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THE BRINDLE FOUNDATION
Trustees’ Report
and Financial Statements
for the year ended 28 February 2024
Registered Charity Number 1135107
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THE BRINDLE FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024

INDEX

Page

Charity information Trustees’ report Auditor’s report

Statement of financial activities

Balance sheet Statement of cash flows

Accounting policies Notes to the accounts

2 4 7

8 9 10

)[%!]

THE BRINDLE FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024

TRUSTEES’ REPORT

The trustees have pleasure in presenting their annual report for the purposes of the Charities Act 2011, together with the accounts for the period ended 28 February 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

STRUCTURE GOVERNANCE AND MANAGEMENT The Brindle Foundation, formerly known as The Muriel Jones Foundation, is a registered charity constituted under a Deed of Settlement dated 24 February 2010 as amended on 13 June 2024.

The Foundation is controlled by the trustees. The current trustees are detailed on page 1. The settlors jointly during their lifetime or the survivor or them during his or her lifetime shall exercise the statutory power to appoint trustees and have the power to remove any trustee. Subject to this the power to appoint trustees shall be exercisable by the trustees from time to time. New trustees are selected on the basis of the contribution that they will make to the governance of the Foundation and the skills that they will contribute. They are provided with copies of the Charity Commission’s guidance to trustees and given an introduction to the activities of the charity by the existing board. Existing trustees are provided with training as and when required.

The administration of the charity was undertaken by Coutts & Co during the year until July 2021, with Ludlow Trust Company Limited appointed in July 2021 in their capacity as trustees.

The trustees have assessed the major risks to which the charity is exposed. The trustees believe that by ensuring controls exist over key financial systems incorporating Coutts & Co and Ludlow Trust Company Limited’s systems and controls they have established effective systems to mitigate those risks.

OBJECTIVES AND ACTIVITIES The Deed of Settlement states that the objects of the Foundation are to further such objects or purposes which are exclusively charitable according to the law of England and Wales in any part of the world and in such manner as the trustees may in their absolute discretion think fit. The trustees shall apply the income and, in their absolute discretion, the capital of the Foundation in promoting the objects. The Foundation achieves this object for the public benefit by provision of grants and donations. In determining the means by which the Foundation shall achieve its object the trustees have had regard to the guidance on public benefit issued by the Charity Commission.

ACHIEVEMENTS AND PERFORMANCE During the period under review the trustees awarded a total of 28 grants to 23 recipients to a range of charitable organisations in accordance with the Foundation’s grant making policy as shown in note 6.

In the opinion of the trustees the Foundation, by making grants only to charitable organisations which themselves are for the benefit of the public, is in turn meeting its own obligation to deliver public benefit.

Investment policy. There are no restrictions on the charity's power to invest. The investment strategy is agreed between the trustees and the investment managers, and is regularly reviewed. This is the subject of a policy statement which has been completed by the trustees, is also kept under review, and forms an integral part of the agreement with the investment manager to provide investment management services. The statement was last reviewed on 21 May 2014.

The policy of the Foundation is to invest prudently in a managed portfolio of equities, fixed income and alternative investments to generate income and capital growth which contributes towards the Foundation’s grant programme. The main investment objective of the charity is to produce a better return than cash and protect future purchasing power against inflation.

Investment performance was in line with expectations for the period.

Page 2

Date +6 December 2024

Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland

THE BRINDLE FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024

INDEPENDENT AUDITOR’S REPORT

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Charity and the industry in which it operates, we identified the principal laws and regulations that directly affect the financial statements to be the Charities Act, and Trustee Act. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

In addition, the Charity is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. As an investment and donation funded grantmaker there is a limitation to areas most likely to have such an effect. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence if any.

Audit procedures performed by the engagement team included: ¢ Enquiry of those charged with governance around actual and potential litigation and claims and any instances of non-compliance with laws and regulations; ¢ Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the FRC's website at: ~~https://www.frc.org.uk/auditors/auditassurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilitiesfor.~~ This description forms part of our auditor’s report.

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Blue Spire huimited

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$ $ $ $
' " 500,000 500,000 2,000,000
"
2 100,476 100,476 53,203
~~100,476 ~500,000 ~ [+600,476] [—~2,053,203]
"
3 10,801 10,801 12,413
"
4 2,404,714 2,404,714 1,091,477
~~ 2,404,714. ~~«10,801~«—Ss«2,415,515 _—«1,103,890_
" '$''( '$''( (170,859)
(2,304,238) ~~ 622,316 (1,681,922) 778,454
" "
2,296,321 (2,296,321)
5 " (87) (87) 190
2($0'(3 (1,674,092) (1,682,009) 778,644
25,610 4,467,066 4,492,676 3,714,032
~ '($)0 2,792,974 ~2,810,667 ~ 4492676
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Note	$	$	$	$
*		2,387,948		2,213,571
	443,296		2,285,071
	443,296		2,285,071
:	20,577		#$0))
		422,719		2,279,105
		2,810,667		4,492,676
''		2,792,974		4,467,066
12		'($)0*		25,610

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$ $ $ $
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$ $ $ $
(1,682,009) 778,644
(100,476) (53,203)
2'$''(3 170,859
87 (190)
14,611 (749)
(218,895) '')$('(
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024

ACCOUNTING POLICIES

General information, scope and basis of the financial statements The Brindle Foundation is a registered charity, established under a trust deed, in England and Wales. The address of the principal office is given in the charity information of these financial statements and the nature of the charity’s operations and principal activities are detailed in the trustees' report.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Incoming resources All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled. Investment income is earned through holding assets for investment purposes such as shares and cash deposits. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the Charity’s right to receive payment is established.

Resources expended All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following expenditure headings: e Raising funds; these include investment management fees charged by the charity's investment managers e Charitable activities; these include grants to third parties and the costs of administering the charity inclusive of governance costs

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

Support and governance costs are those that assist the work of the charity but do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in the governance of the charity and primarily associated with the constitution and statutory requirements.

VAT The charity is not registered for VAT and is unable to recover VAT incurred. On this basis costs are recorded inclusive of VAT within the SOFA.

Taxation

The Charity is an exempt Charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the Charity's activities.

Investments Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Where investments are denominated in currencies other than Sterling, transactions are translated at the rate prevailing at the date of the transaction and year end values are calculated using the exchange rate prevailing at the year end.

Page 10

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024

ACCOUNTING POLICIES

Debtors receivable and creditors payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Cash and cash equivalents

Cash and cash equivalents includes cash at bank and in hand and cash balances within the investment portfolio available for investment transaction purposes.

Fund accounting

Unrestricted income funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Capital (endowment) funds comprise the original gifts introduced by the settlor trustees and associated gift aid, together with the accumulated realised and unrealised surpluses arising on investments acquired with those gifts, less any donations made out of capital. The capital funds are expendable at the discretion of the trustees. Investment management charges and legal advice relating to the fund are charged against the fund. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Page 11

Income Fund	Capital Fund	2024 Total Funds	Income Fund	Capital Fund	2023 Total Funds
$	$	$	$	$	$
"	"	"	"	2,000,000	2,000,000
"	500,000	500,000	"	"	"
"	500,000	500,000	"	2,000,000	2,000,000
		2024			2023
Income	Capital	Total	Income	Capital	Total
Fund	Fund	Funds	Fund	Fund	Funds
$	$	$	$	$	$
38,347	"	38,347	1,438	"	1,438
62,129	"	62,129	#'$()#	"	#'$()#
100,476	"	100,476	53,203	"	53,203
fees
		2024			2023
Income	Capital	Total	Income	Capital	Total
Fund	Fund	Funds	Fund	Fund	Funds
$	$	$	$	$	$
"	10,801	10,801	"	12,413	12,413
"	10,801	10,801	"	12,413	12,413
		2024			2023
Income	Capital	Total	Income	Capital	Total
Fund	Fund	Funds	Fund	Fund	Funds
$	$	$	$	$	$
2,388,658	"	2,388,658	1,080,344	"	1,080,344
1,476	"	1,476	"	"	"
29	"	29	"	"	"
12,151	"	12,151	8,733	"	8,733
2,400	"	2,400	2,400	"	2,400
2,404,714	"	2,404,714	1,091,477	"	1,091,477

$ $ $ $ $ $ " "

	Country		No.				No.
	Country		No.			$	No.		$
						301,667	2		101,000
						"			50,000
						50,000			50,000
						"			8,000
						"			')$#0*
						20,000			"
			#			122,141	)		149,032
						12,500			15,000
						40,000			30,000
						3,714	*		10,895
						15,000			"
						"	2		34,185
						"			')$#0*
	Bahamas					"			10,454
						150,000			"
						200,000			200,000
						30,000			"
						50,000			35,000
						100,000			"
						100,000			"
	Ireland					25,000			"
						25,000			25,000
						"			25,000
						150,000			100,000
						"			5,000
						"			7,000
						"			')$#0*
						100,000			"
						50,000			"
						50,000			"
						75,000			50,000
Prince's Trust						25,000			25,000
			2			)0$))			100,000
					~~~ 2,388,658 ~~				~~~_1,080,344—~~
and losses
			2024						2023
Income	Capital		Total			Income	Capital		Total
Fund	Fund		Funds			Fund	Fund		Funds
$	$		$			$	$		$
"		(87)		(87)		"		190	190
" " ~~BB~~							~~T9090~~