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 COmme￿e 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 w￿7 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 Ch￿lty. 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[m￿Y 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 PlaC￿S 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 Pla￿5 for People. Future plans The Charlty's trustees were not anticipating the move by Pla￿S 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 NOv￿ber 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 reSoUr￿S 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 ne￿SSary 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 real￿St[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 pra￿dureS 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