## ## ||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|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|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| ## |14|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|