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← The Brodie Charitable Trust

2025-04-05-accounts

THE BRODIE CHARITABLE TRUST

TRUSTEES’ ANNUAL REPORT

year ended 5 April 2025

The trustees present their report and audited financial statements for the year ended 5 April 2025.

Reference and administrative information

Charity name The Brodie Charitable Trust
Charity registration number 1073409
Registered office and Muras Baker Jones Limited
operational address Regent House
Bath Avenue
Wolverhampton WV1 4EG
Trustees Ian B Brodie
Andrew R W Storey
Michelle M Monnes-Thomas
Investment advisors Mattioli Woods Limited
5a Swallowfield Courtyard
Wolverhampton Road
Oldbury
West Midlands B69 2JG
Solicitors FBC Manby Bowdler LLP
6-10 George Street
Snow Hill
Wolverhampton WV2 4DN
Auditors Daw White Murrall
1 George Street
Wolverhampton WV2 4DG
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 2025

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 they understand their duties and responsibilities and the contribution they will be expected to make to aid the achievement of the charity’s objectives.

Organisational structure

Day to day administration is carried out by Muras Baker Jones. 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 fbc Manby Bowdler LLP, a firm in which Michelle Monnes-Thomas, 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 2025

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 Limited is held under Transact Nominees Ltd and as at 5 April 2025 the portfolio was valued at £1,202,210.

The portfolio is sub-divided into two accounts: -

General Investment Account No.1 (£1,191,718) invested into the MWFP Cautious Income Portfolio model. The portfolio model’s total return (including income) over one year to 5 April 2025 was +4.55% against a benchmark of +2.35%. Income was distributed to the Trust’s bank account totalling £51,288.64 via the regular income sweep. This represented a net yield of around 4.30%.

General Investment Account No.2 (£10,492) invested into Co-Operative Bank Final Repayment Subordinated Notes 11%. Income of £1,119.70 was distributed to the Trust’s bank account via the income sweep delivering a net yield of 10.67%. This stock has no benchmark for performance comparison purposes.

In total income was distributed to the Trust’s bank account totalling £52,408 representing a yield of 4.36%.

The asset allocation of the portfolio at 5 April 2025 was:

14% UK Equities 32% International Equities 43% Fixed Interests 4% Alternative Investment Strategies 7% 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:

The economic landscape for the 12 months to 5 April 2025, was characterised by a combination of subdued growth, persistent inflationary pressures, and heightened geopolitical risks, setting a challenging backdrop for policymakers and market participants globally.

THE BRODIE CHARITABLE TRUST

TRUSTEES’ ANNUAL REPORT - continued

year ended 5 April 2025

In the UK, GDP growth stagnated toward the end of 2024, recording a modest 0.1% expansion in Q4 2024, following a flat Q3. Inflation remained a concern, climbing to 2.6% in November 2024, the highest since March, with rising costs in fuel and clothing offset only partially by falling airfares. These inflation dynamics led the Bank of England to hold interest rates steady at 4.75% in December 2024 amid a notable split in voting, suggesting the prospect of a rate cut early in 2025. The government’s front-loaded public spending, announced in October 2024’s budget, was expected to provide a temporary growth boost in 2025, though sectors like retail and hospitality anticipate continued challenges due to higher business costs and increased insolvencies. Moreover, employer National Insurance contributions saw a significant 1.2 percentage point rise from April 2025, impacting business costs further.

Globally, economic growth projections remained cautious. The IMF’s World Economic Outlook in early 2025 forecast a global GDP growth rate holding around 3.2-3.3% for 2025 and 2026, underscoring divergent economic paths across regions and persistent downside risks, including the threat of renewed inflation spikes that could disrupt monetary policy easing. The outlook emphasized the need for calibrated policies addressing growth-inflation trade-offs and longer-term challenges such as demographic shifts and labour market mismatches.

April 2025 proved to be a particularly volatile month in financial markets. The announcement of new tariffs by the US on 2 April triggered sharp declines in global equities, especially in the US where major indices like the S&P 500, Nasdaq, and Dow Jones fell significantly. These tariff escalations, coupled with retaliatory moves from China, heightened fears of stagflation and recession in the US economy, which recorded a contraction of -0.3% annualised in Q1 2025. Markets reacted by rotating into safer assets such as bonds and gold, while commodity prices, particularly crude oil, declined sharply. However, late-month optimism about potential US-China trade talks helped buoy European indices despite ongoing volatility. Currency movements favoured the British pound against the US dollar, reflecting relative economic resilience in the UK amid global uncertainties.

Regionally, inflation and growth varied: the Euro Area maintained inflation around 2.2%, slightly above target, prompting the ECB to cut key interest rates by 25 basis points. China experienced a slight deflationary pressure with consumer prices falling 0.1% year-on-year in March 2025, and a slowdown in GDP growth to 1.2% in Q1, influenced by unresolved trade tensions with the US. Japan’s inflation moderated to 3.6% in March.

Looking ahead policymakers face a delicate balancing act. The temporary boost from increased government spending in the UK will likely wane, while inflationary pressures may persist amid cost of living challenges and higher taxes. Globally, continued geopolitical tensions, especially the trade frictions between major economies, will remain a key risk to economic stability. Central banks must weigh inflation risks against the fragility of growth, with potential further monetary easing tempered by fears of reigniting inflation. Structural reforms aimed at improving labour market efficiency and fostering innovation will be essential to support sustainable growth.

In summary, the economic environment remains uncertain and volatile, characterised by modest growth, inflationary pressures, and geopolitical headwinds. Strategic policymaking and adaptive business responses will be critical for navigating the next 12 months in both domestic and international contexts.

THE BRODIE CHARITABLE TRUST

TRUSTEES’ ANNUAL REPORT - continued

year ended 5 April 2025

The value of the Endowment fund at the end of the year was £1,179,495 compared with a value of £1,193,976 at the end of the previous year.

Income and distributions

Net income for the year after deducting administration costs amounted to £47,780 to which was added undistributed income brought forward at 5 April 2024 of £23,120. Distributions during the year totalled £35,120 divided as to £17,560 to Compton Care and £17,560 to British Heart Foundation. Distribution of the remaining income of £35,780 is to be considered at the Annual General Meeting on 28 August 2025.

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.

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;

. make judgements and estimates that are reasonable and prudent;

. state whether applicable accounting standards and statements of recommended practice have

been followed, subject to any material departures disclosed and explained in the financial statements; . prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.

THE BRODIE CHARITABLE TRUST

TRUSTEES’ ANNUAL REPORT - continued

year ended 5 April 2025

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 Daw White Murrall as auditors is to be proposed at the forthcoming Annual Meeting.

Approved by the trustees and signed on their behalf by

ANDREW STOREY Trustee

Date

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 2025 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.

Daw White Murrall Chartered Accountants and Statutory Auditor

1 George Road Wolverhampton WV2 4DG

Daw White Murrall 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 2025

==> picture [522 x 426] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Year ended 05.04.25|Year ended 05.04.24| |Restricted|Endowment|Total|Restricted|Endowment|Total| |Notes|fund|fund|funds|Fund|fund|funds| |£|£|£|£|£|£| |Income and| |endowments from:| |Investments|3|58,770|-|58,770|59,282|-|59,282| |Total income and|__|_||_||__| |endowments|58,770|-|58,770|59,282|-|59,282| |_|||_||__| |Expenditure on:| |Raising funds|4|(10,990)|(16,484)|(27,474)|(10,675)|(16,012)|(26,687)| |Charitable activities|5|(35,120)|-|(35,120)|(40,000)|-|(40,000)| |_|||_|_|_| |Total expenditure|(46,110)|(16,484)|(62,594)|(50,675)|(16,012)|(66,687)| ||||_|_|_| |Net income/(expenditure)| |before gains and| |(losses) on Investments|12,660|(16,484)|(3,824)|8,607|(16,012)|(7,405)| |Net gains/( losses) on| |Investments|8|-|2,003|2,003|-|20,380|20,380| |||||_|_| |Net movement in funds|9,660|(14,481)|(1,821)|8,607|4,368|12,975| |Reconciliation of funds:| |Total funds brought| |forward at 06.04.24|23,120|1,193,976|1,217,096|14,513|1,189,608|1,204,121| |Total funds carried||_|__|_|__|__| |forward at 05.04.25|35,780|1,179,495|1,215,275|23,120|1,193,976|1,217,096| |_|_|__|_|_|______|

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

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 2025

2025 2024
Notes £ £
Fixed assets
Investments 8 1,202,517 1,210,796
Current assets
Income tax reclaimable 1,227 657
Cash at bank 31,595 15,183
Commission from Mattioli Woods 6,000 3,000
______ ______
38,822 18,840
Creditors:amounts falling due
within one year
Creditors and accruals (26,064) (12,540)
______ ______
Net current assets/(liabilities) 12,758 6,300
_ __
Total assets less current liabilities 1,215,275 1,217,096
_ __
Funds
Endowment fund 2 1,179,495 1,193,976
Restricted fund – undistributed income 5 35,780 23,120
_ __
9 1,215,275
_		 1,217,096
__
Approved by the Trustees on
I B BRODIE )
)
A R W STOREY ) Trustees
)
M M MONNES-THOMAS )

THE BRODIE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

Year ended 5 April 2025

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 2025

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
5.4.25 5.4.24
£ £
Listed investments 52,924 53,115
Deposits forming part of investment portfolio 2,846 3,167
Commission from Mattioli Woods 3,000 3,000
______ ______
58,770
______		 59,282
______
4. Expenditure on raising funds
Year ended Year ended
5.4.25 5.4.24
£ £
a. Expenditure on raising funds:
Investment advisors’ fees (net of rebates) 10,476 9,802
Platform fees paid to Transact 2,598 2,554
___ ______
13,074
______		 12,356
______
Year ended Year ended
5.4.25 5.4.24
b. Governance costs: £ £
Muras Baker Jones 9,600 9,600
fbc Manby Bowdler LLP, a firm in which M Monnes-Thomas,
a trustee, is a partner 1,560 1,560
Auditors’ remuneration for audit of the accounts only 1,524 1,452
Travelling expenses from Canada of Ian Brodie, a Trustee 1,716 1719
______ ______
14,400 14,331
______ ______
Total resources expended 27,474 26,687
______ ______

THE BRODIE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

Year ended 5 April 2025
5. Charitable activity expenditure

Undistributed income brought forward at
5 April 2024
(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 2025 (Restricted Fund)		 2025
£
£
23,120
47,780
_
70,900
11,560
-
6,000
__

17,560
_
11,560
-
6,000

17,560

(35,120)
____
35,780
 2024
£
£
14,513
48,607
_
63,120
7,257
2,743
10,000
__
20,000
_
7,256
2,744
10,000

20,000

(40,000)
____
23,120

6. Trustees’ remuneration and expenses

The trustees neither received nor waived any remuneration during the year (2024: £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 2025
7.Related party transactions
Services for the year charged by related
parties were:
fbc Manby Bowdler LLP
Of the above charges, the following
amounts were outstanding at 5 April 2025
fbc Manby Bowdler LLP
8.Investments
Listed investments
Market value at 5 April 2024
Acquisitions
Disposals

Net investment (losses)/gains
Market value at 5 April 2025
Deposits
Total- at 5 April 2025
Total investment gains/(losses)
Historical cost
The historical cost of the listed
and unlisted investments was:
at 5 April 2025
at 5 April 2024		 2025
£
1,560
_
1,560

2025
£
1,153,948
7,675

(20,117)
2,003

_
1,143,509
_
59,008
_
1,202,517
__
2,003
_____
1,225,952
1,261,565
 2024
£
1,560
_
1,560

2024
£
1,140,393
246,783
(253,608)
20,380

1,153,948

56,848
_
1,210,796
_
20,380
____
1,261,565
1,322,952

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 2025

8. Investments - continued

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

at 5 April 2024 –.

Artemis Strategic Bond having a value of £95,971.

Fidelity Extra Income W Fund having a value of £71,265.

Fidelity Global Dividend Fund having a value of £109,279. Fidelity Multi-Asset Income N Fund having a value of £94,978.. Janus Henderson Fixed Interest Fund having a value of £95,046. Premier Multi-Asset Distribution Fund having a value of £94,380. Premier Miton UK Value Opportunities Fund having a value of £73,529. Royal London Sterling Extra Yield Fund having a value of £71,072

.

at 5 April 2025 –.

Artemis Strategic Bond having a value of £96,873.

Fidelity Global Dividend Fund having a value of £113,003.

Fidelity Multi-Asset Income N Fund having a value of £96,000. Janus Henderson Fixed Interest Fund having a value of £95,359. Jupiter Strategic Bond Fund having a value of £59,332 Premier Multi-Asset Distribution Fund having a value of £96,311. Premier Miton UK Value Opportunities Fund having a value of £65,782. Royal London Sterling Extra Yield Fund having a value of £73,725.

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:-
2025 2024
Restricted Endowment Restricted Endowment
Fund fund Fund fund
£ £ £ £
Investments 23,022 1,179,495 16,820 1,193,976
Current assets 38,822 - 18,840 -
Current liabilities (26,064) - (12,540) -
______ __ _ _
Net assets at 5 April 2025 35,780
______		 1,179,495
__		 23,120
______		 1,193,976
__