2022-03-31-accounts

THE WILLIAM BRAKE FOUNDATION

(Registered Charity Number 1023244) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

THE WILLIAM BRAKE FOUNDATION

CONTENTS

For the year ended 31 March 2022

	Page
Reference and administration information	2
Report of the trustees	3 - 5
Independent auditors’ report	6 - 8
Statement of financial activities	9
Balance sheet	10
Notes to the financial statements	11 - 19

1

THE WILLIAM BRAKE FOUNDATION

REFERENCE AND ADMINISTRATIVE INFORMATION

Charity registration number:	1023244
Trustees:	Mrs Deborah J Isaac
	Mrs Penelope A Lang
	Mr Michael Trigg (Chair)
	Mr Philip R Wilson
Official address:	C/o Gill Turner Tucker
	2 County Gate
	Stacey’s Street
	Maidstone
	Kent
	ME14 1ST
Auditors:	Azets Audit Services
	Globe House
	Eclipse Park
	Sittingbourne Road
	Maidstone
	Kent
	ME14 3EN
Solicitors:	Gill Turner Tucker
	2 County Gate
	Stacey’s Street
	Maidstone
	Kent
	ME14 1ST
Accountants:	Azets
	Globe House
	Eclipse Park
	Sittingbourne Road
	Maidstone
	Kent
	ME14 3EN
Investment Managers:	Cazenove Capital
	1 London Wall Place
	London
	EC2Y 5AU

2

THE WILLIAM BRAKE FOUNDATION

REPORT OF THE TRUSTEES

The trustees present their report and financial statements of the charity for the year ended 31 March 2022.

Structure, governance and management

The William Brake Foundation is an unincorporated trust, constituted under a Trust Deed dated 17 May 1993. It is registered as a charity with the Charity Commission in England and Wales, charity number 1023244. The trust was established by an initial gift from the late William Brake and over the years additional gifts have been made. The trust does not actively fund raise and seeks to carry out its objectives through the stewardship of its existing resources.

The trustees have drawn up a comprehensive Code of Governance which provides a detailed summary of the trust’s objectives, strategies and process. This Code will be kept under constant review and updated as necessary.

Trustees are appointed by the existing trustees. There is no formal induction process but new trustees are advised of their role, responsibilities and duties by the existing trustees.

The trustees hold two formal meetings each year to consider grant making, investments, reserves and policies. The day to day administration is carried out by the trustees.

Risk management

The trustees have reviewed the major risks to which the charity is exposed and systems have been established to mitigate these risks.

Objectives and activities for the public benefit

The charity was formed to support any one or more exclusively charitable institutions by the distribution of the income and a proportion of the capital gains arising from the trust's investments. The recipient charities can vary from year to year at the discretion of the trustees.

The charity invites applications from the William Brake family for funding of worthy registered charities each year, with a particular emphasis on local charities where the family know the charity’s representative. The applications are reviewed against these criteria and if approved the funds are released.

The trustees have complied with their duty under Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit therein. The trustees have given particular consideration to their future vision of the charity’s activities with regard to continuing to provide public benefit.

The trust has not undertaken any fundraising activities during the year.

Achievements and performance

During the year the charity made charitable donations of £727,456 to charitable institutions.

Related parties

Details of related parties are provided in Note 12 to the accounts.

Financial review

The income from investments during the year was £208,056 (2021: £169,800). Charitable donations totalling £727,456 (2021: £598,314) were made to charitable institutions. As at 31 March 2022, the charity had free reserves amounting to £43,061 (2021: £80,309) after transferring £525,000 from the Expendable Endowment Fund. The endowment funds at that date were £13,786,586 (2021: £13,410,109).

3

THE WILLIAM BRAKE FOUNDATION

REPORT OF THE TRUSTEES

(continued)

Investment policy and performance

In accordance with the Trust Deed, the trustees have the power to invest in such stocks, shares, investments and property as they see fit. The trustees have engaged Cazenove Capital as investment managers and the investment strategy is geared towards capital growth. The charities which look to the William Brake Foundation for financial support each year are in general in need of additional funding but the trustees will manage their expectations in order to protect the trust’s financial resources.

The trustees have also reassessed the risks involved with investing the charity’s funds and have decided to reduce the risk profile down slightly by agreeing not to invest any further in private equity or property funds. The existing investments of this type are being run down and liquidated over the next few years.

The investment performance of the portfolio is as follows:-

Investment performance	Portfolio
Over one year	7.8%
Over three years	38.3%
Over five years	49.8%

The Trustees consider that the ARC Sterling Balanced Asset PCI index is an appropriate benchmark and the portfolio held by the Trust has performed in line with the overall performance of the ARC Sterling Balanced Asset PCI index.

The investment income for the year was £208,056, compared to the target income of £150,000. The income target for the coming year is £135,000.

Reserves policy

At the balance sheet date the charity’s total funds amounted to £13,829,647 (2021: £13,490,418) of which, the charity’s free reserves held in the unrestricted funds were £43,061 (2021: £80,309), representing income which has not yet been distributed.

The charity free reserves protect its current activities, in order to allow the trustees to meet their responsibilities and to ensure that it continues to operate on a going concern basis. The trustees have examined the needs, risks and challenges faced by the charity in both the short and medium term, along with relevant financial forecasts, and have formulated a policy to meet those needs. The trustees’ policy is that all of the surplus income should be distributed through charitable donations but the free reserves representing undistributed income should not be less than one year’s operating expenses which are currently forecast as £21,500 (2021: £20,000). At 31 March 2022 the free reserves of the charity were therefore £21,561 (2021: £60,309) more than the target reserves.

Statement of trustees' responsibilities

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

The law applicable to charities in England and Wales 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 of the charity for that period. In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP (FRS 102);

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK accounting standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate.

4

THE WILLIAM BRAKE FOUNDATION

REPORT OF THE TRUSTEES

(continued)

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions, disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the charity’s constitution. 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.

Auditors

The trustees passed a resolution to appoint Azets Audit Services as auditors to the charity. A resolution to reappoint Azets Audit Services as auditors will be proposed at the annual meeting.

BY ORDER OF THE TRUSTEES

M TRIGG TRUSTEE

Date: 27 January 2023

5

INDEPENDENT AUDITOR’S REPORT

TO THE TRUSTEES OF THE WILLIAM BRAKE FOUNDATION

Opinion

We have audited the financial statements of The William Brake Foundation for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charity’s affairs as at 31 March 2022 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

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 Auditor’s 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 contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

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.

6

INDEPENDENT AUDITOR’S REPORT

TO THE TRUSTEES OF THE WILLIAM BRAKE FOUNDATION

(continued)

Matters on which we are required to report by exception

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

• the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor 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 an auditor’s report 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.

Extent to which the audit was considered capable of detailing irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

7

INDEPENDENT AUDITORS’ REPORT

TO THE TRUSTEES OF THE WILLIAM BRAKE FOUNDATION

(continued)

Extent to which the audit was considered capable of detailing irregularities, including fraud (continued)

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

Reviewing minutes of meetings of those charged with governance;

Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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 auditor’s report.

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 auditor’s 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.

Michelle Wilkes FCA (Senior Statutory Auditor) Globe House For and behalf of Azets Audit Services Eclipse Park Chartered Accountants Sittingbourne Road Statutory Auditor Maidstone Kent ME14 3EN

Date: 30 January 2023

Azets Audit Services is eligible to act as auditor in terms of section 1212 of the Companies Act 2006.

8

THE WILLIAM BRAKE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 March 2022

		Unrestricted	Endowment	Total	Total funds
	Notes	funds	funds	funds	31.3.2021
Income and endowments from:
Investments
Income from investments	3	208,056	-	208,056	169,800
		_________
Total income and endowments		208,056	-	208,056	169,800
		_________
Expenditure on:
Raising funds
Investment management costs	4	27,903	-	27,903	36,403
Charitable activities	5	747,800	-	747,800	619,462
		_________
Total expenditure		775,703	-	775,703	655,865
		_________
Net (expenditure) and net
movement in funds before gains and
losses on investments		(567,647)	-	(567,647)	(486,065)
Net gains/(losses) on investments 7		5,399	901,477	906,876	3,193,184
		_________
Net income/(expenditure)		(562,248)	901,477	339,229	2,707,119
Transfers between funds	11	525,000	(525,000)	-	-
		_________
Net movement in funds		(37,248)	376,477	339,229	2,707,119
Reconciliation of funds:
Total funds brought forward		80,309	13,410,109	13,490,418	10,783,299
		_________
Total funds carried forward		£43,061	£13,786,586	£13,829,647	£13,490,418
		_______ _______

All income and expenditure derives from continuing activities.

The notes on pages 11 to 19 form part of these accounts.

9

THE WILLIAM BRAKE FOUNDATION

BALANCE SHEET

As at 31 March 2022

	Notes		31.3.2022		31.3.2021
Fixed assets
Investments	8		13,848,616		13,505,394
Current assets
Cash at solicitors		582		3,109
Cash at bank		2,038		2,038
		_		_
		2,620		5,147
Creditors: amounts falling due
within one year	9	21,589		20,123
		_		_
Net current (liabilities)			(18,969)		(14,976)
			____		____
Total net assets			£13,829,647 ____		£13,490,418 ____
			____		____
The funds of the charity:
Unrestricted funds
General fund			43,061		80,309
Endowment funds	11
Permanent endowment			3,380,508		3,167,572
Expendable endowment			10,406,078		10,242,537
			____		____
Total charity funds	10		£13,829,647 _ _		£13,490,418 _ _

Approved by the trustees on 27 January 2023

................................................. M TRIGG

................................................ P R WILSON

The notes on pages 11 to 19 form part of these accounts.

10

THE WILLIAM BRAKE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

31 March 2022

1 Accounting policies

Charity Information

The William Brake Foundation is a Charitable Trust and an Unincorporated Charity in England and Wales. The registered office is C/o Gill Turner & Tucker, 2 County Gate, Stacey’s Street, Maidstone, Kent, ME14 1ST.

a) Basis of preparation and assessment of going concern

The financial statements have been prepared under the historical cost convention as modified by the revaluation of listed investments and 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Charity constitutes a public benefit entity as defined by FRS 102.

The trustees consider that there are no material uncertainties about the trust’s ability to continue as a going concern. With respect to the next reporting period the most significant areas of uncertainty that affect the carrying value of assets held by the trust are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management sections of the trustees’ annual report for more information).

b)

Fund accounting

General funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and have no restrictions on their use.

The permanent endowment fund is held in perpetuity, whereas the capital of the expendable endowment fund can be used for the purposes of the charity if the trustees so determine. Each fund is allocated its proportion of gains and losses arising in the period. The income of the endowment funds is unrestricted and is included in general funds.

c) Income recognition

Investment income

Investment income is accounted for in the period in which the income is receivable.

d) Expenditure

Expenditure is recognised when a liability is incurred on an accruals basis. Costs are classified as follows:

Costs of raising funds

The costs of raising funds consist of investment management costs and currency exchange differences.

All investment management costs were attributable to unrestricted funds.

Charitable activities

Costs of charitable activities include grants made and governance costs.

Grant expenditure is recognised when awarded to the recipient. The expense is included on an accruals basis in the year in which a legal or constructive obligation to pay the grant arises.

Governance costs are those associated with constitutional and statutory requirements and are analysed in note 5.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

11

THE WILLIAM BRAKE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

31 March 2022 (continued)

e)

Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities within particular sectors or sub sectors.

f)

Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

g)

Recognition of liabilities

Liabilities are recognised when an obligation arises to transfer economic benefits as a result of past transactions or events.

h)

Foreign currency translation

• Assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the exchange rate on the date of the transaction. Exchange differences are taken to the Statement of Financial Activities for the period.

2 Critical accounting estimates and judgements

• Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

No judgements or key assumptions were made in the preparation of the accounts.

3 Income from investments

			31.3.2022	31.3.2021
		Unrestricted		Unrestricted
			funds	funds
	Dividends -	UK funds	106,125	112,039
	-	Offshore funds	4,499	1,674
	Interest receivable - on cash deposits		68	30
		- on offshore bond funds	89,332	40,258
		- share of interest – private equity funds	-	-
	Share of gains – private equity funds		3,017	23,326
	Foreign exchange gains/(losses)		5,015	(7,527)
			___	___
			£208,056	£169,800
			___	___
			___	___
4	Investment management costs
			31.3.2022	31.3.2021
		Unrestricted		Unrestricted
			funds	funds
	Investment management fees		£27,903 _ _	£36,403 _ _

12

THE WILLIAM BRAKE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

31 March 2022 (continued)

5	Analysis of charitable expenditure
		31.3.2022	31.3.2021
		Unrestricted	Unrestricted
		funds	funds
	Grants payable
	Grants to institutions (114 grants):
	Alzheimer’s Research UK	3,000	3,000
	Anthony Nolan	2,000	2,000
	Aspire	3,000	3,000
	Australian Dance Theatre	5,464	-
	Barnado	15,000	15,000
	Brain Matter Charity	1,000	1,000
	The Brain Tumour Charity	5,000	5.000
	Brain Tumour Research Campaign	-	500
	Breast Cancer Kent	2,000	2,000
	British Heart Foundation	500	-
	The Charlie Waller Trust	4,000	-
	Child Bereavement UK	35,000	35,000
	Cleanup United Kingdom	2,000	-
	Clinical Human Factors Group	2,000	2,000
	The Clink Charity	10,000	5,000
	Community Foundation for Wakefield	-	2,000
	Cosmic	-	2,000
	The Coultauld Institute of Art Fund	10,000	10,000
	Country Holidays Inner City Kids	1,000	1,000
	Crossways	4,000	3,000
	Cure Parkinsons Trust	8,500	7,500
	CWPLUS	10,000	-
	Daughters of The Cross	2,000	2,000
	The David Nott Foundation	-	1,000
	DEBRA	2,000	2,000
	Dementia UK	-	1,500
	Diabetes UK	1,000	500
	Dove Cottage Day Hospice	1,000	1,000
	The Duke of Edinburgh’s Award	30,000	20,000
	Educational Dance Provisions Services	2,000	2,000
	Edward Showler Foundation	5,000	5,000
	Fight Bladder Cancer	2,000	2,000
	Filmer Hall Trust	2,000	2,000
	Friends of Beecroft Garden Primary School	4,000	3,000
	Friends of Headcorn Church	4,000	3,000
	Friends of Lichfield Cathedral	-	1,000
	Friends of St Nicholas Church	2,000	3,000
	Future Health Africa	5,000	5,000
	Gauchers Association	2,000	2,000
	Glass Door Homeless Charity	-	5,000
	The Guildhall School Trust	5,000	5,000
	Guys & St Thomas’ Charity Fund	-	2,000
	Heart Cells Foundation	5,000	5,000
	The Heart of Kent Hospice	3,000	3,000
	The Helen Bamber Foundation	2,000	7,000
	Historic Royal Palaces	5,000	-
	Home Start Buster	4,000	7,000
		__	__
	carried forward	211,464	189,000

13

THE WILLIAM BRAKE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

31 March 2022 (continued)

5	Analysis of charitable expenditure (continued)
		31.3.2022	31.3.2021
		Unrestricted	Unrestricted
		funds	funds
	Grants payable (continued)
	brought forward	211,464	189,000
	Hope Foundation Cancer Research	1,000	1,000
	Horniman Museum	1,000	1,000
	Hospice in the Weald	1,000	-
	Hospitality Action	15,000	4,000
	John Armitage Memorial Trust	2,000	2,000
	The Kent Association for the Blind	-	1,000
	The Kent MS Therapy Unit	16,000	15,000
	Kent, Surrey and Sussex Air Ambulance Trust	1,000	-
	The Kimmeridge Trust	1,000	1,000
	King’s Arms	8,000	4,000
	King’s College Hospital	-	1,000
	The League of Remembrance	10,000	10,000
	The Leonard Cheshire Disability Foundation	15,000	15,000
	Licensed Trade Charity	15,000	15,000
	Lord Wandsworth College	-	5,000
	Macmillan Midhurst	4,000	2,000
	Maggie’s	2,000	-
	Maidstone Mencap Charitable Trust	3,000	2,000
	Makebelieve Arts	2,000	-
	Mane Chance Sanctuary	2,000	2,000
	Medical Detection Dogs	2,000	2,000
	Mermaids	-	4,000
	The Mike Collingwood Memorial Fund	5,000	5,000
	Millfield School Foundation	3,000	3,000
	Mind Body	5,000	2,500
	Motor Neurone Disease Association	25,000	25,000
	Museum of the Home	2,000	2,000
	National Maritime Museum	5,000	-
	The National Portrait Gallery	39,000	25,000
	The Natural History Museum	50,000	-
	Nottinghamshire Wildlife Trust	2,000	-
	NSPCC	15,000	10,000
	Open Arms Malawi	4,000	4,000
	The Orpheus Trust	1,000	1,000
	The Oxford Hospitals Charity	2,000	-
	The Oxford Trust	-	1,000
	Parkinsons UK	9,500	8,500
	Pegasus Gymnastics Club	2,000	2,000
	Petersfield Museum Limited	1,000	1,000
	Petersfield Youth Theatre	6,000	3,000
	Phyliss Taywell Hospice Care	-	1,000
	Rainbow Childrens Hospice	2,000	1,000
	Robert Mays PTFA	5,000	-
	The Rosemary Foundation	8,000	5,000
	Royal Academy of Arts	25,000	25,000
		__	__
	carried forward	528,964	401,000

14

THE WILLIAM BRAKE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

31 March 2022 (continued)

5 Analysis of charitable expenditure (continued)

Analysis of charitable expenditure (continued)
	31.3.2022	31.3.2021
	Unrestricted	Unrestricted
	funds	funds
Grants payable (continued)
brought forward	528,964	401,000
The Royal Agricultural Benevolent Institution	5,000	5,000
The Royal Marsden Cancer Hospital	5,000	-
Rutland Citizens Advice Bureau	10,000	10,000
The Sam West Foundation	1,000	1,000
SANDS	-	1,000
Scotch College Adelaide	32,760	28,467
The Scripture Union	3,000	3,000
Smarden Sports and Leisure	2,000	10,000
The Smith Family	2,732	2,847
St Peter’s Church	1,000	2,000
Sustrans Limited	1,000	1,000
Sutton Valence School General Charitable Trust	5,000	10,000
Tate Gallery	2,000	2,000
Thomas Coram Foundation for Child	1,000	1,000
Treloar Trust	2,000	3,000
Ukraine Christian Partnership	5,000	-
UK Youth	4,000	2,000
University of West London	15,000	15,000
The Victoria & Albert Museum	20,000	20,000
Vision Aid Overseas	2,000	2,000
Water Aid	-	1,000
Wells United Charities	7,000	-
The Westminster Abbey Foundation	5,000	5,000
The Whitley Fund for Nature	60,000	60,000
Winchester & District Samaritans	7,000	7,000
Just Giving:
North of England Children’s Cancer Research	-	4,000
MNDA	-	1,000
	__	__
	727,456	598,314
	__	__
Governance costs
Legal fees (including trustee work)	9,286	10,896
Auditor’s remuneration (see below)	11,010	10,230
Bank charges	48	22
	___	___
	20,344	21,148
	___	___
	£747,800	£619,462
	_ _	_ _

15

THE WILLIAM BRAKE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

31 March 2022 (continued)

5	Analysis of charitable expenditure (continued)
		31.3.2022	31.3.2021
		Unrestricted	Unrestricted
		funds	funds
	Auditors remuneration
	Auditors remuneration – current auditors
	Audit fees	6,900	-
	Non-audit other assurance services	4,110	4,230
	Auditors remuneration – previous auditors
	Audit fees	-	6,000
		___	___
		£11,010	£10,230
		___	___
		___	___
	Reconciliation of grants payable
	Commitments at 1 April 2021	-	50,000
	Commitments in the year	727,456	598,314
	Grants paid in the year	(727,456)	(648,314)
		___	___
	Commitments at 31 March 2022	£-	£-
		___	___
		___	___

6 Staff costs and trustees’ remuneration

The charity had no full-time equivalent employees, excluding trustees during the year (2021 : Nil).

The trustees neither received nor waived any emoluments during the year (2021 : £Nil).

No reimbursement of expenses has been made or is due to be made to any trustee during the year (2021 : £Nil).

7 Net gains/(losses) on investments

The net gains/(losses) on investments are analysed as follows:

The net gains/(losses) on investments	are analysed as follows:
	31.3.2022	31.3.2021
Unrestricted funds	5,399	16,307
Endowment funds	901,477	3,176,877
	___	___
	£906,876	£3,193,184
	_ _	_ _

16

THE WILLIAM BRAKE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

31 March 2022 (continued)

8 Fixed asset investments

Movements in fixed asset listed investments

Movements in fixed asset listed investments
	31.3.2022	31.3.2021
Market value at 1 April 2021	12,983,126	10,310,972
Acquisitions at cost	2,263,176	2,970,073
Sale proceeds from disposals	(3,184,801)	(3,491,103)
Profit/(loss) on revaluation	906,876	3,193,184
	____	_____
Market value at 31 March 2022	12,968,377	12,983,126
Cash at bank awaiting investment	880,239	522,268
	____	_____
	£13,848,616	£13,505,394
	____	_____
	____	_____
Investments at market value comprised:
UK investments
Equities	8,771,490	8,847,840
Overseas investments
Bond funds	1,016,777	771,583
Private equity funds	953,891	720,345
Commodities	879,216	459,003
Hedge funds	1,079,134	2,184,355
Other funds	267,869	-
	____	____
	12,968,377	£12,983,126
	____	____
	____	____
Historical cost	£6,287,063	£6,608,671
	_ _	_ _

There was one material investment that comprised more than 5% of the listed investments portfolio at 31 March 2022, which was S&W Forest Inc at 63% of the portfolio.

9 Creditors: Amounts falling due within one year

	31.3.2022	31.3.2021
Accruals	£21,589	£20,123
	_ _	_ _

17

THE WILLIAM BRAKE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

31 March 2022 (continued)

10 Analysis of net assets between funds – year ended 31 March 2022

	Permanent Expendable
	endowment endowment Unrestricted
	funds funds funds Total
Investments	3,380,508 10,406,078 62,030 13,848,616
Net current (liabilities)	- - (18,969) (18,969)
	__________
	£3,380,508 £10,406,078 £43,061 £13,829,647
	_______ _______

Analysis of net assets between funds – year ended 31 March 2021

	Permanent Expendable
	endowment endowment Unrestricted
	funds funds funds Total
Investments	3,167,572 10,242,537 95,285 13,505,394
Net current (liabilities)	- - (14,976) (14,976)
	__________
	£3,167,572 £10,242,537 £80,309 £13,490,418
	_______ _______

11 Analysis of endowment funds – year ended 31 March 2022

	Balance at Gains and Balance at
	01.04.2021 Income Expenditure losses Transfers 31.03.2022
Permanent endowment	3,167,572 - - 212,936 - 3,380,508
Expendable endowment 10,242,537 - - 688,541 (525,000) 10,406,078
	____________
	£13,410,109 £- £- £901,477 £(525,000) £13,786,586 _________ _________

Analysis of endowment funds – year ended 31 March 2021

Balance at Gains and Balance at
01.04.2020 Income Expenditure losses Transfers 31.03.2021
Permanent endowment 2,443,882 - - 723,690 - 3,167,572
Expendable endowment 8,284,350 - - 2,453,187 (495,000) 10,242,537
____________
£10,728,232 £- £- £3,176,877 £(495,000) £13,410,109 _________ _________

The transfer of funds from the expendable endowment funds to unrestricted funds was made to finance charitable expenditure in the year in excess of available income.

18

THE WILLIAM BRAKE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

31 March 2022 (continued)

12 Related party transactions

During the year payments of £9,286 (2021: £10,896) were made for legal and trustee services to a partnership in which Mr M Trigg, a trustee of this charity, is a partner. At 31 March 2022 £1,123 (2021: £627) was owed to the partnership.

During the year payments of £4,570 (2021: £5,642) were made for investment expenses to F & W Family Investments Limited, a company in which Mr M Trigg and Mr P R Wilson are directors. At 31 March 2022 £1,013 (2021: £1,186) was owed to the company.

13 Prior year comparative figures for the Statement of Financial Activities.

		Unrestricted	Endowment	Total funds
	Notes	funds	funds	31.3.2021
Income and endowments from:
Investments
Income from investments	2	169,800	-	169,800
		________
Total income and endowments		169,800	-	169,800
		________
Expenditure on:
Raising funds
Investment management costs	3	36,403	-	36,403
Charitable activities	4	619,462	-	619,462
		________
Total expenditure		655,865	-	655,865
		________
Net (expenditure) and net
movement in funds before gains and
losses on investments		(486,065)	-	(486,065)
Net gains/(losses) on investments	6	16,307	3,176,877	3,193,184
		________
Net income/(expenditure)		(469,758)	3,176,877	2,707,119
Transfers between funds		495,000	(495,000)	-
		________
Net movement in funds		25,242	2,681,877	2,707,119
Reconciliation of funds:
Total funds brought forward		55,067	10,728,232	10,783,299
		________
Total funds carried forward	11	£80,309	£13,410,109	£13,490,418
		_____ _____

19