2021-03-31-accounts - Frank Brake Charitable Trust

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		CONTENTS
		Forthe year ended 31 March 2021
			Page
Reference and administrative		information
Report ofthe trustees			3—5
Independent auditors'	report		6 —8
Statement offinancial	activities
Balance sheet			10
Statement ofcash flows
Notes tothe financial	statements		12 - 18

Charity registration	Charity registration	1023245
Trustees:		Mr Richard Brake
		Mrs Michelle Leveridge
		Mrs Stephanie JSenior (Chair)
		Mr Michael Trigg
		Mr Philip R Wilson
Official address:		C/o Gill Turner Tucker
		2 County Gate
		Stacey's Street
		Maidstone
		Kent
		ME141ST
Auditors:		Crows U.K. LLP
		Riverside House
		40-46 High Street
		Maidstone
		ME14 1JH
Solicitors:		Gill Turner Tucker
		2 County Gate
		Stacey's Street
		Maid stone
		Kent
		ME14 1ST
Accountants:		Azets
		Globe House
		Eclipse Park
		Sittingbourne Road
		Maidstone
		Kent
		ME143EN
Investment	Managers:	Cazenove Capital
		1 London Wall Place
		london
		EC2Y 5AU

			Unrestricted	Endowment	Total	Total funds
		Notes	funds	funds	funds	31.3.2020
Income and endowmenls	from:
Donations
Gitts ofexpendable endowment		2		15,000,007	15,000,007
investments
Income from investments		3	196,229		196,229	187,603
Total income and endowments			196,229	15,000,007	15,196,236	187,603
Expenditure on:
Raising funds
Investment management	costs	4	53,604		53,604	46,943
Charitable activities		5	714,356		714,356	568,895
Total expenditure			767,960		767,960	615,838
Net incomei(expenditure)	and net
movement in funds before (losses)
and gains on investments			(571,731)	15,000,007	14,428,276	(428,235)
Net gains/(losses) on investments		8	18,325	4,618,911	4,637,236	(441,927)
Net income/(expenditure)			(553,406)	19,618,918	19,065,512	(870,162)
Transfers between funds			575,000	(575,000)
Net movement in funds			21,594	19,043,918	19,065,512	(870,162)
Reconciliation offunds:
Total funds brought forward			50,385	12,699,683	12,750,068	13,620,230
Total funds carried forward		12	571,979	631,743,601	531,815,580	612,750,068

			BALANCE SHEET
			As at 31 March 2021
		Notes	31.3.2021		31.3.2020
Fixed assets
Investments			31,838,127		12,773,761
Current assets
Other debtors
Cash at bank			1,406	1,406
Creditors: amounts	falling due		1,406	1,406
within one year		10	23,953	25,099
Net current (liabilities)			(22,547)		(23,693)
Total net assets			831,815,580		F12,750,068
The funds ofthe charity:
Unrestricted funds
General fund			71,979		50,385
Endowment funds		12
Permanent endowment			1,070,644		785,101
Expendable endowment			30,672,957		11,914,582
Total charity funds			F31,815,580		812,750,068

	STATEMENT OF CASH FLOWS	STATEMENT OF CASH FLOWS	STATEMENT OF CASH FLOWS
	Forthe year ended 31 March 2021
		Notes	31.3.2021	31.3.2020
Cash flows from operating activities		13	(781,021)	(605,673)
Cash tlows frominvesting activities
Payments to acquire investments Receipts from sale of investments Interest received			(6,158,601) 6,442,009 61,400	(420,669) 1,009,709 111,470
Dividends received Share of private equity funds gains			127,305 19,439	74,438 1,248
Net cash flow from investing activities			491,552	776,196
Cash flow from financing activities
Receipt ofexpendable endowment			150,007
Net cash flow from financing activities			150,007
Net (decrease)i increase in cash	and
cash equivalents			(139,462)	170,523
Cash and cash equivalents at 1 April 2020			550,559	380,036
Cash and cash equivalents at 31	March	2021	6411,097	5550,559
Cash and cash equivalents consist	of:
Cash at bank awaiting investment	9		409,691	549,153
Cash at bank			1,406	1,406
Cash and cash equivalents at 31	March	2021	F411,097	f550,559

4	Investment management	Investment management	Investment management		costs
						31.3.2021	31.3.2020
						Unrestricted	Unrestricted
						funds	funds
	Investment management			fees		553,604	F46,943
5	Analysis ofcharitable		expenditure
						31.3.2021	31.3.2020
						Unrestricted	Unrestricted
						funds	funds
	Donations made
	Alexander Devine Children's				Hospice	5,000	5,000
	Children with Special	Needs				5,000	5,000
	The Cure Parkinsons	Trust				40,000	30,000
	Demelza House Children's				Hospice	30,000	20,000
	Home Start Ashford					30,000	25,000
	ITU WHH						5,000
	Kent Challenger Games					7,500
	Kent Community Foundation					120,000	100,000
	Kent Multiple Sclerosis		Society Therapy Centre			70,000	30,000
	Motor Neurone Disease		Association			10,000	10,000
	NSPCC					25,000	20,000
	Parkinsons UK					250,000	150,000
	Pilgrims Hospices in	East		Kent		25,000	52,000
	Porchlight					10,000	10,000
	Thames Hospice					5,000
	The Rotary Club ofAshford					5,000
	The Whitley Fund for	Nature				60,000	85,000
	Wye Tennis Club						10,000
						697,500	557,000
	Governance costs
	Accountancy fees Legal fees (including Audit fees	trustee			work)	4,214 6,642 6,000	4,314 3,501 4,080
						16,856	11,895
						6714,356	6568,895

	The net gains/(losses)	on investments are analysed	as follows:
			31.3.2021	31.3.2020
	Unrestricted funds Endowment funds		18,325 4,618,911	(1,463) (440,464)
			54,637,236	F(441,927)
9	Fixed asset investments
	Movements in fixed	asset listed investments
			31.3.2021	31.3.2020
	Market value at 1 April 2020 Equities donated		12,224,608 14,850,000	13,255,575
	Acquisitions at cost Sale proceeds from disposals Profit/(loss) on revaluation		6,158,601 (6,442,009) 4,637,236	420,669 (1,009,709) (441,927)
	Market value at 31 March 2021		31,428,436	12,224,608
	Cash at bank awaiting	investment	409,691	549,153
			531,838,127	F12,773,761
	Investments at market value comprised:
	UK investments
	Forest income fund Forest accumulation Real estate Overseas investments	fund	5,114,877 17,109,398	3,558,631 4,205,319 485,287
	Bond funds Private equity funds Commodities Unconstrained funds		2,862,987 470,902 1,110,413 4,759,859	3,295,682 368,003 311,686
			F31,428,436	612,224,608
	Historical cost		625,033,275	69,604,323
10	Creditors: amounts	falling due
	within one year
			31.3.2021	31.3.2020
	Accruals		t23,953	625,099

Analysis ofnet assets be	tween funds —year	ended 31 March	2020
	Permanent	Expendable
	endowment	endowment	Unrestricted
	funds	funds	funds	Total
Investments	785,101	11,914,582	74,078	12,773,761
Net current (liabilities)			(23,693)	(23,693)
	5785,101	611,914,582	F50,385	F12,750,068

Analysis ofnet assets be	tween funds —year	ended 31 March	2021
	Permanent	Expendable
	endowment	endowment	Unrestricted
	funds	funds	funds	Total
Investments	1,070,644	30,672,957	94,526	31,838,127
Net current (liabilities)			(22,547)	(22,547)
	F1,070,644	530,672,957	571,979	631,815,580

Analysis o	fcharitable	funds —ye	ar ended 31	March 2020
		Balance at			GMins and		Balance at
		01.04.2019	Income	Expenditure	(losses)	Transfers	31.03.2020
Unrestricted Permanent	funds endowment	'45,083 811,429	187,603	(615,838)	(1,463) (26,328)	435,000 -	50,385 785,101
Expendable
endowment		12,763,718			(414,136)	(435,000)	11,914,582
	513,620,230		F187,603	E(615,838)	E(441,927)	E-	612,750,068
Analysis ofcharitable		funds —year ended 31		March 2021
		Balance at			Gains and		Balance at
		01.04.2020	Income	Expenditure	(losses)	Transfers	31.03.2021
Unrestricted	funds	50,385	196,229	(767,960)	18,325	575,000	71,979
Permanent	endowment	785,101			285,543	-	1,070,644
Expendable
endowment		11,914,582 15,000,007			4,333,368	(575,000)	30,672,957
	512,750,068615,196,236			5(767,960)	64,637,236	6-	531,815,580

			31.3.2021	31.3.2020
Net income/(expenditure)	for	year	19,065,512	(870,162)
Dividends received Interest receivable Share ofprivate equity Receipt ofendowment	fund gains		(127,305) (61,400) (19,439) (15,000,007)	(74,438) (111,470) (1,248)
(Gains)/losses on investments			(4,637,236)	441,927
Decrease in debtors				1,406
(Decrease)/increase in	creditors		(1,146)	8,312
Net cash flow from operating		activities	E(781,021)	F(605,673)

			Unrestricted	Endowment	Total funds
		Notes	funds	funds	31.03.2020
Income and endowments	from:
Donations
Gifts ofexpendable endowment
Investments
Income from investments			187,603		187,063
Total income and endowments			187,603		187,603
Expenditure on:
Raising funds
Investment management	costs		46,943		46,943
Charitable activities			568,985		568,895
Total expenditure			615,838		615,838
Net (expenditure) and net
movement in funds before gains and
losses on investments			(428,235)		(428,235)
Net (losses) on investments			(1,463)	(440,464)	(441,927)
Net (expenditure)			(429,698)	(440,464)	(870,162)
Transfers between funds			435,000	(435,000)
Net movement in funds			5,302	(875,464)	(870,162)
Reconciliation offunds:
Total funds brought forward			45,083	13,575,147	13,620,230
Total funds carried forward		12	650,385	512,699,683	812,750,068

			31.3.2021	31.3.2020
Gross income
Dividends
United Kingdom			125,305	74,438
Offshore			2,000
Interest receivable
On cash deposit			14	418
On offshore Bond Funds			61,386	107,941
Share ofinterest		—private equity funds		3,111
Share ofgains —private equity funds			19,439	1,248
Foreign exchange		(loss)/profft	(11,915)
			196,229	187,603
Legacy received from Settlor's Estate			15,000,007
			15,196,236	187,603
Less:
Accountancy fees Legal and trustee Audit fees	fees		4,214 6,642 6,000	4,314 3,501 4,080
Investment expenses			53,604	46,943
			70,460	58,838
			15,125,776	128,765
Less: Donations			697,500	557,000
Net surplus/(deficit)	forthe year		F14,428,276	5(428,235)