CIO No. 025884
Brave Mind
Unaudited Financial Statements
for the year ended
31st December 2024
Wenn Townsend
Chartered Accountants
Oxford
Brave Mind
Contents
| Page | |
|---|---|
| Charity Information | 1 |
| Trustees’ Report | 2 - 3 |
| Independent Examiner’s Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Accounts | 7 - 11 |
Brave Mind
Charity Information
| Charity Registered Number | 1193710 | |
|---|---|---|
| Registered Office | 30 St Giles | |
| Oxford | ||
| OX1 3LE | ||
| Trustees | Simon Trower | |
| Adam Horler | (resigned 7thOctober 2024) | |
| Graeme Tottle | ||
| Kathleen Bennett | ||
| Juliette Gillard | (resigned 31stAugust 2024) | |
| James Gillard | ||
| David Cockram | ||
| Daniel Martin | (appointed 27thSeptember 2024) | |
| Sophie Colwell | (appointed 1stSeptember 2024) | |
| Bankers | Lloyds Bank plc | |
| 25 Gresham Street | ||
| London | ||
| EC2V 7HN | ||
| Independent Examiner | B Hayes FCA | |
| Wenn Townsend | ||
| 30 St Giles | ||
| Oxford | ||
| OX1 3LE |
-1-
Brave Mind
Trustees’ Annual Report (continued) for the year ended 31st December 2024
The Trustees present their report and financial statements of the charity for the year ended 31st December 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.
Trustees of the charity
The trustees who have served during the year and since the year end are as noted on page 1.
Objectives and activities
The charity’s objects as per its governing document are to relieve the needs of people with mental ill health in the sport of rugby, by working to increase understanding of mental health within the sport of rugby and rugby clubs. This is achieved through:
-
the provision of education on mental health & wellbeing based on research and practical experience of working in applied sports psychology
-
providing training on mental health first aid & suicide first aid
-
acting as a resource for rugby clubs and educational establishments on all matters pertaining to mental health awareness and education
Since the charity’s existence, it has continued to work with rugby clubs and educational establishments, connected with rugby, in providing support and awareness for its objectives. The charity is clear in its advocacy in relation to mental wellbeing and support in the wider community.
Public benefit statement.
The Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties.
Achievements and performance
Now in its fourth year, Brave Mind continues to grow from the strong foundations laid in 2023. Despite ongoing income challenges in a difficult economic climate, the charity has remained firmly focused on its mission: To make a positive, lasting difference to the rugby community’s mental health and wellbeing. This year, Brave Mind supported almost 1,000 people, from a variety of backgrounds aged 16–55 through 19 mental health and wellbeing programmes delivered across the UK.
Working with a range of community rugby clubs, colleges, universities, and sports academies, we have supported individuals from diverse backgrounds—opening up honest conversations and delivering practical tools to build resilience, reduce stigma, and promote mental wellbeing
A key milestone was the launch of the Anxiety Kit Bag , an innovative, evidence-based psychoeducation programme funded by the Barbarians Trust. Created to help young sports participants better understand and manage anxiety, the Kit Bag is designed for university, college, and academy pathway sports clubs, as well as coaches and managers committed to fostering healthier, more open team environments.
Alongside programme delivery, Brave Mind has made strategic investments in capacity. This includes engaging paid consultancy staff to strengthen governance, enhance income generation, and scale up service delivery. These developments have enabled the charity to maintain momentum and prepare for future growth.
There is clear and growing demand for Brave Mind’s work. As we look ahead, we are determined to build on this year’s achievements—raising further funds to expand our reach and ensure no one in rugby faces mental health challenges alone.
-2-
Brave Mind
Trustees’ Annual Report (continued) for the year ended 31st December 2024
Financial review (including reserves policy)
During the 2024 financial year, Brave Mind recorded a net deficit of £35,467 , compared to a surplus of £67,372 in the previous year. This shift reflects the charity’s strategic decision to invest in core infrastructure, governance, and programme development to strengthen its long-term sustainability and impact.
At year end, the charity carried forward £48,575 in restricted funds (2023: £73,714), allocated to specific funded projects and activities. Unrestricted general reserves stood at £6,190 (2023: £16,518), highlighting the need to prioritise income generation in the year ahead to build financial resilience and maintain operational flexibility. This level of funds is deemed sufficient for the current phase of the charity’s existence, with trustees mindful of the need to consider and develop a reserves policy as the operations of the charity grow in future periods.
The Board remains confident in the charity’s strategic direction and is actively focused on diversifying income streams, securing new funding partnerships and strengthening financial management to support continued delivery and growth.
Structure, governance and management
The charity is a Charitable Incorporated Organisation (CIO) – registered on the 5th March 2021.
This year, Brave Mind placed a strong emphasis on strengthening governance and building capacity to support the charity’s long-term sustainability and impact.
We strengthened the Board with two new trustees, bringing expertise in communications and sport and exercise psychology. The appointment of an HCPC-registered Sport, Exercise and Performance Psychologist with a Professional Doctorate deepens our focus on wellbeing and performance, while our Communications Trustee is helping to shape the charity’s voice and reach.
A full review of our governance policies was undertaken to ensure compliance, transparency, and best practice across all areas of operation.
To support the charity’s growth and impact, we appointed our first consultant Executive Director , who now leads on both strategic development and day-to-day operations. This role has brought increased clarity, coordination, and capacity to drive the charity forward.
In addition, we welcomed a consultant Lead Psychologist to the team to design and deliver new programmes that are co-created with beneficiaries, grounded in evidence-based psychology, and deeply rooted in the values and culture of rugby.
These developments mark a significant step in professionalising Brave Mind’s structure and ensuring we are well positioned to deliver on our mission with confidence and care.
On behalf of the board
David Cockram Chair
11[th] June 2025
-3-
Brave Mind
Independent Examiner’s Report to the Trustees of Brave Mind
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31st December 2024 which are set out on pages 5 to 11.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 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 Act.
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 cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
B Hayes FCA Wenn Townsend Chartered Accountants Oxford
11[th] June 2025
-4-
Brave Mind
Statement of Financial Activities for the year ended 31st December 2024
| Note | |||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| Funds | Funds | Funds | Funds | ||
| 2024 | 2024 | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Income and endowments from: | |||||
| Donations | 2 | 44,628 | 4,505 | 49,133 | 41,244 |
| Charitable activities | 3 | 500 | - | 500 | 54,960 |
| ───── | ───── | ───── | ───── | ||
| Total income and endowments | 45,128 | 4,505 | 49,633 | 96,204 | |
| ───── | ───── | ───── | ───── | ||
| Expenditure on: | |||||
| Raising funds | 4 | 11,434 | - | 11,434 | 4,527 |
| Charitable activities | 5 | 56,029 | 17,637 | 73,666 | 24,305 |
| ───── | ───── | ───── | ───── | ||
| Total expenditure | 67,463 | 17,637 | 85,100 | 28,832 | |
| ───── | ───── | ───── | ───── | ||
| Net income | (22,335) | (13,132) | (35,467) | 67,372 | |
| Transfers between funds |
10 | 12,007 | (12,007) | - | - |
| Net movement in funds | (10,328) | (25,139) | (35,467) | 67,372 | |
| Funds balance at 1st January 2023 | 16,518 | 73,714 | 90,232 | 22,860 | |
| ───── | ───── | ───── | ───── | ||
| Funds balance at 31st December 2023 | 6,190 | 48,575 | 54,765 | 90,232 | |
| ═════ | ═════ | ═════ | ═════ |
All income and expenditure derive from continuing activities.
-5-
Brave Mind
Balance Sheet As at 31st December 2024
| 2024 | 2023 | |||||
|---|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | ||
| Current Assets | ||||||
| Cash at bank and in hand | 57,945 | 63,288 | ||||
| Debtors | 8 | - | 27,844 | |||
| ───── | ───── | |||||
| 57,945 | 91,132 | |||||
| Creditors: amounts falling due | ||||||
| within one year | 9 | (3,180) | (900) | |||
| ───── | ───── | |||||
| Net Assets | 54,765 | 90,232 | ||||
| ═════ | ═════ | |||||
| Funds | ||||||
| Unrestricted | 6,190 | 16,518 | ||||
| Restricted | 48,575 | 73,714 | ||||
| ───── | ───── | |||||
| 10 | 54,675 | 90,232 | ||||
| ═════ | ═════ |
The Trustees approved the financial statements on 11[th] June 2025
……………………………….
David Cockram Chair
-6-
Brave Mind
Notes to the Accounts
for the year ended 31st December 2024
1. Summary of significant accounting policies
(a) General information and basis of preparation
Brave Mind is a charitable incorporated organisation in the United Kingdom. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are noted in the Trustees Report.
The charity constitutes a public benefit entity as defined by FRS 102. 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, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. The financial statements are prepared in sterling which is the functional currency of the charity.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
(b) Income recognition
All income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example, the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure. No further amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).
(c) Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
-7-
Brave Mind
Notes to the Accounts
for the year ended 31st December 2024
1. Summary of significant accounting policies (continued)
(d) Support costs allocation
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs and governance costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.
(e) Taxation
As a registered charity, it is not liable to taxation on its charitable activities. On the basis of these financial statements, no provision has been made for taxation.
(f) Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes.
(g) Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
(h) Going concern
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. They have concluded that the budgeted income and expenditure is sufficient with the level of reserves held for the charity to be able to continue as a going concern.
2. Donation income
| Donation income | ||
|---|---|---|
| 2024 | 2023 | |
| Total | Total | |
| £ | £ | |
| Donations | 47,115 | 40,664 |
| Clothing and merchandise | 2,018 | 580 |
| ───── | ───── | |
| 49,133 | 41,244 | |
| ═════ | ═════ |
-8-
Brave Mind
Notes to the Accounts for the year ended 31st December 2024
| .................. continued | .................. continued | ||
|---|---|---|---|
| 3. | Charitable activities | ||
| 2024 | 2023 | ||
| Total | Total | ||
| £ | £ | ||
| Mental health programme funding | 500 | 54,960 | |
| ═════ | ═════ | ||
| 4. | Costs of raising funds | ||
| 2024 | 2023 | ||
| Total | Total | ||
| £ | £ | ||
| Marketing and promotional materials | 11,434 | 4,527 | |
| ═════ | ═════ | ||
| 5. | Cost s of charitable activities | ||
| 2024 | 2023 | ||
| Total | Total | ||
| £ | £ | ||
| Programme costs | |||
| Freelance support | 47,072 | 11,732 | |
| Travel and other expenses | 18,014 | 5,934 | |
| Donations | 331 | 216 | |
| ───── | ───── | ||
| Total direct charitable activities costs | 65,417 | 17,882 | |
| ═════ | ───── | ||
| Support costs | |||
| Clothing | 3,738 | 2,896 | |
| IT costs | 3,581 | 2,627 | |
| Governance costs | 930 | 900 | |
| ───── | ───── | ||
| Total support of charitable activities costs | 8,249 | 6,423 | |
| ───── | ───── | ||
| Total costs of charitable activities | 73,666 | 24,305 | |
| ═════ | ═════ |
-9-
Brave Mind
Notes to the Accounts for the year ended 31st December 2024
.................. continued
| 6. | Governance costs | ||
|---|---|---|---|
| 2024 | 2023 | ||
| Total | Total | ||
| £ | £ | ||
| Examiner’s remuneration | 930 | 900 | |
| ═════ | ═════ |
7. Trustees’ and key management personnel remuneration and expenses
The trustees neither received nor waived any remuneration during the current or preceding year.
One (2023: two) trustee was reimbursed for travel costs totalling £3,026 (2023: £5,075) during the
year.
During the year there were no staff employed by the charity.
| 8. | Debtors | ||
|---|---|---|---|
| 2024 | 2023 | ||
| Total | Total | ||
| £ | £ | ||
| Funding/donations receivable | - | 27,844 | |
| ═════ | ═════ | ||
| 9. | Creditors: amounts falling due within one year | ||
| 2024 | 2023 | ||
| Total | Total | ||
| £ | £ | ||
| Accruals | 3,180 | 900 | |
| ═════ | ═════ |
-10-
Brave Mind
Notes to the Accounts for the year ended 31st December 2024
.................. continued
10. Restricted funds
| Balance at 1 | Incoming | Resources | Transfers | Balance at 31 | |
|---|---|---|---|---|---|
| January | resources | expended | December | ||
| 2024 | 2024 | ||||
| £ | £ | £ | £ | £ | |
| Barbarians Fund | 8,427 | - | (2,336) | - | 6,091 |
| Fullers Pride Fund | 40,000 | - | (8,398) | - | 31,602 |
| Caldy RFC Fund | 5,735 | - | (1,069) | - | 4,666 |
| Wasps RFC Fund | 4,000 | - | (2,289) | - | 1,711 |
| Maidenhead RFC Fund | 15,552 | - | (3,545) | (12,007) | - |
| Balfour Beatty Fund | - | 2,621 | - | - | 2,621 |
| Rosslyn Park RFC Fund | - | 1,884 | - | - | 1,884 |
| ───── | ───── | ───── | ───── | ───── | |
| 73,714 | 4,505 | (17,637) | (12,007) | 48,575 |
|
| ═════ | ═════ | ═════ | ═════ | ═════ |
The above funds represent funding raised and paid over to the charity, to be used for specific clubs or purposes. During the current period, it was confirmed with the donor of the Maidenhead RFC fund that these monies could be used by the charity for general purposes and not restricted in nature. These have therefore been transferred into general funds in 2024.
11. Net assets by fund
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | |||
| £ | £ | £ | |
| Fund balances at 31 December 2024 are | |||
| represented by: | |||
| Net current assets | 6,190 | 48,575 | 54,765 |
| ═════ | ═════ | ═════ | |
| Unrestricted | Restricted | Total | |
| funds | funds | funds | |
| 2023 | |||
| £ | £ | £ | |
| Fund balances at 31 December 2023 are | |||
| represented by: | |||
| Net current assets | 16,518 | 73,714 | 90,232 |
| ═════ | ═════ | ═════ |
12. Related party transactions
One current trustee, Mr S Trower, was paid on an ad-hoc consultancy basis during the year for services provided to the charity. A former trustee, Mrs J Gillard was also paid on the same basis, although not whilst serving as a trustee. The amounts paid were £3,600 and £3,938 respectively, and none of these payments were made as compensation for their role as a trustee.
There were no other related party transactions during the year.
-11-
Brave Mind
Notes to the Accounts for the year ended 31st December 2024
.................. continued
13. Comparative Statement of Financial Activities
| Unrestricted | Restricted | Total | Total | |
|---|---|---|---|---|
| Funds | Funds | Funds | Funds | |
| 2023 | 2023 | 2023 | 2022 | |
| £ | £ | £ | £ | |
| Income and endowments from: | ||||
| Donations | 9,397 | 31,847 | 41,244 | 18,705 |
| Charitable activities | 10,960 | 44,000 | 54,960 | 35,294 |
| ───── | ───── | ───── | ───── | |
| Total income and endowments | 20,357 | 75,847 | 96,204 | 53,999 |
| ───── | ───── | ───── | ───── | |
| Expenditure on: | ||||
| Raising funds | 4,527 | - | 4,527 | 3,605 |
| Charitable activities | 22,172 | 2,133 | 24,305 | 32,315 |
| ───── | ───── | ───── | ───── | |
| Total expenditure | 26,699 | 2,133 | 28,832 | 35,920 |
| ───── | ───── | ───── | ───── | |
| Net income | (6,342) | 73,714 | 67,372 | 18,079 |
| Funds balance at 1st January 2023 | 22,860 | - | 22,860 | 4,781 |
| ───── | ───── | ───── | ───── | |
| Funds balance at 31st December 2023 | 16,518 | 73,714 | 90,232 | 22,860 |
| ═════ | ═════ | ═════ | ═════ |
-12-