THE BRENDISH FAMILY FOUNDATION
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
THE BRENDISH FAMILY FOUNDATION
INDEX
YEAR ENDED 5 APRIL 2025
| Page | |
|---|---|
| General information | 2 |
| Report oftheTrustees | 3 |
| Statement ofTrustee's responsibilities | 5 |
| Independent Examiner's report | 6 |
| Statement offinancial activities | 7 |
| Balance sheet | 8 |
| Notestothefinancialstatements | 9 |
|
THE BRENDISH FAMILY FOUNDATION
GENERAL INFORMATION
YEAR ENDED 5 APRIL 2025
| Trustees | CM Brendish CBE |
|---|---|
| S AF Brendish |
|
| G L Chambers | |
| N J Brendish | |
| NL Pritchard-Smith | |
| C V Brendish | |
| FW Pritchard-Smith | |
| Principal address | Kimbridge Estate Office |
| Kimbridge Lane | |
| Romsey | |
| Hampshire | |
| $051 OLE | |
| Charity number | 1079065 |
| Solicitors | Wilsons LLP |
| Alexandra House | |
| St Johns Street | |
| Salisbury | |
| SP1 2SB | |
| Investment managers | Sarasin & Partners LLP |
| Juxon House | |
| 100 St Paul's Churchyard | |
| London | |
| EC4M 8BU | |
| Independent examiner | Charlotte MilnerACA CTA |
| 22 Chancery Lane | |
| London | |
| WC2A 1LS | |
| Bankers | C Hoare & Co |
| 37 Fleet Street | |
| London | |
| EC4P4DQ |
2
THE BRENDISH FAMILY FOUNDATION
REPORT OF THE TRUSTEES
YEAR ENDED 5 APRIL 2025
The Trustees submit the annual report together with the accounts of the Foundation for the year to 5 April 2025. The accounts comply with the current statutory requirements and are in compliance with the relevant provisions of the Charities Act 2011, the Trust Deed and 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 (FRS 102) issued on 1 January 2019. The report should be read in conjunction with the general information provided on page 2.
Administrative information
The Brendish Family Foundation is a charity registered with the Charity Commission, registration number 1079065.
Ctrnatiuca anvarnanen ans manaaamant Strusturs [governanceland management
The Foundation was founded by C M Brendish CBE.
The names of the Trustees who served throughout the year are 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 provided with guidance as to their responsibilities from existing Trustees and from the Trustees’ solicitors. The Foundation is governed by the Trust Deed dated 1 December 1999. The Trustees have wide powers of administration and investment. Decisions are made by a simple majority of votes cast at a meeting of the Trustees.
The Trustees have assessed the risks to which the Foundation might be exposed and consider them to be minimal. Consequently they are satisfied that no additional action is required to mitigate the charity's exposure to risks.
Objectives and activities
The objective of the Foundation, under the terms of the Trust Deed for this year and the future, is to apply the Foundation's income for general charitable purposes at the discretion of the Trustees.
During the year, the Trustees continued their support of children's and other charities through grants and donations.
The investment performance in the year was consistent with the Trustees’ investment objective.
Public benefit
The Trustees, 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 test set out in section 4 of the same Act.
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|
THE BRENDISH FAMILY FOUNDATION
REPORT OF THE TRUSTEES
YEAR ENDED 5 APRIL 2025
Financial review, achievements and performance
The accounts are set out on pages 7 to 12.
Donations amounting to £nil were received during the year (2024 - £nil).
During the year grants awarded to charities for the public benefit amounted to £10,750 (2024 - £86,200). The Trustees expect to continue to make similar grants in the future.
The Foundation has no significant overheads and therefore has no need to maintain reserves in order to ensure its continued operation.
Reserves at the year end were £3,692,800, split; £792,563 unrestricted reserves and £2,900,237 endowment fund vrananing Thay willl ha iend ta mant tha Canndatinn's ahiantiua ne the Triictoaac daam annrnnrisate IUtiy tCocmirvyues. | Tiny WVIEL RAN Rds OY PPI LI rt aI Vee haw Chie Flees Se bedwed meinen eendea
Investment policy and objectives
The investment objective is to preserve the value of the charitable endowments in real terms whilst at the same time providing a level of income to support the annual grant-making programme, and this is to be achieved in a conservative manner.
Plans for future periods
Projects that the Trustees would like to support include those involving children, education, healthcare and access to food and water.
Going Concern
The Trustees consider that there are no material uncertainties about the Foundation's ability to continue as a going concern. The Foundation has sufficient funds to meet its charitable objectives and has confirmed this will continue for at least 12 months from the date the accounts were approved. As a result, the accounts have been prepared on a going concern basis.
On behalf of the Trustees
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24 September The report of the trustees was approved by the trustees ON 20.00... .ccccceceeeeeeeeseesss-+2025 and signed on their
18 September
THE BRENDISH FAMILY FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 5 APRIL 2025
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Expendable|Expendable|
|Unrestricted|Endowment|Unrestricted|Endowment|
|Note|Income|Fund|Fund|2025|Income|Fund|Fund|2024|
|£|£|£|£|£|£|
|Income|and|endowments|from:|
|Investment|income|2|64,212|-|64,212|76,460|-|76,460|
|Total|income|and|endowments|64,212|-|64,212|76,460|-|76,460|
|Expenditure|on:|
|Charitable|activities|3|(12,892)|-|(12,892)|(87,900)|-|(87,900)|
|Raising|funds|4|-|3|3|-|241|241|
|Net income/|(loss)|before|gains|/|(losses)|on|investments|51,320|3|51,323|(11,440)|241|(11,199)|
|Other|recognised|gains|and|losses|
|Net|(losses)|/|gains|on|investments|7|-|(145,172)|(145,172)|-|303,027|303,027|
|Net movement|in|funds|51,320|(145,169)|(93,849)|(1 1,440)|303,268|291,828|
|Reconciliation|of funds:|
|Total|funds|brought|forward|at 6|April|2024|741,243|3,045,406|3,786,649|752,683|2,742,138|3,494,821|
|Total|funds|carried forward|at|5 April|2025|(page|8)|792,563|2,900,237|3,692,800|741,243|3,045,406|3,786,649|
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The Statement of Financial Activities includes all gains and losses in the year. All incoming resources and resources expended clerive from continuing activities,
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24 September The financial statements on pages 7 to 12 were approved by the Trustees OM ..... 2... ..cccceceeseeeenerepeeesrerseeesseee-2025
THE BRENDISH FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2025
1. Accounting Policies
Summary of significant accounting policies and key accounting 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 presented, unless otherwise stated.
Basis of preparation
The financial statements have been prepared in accordance with the 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 (FRS 102) issued on 1 January 2019 (Charities SORP (FRS 102)), the Financial 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.
Going concern
The financial statements have been prepared on a going concern basis. The Trustees consider that there are no material uncertainties about the Foundation's ability to continue as a going concern.
Funds structure
Unrestricted funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objectives. The Foundation also has an expendable endowment fund maintained in line with the investment policy, but the terms of which allow the capital of the fund to be spent if the Trustees so determine.
Recognition of income
Income from unlisted equity and multi-asset investments is included in the Statement of Financial Activities (SOFA) when the Foundation's right to receive payment is established. Interest income is recognised on an accruals basis so as to reflect the effective yield when is it probable that it will be realised.
Grants and donations
Grants and donations are recognised in the SOFA when the Foundation becomes entitled to the donation income and it is probable that the donation income will be received.
Gift aid
Gift aid income is recognised in the SOFA on the same basis as the donation to which is relates.
Expenditure and irrecoverable VAT
The Trustees make distributions from the unrestricted fund at their discretion and such distributions are accordingly brought into account when the Foundation is obliged to make payment. This is where there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement 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 settlement amounts.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Investments
Investments are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.
Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
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THE BRENDISH FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED5 APRIL 2025
| 75 | Investment Income | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| Dividends from listed investments | 44,331 | 60,995 | |
| Interest on cash deposits | 19,881 | 15,465 | |
| 64,212 | 76,460 |
All investment income is derived from United Kingdom assets.
| 3. | Analysis ofcharitable expenditure | 2025 | 2024 | |||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| Grants to institutions (note 6) | 10,750 | 86,200 | ||||
| Governance costs (nate 5) | 1,142 | 700 | ||||
| Supportcosts (note 5) | 1,000 | 1,000 | ||||
| 12,892 | 87,900 | |||||
| 4. | Expenditure on raising funds | 2025 | 2024 | |||
| £ | £ | |||||
| Investment manager fees rebate | (3) | (241) | ||||
| (3) | (241) | |||||
| 5. | Analysis ofgovernance and support | costs | ||||
| Total | Total | |||||
| Governance | Support | 2025 | 2024 | Basis of | ||
| £ | £ | £ | £ | apportionment | ||
| Charitable expenditure | ||||||
| Accountancy and administration fees | - | - | - | 600 | Governance | |
| Bank charges | 362 | - | 362 | 388 | Governance | |
| Independent examiner's fees | 780 | - | 780 | 800 | Governance | |
| Audit fees | - | - | - | (1,088) | Governance | |
| Management recharge | - | 1,000 | 1,000 | 1,000 | Stafftime | |
| 1,142 | 4,000 | 2,142 | 1,700 |
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THE BRENDISH FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2025
| 6. | Grants awarded | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| Grants made to institutions: | |||
| British Heart Foundation | - | 10,000 | |
| Cancer Research UK | - | 200 | |
| Child in Need India (CINI) UK | 10,000 | 10,000 | |
| Crisis | 500 | 500 | |
| Great Ormond Street Children's Hospital | - | 10,000 | |
| Hampshire & Isle ofWight AirAmbulance | - | 500 | |
| Marie Curie | - | 10,000 | |
| Muscular Dystrophy | - | 3,000 | |
| Pancreatic CancerUK | - | 10,000 | |
| Starlight Crew | - | 10,000 | |
| Thames Valley AirAmbulance | - | zou | |
| The Busoga Trust | - | 3,500 | |
| The Cure Parkinsons Trust | : | 10,000 | |
| The Salvation Army | 250 | 250 | |
| Tommy's | - | 3,000 | |
| UNICEF Turkey Earthquake Appeal | - | 5,000 | |
| 10,750 | 86,200 | ||
| No grants were awarded to individuals. | |||
| 7. | Fixed asset investments | 2025 | 2024 |
| £ | £ | ||
| Listed UK investments: | |||
| Market value at 6 April 2024 | 3,042,804 | 2,739,777 | |
| Share purchases during the year | 918,500 | - | |
| Share disposals during the year | (918,317) | - | |
| Unrealised (Loss)/Gain on revaluation of investments | (143,762) | 303,027 | |
| Realised (Loss) on disposal ofinvestments | (1,410) | - | |
| Market value at 5 April 2025 | 2,897,815 | 3,042,804 | |
| Historic cost | 2,353,129 | 2,354,356 | |
| 8. | Cash at bank and in hand | 2025 | 2024 |
| £ | £ | ||
| C Hoare & Co. current account | 793,363 | 742,043 | |
| Sarasin & Partner client account | 2,422 | 2,602 | |
| 795,785 | 744,645 | ||
| 9. | Creditors: amounts falling due within one year | 2025 | 2024 |
| £ | £ | ||
| Accruals | 800 | 800 | |
| 800 | 800 |
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THE BRENDISH FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2025
10. Analysis of charitable funds
| Fund balances | (Losses) and | Fund balances | ||||
|---|---|---|---|---|---|---|
| brought forward | Income | Expenditure | Transfers | gains | carried forward | |
| £ | £ | £ | £ | £ | £ | |
| Unrestricted fund | 741,243 | 64,212 | (12,892) | - | - | 792,563 |
| Expendable endowmentfund | 3,045,406 | - | 3 | - | (145,172) | 2,900,237 |
| Totalfunds | 3,786,649 | 64,212 | (12,889) | - | (145,172) | 3,692,800 |
11. Trustee's expenses and related party transactions
During the year Pendennis Family Management Limited, a company controlled by four of the Trustees, charged £1,000 (2024 - £1,000) for management services.
No trustee expenses have been incurred during the year.
12. Staff numbers
The average number of persons employed by the Foundation during the year was 0 (2024 - 0).
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