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Charity Registered Number: 1182163 (England and Wales)
BRABNERS FOUNDATION CIO
REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
DocuSign Envelope ID: E400B166-C5DC-4EA3-B2F9-8240B4B88BF0
BRABNERS FOUNDATION CIO
Index to Financial Statements For the year ended 30 April 2023
| Page | |
|---|---|
| Charity Information | 1 |
| Trustees’ Report | 2 - 4 |
| Independent Examiner’s Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 - 15 |
DocuSign Envelope ID: E400B166-C5DC-4EA3-B2F9-8240B4B88BF0
BRABNERS FOUNDATION CIO
Charity Information For the year ended 30 April 2023
TRUSTEES:
R White - Chair L Nisbet H Morgan A Murphy K McManus
REGISTERED OFFICE:
Brabners LLP Horton House Exchange Flags Liverpool L2 3YL
CHARITY NUMBER:
1182163
REGISTERED NUMBER:
CE016604
ACCOUNTANTS AND INDEPENDENT EXAMINERS:
RSM UK Tax and Accounting Limited Chartered Accountants 5[th] Floor One City Place Queens Road Chester CH1 3BQ
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BRABNERS FOUNDATION CIO Trustees’ Report For the year ended 30 April 2023
The Trustees submit their report and unaudited financial statements for the year ended 30 April 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s governing document, the Charities Act 2011, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
Legal and administrative information set out on page 1 forms part of this report.
Trustees
The Trustees, who served during the year and to the date of this report were:
N Dickson (Retired 26 October 2023) R White C Forshaw (Retired 20 May 2022) L Nisbet H Morgan A Murphy (Appointed 22 September 2022) K McManus (Appointed 26 October 2023)
Structure, Governance and Management
The organisation is a Charitable Incorporated Organisation (CE016604), incorporated on 21 February 2019 and registered as a charity (1182163) on 21 February 2019. The company is governed by a document of constitution.
The day to day running of the charity is managed by the trustees.
Related Parties
Brabners LLP is a related party of Brabners Foundation CIO, 2 designated members of Brabners LLP are also trustees of the foundation.
Recruitment and Appointment
Trustees are appointed by a resolution of the trustees passed at a special meeting. The minimum number of trustees is 3. All trustees are skilled to carry out their responsibilities however if any further training is identified it will be provided.
Principal Objectives and Activities of the Charity
The charity’s objectives and principal activities are for the benefit of the public generally, both in the United Kingdom and overseas.
The object of the CIO is for the public benefit the advancement of any exclusive charitable purposes according to the law of England and Wales that the charity trustees may in their absolute discretion determine from time to time.
The Foundation furthers its charitable purposes for the public benefit through its grant-making policy, which aims to alleviate hardship in the communities in which the Foundation operates. The Foundation conducts various fund-raising activities with which to generate income, such as sponsored events and challenges and raffles and sales.
Public Benefit
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity aims and objectives and in planning future activities and setting the grant making policy for the year.
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BRABNERS FOUNDATION CIO
Trustees’ Report For the year ended 30 April 2023
Grant Making Policy
The Charity has established its grant making policy to achieve its objects for the public benefit. Grants would be considered by the trustees to be made in the areas necessary. Grants are considered by the trustees on a case by case basis.
Achievements and Performance
The charity performed well during the year, with growth in income from charitable events and activities more than offsetting the slight decrease in donation income in the year. The Foundation raised £45,063 in total, with events such as the annual Big Idea and Christmas activities continuing to raise significant amounts, whilst the Summer Social event which was launched in the prior year outperformed last year’s amount to contribute over £4,900 in income. The charity also benefitted from some significant donations in the year, as well as receiving residual client balances from Brabners LLP.
The charity committed to grants of £44,591 in the year. Eight of these grants totalling £23,089 were made in October 2022, with the remaining £21,502 awarded to a further 11 charities in March 2023. The grants were awarded to a variety of charities in line with the objective of the Foundation of alleviating hardship in the communities the Foundation operates in. Nominations are considered on a case-by-case basis by the charity committee and Trustees such that amounts are awarded to each charity for a specific purpose. The range of initiatives supported in the year span providing support for families with new born and premature babies, to purchasing equipment to aid vulnerable people and children in the community, to providing support and help for families impacted by domestic abuse, to providing memorable experiences for sick and vulnerable children at Christmas. The grants made by Brabners Foundation have ensured that the objectives of the charity have been met.
Financial Review
Resources expended exceeded incoming resources in the year by £5,427 (2022: £15,599), however this was due to the brought forward retained funds balance being used to part-fund the first tranche of grants in the year. The Foundation closed with retained funds of £4,931 at the year end (2022: £10,358). The Statement of Financial Activities is set out on page 6. Income is derived from fund-raising events and donations. The Trustees believe the charity has performed well in the year, with growth achieved in charitable activities and total income.
Risk Management
The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.
Reserves Policy
The trustees aim to maintain the level of free reserves at an appropriate level to ensure that the expenditure of the charity may be covered. However, the level of expenditure the charity is exposed to is low and any shortfall in the level of reserves needed to pay for expenditure as and when it is due will be covered by Brabners LLP.
Trustees’ Responsibilities
The trustees are responsible for preparing the Trustees' Annual 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, including the income and expenditure, 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 judgments and estimates that are reasonable and prudent;
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state whether applicable UK 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 charitable company will continue in business.
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BRABNERS FOUNDATION CIO
Trustees’ Report For the year ended 30 April 2023
The trustees are responsible for keeping proper 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 applicable Charities (Accounts and Report) regulations and the provisions of the governing document. 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.
ON BEHALF OF THE BOARD
R White Chair of Trustees
Date: 27[th] February 2024
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF BRABNERS FOUNDATION CIO
I report to the trustees on my examination of the financial statements of Brabners Foundation CIO (‘the charity’) for the year ended 30 April 2023, which are set out on pages 6 to 15.
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 (‘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 all the applicable Directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair view’ and my report is limited to those specific matters set out in the independent examiner’s statement.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the 2011 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 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.
John Guest
Name: John Guest
Name of applicable listed body: The Institute of Chartered Accountants in England and Wales Relevant professional qualification or membership of professional body: FCA
ON BEHALF OF RSM UK TAX AND ACCOUNTING LIMITED Chartered Accountants One City Place Queens Road Chester CH1 3BQ
Date: 27/02/24
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BRABNERS FOUNDATION CIO
Statement of Financial Activities (including Income and Expenditure Account) For the year ended 30 April 2023
| Unrestricted funds Note £ INCOME Donations 2 28,859 Income from charitable activities 3 13,354 Total income 42,213 EXPENDITURE Charitable activities 4 44,591 Cost of raising funds 6 3,049 Total expenditure 47,640 Net (expenditure) before transfers (5,427) Net movement in funds for the year Reconciliation of funds: (5,427) Fund balances brought forward 10,358 Fund balances carried forward 4,931 |
Restricted funds £ 2,850 - 2,850 2,850 - 2,850 - - - - |
30 April 2023 Total £ 31,709 13,354 45,063 47,441 3,049 50,490 (5,427) (5,427) 10,358 4,931 |
30 April 2022 Total £ 32,327 12,416 44,743 54,314 6,028 60,342 (15,599) (15,599) 25,957 10,358 |
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|---|---|---|---|---|---|
The charity has no recognised gains or losses other than as stated in the Statement of Financial Activities.
All income and expenditure derive from continuing activities.
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Company number: CE016604 Charity number: 1182163
BRABNERS FOUNDATION CIO
Balance Sheet as at 30 April 2023
| 2023 Note £ Current Assets Debtors Cash at bank and in hand 10 - 30,108 __ Total current assets 30,108 Creditors: Amounts falling due within one year 11 (25,177) _ Net current assets Net assets Charitable Funds Restricted Funds 12 Unrestricted Funds 12 Total Funds |
2023 2022 2022 £ £ £ 1,395 8,963 __ 10,358 - _ 4,931 10,358 _ _ 4,931 10,358 - - 4,931 10,358 _ ____ 4,931 10,358 |
|---|---|
The financial statements were approved by the Trustees and authorised for issue on 27[th] February 2024 and were signed on their behalf by:
R White Chair of Trustees
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BRABNERS FOUNDATION CIO Notes to the Financial Statements For the year ended 30 April 2023
1. Accounting Policies
a) Statutory information
Brabners Foundation CIO is a charitable incorporated organisation registered with the Charity Commission in England & Wales. The registered office address is Brabners LLP, Horton House, Exchange Flags, Liverpool, L2 3YL.
b) Basis of preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to the financial statements.
The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities: preparing their accounts in accordance with the Financial Reporting Standard application in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.
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 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) issued 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 Charity has taken advantage of the provisions in the SORP for Charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The Charity constitutes a public benefit entity as defined by FRS 102.
c) Going concern basis
The Trustees have reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future with no material uncertainties concerning this ability to continue; hence the Trustees have adopted the going concern basis in preparing the financial statements.
d) 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.
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BRABNERS FOUNDATION CIO
Notes to the Financial Statements For the year ended 30 April 2023
1 . Accounting Policies – continued
e) Donations in kind
Donated services are included in incoming resources when the benefit to the charity is reasonably quantifiable and measurable. They are valued by the trustee at the amount the charity would have been willing to pay for the service on the open market.
f) Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accrual’s basis, inclusive of any VAT which cannot be recovered. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Charity. Grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the Charity.
Governance costs are related to the governance of the charity, such as accountancy and independent examination fees.
g) Fund accounting
Funds held by the charity are either:
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Unrestricted funds which can be used in accordance with the charitable objectives at the discretion of the trustees;
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Restricted funds which can only be used for a particular restricted purpose within the charitable objectives.
h) 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, in full, to all of its financial instruments.
Financial assets and financial liabilities are recognised when the Charity becomes a party to the contractual provisions of the instrument and are offset only when the Charity currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
i) Financial assets
Other debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.
j) Financial liabilities
Financial instruments are classified as liabilities according to the substance of the contractual arrangements entered into.
Trade and other creditors payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.
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BRABNERS FOUNDATION CIO
Notes to the Financial Statements For the year ended 30 April 2023
1. Accounting Policies – continued
k) Contingent liabilities
A contingent liability is identified and disclosed for those grants resulting from: a possible obligation which will only be confirmed by the occurrence of one or more uncertain future events not wholly within the trustees’ control; or a present obligation following a grant offer where settlement is either not considered probable; or the amount has not been communicated in the grant offer and that amount cannot be estimated reliably.
l) Critical accounting estimates and judgements
The trustees believe that estimates and assumptions do not have a significant risk of causing a material difference to the carrying amounts of assets and liabilities within the next financial year.
2 Donations
| Unrestricted £ Donations 28,860 Donations in kind - 28,860 |
Restricted £ - 2,850 2,850 |
Total 2023 £ 28,860 2,850 31,710 |
Total 2022 £ 29,827 2,500 |
|---|---|---|---|
| 32,327 |
3 Income from charitable activities
Fundraising |
Total 2023 £ 13,354 13,354 |
Total 2022 £ 12,416 12,416 |
|---|---|---|
The total income received from charitable activities of £13,354 (2022: £12,416) was charged to unrestricted funds.
4 Charitable Activities
Grants to institutions (note 7) Governance costs |
Total 2023 £ 44,591 2,850 47,441 |
Total 2022 £ 51,814 2,500 54,314 |
|---|---|---|
Of the total expenditure on charitable activities of £47,441 (2022: £54,314), £44,591 (2022: £51,814) was charged to unrestricted funds and £2,850 (2022: £2,500) was charged to restricted funds.
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BRABNERS FOUNDATION CIO
Notes to the Financial Statements For the year ended 30 April 2023
5 Governance costs
Independent exam |
Total 2023 £ 2,850 2,850 |
Total 2022 £ 2,500 2,500 |
|---|---|---|
The total governance costs of £2,850 was charged to restricted funds (2022: £2,500).
6 Cost of raising funds
| ost of raising funds | ||
|---|---|---|
Fundraising events |
Total 2023 £ 3,049 3,049 |
Total 2022 £ 6,028 |
| 6,028 |
The total cost of raising funds of £3,049 was charged to unrestricted funds (2022: £6,028).
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BRABNERS FOUNDATION CIO
Notes to the Financial Statements For the year ended 30 April 2023
7 Grants to institutions
| When You Wish Upon A Star MedEquip4Kids Wigan Boys & Girls Club Autism Initiatives Mental Health Foundation MacMillan In Your Shoes / Poppy’s Palace Larches & Savick Boxing Club Leeds Baby Bank Koala North West Alder Hey Children’s Charity (Neonatal Surgical Appeal) Kicks Count Nugent Care North West Cancer Research Escape2Make Bolton Lads & Girls Club Blackburn Music Society Beacon Counselling Trust Place2Be The Girls’ Network Parkinson’s UK Guide Dogs School Home Support Recycling Lives Charity North West Air Ambulance Three Dads Walking / Papyrus Kids Konnect Lifelites Petty Pool Seashell Trust Martin Gallier Project The Children’s Adventure Farm Trust (CAFT) The Youth Federation Motor Neurone Disease Association The Hive Youth Zone Maggie’s |
Total 2023 £ 3,000 1,590 5,452 3,999 2,500 3,500 2,500 1,500 3,000 2,500 1,800 1,000 5,000 2,500 1,500 2,500 750 - - - - - - - - - - - - - - - - - - - 44,591 |
Total 2022 £ - - - - - - - - - - - - - - - - - 5,000 2,500 2,250 500 1,000 5,000 3,000 4,600 2,500 2,500 1,000 4,964 3,000 1,000 5,000 5,000 1,000 1,000 1,000 51,814 |
|---|---|---|
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BRABNERS FOUNDATION CIO
Notes to the Financial Statements For the year ended 30 April 2023
8 Total resources expended
No staff are employed by the Charity and no employees received employee benefits of more than £60,000.
The Trustees received no remuneration and were not reimbursed for any expenses.
9 Taxation
The Charity is exempt from tax on income and gains falling within Part 11 of the Corporation Taxes Act 2010 or section 256 of the Taxation of Charitable Gains Act 1992 to the extent that these are applied to its charitable objects.
10 Debtors
| Amounts due from Brabners LLP Other debtors 11 Creditors Trade creditors Grants payable |
Total 2023 £ - - - Total 2023 £ 3,675 21,502 25,177 |
Total 2022 £ 1,390 5 1,395 Total 2022 £ - - - |
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BRABNERS FOUNDATION CIO
Notes to the Financial Statements For the year ended 30 April 2023
12 Analysis of funds
| Balance at 1 May 2022 £ Unrestricted Funds 10,358 Restricted Funds - Total Funds 10,358 Balance at 1 May 2021 £ Unrestricted Funds 25,957 Restricted Funds - Total Funds 25,957 |
Income Expenditure Transfers Balance at 30 April 2023 £ £ £ £ 42,213 (47,640) - 4,931 2,850 (2,850) - - 45,063 (50,490) - 4,931 Income Expenditure Transfers Balance at 30 April 2022 £ £ £ £ 42,243 (57,842) - 10,358 2,500 (2,500) - - 44,743 (60,342) - 10,358 |
|---|---|
13 Analysis of net assets between funds
| Debtors Cash in bank and in hand Creditors Total Funds Debtors Cash in bank and in hand Creditors Total Funds |
Unrestricted Funds Restricted Funds Total 2023 £ £ £ - - - 30,108 - 30,108 (25,177) - (25,177) |
|---|---|
| 4,931 - 4,931 |
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| Unrestricted Funds Restricted Funds Total 2022 £ £ £ 1,395 - 1,395 8,963 - 8,963 - - - |
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| 10,358 - 10,358 |
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DocuSign Envelope ID: E400B166-C5DC-4EA3-B2F9-8240B4B88BF0
BRABNERS FOUNDATION CIO
Notes to the Financial Statements For the year ended 30 April 2023
14 Donations in kind
Brabners LLP donated staff time to help set up and run the administration and finance function of the charity throughout the year. The amount of this donation in kind cannot be quantified. Brabners LLP also paid for the independent examination fees for the charity but expected no payment from the Charity for these. Detail of this transaction can be seen in note 2 and note 5.
15 Related Party Transactions
Brabners LLP is a related party of Brabners Foundation CIO, 2 designated members of Brabners LLP are also trustees of the foundation.
Brabners LLP held some income and paid some expenses on behalf of the charity in the year. An amount of £nil (2022: £1,390) was outstanding at the year end. In the prior year this was included within debtors and was transferred over to the charity bank account after year end.
Donations in kind of £2,850 (2022: £2,500) for donated services are included in incoming resources. These relate to independent exam fees paid on behalf of the charity.
16 Contingent Liability
The Brabners Foundation CIO understands that in order to receive donations from untraced or dormant account client funds the charity must provide Brabners LLP with indemnity that should the entitled legal owners of the money make contact with the firm or be traced by the firm then The Brabners Foundation will satisfy any legitimate claim put forward on behalf of the client by the firm. This contract was signed by the Trustees on 21 March 2021.
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