715
-
1,892
(364,115)
407,929
400,000
(400,000)
35,885
7,929
411,432
1,783,068
447,317
1,790,997|2023
Total
funds
£
2022
Total
funds
£
422,752
413,653
44,389
27,071|
|---|---|---|
|||467,141
440,724|
|||16,715
17,658
408,504
527,634|
|||425,219
545,292|
||||
|||1,892
(330,497)|
|||43,814
(435,065)
-
-|
|||43,814
(435,065)|
|||2,194,500
2,629,565|
|||2,238,314
2,194,500|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Page 15 of 23
The Brelms Trust CIO
Balance Sheet
as at 30th November 2023
2023
2023
2022
Total
Unrestricted
Restricted
Totsl
Flxed assets
Tangible assets
Investments
Totsl rd assets
179
2,264,318
2,264,497
444.601
444.601
1.79),997
1,790.997
2,235,S98
2,235,598
Current assets
Short term investments
Cash at bank and in hand
Total current awts
3CKI,CM)) 3(n,sXNJ
133,014
122,418
433,014
422,418
133.014
433.014
Current Ilabllltle&
amounts falllng due wlthln one year
Creditors and accruals
Total current Ilabllltles
282.777
282,777
282,777
282,777
315,874
315,874
Net current assets l (Ilabll+iles)
150,237
150,237
106,544
Total assets less¢uThent Ilablllths
594,838
1.790.997
2.385A35
2,371,041
Crndltors:
amounts falllng due aftor one y•ar
Iiii
147,521
147.521
176.541
Net assets
447,317
1,75Y),997
2,238,314
2,194,500
Funds
Unrestrfrted funds
Restr5ct•d funds
447.317
447,317
1 790 997
411,432
1 783 068
Totsl lunds
2 238 314
Approved by the board of trustses on 9 April 2024 and sl8ned on its behalf bv
1[71•Th
Mary H Comish (Trustee)
Chair of Trustees
Stephen E Stroud (Trusteel
Vbce Chair
The notes on pages 18-23 form part of these accounts
Page 16 of 23
## **The Brelms Trust CIO**
Statement of cash flows as at 30th November 2023
|Cash flows from operating activities:
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Dividends and interest
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash provided by (used in) investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period
Net movement in funds for the reporting period (as per
the statement of financial activities)
Adjustments for:
Depreciation charges
(Gains) / losses on investments
Income receivable retained in the portfolio
Add management and administration fees
Dividends and interest from investments
Increase / (decrease) in creditors
Net cash provided by (used in) operating activities
Analysis of cash and cash equivalents
Cash in hand
Notice deposits (less than 30 days)
Total cash and cash equivalents|**2023**
**£**
(90,920)
44,389
-
479,879
(422,752)
101,516
10,596
122,418
133,014
**2023**
**£**
43,814
179
(1,892)
(43,230)
16,715
(44,389)
(62,117
)
(90,920)
**2023**
**£**
**-**
-
133,014
133,014|2022
£|
|---|---|---|
|||(46,035)|
|||27,071
-
470,750
(413,653)
84,168|
|||38,133
84,285
122,418|
|||2022
£
(435,065)
175
330,497
(26,926)
17,658
(27,071)
94,697
(46,035)
2022
£
-
-
122,418|
|||122,418|
Page 17 of 23
## **The Brelms Trust CIO**
Notes to the Financial Statements for the year ending 30th November 2023
## **1. Accounting policies**
## a) Basis of accounting
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and with the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102. There has been no change to the accounting policies since last year. No changes have been made to the accounts for previous years.
## b) Going concern
The trustees are satisfied that there are no material uncertainties about the charity's ability to continue.
## c) Incoming resources
All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity becomes entitled to the resources, it is more likely than not that the trustees will receive the resources and the monetary value can be measured with sufficient reliability.
## d) Donations
Donations are recognised at the time of receipt with tax reclaimable under Gift Aid being recognised at the same date as the donation.
## e) Investments
Other investment income is recognised at the point of entitlement as advised by the relevant fund administrator, although the Trustees normally opt to retain distributions as part of the investment portfolio. Tax refunds due on investment income are recognised at the point where the entitlement is agreed with HMRC.
## f) Expenditure and liabilities
Expenditure is recognised on an accrual basis as a liability is incurred. Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out the resources and the amount of the obligation can be measured with reasonable certainty.
Investment management expenses are charged directly to the expendable endowment fund. All other expenditure is met from the general fund.
## g) Grants payable without performance conditions
Where there are no conditions attaching to the grant that enables the donor charity to realistically avoid the commitment, a liability for the full funding obligation must be recognised.
Page 18 of 23
## **The Brelms Trust CIO**
Notes to the Financial Statements for the year ending 30 November 2023 continued
Accounting policies continued
## h) Taxation
As a charity the organisation benefits from rates relief and is generally exempt from income tax and capital gains tax but not from VAT. Irrecoverable VAT is included in the cost of those items to which it relates.
## i) Tangible fixed assets
Tangible fixed assets are capitalised and included at cost including any incidental expenses of acquisition. Gifted assets are shown at the value to the charity on receipt. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost on a straight line basis over their expected useful economic lives as follows: Office equipment: over 3 years
## j) Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
Endowment funds represent those assets which must be held permanently by the charity, principally investments. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income unless restrictions have been imposed by the donor. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.
## **2. Voluntary income**
|**2023**
**2023**
**2023**
**Unrestricted Endowment**
**Total**
**funds**
**funds**
**funds**
**£**
**£**
**£**
Founder donations
-
422,752
422,752
Other donations
-
-
-
**-**
**422,752**
**422,752**|2022
Total
funds
£
413,653
-|
|---|---|
||413,653|
## **3. Investment income**
|**3. Investment income**|||
|---|---|---|
|Bank interest
UK Interest on portfolio
UK dividend income from portfolio|**2023**
**£**
1,160
1,750
41,479
**44,389**|2022
£
145
208
26,718|
|||27,245|
Page 19 of 23
## **The Brelms Trust CIO**
Notes to the Financial Statements for the year ending 30 November 2023 continued
## 4. **Raising funds**
|Adviser's services
Transact administration charge
5. **Charitable activities**
**Grant making**
Grants awarded and accepted in the year
Less prior year grants returned or not required
**Support of grant making**
Charity administration fees
Website and other IT expenses
Training costs relating to grant making
Bank charges
Depreciation of office equipment
Other administrative costs
**Governance costs**
Accounts preparation
Independent examination fee
Training and advice
Trustees’ travel expenses
Trustee meeting costs
Software subscriptions and support
**Total expenditure on charitable activities**|**2023**
**£**
14,959
1,756
**16,715**
**2023**
**£**
392,649
(24,238)
**368,411**
36,256
714
280
17
179
-
**37,446**
448
560
-99
1,270
270
**2,647**
**408,504**|2022
£
15,834
1,824|
|---|---|---|
|||17,658|
|||2022
£
494,132
(4,809)|
|||489,323|
|||34,511
755
20
18
175
411|
|||35,890|
|||427
533
-
295
926
240|
|||2,421|
||||
|||527,634|
The full list of grants agreed during the current year is shown on page 6 of the Trustees’ annual report, which also explains the policy for recognition of grant expenditure. All grants agreed are charged to the general fund.
## **6. Transfers between funds**
The Trustees agreed to release £400,000 (2022: £500,000) from the expendable endowment fund during the year, which was allocated to the general fund to provide resources towards grant making and administrative expenses.
Page 20 of 23
## **The Brelms Trust CIO**
Notes to the Financial Statements for the year ending 30 November 2023 continued
## **7. Tangible assets**
|**Cost**
At 1 December 2022
Additions
At 30 November 2023
**Depreciation**
At 1 December 2022
Charge for year
At 30 November 2023
**Net book value**
At 30 November 2023
At 30 November 2022
**8. Analysis of investments**
Transact Portfolio inclusive of short-term cash
**Movement on investments in the year**
Carrying (market) value at beginning of year
Additions (gifted investments received)
Disposals (cash withdrawals including sale of investments)
Net gain / (loss) on revaluations during the year
Income receivable retained in the portfolio
Less management and administration fees
Investments held with intention to dispose of within 12 months
Investments held for long term growth
**9.Creditors and accruals**
Grants payable within 1 year
Accruals|**Office**
**equipment**
**£**
1,079
-
**1,079**
900
179
**1,079**
-
**179**
**2023**
**£**
2,535,598
**2,535,598**
**2023**
**£**
2,564,318
422,752
(479,879)
1,892
43,496
(16,981)
**2,535,598**
**£**
300,000
2,235,598
**2,535,598**
**2023**
**£**
281,769
1,008
**282,777**|**Total**
**£**
1,079
-|
|---|---|---|
|||1,079|
|||900
179|
|||1,079|
|||-|
|||179|
|||2022
£
2,564,318|
|||2,564,318|
|||2022
£
2,942,644
413,653
(470,750)
(330,497)
26,926
(17,658)|
|||2,564,318|
|||£
300,000
2,264,318|
|||2,564,318|
|||2022
£
314,914
960|
|||315,874|
Page 21 of 23
## **The Brelms Trust CIO**
Notes to the Financial Statements for the year ending 30 November 2023 continued
## **10. Creditors: amounts falling due after one year**
|**10. Creditors: amounts falling due after one year**|||
|---|---|---|
|Grants payable after 1 year
**Total**
**11. Grant making**
Total value of grants
**Total**|**2023**
**£**
147,521
**147,521**
**2023**
**£**
368,411
**368,411**|2022
£
176,541|
|||176,541|
|||2022
£
489,323|
|||489,323|
## **Purpose for which grants were made**
Grants are made to charities registered in England and Wales that can demonstrate how the funding will improve community disadvantage or to specific groups within the community and must reflect at least one of the objects of The Brelms Trust CIO.
## **12. Related party transactions**
## **Trustee expenses**
During the year one trustee was paid a total of £99 in respect of travel (2022: 2 trustees, £295).
## **Trustee remuneration and benefits**
No trustee received any remuneration or benefit during this or the previous year.
## **Other related party transactions**
The founding Trustee, Mary Cornish, is the charity’s principal donor and made donations to the charity of £422,752 (2022: £413,653).
Page 22 of 23
## **The Brelms Trust CIO**
Notes to the Financial Statements for the year ending 30 November 2023 continued
## **Statement of Financial Activities including comparatives for all funds (including summary income and expenditure account) for the year ending 30 November 2023**
|**Income**
Voluntary income
Investments
**Total income**
**Expenditure**
Raising funds
Charitable activities
**Total expenditure**
Net gains/(losses) on investments
**Net income / (expenditure)**
**Transfers between funds**
**Net movement in funds**
**Fund balances brought forward**
**Fund balances carried forward**|**2023**
2022
**Unrestricted**Unrestricted
**funds**
funds
**£**
£
-
-
44,389
27,071
**44,389**
27,071
408,504
527,634
**408,504 **
527,634
-
-
(364,115)
(500,563)
400,000
500,000
35,885
(563)
411,432
411,995
447,317
411,432|**2023**
2022
**Endowment**
Endowment
**funds**
funds
**£**
£
422,752
413,653
-
-
**422,752**
413,653
16,715
17,658
-
-
**16,715**
17,658
1,892
(330,497)
407,929
65,498
(400,000)
(500,000)
7,929
(434,502)
1,783,068
2,217,570
1,790,997
1,783,068|**2023**
2022
**Total**
Total
**funds**
funds
**£**
£
422,752
413,653
44,389
27,071|
|---|---|---|---|
||||**467,141**
440,724|
||||16,715
17,658
408,504
527,634|
||||**425,219**
545,292|
|||||
||||1,892(330,497)|
||||43,814 (435,065)
-
-|
||||43,814(435,065)|
||||2,194,500 2,629,565|
||||2,238,314 2,194,500|
Page 23 of 23