| Report and Financial | Report and Financial | Statements | Statements | Statements | for the year ended | for the year ended | for the year ended | 5 April 2021 | 5 April 2021 | 5 April 2021 | 5 April 2021 | 5 April 2021 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Contents | ||||||||||||||
| Page: | ||||||||||||||
| Reference and Administration | details | |||||||||||||
| 2-6 | Report ofthe Trustees | |||||||||||||
| 7-8 | Report ofthe Independent | Auditor | ||||||||||||
| Statement of Financial Activities |
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| 10 | Balance Sheet | |||||||||||||
| Statement ofCash | Flow | |||||||||||||
| 12-18 | Notes forming part |
of the | Financial | Statements | ||||||||||
| Appendix | ||||||||||||||
| Trustees | ||||||||||||||
| Baron Glendonbrook | of Bowdon | CBE | ("Lord Glendonbrook") | (previously | Sir Michael Bishop CBE) | |||||||||
| Grahame N Elliott CBE, FCA |
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| Martin P Ritchie |
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| Timothy J Bye | ||||||||||||||
| Principal Office | ||||||||||||||
| Staunton House, Staunton |
Harold, | Ashby-de-la-touch, | Leicestershire, | LE641RW | ||||||||||
| Accountants | ||||||||||||||
| BDO LLP, 55 Baker | Street, | London, | W1U | 7EU | ||||||||||
| Independent | Auditor | |||||||||||||
| Gilbert Allen & Co, |
Churchdown | Chambers, Bordyke, |
Tonbridge, | Kent, | TN9 1NR | |||||||||
| Investment | Managers | |||||||||||||
| Tilney - 130St Vincent Street, | Glasgow, | G2 5SE | ||||||||||||
| Veritas - Riverside | House, | 2a Southwark | Bridge Road, | London, | SE1 9HA | |||||||||
| Canaccord Genuity |
Wealth | Management, | 41 Lothbury, | London, | EC2R | 7AE | ||||||||
| Bankers | ||||||||||||||
| HSBC Bank pic, 62 Market | Street, Ashby-de-la-2ouch, | Leicestershire, | LE65 1BE | |||||||||||
| Solicitors | ||||||||||||||
| Maurice Tumor Gardner LLP, 15th |
Floor, | Milton House, Milton | Street, | London, | EC2Y 9BH |
| Notes | 2021 | 2020 | ||||
|---|---|---|---|---|---|---|
| E | E | |||||
| Income and endowments | from | |||||
| Donations | 3,291,093 | 2,824,107 | ||||
| Investments | 563,518 | 591,254 | ||||
| Total | 3,854,611 | 3,415,361 | ||||
| Resources | expended | |||||
| Cost of generating funds: |
||||||
| Investment | management | fees | 327,151 | 278,785 | ||
| Charitable | activities | 3,881,854 | 1,710,733 | |||
| Total | 4,209,005 | 1,989,518 | ||||
| Net income | before investment | gains/(losses) | (354,394) | 1,425,843 | ||
| Gains/(l. osses) on investments | ||||||
| - realised | 2,342,384 | 199,519 | ||||
| - unrealised | 7,354,331 | (2,953,879) | ||||
| Currency gains/(losses) | 74 | |||||
| Net movement in funds |
9,342,321 | (1,328,443) | ||||
| Total funds | at 6April 2020 | 33,274,156 | 34,602,599 | |||
| Total funds | at 5 April 2021 | 42,616,477 | 33,274)156 |
| Notes | 2021 | 2020 | ||||||
|---|---|---|---|---|---|---|---|---|
| E | E | |||||||
| Net cash | used in operating | activities | 13 | 302,638 | 662,164 | |||
| Cash flow | from investing | activities: | ||||||
| Dividends | and interest | from | investments | 563,518 | 591,254 | |||
| Proceeds | from sales of investments | (2,832,834) | (1,814,484) | |||||
| Net cash | provided by |
investing | activities: | (2,269,316) | (1,223,230) | |||
| Change in |
cash in the year | (1,966,678) | (561,066) | |||||
| Cash brought forward |
4,405,214 | 4,966,280 | ||||||
| Cash carried forward | 2,438,536 | 4,405,214 | ||||||
| Represented by: |
||||||||
| Cash at bank | 651,086 | 1,459,587 | ||||||
| Cash at broker | 1,787,450 | 2,945,627 | ||||||
| 2,438,536 | 4,405,214 |
| During the charity: |
year, Lo | rd G | len | donbrook, the |
Founding Trus |
tee, made gifts of th |
e following | addition | al funds to the |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||||||
| E | E | |||||||||
| 3,291,093 | 2,824,107 | |||||||||
| 3 | Investment | income | 2021 | 2020 | ||||||
| E | E | |||||||||
| Dividends | and fixed | interest | 563,518 | 586,720 | ||||||
| Bank interest | 4,534 | |||||||||
| 563,518 | 591,254 | |||||||||
| 4 | Charitable | Activities | Support | |||||||
| Grants | Costs | Total | ||||||||
| (see note 5) | (see note | 6) | 2021 | |||||||
| E | E | E | ||||||||
| Advancement of Health |
and Niedicine | 867,500 | 11,918 | 879,418 | ||||||
| Arts and Culture | 485,000 | 6,663 | 491,663 | |||||||
| Education | and Training | 1,564,497 | 21,494 | 1,585,991 | ||||||
| General Charitable | Purposes | 385,500 | 5,296 | 390,796 | ||||||
| Heritage | 472,500 | 6,491 | 478,991 | |||||||
| Human Rights and Social |
Justice | 54,250 | 745 | 54,995 | ||||||
| 3,829,247 | 52,608 | 3,881,854 | ||||||||
| 5 | Grants paid or payable | 2021 | 2021 | 2020 | 2020 | |||||
| Number | E | Number | E | |||||||
| Payable to | institutions | 49 | 3,829,247 | 35 | 1,659,642 | |||||
| 2021 | 2020 | |||||||||
| E | E | |||||||||
| Acorn Recovery Projects | 25,000 | |||||||||
| Alford House | 100,000 | |||||||||
| Alzheimer's | Research Trust | 500,000 | ||||||||
| Anti-slavery | International | 10,000 | ||||||||
| Art Fund - | Prospect | Cottage Project | 150,000 | |||||||
| Attingham | Trust | 15,000 | 5,040 | |||||||
| Baker Dearing Educational | Trust | 525,000 | ||||||||
| Big Issue Invest Trust | 7,500 | |||||||||
| Birmingham | Royal Ballet | 200,000 | 100,000 | |||||||
| Breast Cancer Now | 1,000 | |||||||||
| Carried Forward |
1,532,500 | 106,040 |
| Grants paid or payable | (continued) | (continued) | 2021 | 2020 | |
|---|---|---|---|---|---|
| E | E | ||||
| Brought forward | 1&532&500 | 106&040 | |||
| Breedon Priory | 75,000 | ||||
| British Council | 280,000 | ||||
| British Red Cross | 150,000 | ||||
| Broughton House |
250,000 | ||||
| Buxton International Festival |
30,000 | ||||
| Chetham's School of Music |
25,000 | 25,000 | |||
| Chipping Norton Theatre |
15,000 | ||||
| CMS Wychwood School |
project | 4,066 | |||
| 0'Oyly Carte Opera Trust Ltd. | 60,000 | 250,000 | |||
| Doorway | 600 | ||||
| Focus Charity | 100,000 | ||||
| Foundling Museum |
7,500 | ||||
| Glendonbrook Foundation |
250,500 | 250,000 | |||
| Governor Phillip Scholarship |
179,943 | 57,400 | |||
| Henshaws For the Blind |
25,000 | 25,000 | |||
| Imperial War Museum |
50,000 | ||||
| Iris Prize Outreach Ltd. |
60,000 | 30,000 | |||
| Just Like Us | 50,000 | 25,000 | |||
| Kegworth Heritage Centre |
20,000 | ||||
| London Choral Society | 5,000 | ||||
| Manchester Foundation |
Trust | 40,000 | 20,000 | ||
| Margaret Thatcher Scholarship | Trust | 284,404 | 57,548 | ||
| Medical Detection Dogs |
1,000 | ||||
| Mill Hill School Foundation | 80,150 | 7,657 | |||
| Mills Village Volunteers | 1,250 | ||||
| Miltons Cottage | 25,000 | ||||
| Mission Mozambique | 5,000 | ||||
| MQ | 1,000 | ||||
| Murray Parrish Trust |
50,000 | ||||
| National Aids Trust |
2,500 | ||||
| Noel Coward Foundation | 15,000 | ||||
| Northern Chamber Orchestra |
25,000 | 25,000 | |||
| Outright Action International |
1,750 | ||||
| Oxfordshire Community |
Foundation | 10,000 | |||
| Oxfordshire VCH Trust |
15,000 | ||||
| Palace Theatre Et Opera |
House | Trust | 10,000 | ||
| Pimlico Opera | 15,000 | ||||
| Pitzhanger Manor and Gallery |
Trust | 35,000 | 50,000 | ||
| Place 2 Be | 1,000 | ||||
| Prader-Wiili Syndrome |
Association | 50,000 | |||
| Carried Forward |
3,503,747 | 1,263,061 |
| 5 | Grants paid or payable | (continued) | (continued) | (continued) | 2021 | 2020 | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| E | E | |||||||||
| Brought forward | 3,503,747 | 1,263,061 | ||||||||
| Project for Modern Democracy |
50,000 | 50,000 | ||||||||
| Royal British Legion Industries | 75,000 | |||||||||
| Royal National College |
for | the | Blind | 25,000 | ||||||
| Royal Northern College |
of | Music | 25,000 | 25,000 | ||||||
| Sale Moore Community | Partnership | 5,000 | ||||||||
| Saltdean Lido Trust |
100,000 | |||||||||
| Shakespeare Birthplace |
Trust | 50,000 | ||||||||
| SPEAK Suicide Prevention | Charity | 500 | ||||||||
| Spinal Research Sundry |
10,000 | |||||||||
| Stockdales | 100,000 | |||||||||
| Task Force Trust | 37,500 | |||||||||
| University of Oxford |
56,152 | |||||||||
| Wychwood CE Primary |
School | 54, | 999 | |||||||
| Fees incurred for charitable purposes |
86,500 | |||||||||
| 3,829,247 | 1,688,213 | |||||||||
| Previous years' grants | written | back | ||||||||
| Britannia Museum Trust |
(7,000) | |||||||||
| Stonewall Equality Ltd |
(21,570) | |||||||||
| 3,829,247 | 1,659,643 | |||||||||
| These were in addition | to | the following | grants | paid as part of multi-year | commitments, | already | accounted | for | ||
| in previous years' Financial |
Statements: | |||||||||
| Alzheimer's Research UK |
170,000 | |||||||||
| Baker Dearing Educational | Trust | 100,000 | ||||||||
| Broughton House |
62,500 | |||||||||
| Buxton International Festival |
10,000 | |||||||||
| Doyly Carte Opera Trust Ltd | 83,333 | |||||||||
| Exeter Northcott Theatre |
75,000 | |||||||||
| Margaret Thatcher Scholarship | Trust | 50,000 | ||||||||
| Princes Trust | 300,000 | |||||||||
| Royal Birmingham Conservatoire |
50,000 | |||||||||
| Royal Collections Trust | 125,000 | |||||||||
| Stockdales | 33,000 | |||||||||
| Winston ChurchiB Memorial Trust |
100,000 | |||||||||
| 1,158,833 |
| 6 | Support costs | 2021 | 2020 | ||||||||
| E | E | ||||||||||
| Audit fees | 1,824 | 1,776 | |||||||||
| Legal fees | 7,193 | 23,972 | |||||||||
| Accountancy and |
tax fees | 7,890 | 7,706 | ||||||||
| Other admin costs | 2,314 | 483 | |||||||||
| Staff Costs | 33,387 | 17,154 | |||||||||
| 52,608 | 51,091 | ||||||||||
| 7 | Investments | 2021 | 2020 | ||||||||
| E | |||||||||||
| Marketable investments |
45,511,414 | 34,140,042 | |||||||||
| i) Net movement | in | market value of marketable | investments | ||||||||
| Market value at | 6 | April | 2020 | 31,194,415 | 32,134,291 | ||||||
| Cost of investment | additions | 10,433,120 | 11,403,634 | ||||||||
| Less: Disposals proceeds | (7,600,286) | (9,589,150) | |||||||||
| Net gain on investments | (realised and | unrealised) | 9,696,715 | (2,754,360) | |||||||
| Cash held in investment | portfolios | 1,787,450 | 2,945,627 | ||||||||
| Market value at | 5 | April | 2021 | 45,511,414 | 34,140,042 | ||||||
| ii) Marketable investments |
2021 | 2021 | 2020 | 2020 | |||||||
| Cost | Valuation | Cost | Valuation | ||||||||
| E | E | E | E | ||||||||
| Fixed interest | 6,879,358 | 7,203,585 | 6,218,013 | 6,449,948 | |||||||
| UK equities | 8,700,966 | 10,610,045 | 6,333,086 | 6,089,731 | |||||||
| European Equities |
2,302,920 | 3,118,278 | 1,840,042 | 1,931,461 | |||||||
| North American | Equities | 8,112,542 | 15,328,795 | 7,067,001 | 10,378,801 | ||||||
| Far East and Emerging | Markets Equities | 1,149,400 | 1,692,017 | 677,622 | 1,113,873 | ||||||
| UK unit trusts | 1,010,733 | 1,087,139 | 939,984 | 984,388 | |||||||
| European unit trusts |
525,114 | 989,895 | 258,469 | 426,460 | |||||||
| North American | unit | trusts and ETFs | 70,909 | 470,730 | 70,893 | 301,540 | |||||
| Far East unit and | investment | trusts | 469,618 | 591,644 | |||||||
| Hedge Funds | 193,203 | 219,639 | 526,526 | 542,395 | |||||||
| Property | 382,007 | 353,263 | 601,594 | 553,571 | |||||||
| Commodity | 1,113,579 | 979,741 | 239,549 | 269,833 | |||||||
| Alternative | 372,233 | 403,802 | 367,167 | 303,660 | |||||||
| Cash Equivalents | 1,260,162 | 1,267,035 | 1,260,162 | 1,257,110 | |||||||
| Cash held in investment | portfolios | 1,787,450 | 1,787,450 | 2,945,627 | 2,945,627 | ||||||
| 33,860,576 | 45,511,414 | 29,815,353 | 34,140,042 |
| 8 | Debtors | 2021 | 2020 | ||||
|---|---|---|---|---|---|---|---|
| E | E | ||||||
| Interest receivable | 1,508 | 1,584 | |||||
| Donations recoverable |
21,570 | 21,570 | |||||
| 23,078 | 23,154 | ||||||
| 9 | Cash at bank and in | hand | 2021 | 2020 | |||
| E | E | ||||||
| Monies with portfolio | managers | 1,787,450 | 2,945,627 | ||||
| Current accounts | 651,086 | 1,459,587 | |||||
| 2,438'536 | 4,405,214 | ||||||
| 10 | Creditors: Amounts | falling | due within one | year | 2021 | 2020 | |
| E | E | ||||||
| Accruals | 67,595 | 53,460 | |||||
| Grants payable | 1,962,680 | 1,158,833 | |||||
| 2,030,275 | 1,212,293 | ||||||
| 11 | Creditors: Amounts | falling | due after one year | 2021 | 2020 | ||
| E | E | ||||||
| Accrued grants liability |
1,538,826 | 1,136,334 | |||||
| 12 | Unrestricted funds |
Total | |||||
| E | |||||||
| At 6 April 2020 | 33,274,156 | ||||||
| Donations and investment |
income | 3,854,611 | |||||
| Grants and expenditure | (4,209,005) | ||||||
| Realised and unrealised | gains on investments | and currency | 9,696,715 | ||||
| At 5 April 2021 | 42,616,477 |
| 13 | Reconciliation of |
net movements | in funds to net cash flow from operating | in funds to net cash flow from operating | activities | ||
|---|---|---|---|---|---|---|---|
| 2021 | 2020 | ||||||
| E | E | ||||||
| Net income/(expenditure) for the |
year | (354,394) | 1,425, | 843 | |||
| Deduct investment | income | (563,518) | (591,254) | ||||
| Currency exchange | gain/(loss) | 74 | |||||
| Increase/(decrease) | in debtors | 76 | 679&408 | ||||
| Increase/(decrease) | in creditors | 1,220,474 | (851,907) | ||||
| 302,638 | 662, | 164 |
THE MICHAEL BISHOP FOUNDATION Appendlx Schedule of Investments 5 April 2021 19