2022-12-31-accounts - Brewin Trust

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Trustees’ Annual Report

For the period 1st January 2022 to 31st December 2022

Legal and Administrative Information

Charity Name: The Brewin Trust

Charity Registration No. 273459

Charity’s principal address – St Paul’s Church, Church Street, Tiverton EX16 5HU

The Trustees who served during the year and up to the date of approval of this report were:

Rev Andrew Humm Peter Eric Day - (Chair) to 31 August 2023 Sheila Hannallah to 27 April 2023 Caroline Bright Martyn Green - (Chair) from 19 January 2023 Janet Norris from 27 April 2023 Paul Sagar from 27 April 2023

Structure, Governance and Management

Type of Governing Document:

Governing Scheme (June 1999) - Amended 29 June 2015

Trustee Selection method:

As described in the Governing Scheme

Objectives and Activities:

To further the religious and other charitable work of the Church of England in the parish.

Following the amalgamation of the Ecclesiastical Parish of St Paul with the Parish of St George Tiverton under the Pastoral Scheme dated 27th June 2017 and after consultation with the Charity Commissioners the trustees resolved that the charity’s area of benefit is now defined as The Parish of Tiverton St George and St Paul.

Public Benefit:

The charity acknowledges its requirement to demonstrate that it has charitable aims and purposes that are for the public benefit. The trustees believe that by providing funding for community events and organisations and the pastoral work of the Church of England in the parish demonstrates that their charitable aims are for the benefit of the public and that the trustees have complied with Section 4 of the Charities Act 2011. Further, the Review of Achievements and Performance demonstrates in more detail how the trustees are complying with the Charity Commissioners guidance regarding public benefit.

Achievements and Performance:

The trustees recognise their primary responsibility to protect and maintain the Trust’s assets and there is regular dialogue with the agent in respect of all property matters.

In partnership with Churches Housing Action Team (Mid Devon) Ltd (CHAT), a local charity, and the church of St George and St Paul the trustees have converted 17 St Paul Street to a 4-bedroom house of multiple occupancy (HMO). The HMO provides short term accommodation for single persons who are supported in maintaining and managing a tenancy. The members of the St Paul’s church donated all the furniture and fixtures for the property and CHAT provide regular tenancy support through a suitably qualified and experienced tenancy support worker. The cost of the tenancy support is paid for by the Brewin Trust.

At a time of reduction in available properties in the rental sector the trustees work closely with their agent and CHAT to provide accommodation, where possible, for local residents and Ukrainian refugees who are in danger of becoming homeless.

In recognition of the energy cost crisis and a desire to improve the energy performance of our properties the trustees have investigated improvements that could be deployed throughout the housing stock. The options for improvements to Grade II listed buildings constructed in the mid-19[th] century and in a Conservation Area are very limited. This is compounded by the attitude of the local authority planning and conservation departments who are not forward thinking and will not consider improvements such as sympathetic double-glazed windows. The trustees invested £60k in targeted improvements to one of the maisonettes to evaluate likely improvements to the relative energy performance of the property. Unfortunately, due to planning restriction appeals etc. the upgrade of the property will not be completed until mid-2023.

The Trust continues to support the religious and other charitable work of the Church of England in the parish by providing financial support towards:

Youth, Families and Children’s Ministry support
Take Note Community Choir
Homelessness Prevention
Tenancy support for the residents of 17 St Paul Street

Financial Review

The accounts under review are for the twelve months to 31st December 2022. Rental income of £171,057 is 2% higher than 2021 which is encouraging as the HMO and maisonette properties mentioned above were undergoing renovation during a part of 2022.

Property repairs and maintenance of £25,464 was considerably lower than 2021 (£39,979) and refurbishment costs of £58,836 for the maisonette were also lower than 2021 (£82,234), which included the conversion of 17 St Paul Street to a house of multiple occupancy.

Routine maintenance, electrical and gas safety checks of dwellings are carried out in consultation with the agent. The annual cost of buildings insurance increased by 22% following the revaluation of the housing stock.

Grants of £83,676 (2020 £46,497), an 80% increase, were awarded by the trust for charitable purposes and have focussed mainly on the regular cost of Parish administration, youth work, children and family’s ministry, HMO tenancy support and grants to community organisations.

The trustees commissioned Whitton & Laing Surveyors to carry out a valuation of the charity’s housing stock. As a result, the total fair value of the properties is now £4,070,000.

Following a review of the level of current reserves the trustees consider that the anticipated future expenditure on charitable objectives is forecast to be:

Parish Mission

£28k to support parish youth work
£35k to support parish children and families work and administration
£100k towards the refurbishment and development of parish church buildings

Community Support

£22k towards community groups and homelessness prevention
£8k tenancy support for the residents of 17 St Paul Street

Reserves Policy:

The Trustees continue to review our Reserves Policy to ensure a balance between reasonable levels of reserves in accordance with the guidelines laid down by the Charity Commissioners and sensible use of the funds we have been provided with. The Trustees have set a reserve of £50,000 and review the overall level of reserves regularly.

Investments – the trustees regularly review the return on their investments. Current and deposit account returns are historically low and therefore the trustees have invested as follows:

£50,000.00 Cambridge & Counties Bank 2 Year Fixed Rate Bond (4.15%)
£25,000.00 Green Pastures CBS Ltd 5 Year Loan Stock (2.00%)

The Green Pastures investment reflects the trustees desire to support homelessness prevention.

The BlackRock BLK Charities UK Bond Fund Accumulating investment that has been held for many years produced interest of £3,511. However, the value of the fund was affected negatively by uncertainty in the financial markets during 2022 and the value of the charity’s holdings were reduced by £22,953 to £91,178.

Trustees’ Responsibilities:

Under the Charities Act 1993, the trustees are required to prepare a statement of accounts for each financial year which gives a true and fair view of the state of affairs of the charity at the end of the financial year and of the incoming resources and application of resources in the year. In preparing the statement, the trustees are required to:

Select suitable accounting policies and apply them consistently.
Make judgements and estimates that are reasonable and prudent.

State whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the statement of accounts.
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue its operations.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity at that time and to enable the trustees to ensure that any statement of account prepared by them complies with the regulations under section 42(1) of the Charities Act 1993. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees on 14 September 2023

and signed on their behalf by

Martyn Green

Trustee

Independent Examiner’s Report to the trustees of The Brewin Trust

I report to the trustees on my examination of the accounts of The Brewin Trust for the year ended 31 December 2022, which are set out on pages 6 to 10.

Responsibilities and basis of report

As the charity trustees of the trust, you are responsible for the preparation of the accounts in accordance with the requirements of 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 giving me cause to believe that in any material respect:

accounting records were not kept in respect of the trust as required by section 130 of the Charities Act; or
the accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.

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.

Paul Steele FCA 2 November 2023 Chartered Accountant 18 Newport Street Tiverton Devon EX16 6NL

The Brewin Trust Statement of Financial Activities Year ended 31 December 2022

Designated Notes funds £ £ £ Income and endowments Income from generated funds Investment income 3 Rent from Trust properties 171,057 Dividends from investments 500 3,511 Bank interest receivable 2,747 Total income 174,304 3,511 Expenditure Costs of generating funds Costs of generating rental income Agent's fees 13,477 Repairs and maintenance 84,300 Utilities and Council Tax 2,302 Insurance 11,788 111,867 Charitable activities Grants awarded 2 83,676 Support costs Clerk's honorarium 1,500 Trustees' liability insurance 277 Valuations of Trust properties 3,726 Examiner's fees 1,100 90,279 - - Total expenditure 202,146 - - Net income (expenditure) before investment gains (losses) (27,842) 3,511 Net gains (losses) on investments (22,953) 956,000 Net movement in funds (27,842) (19,442) 956,000 Total funds brought forward 399,869 110,620 3,114,000 Total funds carried forward 372,027 91,178 4,070,000 Unrestricted funds Endowment funds Year ended 31/12/2022	Designated Notes funds £ £ £ Income and endowments Income from generated funds Investment income 3 Rent from Trust properties 171,057 Dividends from investments 500 3,511 Bank interest receivable 2,747 Total income 174,304 3,511 Expenditure Costs of generating funds Costs of generating rental income Agent's fees 13,477 Repairs and maintenance 84,300 Utilities and Council Tax 2,302 Insurance 11,788 111,867 Charitable activities Grants awarded 2 83,676 Support costs Clerk's honorarium 1,500 Trustees' liability insurance 277 Valuations of Trust properties 3,726 Examiner's fees 1,100 90,279 - - Total expenditure 202,146 - - Net income (expenditure) before investment gains (losses) (27,842) 3,511 Net gains (losses) on investments (22,953) 956,000 Net movement in funds (27,842) (19,442) 956,000 Total funds brought forward 399,869 110,620 3,114,000 Total funds carried forward 372,027 91,178 4,070,000 Unrestricted funds Endowment funds Year ended 31/12/2022	Total £ 171,057 4,011 2,747 177,815 13,477 84,300 2,302 11,788 111,867 83,676 1,500 277 3,726 1,100 90,279 202,146 (24,331) 933,047 908,716 3,624,489 4,533,205	2021 Total £ 167,614 4,045 981
	174,304 3,511		172,640
	13,477 84,300 2,302 11,788		15,092 122,213 467 9,451
	111,867		147,223
	83,676 1,500 277 3,726 1,100		46,497 1,350 232 - 840
	90,279 - -		48,919
	202,146 - -		196,142
	(27,842) 3,511 (22,953) 956,000		(23,502) (7,785)
	(27,842) (19,442) 956,000 399,869 110,620 3,114,000		(31,287) 3,655,776
	372,027 91,178 4,070,000		3,624,489

The Brewin Trust Balance Sheet 31 December 2022

Notes Fixed assets Investment assets 3 Current assets Debtors 4 Cash at bank Creditors: amounts falling due within one year 5 Net current assets Net assets Reserves Endowment fund 6,7 Unrestricted funds 6,7	£ £ £ £ 4,186,178 3,249,620 4,186,178 3,249,620 5,293 24,973 346,328 374,771 351,621 399,744 4,594 24,875 347,027 374,869 4,533,205 3,624,489 4,070,000 3,114,000 463,205 510,489 4,533,205 3,624,489 2021 2022	£ £ £ £ 4,186,178 3,249,620 4,186,178 3,249,620 5,293 24,973 346,328 374,771 351,621 399,744 4,594 24,875 347,027 374,869 4,533,205 3,624,489 4,070,000 3,114,000 463,205 510,489 4,533,205 3,624,489 2021 2022
		3,249,620 374,869
	351,621 4,594

		3,624,489
		3,114,000 510,489
		3,624,489

Signed and approved on behalf of the Trustees on 14 September 2023

Martyn Green (Chair)

Reverend Andrew Humm (Trustee)

The Brewin Trust Notes to the financial statements Year ended 31 December 2022

1. Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention, as modified by the inclusion of tangible fixed assets and investments at market value.

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 in the UK and Republic of Ireland (FRS 102) (effective I January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and with the Charities Act 2011.

The charity constitutes a public benefit entity under FRS 102.

Income

Income is included in the Statement of Financial Activities when the charity becomes entitled to the income.

Investment income is included in the accounts when receivable.

Expenditure

Expenditure is accounted for on an accruals basis.

Grants are recognised when a specific commitment to provide grant funding is given and this has been communicated to the grant recipient.

Assets and liabilities

Assets and liabilities are included in the balance sheet at the following amounts:

Land and buildings	At market value
Investments	At market value
Other current assets	At the lower of cost and net realisable value
Liabilities	At their settlement value

Realised and unrealised gains and losses on fixed assets and investments

Gains and losses on investment assets includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year. A realised or unrealised gain or loss arising on an asset will form part of the fund in which the asset involved is held.

2. Grants awarded

£

Grants to institutions

Take Note Choir Churches Housing Action Team PCC of Tiverton St George and St Paul: Parish administration and ministry support St Paul's Church roof repairs	2,500 22,400 48,776 10,000
	83,676

The Brewin Trust Notes to the financial statements Year ended 31 December 2022

3. Investment assets in the UK

Investment properties comprise Trust properties situated in St Paul Street and Church Street Westexe, Tiverton. These properties form the endowment of the charity provided under the Will of Caroline Brewin in 1877.

The investment properties were valued at £4,070,000 by Whitton & Laing, Chartered Surveyors, in June 2022.

The trust holds investments in BLK Charities UK Bond Fund and Green Pastures CBS Ltd These investments are shown at market value at the balance sheet date.

Fixed asset investments

Market value at beginning of year Add: additions to investments at cost Less: disposals at carrying value Add gain on valuation (investment properties) (Deduct) loss on valuation (UK Bond Fund) Market value at end of year	£ 3,249,620 3,511 - 956,000 (22,953)
	4,186,178

Analysis of investments Investment properties BLK Charities UK Bond Fund Green Pastures CBS Ltd loan stock 4. Debtors Prepayments Other debtors 5. Creditors Trade creditors Deferred grant income Other creditors	£ 4,070,000 91,178 25,000 4,186,178 31-Dec-22 £ 3,464 1,829 5,293 2,400 821 1,373 4,594 Market value at 31-Dec-22	£ 171,057 3,511 500 Income during period
		175,068
		31-Dec-21 £ 2,842 22,131
		24,973
		0 0 24,875
		24,875

The Brewin Trust Notes to the financial statements Year ended 31 December 2022

6. Movements in funds

Movements in funds
	At 1			Gains/	Transfers		At 31
	January			(losses) on	between		December
	2022	Income	Expenditure	investments	funds		2022
	£	£	£	£	£		£
Endowment fund	3,114,000			956,000			4,070,000
Unrestricted income funds
Emergency repair fund	110,620	3,511		(22,953)			91,178
General fund	399,869	174,304	(202,146)				372,027
	3,624,489	177,815	(202,146)	933,047		-	4,533,205

Endowment fund

This fund represents the value of the freehold property that was donated to the Trust under the Will of the Trust's founder, Mrs Caroline Brewin.The rental income from the properties less the costs of administration and management are unrestricted income funds.

Emergency repair fund

This designated fund is set up to provide for the extraordinary repair, improvement or rebuilding of Trust property.

7. Analysis of net assets between funds

Endowment fund Unrestricted income funds Emergency repair fund General fund	£ £ £ 4,070,000 4,070,000 91,178 91,178 25,000 347,027 372,027 Investment assets Net current assets Total
	4,186,178 347,027 4,533,205

8. Staff costs

The Trust engages a clerk who is paid an honorarium of £1,500 (2021 £1,500)

9. Transactions with Trustees

No trustee has received any payments of remuneration or expenses or received any benefits from the charity during the year.