THE BRENDISH FAMILY FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 THE BRENDISH FAMILY FOUNDATION INDEX YEAR ENDED 5 APRIL 2024 Page General Information Report of the Trustees Statement of Trustee's responsibilitles Independent Examinerfs report statement of flnancial activities Balance sheet Notes to th8 financial statements THE BRENDISH FAMILY FOUNDATION GENERAL INFORMATION YEAR ENDED 5 APRIL 2024 Trustees C M Brendish CBE S A F Brendish G L Chambers N J Brendish N L Pritchard-smith C V Brendish F W Pritchard-smith Principal address Klmbridge Estate Office Kimbridge Lane Romsey Hampshire S051 OLE Charlty number 1079065 Sollcltors Wilsons LLP Alexandra House St Johns Street Salisbury SP12SB Investmgnt managers Sarasln & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU Ind•pendent examlner Charlotte Milner ACA CTA 22 Chancery Lane London WC2A 1 LS Bankern C Hoare & Co 37 Fleet Street London EC4P 4DQ THE BRENDISH FAMILY FOUNDATION REPORT OF THE TRUSTEES YEAR ENDED 5 APRIL 2024 The Trustees submlt the annual report together with the accounts of Ihe Foundalion for the year to 5 April 2024. The accounts comply with the current statutory requirements and are in compliance wilh the relevant provisions of the Charities Act 2011. the Trust Deed and Accounting and reporting by Charities: Statement of Recommended Practice applicable to chaiities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 1 January 2019. The report shoukj be read in conjunction with the general infomiation provided on page 2. AdminlstratSvo infomiation The Brendish Family Foundation is a charity registered with the Charity Commission, registration number 1079065. Structure, governance and management The Foundation was founded by C M Brendish CBE. The names of the Trustees who served throughout the year a￿ stated on page 2. New Trustees are nominated by the board and power of appointing new Trustees is vested In the Founder during his lifetime. New Trustees are provlded with guidance as to their responsibilities from existing Trustees and from the Trustees, solicitors. The Foundation is govemed by the Trust Deed dated 10ecember 1999. The Trustees have wide powers of administration and Investment. Decisions ar8 made by a simpl8 majority of votes cast at 8 meeting of the Trustees. The Trust88s have sssessed the risks to which the Foundatlon mlght be expos8d and consider them to be minimal. Consequently they are satisfied that no additional action is requlred to mltlgat8 the charitys exposure to rlsks. Objectlv•s and acllvltlos The objective of the Foundatlon. under the terms of the Trust Deed for thls year and the future. is to apply the Foundation's income for gen8ral charitable purposes at the discretion of the Trustees. During the year, the Trustees continued thelr support of chlldren's and other charltles through grants and donations. The investment performance in the year was consistent wlth the Trustees. Investment objectlve. Publlc benefit The Trustees. having regard to the Public Benefit Guidanc8 published by The Charity Commission in accordance with section 17 of the Charitles AGt 2011. conslder that the purpose and actlvlties of The Brendish Famlly Foundatton satisfy the requlrements of the publlc benetit test set out In sectlon 4 of the same Act. THE BRENDISH FAMILY FOUNDATION REPORT OF THE TRUSTEES YEAR ENDED 5 APRIL 2024 Flnancial revlew, achlovements and perfomlance The accounts are set out on pages 7 to 12. Donations amounting to £nil V￿re re￿iVed during the year (2023 - £625.000>. During the year grants awarded to charities for the public benefrt amounted to £86,200 (2023 - £1 S9,946). The Trustees expect to continue to make similar grants in the future. The Foundats'on has no signrficant overheads and therefore has no need to maintaln reseNes in order to ensure its continu8d operation. Reserves at the year end w8re £3.786,649. split; £741.243 unrestricted reserves and £3,045.406 endowment fund reserves. They will be used to meet the Foundatlon's objective as the Trustees deem appropriate. Invo8tment pollcy and objectlvos The Investment otlective Is to preserve the value of the charitable endowments in real terms whllst at the same tlme provlding a level of income to support the annual grant-making programme. and thls is to be achieved In a conservative manner. Plans for futur• periods Projects that the Trustees would like to support include those involving Ghildren, educatlon, healthcare and access to food and water. Golng Concern The Trustees consider that there are no material uncert8intias about the Charivs ablllty to continue as 8 going concem. The Charity has sufficlent funds to meet its charitable objectives and has confimied this will continue for at least 12 months from the date the accounts were approv8d. As a result, the accounts have been prepared on a golng concern basis. On behalf of the Trustees Graham Chambers ..2024 THE BRENDISH FAMILY FOUNDATION STATEMENT OF TRUSTEES, RESPONSIBILITIES YEAR ENDED 5 APRIL 2024 Trustees. responslbllltles In relation to the financial statements The trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the trustee(s) to prepare financial statements for each financial year which give a true and fair view of the state of affair5 of the charity and of the incoming resources and application of resources of the charity for that period. In preparing thes8 financial statements, the trustees are required to: select suilable accountlng pollcies and then apply them consist8ntly' observe the methods and principles of the Charities SORP. mak8 judgements and accounting estimates that are reasonable and prudent., state whether applicable accounting stsndard5 have been followed, subject to any departures disclosed and explained in the financial statements., and prepare the flnancial statements on the going concem basis unless It Is inappropri8te to presume that the charity wlll continue in buslness. The trustees are responsible for keeping accounting records which disclose wllh reasonable accur8Cy the financial position of the charity and enable them to ensure that the financlal statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are asso responsible for safeguarding the assets of the charity and hence for taklng reasonable steps for the prevention and detectlon of fraud and other irregularitie5. The report of the trustees was approved by the trustees on 7 behalf by: .2024 and signed on thelr Graham Chambers Trustee THE BRENDISH FAMILY FOUNDATION INDEPENDENT EXAMINER'S REPORT YEAR ENDED 5 APRIL 2024 Independent examlner's report to the trustees of The Brendish Famlly Foundation I report to the Trustees on my examination of the accounts of the Foundation for the year ended 5 April 2024. Responsibilitles and basls 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 ('the Act,). 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 carying out my examination I have follow￿ all the applicable Di￿tionS given by the Charity Commission under section 14515)Ib) of the Act. An Independent examination does not involve gathering all the eviden￿ that would be ￿qUired in an audit and consequently does not cover all the matters than an auditor considers in giving thelr 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 p￿sent a 'true and falrf view and my report is limited to those specific matters set out in the independent examinevs statement. Indep•ndont examlnerf8 Statemont l am qualified to undertake the examination by being a qualified member of the Institute of Chartèred Accountants in England and Wales. I have completed my examinatlon. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. l. accounting records were not kept in respect of the Foundation as required by section 130 of the Act; or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the appllcable requlrements conceming the form and content of accounts set out In the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view which is not a matter consKlered as part of an Independent examination. 4. the accounts have not been prepared In accordan￿ with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charlties applicable to charlties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no matters in connection wlth the examination to which attention should be drawn In thls report in order to enable a proper understanding of the accounts to be reached. CHARLOTTE MILNER ACA CTA DIXON WILSON 22 Chancery Lane London WC2A 1LS 14 October ..2024 v•vw T¥ T> THE BRENDISH FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2024 1. Accounting Pollcles Summary of 51gnlficant accountlng policies and key accountlng estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years present8d, un18SS OtheFwise slated. Basls of preparation The financial statements have been prepared in a¢cordance wlth the Accounting and Reporting by Charities: Statgmenl of Recommended Pradic8 applicablo to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 1 January 2019 (Charlties SORP IFRS 102}I, the Finan¢i81 Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The Foundation constitutes a public benefit entity as defined by FRS 102. Golng concern The financAal slatements have been prepared on a going concern basis. The Trustees considar that ther8 ar8 no material uncertainti8s about the Foundation's ability to contlnue as a going concem. Funds structure Unrestricted funds cornprise those funds which the Twstees are free to use for any purpose in furthepnce of the charitabl8 objectives. The Foundation also has an expendable endowment fund maintained in line wlth the investment policy, but the terms of which allow the capital of the fund to be spent if the Trustees so determine. Recognltlon ol Income Income from unlisted equity and multl-asset Investments Is included In the Statement of Financial Activities {SOFA) when the Foundation's right to receive payment 1$ establlsh8d. Interest income is recogni5ed on an accruals basis so as to reftecl the effective yield when Is It probable that it wlll be realised. Grants and donatlons Grants and donatlons are recognlsed in th8 SOFA when the Foundation becomes entitled to the donation Income and it is probable that the donation income will be received. Gfft ald Gift aid incom8 Is recognised in the SOFA on the sam8 basi$ as the donatlon to which Is relates. Expenditurg and Irrocoverable VAT The Trustees makè distributions from the Un￿stIl¢led fund at thelr dlscretlon and such distributions are accordingly brought into account when the Foundatlon Is obliged to make payment. This Is where there is a legal or constructive obligatSon to make a payment to a third paty, It Is probable that S8tt1em8nt will be requI￿d and the amount of the obligation can be rneasured rellably. Oth8r expenses are accounted for on an accruals basls. The Foundation has creditors which ara measur8d at settlement amounts. Ir￿￿Verable VAT 18 charged as a cost agalnst the activity for which the expenditure was Incurred. Investments Inveslments are initially recognised at thelr transaction value and subsequently measured at thelr fair value as at the balance sheet date using the closing quoted maTket price. The Statement of Financial Activities Include5 the net gains and losses arising on revaluation and dlsposals throughout the year. Roallsed gains and lossas All gains and losses ar8 taken to the Statement of Finan¢ial Activities as thèy arlse. Realised gains and loss88 on investm8nts are calculated as the difference b8￿een sales proceeds and their opening carrying value or their purchase value if acquired subsequent lo the first day of the finanGial year. Unrealised gains and losses are calculat8d as the difference between the fair value at the year 8nd and their carrying value. Realised and unrealised investrnent gains and losses are combined in the Statement of Financial Activities. THE BRENDISH FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2024 Investment Incorne 2024 2023 Dlvidends frorn listed investments Interest on cash deposits 60.995 15,465 51,693 5,666 76,460 57,359 All Investment income is derlv8d from United Klngdom assets. Analy515 of charltable expenditure 2024 2023 Grants to Institutions (note 6) Governance costs (note 5) Support Gosts (note 5) 86,200 700 159,946 8,831 900 87,900 169,677 Expendlture on ralslng funds 2024 2023 Investment manager fees rebate (241) (241) (254) (254) Analysis of governance and support costs Total 2024 Totsl 2023 Basls of apportlonmont Goveman¢o Support Charltable expendlture Accountancy and administratlon fees Bank tharges Independent 8xamlnerfs fees Audlt fees Management recharge 600 388 800 (1,088) 600 388 800 (1,088) 1,000 1.200 Govemance 371 Govemance Govemanc8 7.260 Goveman 900 Stsff timè 1.000 700 1.000 1,700 9,731 io THE BRENDISH FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED J APRIL 2024 Grants awarded 2024 2023 Grants made to institutlons: British Heart Foundation Cancer Research UK Child in Need India (CINI) UK Children with Special Needs Foundation Crisis DEC Turkey Eathquake Appeal F5edge Great Ormond Street Childr8n's Hospital Hampshire & Isle ofwight Ar Ambulance Land Aid Marie Curie Muscular Dystrophy Pancreab'c Cancer UK Shout Starlight Crew Thames Valley Air Ambulan Thé Busoga Trust The Courage Foundatlon Thè Cure Parkinsons Tfust The Parish of Chandlers Ford The Salvation Army Tommls UNICEF Turk8y Earthquake Appeal Wiston Parish Church 10,000 2Qh) lo.0￿) 10,000 10.000 10.000 581 11,000 qO,O¢ 10,000 500 10,O¢X) soo 5,015 10,OtXI 10,000 3,000 10,CQO 20,000 10,000 10.CQO 250 3,500 10,000 10,000 15,000 250 10.000 10,000 250 100 86,200 159,946 No grants were awarded to individuals. Flxed asset Investments 2024 2023 Ll$ted UK Investments: Market value at 8 April 2023 Galnl{Loss) on malualon 2.739,777 303,Iy27 2,819,513 (139, 736) Market value at 5 Aprtl 2024 2, 739. 777 Historic cost 2,354,356 2,354,356 Ca8h at bank and In hand 2024 2023 C Hoare & Co. current account Sarasin & Partner client account 742,043 2,602 760,483 2,361 744,645 762,844 Credltots." amounts falllng due wlthln one year 2024 2023 Accruals 800 7,800 800 7,800 THE BRENDISH FAMILY FOUNDATION OTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2024 10. Analysls of charltsble fund8 Fund balances brought foThvard Gain5 and 110ss9$) Fund balances Carried forward Income ￿pend￿(Ur& Transfers Unrestricted fund 752,883 76,460 (87,900) 741,243 Expendable endowment fund 2,742,138 241 303,027 3,045.406 Total fund5 3,494,821 76,460 (87,6591 303,027 3,786,649 11. Trustee's gxpenses and rolatad party transaGtlon8 Durlng the year the C M Brendlsh, a Truslee of the tharty donated £nil, including Gift aid (2023 £625.000) to The Brèndish Famlty Foundatlon. Durtng the year Pendennis Family Management Limited, a company controlled by four of the Truste8s, charged £1,000 (2023- £900) for management services. No trustee expénses have been incurred during the year. 12. Staff numbafs The average numbèr of persons employed by the Foundatlon durfng the year was O12023- 0)- 12