2023-02-28-accounts

Trustee		Brachers Trust	Brachers Trust	Corporation	Corporation	Limited
		(Christopher	Eriksson-Lee			representing)
Charity number		1092476
Registered	office address	Somerfield	House
		59London	Road
		Maidstone
		Kent
		ME16 SJH
Independent	examiner	James Francis
		Ensors Accountants			LLP
		Incubator 2
		The Boulevard
		Enterprise Campus
		AlconburyWeald
		Huntingdon
		PE28 4XA
Solicitors		Brachers LLP
		Somerfield	House
		59London	Road
		Maidstone
		Kent
		ME16SJH
Investmenl	advisors	Evelyn Partners
		6 Chesterfield		Gardens
		Mayfair
		London
		yv1J5BQ

				Unrestricted	Unrestricted
				Funds	Funds
				2023	2022
			Notes	6
Income from:
Investment income				27,523	27,481
Total Income				27,523	27,481
Expenditure on:
Charitable activities (Grants payable)				14,855	24,313
Costs of raising	funds			11,872	12,599
Other costs				20,235	26,983
Total expenditure				46,962	63,895
Net expenditure				(19,439)	(36,414)
Nst(losses)/gains		on investments		(61,108)	31,929
Net movement	in	funds		(80,547)	(4,485)
Total funds brought forward				2,526,494	2,530,979
Total funds carried forward				2,445,947	2,526,494

AS AT 26FEBRUARY 2023	AS AT 26FEBRUARY 2023	AS AT 26FEBRUARY 2023
					2023		2022
			Notes				F.
Fixed assets
Investment properties					807,253		807,253
Listed investments					1,442,707		1,524,565
Programme related	investments						52,078
					2,249,960		2,383,896
Current assets
Debtors due in less	than	1 year		8,400
Debtors due in more	than	1 year		180,148		139,020
Cash at bank and in	hand			11,648		7,912
Total current assets				200,196		146,932
Creditors: amounts within one year	falling due			(4,209)		(4,334)
Net current assets/(liabilities)					195,987		142,598
Net assets					2,445,947		2,526,494
Charity funds
Unrestricted funds
Designated funds			10		2,274,616		2,341,094
General funds					171,331		185,400
Total unrestricted funds The accounts were approved			by the Trustee on	I h,.tsgf'	2,445,947 ~2 E		2,526,494

	Accounting pogcies
	General information and basis ofpreparation
	The Edna Linnell Charitable Trust is a charity registered with the Charity Commission in	England snd Wsiss
	(registered number 1092476). The address of the registered ofgce is given In the charity information		on page 1	of
	these financial statements. The nature of the charity's operations and principal activities	are to	recognise the
	importance ofthe Maherlshl Foundation and to support that charitable organisation and other charities		with aims and
	objectives with which the original Settlor (the late Mrs Linnell) would have been in agreement	based	on her legacy
	wishes.
	The charity constitutes a public benefit entity as degned by FRS 102. The financial staternenls	have	been prepared
	In accordance with Accounting and Reporting by Chariges: Statement of Recommended	Practice	appgcable	to
	charities preparing their accounts in accordance with the Finandal Reporting Standard applicable		In Ihe UK and
	Republic of Ireland [FRS102)issued in 2019,the Financial Reporting Standard applicable in the United		Kingdom and
	Republic of Ireland (FRs102), the charities Act 2011 and UK Generally Accepted Practice.
	The charity has opted not to prepare ecash flow statement for the financial period, as permitted	by the	2019
	Statement of Recommended Practice.
	The financial statements have been prepared to give a 'true and fair vicar and have departed from the charities
	(Accounts and Reports) Regulations 2008only to the extent required to provide a 'true and fair	view'. This departure
	has Involved following the Accounting and Reporting by Charities: Statement of recommended	Practice	applicable	to
	charities preparing their accounts in accordance with ths Financial Reporting Standard applicable in the UK and
	Republic of Ireland (FRS 102)issued in 2019.
	The hnsncial statements are prepared on sgoing concern basis under the historical cost convention, modified to
	Include certain Items at fair value. The gnancial statements are presented in sterling which Is the functional currency
	of the chanty and rounded Io the nearest E
	The signigcsni accounting polides applied In the preparation ofthese financial statements are	set out below. These
	policies have been consistently applied to ag years presented unless otherwise stated.
1.2	Funds
	The funds held by the charity are unrestricted funds which csn be used in accordance with the charitable objectives
	at the discretion ofthe Trustee.
	Designated funds comprise funds which have been set aside at the discretion of Ihe Trustee	for specific purposes.
	The purposes and uses ofthe deslgnaled funds are set out in the notes to the financial statements.
1.3	Income recognition
	Donations, legacies and other forms of voluntary income are recognised as income when receivable,		except insofar
	ss they are incapable offinancial measurement.
	Income from investments is recognised when receivable,
1.4	Expenditure recognition
	Ag expenditure is accounted for on an accruals basis and has been classified under headings that aggregate			all
	costs related to the category.
	Grant expenditure is recognised when awarded to the recipient. The expense is included on an accruals basis in			the
	year in which a legal cr constructive obligation to pay the grant arises.
	Costs ofraising funds are those Investment management tees for both income generation and	capital	maintenance.
	Charitable activities include expenditure associated with the making of grants and donations	and include both		the
	direct costs and indirect costs relaling to these actlviiiss, on an accruals basis.

1.4	Expenditure recognition (continued)
	Irrecoverable VAT is charged against the catsgoq ofresource expended for which itwas incurred.
1.5	Investment Properties
	Investment properties for which fair value can be measured reliably without undue cost or effort are measured	at		fair
	value at each reporting date and changes in fair value recognised in 'net gains/(losses) on investments' in the
	Statement of Financial Activities (SoFA). A Trustee opinion of fair value is provided where it is believed that the
	benefit ofobtaining an independent valuation would be exceeded by the time and/or cost ofsecuring such s
	vaiualion.
1,6	Investments
	Investments are recognised at fair value which is normally ihe Iransaction price excluding transaction		costs,
	Subsequently they are measured at fair value with changes recognised in 'net gains/losses on Investments'		in the
	SoFA ifshares are publicly traded or their fair value can otherwise bs measured reliably. Reagsed profits and losses
	arising on investment disposals are reoognised In ths SoFA when the proceeds ars receivable,
	Programme related Investments are Included at loan investment cost less planned repayments by the charitable
	beneficiary, less any provision for diminishing value, or impairment.
1.7	Debtors and creditors receivable Ipayable within one year
	Debtors and creditors with no stated Interest rats and receivable or payable within one year are reconlsd at
	transaction price. Any losses arising from impairment are recognised in expenditure.
1.6	Impairment
	Assets not measured st fair value are reviewed for any Indication that the asset may be impaired at each balance
	sheet date. Ifsuch indication exists, the recoverable amount of the asset, or the asset's cash generating unit	Is
	estimated snd compared to the carrying amount. Where the carrying amount exceeds Its recoverable amount,		an
	impairment loss ls recognised in profit or loss unless the asset is cerned at a revalued amount where the impairment
	loss Isa revaluation decrease.
1.90	Tax
	The charity is an exempt charity within the meaning ofschedule 3 ofthe Charities Act 2011and is considered	to		pass
	ths tests sst out in Paragraph 1 Schedule 6Finance Act 2010.
1.10	Going Concern
	The financial slatsmsnts have been prepared on a going concern basis as the Trustee believes that no material
	uncertainties exist. The Trustee has considered the level offunds held and the expected level ofincome and
	expenditure for 12 months from authorlsing these financial statements. They believe Ihe sntiUpated expenditure			will
	be adequately funded given the existing level cfreserves for the charity to be able to continue as s going concern.
	Judgements and key sources ofestimation uncertainty
	In the application of the charity's accounting policies, the Trustee is required to make judgements, estimates	and
	assumptions about ihs carrying amount ofassets and liabilities that sre not readily apparent from olher sources.			Ths
	estimates and associated assumptions are based on historical experience and other factors that are considered			to be
	relevant. Actual results may differ from these estimates. Historically areas ofjudgement have not had a malerial
	impact on the charity's financial statements,
	The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates			are
	recognised In the period in which the estimate is revised where the revision affects only that period, or ln the	period of
	the revision and future periods where the revision affects both current and future periods.

2	Investment income
		2023	2022
		f
	Income from listed investments	21,422	21,631
	Interest receivable	6,101	5,850
		27,523	27,481
3	Expenditure
		2023 f	2022f
	Charitable activities
	Grants to institutions:
	Catching Lives
	Maharishi Foundation	14,855	24,313
		14,855	24,313
	Reconciliation ofgrants payable
	Commitments at I March 2022
	Commitments made in the year	14,855	24,313
	Grants paid during the year	(14,855)	(24,313)
	Commitments at 28 February 2023
	Costs ofraising funds
	Investment managers' fees	11,800	12,527
	LEI number	72	72
		11,872	12,589

						2023	2022
						8
3	Expenditure	(continued)
	Other costs
	Management,	administration		and accounts production		17,668	14,995
	Independent	examination	fees			1,800	2,520
	Accountancy	fees paid to	independent		examiner		480
	Property costs					691	8,871
	Withholding	tax				76	117
						20,235	26,983
	Total					46,962	63,895

Fair value
At 1 March 2022 and at 28 February 2023	807,253

7	Listed investments
			2023	2022
			6	6
	Market value at 1 March 2022		1,481,763	1,446,945
	Disposal proceeds		(43,944)	(145,532)
	Acquisitions at cost		46,974	148,421
	Realised gains on investments	1,000		10,149
	Unrealised losses on investments	(62,108)		21,780
	Net gains/(losses) on investments		(61,108)	31,929
	Market value at 28 February 2023		1,423,685	1,481,763
	Cash held for investment		19,022	42,802
	Nlarket value at 28 February 2023		1,442,707	1,524,565
	I-listorical costs ofinvestments		1,260,746	1,298,973
	The portfolio was composed as follows:
	Equities		593,255	610,358
	Fixed Interest Securities		121,974	172,257
	Alternative Assets		708,456	699,148
	Cash		19,022	42,802
			1,442,707	1,524,565
	Material investments (comprising	more than 5%ofthe charity's	overall share portfolio	by value) at 28
	February 2023 were as follows:

Liontrust Special Situations	89,155
RIT Capital Partners	72,668
Link fund Solutions Capita Trojan X	73,866
Fundsmith LLP	78,705
TBailey Fund Evenlode Income C Dis	75,097

8	Debtors		2023	2022
			E	E
	Amounts	due in less than one year:	8,400
	Amounts	due in more than one year:
	Other debtors		14,870	9,020
	Loans receivable		165,278	130,000
			180,148	139,020

Creditors: amounts	falling due within one year	2023	2022
		E	E
Other creditors		4,209	4,334
		4,209	4,334

		1 March	New	Designations	28 February
		2022	designations	released	2023
		8	8	9
Property fund		807,253			807,253
Investment	fund	1,533,841	(14,134)	(52,344)	1,467,363
		2,341,094	(14,134)	(52,344)	2,274,616
		1 March	New	Designations	28 February
		2021	designations	released	2022
				8
Property fund		807,253			807,253
Inveslmentfund		1,507,423	180,350	(153,932)	1,533,841
		2.314,676	180,350	(153,932)	2,341,094