Trustees, Annual Report For the period 1st January 2023 to 315t December 2023 Legal and Administrative Information Charity Name: Brewin Trust Charity RegIstraon No. 273459 Charivs principal address- St Paul's Church, Church Street. Tiverton EX16 SHU The Tru5tee5 who served during the year were.. Rev Andrew Humm Carollne Brlght Martyn Green (Chairmanl Janet Norris Paul Sagar Structure, Governance and Management Type of Governlng Document: Governing Scheme ljune 19991- Amended 29 June 2015 Trustee Selectlon method: A5 described in the Governing Scheme Objertlves and Actlvltles: To further the religious and other charitèble work of the Church of England in the parish. Following the amalgarnation 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 beneflt is now defined as The Parish of fiverton St George and St Paul. Publlc 8enefft: The charity acknowledges its requirement to demonstrate that it has charitable aims and purposes that are for the public benefit. The trustee5 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 th3t the trustees have complied with Sectlon 4 of the Charifjes 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 benefft.
Achlevements and Performance: The trustees recognise their primary responsibility to protect and maintain the charltys a55ets and there is regular dialogue with the agent in respect of all property matters. A house converted to multiple occupancy IHMOI provides short term accommodation for single person5 who are supported in maintaining and managing a tenancy. Churches Housing Action Team (Mid Devonl Ltd ICHATI 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 continue to work closely with their agent and CHAT to provide accommodation, where posslble, 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 optfons for improvements to terraced Grade11 listed buildings constructed in the mid-19 century and In a ConseNation 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. In 2022 the trustees invested £60k in targeted improvements to one of the maisonettes to evaluate likely improvements to the relative energy performance of the property. Due to planning restrictions and appeals the upgrade of the property was not completed until 2023. The resultlng EPC awarded was disappointing and underscores the diffi¢ultles in improving energy efficiency as explalned above. The charity continues to support the religious and other charitable work of the Church of England in the parish by providing financial support towards: Parish Administration and Ministry 5UPPOrt Take Note Community Choir Homelessness Prevention Tenancy support for the residents of 17 St Paul Street IHMOI Financial Review The accounts under review are for the twelve months ro 31st December 2023. Rental Income of £175,826 is 2.8% higher than 2022 as the HMO and refurbished properties became available for lethng. The trustees carried out a review of rents across the estate In light of inflationary pressures on maintenance, Insurance and other costs. The rent increase wa5 effective from September 2023. The increases in the Bank of England base rate during 2023 resulted in an increase in bank interest receivable to £7,986 from £2,747120221. Property repair5 and maintenance of £52,348 was lower than 2022 (£84.300) and included roof repalrs, bathroom upgrades and redecorating and repairs to one house that required extensive work. Included in these amourbt5 were refurbishment cost5 of £16,975, included £4.609 for the maisonette mentioned above and were lower than 20221£58,8361, when the bulk of that particular refurbishment took place.
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 IO% to £12.732. Grants of £74.54412022 £83,676), were awarded by the trustees for charitable purposes and have focussed mainly on the regular cost of Parish admini5trationft yQUth work, children and family's ministry, HMO tenancy support and grants to community organisations. The net income for the year wa5 £19,41012022 -£24,331) as a result of improved levels of rental income and lower property refurbishment costs than 2022. Following a review of the level of current feserves the trustees consider that the antltipated future expenditure on charltable objedlves Is forecast to be: Parish Mission £27k to SUPPOrt parish youth work £31k to support parish children and families work and administration £IOOk towards the refurbishment and development of parish church buildings ni £22k towards community groups and homelessnes5 prevention £8k tenancy support for the residents of 17 St Paul Street Reserves Pollcy: 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 fL4nds 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 dep051t account returns are historically low and therefore the tnjstees have invested as follows: £50,000.00 Cambridge & Counties Bank 2 Year Fixed Rate Bond14.15%1 £25.000.00 Green Pastures C8S Ltd 5 Year Loan Stock12.00%1 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 dividends of £3,858. The value of the fund was affetted negatlvely by uncertainty in the financial markets during 2022 but gained El,631 this year to finish at £96,662. Trustees, Responsibllitles: Under the Charlties Act 1993, the trustees are requlred to prepare a statement of accounts for each financial year which gives a true and fair view of the state of affalrs 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 svitable accounting pollcSes and apply them conslstentlv. Make judgements and estimates that are rea50nable 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 Conr basis unless it is inappropriate to presume that the charity will continue Éts operations. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charlty at that time and to enable the trustees to ensure that any statement of account prepared by them complies with the regulations under section 42111 of the Charities Act 1993. They ore also responslble 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 19 September 2024 Martyn Green Trustee
Independent Examinerfs Report to the trustees of The Brewin Trust I report on the accounts of The Brewin Trust for the year ended 31° December 2023, which are set out on pages 6 to 10. Respective responsibilities of the Trustees and Examlner As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111"the Att"). I report in respect of my examination of the Trusvs 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 14515}{bl of the Act. Basis of Independent Examlnerfs Report I have completed my examlnation. I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below } which gives me cause to believe that in, any material respect: the accounting records were not kept in accordance with section 130 of the Charities Act: or the accounts did not accord with the accounting record5,' or the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Re8ulations 2008 other than any requirement that the accounts 8ive a 'true and fairf view which Is not a matter considered as part of an independent examination. I have no concerns and have come acros5 no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding ofthe accounts to be reached. JHlson Upper Howden Tiverton Devon EX16 5PB 19 September 2024
The Brewin Trust Statement of Financial Activities Year ended 31 December 2023 Year ondod 3111212023 2022 Unrg¥trl¢ted D•$lgnat•d Endowment fund8 fund• Nots Total Total In¢ome and endowments Income from goneratsd funds Investment income Rent from Twsl propertles Divldends from investments Bank interest receivable 175.826 500 7.986 175,826 4.358 7,986 171,057 4,011 2.747 3,858 Totsl Income 184.312 3.858 188.170 177.815 Expondlture Costs of gn•ratlng fund$ Costs of ggneraling rental incomo Agent's fees Repairs and maintenance Ulilllies and Councll Tax Insurance 14.693 52,348 9,455 12,732 14,693 52,348 9,455 12,732 13.477 84,300 2,302 11.788 89,228 89.228 111.867 Charltablg actlvltlès Grants awarded 74.544 74,544 83.676 rt costs Clgrk's honorarium Postage Trustees. liability insurance Property valuation fees Survey fees Legal fees Examiner's fees 1,500 13 1,500 13 284 1,500 277 3,726 2,362 819 io 2,362 819 10 1,100 79.532 79,532 90.279 Total èxpèndlturè 168,760 168.760 202,146 Not In¢omè1gxpendlture) bofore investment gains110gse81 1 S,552 3,858 19.410 {24,331) Net galns {1085•$1 on Invostmonts 1,626 1,626 933,047 Not mov•m•nt In funds 15,552 5,484 21,036 908.716 Total funds brought fon¥ard 372,027 91,178 4.070,000 4,533,205 3,624,489 Total funds carrlod forward 387.579 96,662 4.070,000 4 554.241 4,533.205
The Brewin Trust Balance Sheet 31 December 2023 2023 2022 Noles Flxed assets Investment assets 4,191,662 4,186,178 4,191.662 4,186,178 Current assets Debtors Cash al bank 12,777 353.207 5.293 346,328 365.984 351.621 Credltors: amounts falllng due wlthln one year 3.405 4.594 Net current assets 362,579 347,027 Net assets 4,554.241 4,533,205 Reserves Endowment fund 4.070.0¢)O 4,070,000 Unrestricted funds 484,241 463.205 4,554,241 4.533,205 Signgd and approved on behall of the Trustees on 19 September 2024 mar Green (Chair) Reverend Andrew Humm (Trusteel
The Brewin Trust Notes to the financial statements Year ended 31 December 2023 1. Accountlng pollelès Ba$ls of proparatlon Tho financial statements have been prepared undor the hi$tort¢al cost convention, as modified by the inclusion of tsnglble flxed 8S8els and investments al market value. The financial stslements have been prepared in accordancè with Accosjnling and Reporting by Charities.. Ststement of Recommended Pradlce appllcable to Charitses preparing their accounts in accordance the Financial Reporttng Standard in the UK and Republic of Iroland IFRS 102) {offective l January 20151, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} and with the Charities A¢1 2011. The charlty conslitutes a public benefit entity under FRS 102. Income Income is included in the Ststemenl of Financial Activities the charity becomes entitled to the income. Investm8nt Income Is Induded In Ihg accounts when recelvablè. Expendlture Expendilurg is accounted for on an accruals basis. Grants are recognised when a spacific commitment lo proMd& grant funding is given and this has been communiealed lo the grant recipient. ABs8ts and IlabSlltles Assets and liabilities are includgd in the balance 8h881 at the following amounls.. Land and buildiThJs At market value Investments At market value Other Current assets At the lower of cost and net realisable value Liabilities At their settlement value R•allsod and unrealised gain$ 8nd10s$o$ on fix*d assgts and Investments Gains and losses on investment assets includes any gain or loss on the sale of investments and any gain or loss resulung from revaluing investments lo market value at the end of the year. A realised or unreallsed galn or loss arising on an asset 11 fomi part of the fund in which the asset Involved is held. 2. Grants awarded Grants to Instltutlons Tak8 Note Choir Churches Housing Action Team 2,400 8,4 PCC of Tiverton Sl George and St Paul.. Parish administration and ministry support St Pa1,8 Church rooms 54.404 9.340 74,544
The Brewln Trust Notes to the flnanclal statements Year andod 31 Decémbér 2023 3. Invèstment assets In the UK Investment prop8rties comprlse Trust propertles situated Sn St Paul Street and Church Slreal W8Stexe, Tiverton. These properties fomi tha 8ndowmenl of the charity provided under the Will of Caroline Brewn in 1877. The investment properties wore valued al £4.070.000 by Whillon & Lalng, Chartered Surveyors, in June 2022. The trust holds investments in BLK Charities UK Bond Fund and Green Pastures CBS Ltd These investrnenls are shown al market value at the balance sheet date. Flxad assot Inv•8tmenls Market value at beginning of year Add= additions to inveslmgnts at Cost Less.. dlsposals at cang value Add gain on valuation {investmenl propertlesl Add gain on valuafjon (UK Bond Fund) Market value at end of year 4,186,178 3,858 1,626 4,191,662 Analysls of Investments Market value at 31-Dec-23 Income durlng porlod Investment properties BLK Charities UK Bond Fund Gra6n Pasturgs CBS Ltd loan stock 4,070.000 96.662 25,000 175.826 3,858 500 4.191,662 4. Dobtors 31-D¢o-23 31.Dec-22 Prepayrnents Other debtors 3,610 9.167 3,464 1.829 12,777 5.293 5. Crodltors Trade creditors Deferred grant income Other creditors 667 380 2.358 2,400 821 1.373 3,405 4,594
The Brewln Trust Notes to the flnanclal statements Year onded 31 December 2023 6. Movements In funds Galnsl {lo#s881 on In¢omo Expfjndlre Inv•8tm•nts Transf•rn A131 D9Mber 2023 January 2023 fund8 Endowmgnl fund 4,070,O¢X) 4.070.000 unr9strlct Income funds Emergency repair fLbnd General fvnd 91.178 3.858 372,027 184,312 1,626 96,662 387,579 1168,760) 4,533.205 188.170 168.760 1,626 4.554,241 End¢)wment fund This fund represents the value of the freehold propety that was donated to the Trvsl under the Will of the Trst,8 founder, Mrs Caroline Brewin.Th6 rentsl income from the properlies less tha costs of adminislralion and management are unreslricled income funds. Emergency rapalr fund Thls designated fund is set up to provide for the extraordinary repair. improvement or rebuilding of Tnjsl prop8ty. 7. Analysls of nel as8et• btheen funds N¢t ¢urrerrt a880ts Total Endowm•nt lund 4,070,000 4,070,000 Unre$trf¢tgd Income funds Emergency repair fund General fund 96,662 25,000 96,862 387.579 362.579 4,191,662 362,579 4.554.241 8. Staff costs The Trust engages 8 clerk who is an horiorarfum of £1,50012022 £1,500) 9. Tr•nsadlons wlth Trus$ No trust80 has r8cgivod any paymgfits of rèmun8ration or 8xp8ns8s or roc8tsV8d any banefits from the ch8rtty during the year. 10