Charity Registration No. 1171538
GALVIN BRACKEN CHARITABLE FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
GALVIN BRACKEN CHARITABLE FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | L Galvin Bracken |
|---|---|
| C Bracken | |
| Administrator | S Hughes |
| Charity number | 1171538 |
| Principal address | 41 Harrington Gardens |
| London | |
| SW7 4JU | |
| Independent examiner | D Patel FCCA |
| Gerald Edelman LLP | |
| 73 Cornhill | |
| London | |
| EC3V 3QQ | |
| Bankers | Coutts |
| 440 Strand | |
| London | |
| WC2R 0QS |
GALVIN BRACKEN CHARITABLE FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Statement of Trustees' responsibilities | 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 10 |
GALVIN BRACKEN CHARITABLE FOUNDATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2025
The Trustees present their annual report and financial statements for the year ended 5 April 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the financial statements and comply with the charity's governing document, 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)” (as amended for accounting periods commencing from 1 January 2019)
Objectives and activities
The charity's objects are as follows:
a) To aid in the advancement of health or the saving of lives through charities that promote activities that have a proven beneficial effect on health, charities that provide (conventional and/or complementary, alternative or holistic) medical treatment, care and healing, such as hospitals and healing centres, and charities supporting their work or associated with them - with a special interest and focus on Neurological medicine, equipment and research The promotion of good health and well being people of all ages wherever situated both at home and abroad,
b) To aid in the advancement of education through the support of educational establishments such as schools, colleges and universities or organisations supporting the work of education establishments. The advancement of education of young people both at home and abroad.
c) To support such other objects which are exclusively charitable in law including the support of the Arts
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. and in exercise of their powers as detailed in the constitution and under charity law.
It is the policy of the Trustees to support individual charities mainly on a single donation basis. Applications are welcomed from the other charitable institutions for grants with no geographical or other limitations imposed. The merits of each application are considered and if required, further research carried out prior to a grant being paid out.
Achievements and performance
During the year under review the Trustees continued to support various charitable institutions with total grants paid out of £16,963 (2024: £27,179). This included major grants made to Royal Opera House (£5,510) and Street Child (£4,500). A detailed summary of the grants made is set out in note 5 to the accounts.
Financial review
The net expenditure amounted to £8,877 (2024:£ 3,440)
Income received in the year totalled £10,874 (2024:£26,504) and was mainly generated from donations from family interests of the Trustees. Expenditure totalled £19,751 (2024: £29,944) and this mainly comprised grants made as previously detailed in this report.
Having reviewed the charity's financial forecast and expected future cash flows , the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, a period of not less than 12 months from the date of approval of these financial statements.
Accordingly, the Trustees continues to adopt the going concern basis in preparing the financial statements for the year ended 5 April 2024. Further details regarding adoption of the going concern basis can be found in note 2.2 to the financial statements.
The reserves at the balance sheet date totalled £6,770. This level of reserves is not sufficient to ensure that the planned commitments of the charity can be met. The Trustees acknowledge the need to provide additional funding to enable activities to continue at their current level.
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GALVIN BRACKEN CHARITABLE FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
Structure, governance and management
The charity was established by a constitution (effective registration date 8 February 2017) and was formed as a Charitable Incorporated Organisation.
The Trustees who served during the year and up to the date of signature of the financial statements were:
L Galvin Bracken
C Bracken
The power of appointment of new Trustees is vested in the Board. In selecting individuals for appointment regard will be given to their skills, knowledge and experience needed for the effective administration of the charity.
None of the Trustees of the charity has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The Trustees meet regularly in order to discuss the ongoing administrative and other issues arising.
The Trustees' report was approved by the Board of Trustees.
Mr C Bracken Trustee Dated: 3 September 2025
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GALVIN BRACKEN CHARITABLE FOUNDATION
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 5 APRIL 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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.
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GALVIN BRACKEN CHARITABLE FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF GALVIN BRACKEN CHARITABLE FOUNDATION
I report to the Trustees on my examination of the financial statements of Galvin Bracken Charitable Foundation (the charity) for the year ended 5 April 2025.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by 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 now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.
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:
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1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.
D Patel FCCA Gerald Edelman LLP Chartered Accountants 73 Cornhill London EC3V 3QQ
Dated: 3 September 2025
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GALVIN BRACKEN CHARITABLE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2025
| Notes Income from: Donations and legacies 3 Expenditure on: Charitable activities 4 Net expenditure for the year Fund balances at 6 April 2024 Fund balances at 5 April 2025 |
2025 £ 10,874 19,751 (8,877) 15,647 6,770 |
2024 £ 26,504 29,944 (3,440) 19,087 15,647 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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GALVIN BRACKEN CHARITABLE FOUNDATION
BALANCE SHEET
AS AT 5 APRIL 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Current assets | |||||
| Debtors | 8 | - | 13,834 | ||
| Cash at bank and in hand | 8,870 | 3,413 | |||
| 8,870 | 17,247 | ||||
| Creditors: amounts falling due within | |||||
| one year | 9 | (2,100) | (1,600) | ||
| Net current assets | 6,770 | 15,647 | |||
| Income funds | |||||
| Unrestricted funds | 6,770 | 15,647 |
The financial statements were approved by the Trustees on 3 September 2025
Mr C Bracken Trustee
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GALVIN BRACKEN CHARITABLE FOUNDATION
BALANCE SHEET (CONTINUED) AS AT 5 APRIL 2025
1 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.
2 Accounting policies
Charity information
Galvin Bracken Charitable Foundation is a Charitable incorporated organisation and a Public Benefit entity as defined in FRS102. The registered office is 41 Harrington Gardens, London SW7 4JU.
2.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, 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)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
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.
2.2 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.
2.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
2.4 Incoming resources
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.
All other income is included on an accruals basis.
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GALVIN BRACKEN CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
2 Accounting policies
(Continued)
2.5 Resources expended
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All resources expended are accounted for on an accruals basis and the irrecoverable element of VAT is included in the expense to which it relates
. Grants payable are payments made to third parties in the furtherance of the charitable activities of the Trust. Grants are recognised in the accounts when paid or when the Trustees have agreed to pay the grant without condition. At the end of each year a review is carried out in respect of future charitable commitments to be made and a note to the accounts in included in respect of the total commitments.
Charitable expenditure includes grants payable and support costs incurred regarding the provision and supervision of charitable projects. Support costs include governance costs represented by audit costs and other professional fees incurred in connection with the meeting of the charity's constitutional and statutory obligations.
2.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.7 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 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.
2.8 Taxation
As a registered charity it is exempt from tax on its activities which fall within the scope of part 10 ITA 2007 and section 256 of the Taxation of Chargeable Gains Act 1992.
3 Donations and legacies
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Donations and gifts | 10,874 | 26,504 |
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GALVIN BRACKEN CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
4 Charitable activities
| Grant funding of activities (see note 5) Bank charges Independent examination fees |
2025 £ 16,963 488 2,300 19,751 |
2024 £ 27,179 485 2,280 |
|---|---|---|
| 29,944 |
5 Grants payable
| Grants to institutions: Helen Arkell Dyslexia Charity Royal Opera House Great Ormond Street Childrens Hospital Trinity Cambridge Donmar Warehouse Almeida Theatre Street Child Other |
2025 £ 1,788 5,510 - 1,000 1,750 1,050 4,500 1,365 16,963 |
2024 £ - 5,350 10,000 1,000 1,750 1,050 6,901 1,128 |
|---|---|---|
| 27,179 |
6 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. No expenses were paid to Trustees in the year.
7 Employees
The average monthly number of employees during the year was:
| 2025 | 2024 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
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GALVIN BRACKEN CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
8 Debtors
| 8 Debtors |
||
|---|---|---|
| Amounts falling due within one year: Income tax recoverable 9 Creditors: amounts falling due within one year Accruals and deferred income |
2025 £ - 2025 £ 2,100 |
2024 £ 13,834 |
| 2024 £ 1,600 |
10 Share capital
The company has no share capital being a Charitable Incorporated Organisation
11 Related party transactions
There were no disclosable related party transactions during the year (2024- none) other than donations received from Trustees and their interests of £10,000 (2024: £26,504).
12 APB Ethical Standard relevant circumstances
In common with many entities of our size we use our independent examiners to assist with the preparation of the accounts
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