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 I￿alve 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$pon8ible for assessing the charity's ability to
continue as a going concern, dl8closing, as applicable. matters related to going concern and using the golng
concem basis of accounting unless the trustees 8ither Intend to liquidate the charity or to cease operations,
or have no realistic alternative but to do so.
AudIt0￿8 respon$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 complia￿e 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 be￿een 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 Ma￿h 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 Ma￿h 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 Tr11a￿h 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
L￿8. 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