Charity number: 1155925
THE BROUGHTON FAMILY CHARITABLE TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
THE BROUGHTON FAMILY CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 3 |
| Independent examiner's report | 4 - 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 17 |
| The following pages do not form part of the statutory financial statements: | |
| Charity Detailed income and expenditure account and summaries |
THE BROUGHTON FAMILY CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021
Trustees
Lady Jocelyn Broughton, Secretary Sir Martin Faulkner Broughton, Chair Mr Michael Charles Broughton, Trustee
Charity registered number 1155925 Principal office Rosemary House Woodhurst Park Oxted Surrey RH8 9HA
Accountants Calder & Co 30 Orange Street London WC2H 7HF
Page 1
THE BROUGHTON FAMILY CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
The Trustees present their annual report together with the financial statements of the The Broughton Family Charitable Trust for the 1 April 2020 to 31 March 2021.
Objectives and activities
a. Policies and objectives
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit. The trustees are satisfied that there are identifiable benefits and that these are made available to the public.
Achievements and performance
a. INVESTMENT POLICY AND PERFORMANCE
The primary role of the investment portfolio is to grow the real value of the portfolio as much as possible. The charity's investment policy restricts the type of investments held within the portfolio to no more than 15% in any single line of stock, and in addition, no property investments are permitted. There is no minimum yield requirement and the risk category is set at medium to high.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The trustees of The Broughton Family Charitable Trust undertake an annual review of the major risks to which the Charity's assets may be exposed in accordance with the requirements of the Statement of Recommended Practice 2005. Internal accounting records are sufficient to show and explain all the Charity's transactions.
Structure, governance and management
a. CONSTITUTION
The principal objective of the charity is to carry out activities for the benefit of the public by:
1) supporting other charities by means of donations;
2) such charitable activities for the public benefit as are exclusively charitable according to the laws of England & Wales as the Trustees may determine from time to time; and to provide donations and grants to individuals and other charities.
Page 2
THE BROUGHTON FAMILY CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Structure, governance and management (continued)
b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. ORGANISATIONAL STRUCTURE AND DECISION MAKING
The charity's activities are conducted by its Trustees.
Plans for future periods
a. FUTURE DEVELOPMENTS
The charity intends to further support other charities in their charitable purposes for the public benefit. Although some of the capital is likely to be distributed for charitable purposes, the primary objective is to distribute investment income.
Statement of Trustees' responsibilities
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 & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) 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 Charity (Accounts and Reports) Regulations 2008 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.
Approved by order of the members of the board of Trustees on 12 November 2021 and signed on their behalf by:
Martin Broughton
Sir Martin Faulkner Broughton
Page 3
THE BROUGHTON FAMILY CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2021
Independent examiner's report to the Trustees of The Broughton Family Charitable Trust ('the charity')
We report to the charity Trustees on our examination of the accounts of the charity for the year ended 31 March 2021.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
We report in respect of our examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out our examination we have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the accounts 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 applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
We have completed our examination. We confirm that no matters have come to our attention in connection with the examination giving us cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
We have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Page 4
THE BROUGHTON FAMILY CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our 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 Independent examiner'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 work or for this report.
Signed: Ian Rosmarin FCA Calder & Co 30 Orange Street London WC2H 7HF
Dated: 12 November 2021
Page 5
THE BROUGHTON FAMILY CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| Note Income from: Donations and legacies 2 Investments 3 Total income Expenditure on: Charitable activities 4 Total expenditure Net income/(expenditure) before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 148,924 11,084 160,008 89,961 89,961 70,047 43,678 113,725 250,563 113,725 364,288 |
Total funds 2021 £ 148,924 11,084 160,008 89,961 89,961 70,047 43,678 113,725 250,563 113,725 364,288 |
Total funds 2020 £ 606 6,089 6,695 68,650 68,650 (61,955) (8,784) (70,739) 321,302 (70,739) 250,563 |
|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 17 form part of these financial statements.
Page 6
THE BROUGHTON FAMILY CHARITABLE TRUST
BALANCE SHEET AS AT 31 MARCH 2021
| Note Fixed assets Investments 9 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 11 Unrestricted funds 11 Total funds |
60,127 60,127 (1,320) |
2021 £ 305,481 305,481 58,807 364,288 364,288 364,288 - 364,288 364,288 |
32,575 32,575 (900) |
2020 £ 218,888 |
|---|---|---|---|---|
| 218,888 31,675 |
||||
| 250,563 | ||||
| 250,563 | ||||
| 250,563 | ||||
| - 250,563 |
||||
| 250,563 |
The financial statements were approved and authorised for issue by the Trustees on 12 November 2021 and signed on their behalf by:
Martin Broughton
Sir Martin Faulkner Broughton
The notes on pages 8 to 17 form part of these financial statements.
Page 7
THE BROUGHTON FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. Accounting policies
1.1 Basis of preparation of financial statements
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 fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.
The Broughton Family Charitable Trust constitutes a public benefit entity as defined by FRS 102.
1.2 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' report for more information about the contribution.
On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Page 8
THE BROUGHTON FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. Accounting policies (continued)
1.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
1.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
1.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
1.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 9
THE BROUGHTON FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. Accounting policies (continued)
1.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
1.8 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
2. Income from donations and legacies
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2021 | 2021 | 2020 | |
| £ | £ | £ | |
| Donations | 148,924 | 148,924 | 606 |
3. Investment income
| Unrestricted funds 2021 £ Dividends 5,571 Bank Interest 13 Other investment income 5,500 11,084 Total 2020 6,089 |
Total funds 2021 £ 5,571 13 5,500 11,084 6,089 |
Total funds 2020 £ 6,028 61 - |
|---|---|---|
| 6,089 | ||
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THE BROUGHTON FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
4. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2021 £ General Fund 89,961 Total 2020 68,650 |
Total funds 2021 £ 89,961 68,650 |
Total funds 2020 £ 68,650 |
|---|---|---|
Page 11
THE BROUGHTON FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
5. DONATIONS MADE
During the period, the charity made the following donations:
| 2021 | |
|---|---|
| £ | |
| 3H Helping Hands | 1,000 |
| Able Kidz | 500 |
| Autistica | 500 |
| Become | 500 |
| Boxes of Basics | 2,000 |
| Brain & Spine Foundation | 1,000 |
| British Blind Sport | 1,000 |
| British Tinnitus | 500 |
| Cancer Research | 600 |
| Chelsea Physic | 1,000 |
| Children's Air Ambulance | 1,000 |
| Clapton Common Boys Club | 500 |
| Clothing Solutions | 1,000 |
| Conquest Art | 500 |
| Crohns & Colitis relief | 500 |
| Dan's Fund for Burns | 590 |
| DFFB | 1,000 |
| Disabled Workers Co-Op | 500 |
| Felix Francis-Dick Francis Statue Fund | 1,000 |
| Friends of Holcot | 500 |
| Get Set Girls | 500 |
| Giving World | 1,000 |
| Greatwood | 500 |
| Halow Project | 250 |
| Happy Days | 500 |
| Hindleap Warren | 5,000 |
| Hunter Centre | 500 |
| In Touch | 500 |
| JDRF | 100 |
| Local Mencap Mid-Surrey | 500 |
| London Wheelchair Rugby Club | 500 |
| LWRC | 500 |
| MERU | 1,000 |
| NARA | 500 |
| National Theatre - NT Connections | 12,500 |
| NYJO | 3,000 |
| Orpheus Centre | 2,000 |
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THE BROUGHTON FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| Parallel Youth Enterprise Prodigal Arts Racing Welfare Read for Good Root & Branch Sadlers Wells SASH Second Chance Seeing Dogs Sixty One Spinal Muscular Atrophy Sportability SPYP Stand Alone Starlight Foundation Support Line Swinfen Telemedicine Tandridge Golf Club Centenary Fund The Cheer-Up Squad The Old Vic The Otakar Kraus Music Up 'n Away Wings for Warriors Wise Children |
7,000 500 1,000 500 500 615 1,000 1,000 500 500 500 500 500 500 1,000 500 500 10,000 500 2,250 500 1,000 500 10,000 |
|---|---|
| 86,905 |
6. Analysis of expenditure by activities
| Direct and governance costs Total 2020 |
Activities undertaken directly 2021 £ 89,961 68,650 |
Total funds 2021 £ 89,961 68,650 |
Total funds 2020 £ 68,650 |
|---|---|---|---|
Page 13
THE BROUGHTON FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
6. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Donations Investment management fee Governance costs Total 2020 |
Donations 2021 £ 86,905 1,575 1,481 89,961 68,650 |
Total funds 2021 £ 86,905 1,575 1,481 89,961 68,650 |
Total funds 2020 £ 66,300 1,450 900 |
|---|---|---|---|
| 68,650 | |||
7. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £1,320 ( 2020 - £ - ).
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .
During the year ended 31 March 2021, no Trustee expenses have been incurred (2020 - £NIL) .
Page 14
THE BROUGHTON FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
9. Fixed asset investments
| Cost or valuation At 1 April 2020 Additions Disposals Revaluations At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 10. Creditors: Amounts falling due within one year 2021 £ Accruals and deferred income 1,320 |
Listed investments £ 218,888 378,983 (315,009) 22,619 305,481 305,481 218,888 2020 £ 900 |
|---|---|
Page 15
THE BROUGHTON FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
11. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | Gains/ | 31 March | |||
| April 2020 | Income | Expenditure | (Losses) | 2021 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 250,563 | 160,008 | (89,961) | 43,678 | 364,288 |
| Statement of funds - prior | year | ||||
| Balance at | |||||
| Balance at | Gains/ | 31 March | |||
| 1 April 2019 | Income | Expenditure | (Losses) | 2020 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 321,302 | 6,695 | (68,650) | (8,784) | 250,563 |
12. Summary of funds
Summary of funds - current year
General funds Summary of funds - prior year General funds |
Balance at 1 April 2020 £ 250,563 Balance at 1 April 2019 £ 321,302 |
Income £ 160,008 Income £ 6,695 |
Expenditure £ (89,961) Expenditure £ (68,650) |
Gains/ (Losses) £ 43,678 Gains/ (Losses) £ (8,784) |
Balance at 31 March 2021 £ 364,288 |
|---|---|---|---|---|---|
| Balance at 31 March 2020 £ 250,563 |
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THE BROUGHTON FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
13. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2021 £ Fixed asset investments 305,481 Current assets 60,127 Creditors due within one year (1,320) Total 364,288 |
Total funds 2021 £ 305,481 60,127 (1,320) 364,288 |
|---|---|
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2020 £ 218,888 32,575 (900) 250,563 |
Total funds 2020 £ 218,888 32,575 (900) 250,563 |
|---|---|---|
Page 17
THE BROUGHTON FAMILY CHARITABLE TRUST
INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021
| Charity Income Donations Dividends Bank interest Other investment income Gains/(Losses) on investments Realised gains/(losses) Unrealised gains/(losses) Gross income in the reporting period Less: Charity Expenditure Management fee Donations Accountancy Foreign exchange gains/losses Total expenditure Net income/(expenditure) before taxation for the reporting period Tax payable Net income/(expenditure) for the reporting period Surplus/(Deficit) for the reporting period Surplus brought forward at 1 April 2020 Surplus carried forward at 31 March 2021 |
2021 £ 148,924 5,571 13 5,500 21,059 22,619 1,575 86,905 1,380 101 |
2021 £ 160,008 43,678 203,686 89,961 89,961 113,725 - 113,725 113,725 250,563 364,288 |
2020 £ 606 6,029 60 - 30,270 (39,054) 1,450 66,300 900 - |
2020 £ 6,695 (8,784) (2,089) 68,650 68,650 (70,739) - (70,739) (70,739) 321,302 250,563 |
|---|---|---|---|---|
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