2021-03-31-accounts

			Page
Report ofthe	trustees
Independent	examiner's	report
Statement of	financial activities
Balance sheet
Statement of	cash flows
Notes to the financial statements

Address:		Cayzer House
		30Buckingham Gate
		London SW1E 6NN
Governed	by:	Irrevocable Deed ofAppointment				dated
		1November 1996
Trustees:		The Honourable Mrs Elizabeth Gilmour
		Mr George Ponsonby		(appointed		25February	2021)
		Mrs Diana Lloyd (until		26November 2021)
		Mr Dominic Gibbs
		Mrs Sonia Barry (appointed 4Januory 2021)
Administrator:		The Cayzer Trust Company Ltd
		Cayzer House
		30Buckingham Gate
		London SW1E 6NN
Solicitors:		BDBPitmans LLP
		One Bartholomew	Close
		London EC1A 7BL
Investment	managers:	Smith &Williamson	investment			Management	Ltd
		25 Moorgate
		London
		EC2R 6AY
		Troy Asset Management			Ltd
		33Davies Street
		London
		W1K4BP
Independent	examiner:	Si Wakefield ACA
		Dixon Wilson Chartered			Accountants
		22 Chancery Lane
		London
		WC2A 1LS

					Expendable			Expendable
				Unrestricted	endowment	Total	Unrestdicted	endowment	Total
				funds	funds	2021	funds	funds	2020
			Note	E	6	6	6	6	E
Income and endowments
Donations ond legacies
Investment income			2	162,252	(17)	162,235	196,923	3,460	200,383
Total income				162,252	(17)	162,235	196,923	3,460	200,383
Expenditure
Costs o/raising funds
Investment management	costs				10,777	10,777		10,674	10674
Expenditure on charitable		activities
Charitable activities			3	150,000		150,000	201,706		201,706
Total expenditure				150,000	10,777	160,777	201,706	10,674	212,380
Net gains / (losses) on investments					787,023	787,023		(794,285)	(794,285)
Net income / (expenditure)		and
net movement in funds				12,252	776,229	788,481	(4,783)	(801,499)	(806,282)
Reconciliation o/funds
Total funds brought forward
at 1April			7	351,835	6,503,215	6,855,050	356,618	7,304,714	7,661,332
Total funds carded forward
at31March			7	364,087	7,279,444	7,643,531	351,S35	6,503,215	6,855,050

				Expendable			Expendable
			Unrestdcted	endowment	Total	Unrestricted	endowment	Total
			funds	funds	2021	funds	funds	2020
		Note	E	E	E	E	E	E
Fixed assets
Investments				6,877,931	6,877,931		6,104,060	6,104,060
				6,877,931	6,877,931		6,104,060	6,104,060
Current assets
Debtors						269		269
Cash at bank and in hand			422,287	401,513	823,800	435,521	401,513	837,034
			422,287	401,513	823,800	435,790	401,513	837,303
Creditors faging due
within one year		6	(58,200)		(58,200)	(83,955)	(2,358)	(86,313)
Net current assets			364,087	401,513	765,600	351,835	399,155	750,990
Net assets			364,087	7,279,444	7,643,531	351,835	6,503,215	6,855,050
The funds ofthe charity:
Unrestricted funds			364,087		364,087	351,835		351,835
Expendable endowment	funds			7,279,444	7,279,444		6,503,215	6,503,215
Total charity funds			364,087	7,279,444	7,643,531	351,835	6,503,215	6,855,050

				Totalfunds	Totalfunds
				2021	2020
			Note	6	6
Net cash used in operating	activities			(175,755)	(214,155)
Cash flows from Investing	activities
Interest and dividends				162,521	197,693
Investment management fees				(13,135)	(10,897)
Proceeds from sale ofinvestments				474,848	121,540
Purchases of investments				(505,581)	(76446)
Movement ofcash within	investment	portfolio		43,868	(34,197)
Net cash provided by investing activities				162,521	197,693
Change in cash and cash equivalents		in the year		(13,234)	(16,462)
Cash and cash equivalents	brought forward			837,034	853,496
Cash and cash equivalents	carried forward			823,800	837,034

2. Investment	income	2021	2020
		6	6
UK listed investments		128,588	258,404
Non-UK listed investments		26,777	29,557
Interest income		6,870	11,869
Property income distributions			553
		162,235	200,383

3. Analysis ofcharitable	activities (Unrestricted	activities (Unrestricted	activities (Unrestricted	funds)	2021	2020
						6
Donations and grants (see also Note		3a)
Conservation and restoration					137,500	59,600
Archiving and cataloguing						87,206
Conferences, exhibitions, and colloquia					6,800	50,608
					144,300	197,414
Governance costs
Accounts preparation and administration			fee		4,740	3,360
Independent examination fee					960	932
					5,700	4,292
Total expenditure on charitable	activities				150,000	201,706
Note 3(a) Recipients ofinstitutional		grants:

					2021	2020
					6	f
Recipients ofinstitutional	grants:
Bath Preservation Trust						7,076
The British Museum						80,230
Dulwich Picture Gallery						30,000
The Landmark Trust						9,600
The National Gallery: exhibitions		/ catalogues				6,900
The National Gallery: research seminars / academic colloquia				/ workshops		5,384
Sir John Soane's Museum					6,800
The Wallace Collection					37,500	8,324
Wentworth Woodhouse	Preservation		Trust		100,000	50,000
					144,300	197,414

Fixed asset	Fixed asset	investments	investments	investments	investments	investments	(Expendable	(Expendable	endowment	funds)	2021	2020
											E	E
Movement in fixed asset investments:
Opening market values		at 1April									6,104,060	6,905,782
Additions											505,564	79,906
Disposal proceeds											(474,848)	(121,540)
Movement in cash											(43,868)	34,197
Net gain / (loss) on revaluation				and on disposal							787,023	(794,285)
Closing market values	at 31March										6,877,931	6,104,060
Investments at fair value comprised:
Equities											6,242,394	5,417,575
Fixed interest stocks											618,726	625,805
Cash held within the investment					portfolio						16,811	60,680
											6,877,931	6,104,060
Matedial investments	at 31March					at fair value
Caledonia Investments		Pic									1,808,757	1,665,150
Troy Asset Management		-Trojan			income			Fund			1,869,153	1,734,845
Debtors (Unrestricted						funds)					2021	2020
											E	E
P repayments and accrued income												269
6. Creditors falling due				within one year							2021	2020
											E	E
Grants pledged											52,500	79,665
Accruals											5,700	6,648
											58,200	86,313
All creditors relate to unrestricted						funds		in both years, with the		exception ofaccruals	ofE2,358 in the prior year,	which relate to
expendable endowment		funds.
7. The funds ofthe charity											2021	2020
											E	E
Unrestricted
Balance at 1April											351,835	356,618
Incoming resources											162,252	196,923
Resources expended											(150,000)	(201,706)
Balance at 31March											364,087	351,835
Expendable endowment
Balance at 1April											6,503,215	7,304,714
Incoming resources											(17)	3,460
Resources expended											(10,777)	(10,674)
Net gain / (loss) on investment			assets								787,023	(794,285)
Balance at 31March											7,279,444	6,503,215

						2021	2020
						E	E
Net movement in	funds					788,481	(806,282)
Deduct investment	income		and expenses shown	in investing	activities	(151,458)	(189,709)
Increase / (decrease) in market value ofinvestments						(787,023)	794,285
Decrease in creditors						(25,755)	(12,449)
						(175,755)	(214,155)
9. Reconciliation			ofnet debt
						Total	Total
						2021	2020
						E	E
At 1April (all held	in cash)					837,034	853,496
Cash flows for the	year					(13,234)	(16,462)
At 31March (all held in cash)						823,800	837,034
10. Transactions		with trustees or connected persons