2023-03-31-accounts

FRANK BRAKE - CHARITABLE TRUST

(Registered Charity Number 1023245) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FRANK BRAKE - CHARITABLE TRUST

CONTENTS

For the year ended 31 March 2023

	Page
Reference and administrative information	2
Report of the trustees	3 – 5
Independent auditor’s report	6 – 8
Statement of financial activities	9 - 10
Balance sheet	11
Statement of cash flows	12
Notes to the financial statements	13 - 19

1

FRANK BRAKE - CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE INFORMATION

Charity registration number:	1023245
Trustees:	Richard Brake
	Michelle Leveridge
	Stephanie Senior	(Chair)
	Michael Trigg
	Philip Wilson
Official address:	C/o Gill Turner Tucker
	2 County Gate
	Stacey’s Street
	Maidstone
	Kent
	ME14 1ST
Auditor:	Azets Audit Services
	1stFloor
	River House
	1 Maidstone Road
	Sidcup
	Kent
	DA14 5RH
Solicitors:	Gill Turner Tucker
	2 County Gate
	Stacey’s Street
	Maidstone
	Kent
	ME14 1ST
Investment Managers:	Cazenove Capital
	1 London Wall Place
	London
	EC2Y 5AU

2

FRANK BRAKE - CHARITABLE TRUST

REPORT OF THE TRUSTEES

The trustees present their report and financial statements of the charity for the year ended 31 March 2023.

Structure, governance and management

The Frank Brake Charitable Trust is an unincorporated trust, constituted under a Trust Deed dated 17 May 1993. It is registered as a charity with the Charity Commission in England and Wales, charity number 1023245. The trust was established by an initial gift from Frank Brake and over the years additional gifts have been made. The trust does not actively fund raise and seeks to carry out its objectives through the stewardship of its existing resources.

Mr Frank Brake sadly passed away in December 2018 and in line with his wishes, the Frank Brake Charitable Trust will continue its charitable activities. Mr Brake also left a legacy donation in his will to the Charitable Trust. The Trustees will be honouring Frank’s memory and wishes for the Charitable Trust in the way they approach their support of charitable causes.

The trustees have drawn up a comprehensive Code of Governance which provides a detailed summary of the trust’s objectives, strategies and process. This Code will be kept under constant review and updated as necessary.

Trustees are appointed by the existing trustees. There is no formal induction process but new trustees are advised of their role, responsibilities and duties by the existing trustees.

The trustees have an annual formal meeting to consider grant making, investments, reserves and policies. The day to day administration is carried out by the trustees.

Risk management

The trustees have reviewed the major risks to which the charity is exposed and systems have been established to mitigate these risks.

Objectives and activities for the public benefit

The Frank Brake Charitable Trust directly supports a defined list of charities established through relationships developed with the Trustee Board. This list is regularly reviewed and actively managed. Local medium and small charitable causes are primarily supported through the Trust’s relationship with the Kent Community Foundation. Unsolicited direct applications to the Trust are not encouraged.

The trustees have complied with their duty under Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit therein. The trustees have given particular consideration to their future vision of the charity’s activities with regard to continuing to provide public benefit.

The trust has not undertaken any fundraising activities during the year.

Achievements and performance

During the year the charity made charitable donations of £795,000 (2022: £898,100) to charitable institutions.

Related parties

Details of related parties are provided in Note 12 to the accounts.

Financial review

During the year ended 31 March 2023 the charity received no gifts (2022: £nil) from the estate of the late Frank Brake. The charity is entitled to receive a further gift of £5,000,000 in the year ended 31 March 2024.

The income from investments during the year was £473,185 (2022: £639,950). Charitable donations totalling £795,000 (2022: £898,100) were made to charitable institutions. As at 31 March 2023, the charity had free reserves amounting to £63,115 (2022: £34,171) after transferring £435,000 from the Expendable Endowment Fund. The endowment funds at that date were £32,104,719 (2022: £33,226,767).

3

FRANK BRAKE - CHARITABLE TRUST

REPORT OF THE TRUSTEES

(continued)

Investment policy and performance

In accordance with the Trust Deed, the trustees have the power to invest in such stocks, shares, investments and property as they see fit. The trustees have engaged Cazenove Capital as investment managers and the investment strategy is geared towards capital growth. The charities which look to the Frank Brake Charitable Trust for financial support are in general in need of additional funding but the trustees will manage their expectations in order to protect the trust’s financial resources.

In 2021, the trustees reassessed the risks involved with investing the charity’s funds and decided to reduce the risk profile down slightly by agreeing not to invest any further in private equity or property funds. The existing investments of this type will continue to be run down and liquidated over the next few years.

The investment performance of the portfolio is as follows:-

Investment performance	Portfolio
Over one year	(0.7)%
Over three years	39.5%
Over five years	44.9%

The Trustees consider that the ARC Sterling Balanced Asset PCI index is an appropriate benchmark and the portfolio held by the Trust has performed in line with the overall performance of the ARC Sterling Balanced Asset PCI index.

The investment income for the year was £473,185 compared to estimated income of £128,000. The estimated income on the portfolio (excluding private equity funds) for the coming year is £282,974.

Reserves policy

At the balance sheet date the charity’s total funds amounted to £32,167,834 (2022: £33,260,938) of which, the charity’s free reserves held in the unrestricted funds were £63,115 (2022: £34,171) representing income which has not yet been distributed.

The charity free reserves protect its current activities, in order to allow the trustees to meet their responsibilities and to ensure that it continues to operate on a going concern basis. The trustees have examined the needs, risks and challenges faced by the charity in both the short and medium term, along with relevant financial forecasts, and have formulated a policy to meet those needs. The trustees’ policy is that all of the surplus income should be distributed through charitable donations but the free reserves representing undistributed income should not be less than one year’s operating expenses which are currently forecast as £20,000 (2022: £15,000). At 31 March 2023 the free reserves of the charity were therefore £43,115 (2022: £19,171) more than the target reserves.

Statement of trustees' responsibilities

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP (FRS 102);

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK accounting standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate.

4

REPM OF M TrU8T Audh Y QIIDeR OF ThE TRUSTEE*

INDEPENDENT AUDITOR’S REPORT

TO THE TRUSTEES OF FRANK BRAKE - CHARITABLE TRUST

Opinion

We have audited the financial statements of Frank Brake Charitable Trust for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charity’s affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

6

INDEPENDENT AUDITOR’S REPORT

TO THE TRUSTEES OF FRANK BRAKE - CHARITABLE TRUST

(continued)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on pages 4 to 5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was considered capable of detailing irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

7

INDEPENDENT AUDITOR’S REPORT

TO THE TRUSTEES OF FRANK BRAKE - CHARITABLE TRUST

(continued)

Extent to which the audit was considered capable of detailing irregularities, including fraud (continued)

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

• Reviewing minutes of meetings of those charged with governance;

• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

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

Date: 29 January 2024

8

FRANK BRAKE - CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 March 2023

		Unrestricted	Endowment	Total	Total funds
	Notes	funds	funds	funds	31.3.2022
Income and endowments from:
Investments
Income from investments	3	473,185	-	473,185	639,950
		________
Total income and endowments		473,185	-	473,185	639,950
		________
Expenditure on:
Raising funds
Investment management costs	4	65,416	-	65,416	69,208
Charitable activities	5	813,118	-	813,118	912,594
		________
Total expenditure		878,534	-	878,534	981,802
		________
Net (expenditure) and net
movement in funds before (losses)
and gains on investments		(405,349)	-	(405,349)	(341,852)
Net (losses)/gains on investments		(707)	(687,048)	(687,755)	1,787,210
		________
Net (expenditure)/income		(406,056)	(687,048)	(1,093,104)	1,445,358
Transfers between funds	10	435,000	(435,000)	-	-
		________
Net movement in funds		28,944	(1,122,048)	(1,093,104)	1,445,358
Reconciliation of funds:
Total funds brought forward		34,171	33,226,767	33,260,938	31,815,580
		________
Total funds carried forward	9	£63,115	£32,104,719	£32,167,834	£33,260,938
		_______ _______

All income and expenditure derives from continuing activities.

The notes on pages 13 to 18 form part of these accounts.

9

FRANK BRAKE - CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 March 2023

PRIOR YEAR COMPARATIVE FIGURES

		Unrestricted	Endowment	Total funds
	Notes	funds	funds	31.3.2022
Income and endowments from:
Investments
Income from investments	3	639,950	-	639,950
		__________
Total income and endowments		639,950	-	639,950
		__________
Expenditure on:
Raising funds
Investment management costs	4	69,208	-	69,208
Charitable activities	5	912,594	-	912,594
		__________
Total expenditure		981,802	-	981,802
		__________
Net (expenditure)/income and net
movement in funds before (losses)
and gains on investments		(341,852)	-	(341,852)
Net gains/(losses) on investments		4,044	1,783,166	1,787,210
		__________
Net income/(expenditure)		(337,808)	1,783,166	1,445,358
Transfers between funds	10	300,000	(300,000)	-
		__________
Net movement in funds		(37,808)	1,483,166	1,445,358
Reconciliation of funds:
Total funds brought forward		71,979	31,743,601	31,815,580
		__________
Total funds carried forward	9	£34,171	£33,226,767	£33,260,938
		______ ________

All income and expenditure derives from continuing activities.

The notes on pages 13 to 18 form part of these accounts.

10

A• •t 31 ¥•v¢h 20 31.J.202? Flx•d •s•• 31191581 33.288,224 C4Jffrnni •M•t• 315 1.406 1.406 7,053 8,7T3 Cr•dttw•. •moufit• du• tliNn y••r 1.721 133,S20) (29.LWI N•t •Wf•rt 124.747) £32.167.8J4 127.288) £33.260,938 Th• I￿4• •lth• ch#r. 63.115 34.171 io 1.107.404 YJ.897J15 £31167.O34 1,130.786 32.095,981 £33.280.93 Totsl ¢h•#y lynd• 8 J SÉNIO S• R WiiLSO Th• ith ￿ p*90• 1310 18 Icfft wl dihM• •ccoun 11

FRANK BRAKE - CHARITABLE TRUST

STATEMENT OF CASH FLOWS

For the year ended 31 March 2023

	Notes	Notes	31.3.2023	31.3.2022
Cash flows from operating activities		11	(860,892)	(974,024)
			____	____
Cash flows from investing activities
Payments to acquire investments			(9,213,348)	(6,277,957)
Receipts from sale of investments			8,994,949	7,409,182
Interest received			100,355	334,971
Dividends received			338,775	299,741
Share of private equity funds gains			13,873	2,514
			____	____
Net cash flow from investing activities			234,604	1,768,451
			____	____
Net cash flow from financing activities			-	-
			____	____
Net (decrease)/increase in cash and
cash equivalents			(626,288)	794,427
Cash and cash equivalents at 1 April 2022			1,205,524	411,097
			____	____
Cash and cash equivalents at 31 March		2023	£579,236 ____	£1,205,524 ____
			____	____
Cash and cash equivalents consist of:
Cash at bank awaiting investment	7		577,516	1,203,803
Cash at solicitors			314	315
Cash at bank			1,406	1,406
			____	____
Cash and cash equivalents at 31 March		2023	£579,236 _ _	£1,205,524 _ _

The notes on pages 13 to 18 form part of these accounts.

12

FRANK BRAKE - CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

31 March 2023

1 Accounting policies

Charity Information

The Frank Brake Charitable Trust is a Charitable Trust and an Unincorporated Charity in England and Wales. The registered office is C/o Gill Turner & Tucker, 2 County Gate, Stacey’s Street, Maidstone, Kent, ME14 1ST.

1.1

Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

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

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

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

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

1.2

Going concern

The trustees consider that there are no material uncertainties about the trust’s ability to continue as a going concern. With respect to the next reporting period the most significant areas of uncertainty that affect the carrying value of assets held by the trust are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management sections of the trustees’ annual report for more information).

1.3 Charitable funds

General funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and have no restrictions on their use.

The permanent endowment fund is held in perpetuity, whereas the capital of the expendable endowment fund can be used for the purposes of the charity if the trustees so determine. Each fund is allocated its proportion of gains and losses arising in the period. The income of the endowment funds is unrestricted and is included in general funds.

1.4 Income

Income is recognised 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 income will be received.

Investment income

Investment income is recognised on an accruals basis.

Donations

Donations and legacies are included when the charity is legally entitled to the income and the amount can be quantified with sufficient reliability.

13

FRANK BRAKE - CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

31 March 2023 (continued)

1.5 Expenditure

Expenditure is recognised when a liability is incurred on an accruals basis. Costs are classified as follows:

Costs of raising funds

The costs of raising funds consist of investment management costs and currency exchange differences.

All investment management costs were attributable to unrestricted funds.

Charitable activities

Costs of charitable activities include grants made and governance costs. Governance costs are those associated with constitutional and statutory requirements and are analysed in note 5.

Grant expenditure is recognised on an accruals basis in the year in which a legal or constructive obligation to pay the grant arises.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

1.6 Fixed asset investments

• Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities within particular sectors or sub sectors.

1.7 Realised gains and losses

• All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

1.8 Recognition of liabilities

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

1.9 Foreign currency translation

• Assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the exchange rate on the date of the transaction. Exchange differences are taken to the Statement of Financial Activities for the period.

2 Critical accounting estimates and judgements

• Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

No judgements or key assumptions were made in the preparation of the accounts.

14

FRANK BRAKE - CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

31 March 2023 (continued)

3	Income from investments
		31.3.2023	31.3.2022
		Unrestricted	Unrestricted
		funds	funds
	Dividends - UK funds	278,157	270,855
	- offshore funds	60,618	28,886
	Interest receivable - on cash deposits	21,719	105
	- on treasury bonds	9,137	-
	- on offshore bond funds	69,499	334,866
	Share of gains – private equity funds	13,873	2,514
	Foreign exchange gains	20,182	2,724
		___	___
		£473,185	£639,950
		___	___
		___	___
4	Investment management costs
		31.3.2023	31.3.2022
		Unrestricted	Unrestricted
		funds	funds
	Investment management fees	£65,416 _ _	£69,208 _ _

15

FRANK BRAKE - CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

31 March 2023 (continued)

5 Analysis of charitable expenditure

Analysis of charitable expenditure
	31.3.2023	31.3.2022
	Unrestricted	Unrestricted
	funds	funds
Grants payable
Grants to institutions (17 grants):
Alexander Devine Children’s Hospice	10,000	5,000
Brogdale Collections Orchard Project	10,000	-
Children with Special Needs	10,000	7,500
The Cure Parkinsons Trust	50,000	50,000
Demelza House Children’s Hospice	40,000	36,000
Home Start Ashford	50,000	40,000
Kent Community Foundation	120,000	130,000
The Kent Foundation	-	4,100
Kent Multiple Sclerosis Society Therapy Centre	80,000	60,000
Motor Neurone Disease Association	10,000	10,000
NSPCC	35,000	30,000
Parkinsons UK	200,000	400,000
Pilgrims Hospices in East Kent	25,000	35,000
Porchlight	15,000	13,000
Royal British Legion Industries	100,000	-
Thames Hospice	10,000	7,500
The Whitley Fund for Nature	20,000	70,000
Wye Tennis Club	10,000	-
	__	__
	795,000	898,100
	__	__
Governance costs
Legal fees (including trustee work – see note 13)	5,236	3,322
Auditor’s remuneration (see below)	12,882	11,172
	___	___
	18,118	14,494
	___	___
	£813,118	£912,594
	___	___
	___	___
Auditors remuneration
Audit fees	8,592	6,900
Non-audit services:
Accountancy	4,290	4,272
	___	___
	£12,882	£11,172
	_ _	_ _

6 Staff costs and trustees’ remuneration

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

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

Reimbursement of expenses totalling £Nil has been made to the trustees during the year (2022 : £Nil).

16

FRANK BRAKE - CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

31 March 2023 (continued)

7 Fixed asset investments

Movements in fixed asset listed investments

	31.3.2023	31.3.2022
Market value at 1 April 2022	32,084,421	31,428,436
Acquisitions at cost	9,213,348	6,277,957
Sale proceeds from disposals	(8,994,949)	(7,409,182)
(Loss)/profit on revaluation	(687,755)	1,787,210
	____	____
Market value at 31 March 2023	31,615,065	32,084,421
Cash at bank awaiting investment	577,516	1,203,803
	____	____
	£32,192,581	£33,288,224
	____	____
	____	____
Investments at market value comprised:
Equities	20,346,382	22,538,858
Bond funds	5,400,620	2,854,522
Private equity funds	566,298	632,065
Commodities	1,916,092	2,198,101
Hedge funds	1,804,292	2,761,239
Other funds	1,194,028	1,099,636
Alternatives	387,353	-
	____	____
	£31,615,065	£32,084,421
	____	____
	____	____
Historical cost	£24,898,129	£24,003,747
	_ _	_ _

The following investments comprised more than 5% of the listed investments portfolio:

	31.3.2023	31.3.2022
S&W Forest income fund	£5,389,782	£5,406,090
S&W Forest accumulation fund	£14,956,600	£17,132,768
Invesco Markets II US Treasury Bond	£1,631,569 ____	- ____
	____	____
Creditors: amounts falling due
within one year
	31.3.2023	31.3.2022
Accruals	£33,520	£29,007
	_ _	_ _

8 Creditors: amounts falling due within one year

17

FRANK BRAKE - CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

31 March 2023 (continued)

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

	Permanent Expendable
	endowment endowment Unrestricted
	funds funds funds Total
Investments	1,107,404 30,997,315 87,862 32,192,581
Net current (liabilities)	- - (24,747) (24,747)
	_________
	£1,107,404 £30,997,315 £63,115 £32,167,834
	_______ _______

Analysis of net assets between funds – year ended 31 March 2022

	Permanent Expendable
	endowment endowment Unrestricted
	funds funds funds Total
Investments	1,130,786 32,095,981 61,457 33,288,224
Net current (liabilities)	- - (27,286) (27,286)
	____________
	£1,130,786 £32,095,981 £34,171 £33,260,938
	________ __________

10 Analysis of endowment funds – year ended 31 March 2023

	Balance at Gains and Balance at
	01.04.2022 Income Expenditure (losses) Transfers 31.03.2023
Permanent
endowment	1,130,786 - - (23,382) - 1,107,404
Expendable
endowment	32,095,981 - - (663,666) (435,000) 30,997,315
	_________
	£33,226,767 £- £- £(687,048) £(435,000) £32,104,719 _________ _________

Analysis of endowment funds – year ended 31 March 2022

	Balance at Gains and Balance at
	01.04.2021 Income Expenditure (losses) Transfers 31.03.2022
Permanent
endowment	1,070,644 - - 60,142 - 1,130,786
Expendable
endowment	30,672,957 - - 1,723,024 (300,000) 32,095,981
	_________
	£31,743,601 £- £- £1,783,166 £(300,000) £33,226,767 _________ _________

The transfer of funds from the expendable endowment funds to unrestricted funds was made to finance charitable expenditure in the year in excess of available income.

18

FRANK BRAKE - CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

31 March 2023

(continued)

11 Reconciliation of net income to net cash flow from operating activities

	31.3.2023	31.3.2022
Net (expenditure)/income for year	(1,093,104)	1,445,358
Dividends receivable	(338,775)	(299,741)
Interest receivable	(100,355)	(334,971)
Share of private equity fund gains	(13,873)	(2,514)
Losses/(gains) on investments	687,755	(1,787,210)
Increase in debtors	(7,053)	-
Increase in creditors	4,513	5,054
	____	____
Net cash flow from operating activities	£(860,892)	£(974,024)
	_ _	_ _

12 Related party transactions

During the year payments of £5,236 (2022: £3,322) were made for legal and trustee services to Gill Turner Tucker in which M Trigg was a partner. M Trigg ceased to be a partner in Gill Turner & Tucker on 31 March 2023. At 31 March 2023 £1,848 (2022: £655) was owed to the partnership.

During the year payments of £10,567 (2022: £10,891) were made for investment expenses to F & W Family Investments Limited, a company in which Mr M Trigg and Mr P R Wilson are directors. At 31 March 2023 £3,230 (2022: £2,446) was owed to the company.

19