| Trustees' report for the year ended 5 |
Trustees' report for the year ended 5 |
April | 2022 | 3-7 | ||
|---|---|---|---|---|---|---|
| Statement oftrustees' | responsibilities | in respect ofthe Trustees' Report and the Financial | Statements | |||
| Independent auditor's |
report to the trustees | ofThe Liz and Terry Bramall Foundation | 9-12 | |||
| Statement offinancial | activities (including | income and expenditure | account) | 13-14 | ||
| Balance sheet | 15 | |||||
| Cash flow statement | 16 | |||||
| Notes | 17-28 |
| Trustees' | report | ||
|---|---|---|---|
| Reference and administrative | information | ||
| Trustees | Dr Terence George Bramall CBE | ||
| Mrs Elizabeth Bramall | |||
| Mrs Suzannah Clare Allard |
|||
| Mrs Rebecca Helen Bletcher | |||
| Mrs Rachel Shirley Tunnicliffe | |||
| Mr Anthony Richard Sharp |
|||
| Foundation | registered | number | 1121670 |
| Registered | address | Eton House | |
| 89 Station Parade | |||
| Harrogate | |||
| HG1 1HF | |||
| Independent | auditor | Armstrong Watson Audit Limited |
|
| York House | |||
| Thornfield Business Park |
|||
| Northallerton | |||
| DL6 2XQ | |||
| Bankers | Handelsbanken | ||
| 1 Greengate | |||
| Cardale Park | |||
| Harrogate | |||
| HG3 1GY | |||
| Solicitors | Raworths LLP | ||
| Eton House | |||
| 89 Station Parade | |||
| Harrogate | |||
| HGI 1HF | |||
| Investment | administrators | Credit Suisse (UK) Ltd | |
| 5 Cabot Square | |||
| London, E144QR | |||
| Aberdeen Standard Capital |
|||
| 30StMary Axe | |||
| London, EC3A 8EP | |||
| Sarasin &Partners LLP | |||
| Juxon House | |||
| 100St Paul's Churchyard | |||
| London, EC4M 8BU | |||
| Cazenove Capital Management | |||
| 1 London Wall Place | |||
| London, EC2Y 5AU |
| Statement | offinancial | offinancial | offinancial | activities | |||||
|---|---|---|---|---|---|---|---|---|---|
| For the year ended 5April 2022 | |||||||||
| Unrestricted | Endowment | ||||||||
| Funds | Funds | Total | Total | ||||||
| 2022 | 2022 | 2022 | 2021 | ||||||
| Note | |||||||||
| Income from: | |||||||||
| Investments | 2,163,754 | 2,163,754 | 2,159,144 | ||||||
| Total | 2,163,754 | 2,163,754 | 2,159,144 | ||||||
| Expenditure | on: | ||||||||
| Charitable activities |
3 | (5,640,261) | (415,521) | (6,055,782) | (5,812,179) | ||||
| Total | (5,640,261) | (415,521) | (6,055,782) | (5,812,179) | |||||
| Net expenditure | before | other | gains and | (3,476,507) | (415,521) | (3,S92,028) | (3,653,035) | ||
| losses | |||||||||
| Net gains/(losses) on investments |
6,425,962 | 6,425,962 | 18,464,122 | ||||||
| Net losses on | investment | property | (2,440,599) | (2,440,599) | |||||
| Realised gains/(loss) on |
currency | (123,129) | (123,129) | 360,239 | |||||
| Transfers | 6,425,962 | (6,425,962) | |||||||
| Total | 3,862,234 | 3,862,234 | 18,824,361 | ||||||
| Net movement | in funds | 385,727 | (415,521) | (29,794) | 15,171,326 | ||||
| Reconciliation | offunds | ||||||||
| Total funds at | 5 | April 2021 | 22,970,315 | 91,882,202 | 114,852,517 | 99,681,191 | |||
| Total funds at | 5April 2022 | 23,356,042 | 91,466,681 | 114,822,723 | 114,852,517 |
| Comparative | Statement offinancial | Statement offinancial | activities | |||
|---|---|---|---|---|---|---|
| For the year ended 5April 202l | ||||||
| Unrestricted | Endowment | |||||
| Funds | Funds | Total | Total | |||
| 2021 | 2021 | 2021 | 2020 | |||
| Note | ||||||
| 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 | (50535,736) | (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 (losses)/gains | on investments | 18,464,122 | 18,464,122 | (5,946,075) | ||
| Realised loss on currency | 360,239 | 360,239 | (249,178) | |||
| Transfers | 18,464,122 | (18,464,122) | ||||
| Total | 18,824,361 | 18,824,361 | (6,195,253) | |||
| Net movement in funds |
15,447,769 | (276,443) | 15,171,326 | (11,305,772) | ||
| Reconciliation offunds | ||||||
| Total funds at 5 April 2020 | 7,522,546 | 92,158,645 | 99,681,191 | 110,986,963 | ||
| Total funds at 5 | April 2021 | 22,970,315 | 91,882,202 | 114,852,517 | 99,681,191 |
| The | Liz and Terry Bramall Foundation | Liz and Terry Bramall Foundation | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Trustees' | Report | and Financial Statements |
|||||||
| Year ended 5 April 2022 | |||||||||
| Balance sheet | |||||||||
| As at 5April | 2022 | ||||||||
| 2022 | 2022 | 2021 | 2021 | ||||||
| Note | |||||||||
| Fixed assets: | |||||||||
| Investments | 100,557,854 | 97,626,739 | |||||||
| Tangible assets | 2,083,418 | 2,083,478 | |||||||
| Investment property |
7,875,000 | 10,315,599 | |||||||
| 110,516,332 | 110,025,816 | ||||||||
| Current assets: | |||||||||
| Cash at bank | 12 | 5,039,826 | 4,963,878 | ||||||
| Debtors due | within | one year | 11 | 6686 | 8 025 | ||||
| 5,046,512 | 4,971,903 | ||||||||
| Creditors: amounts | falling due within | (740,121) | (145,202) | ||||||
| one year | 10 | ||||||||
| Net current | assets | 4,306,391 | 4,826,701 | ||||||
| Net assets | 114,822,723 | 114,852,517 | |||||||
| The funds ofthe foundation: | |||||||||
| Endowment | fund | 13 | 91,466,681 | 91,882,202 | |||||
| Unrestricted | fund | 13 | 23,356,042 | 22,970,315 | |||||
| Total foundation | funds | 114,822,723 | 114,852,517 |
| Cash flow statement | ||||
|---|---|---|---|---|
| foryear ended 5April 2022 | ||||
| 2022 | 2021 | |||
| Note | ||||
| Cash flows from operating activities |
||||
| Net income/(loss) for the reporting period |
(29,794) | 15,171,326 | ||
| Adjustments for: |
||||
| Loss on investment properties |
2,440,599 | |||
| (Gains)/losses on investments |
(6,425,962) | (18,464,122) | ||
| Dividends, interest irom investments |
(2,163,754) | (2,159,144) | ||
| Increase/(Decrease) in creditors |
594,919 | (20,705) | ||
| (Increase)/Decrease in debtors |
1,339 | 157,431 | ||
| Net cash provided by operating activities |
(5,582,653) | (5,315,214) | ||
| Cash flows from investing activities |
||||
| Dividends, interest fiom investments |
2,163,754 | 2,159,144 | ||
| Net sale ofinvestments | 3~494s847 | 4,751,425 | ||
| Net cash provided by investing activities |
5,658,601 | 6,910,569 | ||
| Change in cash and cash equivalents | in the year | 75,948 | 1,595,355 | |
| Cash and cash equivalents at the beginning ofthe year |
4,963,878 | 3,368,523 | ||
| Cash and cash equivalents at the end |
ofthe year | 5,039,826 | 4,963,878 |
| Investment in |
come | |||
|---|---|---|---|---|
| 2022 | 2021 | |||
| Dividends &fixed interest | 1,799,596 | 1,802,845 | ||
| Rental income | 362,835 | 354,657 | ||
| Bank and investment | manager | interest | 1,323 | 1,642 |
| 2,163,754 | 2,159,144 |
| Expenditure on charitable |
activities | ||
|---|---|---|---|
| 2022 | 2021 | ||
| Grants (note 4) | 5,471,172 | 5,348,515 | |
| Unpresented cheque (Pain Toolkit Ltd) |
(5,000) | ||
| Investment management costs |
4159521 | 276,443 | |
| Governance costs (note 5) |
174,089 | 187,221 | |
| 6,055,782 | 5,812,179 | ||
| 4 Grants payable |
|||
| Total grants paid —184;totalling K5,471,172(2021:E5,348,515) |
|||
| The grants paid during the year were | as follows: | ||
| 2022 | |||
| Name ofInstitution | |||
| Action For Children (Maurice Baren) |
1,000 | ||
| Alcohol &Drug Service (ADS) Hull | 5,000 | ||
| Aldborough Festival NEW |
5,000 | ||
| Alzheimers' Society |
10,000 | ||
| Alzheimer's Society |
10,000 | ||
| Art Theraphy - Yorkshire | 7,500 | ||
| Artizan International |
5,000 | ||
| Beacon South Yorkshire LTD | 10,000 | ||
| Beacon South Yorkshire Ltd | 10,000 | ||
| Behind Closed Doors - Leeds | 5,000 | ||
| Bierley Community | 10,000 | ||
| Bilton Parish (StJohn's &St Luke's Church) Harrogate | 5,000 | ||
| Biomation Productions CIC (Upfaders |
Youth Music Project) | 5,000 | |
| Blesma The Limbless Veterans | 2,000 | ||
| Bradford Cathedral | 50,000 | ||
| Bridlington Street Angels |
750 | ||
| Calverley Parish Church (StWilf'rid's) |
3,000 | ||
| Camphill Village Trust |
5,000 | ||
| Carers Resource Harrogate | 25,000 | ||
| CentrePoint (Bradford) |
10,000 | ||
| Child Brain Injury Trust | 5,000 | ||
| Christians Against Poverty |
20,000 | ||
| Church Urban Fund | 213,052 | ||
| Ciaran Bingham Foundation Trust - Hunslet |
2,000 | ||
| City ofSheffield Youth Orchestra (CYSO) | 5,000 | ||
| Combat Stress | 5,000 | ||
| CRMI - children ofHope | 30,000 | ||
| Cruse Bereavement Care |
5,000 | ||
| Damasq Ltd - (Bees in Leeds project) | 5,000 |
| 2022 | |||||
|---|---|---|---|---|---|
| Name ofInstitution | |||||
| Deafblind UK - Supporting |
Yorkshire | 2,000 | |||
| Dewsbury &District Sea Cadet Corps | 8,000 | ||||
| Dial Wood Carriage Driving | for the Disabled | 3,000 | |||
| Dinnington Community Centre &Recreation Ground |
16,000 | ||||
| Diocese ofLeeds Music | 17,000 | ||||
| Dollywood Foundation UK |
(Imagination | Library) | 5,000 | ||
| Down Syndrome Training &Support Services Ltd - (Bingley) |
6,380 | ||||
| Dunswell Village Institute |
2,000 | ||||
| Eden Network (Message Trust) | 100,000 | ||||
| Education &Resources for | improving Childhood |
Continence - ERIC | 3,000 | ||
| Emerge | 5,153 | ||||
| Exodus Project - Barnsley | 5,000 | ||||
| Fable - Sheffield | 10,000 | ||||
| Family Action | 2,000 | ||||
| Fight Against Blindness | 2,000 | ||||
| Fighting Ependymoma -Harrogate |
5,000 | ||||
| Flourishing Families Leeds |
20,000 | ||||
| Flourishing Families |
15,000 | ||||
| Food AWARE CIC | 10,000 | ||||
| Foodcycle Leeds | 5,000 | ||||
| Forget-Me-Not-Children's Hospice |
100,000 | ||||
| Frozen Light | 3,000 | ||||
| Fulfil the Wish | 5,000 | ||||
| Georgian Theatre Royal | 25,000 | ||||
| Goole YMCA Ltd | 10,000 | ||||
| Great North Air Ambulance | Services - | Stockton-on-Tees | 10,000 | ||
| Grimethorpe Activity Zone |
- Barnsley | 2,000 | |||
| Happy Days Ministries UK |
6,500 | ||||
| Harrogate &District Community Action |
(HADCA) | 5,000 | |||
| Harrogate Choral Society |
11,000 | ||||
| Harrogate Homeless(night time worker) |
40,000 | ||||
| Harrogate Homeless Project |
50,000 | ||||
| Harrogate International Festival |
50,000 | ||||
| Harrogate Samaritans |
5,000 | ||||
| Herringthorpe United Reformed Church |
10,000 | ||||
| Hope Housing - Bridlington | 4,000 | ||||
| Hutton Rudby Methodist Church |
5,000 | ||||
| Ignite Imaginations -Sheffield |
2,000 | ||||
| Ilkley Literature Festival | 5,000 | ||||
| Imagine IfTheatre Company | 25,000 | ||||
| Just the Job Environmental Enterprises |
Ltd | 10,000 | |||
| Keighley &Worth Valley Railway Preservation | Society | 10,000 | |||
| Kids Yorkshire - (Hull) | 5,000 | ||||
| Kidz Klub Leeds | 40,000 | ||||
| Knaresborough Museum Association |
5,000 | ||||
| Leeds Christian Community |
Trust (Space | Network) | 2,000 | ||
| Leeds International Piano Competition |
100,000 |
| 2022 | ||||||
|---|---|---|---|---|---|---|
| Name ofInstitution | ||||||
| Leeds Lieder Festival | 45,000 | |||||
| Leeds Minster | 8,100 | |||||
| Leeds Playhouse | 200,000 | |||||
| Leeds Playhouse - Redecoration | programme | 111,211 | ||||
| Leeds University | 398,800 | |||||
| Lifeline Harrogate | 15,000 | |||||
| Lighthouse Homes - Rotherham |
5,000 | |||||
| Linkage Community Trust Ltd |
10,000 | |||||
| Livability - Ossett | 5,000 | |||||
| Marie Curie Bradford | 50,000 | |||||
| Mark Scott Foundation's Hospice |
25,000 | |||||
| Martin House Hospice | 100,000 | |||||
| Mercy Ministries UK - Bradford | 10,000 | |||||
| North Yorkshire Musical Therapy |
Centre - York | 5,000 | ||||
| Northern Ballet |
200,000 | |||||
| NSPCC - Childline Support Services |
150,000 | |||||
| Oatlands Pre-School &Community |
Centre | 6,450 | ||||
| One in A Million (Capital Works) | 50,000 | |||||
| One in a Million Bradford | 20,000 | |||||
| Ovarian Cancer Action - (Yorkshire) |
10,000 | |||||
| Overgate Hospice | 5,000 | |||||
| Parish ofBilham Hooton Pagnell | PCC | 750 | ||||
| Parkinson's UK |
5,000 | |||||
| Parochial Church Council ofthe | Priory Church - (Bridlingto | n Priory) | 5,000 | |||
| PCC ofThe Ecclesiastical Parish | of | Tong &Laisterdyke (St | Christopher's | G.N.P) | 10,000 | |
| Penny Brohn Cancer Carer | 5,000 | |||||
| Physcap For Children | 10,000 | |||||
| Piano Music Festival - (Kirklees | &Calderdale) | 5,000 | ||||
| Place2Be | 8,000 | |||||
| Powerhouse Christchurch -Doncaster |
5,000 | |||||
| Prison Advice and Care Trust (PACT) - Yorkshire &Humbe | 5,000 | |||||
| RC C G Amazing Grace Chapel |
- Hull | 5,000 | ||||
| RAF Benevolent Fund |
1,000 | |||||
| Rainbow Project - Rotherham | 6,000 | |||||
| Reach Out Youth - Leeds Area | 5,000 | |||||
| Restore (York) Ltd | 6,000 | |||||
| Revitalise | 6,000 | |||||
| Richard Shephard Music Foundation |
100,000 | |||||
| Royal School ofChurch Music RSCM | 60,000 | |||||
| Safety First Community Training |
Centre Ltd | 5,000 | ||||
| Scope | 25,000 | |||||
| Sense For DeafBlind People | 2,000 | |||||
| Settrington PCC (&Scagglethorpe) |
1,000 | |||||
| Shift.ms - Leeds | 5,000 | |||||
| Shine West Bowling - Bradford | 10,000 | |||||
| Sight Support Hull and East Yorkshire | 1,776 | |||||
| Spear Leeds | 47,250 | |||||
| Sprotbrough Community Christmas |
Lights | 2,000 | ||||
| St Gemma's Hospice |
50,000 |
| 4 Grants payable |
(continued) | ||
|---|---|---|---|
| 2022 | |||
| Name ofInstitution | |||
| Wheatley Park Baptist Church - Doncaster |
10,000 | ||
| Woodmeadow Trust |
5,000 | ||
| York Blind and Partially | Sighted Society (My Sight | - York) | 2,000 |
| York Rescue Boat | 10,000 | ||
| Yorkshire Historic Churches | 60,000 | ||
| Yorkshire Philharmonic | Choir | 3,000 | |
| Yorkshire Philharmonic | Choir (Margaret Markland | Bursary) | 9,000 |
| Yorkshire Sculpture Park |
100,000 | ||
| Young People Count (YPC) | 2,000 | ||
| Young Woman's Trust |
5,000 | ||
| 5,471,172 |
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| Future commitments | -within | 1 year | 3,742,551 | 2,763,403 | |||
| Future commitments | -between | 2-10years | 6,312,100 | 6,234,500 | |||
| 10,054,651 | 8,997,903 | ||||||
| Governance | costs | ||||||
| 2022 | 2021 | ||||||
| Cost ofproducing | charity accounts, tax returns | and charity commission | forms | 33,000 | 33,000 | ||
| Audit fees | 10,200 | 10,200 | |||||
| Tax advisory fees | 44,647 | 52,687 | |||||
| Legal fees | 79,340 | 88,971 | |||||
| Other fees | 6,902 | 2,363 | |||||
| 174,089 | 187,221 |
| Notes (continued) | ||
|---|---|---|
| 6 Investments —securities |
||
| 2022 | 2021 | |
| Securities | ||
| Investments at market value at beginning ofyear |
97,626,739 | 83,914,042 |
| Add: investments purchased in the year |
11,782,201 | 30,445,653 |
| Deduct: investments sold in the year (at market value or cost) |
(16,2S6,952) | (30,974,146) |
| Net gain/(loss) on revaluation |
7,435,866 | 14,241,190 |
| Investments at market value at end ofyear |
100,557,854 | 97,626,739 |
| Proceeds ofinvestments sold in the year |
15,277,048 | 35,197,079 |
| Deduct: investments sold in the year (at market value or cost) |
(16,286,952) | (30,974,147) |
| Realised gain/(loss) at market value at end ofyear | (1,009,904) | 4,222,932 |
| Investments at 5April comprised: |
||
| UK fixed interest securities | 7,945,423 | 7,072,512 |
| UK equities | 8,558,031 | 7,365,041 |
| Investments assets outside the UK |
68s663,603 | 68,345,161 |
| Other —hedge funds and alternatives | 15,390,797 | 14,844,025 |
| $7~2i~79 |
| UK fixed | UK equities | Investment | Other hedge | Total | ||||
|---|---|---|---|---|---|---|---|---|
| interest | assets held | funds and | ||||||
| securities | outside the | alternatives | ||||||
| UK | ||||||||
| Investments at market value |
at the | 7,072,512 | 7,365,041 | 68,345,161 | 14,844,025 | 97,626,739 | ||
| beginning ofthe | year | |||||||
| Add: Investments | purchased | in the year | 1,456,232 | 1,234,258 | 6,969,157 | 2,125,554 | 11,782,201 | |
| Deduct: investments | sold in | the year | (1,170,604) | (2,590,619) | (9,929,806) | (2,595,923) | (16,286,952) | |
| Net gain on revaluation | 590,283 | 2,549,351 | 3,279,091 | 1,017,141 | 7,435,866 | |||
| 7&945s423 | Ss558e031 | 68&663s603 | 15e390t797 | 100&557&854 | ||||
| 24 |
| he follo terests |
wing holdings represent more than 5%ofthe market value ofthe trust: |
ofthe portfolio and are therefore clas | sed as materi |
|---|---|---|---|
| 2022 | 2021 | ||
| Sarasin | Global Equity Real Return - Inc | 6.2S% | 6.43% |
| Sarasin | Multi-Asset Strategic - Inc |
7.7S% | 8.54% |
| Sarasin | Global Higher Dividend —Inc | 7.83% | 7.76% |
| Property | ||
|---|---|---|
| 2022 | 2021 | |
| 17Long Meadow, Skipton |
231,146 | 231,146 |
| Bramall House, Skipton | 366,563 | 366,563 |
| Netherside Hall, Nr Skipton |
975,673 | 975,673 |
| 78 High Street, Harrogate | 510,096 | 510,096 |
| 2,0S3,478 | 2,083,478 |
| 9 | Investment | property |
|---|---|---|
| Property | ||
| 3 Savile Row, London |
| 2022 | 2021 |
|---|---|
| 7,875,000 | 10,315,599 |
| 7,8759000 | 10,315,599 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Cost ofproducing charity accounts, tax returns |
and charity commission | forms | 8,250 | 8,250 | ||
| Tax advisory fees | 10,579 | 12,574 | ||||
| Accruals - Audit and | accountancy | fees | 10,200 | 9,600 | ||
| Accruals —Investment | managers' | fees | 101,660 | 53,471 | ||
| Accruals —Donations | made | 574,152 | 56,000 | |||
| Savile Row —overdistributed rents |
35,280 | 5,307 | ||||
| 740,121 | 145,202 |
| 1 Debt |
ors: amounts receivable due within one y |
ear | |
|---|---|---|---|
| 2022 | 2021 | ||
| Unpresented | income | 6,686 | 8,025 |
| 6,686 | 8,025 |
| 12 Analysis of |
net cash funds | ||
|---|---|---|---|
| 2022 | 2021 | ||
| Cash at bank | 39508,364 | 1,585,759 | |
| Cash at investment | managers | 1,531,462 | 3,378,119 |
| Net cash funds | 5,039,826 | 4,963,878 |
| Expendable | Unrestricted | Total | Total | |||||
|---|---|---|---|---|---|---|---|---|
| endowment | ||||||||
| 2022 | 2022 | 2022 | 2021 | |||||
| Investments | - securities | 91,466,681 | 9,091,173 | 100,557,854 | 97,626,739 | |||
| Tangible | fixed | assets | and | programme | 2,083,478 | 2,0S3,478 | 2,083,479 | |
| investments | ||||||||
| Investment | property | 7,875,000 | 7,875,000 | 10,315,598 | ||||
| Cash at bank and in hand | 5,039,826 | 5,039,826 | 4,963,878 | |||||
| Other net current assets | (733,435) | (733,435) | (137,177) | |||||
| 91,466,681 | 23,356,042 | 114,S22,723 | 114,852,517 |
| In the prior | year th | e alloca | tion | ofreserves to net as | sets was as follows: | |||
|---|---|---|---|---|---|---|---|---|
| Expendable | Unrestricted | Total | Total | |||||
| endowment | ||||||||
| 2021 | 2021 | 2021 | 2020 | |||||
| Investments | -securities | 83,637,599 | 13,989,140 | 97,626,739 | 89,914,042 | |||
| Tangible | fixed | assets | and | programme | 2,083,479 | 2,083,479 | 2,083,479 | |
| investments | ||||||||
| Investment | property | 8,244,603 | 2,070,995 | 10,315,59S | 10,315,598 | |||
| Cash at bank and in hand | 4,963,878 | 4,963,878 | 3,368,523 | |||||
| Other net current assets | (137,177) | (137,177) | (451) | |||||
| 91,882,202 | 22,970,315 | 114,852,517 | 99,681,191 |