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← The Brenley Trust

2025-01-31-accounts

Charity registration number 1151128

THE BRENLEY TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

THE BRENLEY TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Patrick Riley
Marie-Louise Brenninkmeyer
Robbert Zoet
Charity number 1151128
Registered office 17 Princes Drive
Oxshott
Leatherhead
KT22 0UL
Auditor Beavis Morgan Audit Limited
82 St John Street
London
EC1M 4JN
Bankers Coutts & Co
440 Strand
London
WC2R 0QS
United Kingdom

THE BRENLEY TRUST

CONTENTS

Page
Trustees report 1 - 2
Statement of trustees responsibilities 3
Independent auditor's report 4 - 6
Statement of financial activities 7
Balance sheet 8
Statement of cash flows 9
Notes to the financial statements 10 - 17

THE BRENLEY TRUST

TRUSTEES REPORT

FOR THE YEAR ENDED 31 JANUARY 2025

The trustees present their annual report and financial statements for the year ended 31 January 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Deed of Settlement, the Charities Act 2011 and "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).

Objectives and activities

The trust's objectives are to support independent charities and individuals in relation to the reduction of poverty and hardship, and the improvement of education. Grants will mainly be administered in the United Kingdom and Southern Africa.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

The trust does not adopt a rigid approach in terms of the criteria for its grant making. Grants are awarded as the trustees see fit, to enable the furtherance of the trust's objectives.

Review of the activities undertaken by the Charity to further its charitable purposes for the public benefit

The Trustees believe that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

Achievements and performance

The trust has succeeded in accumulating funds and during the year grants of £638,012 (2024: £406,417) were granted. The Trust aims to give 33% of grants for the reduction of poverty and hardship and 67% for the improvement of education.

The Trust has made the following major donations in the year:

Stellenbosch University (South Africa) £95,853 paid against total commitment of £75,000 (2024: £79,165 paid against total commitment of £75,000) - Brenley has an arrangement with the donor department at the university for funding degrees in finance, law, engineering and medicine. This project is expected to continue over the next decade.

Many of the donations made are less than £10,000 per annum to fund individuals education at university. The total of grants made which are under £10,000 make up 60% (2024: 44%) of the total grants given. Students are required to provide proof of passing each year before they will be granted funds for the following year.

Substantially all the assets of the foundation are managed professionally by Anthos Fund & Asset Management. The Board of Trustees have agreed an investment policy with Anthos, the essence of which is to adopt a medium to high risk strategy which seeks as a minimum to preserve, in real terms, the value of the portfolio and to generate an income consistent with our grant making aims. During the year the Trustees invested in a UK property mezzanine fund – with the objective of creating income in UK Sterling. The Trustees regularly review their investment strategy and policy. At 31 January 2025 £11,598,593 (2024: £11,021,587) was held as part of the investment portfolio.

Financial review

The total incoming resources for the year amounted to £60,366 (2024: £17,147) of which £13,918 (2024: £12,256) were donations made to the trust. Grants of £638,012 (2024: £406,417) were awarded in line with the trust's charitable objectives. A gain of £1,657,774 (2024: £1,068,486) was made on the disposal and revaluation of investments. The other costs included governance costs of £35,160 (2024: £10,800) and costs of raising funds of £1,500 (2024: £1,532), resulting in free reserves of £12,151,359 (2024: £11,120,207).

THE BRENLEY TRUST TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2025 It is the policy of the trust that unrestricted funds which have not been designated for a speafic use should be maintained at a levd equivalent to be￿een three and six month's expendituie. The tfustees consider that reserv&s at this level wll ensure that, in the event of a sgnificant drop in fund"ng, they wll be able to continue the charity's current activitres while considerats'on is given to ways in which add'*'onal funds may b& raised. This level of reserves has been maintained thioughout the year. The Trustees have assessed the majoT risks to which the trust is exF4)sed. and are sats'sfied that systems are in Flace to mikngate exposure to the major fisks. The wtenlial vdatility of the stock market is th8 trust's most significanl Plans for future periods The trust wll continue to identify organisations and inth"viduals. and administer grants regularly. Whilst there is an emphasis on assisting those organisations Wofk'sng to ieduce povety and improve education thè trustees wll award grants to any organisation or individual they deem approwiate. The trust will cont'nue to make grants of a similar nature and size to the exisb.ng grants. structure. governance and rnanagement The charity was estak4ished by a charitable trust deed on 23 Fetrfuary 2013. The truslees who setved during the yèar and up to the date of signatuie of the financial statements were.. Patrick Riley Marie-Louis8 Brenninkmeyer Robbert Zoet Trustees are recruited via invitation from existing Trustees. Nv4V Trustees are apF¥)inted ty majority vote of thé board of trustees, The trust does not have employees and is managed ty the TrLBtees. A re801utron to reappoint 8eavis Morgan Audit Ltd as auditors will be put to the Annual General Meebng. The trustees reFort ￿a8 approved ty the Board of Trustees. Patrick Ri Trustee Date.

THE BRENLEY TRUST

STATEMENT OF TRUSTEES RESPONSIBILITIES

FOR THE YEAR ENDED 31 JANUARY 2025

The trustees 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).

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 incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that 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 Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They 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 BRENLEY TRUST

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE BRENLEY TRUST

Opinion

We have audited the financial statements of The Brenley Trust (the ‘charity’) for the year ended 31 January 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is 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).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

THE BRENLEY TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BRENLEY TRUST

Responsibilities of trustees

As explained more fully in the statement of trustees responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

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

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Capability of the audit in detecting irregularities, including fraud

Based on our understanding of the Charity, we identified that the principal risks of non-compliance with laws and regulations related to charities legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Charities (Accounts and Reports) Regulations 2008.We evaluated the trustees’ incentives and opportunities for fraudulent manipulation of the financial statements. Our focus was on testing that sales and purchases of investments were properly authorised and prices achieved were supported by third party evidence, and that grants made by the Charity were properly authorized by the trustees.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely it is that we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

THE BRENLEYTRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BRENLEYTRUST Matthew Burge {Senlor Statutory Auditor) for and on behalf of Beavis Morgan Audit Limited 6 June 2025 Chartered Accountants Statutory Auditor 82 St John Street London EC1M 4JN Beavis Morgan Audit Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

THE BRENLEY TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JANUARY 2025

Unrestricted Unrestricted
funds funds
2025 2024
Notes £ £
Income from:
Donations and legacies 3 13,918 12,256
Investments 4 46,448 4,891
Total income 60,366 17,147
Expenditure on:
Raising funds 5 1,500 1,532
Charitable activities
Grant payable 6 638,012 406,417
Governance costs 6 35,160 10,800
Total charitable expenditure 673,172 417,217
Total expenditure 674,672 418,749
Net gains/(losses) on investments 11 1,657,774 1,068,486
Net income 1,043,468 666,884
Other recognised gains and losses:
Other losses 13 (12,316) -
Net movement in funds 1,031,152 666,884
Reconciliation of funds:
Fund balances at 1 February 2024 11,120,207 10,453,323
Fund balances at 31 January 2025 12,151,359 11,120,207

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE BRENLEY TRUST BALANCE SHEET AS AT31 JANUARY2025 2025 2024 Fixed assets Investments 14 11,598,593 11,021.587 Current assets Debtors Cash at bank and in hand 15 3,238 681.938 20,0 149,595 685.176 169.595 Creditors: amounts falling due wlthin one year 16 {132,4101 (70,9751 Net current assets 552.766 98,620 Total a$sets less current Ilablllties 12,151.359 11,120,207 Net assets excludlng pension Ilabllity 12,151,359 11.120,207 The funds of the charity Unrestricted funds 12.151,359 11.120,207 12.151,359 11,120,207 The finanaal ststsmerrts were approved by the trustèes on .. ..o.i..:to.i. C Patrick Riley Trustee

THE BRENLEY TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2025

2025
Notes
£
£
Cash flows from operating activities
Cash absorbed by operations
20
(594,873)
Investing activities
Purchase of investments
(3,816,071)
Proceeds from disposal of investments
4,896,839
Investment income received
46,448
Net cash generated from investing
activities
1,127,216
Net cash used in financing activities
-
Net increase in cash and cash equivalents
532,343
Cash and cash equivalents at beginning of year
149,595
Cash and cash equivalents at end of year
681,938		 2024
£
£
(442,268)
(8,555)
535,959
4,891
532,295
-
90,027
59,568
149,595

THE BRENLEY TRUST

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

1 Accounting policies

Charity information

The Brenley Trust is a Public Benefit Entity incorporated in England and Wales. The registered office is 17 Princes Drive, Oxshott, Leatherhead, KT22 0UL. The main activity is that of making grants to charitable causes aimed at relieving child poverty in the UK and South Africa.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Deed of Settlement, the Charities Act 2011 and "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)". The trust is a Public Benefit Entity as defined by FRS 102.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Gifts of shares are recognised at the market value of the shares at the date gifted. Investment income is shown net of investment management costs charged directly to the Trust. Indirect charges and commission relating to the professional management of the investments are incorporated within the acquisition and disposal costs of investments.

Interest on funds held on deposit is included upon notification of the interest paid or payable by the Bank. Dividends are recognised once the dividend has been declared and notification has been received by the investment manager of the investment portfolio.

THE BRENLEY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised on an accruals basis, inclusive of value added tax.

Expenditure relating to charitable activities are those elements of expenditure directly incurred in performing these activities.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one year or multi-year grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to that grant are outside of the control of the charity.

Provisions for grants are made when the intention to make the grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.

A provision for a multi-year grant is recognised on the cash basis. As the grants are made conditionally on educational progress and can be withdrawn at any time, grantees only receive further instalments if they adequately fulfil their grant objectives. On this basis, there is no obligation to pay multi-year grants and so no need to disclose in the accounts.

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.

Costs of raising funds are those costs incurred in managing the Trust's investment portfolio.

1.6 Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

1.8 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

THE BRENLEY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including accruals and deferred income, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.The Trustees do not believe there to be any judgements or estimates that would be considered critical to the financial statements.

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Donations and gifts 13,918 12,256
4 Income from investments
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Interest from listed investments 46,448 4,891

THE BRENLEY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2025

5 Raising funds

Investment management fees
Charitable activities
Grant funding of activities (see note 7)
Share of governance costs (see note 8)		 2025
£
1,500
1,500
Total
2025
£
638,012
35,160
673,172		 2024
£
1,532
1,532
Total
2024
£
406,417
10,800
417,217

6 Charitable activities

THE BRENLEY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

7 Grants payable

Grants to institutions:
Abe Clark
Association for Advancing Autism Education
Barnaby Crowe, Our lady of Sion
Bill Holroyd Foundation
Caring for Life
Catholic Church
Cambridge Arts
Church of the Holy Spirit (SA)
Croydon Youth Zone
Help2Read
Hugenote School - Zarah April
Hinde Street Methodist Church
Haider Aminah Westfield School
Kings School
Manchester University
Mary's Meals
Panagiotis Panagakis
Oakleaf
Parents in Need
Sacred Heart
Sedbergh School
Stellenbosch University
Tayntons
The Wisley Foundation
Wemmershoek School
Winchester College
Grants to individuals		 Grants
payable
2025
£
9,000
5,000
8,194
-
-
-
-
-
-
-
-
4,000
-
45,232
-
13,000
-
-
4,167
5,000
-
79,165
63,151
20,000
-
500
560,752
77,260
638,012		 Grants
payable
2024
£
9,000
-
8,000
500,000
3,500
5,000
6,000
259,565
200,000
7,125
2,400
-
6,096
37,365
1,483
5,000
8,600
5,000
-
6,090
77,000
84,000
-
35,218
13,334
284,017
122,400
406,417

THE BRENLEY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

8 Support costs

Audit fees
Legal and professional
Loan write off
Secretarial fees
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
-
10,000
-
-
-
20,000
-
5,160
-
35,160
-
35,160		 2025
£
10,000
-
20,000
5,160
35,160
35,160		 2024
£
9,000
1,800
-
-
10,800
10,800

Governance costs includes payments to the auditors of £10,000 (2024: £9,000) for audit fees, £nil (2024: £1,800) for other services, £20,000 (2024: £nil) for a loan write off and £5,160 (2024: £nil) for secretarial fees.

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

10 Employees

The average monthly number of employees during the year was:

2025 2024
Number Number
Total - -

11 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2025 2024
Gains/(losses) arising on: £ £
Revaluation of investments 1,659,749 1,072,249
Sale of investments (1,975) (3,763)
1,657,774 1,068,486

12 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

THE BRENLEY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2025

13 Other gains and losses

Unrestricted Unrestricted
funds funds
2025 2024
Gains/(losses) upon: £ £
Foreign exchange 12,316 -

14 Fixed asset investments

Listed
investments
Unlisted
investments
£
£
Cost or valuation
At 1 February 2024
10,928,018
-
Additions
8,852
3,807,219
Revaluation
1,397,463
262,286
Cash transferred to current account
-
-
Interest received
-
-
Disposals
(4,896,679)
-
At 31 January 2025
7,437,654
4,069,505
Carrying amount
At 31 January 2025
7,437,654
4,069,505
At 31 January 2024
10,928,018
-
15
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
16
Creditors: amounts falling due within one year
Other creditors
Accruals for grants payable
Other accruals		 Cash in
portfolio
93,569
-
-
(1,500)
1,340
(1,975)
91,434
91,434
93,569
2025
£
-
3,238
3,238
2025
£
20,000
102,410
10,000
132,410		 Total
£
11,021,587
3,816,071
1,659,749
(1,500)
1,340
(4,898,654)
11,598,593
11,598,593
11,021,587
2024
£
20,000
-
20,000
2024
£
-
61,975
9,000
70,975

THE BRENLEY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025

17 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At
General funds
Previous year:
At
General funds		 1 February
2024
£
11,120,207
1 February
2023
£
10,453,323		 Incoming
resources
£
60,366
Incoming
resources
£
17,147		 Resources
expended
£
(674,672)
Resources
expended
£
(418,749)		 Gains and
losses
At
£
1,645,458
Gains and
losses
At
£
1,068,486		 31 January
2025
£
12,151,359
31 January
2024
£
11,120,207

18 Related party transactions

At the balance sheet date, the charity owed £20,000 (2024: £nil) to Patrick Riley, a trustee of the charity. No interest is applied on this loan balance.

19 Donation commitments

The Charity has committed to provide grants over the next two financial years amounting in total to £497,487 as long as the beneficiaries continue with their education during the period and these grants will be funded from the income from investments and sale of investments if required.

20

Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Foreign exchange differences
Loss on disposal of investments
Fair value gains and losses on investments
Movements in working capital:
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Cash absorbed by operations		 2025
£
1,043,468
(46,448)
(12,316)
1,975
(1,659,749)
16,762
61,435
(594,873)		 2024
£
666,884
(4,891)
-
3,763
(1,072,249)
(20,000)
(15,775)
(442,268)

21 Analysis of changes in net funds

The trust had no debt during the year.