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|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|||||
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|||||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|
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|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|
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||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.||||
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|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.||||
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|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|
##
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|||||||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|
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|Fair value||
|---|---|
|At 1 March 2022 and at 28 February 2023|807,253|
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|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|
##
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|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|
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|||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|