THE BRENDISH FAMILY FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 THE 8RENDISH FAMILY FOUNDATION INDEX YEAR ENDED 5 APRIL 2021 Page General information Report of the Truslaes Independent Examiner's r8POrt Statement of financial activities Balance sheet Notes lo the financial slalemenls THE BReNDISH FAMILY FOUNDATION GENERAL INFORMATION YEAR ENDED 5 APRIL 2021 Trustees C M Brendish CBE S A F 8rendish G L Chambers N J Brendish N L Prilchard-smilh C V Brendish F W Pritchard-smith Principal address 22 Chancery Lane London WC2A 1LS Ch4rlty numb8r 1079065 Solicitors B08 Pilmans One Bartholomew Close Barts Souare EC1A 7BL Inv9Stmont managers Sarasin & Partners LLP Juxon House 100 at Paul's ChurGhyard London EC4M 8BU Independent examlner Gregory Smye-Rumsby ACA CTA Dixon Wilson 22 Chancery Lane London WC2A 1LS Bankers C Hoare & Co 37 Fleet Street London EC4P 4DQ THE BRENDISH FAMILY FOUNDATION REPORT OF THE TRUSTEES YEAR ENDED 5 APRIL 2021 The Trustees submit the annual report together with the accounts of the Foundation for the year lo S April 2021. The accounts comply with the current statutory requirements and are in corllplian￿ with the relevant provisions of tho Ch2rities Act 2011. the Tnjst Deed and Accounting and reporting by Charities.. Stalemont of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 1 January 2019. The report should be read in conjunction with the general information provided on pag8 2. Admini$trative information The Brendish Family Foundation is a charity registered with the Charily Commission, registration number 1079065. Stru¢tur•. gov•rnane• and manag•ment The Foundation was founded by C M Brendish CBE. The names of the Twslees who served throughout the year are staled on page 2. New Trustees a￿ nominated by the board and power of appointing new Trustees is vested in the Founder during his lifetime. New Trustees are provided with guidance as lo their responsibilities from existing fruslees and from the Trustees. solicitors. The Foundats'on is governed by the Tnjsl Deed dated 1 December 1999. The Trustees have wide powers of administration and investment. Decisions are made by a simple majority of votes cast al a meeting of the Trustees. The Trustees have assessed the risks lo which the Foundation might be exposed and consider them lo be minimal. Consequendy they are satisfied that no additional action is required lo miligale the charity's exposure lo risks. Objectives and adlvltles The objective of the Foundation, under the terms of the Trust Deed for this year and the future, is lo apply the Foundation's income for general charitable puiposes al the discretion of the Trustees. During the year, the Trustees Continued their support of children's and other charities Ihfough grants and donations. The investment performance in the year was consislenl with the frustees. investment objective. Public bgnofit The TNslees, having regard to the Public Benefit Guidance published by The Charity Commission in accordance with section 17 of the Charities Act 2011, consider that the purpose and activities of The Brendish Family Foundation satisfy the requirements of the public benefit lesl sel out in section 4 of the same Act. FinanGial rèvlaw. achievements and performance The accounts are sel out on pages 6 10 11. Donatrons arnounting to £nil were received during the year12020 - £nil)- During the year grants awarded lo charities for the public benefit amounted lo £11,25012020 - £57,300). The Trustees expect lo continue lo make similar grants in the fulufe. The Foundation has no significant overheads and therefore has no need lo maintain reserves in order lo ensure its continued operation. Reserves at the year end were £3,062.221, and wll be used lo meet the Foundation's objective as the Trustees deem appropriate. THE BRENDISH FAMILY FOUNDATION REPORT OF THE TRUSTEES YEAR ENDED S APRIL 2021 Invo$tment policy and objectiv¢s The investment objective is lo preseNe the value of the oharilable endowments in real terms whilst al the same tiiiio pi-ovidiiig a level of in¥ome lo suppoit Ilie atiiiual ywdl It-llldkiiiy yruyrtsifTriTle, ¢ind this is to be achleveu In a conservative manner. Plans for future pgriods ProjeGts tli81 Ilie Trustees would like to support iiiblud¢ Uiose iiivvlviiiy Gliildr¥ii, E>tluGatlon, healthcare an(J access to food and water. COVID-19 The Trustees have assessed the impact of COVID-19 and the related reslriclions on the financial and operational activities of the Foundation as low as they continue lo be able to generate income from their inveslmenls. Al the year end the value of investments had recovered the losses of the previous year and were valued at £2,826,477. As at the dale of approval of these financial statements, and taking into consideration the latebt inforirFalioii published by the UK Govoi iiniL41it cul)￿rIll[l¥ Ilitt PiiiiiAeiTlIL, Ilie Trustees do not expeci the measures to materially impede their granl-making processes in the future. On behalf of the Trustees G L CHAMBERS .13.rd.....Sepknbef...2021 THE BRENDISH FAMILY FOUNDATION INDEPENDENT EXAMINER'S REPORT YEAR ENDED S APRIL 2021 Independent oxaminer'g report to tho trustO98 of Thè Bfendish Famlly Foundation I report lo the Trustees on my examination of the accounts of the Foundation for the year ended 5 April 2021. Rospoftsibilitles and basis of report As the charity Trustees of the Foundation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'Ihe Acl'l. You are satisfied that an audit is not required for this year under charity law and that an independent examination is needed. I report in respect of my examination of the Foundation's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commiosion tjnder section 14SISllbl of the Act. An independent exarninalion does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters than an auditor considers in giving Iheir opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, l express no opinion as to whether the accounts present a 'lrue and fair. view and my report is limileé lo those specific matter5 set out in the independent examinerfs stalemont. Indepondont examiner's statement l am qualified lo undertake the examination by being a qualffied member of the Inslilule of Chartered Accounlanls in England and Wales. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the Foundation as required by section 130 of the Acl,- or 2. the accounts do not accord with those rocords., or 3. the accounts do not comply with the applicable requirements concerning Ihe form and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair view, which is not a maller considered as part of an independent examination. 4. the accounts have not been prepared in accordance with the methods and principles of the Slalement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial ReFX)rting Standard applicable in the UK and Republic of Iroland {FRS 1021. I have no concerns and have come across no mallers in connection with the examination lo which allenlion st)ould be drawn in this report in order lo enable a proper understanding of the accounts to bo reached. GREGORY SMYE-RUMSBY A DIXON WILSON 22 Chancery Lane London WC2A 1LS CTA 6 October .2021 t¥ ty*Jw 7J THE BRENDISH FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED S APRIL 2021 1. Accounting Policies Summary of significant accounting policies and key accounting estlmates The principal accounting policies applied in the preparation of these financial statements are sel out below. These policies have been consislenlly applied lo all the years presented. unless otherwise slated. Basls of preparation ThFt fin2nr.i21 .4tAtg.mgnt8 hAvp bpèn prpparèd in Artr.rtrdxne.p with thp. Arrnijnting anrl Reporting by Charitieg.. Sialemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 1 January 2019 Icharits'es SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charibes Act 2011. The Foundation Conslilules a public benefit entity as defined by FRS 102. Golng concern The financial statements have been prepared on a going concern basis. The Trustees consider that there arc no matcrial un¢crtainti¢- about Ihc Foundation'4¥ ability to continuc as a goin9 concern. Funds strurture Unrestricted funds comprise those funds which the Trustees are free lo use for any purpose in furtherance of the charilablo objectives. The Foundation also has an expendable endowment fund maintained in line th the Investment policy, bul the terms ol which allow the capital of the fund lo be spent if ihe Tfuslees so determine. Recognition of income Income from unlisted equity and mulli-assel investments is included in the Stalemenl of Financial Activities ISOFAI when the Foundation's right lo receive payment is established. Interest income is recognised on an accruals basis so as lo reflect the effective yield when is il probable that il will be realised. Grants and donatlons Grants and donations are recognised in the SOFA when the Foundation becomes entitled lo the donation income and il is probable that the donation income wtll be received. Expenditur? and irre¢overablo VAT The Trustees make distributions from the unrestricted fund al their discretion and such dislribulions are accordingly brought into account when the Foundation is obliged lo make payment. This is where there is a legal or conslruclive obligation to n8ke a payment lo a third party, il is probable that 5elllemonl will be required and the amount of the obligation can be measured reliably. Other expenses are accounted for on an accruals basis. The Foundation has creditors which are measured at selllemenl amounts. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Investments Investments are initially recognised al Iheir Iransacllon value and stjbsequenlly measured al their fair value as at the balance sheet dale using the closing quoted market price. The Slalemenl of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. Reallsed galns and losses All gains and losses are taken lo the Sialement of Financial Activities as they arise. Realised gains an($ Ioss8s on Invaslments are calculated as the difference between sales proceeds and their opening carrying value or their pur¢ha5e value rf acquired subsequent lo the first day of the financial year. Unrealised gains and losses are calculalod as the difference be￿een the fair value al the year end and their carrw'ng value, Realised and unrealised investment gains and losses are combined in the Slalemenl of Financial Aclivilies. THE BRENDISH FAMILY FOUNDATSON NOTES ro THE FINANCIAL STATEMENTS YEAR ENDED S APRIL 2021 Investment In¢ome 2021 2020 Dividends trom listed Investments Int&￿st on cash deposits 43,295 51,522 78 43,298 51,54Q Al invo3tm¢nt incom8 18 derivod from Unitod Kingdom aBBets. Analysls of Charitable •xp¢nditure 2021 2020 Grants lo in$Ututions (note 61 Govemance costs (not8 51 Support ¢osts (note 51 11,250 871 9(K) 57,300 9,037 900 13.021 67,237 Exp•ndTrture on ralglng funds 2021 2020 Investment manager fees rebate 12191 (226) 12191 (226) Analysls ot go￿rnan¢t and support eosts Total 2021 Totsl 2020 Basls of apportlonment G¢v8rnanc& Support Charltable expenditure Accountanoy and administration f88s Bank charges Independent examin8rf$ 1098 M8nagèment recharge Debtors written off 1,820 Govèmance l Govemance 600 Govemance 900 Staff lime 6,616 Govemance 271 600 271 600 900 871 900 1,771 9,937 Grants awarded 2021 2020 Grants madè to Institutlons.. Child in Need Institute ICINII UK Game & CornsèNadon Wlldlrfe Trust Pan¢￿all¢ Can￿r UK Salisbury Hospice The Busoga Trust The Courage Foundation Othèr awards of less than £250 5,000 40,000 10,000 500 7,(￿0 s,(x)o 750 300 11,250 57,300 No grants were awarded io individuals. THE 8RENDISH FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2021 Fixed asset inveslrngnts 2021 2020 Llst&d UK Investments.. Mad(et value 816 April 2020 G8inllLossl on revaluation Of disposal 2,304,042 522.435 2,475.210 (l Tl, 168) Mark81 value at 5 April 2021 2.826.477 2,3Q4,042 Hisloric cost 2.354,356 2,354,356 Cash at bank and in hand 2021 2020 C Hoare & Co. currenl accounl Sarasin & Partner client a¢oount 235,004 1,840 205,867 1,621 236.844 2f17.488 Cr9ditors'. arnounts falllng duo wlthln one yoar 2021 2020 Accountancy fees Independent Examiner's fees Arnounls owed lo Pendennis Famlly Management Limited 500 600 740 600 9QO 1,100 2,240 10. Analysis of chafltable funds Fund balances brought forward Incorn8 Ex￿ndIt￿re Transfers Gains and 1105sesl Fund b81anc8S Carried forward Unrestricled fund 203.627 43,298 113,0211 233,904 Expendab￿ endowment fund 2,305,663 219 522,435 2.828,317 Total ftsnds 2,509,290 43.298 112,8021 522.435 3.062,221 11. TTUSt¢&'s #xp•ns8s and r•lat•d party tran$a¢tlon$ During the yèar f80s amounting to £nil12020 - £1.8201 were ¢harged in ￿spect ol accountancy services provided by Dixon Wilson, a firm in which Graham Chambers. a Trustee ol this Foundation, is a consuKant. The Trustees are authorised by the Trust Deed lo pay reasonable fees lor work carried out for the Trust on the instrnction8 of other Trustees. Dixon Wilson acted 8s ind8p8ndenl examiner5 during the year. Fees amounting tr> £60012020- £5001 were charg in r8$ped ol this ￿vIeW. During the year Pend8nni8 Family M8nagemenl Limited, a company controlled by two of the trustees, charged 2900 12020 - £9)01 for management seNces. No trustee expenses have besn inourred during the yèar. THE BRENDISH FAMILY FOUNOAfioN NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2021 12. Staff numbers The average number of persons employed by the Foundation during the year was O12020- 01.