2021-03-31-accounts - Paul Foundation

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	Page
Trustees' report	1-4
Auditors' report	5-7
Statement offinancial activities
Balance sheet
Cash flow statement	10
Notes to cash flow statement
Notes tothe financial statements	12-18

Trustees		PRDPaul
		N Michaelis
		SD P Michaelis
		E LCarson
Governing	document	Trust Deed dated 4th April 1991
Registered	charity number	1003143
Principal address		Haycroft House
		Sherboume
		Gloucestershire
		GL54 3NB
Auditors		Nunn Hayward	LLP
		2-4 Packhorse	Road
		Gerrards Cross
		Buckinghamshire
		SL97QE
Bankers		Coutts SCo
		440 Strand
		London
		WC2R OQS

		Unrestricted	Endowment	Total	Total
	Notes	Fund E	Fund 6	2021 f	2020 8
INCOME AND ENDOWMENTS
Donafions			30,861	30,861	2,464,498
Investment income		225,923		225,923	269,004
TOTAL INCOME		225,923	30,861	256,784	2,733,502
EXPENDITURE
Costs ofraising funds: investment management costs		149,224		149,224	136,997
US Federal taxes paid Charitable activities	4	427,282		427,282	358,864
TOTAL EXPENDITURE		576,506		576,506	495,861
NET INCOME/(EXPENDITURE)		(350,583)	30,861	(319,722)	2,237,641
Net gains/(losses) on investments			9,430,770	9,430,770	388,575
Loan debtor provision Gains/(Loss) on foreign exchange			(1,985,894)	(1,985,894)	742,283
TOTAL INCOME/(EXPENDITURE)		(350,583)	7,475,737	7,125,154	3,368,499
TRANSFERS BETWEEN FUNDS		350,000	(350,000)
NET MOVEMENT IN FUNDS		(583)	7,125,737	7,125,154	3,368,499
Fund balances brought forward	12,13	65,187	26,413,652	26,478,839	23,110,340
Fund balances carried forward	12,13	64,604	33,539,389	33,603,993	26,478,839

	Notes	f	2021f		2020f
FIXEDASSETS
investments			25,939,401		22,775,981
CURRENT ASSETS
Debtors due within one year Debtors due in more than one year	8 8	96,319 99,873		75,828 95,739
Short term investments		5,981,416		2,949,762
Cash at bank and in hand	9	1,497,184		594,909
		7,674,792		3,716,238
CREDITORS-
Amounts fsging due within one year
Creditors and accruals	10	10,200		13,380
NET CURRENT ASSETS			7,664,592		3,702,858
NET ASSETS	13		33,603,993		26.478.839
Unrestricted funds:	12				65,187
Capital funds	12		26,207,913		25,012,620
Revaluation reserve funds	12		7,331,476		1,401,032
TOTAL CHARITY FUNDS	12		33,603,993		26.478.839

			2021	2020
		Notes	8	6
CASHFLOWS FROM OPERATING ACTIVITIES
Net cash used in operating activities			~573,45D	1,912,048
CASH FLOWS FROM INVESTING ACTIVITIES Investment income received Net movements from sale and purchase ofinvestments			225,923 4,281,456	269,004 (1,617,265)
Net cash provided by investing activities			4,507,379	1,348,261
INCREASEI(DECREASE) IN CASH AND CASH EQUIVALENTS			3,933,929	563,787
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR	THE		3,544,671	2,980,884
CASH AND CASH EQUIVALENTS AT THE YEAR	THE END OF	2	7,478,600	3,544,671

					2021	2020
					8	8
1	RECONCILIATION OF NET INCOME/(EXPENDITURE)			TO NET
	CASH FLOWS FROM OPERATING		ACTIVITIES
	Net movement in income/(expenditure)		for the year		7,125,154	3,368,499
	(as per the statement offinancial	activities)
	Adjusbnents for: Dividends received				(225,923)	(269,004)
	Gains on investments				(9,430,770)	(388,575)
	Unrealised gains on foreign currency (Increase)/Decrease in debtors (Decrease)/Increase in creditors				1,985,894 (24,625) ~3.700	(742,283) (60,969) 4,380
	Net cash provided by operating	acsvities			573,450	1,012,040
2	ANALYSIS OF CASH AND CASH EQUIVALENTS				2021f	2020 K
	Cash at bank				1,315,371	107,982
	Cash at stockbrokers				181,813	486,927
	Total cash				1,497,184	594,909
	Cash equivalents				5,981,416	2,949,762
					7470.000	3,044,071

NOTES TO	THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31MARCH 2021
(continued)
2.6	Foreign cunancy translation Monetary assets and liabilities denominated in foreign currencies are translated into Pound Sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction. All
	differences are taken to the Statement of Financial Activities.
2.7	Taxation The company is a registered charity and, therefore, is not liable for income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available
	to registered charities ifapplied for charitable purposes.
2.8	Financial instruments The charity only has financial assets and liabil5es of a kind that qualifies as basic financial instruments. Basic financial instruments are initially recognised at transaction value and
	subsequently measured at amortised costs using the effective interest method. Financial assets held at amortised comprise cash at bank and other debtors. Financial liabilities held at amortised
	cost comprise other creditors.
	Investments, including bonds held as part of an investment porffolio, are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure.
2.9	Cash and cash equivalents Cash and cash equivalents comprise cash in hand, current balances with banks and
	stockbrokers.
2.10	Judgements and estimation Preparation ofthe financial statements requires management to make judgements, estimates
	and assumptions about the carrying value ofassets and liabilities that are not readily apparent
	from other sources. The estimates and underlying assumptions are based on historical
	experience and other factors that are considered to be relevant. Actual results may differ from
	these estimates.
	The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to
	accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or In the period ofthe revision and future periods ifthe revision affects the current and future periods. The key sources of estimation uncertainty that have a significant
	effect on the amounts recognised in the financial statements are as follows:
	Valuation of private equity investments - these are stated at their estimated fair value based on
	valuations cerned out by the fund managers.
2.11	Going concern The trustees have considered the effect of the Covid-19 pandemic on the charity's activities and
	they believe that it is unlikely to cause significant disruption to the charit//s ability to pay grants as it has sufficient liquid assets available. The charity also has suflicient assets to enable it to continue as a going concern for a period of at least twelve months from the date of approval of
	these financial statements.
	The measures put in place to deal with the pandemic has affected how the investment porffolio has performed, particularly in the period January to March 2020. Part of the charity's investment
	strategy is to retain sufficient liquid assets available to cover cash requirements for one year. With this in mind, the trustees reviewed the investment policy and have agreed that no further
	changes should be made.

INCOME				2021f	2020f
Donations Donations from trustees Gift aid				30,861	2,454,498 10,000
				30.801	2.404.468
Investment Income				2021f	2020 f
Dividends Tax refunds Interest received				211,978 6,049 7,896	208,857 12,890 47,257
				225,923	269.0114
CHARITABLE ACTIVITIES				2021f	2020 f
Grants Autistica Action Medical Research Dogs for Good IMET 2000 GL11 Kate's Home Nursing Medecins Sans Frontiere Microloan				35,000 3,500 20,000 45,000	20,000 35,000 1,000 3,000 5,000 20,000 15,000
Autism Early Support Sue Ryder The international Medical The Puzzle Centre	Education Trust 2000			7,500	5,000 201,000 18,000
East London Foundation Village Water University ofCambridge Tree Aid	Trust			280,482 10,180 (5,000) 20,000	5,484 20,000
Grants				416,662	348,484
Support costs				10,620	10,380
Total charitable activities				421,282	358,804
All ofthe above are institutional		grants given	in furtherance	ofthe charity's objects.
SUPPORT COSTS				2021f	2020f
Professional fees Auditors' remuneration				10,620	10,380
				10,620	10,380

INVESTMENTS
			UK8, Eire	Overseas	Overseas
			listed f	Unlisted f	listed f	Total 6
As at 1 April 2020			2,398,449	728,079	19,649,453	22,775,981
Additions at cost			1,017,110	538,848	16,228,624	17,784,582
Transfers
Revaluations			(10,529)	1,637,156	2,819,406	4,446,033
Disposals at cost			(3,364,697)	(262,696)	(15,439,802)	(19,067,195)
As at 31 March 2021			40,333	2,641,387	23,257,681	25,939 401
Fair value
At 31 March 2021						25.939,421
At 31 March 2020						22,775,951
MATERIAL INVESTMENTS (over 5%)
		Qty	%	2021	%	2020
Overseas
Silk Road Medical inc		26,900	3.81	987,594	8.73	1,987,938
Bristol Myers Squibb Co		21,600	3.81	988,408	8.60	1,959,416
UK
RWeallh Management	SICAV-SIF	248,603	25.52	6,620,308	22.14	5,041,676
New Court Fund GBP	UKRep Acc E
Cap
Short term deposit Money markets funds		2,733,500	7.64	1,981,369	11.78	2,682,766

12	MOVEMENT IN FUNDS	ENDOWMENT FUNDS Capital Revaluation fund reserve fund f f	ENDOWMENT FUNDS Capital Revaluation fund reserve fund f f	UNRESTRICTED FUNDS Income Income fund reserve fund f f	UNRESTRICTED FUNDS Income Income fund reserve fund f f	Total fundsf
	As at 1 April 2020	25,012,620	1,401,032	3,143	62,044	26,478,839
	Surplus/(deffcit) for year	30,861		(350,583)		(319,722)
	Gain on disposal ofinvestments	3,856,216				3,856,216
	Revaluation ofinvestments		5,574,554			5,574,554
	Provision against loan debtor
	Foreign exchange and other differences	(1,985,894)				(1,985,894)
	Revaluation adjustment	(355,890)	355,890
	Transfer	(350,000)		350,000
	Asat31 March 2021	26207913	7331,476	2,560	62,044	33,603993
13	ACCUMULATED FUNDS CONSISTS OF:			Total funds 2021f		Total funds 2020f
	Investments			25,939,401		22,775,981
	Debtors			196,192		75,828
	Cash and deposits at stockbrokers			7,478,600		3,544,671
	Creditors and accruals			(10,200)		(13,380)
				33,603.003		36303,300

COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES	Unrestricted Fund K	Endowment Fund f	Total 2020
INCOME AND ENDOWMENTS
Donations Investment income	269,004	2,464,498	2,464,498 269,004
TOTAL INCOME	269,004	2,464,498	2,733,502
EXPENDITURE
Costs ofraising funds: Investment management costs	136,997		136,997
US Federal tax paid Charitable activities	358,864		358,864
TOTAL EXPENDITURE	495,861		495,861
NET INCOME/(EXPENDITURE)	(226,857)	2,464,498	2,237,641
Net (losses)/gains on investments		388,575	388,575
Loan debtor provision Gains on foreign exchange		742,283	742,283
TOTAL INCOME/(EXPENDITURE)	(226,857)	3,595,356	3,368,499
TRANSFERS BETWEEN FUNDS	230,000	(230,000)
NET MOVEMENT IN FUNDS	3,143	3,365,356	3,368,499
Fund balances brought forward	62,044	23,048,296	23,110,340
Fund balances canied forward	65,187	26,413,652	26,478,839