2021-03-31-accounts

ONTENTS
Structure and Governance.
Achievements and Performance.		5
Financial Review.		.6
Trustee's Responsibilities
Independent Auditor's Report	.	.10
Statement ofFinancial Activities .		.14
Balance Sheet.		.15
Cashflow Statement.		.16
Notes to the Financial Statements.		.17
Reference and Administration	Details.	.29

Risk		Actions to mana erisks	Actions to mana erisks	Actions to mana erisks
Decline in	income	~	Implementing	strict controls.
		~	The charity's	funds are invested by a professional
			fund manager.
		~	The Financial	Investment Board regularly	monitors
			the eiforinance ofthis fund mana er.
Where the	Trustee	~	Those concerned having a specific understanding
has a conflict of			oftrust law.
interest		~	Adopting the	protocol for disclosing any potential
			conflict.
Losing directly		~	Documenting	systems, plans and projects
employed	staff and/or	~	Having any necessary training programmes
the support	staff

				Unrestricted	Funds
				2020/21	2019/20
			Notes	Total Funds	Total Funds
				f
Income from:
Charitable Activities				349,772	281,477
Investments				1027,355	955,491
Total income				1,377,127	1,236968
Expenditure on:
Raising funds				100,730	138,349
Charitable activities				1,171,529	1,254819
Total ex nditure				1272,259	1,393168
Net ainsl losses		on investments	8	4,310,343	4,005,448
Net movement	in	funds		4,415,211	(4,161,648)
Reconciliation	of	funds:
Total funds brou	ht forward		13	17,474,235	21,635,883
Total funds carried forward			13	21889,448	17,474,235

					Notes	2021	2020
						Total	Total
							f
Fixed assets:
Investments					8	21,439,065	16,646,051
Current assets
Debtors						180,695	151,496
Investments						295,849	694,324
Cash at bank	and	in	hand				8382
Total current	assets					476544	864202
Creditors: Amounts			falling due within
one year
Creditors					10	(25,854)	(26,018)
Bank Overdraft						309
Total Creditors: Amounts				falling due
within one ear						26,163	26,018
Net current assets						450,381	828,184
Total assets	less	current		liabilities		21,889446	17,474,236
The funds of	the	chari
Unltholders'	funds				13	21889	17,474,235

				Notes	2020/21	2019/20
					Total	Total
					8
Cash flows from operating	activities:
Net cash usedin o cretin	activities			14	1,036045	886,098
Cash flows from investing	activities:
Interest and income from investments					1,027,355	955,491
Proceeds from sale ofinvestments					4,847,271	4,660,793
Purchase ofinvestments					5,329,941	4,778504
Net cash provided by Investing activities					544,684	837,780
Cash flows from financing	activities:
Net Receipt/(Payment) from	sale/purchase		of
new units					84,195	156,205
Net cash provided by/(used activities	in) financing				84,195	(158,205)
Decrease in cash in the	ear				407,186	204,523
Change in cash and cash equivalents		in
the reporting period					(407,186)	(204,523)
Cash and cash equivalents	at the
be Innln ofthe re ortln	riod				702708	907,229
Cash and cash equivalents	at the end	of
~the re ortin eriod					295,540	702706

2.	INCOME FROM	INCOME FROM	NEW UNITS SUBSCRIPTIONS	NEW UNITS SUBSCRIPTIONS
				Total	Total
				2020/21	2019/20
					F
New	units	subscriptions		349,772	281,477
				No.	No.
New	units	purchased		48,127	30,189
3.	INCOME FROM		INVESTMENTS
				Total	Total
				2020/21	2019/20
				5
Income from Investments			held	1,027,240	955,211
Interest receivable				115	280
				1,027,355	955491
4.	EXPENDITURE		ON RAISING FUNDS
				Total	Total
				2020/21	2019/20
				R
Investment		management	fees	100,730	138,349
				100,730	138,349
5.	EXPENDITURE		ON CHARITABLE ACTIVITIES

		Total	Total
		2020/21	2019/20
		f	f
Distribubons	to unitholders	9051952	817,137
Redemptions	-disposal ofunits	265,577 437,682 1,171,5291454,81$
Distribubons	-pence/unit	36.46	33.46
Redemptions	-number ofunits	34/66	50,156

Analysis ofmo	vement in investments:
		2021	2020
Market value	1 April	16,646,051	20,533,788
Additions		5,329,942	4,778,504
Disposals		(4,847,271)	(4,660,793)
Gain/(Loss) for the year		4,310,343	(44005,448
Market value	31 March	21,439,065	16,646,051
Cash held b	Fund Mana er	295849	694,324
Total investments at 31 March		21734914	17340,375
Historic cost	31 March	19,656,526	19,851,269
Total investments as at 31 March are split as follows:

Market value	2021	2020
	R	F
Long-term	21,349,065	16,646,051
Short-term	295,849	694,324
	21,734,914	17,340,375

		Held in the	Held outside	Total et31	Held in the	Held outride	Total et31
		UK	the UK	March 2021	UK	the UK	March 2020
		6		8	8		8
Equities		17,750,501	2,525,864	2047$,3$5	13,377,440	2,017,798	15,395,238
Pooled Urits		1,162,700	-	1,1$2,700	1,250,813		1,250,813
Cash held	Fund Manaoer	295849		295849	694,324		694,324
Total		19 09,050	2,525,864	21,7342t14	15322577	2,017,798	17,340,375

		2021	2020
		8
Accrued income		178,239	146,714
Recoverable	VAT	4458	4,782
		180695	151,496

10. CR	EDI	TORS	: AMOUN	TS FA	LLI	NG DUE	WITHIN ONE	YEAR
							2021	2020
							R	E
Other creditors							25,854	26018
							25854	26,018
11. MOVEMENT			IN UNIT-HOLDERS			FUNDS	DURING THE	YEAR
				2021			2020
Funds Subscribed			Units				Units
Balance	at 1 April		2,461,383		11,854,113		2,481,370	11,613,770
Redemptions		during
the year			(34,468)		(138,024)		(50,156)	(241,134)
Subscriptions		during
the ear			48	127		349,772	30169	261,477
Invested	units at		2,475,044		12,085,881		2,481,383	11,854,113
cost

At 31 March 2021					Unrestricted	Income Funds
General Fund				Total at 31 March 2021		Total at 31 March 2020
					F		E'
Fixed assets —investments					21,439,065		16,646,051
Current Assets					476,544		854,202
Current Liabilities					26 163		26018
Total					21,889446		17474235
13. MOVEMENT	IN FUNDS
							Total as at
	Total as	at 1			Gains &		31March
At 31 March 2021	Aprll2020		Income	Expenditure	(losses)	Transfers	2021
							8
General Finds:
Accumulated find	8,017,903				4,310,343		12,328448
Undistributed income		118	20,673				20,791
Invested units atcost	11,854,113		349,772	(138,025)			12,085480
Prottt dlstribiaed on
redempcons	(2,397,899)			127,552)			2,525,451
Total Unit holder Funds	17,474,235		370,445	(265,577)	4,310,343		21,889,448
							Total as at
	Total as	at 1			Gains &		31 March
At31March 2020	April 2019		Income	Expenditure f	(losses) 5	Transfers f	2020
General Funds:
Accumulated fund	12,023,351				(4,005,448)		8,017,903
Undistributed Income		113	5				118
Invested urits atcost	11,813,770		1,238,983	(1,198,820)			11,854,113
Profit dlstrlbulad on
redem tlons	2201	351		198548			2397899
Total Unit holder Funds	21,635,883		1,236,968	(1,393,168)	(4,005,448		17,474,235

		2020/21	2019/20
		R	R
Net Income/(expenditure) for the repor5ng (as per the statement offinancial activities)	period	4A15,211	(4,181,648)
Adjustments for.
Intenet and Income from Investments		(1,027,355)	(955,491)
(Gain)/Loss on Investments		(4,310,$4$)	4,005,448
Net (new subscriptlons)/redemptions (Decrease)/ increase in Debtors Decrease in Creditors		(84,195) (29,199) 1M	156,205 69,575 ~187
Net cash used In ra6n activities		1,0$6,045	886.098

Unit-holder funds (per	summary ofunderly'ng	summary ofunderly'ng	charities)	21,885,552
Listed debtor- Recoverable		VAT		4,456
Other ad'ustments				562
Total ofunit-holder	funds			21,889,446

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