## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||||Page|Unrestricted|Unrestricted|Funds| |---|---|---|---|---|---|---|---| ||||||2022||2021| ||||||||E| |Income from:|||||||| |Investments
(note|2)|||15|2,164,032||3,544,301| |Donations
and legacies|||||||23,139,448| |Total income|||||2,164,032||26,683,749| |Expenditure
on:|||||||| |Charitable
activities|(note 4)|||16|3,071,386||9,511,407| |Raising funds (note 5)||||17|616,417||575,088| |Total expenditure|||||3,687,803||10,086,495| |Net (losses)/gains|on investments||(note 6)|18|(28,347,447)||6,755,110| |Net (expenditure)/income:|||||(29,871,218)||23,352,364| |Other recognised|gains:||||||| |Gains on foreign currency||revaluation|||1,120,469||143,343| |Net movement
in|funds||||(28,750,749)||23,495,707| |Reconciliation
of|funds:||||||| |Total funds brought|forward|at 1|January 2022||165,681,903|142,186,196|| |Total funds carded|forward|at 31|December 2022||8136,931,154|f165,681,903|| ## ## ## ||||Page|2022|2021| |---|---|---|---|---|---| |||||E|8| |Fixed assets:|||||| |Investments
(note 6)|||18-20|141,656,825|170,180,716| |Current assets:|||||| |Debtors (note 7)|||20|65,177|1,035,174| |Cash at bank (note 8)|||20|5,243,493|8,358,880| |||||5,308,670|9,394,054| |Liabilities:|||||| |Creditors - Amounts|falling|due within one year (note 9)|20|(4,809,135)|(5,771,158)| |Net Current Assets||||499,535|3,622,896| |Total assets less current||liabilities||142,156,360|173,803,612| |Creditors - Amounts|falling|due more than one year (note 9)|20|(5,225,206)|(8,121,709)| |Total Net Assets||||F136,931,154|F165,681,903| |The funds ofthe charity:|||||| |Unrestricted
Funds||||8136,931,154|F165,681,903| |Approved
by the Board of||Trustees and|||| |Signed on their behalf by:|||||| |||||I(. ,X70@g-Q......2023|| ## ## ## |||||Page|2022|2021| |---|---|---|---|---|---|---| ||||||E|E| |Net Cash flow from Operating
Activities||||||| |Net (expended)/incoming
resources|after gains||||(28,750,749)|23,495,707| |Less investment
income|||||(2,078,997)|(3,541,658)| |Less deposit interest
Decrease/(increase)
in debtors|||||(81,430)
969,997|(926)
(228,919)| |(Decrease)/increase
in creditors|||||(3,858,526)|4,146,704| |Net loss/(gain)
on investment
assets|||||28,347,447|(6,755,110)| |Net (gain) on foreign exchange|||||(1,120,469)|(143,343)| |Net cash (outflow)/inflow
from operating||activities|||(6,572,727)|16,972,455| |Returns on investments
and servicing offinance||||||| |Investment
income|||||2,078,997|3,541,658| |Deposit interest|||||81,430|926| |Capital expenditure
and financial|investments|||||| |Purchase
of investments|||||(30,972,988)|(44,224,632)| |Proceeds from sale of investments|||||26,353,220|25,414,316| |(Decrease)/increase
in cash in the|period||||F (9,032,068)|E 1,704,723| |Reconciliation
of net cash flow to|movement||in net funds|||| |Net cash resources at 1 January 2022|||||16,411,230|14,563,164| |(Decrease)/increase
in cash|||||(9,032,068)|1,704,723| |Foreign exchange
movements|||||1,120,469|143,343| |Cash and Cash Equivalents
at 31|December 2022||||5 8,499,631|816,411,230| |Cash and Cash Equivalents
Consists||of:||||| |Cash at bank and
in hand (note 8)||||20|5243493|8358880| |Cash held with investments
managers||(note 6)||18|3,256,138|8,052,350| |Cash and Cash Equivalents
at 31|December 2022||||F 8,499,631|816,411,230| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ||||Page|2022|2021| |---|---|---|---|---|---| |INVESTMENT INCOME||||F|| |Quoted|investments|||2,078,997|3,535,835| |Interest|on cash deposits|||81,430|926| |Liquidation
Proceeds||||2,427|1,393| |Accrued|interest received|on fixed interest stocks||1,178|6,147| ||||10|F 2,164,032|F 3,544,301| ## ## ## |CHARITABLE ACTIVITIES|CHARITABLE ACTIVITIES|CHARITABLE ACTIVITIES|CHARITABLE ACTIVITIES|CHARITABLE ACTIVITIES|||Registered||| |---|---|---|---|---|---|---|---|---|---| ||||||||Charity
No.|2022|2021| |UNITED KINGDOM|||||||||E| |IntoUniversity|||||||1118525|1,500,000|1,575,000| |Herefordshire
RDA|||||||1100675|478,865|8,195| |Helmsdale
& District Development||||||Trust||271,500|| |Herefordshire
Cathedral||||||||100,000|| |Career Ready|||||||1092891|78,881|| |Tutor the Nation|||||||1192231|50,000|| |The Stockwell
Cliffe Charitable|||||Trust||1195153|20,000|| |County
Air Ambulance||Trust|||||1057063|20,000|20,000| |Hope and Hospitality|||||||1159213|10,000|| |Pace Centre|||||||1011133|10,000|| |Age UK Hereford
and|Localities||||||1093512|10,000|10,000| |British Disabled
Angling|||Association||||1074729|10,000|10,000| |St Michael's
Hospice|||||||511179|10,000|10,000| |Wye & USK Foundation|||||||1080319|10,000|10,000| |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|4,000| |Harris Federation|||||||||4,260,000| |Sutton Trust|||||||1146244||1,000,000| |Teach First|||||||1098294||1,000,000| |The Prince's Trust|||||||1079675||999,999| |The Queen Elizabeth|Scholarship|||||Trust (QEST)|1152032||300,000| |Next Step Foundation|||||||1191176||90,000| |Brockhampton
Cricket||Club||CIO|||1162136||30,000| |Helmsdale
Golf Club|||||||||20,000| |Now Teach|||||||1189146||20,000| |Less:|||||||||| |Finance expense/(income)||||arising||on discount of long|term commitments|127,599|(136,481)| |Total grants awarded||||||||2,733,845|9,253,713| |Support Costs|||||||||| |Accountancy,
administrative||||and||secretarial fees||191,700|226,200| |Staff costs||||||||120,000|| |Audit fees||||||||15,000|14,400| |Legal fees||||||||7,759|14,904| |Trustees insurance fees||||||||3,082|2,190| |||||||||337,541|257,694| |Total cost ofgrant making|||||||10|F 3,071,386|E 9,511,407| ## ## ## ## ## ## |Period from 5 December|Period from 5 December|1995to 31 December 2021|1995to 31 December 2021|1995to 31 December 2021||||||39,267,707| |---|---|---|---|---|---|---|---|---|---|---| |Year to 31 December 2022||||||||||2,733,845| ||||||||||F42,001,552|| |||||||Page||2022||2021| |COST OF RAISING FUNDS||||||||E||| |Investment
management||and performance||monitoring|fees|||528,806||499,260| |Non-recoverable|tax on|investment|income|||||60,896||62,192| |Costs associated|with legacy income|||||||13,973||| |Custodian fees||||||||12,298||13,186| |Bank charges||||||||444||450| |||||||10|E|616,417|E|575,088| |||||||m0I-||(0
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m0I-| ## ## ||||||||| |---|---|---|---|---|---|---|---| |6.|FIXEDASSETS (continued)||||||| ||Location of investment
assets and cash|||Page||2022|2021| |||||||E|E| ||Investment
assets and cash held within the United|Kingdom||||29,890,468|37,463,771| ||Investment
assets and cash held outside the United||Kingdom||111,766,357||132,716,945| |||||11|F141,656,825||f170,180,716| |7.|DEBTORS||||||| ||Recoverable
foreign tax deductions|||||61,956|15,250| ||Trustee insurance
prepayment|||||3,143|3,082| ||Estate proceeds
held for the benefit ofthe Foundation|||||78|959,685| ||Income
in course of collection||||||57,157| |||||11|8|65,177|F 1,035,174| |8.|CASH AT BANK||||||| ||Coutts 8 Co - USD Current Account|||||1,870,347|4,387,544| ||Coutts 8 Co - GBP Current Account
C. Hoare 8Co. - USD Account
C. Hoare 8Co. - GBPAccount|||||347,281
2,904,323
13,952|1,340,260
2,590,098
14,365| ||Bessemer Trust Company
USD Income Account|||||228|16,667| ||The Bank of New York Mellon GBP Income Account|||||19,730|9,497| ||Cazenove
Income —GBP Account|||||87,183|| ||Barclays Bank Pic GBP Current Account|||||449|449| |||||11|K|5,243,493|8 8,358,880| ||CREDITORS - Amounts
falling due within one year||||||| ||Donation
commitments|||||4,624,102|5,592,596| ||Investment
management
fees|||||94,628|119,082| ||Accountancy
and secretarial fees|||||40,500|38,400| ||Staff costs|||||30,000|| ||Audit fees
Safe custody fees|||||15,000
4,905|14,400
6,680| |||||11|E|4,809,135|f'. 5,771,158| ||CREDITORS - Amounts
falling due more than one||year||||| ||Donation
commitments|||11|E|5,225,206|E 8,121,709| ## ## ## ## ## ##