THE BRODIE CHARITABLE TRU FOR THZ YEAR ENDED 31 MARCH 2021 Hackeryoung Chartered Accountants
THE BRODIE CHARITABLE TRUST
INDEX TO THE REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
| Index | Page | Page | |
|---|---|---|---|
| Trustees' Annual Report | 1 | - | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | - | 6 |
| Balance Sheet | 7 | ||
| Notes to the Accounts | 8 | - | 12 |
THE BRODIE CHARITABLE TRUST
1
TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021
The trustees present their report and accounts for the year ended 31 March 2021. The accounts have been prepared in accordance with the accounting policies set out in note 1 and comply with the charity's trust deed, the Charities Act 2011 and "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)".
Reference and Administrative Information
Charity Number: 802624
Principal Office
55 Willifield Way, London NW11 6YL
Trustees
P M Brodie D S Brodie FCA OBE Mrs V E Lis
Independent Examiner
Julie Mellowes FCCA of UHY Hacker Young, Quadrant House, 4 Thomas More Square, London, E1W 1YW
Accountants
UHY Hacker Young, Quadrant House, 4 Thomas More Square, London, E1W 1YW
Bankers
HSBC, 431 Oxford Street, London W1C 2DA
CAF Bank Limited, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4JQ
Structure, Governance and Management
The trust is an unincorporated body, constituted under a trust deed dated 11 December 1989 and is a registered charity, number 802624. The trust was established by the late Bernard Brodie in 1989. The trust does not actively fundraise and maintains a careful stewardship of its existing resources.
The trust deed provides for a minimum of three trustees and a maximum of seven trustees. The power of appointing new or additional trustees is exercisable by the trustees. The trustees meet at such intervals as they consider appropriate.
The charity has no full time or part time employees or volunteers to assist in the running of the charity; the daily administration being carried out by the trustees themselves.
THE BRODIE CHARITABLE TRUST
2
TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021 (Continued)
Risk Management
The trustees have reviewed the major and financial risks that impact on the work of the trust. The systems that have been established enable the trustees to review and take necessary steps to lessen these risks.
Objectives and Activities
The object of the trust is to apply the capital and income of the trust fund for such charitable purposes as the trustees in their absolute discretion think fit. The policies adopted by the trustees in achieving these aims are to make grants to suitable organisations themselves charitable in nature.
Public Benefit
The trustees have complied with section 17(5) of the 2011 Charities Act, having due regard for the Charity Commission's guidance on public benefit when reviewing the trust's aims and objectives, when setting the grant making policy and in making awards.
Grant Making Policy
The trustees consider all grant applications on an individual basis and will make donations to approved applications, when funds are available.
Achievement and Performance
During the year, 48 grants totalling £71,010 were approved and made to 39 charitable organisations compared with 18 grants totalling £54,591 and made to 16 charitable organisations last year. The trustees consider that these represent an appropriate exercise of their discretionary powers.
Financial Review
During the year the charity received a legacy of £100,000 from the Estate of Mrs M E Brodie. This income and the income derived from the Capital expendable endowment fund, together with the trustees' power to convert the capital to income and distribute at their discretion to charitable causes, resulted in a surplus of income for the year of £27,445 (2020: deficit of £55,606).
Investment Policy and Performance
There are no restrictions on the trust's power to invest and the current policy is to invest short term funds with the trust's bankers.
Reserves Policy
The trustees' aim is to maintain free reserves in unrestricted funds at a level that will provide sufficient funds to respond to applications for grants and ensure that there are sufficient funds available to cover support and governance costs. The level of reserves at 31 March 2021 was £117,575.
Plans for the Future
The trustees have no immediate plans to modify or radically change any of the objects, activities or policies described above.
THE BRODIE CHARABLE TRusr 'rRUSTEES' ANNUAL REPORT FOR THE YEAR EIYDED 31 MARCH 2021 (Continued) Trustees, Responsibilities in Relation to the FiDaD¢ial Statsments TELC law applicable to charities in England and Wales Tequircs thc trustees to prepare fancIal statements for each finatlcial year wRll"ch give a true and fair view of the clwity's financial activities during the year and of its fmancial position at the end of the ycar. Ill prqmring these financial statements, the Itee$ are Tequired to: sclcct suitable accounting trf)licies and then apply them coDsistently, make judgements and &stimates that aTe reasollable and pnll¢ follow appltcable accounting standards" prepare thc financial statements on the going concern basis unless it is inappropriate to pIt51unc that the chlty will continue in operatio The trustees are re5POn5ible for keeping accounting records which disclose with reasonabl¢ accurncy at any time the financial position of the clwity and which enable them to ensure that the fin2D¢ial statemellts comply with the Accounting Standar&8 and StateD]ents of Rec0Mn Practic¢ and the regulations under the Ch&rilies Act 2011. Thcy arc also respoDsilTrle for 5afeguardi7Jg the ats of the charity and hence for taking reasonable steps for the prcvcntion and detcction of fraud and other legularlties. Approved by the trustees and sigtked on their bebalf by: P M Brodie Trustcc Date.. ZTr December 2021
UHY Hacker Young LLF4 Quadrant House 4 Thomas More Square London E1W 1YW Hackeryoung Chartered Accountants THE BRODIE CHARABLE TRUST INDEPENDEiYf EXAMINER'S REPORT TO THE TRusfEFS OF THE BRODIE CIiARJTABLE TRUST FOK THE YEAR ENDED 31 MARCH 2021 I reith to the tte¢S on my exami0 of the acL¥)unts of The Brodi¢ Chori¢abl¢ Tntst for the year ended 31 Matc 2021, which are set outon pages S to 12. This report is made sole]y to the charity5 tsus a body. in accordance with wiot> 145 of the Chariti¢5 Act 2011. My examination ten undertaken 30 that I tnight state to the d]arilYs trustees t3¢ matten I am rulf&j to statt to them irt an indrycThdcnt cxaminees rqrt and for no other purtA)se. To the fullest ¢xtott pmnit¢¢41 by law. I do not aci%pt or assume reSnsibIlity to anyone other th8n the LAriWs tn]siets L8 A my exathitrtho for this r¢N)rL or for the opinions I have fornied. ReJpDnsibilitws Imsii of report As the ¢h¥rity twstee5 of the Clwity you rrsp)nsiblc for the preFall¢)n of th¢ %)Unts in aLXx)rda wtth the rwuirements ofthe ChaTiti¢s Art2011 (Xhe Act.). I retx)rt in respttt of my examinOn of the Tnkn's ¢2tri¢d out ynder wion 145 of the 2011 A¢t gnd i carryiftg out my examination L have followed all the 8m)IiLxblc Diru#ioA% Bly lry the Ch8Tity Conmjission widry s¢rtion 145{5)Ib) of th¢ 2011 ACL IndepeDdent eumtser's examination giving me to belie that in any Materi reyL (l) accounting rea)rds W¢ wt kepl in T¢4frtoftheTrust as rwuir¥J by s¢¢tioti 130 of th¢A¢i' or {2) the a(Ullts th) Th)t a¢o)Yd with those ffcord&' or 131 the a¢4)unts &) not comply with the 8M)li(bk wuir•llents nIng the forrn al wnt¢nt of a¢¢ounts sd out In the Clwities {knyJunts and Rwrts) RegulatioDS 21K>8 other than any requiremtht that the accounts giye Ind fairf view which is ThA a mattff LX)Dsidcrd pfirt of an indepeThknt examination. I h4ve no concerns and have comc across no other it) conn&ion with thc examiTtation to whith attcntion Sknuld be dtaNvn in this report in ord¢r to enable a prow tsnder#aoth8 of the to b¢ rwhed. 1¢ M¢llow¢s FCCA UHY Ha(er Young LI Quadrant House 4 Thotw N(ore Squ8re IAJn¢k¥n Elw IYW Date.. IIDecetth 2021
THE BRODIE CHARITABLE TRUST
5
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
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Capital- Total Total
expendable unrestricted unrestricted
General endowment funds funds
fund fund 2021 2020
Note £ £ £ £
Income and endowments from:
Donations and legacies 2 100,000 100,000 -
Interest receivable 35 - 35 24
Sundry income - - - 50
Total income 100,035 - 100,035 74
Expenditure on:
Charitable activities 3 (1,580) (71,010) (72,590) (55,680)
Total expenditure (1,580) (71,010) (72,590) (55,680)
Net movement in funds 98,455 (71,010) 27,445 (55,606)
Reconciliation of funds
-
Total funds brought forward 90,130 90,130 145,736
Total funds carried forward 98,455 19,120 117,575 90,130
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THE BRODIE CHARITABLE TRUST
6
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
Statement of Financial Activities
For the year ended 31 March 2020
| Note Income and endowments from: Interest receivable Sundry income Total income Expenditure on: Charitable activities 3 Total expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
General fund £ 24 50 74 (74) (74) - - - |
Capital- expendable endowment fund £ - - - (55,606) (55,606) (55,606) 145,736 90,130 |
Total unrestricted funds 2020 £ 24 50 74 (55,680) (55,680) (55,606) 145,736 90,130 |
|---|---|---|---|
THE BRODIE CHARrrABLE TRUST BALANCE SHEET AS AT 31 MARCH 2021 2021 2020 Note Current asset5 Cash at bank 119.075 91.210 119.075 91210 CredÈlon: fal]ing due within one year (1,5) (1.080) Total assets less current liabilities 117.575 90.130 Net assets 117.575 90.130 The lldS of the charity Capital- expendable endowment fund (page 5) General fimd Ipage 5) 19.120 98.455 90.130 117.575 90,E30 The financial statements on pagcs 5 to 12 w¢rc approved by the Trustees on tL December 2021 and sigtLed on thcir beha]f by. P M Brodie Trustee
THE BRODIE CHARITABLE TRUST
8
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
Charity information
The Brodie Charitable Trust is a Charitable Trust established under a Trust Deed dated 11 December 1989.
1.1 Accounting convention
The accounts have been prepared in accordance with the charity's trust deed, the Charities Act 2011 and "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.
These accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts.
1.3 Charitable funds
All funds are unrestricted. Both the capital and income of the charity can therefore be applied at the discretion of the trustees in furtherance of the charitable objectives of the trust.
The capital-expendable endowment fund comprises the capital fund established to provide income for the charity grants in accordance with the objectives of the Trust and arose from an intial £500,000 donation received on 15 November 2000. A further £200,000 donation was received into this fund on 24 March 2010. No restrictions have been placed on the capital balance, enabling the trustees if they wish to convert the capital to income and distribute at their discretion to charitable causes where the need arises.
1.4 Income recognition
All income is recognised once the charity has entitlement to the income, there is sufficient certainty of receipt (so it is probable that the income will be received) and the amount of income receivable can be measured reliably.
1.5 Expenditure recognition
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the trust. The grants are accounted for where either the trustees have agreed to pay the grant without condition and the recipient has a reasonable expectation that they will receive a grant, or any condition attaching to the grant is outside the control of the trust.
THE BRODIE CHARITABLE TRUST
9
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (Continued)
1 Accounting policies (continued)
1.6 Irrecoverable VAT
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
1.7 Charitable activities
The expenditure on charitable activities includes grants and governance costs.
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice, including all management and administrative costs.
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
2 Donations and legacies
On 25 September 2020, the charity received a legacy of £100,000 from the Estate of Mrs M E Brodie, the trustees' late mother.
THE BRODIE CHARITABLE TRUST
10
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (Continued)
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3 Charitable activities
2021 2020
£ £
Grants payable (see note 4) 71,010 54,591
Governance costs (see note 5) 1,580 1,089
72,590 55,680
4 Analysis of grants 2021
£ £
Economic/Community Crisis 250
Education for Democracy in South Africa 5,000
Food Lifeline 250
Hampstead Theatre 250
Holocaust Memorial Day Trust 250
Homeless Action in Barnet 500
Ikamvu Labantu 10,000
JAMI 250
The Jewish Council for Racial Equality 500
Jewish Care 5,250
Jewish Music Institute 100
JW3 - Jewish Commuity Centre London 250
KEF - Bike4Kef 1,250
Maccabi GB - The Yellow Candle Project 200
Moishe House 350
Sir Charles Clore Jewish-Arab Commuity Centre
(via New Israel Fund) 250
Norwood 250
North Western Reform Synagogue 3,360
One to One Children's Fund 400
Road to Peace - Project Rozana 500
The Paperweight Trust 1,000
The Royal British Legion 250
Tzedek 250
UJC - United Jewish Campaign 5,000
World Jewish Relief 1,750
Yachad 2,750
40,410
Education/ Training Jewish Interactive 500
Leo Baeck College 1,000
University of Kent 10,000
11,500
Balance c/fwd to next page 51,910
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THE BRODIE CHARITABLE TRUST
11
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021 (Continued)
| 4 Analysis of grants (continued) Balance b/fwd from previous page Environmental Enivronmental Investigation Agency Greenpeace UK Sheldrick Wildlife Trust General Charitable Purposes London Cycling Campaign Medical/Health/Sickness Chai Cancer Care Macmillan Cancer Support Marie Curie North London Hospice Parkinson's UK Royal Free Charity Total grants payable 5 Governance costs Independent examiner's fee Accountancy fee Bank charges |
£ £ 51,910 150 150 200 500 250 100 250 5,000 500 2,500 10,000 18,350 71,010 2021 2020 £ £ 1,500 - - 1,080 80 9 1,580 1,089 2021 |
|---|---|
6 Staff costs
No staff were employed during the year by the charity; the daily administration of the charity being carried out by the trustees.
7 Independent examiner's remuneration
The remuneration constituted of an independent examiner's fee of £1,500 (2020: accountancy fee of £1,080).
8 Cash at bank
| HSBC Current account CAF Gold account |
2021 £ 4,849 114,226 119,075 |
2020 £ 3,519 87,691 91,210 |
|---|---|---|
THE BRODIE CHARITABLE TRUST
12
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021 (Continued)
- 9 Creditors: amounts falling due within one year
| Accruals | 2021 £ 1,500 1,500 |
2020 £ 1,080 1,080 |
|---|---|---|
10 Related party transactions and trustees' remuneration
On 25 September 2020, the charity received a legacy of £100,000 from the Estate of Mrs M E Brodie, the trustees' late mother.
No trustee or any person connected with a trustee has received or is due to receive any remuneration for the year directly or indirectly from the charity's funds.
No trustee has been reimbursed for expenses during the year.