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2023-02-28-accounts

Registered Charity no. 214966

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2023 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 2023

REFERENCE AND ADMINISTRATIVE DETAILS Registered charity number 214966

Principal address The Vicarage Church Road Perry Barr Birmingham B42 2LB

Trustees

Rev'd Preb Martin C Rutter (Chairman) Mrs Heather Allen Dr Jennifer Mary Milne Rev'd Canon Barrie Scott Mr David Gravell Mrs Sylvia Smith Mrs Diana Duggan Mr Jonathan Hofton

Clerk to the trustees Chrissy Norgrove Garrad Enterprises Limited The Estate Office, Wharf Cottage Broombank Tenbury Wells Worcestershire WR15 8NY

Investment managers Canaccord Genuity Wealth Management Slip House Princes Drive Worcester WR1 2AB

THOMAS BROMWICH TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28TH FEBRUARY 2023

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 £1,092,961 (2022 £1,274,170) 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 £50,299 (2022 £39,538) from which administration expenses amounted to £1,370 (2022 £1,370), bank charges £70 (2022 £12), investment management charges £9,774 (2022 £920) and Charitable grants amounting to £31,054 (2022 £31,509) were paid.

THOMAS BROMWICH TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28TH FEBRUARY 2023

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 16th May 2023.

The Rev'd Preb M C Rutter Chairman

THOMAS BROMWICH TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 28TH FEBRUARY 2023

I report to the trustees on my examination of the accounts of the above charity ("the Trust") for the year ended 28th February 2023.

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;

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

16th May 2023

RECEIPTS AND PAYMENTS ACCOUNTS

FOR THE YEAR ENDED 28TH FEBRUARY 2023

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 28/02/22
CASH FUNDS AS AT 28/02/23		 Unrestricted
Funds
Restricted
Funds
Total Funds
Unrestricted
Funds
Restricted
Funds
Total Funds
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
-
-
-
500
-
500
46,427
3,872
50,299
39,538
-
39,538
46,427
3,872
50,299
40,038
-
40,038
19,055
534,644
553,699
-
88,364
88,364
65,482
538,516
603,998
40,038
88,364
128,402
-
9,774
9,774
920
-
920
31,054
-
31,054
31,509
-
31,509
70
-
70
12
-
12
1,370
-
1,370
1,370
-
1,370
-
-
-
-
-
-
32,494
9,774
42,268
33,811
-
33,811
18,690
424,090
442,780
1,035
88,491
89,526
51,184
433,864
485,048
34,846
88,491
123,337
14,298
104,652
118,950
5,192
(127)
5,065
79,443
245
79,688
74,251
372
74,623
93,741
104,897
198,638
79,443
245
79,688

STATEMENT OF ASSETS AND LIABILITIES

AS AT 28TH FEBRUARY 2023

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
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
25,697
-
25,697
24,945
-
24,945
14,194
-
14,194
10,670
-
10,670
42,171
-
42,171
36,426
-
36,426
5,006
-
5,006
3,305
-
3,305
6,673
104,897
111,570
4,097
245
4,342
93,741
104,897
198,638
79,443
245
79,688
31,494
1,061,467
1,092,961
30,038
1,244,132
1,274,170

The financial statements were approved by the Board of Trustees on 16th May 2023 and were signed on it's behalf by:

The Rev'd Preb M C Rutter Chairman

NOTES TO THE RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 28TH FEBRUARY 2023

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
(33 grants)
Great Barr subcommittee
(13 grants)
Perry Barr subcommittee
(45 grants)
Main account
Total		 2023 (£)
33
60
-
93
50,206
50,299
2023 (£)
10,510
8,245
12,299
-
31,054		 2022 (£)
30
2
-
32
39,506
39,538
2022 (£)
13,804
2,500
13,555
1,650
31,509

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		 2023 (£)
-
-
-
-
-		 2022 (£)
-
-
-
-
-

NOTES TO THE RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 28TH FEBRUARY 2023

4. Investment assets

Restricted investment assets

Restricted investment assets
Holding 2023 (£) 2022 (£)
Blackrock (Charinco) (sold 26602.75) - 46,467
Sutl Caz Charity Equity Fund (sold 11998.19) - 53,884
Merchants Trust Plc (sold 8310) - 46,702
Dunedin Income Growth Investment Trust 17750 53,073 52,008
Murray inc Trust (sold 5015) - 42,226
Foreign & Colonial Investment (sold 5900) - 49,147
Witan Investment Trust (sold 23740) - 53,890
Scottish Mortgage Invest. Trust 4275 30,489 43,135
HICL Infrastructure 23600 37,571 41,017
AVI Global Trust 25500 50,643 48,680
City of London 9700 41,274 39,043
Monks Investment (sold 3650) - 40,004
International Public Ptns 28250 41,584 45,483
Finsbury Growth 6255 54,669 52,104
Bankers Investment Trust (sold 45020) - 48,982
Troy Inc & Growth Trust 52200 36,958 38,732
J P Morgan Global 11330 52,231 50,419
Scottish American (sold 8725) - 41,793
Civitas Social Housing (sold 37015) - 32,647
Primary Health Properties (sold 28000) - 37,884
Tritax Eurobox Plc 33464 22,756 34,736
Fidelity European 15850 53,335 47,709
Sequoia Economic 34770 30,076 35,535
JP Morgan GBL Core Assets 41985 36,359 35,477
JP Morgan GBL Emerging Mkts 29460 39,035 40,066
Ishares Core GBP 260 31,413 36,655
JP Morgan Asia Grw & Inc Plc 9920 36,208 41,019
RM Infrastructure (sold 52950) - 48,714
Schiehallion ETF (sold 23287) - 19,974
Vontobel Fund (bought 450) 450 40,775 -
Jupiter Unit Trust (bought 75000) 75000 40,650 -
Legal & General (bought 9500) 9500 24,301 -
CRH Ord Eur 0.32 (bought 750) 750 29,303 -
Smith & Nephew (bought 1900) 1900 22,525 -
Vodafone Group (bought 19000) 19000 18,956 -
Smurfit Kappa Group Plc (bought 800) 800 24,736 -
Rathbone Ethical Bond (bought 50000) 50000 42,655 -
JLEN Environmental Assets (bought 20000) 20000 23,360 -
Mercantile Investments (bought 12000) 12000 25,680 -
SSE Plc (bought 1500) 1500 26,175 -
Schroders Plc (bought 5400) 5400 26,854 -
AXA Fixed Interest Investment (bought 48000) 48000 39,158 -
TR Property Investment (bought 9000) 9000 28,665
Total (income yielding): 1,061,467 1,244,132

NOTES TO THE RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 28TH FEBRUARY 2023

4. Investment assets cont.

Unrestricted Accumulation Fund (opened in December 2012 to invest unspent income)

HICL Infractstructure Fund
Dunedin Income & Growth
Octopus Renewables
JP Morgan Asia Growth
JP Morgan GLB Core Assets
JP Morgan Global Growth & Inc
Market Value		 (sold 4545)
(bought 1680)
4000
(sold 6365)
1310
(sold 3850)
3200
Total (unrestricted fund):		 -
7,899
11,960
6,798
-
6,671
4,782
5,417
-
3,253
14,752
-
31,494
30,038
2023
2022
1,092,961
30,038

APPENDIX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2023

For Trustees information only Grants made in 2022-23

Handsworth Subcommittee
S Keegan
L Price
L Akler
B Blake
O Qarke
S McQueen
St Marys School
M Irfan
S Whitmore
K Magara
K Williamson
F Parven
F Morlia
S Dhansal
K Rai
J Kaun
K Mukta
G Hendocks
N Paravan
J Robinson
G Haywood
S Abassi
M Bibi
S Morris
J Hamilton-Suth
T Reah
J Forrester
K Watson
S Kaver
B Coaby
N Hussar
Cash grants
Total:		 (£)
Great Barr Committee
250
St Margaret's school
300
K Walter
300
A Ball
300
L Wright
300
G Varney
200
Q3 Academy
500
E Bentley
200
T Humphries
300
R Davidson
300
I Mewis
300
R Garrard
300
G Maher
300
Cash grants
300
200
300
Total:
300
200
300
300
300
300
300
300
300
260
300
300
300

300

300

1,500
10,510*		 (£)
1,300
1,600
300
300
800
245
700
500
500
500
500
500
500
8,245

APPENDIX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2023 For Trustees information only Grants made in 2022-23

Perry Barr Subcommitte (£)
C Chandler 150
E Taylor 100 J Nkemanyoung 300
S Kaur 300 N Parvez 200
J Fiedtkon 300 N Cudjoe 300
M Peck 200 R Anees 300
Newman Youth 600 E Shakespeare 300
O Okonofina 300 S Rudd * 250
-
C Gebhard 300 Total: 12,299
J Kay 200
K Ray 249 * 2022 grant not cashed
S Blackstock 300
J Kennedy 250
C Brydon 400
S Newthard 200
M Reid 300
D Bell 250
M Essery 300
K Baker 300
M Kinsella 300
S Devaley 300
S Mansell 300
A Macleod 300
N Cudjoe 250
Z Medler 250
T Mulley 250
S Elliot 250
K Paul 250
F Langton 150
C Holland 300
Q Rehman 300
V Lunn 250
K Flynn 200
C Anikwe 150
L Donnelly 300
T Christopher 300
S Morgan 300
P Bassey 400
A Trevis 400
B Flaherty 400
L Ricketts 250