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← The Brue Foundation

2025-01-31-accounts

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 2025

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

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 2025

Trustees

Mr A.A.E. Glenton Mr S. Gullick Mr J. Gullick Mrs S.L. Glenton Smith (appointed 23 July 2024)

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

THE BRUE FOUNDATION

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JANUARY 2025

The Trustees present their annual report together with the financial statements of the charitable company for the year 1 February 2024 to 31 January 2025. 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 (2024 - £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

THE BRUE FOUNDATION

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

Achievements and performance

Review of activities

In the year to 31 January 2025, the company had incoming resources of £31,773 (2024: £31,973), expenditure of £36,813 (2024: £33,744) and net income of £147,429 (2024: net income £17,452) after accounting for an increase in the value of investments of £152,469 (2024: £19,223). The net movement after accounting for losses on the revaluation of land of £1,250,000 (2024: gain of £2,935,000) amounts to a deficit of £1,102,571 (2024: surplus of £2,952,452).

At the year end, the charitable company held net assets of £5,527,525 including £4,050,000 of land held and £1,393,820 of listed investments.

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 £137,500 (10.9%) and generated £17,359 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 £5,527,525.

Endowment funds at the year end totalled £5,463,397 and free reserves available for future distribution and to meet charity expenditure were £64,128.

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

THE BRUE FOUNDATION

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

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 and Mrs S.L. Glenton Smith, Trustees of the Foundation, are partners in the firm of Ryecroft Glenton which are retained as accountants to the Foundation. In the year ending 31 January 2025 accountancy, secretarial and professional fees were charged or accrued amounting to £13,853 (2024: £14,190) 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 £5,272 (2024: £4,906) 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.

A substantial proportion of the charity’s investments is currently held as land. There is significant uncertainty as to the value of the land as a result of factors relating to its potential for development. The trustees intend to commence grant giving activities as soon as the land can be realised at a satisfactory value, thereby allowing the charitable company to replace land investments with income-generating listed investments.

Page 4

THE BRUE FOUNDATION

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

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:

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 22 July 2025 and signed on their behalf by:

................................................ Mr A.A.E. Glenton

Page 5

THE BRUE FOUNDATION

(A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JANUARY 2025

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 2025.

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:

  1. accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. 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

  4. 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: Mr Derek Reah FCCA

Dated: 22 July 2025

Reah & McBride Certified Accountants Suite 2b, North Sands Business Centre Liberty Way Sunderland SR6 0QA

Page 6

THE BRUE FOUNDATION

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JANUARY 2025

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 on investments
Net gains on investments
Net movement in funds before other
recognised gains/(losses)
Other recognised gains/(losses):
(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
2025
£
31,774
31,774
5,197
17,323
22,520
9,254
-
9,254
-
9,254
54,874
9,254
64,128		 Endowment
funds
2025
£
-
-
14,293
-
14,293
(14,293)
152,469
138,176
(1,250,000)
(1,111,824)
6,575,221
(1,111,824)
5,463,397		 Total
funds
2025
£
31,774
31,774
19,490
17,323
36,813
(5,039)
152,469
147,430
(1,250,000)
(1,102,570)
6,630,095
(1,102,570)
5,527,525		 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

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

THE BRUE FOUNDATION (A company limited by guarantee) REGISTERED NUMBER: 07928624

BALANCE SHEET AS AT 31 JANUARY 2025

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		 99,811
99,811
(16,106)		 2025
£
1,393,820
4,050,000
5,443,820
83,705
5,527,525
5,527,525
5,463,397
64,128
5,527,525		 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

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 22 July 2025 and signed on their behalf by:

Page 8

THE BRUE FOUNDATION

(A company limited by guarantee)

BALANCE SHEET (CONTINUED) AS AT 31 JANUARY 2025

Mr A.A.E. Glenton

The notes on pages 10 to 19 form part of these financial statements.

Page 9

THE BRUE FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

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

THE BRUE FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

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

THE BRUE FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

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
2025
£
Income from listed investments
14,413
Income from land held
14,414
Interest from bank accounts
2,947
31,774		 Total
funds
2025
£
14,413
14,414
2,947
31,774		 Total
funds
2024
£
17,084
12,271
2,618
31,973

3. Income from land held is derived from the following sources :-

Income from grass lettings and winter sheep keep
Rural Farm Agency single payment
Rural Farm Agency re winter loss payment		 2025
£
6,384
5,135
2,895
14,414		 2024
£
5,618
6,653
-
12,271

Page 12

(A company limited by guarantee)

THE BRUE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

4. Investment management costs

Unrestricted
funds
2025
£
Investment management costs
-
Land management costs
5,197
Total 2025
5,197
Unrestricted
funds
2024
£
Investment management costs
-
Land management costs
2,751
Total 2024
2,751		 Endowment
funds
2025
£
14,293
-
14,293
Endowment
funds
2024
£
13,310
-
13,310		 Total
funds
2025
£
14,293
5,197
19,490
Total
funds
2024
£
13,310
2,751
16,061
5. Analysis of expenditure on charitable activities
Summary by fund type
Unrestricted
funds
2025
£
All activities
17,323
6.
Analysis of expenditure by activities
Support
costs
2025
£
All activities
17,323		 Total
2025
£
17,323
Total
funds
2025
£
17,323		 Total
2024
£
17,683
Total
funds
2024
£
17,683

Page 13

THE BRUE FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

6. Analysis of expenditure by activities (continued)

Analysis of support costs

Legal and professional costs
Independent examiners fees
Governance costs
Total 2025		 Allocated to
grant
activities
2025
£
2,730
696
13,897
17,323		 Total
funds
2025
£
2,730
696
13,897
17,323		 Total
funds
2024
£
5,406
654
11,623
17,683

Governance costs are made up as follows:

Accountancy and secretarial costs
Bank charges		 2025
£
13,893
4
13,897		 2024
£
11,621
2
11,623

7. Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £696 ( 2024 - £654 ).

8. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .

During the year, no Trustee expenses have been incurred (2024 - £NIL) .

Page 14

THE BRUE FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

9. Investments - Land

Valuation
At 1 February 2024
Deficit on revaluation
At 31 January 2025		 Freehold
investment
property
£
5,300,000
(1,250,000)
4,050,000

Land is valued by the Trustees at £4,050,000. The valuation is the fair value of the land based on an open market value for existing use basis with assistance from Savills (RICS registered valuers) in March 2025.

10. Fixed asset investment

Cost or valuation
At 1 February 2024
Additions
Disposals
Revaluations
At 31 January 2025
Net book value
At 31 January 2025
At 31 January 2024		 Listed
investments
£
1,232,438
700,105
(751,508)
152,469
1,333,504
1,333,504
1,232,438		 Cash
deposits
with
investment
manager
£
23,881
36,435
-
-
60,316
60,316
23,881		 Total
£
1,256,319
736,540
(751,508)
152,469
1,393,820
1,393,820
1,256,319

Page 15

THE BRUE FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

Investments which are all held in the UK at market value comprise:

Investment in shares
Cash deposits held by investment manager
Total market value		 2025
£
1,333,504
60,316
1,393,820		 2024
£
1,232,438
23,881
1,256,319

Valuation

All investments are stated at their market values as at 31 January 2025. Of the total gains of £152,469, gains of £32,372 was realised during the year and £120,097 were 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
SPDR S&P 500 units		 2025
£
-
133,724
38,731
76,447
101,154
350,056		 2024
£
94,122
85,321
75,265
60,059
-
314,767

Page 16

THE BRUE FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

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 liabilities at amortised cost		 2025
£
16,106
2025
£
1,333,504
2025
£
16,106		 2024
£
14,674
2024
£
1,232,438
2024
£
14,674

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

THE BRUE FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

13. Statement of funds

Statement of funds - current year

Balance at 1 Balance at
February Gains/ 31 January
2024 Income Expenditure (Losses) 2025
£ £ £ £ £
Unrestricted funds
General Funds 54,874 31,773 (22,519) - 64,128
Endowment funds
Endowment Fund 6,575,221 - (14,293) (1,097,531) 5,463,397
Total of funds 6,630,095 31,773 (36,812) (1,097,531) 5,527,525
Statement of funds - prior year
Balance at Balance at
1 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

Endowment funds are expendable and the Trustees have the power to convert the fund into income at their discretion.

Page 18

THE BRUE FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

14. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2025
£
Fixed asset investments
-
Investments - land
-
Current assets
80,234
Creditors due within one year
(16,106)
Total
64,128		 Endowment
funds
2025
£
1,393,820
4,050,000
19,577
-
5,463,397		 Total
funds
2025
£
1,393,820
4,050,000
99,811
(16,106)
5,527,525

Analysis of net assets between funds - prior period

Fixed asset investments
Investments - land
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2024
£
-
-
69,548
(14,674)
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

15. Related party transactions

Mr A.A.E. Glenton and Mrs S.L. Glenton Smith, are Trustees of the Foundation, are partners in the firm of Ryecroft Glenton which are retained as accountants to the Foundation. In the year ending 31 January 2025 accountancy, secretarial and professional fees were charged or accrued amounting to £13,853 (2024: £14,190) 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 £5,272 (2024: £4,906) plus vat. PFM is wholly owned by Ryecroft Glenton.

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