THE BROOKES MEMORIAL FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 9 OCTOBER 2024
THE BROOKES MEMORIAL FUND YEAR ENDED 90CTOBER 2024 INDEX Page Trustees, Annual Report Independent Examiner's Report Receipts and Payments Account Statement of Assets and Liabilities Notes to the Accounts Schedule of investments
THE BROOKES MEMORIAL FUND TRUSTEES, ANNUAL REPORT FOR THEYEAR ENDED 9 OCTOBER2024 The Brookes Memorial Fund, 1-3, College Yard, Worcester WRI 2LB 15 registered with the Charity Commission Ino. 511101) and constituted by Deed of Trust dated 9 October 1980. The financial statement5 have been prepared in accordance with the accounting policies set out in note I to the accounts, and comply with the governing document and applicable The charity trustees during the year ended 9 October 2024 were.. M. Mylechreest R. J. Wilkes A. Wood Trustees are eletted by the present or surviving trustees. The charity's advisers during the year ended 9 Ottober 2024 were: Solicitors Hallmark Whatley Hulme LLP, 3-5 Sansome Place. Worcester, WRI IUQ Bryony Gaskell, 57 Geraldine Road, Malvern. Worcestershire, WR14 3NU Lloyds Bank plc, The Cross, Worcester, WRI 3PY Canaccord Genuity Wealth Management, Princes Drive, Worcester, WRI 2AB Melissa Godwin ACCA ACA, The Richards Sandy Partnership Limited, Chartered Certified Accountant5, Thorneloe House, 25 Barbourne Road, Worcester, WRI IRU Administrator Bankers Stockbrokers Independent Examiner The object of the charity is to advance education by providing bursaries at independent schools in Worcestershire for local children. The trustees confirm that they have referred to the Charity Commission'5 general guidance on public benefit when reviewing the Fund's aims and objectives and in planning future activities and Setting the grant making policy for the year. In accordance with the Trust Deed, award5 are made for one year only but will be favourably reviewed for f uture years provided that parental circumstances have not changed significantly and the student's progress is satisfactory. Cash reserves of the Income Fund at the year end were £70,86712023- £59,208). The trustees, policy is to retain sufficierbt reserves to cover grants awarded for the next 12 months and the potential renewal of those grants subject to renewal criteria for the foreseeable future. The trustees, policy also includes retention of £20,000 earmarked for unforeseen emergency cases. Page 1
THE BROOKES MEMORIAL FUND TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 9 OCTOBER 2024 Revlew of Financial Actlvltles The charity's income fund receipts amounted to £27,65712023 - £25,921}. Grants were paid to 5 12023 - 61 students, amounting to £11,000 (2023 - £16,694) and administration expenses of £4,99812023 - £4,974) were paid. Bank balances at 9 Ottober 2024 were £70,86712023 - £59,208) on Income Fund and £6,071 (2023 - £10,036) on Capital Fund. The Capital Fund investments had a market value of £592,575 at 9 October 202412023 - £537,900). The activities of the charity remained unchanged and consistent with the charity's objective5 throughout the year. There have been no changes in these activities since the year end. Investment Pollry The Trustees have delegated the powers of investment management to Canaccord Genuity Wealth Management. The objectives of the investment policy are to ensure the creation of sufficient income and capital growth to enable the charity to carry out its purposes consistently year by year with due and proper consideration for future needs and the maintenance, and if possible, enhantement of the value of invested funds. A. Wood For and on behalf of the Trustees Date.. Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BROOKES MEMORIAL FUND I report to the charity trustee5 on my examination of the accounts of the charity for the year ended 9th October 2024 which are set out on pages 4 to 7. Responsibilities and basis of report As the charity's trustees you are responsible for the preparation of the accounts in 3ccord3nce with requirements of the Charities Act 2011 ( the Act'l. I report in respect of my examination of the charity's accounts under section 145 of the Art and in carrying out my examinatiion I have followed 311 the applicable Directions given by the Charity Commission under section 14515)Ibl 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., l accounting records were not kept in respect of the charity as required by section 130 of the Act," or 2 the accounts did not accord with those records. 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 account5 to be reached. Melissa Godwln ACCA ACA The Richards Sandy Partnership Limited Chartered Certified Accountants Thorneloe House 25 Barbourne Road Worcester WRI IRU Page 3
THE BROOKES MEMORIAL FUND RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 9 OCTOBER 2024 2024 RESTRICTED CAPITAL FUND 2023 UNRESTRICTED INCOME FUND TOTAL FUNDS TOTAL FUNDS Receipt5 Investment income: Dividend5 and interest from listed investments 25,255 63 25,318 24,253 Bank and other deposit interest 2,402 2,402 1,727 Proceed5 of sale of investments 47,927 47,927 25,161 Total receipts 27,657 47,990 75,647 51,141 Payments Direct charitable expenditure: Grant5 to student5 11,000 11,000 16,694 Investment management charges Administration Independent Examination Purchase of investments 8.856 8,856 4,500 498 43,099 6,404 4,500 474 17,744 4,500 498 43,099 Total payments Net receipts/lpayments) for the year 15,998 51,955 67,953 45,816 11,659 (3,9651 7,694 5,325 Bank balances at 9 October 2023 59,208 10,036 69,244 63,919 Bank balances at 9 October 2024 70,867 6,071 76,938 69,244 Page 4
THE BROOKES MEMORIAL FUND STATEMENT OF ASSETS AND LIABILITIES ASATg OCTOBER2024 2024 RESTRICTED CAPAl FUND 2023 UNRESTRICTE D INCOME FUND TOTAL FUNDS TOTAL FUNDS Cash and bank deposits: Bank current account Stockbroker deposit account Charities deposit fund 21,728 550 48,589 21,728 6,621 48,589 13,022 10.036 46.186 6,071 70.867 6,071 76,938 69.244 Investment asset5: Investments at market value15ee page 7} 592,575 592,575 537,900 Liabilitles: Independent Examiner's fees 498 498 474 Approved on behalf of the Trustee5 'k114)_Tr k M Mylechreest Date: Page 5
THE BROOKESMEMORIAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 9 OCTOBER2024 l Accounting policies The accounts have been prepared under the receipts and payments basis in accordance with the Statement of Recommended Practice and comply with the Charities Act 2011. This basis is considered appropriate as receipts from the sale of investments do not form part of the charitable income, The investments have been valued at market value by Canaccord Genuity Wealth Management, a firm authorised and regulated by the Financial Conduct Authority. 2 Funds The Capital Fund represent5 the original capital of the charity. It is a restritted fund held for investment purposes the income of which is to be used for the objects of the charity. The Income Fund represents the unexpended income of the charity. It is an unrestricted fund. 3 Trustees, Remuneration and Expenses The charity employs no staff and duringthe year it was administered by B Gaskell on behalf of the trustee5. The trijstees were paid no remuneration and did not receive any reimbursed expenses during the year {2023 Nil). 4 Related Party Transactlons There are no related party transactions to report during this year or the preceding year. Page 6
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