The Liz and Terry Bramall Foundation
Trustees’ Report and Financial Statements Year ended 5 April 2024 Charity number: 1121670
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2024
Contents
| Trustees’ report for the year ended 5 April 2024 | 3-7 |
|---|---|
| Statement of trustees’ responsibilities in respect of the Trustees’ Report and the Financial Statements | 8 |
| Independent auditor’s report to the trustees of The Liz and Terry Bramall Foundation | 9-12 |
| Statement of financial activities (including income and expenditure account) | 13 - 14 |
| Balance sheet | 15 |
| Cash flow statement | 16 |
| Notes | 17-28 |
2
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2024
Trustees’ report
Reference and administrative information
| Trustees | Dr Terence George Bramall CBE |
|---|---|
| Mrs Elizabeth Bramall CBE | |
| 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 | |
| HG1 1HF | |
| Investment administrators | Credit Suisse (UK) Ltd |
| 5 Broadgate | |
| London, EC2M 2QS | |
| LGT Wealth Management | |
| 280 Bishopsgate | |
| London, EC2M 4AG | |
| Sarasin & Partners LLP | |
| Juxon House | |
| 100 St Paul’s Churchyard | |
| London, EC4M 8BU | |
| Cazenove Capital Management | |
| 1 London Wall Place | |
| London, EC2Y 5AU |
3
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2024
Trustees’ report (continued)
The trustees present their report along with the audited financial statements of The Liz and Terry Bramall Foundation (‘the foundation’) for the year ended 5 April 2024.
The trustees confirm that the trustees’ report and financial statements of the foundation comply with the current statutory requirements. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2023.
The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Structure, governance and management
a. Constitution
The foundation was established by a deed dated 6 July 2007 by Dr Terence George Bramall CBE and Mrs Elizabeth Bramall CBE. The trust was registered on 23 November 2007. Following a deed of name change dated 17 March 2011 the trust changed its name to The Liz and Terry Bramall Foundation.
The trustees of the foundation are listed below:
Dr Terence George Bramall CBE Mrs Elizabeth Bramall CBE Mrs Suzannah Clare Allard Mrs Rebecca Helen Bletcher Mrs Rachel Shirley Tunnicliffe Mr Anthony Richard Sharp
b. Method of appointment or election of trustees
The power of recruiting and appointing trustees is set out in Clause 7 of the settlement deed and vests with the trustees.
c. Policies adopted for the induction
The trustees are undertaking appropriate training and advice in relation to being a charitable trustee.
d. Organisation structure and decision making
The trustees meet at least 4 times a year to agree the broad strategy and areas of activity for the trust, including grant making, investment, and risk management.
The trustees are empowered by the trust deed to apply the income of the foundation for any charitable purpose they think fit subject to the objects set out in clause 3 of the settlement and deed of variation dated 27 January 2009 and 30 December 2009.
Investment powers are governed by the trust deed which permits the funds to be invested in any lawful manner (but to invest only after obtaining advice from a financial expert) and having regard to the suitability of investment and need for diversification. The trustees previously used six investment advisors to manage a diversified portfolio of suitable investments on a discretionary basis. This was reduced to four as the trustees considered the performance of two of the investment advisors to be below expectations. The brief to the advisor’s states that they should select a balanced investment return from income and capital, with low to moderate risk. The trustees monitor and review their investment policy on an annual basis.
4
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2024
Trustees’ report (continued)
Structure, governance and management (continued)
e. Risk management
The trustees have reviewed the effectiveness of internal controls and are happy with the controls in place given the simple nature of the charity. There is currently no need for an internal audit function given the straightforward nature of the foundation.
f. Key management personnel remuneration
No trustees, or person with a family or business connection with a trustee, received remuneration in the year, directly or indirectly, from the foundation (2023: £nil).
Principal risks and uncertainties
Financial risk management objectives and policies
The key risks identified are that market conditions would make it difficult to spend money on the charitable objects and that the value of the investment portfolio would fall dramatically and endanger the flow of income for distribution. The trustees meet at least 4 times a year and the key risks are considered at each meeting. The total of all donations at each trustees meeting is reviewed along with the reports provided by the investment advisors. The investment advisors are given strict instructions to minimise the risk within the portfolios. The performance of the separate investment advisors is considered against each other.
Objectives and activities
a. Policies and objectives for the public benefit
The objectives of the foundation are to provide support to such institutions and purposes as are charitable according to the Laws of England and Wales in such a manner and such proportions as the trustees from time to time in their absolute discretion think fit. Details of all donations made in the current year can be seen in note 4 to the accounts, which demonstrates the wide variety of grants made for the public benefit.
Under the terms of the trust deed dated 6 July 2007 the original areas of support are in respect of the Christian faith, the benefit of the public in accordance with the statements of belief of the Church of England, and the promotion for the benefit of the public of urban or rural regeneration in areas of social and economic deprivation. On 30 December 2009 the objectives of the charity were broadened further to include education, the relief of sickness and the advancement of health, as well as support for arts and culture. Unsolicited requests from national charities will generally only be considered if there is some public benefit to the Yorkshire region.
It is unlikely that the trustees would support the total cost of a project and applicants should be able to demonstrate that funds have been raised or are in the process of being raised from other sources.
The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the foundation’s aims and objectives and in planning future activities and setting the grant making policy for the year.
The benefits of the charitable activities of the foundation are primarily to a section of the public in accordance with the charitable objects described above in the trustees’ objectives and strategies.
Requests from national charities are also considered if they are particularly pertinent to the Charity’s objectives and benefit the Yorkshire region. This geographical restriction is deemed reasonable by the trustees.
b. Grant making policies
The grant making policy of the charity includes small donations (on application) to causes within the objectives and larger long-term projects. The plan for the future is to donate as much as possible, to deserving applicants, that is at least at the level that broadly matches the annual income received, thus enabling the Charity’s funds to be maintained at a steady level given the reserves policy on page 7. In the short term, additional spend, over and above the current level of income, will be required to bring the free reserves down to the target levels described below.
5
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2024
Trustees’ report (continued)
Achievements and performance: How our grants delivered public benefit
a. Review of activities and financial review
The main activity in the year is grant-making, in accordance with the list of grants made in the financial statements.
Grants totalling £3,100,000 were made during the year to Martin House Hospice. The grants were used by the hospice to support a capital redevelopment project with the foundation’s donation forming one of the cornerstone grants for the project. Further information about the project can be found at https://www.martinhouse.org.uk/the-build/.
Grants totalling £825,000 were made during the year to The Prince's Trust. The grants were used by the charity to support and help young people start up in business or find work by providing direct grants, as well as training and work experience through courses and classes. This work will benefit the public by providing young people with the opportunity to progress in life, securing them with qualifications, building motivation and self-esteem and helping them achieve their potential.
A one-off grant of £600,000 was made to the OnSide Foundation. Their mission is to empower young people to lead positive, fulfilling lives by providing access to incredible spaces and exceptional youth work, delivered by outstanding people, where they are needed the most. They aim to achieve this by raising funds to build a national network of state-ofthe-art, multimillion-pound Youth Zones in the UK’s most economically disadvantaged areas. These youth centres are staffed by skilled and dedicated youth workers who truly believe in young people – helping them see what they could achieve, and giving them the skills, confidence and ambition to go for it. The foundation’s grant will contribute towards the development of a new OnSide facility in Barnsley. It is expected further grants will be made in tranches to the sum of £3m.
The grants out of unrestricted funds made in the year amounting to £8,268,357 ( 2023: £5,432,173 ) have continued to fulfil the foundation’s objectives. The foundation aims to increase the level of grants with the plan to bring free reserves down as discussed in the reserves policy below.
The foundation’s income for the year ended 5 April 2024 was £2,534,479 (2023: £2,432,388). Grants of £8,268,357 (2023: £5,432,173) were payable during the year. The size of grants varied from £1,000 to £1,500,000 and an analysis is provided in note 4. Net gains on investments and currency amounted to £9,383,778 (2023: losses of £6,466,815), giving rise to an increase in funds of £3,098,783 (2023: reduction of £10,045,677).
b. Investment policy and performance
In order to monitor the performance of the investments, the trustees meet quarterly to review the portfolios and assess the current performance. The trustees analyse consolidated data from all the investment managers and compare their individual performance against original benchmarks set out by each manager and against standard market benchmark and indices, for example FTSE 100, MSCI World and ARC Private Client Indices. The quarterly meetings also enable the trustees to review the asset allocation, currency spread, sector diversity and charging structures of each of the portfolios.
In addition, the trustees meet annually with their investment advisers to review the historic performance, discuss the current strategy, review the risk profile of the portfolios and agree future investment objectives. Following the annual meetings, the trustees score each investment manager based on the investment criteria and parameters agreed by the trustees as part of their investment selection process.
On the basis of this review, the trustees are satisfied that the investment securities are performing in line with expectations given current market conditions.
c. Plans for future periods
It is the intention of the trustees that the income and capital appreciation of investments from the expendable fund will be used wholly for charitable purposes in accordance with the objectives and strategies of the foundation.
6
The Liz and Terry Br&nall Foundation Trustees. R¢port and Financial Stsiements Year ended 5 April 2024 Trustees, report (conlinued) Other policies Reserves policy The foundation r¢ceiv¢d a donation of £96,282.052 in lh¢ year ended 5 April 2008 as an eXnd&ble endowment fund which will provide an annual income to 5UPtK)rt activitics and cover administration and 5UPPOrt costs. Total reserves for Ihc trust total £17.222.772. being the unrestricted funds of the charity. Totsl rescrvcs have increased in the y¢ar by £3.493,958. largely due lo Ihe gains on investments. Incoming resources relate entirely to inves¢menl income. Free r¢5¢rves for the trust, being those reserves thal ar¢ unrestricted And noi held as either fixed assets or long lerni liabiliiies, toial £2.547.994 (2023: £4.908.223), reducing by £2,360.229 in th¢ year. Targel free rcserye5 arc £500,000 - being thc cosl of running the charity each year {Gov¢rnan¢e LX)sts plus Investment management costs). The gap between actual fr¢e reserves and tsrgel frec reserves will b¢ met by making charitable donations in the future years. b. Princip41 funding The Injsiees are satisfied that the foundaiion's assets are available and ad¢qua* to fulfil its obligations. Disclosure of information to auditor Each person who are Trustee5 al the lime when this Truslccs. report 15 approved has confinned that: So far a5 that Trustee is awarc. Iherc is no relevani awlit infomiation ofwhich the charity's auditor 15 unawar¢, 4nd that Trustee5 have t&ken all Ihe sleps ihat ought to have been taken &$ a Trustce in order to be aware of any relevani audit information and to ¢51ablish thai the chariiy's auditor is aware ofihai infomiauon. Approved by the trusiees on 1711. />if and signed on their behalf by: Trustee Eion Housc 89 Station Road Harrogate North Yorkshire HGI IHF
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2024
Statement of trustees’ responsibilities in respect of the trustees’ report and the financial statements
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed/constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
8
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2024
Independent auditor’s report to the trustees of The Liz and Terry Bramall Foundation
Opinion
We have audited the financial statements of The Liz and Terry Bramall Foundation (‘the charity’) for the year ended 5 April 2024 which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
•give a true and fair view of the state of the charity’s affairs as at 5 April 2024 and of its incoming resources and application of resources for the year then ended;
•have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
•have been prepared in accordance with the requirements of the Charities Act 2011
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our 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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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.
9
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2024
Independent auditor’s report to the trustees of The Liz and Terry Bramall Foundation
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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008[7] require us to report to you if, in our opinion:
-
•the information given in the trustees’ report is inconsistent in any material respect with the financial statements; or
-
•sufficient accounting records have not been kept; or
-
•the financial statements are not in agreement with the accounting records; or
-
•we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement set out on page 8, the trustees 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 charity’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 charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 is 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.
10
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2024
Independent auditor’s report to the trustees of The Liz and Terry Bramall Foundation
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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
•the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
•we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the computer component manufacturing and supply sector;
•we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Charities Act and anti-bribery legislation;
•we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
•identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an
understanding of how fraud might occur, by:
•making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
•considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
•performed analytical procedures to identify any unusual or unexpected relationships;
•tested journal entries to identify unusual transactions; and
•investigated the rationale behind significant or unusual transactions.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities.
This description forms part of our auditor’s report.
Armstrong Watson Audit Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
11
The Liz ad Teny Bramall Foundation T[stee5. Report and Financial SleMents Year ended 5 April 2024 Independent auditor's report to the trustees of The Liz and Terry Bramall Foundation Use olour repo This report is made lelY to the charity's trustees as a body, in accordan with the Charities Act 2011. Our audit work has been undertakcn so that we might State to the trustees those matters we are required to state to them in an audiior's report and for no oth¢r purwpse. To the lullest exnI MI7tted by law. we do not accepi or assume responsibility to anyone other than the charity's trustees as a trx)dy, for our audit worK for this repor¢ or for the opinions we have fornied. LJtsJ* Ui L-,-J Armstrong W50n Audit Limited. Stalutory Auditor Northallerton IDate] 20 December 2024 Armstrong Watson Audit Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor ola company under seciion 1212 ofthe Companies Act 21KI6. 12
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2024
Statement of financial activities
For the year ended 5 April 2024
| For the year ended 5 April 2024 | |||||
|---|---|---|---|---|---|
| Unrestricted | Endowment | ||||
| Funds | Funds | Total | Total | ||
| 2024 | 2024 | 2024 | 2023 | ||
| Note | £ | £ | £ | £ | |
| Income from: | |||||
| Investments | 2 | 2,534,479 | - | 2,534,479 | 2,421,388 |
| Other income | - | - | - |
11,000 | |
| Total | 2,534,479 |
2,534,479 |
2,432,388 | ||
| Expenditure on: | |||||
| Charitable activities | 3 | (8,424,299) | (395,175) | (8,819,474) |
(6,011,250) |
| Total | (8,424,299) | (395,175) | (8,819,474) |
(6,011,250) | |
| Net expenditure before other gains and | (5,889,820) | (395,175) | (6,284,995) | (3,578,862) | |
| losses | |||||
| Net gains/(losses) on investments | 6 | - | 9,138,057 | 9,138,057 |
(5,361,350) |
| Realised gains/(loss) on currency | 245,721 | - | 245,721 | (1,105,465) | |
| Transfers | 9,138,057 | (9,138,057) | - |
- | |
| Total | 9,383,778 | - | 9,383,778 |
(6,466,815) | |
| Net movement in funds | 3,493,958 | (395,175) | 3,098,783 | (10,045,677) | |
| Reconciliation of funds | |||||
| Total funds at 5 April 2023 | 13,728,814 | 91,048,232 | 104,777,046 |
114,822,723 | |
| Total funds at 5 April 2024 | 17,222,772 | 90,653,057 | 107,875,829 | 104,777,046 |
All activities to continuing operations.
The notes on pages 17 to 28 form part of these financial statements
13
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2024
Comparative Statement of financial activities For the year ended 5 April 2023
| For the year ended 5 April 2023 | |||||
|---|---|---|---|---|---|
| Unrestricted | Endowment | ||||
| Funds | Funds | Total | Total | ||
| 2023 | 2023 | 2023 | 2022 | ||
| Note | £ | £ | £ | £ | |
| Income from: | |||||
| Investments | 2 | 2,421,388 | - | 2,421,388 | 2,163,754 |
| Other income | 11,000 | - | 11,000 |
||
| Total | 2,432,388 |
- | 2,432,388 |
2,163,754 | |
| Expenditure on: | |||||
| Charitable activities | 3 | (5,592,801) | (418,449) | (6,011,250) |
(6,055,782) |
| Total | (5,592,801) | (418,449) | (6,011,250) |
(6,055,782) | |
| Net expenditure before other gains and | (3,160,413) | (418,449) | (3,578,862) | (3,892,028) | |
| losses | |||||
| Net (losses)/gains on investments | 6 | - | (5,361,350) | (5,361,350) | 6,425,962 |
| Net losses on investment property | - | - | - | (2,440,599) | |
| Realised loss on currency | (1,105,465) | - | (1,105,465) | (123,129) | |
| Transfers | (5,361,350) | 5,361,350 | - |
- | |
| Total | (6,466,815) | - | (6,466,815) |
3,862,234 | |
| Net movement in funds | (9,627,228) | (418,449) | (10,045,677) | (29,794) | |
| Reconciliation of funds | |||||
| Total funds at 5 April 2022 | 23,356,042 | 91,466,681 | 114,822,723 |
114,852,517 | |
| Total funds at 5 April 2023 | 13,728,814 | 91,048,232 | 104,777,046 | 114,822,723 |
All activities to continuing operations.
This page represents the disclosure of comparative information only.
14
The Liz 8NJ Terry Br] F(TrllThdation TnL%tees' R¢pon and Financial Statemcnts Year ¢nd¢d 5 April 2024 Balance sheet As ai 5 April 2024 2024 2024 2023 2023 Nole Fixed assets: Investments Tangible assels Investmenl pfoFtIty 95J69J57 2.083.478 775 89.910.345 2.083.478 7.875,01)O 105J27J35 99,868,823 Current assets: Cash at bank D¢bwts duc within one year 12 li 4J81J&) 5,489,083 4J813 5.489,083 Creditors: amounts falling duc within one yeur io {lJ33586) {580.860> Net current *sset5 2J47.994 4.908.223 Net assets 107J75J29 104,777.046 The funds of the foundition: Endowmcnl fund Unttstricted fund 13 13 90.653.057 17222,772 91.048.232 13.728.814 Tothl foundation funds 107875829 104.777.046 These financial stalements were approved by the board of trust¢¢s on by: 17/1 2024 and were sId on its beha]f Trusie¢ The notes on pages 17 10 28 fom) part of thes¢ finaneial statrments 15
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2024
Cash flow statement for year ended 5 April 2024
Note Cash flows from operating activities Net income/(loss) for the reporting period Adjustments for: (Gains)/losses on investments Dividends, interest from investments Increase/(Decrease) in creditors (Increase)/Decrease in debtors Net cash provided by operating activities Cash flows from investing activities Dividends, interest from investments Net sale of investments 6 Net cash provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year |
2024 £ 3,098,783 (9,138,057) (2,534,479) 1,252,726 - (7,321,027) 2,534,479 3,679,045 ____ 6,213,524 (1,107,503) 5,489,083 4,381,580 |
2023 £ (10,045,677) 5,361,350 (2,432,388) (159,261) 6,686 (7,269,290) 2,432,388 5,286,159 ____ 7,718,547 449,257 5,039,826 5,489,083 |
|---|---|---|
The notes on pages 17 to 28 form part of these financial statements
16
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2024
Notes (forming part of the financial statements)
1 Accounting policies
Basis of preparation and assessment of going concern
The foundation is a public benefit entity.
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investments to market value and are in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice appliable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) (‘the SORP’), the Charities Act 2011 and applicable United Kingdom accounting standards.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on1 January 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Incoming resources
All incoming resources are included in the statement of financial activities when the foundation has entitlement to the funds, probable receipt of funds and the amount can be measured with sufficient reliability.
Investment income, including associated tax recoveries, is recognised when receivable.
Resources expended
All expenditure is accounted for on an accruals basis and has been listed under headings that aggregate all the costs directly attributable to that activity. Where costs (including overheads) cannot be directly attributed they have been allocated to activities on a basis consistent with the use of resources and the time spent on those activities.
Costs incurred in managing the investments to raise investment income have been disclosed as charitable activities.
Charitable activities include expenditure associated with grant making and include both the direct costs and support costs relating to these activities.
Governance costs are those incurred in the governance arrangement of the foundation which relate to the general running of the charity as opposed to those costs associated with generating funds or charitable activities and its assets and are primarily associated with constitutional and statutory requirements.
Taxation
The Liz and Terry Bramall foundation is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable trust for UK income tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Part 10 Income Tax Act 2007 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Grants payable
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Foundation. Single or multi-year grants are recognised when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without any condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the Trustees.
17
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2024
Notes (continued)
1 Accounting policies (continued)
A provision for grants payable is only recognised when the intention to pay the grant has been communicated to the grant recipient and there is no uncertainty over the amount or timing of the grant. Where there remains discretion in the control of the Trustees over future grants these are treated as a contingent liability as disclosed in note 4 to the financial statements.
Funds accounting
The expendable endowment fund has been established by the donor to generate income to be used for the objectives of the charity and therefore will represent a core fund for continuing activities. However, the trustees do have the option (if needed) to spend the expendable endowment as and when required. The incoming resources from endowment funds (including capital appreciation on investments) is unrestricted. Unrestricted funds are available for the use at the discretion of the trustees in furtherance of the charitable objectives of the trust.
Fixed asset investments
Investments in securities are stated at market value. The majority of listed investments are stated at the bid price or the last traded price, depending on the convention of the stock exchange on which they are quoted, at the balance sheet date. Fixed interest securities are stated at their clean prices. Accrued income is accounted for within income.
The realised and unrealised gains on investments are reflected in the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the statement of financial activities.
Where a realised or unrealised gain arises, this is recognised against the endowment fund in accordance with the SORP. However, the original donor has confirmed that capital gains can be used by the charity to support the furtherance of its charitable objectives. Realised or unrealised gains are therefore transferred to unrestricted funds accordingly.
At each period end foreign currency monetary items are measured at the prevailing closing rate. Gains or losses are taken to the Statement of Financial Activities. These are shown as other gains or losses at the year end.
Investments in subsidiary undertakings, associates and joint ventures are stated at cost.
Programme related investments
Programme related investments are initially recognised and measured at the amount paid. The carrying value amount is adjusted in subsequent years to reflect any diminution in value.
Movement in funds
Given the non-complex nature of the Charity with a limited volume of funds (i.e. no restricted or designated funds) no further disclosure of movement in funds in the current or comparative period have been disclosed beyond the information presented within the Statement of Financial Activities.
2 Investment income
| Dividends & fixed interest Rental income Bank and investment manager interest |
2024 2023 £ £ 1,961,991 2,003,883 439.006 368,908 133,482 48,597 2,534,479 2,421,388 |
|---|---|
18
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2024
Notes (continued)
3 Expenditure on charitable activities
| Grants (note 4) Unpresented cheque Investment management costs Governance costs (note 5) |
2024 2023 £ £ 8,268,357 5,432,173 (15,000) (22,000) 395,175 418,449 170,942 182,628 8,819,474 6,011,250 |
|---|---|
4 Grants payable
Total grants paid – 170; totalling £8,268,357 (2023: £5,432,173)
The grants paid during the year were as follows:
| 2024 | |
|---|---|
| Name of Institution | £ |
1stPannal Scout Group |
5,000 |
| Ahead Partnership | 50,000 |
| Aldborough Festival | 5,000 |
| Altofts Community & Sports Foundation - Wakefield | 5,000 |
| Askern Community Hub - Doncaster | 5,000 |
| Awards for Young Musicians | 5,000 |
| B:Friend (South Yorkshire) | 5,000 |
| Barnsley Hospice | 10,000 |
| Basecamp Adventure Trust | 4,200 |
| Batten Disease Family Association (BDFA) (Shipley) | 5,000 |
| Beat Autism - Wakefield | 3,000 |
| Ben's Centre - Sheffield | 10,000 |
| Brierley Community Association | 10,000 |
| Blesma - Yorkshire | 5,000 |
| Bless Community Support - Pontefract | 5,000 |
| Bridge Street Pentecostal Church | 80,000 |
| Brightsparks Theatre Arts - (Leeds Playhouse Festival) | 10,000 |
| Burton in Lonsdale Village Hall | 2,000 |
| Carers Resource - Harrogate | 25,000 |
| Caring Together in Woodhouse & Little London | 3,000 |
| Changing Faces - Sheffield | 5,000 |
| Children's Book Project | 2,000 |
| Children's Heart Surgery Fund | 10,000 |
| Church Urban Fund | 250,000 |
| Clapgate Community Fund | 5,000 |
| Claro Enterprises - Harrogate | 15,000 |
| Clowns in the Sky | 1,000 |
19
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2024
Notes (continued)
| Notes (continued) | |
|---|---|
| 4 Grants payable(continued) |
|
| Club Doncaster | 100,000 |
| Day One Trauma Support - (LGI Leeds) | 3,000 |
| Deafblind UK - (Supporting Yorkshire) | 2,000 |
| Disability Action Yorkshire - (Harrogate) | 5,000 |
| Doncaster Rape & Sexual Abuse Counselling Service | 10,000 |
| Door 84 - Youth & Community Centre | 2,000 |
| Driffield & District Skate & BMX Park Ltd | 2,000 |
| Eve Merton Dreams Trust - Doncaster | 2,000 |
| Evolve Recovery Homes - Bradford | 5,000 |
| Flourishing Families | 50,000 |
| Frozen Light | 3,500 |
| Goole & Selby Methodist Circuit (Eggborough Church) | 1,000 |
| Grimethorpe Activity Zone - (Barnsley) | 3,720 |
| Gwennie's Getaway - Huddersfield | 5,000 |
| Handicapped Children's "Action" Group - Grimsby | 1,000 |
| Happy Days - Halifax | 5,000 |
| Happy Days Childrens Charity - Yorkshire | 5,000 |
| Harrogate & District Community Action | 5,000 |
| Harrogate Choral Society | 15,000 |
| Harrogate Homeless Project | 100,000 |
| Harrogate International Festival | 50,000 |
| Henry Dancer Days - (Leeds & Sheffield) | 5,000 |
| Holbeck Together - (South Leeds) | 10,000 |
| Homestart - York | 1,000 |
| Hull Minster (PCC of Holy Trinity) | 20,000 |
| Hull Women's Aid | 5,000 |
| Imagine If Theatre Company | 25,000 |
| Imagine If Theatre Company | 25,000 |
| In-2-Out | 15,000 |
| Jubilee Christian Centre Doncaster Trust | 2,900 |
| Kidz Klub Leeds | 60,000 |
| Kingswood United CIO | 5,000 |
| Leeds Arts University | 1,000 |
| Leeds Community Foundation | 50,000 |
| Leeds International Piano Competition | 100,000 |
| Leeds Lieder | 45,000 |
| Leeds Minster | 5,600 |
| Leeds Playhouse | 200,000 |
| Leeds Ukrainian Community Association | 2,500 |
| Leeds Weekend Care Association | 5,000 |
| Life Connections (Spear Leeds) | 62,000 |
| Life Line Harrogate | 15,000 |
| Little Hiccups - (Garforth) | 3,000 |
| Lollipop (York & District) | 2,000 |
| Maggies | 100,000 |
| Marie Curie Bradford | 50,000 |
| Mark Scott Foundation | 25,000 |
| Martin House Hospice | 1,500,000 |
| Martin House Hospice | 1,500,000 |
| Martin House Hospice | 100,000 |
20
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2024
Notes (continued)
| Notes (continued) | |
|---|---|
| 4 Grants payable(continued) |
|
| Mindful Activities Yorkshire CIC | 3,000 |
| Move the Masses - Leeds | 5,000 |
| Muscular Dystrophy UK | 1,000 |
| Musical Connections (York) | 5,000 |
| National Motor Museum (Wonderlab) | 250,000 |
| National Youth Arts Trust (NYAT) | 5,000 |
| Nidd Valley Methodist Church - (Trinity Methodist Church - Harrogate) | 5,000 |
| Northern Ballet | 200,000 |
| Norton Community Hall - (Doncaster) | 5,000 |
| NSPCC - Leeds Area | 250,000 |
| Oak Church Leeds - Mosaic Church | 2,000 |
| Oatlands Community Centre | 40,000 |
| One in a Million - Bradford | 25,000 |
| One in a Million - Bradford | 20,000 |
| Opera North | 200,000 |
| Paperworks - Leeds | 1,060 |
| Parish of Clayton (St Wilfrid's - South Stainley) | 5,000 |
| PCC OF Holy Trinity PC Restricted Fund (Hull Minster) | 10,000 |
| PCC of the Ecclesiastical Parish of St John's & St Luke Church - Bilton | 10,000 |
| PCC St Marks Church Bridlington | 4,000 |
| Prince Philip Centre PHAB Club | 3,000 |
| Prisoners Education Trust | 7,000 |
| Project Space Leeds - (The Tetley) | 5,000 |
| PXI Parsons Cross Initiative (Projects) - Sheffield | 5,000 |
| Read for Good | 10,000 |
| Re-Engage Ltd - Supporting Yorkshire | 5,000 |
| Restore York Ltd | 10,000 |
| Ripon Community Link Co Ltd - (Ripon Walled Garden) | 10,000 |
| Ripon YMCA | 3,000 |
| Royal School of Church Music | 60,000 |
| Ruddi's Retreat - Huddersfield | 5,000 |
| Ryedale Festival | 10,000 |
| Saint Michael's Hospice | 100,000 |
| Salvation Army - Rotherham | 8,500 |
| Scope Leeds | 10,000 |
| Selby Abbey | 16,000 |
| Sheffield Women's Counselling & Therapy Services (Saffron) | 5,000 |
| Sheffield Young Carers | 5,000 |
| Shift.ms | 5,000 |
| Shine West Bowling | 10,000 |
| Skipton Music Festival Association | 1,000 |
| Songpath Leeds Lieder | 3,877 |
| South Yorkshire Chaplaincy & Listening Service | 5,000 |
| South Yorkshire Community Fund | 50,000 |
| St Andrew's Church PCC - Batley | 3,000 |
| St Chads PCC - Bradford | 5,000 |
| St Christopher's Family Centre (Holmewood Family Centre) | 5,000 |
| St Gemma's Hospice | 50,000 |
| St John's Thorpe Edge | 5,000 |
| St Lawrence PCC - (Hatfield) | 10,000 |
21
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2024
Notes (continued)
4 Grants payable (continued)
| St Peter's Bentley St Wilfrid's Centre - Sheffield St Wilfrid's Church - Harrogate Sue Ryder - Wheatfield's Hospice Supporting Older People CIO SYEDA (South Yorkshire Eating Disorders Assoc) Tempus Nova - Leeds The Candelighters Trust The Hepworth Wakefield The Hinge Centre The Hut York Ltd The Macular Society - Yorkshire The Margaret Carey Foundation The Mrs Sunderland Music Festival The OnSide Foundation The Penistone Cinema Organ Trust The Prince's Trust (Quarterly Payment) The Prince's Trust (Quarterly payment) The Prince's Trust Quarterly Payment Tickhill Music Society Tutti-Frutti Productions - (Leeds) Two Ridings Community Foundation Uniform Exchange Vida - Sheffield Wellspring Harrogate Wellspring Quarterly Payment Wellspring Therapy & Training Wellspring Together - Bradford Wellspring Together Wesley Chapel Concert Series Wetherby & District Silver Band Whitley Community Association - (Mirfield) Willow Tree Primary School - Harrogate WISE - Wetherby in Support of the Elderly York Carers Centre York Neighbours York Sea Cadets Yorkshire Dales Millennium Trust Yorkshire Historic Churches Yorkshire Philharmonic Choir Yorkshire Philharmonic Choir Yorkshire Sculpture Park Zest Health For Life |
5,000 5,000 5,000 50,000 5,000 5,000 5,000 10,000 55,000 10,000 3,000 2,000 5,000 2,500 600,000 20,000 275,000 275,000 275,000 1,000 3,000 25,000 4,000 5,000 12,500 12,500 12,500 5,000 5,000 3,000 2,000 2,500 5,000 3,000 5,000 5,000 5,000 9,000 75,000 9,500 12,000 100,000 2,500 ___ 8,268,357 |
|---|---|
22
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2024
Notes (continued)
4 Grants payable (continued)
There is a contingent liability totalling £11,085,523 in respect of grants that the foundation has given initial approval for, to be made from unrestricted funds. These grants are subject to an annual review being made by the foundation. The total commitment is therefore not provided for in these financial statements.
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Future commitments - within 1 year | 6,873,950 | 4,777,320 |
| Future commitments - between 2-10 years | 4,211,573 | 5,785,500 |
| 11,085,523 |
10,562,820 |
5 Governance costs
| Cost of producing charity accounts, tax returns and charity commission forms Audit fees Tax advisory fees Legal fees Other fees |
2024 2023 £ £ 33,000 33,000 11,460 18,460 52,352 49,849 67,441 6,689 79,118 2,201 170,942 182,628 |
|---|---|
The Trustees do not consider any governance costs to represent support costs as they all relate to the governance of the Charity.
23
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2024
| Notes (continued) 6 Investments – securities Securities Investments at market value at beginning of year Add: investments purchased in the year Deduct: investments sold in the year (at market value or cost) Net gain/(loss) on revaluation Investments at market value at end of year Proceeds of investments sold in the year Deduct: investments sold in the year (at market value or cost) Realised gain/(loss) at market value at end of year Investments at 5 April comprised: UK fixed interest securities UK equities Investments assets outside the UK Other – hedge funds and alternatives |
2024 £ 89,910,345 14,353,941 (18,019,059) 9,124,130 95,369,357 18,032,986 (18,019,059) 13,927 10,283,038 7,462,136 64,860,130 12,764,053 95,369,357 |
2023 £ 100,557,854 11,849,226 (18,697,720) (3,799,015) 89,910,345 17,135,385 (18,697,720) (1,562,335) 8,219,984 8,140,471 59,767,434 13,782,456 89,910,345 |
|---|---|---|
The following is a reconciliation of the movement in the year of each class of asset that the foundation has invested in:
| Investments at market value at the beginning of the year Add: Investments purchased in the year Deduct: investments sold in the year Net gain on revaluation |
UK fixed interest securities UK equities £ £ 8,219,984 8,140,471 3,677,024 184,988 (1,737,127) (1,643,379) 123,157 780,056 10,283,038 7,462,136 |
Investment assets held outside the UK Other hedge funds and alternatives £ £ 59,767,434 13,782,456 9,594,732 897,197 (12,511,602) (2,126,951) 8,009,566 211,351 64,860,130 12,764,053 |
Total £ 89,910,345 14,353,941 (18,019,059) 9,124,130 |
|---|---|---|---|
| 95,369,357 |
24
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2024
Notes (continued)
7 Material investments
The following holdings represent more than 5% of the market value of the portfolio and are therefore classed as material interests of the trust:
| terests of the trust: | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Sarasin Global Equity Real Return - Inc | 6.97% | 6.20% |
| Sarasin Multi-Asset Strategic - Inc | 7.06% | 6.60% |
| Sarasin Global Higher Dividend – Inc | 7.63% | 8.56% |
8 Tangible and programme related assets
Property
| Property | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| 17 Long 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 |
| __ | __ | |
| 2,083,478 | 2,083,478 | |
| ======== | ======== |
On the 13 December 2013 the trustees purchased 17 Long Meadow, Skipton at market value. This is being leased to the Golden Lane Housing for a peppercorn rent. Golden Lane Housing is a registered charity who work in partnership with Mencap to provide housing for children with mental/learning disabilities.
On the 1 December 2014 the trustees purchased the Black Bull pub at market value. This is being leased to Horizon Life Training for a peppercorn rent.
On the 10 March 2015 the trustees purchased Netherside Hall at market value. This is being leased to Yorkshire Camps for a peppercorn rent.
On the 27 October 2016 the trustees purchased 78 High Street at market value. This is being leased to Well Spring Therapy Training for a peppercorn rent.
The properties at 78 High Street, Starbeck, The Black Bull, Netherside Hall, Skipton and 17 Long Meadow in Skipton are assets that are held to further the charitable objects of the Foundation through supporting the charities leasing them by charging a peppercorn rent in each instance.
The trustees have considered all tangible fixed assets/programme related assets at the balance sheet date and have identified no indication of impairment.
25
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2024
Notes (continued)
9 Investment property
| Property | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| 3 Savile Row, London | 7,875,000 | 7,875,000 |
| __ | __ | |
| 7,875,000 | 7,875,000 | |
| ======== | ======== |
The Trustees have assessed that there has been no change in market value of the asset in the year.
10 Creditors: amounts falling due within one year
| Cost of producing charity accounts, tax returns and charity commission forms Tax advisory fees Accruals - Audit and accountancy fees Accruals – Investment managers’ fees Accruals – Donations made Savile Row – overdistributed rents |
2024 £ 8,250 11,380 19,000 87,379 1,602,200 105,377 1,833,586 |
2023 £ 8,250 12,750 21,400 92,808 340,275 105,377 580,860 |
|---|---|---|
11 Debtors: amounts receivable due within one year
| Unpresented income | 2024 2023 £ £ - - - - |
|---|---|
26
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2024
Notes (continued)
| 12 Analysis of net cash funds Cash at bank Cash at investment managers Net cash funds |
2024 £ 2,768,678 1,612,902 4,381,580 |
2023 £ 3,812,104 1,676,979 5,489,083 |
|---|---|---|
The Trustees consider, due to the ability to access the asset within less than 14 days, that cash held with investment managers be treated as cash funds over investments.
13 Analysis of net assets between funds
The reserves of the charity can be allocated to net assets as follows:
Investments - securities Tangible fixed assets and programme investments Investment property Cash at bank and in hand Other net current assets |
Expendable endowment Unrestricted Total Total 2024 2024 2024 2023 £ £ £ £ 90,653,057 4,716,300 95,369,357 89,910,345 - 2,083,478 2,083,478 2,083,478 - 7,875,000 7,875,000 7,875,000 - 4,381,580 4,381,580 5,489,083 - (1,833,586) (1,833,586) (580,860) 90,653,057 17,222,772 107,875,829 104,777,046 |
|---|---|
£9,138,057 has been transferred to unrestricted funds from the expendable endowment fund in the year. This amount relates to the total realised and unrealised gains arising on fixed asset investments. The transfer has been made in accordance with the agreement reached with the trustees.
27
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2024
Notes (continued)
In the prior year the allocation of reserves to net assets was as follows:
Investments - securities Tangible fixed assets and programme investments Investment property Cash at bank and in hand Other net current assets |
Expendable endowment Unrestricted Total Total 2023 2023 2023 2022 £ £ £ £ 91,048,232 (1,137,887) 89,910,345 100,557,854 - 2,083,478 2,083,478 2,083,478 - 7,875,000 7,875,000 7,875,000 - 5,489,083 5,489,083 5,039,826 - (580,860) (580,860) (733,435) 91,048,232 13,728,814 104,777,046 114,822,723 |
|---|---|
14 Payments to trustees and related party transactions
No remuneration or expenses were paid to the trustees for their services as trustees during the year (2023: £nil). No staff were employed by the charity during the current year.
Fees of £67,441 (2023: £79,118) have been paid to Raworths LLP, which is a related party of Rachel Tunnicliffe.
Grants of £200,000 have been paid to Opera North, which is a related party of Rebecca Bletcher.
28