## **The BRELMS Trust CIO**
Charity registerd in England and Wales number: 1153372
## Report of the Trustees
and Independently Examined Financial Statements for the year ending 30[th] November 2025
Thomas Coombs Limited Chartered Accountants 3365 The Pentagon Century Way Thorpe Park Leeds West Yorkshire LS15 8ZB
**The BRELMS Trust CIO**
## Contents
Trustees’ Report for the year ending 30[th] November 2025 ..................................................................... 3 Reference and Administrative Details of the Charity, its Trustees and Advisors ............................ 3 Structure, Governance and Management ....................................................................................... 4 Objectives and Activities ................................................................................................................. 4 Achievements and Performance ..................................................................................................... 5 Investment Policy and review of Investment Performance .......................................................... 10 Public Benefit statement ............................................................................................................... 10 Trustee Recruitment...................................................................................................................... 11 Risk Management .......................................................................................................................... 11 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 30th November 2025 .........................................15 Balance Sheet as at 30th November 2025 .............................................................................................16 Statement of Cash Flows as at 30th November 2025 ............................................................................17 Notes to the Financial Statements for the year ending 30th November 2025 ......................................18
Page 2 of 22
## **The BRELMS Trust CIO**
Trustees’ Report for the year ending 30[th] November 2025
The Trustees present their report and independently examined financial statements for the year ending 30 November 2025.
The accounts have been prepared in accordance with the accounting policies set out on pages 18-19 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|Flat 2 Pool House||
||Main Street||
||Pool in Wharfedale||
||LS21 1LH||
|Trustees|Mary Cornish|Chair|
||Lesley Faithful|to 22 October 2025|
||Carol Ideson||
||Jill Malcomson||
||Sue Maughan Brown||
||Charlotte Stone|from 9 April 2025|
||Steve Stroud|Vice-chair|
||Alan Wallace||
|Trust Administration|Rachel Boggs||
|Investment Advisers|Shackleton (formerly Ellis Bates Wealth Management)||
||1st Floor, Clarendon House||
||Victoria Avenue||
||Harrogate||
||HG1 1JD||
|Bankers|Triodos Bank||
||Deanery Road||
||Bristol||
||BS1 5AS||
|Independent Examiner|Christopher Darwin FCA||
||Thomas Coombs Limited||
||Chartered Accountants||
||3365 The Pentagon||
||Century Way||
||Thorpe Park||
||Leeds||
||West Yorkshire||
||LS15 8ZB||
Page 3 of 22
## **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 the 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 process.
The Administration Service has been provided by Rachel Boggs since 1st January 2024.
There is a process in place to introduce prospective Trustees to the Board. The Chair of Trustees and the Trust Administrator ensure that an induction process is completed within the first six months' probationary period. New Trustees are also ‘buddied’ with a more experienced Trustee to support the induction process.
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. The Trust is a member of Yorkshire Funders.
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 discussion and resolution.
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 and political 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 Chair would like to thank the Board of Trustees and the Trust Administrator for their continuing diligence, commitment and flexible approach to the work, along with their patience and humour. Trustees have met face-to-face when possible for quarterly meetings and strategy meetings. We are always encouraged and inspired by the extraordinary work of the projects we have supported over this period as they strive to meet the needs of the communities they serve.
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 22
## **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 2024 where these are comparable.
Applications are received throughout the year and Trustees meet quarterly to award grants. An initial assessment process by the Trust Administrator, Chair and Vice-Chair screens and rejects applications not meeting our funding criteria. This process is reviewed at least annually.
Since last year's Annual Report, 112 (110) applications have been received. Of these, 90 (85) applications were considered at the Trustees' meetings resulting in 45 (45) new grants being awarded, totaling £633,735 (£624,709). The total financial value of grants awarded increased by just 1.4% following an increase of 55% the previous year.
In addition to the above, two exceptional grants totalling £75,000 were given to support VIDA Sheffield through a period of financial uncertainty thus bringing the total funding awarded in the year to £708,735. This decision was made by the Trustees outside the usual grant-making process and therefore is not included in the analysis and comparisons given below.
We have tried to make our online application process as clear and accessible as possible and fewer than one in ten applications failed to meet our basic funding criteria. Based on all applications received (including those not meeting the stated criteria), 40% (41%) were successful, which the Board was pleased to note.
Increased financial austerity over the last couple of years has impacted the third-sector significantly with many organisations seeing a reduction in government funding, local authority contracts and public donations. Sadly, we have seen several closures because of this. 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.
Trustees consider 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) secondand 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 multi-year grants increased to 80% (76%) and one-off grants decreased to 20% (24%). Trustees would prefer Grantees to consider more sustainable multi-year grants.
Page 5 of 22
## **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 offer accepted by the Grantee.
We continue to receive re-applications from organisations previously funded: 36 (47) of the 112 (110) applications received. Of the 45 (45) applications awarded grants, 9 (13) or 20% (46%) were reapplications and a further 7 (16%) were previously unsuccessful applicants.
Applications are assessed on each application's individual merit and are not disadvantaged if funded (or not funded) previously unless a charity does not comply with Monitoring & Evaluation requirements for a previous grant award.
_List of accepted grants agreed during the period ended 30 November 2025_
||**Yorkshire**||
|---|---|---|
||**Area**|**Total Grant**|
|Arch-Way Project|West|£ 5,625|
|Ascendance Repertory Company|West|£ 15,000|
|Beyond The Margin|North|£ 18,000|
|Bierley Community Association Ltd.|West|£ 18,000|
|Bradford Bulls Foundation|West|£ 17,415|
|Building Bridges Food Hub|West|£ 18,000|
|Chocolate & Co|North|£ 16,786|
|Christ Church Armley Community Project Limited (Meeting Point)|West|£ 18,000|
|Concerteenies|West|£ 18,000|
|Creative Hearts United|West|£ 3,000|
|Displace Yourself Theatre|South|£ 15,750|
|East Yorkshire Community Transport|East|£ 6,000|
|Evolve Recovery Homes|West|£ 18,000|
|Fall into Place Theatre|West|£ 16,860|
|Food For Families|West|£ 15,000|
|Friends of Beeston Primary|West|£ 5,000|
|Greenmountaineers Community Fund|West|£ 3,050|
|Happy Wanderers Ambulance Organisation|North|£ 6,000|
|Herd Theatre|East|£ 18,000|
|Horsforth Shed|West|£ 15,000|
|Humber Open Arms|East|£ 18,000|
|Hunslet & Belle Isle Community Project|West|£ 12,000|
|Joanna Project|West|£ 18,000|
|Keighley Creative|West|£ 5,793|
|Kingstrust Network CIO|East|£ 9,000|
|Leeds Destitute Asylum-seekers Support (LEDAS)|West|£ 17,172|
|Little Rainbows Doncaster Autism & SEN support group|South|£ 3,557|
|MASH|North|£ 1,565|
|Mums In Need|North|£ 18,000|
|Nest Helping the Homeless|West|£ 18,000|
|New Hall Kidz Limited|West|£ 18,000|
|Oblong Ltd|North|£ 18,000|
|Peasholme Charity|North|£ 15,000|
|Primetime at The Vine|West|£ 18,000|
Page 6 of 22
## **The BRELMS Trust CIO**
|PXI - Parson Cross Initiative Projects
South
Rerun Furniture Service ltd
North
ROKT Foundation
West
Sheffield Working Women's Opportunities Project (SWWOP)
South
St Anthony's Project For Homeless Addicts
North
Star Bereavement and Support Service Limited (Star Wakefield)
West
SWAP: Safe Welcome After Prison
West
West Yorkshire ADHD Support Group
West
York Neighbours
North
Yorkshire & Humber Asbestos Support Group (SARAG)
South
Young People Count
East
Total 45 grants awarded|£ 18,000
£ 15,000
£ 18,000
£ 6,000
£ 18,000
£ 18,000
£ 16,662
£ 18,000
£ 18,000
£ 18,000
£ 13,500
£ 633,735|
|---|---|
## _Geographical analysis of grants awarded_
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 application.
Of the 45 (45) grants approved, the geographical spread within Yorkshire was: West 25, 56% (18, 38%), South 5, 11% (11, 23%), East 5, 11% (7, 15%) and North 10, 22% (11, 24%).
## _Category analysis of grants awarded_
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 allows the Trustee Board to determine any patterns or trends and, when appropriate, adjust our strategic planning accordingly.
|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|
Page 7 of 22
## **The BRELMS Trust CIO**
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
The diverse spread of the categories for 2025 is shown in graphical form below:
A further analysis of grant awards for 2025 showed that 76% (67%) were for core funding and 24% (33%) for specific projects. The Board welcomed both the wide range of grants awarded and the core/specific funding split of the grants.
The reasons for rejection of applications have been recorded internally since 2023. Applicants are increasingly questioning their lack of success, resulting in the Board’s decision to give limited feedback from April 2024 with the purpose of improving their potential future applications to us.
## _Ongoing grants from previous years_
Trustees of The BRELMS Trust CIO frequently award continuing funding of up to three years. This means that future liabilities have been created.
At 30 November 2025 there are 105 (85) outstanding grants due to be paid with a future liability of £590,411 (£536,976).
103 (87) Monitoring and Evaluation (M&E) Reports are due to be reviewed in the year to 30 November 2026 as part of the Trustees’ on-going Monitoring and Evaluation process. Of this total, 65 (57) Grantees are due to receive further grants representing a liability of £367,354 (£335,936). The remaining 38 (30) reports due represent one-off grants or final year grants with no further funding due.
Page 8 of 22
## **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, usually at the end of the first year of funding, 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, but also to review any issues which may have arisen over the first year of funding which can usually be resolved. Grantees seem to welcome these visits and to meet our Trustees in person, but on-line visits may sometimes more convenient to both parties.
Following these visits/reviews, Trustees make recommendations to the rest of the Board on continuing funding or to advise on whether certain adjustments should first be made by the project.
## _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 than £300,000 and are based (i.e. embedded and managed) in Yorkshire, with projects exclusively benefitting Yorkshire communities.
Applications must demonstrate how the grant will improve community disadvantage or give support to specific disadvantaged groups within the community AND must reflect at least one of the Objects of the CIO.
The maximum individual grants are currently £6,000 per annum, £18,000 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.
The BRELMS Board has developed the following policy regarding re-applications to discourage reliance on continuous BRELMS funding and to encourage charities to develop a diverse funding strategy. To be eligible to reapply for a grant, prior grantees must wait for a period of 12 months from the receipt by BRELMS of their prior grant’s final Monitoring and Evaluation report which is due 12 months after receipt of their last payment.
## _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 within a week of the meeting 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.
Page 9 of 22
## **The BRELMS Trust CIO**
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
The Trust’s Investment Policy is to:
- Invest for capital growth over the medium to long term
- Have the flexibility to access funds should any income / capital be required
- Adopt a Socially Responsible Investment approach in line with the CIO principles
- Adopt a medium risk strategy that gives the potential for real returns over a 5 year or more horizon
With effect from 1st December 2017 the portfolio has been managed by Ellis Bates Wealth Management Ltd. In September 2024 Ellis Bates was acquired by Skerritts and is now rebranded as Shackleton.
The Trustees receive quarterly written investment reports from their Investment Advisers and consider their recommendations for re-balancing the assets throughout the year. In addition, they meet in person at least once a year.
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 and regularly review the investment strategy.
The fund is benchmarked against the Investment Association (IA) Mixed Investment 40-85% Shares sector. While the IA Sector can invest up to 85% in equities, the fund’s equity exposure is kept in the range between c.55% - 70% to maintain the portfolio’s medium level of risk. This meant that while investment markets showed strong growth in 2025 at around 11-13%, the portfolio had a more modest return of 4.46%.
Investments continues to be valued at around £3,000,000 meaning that liabilities are well covered for future grant awards. The Trustees are satisfied that they are receiving appropriate professional advice to protect and grow the Trust’s assets in a changing investment market.
Towards the end of 2025 the Trustees began a review of investment managers. Whilst initially prompted by the acquisition of Ellis Bates by Skerritts/Shackleton, other factors included a desire for greater visibility of where BRELMS funds were being invested in line with our SRI focus. The review concluded in April 2026 with the appointment of McInroy & Wood Limited under a Discretionary Investment Management Service Agreement and the transfer of the investment portfolio is expected to take place in mid-2026.
## 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 public benefit and where grants to cover core costs are awarded, to strengthen the organisation's ability to support their beneficiaries.
Page 10 of 22
## **The BRELMS Trust CIO**
The breadth and diversity of the CIO’s grant-giving is reflected in the list of grantees above (page 6-7)
The Trustees have continued to review their effectiveness, and the performance of the Trust as follows:
1. Strategy meetings are held twice a year to discuss more effective ways of working and to look at the future grant giving strategy. Meetings were held in May and November 2025.
2. Ongoing reviews of the website guidelines and information have resulted in improvements to the electronic grant application process.
3. Trustees have worked in sub-groups on classification of grants, Trustee Board diversity and recruitment, application criteria and opportunities to promote the availability of our grant funding.
4. The process for assessing applications is structured into three stages. This improves efficiency and allows each Trustee to contribute to the decision-making on every application.
5. A proportion of funded organisations are visited by Trustees to assess the impact of the funding. Visits sometimes involve meeting direct beneficiaries.
6. As noted earlier, almost all visits in 2025 were in-person and we hope to increase these while still offering virtual visits if these are more acceptable to Grantees.
7. The Monitoring and Evaluation Report asks Grantees to account for funds spent and what impact this had on beneficiaries.
8. Continuing training for Trustees (particularly those new to the organisation) is encouraged and opportunities actively sought. Expenses are paid for any costs incurred.
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, for example, to limit grant awards in any future period.
We are 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 eight 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 new Trustees.
The recruitment policy and procedures were reviewed during the year with the aim of improving the diversity of the Board. We have welcomed two new Trustees.
The CIO Constitution sets out the maximum term that can be served by Trustees before standing for re-election or retiring.
Risk Management
**----- Start of picture text -----**
KEY RISKS STRATEGY FOR MITIGATION
**----- End of picture text -----**
|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.|
Page 11 of 22
## **The BRELMS Trust CIO**
**----- Start of picture text -----**
Lack of resources to When a multi-year grant is agreed, it is recognised in full, so that the net assets
continue existing grants shown on the balance sheet have already taken account of the full grant
agreed.
Poor investment The Trustees accept the inherent risks that may result in some years where the
performance leading to investment portfolio declines in value, but they review the investment criteria
inadequate resources for regularly and are confident with the current investment policy for the CIO in
future Grant-making. 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 the founder
to enhance the Endowment Fund.
Charity Trustees affected As a CIO the Trustees are protected personally against the risk of litigation.
by litigation
**----- End of picture text -----**
Financial Review and Reserves Policy
The income of the charity was £59,118 (2024: £1,295,584). All income was derived from investment income since there were no donations to the endowment fund in the year. With the release from the endowment fund to the general fund of £500,000 (2024: £400,000) the total resource allocated to the general fund was £559,118 (2024: £450,550).
Total resources expended were £734,197 (2024: £656,726). This comprised £666,678 (2024: £582,599) of new grants payable (net of grants returned), £18,195 (2024: £16,323) of fundraising costs and £49,324 (2024: £57,804) on support and governance costs.
The total funds of the charity at 30th November 2025 were £2,580,794 (2024: £3,126,199). £2,480,214 (2024: £2,868,735) was allocated to the endowment fund leaving general unrestricted funds of £100,580 (2024: £257,464). These free general funds represent the free reserves of the charity.
The endowment fund which is expendable represents the remaining accumulated capital from the previous donations of the founder 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 level of reserves is sufficient to cover anticipated expenditure in the initial months of the year ahead.
Page 12 of 22
## **The BRELMS Trust CIO**
## Statement of Trustees' Responsibilities
The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements 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.
## _Approval_
This Report was approved by the Board of Trustees on 24[th] June 2026.
## _Signed:_
Mary H Cornish (Trustee) Chair of Trustees
Stephen E Stroud (Trustee) Vice-chair
Page 13 of 22
## **The BRELMS Trust CIO**
## Independent Examiner’s Report to the Trustees
I report to the charity trustees on my examination of the accounts of the charity for the year ended 30th November 2025 which are set out on pages 15 to 22.
## **Responsibilities and basis of report**
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
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:
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the accounts do not accord with those records; or
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.
Christopher Darwin FCA Thomas Coombs Limited 3365 The Pentagon Century Way Thorpe Park Leeds LS15 8ZB
24[th] June 2026
Page 14 of 22
## **The BRELMS Trust CIO**
## Statement of Financial Activities
## for the year ending 30th November 2025
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**|
2025
Unrestricted
funds
£
2025
Endowment
funds
£
-
-
59,118
-
59,118
-
-
18,195
716,002
-
716,002
18,195
-
129,674
(656,884)
111,479
500,000
(500,000)
(156,884)
(388,521)
257,464
2,868,735
100,580
2,480,214|2025
Total
funds
£
2024
Total
funds
£
-
1,245,034
59,118
50,550|
|---|---|---|
|||**59,118**
1,295,584|
|||18,195
16,323
716,002
640,403|
|||**734,197**
656,726|
||||
|||129,674
249,027|
|||(545,405)
887,885
-
-|
|||(545,405)
887,885|
|||3,126,199
2,238,314|
|||**2,580,794**
3,126,199|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 18-22 form part of these accounts
Page 15 of 22
## **The BRELMS Trust CIO**
## Balance Sheet
as at 30th November 2025
|**Fixed assets**
Investments
(7)
**Total fixed assets**
**Current assets**
Short term investments
(7)
Cash at bank and in hand
**Total current assets**
**Current liabilities:**
**amounts falling due within one year**
Creditors and accruals
(8)
**Current liabilities**
**Net current assets / (liabilities)**
**Total assets less current liabilities**
**Creditors:**
**amounts falling due after one year**
(9)
**Net assets**
**Funds**
Unrestricted funds
Endowment funds
**Total funds**|2025
Unrestricted
£
496,473
496,473
-
200,934
200,934
370,854
370,854
(169,920)
326,553
225,973
100,580
100,580
-
100,580|2025
Endowment
£
2,480,214
2,480,214
-
-
-
-
-
-
2,480,214
-
2,480,214
-
2,480,214
2,480,214|**2025**
**Total**
**£**
2,976,687
**2,976,687**
-
200,934
**200,934**
370,854
**370,854**
(169,920)
**2,806,767**
225,973
**2,580,794**
100,580
2,480,214
**2,580,794**|2024
Total
£
3,337,163
**3,337,163**
300,000
36,512
**336,512**
346,436
346,436
(9,924)
3,327,239
201,040
**3,126,199**
257,464
2,868,735
**3,126,199**|
|---|---|---|---|---|
Approved by the Board of Trustees on 24[th] June 2026 and signed on its behalf by
Mary H Cornish (Trustee) Chair of Trustees
Stephen E Stroud (Trustee) Vice Chair
The notes on pages 18-22 form part of these accounts
Page 16 of 22
## **The BRELMS Trust CIO**
Statement of Cash Flows as at 30th November 2025
|Cash flows from operating activities:
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Dividends and interest
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):
(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|**2025**
**£**
(724,544)
59,118
829,848
-
888,966
164,422
36,512
200,934
**2025**
**£**
(545,405)
(129,674)
(57,893)
18,195
(59,118)
49,351
(724,544)
**2025**
**£**
-
200,934
200,934|2024
£|
|---|---|---|
|||672,468|
|||50,550
425,514
(1,245,034)|
|||(768,970)|
|||(96,502)
133,014
36,512|
|||2024
£
887,885
(249,027)
(49,341)
16,323
(50,550)
117,178
672,468
2024
£
-
36,512
36,512|
Page 17 of 22
## **The BRELMS Trust CIO**
## Notes to the Financial Statements for the year ending 30th November 2025
## **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 have assessed the Charity’s financial position and cashflow requirements for the 12 months from the approval of these financial statements and 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 enable the donor charity to realistically avoid the commitment, a liability for the full funding obligation must be recognised.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of the money is material, the unwinding of the discount is recognised in the SOFA as a finance cost. Where the effect of the time value of the money is immaterial, the provision is based upon the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the SOFA as a financial risk.
Page 18 of 22
## **The BRELMS Trust CIO**
Notes to the Financial Statements for the year ending 30 November 2025 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) Investments
Fixed and current asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at a fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses , whether realised or unrealised are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
## 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**
|**2. Voluntary income**||
|---|---|
|**2025**
**2025**
**2025**
**Unrestricted Endowment**
**Total**
**funds**
**funds**
**funds**
**£**
**£**
**£**
Founder donations
-
-
-
Other donations
-
-
-
**-**
**-**
**-**|2024
Total
funds
£
1,245,034
-|
||**1,245,034**|
## **3. Investment income**
|Bank interest
UK Interest on portfolio
UK dividend income from portfolio|**2025**
**£**
1,024
7,231
50,863
**59,118**|2024
£
1,209
2,198
47,143
**50,550**|
|---|---|---|
Page 19 of 22
## **The BRELMS Trust CIO**
Notes to the Financial Statements for the year ending 30 November 2025 continued
## **4. Raising funds**
|Adviser's services
Transact administration charge
**5. Charitable activities**
**Grant making**
Grants awarded and accepted in the year
(10)
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
Other administrative costs
**Governance costs**
Accounts preparation
Audit / Independent examination fee
Training and advice
Trustees’ travel expenses
Trustee meeting costs
Software subscriptions and support
**Total expenditure on charitable activities**|**2025**
**£**
16,019
2,176
**18,195**
**2025**
**£**
708,735
(42,057)
**666,678**
35,016
1,140
445
21
5,291
**41,913**
(900)
3,500
90
1,815
2,446
460
**7,411**
**716,002**|2024
£
14,465
1,858
**16,323**
2024
£
624,709
(42,110)|
|---|---|---|
|||**582,599**|
|||38,241
780
50
20
5,144|
|||**44,234**|
|||900
9,600
120
946
1,734
270|
|||**13,570**|
|||**640,403**|
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 £500,000 (2024: £400,000) 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 22
## **The BRELMS Trust CIO**
Notes to the Financial Statements for the year ending 30 November 2025 continued
## **7. Analysis of investments**
|Transact Portfolio inclusive of cash & short-term investments
**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
**8. Creditors and accruals**
Grants payable within 1 year
Other creditors
Accruals
**9. Creditors: amounts falling due after one year**
Grants payable after 1 year
**Total**
**10. Grant making**
Total value of grants awarded in year
Plus one-off exceptional grants to VIDA
**Total**|**2025**
**£**
2,976,687
**2,976,687**
**2025**
**£**
3,637,163
-
(829,848)
129,674
57,893
(18,195)
**2,976,687**
**£**
-
2,976,687
**2,976,687**
**2025**
**£**
364,438
2,916
3,500
**370,854**
**2025**
**£**
225,973
**225,973**
**2025**
**£**
633,735
75,000
**708,735**|2024
£
3,637,163|
|---|---|---|
|||**3,637,163**|
|||2024
**£**
2,535,598
1,245,034
(425,514)
249,027
49,341
(16,323)|
|||**3,637,163**|
|||**£**
300,000
3,337,163
**3,637,163**
2024
£
335,936
-
10,500
**346,436**
2024
£
201,040
**201,040**
2024
£
624,709
-
**624,709**|
## **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.
Page 21 of 22
## **The BRELMS Trust CIO**
Notes to the Financial Statements for the year ending 30 November 2025 continued
## **Reconciliation of grants accrued**
|Opening liability obligation
Grants awarded in the year
Grants returned or not required
Less grants paid during the year
Closing liability obligation|**2025**
**£**
536,976
708,735
(42,057)
(613,243)
**590,411**|2024
£
429,290
624,709
(42,110)
(474,913)
**536,976**|
|---|---|---|
**11. Related party transactions**
## **Trustee expenses**
During the year three Trustees were paid a total of £1,815 in respect of travel expenses (2024: one Trustee, £946).
## **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 in the year of £nil (2024: £1,245,034).
**12. Statement of Financial Activities including comparatives for all funds (including summary income and expenditure account) for the year ending 30 November 2025**
|**Income**
Voluntary income
Investments
**Total income**
**Expenditure**
Raising funds
Charitable activities
**Total expenditure**
Net gains/(losses) on
investments
**Transfers between funds**
**Net movement in funds**
Fund balances brought forward
**Fund balances carried forward**|**2025**
**2025**
**2025**
2024
2024
2024
**Unrestricted Endowment**
**Total**
Unrestricted
Endowment
Total
**funds**
**funds**
**funds**
funds
funds
funds
**£**
**£**
**£**
£
£
£
-
-
-
-
1,245,034
1,245,034
59,118
-
59,118
50,550
-
50,550|
|---|---|
||**59,118**
**-**
**59,118**
**50,550**
**1,245,034**
**1,295,584**|
||**-**
18,195
18,195
**-**
16,323
16,323
716,002
-
716,002
640,403
-
640,403|
||**716,002**
**18,195**
**734,197**
**640,403**
**16,323**
**656,726**|
||-
129,674
129,674
-
249,027
249,027
500,000
(500,000)
-
400,000
(400,000)
-|
||(156,884)
(388,521)
(545,405)
(189,853)
1,077,738
887,885|
||257,464
2,868,735
3,126,199
447,317
1,790,997
2,238,314|
||100,580
2,480,214
2,580,794
257,464
2,868,735
3,126,199|
Page 22 of 22