## **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||||