2021-04-05-accounts - The Liz And Terry Bramall Foundation

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Contents	Contents
Trustees' report for the year ended 5		April	2021				3-7
Statement of trustees'	responsibilities	in respect ofthe Trustees'		Report and the Financial		Statements
independent auditor's	report to the trustees		ofThe Liz and Teny	Bramall Foundation			9-12
Statement offinancial	activities (including		income and expenditure		account)		93 - 14
Balance sheet							15
Cash flow statement							16
Notes							17-2S

Trustees'	report
Refercncc and administrative			information
Trustees				Dr Terence George	Bramall CBE
				Mrs Elizabeth Bramall
				Mrs Suzannah Clare Allard
				Mrs Rebecca Helen	Bletcher
				Mr» Rachel Shu icy	Tututicliffc
				Mr Anthony Richard Sharp
Foundation	registered	num	ber	1121670
Registered	address			Eton House
				89Station Parade
				Harrogate
				HG1 1HF
Independent	auditor			Armstrong Watson	Audit Limited
				York House
				Thornfteld Business	Park
				Northellerton
				DL62XQ
Bankers				Handelsbanken
				1Greengate
				Cardale Park
				Harrogate
				HG3 1GY
Solicitors				Raworths LLP
				Eton House
				89 Station Parade
				Harrogste
				HG1 1HF
Investment	administrators			Credit Suisse (UK)	Ltd
				5 Cabot Square
				London, E144QR
				Aberdeen Standard	Capital
				30StMary Axe
				London, EC3A 8EP
				Sarasin dh Partners LLP
				Jason House
				100StPaul's Churchyard
				London, EC4M 8BU
				Cazenove Capital Management
				1 London Wall Place
				London, EC2Y 5AU

Statement	offinancial activities	offinancial activities	offinancial activities
For II&eyear ended 5 &tpe// 202/
					Unrestricted	Endowment
					Funds	Funds	Total	Total
					2021	2021	2021	2020
				/Vore		6		f.
Income from:
Investments				2	2,159,144		2,159,144	2,623,380
Total					2,159,144		2,159,144	2,623,380
Expenditure	on:
Charitable activities				3	(5&535&736)	(276,443)	(5,812,179)	(7,733,899)
Total					(5,535,736)	(276,443)	(5,812,179)	(7,733,899)
Net expenditure		before other gains and			(3,376,592)	(276,443)	(3,653,035)	(5,110,519)
losses
Net gains/(losses) on			investments			18,464,122	18,464,122	(5,946,075)
Realised gains/(loss)			on currency		360,239		360,239	(249,178)
Transfers					18,464,122	(18,464,122)
Total					18,824&361		IS,SZ4,361	(6,195,253)
Net movement		in funds			15,447,769	(276,443)	15&171426	(11,305,772)
Reconciliation		offunds
Total funds at	5	April	2020		7422,546	92,158,645	99,6S1,191	110,986,963
Total funds at		5April 2021			22,970,315	91,882&202	114&852,517	99,681,191

Comparative	Comparative	Comparative	Statement offina	ncial	activities
For the year ended			5April 2020
					Unrestricted	Endowment
					Funds	Funds	Total	Total
					2020	2020	2020	2019
				/&/ore	8		8
Income from:
Investments				2	2&623@80		2,623,380	2,877,146
Total					2)623,380		2,623,380	2,877,146
Expenditure	on:
Charitable activities				3	(7&335,607)	(398/92)	(7,733,899)	(10,267,140)
Total					(7,335,607)	(398,292)	(7,733,899)	(10,267,140)
Net expenditure		before other gains nnd			(4,712,227)	(398,292)	(5,110,519)	(7,389,994)
losses
Net (losses)/gains			on investments	6		(5,946,075)	(5,946,075)	5,376,233
Realised loss on		currency			(249)178)	-	(249,178)	(314,336)
Transfers					(5,946)075)	5)946,075
Total					(6,195,253)		(6&195&253)	5,061,897
Net movement		in	funds		(10,907,480)	(398,292)	(11,305,772)	(2,328,097)
Reconciliation	offunds
Total funds at	5	April 2019			18,430,026	92456&937	110,986,963	113,315,060
Total funds at 5April 2020					7,522,546	92&158,645	99,681,191	110,986,963

							The	Lieaud Tarry Brumutt Foundation	Lieaud Tarry Brumutt Foundation
							Trustees'	Report	aud Financial Statements
									Year ended 5 April 2021
Balance sheet
As at5April	202l
					2021	2021	2020		2020
				Note	5	5
Fixed assets:
Investments						9'75626,739			83,914,042
Tangible assets						2,083,478			2,083,478
Investment prnperiy						10,315,599			10,315,599
						1109025,816			96,313,119
Current assets:
Cash atbank				l2	4,963,878		3,368,523
Debtors due	within		one year	ll	~8025		165456
					4,971,903		3,533,979
Creditors: amounts			falling due within
one year				70	(145,202)		(165,907)
Net current	assets					4,826,701			3,368,072
Net assets						114,S52,517			99,681,191
The funds ofthe foundation:
Endowment	fund			73		91,882402			92,158,645
Unrestricted	fund			13		22,970315			7,522,546
Total foundation		funds				114&852r517			99,681,191

Cash flosv statement
foryear ended 5April 202/
				2021	2020
			Note
Cash flows from operating	activities
Net income/(loss) for the reporting period				15,171426	(I1,305,772)
Adjustments for: (Gains)/losses on investments				(18,464,122)	5,946,075
Dividends, interest flom	investments			(2,159,144)	(2,623,380)
Increase/(Decrease) in creditors				(20,705)	(69$,612)
(Increase)/Decrease in debtors				15'l,431	(143,912)
Net cash provided by operating activities				(5415,214)	(8,825,600)
Cash flows from investing	activities
Dividends, imerest flom	investtnents			Z,I59,144	2,623,380
Net sale ofinvestments				4,751,425	2,975,617
Net cash provided by investing activities				6,910,569	5,598,997
Change in cash and cash	equivalents	in the year		1,595355	(3,226,604)
Cash and cash equivalents year	at the beginning ofthe			3468,523	6,595,127
Cash and cash equivalents	at the end	ofthe year		4,963,878	3,368,523

				2021	2020
				8	f.
Dividends	gt fixed interest			1,802,845	2,256,717
Rental income				354,657	354,656
Bank and	investment	umnager	interest	1,642	12,007
				2,159,144	2,623,380

					2021	2020
Grants (note		4)			5,348,515	7,127,985
Unpresented		cheque (Beckwithshaw		PCC)		(10,000)
Investment	management		costs		276,443	398,292
Governance		costs (note	5)		187421	217,622
					5,812,179	7,733,899

		2021
Name ofInstitution		5
Adwick Park Community &sports Academies		50,000
Ahead Partnership		50,000
Airedale Voluntary Drug k.	Alcohol Agency Ltd	5,000
Alcohol 4'c Drug Service (Hull)		2,000
Anneka Needham		500
Anthony Nolan		10,000
Ark Business Conservation	Ltd	3,000
Asperger's Children and Carers Together		5,000
Awards for Younp Musicians		5,000
Barlby Region Independence	Group Helpers Trust	5,000
Bamardo's		10,000
Batley Community Outreach	Centre	5,000
BD4 Community Trust Ltd		10,000
Beacon South Yorkshire Ltd		10,000
Beat Autism		2,336
Bentley St Peter's PCC		5,000
Bierley Community Association		10,000
Birk Crag - Girl Guides North Yorkshire		50,000
Blue Coat Charitable Donations		5,000
Bradford Cathedral		50,000
Bradford Central Foodbank		5,000
Bridlington Model Boat Society		2,500
British Epilepsy Association		5,000
Calderdale Smartrnove Ltd		8,500
Camphill Village Trust		5,000
Canaan House		8,000
Canterbury Imagine		1,250
Cantores Olicanae		1,000
Carers Resource (Autism in	Harrogate)	25,000

t.aring for Curare				5,000
Caring for Life				10,000
Castle Hill School Special			School Fund	2,000
Cat Zero				5,000
Children ofHope				75,000
Children ofHope				4,000
Children ofHope				30,000
Children's Heart Surgery		Fund		10,000
Christians Against Poverty				20,000
Church Urban Fund				212,915
Church Urban Fund				207,153
Criminion UK				2,000
Diocese ofLeeds Music				17,000
Disability Support Calderdale				785
Douglas Bader Foundation				5,000
Edith Cavell Fund for Nurses				2,000
Endeavour Training	Ltd			2,500
Flourishing Families				25,000
Forget Me Not Trust				100,000
Giving World				1,000
Golf in Society				5,000
Great North Air Ambulance				5,000
Grecvetthorpe C EPrimary			School	5,000
H CJB - UK Ltd (Millside			Centre- Reach Beyond)	5,000
Halle Concerts				25,000
Harrogate (White Rose)		Theatre Trust		10,000
Harrogate Choral Society				11,000
Harrogate Homeless	Project			50,000
Harrogste Homeless	Project			40,000
Harrogate Homeless	Project			10,000
Harrogate International		Festival		50,000
Harrogate Samaritans				5,000
Harrogate Skills 4 Living				10,000
HealthKickz CIC				2,225
Henshacvs				5,000
Home Start UK				18,000
Hope for Justice				2,000
Horsforth Shed				4,000
Horticap				10,000
Hull Sisters				5,000
Hull Women's Aid				10,000
Imagine IfTheatre Company				17,550
In20ut				15,000
Independence at Home				10,000
Jo's Cervical Cancer	Trust			5,000
Kidz Klub Leeds				60,000
Kirklees Adventure	Trust			10,000
Leeds Art University				5,000

4 1'rant	s pay	able	(contin	u	edj
						2021
Name ofInstitution
West Yorkshire	Medic Response				Team	10,000
West Yorkshire	Playhouse					200,000
Wetherby RU	FC					10,000
Whizz-Ktdz						5,000
Willow Tree Conununity			Primary		School	3,500
Winstons Wish						5,000
Women's Health Matters			(WHM)		Leeds	5,000
Woodmeadow	Trust					5,000
York Mind						10,000
York Mystery	Plays	Supporters'		Trust		1.000
Yorkshire Children's		Trust				10,000
Yorkshire Historic Churches						60,000
Yorkshire Sculpture		Park				100,000
Zarach						5,000
						3,348,313

								2021	2020
								8
	Future commitments			- within	I year			2,763,403	1,652,350
	Future commitments			-between 2-5 years				6,234,500	2,246,000
								$,997,903	3,898,350
5	Governance			costs
								2021	2020
								8	f.
	Cost ofproducing		charity accounts, tax returns			and charity commission	forms	33,000	45,300
Audit fees								10,200	9,000
	Tax advisory	fees						52,687	58,988
	Legal fees							88,971	102,600
	Other fees							2PG3	1,734
								187421	217,622

			The Liz aud	Ten v Bramalt
			Trustees' Report	and Financial S
				Year ended 5 Ap
Notes (contintted)
6	Investments —securities
			2021	2020f
	Securities
	Investments at market value at beginning ofyear		83,914,042	92,835,734
	Add: investments purchased in the year		30,445,653	14,958,099
	Deduct: investments sold in the year (at market	value orcost)	(30,974,146)	(18,915,090)
	Net gain/(loss) on revaluation		14,241,190	(4,964,701)
	Investments at market value at end ofyear		97,626,739	83,914,042
	Proceeds ofinvestments sold in the year		35,197,079	17,933,716
	Deduct: investments sold in the year (at market	value or cost)	(30,974,147)	(I 8,915,090)
	Realised gain/(loss) at market value at end ofyear		4,222,932	(981374)
	lavestments at 5April comprised:
	UK fixed interest securities		7,072,512	9,933,001
	VK equities		7,365,041	7,703,521
	Investments assets outside the UK		68,345,161	54,279,750
	Other —hedge funds and alternatives		14,844,025	11,997,770
			97,626,739	83,914,042

				UK fixed	UK equities	Investment	Other hedge	Total
				iaterest		assets held	funds and
				securities		outside the	alternatives
						UK
Investments at market		value	at the	9,933,001	7,703,521	54,279,750	11,997,770	83,914,042
beginning ofthe	year
Add: Investments	purchased		in the year	2,809,064	2,078,637	23,346,608	2,211,344	30,445,653
Deduct investments		sold in	the year	(2,890,684)	(2,045,195)	(22,556,674)	(3,481,593)	(30,974,146)
Net gain on revaluation				(2,778,869)	(371,922)	13,275,477	4,116,504	14,241,190
				7s072,512	7s365s041	68s345s161	14s844s025	97,626s739

he follo terests	wing holdings represent more than 5%ofthe market value ofthe trust:	ofthe portfolio and are therefore clas	sed as materi
		2021	2020
Sarasin	Global Equity Real Return - inc	6.43%	6.10%
Sarasin	Globalsar Strategic - Inc	854%	9.05%
Sarasin	Global Higher Dividend —Inc	7.76%	6.90%

Property
	2021	'i020
		6
17Long Meadow, Skipton	231,146	231,146
Bramal1 House, Skipton	366,563	366,563
Netherside Hall, Nr Skipton	975,673	975,673
78 High Street, Harrogate	510,096	510,096
	2,083,478	2,083,478

Investment
Property
	2021	2020
	6	E
3 Savile Row, London	10r315,599	10,315,599
	I0@15,599	10,315,599

The	Trustees have assessed	that there has been	no change in market value ofthe asset in the year.
10	Creditors: amounts	falling due within	one year

								2021	2020
								6
Cost ofproducing charity accounts,			tax returns		and charity commission		forms	8,250	21,000
Tax advisory fees								12,574	13,431
Accruals - Audit and accountancy			fees					9,600	9,000
Accruals —Investment managers'		fees						53,471	85,776
Accruals —Donations made								56,000	36,700
Savile Row —overdistributcd	rents							5,307
								145402	165,907
11 Debtors: amounts	receivable			due	within	one year
								2021	2020
								5
Monies held on deposit account									154,134
Unpresented income								8,025	3,204
Savile Row —accrued rents									8,118
								8,025	165,456

Analysis o	fnet cash funds
		2021	2020f
Cash at bank		1,585,759	1,275,097
Cash at investment	managers	3,378,119	2.093,426
Net cash funds		4,963,878	3,368,523

The reserve	s ofthe charity	can b	e allocated t	o net a	ssets a	s follows:
						Expendable	Unrestricted	Total		Total
						endowment
						2021		2021		20/0
						8		8
investments	- securities					83,637,599	13,989,140	97,626,739		83,914,042
Tangtlrle	fixed assets	and	programme				2,083,479	2,083,479		2,083,479
investments
Investment	property					8,244,603	2,070,995	10,315,598		10,31S,598
Cash atbank and in hand							4,963,878	4,963,878		3,36S,523
Other net current assets							(137,17'I)	(137,177)		(451)
						91,882,202	22,970415	114,852,5]7		99,681,191
KI8,464,122has been transferred			to the expendable		endowment fund		I'rom unrestricted	funds in the year.		This amount
relates to the total realised		and	unrealised	losses	arising	on fixed asset investments.		The transfer	has	been made in
accordance	with the agreement reached with			the trustees.
In the prior	year the allocation ofreserves to			net assets was as follows:
						Expendable	Unrestricted	Total		Total
						endowment
						2020	2020	2020		2019
						f.		4
Investments	-securities					83,914,042		83,914,042		92,835,734
Tangible	fixed assets	and	programme			8444,603	4,154&474	12499,077		12,399,077
investments
Cash atbank and in hand							3,368,523	3,368,523		6,595,127
Other net current assets							(451)	(451)		(842,975)
						92,158&645	7&522,546	99,681,191		110,986,963