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.
AchIev￿nentS 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 mS￿h 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• torkn*pEng •dMuoi• See￿￿tIng r•¢<*d$ th8iw• •ypl•
tho tr*n#acJon4. dlth• wllh rea8onable 8rArnv/ 8t any tlmè the ilnafid•l p￿111(4} ol thr• tharty
and •Mblo thom tc en8urn that tho flnMdAI 8l*témont• 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 d￿rty *nd h•rt¢• fw thkkng rn•iQn•￿o qt•pJ Iw th•
evMUon ond d•t•clkm olhud •nd olhw Irry￿th.
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 Repo￿ng 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 con￿rn 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
com￿lance 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 fO￿n 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 constW￿ve
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 be￿een 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 Ma￿h 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• EX￿ndItUrn
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