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2020-12-31-accounts

Charity number: 1164021

The Blagrave Trust CIO Report and financial statements For the year ended 31 December 2020

Contents

Reference and administrative information ......................................................................................... 1 Trustees’ annual report ....................................................................................................................... 2 Independent auditor’s report ........................................................................................................... 15 Statement of financial activities (incorporating an income and expenditure account) ................... 19 Balance sheet .................................................................................................................................... 20 Statement of cash flows ..................................................................................................................... 21 Notes to the financial statements ..................................................................................................... 22

Reference and administrative information for theyear ended 31 December 2020 Reference and administrative information for theyear ended 31 December 2020 Reference and administrative information for theyear ended 31 December 2020
Charity number 1164021
Registered address The Blagrave Trust
c/o Cripplegate Foundation
13 Elliots Place
London N1 8HX
Trustees Trustees who served during the period from formation and up to the
date of this report were as follows:
Peter Babudu Chair, appointed July 2019
Clare Cannock Appointed June 2016
Segun Olowookere Finance Lead, appointed July 2019
Daze Aghaji Appointed, March 2020
Boudicca Pepper Appointed, March 2020
Tasneem Alom Appointed, Jan 2018
Linda Epstein Appointed, Jan 2018
Victor Azubuike Appointed March 2021
Edward Jacobs Appointed March 2021
Barbara Ojei Agwaziam Appointed March 2021
Naomi Ambrose Appointed March 2021
Diana Leat Resigned March 2020
Tim Jackson Stops Resigned October 2020
Sir Paul Neave Resigned March 2020
Key management Jo Wells Director
Tessa Hibbert Regional Partnerships Manager
Edd Fry Listening Fund, Programme Manager
Philippa Knott Policy Manager
Bankers Coutts & Co
440 Strand
LONDON, WC2 0QS
Solicitors Taylors Vinters
Auditor Sayer Vincent LLP
Chartered Accountants and Statutory Auditor
Invicta House, 108-114 Golden Lane
LONDON, EC1Y 0TL

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Report of the Trustees for the year ended 31 December 2020

The Blagrave Trustees present their fifth report and the audited financial statements as a charitable incorporated organisation (CIO) for the charity’s year ended 31 December 2020.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the charity's trust deed and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

The Blagrave trustees review the aims, objectives and activities of the charity each year in January. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The Blagrave Trust reports the success of each key area of work and the benefits the charity has brought to the young people that it supports.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

Purposes and aims

The Blagrave Trust is a proactive funder dedicated to bringing lasting change to the lives of the young people aged 14-25. Our vision is a world where all young people have hope, access to the support they need, a stake in society and influence over their futures.

Our mission is to:

Our strategic areas of work for 2020 were:

W e place a strong emphasis on organisations that can demonstrate their commitment to 2 elements that run through our work. These are

In the first half of 2021, we have been refining our objectives with a view to finalizing a new strategy for 2021 - 2026, though our broad commitments and strategic areas will remain largely similar.

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Report of the Trustees for the year ended 31 December 2020

We seek out exciting partnerships with organisations that put young people at the centre of their work, as well as responding to requests for funding that come to us via our website grant requests. We fund both new and existing charities, small, medium or large provided that they can demonstrate the difference they are making. Increasingly we are funding charities and social movements that are run by and for young people. We work primarily across the South East in Hampshire and the Isle of Wight, Sussex, Wiltshire and Berkshire. We occasionally fund charities that are in neighbouring counties and increasingly this will be a feature of our work where the work fits with our strategy. Pro-actively, we also fund national initiatives that advance our mission.

We work to add value to our grants where we can by supporting thematic learning, knowledge exchange, and sector collaboration. We work closely with the wider funding community to share learning and improve grant-making. With few exceptions, we fund for a minimum three-year period, to enable a level of financial stability for our funding partners and we aim to provide unrestricted funding across all our work.

Finally, we pursue our objectives by managing investments in line with our Responsible Investment policy to both create benefit to society and avoid harm, contributing to solutions where possible.

Achievements and performance

2020 was another exciting year of progress, clarification and consolidation of our work.

During the year, the Trustees made 91 grants (2019: 61) with committed expenditure on grants of £1,814,947. We saw an increase by a third in the number of grants compared to previous years due to the introduction of grant funding to individuals in an exciting new area of work supporting youth led change, and an additional round of giving in response to the Covid pandemic and its effect on young people. This led to an overall increase in number of partnerships in 2020 for the third year running.

Of our 91 partnerships this year they can be broken down as follows:

Service delivery organisations – mainly in the region 47 partnerships
Policy and research 20 partnerships
Youth led change 24 partnerships

Just over half of our funding goes specifically into the region (55%), and we’re increasingly funding more charities or social movements that are focused in different parts of the country and/or national.

In the region, the largest proportion of our partners are in Hampshire and Isle of Wight, reflecting both the youth population and size of the county, the larger volume of charities based there, and also that it has some of the poorest areas of our patch.

The income arising from our historical grant funding with three regional Community Foundations which have contributed towards their endowments – Wiltshire, Berkshire and Hampshire – were used towards their coronavirus small grants for the region, benefitting many local people in each area.

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Report of the Trustees for the year ended 31 December 2020

In the region, the areas where we have the most partnerships are Southampton and Brighton, followed by Swindon, Slough, Portsmouth and Havant. We aim to support young people who are facing the greatest challenges in their lives. In 2020, 62% of our funding went to organisations working with young people in Local Authority areas with the highest proportion of children and young people living in poverty (the 10 most disadvantaged) as nationally defined. This is a slight increase from 2019 when it was 60%.

About our funding

Nearly all our grants to service delivery and policy charities are unrestricted and span three years – many continue into a further 3 year period, i.e. we are willing to fund for 6 years when the partnership and impact is clear. A larger number of project specific grants reflects the move towards funding young people and social movements which tend to be restricted grants over a shorter-term period.

Year on year, the Blagrave Trust’s approved grants has been steadily increasing since we became a CIO. The Blagrave trust does not focus on specific themes of work – rather, we recognize the intersectionality of issues and their relevance to young people’s lives. This means we fund a widerange of organisations focusing on many different areas from mental health, disability, care-leavers, homelessness and many more. Whilst this lack of thematic focus makes it hard to aggregate their impact or do justice to the work of the many incredible organisations we are funding, we know that they are providing both immediate support and long-term system change for the benefit of thousands of young people.

Key areas of work for the year

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Report of the Trustees for the year ended 31 December 2020

Covid-19 crisis. We worked with NLCF to design a programme of funding called Restart Youth to ensure that young people’s voices were at the heart of Covid recovery efforts. This work is led by a group of Young Advisors recruited at the end of the 2020, but implementation commenced in early 2021 so we will report fully during this year.

In addition, we are part of a group of funders who have committed support to the creation of a new initiative the Index of Foundation Diversity, Transparency and Accountability. Using carefully selected criteria, this will rank Foundations year on year, on issues such as trustee composition, in order to support efforts to drive forward best practice. Finally, the team have also been part of a group of funders looking at the best ways to capture data about the diversity, equity and inclusion of our grant-making and improved data about where our resources are going and where improvements can be made.

In our own grant-making, all our work focuses on young people who experience poverty and marginalization. In addition we focus a significant proportion of our funding into areas of high deprivation with accessible funding processes that enable a range of organisations to apply to us – both these approaches go to the heart of equitable and inclusive grant-making.

In Oct 2019, we became a founding signatory of the Funder Commitment on Climate Change https://fundercommitmentclimatechange.org. This agreement publicly commits us to play our part in climate change whether it be through educating and learning; committing resources; stewarding our investments for a post-carbon future; de-carbonising our own operations. In 2020 we reported on our progress against these commitments. Notable progress includes: recruitment of a climate activist to our trustee Board and a 2[nd] trustee with considerable interest and knowledge in this space. We have also made a series of direct investments in climate work including grants for the Teach the Future campaign, to repurpose the education system around climate, and support for work preparing for the COP26 climate conference to be held in 2021. Finally, and most significantly we have moved our entire investment portfolio into high quality ESG funds, managed by investment managers who are committed to this work. Fossil fuels are excluded from our portfolio’s and tackling environmental and social challenges through thematic and impact strategies supporting the sustainable development goals is embedded.

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Report of the Trustees for the year ended 31 December 2020

In 2020 we agreed to be part of a trailblazing initiative led by Friends Provident Foundation to identify the best in class asset manager on ESG – that is Environmental, Social and Governance in investing. Having finalized our own Responsible Investment policy and already moved a portion of our assets to Greenbanks, this seemed like an opportunity to both learn alongside others; use our influence to create wider systemic change whilst being part of a transparent process to guide our decision making when moving our funds. The ‘ESG olympics’ resulted in nearly 60 proposals from fund managers, from which 5 were shortlisted to present in a public forum with sector experts, on how they would invest the funds of 3 Foundation seed investors, in the most ethical manner, relating to environmental, social and governance issues. This level of transparency sent an important market signal and the resulting winners Cazenove have set up the Sustainable Growth Fund, which has already leveraged in over £100 million of investment including Blagrave’s £12 million, and is based around the ABC impact model – Alleviating Harm, Benefiting Society and Contributing to Solutions. It is modelling radical transparency in its reporting on the fund, with coordinated investor meetings planned.

The Opportunity Fund is a 3-year pilot we initiated and co-produced with Inspire Chili and the Paul Hamlyn Foundation that provides the equivalent of circa 2 days per week basic income to young people from disadvantaged backgrounds aged 18-25 to enable them to pursue the social change initiatives they want – with an emphasis on structural change and/or social entrepreneurialism. This is an important innovation and a key mechanism by which we can support young people directly and learn about what works. The fund launched officially in Feb 2020 with the first cohort of 10 recruited to the programme – 5 entrepreneurs, and 5 campaigners. Despite the fact that these young people have faced the enormous hurdle of lockdowns just at the moment that they were creating, planning and implementing their social businesses and campaigns, and for some really challenging personal circumstances, they have all nonetheless achieved a huge amount. For example, Veego is delivering vegan food to foodbanks across London; Beyond Strength is supporting parents with disabled children; Peckham Pooches is bringing together young men in Peckham who would not normally associate with each other using dog training as a medium; Glow Up Project is starting to work in schools delivering wellbeing sessions for students; and one of our young cohort was nominated for and won a Real Insight award. We are now recruiting the second cohort and are confident that this pilot we will have some strong evidence of the value of this innovative and unique programme, providing young people from challenging backgrounds who don't have access to other forms of social capital and funds support to give them the financial stability to pursue a life of purpose and social change.

Throughout 2020 we continued funding a range of organisations working to represent young people’s priority issues and rights in policy-making forums. Additions to the policy funding portfolio in 2020 mean that we now fund organisations working for young people at the level of national policy on issues including climate justice, education systems for the future, and obesity and healthy eating, amongst others. Existing partners continued their powerful, important work and released reports and/or won significant victories on issues such as youth

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Report of the Trustees for the year ended 31 December 2020

homelessness Young and Homeless 2020 , support for young people leaving care during the pandemic and disproportionality in the criminal justice system.

We also worked in partnership to fund two pieces of research into the impact of the pandemic on young people’s employment prospects and future opportunity sectors. Our ambition was to ensure young people were heard on this crucial issue and to bring together young people’s expertise and the knowledge of policy professionals. Youth Employment 2030 can be seen here, and a further policy focused on the future of work will be published in 2021 in time for the government spending review, which it will feed directly into.

• Youth led work - Challenge and Change

In July we launched a new fund aimed entirely at reaching young people, who are activating their lived experience to create structural and systems level change. The fund was designed by paid Young Advisors (YAs), who had delegated responsibility to decide who was funded. The YAs were selected for their expertise in grassroots campaigning, policy influencing and social justice marketing and comms. It is a partnership and collaboration with the Centre for Knowledge Equity.

The Blagrave Trust has been evolving our work in this direction for some time – seeking out relationships with young people doing amazing things, growing the portfolio of work we fund to include youth movements and organisations that are either founded by and/or led by young people themselves. As our direct relationships with young people and confidence in this direction has grown, we have been increasingly convinced that funding young people directly is a missing piece in the eco-system of social change with enormous untapped potential. Covid-19, with its significant impact on young people’s education and employment prospects for years to come, coming on the back of Brexit, climate change, racial justice and intergenerational equity issues, underlined the urgency of this work - to trust and resource young people to pursue the change they wish to see for their communities and for others.

In the design of this Fund we employed the services of lawyers in order to ensure we were complying with all our obligations as a charitable funder, and we also ran workshops with the young people we are funding to ensure that they understood our charitable purpose and relationship to their work. We have funded 30 young people working as individuals, in collectives and movements, some have in fact now set up as CIC’s or are in the process of establishing as charities and Taylor Vinters also ran a session with them on this. They will be benefiting from the support of our partner the Centre for Knowledge Equity and the lived experience leaders movement, with coaching, knowledge exchange and workshops designed around what young people themselves have told us would be helpful.

We started 2020 intending to move into the second phase of the Listening Fund, however the pandemic meant significant delays as our funding partners prioritized their coronavirus support. Finally, by the year’s end we had confirmed contributions from Tudor Trust, Esmee Fairbairn and Children in Need, with NCLF to follow in 2021. This mean that planning could start at the end of 2020. The Fund’s overall objectives are:

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Report of the Trustees for the year ended 31 December 2020

To drive greater accountability to young people by:

We also published two reports on listening practices and cultures during 2020. The first, Strength in Solidarity by Inspire Chili Strength in Solidarity, looked at how listening organisations were able to meet young people’s needs in the first few months of the pandemic. The second report, Do I Hear You? looked at funders’ listening, highlighting challenges faced and suggesting ways forward. We anticipate building on this valuable work and unique contribution in the sector, in the second phase of the Fund.

• Regional Funding

Our partners across the region worked hard to adapt their services to the challenges of social distancing and lockdown restrictions. Most moved their services online or outside where they could. Our grassroots partners demonstrated their flexibility and importance at this time. For example, Xtrax, a small drop in agency in Hastings, continued to provide face to face advice and case work for many young people throughout. In response to levels of escalating need some partners have scaled their work, for example A Band of Brothers increased their work providing mentoring for young men involved in the criminal justice system to areas along the South Coast, including Portsmouth and Hastings. The impact of the Enthum Foundation in Eastbourne was demonstrated with an external impact review which led to them opening a second home to provide a safe and welcoming space for refugee and asylum-seeking young people.

New partnerships in the year recognized the needs of young people as we come out of Covid, as we invested in the response of the Prince’s Trust’s Solent region to the sharp rise in unemployment levels of young people in the region; the Harbour Centre in Swindon’s support for the increasing number of young asylum seeking young people placed in temporary accommodation as they wait for their cases to be heard; and the Portsmouth Abuse and Rape Counselling Service’s work to support and empower young people who experienced sexual violence. With the support of our partner No Limits, we continued to invest in Help Us Move On, a group of youth advocates in Southampton who are using their experiences of services to push for change in the city to ensure young people can make a positive transition to adult life. They had some clear successes in the year, including securing a commitment from the local authority to add a young person’s section to their housing strategy, and their survey on the devastating impact on young people’s experience of work and learning of Covid was one of the first and most urgent analysis to be heard in the first lockdown.

• Safeguarding

The Trust has had a safeguarding policy for a number of years, but this was not only reviewed in 2020 with trustee input as normal, but in addition we sought external expertise to provide some more detailed training to the team. This has been driven not just by our need to ensure that our funded partners, most of whom are working with children or young adults, have effective safeguarding measures in place, but also as we ourselves work with more young

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Report of the Trustees for the year ended 31 December 2020

adults directly, to ensure that everyone coming into contact with them understands our responsibilities and our processes are fit for purpose. For example, how we communicate with young people online and in person, that our whistleblowing procedure is clearly understood by staff and the young people we work with, and what we should do if we have safeguarding concerns. A further training session, including any trustees able to join will take place in 2021.

• Collaborating for wider change

We have been fortunate to work with a whole host of funders during this financial year, many of whom have made substantial or strategic financial contributions to our work. We have been pledged contributions to our work some of which will be received during 2021 from cofunding on research to contributions to Challenge and Change, The Listening Fund and the regional programme Restart Youth.

In particular we are excited to report a collaboration with 1989 Charitable Trust, who approached us and have agreed an unrestricted contribution to our work of £1 million p.a. for the next 5 years – this funding will be receiving in 2021 and recognized in next year’s accounts. This allows us to consolidate what we do and scale our work appropriately – it will make a huge contribution to the fulfilment of our mission and we are incredibly grateful. Plans for the strategic use of this money are well underway during 2021.

2020 was a challenging year for staff in many ways as the volume of work increased, along with remote working that meant time together as a team was not possible – despite this the team have done an incredible job supporting our partners and growing and expanding our work. We had some staff changes, as one team member went on maternity leave in early August and was replaced by a temporary position for the remainder of the year. We brought in a new Team Assistant towards the end of the year, and have started 2021 with two new recruitments – both young people in line with our mission. This brings our staff FTE to 6, with 7 team members.

• Governance:

As the Trust sustains its commitment to diversity, equity and inclusion in all aspects of its work including its governance, we continue to evolve and reflect on what is required to ensure that the way the Board works is inclusive and accessible for all Board members, whether it be through the way in which we provide written information, other regular communications (e.g. Whatsapp) and the tone and nature of the Board meetings themselves. We have also evolved our Board recruitment practice – this has been open for many years now, but moving into 2020 Board recruitments we have modified practice to make it accessible for a wider range of young people with different skills sets. In particular in recruiting two new young trustees during early 2020, we undertook ‘mock’ Board meetings with 8 candidates and a pre-shared agenda. All the young people who participated in this recruitment, said it was an incredibly positive experience.

• Feedback

In line with our commitment to being a funder that models transparent, open communication, minimal bureaucracy and a spirit of partnership in part to free up charity

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Report of the Trustees for the year ended 31 December 2020

time to be most effective, we continue to gather anonymous feedback from both rejected and successful applicants that gives partners an important opportunity to ‘speak truth to power’. The Centre for Effective Philanthropy’s data clearly shows that funders who survey their grantees repeatedly make the most consistent progress over time - when funders listen, they become more effective. The full feedback is available on our website including from charities who we were not able to fund and we encourage people to read the whole for the narrative reflections within. https://www.blagravetrust.org/listening/

The Blagrave Trust’s reporting requirements are simple and easy to comply with: 9 out of 10

How well does the Blagrave Trust understand your intended beneficiaries’ needs? 9 out of 10

We understand what the Blagrave Trust does with the information we provide 7 out of 10

The Blagrave Trust explained when it expected to stop working with us . 8 out of 10 .

Blagrave Trust staff are respectful, helpful and capable. 10 out of 10.

The Blagrave Trust does not make excessive demands on our time to support their work. 9 of 10.

How likely is it that you would recommend the Blagrave Trust as a funder to another charity? 10 out of 10.

Plans for the future

During 2021 we have recruited 4 new trustees. The year will see us build on and embed our approach to governance, inducting new trustees well and building a strong team

Public benefit

The Trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties. The public benefit of the Charity’s activities is the support and enablement of vulnerable and disadvantaged children and young people and these are achieved principally by the award and monitoring of grants.

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Report of the Trustees for the year ended 31 December 2020

Structure, governance and management

The Blagrave Trust CIO was established in October 2015, becoming operational from 24 March 2016 with assets transferred from the previous charity with effect from that date.

The Board meets four times a year, in March, July, November and January, and gives detailed consideration to monitoring the progress of the Charity in achieving its performance and quality objectives. This includes reporting on returns from investments in securities and properties, grant strategies, approving grant applications and any other adjustments to costs, as well as the identification and management of risk.

We were particularly sad to say goodbye to two long-serving trustees, who joined Blagrave at its inception and have given over 20 years of incredible service to the Trust, most notably playing a key role in the management of our investments and our property portfolio – the Trust would not be on the sure footing that it is without the service of Paul Neave and Tim Jackson-Stops. We were also very sorry to say goodbye to Diana Leat, who has also served for over 5 years and brought infinite knowledge of philanthropy and guidance to the Trust.

The Trustees and the Trust Director have developed a budget for the year to achieve the objectives of the Charity and the Trust Director has been charged by the Board to be responsible for the delivery of this plan, reporting to the Board on performance.

The Trustees delegate responsibility for the day-to-day operation and management of the Charity to the Trust Director. The Trust Director attends charity networking events and meets with colleagues so that any relevant information, such as new Charity Commission requirements, and sectoral developments relating to good practice and impact measurement, are reported to the Trustees. Where necessary the Trust seeks out other external professional and legal advice.

The Board Finance and Investment Committee continues to meet circa 3 times a year to ensure strong oversight and scrutiny of key aspects of our financial management and investments where necessary. In particular, reviewing our property management and portfolio, refining and documenting a clear and transparent process for decisions and drawing this up into a clear policy.

As the scale of our operational work has grown and in particular we are managing funds on behalf of others and/or involved in joint initiatives, ensuring that our core management and finance capacity is robust and rigorous has been essential and 2020 was an important year for this.

Financial review

Income for 2020 totalled £2,071,226 with £1,786,236 from the investment portfolio and rent on the investment properties. Expenditure totalled £2,537,437. After the net loss on listed investments of £204,734 and the net loss on investment properties of £115,128, the net position was a deficit of £786,073.

The results reflect the sell-off in equity markets at the end of the year with the investment portfolio showing a net loss of £204,734. Against this, the income from our investment and property portfolios fell, producing a total income for the period of £1,786,236. The trustees were able to continue the

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Report of the Trustees for the year ended 31 December 2020

planned programme of grants, resulting in a deficit of £786,073 for the year after the loss on listed investments.

Whilst during 2020 the trustees consider there to have been no significant movement in the values of the investment properties over the period, the impact of Covid-19 on the markets, and our property portfolio in particular with some reduced rental yields means that 2021 will see a reduction in income. The trustees have undertaken revised income projections to take into account the anticipated reductions and are planning accordingly, and closely monitoring the situation.

Remuneration policy for key management personnel

Executive pay is determined by the trustees, with decisions being informed by comparison to salaries within the sector, and subject to a “value for money” test. Trustees review salaries, terms and conditions at the November Board meeting and on recommendation from the Director staff who have been working hard throughout the pandemic received a 2% rise, above the rate of inflation.

Investment policy

The Trustees pursue a policy that provides income for current activities while enhancing the underlying capital value of the Trust assets. We have split the management of the Trust’s listed investments between two investment advisers who have been briefed to invest the funds under their control on a medium-high risk basis so as to obtain above average rates of return. We have also briefed the manager of our commercial property portfolio to continue to obtain above average rates of income return whilst enhancing the capital value of the assets through active management. We review performance to ensure the best outcome for the Trust, and as highlighted earlier in this report are actively engaging with both other Trust and Foundations and new fund managers for a planned move of our investments to align more closely with our mission.

Fundraising policy

The Blagrave Trust does not engage in public fundraising and does not use professional fundraisers or commercial participators. We nevertheless monitor the relevant fundraising regulations and codes to ensure compliance if relevant. During the year there was no non-compliance of these regulations and codes and the Trust received no complaints relating to its fundraising practice.

Reserves policy and going concern

We have agreed to maintain a liquid balance of Trust income equal to no less than three months of annual expenditure to meet forward grant commitments and provide stability in the event of any deterioration in returns from our investments (perhaps resulting from a downturn in the economy) and provide a safeguard against the need to draw on Trust capital. Three months of annual expenditure for the current period equates to over £500,000 and during 2020 as our investments were moved from Investec to Cazenove we freed up over £700,000 in income to ensure our cash flow and reserves are healthy. We will need to review this regularly and are satisfied that we are maintaining an appropriate level of liquidity whilst ensuring that excessive funds are not accumulated.

Capital funds are maintained in order to generate investment income to fund the charity’s activities, as no other fund-raising activities are undertaken.

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Report of the Trustees for the year ended 31 December 2020

The trustees have identified no significant short or medium term financial risks to the charity’s continued operations, and therefore the accounts have been prepared on the going concern basis.

Risk

We broadly minimise investment risk through the maintenance of a diverse stock market and property portfolio; finance risk by the preparation and monitoring of budgets; strategic risk by the maintenance of good practice in the allocation of grants; and operational risk and regulation compliance risk through the regular review of activities and the use of professional advisers where necessary.

During the year, a comprehensive analysis of risk was developed and shared with the Board, to highlight key risks. In March 2020 our risk assessment analysis was presented to trustees and considerable work was done in developing a clearer framework for assessing risk and delineating between both ‘types’ of risk: reputational, impact, external; finance and operations, and the Trust’s overall risk appetite. This enables key areas of risk to be flagged and mitigation strategies to be articulated, monitored and updated. Whilst key risks are updated before every Board meeting, the overall framework and analysis is re-visited in more detail annually.

During 2020, the pandemic was clearly a key factor in exposing the Trust to new external risks – in particular and of overriding concern – the considerable hardship for young people affected as a result of insecure employment, and disrupted education. This resulted in our afore mentioned pivot to investing in some research and funding around youth employment specifically during the year which was a specific area of focus for us. Further risks highlighted included the potential for reduced income over a period of time in particular from our property portfolio and subsequent reduction in our own capital as a result. Numerous discussions were held on property and agreement to defer rents where necessary, with clear plans for phased repayment during 2020 and into 2021. Whilst we anticipated this as a high risk, and kept in close touch with our asset managers, the Board also accepted that as a long-term funder, markets would recover and decisions were also made to release some capital in order to ensure sufficient cash flow.

Other key risks associated with the pandemic included: youth sector organisations that we fund being unable to deliver; being underfunded to step up to support young people; additional burdens on a staff team associated with increased workload as a result of pandemic response as well as the implications of remote working over a long period of time. These implications continue at the time of writing and are carefully monitored, though the resilience of the charity sector continues to impress.

Finally the launch of Challenge and Change and direct funding to young people rather than constituted groups, introduced new risks – these were mitigated by operating within a framework clearly set out by our legal advice team and working with 3[rd] party partners to deliver the support elements of the work.

Statement of Trustees’ responsibilities

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 charity’s financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a

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Report of the Trustees for the year ended 31 December 2020

true and fair view, the Trustees should follow best practice and:

The Trustees are responsible for keeping proper accounting records that 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. 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.

Independent auditor

Sayer Vincent LLP were re-appointed as the charity’s auditor during the period and has expressed its willingness to continue in that capacity.

This report was approved by the Trustees on the 8th of July 2021 and signed by:

Peter Babudu Chair of Trustees

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Independent auditor’s report to the members of The Blagrave Trust

Opinion

We have audited the financial statements of The Blagrave Trust (the ‘charity’) for the year ended 31 December 2020 which comprise the statement of financial activities, balance sheet, statement of cash flows 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:

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 trustees' 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 Blagrave Trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees 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 trustees’ annual 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with

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Independent auditor’s report to the members of The Blagrave Trust

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

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, 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 section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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.

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

Page 16

Independent auditor’s report to the members of The Blagrave Trust

respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

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 is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Page 17

Independent auditor’s report to the members of The Blagrave Trust

Use of our report

This report is made solely to the charity's trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

21 July 2021 Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

Page 18

The Blagrave Trust

Statement of financial activities

For the year ended 31 December 2020

Note
Income from:
3
10
11
16a
16a
Reconciliation of funds:
16a
Total expenditure
Net (expenditure)/income before net
(loss)/gains on investments
Total funds at start of the year - Restated
Net (loss)/gains on investment properties
Net (loss)/gains on listed investments
Net (expenditure)/income
Investment properties
Listed securities
Gross interest
Investment properties
Listed securities
Transfers between funds
Net movement in funds
Total funds at end of the year
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Grant making
Grant
Charitable activities
Linkenholt Countryside Adventure		 Restricted
funds
£
280,864
-
-
-
-		 Trust capital
Trust income
£
£
-
-
-
4,126
-
1,060,526
-
725,681
-
29
-
1,790,362
-
234,166
137,803
-
-
1,745,496
-
7,587
137,803
1,987,249
(115,128)
-
(204,734)
-
(457,665)
(196,887)
-
(199,889)
(457,665)
(396,776)
41,171,484
935,751
40,713,819
538,975
(137,803)
(196,887)
Unrestricted		 Trust capital
Trust income
£
£
-
-
-
4,126
-
1,060,526
-
725,681
-
29
-
1,790,362
-
234,166
137,803
-
-
1,745,496
-
7,587
137,803
1,987,249
(115,128)
-
(204,734)
-
(457,665)
(196,887)
-
(199,889)
(457,665)
(396,776)
41,171,484
935,751
40,713,819
538,975
(137,803)
(196,887)
Unrestricted		 2020
Total
£
280,864
4,126
1,060,526
725,681
29
2,071,226
234,166
137,803
2,157,881
7,587
2,537,437
(466,211)
(115,128)
(204,734)
(786,073)
-
(786,073)
42,341,257
41,555,184		 Restricted
£
455,000
-
-
-		 Trust capital
£
-
-
-
-
-
-
146,601
-
-
146,601
-
2,585,314
2,438,713
-
2,438,713
38,732,771
41,171,484
(146,601)		 Trust income
£
-
9,693
1,148,717
1,138,627
2,519		 Restated 2019
Total
£
455,000
9,693
1,148,717
1,138,627
2,519
280,864 - 1,790,362 455,000 2,299,556 2,754,556
-
-
412,385
-		 -
137,803
-
-		 234,166
-
1,745,496
7,587		 -
-
436,525
-		 260,956
-
1,757,994
15,563		 260,956
146,601
2,194,519
15,563
412,385 137,803 1,987,249 436,525 2,034,513 2,617,639
(131,521)
-
-		 (115,128)
(204,734)
(137,803)		 -
-
(196,887)		 18,475
-
-		 -
-
265,043		 -
2,585,314
136,917
(131,521)
199,889		 (457,665)
-		 (196,887)
(199,889)		 -
200,000		 265,043
(200,000)		 2,722,231
-
68,368
234,022		 (457,665)
41,171,484		 (396,776)
935,751		 18,475
215,547		 265,043
670,708		 2,722,231
39,619,026
302,390 40,713,819 538,975 234,022 935,751 42,341,257

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 16 to the financial statements.

19

The Blagrave Trust

Balance sheet

As at 31 December 2020

As at 31 December 2020
Note
Fixed assets:
9
10
11
Current assets:
12
Liabilities:
13
14
16
Trust capital
Trust income
Unrestricted funds:
Total unrestricted funds
Total charity funds
The funds of the charity:
Restricted funds
Total net assets
Creditors: amounts falling due within one year
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after one year
Tangible assets
Investment properties
Investments
Debtors
Cash at bank and in hand		 £
70,444
746,619		 31 December
2020
£
69,988
13,000,000
27,946,350		 £
241,546
738,680		 31 December
Restated 2019
£
77,253
13,115,128
28,702,291
41,016,338
550,885		 41,894,672
461,711
817,063
(266,178)		 980,226
(518,515)
40,713,819
538,975		 41,171,484
935,751
41,567,223
(12,039)		 42,356,383
(15,126)
41,555,184 42,341,257
302,390
41,252,794		 234,022
42,107,235
41,555,184 42,341,257

Approved by the trustees on the 8th of July 2021 and signed on their behalf by

P Babudu Trustee

20

The Blagrave Trust

Statement of cash flows

For the year ended 31 December 2020

Note
17
Movement in cash held by investment broker
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash provided by investing activities		 £
£
(2,328,493)
1,786,207
(982)
11,552,381
(11,178,320)
177,146
2,336,432
7,939
738,680
746,619
2020
31 December		 £
£
(2,328,493)
1,786,207
(982)
11,552,381
(11,178,320)
177,146
2,336,432
7,939
738,680
746,619
2020
31 December		 £
£
(2,259,254)
2,287,344
(2,671)
2,925,878
(2,687,314)
(155,798)
2,367,439
108,185
630,495
738,680
Restated 2019
31 December		 £
£
(2,259,254)
2,287,344
(2,671)
2,925,878
(2,687,314)
(155,798)
2,367,439
108,185
630,495
738,680
Restated 2019
31 December
7,939
738,680		 108,185
630,495
746,619 738,680

21

The Blagrave Trust

Notes to the financial statements

For the year ended 31 December 2020

1 Accounting policies

a) Statutory information

The Blagrave Trust is a charitable incorporated organisation (CIO) registered with the Charity Commission in England & Wales. The registered office and operational address is 13 Elliott's Place, London N1 8HX.

b) Basis of preparation

The accounts (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) - (Charities SORP FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

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.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the CIO's ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting year.

e) Income

Income is recognised and included in the accounts when the CIO has entitlement, any performance conditions attached to the income have been met or are fully within the control of the CIO, receipt of the income is probable and the amount can be measured reliably.

f) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

g) Expenditure and irrecoverable VAT

All expenditure is included on an accruals basis and is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expendiure which meets there criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes of the entity.

22

The Blagrave Trust

Notes to the financial statements

For the year ended 31 December 2020

i) Grants payable

Grants payable are made to third parties in furtherance of the CIO's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without 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 CIO.

Provision for grants are made once the CIO has made a commitment at a meeting of the Trustees and this has been communicated to the grantee. The CIO uses annual reviews to determine whether funding is provided in the subsequent years of a recurring obligation and retains the discretion to terminate a grant. For this reason, an immediate liability arises only for the first year of the funding commitment.

j) Tangible fixed assets

Tangible fixed assets are stated at cost or donated value less depreciation. Depreciation is provided at rates calculated to write down the cost, less estimated residual value, of each asset over its expected useful life as follows:

over the term of the lease

20% reducing balance

k) Investment properties

Investment properties are included in the balance sheet at their market value and are not depreciated.

Listed investments

Listed investments are included in the balance sheet at their market value and realised and unrealised gains and losses are shown net in the statement of financial activities.

l) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

m) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

n) Creditors and provisions

Creditors and provisions are recognised where the CIO has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

o) Pensions

The Blagrave Trust operates a defined contribution scheme for its employees.

The CIO has committed to providing a pension to an ex-employee. The payment is intended to cover the cost of the council tax and minor household repairs of the recipient. The provision is calculated by multiplying the estimated life expectancy by the annual cost, discounted at a rate based on a high quality corporate bond of equivalent currency and term to arrive at the scheme liability. The scheme is closed to new entrants and movements in the provision are calculated and credited to the profit and loss account on an annual basis.

p) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instrucments are initially recognised at transaction value and subsequently measure at their settlement value.

23

The Blagrave Trust

Notes to the financial statements

For the year ended 31 December 2020

Grants awarded (note 4)
Staff costs (note 6)
Investment manager fees
Investment property manager fees
Investment property expenses
Consultancy
Linkenholt Countryside Adventure lease costs
Travel and subsistence
Rental and IT
Adminstrative costs-Rathbones
Adminstrative costs-general
Conference and networking
Subscription and membership costs
Governance
Depreciation
Audit, accountancy and legal
Support costs
Governance costs
Total expenditure 2020
Total expenditure 2019		 Raising funds-
investment
properties
£
-
-
-
101,115
104,809
-
-
-
-
-
-
-
-
-
-
-		 Raising funds-
listed securities
£
-
-
109,561
-
-
-
-
-
-
-
-
-
-
-
-
-		 Charitable activities Charitable activities Governance
costs
£

-

-

-

-

-

-
-

-

-

-

-

-

-
1,800

-
8,880		 Support costs
£

-
170,943

-

-

-

-

-
4,774
3,941

-
9,970
2,355
6,161
-
8,247
8,861		 31 December
2020
Total
£

1,814,947
170,943

109,561

101,115

104,809

173,486

7,587
4,774
3,941

-
9,970
2,355
6,161

1,800
8,247
17,741		 31 December
2019
Total
£
1,997,321
132,555
113,735
126,614
101,476
57,692
15,563
10,875
3,782
5,508
3,027
11,992
9,270
1,961
8,231
18,037
Grant making
£
1,814,947
-
-
-
-
173,486
-
-
-
-
-
-
-
-
-
-		 Linkenholt
Countryside
Adventure
£
-

-

-

-

-
-
7,587

-

-

-

-

-

-

-

-

-
205,924
26,907
1,335		 109,561
26,907
1,335		 1,988,433
161,438
8,010		 7,587
-
-		 10,680
-
(10,680)		 215,252
(215,252)
-		 2,537,437
-
-		 2,617,639
-
-
234,166 137,803 2,157,881 7,587 - - 2,537,437 2,617,639
260,956 146,601 2,194,519 15,563 - -

24

The Blagrave Trust

Notes to the financial statements

For the year ended 31 December 2020

Grants awarded (note 4)
Staff costs (note 6)
Investment manager fees
Investment property manager fees
Investment property expenses
Consultancy
Linkenholt Countryside Adventure lease costs
Travel and subsistence
Rental and IT
Adminstrative costs-Rathbones
Adminstrative costs-general
Conference and networking
Subscription and membership costs
Governance
Depreciation
Audit, accountancy and legal
Support costs
Governance costs
Total expenditure year ended 31 December 2019		 Raising funds-
investment
properties
£
-
-
-
126,614
101,476
-
-
-
-
-
-
-
-
-
-
-
228,090
31,565
1,301
260,956		 Raising funds-
listed securities
£
-
-
113,735
-
-
-
-
-
-
-
-
-
-
-
-
-
113,735
31,565
1,301
146,601		 Grant making
Linkenholt
Countryside
Adventure
£
£
1,997,321
-
-
-
-
-
-
-
-
-
-
-
- 15,563
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,997,321
15,563
189,389
-
7,809
-
2,194,519
15,563
Charitable activities		 Governance
costs
£

-

-

-

-

-

-
-

-

-

-

-

-

-
1,961

-
8,450
10,411
-
(10,411)
-		 Support costs
£

-
132,555

-

-

-
57,692

-
10,875
3,782
5,508
3,027
11,992
9,270
-
8,231
9,587
252,519
(252,519)
-
-		 Year ended 31
December 2019
Total
£

1,997,321
132,555

113,735

126,614

101,476
57,692

15,563
10,875
3,782
5,508
3,027
11,992
9,270

1,961
8,231
18,037
Grant making
£
1,997,321
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,997,321
189,389
7,809
2,194,519
2,617,639
-
-
2,617,639

25

The Blagrave Trust

Notes to the financial statements

For the year ended 31 December 2020

4 Grants awarded The Charity undertakes its charitable activities predominantly through grant making and awarded grants to the following organisations during the year ended 31 December 2020. All grants were to institutions, with the exception of those Challenge and Change which were primarily to individuals and collectives:


and collectives:
2020 2019
Unrestricted grants: £ £
Core grants - supporting young people facing disadvantage
1625 Independent 35,000 25,000
A Band of Brothers - 30,000
Active Communities 20,000 20,000
Amber Foundation - 30,000
ASD Family Support 10,000 -
Audio Active 30,000 30,000
Beat Routes 15,000 15,000
Berkshire Youth 20,000 -
Catch 22 Fundraising 15,000 -
Commission Comms and Learning Piece TBC 20,000 -
Community First 40,000 -
Dallaglio Rugby Works 24,000 24,000
Dame Kelly Holmes - 36,000
Empire Fighting Chance 25,000 25,000
Enthum House 20,000 20,000
Esteem 15,000 -
Hasting and Rother mediation 13,000 -
Inner Flame - 15,000
Index of Foundation Diversity 10,000 -
Isle of Wight Youth Trust 30,000 -
It's your choice 25,000 25,000
Jamie's farm 20,000 20,000
Learning 2 Work - 15,000
Motiv8 South Ltd 40,000 20,000
No5 Young People 20,000 20,000
Off the record 20,000 20,000
PARCS 25,000 -
Personal Support Unit - 10,000
QEST - 12,000
Radical Restart 6,000 -
Role Models Project - 10,000
Seeds for Success - 10,000
Small Grants - 6,412
Spear Brighton Trust 10,000 10,000
Straight Talking UK 20,000 -
Tarner Community 25,000 25,000
Team Domencia 35,000 25,000
The Amber Foundation 40,000 -
The Black and Ethinic Minorities Young People's Project 10,000 -
The Harbour Project 20,000 -
The Platform Project 10,000 10,000
The Prince's Trust - Covid 19 grant 25,000 -
The Roberts Centre - 25,000
The Social Change Agency Ltd 60,000 -
Unloc 40,000 40,000
Wealden Works 10,000 10,000
Xtrax 12,000 12,000
Yellow Brick Road 20,000 20,000
Yellow Door 40,000 30,000
Yellow Submarine 20,000 24,000
YMCA 70,000 50,000
Youth Action Wiltshire - 40,000
Youth Adventure Trust 25,000 25,000
Youth Engagement 10,000 -
Youth Options 30,000 30,000

26

The Blagrave Trust

Notes to the financial statements

For the year ended 31 December 2020

4
Advocacy Academy
Biteback 2030
British Youth Council
Campaign Academy
Campaign Bootcamp
Catch 22
Children England
Homeless Link
Index of Foundation Diversity
Just for Kids Law
Justice
My Life My Say
Natasha Adams
No Limits
Peace First
Restless Development
Southern Policy Centre
Students Organisation
The Big Change
The Shelia McKechnie Foundation
War On Want
Young Women's Trust
Youth Access
Youth Employment
Berkshire Youth
British Youth Council
Common Purpose
Isle of Wight Youth Trust
Social Change Agency
The Source/Creating Futures
Youth Access
YES (Youth Engagement Slough) Consortium
Grants awarded (continued)
Total unrestricted grants
Policy and Influence
Youth voice and empowerment
Sub-total		 2020
£
20,000
30,000
35,000
-
38,400
-
25,000
20,000
10,000
50,000
7,500
30,000
-
95,000
40,000
30,000
-
10,000
30,000
6,000
15,000
-
30,000
20,000		 2019
£
20,000
-
-
23,400
-
25,000
25,000
20,000
-
50,000
15,000
30,000
18,001
95,000
-
-
24,000
-
-
5,000
-
45,000
-
20,000
1,573,920 1,231,832
-
-
-
-
-
-
-
-		 20,000
50,050
10,000
30,000
80,000
30,000
30,000
40,000
1,573,920 1,521,882

27

The Blagrave Trust

Notes to the financial statements

For the year ended 31 December 2020

4
Grants awarded (continued)
It's Your Choice
The Beatfreeks
The Change Foundation
The Foyer Federation
The Magdalene Group
Prison Reform Trust
Spark Inside
Investing in Children
KRAN
LEAP CC
London Black Women's Project
Centre63
The Mix
Trelya
Restricted grants:
Become
Carefree
Step by Step
Launch It
CASY
Listening Fund
Just for Kids Law
Drive Forward Foundation
Gendered Intelligence
Opportunity Fund
Youth Access
Peer Power		 2020
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2019
£
19,629
20,000
7,440
15,000
16,107
19,978
18,213
-
20,000
17,740
20,000
18,447
20,000
20,000
19,221
20,000
13,754
19,739
13,432
19,583
19,177
19,998
- 377,458
31,695
31,695		 71,695
28,305
63,390 100,000

28

The Blagrave Trust

Notes to the financial statements

For the year ended 31 December 2020

4
AIR UK
Alexis Maxwell
Avocados
Black Trans Foundation
Centre for Knowledge Equity support
Community Chaplaincy Association
Crossroads
Diaspora Dialogues
Dikhlo Collective
Divergent Thinking
Embracing Difference
Gazala Tehnseen
Hannah Green
Interrupted
It's OK
Kent Refugee Action Network Youth Forum
Malaika
Our Streets Now
Radical Body
ReKindle School
RIP: STARS
Steven Hawksworth
Stories of Muslim lived experience
The ClassRoom
The Solidarity Library
The Westbury Collective
Anarkatas of the UK
UK Isn't Innocent
Windswept Workshops
Young Advisors on Criminal Justice
5
Grants awarded (continued)
Total grants at the end of the year:
Net (expenditure) / income for the year
Depreciation
Challenge and Change Fund
Total restricted grants
Auditors' remuneration (excluding VAT):
Audit
This is stated after charging:		 2020
£
5,000
4,000
9,000
4,560
21,000
5,500
4,000
4,000
5,000
5,500
4,781
3,300
3,000
4,515
7,500
7,000
5,440
9,661
5,500
8,000
4,000
2,700
9,000
5,000
5,000
5,200
4,000
5,000
4,500
9,000		 2019
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
179,657 -
243,047 477,458
1,816,967 1,999,340
2020
£
8,247
7,600		 2019
£
8,231
7,400

29

The Blagrave Trust

Notes to the financial statements

For the year ended 31 December 2020

6 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs in the year were as follows:

Staff costs in the year were as follows:
Social security costs
Employer’s contribution to defined contribution pension schemes
Salaries and wages		 2020
£
157,230
11,177
2,536		 2019
£
119,347
11,189
2,019
170,943 132,555

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

2020 2019
No. No.
£60,000 - £69,999 - 1

The trustees received no remuneration for their role as trustees in the year (2019:£Nil). Related party transactions with trustees are disclosed in note 7 below. During 2020, 4 trustees (2019:4) were reimbursed expenses totalling £411.62 (2019:£1,165).

The average number of employees (head count based on number of staff employed) during the year was 5.2 (2019: 3.2).

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £134,137 (2019: £117,783).

7 Related party transactions

Daze Aghaji a trustee received renumeration for her role in supporting the development of the programme Challenge and Change as a Young Advisor – during 2020 she was paid fees of £900 (2019 - £Nil) for her time.

Two serving trustees were employed by charity partners that we funded during 2020. Segun Olowookere is Finance Director for Restless Development. He was not involved in decision making on that grant and conflict of interest was declared. Clare Cannock was CEO for Isle of Wight Youth Trust but our funding was agreed before she assumed this position. She was not involved in decision making on any continuation funding.

T Jackson-Stops (Trustee) provided property consultancy services to the CIO. During 2020 he was paid fees of £Nil (2019: £1,394).

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

8 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

30

The Blagrave Trust

Notes to the financial statements

For the year ended 31 December 2020

9 Tangible fixed assets

Tangible fixed assets
At the end of the year
Revaluation loss
Fair value at the start of the year
Fair value at the end of the year
Additions in year
All of the above assets are used for charitable purposes.
Cost
At the end of the year
Depreciation
Charge for the year
At the start of the year
Net book value
At the end of the year
At the start of the year
Investment properties
Disposals in year
At the start of the year		 Plant and
Machinery
£
13,442
982
-		 £
146,648
-
-
Leasehold
improvements		 Total
£
160,090
982
-
14,424 146,648 161,072
9,848
915		 72,989
7,332		 82,837
8,247
10,763 80,321 91,084
3,661 66,327 69,988
3,594 73,659 77,253
2020
£
13,115,128
(115,128)		 2019
£
13,115,128
-
13,000,000 13,115,128

10 Investment properties

The Trustees valued the investment properties on an open market basis at March 2021 and consider there have been no significant movements in the values brought forward from the previous year. The property investments are all held in the UK. The properties were not externally valued in this financial year, but internal valuation was undertaken by Arkwrights property on our behalf and on the instructions of the trustees. Property valuation is undertaken on the basis of rental yields and taking into account market conditions. The valuation was submitted to the Finance and Investment Committee for review.

Listed investments
Total investments comprise:
Historic cost at the end of the year
Additions at cost
Disposal proceeds
Net (loss)/gain on change in fair value
Cash held by investment broker pending reinvestment
Fair value at the end of the year
Listed investments
Cash held for investment
Investment in dormant subsidiary
Fair value at the start of the year		 2020
£
28,224,539
11,178,320
(11,552,381)
(204,734)		 2019
£
25,877,789
2,687,314
(2,925,878)
2,585,314
27,645,744 28,224,539
300,605 477,751
27,946,349 28,702,290
19,472,737 19,950,393
2,020
£
27,645,744
300,605
1		 2,019
£
28,224,539
477,751
1
27,946,350 28,702,291

31

The Blagrave Trust

Notes to the financial statements

For the year ended 31 December 2020

12 Debtors

Debtors
Other Debtors
Taxation
Prepayments
Accrued income - rents in advance
Trade debtors		 2020
£
55,196
15,248
-
-
-		 2019
£
197,016
12,246
22,274
6,088
3,922
70,444 241,546

With the exception of listed investments, all of the charity’s financial instruments, both assets and liabilities, are measured at amortised cost. The carrying values of these are shown above and also in notes 13 & 14 below.

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Taxation and social security
Deferred income
Accruals
Grant commitments
Trade creditors		 2020
£
17,110
73,551
159,893
-
15,624		 Restated 2019
£
41,506
48,110
150,232
267,291
11,376
266,178 518,515

14 Creditors: amounts falling due after one year

Creditors: amounts falling due after one year
Annuity provision
Net assets at 31 December 2019
Investments
Net current assets/(liabilities)
Net assets at 31 December 2020
Analysis of net assets between funds (current year)
Tangible fixed assets
Net current (liabilities)/assets
Annuity obligations
Investment properties
Investments
Analysis of net assets between funds (prior year)
Tangible fixed assets
Investment properties
Annuity obligations		 Trust capital
£
69,988
13,000,000
27,946,350
(290,480)
(12,039)		 Trust income
£
-
-
-
538,975
-		 2020
£
12,039		 2019
£
15,126
Restricted fund
£
-
-
-
302,390
-		 Total funds
£
69,988
13,000,000
27,946,350
550,885
(12,039)
40,713,819 538,975 302,390 41,555,184
Trust capital
£
77,253
13,115,128
28,702,291
(708,062)
(15,126)		 Trust income
£
-
-
-
935,751
-		 Restricted fund
£
-
-
-
234,022
-		 Total funds
£
77,253
13,115,128
28,702,291
461,711
(15,126)
41,171,484 935,751 234,022 42,341,257

32

The Blagrave Trust

Notes to the financial statements

For the year ended 31 December 2020

16a
Total unrestricted funds
Movements in funds (current year)
Total funds
Trust capital
Trust income
Restricted funds
The Listening Fund
Unrestricted funds
The Opportunity Fund
Restart Youth
Challenge and Change
National Listening Exercise on Youth Employment		 At 1 January
2020
£
234,022
-
-
-
-		 Income &
gains
£
-
120,000
-
115,000
45,864		 Expenditure &
losses
£
(55,543)
(71,426)
(332)
(210,276)
(74,808)		 Transfers
£
51,521
8,036
332
100,000
40,000		 At 31 December
2020
£
230,000
56,610
-
4,724
11,056
234,022
41,171,484
935,751		 280,864
-
1,790,362		 (412,385)
(457,665)
(1,987,249)		 199,889
-
(199,889)		 302,390
40,713,819
538,975
42,107,235 1,790,362 (2,444,914) (199,889) 41,252,794
42,341,257 2,071,226 (2,857,299) - 41,555,184

The transfers from Trust Income relate to agreed contributions to the relevant restricted funds which the Trustees have authorised for grant making and restricted expenditure within each restricted fund.

16b Movements in funds (prior year)

Movements in funds (prior year)
Total unrestricted funds
Total funds
Restricted funds
The Listening Fund
Unrestricted funds
Trust capital
Trust income		 Restated At 1
January 2019
£
215,547		 Income &
gains
£
455,000		 Expenditure &
losses
£
(436,525)		 Transfers
£
-		 Restated At 31
December 2019
£
234,022
38,732,771
670,708		 2,585,314
2,299,556		 (146,601)
(2,034,513)		 -
-		 41,171,484
935,751
39,403,479 4,884,870 (2,181,114) - 42,107,235
39,619,026 5,339,870 (2,617,639) - 42,341,257

Purposes of restricted funds

The Listening Fund - a pooled fund to enhance listening and drive accountability to young people.

The Opportunity Fund - a collaboration to invest directly in young entrepreneurs and campaigners.

Restart Youth - a collaboration in the region to provide funding to charities to ensure young people’s voice is central to recovery efforts.

Challenge and Change - a fund to support young people activating their Lived experience to create change.

National Listening Exercise on Youth Employment - a research and advocacy initiative to ensure that youth voice is heard during C19 on employment issues.

17 Reconciliation of net income to net cash flow from operating activities

Reconciliation of net income to net cash flow from operating activities
Net income/(expenditure) for the reporting period
(as per the statement of financial activities)
Depreciation charges
Losses/(Gains) on listed investments
Revaluation losses on investment properties
Dividends, interest and rent from investments
Decrease/(Increase) in debtors
(Decrease) in creditors
Net cash used in operating activities		 31 December
2020
£
(786,073)
8,247
204,734
115,128
(1,786,207)
171,102
(255,424)		 Restated 31
December 2019
£
2,722,231
8,231
(2,585,314)
-
(2,287,344)
(187,819)
70,761
(2,328,493) (2,259,254)

33

The Blagrave Trust

Notes to the financial statements

For the year ended 31 December 2020

18 Prior period adjustment

Reserves position
Funds previously reported
Adjustments on restatement
Reversal of Accrued Grant Commitments
Funds restated		 Unrestricted
Restricted
Total
31 December 2019		 Unrestricted
Restricted
Total
31 December 2019		 Unrestricted Restricted
1January2019		 Total
£
£
42,064,581
104,022
42,654
130,000		 £
42,168,603
172,654		 £
39,360,825
42,654		 £
85,547
130,000		 £
39,446,372
172,654
42,107,235
234,022		 42,341,257 39,403,479 215,547 39,619,026

Details of adjustments

Reversal of Accrued Grant Commitments - Incorrectly accounted for the accrual of a grant commitment which was an internal commitment only.

19 Post balance sheet event

The value of our investments has remained healthy, we are awaiting confirmation of the sale of a Blagrave property, 122 High St, Newmarket with a sale having been agreed at £650,000, which will affect the overall value of our property portfolio during 2021. The reason behind the sale of the property is that the existing lease is due to expire in August 2021 with the tenant not looking to renew the lease. The retail market in Newmarket has been impacted by the COVID-19 pandemic and there are concerns the property would remain vacant for an extended period and therefore become a liability to the Trust. A planning consent was granted in August 2019 to convert the 1st Floor and an additional storey at 2nd Floor to residential, comprising a total of 9 flats. Having taken the decision not to implement the planning consent a decision was taken to sell the property with the benefit of the planning consent. The property was purchased in 2010 for £1,050,000 and surrender premium of £500,000 was obtained from Safeway, who held a long leasehold interest, in 2012.

34