Charity registration number 1023244 THE WILLIAM BRAKE FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 THE WILLIAM BRAKE FOUNDATION LEGALAND ADMINISTRATIVE INFORMATION Trustees Deborah Isaac Penelope Lang Michael Trigg (Chair) Philip Wilson Charlty number 1023244 Principal address cjo Brachers 2 Counly Gate sta￿￿$ Street Maidstone Kent United Kingdom ME14 1ST Audltor Azgts Audit Servlces First Floor Rlvar House 1 Maldstone Road Sidcup Kent United Kingdom DA14 5RH Solicitors Brachers 2 County Gate staceys Street Maidstone Kent United Kingdom ME14 1ST Investment managers Cazenove Capital 1 London Wall Pl8¢e London EC2Y SAU THE WILLIAM BRAKE FOUNDATION CONTENTS Page Trustees. report statement of Trustees. responslbllllles Ind8pendent auditorfs report statement of financial activities Balance sheet Notes to the financial statements 10-18 THE WILLIAM BRAKE FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report and financlal statements for the year endéd 31 March 2025. structure, governan¢e 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 Wlth the Charity Commlssion in England and Wales, charity number 1023244. The twst was established by an initial gift from the late William Brake and over the years additional gifts have been made. The INst does not actively fund raise and seeks to carry out its objectives through the stewardship of its existing reSoUr￿s. The trustees have drawn up a comprehensive Code of Governance whlch provides a detailed summary of the trusfs objectives. strategies and process. This Code will be kept under constant review and updated as ne￿Ssary. Trustees are appointed by the existing trustees. There is no formal induction process but n8w trusteos are advised of their role. responsibilitl8s and dulles by thg existing trusi68s. The trustees hold formal meetings èach year to conslder grant making. Investments, reserves and policies. The day to day administration Is carried out by the trustees. Risk management The truslees have reviewed Ihe major risks to which the charity is exposed and systems have been establlshed to mitigate these risks. Objectlves and activitles The charty was formed to support any one or more exduslvely charitable instltutions by the dlstribution of the income and a proportion of the capital gains adsing from the trusvs investments. The raclpient charitle8 can vary from year to y8ar at the discretion of the trustees. The charity invites applications from the Willlam Brake famlly for fvndlng of worthy registered charities each year, wlth a particular emphasis on loca1 charities where the family know the charity's representative. The applications are reviewed agalnsl these crlteria and if approved thg funds are released. The trustees have complied with their duty under Section 17 of the Charities Acl 2011 to have due regard to th8 Charily Commission's general guidance on public benefit therein. The truste8s have given particular consideration to their ￿t￿re vision of the charity's activities with regard to contirbuing to provide public benefit. The chafity has not undertaken any fundraising aclivilies during the year. Achievements and performance Durfng the year ihe charity made charitable donations of £696.907 {2024'. £613,388> to charftable institutlons. Related parti¢$ Details of related parties are provlded in Not8 15 to th8 accounts. Financial review The income from inv8Stments durlng the year was £307,134 (2024.. £254,895). Charitable donations totalling £696.907 (2024= £613,388) were made to charftable instibjtlons. As at 31 March 2025 the charlty had free reserves amounting to £154,131 (2024: £58,349) after transferring £550,000 from the Expendable Endowment Fund. The endowment funds al that date were £13.152.482 (2024: £13,770.608). THE WILLIAM BRAKE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Investment policy and perforniance In accordance with the Trust D8ed. the trustèes 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 th8 investment strategy is geared towards capital growth. The charities which look to the William Brakg 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 tNst's financial resources. The Iruste85 have also reassessed the risks involved wsth investing the charity's funds and have decided to reduce the risk profile down slightly by agreeing not to invest any fijrthei in private equity or propety funds. The existing investments of this type are being run down and liquidated over the next few years. The investment performance of the porlfolio Is as follows... Investment performance Over one yoar Over three years Over five years The Trustees consider that the ARC GBP Steady Growth PCI index is an appropriats benchmark and the portfollo held by the Trust has performed in line with the overall performance of the ARC GBP Steady Growth PCI index. The Inv8Stment income for the year was £307,134 ￿mPared to the larget income of £217,070. The estlmated Income on the portrolio (excluding private 8quity funds) for the comlng year is £206,651. Portfolio 12.60/0 59.5% Reserves pollcy At the balance sheet date the charlty's total funds amounted to £13.306.613 12024: £13,828,957) of which, the charity's free reserv8s held in the unrestricted funds wer& £154,131 {2024,' £58,349), repr8senting Income which has not yet been distrlbut8d. The charity fre8 reserves protect its cu￿ant activitl95, In order to allow the trusta8S to meet their r95ponslbilities and to ensure that It continues to operate on a golng concam basis. The trustees have examlned the needs. risks and challeng8s faced by th8 charity in both the short and medium temi, along with relevant financlal forecasts, and have formulated a policy to meet those needs. The trustees, policy Is that all of the surplus incom8 should be distributed through charltable donations bul the free reserves representing undistrlbut8d income should not be less than one year's operating expenses which are currently forecast as £50,000 (2024.. £44,750}. At 31 March 2025 th8 free reserves of the charity were therefore £104,131 (2024: £13,599) mole than the target r8seNes. Auditor The Irustees passed a resolution to appoint Azets Audtt Se[vi￿s as audilors to the charity. A resolutlon to reappoint Azets Audit Services as auditors will be proposed at the annual meeting. The Twstees. report was approved by the Board of Trustees. Michael Trigg Trustee Date: . THE WILLIAM BRAKE FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees are responslble for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Praclice {Unit&d Kingdom Accounting Standards). The law appli¢ab18 to charitles in England and Wales requires the tTU8tees to prepare financial stat8menls for each financlal year which give a true and fair view of the state of affairs of the charity and of the incoming resources and appllcatlon of resources of the ¢harlty for that period. In preparing these financial ststements. the trustees are requlred to: select suitable accounting policies and then apply them conslst8ntly: observe the methods and prlnciples In the Charitles SORP {FRS 102); make judgements and estimates that are reasonable and prudent- state whether applicable UK accounting standards (FRS 102) have been followed. sublect to any material departures disclosed and explained in the financial statements-, and prepare the financial slatements on the going concem basis unless it is inapproprfato to presume that the charity will continue to operate. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explaln the charity's transactions, disclose with reasonable accuracy al any time the financial position of the charity and enabl8 them to ensure that the financial statements comply with Ihe Charities Act 2011. th8 Charities (Accounts and Reports) Regulations 2008 and Ihe provisions of the tharlty's constitution. They are a150 responsible for safeguarding the assets of the charfty and hence for taklng reasonable steps for the prèvention and detecllon of fraud and other irrègularities. THE WILLIAM BRAKE FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WILLIAM BRAKE FOUNDATION Oplnlon We have audlted the financlal statements of The Wllllam Brake Foundation (the 'charity') for the year ended 31 March 2025 whlch comprise the ststement of financial activities, the balancè sheet and notes to the financlal ststements, including slgnificant accounting pollcles. The financial reporting fram8work that has been applied in thelr preparation is appllcable law and United Kingdom Accounting Stsndards, Including Flnancial Reporting standard 102 The Financial Reporting Standard applicable in the UK and Rapublic of Ireland {Unlted Kingdom Generally Accepted Accounllng Practica). In our opinion. th8 financial statements: glve a tme and fair view of the state of the charitys affairs as at 31 March 2025 and of its Incoming resources and application of resources, for Ihe year then ended. have been propedy prepared In accordance with United Klngdom Generally Accepted Accountlng Practice; and have been prepared in accordance wilh the requlrements of the Charitles Act 2011. Basis for opinlon We conducted our audit in accordance wsth International Standards on Auditing IUKI IISAS (UK)) and applicable law. Our responsibillt188 under those standards ar8 further described in the Auditoffs responsibilitl8s for the audit of the financial staten78fFts section of our report. We are independent of the charity In accordanc8 wlth the ethical requirements that are relevant to our audrt of the financial statements in the UK, includlng the FRC'S Ethlcal standard. and we havg fulfllled our other 8thlcal responsibilities In accordance wlth these requirements. We believe that the audit evldanc8 we have obtsined is sufficlent and appropriate to provide a basls for our opinion. Conclusions relatlng to going concern In auditing the financial stat8ments, we havè concluded that the Trustees, use of the golng conc8rn basis of accounting in the prèparation of th8 flnancial ststements is appropriate. Based on thé work we hav8 performed, wa have not Identified any material uncertainties relating to events or condltlons that, individually or collectively. may cast slgnificant doubt on the charlty's ablllty to continue as a going concom for 8 perlod of at le85t twelve months from when the flnancial siatements are authorised for issue. Our responslbilities and the responslbllltles of the Trustees with respect to going concern are descrlbed In the relevant sections of this report. Other informatlon Tho trustees are responsib18 for the other Information contained wlthln the annual report. The other Informatlon comprises the information Included in the annual report, other than the financial statements and our auditor's report thereon. Our oplnlon on the financlal statements does not cover the other informatlon and wa do not express any form of assurance conclusion thareon. Our responsibility is lo read the Other Informatlon and, in dolng so, wnslder whether the olh8r Information Is mat8rlally inconslstent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially mlsstaled. If wa identify such material inconsistencles or appar8nt material mlsstatements. we are required to determine whether this gives rls8 to a materlal misstatement in tha financial statements th8mselves. If, based on the work we have perfomied. we conclude that there is a materlal misstatement of thls other information, we are required to report that fact. We have nothing to report In this regard. Matters on whlch we are required to report by exception We have nothlng to report in respect of the follt)wing matters In relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you If, in our opinlon: the Information glven in th8 finandal statemènts is inconsistent in any materfal r8spect wlth the Trustees, report; or sufficient accounting records havg not been kept; or the financlal statements are not In agr88ment wlth the accountlng records. or we havè not received all the Infomiation and explanatlons we requlre for our audit. THE WILLIAM BRAKE FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE WILLIAM BRAKE FOUNDATION Responsibilities of Trustees 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 belng satisfigd that they give a true and fair view, and for such internal control as the trustees determine is necessary lo enable Ihe preparation of financial ststements that are free from material mSsststem8nt, whether due to fraud or error. In pr8parfng the financial stat8m8nts, the trustees are rèsponsible for assessing the charlty's ability to continue as a going concem, discloslng, as applicable, matters related to going concem and using th8 going concern basls ol accounting unless the trustees either Intend to Ilquidate the charity or to cease operations, or have no realistic alternatlV8 but to do so. Audltofs responsiblllties for the audit of the financial statements We have been appointed as auditor under section 144 01 the Charities Act 2011 and report in accordan￿ with the Act and relevant r8gulalions made or having effect thereunder. Our objective5 are to obtain reasonable assurance about whether the financial statements as a whole are frea from material misslatemenl, whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a hlgh lev81 of assurance but is not a guarantee that an audil conducted in accordan with ISAS (UK} will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. indlvidually or In the aggregate, they could reasonably be expected to influence the economic doclslons of users taken on the basis of these financial statements. THE WILLIAM BRAKE FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE WILLIAM BRAKE FOUNDATION Extent to whlch the audlt was consldered capable of detectlng irregularltles, including Iraud Irregularities, includlng fraud, are instances of non-compliartt with laws and regulatlons. We doslgn procedures in Ilne with our r8sponsibilitie$. ouulned abovè and on th8 Flnancial Reportlng Councll's webslte, to detect material mlsstatements in resp8ct of Itregularillés. Including fraud. We obtain and update our und8rstsnding of the entity. Ils activltles. its control environment, and Ilk81y future d8¥elopmgnts, Including in relatlon to the18gal and regulatory framgwork applicabte and how the enty Is complying th that framework. Based on this understandlng, we identify and assess the rlsks of material mlsstatemenl of the finandal statements, whether due to fraud or error, design and perform audlt proCedU￿S responslv8 to thos8 rlsks. and obtain audlt evidence that is sufficlent and approprfate to provide a basls for our oplnlon. This iftcludas consideratlon of the risk of acts by the ènllty that weré wntrary to appllcable laws and regula￿On$. includlng fraud. In r8SFonse to the rlsk of irregularltles and norKompliance wlth laws and regulations, Induding fraud. we d8slgned procedures whlch included: Enquiry of managem9nt and those charged wlth govemanc8 around actual and potential litigalon and daims as well as actual, suspected and alleged fraud., R8vlewing mlnut8s of mgetlngs of those d)arged with goveman￿. Assessing th8 oxtent of compliance wlth the laws and regulatlons considered to havp a dlrect material effect on the finandal statements or the operatlons of the entlty through enquiry and Inspection" Rèvlewlng financlal statement disclosures and testing to supporting documentation to assess compliance wlth appllcable laws and regulations,. Perfoming audlt vmrk over the risk of managgmènt blas and override of controls, including t8Stlng of joumal entries and other adJustsn8nts for appropriateness. evaluatlng the business rational8 of slgnificant transactions outslde the normal course of business and reviewing accounting estimates for Indicators of potentlal blas. Becaus8 of the inherent Ilmltations of an audit. thère Is a risk that we will not detect all Irregularities. Including those leadlng to a Mate￿al misststement In Ihe financial slatements or non-compliance with regulatlon. This rfsk Increases the more that compllance wilh a law or regulation is removed from th8 8vents and transactlons reflected In the finandal statements, as we will b8 less likely to become aware of instsnces of non-complianee. The risk of not d8tecting a mat8rlal misstatemenl resutting from fraud is hlgher than for one resultlng from error. as fraud may Involv8 colluston, forgery. intentlonal omlsslons, misrepresèntats'ons, or th8 override of Intemal Control. We communicate with those charged with govemance regardlng, among other matters, the planned scopa and Ilmlng of the audlt and significant audit findings. includlng any signlficant deflclencies in int8mal control that we Idenllfy durlng our audit. A furth8r description of our responsibilities for the audit of the financlal statements Is located on th8 Flnancial Reportlng Coundl's website at. ￿W￿.fre.o .uklaudilorsres sibilities. Thls des¢rfptlon fomK8 part of our audltor's report. Use of our report This report is mada solely to the charlty's truslees, as a btsjy, In accordance with part 4 of the Charlties (Accounts and Reports) Regulations 2008. Our audll work has be8n undertak8n so that w8 mlght state to the ¢harltys trustees those matters we are requlr8d to state to them in an audltorfs report and for no other purpose. To the fullest extent permltted by law, we do not acctspt or assume responslblllty to anyone other than the charfty and the charity'8 Irust86s as a tIC￿y. for our audlt wor*. for thls r8POrt, or for the opinions we havè formed. ## **THE WILLIAM BRAKE FOUNDATION** ## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE WILLIAM BRAKE FOUNDATION** **Azets Audit Services (Senior Statutory Auditor) Chartered Accountants Statutory Auditor** 30 January 2026 First Floor River House 1 Maidstone Road Sidcup Kent United Kingdom DA14 5RH Azets Audit Services is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. - 7 - THE WILLIAM BRAKE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Unrestrlcted Endowment funds funds 2025 2025 Total Unrestricted Endowment funds funds 2024 2024 Total 2025 2024 Notes Income from: Investments 307,134 307.134 254,895 254.895 Ex nditure on: Raising funds 25.971 25.971 29,321 29,321 Charitable activitl8S 735,092 735.092 645,438 645.438 Total expendfture 761,063 761.063 674.759 674.759 Net galnsl{losses) on investments (289) (68.126) {68,415) 6,380 1,155,894 1.162,274 Net (outgolngllincoming resources befote transfers {454,218) (68.126) (522.344) {413,484} 1.155.894 742.410 Gross transfers between funds 550,000 (550,000) 400,000 (400,000) Net movement In funds 95.782 (618.126) (522.344) (13.4841 755.894 742.410 Fund balances at 1 April 2024 58,349 13,770,608 13,828,957 71.833 13,014.714 13.086.547 Fund balan¢es at 31 March 2025 154,131 13,152,482 13,306,613 58.349 13,770.608 13,828,957 The statement of financlal aclivities Includes all gains and losses recognis8d In the year. All income and èxpenditure derive from continuing adivities. The notes on pagas 10 to 18 form part of these financial statements. THE WILLIAM BRAKE FOUNDATION BALANCE SHEET ASAT 31 MARCH 2025 2025 2024 Notes Fixed assets Investments 10 13,321,855 13,850.059 Current assets Debtors Cash at bank and in hand 11 3.426 11.459 2,560 2,719 14,885 5.279 Creditors". amounts falling due within one year 12 {30,127) (26.381) Net current liabilities {15,242) (21,102) Total assets less current Ilabilities 13.306,613 13.828,g57 The funds of the charlty Endowment funds Unrestrictèd funds 13 13,152.482 154.131 13,770,608 58,349 13,306,613 13,828,957 The notes on pages 10 to 18 form part of these financlal ststements. The financial statements were approved by the Trust8es on ../............... ichael Trig Trustee Philip Wils Trustee THE WILLIAM BRAKE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policles Charity inforniatton The William Brake Foundatlon Is a Charitable TTUSt and an Unlncorporated Charity in England and Wales. The registered offic8 Is Clo Brachers, 2 County Gate. Stacey's Street, Maldstone, Kent. ME14 1 ST. 1.1 Accounting conventlon The financlal statements have been prepared in accordance wlth the charity's gov8mlng document. thè Charities Act 2011 and "Accounting and Reporting by Charlties: Statement of Recommended Practi¢9 appllcable to charities preparlng their accounts in accordance wlth the Financlal Reporting Stsndard appllcable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).. The charity is a Public Benefit Entlty as defined by FRS 102. The charity has taken advantage of the provlslons in the SORP for charities applylng FRS 102 Update Bulletin 1 not to prepar8 a Statemanl of Cash Flows. The financial statèments have departed from th8 Charities (Accounts and Reports) Regulalions 2008 only to the extenl required to provide a true and fair vlew. Thls departure has Involved following the Statement of Recommended Practlce for charities applying FRS 102 rath8r than th8 version of the Statement of Recommended Practice whlch is referred to in the Regulations but which has since begn wlthdrawn. The flnancial stal8ment8 are prepared in storllng, which is the functlonal currency of thè charlty. Mon8tsry amounts in these financial statements are rounded to the nearesl £. The financial stat8ments have been prepared under the hlstorical c05t convention, modified to Include th8 revaluatlon of listed Investments. The principal accounting policies adopted are set out below. 1.2 Going concern The trustees consider that there are no material uncartainties about the trust's ability to continue as a going concem. With r8specl to the next reporting perlod thè most signlflcant areas of uncertalnty that affect the carrying value of assels held by the tNst are the level of investment raturn and th8 perfomianc8 of investm8nt mark8ts (see the inveslment pollcy and parformance and risk management sectlons of thè trustees, annual report for more infamiationl. 1.3 Charitable funds Gèneral funds are available for use at the dlscr8tion of the trustees in furtherancè of the general objectives of the charlty and have no restrictlons on their us&. The p8mianent endowment fund is held In perpatuity. whereas the capital of the expandable gndowment fund can be used for the purpos8s of the Charity If the trustees so determlne. Each fund is allocated its proportion of gains and losses arislng In the period. The incorne of the endowment fvnds Is unrestricted and is Included in general funds. 1.4 Income Income 16 recognlsed when 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 incom8 will be rècelved. Investment inoom? Investrnènt Income is recognised on an accrual basls. 10- THE WILLIAM BRAKE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies (Continued) 1.5 Expendlture Expenditure is r8cognls8d when a Ilability is incurred on an accruals basls. Costs are classlfled as follows: Costs of raising ftinds The costs of raising funds consist of investment management costs and currency exchange differgnc85. All investment management costs wère attributable to unrestrlct8d funds. Charitable aotiwti8S Costs of charitabl8 activities Include grants made and govemance costs. Grant expenditure is recognlsed on an accruals basis in the year in whlch a legal or constructSve obligatlon to pay the grant arises. Govemance costs are those associated with constitutlonal and statutory requiremgnts and are analysed In note 5. Irrecoverable VAT is charged as an 8xp8nse against the activlty for which expenditure arose. 1.6 Fixed asset investments Investments arè a form of baslc financial instrument and are initially recognised at thelr transaction value and subsequently measurad at their value as at the balance sheet date using the closing quoted market price. The statement of financial actlvities Includes the nel gains and losses arising on revaluation and dlsposals throughout the year. The maln form of flnancial risk faced by the charity Is that of volatlllty in equlty markets and investment markets due to wider economlc conditions, the attitude of investors to investment risk, and changes in sentiment concerning gqultl8S Withln particular sectors OT sub s8Ctors. 1.7 Financial instruments The charity has elected lo apply the provisions of Section 11 'Baslc Finandal Instruments, and Section 12 'Other Flnancial Instruments Issu8s' of FRS 102 to all of its flnancial instruments. Flnancial instruments are recognised In the charity's balanea sheet whon the charity be¢omos party to the contractual provlsions of the Instrument. Financlal assets and liabilities are offset, with the net amounts presented in the financlal statements, when there is a legally enforceable right lo set off the recognised amounts and there is an Inlention to settle on a net basis or to realise th8 asset and s6tU8 the liabiltty simultanaously. Baslc finanelal assots BasSc financlal assets, which include debtors and cash and bank balances, are initialty measured at transaclion price including transaction costs and are subsequently carried al amortised cosl using the effective interest method unless the arrangement constitutes a financlng transaction, whare the Iransaction Is measurad at Ihe present value of the future rèceipts discounted at a market rat8 of interest. Finanoial assets classified as recelvable within on8 year are not amortlsèd. Other financlal assets Other flnancial assets, Including inv8Stments In equity instruments which are not subsidiarles. associalas or Joint ventures. are Inltlally measured at fair value. whlch is normally the transactlon price. Such assets are subsequently carrled at falr value and the changes In fair value are recognSsed in net Incomèl(expenditur8), except that Investments in equity instruments that are not publlcly tradad and whose fair values cannot be measured reliably are measured at Cost less Impairment. 11 THE WILLIAM BRAKE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting pollcies (Continued) 1.8 Realised galns and loss88 All gains and losses are taken to the Slatem6nt of Financlal Activiti85 as they arfse. Realised gains and losses on investments are calculated as th8 dlfference be￿e￿n sales proceeds and th81r opening carrying value or their purchase value If acquired subsequent to the first day of the flnancial year. Unreallsed gains and lossès are calculat8d as the difference belween the fair value al th8 year end and their carrying value. Realised and unrealised Investment galns and losses are combined in th8 Statement of Financlal Activitie5. 1.9 Recognition of Ilabllities Llabilities are recogni5ed when an obllgation arlses to transfer economlc benefits as a result of past transactions or 8vents. 1.10 Foreign curren¢y translation Assets and liabilitiès denominat8d In foreign currencies are translat8d Into sterllng at the rates of 8xchange rullng al the balance sh8et date. Tran5actlons in foreign currencles are translated into sterling at the exchange rate on the dale of the transaction. Exchange diffèrences are taken to th8 Stslement of Finanelal Aclivities for the perlod. Crltlcal a¢countlng estimates and judgements Acwuntlng estimat85 and judgements are contlnually evaluated and are based on historical experience and other factors, includlng expectatlons of future events that are belleved to be reasonable under the clrcumstsnces. No judgements or key assumptlons were made in the preparation of the accounts. Investments Unrestricted Unrestrlcted funds funds 2025 2024 Dividends - UK funds Dlvidends - Offshore funds Share of galns - prlvat& equity funds Foreign exchange gainsl(losses) Interest receivable 116,563 72,411 52,365 {3.870) 69,665 109,589 60.068 15.729 {1.406) 70,915 307,134 254,895 12- THE WILLIAM BRAKE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Ralslng funds Unrestricted Unrestrlcted funds funds 2025 2024 Investm8nt management fees (Including trustée work - see note 15) 25,971 29,321 25,971 29,321 Charitable acttvities unr￿tricted Unrestricted Funds Funds 2025 2024 Legal fees Audit of the charitys annual accounts Non-audit services: Accountancy Bank charges 17,237 15,000 5,904 12,567 12,900 6.528 55 38,185 32.050 Grant funding of activlllès (see note 6) 696,907 613,388 735,092 645,438 13- THE WILLIAM BRAKE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Grants payable Unrestrlcted Unrestricted Funds Funds 2025 2024 Grants lo inslltutions (101 grants): Alzheimers. R8search UK Barnado's Centrepoint The Charlla Waller Trust Chets In Schools Chlld Bereavernent UK Tha Corporation of St Lawrence Duke of Edinburgh Awards The Kent MS Therapy Unlt The Kings Arms Youth Centre The League of Remembrance Licensed Trade Charity Moofflelds Eye Chartty Motor Neurone Disgase Associatlon The National Portrait Gallery The National History Museum Open Arms Malawi Parkinsons UK Royal Academy ofArts Scotch College Adelaide S8a-Changers Treloar Trust UNICEF UK Unlversity of Wést London The Victoria & Albert Museum Th8 INhitley Fund for Nature other grants less than £10,000 each 25,000 10,000 10,000 13,000 10,000 10,000 50,000 10,000 20,000 15,000 10,000 10,000 1 S,000 25,000 25,000 20,000 50,000 10,000 10,000 20,000 25,786 10.000 40,000 10,000 20,000 15,000 10,000 15,000 25,000 20,000 50,000 20,000 26,791 5.000 10.000 15,000 20,000 60,000 221,121 15,000 20,000 60,000 228.597 696,907 613.388 There were no grants committed but unpaid at the year end (2024.. £nil) Trustees The charlty had no full-tlme equlvalent employees, exdudlng Irust88s during the year12024 . Nil). The trustees neither recelved nor walved any èmoluments during the year (2024 . £Nil). No relmbursem8nt of expèns8s has bèen made or is due to be made to any trustee during the year (2024 £NII). 14 THE WILLIAM BRAKE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Net galnsl(losses) on investments Unrestricted Endowment funds funds general 2025 Total Unrestricted Endowment funds funds general 2024 Total 2025 2025 2024 2024 Revaluation of investments (289) (68,1261 (68.415) 6,380 1.155,894 1,162,274 Taxation The charity Is ex8mpt from tax on income and gains falling within section $05 of the Taxes Act 1988 or sectKJn 252 of the Taxation of Chargeabl8 Gains Act 1992 to the 8xi8nt that these are applled to Its charitable objects. 10 Fixed asset Investment5 Listed investments Cash In portfolio Total Cost or valuation At 1 April 2024 Additions Valuation changes Sales proceeds from disposals Cash at bank awaiting investment 13.252,133 1,667,950 168.415) (1.962.776) 597.926 13,850,059 1.667.950 (68,4151 (1,962,776) (164,9631 (164,963) At 31 March 2025 12,888,892 432,963 13,321,855 Carrying amount At 31 March 2025 12,888,892 432,963 13.321,855 At 31 March 2024 13,252,133 597,926 13,850.059 2025 2024 Investments at fair valu8 comprise: Equities Bond funds Private equity funds Cotnmoditie5 Hedge funds other funds 8,702,750 1.800,792 720,782 708,948 454,445 501,175 8.690.025 2,105,170 919,994 632,300 408.874 495,770 12.888,892 13,252.133 There was one materfal investment that comprised more than 5% of the listed Investm8nts portfolio at 31 March 2025, which was Forest Fund Income Shares at 650/0 {2024.' 63%) of the portfolio. 15- THEWILLIAM BRAKE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 10 Fixed asset investments (Continued) Fixed asset investments revalued The value of flxed asset investments has been determined by reference to the market value at 31 March 2025. The hlstorical c051 value at 31 March 2025 was £6,330,605 (2024: £6,538.251). 11 Debtors 2026 2024 Amounts falling due within one year: Other debtors 3,426 2.560 12 Credilors: amounts falllng due wilhin one year 2025 2024 Accruals and deferred income 30,127 26,381 16- THE ￿LLIAm BRAKE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 13 Endowm•ntfunds Balane• at Tr¥nsf¢ts Revaluatlon Balanu at Trafislew5 Rwaluatlon BalaAce gt 1 Aprtl 2023 galns and 1 Aprfl 2024 galns and 31 Marth 1055BS 2025 Permgnent endo*Thent EXPenda￿e endowmenl 3,335,913 9,678,801 2*,277 3,632.190 8S9,617 10.138A18 11T.*91 3,614,221 150,1571 9.538261 14CO,ODOI 1550.0001 13,014,714 14(KI.ODO1 1,155.894 13.770.608 1550,0(Y)I 168,1261 13,152.482 The tsansleroflundsttom the expBnd8ble endown*ntfundsto unteslficted fundswAs made lo ffiThar￿e Charitab￿ expendllure In the yearln ex¢ess otavaIla￿e i¥ti)me. 14 Analysts tstn* assets b•tw••n fvnds Vnr•¥tflctEd P•rrnan•nt Expendab Jnds endowmonl •ndowment nds 2025 Toi#l Unrt5trict•d Pern￿ne￿t Expndable fvrK15 •ndovmwDt endowm•n¢ funds funds 2024 2024 Total 2025 2025 2025 2024 F￿d balarKts ot 31 Mard) 2025 are representetl Investments CuThenl as8eNILqbllttlesl 169.373 1152421 3.814,221 9,538261 13,321,855 115.2421 79,451 3.632.190 10,138.418 13.850,Q59 121,1021 121,1021 154,131 3,614,221 9,538.261 13.306,613 58.349 3,632,190 10.138,418 13,828,957 17- THE WILLIAM BRAKE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Related party transactions Durlng the year payments of £2,884 (2024". £4,297) wer8 made for inv8Stmenl expenses to F & W Family Inveslments Llmited, a company in whlch Mr M Trlgg and Mr P R Wilson are directors. At 31 March 2025 £968 (2024: £766) was owed to the company. 18-