Company registration number: 10722497 Charity registration number: 1172675
The Brothers Trust
(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2025
The Brothers Trust
Contents (continued)
| Reference and Administrative Details | 1 |
|---|---|
| Strategic Report | 2 |
| Trustees' Report | 3 - 9 |
| Statement of Trustees' Responsibilities | 10 |
| Independent Examiner's Report | 11 Type text here |
| Statement of Financial Activities | 12 |
| Balance Sheet | 13 |
| Notes to the Financial Statements | 14 - 26 |
The Brothers Trust
Reference and Administrative Details
Charity Registration Number 1172675 Company Registration Number 10722497 Registered Office 57 Canbury Park Road Kingston KT2 6LQ Independent Examiner Shaun Ellis
Page 1
The Brothers Trust
Strategic Report for the Year Ended 31 March 2025
The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 March 2025, in compliance with s414C of the Companies Act 2006.
Financial review
Policy on reserves
The Charity seeks to hold sufficient reserves to cover operating activities in the next six months plus support key charities. At the end of this financial year, the trustees felt this should be £125,000. Current reserves are comfortably above this level.
Principal funding sources
Funding has come from a number of donations, the specific fund raising events and from profits remitted from our trading company.
The strategic report was approved by the trustees of the charity on 9 December 2025 and signed on its behalf by:
......................................... Nicola Holland Trustee
Page 2
The Brothers Trust
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 March 2025.
Objectives and activities
Objects and aims
The Brothers Trust (the "Charity") is a charity based and regulated in the United Kingdom with the key objectives:
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to raise funds and award grants to charities around the world. These charities are likely to be small and nimble, often managed by their founders and have a high coefficient of converting funds received to positive and tangible outcomes.
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to create awareness of our selected charities using our own social media platforms. - to create memorable experiences for vulnerable and sick children from the charities that we support and also charities associated with endeavours like Make a Wish.
The charity aims to "support charities who struggle to be heard". It therefore seeks to give out as much as possible in grants and keep admin expenses as low as possible. As can be seen below, we have again been successful this year with 95% of revenues being available for grants with only 3% of costs relating to Governance or Office Expenses, and 2% on raising funds (excluding cost of merchandising). Despite the continued impact of inflation in the year, the Trustees have ensured that this has not negatively impacted the Charity. In the coming year, they will be looking at how they can use surplus funds to generate income to allow more sustained grants.
Grant making policies
It is important to The Brothers Trust to identify charities without expensive administrative running costs and are efficiently run. The Trust generally discourages the notion of beneficiaries becoming reliant on TBT for continued support. Instead, TBT encourages the charities it supports to continue fundraising efforts and to seek financial support elsewhere to avoid dependency on our Trust.
The Charity regularly evaluates the effectiveness of its grants, asking for regular feedback and progress reports from beneficiaries. This progress is fully reported on TBT website so our supporters can see the positive impact of their support.
Use of volunteers
The Charity could not function without the help and assistance of its volunteer trustees who give so much time to the running of the charity.
Objectives, strategies and activities
In the past financial year, TBT continues to makel key grants to specifically identified charities in line with the remit already explained. The outcomes of all our grants are assessed for their effectiveness and informs future decisions on further grants. Grants are made for specific and agreed purposes which TBT have selected from options that identified charities have presented to us.
These include the following grants:
Debra – £168,042
Debra supports families affected by Epidermolysis Bullosa (“EB”). This grant funded the purchase of a new holiday home and its maintenance for one year. These homes offer families a precious opportunity for respite and rest.
Cure EB - £53,382
Cure EB focuses on advancing global medical research and clinical trials aimed at developing effective treatments for EB, as well as supporting patients living with the condition. Our grant is funding a specialised research project in France.
Page 3
The Brothers Trust
Trustees' Report (continued)
Momentum - £48,824
Momentum supports families across Southwest London, Surrey, and Sussex whose children are facing cancer or other life-challenging conditions. This year, TBT funded a social worker to meet growing demand for practical, financial and emotional support for families caring for a seriously ill child.
P.E.A.K - £45,000
P.E.A. K supports families and educators living or working with children pre- or post-autism diagnosis. They provide training and practical strategies to help children thrive across the autistic spectrum. The Brothers Trust has committed to three years of funding, enabling the charity to grow and assist hundreds more families.
Alex’s Wish - £35,000
Duchenne muscular dystrophy (DMD) is a severe, progressive genetic disorder affecting around 350,000 people worldwide, including 2,500 in the UK. The Brothers Trust has contributed to Therapeutic Grant Calls, which focus on addressing the root cause of DMD through gene therapy.
EBRP - £20,212
EBRP is a US charity dedicated to curing EB by 2030. This grant supports ongoing research they are funding.
Mizen Foundation - £15,000
This inspiring charity empowers young people across the UK to become change-makers and peacemakers within their communities. Our grant supported the Sparkle Award scheme, spotlighting remarkable acts of kindness and community impact by young individuals.
Together for Short Lives - £15,000
Together for Short Lives is the UK’s only national charity dedicated to children’s palliative care. They work to enhance quality of life, ease suffering, and provide holistic support to children with life-limiting conditions and their families. Our grant will ensure 30 families - including parents, carers, siblings and extended relatives - receive vital support.
Orchard Hill - £14,001
Part funding was provided to purchase a new Innowalk machine, now used by around 50 severely disabled children to help strengthen leg function.
Fairshot - £13,000
Fairshot empowers young adults with learning disabilities by training them in their café. This grant funded their 2024 graduation ceremony and sponsored two new learners for a full year.
AYR Football Academy Grant - £10,000
This grant supports the Honest Men’s Club - an initiative to reduce isolation, loneliness and poor mental health among men aged 20 to 89 in the local community. The club meets weekly, with around 60 men attending each session.
Families United Network - £10,000
FUN supports children and young adults with additional needs and disabilities across Bedfordshire. Our grant is helping to run social clubs and skills workshops for over 75 young people and adults as they transition toward independence.
Fine Cell Works - £10,000
Fine Cell Works is a UK charity and social enterprise transforming the lives of prisoners and prison leavers through needlework and rehabilitation. This grant funded a motivational awards scheme.
Story Book Dads - £10,000
Storybook Dads helps incarcerated parents remain connected to their children through recorded bedtime stories and messages. We supported their core costs and the work of two rehabilitated home editors.
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The Brothers Trust
Trustees' Report (continued)
Sunny Days Children's Fund Grant - £8,090
This charity supports children under 18 with a wide range of serious medical conditions. Our grant funded an eye-gaze balance machine, enabling a non-verbal four-year-old to communicate.
RB Kares - £6,980
RB Kares is a volunteer group supporting hospital staff, carers, refugees, and vulnerable groups in Kingston. This grant funded three dental clinics, emergency packs for women escaping domestic abuse, and the establishment of a new soup kitchen.
Honeypot - £5,758
Honeypot provides countryside respite breaks for young carers, giving them a chance to create happy childhood memories. This grant funded well-deserved respite for 12 young carers.
Beder Foundation - £5,000
Beder raises awareness of mental health and suicide prevention. The Brothers Trust partnered with Beder to host walks for young people, encouraging conversation and connection.
Friends of the Elderly - £5,000
Friends of the Elderly Ireland is a volunteer-driven organisation combating loneliness among older people through social programmes and companionship. For the second year, TBT has funded their Christmas celebrations.
Guy’s Gift - £5,000
Guy’s Gift provides bereavement support to children, young people and families across Coventry and Warwickshire. Our grant funded 12 months of CPT sessions for school and healthcare professionals.
Latin American Foundation for the Future - £5,000
This UK-based charity funds educational projects across Latin America. Our grant covers school fees and supplies for 38 children at Casa Mantay in Peru, ensuring access to books, uniforms and learning materials.
Mama Biashara - £5,000
Since 2008, Mama Biashara has helped the most marginalised women in Kenya build small, sustainable businesses - enabling them to leave dangerous situations and support their families. This grant has been vital in supporting emergency rescues.
Spark School Books - £4,968
We funded books for 720 disadvantaged children - many of whom struggle to access reading materials. These books offer encouragement, opportunity, and a love of reading.
Anthony Nolan - £4,449
Anthony Nolan is a pioneering charity uniting people and science to transform treatment for those with blood cancer and blood disorders. All profits from Trustee Dominic Holland’s book Open Links are donated to the charity.
Mind Step Foundation - £3,001
This charity advances mental health awareness and research. Founded in memory of Max Davies, who tragically took his own life, the foundation supports vital community mental-health initiatives. Our grant enabled a local teacher in Monmouth to train as a counsellor.
Public benefit
The Brothers Trust aims to help small charities either financially or through publicity. The charities supported cover a range of areas broadly split into education, health and social benefit. The split between each sector can be seen below.
Page 5
The Brothers Trust
Trustees' Report (continued)
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Page 6
The Brothers Trust Trustees' Report (continued)
Going concern
The Trustees consider that it is appropriate to prepare the financial statements on a going concern basis. There are sufficient reserves in the charity to continue to operate, and the fundraising plans continue to be successful, alongside its merchandising.
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees:
Andrea Michele Coates Dominic Holland Thomas Holland Greg Cook Lena Suan Hoon Koay Janine Cook Nicola Holland
Page 7
The Brothers Trust
Trustees' Report (continued)
Structure, governance and management
Nature of governing document
The Charity operates under its memorandum and articles of incorporation as a private company limited by guarantee. These documents were created 12th April 2017 and have not been updated.
Recruitment and appointment of trustees
The Trustees are recruited based on the needs of the Charity. In the past year, the board has been strengthened considerably through reviewing missing skills and seeking to fill these gaps. This has included legal, financial, and governance.
Arrangements for setting key management personnel remuneration
None of the Trustees receive remuneration.
Organisational structure
The Charity operates with a very small staff comprised of some paid contractors and volunteers. They work together making collective day-to-day decisions. The Trustees then meet at least 4 times per year to discuss strategic aims and objectives.
As noted elsewhere, the sale of Brothers Trust merchandising has moved to its wholly owned subsidiary, The Brothers Trust (Trading) Ltd. This gives all of its profits in cash each year to the Charity, and the same team are responsible for running this company.
Financial instruments
Objectives and policies
The charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. Generally, the charity does not need to use these contracts but may do if required. The charity does not use derivative financial instruments for speculative purposes.
Cash flow risk
The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures.
Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.
Credit risk
The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments.
The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance.
Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.
Page 8
The Brothers Trust
Trustees' Report (continued)
Disclosure of information to auditor
Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
The annual report was approved by the trustees of the charity on 9 December 2025 and signed on its behalf by:
......................................... Nicola Holland Trustee
Page 9
The Brothers Trust
Statement of Trustees' Responsibilities
The trustees (who are also the directors of The Brothers Trust 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), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the trustees to prepare financial statements for each financial year. 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 the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and 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, comprising FRS 102 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 charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can 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.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees of the charity on 9 December 2025 and signed on its behalf by:
......................................... Nicola Holland Trustee
Page 10
The Brothers Trust
Independent Examiner's Report to the trustees of The Brothers Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2025.
Responsibilities and basis of report
As the charity’s trustees of the Company (and also 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 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 your charity’s accounts as 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
Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ACCA, which is one of the listed bodies.
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:
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accounting records were not kept in respect of The Brothers Trust as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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.
...................................... Shaun Clee Shaun Ellis ACCA
9 December 2025
Page 11
The Brothers Trust
Statement of Financial Activities for the Year Ended 31 March 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 3 Other trading activities 4 Investment income 5 Total income Expenditure on: Raising funds Charitable activities 6 Total expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 17 Note Income and Endowments from: Donations and legacies 3 Other trading activities 4 Total income Expenditure on: Raising funds Charitable activities 6 Total expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 17 |
Unrestricted funds £ 265,904 330,837 682 597,423 (53,024) (537,691) (590,715) 6,708 6,708 285,393 292,101 Unrestricted funds £ 199,006 422,788 621,794 (77,764) (503,189) (580,953) 40,841 40,841 244,551 285,392 |
Total 2025 £ 265,904 330,837 682 |
|---|---|---|
| 597,423 | ||
| (53,024) (537,691) |
||
| (590,715) | ||
| 6,708 | ||
| 6,708 285,393 |
||
| 292,101 | ||
| Total 2024 £ 199,006 422,788 |
||
| 621,794 | ||
| (77,764) (503,189) |
||
| (580,953) | ||
| 40,841 | ||
| 40,841 244,551 |
||
| 285,392 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 17.
The notes on pages 14 to 26 form an integral part of these financial statements. Page 12
The Brothers Trust
(Registration number: 10722497) Balance Sheet as at 31 March 2025
| Note Fixed assets Tangible assets 12 Current assets Debtors 13 Investments 14 Cash at bank and in hand 15 Creditors: Amounts falling due within one year 16 Net current assets Net assets Funds of the charity: Unrestricted income funds Unrestricted funds Total funds 17 |
2025 £ 679 89,127 1 238,606 327,734 (36,312) 291,422 292,101 292,101 292,101 |
2024 £ 1,018 74,619 1 211,750 |
|---|---|---|
| 286,370 (1,996) |
||
| 284,374 | ||
| 285,392 | ||
| 285,392 | ||
| 285,392 |
For the financial year ending 31 March 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The financial statements on pages 12 to 26 were approved by the trustees, and authorised for issue on 9 December 2025 and signed on their behalf by:
......................................... Nicola Holland Trustee
The notes on pages 14 to 26 form an integral part of these financial statements. Page 13
The Brothers Trust
Notes to the Financial Statements for the Year Ended 31 March 2025
1 Charity status
The charity is limited by guarantee, incorporated in , and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
The address of its registered office is: 57 Canbury Park Road Kingston KT2 6LQ
These financial statements were authorised for issue by the trustees on 9 December 2025.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
The Brothers Trust 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 notes.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Income and endowments
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 the income receivable can be measured reliably.
Page 14
The Brothers Trust
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
2 Accounting policies (continued)
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Donated services and facilities
These are only included in income (with an equivalent amount in expenditure) where the benefit to the Charity is reasonably quantifiable, measurable and material.
Gift aid
Income from tax reclaims is included at the same time as the gift/donation to which it relates.
Investment income
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grant provisions
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
Page 15
The Brothers Trust
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
2 Accounting policies (continued)
Taxation
The charity 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 charity 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.
Tangible fixed assets
Individual fixed assets costing £0.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Current asset investments
Current asset investments are included at the lower of cost and net realisable value / market value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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The Brothers Trust
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
2 Accounting policies (continued)
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Foreign exchange
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.
The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate).
Other exchange differences are recognised in the Statement of Financial Activities in the period in which they arise except for:
1) exchange differences on transactions entered into to hedge certain foreign currency risks (see above);
2) exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income; and
3) in the case of the consolidated financial statements, exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised in other comprehensive income and reported under equity.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
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The Brothers Trust
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
2 Accounting policies (continued)
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Page 18
The Brothers Trust
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
2 Accounting policies (continued)
Debt instruments
Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
Page 19
The Brothers Trust
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
2 Accounting policies (continued)
Derivative financial instruments
The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
3 Income from donations and legacies
| Donations and legacies; Donations from companies, trusts and similar proceeds Donations from individuals Total for 2025 Total for 2024 |
Unrestricted funds General £ 245,003 20,901 265,904 199,006 |
Total funds £ 245,003 20,901 |
|---|---|---|
| 265,904 | ||
| 199,006 |
4 Income from other trading activities
| Events income; Other events income Total for 2025 Total for 2024 |
Unrestricted funds General £ 330,837 330,837 422,788 |
Total funds £ 330,837 |
|---|---|---|
| 330,837 | ||
| 422,788 |
Page 20
The Brothers Trust
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
5 Investment income
| Interest receivable and similar income; Interest receivable on bank deposits Total for 2025 6 Expenditure on charitable activities Note Grant funding of activities Governance costs 7 Total for 2025 Total for 2024 |
Unrestricted funds General £ 682 682 Unrestricted funds General £ 523,261 14,430 537,691 503,189 |
Total funds £ 682 |
|---|---|---|
| 682 | ||
| Total funds £ 523,261 14,430 |
||
| 537,691 | ||
| 503,189 |
Total expenditure £
In addition to the expenditure analysed above, there are also governance costs of £14,430 (2024 - £16,385) which relate directly to charitable activities. See note 7 for further details.
Page 21
The Brothers Trust
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
7 Analysis of governance and support costs
Governance costs
| Independent examiner fees Examination of the financial statements Legal fees Marketing and publicity Other governance costs Total for 2025 Total for 2024 |
Unrestricted funds General £ 350 35 3,679 10,366 14,430 16,385 |
Total funds £ 350 35 3,679 10,366 |
|---|---|---|
| 14,430 | ||
| 16,385 |
The Independent Examiner performs this work at below market rate with some of his time provided on a pro bono basis.
Page 22
The Brothers Trust
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
8 Grant-making
Analysis of grants
| Analysis of grants | ||
|---|---|---|
| Grants to | institutions | |
| 2025 | 2024 | |
| £ | £ | |
| Analysis | ||
| Charitable Grants | 523,261 | 486,804 |
| The support costs associated with grant-making are £Nil (31 March 2024 - £Nil). |
Below are details of material grants made to institutions
| Name of institution Activity Debra Cure EB Momentum PEAK Alex Wish EBRP Mizen Foundation Together for Short Lives Orchard Hill Fairshot AYR Football Academy Grant Families United Network Fine Cell Work Storybook Dads Sunny Days Children's Fund Grant RBKares Honeypot Child Beder Foundation Friends of the Elderly Guys Gift Latin American Foundation Future Mama Biashara Spark School Book Grant Anthony Nolan Mind Step Foundation WWHTS - Science Equipment Other Grants |
2025 £ 168,042 53,382 45,824 45,000 35,000 20,212 15,000 15,000 14,001 13,000 10,000 10,000 10,000 10,000 8,090 6,980 5,758 5,000 5,000 5,000 5,000 5,000 4,968 4,449 3,001 554 - 523,261 |
2024 £ 82,000 70,000 74,766 45,000 35,000 - 10,000 - - 13,000 - - 10,000 10,000 - 7,500 - - 15,000 - - 10,000 4,000 - - - 100,538 |
|---|---|---|
| 486,804 |
Page 23
The Brothers Trust
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
9 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
10 Independent examiner's remuneration
Examination of the financial statements
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| 350 | 350 |
11 Taxation
The charity is a registered charity and is therefore exempt from taxation.
12 Tangible fixed assets
| Cost At 1 April 2024 At 31 March 2025 Depreciation At 1 April 2024 Charge for the year At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 13 Debtors Trade debtors Due from group undertakings Prepayments Other debtors |
Furniture and equipment £ 1,357 |
Total £ 1,357 1,357 339 339 678 679 1,018 2024 £ 47,499 27,113 - 7 |
||
|---|---|---|---|---|
| 1,357 | ||||
| 339 339 |
||||
| 678 | ||||
| 679 | ||||
| 1,018 | ||||
| 2025 £ 35,000 48,367 5,760 - 89,127 |
||||
| 74,619 |
Page 24
The Brothers Trust
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
14 Current asset investments
| Shares in group undertakings and participating interests 15 Cash and cash equivalents Cash at bank 16 Creditors: amounts falling due within one year Trade creditors Other creditors 17 Funds Balance at 1 April 2024 £ Unrestricted funds General 285,393 Balance at 1 April 2023 £ Unrestricted funds General 244,551 |
Incoming resources £ 597,423 Incoming resources £ 621,794 |
2025 £ 1 2025 £ 238,606 2025 £ 1,313 34,999 36,312 Resources expended £ (590,715) Resources expended £ (580,953) |
2024 £ 1 |
|---|---|---|---|
| 2024 £ 211,750 |
|||
| 2024 £ 1,995 1 |
|||
| 1,996 | |||
| Balance at 31 March 2025 £ 292,101 |
|||
| Balance at 31 March 2024 £ 285,392 |
Page 25
The Brothers Trust
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
18 Analysis of net assets between funds
| Tangible fixed assets Current assets Current liabilities Total net assets Tangible fixed assets Current assets Current liabilities Total net assets |
Unrestricted funds General £ 679 327,734 (36,312) 292,101 Unrestricted funds General £ 1,018 286,370 (1,996) 285,392 |
Total funds at 31 March 2025 £ 679 327,734 (36,312) |
|---|---|---|
| 292,101 | ||
| Total funds at 31 March 2024 £ 1,018 286,370 (1,996) |
||
| 285,392 |
Page 26
The Brothers Trust
Statement of Financial Activities by fund for the Year Ended 31 March 2025
Unrestricted Funds
| Unrestricted Funds | ||
|---|---|---|
| Income and Endowments from: Donations and legacies Other trading activities Investment income Total income Expenditure on: Raising funds Charitable activities Total expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Total Unrestricted Funds 2025 £ 265,904 330,837 682 597,423 (53,024) (537,691) (590,715) 6,708 6,708 285,393 292,101 |
Total Unrestricted Funds 2024 £ 199,006 422,788 - |
| 621,794 | ||
| (77,764) (503,189) |
||
| (580,953) | ||
| 40,841 | ||
| 40,841 244,551 |
||
| 285,392 |
This page does not form part of the statutory financial statements. Page 27
The Brothers Trust
Detailed Statement of Financial Activities for the Year Ended 31 March 2025
| Income and Endowments from: Donations and legacies (analysed below) Other trading activities (analysed below) Investment income (analysed below) Total income Expenditure on: Raising funds (analysed below) Charitable activities (analysed below) Total expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Total 2025 £ 265,904 330,837 682 597,423 (53,024) (537,691) (590,715) 6,708 6,708 285,393 292,101 |
Total 2024 £ 199,006 422,788 - |
|---|---|---|
| 621,794 | ||
| (77,764) (503,189) |
||
| (580,953) | ||
| 40,841 | ||
| 40,841 244,551 |
||
| 285,392 |
This page does not form part of the statutory financial statements. Page 28
The Brothers Trust
Detailed Statement of Financial Activities for the Year Ended 31 March 2025 (continued)
| Donations and legacies Appeals and donations Appeals and donations - companies Other trading activities Fundraising Events Investment income Interest on cash deposits Raising funds Fundraising costs (Profit)/loss on foreign currency Casual wages Insurance Office expenses Depreciation of office equipment Charitable activities Grants payable - institutions Office expenses Travel and subsistence Advertising Accountancy fees Independent examiner's fee Legal and professional fees Bank charges |
Total 2025 £ 20,901 245,003 265,904 330,837 330,837 682 682 (26,370) (12,674) (12,519) (189) (933) (339) (53,024) (523,261) (195) (3) (3,679) (9,486) (350) (35) (682) (537,691) |
Total 2024 £ 102,676 96,330 |
|---|---|---|
| 199,006 | ||
| 422,788 | ||
| 422,788 | ||
| - | ||
| - | ||
| (66,976) 432 (9,425) (189) (1,267) (339) |
||
| (77,764) | ||
| (486,804) (88) (161) (4,002) (9,360) (350) (35) (2,389) |
||
| (503,189) |
This page does not form part of the statutory financial statements. Page 29