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2021-12-31-accounts

THE WYN AND KEN LO MEMORIAL FOUNDATION (Registered Charity No. 1000897)

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

THE WYN AND KEN LO MEMORIAL FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

CONTENTS

Page
Trustees’ Annual Report 1 - 5
Independent Examiner’s Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 - 15

.

Page 1

THE WYN AND KEN LO MEMORIAL FOUNDATION

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

The trustees of the Wyn and Ken Lo Memorial Foundation (“the trust” or “the charity”) submit their report and the independently examined financial statements for the trust for the year ended 31 December 2021. These have been prepared in accordance with the accounting policies set out on pages 9 to 11 and comply with the charity's trust deed and applicable law.

The financial statements comply with the Charities Act 2011, the Foundation’s trust deed dated 26 October 1990 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019.

1. REFERENCE AND ADMINISTRATIVE DETAILS

The Wyn and Ken Lo Memorial Foundation, registered charity number 1000897, is based and administered in the United Kingdom. The registered address is 4 Courthope Road, Wimbledon, London, SW19 7RD.

The names of the trustees who served throughout the year and continue to serve at the date of this report’s approval are:

Accountants:

Rawlinson & Hunter LLP

Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ

Investment Managers:

Veritas Asset Management (UK) Limited 90 Long Acre, London, WC2E 9RA

Ruffer LLP 80 Victoria Street, London, SW1E 5JL

Bankers:

HSBC Bank plc 5 Wimbledon Hill Road, Wimbledon, London, SW19 7NF

Solicitors:

Withers LLP 16 Old Bailey, London, EC4M 7EG

Independent Examiner:

Christopher Hawley FCA Eighth Floor, 6 New Street Square, New Fetter Lane, London EC4A 3AQ

Page 2

THE WYN AND KEN LO MEMORIAL FOUNDATION

TRUSTEES’ ANNUAL REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

2. STRUCTURE, GOVERNANCE AND MANAGEMENT

The Wyn and Ken Lo Memorial Foundation was established by a Deed dated 26 October 1990 and is an unincorporated charitable trust bound by the proper law of England and Wales. The settlor was Robert Anthony Lo .

The entire resources of the charity have been unrestricted throughout the year and the trustees have complete discretion for their use.

The trustees usually consider new donations at the trustees’ meetings.

The trustees' investment powers are unrestricted.

The trustees have the power to appoint new or additional trustees provided that the total number does not exceed fourteen.

Trustees’ responsibilities statement

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting and Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity and of the incoming resources and application of resources of the charity for that period.

In preparing those financial statements, the trustees are required to:

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, the Charity (Accounts and Reports) Regulations 2008 and the trust deed. 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.

Induction and training

Training of the trustees is adopted on an informal basis. All trustees are kept informed at meetings of their duties and obligations under the law in addition to their proper conduct.

Pay policy for senior staff

The trustees consider the trustees comprise the key management personnel of the charity who are in charge of directing and controlling, running and operating the charity on a day to day basis. All trustees give their time freely and no trustee received remuneration in the year. Details of trustees’ expenses and related party transactions are disclosed in the notes to the financial statements. There are no staff other than the trustees.

Page 3

THE WYN AND KEN LO MEMORIAL FOUNDATION

TRUSTEES’ ANNUAL REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

2. STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Risk management and governance

A risk assessment has been undertaken which comprises of:

This continuing process will identify risk areas to which the Foundation is vulnerable and highlight any necessary safeguards that will need to be put in place. No major risks were identified at the date of these accounts.

The Trustees have signed fit and proper declarations in line with HMRC guidance.

In addition, the Trustees have taken due consideration of Good Governance – A Code for the Voluntary and Community Sector, ensuring that the seven main principles of the Code are adhered to. These are:

The Trustees recognise that good governance plays an essential part in securing the future of the Foundation and confirm that the said principles of the Code are followed by them in leading, directing and managing the Foundation.

Internal Controls

The trustees have overall responsibility for ensuring that the charity has appropriate systems of internal controls. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements follow best practice. They are also responsible for the charity safeguarding its assets and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The system of internal controls is designed to provide reasonable, but not absolute, assurance against material misstatement or loss.

The objects of the charity are to apply capital and income for such charitable purposes, charitable institutions or charitable foundations, in such countries and in such manner as the trustees in their absolute discretion think fit. The trustees usually consider new donations annually or more frequently if the need arises.

Page 4

THE WYN AND KEN LO MEMORIAL FOUNDATION

TRUSTEES’ ANNUAL REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

3. GRANT MAKING POLICY AND OBJECTIVES

In general the trustees are more inclined to benefit (a) charities run by or in which individuals known personally to them have a direct involvement and (b) charities of a size where the trust’s donation will make a material difference. Furthermore, the trustees have adopted a practice to make donations to some charities on a regular monthly or annual basis. However, new appeals are also reviewed and donations allocated accordingly.

Postal appeals are sent to the principal address and considered by the trustees periodically.

Statement of Public Benefit

Trustees are aware of the Charity Commission guidance on Public Benefit and confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to it. They consider the information which follows in this annual report, about the trust’s aims, activities and achievements in the areas of interest that the trust supports demonstrates the benefits to its beneficiaries, and through them to the public, that arise from those activities.

Fundraising

The Trustees have referred to the Charities (Protection and Social Investment) Act 2016 (“the Act”) and the Guidance on Charities and Fundraising issued by the Charity Commission (“CC20”). They confirm that the Act and CC20 have no impact on the Foundation as it does not engage in any public fundraising activities.

4. ACHIEVEMENT AND PERFORMANCE

Charitable Activities

Charitable activities included direct charitable expenditure for 2021 which totalled £62,907 (2020 - £100,446) with the number of charitable causes benefiting from such donations being 23 (2020 - 24).

During the year the charity met its objects by awarding grants. Listed below are some of the major organisations to benefit from support:

VILLAGE WATER - Working with district, provincial & national partners in Zambia & Mozambique, to improve health and opportunity by supporting lasting, local solutions to reach everyone with water, sanitation & hygiene, leaving no one behind.

SIGHTSAVERS - working to prevent avoidable blindness, support equality for people with disabilities and advocate for change.

MAP CHARITY - an alternative education provider working with young people who are unable to access the mainstream school system.

LEPRA - an International charity working with individuals and communities affected by some of the world’s oldest and most neglected diseases like leprosy and lymphatic filariasis.

OFF THE FENCE - which is a charity which has been formed to help see an end to social and spiritual poverty in Brighton and Hove.

A full list of the grants made during the year ended 31 December 2021 is shown in Note 3 on page 12.

Page 5 THE WYN AND KEN LO MEMORIAL FOUNDATION TRUSTEES, ANNUAL REPORT {contlnu•d) FOR THE YEAR ENDED 31 DECEMBER 2021 FINANCIAL REVIEW Investjnent Management Under the temis of the trust deed dated 26 October 1990 together with all 0th8r ststutory powers enabling them, the trustees may inv8St monies in any stocks. shares, fund8. securities, bonds or other Investment or propety of vthatever natur8 In any part of the worfd as they see fit. The assets of the charrty consist principally of Invesiments cash and these ar8 Collectivety recorded on the Balance Sheet and supporting notes at their market value on that date. Any in¢rease or decrease over cost on the restatement of th88e values 1$ recorded in the Statement of Financial Activit￿. Durlng the year, Verita8 Asset Management (UK) LIMIt￿ and Ruffer LLP acted on behalf of th8 trustaes to manage the investment portfolio and to provide safe ¢u$tody of the wunlies. The trustees. investment approach is for a balanced retum *rythin the context of a moderate lthl attrtude to risk. The trustees are satisfied with the compositi'on of the current portfolbo arKI that It will enable th• charty to meet its ongoing objectives. Income and Expen••s Incoming resources for the year totslled £35,717 (2020 £28,496). Ordinarily, the charty's resourc88 are ents'rety generated from the trusys invesknent portfdio. Investment income for the year was £35.717 (note 1) refiecting 8 25.34% increase ON Investment income for 2020 (£28,496). Investment management costs of £48,371 were Incurred thls year (2020 - £43,913). The trustees, policy is to allocate any professlonal charges and administration ¢ost8 incurred by the charity solely to the income fund. Reserves pollcy The trustees have for many yeats adopted a full income distribution policy. Th8re are no further commrtments other than those already provided for in the financial statements at the year end for which reserbps need to be made available. Total unresldcted funds at 31 De￿rnber 2021 were £4,510,498 (2020- £3.872,214). PLANS FOR FUTURE PERIODS The trustees are satisfied with the current grant making objectives and aim to conts'nue to operate this policy going forward. Approv•d by the trustees and slgnad on thelr behalf by: Trustee Date

Pag8 6 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WYN AND KEN LO MEMORIAL FOUNDATION I report to the charity trustees on my examination of the accounts of the Wyn and Ken Lo Memorlal Foundatlon for the year ended 31 December 2021 which are set out on pages 7 to 15. Responslbllltles and basls of roport As the charitys trustees you are reSponsIb￿ for the preparation of the accounts in accordancè Mth the requirements of the Charities Act 2011 (Ihe ACY). I report In resp8Ct of my examination of th8 charfvs ac(x)unts carrféd out under section 145 of thb Act and In carrying out my examination I hav8 followed all the applicable Diré¢tions glven by th8 Charity Commission under section 145(5){b) of the ACL Independent oxamlne¢8 Statement I hav8 completed my examination. l (x)nfinn that no materlal matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records V￿re not kept in respect of the charlty as r8qulr8d by section 130 of th8 Act,, or 2. th8 accounts do not accord with those rècords,. or I have no concems and have come across no other matters In connectlon vAth the examinatlon to whlch attention should be drawn in this report in order to enable a prop8r understsnding of the accounts to be reached. rlstopher Hawley FCA ChBrt8red Accountant 2nd Indep8ndant Examinor Eighth Floor 6 New Street Square New Fetter Lane London EC4A 3AQ

Page 7

THE WYN AND KEN LO MEMORIAL FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

Unrestricted Funds Unrestricted Funds Total Funds Total Funds
Income Capital
Page Fund Fund 2021 2020
£ £ £ £
Income from:
Investments (note 2) 11 35,717 - 35,717 28,496
Total income 35,717 - 35,717 28,496
Expenditure on:
Charitable activities (note 3) 13 69,147 - 69,147 106,446
Raising funds (note 4) 13 48,371 - 48,371 43,913
Total expenditure 117,518 - 117,518 150,359
Total gains on investments(note 5) 13 - 717,762 717,762 554,648
Net (expenditure)/income (81,801) 717,762 635,961 432,785
Transfers between funds 81,801 (81,801) - -
Gains/(losses) on foreign currency - 2,323 2,323 (10,102)
Net movements in funds - 638,284 638,284 422,683
Reconciliation of funds:
Total funds brought forward at 1 January 2021 - 3,872,214 3,872,214 3,449,531
Total funds carried forward at 31 December 2021 £ - £ 4,510,498 £ 4,510,498 £ 3,872,214

There are no recognised gains or losses other than those included in the statement of financial activities.

All incoming resources and resources expended derive from continuing activities.

The notes on pages 9 to 15 form part of these financial statements

Page 8 THE WYN AND KEN LO MEMORIAL FOUNDATION BALANCE SHEEr AT 31 DECEMBER 2021 2021 2020 Page Flxod assots: Investments (note 5) 13 4,445.248 3,856,936 Current a88ats: Cash at bank 137,632 123,114 137,632 123,114 Llobllltlo8 Credltor8'. amounts falling due within one year (note 6) 14 (64,130) (81,489) (64.130) (81,489) Not current a880ts 73,502 81,825 Total a880ts leu curront Ilabllltleg 4,518,750 3.918,581 Creditors.. amount8 falllng due after morn than one year (note 7) 14 (8,252) (46,347) Total nat asaats £ 4,510,498 £ 3,872,214 The fund• of th• charlty: Unrestri¢ted capital fund Unrestricted income Fund £ 4.510.498 £ 3,872,214 Total charlty funds £ 4,510,498 £ 3,872,214 Approved by the trust••• and slgned on thelr behalf by. Trustee The notss on pw 9 10 15 fonn part crf these fina￿la] stalements

Page 9

THE WYN AND KEN LO MEMORIAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES

Basis of Preparation of Financial Statements

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to 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”), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The Foundation constitutes a public benefit entity as defined by Charities SORP FRS 102.

The Trustees have applied the provisions in FRS102 published 5 October 2019 and accordingly has not included a cash flow statement on this basis.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Investments

Quoted investments are included at closing mid-market value at the Balance Sheet date. Realised gains and losses on investments are recognised on disposal on investments and any gain or loss on revaluation is taken to the Statement of Financial Activities (SOFA). The determination of any gains and losses is calculated by reference to the value of such assets at the beginning of the accounting period.

Cash held for investment is included within the Fixed Assets Investments in accordance with the applicable statement of Recommended Practice.

Incoming Resources

Investment income is derived from dividend and interest receivable from investments and is accounted for in the period in which the Foundation is entitled to receipt. Interest from deposit accounts are included as and when received only. All incoming resources are included in the SOFA when the Foundation is entitled to the income and the amount can be quantified with reasonable accuracy.

Resources Expended

All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation committing the Trustees to the expenditure.

Charitable activities comprise grants, donations and governance costs made during the period and are expended through the SOFA when the offer is conveyed to the recipient.

Governance costs relating to the general running of the Charity, as opposed to the management functions inherent in generating funds.

Page 10

THE WYN AND KEN LO MEMORIAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES (continued)

Financial instruments

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

Status of funds

The entire resources of the fund are unrestricted and the Trustees have complete discretion for their use in pursuance of its objectives.

Foreign currency

Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Transactions denominated in foreign currencies are converted at the rate of exchange ruling at the date of the transaction. All translation differences are taken to the Statement of Financial Activities as they arise.

Taxation

The Foundation is not subject to any taxes on its charitable activities. Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised as expenditure.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held on call with banks, other shortterm highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are within borrowing in current liabilities.

Provisions

Provisions are recognised when the Foundation has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Going Concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these Financial Statements. The trustees have made this assessment in respect of the period to 31 December 2021.

The Covid-19 pandemic and current ongoing conflict in Ukraine have affect the global economy. Having considered the contingency plans in place and having reviewed updated cashflow forecasts, the Trustees consider the adoption of the going concern basis in preparing these financial statements continues to be appropriate.

Page 11

THE WYN AND KEN LO MEMORIAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES (continued)

The trustees of the Foundation have also concluded that there are no other material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.

Judgements and key sources of estimation uncertainty

In preparing these financial statements, the trustees have to make judgements on how to apply the charity’s accounting policies and make estimates about the future. The critical judgement that has been made at arriving at the amounts recognised in the financial statements and the key area of estimation uncertainty that has a significant risk of causing a material adjustment to the carrying value of assets and liabilities in the next financial year is discussed below:

Page 2021 2020
2. INCOME FROM INVESTMENTS £ £
Income from quoted investments 35,700 28,133
Bank deposit interest 17 179
Accrued interest - 184
Total Income from investments 7 £ 35,717 £ 28,496

Page 12

THE WYN AND KEN LO MEMORIAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Page 2021 2020
3. EXPENDITURE ON CHARITABLE ACTIVITIES £ £
Grants Awarded:
Shelter Box 6,000 -
Hands Up Foundation 3,000 -
rYico UK 5,500 10,000
One in four 5,000 -
Excellent development 5,000
African Children 5,000 -
Music for All 5,000 -
Christian Aid 3,000 2,000
Miscarriage Association 3,000 -
Hope for the young 2,500
Tearfund 2,500 -
Carers Worldwide 2,000 -
Evergreen Africa 2,000 -
Tools for self reliance 2,000 -
ACAA 2,000 -
Whoopsadaisy 1,000 6,000
Playlist for Life 1,000 -
Wimbledon Society 1,000 -
Polka Theatre 1,000 -
Freedom from Toru 1,000 -
Sirona 1,000 -
C Potential 1,000 -
Strongbones 1,000 -
Off the Fence - 32,500
Freedom from Torture - 5,000
Stop Watch - 5,000
Stephen Lawrence - 5,000
SARI - 5,000
RISE - 5,000
Designability - 4,850
IT Schools Africa - 3,750
UNICEF - 2,500
Hands Up Foundation - 2,500
Marry’s Meal - 2,500
Tree Sister - 2,000
CPotential - 1,400
Crnavrs Appeal - 1,000
Street Child - 500
MicroLoan - 500
Open University - 500
Action Aid - 500
Haller Foundation - 500
County Air Ambulance - 500
Plan International - 500
Finance expenditure arising on discount of long term grant
commitments 1,407 946
Total grants awarded(carried forward) 62,907 100,446

Total grants awarded (carried forward)

Page 13

THE WYN AND KEN LO MEMORIAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Page 2021 2020
3. EXPENDITURE ON CHARITABLE ACTIVITIES(continued) £ £
Total grants awarded(brought forward) 62,907 100,446
Governance costs
Accountancy fee 5,040 4,800
Independent examination fee 1,200 1,200
Auditor’s fee - -
Total governance costs 6,240 6,000
Total charitable activities 7 £ 69,147 £ 106,446
4. EXPENDITURE ON RAISING FUNDS
Investment management fees 48,371 43,913
Total expenditure on raising funds 7 £ 48,371 £ 43,913
5. INVESTMENTS AND CASH UNDER MANAGEMENT
Quoted investments within the United Kingdom 921,265 740,146
Quoted investments outside the United Kingdom 3,271,845 2,977,743
4,193,110 3,717,889
Cash held as part of the investment portfolios 252,138 139,047
8 £ 4,445,248 £ 3,856,936
Analysis of movement of investments
Net realised investment gain 358,305 24,641
Net unrealised investment gain 359,457 530,007
Net gains on investments 7 £ 717,762 £ 554,648
Market value at 1 January 2021 3,717,889 3,319,214
Additions at cost 1,029,908 900,961
Proceeds from sales of investment (1,272,449) (1,056,934)
Net realised investment gain 358,305 24,641
Net unrealised investment gain 359,457 530,007
Market value at 31 December 2021 £ 4,193,110 £ 3,717,889

Page 14

THE WYN AND KEN LO MEMORIAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Page 2021 2020
6. CREDITORS - amounts falling due within one year £ £
Donation Commitments 39,000 43,500
Investment management fees 12,890 11,989
Accountancy and admin fees 9,840 4,800
Independent examination fees 2,400 1,200
Total creditors – amounts falling due within one year 8 £ 64,130 £ 61,489
7. CREDITORS – amount falling due after more than one year
Donation Commitments 8,252 46,347
Total creditors – amounts falling due after more than
one year 8 £ 8,252 £ 46,347

8. CHARITABLE ACTIVITIES – GRANTS PAYABLE

During the year to 31 December 2021 no new grant commitments were made (2020 – £30,000 payable to one organisation).

The total amount outstanding commitmtents, as at 31 December 2021, are noted in Note 6 and Note 7 above.

9. TRANSACTIONS WITH TRUSTEES AND CONNECTED PERSONS

No trustee received any remuneration or expenses during the year ended 31 December 2021 (2020 - £nil).

There were no other related party transactions during the year.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the board of trustees.

Page 15

THE WYN AND KEN LO MEMORIAL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

11. PRIOR YEAR INCOME AND CAPITAL FUND ANALYSIS

Income Fund Capital Fund Total Funds
Income from: £ £ £
Investments 28,496 - 28,496
Total income 28,496 - 28,496
Expenditure on:
Charitable activities 106,446 - 106,446
Raising funds 43,913 - 43,913
Total expenditure 150,359 - 150,359
Net gains on investments:
Realised gains - 24,641 24,641
Unrealised gains - 530,007 530,007
Total gains on investments - 554,648 554,648
Net (expenditure)/income (121,863) 554,648 432,785
Transfers between funds 121,883 (121,883) -
Loss on foreign currency movement - (10,102) (10,102)
Net movements in funds - 422,683 422,683
Reconciliation of funds:
Total funds brought forward at 1 January 2020 - 3,449,531 3,449,531
Total funds carried forward at 31 December 2020 £ - £ 3,872,214 £ 3,872,214