THE ANNANDALE CHARITABLE TRUST
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
Charity Number 1049193

THE ANNANDALE CHARITABLE TRUST
CONTENTS PAGE
Pages
Reference and Administrative Details
Report of the Trustee
Independent Auditor's Report
Statement of Financial Activities
Balance Sheet
10
Notes to the Financial Slalements
11- 19

THE ANNANDALE CHARITABLE TRUST
REFERENCE AND ADMINISTRATION DETAILS
Corporate Trustee
HSBC Trust Company {UKI Limited
Current Dlrectors of Corporate Trustee
J Coyle
P M Spencer
J Hewitson
Trust Manager
J Wiles
Prlncipal Office
Forum 1
The Forum Parkway
Whileley
Fareham
Hampshire
P015 7PA
Auditors
RSM UK Audit LLP
Highfield Court
Tollgate
Chandlers Ford
Eastleigh
Hampshire
S053 3TY
Bankers
HSBC Bank plc
Forum 1
The Forum Parkway
Whileley
Fareham
Hampshire
P015 7PA
Investment Managers
HSBC UK Bank plc
1 Centenary Square
Birmingham
B1 1HQ

THE ANNANDALE CHARITABLE TRUST
REPORT OF THE TRUSTEE
FOR THE YEAR ENDED 5 APRIL 2021
The financial statements have been prepared in accordance with the accounting policies set out in
the notes to the accounts and comply with the charity's governing document, the Charities Act 2011
and Accounting and Reporting by Charities= Statement of Recommended Practice applicable to
charities preparing their accounts in accordance with the Financial Reporting Standard applicable in
the UK and Republic of Ireland published on 16 July 2014.
The Annandale Charitable Trust is an unincorporated trust and is constituted under the terms of the
Trust Deed dated 1 September 1995, set up by Ihe late Mrs Blofeld. The Trust is a registered charity
{no. 1049193).
Aims and objectives
The objects of the charity are of general charitable purposes. The charitable activity is performed
through the awarding of grants. in accordance with the terms of the governing document.
Public benefit
The trustee has considered the Commission's guidance on public benefit, and consider grant making
to be an effective method of delivering these objeclives. Applications are reviewed as they are
received, and awarded at the discretion of the trustee.
Financial review
The charity originally received funds under the temis of the deed of settlement. The fund generated
income of £352.314 12020: £405.314) in the year, which together with brought forward reserves
facilitated the expenditure on charitable activities of £81,223 12020.. £505,422) of which £nil {2020'.
£412,139) was direct charitable expenditure in the foTm of grants lo charitable institutions. During the
year there was 1 returned grant of £1,606 12020.. 1 returned grant of £3,043). Total charitable
expenditure amounted to £145,72312020: £578,563}.
The elosing level of endowment funds was £14,790,42012020.- £12,172,774) and unrestricted funds
was £325,931 12020.. deficit of £7,130). The Trustee has considered Ihe impact of the COVID-19
outbreak and consider that it does not have a material impact on the charity given the value of
investments held.
A¢hlevement and performance
During the year no grants 12020.. 186 grants totalling £412,139) were awarded to charitable
inslilulions, in accordance with the terms of the governing document. 1 grant of £1,606 {2020.' 1 grant
of £3,043} was returned in the year.
Details of these grants are set oul in note 5 to the financial statements.
The level of investment income generated in the year was considered satisfactory and the market
value of the investments moved in the underlying securities.
Investsnent policy
In accordance with the governing document, the trustee has the power lo invest in such stocks,
shares, investments and property as they see fit. The trustee engaged HSBC Global Asset
Management {UKI Limited as Investment Managers. The policy is to adopt a low lo medium risk
investment strategy lo protect, in absolute terms, the capital valLJe of the fund whilst producing a
sustainable and growing level of income, and also providing the potential for longer term growth of
capital in real terms.

THE ANNANDALE CHARITABLE TRUST
REPORT OF THE TRUSTEE cont
FOR THE YEAR ENDED 5 APRIL 2021
Reserves polity
The unrestricted funds, which are the free reserves of the charity and are represented by the income
arising, are paid over to beneficiaries throughout the year. The balance of unreslricted funds held at
5 April 2021 is £325,931 {2020' deficit of £7,130). 11 is not the policy of the charity to maintain specific
reserves and the trustee is reviewing potenlial beneficiaries to whom these funds may be distributed
in the next financial year.
The unrestricted fijnd balan￿ is in deficit at the year end but this relates to a timing issue at the
balance sheet dale.
The expendable endowment funds represent those assets, which are held permanently by the charrty,
principally investments. Income arising on the endowment fijnd can be used in accordance with the
objects of the charity and is included as unrestncted income. Any capital gains or losses arising on
the investments form part of the fund. The trustee has Ihe power to convert this fund into income.
Plans for the future
The trustee intends to continue providing grants in a similar way to the recent past whilst retaining
flexibility as to the liming and scale of grant making.
Related parties
The Corporate Trustee and the investment managers are both wholly owned subsidiaries of HSBC
Holdings plc.
In addition to those fees shown on pages 19, as a result of the acquisition and disposal of investments,
the charity pays transaction charges to HSBC Bank plc. The charges are calculated on a sliding scale
at a percentage of the transactions value plus VAT and are added lo or deducted from the cost of the
investments or the disposal prO￿edS in accordance with UK standard accounting practice. A
summary of the transacb'ons of the charity with the related parties is sel out in note 11 of the financial
statements.
Structure, governance and management
The trustee has appointed a designated trust manager to look after the charity. The investment
manager reviews the performance and provides recommendations on the structure of the investment
Port￿110.
The power to appoint additional trustee's is vested in the current trustee. The Trust Deed requires a
minimum of three trustee's. unless a Irusl corporation is appointed.
The Iruslee has examined the major strategic, business and operational risks which the charity faces
and Confirm that systems have been established to enable regular reports lo be produced so that the
necessary steps can be taken to lessen these risks. The main risk in the year was considered to be
the variability of investment returns.
The corporate trustee and the investment managers are both wholly owned subsidiaries of HSBC
Holdings plc. A summary of the transactions of the charity with these parties is sel out in note 11 of
the financial statements.
Key management personnel
Trust does not have any employees and all decisions are taken by the trustee. The only remuneration
paid is that paid to the corporate trustee's as disclosed in note 11.

THE ANNANDALE CHARITABLE TRUST
REPORT OF THE TRUSTEE cont.
FOR THE YEAR ENDED 5 APRIL 2021
Statement of Trustee's responsibilities in relation to the financial statements
The law 2ppli¢able to charities in England and Wales requires the trustee to prepare financial
statements for each financial year which give a true and fair view of the charity's financial activities
during the year and of rts financial position at the end of the year. In preparing ffnancial slatefflents
giving a true and fair view. the trustee should follow best practise and..
select suitable accounting policies and then appty them consistently..
make judgements and estimates thal are reasonable and prudent.,
slate whether applicable accounting standards and slatements of recommended practsce have
been followed, subject to any departures disclosed and explained in the financial statements..
and
prepare the financial statements on the going concem basis unless it is inappropriate to
presume that the charity will continue in operation.
The trustee 15 responsible for keeping accounting records which disclose with reasonable accuracy
the financial posib.on of the charity and which enable them lo ascertain the financial position of Ihe
charity and which enable them to ensure that the financial statements comply with the Charities Act
2011, the Charity (Accounts and Reports) 2008 Regulations and the provisions of the trust deed.
The trustee is responsible for safeguarding the assets of the charity and hence for taking reasonable
steps for the prevenbon and detection of fraud and other irregularities.
Auditors
In accordan￿ with the Charities Act 2011. a resolution proposing that RSM UK Audit LLP be
reappointed as Auditors of Ihe charity will be put to a general meeting.
Approved by the twstee and signed on their behalf by..
HSBC Trust Company (UK) Limited
Date..

THE ANNANDALE CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE ANNANDALE CHARITABLE TRUST
Opinion
We have audited the financial statements of The Annandale Charitable Trust for the year ended 5
April 2021 which comprise Statement of Financial Activities, the Balan￿ Sheet and notes lo the
financial statements, including a summary of significanl accounting policies. The financial reporting
framework that has been applied in their preparation is applicable law and United Kingdom Accounting
Standards, including FRS 102 "The Financial Reporting Standard applicable In the UK and Republic
of Ireland'luniled Kingdom Generally Accepted Accounting Practi￿).
In our opinion the financial statements..
give a true and fair view of the state of the charity's affairs as at 5 April 2021 and of its incoming
resources and application of iesources for the year then ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice., and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We have been appointed as auditors under section 144 of the Charities Act 2011 and report in
accordance with regulations made under section 154 of that Act.
We conducted our audit in accordance with Intemational Slandards on Auditing (UK) IISAS IUK}l and
applicable law. Our responsibilities under those standards are further described in the Auditor's
responsibilities for the audit of the financial slalements section of our report. We are independent of
the charity in accordan￿ with the ethical requirements that are relevant to our audit of the financial
statements in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have
obtained is sufficient and appropriale to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustee's use of the going con￿rn
basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating lo
events or conditions that, individually or collectively, may cast significant doubt on the charity's
ability to continue as a going concern for a period of at least twelve months from when the financial
statements are authorised for issue.
Our responsibilities and the responsibilities of the ITUStee's with respect lo going concem are
described in the relevant sections of this report.
Other information
The Iruslee is responsible for the other information. The other information comprises the information
included in the Trustee Report other than the financial statements and our auditor's report thereon.
Our opinion on the financial staternents does not cover the other information and, we do not express
any form of assurance conclusion thereon.

THE ANNANDALE CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT cont.
TO THE MEMBERS OF THE ANNANDALE CHARITABLE TRUST
Our respon5ibilrty is to read the other informats'on and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained in the
audit or otherwise appears to be materially misslaled. Sf we identify such material inconsistencies
or apparent material misstatements, we are required to detemine whether there is a material
misstatement in the financial statements or a material misstatement of the other information. If,
based on the work we have performed, we conclude Ihat there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which V￿ are required to report by exception
We have nothing lo report in respect of the following matters where the Charities Act 2011 requires
us to report lo you if. in our opinion..
the information given in the financial statemenls is inconsistent in any material respect with the
Trustee Report-, or
sufficient accounting records have not been kept., or
the financial statements are not in agreement with the accounting records and returns.. or
we have not received all the information and explanaliorss we require for our audit.
Responsibilities of the trustee
As explained more fully in the Statement of Trustee's responsibilities set out on page 4, the trustee is
responsible for the preparation of the financial statements and for being satisfied that they give a true
and fair view, and for such internal control as the trustee determines is necessary to enable the
preparation of financi21 statements that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements. the ttustee is responsible for assessing the charity's ability to
continue as a going concern, disclosing, as applicable, matters relaled to going concern and using
the going concern basis of accounting unless the trustee either intends to liquidate the charty or lo
cease operations, or have no realistic allernalive but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misslalement, whether due to fraud or error, and lo issue an auditor's report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guaTanlee
that an audit conducted in accordance with ISA5 IUKI will always detect a material misslalement
when it exists. Misslatemenls can aiise frorll fraud or error and are considered material if, individually
or in the aggregate, they Could reasonably be expected lo influence the economic decisions of users
taken on the basis of these financial statements.
The extent to which the audit was conSide￿d capable of detecting irregularities, including
fraud
Irregularities are instances of non-cornplian¢e with laws and regulations. The objectives of our audit
are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations
that have a direct effect on the determination of material amounts and disclosures in the financial
statements. to perform audit procedures to help identify instances of non-complian￿ with other laws
and regulations that may have a material effect on the financial statements, and to respond
appropriately to identified or suspected noncompliance with laws and regulations identified during the
audrt.

THE ANNANDALE CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT conL
TO THE MEMBERS OF THE ANNANDALE CHARITABLE TRUST
In relation lo fraud. the objectives of our audit are to identify and assess the risk of material
misstatement of the financial statements due to fraud. to obtain sufficient appropriate audit evidence
garding the assessed risks of material misstatement due to fraud through designing and
implementing appropriate responses and to respond appropriately to fraud or suspected fraud
idenlrfied during the audit.
However, it is the primary responsibility of management, wilh the oversighl of those charged with
governance, lo ensure that the entity's operations are conducted in accordance with the provisions of
laws and regulations and for the prevention and detection of fraud.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud.
the audit engagement team..
obtained an understanding of the nature of the industry and sector, including the legal and
regulatory framework that the Charty operates in and how the Charity is complying with Ihe
legal and regulatory framework.,
inquired of management, and those charged with governan￿, about their own identification
and assessment of the risks of irregularities, including any known actual, suspected or alleged
instances of fraud",
discussed matters about non-compliance with laws and regulations and howfraud might occur
including assessment of how and where the financial statements may be susceptible lo fraud.
As a result of these procedures we consider the most significant laws and regulations that have a
direct impact on the financial statements are FRS 102, Charities SORP IFRS 1021, Charities Act
2011. and the charity's governing document. We performed audit procedures to detect non
cotnpliances which may have a material impact on the financial statements.
There were no significant laws and regulations that have an indirect impact on the financial
statements.
The audit engagement team identified the risk of management override of controls, as the area where
the financial slalemenls were most SuS￿ptib1e to material misstatement due to fraud. Audit
prO￿dureS performed included but were not limited to testing manual joumal entries and other
adjustments, evaluating the business rationale in relation to Significant, unusual transactions and
transactions entered into outside the norrnal course of business and challenging judgments and
estimates.
A further description of our responsibilities for the audit of the financial statements is provided on the
Financial Reporting Council's website al http'.Ilwww.fr¢.org.uklaudilorsresponsibilities. This
description forms part of our auditor's report.
Use of our ￿ptsrt
This report is made solely to the charity's trustee as a body, in accordance with the Charities Act
2011. Our audit work has been undertaken so that we might state lo the charity's trustee those
matters we are required to stale to them in an auditor's report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility lo anyone Dther than the charity
and the charity's trustee as a body, for our audit work, for this report, or for the opinions we have
formed.

THE ANNANDALE CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT cont.
TO THE MEMBERS OF THE ANNANDALE CHARITABLE TRUST
RSM UK Audit LLP
Statutory Auditor
Chartered Accountants
Highfield Court
Tollgate
Chandlers Ford
Eastleigh
Hampshire
S053 3TY
Date..
02-Feb-2022
RSM UK Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

THE ANNANDALE CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2021
Notes
Unr8strl¢ted Endo%fftnt
funds
funds
Total
2021
Total
2020
Inco
Investment income
352.314
352,314
405,314
Total incon
352,314
3S2,314
405.314
Expendlture
Cost of generating ftjnds
Charitsble aclivil*s
64,500
73,550
64,500
81,223
73,141
505,422
7,673
Total expenditure
7,673
138,D50
145,723
578,563
N9t Incon*llexpenditurel incurred
before transfer5 and other
rocognffised gains and losses
344,841
1138,0501
206.S91
1173,2491
Realis￿ and unrealised
gainslllossesl on investments
2,744,116
1744,116
11,595,310)
Net incon￿1(expendrture) for the year
344,641
2.6L%,066
2,950,707
11.768,5591
Transfer tetsveen ftjnds
111,5801
11,580
Funds invested at 8 ￿Til 2020
17.1301
12.172,774
12,165,644
13.934,203
Funds invested at S April 2021
325.931
14,790,420
15116351
12.165.644

THE ANNANDALE CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2021
Notes
Unrestricted En(fowment
funds
lunds
Total
2021
Total
2020
Fixed assets
Investmènts
335,136
14.890,842
15,225.978
12,189,044
Current assets
Debtors
1,690
1,690
CredKor5." amounts falllng
due withln one year
9,205
100.422
109,627
25,090
Net current assetsllllabilitiesl
19,205}
1100,4221
1109.627)
123.4001
Net assets
325,931
14.790,420
15,116,351
12,165,644
Funds
10
325.931
14,790,420
15,116,351
12 765,644
Approved by the trustee and aulhorised for issue on
nd signed on their behalf by..
HSBC T
st Company (UK) Limited
10

THE ANNANDALE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
Accounting policies
A¢counting conventlon
The financial statements have been prepared in accordance with the Statement of
Recommended Practi￿.. Account'ng and Reporting by Charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
{FRS 1021 issued on 16 July 2014 and the Financial Reporting Standard applicable in the United
Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011 and UK Generally
Accepted Practice as it applies from 1 January 2015_ The trust Is a public benefit entity and has
therefore applied the relevant public benefit requirements of FRS 102.
The financial statements have been prepared to give a 'true and fairf view and have departed
from the Charities (Accounts and Reports) Regulations 2008 only to the extent required lo
provide a 'lrue and fair view,. This departure has involved following Accounting and Reporting
by Charities preparing their accounts in accoidance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 1021 issued on 16 July 2014 rather than the
Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1
April 2005 which has since been withdrawn.
The accounts are prepared in sterling, which is the functional and presentational currency ofthe
charity- Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
At the time of approving the accounts, the Trustee has a reasonable expectation that the charity
has adequate reSoUr￿S to continue in operational existence for the foreseeable future. Thus,
the Trustee continues to adopt the going con￿rn basis ot accounting in preparing the accounts.
The Trustee has reviewed the appropriateness of the adoplion of the going concern basis,
including the impact of COVID-19 on the Trust. The Trust's investments are sufficient lo cover
its fixed costs for a period of al least ￿e1ve months even in the event of a significant fall in
investment values. Therefore, the Trustee has concluded that the going concern basis remains
appropriate.
Income
All incoming resources are recognised once the charity ha5 entitlement lo the resources, it is
certain that the resources will be received, and the monetary value of incoming resources can
be measured with sufficient reliability.
Investment income is accounted for in the period in which the charity is enti15ed lo Feceipt.
Income is the gross value of dividends and inleiest received after reclaiming any tax credits that
are available Dividends due on quoted investments that are ex-dividend at the balance sheet
date are accrued as income.
11

THE ANNANDALE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
Accounting policies cont.
Expenditure
Expenditure is included on an accruals basis. Liabilities are recognised as resources expended
as soon as there is a legal or constructive obligation committing the charity lo the expenditure.
Costs of generating funds comprise those costs directly attributable to managing the investment
portfolio and raising investment income.
Charitable expendi￿re inclLtdes granls payable in furtherance of the charitable objectives of the
charity. It includes both costs that can be allocated diiectly lo such activities and those costs of
an indirect nature necessary to support them.
Support costs are those functions that assist the work of the charity but do not directly undertake
charitable activity. Support costs include governance costs which are costs associated with
meeting the constitutional and slalutory requirements of the charity.
Fixed asset investments
Investments are included at closing market value at the balance sheet date. Any gain or loss
on revaluation or disposals throughout the period is taken to the Statement of Financial
Activilies.
Financial instruments
The charity has elected lo apply the provisions of Section 11 'Basic Financial Instruments, of
FRS 102 to all of its financial inslrumenls.
Financial instruments are recognised in the charity's balance sheet when the charity becomes
party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the nel amounts presented in the financial
statements. when there is a legally enforceable right lo set off the recognised amounts and
there is an intention to settle on a net basis or lo realise the asset and settle the liability
simultaneously_
12

THE ANNANDALE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
Accounting policies cont.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially
measured at transaction price including transaction costs and are subsequently carried at
amortised cost using the effective interest method unless the arrangement Constilules a
financing transaction, where the transaction is measured at the present value of the future
receipts discounted al a market Tale of interest. Financial as5els classified as receivable wilhi
one year are not amortJ"sed.
Trade and other debtors are recognised at the settlement amount due after any trade discoLtnl
offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Impairment offinancial assets
Financial assets, other than those held al fair value through income and expenditure, are
assessed for indicators of impairment at each reporting date. Financial assets are Impaired
where there is objective evidence that, as a result of one or more events that occurred after the
initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and
the present value of the eslimaled cash flows discounted at the asset's original effective interesl
rate. The impairment loss is recognised in net incomellexpenditure) for the year.
If there is a decrease in the impairment loss arising from an event OCCUTring after the impairmenl
was recognised, the impairment is reversed. The reversal is such that the current carrying
amount does not exceed what the carrying amount would have been. had the impairment not
previously been recognised. The impairment reversal is recognised in net incomel{expenditure)
for the year.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights lo the cash fflows from the
asset expire or are settled, or when the charity transfers the financial asset and substantially all
the risks and rewards of ownership to another entity, or if some significant risks and rewards of
ownership are retained but control of the asset has transferred to another party that is able to
sell the asset in its entirety to an unrelated third paty.
Basic financial liabilities
Basic financial liabilities. including creditors are initially recognised at transaction price unless
the arrangement conslilules a financing transaction, where the debt instrument is measured at
the present value of the future receipts discounted at a market rate of interest. Financial liabilities
classified as payable wrthin one year are not amortised.
Liabilities are recognised within the financial statements in respect of all expenditure for which
the entity has a measurable obligation, be it constructive or legal, at the balance sheet dale.
Any expendilLJre which is committed to, but not measurable al this time. is disclosed wlhin the
notes lo the financial statements as a contingent liability.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity's contractual obligations expire or are
discharged or cancelled.
13

THE ANNANDALE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
Accounting policies cont.
Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised
gains and losses on investments are calculated as the difference be￿een sale proceeds and
opening market value lor purchase date if lalerl. Unrealised gains and losses are calculated as
the difference between the market value al the year end and opening market value (or purchase
date if laler). Realised and unrealised gains are not separated in the Statement of Financial
Activities.
Investment income
2021
2020
Dwidends - UK equi(ies
Divklends- Foreign equrties
Inleresl- UK fixed interest securrties
Interest- Overseas uni( trusts
Interest- Cash deposits
Compensation payment
140,428
59,406
25,542
126,767
171
81,439
137,166
39,607
145,016
733
1,353
352.314
405,314
Costs of generating funds
2021
2020
Investment man2gemenl fees
73,141
14

THE ANNANDALE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
Charitable activities
The charity undertakes ils charitable aclivtiies through grant making, and awards grants to a
number of charities in accordance with ils charitable objectives.
Other
a￿ted
cos
Grant fvnrted
Support
tosts
Tot￿ 2021
Tow 2020
General tharttable a￿￿1￿"eS
11.6061
9.279
73.550
81223
505.422
Other allocated costs of £73,550 (2020.. £84,553) principally comprise management fees charged
by the Corporate Trustee.
During the year no gfanls (2020.. 186 grants totalling £412,139) were awarded lo institutions in
accordance with the terrns of the governing document. 1 grant totalling £1,606 was returned
during the year12020'. 1 grant totalling £3,043).
Analysis of grants
During the year no grants 12020.. 186 grants lotalling £412,139) were awarded to charitable
inslilulions in accordance with the terms of the governing document. No grants were awarded
to individuals in either year. One grant of £1,606 was ￿tUrned during the year (2020.. 1 grant
lotalling £3,0431-
The treatment of returned grants has been changed. Returned grants are now offset against
grants payable within general charitable activities. For this reason, comparative disclosure has
been presented differenuy.
15

THE ANNANDALE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
Support costs
2021
2020
countancy fees
Allditor's remuneration
2.269
7,010
2,050
6.680
9,279
8.730
Support costs include those incurred in the govemance of the charity and its assets and are
primarily associated with constitutional and statutory requirements.
Governance costs are disclosed inclusive of VAT.
16

THE ANNANDALE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
Investments
2021
2020
SecUrit￿s fair value at 6 April 2020
11.998,664
13,674.743
quisilions al cost
Sales pr￿eedS from diswsals
Change in fair value
18,113,092
118,243.9061
2,744.116
5,141,639
15,222.4081
11,595,310)
SeCur￿e$ fair value at 5 April 2021
14.611.966
11,998,664
Investments at fair value comprised of..
UK Fixed Interest securrties
Overseas Fixed Interest Securrties
UK Equ(£ies
Overseas equf(ies
Aternative Inveslmenl
4,934,692
6,754,558
1,399.269
109.899
1,413.548
1,606,048
4,975,666
203,930
2,464.710
2,748,310
14,611,966
11,998,664
Securities historical cost at 5 4)ri12021
13,434,873
9,167,488
The following individual investments are considered to be material lover 5•/4 of portfolio by
value) in the context of the portfolio.
HSBC Corporate Bond Inst Inc which has a portfolio weighting of 1.47 /D {2020.' 7.590/al,
HSBC Global Emerging Market Local Debt which has a portfolio weighting of 5.19'/012020'.
HSBC Global which has a portfolio weighting of 5.920/0 {2020. 5.86 % )
HSBC UK Gill Index which has a portfolio weighting of nil /0 {2020.' 8.00 /0),
HSBC European Index which has a portfolio weighting of 3.34Q/o12020.' 5.81 % ),
HSBC American Index which has a portfolio weighting of 7.140/012020.. 11.27 % },
HSBC GIF which has a portfolio weighting of 0.994/012020.. 5.910/01,
HSBC GIG which has a porffolio weighting of 9.68Q/o {2020.' 5.78 /0).
HSBC Mulli Factor Worldwide which has a portfolio weighting of 5.62Q/o {2020- 5.66°kl,
ishares Core 8.220/012020.. nil /D}.
All security investments held are listed investments.
17

THE ANNANDALE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
Inve3tments cont.
2021
2020
Socurity investmants
Cash investments
14,611.966
614.012
11,998.664
190.380
15,225,978
12,189,044
Debtors
2021
2020
P£crued income
1,690
Creditors: amounts falling due within one year
2021
2020
Accnjals
109.627
25,090
109,627
25,090
10. Funds
Unrestricted funds comprise those funds which the Injslee is free to use in accordance with the
charitable objects.
The expendable endowment funds represent those assets, which are held pemianently by the
charity, principally investments. Income arising on the endowment fund can be used in
accordance with the objects of the charity and is included as unrestricted income. Any capital
gains or losses arising on the investments form part of the fund. Investment management fees
and certain management and administration costs are charged against the fund in accordance
with the lemis of the declaration of trust. The Iruslee has the power to pay or apply the whole
or any part of this fund for or towards charitable purposes.
The trustee has the power to transfer funds between unrestricted and endowment funds.
18

THE ANNANDALE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
11. Trustee remuneration and related parties
The corporate trustee is a small wholly owned subsidiary of HSBC Holdings ple. The following
is a summary of transactions with this entity..
2021
2020
nagemenl fees - Corporate Trustee
Investment management fees
73.550
64,500
84,553
73,141
At 5 April 2021, £82,16212020'. £15,550} was owed to HSBC Trust Company (UK) Limited.
The above fees include VAT that is irrecoverable by the charity. In addition, as a result of the
acquisition and disposal of investments, the charity pay transaction charges to HSBC Bank Plc.
The charges are calculated on a sliding scale at a percentage of the transaction value plus VAT
and are added lo or deducted trom the cost of the investments or the disposal proceeds in
accordance with UK standard accounting practi￿.
No truslee expenses have been incuried during the year or in the previous year.
19