THE BROOMTON FOUNDATION REPORT AND ACCOUNTS YEAR ENDED 5 APRIL 2023
THE BROOMTON FOUNDATION INDEX Year ended 5 April 2023 General irlormat•)n TnMt••z' anftu r•port AudrEor's rcport Stat¢m4ftr af fCIal Baknce sheet Sratemenr of ¢ash flows 10 Notes to the Stments
THE BROOMTON FOUNDATION
GENERAL INFORMA TION
YeAr end 5 Aprll 2023
EJtabllsh•d by deed
6 April 2C#)8
Charity number
112S386
Trustees
J F Chamberf&
R H Chamberlaift
KELèwi
Prfnclpal office
Provldenct House
141.145 Pri StrEE¢
IPswh
Suffolk
Ipi ioj
Trust summary
Th• eharty was esDbl$hed in the Unrted KmBdprn by
THE BR¢)OMTON FOUNDATION
TRUSTEES
ANNUAL REPOR T
Year ended 5 Aprtl 2023
Th• Trtssrw present their annLMI r¢porE aEEwnts f¢Jr the year ended S Aprsl 2023. Thc accounts ccfflply w
current stattstwy requlremencs and arc m complon¢¢ wrth the rElevant proyisions of the Charits"es AOL 2011, the
TrusL Deed and Ae¢ountlng and RewJrcinR by Char¢5. Statement pf Recon)mended Practice applK#bk to
THE BRO01ON FOUNDATION
TRUSTEES
ANNUAL REPOR T
Year ended 5 April 2023
Ic is the Trus¢ees' poly to di%trbute incc¥ne as st)on a5 practid ahr rt•lpc However. suitable chari¢i¢s or
charrthblt purposes to Juppgrr caThnor be Idenrbfie& th¢ Trustees Will rttain resen un1 such dm• as sulLJle
chartrles or ¢haritabl¢ purpo5ES an be Iderrrifi
Th• Trustèés knve i¢Jenufd the rnaigr rNk ro the chan'rl a5 a f211 In iThcom8 re50urce5. The nsk has b••n
revKwed and d•md low likelfvi(M)d and IrryacL The Tru5es rnanage thh risk by MntaInin2 substan
rcsour
THE BROOMTON FOUNDATION
A U D I T O R ’ S R E P O R T
Year ended 5 April 2023
Independent Auditor’s Report to the Trustees of The Broomton Foundation
Opinion
We have audited the financial statements of The Broomton Foundation (the ‘charity’) for the year ended 5 April 2023 which comprise the statement of financial activities, balance sheet, statement of cashflows and notes to the financial statements, 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 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 5 April 2023 and of its incoming resources and application of resources for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (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 Trustee's 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 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 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.
5
THE BROOMTON FOUNDATION
A U D I T O R ’ S R E P O R T
Year ended 5 April 2023
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
-
the information given in the financial statements is inconsistent in any material respect with the trustees report; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records; 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 set out on page 4, 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.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 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 gained an understanding of the legal and regulatory framework applicable to the charity by considering, amongst other things, the sector in which it operates, and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the assessed level of risk, but recognised that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to UK Charity Law.
Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management, and enquiries of third parties.
6
THE BROOMTON FOUNDATION
A U D I T O R ’ S R E P O R T
Year ended 5 April 2023
As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by management that represented a risk of material misstatement due to fraud.
There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud.
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 auditor’s report.
Use of our report
This report is made solely to the charity’s Trustees, as a body, in accordance with regulations made under section 154 of the Charities Act 2011. 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.
……………………………………… Dixon Wilson Audit Services LLP, Statutory Auditor 22 Chancery Lane London WC2A 1LS
1 February 2024 Date:…………………………..
Dixon Wilson Audit Services LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
7
THE 8ROOPffoN FOUNOATION ,
ALANCE SHEET
As Jt S Aprll 2023
21nJ
2022
Fts*d
1521Sm6
15.071055
Cash ai bank Jnd In hand
O¢btWS
3.395.094
114h97
4 104J77
10&427
3.499.791
4.213.001
f145510)
5,336)
3.464.45S
4.067.484
18AeoJ31 .
19.14Q539
Thefthds of the
THE 8R¢)QlffON FOUNDATION ST A TEMENT OF FINANCIAL ACTIVITIES Year ended 5 April 2023 fur$ 2022 2023 2023 2023 2022 2022 from: 752 752 lJ75.329 I575.(1 3.150.329 . &•k inwesr 25,493 443.4x1 IS.185 2S.493 443.420 1.174 395.M2 1.174 J95.CQ2 14.CQl - Other iD¢om¢ 410.177 404150 484Ag) 1.985ts06 157st 3.$60.506 Expendltwt Pl1842) QIZ8421 2,ISI) (852.151) P118421 1852,1511 (851151) N•t U0$1•5y8a on (7312161 17312161 l.G4J4245 1.ChNJ45 (7322161 {460) J.133JSS 2J79.245 3.712.6LV Net movement In f4Th1s 1731216) (46Q¥AI 1.133J55 U79245 3.712,000 Reeoncdilli 41 Iwth 3.191447 I%9(2 19,140.539 2.059.092 13,368,847 15.427.939 3.464.455 15215.876 18.680.331 3.192.447 15.948.G92 19.14QJ39
THE BROOMTON FOUNDATION STA TEMENT OF CASH FLOWS Year ended S Aprfjl 2023 2023 2022 (r•stst•d) Net rnovemenr In fvnth {460.2Cfj) 3.712,000 {47&025) f397.688) Adthllessl.. lossesllys) on wwesurerhf¥ 731116 {i.cX)4245J Less: i45t Ikbtors 162701 (12.48YJ Less: decreast in vedi¢ofs {110.1841 179.030) Ne¢ (used Iny8•n•rnt•d from oyrJtln¥ athityeg {321471} 1219.148 Divtdends. rebtt5. intvert 478. 397.688 Purchase of inv¢sun¢nts {875,037) (1.443.OLKI) N•t csh uy•d in Irwe5tlns actMtle5 <397.012) (l.Q45.3121 Chany and cash equplaknts (719.483) 1.173.836 Cash and <ash ¢qU¢n[S brouthi f¢rward 4.104377 1930.741 Cash and cash eqU¢nI3 card foThnrd (we 9} 3.385.094 4.101.577 10
THE BRQQMTON FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS YeAr ended S April 2023 Ac¢¢)urrtlni polkles The prnic11 a¢Ctyjnti polKE5 wId m the prEPtr d thE5E financ suremenrs are ser out below. These icl•s b••n conslstenty ro atl the Presen unltss 5UtE& Basls ol pr•paratlon Th• finaThC stttements hwe been prepared un&r the htstorKI ¢os¢ ¢on¥entson with emS at cost or trnnsa¢rKJn ve unless oth¢rwi5e stated in the rdevant notes to these accounts. The firn¢la1 wternents have b¢en prtparéd Sn aCCordKe Y•ith the 5tsterneni of Recommenthd Pr4ctyE< knounvng and Reporring by Charitvés pr•paring th•ir att¢AJnts tn accordance with the Financk Keporring stsnd ¥pld?IE in the United Ku¥dom and R•public of Ir•hnd IFRS 102) Sssued on I ntory 2019 and the chirr Aci 2011. Th• Tnjst cordtirutas 2 wblk b•n•fft •nty x d•1}rd by FRS 101 Goin8 concern Trustees ccffi5ithr thac there are no Mri [CertatIes abrwt Trust's abilw to Continue a5 a 8Ptn8 concern. and rhèt there assurycpons that affect iterns in the accounrs. All incorne ts recognl th)ct the ¢harty has entrtlernent to the incom& it is probable that the income TMII be recehe& 2nd rhe arnaunr 01 income re¢ew can be rrured rej1[y. Donauuro and le8aC are reCwed whu the Charity has been notifd in Writi of both tr¢ amovnt and the 5etdemenr datE. DIVIdd5 are accounted for on an ex.dW2nd accr bas Inr4r•sE on &posn and tsad inr4fuE securiues ve atcounted lor on an xcrwLb basis. Exp•fiditur r4CO8nition Liabl1leS are re¢ogni%ed as xpendKure u soon as ther¢ a lerdl or constructive obfi%ation commlIng th• thari that eXPlEUre. it is probable rPai sedern¢n¢ will be required, and The amounT of the ¢)blipuon can measured relkibty. Grants payable are payThnu rnade w thvl part$ in the fiJrtherxne• af eharffabh obpcr5 af the TrusL This is ac<rued once the rKipieTht has been northed of the r4At iwxrd Provislons for liabllttles A provisn reco1$1 wh•n the charity has a or ¢onstrLKzrwe cèlirdrion to rnake i pJym¢nt EO a thlrd party. It Is prttbabl that setrJemenL wll I be requir¢4 and erther the uming or the amounT (A the ¢)b'.irAtlon Uheén2lA. Th Arnoun¢ reowis¢d as a Pr•Sn is the best esumate of the expend we requtr•d to sa£tk or to transfer the tlyoon w a third pary ar the reprytynx date. Provislons Jré dkttsunrAd where the trrn¢ Ylue of money is marerhil. Flxed asset InVtrnts Invurments are i ftym of basir fThrbtli ffttrrurnent and are re¢osnknd ar th•r tran5acripn ¢ and subsequEnily nioasured Jt t1r fa5r a$ at the balan<e sheer thre using the d¥sin2 quoted rnarkei price. The ItEernent of financi actNi¢ies includes the net Dins and 105ses thslrtg oft rulOn and dLSP05aL4 throu8hout tht year.
THE BROOMTON FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ended 5 Aprll 2023 A¢¢ountlng pokEi•s (contlnued) FIAanclal Onstnknènts Financkl inrruménts arè dassffjied and dccounted fLY. •rE0rd8 ro th? subsrlnce of the con¢rdcC arrangemenL a5 fWneI *ss•rs ar flftancial liabiliw_ Taxation The <hary li L¥ry from 521 to 536 d the IrKom• Tax kn 2007. Not• 1022 Grants ro ¢harnbk tau5es and insututi¢)ns 19&760 834.804 Sundry Travel 137 Audr( Aceountaney s•rvieas k tharys Cvnsutw (ee5 8.179 3.699 452 6.498 534 7.5 212,842 852.151 12
THE BROOMTON FOUNDATION NOTES TO THE FINANCIAL 5T A TEMENTS Y•r •nd•d 5 April 2D23 Grants and don•tion5 2023 2022 DECTurk¢y Feedlng 8rlrain Headway Ken5ingEon & Chelsea FtyJndat)n 50,WO 50,L¥JO 10.cwj 10.cTr) 9.3SS Pop Chorus Resurgo Trust Ridingfor rh Dtsabled Associath Seeding Hepe SenfiEe Dozs UK Tru55EII Trust DEC Ukratne Appeal Un¥¥ersity of P¢nnsyl¥anA IUSA) Founthion Ltsa Young Livei v Canc•r Othér Insdtutlons {1.003} Jo,000 80.000 00.000 207 50,000 500.000 10.crfJo 2.405 009 196.760 834.804 Investments 2D23 2022 Marker at 6 April 2022 Addiuons a¢ cosc N¢i Ilossesygatns on firAn¢AI assets (poze 8) Mvke¢ e a¢ 5 Apnl 2023 15.073.055 875.037 1732.216) 15215.876 11625.810 1.443.000 1.004.245 15,073.055 Hlstorlcl £OBt 11251.503 IOJ76.466 Intmantr at falr value consists ofr. UK unit trusts IS.215.876 15.073.055 Mark•t xr S April 2013 15215.876 15.073.055 Oebtors 2023 2022 crued inEpine Prep•yments 114.500 197 108.427 114.697 108.427 13
THE BROOMTON FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ended S Aprll 2013 Cr•dltovs: amoun¢s falllns due tithln one year 2013 2022 ruaL% Gts and dorutions pyabl• 9.982 Z5.354 9595 135,925 35.336 145.520 Fundg Jnaly5 Openlng Unroalls•d Inco1r Expendltwe gains l (loss) Closins balance Unrestriete¢J fund5 Endowmtftt fund> 3.192.447 15.948.092 QIU42) 3.464.455 15.215.876 (732,216} 12120421 (7322161 TotJ fund5 19.140.539 18.680,331 Op•ning Unreallsed 8aln8 Cioglng balanc• Incorn• EzyrAIr Unrestricted fund5 End¢)wmenr fvnd5 1059.092 13.368.847 1.985.506 1375.C 852.151) 3.192.447 1 5.948.092 l.W4245 Tod fun& 15.427.939 3560.506 1851151) I,Crf)4245 19.140539 Totsl funds fun<ts at S 1 2023 are rEpresented by. Total funds fvnds funds lftvéstmènts Cash at bank and in hand Débtors Credmrs 15215,876 I S215.876 3.38S,094 114,697 135.336) 18.680.331 3.385.094 14,697 135,336) 3.464.455 15.21 S,876
THÉ BROOMTON FOUNDATION NOTES TO THÉ FINANCIAL ST A TEMENTS Year ended 5 Aprll 2023 R•lated party transartion5 The Tru5reE5 wefE r¢wnbur5ed f¢Jr expenses reLited to t]r sèThl¢és ro the ckirity In thé CLJrrni y•ar rh2t amgun(ed co É13712022- none). The tharity had rty) tr1&Ys thrir¢ thé year12022 . fione). reDte thsnatlorts retcNtd from 4 relatèd pary. af whth ra d1r•ttO ar• Trust of th• chanty. wrthaut conéifyor rofatkd £nil12022. £3.150.fxx)I No lurther related party traf4x rew17 dis¢losure took placè OJrkn£ the rer•)rrlng rICA. 10. FinnCl a%sets and liabilitles The following ve financi IAbilroe¥ as b•sit fMw)cial ir¢s¢rnmenrs antl ¥e inkiJlty rect)gttls•d jt tran{tion vdue and subsequently measwed at thetr amortsèd cost Financial1Sabilitis 2023 2022 Accru 9.982 2S.354 9.595 135.925 35.336 145.520 ThE hllowirb¥ v¢ firtIn¢ asscfs thar quty as basbc fftnand 1nsrrtKr and in1r1ty recogni%ed tt their tr•ns•¢¢ion vajue sth$¢qnty measured at th•ir Val as ar th• baknct 5htrt &te u51n8 the d05in8 Woted market prKe.' Flnancial aJ¥ets UK unrt trusts 15,21 S.876 IS,073.055 15215,876 15.073,OSS I l. Condn8ent Ilablllty The Trusrees have a8reed t£> do[¢ £3.CW.CO) to M3g••'& towarth tha building of the Ma.5 Cambridge cefttre. Payment will be rn¢ in thr¢¢ insrJmenE% and 1¢ to the cornpletion of key proiccf milestone5, Thc fir5£ in5talment of £l.OW.fXKI w1 be pd subw w the condltion thar pi>nning perni11sn has been secured. whith is estimated to duriAg th summer C+f 2024. The sttoThd insralment of £ l.Cth,C#)O is Oje ro be P2k4 orKe <vn5CTuEtitin commenced whKh Ss è$tn&td to during th• summer of 2025. The third insklment of Cl.CW,IY)O li &Je w be pwd upon wad¢al comphtltsn af th• building wprkts, whKh is *sdm•red ro b• durini the sprnK of 2027.