2022-04-05-accounts

CHARITY REGISTRATION NUMBER: 1141852

THE BRAITHWAITE FAMILY FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

5 APRIL 2022

David Allen

Chartered Accountants Dalmar House Barras Lane Estate Dalston Carlisle CA5 7NY

THE BRAITHWAITE FAMILY FOUNDATION

CONTENTS

Reference and administrative details	1
Trustees' report	2 to 8
Independent examiner's report	9
Statement of financial activities	10
Balance sheet	11
Notes to the financial statements	12 to 22

THE BRAITHWAITE FAMILY FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS

Trustees Mr C J Braithwaite Mrs L M Braithwaite Mr I T Braithwaite Mr A J Braithwaite Charity Registration Number 1141852 Principal Office Dalmar House Barras Lane Estate Dalston Carlisle CA5 7NY Independent examiner Alison Welton FCA David Allen Chartered Accountants Dalmar House Barras Lane Estate Dalston Carlisle CA5 7NY Bankers Coutts & Co 440 Strand Charing Cross London WC2R 0QS

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THE BRAITHWAITE FAMILY FOUNDATION

TRUSTEES' REPORT

The trustees present the annual report together with the financial statements of the charity for the year ended 5 April 2022.

OBJECTIVES AND ACTIVITIES

The trustees have referred to the Charity Commission's guidance on public benefit when deciding upon the charity's objects. The charity has been established for public benefit and the trustees apply the income of the charity for the following eight objects:

1. The advancement of the arts and in particular the performing arts including music, theatre and dance.

2. The advancement in life of and the provision of help to young people in particular but not limited to the provision of advice and training to assist young people to enter a trade, profession or employment of any kind.

3. The advancement of health including the prevention and relief of sickness, disease or human suffering including the promotion and support of palliative care for those with terminal illnesses.

4. The advancement of education including promoting and supporting the funding of expeditions and trips related to community, environmental and development projects for the purpose of learning and personal development.

5. The relief and assistance of elderly people who are in need whether by virtue of poverty, bereavement, ill health or lack of companionship.

6. The promotion of urban or rural regeneration in areas of social and economic deprivation anywhere in the world by all or any one or more of the following means:

6.1 The relief of financial hardship.

6.2 The maintenance, improvement or provision of public amenities and infrastructure.

6.3 The provision of recreational facilities for the public at large or those who by reason of their youth, age, infirmity or disablement, financial hardship or social and economic circumstances have need of such facilities.

6.4 The provision of public health facilities.

1. The relief of financial need and suffering among victims of natural or other kinds of disaster in the form of money (or other means deemed suitable) for persons, bodies, organisations and/ or countries affected including the provision of medical aid.

2. Such other charitable purposes as the trustees in their absolute discretion determine from time to time.

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THE BRAITHWAITE FAMILY FOUNDATION

TRUSTEES' REPORT (CONTINUED)

The charity's aims are aligned to the objects. Although not limited to these areas, these are some examples of the aims that have been focused on in the reporting year and which are also a priority in the year ahead:

1. Helping young people with their development, health and education, both formal and informal, particularly with a view of helping them transfer into the working world.

2. Research and preventative health initiatives in areas consistent with the charity’s objectives.

3. Support to the arts in areas consistent with the charity’s objectives.

During the reporting year the charity's trustees specifically wanted to look to support specific initiatives concerning at least three of the charity's aims.

The charity made donations of:

1. £45,667 to the University of Surrey in further support for the University of Surrey including scholarships and research. In combination with other substantial donors, the charity has committed (in three annual tranches) to support a new Professor of Vaccinology chair, supporting staff and research.

2. £15,000 to The Duke of Edinburgh International Award Foundation. The award is available to all 14 to 24-year-olds and is the world's leading young person's achievement award scheme. The Braithwaite Family Foundation is choosing to support the Duke of Edinburgh’s activities internationally and this is the fifth of a series of commitments.

3. £5,000 to support West Green House Opera, in particular to help aspiring young opera singers make a start in their careers.

4. £100 to Wirral Hospice of St.John’s.

5. £2,049 to The Young Vic Company, supporting a vibrant, community-based theatre in London.

The main activity of the charity is to apply its income in furtherance of its objects (see objects and activities). This is achieved by making grants and donations to individuals and organisations, providing finance and sponsoring or undertaking research. Specifically, the trustees wish to prioritise their support towards the three priorities summarised under Objects and Aims above.

The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

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THE BRAITHWAITE FAMILY FOUNDATION

TRUSTEES' REPORT (CONTINUED)

The framework for making decisions has always been and will continue to be to check back to the objects of the charity and also to the aims. Also due consideration is given to the financial status of the charity.

The charity has not engaged any volunteers in the reporting year.

ACHIEVEMENTS AND PERFORMANCE

The trustees discussed broad financial objectives. The following decisions were reinforced:

1. The trustees agreed to adopt an approach to retain a financial reserve that preserved the total capital in the charity at a specific level, targeted at £1,000,000.

2. It was further agreed that donations will be kept under £100,000 per annum for the foreseeable future.

3. Finally, it was agreed that the investment performance should be benchmarked against comparable portfolios. During the reporting year, the investment performance was +2.9%. This performance was relatively volatile through the year though, reflecting the effects of the Covid-19 pandemic and general financial market instability.

There have been no specific measures or indicators developed in the reporting year. Investment performance is reported by Coutts & Co bank and reviewed by the trustees. There is a significant amount of informal discussion amongst trustees and minutes are taken when possible, at trustee meetings.

FINANCIAL REVIEW

During the reporting year, there were no further donations to the charity.

During the year the charity made donations totalling £67,816 (2021: £62,416) to causes in line with the charity's objects.

Income from UK and non-UK quoted investments amounted to £25,968 (2021: £23,928) for the year. Total investment income for the year, including bank interest of £52 (2021: £61), was £26,020 (2021: £23,989). Investment management fees amounted to £8,344 (2021: £7,786) for the year.

Governance costs include accountancy fees and independent examination fees and amounted to £4,950 (2021: £3,880) for the year.

Overall, the total income amounted to £26,020 (2021: £23,989) and expenditure amounted to £81,110 (2021: £73,812). During the year expenditure was under the cap agreed by the trustees. Gains on the revaluation and disposal of investment assets amounted to £14,890 (2021: £218,739). This resulted in net outgoing resources of £40,200 (2021: net incoming resources of £168,916).

At the year end the charity held unrestricted funds amounting to £1,528,473 (2021: £1,568,673).

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THE BRAITHWAITE FAMILY FOUNDATION

TRUSTEES' REPORT (CONTINUED)

The trustees' policy is to maintain reserves above £1,000,000. The charity carries out no direct charitable activities but, at the trustees' discretion, makes a commitment from year to year to future giving therefore there is a need to retain reserves for this purpose. However, the trustees will only commit to making donations if there are sufficient funds available.

The reserves policy is a target set by the trustees which, due to the very low running costs of the charity, is far in excess of what the charity would actually need to carry on in existence should income levels decrease or cease for a period.

Donations to date have been given by Mr C J Braithwaite and Mrs L M Braithwaite. It is expected that these two funding sources will be the only ones for the foreseeable future.

The trustees appointed Coutts & Co bank to be the investment adviser to the charity and also to manage the current and business reserve accounts. Coutts & Co apply strict guidelines as to what is an acceptable investment approach for charity monies and there is no specific further guidance from the trustees. Investment objectives have been agreed as follows:

1. To invest in a "real" (after inflation) return.

2. Trustees have a long term time horizon (which is more than five years).

3. Trustees have a moderate attitude to investment risk.

4. To manage investment risk the trustees wish to have a highly diversified portfolio.

5. The trustees are comfortable to invest for a total return (income and capital growth).

6. Any investment decisions should be consistent with the guidance provided by the Charity Commission.

Regular review meetings have taken place with Coutts & Co to review investment performance.

PLANS FOR FUTURE PERIODS

During the following year it is the intention of the trustees to maintain the aims and specific objectives of the charity. Specifically, it is expected that donations will be made to causes that support the two priority areas noted under aims and objects above. However, the trustees intend to regularly evaluate these objectives and priorities. There are not expected to be any affects from the Covid-19 pandemic on decision making, but the trustees are keeping this under constant review.

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THE BRAITHWAITE FAMILY FOUNDATION

TRUSTEES' REPORT (CONTINUED)

Since the year end the trustees are pleased to support the following initiatives:

1. Further support for the University of Surrey including scholarships and research. In combination with other substantial donors, the charity has committed to back a new Professor of Vaccinology chair, supporting staff and research.

2. Continuing to support the international award section of The Duke of Edinburgh's Award Scheme.

3. Supporting West Green House Opera.

4. Further support to the Britain-Australia Society Education Trust. BASET helps deserving young people from Britain and Australia to develop through the power of learning and the opportunity to travel, often through exchange programmes and bursarship’s.

5. Further support to Friends of Australian Wildlife Conservancy (AWC). AWC's mission is the conservation of all Australian nature animal species and the habitats in which they live.

Other initiatives are being investigated further to decide how best to proceed.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Braithwaite Family Foundation is an unincorporated organisation, constituted by a trust deed dated 11 February 2011 and registered as a charity on 11 May 2011.

Over the course of the reporting year there have been no new trustees appointed to the charity. The four trustees remain as Mr C J Braithwaite (Chairman), Mrs L M Braithwaite, Mr I T Braithwaite and Mr A J Braithwaite.

The trustees do not plan to recruit or appoint new trustees in the near future. As soon as new appointments are required then suitable methods will be adopted following the guidelines of the Charity Commission.

The four trustees have all reviewed the Charity Commission's guidance to understand the role of being a trustee. When new appointments are considered, suitable methods will be adopted for their induction and training following the guidelines of the Charity Commission.

None of the trustees are remunerated for their time or contributions.

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THE BRAITHWAITE FAMILY FOUNDATION

TRUSTEES' REPORT (CONTINUED)

The charity has four trustees, each with an equal "voting right". Trustees, especially Mr C J and Mrs L M Braithwaite, meet on an ad-hoc basis to review priorities and incoming applications to the charity and put forward ideas on causes to be considered. The applications and ideas are then assigned to each of the trustees for detailed consideration and follow up.

Over the course of the reporting year, risks to the charity have been discussed in trustee meetings and none were considered significant.

The Covid-19 pandemic and ongoing financial market instability have not had a great effect on donation decisions.

FINANCIAL INSTRUMENTS

The charity’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.

The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates.

The charity’s principal financial assets are bank balances, cash and investments. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

In order to maintain liquidity the trustees ensure that sufficient funds are available for ongoing operations and anticipated donation levels.

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THE BRAITHWAITE FAMILY FOUNDATION

TRUSTEES' REPORT (CONTINUED)

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the trust deed. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The annual report was approved by the trustees of the charity on 21 December 2022 and signed on its behalf by:

......................................... Mr C J Braithwaite Trustee

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THE BRAITHWAITE FAMILY FOUNDATION

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BRAITHWAITE FAMILY FOUNDATION

I report to the charity trustees on my examination of the accounts of The Braithwaite Family Foundation (the charity) for the year ended 5 April 2022 which are set out on pages 10 to 22.

Responsibilities and basis of report

As the charity trustees of The Braithwaite Family Foundation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of The Braithwaite Family Foundation's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. 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:

1. accounting records were not kept in respect of the charity 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 applicable requirements concerning 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 considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

...................................... ALISON WELTON FCA Independent Examiner

Dalmar House Barras Lane Estate Dalston Carlisle CA5 7NY

21 December 2022

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THE BRAITHWAITE FAMILY FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022

					Total		Total
		Unrestricted			2022		2021
	Note	£			£		£
Income from:
Investment income	2	26,020			26,020		23,989
Expenditure on:
Raising funds	3	(8,344)			(8,344)		(7,786)
Charitable activities	4	(72,766)			(72,766)		(66,026)
Total expenditure		(81,110)			(81,110)		(73,812)
Gains on investment assets	12	14,890			14,890		218,739
Net movement in funds		(40,200)			(40,200)		168,916
Reconciliation of funds
Total funds brought forward		1,568,673			1,568,673		1,399,757
Total funds carried forward	14	1,528,473			1,528,473		1,568,673
							Total
					Unrestricted		2021
			Note		£		£
Income from:
Investment income			2		23,989		23,989
Expenditure on:
Raising funds			3		(7,786)		(7,786)
Charitable activities			4		(66,026)		(66,026)
Total expenditure					(73,812)		(73,812)
Gains on investment assets			12		218,739		218,739
Net movement in funds					168,916		168,916
Reconciliation of funds
Total funds brought forward					1,399,757		1,399,757
Total funds carried forward			14		1,568,673		1,568,673

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 and 2021 are shown in note 14.

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THE BRAITHWAITE FAMILY FOUNDATION

BALANCE SHEET AS AT 5 APRIL 2022

		2022	2022	2022		2021	2021	2021
	Note	£				£
Fixed assets
Investments	12			1,433,113				1,508,654
Current assets
Cash at bank and in hand		100,103				63,772
Creditors: Amounts
falling due within one
year	13	(4,743)				(3,753)
Net current assets				95,360				60,019
Net assets				1,528,473				1,568,673
Funds of the charity:
Unrestricted income
funds
Unrestricted funds		1,528,473				1,568,673
Total funds	14			1,528,473				1,568,673

The financial statements on pages 10 to 22 were approved by the trustees, and authorised for issue on 21 December 2022 and signed on their behalf by:

......................................... Mr C J Braithwaite Trustee

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THE BRAITHWAITE FAMILY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

1 ACCOUNTING POLICIES

Statement of compliance

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 (FRS 102) (effective 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.

Basis of preparation

The Braithwaite Family Foundation meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Income

Voluntary income including donations provide core funding and are of a general nature, and are recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Donations are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.

Investment income is accounted for in the period in which the charity is entitled to receipt.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category.

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THE BRAITHWAITE FAMILY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (CONTINUED)

1 ACCOUNTING POLICIES (continued)

These are costs incurred in raising funds, including the management of investments.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. Comprising of the costs of grants and donations made to individuals and organisations.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including independent examination, strategic management, trustees’ meetings and reimbursed expenses.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Fixed asset investments

Fixed asset investments are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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THE BRAITHWAITE FAMILY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (CONTINUED)

1 ACCOUNTING POLICIES (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers and are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Foreign exchange

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the statement of financial activities in the period in which they arise.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.

Financial instruments

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

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THE BRAITHWAITE FAMILY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (CONTINUED)

1 ACCOUNTING POLICIES (continued)

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

2 INVESTMENT INCOME

Unrestricted

	Unrestricted
			Total		Total
	General		2022		2021
	£		£		£
Interest receivable and similar income;
Interest receivable on bank deposits	52		52		61
Income from listed investments	25,968		25,968		23,928
	26,020		26,020		23,989

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THE BRAITHWAITE FAMILY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (CONTINUED)

3 EXPENDITURE ON RAISING FUNDS

a) Investment management costs

		Unrestricted
		funds	Total		Total
		General	2022		2021
		£	£		£
Other investment management costs;
Amounts payable to investment managers		8,344	8,344		7,786
		8,344	8,344		7,786
4 EXPENDITURE ON CHARITABLE ACTIVITIES
		Unrestricted
		funds	Total		Total
		General	2022		2021
	Note	£	£		£
Grant funding of activities	6	67,816	67,816		62,146
Governance costs	5	4,950	4,950		3,880
		72,766	72,766		66,026
	Activity	Activity
	undertaken	support
	directly	costs	2022		2021
	£	£	£		£
Donations and grants made	67,816	4,950	72,766		66,026

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THE BRAITHWAITE FAMILY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (CONTINUED)

4 EXPENDITURE ON CHARITABLE ACTIVITIES (continued)

£72,766 (2021 - £66,026) of the above expenditure was attributable to unrestricted and £Nil (2021 - £Nil) to restricted.

5 ANALYSIS OF GOVERNANCE AND SUPPORT COSTS

Governance costs

	Unrestricted
	funds		Total		Total
	General		2022		2021
	£		£		£
Independent examiner fees
Examination of the financial statements	618		618		-
Other fees paid to examiners	4,332		4,332		3,880
	4,950		4,950		3,880

6 GRANT-MAKING

Analysis of grants

Analysis of grants
	Grants to institutions
	2022		2021
	£		£
Analysis
Grants	67,816		62,146

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THE BRAITHWAITE FAMILY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (CONTINUED)

6 GRANT-MAKING (continued)

Below are details of material grants made to institutions by the charity

		2022		2021
Name of institution	Activity	£		£
University of Surrey		45,667		10,300
The Britain-Australia Society
Education Trust		-		5,000
North East STEM Foundation		-		5,000
Your Stance		-		10,000
City of Westminster		-		896
The Young Vic Company		2,049		2,500
The Duke of Edinburgh		15,000		25,950
Friends of Australian Wildlife
Conservancy		-		2,500
Wirral Hospice St Johns		100		-
West Green House Opera		5,000		-
		67,816		62,146

7 NET INCOMING/OUTGOING RESOURCES

Net outgoing resources for the year include:

Other non-audit services

2022 £ 618

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THE BRAITHWAITE FAMILY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (CONTINUED)

8 TRUSTEES REMUNERATION AND EXPENSES

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

9 STAFF COSTS

The average head count of employees during the year was Nil (2021: Nil).

No employee received emoluments of more than £60,000 during the year.

10INDEPENDENT EXAMINER'S REMUNERATION

10INDEPENDENT EXAMINER'S REMUNERATION
	2022		2021
	£		£
Examination of the financial statements	618		-
Other fees to examiners
All other services	4,332		3,880

11TAXATION

The charity is a registered charity and is therefore exempt from taxation.

12FIXED ASSET INVESTMENTS

		2022		2021
		£		£
Other	investments	1,433,113		1,508,654

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THE BRAITHWAITE FAMILY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (CONTINUED)

12FIXED ASSET INVESTMENTS (continued)

Other investments

Other investments
	Listed
	investments		Total
	£		£
Cost or Valuation
At 6 April 2021	1,508,654		1,508,654
Revaluation	(1,746)		(1,746)
Additions	695,757		695,757
Disposals	(769,552)		(769,552)
At 5 April 2022	1,433,113		1,433,113
Net book value
At 5 April 2022	1,433,113		1,433,113
At 5 April 2021	1,508,654		1,508,654

Valuations were prepared on the basis of mid-market prices from the appropriate stock exchange, the bid price or the last traded price. Where holdings are priced in a currency other than the reporting currency, their value is converted into the reporting currency using the foreign exchange rates.

The total unrealised losses for the year are £1,746 (2021: unrealised gains £98,347) and the total realised gains are £16,636 (2021: £120,392), resulting in a net gain on investments of £14,890 (2021: £218,739).

13CREDITORS: amounts falling due within one year

	2022		2021
	£		£
Accruals	4,743		3,753

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THE BRAITHWAITE FAMILY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (CONTINUED)

14FUNDS

14FUNDS
								Other
		Balance at						recognised			Balance at
		6 April						gains/			5 April
		2021		Income	Expenditure (losses)						2022
		£		£		£		£			£
Unrestricted funds
General		1,568,673		26,020		(81,110)		14,890			1,528,473
								Other
		Balance at						recognised			Balance at
		6 April						gains/			5 April
		2020		Income	Expenditure (losses)						2021
		£		£		£		£			£
Unrestricted funds
General		1,399,757		23,989		(73,812)		218,739			1,568,673
**15ANALYSIS OF NET **	**ASSETS BETWEEN **			FUNDS
							Unrestricted				Total funds
								funds			at 5 April
							General				2022
								£			£
Fixed asset investments								1,433,113			1,433,113
Current assets								100,103			100,103
Current liabilities								(4,743)			(4,743)
Total net assets								1,528,473			1,528,473
							Unrestricted				Total funds
								funds			at 5 April
							General				2021
								£			£
Fixed asset investments								1,508,654			1,508,654
Current assets								63,772			63,772
Current liabilities								(3,753)			(3,753)
Total net assets								1,568,673			1,568,673

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THE BRAITHWAITE FAMILY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (CONTINUED)

16RELATED PARTY TRANSACTIONS

There were no related party transactions in the year.

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