Registered number: 01746654 Charity number: 514418 THE BROOMGROVE TRusr (A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE BROOMGROVE TRUST IA company limited by8uaranteel CONTENTS Page Reference and administrative details of the charity. its Trustees and advisers Chalrman's statement Trustees. report Independent audltor's report on the financial statements 10-13 Statement of financial artivities 14 Balance sheet 15-16 Statement of cash flows 17 Notes to the finanual statements 18-34
THE BROOMGROVE TRUST IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Mr M N Pestereff FCA FCILT, Trustee (stepped down from Chairman to Trustee 11 December 2023) Dr A Anderson MA BM BCH FRCP. Chairman (accepted 11 December 20231 Mrs J Cooper RGN. Trustee Prof. C Franklin OBE FRCPoth. Trustee Mrs S Holmes. Trustee Company registered number 01746654 Charity registered number 514418 Registered office 30 Broomgrove Road Sheffield S102LR Telephone- 0114 2661311 Email enquiries@broomgrove-trust.co.uk www.broomgrove-trust.co.uk Secretary Miss A T Needham MAAT Senior management team Ms Judith Warburton, Registered Manager Mrs Janet Biggin, Clinical Nurse Manager Mrs Tracey Smithur5t, Clinical Nurse Manager {resigned 4th June 20241 Independent auditor BHP LLP 2 Rutland Park Sheffield SIO 2PD Bankers HSBC Bank 17 Church Street Sheffield SI 2GJ Solicitors In common with many organisations, The Broomgrove Trust uses a number of solicitors dependin8 on their expertise (amongst other factors). The Trust's solicitors for normal business are Wrigleys Solicitors LLP 19 Cookridge Street Leed5 LS2 3AG Patron MrA J Coombe DL FCA Page I
THE BROOMGROVE TRUST {A company limited by guarantee) CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 The chairman presents his statement for the year. It has been a challenging year for the Broomgrove Trust and who would have thought, at the time of writing this report, we would still be dealing with the effects of the pandemic and rise in the cost of living. We continue to develop an increasingly inclusive culture, to work hard on staff wellbeing and to invest in all of them through mandatory and development training. Broomgrove has recently purchased a holistic software system for the care sector called PredicAire. Care plans are now digital. which should support staff in ensurin8 that they are personalised, relevant and updated in real time. Key information should be easier to find, with better analytics and improved outcomes for residents as problems in individua15' health and trends should be spotted more readily. With familiarity. documentation should take less time so more is spent with our residents. The main factors which influence our financial performance are occupancy levels and staffing costs. Occupancy rates reduced during the year as vacant rooms have taken lon8er to occupy. This could be down to the cost of living crisis which shows no sign of abating. Broomgrove's nursing staff 5pecialise in palliative care which makes Broomgrove a location of choice lor individuals with more complex nursing needs. Residents are Still at the forefront and we will continue to offer a high level of care alongside encouraging participation in activities and promoting wellbeing. I have to acknowledge that we continue to face financially challenging times. This yearfs operating results were disappointing with the charity reporting an operational deficit. Total resources expenditure of £2,549,832 are 14% higher than 2022123 resulting in a net operational deficit of {£61.8641. Managing cost5, especially minimising the use of agency Staff, which regrettably has been unavoidable. and focusing on a range of actions to achieve a planned improvement in our financial position will remain paramount. 15hould like to thank our Home Manager, Judy Warburton. along with all the other members of staff, for their continued hard work and dedication to providing a high level of care at Broomgrove. I conclude by thanking all the trustees for their time and commitment. Dr A J Anderson Chairman Date: Page 2
THE BROOMGROVE TRUST (A company Ilmited by guaranteel TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their report and the audited financial statements of the charity for the year ended 31 March 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice ISORPI "Accounting and Reporting by charities" IFRS 1021 in preparing the annual reF)Ort and financial statement of the charity. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reportin8 by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportin8 Standard applicable in the UK ond Republic of Ireland published in October 2019. Objective5 and ortivitles a. Plans for future periods We review and update future plans and objectives of the charity on a regular basi5. Improving and maintaining standards The quality of care will continue to tmprove through the recruitment. development and retention of effective and caring Staff, receivin8 appropriate trainin& within a managed-risk environment. The residents, social well-being will be improved through extended activities and opportunities. The physical environment will continue to be improved through investment in renovation and redecoration throughout the home. The Trustees wish to maintain the best of the caring practices and traditions inherited from the past and continue to develop these to meet the challenges of the future. Particular care continues to be taken to protect residents and staff from infection by the COVID-19 virus. Achieving a sound financial basis The charity will continue to develop its services to create opportunities to generate new income to assist in the achievement of a balanced budget. thereby helping to share the costs facing its residents across a wider base. Steps to improve financial accounting and management have been undertaken to assist in better cost control and value for money, in particular the Trustees have decided to use professional asset managers to manage part of the free reseNe5. The Trust owns the freehold of the property in which the Nursing Home is located. Marketing and business development A marketing strategy is being followed to achieve a high level of bed occupancy* enabling prices to remain competitive and affordable for our clients, whilst protecting the charity's financial viability through the achievement of acceptable annual surpluses, to fund re-investment Imaintaining 3 'not-for-profit' eth051. Page 3
THE BROOMGROVETRUST IA company limlted by guarantee) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Achievements ond performance a. Review of resuhs and financial posltlon The Trustees are to report a deficit of1£61.8641 for the year ended 31 March 2024. 12023.. deficit of £13.7361. Overall Income has increased this financial year which is mainly due to an increase in residents. fees from June 23. The most significant operating expense is payroll. with staff costs accounting fof 77% of our operating expenditure. The control of staffin8 levels and costs is regarded as a priority by the Trustees and management team and this year staffing costs have been a challenge mainly due to staff sickr7e5s and staff vacancies. Non- staffing costs have increased by £84,000 on the prior year as a direct result of the on-going cost of living crisi5. Most of this increase was on fuel, light and power up by £37,000, repairs and renewals up by £29,0 and the prite of food up by £12.000. There was also a slight increase on the Water Rates, Council Tax and Insurance of £6,000. All these increases are imparted by what 15 going on outside our control and have a knock -on affect to businesses. The only major capital expenditure incurred in this financial year was the purchase of a new Supra Linea inclined platform lift for £10,000. The level of free reserves has decreased for this financial year mainly due to the drop- in bed occupancy levels. For accounting purposes, the deficit of1£61,8641 above is decreased to {£51,0531 by the recognition of unrealised and realised investment gain. b. Review of artivities The principal activity of the charity during the year continued to be the promotion. management and maintenance of a Nursing Home. c. Going concern After making appropriate enquiries. the Trustees have a reasonable expectation that the company 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. d. Investment poliry Investec Wealth and Investment Ltd continue to manage the portfolio on behalf of the Trustees. The account is to be managed on a discretionary basis with an investment strategy of medium risk and an income objective of 3Yo per annum. A benchmark has been set made up of 27.5% fixed interest investments. 57.5% equities and commercial property and 15% cash and alternative investments. The Trustee5 receive a valuation of the portfolio on a quarterly basis and at least annually a manager from Investec presents a verbal report to a meeting of the Trustees. At the board meeting held in September 23 the focus was switched to one of capital potential rather than income. Page 4
THE BROOMGROVE TRUST (A company lim4ted by guarantee) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORn (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Strurture. governance and management a. Objectives and aims The objects of The Broomgrove Trust ore to provide convalescent, nursing and respite care for the sick and aged in the Sheffield area. It does this through the provision of fully-serviced nursing accommodation for its residential and respite patients. The demand for small self-contained flats is reduced and at the 31st March 2024 only I remained and will not be re-let when it becomes vacant. The Trust is fully registered with all required regulatory bodies. b. Governing document and Trustee appointment The Charity. The Broomgrove Trust, is a company limited by guarantee and governed by its Memorandum and Articles of Association. The Trustees, listed on page l are all members of the company and liability is limited to £1 per member in the event of the charity being wound up. New Trustees are recommended by existing Trustees. with referente and regard to the skills requirements of the board which are periodically reviewed by the board. Upon appointment. Trustees receive access to the governing documentation and are briefed by the Chairman on the current status of the company. All Trustees are encouraged to attend external training to keep up to date best practice and legislative requirements. c. Pay policy for senior stsff Broomgrove's Board of Trustees (all volunteers) delegate the safe and effective running of the charity to the management team. Broomgrove's Management team comprises the following two members with a vacant position for a part time Clinical Nurse Manager. At the time of writing this report the position had been filled in house. initially for a probationary period. Name Role Length of service 19 years Qualifications Ms Judith Warburton Manager SRN, RSCN. Dip N. EN8998 Vacant Posilton Clinical Nurse Mana er Clinical Nurse Mana er rt time Mrs Janet Biggin 15 years SRN Remuneration for the Management team is determined by the Board of Trustees. Levels of remuneration are set to ensure that Broom8rove attracts 8aod people into these critical roles. with reference to market conditions and the specific skills required. The Management team's performance is monitored by the Board. d. Organisational strurture The nursing home is managed principally by the Nursing Home Manager, together with a staff of 94 full and part time employee5, under the direction of the Trustees. Financial accounting and payroll services are provided under contract bv St Luke's Hospice on an arm's length commercial basis. There is no element of cross subsidy arising from this relationship. Page 5
THE BROOMGROVETRUST IA company limited byguarantee) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Strurture* governance and management (continued) e. Risk management By closely monitoring and assessing the current and emerging risks that have the potential to impact our activities. we can make the best decisions for our residents and our long-term sustainability. Overall approach: The Board of Trustees considers strategic and financial risks on a regular basis and a sub-committee of the Board has been established specifically to cover clinical risks (Clinical Governance Committee). Broomgrove engages an external organisation to support it5 risk assessment- risk management and health & safety processes and policies and procedures are designed to enable the achievement of the charitws objectives while controlling the risks a5SOClated within the environment in which it operates. The reporting of risks and the monitoring of actions and controls are conducted by management as part of the governance arrangements. who routinely report the findings to the Trustees. The Trustee5 Utilise the information to prioritise strategic and operational risks and ensure risk action plans are devised and implemented. The principal risks and uncertainties affecting the charity and their potential impact, together with the means by which they are managed are as follows: Flu/COVID-19.' The Directors have reconsidered the impact of COVID-19 on the charitvs activities, workforce and supply chain. as well as the wider economy and downgraded the impact on the charity. Covid is still an infection which appears from time to time much like Flu and we manage it within the general airborne diseases policy. Staff can return to work following a covid diagnosis, but a risk assessment needs to be completed to ensure resident safety. The risk of mortality was high but is no lon8er the case. The Board has prepared forecasts of income and expenditure ènd cash flow for the period to 31st March 2025 and projections to 31st March 2026. They have subjected these forecasts to sensltivity analysis which shows that they have sufficient reserves to be able to continue for the foreseeable future. The Trustees have concluded that the charity remain5 a going concern whilst such viable options are available to it. The Trustees therefore continue to adopt the going concern basis of preparation for these financial statements. Flnancial Risks Reduction in occupancy Potential impact: the majority of income is derived from residents, with the associated risk that occupancy falls below budget, causing a drop in revenue and resultant pressure on cash flow. Mitigation.. the charity continues to focu5 on continually improving the quality of services and facility to ensure as high an otcupancy rate as possible, along with prvdent budgetine and ensuring sufficient reserves are retained to meet unexpected deficits. If occupancy reduces or rises, staffing levels are adjusted to match demand. Page 6
THE BROOMGROVE TRUST {A company Ilmited byguarantee) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Strurture, governance and management {continued) Agency Costs Potential impact: appropriate staffing leve15 are required to ensure that the correct level of care is provided. With a shortage in qualified nursing staff acr055 the sector, the charity may be required to Use agency staff who cost considerablv more than their own staff. Mitigation.. Monthly tracking of budget against actual performance including agency usage is undertaken and reported to the Trustees. National Minimum Wage and Pension increase Potential impact.. a number of employees have salaries based on the statutory National Minimum Wage/National Living Wage or close to this. As such, legislative increases in the National Minimum Wage and Living Wage, which are in excess of income inflation. could reduce profitability. Mitigation.. the Trust budgets carefully for National Minimum Wage/Living WagelPension cost increases and the impact on its cash flow and profitability. Reputational risk Potential impact.. a serious incident or harm to one or more residents could result in negative publicity. Such incidents may result in an increase in scrutiny from regulators as well as from residents and their families. Mitigation.. in order to mitigate this risk as far as p055ible. we have carried out substantial employee training, employee inductions and employee reference procedures, including a criminal background check for all staff. This risk. in particular. Is monitored by the Clinical Governance Committee. Regulatory risk Potential impact: the regulatory requirements cover the entire range of the nursing home's function. Failing to complv with regulations including the CQC registration and standafd of care. can result in the levy of fines and/or the revocation or suspension of registration or temFK)rary suspension of placements. A temporary suspension would have a significant effect on income a5 It directly and negatively affects occupancy. Mitl8ation= the charity self-assesses against the key tests used by the regulatory authorities and works closely with South Yorkshire Integrated Care Board /Sheffield City Council to improve practices for care and for the recording of the history of the residents, treatment in order to improve the level of care and to improve Broomgrove's rating. The Clinical Governance Committee of the Board monitors and investigates all reported incidents and èccidents. The aforementioned external agency engaged to identify and mitigate health and safety requirements undertake independent assessments of health and safety standards at Broomgrove. including ensuring that risk assessments are current and significant findings are reported to management. All accidents, incidents and near misses are investigated and where necessary full root cause analysis is undertaken. Incidents, where required. are reported under RIDDOR. We are visited regularly by South Yorkshire Fire and Rescue as part of the services of familiarisation and we maintain independent contractors to check and service the lighting. fire alarm and extinguishers. Page 7
THE BROOMGROVE TRUST IA company limited by guarantee) TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORn ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management (contlnued) We have been currently inspected by the local authority IThe Regulator) for food hygiene and maintain our 5-star rating. f. Reserves policv In drawing up the reseNes policy, Trustees are mindful of the need to balance financial prudence with the importance of getting money to the front line quickly. Holdin8 reserves allows us to navigate unexpected drop5 in income or sudden short-term increases in expenditure. protecting us against risks {some of which are mentioned above) and include COVID- 19 risks. The level of reserves required is determined using a comprehensive budget ènd cash flow forecast. Regular updates and monitoring of these are corried out to ensure that a surplus is achieved and cash flow is adequate for the needs of the Trust. The Trustees consider a cash and investments balante in the region of £270.ory) to £370.000 to be a reasonable amount to provide for unforeseen financial fluctuations. The Trustees, target is that free reserves (being net current asset5 plus investments) are in the same financial range of £270.000 to E370.000, as the Trustees are mindful that the calculation of free reserves will exclude any cash balances that are already committed or designated. As at 31 March 2024. free reserves were £322,688. The focus in the coming year and beyond will be to maintain the current level of cash and free reserves at the figure stated in the policv. 8. Information on fundraisin8 practice5 Broomgrove is not currently registered with the fundraising regulator. DurinE the year we have not appointed anv professional fund-raiser to support the work of the charity or undertaken any specific fundraising activities. We have received na complaints in relation to fundraising activities. h. Publlc Benefit In planning and delivering our services and activities, the Trustees and management of The Broomgrove Trust have given due regard to the need to ensure that the nursing home provides public benefit following the Charity Commission's guidance on these matters. The practices developed at Broomgrove have been used as templates by other nursing homes in the city and beyond. Beds are specifically retained so that recuperation from surgery and short-tefm respite stays can be offered. This facility is not widely available elsewhere. A residents. support fund has been established to provide funds to a55i5t residents who may encounter financial difficulties. The Broomgrove Trust offers its services to all members of the public. and operates on a not-for-profit basis - providing superior medical access. attended nursin& and activities 5UPPOrt as well as offering subsidised accommodation to residents. The Trust keeps sight of its charitable objectives and will continue actively to support clients where this is appropriate for their well-bein8 and welfare. Page 8
THE BROOMGROVE TRUST IA company Ilmlted by guarantee) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Statement of Trustees, respOnbI1ftles The Trustees (who are also directors of The Broomgrove Trust for the purpose of company law) are responsible for the preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prartice). Company law requires the Trustees to prepare financial statement5 for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and applicatlon of resources, including the income and expenditure, of the charitable company for that period. In preparlng these financial statements. the Trustees are required to: select suitable accountln8 pollcles and then apply them consistently; observe the methods and principles of the Charities SORP 2019 IFRS 1021. make judgments and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed; prepare the financial statements on the going concern basis unless It Is Inapproprlate to presume that the charitable company will continue in operation. The trustees are responsible for keeping adequate accounting record5 that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2LK)6. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detertlon of fraud and other irregularities. Dlsclosure of Informatlon'to auditor Each of the persons who are Trustees at the time when this Trustees. report is approved has confirmed that: there is no relevant audit information of which the charitable company's auditor is unaware; and the trustees have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Audltor The auditor, BHP LLP, has indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees. Approved by order of the members of the board of Trustees and si8ned on their behalf by: Dr A Anderson MA BM BCH FRCP Chairman/Tru5tee Date: Page 9
THE BROOMGROVE TRUST IA company Ilmlted by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BROOMGROVE TRUST Opinion We have audited the financial statements of The Broomgrove Trust (the 'charitable companw) for the year ended 31 March 2024, which comprise the statement of financial activities. the balance sheet, the statement of cash flows and notes to the financial statements. including 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 Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitable companrfs affairs as at 31 March 2024, and of its incoming resources and application of resources, including its income and expenditure. for the year then ended,. have been properly prepared in accordance with United Kin8dom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accordance with International Standards on Auditing IUKIIISAS IUKII and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authofised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of thi5 report. Other information The other information comprises the information included in the trustees, report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and. except to the extent athenvise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit or otherwise appear5 to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether thi5 gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is o material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Page 10
THE BROOMGROVE TRUST IA company Ilmited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BROOMGROVE TRUST (CONTINUED) Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, report. which includes the directors, report prepared for the purposes of company law, for the financial year for which the financial staternents are prepared is consistent with the financial statements,. and the directors, report included within the trustees. report has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included within the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if. in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accountin8 records and returns- or certain disclosures of trustees, remuneration specified by law are not made: or we have not received all the information and explanations we require for our audit: or the trustees were not entitled to prepare the financial statements in accordance with the small companies. regime and take advantage of the small companies, exemption5 in preparing the directors, report and from the requirement to prepare a strategic report. Responsibilitles of trustees As explained more fully in the trustees. responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company lawl 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 charitable company's ability to continue as a going concern, disclosin& as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as è 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 IUKI will always detect a material misstatement when it exists. Mi5Statements can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected ta influence the economic decisions of users taken on the basis of these financial statements. Page 11
THE BROOMGROVE TRUST (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BROOMGROVE TRUST ICONTINUEDI 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 respert of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below: the senior statutory auditor ensured that the engagement team collectively had the appropriate competence, capabilities and ski115 to identify or recognise non-compliance with applicable law5 and regulations,. we identified the laws and regulations applicable to the charitable company through discussions with management and trustees and from our kllowledge and experiences of the sector: we focused on specif ic law5 and regulations which we considered may have a direct material effect on the financial Statements or the operations of the charitable company, including Charities Act 2011, Companies Act 2006, Care Quality Commission. saf&guardin& health and safety and GDPR re8ulations. we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and trustees- identified laws and regulation5 were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the charitable compan¢s financial statements to material misstatement, including obtainin8 an understanding of how fraud might occur. by,. making enquiries of management and trustees as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud,. and considering the internal contfols in place to mitigate risks of fraud and non-compliance with laws and regulations- To address the risk5 of fraud through management bias and override controls, we: performed analytical procedures to identify any unusual or unexpected relationships- tested journal entries to identify unusual transactions- investigated the rationale behind significant or unusual transartion5. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreeing financial statement disclosures to underlying sUPPOrting documentation; reading the minutes of meetings of those charged with governance enquiring of management as to actual and potential litigation and claims. Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statement5 or non-compliance with regulation. Thi5 risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment, forgery, collusion. omission or misrepresentation. A further description of our responsibilities is available on the FRC'S website at.. www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditorfs report. Page 12
THE BROOMGROVETRUST {A Company limited by guarantee) INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF THE BROOMGROVE TRUST ICONTINUEDI Use of our report This report is made solely to the charitable company's members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2W6. Our audit work has been undertaken so that we might state to the charitable company'5 members those matters we are required to State to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable companTrls member5 35 a body. for our audit work, for this report, or for the opinions we have formed. Rachel Heath (Senior statutory auditor) for and on behalf of BHP ILP Statutory auditor 2 Rutland Park Sheffield SIO 2PD Date.. Page 13
THE BROOMGROVE TRUST IA company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlrted funds 2024 Total funds 2024 Total funds 2023 r4ote Income from: Donations and legacies Charitable activities 1,684 2,482.306 3,615 363 21,460 2.189,600 3,815 200 2A82,306 3,615 Investment5 Other income 363 Total income 2,487,968 2A87,968 2.215.075 Expenditure on: Charitable activities 2.549.832 2,549,832 2,228,811 Total expenditure 2.549.832 2,549,832 2,228,811 Net expendlture before net 8ainslllosses) on investments Net gains/llosse51 on investments 161,864) 10,811 161,864) 10,811 113,7361 110,4691 15 Net movement In funds {51,053) 151,053) 124,2051 Reconciliation of funds: Total funds brought forward Net movement in funds 1,509.443 151,053) 1.509,443 151.0531 1,533,648 124,2051 Total funds carrled forward 1.458,390 1,458,390 1,509,443 The Statement of financial activities complies with the requirements for an income and expenditure account under the Companies Act 2006 and includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. Page 14
THE BROOMGROVE TRUST {A company limlted by guarantee) REGISTERED NUMBER: 01746654 BALANCE SHEET ASA T31 MARCH2024 2024 2023 Note Flxed assets Tan8ible assets Investments 14 1.156,472 151.779 1,169,473 142,342 15 1.308,251 1,311.815 Current assets Debtors 16 215,851 175,985 255,890 152.311 Cash at bank and in hand 391,836 408,201 Creditors: amounts falling due within one year 17 1220.927) 1179,827) Net current assets 170.909 228.374 Total assets less current liabS1ities 1.479,160 1,540,189 Creditors: amounts falling due after more than one year 18 {20,770) 130,7461 Total net assets 1,458,390 1,509,443 Charlty funds Restricted funds: Unrestricted funds lincluding Revaluation Reserve of £13,84012023= £nilll 19 1.458,390 I.S09,443 Total funds 1,458,390 1,509,443 Page 15
THE BROOMGROVE TRUST (A tompany Ilmlted by guarantee) REGISTERED NUMBER: 01746654 BALANCE SHEET {CONTINUED) AS A T 31 MARCH 2024 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The flnanclal statements have been prepared in accordance with the provlsions applicable to entltles subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: Dr A Anderson MA BM BCH FRCP ChairmanlTrustee Date.. J o The notes on pages 18 to 34 form part of these financial ststements. Page 16
THE BROOMGROVE TRUST IA company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note Cash flows from operating activities Net cash provided by operating activities 22 54,149 10,655 Cash flows from investing activities Dividends and interest from investments 3,615 125,7341 53.930 (56,222) 3,815 130,749) 18,512 120,1911 Purchase of tan8ible fixed assets Proceeds from sale of investments Purchase of investments Net cash used in investing activities (24,411) {28,6131 Repayments of borrowing 19,730) 19,5071 Net Cash used in financlng artivities 19,7301 (9,507) Change in cash and cash equivalents in the year 20,008 127,4651 Cash and cash equivalents at the be8inninE of the year 157,836 185,301 Cash and cash equivalents at the end of the year 23 177,844 157,836 Pa8e 17
THE BROOMGROVE TRUST IA company limited byguarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General inforn)ation The charity is a company limited by guarantee and governed by its Memorandum and Articles of Association. The re8lStered office is 30 Broomgrove Road, Sheffield. SIO 2LR. Accounting pollcles 2.1 Bosis of preporotion offinancinl statements The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared 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 Republit of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021. the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless Othenvise stated. 2.2 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. The recognition of income from legacies is dependent on establishing entitlement. the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable. which will generally be the expected cash amount to be distributed to the charity. can be reliably measured. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the serrfice. 2.3 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 tan 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 5UPPOrt cost5 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 basi5 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. Page 18
THE BROOMGROVE TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.3 Expenditure Icontinuedj Expenditure on charitable activities 15 incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.4 Interest receivoble Interest on funds held on deposit 15 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 institution with whom the funds are deposited. 2.5 rangib1efed assets und depreclotlon Tangible fixed assets are included at ori8inal cost less accumulated depreciation, with the exception of freehold building5 and paintings. Freehold buildings are not depreciated because they are maintained in good condition so that their value is not significantly impaired by the passage of time, and in consequence any element of depreciation would be immaterial. The paintings are not depreciated because their value is not significantly impaire(J by the passage of time. and in consequence any element of depreciation would be mmaterial. The non-depreciation of freehold buildings and paintings is a departure from the general requirement of the Companies Act 2006 and Charities SORP IFRS102) for all tangible assets to be depreciated. The trustee5 are of the opinion thot such treatment is necessary to give a true and fair view. A de minimu5 limit is set whereby only expenditure over £51XJ is capitalised. unless it is part of a larger project. In accordance with FRS102. the trustees have performed an annual impairment review and consider that the carrying value of the freehold property and the painting5 15 not higher than the recoverable amount. A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the statement of financial activities incorporating income and expenditure account. Depreciation is charged so as to allocate the cost of tangible fixed assets le55 their residual value over their estimated useful lives. Depreciation is provided on the following bases= Major refurbishments Artwork Equipment/ refurbishments and alterations Computer equipment Lift 10 years straight line impaired cost 25% reducing balance 3 years straight line 20 years straight line Page 19
THE BROOMGROVE TRUST IA company limited byguaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.6 Investments Fixed a55et 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/lLo55esl on investments. in the Statement of financial activities. 2.7 Debtors Trade and other debtor5 are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.8 Cash at bank and In hond Cash at bank and in hand includes cash ond short-term highly liquid investments with a short maturity of three month5 or less from the date of acquisition or opening of the deposit or similar account. 2.9 Liabilities undprovlslons Liabilitie5 are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is prabable 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 amount5, discounted at the pre-tax discount rate that reflects the risk5 specific to the liability. The unwinding of the discount is recognised in the Statement of financial activitie5 as a finance cost. 2.10 Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.11 Penslons The charity operates a stakeholder pension scheme. a personal pension plan and an Auto-Enrolment pension scheme. Contributions are expensed as they become payable. Page 20
THE BROOMGROVE TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontinued) 2.12 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objective5 of the charity ènd which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund 15 set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. 2.13 Employee beneffts When employees have rendered service to the charitvi short-term employee benefits to which the employees are entitled are reco8ni5ed at the undiscounted amount expetted to be paid in exchange for that service. 2.14 Tox The company is considered to pass the tests set out in Sch. 6, para. l of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Pt. 11, Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the exterbt that such income or gains are applied exclusively to charitable purpose5. Critical accounting estimates and areas of judgmefftt Estimate5 and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future event5 that are believed to be reasonable under the circumstances. Critical accountin8 estimates and assumptions: The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related attual results. The paintings included within fixed a55ets are based on the trustees, opinion of their value taking into account their knowledge of the market for similar assets. Page 21
THE BROOMGROVE TRUST IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Legacies and donations Grants received 10,181 11,279 Toto12024 1,684 21,460 Total 2023 10.287 11.173 21,460 Income from charltable activities Unrestrlcted funds 2024 Total funds 2024 Total fund5 2023 Patients, fees 2,490,166 {24,959) 17,099 2,490,166 {24,959) 17,099 2,191,104 118,1571 16,653 Patients, fee5 charitable reduction Receipts from residents Tota12024 2.482.306 2,482,306 2.189,600 Total 2023 2.189.600 2,189,600 Page 22
THE BROOMGRQVE TRUST IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Investment income Unrestrirted funds 2024 Total funds 2024 Total funds 2023 Investment income 3.615 3,615 3,815 Total 2023 3.815 3,815 Other income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Other income 363 363 200 Total 2023 200 200 Analysi5 of expenditure on charitable activities Summory byfund type Unrestrirted funds 2024 Restrirted funds 2024 Total 2024 Total 2023 Charitable activities 2,Y19,832 2.549,832 2.228,811 Total 2023 2,217,638 11,173 2,228,811 Page 23
THE BROOMGROVE TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure by activities Total funds 2024 Total funds 2023 Direct costs Support costs 2024 2024 Charitable activities 2.475,465 74,367 2,549,832 2,228,811 Total 2023 2,156.821 71,990 2,228,811 Analysis of direct costs Total funds 2024 Total funds 2023 Staff costs 1,791,493 38,735 1.574,590 Depreciation Water. council tax and insurance Light, heat and power Repairs. renewals and upkeep Food 41,043 37,820 31,979 49,222 75,377 106,862 55,578 60.921 86,193 104.511 119,050 49,018 65,124 13 Miscellaneous expenses Medical service5 and supplies Legal and professional fees Agency fees Governance costs (note 101 13 176,210 7,298 154,562 6,674 2.475.465 2,156,821 Page 24
THE 8ROOMGROVE TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IAARCH 2024 Analysis of expendlture by artivities (continued) Analysis of support costs Total funds 2024 Total funds 2023 Telephone. postage and advertising Miscellaneous expenses Legal and professional fees Governance costs (note 101 16,694 11,553 16,829 10,137 2,426 42,598 2.769 43.351 Totol 2024 74,367 71,990 io. Governance costs 2024 2023 Direct costs Wages and salaries 7,298 6.674 Support Costs Telephone, postage and advertising Legal and professional fees Audit fee5 1.855 1,870 29,952 31,560 43,351 42,598 Totol governonce 50,649 49,272 In both years all expenditure on governance costs was from unrestricted funds. Pa8e 25
THE BROOMGROVE TRUST IA company limited by8uaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ii. Net Incomellexpendlture) 2024 2023 This is Stated after charging.. Depreciation of tangible fixed assets owned by the charity 38,735 41,044 38,735 41,044 12. Audltor's remuneratlon 2024 2023 Fees payable to the charity's auditor for the audit of the charity's annual account5 8,500 8,280 13. Staff costs 2024 2023 Wages and Salaries Social security Costs Other pension costs 1.658,306 1.456,958 101,888 114,936 25.549 22,418 1,798,791 1,581,264 The avera8e number of persons employed by the charity duringthe year was as follows: 2024 No. 2023 No. Administration Nursing Housekeeping Catering Wellbeing Maintenance 53 13 12 li io Laundry 94 85 Page 26
THE BROOMGROVE TRUST IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Staff costs Icontlnuedl The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was= 2024 No. 2023 No. In the band £70,001- £80.000 The total amount of employee benefits including employer's Nl and pension received by key management personnel is £132,308 12023: £85,734). The Charity's key management personnel are detailed in the Trustees, Report. During the year. no trustees received any remuneration12023-. £nill- During the year. no trustees received any benefits in kind12023.' £nil) Durin8 the year. trustees received reimbursement of expenses totallin8 £nil12023.' £nill. 14. Tan8lble fixed assets Calerin8 Office returblshment equipment Freehold Entrance property refurblshment Palntlngs Total C05t or voluotlon At l April 2023 Additions 954.051 102,005 67A71 983,950 25,734 81.225 2,188,702 25,734 At 31 March 2024 954,051 102,005 67,471 1.009,684 81,225 2,214,436 Depreciation At l April 2023 Charge for the year 102,(105 835,999 38.735 81.225 1,019.229 38,735 At 31 March 2024 102,005 874,734 81.225 1,057,964 Net book value At 31 March 2024 954.051 67.471 134,950 1,156,472 At 31 March 2023 954,051 67.471 147,951 1,169,473 Page 27
THE BROOMGROVE TRUST IA company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Fixed asset Investments Lisled securlties Cash Totsl C05t or valuation At l April 2023 Additions 136,817 56,222 (53,930) 10.811 5,525 142,342 56.222 (57,596) 10,811 Disp05als Revaluations {3,666) At 31 March 2024 149,920 1,859 151,779 Net book value At 31 March 2024 149,920 1,859 151.779 At 31 March 2023 136,817 5,525 142,342 The historical cost of the listed Securities are £136.08012023: £138,365). 16. Debtors 2024 2023 Trade debtors 173.733 220,080 35,810 Prepayments and accrued income 42,118 215,851 255,890 Page 28
THE BROOMGROVE TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Cred•tors: Arnounts falling due within one year 2024 2023 Bank loan5 9,993 42,142 31,528 9,747 46,903 27,407 95.770 Trade creditors Other taxètion and social security Accruals and deferred income 137,264 220,927 179,827 2024 2023 Deferred income at l April Resources deferred during the year Amounts released from previous periods 5.878 4,476 21,711 (5,878) 5,878 14.4761 21,711 5,878 Deferred income represents monies received in advance of 5er¥ices rendered. 18. Creditors: Amounts falling due after more than one year 2024 2023 Bank loans 20,770 30.746 The bank loan is unsecured and has a 2.5% annual interest rate. It is due to be repaid in full by April 2027. Page 29
THE 8ROOMGROVE TRUST (A company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Statement of funds Statement of nd5- current year Balance at i Aprll 2023 Transfers inl(¥Jt Gainsl (Losses) Balance at 31 Marth 2024 Income Empendlture Unrestrlctedfund5 Designatedfunds Residents support fund 6,137 124.959) 18.822 GeneralAunds General Funds 1,503.306 2,512,927 (2.549,832) 118,822) 10,811 1,458.390 rotul Unrestricted funds 1,509,4M3 2,487,968 12,549.8321 10.811 1,458,390 Page 30
THE BROQMGROVE TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Statement of funds {continued) Statement of funds- prlor year Balance at 31 March 2023 Balance at l April 2022 Gains/ IL055esl Income Expenditure Unrestrictedfunds Designatedfvnds Resident5 5UPPOrt fund 24.294 {18.1571 6,137 Generalfunds General Fund5 1.509,354 2.222,059 12,217,638) 110.4691 1,503,306 Totql Unrestrirtedfvnds 1,533.648 2,203.902 12.217,6381 110,469) 1.509,443 Re5trictedfunds COVID Grants - Workforce recruitment & retention fund 11.173 111.1731 Total offunds 1.533,648 2,215,075 {2,228.8111 110,4691 1.509,443 Designoted Funds Residents SUPPOrt fund= this fund has been established to cover resident5 fees when there has been a change in a resident's financial circumstances. The funds are to be utilised at the trustees. discretion. Restricted Funds COVID Grants: this fund is for workforce recruitment & retention. Transfers A transfer has been made from general funds to cover the deficit on designated funds at 31 March 2024 in relation to financial support of the residents. Page 31
THE BROOMGROVE TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Surnrnary offunds Summary of funds- current year Balance at I Aprll 2023 Transfers Inlout Gainsl (Losses) Balance at 31 March 2024 Income Expendlture Designated funds General funds 6,137 1.503,306 124,959) 2,512.927 18,822 118,822) (1,54932) 10,811 1,458,390 1.509.443 2.487.968 12,549,832) 10,811 1.458,390 Summaryof funds- prfor year Balance at 31 March 2023 Balance at l April 2022 Gainsl (Losses) Income Expenditure Designated funds General funds 24,294 118.1571 2.222,059 11.173 6,137 1.503,306 1.509.354 {2.217,6381 111.1731 {10.469} Restricted funds 1,533,648 2.215,075 12,228,811) 110,4691 1,509,443 21. Analysls of net assets between funds Analysls ot net assets between funds- current period Unrestricted funds 2024 Total funds 2024 Tangible fixed assets Fixed asset investments 1.156,47Z 1,156,472 151.779 151,779 391,836 {220,9271 (20.7701 Current assets 391,836 1220,927) 120,770) Creditors due within one year Creditors due in more than one year Total 1,458,390 1,458,390 Page 32
THE BROOMGROVE TRUST {A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. Analysls of net assets between funds {continued) Analysis of net assets between fvnds- prior period Unrestricted funds 2023 Total funds 2023 Tangible fixed assets Fixed asset investments 1,169.473 1.169,473 142,342 408,201 1179,8271 130,7461 142.342 Current assets 408,201 1179,8271 130,7461 Creditor5 due within one year Creditor5 due in more than one year Totul 1.509,443 I,S09,443 22. Reconclliation of net movement in funds to net cash flow from operatlng artivities 2024 2023 Net expenditure for the year las per Statement of Financial Attivitiesl 151.053) 124,2051 Adjustmentsfor.. Depreciation charges IGainsl/losses on investments Dividends and interest from investments Decreasellincreasel in debtors Increase in creditors 38,735 110,811) 13,615 40,039 40,854 41,044 10,469 {3,8151 113,8371 999 Net cash provlded by operating artivities 54.149 10,655 Page 33
THE BROOMGROVE TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 23. Analysis of cash and Cash equivalents 2024 2023 Cash in hand 175.985 152.311 5,525 Cash held in investments 1,859 Total cash and cosh equivulents 177.844 157,836 24. Anatysis of changes in net debt At l Aprll 2023 At 31 March 2024 Cash flows Cash at bank and in hand 152,311 19,747) 130,746) 23,674 1246) 9,976 175,985 19,993) 120,770) Debt due within l year Debt due after I year 111,818 33,404 145,222 25. Pension commitments The company operates a stakeholder pension scheme, a personal pension plan and an Auto-Enrolment per7sion scheme. Pension costs are accounted for in accordance with FRS102. Pension costs charged in the financial statements are £25,549 12023= £22.4181 representing the contributions payable by the charity during the year ended 31 March 2024. There were contributions totalling £4,85012023- £4.2811 outstanding at the year end. 26. Related party tiansact•ons No related party transactions have taken place during the year12023.' none). Page 34