DocuSign Envelope ID: CA60ED76-9C27-4B92-9A3E-04E44A727C55
**Charity number: 1153470**
## **THE BEAVERBROOK FOUNDATION**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2023**
DocuSign Envelope ID: CA60ED76-9C27-4B92-9A3E-04E44A727C55
## **THE BEAVERBROOK FOUNDATION**
## **CONTENTS**
||Page|
|---|---|
|**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 4|
|**Independent Examiner's Report**|5 - 6|
|**Statement of Financial Activities**|7|
|**Balance Sheet**|8|
|**Notes to the Financial Statements**|9 - 21|
DocuSign Envelope ID: CA60ED76-9C27-4B92-9A3E-04E44A727C55
## **THE BEAVERBROOK FOUNDATION**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023**
|**Trustees**|Lord Beaverbrook, Chairman|
|---|---|
||Lady Beaverbrook|
||The Hon Mr M Aitken|
||The Hon Mrs L Levi|
||Mr J E A Kidd|
||The Hon Mr A R Aitken|
||The Hon Ms C Aitken|
|**Charity registered**
**number**
1153470
**Principal office**
19 Crown Passage
London
SW1Y 6PP
**Chief executive**
Miss J S Ford
**Accountants**
MHA
Chartered Accountants
2 London Wall Place
London
EC2Y 5AU
**Bankers**
C Hoare & Co
London
EC4R 4TT
CAF Bank
West Malling
Kent
ME19 4JQ
**Solicitors**
Fieldfisher LLP
Riverbank House
2 Swan Lane
London
EC4R 3TT
**Custodians**
Multrees Investor Services Limited
One Carter Lane
London
EC4V 5AN
**Investment Managers**
Whitley Asset Management
116 Princedale Road
Notting Hill
London
W11 4NH||
Page 1
DocuSign Envelope ID: CA60ED76-9C27-4B92-9A3E-04E44A727C55
## **THE BEAVERBROOK FOUNDATION**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
The Trustees present their annual report together with the financial statements of the Charity for the year 1 January 2023 to 31 December 2023. The financial statements have been prepared in accordance with the provisions of the Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities’ 2019, and applicable UK Accounting Standards and the Charities Act of 2011.
## **Objectives and activities**
## **a. Main activities undertaken to further the Charity's purposes for the public benefit**
We have referred to the guidance contained in the Charity Commission’s general guidance when reviewing our aims and objectives and in planning our future activities. In particular the Trustees consider how planned activities will contribute to the aims and objectives they have set. The Foundation supports a variety of causes in the UK including supporting charitable appeals and preserving heritage properties. The Foundation has also been entrusted with various collections of political cartoons, political papers and artefacts. The Trustees are reviewing what action to take to promote the collections for the benefit of the public.
## **Achievements and performance**
## **a. Grant making**
The Foundation’s key objective is the distribution of donations to other registered charities. Grants are made at the discretion of the Trustees for charitable purposes including those that would have reflected the interests of the first Lord Beaverbrook, including: the erection or improvement of the fabric of any church building, the purchase of books, papers, manuscripts or works of art, care of the aged or infirm.
## **b. Historic documents, cartoons and artefacts**
The Foundation has been entrusted with the care of political papers of enormous historical importance. Lord Beaverbrook’s role at the heart of 20th Century politics means his own personal papers have great significance. As well as these, the Foundation owns the papers of two British Prime Ministers, Lloyd George and Bonar Law. The papers are currently loaned to the Houses of Parliament library in London, and are available to the public from the Parliamentary Archives website (www.parliament.uk).
The collection is of great significance to the Parliamentary Archive and for the year ended 31 December, 2023 the total number of boxes/files ordered to the search room from the Beaverbrook Library was 1,021 – representing 23% of the total retrievals during the year. The Trustees do not consider it possible to place a value on these papers and therefore no amount is included in heritage assets on the balance sheet in this regard.
The Foundation owns a collection of over 8,000 historic cartoons by Low, Cummings, Vicky and Strube. This collection is widely regarded as one of the most important collections of 20th Century British political cartoons. The Trustees have placed the collection on loan at the Templeton Library at the University of Kent at Canterbury. They have almost completed the digitisation of the whole collection, thus widening the availability of the cartoons to researchers and the general public. The Trustees have also set up a Beaverbrook Cartoon Scholarship to undertake work on the collection. The new owners of Cherkley Court, now known as Beaverbrook, have a number of works of art belonging to the Foundation on loan, ensuring that they are on public display. Other items are on loan at the RAF Museum in Hendon and the RAF Club, London for public display.
## **c. Investment policy and performance**
The Trustees adopt a cautious policy in respect of investments and this has been continued as a result of the volatility of world stock exchanges.
Page 2
DocuSign Envelope ID: CA60ED76-9C27-4B92-9A3E-04E44A727C55
## **THE BEAVERBROOK FOUNDATION**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Achievements and performance (continued)**
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity 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. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## **b. Activity in the year**
The investment income was the main source of income, totalling £89,228 (2022: £72,524). The Trustees are satisfied with the activity in the year and plan to increase the level of donations in the following year. The charity retains considerable reserves, largely represented by Investment assets.
## **Structure, governance and management**
## **a. Constitution**
The Beaverbrook Foundation is a registered charity, number 1153470, and is constituted as a Charitable Incorporated Organisation.
## **b. Methods of appointment or election of Trustees**
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of constitution.
## **c. Financial risk management**
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. The key risk relates to investment management which is dealt with in other sections of this report.
## **d. Trustees' remuneration and expenses**
The Trustees approved the payment of expenses during the year to the Chairman of Trustees, and one other Trustee. No remuneration was paid to Trustees during the financial year.
## **Plans for future periods**
The Beaverbrook Foundation continues its activities as a grant making organisation.
Page 3
DocuSign Envelope ID: CA60ED76-9C27-4B92-9A3E-04E44A727C55
## **THE BEAVERBROOK FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Statement of Trustees' responsibilities**
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & 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 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 Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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.
## **Disclosure of information to auditor**
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
- so far as that Trustee is aware, there is no relevant audit information of which the charity's auditor is unaware, and
- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
Approved by order of the members of the board of Trustees and signed on their behalf by:
## **Lord Beaverbrook**
Chair of Trustees Date:
**The Hon Ms C Aitken** Trustee
5/29/2024 | 8:56 AM PDT
5/21/2024 | 8:50 AM BST
Page 4
DocuSign Envelope ID: CA60ED76-9C27-4B92-9A3E-04E44A727C55
## **THE BEAVERBROOK FOUNDATION**
**INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Independent Examiner's Report to the Trustees of The Beaverbrook Foundation ('the Charity')**
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2023.
## **Responsibilities and Basis of Report**
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Page 5
DocuSign Envelope ID: CA60ED76-9C27-4B92-9A3E-04E44A727C55
## **THE BEAVERBROOK FOUNDATION**
## **INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Independent Examiner's Statement**
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 that in any material respect:
1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
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. My work has been undertaken so that I might state to the Charity'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 Charity and the Charity's Trustees as a body, for my work or for this report.
5/21/2024 | 9:20 AM BST Signed: Dated: Rakesh Shaunak FCA
## **MHA**
Chartered Accountant
2 London Wall Place
London
EC2Y 5AU
Page 6
DocuSign Envelope ID: CA60ED76-9C27-4B92-9A3E-04E44A727C55
## **THE BEAVERBROOK FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023**
|**Note**
**Income from:**
Investments
3
**Total income**
**Expenditure on:**
Investment management fees
Charitable activities
Other expenditure
**Total expenditure**
**Net expenditure before net gains/(losses) on**
**investments**
Net gains/(losses) on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2023**
**£**
**89,228**
**89,228**
**78,346**
**481,201**
**45,255**
**604,802**
**(515,574)**
**1,141,375**
**625,801**
**11,996,324**
**625,801**
**12,622,125**|**Total**
**funds**
**2023**
**£**
**89,228**
**89,228**
**78,346**
**481,201**
**45,255**
**604,802**
**(515,574)**
**1,141,375**
**625,801**
**11,996,324**
**625,801**
**12,622,125**|_Total_
_funds_
_Period to 31_
_December_
_2022_
_£_
_72,524_
_72,524_
_116,960_
_630,352_
_56,319_
_803,631_
_(731,107)_
_(2,458,844)_
_(3,189,951)_
_15,186,275_
_(3,189,951)_
_11,996,324_|
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 21 form part of these financial statements.
Page 7
DocuSign Envelope ID: CA60ED76-9C27-4B92-9A3E-04E44A727C55
## **THE BEAVERBROOK FOUNDATION**
## **BALANCE SHEET AS AT 31 DECEMBER 2023**
|**Note**
**Fixed assets**
Tangible assets
10
Investments
11
**Current assets**
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
**Net current assets**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
14
**Total net assets**
**Charity funds**
Restricted funds
15
Unrestricted funds
General funds
15
Total unrestricted funds
15
**Total funds**|**36,000**
**30,607**
**66,607**
**(45,710)**
**12,622,125**|**2023**
**£**
**4,243,123**
**9,620,963**
**13,864,086**
**20,897**
**13,884,983**
**(1,262,858)**
**12,622,125**
**-**
**12,622,125**
**12,622,125**|_36,000_
_30,704_
_66,704_
_(43,257)_
_11,996,324_|_2022_
_£_
_4,232,758_
_9,028,710_
_13,261,468_
_23,447_
_13,284,915_
_(1,288,591)_
_11,996,324_
_-_
_11,996,324_
_11,996,324_|
|---|---|---|---|---|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
**Lord Beaverbrook The Hon Ms C Aitken** Chair of Trustees Trustee Date: 5/21/2024 | 8:50 AM BST 5/29/2024 | 8:56 AM PDT
The notes on pages 9 to 21 form part of these financial statements.
Page 8
DocuSign Envelope ID: CA60ED76-9C27-4B92-9A3E-04E44A727C55
## **THE BEAVERBROOK FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **1. General information**
The Beaverbrook Foundation is a Charitable Incorporated Organisation (CIO), registered in England and Wales. Its principal office is 19 Crown Passage, London, SW1Y 6PP.
The Foundation's functional currency is pounds sterling and the financial statements are rounded to the nearest £. The accounting reference date for the comparative accounting period is from 1 October 2021 to 31 December 2022.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
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 Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Beaverbrook 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.
## **2.2 Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
## **2.3 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 shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Page 9
DocuSign Envelope ID: CA60ED76-9C27-4B92-9A3E-04E44A727C55
## **THE BEAVERBROOK FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **2. Accounting policies (continued)**
## **2.3 Expenditure (continued)**
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity'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.
## **2.4 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## **2.5 Tangible fixed assets and depreciation**
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on the following basis.
Depreciation is provided on the following basis:
Freehold property - 2% straight line - Long-term leasehold property Office equipment - 25% reducing balance
## **2.6 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.
## **2.7 Debtors**
Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.
## **2.8 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.
Page 10
DocuSign Envelope ID: CA60ED76-9C27-4B92-9A3E-04E44A727C55
## **THE BEAVERBROOK FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **2. Accounting policies (continued)**
## **2.9 Liabilities and provisions**
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 Charity 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.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
## **2.10 Financial instruments**
The Charity 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.11 Pensions**
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
## **2.12 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 Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
## **3. Investment income**
|**Unrestricted**
**funds**
**2023**
**£**
Rental income
18,058
Dividends receivable
56,878
Interest receivable
14,292
89,228|**Total**
**funds**
**2023**
**£**
**18,058**
**56,878**
**14,292**|
|---|---|
||**89,228**|
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DocuSign Envelope ID: CA60ED76-9C27-4B92-9A3E-04E44A727C55
## **THE BEAVERBROOK FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **3. Investment income (continued)**
|Rental income
Dividends receivable
Interest receivable|_Unrestricted_
_funds_
_2022_
_£_
_20,630_
_47,622_
_4,272_
_72,524_|_Total_
_funds_
_2022_
_£_
_20,630_
_47,622_
_4,272_|
|---|---|---|
|||_72,524_|
## **4. Expenditure on Charitable activites**
|Grants payable
Support costs
Staff costs
Grants payable
Support costs
Staff costs|**Unrestricted**
**funds**
**2023**
**£**
180,025
218,948
82,228
481,201
_Unrestricted_
_funds_
_2022_
_£_
_359,851_
_185,309_
_95,192_
_640,352_|**Total**
**funds**
**2023**
**£**
**180,025**
**218,948**
**82,228**|
|---|---|---|
|||**481,201**|
|||_Total_
_funds_
_2022_
_£_
_359,851_
_185,309_
_95,192_|
|||_640,352_|
Page 12
DocuSign Envelope ID: CA60ED76-9C27-4B92-9A3E-04E44A727C55
## **THE BEAVERBROOK FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **5. Analysis of grants**
|Grants payable
Grants payable|**Grants to**
**Institutions**
**2023**
**£**
180,025
_Grants to_
_Institutions_
_Period to 31_
_December_
_2022_
_£_
_349,851_|**Total**
**funds**
**2023**
**£**
**180,025**|
|---|---|---|
|||_Total_
_funds_
_Period to 31_
_December_
_2022_
_£_
_349,851_|
The Charity has made the following material grants to institutions during the year:
Page 13
DocuSign Envelope ID: CA60ED76-9C27-4B92-9A3E-04E44A727C55
## **THE BEAVERBROOK FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **5. Analysis of grants (continued)**
|**Name of institution**
London Screen Academy
English National Ballet
Place2Be
RAF Museum, Hendon
The Food Foundation
Boat Transport - Aid to Ukraine
Cardinal Hume Centre
BASMOM
Smith Bradbeer Charitable Trust - Aid to Ukrain
Bristol Beacon
One Small Step
Scales Conservation Fund
Leprosy Mission
Charlotte's BAG
Bristol Music Trust
Ruskin Museum
National Motor Museum
Other grants (£5,000 and under, representing 50 institutions)|**2023**
**£**
**55,000**
**10,000**
**-**
**-**
**-**
**-**
**-**
**20,000**
**-**
**-**
**-**
**6,000**
**-**
**5,000**
**15,000**
**10,000**
**10,000**
**131,000**
**49,025**
**180,025**|_2022_
_£_
_40,000_
_25,000_
_25,000_
_25,000_
_17,500_
_15,000_
_15,000_
_10,000_
_10,000_
_10,000_
_10,000_
_6,000_
_6,000_
_5,000_
_-_
_-_
_-_|
|---|---|---|
|||_219,500_
_130,351_|
||||
|||_349,851_|
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DocuSign Envelope ID: CA60ED76-9C27-4B92-9A3E-04E44A727C55
## **THE BEAVERBROOK FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **6. Support costs**
|Archiving costs
Legal costs
Grantmaking costs
Accountancy
Premises and office costs
Insurance
Trustees' expenses
Mortgage interest
Bank charges
Foreign exchange translation
Archiving costs
Legal costs
Grantmaking costs
Audit and accountancy
Premises and office costs
Insurance
Trustees' expenses
Mortgage interest
Bank charges|**Unrestricted**
**funds**
**2023**
**£**
26,882
5,831
1,339
6,859
62,813
5,448
6,083
102,267
604
822
218,948
_Unrestricted_
_funds_
_Period to 31_
_December_
_2022_
_£_
_27,254_
_15,336_
_1,806_
_7,316_
_48,065_
_10,607_
_5,279_
_68,944_
_702_
_185,309_|**Total**
**funds**
**2023**
**£**
**26,882**
**5,831**
**1,339**
**6,859**
**62,813**
**5,448**
**6,083**
**102,267**
**604**
**822**|
|---|---|---|
|||**218,948**|
|||_Total_
_funds_
_Period to 31_
_December_
_2022_
_£_
_27,254_
_15,336_
_1,806_
_7,316_
_48,065_
_10,607_
_5,279_
_68,944_
_702_|
|||_185,309_|
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DocuSign Envelope ID: CA60ED76-9C27-4B92-9A3E-04E44A727C55
## **THE BEAVERBROOK FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **7. Independent examiner's remuneration**
|||_Period to 31_|
|---|---|---|
|||_December_|
||**2023**|_2022_|
||**£**|_£_|
|Fees payable to the Charity's independent examiner for the independent|||
|examination of the Charity's annual accounts|**3,600**|_-_|
|Fees payable to the Charity's auditor for the audit of the Charity's annual|||
|accounts|**-**|_5,500_|
## **8. Staff costs**
|Wages and salaries
Social security costs
Contribution to defined contribution pension schemes
Private health insurance|**2023**
**£**
**70,313**
**8,915**
**3,000**
**3,599**
**85,827**|_2022_
_£_
_78,692_
_9,539_
_3,750_
_3,211_|
|---|---|---|
||||
|||_95,192_|
The average number of persons employed by the Charity during the year was as follows:
||**2023**|_2022_|
|---|---|---|
||**No.**|_No._|
|Employees|**1**|_1_|
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
|||**2023**|_2022_|
|---|---|---|---|
|||**No.**|_No._|
|In the band £70,001|- £80,000|**1**|_1_|
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DocuSign Envelope ID: CA60ED76-9C27-4B92-9A3E-04E44A727C55
## **THE BEAVERBROOK FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **9. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2022 - £NIL)_ .
During the year ended 31 December 2023, expenses totalling _£_ 6,083 were reimbursed or paid directly to 2 Trustees _(2022 - £5,279 to 2 Trustees)_ .
## **10. Tangible fixed assets**
|**Cost or valuation**
At 1 January 2023
Additions
At 31 December 2023
**Depreciation**
At 1 January 2023
Charge for the year
At 31 December 2023
**Net book value**
At 31 December 2023
_At 31 December 2022_|**Heritage**
**assets**
**£**
**2,216,165**
**3,293**
**2,219,458**
**-**
**-**
**-**
**2,219,458**
_2,216,165_|**Freehold**
**property**
**£**
**2,102,992**
**52,327**
**2,155,319**
**94,635**
**43,196**
**137,831**
**2,017,488**
_2,008,357_|**Office**
**equipment**
**£**
**20,789**
**-**
**20,789**
**12,553**
**2,059**
**14,612**
**6,177**
_8,236_|**Total**
**£**
**4,339,946**
**55,620**|
|---|---|---|---|---|
|||||**4,395,566**|
|||||**107,188**
**45,255**|
|||||**152,443**|
|||||**4,243,123**|
|||||_4,232,758_|
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DocuSign Envelope ID: CA60ED76-9C27-4B92-9A3E-04E44A727C55
## **THE BEAVERBROOK FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **11. Fixed asset investments**
|**Cost or valuation**
At 1 January 2023
Disposals
Revaluations
At 31 December 2023
**Net book value**
At 31 December 2023
_At 31 December 2022_|**Listed**
**investments**
**£**
**9,028,710**
**(540,000)**
**1,132,253**
**9,620,963**
**9,620,963**
_9,028,710_|
|---|---|
Fixed asset investments at the balance sheet date are made up of listed investments of £9,576,627 (31 December 2022: £7,829,814) and £44,336 (31 December 2022: £1,198,896) of cash held in the investment portfolio.
## **12. Debtors**
|**Due after more than one year**
Other debtors
**Creditors: Amounts falling due within one year**
Bank loans
Other taxation and social security
Accruals and deferred income|**2023**
**£**
**36,000**
**36,000**
**2023**
**£**
**40,000**
**2,110**
**3,600**
**45,710**|_2022_
_£_
_36,000_|
|---|---|---|
||||
|||_36,000_|
|||_2022_
_£_
_37,000_
_2,007_
_4,250_|
||||
|||_43,257_|
## **13. Creditors: Amounts falling due within one year**
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DocuSign Envelope ID: CA60ED76-9C27-4B92-9A3E-04E44A727C55
## **THE BEAVERBROOK FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **14. Creditors: Amounts falling due after more than one year**
|Bank loans
Included within the above are amounts falling due as follows:
**Between one and two years**
Bank loans
**Between two and five years**
Bank loans
**Over five years**
Bank loans||**2023**
**£**
**1,262,858**
**2023**
**£**
**42,000**
**135,000**
**1,085,858**||_2022_
_£_
_1,288,591_|
|---|---|---|---|---|
|||||_2022_
_£_
_38,000_
_121,000_|
||||||
|||||_1,129,591_|
The bank loan is secured over the Freehold Property.
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DocuSign Envelope ID: CA60ED76-9C27-4B92-9A3E-04E44A727C55
## **THE BEAVERBROOK FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **15. Statement of funds**
## **Statement of funds - current year**
||||||**Balance at**|
|---|---|---|---|---|---|
||**Balance at 1**||||**31**|
||**January**|||**Gains/**|**December**|
||**2023**|**Income**|**Expenditure**|**(Losses)**|**2023**|
||**£**|**£**|**£**|**£**|**£**|
|**Unrestricted funds**||||||
|Unrestricted funds|**11,996,324**|**89,228**|**(604,802)**|**1,141,375**|**12,622,125**|
|**Statement of funds - prior year**||||||
||||||_Balance at_|
||_Balance at_||||_31_|
||_1 October_|||_Gains/_|_December_|
||_2021_|_Income_|_Expenditure_|_(Losses)_|_2022_|
||_£_|_£_|_£_|_£_|_£_|
|**Unrestricted funds**||||||
|Unrestricted funds|_15,186,275_|_72,524_|_(803,631)_|_(2,458,844)_|_11,996,324_|
|**16.**|**Analysis**|**of net assets between funds**|
|---|---|---|
||**Analysis**|**of net assets between funds - current year**|
|**Unrestricted**
**funds**
**2023**
**£**
Tangible fixed assets
4,243,123
Fixed asset investments
9,620,963
Debtors due after more than one year
36,000
Current assets
30,607
Creditors due within one year
(45,710)
Creditors due in more than one year
(1,262,858)
**Total**
12,622,125|**Total**
**funds**
**2023**
**£**
**4,243,123**
**9,620,963**
**36,000**
**30,607**
**(45,710)**
**(1,262,858)**
**12,622,125**|
|---|---|
Page 20
DocuSign Envelope ID: CA60ED76-9C27-4B92-9A3E-04E44A727C55
## **THE BEAVERBROOK FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **16. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior year**
|Tangible fixed assets
Fixed asset investments
Debtors due after more than one year
Current assets
Creditors due within one year
Creditors due in more than one year
**Total**|_Unrestricted_
_funds_
_2022_
_£_
_4,232,758_
_9,028,710_
_36,000_
_30,704_
_(43,257)_
_(1,288,591)_
_11,996,324_|_Total_
_funds_
_2022_
_£_
_4,232,758_
_9,028,710_
_36,000_
_30,704_
_(43,257)_
_(1,288,591)_
_11,996,324_|
|---|---|---|
## **17. Pension commitments**
The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £3,000 (2022 - £3,750) and no amounts were payable to the fund at the balance sheet date (2022 - £nil).
## **18. Related party transactions**
The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 December 2023.
Page 21