Trustees, Annual Report
For the period 1st January 2023 to 315t December 2023
Legal and Administrative Information
Charity Name: Brewin Trust
Charity RegIstra￿on 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 Con￿r￿ 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•$lgnat•d Endowment
fund8
fund•
Nots*
Total
Total
In¢ome and endowments
Income from goneratsd funds
Investment income
Rent from Twsl propertles
Divldends from investments
Bank interest receivable
175.826
500
7.986
175,826
4.358
7,986
171,057
4,011
2.747
3,858
Totsl Income
184.312
3.858
188.170
177.815
Expondlture
Costs of g*n•ratlng fund$
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 Pa￿1,8 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 ca￿￿ng 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 Expfjndl￿re Inv•8tm•nts
Transf•rn
A131
D￿9Mber
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 Tr￿st,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