CHARITY REGISTRATION NUMBER: 1084316
Broom Foundation Financial Statements
5 April 2022
HAFFNER HOFF LTD
Accountants & statutory auditor 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
Broom Foundation
Financial Statements
Year ended 5 April 2022
| Pages | |
|---|---|
| Trustees' annual report | 1 to 4 |
| Independent auditor's report to the trustees of Broom | |
| Foundation | 5 to 9 |
| Statement of financial activities | 10 |
| Statement of financial position | 11 |
| Statement of cash flows | 12 |
| Notes to the financial statements | 13 to 20 |
Broom Foundation
Trustees' Annual Report
Year ended 5 April 2022
The trustees present their report and the financial statements of the charity for the year ended 5 April 2022.
Reference and administrative details
Registered charity name Broom Foundation Charity registration number 1084316 Principal office 28 Broom Lane Salford M7 4FQ The trustees D Neuwirth B Leitner A Vogiel Auditor Haffner Hoff Ltd Accountants & statutory auditor 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
Structure, governance and management
Broom Foundation is constituted as a Charitable Trust registered with the Charities commission on 3 January 2001, under a charity number 1084316. It is governed by a Deed of Trust dated 12 June 2000.
The Charity is run by the trustees who all act in an honorary capacity. A new trustee would receive copies of the previous years' Annual Report and Accounts and a copy of the Charity Commission leaflet 'The Essential Trustee : What you need to know'.
Risk Management
The trustees have identified and reviewed the major risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that these systems and procedures mitigate any perceived risks.
- 1 -
Broom Foundation
Trustees' Annual Report (continued)
Year ended 5 April 2022
Objectives and activities
The objectives of the charity are to advance education within the doctrines and principles of Orthodox Judaism by the establishment, support and provision of educational establishments: to relieve poverty amongst the Jewish Community; and any such further charitable purposes as the trustees may determine.
Public Benefit Policy
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
Grant Making Policy
This is at the discretion of the trustees, but the wishes of the donors to the charity are taken into account. Grants are made to charitable institutions and organisations which accord with the objects of the charity.
Achievements and performance
During the year, the charity received £4,130,872 in donation.
The charity also recorded £18,329 in interest receivable on loans extended for investment purposes and £66 of bank interest and £5,202 from the JRS Scheme.
The charity paid out £3,951,576 by way of grants and support costs. The grants are summarised in the notes to the accounts and were made in line with the stated objects of the charity.
Support costs of £104,623 were incurred, comprising administration staff, bank charges, professional fees and office costs.
The charity has low governance costs comprising professional fees.
There were no material fundraising costs during the year.
Related party transactions are disclose in the notes to the accounts.
There was an overall net income and movement in funds during the year amounting to £202,893.
- 2 -
Broom Foundation
Trustees' Annual Report (continued)
Year ended 5 April 2022
Financial review
As at 5 April 2022 the charity held unrestricted free reserves of £1,169,673 (2021:£966,780).
Reserves Policy
The Unrestricted Fund represents the unrestricted funds arising from past operating results.
The trustees are satisfied that the balance of the Fund is an acceptable level of reserves. It is the policy of the Charity to generally distribute funds in accordance with the wishes of the donors. Therefore, no particular level of reserves is maintained.
True and fair override
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charities governing document, The Charities Act 2011 and the relevant version of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Plans for future periods
The Trustees intend to maximise donations received and to continue to distribute grants in accordance with the charity's objects.
Trustees' responsibilities statement
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each 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;
-
observe the methods and principles in the applicable Charities SORP;
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and 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 applicable Charities (Accounts and Reports) Regulations, 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 fraud and other irregularities.
- 3 -
Broom Foundation
Trustees' Annual Report (continued)
Year ended 5 April 2022
The trustees' annual report was approved on 19 December 2022 and signed on behalf of the board of trustees by:
D Neuwirth Trustee
- 4 -
Broom Foundation
Independent Auditor's Report to the Trustees of Broom Foundation
Year ended 5 April 2022
Opinion
We have audited the financial statements of Broom Foundation (the 'charity') for the year ended 5 April 2022 which comprise the statement of financial activities, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 5 April 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
-
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) (ISAs (UK)) and applicable 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 audit of the financial statements in the UK, including the FRC’s 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 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.
- 5 -
Broom Foundation
Independent Auditor's Report to the Trustees of Broom Foundation (continued)
Year ended 5 April 2022
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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.
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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies 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 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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
-
the information given in the trustees' report is inconsistent in any material respect with the financial statements; or
-
adequate 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.
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, matters 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.
- 6 -
Broom Foundation
Independent Auditor's Report to the Trustees of Broom Foundation (continued)
Year ended 5 April 2022
Auditor's responsibilities 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 is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) 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 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:
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
the nature of the industry and sector, control environment and business performance;
results of our enquiries of management about their own identification and assessment of the risks of irregularities;
any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to (a) identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; (b) detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; (c) the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; (d) the matters identified as to how and where fraud might occur in the financial statements and any potential indicators of fraud.
In common with all audits under ISAS (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK Corporate Governance Code, UK tax legislation and UK Charity Act.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.
As a result of performing the above, we identified no key audit matters relating to the potential risk of fraud.
Our procedures to respond to risks identified included the following:
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the
- 7 -
Broom Foundation
Independent Auditor's Report to the Trustees of Broom Foundation (continued)
Year ended 5 April 2022
financial statements;
enquiring of management concerning actual and potential litigation and claims;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
obtaining an understanding of provisions and holding discussions with management to understand the basis of recognition or non-recognition of tax provisions; and
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.
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.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
-
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
-
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
-
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
-
Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
-
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
- 8 -
Broom Foundation
Independent Auditor's Report to the Trustees of Broom Foundation (continued)
Year ended 5 April 2022
The firm is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under Section 1212 of The Companies Act 2006.
Use of our report
This report is made solely to the charity's members, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's members 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
Haffner Hoff Ltd
Accountants & statutory auditor 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
19 December 2022
- 9 -
Broom Foundation
Statement of Financial Activities
Year ended 5 April 2022
| 2022 | 2022 | 2021 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 4,130,872 | 4,130,872 | 3,446,972 |
| Investment income | 5 | 18,395 | 18,395 | 441 |
| Other income | 6 | 5,202 | 5,202 | 26,263 |
| ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | ||
| Total income | 4,154,469 | 4,154,469 | 3,473,676 | |
| ========================================= | ========================================= | ========================================= | ||
| Expenditure | ||||
| Expenditure on charitable activities | 7,8 | 3,951,576 | 3,951,576 | 3,386,232 |
| ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | ||
| Total expenditure | 3,951,576 | 3,951,576 | 3,386,232 | |
| ========================================= | ========================================= | ========================================= | ||
| ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | ||
| Net income and net movement in funds | 202,893 | 202,893 | 87,444 | |
| ========================================= | ========================================= | ========================================= | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 966,780 | 966,780 | 879,336 | |
| ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | ||
| Total funds carried forward | 1,169,673 | 1,169,673 | 966,780 | |
| ========================================= | ========================================= | ========================================= |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 13 to 20 form part of these financial statements.
- 10 -
Broom Foundation
Statement of Financial Position
5 April 2022
| 2022 | 2021 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Current assets | ||||
| Debtors | 16 | 547,917 | 48,867 | |
| Cash at bank and in hand | 629,842 | 924,812 | ||
| ----------------------------------------- | -------------------------------- | |||
| 1,177,759 | 973,679 | |||
| Creditors: amounts falling due within one year | 17 | 8,086 | 6,899 | |
| ----------------------------------------- | -------------------------------- | |||
| Net current assets | 1,169,673 | 966,780 | ||
| ----------------------------------------- | -------------------------------- | |||
| Total assets less current liabilities | 1,169,673 | 966,780 | ||
| ----------------------------------------- | -------------------------------- | |||
| Net assets | 1,169,673 | 966,780 | ||
| ========================================= | ================================ | |||
| Funds of the charity | ||||
| Unrestricted funds | 1,169,673 | 966,780 | ||
| ----------------------------------------- | -------------------------------- | |||
| Total charity funds | 19 | 1,169,673 | 966,780 | |
| ========================================= | ================================ |
These financial statements were approved by the board of trustees and authorised for issue on 19 December 2022, and are signed on behalf of the board by:
D Neuwirth Trustee
The notes on pages 13 to 20 form part of these financial statements.
- 11 -
Broom Foundation
Statement of Cash Flows
Year ended 5 April 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net income | 202,893 | 87,444 |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | – | 287 |
| Other interest receivable and similar income | (18,395) | (441) |
| Accrued expenses | 660 | – |
| Changes in: | ||
| Trade and other debtors | (499,050) | 13,210 |
| Trade and other creditors | 527 | 564 |
| -------------------------------- | -------------------------------- | |
| Cash generated from operations | (313,365) | 101,064 |
| Interest received | 18,395 | 441 |
| -------------------------------- | -------------------------------- | |
| Net cash (used in)/from operating activities | (294,970) | 101,505 |
| ================================ | ================================ | |
| Net (decrease)/increase in cash and cash equivalents | (294,970) | 101,505 |
| Cash and cash equivalents at beginning of year | 924,812 | 823,307 |
| -------------------------------- | -------------------------------- | |
| Cash and cash equivalents at end of year | 629,842 | 924,812 |
| ================================ | ================================ |
The notes on pages 13 to 20 form part of these financial statements.
- 12 -
Broom Foundation
Notes to the Financial Statements
Year ended 5 April 2022
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 28 Broom Lane, Salford, Manchester, M7FQ.
2. Statement of compliance
The accounts (financial statements) have been prepared in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and The Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The accounts (financial statements) have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the relevant version of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported at the year end.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
- 13 -
Broom Foundation
Notes to the Financial Statements (continued)
Year ended 5 April 2022
3. Accounting policies (continued)
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
Resources expended
All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure.
Charitable activities are made up of grants to institutions.
Expenditure also includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates.
Governance costs are included on an accruals basis and are recognised when there is a legal or constructive obligation to pay for expenditure.
Support costs include costs relating to the administration and general management of the day-today affairs of the charity.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer Equipment - 25% reducing balance
- 14 -
Broom Foundation
Notes to the Financial Statements (continued)
Year ended 5 April 2022
3. Accounting policies (continued)
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations | 4,130,872 | 4,130,872 | 3,446,972 | 3,446,972 |
| ========================================= | ========================================= | ========================================= | ========================================= | |
| Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Bank interest receivable | 66 | 66 | 441 | 441 |
| Other interest receivable | 18,329 | 18,329 | – | – |
| ---------------------------- | ---------------------------- | -------------- | -------------- | |
| 18,395 | 18,395 | 441 | 441 | |
| ============================ | ============================ | ============== | ============== | |
| Other income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Other income - J R S | 5,202 | 5,202 | 26,263 | 26,263 |
| ======================= | ======================= | ============================ | ============================ |
5. Investment income
6. Other income
7. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Grants Payable | 3,846,954 | 3,846,954 | 3,295,167 | 3,295,167 |
| Support costs | 104,622 | 104,622 | 91,065 | 91,065 |
| ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | |
| 3,951,576 | 3,951,576 | 3,386,232 | 3,386,232 | |
| ========================================= | ========================================= | ========================================= | ========================================= |
- 15 -
Broom Foundation
Notes to the Financial Statements (continued)
Year ended 5 April 2022
8. Expenditure on charitable activities by activity type
| Grant funding | Support | Total funds | Total fund | |
|---|---|---|---|---|
| of activities | costs | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Grants Payable | 3,846,954 | 96,295 | 3,943,249 | 3,377,604 |
| Governance costs | – | 8,327 | 8,327 | 8,628 |
| ----------------------------------------- | -------------------------------- | ----------------------------------------- | ----------------------------------------- | |
| 3,846,954 | 104,622 | 3,951,576 | 3,386,232 | |
| ========================================= | ================================ | ========================================= | ========================================= |
9. Analysis of support costs
| Analysis of | |||
|---|---|---|---|
| support costs | Total 2022 | Total 2021 | |
| £ | £ | £ | |
| Staff costs | 74,163 | 74,163 | 53,458 |
| Premises | 2,954 | 2,954 | 2,350 |
| Communications and IT | 2,770 | 2,770 | 4,486 |
| General office | 6,383 | 6,383 | 12,977 |
| Finance costs | 10,024 | 10,024 | 9,006 |
| Governance costs | 8,328 | 8,328 | 8,628 |
| Depreciation | – | – | 160 |
| -------------------------------- | -------------------------------- | ---------------------------- | |
| 104,622 | 104,622 | 91,065 | |
| ================================ | ================================ | ============================ |
10. Analysis of grants
- 16 -
Broom Foundation
Notes to the Financial Statements (continued)
Year ended 5 April 2022
10. Analysis of grants (continued)
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Grants to institutions | ||
| ACT - Ahavas Shalom Trust - A.C.T | 47,868 | – |
| Amud Hatzdoko Trust | 72,482 | 34,751 |
| BCGCT - Bikur Cholim & Gemiluth Chesed Trust | 25,459 | 13,530 |
| Bederech Kovod | 187,775 | 185,484 |
| Beis Yaakov Jewish High School | 36,236 | 51,487 |
| Broughton Jewish Primary School | 130,406 | 54,979 |
| Chassidei Belz (Manchester) | 34,278 | 52,289 |
| Chomel Dalim | 41,308 | 64,329 |
| Friends Of Galanta | 48,673 | – |
| Gateshead Seminary - Beth Midrash Lemoroth JTTC | 32,624 | – |
| Kehillas Kol Yaakov | 63,434 | – |
| King David Schools | 57,555 | 46,657 |
| Kolyom Trust Ltd | 51,686 | 129,371 |
| Manchester Mesivta Jewish Grammar School | 25,846 | 17,315 |
| Min Hameitzar | 28,833 | – |
| North Salford Synagogue | 26,949 | 25,997 |
| Shir Chesed Beis Yisroel | 29,816 | – |
| T T T | 96,744 | 113,018 |
| The Three Pillars Trust | 65,980 | 50,903 |
| YAMF | 113,815 | 78,769 |
| Yesamach Levav Trust | 26,395 | 19,917 |
| Yesoidai Hatorah Schools | 108,917 | 24,261 |
| Grants under £30,000 | 2,493,875 | 2,424,492 |
| ----------------------------------------- | ----------------------------------------- | |
| 3,846,954 | 3,387,549 | |
| ----------------------------------------- | ----------------------------------------- | |
| Total grants | 3,846,954 | 3,387,549 |
| ========================================= | ========================================= |
All grants were in line with the objects of the charity.
11. Net income Net income is stated after charging/(crediting):
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Depreciation of tangible fixed assets | – | 287 | |
| ============== | ============== | ||
| 12. | Auditors remuneration | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Fees payable for the audit of the financial statements | 3,960 | 3,600 | |
| ======================= | ======================= | ||
| Fees payable to the charity's auditor and its associates for other services: | |||
| Other non-audit services | 4,368 | 3,000 | |
| ======================= | ======================= |
13. Staff costs
- 17 -
Broom Foundation
Notes to the Financial Statements (continued)
Year ended 5 April 2022
13. Staff costs (continued)
The average head count of employees during the year was 6 (2021: 6).
No employee received employee benefits of more than £60,000 during the year (2021: Nil).
14. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
15. Tangible fixed assets
| Equipment | Total | |
|---|---|---|
| £ | £ | |
| Cost | ||
| At 6 April 2021 and 5 April 2022 | 13,353 | 13,353 |
| ============================ | ============================ | |
| Depreciation | ||
| At 6 April 2021 and 5 April 2022 | 13,353 | 13,353 |
| ============================ | ============================ | |
| Carrying amount | ||
| At 5 April 2022 | – | – |
| ============================ | ============================ | |
| At 5 April 2021 | – | – |
| ============================ | ============================ | |
| Debtors | ||
| 2022 | 2021 | |
| £ | £ | |
| Other debtors | 547,917 | 48,867 |
| ================================ | ============================ |
16. Debtors
The amount receivable in more than one year is £500,000.
17. Creditors: amounts falling due within one year
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 7,260 | 6,600 |
| Social security and other taxes | 821 | 189 |
| Other creditors | 5 | 110 |
| ----------------------- | ----------------------- | |
| 8,086 | 6,899 | |
| ======================= | ======================= |
18. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £825 (2021: £227).
- 18 -
Broom Foundation
Notes to the Financial Statements (continued)
Year ended 5 April 2022
19. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At 06 | At 05 | |||
| Apr 2021 | Income | Expenditure | Apr 2022 | |
| £ | £ | £ | £ | |
| General funds | 966,780 | 4,154,469 | (3,951,576) | 1,169,673 |
| ================================ | ========================================= | ========================================= | ========================================= | |
| At 06 | At 05 | |||
| Apr 2020 | Income | Expenditure | Apr 2021 | |
| £ | £ | £ | £ | |
| General funds | 879,336 | 3,473,676 | (3,386,232) | 966,780 |
| ================================ | ========================================= | ========================================= | ================================ |
20. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2022 | |
| £ | £ | |
| Current assets | 1,177,759 | 1,177,759 |
| Creditors less than 1 year | (8,086) | (8,086) |
| ----------------------------------------- | ----------------------------------------- | |
| Net assets | 1,169,673 | 1,169,673 |
| ========================================= | ========================================= | |
| Unrestricted | Total Funds | |
| Funds | 2021 | |
| £ | £ | |
| Tangible fixed assets | – | – |
| Current assets | 973,679 | 973,679 |
| Creditors less than 1 year | (6,899) | (6,899) |
| -------------------------------- | -------------------------------- | |
| Net assets | 966,780 | 966,780 |
| ================================ | ================================ |
21. Taxation
Broom Foundation is a registered charity and therefore is not liable to income tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
22. Analysis of changes in net debt
| At | |||||
|---|---|---|---|---|---|
| At | 6 | Apr 2021 | Cash flows | 5 Apr 2022 | |
| £ | £ | £ | |||
| Cash at bank and in hand | 924,812 | (294,970) | 629,842 | ||
| ================================ | ================================ | ================================ |
- 19 -
Broom Foundation
Notes to the Financial Statements (continued)
Year ended 5 April 2022
23. Related parties
Mr A Vogiel, a Trustee of Broom Foundation is also a Trustee of The Bersam Trust. In the previous year, Broom Foundation made a loan of £18,500 to The Bersam Trust on an interest free basis, this was fully repaid during the year.
Mr D Neuwirth, a Trustee of Broom Foundation is also a Trustee of The Sanz Foundation and Belz Communities. During the year, Broom Foundation donated £5,399 to The Sanz Foundation and £6,887 to Belz Communities.
Mr D Neuwirth and Mr B Leitner, Trustees of Broom Foundation are also Trustees of Ohr Torah. During the year, Broom Foundation donated £4,947 to Ohr Torah.
Mr B Leitner, a Trustee of Broom Foundation, is also a Trustee of Chasdei Belz. During the year, Broom Foundation donated £154 to Chasdei Belz.
- 20 -