## **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;
- ●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
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**|
|---|---|---|
* not cashed at year end
## 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||||