REGISTERED CHARITY NUMBER: 1191766
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FOR
THE BREWERS FOUNDATION CIO
LMDB Accountants
Chartered Certified Accountants
Railview Lofts
19c Commercial Road
Eastbourne
East Sussex
BN21 3XE
THE BREWERS FOUNDATION CIO
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
|
Page |
Report of the Trustees |
1 to 2 |
Independent Examiner's Report |
3 |
Statement of Financial Activities |
4 |
Balance Sheet |
5 |
Notes to the Financial Statements |
6 to 11 |
THE BREWERS FOUNDATION CIO
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyear ended
31March2024.ThetrusteeshaveadoptedtheprovisionsofAccountingandReportingby Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordance with
the FinancialReportingStandardapplicablein the UK and Republicof Ireland(FRS 102)(effective1 January
2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the foundation are:
The prevention and relief of poverty
The advancement of education
The advancement of health through medical treatment and research
Other wholly and exclusively charitable purposes
Significant activities
Themajoractivityin theperiodwasthereceiptof£200,000fromC Brewer& SonsLtdplusthereceipt of
the residual £7,213 from the legacy C Brewer & Sons Ltd Charities Aid Foundation account.
Public benefit
Thetrusteeshaveresearchedwaysofmaximisingincomesoastobenefitgoodcausesand have
consideredcharitiesthefoundationmaywishtosupportinfutureperiods,withdueregardfor the
guidance issued by the Charity Commission on public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Foundation'scharitablegiving is directedthroughan accountwith the CharitiesAid Foundation. Grants
of £137,860 were made in the period.
FINANCIAL REVIEW
Financial position
TheFoundationcurrentlyholds£276,336inabankaccountand£34,827inaCharitiesAid Foundation
account in the name of the Brewers Foundation Trust.
Principal funding sources
CBrewer&SonsLtdistheprincipalsponsorofthefoundation,lookingtodonatecirca£200,000 per
annum.
Reserves policy
ThetrusteeshaveexaminedtheFoundation'sneedforreservesinthelightofthemainriskto the
organisation,namelyafallinsponsorincome.Theyaredevelopingapolicywhereunrestrictedfunds not
investedin tangible,or fixed assetsshouldnot be less than six monthsbudgetedcharitableexpenditure. At
presentwhileappropriateincomegenerativeinvestmentsaresought,thereservesremainoutside the
policy level. This will be rectified once funds are invested.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Thecharityiscontrolledbyitsgoverningdocument,adeedoftrustandconstitutesan unincorporated
charity.
Page 1
THE BREWERS FOUNDATION CIO
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
Inselectingindividualsforappointmentascharitytrustees,thecharitytrusteesmusthaveregardto the
skills, knowledge and experience needed for the effective administration of the CIO.
Newtrusteesareappointedbyameetingofthecharitytrusteesandareappointedforatermof three
years.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1191766
Principal address
Albany House
Ashford Road
Eastbourne
East Sussex
BN21 3TR
Trustees
N Brewer
S Brewer
A Shoesmith
D Thomson
Independent Examiner
LMDB Accountants
Chartered Certified Accountants
Railview Lofts
19c Commercial Road
Eastbourne
East Sussex
BN21 3XE
Approved by order of the board of trustees on 4 September 2024 and signed on its behalf by:
A Shoesmith - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BREWERS FOUNDATION CIO
Independent examiner's report to the trustees of The Brewers Foundation CIO
IreporttothecharitytrusteesonmyexaminationoftheaccountsofTheBrewersFoundationCIO (the
Trust) for the year ended 31 March 2024.
Responsibilities and basis of report
AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsin accordance
with the requirements of the Charities Act 2011 ('the Act').
I reportin respectof myexaminationof theTrust'saccountscarriedoutunderSection145of theAct and
incarryingoutmyexaminationIhavefollowedallapplicableDirectionsgivenbytheCharity Commission
under Section 145(5)(b) of the Act.
Independent examiner's statement
Ihavecompletedmyexamination.Iconfirmthatnomaterialmattershavecometomyattention in
connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationto which
attentionshouldbedrawninthisreportinordertoenableaproperunderstandingoftheaccountsto be
reached.
S Murray FCCA
LMDB Accountants
Chartered Certified Accountants
Railview Lofts
19c Commercial Road
Eastbourne
East Sussex
BN21 3XE
10 September 2024
Page 3
THE BREWERS FOUNDATION CIO
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
2024
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
207,225
Investment income
2
10,211
Total
217,436
EXPENDITURE ON
Raising funds
3
2,100
Charitable activities
Grants to institutions
143,527
Total
145,627
NET INCOME
71,809
RECONCILIATION OF FUNDS
Total funds brought forward
749,968
TOTAL FUNDS CARRIED FORWARD
821,777 |
2023
Total
funds
£
425,000
35 |
|
425,035 |
|
-
75,067 |
|
75,067 |
|
349,968
400,000 |
|
749,968 |
The notes form part of these financial statements
Page 4
THE BREWERS FOUNDATION CIO
BALANCE SHEET
31 MARCH 2024
Notes
FIXED ASSETS
Investment property
9
CURRENT ASSETS
Debtors
10
Cash at bank
CREDITORS
Amounts falling due within one year
11
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
12
Unrestricted funds
TOTAL FUNDS |
2024
Unrestricted
fund
£
509,706
8,893
311,163
320,056
(7,985)
312,071
821,777
821,777
821,777
821,777 |
2023
Total
funds
£
-
-
750,977
750,977
(1,009)
749,968
749,968
749,968
749,968
749,968 |
|
|
|
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
4 September 2024 and were signed on its behalf by:
A Shoesmith - Trustee
The notes form part of these financial statements
Page 5
THE BREWERS FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingby Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsin accordance
withtheFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS 102)
(effective1January2019)',FinancialReportingStandard102'TheFinancialReporting Standard
applicableintheUKandRepublicofIreland'andtheCharitiesAct2011.Thefinancial statements
have been prepared under the historical cost convention.
Preparation of the accounts on a going concern basis
Thetrusteesarenotawareofanymaterialuncertaintiesaboutthecharity'sabilitytocontinueas a
going concern.
Income
Allincomeis recognisedin theStatementofFinancialActivitiesoncethecharityhasentitlement to
the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthe charityto that expenditure,it is probablethat a transferof economicbenefitswill be
requiredinsettlementandtheamountoftheobligationcanbemeasuredreliably.Expenditure is
accountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregateall cost
relatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadingsthey have
been allocated to activities on a basis consistent with the use of resources.
Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedas a
commitment but not accrued as expenditure.
Investment property
Investmentpropertyis shown at mostrecentvaluation.Any aggregatesurplus or deficitarising from
changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestrictedfundscanbe usedin accordancewiththecharitableobjectivesat thediscretionof the
trustees.
Restrictedfunds can only be used for particularrestrictedpurposeswithin the objectsof the charity.
Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedforparticular restricted
purposes.
Furtherexplanationofthenatureandpurposeofeachfundis includedin thenotestothe financial
statements.
continued...
Page 6
THE BREWERS FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
2. INVESTMENT INCOME
2024
£
Rents received
9,470
Deposit account interest
678
Other interest received
63
10,211
RAISING FUNDS
Investment management costs
2024
£
Professional fees
2,100
SUPPORT COSTS
Governance
Finance
costs
£
£
Grants to institutions
669
566 |
|
2023
£
-
35
- |
|
|
35 |
|
|
2023
£
- |
|
|
Totals
£
1,235 |
3. RAISING FUNDS
4. SUPPORT COSTS
5. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31March2024nor for
the year ended 31 March 2023.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31March2024norfortheyear ended
31 March 2023.
6. STAFF COSTS
There were no staff costs during the period.
continued...
Page 7
THE BREWERS FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
7. |
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
|
|
|
Unrestricted |
|
|
fund |
|
|
£ |
|
INCOME AND ENDOWMENTS FROM |
|
|
Donations and legacies |
425,000 |
|
Investment income |
35 |
|
Total |
425,035 |
|
EXPENDITURE ON |
|
|
Charitable activities |
|
|
Grants to institutions |
75,067 |
|
NET INCOME |
349,968 |
|
RECONCILIATION OF FUNDS |
|
|
Total funds brought forward |
400,000 |
|
TOTAL FUNDS CARRIED FORWARD |
749,968 |
8. |
INDEPENDENT EXAMINER'S REMUNERATION |
|
|
The independent examiner's remuneration totalled £1,062 (2023 - £1,008) for the year. |
|
9. |
INVESTMENT PROPERTY |
|
|
|
£ |
|
FAIR VALUE |
|
|
Additions |
509,706 |
|
At 31 March 2024 |
509,706 |
|
NET BOOK VALUE |
|
|
At 31 March 2024 |
509,706 |
|
At 31 March 2023 |
- |
continued...
Page 8
THE BREWERS FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
10.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
11.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
12.
MOVEMENT IN FUNDS
At 1.4.23
£
Unrestricted funds
General fund
749,968
TOTAL FUNDS
749,968
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
217,436
TOTAL FUNDS
217,436
Comparatives for movement in funds
At 1.4.22
£
Unrestricted funds
General fund
400,000
TOTAL FUNDS
400,000 |
2024
2023
£
£
8,893
-
2024
2023
£
£
7,985
1,009
Net
movement
At
in funds
31.3.24
£
£
71,809
821,777
71,809
821,777
Resources
Movement
expended
in funds
£
£
(145,627)
71,809
(145,627)
71,809
Net
movement
At
in funds
31.3.23
£
£
349,968
749,968
349,968
749,968 |
|
|
continued...
Page 9
THE BREWERS FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
12. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
resources
£
425,035
425,035 |
Resources
Movement
expended
in funds
£
£
(75,067)
349,968
(75,067)
349,968 |
|
|
|
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
At 1.4.22
£
400,000
400,000 |
Net
movement
in funds
£
421,777
421,777 |
At
31.3.24
£
821,777 |
|
|
|
821,777 |
Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,included in
the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
resources
£
642,471
642,471 |
Resources
Movement
expended
in funds
£
£
(220,694)
421,777
(220,694)
421,777 |
|
|
|
continued...
Page 10
THE BREWERS FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
13. RELATED PARTY DISCLOSURES
Duringtheperiodthecharityreceivedadonationof£207,225(2023-£425,000)fromCBrewer &
Sons Limited, a company in which a majority of the trustees are also directors.
ThecharityalsoenteredintoafiveyearleasewithCBrewer&SonsLimitedforletting the
investmentproperty.Rentalincomeof £30,000per annum is receivableunder the lease, with £9,471
receivablein respectof the currentperiod.As at the balancesheetdatethereexisteda rent debtor
of £8,893, which was paid shortly after the period end.
Page 11