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2023-12-31-accounts

REGISTERED CHARITY NUMBER: 1012615

Report of the Trustees and

Financial Statements

for the Year Ended 31 December 2023

for

Brownsword Charitable Foundation

Sumer Auditco Limited Statutory Auditor Chartered Accountants County Gate County Way Trowbridge Wiltshire BA14 7FJ

Brownsword Charitable Foundation

Contents of the Financial Statements for the Year Ended 31 December 2023

Page
Report of the Trustees 1 to 3
Report of the Independent Auditors 4 to 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 to 14
Detailed Statement of Financial Activities 15

Brownsword Charitable Foundation

Report of the Trustees for the Year Ended 31 December 2023

The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of 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) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives

In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission's guidelines on public benefit.

The objects of the Charity are to make donations to such charitable institution or institutions at such time or times and in such a manner that the Trustees may in their absolute discretion think fit.

The Board of Trustees reaffirmed at a meeting on 23 November 2021 that for forthcoming years the broad priority areas would be:

Children and Young People The Arts The Elderly Community and Neighbourhood Work Physical and Learning Difficulties Educational Projects Medical Projects

It is anticipated that the majority of donations will be restricted to the Bath area although the Trustees will also be looking to undertake specific large national donations in coming years..

The trustees are aware of the public benefit provisions of the Charities Act 2011 and of the guidance on them published by the Charity Commission. They are satisfied that the objects of the Charity and the activities of the Charity are within the definitions of Charitable Purposes as set down in the Act. The trustees are not aware of any public detriment caused by the Charity's objects or activities, and nor are they aware of anyone receiving any private benefit from the Charity's activities.

The Foundation makes grants solely to other charities, each of which will make an appropriate statement as to how they achieve their aims for public benefit. Interested parties may wish to consult the Trustees' Reports of those organisations independently for further details.

As expected, the Foundation has made similar amounts in grants in 2023 compared to 2022. It is anticipated that major new grants will be somewhat restricted due to depletion of available funds. The Foundation's planned grants include to a local arts festival, a homeless charity, cancer research and a local childrens hospice.

FINANCIAL REVIEW

Review of transactions and financial position

During the year, the charity received income of £359,289 (2022: £312,282), mainly consisting of interest of £131,168 (2022: £30,108) and rent receivable of £228,121 (2022: £277,853). The trustees considered a number of grant applications during the year and donations were made to eight charities.

Investment policy and reserves

The policy of Trustees is to retain reserves in cash. All cash reserves are held in an interest bearing account. At 31 December 2023 the total free reserves held by the charity were £380,733. The trustees can at their discretion, draw on the free reserves of the expendable endowment fund which at 31 December 2023 had current reserves of £3,760,157

The Trustees purchased No 1A Royal Crescent for a sum of £1,050,000 on 31 October 2006. Planning permission was granted 24 March 2011. Work commenced on 9 January 2012 and Practical Completion was issued on 19 November 2013. A lease at a peppercorn rent to the Bath Preservation Trust commenced on 3 December 2012. The Museum was officially re-opened on 21 June 2013.

On 23 June 2011 Andrew Brownsword donated three freehold properties to the Foundation. These are accounted as long term commercial property investments with long standing tenants.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity's objects and provisions are regulated by a trust deed dated 11 June 1992. The charity's registered charity number is 1012615.

Page 1

Brownsword Charitable Foundation

Report of the Trustees for the Year Ended 31 December 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisation of the charity

The trustees have met whenever they needed to review applications for grants. Decisions are made when the trustees have reached a unanimous agreement. The charity is administered in Bath by Nicholas Burrows, under the supervision of the trustees.

Recruitment and training of new trustees

Should a need arise to appoint new or additional trustees, consideration will be given to the experience and credibility of the candidate.

New trustees will be given every opportunity to spend time with other officers of the Foundation and will be inducted on the procedures and practices accordingly. Specific training will be tailored to the individual's needs and requirements.

Risk management

The Trustees have reviewed the charity's activities and assessed the opportunities available to the charity and the risks to which it is exposed. As a result of this process, the trustees have a risk management strategy which comprises of an annual review of the risk which the charity may face; the establishment of procedures to mitigate those risks identified during the annual risk review; and the implementation of procedures designed to minimise any potential impact on the charity should any of those risks materialise.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1012615

Principal address

4 Queen Square Bath BA1 2HA

Trustees

Mr A D Brownsword Mr R F Calleja (resigned 28.11.23) Mr P Matthews Ms A Brownsword-Matthews DR N L HOWSE (appointed 28.11.23)

Auditors

Sumer Auditco Limited Statutory Auditor Chartered Accountants County Gate County Way Trowbridge Wiltshire BA14 7FJ

Banking

The charity holds current and investment accounts with the National Westminster Bank. The branch address is PO Box 4349, Worthing, BN11 3EQ.

APPOINTMENT OF AUDITORS

A resolution to reappoint Sumer Auditco as auditors will be proposed at the Annual General Meeting.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Page 2

Brownsword Charitable Foundation

Report of the Trustees for the Year Ended 31 December 2023

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which 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 Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

06/09/2024

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................

Mr A D Brownsword - Trustee

Page 3

Report of the Independent Auditors to the Trustees of Brownsword Charitable Foundation

Opinion

We have audited the financial statements of Brownsword Charitable Foundation (the 'charity') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 4

Report of the Independent Auditors to the Trustees of Brownsword Charitable Foundation

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charity and sector, we identified that the principal risks of non-compliance with laws and regulations related to charity legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements of the charity. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Statement of Recommended Practice.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to potential lack of segregation of duties, bookkeeping errors and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Sumer Auditco Limited Statutory Auditor Chartered Accountants County Gate County Way Trowbridge Wiltshire BA14 7FJ

13/09/2024 Date: .............................................

Page 5

Brownsword Charitable Foundation

Statement of Financial Activities

for the Year Ended 31 December 2023

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS
FROM
Donations and legacies
-
Investment income
2
351,296
Total
351,296
EXPENDITURE ON
Raising funds
3
31,461
Charitable activities
Charitable costs
133,357
Support costs
-
Total
164,818
Net gains/(losses) on
investments
-
NET INCOME/(EXPENDITURE)
186,478
RECONCILIATION OF FUNDS
Total funds brought forward
221,969
TOTAL FUNDS CARRIED
FORWARD
408,447		 Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-		 Endowment
fund
£
-
-
-
23,817
-
-
23,817
(448,000)
(471,817)
10,458,818
9,987,001		 2023
Total
funds
£
-
351,296
351,296
55,278
133,357
-
188,635
(448,000)
(285,339)
10,680,787
10,395,448		 2022
Total
funds
£
4,321
307,961
312,282
72,172
113,500
2,108
187,780
(714,000)
(589,498)
11,270,285
10,680,787

The notes form part of these financial statements

Page 6

Brownsword Charitable Foundation

Balance Sheet

FIXED ASSETS
Tangible assets
Investment property
CURRENT ASSETS
Debtors
Cash at bank
CREDITORS
Amounts falling due within one year
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
Unrestricted funds
Endowment funds
TOTAL FUNDS		 31 December 2023
Notes
10
11
12
13
15		 2023
£
1,978,844
4,248,000
6,226,844
33,919
4,212,204
4,246,123
(77,519)
4,168,604
10,395,448
10,395,448
408,447
9,987,001
10,395,448		 2022
£
2,002,661
4,696,000
6,698,661
95,564
3,960,256
4,055,820
(73,694)
3,982,126
10,680,787
10,680,787
221,969
10,458,818
10,680,787

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 06/09/2024

............................................. Mr A D Brownsword - Trustee

The notes form part of these financial statements

Page 7

Brownsword Charitable Foundation

Notes to the Financial Statements for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The most significant area of adjustment and key assumptions that affect items in the accounts are to do with estimating the fair value of investment properties (see note 12 for more information). Likewise, this is the most significant area of uncertainty that affects the carrying value of assets held by the Charity, in the next period.

Income

Rental income and interest receivable are recognised on an accruals basis.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Grants payable

Grants payable are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required and the amount of the obligation can be measured reliably. Details are given in note 4.

Governance costs

Costs are allocated between direct charitable governance costs and other expenditure according to the nature of the cost. A detailed analysis of the allocation of costs is given on the face of the statement of financial activities on page 17.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation.

Depreciation is calculated on a straight line basis at the following annual rates to write off assets over their estimated useful economic lives:

Property improvements 2%

Freehold property is valued every five years and is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.

Investment property

Investment properties are measured initially at cost and subsequently at fair value.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

The Charity has various types of funds for which it is responsible, and which require separate disclosure. These are as follows:

Page 8

continued...

Brownsword Charitable Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES - continued

Fund accounting

Unrestricted funds

The unrestricted funds are funds that can be used by the Foundation towards operating costs and towards its charitable objects.

Expendable endowment fund

The endowment funds were given on the understanding that they are to be held by the Charity on a long term basis, primarily to support the work of the Charity by generating income or capital growth. The endowment fund is an expendable endowment, meaning that the trustees at their discretion can draw on the capital of the fund when they consider it necessary to support the operational work of the Charity. Expenditure directly attributable to the maintenance or protection of assets in the endowment fund is accounted for as an expense of the endowment fund.

2. INVESTMENT INCOME

Rental income receivable
Interest receivable
RAISING FUNDS
Investment management costs
Bad debt expense
Legal and professional fees
Insurance
Management fees
Repairs and renewals
Light and heat
Depreciation
GRANTS PAYABLE
Charitable costs
The total grants paid to institutions during the year was as follows:
Arts Taunton
Jessie May Trust
Bath Festivals Ltd
Bath City Farm
Royal National Institute of Blind People
Dorothy House
Fight Against Blindness
Cancer Research UK
Julian House
Bristol Childrens Help Society
Macular Society		 2023
£
220,128
131,168
351,296
2023
£
(4,465)
-
8,494
6,000
15,718
5,714
23,817
55,278
2023
£
129,500
2023
£
50,000
5,000
-
2,000
-
-
3,000
60,000
5,000
2,500
2,000
129,500		 2022
£
277,853
30,108		 2022
£
277,853
30,108
307,961
2022
£
-
25,962
14,380
7,383
-
630
23,817
72,172
2022
£
113,500		 2022
£
-
25,962
14,380
7,383
-
630
23,817
72,172
2022
£
30,000
5,000
2,500
2,000
1,000
10,000
3,000
60,000
-
-
-
113,500

3.

4. GRANTS PAYABLE

Page 9

continued...

Brownsword Charitable Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

5. SUPPORT COSTS

5. SUPPORT COSTS
Governance
costs
£
Charitable costs 3,857
6. AUDITORS' REMUNERATION
2023 2022
£ £
Fees payable to the charity's auditors for the audit of the charity's financial
statements 3,857 2,108

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.

8. STAFF COSTS

The charity had no employees in 2023 (2022 - Nil)

9.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
fund
fund
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
4,321
-
Investment income
307,961
-
Total
312,282
-
EXPENDITURE ON
Raising funds
48,355
-
Charitable activities
Charitable costs
113,500
-
Support costs
2,108
-
Total
163,963
-
Net gains/(losses) on investments
-
-
NET INCOME/(EXPENDITURE)
148,319
-
RECONCILIATION OF FUNDS
Total funds brought forward
73,650
-
TOTAL FUNDS CARRIED FORWARD
221,969
-		 Endowment
fund
£
-
-
-
23,817
-
-
23,817
(714,000)
(737,817)
11,196,635
10,458,818		 Total
funds
£
4,321
307,961
312,282
72,172
113,500
2,108
187,780
(714,000)
(589,498)
11,270,285
10,680,787

Page 10

continued...

Brownsword Charitable Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

10. TANGIBLE FIXED ASSETS

COST
At 1 January 2023 and 31 December 2023
DEPRECIATION
At 1 January 2023
Charge for year
At 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022
11.
INVESTMENT PROPERTY
FAIR VALUE
At 1 January 2023
Revaluation
At 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022
Fair value at 31 December 2023 is represented by:
Valuation in 2020
Valuation in 2021
Valuation in 2022
Valuation in 2023		 Land and
buildings
£
2,240,829
238,168
23,817
261,985
1,978,844
2,002,661
£
4,696,000
(448,000)
4,248,000
4,248,000
4,696,000
£
4,350,000
1,060,000
(714,000)
(448,000)
4,248,000
The investment properties were initially valued by Derek Walker, Chartered Surveyor in 2011 and have been The investment properties were initially valued by Derek Walker, Chartered Surveyor in 2011 and have been The investment properties were initially valued by Derek Walker, Chartered Surveyor in 2011 and have been
adjusted in line with market indexation.
12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Debtors 33,919 95,564

Page 11

continued...

Brownsword Charitable Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Creditors
VAT
Accruals and deferred income		 2023
£
1,500
-
76,019
77,519		 2022
£
1,500
4,500
67,694
73,694

Deferred Income

Deferred income movement in the year and the prior year are as follows:-

2023 2022
£ £
Balance deferred as at 1 January 2023 66,169 52,567
Amount released to incoming resources (66,169) (52,567)
Amount deferred in year 45,419 66,169
Balance deferred as at 31 December 2023 45,419 66,169

Deferred income comprised services invoiced in advance of the period in which they are to be delivered.

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fixed assets
Investments
Current assets
Current liabilities		 Unrestricted
fund
£
-
-
485,966
(77,519)
408,447		 Restricted
fund
£
-
-
-
-
-		 Endowment
fund
£
1,978,844
4,248,000
3,760,157
-
9,987,001		 2023
Total
funds
£
1,978,844
4,248,000
4,246,123
(77,519)
10,395,448		 2022
Total
funds
£
2,002,661
4,696,000
4,055,820
(73,694
10,680,787

The Charity has various types of funds for which it is responsible, and which require separate disclosure. These are as follows:

Unrestricted funds

The unrestricted funds are funds that can be used by the Foundation towards operating costs and towards its charitable objects.

Expendable endowment fund

The endowment funds were given on the understanding that they are to be held by the Charity on a long term basis, primarily to support the work of the Charity by generating income or capital growth. The endowment fund is an expendable endowment, meaning that the trustees at their discretion can draw on the capital of the fund when they consider it necessary to support the operational work of the Charity. Expenditure directly attributable to the maintenance or protection of assets in the endowment fund is accounted for as an expense of the endowment fund.

15. MOVEMENT IN FUNDS

MOVEMENT IN FUNDS
Net
movement At
At 1.1.23 in funds 31.12.23
£ £ £
Unrestricted funds
General fund 221,969 186,478 408,447
Endowment funds
Expendable endowment 10,458,818 (471,817) 9,987,001
TOTAL FUNDS 10,680,787 (285,339) 10,395,448

Page 12

continued...

Brownsword Charitable Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

15. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 351,296 (164,818) - 186,478
Endowment funds
Expendable endowment - (23,817) (448,000) (471,817)
TOTAL FUNDS 351,296 (188,635) (448,000) (285,339)
Comparatives for movement in funds
Net
movement At
At 1.1.22 in funds 31.12.22
£ £ £
Unrestricted funds
General fund 73,650 148,319 221,969
Endowment funds
Expendable endowment 11,196,635 (737,817) 10,458,818
TOTAL FUNDS 11,270,285 (589,498) 10,680,787
Comparative net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 312,282 (163,963) - 148,319
Endowment funds
Expendable endowment - (23,817) (714,000) (737,817)
TOTAL FUNDS 312,282 (187,780) (714,000) (589,498)

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Endowment funds
Expendable endowment
TOTAL FUNDS		 At 1.1.22
£
73,650
11,196,635
11,270,285		 Net
movement
in funds
£
334,797
(1,209,634)
(874,837)		 At
31.12.23
£
408,447
9,987,001
10,395,448

Page 13

continued...

Brownsword Charitable Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

15. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 663,578 (328,781) - 334,797
Endowment funds
Expendable endowment - (47,634) (1,162,000) (1,209,634)
TOTAL FUNDS 663,578 (376,415) (1,162,000) (874,837)

16. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2023.

Page 14

Brownsword Charitable Foundation

Detailed Statement of Financial Activities for the Year Ended 31 December 2023

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Investment income
Rental income receivable
Interest receivable
Total incoming resources
EXPENDITURE
Investment management costs
Bad debt expense
Legal and professional fees
Insurance
Management fees
Repairs and renewals
Light and heat
Depreciation of freehold property
Charitable activities
Grants to institutions
Support costs
Governance costs
Auditors' remuneration
Total resources expended
Net income before gains and losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments
Net (expenditure)/income		 2023
£
-
220,128
131,168
351,296
351,296
(4,465)
-
8,494
6,000
15,718
5,714
23,817
55,278
129,500
3,857
188,635
162,661
(448,000)
(285,339)		 2022
£
4,321
277,853
30,108
307,961
312,282
-
25,962
14,380
7,383
-
630
23,817
72,172
113,500
2,108
187,780
124,502
-
124,502

This page does not form part of the statutory financial statements

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