CHARITY REGISTRATION NUMBER: 1187568 The Broadwa Cotta es Trust CIO Unaudited Financial Statements 31 March 2025 DAVIO KELLAND FCA Chartered Accountants Independent Examiner Meadows & Co Limited Headlands House 1 Kings Court Kettenng. Northants NN15 6WJ
The Broadwa Cotta es Trust CIO Financial Ststemenls Year anded 31 March 202S Pages Trustees, annual report 1to3 Independent examine¢s Teport lo the trustees Staten*nl of financial actNitEs Statement of financial positson Notes lo the financial statements 7t014
Page 1 The Broadwa Cotta es Trust CIO Trust•es' Annu IRe Year ended 31 March 2025 The trustees present their report and the unaudrted financial ststements of the Charity for the year ended 31 Marth 2025. Refer8ncg and admlnlstrntlvfj dotalls Reglsterod charity name The Broadway Cottages Trust CIO Charfty r•gl$tratlon number 1187568 Prlnclpal offlce Ison Browne Solicitors Grange Park Court Roman Way Grange Park Northampton NN4 SEA Th• tfUSto0• MrRMOBaty MrMAPJeans Ms N K Wilson Mrs J E Marchand Mr J F Davis {Rasigned 8 July 2024) Indep•nd•nt •x4mln•r Davkl Kelland FCA Independent Examiner Meadows & Co Limrted Headlands House 1 Kings Court Kettering. Northants NN1S 6WJ Structure. 9ov•mance and manag•ment Constitution The Broadway Cottages Trust CIO is registere(I with the Chanty Commission number 1187568. The Trust was sel up in 2020 with simiL8r obje¢lives and acts'vities as BroaaY Cottages Trust Charity Commission no 203763, and the assets and liabilities of Broadway Cottages Trust were transferred al the end of 30th June 2020 to the new Broadway Cottages Tnjst CIO. Broadway Cottages Trust was created on 27th December 1943 by Alan Geoffrey Timpson and Mrs Ethel Beatrice Timpson. Organlsatlonal strucfvre The Trustees let and otherwise manage the propertie5 bebnging to the Trust. After the payment of expenses, th6 net annual in¢on* of the Trust is to be applied in providing benefits to other charitable organisations.
Pagg 2 The Broadwa Cotta es Trust CIO Trystees. Annual Rg ort (contlnued) Yaar ended 31 March 2025 Structure, governance and management (contlntsedj Trustees Management of the Trust is by the Board of Trustees. The membership of the Board during the period 1 April 2024 to 31 st March 2025 is set out above Trustees are invited to join the 8oar(I generally on the recommendation of existing Trustee5. Training of trust••s Although there is no formal training programme for the Trustees, all have relevant experience, tC9ether with many years, service in their pOS"0n as Trustees. Rlsk managem•nl The Trustees review annually the major n$ks to which the chanty is &xposed, particularly those related to the operations and fi'nanc&s of the charty. Objoctlvos and actlvltl•$ The objects of the Tnjsl are lo alleviate and mitigate the hardships of people of limrted means rèsiding or who have resided in or near Kettering Northarnplonshire or elsewhere In the United Kingdom by the provision of housing al nts wrthin their means, and the provision of financial assistance lo all such persons and other chantable instrtulions having similar objects as the Trustees may at their absolute discreti'on think proper. Publlc bènofit The Trustees of The Broadvoy Cottages Trust understand the need to have regard to the Charity Commission's guidance on public benefit. The Tru$lees recognise their ffjsponsibility to ensure that the benefi1$ offered by the Charlty are realised by promoling the Charty wrthin the county. As disclosed in tho aims and obiedves, the organisation beIveS in being fair, open and inclusive, Achlevoments and porfornianc• The Trust propeth'es remain al full ctcupancy and the Trustees continue to endeavour to cr8ate a harmonious atmosphere for the residents The Trustees continue lo implement the planned program of maintenance and improvement ol the properties. These expenses have limited the ability of the Trust lo support other ¢haritable aclwrb'es during the year.
Page 3 The Broadwa Cotta es Trust cio stees. Annual Re rt (continued) Year ended 31 March 25 Flnancial revlew The funds of the Trust have been appli8d in maintaining the properb'es hekl by the Trust and making grant5 to organiSatn5 and individuals wrthin the tenS of the Trusl After allowing for the assets transferred from The Broadway Cottages Trust, the net incoming surplus for the pèriod was £3,453 {2024 - deficit £13.8951 before unrealised gains I Ilosses}. However, after unfealised gains I Ilossesl, the net movement In fvnds was a deficit of £20,157 12024 surplus £21,331). All the Trust's assets arg held for the specffic purposes of the Charty. The Trustees consider th& market value of the freehold land and buildings to exceed the balance Sheet value, bul do not consider the expense of obtaining a formal valuation to be justified as there is no intenlion lo dispose of any of the pfoperb.es in the foreseeable future. The buildings and contents are insured for £3.833.379 {2024- £3.758,213). The investments held by the Trust have be8n acqui in accordance with the pjwers of the Trustees. Unrestricted fvnds at 31 March 2025 amounted to £1,100,47612024 - £1,120,633). Re$orves poliGy The Trustees have reviewed th& level of free Trserves which are unresth'cted funds not invested In fixed assets, held by the Charity. Al the year end, fe reserves far exceed the level of resources expended. At this level, the Trustees consider that in the short term, they have suffLienl resources to be able to continue the current aclivilies of the Charity in the event of a dUCtion in fvnding and lo respond to any specrfic appeal by providing erther interest fr08 loans, substantial free loans or or substantial grants. Investment pollcy Brewin Dolphin has been authortsed to manage the Trust's investrnents on a discretionary basis. The Trustees have continued lo relain a large proporbon of Ib]uid fvnds to ensur& that they are available to conbnue funding the existing requirements of the Trust. Ev•nts after th• •nd of tho r•portlng pgrlod The Iruslees. annual port was approved on 22 July 2025 and signed on behalf of the board of Iruslees by.. MrRM Truste
Pagg 4 The Broadwa Cotta es Trust CIO Inde endent Examinerfs Re rt to the Trus f The Bro wa Cotta es Trust cio Year ended 31 March 2025 I report to the trustees on my examination of the financial statements of The Broadway Cottages Trust CIO I'lhe Charity'l for the year ended 31 March 2025. Rospon$lb1lles and basis of rep¢xt A5 the tnjstees of the Charity you are sponsible for the preparation of the financial statements in accordance with the requ1Ments ol the Charrt& Act 20111.the ACVI. I report in respect of my examination of the Char'S financial Statennts Carried out under section 145 of the 2011 Act and in ¢arrying out my examination I have followed all tho applicable Dirèctions given by the Charty Commission under section 14515){b) of the Act Ind•pondent •xaminerf• st•temont I have completed my examinats'on. I confim that material matters have come to my attention In Connection with the examinatson giving me cause to believe that in any material respect.. accounting records were not kept in SPeCt of the Chanty as required by section 130 of the Act". or the financ1 statents do not accord wrth those records. or the finan¢ial statements ¢Jo rK)t compty with the applicable requirements concerning the form and conlenl of accounts sel out in the Charits'es (Accounts and Reportsl Regulations 2008 other than any requirernenl that the accounts give a 'lrue and fairf view which 1$ not a matter considered as part of an independenl examination. I have no concerns and have CO across no other matters in connection with the examination to which attentft should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Oavid Kelland FCA Independent Examiner Independent Examiner Meadows & Co Limited Headlands House 1 Kings Court Kettering, Northants NN15 6WJ 22 July 2025
Page 5 The Broadwa Cotta es Trust CIO Slatsment of Flnancial Actlvttigs Year ended 31 March 2025 2025 Unrestncted fvnds Total funds Total funds 2024 Note Income and endowmonts Charitable activities Invéstment income 72,300 14,932 72,300 14,932 87,232 50,043 16,544 66.587 Total Incom• 87,232 Expendlture Expenditure on raising fvnds-. Investment management costs Expenditure on charitable a.¥'e8 Total expendlture 5.958 81,474 5,958 81,474 5,601 74,795 80,396 87,432 87,432 Net (Gainsllbsses on inve$trT*nts 10 (3,6531 (3,653) 86 Nat In¢omell•xpendlturnl 3,453 3,453 (13,8951 Oth•r r9cognl8 galns and losses Gains I Ilossesl on revaluation of investments Net movement In fund• (23.810) (20,1571 123,6101 120,157) 35.226 21,331 Recon¢lllatlon of funds Total Nnds brought forward Total fund8 carrled forward 1,120,633 1.100,478 1. 120,633 1,100,476 1,099,302 1,120,633 The statement of financial aclmlies includes all gains and bsses recojnised in th& yèar. All income and expenditure derive from continuing activilies Th8 notes on pages 7 to 14 forni part of these financial statements.
Page 6 The Broadwa Cotta es Trust CIO Ststement (rf Financial Position 31 March 2025 2025 2024 Fixed ass•ts Tangible fixed assets Investments 14 15 467.479 572,972 467,479 596.881 1,064,360 1,040,451 Current assets Debtor5 Cash at bank and in hand 16 917 60.740 906 56,967 61.657 57,873 Creditors: amounts falllng due wlthin ong ygar Not curr•nt assets 17 1.632 1,600 60,025 1.100,476 1,100,476 56,273 Total •s¥ets le•s curr•nt liabllltl•• 1,120,633 N•t a88•ts 1,120,633 Funds of thè charlty Unrestricted funds 1.100.476 1,120,633 Total charlty fvnds 19 1,100,476 1,120.633 These financial statements were approved by the board of tnjstees and authonsed for issue on 22 July 2025, and are signed on b&half of the board by". MrRMOBatty Trustee The notes on pages 7 to 14 fonn part of these financial statements,
Page 7 The Broadwa Cotta es Trust CIO Notos to the Financial Statomfrnts Year ended 31 March 2025 Gongral Infonnatlon The Chanty Is a public benefit entty and a registered charity in England and Wales and is a Charitable Incorporated Organisation. The address of the pnncipal office is Wilson Browne Solicitors, Grange Park Court. Roman Way, Grange Park, Northampton, NN4 SEA. Stat•m•nt of ¢ompllance The chanty constitLrte5 a public benefit entity as defined by FRS 102. The financial statements have been prepad in accordance with Accounting and Reporting by Charilie5.' Slalemenl of Recommended Pra¢b"ce applicable lo charities prepanng their accounts In accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland issued in October 2019. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 1021, the Charities Act 2011 and UK Generally Accepted Accounting Practice. Accountlng pollcla• Ba•1* ol pr•paratlon The financial ststements have been prepared on the histoncal cost basis, as modified by the valuation of certain financial assets and liabilit and investment properties measured at fair value through income or expenditure. The financial statements are prepad in stsrling, whh is the fvnckn.onal currency of the entity. Golng ¢oncom There are no malonal urertainl about the ¢harity's ability to continue. Judg•monts and key source• of 08tlmatlon unwtslnty The preparatn of the financial statements requires management to make judgements, estimates and assumptn3 that affect the amounts reported. These estimates and judgements are continually r•viewed and are based on experience and other factors. including expectations of future events that are believed lo be reasonable under the ¢ir¢umstances. Fund accounllng Unrestncted lund$ ao avaiLable for use at the disuetion of the truste08 lo fvrther any of the charity's purposes. Designated fvnds are unrestricted hjnds earmarked by the trustee$ for particular future project or coMmitffnt. Restricted funds a subjected lo restrictsons on their expenditu declared by the donor or through the terms of an appeal. and fall into one of sub-classes. wlricted income fLsnds or endowment funds.
The Broadwa Cotta es Trust cio Notes to the Financial Statemen (contlnuedj Year ended 31 March 2025 Accounting pollcl8s (contlnued) Incomlng rg¥ources l incoming resources are included in the $latem8nt of financial activities when ep:-ew passed to the charity,. it is probable that the economic benefi'ts asso¢iated with the %-s)-.cr will flow to the charity and the amount can be reliabty measured The following specffe •-1 are applied lo particular categories of income. income from donations or grants is reeognised when there is evidence of enlillemeni - gift. receipt is probable and its amount Can be measured reliably. income is re¢ognised when reIpl 1$ probable and 8rilitiemenl is estsblished. income from donated goods is measured at the fair value of the goods unless this .S impra¢lKal lo measure reliably. in which case the value is derived from the cost to the donor or the estimated resale value. Oonaled facilities and services are recognised In the accounts when received if the value Can be reliabty measured. No amounts are included for the conlTibulion of general volunteer$. Incom& from contracts for the supply of sefvtees is recognised with the delivery of the contracted serve. This Is classifd as unrestn.cted funds unless the is a Cont¢tUal requ1ment for rt lo be spent on a particular purpose and retumed if unspent, in which case it may be regarded as restn'cted Ro8ourc•• exp•nded Expenditure is reeognised on an accruals basis as a liability 1$ incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the $latement of financial aclivits'es to which rt relates.. expenditure on raising funds includes the costs of all fvndraising aclivitrès. events, non<haritable trading aclrvities, and the sale of donated goods. expenditure on eharilable a¢tivrtie$ includes all costs Incurred by a charity in undertaking activities that further ils charitable aims for the benefit of its beneficiane5, including those support costs and costs relats.ng to the govemance of the charity apportioned to charitable activities. other expendrture includes all expendrture that ts neither related to raising funds for th8 charity nor part of rts expenditure on charitable actNJts"es. All costs are allocated to expenditure categorS reflecting the use of the resour¢e. Direct costs attributable lo a single ath.vity are aifocated directly to that actrvity. Shared costs are apportioned beeen the &bvities they contn.bule lo on a reasonable, justifiable and consistent basis. Tanglbl• ass•ts All fixed assets are inibally recorded at cost. Invgstmonts Unlisted equity investments are inrtially recorded at cost. and subsequently measured at fair value. If fair value cannot be llabty measured, assets are measUd at cost tess impairment. Listed investments are measured at fair value wth ¢hange5 in fair value being reco9nised in income or expendrture.
Pag8 9 The Broadwa Cotta es Trust CIO gs to the Financial Statements (continugd) Year Ondgd 31 March 025 A¢countlng poli¢108 (contlnued) Investments in associates Investments in associates accounted lor in accordan wrth the cosl model are recorded at cost less any accumulated impainrent losses. InvestnEnts in associates accounted for in accordance with the fair value model are inits'ally recorded at the transaction price. At each reportjng dale. the Investments are measured al fail value, wlh changes In fair value taken through income or expenditure. Where il is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as Income without regard to whether the distributions are from accumulated profrts of the assctiate arising before or after the dale of acquisition. Inv••tm•nts Jolnt vonlures Investments in jointly controlled entrties accounted for in accordance with the cost model are recorded al cost less any accumulated impairff¢nl losses. Investments in jointly corblrolled entities accounted for in accordan¢e with the fair value model ar8 initially feeorded al the transaction pnce. Al each pOrtIng dale, the investments are measured al fair value, with changes in fair value taken through Income or eXpendrtu. ere it is impracticable to measure fair value reliabty the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated piofits of the joint venture arising before or after the dale of acquisition. Impalmient of flx•d ass•t• A review for indicators of impairment is carried out at each reporting dale, with the recoverable amount being estimated where such indalOr5 exist. ere the Carrying value exceeds the re¢overable amunl, the asset Is impaired xcordingly. PTKJr impainr*nts are also reviewed for possible reversal at each reportrng dale. For the purposes of impairmont testing, when rt is not possible to estimate the woverable amount of an individual asset. an estimate is made of the recoverable amount of the cash-generating unrt to which the asset bebngs. The ea$h-generating unil is the smallest identifiable group of assets that includes the asset and generates ea5h inflows that largely independent of the cash inflthvs from other assets or groups of assets. For impairment lesknng of gcfvxiwill, the goodwill acquired in a business combination is, from the acquisition dale, allocated lo each of the cash-generabng units that are expected to benefit from the synergies of the ¢ombinath"on, irrespecbve of whether other assets or liabilities of the Charity are assigned lo those units. Deflnod contribution plans Contributions to defined contn'butsn plans are recognised as an expense in the period in which the related service is provided. Prepaid contnbulrons are rec(hJnised as an asset to the extent that the prepayment will lead lo a reducb.on in future payments or a cash refund.
Pagg 10 The Broadwa Cotta es Trust CIO the Flnancial Statements {contlnuedJ Year ended 31 March 2025 Atcounllng pollcl•s (contlnuedj D•fined contribution plans (wntlnu en contributions are not expected to be settled wholly wrthin 12 months of the end of the reporting dale In which the employees nder the related service, the liability 1$ measured on a diseounled present value basis. The unwinding of the discount is recc43nised a$ an expense in the period in which it arises. Charltable activiti•s unreStrted Total Funds Unrestn'cted Total Funds Funds 2025 Fund$ 2024 Income from non-investment propety in furtherance of the charity's objects 72.300 72,300 50,043 50,043 Inveslrnent In¢ome Unrestricted Total Fund• Unrestricted Total FLtnds Funds 2025 Funds 2024 Income from listed investments Bank interest receivable 14,056 876 14,056 878 15.839 705 15.839 705 14,932 14.932 16.544 16,544 Inv•¥tmenl manag•menl co$ts Unrestricted Totsl Fund8 Unreslri¢ted Total Fund$ Funds 2025 Funds 2024 Portfolio management 5,958 5,958 5,601 5.601 Exp•ndlturo on charttable actlvltles by lund ty UnStricted Totsl Funds Unrestricted Total Funds Fundg 2025 Funds 2024 Provision of housing Grants made Lifeline support Support costs 57,531 500 4.819 18.624 57,531 500 4,819 18,624 81,474 45,350 45,350 3.504 25.941 3.504 25.941 81.474 74,795 74,795
Page 11 The Broadwa Cotta es Trust CIO Notes to Ihe Financial Statements (continued) Year ended 31 Mah 202 Expendltura on charitablg actlvitles by activity type Acbvities undertaken direct Support Total funds costs 2025 Total fund 2024 Provision of housing Grants made Lifeline support Governance costs 57,531 500 4.819 16.973 74.504 500 4,819 1,651 81,474 69.706 3,504 1,585 74,795 1,651 62.850 18.624 Analysls of support cost• PrOvisn of housing Total 2025 Totsl 2024 staff costs General office Legal and professional fees 16,283 690 16,283 690 15,601 738 8,017 16,973 16.973 24.356 10. Net {galn8ylossM on Inv•stmgnts Unrestricted Totsl Funds Unrestri¢tad Tota5 Funds FurKI$ 2025 Funds 2024 Gainslllossesl on investments 3,653 3,653 1861 1881 11. Indopend•nl •xamln•tlon f••s 2025 2024 Fees payable to the independent examiner for.. Independent examinabon of the financial stal8m6nts 1,612 1,612 12. Staff costs and omoluments The total staff costs and employee benefits for the rep)ng period are anatysed as follows.. 2025 2024 Wages and salaries Employer contributions to pension plans 29,587 28.528 836 30,495 29,364 The average head count of employees during the year was 312024.. 31. No employee received employee benefits of mre than £60,000 during the year {2024'. Nill.
Page 12 The Broadwa Cotta es Trust CIO Notes to the Financial Statements {¢ontlnued) Yoar ondod 31 March 2025 13. Truslee remunerallon and èxpens No trustee or person wth a famity or business COnnectn with a trustee, received remuneraliors in the year. directty or inditty. from the charity. No trustee expenses have been Incurd. 14. Tanglble flxed assets Freehold prop•rty Cost At 1 Aprll 2024 and 31 March 2025 Depreciation At 1 April 2024 and 31 March 2025 Carrylng amount At 31 Mah 2025 467,479 467,479 467,479 At 31 March 2024 All tangible fixed assets We used for charitable purposes. A valuatson was Carried out on in June 2023 with land and buildings having a reinstatement value of£3,758,213. 15. Inv08tmonts Llst•d Inv•stm•nts Co•t or valuatlon At 1 April 2024 Additions Disposals Faif value movements 596,881 92,827 193,1261 123,6101 572,972 At 31 March 2025 Impalrment At 1 Aprll 2024 and 31 Mar¢h 2025 Carrying amount At 31 March 2025 572,972 596,881 Al 31 March 2024 AJI investments shthvn above are held at valuation. Financial assets hgld al falr value In accordance wrth FRS 102, fixed asset investments are recognised at fair value. The market valuation al the period end date is deemed to be fair valuation and is therefore incorporated in these financ1 ststements.
Pago 13 The Broadwa Cotta es Trust CIO Notes to the Financial Statemen (¢ontinuod) r endgd 31 March 2025 15. Inveslm•nts (contlnued) Listed investments are stated * their mKI-market value as at the balance sheet date. 16. Debtors 2025 2024 Prepayments and accrued incow 917 906 17. Cr•dltors: amounts falllng due wlthln ono yo¥r 2025 2024 Accruals and deferred incoff 1.632 1,600 18. P•nslon¥ and other post rIrement benef Oaflned ¢onlrlbutlon plans The amount recognised in income or expendituffj as an expense in relation to defined contribution plans was £90812024. £836). 19. Analysls of charltabl• lund¥ Unroitrlcted lund8 At Gains and 31 M•rch 20 losses 25 At 1 April 2024 Income Expanditure General funds 1,120,633 87.232 187,432) 119,9571 1,100,476 At Gains and 31 March 20 losses 24 At 1 April 2023 Income Expenditure General fund$ 1.099,302 66.587 {80.3961 35,140 1,120,633
Page 14 The Broadwa Cotta es Trust CIO Noles to the Financial Statements (contlnued) Year ended 31 March 2025 20. AnalyBls of ngt assets between funds Unrestricted Total Funds Funds 2025 Tangible fixed a$$ets Investments Current Assets Creditors less than 1 year Nat ass•ts 467.479 572,972 61.657 11,632 1.100.476 467,479 572,972 61,657 {1,632 1,100.476 Unrestncted Total Funds Funds 2024 Tangible fixed assets Investments Current Assets Credrtors less than 1 year N•t assets 467.479 596.881 57.873 {1,6001 1,120.633 467.479 596.881 57.873 {1,6001 1,120.633