## **THE BRAIN TRUST LIMITED**
## **Charity No. 1001012**
## **Trustees' Report and Unaudited Accounts**
**31 March 2025**
**THE BRAIN TRUST LIMITED Contents**
||Pages|
|---|---|
|Trustees' Annual Report|2 to 3|
|Independent Examiner's Report|4|
|Statement of Financial Activities|5|
|Balance Sheet|6|
|Statement of Cash flows|14|
|Notes to the Accounts|7 to 13|
|Detailed Statement of Financial Activities|15 to 16|
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 2025.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Charity No. 1001012**
## **Principal Office**
86 Clapham Common North Side London SW4 9SE
## **Trustees**
The following trustees served during the year:
J.S. Eales J.C. Hoarau A.P.S. Keene R.D. Keene OBE M. Lisiak J.I.P. Simpole M. Tashanligil
## **Independent Examiner**
Asmita & Associates Ltd 114-116 Plumstead High St Plumstead London SE18 1SJ
## **Bankers**
Coutts Bank
## **OBJECTIVES AND ACTIVITIES**
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.
Page 2
**THE BRAIN TRUST LIMITED Trustees Annual Report**
## **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).
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.
Signed on behalf of the charity's trustees
Raymond Dennis Keene OBE (Dec 30, 2025 14:40:38 GMT)
R.D. Keene OBE Trustee 30 December 2025
Page 3
**THE BRAIN TRUST LIMITED Independent Examiners Report**
## **Independent Examiner's Report to the trustees of THE BRAIN TRUST LIMITED**
I report to the trustees on my examination of the financial statements of THE BRAIN TRUST LIMITED for the year ended 31 March 2025.
## **Responsibilities and basis 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 2011 ('the Act').
I report in respect of my examination of the charity's financial statements 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 145(5)(b) of the Act.
## **Independent examiner's statement**
As the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination by being a qualified member of FCA, M.Sc..
I have completed my examination. I 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:
- the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
- the financial statements do not accord with those records; or
- the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination.
I 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 financial statements to be reached.
LN Pandey FCA, M.Sc. Asmita & Associates Ltd 114-116 Plumstead High St Plumstead London
SE18 1SJ 30 December 2025
Page 4
**THE BRAIN TRUST LIMITED Statement of Financial Activities**
## **for the year ended 31 March 2025**
|**Notes**
**Income and endowments**
**from:**
Donations and legacies
3
Other
4
**Total**
**Expenditure on:**
Charitable activities
5
Other
7
**Total**
Net gains on investments
**Net income**
Transfers between funds
**Net income before other**
**gains/(losses)**
**Other gains and losses**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**||**Unrestricted**
**funds**|**Total funds**|**Total funds**|
|---|---|---|---|---|
|||**2025**|**2025**|**2024**|
|||**£**|**£**|**£**|
||||||
|||1,725,081|1,725,081|41,348|
|||421,688|421,688|21,086|
|||2,146,769|2,146,769|62,434|
||||||
|||1,936,600|1,936,600|50,230|
|||138,943|138,943|7,878|
|||2,075,543|2,075,543|58,108|
|||-|-|-|
|||71,226|71,226|4,326|
|||-|-|-|
|||71,226|71,226|4,326|
||||||
|||71,226|71,226|4,326|
||||||
|||(38,009)|(38,009)|(42,335)|
|||33,217|33,217|(38,009)|
||||||
||||||
||||||
Page 5
**THE BRAIN TRUST LIMITED Balance Sheet**
**at 31 March 2025**
|**at 31 March 2025**|||
|---|---|---|
|**Charity No. 1001012**
**Current assets**
Cash at bank and in hand
**Creditors:**Amount falling due within one year
11
**Net current assets/(liabilities)**
**Total assets less current liabilities**
**Creditors:**Amounts falling due after more than one year
12
**Net assets/(liabilities) excluding pension asset or liability**
**Total net assets/(liabilities)**
**The funds of the charity**
**Restricted funds**
13
**Unrestricted funds**
13
General funds
**Reserves**
13
**Total funds**|**2025**
**£**
66,551
66,551
(4,200)
62,351
62,351
(29,134)
33,217
33,217
33,217
33,217
33,217|**2024**
**£**
1,926|
|||1,926
(5,400)|
|||(3,474)
(3,474)
(34,535)|
|||(38,009)|
|||(38,009)|
|||(38,009)|
|||(38,009)|
|||(38,009)|
Approved by the trustees on 30 December 2025
And signed on their behalf by:
Raymond Dennis Keene OBE (Dec 30, 2025 14:40:38 GMT)
R.D. Keene OBE Trustee 30 December 2025
Page 6
**THE BRAIN TRUST LIMITED Notes to the Accounts**
## **for the year ended 31 March 2025**
- 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**
- 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.
## **Income**
- 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
Page 7
**THE BRAIN TRUST LIMITED Notes to the Accounts**
## **Expenditure**
- Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT expenditure which cannot be fully recovered, and is reported as part of the expenditure to which 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 by the Charity in the delivery of its activities charitable activities and 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 by the trustees at the end of the year but not yet paid.
- Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
- Other expenditure These are support costs not allocated to a particular activity.
## **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 of the 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 on a 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.
Page 9
**THE BRAIN TRUST LIMITED**
## **Notes to the Accounts**
## 2 **Statement of Financial Activities - prior year**
|2
**Statement of Financial Activities - prior year**||||
|---|---|---|---|
|**Income and endowments from:**
Donations and legacies
Other
**Total**
**Expenditure on:**
Charitable activities
Other
**Total**
**Net income**
**Net income before other**
**gains/(losses)**
**Other gains and losses:**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**
3
**Income from donations and legacies**
Donations received
4
**Other income**
Gift aid income|**Unrestricted**
**£**
1,725,081
1,725,081
**Unrestricted**
**£**
421,688
421,688|**Unrestricted**
**funds**
**2024**
**£**
41,348
21,086
62,434
50,230
7,878
58,108
4,326
4,326
4,326
(42,335)
(38,009)
**Total**
**2025**
**£**
1,725,081
1,725,081
**Total**
**2025**
**£**
421,688
421,688|**Total funds**
**2024**
**£**
41,348
21,086|
||||62,434
50,230
7,878|
||||58,108|
||||4,326|
||||4,326|
||||4,326
(42,335)|
||||(38,009)|
||||**Total**
**2024**
**£**
41,348|
||||41,348|
||||**Total**
**2024**
**£**
21,086|
||||21,086|
Page 10
**THE BRAIN TRUST LIMITED**
**Notes to the Accounts**
## 5 **Expenditure on charitable activities**
|_Expenditure on charitable_
_activities_
Charitable donations
6
**Analysis of grants**
World memory
championships
The institute of Brain chemistry and
human nutrition
Tony Buzan International Ltd
Arbiters & Arbiter training
Global memory championships
Global mind mapping championships
Global speed reading championships
Other grants
7
**Other expenditure**
Bank loan and overdraft
interest payable
Travel and subsistence
Venue/ storage costs
General administrative costs
Legal and professional costs|**Unrestricted**
**£**
1,936,600
1,936,600
**Unrestricted**
**£**
829
11,919
59,435
56,889
9,871
138,943|**Total**
**2025**
**£**
1,936,600
1,936,600
**2025**
525,900
-
205,600
500,000
379,000
192,500
101,500
32,100
1,936,600
**Total**
**2025**
**£**
829
11,919
59,435
56,889
9,871
138,943|**Total**
**2024**
**£**
50,230|
|---|---|---|---|
||||50,230|
||||**2024**
41,230
7,000
2,000|
||||50,230|
||||**Total**
**2024**
**£**
962
-
-
4,716
2,200|
||||7,878|
## 8 **Staff costs**
No employee received emoluments in excess of £60,000.
Page 11
**THE BRAIN TRUST LIMITED Notes to the Accounts**
- 9 **Related party disclosures**
- During the year to 31 March 2025, The Brain Trust Limited used R Keene, a director, to carry out work for the charity. Grants to the World Memory Championships (R D Keene), Arbiters & Arbiter training, Global mind championships, Global mind mapping championships, Global speed reading championships and Tony Buzan International Ltd are considered by the trustees.
## 10 **Trustee remuneration and expenses**
No trustee received any remuneration or benefits in kind for the year ended 31 March 2025.
## 11 **Creditors:**
amounts falling due within one year
|Accruals
12 **Creditors:**
amounts falling due after more than one
year
Bank loans and overdrafts
13 **Movement in funds**
**Restricted funds:**
**Unrestricted funds:**
**General funds**
**Total funds**
14 **Analysis of net assets between funds**
Net current assets
Creditors due in more than one year and
provisions||**2025**
**£**||**2024**
**£**|
|---|---|---|---|---|
|||4,200||5,400|
||**At 1 April**
**2024**
(38,009)
(38,009)|4,200
**2025**
**£**
29,134
29,134
**Incoming**
**resources**
**(including**
**other**
**gains/losses**
**)**
**£**
2,146,769
2,146,769|**Resources**
**expended**
**£**
(2,075,543)
(2,075,543)
**Unrestricted**
**funds**
**£**
62,351
(29,134)
33,217|5,400|
|||||**2024**
**£**
34,535|
|||||34,535|
|||||**At 31**
**March**
**2025**
**£**
33,217|
|||||33,217|
|||||**Total**
**£**
62,351
(29,134)|
|||||33,217|
Page 12
**THE BRAIN TRUST LIMITED Notes to the Accounts**
## 15 **Reconciliation of net debt**
|15 **Reconciliation of net debt**||||
|---|---|---|---|
|Cash and cash equivalents
Bank loans
Net debt|**At 1 April**
**2024**
**£**|**Cash flows**
**£**|**At 31**
**March**
**2025**
**£**|
||1,926|64,625|66,551|
||1,926
(34,535)|64,625|66,551
(29,134)|
|||5,401||
||(34,535)
(32,609)|5,401
70,026|(29,134)|
||||37,417|
|||||
Page 13
**THE BRAIN TRUST LIMITED Statement of Cash flows for the year ended 31 March 2025**
|**Cash flows from operating activities**
**Net income per Statement of Financial Activities**
**Adjustments for:**
Dividends, interest and rents from investments
Decrease in trade and other payables
**Net cash used in operating activities**
**Cash flows from investing activities**
Dividends, interest and rents from investments
**Net cash from investing activities**
**Cash flows from financing activities**
Repayment of borrowings
**Net cash used in financing activities**
**Net increase/(decrease) in cash and cash equivalents**
**Cash and cash equivalents at the beginning of the year**
**Cash and cash equivalents at the end of the year**|**2025**
**£**
71,226
(421,688)
(1,200)
(351,662)
421,688
421,688
(5,401)
(5,401)
64,625
1,926
66,551|**2024**
**£**
4,326
(21,086)
-|
|---|---|---|
|||(16,760)
21,086|
|||21,086|
|||(5,401)|
|||(5,401)|
||||
|||(1,075)|
|||3,001|
|||1,926|
||||
|**Components of cash and cash equivalents**|||
|Cash and bank balances|66,551|1,926|
||||
||66,551|1,926|
Page 14
**THE BRAIN TRUST LIMITED Detailed Statement of Financial Activities**
## **for the year ended 31 March 2025**
|**Income and endowments from:**
Donations and legacies
Donations received
Other
Gift aid income
**Total income and endowments**
**Expenditure on:**
Charitable activities
Donations paid
**Total of expenditure on charitable**
**activities**
Other expenditure
Bank loan and overdraft interest
payable
Motor and travel costs
Travel and subsistence
Premises costs
Venue hire
Office/storage costs
General administrative costs,
including depreciation and
amortisation
Bank charges
Website / IT / Communications
Stationery and printing
Legal and professional costs
Audit/Independent examination
fees
Secretarial costs
**Total of expenditure of other costs**
**Total expenditure**|**Unrestricted**
**funds**
**2025**
**£**
1,725,081
1,725,081
421,688
421,688
2,146,769
1,936,600
1,936,600
1,936,600
829
829
11,919
11,919
37,400
22,035
59,435
553
41,241
15,095
56,889
1,200
8,671
9,871
138,943
2,075,543|**Total funds**
**2025**
**£**
1,725,081
1,725,081
421,688
421,688
2,146,769
1,936,600
1,936,600
1,936,600
829
829
11,919
11,919
37,400
22,035
59,435
553
41,241
15,095
56,889
1,200
8,671
9,871
138,943
2,075,543|**Total funds**
**2024**
**£**
41,348|
|---|---|---|---|
||||41,348|
||||21,086|
||||21,086|
||||62,434
50,230|
||||50,230|
||||50,230
962|
||||962|
||||-|
||||-|
||||-
-|
||||-|
||||528
2,190
1,998|
||||4,716|
||||1,200
1,000|
||||2,200|
|||||
||||7,878|
||||58,108|
Page 15
**THE BRAIN TRUST LIMITED Detailed Statement of Financial Activities**
|**THE BRAIN TRUST LIMITED**
**Detailed Statement of Financial Activities**||||
|---|---|---|---|
|Net gains on investments
**Net income**
**Net income before other**
**gains/(losses)**
Other Gains
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|-
71,226
71,226
-
71,226
(38,009)
33,217|-
71,226
71,226
-
71,226
(38,009)
33,217|-|
||||4,326|
||||4,326
-|
||||4,326|
||||(42,335)|
||||(38,009)|
Page 16