2021-03-31-accounts

Contents
Charitydetails		3
ReportoftheDirectors	4—8
Independentauditors'report	9	—13
Statementoffinancialactivities		14
Summaryincomeandexpenditure		15
Balancesheet		16
Statementofcashflows		17
Notestothefinancialstatements	18-28

03 December 2021

		Unrestricted	Restricted	Endowment
	Note	funds	funds	funds	Total2021	Total2020
						(Note14)
Incomeandendowments
from:
Donations	2(a)	-	1,445,946	45,097	1,491,043	1,452,767
Investments	2(b)	-	40,620		40,620	47,994
		-	1,486,566	45,097	1,531,663	1,500,761
Expenditure:
Raisingfunds	3		34,223		34,223	32,931
Charitableactivities	4	13,581	1,420,205	-	1,433,786	1,431,612
		13,581	1,454,428	-	1,468,009	1,464,543
		(13,581)	32,138	45,097	63,654	36,218
Net(losses)/gainson
investments	7	-	1,136,556	-	1,136,556	(155,010)
FX(losses)/gains			(4,358)		(4,358)	2,862
Netincome/(expenditure)
andNetmovementinfunds		(13,581)	1,164,336	45,097	1,195,852	(115,930)
Totalfundsbroughtforward		78,052	4,527,104	18,181,063	22,786,219	22,902,149
Totalfundscarriedforward	10	64,471	5,691,440	18,226,160	23,982,071	22,786,219

	2021	2020
Totalincome	1,486,566	1,470,426
Totalexpenditure	(1,468,009)	(1,464,543)
Realisedandunrealisedgains/(losses)onrevaluationof
investments	1,136,556	(155,010)
FX(losses)/gains	(4,358)	2,862
Surplusfortheyear	1,150,755	(146,265)

	Note	2021	2020
Fixedassets
Heritageassets	6	18,891,579	18,846,482
Investments	7	4,729,004	3,585,674
		23,620,583	22,432,156
Currentassets
Cashandcashequivalents		388,488	376,923
		388,488	376,923
Liabilities
Creditors:Amountsfallingduewithinoneyear	8	12,000	7,860
Netcurrentassets		376,488	369,063
Totalassetslesscurrentliabilities		23,997,071	22,801,219
Creditors:Amountsfallingdueaftermorethan
oneyear	8	15,000	15,000
Totalnetassets		23,982,071	22,786,219
Funds
Endowments		7,488,541	7,443,444
Revaluationreserve		10,737,619	10,737,619
	11	18,226,160	18,181,063
Restricted	11	5,691,440	4,527,104
Unrestricted	11	64,471	78,052
Totalcharityfunds		23,982,071	22,786,219

	Note	2021	2020
Cashflowsfromoperatingactivities
Netincomefortheyear		1,195,852	(115,930)
Adjustmentsfor:
Donatedassets	2a	(45,097)	(30,335)
Investmentincome	2b	(40,620)	(47,994)
Investmentmanagementfees	3	34,223	32,931
Netgains/(losses)oninvestments	7	(1,136,556)	155,010
Decrease/(increase)indebtors
(Decrease)/increaseincreditors	8	4,140
Netcashflowsfromoperatingactivities		11,942	(6,318)
Cashflowsfrominvestingactivities
Dividendsandinterestfrominvestments	2b	40,620	47,994
Investmentmanagementfees	3	(34,223)	(32,931)
Purchaseofinvestments	7	(1,155,669)	(651,209)
Proceedsfromsaleofinvestments	7	1,164,355	702,599
Netmovementinmanagedcashbalance	7	(15,460)	(66,777)
Netcashflowsfrominvestingactivities		(377)	(324)
Changeincashandcashequivalentsinreporting
period		11,565	(6,642)
Cashandcashequivalentsbrought
forward		376,923	383,565
Cashandcashequivalentscarried
forward	9	388,488	376,923

.Incomeandendowments . Donations
	Unrestricted	Restricted	Endowment
	funds	funds	funds	Total2021
Incomeandendowmentsfrom:
Monetarydonations		25,741		25,741
Donatedgiftsandservices	-	1,420,205	45,097	1,465,302
	-	1,445,946	45,097	1,491,043
	Unrestricted	Restricted	Endowment
	funds	funds	funds	Total2020
Incomeandendowmentsfrom:
Monetarydonations
Donatedgiftsandservice		1,422,432	30,335	1,452,767
	-	1,422,432	30,335	1,452,767

hedonatedgiftsandserviceswereappliedtotheactiv	itiesofthecharityasfollows:
	2021	2020
Runningcostsofthecharityatvaluation	1,420,205	1,422,432
Tangiblefixedassetadditionsatvaluation	45,097	30,335
	1,465,302	1,452,767

. Investmentincome
	2021	2020
Listedinvestments:
UKfixedinterestincome	7,958	7,995
UKdividendincome	13,841	18,659
Overseasequities	18,821	21,303
Unlistedinvestments:
UKdividendincome
Bankinterest		37
	40,620	47,994

.Raisingfunds
	Unrestricted	Restricted	Endowment	Total
	funds	funds	funds	2021
Investmentmanagementfees		34,223		34,223
	Unrestricted	Restricted	Endowment	Total
	funds	funds	funds	2020
Investmentmanagementfees		32,931		32,931

4.Charitableactivities
	Unrestricted	Restricted	Endowment
	funds	funds	funds	Total2021
Bankcharges	441	-		441
Auditandaccountancy	13,140			13,140
Donatedservices		1,420,205		1,420,205
	13,581	1,420,205		1,433,786
	Unrestricted	Restricted	Endowment
	funds	funds	funds	Total2020
BankCharges
Auditandaccountancy	9,180			9,180
Donatedservices		1,422,432		1,422,432
	9,180	1,422,432		1,431,612

	Unrestricted	Restricted	Endowment
	funds	funds	funds	Total2021	Total2020
Auditfee(includingVAT)	10,500			10,500	7,860
Auditfee-underprovision	2,640			2,640	1,320
	13,140			13,140	9,180

. Heritageassets
	2021	2020
Cost/valuation
At1April	18,846,482	18,816,147
Additionsduringtheyear	45,097	30,335
At31March	18,891,579	18,846,482

	2021	2020	2019	2018	2017
	£	£	£	£	£
Donationsatvaluation	45,097	30,335	93,925	30,112	23,281
Totaladditions	45,097	30,335	93,925	30,112	23,281

Investments
	2021	2020
At1April	3,585,674	3,725,297
Additionsatcost	1,155,669	651,209
Saleproceedsfromdisposals	(1,164,355)	(702,599)
Realisedandunrealisedgains	1,136,556	(155,010)
Netcashmovements	15,460	66,777
At31March	4,729,004	3,585,674

estmentscomprise:
	2021	2020
Listedinvestments:
UKfixedinterestsecurities	491,377	581,366
UKequitiesandequityfunds	552,819	377,514
Overseasequitiesandequityfunds	2,605,608	1,989,043
Hedgefunds	394,835	374,596
Moneymarket	289,023	181,038
Other	395,342	82,117
	4,729,004	3,585,674
Historicalcost	3,377,762	3,187,763

8.Creditors
	2021	2020
Accruals	15,000	15,000
Othercreditors	12,000	7,860
	27,000	22,860

			Foreign
	At1April	Cash	exchange	At31March
	2020	flows	movements	2021
Cashandcashequivalents	376,923	15,923	(4,358)	388,488
Total	376,923	15,923	(4,358)	388,488

.Funds
	At1 April			Revaluationof	At31March
	2020	Income	Expenses	investments	2021
Unrestrictedfund	78,052		(13,581)		64,471
Restrictedfunds:
Scientistsproject	23,088				23,088
Archive	4,504,016	1,448,355	(1,454,428)	1,170,409	5,668,352
Endowmentfund	18,181,063	45,097			18,226,160
	22,786,219	1,493,452	(1,468,009)	1,170,409	23,982,071
	At1 April			Revaluationof	At31March
	2019	Income	Expenses	investments	2020
Unrestrictedfund	87,195	37	(9,180)		78,052
Restrictedfunds:
Scientistsproject	23,088			-	23,088
Archive	4,641,138	1,473,251	(1,455,363)	(155,010)	4,504,016
Endowmentfund	18,150,728	30,335			18,181,063
	22,902,149	1,503,623	(1,464,543)	(155,010)	22,786,219

	Unrestricted	Restricted	Endowment
	funds	funds	funds	Totalfunds
Heritageassets		665,419	18,226,160	18,891,579
Investments		4,729,004		4,729,004
Currentassets	76,471	312,017		388,488
Liabilities	(12,000)	(15,000)		(27,000)
At31March2021	64,471	5,691,440	18,226,160	23,982,071
Heritageassets		665,419	18,181,063	18,846,482
Investments		3,585,674		3,585,674
Currentassets	85,912	291,011		376,923
Liabilities	(7,860)	(15,000)		(22,860)
At31March2020	78,052	4,527,104	18,181,063	22,786,219

		2021	2020
Rothschild&CoBankInternationalLimited	Cashandcashequivalents	388,488	376,923
		388,488	376,923
ountsrecognisedinthestatementoffinancialactivitieswereasfollows:
		2021	2020
Rothschild&CoWealthManagement(UK)
Limited	Investmentmanagementfeespaid	(34,151)	(32,859)
NMRothschild&SonsLimited	Donatedservices	1,420,205	1,422,432
		1,386,054	1,389,573

	Unrestricted	Restricted	Endowment
	funds	funds	funds	Total2020
	E	E	E	E
Incomeandendowmentsfrom:
Donations		1,422,432	30,335	1,452,767
Investments	37	47,957		47,994
	37	1,470,389	30,335	1,500,761
Expenditure:
Raisingfunds	-	32,931	-	32,931
Charitableactivities	9,180	1,422,432	-	1,431,612
	9,180	1,455,363		1,464,543
Net(losses)/gainsoninvestments		(155,010)	-	(155,010)
FX(losses)/gains	-	2,862		2,862
Netincome/(expenditure)	(9,143)	(137,122)	30,335	(115,930)
Totalfundsbroughtforward	87,195	4,664,226	18,150,728	22,902,149
Totalfundscarriedforward	78,052	4,527,104	18,181,063	22,786,219