The Brain Trust Limited
Charity No. 1001012
Trustees’ Report and Unaudited Accounts
31 March 2021
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The Brain Trust Limited Contents
| Pages | |
|---|---|
| Trustees’ Annual Report | 2to3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Accounts | 7 to 11 |
| DetailedStatementofFinancialActivities | 12 |
Page 1
The Brain Trust Limited
Trustees Annual Report
The Trustees present their report with the unaudited financial statements of the charity for the year ended 31 March 2021.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity No. 1001012
Trustees
The following Trustees served during the year:
J.S. Eales A.P.S. Keene
R.D. Keene OBE
J.1.P. Simpole
Independent Examiner
Asmita & Associates Ltd
114-116 Plumstead High St
London SE18 1SJ
OBJECTIVES AND ACTIVITIES
In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the charity commission relating to public benefit.
The principal objective of the charity is to promote education and training in cognitive techniques to maximise the ability of each and every individual to unlock and deploy the vast capacity of his or her brain. The charitable objectives are to promote research into the study of thought process, the investigation of the mechanisms of thinking, manifested in learning, understanding , communication, problem solving, creativity and decision making, to disseminate the results of such research and study and to promote generally education and training in cognitive processes and techniques and to develop and exploit new techniques in cognitive processes.
The charity does not undertake activities directly. However it makes grants to those institutions working to achieve the same objectives and raises awareness through its fundraising. All grants made are for the public benefit in pursuance of the charity's objectives.
Statement of trustees’ responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Page 2
The Brain Trust Limited
.
Trustees Annual Report
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 Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. 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.
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Signed on behalf of the charity's trustees .
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R.D. Keene OBE
Trustee
31 March 2021
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Page 3
The Brain Trust Limited
,
Independent Examiners Report
Independent Examiner's Report to the trustees of The Brain Trust Limited
| report to the trustees on my examination of the accounts of The Brain Trust Limited for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011('the Act'). The trustees consider that an audit is not required for this year under the Charities Act 2011, s.144(2) (the 2011 Act) and that an independent examination is needed.
| report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
| have completed my examination. | can 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:
-
e the accounting records were not kept in respect of the charity as required by section 130 of the Act; or ° the accounts do not accord with those records; or
-
e the accounts did 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.
| 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. . Z v, LN Pandey ACA, M.Sc. Asmita & Associates Ltd 114-116 Plumstead High Stree London
SE18 1S] 31 March 2021
Page 4
The Brain Trust Limited
Statement of Financial Activities
for the year ended 31 March 2021
| Unrestricted | ||||
|---|---|---|---|---|
| funds | Totalfunds | Total funds | ||
| 2021 | 2021 | 2020 | ||
| Notes | £ | £ | £ | |
| Income and endowments | ||||
| from: | ||||
| Donations and legacies | 2 | 35,554 | 35,554 | 152,383 |
| Total | 35,554 | 35,554 | 152,383 | |
| Expenditure on: | ||||
| Charitable activities | 3 | 65,499 | 65,499 | 89,433 |
| Other | 5 | 7,628 | 7,628 | 34,424 |
| Total | 73,127 | 73,127 | 123,857 | |
| Net gains on investments | = | - | - | |
| Net (expenditure)/income | (37,573) | (37,573) | 28,526 | |
| Transfers between funds | - | - | - | |
| Net (expenditure)/income exp ; Vv before other gains/(losses) |
(37,573) | (37,573) | 28,526 | |
| Other gains and losses | ||||
| Net movement in funds | (37,573) | (37,573) | 28,526 | |
| Reconciliation offunds: | ||||
| Total funds brought forward | 39,469 | 39,469 | 10,943 | |
| Totalfundscarriedforward | 1,896 | 1,896 | 39,469 |
Page 5
The Brain Trust Limited : Balance Sheet
at 31 March 2021
| Charity No. 1001012 | 2021 | 2020 | ||
|---|---|---|---|---|
| £ | £ | |||
| Current assets | ||||
| Cash atbankand in hand | 49,896 | 42,469 | ||
| 49,896 | 42,469 | |||
| Creditors:Amount falling due within oneyear | 9 | (3,000) | (3,000) | |
| Netcurrent assets | 46,896 | 39,469 | ||
| Total assets lesscurrent liabilities | 46,896 | 39,469 | ||
| Creditors:Amounts fallingdue after morethan oneyear | 10 | (45,000) | - | |
| Net assets excluding pension assetor liability | 1,896 | 39,469 | ||
| Total netassets | 1,896 | 39,469 | ||
| Thefunds ofthe charity | ||||
| Restricted funds | 11 | |||
| Unrestricted funds | 11 | |||
| General funds | 1,896 | 39,469 | ||
| 1,896 | 39,469 | |||
| Reserves | 11 | |||
| Total funds | 1,896 | 39,469 | ||
| ; | ||||
| Approvedbythetrusteeson31March2021 |
And signed on their behalf by:
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R.D. Keene OBE
Trustee Mbluie \ o/ LU.
31 March 2021 a
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Page 6
The Brain Trust Limited Notes to the Accounts
for the year ended 31 March 2021
1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
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
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|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.|
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Income
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|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|
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Page 7
The Brain Trust Limited
Notes to the Accounts
| Expenditure | |
|---|---|
| Recognition of | Expenditure is recognised on an accruals basis. Expenditure includes anyVATwhich |
| expenditure | cannot be fully recovered, and is reported as part ofthe expenditure towhich 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 bythe 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 bythe trustees at the end ofthe year but not yet | |
| paid. | |
| Governance costs | __These include those costs associated with meeting the constitutional and statutory |
| requirements ofthe Charity, including any audit/independent examination fees, | |
| costs linked to the strategic management ofthe Charity, together with a share of | |
| other administration costs. | |
| Otherexpenditure | Thesearesupportcostsnotallocatedtoaparticularactivity. |
Taxation
The charity is exempt from 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 8
The Brain Trust Limited
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 ofthe 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 ona 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 charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity 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 charity 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 Income from donations and legacies
| Income from donations and legacies | |||
|---|---|---|---|
| Unrestricted | Total | Total | |
| 2021 | 2020 | ||
| £ | £ | £ | |
| Donations | 35,554 | 35,554 | 152,383 |
| 35,554 | 35,554 | 152,383 |
Page 9
The Brain Trust Limited
Notes to the Accounts
3 Expenditure on charitable activities
| 3 | Expenditure on charitable activities | ||||
|---|---|---|---|---|---|
| Unrestricted | Total | Total | |||
| 2021 | 2020 | ||||
| £ | £ | £ | |||
| Expenditure on charitable | |||||
| activities | |||||
| Charitable donations | 65,499 | 65,499 | 89,433 | ||
| Governance costs | |||||
| 4 | Analysis of grants | ||||
| Grants to | Grants to | ||||
| Activity or programme | Institutions | Individuals | Total | ||
| 2021 | |||||
| £ | £ | £ | |||
| World Memory Championships | 57,434 | - | 57,434 | ||
| Don Morris-Research Grant | - | 4,000 | 4,000 | ||
| Dominic O'Brien | - | 3,035 | 3,035 | ||
| Professor Jacqueline Eales | = | 1,030 | 1,030 | ||
| 57,434 | 8,065 | 65,499 | |||
| 5 | Other expenditure | ||||
| Unrestricted | Total | Total | |||
| 2021 | 2020 | ||||
| £ | £ | £ | |||
| General administrative costs | 6,428 | 6,428 | 20,768 | ||
| Legal and professional costs | 1,200 | 1,200 | 13,656 | ||
| 7,628 | 7,628 | 34,424 |
- 6 Staff costs
No employee received emoluments in excess of £60,000.
- 7 Related Party Disclosures
During the year to 31 March 2021, The Brain Trust Limited used A Keene, a director, on a self-employed basis to carry out work for the charity.
Grants to Professor Jacqueline Eales and to the World Memory Championships (R D Keene) are considered by the trustees to be related party transactions.
8 Trustee remuneration and expenses
No trustee received any remuneration or benefits in kind. During the year A P S Keene received payments totalling £2,750 (2020 - £3,665) on a self employed basis for administrative work done on behalf of the charity.
Page 10
The Brain Trust Limited
Notes to the Accounts
- 9 Creditors:
| amounts falling due within one year | |||||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| £ | £ | ||||
| Accruals and deferred income | 3,000 | 3,000 | |||
| 3,000 | 3,000 | ||||
| 10 | Creditors: | ||||
| amounts falling due after more than one year | |||||
| 2021 | |||||
| £ | |||||
| Bank loans and overdrafts | 45,000 | ||||
| 45,000 | |||||
| 11 | Movement in funds | ||||
| Incoming | |||||
| ; At 1 April |
ieSOUmES (including other |
Resources expended |
At31 March 2021 |
||
| 2020 | gains/losses) | ||||
| £ | £ | £ | |||
| Restricted funds: | |||||
| Unrestricted funds: | |||||
| General funds | 39,469 | 35,554 | (73,127) | 1,896 | |
| Revaluation Reserves: | |||||
| Total funds | 39,469 | 35,554 | (73,127) | 1,896 | |
| 12 | Analysis of net assets between funds | ||||
| Unrestricted | |||||
| funds | Total | ||||
| £ | £ | ||||
| Net current assets | 46,896 | 46,896 | |||
| Creditorsdue inmorethanoneyearand provisions |
(45,000) | (45,000) | |||
| 1,896 | 1,896 | ||||
| 13 | Reconciliation of net debt | ||||
| At 31 | |||||
| At 1 April | March | ||||
| 2020 | = Cash flows | 2021 | |||
| £ | £ | £ | |||
| Cash and cash equivalents | 42,469 | 7,427 | 49,896 | ||
| 42,469 | 7,427 | 49,896 | |||
| Bank loans | - | (45,000) | (45,000) | ||
| - | (45,000) | (45,000) | |||
| Netdebt | 42,469 | (37,573) | 4,896 |
Page 11
The Brain Trust Limited Detailed Statement of Financial Activities
for the year ended 31 March 2021
| Unrestricted | Unrestricted | Unrestricted | ||||
|---|---|---|---|---|---|---|
| funds | Totalfunds | Total funds | ||||
| 2021 | 2021 | 2020 | ||||
| £ | £ | £ | ||||
| Income and endowments from: | ||||||
| Donations and legacies | ||||||
| Donations Received | 35,554 | 35,554 | 152,383 | |||
| 35,554 | 35,554 | 152,383 | ||||
| Total income and endowments | 35,554 | 35,554 | 152,383 | |||
| Expenditure on: | ||||||
| Charitable activities | ||||||
| Charitable Donations | 65,499 | 65,499 | 89,433 | |||
| 65,499 | 65,499 | 89,433 | ||||
| Total ofexpenditure on charitable i activities |
65,499 | 65,499 | 89,433 | |||
| Depreciation | ||||||
| Bank charges | 653 | 653 | 633 | |||
| Software, ITsupportand related costs |
1,211 | 1,211 | 2,765 | |||
| Office Expenses | 4,564 | 4,564 | 17,370 | |||
| 6,428 | 6,428 | 20,768 | ||||
| Legal and professional costs | ||||||
| Audit/Independent examination fees |
1,200 | 1,200 | 1,000 | |||
| Other legal and fessional gal and prof na costs |
; | ; | 12,656 | |||
| 1,200 | 1,200 | 13,656 | ||||
| Total ofexpenditure of other costs | 7,628 | 7,628 | 34,424 | |||
| Total expenditure | 73,127 | 73,127 | 123,857 | |||
| Net gains on investments | - | - | S | |||
| Net(expenditure)/income | ( | 37,573 | ) | 37,573 | ) | 28,526 |
| Net (expenditure)/income before ein V other gains/(losses) |
(37,573) | (37,573) | 28,526 | |||
| Other Gains | - | - | - | |||
| Netmovement in funds | (37,573) | (37,573) | 28,526 | |||
| Reconciliation of funds: | ||||||
| Total funds brought forward | 39,469 | 39,469 | 10,943 | |||
| Totalfundscarriedforward | 1,896 | 1,896 | 39,469 |
Page 12