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Registered number: 07928624 Charity number: 1147054 THE BRUE FOUNDATION (A company limited by guarantee) UNAUDITED TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
THE BRUE FOUNDATION (A company limited by guarantee) CONTENTS
| Page
Reference and administrative details of the charitable company, its Trustees and advisers | 1
Trustees' report | 2 - 5
Independent examiner's report | 6
Statement of financial activities | 7
Balance sheet | 8 - 9
Notes to the financial statements | 10 - 19
THE BRUE FOUNDATION (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2026 Trustees
Mr A.A.E. Glenton
Mr S. Gullick
Mr J. Gullick
Mrs S.L. Glenton Smith
Company registered number 07928624
Charity registered number 1147054
Registered office 32 Portland Terrace Newcastle upon Tyne NE2 1QP
Accountants Ryecroft Glenton 32 Portland Terrace Newcastle upon Tyne NE2 1QP
Bankers Barclays Bank 71 Grey Street Newcastle upon Tyne NE99 1JP
Solicitors Sintons LLP The Cube Arngrove Court Barrack Road Newcastle upon Tyne NE4 6DB
Independent examiner Reah and Mcbride Suite 2b, North Sands Business Centre Liberty Way Sunderland SR6 0QA
Page 1
THE BRUE FOUNDATION (A company limited by guarantee) TRUSTEES' REPORT FOR THE YEAR ENDED 31 JANUARY 2026 The Trustees present their annual report together with the financial statements of the charitable company for the year 1 February 2025 to 31 January 2026. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the charitable company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted. Objectives and activities l Policies and objectives The principal objective of the charity company are:- To advance such charitable purposes (according to the Law of England and Wales) as the trustees set from time to time. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. l Strategies for achieving objectives The objectives of the charitable company will be achieved through making grants. Previously, the charity has prioritised those projects that focus on educating individuals on a variety of religions, creating an understanding of different religions and promoting the harmonisation or integration of different religions. However since 2019 the Trustees have changed the focus of the charity so that it also makes grants to charities that support children's cancer patients and their families, cancer and stroke treatment and research. l Grant-making policies The Trustees will make grants to individuals and organisations to achieve the objectives listed above. l Main activities undertaken to further the charitable company's purposes for the public benefit The charity's objectives are to achieve its purposes for the public benefit through the provision of grants to institutions in accordance with its charitable objectives. During the year, no grants were made (2025 - £nil). Further information is set out below regarding the activities undertaken by the charity this year and its intention for future grant distributions. Page 2
THE BRUE FOUNDATION (A company limited by guarantee) Achievements and performance l Review of activities In the year to 31 January 2026, the company had incoming resources of £27,215 (2025: £31,774), expenditure of £40,936 (2025: £36,813) and net income of £115,851 (2025:£147,430 ) after accounting for an increase in the value of investments of £129,572 (2025: £152,469). The net movement after accounting for losses on the revaluation of land of £nil (2025: loss of £1,250,000) amounts to a surplus of £115,851 (2025: deficit of £1,102,570). At the year end, the charitable company held net assets of £5,643,376 including £4,050,000 of land held and £1,557,011 of listed investments. l Investment policy and performance The Trustees' investment powers permit the purchase of investments, securities or property as may be thought fit. The Charitable Company's investment portfolio is administered by a leading firm of investment managers, Cazenove Capital Management. The portfolio value has increased by £163,191 (11.7%) including £50,000 transferred from the bank current account and generated £19,132 of income. Financial review l Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. l Reserves policy The charity's policy is to hold sufficient reserves to cover anticipated annual grants and other expenditure which is currently estimated at £25,000. At the year end, the total funds held by the charity were £5,643,376. Endowment funds at the year end totalled £5,527,244 and free reserves available for future distribution and to meet charity expenditure were £66,132. Structure, governance and management l Constitution The charitable company is registered as a charitable company limited by guarantee and was set up by the issuing of Memorandum and Articles of Association on 30 January 2012 as amended by a special resolution registered at Companies House on 24 April 2012. The company was registered with the Charity Commission on 30 April 2012, number 1147054. l Methods of appointment or election of Trustees New Trustees are appointed by the continuing Trustees. l Organisational structure and decision-making policies The Trustees meet at least annually and informal discussions are held throughout the year. Page 3
THE BRUE FOUNDATION (A company limited by guarantee) Structure, governance and management (continued) l Policies adopted for the induction and training of Trustees New Trustees are provided with access to constitutional and statutory information as well as information regarding the internal workings of the charity. Other training is limited to informal communications between trustees of any matters that they may consider significant. l Related party relationships Mr A.A.E. Glenton and Mrs S.L. Glenton Smith, Trustees of the Foundation, are partners in the firm of Ryecroft Glenton who are retained as accountants to the Foundation. In the year ending 31 January 2026 accountancy, secretarial and professional fees were charged or accrued amounting to £15,268 (2025: £13,853) plus vat. There were no outstanding invoiced balances at the year end. During the year the Trust used the services of Portland Financial Management Limited (PFM) to procure the continuing services of investment managers, Cazenove Capital Management (CCM) at a discounted rate substantially more favourable than the rates generally available. The amount received by PFM in respect of this engagement was £5,658 (2025: £5,272) plus vat. PFM is wholly owned by Ryecroft Glenton. l Financial risk management The Trustees have assessed the major risks to which the charitable company is exposed, in particular those related to the operations and finances of the charitable company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. Plans for future periods The charity trustees intend to distribute as grants net income that is generated annually by the investments held by the charity taking one year with the next. A substantial proportion of the charity’s investments is currently held as land. There is significant uncertainty as to the value of the land as a result of factors relating to its potential for development. The trustees intend to commence grant giving activities as soon as the land can be realised at a satisfactory value, thereby allowing the charitable company to replace land investments with income-generating listed investments. Page 4
THE BRUE FOUNDATION (A company limited by guarantee) Statement of Trustees' responsibilities The Trustees (who are also the directors of the charitable company 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). Company law requires the Trustees to prepare financial statements for each financial . 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: ∙select suitable accounting policies and then apply them consistently; ∙observe the methods and principles of the Charities SORP (FRS 102); ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; ∙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 adequate accounting records that are sufficient to show and explain the charitable company's transactions and 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. Approved by order of the members of the board of Trustees on 21 July 2026 and signed on their behalf by:
................................................ Mr A.A.E. Glenton (Chair of Trustees) |
Page 5
THE BRUE FOUNDATION (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JANUARY 2026
Independent Examiner's Report to the Trustees of The Brue Foundation ('the charitable company')
I report to the charity Trustees on my examination of the accounts of the charitable company for the year ended 31 January 2026.
Responsibilities and Basis of Report
As the Trustees of the charitable company (and 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 charitable 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 the charitable company's accounts 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
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:
1. | accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or
2. | the accounts do not accord with those records; or
3. | 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
4. | 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. This report is made solely to the charitable company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charitable company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable company and the charitable company's Trustees as a body, for my work or for this report. Signed: Dated: 21 July 2026 Mr Derek Reah FCCA Reah & McBride Certified Accountants Suite 2b, North Sands Business Centre Liberty Way Sunderland SR6 0QA Page 6
THE BRUE FOUNDATION (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JANUARY 2026
|  | Unrestricted funds 2026 | Endowment funds 2026 | Total funds 2026 | Total funds 2025
| Note | £ | £ | £ | £
Income and endowments from: |  |  |  |  |
Investments | 2 | 27,215 | - | 27,215 | 31,774
Total income and endowments |  | 27,215 | - | 27,215 | 31,774
Expenditure on: |  |  |  |  |
Raising funds | 4 | 6,157 | 15,725 | 21,882 | 19,490
Charitable activities | 5 | 19,054 | - | 19,054 | 17,323
Total expenditure |  | 25,211 | 15,725 | 40,936 | 36,813
Net income/(expenditure) before net gains on investments |  | 2,004 | (15,725) | (13,721) | (5,039)
Net gains on investments | 10 | - | 129,572 | 129,572 | 152,469
Net movement in funds before other recognised gains/(losses) |  | 2,004 | 113,847 | 115,851 | 147,430
Other recognised gains/(losses): |  |  |  |  |
Losses on revaluation of fixed assets |  | - | - | - | (1,250,000)
Net movement in funds |  | 2,004 | 113,847 | 115,851 | (1,102,570)
Reconciliation of funds: |  |  |  |  |
Total funds brought forward |  | 64,128 | 5,463,397 | 5,527,525 | 6,630,095
Net movement in funds |  | 2,004 | 113,847 | 115,851 | (1,102,570)
Total funds carried forward |  | 66,132 | 5,577,244 | 5,643,376 | 5,527,525
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 10 to 19 form part of these financial statements.
Page 7
THE BRUE FOUNDATION (A company limited by guarantee) REGISTERED NUMBER: 07928624 BALANCE SHEET AS AT 31 JANUARY 2026
|  |  | 2026 |  | 2025
| Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments - Listed | 10 |  | 1,557,011 |  | 1,393,820
Investments - Land | 9 |  | 4,050,000 |  | 4,050,000
|  |  | 5,607,011 |  | 5,443,820
Current assets |  |  |  |  |
Cash at bank and in hand |  | 54,755 |  | 99,811 |
|  | 54,755 |  | 99,811 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 11 | (18,390) |  | (16,106) |
Net current assets |  |  | 36,365 |  | 83,705
Total assets less current liabilities |  |  | 5,643,376 |  | 5,527,525
Total net assets |  |  | 5,643,376 |  | 5,527,525
Charity funds |  |  |  |  |
Endowment funds | 13 |  | 5,577,244 |  | 5,463,397
Unrestricted funds | 13 |  | 66,132 |  | 64,128
Total funds |  |  | 5,643,376 |  | 5,527,525
The charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees on 21 July 2026 and signed on their behalf by: Page 8
THE BRUE FOUNDATION (A company limited by guarantee) BALANCE SHEET (CONTINUED) AS AT 31 JANUARY 2026
................................................ Mr A.A.E. Glenton (Chair of Trustees) |
The notes on pages 10 to 19 form part of these financial statements.
Page 9
THE BRUE FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026 1.Accounting policies
| 1.1 | Basis of preparation of financial statements
The financial statements have been prepared in accordance with the relevant version of the 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 (FRS 102) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice. 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 the relevant version of the 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) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Brue Foundation 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.
| 1.2 | Going concern
The Trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
| 1.3 | Income
All income is recognised once the charitable company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Dividend income is recognised at the point at which dividend declarations are made. Grants received from the Rural Payments Agency are credited to income when they are received. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
| 1.4 | Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. All support costs are allocated to the single grant-making activity. Expenditure on raising funds includes all expenditure incurred by the charitable company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Page 10
THE BRUE FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026 1.Accounting policies (continued)
| 1.4 | Expenditure (continued)
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charitable company's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT.
| 1.5 | Company status
Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities upon the completion of the relevant performance-related conditions. Other grants that are not subject to performance-related conditions are credited to the Statement of financial activities as the grant proceeds are received. Grants received prior to the revenue recognition criteria being satisfied are recognised as a liability.
| 1.6 | Taxation
The charitable company 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 charitable company 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.
| 1.7 | Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
| 1.8 | Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
| 1.9 | Liabilities
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charitable company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Page 11
THE BRUE FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026 1.Accounting policies (continued)
| 1.10 | Financial instruments
The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
| 1.11 | 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 charitable company and which have not been designated for other purposes. Endowment funds represent donations gifted to the charitable company to be held for investment from which the income may be applied for the general purposes of the charitable company. The fund is expendable and the Trustees have the power to convert the fund into income at their discretion.
| 2. | Investment income
|  |  | Unrestricted funds 2026 | Total funds 2026 | Total funds 2025
|  |  | £ | £ | £
| Income from listed investments | 15,796 | 15,796 | 14,413
| Income from land held | 8,083 | 8,083 | 14,414
| Interest from bank accounts | 3,336 | 3,336 | 2,947
|  | 27,215 | 27,215 | 31,774
3. | Income from land held is derived from the following sources :-
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Income from grass lettings and winter sheep keep | 5,618 | 6,384
| Rural Farm Agency single payment | 2,465 | 5,135
| Rural Farm Agency re winter loss payment | - | 2,895
|  | 8,083 | 14,414
Page 12
THE BRUE FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
| 4. | Investment management costs
|  |  | Unrestricted funds 2026 | Endowment funds 2026 | Total funds 2026
|  |  | £ | £ | £
| Investment management costs | - | 15,725 | 15,725
| Land management costs | 6,157 | - | 6,157
| Total 2026 | 6,157 | 15,725 | 21,882
|  |  | Unrestricted funds 2025 | Endowment funds 2025 | Total funds 2025
|  |  | £ | £ | £
| Investment management costs | - | 14,293 | 14,293
| Land management costs | 5,197 | - | 5,197
| Total 2025 | 5,197 | 14,293 | 19,490
| 5. | Analysis of expenditure on charitable activities
|  | Summary by fund type
|  |  | Unrestricted funds 2026 | Total 2026 | Total 2025
|  |  | £ | £ | £
| All activities | 19,054 | 19,054 | 17,323
| 6. | Analysis of expenditure by activities
|  |  | Support costs 2026 | Total funds 2026 | Total funds 2025
|  |  | £ | £ | £
| All activities | 19,054 | 19,054 | 17,323
Page 13
THE BRUE FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026 6.Analysis of expenditure by activities (continued)
| Analysis of support costs
|  | Allocated to grant activities 2026 | Total funds 2026 | Total funds 2025
|  | £ | £ | £
| Legal and professional costs | 4,372 | 4,372 | 2,730
| Independent examiners fees | 732 | 732 | 696
| Governance costs | 13,950 | 13,950 | 13,897
| Total 2026 | 19,054 | 19,054 | 17,323
| Governance costs are made up as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Accountancy and secretarial costs | 13,950 | 13,893
| Bank charges | - | 4
|  | 13,950 | 13,897
7. | Independent examiner's remuneration
| The independent examiner's remuneration amounts to an independent examiner fee of £732 (2025 - £696).
8. | Trustees' remuneration and expenses
| During the year, no Trustees received any remuneration or other benefits (2025 - £NIL).
| During the year ended 31 January 2026, no Trustee expenses have been incurred (2025 - £NIL).
Page 14
THE BRUE FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
9. | Investments - Land
|  | Freehold investment property
|  | £
| Valuation |
| At 1 February 2025 | 4,050,000
| At 31 January 2026 | 4,050,000
Land is valued by the Trustees at £4,050,000. The valuation is the fair value of the land based on an open market value for existing use basis with assistance from Savills (RICS registered valuers) in March 2025. There is no change in the valuation of the property.
10. | Fixed asset investment
|  | Listed investments | Cash deposits with investment manager | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 February 2025 | 1,333,504 | 60,316 | 1,393,820
| Additions | 495,128 | 50,000 | 545,128
| Disposals | (446,968) | (64,541) | (511,509)
| Revaluations | 129,572 | - | 129,572
| At 31 January 2026 | 1,511,236 | 45,775 | 1,557,011
| Net book value |  |  |
| At 31 January 2026 | 1,511,236 | 45,775 | 1,557,011
| At 31 January 2025 | 1,333,504 | 60,316 | 1,393,820
Page 15
THE BRUE FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
| Investments which are all held in the UK at market value comprise:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Investment in shares | 1,511,236 | 1,333,504
| Cash deposits held by investment manager | 45,775 | 60,316
| Total market value | 1,557,011 | 1,393,820
| Valuation
All investments are stated at their market values as at 31 January 2026. Of the total gains of £129,572, losses of £470 were realised during the year and £130,042 was an unrealised gain.
| Material investments
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Material investments are deemed to be those with a fair value greater than 5% of the total value of fixed asset investment and are set out below: |  |
| Vanguard emerging markets | 87,761 | -
| JPMorgan America Equity Fund I USD | 131,969 | 133,724
| Robeco BP Global Premium Equities | - | 38,731
| HSBC FTSE All world index fund (2026: 3,497 2025:8,254) | 32,495 | 76,447
| SPDR S&P 500 units | 107,614 | 101,154
| 0.375% 22.10.26 Treasury stock (2026: 84,732 2025:47,906) | 82,978 | 45,089
| I shares S&P swap | 101,215 | 100,224
|  | 544,032 | 495,369
Page 16
THE BRUE FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
11. | Creditors: Amounts falling due within one year
|  | 2026 | 2025
|  | £ | £
| Accruals and deferred income | 18,390 | 16,106
12. | Financial instruments
|  | 2026 | 2025
|  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through income and expenditure | 1,511,236 | 1,333,504
|  | 2026 | 2025
|  | £ | £
| Financial liabilities |  |
| Financial liabilities at amortised cost | 18,390 | 16,106
Financial assets measured at fair value through income and expenditure comprise listed investments. Financial liabilities measured at amortised cost comprise accruals. Page 17
THE BRUE FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
| 13. | Statement of funds
|  | Statement of funds - current year
|  |  | Balance at 1 February 2025 £ | Income £ | Expenditure £ | Gains/ (Losses) £ | Balance at 31 January 2026 £
|  | Unrestricted funds |  |  |  |  |
| General Funds | 64,128 | 27,215 | (25,211) | - | 66,132
| Endowment funds |  |  |  |  |
| Endowment Fund | 5,463,397 | - | (15,725) | 129,572 | 5,577,244
| Total of funds | 5,527,525 | 27,215 | (40,936) | 129,572 | 5,643,376
|  | Statement of funds - prior year
|  |  | Balance at 1 February 2024 £ | Income £ | Expenditure £ | Gains/ (Losses) £ | Balance at 31 January 2025 £
|  | Unrestricted funds |  |  |  |  |
| General Funds | 54,874 | 31,773 | (22,519) | - | 64,128
| Endowment funds |  |  |  |  |
| Endowment Fund | 6,575,221 | - | (14,293) | (1,097,531) | 5,463,397
| Total of funds | 6,630,095 | 31,773 | (36,812) | (1,097,531) | 5,527,525
| Endowment funds are expendable and the Trustees have the power to convert the fund into income at their discretion.
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THE BRUE FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
| 14. | Analysis of net assets between funds
|  | Analysis of net assets between funds - current year
|  |  | Unrestricted funds 2026 | Endowment funds 2026 | Total funds 2026
|  |  | £ | £ | £
| Fixed asset investments | 50,000 | 1,507,011 | 1,557,011
| Investments - land | - | 4,050,000 | 4,050,000
| Current assets | 34,522 | 20,233 | 54,755
| Creditors due within one year | (18,390) | - | (18,390)
| Total | 66,132 | 5,577,244 | 5,643,376
|  | Analysis of net assets between funds - prior year
|  |  | Unrestricted funds 2025 | Endowment funds 2025 | Total funds 2025
|  |  | £ | £ | £
| Fixed asset investments | - | 1,393,820 | 1,393,820
| Investments - land | - | 4,050,000 | 4,050,000
| Current assets | 80,234 | 19,577 | 99,811
| Creditors due within one year | (16,106) | - | (16,106)
| Total | 64,128 | 5,463,397 | 5,527,525
15. | Related party transactions
Mr A.A.E. Glenton and Mrs S.L. Glenton Smith, are Trustees of the Foundation, are partners in the firm of Ryecroft Glenton who are retained as accountants to the Foundation. In the year ending 31 January 2026 accountancy, secretarial and professional fees were charged or accrued amounting to £15,268 (2025: £13,853) plus vat. There were no outstanding invoiced balances at the year end. During the year the Trust used the services of Portland Financial Management Limited (PFM) to procure the continuing services of investment managers, Cazenove Capital Management (CCM) at a discounted rate substantially more favourable than the rates generally available. The amount received by PFM in respect of this engagement was £5,658 (2025: £5,272) plus vat. PFM is wholly owned by Ryecroft Glenton.
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