Cha17ty rpgistrdtion number 1160175 THE JOSIAH AND MARY BREWSTER CHARITABLE FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE JOSIAH AND MARY BREWSTER CHARITABLE FUND LEGALAND ADMINISTRATIVE INFORMATION Working name The Brewster Charity harty number 11e0175 Principal addra68 8rewsl&i Court Community Room Brewstèr Court Blofield Norfolk NR13 4JT Trustees P Brocklebank (Chai D Maiclstorte Mce-chair) Resigned 25 January 2D25 S Toothill A Verney Bankers HSEC Bank plc 18 London Street Norwich NR2 1LG Bardays Bank plc Leicester LE87 2BB Audltor Pnce Bailey LLP 36 Tyndall Court COmmee Road Lynchwood Peterborough PE2 6LR Managlng agents Places for People to 301912024 Corton House Ltd from 111012024 Investmont managers Charles Stanley and Company
THE JOSIAH AND MARY BREWSTER CHARITABLE FUND CONTENTS Pagè TNstees' report Statsment of trustees, re$ponsibilities Independent audilof$ pOrt Statement of finan¢i81 actlvlties 10 Balance sh68t 11 Notes to thé financial statements 12-21
THE JOSIAH AND MARY BREWSTER CHARITABLE FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and flnancial statements for the year ended 31 March 2024. The financlal slalgmènts have been prèpar8d In acCord&n with the accounllng poltcie5 Set out in note 1 to the financial stolements and comply with th& charity's goveming documont, the Charities Act 2011 and "Accounling and Reporting by Charities.. Statement of Recommended Practice applicèble to ¢harities preparing their account5 in accordance with the Flnanci21 Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) {eff&cts've 1 January 2019). Objectives and aGtivltles Tho purpose of the charity is to provide affordable housing to older people born or resident in Norfolk or Suiyolk, who by reason r)f age, Infirmlly, mlsadventure or adversity af8 in speclal need of help. Foty homes and a cDmmunlty hall are owned and managed by the Charity al Brewster Court, Blofield, Norwich, NR13 4JT. The accommDd2tion is sheltered housing. Properties are designed with the needs of older people in mind. All units aTe located within a group setting but the properties Ihemsefves are enlir&ly self-contsined, enabling residents to live ind8pendently. Tre aim is lo prtsvide convenienl and wmfortable accommDdalion for local people In a peac&ful setting. which allows residents to come and go a5 they please. The presence of a Scheme Manager and an em&rgency alarm servic9 provides peace af mind and a wellare servlce. The trustees have paid due regard to gUIdan issued by the Charity Commission In decldlng what actlvities the charity should undertake. Houslng management and Ro$id&ntSupport There have been no changes of [cupancY in 2023124. There were no significant arrears to report during this period, with regular monitoring of resident's accounts aimed b mitigate any issues that may aii5e. Seasonal gifts of £25 were given by the Tiustees to all residents, with many expressions of thanks b61ng received. There were ten formal complaints received during the year. They had all been in Gonnection with the kilchen refurbishments and rewiring works which commenced in September 2023, All formal wmplainls wkre resolved wilh the respective r85idenls. The resldenls received compensation from the Contractor, Novus, Regular residents meetings hbve be&n held Ihrcughoul the year with the Scheme Manager and the Assistant SetViCES Manager in attendanc¢. These have b¢en r¢¢eiv¢d positively by the residents.
THE JOSIAH AND MARY BREWSTER CHARITABLE FUND TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Planned Refurbishment Programme On 20th FebNary 2023, the Trustees agreed to a programme of propety refurbishment ift line w7 Ihe Places for People prppety Specification, with additional works to take into consideration the indivldual needs of residents. The appolnled contractors to undertake the programme had tsken part in an onsite meeting with the Placès for People Delivery team and the Tiustees on 21st June 2023, and the programme commenced In Sept&mbèr 2023 and continued through0 the financial year through lo September 2024. The completed programme sU11&d in a total of 26 now kitchens, 2 new w8t rooms, 36 rewires 9nd 6 replacement fire door5. These works were Completed at a cost of £374,741, although some of thi5 CQSt will be rep4ognis8d in the next financial year. Support Serrfic? The Schème Manager contlnued to provide a welfare service, with support and dally presence at the scheme. Regular visits and catls are made to check on residents without being inlrusive. Support seNices are arranged for residents if they are unable to do this th8mselv8s or supeNised tc ensure high qualty of provisipn.
THE JOSIAHAND MARY BREWSTERCHARITABLE FUND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Flnancial revlew Durtng the year 75% (2023: 81%) of the Incoming resources 8r058 frcm the provtsion of ac¢ommudalion in accordancè with thè objectives of the Charity. The reBt of the incomè was from Ihe Charty's invèslmknt portfolio. The expenditure during th? year supported thè running of the propertie5 and malntalning them in good condition together with the orderly runnlng of the Chlty. Th2 attached financial slalemenls show the currènt state of the finances, which Ihe Truslee5 ¢onsider to be appropriate given their plans for the fulurè. Investment portFDIio Th8 Charity's Investrnant pr)rtrolio is managed by Charles Stanley, who provide quarterly peiformance reports to the Trustees. The tot81 value ofthe portfolio 8s at 31 March 2024 was £604,501131 March 2023.. £604,708). The Trustees Consider the loss in value to be acceptable givèn the slate of the economy and considered the income of £19,967 (2023: £20,121) to be a ieasonable r8lum. Land Holding at WytllL)ndha FDllowlng the sale of the first tranche of the land holding at Wymondham In 2017, an agreement was reached with Taylor W[mY and Bovis, who owned the land next to that owned by the charity, to sell the rèmaning land and thls completed in ApTiI 2021. The net land sale proceeds for the seGond and final phase is as follows: April 2021 April 2022 April 2023 April 2024 April 2025 £291,411 £114,178 £203,306 £224,868 £224,868 Total £1.D58,631 The lftslalments noted above have been received except Ihe final one that is due to be received inApril 2025. VAT The Josiah and Mary Brewster Charitable Fund became iegistered for VAT on 1 February 201S for Ihe Iradg classification 68100 - Buying and sélling for real e51ale. Employmant Matters At th6 beginnlng of Ihe firydncial year, the charity employed tsvo m8mbgfS of staffr. a full-timè Scheme Manager, and an Emergency Handytnan. The Schetne Wlanager, Elaine Willis and Barrie Willis, Handyman, retir8d from their positions Dn 26th April 2023. Carly Jarvis was employed as a Scheme Manager on 5th June 2023. It was decided that Pla for People would provide emergency rnainlenance support as needed. Brewster Wplfare Fund Tho Brewster Welfare Fund. a fund established from th8 funds of Th8 Miss Dorothy Calihorpe Fund, tho fvnds of hlch origlnaled from the dissolulion in 1996 of the CaHhorpe Charity (Charity number 207145), continued to give financial assistanGe lo retired people of limited financial means bom or resident in Norfolk or Suffolk. Durlng the period from 1 Aprti 2023 to 31 March 2Q24, Iherp were no applicalions made ft)r the granl despite promoting the fund. Res9rYes policy The Chaiity held undesign8ted reserves, not invested In fre6hold property or investm&nts, of £317,504 as at 31 March 2024 (31 March 2023: £429.852).
THE JOSIAH AND MARY BREWSTER CHARITABLE FUND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Charity hDlds reserves so that it can maintsin Servi lo its residents durirtg perigds of economic uncertainty, and for the development of the properties to moet increased expectatiDns of the reslclents. The trustees invest these reseNes with the airn of at least maintainlng their value In real terms and providing Income. The Investment products used need to provtde flexiblllty so that funds can be withdrawn for penditUre cn property as and when r2quired. The Charity meets the Chartbes Commlssion recommended good practis? of holding reserves which are equal to at least nlne months of the general charitab18 expenditure. Risk revlew The Charitys managing agenL PlaCS fr)r People, ha5 adopted a risk-based approach to internal control, which is embedded within the Association's nDfftial management and gov&mance pro¢es5. The Assoclatitrn has devoloped comprehensive risk a55es5ment matrices, designed lo identify snd CC>ntrol the tlsks likely to affect the Assoclation's effectiveness In all Its areas of Dperation, and therefore encompassing the managamèrrt of the Josiah and Mary Brewster Charity. The most immediate and active risk to th8 charlly was to find a suftablè managing agent before the termination of th8 agreement wilh Places for People. HowBv8r, sinca the year end. an agre&ment has been si9ned wlth a new k)cal managing ag8nt, Corton House Ltd. The Trustees are satisfied thai this risk has been addressed. There is a wider risk in relation to the dependenc& of the Charity upon a managing ag8nL The Trustees have stsught to mttigate thi5 risk, as explained below in Future ptans. Managing agent Places for PeDple (inGorporating Calman Housing A5soclatlon), have managed the Brewster Court properttes for the Trustegs lor several years. On 26th January 2024 Places for People nottfiecl the Brewsler Charity of their intention to tsrminate the Management Agreement giving e1ve months, notice In writing a5 per the terms & )nditions, with th8 agr88ment to end on 26th January 2025. The Trustees then undertook an Int8nstve process to seek altemative provhlets for thp Management Agents. This included a number of Housing AssociationÈ. several tharlties and the oplkon of recruiting staff to do this proc8ss th8mselves. This seleolion process resulted in Corton House Ltd being 8PPDinted tD takeover the management of thè charity's propertle5 and to oversee the Scheme Manager. This is occuired on 1 October 2024, eartler than Ihe final lerminatlon dale proposed by Pla5 for People. Future plans The Charlty's trustees were not anticipating the move by PlaS lor People to temilnale the Management Agregment, and as a result deGlded to undertake a process to ensure the longevity of the Charity and secure the future for Ihè residents. After much investigation and dellberalion, tt was felt that this would be best served by merging with another ¢harlty of a simllar size wtth the same philosophy and objeclives. At th? limè of writing this report this process is still underway and Ihe Trustees do not expect it to be completed until possibly late 2025. Structurej govemance and management The governing document ol th8 JDsiah & Mary Brewstsr Charitable Fund, a Charilable Incorporated Organisation (CIO) ts a Foundation Model Constttution dated 24 NOvber 2014. The Truslees of the Charity have gtven due regard to. and adhere to the Chartty Comrnlssion's guidance on public b¢nefiL
THE JOSIAH AND MARY BREWSTER CHARITABLE FUND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Trustses The trustees who seEved during the year And up lo the date of signatuie of the financial statements were- P Bro¢klebank S Toothill D Maidstone A Verney (Resigned 25 January 20251 Historically the Brewster Chair and VIc9-Chair were elected at the first Truslees meeting 6ach calendar year. At the meeling on 12th February 2024 oxpr8ssions of interest for the positlons of Chair and Vice-chair were sought amDngst the Trustees with Èn èlection to lake place if necessary. Mrs Patricia Brockiebank confwmed her interest in conllnuln9 as the Chair and Mr David Maidstone nfIrmed his interest In continuing 88 the Vice-chair. The Trustees unanimously agr&ed lo the appointment of Mr& Patricia Brocklebank as the Chair and Mr David Maidstone as the Vice-chaif Dn 12th February 2024. Followirbg the resignation of previous Trustee, Mr Chri5 Cox, on 20th February 2023, the Truslees had sought to appoint an additional Trustee. however following difficulties in finding a 5Ultable applicant np npw Tru5teg has been appDinted to date. The trusteeg report was approved by the Board of Trustees. P Brocklgbank Trust99 Dated: 27 January 2025
THE JOSIAH AND MARY BREWSTER CHARITABLE FUND STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 Th8 trustses are responsiblè for preparing the Trustees, Report and the financtal statements in accordanc£ with appliGable law and United Ffjngdom A¢counting Standards (United ngdorn Generally Accepied Accounting Practice). The law applicable to chafities In England and W21es requires the trusteès to prepare financial slatsments for each rinancial year which give a tru8 And fair view of the state of affairs of the charty and of tho incomlng resourp5 and application of reSoUrS of the chartty for that year. In preparing these flnancial statoments, the ttustees are required to: - select suitablo a¢countlng poliGies and then apply them consistently, - obseNÈ the methods and princlples in the Charities SORP., - make judgements and èstimates that are reasonable and prudent; slate whether applicable ac£ountiny standards have been followed, subjeot to any material departures disclosed and explained in the financ121 statements; and prepare the financial statsments the going concern basis unless Et is inappropriate lo presume that the charity will continuè in operation. Thè Irustees are responsible for keeping sufficient accounling r8cords Ihat discIDse with reasonable a¢Guracy 2t any me the financlal position of the chaEity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charty {Accounts and Reports) Regulattons 2008 and the provisions of the tmst deed. They am also responsible for safeguarding the assets of thp charity and henc8 for taking r888onable sleps for the prevention and dets¢tion ot fraud and other irregularitles.
THE JOSIAH AND MARY BREWSTER CHARITABLE FUND INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE JOSIAHAND MARY BREWSTER CHARITABLE FUND Opinion We have audited the finyncial statements of The Josiah and Mary Brewstér Charitable Fund (the 'charlty') for Ihe year ended 31 Martth 2024 which compTise the statement of financial activ¢tie8. the balance sheet and notes lo the financial statements, includlng significaftt gccounting policles. The financial reporting framework tnat has been applied in thelr preparation is applicable law and United Kingdom Accounting Stsndards, including Financial Reporting Standard 102 The Financial Reporting Standard appliceble In thg UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, Ihe financial statements: give a true and fair view Df the state of the charity's affaifs as at 31 March 2024 and of ils incoming resources and application of re50ur¢es, fDr thè year Ihen &nded', have been properly prepared in accordance with United lfjngdom Generally Accepted A¢counting Pracllce., and h2ve been prepared In accordence wilh the requirements of the Charities Ad 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibililies under those slandards are fvrther described in the Auditorfs responsithlthes for the audit of the ffnancial statements se¢tion of our report. Wè are Independent of the charity in accordance wilh the ethlc81 requir8nents that are relevant Itj our audit of Ihe financial slat&ments in the UK, irtcludln9 the FRC'8 Ethical Standard, and we have fulfilled our other ethical r6sponsibilrties In accordance wlth these qUIrament$. W8 bglieve that the audrt evidence we have obtsined is suffittienl and appmprlate to provide a basis for our opinion. Conclusions relating to going ¢onGprn In audlting the financial stalem&nts, have concluded that the truslees. use of Iho going concern basis of accountlng in the prgparalion of the financial statetnenls is approprlat&. Based on the work we have performed, we have not identified any material uncertainties relating to events ar ondilltsns that, individually or collectively, may cast slgnfficant doubt on the charity's ability to continue as a going ¢onc8rn for a period of at leasl e1ve months from when the finaftclal slalemenls are authorised for issue. Our Tesponsibilities and Ihe fesponslbilities of the Irustses wtth respect to going concern are described in the relevant section5 of this repc>rt. Other information The othpr infofmatlon comprises the Information included in the annual feport other than the financlal slalements and our audilols reprjrt thereon. The trustees are responsible for the other infprmation containèd wllhin the annual report. Our opinion on the finanaal stalements doès not cover the other information and we do not express any form of assuFance wnclusion thereon. Our responsibility is lo read the other Infonralion ar¢d, in doing so. consider whether the olher information ig matarially inconsistent with the fingnaal statements or our knowledge obtained in the course of Ihe audit, or olherwise appears to be materially misstated. If we identify sutsh material inconsistBncses or apparent malarlal misstat8menls, we are required lo determine whether this gives rlse to a material misstatement in thè financial statemènts themselves. If, based on the work we have performed. wè conclude that Iheie is a Material misslalement of this Dlher informalion, we are required to report that fact. Wo have nothing to report in this regard. Matters on which we ar& required to report by trXGQPtion We have nothing lo report in respect of the following matters in relation to which the Charities (Accaunts and Reports) Regulatsons 2008 require us to report to you if, in our opinion.. Ihe information given in thè financial slatements 1$ incDllSlStent in any material respect with Ihg trust$g5' report., or sufficient accounting r8cords have not been kept; or the financial statemenls are not in agreemènt with the accounting records., or we have not receiv8d all the information and explanatiDns we require for our audlL
THE JOSIAH AND MARY BREWSTER CHARITABLE FUND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE JOSIAH AND MARY BREWSTER CHARITABLE FUND Responsibli ities of tru8ts¢s As explained more llY in the statement of INslees' responsibilities, th8 trustee5 are responsible for the preparation of the financial Statements and for being satisfied th¥t they give a true and fair vi9w, and for such intemal contft)l as the trustèes detennine is neSSary t¢ enable the preparation of financial slatements that are free from material rnlsstatement, whethar duè to fraud or error. In préparing the finan¢ial statements, the trustees are responsible for assessing th6 charily's ability to ctsnttnue as a going concgm, disclosing, as appllcablè, matters related Io going concem and using the going tx)nc&rn basis of acwunting unless the trustees either intend to cease operations, or hav& no realSt[C attemattva but to do so. Auditors responsibilities for the audit of the financial statements We have been appointed as auditor under section 146 of the Chartties Act 2011 and report in accordance wilh the Act and relevant regulations made under section 154 of IhatAct Our objectlves are to obtain reasonable assurance about whether the financial statements as a whole are frèé from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasc)nabl& assurance is a high level of assurance bLrt is not a guardntee th8t an audtl conducted ift accordanc* with ISAS (UK) will 8hNays detect a material misstatement when rt exists, Mi5slalements can arise from ftaud or error and are considered materlal rf, individually or in the aggregate. they could reasonably be wiected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting Irregularities, including fraud, is detalled below. In addressing the risk of fraud through man8gement overtÈde of controls. testing the appropriateness of journal entries and other adjustments; -Assessing whether the judgements made in accourrting estima18s are indicative of a potential bias. Evaluatlng the rationa12 of any significant transaclÈons Ihat are unusual or outside the nomal ¢Durse of the chaTity objecttves. Anatylical pradureS are perfonned as well as substantive testing to idenlify any potential misststement due to fraud., and The audit procedures would also involvo being aware of any such items from remewing minutes of rneetings antl discussions wlth staff and management to Dbtain an understanding. Because of the Inherent limitstions of an audit. there is 8 risk that we will not delpGt all irre9ularilies, including thoso leading to a malerlal misstatement in the financial statements Dr non<ompliance with regulatlon. This risk incie85es the rn0 that MPlIanCe with a law or regulation is removed from evenls and transaction6 refJeGled in the financial slatemenls. as we will be less likely to become aware of instrdnces of non-cx)mpliance. The risk 15 also greater regardlng Irregularibes occurting due to fraud tather thar¢ error, 8s fraud involves inlgntlon81 oonoealmert forgery. collusion. omission or misrepresenlation. A further desGriptlon of our responsibiltlies is available on th6 Financial Reporting Council's websits at https:11 www.froorg.ukjauditor8responsibiiities. This description fom$ part of our auditols report.
THE JOSIAH AND MARY BREWSTER CHARITABLE FUND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE JOSIAH AND MARY BREWSTER CHARITABLE FUND Use of Dur report Thls report is tnade solety to the charity's trustees, as a body, in accordanc& with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has b8en undertaken so that we mlght slate lo the charity's trusle85 those matters we are required to state to Ihem in an auditofs report 8nd for no other purpose. To the fullest extent permitted by law, we do not accept Dr assume responsibility to anyone other than the charity and the charivs trustees as a body, fr)r our audit work. for this report. or for the opinions we have formed. Prlce Balley LLP Chartered Accountsnts Statutory Auditor 36 Tyndall Court Commerce Road Lynchwood PÈlerborough PE2 6LR PriGe 88iley LLP is eligible for appolntrnent as auditor of the charity by virtue of its eligibility fDr appointment as audltor of a company under s8Ction 1212 of the CompaniesAct 2006.
THE JOSIAH AND MARY BREWSTER CHARITABLE FUND STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOMEAND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 UnrestriGted Unrèstrict9d funds funds genpral designated 2024 2024 Tolal Total 2024 2023 Notss Incom Charitable advities Inveslmonts 239,525 79.932 239.525 79,932 221,680 51,094 Total income 319.457 319,457 272,T14 enditure on. Charitable activitigs 326,027 326.027 204,985 Other 3,969 3,969 5,295 Total resources pxpended 329,996 329,996 21Q,280 Net gainslllosses) on invgstments 5,518 5,518 (7.811) Net loutgoing)lincoming resources before transfe {5.021) (5.021) 54.883 Gross transfers between funds (85n 857 Net movement in funds (5,878) 857 (5.021) 54.883 Fund balances at 1 Aprll 2023 3,173,090 1,668,562 4,841,652 4.786.769 Fund balances at 31 March 2024 3,167.212 1,669.419 4.836,631 4,841.652 The statement of financial aclivitiès includes all gains and losses recognised in the year. All income and expenditure derive from continuing actNities. 10-
THE JOSIAH AND MARY BREWSTER CHARITABLE FUND BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Notes Flxod assets Tanglble assgt$ Investments 11 12 2,245,207 604,501 2.138.430 604.70 2,849,706 2.743.13B Current assets DeblDrs falllng dup aft8r on8 yDar Debtors falling due wilhin one year Cash at bank and in hand 13 13 208,227 235,530 1,967.766 379,711 251,475 1,619,574 2,411,523 2,250,760 Credttor5: amounts fallin9 due wlthln one year 14 (424,600) 1152,24S) Net cuirent assets 1,988,923 2.098,514 Total assets less current Ilabllltles 4.836,631 4.841,652 Income funds Unrestricted funds- Designated Unrestricted funds - General 1.669,419 3.167,212 1,668,562 3,173,D90 4,836,631 4,841,652 The financ4al statements were approved by the Trustees on 27 January 2025 P Brocklebank Trustgo 11
THE JOSIAH AND MARY BREWSTER CHARITABLE FUND NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 IklARCH 2024 AsGountlng pollcies Charity Information The Jusiah and Mary Bfewster Charitsble Fund is a Registered Charty and a Charftable Incotporated Organisation (CIO) constituted under a Foundatlon Model Constitution dated 24 November 2014. The Charity was merged from Jpsiah and Mary Brewstèr Charlty (Charity number 226380) whlch was founded by Trust Deed on 26 May 1951 The Chartty is primarily an Almshouse Charfty. 1.1 Aeeounting convention The financial slatemenls havo b&&n prepared in accordance with the charity's governing documgnt, the Charities Act 2011 and AcuntIng and Reporting by Charities: Statsment of Recommended Practice applic2ble to charities preparing their accounts in aco)rdance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 11Y2) {effective 1 Jaftuary 2019)" The charty 18 a Public Benefit Entity as dèfined by FRS 102. The charity has tsken advantage of the provisions in the SORP for charitses applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial stat&m8nts have departed from the Charftles (Accounts and Reports) RegulalEons 2008 only to tha extent required to provide a true and fair vtew. This departure has involved following the Statement of Recommended Practice for charities apptying FRS 102 rather than the version of the Statement of Recommended Practtce which ts referred to in the Re9ulattons bul which has sinc8 been withdrawn. The financtal statements ale ppared in ste¥ling, which is the functional CuancY Df the chaty. Monetary amounts in these ffinancial statsm&nts are mund&d to the nearest £. The finanaal statement5 have been prepared under the histori(31 cost convention. modrNed to includè the revaluation of investment property and ft¥ed asset investments al fair value. The prtncipal accounting poficies adopted are set out below. 12 Golng concern At the time of approvfng the flnancial statements. the trustees have a reasonable expectalion Ihal the chaiity has adequate resour9 to continue In operational existence for the foreseeable future. Thus th8 trustees continup to adopt the going concern basis of ac¢ounting in preparing the financial statements. 1.3 Charitsble funds Unrestricted funds are available for use at the discretion of the trustèès in furtheran of their charitable objectrve5. 12-
THE JOSIAH AND MARY BREWSTER CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting poll¢lè$ (Continued) Dèsignatsd funds The following unrestricted funds have been designated at the discretion of the trustees for gp8cific purposés as follows: i Furniture reserve- the charfty designates a reserve lo cover furniture repla¢ement in ils properties. il) P5anned malntsnanc8 rBseNÈ- the charity dgsignatss a reserv& to Cover the costs of periodic repairs lo ils propertles. lill Brewster Welfare fund the charily designated a reserve for thè assets transferred from Miss Dorothy Calthorpe Fund (previousEy from Callhorpe Charity - Charlty number 207145) in the year to 31 March 2001. iv) Investment fund - the charty has doslgnated funds to Invest in the Char18s SlalllEy portfolio. v} Ener9y effiGienGy - thE charity has designated fund& fDr energy efficientsy projects due to Goncems over fuel poverty amongst residents. 1.4 Incominy resources Incoma Is recognis8d when the charity is18gally entitled to il after any performance conditions have been mel, the amounts can be measured reliably. 1.6 Resources expended Expendttur& is r8CDgnisgd once there is a legal or construclive obligation to transfer ewnomic benefit lo a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of th8 obligalion can b8 measured r81iabiy, Expenditure is classified by activity. The costs of eaGh activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each actwity. Dired Gosts attributable to a single activity are allocated directty lo that activty. Shared costs which contributs to more than on8 activity and support costs which are not attrlbutable to a single adivity are apFQrtioned bee6ft those 2Ctivilies on a basis consistent with the use of resources. Central staff costs are allocated on th& basis of lime spent. and depreciation Gharges are allocated on the portion Jf the assefG use, Exppnditure is recognised when a legal or constructive obligation has frall&n du&. All expènditure is accounted for on an Accruals basis. All expenses including goveFnance cost5 are allocated or apportioned to the applicable expendilure headings. Irrecoverable VAT is charged as a cosl against th8 aclivlty for which the expenditure was incurr8d. 1.6 Tangible ftxed assèts Tangibl8 fixed 8ssels are Initially measured at cost and sub8equenUy measured at cost or valuation, net of deprecialion and any impairm&nt losses. Depreciation is recognised so as to write off the cost or valuation of 8ss8ts18ss Iheir residual values over their useful lives on the following bases- Freehold building5 Kitchens and bathrooms Plant and equipment Fixlures and fittings Straight line over 100 years 10Q/D per annum on c051 100/D to 25% per annum on Gost 100/0 to 25PA per annum on cost Freehold land Is not depreciated, 13
THE JOSIAHAND MARY BREWSTER CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Ac¢ounting policiès (Continued) 1.7 Fjxed asset Investments Fixed asset investments are initi8lly measured at tran5aclion Pri excluding tsnsaction $t$, and are subspquent]y mpasured at fsir value at each reportlng dale. Changes In fair value arè recognised in net incomel(expendttur21 for tha year. Transactton costs are expensed as incurred. l.B Impairmènt of flxed assets At each rèporting end date, the charity reviews th8 caTrying amounts of its tangible assets to d9tarmine whether there is any indioation that those assets have suffered an irnpairm8nt loss. If any such indication 8xists. the recoverable amount of the asset is estimated in ord9r to dBtsrmin8 the exient of the impairment loss Cif any). 1.9 Cash and cash equivalents Cash gnd cash equivatenls include cash in hand, deposits held at call with banks, other short4em liquid Investments with original maturities cjf three months or less. 1.10 Flnanclal Instruments The charity onty has financial inslruments which meet the ¢fiteria of a baslc financial Instrument as defined by section 11 of FRS 102. Short tenn debtors arè m9asurad at trans8clion pric818ss any Impalimenl. Short term creditots ar8 measured at Ihe transactions price, ather financial liabilities including bank loans are initialEy measured at fair value, net of transaction costs. and are subsequently measured at amjrtised cost using the effective Interest method. 1.11 Employee beneffts Th8 Cost of any unused hollday enlttlèment is recognised In the perlod In whlch the employee's services are received. Termination benefits are recognlsed immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide tsrmination beneffts. 1.12 VAT The Charity is unable to reclaim any Value Added Tax (VAD it incurs on its expenditure. This irrecoverable tax is a cost lo the Charity and cons8quently all figures within these financlal stalèmenls are stated inctusiv8 of any VAT Incurred (unless staled olhetwise). The Charity opled to tsx on the investment land held at Silfield Road, Wmondham and Iherefore was registered for VAT from 3 May 2017. VAT has therefore been claimed on expenditure Sin that dale relating to the land. 1.13 Major ropa¥r $ts Th8 Charity capttalises expendriurp on housing properties which results in an enhanoyrnent of the gconomlc benefrt of tho asset such as an increase In the net rentsl stream over the life of the property. An increase In Ihe net rental stream may arise through an increase in n21 rental income. a reLlu¢tion in future malntenance 5ts, or a signthcant extenslon of the Ltseful Irfe of the propety. Expenditure on WOfk5 which dops not meet this criterta is written off to Ihe Ststement of Financial Activities in the year whiBh it is incurred. This includes expendfture incurred to ensure that the propety malntsin its existing level of nèt rental income or the $tsndard of performance anticipat8d when the property was first aGquired or conslructed. 14-
THE JOSIAHAND MARY BREWSTER CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles (Continugdl 1,14 Reserves policy The Charlty held undesignaled reserves, not invested in freehold prop8rty or investment5, of £317.504 as at 31 March 2024 {31 March 2023: £429,952). CrltiBal accounting eBtimatss and judgoments In the applicatlon of the charity's aGGounting policies. tha trustees are required to make judgements, 8Stimalès and assumplions about the carrying amount of ass8ts and liabilitie5 that are not readlly apparent from other sources. The estimates and associated assumptions are based on historical experients and other factors that are ¢on5idered lo be relevant. Actual results may differ from these estimates. Thé èslimat8S and undedying assumptions are reviewed Dn an ongoing basis. Revisions to acwunkn-ng estimates are recognised in the period in which Ihe estimate 15 revised where ihè revlslon affects only Ihat period, or in the period Df the revision and future period5 wherE the revision affècts both current and future periods. Charilable activities 2024 2023 Maintenance conliibulions 239.525 221,680 Investments Unr8StrlGted funds general 2024 Tolal 2023 Rental income In¢ome from listed inv&stments Inleresl r8cèivab18 5,724 19,967 54,241 7.128 20.121 23.845 79,932 51,094 Interest receivable for the year relates lo tho discount Èlgrnent of the deferred proceeds of the salè of the land al Wymondham treated as a financing charge. The estlmat2d rate of interest Used was 8•A. Sèe Note 9. 15-
THE JOSIAH AND MARY BREWSTER CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable actÉvltips 2024 2023 Depreciation and Impalrment offi costs Insurance Scheme manager costs Property repairs and maintenance: day to day Propety repalrs and maintenan. cyclical and planned maintenance Property repairs and maintenanc6: upkeep ol gardens Fees and subscriptions Communicator charg8S Bnd repaiis Lighting Brewster room 5t5 Brewster weKare fund expenditure Management fees Other tharitable expenditure 16,389 360 5.882 28,672 30.142 128,708 38.109 395 8,136 5,039 3.201 21,378 231 5203 30.975 16,130 21.646 40,970 315 7,239 3,423 801 1,965 40,809 7.142 44,534 7.917 317.484 198.227 Share of support costs Is8e nota 6) Share of gov8mance costs (see note 6) 1,039 7.504 608 e.150 326.027 204,985 Support costs Support Governance costs costs 2024 2023 Basis of allocation Interftst payablg 1,039 1.039 608 Support costs Audil fees Legal and professional 6,252 1,252 6,252 1.252 5,766 Governance 384 Govemanca 1,039 7,504 8,543 6,758 Analysed been Chgrilable activities 1,039 7,504 8,543 S,758 Trusts¢s None of the trustees (or any persons connected wtEh *hem) received any remtjneration or beneffls from the Gharity during the year. 16-
THE JOSIAH AND MARY BREWSTER CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Employees The average mtsnthly numbèr of employees during the year was.. 2Q24 Number 2023 Number Scheme manager Employment costs 2024 2023 Wages and salaries other pension costs 2B,027 645 30,975 28,672 30,975 There were no employees whose annual remuneralion was more than 260.00D. Net gainsl{lo¥s¢sl on investments UnrestrlGted funds general 2024 Total 2023 Rev31u81ian of investments Gainl(loss) on sale of investments Gainl(Ip55) Dn sale of investment propèrties 8,118 (2,600) (20.5561 (10.475) 23,420 5,518 {7,611) Phase11 land at Silfield Road, Wmondham was sold in April 2021. The receipt of disposal proceeds totalling £653,042 was deferred until Mar¢h 2023, March 2024 and Ihe Inal receipt March 2025. These amounts have been disoounted in aG¢ordan¢e with paragraph 10,66 of the Charities SQRP, The discount element Irèaled as a fftnancin9 charge in the yeaF ended 31 March 2024 was £54,241. The gain on sale of investment property for the Prior year relates to the net proceed5 (after deductlon of legal fees and VAT) from sDil relefttlon related to Ihe Sale of the land at Wymondham. 10 Taxation The charity is exempt from lax on incoffje and gains falling within section 505 of the Taxe5 AGI 1988 or section 252 of tho Taxationof Chargeable Galns Act 1992 lo the extent that these are applied to its charilabie object5. 17-
THE JOSIAH AND MARY BREWSTER CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Tangible fLYed assets Freehold trenS and buildings bathrooms Plantand FsxturÈs afid eqltlpmènt ritting¥ Total Cost At 1 Aprti 2023 AdditlDns 2.250,000 2,485 73,938 2.326,423 123,166 123,186 At 31 March 2Q24 2,250.000 123,166 2,485 73,938 2,449,589 Depreclatlc•n and impairment At 1 April 2023 Depreciation charged In th8 yaar 110.250 15.750 3.805 11,320) 73,938 1 a7,993 16,389 1,959 At 31 March 2024 126,000 1,959 2.485 73,938 204,382 arrying amount At 31 March 2024 2,124,000 121.207 2.245,207 At 31 Maf¢h 2023 2,139,750 (1,320) 2.138,430 The fraèhold land and buildings represent the 40 dwelllngs, communrty hall and office at Brewstsr Court, Yarmo]Ah Road, Blofield, Norfolk, NR13 LIT. During the year an improvement plan was implemented to upda18 the rewiring. kil¢hens. bathrooms and internal fire doars. The cost of the completed kitthens is shown in addibons of kitchens and bathrooms above. The rewiring and internal fire door costs have been induded in the Statement of Financial Activitias. 12 Fixed asset investments Listed Investments Cost or valuation At 1 April 2D23 Additions Valuation changes Disposats 604.708 90,712 (24,518) (66.401) At 31 March 2024 604,501 Carrying amount At 31 March 2024 604,501 At 31 March 2023 604,706 A further £900.000 was invested with Charles Stankey in May 2024. 18-
THE JOSIAH AND MARY BREWSTER CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Debtors 2024 2023 Amounts falllng du8 withln one year: Trade debtors other debtors Prepaymenls and accrued income 4,132 222,402 8,996 5,305 228,254 17.916 235,53Q 251,475 2024 2023 Amounts falllng due after mcre than one year: Other debtors 208,227 379,711 Totsl debtors 443,757 631,186 Other debtors includes the deferred proceeds from the sale of the land at Wmondham. Induded in Amounts f811ing due within one year, slated at the amount ieceived. is £224.86812023: £224,86S) which was received on 10 Apiil 2024, Included in Amoun15 falling due afEer one year is the balance of E203.306 (2023: £428,174), discountèd al an effecttve rate of 8°A (2023- 8.25¥) to a Net Present Value of £208,227 (2023: £379,711). 14 Credltors: amounts falling due within on8 yaar 2024 2023 Trade creditors Other Cfeditors Accruals and deferrèd income 46.994 95.835 281.971 3.501 85.576 83.189 424.600 152.246 19-
THE JOSIAH AND MARY BREWSTER CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARGH 2024 15 Deslgnatèd funds The income lunds of the charity include the followiftg designated fvnds whlch have been set aside oul of unrestricted funds by th8 trustees for SPBcific purposes.- Movement in funds Movement in funds Incoming Bal8n¢e at resourtès 31 March 2024 Balan¢e at 1 April 2022 IncomÉng rèsouttès RèÉource5 expanded Transfgrs aalan at 1 April 2023 Fumiture fund Plannèd malrrten2n fijnd Brewster wetfafe fund InVement fund 12,606 (11,26fj) 2,000 2,000 200,000 55D,000 750,000 750,000 18,116 411 (1,965) 16,562 857 17,419 900.000 900,000 900,JOO 230,722 1,451.071 {1.985) (11.26S} 1,668,562 857 1.669.419 Designated funds are unreslticted funds eamarked by the Trustees for particular purposes. The Trustees have established and maintsin designated funds for a Fumiture and Equlpmenl fund for the Brewster Community room and a Planned maintenan Fund to cover fLrtur2 ctsntingen¢ies for the 5 year planned mointenance programme of Brewster CourL In 2023 the Trustees designated £900.ODO of unrestricted funds to be invested in the Charles Stanley portfolio of investments. The investment was made in May 2024. Since Ihe year end. thè Tmstees have been considèring lh& transfér of £350.000 of unrestricted funds to a designaled fund for energy efficienGy and sustainabilty projects followlng conllnued concems over ftjel p¢)vety of residents. Th? Brewster Wetfare Fund, establtshed following the dissolution of the C21thorpe Charity ICh8rtty Number 2rJ7145). continued to give financial assistsncÈ to retired pÈople of limited finaftcial means born or residenl in Norfolk or Suffolk. The Irark8fers to and from the dgsignatpd reserves are stat9d at C05t and are agreed annually by the trustees. -20-
THE JOSIAH AND MARY BREWSTER CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Analysls of not as8ets between lunds Unrestrlcted Deslgnated fund fund 2024 2024 Total Total 2024 2023 Fund balances at 31 March 2024 are represented by= Tangible assets Investments Current assetsl(liabililies) 2,245,207 604,501 317,504 1,669,419 2,245,207 2.138,430 604,501 04,708 1.g86.923 2.098,514 3,167,212 1,689,419 4,836,631 4.841,652 17 Capital commltm¢nts Al 31 March 2024 the charity had capital commitments tDlalling £52,779 for the inst311alion of 7 kitchen5 and 2 welroom$. Rewiring costs of £80,010 had been contracted for but not started prior to the year end. 18 Related party tran$74¢tipns During the year the oharity had no rèlated party transactions to repo 19 Managing Agent FDr th8 yÉar end8d 31 March 2024 Places for Peopl8 group, cha¥ged the diaiily £44,53412023- £40,809} for managementcharges.At 31 March 2024 thè ch8rity owed Plac&s for People group. £91,30012023: £85,528). Included within debtors is £6,575 (2023.. £6,575) owed to the oharity by Places for People for gardèn equipment purchased. This has been repaid after Ihe year end by dedeon from landscaplng maintenance invoices. On 26 January 2024, PlaGes for Poople, notified the Trustees in writing of their Intention to terminate the Management Agreement wlth effect from 26 January 2025. The Trustèes undertook to seek an allemative provider and from 1 October 2024, Corton House were appointèd to lakeover the management of th& charlty's properties and to oversee the schèmè manager. 21