FRANK BRAKE - CHARITABLE TRUST (Reglstered Charlty Numbar 1023245) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FRANK BRAKE-CHARITABLE TRUST CONTENTS For the yèar ended 31 March 2024 Page Roference and admlnlstratlvo infom)atlon Roport of the trustees Indopgndenl audltor's report Statement of flnanclal actlvltles 9-10 Balance sh•ot 11 Statemént of cash flows 12 Note8 to the flnanclal statoments 13-19
FRANK BRAKE - CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE INFORMATION Charity reglstratlon number: 1023245 Trustees: Richard Brake Michelle Leveridge Stephanie Senlor Michael Trigg Philip Wilson (Chair) Officlal address: Clo Gill Tumer Tucker 2 County Gat8 Stac8y's Street Maidstone Kent ME14 1ST Audltor: Azets Audlt Services 181 Floor River House 1 Maidstone Road Sldcup K8nl DA14 5RH Sollcltors: Glll Turner Tucker 2 County Gate Stacey's Street Maid8tone Kent ME14 1ST Investment Managers: Cazenove Capital 1 London Wall Place London EC2Y SAU
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 2024. Structure, governance and management The Frank Brake Charitable Trust is an unincorporated trust, conslituted 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 establlshed by an Inltial glft 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 obj8Ctives 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 charltable causes. The trustees have drawn up a comprehensive Code of Governanc8 which provides a detsiled summary of the trust's objeclives, strategies and process. This Code wlll be kept under constant review and updated as necessary. Trustees are appointed by the existing trustees. Thera is no formal inductlon process but new trustees are advised of their role, r88ponsibilities and duties by Ihe exlstlng Irustees. The trustees have an annual formal meeting to consider grant maklng, Investments, reserves and pollcles. The day to day administration18 carried out by the trustees. Rlsk management The trustees have reviewed the major risks to which the charity is exposed and systems have been established to mitigate these risks. ObJeGtlvo3 and actlvltles for the publlc benefit The Frank Brake Charitable Trust directly supports 8 defined list of chariti88 established through relationships developed with the Trustee Board. This list is regularly revlewed and actlvely managed. Local medium and small charitable causes ar8 primarily 8UPPOrted through the Trust's relatlonship with the Kont Community Foundation. Unsollclted dlrect appllcations to the Trust are not encouraged. The trustees have complied with thelr duty under Section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidanc8 on public benellt thereln. The trustees have given particular consideration to their future vlslon of the charlty's activities with regard to continuing to provide public benefit. The trust has nol undertaken any fundrai8ing activities during the year. AchIevnentS and perforrnanGe During the year th& charfty made charitsble donations of £900,000 (2023: £795,000) to charitable institutions. R•lated partles Details of related partie8 are provided in Note 13 to the accounts. Flnanclal revlew Durfng the year ended 31 mSh 2024 the charity received gifts totalling £5,000,000 (2023: £nil) from the estate of the late Frank Brake. The income from investments durlng the yearwas £650,590 (2023.. £473,185). Charitable donations totalling £900.000 (2023: £795.000) were made to charitable institutions. As at 31 March 2024. the charity had free reseNes amounting to £45,856 (2023: £63.115) after transferring £320,000 from th8 Expendable Endowment Fund. The endovmient funds at that date were £40,433.306 {2023: £32,104,719).
FRANK BRAKE- CHARITABLE TRUST REPORT OF THE TRUSTEES (contlnued> Investment policy and perforniance 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 hav8 engaged Cazenove Capital as investment managers and Ihe investment strategy is geared towards capital growth. The charities which look to the Frank Brak8 Charitable Trust for financial support are in general in need of additional funding but the trust88s will manag8 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 reduc8 the risk profile down slightly by agreeing not to invest any fvrther 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 investrnent performance of the portfollo is as follows:_ Investment p•rfornianGe Over one year Over three years Over five years Portfollo 12.6% 20.2% 53.3Yo The Trustees consider that the ARC Sterllng Balanced Asset PCI index is an approprSate benchmark and the porffolio held by the Trust has performed in line with the overall performance of the ARC Sterllng Balanced Asset PCI index. The Investment Income for the year was £650,S90 compared to estlmated Income of £282.974. The estlmated income on the porfolio (excluding private 8qUity funds) for the comlng year is £414,275. Reserves pollcy At the balance shaet date the charty's total fund8 amounted to £40,479,162 (2023: £32.167.834) of whlch. the charity's free reserves held in the unrestricted funds were £45,856 (2023: £63,115) represents'ng income whlch has nol yet been distributed. The charity free reserves protect Its current activities, in order to allow the trustees to meat thelr responsibllltles and to ensure that it continues to oper8te on a going concem basls. The trustees have examined the needs, risks and challenges faced by the charlty In both the short and medium lerm, along with relevant financial for8ca8ts, and have formulated a policy to meet those need8. The trustees, policy Ss that all of the surplus Incom8 should be distributed through charitable donations but the free reserves r8pr8senting undlstrlbuted Income should not be less than one year's operating expenses whlch are currently ft>recast as £35.000 {2023: £20.000). At 31 March 2024 the free reserves of the Gharity were therefore £10,856 (2023: £43,115) more than the target reserves. Statement of trustees. responslbllities The Trustees are responsible for preparlng the Truslees. Report and the financial statements in accordanc8 with applicable law and Unlted Klngdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards). The law applicable to charities in England and Wales requlres the truslees to prepare financial statements for each financial year which give a true and falr vlew of the state of affairs of the charty and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the truslees are requlred to: select suitable accounting policies and then apply them consistently; observe Ihe methods and principles In the Charities SORP (FRS 102); make Judgemenls 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 stalements: and prepare the financial statements on the going concern basis unless it is inappropriate to presume that th8 charity will continue to operate.
FRANK BRAKE. CHARrrA8LE TRUST RepoRT OFThE TRU8TeE8 8tAt•m•iit ol lrn¥t••¥' M•wi•lblllUM leonllnu•d) Th• InJ8l••B or• r•JyJn8tbl• torknpEng •dMuoi• SeetIng r•¢<d$ th8iw• •ypl• tho trn#acJon4. dlth• wllh rea8onable 8rArnv/ 8t any tlmè the ilnafid•l p111(4} ol thr• tharty and •Mblo thom tc en8urn that tho flnMdAI 8ltémont• Caynfty wth th• CharfUo1 Ael 2011, thè Char (Accwnts and RW¥l R•llulaltryw 2008 and the prn¥aBlon8 01 th8 coftlllthon. Th6y w• al rnwJtyMlbl• ftK o•le9uMdlng th¢ of Ih drty nd h•rt¢• fw thkkng rn•iQn•o qt•pJ Iw th• evMUon ond d•t•clkm olhud •nd olhw Irryth. Tho tyu8w wied i lo •ppoknl Az•W Audl iudll(n 10 th• thablty. A lo Az•l Audl S•rvlc# •5 ludlth b• 81 Itkg annu¥l m•6Ib. OY ORDEA QP ThE TRUSTEE D•t•: £ty- JQLS
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF FRANK BRAKE- CHARITABLE TRUST Opinlon We have audited the financial statements of Frank Brake Charitable Trust for the year ended 31 March 2024 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 Repong Standard applicable in the UK and Republlc 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 2024 and of its incoming resources and application of resources, IncludSng Its Income and expenditure for the year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounling PractiC8,' and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with Intemational Standards on Auditing (UK> {ISAs (UK)) and appllcable law. Our responsibilities under those stsndards are further described in the Auditor's responsSbllltSes for the audit of the financial statements section of our report. We ar8 ind8pend8nt of the charity in accordance wlth 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 wlth these requlrements. We believe that the audit evidence we have obtained 18 Sufficient and approprlat8 to provlde a basls for our opinion. Concluslons r•latlng to golng concern In auditing the financial statements, We have concluded that the trustees, use of the going concem basis of accounting in the prep8ration of th8 financial statements is approprSate. Based on Ihe work we hav6 performed, we have not Identified any material uncertainties relating to events or conditions that, individually or collectlvely, may cast significant doubt on the charittys ability to continue as going conrn for a period of at least bNelv6 months from when the financial statements are authorised for issue. Our responslbllltles and the responslbllitles of the trustees with respect to going concern are descrlbed In the relevant sectlons of th18 report. Other Inforniatlon 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 oplnlon on the financial statements does not cover the other infomiation and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other Infomiation and, in doing so. consider whether the other information is materially inconslstent with the financial statements or our knowledge obtained in the audit or othenvise appears to be materially misstated. If we Identfy such material inconsistencies or apparent material misstatements. we are required to determlne whether thls 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 misststement of this other information, we are required to report that fact. We have nothing to report in this regard.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF FRANK BRAKE - CHARITABLE TRUST (¢ontlnued) Matters on whlch we are requSred to report by excepllon We have nothing to report in respect of the following matters in relation to which the CharRles (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 truste8s' report. or suffici8nt accountlng records have not been kept. or the finandal statements are not in agreement with the accounting records and returns. or we have not reGeived all the information and explanations we requlre for our audlt. R•$ponslbllltles of trustees As explained more fully in the trustees. responsibilities ststement set out on pages 4 to 5, the trustees are responsible for the preparation of the financial ststements and for belng satlsfled that they give a true and faSr vlew, and for such internal control as the trustees determine Is necessary to enable the preparation of financlal ststaments thet are free from material misstatement, whether due to fraud or error. In preparing the financial ststements, the trustees are responslble for assessing the charity's abilty to continue as a going concern, disclosing, as appllcable, matters related to going concern and using the going concern basis of accounting unless the trustees erther Intend to Ilquldate the charity or to cease operations, or have no realistic alternative but to do so. Audltor's responslbllltles for the audlt of the financlal statements We have been appointed as audltor under section 144 of the Charities Act 2011 and report in accordance wilh the Act and r818vant regulatlons made or having effect thereunder. Our objactlves ar8 to obtaln reasonable assurance about whether the financial statements as a whole are free from material mlsstatement, 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 wSth ISAS (UK) will always detect 8 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 b8 expected to Influence the economic derisions of users taken on the basis of these financial statements. Extent to whlch the audlt was consldered capable of detalllng Irrngularltles, Includlng fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responslbllit5es, outlined above, to detect material misstatemenls in re8p8Ct of Irregularities, including fraud. We obtain arKI update our understandlng of the entty, its acts'vities, its control environment, and likely future developments, including In relatlon to the legal and regulatory framework applicable and how the entty 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 sufficSent and appropriate to provide a basis for our opinion. This includes considerats'on of Ihe risk of acts by the entlty that were contrary to applicable laws and regulations, including fraud.
INDEPENDEKf AUDITOR'S REPORT TO THE TRUSTEES OF FRANK BRAKE - CHARrrABLE TRUST (contlnued) Extent to which the audlt was consldered capable of detalllng Irregularltles, includlng fraud {¢ont5nued) In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, v designed procedures which induded.. Enquiry of management and those charged with govemance around actual arKI potential Iltlgation and claims as well as actual. suspected and alleged fraud. Reviewing minutes of meetings of those charged with governanc8; Assessing the extent of compliance with the18ws 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 comlance with applicable laws and regulations; Performing audit vrfork over the risk of management bias and override of controls, induding testing of journal entries and other adjustments for appropriateness. evaluating the business rationale of significant transactlons outslde the normal course of buslness and revlewlng accountlng estlmates for Indlcators of potentSal blas. 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 rlsk Increases the rnore that compliance with a law or regulation is removed from the events and transactions refiected in the financlal statements, as we will be less likely to become aware of instances of non- compllance. The rlsk of not detecting a material misstatement resulting from fraud is higher than for one resultlng from error, as fraud May involve collusbn, forgery, Intentional omission8, misrepresentstlons, or the overrlde of Internal control. We communlcate wlth those charged wlth governance regardlng, among other matters, the planned scope and tlmlng of the audit and significant audlt findlws, Includlng any slgnlficant deflclencles In Internal control that we Identlfy durlng our audit. A further descripts'on of our responsibilities for the audit of the financial statements is located on Financial Reporting Council's website at: ww.frG.or .uklauditorsres onsibilities. This description forms part of our auditorfs report. U80 of our report This report is made 8olely to the charlty's trustees. as a body. In accordance wSth Part 4 of the Charftles (Accounts and Reports) Regulatlons 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 auditorfs report and for no other purpose. To the fullest extent permitted by law, do not accept or assume responsibility to anyone other than the charity and the charity's trustees as 8 body, for our audit work, for this report, or for the opinions we have formed. Azets Audit Services (Senior Statutory Audltor) Chartered Accountants Statutory Auditor 1 st Floor River House 1 Maldstone Road Sidcup Kent DA14 5RH Date: 24 January 2025 Azets Audit ServiGe5 15 eligible to act as auditor in tems of sectDJn 1212 of the Cornpanie5 Act 2006.
FRANK BRAKE- CHARITABLE TRUST STATEMENT OF FINANCIAL ACTMTIES For the year ended 31 March 2024 Unrestrlcted funds Endowment funds Total Total funds funds 31.3.2023 Notes Income and endowments from: Donatlons Glfts of expendable endowment 5,000,000 5,000,000 Investments Income from Investments 650,590 650,590 650,590 5,650,590 473,185 473,185 Totsl Income and endowments 5,000,000 Expendlturo on: Raising funds Investment management costs 70,234 70,234 65,416 Charftable a¢tlvttle8 924.788 995,022 924,788 995.022 813,118 878.534 Total expendltur• Net In¢omel(expendlture) and net movement In fund8 before (losses) and galns on Investments (344,432) 5.000,000 4.655.568 (405,349) Net gainsl{losses) on Inveslments Net Incomel(expendlture) 7,173 (337,259) 3,648,587 8,648,587 3,655.760 (687,755) (1,093,104) 8,311,328 Transfers between funds 11 320,000 (17,259) (320,000) 8,328,587 Net movement In funds 8,311,328 (1,093,104) Reconclllatlon of funds: Total funds brought forward Total funds carrled forward 63,115 £45,856 32,104,719 32,167,834 33,260,938 £40,433,306 £40,479,162 £32,167,834 10 All income and expendlture derives from Gonlinulng activities. The notes on pag8s 13 to 19 fOn part of these accounts.
FRANK BRAKE.CHARrrABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 March 2024 PRIOR YEAR COMPARATIVE FIGURES Unrestrlcted Endowment Total funds funds funds 31.3.2023 Notes Income and endowments from: Inv8Stments Income from Investments 473,185 473.185 473,185 473.185 Total Income and endowments Exp•ndltur• on: Raising fvnds Investment management CO8t8 65,416 65,416 Charltable activitles 813,118 878,534 813,118 878,534 Total expendllure Net (oxpendlture)Ilncome and net mov•m•nt In funds before (losses) and galns on Investments (405,349} (405,349) Net (lossesygalns on investments Not (•xpendlture)Ilncome (707) {687,048) (687,755) (406,056) {687,048) <1,093,104) Transfers between funds 11 435,000 (435,000) 28,944 (1,122,048) (1,093,104) Net movement In funds Re¢onGlllatlon of funds: Total funds brought forward Total funds carrled forward 34,171 33,226,767 33,260,938 £63,115 £32,104.719 £32,167,834 10 All income and expenditure d8rives from continuing activilies. Tha notes on pages 13 to 19 form part of these accounts. 10
FRANK BftAKe. CHARifABLE 7RiI8T BALANCE SHEET A• al JI M•r¢h 2024 31JA02> Flxid •J••ts In¥rflm•nts AQ638,053 32,192.581 197 1.408 7.532 9,13S Cmh •1 bank Oih•i d•blm Ih06 7,063 8,T13 Cr•dhm: Amoun1• 14llln9 du• wnhln on• y•ir (68,026 13J,620) N•1 ¢um)nt (Il•blllll•l T•tal Il•t ••••l• (SJ,Og1) £40,479.162 (24.741) rJ2,187,834 Th• olth• Ch. UnMtrt¢t•d lund• 45,856 63,115 End•In¢ lund• 11 1.233,2FI 39,200.049 £40,479,102 1,107,404 30.997,310 C32.167,8J4 Expond•bh Tpl•j ¢h.wlty fvnd• 10 vod bytha on 14 I, I Zc)IS- Th8 on p880s 13 18 lrym pwl o1thè18 aLC17unt&
FRANK BRAKE - CHARITABLE TRUST STATEMENT OF CASH FLOWS For the year ended 31 March 2024 Notes 31.3.2023 Cash flows from operatlng activities 12 (967.316) (860,892) Cash flows from investing activities Payments to acquire investments Receipts from sale of investments Interest received Dividends received Share of private equity funds gains Net Gash flow from Investlng actlvttles (8,842,504) 4,706,208 197,079 453,841 5,991 (3,479,385) (9,213,348) 8,994,949 100,355 338,775 13,873 234,604 Cash flows from financing gctlvities Receipt of expendable endowment Net cash flow from flnanclng actlvltles 5.000,000 5.000,000 Net Increasel{decroase) In cash and cash equlvalents 553,299 (626,288) Cash and cash equlv81ents at 1 Aprll 2023 Cash and cash •qulval•nls at 31 Mar¢h 2024 579,236 £1,132,535 1,205,524 £579,236 Cash and cash equivalents consist of: Cash at bank awaiting investrnent Cash at solicitors Cash at bank 1,130,932 197 1.406 £1,132,535 577,516 314 1,406 £579,236 Cash and ush equlvalenls at 31 March 2024 The notes on pages 13 to 19 fom part of these accounts. 12
FRANK BRAKE - CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS 31 March 2024 Accountlng policios Charlty Informatlon The Frank Brake Charitable Trust is a Charitabla Trust and an Unincorporated Charity in England and Wales. The registered office is Clo Gill Turner & Tucker, 2 County Gate, Stacey's Street, Maidslone. Kent. ME14 1ST. 1.1 Accountlng conv•ntlon The financial statements have b88n pr8par8d in accordanc8 with th8 charity's governing document, the Charities Act 2011 and 'Accounting and Reporting by Charities: Statement of Recommended Practice applicabl8 lo charities preparing th8ir accounts in accordance with the Financial Reporting Standard applicable in the UK and R8publi¢ of Ireland (FRS 102) (effective 1 January 2019).. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide 8 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 Praclice which is referred to in the Regulations but which has since been vmthdrawn. The financlal statements are prepared in sterling, which is the fundional currency of the charity. Monetary amounts in these financial statement8 are rounded to the nearest £. The financl81 statements have been prepared under the historical cost convention, modified to include the revaluatlon of Ilsted Investments. The principal accounting policies adopted are set out below. 1.2 Golng Goncem The trustees consider that ther8 are no material uncertainties about the trust's ablllty to contlnue as a going concern. With respect to the next reportlng perlod the most slgnlficant areas of uncertalnty that affect the carrylng value of assets held by the trust are the level of investment return and the performance of investment markets (see the investment policy arKI performance and risk management sections of the truslees. annual report for more information). 1.3 Charltsble funds General funds are avallable for use at the discretion of the trustees in furtherance of the general objectives of the charlty and have no restrictions on their use. The permanent endowment fund Is held In perpetulty, whereas the capltal of the expendable endowment fund can be used for the purposes of the Gharity rf the truslees so determine. Each fund is allocated its proportion of gains and losses arising in the period. The income of th8 8fKJowment funds 18 unrestricted and 18 included in general funds. 1.4 Incom• 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 thal income will b8 received. Inv8sÈm8nt incom8 Investment Income Is recognised on an accruals basis. Donations Donation5 and legacies are included when the charity Is legally entltled to the Income and the amount can be quantified with sufficient reliability. 13
FRANK BRAKE- CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS 31 March 2024 (contlnued) 1.5 Expendllure Expenditure is recognised when a liabilty is incurred on an accruals basis. Costs are cl8ssified 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 activitss Costs of charltable activities include grants made and governance costs. Governance costs are those associated with constitutional and statutory requirements and are analysed in note 6. Grant expenditure Is recognlsed on an accruals ba818 In the year In whlch a legal or constWve obligation to pay the grant arises. Irrecoverable VAT is charged as an expense against the activity for which axpenditure arose. 1.6 Flxed asset Investmonts Investments ar8 a form of basic financial inslrument and are inltially recognised at their transactlon value and subsequently measured at their value as at the balance sheet date using the closing quoted market prfce. The statement of financial actlvitles Includes the net galns and losses arlslng on ravaluation and di8posals throughout the year. The main form of financlal rlsk faced by the charty Is that of volatlllty In equlty m8rkets and Investment markets due to wider economic conditions, the attitude of investors to investment rigk, and changes in sentiment concerning equities within particular sectors or sub sectors. 1.7 Reallsed galns and losses All gains and losses are taken to the Statement of Financial Activities a8 they arise. Realised gains and losses on investments are calculated as the drfference beeen sales proceeds and their opening carrying value or their purchase value rf acquired subsequ8nt to th8 first day of the financial year. Unrealised gains and losses are calculated as the dlfference between the falr value at th8 year end and theSr carrylng value. RealSsed and unreallsed Investment gains and losses are comblned In the Statement of Financial Activities. 1.8 Recognltlon of Ilabllltles Liabilities ar8 recognised when an obllgatlon arlse8 to transfer economlc benefits as a result of past transactlons or events. 1.9 Forelgn curr•ncy translatlon Assets and liabilities denominated in foreign currencies are translated Into sterling at the rates of 8xchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterllng at the exchange rate on the date of the transaction. Exchange differences are taken to the Statement of Financial Activities for the period. Crltlcal accountlng estlmates and Judgements Accounting ests'mates and judgements are continually evaluated and are based on historical experience and other factors. including expectations of future evenls 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 2024 (contlnued) Income from donatlons 31.3.2024 Endowment funds 31.3.2023 Endowment funds Legacy receiv8d from Settlor's Estat8 £5,000,000 Income from Investments 31.3.2024 Unrestrlcted funds 31.3.2023 Unrestrfcted funds Dividends UK funds - offshore funds 286,568 167,273 278,157 60,618 Interest rec8lvable - on cash deposits - on treasury bonds - on UK bond funds - on offshore bond funds 41,811 32,275 24,107 98.886 21,719 9,137 69.499 Share of gains - private equity funds 5,991 13,873 Foreign exchang8 (lossasygalns (6,321) £650,590 20,182 £473,185 Investment management costs 31.3.2024 Unre$trl¢ted funds 31.3.2023 Unrestrlcted fund8 Investment management fees £70,234 £65,416 15
FRANK BRAKE - CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS 31 March 2024 (contlnued) Analysls of ¢harltable expendlturo 31.3.2024 Unrestrlcted fund3 31.3.2023 Unrestrlcted fvnds Grants payable (number of grants 21) Alexander Devine Children's Hospice The Big Cat Sanctuary Brogdale Collections Orchard Project Children with Special Needs The Cure Parkinsons Trust Demelza House Children's Hospice Folkestone Leas Home Start Ashford Kent Cha15enger Games Kent Community Foundation Kent Multiple Sclerosis Society Therapy Centre London South Bank University Motor Neurone Disease Association NSPCC Parklnsons UK Pllgrlms Hosplces In East Kent Porchllght River Action UK Royal British Leglon Industr189 Thames Hospice The Whitl8y Fund for Nature Wye Tennls Club 15,000 5,000 10.000 10,000 60,000 50,000 20,000 60,000 5,000 135.000 100.000 10,000 15,000 40,000 200,000 25,000 20,000 5,000 10,000 10,000 10,000 50,000 40,000 50,000 120,000 80,000 10,000 35,000 200,000 25,000 15,000 100,000 10,000 20,000 10,000 15,000 100,000 900.000 795.OlX) Governanc• costs Legal fees (including trustee work- see note 13) Trustee expenses Auditor's remuneration (see below} 5,516 444 18,828 5,236 12,882 24.788 18.118 £924,788 £813,118 Audltors remuneratlon Audit fees Non-audit services: Accountsncy 12,300 8,592 6.528 4.290 £18.828 £12.882 16
FRANK BRAKE - CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS 31 March 2024 (continued) Analysls of charitsble expendlture (contlnued) Reconciliation of donations payable 31.3.2024 31.3.2023 Commitments at 1 April 2023 Commttments in the year Donatlons paid in the year Commitments at 31 March 2024 900,000 (870,000) £30,000 795.000 (795,000) Commltments at 31 Mah 2024 are payable as follows: Within one year After more than one year CommÉtments at 31 March 2024 30,000 £30,000 Staff cost$ and tru$t•es' remuneratlon The charity had no full-tlme equlvalent employees, excludSng trustees durlng Ihe year (2023 . NII). The trustees neither recelved nor walved any emoluments during the year (2023: £Nil>. Reimbursement of expenses totalllng £444 has bean made to the trust8e8 durlng the year (2023 . £Nil), Flxed asset Inveslment8 Movements In flxed asset Ilsted Investment$ 31.3.2024 31.3.2023 Market value at 1 April 2023 Acquisitions at cost Sale proceeds from dlsposals ProfiU(loss) on revaluation Market value at 31 March 2024 Cash at bank awaits.ng investment 31,615,065 8,842,504 (4,706,208) 3,655,760 39.407.121 1.130,932 £40,538,053 32.084,421 9,213,348 {8,994,949) (687,755) 31,615,065 577,516 £32,192,581 Investments at market value comprised: Equiti88 Bond funds Private equity funds Commodities Hedge funds Other funds Alternatives Cash liquidity fund 27,257,667 6,387.792 518.464 1.915,796 1,181,044 1,446,358 20,346,382 5.400.620 566,298 1.916,092 1,804,292 1,194,028 387,353 700,000 £39,407,121 £31,615,065 17
FRANK BRAKE- CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS 31 March 2024 (Contlnued) Flxed assets Investments {contlnued) 31.3.2024 31.3.2023 Hlstorical cost £29,182.749 £24.898.129 The following investments comprised more than 5°/0 of the list8d investments portfolio: 31.3.2024 31.3.2023 Forest Fund income unlts For8St Fund accumulation units Invesco Markets11 US Treasury Bond £6,191.202 £21,066,465 £5,389,782 £14,956,600 £1,631,569 Credltors: amounts falllng due wlthln one year 31.3.2024 31.3.2023 Accruals DonatSons 38,026 30.000 33,520 £68,026 £33,520 10 Analysls of net assets between funds - year ended 31 March 2024 Pérmanént endowmont fund$ Exp•ndable endowment Unr•8trlcted funds funds Total Investments Net current {liabilities) 1,233,257 39,200,049 104,747 (58,891) £45,856 40,538,053 (58,891) £40.479,162 £1,233,257 £39,200,049 Analysls of not assets between funds- year ended 31 March 2023 Permanent endowment funds Expendable endowment Unrestrlcted fvnds funds Total Investments Net current (liabilitles) 1,107,404 30,997,315 87,862 (24.747) £63,115 32,192,581 (24.747) £32,167,834 £1,107,404 £30,997,315 18
FRANK BRAKE-CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS 31 March 2024 (continued) 11 Analysls of endowment funds- year ended 31 March 2024 Balance at 01.04.2023 Galns and Balance at (lossos) Transfers 31.03.2024 Incom• EXndItUrn Permanent endowment Expendable endowment 1,107,404 125,853 1,233,257 30.997.315 5,000,000 £32,104,719 £5,000,000 3.522.734 (320,000) 39,200,049 £- £3,648.587 £(320,000) £40,433,306 Analysls of endowment funds - yoar ended 31 March 2023 Balance at 01.04.2022 Galn8 and Balance at {losses) Transfers 31.03.2023 Income Expendlture Perm8n8nt endowm8nt Expendable endowment 1,130,786 (23,382) 1,107,404 32,095,981 £33.226.767 (663,666) (435,000) 30,997,315 £- £(687,048)£{435.000) £32,104,719 The transfer of funds from the expendable endowment funds to unrestricted funds was made to finance charltable expendlture In the year In excess of avallable Income. 12 Reconclllatlon of net Income to net cash flow from operatlng actlvltlos 31.3.2024 31.3.2023 Net incomel{expenditure) for year Dividends receivable Interest receivable Share of private equity fund gains Receipt of endowment {Gains)Ilosses on investments Increase in debtors Increase in creditors 8,311,328 (453,841) (197.079) {5.991) (5,000,000) <3,655,760) (479) 34,506 (1.093.104) (338,775) (100.355) (13,873) 687,755 (7,053) 4,513 Net cash flow from operatlng actlvllles £(967,316) £(860.892) 13 Related party transactlons In the previous year payments of £5.236 were made for legal and trustee services to Gill Tumer Tucker in which M Trigg was a partner, and at 31 March 2023 £1,848 was owed to the partnership. M Trigg ceased to be a partner in Gill Tumer & Tucker on 31 March 2023. During the year payments of £10.625 {2023: £10.567) were made for investrnent expenses to F & W Famlly Investments Llmlted. a company in whlch Mr M Trlgg and Mr P R Wllson are dlrectors. At 31 March 2024 £1,942 <2023: £3,230) was owed to the company. 19
FRANK BRAKE- CHARrrABLE TRUST INCOME AND EXPENDITURE ACCOUNT For the year onded 31 MarGh 2024 31.3.2023 Gross incomo Dividends United Kingdom Offshore 286.568 167.273 278,157 60,618 Interest receivable On cash deposit On treasury bonds On UK bond funds On offshore bond funds Share of interest- private equity funds 41,811 32,275 24,107 98,886 21,719 9,137 69,499 Share of gains - private equity funds 5,991 13,873 Forelgn exchange (lossyproflt (6,321) 650,590 5,000,000 5.650.590 20,182 473,185 Legacy received from Settlor's Estate 473,185 Les$: Accountsncy fees L8gal and trust88 f888 Trust88 8xpen888 Audit fees Investment expenses 6,528 5,516 444 12,300 70,234 95,022 5,555,568 4,290 5,236 8.592 65,416 83.534 389,651 Less: Grants 900,000 795,000 £(405,349) N•t surplusl(defl¢lt} for the year £4,655,568 This page does not fom part of the financial statements 20