## |||CONTENTS|| |---|---|---|---| |||Forthe year ended 31 March 2021|| ||||Page| |Reference and administrative||information|| |Report ofthe trustees|||3—5| |Independent
auditors'|report||6 —8| |Statement offinancial|activities||| |Balance sheet|||10| |Statement ofcash flows|||| |Notes tothe financial|statements||12 - 18| ## |Charity registration|Charity registration|number:|1023245| |---|---|---|---| |Trustees:|||Mr Richard Brake| ||||Mrs Michelle Leveridge| ||||Mrs Stephanie JSenior (Chair)| ||||Mr Michael Trigg| ||||Mr Philip R Wilson| |Official address:|||C/o Gill Turner Tucker| ||||2 County Gate| ||||Stacey's Street| ||||Maidstone| ||||Kent| ||||ME141ST| |Auditors:|||Crows U.K. LLP| ||||Riverside
House| ||||40-46 High Street| ||||Maidstone| ||||ME14 1JH| |Solicitors:|||Gill Turner Tucker| ||||2 County Gate| ||||Stacey's Street| ||||Maid stone| ||||Kent| ||||ME14 1ST| |Accountants:|||Azets| ||||Globe House| ||||Eclipse Park| ||||Sittingbourne
Road| ||||Maidstone| ||||Kent| ||||ME143EN| |Investment|Managers:||Cazenove Capital| ||||1 London Wall Place| ||||london| ||||EC2Y 5AU| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ||||Unrestricted|Endowment|Total|Total funds| |---|---|---|---|---|---|---| |||Notes|funds|funds|funds|31.3.2020| |Income and endowmenls|from:|||||| |Donations||||||| |Gitts ofexpendable
endowment||2||15,000,007|15,000,007|| |investments||||||| |Income from investments||3|196,229||196,229|187,603| |Total income and endowments|||196,229|15,000,007|15,196,236|187,603| |Expenditure
on:||||||| |Raising funds||||||| |Investment
management|costs|4|53,604||53,604|46,943| |Charitable
activities||5|714,356||714,356|568,895| |Total expenditure|||767,960||767,960|615,838| |Net incomei(expenditure)|and net|||||| |movement
in funds before (losses)||||||| |and gains on investments|||(571,731)|15,000,007|14,428,276|(428,235)| |Net gains/(losses)
on investments||8|18,325|4,618,911|4,637,236|(441,927)| |Net income/(expenditure)|||(553,406)|19,618,918|19,065,512|(870,162)| |Transfers between funds|||575,000|(575,000)||| |Net movement
in funds|||21,594|19,043,918|19,065,512|(870,162)| |Reconciliation
offunds:||||||| |Total funds brought
forward|||50,385|12,699,683|12,750,068|13,620,230| |Total funds carried forward||12|571,979|631,743,601|531,815,580|612,750,068| ## ## ||||BALANCE SHEET||| |---|---|---|---|---|---| ||||As at 31 March 2021||| |||Notes|31.3.2021||31.3.2020| |Fixed assets|||||| |Investments|||31,838,127||12,773,761| |Current assets|||||| |Other debtors|||||| |Cash at bank|||1,406|1,406|| |Creditors: amounts|falling due||1,406|1,406|| |within one year||10|23,953|25,099|| |Net current (liabilities)|||(22,547)||(23,693)| |Total net assets|||831,815,580||F12,750,068| |The funds ofthe charity:|||||| |Unrestricted
funds|||||| |General fund|||71,979||50,385| |Endowment
funds||12|||| |Permanent
endowment|||1,070,644||785,101| |Expendable
endowment|||30,672,957||11,914,582| |Total charity funds|||F31,815,580||812,750,068| ## ## ||STATEMENT OF CASH FLOWS|STATEMENT OF CASH FLOWS|STATEMENT OF CASH FLOWS|| |---|---|---|---|---| ||Forthe year ended 31 March 2021|||| |||Notes|31.3.2021|31.3.2020| |Cash flows from operating
activities||13|(781,021)|(605,673)| |Cash tlows frominvesting
activities||||| |Payments
to acquire investments
Receipts from sale of investments
Interest received|||(6,158,601)
6,442,009
61,400|(420,669)
1,009,709
111,470| |Dividends
received
Share of private equity funds gains|||127,305
19,439|74,438
1,248| |Net cash flow from investing
activities|||491,552|776,196| |Cash flow from financing
activities||||| |Receipt ofexpendable
endowment|||150,007|| |Net cash flow from financing
activities|||150,007|| |Net (decrease)i increase
in cash|and|||| |cash equivalents|||(139,462)|170,523| |Cash and cash equivalents
at 1 April 2020|||550,559|380,036| |Cash and cash equivalents
at 31|March|2021|6411,097|5550,559| |Cash and cash equivalents
consist|of:|||| |Cash at bank awaiting
investment|9||409,691|549,153| |Cash at bank|||1,406|1,406| |Cash and cash equivalents
at 31|March|2021|F411,097|f550,559| ## ## ## ## ## ## ## ## ## ## ## ## ## |4|Investment
management|Investment
management|Investment
management||costs||| |---|---|---|---|---|---|---|---| |||||||31.3.2021|31.3.2020| |||||||Unrestricted|Unrestricted| |||||||funds|funds| ||Investment
management|||fees||553,604|F46,943| |5|Analysis ofcharitable||expenditure||||| |||||||31.3.2021|31.3.2020| |||||||Unrestricted|Unrestricted| |||||||funds|funds| ||Donations
made||||||| ||Alexander
Devine Children's||||Hospice|5,000|5,000| ||Children
with Special|Needs||||5,000|5,000| ||The Cure Parkinsons|Trust||||40,000|30,000| ||Demelza House Children's||||Hospice|30,000|20,000| ||Home Start Ashford|||||30,000|25,000| ||ITU WHH||||||5,000| ||Kent Challenger
Games|||||7,500|| ||Kent Community
Foundation|||||120,000|100,000| ||Kent Multiple Sclerosis||Society Therapy Centre|||70,000|30,000| ||Motor Neurone Disease||Association|||10,000|10,000| ||NSPCC|||||25,000|20,000| ||Parkinsons
UK|||||250,000|150,000| ||Pilgrims Hospices
in|East||Kent||25,000|52,000| ||Porchlight|||||10,000|10,000| ||Thames Hospice|||||5,000|| ||The Rotary Club ofAshford|||||5,000|| ||The Whitley
Fund for|Nature||||60,000|85,000| ||Wye Tennis Club||||||10,000| |||||||697,500|557,000| ||Governance costs||||||| ||Accountancy
fees
Legal fees (including
Audit fees|trustee|||work)|4,214
6,642
6,000|4,314
3,501
4,080| |||||||16,856|11,895| |||||||6714,356|6568,895| ## ## ## ||The net gains/(losses)|on investments
are analysed|as follows:|| |---|---|---|---|---| ||||31.3.2021|31.3.2020| ||Unrestricted
funds
Endowment
funds||18,325
4,618,911|(1,463)
(440,464)| ||||54,637,236|F(441,927)| |9|Fixed asset investments|||| ||Movements
in fixed|asset listed investments||| ||||31.3.2021|31.3.2020| ||Market value at 1 April 2020
Equities donated||12,224,608
14,850,000|13,255,575| ||Acquisitions
at cost
Sale proceeds from disposals
Profit/(loss)
on revaluation||6,158,601
(6,442,009)
4,637,236|420,669
(1,009,709)
(441,927)| ||Market value at 31 March 2021||31,428,436|12,224,608| ||Cash at bank awaiting|investment|409,691|549,153| ||||531,838,127|F12,773,761| ||Investments
at market value comprised:|||| ||UK investments|||| ||Forest income fund
Forest accumulation
Real estate
Overseas
investments|fund|5,114,877
17,109,398|3,558,631
4,205,319
485,287| ||Bond funds
Private equity funds
Commodities
Unconstrained
funds||2,862,987
470,902
1,110,413
4,759,859|3,295,682
368,003
311,686| ||||F31,428,436|612,224,608| ||Historical cost||625,033,275|69,604,323| |10|Creditors: amounts|falling due||| ||within one year|||| ||||31.3.2021|31.3.2020| ||Accruals||t23,953|625,099| ## ## |Analysis ofnet assets be|tween funds —year|ended 31 March|2020|| |---|---|---|---|---| ||Permanent|Expendable||| ||endowment|endowment|Unrestricted|| ||funds|funds|funds|Total| |Investments|785,101|11,914,582|74,078|12,773,761| |Net current (liabilities)|||(23,693)|(23,693)| ||5785,101|611,914,582|F50,385|F12,750,068| ## |Analysis ofnet assets be|tween funds —year|ended 31 March|2021|| |---|---|---|---|---| ||Permanent|Expendable||| ||endowment|endowment|Unrestricted|| ||funds|funds|funds|Total| |Investments|1,070,644|30,672,957|94,526|31,838,127| |Net current (liabilities)|||(22,547)|(22,547)| ||F1,070,644|530,672,957|571,979|631,815,580| ## ## |Analysis o|fcharitable|
funds —ye|ar ended 31|March 2020|||| |---|---|---|---|---|---|---|---| |||Balance at|||GMins and||Balance at| |||01.04.2019|Income|Expenditure|(losses)|Transfers|31.03.2020| |Unrestricted
Permanent|funds
endowment|'45,083
811,429|187,603|(615,838)|(1,463)
(26,328)|435,000
-|50,385
785,101| |Expendable|||||||| |endowment||12,763,718|||(414,136)|(435,000)|11,914,582| ||513,620,230||F187,603|E(615,838)|E(441,927)|E-|612,750,068| |Analysis ofcharitable||funds —year ended 31||March 2021|||| |||Balance at|||Gains and||Balance at| |||01.04.2020|Income|Expenditure|(losses)|Transfers|31.03.2021| |Unrestricted|funds|50,385|196,229|(767,960)|18,325|575,000|71,979| |Permanent|endowment|785,101|||285,543|-|1,070,644| |Expendable|||||||| |endowment||11,914,582 15,000,007|||4,333,368|(575,000)|30,672,957| ||512,750,068615,196,236|||5(767,960)|64,637,236|6-|531,815,580| ## ## ||||31.3.2021|31.3.2020| |---|---|---|---|---| |Net income/(expenditure)|for|year|19,065,512|(870,162)| |Dividends
received
Interest receivable
Share ofprivate equity
Receipt ofendowment|fund gains||(127,305)
(61,400)
(19,439)
(15,000,007)|(74,438)
(111,470)
(1,248)| |(Gains)/losses
on investments|||(4,637,236)|441,927| |Decrease
in debtors||||1,406| |(Decrease)/increase
in|creditors||(1,146)|8,312| |Net cash flow from operating||activities|E(781,021)|F(605,673)| ## ## ## ## ||||Unrestricted|Endowment|Total funds| |---|---|---|---|---|---| |||Notes|funds|funds|31.03.2020| |Income and endowments|from:||||| |Donations|||||| |Gifts ofexpendable
endowment|||||| |Investments|||||| |Income from investments|||187,603||187,063| |Total income and endowments|||187,603||187,603| |Expenditure
on:|||||| |Raising funds|||||| |Investment
management|costs||46,943||46,943| |Charitable
activities|||568,985||568,895| |Total expenditure|||615,838||615,838| |Net (expenditure)
and net|||||| |movement
in funds before gains and|||||| |losses on investments|||(428,235)||(428,235)| |Net (losses) on investments|||(1,463)|(440,464)|(441,927)| |Net (expenditure)|||(429,698)|(440,464)|(870,162)| |Transfers
between
funds|||435,000|(435,000)|| |Net movement
in funds|||5,302|(875,464)|(870,162)| |Reconciliation
offunds:|||||| |Total funds brought
forward|||45,083|13,575,147|13,620,230| |Total funds carried forward||12|650,385|512,699,683|812,750,068| ## ||||31.3.2021|31.3.2020| |---|---|---|---|---| |Gross income||||| |Dividends||||| |United
Kingdom|||125,305|74,438| |Offshore|||2,000|| |Interest receivable||||| |On cash deposit|||14|418| |On offshore Bond Funds|||61,386|107,941| |Share ofinterest||—private equity funds||3,111| |Share ofgains —private equity funds|||19,439|1,248| |Foreign exchange||(loss)/profft|(11,915)|| ||||196,229|187,603| |Legacy received from Settlor's Estate|||15,000,007|| ||||15,196,236|187,603| |Less:||||| |Accountancy fees
Legal and trustee
Audit fees|fees||4,214
6,642
6,000|4,314
3,501
4,080| |Investment
expenses|||53,604|46,943| ||||70,460|58,838| ||||15,125,776|128,765| |Less: Donations|||697,500|557,000| |Net surplus/(deficit)|forthe year||F14,428,276|5(428,235)|