THE BROAD CAIRN FOUNDATION (Registered Charity in England and Wales No. 10739291 TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024
THE BROAD CAIRN FOUNDATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS 31 DECEMBER 2024 Page No Reference and Administration Trustees, Annual Report Independent Auditors, Report Statement of Financial Activities 12 Balance Sheet 13 Notes to the Financial Statements 14
THE BROAD CAIRN FOUNDATION REFERENCE AND ADMINISTRATION DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS Trustees Baroness Shackleton of Belgravia LVO John Guy Elmhirst Monson CVO Rebecca Priestley MVO 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 Solicitor5 Payne Hicks Beach 10 New Square Lincoln's Inn London WC2A 3QG Investment Manager Cazenove Capital l London Wall Place London EC2Y SAU Auditor UHY Hacker Young Thames House Roman Square Sittingbourne MEIO 4BJ
THE BROAD CAIRN FOUNDATION TRUSTEES, ANNUAL REPORT YEAR ENDED 31 DECEMBER 2024 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 2024. 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.. Barones5 Shackleton of Belgravia LVO John Guy Elmhirst Monson CVO Rebecca Priestley MVO 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 m ust sign a declaration of willingness to act as a Trustee before he or she is eligible to vote at any meeting of the Trustees. 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 speclfic skills and experience in mind, although further training is undertaken where necessary. c) Organisatlonal structure and decision maklng The Foundation's princip31 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 individuals employed by the Grosvenor Family Off ice 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) Rlsk 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 identif led 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 diversification of investments and regular performance monitoring; Risk of fraud or failure of internal financial controls which is mitigated by shared authorisation procedure5,' and Misappropriation of grant funding which is m itigated by due dillgence in advance of awarding funds and receipt of an impact report for grants greater than £5,000. A full risk assessment Is undertaken on an annual basis by the Trustees.
THE BROAD CAIRN FOUNDATION TRUSTEES, ANNUAL REPORT YEAR ENDED 31 DECEMBER 2024 OBJFCTIVES AND ACTIVITIES al Objectives Objectives las 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} Alms The charity is a grant making foundation that aims principally to address social welfare issues by supporting appropriate registered charities. cl 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 monie5 are being spent in line with the charity's aims and objectives. For grants greater than £5,000 the Trustees request an impact report from the recipient charities explaining how the donation has been utilised. dl Grant Maklng 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.. Dlsadvantoged Chlldren and Young People. To help disadvantaged young people and to enable them to participate in society by providing support and activitie5 which develop their skills, confidence and aspiration. Third World Infrastructure and development. To 35SlSt charities supporting the third world, especially those supporting infrastructure such as clean water and agricultural improvements. Conservation ond 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 conservation of historic buildings and monuments. 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 exclusively charitable 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 al Review of activities and financial review The financial statements below give details of the financial transactions in the year and the financial position at the year end. Total income for the year of £74,02612023.' £96,859) was £22,833 lower due to a reduction in donations received of £24,856 offset by £2,023 increased investment income. Expenditure totalling £26,595 was £30,787 lower12023: £57,382}, largely due to a decrease in grant making of £31,336. Grants totalling £16,10012023.' £47,436) were awarded during the year.
THE BROAD CAIRN FOUNDATION TRUSTEES, ANNUAL REPORT YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENTS AND PERFORMANCE {CONTINUEDI Nine grants were awarded, with an average size of £1,789. The largest grant was £10,000 to The Grand Baharna Children's Home, which provides a haven for children in the Northern Bahamas. The charity has provided care for over a thousand chlldren since it5 establishment almost 50 years ago. The distribution target (for funding of grant making and support costsl which is based on 4% of the opening investment portfolio value, was £55,000 for the year. Actual expenditure on charitable activities of £23,239 was under target and the Trustees will seek to rectify this as 500n as possible in future financial years. b) Investment pollcy 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 lincluding cash held within the portfoliol increased to £1,451,85912023'. £1,375,093), an increase of 5.60h. The overall return for the year was 8.1% compared to a benchmark return of 6.50A (CPI plus 4Yol, The asset allocation at 31 December 2024 and 31 December 2023 was.. 2024 2023 M ulti-asset Fund5 Cash loo 99 Since 2022, the investments have been held In Cazenove's Charity Sustainable Multi-Asset Fund. The Trustees met with Cazenove during the year to discuss asset allocation and performance and will continue to monitor performance going forward. OTHER a} Reserves policy The Foundation's funds are all unrestritted 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 £58,000 based on year end investment values. The cash balance held of £98,693 was more than this due to lower charitable expenditure in the year. 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 2024 are £1,546,40512023.' £1,442,402).
THE BROAD CAIRN FOUNDATION TRUSTEES, ANNUAL REPORT YEAR ENDED 31 DECEMBER 2024 OTHER (CONTINUED) b) Plans for future periods The Trustees will continue to support the activities set out above by the awarding of grants. cl Going concern Having considered the charity'5 reserves and commitments, the Tru5tee5 believe that the Foundation will be able to maintain positive cashflows for at least 12 months from the date of signing the f inancial statements. As a result, the going concern basis of accounting remains appropriate. d) Audltor A resolution for the reappointment of U HY 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 U K and Republic of Ireland" The law applicable to charities in England 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 trustee5 are required to.. select suitable accounting policies and 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, subject to any material dep3rture5 disclosed and explained in the financial statements,. and prepare the f inancial 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 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 IAccounts and Reports) Regulation5 2008 and the provision5 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 fraud and other irregularitie5. The trustee5 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 9 July 2025 and signed on their behalf by,. ss Shackleton of Belgravia LVO Trustee
THE BROAD CAIRN FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE BROAD CAIRN FOUNDATION Oplnlon We have audited the financlal statements of The Broad Cairn Foundation I'the charity") for the year ended 31 Decem ber 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements including significant accounting policies. The f inancial 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). In our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of the charity's 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 Charitie5 Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the f inancial 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 financial 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. Concluslons 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 significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are 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 annual 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 {contlnued) 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 m isstated. If we identify such material incon5iStencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other inforrnation. 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. Responsibilltles 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 determ ine is necessary to enable the preparatlon of financial statements that are free from material mis5t3tement, 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, matters related to going concern and using the going 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. Auditors, responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the f inancial 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 is a high level of assurance, but is not a guarantee that an audit condltcted in accordance with ISAS IU Kl will always detect a material m is5tatement when it exists. M isstatements can arise 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 financial 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 irregularities, including fraud is detailed below. How the audit was considered capable of detecting irregularities, including fraud.. Our approach to identifying and assessing the risks of material misstatement in respect of irregularltles, including fraud and non-compliance with laws and reEulations was as follows: we identif led the laws and regulations applicable to the charity through discussions 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 instances of non-compliance throughout the audit.
THE BROAD CAIRN FOUNDATION INDEPENDENT AUDITORS, REPORTTO 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 disclosures to underlying supporting documentation,. reading minutes of meetings of those charged with governance; and enquiring of management as to actual and potential litigation and claims. There are inherent Ilmit3tions 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: www.frc.or auditorsres onsiblities. The description forms part of our auditor's report. Report on other legal and regulatory requirements Matters on whlch we are requlred to report by exception Under the Charities IAccounts and Reports) Regulations 2008 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 f inancial 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. io
THE BROAD CAIRN FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE BROAD CAIRN FOUNDATION (continued) Use of our report Thi5 report is made solely to the charity's trustees, as a bodyi in accordance with Part 4 of the Charities IAccounts 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed. &tHY HAck8r Ytr UHY Hacker Young Chartered Accountants and Statutory Auditors Thames House Roman Square Sittingbourne Kent MEIO 4BJ Date.. 10 July 2025 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. li
THE BROAD CAIRN FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024 Note Unrestrlcted Funds 2024 Unrestrlcted Funds 2023 Income from: Donations 15,000 39,856 Investments - dividends from listed Investments 59,026 57,003 Total Income 74,026 96,859 Expenditure on; Raising funds- investment management Costs 13,356} 13,3221 Charitable activities 123,2391 154,0601 Total expenditure 126,5951 157,3821 Net income before investment gains 47,431 39,477 Net gains on investments 56,572 33,826 Net income and movement In funds 104,003 73,303 Reconclllatlon of funds Funds brought forward l January 1,442,402 1,369,099 Funds carrled forward 31 Decembsr t,546,405 . 1,422,402 There were no other recoEnised gains or losses for the current year or preceding year other than those shown above. All income and expenditure relate to continuing operations. The notes on pages 14 to 17 form part of these financial statements. 12
THE BROAD CAIRN FOUNDATION BALANCE SHEET YEAR ENDED 31 DECEMBER 2024 Note 31 December 2024 31 December 2023 FIXED ASSETS Investments 1,451,859 1451859 1,375,093 1,375,093 CURRENT ASSETS Debtors Cash at bank and in hand 93 98.693 98,696 73,849 CURRENT LIABILITIES Creditors Net current assets 14,1501 94,546 16,5401 NET ASSETS 1,546,405 1,442,402 FUNDS OF THE CHARITY UNRESTRICTED FUNDS 1,546,405 1,442,402 The notes on pages 14 to 17 form part of these financial statements. These financial statements of The Broad Cairn Foundation were approved by the Board of Trustees and authorised for issue on 9 July 2025. Baroness Shackleton of B gravia LVO .John Guy Elmhirst Monson CVO 13
THE BROAD CAIRN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 GENERAL INFORMATION The Broad Cairn Foundation is an unincorporated charity registered in England and Wales (charity number 1073929}, governed by its Declaration of Trust. Its principal office is 10 New Square, Lincoln's Inn, London WC2A 3QG. ACCOUNTING POLICIES lal Basis of preparation The flnancial statements have been prepared under the historical c05t conventlon, 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 preparing their accounts in accordance with the Flnancial Reporting Standard in the UK and Republic of Ireland Charities SORP IFRS 1021 (second edition October 20191, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland 102 IFR51021 (January 20221 and the Charitie5 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 IAccounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair, view. This departure has involved following the Charities SORP IFRS102) rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice ISORP 20051, which has since been withdrawn. The principal accounting policies are set out below. Ib} Going concern The charity's activities, together with the factors Ilkely to affect its future development, performance and position are set out in the Trustees Report which also describes the financial position 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 going concern basis of accounting in preparing the annual report and financial statements. Icl Investments Listed Investments are valued at the market price from a recognised stock exchange at the balance sheet date. Realised and unrealised gains and105ses 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 {or value at the date of purchase if later}. Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value lor value at the date of purchase if later). 14
THE BROAD CAIRN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2024 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 15 treated as receivable when the investment is quoted ex- dividend. Donation income is recognised in the Statement of Financial Activities in the period that it is received. Other income and all expenditure are accounted for on an accruals basis. Grants payable are payrnents made to third parties in the f urtherance 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 charitable activities. Expenditure includes attributable VAT which cannot be recovered. (el Taxation On the basis 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. Igl Financial Instruments Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual 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 months or less from the date of acquisition or opening of the deposit or similar account. Creditor5 and provisions are recognised where the charity has a present obligation resulting f rom a past event that will probablv result in the transfer of f unds 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. Ihl Critical accounting judgements and key sources of estimation uncertainty In the application of the charity's 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 hlstoric31 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 2024 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 periods 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.. 2024 2023 Market value l January Additions at cost 1,364,284 1,331,561 29,885 133,134 Disposals at carrying value 1138,3121 Unrealised gains 56,572 37,901 Market value 31 December Portfolio cash held by investment manager Market value at 31 December 2024 1,450,741 1,364,284 1,118 10,809 1,451,859 1,375,093 Historic cost 31 December 1,334,178 1,313,983 All investments are held in the SUTL Cazenove Charity Sustainable Multi-Asset Fund. DEBTORS-Amounts falling due within one year 2024 2023 Dividend account with fund manager 93 93 CREDITORS-Amounts falllng due within one year 2024 2023 Accruals 4,150 6,540 16
THE BROAD CAIRN FOUNDATION NOTES TO THE FINANCIAL STATMENTS {CONTINUED) YEAR ENDED 31 DECEMBER 2024 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Year ended 31 December 2024 Year ended 31 December 2023 Disadvantaged Children and Young People Supporting Communities Other 10,000 2,600 3,500 17,202 28,734 1,500 16,100 47,436 Support costs: Bank charges Management charges 109 3,000 84 3,000 Governance costs: Auditors, remuneration - statutory audit Total charitable actlvltles 4,030 23,239 3,540 54,060 All grants made in the year were to U K or overseas equivalent registered charities. Further detail on grants greater than £5,000 can be found in the Trustees, Annual Report. FINANCIAL INSTRUMENTS 2024 2023 Financial assets Financial assets measured at fair value through income and expenditure 1,550,552 1,448,849 1,550,552 1448 849 Financial asset5 measured at fair value through income and expenditure comprise listed investments and cash at bank. RELATED PARTY TRANSACTIONS There have been no related party transactions in the year. No Trustee or persons connected with them received any remuneration or reimbursement for expenses during the year12023'. none). No trustees donated money to the charity12023'. none). However, business interests of one of the Trustees donated £5,00012023: £5001 to the Foundation which was received without any conditions. No trustees are related to any charity awarded grants12023: none). 17