## **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
- ●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|||||