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|Principal Office|Principal Office|Guy Scadding<br>Building, Dovehouse Street, London SW3 6LY|Guy Scadding<br>Building, Dovehouse Street, London SW3 6LY|Guy Scadding<br>Building, Dovehouse Street, London SW3 6LY|Guy Scadding<br>Building, Dovehouse Street, London SW3 6LY|Guy Scadding<br>Building, Dovehouse Street, London SW3 6LY|
|---|---|---|---|---|---|---|
|Trustees||Richard Reid, Chairman|||||
|||Magdalene<br>Brereton|||||
|||Professor Edwin Chilvers|||||
|||Professor<br>Kim Fox|||||
|||Professor Sir Malcolm Green|||||
|||Dr Michael Harding|||||
|||Ludovic Lindsay|||||
|||Baroness (Sally) Morgan of Huyton|||||
|||Dr Paul Oldershaw|||||
|Secretary to|the Trustees<br>Mrs Caroline<br>M Wicks||||||
|Bankers||The Royal Bank ofScotland pic|||||
|||36StAndrew Square, Edinburgh||EH2 2YB|||
|Auditors||Knox Cropper<br>LLP, Chartered|Accountants,||||
|||6S Leadenhall<br>Street, London|EC3A 2AD||||
|Investment|Manager|Sarasin &Partners<br>LLP|||||
|||Juxon House, 100St.Paul's Churchyard,|||London|EC4M BBU|
|Website||www. nhlif. info|||||





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|by Sarasin|investment<br>m|anagers:-|||
|---|---|---|---|---|
||||2020|2019|
||||f|f|
|Investment|in unit trusts||17,378,984|17,413,979|
|Cash held|for investment|purposes|14,094|57,044|
||||E17,393,078|E17,471,023|



|Fixed Income|Fixed Income|2,700,740|2,426,169|
|---|---|---|---|
|Equities||11,346,592|12,409,810|
|Property||919,605|1,571,450|
|Alternative|Assets|1,815,746|676,184|
|Liquid Assets||596,301|330,366|
|||E17,378,984|E17,413,979|





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||||Notes||2020|||2019|
|---|---|---|---|---|---|---|---|---|
|FIXEDASSETS|||||||||
|Investments|||7-9|22 303 D53|||22 380998||
|||||||22,303,053||22,380,998|
|CURRENT ASSETS|||||||||
|Debtors|||10|22,258|||49,560||
|Cash at Bank||||37172D|||166461||
|||||393,978|||216,021||
|Creditors:<br>Amounts<br>within one year|falling|due|11|~811899|||I 196309||
|Net Current Assets <br>(Liabilities)|/|||||(417,921)||(980,288)|
|Total Assets less current<br>liabilities||||||21,855,132||21,400,710|
|Creditors:<br>Amounts|falling|due|||||||
|after one year|||12|||(783,796)||(330,475)|
|TOTAL NET ASSETS||||||621 1D1 336||521070 235|
|RESTRICTED FUNDS|||13|||2,026,927||2,243,910|
|CAPITAL FUNDS|||||||||
|Expendable<br>Endowment|||13,14|||16,134,451||15,854,666|
|INCOME FUND|||||||||
|Unrestricted<br>General|Fund||13|||2 939958||2 971659|
|TOTAL FUNDS||||||F21,101,336||621,070,235|





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|5.CHARITABLE ACTIVITIES|5.CHARITABLE ACTIVITIES|5.CHARITABLE ACTIVITIES|||||
|---|---|---|---|---|---|---|
|Qirect Grants to NHLI Faculty of Medicine Imperial|||College London|2020|2019||
||||||E||
||- Endowment||Fund||||
||- General|Fund||628,837|||
||-VRFT|||350,000|||
|Support Costs (see note|6)|||16018|68|954|
|||||6994865|668|954|
|6.SUPPORT COSTS|||||||
|Payment to auditors:|Audit fees|||5,400|5,220||
|Secretarial costs||||10,333|10,311||
|Repairs and maintenance|||||53,308||
|Bank Charges||||295||115|
|||||6161118|168|954|



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|. INVESTMENTS||||
|---|---|---|---|
|||2020|2029|
|||E|E|
|Social Investments||4,909,975|4,909,975|
|Quoted Investments||17,378,984|17,413,979|
|Cash held forinvestment|purposes|14094|57 044|
|Total Investments||822,303,053|E22,380,998|





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|||||||||||2020|2019|
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||8|8|
|Balance|at|la|August|2019|and|at|31"July|2020|H,|909,975|84,909,975|



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|||||||2020<br>8|2019<br>f|
|---|---|---|---|---|---|---|---|
|(a)|Quoted investments||(at|market|value)|||
||-|NHLIF||||14,815,294|146990/054|
||-|Viscount Royston|Fellowship||Trust|2 563 690|2 623 925|
|||||||17,378,984|17,413,979|
||Cash held for investment|||purposes||||
|||NHLIF||||12,057|48,408|
||-|Viscount Royston|Fellowship||Trust|2 037|6 636|
|||||||817,393,078|117,471,023|





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|||||||||||2020|2019|
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||f|f|
||(b)|Movements<br>in quoted<br>investments<br>Balance brought<br>forward at 1"August 2019||||||||17,413,979|16,171,792|
|||Additions||||||||642,809|534,570|
|||Sale proceeds||||||||(1,127,011)|(119,067)|
|||Realised and unrealised|||gain/(loss)||- NHLIF|||384,065|711,682|
||||||||- VRFT|||65 142|115D02|
|||Balance carried||forward|at|31"July|2020|||17,378,984|f17,413,979|
|||Investments<br>at||Cost —NHLIF||||||f12,579,143|f12,889,941|
|||Investment<br>at|Cost —VRFT|||||||f1,734,663|f1,642,254|
||(c)|Investments<br>held comprise||||units in|one unit trusts:|||||
|||5,135,210(2019:5,465,557) - Sarasin Alpha Charity|||||||Fund|14,815,294|14,990,054|
|||(Accumulation)||||||||||
|||888,614(2019:883,793) - Sarasin|||||Alpha Charity|Fund||2,563,690|2,423,925|
|||(Accumulation)||—VRFT||||||||
|||||||||||f17,378,984|f17,413,979|
||(d)|The units held|in|unit trusts||include|the following|asset|allocations:-|||
|||Fixed Income||||||||2,700,740|2,426,169|
|||Equities||||||||11,346/592|12,409,810|
|||Property||||||||919,605|1,571,450|
|||Alternative<br>Investments||||||||1815,746|676,184|
|||Liquid Assets||||||||556 301|33D 366|
|||||||||||f17/378,984|f17/413,979|
|10.|DEBTORS|||||||||||
||other Debtors|||||||||||





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|LIABILITIES: amounts|LIABILITIES: amounts||falling due|within one year|within one year|within one year|2020|2019|
|---|---|---|---|---|---|---|---|---|
|Grants payable to Imperial||College London||—VRFT<br>- General<br>Fund|||f<br>120,833<br>381,510|f<br>62,500<br>469,207|
|Audit and Accountancy<br>Professional<br>Fees<br>Other Creditors and deferred|||income|—Endowment||Fund|277,063<br>5,340<br>750<br>26 903|631,790<br>5,160<br>750<br>26 902|
||||||||f811,899|f1,196,309|
|GRANTS PAYABLE|||||||||
|Commitments<br>at 1"August <br>Commitments<br>made<br>in the <br>Commitments<br>made<br>in the||2019<br> year<br> year<br>- <br>-||Genera! Fund<br> Endowment|Fund||2020<br>f<br>1,493,972<br>628,837|2019<br>f<br>2,126,401|
|Commitments<br>made <br>Commitments<br>made|in the <br> in the|year<br> year<br>- VRFT<br>- COPD|||||350,000||
|Grants paid during<br>the year<br>Grants paid during<br>the year<br>Commitments<br>at 31uJuly 2020<br>- General<br>Fund<br>- VRFT||||||(859,607)<br>~50 DI10<br>f1,563,202||(594,929)<br>~37 5DD<br>I1,493,972|
|Commitments<br>at31"July 2020 are payable||||as follows:|||||
|Within one year|||- General<br>Fund||||381,510|469,207|
||||-|Endowment|Fund||277,063|631,790|
||||-VRFT||||12D 033|62 500|
|After one year|||- NHLIF||||779406<br>442,129|I 163497<br>230,475|
||||- VRFT||||341667|100000|
||||||||703 796|330675|
||||||||61 563 202|61693972|
|FUNDS|||||||||
||||Balance|||||Balance|
||||Brought|Investment|||Resources|Carried|
|unrestnctea<br>runes|||Forward at 1<br>August 2019|Gain/(Loss)||Income|Expended|Forward at<br>31300lv 2020|
|General funds<br>Endowment<br>Funds|||2,971,659<br>15854 666|104,280<br>279785||581,204|(717,185)|2,939,958<br>16134451|
|Restricted Funds|||18,826,325|384,065||581,204|(717,185)|19,074,409|
|Viscount Royston|||||||||
|Fellowship<br>Trust|||2 243 910<br>f21 070235|65 142<br>f449 207||79 472<br>f660 676|361597<br>f 1078782|2 026 927<br>f21 101336|



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