Brownlee Charitable Trust Trustees Report for the year ended 31[st] December 2021 Charity number 328157
Reference and Administrative information Trustees:
C. Grimwood (Chairman)
H. Gray
- F. Barker
Principal Office
12 Alice Driver Road, Grundisburgh, Woodbridge, Suffolk. IP13 6XH
Charity number 328157
External Examiner
Roger Anderson, Maple Lodge, Woodbridge Road, Grundisburgh, Woodbridge, Suffolk. IP13 6UF
Bankers
NatWest Market Place, Stowmarket, Suffolk. IP14 1YY
Solicitors
Birketts, 24-26 Museum St, Ipswich, Suffolk. IP1 1HZ
Investment Managers
Scrutton Bland, Fitzroy House, Crown St, Ipswich, Suffolk. IP1 3LG
Report of the Trustees for the year ended 31[st] December 2021
The charity presents their annual report and financial statements for the year ended 31[st] December 2021.The financial statements have been prepared in accordance with note 1 to the Accounts and comply with the charity’s trust deed, the Charities Act 1993 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014.
Structure, governance and management
The charity is a registered charity and was constituted by trust deed on 29th March 1989. The charity was established by a gift of land by Mr J. V. Brownlee and his wife, Mrs H. B. Brownlee.
Trustees are appointed at any time by the existing board of trustees. They are required to be practising Christians or have relevant professional skills. They have no fixed term of office and the number of trustees must not exceed eight. The trustees meet annually and on other occasions as necessary. At their meetings they agree the broad strategy, decide on grants to be made and review risk management and the performance of investments.
There is no training process in place for trustees, but they are selected on the basis of their connection with the Settlors or their family and relevant knowledge and skills. No trustee remuneration was paid in the year, but reasonable expenses may be claimed. None were claimed during this year.
Risk management
The trustees have considered the major risks to which the charity is exposed and reviewed those risks and have established systems and procedures to manage those risks.
The trustees consider the variability of returns on investments to be the charity’s major financial risk and has sought to mitigate it by investing widely in various asset classes.
Objectives and activities
The objectives of the trust are to distribute grants to Christian and other charities, both in the UK and internationally.
Examples of grants awards may include:
to assist evangelical churches in their on-going ministry, including building projects, the support of ministers and students preparing for the ministry; to support Christian and other charities in international relief work; to support charitable agencies in the care of the elderly and terminally ill. Up to one third of income in any one year may be given to non-religious charities.
During this year the Trust has given £189,023 to a range of charities included within these objectives.
Public benefit
The Trustees have regard for the Charity Commission’s guidance on the public benefit requirement. The Trust complies directly with the following of the Charities Act’s descriptions of “Charitable Purposes” by giving to other charities working in these fields:
-
a). The advancement of religion.
-
b). The prevention or relief of poverty.
-
c). The advancement of education.
-
d). The advancement of Citizenship or Community Development.
-
e). The promotion of the efficiency of the ambulance services.
Grant making policy
Grants are given to charities as the trustees see fit. They may be given out of capital as well as income. The intention is that the whole assets of the trust will be distributed over the next 4-5 years or so.
The charity does not actively seek any additional funding from individuals or external bodies.
Achievements and Performance
Grants of £189,023 were given during the year. The recipients included: a). Grace Baptist Mission, Albanian Evangelical Mission and Slavic Gospel Association which are involved in Christian gospel mission around the world. b). Open Doors and Barnabas Fund which support persecuted Christians. c). London City Mission, St Mungos and the Passage to support the homeless, particularly in light of the effects of Covid-19.
f). MacMillan, Med Air and Medecins Sans Frontiers, which provide support and/or treatment for medical needs both in the UK and abroad.
Financial Review
Income during the year was made up of interest on deposit accounts of £2,840 and income from investments of £28,351. The performance of the investment portfolio was encouraging, with a net unrealised gain of £69,682 (after income reinvested). The impact of the Covid-19 pandemic was a major factor in investment performance. Total expenditure for the year was £189,070 which was nearly all grants.
The total funds as at 31[st] December 2021 were £1,141,752.
Investment and Reserves Policy
Our investment advisers are instructed to maximise the total returns from investments within the constraints of a low to medium risk investment portfolio to enable the trust to maximise its grant making ability. The return was 8.8% in 2021, which exceeded our target of 3% above inflation (which was 5.4% - target 8.4%). The average for the last three years has been 8.5%, which comfortably exceeded the target (5.4%). Sufficient funds are kept on cash deposit to enable the charity to award grants at their annual meeting and to meet any unforeseen expenses or award emergency grants.
Plans for the future
The trustees aim to increase the charity’s grant giving by 10% from year on year from a base of £200,000 per year, as from 2022, to a variety of charities falling within our grants policy.
Approved by the Trustees on and signed on their behalf by:
C. J. Grimwood (Chairman) Date
The Brownlee Charitable Trust Statement of Financial Activities For the year ended 31[st] December 2021
| Notes | Funds 2021 | Funds |
|---|---|---|
| 2020 | ||
| (Unrestricted) | ||
| £ | £ | |
| Incoming resources | ||
| Income from investments | 28,351.25 | |
| 18,850 | ||
| Income from cash investments | - | |
| 1,686 | ||
| Interest from bank deposits | 2,839.58 | |
| 2,889 | ||
| __ |
______ | |
| Total incoming resources | 31,190.83 | |
| 23,425 |
||
| Resources Expended | ||
| Administration Costs | 47.09 | |
| 39 | ||
| Bank Charges | - | |
| 67 | ||
| Charitable Activities | ||
| Donations | 189,023.00 | |
| 226,200 | ||
| ___ |
_ | |
| 189,070.09 | ||
| 226,306 | ||
| Net incoming (outgoing) resources | (157,879.26) | |
| (202,881) | ||
| before other recognised gains and | losses | |
| Net realised/unrealised gains(losses) | ||
| from investments | 47,681.82 | |
| 16,667 | ||
| ___ | ||
| _ |
1
Net movement in funds (110,197.44) (186214) Total funds brought forward 1,251,949.38 1,438,163 __ _____ Total funds carried forward 1,141,751.94 1,251,949
The Brownlee Charitable Trust Balance Sheet As at 31[st] December 2021
Notes 2021
2020
Fixed Assets Investments at market valuation 7 932,963.66 1,063,281 Current Assets Cash on deposit 197,220.04 177,743 Cash at bank 11,568.24 208,788.28 10,925 __ ______ Total Assets 1,141,751.94 1,251,949 Funds of the Charity Unrestricted Funds 1,141,751.94 1,251,949
Approved by the Trustees
2
Date _______
Signed ______ (Chairman)
Notes to the Accounts
-
The financial statements have been prepared under the historic cost convention, with the exception of investments which are included 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 applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014.
-
All income is reflected in the financial statements in the period in which it is received. Expenditure is accounted for on an accruals basis.
-
Fixed asset investments are stated at market value as at the balance sheet date.
The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals through the year.
- Analysis of grants
The support of evangelical churches, training and mission 76,023 Charitable works by evangelical Christian bodies 97,000 Agencies for the support of the terminally ill and elderly - Non-religious charitable works 16,000 Educational - ______ 189,023
Support of non-religious charitable works is to be no more than 1/3 of all grants made.
3
-
The Brownlee Charitable Trust is a registered charity and no tax is payable on its incoming resources.
-
No expenses were paid to Trustees during the year.
-
Fixed asset investments
| 7. Fixed asset investments | ||
|---|---|---|
| 2021 | 2020 | |
| Brought Forward |
1,063,281 | 1,124,764 |
| Less: Investments realised | 200,000 | 97,000__ |
| 863,281 | 1,027,764 | |
| Net gain/(loss) on revaluation | 69,682 | 35,517 |
| . | __ |
__ |
| Market value at 31stDecember | 2021 932,963 |
1,063,281 |
Investments at market value comprised: Other investments £932,963
These are a mixture of Individual and Collective Investments managed on an ethical basis by Charles Stanley.
4