#
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|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|
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|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|
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|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|
##