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## 

||Page|
|---|---|
|Legalandadministrativeinformation||
|Trustees'report|2-4|
|Independentauditor'sreport|5-7|
|Statementoffinancialactivities|8|
|Statementoffinancialposition|p7|
|Statementofcashflows|10|
|Notestotheaccounts|11-17|
|Investmentschedule|18-25|





## 

## 

|Trustees|MrsMargueriteRosemaryBould|
|---|---|
||RathboneTrustCompanyLimited|
|Charitynumber|1063278|
|RegisteredofficeIaddressforappeals|TheAdministrator|
||RathboneTrustCompanyLimited|
||8FinsburyCircus|
||London|
||EC2M7AZ|
|Auditor|GilbertAllen&Co|
||ChurchdownChambers|
||Bordyke|
||Tonbridge|
||Kent|
||TN9INR|
|Solicitors|PenningtonsManchesCooperLLP|
||125WoodStreet|
||London|
||EC2V7AW|
|Investmentadvisers|RathboneInvestmentManagementLtd|
||8FinsburyCircus|
||EC2M7AZ|





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|||2021|2020|
|---|---|---|---|
||Notes|£|£|
|Income||||
|Furtherfundsaddedtothetrust|3|346,980|336,145|
|Investmentincome|4|73,606|91,413|
|Otherincome|5|12|144|
|Totalincome||420.598|427.702|
|Expenditure||||
|Raisingfunds|6|13,745|12,376|
|Charitableactivities|7|350,438|261,735|
|Totalresourcesexpended||364.183|274.111|
|Netincomebeforeinvestmentgains||(u,lbu|-Ibb,3b/|
|Netgain/(loss)oninvestments|12|559,550|(110,982)|
|Netmovementinfunds||615,965|42,609|
|Fundbalancesat1July2020||3,676,241|3,633,632|
|Fundbalancesat30June2021||4.292.206|3.676.241|





## 

## 

## 

|||`2021`||`2020`||
|---|---|---|---|---|---|
||Notes|£|£|£|£|
|Fixedassets||||||
|Investments|13||4,291,940||3,647,042|
|Currentassets||||||
|Debtors|14|1,708||2,232||
|Cashatbankandinhand||17,619||42,824||
|||19,327||45,056||
|Creditors:amountsfallingduewithin|15|||||
|oneyear||(19,061)||||
|Netcurrentassets|||266||29,199|
|Totalassetslesscurrentliabilities|||4,292,206||3,676,241|
|Incomefunds||||||
|Unrestrictedfunds|||4,292,206||3,676,241|
||||4,292,206|||





## 

## 

## 

|||2021||2020||
|---|---|---|---|---|---|
||Notes|£|£|£|£|
|Cashflowsfromoperatingactivities||||||
|Cash(absorbedby)/generatedfrom|17|||||
|operations|||(13,069)||57,262|
|Investingactivities||||||
|Purchaseofinvestments||(1,312,525)||(1,277,353)||
|Proceedsondisposalofinvestments||1,111,083||1,207,832||
|Dividendsandinterestreceivedfrominvestments||73,212||84,823||
|Netcash(usedin)/generatedfrom||||||
|investingactivities|||(128,230)||15,302|
|Net(decrease)/increaseincashandcash||||||
|equivalents|||(141,299)||72,564|
|Cashandcashequivalentsatbeginningofyear|||163,349||90,785|
|Cashandcashequivalentsatendof|19|||||
|year|||22.050||163.349|





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|3|Furtherfundsaddedtothetrust|||
|---|---|---|---|
|||2021|2020|
|||£|£|
||MrsMRBould|346,980|336,145|
|4|Investmentincome|||
|||2021|2020|
|||£|£|
||UKdividendincome|49,979|62,121|
||Unittrustinterest|3,282|4,945|
||Foreignincome|18,667|22,221|
||Foreignfixedinterest|1,678|2,126|
|||73,606|91,413|
|5|Otherincome|||
|||2021|2020|
|||£|£|
||Rathbonesgrossinterest|12|144|





## 

## 

## 

|||Unrestricted|Unrestricted|
|---|---|---|---|
|||funds|funds|
|||2021|<br>2020|
|||£|£|
||Investmentmanagementfees|13,745|12,376|
|||1,(4b|'IL,6(Ei|
|7|Charitableactivities|||
|||2021|2020|
|||£|£|
||Grantfundingofactivities(seenote8)|335,000|249,000|
||Shareofgovernancecosts(seenote9)|15,438|12,735|
|||350,438|261,735|
|8|Grantspayable|||
|||2021|2020|
|||£|£|
||Children|2,000|1,000|
||Religious|44,000|10,000|
||Disabled|2,000|1,000|
||General|8,000|4,000|
||ArmedForces|245,000|205,000|
||Animals|6,000|1,000|
||Welfare|4,000|6,000|
||Hospices|4,000|1,000|
||Medical|16,000|19,000|
||Seafarers|4,000|1,000|
|||335.000|249.000|





## 

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## 

|Supportcosts||||||
|---|---|---|---|---|---|
||Support|Governance|2021|2020|Basisof|
||costs|<br>costs|||allocation|
||£|<br>£|£|£||
|Rathbonestrusteefees|-|<br>14,394|14,394|11,700|Governance|
|Independentauditorsfee|-|<br>1,044|1,044|1,018|Governance|
|Prioryearunderprovision|||||Governance|
|auditorfees|-|<br>-|-|18||
|||15,438|15,438|12,736||



## 

## 

## 

|Netgains/(losses)oninvestments|||
|---|---|---|
||2021|2020|
||£|£|
|Unrealisedgain/(loss)|496,815|(52,908)|
|Realisedgain/(loss)|62,735|(58,074)|
||559,550|(110,982)|





## 

## 

## 

|Fixedassetinvestments||||
|---|---|---|---|
||Listed|Cashin|Total|
||investments|portfolio||
||£|£|£|
|Costorvaluation||||
|At30June2020|3,526,517|120,525|3,647,042|
|Additions|1,312,525|-|1,312,525|
|Unrealisedprofit|496,815|-|496,815|
|Realisedprofit|62,735|-|62,735|
|Cashininvestmentportfolio|-|(116,094)|(116,094)|
|Disposals|(1,111,083)|-|(1,111,083)|
|At30June2021|4,287,509|4,431|4,291,940|



||Investmentsrepresentingmorethan5%oft|heportfoliostota|lmarketvalue(ex|cludingcash):|cludingcash):|
|---|---|---|---|---|---|
||Investment|Units|MarketValue|%ofTotalMarket||
||||£|Value||
||AllianzTechnologyTrustPlc|91,000|267,995|6.25%||
||FidelityInvestmentServices|110,000|233,970|5.45%||
|||||2021|2020|
|||||£|£|
||Listedinvestments||4,287,509||3,526,517|
||Cashininvestmentportfolio|||4,431|120,525|
||||4.291.940||3.647.042|
||Historiccostofinvestments||3,269,556||2,966,106|
|14|Debtors|||||
|||||2021|2020|
||Amountsfallingduewithinoneyear:|||£|£|
||Otherdebtors|||1,708|2,232|





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## 

|Creditors:amountsfallingduewithinoneyear|||
|---|---|---|
||2021|2020|
||£|£|
|Investmentmanagementfee|3,623|3,139|
|Trusteefee|14,394|11,700|
|Auditfee|1,044|1,018|
||19.061|15.857|



## 

## 

|Cashgeneratedfromoperations|||
|---|---|---|
||2021|2020|
||£|£|
|Surplusfortheyear|615,965|42,609|
|Adjustmentsfor:|||
|Investmentincomerecognisedinprofitorloss|(72,688)|(87,055)|
|Realised(gain)/lossondisposalofinvestments|(62,735)|58,074|
|Unrealised(gain)/lossofinvestments|(496,815)|52,908|
|Movementsinworkingcapital:|||
|Increase/(decrease)increditors|3,204|(9,274)|
|Cash(absorbedby)/generatedfromoperations|("Ii,Ub3)|b/,LbZ|
|Analysisofchangesinnetfunds|||
|Thetrusthadnodebtduringtheyear.|||
|Cashandcashequivalents|||
||2021|2020|
||£|£|
|Cashatbankandinhand|17,619|42,824|
|Cashininvestmentportfolio|4,431|120,525|
||22,050|163,349|





## 

## 

## 

|20|Donationsmadeduringtheyear|||
|---|---|---|---|
|||2021|2020|
|||£|£|
||ABFLTColonelWoodFund|100,000|100,000|
||Alzheimer'sSociety|2,000|1,000|
||BlindVeteransUK|2,000|1,000|
||BrainwaveCentreLimited|2,000|1,000|
||BurmaStarAssociation|10,000|-|
||CareforVeterans|-|1,000|
||CancerResearchUK|-|1,000|
||CaninePartnersforIndependence|2,000|1,000|
||CHICKS-CountryHolidaysforInnerCityKids|2,000|-|
||Children'sHospiceSouthWest|4,000|1,000|
||CinnamonTrust|2,000|1,000|
||CombatStress|-|2,000|
||CysticFibrosisTrust|2,000|1,000|
||DeafBlindUK|-|2,000|
||DevonAirAmbulance|4,000|1,000|
||DevonHistoricChurchesTrust|3,000|3,000|
||DogsForGood|2,000|-|
||Fishermen'sMission|2,000|-|
||GurkhaWelfareTrust|2,000|1,000|
||HearingDogsforDeafPeople|2,000|1,000|
||Huntington'sDiseaseAssociation|2,000|1,000|
||Livability|2,000|1,000|
||MercyShipsUK|2,000|-|
||MissionAviationFellowshipUK|2,000|-|
||MissionSeafarers|2,000|1,000|
||MuscularDystrophyUK|2,000|1,000|
||NationalTrust|-|1,000|
||Parkinson'sUK|2,000|1,000|
||QueenAlexandraHospital|2,000|-|
||SidmouthLifeboat|2,000|1,000|
||SidmouthLivingwithCancer|2,000|-|
||SidmouthParishChurch|25,000|5,000|
||StLawrenceChurchThorpe|12,000|1,000|
||StJohnAmbulance|-|10,000|
||StPeter'sChurch,Farndon|2,000|-|
||St Petrocks(Exeter)Limited|2,000|1,000|
||STOLL|100,000|100,000|
||TheCamphillVillageTrust|-|2,000|
||TheRoyalArtilleryCharitableFund|2,000|-|
||TheRoyalBritishLegion|2,000|1,000|
||TheRoyalRegimentofFusiliersAidSociety|2,000|1,000|
||TheRoyalStar&GarterHomes|2,000|1,000|
||TheSalvationArmy|21,000|-|
||TheWoodlandTrust|2,000|1,000|
|||335,000|249,000|





## 

## 

||Holding|Holding|Market|Value|Additions||Disposals|Disposals|Realised|Unrealised|Holding|Holding|MarketValueGrossIncome|MarketValueGrossIncome|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|1|July|2020|1July|2020|Quantity|Cost|Quantity|Proceeds|Profitl(loss)|Profitl(loss)|30June|2021|30June2021||
||||£|||£||£|£|£|£||£|£|
|AllianzTechnologyTrustPlc|||||||||||||||
|OrdinaryGBP0.25|||||||||||||||
|||11,000|248,050||||11,000|66,202||(181,848)|||||
|AllianzTechnologyTrustPlc|||||||||||||||
|OrdinaryGBP0.025|||||||||||||||
||||||110,000|66,202|19,000|52,685|41,250|213,228||91,000|267,995||
|AvivaInvestorsUKSvcsLtd|||||||||||||||
|USEquityIncomeIi2IncNav|||||||||||||||
|||70,000|107,191||||70,000|108,190|999|||||937|
|||||||||||||||940|
|BbHealthcareTrustPlc|||||||||||||||
|RedeemableOrdinaryGBP0.01|||||||||||||||
||||||70,000|111,319||||27,561||70,000|138,880|1,750|
|CapitaFinancialManagers|||||||||||||||
|TrojanSAccNav|||||||||||||||
|||34,029|<br>121,399||||34,029|123,305|1,906||||||
|CapitaFinancialManagers|||||||||||||||
|TrojanGlobalIncomeOGBPInc|||||||||||||||
||150,000||178,950|||||||||||1,266|
|||||||||||||||1,375|
|||||||||||||||1,049|
|||||||||||7,170|150,000||<br>186,120|1,709|
|CGPortfolioFund|||||||||||||||
|RealReturn'A'|||||||||||||||
|||225||49,259||||||(3,642)||225|<br>45,617|750|





## 

## 

## 

||Holding|Market|Value|Additions||Disposals|Disposals|Realised|Unrealised|Holding|Holding|MarketValueGrossIncome|MarketValueGrossIncome|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|1|July2020|1July|2020|Quantity|Cost|Quantity|Proceeds|Profit/(loss)|Profiti(loss)|30June|2021|30June2021||
|||£|||£||£|£|£|£||£|£|
|EnnismoreSmallerCosPlc||||||||||||||
|GlobalEquityAGBP||||||||||||||
||5,500||68,475|||5,500|60,414|(8,061)||||||
|ETFSHedgedMetalSecLtd||||||||||||||
|DailyHgdPhysicalGold(GBP)||||||||||||||
||12,000|118,004||||2,600|25,567|(1)|(2,219)||9,400|<br>90,217||
|EvenlodeInvMgmtLtd||||||||||||||
|TbEvenlodeIncomeDDis||||||||||||||
||109,981|244,301||||20,981|49,827|3,222|||||1,461|
||||||||||||||1,461|
||||||||||||||1,462|
||||||||||16,153||89,000|<br>213,849|1,703|
|FidelitySpecialValues||||||||||||||
|OrdinaryGBP0.05||||||||||||||
||78,000|147,108||||78,000|136,505|(10,603)||||||
|FilInvestmentServices(Uk)limited||||||||||||||
|GlobalDividendWIncNay||||||||||||||
||110,000|217,250|||||||||||2,645|
||||||||||||||589|
||||||||||||||1,309|
||||||||||16,720|110,000||233,970|2,017|
|FindlayParkFundsPlc||||||||||||||
|AmericanSterlingGBPUhdg||||||||||||||
|||||3,000|346,980|3,000|348,983|2,003||||||





## 

## 

## 

|Holding|Market|Value|Additions||Disposals|Disposals|Realised|Unrealised|Holding|MarketValueGrossIncome|MarketValueGrossIncome|
|---|---|---|---|---|---|---|---|---|---|---|---|
|1July2020|1July|2020|Quantity|Cost|Quantity|Proceeds|Profit/(loss)|Profitt(loss)|30June2021|30June2021||
||£|||£||£|£|£|£|£|£|
|FirstSentierInvrs(Uk)FdsLtd||||||||||||
|FssaGreaterChinaGrowthBGBPAcc||||||||||||
|ChangedfromFirstStateInvestmentsGreaterChinaGrowth|||BNavon22/09/2020|||||||||
|5,500||61,406||848|||||||848|
||||3,500|46,332||||21,604|9,000|130,190||
|GoreStreetEnergyStorageFundPlc||||||||||||
|OrdinaryGBP0.01||||||||||||
||||26,585|27,352||||2,822|26,585|30,174||
|HermesInvestmentFund||||||||||||
|EmergingAsiaEquityFIncNav||||||||||||
|55,000|106,590||||55,000|133,401|26,811||||1,295|
||||||||||||893|
|(shares||||||||||||
|Ftse100Nav||||||||||||
|30,000|182,901||||||||||1,719|
||||||||||||1,035|
|||||||||24,876|30,000|207,777|1,686|
|JPMorganAmericanInvTrustplc||||||||||||
|Ordinary5pshares||||||||||||
|27,000|129,600||||||||||675|
|||||||||46,710|27,000|176,310|1,148|
|JPMorganEmergingMktsInvtTrust||||||||||||
|Ordinary21/2pshares||||||||||||
||||95,000|128,640||||(1,530)|<br>95,000|<br>127,110||





## 

## 

## 

|Holding|Market|Value|Additions||Disposals|Disposals|Realised|Unrealised|Holding|MarketValueGrossIncome|MarketValueGrossIncome|
|---|---|---|---|---|---|---|---|---|---|---|---|
|1July2020|1July|2020|Quantity|Cost|Quantity|Proceeds|Profiti(loss)|Profiti(loss)|30June2021|30June2021||
||£|||£||£|£|£|£|£|£|
|JpmorganAssetManagementUKLtd||||||||||||
|MultiAssetMacroCNetAccNay||||||||||||
||||40,000|71,279||||81|<br>40,000|71,360||
|JupiterUnitTrustManagers||||||||||||
|StrategicBondIInc||||||||||||
|100,000||66,500||(302)|100,000|66,711|513||||225|
|JupiterUnitTrustManagers||||||||||||
|StrategicBondZInc||||||||||||
||||99,985|66,711|||||||549|
||||||||||||606|
|||||||||139|99,985|66,850|610|
|LinkFundSolutions||||||||||||
|TrojanIncomeSInc||||||||||||
|130,989|232,951|||400|20,989|38,821|1,430||||400|
||||||||||||2,724|
|||||||||10,213|110,000|206,173|3,760|
|LinkFundSolutionsLtd||||||||||||
|TrojanXInc||||||||||||
|74,000||83,324|||||||||234|
|||||||||6,712|<br>74,000|<br>90,036|105|
|LiontrustInvestmentFunds||||||||||||
|LiontrustSpecialSituationsIFund||||||||||||
||||17,000|75,719||||8,171|<br>17,000|<br>83,890||





## 

## 

## 

|Holding|Market|Value|Additions||Disposals|Disposals|Realised|Unrealised|Holding|Holding|MarketValueGrossIncome|MarketValueGrossIncome|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|1July2020|1July|2020|Quantity|Cost|Quantity|Proceeds|Profiti(loss)|Profiti(loss)|30June|2021|30June2021||
||£|||£||£|£|£|£||£|£|
|M&GInvestmentManagement|||||||||||||
|AmericanIDist|||||||||||||
||||4,000|111,601|4,000|111,601||||||111|
|M&GSecuritiesLimited|||||||||||||
|GlobalMacroBondJGBPDisUnhedged|||||||||||||
|80,000||93,456|||80,000|81,007||||||432|
|||||||||||||348|
|||||||||(12,449)||||256|
|M&gSecuritiesLimited|||||||||||||
|NorthAmericanDividendPpGBPDis|||||||||||||
||||109,113|111,601||||||||386|
|||||(291)||||23,423|109,113||134,733||
|M&gSecuritiesLtd|||||||||||||
|GlobalMacroBondPpGBPDis|||||||||||||
||||89,080|81,007||||3,539||89,080|84,546|255|
|MaitlandInstitutionalServicesLtd|||||||||||||
|MiChelvertonUkEquityIncomeBShsDis|||||||||||||
|130,000|115,180|||||||||||715|
|||||||||||||1,262|
|||||||||||||909|
|||||||||46,579|130,000||161,759|847|





## 

## 

## 

||Holding|Holding|Market|Value|Additions||Disposals|Disposals|Realised|Unrealised|Holding|Holding|MarketValueGrossIncome|MarketValueGrossIncome|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|1|July|2020|1July|2020|Quantity|Cost|Quantity|Proceeds|Profitl(loss)|Profitl(loss)|30June|2021|30June2021||
||||£|||£||£|£|£|£||£|£|
|MurrayIncomeTst|||||||||||||||
|OrdinaryGBP0.25|||||||||||||||
|||20,000|153,600|||||||||||1,900|
|||||||||||||||2,510|
|||||||||||||||790|
|||||||||||20,600||20,000|174,200|1,650|
|MuzinichFunds|||||||||||||||
|GlobalTacticalCredIncFdr|Hgd|IncNay|||||||||||||
||||||600|61,500||||(516)||600|60,984|929|
|PremierPortfolioManagers|||||||||||||||
|PremierMitonUSOpportunitiesBAcc|||||||||||||||
|ChangedfromLinkFundSolutionsLtdCf|||MitonUSOpportunitiesBAccon27/11/2020||||||||||||
|||52,000|139,495|||379||||42,126||52,000|<br>182,000|379|
|RathboneUnitTrustMGMT|||||||||||||||
|GlobalOppsSAcc|||||||||||||||
||||||72,000|108,665||||20,885||72,000|<br>129,550||
|SchroderOrientalIncomeFund|||||||||||||||
|OrdGBP0.01|||||||||||||||
|||44,000||98,780||||||||||836|
|||||||||||||||2,024|
|||||||||||||||836|
|||||||||||20,900||44,000|<br>119,680|836|





## 

## 

## 

|Holding|Market|Value|Additions||Disposals|Disposals|Realised|Unrealised|Holding|MarketValueGrossIncome|MarketValueGrossIncome|
|---|---|---|---|---|---|---|---|---|---|---|---|
|1July2020|1July|2020|Quantity|Cost|Quantity|Proceeds|Profit/(loss)|Profitl(loss)|30June2021|30June2021||
||£|||£||£|£|£|£|£|£|
|SchroderUnitTrusts||||||||||||
|AsianIncomeLInc||||||||||||
|129,046||84,293|||||||||1,700|
|||||||||18,414|129,046|102,707|1,446|
|SPDRTrust||||||||||||
|S&PUSDividendAristocrats||||||||||||
|4,300|174,927||||||||||1,087|
||||||||||||1,096|
||||||||||||1,263|
||||||||||||1,221|
|||||||||35,163|4,300|210,090|1,112|
|SSGASPDRETFSEuropeIplc||||||||||||
|S&P500EFT(USD)||||||||||||
|500|<br>123,412||||||||||484|
||||||||||||431|
||||||||||||417|
|||||||||31,741|<br>500|<br>155,153|396|
|TBaileyFundServicesLtd||||||||||||
|EvenlodeGlobalIncomeFGBPDis||||||||||||
|149,498||180,115|||25,000|33,386|3,266||||843|
||||||||||||844|
||||||||||||844|
|||||||||20,505|<br>124,498|<br>170,500|1,279|
|VeritasFundsPic||||||||||||
|AsianSterlingDGBPEur||||||||||||
||||125|130,793||||8,420|<br>125|<br>139,213||





## 

## 

##