THE BROAD CAIRN FOUNDATION {RegSstered Charity in England and Wales No. 10739291 TRUSTEES. REPORT AND FINANCIAL STATEMENT5 YEAR ENDED 31 DECEMBER 2022
THE BROAD CAIRN FOUNDATION TRUSTEES. REPORT AND FINANCIAL sfATEMENrs 31 DECEMBER 2022 Page No Reference and Administration Trustees. Annual Report Independent Auditorfs Report Statement of Financlal Actlvities 12 Balance Sheet 13 Notes to the Financial Statements 14
THE BROAD CAIRN FOUNDATION REFERENCE AND ADMINISTRATION DEfAILS OF THE CHARITY, ITS TRu¥fEES AND ADVISERS Trustees Baroness Shackleton of Belgravia LVO John Guy Elmhlrst Monson Rebecca Prlestley Charity Registered No. 1073929 PriKipal Offi¢¢ Payne Hicks Beach 10 New Street Square Lincoln's Inn London WC2A 3QG Bankers The Royal Bank of Scotland plc Parklands 3 De Havilland Wav Horwich Bolton BL6 4YU Sollcltors Payne Hicks Beach 10 New Square Lincoln's Inn London WC2A 3QG Investrnent Manager Cazenove Capital l London Wall Place London EC2Y SAU Auditor UHY Kent LLP trading as UHY Hacker Young Thames House Roman Square Slttlngbourne MEIO 48J
THE BROAD CAIRN FOUNDATION TRusfEES' ANNUAL REPORT YEAR ENDED 31 DECEMBER 2022 The Trustees are pleased to present their annual report alon8 With the financial statements of The Broad Calm Foundation for the yearended 31 December 2022. STRucfuRE, GOVERNANCE AND MANAGEMEKr a) Constitution The Charity was formed under a Declaration of Trust dated 14 January 1999, The Trustees who served durin8 the year and to the date of slgning this report were: Baroness Shackleton of Belgravia LVO Hannah Cockburn-Logie OBE MVO- resigned 25 October 2022 John Guy Elmhirst Monson Rebecca Priestley No Trustee had any interests in the charity. b) Method of •l¢rtion of Trurt•e$ New or addltlonal Trustees are appointed by deed. Every future Trustee must sign a declaratlon of willingness to act as a Trustee before he or she is eligible to vote at any meeting of the Trustees. The current Trustee5 ensure that an approprlate Inductlon programme Is undertaken in the event of a new appointment. To date, Trustees have been recruited with their specific skills and experiente in mind. although fvrther training is undertaken where necessary. c) Organlsatlonal structure and declslon maklng The Foundation'5 principal office is 10 New Squore, Lincoln's Inn, London WC2A 3QG. The Trustees meet at least once a year to consider appeals for grants, the current and future financlal positK•n of the Foundation and longer term strategy. Day to day responsibility for the running of the Foundation has been delegated to a small team of 5Ultably qualified individuals employed by the Grosvenor Family Office by way of an annual seryice ageMent, with an annual management fee beiD8 chorBed. The Foundation does not employ any staff directlv. The Foundation has gard to the seven principles of good governance and best prattice which are set out In the Charity Governance Code. d) Rlsk Mah•8ement The major risks to which the charity is exposed as identified by the Trustees have been reviewed, and procedures have been established to mitigate those risks. The key rlsks that have been Identlfted and whlch are carefully monltored are: Poor performance of the investment portfolio leading to a material financial loss of our maln source of funding. This has been mitigated by diversification of investments and regular perforniance monitoring.. Risk of fraud or failure of internal financial contro15 which 15 mitigated by shared authori5ation procedures,. and Misappropriation of Brant fundlng whlch Is mitlgated by due diligence in advance of awardlng funds and receipt of an impact report for grants greater than £5.QXXI. A full risk assessment 15 undertaken on an annual basis by the Trustses.
THE BROAD CAIRN FOUNDATION TRUSTEES. ANNUAL REPORT YEAR ENDED 31 DECEMBER 2022 OBJECTIVES AND AcnvmES a) Objectlves Objectives las Set out in the Trust Deed) are that the assets of the charity are held on trust for such exclusivety charitsble objects or purposes in any part of the wodd as the Trustees may from time to tlme determine. b) Airns The charity Is a grant making foundation that aims principalty to address social welfare issues by supporting approprlate registered charities. c) Statement of publlc benefit The Trustees confirm they have paid due regard to the guidance produced by the Charity Commission when reviewing the Foundation's aims and objectives and are satisfied that the charitable actNities and projerts fvnded through grant makin8 are of dirett benefit to the public. The Trustees, responsibility is to ensure that the monies are being spent in line with the charitys aims and objectwes. For grants greater than £5,[] the Trustees request an impact report from the recipient charities explaining how the donation has been utilised. d) Grant Maklng Poll(v The Foundatlon concentrates its grant making activities almost excluslvely on smaller charltles where Its contrlbutlon can make a real difference. The Trustees, Brant making priorities are: D15odvanttrqed Children and Young People. To help disadvantaged young people and to enable them to participate in society by providing support and activities which develop their skills, confidence and aspiratlon. Third World infrastnxture anddevelopment. To assist charities supportin8 the thlrd world, especially those sUPI)ortlng Infrastrurture such as clean water and a8ricuhural improvements. Conservotlon andsustoinable development. To help promote conservation and the 5U5tainable use of the world's scarce resources for the benefit of those wh05e lives depend on them and for future generations. b¥erltqqe. To support the renovation and conservation of historic buildings and monuments. Support is given mainty by grants to appropriate registered charities. On occasion, the Foundation mav SUPPOrt charitie5 that are exempt or exempted from registration, or projeets Whe the graftt is for an exclusively charttable purpose. Proposals are likely to be invited by the Trustees, and In general the Foundation does not fund unsolicited appeals. Gran15 are not made to individuals. ACHIEVEMETrllS AND PERFORMANCE a) Revlew of artlvltles and flnanclal revlew The financial statements below give detalls of the financlal transattions in the year and the financial position at the year end. Totsl income for the year of £40.79312021: £53.156) was £12.363 lower due to a decrease in donations received of £20,0 offset by £7,637 additional investment income. Expenditure totalling £48,519 was £3,049 lower12021= £51,568), largely due to a decrease in grant making of £2,660. Grants totalling £38,240 12021: £40.9C(11 were awarded durlng the year. Thirteen grants were awarded, with an average size of £2,942. The largest grants were £IO.CM)O to The Rainbow Centre la local community or8anlsatlon In Scarborough). £5.In) to Dlsaster Relief Ifor Queensland & New South Wales flood relief) and £4.998 to the Anton Mzimba Foundation Education Trust.
THE BROAD CAIRN FOUNDATION TRUSTEES, ANNUAL REPORT YEAR ENDED 31 DECEfvIBER 2022 ACHIEVEMENTS AND PERFORMANCE (CONTINUED) The distribution target for 2022 (for fundin8 of grant making and support C05ts1 was £45,(JX) (bein8 3% of the opening investment portfolio value in accordance with the Trustees, previously agreed distribution polky). Totsl expenditure of £48.519 was slightly above targeL b) Investment pollcy and performance The Trustees have wlde Investment powers and a policy of seeking a fair balance between capital growth and Income yield. The market value of investments (including cash held within the portfolio} decreased to £1.344,588 12021- £1,489,406). a decreo5e of 9.7%, The overall return was-7.5% compared to a benchmark of 17.4% IRPI plu5 4%). The underperformance against the ber)chmark was due to the 10.5% increase in the consumer prlce index in the 12 months to December 2022 lar8ely due to the soaring cost of energy and food, both attributable in part to the ongoing conflict in Ukraine. 2022 was a tumultuous year for stock markets in general with negative returns in almost all asset classe5. The asset allocation on 31 December 2022 and 31 Dember 2021 was: 2022 2021 UK equities Global equities Emerging markets Multl-asset Funds Global bond5 Property funds Other Cash 25 43 89 io io During the year, the Trustees revlewed the investment portfolio and after consideration of several investment proposals, agreed to appoint Cazenove Capital as manager. The portfolio had previously been held with Cazenove on a custody only basis and comprised several fund5 diverstfied acro55 asset class. The portfolio Is now largely invested in Cazenove's Charity Responsible Multi-Asset Fund. OTHER a) R•ser¥es pollcy The Foundation'5 fvnd5 are all unrestricted and may be used in furtherance of its charitable objects. The risk associated with not having adequate reseNe balances Is therefore considered to be low. The Trustees pollcy is to retain 12 months of funding in cash. being approximately £40.CK#) based on year end investment values. The year*nd cash balance of £41,079 is in Ilne wlth thls. Furthermore. the investment portfolio 15 predominantly held in fvnds which have daily liquidity should any UnfoSeen circumstances arlse. At the balance sheet date. the Trustees are satisfied that the current level of available funds meets the Foundation's requirements. Unrestrirted fund5 at 31 Detsmber 2022 are £1.369.09912021: £1.524.3301.
THE BROAD CAIRN FOUNDATION TRUSTEES, ANNUAL REPORT YEAR ENDED 31 DECEMBER 2022 OTHER (CONTINUEDI b) Plans for future perlods The Tru5tee5 will continue to support the activitles set out above by the awarding of grants. c) Golng concern Having considered the charitvs reserves and commitments. the Trustees belleve that the Foundatlon will be able to maintain p051tive tashflows for at least 12 months from the date of signing the financial statements. A5 a result, the going concern basis of accounting remains appropriate. d) Audltor UHY Kent LLP tradlng as UHY Hacker Young were appolnted as auditor In January 2023. A resolutlon foi the reappointrnent of UHY Kent LLP as the chariV5 audltor will be proposed at a future Trustee meeting. ststen*nt of dlsclosure to the Auditor As far as the TrLtstees are aware: there is no relevant audit informatlon of whlch the charivs audiior is unawa. and the Trustees have taken all the steps that they ought to have taken as a Trustee to make themselves aware of any relevant audit information and to establish that the charivs auditor is aware of that Information.
THE BROAD CAIRN FOUNDATION STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing the Tru5tees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice), includin8 FRS 102 'The Financial Reportin8 Standard applicable in the UK and Republlc of Ireland The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financlal year whlch glve a true and falr vlew of the stste of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financlal statements, the trustees are required to: select suitable accounting policies an(1 then apply them consistently., observe the methods and principles in the Charities SORP.. make judgments and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed. subjert to any material departures disc105ed and explained in the financial statements- and prepare the financial statements on the going concern basis unless It is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that dlsclose wlth reasonable accuracy at any tlme the flnanclal posltion of the charlty and enable them to ensu that the financial statements tomply with the Charities Act 2011, the Charity Ikcounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charfty and hence for tsklng reasonable steps for the preventlon and detectlon of fraud and other irregularities, The trustees are responsible for the maintenance and integrity of the chaity and financial infomiatlon included on the charity'5 website. Legislation in the United Kingdom governlng the preparation and dissemination of financial statements may differ from legislation In other jurisdictions. Thi5 report was approved and authorised for issue by the Trustees on 5 July 2023 and signed on thelr behalf bv: Barones Truste Shackleton of Belgravia LVO
THE BROAD CAIRN FOUNDATION INDEPENDENT AUDrroR'S REPORT TO THE TRusfEES OF THE BROAD CAIRN FOUNDATION REPORT ON THE AUDIT OF THE FINANaAL STATEMENTS Oplnlon We have audlted the financial statement5 of The Broad Cairn Foundation 1.the chariv) for the year ended 31 December 2022, whlch comprise the Statement of Financial Activltles, the Balance Sheet and notes to the financial Statements induding si8nificant accountlng policies. The financial reporting framework that has been applied in their preparation Is appllcable law and United Kin8dom Accounting Standards, including Financial Reporting Standard 102 Yhe Financial Reportin8 Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Pra¢ti¢el. In our oplnlon the financial statements: give a true and falr vlew of the state of the charivs affairs as at 31 December 2022 and of the charivs incomlng sOurceS and application of resources for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practlce; and have been prePad in accordance with the requirements of the Charities Art 2011. Basls for oplnlon We condurted our audit in accordance with International Standards on Auditing IUKI IISAS IUKI) and applicable law. Our resF)onsibillties under those standard5 are further described In the auditor's responsibilitie5 for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the flnancial statements in the United Kingdom, includin8 the Flnanclal Reporting Councll's {the 'FRCgl Ethical Standard, and we have fulfilled our other ethical re5pon5ibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to goln8 concern In auditin8 the financial statements, we have concluded that the trustees, use of the golng concern basis of accounting in the preparation of the financial statements Is appropriate. 8ased on the work we have performed. we have not identified any material uncertainties relating to events or conditions thai, indlvldualty or collertively, may cast Stgnificant doubt on the charltvs abillty to contlnue as a going concern for a period of at least twelve months from when the flnanclal statements are authorised for issue. Our responsibilitles and the responsibilities of the trustees with respect to 8oin8 concern are described in the relevant sertlons of thi5 report. Other Informatlon The trustees are responsible for the olher infomiation. The other infornation comprises the infomiatlon included in the annual report other than the financial statements and our auditorfs report thereon. Our opinion on the financlal statements does not cover the other informatlon and, except to the extent otherwise explicitly stated in our report. we do not expre55 any form of assurance conclusion thereon.
THE BROAD CAIRN FOUNDATION INDEPENDENT AUDITOR'S REPORT TO ThE TRUSTEES OF THE BROAD CAIRN FOUNDATION (continued) In connection with our audit of the financial statements. our spOnsibl11ty is to read the other Information and, in dolng $0, conslder whether the other information is materially inconsistent with the financial 5tatement5 or our knowledge obtained in the course of the audit or otherwise appears to be materialty misstated. If we identify such material Inconslstencles or apparent material mlsstatements, we are required to determine whether there is a material misstatement in the financial statements or a material mi55tatement of the other information. If, based on the work we have performed, we conclude that there is a material misststement of thls other Informatlon, we are required to report that fact. We have nothin8 to report in this regard. ResPolbIlles of iru5tees As explained more fully in the tru5tees' responsibilities Statement, the trustees a responsible for the preparation of the flnanclal ststements and for being satlsfled that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparatlon of financial ststements that are free from material mi55tatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assesslng the charitvs abillty to continue as a going concern, dlscloslng, as appllcable, matters related to golng concern and uslng the golng concern basis of accounting unless the trustee5 either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditorfs responslbllltles for the audlt of the flnanclal statements OUT objectives ore to obtain reasonable assuran about whether the financlal ststements as a whole a free from material misstatement, whether due to fraud or error, and to issue an auditor'5 report that includes our opinion. Reasonable assuran is a high level of assurance, but is not a guaranlee that an audit conducted in accordance with ISAS IUKI will always detect a materlal mlsstatement when it exists. Misstatements can arise from fraud or error and are considered material if. indNidually or in the aggregate. they could reasonably be expected to influence the economic decisions of u5er5 taken on the basis of these flnan¢lal statements. Irregularities. including fraud. are instances of rn-CoMpli3nce with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detectin8 ir¥e8ularities, including fraud is detsiled below. How the audit wos consldered copoble of detertlng Irreguloritles, Includingfraud.. Our approach to identifying and assessing the risks of material misstatement in respect of Irregularities. includin8 fraud and non<ompllance wlth laws and regulatlons was as follows: we identified the law5 and regulations applicable to the Charity throu8h discussions with management. and from our commercial knowledge and experlence In the sector,. we focused on Specific laws and regulations which we considered may hove a direct material effect on the accounts or the operatlons of the charlty, Includlng the Charities Act 2011- we a55e55ed the extent of compliance with the law5 and regulations identified ave through making enquiries of management and inspecting correspondente; and Identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compllance throughout the audlt.
THE BROAD CAIRN FOUNDATION INDEPENDENT AUDOR.$ REPORTTO THE TRUSTEES OF THE BROAD CAIRN FOUNDATION (contlnuedl We assessed the susceptlblllty of the charlvs accounts to materlal misstatement. including obtainin8 an understanding of how fraud might QCCLFr. by: making enquiries of management as to where they considered there was susceptibilily to fraud, their knowledge of attual, suspected and alle8ed fraud- and considering the intemal controls In place to mltigate rlsks of fraud and non-compllance with law5 and regulations. To addre55 the risk of fraud through management bias and overrlde of controls. we- performed anatytical procedures to identify any unu5uoI or unexpected relationships: tested journal entries to identify unusual transaction5: assessed whether judgements and assumptions made in determinin8 the accounting estimates set out in the accounting policies were indicative of potentlal blas, and Investlgated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and gUlatIonS, we deslgned procedures which included. but were not limtted to= agreeing financial statement disclosures to underlying 5UPPOrting documentation,. reading minutes of meetings of those char8ed with 8overnance,' and enquiring of management as to actual and potentlal litlgatlon and daims. There are inherent limitation5 in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non- compliance. Auditing 5tandard5 also limtt the audit procedures reqUId to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of re8ulatory and legal correspondence. Sf any. Material misstatements that arise due to fraud tan be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A fvrther descriptlon of our responslbllltles for the audlt of the financlal statements is located on the Financial Reporting Council'5 web51te at- www.frc.or auditorsres n5iblitie5. The description forms part ofour auditorfs report. Report on other legal and regulatory requlrements Matters on whlch we are requlred to report by exceptlon Under the Charities IAccounts and Reports) Regulations 21XJ8 we are required to report in respect of the following matters if, in our opinion: the information given In the flnanclal statements Is Inconslstent In any material respect with the trustee5' report- or sufficient accounting records have not been kept: or the flnanclal statements are not in agreement with the accounting records and retums. or we have not received all the infomiation and explanations we require for our audit. We have nothin8 to report in respect of these matters. io
THE BROAD CAIRN FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE BROAD CAIRN FOUNDATION {contlnued) Use of our report This report is made solety to the charitvs trustees, as a body, in accordance with Part 4 of the Charitie5 (Accounts and Report51 Regulations 2CK18. Our audit work has been undertaken so that we might state to the tharitys trustees those matters we are required to State to them in an auditorfs report and for no other purpose. To the fullest extent pemiltted by law, we do not accept or assume responsibility to anyone other than the charity and the charit¢5 trustee5 as o bodyi for our audit worl for this report, or for the opinions we have fomied. UHY Kent LLP Chartered Accountant5 and Statutory Auditors Thames House. Roman Square Sittingbourne, Kent. MEIO 4BJ Date: 17 July 2023 UHY Kent LLP Is eliglble for appolntment as auditor for the charity by virtue of its eligibility for appointment as auditor of a company un(lersectlon 1212 of the Companies Act 21. li
THE BROAD CAIRN FOUNDATION STATEMENT OF FINANCIAL AcfiviTIES YEAR ENDED 31 DECEMBER 2022 Note Unrestrlcted Fund$ 2022 Unrestrlcted Funds 2021 Inmme from: Donations 20,IXK) Investment Income: Income from investments 40,793 33,156 Total Incom¢ 53,156 Expenditure on: Ralslng funds {3,565) {3.5681 Charltable attivitie5 144,954) 148.OCOI Totsl expendlture Net (expendlture} / income before Investment (losses) Igains 148.519) 151,5681 17,726) 1,588 Net {lossesl I gains on Investments Net (expendlture) / Income and movement In funds {147,505) 171,053 1155.231) 172.641 Reconclllation of funds Funds brought fonvard ljanuary 1,524?30 1.351.689 Funds carrled lorward 31 December 1,369x199 1.524,330 All income and expenditu relate to continuin8 operations. There were no other recognised gain5 or losse5 for the current year or pcedIng year other than those shown above. 12
THE BROAD CAIRN FOUNDATION BALANCE SHEEr YEAR ENDED 31 DECEMBER 2022 Note 31 December 2022 31 December 2021 FIXED A55rrs Investment5 Total flxed ass¢ts 1.344,588 1244.588 1,489,406 1,489,406 CURRENT ASSETS Debtors Cash at bank and in hand 3,759 35,265 39,024 27.891 28,051 CURRENT LIABILITIES CdItorS Net current assets 4,100 NEf SETs 1,369,099 1,524,330 FUNDS OFTHE CHARITY UNRESTrICTED FUNDS .L369.099 1,524.330 These financial statements of The Broad Cairn Foundation, registered number 1073929. were approved by the Board of Trustees and authorised for issue on 5 July 2023. Baron Shackleton of Belgravia L .John Guy Elmhirst Monson 13
THE BROAD CAIRN FOUNDATION NOTES TO THE FINANaAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 ACCOUNTING POLIOES lal Basis of Accountln8 The financial statements are prepared under the historical cost conventron. with the exception of investments which have been included at Maet value, in accordance with the Statement of Recommended Practice"Accounting and Reporting by Charities ISORP 20191° applkable to charlties Pparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, effectSve l January 2019. The charity has taken advantsge of the provisions in the SORP for charities appfying FRS 102 Up(Fate Bulletin I rt to prepare a Statement of Cash Flows. The charlty constitutes a public benefit entity as defined by FRS 102. Ib) Goln8 concern The charitls activities, together with the factors likely to affect its future development, performance and position are set out in the Trustees Report which alx• describes the financial position of the charity includin8 its cash. Investments, distrlbLrtlons and resee5 policy. Taklng these Into on5ideration and the fact that all fijnds ale unrestricted. the Trustees have a reasonable expectatton that the charty has adequate resources to continue in operational existence for the foreseeable future. Therefore. the Trustees tonsider there to be no material uncertalntles and they continue to adopt the 80ing concern basis of accountin8 in preparing the annual report and financial statements. The functional Cufn¢¥ of the charlty Is pounds sterllng as the charity operates and received income in the UK. The principal accountlng pollcles are set out below. Ic} Investments Listed investments are valued at the market price from a recognised stock exchange at the balance sheet date. Realised and unrealised gain5 and10sses on investments are included in the Statement of Financial Activities. Reallsed galn5 and losses on investments are calculated as the differen between sale proceeds and opening market value lor value at the date of purchase if laterl. Unreallsed gains and losses are cèltulated as the difference betsveen the market value at the year end and openlng market value lor value at the date of purchase if later). The Foundatlon has holding5 in two Charity Authorised Investment Funds. Investment management fees a reflected in the fund valuations and are not paid (lirectlyto the managers. 14
THE BROAD CAIRN FOUNDATION NOTES TO THE FINANaAL STATEMENTS (CONTINUEDI YEAR ENDED 31 DECEMBER 202Z Idl Income and Expenditure Income is accounted for in the Statement of Financial Activities when the Foundatlon is legally entltled to the income and the amount can be quantified with reasonable accuracy and 15 probable to be received. Income from investments is treated as receivable when the investment is quoted ex- (Ilvldend. Other Income and all expendlture are accounted for on an accruals basls. Grants payable re payment5 made to third partie5 in the furtherance of the charitable objects of the Trust. Costs of raising funds comprise investment management costs associated with managing the Foundation's investments. Intluded in tharitable expendlture are the audit fee and management fee whlch are allocated to charitable activities. (el Taxation On the basis that the activities fall within charitable purposes and the funds are applied only for these purp95e5, no provision for taxation 15 made. lfj Fund Accountlng All funds a unrestricted and can be used In accordance with the Foundatlon's charitable objects at the dlscretlon of the Trustees. Igl Finala1 Instruments Flnancial assets and financial liabilrties are recognised when the charity becomes a paty to the contractual provisions of the instrument. Investments are initially recognised at transaction value and subsequently measured at fairvalue. Other debtors are recognised at the settlement amount due. Cash at bank and tash in hand includes cash and short term highly liquid investments with a Short maturity of three months or less from the date of acqulsltlon or openlng of the deposit or slmilar account. Creditors and provislons are recognised where the charty has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount (iue to settle the obligation can be measured or estimated reliabby. Creditors and provisions are noallY recognised at their settlement amount after allowing for any trade discounts due. Ihl Critical accounting judgements and key sources of estimation uncertainty In the application of the charivs accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readilv apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimate5 and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the perlod of the revlslon and future perlods If the revlslon affects both current and future periods. The Trustees do not consider there are any critical Judgements or sources of estimatlon uncertalnty requiring disclosure. 15
THE BROAD CAIRN FOUNDATION NOTES TO THE FINANaAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 1022 LisfED INVESTMENTS The movements in the portfolio during the year were as follows: 2022 2021 Marketvalue lJanuary 1,488,559 1,317,516 Additions at cost 1,173.S73 117.9)2 Disposa15 at carryir6 volue {1,333,988 {103,0331 Unrealised gains 3,417 156,174 Market value 31 December Portfolio cash held by investment manager Market value at 31 De¢ember 2022 1,331,561 1,488,559 13.027 1,344,588 1,489,406 Hlstorlc cost 31 December 1.265.462 1.011.495 DEBTORS- Amounts falling due within one year 2022 2021 DNidend account wlth fund manager 3.759 3.759 160 4. CREDrfoRS- Amounts falllng due within one year 2022 Z021 Accruals 3,540 3,540 4,I¢XI 16
THE BROAD CAIRN FOUNDATION NOTES TO THE FINANaAL STATMENTS (CONTINUED YEAR ENDED 31 DECEMBER 2022 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTinE5 Year ended 31 December Z012 Year ended 31 December 2021 Grant makln8: Third World Infrastructure and Development Conservation and Sustainable Development Disadvantaged Children and Young People Supporting Communities Herltage Other ii,(K 7,998 27,242 17,5(K) 2.7(M) 40.91X) 38,240 Support costs: Bank char8e5 Audit fee Management charges Total charltable attlvlties 176 3,538 4,IlX) 48.OQKI All grants ma(le in the year were to UK or overseas equivalent registered charities. Further (letail on 8rantS greater than £5.OW can be found in the Trustees, Annual Report. Support costs include governance costs of £3,53812020: £4,ID)I. RELATED PARTY TRANSACTIONS There have been no related party transactions in the year. No Trustee or persons connerted with them received any remvneration or reimbursement for expenses during the year12021: none). No trustee5 donated money to the charity12021: none). No trustees are related to any charity awarded grants12021: none). 17