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Brathay Trust Trustees’ Report and Accounts for the year ended 31 March 2021

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Contents

Welcome to Brathay 3 Structure, Governance and Management 4 Achievements and Performance 13 Financial Review 21 Independent Auditor's Report 26 Financial Statements - Consolidated Statement of Financial Activities 31 - Balance Sheet 32 - Cash Flow 33 Notes to the Financial Statements 34 Brathay Trust Income and Expenditure Account 43

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Trustees’ Report and accounts 2020-21

Company Registration Number: 2814206; Charity registration number 1021586 Page2

We lcome to Brathay

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Andy Watson, Chair of Trustees
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It is a privilege to step into Charles Cowling’s footsteps as Chair of Trustees and to be joining the Brathay community at such a challenging, yet exciting point in its long history.

Not only is it Brathay’s 75th anniversary this year — a noteworthy achievement celebrated by the variety of ‘Stories to Tell’ submitted online by those whose lives have been impacted by the charity — but it’s also a time of unforeseen change.

Covid rocked all our lives and Brathay was no exception. The lockdowns disrupted the charity's residential bookings and face-to-face delivery in communities. This caused massive uncertainty to income, leading to an intense focus on costs and sadly, the need to say goodbye to some colleagues.

That said, it's been hugely encouraging to see how the charity has not only survived but adapted, mainly by utilising skills and a unique offering around wellbeing to meet the needs of young people and their families adversely affected by Covid. Brathay is well-placed ta understand the challenges of isolation, furlough, unemployment, poverty and, of course,health.Brathay Covidillness,has done hasbereavement heightenedan impressiveandit all,job,mental andmodifying both the content and style of programmes to reach out to those most in need.

Commercially,challenge too. TheBrathay charity hasreliesrisen heavilyto the on its various social enterprise revenue streams and has done a great job to maintain some — not least offering Covid-safe and affordable accommodation to the public once overnight stays were permitted, and also by re-designing its fee-paying people development programmes for businesses. Residentials at Brathay were replaced by innovative interactive digital workshops which received much acciaim from participants, many of them young apprentices embarking on their careers. Training providers and employers will continue to work with our consultants to provide bespoke ‘blended learning’ programmes, combining digital workshops, immersive residentials and delivery in the workplace.

The same flexible approach has been seen with Challenge Events. As the accounts for this period show, these annual fundraisers took a huge hit, but the team persevered going on to host a postponed Windermere marathon in May 2021, smaller in numbers but still one of the UK's highest entry running events postlockdown. Feedback from participants was excellent,

Brathay is still recovering but recovering well and we are starting to feel more optimistic about the future. As trustees, we couldn’t have asked, or expected more, of staff. Many have had to put in extra hours to facilitate fastminute change and all have faced times of uncertainty and social isolation. Thank you to them all, and to all our volunteers, supporters, Ree ane STI Teer:

If Brathay exists to instil positivity and resilience into thousands of young people every year, then high praise indeed for all those staff who are determined to pull together and practise what they preach.

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Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586 Page 3

Structure, G overnance an d Ma nagement

Governancever TheAt 31 governingMarch there body wereis thenine Boa t r ustees,d of Trustees.which has now increased to eleven. There is no upper limit to this number. Trustees of Brathay are also directors under the Companies Act.

Legal structure The Board of Trustees has responsibility for setting and monitoring Brathay’s performance Brathay Trust (Brathay) was first constituted as against the strategic objectives set and meets a charity in 1946 and was incorporated as a a minimum of four times a year. The trustees company limited by guarantee in 1993. We are have one committee, the Finance and registered as a charity in England and Wales Investment Committee, with other matters and governed by a Memorandum and Articles being reported directly to the Board. of Association and a Trust Deed. ; ; ; A Risk and Compliance committee will operate Company Registration Number: 2814206. from October 2021. Charity registration number 1021586. Additionally, a number of trustees have Operations leadershipresponsibility forteam liaisingin key areas. with the Brathay’s head office is at Brathay Hall, our residential centre in Cumbria set in the heart of Trustees the Lake District National Park. We also have a long-established centre in Bradford city )oanna ——ema centre out of which we deliver a variety of Ann M Crane (Appointed 4 May 2021) community-based: : programmes, Our strong taleristopher SoW Dickinsonesas 15 May 2021) community footing extends to Barrow and our Julie A Frizzell (Appointed 15 May 2021) outreach work spreads further still, often linked David Jackman (Resigned 28 January 2021) to schools and colleges and allowing us to Sarah Hodgson Jones operate at ground level in some very Paul Johnson challenging urban areas. Paul Mayson (Appointed 4 May 2021) Brathay i. Christopher McDonald Brathay has one wholly owned subsidiary, Katharine S McIntyre (Resigned 31 December Services Ltd, which is operated and 2020) Marc A Pate RegisteredF Office: GillianMark RPrior J fine(Resigned (Appointed15 May15 May2021 baat Brathay Hall Andrew S Watson (Appointed 4 May 2021) Clappersgate =umbria Charles Cowling was Chair of Trustees until 15 LA22 OHP May 2021 and was succeeded by Andrew Watson. Paul Johnson was Vice Chair of Company Secretary Trustees throughout the year. Heather T Dixon

Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586 Page 4

Structure, Gove rnancé a nd M an ageme nt

Finance and Investment Committee

Operations Theroutinely Financ me e andts five investment times a year. CommitteeIt considers specific issues in greater detail and makes recommendations on those issues to the Board as a whole. Additionallyi .it:

Members

Charles Cowling Ann M Crane Christopher W Dickinson Christopher McDonald Diane Millward ie g Gillian Prior Mark RJ Turner (from 29 July 2021) Andrew S Watson

All members served the committee from the date of their appointment, or to the date of their resignation, as a Trustee, unless otherwise indicated.

Chair and Treasurer Katharine S Mcintyre was Brathay’s Chair of the Finance and Investment Committee and Treasurer until 31 December 2020, at which point Christopher McDonald was elected to the position.

Lenderships Tear

The trustees delegate the day-to-day management of Brathay to its paid executives. This is delivered by the chief executive and the leadership team who report at least quarterly to trustees. The leadership team comprises:

• e receives reports on operational matters and ensures the implementation of strategic decisions;

• • — scrutinises the budget and business plans; 5 :

• e undertakes the annual audit review .

• and monitors the performance of the investment managers;

• e reviews, recommends and reports to the Board on issues of financial reporting, major projects, reserves management, investment management, internal financial controls, financial risk management and the monitoring of compliance with rabessarat law, regulations and good practice;

• ¢ is responsible for Brathay's remuneration policy and strategy, ensuring that the remuneration process is professional and impartial, setting the remuneration of the leadership team and ensuring employees are kept informed. As far as possible, salary scales and benefits are benchmarked to national charities and other relevant/local information.

Godfrey C Owen, Chief Executive Heather T Dixon, Finance Director Rachel C Head, Head of Children and Young People’s Services.

Contact details

www.brathay.org.uk www.brathay.com www.brathaychallenges.com Email: [e-mail] Telephone: [phone]

Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586 Page 5

Structure, Governance and Management

; ; Professional advisors

Bankers

Cumberland Building Society Cumberland House Cooper Way Parkhouse Carlisle CA3 OJF

Independent auditor

Lamont Pridmore Chartered Accountants and Statutory Auditor 136 Highgate Kendal Cumbria LAS 4HW

Insurance broker

Marsh Commercial J36 Rural Auction Centre Crooklands Kendal Cumbria

Investment advisors

Sanlam Windsor House Cornwall Road Harrogate North Yorkshire HG1 2PW

Legal advisors Temple1 Kent View Heelis Cumbria Kendal LAS 4DZ

Thomson Hayton Winkley 114-116 Stricklandgate Kendal Cumbria LAS 440A

Pension administrator

Old Mutual Wealth Fifteen Rosehill Industrial Estate Montgomery Way Carlisle Cumbria CA1 2RW

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Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586 Page6

• Stru ctu re 3 e stateStandards whether have applicablebeen foilowed,UK Accountingsubject to G overnance an d any material departures disclosed sip explained in the financial statements; and

• Mia nageme nt e prepare the financial statements on the going concern basis unless it is

• Trustees’ Responsibilities Inappropriate a a siadales F charitable group will continue in business.

• Trustees (who are also directors of Brathay ; ; Trust for the purposes of company law) are The trustees are responsible for keeping responsible for preparing the trustees’ annual adequate accounting records that are sufficient report and the financial statements in to show and explain the charitable company’s accordance with applicable law and transactions and disclose with reasonable regulations. accuracy at any time the financial position of the company and enable them to ensure that

• Company law requires trustees to prepare the financial statements comply with the financial statements for each financial year. Companies Act 2006. They are also Under that law the trustees have elected to responsible for safeguarding the assets of the prepare the financial statements in accordance charitable company and hence for taking with United Kingdom Generally Accepted reasonable steps for the prevention and Accounting Practice (United Kingdom detection of fraud and other irregularities. Accounting Standards and applicable law), including FRS 102, The Financial Reporting The trustees confirm that: Standard applicable in the UK and Republic of e so far as each as each each trustee is aware, aware, there is no Ireland. relevant audit information audit information information of which the which the the

• e so far as each as each each trustee is aware, aware, there is no relevant audit information audit information information of which the which the the charitable company’s auditor is unaware; and

• • the trustees have taken all the steps that they ought to have taken as trustees in order to to make themselves themselves aware of any any relevant audit information and to establish that the charitable company’s company’s auditor is aware of that that information.

Under company law the trustees must not charitable company’s auditor is unaware; approve the financial statements unless they and are satisfied that they give a true and fair view * the trustees have taken all the steps that of the state of affairs of the charitable company they ought to have taken as trustees in and the group and of the incoming resources order to to make themselves themselves aware of any any and application of resources, including the relevant audit information and to establish income and expenditure, of the charitable that the charitable company’s company’s auditor is group for that period. In preparing these aware of that that information. financial statements, the trustees are required to: The trustees are responsible for the e select suitable accounting policies and maintenance and integrity of the corporate and then apply them consistently: financial information included on the charitable « —_ , company’s website. Legislation in the United observe the methods and principles in the Kingdom governing the preparation and Charities SORP (FRS 102); ; ; dissemination of financial statements may * make judgments and accounting estimates differ from legislation in other that are reasonable and prudent; jurisdictions.

Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586 Page 7

Structu re, G overnarfce an d Ma nageme nt

Trustee Appointments

When recruiting new trustees, the Board looks for members whose skills and backgrounds complement and enhance the existing team. Vacancies are advertised and trustees, staff and other interested parties may nominate a person for consideration.

Risk management Trusteesensuring thathave Brathay overall hasresponsibility an appropriatefor tosystem safeguardof controlBrathay's and forassets. taking suitableA summarysteps of the major risks to which Brathay is exposed, and the relevant mitigating factors, is maintained in a risk register. Risks are reviewed twice a year by trustees. They work closely with the leadership team to ensure that Brathay has appropriate policies, systems and procedures to manage the risks facing Brathay.

Key risks

Brathay promotes and values diversity within the trustee body, recognising the importance of having a wide range of views, knowledge and experiences leading the organisation. Potential new trustees meet with the chair, chief executive and trustees before being elected to the Board. They are provided with information about Brathay and visit the head office in Ambleside and/or one of our regional offices.

Trustee effectiveness

Following their appointment, each trustee receives a briefing pack and comprehensive induction. This covers their role, duties and accountabilities as a trustee and includes information about Brathay, our policies, structure and work. Particular importance is placed on matters relating to safeguarding and child protection. As part of this process, trustees are encouraged to observe Brathay's work,

Each trustee completes a register of interests and related party transactions; this register is updated annually and whenever any changes occur. New trustees are also invited to attend a Finance and Investment Committee meeting. An effectiveness review is carried out annually, allowing each trustee to comment confidentially on Board effectiveness and the results are considered in the light of best practice in the charity sector.

• Trustees recognise that Brathay faces significant risk in a wide range of areas including: e financial risks * health and safety ‘ :

• • ‘ormallar manaserient . pang ; e reputational risks * safeguarding e technological risks.

In all cases control measures are in place and regularly reviewed. These controls are designed to reduce the risk to an acceptable level. In considering the biggest risks Brathay faces, as a charity working with a wide range of people, including some of the most vulnerable, the correct management of safeguarding is key. Following on from this, both data and information management need to be robust. Additionally to ensure an ongoing and sustainable impact, financial risks must be effectively managed, a major issue as the economy moves through the impact of the pandemic.

Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586 Page 8

Structure, Governance and Management

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Objectives, aims and public benefit

Brathay’s objectives, as set out in the memorandum and articles of association, are:

• e toestablish and maintain a centre or T va | 4 4 ~ centres in any part of Great Britain for the : BE | y L & L & & : ‘e ‘e education, including the physical training and moral, intellectual and physical development, of young persons of both Brathay’s key objective is to fulfill this mission sexes from within the United Kingdom; by delivering its 2020-2025 strategic plan.

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• education of such persons;; pandemic, and remains:: highly relevant. The

• ¢ to instruct. the staffff oof such centres and key strands strands remain unchanged unchanged but progress ;

• other has inevitably been been slowed by the the current persons to qualify them to promote crisis.

• the aforesaid purposes; and

• ¢ to promote any other charitable purposes Our work work work focuses on individual and community of an educational nature relating to any of wellbeing and is upheld by our three key the purposes aforesaid. objectives:

Our work work work focuses on individual and community wellbeing and is upheld by our three key objectives:

lt should be noted that while the language of the objectives is now very dated, the spirt behind the words remains the same and Brathay seeks to deliver its work in an inclusive manner which recognises and values diversity.

These objectives underpin Brathay’s organisational purpose and are encapsulated in Brathay’s: mission: ‘To improve the life chances of children andyoung people by inspiring them to engage positively in their communities.’

This is achieved by placing wellbeing at the heart of everything we do; the link to public benefit is clear,

Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586 Page 9

Structu Whilst our work with people and organisations re, is contracted and paid for by corporate Gove rnance and organisations,children and youngthe fundingpeopleforis from our worka much with Managem e nt widercommissioned, range of sources.such as Someby local workauthorities,is directly whilst other work is paid for by funding from Funding our work trusts and foundations, corporate sponsorship, surpluses generated from challenge or other Brathay supports the standards as set out in events, the trading activities of Brathay’s The Code of Fundraising Practice and has subsidiary, appeals and individual giving. subscribed to the Fundraising Regulator. The ; ; ; code has a number of reporting requirements As well as funding community and residential and we report as follows: projects with young people these types of funding also support capital projects.

• » We do not use third-party When funding is received it is not taken as organisations to carry out fundraising income in the accounts until the programme or activities on our behalf. Our processes project it relates to is delivered. Any amounts and practices are designed to ensure received in this way are included as deferred compliance with the standards cited. income. This is the case irrespective of the

• e There have been no complaints in source of the income — for example, any relation to fundraising activity. challenge event income linked to delivery of a

• • We take appropriate steps to ensure eA. SEES the data security of personal Income that comes from funders, tenders and information of individuals. events involves considerable upfront time and
• • The organisation has appropriate resource, often with a significant delay controls to ensure the protection of between this investment being made and the vulnerable people and others from income showing in the accounts.

• The organisation has appropriate controls to ensure the protection of vulnerable people and others from unreasonable intrusion on a person's privacy and unreasonably persistent approaches or undue pressure to donate, in the course of or in connection with fundraising for Brathay.

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Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586 Page 10

Stru ctu re, Theregularlycontribution reviewed.of fundraisingThere is fsactivities obvious isdirect Gove rnance and financialof raising impactBrathay’s as wellprofile as each the indirectyear. benefit Management Utilising volunteers to help us in our efforts Brathay's work this year includes projects Our strategy continues to be to deliver good supported by grants from: people management practice, with a thriving staff team and volunteer resource.

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« Ben's ESUGAIORAT THEE Volunteers are extremely important to our
CAST Digital ability to deliver certain events and projects.
Hadley Trust We rely on, and are very grateful for, the
Cumberland Building Society Foundation support of volunteers to deliver key fundraising
Cumbria Community Foundation events such as our chalienge events. We also
ESF Community Fund benefit from the services of a wide range of
e Garfield Weston Foundation volunteers in other parts of our work including
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¢ Go Higher West Yorkshire Brathay works in partnership with volunteers to
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Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586 Page 11

Structu re, Gove rnance and Management

Developing partnerships

Brathay recognises the fundamental importance of effective partnerships in ensuring we deliver our objectives. They do not meet the formal definitions of related parties but are important for an understanding of Brathay’s activities.

Partners from all sectors are central to Brathay’s work and include funders, customers, local authorities, businesses, schools, colleges, other charities, youth organisations, and community groups. corporate bodies keen to be recognised as Partnerships are also central to working with caring employers committed to helping staff achieve their full potential, whatever their circumstances. Our partnerships share ajoint commitment Our to achieving social change. key partnerships include:

• Centre for Youth Impact

• *» The Francis C Scott Charitable Trust e Cumbria Community Foundation e The Sir John Fisher Foundation e Miles Moore Ceramics e University of Cumbria e Wigan Council «¢ BradfordBarrow BoroughCity Council Council e Bradford Consortia of Barnardo's, YMCA and James

• e Leeds City Council « NCS and English Football League e Bradford and Craven Clinical Commissioning Group

• ¢ Cumbria Office of the Police and Crime Commissioner

• e Barra Culture and Women’s Community Matters

• e The Climbers Shop, Ambleside e Pete Bland Sports Ltd e VOOM Sports Nutrition * BAE Systems e Langdale Hotel & Spa

• For many years, we have worked in partnership with Wigan Council, delivering residentials from their two centres in Cumbria. The Council have taken the decision to use the centres differently going forward and this partnership ended on 30 September 2021

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Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586 Page 12

Ac h leveme. nts an d Performance

• Additionally,focus on wellbeing:each of our activities supports our e directly through our own programmes; e through working with adults, either in their yeofessional al farnily rales, to MIGTERSS their chances of making a meaningful impact on children and young peoples’ lives;

• • by generating financial contribution and other resources for us to operate sustainably and achieve our long-term mission both now and in the future.

The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing objectives and activities described in this section.

In essence, Brathay exists to support young people’s wellbeing, to enable them to feel good and function well by becoming critically aware and empowered to take steps to develop and improve their lives. With increased awareness they can realise their own capabilities and begin to have more effective life choices. This puts them ina stronger position to shape their own future, make the right steps forward and even perhaps becomea positive role model and a source of inspiration to others.

Our annual delivery in headline numbers

During the Covid pandemic of 2020-21, our annual delivery reduced significantly with programmes either being postponed or moved online. The exception has been the continuous provision of community programmes enabling us to continue supporting vulnerable young people and families adversely affected by the pandemic.

We believe that by helping indivudals in this way, our work can also, indirectly, have a long-lasting impact on wider communities.

in this That said, lockdown restrictions still severely have a limited the number of young people we were able to support. Despite the restrictions, we ; were still able to reach out to and help over of our our 5,000 families and young people this year the alone. As the restrictions are lifted, we look our forward to working with even greater numbers than before.

; As we go about the design and delivery of our our programmes, we strive always to keep the following elements embedded in all our activities:

1. Practice: To ensure that every participant has an inspiring, meaningful and evidence-based experience.

2. Reputation: To enhance our reputation for personal development and leadership in our chosen fields so that our expertise is sought after.

3. People and Culture: To create an environment that is vibrant, innovative, person centred and focused on results where participants feel valued and supported.

4. Performance: To develop our business model to achieve sustainability.

Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586 Page 13

Achievements and anemia iia Performance Wesectors workand withindustry, employeesfrom fromapprenticesall businessand graduates starting out in their careers through Charitable activities against objectives set to those at key stages in their selfdevelopment as managers and leaders. Our Placing wellbeing at the heart of all we do programmes support wellbeing at work, ensures our achievements align to our enabling employees to engage with change objectives, focusing on high quality practice and develop their talent and coaching and and enhancing our reputation. This can be mentoring skills. seen across Brathay as follows: Children & Young People Services Challenge Events We All our outdoor challenge events contribute to and work with young people in communities our mission. Not only do they improve the during residential experiences at our Lake wellbeing of those taking part and the families District centre, delivering programmes that supporting them, but they increase our profile increase their wellbeing and supporting them nationwide and provide an opportunity for to feel good and function well. By focusing on members of the public to support us awareness of the attitudes, behaviours and financially by sponsoring individual skills they need, we support them to become particpants. Funds raised by these events empowered to make active choices that will supports our work with young people and benefit them and the people around them. maintain our infastructure. This helps to build their inner resilience and self-confidence and enhances their overall PP 4 ' a potential and future life chances. { We) PS ’ Leading the way in research 4 Py Fs ‘tats Brathay has a long-established record for ,— 4 Ree a - leading the way in practice development | 7m Se sy * 1 we » ee alongside the design and delivery of our ' \ sO) | . experienceprogrammes.of Brathay asWe view every a ‘journey’participant’s during t—-Jt |_F# MB : ove fats; j&On; gases which they build awareness, evaluate their (weve 4 we choices and take positive action. Sear TT ry This simple but powerful process has ° Sn ae developed over many years into a highly ei ee effective approach to learning. Outcomes are ee monitored, recorded and evaluated by our own P academic researchers and our findings Guest Services continue to be used to help shape policy and good practice throughout the wider sector, as We continue to boast revenue through our well as enhancing our professional reputation greatest physical asset, Brathay Hall by and impact. offering venue hire and B&B at weekends and off-peak times. We promote Brathay as an inspirational place to stay and, prior to the pandemic, to develop a variety of familybased dining and social events which all help to bring yet another dimension to our wellbeing agenda.

Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586 Page 14

Ach .levements a nd Welacking alsothe work confidence to developto find those work who or are training often Perfo rmance otheror affectedsignificant by substance challenges misusein their issues orlives. Making a difference Broadly speaking, our programmes fall into three categories: Despite the restrictions of Covid Covid placed on all 1) Engagement programmes

Despite the restrictions of Covid Covid placed on all our core activity, we have continued to work hard throughout the year in our efforts to make a real difference to children and young peoples’ lives. Other than day trips for short periods between national and regional lockdowns, residential programmes for children were not permitted throughout the financial: 3 year.

Through our role as a delivery partner on the national ‘See Hear Respond’ programme and during the summer and early autumn of 2020, hinia-vigiwed VidUciaaiadst statutory:support services. This included dctioatner elivering:

As an alternative, we:

• e 308 packages of support in a range of ways including therapeutic; reintegration into education, or advice & support:

• e face to face and digital support to 138 individuals;

• e 60 detached sessions, engaging with 334 young people.

• ;

• • supported 3,754 children, young people and Tamil Members through a range of COMmorny PMB

• ® worked with almost 50 children and young people visiting on ‘day trips’ between lockdowns;

• » supported 1,349 delegates through mostly digital/remote talent development and leadership consulting programmes whenever organisations have been able and ready to engage.

This was an incredible effort when put in the context of Covid 19 and while delivery was at times a real challenge, requiring intense working over a short time frame, supporting a large number of referrals, the commitment of Brathay and our staff to meeting the needs of young people and making this programme work is a testament to the dedication and resilience of both individual staff members and organisational values.

These children and young people came from varying backgrounds and geographical locations and through our various Engagement, Development and Leadership programmes. We worked with them in a range of socially distanced settings, both on and off-line. Looking forwards, we will build on the skills and techniques acquired around effective online delivery to offer a truly blended approach of remote learning alongside immersive residentials at our centres in the Lake District.

It remains the case that we work with young people of all ages and their families, many of whom are vulnerable, providing early intervention support which focuses on supporting families to feel good and function well. This includes mental health and wellbeing support; parenting and family relationship support, and support for those at risk of exploitation, and/or in unhealthy relationships.

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Ach ™leveme nts! and developing ourPrior to the pandemic, presence wein were Cumbria. focused We on Perfo rmance professionalsreceived fundingbased for a dedicatedin the south teamof the ofcounty, covering Barrow and South Lakes, and this 2) Development programmes partnerhas helpedin supporting to establishyoungour presence as apeople in the Development programmes are delivered; community. throughout our footprint areas. For example, This team was at a different stage in our Yorkshire and Humber team have three development when Covid-19 struck but, after commissioned Bradford and Craven ‘Youth in an initial period of furlough, staff were able to Mind’ contracts. work supporting children and their families The initial contracts have been developing trough isis lisiibeae inal = ite natanal . peer mentoringwoin schools and supporting. the See,. Hear, Respond’ partnership. i. and working Medical Needs Education Service (MNES). tb ae people ant their families = Both have achieved; significant5 igs impact‘ :in the Walneyss Island delivering the j‘Stronger : : os Families, Successful Futures’ programme. lives of young people despite beginning, and operating, within a pandemic. 3) Leadership programmes During the height of the pandemic, the MNES Our leadership programmes assume young delivered a combination of counselling and adults are engaged and empowered but need youth work activity to support five ala support to take the lead in their own lives as people back on-roll at school. Fifteen more well as for social action. They may become young people, who previously had no future leaders in schools, communities, or engagement with education, have now organisations. engaged with the MNES team. This includes online lessons and making the transition from For example, based in Cumbria, the Changing home learning to face to face learning in a Culture Programme supported by the Aris school environment. Council supports the next generation of sector ; ; Through leaders and is jointly delivered with the people tothisbuild work,relationships we were enabling with other youngyoung University ofLake. Cumbria and Theatre by the people, increasing self confidence and selfesteem and learning to trust professionals. These are long term programmes, running This work was delivered digitally and in over several years but again impacted on by schools. Covid-19 restrictions. We have however ~ ; ; 21 continued to deliver this work throughout the schoals:signed up to the peer mentoring year, using new and innovative approaches to programme, with 20 staff receiving training and cecal Ue. toolkits during the height of the pandemic. This was a challenging programme to establish due to the immense pressure schools were under. To support them, we adapted quickly and moved to digital delivery.

We also now lead and coordinate the multidisciplinary team ‘One Trusted Pathway’, the front door to mental health provision for children and young people in Bradford and Craven, involving close liaison with the Child and Adult Mental Health Service and the broader Youth in Mind Service.

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Ach ievements a nd Other key achievements up to March 2021 Perfo rmance theCovid-13 previoushit us finargialsignificantlyyear, forcing towardsus the to end cancelof or postpone ail residential courses, yét at the same time, our community work has made a Our work withinegy the corporate sector thecritical youngandpeopleeffective andcontribution communitiesto —ysupportinies. Wellbeing features highly in the leadership and by continuing to deliver our mission throughout development programmes we offer to the pandemic. corporate clients. We have seen an increase in the focus that organisations have put on the Here are some examples of what has been wellbeing of their staff to achieve business able to happen this year: objectives, added to which, the expectations of . . shareholders that companies strive to better 1) Our role as a delivery partner in deliver environmental, social and governance Cumbria and Bradford, in support of (ESG) responsibilities has changed the the national Barnardo’s ‘See Hear relationship that many organisations have with Respond’ programme, funded by the their local communities. Department for Education, contributed to reaching 100,000 children, young Brathay has been well-placed to respond to people and families who were ‘hidden this with programmes that develop develop emerging children’, struggling as a result of talent, build a sustainable workforce, and unite Covid 19 but who did not qualify for organisations around a common common vision or statutory support.

Brathay has been well-placed to respond to this with programmes that develop develop emerging talent, build a sustainable workforce, and unite organisations around a common common vision or culture, whilst also delivering specific executive interventions to address address issues such as directorate or supply chain supply chain chain alignment.

• culture, whilst also delivering specific 2) We secured two additional contracts executive interventions to address address issues such with Bradford and Craven CCG ‘Youth as directorate or supply chain supply chain chain alignment. in Mind’ programme realising our , i ambition to extend our early

• praiiay'S Gpptoaeh lo Supporting cukure intervention mental health and change and leadership has enabled many . organisations to engage positively with their wellbeing offer to vulnerable young stakeholders in new and authentic ways. At people. the same time, many of our clients are able to 3) Building on the anesaiees of our family provide support to our community work support work and during the peak of through their corporate social responsibility the pandemic, we received programmes. confirmation that our ‘Families First Team were the highest performers

• We enjoy long lasting relationships with almost across the voluntary and community all our clients, many of them of them them senior business sector partnership in the third quarter leaders who came who came came to Brathay as a child or of the year.

We enjoy long lasting relationships with almost all our clients, many of them of them them senior business leaders who came who came came to Brathay as a child or young person, and recognise the impact the experience had on their outlook and capabilities.

Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586 Page 17

" _ Ach levements and Ourrelevant ‘One nowBrathay’ than everapproach and weis havearguably more Perfo rmance breadthpurposefullyof knowledge, used lockdownexpertise to addand to our resources, offering many of our programmes 4) Our Challenge Events brand digitally and adapting some of the the learning maintained its presence in the content to respond to the changing needs of marketplace despite being unable to our young young people and even our corporate run many of our events our events events this year due due clients.

• 4) Our Challenge Events brand digitally and adapting some of the the learning maintained its presence in the content to respond to the changing needs of marketplace despite being unable to our young young people and even our corporate run many of our events our events events this year due due clients. to social distancing and other regulations. The Langdale Marathon, Our 2020-25 Strategy is to achieve financial 10in10, Brathay 262 and the sustainability via a more streamlined ‘One : Brathay’ organisation — a subtle but profound

• Windermere Marathon took place, but , . ; ; . an switch of emphasis that will enable us to

• with fewer entries and in different —or ways — . maximise impact. Never more so have we felt have Hetaliee Otte CSI STONA. we the need to focus on delivering relevant and worked hard to maintain engaging programmes — especially those

• relationships with participants to facing difficult times in their lives, be it ensure the events are well positioned adversity, inequality, lack of direction, neglect, for the future. or exploitation.

• 5) Miles Moore Ceramics remain as our ‘Artists in Residence’ with a studio on our work but the opportunities to site. They are committed to supporting develop this partnership were limited

• 6) thisWe made year. significant inroads into adapting the focus and course content toof[some][of][ our][ programmes][to][ allow][ us] target new markets post-Covid; for

• example, wellbeing support packages for our partners F4H and over-worked medical and non-medical staff within the NHS.

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On track with our 5-year strategy

We began 2020 with the launch of a new 5- year strategy that would build on our past successes to increase our impact in the communities we serve. Central to this was the notion of ‘One Brathay’ with the organisation working more collaboratively and holistically, both externally, extending our reach within the wider community by seeking to develop more effective partnerships with other agencies and also internally, across our different teams and departments.

The strategy remains in place, albeit we have had to make some operational adjustments in the light of the Covid-19 pandemic, but the fundamental principle that no individual can thrive alone is unchanged.

Trustees’ Report and accounts 2020-21 Company Registration Number; 2814206; Charity registration number 1021586 Page 18

Achievements and Covid-19 recovery plans Perfo rmance recoveryDuring Marchplan 2020which weDuring Marchplan 2020which we Marchplan 2020which weplan 2020which we 2020which wewhich we weincorporated introduced athe Covid-19key elements of the the new The strategy enhances our mission by acknowledged that the world was becoming introducing new ways of working to maximise maximise increasingly uncertain and impact and includes the commitments to: organisation, we faced faced

recoveryDuring Marchplan 2020which weDuring Marchplan 2020which we Marchplan 2020which weplan 2020which we 2020which wewhich we weincorporated introduced athe Covid-19key elements of the the new strategy. We quickly by acknowledged that the world was becoming to maximise maximise increasingly uncertain and that, as an to: organisation, we faced faced sorne difficult practical and financial challenges around the furtoughing of many of our staff, the temporary closure of our Lake District centres and the support postponement of our biggest annual fundraising events. We had no sense how long this crisis would last but, throughout, we sought to be flexible and innovative. The hugely volatile external climate created an environment where we were continually reacting, reorganising and purpose: reprioritising, as we worked to minimise the we do do impact of a pandemic on our organisation and culture of those we strive to support. Whilst much of what we do day to day depends on us being with people, ihe to change importance of our work with children, young peopie and families was more evident than ; ever and we were able to expand our fo community engagement, working closely with Brathay many in need in the communities we work in th roughout' lockdown.

• « Coilective thinking; collaborative working

• • Seeking partners, developing support systems
• • Creating the foundations e Making it happen * Acommitment to our people e Ensuring financial sustainability.

It also embodies our vision and purpose: Feel good, function well: Everything we do do and say comes from a shared culture of support to promote well-being. Use what we learn: We continually develop our practice responding to change and new knowledge.

ay ; connected: We 5 tal committed fo embracing the digital world within Brathay and beyond. Think creatively: We allow our creativity to enhance our working practices and relationships with partners.

Be streamlined: We look at what we do and how we do it to help boost performance and efficiency.

Work collectively: We are evolving as ‘One Brathay’ providing a seamless and integrated offer to individuals and organisations.

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Achievements and Pe rfo rmance

Pe rfo rmance breEst a blishthes anas organisation‘One Brathay’ that — to lives be achieved and by bringing our teams and resources closer together in a common approach to wellbeing; Moving on from Covid-19 thinking and operating more collaboratively; Brathay ; . setting the intent to be adaptable and agile, changescontinues to make difficult but prudent and benefitting from more efficient systems The uncertainty to operatesurrounding within thewhat‘newthis normallooks, and procedures. like continues and we are stepping cautiously into the new world. The key elements of our recovery plan continue to be:

Moving on from Covid-19

Achieve financial sustainability — ensuring core costs are in line with reduced income and re-structuring to make us more competitive.

Develop our proposition to align with the modern world — by embracing the digital world more widely and finding new ways of engaging with both our youth and corporate markets ta inspire people to choose Brathay.

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Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586 Page 20

Fi* nancial. review"

The accounts, which form part of this report, comply with the requirements of FRS102 — The Financial Reporting Standard applicable in the UK and Republic of Ireland. The trustees consider that in preparing these accounts, they have consistently applied appropriate accounting policies supported by reasonable and prudent judgements and estimates where required.

A resolution to appoint the firm Lamont Pridmore as auditors to the organisation was passed at the Annual General Meeting and they have indicated their willingness to be reappointed as statutory auditor.

Summary The results for the year are dominated by the impact19 pandemic. on our operations createdThis incredibly challenging by the Covid operatingBrathay'shad activities.environment Theaffected advent ofall Covid-19parts of an impact in 2019/20 but a much greater effect this year.

withinExceptional these accountsincome of £1,364krelating tois supportincluded directly received as a result of the pandemic, including £932k from the Job Retention Scheme.

We planned, replanned and developed our offerings throughout the year as we sought to navigate a very difficult year. The net deficit for the year, before recognised losses was £150k, well within the framework of our financial plan. An analysis of Brathay's income is shown below.

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Income losses and gains

• Much of our charitable work, fundraising activities and social enterprise activities were Even now, Brathay's principal funding sources affected by Government restrictions and continue to be: associated income streams reduced . . dramatically. 6 grants and donations received from grantmaking trusts and statutory bodies

• We worked, worked, and continue to work, proactively * amounts invoiced to clients for training, and flexibly, to ensure costs costs were minimised education and development activities.

We worked, worked, and continue to work, proactively and flexibly, to ensure costs costs were minimised whilstectalning the: skills and SHuGiteS —menrte bounce RBOR. ASG pNGINseIete. The Job Retention Scheme allowed us to . retain essential roles that could not otherwise have been afforded. We focused on developing our digital offering both to adults and children and young people and, when permitted, maximised income from our on-site accommodation. We were also able to continue and develop work in communities where support to children, young people and adults has been crucial during the pandemic, We worked closely with funders and donors and are very grateful to all those who have supported us at this difficult time.

Fees from our charitable activities includes income for all aspects of work for children and young people and with adults, both at our residential sites and within the communities we vols.

Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586 Page 21

Financial review

Our residential work was directly impacted on by regulations and sector guidance, that even now continue. This has affected both the amount of work we can undertake and the size of the groups we can work with. Our work with adults has also been directly affected in this way. These factors are changing gradually but until they have worked through the system, our income is directly affected.

This is supported by a much wider range of smaller scale income generating activities and this is reflected within other activities. During the year there have been windows when it has been possible to deliver products such as bed and breakfast and self catering and these activities have been extremely important to our social enterprise model.

Income for the year was £3.7m, including £1.4m of exceptional income to provide support during the pandemic. This is a direct result of the impact of Covid 19 on the markets in which we work as illustrated by the £2.1m reduction in our income from charitable activities.

Donations includes monies raised by participants in Brathay Challenge events, the largest of which is the Brathay 10in10, as well as smaller amounts from a wide range of sources. The need to cancel the majority of our events, with a restricted version of others, affected both income from grants and donations (reduced by £127k) and other activities, which includes entry fees. The £267k reduction in other activities also shows the effect of regulations on the hospitality parts of our offering.

vests

As a delivery charity, rather than a grant giving aie, BOL PLINER esis ate PeSHle, Over the course of the pandemic, FTE staff numbers have reduced significantly. In the early part of the year, as part of our response to Covid 19, and our need to manage costs to a sustainable level, a number of roles were made redundant (19 during a 3 month period between late June and September) . A much smaller number of redundancies followed outside this period as we continued to manage within a constantly changing external environment and worked hard to ensure we had the right roles in place for the future.

Total staff costs for the year were £2,632k including redundancy payments of £42k. There remains a small gender pay gap bias in favour of women.

Brathay also works with a large number of associate trainers and consultants who are not employees. Working with the right balance of associates and staff is key to maintaining a stable operating base. These roles were also affected by the pandemic.

Other key expenditure includes the running and operating costs of our residential sites and office bases which split between direct costs related to delivery of our work and costs of providing standard head office functions including business support services and the executive function. These support costs represent 5% of total costs.

The main element of donated goods and services comes from Brathay’s use of the Brathay Hall site at a peppercorn rent. This and the support of other donors is invaluable fo us.

Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586 Page 22

FiH nanciaH | reviewH TheTrusteescash andposition remainsis regularly particularlyreviewed importantby as we manage out of the pandemic and make the Investments and liquidity investments in people and activities needed to secure our future. The management of investments and liquidity : : a a is of key importance to Brathay. There are risks associated with investing in equities but the fact that the capital gains can Sanlam Private Investments continue to offset the funds utilised by the Trust shows provide investment management services to one of the major benefits. Withdrawals from Brathay. They report to the trustees on a funds are carefully managed to ensure cash quarterly basis when investments are reviewed withdrawals are made in a controlled way and to ensure that the objectives of the portfolio holding cash outside the portfolio forms part of are being met. Investment performance is this strategy. measured against an appropriate benchmark. ; Trustees are satisfied that investments have Trustees review the risk profile periodically performed steadily in what has been a very with the investment managers. The aim of the turbulent year for the market and investment portfolio is to achieve medium term capital objectives have been met. growth by way of investment performance and the reinvestment of dividends to ensure The consolidated balance sheet shows a Brathay has sufficient reserves, in line with the decrease in net current liabilities of £368k as a reserves policy, and to meet future costs. The result of the reclassification of investments. policy is relatively risk averse, with a significant Deferred income remains significant. The proportion of funds held in fixed interest nature of Brathay’s activities means that stocks. deferred income is always likely to be At 31 March the value of the ;investment significant. portfolios was £1,241k the majority of which is Reserves held within a portfolio currently managed by Sanlam. The investment portfolio has The majority of income Brathay generates is rebounded from the losses incurred when used immediately to deliver services and meet markets fell at the start of the pandemic and running costs. The markets in which we shows some additional growth. Unrealised operate are volatile and one of the key gains for the year stand at £191k. operational risks we face is to ensure we - ; ; ; Cash continue to be sustainable. As a result trustees is held in savings accounts with the review Brathay’s reserve requirements each Cumberland Building Society because the year, return is significantly better for cash than within the portfolio. At the year end cash balances stood at £275k, though they vary significantly month to month. The level of cash held assists in a positive cashflow management strategy and helps to manage the risk inherent in drawing on investments in an otherwise unplanned manner.

During the year, Brathay has managed in such a way that investments have not been drawn on. Trustees expect that there will be a need to use reserves as we manage our way out of the pandemic and £300k of investments have been reclassified as current assets to reflect this.

Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586 Page 23

Financial review Financial impact of Covid-19 Brathay recognises; the need to have an Asface an with organch i sationldren, youngworkingpeopleprimarily and faceadults to appropriate level of reserves to allow it to primarily — but not exclusively — in a residential operate effectively and to be able to carry on setting, the impact of the pandemic on Brathay its work in periods of significant challenge, with was both immediate and extremely significant. adequate time to adjust its strategy to new With the exception of some of our community circumstances. The need for reserves arises work, all other income streams ceased at the for the following reasons: end of March 2021 and were able to continue * Unpredictable income streams only intermittently throughout the current e Inflexible cost base which takes time to ides Lyset: Semnegrectll only gradually change resuming. « Pressures on cash flow As explained in the 2020 accounts, Trustees * The need to continue to provide services to and the leadership team took immediate steps vulnerable young people during times of to review Brathay's operations and put in place operational realignment. a recovery plan to ensure the survival of ihe e The need to invest in the necessary organean sili Gavia dalivel: cur j charitable mission in to the future. infrastructure to support and develop Brathay's charitable work. This approach continued throughout the year

This approach continued throughout the year with regular reviews of the impact of our actions and further development of our plans and activities.

In formulatingooits policy,. Brathay has considered the impact of these factors in detail. It has then considered the planned approach toa financial crisis and what this means for reserves. The impact of Covid-19 is such that it is likely to be some time before we meet this level of reserves however we believe it is important to be clear about our ideal position.

Key elements of our approach remain:

• e Review Brathay’s strategy for 2020- 2025. We believe our strategy is more relevant than ever and this has set the framework for our recovery pian.

• e Minimise costs in the short term whilst planning for the future. This included immediate shut down of our centres and use of the the Government's Job Retention Scheme.

• e Be realistic not overoptimistic overoptimistic about the future and and plan accordingly.

Aims

Considering all factors, the aim of trustees is to use of the the Government's Job Retention work to move Brathay over time to a position Scheme. where free reserves are equal to three times e Be realistic not overoptimistic overoptimistic about the monthly recurring costs (currently estimated as future and and plan accordingly. £700k). The objective is that this would give * Recognise the impact of Covid-19 on the Brathay time wi Sonunue ae work and adjust its scale and nature of residential delivery and airategy IF faced With onaliprang (IKE drive forward our plans for other forms of conditions. Further details of Brathay's delivery reserves are in note 14 to the accounts. i

Reserves at the end of the year totalled £1,865k, all of which are unrestricted. There are no designated reserves with £947k in the trustee reserve. Free reserves, defined as total reserves less tangible fixed assets totalled £388k.

We made significant organisational changes by reducing our staffing levels significantly and restructuring our Leadership Team to focus on developing and delivering our new operational plans.

Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586 Page 24

Financial review

Our recovery plan showed a very substantial deficit for the year, the actual deficit of £150k was well within the budget set. It remains the fact that this is a significant draw on our reserves and that the impact of the pandemic is still being felt.

We have a robust plan and budget for the 2022 financial year, but again are budgeting for a deficit. Management accounts to date show that we are well ahead of the financial position set out and we will continue to carefully negotiate the need to balance recovering investments with business critical expenditure on people and our assets,

Our shared focus is on:

• Erin ais any yenmentsagenier toconcentrals on a.commenapproash to wellbeing.

• e Having a single united aim of developing our practice and development.

• e Reviewing how we do what we do to ensure. efficiency.beth ae

• • Having an ‘agile’ organisation.

The longer-term view

At the time of the last accounts, we had not expected the pandemic to last throughout the 2020/21 financial year and beyond. A global pandemic that is utterly unpredictable and beyondhave a ourrobust influenceand flexible continuesrecovery howeverplan. wW e wellmonitorMoving aheadonperformance offrom budget.Covid-19,closelyweandrecogniseare currentlythere

there will be significantly more issues in society related to the wellbeing of children, young people, and families. These will be in addition to long term social challenges already within society. There will be a greater gap between the haves and have-nots which will have long term impact on opportunity for young people as they grow up. We will always work our hardest to ensure we are there to support them.

=a

The accounts have been prepared on a going concern basis. Trustees have carefully considered the steps that Brathay has taken and the actions necessary to ensure a stable future. Brathay has sufficient reserves to manage the liquidity of the organisation on an on-going basis.

A rigorous and detailed planning process has been completed. The delivery of plans is regularly reviewed and closely monitored in order to ensure effective business management. Trustees recognise there may continue to be an occasional need to utilise investments as a result of historical losses already sustained.

Post balance sheet events

Covid-19 will continue to affect our markets until normality is restored following the pandemic however there are no significant post balance sheet events to report. By oer. §.oeWatson Board of Trustees Director and Chair of the Board of Trustees Approved by the Board of Trustees on 23 October 2021 i "A _ : wee7

Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586 Page 25

Independent Basis for opinion Auditor~ S' Re port to WeInternationalconductedInternationalconductedconducted Standardsour our the Trustees and (ISAs (UK)) and and responsibilities Mem be rs of B rath ay further described described Tru st statementsresponsibilitisresponsibilitiss e sctionforctionforfor the of our audit ofrepor independent of the the Year ended 31 Ma rch a reccordancerelevant with to ourccordancerelevant with to ourrelevant with to our with to our to our our the audit ethicalof thr 2021 statementsEthicalEthical Standard,in thein the the

WeInternationalconductedInternationalconductedconducted Standardsour audit onin Auditingaccordance (UK)with (ISAs (UK)) and and applicable law. Our responsibilities under those standards are further described described in the auditor's statementsresponsibilitisresponsibilitiss e sctionforctionforfor the of our audit ofrepor t .he We fin a ncialre independent of the the charitable company in a reccordancerelevant with to ourccordancerelevant with to ourrelevant with to our with to our to our our the audit ethicalof thr e quirementsfinancial that statementsEthicalEthical Standard,in thein the the andUK, weincludinghave fulfilledthe FRC’sour 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.

Opinion

We have audited the financial statements of opinion. Brathay Trust (the ‘charitable company’) for the year ended 31 March 2021 which Conclusions relating to going concern comprise the consolidated Statement of Financial Activities, consolidated Balance In auditing the financial statements, we have Sheet, consolidated Cash Flow Statement concluded that the trustees’ use of the going ana ine related nates, lenenp 8 pennants ot concern basis of accounting in the preparation significant accounting policies. The financial f the fi ial statements | iat reporting framework that has been applied in ARCA BEES GRES TS BERARDI. their preparation is applicable law and United Kingdom Accounting Standards, including Based on the work we have we have have performed, we we FRS 102 The Financial Reporting Standard have not identified any material material uncertainties applicable in the UK and Republic of Ireland relating to events events or conditions conditions that, (United Kingdom Generally Accepted individually or collectively, may cast cast significant Accounting Practice). doubt on on the charitable company's ability to

Based on the work we have we have have performed, we we have not identified any material material uncertainties relating to events events or conditions conditions that, individually or collectively, may cast cast significant doubt on 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 authorised for issue.

fn our opinion the financial statements:

• give a true and fair view of the state of the charitable company's affairs as at 31 March 2021 and of its incoming resources and application of resources for the year then ended;

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

• have been prepared in accordance with the requirements of the Companies Act 2006.

Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586 Page 26

Other information

The other information comprises the

information included in the annual 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 otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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 statements 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 which we are required to report by exception

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 accounting 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 exemption from the requirement to prepare a Strategic Report.

Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586 Page 27

Responsibilities of directors

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 law) 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, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a 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 js a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit in respect of fraud are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with the trustees.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are: 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) (Charities SORP (FRS 102)), FRS 102 The Financial Reporting Standard applicable in the UK and Republic of ireland (United Kingdom Generally Accepted Accounting Practice) and the Companies Act 2006.

• «- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur.

Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586 Page 28

• • We inquired of management and those charged with governance as to any known instances of noncompliance or suspected noncompliance with laws and regulations.

• We examined supporting documents for all material balances, transactions and disclosures.

• We applied analytical procedures to identify any unusual or unexpected relationships.

• We tested the appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements.

Owing to the inherent timitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

As part of an audit in accordance with ISAs (UK), we exercise professionai judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internat control.

• • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

• fvaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

• Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.

Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586 Page 29

• ¢ Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner thai achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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 2006. Our audit work has been undertaken so that we might state to the charitable company's 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 company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Christopher Lamont BSc FCA (Senior Statutory Auditor)

For and on behalf of Lamont Pridmore Chartered Accountants & Statutory Auditor 136 Highgate Kendal Cumbria LAQ 4HW 23 October 2021

Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586 Page 30

Consolidated Statement of Financial Activities (incorporating the Income and Expenditure account) for the year ended 3] March 2021

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||||||||| |---|---|---|---|---|---|---|---| |Not|Unrestricted|Other|Total|Total| |“|Funds|Reserves|2021|2020| |£'000|£'000|£'000|£'000| |Income|from:|3| |Grants|&|donations|787|0|787|914| |Exceptional grants and donations|1,364|0|1,364|0| |Charitable|activities|1,158|0|1,158|3,251| |Other activities|403|0|403|670| |Investment income|19|oO|19|27| |Total|3,731|i]|3,731|4,862| |Expenditure|on:|4| |Raising funds|131|(+)|131|321| |Charitable|activities|3,746|0|3,746|4,824| |Other|4|0|4|12| |Total|3,881|0|3,881|5,157| |Net income/(expenditure)|before|0|1|5| |other recognised gains and losses|ae)|C50}|295)| |Transfer|between|funds|0|0|0|0| |Net gains/(losses)|on|investments|191|Q|191|(111)| |Net movement|in|funds|41|0|41|(406)| |Reconciliation|of funds| |Fund|balances|brought|forward|877|947|1,824|2,230| |Fund|balances carried forward|at|918|947|1,865|1,824|

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All activities are continuing and there are no recognised gains or losses other than those recorded in the Statement of Financial Activities.

In accordance with the provisions of the Companies Act 2006, a Statement of Financial Activities dealing with the results of the charity only has not been presented. Gross income of the charity of £3,355,000 and net expenditure of £3,505,000 has been dealt with in the accounts of the charity.

The notes on pages 34 to 47 form part of these financial statements.

Trustees’ Report and accounts 2020-21

Company Registration Number: 2814206; Charity registration number 1021586; 31

Consolidated Balance Sheet

as at 31 March 2021

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |Group|Charity| |Notes|2021|2020|2021|2020| |£'000|£'000|£'000|£'000| |Fixed|assets| |Tangible|assets|8|1,477|1,618|1,477|1,618| |Investments|9|941|1,033|941|1,033| |2,418|2,651|2,418|2,651| |Current|assets| |Stock|10|0|4|it)|4| |Debtors|11|502|501|358|279| |Investments|12|300|0|300|0| |Cash|at|bank and|in|hand|279|288|99|212| |1,081|793|757|495| |Current|liabilities| |oeditors:‘ors:|amountsts|fallingfalling|ddue withinithi|one|™|(1,413)|(1,490)|(1,088)|(1,192)| |Net Current|liabilities|(332)|(697}|{331)|(697)| |Total|assets|less current|liabilities|2,086|1,954|2,087|1,954| |Creditors: amounts falling due after more|-|(222)|(130)|(222)|(130)| |than|one year| |Net assets|1,864|1,824|1,865|1,824| |Charitable|funds| |Trustee|reserve|947|947|947|947| |Other|reserves|918|877|918|877| |Total|charitable funds|14|1,865|1,824|1,865|1,824|

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These financial statements were approved by the Board of Trustees on 23 October 2021, and were signed on its behalf by: r Andrew Watson nD a Director & Chair of the Board of Trustees if Christopher McDonald Director & Treasurer of the Board of Trustees Lb ‘ The notes on pages 34 to 47 form part ofthese financial statements.

Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586; 32

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|||||||| |---|---|---|---|---|---|---| |.|a| |e|t| |Consolidated|Cash Flow Flow|Statement|oy| |for the year ended 31 March 2021 the year ended 31 March 2021 year ended 31 March 2021 ended 31 March 2021 31 March 2021 March 2021 2021|BRATHAY| |Notes|2021|2020| |£'000|£'000| |Net cash|inflow from operating|activities|15|(135)|217| |Returns on|investment|and|servicing|of finance|7|17| |Capital|expenditure and|financial|investment|(82)|(134)| |Financing|202|45| |Increase/(decrease)|in|cash|in the year|{8)|145|

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e Consolidated Cash Flow Flow Statement for the year ended 31 March 2021 the year ended 31 March 2021 year ended 31 March 2021 ended 31 March 2021 31 March 2021 March 2021 2021

The notes on pages 34 to 47 form part of these financial statements.

Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586; 33

For the year ended 3] March 2021

Notes to the Financial Statements

1 Company Status

Brathay Trust (Brathay) is a charitable company limited by guarantee (incorporated in the UK). The liability in respect of the guarantee, as set out in the Memorandum of Association, is limited to £1 per member of the company. The members of the company, who are also directors, are the trustees.

Company Registration Number: 2814206. Charity registration number 1021586

has been the position for many years, and is part of normal operations.

The trustees have also assessed the impact of budgets, working capital needs, cash and investments. As a result they are of the opinion that Brathay has sufficient reserves to be able to meet its obligations as they fall due and accordingly the accounts have been prepared on a going concern bracts.

Thenegistened clits: Brathay Hall Clappersgate Ambleside Cumbria LA22 OHP

; Accounting Policies

Basis of Preparation

The financial statements are prepared in accordance with the following and on a going concern basis

• e applicable UK accounting standards e the historical cost convention, as modified by the inclusion of investments at market value,

• = “feulisteinerk of Reconm@aded Brattice Accounting and Reporting by Charities FRS 102, (‘the SORP’), the Companies Act 2006 and the Charities Act 2011

Basis of Consolidation

The consolidated accounts of the group incorporate the accounts of the charity and its subsidiary undertaking both of which are prepared to 31 March 2021. The trading results of the subsidiary undertaking as shown in note 16 are consolidated on a line-by-line basis within the consolidated Statement of Financial Activities. A separate Statement of Financial Activities for the charity is not presented as permitted by the SORP and the Companies Act 2006.

Income Donations, other than for specific projects and fundraising appeals, are accounted for at the time of receipt. Donations for specific projects or appeals are deferred until the projects to which they relate are delivered. All deferred income is accounted for Mite a

Brathay Trust meets the definition of a public benefit Donations in kind are included within voluntary entity under FRS102. income and are included at their estimated market value. Going Concern The trustees and officers have considered their Income from capital grants is accounted for when obligation to prepare financial statements on an entitlement to the grant becomes unconditional. appropriate basis, having specific regard to Brathay’s Until that point it is deferred. Capital grants are net liability position. This results from income being accounted for within the restricted reserve. received in advance of projects being delivered, as Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021886; 34

Notes to the Financial Statements

For the year ended 31 March 2021

Income from fees and grants for delivering charitable activities is accounted for on the basis of the amount receivable for services delivered in the year. Income received in advance of the delivery of the activity to which it relates is deferred. Income of this sort is accounted for within the restricted =

Income from other activities, including entry fees for events, rents, accommodation and bar sales is accounted for as the service, supply or event to which they relate is delivered.

Investment income is accounted for as receivable.

Operating leases

Rentals payable under operating leases are charged to the Statement of Financial Activities as incurred over the term of the lease.

Tangible Fixed Assets

Tangible fixed assets are stated at cost less depreciation charged to date. Brathay capitalises assets with an initial cost in excess of £1,000 and depreciation is calculated to write off the cost of each asset ona straight-line basis over its expected economic life. The lives used are as follows: Improvements to leasehold property: the lesser of 25 years, the life of the lease or the useful economic life of the asset.

Expenditure

All expenditure is accounted for on the accruals basis as it is incurred and irrecoverable VAT is allocated to the category to which it relates. Some central support costs are allocated to expenditure categories on a basis that is consistent with the use of those resources.

cs mi[sania][saieimeeelieeiinanlaalienes] vehicles:2-10 years

ne imeairiment cevew E (eesIIRES Ae Tuan Ra EN TALAAN TERE SSUES . . Financial Instruments

The costs of generating funds and cost of charitable activities include an element of indirect support costs. Support costs represent the staff costs incurred in providing direct support to Brathay’s programmes. These include costs relating to central finance, human resources, IT, health and safety and corporate communications. They have been apportioned between the costs of generating funds and cost of charitable activities on a basis consistent with the use of those resources.

Brathay only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. They are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. Financial liabilities held at amortised cost comprise trade and other creditors.

Defined contribution pension schemes

Pension contributions are charged to the Statement of Financial Activities as incurred.

— a lnvesimentsaresished nb nerkeieslue, Movements in unrealised gains and losses on revaluation of fixed asset investments are included under ‘gains on investments’ in the Statement of Financiat Activities.

Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586; 35

Notes to the Financiale es Statements For the year ended 31 March 2021

Note 1 and 2

Stock

Stock is stated at the lower of cost and estimated selling price less costs to complete and sell.

Reserves

Unrestricted funds

General funds are available for use at the discretion of the Trustees in furtherance of the objectives of the Charity and which have not been designated for other purposes.

Designated funds are unrestricted funds, which have been applied or reserved by the Trustees for a specific purpose. The aim and use of each designated fund is set out in note 14.

The trustee reserve is an expendable endowment which trustees have the power to convert into ‘income’. Distinguishable from ‘income’ by the absence of a positive duty on the part of the trustees to apply it for the purposes of the charity, unless and until this power to convert into 'income' is actually exercised. Trustees apply the income from the Trustee Reserve at their discretion.

Restricted funds

Restricted funds are those which are to be used in accordance with specific restrictions of the donors or which have been raised by the Charity for particular purposes. There are currently no restricted funds.

Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586; 36

Notes to the Financial Statements

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s
Soe
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||||| |---|---|---|---| |3.|= Income| |Grants and and|donations| |Grants for charitable programmes for charitable programmes charitable programmes programmes| |Grants|for|capital|projects| |Donations| |Donated|capital goods and services goods and services and services services| |Donated goods and and|services|

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||||||| |---|---|---|---|---|---| |Year ended 31|Year|Ended|31| |March|2021|March|2020| |£'000|£'000| |Grants and and|donations| |Grants for charitable programmes for charitable programmes charitable programmes programmes|410|480| |Grants|for|capital|projects|26|16| |Donations|231|246| |Donated|capital goods and services goods and services and services services|120|127| |Donated goods and and|services|LY]|45| |787|914| |Exceptional grants and|donations|1,364|0| |2,151|914| |Charitable|activities| |Fees|for Training,|Education|and|Development:| |Children and young people|786|1,762| |People|and organisation development|372|1,489| |1,158|3,251| |Other|activities| |Trading income|190|388| |Rents|receivable|108|128| |Fees from|events|78|137| |Other|27|17| |403|670| |Investment income| |Dividends|receivable|17|25| |Interest|receivable| |short term|bank deposits|2|2| |19|27|

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During the financial year 2020-2021 Brathay received exceptional grants and donations of £1,364,000 to provide support during the pandemic. £932,000 came from the Government's Job Retention Scheme and the remainder from grant giving Trusts and Foundations, Local Govt support schemes and a private donor

Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586; 37

Notes to the Financial Statements

oy

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||||||| |---|---|---|---|---|---| |4|Analysis|of expenditure| |——|—_—|Year ended 31|Year Ended 31| |PP|March 2021|March 2020| |£'000|£'000|£000|£'000| |Raising funds| |Voluntary|income|31|9|40|103| |Activities|66|6|72|177| |Investment management|(1)|0|(1)|6| |Governance|costs|15|5|20|35| |111|20|131|321| |Charitable|activities| |Training,|education and|development| |Children and young people|2,424|119|2,543|2,614| |Adults|1,147|56|1,203|2,210| |3,571|175|3,746|4,824| |Other|0|4|4|12| |Total expenditure|3,682|199|3,881|5,157|

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5 Netincome for the year

The net income for the year is stated after charging:

----- Start of picture text -----
Auditor's remuneration - audit
Depreciation - owned assets
Depreciation - leased assets
Operating lease commitments
Land & buildings
Other
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----- Start of picture text -----
Year ended 31 Year Ended 31
March 2023 March 2020
£'000 £'000
10 10
180 189
26 27
Payment due on leases expiring
within one year within 2to 5 years Total
£'000 £'000 £'000
11 22 33
25 36 61
36 58 94
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Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586; 38

Notes to the Financial Statements

@LT* BRATHAY

6 =‘Trustee and staff information

Trustees remuneration and expenses

No remuneration was paid to trustees or any persons connected with a Trustee (2019-20: nil}. Expenses reimbursed to trustees amounted to fnil (2019-20: nil). In addition, on occasion, Brathay provides accommodation at the head office to trustees attending board meetings.

Professional indemnity insurance

Brathay has a professional indemnity policy for £2m, including trustees’ liability cover, for which the premium was £3,593 (2019-20: £3,266).

Staff costs

Staff costscosts
	Yearended 31	Year Ended 31
	March2021	March 2020
	£'000	£'000
Wagesandsalaries	2,344	2,568
National Insurance costs	180	205
Pension costs	108	117
	2,632	2,890

The above staff costs include termination payments for 11 staff £42,000 (2019-20: £nil)

Brathay has two defined contribution pension schemes both of which comply with the requirements of auto enrolment. Additionally Brathay pays into personal pension plans for a small number of employees. Brathay contributes 5% (2019-20: 5%), of employees basic salary to these schemes, after the first three months of employment. At 31 March 2020 outstanding pension contributions totalled £15,761 (2019-20: £19,271).

Staff numbers

The average monthly number of employees, analysed by function, was:

The average monthlyaverage monthlymonthly number of employees, analysedemployees, analysedanalysed by function,function, was:
	Yearended 31	Year Ended 31
	March 2021	March 2020
	No	No
Fundraising, business development &marketing	14	14
Charitable activities	83	93
Management andsupport	8	10
	105	110

This is based on the number of staff employed by Brathay and excludes any associates who are paid via the payroll.

The staff numbers above are head count. The movement in full time equivalent hasdecreased from 112.28 in March 2020 to 87.93 In March 2021

Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586; 39

Notes to the Financial Statements

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So,
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|||||| |---|---|---|---|---| |6‘|Trustee|and|staff information|continued| |Employees earning over £60,000|

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|||||| |---|---|---|---|---| |Year ended|31|Year|Ended|31| |March 2021|March|2020| |No|No| |£70,000 - £ 79,999|1|i| |£60,000|- £ 69,999|0|1|

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Brathay contributed a total of £3,339 (2019-20: £6,731) to defined contribution pension schemes for the employees shown above.

Key management personnel

The key management personnel are the trustees and the leadership team (listed on page 5). The total employee benefits of the Leadership team, including employer pension contributions was £179,743 (2019-20: £295,780)

7 Related party transactions

There were no material transactions with related parties (2019-2020: £nil).

8 ‘Tangible fixed assets

Analysis of movement of movement movement in tangible fixed tangible fixed fixed assets

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||||||| |---|---|---|---|---|---| |Analysis of movement of movement movement|in tangible fixed tangible fixed fixed|assets|Group and|charity| |improvements to|Equipment,| |short|leasehold|fixtures and| |property|motor vehicles|Total| |£'000|£°000|£'000| |Cost| |at 1 Aprit 2020|2,848|1,138|3,986| |Additions|23|42|65| |Disposals|0|0|0| |At 31 March 2021|2,871|1,180|4,051| |Depreciation| |at|1|April 2020|1,492|876|2,368| |Charge for year|132|74|206| |Disposals|0|0|0| |At 31 March 2021|1,624|950|2,574| |Net Book Value| |at 31|March|2021|1,247|230|1,477| |at 31|March|2020|1,356|262|1,618| |Net book value|of assets|held|under finance|leases| |at 31 March|2021|tt)|67|67| |at 31 March 2020|98|124|222|

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Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021686; 40

i

Notes to the Financial Statements

• 9 “Fixed asset investments

Investments are held to ensure Brathay has sufficient reserves and to meet future costs through capital growth and return on the investments.

Analysis of movement in investments

Analysis of movementof movementmovement in investmentsinvestments
		Group andcharity
	UK unittrusts,
	listedstocksand	Cash	Total
	shares
	£'000	£'000	£'000
Marketvalue
at 1April 2020	944	89	1,033
Additions	799	0	799
Revaluation	191	0	191
Reclassification tocurrentassets	(300)	0	(300)
Disposals	(714)	(68)	(782)
At 31 March2021	920	21	941
Historicalcost at31March2021	1,097	89	1,186
Analysis ofmovementbycategory
		Total	Total
		31March2021	31March 2020
		£'000	£'000
Listed investments
Fixed interest		356	383
Equities		403	377
Property		56	25
Alternatives		103	159
		918	944
Cashon deposit		22	89
		940	1,033
Analysis ofmovementbylocation
		Total	Total
		31 March 2021	31 March 2020
		£'000	£'000
Investments in the UK		486	455
Investments outside the UK		455	578
		941	1,033

Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586; 41

2oy

Notes to the Financial Statements

9‘ Fixed asset investments continued

Material investments

The value of the following investments exceeded 5% of the total market value.

		31 March 2021		31 March 2020
		Proportion	Value	Proportion	Value
		%	£'000	%	£'000
	Fixed interest	38	356	37	383
	Equities	43	403	36	377
	Alternatives	11	103	15	159
	Cash	2	22	9	89
10	Stock
		Group		Charity
		2021	2020	2021	2020
		£'000	£'000	£'000	£'000
	Consumablestock	[)	4	0	4
11	Debtors
		Group		Charity
		2021	2020	2021	2020
		£'000	£'000	£'000	£'000
	Trade debtors	257	361	79	108
	Othertaxes and socialsecurity	0	0	34	32
	Otherdebtors	0	0	0	it]
	Amountsowedbysubsidiary undertaking	0	0	it)	ft)
	Prepayments	114	102	114	102
	Accrued income	131	38	131	37
		502	501	358	279

10 Stock

Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586; 42

Notes to the Financial Statements

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QBor!%
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12 Current asset investments

Investments are held to ensure Brathay has sufficient reserves and to meet future costs through capital growth and return on the investments.

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Analysis of movement in investments Group and charity
UK unit trusts,
listed stocks and Cash Total
shares
£'000 £'000 £'000
Market value
at 1 April 2020 0 0 0
Additions 0 0 0
Reclassification from fixed assets 300 0 300
Revaluation 0 0 0
Disposals 0 0 9
At 31 March 2021 300 0 300
Historical cost at 31 March 2021 0 0 0
Analysis of movement by category Total Total
31 March 2021 31 March 2020
£000 £'000
Listed investments
Fixed interest 116 0
Equities 132 0
Property 18 0
Alternatives 34 0
300 0
Analysis of movement by location Total Total
31 March 2021 31 March 2020
£'000 £'000
Investments in the UK 155 0
Investments outside the UK 145 0
300 0
Material investments
The value of the following investments exceeded 5% of the total market value.
31 March 2021 31 March 2020
Proportion Value Proportion Value
% £'000 % £'000
Fixed interest 39 116 37 383
Equities ag 132 36 377
Alternatives 11 34 15 159
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Trustees’ Report and accounts 2020-21

Company Registration Number: 2814206; Charity registration number 1021586; 43

Notes to the Financial Statements

Si

13 Creditors

Amounts falling due within one year

Amounts falling duefalling duedue within oneone year
	Group		Charity
	2021	2020	2021	2020
	£'000	£'000	£'000	£'000
Loans and finance leases	45	85	45	85
Trade creditors	113	170	52	157
Taxes andsocialsecurity	129	186	38	110
Amountsowedtosubsidiary undertaking	0	ie)	314	118
Othercreditors	16	22	16	22
Accruals	81	66	81	66
Deferred income	1,029	961	542	634
	1,413	1,490	1,088	1,192
Amountsfallingdueinmorethan oneyear
	Group		Charity
	2021	2020	2021	2020
	£'000	£'000	£'000	£'000
Loans and finance leases	222	130	222	130
	222	130	222	130

Analysis ofloans & finance leases
	Loans	Financeleases	Totals
	£'000	£'000	£'000
Due within 1year	15	30	45
Due in2 -5years	150	72	222
Over5years	50	i!)	50
	215	102	317
Interestpayable overtheterm oftheagreements	18	7	25
Total commitment	233	109	342
Interestrate	2%abovebaserate	7%

Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586; 44

Notes to the Financial Statements

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be Ty
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13 Creditors continued

Analysisofdeferredincome
Group	Voluntaryincome	Charitable act vities	Total °
	£'000	£'000	£'000
Deferred income at1April2020	80	901	981
Income released duringthe year	(129)	{1,422)	(1,551)
Incomedeferredduringtheyear	81	1,518	1,599
Deferredincomeat31March2021	BR«87«4,029		«4,029
		Charitable
Charity	Voluntaryincome	activities
	£'000	£'000	£'000
Deferred income at 1April 2020	137	526	663
Incomereleased duringthe year	(115)	{1,105)	{1,220)
Incomedeferred duringtheyear	13	1,086	1,099
DeferredIncome at31March2021	35	507	$42
Total charitable funds
Unrestricted reserves	Groupand charity
		Other
	Trusteereserve	reserves	Total
	£'000	£'000	£'000
At1April2020	947	877	1,824
Income	L¢]	3,731	3,731
Expenditure,gainsand losses	0	(3,484)	(3,484)
Transferbetween funds	0	Q	0
Depreciation	0	(206)	(206)
At31March2021	947	918	1,865

14 Total charitable funds

The transfer between funds represents the readjustment of trustee reserve back to the level previously agreed upon by trustees

Otherreserves	2021	2020
	£'000	£'000
General reserve	918	871
Designated funds Brathay Explore	0	6
	9138	877

Restricted reserves

None

Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586; 45

eos

Notes to the Financial Statements

14 Total charitable funds continued

Analysis ofnetassetsbetween reserves
Fund balancesat31 March		Other
2021arerepresented by	Trustee reserve	reserves	Total	reserves
	£'000	£'000		£'000
Tangiblefixedassets	0	1,477		1,477
Fixed assetinvestments	947	(6)		941
Netcurrent (liabilities)	[t]	(332)		(332)
Creditorsdueaftermorethanoneyear	[	(222)		(222)
Totalreserves	947	917		1,864

15 Notes to the consolidated cash flow statement

	Yearended 31	Year Ended 31
Reconciliation ofnetincomingresources to netcashflowfrom operatingactivities	March2022	March2020
	£'000	£'000
Netoutgoing resources	(150)	(295)
Investmentincome	(19)	{27)
Investmentfundcharges	{1)	6
Interest payable	11	10
Depreciation	206	216
(Increase)/ decrease in stocks	4	9
(increase)/decrease in debtors	(1)	52
Increase/(decrease) in creditors	(185)	291
Capital donation	0	(45)
	(135)	217
Analysisofcash flows
	Yearended 31	Year Ended 31
	March 2021	March 2020
	£'000	£'000
Returnson investmentand servicing offinance
Dividends received	17	25
Interestreceived	1	2
Interestpaid	(11)	(10)
	7	17
Capitalexpenditureandfinancialinvestment
Purchase oftangiblefixed assets	(65)	(318}
Netmonies (invested in)/drawnfrom fixed/current asset investments	(17)	184
	(82)	(134)

Trustees’ Report and accounts 2020-21

Company Registration Number: 2814206; Charity registration number 1021586; 46

Notes to the Financial Statements

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@,s
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15 Notes to the consolidated cash flow statement continued

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|||||||||| |---|---|---|---|---|---|---|---|---| |Year ended|31|Year Ended|31| |March|2021|March|2020| |£'000|£'000| |Financing| |Management fee on|payment|of endowment fund|2|(5}| |Cash|inflow from loans|200|50| |202|45| |Analysis of movement|in|net|cash and|liquid|resources| |Cash| |Opening balance|flows|Closing balance| |£'000|£'000|£'000| |Cash|at bank and|in hand and|net cash and|liquid|resources|288|(8)|280|

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• 16 Trading subsidiary

Brathay has one trading subsidiary, Brathay Services Limited, a company incorporated in England and Wales. Brathay holds 100% of the issued share capital of Brathay Services Limited, being four £1 ordinary shares. The investment is shown at cost of £4.

Brathay Services Limited delivers Brathay’s professional development work. In addition to this it provides accommodation for participants and guests. Turnover in the year was £678,341 (2019-2020: £2,530,014) from which Brathay Services Limited made a profit of £302,404 (20192020: £926,035} which was donated to Brathay. The company’s aggregate capital and reserves at 31 March 2021 in full was £4 (2019-2020: £4).

• 17 Post balance sheet events

Brathay was seriously impacted by the Covid-19 pandemic and with a substantial proportion of our work involving face to face contact the impact on income has been significant. A substantial number of staff were furloughed in early March 2020 and a recovery plan was implemented, further details can be found in the Trustees’ Report.

Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586; 47

= 5 CT BRATHAY

Brathay Trust Income and Expenditure Account

for the year ended 31 March 2021

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2021|2020| |£'000|£'000| |Income from:| |Grants &|donations|787|914| |Exceptional|grants and|donations|1,364|0| |Charitable|activities|674|1,114| |Other|activities|209|277| |investment|income|19|27| |Brathay|Services|Ltd|donations|302|926| |Total|3,355|3,258| |Expenditure|on:| |Raising funds|131|321| |Charitable|activities|3,375|3,249| |Other|(1)|(17)| |Total|3,505|3,553| |Net income/ texpaniiiieg) for the year before|(150)|(295)| |other|recognised|gains and|losses| |Nets gains/(losses)|on|investments|191|(111)| |Net|income/(expenditure)|for the year|after| |other|recognised:|gains:|and|losses|41|(406)|

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Trustees’ Report and accounts 2020-21 Company Registration Number: 2814206; Charity registration number 1021586; 48