THE BROAD CAIRN FOUNDATION {Registered Charity in England and Wales No. 10739291 TRUSTEES. REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023
THE BROAD CAIRN FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS 31 DECEMBER 2023 Page No Reference and Administration Trustees, Annual Report Independent Auditors, Report Statement of Financia l Activities 12 Balance Sheet 13 Notes to the Financial Statements 14
THE BROAD CAIRN FOUNDATION REFERENCE AND ADMINISTRATION DEfAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS Trustees Baroness Shackleton of Belgravia LVO John Guy Elmhirst Monson CVO Rebecca Priestley Charity Registered No. 1073929 Principal Office Payne Hicks Beach 10 New Street Square Lincoln's Inn London WC2A 3QG Bankers The Royal Bank of Scotland plc Parklands 3 De Havilland Way Horwich Bolton BL6 4YU Solicitors Payne Hicks Beach 10 New Square Lincoln's Inn London WC2A 3QG Investment Manager Cazenove Capital l London W311 Place London EC2Y SAU Auditor UHY Hacker Young Thames House Roman Square Sittingbourne ME104BJ
THE BROAD CAIRN FOUNDATION TRUSTEES, ANNUAL REPORT YEAR ENDED 31 DECEMBER 2023 The Trustees are pleased to present their annual report along with the financial statements of The Broad Cairn Foundation for the year ended 31 December 2023. STRUCTURE, GOVERNANCE AND MANAGEMENT a) Constitution The charity was formed under a Declaration of Trust dated 14 January 1999. The Trustees who served during the year and to the date of signing this report were: Baroness Shackleton of Belgravia LVO John Guy Elmhirst Monson CVO Rebecca Priestley No Trustee had any interests in the charity. b) Method of election of Trustees New or additional Trustees are appointed by deed. Every future Trustee must sign a declaration of willingness to act as a Trustee before he or she is eligible to vote at any meeting of the Trustee5. The current Trustees ensure that an appropriate induction programme is undertaken in the event of a new appointment. To date, Trustees have been recruited with their specific skills and experience in mind, although further training is undertaken where necessary. c) Organisational structure and decision making The Foundation's principal office is 10 New Square, Lincoln's Inn, London WC2A 3QG. The Trustees meet at least once a year to consider appeals for grants, the current and future financial position 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 suitably qualified individua15 employed by the Grosvenor Family Office by way of an annual service agreement, with an annual management fee being charged. The Foundation does not employ any staff directly. The Foundation has regard to the seven principles of good governance and best practice which are set out in the Charity Governance Code. d) Risk Management 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 risks that have been identified and which are carefully monitored are: Poor performance of the investment portfolio leading to a material financial loss of our main source of funding. This has been mitigated by diver5ification of investments and regular performance monitoring; Risk of fraud or failure of internal financial controls which 15 mitigated by sha red authorisation procedures; and Misappropriation of grant funding which is mitigated by due diligence in advance of awarding funds and receipt of an impact report for grants greater than £5,OCQ. A full risk assessment is undertaken on an annual basis by the Trustees.
THE BROAD CAIRN FOUNDATION TRUSTEES, ANNUAL REPORT YEAR ENDED 31 DECEMBER 2023 OBJEcfivES AND ACTIVITIES a) Objectives Objectives (a5 Set out in the Trust Deed) are that the assets of the charity are held on trust for such exclusively charitable objects or purposes in any part of the world as the Trustees may from time to time determine. b) Aims The charity is a grant making foundation that aims principally to address social welfare issues by supporting appropriate registered charities. c) Statement of public 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 activities and projects funded through grant making are of direct benefit to the public. The Trustees. responsibility is to ensure that the monies are being spent in line with the charity's aims and objectives. For grants greater than £5,000 the Trustees request an impart report from the recipient charities explaining how the donation has been utilised. d) Grant Making Policy The Foundation concentrates its grant making activities almost exclusively on smaller charities where its contribution can make a real difference. The Trustees, grant making priorities are= Disadvantaged 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 aspiration. Third World infrastrurture and development. To assist charities supporting the third world. especially those 5UPPOrting infrastructure such as clean water and agricultural improvements. Conservotion and sustainable development. To help promote conservation and the sustainable use of the world's scarce resources for the benefit of those whose lives depend on them and for future generations. Heritage. To support the renovation and conseniation of historic buildings and monument5. Support is given mainly by grants to appropriate registered charities. On occasion, the Foundation may support charities that are exempt or exempted from registration, or projects where the grant is for an exclL5sively charita ble purpose. Proposals are likely to be invited by the Trustees, and in general the Foundation does not fund unsolicited appeals. Grants are not made to individuals. ACHIEVEMENTS AND PERFORMANCE a} Review of activities and financial review The financial statements below give details of the financial transactions in the year and the f inancial position at the year end. Total income for the year of £96,85912022= £40,793) was £56,066 higher due to donations received of £39,856 and £16,210 additional investment income (following the change in asset allocation durin£ 20221. Expenditure totalling £57,382 was £8,863 higher12022- £48.5191. largely due to an increase in grant making of £9,196. Grants totalling £47,436 {2022- £38,240} were awarded during the year.
THE BROAD CAIRN FOUNDATION TRUSTEES, ANNUAL REPORT YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENTS AND PERFORMANCE (CONTINUED) Sixteen grants were awarded. with an average siie of £2,965. The following grants in excess of £5,000 were made: £10,000 to The UK Friends of Mustique (supports charitable causes in the islands of St Vincent and the Grenadinesl,. £7,702 to Lancaster & District Homeless Action (support for homeless people in the Lancashire areal; £7,702 to Escape 2 Make {wellbeing groups in the Lancaster districtl,. £5,000 to BEST- Be a Better You Iyouth programmes in and around Swindonl and £5,OCM) to the Disasters Emergency Committee Turkey-syria Earthquake Appeal. The distribution target {for funding of grant making and support costs) was reviewed during the year and increased from 3Yo to 4Yo of the opening investment portfolio value. For 2023. this equated to £54,000. Expenditure on charitable activities of £54,060 was therefore in line with target. b) Investment policy and performance The Trustees have wide 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) increased to £1,375,09312022'. £1,344,588), an increase of 2.3Yo. The overall return for the year was 6.7Yo compared to a benchmark return of 7.8Yo IRPI plus 4Yo). The opening weighting to property contributed to the underperformance against benchmark, as did continued inflationary pressures throughout the year. The asset allocation on 31 December 2023 and 31 December 2022 was: 2023 2022 Multi-asset Fund5 Property funds Cash 99 89 io In 2022, the Trustees appointed Cazenove Capital as manager, having for many years held assets with Cazenove on a custody only basis. At the start of 2023. the asset5 were predominantly invested in Cazenove's Charity Sustainable Multi-Asset Fund with a legacy investment hel(J in CCLA'S COIF Charities Property Fund. This holding was reali5ed during the year and reinvested in the Sustainable Multi-Asset Fund. The Trustees met with Cazenove durin8 the year to discu55 asset allocation and performance_ OTHER a) Reserves policv The Foundation's fund5 are all unrestricted and may be used in furtherance of its charitable objects. The risk associated with not having adequate reserve balances is therefore considered to be low. The Trustees policy is to retain 12 months of funding in cash, being approximately £55,000 based on year end investment values. In January 2024, the Trustees agreed to invest £23,550 of the donations received in 2023 with Cazenove, bringing the cash balance more in line with target. The investment portfolio is held in funds which have daily liquidity should any unforeseen circumstances arise. At the balance sheet date, the Trustees are satisfied that the current level of available funds meets the Foundation's requirements. Unrestricted funds at 31 December 2023 are £1,442,40212022'. £1,369,099).
THE BROAD CAIRN FOUNDATION TRUSTEES, ANNUAL REPORT YEAR ENDED 31 DECEMBER 2023 OTHER (CONTINUED) b) Plans for future periods The Trustees will continue to SUPPOrt the activities set out above by the awarding of grants. c) Going concern Having considered the charity's reserves and commitments, the Trustees believe that the Foundation will be able to maintain positive ca5hflow5 for at least 12 months from the date of signing the financial statements. As a result, the going concern basi5 of accounting remains appropriate. d) Auditor A resolution for the reappointment of UHY Hacker Young as the charity's auditor will be proposed at a future Trustee meeting.
THE BROAD CAIRN FOUNDATION STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland" The law applicable to charities in EnEland and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to- select suitable accounting policies and then apply them consistently; obSee 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, subject to any material departures discloxÈd and explained in the financial statements; 2nd prepare the financial statements on the going concern basis unless it 15 inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting record5 that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. the Charity {Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of f raud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. This report was approved and authorised for issue by the Trustees on 10 July 2024 and signed on their behalf by-. SIJLI _ Barone Trustee hackleton of Belgravia LVO
THE BROAD CAIRN FOUNDATION INDEPENDENT AUDITORS, REPORTTO THE TRUSTEES OF THE BROAD CAIRN FOUNDATION Opinion We have audited the financial statement5 of The Broad Cairn Foundation ("the charity") for the year ended 31 December 2023 which comprise the Statement of Financial Activities. the Balance Sheet and notes to the f inancial statements including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice). I n our opinion the fina ncial statements- give a true and fair view of the state of the charivs affairs as at 310ecember 2023 and of the charity'5 incoming resources and application of resources for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK} IISAS IUKII and a pplicable law. Our responsibilities under those standards are further described in the auditor's responsibilities 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 a udit of the financia I statements in the United Kingdom, including the Financial Reporting Council's (the 'FRC's'l Ethical Standard, and we have fulfilled our other ethical responsibilities 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. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast signif ica nt doubt on the charity 5 a bility to continue as a going concern for a period of at least twelve months from when the financial statement5 are authorised for issue. Our responsibilities a nd the responsibilities of the trustees with respect to going concern a re described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the annua5 report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
THE BROAD CAIRN FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE BROAD CAIRN FOUNDATION (continued) In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determirle whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing. as applicable. matter5 related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditors, responsibilitie5 for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance 15 a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will alway5 detect a material mi55tatement when it exists. M isstatements ca n a rise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financia I statements. Irregularities, including fraud. are instances of non-compliance 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 detecting irregularitie5, including fra ud is detailed below. How the oudit wos considered capable of detecting irregulorities, includingfraud.. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was as follows- we identified the law5 and regulations applicable to the charity through di5CU55ions with management, and from our commercial knowledge and experience in the sector. we focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the operations of the charity, including the Charities Act 2011; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting correspondence; and identified laws and regulations were communicated within the audit team and the team remained alert to instance5 of non-compliance throughout the audit.
THE BROAD CAIRN FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE BROAD CAIRN FOUNDATION Icontinuedl We assessed the susceptibility of the charity's accounts to material misstatement. including obtaining an understanding of how fraud might occur, by- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud- and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulation5. To address the risk of fraud through management bias and override of controls. we= performed analytical procedures to identify any unusual or unexpected relationships- tested journal entries to identify unusual transactions: assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias, and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to= agreeing financial statement disc105ures to underlying supporting documentation,. reading minutes of meetin8s of those charged with governance; and enquiring of management as to actual and potential litigation and claims. There are inherent limitations 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 standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: itorsre The description forms part of our auditor's report. Report on other legal and regulatory requirements Matters on which we are quired to report by exception Under the Charities (Accounts and Reports} Regulations 28 we are required to report in respect of the following matters if, in our opinion: the information given in the financial statements is inconsistent in any material respect with the trustees, report,. or sufficient accounting records have not been kept- or the financial statements are not in agreement with the accounting records and returns- or we have not received all the information and explanations we require for our audit. We have nothing to report in respect of these matters. 10
THE BROAD CAIRN FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE BROAD CAIRN FOUNDATION {continued) Use of our report This report is made solely to the charity'5 trustees. as a body. in accordance with Part 4 of the Charities (Accounts and Reports} Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's tru5tee5 a5 a body. for our audit work, for this report, or for the opinions we have formed. IHY fr(Akn Yo6uy UHY Hackeryoung Chartered Accountants and Statutory Auditors Thames House, Roman Square Sittingbourne, Kent. MEIO 4BJ Date.. 11 July 2024 UHY Hacker Young is eligible for appointment as auditor for the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 11
THE BROAD CAIRN FOUNDATION STATEMENT OF FINANCIAL A1VITIEs YEAR ENDED 31 DECEMBER 2023 Note Unrestrirted Funds 2023 Unrestricted Funds 2022 Income from: Donations 39.856 Investments - dividends from listed investments 57,003 40,793 Total income 96,859 40,793 Expenditure on: Raising funds 13,322) {3,565) Charitable activities (54,060) 144,9541 Total expenditure (57,382) 148,5191 Net income / (expenditure) before investment gains / Ilosses) 39.477 {7,726) Net gains / Ilossesl on investments Net income / (expenditure) and rnovement in funds 33,826 1147,5051 73,303 1155,2311 Reconciliation of funds Funds brought forward l January 1,369,099 1,524,330 Funds carried forward 31 December 1,442.402 1,369,099 All income and expenditure relate to continuing operations. There were no other recognised gains or1055es for the current year or preceding year other than those shown above. 12
THE BROAD CAIRN FOUNDATION BALANCE SHEET YEAR ENDED 31 DECEMBER 2023 Note 31 December 2023 31 December 2022 FIXED ASSETS Investment5 1375.093 1,375.093 1.344,588 1.344,588 CURRENT ASSETS Debtors Cash at bank and in hand 93 160 CURRENT LIABILITIES Creditors Net current assets NET ASSETS 1,442,402 1,369,099 FUNDS OF THE CHARITY UNRESTRICTED FUNDS 1,442,402 1,369,099 These financial statements of The Broad Cairn Foundation were approved by the Board of Trustees and authorised for issue on 10 July 2024. Baroness Shackleton of Belgravia L .John Guy Elmhirst Monson 13
THE BROAD CAIRN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 GENERAL INFORMATION The Broad Cairn Foundation is an unincorporated charity registered in England and Wales (charity number 10739291, governed by its Declaration of Trust. It5 piincipal office is 10 New Square, Lincoln's Inn, London WC2A 3QG. ACCOUNTING POLICIES (al Basis of preparation The financial statements have been prepared under the historical cost convention, as modified by the revaluation of fixed asset investments. and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparinE their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland Charities SORP IFRS 102} {second edition - October 20191, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland 102 {FRS1021 {January 2022) and the Charities Act 2011. The functional currency of the Foundation is in pounds sterling as the Foundation operates and receives income in the UK and the accounts have been rounded to the nearest pound. The charity constitutes a public benefit entity as defined by FRS 102. 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 fairf view. This departure has involved following the Charities SORP {FRS1021 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice (SORP 2005), which has since been withdrawn. The principal accounting policies are set out below. {bl Going concern The charity's activities, together with the factors likely to affect its future development, performance and position are set out in the Trustees Report which also describes the financial posltion of the charity including its cash, investments, distributions and reserves policy. Taking these into consideration and the fact that all funds are unrestricted, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Therefore. the Trustees consider there to be no material uncertainties and they continue to adopt the Eoing concern basis of accounting in preparing the annual report and financial statements. Ic) Investments Listed investments are valued at the market price from a recognised stock exchange at the balance sheet date. Realised and unrealised gains and losses on investments are included in the Statement of Financial Activities. Realised gains and losses on investments are calculated as the difference between sale proceeds and opening market value lor value at the date of purchase if later). Unrealised gains and105ses are calculated as the difference between the market value at the year end and opening market value {or value at the date of purchase if later). 14
THE BROAD CAIRN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2023 Investment management fees are included in the Statement of Financial Activities as Cost of raising funds. Third party charges on the underlying assets are reflected in the fund valuations and are not paid directly to the managers. Idl Income and Expenditure Income is accounted for in the Statement of Financial Activities when the Foundation is legally entitled to the income and the amount can be quantified with reasonable accuracy and is probable to be received. Income from investments is treated as receivable when the investment is quoted ex- dividend. Other income and all expenditure are accounted for on an accruals basis. Grants payable are payments made to third parties 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. Included in charitable expenditure are the audit fee and management fee which are allocated to cha ritable activities. Expenditure includes attributable VAT which cannot be recovered. {el Taxation On the basls that the activities fall within charitable purposes and the funds are applied only for these purposes. no provision for taxation is made. If) Fund Accounting All funds are unrestricted and can be used in accordance with the Foundation's charitable objects at the discretion of the Trustees. Ig} Financial Instruments Financial assets and financial liabilities are recognised when the charity becomes a party to the contiactual provisions of the instrument. Investments are initially recognised at transaction value and subsequently measured at fair value. Other debtors are recognised at the settlement amount due. Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three month5 or less from the date of acquisition or opening of the deposit or Similar account. Creditors and provisions are recognised where the charity 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 due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. (h) Critical accounting judgements and key source5 of estimation uncertainty In the application of the charity's accounting policies. the Trustees are required to make judgements, estimates and assumptions about the cairying amounts of assets and liabilities that are not readily 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. 15
THE BROAD CAIRN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2023 The estimates 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 period of the revision and future period5 if the revision affects both current and future periods. The Trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure. LISTED INVESTMENTS The movements in the portfolio during the year were as follows: 2023 2022 Market value l January 1,331.561 1,488.559 Additions at cost 133,134 1,173,573 Disposals at carrying value {138,3121 11,333,988) Unrealised gains 37,901 3,417 Market value 31 December 1,364,284 1,331,561 Portfolio cash held by investmerbt manager Market value at 31 December 2023 10,809 13,027 1,375,093 1.344,588 Historic cost 31 December 1,313,983 1,265.462 All investments are held in the SUTL Cazenove Charity Sustainable Multi-Asset Fund. DEBTORS- Amounts falling due within one year 2023 2022 Dividend account with fund manager 93 93 160 160 CREDITORS- Amounts falling due within one year 2023 2022 Accruals 16
THE BROAD CAIRN FOUNDATION NOTES TO THE FINANCIAL 5TATMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2023 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Year ended 31 December 2023 Year ended 31 December 2022 Disadvantaged Children and Young People Supporting Communities Other 17,202 28,734 1,500 7,998 27,242 3,000 47.436 38,240 Support costs: Bank charges Management charges 84 3,000 176 3,000 Governance costs: Auditor's remuneration - statutory audit Total charitable activities All grants made in the year were to UK or overseas equivalent registered charities. Further detail on grants greater than £5,000 can be found in the Trustees. Annual Report. FINANCIAL INSTRUMENTS 2023 2022 Financial assets Financial a55ets measured at fair value through income and expenditure 1,448.849 1,372,479 1,448,849 1,372,479 Financial assets measured at fair value through income and expenditure comprise listed investments and cash at bank. RELATED PARTY TRANSAcfioNS There have been no related party transactions in the year. No Trustee or persons connected with them received any Temuneration or reimbursement for expenses during the year12022: none). No trustees donated money to the ch3rity12022= none). However. business interests of one of the Trustees donated £500 to the Foundation which was received without any conditions. No trustees are related to any charity awarded grants12022= none). 17