THE BRAIN TRUST UMITED tharlty No. 1001012 Trustees. Report and Unaudlted Accounts 31 March 2024
THE BRAIN TRUST LIMITED Contents Pages 2tD3 Trustees, Annual Report Independent Examiner's Report Statement of Flnanclal Act5vltles Balance Sheet Statement of Cash flows 14 Notes to the Accounts 7t013 Detalled Statement of Flnanclal Actlvitles 15to16 Page I
THE BRAIN TRUST UMITED Trustees Annual Report The trustees present thelr report with the unaudited financlal statements of the charlty for the year ended 31 March 2024. REFERENCE AND ADMINISThATIVE DETAILS Charlty No. 1001012 Prlnclpal Offlce 86 Clapham Common North Slde London SW4 95E Trustees The followlng trustees served during the year: J.S. Eales J.C, Hoarau A.P.S. Keene R.D. Keene OBE M. Llsiak J.l.P. Simpole M. Tashanllgll Independent Examlner Asmita & Associates Ltd 114-116 Plumstead Hlgh Street Plumstead London SE18 ISJ Bankers Coutts Bank OBJECTIVES AND ACTivmES The princ5pal objectlve of the charity is to promote education and tralnlng in cognitive technlques to rnaximi5e the ability of each and every IndSvldual to unlock and deploy the vast capacity of his or her brain. The charitable ob)ectlves are to promote research Into the study of thou8ht process, the investlgatlon of the mechanlsms of thlnklng, manifested In learning• under5tandin& communlcatlon, problem solvln& creatlvlty and decision makin81 to d155emlnate the results of such research and study and to promote 8enerally educatlon and tralnlng In cognitive processes and techniques and to develop and exploit new technlques In CO8nltive processes. The charity does not undertake actlvlties directly. However it makes grants to those institutions working to achleve the same objectives and raises awareness through Its fundraisin8. All 8rants made are for the publlc benefit in pursuance of the charity's objectives. Statement of trustees, responslbilitie5 In relatlon to the flnanclal 5tatsment$ Page 2
THE BRAIN TRUST LIMITED Trustees Annual Report The charitytrustees are responsible for preparing a trustees, annual report and flnandal statements in accordance with applicable law and Unlted Kin8dom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The trustees are responslble for keeping proper accountln8 records that disclose with reasonable accuracy at any time the financlal position of the charlty and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charltles (Accounts and Reports) Re8ulatlons. and the provislons of the Trust deed. The Trustees are also responslble for safeguarding the assets of the charlty and hence taklng reasonable steps for the preventlon and detection of fraud and other Irregularities. Slgned on behalf of the charity's trustees eene OBE Trustee 09 Ortober 2024 Page 3
THE BRAIN TRUST LIMITEO Independent Examlners Report Independent Examlner's Report to the trustees of THE BRAIN TRUST LIMITED I report to the trustees on my examination of the flnancial statements of THE BRAIN TRUST LIMITED for the year ended 31 March 2024. Responslbllltles and basls of report As the charity's trustees you are responsible for the preparation of the financial Statements in accordance with the requirements of the Charities Act 20111'the Act'l. I report in respect of my examlnatlon of the charlty's financ5al statements carried out under section 145 of the 2011 Act and In carrylng out my examination I have followed all the appllcable Directlons glven by the Charlty Commlsslon under sectlon 145(5){bl of the Act. Independent examlner's statement I have completed my examinatSon. I can conflrm that no materlal matter5 have come to my attention in connectlon wlth the examlnation glvlng me cause to believe that In any materlal respect: the accounting records were not kept In respect of the charlty as required by sectlon 130 of the Act; or the financlal statements do not accord with those records,. or the financial statements do not comply wlth the applicable requirements concernlng the form and content of flnanclal statements set out in the Charities (Accounts and Reports) Regulatlons 2008 other than any requirement that the flnanclal statements glve a 'true and falr, vlew whlchls not a matter considered a5 part of an independent examlnatlon. I have no concerns and have come across no other matters In connectlon wlth the examination to whlch attentlon should be drawn In thls report In order to enable a proper understandin8 of the flnancial statements to be reached. LN Pandey FCA, M.Sc. Asmita & Associates Ltd 114-116 Plumstead Hl8h St Plumstead London SE18 ISJ 09 October 2024 Page 4
THE BRAIN TRUST LIMITED Statement of FlnancSal Activities for the year ended 31 March 2024 Unrestrlcted funds Total funds Total funds 2024 2024 2023 Notes Income and endowments froffl: Donatlons and legacies Other 41,348 21,086 41,348 21,086 21,279 Total 62,434 62.434 21,279 Expendlture on: Charltable activities Other 50,230 7,878 50,230 7,878 65,103 6,009 Total 58,108 58,108 71,112 Net galns on Investments Net In¢omel(expendlture) Transfers between funds 4,326 4,326 149,833) Net Incomel(expendltyre) before other Kaln$/(losses1 4,326 4,326 (49,833) other Kaln5 and1055e5 Net movement In fund5 4,326 4,326 (49.833) Reconclllatlon of funds: Total funds brought forward (42,335) 142,3351 7,498 Total fund$ earrled forward (38,009) (38,0091 142,3351 Page 5
THE BRAIN TrUST LIMITED Balance Sheet at 31 March 2024 Charlty No. 1001012 2024 2023 Current assets Cash at bank and In hand 1,926 1,926 {5,400) {3,474) (3,474) 134,535) 138,009) {38,009) 3,001 3.001 (5.400) (2,399 12,399) {39.936) (42,3351 (42,335 Credltors: Amount falling due within one year Net current Ilabllltles li Total assets less current Ilabllltles Credltors: Amounts fallln8 due after more than one year Net Ilab511tFes excludlne penslon asset or Ilablllty Total net Ilabllltles 12 The funds of the charlty Restrlcted funds Unre5trFrted funds General funds 13 13 (38,009) (38,009) 142,335) 142.3351 13 Total lunds 138,IX)9) 42,335 Approved by the trustees on 09 October 2024 And signed on their behalf by: eene OBE Trustee 09 October 2024 Page 6
THE BRAIN TRUST LIMITEO Notes to the Account5 for the year ended 31 March 2024 l Accountln8 polldes Basls of preparatlon The financlal statements have been prepared In accordance with Statement of Recommended Practice: Accounting and Reportin8 by Charltles preparing their accounts In accordance wlth the Financial Reporting Standard appllcable in the UK and Republlc if Ireland (FRS 102) issued on 16 July 2014 and the Flnanclal Reportlng Standard appllcable In the United Klngdom and Republic of Ireland (FRS 102) and the Charltles Act 2011. Chanie In bas1$ of accountlns or to prevlous accounts There has been no change to the accounting pollcles Ivaluatlon rules and method of accountlng) slnce last year and no chan8es have been made to accounts for prevlous years. Fund a¢¢ountlng Unrestricted funds These are avallable for use at the dlscretlon of the trustees In furtherance of the general objects of the charlty. These are unrestricted funds earmarked by the trustees for partlcular purposes. These are unrestricted funds whSch include a revaluation reserve representlng the restatement of Investment assets at their market values, These are avallable for use subject to restrictions Imposed by the donor or through term5 Of an appeal. Designated funds Revaluatlon funds Restflcted funds In¢om• Reco8nltlon of Income Income Is included in the Statement of Flnanclal Activitie5 ISOFA) when the charity becomes entitled to, and vlrtually certaln to recelve, the Income and the amount of the Income can be measured with sufflclent reliability. Income wlth related Where Income has related expenditure the Income and related expendlture Is expenditure reported 8ross In the SOFA. Donatlons and legacles Voluntary income recelved by way of grants, donations and 8lfts Is Included In the the SOFA when recelvable and only when the Charity has un¢ondltlonal entitlement to the income. Tax reclaims on Income from tax reclalms is included In the SOFA at the same tlme as the donatlons and gifts glft/donation to whlch It relates. Donated services and These are only included In Income Iwlth an equlvalent amount In expendlture) facilitles where the benefit to the Charlty15 reasonably quantlfiable, measurable and material. The value of any volunteer help recelved Is not included In the accounts. This is Included In the accounts when recelvable. Thls Includes any galn or loss resulting from revalulng investments to market value at the end of the year. Volunteer help Investment Income Galns/{losses) on revaluation of fixed assets Gains/(losses) on investment assets Thls Includes any 8ain or loss on the sale of Investments. Page 7
THE BRAIN TRUST LIMITED Notes to the Accounts Expendlture Recognition of expenditure Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expendlture to which it relates. These comprlse the costs a550clated with attractlng voluntary income, fundralsln8 tradlng costs and Investment management costs. These Comprise the costs incurred by the Charity in the delivery of Its actlvities and servlces in the furtherance of Its objects. Including the making of grants and 8overnance costs. All grant expenditure Is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet pald, These Include those costs a550clated wlth meetlng the constltutlonal and statutory requirements of the Charity. including any audlt/independent examinatlon fees, costs Ilnked to the strate8lc mana8ement of the Charity, together with a Share of other administration c05t5. These are support costs not allocated to a partlcular activlty. Expendlture on raising funds Expenditure on charitable activities Grants payable Governance costs Other expenditure TaJ(atlon The charlty is exempt from tax on its charltable artlvltles. Fr••hold Investment propèrty Investment propertles are measured Inltially at cost and subsequently at fair value at each balance Sheet date and are not depreciated, All 8ains cr1055es are taken to the Statement of Flnanclal Actlvltles as they arlse. Stocks Stock is included at the lower of cost or net realisable value. Donated Items of stock are recogni5ed 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 debtor5 are recognlsed at the settlement amount due after any trade dlscount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash and cash equlvalent$ Cash and cash equivalents comprise cash at bank and on hand, demand deposlts with banks and other short-term hlghly Ilquid investments wlth origlnal maturltles of three months or less and bank overdrafts. In the statement of flnanclal positlon. bank overdrafts are shown within borrowlngs or current liabillties. In the Statement of Cash Flows, cash and cash equlvalents are shown net of bank overdrafts that are repayable on demand and form an Integral part of the company's cash mana8ement. Page 8
THE BRAIN TRUST LIMITED Notes to the Accounts Trade and other creditors Short term creditors are measured at the transaction price. Other credltors and provlslons are recognised where the charity has a present obllgatlon 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 obli8ation can be measured or estimated reliably. Credltors and provi5ion5 are normally recoEnlsed at thelr settlement amount after allowing for any trade dlscounts due. Research and development Expenditure on research and development Is written off in the year Sn whlch It Is Incurred. Forel8n currencles Monetary assets and Ilabllltles denomlnated in currencies other than the functlonal currency of the charlty are translated at the rates of exchan8e prevalllng at the end of the reportlng perlod. Transactlons In currencies other than the functional currency of the charity are recorded at the rate of exthange on the date that the transaction cccurred. All exchange differences are are taken Into account in arriving at net Incomelexpendlture. Leased assets Where the charity enters Into a lease which entails taking substantlally all the rlsks and rewards of ownership of an asset, the lease Is treated as a flnance lease. Leases whlch do not transfer substantlally all the rlsk5 and rewards of ownershlp to charSty are classified as operatlng leases. Asset5 held under finance leases are Inltlally reco8n15ed a5 assets of the charlty at theSr falr value at the Inceptlon of the lease or, if lower, at the present value of the minimum lease payments. The correspondln8 Ilablllty to the lessor is included In the balance sheet date as a finance lease obllgatlon. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achleve a constant rate of Interest on the remaining balance of the Ilablllty. Finance expenses are reco8nlsed Immediately, unless they are directly attrlbutable to qualifyin8 assets, In whlch case they are capltallsed In accordance wlth the charlty's pollcy on borrowing costs. A55ets held under finance leases are depreciated in the same way as owned assets. Operatin8 lease payments are reco8nlsed as an expense on a stralght-llne basls over the lease term. In the event that lease incentlves are recelved to enter Into operating leases, such Incentlves are reco8nlsed as a liability. The aggregate beneflt of Incentive5 is recognised as a reductlon of rental expense on a stral8ht-Ilne basis. Penslon costs The charlty operates a defined contrlbutlon plan for Its employees. A defined contributlon plan Is penslon plan under which the charity pays flxed contrlbutlons into a Separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognlsed as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The a55ets of the plan are held separately from the charity in independently admlnlstered funds. Recelpt of donated £oods, facllltle5 and servltts All donated goods, facilities and seNlces recelved are reco8nlsed within in¢¢min8 resources and expenditure at an estimate of the value to the charitv. Page 9
THE BRAIN TRUST LIMITED Notes to the Accounts 2 Statsment of Flnanclal Actlvltles- prlor year Unrestrlcted funds Total funds 20Z3 2023 Income and endowments from: Donations and le8acies Total 21,279 21,279 21.279 21,279 Expendlture on: Charitable activities 65,103 65,103 6,009 Other 6.009 Total 71,112 71.112 Net Income (49,833 149,833) Net Income before other 8alns/(losses) Other £aln$ and losses: Net movement In funds (49,833) {49,833} 149,833) (49,833) Reconclllatlon of funds: Total fund5 brought forward Total funds carrled forward 7,498 142,335 7,498 42,3351 3 Income from donatlons and la8aclas Unrestrlrted Total 2024 Total 2023 Donatlons received 41,348 41,348 41,348 41,348 21,279 21.279 4 Other Income Unrestrlrted Total 20Z4 Total 2023 Gift aid Income 21,086 21,086 21,086 21,086 Page 10
THE BRAIN TRUST LIMITED Notes to the Accounts 5 Expenditure on tharltable actlvltles Unrestrlcted Total 2024 Total 2023 Expendlture on charitable L7Ctivlties Charitable donatlons 50,230 50,230 65,103 50,230 50,230 65.103 6 Analysls of grants Grants to Instltutlons Artlvlty or pro8ramme Total Total 2023 2024 World Memory Champlonshlps The Institute of Braln Chemlstry & human Nutrltlon Tony 8uzan Internatlonal Ltd 41,230 41,230 65,103 7,000 7,0 2,000 50,230 2,000 50,230 65,103 Grant fundln8 of actlvltles Actlvlty or pro8ramrne Total 2024 Total 2023 World Memory Charnplonships The Instltute of Brain Chemistry & human Nutrltlon Tony Buzan International Ltd 41,230 41,230 65,103 7,000 7,IX)O 2,000 50,230 2,000 50,230 65,103 7 Other expendlture Unrestrkted Total Total 2023 20Z4 Bank loan and overdraft interest payable General admlnistrative costs 962 962 1.057 4,716 2,200 7,878 4,716 2.200 7,878 2,303 2.649 6,009 Legal and professional costs 8 Staff costs No employee received emoluments in ex¢ess of £60,tMx). Page 11
THE BRAIN TRUST LIMITED Notes to the Accounts 9 Related party dlsclosures During the year to 31 March 2024, The Brain Trust Limited used R Keene, a director, to carry out work for the charity. Grants to the World Memory Champlonshlps (R D Keene), The Institute of Brain Chemlstry & human nutrltSon and Tony Buzan International Ltd are consldered by the trustees. to be related party transactions. 10 Trustee remuneratlon and expenses No trustee recelved any remuneration or benefits in klnd for the year ended 31 March 2024. 11 Credltors: amounts falllng due within one year 2024 2023 Accruals S,400 5,400 5,400 5.400 12 Credltors: amounts falllng due after more than one year 2024 2023 Bank loan5 and overdrafts 34,535 34,535 39,936 13 Movement In funds Incomlni resources Ilncludlni other At l Aprll galns/losses 2023 Resources expended At31 March 2024 Restrlcted funds: Unrestrlcted funds: General funds 142,335) 62,434 {58,108) 138,009) Total funds 14 Analys15 of net assets between funds {42,3351 62,434 (58.1081 {38,0091 Unrestrlcted funds Total Net current a55ets 13,474) (3.474) Creditors due in more than one year and provi51or15 134,535) 134,535) (38,009 (38,009) Page 12
THE BRAIN TRUST LIMITED Notes to the Accounts 15 Reconclllatlon of net debt At31 March 2024 At l Aprll 2023 Cash flows Cash and cash equlvalents 3,001 3,001 {1,075) 11,075) 1,926 1,926 Bank loans (39.936) 139,936) 5,401 5.401 {34,535) {34,535) Net debt 136.935) 4,326 {32,609) Page 13
THE BRAIN TRUST LIMITED Statement of Cash flows for the year ended 31 March 2024 2024 2023 Cash flows from operatln8 actlvltles Net In¢omel{expendlture) per Statement of Flnanclal Actlvltles 4,326 149,833) Adjustments for: DlvSdends, Interest and rents from Investments Increase in trade and other payables 121,086) 1,200 Net ¢ash used In operatlng actlvltles (16,7601 148,633) Cash flow5 from Investlng actlvltles Dividends, Interest and rents from Investments 21,086 Net cash from Investlng actlvltles 21,086 Cash flows from flnan¢ln8 actlvltles Repayment of borrowln8S 15,401) (S.064) Net cash used In financlng actlvltles 15,401) (5,0641 Net decrease In cash and cash equlvalents (1,0751 {S3.697) Cash and cash equlvalents at the be8lnnln8 of the year 3,001 S6,698 Cash and cash equlvalents at the end of the year 1,926 3.001 Components of ush and cash equlvalents Cash and bank balances 1,926 3,001 1.926 3,001 Page 14
THE BRAIN TRUST LIMITED Oetsiled Statement of Flnanclal A¢tiv5tles for the year ended 31 March 2024 Unrestrlcted funds Total funds 2024 2024 Totsl funds 2023 IoMe and endowments from: Donatlons recelved 41,348 41,348 41,348 41,348 21,279 21,279 Other Glft aid Income 21,086 21,086 21,086 21,086 Total Income and endowment5 62,434 62,434 21,279 Expendlture on: Charitable actlvities Charltable donatlon5 50.230 50,230 50,230 50,230 65,103 65,103 Total of expendlture on charftable actlvftles 50,230 50,230 65,103 other expendlture Bank loan and overdraft interest payable 962 962 1,057 962 962 1,057 385 Bank charges Software, IT support and related osts Statlonery and printlng 528 528 2,190 2,190 747 1,998 4,716 1,998 4.716 1,171 2,303 Legal and professlonal costs Audltllndependent examlnatlon fees Other legal and profe55ional costs 1,200 1,200 1,200 1,000 1,000 1,449 2,200 2,200 2,649 6,009 Total of expendlture of other cost$ Total expendlture Net gains on Investments 7,878 7,878 58,108 58,108 71,112 Net Income/lexpendlture) 4.326 4,326 149,833) Net Income/(expendlture) before other ga5ns/llossesl Other Gains 4,326 4,326 (49,833 Page 15
THE BRAIN TRUST LIMITED Detailed Statement of Flnandal Actbvltles Net movement In funds 4,326 4.326 (49,833} Reconclllatlon of funds: Total funds brought forward 142.335) 142.335) 7,498 Total funds carrfed forward (38,009) 138,009) 142,335) Page 16