THE WILLIAM BRAKE FOUNDATION (Reglstered Charlty Number 1023244) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE WILLIAM BRAKE FOUNDATION CONTENTS For the year ended 31 March 2024 Page Reference and admlnlstration Informatlon Report of the trustees Independont auditorfs report Statement of flnanclal actlvltles 9-10 Balance sheet 11 Notes to the flnanclal statements 12-19
THE WILLIAM BRAKE FOUNDATION REFERENCE AND ADMINISTRATIVE INFORMATION Charlty reglstration number.. 1023244 Trustses: Deborah Isaac Penelope Lang Michael Trigg (Chair) Philip Wilson Officlal address: Clo Gill Turner Tucker 2 County Gate Stacey's Street Maidstona Kent ME14 1ST Audltor.. Azet8 Audit S6r4lces 1 •1 Floor River House 1 Maldstone Road Sidcup Kent DA14 5RH Soll¢ltors: Gill Tumer Tucker 2 County Gate Stacey's Street Maidstone Kent ME14 1ST Investment Managers: Cazenove Capital 1 London Wall Place London EC2Y SAU
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 2024. Structure, governan¢o 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. charty number 1023244. The trust was established by an initial gift from the late Willlarn 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 stewardshlp of its 8XlSting resources. The trustees have drawn up a comprehensive Code of Governance which provides a detailed summary of the trust s objectlves, strategies and process. Th58 Code will be kept und8r constant review and updated as necessary. Trustees are appointed by the existing trustees. There is no fomal induction process but n8w Irustees are advised of their role, responslbilities and duties by Ihe existlng trustees. The trustees hold two formal meetings each year lo consider grant making. investments. reserves and policies. The day to day administration is carrled out by the trustees. Rlsk managoment The trustees have review8d the major risks to which the charity is exposed and syst8ms have been established to mitigate these rtsks. ObJectlv•s and actlvltles for the publlc beneflt The charity was formed to support any ono or more 8xclusSvely charitable institutlons by the dlstrlbLrtion of the income and a proportion of the capital galns arising from the trust's Investments. The reclplent charitias can vary from year to year at the discratlon of the trustees. The charity invltes applications from the William Brake family for funding of worthy registered charllies aach year, with a particular emphasis on local charities where the farnily know the charity's reprasentative. The applicatlons are reviewed against these criteria and rfapproved the funds are rel8a8ed. The trustees have complied wlth their duty under Section 17 of the Charities Act 2011 to hav8 due regard to the Charity Commission's general guidance on public benefit therein. The trustees have glven particular consideration to their future vision of the charity's activltles with regard to continuing to provide public beneflt. The charity has not undertaken any fundraising activities during the year. Achlevemonts and performanco During the year the charity made charltable donatlons of £613,388 (2023: £707,653} to charitsble institutlons. Related partles Details of related partl88 are provided in Note 12 to the accounts. Flnanclal revlew The income from investments during the year was £254,895 (2023: £200.181). Charitable donatlons totalling £613,388 (2023: £707,653) were made to charitable instStutlons. As at 31 MarGh 2024 the charity had free reserves amounting to £58,349 (2023.. £71,833) after transferrlng £400,000 from the Expendable Endowment Fund. The endowment funds at that date were £13,770.608 (2023.. £13,014,714).
THE WILLIAM BRAKE FOUNDATION REPORT OF THE TRUSTEES Inveslment pollcy and perfomiance (contlnued) 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 Cazenov8 Capital as investment managers and the investrnent strategy is geared towards capital growth. The charities which look to the William Brake Foundakn'on for financial support each year are in general in need of additional funding but the trustees will manage their expectations in order to protect Ihe trust's financial resources. The truslees 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 inv8St 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 perfornianGe Over on8 year Over three years Over five years Portfollo 11.2Yo 20.0 / 54.0°/ The Trustees consider that the ARC Sterling Balanced Asset PCI index is an appropriate benchmark and the portfollo held by the Trust has performed In line wlth the overall perfonnance of the ARC Sterling Balanced Asset PCI index. The investment Income for the year was £254,895 compared to the target income of £194 857. The estimated income on the portfolio (excluding private equity funds) for the coming year is £217,070. Reserves pollcy At th8 balance sheet date the charity's total funds amounted to £13,828,957 (2023.. £13,086,547) of which, the charity's free reserves held in the unrestricted funds were £58.349 {2023: £71,833), representing income which has not yet be8n dlslributed. The charity free reseNe8 protect its current activities, in ord8r to allow the trustees to meet their responsibilities and to ensure that it contlnues to operate on a golng concem basis. The trustees have axamined the needs, risks and challenges faced by ihe charity In both the short and medlum term, along with relevant financial forecast8, and have formulated a policy to meet those needs. The trustees, policy is that all of the surplus income should be dlstributed through charitable donations but the frae reserv88 representing undistributed income should not be less than one year's operating expenses which are currently forecast as £44.750 {2023: £27,500). At 31 March 2024 the free reserves of the charlty wer8 therefore £13,599 (2023: £44,333) more than the target reserveB. ststement of trustees. responslbllltles The Trustees 8re responsible for preparlng the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Gen8rally Accepted Accounting Practice (Unlted Kingdom Accounting Stsndards). The law applicable to charitles In England and Wales requires the trustees to prepare financial statements for each financial year which giv8 a true and falr view of the state of affairs of the charlty and of the Incoming resourc8s and applicatlon of resources of the charlty for that perbjd. In preparing these financial statements, the tru8t88s are required to: select suitable accountlng policies and then apply them conslstently. observe the methods and principles In the Charities SORP (FRS 102); make Judgemenls and estlmates that are reasonable and prudenL slate whether applicable UK accounting standards (FRS 102) have been followed, subject to any materfal departures disclosed and explained in the financial statements: and prepare the financial statements on the going concem basis un18SS it is inappropriate to presume that the charity will continue to operate.
THE WILLIAM BRAKE FOUNDATION REPORT OF THE TRUSTEES (contlnued) statement of trustees. responsibllltles (continued) The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitys transactions, dlsclose 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 ass8ts of the charty and hence for taking reasonable steps for th8 prevention and detection of fraud and other irregularities. Auditors The trustees passed a resolutlon to appoint Azets Audit Services as 8uditors to the charity. A resolution to reappolnt Azets Audit Serrflces as auditors will be proposed at the annual meeting. BY ORDER OF THE TRUSTEES M TRIGG TRUSTEE Date: i41,12ei£r
INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES OF THE WILLIAM BRAKE FOUNDATION Oplnlon We have audited the financial statements of The William Brake Foundation for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including significant accounting policies. The financlal reporting framework that has been applied in thelr preparation is applicable law and United Kingdorn Accounting Standards, including Financial Reportlng Standard 102 The Financial Reporting Standard 8pplicabla in the UK 8nd Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial ststements: giv8 a true and fair view of the state of the charlty's affairs as at 31 March 2024 and of its Incoming resources and application of resources. includlng its income and expendlture for the year then 8nded', have been properly prepared In accordance with United Klngdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requir8ments of the Ch8rlties Act 2011. Ba8ls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK>) and applicable law. Our responsibilitles under thos8 Standards are further describ8d in the Auditor's responsibilities for the audit of the financial statements $8Ction of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audlt of the financl81 statements in the UK, Including the FRC'8 Ethlcal Standard, and we have fulfilled our other ethical responsibilities In accordance with these requirements. We believe that the audit evldence wa have obtalned is sufficient and appropriate to provid8 a ba818 for our oplnion. ConGluslon$ rolatlng to golng concern In auditing the financial ststements, we have concluded that the trustees, use of the going concern basis of accounting in the preparatlon of the financlal statements Ss appropriate. Based on the work we have performed. we have not Identified any material uncertainties relatlng to events or conditions that, individually or collectlvely, may cast significAnt doubt on the charlty's ability to continue a8 a going concem for a parlod of at leasl Ialve month8 from when the financial ststements are authorlsed for Issue. Our ra8ponsibilltie8 and the responslb51ities of the trustees wlth respect to going concern are described in the relevant se¢tlons of thls report. Other Inforniatlon The trustees are responsible for the other information contalned within the annual report. The other informatlon compris8S the information Included in the annual report, other than the financial statements and our auditor's report thereon. Our oplnlon on th8 financial statements does not cover the other Information and we do not express any form of assurance concluslon thereon. Our responsibility is to read the other Information and, in doing so. consider whether the oth8r 5nformation is materially Inconsistent wlth the financlal statements or our knowledge obtained In the audit or otherwise appears to be materially misstated. If we identify such material inconsistencles or apparent material misstatements, we are required to determine whether this giv8s rlse to a materlal misstatement in the financial ststements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of thls other information, we are required lo report that fact. We have nothing to report in this regard.
INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES OF THE WILLIAM BRAKE FOUNDATION {¢ontlnued) Matters on whlch we are requlred to report by exception We have nothing to report in respect of the following matters in relation to which the Charitles {Accounts and Reports} Regulations 2008 require us to report to you if. in our opinion.. the information given in the financlal statem8nts Is inconsistent in any material respect with the trustees. report: or sufficient accounting records have not been kepL' or th8 financial statements are not in agreement with the accounting r8cords and retums., or we have not received all the informatlon and explanations we require for our audit. Responslbllltles of Iruslee$ As explalned more fully in the trustees, responsibiliti88 slatement Set out on pages 4 to 5. the trustees are responsible for the pr8paration of the financial statements and for being satlsfied that they glve a true and fair view, and for such internal control as the trustees determine is necessary to enabl8 the preparation of financial statements that are free from material mis8tat8ment, whether du8 to fraud or error. In prep8rlng the flnanclal ststements, the trusteas are re$pon8ible for assessing the charity's ability to continue as a going concern, dl8closing, as applicable. matters related to going concern and using the golng concem basis of accounting unless the trustees 8ither Intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. AudIt08 respon$lbllltles for the audlt of Ihe flnanclal statements We have been appolnted as auditor under section 144 of the Charltles Act 20118nd report in accordance with the Act and relevant regulations made or having effect ther8under. Our obj6ctives are to obtain r8asonabl8 a88urance about whether the financial statements as a whole aro free from mat8rial misstatement, whether due to fraud or error, and to issue an audltor's report th8t Includes our opinion, R8asonable 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 arlse from fraud or error and are considered matedal if. individually or In the 8ggregate, th8y could reasonably be expected to Influence the economlc decisions of users taken on the basis of these financlal statements. Extent to whlch the audlt was ¢onslderod capable of detalllng Irregularltlos, Includlng fraud Irregularities, including fraud, are Instances of non-compliance with laws and regulations. We deslgn procedures in line with our responsiblllties. outlined above, to detect material misstatements in respect of irregularities. including fraud. We obtain and update our understanding of the entlty, its activities, its control environment, and likely future developments, includlng in relation to the legal and regulatory framework applicable and how the 8ntty Is complylng with that framework. Based on this understanding. we identlfy and assess the risks of materlal misstatement of the financial statements. whether due to fraud or error. deslgn and perform audit procedures responslve to those risks. and obtain audlt 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 regulatlons, including fraud.
INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES OF THE WILLIAM BRAKE FOUNDATION (continued) Extent to whlch the audit was consldered capable of detalllng Irregularltles, Includlng fraud (continued) In SpOnSe to the risk of irregularities and non-compliance with laws and regulatlons. Includlng fraud. we esigned procedures which included: Enquiry of management and those charged wlth governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; Reviewing minutes of meetings of those charged with govemanGe' Assesslry the extent of compliae 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 finandal statement disclosures and testing to supporting documentation to assess compliance wlth appllcable laws and regulations; Performing audit work over the rlsk of management blas and override of controls, including testing of journal entries and olher adjustrnents for approprSateness, evaluating the business rationale of significant transactions outside the normal cour88 of business and revlewlng accountlng estimates for indicators of potential bias. Because of the Inherent Ilmltstlons of an audit, there is a risk that we will not detect all irregularities. including those leading to a materlal mlsstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance wlth a law or regulatSon Is removed from the events and transactions refiected in the financial statements. as we wlll be less 1Skely to become aware of instances of non- compliance. The risk of not detecting a material misststement resultlng from fraud is higher than for one resulting from error, as fraud may involve collusion. forgery. intentlonal omlsslons, mi8representations, or the override of internal control. We communicate with those charged wlth governance regardlng, among other matters. the planned scope and timing of the audit and significant audlt findlngs, Includlry any 8ignfficant deficiencies in internal control that Yrf8 identify during our audtt. A further description of our responslbllltles for the audlt of the financlal statements is located on the Financial Reporting Council's website at: www.frc.or ,ukJaud itorsres onsibilities. This description fomis part of our auditorfs report. U80 of our report This report is made solely to the charity's trustees, as a body, In accordance wlth Part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we mlght state to the charty'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 permitied by law, we do not accept or assume responsibility to anyone other than the charlty and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Azots Audit Services (Senlor Statutory Audltor) Chartered Accountants Statutory Auditor 1 st Floor River House 1 Maidstone Road Sidcup Kent DA14 5RH Date: 24 January 2025 Azets Audlt SeNlces is digibie to act as audltor In twms of sectton 1212 of the Companles Act 201K.
THE MLLIAM BRAKE FOUNDATION STATEMENT OF FINANCIAL ACTivrriES For Ihe year ended 31 March 2024 Unrestricted Endowment funds fund¥ Total funds Notes Total funds 31.3.2023 Income and endowments from: Investments Incom8 from investments Total Income and ondowmonts 254,895 254,895 254,895 254,895 200,181 200,181 Expendlture on: R8islng fvnds Investment management costs 4 29.321 29,321 28,942 Charftable activitles Total expendlture 645.438 674,759 645,438 674,759 731.899 760,841 N•t (expendfturo) and not movement In funds before galn8 and losses on Investments (419,864) (419.864) {560,660) Net gainsl{losses) on investments Not (•xpondltur•)Ilncome 6,380 (413,484) 1,155,894 1,155,894 1.162,274 742,410 (182,440) (743,100) Transfers between funds Net movemont In funds 10 400,000 (13,484) (400,000) 755,894 742,410 (743,100) Reconclllatlon of funds: Total funds brought forward Tolal funds carrlod forward 71.833 13,014,714 13,086,547 13,829,647 £58,349 £13,770,608 £13,828,957 £13.086,547 All Inoome and expenditure derives from continuing activrties. The notes on pages 12 to 19 form part of these accounts.
THE WILLIAM BRAKE FOUNDATION STATEMENT OF FINANCIAL ACTMTIES For the year ended 31 March 2024 PRIOR YEAR COMPARATIVE FIGURES Unrestrlcted Endowm•nl Totsl funds fvnds funds 31.3.2023 Notes Income and endowments from: Investments Income from Snvestments 200,181 200,181 200,181 200,181 Total Income and •ndowments Expendlture on: Raising fvnds Investment management costs 28,942 28.942 Charitablo activities Total expendlturn 731,899 760,841 731.899 760,841 Net {expendlture) and n•t movement In funds before galn$ and losses on Investments (560,660) {560,660) Net (lossesygains on investments Net (•xpendlture)Ilncom• (568> (181.872) (561,228) {181,872) {182,440) (743,100) Transfers beeen fund8 10 590,000 28,772 (590,000) (771,872) Not movement In funds (743,100) Reconclllatlon of funds.. Tot81 funds brought forward Totsl funds carrled forward 43.061 13,786,586 13.829,647 £71,833 £13,014,714 £13,086,547 All income and expenditure derives from continuing actfvities. The notes on pages 12 to 19 fomi part of th8se accounts. 10
.THE WILLIAM BRAKE FOUNDATION BALANCE SHEEr As at 31 March 2024 Notes 31.3.2024 31.3.2023 Flxod assets Investments 13,850,059 13,102,308 Current assets Cash at solicitors Cash at bank Other debtors 681 2.038 2,560 5,279 5,16g 2,038 937 8,144 Credltors: amounts falllng due wlthln one year Not current (Ilabllltles) Totsl net assots {26,381) (23,905) (21,102> £13,828,957 {15,761) £13,086,547 The funds of th• charlty.. Unreslrlcted funds General fund 58,349 71,833 Endowmgnt funds Permanent endowment Expendable endowment Total charlty funds 10 3,632,190 10.138,418 £13,828,957 3,335,913 9,678,801 £13,086,547 20&( Approved by the Irusteos on .24.1.:.l......... P R WILSON The notes on pages 12 to 19 form part of these accounts. 11
THE WILLIAM BRAKE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 31 March 2024 Accounting pollcies Charlty Inforniatlon The William Brake Foundation Is a Charttable Trust and an Unincorporated Charity in England and Wales. The registered office is Clo Gill Turner & Tucker, 2 County Gate, Stacey's Street, Maidstone, Kent, ME14 1ST. 1.1 Accountlng conventlon The financial statements have been prepared in accordance with th8 charty's governing document. the Charities Act 2011 and 'Accounts'ng and Reporting by Charities.. Statement of Recomm8nded Practice appllcable to charitFes preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc 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 Statemenl of Cash Flows. The financial statements have departed from the Charltles (Accounts and Reports) R8gulatlons 2008 only to the 8Xtent required to provlde a true and falr vlew. This departure has involved following the Statement of Recommended Practlce for chariti8s applylng FRS 102 rather than the verslon of the Statement of Recommended Practs'ce which is referred to in the R8gulatlons but whiGh has slnce been wlthdravm, The flnancial statements are prepar8d In sterling. which Is the functional currency of the charlty. Monetary amounts in these financial statements are rounded to the near8St £. The financial statements have been pr8pared under the historlcal cost convention. modrfied to include the revaluatlon of listed investments. Th8 princlpal aGcounting pollcies adopted are set out below. 1.2 Golng Goncern The truste88 conslder that there are no materi81 uncertainties about the trust's ability to continue a8 going concam. With respect to the next reportlng period the most significant areas of uncertainty that aff8Ct tha carrying value of assets held by the trust ara the level of investment return and the performance of investment markets (see the investment pollcy and performance and risk man8gement sections of the trustees, annual report for more information). 1.3 Charltable funds General funds are avallable for use at the discretion of the twst888 in furtherance of th8 general objects'ves 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 th8 purposes of the charlty If the trust8es so determine. Each fund is allocated its proportion of gains and losses arising in the period. The income of the 8ndowmenl funds is unrestricted and is included in general funds. 1.4 Income Income Is recognised where the charity is legally entiued to It after any p8rformance 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 accwals basis. 12
THE WILLIAM BRAKE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 31 March 2024 1.5 Expendlture (contlnuod) Expendtture Is recognis8d when a liability is incurred on an accruals basis. Costs are classif*d as follows: Costs of raising fvnds The costs of raising funds conslst of investment management costs and currency exchange differences. All investment managernent costs were attributsble to unr8Stricted funds. Charltable activit18S Costs of charitable activiti8s Include grants made and govemance costs. Grant expenditure is recognised on an accruals basis in the year in which a legal or constructlve obligation to pay the grant arises. Governance costs are those associated wlth constitutional and statulory requlrements and are analysed in note 5. Irrecoverable VAT 18 charged as an expensa agalnst the activity for whlch expenditure arose. 1.6 Flxed asset Investments Investments are a form of basic flnanclal instrument and are Initially recognlsed at thelr transaction value and subsequently measured at their value as at the balance sheet date using the closing quoted market price. The statement of financlal activitie8 includes the net 98lns and losses arising on revaluation and disposals throughout the year. The main form of financial risk faced by the charlty is that of volatlllty in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk. and changes in sentlment concernlng equities within particular sectors or sub sectors. 1.7 Rgallsed galns and losses All gains 8nd losses are taken to the Statement of Financlal Activities as they arlse. Realised gains 8nd losses on investments are c81culated as the difference between sales proceeds and their opening carrylng value or thelr purchase value If acquired subsequent to the first day of the financlal year. Unrealised gains and Ioss88 are calculated as the difference belmeen the fair value at the year end and their carrying value. Realised and unreallsed investment gains and losses are combined in the Statement of Financial Actlvities. 1.8 Recognltlon of Ilabllltles Liabilities are recognised when an obligation arises to transfer economic benefits as a result of past transactions or events. 1.9 Forelgn currency translatlon Assets and liabllities denominated in foreign currencies are translated into sterling at the rates of exchange rullng at the balance sheet date. Transactions in forelgn currencies are translated into sterling at Ihe exchange rate on the dat8 of Ihe transaction. Exchange differences are taken to th8 Statement of Financial Activities for the period. Crltlcal accountlng estlmates 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 clrcumstanc8S. No judgements or key assumptions were made In the preparation of the aGcounts. 13
THE WILLIAM BRAKE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 31 March 2024 (Gontinued) Income from Investrnents 31.3.2024 Unreslrlcted funds 31.3.2023 Unrestrfcted funds Dividends - UK funds Offshore funds 109.589 60.068 108,276 14.241 Interest receivable - on cash deposits - on UK bond funds - on treasury bonds - on offshore bond funds share of interest- private equity funds Share of galns - private equity funds Forelgn exchange {Ios8es)Igalns 18,327 9.800 12,094 30,694 8.195 3,582 29,246 15,729 26,073 (1,406) £254,895 10,568 £200,181 Investment managoment costs 31.3.2024 Unrestrlcted fvnds 31.3.2023 Unrestrlcted funds Investment management fees £29.321 £28,942 14
THE WILLIAM BRAKE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 31 March 2024 (contlnued) Anatysis of charftable expondlturo 31.3.2024 Unrestrlcted funds 31.3.2023 Unrestrlcted funds Grants to Instltutlon$ {number of grants 98) Barnado's Centrepoint The Charlie Waller Trust Chlld Bereavement UK The Corporation of St Lawrence The Duke of Edinburgh's Award The Kent MS Therapy Unit The League of Remembrance The Leonard Ch8shire Disabilty Foundation Licensed Trad8 Charlty Motor Neurone Disease Association The Natlonal Portrait Gallery The Natural History Museum Royal Academy of Arts Scotch College Adelaide Treloar Trust University of West London The Victoria & Albert Museum The Whitley Fund for Nature Other grants less than £10,000 each 10,000 10,000 13,000 40,000 10,000 20,000 15,000 10,000 10,000 13,000 30,000 20.000 15,000 15,000 10,000 20,000 25,000 25.000 50,000 25.000 29.751 40,000 20,000 25,000 60,000 274,902 707,653 15,000 25,000 20,000 50,000 20,000 26,791 5,000 15,000 20,000 60,000 228,597 613,388 Gov•man¢• Gosts Legal fees {including trust8e work - see note 11) Auditor's remuneration (see below) Bank charges 12,567 19,428 55 11,314 12,882 50 32,050 £645,438 24,246 £731.899 31.3.2024 Unre8trlcted funds 31.3.2023 Unrestrlcted funds Audltorf$ remuneratlon Audit of the charitls annual accounts Non-audit services: Accountancy 12,900 8,592 6,528 4,290 £19,428 £12,882 15
THE WILLIAM BRAKE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 31 March 2024 (continued) Analysis of charitable 8xpendlture (contlnued) 31.3.2024 Unrestricted funds 31.3.2023 Unrestrlcted funds Reconclllatlon of grants payable Commitments at 1 April 2023 Commitments In the year Gr8nts paid in the year Commitments at 31 March 2024 613,388 (613,388) 707,653 {707,653) Staff costs and trustees, remuneratlon The charity had no full-time equivalent employees, excludSng trustees durlng the year (2023 . Nil). The trustees nelther received nor waived any emoluments durlng the year (2023 . £Nil). No reimbursement of expenses has been made or is due to be made to any trustee during the year (2023 £Nil). 16
THE WILLIAM BRAKE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 31 March 2024 (contlnued) Fixed asset Investments Movements In flxed asset list•d Investments 31.3.2024 31.3.2023 Market value at 1 Aprll 2023 Acquisitions at cost Sale proceeds from disposals Profitl(loss) on revaluation Market value at 31 March 2024 Cash at bank awaiting Investment 12,904,610 1.136,643 (1,951,394) 1,162,274 13,252,133 597,926 £13,850,059 12,968.377 3,463,261 (3,344,588) (182,440) 12,904.610 197,698 £13,102,308 Investments at market value comprlsed: Equities Bond funds Privat8 equity funds Commodit18S Hedge funds Other funds Altemative8 8,690,025 2,105.170 919,994 632,300 408,874 495,770 7,903.090 2,136,960 944,616 767,087 705,774 279,579 167,504 £12,904,610 £13,252,133 Historlcal cost £6,538,251 £7,084,639 There was one materlal Investment that comprlsed mora than 50/0 of the Ilsted investments portfolio at 31 March 2024, whlch was Forest Fund Income Shar89 at 63Vo (2023., 60Yo) of th8 portfollo. Credltors: Amount$ falllng due wlthln one year 31.3.2024 31.3.2023 Accruals £26,381 £23,905 17
THE WILLIAM BRAKE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 31 Mah 2024 (contlnued) Analysis of not assets between funds - year ended 31 March 2024 Pernianent Expendable endowment endowment Unrestrlcted funds funds funds Total Investments Net current (liabilities) 3,632.190 10,138,418 79,451 (21,102) £58,349 13,850.059 (21.102) £13,828,957 £3,632,190 £10.138,418 Analysls of net as50ts between funds - y•ar ended 31 Mah 2023 Permanent Expendable endowment •ndowment Unr•strlcted funds funds funds Total Investments Net current (liabilities) 3,335.913 9,678,801 87,594 (15,761) £71,833 13,102.308 (15,761) £13.086,547 £3,335,913 £9,678,801 10 Analysls of ondowment lunds - year ended 31 March 2024 Balanc• at 01.04.2023 Income Exp•ndlture Galns and Balanco at 1088es Transfers 31.03.2024 Permanent endowment 3,335,913 Expendable endowment 9,678.801 £13,014,714 296,277 3,632,190 859,617 (400,000) 10,138,418 £- £1,155,894 £{400,000) £13,770,608 Analysls of •ndowment funds - y•ar end 31 March 2023 Balance at 01.04.2022 Income Expendlture Permanent endowment 3,380,508 Expendable endowment 10.406,078 £13,786,586 Galns and Balance at losses Transfers 31.032023 (44,595) 3.335,913 (137,277) (590,000) 9.678,801 £(181,872)£(590,000) £13,014,714 The transfer of funds from the expendable endowment funds to unr8Strlcted funds was made to finance charitable expenditure In the year in excess of available income. 18
THEWILLIAM BRAKE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 31 Tr11ah 2024 (contlnued) 11 Related party transactlons In the previous year payments of £11,314 were made for leg81 and trustee services to a partnership in which Mr M Trigg, a trustee of this charity was a partner, and at 31 March 2023 £1,949 was owed to the partnership.. M Trigg ceased to be 8 partner in Gill Turner & Tucker on 31 March 2023. Durlng the year payments of £4,297 (2023: £4,352} were made for investment expenses to F & W Family Inv88tments Limited. a company in which Mr M Trigg and Mr P R Wilson are directors. At 31 March 2024 £766 (2023: £1,314) was owed to the company. 19
THE WILLIAM BRAKE FOUNDATION INCOME AND EXPENDrruRE ACCOUNT For the year ended 31 March 2024 31.3.2024 31.3.2023 Gross income Dividends United Kingdom Offshore 109.589 60.068 108.276 14,241 Interest receivable On cash deposit On treasury bonds On UK bond funds On offshore bond funds Share of Interest- private equity ftjnds 18,327 12.094 9.800 30.694 8,195 3,582 29,246 Share of galns - private equity funds 15,729 26,073 Foralgn exchange (lossesygains (1,406) 254,895 10,568 200,181 Less: Accountancy Legal and trustee fees Audlt fees Investment expenses Bank charges 6,528 12,567 12,900 29,321 55 4,290 11,314 8,592 28,942 50 61.371 53,188 Net irbcome before grants 193,524 146,993 L8. Grants 613,388 £(419,864) 707.653 £{560,660) Net (deflclt) for the year This page does not form part of the financial statements 20