THE BROYST FOUNDATION UNAUDITED ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Charlty Commlssion Reference Number.. 290525
THE BROYST FOUNDATION ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 INDEX Pao6 Number Reference and Administrative Details Trust088' Rewrt Independ8nt Examinerfs Report Statement of Financial Activities Balance Sh88t 8 - 14 Notes to the Accounts
THE 8ROYST FOUNOATION REFERENCE AND ADMINISTRATIVE DETAILS YEAR ENDED 31 OECEMBER 2023 CHARITABLE STATUS Th8 Charity Commission rggislration number ol The Broyst Foundation is 290525. TRUSTEES MsCSCox Mr R D L Showan Mrs L A Brora PRINCIPAL ADDRESS 1 Floor Chilworth Point 1 Chilworth Road Southampton Hampshi S016 7JQ ADVISORS Aecountsnts Bankers and Invè5trnent managers Rothrnans LLP Chartered Accountants Chilworth Point 1 Chilworth Road Soulharnpton Hampshire S016 7JQ Coutt5 & Co 440 Strand London WC2R OQS Sollcltors Independent Examln•r8 Paris Srnilh LLP Number 1 London Road Soulharnplon Hampshire S015 2AE Chichester Accounting 104 Stockbridge Road Chichester West Sussex P019 8QP Page 1
THE BROYST FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees psent their report and the accoLJnts for th8 year ended 3lDeMber 2023. These cotnply wth current stalulory requir8ments and the Charily's goveming documents. The financial statements have been prepared in accordance with the occounling policies sel out in nole 1 to the accounts and comply wlh the charity's trust deed, the Charities Act 2011 and the Finan¢ial Reporting Siandard applicable in the UK and Republi¢ of Ire18nd IFRS 1021 leffective 1 January 20191- (Charities SORP IFRS 10211. STRUCTURE AND GOVERNANCE The Broyst Foundation was constituted by a Trust Deed dated 16 October 1984 as The Mooney Family Foundation. The name was ¢hanged lo Tha Broyst Foundation on 5 June 1986. The Trustees meet regularly throughout the year lo a9 the charity5 slralegy and discuss charitable aclivib'es, including considerab'on ol grant Tnaking. investment, SerVes, cash flow and risk managernenl. In planning the Foundation's grants fr)r the year, Ihe Truste8s give equal consideration to all requests ceIVed for grants, and assess Ihem in accordance with the Charity's objectives and tre Corllmission's guKlance on public benefit. APPOINTMENT AND TRAINING OF TRLISTEES The power to appoint new Trust88S IS Vested in the existing or continLJlng Trustees, who carefully consider the Charily's needs together wlh the mlx of skills required lo meet the professional obligations of a Trustee. The induction and training of new Trustees is also overseen by existing or continuing Trustees and includes introductory meetings, supply of inforrnation conceming the history and purpose of the charity and availabilily of the existing Trustee5 to any questions new Trustees may have. RISK MANAGEMENT The Trustees have considered the major risks the charity is exposed to and the main fom ol finanaal llsk faced by the charity is that of volatility in equity markets and invesimenl markets due lo wder economic conditions. the ath"tud8 of inv8slors lo investment risk, and changes in sentiment conc&ming equities and within particular sectors or syb sectors. Volablity in the stock markets in recenl years has demonstrated this risk and the Trustees rnainiain an active Involvement with Ihtr portfolio rnanager to ass&ss the investment profiles adopted and the performance of the charity's portfc>lio overall, as well as tting aside 8ufficK9nt monetary assets within cash deptssits lo limit some of Ibe charity's exposure to stock market performance. OBJECnVES, ACTIVITIES AND GRANT-MAKING The Foundation's objects'ves were amended on 16 March 2006 to the relief of sickness and preseNation and protedion of good health for the public benefit within the United Kingdom and Overseas in such manner or by such means as the Tru51ees in their absolute discretion think fit. The restricted fund. Th8 Reg Burns Foundation, is to be used for the advanc8m8nl of educab'on lor the public benefit wthin the United Kingdorn and Ov8rseas in such a manner or by such means a$ th¢ Trustees in their absolute disorelion think fit. The Foundation's charitable activities usually take the lorrn of grants to cause$ or olh$r charities aligned with the obj8Qtives ouilined above. To fulfill these objectives the Foundation is funded by its retum on investrnents, through dividend income and by interest received in respect of funds held on deposit. PUBLIC BENEFIT Whilst reviewing the Foundation's aims, objgcliv88 and planning future activities, the Trustees always considerlhe Charity Cornmission's general guidance on publi¢ benfjfil and ensure that the Foundation's activities a in accordan wlh the charitable objectives. The charitable actimties undertaken by the Foundation, by their nature and th8 improvements the activities have made lo many lives, are without doubt LJnd8rtak8n for the benefit ol the public. Page 2
THE BROYST FOUNDATION TRUSTEES, REPORT Icontlnuedl FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENTS AND PERFORMANCE During the year, the value of the fixed asset investments increased from £2,937,055 10 £3.095,893. The Trustees actively monitor the performance of the investrnent portfolio lo comparable market infomiabon including Peer Group Averages and overall investtnent conditions including global 8V8nts and economic stability. Whilst the decline in value following the COVID-19 pandemic was disappointing, the portfolio has yi8ld8d improving income returns and o8pilal growih thergafter. with the portfolio irncreang further sinee the year end al the limts ol signing this report lo bring il rror8 in line with pre-pandemic values. The retum made on the Charity's investments during the year under review. log8lher with the reserves brought forward, have enabled the Trustees to Sustain the Charity'5 activities and achieve its objectives, inor8asing the l&vel of grants rnade in the year. The Foundatim has supported approximately 70 diverse charitable organisation$ and individual$ in ne8d during th8 y8or under remew using its general funds, wth a further 18 organisations supported from the Reg Bums Fund. Many of these organisations are smaller in size and have shown greal appreciation to the Broyst Foundation ft)r the positive impact these grants have made. FINANCIAL REVIEW The Statement of Financial Actiwlies for the year shows a net surplus in funds of £141,96512022'. deficit of £430,381). whlch has increased the accumuSated surplus of funds carried forward to £3.493,35012022.. £3,351,385). The net suryjlus is pnmarily attributable lo the increase in value of the portfolio discussed eadier in the report. Income from investments has also increased from £85,663 10 £100,898. During the ye8r, grants were made lo a variety of causes in line wth the Charity's objects amounting to £98,70912022". £105,800. A defiut of £28,209, before movement in Investment valuation, was cOrded al the year end12022.. £48.4211 and resin'cted lunds, restricted for the advancement of education. amounted to £1,110,86512022.. £1,055.Og51. Given Ihe strenglh of the Charity's balance sheet, the Trustees are of the opinlon that the Charlty has no flnan¢ial un¢ertaintles regarding the Charity's financial sustainability or ability to continue as a going concem, desprte the economie uncertainty arising as a result of current events in Ukraine and fluctuations in the real value of Sterting. RESERVES POLICY The position of free cash reserves is reviewed annually as part of the reserves policy. The Trustees consider it prudent to retain a minimum amount of cash resetves equivalent to four years, projected expenditure to equip the charity with the ability, for a reasonable lime period, lo continue supn9 those in need in the event of any unexpected substantial impairment to its investment portfolio. Events in recent years have demonslrated ihe financial impact that can arise from a pandemic or war and the time taken for the portfolio lo recover, not only in terms of balan sheet value but also investment yield. The charity currently targets annual grant expenditure of approximately £100,000, al the same time ensuring that the Chariws grants are in accordance with the specific objectives laid down in the governing document. The Trustees also consider at each Trustees. meeting whether any cash reserves arising in excess ol the minimum required in future could be moved into other investment opportunities, taking into account the Charity's goveming document and objectives, whilst also maintaining a float of frèe rgserves sufficient to accommodate any ad hoc grants that arise belween Trustees. meetings. As at 31 December 2023, the cash balances amounted to £406,392, which is sufficient to meet the minimum amount. PLANS FOR THE FUTURE As described above, Ihe Trustees are conbnulng to concentrate on supporting the roliel of sickn&ss and pres¢Nalion an prolection of good health together with the advancement ol education. To meet the Charity's objectives, the Trustee5 shall continue lo review and manage the investments of the Charity and meet regularly to consider all grant requests te1ved. Page 3
THE BROYST FOUNDATION TRUSTEES. REPORT Icontlnuedl FOR THE YEAR ENDED 31 DECEMBER 2023 TRUSTEES. RESPONSIBILITIES FOR THE ACCOUNTS Charity Law requires the Trustees to prepare financial statements for &aeh financial year which show a true and fair view of the stale of affairs of thè Charity and its financial aclivities for that period. In preparing Ih05e financial statements, the Trustees are required to.. select suitable acoovnling policies and then apply them congstently., make judgements and 8slimales that are reasonable and prudent.. state whether appliGable aowunlirvJ standards and statements tsf recomm8nd$d practic8 h8ve been followed, subject to any departur8 disclosed 8nd explained in the financial slalements.. and prepare the finan¢ial slalemenls on the going concem basis unless It Is Inappropriate lo presurne that the Charity will continue in operational existence. The Trustees are responsible for ke8piT¥J proper accounting words which disclose with raasollable accuracy at any time the rinancial position of the Charity and to enable Iherll to ensure Ihal the financial statements comply with the Gharilies Act 2011, the Charily (Accounts and Reports) Regulations 2008, Charities SORP IFRS 1021 and the provisions of the trust deed. They are also responsible lor safeguarding the assets of the Charity and hence for taking reasonabk steps for the prev8nlion and detection of frdud and other irregularities. Approved by the Trustees on.......20 September 2024 .and &gned on their behalf by:_ C8 MSCSCOX Trusloe RRDLSHOWAN TnJsl¢e Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BROYST FOUNDATION I reporton the accnunls of tho Twsl for the year endeLI 31 Decber 2023, lthlch ore set wl on pages $10 14. Respectlvo rnsponslbllltles of the Trustees and Independént èxamlner The Charity's Tnjstees are responsible for Ihe preparatlon ol the accounts. The Charit$ Twstees consider that an audit is rnt requlred this year under section 144 ofth6 Charities Act 20111lhe Charilres Acr) and that an IndepeTrgent examlnatvjn iq needed. 11 Is my responsibllity lo: examlne the aeAxJnts under section 145 dthe Charftles Ac[ to follow the tuleS laid do¥*n in the general Directions glven by the Charlty Commission (under Sect¥ 145(Sllb) of Ihe Chwities Act. and to statèvtheiher particular matters have corng lo my attenlh)n. Bas15 of Independent 0xamlnèS rèport My examination was caThied out in accordance wth general DIrecti(X given by the Charity Commission. An examinat indudes a review of the accounting recx)Tds kept by the Charity a¢MI a compaiison of Ihe accx)unts presented with tlh)se recrrds. 11 a150 includes consideration of any unusual items OF dis(Josures in the accounts. and seeking explanaoons from the Trustèès cmIng any suth fflarter& The PledureS undertaken do Mt provKl8 all th8 èvidents thal would be required in an aud and cThisequenify Th) opSnlon is given as towhether the a¢wunts present a'tru& and falrf vlew and tho report 1$ limsled to tre matter5 set out in the statement bdow. Your attention Ls drawn to Ihe fact that Ihe Charity ha5 prepared the accounts (financial statements) In aecordan¢è wth Ihe rejevant version of Ihe Statement of Recommended Pr8Ctlce applicable to Challts prepafing their accAyJnts in accordan with Ihe Financial Reporting Standard appFieablè in the UK 8fKI Republic of Ireland IFRS 102} irb relerence to the Am)untiw aTr Reting by Charities.. Staternent of Recommend1 Prn¢ti issued cfi 1 April 2005 which is referred to in the extant regulations but has been wthdrawn. l uThJerstand that Ihi% has been done in der for the aCcnts to provide a bwe and falrvlew In accordance with UK Genernlty Apted AOUtyj Pradce effective for pOrtIrtg perS beginning on or after 1 January 201S. Indendent examln¥e$ statèment In Ccrticn wrlh my examination. no matter has come to ffly attentIc. (11 %thich gives ffle reasonable cause lo believe that In. any materfal regpecL the requirements: to keep 8ccounllng reo)rds In aCrdan with Sec1h 130 of the Charlues Aci and to prepare acojunls Sch accord wllh the arrnuntiTrJ recordg and comptywilh the accA)unting requkements of the CharÈties Acl have not been met, (2) to vthich. In my op1n1, attenlth shotsld be dravm In order to enable a properunderstanding of the acc(MJnts lo be reach&l. Heather Cheesman FCA Chichester Acu)unting Chartered Acc4)untants 104 StkbrIdge Road Chlchesler Wesl Sussex P019 8QP Dale: .... Page 5
THE BROYST FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Note 2023 Total 2022 Total Unrestricted Funds Restricted Funds INCOME ANO ENDOWMENTS FROM: Investments 69,133 31,765 100,898 85,663 TOTAL 69,133 31,765 100,898 85,663 EXPENDITURE ON.. Charitabl8 acliwlies 87,610 24,090 111.700 116,399 Other 10 11,927 5,480 17.407 17,685 TOTAL 99,537 29,570 129,107 134,084 Net gains I Ilossesl on investments 116,599 53,575 170,174 1381,9601 Net incorne I l&xpendituro18nd nel movement in funds 86.195 55,770 141,965 1430,3811 Reconciliation of funds Total funds brought forward 2.296,290 1,055,095 3,351,385 3.781,766 TOTAL FUNDS CARRIED FORWARD £2,382,485 £1,110,865 £3,493,350 £3,351.385 All amounts relaie lo continuing activities of the charity. The Statement ol Financial Activities includes all gains and losses recognised in the year. The notes to the accounts are shown on pag8s 8 10 14. Page 6
THE BROYST FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2023 Note 2023 2022 FIXED ASSETS Investments 3 095 894 2 937 055 TOTAL FIXED ASSETS 3,095,894 2.937,055 CURRENT ASSETS C•$h al bank and in hand Investments 18,723 387 669 24.218 397 812 406,392 422,030 LIABILITIES CREDITORS.. Amounts falling due VAthin one year NET CURRENT ASSETS TOTAL ASSETS The funds of the Charity Unreslricled income funds Restricted income funds 13 13 2,382,485 1 110865 2,296,290 1 055 095 TOTAL CHARITY FUNDS The notes to the accounts are shown on pages 8 10 14. The Trustees acknedge their SpOnsIbl11118s for complying wth the requirements of charity leglslation with respect to accounting records and the preparation of accounts. The charity is subject to Independent Examination under eharity legislats'on and the report of the Independent ExAminer 1$ on page 5. These accounts were approved by the Truste85 on........?. O September 2024 .and signed on thelr behalf by'.- MSCSCOX Trustee MR R D L SHOWAN Trustee Page 7
THE BROYST FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Accounting Conventlon The financial statements have been prepare(S in accordance with Accounting and Reporting by Charilies.. Statement of Recommended Practice applicable to charities preparing their ao¢o(Jnts in accordance with the Financi81 Reporting Sl8ndard applicable in the UK and Republic of Ireland (FRS 102) lefflIve 7 January 2019?- (Charities SORP (FRS 102)). the Financial Reporting Standard applicèble in the UK and R9publi¢ of Ire18nd (FRS 102) and Charities Act 2011 and UK Generally Accepted Accounting PractCo. The financial statements have been prepar9d under the historical cost convention, with the exception ol investments which are included 81 market value. The charity constitutes a public benefit entity as defill8d by FRS 102. The financial statements have been prepared lo give a 'ltue and laiff view and have departed from the Charities (Accounts and Rewrtsl Regulab"ons 2008 only to the exlenl required to provide a 'lrue and lair view,. This departu has evolved following the relevant version of th& Stat8m8nl of Recomrll9nded Practice applicab lo charities preparing their accounts in accordance wth the Financial Reporting Stsndard applicable in the UK and Republic ol Ireland IFRS1021 raiher than the Accounting and Reporting by Charit*s.. Stslemenl of Recommen(Sed Practice effective from 1 April 2005 which has since been withdrawn. The financial stalements are psented In StetlitvJ, which is the functional currency of the Charity. The accounts also cornply wih the Charity's goveming docuTnents. The accounts have been prepared on a going concem basis as the Truslees have no material UnrtaIntieS aboLrt the Charity's ability to continue. Chariti•s SORP Financial Reporting Stsndard 102- Reduced D18closure Exemptlons The Charity has taken advantsge of the following disdosure exemptions In preparing these finan¢ial stslements, as permitt8d by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of ITeland': the r8quir8ments of SeCtn 7 Statement of Cash Flows. Incomlng Resourc•s All income is recognised once the Gharily has enlillernent to the income, it is probable that the income will be received and the amount of incorne reiVable can be measured reliably. Interest on funds held on deposit is included when receivab18 and the amount can b8 measur8d reliably by the Charity,. this is normally upon noiification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor ol the dividend yield of the investment portfolio. Resources Expended Expenditurè is accounted for on an 8c¢ru815 basis and has been classified under headings that aggregate all costs rèlated to the category. Wh&r8 oosts cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with tre us9 of resourc88. Irrecoverable VAT is charged to the Statement of Financial Activities when incurred and is included wthin the expenditure category to which it relates. Support costs comprise those costs which ar8 incurred directly in support of expenditure on the objects of the charity and include governance cosl, finance, and officg costs. Governance ¢o$ls are those costs incurred in connection with the compliance with constitutional and statutory requirements of the ¢harty. Support and govem8rKe costs wholly relate to chariiable activiiies. Fixgd and Current Asset Investments Fixed Asset Investments are a form of basic financial instrurn8nl initially recognised al Iransadion value and subsequently rneasured al their fair value as at ihe balance sheet date using the elosing quoted m8rkel price. The statement of financial aclivili88 includes the net gains and losses arislng on revaluation and disposals throughout the year. Page 8
THE BROYST FOUNDATION NOTES TO THE ACCOUNTS Icontlnuedl FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Icontinuedl Fix•d and Current Asset Investments Icontlnuedl The Charity does nol acquire put options, derivatives or other complex financial instruments. All gains and losses arising from fixed asset investments are taken to the Statement of Financial A¢tivits'es 88 they ari80. Realised gains and losses on fixed assel investments are calculated as the diff8T8nc8 b81w8en sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the fiTsI day of th8 finanoial year. Unrealised gains and losses are calculated as the difference between the fair value al the ye8r end and Ihtrir c8rrying value. Realised and unreali8ed investment gains and losses are comblned in the StBtemenl of Financial Activities. CiJrr8nl Asset Investments cornprise of savings with an original maturity of more than three months bul less than on8 y88r. Rlsks and unc•rtalntl8s The main forffl of ffinancial risk faced by the charity is thal of volatility in equity markets and investment markets due to der economic conditions, the attitude of investors to investrnent risk, and changes in sentiment concèming 8qUlties and thin particular 5eotors or sub sectors. Cash at bank and In hand Cash at bank and cash in hand include5 cash and short term highly liquid investments with a short maturity of the months or less from the dale ol acquisition or opening of the deposit or similar account. crltOrS Creditors are recognised where the charity has a present obligation resulting from a p851 event that wll probably result in the transfer of funds to a third party and the amount due to settle Ihg obligation can be measured or estimaled reliably. Creditors a normally recognised at their settletnent atnount aft8r allowing for any discounts due. Taxation Th8 Broysl Foundation is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore il meets the definition ol a charitable trust for UK income tax purposas. Accordingly, th8 Charity is potentially exempt from taxation in respect of income or capilal gains CeiVed wthin calegoriès wvered by Part 10 Inoome Tax Act 2007 or Section 256 01 the Taxalion of Chargeable Gains Acl 1992, to the extent that su¢h income or g8ins 8re applied exclusively lo ch8rilable purposes. Fund Accounting General funds are unreslricled funds which are avallable for use at the discretion ol the Trustees in furtherance of th8 general objectives of the charity and vthich have not been designated for other purposes. Reslricled funds a funds which are to be used in accordance wth specific restrictions impos8d by donors or which have been raised by the charily for particular purposes. Restsicted funds can only bè usod for th$ advancement of education and research. The ¢osts of raising and administering such funds are charged against the speafie fund. The aim and use of each restricted fund is sel out in the notes lo the financial statements. Investment income, gains and losses ar8 allocated to the appropriate fijnd. Page g
THE BROYST FOUNDATION NOTES TO THE ACCOUNTS Icontlnuedl FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNMNG POLICIES Icontlnuedl Slgnlficant Judgements and Estimates The Trustee5 beliove there are llo significant judgements, estimatès and a55umplions that may have a maierial effect on the preparation ol the financial statemenls for the year. All fixed asset investment are listed investments. No judgements {apart from thoss involmng 8slirllalesl have been made in the process of applying the above accounts'ng policies. Related Parties There have en no r8lated p8rty Iransacts'ons in the year that requlre dlselosure. 2 REALISED AND UNREALISED GAIN I ILOSSES} ON INVESTMENTS Noto 2023 Total 2022 Total Unrestricled Funds Restricted Funds Realised gainlllossl on investments 2,129 979 3,108 142.7011 Increas8lldecreasel in value ol fixed asset investments 114,470 52,596 167,066 1339,2591 R8ali$9(5 and unrealis8d gain I Ilossesl on investments 3 FIXED ASSET INVESTMENTS Thts split of investments between unrestricted and reslricled funds are as follows.. unstrICted Restricted Total Balance al 1 January 2023 Additions Disposals Revalu8lions Net movement in cash depolS 2,118,348 274,814 1280,2601 114,470 11911 818,707 126,271 1128,7731 52,596 188) 2.937,055 401,085 1409,0331 167.066 12791 Total 88 at 31 Dernr 2023 Page 10
THE BROYST FOUNOATION NOTES TO THE ACCOUNTS Icontlnuodl FOR THE YEAR ENDED 31 DECEMBER 2023 FIXED ASSET INVESTMENTS Icontinuedl The split ol the investmenis between UK and Overseas are 88 follows.. 2023 Total 2022 Total UK Foreign Fixed interest securities Index linked Equi118S Unlisted securities Cash dep0511s Altemative investments 438,521 137.245 575,766 431,5fj9 1.357.650 1,035,001 2,392,651 2,264,166 59,887 67,5 59,887 67.S90 60,166 181,154 Historical cost CURRENT ASSETS INVESTMENTS 2023 2022 Deposit accounts 3&7ffj69 CREDITORS.. Amounts falling due within one year 2023 2022 Accruals Other CrlIOrS 8,902 33 7,700 INVESTMENT INCOME Unrestricled Fund Restri¢ted Fund Total Fvnd Dividends- equities IUK and Non-UKI Interest on cash deposits 59,179 9,954 27,191 4,574 86,370 14,528 Total as at 31 December 2023 £fj9.133 P8g8 11
THE BROYST FOUNDATION NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2023 INVESTMENT INCOME Icontlnued) Unrestricled Fund R8Strict8d Fund Total Fund Dividends- equities (UK and Non-UKI Interest on cash deposits 55,630 3,538 24,911 1,584 80,541 5,122 Total as at 31 December 2022 7 CHARITABLE ACTIVITIES The Charity undertakes its chariiable aclivitEs through grants to other charities and indiwduals in furtherance of its charitable activities. 2023 Total 2022 Totsl Grants Support and governan costs Funded from unrestricted funds Fund8d from restricted funds 78,709 20,000 8,901 4.0 87,610 24,0 98,865 17,534 8 GRANTS The split of grants paid b8iween other charities and individuals are as follows.. 2023 2022 Grants mad6 to ins1ilulions187 x granlsl Grants madè lo individuals11 x grant) 98,OCM) 709 104,800 1,000 The charity awarded grants to other charities and individuals for a variety of cau58s, all in line with the charity's objectives. ALLOCATION OF SUPPORT AND GOVERNANCE COSTS 2023 Total Fund 2022 Total Fund Unrestricted Fund Restricted Fund Governance C08ts AccoLJntancy & bookkeeping fees Independent oxarninalion fees Provision ol Truslegs and adminislration 2,444 343 6.114 1,123 157 2,810 3,567 500 8,924 3,000 500 7,099 Total as at 31 December 2023 Pag8 12
THE BROYST FOUNDATION NOTES TO THE ACCOUNTS Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2023 10 INVESTMENT MANAGEMENT COSTS 2023 Total Fund 2022 Total Fund Unrestricted Fund Rgslricled Fund Invesiment management costs 11 TRUSTEES. REMUNERATION AND BENEFITS None of the Trustees have been paid any Temuneration or received any other benefits from an employment with the Charity or a related entity. During the year. none of the Trustees were reimbursed12022.. £1441 directly in respect ol Trustee meeting expenses. 12 NET INCOME Nel income is stated after charglng.. 2023 2022 Independent examination fees 500 500 13 ANALYSIS OF CHARITABLE FUNDS Analysis of Fund Movements Balance Income Expenditu Transfers Gains and losses Balance Restricted fund Unrestricted fund 1,055,095 2,296,2 31,765 69,133 129,5701 199,5371 53,575 1,110,865 116,599 2,382,485 Total as at 31 December 2023 Analysis of Fund Movements Balance fwd Income Expenditu Transfers Gains and losses 88lance tw R8slrid8d fvnd Unreslrioled fvnd 1.169,746 2,612,020 26,495 59,168 123.0011 1111.0831 1118.1451 1263.8151 1,055,095 2,296,290 Tolala5a131Decernber2022 £3Bu66. £8*_ L. The r¢$lri¢led fund, The Reg Burns Fund, is restricted ft>r the 8dv8ncernenl of education for the public benefit within the United Kingdom and Overseas Page 13
THE BROYST FOUNDATION NOTES TO THE ACCOUNTS Icontinuèdl FOR THE YEAR ENDED 31 DECEMBER 2023 14 ANALYSIS OF FUND ASSETS AND LIABILITIES Note 2023 Unreslrictsd Fund 2023 Restricted Fund 2022 Unrestricted Fund 2022 R6stri¢ted Fund Fixed asset investments Curfent assets Current liabilities 2.227,181 158,796 13,4921 868,713 247,596 15,4441 2,118,348 181,248 13.3061 818,707 240,782 14,3941 Ll. j10.afj 15 RELATED PARTY TRANSACTIONS There were no related party transactions arisirvJ for the y&8r under review. 12022.. None) P8ge 14