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|||
|---|---|
|`CONTENTS`|`Page`|
|`Legalandadministrativeinformation`|`1`|
|`ReportoftheTrustees`|`2-8`|
|`Independentauditors’reporttothetrustees`|`9-12`|
|`Statementoffinancialactivitiesincorporatingtheincomeandexpenditureaccount`|`13`|
|`Balancesheet`|`14`|
|`Cashflowstatement`|`15`|
|`Notestothefinancialstatements`|`16-29`|





|`Constitution`|`RothschildFoundation(Hanadiv)Europeisa companylimitedbyguarantee`<br>`and`<br>`aregistered`<br>`charitygoverned`<br>`by`<br>`itsmemorandum`<br>`and`<br>`articles`<br>`of`<br>`association.Itisa registeredcharity,No.1083262.CompanyNo.03948898.`|`RothschildFoundation(Hanadiv)Europeisa companylimitedbyguarantee`<br>`and`<br>`aregistered`<br>`charitygoverned`<br>`by`<br>`itsmemorandum`<br>`and`<br>`articles`<br>`of`<br>`association.Itisa registeredcharity,No.1083262.CompanyNo.03948898.`|`RothschildFoundation(Hanadiv)Europeisa companylimitedbyguarantee`<br>`and`<br>`aregistered`<br>`charitygoverned`<br>`by`<br>`itsmemorandum`<br>`and`<br>`articles`<br>`of`<br>`association.Itisa registeredcharity,No.1083262.CompanyNo.03948898.`|`RothschildFoundation(Hanadiv)Europeisa companylimitedbyguarantee`<br>`and`<br>`aregistered`<br>`charitygoverned`<br>`by`<br>`itsmemorandum`<br>`and`<br>`articles`<br>`of`<br>`association.Itisa registeredcharity,No.1083262.CompanyNo.03948898.`|`RothschildFoundation(Hanadiv)Europeisa companylimitedbyguarantee`<br>`and`<br>`aregistered`<br>`charitygoverned`<br>`by`<br>`itsmemorandum`<br>`and`<br>`articles`<br>`of`<br>`association.Itisa registeredcharity,No.1083262.CompanyNo.03948898.`|
|---|---|---|---|---|---|
|`DirectorsandTrustees`|`Thedirectorsofthecharitablecompany(“theF oundation”)areitstrusteesfor`<br>`thepurposeofcharitylawandthroughoutthisreportarecollectivelyreferred`<br>`to asthetrustees.Assetoutinthearticlesofassociationthechairmanofthe`<br>`boardoftrusteesisappointedbythetrustees.Themembershavethepowerto`<br>`appointanyoftheirnumbertobea trustee.`|||||
||`Thetrusteeswhoservedduringtheyearwere:`|||||
||`LordRothschildOMGBE(President)`<br>`SirBradleyFried(Chairmanfrom21`<br>`SirVictorBlank`|<br>`Jul2020)`||||
||`MmeBéatriceRosenberg`|||||
||`DrDavidLandau`|||||
||`AdamKarni-Cohen`|||||
||`TheHonourableBethRothschild`|||||
||`NicolaCobbold`|||||
||`NicolaLoftus`|||||
||`BenAvigdori(appointed16Dec2021)`|||||
|`CompanySecretary`|`I.Masterton`|||||
|`ChiefExecutive`|`SBerkovic`|||||
|`RegisteredOffice`|`14StJames’sPlace`|||||
||`London`|||||
||`SWI1AINP`|||||
|`Auditors`|`SafferyChampnessLLP`|||||
||`71QueenVictoriaStreet`|||||
||`LondonEC4V4BE`|||||
|`Bankers`|`TheBankofNewYorkMellon`|||||
||`RueMontoyer46`|||||
||`B-1000Brussels`|||||
||`Belgium`|||||
||`Coutts& Company`|||||
||`440Strand`|||||
||`LondonWC2R0QS`|||||
|`Solicitors`|`Farrer& CoLLP`|||||
||`66LincolnsInnFields`|||||
||`LondonWC2A3LH`|||||





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||||`Expendable`|`Unrestricted`|||
|---|---|---|---|---|---|---|
||||`endowment`|`income`|`Yearended`|`Yearended`|
||||`fund`|`fund`|`31-Dec`|`31-Dec`|
||||`2021`|`2021`|`2021`|`2020`|
|`Incomefrom:`|`Note`||`£`|`£`|`£`|`£`|
|`Incomefrominvestments`<br>`Totalincome`|`9.`|`_—`|`-`<br>`486,050`<br>`-`<br>`486,050`<br> <br>`es`||`486,050`<br>`486,050`<br>`PN`|`42,441`<br>`42.441`<br> <br>`Ts]`|
|`Expenditureon:`|||||||
|`Raisingfunds`|||||||
|`Investmentmanagementcosts`<br>`Charitableactivity`|`4.`||`830,281`|`-`|`830,281`|`547,893`|
|`UnrestrictedFund`|||||||
|`AcademicJewishStudiesProgramme`<br>`HeritageandCultureProgramme`<br>`EducationandResearch`<br>`NationalLibraryofIsraelandother`<br>`CommunityWelfare`<br>`Totalresourcesexpended`|`ElEa`|`-`<br>`1,113,260`<br>`1,113,260`<br>`-`<br>`2,376,662`<br>`2,376,662`<br>`1,619,803`<br>`1,619,803`<br>`1`<br> <br>`-`<br>`665,727`<br>`665,727`<br>`-`<br>`1,011,576`<br>`1,011,576`<br>`830,281`<br>`6,787,028`<br>`7,617,309`<br>`—_—`<br>`oF`||||`1,164,408`<br>`2,229,418`<br>`1,078,799`<br> <br>`553,412`<br>`1,785,194`<br>`7,359,124`<br> <br>`997,188`|
|`Netoutgoingresourcesbefore`|||||||
|`investmentmovement`<br>`Netgainsoninvestmentassets`|||`(830,281)`|`(6,300,978)`|`(7,131,259)`|`(7,316,683)`|
|`Realisedandunrealisedinvestment`|||||||
|`gains`||`—`|`18,956,959`<br> `Zr?`|`-`<br> <br>`m`|`18,956,959`<br>`16,200,007`|`15,157,722`<br>`10,107,722`|
|`Netincome`<br>`Transfersbetweenfunds`<br>`Netmovementinfunds`<br>`Fundbalancesbroughtforward`|`1.b.`||<br>`18,126,678`<br>`(6,300,978)`<br>`11,825,700`<br>`135,218,382`|<br> <br>`(6,300,978)`<br>`6,300,978`<br>`-`<br>`-`|<br>`11,825,700`<br>`-`<br>`11,825,700`<br>`135,218,382`|<br>`7,841,039`<br>`-`<br>`7,841,039`<br>`127,377,343`|
|`Fundbalancescarriedforward`|||`147,044,082`|`-`|`147,044,082`|`135,218,382`|





## 

|||`31-Dec`|`31-Dec`|
|---|---|---|---|
||`Notes`|`2021`|`2020`|
|||`£`|`£`|
|`FixedAssets`||||
|`Tangibleassets`|`8.`|<br>`5,371`|<br>`8,484`|
|`Investments`||||
|`Quotedsecuritiesandunquotedinvestments`||`143,948,775`|`136,623,574`|
|`Derivativefinancialinstruments`||`(225,367)`|`250,886`|
|`Salesforfuturesettlement`||`1,503,329`|`-`|
|`Purchasesforfuturesettlement`||`979,161`|`-`|
|`Cashbalances`||`5,502,287`|`2,501,350`|
||`9.`|`151,708,185`|`139,375,810`|
|`Currentassets`||||
|`Prepayments`||`96,962`|`73,533`|
|`Cashatbank`||`46,552`|`25,305`|
|||<br>`143,514`|<br>`98.838`|
|`Creditors:amountsfallingduewithinoneyear`||||
|`Othercreditors`||`2,962`|`765`|
|`Grantspayablewithinoneyear`||`3,556,224`|`3,226,460`|
|`Accruals`||`156,542`|`78,690`|
|||<br>`3,715,728`|<br>`3,305,915`|
|`Netcurrentliabilities`||`(3,572,214)`|`(3,207,077)`|
|`Creditors:fallingdueinmorethanoneyear`||||
|`Grantspayable`|`11.`|`(1,097,260)`|`(958,835)`|
|`Netassets`||`147,044,082`|`135,218,382`|
|`Funds`||||
|`Expendableendowmentfund— historicalcost`|`12.`|`79,352,137`|`77,236,956`|
|`Expendableendowmentfund— revaluation`||`67,691,945`|`57,981,426`|
|`Unrestrictedincomefund`||||
|`Totalfunds`<br>|`13.`|`147,044,082`|`135,218,382`|





## 

||`2021`|`2020`|
|---|---|---|
||`£`|`£`|
|`Netcashusedinoperatingactivities`|`(9,671,462)`|`(8,165,270)`|
|`Cashflowsfrominvestingactivities:`|||
|`Purchaseoftangiblefixedassets`|`-`|`(8,456)`|
|`Purchaseofinvestments`|`(13,777,430)`|`(4,744,111)`|
|`Proceedsfromsaleofinvestments`|`26,431,386`|`14,681,540`|
|`Proceedsfromforwardcurrencycontracts`|`39,690`|`(62,278)`|
|`Netcashprovidedbyinvestingactivities`|`12,693,646`|`9,866,695`|
|`Changeincashandcashequivalentsintheyear`|`3,022,184`|`1,701,425`|
|`Cashandcashequivalentsat1 January`|`2,526,655`|`825,232`|
|`Cashandcashequivalentsat31December`|<br> <br>`5,548,839`|<br> <br>`2,526,655`|
|`Notestothecashflowstatement`|||
|`Analysisofcashandcashequivalents`|`2021`|`2020`|
||`£`|`£`|
|`Cashwithininvestmentportfolio`|`5,502,287`|`2,501,350`|
|`Otherbankbalances`|`46,552`|`25,305`|
||<br>`5,548,839`|<br> <br>`2,526,655`|
|`Reconciliationofchangesinresourcesto`|`2021`|`2020`|
|`netcashusedinoperatingactivities`|`£`|`£`|
|`Netincome(Page13)`|`11,825,700`|`7,841,039`|
|`Gainsoninvestments`|`(18,956,959)`|`(15,157,722)`|
|`Depreciationcharges`|`3,113`|`3,147`|
|`Realisedexchange(loss)`|`(585,635)`|`(109,065)`|
|`(Increase)insalesforfuturesettlement`|`(1,503,329)`|`1,509`|
|`(Increase)inpurchasesforfuturesettlement`|`(979,161)`|`-`|
|`(Increase)indebtors`|`(23,429)`|`(10,336)`|
|`Increaseincreditors`|`548,238`|`(733,842)`|
|`Netcashusedinoperatingactivities`|`(9,671,462)`|`(8,165,270)`|





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||`Expendable`|`Unrestricted`||
|---|---|---|---|
||`endowment`|`income`||
||`fund`|`fund`|`Total`|
||`2020`|`2020`|`2020`|
||`£`|`£`|`£`|
|`Incomefrom:`||||
|`Incomefrominvestments`|`-`|`42.441`|`42,441`|
|`Totalincome`|`-`|`42,441`|`42,441`|
|`Expenditureon:`||||
|`Raisingfunds`||||
|`Investmentmanagementcosts`|`547,893`|`-`|`547,893`|
|`Charitableactivity`||||
|`UnrestrictedFund`||||
|`AcademicJewishStudiesProgramme`|`-`|`1,164,408`|`1,164,408`|
|`HeritageandCultureProgramme`|`-`|`2,229,418`|`2,229,418`|
|`EducationandResearch`|`-`|`1,078,799`|`1,078,799`|
|`NationalLibraryofIsraelandother`|`-`|`553,412`|`553,412`|
|`CommunityWelfare`|`-`|`1,785,194`|`1,785,194`|
|`Totalresourcesexpended`|`547,893`|`6,811,231`|`7,359,124`|
|`Netoutgoingresourcesbeforeinvestment`|`(547,893)`|`(6,768,790)`|`(7,316,683)`|
|`Netgainsoninvestmentassets`||||
|`Realisedandunrealisedinvestmentgains`|`15,157,722`|`-`|`15,157,722`|
|`Netincomeandexpenditure`|`14,609,829`|`(6,768,790)`|`7,841,039`|
|`Transfersbetweenfunds`|`(6,768,790)`|`6,768,790`|`-`|
|`Netmovementinfunds`|`7,841,039`|<br>`-`|<br>`7,841,039`|
|`Fundbalancesbroughtforward`|`127,377,343`|`-`|`127,377,343`|
|`Fundbalancescarriedforward`|`135,218,382`|`-`|`135,218,382`|





## 

|`3.`|`GrantsandDonations`|||
|---|---|---|---|
|||`2021`|`2020`|
||`AcademicJewishStudiesProgramme`|`£`|`£`|
||`OxfordCentreforHebrewandJewishStudies`|`115,386`|`106,439`|
||`UniversityCollegeLondon`|`-`|`120,000`|
||`UniversityofAntwerp`|`-`|`87,750`|
||`JagiellonianUniversity`|`-`|`80,490`|
||`PalackyUniversity`|`-`|`86,773`|
||`NationalResearchUniversity“HigherSchoolofEconomics”`|`}`|`70,000`|
||`UniversityofManchester`|`-`|`70,000`|
||`UniversityofOxford`|`69,356`|`69,927`|
||`UniversityofCambridge`|`-`|`69,908`|
||`UniversityofSouthampton`|`-`|`58,864`|
||`UniversityofOxford`|`-`|`51,000`|
||`UniversityofTiibingen`|`86,970`|`-`|
||`UniversityofWroclaw`|`74,210`|`-`|
||`UniversityofAmsterdam`|`70,000`|`-`|
||`UniversityofLondon`|`69,989`|`-`|
||`UniversityofVienna`|`68,352`|`-`|
||`CharlesUniversity,Prague`|`58,650`|`-`|
||`UniversitadiBologna`|`50,000`|`-`|
||`Individualgrantsoflessthan£50,000`|`340,429`|`201,529`|
||`Earliergrantspart-returnedorcancelled`|`(27,217)`<br>`976,125`|`(30,699)`<br>`1041981`|
||`JewishHeritageProgramme`|||
||`MuseoEbraicoVenezia`|`100,000`|`100,000`|
||`AmericanJewishJointDistributionCommittee`|`-`|`150,000`|
||`JoodsHistorischMuseumAmsterdam`|`-`|`100,000`|
||`CentralArchivesfortheHistoryoftheJewishPeople`|`-`|`94,000`|
||`NIODInstituteforWar,HolocaustandGenocideStudies`|`-`|`89,140`|
||`InstitutEuropéendesMusiquesJuives`|`-`|`80,000`|
||`ImperialWarMuseum`|`-`|`75,000`|
||`BudapestHolocaustMuseumandEducationCenter`|`-`|`78,900`|
||`UniversidadeNovadeLisboa`|`-`|`69,920`|
||`EcoleSupérieureTalmudique(YechivasChachmeyTsorphat)`|`-`|`67,166`|
||`CommunautéIsraélitedeGeneve`|`-`|`61,600`|
||`TheNetherlandsInstituteforSoundandVision`|`-`|`56,655`|
||`Tudasmenedzsmentért,TudésalaptTechnoldgidértAlapitvany`|`-`|`54,000`|
||`Alapitvénya SzegediZsinagogaért`|`-`|`50,900`|
||`UniversityofLondon`|`-`|`50,000`|
||`YadVashem`|`150,000`|`-`|
||`Peterhouse,UniversityofCambridge`|`137,666`|`-`|
||`BodleianLibraries,UniversityofOxford`|`133,334`|`-`|
||`CentrenationaldelaRecherchescientifique`|`105,000`|`-`|





## 

## 

||`2021`|`2020`|
|---|---|---|
||`£`|`£`|
|`WienerHolocaustLibrary,London`|`93,783`|`-`|
|`TyneandWearArchivesandMuseums`|`80,000`|`-`|
|`FrénkischesFreilandmuseumdesBezirksMittelfranken`|`75,000`|`-`|
|`NationalMonumentHerinneringscentrumKampWesterbork`|`73,000`|`-`|
|`InstituteofSocialRelations,EotvosLorandUniversityofSciences`|`72,040`|`-`|
|`POLINMuseumoftheHistoryofPolishJews`|`68,702`|`-`|
|`JewishHeritageFoundationMenorah`|`68,040`|`-`|
|`JewishTheologicalSeminary,UniversityofJewishStudies`|`67,170`|`-`|
|`UnionedelleComunitaEbraicheItaliane`|`60,480`|`-`|
|`JewishMuseumofWestphalia`|`57,404`|`-`|
|`BoardofDeputiesCharitableFoundation`|`55,550`|`-`|
|`TrinityCollegeDublin`|`53,643`|`-`|
|`TheJewishMuseumInStockholm`|`50,000`|`-`|
|`Individualgrantsoflessthan£50,000`|`407,980`|`513,371`|
|`Earliergrantspart-returnedorcancelled`|`(38,455)`|`-`|
||`1,870,337`|`1,690,652`|
|`JewishEducation`|||
|`EducatingforImpact`<br>`|TheCentreforEducationalTechnology`|`180,167`|`200,000`|
|`EuropeanUnionofJewishStudents`|`-`|`120,000`|
|`HillelInternational`|`-`|`120,000`|
|`CentralWelfareBoardofJewsinGermany`|`-`|`60,000`|
|`MoisheHouse`|`155,624`|`-`|
|`LondonSchoolofJewishStudies`|`129,300`|`-`|
|`YadLayeledFrance`|`120,000`|`-`|
|`FundacjaCentrumTaubegoOdnowyZyciaZydowskiegow Polsce`|`94,360`|`-`|
|`Kisharon`|`90,000`|`-`|
|`SColeC,theScottishCouncilofJewishCommunities`|`59,000`|`-`|
|`JewishTheologicalSeminary,UniversityofJewishStudies`|`57,000`|`-`|
|`Limmud`|`50,000`|`-`|
|`Individualgrantsoflessthan£50,000`|`328,000`|`147,802`|
|`Earliergrantspart-returnedorcancelled`|<br>`(13)`|`-`|
||`1,263,438`|`647,802`|
|`NationalLibraryofIsraelandothergrants`|||
|`GesherL’Europa[ABridgetoEurope]`|`590,000`|`390,000`|
|`NationalLibrary`|`-`|`110,000`|
||`590,000`|`500,000`|





## 

|`3.`<br>`GrantsandDonations(continued)`|||
|---|---|---|
||`2021`|`2020`|
||`£`|`£`|
|`CommunityWelfare`|||
|`JewishCare`|`100,000`|`250,000`|
|`JDC`|`100,000`|`227,100`|
|`EducatingforImpact`|`100,000`|`202,692`|
|`Pillar`<br>`Foundation`|`109,657`|`121,615`|
|`JW3`|`-`|`50,000`|
|`JewishMuseumLondon`|`-`|`50,000`|
|`ThePaperweightTrust`|`-`|`50,000`|
|`JewishWomen’sAid`|`-`|`50,000`|
|`ImmanuelCollege(Kalms/Ronson)`|`-`|`50,000`|
|`TheWorkAvenueFoundation`|`-`|`50,000`|
|`Norwood`|`-`|`50,000`|
|`TheJewish AssociationforMentalIllness`|`150,000`|`-`|
|`InstituteforJewishPolicyResearch`|`207,000`|`-`|
|`CommunitySecurityTrust`|`75,000`|`-`|
|`JLC`|`50,000`|`-`|
|`Individualgrantsoflessthan£50,000`|`54,500`|`451,490`|
|`Earliergrantspart-returnedorcancelled`|`(49,650)`|`-`|
||`896,507`<br>|`1,612,897`<br>|
|`Totalgrants`|`5,596,407`|`5,493,332`|





## 

|`a)`|`2021`|||||||
|---|---|---|---|---|---|---|---|
||||||`Support& `|||
||||`Other`|`Investment`|`Admin`|`Governance`|`Total`|
|||`Grants`|`Activities`|`Costs`|`Costs`|`Costs`|`2021`|
||`InvestmentManagement`|`£`|`£`|`£`<br>`800,755`|`£`<br>`29,526`|`£`<br>`-`|`£`<br>`830,281`|
||`CharitableExpenditure`|||||||
||`UnrestrictedFund`|||||||
||`AcademicJewishStudies`<br>`CultureandHeritage`<br>`EducationandResearch`<br>`NationalLibraryofIsrael`<br>`CommunityWelfare`|`976,125`<br>`1,870,337`<br>`1,263,438`<br>`590,000`<br>`896,507`|`10,500`<br>`235,975`<br>`172,109`||`109,298`<br>`233,337`<br>`159,030`<br>`65,360`<br>`99,315`|`17,337`<br>`37,013`<br>`25,226`<br>`10,367`<br>`15,754`|`1,113,260`<br>`2,376,662`<br>`1,619,803`<br>`665,727`<br>`1,011,576`|
|||`5,596,407`|`418,584`|<br>`800,755`|<br>`695,866`|<br>`105,697`|<br>`7,617,309`|
|||`Note3.`||||||
||`ResourcesExpended`|||||||



|`b)`|`2020`|||||||
|---|---|---|---|---|---|---|---|
||||||`Support& `|||
||||`Other`|`Investment`|`Admin`|`Governance`|`Total`|
|||`Grants`|`Activities`|`Costs`|`Costs`|`Costs`|`2020`|
||`InvestmentManagement`|`£`|`£`|`£`<br>`524,230`|`£`<br>`23,664`|`£`<br>`-`|`£`<br>`547,893`|
||`CharitableExpenditure`|||||||
||`UnrestrictedFund`|||||||
||`AcademicJewishStudies`<br>`CultureandHeritage`<br>`EducationandResearch`<br>`NationalLibraryofIsrael`<br>`CommunityWelfare`|`1,041,981`<br>`1,690,652`<br>`647,802`<br>`500,000`<br>`1,612,897`|`10,045`<br>`323,595`<br>`326,878`||`97,431`<br>`186,544`<br>`90,267`<br>`46,306`<br>`149,374`|`14,951`<br>`28,626`<br>`13,852`<br>`7,106`<br>`22,923`|`1,164,408`<br>`2,229,418`<br>`1,078,799`<br>`553,412`<br>`1,785,194`|
|||`5,493,332`|<br>`660,518`|<br>`524,230`|<br>`569,922`|<br>`111,122`|<br>`7,359,124`|
|||`Note3.`||||||





## 

|`5.`|`Administrationcostsinclude:`|`2021`|`2020`|
|---|---|---|---|
||`Auditorsremuneration(incl.`<br>`VAT)`<br>`Depreciation`|`£`<br>`17,120`<br>`3,113`|`£`<br>`16,468`<br>`3,147`|
||`StaffCosts`<br>`Wagesandsalaries`<br>`NationalInsurance`<br>`Pensions`<br>`LifeInsurance`|`2021`<br>`£`<br>`355,964`<br>`46,379`<br>`49,909`<br>`4,823`|`2020`<br>`£`<br>`309,115`<br>`39,512`<br>`30,807`<br>`4,440`|
|||`457,075`|`383,874`|
||`Thenumberofemployeeswhoseemolumentsasdefinedfortaxationpurposesamountedtoover£60,000`<br>`follows:`||`intheyearwasas`|
|||`Number`|`Number`|
||`£120,001- £130,000`<br>`£150,001- £160,000`|`-`<br>`1`|`1`<br>`-`|
|||`2021`|`2020`|
||`Totalbenefitspaidtokeymanagementpersonnel`|`£`<br>`179,858`|`£`<br>`139,309`|



|`Charitableactivities`<br>`Managementandadministration`|`Number`<br>`5`<br>`1`|`Number`<br>`5`<br>`1`|
|---|---|---|



## 



## 



## 

|`9.`|`Investments`|||`31-Dec`||`31-Dec`|
|---|---|---|---|---|---|---|
||`Quotedsecurities`<br>`Marketvalueasatstartofyear`<br>`Investmentpurchases`<br>`Disposalproceeds`<br>`Netinvestmentgains`<br>`Marketvalueasatendofyear`|||`174,087`<br>`2021`<br>`£`<br>`1,444,584`<br>`878,646`<br>`(1,006,392)`<br>`1,490,925`||`2020`<br>`£`<br>`6,577,379`<br>`1,226,134`<br>`(5,913,695)`<br>`(445,232)`<br>`1,444,584`|
||`Unquotedinvestments`||||||
||`Valuationatstartofyear`<br>`Investmentpurchases`<br>`Investmentdistributions`<br>`Trustees’revaluation`<br>`Valuationasatendofyear`|||`14,361,362`<br>`24,036,916`<br>`12,898,784`<br>`(8,074,994)`<br>`43,222,068`||`20,974,878`<br>`3,517,977`<br>`(2,917,845)`<br>`2,461,906`<br>`24,036,916`|
||`Multi-assetfunds`||||||
||`Valuationatstartofyear`<br>`Investmentdistributions`<br>`Trustees’revaluation`<br>`Valuationasatendofyear`|||`111,142,073`<br>`(17,350,000)`<br>`5,443,709`<br>`99,235,782`||`103,799,531`<br>`(5,850,000)`<br>`13,192,543`<br>`111,142,073`|
||`Quotedsecuritiesandunquoted`<br>`Multi-assetfunds`<br>`Derivativefinancialinstruments`<br>`Salesforfuturesettlement`<br>`Purchasesforfuturesettlement`<br>`Cashandequivalents`<br>`Totalinvestments`|`investments`<br>||`5,502,287`<br>`151,708,185`<br>`44,712,993`<br>`99,235,782`<br>`(225,367)`<br>`1,503,329`<br>`979,161`||`25,481,500`<br>`111,142,073`<br>`250,886`<br>`2,501,350`<br>`139,375,810`|
||`Historicalcost`|||`84,016,240`|||
||`Overseasinvestments`<br>`Quotedsecurities`<br>`Unquotedinvestments`<br>`Multi-assetfunds`<br>`Derivativefinancialinstruments`<br>`Salesforfuturesettlement`<br>`Purchasesforfuturesettlement`|`Market`<br>`2021`<br>`£`<br>`1,281,556`<br>`42,808,910`<br>`99,235,782`<br>`(225,367)`<br>`1,503,329`<br>`979,161`|`Value`<br>`2020`<br>`£`<br>`1,117,560`<br>`23,440,107`<br>`111,142,073`<br>`250,886`<br>`-`<br>`-`||`Investment`<br>`2021`<br>`£`<br>`113`<br>`485,820`|`income`<br>`2020`<br>`10`<br>`30,739`|
||`Cashandequivalents`<br>`UKquotedinvestments`<br>`UKunquotedinvestments`|<br> <br>`5,502,287`<br>`151085658`<br>`209,369`<br>`413,158`<br>`151,708,185`|<br> <br>`2,501,350`<br>`138451.977`<br>`327,024`<br>`596,809`<br>`139,375,810`<br>|<br>|`117`<br>`486,050`<br>`486,050`||





|`10.`|`MaterialInvestments`|||||
|---|---|---|---|---|---|
||`Investmentsmaterialinthecontextofthemarketvalueofinvestmentsheldatthebalancesheetdate:`|||||
|||`2021`|`2021`|`2020`|`2020`|
|||`£`|`%`|`£`|`%`|
||<br> <br>`WHAMEndowmentFund`|<br> <br>`99,235,782`|<br> <br>`65.41%`|<br> <br> <br>`111,142,073`|<br> <br> <br>`79.74%`|
|`11.`|`Creditorsfallingdueinmorethanone`|`year`||||
|||||`2021`|`2020`|
||`Grantspayable`|||`£`|`£`|
||`Within1-2years`<br>`Within2-5years`|||`959,592`<br>`137,668`|`932,835`<br>`26,000`|
|||||`1,097,260`|`958,835`|
|`12.`|`Reconciliationofhistoricalcostassetsandliabilities`|||||
|||||`2021`|`2020`|
||`Fixedassets`<br>`Historicalcostofinvestments`<br>`Netcurrentliabilities`<br>`Creditorsfallingdueinmorethanoneyear`|||`£`<br>`5,371`<br>`84,016,240`<br>`(3,572,214)`<br>`(1,097,260)`|`£`<br>`8,484`<br>`81,394,384`<br>`(3,207,077)`<br>`(958,835)`|
|||||<br> <br>`79,352,137`|<br> <br>`77,236,956`|
||`Expendableendowmentfund— historicalcost`|||`79,352,137`|`77,236,956`|





||`Expendable`|`Unrestricted`||
|---|---|---|---|
||`endowment`|`income`||
||`fund`|`fund`|`Total`|
||`2021`|`2021`|`2021`|
||`£`|`£`|`£`|
|`Fixedassets`<br>`Investments`<br>`Bankbalances`<br>`Othercurrentassets`<br>`Liabilities`<br>`Interfundbalance`|<br>`-`<br>`151,708,185`<br>`-`<br>`-`<br>`-`<br>`(4,664,103)`|<br>`5,371`<br>`-`<br>`46,552`<br>`96,962`<br>`(4,812,988)`<br>`4,664,103`|<br>`5,371`<br>`151,708,185`<br>`46,552`<br>`96,962`<br>`(4,812,988)`<br>`-`|
||<br>`147,044,082`|<br>`-`|<br>`147,044,082`|



## 

|`2020`|||||
|---|---|---|---|---|
|||`Expendable`|`Unrestricted`||
|||`endowment`|`income`||
|||`fund`|`fund`|`Total`|
|||`2020`|`2020`|`2020`|
|||`£`|`£`|`£`|
|`Fixedassets`<br>`Investments`<br>`Bankbalances`<br>`Othercurrentassets`<br>`Liabilities`<br>`Interfundbalance`||`-`<br>`139,375,810`<br>`-`<br>`-`<br>`-`<br>`(4,157,428)`|`8,484`<br>`-`<br>`25,305`<br>`73,533`<br>`(4,264,750)`<br>`4,157,428`|`8,484`<br>`139,375,810`<br>`25,305`<br>`73,533`<br>`(4,264,750)`<br>`-`|
||`-_—`||||
|||`135,218,382`|`-`|`135,218,382`|





##