THE BRASSEY TRUST
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
(Registered Charity No. 209210)
THE BRASSEY TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administra<ve details | 1 |
| Trustees’ Report | 2-4 |
| Independent Examiner’s Report | 5 |
| Statement of Financial Ac<vi<es | 6 |
| Balance Sheet | 7 |
| Notes which form part of the Financial Statements | 8-12 |
THE BRASSEY TRUST
REFERENCE AND ADMINISTRATIVE DETAILS
The Brassey Trust is a charity registered by the Charity Commission and governed by the Trust Deed made 1 July 1905.
| Date of Trust | 1 July 1905 |
|---|---|
| Trustees | Rev R Peet |
| A Ongley (Churchwarden) | |
| I Packer (Churchwarden) | |
| R Barnes (from 28th March 2023) | |
| Address of the Trustees | The Brassey Centre |
| and Principal Ofce | Sta<on Road |
| Aylesford | |
| Kent | |
| ME20 7QR | |
| Bankers | Barclays Bank plc |
| 24 Longfeld Street | |
| Dar\ord | |
| Kent | |
| DA1 1HD | |
| Property Agent | Simon Miller & Company |
| Le_ngs Division | |
| 779 London Road | |
| Larkfeld | |
| Aylesford | |
| Kent | |
| ME20 6DE | |
| Independent Examiner | Martyn Burt BSc(hons) ACMA, CGMA |
| adventus accoun<ng solu<ons | |
| Ashby Acres | |
| Chapel Lane | |
| Ashby-cum-Fenby | |
| Grimsby | |
| DN37 0QT |
Charity Commission Reference Number 209210
THE BRASSEY TRUST
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
year ended 31 December 2023. The Trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity’s governing document and the provisions of the Statement of Recommended Prac<ce (SORP), applicable to chari<es preparing their accounts in accordance with the Financial Repor<ng Standard applicable in the UK and Republic of Ireland (FRS102). The financial statements are presented in sterling which is the func<onal currency of the charity and rounded to the nearest £1.
ObjecDves and AcDviDes
Leonard Campbell Brassey and the original trustees, being Arthur Thorndike, Silas Wagon and Edmund Gregor.
The Indenture transfers to the Trustees ownership of the land in the village of Aylesford which now includes the Temperance Hall, the Brassey Centre, Rosalind’s Cofage, Thorndike Cofage and the surrounding gardens and car park. (It does not include Railway Cofage).
The purpose of the forma<on of the Brassey Trust was to perpetuate the memory of the Brassey family, who lived at Preston Hall for 20 years, and to benefit the Parish of Aylesford, by promo<ng therein the work of the Church of England.
The Trust Deed states that the use of the premises should include a ‘ free school for the children of labouring ar2sans and other poorer families in the parish ’, or such other uses as the Trustees think fit.
Structure, Governance and Management
The Brassey Trust is a charity registered by the Charity Commission in England and Wales (registered number 209210).
The Trust is administered by the vicar and church wardens, plus two other residents of the parish being members of the Church of England in accordance with the Trust Deed dated 1 July 1905. The Bishop of Rochester redefined the parish boundary of Aylesford with effect from October 2018. As a result of this change, some of the Trustees may reside outside the parish boundary as now redefined. It was agreed at the August 2019 mee<ng of Trustees that regular afendance at the church in Aylesford must be required for all Trustees. The current Trustees and the address of the principal office are set out on page 1.
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Maintain the premises in good and appropriate condi1on
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Altering or extending the premises for any purpose of use
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Insuring the proper1es
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Obtaining any necessary licences required by its use
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Charging where appropriate for the use of any premises by other persons or socie1es
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Appoin1ng a treasurer to maintain records of income and expenditure and produce annual accounts
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Paying from the Trust’s funds for all expenses incurred
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Accep1ng any giAs towards development or augmenta1on of the Trust
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Maintaining a bank account and inves1ng in securi1es where considered appropriate, and crea1ng a reserve fund to meet special expenses or con1ngencies
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Making appropriate giAs to the Church (suggested to be 5 guineas per annum) subject to the discre1on of the Trustees where beIer interests of the work in the parish may exist
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These powers may be amended at the discre1on of the Trustees where new circumstances and requirements arise which seem to render it expedient to do so
THE BRASSEY TRUST
TRUSTEES’ REPORT (CONT.) FOR THE YEAR ENDED 31 DECEMBER 2023
in the Trust Deed. Were there any other requirements for new Trustees, these would be iden<fied and appointed by the remaining Trustees. The Chair of Trustees is responsible for the induc<on of any new Trustees which involves awareness of trustees’ responsibili<es, the governing document, administra<ve procedures, the history and philosophical approach of the Charity. A new Trustee would receive copies of the previous year’s annual report and accounts and a copy of the Charity Commission leaflet ‘The Essen<al Trustee: What You Need to Know’.
mee<ngs each year, and further mee<ngs if the need arises.
Each agenda will include a review of any issues arising or outstanding regarding each of the proper<es. Any correspondence and requests for dona<ons will be discussed. The Trust’s financial posi<on is reviewed at each mee<ng. On reaching agreement on any necessary ac<ons, the responsibility for progressing the mafer will be delegated to one or more Trustees.
Achievements and Performance
The Trustees have con<nued to manage the Trust assets from which an income is derived that can be used to make dona<ons to the Church as and when the Church needs funds for excep<onal items.
Financial Review and AcDons Taken in 2023
had previously been refurbished and divided into two cofages – Rosalind’s and Thorndike Cofages. Both remained let to tenants throughout 2023. Property valua<ons provided by Sibley Pares in October 2018 were as follows:
The Brassey Centre £480,000 Rosalind’s Cofage £315,000 Thorndike Cofage £325,000 The Temperance Hall £120,000
£1,240,000. In addi<on, current assets at the end of 2023 were:
A bank account with a year-end balance of £53,029 (2022: £27,975)
A reserve instant access deposit account held by CCLA (the Central Board of Finance of the Church of England) with a balance of £15,378 (2022: £14,900).
The Trust’s annual income was £44,323 (2022: £36,912). Annual expenditure amounted to £17,689 (2022: £33,891). The Trust did not make a grant payment to Aylesford PCC in the year (2022: nil). The total net income for the year was £26,634 (2022: £3,021).
At the end of 2023 total net current assets were £82,220 (2022: £55,584) with total fund balances across all funds being £1,322,220 (2022: £1,292,584).
It has been agreed by the Trustees that any dona<ons to Aylesford PCC should be towards the cost of excep<onal items rather than merely ‘topping up’ income, however, any reasonable request would be considered as appropriate.
adventus accounting solutions Supporting Charitable Organisations
DATE TBA
Independent Examiner’s report to the Trustees of the Brassey Trust Charity RegistraDon Number 209210
I report on the accounts for the year ended 31 December 2023 which are set out on the pages following.
RespecDve responsibiliDes of the Trustees and Independent Examiner
The charity’s trustees are responsible for the prepara<on of the accounts. The charity’s trustees consider that an audit is not required for this year under sec<on 144(2) of the Chari<es Act 2011 (the 2011 Act) and that an independent examina<on is needed.
It is my responsibility to
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Examine the accounts under sec<on 145 of the 2011 Act;
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Follow the procedures laid down in the General Direc<ons given by the Charity Commissioners sec<on 145(5)(b) of the 2011 Act; and
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State whether par<cular mafers have come to my afen<on.
Basis of Independent Examiner’s Statement
My examina<on was carried out in accordance with the General Direc<ons given by the Charity Commission. An examina<on includes a review of the accoun<ng records kept by the charity and a comparison of the accounts presented with those records. It also includes considera<on of any unusual items or disclosures in the accounts, and seeking explana<ons from the trustees concerning any such mafers. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those mafers set out in the statement below.
Independent Examiner’s statement
In connec<on with my examina<on, no mafer has come to my afen<on:
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(1) which gives me reasonable cause to believe that in any material respect the requirements
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to keep accoun<ng records in accordance with sec<on 130 of the 2011 Act; or
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to prepare accounts which accord with these accoun<ng records have not been met; or
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(2) to which, in my opinion, afen<on should be drawn in order to enable a proper understanding of the accounts to be reached.
Yours sincerely
Martyn Burt B.Sc.(Hons), ACMA, CGMA
adventus accoun<ng solu<ons Ashby Acres Chapel Lane Ashby-cum-Fenby Grimsby DN37 0QT adventusaccoun<ng@b<nternet.com 07523 6229679
THE BRASSEY TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| TOTAL | TOTAL | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Designated | Restricted | FUNDS | FUNDS | ||
| Notes | Funds | Funds | Funds | 2023 | 2022 | |
| £ | £ | £ | £ | |||
| Income and Endowments from: | ||||||
| Donations and legacies | ||||||
| Investments: | ||||||
| Rosalind's Cottage Rent | 15,039 | - | - | 15,039 | 9,035 | |
| Thorndike Cottage Rent | 14,400 | - | - | 14,400 | 14,400 | |
| Brassey Centre Rent | - | - | - | - | 5,000 | |
| Temperance Hall Rent | 9,063 | - | - | 9,063 | 7,825 | |
| Parking Charges | - | - | - | - | 400 | |
| Interest | 822 | - | - | 822 | 252 | |
| Sale of land | 5,000 | - | - | 5,000 | - | |
| 44,323 | - | - | 44,323 | 36,912 | ||
| Total income and endowments | 44,323 | - | - | 44,323 | 36,912 | |
| Expenditure on: | ||||||
| Raising Funds: | ||||||
| Investment Management Costs: | ||||||
| Property Maintenance | 2 | 10,936 | - | - | 10,936 | 27,646 |
| Insurance Premiums | 5,854 | - | - | 5,854 | 4,955 | |
| IE & Accounting Fees | 899 | - | - | 899 | 1,040 | |
| 17,689 | - | - | 17,689 | 33,641 | ||
| Charitable Activities: | ||||||
| Gratuities | - | - | - | - | 250 | |
| Donations | - | - | - | - | - | |
| Total expenditure | 17,689 | - | - | 17,689 | 33,891 | |
| Net income/(expenditure) before investment gains | 26,634 | - | - | 26,634 | 3,021 | |
| Net gains on investments | - | |||||
| Net movement in funds | 26,634 | - | 26,634 | 3,021 | ||
| Reconciliation of Funds | ||||||
| Total funds brought forward at 1 January 2023 | 55,586 | 1,240,000 | - | 1,295,586 | 1,292,563 | |
| Total funds carried forward at 31 December 2023 | 7 | 82,220 | 1,240,000 | - | 1,322,220 | 1,295,586 |
| N o t e s | 2 0 2 3 | 2 0 2 2 | |
|---|---|---|---|
| £ | £ | ||
| F i x e d a s s e t s | |||
| Investment Property | 3 | 1,240,000 | 1,240,000 |
| C u r r e n t a s s e t s | |||
| D e b t o r s | 4 | 2,330 | 2,600 |
| Cash at bank and in hand | 80,650 | 54,833 | |
| L i a b i l i t i e s | |||
| Creditors: amounts falling due within one year | 5 | - 7 6 0 | -1,849 |
| N e t c u r r e n t a s s e t s | 82,220 | 5 5 , 5 8 6 | |
| To t a l a s s e t s l e s s c u r r e n t l i a b i l i t i e s | 1,322,220 | 1,295,586 | |
| Creditors: amounts falling due after one year | |||
| N E T A S S E T S | 1,322,220 | 1,295,586 | |
| T h e F u n d s o f t h e C h a r i t y | |||
| U n r e s t r i c t e d F u n d s |
|||
| G e n e r a l F u n d | 82,220 | 55,586 | |
| Designated Property Fund | 1,240,000 | 1,240,000 | |
| R e s t r i c t e d f u n d s |
|||
| Total Charity Funds | 6 | 1,322,220 | 1,295,586 |
THE BRASSEY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
The Brassey Trust is an unincorporated charity registered by the Charity Commission in England and Wales and governed by the Trust Deed dated 1 July 1905.
The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest pound.
1. Accounting policies
a Accounting convention
The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 together with applicable accounting standards and SORP 2015.
The financial statements have been prepared on a going concern basis and there are no material uncertainties that cast significant doubt on the charity's ability to continue as a going concern, including and possible future impact od Covid-19.
The Brassey Trust constitutes a public benefit entity as defined by FRS102.
b Funds accounting
General funds are unrestricted funds which are available at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds held on specific trusts under charity law. The specific trusts may be declared by the donor when making the gift or may result from the terms of an appeal for funds. The specific trusts establish the purpose for which a charity can lawfully use the restricted funds.
c Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of the income receivable can be measured reliably.
d Expenditure
Expenditure is recognised once there is a legal or contractive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified as activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Shared costs are apportioned between the activities to which they relate. Support costs are apportioned between the activities being supported.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
THE BRASSEY TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023
2 Analysis of Property Costs
| Management Fees Council Tax while property empty Gardening and Landscaping Repairs and Maintenance 3 Investment Properties The Brassey Centre Rosalind's Cottage Thorndike Cottage The Temperance Hall Analysis of movement of investment properties: Fair value of investment properties at 1 January 2023 Movement in value Fair value of investment properties at 31 December 2023 |
2023 2022 £ £ 3,378 3,590 23 553 811 1,658 6,724 21,842 |
|---|---|
| 10,936 27,646 2023 2022 £ £ 480,000 480,000 315,000 315,000 325,000 325,000 120,000 120,000 |
|
| 1,240,000 1,240,000 |
|
| £ £ 1,240,000 1,240,000 |
|
| 1,240,000 1,240,000 |
The investment properties were donated to the Trust and no cost was attributed to them. In accordance with FRS102 principles they are included in the balance sheet at fair value.
The investment properties were revalued in 2018 by Sibley Pares, Chartered Surveyors, on the basis of market value. The Trustees do not consider there has been any significant change in their value since this date.
| 4 Debtors Prepayments and accrued income 5 Creditors: amounts falling due within one year Accruals and deferred income - rent paid in advance - other |
2023 2022 £ £ 2,330 2,600 |
|---|---|
| 2,330 2,600 |
|
| 2023 2022 £ £ - 1,089 760 760 |
|
| 760 1,849 |
THE BRASSEY TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023
| **6 ** | Statement of funds - Current Year | Statement of funds - Current Year | ||||
|---|---|---|---|---|---|---|
| Bal b/fwd. | Income | Expenditure | Gains/ | Bal c/fwd. | ||
| 1 Jan 2023 | (Losses) | 31 Dec 2023 | ||||
| Unrestricted funds | ||||||
| General Fund | 55,586 | 44,323 | -17,689 | - | 82,220 | |
| Designated Property Fund | 1,240,000 | - | - | 1,240,000 | ||
| 1,295,586 | 44,323 | -17,689 | - | 1,322,220 | ||
| Restricted funds | ||||||
| - | - | - | - | |||
| Total funds | 1,295,586 | 44,323 | -17,689 | - | 1,322,220 | |
| Statement of funds - Prior Year | ||||||
| Bal b/fwd. | Income | Expenditure | Gains/ | Bal c/fwd. | ||
| 1 Jan 2022 | (Losses) | 31 Dec 2022 | ||||
| Unrestricted funds | ||||||
| General Fund | 52,565 | 36,912 | -33,891 | - | 55,586 | |
| Designated Property Fund | 1,240,000 | - | - | 1,240,000 | ||
| 1,292,565 | 36,912 | -33,891 | - | 1,295,586 | ||
| Restricted funds | ||||||
| - | - | - | - | |||
| Total funds | 1,292,565 | 36,912 | -33,891 | - | 1,295,586 |
7 Analysis of net assets between funds - current year
| Fixed asset investment property Current assets Current liabilities |
General Designated Property Restricted Total Funds Fund Fund Funds 31 Dec 2023 £ £ £ £ - 1,240,000 - 1,240,000 82,980 - - 82,980 760 - - - 760 - - |
|---|---|
| 82,220 1,240,000 - 1,322,220 |
Analysis of net assets between funds - prior year
| Fixed asset investment property Current assets Current liabilities |
General Designated Property Restricted Total Funds Fund Fund Funds 31 Dec 2022 £ £ £ £ - 1,240,000 - 1,240,000 57,435 - - 57,435 1,849 - - - 1,849 - - |
|---|---|
| 55,586 1,240,000 - 1,295,586 |
8 Transactions with trustees and related parties
No Trustee or connected person received any remuneration, benefits or expenses either directly or indirectly (2022:none). There were no transactions or balances with related parties in the year (2022:none). There were no employees in the year. Accordingly, no employee received total employee benefits of more than £60,000 in the year.
9 Commitments not included in the Statement of Financial Activities
At 31 December 2023 there were no commitments (2022:nil) which had been entered into in respect of work to be carried out in 2024.