## **Robert Browning Settlement (Incorporated)** **Charity No. 243447** **Company No. 00075939** **Trustees' Report and Unaudited Accounts** **31 December 2023** **Robert Browning Settlement (Incorporated) Contents** ||Pages|| |---|---|---| |Trustees' Annual Report|2 to 5|| |Independent Examiner's Report||6| |Statement of Financial Activities||7| |Summary Income and Expenditure Account||8| |Balance Sheet||9| |Notes to the Accounts|10 to|16| |Detailed Statement of Financial Activities|17 to|18| Page 1 **Robert Browning Settlement (Incorporated) Trustees Annual Report** The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 December 2023. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Company No. 00075939** ## **Charity No. 243447** ## **Principal Office** Third Floor, Ingleholm 17 Vernon Road Leigh On Sea Essex SS9 2NG ## **Registered Office** Third Floor, Ingleholm 17 Vernon Road Leigh On Sea Essex SS9 2NG ## **Directors and Trustees** The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year: C.R. Dunnico LL.B, ACIB J.W. Wybourn B.Sc. Dr M.B.M. Rennie Mrs G.J. Dunnico M.L. Turner A. Arnold A. Arnold ## **Key Management Personnel** Honorary Warden & Secretary **Accountants** C.R. Dunnico LL.B, ACIB Born & Co. 1st Floor, Devonshire House 1 Mayfair Place London W1J 8AJ ## **Bankers** Metro Bank plc One Southampton Row Page 2 **Robert Browning Settlement (Incorporated) Trustees Annual Report** London WC1B 5HA ## **Solicitors** Messrs Birkett Long LLP Phoenix House Christopher Martin Road Basildon Essex SS14 3EZ ## **OBJECTIVES AND ACTIVITIES** The Settlement is governed by its Memorandum of Association and its Articles of Association. The objects for which the Settlement is established are to promote the furtherance of the Kingdom of God as it is declared in the Gospel of Jesus Christ, to ameliorate the life and lot of the people dwelling in Southwark and elsewhere and by every means available to encourage the full and happy development of body, mind and soul of the people. Council have been mindful of their duty in section 4 of the Charities Act to have due regard to guidance published by the Charity Commission. The company is a registered charity, (number 243447), which was founded in 1895 as the permanent world memorial to the poet Robert Browning who died in 1889. It has close links with the Armstrong Browning Library, Baylor University, Texas, USA and The Browning Society, a registered charity. During the year the Settlement's Heritage Asset - the largest collection in the UK of Browning Memorabilia consisting of original manuscripts and artworks created by Robert Browning, his wife Elizabeth Barret Browning and their son Robert Barrett Browning and numerous books, most of which were donated in 1914 by the late Mrs Fanny Barrett Browning, widow of the late Robert Barrett Browning- were sold by public auction at which a surplus of £88,861 was raised to fund the Settlement's activities. The Charity is not involved with fund raising activities. Grants are made according to need. ## **ACHIEVEMENTS AND PERFORMANCE** Both in Essex and in southeast London we maintain a Legal Advice Centre, which is under the direct supervision of the Hon. Warden, who is a Solicitor. In addition, we include counselling services covering a wide range of problems. For those who are unable to leave their homes a visiting service is provided. The visitation of the sick, elderly and lonely still plays a vital and important part of our work. Our home and hospital visits in London and Essex continue. At Christmas and at Easter those in need receive a friendly visit and those particularly in need receive a gift. We also send cards to those whom we believe are unlikely to receive any others. We do emphasise that, whilst this Settlement was founded on a Christian basis, our services are available to all, regardless of nationality, race, colour or creed. The Browning Community Centre in Browning Street which is maintained by Southwark London Borough Council is available for hire at most reasonable rates. When we need a hall at any time, we have one available virtually on the doorstep of Fellowship House, our former Head Office in Walworth. Page 3 **Robert Browning Settlement (Incorporated) Trustees Annual Report** Each year in December the anniversary of the Poet's death is commemorated in a moving ceremony at Poets' Corner, Westminster Abbey. This year the service was held on 9th December. The Browning Society must be congratulated for its successful organisation of this prestigious event. Many Browning lovers from home and abroad, particularly the USA, join together at this commemoration. A wreath, as usual, was laid on the Poet's grave by the Hon. Warden on behalf of the Settlement. The Hon. Warden has accepted invitations to give talks on the history of the Settlement and its important place in British Social History, as well as its connection with the family of the great Victorian poet, Robert Browning. Like all organisations in the current year, as well as in recent years, we continue to endure a substantial loss in our income due to the drastically reduced rates of interest now available on our funds. This greatly increases our need for donations, although we do understand that many face financial uncertainty. We have first-hand experiences of this when visits are made to the needy folk under our wing. If you are able to help us to give them much needed support in their plight, any sum, however small, will be gratefully received and put to good use. We are extremely grateful to all those of you who continue to support us in our work. Please remember that everything we do is freely given without charge to those who benefit from our work. ## **FINANCIAL REVIEW** The Council of Management submit the accounts of the company for the year ended 31st December 2023. The deficis for the year amounted to £14,490 (2022: surplus £57,707). The Council of Management consider that it is essential to retain sufficient capital funds to ensure the future of the Charity's premises and to maintain Headquarters and fund the Hon. Warden's Pension. Under the Company's Pension Scheme, the Honorary Warden is entitled to a pension. Although this scheme provides for an annual increase of pension linked to the retail price index, the . The Honorary Warden has forgone this increase since its inception. The pension payments are not funded externally but are payable out of the net assets of the Charity. The Council have considered the financial position of the charity, and believe that the going concern basis is still the appropriate basis for the presentation of the accounts. The main investment fund is held by the Charities Official Investment. Fund. The Browning Museum Collection is owned by the Settlement. The Settlement does not appear to have major risks and looks forward to the continuation of its work for many years to come. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** Page 4 **Robert Browning Settlement (Incorporated) Trustees Annual Report** Being an incorporated Association, the members of the Council of Management are the Trustees. In December each year at the Annual General Meeting of the Association members of the Council are considered for election or re-election. Any person, who is a member of the Settlement, on giving notice of intent, may stand for election to the Council. The Council has power to co-opt members during the year. The present Members of the Settlement Council will be seeking re-election at the forthcoming Annual General Meeting. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102). Signed on behalf of the board C. Dunnico Trustee 23 September 2024 Page 5 **Robert Browning Settlement (Incorporated) Independent Examiners Report** ## **Independent Examiner's Report to the trustees of Robert Browning Settlement (Incorporated)** I report to the charity trustees on my examination of the financial statements of Robert Browning Settlement (Incorporated) for the year ended 31 December 2023. ## **Responsibilities and basis of report** As the charity's trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act. Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe: - accounting records were not kept in accordance with section 386 of the 2006 Act ; or - the financial statements do not accord with those records; or - the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or - the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 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 financial statements to be reached. Graham I. Born FCA ICAEW Born & Co. 1st Floor, Devonshire House 1 Mayfair Place London W1J 8AJ 23 September 2024 Page 6 **Robert Browning Settlement (Incorporated) Statement of Financial Activities** ## **for the year ended 31 December 2023** |**Notes**
**Income and endowments**
**from:**
Donations and legacies
4
Investments
5
**Total**
**Expenditure on:**
Charitable activities
6
Other
8
**Total**
Net gains on investments
**Net expenditure**
9
Transfers between funds
**Net expenditure before other**
**gains/(losses)**
**Other gains and losses**
Other Gains
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**funds**
**2023**
**£**
38
505|**Total funds**
**2023**
**£**
38
505|**Total funds**
**2022**
**£**
2,708
71| |---|---|---|---| ||543
-
15,033|543
-
15,033|2,779
65
33,868| ||15,033
-|15,033
-|33,933
-| ||(14,490)
-|(14,490)
-|(31,154)
-| ||(14,490)
-|(14,490)
-|(31,154)
88,861| ||(14,490)
34,619|(14,490)
34,619|57,707
(23,088)| ||20,129|20,129|34,619| Page 7 **Robert Browning Settlement (Incorporated) Summary Income and Expenditure Account** ## **for the year ended 31 December 2023** |Income
Interest and investment income
**Gross income for the year**
Expenditure
**Total expenditure for the year**
Net expenditure before tax for the year
**Net expenditure for the year**|**2023**
**£**
38
505
543
15,033
15,033
(14,490)
(14,490)|**2022**
**£**
2,708
71| |---|---|---| |||2,779| |||33,933| |||33,933| |||(31,154)| |||(31,154)| Page 8 **Robert Browning Settlement (Incorporated) Balance Sheet** ## **at 31 December 2023** |**at 31 December 2023**|| |---|---| |**Company No.**
**00075939**
**Notes**
**2023**
**£**
**Current assets**
Cash at bank and in hand
22,179
22,179
**Creditors:**Amount falling due within one year
11
(2,050)
**Net current assets**
20,129
**Total assets less current liabilities**
20,129
**Net assets excluding pension asset or liability**
20,129
**Total net assets**
20,129
**The funds of the charity**
**Restricted funds**
12
**Unrestricted funds**
12
General funds
20,129
20,129
**Reserves**
12
**Total funds**
20,129|**2022**
**£**
36,269| ||36,269
(1,650)| ||34,619
34,619| ||34,619| ||34,619| ||34,619| ||34,619| ||34,619| These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. For the year ended 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. Approved by the board on 31 December 2023 And signed on its behalf by: C. Dunnico Trustee 31 December 2023 Page 9 **Robert Browning Settlement (Incorporated) Notes to the Accounts** ## **for the year ended 31 December 2023** - 1 **Accounting policies** ## **Basis of preparation** The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. ## **Change in basis of accounting or to previous accounts** There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years. ## **Fund accounting** - Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. - Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. - Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal. ## **Income** - Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. - Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income. - Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets Page 10 **Robert Browning Settlement (Incorporated) Notes to the Accounts** ## **Expenditure** - Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT expenditure which cannot be fully recovered, and is reported as part of the expenditure to which it relates. - Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. - Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. - Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. - Other expenditure These are support costs not allocated to a particular activity. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Freehold investment property** Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise. ## **Stocks** Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market. ## **Trade and other debtors** Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **Cash and cash equivalents** Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. ## **Trade and other creditors** Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Page 11 **Robert Browning Settlement (Incorporated) Notes to the Accounts** ## **Research and development** Expenditure on research and development is written off in the year in which it is incurred. ## **Foreign currencies** Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exchange differences are are taken into account in arriving at net income/expenditure. ## **Leased assets** Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases. Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis. ## **Pension costs** The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. ## **Receipt of donated goods, facilities and services** All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity. ## 2 **Company status** The company is a private company limited by guarantee and consequently does not have share capital. Page 12 **Robert Browning Settlement (Incorporated) Notes to the Accounts** ## 3 **Statement of Financial Activities - prior year** |3
**Statement of Financial Activities - prior year**|||| |---|---|---|---| |**Income and endowments from:**
Donations and legacies
Investments
**Total**
**Expenditure on:**
Charitable activities
Other
**Total**
**Net income**
**Net income before other**
**gains/(losses)**
**Other gains and losses:**
Other Gains
**Net movement in funds**
**Reconciliation of funds:**
**Total funds carried forward**
4
**Income from donations and legacies**
Donations
5
**Income from investments**
Interest|**Unrestricted**
**£**
38
38
**Unrestricted**
**£**
505
505|**Unrestricted**
**funds**
**2022**
**£**
2,708
71
2,779
65
33,868
33,933
(31,154)
(31,154)
88,861
57,707
57,707
**Total**
**2023**
**£**
38
38
**Total**
**2023**
**£**
505
505|**Total funds**
**2022**
**£**
2,708
71| ||||2,779
65
33,868| ||||33,933| ||||(31,154)| ||||(31,154)
88,861| ||||57,707| ||||57,707| ||||**Total**
**2022**
**£**
2,708| ||||2,708| ||||**Total**
**2022**
**£**
71| ||||71| Page 13 **Robert Browning Settlement (Incorporated) Notes to the Accounts** - 6 **Expenditure on charitable activities** |6
**Expenditure on charitable activities**|||| |---|---|---|---| |_Expenditure on charitable_
_activities_
Grants made
7
**Analysis of grants**
**Activity or programme**
Grants
**Activity or programme**
Grants
8
**Other expenditure**
Employee costs
Motor and travel costs
Premises costs
General administrative costs
Legal and professional costs
9
**Net expenditure before transfers**
This is stated after charging:
Independent Examiner's fee
10 **Staff costs**
Pension costs|**Unrestricted**
**£**
15,000
-
-
33
-
15,033
**2023**
**£**
-
**2023**
15,000
15,000|**Total**
**2023**
**£**
-
-
**Total**
**2023**
**£**
-
-
**Total**
**2023**
**£**
-
-
**Total**
**2023**
**£**
15,000
-
-
33
-
15,033|**Total**
**2022**
**£**
65| ||||65| ||||**Total**
**2022**
**£**
65| ||||65| ||||**Total**
**2022**
**£**| ||||65| ||||65| ||||**Total**
**2022**
**£**
30,000
151
769
1,573
1,375| ||||33,868| ||||**2022**
**£**
1,650
**2022**
30,000| ||||30,000| Page 14 **Robert Browning Settlement (Incorporated) Notes to the Accounts** |11 **Creditors:**
amounts falling due within one year
Loans from trustees
Accruals
12 **Movement in funds**
**Restricted funds:**
**Unrestricted funds:**
**General funds**
**Total funds**
13 **Analysis of net assets between funds**
Net current assets
14 **Reconciliation of net debt**
Cash and cash equivalents
Net debt|**At 1 January**
**2023**
34,619
34,619|**2023**
**£**
2,050
-
2,050
**Incoming**
**resources**
**(including**
**other**
**gains/losses**
**)**
**£**
543
543
**Unrestricted**
**funds**
**£**
22,179
22,179
**At 1 January**
**2023**
**£**|**Resources**
**expended**
**£**
(15,033)
(15,033)
**Restricted**
**funds**
**£**
(2,050)
(2,050)
**Cash flows**
**£**|**2022**
**£**
-
1,650| |---|---|---|---|---| |||||1,650| |||||**At 31**
**December**
**2023**
**£**
20,129| |||||20,129| |||||**Total**
**£**
20,129| |||||20,129| |||||**At 31**
**December**
**2023**
**£**| |||36,269|(14,090)|22,179| |||36,269
36,269|(14,090)
(14,090)|22,179| |||||22,179| |||||| |15 **Commitments**
**_Operating lease commitments_**
**_Pension commitments_**
The company pension scheme is unfunded.
The pension cost charge to the company
amounted to:||**2023**
**£**
15,000||**2022**
**£**
30,000| Page 15 **Robert Browning Settlement (Incorporated) Notes to the Accounts** ## 16 **Related party disclosures** ## _**Controlling party**_ The company is limited by guarantee and has no share capital; thus no single party controls the company. Page 16 **Robert Browning Settlement (Incorporated) Detailed Statement of Financial Activities** ## **for the year ended 31 December 2023** |**Income and endowments from:**
Donations and legacies
Donations
Investments
Interest
**Total income and endowments**
**Expenditure on:**
Charitable activities
Grants made
**Total of expenditure on charitable**
**activities**
Employee costs
Pension costs
Vehicles - General costs
Premises insurances
General administrative costs,
including depreciation and
amortisation
General insurances
Stationery and printing
Sundry expenses
Telephone, fax and broadband
Legal and professional costs
Other legal and professional
costs
**Total of expenditure of other costs**
**Total expenditure**
Net gains on investments
**Net expenditure**|**Unrestricted**
**funds**
**2023**
**£**
38
38
505
505
543
-
-
-
15,000
15,000
-
-
-
-
-
-
33
-
33
-
-
15,033
15,033
-
(14,490)|**Total funds**
**2023**
**£**
38
38
505
505
543
-
-
-
15,000
15,000
-
-
-
-
-
-
33
-
33
-
-
15,033
15,033
-
(14,490)|**Total funds**
**2022**
**£**
2,708| |---|---|---|---| ||||2,708| ||||71| ||||71| ||||2,779
65| ||||65| ||||65
30,000| ||||30,000| ||||151| ||||151| ||||769| ||||769| ||||142
33
433
965| ||||1,573| ||||1,375| ||||1,375| ||||| ||||33,868| ||||33,933
-| ||||(31,154)| Page 17 **Robert Browning Settlement (Incorporated) Detailed Statement of Financial Activities** |**Robert Browning Settlement (Incorporated)**
**Detailed Statement of Financial Activities**|||| |---|---|---|---| |**Net expenditure before other**
**gains/(losses)**
Other Gains
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|(14,490)
-
(14,490)
34,619
20,129|(14,490)
-
(14,490)
34,619
20,129|(31,154)
88,861| ||||57,707| ||||(23,088)| ||||34,619| Page 18