2023-04-05-accounts

			Expendable				Expendable
			E n d o w m e n t	G e n	e r a l	To t a l E n d o w m e n t		General		To t a l
	N	o t e s	Fund	Fund		2 0 2 3	Fund	Fund		2 0 2 2
			£		£	£	£	£		£
Income from:
I n v e s t m e n t s		2		926,038		926,038		589,661 5	8	9 , 6 6 1
Total income				926,038		926,038		589,661		589,661
Expenditure on:
Raising funds
-investment management fees			278,874			278,874	310,096			310,096
Charitable activities
-grants payable	3	& 5		1,296,000		1,296,000		1,119,500		1,119,500
-support &governance costs	3	8 ( 6		78,736		78,736		81,751		81,751
Total expenditure			278,874 1,374,736		1 ,	6 5 3 , 6 1 0	310,096	1,201,251		1,511,347
Net expenditure before gains and losses		on
Investment assets			(278,874)	(448,698)		(727,572)	(310,096)	(611,590)		(921,686)
Net (losses)/gains on investment assets			(4,350,950)			(4,350,950)	3,541,693			3,541,693
Net (expenditure)/income			(4,629,824)	(448,698)		(5,078,522)	3,231,597	(611,590)		2,620,007
Transfers
Transfers between funds			(448,698)	448,698			(611,590)	611,590
Net movement In funds			(5,078,522)			(5,078,522)	2,620,007			2,620,007
Reconciliation of Funds
Total Funds at 6April 2022			66,068,411	1,061	66,069,472 6 3 ,		4 4 8 , 4 0 4	1,061	63,449,465
Total Funds at 5April 2023			60,989,889	1,061	60,990,950 6 6 ,		0 6 8 , 4 1 1	1,061	66,069,472

	2 0 2 3	2 0 2 2
	£	£
Cash fows from operating activities	(1,684,941)	(1,499,658)
Cash fows from investing activities
Dividends and interest from investments	926,038	589,661
Purchase of investments	(34,420,680)	(12,903,028)
Proceeds from the sale of investments	33,536,799	13,662,617
Net cash used in investing activities	42,157	1,349,250
Change in cash and cash equivalents in the year	(1,642,784)	( 1 5 0 , 4 0 8 )
Cash and cash equivalents at the beginning of the year	2,754,735	2 , 9 0 5 , 1 4 3
Cash and cash equivalents at the end of the year	1,111,951	2 , 7 5 4 , 7 3 5

Reconciliation of net income to net cash fow from operating activities
Net (expenditure)/income for the year	(5,078,522)	2,620,007
Net (gains)/loss on investments	4 3 0 0 , 9 5 0	(3,637,243)
Impairments	50,000	95,543
(lncrease)/Decfease in debtors	(29,359)	1,709
lncrease/(Decrease) in creditors	(1,972)	9,621
Dividends and interest	(926,038)	(589,661)
Non cash investment management fees		3 6 6
Net cash used in operating activities	(1,684,941)	(1,499,658)
Analysis of cash and cash and cash equivalents
Cash at bank	445,627	1,806,609
Cash held in investments	666,324	948,126
Cash and cash equivalents	1,111,951	2,754,735
Change in cash and cash equivalents in the year	(1,642,784)	( 1 5 0 , 4 0 8 )

	N o t e s		2 0 2 3		2 0 2 2
		£	£	£	£
Fixed assets
I n v e s t m e n t s
- L i s t e d i n v e s t m e n t s	7		59,065;980		63,127,233
- U n l i s t e d i n v e s t m e n t s	8		858,002		263,818
-Cash held in portfolio			666,324		948,126
			60,590,306		64,339,177
C u r r e n t a s s e t s
Cash at bank		445,627		1,806,609
D e b t o r s	9	38,053		8 , 6 9 4
		483,680		1,815,303
Creditors: amounts falling due within one year	1 0	(83,036)		(85,008)
N e t c u r r e n t a s s e t s			400,644		1,730,295
N e t a s s e t s			60,990,950		66,069,472
Represented by:
U n r e s t r i c t e d F u n d s
Expendable Endowment Fund			60,989,889		66,068,411
G e n e r a l F u n d			1,061		1,061
To t a l F u n d s	1 1 & 1 2		60,990,950		66,069,472

2	I n v e s t m e n t I n c o m e	2 0 2 3	2 0 2 2
		£	£
	Interest received
	Interest on cash deposits	28,989	2 9 7
	O t h e r i n t e r e s t	12,859	2,825
	Quoted Investment income	884,190	586,539
		926,038	589,661
3	Expenditure on charitable activities	2 0 2 3	2 0 2 2
		£	£
	Grants payable (see note 5)	1,296,000	1,119,500
	Support and governance costs (see note 6)	7 8 , 7 3 6	81,751
		1,374,736	1,201,251

itable grants payable
	2 0 2 3	2 0 2 2
	£	£
1625 Independent People	50,000	30,000
Access Project, The	50,000
Action Foundation	35,000	15,000
Ascension Eagles Cheerleaders	20,000	30,000
Bloomsbury Football Foundation	7,500
Bristol University	23,000
Bristol Hospitality Network	15,000	15,000
Camp &Trek	10,000	10,000
Chance UK	40,000	30,000
City United		30,000
Company Three Theatre	40,000	22,000
Disasters Emergency Committee	7 0 , 0 0 0
Empire Fighting Chance	40,000	30,000
Fight for Peace International	60,000	100,000
Football Beyond Borders	50,000	40,000
Greenhouse		30,000
Green Light Trust	10,000	10,000
Go Beyond Charity	40,000	10,000
Impetus -The Private Equity Foundation	110,000	100,000
Into University	70,000	50,000
Jewish Council for Racial Equality	6,000	6,000
Jewish Care	25,000	25,000
Kennedy Memorial Fund	25,000	25,000
Kids Inspire	50,000	30,000
Leap Confronting Confict		50,000
Learn to Love to Read	7 , 5 0 0	7,500
Royal National Theatre	10,000	10,000
New Philanthropy Capital	40,000	30,000
Resurgo Trust	7 0 , 0 0 0	75,000
Richard House Hospice	60,000	40,000
Save The Elephants	12,000	9,000
S h a n n o n T r u s t	40,000	30,000
Storybook Dads	10,000	10,000
Thrive		30,000
Transforming Lives for Good (TLG) Ltd	70,000	60,000
T h e Tu t o r Tr u s t	60,000	50,000
W A C A r t s		20,000
Winston's Wish	70,000	60,000
	1,296,000	1,119,500

6	Support and governance costs	2 0 2 3	2 0 2 2
		£	£
	Support costs
	Administration and secretarial	63,227	65,039
	Consultancy	3,000	5,043
	Bank charges	2,859	2,359
	G o v e r n a n c e c o s t s
	Audit and accountancy
	-Begbies Chettle Agar	7,800
	-Haysmacintyre LLP	1,850	9,310
		9,650	9,310
	Total	78,736	81,751
7	Quoted Investments
		2 0 2 3	2 0 2 2
	Market value	£	£
	At 6April 2022	63,127,233	60,354,020
	Additions at cost	33,626,683	12,798,959
	Disposals at carrying value	(36,072,851)	(13,662,617)
	Management fees paid direct from investments		(366)
	Net loss on revaluation	(1,615,085)	3,637,237
	At 5April 2023	59,065,980	63,127,233
	Historical cost	52,513,626	52,349,306
	Listed investments at fair value comprised:	2 0 2 3	2 0 2 2
		£	£
	Listed UK equities and unit trusts	3,145,030	3,780,885
	Listed overseas equities and unit trusts	39,803,545	42,709,470
	Listed bonds and high yield	12,199,522	10,480,846
	Listed commodities	472,263	379,480
	Cash product	602,550
	Alternative Investments /property /thematic funds	2,843,070	5,776,552
		59,065,980	63,127,233
8	Unlisted investments
		2 0 2 3	2 0 2 2
	Carrying value	£	£
	At 6April 2022	263,818	250,000
	A d d i t i o n s a t c o s t	793,997	109,361
	Disposals at carrying value
	Impairment of Investments	(50,000)	(75,000)
	Net loss on revaluation	(149,813)	(20,543)
	At 5April 2023	858,002	263,818
	H i s t o r i c a l c o s t	1,153,357	459,362

Unlisted investments at fair value comprised:	2 0 2 3	2 0 2 2
	£	£
Social investments	150,000	175,000
Private equity	708,002	88,818
	858,002	263,818

9		Debtors		2 0 2 3	2 0 2 2
				£	£
		Accrued interest		36,116	6,712
		Prepayments		1,937	1,982
				38,053	8,694
1	0	Creditors: amounts falling due within one year		2 0 2 3	2 0 2 2
				£	£
		Accruals		83,036	85,008
				83,036	85,008
1	1	Analysis of Net Assets Between Funds	Expendable
			E n d o w m e n t	General	To t a l
			F u n d	F u n d	2 0 2 3
			£	£	£
		Fixed assets investments	60,590,306		60,590,306
		Cash at bank	444,566	1,061 4	4 5 , 6 2 7
		Other current assets	(44,983)		(44,983)
		At 5April 2023	60,989,889	1,061 6 0 , 9 9 0 , 9 5 0

			Expendable
			E n d o w m e n t	G e n e r a l	To t a l
			Fund	Fund	2 0 2 2
			£	£	£
		F i x e d a s s e t s i n v e s t m e n t s	64,339,177		64,339,177
		Cash at bank	1,805,548	1,061	1,806,609
		Other current assets	(76,314)		(76,314)
		At 5April 2022	66,068,411	1,061	66,069,472
1	2	F i n a n c i a l i n s t r u m e n t s		2 0 2 3	2 0 2 2
				£	£
		Financial assets
		Financial assets measured at fair value through proft or loss		59,065,980	63,127,233
		Financial assets measured at cost less impairment		858,002	263,818
		Financial assets measured at amortised cost		1,150,004	2,763,429
				61,073,986	6 6 , 1 5 4 , 4 8 0
		Financial liabilities
		Financial liabilities measured at amortised cost		83,036	85,008