REG18TERED CHARITY NUMBER: 1012615 stees and F5nanclal Statements f r ¢he Year Ended 31 Docember 2024 for rownsword Charilable Foundatlon Sumor AudilGo Llmited statutory Auditor Chartered Accountant5 County Gate County Way Trowbridge Wiltshire BA14 7FJ
Brow Charltab ¢ Foundation Conte nancial Statements for the Year Ended 31 December 2024 Page Roport of tha Tru$t0•S Roport of tho Independent Audltors Stat•m•nt of Flnanclal Actlvl¢les Balan¢•-8hee Notes to the Flnan¢lal Statement$ 8 tr) 14 Detalled Statement of Financial Actlvhle$ 15
Brownsword Charitable Foundation ort ofthe Twsteos for the Year Ended 31 December 2024 The trustees present Ihoir report with the financial Slatemenls of the Gharity for the year ended 31 December 2024. The tnjstees hav& adopted ihe provlslons of Accounllng and Reportlng by Charities.. Statement of Recommended Pra1¢6 applicabl8 to oharlllos preparing Iholr accounts In accordance wlth the Flnanclal Reportlng Standard appllcabl8 in Ihè UK and R8public of Ireland {FRS 102) leffectlv8 1 January 2019). OBJECTIVES AND ACTIVITIES ObJo¢tlvoS In shaplng our obJectlv6s for the yaar and plannlng our actlvltles, the Irusl&a$ have consldered the Charity Commission's guidelines on public benefit. The objects of th8 Charlty 8re to make donallons to 3UBh charitable institution or instilulion3 al suFh time or times and in such a manner that the Trusleos may In thèir absolute discretlon think fit. The Board of Trustees reafflm16d at a m8eting on 23 November 2021 that for forthcomlng y8ars the broad priorlly are88 would be: Chlldren and Young People The Arts The Elderly Community and Neighbourhood Work Phy8l¢al and Learnlng Dlfflcullles Educatlonal Projeclg Medical Projects It is anticipated that Ihe majority of donations wll be reslrict8d to th8 B8th ar82 although th& Trust8es will a180 b8 looklng to undertake specific large national donations in coming years.. Th6 trustses ar8 aware of th8 publlc benefit provlslons of the Charftles Act 2011 and of the guidance on them published by the Charity Commisslon. They are Satlsfiod that thè objeGt5 of the Charlty and Ihe a¢llvltles of Ihe Charlty are wllhln Ihe definitions of Charitable Purposes as sel down in the Act. The tnjslees ara not awar8 of any public detrlmonl caused by the Charitys objects or activities, and nor are they aware of anyone recelving 8ny pHvate benafit from the Charlty's actfvllies. The Foundation maka8 grant8 so181y to other ¢harft19s. each of whlch wlll make an opproprlate stalemenl as tr) how they achieve th8ir aims for publlc benefit. Interested parll&s may wish lo consult the Trustees, Reports of those organlsallons independentty for further details. A5 expected, the Foundation has made slmllar amounts in grants in 2024 compared to 2023. It Is antlclpaled that major new grants w511 be somewhat restricted due to depletion of available fullds.. The Foundation's planngd grants include to local arts fesuval, a homeless charfty, cancer researGh and a local childrens hospice. FINANCIAL REVIEW Revlew of transactlons and nnan¢lal positlon Durlng the year. the charlly recelved Income of £407,72712023.' £351,289), mainly consSsting of int&rest of £202,727 {2023'. £131.168) and rent r8ceivable of £205,000 12023- £220,128}. The trustees considered a number of grant appllcations during the year and donallons wgre made to thlrteen charltlos. Investmenl pollcy and rosorve8 The pollcy of Trustees Is to fataln raserves In cash. All cash reserve5 are held in an interest bearing account. At 31 Dg¢omber 2024 Ihe total free reseNes held by tho charfty were £597,456. The trusteos can at thelr dlsorotlon, draw on the free reserves of the expendable endowment fund whlch at 31 Decèmber 2024 had current r8serves of £3,760,157. The Trustees purchased No 1A Royal Creen1 for a sum of £1,050,OOD on 31 October 2006. The buildino was subsequently remodellod for use ag a museum,. On 23 Juns 2011 Andrew Brownsword donatsd threo freehold propertles to the Foundallon. These are accounted as long term commercial property investments wlth long standing tenants. STRUCTURE, GOVERNANCE AND MANAGEMENT Gov&rnlng document The charitys object8 and provlslons are regulatad by a trust deed dated 11 June 1992. The charity's registered chaiity number 15 1012615. Page 1
. Br(wnsw Charitable ndatlon ort of the for tho Year Ended 1 December 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT . Organisallon of the ¢harfty The Iru8lees have met whenever they needed to rqview appll¢ations for grants, D8clslon8 are made when the twstees have reached a unanlmous agreemenL Thg chariiy Is admlnlstsred in Bath by Nlcholas Bums, under the supervision of th8 twste85. Re¢rultm6nt and training of new twstees Should a need arise to appoint new or addillonal Irustees, conslderatlon will bè glvon to the experience and credibllity of the candidato. New truste8s 1[ be giv8n ev&ry opportunity to 8pend timp with other offtcers of the Foundatlon and will b6 Inducl6d on tho procgdures and prnclices aOrdInglY. Speciflc Iralnlng will be tallored lo Iho IndJdual,S neèds and requirements. Rl8k management The Tru$t88s have reviewed the charivs actlvllie8 and assessed the opportunilies available to Ihe charity and the risks l(tbFhlcMINwvxyu$trAFa-resultnf"Ihls-process-, th&truslg8s-hav8-a-rfsk-manag8m6nl"strategy"which-Gomprl$e&oF8n annual revi&w of the rlsk which tho charSty may face,. Ihe eslablishmenl of pro¢e(Jures to mlligale (hose rlsks" Identified during the annual rlsk revlew., and the implgmantatlon of procedure8 do8igned to minlmlse any polantlal Impact on tha charily should any of those risks maledali$e. REFERENCE AND ADMINISTRATIVE DETAILS Reglst•rod Charlly number 1012615 Prln¢lpal addres8 4 Queen Square Bath BA12HA Trustees Mr A D Brownsword Mr P Matth8WS Ms A Brownsword-mallhews Dr N L Howse Audllors Sum6r Auditco Limited statutory Audilor Chartered Accountants County Gale County Way Trowbridg8 wiitshlre A147FJ Banking The charity holds current and Investment accounts with the National Westmln8tsr Bank. The branch address is PO Box 4349, Worihing, BN113EQ. APPOINTMENT OF AUDITORS A resolution lo reappoint Sumer Audilco Limltod as audltors wlll b8 proposed at the Annual General Me8ting. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Iruslees ar8 résponsible for pr8paring the Report of the Tru8tees and the financial 81alements in accordanc8 wllh applicable law and Unlted Klngdom Accounting Standards (United Kingdom Generally A¢cepted Accounting Practice). Page 2
Brownsword Charltab e Foun allon Re ort of the Tru he Year Ended 31 Decembor 2024 STATEMEpif OF TRUSTEES, RESPONSIBILITIES - ¢ontlnued The law applicab16 to charities In England and Wales. the Charftles Act 2011, ChariEy (Accounts and Reports) R8gulations 2008 and the provisions cf the trust do6d r6qulr8s thè truste6s to prepar9 financial slalements for each financial year vA)Ich give a true and fair view 9f the stat6 of affalrs of tho charity and of the incoming rasources and appll¢ation of resources, Including Ihe inGome and expgndlture, of the charity for that perlod. In preparlng th08e financial statements, the trustees are required to sel6ct 8Uitabl8 accounting polici88 and th8n appty them conslslontly,, observe the method8 and princlpl8s In the Charity SORP., make Judgements and estimates Ihal are reasonable and pwdent., prepare the financial slat&menls on the golng concern basis unlo88 it inapproprlate to presume that the charlty %11 contlnue In buslnoss. The tN6lees are responslbl& for k66plng proper accoundng re¢ords whlch dlsclose wlth reasonable aGauracy at any tSme the financial position of the ¢h8rity and lo enable them to ensure that the financlal 8tatements comply th8 Charllles-AcL20_11.the-Charlty-(Accounts-and-Reports)-Regulalion8-2-008-and-Ih8-provisiDns-of-th8-truskdeed.-They-are also rèsponslble for saf8guardlng the assets of the charlly and hence.for taking reasonable sleps for the prevention and delectlon of fraud and other Irr6gularftl$s. Approved by order of the board of trustees on and slgnad on Its behalf by: Mr A Ci Brownsword - Twstao Page 3
ort the Inde endent Auditors to the Trustees of Brownsword Charitable FoundatSon Opinion We have audited the financlal statem8nts of Brownsword Charitable Foundallon (the 'chariV) for the year ended 31 Decernber 2024 which compriso tho Statement of Flnancial Aclivitles. the Balance Sheet and notes lo the financlal Statements, Includlng a Summary of slgnlficant accounting policies. The finan¢lal reporting frameworf( that has been applied In thelr preparatlon Is applicable law and Unlted Klngdom A¢¢ounllng Standards {Unlted Klngdom Generally Accept8d Accountlng Practlce). In ouTroplnion th¢ finanGlal slalemenls., givg a true and fair view of the state of Ihe Qharlty's affalrs as at 31 December 2024 and of Its Incomlng resourc8S anrj appll¢atlon of resources, for the year then ended. hava bèen properly pr&paréd In accordance wlth Unltsd Kingdom G8n8rally Accgptad AOUntn9 Practlc8; and have been prepared in accordance with the QUireMents of ths Charities Act 2011. Basis for oplnion We condu¢led our audil in accordanoo with Intemalional Standards on Audlting {UKI (ISAS (UK)) and appllcabl6 law. Our responslbllltles under those standards are further described in the AudltDrs' responsibililies for the audit of the flnan¢lal statements 5ectlon uf our report. We are Independent of the charfly In accordance wlth the ethical rèquirements thal are rel8vant to our audlt of the flnanclal slalemènls In the UK, Induding the FRC'S Ethical Standard. and-w8-have-fulfllled-our-other-ethiGal-re8pon8lbllllles-In-accordanGe-wilh-thes&rèqulremenWWa" bg118vo4hat-the-audl VIden we have obtained is suffidenl and 8pproprlate to provide a basis for our opinlon. Con¢lu$ions relaling to goin9 ¢oncgrn In audlllng the finanGial statemen15, we havo ¢Dncluded that the trusl&e8' Use of the going concern ba818 of accounting In Ihg pr¶tlcn of th8 flnanclal statements18 approprlate. Based on the work we have performed, we hava not Idenllfled any matsrlal unc6rtalntlo$ relallng to aV6nts or condition8 thaL individually or collectively, may casl slgnificanl doubl on thg charity's ability to contlnue a8 a going concern for a perlod ef at least twelve months from when Ihe-financial statemenls are aulhorised for issu8. Our r6sponsibllltle5 and th8 responslbilille$ of the Irustees wlth respect lo golng concorn aro described in the relevant sections of this repcrl, other infoTmation The Iruslees are respon3ible for the other information. The other informatlon comprls8s th8 Informatlon Included In Ihe Annual Report, other Ihan the financial statements and our Report of the Indep8ndent Audllors thereon. Our oplnlon on tha flnanclal stataments does not cover the other Information and, except to the extent otherwise expllcitly 81aled In our r6POrt. we do not axpr8ss any form of assurance Concluslon thereon. In conneclion wlh our audit of the financial 8tatements, our responslbility 15 to read the other infonnation and, in dolng so, consider whether Ihe other information Is materially inconsi8tent th th8 Ilnancial stat8menls or our knowladg8 obtained in the audlt or otheNise appears lo be materially misstat8d. If w8 Idenllty such material incon8islencies or apparent malerlal mlsslatemenls. we are required to delemiine whether thls gives rise to a material tnisstatement in th8 flnanclal statsments th8mselv8s. If. based on Ihe work we have perfomied, we conclude that there is a malerial m18Stateménl of thls other Informatlon. wg are requlred lo report that fact. We have nothlng lo report In Ihls regard. Matters on whlch w& are requlred to roport by exceptlon We have nothlng trj report in respect of the following matters where the Chadtles {A¢counls and Reports) Rggulations 2008 requlre8 US to report to you If, in our opinion.. the infomiation given in the Report of thg Twstefys Is inconslstent In any malerlal respect th the 1Snancial statements" or sufflclenl accounting records have not been kept,, or the flnanGial statements are not In agreement with the accounting records and retUm$,' or we have not recelv6d all the Informatlon and explanatlons we requlrè for our audit. Respon8lbllltle$ of Irustee6 A8 explained more fully In the Stslement of Trustees, Respon$lbllltles, the trustees are r8spon5ib18 for th8 preparatlon of the financial statements which give a true and fair vlaw, and fcr such Intemal control as th& truste8s determine is necessary to en9ble Ihe preparation of flnancial statements Ihal ar8 fr88 from materfal mi881atement, wheth&r duo 10 fraud or error. In preparfng the financlal statements, the trustees are responslble for a880$8ing the charivs abillly lo continue as a goirKJ concern, dlsdr)slng, as appll¢able, matters related lo golng concern and using the going concern basis of accounting unless th8 trustees either intond to liquidate the charlty or lo cease operations, or have no realistic allernalive but to do so. P8ge 4
ort of the Inde endenf Auditors to the Trustees of Brown wo harl Our.responslbilities for the audlt of the flnanclal statements We have been appolnted as audltors under Sectlon 144 of the Charltles Act 2011 and report In accordance wllh th8 Act and relevant regulatlon$ made or havlng effect thereunder. Our objectives are to obtain r8asonable assurance about whether the financlal st3t8menl8 as a whole arg free from material misslalemenl, whether due to fraud or 8rror, and to issue a R@port of the Indep8nd8nt Auditors that include8 our opinlon, Reasonable assuran¢e is a high 16vel of assurance, but is not a guarantee that an audlt Conducted in accordance with ISAS (UK) will always éete¢t a malerlal mlsslalement when it eSIs. Misstatements can arfse from fraud or èrror and are consldared mat&rlal If, Individually or In the aggregate, they could reasonably ba 8XPeCted to Influence the economic decisions of users taken on the basls of th888 financlal stal8m&nts. The extent to Yknlch our procedures are capable of dglectlng Irregularltles, Includlng fraudls detalled below.. Based on our under8tandlng of the charity and sector, we Idenllfigd that the prfnclpal risks of non-¢ompllance with laws and regulatlons related to charfly legislation. and w8 conslder8d the extent to which non-complianc8 might hav8 2 material effecl on the financial slalemenls of the Charily. We also considered those laws and regulalions that hav6 a dlréct Impact on the preparatlon of the financlal ststem8nts such as the Chaiiti88 Statement of Recommended Practice. WO evalualgd manag8m&nt's Incèntlvos and opportunltl&s for fraudulent manlpulation of the flnanclal statemants (Includlng th8 rlsk of ov8rrid8 of controls), and determined that the prlnclpal rlsks wor8 rolalod lo potontlal lack of segregation of ¢Juties, bookkeeping errors and management blas in accounting estimates and judgemenlal areas of the rinancial slalements. Audit procedures performed by the audit engagement team included: Enqulry of managemant and tho88 charged wlth govemance about any known or suspected instances of non-compliance wlth laws and regulations and fraud., Gaining understanding of managemenl's internal controls deslgned to prevent and detect irregularities, and fraud,, Reviewing minutes of meetings of those Gharged with governance and any cotrespondenGe with The Charity Commisslon". Revlewing financial statement disclosures and tsstlng lo supportlng documentation lo asse55 complianoe th appllcable laws and regulations. Performing analytlcal procedures to identify any unusual or unexp8Ct8d relatlonshlp that mlght Indlcate a rlsk of material mis$18lemenl due to fraud., Performlng audlt work over the rfsk of management overrlde of controls, evaluating the business ration81e of significant tran5aGtions outsld8 the normal course of buslness and revIeng accountlng estimates for bias. A further description of our responsibililles for the audit of the financial statements Is located on the Flnanclal R6portlng Council's website at www.frc.org.uklauditorsresponsibilities. This description fcrm8 part of our Raport Df the Independent Auditors. Use of our report This report is made solely lo the charitls trustee8, a$ a body, in ardance with Part 4 of the Charities (Accounts and Reports} Regulallon$ 2008. Our audlt work has been undertaken so that we might sl8le lo Ihe Gharily'$ trustees those mattars wo ar& requlrod to stala to them In an audltors, report and for no olher purpose. To th? fullesl extent permitted by law. we do not accept or assum8 responsiblllly to anyon8 other than the charfty and thè ¢harWs Irustees as a body. for our audit work, for this report, or for the cpinions we hav8 formed. Sumor Audllco Llmiled st8tutrJry Audltor Chartered Accountants County Gale County Way Trowbrldge Wlllshire BA14 7FJ Date- ... l.(>......Qfito,ber .Z02f Page 5
Bro nswo Cha ablo Foundation ate f Flnan¢lal Actlvltlg for the Year Ende 31 Decombèr 2024 2024 Totsl funds 2023 Total fund$ Unrestrlcted fund R8strlcted fund Endowment fund Notes INCOME AND ENDOWMENTS FROM Invastment Income 407,727 407,727 351,296 EXPENDITURE ON Ralsing funds 69,898 23,817 93,715 55,278 Charitable actlvltlaB Gharltable costs 148,820 148.820 133,357 Total 3-,81 4-2-.S3 ,6.3 N8t gainsl{1055esl on Investrrienls 203,000 203.Oi)O (448.0001 NET INCOMEI{EXPENDITUREI 189.009 179,183 368,192 {285.339) RECONCILIATION QF FUNDS Total thnds brought foNard 408.447 9,987,001 10,395,448 10,680,787 TOTAL FUNDS CARRIED FORWARD 5g7,456 10,166,184 10,763,640 10,395,448 The notes form part of these financial statemen18 Page 6
Brownsword C Itabl Fo 31 Docember2024 2024 2023 Nol8s FIXED ASSETS Tanglble assets Investment property 10 1,955,027 4,451,000 1,978.844 4,248,000 6,406,027 6,226.844 CURRENT ASSETS Dobtors Cash at bank 12 57,846 4,378,186 33.919 4,212.204 4,436,032 4,246.123 CREDITORS Amounts falling due wlthln one year 13 178,4191 177.5191 NEf CURRENT ASSETS 4,357.613 4,168,604 . TOTAL ASSETS LESS CURRENT LIABILifiES 10,763,640 10,395,448 NET ASSETS 10.763.640 10,395,448 FUNDS Unrestrfcted funds Endowment funds 15 597,456 10.166,184 408,447 9.987,001 TOTAL FUNDS 10.763.640 10,395,448 The financial 5talemenls were approved by Ihe Board of Trustees and aulhorised for issue 1...oqS..g.F.&rt.....&? Lr . and were slgned on It8 betrlalf by.. on Mr A D Brownswor(l-"TTuslee The nole5 fonn part of these financial statements Page 7
Brownsword Charltsblg Foundation otes to the Flnanclal Statement8 forlh6 Yaar Ended 31 Decemb8r 2024 AccouKllNG POLICIES Basls ol pr¢parfng the flnanclal statements The flnanclal statements of the charity, whl¢h Is a publlc benefit enllty under FRS 102, have been prepared in accordance wlth the Chafftles SORP IFRS 102) 'Accountlng and Reporting by Charitle8.' Stalernent of R8commended Practlc8 applicable lo ¢hariti88 preparing their accounts in aocordan¢e wlth the Flnancial R6POrting Standard applicable in Ihe UK and Republ1¢ of Ir8land (FRS 1021 (effective 1 January 2019),, Finan¢ial Reporting Standard 102 The Flnanolal Reportlng Standard appllcable sn the UK and Republlc of Ireland, and the Charltlgs Act 2011. The flnanclal statements have b6èn prepared under the h1stori1 cost conventlon, as mod1fl8d by the revaluatlon of certaln assets, The financial statements have been prepared to glve a 'lrue and falr, vlew and have departed frDm the Charltles (AOuntS gnd Report8) Regulatlons 2008 only to Iho extent requlr8d to provlde a yrue and falr vlew. This departure has involv8d followlng the Accountlng and Reportlng by Charilias.. Statement of Recommended Practice applicable to charities preparing their accounts In accordance wilh the Finan¢i81 R8porting Standard applicable in the UK and Republic of Ireland IFRS 102) Issued on 16 July 2014 rather than the Accounting and RepOrting-bCharlIie,-stst6rnent-Of-Rc0mmended-Pr"a¢I1etreffec1ive-frOm-l-pFI1-2QOS-Wh1eh-hatrSlnefrbeen withdrawn. The most slgnlficant ar6a of adjustmènt and kay 888umpllons that affect Itams In the accounts ar8 to do with 88timatlng th8 fair value of investrllent properties (see note 12 for more informatlon). Likewise. this 15 the most slgnificanl area of un¢ortainty that affects the carrying value of assets held by the Charily, In the next P8rf0d. Income Rental Income and Interest re1vable aro recognlsed on an a¢¢Nals basis. Expenditure Liabllllies are recognlsed as expendlture as soon as there Is a legal or constructlv6 obllgatlon commlttlng the charlty to that 9xpenditure. il Is probabl8 that a Iransfar of oconomlc bonefils wlll be requlred in settlement and the amount of th8 obllgatlon can be measured reliably. Expenditurg is accounted for on an accruals basis and has begn classifled under headings that aggregate all cost related to the category. Whera costs cannot be dlrectly attrtbuted to partlcular headlngs they have been allocated to actiytties on a basls oonslslent wlh the use of resources. Grants off8red subject lo conditions which have not been met al the yoar end date are noled as a commilmenl but not acCed as 8xpendiiure. Grants payable Grants payable ar8 recognised as expenditure as soon as there is a legal or constructive obligallon commitling the charlty lo that expenditure, it 15 probable that a transfer of economiG benefits will be requirgd and the amount of the obligation can be measured rellably. Details are given In note 4. Govemance costs Costs are allocated between dlrect charttable governance cosls and other expendllure according lo the naturg of the cost. A detaSbd analysls of the allocatlon of cosls is glven on the face of the statement of financSal acliwties on page 17. Tanglble flxed assets Tangible fixed assets arg statad at cost lass accumulated d6pr8ciallon. Deprociation is calculated on a straight line basis at the following annual rates lo write off assets over Iheir estimated useful econorniG Ilves: Property Improvemonts 20A Fre8hold properly is valued every five years and Is shown al the most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revalualion reserve. Investment property Inveslmonl properties are measured Initlally at cost and subsequently at falr value. Taxation The charity Is exempt from tsx on its charitable aclivitles. Fund accountlng The Charity has variou8 types of fund8 for which it is responsible, and which requlre separate disclosure, These are as follows: Page 8 continued...
Brown Charltable Foundatlon I I Statements - contlnu&d for the Year Ended 31 De¢em r 2024 ACCOUNTING POLICIES - Contlnued Fund accountlng Unr8strl¢tsd fund8 Tho unrestrict6d funds are funds that can be used by the Foundatlon towards opgratlng costs and towards Its charllabla objects, Expendable endowment fund The endowment funds wero glven on the underslandlng that they are to b6 h61d by the Charity on a long term basis. prlmarlly to support thè work of th6 Charlty by generating Income or ¢apltal gr0h. The endowment fund Is an expandable endowment, meaning Ihal the tru8tees at their discretion can draw on the capital of th8 fund when they consider it necessary lo support the operatlonal work of Ihe Charity. Expendlture directly atlributablg to the malntenan¢e cr protecllon of a88818 in the endowment fund Is accounted for as an expense of th endowment fund, INVESTMENT"INCOME 2024 2023 Rental Income receivable Interesl receivable 205,000 202,727 220,128 131,1B8 407,727 351,296 RAISING FUNDS Invoslmant managomgnl costs 2024 2023 Bad debt oxpense. Legal and professlonal fees Insurance Management fees Repairs and renewals Light and heat Depreciatlon (4,465) 6,226 9,621 9,975 38,079 S,997 23,817 8,494. 6,000 15,718 5,714 23,817 93,715 55,278 GRANTS PAYABLE 2024.. 2023 Charilable Gosts 144,000 129,500 The lolal grants paid to Institutions during th8 yèar was as follows: 2024 2023 Flrsl Stèps Arts Taunton Jessi6 May Trust Balh Clty Farm Fight Against Bllndness Cancer R8s6arch UK Julian House Bristol ChIren$ Help Society Macular Society Melslon Llzard Rotary Club Off the Record BANES Bath Communlty Transport Soulhsld8 Mountbatten 10,000 30,000 5,000 5,000 3,000 60,000 50,000 5,000 2,000 3,000 60,000 5,000 2,500 2,000 3,000 3,000 2,000 5,000 5,OOQ 5,000 l i 8,000 144,000 129,500 Page 9 conlinu8d.
Brown5viord Ch able Foundatl Note8 to the Finan em nts-co for tha Year Endod 31 December 2024 ue SUPPORT COSTS Govarnancè costs Managomenl Totsls Charltablo costs 320 4,500 4,820 AUDITORS. REMUNERATION 2024 2023 Fees payabl8 lo the charlty'8 audltors for the audit of the ¢harlVs flnanclal ststem&nts 4,500 3,857 TRUSTEES, REMUNERATION AND BENEFITS TherwentrustaOs,_rQmneraI1onlr-0Iherbener1I8-fOTrlhtrY88r-ended-8-l-pe¢emb02O24-R0r for-Ih>year ended 31 December 2023. Trustaes. expèns08 The amount of expenses paid to trustees totals £320. STAFF COSTS Tho charity had no employeas In 2024 {2023 - Nil) COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTNITIES Unreslricled Restricted fund fund Endowrri&nl fund Total funds INCOME AND ENDOWMENTS FROM Investment income 351,286 351,296 EXPENDITURE ON Raising funds 31,461 23,817 55,278 Charitable a¢tlvltle8 Charitable costs 133,357 133,357. Total 164,818 23.817 188,635 N8t galnslllosse8} on investments 1448.0001 1448,000) NET INCOMEI(EXPENDITUREI 166,478 (471,817) 1285,3391 RECONCILIATION OF FUNDS Total funds brought foward ' 221,969 10.456,818 10,680.787 TOTAL FUND8 CARRIED FORWARD 408,447 9.987,001 10,395,448 Page 10 conllnued...
Brown8word Charltablg Foundation Note8 to tho Flnanclal Stat9ments - continu for the Year Ended 31 Dacemb8r 2024 10. TANGIBLE FIXED AssErs Land and bulldings COST At 1 January 2024 and 31 D8cember2024 2.240,829 DEPRECIATION At 1 January 2024 Charge for year 261,985 23,817 Al 31 December 2024 285,802 NET BOOK VALUE At 31 December 2024 1,955,027 ecember 11. INVESTMENT PROPERTY FAIR VALUE At 1 January 2024 Revaluation 4.248,000 203,000 At 31 December 2Q24 4.451.000 NET BOOK VALUE At 31 December 2024 4,451,000 At 31 Decamb8r 2023 4,248,000 Fair value al 31 DeGember 2024 is represenled by.. Valuatlon In 2020 Valuatloti In 2021 Valuation In 2022 Valuatlon In 2023 Valuallon in 2024 4.350,000 1,060,000 1714,000) 1448,000> 203,000 4.451,000 The Inve81ment propertles were initially valued by Derek Walker, Chartered Surveyor in 2011 and have been adjusted in line with marf(el ind8xation. 12. DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Debtors Prepayment$ and accrued InGome 40,094 17,752 33,919 57,846 33,919 Page11 conlinued...
Brownsword Charltable Foundation Notes to the Flnanclal Stalements . continu foy th6 Yoar End6d 31 Dacembar 2024 13. CREDrroRS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Cr8dltors Accruals and deferred InM0 1,500 76,919 1,500 76,019 78,419 77,519 Doforrod Income Dèfèrred Income movement in the yegr and th¢ prior year are as follows.'- 2024 2023 Balance deferred.as at 1 January 2024 A"mountrreleasad-to-incomlng-r8sourc8S Amount def8rr6d In year 45,419 145-419) 45,419 66,169 66-,1691 45,419 alance deferred as at 31 Decgmbor 2024 45.419 66,169 Def9Thèd Incomo comprlsed servlce8 Involced in advance of the perlod in which thby are to be delivered. 14. ANALYSIS OF NET ASSETS BEIWEEN FUNDS 2024 Total funds 2023 Total funds UnrestriGted fund Restricted fund Endowment fund Flxed assets Inv8Stment5 Curr8nt assets Current liabilities 1,955,027 4,451,000 3,7eO,157 1,955,027 4,451,000 4,436,032 {78,419) 1,978,844 4,248,000 4.246,123 {77,519} 675,875 {78A19) 597.456 10,166,184 10,763,640 10,395,448 Th8 Charfty has varlous Iypa8 of funds for which il is responsible, which requir& separate disdosure. Th88e ar8 as follows- Unrestricted funds The unre3triGled funds are funds that Can be used by the Foundallon towards operating Gosts and towards 115 charitable objects, Expendable endowment fund The endowment funds were given on Ilia understanding Ihal thgy arg lo be held by the Charlty on a long term basls, prlmarlly to support the work of the Charity by generating incom& or capitsl growth. The endowm&nt fund Is an expendable endowment. Meaning Ihal the trusl88s at their dkscrallon Can draw on the capltal ol the fund when they nSIderI1 necessary to support the operatlonal work of the Charfty. Expenditure directly attributable to the malnlenanue or ptectIon of a8sel8 In the endowment fund Is accounted for as an expen3e cf the endowment fund. 15. MOVEMENT IN FUNDS Nel movement in funds Al 31.12.24 At 1.1.24 Unre$trlcted funds General fijnd 408,447 189.009 597,456 Endowment funds Expendable endowment 9,987,001 179.183 10,166,184 TOTAL FUNDS 10.395,448 368.192 10,763,640 Page 12 continued...
Brownsword Charltablo Foundation Note8 to the Flnanclal Slatement forthe Y•ar End8d 31 Decembar 2024 15. MOVEP4lENT IN FUNDS . contlnued Not movgment In funds, Included In Ihe above are a8 follow5- Incomlng resour¢oS Resourcgs 6xp&nded Gains and 1088es Movement in funds UnT88tricted funds General fund 407,727 1218,718) 189.009 Endowment funds Endable endowm8nt {23.817) 203,000 17g,183 TOTAL FUNDS 407,727 1242,535) 203.000 368,192 Comparatlvas for movement In funds Nel movement In funds Al 31.12.23 At1.1.23 Unrestricted fund8 G8ner81 fund 221,969 186,478 408.447 Endowment fund5 Expendable endowmenl 10.458.818 (471,817) 9,987,001 TOTAL FUNDS 10.680,787 (285,339) 10,395,448 Comparallve net movement in funds, included In the above aro as follows.. Incomlng resource Resources expended Galn8 and losse8 Movement in funds Unres¢ri¢tsd funds General fund 351,296 1164,8181 186,478 Endowment funds Expendable endowment 123,8171 (448,0001 {471,817) TOTAL FUNDS 351,296 1188,8351 (448,0001 {285,339) A current year 12 months and prior year 12 month8 rnbined position 13 a5 follows.. Net mov8ment in funds Al 31.12.24 At 1.1.23 Unrestrlcted funds General fund 221,989 375,487 597,456 Endowmentfunds Expendable endowment 10,458,818 (292.634) 10,166,184 TOTAL FUNDS 10.680.787 82,853 10,763,640 Page 13 conlinu6d...
Brownsword Charltable Foundatlon N tes to the Flnanclal Statements . contlnuod for th r Ended 31 De¢omb8r 2024 15. MOVEMENT IM FUNDS- continued A current year 12 months and prlor year 12 months comblned n8t movement in funds, In¢luded In tho above ar& as follows.. Incomlng resourc65 Resources expended Gains and 10s8es Movement In funds Unre81rictgd funds General fund 759,023 1383,536) 375,487 Endowment funds Expendable endowment {47.634) 1245,000) 1292,634) TOTAL FUNDS 759,023 1431.170) 1245,000) 82,853 16. CONTINGENT ASSETS AND LIABILITIES Durlng the y&arwork was undertaken on a vgcanl propety ownod by the charlty. It Is 8xp6ct8d Ihat all or m081 of Iho work where It relates to dllapldatlon wlll b6 pald for by the fornier tenant of the property. However, no asset or liabillty has been Included In these accounts as it is has nol been pos$iblg lo reltably esllmate th8 lolal amount of the Ilablllty or the amount that may be pald by the former tenant. 17. RELATED PARTh DISCL08URES Thgr6 were no related party Iran8aotions for the year ended 31 December 2024. Pag8 14
Brownsword Charitable oundatio Datalled StBtoment o Acliv for tha Year Ended 31 Dacfrmber 2024 2024 2023 INCOME AND ENDOWMENTS Investment Income Rental income re¢elvable Interest recelvabla 205,000 202,727 220,126 131,168 407,727 351,296 Totsl incoming resour¢o$ 407,727 351.296 EXPENDrfuRE Inve8tm6nl managomént cost8 ad debt expen89 Legal and profèssional fè8S Insurance Management fees Repairs and renewals Light and heal Depreclallon of freehold property 46&1 6,226 9,621 9,975 38,079 5,997 23,817 8,494 6,000 15,718 5,714 23,817 93,715 55,278 Charitable ac¢iviti6s Grants to 111stitutions 144,000 129,500 Support costs Management Travel Cos18 320 Govemance costs Audilor8' remuneratlon 4,500 3,857 Total resources expended 242,535 188,635 Net income beforo galns and losses 165.192 162,661 Realised recognlsed galns and loss Realised galnsl{lossas} on fixéd assat investments 203.000 {448,000} Not Incomel(èxpendlture} 968,192 {285,339) This page does not form part of th8 Stalulory flnanclal statem8nts Page 15