## **Registered Charity no. 214966**
**REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2021 FOR THE THOMAS BROMWICH TRUST**
Correspondence: The Vicarage Church Road Perry Barr Birmingham B42 2LB
THOMAS BROMWICH TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28TH FEBRUARY 2021
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered charity number** 214966
**Principal address** The Vicarage Church Road Perry Barr Birmingham B42 2LB
## **Trustees**
Revd Martin Rutter (Chairman) Mr Thomas William Horrell (resigned 20.10.20) Mrs Heather Allen (appointed 20.10.20) Dr Jennifer Mary Milne Father Barrie Scott Mr David Gravell Mrs Sylvia Smith Rev. Dr. Robert Stephen Mrs Diana Duggan Mrs Betty Lear (resigned 19.05.20) Mrs Harriet Sutton (appointed 19.05.20)
**Clerk to the trustees** Chrissy Norgrove Garrad Enterprises Limited The Estate Office, Wharf Cottage Broombank Tenbury Wells Worcestershire WR15 8NY
**Investment manager** Ian Posgate EFG Harris Allday Church Mews Ombersley Worcester WR9 0EW
THOMAS BROMWICH TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28TH FEBRUARY 2021
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The origins of the charity arise from the will of Thomas Bromwich in 1579 and first became subject to a Charity Commission Scheme in 1872. The charity is an unincorporated association currently governed by a Scheme of the Charity Commission dated 7 May 2010.
## **Recruitment and appointment of new trustees**
The power to appoint new trustees resides with the trustees of the time as set out in the governing document.
All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in the notes to the financial statements
## **Subcommittees**
The Scheme of the Charity Commission allows for grants to be made through subcommittees. The Trustees have appointed three subcommittees to administer the charity in the three historic areas of operation: Handsworth, Perry Barr and Great Barr.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The Thomas Bromwich Trust's objects and principal activities are to apply the income of the charity to relieve either generally or individually persons resident in the area of benefit who are in conditions of need, hardship or distress. Applications can be made through the local subcommittees. The trustees have complied with their duty in Section 4 of 2006 Act to have due regard to guidance on public benefit published by the commission.
## **FINANCIAL REVIEW AND RESERVES POLICY**
## **Restricted Funds**
The charity endowment funds are all invested in stocks and shares. The capital is restricted, and invested by the trustees with the aim of maximizing income and capital growth at low risk. The trustees meet with their investment manager and stockbroker once a year to review investments.
## **Unrestricted Income**
It has been the practice of the trustees to distribute the income from investments equally between the three subcommittees for the purpose of making grants. However, unrestricted income held and administered by a local subcommittee may be applied anywhere in the overall area of benefit. An investment fund for unrestricted income was established in December 2012.
## **Achievements and performance**
The value of the investments of £1,269,199 (2020 £1,125,889) has remained stable, reflecting market trends. The Trustees believe the investments reflect a balanced portfolio, with risk spread across different market sectors.
During the year, the Trustees received income from investments amounting to £37,219 (2020 £38,668) from which administration expenses amounted to £4,011 (2020 £5,366) and Charitable grants amounting to £24,792 (2020 £27,200) were paid. Two donations of £500 each were received from the TX Maxx Community Fund Foundation.
THOMAS BROMWICH TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28TH FEBRUARY 2021
## **Reserves policy**
The Trustees reserves policy is to maintain a sufficient level of unresticted reserves to enable normal operating activities to continue over a period of twelve months should a shortfall in income occur and to take account of potential risks and contingencies that may arise from time to time.
## **ON BEHALF OF THE BOARD OF TRUSTEES**
The Trustees consider that, in preparing these financial statements, they have used appropriate policies, consistently applied and supported by reasonable and prudent judgements and estimates. The Trustees are responsible for keeping proper accounting records to enable them to ensure that the financial statements comply with regulations. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **ACCOUNTS EXAMINER**
The Trustees have appointed Mrs S Reeves as the Trust's Independent Examiner.
Signed on behalf of the Trustees
The Revd M C Rutter 11th May 2021
THOMAS BROMWICH TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 28TH FEBRUARY 2021
I report to the trustees on my examination of the accounts of the above charity ("the Trust") for the year ended 28th February 2021.
## **Responsibilities and basis of report**
As the charity trustees, you are responsible for the preparation of the accounts in accordance with the Charities Act 2011 ("the Act").
I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145 (5)(b) of the Act.
## **Independent Examiner’s statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect;
- ●the accounting records were not kept in accordance with section 130 of the Act; or
- ●the accounts did not accord with the accounting records
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
S A Reeves FCCA Shire Barn Hewell Lane Tardebigge Worcs
11th May 2021
## **RECEIPTS AND PAYMENTS ACCOUNTS**
## **FOR THE YEAR ENDED 28TH FEBRUARY 2021**
|Notes
**RECEIPTS**
Donations received
Investment income
1
**ASSET AND INVESTMENT SALES**
Receipts from sale of investments
**TOTAL RECEIPTS**
**PAYMENTS**
**Costs of generating funds**
Investment management costs
**Charitable activities**
Grants
2
Bank charges
**Governance costs**
Charity administration
Local expenses
3
**ASSET AND INVESTMENT PURCHASES**
Purchase of investments
**TOTAL PAYMENTS**
**NET OF RECEIPTS/PAYMENTS**
CASH FUNDS AS AT 28/02/20
CASH FUNDS AS AT 28/02/21|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total Funds**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total Funds**
**2021**
**2021**
**2021**
**2020**
**2020**
**2020**
**£**
**£**
**£**
**£**
**£**
**£**
1,000
-
1,000
-
-
-
37,219
-
37,219
38,668
-
38,668
38,219
-
38,219
38,668
-
38,668
12,318
79,022
91,340
-
198,650
198,650
50,537
79,022
129,559
38,668
198,650
237,318
834
1,704
2,538
480
3,553
4,033
24,762
-
24,762
27,200
-
27,200
-
-
-
13
-
13
1,370
-
1,370
1,320
-
1,320
103
-
103
-
-
-
27,069
1,704
28,773
29,013
3,553
32,566
15,902
77,187
93,089
225
198,280
198,505
42,971
78,891
121,862
29,238
201,833
231,071
**7,566**
**131**
**7,697**
**9,430**
**(3,183)**
**6,247**
66,685
241
66,926
57,255
3,424
60,679
**74,251**
**372**
**74,623**
**66,685**
**241**
**66,926**|
|---|---|
## **STATEMENT OF ASSETS AND LIABILITIES**
## **AS AT 28TH FEBRUARY 2021**
|Notes
**CASH FUNDS**
Cash at bank
Cash (Handsworth subcommittee)
Cash (Great Barr subcommittee)
Cash (Perry Barr subcommittee)
Cash held by stockbroker
**TOTAL CASH FUNDS**
**INVESTMENT ASSETS**
Investments
4|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total Funds**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total Funds**
**2021**
**2021**
**2021**
**2020**
**2020**
**2020**
**£**
**£**
**£**
**£**
**£**
**£**
19,443
-
19,443
12,758
-
12,758
12,444
-
12,444
12,859
-
12,859
32,937
-
32,937
26,226
-
26,226
4,360
-
4,360
5,715
-
5,715
5,067
372
5,439
9,127
241
9,368
**74,251**
**372**
**74,623**
**66,685**
**241**
**66,926**
30,757
1,238,442
1,269,199
25,407
1,093,698
1,119,105|
|---|---|
The financial statements were approved by the Board of Trustees on 11th May 2021 and were signed on it's behalf by:
The Revd M C Rutter
NOTES TO THE RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 28TH FEBRUARY 2021
## **1. Investment Income**
|Interest on cash deposits
Handsworth subcommittee
Great Barr subcommittee
Perry Barr subcommittee
Total
Dividends received
**Total investment income**
**ade to individuals**
Handsworth subcommittee
(200 grants)
Great Barr subcommittee
(7 grants)
Perry Barr subcommittee
(37 grants)
Total|**2021 (£)**
44
11
-
55
37,164
37,219
**2021 (£)**
10,210
3,050
11,502
24,762|**2020 (£)**
70
34
-
104
38,564
38,668
**2020 (£)**
8,840
9,410
8,950
27,200|
|---|---|---|
## **2. Grants made to individuals**
## **3. Trustees' and other Remuneration and Expenses**
No remuneration was paid or payable in respect of the year, out of the funds of the Trust, either directly or indirectly to any Trustees. Payments towards expenses were made as follows:
|Central Account
Handsworth subcommittee
Great Barr subcommittee
Perry Barr subcommittee
Total|**2021 (£)**
-
-
-
103
103|**2020 (£)**
-
-
-
-
-|
|---|---|---|
NOTES TO THE RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 28TH FEBRUARY 2021
## **4. Investment assets**
## _**Restricted investment assets**_
|**_Restricted investment assets_**|||||
|---|---|---|---|---|
|||**Holding**|**2021 (£)**|**2020 (£)**|
|Blackrock (Charinco)||_26,602.75_|49,734|52,288|
|Sutl Caz Charity Equity Fund||_11,998.19_|44,753|41,586|
|Merchants Trust Plc||_8310_|37,395|39,306|
|Dunedin Income Growth Investment Trust||_17750_|51,830|49,079|
|Murray inc Trust||_5015_|41,223|41,374|
|Foreign & Colonial Investment Trust||_5900_|44,545|39,648|
|Witan Investment Trust||_23740_|52,940|46,530|
|Scottish Mortgage Invest. Trust|(sold 3855)|_5110_|57,998|50,294|
|HICL Infrastructure||_23600_|39,271|40,592|
|AVI Global Trust||_7140_|62,189|49,730|
|City of London||_9700_|34,387|37,054|
|Monks Investment||_3650_|49,859|32,704|
|International Public Ptns||_28250_|48,025|45,567|
|Finsbury Growth||_6845_|52,542|49,727|
|Bankers Investment Trust||_5385_|58,589|48,626|
|Troy Inc & Growth Trust||_52200_|35,809|39,985|
|J P Morgan Global||_11330_|44,357|34,217|
|Scottish American||_7100_|32,021|27,477|
|Civitas Social Housing|_(bought 9015)_|_37015_|39,976|26,810|
|Primary Health Properties||_28000_|42,560|40,544|
|M & G Credit Income Investments||_50000_|45,500|52,000|
|Tritax Eurobox Plc||_33464_|34,635|28,310|
|Fidelity European||_15850_|42,795|38,080|
|Sequoia Economic||_34770_|36,717|39,429|
|JP Morgan GBL Core Assets|_(bought 9985)_|_41985_|40,810|32,480|
|JP Morgan GBL Emerging Mkts||_29460_|43,306|35,500|
|Ishares Core GBP||_260_|39,744|39,837|
|JP Morgan Asia Grw & Inc Plc|_(bought 6890)_|_6890_|34,932|-|
||Total (income yielding):||1,238,442|1,098,774|
|**_Unrestricted Accumulation Fund (opened in December 2012 to invest_**|||**_unspent income)_**||
|HICL Infractstructure Fund|_(sold 3600)_|4545|7,563|14,009|
|Dunedin Income & Growth|_(sold 2420)_|2320|6,774|13,106|
|Octopus Renewables|_(bought 5365)_|5365|6,036|-|
|JP Morgan Asia Growth|_(bought 1310)_|1310|6,642|-|
|JP Morgan GLB Core Assets|_(bought 3850)_|3850|3,742|-|
||Total (unrestricted fund):||30,757|27,115|
||||**2021 (£)**|**2020 (£)**|
|**Market Value**|||**1,269,199**|**1,125,889**|
## APPENDIX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2021 For Trustees information only **Grants made in 2020-21**
|_Handsworth Subcommittee_||_(£)_||_Great Barr Committee_||(£)|
|---|---|---|---|---|---|---|
|S Hussein||280||S Levy||500|
|A Milio||300||Z Kerr||250|
|M Ahmed Almouri||250||A Ball||200|
|R Begum||200||A Ranford||600|
|M Leatherhead||180||J McMullen||600|
|G Williams||300||B Cliff||600|
|R Khan||200||Cash grants||300|
|M Albayo||150|||||
|Z Rashid||120|||||
|A Williams||150|||**Total:**|**3,050**|
|S Zouman||100|||||
|A Walker||100|||||
|J Newport||250|||||
|Z Zaman||350|||||
|E Parker||200|||||
|K Knut||200|||||
|N Ali||200|||||
|P Malewicki||200|||||
|E Biskton||200|||||
|G Kaur Ladan||200|||||
|K Cuulne||200|||||
|R Johnson||150|**||||
|H Saghuir||200|||||
|L Tesfai||300|||||
|S Al Hamada||100|||||
|G Kaur||100|||||
|D Lubbin||200|||||
|C O'Farrell||250|||||
|S Bashuir||100|||||
|C Emery||400|||||
|Sifa Fireside||210|||||
|A Martin Lee||500|||||
|E Wickstead||200|||||
|Y Urman||250|||||
|Cash grants (167 cash grants)||3,650|||||
|** Not cashed|-|150
|||||
|2020 grants not cashed|-|580
|||||
**Total: 10,210**
APPENDIX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2021 For Trustees information only
**Grants made in 2020-21**
|_Perry Barr Subcommitte_|_(£)_||
|---|---|---|
|Newman Youth C.A||824|
|P Mulligan||200|
|E Denthridge||250|
|Homestart||300 **|
|T A Clarke||200|
|T Henson||585|
|A Holcombe||300|
|K Baker||500|
|K Bates||300|
|B Bidard-Becker||300|
|D Heathcote||400|
|S Derceney||350|
|Z Fayyaz||200|
|s Fayyaz||300|
|R Arshad||500|
|L Flynn||300|
|T Christopher||300|
|J Heath||250|
|A S Clever||300|
|K Thomson||300|
|T Bryenga||200|
|A Travis||300|
|K Flynn||500|
|T Barrister||350|
|M Davis||300|
|N Bailey||400|
|P Gill||300|
|A Joof||300|
|M Williams||200|
|G Bradford||350|
|N Topping||350|
|C Arnold||298|
|V Hamilton||250|
|N Wray||200|
|M Touray||300|
|D Clark||245|
|** not cashed||-300|
**Total: 11,502**