THE BROOMTON FOUNDATION REPORT AND ACCOUNTS YEAR ENDED 5 APRIL 2024
THE BROOMTON FOUNDATION I N DEX Year ended 5 April 2024 Page General information Trustees, annual report Auditor's report Statement of financial activities Balance sheet Statement of cash flows 10 Notes to the financial statements
THE BROOMTON FOUNDATION GENERAL INFORMA TION Year ended 5 April 2024 Established by deed 6 April 2008 Charity number 1125386 Trustees B Chamberlain J F Chamberlain R H Chambcrlain K E Lewis Principal office Providence House 141-145 Princes Screet Ipswich Suffolk Ipi ioj Trust summary The charity was esLiblished in the Unitcd Kingdom by a dced d,Ited 6 April 2008. The income and capit.Il of the Trust ie held by the Trusrees for such charitable purposes as they think fit. Up to 5 April 2021 £12,568,127 was 'fted to the Trust. On 22 Deccmber 2021 £1,443,000 was fted to the Trust. On 4 January 2022 £1,707,000 w2s gifted to the Trust. On 22 December 2023 £1,900,000 was grfted to the Trust. Bankers C Hoare & Co 37 Fleet Street London EC4P 4DQ Investment advisors CCLA Investment Management l Angel Lane London EC4R 3AB Auditor Dixon Wilson Audit Serviccs LLP 22 Chincery Line London WC2A I LS
THE BROOMTON FOUNDATION TRUSTEES ANNUAL REPOR T Year ended 5 April 2024 The Trustees present their annual report and accounts for the year ended 5 April 2024, The accounts comply with current statutory requirements and are in compliance with the relevint provisions of the Charities Act 2011, the Trust Deed, and Accounting and Reporting by Charities: Statement of Rccommcnded Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Sthnd1rd applicable in the UK and Republic of Ireland (FRS 102) (effective l Jinuary 2019). The report should be recid in conjunction with the general information provided on pigc 2. Administrative information The Broomton Foundation is I chiriry registered with the Ch2rity Commission, registration number 1125386. It is governed and constituted by a Trust Deed dated 6 April 2008. Structureg governance, and management The Trustees who have served during the yeir Ire those shown on page 2. The power of appoincment of new Trustees is vested in the current Trustees in accord.Ince with the terms of the Trust Deed. New Trustees are thoroughly briefed by the existing Trustees on appointment to their posts. Objectives and activities for the public benefit The objett of the charity, as set out in the Trust Deed, is to provide financial support to such charitable purposes or charitable institutions as the Trustees in their absolute discretion select. The chirity's only activity is fulfilling this obFctive by making grants and donations throughout the year. The Trustees, having regard to the public benefit guidance published by the Charity Commission in accordance with section 17 of the Charities Act 201 I, consider that the purpose 2nd activities of the charity satisfy the requirements of the public benefit test set out in section 4 of the same act. Achievements and performance The Truscees. overall investment objective is to maintain a multi-asset portfolio and achieve a balance of Income and capital growth. Recipients of grants are idenufied and selected by the Trustees, who meet on a regular basis to discuss the chariry's applicauon of funds. Once all Trustees arc in agreement as to the nature and size of grants, these are made according to the Trustees, instruccions. The chancy does not respond to unsoliciced requests for funding. During the year total ftS to the Endowment fund of £nil (2023 £nil) were received. TOLII gifts £0 the Unrestricted fund were £1,901,121 (2023 - £752). Donations Imounting to £180,044 (2023 - £196,760) were committed to by the Trustccs. Donations included significint support of both local Ind global charitable institution: supporting a wide range of causes, Ic s shown on page 12 of these Iccounts. During the previoue accounting pcriod, a significant grant wis awirdcd to the Miggie Kcswick Jencks Cancer Centres Trust (Maggie a). Maggie's is an independent charity outside of the NHS thit spcciilises in cancer circ, providing emotional support and pr2Ctical advice. The grint has been Iwardcd to M.Iggie's for the purpose of building a new cancer support ccntre in Cambridge, The centre will provide an evidence-bascd programnie of SOC131, emotional and prattical support for people living with c.Incer, The gnnt is Plble in three instilnicnts of £ 1,000,000 over a three-year period 2nd is rubject to the complction of key milestones which have not yel been met. The commicments have been disclosed in the accounts as a contingent li.Ibility which is dctiiled in note I l. The grant i: condition31 upon cerLlin critcna and will be rccognised Is a liibility in the accounts once it bccomes probable that the grnnt will be paid.
THE BROOMTON FOUNDATION TRUSTEES ANNUAL REPOR T Year ended 5 April 2024 Financial review and risk management Investments at the year-end had a market V<ilue of £16,393,581 (2023 - £15,215,876), an increase of 7.7% (2023 increase of 0.9%). Endowment funds stand at £16,393,581 (2023 £15,215,876) and Unrestricted funds are currently £5,757,699 (2023 £3,464,455). The Endowment funds are, in accordance with the Trust Deed, expendable endowment funds created by ongoing gifts, and the Unrestricted funds .1re the funds used to finance the chariry's charitable activities. It is the Trustees. policy to distribute income as soon as practical after receipt. However, if suitable charities or charitable purposes to support cannot be identified, the Truscees will retain reserves until such time as suit.Ible charities or charitablc purposes can bc identjfied. The Trustees have identified che major risk to the charity as a fill in incoming resources. The n:k has been rcviewed and is deemed low likelihood .Ind imp2Ct, The Trustees manige chis risk by maintaining substanrial resources in the Endowment fund of the charity. Trustees, responsibilities in relation to the financial statements The Trustees are responsible for preparing the Truscces, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accouncing Scandards (United Kingdom Generally Accepced Accounung Prattice). The law applicable to charities in England and Wales requires the charity Trustees to prepare financiil 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 the financial statements, the Trusiees are required to.. select suitable accounting policies and then apply them consistently; observe the methods and principles in the applicable Charities SORP; make judgements and estimates that are reasonable and prudent. stare whether applicable accounting standards hive been followed. subject to any material departures thac must be disclosed and explained in the financial statements; and prepare the financial stacements on the going concern basis unless it is incippropriate to presume that the charity will continue in business. The Truecees are responsible for keeping proper accounting records that disclose with rcason.Ible .Iccuracy at any time the financial posicion of the chariry and to en2ble them to ensure that the financial sLitements comply wich the Charioes Act 2011, che applicable Charities (Accounts and Repons) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. So far 2s each Tru:tee is aw.Ire, there is no relevant audit information of which the charity's auditors are unaware. Each Trustee h2S taken 211 reasonable steps that they ought to have taken as a Trustee in order to make themselves aware of any relevant audit information and to establish th.It the charity's iuditors .Ire .Iware of thit information. By order of the Trusrces B CHAMBERLAIN Trustee 30-1- 2025
THE BROOMTON FOUNDATION AUDITOR'S REPOR T Year ended 5 April 2024 Independent Auditor's Report to the Trustees of The Broomton Foundation Opinion We have audited the financial SLltemcnts of The Broomton Foundation (the 'chirity') for the year ended 5 April 2024 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 Scandards, including Financial Reportin 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 Apnl 2024 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 Our responsibilities under those standards are further described in the Auditor's responsibilitses for the audit of the financial statements section of our report. We 2re 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 Ethic31 St2nd3rd. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is sufficient 2nd appropriate to provide a basis for our opinion. Conclusions relating to going concern In audiung the financial statements, we have concluded that the Trustee's use of the going concern basis in the preparation of the financi21 statements is appropriate. ccounting Based on the work we have performed, we have not identified any material uncertainties relating to even or conditions tha( individually or collectively, may cast significant doubt on the charity's ability to continue as a goin concern for 2 period of at least twelve months from when the financial statements are authorised f issue. Our responsibilities 2nd the respon secuons of this repon. ibilities of the Trustees with respect to going concern are described in the relevint Other information The other information comprises the infonnation included in the annual report. other than the finan statements our auditor's report thereon. The Trustees are responsible for the other information. Our opinion on th Inanc SLltements does not cover the other Information and we do not express any form of surance conclusion thereon. In connection with our audit of che fina ial statements, our re onsibility is to re.Id the other information and, in doing so, consider whether the other inforniauon is materially Inconsistenc with th financiil stitemcncs knowledge obtained audit or otherwise appears to be materiilly misstated. If we identify such maierii inconsistcncies or appil rent m.Iterial misstatemen, we are required to determine whecher there is a ma miaatacement In the financial statements or a matenal misstatement of the other information. If, bic d on the wor we 2ve perfornied, we conclude that there is a material misstatement of this other information. we are required t rcport that fact. ave nothi g to rep in t s regard.
THE BROOMTON FOUNDATION AUDITOR'S REPOR T Year ended 5 April 2024 Matters on which we are required to report by exception We have nothing to report in respect of the following matters in rclation to which the Charities (Accounts 2nd 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 agrccment with the Iccounting records; or we have not received all the information and explanations we rcquire for our audit. Responsibilities of trustees As explained more fully in the Trustecs, responsibilities statement set out on page 4, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they &ve a true and fair view, and for such internal control as the Trustees determine is necessary to enable the prep2rauon 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 abilicy to continue as a going concern, disclosing, as applicable, matters related to going concern 2nd using che 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 effett thereunder. Our objettives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemenl 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 audic 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 reisonably be expetted to influence the economic decisions of user5 taken on the basis of these financial statements. Irregulariues, including frdud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respecc of irregulariu'es. including fraud. The extenc to which our procedures are capable of detetting irregularities, including fraud is detailed below: We gained an understsnding of the legal and regulatory fnmework applicible to the charity by considering, amongst other thing:, the sector in which it operates, and considered the risk of acts by thc chirity that were concrdry £0 applicable laws and regulations, including fraud. We designed audit procedures to respond to the assessed level of nsk, but recognised that the risk of not detecting a miteriil misst,Itcment due to fnud is higher th.In the risk of noi detccting one resulting from error, as frnud miy involve delibcrate conccalnient by, for eximple, forgery or intention21 misrepresenLltion: or through collusion. We focused on laws and regulations which could give rise to a niiterial misstatement in the financial statements, including, but not limited co UK Charity Law. Our tests included ,Igreeing the financiil statement disclosures to underlying supporting documentation, enquines with management and confirmation of cash ba11nces with the charity's binks.
THE BROOMTON FOUNDATION AUDITOR'S REPOR T Year ended 5 April 2024 As in all our audits, we also addrcssed the risk of minigcment override of intcrnil I controls, including testing journils and evaluating whcthcr there was evidence of bi,Is by minagement th.It representcd a risk of material mis:Lltement due to fraud. There are inherent limitations in the audit procedures descnbed above and, the further rcmovcd non-compliance with laws and regulau'ons is from the events and transactions reflected in the financial SLltcments, the Icss likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including frnud. A further description of our responsibilities for the audit of the financiil statements is locatcd 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 chirity's Trustces, as a body, in accordance with regulations madc undcr section 154 of the Charities Act 201 l . Our audit work has been undertaken so that we might SLlte to the charity's Trustees those matters we are required to state to them in an iuditor's report and for no other purpose. To the fullest extcnt permitted by law. we do not accept or 2ssume responsibilicy to anyone other than che chariry and the charity's Trustees as a body, for our audit worl for this report, or for che opinions we have fonncd. Dixon Wilson Audit Services LLP, Statutory Auditor 22 Chancery Lane London WC2A I LS 30 January 2025 Dixon Wilson Audit Services LLP is eligible to act as an auditor in terms of section 1212 of the Companies Att 2006.
THE BROOMTON FOUNDATION ST A TEM ENT OF FINANCIAL ACTIVITIES Year ended 5 April 2024 Note Unrestricted Endowment funds funds 2024 2024 Total Unrestricted Endowment funds funds funds 2024 2023 2023 Total funds 2023 Income from: Donations and legacies Investnient Inconie Bank Interest Dividend Inconie Other Inconie 1,901.121 1,901,121 752 752 127,305 448,059 15,636 127,305 448,059 15,636 25.493 443,420 15,185 25,493 443,420 15,185 591,000 591,000 484,098 484,098 Total income 2,492,121 2.492,121 484,850 484.850 Expenditure on: Charitsble activitses (198.877) (198.877) (198,877) (212,842) (212.842) (212.&12) (212.842) Total expenditure (198,877) Net InS](lOsses) on financial 4 assets 1,177,705 1 .177,705 (732216) (732.216) Net incomel(expenditure) 2,293,244 1,177,705 3,470,949 272,008 (732216) (460.208) Net movement in funds 2,293,244 1,177,705 3.470,949 272,008 (732216) (460.208) Reconciliatson of funds.. Funds brought forward 3,464,455 15,215,876 18,680.331 3,192.447 IS.8.092 19,140.539 Funds carried forward 5,757,699 16,393,581 22.151,280 3,464,455 15,215.876 18,680.331
tj t.) t. i.,, 1014 15.21t J.4'1:/; j/$ 5,5ts41 .3,4A4.451 N'tt c¥"rrcnt . The fiinG¥ cf thr cl7,Irity; IA,3?3,S.3 1 l/ A / £ Lr://i¢ CrJff.9fF¥iAII,I J F Ck,:.f*L£P:LA!sh
THE BROOMTON FOUNDATION ST A TEMENT OF CASH FLOWS Year ended 5 April 2024 2024 2023 Net movement in funds 3,470,949 (460,208) (478, 025) 732,216 Less". cish from non-openting activities (Less)IAdd: (Gains)/Losses on investments Less. Increase in debtor5 (555,964) (1,177.705) (34,838) 47,283 (6270) (110.184) (322.471) Incre3se/(Decre2se) in creditors Net cash generated froml(used in) operating activities Cash flows Crom invescing activities.. Dividends, rebates, and intcrest 1,749,725 555.96A 478,025 Purchase of investments (875. 037) (397,012) Net cash generatedl(used) in investing activities 555,964 Change in cash and cash equivalents Cash and cash equiyalents brought forward 2,305.689 (719.483) 4,104,577 3.385.094 Cash and cash equivalents carried forward (page 9) 5,690,783 3,385.094 10
THE BROOMTON FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ended 5 April 2024 Accounting policies Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparntion of these financial statemcnts arc sct out bclow. The: policies hayc been consistcntly applied to all the ycars presentcd, unless otherwise stated. Basis of preparatlon The financial statements have been prepared under the historical cost convention with items recognised at cost or trnns2Ction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Stacement of Rccommendcd Practicc: Accounting and Rcporting by Chancics prepanng their accouncs In accordince with the Financial Reporting SLindird applicable in the United Kingdom and Republic of Ireland (FRS 102) issued on l J.Inuary 2019 and the Charitics Act 2011. The Trust constitutes 2 public benefit enfiry 4lS defined by FRS 102. Fund accounting policy Unrestrictcd funds are gener21 funds thac are av.iil.Ible for use .It the Trustees. discretion in furthernnce of the objectives of the charity. The chariry has an endowment fund created by ongoing fts. The terms of the endowment allow the capital of che fund to be spent at the Trustees, discretion in funherance of the objectives of the charity Going concern The Trustees consider that there are no matenal uncertainties about the Trust's abiliry to continue as a going concern, 2nd that there are no key assumptions that affect items in the Iccounts. Income recognition All income is recognised once the charity has entitlement to the income, ic is probable that the income will be received, and the amount of income recciv2ble can be measured reliably. Donations and legacies are recognised when the charity has been notified in wriung of both the amount and the setclement dace. Dividends are accounted for on an ex-dividend accruals basis. Interest on dcposics and fixed interest securities are accounted for on an accruals basis. Expenditure recognition Liabilities are recognised as expenditure as soon as there is 2 legal or constructive obligation committing the chanty to thac expendicure. It is probable that settlement will be required, and the amount of the obligation can be measured reliably. Gr3ntf payable are payments made to third parties in the furtherance of the charitable objects of the Trust. This is 2ccrued once the recipient has been notified of the grant award Provisions for liabilities A provision is recogni.ed when the charity has a legal or construccive obligation to make a paymenc 10 a third party. it I: probable thac settlement will be required, and cither the tsming or the amount of the obligation is uncertain. The amount rccogni.ed as a provision is the best estimatc of Ihe expcnditure rcquired ro settle or to transfcr the oblig21ion to 2 third party at the reportin£ datc. Provisions Ire discounicd where che (ime Yalue of money is material.
THE BROOMTON FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ended 5 April 2024 Accounting policies (continued) Fixed asset investments Investments arc 2 form of basic financial Instrument 2nd are initially recogniscd at their trans3Ction rJlue and subsequently measurcd at their fair vilue as at the balince sheec date using the closing quoted market price. The statement of fininciil activitics includes the net gains l< nd105ses irising on reviluirion and disposals throughout the year. Functional and presentation currency The financial statements Ire prescntcd in pounds stcrling which is the functional currency of the Trust and rounded to the nearest £. Financial instruments Financial instruments are classified 2nd accounted for, according to the substance of the concrncrual arrangement, as financial asscts or financial liabilities. Taxation The ch2riry is exempt from Lixation under secuons 521 to 536 of the Income Tax Act 2007. Analysis of expenditure on charitable activitie5 Note 2024 2023 Grants to charitable causes and Institutions 180.OH 196.760 Support cos£s allocated to chantable activio'es.. Sundry Trdvel 422 33 115 137 Governance costs allocaced co ch2rit.Ible activioes.. Audii AccounLincy services Bank chargc: Consult2ncy fees 9,226 5.565 462 3,125 8.179 3.699 452 3.500 198,877 212,842 Grants and donations 2024 2023 DEC Turkey He2dw3y Kensington and Chelsea Foundition Maggie's Other In:tituuons Pop Choru: Riding for the Dif abled A:soci3tion Seeding Hope Tru::ell Trust Young Livee v Cancer 50.000 50,000 10.000 10.000 2.405 9.355 i 0.000 i 0,000 3,380 6,664 130.0(Y) 20.000 5.000 50.000 10.000 180.044 196,760
THE BROOMTON FOUNDATION NOTES TO THE FINANCIAL ST A TEM ENTS Year ended 5 April 2024 Investment5 2024 2023 Mirkec vilue at 6 April 2023 Additions at cost Net gainsl(losses) on financial assets (pige 8) Markei value at 5 April 2024 15,215,876 15,073,055 875,037 (732,216) 15.215,876 1,177,705 16,393,581 Historical cost Investments at fair value consists of: UK unit trusts Mirkct value at 5 April 2024 11,251,503 11,251,503 16,393,581 16,393,581 15,215,876 15,215,876 Debtors 2024 2023 Accrued Income Prepayments 149,535 114,500 197 149,535 114,697 Creditors: amounts falling due within one year 2024 Accruals Grants and donations payable 2023 12,262 70,357 82,619 9. 982 25,354 35.336
THE BROOMTON FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ended S April 2024 Funds analysis Opening balance Unrealised gains Clojing balance Income Expenditure Unrestritted funds Endowment funds 3,464,455 15,215,876 2,492,121 (198,877) 5,757.699 16,393,581 1,177,705 Total funds 18,680,331 2,492,121 (198,877) 1,177,705 22.151,280 Funds analysis - prior year Opening balance Unrealised losses Closing balance Income Expenditure Unrestricted funds Endowment funds 3,192,447 15.948,092 484,850 (212,842) 3,464.455 (732.216) 15.215.876 (732,216) 18,680,331 Total funds 19,140,539 484,850 (212,842) Total funds Total funds 2t 5 April 2024 are represented by: Unrestricted Endowment funds funds Total funds Investments Cash at bank and in hand Debtors Creditors 16,393,581 16.393,581 5.690.783 149335 (82,619) 22,151280 5,690,783 149,535 (82.619) 5,757,699 16,393,581 Related party transactions The Trustees were reimbursed for expenses related to their services to the charity in the current year that amounted to £33 (2023 - £137). The chanty had no employees during the year (2023 - none) Aggregate donations received from related parnes, of which two directors Ire Trustees of the chariry, without condition: tot211ed £1 ,900,000 (2023 £nil), No further related party transactions requinng disclosure took plice during the reporting period. 14
THE BROOMTON FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ended 5 April 2024 l O. Financial assets and liabilities The following are financial Iiabilitiea that qualify as basic fin.Inci21 instruments and are Initially recognised at trnnsaction value and subsequently measured at their amortised cost Financlal liabilities 2024 2023 Accru21s Donations/grants payable 12,262 70.357 9, 982 25,354 82,619 35,336 The following are financial assets that qualify as bilsic financial Instrumcnts and are Inioally recogniaed at their transaction v21uc and subsequently mcasured .It their fair value as at the b21ince sheet date using the cloaing quored market price: Financial assets UK unic trusts 16,393.581 15.215,876 16,393,581 15,215.876 l. Contingent liability The Trustees have agreed to donatc £3,000,000 to Maggie's towards the building of the Maue's Cambndge cenire Paymeni will be made In three instalments and is subject to the completion of key proiecc milesiones The first Instalment of £ 1,000,000 will be paid subject to che condition that planning permission has been secured: which is estimated to occur by March 2025. The second instalment of £ 1,000,000 is due to be paid once construction has commenced, which is estimated to be January 2026. The third insLilment of £ 1,000.000 is due to be paid upon practical completion of the building works, which is estimated to occur during the summer of 2027. 15