## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## # ## ## ## ## ||Page|Unrestricted|Unrestricted|Funds| |---|---|---|---|---| |||2021||2020| |||E||E| |Income and endowments
from:||||| |Donations
and legacies (note 2)|14|23,139,448||1,579,683| |Investment
income (note 4)|15|3,542,908||1,942,570| |Other||1,393||3,425| |Total income||26,683,749||3,525,678| |Expenditure
on:||||| |Cost of raising funds (note 8)|16|575,088||375,306| |Charitable
activities (note 10)|17-18|9,511,407||7,050,019| |Total expenditure||10086495||7425 325| |Net gains on investments
(note 3)|14|6,755,110||17,770,791| |Net Income||23,352,364||13,871,144| |Other recognised
(losses)/gains||||| |Gains
/ (Losses) on foreign currency transactions||143,343||(160,592)| |Net movement
in Funds||23,495,707||13,710,552| |Total funds brought forward at 1 January 2021||142,186,196|128,475,644|| |Total funds carried forward at 31 December 2021||6165,681,903|2142,186,196|| ## ## ## ## ## ## |||||Page|2021|2020| |---|---|---|---|---|---|---| |||||||K| |Net Cash flow from Operating
Activities||||||| |Net incoming
resources before gains|||||23,495,707|13,710,552| |Less investment
income
Less deposit interest|||||(3,541,658)
(926)|(1,918,109)
(27,886)| |(Increase)
in debtors
Increase
in creditors|||||(228,919)
4,146,704|(774,712)
4,299,478| |Net gain on investment
assets|||||(6,755,110)|(17,770,791)| |Net loss on foreign exchange|||||(143,343)|160,592| |Net cash outflow from operating
activities|||||16,972,455|(2,320,876)| |Returns
on investments
and servicing offinance||||||| |Investment
income|||||3,541,658|1,918,109| |Deposit interest|||||926|27,886| |Capital expenditure
and financial|investments|||||| |Purchase
of investments
Proceeds from sale of investments|||||(44,224,632)
25,414,316|(41,845,945)
43,687,629| |Increase
in cash in the period|||||F 1,704,723|F 1,466,803| |Reconciliation ofnet cash flow to|movement||in net funds|||| |Net cash resources at 1 January 2021|||||14,563,164|13,256,953| |Increase/(decrease)
in cash|||||1,704,723|1,466,803| |Foreign exchange
movements|||||143,343|(160,592)| |Cash and Cash Equivalents
at 31|December||2021||616,411,230|614,563,164| |Cash and Cash Equivalents
Consists||of:||||| |Cash at bank and in hand (note 6)
Cash held with investments
managers||(note 3)||15
14|8,358,880
8,052,350|9,942,858
4,620,306| |Cash and Cash Equivalents
at 31|December||2021||F16,411,230|214,563,164| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |FOR THE YEAR TO|31 DECEM|BER 2021|||| |---|---|---|---|---|---| |FIXEDASSETS (continued)|||||| |Location ofinvestment
assets and cash||Page|2021
f||2020
f| |Investment
assets and cash held within the United|Kingdom||37,463,771|34,178,657|| |Investment
assets and cash held outside the United|Kingdom||132,716,945|107,004,589|| ||||f170,180,716|f141,183,246|| |INVESTMENT INCOME|||||| |Quoted
investments|||3,535,835||1,916,349| |Accrued interest received on fixed interest stocks
Interest on cash deposits|||6,147
926||(1,665)
27,886| |||9|f 3,542,908|f|1,942,570| |DEBTORS|||||| |Estate proceeds
held for the benefit ofthe Foundation|||959,685||741,035| |Income
in course of collection|||57,157||| |Recoverable
foreign tax deductions|||15,250||26,850| |Trustee insurance
prepayment|||3,082||| |Investment
purchases
in course of collection|||||38,370| |||10|f 1,035,174|f|806,255| |CASH AT BANK|||||| |Coutts &Co - USD Current Account|||4,387,544||3,952,096| |Coutts &Co - GBP Current Account
C. Hoare 8 Co. - USD Account
C.Hoare &Co. - GBPAccount|||1,340,260
2,590,098
14,365||3,390,804
2,563,915
14,785| |Bessemer Trust Company
USD Income Account|||16,667||8,549| |The Bank of New York Mellon GBP Income Account|||9,497||12,260| |Barclays Bank Pic GBP Current Account|||449||449| |||10|f 8,358,880|f|9,942,858| ## ## ## ## ||||||Page|2021||2020| |---|---|---|---|---|---|---|---|---| |||||||F||6| |CREDITORS - Amounts|falling due within||one year|||||| |Donation
commitments||||||5,592,596||3,840,576| |Investment
management|fees|||||119,082||84,697| |Accountancy
and secretarial fees||||||38,400||88,200| |Audit fees||||||14,400||14,400| |Safe custody fees||||||6,680||2,641| ||||||10|E 5,771,158|E|4,030,514| |CREDITORS - Amounts|falling due more||than one|year||||| |Donation
commitments|||||10|F.8,121,709|F|5,715,649| |COST OF RAISING FUNDS||||||||| |Investment
management|and performance||monitoring|fees||499,260||372,938| |Non-recoverable
tax on
Custodian fees|investment|income||||62,192
13,186||(11,580)
13,548| |Bank charges||||||450||400| ||||||9|F- 575,088|E|375,306| ## ## ## ## ## ## ## ## ## |||||||| |---|---|---|---|---|---|---| |CHARITABLE ACTIVI|TIES|||Registered||| |||||Charity
No.|2021|2020| |UNITED KINGDOM|||||E|E| |Harris Federation|||||4,260,000|340,000| |Sutton Trust||||1146244|1,000,000|| |Teach First||||1098294|1,000,000|| |The Prince's Trust||||1079675|999,999|| |IntoUniversity||||1118525|1,575,000|1,500,000| |The Queen Elizabeth Scholarship||Trust (QEST)||1152032|300,000|| |Next Step Foundation||||1191176|90,000|| |Brockhampton
Cricket|Club CIO|||1162136|30,000|| |County
Air Ambulance|Trust|||1057063|20,000|20,000| |Helmsdale
Golf Club|||||20,000|| |Now Teach||||1189146|20,000|| |Age UK Hereford
and Localities||||1093512|10,000|10,000| |British Disabled
Angling
St Michael's
Hospice|Association|||1074729
511179|10,000
10,000|10,000
10,000| |Wye 8 USK Foundation||||1080319|10,000|10,000| |Herefordshire
RDA||||1100675|8,195|90,593| |Sutherland
Schools Pipe Band, Golspie||||SC015660|8,000|8,000| |Angling
Trust|||||5,000|5,000| |Atlantic Salmon Trust||||252742|5,000|5,000| |Herefordshire
Growing|Point|||1006625|5,000|5,000| |Loth Helmsdale
Flower|Show Society|||SC029615|4,000|2,000| |NMITE||||1176550||3,094,945| |Wildfowl
&Wetlands
Trust||||1030884||1,440,000| |Missing Salmon Alliance||||||150,000| |Herefordshire
Headway||||1092578||100,000| |The PCC of Hentland
and Hoarwithy||||||38,522| |Borana Conservancy
Ltd - Borana||Rangelands|School|||22,026| |The Special Air Service|Regimental|Association||254393||15,000| |Less:||||||| |Adjustments
to prior year donations
Discount factor 2% per annum|||||(136,481)|(14,100)
(45,447)| |Total grants awarded|||||9253713|6816539| ## ## ## ||FOR THE|FOR THE|FOR THE|YE|AR|TO|31 D|EC|EMB|ER 2021||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |10.|CHARITABLE ACTIVITIES (continued)|||||||||Page||||| |||||||||||||2021||2020| ||UNITED KINGDOM (continued]|||||||||||8||E| ||Governance
Costs|||||||||||||| ||Accountancy,
administrative
and secretarial fees|||||||||||226,200||217,200| ||Legal fees|||||||||||14,904||| ||Audit fees|||||||||||14,400||14,400| ||Trustees insurance fees|||||||||||2,190||1,880| |||||||||||||257,694||233,480| ||Total cost ofgrant making|||||||||9|F|9,511,407|E 7,050,019|| ||Xeinadin
Audit Limited, the Charity's||auditors,|||received||no|remuneration||in respect of non-audit|||services.| ||SUMMARY OF TOTAL DONATIONS||SINCE|||INCEPTION|||ON|5 DECEMBER||1995||E| ||Period 5 December 1995to 31|December|||2020||||||||30,013,994|| ||Year to 31 December 2021||||||||||||9,253,713|| ||||||||||||||E39,267,707|| |11.|RELATED PARTY TRANSACTIONS|||||||||||||| ||No Trustee received any remuneration|||during||the|year|to|31 December||2021.|||| |12.|FINANCIAL
INSTRUMENTS|||||||||Page||2021||2020| |||||||||||||E||E| ||The carry amounts
ofthe Trust's financial||||instruments|||are|as follows:|||||| ||Financial assets|||||||||||||| ||Measured
at fair value through|SOFA:||||||||||||| ||-Fixed asset quoted
investments|||||||||14|162,128,366||136,562,940|| ||-Cash under management|||||||||14||8,052,350|4,620,306|| ||-Cash at bank and
in hand|||||||||15||8,358,880|9,942,858|| ||-Measured
at amortised
costs|||||||||15||1,035,174||806,255| ||Financial liabilities|||||||||||||| ||Measured
at amortised
cost|||||||||||||| ||-Creditors|||||||||16|13,892,867||9,746,163|| ||The net gains attributable
to the Trust's|||financial|||instruments|||||||| ||are summarised
as follows:|||||||||||||| ||Income and expense|||||||||||||| ||Measured
at fair value through|SOFA:||||||||||||| ||-Net gains (including
changes in fair||value)|||||||14||6,755,110|17,770,791||