2020-12-31-accounts

				Page/(9)
Reference and administrative		details ofthe Foundation,	its Trustees and advisers
Trustees' report				2-10
Independent auditors'	report			11 - 12
Statement offinancial	activities			13
Balance sheet				14
Cash flow statement				15
Notes to the financial	statements			16-23

				Note	2020f	2019f
Income from donations	and legacies
Donations and Legacies				3	174,413	813,995
Investment income				4	199,037	214,448
Total					373,450	1,028,443
Expenditure on:
Raising funds					11,045	12,888
Charitable activities				5	603,077	428,105
Total					614,122	440,993
Net (expense)/income	before investment		gain		(240,672)	587,450
Net gain on investments				11	637,249	2,168,866
Net movement in funds					596,577	2,756,316
Reconciliation offunds:
Total funds brought forward					18,714,808	15,958,492
					19,311,385	18,714,808
Total funds carried forward
All ofthe funds ofthe Foundation		are unrestricted.
The notes on pages 16	to23form	part of	these financial statements.

SAT31DECEMBE	R2020
				2020		2019
		Note	8	6		6
Fixed assets
Investments				18,347,248		17,073,563
Current assets
Debtors		12	186,912		12,276
Cash and cash equivalents		16	802,482		1,654,294
			989,394		1,666,572
Creditors: amounts year	falling due within one		(25,257)		(25,327)
Net current assets				964,137		1,641,245
Net assets				19,311,385		18,714,808
The funds ofthe charity
Unrestricted		14		19,311,385		16,714,806
Total charity funds				19,311,385		16,714,608

					Note	2020	2019 F
Cash flows from operating		activities
Net cash (used in)lprovided		by operating	activities		15	(614,413)	388,275
Cash flows from investing		activities
Dividend income						197,274	203,976
Interest income						1,763	10,472
Purchase ofinvestments						(7,366,785)
Disposal of investments						6,930,349
Net cash (used in)/generated		from investing		activities		(237,399)	214,448
Change in cash and cash	equivalents		in the	year		(851,812)	602,723
Cash and cash equivalents	brought forward					1,654,294	1,051,571
Cash and cash equivalents	carried forward				16	802,482	1,654,294
The notes on pages 15to23form part ofthese				5nancial	statements.

			2020	2019f
Cash donations from AP Holdings			174,413	813,995
INVESTMENT INCOME
			2020f	2019f
Dividend income			197,274	203,976
Interest income			1,763	10,472
			199037	214,448
CHARITABLE ACTIVITIES
			2020 f	2019 f
Charitable activities comprise:
Support costs (note 6)			234,667	84,471
Activities costs (note 7)			366,410	343,634
			603077	428 105
SUPPORT COSTS
			2020 f	2019
Net exchange loss on cash			207,737	62,544
Auditors' remuneration	- statutory	audit (note 9)	6,670	6,670
Bank charges			50	237
Subtotal			214,457	69,451
Other support costs			20,210	15,020
			234,667	84,471

		Grant	Grant	of	Support	Total	Total
		funding		of	costs
		activities
			2020f		2020 6	2020 6	2019
Female empowerment			40,400		117,334	157,734
Education snd training		313,010			117,333	430,343	403,105
Community			15,000			15000	25000
		368,410			234667	603,077	428,105
Female empowerment						2020	2019
						6	5
Myna Mahila Foundation						20,200
Sukhibava Foundation						20200
						40,400
Education and training						2020	2019
						6	E
Street Child Africa						50,011	71,304
ACE Africa						50,318	51,191
Green Gecko Project						46,938	47,975
Mercy Centre Preschool						44,861	42,542
Virlanie Foundation						3$,20$
Magic Bus India The Akanksha Foundation						29,278 28,046	41,008 29,338,
Temple Garden Foundation						20,349	20,273
The Cooperation for Advancement,		Rehabilitation	and	Education		4,000	12,000
Singapore Management	University						3003
						313010	318634
Community grants						2020	2019
						6	5
The Arisaig Community	Council's	Fund				15,000	25,000
						15,000	25000

INVESTMENTS
	Listed	Unlisted		Total
	securitiesf	securitiesf
As at 1 January 2019 Net gain on investments	10,371,812 1,630,557	4,532,885 538,309		14,904,697 2,168,856
As at 31 December 2019	12602369	5071 194		17,073,553
As st 1 January 2020	12,002,369	5,071,194	'	17,073,563
Additions	2,004,000	5,362,785		7,366,785
Disposals	(2,566,474)	(4,363,875)		(6,930,349)
Net gain on investments	414,209	423 040		837249
As at 31 December 2020	11854 104	6493144		18347248

		UK	Overseas	Total	Total
		2020f	2020f	2020f	2019f
Listed investments		993,684	10,860,420	11,854,104	12,002,359
Unlisted	investments		6493144	6493144	5,071,194
		993,684	17353564	18,347,248	17073,553

alue at 31 December ar	e as follows:
				2020f	2019
Arisaig Next Generation	Feeder ICAV			6,077,983
Arisaig Funds pic —Arisaig Global Emerging			Markets
Consumer UCITS Fund —Sterling		Share	Class		3,623,464
Arisaig Asia Consumer	Fund Limited				1,131,252
Findlay Park US Smaller Companies		Fund		1,044,255	930,127
FPWHEB Sustainability	Fund			1,097,987
Montanaro Better World	G D (LIP)			1,123,490
				9,343,715	5,584,843

FOR 12.	THE YEAR ENDED 3 DEBTORS	1DE	CE	MB	ER 2	020
											2020	2019
											6	F
	Dividend receivable										12,661	12,278
	Donation receivable										174,251
											186912	12278
13.	CREDITORS: Amounts		falling		due	within		one year
											2020	2019
											6	E
	Other creditors										25,257	25,327
14.	STATEMENT OF FUNDS
					Brought			Income		Expenditure	Investment	Carried
					forward						Gain	Forward
						6					6	K
	2019
	General Funds - all	funds		15,958,492				1,028,443		440,993	2,168,866	18,714808
	2020
	General Funds - sll	funds		18,714,608				373,450		614122	837249	19311,385
15.	NET CASH (USED	IN)/PROVIDED				BYOPERATING			ACTIVITIES
											2020	2019f
	Net income for the year (as			per	Statement		offinancial		activities)		S96,S77	2,756,316
	Adjustment for:
	Net gain on investments										(837,249)	(2,168,866)
	Dividend income										(197,274)	(203,976)
	Interest income										(1,763)	(10,472)
	Decrease in prepayments											215
	(Increase)/decrease	in debtors									(174,634)	168
	(Decrease)fincrease	in creditors									70	14,890
	Net cash (used in)/provided			by	operating		sctivBes				614,413	388,275
16.	CASH AND CASH	EQUIVALENTS
											2020	2019
											E
	Cash st bank										802,482	1,654,294

The following	investments	investments	held by the Foundation	held by the Foundation	are investments	in funds managed	or	sub managed by
AP Asia.
						2020		2019
						6		6
Arisaig Next Generation			Feeder ICAV			6,077,983
Arisaig Funds	pic —Arisaig Global Emerging			Markets
Consumer	UCITS Fund —Sterling Share			Class				3,823,464
Ariisaig Asia Consumer		Fund Limited						1,131,252
Arisaig Global Emerging Arisaig Afriica Consumer			Markets Consumer Fund Fund Limited ("AFCF")*		Limited	7,163		456,633 285,472
Arisaig Latin America Consumer Fund Limited								276 574
						6085146		5773,395