Joseph Brough Charitable Trust Annual financial statements for the year ended 31 March 2024 Reglstered Chthrity Number 227332
Joseph Brough Charitable Trust Annual financial statements for the year ended 31 March 2024 Contents TTUStee and advisers for the year ended 31 MCh 2024... . Trusttt's Annual Report for thc year euded 31 MarctrL 2024................................................ . Independeni examiners, r¢w)rt to thc Trustee of Joseph Brough Charitable Trnsi..................... Statement of financial activiti¢s for the ytar ended 31 March 2024... Balance sheet as * 31 March 2024................................................. ... Noics to the fmancial statements for the year 31 March 2024.......................................
Joseph Brough Charitable Trust Trustee and advisers for the year ended 31 Mar¢h 2024 Trustee Community FoundatlOD seTYing Tyne & Wear and Northumb¢T]and BalLerS Lloyds BdDk plc (irey Street Branch 102 Grey Streei Newcastle upon Tyne NE99 ISL llldependent Ex4rniner Sitnon Brown BA ACA DChA Azcis Audit Setvices Butman House R¢g¢nt Centre Gosfurth N¢wLasile upon Tyne NE3 3LS IDvestm¢nl MAtt*ger CCLA Wealth & tnvestment Limited lfrun May 2023) On¢ Angel Lane London EC4R 3AB PrinilpAI orriee Philkhnrhropy House Wo()dbin¢ Road Go.sforth N¢w¢astle upon Tyne NE3 IDD
Joseph Brough Charitable Trust Trustee's Annual Report for the year ended 31 March 2024 The followtng inforniation about the financial y¢8r ended 31 March 2024 is presented in the forn] r¢quired by th¢ Chtirity Commission and is in accordance with Attountincw and Reporting by Chariiies.. Statement or Re¢ommend¢d Practice (SORP). 2019. Structure? ¥overnallee aDd man>m¢Dt The TTU5t is govemed by a Deed of dated 6 December 1940 and is a registered rharity (charity number 227332). It h&5 a corw)rate Trustee, the Community" Fotmdation serving Tyne & Wear and NoTthumberland. Ik.tails of governance and o]anagerneni regarditig the Tnltt trx)ard and executive otTi¢ers of th¢ group call be found in the fthancial statements of the Tnjsiee. The Cbarity is regiswed in the Uniied Kingdom. Objeetives and lletivities Ilie objeLtives of the Trust are w provide grdnts to chariiable organisations helping people in need in the historic couniies of Northumberland aDd Dutharn (currLntly Nortbumberlon(L TyDe & Wear, Durham and part of Cleve]and}. li gives prioriry to apFthls linked to the Meihodist Church. a5 th¢ settlor an activ¢ Methodisi and through Brough B¢n¢volent A5sociaiion also helps a large numLr of individuals in need. During the year 8 charities or orgI15allorts have benefited from grant5 from Joseph Brough Charit2ble TNst with totsl grants awarded ot £44,427. The day 10 day numin8 of the charFty 15 CaTried by its Trustee and during the year the charity paid £5,0 LO ils 1'nJsiee (or administration c05rs. The Joseph Brou8h Charitsbl¢ Trust cxisLs and opernttt for the public ttnefit. Throu¥h its granthl8king it works to help people in need in the hisloric couniies as described above. The TTU5t¢e confirnis that it h&4 refetyed to the &yuidanc¢ produccd by the Charity Commission on public bcn¢fit whLn reviewing the Chariiy's aims and objectives and in planning fvtur¢ a¢tiYiti¢s and granm]akin8 and 15 satisfied that the requirernen have been met. ehleveme#ts aDd perforrnance During the fmancial year ended 31 March 2024 the I'nwee awarded £44,427 of new grdnLs which are listed in Note 5 of the financial stalements. lThvtstm¢nt policy The ¢rusi de¢d provides power ofinvestment and the assets of the Trnst are invested hy the investment managers who at th¢ year end werc CLLA. followin8 complelion of investtnent manager early in the year. The Tslee apwinrs an Inv¢stment Committtt made up of directors of Community Foundation serving Tyne & Wear and Northutnberland aTKi oiher Covopied members. The Investhlent Committec meci with the investrncnt managers, usually on 8 quarterly b&8is, and monitor their F¢rfoTmanee in relation to a recognised charity benchmark. Clear guidelinc5 have been agreed in relaiion to 8ss¢t Ailocation and thcse are a150 reviewed by the Investment C(Nnmittcc on a quarterty basi5 or when th¢ markei been particularty Vol1]e. Perfornian¢e inf()rniati()n f[ the year showed the fiJnd5 increased by an estirnatcd t()tsl rcmm of 12.5V( (Dei) which was thcad of the pcer group benchm&, ARC Charity Steady Growth. During the year a review wa& carried out of th¢ inv¢stmcnt tnauagers of the whole group. tD May 2023 CCLA were aplted as the new investtnent manager for this Chiry. Financial Revlew Durin8 the cumt fmancial year, the Tru51 had net income of £241.135 (2023.. ¢xp¢nditure £174.793) 8fter addition of investtnent Lains of £214,591 (2023.. losses of £130,0)). Rlsk MaD4gement The TnL8teL has eXaled the major strategic, business and oper&(iona] risk5 which the charity faces and conf5 tha¢ sy5t¢tns have been estsblished to ¢nable regular rep(Kts to be produced so that the necessary steps Gin be tak¢n to Ma[e these risks. K¢%rYe5 Due to the natttre of the tru fimd it i5 thc lIcY to pay its itjcome oui in grants and thercfore reserves are kepl to a minimum. The TnLSt only awards grants from income acnMIty re¢¢ive(L so although income will be rethiced in the coming ycar CO[nlltnts have n¢X be m8(k iwond those that aTe covered by iocu]ne.
Joseph Brough Charitable Trust Trustee's Annual Report for the year ended 31 March 2024 (continued) Plans for future periods Tbe Trustee plans to continue to Use available fimds to ryovide.¢prants lo charttsble orgaDisattons helping ople iti need in the historic counti¢s of N(xthumberland aud Dutham. stst¢ment o( the trnsttt's rtspoosiblllties The Trustee is responsible for prepar8 the TnLStee's Annual Report and thr financial statem¢Dts in accordance with applicable law and regulations. The law appli¢4blc to charities in England and Wales requires the TSlee to prepare fmanciai statements fnr each financial y¢ar. Under th law ihe Trustee has" prep the fmancial siatem¢nts in acc£)rdance with Unld KAngdom Accouniing Siandard& comprising FRS 102 "The Financial Reporting 8tandard applicable in thc UK and the Republic of Ireland", and applicable law {United Ktngdom Generally Aept9 Accounting Practicc). Under law the Trustee M1 noi approve the fmancial statements unless li is satisfied they give a true and fair view of ihe state of affair5 of the charity and of th¢ tncoming resources and application of r¢sources of the charity for that pcriod. In preparing these fywicial statemellts, the Trustee is required to.. select suitable a¢¢ountin8 wlicies and then atvly them consi5tently' obserye the methods and principles in the Chartcies SOR. make judgments and esiimai&s that are reasonable and prudcnt: ¥ia whetheT appli¢8ble UK Accouniing Stsndards comprising FRS 102 have been followed, subject aoy matcrial departures disclosed and expl*iined in the fm4wAcial siatemenLs.' and prepare the financial ststerncnts on the goin8 con¢ern basis unle$8 il is iDappropriale to preswne thai the Charity will continue in business. The'l rustre is responsible for keeping accouniing records that are suffici¢rti to show and explain the charity'5 transactiuns and disc105¢ With reasonable accurn¢y ai any time the fin8n¢ial position ofthe charity and enable it to en.sure that tbe financial staiements comp]y with the Charities Act 2011, the Charity (Accounts and Reports) R¢gulation% 2008 and the provision of tbe tnL%i deed. li is also responsible for safeguardin8 the $¢IS of the charity and he for tsking reThmable $t¢ps for the wention and detecftoo of fraud and other Irre8uJariLies. INdcpendent Ex8winers Azets Audit Services bavc indicaied their willirtgDess to continue in office aDd a resoluti(Y) conceming their r¢appotnrm¢nt as indendcn¢ examiner5 of the charity will be proposed the forthcomirt8 Annual General Meeting. the Trusiee and signed on its behatF. ChAir and Director for ComffjuDity Found4ti0Tr serving Tync & Wur and NoT¢hurnberlaDd 18 Seplember 2024
Joseph Brough Charitable Trust Independent Examiner's Report to the Member of Joseph Brough Charitable Trust I report the tsijstees on my examination of the rmancl staent of the Joseph Brougb Charitsble Trust for the y¢8r ended 31103f2024. Responsibilities And b•sl$ of report A$ the charity's trittS, you are resFthsible for the preparation of the accounts in ¢0lance with the reqttiremLmts of (he Charities Act 2011 (*h¢ Aei"). I r¢wrt in respcct of my examination of the Tru5t'$ accounis carried uut under section 145 of the 2011 Act gnd in carying out my exdmination. I have followed all the applithle Directions given by tbe Clwiry Commission under section 145{5Xb) ofthe Acl. IDd¢p¢ndent ¢xaminer's statement I hY4ve completed my ¢xAminati¢m. l ¢onfrn that no matcrial rnatter5 have come to my gttenlion in connection with the cxaminaiion which gives me cause to believe that any ma141 r¢spe¢i: . the &L£ountin8 rccords were not kepl in a¢¢ord8nce with section 130 of the Charities Act. or the accounts did not Kcord with th¢ a¢¢ouniin8 records. or the accounts did rtoi compty with the applicable requiremellts ¢ortcernin8 the forn) and content of accounts set out in the Clwities {Accounts and Rep(rts) Rcgulalions 2(X)8 other than any requireTn¢nt thyt th¢ accounts giv¢ a'tN¢ and fair. view which 15 not a m&ttcr considered as p8rt of an independent examinatiou. I have no concerns and have wrne xross no other matters in connection with ibe exATnination to which attent n should awn in this Tewrt in order ¢0 enable 8 proper underswiding of the accounr5 to b¢ reached. Simon Llrowtt LIA ACA DChA Azcts Audit Services Bulman House Regent C¢ntr¢ New(lIe upon Tyne NE3 3LS Azets Audit Services is a trading of Az¢LS Audit Services Limited
Joseph Brough Charitable Trust Statement of financial activities for the year ended 31 March 2024 Note RestrKt¢d Endowrnent ds nd Total 2024 Total 2023 Income endoTThients from: Investsncnl incom¢ 78,812 7&812 50,176 Total itt¢ome #Dd endowments 78,812 7&812 50,176 Expenditu0. bTrv¢stmeni management Costs Charitable activities 2,811 2.811 7,719 49,457 49,457 87,160 Total expendilure 49.457 2,811 52268 94,879 Gainsl(loss¢s) on inve5tsnent a&8¢ts 214.591 211591 1130,090) N¢t ineornel(exptndilure) #Dd oyemenl on fullds 29,355 211,780 2.157,668 241.135 {174.7931 Total funds brought forward 26,242 2,183,910 2.358.703 Tothl funds carried foTwaTd 55.597 2J69.448 2,42S.045 2,183,910 All of the #bove resulL5 ore derived fTom cciiiinuin8 operarions. All gains and losscs which were incurred in the current year and WIOT year are includfAJ abov¢. The compwat?ve figures for cach fvnd are shown in lh¢ noi¢y to the accounis (ttole 2).
Joseph Brough Charitable Trust Balance sheet as at 31 March 2024 ,Yote 2024 2024 2023 2023 x¢d 5$e1 inveitmeDIs 2J69,448 2,033,157 Current assets tkbiors 16.753 7,131 Cwh ai bank and in hand 45.844 168.602 Total current wets 61597 17i,733 Creditor5: 4mouttts falling due within ont yeor (24,980) Net £urrethi assets 5S597 150,753 Total assots legs Current liahllilies 2.425.045 2,183.910 The funds of th¢ Cbarlty: Endowment tiuHts 2J69,448 2,157,668 Reskncted income funds 55097 26.242 Total eharlty funds 2,425J145 2,183,910 The financial slatements on pa8 5 to 13 were approv¢d by thc Tnts on 18 SeM¢mb¢r 2024 and wtre signed on its beha]f by.. Paul Faryuhor Treasurer 4nd Director for Cornmunlty Foulldation serving Tyne & W¢#r attd Northumberland Tru$t¢¢
Joseph Brough Charitable Trust Notes to the financial statements for the year ended 31 March 2024 Accounting Policies Basis ol prepTrtio The financial .siatements have been prepared on a going concern basis under the historical cosi convenLiuD as modified by the revaluation of lied Investhien The financial statements have been prepared in accordance with Accouniimg and Reporting by Charities: sent of Recommended Practice 8ppli¢able to chtirities preparing their accounts iti accordance with the Financial Reporting Standard applie8ble in the UK and Republic of Ireland (FRS 102) (effective l January 2019)- (Charities SORP (FRS 102)), the Finaticiai Reporting Standard applicable in th¢ UK and Republi¢ of Ir¢land (FRS 102) alld th¢ Chariti¢s Act 2011. Joseph Brough Charitable Trusi meets the defmition ora public benefit entity under FRS 102. The TrusLee considers that there are no material uncertainties about the CharÈty's abiliiy to Loniinue as a L)ing CL)ncern. b) C¥sh flow The Trutst 15 a small eniity au4 as such, it tsken advantsge of thc exemption from weparing a Cash tlow stsicment under the ternis of Scclion 7 of Firtancial Reporting Stsndard 102. IDcome and expendlture tnvestmeni income. dwsit interest and exp¢ndiwTE are included in the fuwlcial slatemenls on an aCCTua15 basis. d) Resour¢es expcDded Liabilities are recognised & re¥iTrur¢e8 expended as as th¢re 15 a legal or col¢t[Ve obligation committing the charity to the expenditure. Grani commilm¢n15 are accounted for oo an a¢¢n[s. basis. once aroroved by the Trustre. Ch#ritabl¢ 4clivitieJ Costs of Lharithble aciivities irJ¢lude gr4nts llde and the adminis1tIon costs associated with granDnakin8. GovtrnaDCC Costs GoYeman¢¢ costs of the I njsi hav¢ been met by its Trnstee. Inv¢stJlleTrts InvL%tsnents are stated at market Yah at the year end and any gain or loss ott investhients is taken to the statennI of Financial Activities. h) Penn•n¢nt endowrnent and restric¢¢d lu#ds The pern1¢nt endowmeT]t fitnd i5 th¢ Joseph Brough Charitsble Trust Resee. 'Ibe from this is applied to the restricied fimd ad utilis¢d in accorthcc with the lenns of the cdOW[ne¥ which stste5 thai the monies may be used tl) filler the objects of the charity. i) Debtors Dividend5 and illieresL receivable are srated * the amount due to be receiv&t
Joseph Brough Charitable Trust Notes to the financial statements for the year ended 31 March 2024 (continued) Aeeounting Policies (continued) i) Cash a¢ b4Thk and band Cash at bank and in hand includes cash and shon temi highty liquid inv¢strnents with a short MatiltY or Dwelve months or kss from the date of acquisiiion or opening of the dep)sit or similar account. k) Creditors #Dd provisio$ Creditors and Provisions are rccogniscd where the charity bas a preseni obligatiun resthltit)g from a past Lvent that will probabty result in the transfLT ol funds to a third paty and the amount due tu setile the oblig&ion c be measured or esliMed reliably. Thi5 includes grdnts payable when the offer is approved and ¢onveyed to the recipieni. Creditors and provisions are nmnally rccognised ai their settlemeni AmounL Judgew¢nts and key sources of estlJDatioD unfertginty Thc pr¢paralion of th¢ fmancial SeMents requir¢s rn¥na8emLni kn make jud8ements, estim¢S and a¥sumplion5 that atTeet the amosjnts reporred. These ¢stirnates and juitgeTnents are con(inually revicwed and are b&4ed on ¢xwienc¢ and othcr facior% includin8 expec10$ of fyNre events are lieVed w b¢ reasonable under the eircurnstancu. Th¢re ar¢ no such judgements within the fIr1¢]l sthtrments.
Joseph Brough Charitable Trust Notes to the financial statements for the year ended 31 March 2024 (continued) 2 Statement of Financial Activities prior year fund comparatives Restricted Endowment funds fuDd Total 2023 Ineome and eodowmettts from: Invc5trn¢nt income 50.176 $0,176 Tot1 Income Ad ¢ndowmeuts 50.176 50.176 Expendlture on: Investment managemetsi ¢osts Charithble artivities 7.719 7,719 87,160 87,160 Total exndItUre 87,160 7.719 94,879 Lok%s on investmeni asets (130,090) {130,1)90) Nei inco]JJe and mov¢m¢n¢ on funds Fund balanc¢5 broughi forward (36.984> (137.809) {174.793) 63.226 2,295,477 2J51,71)3 Fllnd balnee8 egrrled forward 26,242 2,157,668 2,183,91 3 Taxation The Tnjst is a registered Lhty and its investment I£0me is not subject to in¢ome, ¢4Pital gains or corporation provided that the income generated is applied io charithblL purposes. 4 Investment Ancome 2024 2023 Dividend5 and inlcrcst fmm endowment fund invesmients 7&812 50,170
Joseph Brough Charitable Trust Notes to the financial statements for the year ended 31 March 2024 (continued) 5 Charitable activities The Joseph Brough Clwitsbl¢ Tnjst undenakes its charitsbl¢ aciivits¢s tknugh grantmBkin& 2024 2023 Gmis payoble Direct COSts- 8fdnts administration fee Dircct costs- bank charges 44.427 82.130 30 49.457 87,160 Grants awarded durin8 the year ended 31 March 2024 wejr." P.R.O.P.S North East I'h¢ Dr Adl¢r Support & Ilelp Group Bright FuluTes NE FeDham Aswiation ofResidents St. Martin's Centre Pamcrship Diff¢r¢nr¢ County Durhgm Community Foundation (ir¢ggs Foundation Total grants awarded 2024 5,000 2,500 7,500 7,500 1.927 iu,Ih)o 3,0 7,000 44,427 '[ otal grants award¢d 2023 82,130 The Tt does not ernploy any (2023.. rM)De) and th¢r¢for¢ has incurred ao costs during the year (2023.. £nil). 'lTh¢ independeni examinarioll f¢es are paid by the parent chaTitable ¢ompony and 8re included irt the ¢on5olidaied accounts. io
Joseph Brough Charitable Trust Notes to the financial statements for the year ended 31 March 2024 (continued) Fixed asset investments Listed inv¢stments Market valu¢ at l April 2023 Additions 2.033,157 1,932.208 Disposals {1,810,508) Realised gains on disEMMal 5.029 UnreaIised 1$ on rcvaluatton 209,562 MArket value 8t 31 March 2024 2J69,448 Cost ¥131 Moreh 2024 1,932208 Cosi at 31 Marcb 2023 1.697,593 l.isted investtnents are 5ununarised &s follows'.- 2024 Markcl Value 2112.1 Market Value UK Fixed IntcrL'st 166,072 UK Equities 575,491 64,819 Ov¢rws Equiiies Collective Investhjeni Schemc5 952.499 2J69,448 274,276 2J09,448 2,033,157 Debtors 2024 2023 Diyidcnds and tnt¢r¢st Receivable 1&753 7,131
Joseph Brough Charitable Trust Notes to the financial statements for the year ended 31 Marcb 2024 (eontinued) Creditors: amounts falling due within one year 2024 2023 Grants payable 24,980 Funds of the charity Ba]an l April 2023 trtcome Expenditure 04trts and IeS Balance 31 March 2024 Pernianent endowmcni fiujd 2,157,668 2,811 214.591 29,448 R¢$tri¢ied fund 26,242 78,812 49.457 55,597 Total fund8 2,183,910 78,812 52,268 214.591 2,425,045 l O Analysis of net assets between funds Restricied Endow'ment funds funds. 2024 Total investm¢Dts 2,369,448 2J69,448 cUent ass¢t$ 62,597 62.597 Current liabilitiC5 (7,0(Ml) [7,1> Total net &sseL8 55,597 2.369,448 2,425,045 I l Transactions with the Trustee and Related parties During the year the Tn]st mad¢ pavmenL% iottuing £5.000 {2023.. £5,IKM)) to its Trustre for administrative servi¢es provided in relation to the paymenL of grJnts. 12
Joseph Brough Charitable Trnst 12 Ultimate controlling party The ultimate parent undertaki0 and controuing party is Con)muniry Foundation suving Tyne & Wear And Northumberland, a cotnpany incorForated in England whose company nutnber is 02273708. The consolidat fall¢la1 staiements of Community Foundation servillg Tyne & Wear and Northurnberland can be obtained from Philantbropy Hous¢, Woodbine RoaÉi Gosfortl4 Newc&5tJe upon Tyne, NE3 IDD. Community Fotlndation serving Tyne & Wear and Northurnber]and is the smallest and the largest group io onsolidate ihe organisation's fmancial results. ij