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|---|---|---|---|---|
|Report ofthe Trustees||1|to|3|
|Report ofthe Independent<br>Auditors||4|to|6|
|Statement ofFinancial|Activities||||
|Balance Sheet|||||
|Notes to the Financial|Statements|9|to|14|
|Detailed Statement of|Financial Activities||15||





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|||||2021|2020|
|---|---|---|---|---|---|
|||||Unrestricted|Total|
|||||funds|funds|
||||Notes|||
|INCOME AND ENDOWMENTS FROM||||||
|Investment<br>income||||156,995|234,700|
|Other income||||561,200||
|Total||||718,195|234,700|
|EXPENDITURE|ON|||||
|Raising funds||||59,445|58,920|
|Charitable<br>activities||||||
|Grant making||||343,551|368,527|
|Total||||402,996|427,447|
|Net gains/(losses)|on|investments||2,930,278|(419,271)|
|NET INCOME/(EXPENDITURE)||||3,245,477|(612,018)|
|RECONCILIATION||OF FUNDS||||
|Total funds brought||forward||11,892,581|12,504,599|
|TOTAL FUNDS CARRIED FORWARD||||15,138,058|11,892,581|





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|||2021|2020|
|---|---|---|---|
|||Unrestricted|Total|
|||funds|funds|
||Notes|||
|FIXEDASSETS||||
|Tangible<br>assets|||65,102|
|Investments||15,122,630|11,959,560|
|||15,122,630|12,024,662|
|CURRENT ASSETS||||
|Debtors|10|40,158|34,508|
|Cash at bank||61,334|63,759|
|||101,492|98,267|
|CREDITORS||||
|Amounts<br>falling due within one year||(86,064)|(230,348)|
|NET CURRENT ASSETS||15,428|(132,081)|
|TOTAL ASSETSLESSCURRENT LIABILITIES||15,138,058|11,892,581|
|NET ASSETS||15,138,058|11,892,581|
|FUNDS|12|||
|Unrestricted<br>funds||15,138,058|11,892,581|
|TOTAL FUNDS||15,138,058|11,892,581|





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|INVEST|MENT INCOME||||
|---|---|---|---|---|
||||2021|2020|
|Currency|exchange rate trades||(69,795)|(35,469)|
|UK listed|investments||123,718|143,755|
|Non UK|listed investments||68,667|94,037|
|Interest on cash and settlements||pending|34,405|32,377|
||||156,995|234,700|





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||Investment||management|management|management|costs||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||2021|2020|
||Portfolio management|||||||||59,445|58,920|
|4.|CHARITABLE ACTIVITIES COSTS|||||||||||
||||||||||Grant|||
||||||||||funding of|||
||||||||||activities|Support||
||||||||||(see note|costs (see||
||||||||||5)|note 6)|Totals|
||Grant making||||||||323,127|20,424|343,551|
|5.|GRANTS|PAYABLE||||||||||
|||||||||||2021|2020|
||Grant making|||||||||323,127|349,333|
||The total grants paid to||||institutions||during|the year was as follows:||||
|||||||||||2021|2020|
||Queen Mary||College,|University ofLondon||||||323 127|349,333|
|6.|SUPPORT|COSTS||||||||||
|||||||||||Governance||
||||||||||Other|costs|Totals|
||Grant making||||||||9,144|11,280|20,424|
||Support costs, included||||in the above, are as|||follows:||||
||Other|||||||||||
|||||||||||2021|2020|
|||||||||||Grant|Total|
|||||||||||making|activities|
||Temporary|secretarial||staff||||||719|550|
||Property<br>repairs|||||||||1,945||
||Legal fees|||||||||6,480|6,300|
||Depreciation||oftangible||fixed assets||||||1,304|
|||||||||||9,144|8,154|





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|Governa|nce<br>costs||||
|---|---|---|---|---|
||||2021|2020|
||||Grant|Total|
||||making|activities|
|Auditors'|remuneration||4,800|4,800|
|Legal fees|||6,480|6,240|
||||11,280|11,040|
|TRUSTEES' REMUNERATION||AND BENEFITS|||



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|TANGIBLE FIXEDASSETS||||
|---|---|---|---|
||Freehold|Fixtures||
||property|&fittings|Totals|
|COST||||
|At<br>1 April 2020|97,788|1,150|98,938|
|Disposals|(97,788)|(1,150)|(98,938)|
|At 31 March 2021||||
|DEPRECIATION||||
|At 1 April 2020|32,686|1,150|33,836|
|Eliminated<br>on disposal|(32,686)|(1,150)|(33)836)|
|At 31 March 2021||||
|NET BOOK VALUE||||
|At 31 March 2021||||
|At 31 March 2020|65,102||65,102|
|FIXEDASSETINVESTMENTS||||
|||Cash and||
||Listed|settlements||
||investments|pending|Totals|
|MARKET VALUE||||
|At<br>1 April 2020|8,566,325|3,393,235|11,959,560|
|Additions|2,411,931|5,412,873|7,824,804|
|Disposals<br>Revaluations|(1,827,008)<br>2,657,905|(5,765,004)<br>272073|(7,592,012)<br>2,930,278|
|At 31 March 2021|11,809,153|3,313,477|15,122,630|
|NET BOOK VALUE||||
|At 31 March 2021|11,809,153|3,313,477|15)122,630|
|At 31 March 2020|8,566,325|3,393,235|11,959,560|





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|Analysis ofinvestments|(all general funds):|2021|2020|
|---|---|---|---|
|||f.||
|UK quoted equities||1,522,607|1,055,578|
|Non UK quoted equities||7,138,919|4,970,056|
|UK quoted bonds &fixed|income securities|2,102,125|1,391,907|
|Hedge funds||1,037,686|942,626|
|UK cash funds||3,152,145|3,527,475|
|Forward exchange contracts<br>Other funds||161,332<br>7,816|(134,239)<br>206,157|
|||15,122,630|1l,959,560|



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|The value of individual<br>investments<br>5%ofthe investment<br>portfolio):|The value of individual<br>investments<br>5%ofthe investment<br>portfolio):|The value of individual<br>investments<br>5%ofthe investment<br>portfolio):|considered|material|in the context of|the investment|portfolio|are as follows|(values|exceeding|
|---|---|---|---|---|---|---|---|---|---|---|
|8%NTS UK Gilt 1996-7.6.21||||||1,276,595||8.44%|||
|Money Market - Institutional||Cash Series PLC -||Blackrock ICS Sterling|||||||
|Liquidity<br>Fund Premier Shs GBP||||||2,700,000||17.85%|||
|Cost or valuation<br>at|31 March 2021 is represented|||by:|||||||
|||||||||Cash and|||
|||||||Listed||settlements|||
|||||||investments||pending||Totals|
|Valuation<br>in 2021||||||3,074,885||161,332|3,236,217||
|Cost||||||8,734,268||3,152,145|11,886,413||
|||||||11,809,153||3,313,477|15,122,630||
|DEBTORS:AMOUNTS FALLING DUE WITHIN ONE YEAR|||||||||||
|||||||||2021||2020|
|Prepayments<br>and accrued income||||||||40,158||34,508|
|CREDITORS: AMOUNTS||FALLING DUE WITHIN|||ONE YEAR||||||
|||||||||2021||2020|
|Accrued expenses||||||||86,064|230,348||
|MOVEMENT IN FUNDS|||||||||||
|||||||||Net|||
|||||||||movement||At|
|||||||At 1.4.20||in funds|31.3.21||
|Unrestricted<br>funds|||||||||||
|General<br>fund||||||11,892,581||3,245,477|15,138,058||
|TOTAL FUNDS||||||11,892,581||3,245,477|15,138,058||





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|Net movement|Net movement|in funds, included|in funds, included|in the above are as follows:|||||
|---|---|---|---|---|---|---|---|---|
||||||Incoming|Resources|Gains and|Movement|
||||||resources|expended|losses|in funds|
|Unrestricted||funds|||||||
|General|fund||||718,195|(402,996)|2,930,278|3,245,477|
|TOTAL|FUNDS||||718,195|(402,996)|2,930,278|3,245,477|
|Comparatives||for movement|in|funds|||||
||||||||Net||
||||||||movement|At|
|||||||At 1.4.19|in funds|31.3.20|
|Unrestricted||funds|||||||
|General|fund|||||12,504,599|(612,018)|11,892,581|
|TOTAL|FUNDS|||||12,504,599|(612,018)|11,892,581|



||||||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|---|---|---|---|
||||||resources|expended|losses|in funds|
|||||||||f.|
|Unrestricted||funds|||||||
|General|fund||||234,700|(427,447)|(419,271)|(612,018)|
|TOTAL|FUNDS||||234,700|(427,447)|(419,271)|(612,018)|
|A current|year|12months|and prior year 12months|combined|position is as follows:||||
||||||||Net||
||||||||movement|At|
|||||||At 1.4.19|in funds|31.3.21|
|Unrestricted||funds|||||||
|General|fund|||||12,504,599|2,633,459|15,138,058|
|TOTAL|FUNDS|||||12,504,599|2,633,459|15,138,058|



||||Incoming|Resources||Gains and|Movement|
|---|---|---|---|---|---|---|---|
||||resources|expended||losses|in funds|
|Unrestricted||funds||||||
|General|fund||952,895|(830,443|)|2,511,007|2,633,459|
|TOTAL|FUNDS||952,895|(830,443|)|2,511,007|2,633,459|





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||||FOR THE YEAR ENDED 31M|ARCH 2021||
|---|---|---|---|---|---|
|||||2021|2020|
|INCOME AND ENDOWMENTS||||||
|Investment<br>income||||||
|Currency<br>exchange rate <br>UK listed investments|trades|||(69,795)<br>123,718|(35,469)<br>143,755|
|Non UK listed investments||||68,667|94,037|
|Interest on cash and settlements|||pending|34,405|32,377|
|||||156,995|234,700|
|Other income||||||
|Gain on sale ofproperty||||561,200||
|Total incoming<br>resources||||718,195|234,700|
|EXPENDITURE||||||
|Investment<br>management||costs||||
|Portfolio management||||59,445|58,920|
|Charitable<br>activities||||||
|Grants to institutions||||323,127|349,333|
|Support costs||||||
|Other||||||
|Temporary<br>secretarial|staff|||719|550|
|Property<br>repairs||||1,945||
|Legal fees||||6,480|6,300|
|Freehold<br>property|||||1,304|
|||||9,144|8,154|
|Governance<br>costs||||||
|Auditors'<br>remuneration||||4,800|4,800|
|Legal fees||||6,480|6,240|
|||||11,280|11,040|
|Total resources expended||||402,996|427,447|
|Net income/(expenditure)||before gains and losses||315,199|(192,747)|
|Realised recognised<br>gains||and|losses|||
|Realised gains/(losses)<br>on||fixed|asset investments|2,930,278|(419,271)|
|Net income/(expenditure)||||3,245,477|(612,018)|