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||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||||||||||||||
|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||||||||||||||
||Martin
P Ritchie||||||||||||||
||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|
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|||||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|
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|||||||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|
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||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|
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THE MICHAEL BISHOP FOUNDATION
Appendlx
Schedule of Investments
5 April 2021
19