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