Registered Charity no. 214966
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2024 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 2024
REFERENCE AND ADMINISTRATIVE DETAILS Registered charity number 214966
Principal address The Vicarage Church Road Perry Barr Birmingham B42 2LB
Trustees Mr J Hofton (Acting Chair) Mrs D Duggan Revd M C Rutter Mrs H Allen Dr J M Milne Revd E Fisher Revd T Thurston-Smith SMMS Mrs S Smith
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 2024
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 investments amounting to £1,146,358 (2023 £1,092,961) 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 £46,438 (2023 £50,299) from which administration expenses amounted to £1,370 (2023 £1,370), bank charges £69 (2023 £70), investment management charges £10,452 (2023 £9,774) and Charitable grants amounting to £24,114 (2023 £31,054) were paid.
THOMAS BROMWICH TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28TH FEBRUARY 2024
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 15th October 2024.
Mr J Hofton Acting Chair
THOMAS BROMWICH TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 28TH FEBRUARY 2024
I report to the trustees on my examination of the accounts of the above charity ("the Trust") for the year ended 28th February 2024.
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 S A R Accountants Tower View Broadway Road Broadway Worcs
15th October 2024
RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 28TH FEBRUARY 2024
| 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 28/02/23 CASH FUNDS AS AT 28/02/24 |
Unrestricted Funds Restricted Funds Total Funds Unrestricted Funds Restricted Funds Total Funds 2024 2024 2024 2023 2023 2023 £ £ £ £ £ £ 500 - 500 - - 500 45,708 730 46,438 46,427 3,872 50,299 46,208 730 46,938 46,427 3,872 50,299 15,036 166,121 181,157 19,055 534,644 553,699 61,244 166,851 228,095 65,482 538,516 603,998 - 10,452 10,452 - 9,774 9,774 24,114 - 24,114 31,054 - 31,054 69 - 69 70 - 70 1,370 - 1,370 1,370 - 1,370 - - - - - - 25,553 10,452 36,005 32,494 9,774 42,268 15,252 241,252 256,504 18,690 424,090 442,780 40,805 251,704 292,509 51,184 433,864 485,048 20,439 (84,853) (64,414) 14,298 104,652 118,950 93,741 104,897 198,638 79,443 245 79,688 114,180 20,044 134,224 93,741 104,897 198,638 |
|---|---|
STATEMENT OF ASSETS AND LIABILITIES AS AT 28TH FEBRUARY 2024
| 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 2024 2024 2024 2023 2023 2023 £ £ £ £ £ £ 33,238 - 33,238 25,697 - 25,697 18,523 - 18,523 14,194 - 14,194 42,357 - 42,357 42,171 - 42,171 14,181 - 14,181 5,006 - 5,006 5,881 20,044 25,925 6,673 104,897 111,570 114,180 20,044 134,224 93,741 104,897 198,638 32,414 1,113,944 1,146,358 31,494 1,061,467 1,092,961 |
|---|---|
The financial statements were approved by the Board of Trustees on 15th October 2024 and were signed on it's behalf by:
Mr J Hofton Acting Chair
NOTES TO THE RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 28TH FEBRUARY 2024
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 (16 grants) Great Barr subcommittee (18 grants) Perry Barr subcommittee (33 grants) Main account Total |
2024 (£) 80 295 - 375 46,063 46,438 2024 (£) 4,750 9,039 10,325 - 24,114 |
2023 (£) 33 60 - 93 50,206 50,299 2023 (£) 10,510 8,245 12,299 - 31,054 |
|---|---|---|
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.
NOTES TO THE RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 28TH FEBRUARY 2024
4. Investment assets
Restricted investment assets
| Restricted investment assets | |||||
|---|---|---|---|---|---|
| Holding | 2024 (£) | 2023 (£) | |||
| Dunedin Income Growth Investment Trust | 17750 | 48,280 | 53,073 | ||
| Scottish Mortgage Invest. Trust | 4275 | 34,191 | 30,489 | ||
| HICL Infrastructure | 23600 | 29,358 | 37,571 | ||
| AVI Global Trust | (sold | 25500) | - | 50,643 | |
| City of London | 9700 | 37,733 | 41,274 | ||
| International Public Ptns | 28250 | 35,426 | 41,584 | ||
| Finsbury Growth | 6255 | 53,543 | 54,669 | ||
| Troy Inc & Growth Trust | (sold 52200) | - | 36,958 | ||
| J P Morgan Global | 11330 | 61,522 | 52,231 | ||
| Tritax Eurobox Plc | 33464 | 17,970 | 22,756 | ||
| Fidelity European | 15850 | 58,566 | 53,335 | ||
| Sequoia Economic | (sold | 34770) | - | 30,076 | |
| JP Morgan GBL Core Assets | (sold | 41985) | - | 36,359 | |
| JP Morgan GBL Emerging Mkts | 29460 | 37,856 | 39,035 | ||
| Ishares Core GBP | 260 | 31,845 | 31,413 | ||
| JP Morgan Asia Grw & Inc Plc | 9920 | 32,934 | 36,208 | ||
| Vontobel Fund | 450 | 41,549 | 40,775 | ||
| Jupiter Unit Trust | (bought | 75000) | 150000 | 80,940 | 40,650 |
| Legal & General | 9500 | 22,696 | 24,301 | ||
| CRH Ord Eur 0.32 | 750 | 46,485 | 29,303 | ||
| Smith & Nephew | 1900 | 19,912 | 22,525 | ||
| Vodafone Group | (sold | 19000) | - | 18,956 | |
| Smurfit Kappa Group Plc | 800 | 26,656 | 24,736 | ||
| Rathbone Ethical Bond | 50000 | 43,835 | 42,655 | ||
| JLEN Environmental Assets | (bought | 17000) | 37000 | 37,518 | 23,360 |
| Mercantile Investments | 12000 | 25,860 | 25,680 | ||
| SSE Plc | 1500 | 24,180 | 26,175 | ||
| Schroders Plc | 5400 | 20,779 | 26,854 | ||
| AXA Fixed Interest Investment | 48000 | 40,027 | 39,158 | ||
| TR Property Investment | 9000 | 27,720 | 28,665 | ||
| Ecofin GBL | (bought | 14000) | 14000 | 21,070 | - |
| Guinness Global | (bought 1575) | 1575 | 32,373 | - | |
| Ishares S & P 500 | (bought 850) | 850 | 33,977 | - | |
| North American Income | (bought | 10500) | 10500 | 29,820 | - |
| Personal Assets Trust | (bought 8400) | 8400 | 39,774 | - | |
| Whitbread | (sold 565) | 565 | 19,549 | - | |
| Total (income yielding): | 1,113,944 | 1,061,467 |
NOTES TO THE RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 28TH FEBRUARY 2024
4. Investment assets cont.
Unrestricted Accumulation Fund (opened in December 2012 to invest unspent income)
| Dunedin Income & Growth JP Morgan Asia Growth JP Morgan Global Growth & Inc UK Treasury 4.5% Market Value |
(sold 4000) - 11,960 (sold 1310) 1310 - 4,782 3200 17,376 14,752 (bought 15000) 15000 15,038 - Total (unrestricted fund): 32,414 31,494 2024 2023 1,146,358 1,092,961 |
|---|---|
APPENDIX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2024
For Trustees information only Grants made in 2023-24
| Handsworth Subcommittee | (£) | Great Barr Committee | (£) |
|---|---|---|---|
| N Scott | 200 | St Margaret's School | 1,475 |
| T Harris | 120 | L Twigger | 400 |
| S Mohammed Yidlour | 300 | R Davis | 500 |
| P Anderson | 300 | R Mukoon | 600 |
| S Brown | 300 | PCC St Margaret's Great Barr | 1,500 |
| I Ali | 300 | K Walters | 400 |
| C Boden | 300 | M Semplay | 400 |
| A Filjakowska | 300 | A Ball | 400 |
| M Ali | 300 | K Walters | 150 |
| H Abdullah | 280 | G Varney | 600 |
| M Loud | 300 | S Edwards | 300 |
| J J Young | 250 | St Bernard's Church Foodbank | 1,000 |
| St Mary's Church Christmas meal | 1,000 | Sofina Begum | 314 |
| St Mary's block grant | 300 | H M Doan Thi | 1,000 |
| F Mayhew | 200 |
Total: 4,750 Total: 9,039
APPENDIX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2024 For Trustees information only Grants made in 2023-24
| Perry Barr Subcommitte | (£) | ||||
|---|---|---|---|---|---|
| D Wyatt | 500 | M Smith | 400 | ||
| R Begum | 275 | A Caesar | 400 | ||
| M Mahoney | 150 | E Asiraa | 350 | ||
| J Kay | 300 | I Babafemi | 400 | ||
| C Gebhard | 300 | M Lee | 400 | ||
| C Campbell | 300 | ||||
| S Miah | 300 | ||||
| T Archer | 150 | Total: | 10,325 | ||
| M Cooper | 300 | ||||
| J W Flynn | 300 | ||||
| O Williams Okonofua | 300 | ||||
| J Kaur | 300 | ||||
| J Morrall | 300 | ||||
| D Hackett | 300 | ||||
| C Dryden | 300 | ||||
| M Aziz | 300 | ||||
| C Holland | 300 | ||||
| J Holland | 300 | ||||
| E Carter | 300 | ||||
| A Phagania | 300 | ||||
| K Siddique | 300 | ||||
| W O'Brien | 300 | ||||
| D Sherrington | 300 | ||||
| C Onuoha | 300 | ||||
| O Adenuga | 300 | ||||
| C Alaka | 400 | ||||
| K Flynn | 200 | ||||
| D Williamson | 400 |