Docusign Envelope ID: 68E625BA-1F1D-4B17-AF36-813FEE28DFC4
Registered number: 07928624 Charity number: 1147054
THE BRUE FOUNDATION
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
Docusign Envelope ID: 68E625BA-1F1D-4B17-AF36-813FEE28DFC4
THE BRUE FOUNDATION
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charitable company, its Trustees and | 1 |
| advisers | |
| Trustees' report | 2 - 5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 - 9 |
| Notes to the financial statements | 10 - 19 |
Docusign Envelope ID: 68E625BA-1F1D-4B17-AF36-813FEE28DFC4
THE BRUE FOUNDATION
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2024
Trustees
Mr A.A.E. Glenton Mr S. Gullick Mr J. Gullick
Company registered number
07928624
Charity registered number
1147054
Registered office
32 Portland Terrace Newcastle upon Tyne NE2 1QP
Accountants
Ryecroft Glenton 32 Portland Terrace Newcastle upon Tyne NE2 1QP
Bankers
Barclays Bank 71 Grey Street Newcastle upon Tyne NE99 1JP
Solicitors
Sintons LLP The Cube Arngrove Court Barrack Road Newcastle upon Tyne NE4 6DB
Independent examiner
Reah and Mcbride Suite 2b, North Sands Business Centre Liberty Way Sunderland SR6 0QA
Page 1
Docusign Envelope ID: 68E625BA-1F1D-4B17-AF36-813FEE28DFC4
THE BRUE FOUNDATION
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 JANUARY 2024
The Trustees present their annual report together with the financial statements of the charitable company for the year 1 February 2023 to 31 January 2024. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the charitable company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
Policies and objectives
The principal objective of the charity company are:-
To advance such charitable purposes (according to the Law of England and Wales) as the trustees set from time to time.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Strategies for achieving objectives
The objectives of the charitable company will be achieved through making grants. Previously, the charity has prioritised those projects that focus on educating individuals on a variety of religions, creating an understanding of different religions and promoting the harmonisation or integration of different religions. However since 2019 the Trustees have changed the focus of the charity so that it also makes grants to charities that support children's cancer patients and their families, cancer and stroke treatment and research.
Grant-making policies
The Trustees will make grants to individuals and organisations to achieve the objectives listed above.
Main activities undertaken to further the charitable company's purposes for the public benefit
The charity's objectives are to achieve its purposes for the public benefit through the provision of grants to institutions in accordance with its charitable objectives. During the year, no grants were made (2023 - £nil). Further information is set out below regarding the activities undertaken by the charity this year and its intention for future grant distributions.
Page 2
Docusign Envelope ID: 68E625BA-1F1D-4B17-AF36-813FEE28DFC4
THE BRUE FOUNDATION
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024
Achievements and performance
Review of activities
In the year to 31 January 2024, the company had incoming resources of £31,973 (2023: £30,036), expenditure of £33,744 (2023: £31,507) and net income of £17,452 (2023: net expenditure £15,078) after accounting for an increase in the value of investments (decrease in 2023). At the year end, the charitable company held net assets of £6,630,095 including £5,300,000 of land held and £1,256,319 of listed investments. The land has been revalued in the year with a gain on revaluation of £2,935,000.
Investment policy and performance
The Trustees' investment powers permit the purchase of investments, securities or property as may be thought fit. The Charitable Company's investment portfolio is administered by a leading firm of investment managers, Cazenove Capital Management. The portfolio value has increased by £9,111 (0.73%) and generated £19,702 of income.
Financial review
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
Reserves policy
The charity's policy is to hold sufficient reserves to cover anticipated annual grants and other expenditure which is currently estimated at £25,000.
At the year end, the total funds held by the charity were £6,630,095.
Endowment funds at the year end totalled £6,575,221 and free reserves available for future distribution and to meet charity expenditure were £54,874.
Structure, governance and management
Constitution
The charitable company is registered as a charitable company limited by guarantee and was set up by the issuing of Memorandum and Articles of Association on 30 January 2012 as amended by a special resolution registered at Companies House on 24 April 2012. The company was registered with the Charity Commission on 30 April 2012, number 1147054.
Methods of appointment or election of Trustees
New Trustees are appointed by the continuing Trustees.
Page 3
Docusign Envelope ID: 68E625BA-1F1D-4B17-AF36-813FEE28DFC4
THE BRUE FOUNDATION
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024
Structure, governance and management (continued)
Organisational structure and decision-making policies
The Trustees meet at least annually and informal discussions are held throughout the year.
Policies adopted for the induction and training of Trustees
New Trustees are provided with access to constitutional and statutory information as well as information regarding the internal workings of the charity. Other training is limited to informal communications between trustees of any matters that they may consider significant.
Related party relationships
Mr A.A.E. Glenton, a Trustee of the Foundation, is a partner in the firm of Ryecroft Glenton which is retained as accountant to the Foundation. In the year ending 31 January 2024 accountancy, secretarial and professional fees were charged or accrued amounting to £14,190 (2023: £12,014) plus vat. There were no outstanding invoiced balances at the year end.
During the year the Trust used the services of Portland Financial Management Limited (PFM) to procure the continuing services of investment managers, Cazenove Capital Management (CCM) at a discounted rate substantially more favourable than the rates generally available. The amount received by PFM in respect of this engagement was £4,906 (2023: £4,976) plus vat. PFM is wholly owned by Ryecroft Glenton.
Financial risk management
The Trustees have assessed the major risks to which the charitable company is exposed, in particular those related to the operations and finances of the charitable company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Plans for future periods
The charity trustees intend to distribute as grants net income that is generated annually by the investments held by the charity taking one year with the next.
Page 4
Docusign Envelope ID: 68E625BA-1F1D-4B17-AF36-813FEE28DFC4
THE BRUE FOUNDATION (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 23 July 2024 and signed on their behalf by:
................................................ Mr A.A.E. Glenton
Page 5
Docusign Envelope ID: 68E625BA-1F1D-4B17-AF36-813FEE28DFC4
THE BRUE FOUNDATION
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JANUARY 2024
Independent Examiner's Report to the Trustees of The Brue Foundation ('the charitable company')
I report to the charity Trustees on my examination of the accounts of the charitable company for the year ended 31 January 2024.
Responsibilities and Basis of Report
As the Trustees of the charitable company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
This report is made solely to the charitable company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charitable company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable company and the charitable company's Trustees as a body, for my work or for this report.
Signed: FDC5DB75382A410... Dated: 23 July 2024 Mr Derek Reah FCCA Reah & McBride Certified Accountants Suite 2b, North Sands Business Centre Liberty Way Sunderland SR6 0QA
Page 6
Docusign Envelope ID: 68E625BA-1F1D-4B17-AF36-813FEE28DFC4
THE BRUE FOUNDATION
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JANUARY 2024
| Note Income and endowments from: Investments 2 Total income and endowments Expenditure on: Raising funds 4 Charitable activities: 5 . Other charitable activities Total expenditure Net income/(expenditure) before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds before other recognised gains/(losses) Other recognised gains/(losses): Gains on revaluation of fixed assets Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 31,973 31,973 2,751 17,683 20,434 11,539 - 11,539 - 11,539 43,335 11,539 54,874 |
Endowment funds 2024 £ - - 13,310 - 13,310 (13,310) 19,223 5,913 2,935,000 2,940,913 3,634,308 2,940,913 6,575,221 |
Total funds 2024 £ 31,973 31,973 16,061 17,683 33,744 (1,771) 19,223 17,452 2,935,000 2,952,452 3,677,643 2,952,452 6,630,095 |
Total funds 2023 £ 30,036 30,036 16,490 15,017 31,507 (1,471) (13,607) (15,078) - (15,078) 3,692,721 (15,078) 3,677,643 |
|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 10 to 19 form part of these financial statements.
Page 7
Docusign Envelope ID: 68E625BA-1F1D-4B17-AF36-813FEE28DFC4
THE BRUE FOUNDATION (A company limited by guarantee) REGISTERED NUMBER: 07928624
BALANCE SHEET AS AT 31 JANUARY 2024
| Note Fixed assets Investments - Listed 10 Investments - Land 9 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Total net assets Charity funds Endowment funds 13 Unrestricted funds 13 Total funds |
88,450 88,450 (14,674) |
2024 £ 1,256,319 5,300,000 6,556,319 73,776 6,630,095 6,630,095 6,575,221 54,874 6,630,095 |
77,777 77,777 (12,342) |
2023 £ 1,247,208 2,365,000 |
|---|---|---|---|---|
| 3,612,208 65,435 |
||||
| 3,677,643 | ||||
| 3,677,643 | ||||
| 3,634,308 43,335 |
||||
| 3,677,643 |
The charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 23 July 2024 and signed on their behalf by:
Page 8
Docusign Envelope ID: 68E625BA-1F1D-4B17-AF36-813FEE28DFC4
THE BRUE FOUNDATION
(A company limited by guarantee)
BALANCE SHEET (CONTINUED) AS AT 31 JANUARY 2024
Mr A.A.E. Glenton
The notes on pages 10 to 19 form part of these financial statements.
Page 9
Docusign Envelope ID: 68E625BA-1F1D-4B17-AF36-813FEE28DFC4
THE BRUE FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the relevant version of the 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) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Brue Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Going concern
The Trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
1.3 Income
All income is recognised once the charitable company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Dividend income is recognised at the point at which dividend declarations are made.
Grants received from the Rural Payments Agency are credited to income when they are received.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. All support costs are allocated to the single grant-making activity.
Expenditure on raising funds includes all expenditure incurred by the charitable company to raise funds for its charitable purposes and includes costs of all fundraising activities events and noncharitable trading.
Page 10
Docusign Envelope ID: 68E625BA-1F1D-4B17-AF36-813FEE28DFC4
THE BRUE FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
1. Accounting policies (continued)
1.4 Expenditure (continued)
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charitable company's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
1.5 Company status
The charitable company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charitable company.
1.6 Taxation
The charitable company 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 charitable company 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.
1.7 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
1.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.9 Liabilities
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charitable company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Page 11
Docusign Envelope ID: 68E625BA-1F1D-4B17-AF36-813FEE28DFC4
THE BRUE FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
1. Accounting policies (continued)
1.10 Financial instruments
The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
1.11 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charitable company and which have not been designated for other purposes.
Endowment funds represent donations gifted to the charitable company to be held for investment from which the income may be applied for the general purposes of the charitable company. The fund is expendable and the Trustees have the power to convert the fund into income at their discretion.
2. Investment income
| Unrestricted funds 2024 £ Income from listed investments 17,084 Income from land held 12,271 Interest from bank accounts 2,618 31,973 |
Total funds 2024 £ 17,084 12,271 2,618 31,973 |
Total funds 2023 £ 15,993 13,778 265 30,036 |
|---|---|---|
3. Income from land held is derived from the following sources :-
| Income from grass lettings and winter sheep keep Rural Farm Agency single payment |
2024 £ 5,618 6,653 12,271 |
2023 £ 5,574 8,204 13,778 |
|---|---|---|
Page 12
Docusign Envelope ID: 68E625BA-1F1D-4B17-AF36-813FEE28DFC4
THE BRUE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
4. Investment management costs
| Unrestricted funds 2024 £ Investment management costs - Land management costs 2,751 Total 2024 2,751 Unrestricted funds 2023 £ Investment management costs - Land management costs 3,053 Total 2023 3,053 5. Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2024 £ All activities 17,683 6. Analysis of expenditure by activities Support costs 2024 £ All activities 17,683 |
Endowment funds 2024 £ 13,310 - 13,310 Endowment funds 2023 £ 13,437 - 13,437 Total 2024 £ 17,683 Total funds 2024 £ 17,683 |
Total funds 2024 £ 13,310 2,751 16,061 |
|---|---|---|
| Total funds 2023 £ 13,437 3,053 16,490 |
||
| Total 2023 £ 15,017 |
||
| Total funds 2023 £ 15,017 |
Page 13
Docusign Envelope ID: 68E625BA-1F1D-4B17-AF36-813FEE28DFC4
THE BRUE FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
6. Analysis of expenditure by activities (continued)
Analysis of support costs
| Legal and professional costs Independent examiners fees Governance costs |
Allocated to grant activities 2024 £ 5,406 654 11,623 17,683 |
Total funds 2024 £ 5,406 654 11,623 17,683 |
Total funds 2023 £ 5,367 595 9,055 15,017 |
|---|---|---|---|
Governance costs are made up as follows:
| Accountancy and secretarial costs Bank charges |
2024 £ 11,621 2 11,623 |
2023 £ 9,050 5 9,055 |
|---|---|---|
7. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £654 ( 2023 - £595 ).
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year, no Trustee expenses have been incurred (2023 - £NIL) .
Page 14
Docusign Envelope ID: 68E625BA-1F1D-4B17-AF36-813FEE28DFC4
THE BRUE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
9. Investments - Land
| Valuation At 1 February 2023 Surplus on revaluation At 31 January 2024 |
Freehold investment property £ 2,365,000 2,935,000 |
|---|---|
| 5,300,000 |
Land is valued by the Trustees at £5,300,000. The valuation is the fair value of the land based on an open market value for existing use basis with assistance from by Savills (RICS registered valuers) in March 2024.
10. Fixed asset investment
| Cost or valuation At 1 February 2023 Additions Disposals Revaluations At 31 January 2024 Net book value At 31 January 2024 At 31 January 2023 |
Listed investments £ 1,185,046 374,554 (346,385) 19,223 1,232,438 1,232,438 1,185,046 |
Cash deposits with investment manager £ 62,162 19,702 (57,983) - 23,881 23,881 62,162 |
Total £ 1,247,208 394,256 (404,368) 19,223 1,256,319 |
|---|---|---|---|
| 1,256,319 1,247,208 |
Page 15
Docusign Envelope ID: 68E625BA-1F1D-4B17-AF36-813FEE28DFC4
THE BRUE FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
Investments which are all held in the UK at market value comprise:
| Investment in shares Cash deposits held by investment manager Total market value |
2024 £ 1,232,438 23,881 1,256,319 |
2023 £ 1,185,046 62,162 1,247,208 |
|---|---|---|
Valuation
All investments are stated at their market values as at 31 January 2024. Of the total gains of £19,223, a loss of £11,071 was realised during the year and £30,294 was an unrealised gain.
Material investments
| Material investments are deemed to be those with a fair value greater of 5% of the total value of fixed asset investment and are set out below: Vanguard S&P 500 UCITS ETF USD JPMorgan America Equity Fund I USD Robeco BP Global Premium Equities HSBC FTSE All world index fund |
2024 £ 94,122 85,321 75,265 60,059 314,767 |
2023 £ 63,946 68,785 73,241 - 205,972 |
|---|---|---|
Page 16
Docusign Envelope ID: 68E625BA-1F1D-4B17-AF36-813FEE28DFC4
THE BRUE FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
11. Creditors: Amounts falling due within one year
| Accruals and deferred income Financial instruments Financial assets Financial assets measured at fair value through income and expenditure Financial liabilities Financial liabilites at amortised cost |
2024 £ 14,674 2024 £ 1,232,438 2024 £ 14,674 |
2023 £ 12,342 |
|---|---|---|
| 2023 £ 1,185,046 |
||
| 2023 £ 12,342 |
12. Financial instruments
Financial assets measured at fair value through income and expenditure comprise listed investments. Financial liabilities measured at amortised cost comprise accruals.
Page 17
Docusign Envelope ID: 68E625BA-1F1D-4B17-AF36-813FEE28DFC4
THE BRUE FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
13. Statement of funds
Statement of funds - current year
| Balance at 1 | Balance at | ||||
|---|---|---|---|---|---|
| February | Gains/ | 31 January | |||
| 2023 | Income | Expenditure | (Losses) | 2024 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds | 43,335 | 31,973 | (20,434) | - | 54,874 |
| Endowment funds | |||||
| Endowment Fund | 3,634,308 | - | (13,310) | 2,954,223 | 6,575,221 |
| Total of funds | 3,677,643 | 31,973 | (33,744) | 2,954,223 | 6,630,095 |
| Statement of funds - prior year | |||||
| Balance at | Balance at | ||||
| 1 February | Gains/ | 31 January | |||
| 2022 | Income | Expenditure | (Losses) | 2023 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds | 31,369 | 30,036 | (18,070) | - | 43,335 |
| Endowment funds | |||||
| Endowment Fund | 3,661,352 | - | (13,437) | (13,607) | 3,634,308 |
| Total of funds | 3,692,721 | 30,036 | (31,507) | (13,607) | 3,677,643 |
Endowment funds are expendable and the Trustees have the power to convert the fund into income at their discretion. The transfer from expendable endowment funds in the prior year, to unrestricted funds out of the realisation of land proceeds, was to ensure that the charity has the adequate funds to meet anticipated future grant and other charity expenditure commitments.
Page 18
Docusign Envelope ID: 68E625BA-1F1D-4B17-AF36-813FEE28DFC4
THE BRUE FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
14. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2024 £ Fixed asset investments - Investments - land - Current assets 69,548 Creditors due within one year (14,674) Total 54,874 |
Endowment funds 2024 £ 1,256,319 5,300,000 18,902 - 6,575,221 |
Total funds 2024 £ 1,256,319 5,300,000 88,450 (14,674) 6,630,095 |
|---|---|---|
Analysis of net assets between funds - prior year
| Fixed asset investments Investments - land Current assets Creditors due within one year Total |
Unrestricted funds 2023 £ - - 55,677 (12,342) 43,335 |
Endowment funds 2023 £ 1,247,208 2,365,000 22,100 - 3,634,308 |
Total funds 2023 £ 1,247,208 2,365,000 77,777 (12,342) 3,677,643 |
|---|---|---|---|
15. Related party transactions
Mr A.A.E. Glenton, a Trustee of the Foundation, is a partner in the firm of Ryecroft Glenton which is retained as accountant to the Foundation. In the year ending 31 January 2024 accountancy, secretarial and professional fees were charged or accrued amounting to £14,190 (2023: £12,014) plus vat. There were no outstanding invoiced balances at the year end.
During the year the Trust used the services of Portland Financial Management Limited (PFM) to procure the continuing services of investment managers, Cazenove Capital Management (CCM) at a discounted rate substantially more favourable than the rates generally available. The amount received by PFM in respect of this engagement was £4,906 (2023: £4,976) plus vat. PFM is wholly owned by Ryecroft Glenton.
Page 19