2023-03-31-accounts

THE WILLIAM BRAKE FOUNDATION

(Registered Charity Number 1023244) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

THE WILLIAM BRAKE FOUNDATION

CONTENTS

For the year ended 31 March 2023

	Page
Reference and administration information	2
Report of the trustees	3 - 5
Independent auditor’s report	6 - 8
Statement of financial activities	9-10
Balance sheet	11
Notes to the financial statements	12 - 19

1

THE WILLIAM BRAKE FOUNDATION

REFERENCE AND ADMINISTRATIVE INFORMATION

Charity registration number: 1023244 Trustees: Deborah Isaac Penelope Lang Michael Trigg (Chair) Philip Wilson Official address: C/o Gill Turner Tucker 2 County Gate Stacey’s Street Maidstone Kent ME14 1ST Auditor: Azets Audit Services 1[st] Floor River House 1 Maidstone Road Sidcup Kent DA14 5RH Solicitors: Gill Turner Tucker 2 County Gate Stacey’s Street Maidstone Kent ME14 1ST 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 2023.

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 charity has not undertaken any fundraising activities during the year.

Achievements and performance

During the year the charity made charitable donations of £707,653 (2022: £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 £200,181 (2022: £208,056). Charitable donations totalling £707,653 (2022: £727,456) were made to charitable institutions. As at 31 March 2023, the charity had free reserves amounting to £71,833 (2022: £43,061) after transferring £590,000 from the Expendable Endowment Fund. The endowment funds at that date were £13,014,714 (2022: £13,786,586).

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	0.1%
Over three years	41.8%
Over five years	47.6%

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 £200,181 compared to the target income of £135,000. The estimated income on the portfolio (excluding private equity funds) for the coming year is £194,857.

Reserves policy

At the balance sheet date the charity’s total funds amounted to £13,086,547 (2022: £13,829,647) of which, the charity’s free reserves held in the unrestricted funds were £71,833 (2022: £43,061), 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 £27,500 (2022: £21,500). At 31 March 2023 the free reserves of the charity were therefore £44,333 (2022: £21,561) 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 {contlnuod) Statement of trustees. responsibilities Icontinu•d} The trustees are responsible for keeping adequate accounting records that are suffiaentto show and èxplain the charity's transactions, disclose with reasonable aecuracy al any time the fin8ncial position of the chartty and enable them lo ensure that the flnancial slatsmenls comply with the Charities Act 2011, the Charrbes {Accounts and Rèports) Regulations 2008 and the provisions Df the charity's constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for Ihe p￿VentIon and deterlion of fraud and olh•r irregiilarities. Audltors The trustees p8ss8d a resolution lo appoint Azets Audit Servlces as auditors to Charity. A resolution lo reappoint Azets Audit SeNices as audrto¥s will be proposed at the annual meeting. BY ORDER OF THE TRUSTEES M TRIG TRUSTEE Dat•:

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 2023 which comprise the Statement of Financial Activities, the Balance Sheet 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 2023 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 pages 4 to 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 AUDITOR’S 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.

Azets Audit Services (Senior Statutory Auditor) 1[st] Floor Chartered Accountants River House Statutory Auditor 1 Maidstone Road Sidcup Kent DA14 5RH

Date: 31 January 2024

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 2023

		Unrestricted	Endowment	Total	Total funds
	Notes	funds	funds	funds	31.3.2022
Income and endowments from:
Investments
Income from investments	3	200,181	-	200,181	208,056
		_________
Total income and endowments		200,181	-	200,181	208,056
		_________
Expenditure on:
Raising funds
Investment management costs	4	28,942	-	28,942	27,903
Charitable activities	5	731,899	-	731,899	747,800
		_________
Total expenditure		760,841	-	760,841	775,703
		_________
Net (expenditure) and net
movement in funds before gains and
losses on investments		(560,660)	-	(560,660)	(567,647)
Net (losses)/gains on investments		(568)	(181,872)	(182,440)	906,876
		_________
Net (expenditure)/income		(561,228)	(181,872)	(743,100)	339,229
Transfers between funds	10	590,000	(590,000)	-	-
		_________
Net movement in funds		28,772	(771,872)	(743,100)	339,229
Reconciliation of funds:
Total funds brought forward		43,061	13,786,586	13,829,647	13,490,418
		_________
Total funds carried forward	9	£71,833	£13,014,714	£13,086,547	£13,829,647
		_______ _______

All income and expenditure derives from continuing activities.

The notes on pages 12 to 19 form part of these accounts.

9

THE WILLIAM BRAKE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 March 2023

PRIOR YEAR COMPARATIVE FIGURES

		Unrestricted	Endowment	Total funds
	Notes	funds	funds	31.3.2022
Income and endowments from:
Investments
Income from investments	3	208,056	-	208,056
		__________
Total income and endowments		208,056	-	208,056
		__________
Expenditure on:
Raising funds
Investment management costs	4	27,903	-	27,903
Charitable activities	5	747,800	-	747,800
		__________
Total expenditure		775,703	-	775,703
		__________
Net (expenditure)/income and net
movement in funds before (losses)
and gains on investments		(567,647)	-	(567,647)
Net gains/(losses) on investments		5,399	901,477	906,876
		__________
Net income/(expenditure)		(562,248)	901,477	339,229
Transfers between funds	10	525,000	(525,000)	-
		__________
Net movement in funds		(37,248)	376,477	339,229
Reconciliation of funds:
Total funds brought forward		80,309	13,410,109	13,490,418
		__________
Total funds carried forward	9	£43,061	£13,786,586	£13,829,647
		______ _____

All income and expenditure derives from continuing activities.

The notes on pages 12 to 19 form part of these accounts.

10

.THE WILLIAM BRAKE FOUNDATION BALANCE SHEET As at 31 March 2023 31.3.2023 31.3.2022 Fi¥•d aswt8 Investments 13,102.308 13.848,616 Currnnl a88•ts Cash at 801iGitor8 Cash at bank Other dgbiofs 5.169 2.038 937 582 2.038 8.144 2.620 Cradltors". amounts falling du• withln one year Ngt current (Ilabllltle•) Total net a8$818 {23.905) 121,5891 (15.7611 £13.086.547 {18,9691 £13,829.647 Thè fvnds of tho charity: Unfestricted fvnd• General fund 71,833 43,061 Endowmont fund• Permanent endowment Expendable endowment Total charity funds 10 3,335.913 9,678.801 £13,086,547 3,380.508 10.406,078 £13,K29.647 29 January 2024 Approved by th8 trustees on ...... Fb R WILSON Tho notes on pages 12 to 19 form part of these accounts. 11

THE WILLIAM BRAKE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

31 March 2023

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.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and "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 charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of listed investments. The principal accounting policies adopted are set out below.

1.2 Going concern

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).

1.3 Charitable funds

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.

1.4 Income

Income is recognised where the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Investment income

Investment income is recognised on an accruals basis.

12

THE WILLIAM BRAKE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

31 March 2023

(continued)

1.5 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 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.

1.6 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.

1.7 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.

1.8 Recognition of liabilities

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

1.9 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.

13

THE WILLIAM BRAKE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

31 March 2023 (continued)

3	Income from investments	Income from investments
			31.3.2023	31.3.2022
		Unrestricted		Unrestricted
			funds	funds
	Dividends -	UK funds	108,276	106,125
	-	Offshore funds	14,241	4,499
	Interest receivable - on cash deposits		8,195	68
		- on treasury bonds	3,582	-
		- on offshore bond funds	29,246	89,332
		- share of interest – private equity funds	-	-
	Share of gains – private equity funds		26,073	3,017
	Foreign exchange gains/(losses)		10,568	5,015
			___	___
			£200,181	£208,056
			___	___
			___	___
4	Investment management costs
			31.3.2023	31.3.2022
		Unrestricted		Unrestricted
			funds	funds
	Investment management fees		£28,942 _ _	£27,903 _ _

14

THE WILLIAM BRAKE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

31 March 2023 (continued)

5 Analysis of charitable expenditure

Analysis of charitable expenditure
	31.3.2023	31.3.2022
	Unrestricted	Unrestricted
	funds	funds
Grants payable
Grants to institutions (107 grants):
Barnado’s	10,000	15,000
The Charlie Waller Trust	13,000	4,000
Child Bereavement UK	30,000	35,000
The Clink Charity	8,000	10,000
The Coultauld Institute of Art Fund	2,000	10,000
CWPLUS	-	10,000
The Duke of Edinburgh’s Award	20,000	30,000
Hospitality Action	5,000	15,000
The Kent MS Therapy Unit	15,000	16,000
The League of Remembrance	15,000	10,000
The Leonard Cheshire Disability Foundation	10,000	15,000
Licensed Trade Charity	20,000	15,000
Motor Neurone Disease Association	25,000	25,000
The National Portrait Gallery	25,000	39,000
The Natural History Museum	50,000	50,000
NSPCC	5,000	15,000
Royal Academy of Arts	25,000	25,000
Rutland Citizens Advice Bureau	5,000	10,000
Scotch College Adelaide	29,751	32,760
Treloar Trust	40,000	2,000
University of West London	20,000	15,000
The Victoria & Albert Museum	25,000	20,000
The Whitley Fund for Nature	60,000	60,000
Other	249,902	248,696
	__	__
	707,653	727,456
	__	__
Other includes all grants of less than £10,000.
Governance costs
Legal fees (including trustee work – see note 11)	11,314	9,286
Auditor’s remuneration (see below)	12,882	11,010
Bank charges	50	48
	___	___
	24,246	20,344
	___	___
	£731,899	£747,800
	___	___
	___	___
	31.3.2023	31.3.2022
	Unrestricted	Unrestricted
	funds	funds
Auditor’s remuneration
Audit of the charity’s annual accounts	8,592	6,900
Non-audit services:
Accountancy	4,290	4,110
	___	___
	£12,882	£11,010
	_ _	_ _

15

THE WILLIAM BRAKE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

31 March 2023 (continued)

5	Analysis of charitable expenditure (continued)
		31.3.2023	31.3.2022
		Unrestricted	Unrestricted
		funds	funds
	Reconciliation of grants payable
	Commitments at 1 April 2022	-	-
	Commitments in the year	707,653	727,456
	Grants paid in the year	(707,653)	(727,456)
		___	___
	Commitments at 31 March 2023	£-	£-
		___	___
		___	___

6 Staff costs and trustees’ remuneration

The charity had no full-time equivalent employees, excluding trustees during the year (2022 : Nil).

The trustees neither received nor waived any emoluments during the year (2022 : £Nil).

No reimbursement of expenses has been made or is due to be made to any trustee during the year (2022 : £Nil).

16

THE WILLIAM BRAKE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

31 March 2023 (continued)

7 Fixed asset investments

Movements in fixed asset listed investments

Movements in fixed asset listed investments
	31.3.2023	31.3.2022
Market value at 1 April 2022	12,968,377	12,983,126
Acquisitions at cost	3,463,261	2,263,176
Sale proceeds from disposals	(3,344,588)	(3,184,801)
(Loss)/profit on revaluation	(182,440)	906,876
	____	_____
Market value at 31 March 2023	12,904,610	12,968,377
Cash at bank awaiting investment	197,698	880,239
	____	_____
	£13,102,308	£13,848,616
	____	_____
	____	_____
Investments at market value comprised:
Equities	7,903,090	8,771,490
Bond funds	2,136,960	1,016,777
Private equity funds	944,616	953,891
Commodities	767,087	879,216
Hedge funds	705,774	1,079,134
Other funds	279,579	267,869
Alternatives	167,504	-
	____	____
	£12,904,610	£12,968,377
	____	____
	____	____
Historical cost	£7,084,639	£6,287,063
	_ _	_ _

There was one material investment that comprised more than 5% of the listed investments portfolio at 31 March 2023, which was S&W Forest Inc at 60% of the portfolio.

8 Creditors: Amounts falling due within one year

	31.3.2023	31.3.2022
Accruals	£23,905	£21,589
	_ _	_ _

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THE WILLIAM BRAKE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

31 March 2023 (continued)

9 Analysis of net assets between funds – year ended 31 March 2023

	Permanent Expendable
	endowment endowment Unrestricted
	funds funds funds Total
Investments	3,335,913 9,678,801 87,594 13,102,308
Net current (liabilities)	- - (15,761) (15,761)
	__________
	£3,335,913 £9,678,801 £71,833 £13,086,547
	_______ _______

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
	_______ _______

10 Analysis of endowment funds – year ended 31 March 2023

	Balance at Gains and Balance at
	01.04.2022 Income Expenditure losses Transfers 31.03.2023
Permanent endowment	3,380,508 - - (44,595) - 3,335,913
Expendable endowment 10,406,078 - - (137,277) (590,000) 9,678,801
	____________
	£13,786,586 £- £- £(181,872) £(590,000) £13,014,714 _________ _________

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 _________ _________

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 2023 (continued)

11 Related party transactions

During the year payments of £11,314 (2022: £9,286) were made for legal and trustee services to a partnership in which Mr M Trigg, a trustee of this charity was a partner. M Trigg ceased to be a partner in Gill Turner & Tucker on 31 March 2023. At 31 March 2023 £1,949 (2022: £1,123) was owed to the partnership.

During the year payments of £4,352 (2022: £4,570) 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 2023 £1,314 (2022: £1,013) was owed to the company.

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