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2023-04-05-accounts

THE BRODIE CHARITABLE TRUST

TRUSTEES’ ANNUAL REPORT

year ended 5 April 2023

The trustees present their report and audited financial statements for the year ended 5 April 2023.

Reference and administrative information

Charity name The Brodie Charitable Trust
Charity registration number 1073409
Registered office and Cotterell & Co
operational address The Curve
83 Tempest Street
Wolverhampton WV2 1AA
Trustees Ian B Brodie
Barry Roberts
Andrew Vernon
Investment advisors Mattioli Woods plc
5a Swallowfield Courtyard
Wolverhampton Road
Oldbury
West Midlands B69 2JG
Solicitors fbc Manby Bowdler LLP
George House
St John’s Square
Wolverhampton WV2 4BZ
Auditors Muras Baker Jones Limited
Regent House
Bath Avenue
Wolverhampton WV1 4EG
Bankers Barclays Bank plc
Queen Square
Wolverhampton WV1 1DS
and
Cater Allen Bank
9 Nelson Street
Bradford
BD1 5AN

Structure, governance and management

Governing document

The charity is a trust set up under the terms of the will of Clifford Bernard Brodie who died on 1 August 1997. Its registration as a charity was confirmed by the Charity Commission on 20 January 1999.

THE BRODIE CHARITABLE TRUST

TRUSTEES’ ANNUAL REPORT - continued

year ended 5 April 2023

Appointment and training of trustees

The power of appointing new trustees rests with the existing trustees who will meet with the appointee and ensure that he understands his duties and responsibilities and the contribution he will be expected to make to aid the achievement of the charity’s objectives.

Organisational structure

Day to day administration is carried out by Cotterell & Co, chartered accountants, a firm of which Barry Roberts is a director. Day to day decisions are taken by any two of the three trustees, this as one of the trustees, Ian B Brodie, is resident in Canada. Major decisions, including in particular those regarding distributions to be made by the charity, are taken at annual meetings of all three trustees.

Related parties

Services are provided to the charity by Cotterell & Co, a firm of which Barry Roberts, a trustee, is a director, and by fbc Manby Bowdler LLP, a firm in which Andrew Vernon, a trustee, is a partner. The services are charged for on a normal commercial basis.

Risk management

A schedule showing areas of potential risk has been prepared. It is updated at each annual trustees’ meeting and a review is carried out to ensure as far as possible that procedures are being followed to minimise risk in the areas identified, the principal risk being vulnerability in investment returns. This is mitigated by recruiting expert investment managers and having a diversified investment portfolio.

Objectives and activities

The will directs that, for a period of eighty years from the death of Clifford Bernard Brodie, the income of the charity shall be divided between Compton Hospice, now known as Compton Care, Wolverhampton and The British Heart Foundation, with the trustees having absolute discretion as to the share of income payable to each. In carrying out their duties for the year the trustees kept in mind the Charity Commission’s guidance on public benefit and have confirmed that the activities of those two charities are carried on for the benefit of the general public without discrimination.

At the end of the eighty year period the charity’s funds are to be divided between such charities as the trustees think fit.

Investments

It has been the Trustees policy to invest primarily for income but with the portfolio including some investments that are planned to produce capital growth in order to protect future income and capital funds against the effects of inflation. However, on advice from our investment advisor there was a temporary change in policy to invest only for capital growth in order to maintain the fund of the Trust in the short term. This policy was kept under review and a decision was taken in November 2021 to revert to the previous policy.

Distributions

The trustees’ policy is to make full distribution of the income arising after deducting administration costs to Compton Care and The British Heart Foundation. Any part of that income which relates to income tax recoverable is not, however, to be distributed until refund has been received from HM Revenue & Customs. In exercising their discretion as to the division of the distributions, the Trustees request and consider submissions from the two charities including their accounts.

THE BRODIE CHARITABLE TRUST

TRUSTEES’ ANNUAL REPORT - continued

year ended 5 April 2023

Achievement and performance

The level of income generated for distribution as detailed in the financial review which follows is considered to be satisfactory as is the capital growth shown.

The policy stated above for distributions to Compton Care and The British Heart Foundation has been followed.

Financial review

The investment portfolio, under management of Mattioli Woods plc is held under Transact Nominees Ltd and as at 5 April 2023 the portfolio was valued at £1,203,490.

The portfolio is sub-divided into two accounts: -

General Investment Account No.1 (£1,192,863) invested into the MWFP Cautious Income Portfolio model. The portfolio model’s total return (including income) over one year to 5 April 2023 was -4.10% against a benchmark of -4.12%.

General Investment Account No.2 (£10,627) invested into Co-Operative Bank Final Repayment Subordinated Notes 11% and delivered a capital return of 10.49%. This stock has no benchmark for performance comparison purposes.

Income was distributed to the Trust’s bank account totalling £50,003.83 via the quarterly income sweep in May, August, November 2022, and February 2023. This represented a net yield of around 4.15%.

The asset allocation of the portfolio at 5 April 2023 was:

21% UK Equities 18% International Equities 10% UK Fixed Interests 36% International Fixed Interests 7% Alternative Investment Strategies

8% Cash

This asset allocation is in line with an overall ‘cautious’ risk profile and in accordance with the Trustees’ risk parameters and investment objective.

Economic Commentary:

Last year, inflation was undoubtedly the main concern, with interest rate increases and policy tightening bringing pressure across financial markets. Some of these pressures are easing, but it is likely to come at the cost of a weakening global economy, and investor attention is likely to swing to recessionary concerns in 2023. We have been cautious for some time, and last year vindicated our approach to a degree. It is true that valuations have adjusted materially, but there seems to be little reflection of reality in earnings estimates from the analyst community, so although equities have staged some decent rallies, they are likely to face further headwinds. Markets are torn between wanting a strong economy that supports earnings and wanting a less robust employment and economic backdrop, as this reduces the likelihood of interest rates rising much further. So much of the outlook for markets overall depends on the actions of the US Federal Reserve. Markets are likely to continue fluctuating based on whether the most recent economic data suggests a more or less rapid pace of rate tightening, reinforcing the ‘good news is bad news’ narrative we have seen before.

-3-

THE BRODIE CHARITABLE TRUST

TRUSTEES’ ANNUAL REPORT - continued

year ended 5 April 2023

Despite recovering a bit of dignity after political drama impacted the markets, the UK faces some serious headwinds. Economic growth prospects look weak, and the impact of Brexit has probably not been felt in full yet, putting a question mark over the country’s assets in the eyes of overseas investors. However, the weak pound has favoured large cap companies in the UK recently, as their overseas earnings have been flattered by currency weakness. China is reopening its economy after its zero-tolerance approach caused significant problems, but the inflationary pressures this may generate could yet prove unhelpful. Emerging markets have enjoyed something of a recovery over the last few months as the dollar has weakened and investors see the wider benefits of China being open for business again. Relations between the US and China continue to be strained, and the geopolitical backdrop remains troubled, not least because of the Russia-Ukraine war. Gold looks to be an important component of portfolios in this environment, acting as an insurance against a crisis.

We are not getting carried away with the rallies we have seen in equity markets, and the backdrop continues to look very challenging indeed. However, there are going to be tremendous opportunities that will present themselves over the next few years. Valuations may well move lower again as recession impacts, but this will throw up chances to invest in areas that had become too expensive. The bond market is an area where this has already happened; however, equities may also start to look more attractive on a medium-term view. We continue to run disciplined and well-diversified portfolios to both protect capital and take advantage of new investment opportunities as they occur.

The value of the Endowment fund at the end of the year was £1,189,608 compared with a value of £1,310,693 at the end of the previous year.

Income and distributions

Net income for the year after deducting administration costs amounted to £40,013 to which was added undistributed income brought forward at 5 April 2022 of £10,622. Distributions during the year totalled £36,122 divided as to £18,061 to Compton Care and £18,061 to British Heart Foundation. Distribution of the remaining income of £14,513 is to be considered at the Annual General Meeting on 23 August 2023.

Reserves

The charity’s funds are divided between the restricted fund which represents income held for distribution and by the endowment fund. Income of the Restricted Fund is used to defray running costs of the Trust and any remaining funds are distributed to the nominated beneficiaries. The Endowment Fund is retained to generate future income and capital growth. No other reserves are, or need to be, created.

Plans for future periods

The trustees plan to continue with their objectives as stated above of providing for distributions to Compton Care and The British Heart Foundation by means of investing primarily for income but with some investments planned to produce capital growth in order to protect future income and capital funds against the effects of inflation.

-4-

THE BRODIE CHARITABLE TRUST

TRUSTEES’ ANNUAL REPORT - continued

year ended 5 April 2023

Trustees’ responsibilities

Because of the relatively high capital value of the Charity and because Ian Brodie, living in Canada, is not party to day to day decisions, the trustees determined that they should not take advantage of the accounting and audit exemptions available to small charities. They have therefore resolved that

Under Charity Law applicable in England & Wales and the terms of the above resolution the trustees therefore are required to:-

. select suitable accounting policies and then apply them consistently;

. observe the methods and principles in the charities SORP;

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity which enables them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities

Auditors

A resolution for the re-appointment of Muras Baker Jones Limited as auditors is to be proposed at the forthcoming Annual Meeting.

Approved by the trustees and signed on their behalf by

IAN B BRODIE Trustee

Date

-5-

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE BRODIE CHARITABLE TRUST

We have audited the financial statements of The Brodie Charitable Trust for the year ended 5 April 2023 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

We have nothing to report in this regard.

Matters on which we are required to report by exception

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

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE BRODIE CHARITABLE TRUST – continued

Responsibilities of trustees

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

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

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In planning and designing our audit tests we identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management about their own identification and assessment of risks and irregularities. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosure in the financial statements. The key laws and regulations we considered in this context included the Charities Act, UK tax legislation and other laws and regulations identified as risk areas identified from our discussions with management.

We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

After consideration of the above risks we then carried out audit procedures including the following:

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE BRODIE CHARITABLE TRUST – continued

There are inherent limitations in our audit procedures described above. The more removed that the laws and regulations are from financial transactions the less likely it is that we would be aware on non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

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

Muras Baker Jones Limited Chartered Accountants and Statutory Auditor

Regent House Bath Avenue Wolverhampton WV1 4EG

Muras Baker Jones Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

THE BRODIE CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT Year ended 5 April 2023

Year ended 05.04.23 Year ended 05.04.23 Year ended 05.04.23 Year ended 05.04.22 ended 05.04.22
Restricted Endowment Total Restricted Endowment Total
Notes fund fund funds Fund fund funds
£ £ £ £ £ £
Income and
endowments from:
Investments 3 49,421 - 49,421 16,904 - 16,904
______ ______ ______ _ _____ ______
Total income and
endowments 49,421 - 49,421 16,904 - 16,904
______ ______ ______ _ _____ ______
Expenditure on:
Raising funds 4 (9,408) (14,112) (23,520) (6,282) (14,657) (20,339)
Charitable activities 5 (36,122) - (36,122) (9,427) - (9,427)
______ ______ ______ __ _ ______
Total expenditure (45,530) (14,112) (59,642) (15,799) (14,657) (30,366)
______ ______ ______ __ _ ______
Net income/(expenditure)
before gains and
(losses) on Investments 3,891 (14,112) (10,221) 1,195 (14,657) (13,462)
Net gains/( losses) on
Investments 8 - (106,973) (106,973) - 129,445 129,445
______ ______ ______ ______ __ ______
Net movement in funds 3,891 (121,085) (117,194) 1,195 114,788 115,983
Reconciliation of funds:
Total funds brought
forward at 06.04.22 10,622 1,310,693 1,321,315 9,427 1,195,905 1,205,332
______ __ __ ______ ___ __
Total funds carried
forward at 05.04.23 14,513
______		 1,189,608
__		 1,204,121
__		 10,622
______		 1,310,693
__		 1,321,315
__

All income and expenditure derive from continuing activities.

The Statement of Financial Activities includes all gains and losses recognised during the year.

THE BRODIE CHARITABLE TRUST

BALANCE SHEET

At 5 April 2023

----- Start of picture text -----
||||| |---|---|---|---| |2023|2022| |Notes|£|£| |Fixed assets| |Investments|8|1,204,196|1,334,299| |Current assets| |Income tax reclaimable|260|89| |Cash at bank|8,459|3,283| |Transact rebate paid after date|14|-| |__|_| |8,733|3,372| |Creditors:|amounts falling due| |within one year| |Creditors and accruals|(8,808)|(16,356)| ||| |Net current assets/(liabilities)|(75)|(12,984)| |_|_| |Total assets less current liabilities|1,204,121|1,321,315| |_|__| |Funds| |Endowment fund|2|1,189,608|1,310,693| |Restricted fund – undistributed income|5|14,513|10,622| |_|__| |9|1,204,121|1,321,315| |_|______|

----- End of picture text -----

Approved by the Trustees on I B BRODIE ) ) B ROBERTS ) Trustees ) A C VERNON )

THE BRODIE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

Year ended 5 April 2023

1. Summary of significant accounting policies (a) General information and basis of preparation

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), and UK Generally Accepted Practice.

The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the financial currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Funds

Restricted funds are funds to be used in accordance with specific restrictions imposed by the Trust Deed. The cost of raising and administering such funds are charged against the specific fund. The beneficiaries of these funds are set out in note 5.

(c) Incoming resources

Income is accounted for in the period in which it is received. Provision for recovery of income tax deducted from income at source is brought into credit in the period during which the relevant income was received.

(d) Resources expended

Expenditure is recognised on an accruals basis and includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates:

(e) Investments

Investments are included at market value. It is the trustees’ policy to keep valuations up to date such that when investments are sold there is no gain or loss arising that relates to previous periods. As a result the Statement of Financial Activities does not distinguish between the valuation adjustments relating to sales and those relating to continued holdings as they are together treated as changes in the value of the investment portfolio throughout the period.

THE BRODIE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

Year ended 5 April 2023

f) Distributions

Distributions to the beneficiary charities are included in the period in which they are made.

2. Endowment Fund

The Endowment Fund transferred to the charity on 1 September 1998 represented the residuary estate of Mr C B Brodie who died on 1 August 1997.

3. Investment Income

3. Investment Income
Year ended Year ended
5.4.23 5.4.22
£ £
Listed investments 48,386 16,823
Unlisted investments - -
Deposits forming part of investment portfolio 1,034 81
______ ______
49,420
______		 16,904
______
4. Expenditure on raising funds
Year ended Year ended
5.4.23 5.4.22
£ £
a. Expenditure on raising funds:
Investment advisors’ fees (net of rebates) 10,124 9,714
Platform fees paid to Transact 3,388 2,429
Stock Exchange fees - -
___ ______
13,512
______		 12,143
______
Year ended Year ended
5.4.23 5.4.22
b. Governance costs: £ £
Cotterell & Co Partnership Ltd, a firm in which B Roberts,
a trustee, is a director 7,200 6,000
fbc Manby Bowdler LLP, a firm in which A C Vernon,
a trustee, is a partner 1,560 1,560
Auditors’ remuneration for audit of the accounts only 1,248 1,236
______ ______
10,008 8,796
______ ______
Total resources expended 23,520
______		 20,939
______

THE BRODIE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

Year ended 5 April 2023
5. Charitable activity expenditure

Undistributed income brought forward at
5 April 2022
(Restricted Fund)
Net income for the year
Distributions made during the year:
Compton Care
balance for previous year
current year – first interim
current year – second interim
British Heart Foundation
balance for previous year
current year – first interim
current year – second interim
Total
Undistributed income carried forward
at 5 April 2023 (Restricted Fund)		 2023
£
£
10,622
40,013
_
50,335
5,311
3,750
9,000
__
18,061
_
5,311
3,750
9,000

18,061

(36,122)
____
14,513
 2022
£
£
9,427
10,622
_
20,049
5,656
-
-
__
5,656
_
3,771
-
-

3,771

(9,427)
____
10,622

6. Trustees’ remuneration and expenses

The trustees neither received nor waived any remuneration during the year (2022: £Nil). However notes 4 to 7 gives details of amounts paid to related parties for services to the charity.

THE BRODIE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

Year ended 5 April 2023
7.Related party transactions
Services for the year charged by related
parties were:
Cotterell & Co
fbc Manby Bowdler LLP
Of the above charges, the following
amounts were outstanding at 5 April 2022:
Cotterell & Co
fbc Manby Bowdler LLP
8.Investments
Listed investments
Market value at 5 April 2022
Acquisitions
Disposals
Net investment (losses)/gains
Market value at 5 April 2023
Unlisted investments
Market value at 5 April 2022
Disposals
Investment gain
Market value at 5 April 2023
Deposits
Total- at 5 April 2023
Total investment gains/(losses)
Historical cost
The historical cost of the listed
and unlisted investments was:
at 5 April 2023
at 5 April 2022		 2023
2022
£
£
7,200
6,000
1,560
1,560
_

6,000
6,000
1,560
1,560
__
_
2023
2022
£
£
1,093,807
1,092,793
190,624
1,190,429
(37,065)
(1,213,130)
(106,973)
23,715
_
_
1,140,393
1,093,807
_

-
68,670
-
(174,400)
-
105,730
_
_
-
-
_
_
63,803
240,492
_
_
1,204,196
1,334,299
__
__
(106,973)
129,445
_
____
1,322,952
1,170,362
1,170,362
1,072,564

 2023
2022
£
£
7,200
6,000
1,560
1,560
_

6,000
6,000
1,560
1,560
__
_
2023
2022
£
£
1,093,807
1,092,793
190,624
1,190,429
(37,065)
(1,213,130)
(106,973)
23,715
_
_
1,140,393
1,093,807
_

-
68,670
-
(174,400)
-
105,730
_
_
-
-
_
_
63,803
240,492
_
_
1,204,196
1,334,299
__
__
(106,973)
129,445
_
____
1,322,952
1,170,362
1,170,362
1,072,564

 2022
£
6,000
1,560
_____
6,000
1,560
__
129,445
______
1,170,362
1,072,564

All investments are of the Charity’s Endowment Fund and are within the UK.

THE BRODIE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

Year ended 5 April 2023

8. Investments - continued

With the exception of deposits the only investments which exceeded 5% of the value of total investments were:-

at 5 April 2022 –.

9. Funds

Both the restricted and endowment funds are held for the purpose of providing income for Compton Care, Wolverhampton and The British Heart Foundation, with the Trustees having absolute discretion as to the share of income payable to each.

Analysis of net assets between funds:-

nalysis of net assets between funds:-
2023 2022
Restricted Endowment Restricted Endowment
Fund fund Fund fund
£ £ £ £
Investments 14,588 1,189,608 23,606 1,310,693
Current assets 8,733 - 3,372 -
Current liabilities (8,808) - (16,356) -
______ __ _ _
Net assets at 5 April 2023 14,513
______		 1,189,608
__		 10,622
______		 1,310,693
__