Registered Charity no. 214966
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2025 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 2025
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) Revd. E R Longhurst (appointed 15/10/25) Mrs D Duggan Revd. M C Rutter Mrs H E Allen Dr J M Milne (resigned 24/02/25) Revd. T Thurston-Smith SMMS Revd. E Fisher (resigned 06/01/25) Revd. D Payne (appointed 15/10/24) Mrs S Smith (resigned 15/10/24)
Clerk to the trustees Chrissy Garrad 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 2025
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 £1,213,571 (2024 £1,146,358) 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 £51,478 (2024 £46,438) from which administration expenses amounted to £1,570 (2024 £1,370), bank charges £65 (2024 £69), investment management charges £10,956 (2024 £10,452) and Charitable grants amounting to £18,065 (2024 £24,114).
THOMAS BROMWICH TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28TH FEBRUARY 2025
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 14th May 2025.
Mr J Hofton Acting Chair
THOMAS BROMWICH TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 28TH FEBRUARY 2025
I report to the trustees on my examination of the accounts of the above charity ("the Trust") for the year ended 28th February 2025.
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;
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●the accounting records were not kept in accordance with section 130 of the Act; or
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●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
14th May 2025
RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 28TH FEBRUARY 2025
| 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 28/02/24 CASH FUNDS AS AT 28/02/25 |
Unrestricted Funds Restricted Funds Total Funds Unrestricted Funds Restricted Funds Total Funds 2025 2025 2025 2024 2024 2024 £ £ £ £ £ £ - - - 500 - 500 51,478 - 51,478 45,708 730 46,438 51,478 - 51,478 46,208 730 46,938 - 172,916 172,916 15,036 166,121 181,157 51,478 172,916 224,394 61,244 166,851 228,095 - 10,956 10,956 - 10,452 10,452 18,065 - 18,065 24,114 - 24,114 65 - 65 69 - 69 1,570 - 1,570 1,370 - 1,370 - - - - - - 19,700 10,956 30,656 25,553 10,452 36,005 - 169,861 169,861 15,252 241,252 256,504 19,700 180,817 200,517 40,805 251,704 292,509 31,778 (7,901) 23,877 20,439 (84,853) (64,414) 114,180 20,044 134,224 93,741 104,897 198,638 145,958 12,143 158,101 114,180 20,044 134,224 |
|---|---|
STATEMENT OF ASSETS AND LIABILITIES AS AT 28TH FEBRUARY 2025
| 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 2025 2025 2025 2024 2024 2024 £ £ £ £ £ £ 60,742 - 60,742 33,238 - 33,238 20,165 - 20,165 18,523 - 18,523 41,519 - 41,519 42,357 - 42,357 16,681 - 16,681 14,181 - 14,181 6,851 12,143 18,994 5,881 20,044 25,925 145,958 12,143 158,101 114,180 20,044 134,224 33,721 1,179,850 1,213,571 32,414 1,113,944 1,146,358 |
|---|---|
The financial statements were approved by the Board of Trustees on 14th May 2025 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 2025
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 |
2025 (£) 91 341 - 432 51,046 51,478 2025 (£) 6,450 6,115 5,500 - 18,065 |
2024 (£) 80 295 - 375 46,063 46,438 2024 (£) 4,750 9,039 10,325 - 24,114 |
|---|---|---|
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 2025
4. Investment assets
Restricted investment assets
| Restricted investment assets | |||||
|---|---|---|---|---|---|
| Holding | 2025 (£) | 2024 (£) | |||
| AXA Fixed Interest Investment | 48000 | 40,742 | 40,027 | ||
| City of London | 9700 | 42,923 | 37,733 | ||
| Capital International | (bought 3200) | 3200 | 29,568 | . | |
| CRH Ord Eur 0.32 | (sold 125) | 625 | 50,700 | 46,485 | |
| Dunedin Income Growth Investment | Trust | 17750 | 50,410 | 48,280 | |
| Ecofin GBL | 14000 | 26,180 | 21,070 | ||
| Fidelity European | (sold 2850) | 13000 | 51,285 | 58,566 | |
| Findlay Park American | (bought 150) | 150 | 26,960 | - | |
| Finsbury Growth | (sold 1405) | 4850 | 44,475 | 53,543 | |
| Guinness Global | 1105 | 36,293 | 32,373 | ||
| HICL Infrastructure | (bought 7900) | 31500 | 34,776 | 29,358 | |
| International Public Ptns | 28250 | 31,640 | 35,426 | ||
| Ishares Core GBP | 260 | 31,957 | 31,845 | ||
| Ishares S & P 500 | 850 | 39,558 | 33,977 | ||
| J P Morgan Global | (sold 3330) | 11330 | 46,160 | 61,522 | |
| Foresight Environmental Assets | 37000 | 26,455 | 37,518 | ||
| JP Morgan Asia Grw & Inc Plc | (sold 9920) | - | - | ||
| JP Morgan GBL Emerging Mkts | 29460 | 39,624 | 37,856 | ||
| Jupiter Unit Trust | (sold 100000) | 50000 | 40,440 | 80,940 | |
| Legal & General | 9500 | 23,237 | 22,696 | ||
| Mercantile Investments | 12000 | 28,500 | 25,860 | ||
| MI TwentyFour Focus | 48000 | 44,645 | - | ||
| North American Income | 10500 | 35,805 | 29,820 | ||
| Personal Assets Trust | 8400 | 42,756 | 39,774 | ||
| Rathbone Ethical Bond | 50000 | 44,660 | 43,835 | ||
| RELX Plc | (bought 700) | 700 | 26,719 | ||
| Schroders Plc | (sold 5400) | - | 20,779 | ||
| Scottish Mortgage Invest. Trust | 4275 | 44,524 | 34,191 | ||
| Smith & Nephew | 1900 | 21,850 | 19,912 | ||
| Smurfit Kappa Group Plc | 800 | 32,824 | 26,656 | ||
| SSE Plc | 1500 | 22,913 | 24,180 | ||
| Schroder Asian Income | 43000 | 35,712 | - | ||
| TR Property Investment | 9000 | 27,045 | 27,720 | ||
| Tritax Eurobox Plc | (sold | 33464) | - | 17,970 | |
| Vontobel Fund | 450 | 43,412 | 41,549 | ||
| Whitbread | 565 | 15,102 | 19,549 | ||
| Total (income yielding): | 1,179,850 | 1,081,010 |
NOTES TO THE RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 28TH FEBRUARY 2025
4. Investment assets cont.
Unrestricted Accumulation Fund (opened in December 2012 to invest unspent income)
| JP Morgan Global Growth & Inc UK Treasury 4.5% Market Value |
3200 18,464 17,376 (bought 15000) 15000 15,257 15,038 Total (unrestricted fund): 33,721 32,414 2025 2024 1,213,571 1,113,424 |
|---|---|
APPENDIX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2025
For Trustees information only Grants made in 2024-25
| Handsworth Subcommittee J Pinnock M Khan St Michael's Church L McLean K Hayes B Singh S E Gadoui St Mary's Church St Michael's Church D Wilson E Bernard St Mary's Church A Latif D Wilson-Thomas D Broadbent T Bou-Martin St Mary's Church Total: |
(£) Great Barr Committee (£) 300 Essential Skills 460 100 St Bernard's Church Foodbank 1,000 1,000 St Margaret's School 600 300 L Twigger 300 150 St Bernard's Church Foodbank 1,500 300 St Margaret's School 495 300 G Morris 300 300 St Bernard's Church Foodbank 1,500 1,500 300 300 300 100 300 300 300 300 6,450 £ Total: 6,155 £ |
|---|---|
APPENDIX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2025
For Trustees information only Grants made in 2024-25
| Perry Barr Subcommitte | (£) | ||
|---|---|---|---|
| T Warrilow | 300 | ||
| L Leader | 350 | ||
| A Assist | 350 | ||
| C Vaughan | 300 | ||
| S A King | 300 | ||
| T Hinson | 300 | ||
| C Gebhard | 350 | ||
| HomeStart B'ham | 400 | * | |
| A Gardner | 400 | ||
| R Firth | 200 | ||
| J Richards | 300 | ||
| G Turley | 400 | * | |
| B Chambers | 200 | ||
| S Baker | 300 | ||
| K Flint | 300 | ||
| S Lane | 350 | ||
| C Holland | 300 | ||
| J Holland | 300 | ||
| M Ford | 300 | * | |
| S Barzey | 300 | ||
| J Kay | 300 | ||
| Grants awarded | 6,600 | ||
| * cheques not presented - w/off | 1,100 - |
||
| Total : | 5,500 | ||