Charity registration nufflber 10232451England and Wales) THE FRANK BRAKE CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE FRANK BRAKE CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Rlchard Brake Mlch8lle L8verldge Stephanie Senior (Chalr) Micha81 Trfgg Philip Wllson Charity number 1023245 Principal address clo Brachers 2 County Gate Stscevs Street Maldstone Kènt UnÉted Kingdom ME14 1ST Auditor Azets Audit Services First Floor River House 1 Maidstone Road Sldcup Kent United Klngdom DA14 5RH Solicitors Brachers 2 County Gate staceys Street Maidstone Kent United Kingdom ME14 1ST Investment advisors Cazenove Capital 1 London Wall Place London EC2Y SAU
THE FRANK BRAKE CHARITABLE TRUST CONTENTS Page Trustees, report statement of Trustees, rèsponsibilili8S Independent auditors report statement of financial activiiies Balance sheet statgment of cash flows 10 Notes to the financial statem8nts 11-22
THE FRANK BRAKE CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 Th6 Trustees present Ihelr annual report and financial stat8ments for the year ended 31 March 2025. structure. govemance and management The Frank Brake Charitabl8 Trust is an unlncorporaled trus( eonstituted under a Trust Deed dated 17 May 1993. It is réglstered as a charlty with the Charity Commission In England and Wales, charity number 1023245. The trust was established by an initial glft from Frank BTakg,wlth additional glfts through the y8ar8 and he left a legacy donation In hls will in 2018. The trust does not actively fund-ralse and seeks to carry out its objectives through the stewardship of Its existlng resources. Frank Brake was a very successful businèss man and entrepreneur who, wlth his two brothers, built and estsbllshed an intematlonal food dlstrlbution buslness with Its headquarters based In Kent. He was always passionate about helping people make the best of thelr Ilves and b6lleved in the importance of building supportlv8 communltles. Frank Brake sadly passed away in December 2018 and in line wlth his wishes. th8 Frank Brake Charitabl8 Trust contlnues its charitable activilies. The TTUSteas will be honouring Frank's mamory and wlshes for the Charitable Twst In the way they approach thelr support of charitable causes. The Trustees have drawn up a comprehensive Code of Govemance which provldes details of the objectives, strategies and proc8ss used withln the trusl. This is revi6wed and updated annually. Trustees are appointed by unanimous agreement of the existlng Trust8es. There is no fomal Induction process but new Trustees are advis8d of their specific resFonslbilities, rol8 and dutles within th8 trust by the other Truste8s. New Trust88s who have no previous Trust88 experienc8 wlll undergo general tralning as r8commended by the Charity Commission. The Trustees have an annual meeting to conslder grant maklng proposals, investments and reseNes policies. The day-to-day administratlon is carrled out by the Trustees. Rlsk management The Trustees have reviewed the malor risks to whlch the charlty Is exposed which focus primarSly on financlal risks. Systèms and proc8S8es have been establlsh8d to mitigate these risks. Objectives and actlvities The Frank Brake Charftable Trust directly supports a d8flned list of charities estsblished through relationshlps developed with Ihe Trustees. Thls Ilst is activèly manag8d and regularly reviewed by the Trustee Board. Local small and medium Kent based charities are pdmarily supported through the Trust's relatlonship with the Kent Community Foundation. Unsolicitad dlrect applicatlons to the Trust or its Trustees are not encouraged. Thé twstees have complied wlth their duty undgr S8Ctlon 17 of the Charltles Act 2011 to have du8 regard to the Charity Commission's general guidance on public benefit therein. Th8 trustees have given particular conslderatlon to their future vision of the charity's activities with regard to continuing to provide public benefit. Th& trust has not undertaken any fundraising activltles during the year. Achievements and performance During the year the charity made charitable donations of £1,452.500 (2024: £900,000) to charitablo institutions. Related partles Details of related parties are provided in Not8 18 to the accounts. Flnancial revlew Durfng the year 8nded 31 March 2025 the charity received glfts totalling £nll (2024., £5,000,000) from the 8state of the late Frank Brake. The income from investments durfng the year was £823,265 {2024: £650,590). Charitable donatlons totalling £1,452,500 {2024= £900,000) were made to charitable Institutions. As at 31 March 2025, the chafiiy had free res8rves amounting to £223,626 12024: £45,856) after transferring £900,000 from the Expèndable Endowment Fund. The endowment funds at that date were £39,636,119 {2024.' £40,433,306).
THE FRANK BRAKE CHARITABLE TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Investmenl policy and performance In accordance with th8 Trust Dead, the trustees have the power to invest in such stocks, shares, Investments and property as they spe fit. The trustees have engaged Cazenove Capital as investmènt managers and the investment strategy is geared towards capital growth. The charities whlch look to the Frank Brake Charltable Trust for financlal support are in gÉnaral in need of additional funding but the trustees will manage thèlr expectatlons in order to protect the trust's financlal resourc8S. In 2021 the trustees r8assessed th8 rlsks involv&d with investing the charity's funds and d8clded lo reduce thè rlsk profflle down sllghtly by 8gr8elng nol to Invest any further In privale 8qulty or property funds. The exlsting investments of this type will continue to be run down and liquidated over th8 next few y8ars. The investment perfonnance of the portfolio Is as follows'.- Portfolio 1.9% 13.9% 60.1% Investment perfomiance Over on8 year Over three y8ars Over five years The Trusteès consider that the ARC GBP Steady Growth PCI Index Is an approprlate benchmark and th@ portfollo held by the Trust has performed In Ilne wlth the overall performance of thè ARC GBP St8ady Growth PCI Index. The investm8nt incom8 for th9 y8ar was £823,265 compared to estlmated income of £414,275. The estimated income on the portfolio (excluding prlvate equlty funds) for the o)mlng year is £331.774. Reserves Pollcy At the balance sheet date the charlty's total funds amounted to £39,859,745 (2024: £40,479,162) of which, the harity's free reservas held in the unrestricted funds were £223,626 (2024: £45,856) representing Income whlch has not yet been distributed. The charity fr8e reseNes protect its current aotivltles, in order to allow the trustees to meet their responsibilities and to ensure that it continues to operat8 on a going concgm basls. Tha truslees have examlned the n68ds. risks and challenges faced by the charfty In both tha short and medium temi, along wlth relevant financial forecasts, and have formulated a pollcy to rn88t those needs. The trustees, policy Is that all of the surplus incomè should be dlstributed through charltable donations but the tree reserves reprès8nting undlstributed Incoma should not be less than one year's operating expènses whlch are currently forecast as £40,000 (2024.. £35,000). At 31 March 2025 the free res&rves of the charity were therefore £183,62612024: £10,856) morè than the target reserves. Auditor In accordance wlth Ihe charfty's articles, a resolution proposlng that Azets Audit SeNlces be reappoint8d as auditor of the charity wlll be put at a General M88ting. The Tnjstees, report was approved by th8 Board of Trustees. Philip Wilson Trustee Date: ..
THE FRANK BRAKE CHARITABLE TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees are responsible for prgparing the Trust8es' Report and the financial statements in accordance with applicable law and United Kingdom Generally Accept8d Accounting Practice (United Kingdom Accounting Standards>. The law applicable to charities in England and Wales requires the tiuslees 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 reSoUrS and application of iesources of the charity for that period. In preparing these financial statements. the trustees are required to: seled suitsble accounting policies and thon apply them consistently: obsetve the melhods and principles in the Gharities SORP {FRS 102),. make judgem8nts and estimates that are reasonable and prudent; stale whethèr applicab18 UK accountlng standards (FRS 102) hav8 been follow8d, subject to any material departures disclosed and explalned in the financial statements- and prepare the financial stat8m8nts on thg golng concem basis unless it is inappropriate to presume that th8 charity will contlnue to op8rale. The trustees are responslble for ke8plng adequate accounting records that are sufficient to show and explaln the charitys transactions, dlsclose with reasonable accuracy at any time the financial posltion of the charlty and enable them to ensure that the financial statements comply with thè Charities Act 2011, the Charities (Accounts and Reports) Regulallons 2008 and the provisions of the charlty's constitution. Thèy are also responsible for safeguardlng the assets of the charlty and hence for taklng reasonable steps for the prevention and detectlon of fraud and other irregularities. Th& law appllcable to charilles In England and Wales requires the Trusteas 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 r850urces and application of resources of the charity for that year. In pr8paring these financial statements. the Ttustees are required to: select suitable accounting policies and then apply Ihem consistently- - observe th8 methods and principles in the Charities SORP: make judgements and estimates that are reasonable and prud8nt- slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basls unless It is inapproprlate to presume that the charlty will Continue in operation. The Trustees ar8 responslbla for keepSng sufficient accountlng records that disclose wlth reasonable accuracy at any time the financial position of the charity and enable them to ensure that the flnancial statements comply wlth the Charitles Act 2011. the Charity (Accounts and R8POrts) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding Ihe assets of the charity and hence for taking reasonable steps for the prevention and detectlon of fraud and other iegUlaritieS.
THE FRANK BRAKE CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE FRANK BRAKE CHARITABLE TRUST Opinion We have audited the financial stalements of Th8 Frank Brake Charitable Trust (th& 'charity') for the year ended 31 March 2025 which comprise the statement of financial aclivities. the balance sheet. the statem8nt of cash fflows and notes to the financi81 statements, includlng signrficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdotn Accounting Standards, Including Financial Reporting Standard 102 The Finanal Repong Standard applicable in the UK and Republic of Ireland (United Kingdom G8nerally ACpted Accounting Practice). In our opinion. the financial statem8nts- give a true and fair view of the state of the chatity's affairs as at 31 March 2025 and of its incoming resources and application of resources, for the year then ended. have begn propedy prepared in accordance with United Kingdom Generally Accepted Accounling Practice: and have been prepared in accordancg With the Charities Act 2011. Basis lor opinion We conducled our audlt in acwrdance with Intgmatlonal Standards on Audlting (UK) (ISAS (UK)} and appllcable law. Our responslbllitles under those standards are furth8r described In the Auditorfs Trsponsibilities for the audit of the financial statements section of our report. We ar8 independent of the charity in aceordance wlth the ethleal requiremants that are relevant lo our audit of the financial statements In the UK, induding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilltl8s in accordance with these requlrements. We believe that the audit evidence we have obtsined Is sufficienl and approprlate to provlde a basis for our oplnlon. Concluslons relating to golng concern In auditing the financial statements. we have concluded that the Trustees. use of the going concem basls of accounting in the preparation of th8 financial ststements is appropriate. Based on the work we have performed, we have not identified any material uncertainties r81ating to events or condilions that. indivldually or collactSvely. may cast significant doubt on the charity's ability to continue as a going concem for a perlod of at lèast Iwelve months from wh8n the financial statements are authorlsed for Issu8. Our rèsponsibilities and the responslbilities of the Trustoas with respect to golng concem are described In the relevant sections of this report. other infomiation The other infottnation comprises the information included in the annual report other than the financial statements and our auditors report thereon. The Trustees are responsible for the other information contsined within the annual report. 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 infom)ation is materialw inconsislent wlth the financial statements or our knowledge obtained In the course of the audit, or otherwise appears to be materially missiated. If we identify such material inconsistenci8S or apparent malerial misstatements. we are required to determin8 whether thls gives rise to a material misstatement in the financial statements themselv85. If, based on the work we have perfomied, we condude that there is a matetial misstatement of this other information, we are required tr) report that fact. W8 hav8 nothing to r9POrt In this regard. Matters on whlch 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 requlres us to report to you If, in our opinlon: the information given in the financlal statements is inconsistent in any materfal respe¢t wlth the Trust8es' report; or sufficient accounting records have not been kept" or the financlal ststements are not in agraement wlth the accountlng records; or we have not receiv8d all the infomiatlon and explanations w8 require for our audlt.
THE FRANK BRAKE CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE FRANK BRAKE CHARITABLE TRUST Responsibilities of Trustees explained mre fully in the 8tatement of Trustees, responsibilities, the Trustees are responsible for the preparatn of the flnancial stat8ments and for being satlsffied that they give a true and fair view, and for such internal Control as thg Trustees determine is necessary to enable the preparation of financial statements that arg free from mat8rial misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees ar8 responsiblè for assessing the charity's ablllty to contlnue as a golng concern, dlscloslng. as appllcable, matters related to going concern and using the going concem basls of accounting unless the Trustees eithèr Int8nd to c8ase operatlons, or have no r8allstic altèmative but to do so. Auditovs responslblllties for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordanca wsth the Act and relevant iegulations made or having effect thereunder. Our objectives are to obtain reasonable assurants about vthether the financial statements as a whole are free from material misststement, whether due to fraud or error, and to issue an auditoffs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conduded in accordance th ISAS (UK) wlll always detect a materlal misstatement when it exlsts. Mlsstalements can arise from fraud or error and are considerèd material if, indlvldually or in the aggr8gate. they could reasonably be expected to Influence the e¢onomlc de¢islons of users tak8n on the basls of these flnancial stataments.
THE FRANK BRAKE CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE FRANK BRAKE CHARITABLE TRUST Extent to whlch the audit was considered capable of detectlng Irregulorltles, including fraud Irregularities, including fraud, are inslances of non-compliance wilh laws and regulations. We deslgn proeedur8s in Ilnè with our responsibllities, outlined above and on the Financial Reportlng Councll's websltè, to detect material mlsstatem8nts in respect of Irregularities, Indudlng fraud. We obtain and update our undelanding of the entty. its activities. its control environment. and likety future developments, Includlng in relation to the legal and regulatory framework appllcabl8 and how the entity is complying wlth that framework. Based on this understanding, we identify and assess the rfsks of rnatgrial misstatement of the financial statements, wh8ther due to fraud or error. deslgn and p8rfomi audit proceduras responsive lo tt)ose risks. and obtain audit evSdence that is sufficient and appropriate to provid8 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. In response to the risk of irregularlbes and nonvcompllance with laws ar)d rogulations. induding fraud. we designed procedures whith Induded.. Enquiry of management and those charged with g¢)vemance around actual and potentlal Iltigation and clalms as w811 as aclual. suspected and alleged fraud" Revi8wlng mlnutes of meetings of those charged with govemance: Assessing the extent of compliance wlth the laws and regulations wnsidered to have a direct rnaterial effect on tha financial slgt8m8nts or the op&ratlons of the entity through enquiry and Insp8ctlon' Reviewing financlal ststement disclosures and tesling to sUppong docum8ntatlon to assess compllance with appllcable laws and regulatlons. Performing audit work over the rlsk of management blas and overrlde of controls. indudlng testing of Joumal entrfès and olhèr adlustrnents for apprOPal@nes$. evaluatlng the buslness ratlonal8 of slgnlficant transactions outslde thè nonnal cours8 of business and revlewlng accountlng estimatès for indlcators of potentlal bias. Because of th8 Inherent limitatlons of an audit. there is a rlsk that W8 wlll not detoct all Irregularfties. includlng those leadlng to a mat8rfal misstatem8nt in th8 financial statements or non-compllance regulation. This risk increases the more that complianea wlth a law or regulation Is removad from the events and transactlons rèllected In the flnancial statements, as we wlll be less Ilkely to become aware of Instances of non-compllance. The rlsk of not detectlng a material mlsstatement resumlng from fraud is higher than for one resulting from error, as fraud may Involve colluslon. forgery, Inl8ntional omlsslons. misrepr8sentallons, or the overrfde of intgmal control. We communieale with Ihose charged with gov8rnanee regarding, among other matters, the planned scope and tlmlng of the audit and slgnificant audlt findings, Indudlng any significant deficiencigs In Inlemal control that we identity during our audit. A fvrth?r desctiption of our responsibilities for the audlt of the finandal stat8ments Is located on the Financial Reporting Counol's webslte at.. www.frc.or .uklauditorsr8S sibiltties. ThES description fomis part of our auditor's reporL Use of our report Thls report is made solely to the charity's tnjstees. as a body, In accordance with Part 4 of the Charitles (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we mlght state lo the charity's Irust8es those matters we are required to slate to them in an audltor's report and for no Other purpose. To the fullest ext8nt P8rmltted by law, we do not accept OF assume responsibility to anyone other than the charlty and the charity's trustees as a body. for our audtt work, for this report. or for the opinions we havo formed.
THE FRANK BRAKE CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE FRANK BRAKE CHARITABLE TRUST
Azets Audit Services (Senior Statutory Auditor) Chartered Accountants Statutory Auditor
30 January 2026 First Floor River House 1 Maidstone Road Sidcup Kent United Kingdom DA14 5RH
Azets Audit Services is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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THE FRANK BRAKE CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Unrestrlcted Endowment funds funds 2025 2025 Total Unrestrlcted Endowment funds funds 2024 2024 Total 2025 2024 Notes Income from: t)onatlons and legacies Investments 5,000.000 5.000,000 650,590 823,265 823.265 650.590 Total income and endowments 823,265 823.265 650.590 5,000.000 5,650,590 Expendlture on: Raislng funds Charitable aclivtties 67,427 1.478,185 67.427 1.478.185 70.234 924.788 70,234 924.788 Total expenditure 1.545,612 1.545.612 995.022 995.022 Net gainsl{losses) on investments 10 117 102.813 102.930 7,173 3,648,587 3,655,760 Net incomel(expenditure) (722,230) 102,813 (619,417> (337,259) 8,648.587 8,311,328 Transfers between funds 900,000 (900,000) 320,000 1320,000) Net movement in funds 177,770 (797,187) (619,417> {17,259) 8.328,587 8.311,328 Reconcillatlon of funds: Fund balances at 1 Aprll 2024 45,856 40.433.306 40,479.162 63,115 32,104,719 32.167,834 Fund balances at 31 March 2025 223,626 39,636,119 39,859,745 45,856 40,433,306 40,479,162 Thè statement of financial actlvlti8s includes all gains and losses rècognised in the year. All income and expenditure derlve from contlnuing adivitios.
THE FRANK BRAKE CHARITABLE TRUST BALANCE SHEET ASAT 31 MARCH 2025 2025 2024 Notes Flxed assets Investments 12 39,871,362 40,538,053 Current assets Debtors Cash at bank and in hand 13 10.617 115.963 7.532 1.603 126,580 9,135 Creditorn: amounts falling due within one year 14 {138,197) (68,026) Net current liabilities (11.617) (58,891) Total assets less current liabilitles 39,859,745 40.479,162 The funds of the charity Endowment funds Unr8strlcted funds 15 16 39,636,119 223.626 40,433,306 45,856 39,859.745 40.479.162 The financial statements were approved by the Trustees on . chael Trig Trustee Phillp Wilson Trustee
THE FRANK BRAKE CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operating actlvlties Cash absorb8d by operatlons (1.482.066) (967,316) Investlng activities Purchase of investments Proceeds from disposal of Investments Investment income received {6.080,068) 6.160,583 826,805 18.842,504) 4.706,208 656.911 Net cash generated froml(used in) investing a¢tivitie$ 907,320 (3.479,385) Financing activities RerRipt of expendable endowment 5.000,000 Net cash (used in)Jgenerated from financing activltles 5,000.000 Net {decreasellincrease in cash and cash equivalents {574,746) 553,299 Gash and cash equival8nt5 at beginning of year 1,132,535 579.236 Cash and cash equivalents at end of year 557,789 1,132,535 Relating lo: Cash at bank awaitlng Investment Cash at solicitors Cash at bank 441.826 114,557 1,406 1,130,932 197 1.406 10-
THE FRANK BRAKE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies Charlty infomiation The Frank Brake Charitab18 Trust is a Charitable Trust and an Unincorporated Charity in England and Wales. The registered offsce is Clo Brachers. 2 County Gate. Stsc8y's Street. Maidstone, Kent, ME14 1 ST. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's goveming document. the Charities Act 2011 and 'Accounting and Reporting by Gharities: Statement of Recommended Practicg applicablg to charitles 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. Th9 financlal statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the ext8nt required to provide a true and falr 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 whlch is referred to in the Regulations but which has slnce baen withdrawn. The financial slatements are prepared in sterllng, which Is the functlonal curréncy of the charity. Monetary amounts in these financial stal8ments are rounded to th8 nearest £, The financial ststements have been prepared under the hlstorical Cost convention, modified to in¢lud8 the revaluation of listed inv8stments. The principal accounting pollcles adopted are set out below. 1.2 Golng Concern The trustees conslder that there are no material uncertainties about the trust's ability to continue as a going concem. 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 th8 level of Investment r8lum and the perfomance of inv8slment markèts (see the Investment pollcy and performance and risk management sections of th8 trustees, annual report for more Information). 1.3 Charitable funds General funds are available for use at the dlscretion of the trustees in furtherance of the general obj8Ctives of thè charity and have no iestrictions on their use. The permanent endowment fund is held in porpetuity. whereas the capital of the expendable endowment fund can be used for the purF)oses of the charity if the tNste8s so detemiine. 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 recognis8d when the charity 1$ legally entitled to It after any performance conditions have been met, the amounts can be rneasured reliably, and it is probable that Income wlll be re¢gived. Investmenl income Investment income is recognis&d on an accruals basis. Donations Donations and legacles are Induded when the charity Is legally entitled to the Income and the amount can be quantified with sufficient r81iablllty. 11
THE FRANK BRAKE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Contlnued 1.5 Expenditure Expenditure Is recognlsad when a liablllty is incurred on an accruals basis. Costs ar8 classifl6d as follows: Costs of raising funds The costs of raising funds consist of investrnent managemant costs and currency exchange dlfferences. I Investment management costs were attrlbutable to unrestTiCted funds. Ch8ntable activities Costs of charitable activities include grants made and govemance 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 conslruclive obligation to pay the grant arises. IeCOVerable VAT is charged as an expense against the activity for which expenditure aros8. 1.6 Flxed assel investments Investments are a fomi of basic flnancial instNment and are initially recognised at Ihelr transaction value and subsequenlly measured at their value as at the balance sheet date using the closing quoled market price. The statement of financial activities includes the net gains and losses arlsing on rèvaluation and disposals throughout the year. The main fomi of financlal risk facèd by the charlty is that of volatility In equity markets and investment markets due lo wider economic conditions, th8 attitude of Investors to investment risk, and chang8s in sentiment concernlng equities wlthin partlcular sectors or sub sectors. 1.7 Financial Instruments The eharlty has elècted lo apply the provlsions of Section 11 'Basic Flnanclal Instrurnents. and Sectlon 12 'Other Financlal Instruments Issues, of FRS 102 to all of its financlal instruments. Financial instruments are recognised in the charivs balance sheet when the charity becomes party to the contractual provisions of the instrument. Flnancial assets and liabilities are offset. with the net amounts presented in the financial statements, when there is a legally enforceable Tight to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle th8 liabilty simultaneously. Basic financial assets Basic financial assets, which include deblors and cash and bank balances, are initially measuied at transaction price including transaction costs and are subsequently caffied at amortised cost using the effective interest method unless the aangernent constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets dassified as receivable within one year are not amortised. Other financlal assets other financial assets, including Investments In equity instrumenls which are not subsidiariès. assoclates or lolnt ventur8s. are Initlally measured al fair value. which Is normally the transaction pricè. Such assets are subsequently carried at falr value and the changès in fair value are recognlsed in net incomel(expenditure). except that Investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measur8d at cost less Impairment. 12-
THE FRANK BRAKE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) 1.8 Realised gains and losses All gains and losses are tak8n to the Statem8nt of Financial Activities as they arise. Realised gains and losses on investments are calculated as the dtffer8nce between sales proceeds and their openlng 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 thelr carying value. Realised and unrealised inveslment gains and losses are combined in the Statemgnt of Financial Activilies. 1.9 Recognition of Ilabilities Llabllities are recognisad when an obllgation arlses to transfer economlc beneflts as a result of past transactions or events. 1.10 Forelgn currency translation Assets and liabllltles denomlnated in foreign rrencIeS are translateé into sterllng at the rates of exchange rullng at th8 balance sh8et date. Transactions In foreign currenci8s are translated into sterling at the exchangè rate on the date of the transaction. Exchange differences are iaken to the Statem8nt of Finandal Actlvlties for the period. Crltlcal accountlng estlmate8 and judgements Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events thal are believed to be reasonable under the circumstances. No judgements or key assumptions were mad8 in the preparation of the accoLJnts, Donations and legacies Endowment Endowment funds funds 2025 2024 Legacy received from Settlorfs Estate 5,000,000 13-
THE FRANK BRAKE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Investments Unrestrlcted Unrestrlcted funds funds 2025 2024 Divldends- UK funds Divid8nds- offshore funds Share of galns - private equity funds Foreign exchange (losses)Igains Interest receivable 359.273 220.439 32.999 (3.540) 214.094 286,568 167.273 5.991 {6,3211 197.079 823,265 650.590 Expenditure on charitable activities Unrestricted Unrestrlcted funds lunds 2025 2024 Direct costs Legal f8aS Audlt fee Accountancy Trustee expenses 5,681 14,100 5,904 5.516 12.300 6.528 444 25,685 24,788 Grant funding of activltles (see note 7) 1,452,500 900,000 1,478,185 924,788 Analysls by fund Unrestricted fund5 1.478,185 924,788 Raising funds Unrestrlcted Unrestricted funds funds 2025 2024 Investment managemènt fees 67,427 70.234 67,427 70.234 14-
THE FRANK BRAKE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Grants payable Unrestrlcted Unrestrlcted funds funds 2025 2024 Grants to Instltutions119 grants}- Alexander Devine Chlldren's Hosplc& The Big Cat Sanctuary Brogdale Collectlons Orchard Project Children with Spgclal Needs Th8 Cure Parklnsons Trust Demelza Hous8 Children's Hospice Folkstone Leas Home Start Ashford Kent Challenger Gam88 Kent Communlty Foundation Kenl Multiple Sclerosis Soclèty Therapy Centre London South Bank Univer51ty Motor Neurone Disease Association NSPCC Parkinsons UK Pilgrlms H05pices In East K9nt Polo Fami Tennls Courts and Junior Club Room Porchllght River Actlon UK Thames Hospice The Whltley Fund for Nature UCL Devs Office 20,000 10,000 12,500 10,000 75,000 55,000 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 70,000 135,000 100,000 {10,000) 15,000 45,000 350,000 45.000 200,000 25,000 5,000 20,000 70,000 200,000 20,000 5.000 15,000 100.000 1,452,500 900,000 Re¢onclllation of charitable expendlture 2025 2024 Commitments at 1 Aprll 2024 Commltments In the year Donations paid In the yaar 30,000 1,452.500 91x1.000 {1,382.500) (870,000) Commitrnènts at 31 March 2025 (not8 14) 100,000 30,000 15-
THE FRANK BRAKE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Net movement in funds 2025 2024 The net movement in funds Is stated afl8r charglngl{cr8diting): Fees payable for the audit of the charity's financial statements 14,100 12,300 Trustees The charity had no full-tlme equivalènt employees, excludlng trustees durlng the year (2024 '. NII). The trustees nelther recelved nor waived any emoluments during the year (2024: £Nil). Relmbursement of expenses totalllng £nil has been made to the trustees during the year {2024 .' £444). 10 Gains and losses on investments Unrestricted Endowment funds funds 2025 2025 Total Unrestricted Endowment funds funds 2024 2024 Total 2025 2024 Gainsl{losses) arising on: Revaluation of investments 117 102,813 102,930 7,173 3,648,587 3.655,760 11 Taxation The charity is exempt from tax on income and gains falling within section 505 of tha Taxes Act 1988 or secllon 252 of the Taxation of Chargeable Gains Act 1992 to the extent Ihat these are applied to its charitable objects. 16-
THE FRANK BRAKE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Fixed asset Investments Llstod investments Cash in portlolio Total Cost or valuation At 1 April 2024 Additions Valuation changes Sales proc8eds from disposals Cash at bank awaiting investment 39.407,121 6,080.068 102,930 (6,160.583) 1.130,932 40,538.053 6,080,068 102,930 (6.160.583) (689.106) (689,106) At 31 Maich 2025 39.429.536 441.826 39.871.362 Carrying amount At 31 March 2025 39,429,536 441,826 39,871.362 At 31 March 2024 39,407,121 1,130,932 40,538,053 2026 2024 Investments at falr value comprise: Equities Bond funds Private equity funds Commodities Hedge funds Other funds Cash liquidty fund 28.183,219 5.625,768 432.389 2.163.933 1.312.099 1,462,128 250.000 27,257,667 6,387,792 518,464 1.915.796 1.181.044 1,446.358 700.000 39.429.536 39.407,121 Flxed asset Inveslments revalued The value of fixed assat Investments has been determined by referance to the market value at 31 March 2025. The hlstorical Cost value at 31 March 2025 was £28.814,547 {2024: £29.182.749). 17-
THE FRANK BRAKE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 13 Debtors 2025 2024 Amounts falling due wlthln one year: Oihgr debtors 10.617 7,532 14 Creditors: amounts falling due within one year 2025 2024 Oth8r creditors Accruals and deferred Income 100.000 38.197 30.000 38,026 138.197 68.026 18-
THE FRANK BRAKE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 EndOntlnds Mov¢Ment In funds 8alance 4t Ineomlnll Transfers Revaluatfjon Balance 8t Transf•rs Rtvaluatlon Balancè at 1 Apr412023 resourc•s s and 1 Aprfl 2024 galn5 and 31 Mar¢h losses 105ses 2U25 PeTren1 endowrrÉnl Expendable endowment 1,107,404 ,997,315 5.000.000 125,853 1.233257 1320,0(lI 3,522,734 392tKt.049 3,136 1,236.393 99,677 38,399.726 19CQ,0001 32.104.719 5,ODO.OQO 1320,(MX)1 3,648.587 40.433.3C6 19LKI.0001 102.813 39,636,119 7he trarfer01 funtts fr(m Ihe expendabk endowTrnlfuT$ to unrestrfcted lundswas made lo flrffjnce charitatle exFenditurp in IhE year In exctss olavailable WK&Jme. 19-
THE FRANK BRAKE CHARITA LE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Unrestrlcted funds The unrestrictgd funds of the charity comprlse the un8xpended balances of donatlons and grants which arg not subject to specific conditions by donors end grantors as to how thèy may be used. These include designated fund8 whlch have been set aside out of unrestrlcted funds by the trust6es for speclflc purp058s. Gains and At 31 March losses 2025 At 1 April 2024 Incoming resources Resources expended Transfers General funds 45,856 823,265 (1.545.612) 900,000 117 223.626 Prevlous year: At 1 Aprll 2023 Incoming re5011rces Resources expended Transfers Gains and At 31 Mareh losses 2024 General funds 63,115 650,590 {995,0221 320,000 7,173 45.856 -20-
THE FRANK BRAKE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 17 Anqtysis ol r1 assets between fvnds Unr•s¢rf¢¢ed PennanBnt Expendabl• fund5 •ndowment endowm•nt funds 2025 Total Unrnstrlcted P•mMnent Exp•ndable endowm•ht ¥ndoTrni funds lunds 2024 2024 Total 2025 2025 21V5 2024 2024 FU balances 8t31 2025 are rEpresented Invesbnent$ Curreni 8ssetsll1bllesI 235.243 111.6171 1236.393 3B,399.726 39.871262 111,6171 1.747 1,233,257 39.200.049 40.538,053 158,8911 158,8911 223,626 1236,393 3B,399.726 39,859,745 45,856 1,233,257 39,200,049 40,479,162 21
THE FRANK BRAKE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Related party transaction5 During the year payments of £7,800 (2024.. £10,625) were made for investment exp8nses to F & W Famlly Investments Limited. a company in which Mr M Trigg and Mr P R Wilson are directors. At 31 March 2025 £2.908 (2D24'. £1,942} was owed to the company. 19 Cash generated from operatlons 2025 2024 (Deficltysurpus for th8 year (619,417) 8.311.328 Adjustments for: Investment Income recognlsed in statèment of financlal activities Foreign èxehange differences Receipt of endowment fund Fair value galns and Ioss8s on investments (823,265) (3,540) (650.590) (6.321) (5,000,000) 1102.930) (3.655.760) Movements in working capital: {Increas81 in debtors Incrgaso In creditors (3,085) 70.171 {479) 34,506 Cash absorbed by operatlons (1.482,066) (967.316) -22-