The Liz and Terry Bramall Foundation
Trustees’ Report and Financial Statements Year ended 5 April 2025
Charity number: 1121670
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2025
Contents
| Trustees’ report for the yearended 5 April 2025 | 3-7 |
|---|---|
| Statementoftrustees’ responsibilities in respectoftheTrustees’ Reportand the Financial Statements | 8 |
| Independent auditor’s report to the trusteesofThe LizandTerry Bramall Foundation | 9-12 |
| Statementoffinancial activities (including income andexpenditure account) | 13-14 |
| Balance sheet | 15 |
| Cash flowstatement | 16 |
| Notes | 17-27 |
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The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2025
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 SAU
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The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2025
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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 2025.
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 | 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.
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The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2025
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 (2024: £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 ofthe 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.
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The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2025
Trustees’ report (continued)
Achievements and performance: How our grants delivered public benefit
a. Reviewof 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 £2,400,000 were 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 which is expected to be completed in the Autumn of 2025.
Grants totalling £1,100,000 were made during the year to The King’s Trust/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.
The grants out of unrestricted funds made in the year amounting to £7,636,517 (2024: £8,268,357) 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 2025 was £2,432,810 (2024: £2,534,479). Grants of £7,636,517 (2024: £8,268,357) were payable during the year. The size of grants varied from £500 to £600,000 and an analysis is provided in note 4. Net losses on investments and currency amounted to £1,342,020 (2024: gain of £9,383,778), giving rise to a decrease in funds of £7,047,224 (2024: increase of £3,098,783).
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.
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The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2025
Trustees’ report (continued)
Other policies
a. Reserves policy
The foundation received a donation of £96,282,052 in the year ended 5 April 2008 as an expendable endowment fund which will provide an annual income to support activities and cover administration and support costs.
Free reserves for the trust total £10,553,560, being the unrestricted funds of the charity not held within fixed tangible assets. Free reserves have decreased in the year by £6,669,212, largely due to the losses on liquid investment assets. Incoming resources relate entirely to investment income.
Target free reserves are £500,000 — being the cost of running the charity each year (Governance costs plus Investment management costs). The gap between actual free reserves and target free reserves will be met by making charitable donations in the future years.
b. Principal funding
The trustees are satisfied that the foundation’s assets are available and adequate to fulfil its obligations.
Approved by the trustees on /,3 Noeubes 2009 and signed on their behalf by:
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Mrs R H Bletcher
Trustee Eton House 89 Station Road Harrogate North Yorkshire HG1 1HF
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The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2025
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:
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e select suitable accounting policies and then apply them consistently;
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e observe the methods and principles in the Charities SORP;
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e make judgments and accounting estimates that are reasonable and prudent:
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e — state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
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e 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.
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The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2025
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 2025 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 ofIreland (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 2025 and of its incoming resources and application of resources for the year then ended;
shave been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and shave been prepared in accordance with the requirements of the Charities Act 2011
Basisfor 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 responsibilitiesfor the audit ofthe Jinancial 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.
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The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2025
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 20087 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 esufficient accounting records have not been kept; or
*the financial statements are not in agreement with the accounting records; or
ewe 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 responsibilitiesfor the audit ofthefinancial 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.
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The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2025
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;
ewe 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
sidentified 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:
emaking 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.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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20 November 2025
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2025
| Statement offinancial activities | |||||
|---|---|---|---|---|---|
| For theyearended5 April2025 | |||||
| Unrestricted Funds |
Endowment Funds |
Total | Total | ||
| 2025 | 2025 | 2025 | 2024 | ||
| Note | £ | £ | £ | £ | |
| Income from: | |||||
| Investments | 2 | 2,432,810 | - | 2,432,810 | 2,534,479 |
| Other income | - | - | - | ||
| Total | 2,432,810 | - | 2,432,810 | 2,534,479 | |
| Expenditure on: | |||||
| Charitable activities | 3 | (7,760,002) | (378,012) | (8,138,014) | (8,819,474) |
| Total | (7,760,002) | (378,012) | (8,138,014) | (8,819,474) | |
| Netexpenditure before other gainsand | (5,327,192) | (378,012) | (5,705,204) | (6,284,995) | |
| losses | |||||
| Net gains/(losses) on investments | 6 | - | (1,358,043) | (1,358,043) | 9,138,057 |
| Realised gains/(loss) on currency | 16,023 | - | 16,023 | 245,721 | |
| Transfers | (1,358,043) | 1,358,043 | - | - | |
| Total | (1,342,020) | - | (1,342,020) | 9,383,778 | |
| Net movement in funds | (6,669,212) | (378,012) | (7,047,224) | 3,098,783 | |
| Reconciliation of funds | |||||
| Total funds at 5 April 2024 | 17,222,772 | 90,653,057 | 107,875,829 | 104,777,046 | |
| Totalfundsat5April2025 | 10,553,560 | 90,275,045 | 100,828,605 | 107,875,829 |
All activities to continuing operations.
The notes on pages 17 to 27 form part of these financial statements
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The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2025
Comparative Statement of financial activities For the year ended 5 April 2024
| Unrestricted Funds |
Endowment 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 | |||||
| Netgains/(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 offunds | |||||
| Total funds at 5 April 2023 | 13,728,814 | 91,048,232 | 104,777,046 | 114,822,723 | |
| Totalfundsat5April2024 | 17,222,772 | 90,653,057 | 107,875,829 | 104,777,046 |
All activities to continuing operations.
This page represents the disclosure of comparative information only.
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The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2025
| Balance sheet | |||||
|---|---|---|---|---|---|
| As at 5 April2025 | |||||
| 2025 | 2025 | 2024 | 2024 | ||
| Note | ri | £ | £ | £ | |
| Fixed assets: | |||||
| Investments | 6 | 88,154,515 | 95,369,357 | ||
| Tangible assets | 8 | 2,083,478 | 2,083,478 | ||
| Investment property | 9 | 7,875,000 | 7,875,000 | ||
| 98,112,993 | 105,327,835 | ||||
| Current assets: | |||||
| Debtors due within one year | - | = | |||
| Cash at bank | I] | 2,949,243 | 4.381.580 | ||
| 2,949,243 | 4,381,580 | ||||
| Creditors: amounts falling due within | 10 | (233,631) | (1,833,586) | ||
| one year | |||||
| Net current assets | 2,715,612 | 2,547,994 | |||
| Net assets | 100,828,605 | 107,875,829 | |||
| The funds of the foundation: | |||||
| Endowment fund | 12 | 90,275,045 | 90,653,057 | ||
| Unrestricted fund | 12 | 10,553,560 | 17,222,772 | ||
| Totalfoundationfunds | 100,828,605 | 107,875,829 |
These financjal statements were approved by the board of trustees on by:
2025 and were signed on its behalf
Mrs is Bletcher Trustee
The notes on pages 17 to 27 form part of these financial statements
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The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2025
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|---|---|---|---|---|---|---|---|---|---|---|
|Cash|flow|statement|
|for year ended 5 April 2025|
|2025|2024|
|Note|£|£|
|Cash|flows|from|operating|activities|
|Net|income/(loss)|for|the|reporting|period|(7,047,224)|3,098,783|
|Adjustments|for:|
|(Gains)/losses|on|investments|1,358,043|(9,138,057)|
|Dividends,|interest|from|investments|(2,432,810)|(2,534,479)|
|Increase/(Decrease)|in|creditors|(1,599,955)|1,252,726|
|(Increase)/Decrease|in|debtors|-|¢|
|Net|cash|provided|by|operating|activities|(9,721,946)|(7,321,027)|
|Cash|flows|from|investing|activities|
|Dividends,|interest|from|investments|2,432,810|2,534,479|
|Net|sale|of investments|6|5,856,799|3,679,045|
|Net cash|provided|by|investing|activities|8,289,609|6,213,524|
|Change|in cash and|cash equivalents|in|the|year|(1,432,337)|(1,107,503)|
|ear and cash equivalents at the beginning of|[the]|4,381,580|5,489,083|
|Cash|and|cash|equivalents|at|the|end|of the|year|2,949,243|4,381,580|
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The notes on pages 17 to 27 form part of these financial statements
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The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2025
Notes (forming part ofthefinancial statements)
1 Accounting policies
Basis ofpreparation and assessment ofgoing 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 onl 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 | 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 2025
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 ofthe 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
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Dividends& fixed interest Rental income |
1,903,360 439,006 |
1,961,991 439.006 |
| Bankand investmentmanager interest | 90,444 | 133,482 |
| 2,432,810 | 2,534,479 |
18
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2025
Notes (continued)
3 Expenditure on charitable activities
| Expenditure on charitable activities | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Grants (note 4) | 7,636,517 | 8,268,357 |
| Unpresented cheque | (30,000) | (15,000) |
| Investment management costs | 378,012 | 395,175 |
| Governance costs (note 5) | 153,485 | 170,942 |
| 8,138,014 | 8,819,474 |
4 Grants payable
Total grants paid — 183; totalling £7,636,517 (2024: £8,268,357)
The grants paid during the year were as follows:
| 2025 | |
|---|---|
| Name ofInstitution | £ |
| 208 SquadronNorth Leeds AirCadets | 5,000 |
| Addiction Family Support(DrugFAM) | 5,000 |
| AFK (Action for Kids) | 3,000 |
| Ahead Partnership Limited | 50,000 |
| Aim Higher— Hull | 5,000 |
| ARC Stockton Arts Centre | 20,000 |
| ArtTherapy | 5,000 |
| Barnsley Samaritans | 1,000 |
| BD4 CommunityTrust | 10,000 |
| BehindClosed Doors | 5,000 |
| Bilton Area MethodistChurch | 2,000 |
| Bishopthorpe Charitable Partner's Trust | 40,000 |
| Bloomin’ Buds Theatre Company | 5,000 |
| Bradfield Festival ofMusic Assoc. | 1,000 |
| Bradford Cathedral | 50,000 |
| Bradford District& Craven Mind (BDC MIND) | 5,000 |
| Bright Sparks Theatre Arts | 10,000 |
| BurmantoftsCommunity Friends | 5,000 |
| Burton Street Foundation - Sheffield | 5,000 |
| Carers Resources | 20,000 |
| Cash for Kids, Leeds | 5,000 |
| Castleford Sea Cadets | 2,000 |
| CatZero, East Yorkshire | 5,000 |
| Childline Schools Service (NSPCC) | 250,000 |
| Children’s Heart Surgery Fund | 15,000 |
| Church Urban Fund | 250,000 |
| Club Doncaster Foundation | 100,000 |
| Community Counselling | 5,000 |
| CommunityLeedsAfterSchoolStudySupport | 3,000 |
19
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2025
| Concrete Youth | 5,000 |
|---|---|
| Coppice Valley Primary School | 2,000 |
| Cystic Fibrosis Care | 5,000 |
| Dancing For wellbeing | 2,000 |
| Destination 211, Dewsbury | 5,000 |
| Doncaster& District DeafSociety | 5,000 |
| Downright Special | 10,000 |
| Dream Holidays | 10,000 |
| Evolve Recovery Homes | 5,000 |
| Family Voice CIC | 5,000 |
| Flourishing Families | 10,000 |
| Flourishing Families | 50,000 |
| Future Talent | 18,000 |
| Gateway Community Care Club | 2,000 |
| Grow, Sheffield | 5,000 |
| HarlowCommunity Centre Association | 5,000 |
| Harrogate Band - The Brass Brigade | 5,000 |
| Harrogate Choral Society | 15,000 |
| Harrogate Competitive Festival for Music Speech and Drama | 5,000 |
| Harrogate Homeless Project | 59,670 |
| Harrogate International Festival | 50,000 |
| HarrogateNeighbours Housing Association | 5,000 |
| Harrogate Theatre | 30,000 |
| HEY Children's University | 5,000 |
| Home Start | 10,000 |
| Hookstone Chase Primary School | 2,000 |
| Hope Housing Bridlington | 5,950 |
| Horizon Life Training | 18,000 |
| House ofGrace (Deame Valley) | 10,000 |
| Hull Minster | 20,600 |
| HumberJob Hub CIC | 7,500 |
| Hunslet& Belle Isle Community Project, | 3,000 |
| Imagine IfTheatre Company | 10,000 |
| In 2 Out In 2 Out | 15,000 |
| Inspire Youth Yorkshire | 5,000 |
| Kids Yorkshire, Hull& East Riding | 5,000 |
| Kidz Klub Leeds | 75,000 |
| Kidz Klub Leeds | 75,000 |
| Kidz Klub Leeds | 40,000 |
| Leeds Baby Bank | 5,000 |
| Leeds Hospitals Charity(MND Rob Burrows Centre) | 50,000 |
| Leeds International Piano Competition | 200,000 |
| Leeds Mencap | 10,000 |
| Leeds Playhouse | 150,000 |
| Leeds Women's Aid | 10,000 |
| Lifeline Harrogate | 15,000 |
| Lighthouse | 5,000 |
| Living Potential Care FarmingCIC | 5,000 |
| Maggie's Leeds | 50,000 |
| Maltby Community Hub CIC | 5,000 |
| Mark Scott Foundation | 25,000 |
| Martin House | 100,000 |
| Mexborough Life Church& Centre | 3,000 |
| MotorNeurone Disease Association | 15,000 |
| National Literacy Trust | 8.000 |
| NewcastleCathedral | 35,000 |
20
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2025
| Nomad Opening Doors | 5,000 | |
|---|---|---|
| North Yorkshire Music Therapy Centre | 5,000 | |
| Northdale Horticulture | 7,500 | |
| Northern Ballet Limited Foundation | 200,000 | |
| Northern Broadsides Theatre Company | 5,000 | |
| Northgate Community Hub, Doncaster | 2,000 | |
| One in a Million | 25,000 | |
| Onside Youth Zone Barnsley | 600,000 | |
| Onside Youth Zone Barnsley | . | 600,000 |
| Onside Youth Zone Barnsley | 600,000 | |
| Onside Youth Zone Barnsley | 600,000 | |
| Open Country | 5,000 | |
| Opera North | 200,000 | |
| P.A.U.L. For Brain Recovery | 10,000 | |
| Pannal Memorial Hall | 500 | |
| PCC OfThe Ecclesiastical Parish Fulford - York | 2,000 | |
| People Matters(West Yorkshire) CIO | 10,000 | |
| Phoenix Dance Theatre | 25,000 | |
| Primetime at the Vine | 5,000 | |
| Project6 | 10,000 | |
| RAF Association | 2,000 | |
| React | 10,000 | |
| Resurrected Bites | 10,000 | |
| RiverTees Multi Academy Trust, Middlesborough | 597 | |
| Run with It | 10,000 | |
| Ryedale Festival | 10,000 | |
| Saint Gemma's Hospice | 100,000 | |
| Samaritans ofHarrogate | 3,000 | |
| Selby Abbey | 16,000 | |
| Selby Abbey | 20,000 | |
| Sheffield Wildlife Trust | 1,800 | |
| Sidewalk Scarborough | 5,000 | |
| SoundproofCIC | 5,000 | |
| South Milford Playing Fields | 5,000 | |
| South Yorkshire Community Fund | 50,000 | |
| Spear Leeds | 54,000 | |
| Sprotbrough Methodist Church | 7,000 | |
| StBartholomew's C ofE Primary School | 1,000 | |
| St Giles Trust | 5,000 | |
| St Luke Cares - Leeds | 10,000 | |
| St Mary's Dunsforth | 12,000 | |
| St Mary's PCC Sprotbroug StMarys PCC | 50,000 | |
| St Michael's Hospice | 100,000 | |
| St Peter's Church - Bentley | 5,000 | |
| St Peter's PCC Account - (Doncaster) | 10,000 | |
| St Wilfred's Church | 5,000 | |
| Steel City Choristers - Sheffield | 5,000 | |
| Street Bikes | 3,300 | |
| Sunbridge Road Mission | 100,000 | |
| Sunbridge Road Mission | 100,000 | |
| Sunbridge Road Mission | 100,000 | |
| Survive York | 5,000 | |
| SWAP (Safe welcome after Prison) | 5,000 | |
| Swine Parish Church | 3,000 | |
| Team teeth | 5,000 | |
| TeesideHospice | 12,000 |
21
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2025
| The Ainsty Churchs Choir | 2,500 |
|---|---|
| The Art House | 5,000 |
| The GeorgianTheatre Royal | 25,000 |
| The Hepworth Wakefield | 55,000 |
| The Hinge Centre | 10,000 |
| The Homeless PastorsCIC | 5,000 |
| The Maximum Life Youth Project | 500 |
| The Prince's Trust - Quarterly Payment | 275,000 |
| The Prince’s Trust - Quarterly Payment | 275,000 |
| The Prince's Trust - Quarterly Payment | 275,000 |
| The King's Trust - Quarterly Payment | 275,000 |
| The Sensational Stroke Ensemble - Hull | 1,300 |
| The Thornbury Centre | 30,000 |
| The World Trust(Ripon International Festival) | 5,000 |
| Theodora Children's Charity | 1,000 |
| Tom's Trust | 19,000 |
| Total Insight Theatre | 5,000 |
| Transforming Lives forGood (TLG) | 10,000 |
| Two Ridings Community Foundation | 25,000 |
| University ofSheffield | 1,000 |
| Unmasked Mental Health - Halifax | 4,800 |
| Vision Care for Homeless People | 5,000 |
| Volunteer it Yourself(VIY) | 10,000 |
| Wakefield Hospice | 25,000 |
| Washburn heritage Centre, Fewston | 3,500 |
| Wath-upon-Dearne Community Festival | 3,000 |
| Wellspring Therapy& Training | 12,500 |
| Wellspring Therapy& Training | 12,500 |
| Wellspring Therapy& Training | 12,500 |
| West Bretton Cricket Club | 5,000 |
| West Yorkshire Medical Response Team | 10,000 |
| Wheatley Park BaptistChurch - Doncaster | 5,000 |
| Whirlow Farm Trust - Sheffield | 5,000 |
| Women Centre | 10,000 |
| WordUpNorth | 5,000 |
| Y. Philharmonic Choir(Margaret Markland Awards) | 3,000 |
| York Down Syndrome SupportGroup | 6,000 |
| York Samaritans | 2,000 |
| York women's Counselling | 5,000 |
| Yorkshire Historic Churches Trust | 75,000 |
| Yorkshire Sculpture Park | 150,000 |
| Yorkshire's BrainTumour Charity | 5,000 |
| 7,636,517 |
22
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2025
Notes (continued)
4 Grants payable (continued)
There is a contingent liability totalling £8,506,525 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.
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Future | commitments | - | within | year | 3,291,937 |
| Future | commitments | -between | between 2-10 years | 5,214,588 | 4,211,573 |
| 8,506,525 | 11,085,523 |
5 Governance costs
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Costofproducing charity accounts, tax returns and charity commission forms | 33,000 | 33,000 |
| Audit fees | 4,340 | 11,460 |
| Tax advisory fees | 51,072 | 52,352 |
| Legal fees | 61,772 | 67,441 |
| Other fees | 3,301 | 6,689 |
| 153,485 | 170,942 |
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 2025
==> picture [428 x 365] intentionally omitted <==
----- Start of picture text -----
||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Notes|(continued)|
|6|Investments —|securities|
|2025|2024|
|£|£|
|Securities|
|Investments|at market value|at|beginning of year|95,369,357|89,910,345|
|Add:|investments|purchased|in|the|year|18,421,977|14,353,941|
|Deduct:|investments|sold|in|the|year|(at|market|value|or|cost)|(24,137,110)|(18,019,059)|
|Net|gain/(loss)|on|revaluation|(1,499,709)|9,124,130|
|Investments|at|market value|at|end|of year|88,154,515|95,369,357|
|Proceeds|of investments|sold|in|the|year|24,278,776|18,032,986|
|Deduct:|investments|sold|in|the|year|(at|market|value|or|cost)|(24,137,110)|(18,019,059)|
|Realised|gain/(loss)|at|market|value|at|end|of year|141,666|13,927|
|Investments|at|5|April|comprised:|
|UK|fixed|interest|securities|10,027,593|10,283,038|
|UK equities|7,690,353|7,462,136|
|Investments|assets|outside|the UK|57,932,810|64,860, 130|
|Other — hedge|funds|and|alternatives|12,503,759|12,764,053|
|88,154,515|95,369,357|
----- End of picture text -----
The following is a reconciliation of the movement in the year of each class of asset that the foundation has invested in:
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----- Start of picture text -----
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|UK|fixed|UKequities|Investment|Other hedge|Total|
|interest|assets|held|funds|and|
|securities|outside|the|alternatives|
|UK|
|£|£|£|£|£|
|Investments|at|market value|at|the|10,283,038|7,462,136|64,860,|130|12,764,053|95,369,357|
|beginning of the|year|
|Add:|Investments|purchased|in|the|year|1,869,331|2,207,773|14,323,513|21,360|18,421,977|
|Deduct:|investments|sold|in|the|year|(3,171,043)|(2,668,660)|(17,698,853)|(598,554)|(24,137,110)|
|Net|gain|on|revaluation|1,046,267|689,104|(3,551,980)|316,900|(1,499,709)|
|10,027,593|7,690,353|57,932,810|12,503,759|88,154,515|
----- End of picture text -----
24
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2025
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:
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----- Start of picture text -----
||||||||||
|---|---|---|---|---|---|---|---|---|
|2025|2024|
|£|£|
|Sarasin|Global|Equity|Real|Return|-|Inc|7.33%|6.97%|
|Sarasin|Multi-Asset|Strategic|-|Inc|7.52%|7.06%|
|Sarasin|Global|Higher|Dividend —|Inc|7.12%|7.63%|
----- End of picture text -----
8 Tangible and programme related assets
Property
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----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|2025|2024|
|£|£|
|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|
----- End of picture text -----
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 peppercom 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 2025
Notes (continued)
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----- Start of picture text -----
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|9|Investment|property|
|Property|
|2025|2024|
|£|£|
|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.|
----- End of picture text -----
10 Creditors: amounts falling due within one year
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|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|2025|2024|
|£|£|
|Cost|of producing|charity|accounts,|tax|returns|and|charity|commission|forms|8,250|8,250|
|Tax advisory|fees|11,236|11,380|
|Accruals|-|Audit|and|accountancy|fees|11,880|19,000|
|Accruals —|Investment|managers’|fees|96,888|87,379|
|Accruals|—|Donations|made|-|1,602,200|
|Savile|Row — overdistributed|rents|.|105,377|105,377|
|233,631|1,833,586|
|11|Analysis|of net|cash|funds|
|2025|2024|
|£|£|
|Cash|at|bank|1,377,058|2,768,678|
|Cash|at|investment|managers|1,572,185|1,612,902|
|Net|cash|funds|2,949,243|4,381,580|
----- End of picture text -----
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.
26
The Liz and Terry Bramall Foundation Trustees’ Report and Financial Statements Year ended 5 April 2025
Notes (continued)
12 Analysis of net assets between funds
The reserves of the charity can be allocated to net assets as follows:
| Expendable | Unrestricted | Total | Total | ||||
|---|---|---|---|---|---|---|---|
| endowment | |||||||
| 2025 | 2025 | 2025 | 2024 | ||||
| £ | £ | £ | £ | ||||
| Investments -securities | 80,316,567 | 7,837,948 | 88,154,515 | 95,369,357 | |||
| Tangible fixed |
assets | and | programme | 2,083,478 | - | 2,083,478 | |
| investments | 2,083,478 | ||||||
| Investment property | 7,875,000 | - | 7,875,000 | 7,875,000 | |||
| Cash at bank and | inhand | - | 2,949,243 | 2,949,243 | |||
| 4,381,580 | |||||||
| Other net current | assets | - | (233,631) | (233,631) | (1,833,586) | ||
| 90,275,045 | 10,553,560 | 100,828,605 | 107,875,829 |
£1,358,043 has been transferred from the unrestricted funds to 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.
In the prior year the allocation of reserves to net assets was as follows:
| Expendable | Unrestricted | Total | Total | ||||
|---|---|---|---|---|---|---|---|
| endowment | |||||||
| 2024 | 2024 | 2024 | 2023 | ||||
| £ | £ | £. | £ | ||||
| Investments - securities | 90,653,057 | 4,716,300 | 95,369,357 | 89,910,345 | |||
| Tangible fixed |
assets | and | programme | - | 2,083,478 | 2,083,478 | 2,083,478 |
| investments | |||||||
| Investmentproperty | - | 7,875,000 | 7,875,000 | 7,875,000 | |||
| Cashatbank and | inhand | - | 4,381,580 | 4,381,580 | 5,489,083 | ||
| Other netcurrentassets | assets | - | (1,833,586) | (1,833,586) | (580,860) | ||
| 90,653,057 | 17,222,772 | 107,875,829 | 104,777,046 |
13 Payments to trustees and related party transactions
No remuneration or expenses were paid to the trustees for their services as trustees during the year (2024: £nil). No staff were employed by the charity during the current year.
Fees of £61,772 (2024: £67,441) have been paid to Raworths LLP, which is a related party of Rachel Tunnicliffe.
Grants of £200,000 (2024: £200,000) have been paid to Opera North, which is a related party of Rebecca Bletcher.
27