2021-03-31-accounts

	Page	Page	Page
Chairman’s Review		1	- 2
Trustees’ Report including the Strategic Report	3	-	24
Trustees’ Responsibilities			25
Independent Auditors’ Report to the Members	26	-	28
Consolidated Statement of Financial Activities			29
Consolidated and Company Balance Sheets			30
Consolidated Cash Flow Statement			31
Notes to the Financial Statements	32	—	50
Appendix 1 - Detailed Schedule ofGrants Paid	50	-	54

THE EDWARD GOSTLING FOUNDATION CHAIRMAN'S REVIEW (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Maintaining strong and collaborative relationships with our partners is very important to us and helps us to understand their needs and thus target our resources more effectively. Unfortunately, the COVID-19 pandemic prevented the team visiting charities for much of the year. Last year we made 11 O visits but this year we had to content ourselves with just two. Thankfully however we were able to maintain contact and continue to build upon relationships through virtual meetings using technology.

In total, during the year, the team processed 1,325 new applications from other charities (FY 2019/20: 930) of which 576 (43.5%) were rejected or withdrawn (FY 2019/20: 458 & 49.2%). In an ideal world we would, of course, like to make grants to all applicants. Our resources are, however, limited and applications are primarily rejected because they do not meet at least one of our Themes'. Our budget for the next year provides for grant giving at £4.14M, thus maintaining our target of 4% of net assets. We have also decided that partners will no longer have to wait a year before applying to us again and, with the caveat of budget affordability, we will seek to support existing partners to meet their most urgent of needs whenever that need arises.

None of the above could be achieved without the income from our investments which are managed by a number of carefully selected, expert Investment Managers. Our Investment Policy has a 15-year timeline and, despite the turmoil in the investment markets caused by the pandemic in March 2020, we remain in a strong financial position and, after accounting for donations and other charitable activities, the value of our net assets has ended the year up by 7.9% at £104.9M (FY 2019/20: -10.7% and £97.2M).

I would like to end with a very special and warm thank you to my colleagues on the Trustee Board for the dedication and passion with which they approach their roles and involvement with the Foundation. I know I speak for them all when I say it is a privilege to be able to work with so many exceptional Charities who help us live the 'dream' of our founding Chairman, Ted Gostling, whose name we now bear.

Whilst it has never been my policy to refer specifically to Trustees by name, the devastation wreaked by the COVID-19 Pandemic over the last year or so has caused me to reflect deeply and I would like to formally thank Stephen O'Sullivan, a Brazilian based Lawyer, who has worked closely with us since our charitable involvement with Meninos do Morumbi, a magnificent, Sao Paulo based organisation caring for deeply vulnerable children. Suffice to say, COVID related events in Brazil have been well broadcast in both National and International news coverage. This, on top of the desperate plight of the poor and isolated, has been almost unimaginable and Stephen has worked extensively to seek out a dozen or more local charitable organisations for whom our financial help has meant an enormous amount, details of which are noted in the Director's report that follows. His kindness and generosity is simply immeasurable!

In closing, although it is of course, impossible to see what the future holds, I am very confident that we are as prepared as we can be to meet the needs of the most vulnerable in society and continue to deliver Ted's guiding Charitable Vision "that people living with a mental and/or physical disability or a long-term illness should have the same as others". choices, quality of life opportunities and aspirations

MA Street Chairman

22 June 2021

Page 2

THE EDWARD GOSTLING FOUNDATION TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Reserves Policy

The Trustees have reviewed the reserves of the charity. The charity currently distributes in excess of its income each year and has no income retained as unrestricted funds. After deducting the value of fixed assets held for the Charity's own use, reserves available for current activities are £104.4M (FY 2019/20: £96.3M) which primarily represents the equity held in the Charity's investments which are managed on a total return basis. The Trustees consider that, in conjunction with their liquidity and their investment and distribution policies, the current level of reserves is appropriate to enable them to continue to fund grants, the social investment programme, investment management fees and support and governance costs without eroding the longer-term real value of the Charity's investment capital. The Trustees regularly monitor liquidity and cashflow to ensure these are sufficient to cover ongoing expenditure.

Trustees have considered how COVID-19 could continue to affect the accounting policies that underlie these financial statements and have reviewed income budgets, asset valuations and made assessments regarding possible material uncertainties and the adequacy of disclosures. Following this review, the Trustees consider that there are sufficient reserves at 31 March 2021 to manage any foreseeable downturn in the UK and global economy and that there is a reasonable expectation The Edward Gostling Foundation has adequate resources to continue in operational existence for the foreseeable future and, for this reason, the Trustees continue to adopt the 'going concern' basis in preparing the accounts.

The Trustees Report and the Strategic Report have been approved by order of the Board on 22 June 2021. ...

MA Street Chairman

Page 24

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE EDWARD GOSTLING FOUNDATION

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context for the UK operations were the Companies Act 2006, Charities Act 2011, together with the Charities SORP (FRS102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statements.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the charitable company were Charity Commission regulations, Fire safety regulations, General Data Protection Regulation (GDPR) and Health and Safety regulations. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be completeness of other income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance Director about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charity's Trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Janette Joyce

Senior Statutory Auditor

For and on behalf of

Crowe U.K. LLP

Statutory Auditor

Reading 22 June 2021

Page 28

		2021	2020
		£	£
Incomeand endowments from:
Investments
- Income from properties including joint ventures		1,599,814	1,443,656
- Other investment income		2,455,088	2,750, 190
- Other income (donation received)		10,000	-
Total income and endowments		4,064,902	4,193,846
Expenditure on:
Raising funds:
- Property operating costs		(716,974)	(698,172)
- Loan interest and bank charges		(930,333)	(745,687)
- Investment management fees and costs		(429,805)	(389968)
		(2,077,112)	(1,833,827)
Net income available forcharitable application		1,987,790	2,360,019
Charitable activities:
- Grant making costs		(4,353,767)	(5,014,074)
- Impairmentof Social Investment		(424,915)	(1,923,257)
Total expenditure	5	(6,855,794)	(8,771,158)
Net (expenditure) before investment gainsl(Iosses)		(2,790,892)	(4,577,312)
Gains/(losses) on investment assets		9,850,949	(5,081,244)
Net (loss)Iincome		7,060,057	(9,658,556)
Other recognised gains
Revaluation losses on fixed assets		-	(1,905,270)
Fairvalue movement on derivative contracts		1,177,372	(285,559)
Actuarial gains/(losses) on defined benefit pension scheme		(447,280)	200,260
Net movement in funds		7,790,149	(11,649, 125)
Reconciliation offunds
Total funds brought forward at 1 April 2020		97,161,170	108,810,295
Total funds carried forward at 31 March 2021		£104,951,319	£97,161,170

THE EDWARD GOSTLING FOUNDATION CONSOLIDATED AND CHARITY BALANCE SHEETS COMPANY REGISTRATION NUMBER: 03522188

31 MARCH 2021

FIXED ASSETS Tangible assets Investments - Investment properties - Investments in subsidiaries - Programme related investments - Listed Investments CURRENT ASSETS Programme related investments Debtors Cash at bank and in hand CREDITORS:Amounts falling due within one year NET CURRENT ASSETS/ (LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS:Amounts falling due after more than one year Net assets excluding pension liability Pension Liability NET ASSETS UNRESTRICTED FUNDS Income and expenditure Fair value reserve Notes 8 9a 9b 9c 9d 9c 11 10 12 13 15 14 14	Group 2021 516,363 13,895,000 7,545,822 85,127,476 2020 540,503 13,765,000 8,020,737 74,317,765 Charity 2021 516,363 13,895,000 20,440,264 7,539,322 85,127,476 2020 £ 540,503 13,765,000 20,440,264 8,014,237 74,317,765 107,084.661 96,644,005 127,518,425 117,077,769 50,000 682,288 5,976,361 50.000 751.898 11,335.81 12,137,379 50,000 682,288 5,973,028 6,705,316 50,000 751,898 11,332.148 12,134,046 6,708,649 (1,898,265) (3,310,626) (22,328,696) (23,741,057) 4,810.384 8,826.53 (15,623,380) (11,607,011) 111,895,045 105,470,758 111,895,045 105,470,758 (6,290.725) (8,028,598) (6,290.725) (8,028,598) £105,604.320 £97, 2.160 £105,604.320 £97, 2.160 (653,001) (280,990) (653,001) (280,990) £104.951.319£97. 161.170 £104.951.319 £97.161.17 98,384,345 101,622,517 83,331,343 6,566,974 (4,461,347) 21,619.976 86,569,515 10,591,655 £104.951.319£97. 161. 170 £104.951.319£97. 161170
	98,384,345 101,622,517 83,331,343 6,566,974 (4,461,347) 21,619.976 £104.951.319£97. 161. 170 £104.951.319£

Included within the group results is a gain of £7,790.149 (2020: £11,649.125 loss) in respect of The Edward Gostling Foundation. There are no recognised gains or losses other than those reported above.

Approved and author�ed for issue by the Trustees on 22 June 2021 and signed on their behalf by:

The notes on pages 32 to 50 form part of these financial statements

MA Street Chairman

Page 30

			2021				2020
Notes			£	£		£	£
Net cash (used in)!
provided by operating	16			(5,845,446)			234,313
activities:
Netcash from investing
activities:
Investment income		2,455,088			2,750, 190
Interest paid			(930,333)		(745,687)
Sale of property, plant and
equipment			332				-
Purchase of property, plant and
equipment			-		(436,026)
Purchase of listed investments		(25,812,691)			(17,371,493)
Proceeds from sale of investments		22,827,600			3,697,762
Purchase of social investment			-		(5,498,784)
Movement in social
investment loans			50,000		(825,000)
Net cash (used in) I
provided by investing
activities				(1410,004)			(18,429,038)
Change in cash and cash
equivalents in the reporting period				(7,255,450)			(18,194,725)
Cash and cash equivalents at the
beginning ofthe reporting period				13,794,791			31,989,516
Cash and cash equivalents atthe
end ofthe reporting period			£	6,539.341			£13,794,791
Cash and cash equivalents are	represented by
Cash at bank and in hand				5,976,361			11,335,481
Cash held with investment manager				562,980			2.459,310
			£	6,539,341			£13,794,791
CHANGE IN MOVEMENT IN NET	FUNDS
			At	1 April	Cash	flow	At 31 March
			2020				2021
				£	£		£
Cash at bank and in hand			11,335,481		(5,359,120)		5,976,361
Cash held with investment manager			2,459,310		(1896,330)		562,980
Net Funds			13,794,791		(7,255,450)		6,539,341

offtheircost less estimated	residual value overtheir useful econo
Furniture and equipment	- 15-18% on a straight-line basis
Computer equipment	- 25-33% on a straight-line basis
Plant and machinery	- 25% on a reducing balance basis
Motor vehicles	- 25% on a reducing balance basis
Assets underconstruction	- no depreciation

		2021		2020
		£		£
Individuals		-		(26,759)
Organisations		3,746,519		4,267,038
	£	3,746,519	£	4,240,279

TOTAL EXPENDITURE
		Staff	Other	Depreciation		2021	2020
		Costs	costs			Total	Total
		£	£		£	£	£
Expenditure on:
Property operating costs		31,995	653,690		31,289	716,974	698,172
Loan interest and bank
charges		-	930,333		-	930,333	745,687
Investment management
fees and costs		267,538	162,267		-	429,805	389,968
		299,533	1,746,290		31,289	2,077,112	1,833,827
Charitable activities
Grant making costs
(note 5)		382,976	3,746,519		-	4,129,495	4689,275
Supportcosts		224,272	-		-	224,272	324, 799
Impairment of social
investment		-	424,915			424,915	1,923,257
		607,248	4,171,434		-	4,778,682	6,937,331
Totalexpenditure	£	906,781	£ 5,917,724	£	31,289	£ 6,855,794	£ 8,771158

ET INCOME
		2021	2020
		£	£
This is stated after charging:
Group auditors’ remuneration	- Auditfees:
	- relating to parent company	25,450	21,250
	- relating to subsidiaries	-	2,000
	- Corporation tax	950	2,750
	-Other		2,750
Depreciation of tangible fixed assets		31289	31,118

taffcosts consist of:
			Group
		2021		2020
		£		£
Wages and salaries		757,620		925,234
Social security costs		93,621		111,448
Other pension costs		55,540		47,380
	£	906,781	£	1,084,062

he total average number ofemployees during th	e period was as follows:
	2021		2020
	Number		Number
Administration/management		8	12
		8	12

		2021	2020
		Number	Number
£90,000	-100,000	I	-
£100,000	-110,000	I	-
£110,000	-120,000		1
£130,000	-140,000		1
£190,000	-200,000		1
£200,000	-210,000	I	-
£210,000	-220,000	I	-
£260,000	- £270,000	-	I

Trustees
								2021		2020
								£		£
Emoluments	(including	pension	costs	and	taxable	benefits)	£	215,356	£	295.275

Group and charity
	Land &		Other
	Buildings	equipment			Total
	£		£		£
Cost
At 1 April 2020	485000		105,488		590,488
Additions			-		-
Disposals			(6,295)		(6,295)
Revaluation
At31 March2021	485,000		99193		584,193
Depreciation
At 1 April 2020	-		49,985		49,985
Charge forthe year	9,633		21,656		31,289
Revaluation adjustment	(9,633)		-		(9,633)
Disposals	-		(3.811)		(3,811)
At31 March2021	-		67,830		67.830
Net book value
At 31 March 2021	£ 485,000	£	31,363	£	516,363
At31 March2020	£ 485,000	£	55,503	£	540,503

Groupand charity
		£
Cost/valuation
At 1 April 2020		13765,000
Additions
Revaluations		130000
At 31 March 2021	£	13,895,000
At31 March 2020	£	13765000

NVESTMENTS IN SUBSIDIARIES
Charity	Subsidiaries
		£
Valuation
At 1 April 2020		20,440,264
Impairment		-
Disposal		-
At 31 March 2021	£	20,440,264

fwhich have been c	onsolidated into these financial	statements.
Name	Type of business	Aggregate ofshare	Profitl(Ioss)
		capital and reserves
		£	£
ACG Rented	Former Basepoint
Properties PIc*	holding company, not	20,440,264
	trading

	Group	Group		Charity	Charity
	2021		2020	2021	2020
	£		£	£	£
Fixed Assets
Dame Hannah Rogers School Loan	350,000		400,000	350,000	400,000
Exeter Royal Academy Loan	500,000		500,000	500,000	500,000
Otterbourne Hill property	2,019,016		2,019,016	2,019,016	2,019,016
Launchpad Reading property	331,974		331,974	331,974	331,974
Brazilian Investment	162,686		587,601	156,186	581,101
Bournemouth property	545,378		545,378	545,378	545,378
Dame Hannah Rogers School	2,925,000		2,925,000	2,925,000	2,925,000
Blyth property	78,651		78,651	78,651	78,651
Bell Vue Crescent property	633,117		633,117	633,117	633,117
	7,545,822		8,020,737	7,539,322	8,014,237
CurrentAssets
Dame Hannah Rogers School Loan	50,000		50,000	50,000	50,000
Total programme
related investments	£ 7,595822	£	8070737	£ 7,589,322	£8,064,237

ISTED INVESTMENTS
	Group and Charity
	2021	2020
	£	£
Investments of 1 April 2020	71,858,455	63,265,969
Additions	25,81 2,691	17,371,493
Disposals	(22,827,600)	(3,697,762)
Revaluations	9,720,950	(5081245)
Market value at 31 March 2021	84,564,496	71,858,455
Cash held with investment manager	562,980	2,459,310
	85,127,476	74,317,765

85,127,476 74,317,765	85,127,476 74,317,765	85,127,476 74,317,765
At the year end the following investments represented more than 5% ofthe total investments:
Charities Properties Fund	9%	10%
CCLA Charities Properties Fund	8%	10%
Mayfair Capital Property Income Trust for Charities	8%	10%
Sarasin Income and Reserves Fund	6%	7%

Investments comprise:
	Group and Charity
	2021	2020
	£	£
Fixed interest stocks	8,095,069	11,203,370
Property funds	21,163,954	21,788,473
Equity investments	55,305,473	38,866,612
Fixed term deposits and cash held	562,980	2.459,310
	85,127,476	17,765

EBTORS
		Group and Charity
		2021		2020
		£		£
Trade debtors		33,558		325,147
Other debtors		643,988		413,517
Prepayments and accrued income		4,742		13,234
	£	682,288	£	751.898

REDITORS: Amounts fallin	g due	within one year	within one year
		Group			Charity
		2021		2020	2021	2020
		£		£	£	£
Trade creditors		13,234		9,937	13,234	9,937
Amounts owed to group
undertakings		-		-	20,430,431	20,430,429
Other taxes and social
security		51,498		55,126	51,498	55,126
Other creditors		3,729		27,591	3,729	27,591
Grants payable		1,578,676		2,817,056	1,578,676	2,817,056
Accruals and deferred
income		251,128		400,918	251,128	400,918
	£	1,898,265	£	3,310.628	£22,328,696	£23,741,057

REDITORS: Amounts falling due after mo	re than one year
	Group and	Charity
	2021	2020
	£	£
Derivative contract	5,428,225	6,605,598
Grants payable	862,500	1,423,000
	£ 6290,725	£8,028,598

RESERVES
Group 2021
	Income and
	expenditure	Fairvalue
	account	reserve	Total
	£	£	£
Reserve balances brought forward	101,622,517	(4,461,347)	97,161,170
Net expenditure	(2,790,892)	-	(2,790,892)
Gain on investments	-	9,850,949	9,850,949
Gain on fixed assets
Re-measurement of pension liability	(447,280)		(447,280)
Fairvalue movement on derivative contracts		1,177,372	1,177,372
Reserve balances carried forward	98,384,345	6,566,974	104,951,319
Charity 2021
	Income and
	expenditure	Fairvalue
	account	reserve	Total
	£	£	£
Reserve balances brought forward	86,569,515	10,591,655	97,161,170
Net expenditure	(2,790,892)		(2.790,892)
Gain on investments		9,850,949	9,850,949
Gain on fixed assets
Re-measurement of pension liability	(447,280)		(447,280)
Fair value movement on derivative contracts		1,177,372	1.177,372
Reserve balances carried forward	83,331,343	21,619,976	104,951,319

roup 2020
	Income and
	expenditure	Fairvalue
	account	reserve	Total
	£	£	£
Reserve balances brought foiward	106,285,128	2,525,167	108,810,295
Net expenditure	(4,577,312)	-	(4,577,312)
Loss on investments	-	(5,081,244)	(5,081,244)
Loss on fixedassets	-	(1,905,270)	(1,905,270)
Re-measurementof pension liability	200,260	-	200,260
Fairvalue movement on derivative contracts	(285,9)	-	(285,559)
Reserve balances carriedforward	101,622.517	7)	97.161.170

harity 2020
	Income and
	expenditure	Fair value
	account	reserve	Total
	£	£	£
Reserve balances broughtforward	91,222,037	17,588,258	108,810,295
Netexpenditure	(4,567,223)	-	(4,567,223)
Loss on investments	-	(5,091,333)	(5,091,333)
Loss on fixedassets	-	(1,905,270)	(1,905,270)
Re-measurementofpension liability	200,260	-	200,260
Fairvalue movement on derivative contracts	(285559)		(285,559)
Reserve balances carried forward	86569,515	10,591,655	97161,170

air value of plan assets, present value ofdefined bene sset (liability)	fit obligation, and defin	ed benefit
	31 March	31 March
	2021	2020
	£‘OOO	£‘OOO
Fairvalue of plan assets	2,933	2,401
Present value of defined benefit obligation	(3,586)	2,682
Surplus (deficit) in plan	653)	(281)
Defined benefitasset (liability) to be recognised	(653)	(281)

econciliation ofopening and closing balances ofthe defi	ned benefit obligati	on
	Period from	Period from
	31 March	31 March
	2020 to 31	2019to31
	March 2021	March 2020
	£‘OOO
Defined benefit obligation at start of period	2,682	3,044
Current service cost	55	83
Expenses	4	3
Interestexpense	64	70
Member contributions	44	43
Actuarial losses/(gains) due to scheme experience	56	(58)
Actuarial losses/(gains) due to changes in financial	737	(337)
assumptions
Actuarial losses/(gains) due to changes in demographic	‘13	(28)
assumptions
Benefits paid and expenses	(69)	(138)
Defined benefitobligation at end of period	3,586	2,682

econciliation ofopening and closing balances ofthe fair	valu	e of plan assets
		Period from	Period from
		31 March	31 March
		2020 to 31	2019to31
		March 2021	March 2020
		£‘OOO	£‘OOO
Fairvalue of plan assets at start of period		2,401	2,290
Interest income		58	53
Experience on plan assets (excluding amounts included	in
interest income) — gain/(loss)		372	35
Employer contributions		127	118
Member contributions		44	43
Benefits paid and expenses		(69)	(138)
Fairvalue of plan assets at end of period		2,933	2,401

PENSION COMMITMENTS (continued)
Assets
	31 March	31 March
	2021	2020
	£‘OOO	£‘OOO
Global Equity	468	351
Absolute Return	162	125
Distressed opportunities	85	46
Credit relative value	92	66
Alternative risk premia	110	168
Fund of hedge funds		I
Emerging market debt	118	73
Risk sharing	107	81
Insurance linked security	70	74
Property	61	53
Infrastructure	196	179
Private debt	70	48
Opportunistic Illiquid credit	75	58
High yield	88	-
Opportunistic Credit	80	-
Corporate bond fund	173	137
Liquid credit	35	1
Long lease property	57	42
Secured income	122	91
Liability driven investment	746	797
Netcurrentassets	18	10
Total assets	2,933	2,401

ey Assumptions
	31 March	31 March
	2021	2020
	% perannum	%perannum
Discount rate	2.15	2.38
Inflation (RPI)	3.29	2.63
Inflation (CPI)	2.86	1.63
Salary growth	3.86	2.63
Allowed for commutation of pension for cash	75% of	75% of
at retirement	maximum	maximum
	allowed	allowed

	Life		Life
	expectancy		expectancy
	at age	60	atage	60
	(Years)		(Years)
Male retiring in 2020		21.6		21.5
Female retiring in 2020		23.5		23.3
Male retiring in 2040		22.1		22.9
Female retiring in 2040		25.1		24.5

ECONCILIATION OF NET INCOME TO NET CASH PROVIDE ACTIVITIES	D BY OPERATI	NG
	2021	2020
	£	£
Net movement in funds	7,190,149	(11,649,125)
Depreciation	31,289	31,118
Investment income	(2,455,088)	(2,750, 190)
Interest paid	930,333	745,687
Net (gain)/loss on investments	(9,850,949)	5,081.244
Revaluation? impairment loss on tangible fixed assets and
social investments	415,282	3,828,527
Loss on Sale of Property, plant and equipment	2,152	-
Decrease in debtors	69,610	4, 730,788
Decrease in creditors	(2,778,224)	216,264
Net cash provided by? (used in) operating activities	£ 5,845,446)	£234,313

TRUSTEE REMUNERATION AND BENEFITS	TRUSTEE REMUNERATION AND BENEFITS	TRUSTEE REMUNERATION AND BENEFITS
During the yearthe following amounts have been paid to Trustees in theiroperational			capacities.
	2021		2020
	£		£
Cohn Clarkson:
Remuneration	1286		14,773
Denis Taylor (Executive Trustee):
Remuneration	214,070	262.00?
Robert White:
Remuneration		£	9,250
Russell Meadows:
Remuneration	-	£	9,250

	FOR THE YEAR ENDED 31 MARC	H 2021
18.	FINANCIAL INSTRUMENTS
	Group
		2021	2020
		£	£
	Financial assets
	Financial assets measured at fairvalue through the
	Statement of Financial Activities	99,022,476	8&082.765
	Financial liabilities
	Financial liabilities measured at fair value through the
	Statement of Financial Activities	5,428,225	6,605,598
	Charity
		2021	2020
		£	£
	Financial assets
	Financial assets measured at fairvalue through the
	Statement of Financial Activities	99,022,476	88082. 765
	Financial liabilities
	Financial liabilities measured at fair value through the
	Statement of Financial Activities	5,428,225	6,605,598

Group
	2021	2020
	£	£
Not laterthan 1 year	1,039,887	1,005,405
Laterthan 1 year and not laterthan 5 years	3,827,356	3,250,303
Laterthan 5 years	14,903,573	61,475,079
	19,770,816	65.730.787
Charity
	2021	2020
	£	£
Not laterthan 1 year	1,039,887	1,005,405
Later than 1 year and not later than 5 years	3,827,356	3,250,303
Later than 5 years	14,903,573	61.4 75,079
	19,770,816	65,730,787

Grants awarded for£10,000 and above:
	2021	2020
	£	£
Organisations
4 Cancer Group (Sail 4 Cancer)	-	20,000
Abbey Court School Trust	-	20,000
ABF the Soldiers’ Charity	25,000	25,000
Action4Youth	-	10,000
Age UK Exeter	-	10,000
Age UKTeeside	25,000	-
Alisorts Gloucestershire		10,000
Alzheimer’s Dementia Support Services	-	10,000
AmbitiousaboutAutism	-	20,000
AppleCast Limited	-	25,000
Autism Wessex S	-	10,000
Bedford Daycare Hospice	-	15,000
Bedfordshire and Luton Community Foundation	10,000	-
BeyondAutism	-	20,000
Birmingham St Mary’s Hospice	-	15,000
Blackburn Youth Zone	10,000	-
Blackmore Vale RDA	-	10,000
Blyth Star Enterprises	-	10,000
Brain and Spinal Injury Centre	10,000	-
Brighton and Hove Impetus	-	10,000
Buddy BearTrust	10,000	-
Buttle UK	25,000	25,000
Calvert Trust Exmoor	10,000	10,000
CalvertTrust Keswick	10,000	10,000
Care Network Cambridgeshire (CNC)	-	20,000
Carers Choices	-	25,000
Cathays and Central Youth and Community Project	10,000	-
Centrestage Communities	-	50,000
Chepstow and District Mencap Society	-	20,000
CHICKS	-	10,000
Clydesdale Community Initiatives	10,000	-
Cramlington Voluntary Youth Project Ltd	-	16,000
Crossroads Care	-	10,000
Croydon Voluntary Association forthe Blind (Aka Croydon Vision)	10,000	-
Cystic Fibrosis Holiday Fund	-	10,000
Dame Hannah Rogers Trust	-	29,332
Dementia Matters	-	25,000
Designability Charity Limited	-	10,000
Dial a Ride (Scarborough & District)		10,000
Diverse Abilities	20,000	-
Docklands Sailing Centre Trust	10,000	-
Enrych	10,000	-
Essex Dementia Care (EDC)	10,000	-
Families United Network	-	25,000
Family Fund	25,000
FitzRoy	-	20,000
Fiveways School Trust	-	25,000
Florence Nightingale Aid in Sickness Trust	25,000	-

Follow Your Dreams Charity	10,000	-
Friends of Five Acre Wood School	-	20,000
Fuiham Good Neighbour Service	-	10,000
Garden House Hospice Care	-	25,000
Giving World	10,000	-
Halow Project	10,000
Homelands Trust— Fife (SCIO)	-	50,000
Hope for Tomorrow	-	20,000
HopScotch Children’s Charity	-	25,000
Hospice of the Good Shepherd	10,000	-
I CAN	-	20,000
Independence at Home	10,000	280,000
Keighley & DistrictVolunteer Centre	-	15,000
Key Enterprises (1983) Limited	20,000	-
Kids Inspire		25.000
Launchpad Reading	10,000	10,000
Leatherhead & Dorking Gymnastics Club	-	21, 192
Lewis-Manning Hospice	-	20,000
Lifelites	10,000	25,000
Living Paintings	10,000	-
Magdalen Environmental Trust		20,000
MAIN	10,000	-
Meanwood Valley Urban Farm	10,000
Mind in Mid Herts		15,000
Minstead Trust	25,000
Moor House School & College	-	25,000
Mosaic — Supporting Bereaved Children	-	15,000
Multiple Sclerosis Therapy Centre NW	10,000	-
Multiple System Atrophy Trust	-	10,000
Mustard Tree	10,000	-
Noah’s Ark Children’s Hospice	10,000	-
North Staffs Carers Association	-	15,000
Northumberland County Blind Association	25,000	-
Oakfield (Easton Maudit) Ltd	-	25,000
Oakfield Enterprise	10,000
Oasis Southampton City Far	-	10,000
Open Door Exmouth	10,000	-
Outreach Community & Residential Services	-	25,000
Parents and Friends Association of Corbets Tey School	-	10,000
Petty Pool	-	25,000
Phab		10,000
Playskill		10,000
Pursuing Independent Paths		20,000
Radford Care Group	-	25,000
Rainbow Trust Children’s Charity	20,000	-
Read for Good	10,000	-
Regain — The trust for Sports Tetraplegics		10,000
Richard House Children’s Hospice		10,000
Revitalise		10,000
Rivertime Boat Trust	-	18,000
Safe New Futures	-	21,640
Sebastian’s Action Trust	-	20,000
Sheltered Work Opportunities Project	10,000	-
St Luke’s Hospice Basildon & District	-	25,000
St Luke’s Hospital Oxford		15,000
StWilfrid’s Hospice		10,000
Stanley Grange Community Association		25,000
Stick ‘n’ Step	10,000
Surrey Care Trust	10,000

Team Rubicon UK	10,000	35,000
Tees Valley Community Foundation	50,000	-
The Apuidram Centre		25,000
The Autism Directory	10,000	-.
The Brainwave Centre	10,000
The Brendoncare Foundation	-	36,000
The Chamwell Centre Charity	-	50,000
The Chaseley Trust	-	25,000
The Fifth Trust	-	200,000
The Gellideg Foundation Group	10,000	-
The Greenbank Project	10,000	-
The Hextol Foundation	10,000
The Honeypot Children’s Charity		10,000
The JPX Sussex Project	25,000	-
The Katherine Low Settlement	25,000	25,000
The Mary Hare Foundation	-	25,000
The Meath Epilepsy Charity	-	23,500
The Orpheus Centre		10,000
The Princess Alice Hospice	10,000	-
The Rose Road Association	15,000	-
The Stable Family Home Trust	10,000	-
The Wingate Special Children’s Trust	-	15,000
The Yard	10,000
Trinity Winchester		15,000
TTVS	10,000	25,000
TrustLinksLtd	10,000	-
Watford Sheltered Workshop	10,000
Whizz-Kidz	-	550,000
Windsor Old Peoples’ Welfare Association	-	15,000
Woodlarks Camp Site Trust	10,000	-
Yately Industries For The Disabled	10,000	-
Young and Inspired	10,000	-
Young Gloucestershire	10,000
Youth and Families Matter	-	25,000

FOR THE YEAR EN	DED 31 MARCH 2021
	2021	2020
	£	£
Outstanding pledges
Due within 1 year
Individuals
Organisations	1,578,676	2.817,056
Total due within 1 year	1,578,676	2,817,056
Due greaterthan 1 year
Organisations	862,500	1,423,000
Total due greaterthan 1 year	862,500	1,423,000
Total outstanding pledges	2,441,176	4,240.056