THE BROAD CAIRN FOUNDATION (Registered Charity in England and Wales No. 10739291 TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025
THE BROAD CAIRN FOUNDATION TRU5TEES' REPORT AND FINANCIAL STATEMENTS 31 DECEMBER 2025 Page No Reference and Aijminlstratlon Trustees, Annual Report Independent Auditor5, Report Statement of Financial Activities 12 Balance Sheet 13 Notes to the Financlal Statements 14
THE BROAD CAIRN FOUNDATION REFERENCE AND ADMINISTRATION DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS Trustees Baroness Shackleton of Belgravia LVO- until 29 June 2026 Sean Carney- from 29 June 2026 John Guy Elmhirst Monson CVO- until 29 June 2026 lan John Patrick MBE- from 29 lune 2026 Rebec¢H Priestley MVO Hugo Van Vrendenburch- from 29 lune 2026 Char5ty Reglstered No. 1073929 Prlntlpal Offlce Payne Hicks Beach 10 New Square Lincoln's Inn London WC2A 3QG Bankers The Royal Bank of Scotland plc Parklands 3 De Havilland Way Horwich Bolton BL6 4YU Solldtors Payne Hicks Beach 10 New Square LSncoln'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 ME104BJ
THE BROAD CAIRN FOUNDATION Ti*U)TLLS' Af4NUAL RLPORT YEAR ENDED 31 DECEMBER 2025 The Trustees are pleased to present thelr annual report along wlth the financial statements of The Broad Cairn Foundation for the year ended 31 December 2025. STRUCTURE. GOVERNANCE AND MANAGEMENT al Constitution The charity was formed under a Detlaration of TrLJ5t 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- until 29 lune 2026 Sean Carney- from 29 June 2026 John Guy Elmhirst Monson CVO - until 29 June 2026 lan John Patrick MBE from 29 June 2026 Rebecca Priestley MVO HLJgo Van Vrendenburch - from 29 June 2026 No Trustee had any interests in the charity. bl Method of election of Trustees New or additional Trustees are appolnted by deed. Every future Trustee must slgn a declaratlon of willingness to att a5 a Trustee before he or She is eligible to vote at any meeting of the Trustees. The current Trustees ensure that an appropriate inductlon programme is undertaken in the event of a new appointrnent. To date, Trustees have been recruited with their specific skills and experlence Sn mind, although further tralning is undertaken where necessary. cl Organlsatlonal structure and declslon maklng 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 flnanclal position of the Foundation and longer-term strategy. Day to day responsibility for the running of the Foundation has been delegated to a smèll team of suitably qLJalified 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 eight principles of Eood governance and best practice which are set out In the Charity Governance Code which was updated in 2025. dl Risk Management The major risks to which the charlty Is eKposed as Identlfled by the Trustees have been revlewed, and procedure5 have been established to mitigate those risks. The key risks that have been identified and which are carefully monltored are.. Poor perforrnance of the investment portfolio leading to a material financial loss of our main source of funding. This has been mitigated by diversiflcation of investments and re8ular performance monitoring,. Risk of fraud or failure of internal financial tontrols which 15 mitl8ated by shared authorisation procedure5,' and Misappropriation of grant funding which is mitigated by due diligence in advance of awarding fund5 and receipt of an impact report for grants greater than £5,000. A full risk assessment Is undertaken on an annual basls by the Trustees.
THE BROAD CAIRN FOUNDATION TRUSTEES. ANNUAL REPORT YEAR ENDED 31 DECEMBER 2025 OBJECTIVES AND ACTIVITIES al ObJe¢tlves Oblectlves las set out In the Trust Deed) are that the assets of the charlty 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. bl Alms The charity is a grant making foundation that aims principally to address social welfare issues by supporting appropriate registered charities. c) Statement of publlc beneflt The Trustees confirm they have paid due regard to the guidance produced by the Charity Commi55ion when reviewlng the Foundatlon's alms and objettives and are satlsfied that the charitable actlvlties 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 airn5 and objectives. For grant5 greater than £5,000 the Trustees request an impact report from the recipient charitles explalning how the donation has been utilised. dl Grant Maklng Pollcy The Foundatlon concentrates Sts grant maklng actlvltles almost excluslvely on smaller charltles where its contribution can make a real difference. The Trustees, grant making priorities are.. Dlsudvuntuged Chlldren ond Young People. To help disadvantaged young people and to enable them to participate in society by providing 5UPPOrt and activitie5 which develop their Skills, confidence and aspiration. Thlrd World inArnstructure ond development. To assist charities supporting the third world, especially those supporting infrastructure such a5 clean water and agricultural improvements. Conserv¢7ti(Jn ond sustointsblt 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. Herltage. To support the renovation and conservation of historic buildings and monuments. Support Is glven malnly by grants to approprlate regstered charltles. On occasSon, the Foundation mèy 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 Foundatlon does not fund unsollcited appeals. Grants are not made to Sndivlduals. 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 £59,14812024'. £74,026) was £14,878 lower. The decrease was largely due to a donation of £15,000 received in 2024. Expenditure totalling £31,096 was £4,501 hi8her12024.. £26,595), largely dLJe to an increase in grant maklng of £4,200. Grants totalling £20,30012024'. £16,100) were awarded during the year.
THE BROAD CAIRN FOUNDATION TKU)TiES' Al1uAL REPORT YEAR ENDED 31 DECEMBER 2025 ACHIEVEMENTS AND PERFORMANCE ICONTINUEDI Ten grants were awarded, with an average size of £2,030. The largest grants were £5,000 to UK Friends of the Mustique Charitable Trust, which support5 children, young people, vulnerable adults and the development of sustainable local communities throughout St Vincent and the Grenadine5. The Charity has provided support through fLJnd raising events and donations since its establishment in 2008. A grant of £5,000 was rllade to We are Farming Minds, which supports mental health in the farming community in Herefordshlre. The dlstrlbutlon target (for funding of grant making and support costs) whlch is based on 4% of the opening investment portfolio value, was £58,000 for the year. Actual expenditure on charitable activities of £27,622 wa5 under target and the Trustees will seek to rectify this as soon as possible in future financial year5. bl Investment pollcy and performance The Trustees have wide investment powers and è policy of seeklng a falr balance between capital growth and income yield. The market value of Investments lincluding cash held within the portfolio) increased to £1,548,50412024'. £1,451,859), an increase of 6.7%. The overall return for the year wa5 11.0% compared to a benchmark return of 7.2% ICPI plus 4%1. The asset allocation at 31 December 2025 and 31 Dernber 2024 was.. 2025 2024 Multi-a5set Fund5 100 loo Since 2022, the Snvestments have been held in Cazenove's Charity Sustainable Multi-Asset Fund. The Trustees met with Cazenove during the year to dSscus5 asset allocatlon and performance and will continue to monitor performance going forward. OTHER al Reserves policy The Foundation's funds are all unrestricted and may be Ljsed in furtherance of its charitable objects. The rlsk assoclated with not having adequate reserve balances is therefore considered to be low. The Trustees policy is to retain 12 months of funding in cash, belng approxlmately £62,000 b35ed on year end investment valLJes. The cash balance held of £133,213 was more than this due to lower charitable expenditure in the year. The investment portfolio is held In funds whith 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 requlrements. Unrestricted funds at 31 December 2025 are £1,674,57712024'. £1,546,405).
THE BROAD CAIRN FOUNDATION TRUSTEES, ANNUAL REPORT YEAR ENDED 31 DECEMBER 2025 OTHER ICONTINUEDI bl Plans for future perlods The Trustees will continue to support the activities set out above by the awarding of grant5. cl Going concern Having considered the charity'5 reserves and commitments, the Trustees believe that the Foundation will be able to maintain positive cashflows for at least 12 months from the date of signing the financial ststements. As a result, the going concern basis of accounting remains appropriate. dl 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 flnanclal statement5 In accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice), Including FRS 102 "The Financial Reporting Standard applicable In the UK and Republic of Ireland" The law applicable to charltles In England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fèir view of the state of affairs of the charity and of the incowing resources and application of resources of the charlty for that period. In preparing these financial statement5, the trustees are required to.. select Suitable accounting policies and then apply them consistentlv,. observe the methods and principles in the Charities SORP,. make judgrnents and estimates that are reasonable and prudent,. state whether applicable accounting 5tandard5 have been followed, sublect to any materlal departures disclosed and explained In the financial statements,. and prepare the financial staternents on the going concern basis unless it 15 inappropriate to presume that the charity will continue in business. The trustee5 are responsible for keepinE proper accountlng records that disclose with reasonable accuracv at any tlme 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) Re8ulatlon$ 2008 and the provisions of the trust deed. They are also responsible for safeguardlng the asset5 of the charity and hence for taking reasonable step5 for the prevention and detection of fraud and other Irregularities. The trustees are responslble for the rNaintenance and integrity of the charSty and flnancial inforrnation included on the charity's website. Legislation in the united Kingdom governing the preparation and dissemination of financial statements may dlffer from legislation in other jurisdictions. This report was approved and authorlsed for issue by the Trustees on 29 June 2026 and signed on thelr behalf by.. J¥( ._ Ba oness Shackleton of Belgravia LVO ustee
THE BROAD CAIRN FOUNDATION INDEPENDENT AUDITORS, REPORTTOTHE TRUSTEES OF THE BROAD CAIRN FOUNDATION Oplnlon We have audited the financSal statements of The Broad Cairn Foundation I'the charity") for the year ended 31 December 2025 whlch comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial 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 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial 5tatements'. give a true and fair view of the state of the charlty's affairs as at 31 December 2025 and of the charity's incorning 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 wlth the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance wlth Internatlonal Standards on Auditing IUKI115As IUKII and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilitie5 for the audlt of the fSnancS3l 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 Unlted Klngdom, including the Financial Reporting Councll's (the 'FRC's'l Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wlth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinlon. Concluslon5 relatln8 to golng concern In auditing the financial statements, we have concluded that the trustees, use of the 80ing concem basis of accounting in the preparatlon of the flnancial statements 15 appropriate. Based on the work we have performed, we have not identified any material uncertalntSes 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 authori5ed for issue. Our responsibilitie5 and the responslblllties of the trustees with respect to going conrn are described in the relevant sertions of this report. Other Informatlon The trustees are responslble for the other information. The other Informatlon comprlses the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the flnancSal statements does not cover the other Informatlon and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance concluslon thereon.
THE BROAD CAIRN FOUNDATION INDEPENDENT AUDITORS, REPORT TO T14E TRUSTEES OF THE BROAD CAIRN FOUNDATION Icoi)tlnuedl In connection with our audit of the financial statements, our responslbllity is to read the other inforrnation 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 otherwlse appears to be materially mlsstated. If we identify such material Incons15tencie5 or apparent material mlsstatements, we are required to determine whether there is a material misstatement in the financial statements or a rnaterial misstatement of the other informatlon. If, based on the work we have performed, we conclude that there Is a materlal misstatement of this other informatlon, we are required to report that fact. We have nothSn8 to report in thi5 regard. Responsibilities of trustèè5 As explained more fLJlly in the Irustees, responsibilities statement, the trustee5 are responsible for the preparation of the financlal statements and for being satisfied that they glve 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 charitVs ability to continue as 3 going concern, discloslng, as applicable, matter5 related to going concern and using the going concern basls of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Audltors, responslbllltles for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the finantial staternents a5 a whole are free from material misstatement, whether due to fraud or error, and to iSSLJe an auditor's report that Includes our opinion. Reasonable assurance Is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISA5 IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economit decisions of user5 taken on the basis of these financial statements. Irregularities, includlng fraud, are instances of non-compliance with law5 and regulations. We design procedures in line with our responsibilities, outlined above, to detect material mi55tatement5 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 copuble of detecting irregultirities, incltjdingfruud.. Our approach to identifying and assessing the rSsks of material misstatement in respect of Irregularities, including fraud and non-compliance with laws and regulation5 was as follows.. we identlfied the law5 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 whlch we considered may have a direct materlal 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 regulatlons Identified above through making enquiries of management and inspecting correspondence- and identified laws and regulations were communicated within the audit team anij the team remained alert to instances of non-compliance throughout the audit.
THE BROAD CAIRN FOUNDATION INDEPENDENT AUDITORS, REPORTTOTHE TRUSTEES OF THE BROAD CAIRN FOUNDATION Icontlnuedl We a55e5sed the susceptlblllty of the charltws accounts to material rnis5tatement, includlng obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was susceptlbS1Sty to fraud, their knowledge of actual, suspected and alleged fraud,. and consldering the Snternal controls In place to mltigate risks of fraud and non-compllance with laws and regulations. To addre55 the risk of fraud through management blas and override of controls, we- perfoimed analytlcal procedures to identify any unusual or unexpected relationshlps,. tested journal entrles to Identify LJnLJsual transactions,. as5e5sed whether judgements anij assumptions made in determining the accountlng estlmates set out in the accounting policies were indicative of potential bias, and investigated the ratlonale behlnd slgnlficant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulatlons, we designed procedures which Included, but were not limited to.. agreeing financial statement disclosures to underlying supporting documentatlon,. reading minutes of meetings of those charged with governance,. and enquirin8 of management as to actual and potential litigation and clalms. There are Inherent limitations in our audit procedures described above. The more removed that laws and regulations are from fSnancS8l transactions, the less likely it 15 that we would become aware of non- compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulatlons to enqulry of the trustees and other mana8ernent and the inspection of gulatorY and legal correspondence, if any. Material mlsstatements that arlse due to fraud can be harder to detect than those that arlse from error as they may involve deliberate nalment or collusion. A further description of our responsSbllltles for the audit of the financial statements Is located on the Financial Reporting Council's website at.. www.frc.o auditorsres onsiblities. The description forms part of our audbtor's report. Report on other legal and regulatory requirement5 Matters on whlch we are requlred to report by exceptlon Under the Charities (Account5 and Reports) Regulatlons 2008 we are required to report in respett of the following matters if, in our opinion.. the information given in the financlal statementsls 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 record5 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, REPORTTQ THE TRUSTEES OFTHE BROAD CAIRN FOUNDATION Iconlinuedl Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities IAccounts and Reports) Re8ulation5 2008. Our audit work has been undertaken so that we might state to the Charity's trustees those matter5 we are required to state to them In an auditor'5 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 opSnlons we have formed. HYHAknY UHY Hacker Young Ch3rtered Accountants and Statutory Auditors Th3mes House Roman Square Sittingbourne Kent ME104BJ Date.. 30 June 2026 UHY Hacker YounE is eligible for 3ppointment as auditor for the charity by virtue of it5 eligibility for appointment a5 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 2025 Note Unrestricted Funds 2025 Unrestricted Funds 2024 Income from; Donations 15,000 Investments- divldends from listed Investments 59,148 59,026 Totsl income 59,148 | 74,026 Expendlture on: Raising funds- investment management costs 13,4741 13,3561 Charitable activities 127,6221 123,2391 Totsl expenditure 131,0961 126,5951 Net Income before Investment galns 28,052 47,431 Net galns on Investments 100,120 56,572 Net income and movement In funds 128,172 lo4,3 Reconclllatlon of funds Funds broughtlorward l January 4546,405 I,A42,402 Funds ¢arried forward 31 December 1,671,577 1,546,405 There were no other recognised gains or105ses for the current year or precedlng 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 BAL*4NLE JHEET YEAR ENDED 31 DECEMBER 2025 Note 31 December 2025 31 December 2024 FIXED ASSETS Investments 1,548,504 1548 504 1451859 1,451,859 CURRENT ASSETS Debtors Cash at bank and In hand 133,213 133,214 98,693 CURRENT LIABILITIES Creditors Net current assets 17,1411 126,073 1 4,150 94,546 NET ASSETS 1,674,577 1,546,405 FUNDS OF THE CHARITY UNRESTRICTED FUNDS 1,674,577 1,546,405 The notes on pages 14 to 17 form part of these financial statements. These financS3l statements of The Broad Cairn Foundation were approved by the Board of Trustee5 and authorised for issue on 29 June 2026. Baroness Shackleton of 8elgravia LVO 13
THE BROAD CAIRN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025 GENERAL INFORMATION The Broad Cairn Foundation is an unincorporated charity registered in England and Wales (charity number 10739291, 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 financlal 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 preparing their accounts in accordance with the Financial 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 Republlc of Ireland 102 IFRS1021 Ilanuary 20221 and the Charities Act 2011. The functlonal currency of the Foundation is in pounds sterling as the Foundation operates and receive5 income in the UK and the accounts have been rounded to the nearest pound. The charity constitute5 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 IFRS1021 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. Ibl Golng Conrn The charity's 3¢tivities, together with the factor5 likely to affect its future development, performance and posltion are set out in the Tru5tee5 Report which a150 describes the financial position of the charlty including its cash, investment5, distributions and reserves policy. Taking these into consideration and the fact that all fund5 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 Llsted Investments are valued at the market price from a recognised stock exchange at the balance sheet date. Realised and unrealised Eains and losses on investments are included in the Statement of Flnantial Activities. Realised 8ain5 and losses on investments are calculated a5 the difference between sale proceeds and opening market value lor value at the date of purchase if later). Unreali5ed gains and105ses are calcLJl3ted a5 the differen 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 Nv i E) i v i H¥ tINAtLIAL i IAI EMENTS ICONTINUEDI YEAR ENDED 31 DECEMBER2025 Investment management fees are included in the Statement of Financial Activitie5 a5 Cost of raising funds. Third party charges on the underlying asset5 are reflected in the fund valuation5 and are not paid directly to the managers. Idl Income and Expendlture Income is accounted for in the Statement of Financial Activities when the Foundation is legally entitled to the Income, and the arnount can be quantified with reasonable accuracy and is probable to be ieceived. Income frorn investments 15 treated as receivable when the investment 15 quoted ex- dlvidend. 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 payments made to third parties in the furtherance of the charitable objects of the Trust. Costs of raising funds comprlse Investment management costs associated wbth managing the Foundation's investments. Included in charitable expenditure are the audit fee and management fee whSch are allocated to charitable activities. Expenditure includes attributable VAT which cannot be recovered. lel Taxation On the basis that the artivities fall within charltable purposes and the funds are applieil only for these purpose5, no provision for taxation is made. If) Fund Accounting All funds are unrestrScted and can be used in accordance wlth the Foundatlon's charltable objects at the discretion of the Trustees. Igl Financial Instruments Financial assets and financial liabilities are reco8nised when the tharity becomès a party to the contractual provislons of the instrument. Investments are initially recognised at transartion value and subsequently measured at falr 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 maturlty of three months or less from the date of acquisition or opening of the deposit or similar account. Creditors and provisions are reco8ni5ed where the charity has a present obligation resulting frorn a past event that will probablv result In the transfer of fund5 to a third party and the amount due to settle the obligation can be me2sLJred or e5tirnated reliably. Creditors and provision5 are normally recognised at their settlement amount after allowing for any trade discounts due. Ihl Crltlcal accounting judgements and key sources of estimation uncertaintv In the applicatlon of the charlty's accountlng pollcles, the Trustees are requlred to make Judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readilv apparent from other SoUrs. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may dSffer from these estimates. Is
THE BROAD CAIRN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI YEAR ENDED 31 DECEMBER 2025 The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recogni5ed 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: 2025 2024 Market value l January 1,450,741 1,364,284 Addltlons at cost 29,885 Disposals at carrying value 15,4161 Unrealised gains 100,535 56,572 Market value 31 December Portfollo cash held by Investment manager Market value at 31 December 2025 1,545,860 1,450,741 2,644 1,118 1,548,504 1,451,859 Historic c05t 31 December 1.330,726 1,334,178 All investments are held in the SUTL Cazenove Charity Sustainable MLJItI-Asset Fund. DEBTORS- Amounts falllng due within one year 2025 2024 Dividend account with fund manager CREDITORS-Amounts falllng due wlthln one year 2025 2024 Accruals 4,150 16
THE BROAD CAIRN FOUNDATION NQTES TO THE FINANCIAL STATMENTS ICONTINUEDI Y&IR ENDED 31 DECEMBER 2025 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Year ended 31 December 2025 Year ended 31 Dècember 2024 Disadvantaged Children and Young People Supporting Communities Other 10,000 2,6DO 3,500 16,500 3,800 20,300 16,100 Support tosts: Bank charges Management charges li 3,000 109 3,000 Governance costs.. Auditors, remuneration- statutory audit Total charltable attlvitles 4,311 27,622 4,030 23,239 All grants made In the year were to UK or oversea5 equivalent registered charities. Further detail on grants greater than £5,000 can be found in the Trustees, Annual Report. FINANCIAL INSTRUMENTS 2025 2024 Financial assets Financial assets measured at fair value through income and expenditure 1,681,717 1,550,552 1,681,717 1,550,552 Financial assets measured at fair value through income and expendlture comprlse Ilsted Investments and cash at bank. RELATED PARTY TRANSACTIONS There have been no related party transactions in the year. No Trustee or persons connected with thern received any remuneration or reimbursement for expenses during the year12024'. none). No Trustee or persons connected with them donated money to the charity12024'. none). During 2024, business interests of one of the Trustees donated £5,ODO to the charity which was received without any conditlons. There were no such donations during 2025. No trustees are related to any charitv awarded grants12024.' none). 17