Registered Charity no. 214966
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2022 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 2022
REFERENCE AND ADMINISTRATIVE DETAILS Registered charity number 214966
Principal address The Vicarage Church Road Perry Barr Birmingham B42 2LB
Trustees Revd Martin Rutter (Chairman) Mrs Heather Allen Dr Jennifer Mary Milne Revd Canon Barrie Scott Mr David Gravell Mrs Sylvia Smith Rev. Dr. Robert Stephen (resigned May 2022) Ms Eureka Drayton (appointed May 2022) Mrs Diana Duggan Mrs Harriet Sutton (resigned May 2022) Mr Jonathan Hofton (appointed May 2022)
Clerk to the trustees Chrissy Norgrove Garrad Enterprises Limited The Estate Office, Wharf Cottage Broombank Tenbury Wells Worcestershire WR15 8NY
Investment managers EFG Harris Allday Church Mews Worcester WR9 0EW Canaccord Genuity Wealth Management Slip House Princes Drive Worcester WR1 2AB
THOMAS BROMWICH TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28TH FEBRUARY 2022
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 2011 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 £1,274,170 (2021 £1,269,199) 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 £39,538 (2021 £37,219) from which administration expenses amounted to £2,302 (2021 £4,011) and Charitable grants amounting to £31,509 (2021 £24,792) were paid. One donation of £500 was received from the TX Maxx Community Fund Foundation, awarded to the Perry Barr subcommittee.
THOMAS BROMWICH TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28TH FEBRUARY 2022
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 on 10th October 2022
The Revd M C Rutter Chairman
THOMAS BROMWICH TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 28TH FEBRUARY 2022
I report to the trustees on my examination of the accounts of the above charity ("the Trust") for the year ended 28th February 2022.
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
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●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
10th October 2022
RECEIPTS AND PAYMENTS ACCOUNTS
FOR THE YEAR ENDED 28TH FEBRUARY 2022
| 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 28/02/21 CASH FUNDS AS AT 28/02/22 |
Unrestricted Funds Restricted Funds Total Funds Unrestricted Funds Restricted Funds Total Funds 2022 2022 2022 2021 2021 2021 £ £ £ £ £ £ 500 - 500 1,000 - 1,000 39,538 - 39,538 37,219 - 37,219 40,038 - 40,038 38,219 - 38,219 - 88,364 88,364 12,318 79,022 91,340 40,038 88,364 128,402 50,537 79,022 129,559 920 - 920 834 1,704 2,538 31,509 - 31,509 24,762 - 24,762 12 - 12 - - - 1,370 - 1,370 1,370 - 1,370 - - - 103 - 103 33,811 - 33,811 27,069 1,704 28,773 1,035 88,491 89,526 15,902 77,187 93,089 34,846 88,491 123,337 42,971 78,891 121,862 5,192 (127) 5,065 7,566 131 7,697 74,251 372 74,623 66,685 241 66,926 79,443 245 79,688 74,251 372 74,623 |
|---|---|
STATEMENT OF ASSETS AND LIABILITIES
AS AT 28TH FEBRUARY 2022
| 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 2022 2022 2022 2021 2021 2021 £ £ £ £ £ £ 24,945 - 24,945 19,443 - 19,443 10,670 - 10,670 12,444 - 12,444 36,426 - 36,426 32,937 - 32,937 3,305 - 3,305 4,360 - 4,360 4,097 245 4,342 5,067 372 5,439 79,443 245 79,688 74,251 372 74,623 30,038 1,244,132 1,274,170 30,757 1,238,442 1,269,199 |
|---|---|
The financial statements were approved by the Board of Trustees on 10th October 2022 and were signed on it's behalf by:
The Revd M C Rutter Chairman
NOTES TO THE RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 28TH FEBRUARY 2022
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 (239 grants) Great Barr subcommittee (7 grants) Perry Barr subcommittee (44 grants) Main account (1 grant) Total |
2022 (£) 30 2 - 32 39,506 39,538 2022 (£) 13,804 2,500 13,555 1,650 31,509 |
2021 (£) 44 11 - 55 37,164 37,219 2021 (£) 10,210 3,050 11,502 - 24,762 |
|---|---|---|
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 |
2022 (£) - - - - - |
2021 (£) - - - 103 103 |
|---|---|---|
NOTES TO THE RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 28TH FEBRUARY 2022
4. Investment assets
Restricted investment assets
| Restricted investment assets | ||||
|---|---|---|---|---|
| Holding | 2022 (£) | 2021 (£) | ||
| Blackrock (Charinco) | 26,602.75 | 46,467 | 49,734 | |
| Sutl Caz Charity Equity Fund | 11,998.19 | 53,884 | 44,753 | |
| Merchants Trust Plc | 8310 | 46,702 | 37,395 | |
| Dunedin Income Growth Investment Trust | 17750 | 52,008 | 51,830 | |
| Murray inc Trust | 5015 | 42,226 | 41,223 | |
| Foreign & Colonial Investment Trust | 5900 | 49,147 | 44,545 | |
| Witan Investment Trust | 23740 | 53,890 | 52,940 | |
| Scottish Mortgage Invest. Trust | (sold 835) | 4275 | 43,135 | 57,998 |
| HICL Infrastructure | 23600 | 41,017 | 39,271 | |
| AVI Global Trust | (sold 2040) | 25500 | 48,680 | 62,189 |
| City of London | 9700 | 39,043 | 34,387 | |
| Monks Investment | 3650 | 40,004 | 49,859 | |
| International Public Ptns | 28250 | 45,483 | 48,025 | |
| Finsbury Growth | 6255 | 52,104 | 52,542 | |
| Bankers Investment Trust | (sold 8830) | 45020 | 48,982 | 58,589 |
| Troy Inc & Growth Trust | 52200 | 38,732 | 35,809 | |
| J P Morgan Global | 11330 | 50,419 | 44,357 | |
| Scottish American | (bought 1625) | 8725 | 41,793 | 32,021 |
| Civitas Social Housing | 37015 | 32,647 | 39,976 | |
| Primary Health Properties | 28000 | 37,884 | 42,560 | |
| M & G Credit Income Investment | (sold 50000) | 50000 | - | 45,500 |
| Tritax Eurobox Plc | 33464 | 34,736 | 34,635 | |
| Fidelity European | 15850 | 47,709 | 42,795 | |
| Sequoia Economic | 34770 | 35,535 | 36,717 | |
| JP Morgan GBL Core Assets | 41985 | 35,477 | 40,810 | |
| JP Morgan GBL Emerging Mkts | 29460 | 40,066 | 43,306 | |
| Ishares Core GBP | 260 | 36,655 | 39,744 | |
| JP Morgan Asia Grw & Inc Plc | (bought 3030) | 9920 | 41,019 | 34,932 |
| RM Infrastructure | (bought 52950) | 52950 | 48,714 | - |
| Schiehallion ETF | (bought 23287) | 23287 | 19,974 | - |
| Total (income yielding): | 1,244,132 | 1,238,442 | ||
| Unrestricted Accumulation Fund | (opened in December 2012 to invest | unspent income) | ||
| HICL Infractstructure Fund | 4545 | 7,899 | 7,563 | |
| Dunedin Income & Growth | 2320 | 6,798 | 6,774 | |
| Octopus Renewables | 6365 | 6,671 | 6,036 | |
| JP Morgan Asia Growth | 1310 | 5,417 | 6,642 | |
| JP Morgan GLB Core Assets | 3850 | 3,253 | 3,742 | |
| Total (unrestricted fund): | 30,038 | 30,757 | ||
| 2022 | 2021 | |||
| Market Value | 1,274,170 | 1,269,199 |
APPENDIX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2022 For Trustees information only Grants made in 2021-22
| Handsworth Subcommittee C Touamon D Brown S Palmer T Lunt H Adeniran M Vladu M Rasheed M Adey M McGailey S Faizan M Guri J Cleary R Adedokun C Lynch A Rahma K Bano L Salmon R Begum J Parker K Williamson C Robinson E Bernard R Kaur A Chaudhry P Catt L Jackson K McLeod J Mitchell K Mills-Ible A Gordon Y Hayden M Elmi N Doyle J Hayton D Smith L Khatoon U Rafiq M Barnes A Begum Cash grants Y Urman Total: |
(£) Great Barr Committee (£) 180 V Joyce 200 300 St Margaret's school 500 300 Q3 Academy 300 300 K Walter 200 300 A Ball 200 300 Cash grants 1,100 200 200 200 Total: 2,500 300 200 250 300 200 300 300 300 300 150 300 100 200 120 300 300 250 300 189 200 300 280 100 300 280 150 200 300 300 300 4,405 250 - 13,804** |
|---|---|
- not cashed at year end
** not cashed - out of date
APPENDIX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2022 For Trustees information only
Grants made in 2021-22
| Perry Barr Subcommitte | (£) | |||||
|---|---|---|---|---|---|---|
| P Garden | 400 | J Henry | 600 | |||
| D Trenfield | 300 | T Hussain | 300 | |||
| C Tsouvallans | 680 | L Shakespeare | 200 | |||
| M Khatun | 550 | A Palmer | 300 | |||
| B Phillips | 300 | N Goldsby | 300 | |||
| R Farmer | 150 | Z Fayyaz | 300 | |||
| S Clarke | 400 | F Haque | 300 | |||
| R Davis | 400 | Total: | 13,555 | |||
| L Farley | 300 | |||||
| S Tsegay | 400 | * not cashed at year end | ||||
| S Buck | 300 | |||||
| L Timmins | 300 | |||||
| J Burns | 100 | |||||
| K Crawford | 200 | |||||
| J Frealton | 300 | |||||
| D Hackitt | 200 | |||||
| A Phagamia | 200 | |||||
| S Devaney | 450 | |||||
| T Fowler | 300 | |||||
| I Salah | 300 | |||||
| L Taylor | 225 | |||||
| L Taylor | 225 | |||||
| E Birtles | 320 | |||||
| P Verdi | 300 | |||||
| E Coke | 350 | |||||
| P Wood | 600 | |||||
| D Hamilton | 230 | |||||
| L Thomas | 100 | |||||
| S Rudd | 250 | * | ||||
| C Dryden | 300 | |||||
| M Glen | 175 | |||||
| T Bugeya | 150 | |||||
| R Spencer | 350 | |||||
| T Christopher | 250 | |||||
| C Molyneux | 300 | |||||
| Z Jehanfir | 300 | |||||
| F Flynn | 300 |