Charlty reglstratlon number: 213407 BRUNTS CHARITY Flnanclal Stat•monts For tha yoar andad 31 March 2024 "Brunts Charityprovides & promotes independent living in a safeguarding environment for those in their lateryears" BRUNTS CHARrrY Charity Infomiation for the year ended 31 March 2024 Contents Pago Charlty Inforni8th)n Trustees. Re 3-10 Audilofs Re￿rt Slatemenl of compreh￿s1Ve Income 15 Balance Sheet 16 statement of Changes in Reserves 17 Statement of Cash Flows 18 Notes to the Financ￿ Statements 19-28 for the year ended 31 March 2024 Charlty R•9lstratlon Number 213407 Tru¥teos D Undy- Chair ofTrustees S HvJgins- Dewty Chair of Trustees K F Willlam$ (rettrwj 6 Juty 2023) M Sage J Benson R Bottomley l Jack80n {appolnbJ 6 July 2023) S Gamer Cllr T Clay Cllr J Coxhead Cllr P Henshaw (appoint￿ 23 May 2023) Pla¢• of Buslne•• Brunts Cham 2 Toothill Lane Mansfidd Nothnghamshwe NG18 1NJ Audltor Barnett & Turner Att￿ntants Ltd Chartered Accountants and Statutw AudMor8 cromV￿II House 88 West Gate Mansheld Nollingham8hYe NG18 1RR Sollclior Bryan & Amstrory The New Meeting House St Peterfs C￿Jrt St*ion Street Mansfield NotUngham$hre NG18 1EF Bank•rs Natlonal Westmlnster Bank plc 9 Church Street Manrfdd Noilinghamshtre NG18 1AF BRUNTS CHARrrY Charfty Irrfomiatlon for the year ended 31 March 2024 Investment Managers CCLA Investment Management Lld COIF Charty Funds 80 CheapsKle London EC2U 6DZ Rathbones Port of Liverpool Bulldlng Pier Head Liverpool L3 1NW BRUNTS CHARrrY TTUStee's Roport FIX th¢ year end8d 31 March 2024 The Trustees of Brunts Charity pre8ent thelr reF¢rt and the audited financial ststements of the Charity for the r ended 31 March 2024. Trusteeg The Truste8s who have served durirffJ th8 year were as foll￿￿$. CNptatlve Tru81 D Undy.. Chalr of Brunts Char S Higgins '_ Deputy Chalr of Brun15 Charity K F Williams - Trustee (retlred 6 July 2023) M Sage- Trustee J Benson - Trust88 R Bottomley - Trustee l Jackson {appointed 6 July 2023) Repwntalive Trust998 Cllr S Gamer (Nothnghamshi￿ County Council Representative) Cllr T Clay (Mansfield District Council) Cllr J Coxh8ad (Mansfield Dist￿¢1 Coun¢il) air P Henshaw (Man$f￿ld Dbstrlct Council> (appolnt8d 23 May 2023) Senior Management L P Williams"_ Chief Executfve A Hopkinson. _ Operatlons Manager M Jowett". Adminislralve Exe¢utNe ' Delegated Senior Management Team appointed to deal day4&day operational matters on behalf of Ihe Board of Trustees. Reviow of tho businos¥ The Bnjnts Charlty, was founded back in 1711 under the will of Mr Samud BTunts, which appointed Gvardians to manage hls estates and cary out hls bequests which at the time were to provide financial assistance for the education of poor children and pay regular sums to elderly F￿r persons within the Borough of Mansfield and furtheT maintain property r8pairs and collection of its Noltinghamshire rents. During 1884, agilatlon was made by inhabitants of Mansfield for a new scheme. The Charity Commission were applled to, and the first proposition m8de by them was to Strlke off all pensloners, until a new scheme could be drafted. However, the Guardians al the time, could not agree to that and a compromlse vras made where e￿sting pensioners remained, but no new ones were ¥Jded. Beiween 1884 to 1893, the number of pensioners reduced by death and other cause8 from 450 to 160. In 1891 a new scheme vms adopted. Includlng funds given to Brunts Guardhan8, under th8 Vrfill of Charles Thompson, Mthere the Charity then provided fv40 and a half acw of land and £6,000 towards the building of school premises, Ga]led Tho Brunts Technical Sthool. A further Gonlribution of two and a half acres of land were addluonally provided where a gids school was erected in connection with The Queen Ellzabelh'5 Endowed Grammer Schod. Tn￿te•s. Roport for th• year ended 31 March 2024 By 1895, Guardlans ￿tra fijrther appolnted kn the stheme whth ￿n515￿ of eight representative and five Co- optatfve members. and in 1911, with yearty income irKreasing. Trustees there able to support over 558 elder persons and provhjed £1.000 a year to the GovemoTS of The Brunts Gr8mmar Schoc4. In 1948 The Charity Commission agreed that the Guardians Committee shwkj cease to exrst on the o)mlng of The Na￿Onal A¥sistance Act 1948. By 1950, eleven new Trustees ware appointed to the Brurts Charity and by 1958 the Charity scheme had evofved to indude the manag8ment of laTrJs (allotments). leases {FffOtwty} the provlslon for repair and Insurance. The charity also paid out sums of money, inibalty £1 {rthv £1201 lo The John Fletcher Congr8galion, £1.OW to the Govemors of The Brunts Grammar Schod and residual in(xJme, not to ex￿ed £1,000 in any one year (via Governors of The Charity Commisglon) for the generat berth of the poor. This would have covered items such as grants for bedding, dothing. food. fumiture, a ￿EeklY dlthvon¢e or grfts in money io reduc8 sid(ness. infirmity or distress. Addrbonatly. pa￿￿ents ctyjld be made tr) almshwses and other charftab18 institutions or Organisat￿nS who had simllar Obj￿ that *ould benefft the kxw in ts area, such as subscriptions to homes. trw)stels for the residents or care of the old. Infi￿ or hcffnekss. The Brunts Charity number 213407 was fornialty regEstered vta The Charity Commi8slon dat&l, 29 November 1962 and amalgamated the Charity, kncwi as JOM Green￿￿ {235191) into Brunts Charty 1213407). By 1963 the Charity scheme reLxYds the introduct￿)n of almshouses, with proFerbe$ being pu￿haSed. and il ts from heTr that the chari￿s maln wrt*)se was eSta￿lSh9￿. to provide Iow-C#)St aco)mmtJlation and facilities to the eldedy in within the Mansfidd DistricL spect￿ note ￿￿5 made that the Charity Trustees 5hwld apply in¢ome of the Charity for the benefrt of Ihe residents in such manner as the Trustees think fft and that almshwses should be wowded to the poor of gc#xl char&ter and residing In the Borough of Mansfield. Since the Charttyvras Constituted on 8 Juty 1958, and Irwtlon of ¢hty b￿MIng an Amshouse Charty, there have been numerous rewsiorts, updating the scheme. Hov•Ever the scheme obiects aThJ de$lgn*ion remain5 the same to thi5 day. The inception of the Charity came uThJer the Charitable Tn￿t Acts of 1853 and is regulated by the uJThenl Scheme of the Charity COmmis￿n￿5 datwj 10 May 2LY)7. Obj0Gtiv•8 and strategi08 for xhigving those obj•¢tives Hisloricaly. the Charity aided the communty in meeting the GoveTr*s share of the cost of buikling the first tsvo phases of the new Brunts Sc￿￿)1. prkn Io tt being pla(*d uTrJer the County Educational SyBlem. In 1977, vAlh the agreement of the Charty Commission. Brunts Charity became the custThlians of John Greenwoc Charity, and six almshouses I￿re erected in 1978 to replace Greenv•fNxI'$ old almshouses. It Is durirKJ this period that the Charity became officially registered as a Hwsing AssociatK)n. Today the Charity continues to cary out the original Wuests of Samud Bnjnts in continuing its charitable objects. whith provkles 153 almshouses a¢ross geographi￿7 sites, wilh additional communty hub facilthes, open spaces, welfare support and safeguarding assurance Nwthin an independent Imng environment. This is provhled for those fulfilling Ihe charitsble crfteria, is to eldedy people over 60 ￿ (55 wih severe medical or disabiltty iS5ues1 residing (or having On association) within mall5f￿d arKI Distr￿ and who are on low income means or have complex medical issues. In addilion to our core function, ts Charity wntinues to make annual payThents to both Mansfield Education￿ Foundath)n and The Old Meeting House (Unitarian Chapel) and provides wd8r one-off grdnts. penSiOr￿ and ottEr SUpp￿t to elderly peoF4e within CL)mmunlty Identified wlthln the scope of the Scheme. Principal risks arbd uncertainties The Trustees have ovwdl re5ponsibiltiy for estat4i5hlNJ arvj maintalning th8 whole system of intemal control and for reviewing its effectiveness. BRuI￿s CHARITY Trustees. Report for the year ended 31 March 21r24 The Trustees recognise that no syEl8m of internal control can provlde absolute assurance or ellmlnate all risk. The system of Internal control is designed to manage rlsk and to provide reasonable assurance that key business objecliveg and expected outcomes will be achieved. It also exists to give reasonable assurance a￿ut the preparation and reliability of financial and operational inform*lon and the safeguarding of th8 Charitys assets and interests. The Charity relies on income from propety and Its Investment portfolio and hence performance in these areas is considered key to furthering the Charity's obiectrves. Maln trends and factors undgrlying tho dgvglopmont and perforniance and posltlon of the Charfty Arising out of the pr￿eeds from Ihe sale of considerable amounts of land and woperty owned by th8 Chartly In Notlingham, Mansfield and other parts of Ihe County by Compulsory Purchase Orders In 1963, the proceeds from these sales were invested lo provide for the provislon and malntenance of almshouses for elderty, poor t￿rsOnS from Y￿thin th8 05d Borough of Mansfield. At this present time, there are 153 units of almshous8 accommodatlon belonglng lo the Ch8TIty sltU8ted as follows.. Champlon Cres¢entlWe8tfield Lane Samuel Close The Palchills, off Eakrfng Road John Greenwood - The Patchills Th8 Palchllls, off Eakrfng Road The Palchills, off Eakring Road 40 Am$hou$e$ 18 Almshouses 50 Amshouses 6 Almshouses 25 Flats 14 Two bedroomed semi-detached tyjngalows The Charity corrtinues to retaln land at Balmoral Drfve12.2 acres) whlch is ￿rrentlY under offer for sale and the funds acquired will be invested to provide future retums to support the Charitys activiti&s. Analysts uslng flnanclal and non.financlal k•y performance IndlcatOTS The Charity presents Its annual report In accordance wllh the requlrements of FRS 102. The income of the Charity is derived from its Portfolio of managed Investm8nls and from six owned commercial retail propertyès sited at Brunts Chambers on Toothill Lane and Leeming StreeL Mansfield. other Income Is dertved from Bank and Building Society Accounts and short lemi money market bonds. together with a grant from Nollinghamshire County Council towards the day to day runnlng of the Champion Crescent Communmy Centre. which is useAI inlemally and externally for the social well-being of the elderly ommunity. Addiknonal incom8 is derived from r85idents' weekly maintenance ￿ntrI￿(h)nS that support the runniro, repair and malnlenance of properties and estates, a small income from the Patchills ond Champion Crescent Communlty Centres, through room rental and the use of facilities. The Charlty m8intsins Its almshouses to a very high standard from the heavlty $ubsldlsed weekjy maintenan ¢harges imposed ané expendtture Is strlctly controlled to ensure th8 Charity operates withln tts financial means and therefore does not put itse51 at risk. The Charity, through slrlct financial management controls, feels it operates 8Lrfficlenlly using its existing inc(Ime streams and therefore does not envlsage havéng to enlist the services of a professlonal fund ralser in the foreseeable future. BRUNTS CHARrrY Trustees. Rèport for the year ended 31 Mar¢h 2024 The Charity had an operating defidt for the year of £159,000 after depreciation {2023.' £45,000), excluding unreallsed Investment movements and interest. Thls result Incfudes provislon for the Charftys current penslon eficf(, as shown In note 14 to the flnancial statements. Income from contribulons from residents Incwsed from £582,000 in 2023 to £647,000 in 2024. Other Income Increased during the year to £358.OIXI (2023: £329.0001. Qperaung costs Increased to £1.164,000 (2023: £956,000). During the financial year to 31 March 2024. a tolal of £48 was paid out in pensions, tog81her with a grant of £352 from the Ethel Walnwright Christmas Grfi Accounl. There are currently two people In recelpt of the Brunts Charlty Pension. An annual grant of £1.000 continues to be pald to Ihe Brunts School via the Mansfield Educalv)nal Foundatlon, as d088 2 yearfy grant of £240 to the Unitarian ChaFd Ward8n8. During the year to 31 March 2024, a total of £23,532 {2023: £15,451) was patd out In the fomi of other grants. After taking account of galns ar￿ losses on Investment assets there Wd8 an Increase In funds of £779,000 for the year. Thls represented an Infftase of £3,000 on Restricted Funds, an increase of £441,000 in Unrestricted Funds, including a transfer of £353,000 from Endowment funds, and an inGrea5e of £335,CKJO on Endowmerrt funds, after the trdnsfer and unrealbsed Investment movem&nts in the year. The movement in funds represents an increase in the level of net current a88e18 of £313,000 vthen compared 10 2023 and an Incwse of £779,000 in the level of net assets. Total funds 8t 31 March 2024 were £16.306,000 of whl¢h £9,956,Cth were unres1rtct￿. The fund ba18nces Include £7,956,000 represented by unreaised gains on investments. In the opinion of th8 Trustees the net assets of the Charity of £16,306,000 at 31 March 2024 are adequate and avallable lo fulfil the Obligatio￿ of the Charity including all known commitmonts. Futurn Pro$po¢ts The CharKy Trustees are pleased to report another successful year where it eoTrtlnues to rollwout Its 8trategic plan which under-pins the Gonsolidation, development end futu￿ aspiraknon towards ensuring that Brunts Charlty continues to deliver and expand on its original objects. and that It achieves thi8 by ensuring It remains financially robust and conllnues to Invest In and develop its infrastructure and people so that it evolves and remains a Charity which is fit-for*urpose and of value lo its community into the future. Based on the Charlvs conllnuing consolidatlon of infrastructure needs, it has again invested appropriate funding Streams to meet the routine rnaintenance and repalr of properfes, needs. whllsl allocating additional revenue budget funds towards varlous In-year projects, ￿leh Included emergency lighting at tho Patchills flats and Cenlre, demolillon of bln housSngs at 54 bungalows, new flooring in cornmunal areas, new pathway ramps for 4 bungalows, radiator installation in front bungalow porches, decoration and quinquennial works across sites. In addition to these works the Trustees agreed capitd budget project works bthich included the ongoing four-year roll out of new walk in bathroom showers and ktichens. new roofing and Insulation at the Samuel Close site for g properties, ￿plaCemen1 lamiao pathways al the Patchills slle. a revamp of office and reception space at the Patchills Centre, refurbishment of the Support Officers three bedroom house (Palchills silel and suppIyTng new communal tables and chair3 within the Palchllls Community Centre. BRUP￿s CHARrrY ' Tn￿, Report for the year ended 31 Mar¢h 21f24 In pr8paration of the cOn￿nuir@ ¢onsdidation and development pla￿ durro 202412025. the Charity Trustees have Identified ongoing fundlng, wh￿e tt shall altocate further revenue budget wrKks and substantlal allocation in capttal projects which is estimatgj to be an)und £2 milli)n iwjt bthich wll see three exdting developments wtlh the upgrade aThJ refurbishm6nl of the Patchills Centre, refijrbishment of Brunts Chambers, grade11 Listed Ixtllding (induding 8 £3(K)k grant from Try¥￿sCape Hentage, Lottwy fuThJiryl aThJ the addition of 3 flats Into vacant space be1¥￿n numbers 38 to 40 Leeming Street *thich shdl wovvje sustainable irwme gener8lh)n golng forward for the Charity. Further to these wojacts. the Charity Is contlnulng to wrsue the sde of larxl it owns al Balmoral Drive where a competitive lender has been secured. This is currently golNJ through legal process S￿1h the proposad purchaser conductlng their ne¢wsary due diligence and ￿annIng 8prAutions which hop8fulty wlll see th19 Inltlalve realised al erKI of 2025. Whllsl thls land sale ToIIsryOUt, the Charity hag addilionalty negouated the purchase of the f¢)m)er Abbey Schoc4 srte 15.5 aC￿s) whth ks located adjacent to our &xisUng Patchi118 development arKI sublecl lo app￿led due dllIger￿. ￿ hope that thls shall al80 b￿0m8 a successful acqu181t￿n around the end of 2025. Tnjstees have &Jreed funding and aim to acquire this land as a Intermediate land bank V￿th ￿piratiO￿ lo build &ldltional fulure-proofod bungal(Y498 lo meet tho increased demand for low cost. qudlty aTrJ wdl run hr￿ing for our elderly populallon who are I￿rIng longer and Incre881na Sn ThJmber8. Thls thwefLYe 18 seen as a crftkal objective In the future planrdTrJ of Ihe Ch8rty and 80. over Ihe comlng year8. Ihe Trustees will aim to balance Income against exwKlhureg in order lo continue to meeting thè short, medium aTKI long lemi strategic aims. To achieve these requirements, the charlty 1$ looklng to grow its in¢ome lo generate SUTplus funds lo assist In future t￿lId 88F4ratlons ￿th￿h cg>uld see the potentlal to add a furth8r 60 bungalows to the property port1￿10. whlch be a major achievement as ￿18t(￿jian8 of Brunt8 Charity and Its ongoing hlstory and evOlUt￿n. A••¢um•nt of how th• Charlty Is achlevlng valu• for fflonoy The Charlty ￿11 contlnue to delNer Its core I￿sIness, WOVKllrwJ lthy cost ac4x)mmodatth and supportlro Its elderly benefi¢lade3 through the delfvery of a 8UPPOrt infraStr￿tur8, such as CL•Tnmunlty facllitles. wh￿h offers essentlal safeguarding and well-being seNces at reduced costs. The Charity 0150 offers one￿ff grants and pension opportunTties lo those elderly people vlthin the Vi￿er communlty of Mansfleld and Dlstrkl that 8r& ellglble. Trustee8 8fKI Senior Management TeAm operate strict (￿tr￿ over eXp8nd￿Ure, ￿fjrklng wlth all stakeholders to maximise overall cost effthncy. Tho investrnent pc¥tlolio is carefully rnana￿d to onsure it generates 8dequate Income streams wlhin the acceptsble risk profile arKi the Trustees achieve thls through regular review of and updates on market perforynance from the investment manager5. Cod• of gov•man The Charftys Scheme lists 11 Trustees up from non4xeathe appolntments 4 representatfve councillrys from the local autlK)rtty ￿ 7 Co-oplatfve Trustees made up from volunteers bmthin the ￿MM￿nity of Mansfield and Di5triGt. In the ￿ar the Charlty *?s Govemed by 10 Trustees and is taking prcpactfve measures to recruit and appolnt an additional Cfroptallve volunteer withln th8 current finanaal y8ar period. The Trustees are able to draw from relevant broad experfence in collective commStte& dellberations and OP8Tate within relevant and recommended govemance armj compliance framv•vorks, adopting a democratlc process In declslon maklng. covering ts charitable objects. Tha C￿lecIfve Board of Trustees, meet thre8 times per ￿ar to d19OJSS 8nd agre8 matters of governance, ompllance and financial aLrthority and vthere Operatior￿1 updates are provided the Senknr Management Team. BRUNTS CHARrrY Trusteos. Report for the year ended 31 March 2024 The Trustees are colle¢twely responsible for the competent management of the Charity In a¢o)rdan¢e wth its objectlves. The Board of Trustees, sutFdelegates operational day-t(pday runnlng of the Charity via hs Senior Management Team ISMT) which consists of the elected officers (The Chalr and Deputy Chalr} and senior operational employ8d staff {The Chief Executive Officer {CEOI and Operations Manager (OPSM)) vtho a provided delegate, controlled authority to enable the efficient and effectNe running of the Charfty dtyl day. The Board of Truste8s addilionally appoint both the Chalr and Deputy persons to provide ov8rsight In support of Ihe CEO to manage Its employed staff which currently conslts of one Operations Manager, one Administrative Executive, three Support Officers, Ono welfa￿ aNJ Safeguarding Officer and Housekeeping p8rsonnel In dellverlng Its operational capabilttie5. The SMT is addltlonally r8srx)nslble for advising the Board of Trustee5 In deflnlng and Upda￿ng polldes and procedures so that Trustees have sufficient inf0mia￿On to prudently endorse and approve the Chariws affairs and strategic direction. The Charity conducts its acttvities with proimty in such a way to balance its overall respon8lbillty towards Its residents and other benefiGlaries with whom It deals and confirms that all the Trustees have paid due attention to the Charity Commission guidance on public benefit. Reference to Truslees, annual revlew of Int¢Tnal ¢ontrol In meeting its responsibilltr'es, the Trugtees have adopted a risk-based approach to intemal controls which are embedded within th& nomial management and governar￿e process. This approach indudes the regular evaluation of the nalurt and extent of risks to which the Charity Is exrA)sed 2nd Is consistent wlh the prfnclples as incorporate(l in the Internal Firrancial Controls for Charities guidance ICC8). The process gjopted by Ihe Tru8tees in reviewing the effeGtiveness of the system of internal control, together some of the key elements of the control framework Includes.. A Senior Managem8nt T8am mad8 up of the Chalr and Deputy Chair and thre8 senlor personnel responsible for ertsuring that the decisions made by th8 Trustees in relation to intemal contrd and corporate govemance are acted upon and are effective. Operational decisions are made by the Senior Management Team in the periods be￿n Trusl88s' meellngs, report¢ng back to the Trustees every four months for scrutiny, assurance and audit purposes. Comprehenstve management infomiation is presented lo the Trustees and the Management Committee. This includes annual budgets and detsiled quarterly accounts prepared by the Chariws accountants for board rewew and approval. A system of appointed workiTrJ groups, made up from delegated TTU$tees and Senior Operational management to look at specific governance, compll8nGe issues and idenlffied projects as identified via The Board ofTrustees. Publie benèfit 8L*ement The Trustees have reviewed the Charity's activltles and satlsfied them8efves that suitable publi¢ benefit is provided in pursuit of those charitable activities. Trusteeg. regponslbllltles The Trustees a￿ ￿sponSIble for preparlng the report and financial statements In ac¢ordan¢e with applicable law and regulations. The Charitles Act 2011 and ￿gIstered 8o¢k41 housSng leglslation require th8 Trustees to prepare financial statements for each financial year which give a true and fair Mew of the stste of affairs of the Charity and of ils income and expenditure for that period. BRUNTS CHARITY Trustees, Report forthe year ended 31 March 2024 In preparlng these flnan¢lal sl*ements, Ihe TrLfjStees are required to- select suitable accounting polick8s and then apply them conslstenuy,. make Judgements estsmale5 that are reasonabte and prudent., st8te whether applFcable a¢¢ountiThJ standards have been fc11ov￿d. Subject to any material departures disctosed and gxplained In the financial stslements,. and prepare the financial statements on th8 golng cOr￿M basts unless It 1$ Snapproprfate to presume Ihal th8 Charfty will contlnue in busiTW. The Trustees are responslble for keeping proper accounting re￿rdS which disclose with reasonable accuracy at any tlme the financlal positlon of the Chartty and enable it to ensu￿ that the financlal statements t￿np]Y th the Charities Act 2011. the Housing and Regeneration Acl 2008. the Statement of Recommended Practke for Social Housing Provklers 2022 (plus Houslng SORP guidance 2022) and the Accounting Dlrectlon for Prwate Registered Providers of Soci81 Houslng in England 2019. They have general responsibility for taking reasonable steps to safeguard the assets of Ihe ChaTity and lo prevent and detecl fraud and other irregularities. Disclosure of Inforniatlon to the audltOf8 The Trustees of the Charity who held office at the date of approval of these flnanctal 8tatsment8 88 Set out above each confimi, so far as they are aware, that: there ts no relevant audit information of vèhich the Charitls auditors are un￿are., and they have taken all the steps that they ought to have taken as Trustees in order to make themsetves a￿are of any relevant audit infomation and to establish that the Charitys auditors are aware of that information. The Trustees, report was approved by the Trustees on 5 Septsmber 2024 and slgned on their behalf by D Undy Chair of Trustee S HiggTns Deputy Chair of Trustees BRupifs CHARrrY Trust•88' Roport for tho yoar ended 31 March 2024 The recent Ferfomance of the Charrty Can be summaris&J as fo11tr￿.. Income 2024 (£000) 31 Incorne 2023 (£000) and 26 264 £2.2mll Ckn us8 assets £6.3mll 729 653 LoThJ term investments Rent•l I￿oMe Rent•l IrK Irb¥esiment h)¢om• Inb*sbMrtt Ih¢om• £7.9mll Other a$$ets oiher Incty £153k Total 118bllltles Expenditure 20231£000) Expendlture 2024 {£000) 26 172 151 17 393 573 •Grants •rhJ dortatlons Grants and dOna￿on5 Property mèlntenan¢e Property malntenarfe AdmlTr exp¢nses mlh expens Depreclatlon Flnanclal hlstory {£OOO) and charftable spendlng ratlo 1,2tsJ 2(KJ 2020- 119% 2021- 118% 2022- 88% 2023- 104% 2024- 114% 5 year average- 108% 10 BRupifs CHARITY Independenl Auditor's Rgport to the Trustees of Brunts Charlty for th• year ended 31 March 2024 Oplnlon We have audited the flnanclal $tslemenl$ of Brun1$ Charity for the year ended 31 March 2024 which compTise The Statement of CompTeh8nsiv8 Income, Balance Sheet, St8tement of Changes In Reserves, Statement of Ca8h Flowg and note8 to the flnancial sl8tements, Includlng a 8ummary of signrflcant accounting policies. The financial reporting framework that has b88n applied in their preparation is applicable law and United Klngdom A¢¢ountlng Stsndards, Includlng Flnanclal Reportlng Standard 102 The Flnan¢lal Reportlng Stsndard applicable in the UK Republ￿ of Ireland (United Kingdom Generally Accepted Accounting Practice). In our oplnion the fln8n¢lal 8tstements', glve a true 8nd falr ￿eW of the Charlty's affalrs a8 at 31 March 2024, an(i of Ils Incomlng resources and 8ppllcatlon of resources. Induding its income and expenditijre, for the year then ended,. have been properly prepared In eccordance wth Unlted Klngdom Generally Accepted Accountlng Practlce., and have been prepared In accordance wlth the requirements of thg Charltles Act 2011, the HouslrwJ and Regeneratlon Acl 2008 and the Accounllng DlreGtlon for Prlvate Reglstered Provlder8 of Soclai Hou¥lng In England 2022. B8818 lor oplnlon We conducted our 8udll In accordance wlth Internallon81 Standards on Audltlng (UK) IISA8 (UK)) and appllcable law. Our re8pon8lblllties under th08e 8tandard8 ar8 further des￿Ibed In th8 Auditor's responsiblllties for the audit of the flnanclal statements sectlon of our report. We are Independent of the Charity in accordance wllh the ethlcal requirements that are relevant lo our audll of the fln8nclal statements In the UK, Includlng the FRC'S Elhlcal St8ndard, and we hav8 fulfilled our other elhlcal responslbllllles In accordance wllh these requlrements. We belleve that the audlt evldence we have obtsSned18 8uffl¢5enl and appropriate to provlde a basi8 for our oplnlon. Conclu•lon$ rolatlng to golng concem We have nothing to report In respect of the foll￿ng matters In relallon to whlch the IS4s (UK) requlre u8 to r8POrt lo you where: the Tnjslees, u8e of the goSng concern basls of accounting In th8 preparation of the financ6al slalements Is not 8pproprtale,' or the Trustee8 have not dlsdosed In the flnanclal 8t8tements any Identlfled materlal uncert8lndes that may ca81 signlficanl doubl about the Charity's ability to continue lo adopt the going ¢on¢ern basts of accounllng for a perlod of at least ￿1ve months from th8 date when the flnanclal statements are authorised for Issue. Other inforniatlon The Trustee5 are responslble for the other information. The other information comprlses the informatlon Induded in the annual Trustses, report,. we do not express any forni of assurance conclusion Ihereon. Our opinion on the flnanclal statements does not cover the other Informallon and, except lo the extent olhern15e explicitly stated in our rep)rt. ￿ do not express any form of assurance conclusion thereon. 11 BRUNTS CHARtrY IThdep￿dent Auditorfs Report to tha Trust••s of Brunts Charity for the year ended 31 March 2024 In connectlon wlth our 8udit of th8 financlal statements, our responsibility is lo read the other information and. in doing so, consider whether the other informatlon is materially inconsistent wlh the financlal 8talements or our kno￿edg8 obt8ined In the auélt or otherwise appears lo be materially m198tated. If we idenllfy such mateTi8i incon81stencie6 or apparent mater181 mlsstalemenls, we are requlred lo delem7ine wh8lher there is a materlal mis51atem8nl in the financlal slatem8r¢ts or a material misslatement of other Information. If, based on the work we have performed, we condude that there18 a malorlal mlsstalemènt of thls other Informallon, we are required to report that facl. We have nothlng trj re￿rt In this regard. Mattern on whlch w• ar• roqulred to Teport by excoptlon We have nolhlng lo report In r83p8cI of the followlng matters In relatlon lo whlch the Charllle8 {Accounl8 and Reports) Regulallon8 2008 requlre us to report to you W, In our oplnlon.. the informatlon g￿en In the Tru8tee8' report 18 Inconsl8tent In any materlal respect ￿th ts financlal statements., or 8ufficl8nl acojuntlng reo)rds have not been kept., or the ffinanclal st81emen18 are not In agreement wllh the 8¢¢0unlng records., or we have nol recelved all the Infomiatlon and expl8natlon8 we requlre for our audlL In addlllon, we have nolhlng lo report In res￿1 of the follovAng matter ￿8re the Houslng and Regonerallon Act 2008 requlre8 U8 to report to you W, In our oplnion: $all8factlon 8yslem of control over tran8acllon8 h88 not be8n malnl8lned. R￿ponsIbIlItIa8 of the board AS explained more fully In the Truslee8' respon8ibililles statement, sel out on page 8, the Trustee¥ (who are Ihe Trustees of the Charity for the purposes of Char￿ law) are responsible for the prepar8llon of the financlal statements and for belng 5allsfted that they gfve a true and f8Ir vlew, and for such internal ¢onlrol as the Trustee8 determine Is neC￿S¥ry to enable the preparallon of flnanclal Statsmants that are fr88 from materlal mlsststement, whether due lo fraud or error. In preparlng the flnancial stslements, the Truste88 are responsible for assessing Ihe Charity's abllSty 10 ontinue as a golng concern. dlscloslng, a8 applicable, matters relaled to going concern and using the going concem basi5 of accounting unless the Trustees etther intend lo liquldale the Chartty or to cease operations, or have no rea118U¢ alternaltve but lo do 80. Audllor'8 rg8pon8lbllltles for the audlt of the flnan¢lal 8t•l¢ments We have been appointed as audltor under section 144 of the Chaflties Act 2011 and geclion 136 of the Houslng and Regenerallon Act 2008 and report In accordance with regulations made under section 154 of the Charities Act 2011 and gectlon 137 of the Housing and Regeneratlon Act 2008. Our objectNes are to obtaln reasonable assurance about whether the flnanclal statements as 8 thole are free from material misstslemenl. wh8th8r due to fraud or 8rror, and to isgue an auditorfs report that Includes our opinion. Reasonable assurance is a high level of assurance. bul Is not a guarantee that an audit condu¢bY In accordance vAth ISAS (UK} wlll alwayB detect a material misststement when It exists. 12 8RUNT8 CHARrrY Independent Audltorfs Report to the Tru8tee8 of Brunts Charfty for the year end•d 31 March 2024 Mlsstat&menls can arlse from fraué or error and are consldered material if. Ir￿1vIduallY or in aggregate. they could reasonably be expected to Influen* the economic decisions of user8 tsken on the basb of these finandal 8tstements. Irregularllies, Includlng fraud, are Instances of non-compllance wth laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect ma18rSal mlsstatemenls in respect of irr8gularlli8s, including fraud. The extent to whlch our procedures are capable of dete￿Ing Irregularitle8. Incjudlng fraud Is delalled below. As part of our plannlng proce88: We enquired of management regardlng the 5yBtems 8nd controls the Charity has in place, the 8re8s of the financlal statemen18 that are mOS￿Y susceptlble to the risk of Irregularltles and fraud, and whelhar Ih8re was any known, suspecled or alleged fraud. The Charty dld not inform us of any known, suspected or elleged fraud, We obtslned an underslandlng of the legal and regulatory frameworks appllcab18 to th8 Charfty. W6 d&termln8d that tha followlng were most relevant.. FRS 102, th& Charllles Act 2011, th8 Houslng and Regenerallon Act 2008 and the ACCOUn￿ng Dlrecllon for Prfv818 R8gl8tered Provlder8 of Soclal Hou8lng In England 2022. We consldered the Incenllves and opportunltles that exlst In Ihe Charbty, In¢ludSng Ihe axlenl of management bl86, whlch Fyesent a polenlial for irregularltles and fraud to be perp8luated, and tallored our rlsk assessment accordingly. Uglng our knowledge of the Charlty, together ￿th the d18cusslons hèld wtth the Charlty at the plannlng 61age, we formed a concluslon on th8 rlsk of mlsslatement due to Irregularltles induding fraud and tailored our procedures accordlng lo Ihls rl8k assessment. Th8 kéy procedures we undertCp)k lo d?tect Irregularltles Includlng fraud durfng the cour8e of the audll Included.. Idenllfylng and tsstlng journal enlrles and overall accounttng records. In partl¢ular th08e that ￿re slgnmc8nt and unu8ual. Revlewlng the fin8ncLg18latement dl3c108ures and dete￿InIng whether accountlrvJ pollcles have baen appropriately applied. Revlewlng and challenglng Ihe assumplSons and Judgements u8ed by management In thelr slgnfftant accounllng e8tlmales, In partlcular In relallon to the valuallon of inv8slmen19 and depreciation. Porforning a physical verlllcallon of key a88ets. Obtaining thirdprty confirmallon of material bank balanc8s and investment Values. Rewewing documentation Such a8 the Chartty board mlnutes. correspondence with so11c￿Or$, for discussion$ of irregularities inciudlng fraud. o￿ng to the ifther8nl Ilmlla￿onS of an audlt, there Is an un8voidable risk that we m8y not hav8 detected $ome malerlal misstatements In the financial statements even though we have properly planned and performed OUT dit in accordance wth auditing standards. The wlmary respon81b11￿ for the preventlon and del￿tIon of irregularities and fraud rests with the Trustees. 13 BRUNTS CHARITY Indèpendent Auditorfs Report to the Trustees of Brunts Charlty for th¢ y¢ar Mded 31 March 2024 These Inherenl Ilmitallons are pariicularly slgnlflcant In the case of mlgststement resultlng from fraud ag Ihl8 may invofve sophislicaled schem8s designed to avoid detection, including deliberate failure lo record transacllor*, collusion or the prowsion of intentional misrepre5entalMMs. A further descriptton of our responsibllltles for the audlt of the flnanclal statements 1$ located on the Flnan¢ial Reporting Council's website al: ￿M.f￿.0rg.UkIaudlt0rsreSPQns1bIl1tIe$. Thb de8crlptlon fomi8 part of our auditorfs report. Us9 of our report This report is made 8ole]y to the Charity's Twstees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2CK18 section 137 of the Houslng and Regeneralon Act 2008. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to stste to them in our auditorfs report and for no other purpose. To the fullesl exlent pemiitled by law, we do not accept or assume responsibility lo anyone other than the Charity and the Charitls Trustees as a body. for our audit work, for this report, or for the oplnlon8 we have fomied. Jonathan Wtlson FCA CTA Senior Statutory Audltor For and on behalf of Barnett & Turner Accountarbts Ltd Chartered Accountants and Registered Audltorg Cromwell House 68 West Gate Mansfleld Nottinghamshiro NG18 1RR 5 September 2024 14 BRUNTS CHARITY Statement of Compr8h•nsive Income (including In¢omg and Expendilur• k¢ount) for the year ended 31 March 2024 Note 2024 £000 2023 £000 Turnover Cost of sales 582 (688) 1847) Gross (defi¢lt) 1200) 1106) Administratfve expendlture 1317) (268) Other operating inwme 329 Oporating (deflclt) 1159) (45) Interesl re¢eTvatlo and similar income 19 Movem8nl in fair value of financial Instruments 919 1347) Surplusl{deficlt> on ordinary a¢tivities forthe year {386) Total comprehenslve Income for year 779 386 On b8half ofthe T￿￿tee8 D Undy Chair of Tn￿￿￿$ S Hlgglns Deputy chair of Trustees The noles on pages 19 to 28 form part of these a¢￿unts. 15 BRUNTS CHARrrY Balanc• Sheet as at 31 March 2024 Note 2024 £000 2023 Flxod assfrts Tangible fixed a88818 Investments 2,271 6,322 2,139 8.593 8,127 Current a88•ts Debtors Investments Ca8h at bank and In h8Tr 10 11 6,690 1,067 6,103 7,866 7.499 Credltorn: r4nounts falllng due wlthln ono yoar 12 (183) 199) Net current 888ets Total nat a880ts Re8erve8 Income and 8xpendllure reserve Restrlcled reserve Endowment reserve 13 13 13 9,966 230 6.120 9,515 227 5,785 Totsl ro0orvo• 16,306 15,527 The flnanclal 8talements were approved and 8ulhor18ed for L88ue by the Tru$tee8 on S September 2024. Slgned on behalf of the Truslees D Undy Chair of TTusl8es 8 Higgins Deputy Chalr of Tw8tees J< The ￿leS on pages 19 to 28 fomi part of tlw accounts. 16 BRUNT5 CHARITY ststement of Changes In R•soNes for the year ended 31 March 2024 In¢omo and expenditur• rnfyenfe Rostrfcted Endowment reserve Total £000 £000 £000 £000 At 1 April 2022 9.722 5,955 15,913 (Deficltysurplus for the ypar 1530> {9} 153 (386) Transfer be￿n funds 323 (323) At 31 March 2023 9.515 227 5,785 15.527 Surplus for the year 88 779 Transfer betr￿n funds 353 (353) At 31 March 2024 17 Bfunts Charity statement of Ca¥h Flows for thg yoar gnded 31 March 2024 Note 2024 £000 2023 £000 Net cash genèratèd from operatlng actfvitles 28 46 Cash flow from Investing activti• Purchase of tanglble fLxed a8sel8 Interest received Not cash used In Investlng activltlèB 13051 10 12861 (296) (290) Nel rgauction In cash and cash equlvalents 253 Cash and cash equlvalents at the beginning of the year 1.320 1,564 Cash and ￿$h equival•nts at the end of tha year 1.320 Cash and cash equlvalents at the year end compAse: Cash al bank and in hand 1.067 1.320 The notes on pages 19 to 28 form p8rt of these 8cts)unts. 18 BRuKfs cHAR￿y Notes to the FTnanclal Stat8mants for the year ended 31 March 2024 1. Summary of signlficant accounting polici•s . General Infomiatlon and basis of preparatlon Brunts Charity is a register&1 clwity and a rKr¥ate r8gislered provider of 50cd hwsing in th8 United Kingdom. The address of the registered offKe is given in the Charity Infomatlon on p4e 1 of these financlal statements. The nature of the Charitls operations arKI prirKipal actNilies are the provision and MaIntenar￿ of almshouses for elderly poor persons from wilhin the (Ad Borough of Mansfield. The Ch*ity constitutes a publ￿ benefft a)tity as defir*d by FRS 102. The finanoal statements have been pre￿e￿ In a(￿rdanCe with apklicable aLxounling slandard$ induding Financlal RekVting Standard 102 'The Firranoal Re￿ting Standard APpI￿able in the UK and Republic of Ireland. IFRS 102), the Statement of ReLxJmmended Pwtice for Socd Houslng Provklers 2018, and wilh the Ac¢ounling Di￿10n for Privale Registered Providers of Social HouslThJ In England 2022. The financlal statements are also prepared under the rwuiTrments of the Housing arKI Regeneration Act 2008 and the Charities Act 2011. The finar￿181 ststements have been prepar&J on a going concem basis under the historical cost convenwon, modffied to indude rkrtain item5 at fair value. The fInar￿la1 statements are prepared in steding. vthich Is the functK>na ujrrency of the C￿rity. and rounded to th& nearest £CrfXI. The siqnifThnt accountirrfJ polth applied in the weparation of these fina￿al statements are set out below. These pcI￿leS have been corn8islenUy aPFlied to all yEars wesented unle&8 otherw1* ststed. b. Going concern Changes in genera economic l￿dItIOns have restjted in significant tthanges in the values of the Charity's investments during recent years. On the basis of their assessment of the Charit￿3 firraTKial FQSitDJn. thg truste85 have a reasonable expectation that the Charity will be able to ￿)ntinUe In operational existence for the fC￿eeabI8 future. Hence, the tnjstees bdieve il is approprHte to adopt the gyng concem basis of preparation of the financ181 stalements. c. Tangiblo fixod assots Tangible flxed assets (induding S￿al housing propertw) are stated at Cost less scKial housing grant, accumulated depreaation and a¢¢umulated Impaimienl losses. Cosl includes costs direcuy attributable to makiTrJ the asset capa￿e of OFwating as interKted such as the cost of acquirirMJ land and buildlngs. developments costs, Inte￿t charges loans durirwJ the development peric#J and expendliure on improvements. Expenditure on imwovements wll only be capitali8ed Y￿n rt resutts in incrementsl future benefits such as Increaslng ￿nI￿ income. reducing maintenaTh% costs or resufory in a significant extension of the useful economlc Ikfe of the proFWty. DeFwialion is woMd¢d on all relffrfant tangible fc Less: provision for bad debts other debtors 56 18 112) 47 52 18 (12) 18 76 11. Curr¢nt as8¢t investments 2024 £000 2023 £000 Llsted investments Short term deposits 679 11 6,092 11 6,690 6,103 The fair value of lis18d investrnents is delem)ined by reference to the quoted price for id8ntical assets in an adve market at the balonGe sheet dale. 12. Credttors: amounts falllng due wlthln ona year 2024 £000 2023 £000 Trade ¢reditor5 Rents paid in advance Other lax aTKI social securty Accruals and deferred income 13 106 79 153 13 Reserv08 InGorno and 9XPgnditurg resorvo The iTwme and gxpendihjre reserve represents cumulatNe surpluses and deficts ngt of olher adjustments and Includes a designated fund, earmarked by the Trustees for the extraordinary repalr and maintenance of the Almshouses. No materlal eXtrac￿Inary repairs have been requlred during the year. Restrlcted and endovAnent reserves The Ethel Wainwright fund is restricted in accordance wth Ethel Wainwrighvs wishes to provide annual Christmas gifts to the Charity's residents. The Russe15 Williams fund is restTTCted in accordance with Russell Williams. wish to provhje the Charity specffj￿ finance towards capital projects at the Trustees, discretion. The endowed fund represents property held under endwnent by the Charty to provlde capital gr￿ and general income to dlow the Charity to meet Its purFx)se. 25 BRUNTS CHARrrY Noles to the Flnancial Statement8 for the year endod 31 March 2024 14. P•nsion commitmonts Brunts Charity partl¢ipates in the Soclal Housing Penslon Scheme, a mulli-employer scheme whlch provldes ben8frts lo some 500 non-associaled employers. The scheme is a defined beneflt schemo in the Ulc Recon¢lllatlon of pre8ont value of plan Ilabiliti•s 2024 £000 2023 £000 At the beglnnlng of the year Current $ervl¢e c081 Expense Inter8sI expense Member contrlbuJons ActU8rl2l I0￿S/[gainS) due to Scheme experlence Actuarlal Igalns) due to changes In demographlG assumption8 Actuarial Igalns) due to changes In f5nancial assumpllon8 Benefits pald and expense8 299 49 16 18 71 19 12 (851 {110) {4781 (3} At the ènd of the year Rocondllatlon of pmont value of plan a880ts 2024 £000 2023 £000 Al the beginning of the year Interest Income Exp8rlenca {los$es) on plan a85ets Employer ¢onlributlon8 Member eontributSon8 Benefits pald 8nd expen8e8 755 16 (162) 95 12 (478) 15 (50) 134 18 At the end of the year 352 238 26 BRUNTS CHARITY Notes lo the Flnancl*l Statémènts for the year ended 31 March 2024 1& Penslon ¢ommltm•nts (eontlnuèdl Composltlon of plan as•ats 2024 £000 2023 £000 Global equity Absolute relum Distressed opportunldas Credll re181ive value AllemalSve rf8k premla Emerglng markets debt Rlsk 8harfng Insuranc845nked Sgcuritios Propety Infrastructure Hlgh Ylekl Prlvale debt Opporiunl$ll¢ Illlquld credlt Cash Long lease prop8ty Secured income Liabillty drfven Inve8lmenl Net Gurrenl a88ets 14 12 12 11 21 18 14 36 14 14 10 27 11 10 10 143 11 110 Tot810890ts 352 238 Net p•n•lon •ch•m• Il•blllfy 2024 £000 2023 Falr value of plan a8Bets Pre8ent value of plan Ilablllllos 238 (299) Net penslon Scheme Ilablllty 89 The amounts rocognl•8d In th• 8tst•m•nt of compr•h•nsfv• InGom• •r• as lollow•: 2024 £000 2023 £000 Current servtce cost Expenses Net interest expgnse 49 27 BRUNTS CHARITY Notes to thè Flnancial Statements for the year ended 31 March 2024 1& Penslon commitments (continued) Thè amounts recognlsed In othor comprehensive income are as follows: 2024 £000 2023 Exp8rferoe (loss) on plan assets {excluding amounts Induded In net interest cost) Expedence Ilossygain arlslng on plan liabilitks Effects of changes in the demographic assumplions und￿l￿ng the present value of the defined benefit obligauon Effects of changes in the financial as8umptions u￿led￿r￿J the present value of the defined benefrt obligation 1162) 85 171) 110 118 Principal actuarial assumptlons at the balance she81 dat• (expressed as welghted averages): 2024 2023 Discount rate Irffl8tion IRPII Infflatlon ICPII Salary grovrth 4.89 3.17 4.88 3.20 2.74 3.74 3.77 2024 2023 rs years Mortality rates: For a pensloner aged 65 rthv Al 65 for a futur8 P8n5ioner now 21.8 23.1 22.2 23.6 The charty expects to contribute £116,000 to its defined benefit penS￿n scheme in 2025 {2024: £91,000). 15. Capital ¢ommitm8nts A5 al 31 March 2024, Ihe Charity had ¢apilal ¢LKnmitments lotalllng £1,106,000 in resF*Ct of prop8rty Improvement works. 16. Cash fl¢wi from tspèrating aGttviti8S 2024 £000 2023 £LJ)O SurpluSl(def￿1t) for the year 779 1386) Depreciatlon of fixed assets IGainy]08s on Investments Interest recelved Ilncreaseydecrease In debtors Increaselldecrease) In credrtors 173 (919) 119) 151 347 (6) 16 (76) Net cash generated from operating aGtiwt 28