## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ||||2023|2022| |---|---|---|---|---| ||||Unrestricted|Total| ||||funds|funds| |||Notes|8|| |INCOME AND ENDOWMENTS FROM||||| |Investment
income|||153,816|123,141| |Other income||||1,784| |Total|||153,816|124,925| |EXPENDITURE|ON|||| |Raising funds|||69,237|77,540| |Charitable
activities||||| |Grant making|||242,189|233,494| |Total|||311,426|311,034| |Net gains/(losses)
on inves/ments|||(444,892)|213,533| |NET INCOME/(EXPENDITURE)|||(602,502)|27,424| |RECONCILIATION OFFUNDS||||| |Total funds bmught|forward||15,165,482|15,138,058| |TOTAL FUNDS CARRIED FORWARD|||14,562,980|15,165,482| ## ||BALANCE SHEET
31MARCH 2023||| |---|---|---|---| |||2023|2022| |||Unrintrieted|Total| |||funds|funds| ||Notes|8|| |FIXEDASSETS|||| |Investments||14,693,906|15,260,356| |CURRENT ASSETS|||| |Cash at bank||59,841|61,334| |CREDITORS|||| |Amounts
falling due within one year||(190,767)|(156,208)| |NET CURRENT ASSETS||(130,926)|(94,874)| |TOTAL ASSETSLESSCURRENT LIABILITIES||14,562,980|15,165,482| |NET ASSETS||14,562,980|15,165,482| |FUNDS|10||| |Unrestricted
funds||14,562r980|15,165,482| |TOTALFUNDS||14r562 tr80|15,165,482| ## ## ## ## ## ## ## |INVESTMENT INCOME|||| |---|---|---|---| |||2023|2022| |||8|| |UK hated investments||39369|32,242| |Non UK listed investments||47,682|46,947| |Interest on cash and settlements|pending|66,765|43,952| |||153,816|123,141| ## ||Investmeat|Investmeat|management|management|costs||||| |---|---|---|---|---|---|---|---|---|---| |||||||||2023|2022f| ||Portfolio management|||||||6O,237|77,540| |4.|CHARITABLE ACTIVITIES COSTS||||||||| ||||||||Grant||| ||||||||funding of||| ||||||||activities|Support|| ||||||||(see note|costs (me|| ||||||||5)f|note 6)|Totalsf| ||Grant making||||||219,638|22,551|242,189| ||GRANTSPAYABLE||||||||| |||||||||2023|2022| ||||||||||f| ||Grant making|||||||219,638|225,964| ||Thc total grants paid to|||institntinns||during the year was as followw|||| |||||||||2023|2022| |||||||||5,|| ||Queen Mary, University||||ofLondon|||219,638|225,964| |6.|SUPPORT||COSTS||||||| |||||||||Governance|| |||||||Finance
f,|Otherf|costsf|Totals| ||Grant making|||||566|109345|11,640|22,551| ||Support costs, included|||in the above, are as follows:|||||| ||Finaace||||||||| |||||||||2023|2022| |||||||||Grant|Total| |||||||||making|activities| |||||||||8|| ||Insurance|||||||566|| ||Other||||||||| |||||||||2023|2022| |||||||||Grant|Total| |||||||||making|activities| ||||||||||f| ||Temporary||secretariat staff|||||928|| ||Legal fees|||||||6,480|6,480| ||Currency|losses/(gains)||||||2,937|(10350)| |||||||||10,345|(3')| ## ## |Goveraa|ace costs||| |---|---|---|---| |||2023|2022| |||Grant|Total| |||making|amiviYies| |Auditors'|remuneration|5,160|4,920| |Legal fees||6,400|6,480| |||11,640|11,400| ## ## ## ## ||||||||Cash and|||| |---|---|---|---|---|---|---|---|---|---|---| |||||||Listed|settlements|||| |||||||investments|pending||Totals|| ||||||||f.|||6| |MARKET VALUE||||||||||| |At 1 April 2022||||||11,621,414|3,638,942|15,260356||| |Additions||||||2,023,406|3429,075||6,152,561|| |Disposals||||||(3,024,848)|(3,249,271)|(6,274,119)||| |Revaluations||||||(91888)|(353,504)||(444,892)|| |At 3I March 2023||||||11328,664|3,365,242|14,693,906||| |NET BOOK VALUE||||||||||| |At 31 March 2023||||||11,328,664|3365,242|14,693,906||| |At 31March 2022||||||11,621,414|3,638,942|15,260,356||| |Analysis ofiavestmeats||(aU|geaeral funds):|||2023||2022||| |||||||8||||| |UK iluoted equities||||||1,564,769|1,270,241|||| |Non UK quoted equities||||||6,081,522|6,602,B13|||| |UK quoted bonds &|fixed income securities|||||1/13,041|960,320|||| |Non-UK quoted bonds &fixed income securities||||||1,070,290|1,367,615|||| |Hedge funds||||||1375,424|1,419,183|||| |UK cash funds||||||3,346,839|3,811,790|||| |Forward exchange contracts||||||18,403|(172,848||)|| |Other funds||||||23,610||1,242||| |||||||14,693,906|15,260,356|||| |The value of individual||investments
considered|||material|in the context of the investment|portfolio
are|as follows||(values| |exceeding 5%ofthe|investment|||portfolio):||||||| |Rothschild &Co - Inflation Focus Fund USD Shs||||||1,070,298|728%|||| |Rothschild &Co —Investment||||Grade Bonds Shs||1,313,041|B94%|||| |Money Market - Institutional|||Cash Series PLC - Blackrock|||ICS||||| |Sterling Government|Liquidity|||Fund Premier Shs|GBP|3,000,000|20.42%|||| ## ## |||||||||Cash and|| |---|---|---|---|---|---|---|---|---|---| ||||||||Listed|setdemeats|| ||||||||investments|pendiag|Totals| ||||||||8|8|8| ||Valuation||in 2023||||2,518,916|18,403|2,537,319| ||Cost||||||8,809,748|3,346,839|12,156,587| ||||||||11,328,664|3,365,242|14,693,906| |9.|CREDITORS: AMOUNTS|||||FALLING DUE WITHIN ONE YEAR|||| |||||||||2023|2022| ||Accrued||expenses|||||190,767|156,208| |10.|MOVEMENT||||IN FUNDS||||| |||||||||Net|| |||||||||movement|At| ||||||||At 1.4.22|in funds|31.3.23| |||||||||f|f| ||Unrestricted|||funds|||||| ||General|fund|||||15,165,482|(602,502)|14,562,980| ||TOTAL||FUNDS||||15,165,482|(602,502)|14,562,980| ||Net movement||||in funds, included in the above are as follows:||||| |||||||Incoming|Resources|Gains and|Movement| |||||||resources|expended|losses|in fundsf| ||Unrestricted|||funds|||||| ||General|fund||||153,816|(311,426)|(444,892)|(602,502)| ||TOTALFUNDS|||||153,816|(311,426)|(444,892)|(602,502)| ||Comparatives||||for movement|in fuads|||| |||||||||Net|| |||||||||movement|At| ||||||||At 1.4.21|in funds|31.3.22| ||||||||f|f|| ||Unrestricted|||funds|||||| ||General||fund||||13,138,058|27,424|13,165,482| ||TOTALFUNDS||||||13,138,058|27,424|15,165,482| ## ## |||Incoming|Resources|Gains and|Movement| |---|---|---|---|---|---| |||resources|expended
f.|losses|in fundsf| |Unrestricted|funds||||| |General fund||124,925|(311,034)|213,533|27,424| |TOTAL FUNDS||124,925|(311,034)|213,533|27,424| |A current year 12months and prior year 12months combined position is|||as follows:||| |||||Net|| |||||movement|At| ||||At 1.4.21|in funds|31.3.23| |Unrestricted|funds||||| |General fund|||15,138,058|(575,078)|14,562,980| |TOTAL FUNDS|||15,138,058|(575,078)|14,562,980| |||Incoming|Resources|Gains and|Movement| |---|---|---|---|---|---| |||resources
f|expended|losses|in funds| |Unrestricted|funds||||| |General
fund||278,741|(622,460)|(231,359)|(575,078)| |TOTALFUNDS||278,741|(622,460)|(231,359)|(575,078)| ## ## ## |||||2023|2022| |---|---|---|---|---|---| |INCOME AND ENDOWMENTS|||||| |Investment
income|||||| |UK listed investments||||39,369|32,242| |Non UK listed investments||||47,682|46,947| |Interest on cash and settlements|||pending|66,765|43,952| |||||153,816|123,141| |Other income|||||| |Other income|||||1,7tj4| |Total iacoming resources||||153,816|124,925| |EXPENDITURE|||||| |lavestment
maaagemeat||costs|||| |Portfolio management||||69,237|77,540| |Charitable
activities|||||| |Grants to institutions||||219,638|225,964| |Support costs|||||| |Finance|||||| |Insurance||||566|| |Other|||||| |Temporary
secretarial|staff|||928|| |Legal fees||||6,480|6,480| |Currency
losses/(gains)||||2,937|(10,350)| |||||10,345|(3,870)| |Goveraaace costs|||||| |Auditors'
remuneration||||5,160|4,920| |Legal fees||||6,480|6,480| |||||11,640|11,400| |Total resources expended||||311,426|311,034| |Net expeaditure
before gains aad losses||||(157,610)|(186,109)| |Realised recognised gains||and|losses||| |Realised gains/(losses)|on|fixed|asset investments|(444,892)|213,533| |Net (expenditure)/income||||(602402)|27,424|