2021-12-31-accounts

		Page
Trustees' report		1-4
Statement oftrustees'	responslbllltlss
Independent auditor's	report
Statement offinancial	activities
Balance sheet		10
Statement ofcash flows
Notes tothe flnanclal	statements	12-19

		Unrestricted	Unrestricted
		funds	funds
		2021	2020
f	Notes	5	5
Donations and legacies	3	14,718,750
Investments	4	21,000,450	21,362,993
Total Income		35,719,200	21,362,993
Property holding costs	6	3,460,845	4,731,256
Charitable activities	5	15,596,974	13,135,973
Total resources expended		19,057,819	17,867,229
Net gains on Investments	11	40,482,282	9,882,214
Net Income forthe yearl
Net movement in funds		57,143,663	13,377,978
Fund balances st 1 January 2021		351,873,094	338,495,116
Fund balances at 31 December 2021		409,016,757	351,873,094

						2021	2021	2020
					Notes	6	6	6
Fixed assets
Investment	properties				12		415,551,607	416,283,094
Current assets
Debtors					13	2,620,727		3,074,665
Cash at bank and		In	hand			37,308,798		12,498,766
						39,929,525		15,573.431
Creditors:	amounts		faglng due within
one year					15	(10,458,794)		(11,301,937)
Net current	assets						29,470,731	4,271,494
Total assets less		current liabilities					445,022,338	420,554,588
Creditors:	amounts		faglng due after
more than	one year				16		(36,005,581)	(68,881,494)
Net assets							409,018,757	351,873,094
Income funds
Unrestricted	funds						409,016,757	351,573,094
							409,018,757	351,873,094
The financial	statements			were approved	by the Trustees	on ......VX(th...... Qo f'

			2021	2020
		Notes	6	6
Cash gows from operating	activities
Cash absorbed by operations		19	(3,223,884)	(28,921,982)
Investing activities
Purchase ofinvestment property Proceeds on disposal ofinvestment			(36,424,428)	(657,225)
property			77,638,196	20,489,352
Repayment of Investment loans and
receivables			(410)	7,756
Interest and rent received frere Investments			21,000,450	21,362,993
Net cash generated from Investing
activltlen			62,213,808	41,202,876
Financing activities
Repayment ofbank loans			(34,179,892)	(15,636,968)
Net cash used In financing	activities		(34,1'79,692)	(15,636,968)
Net Incrsasel(decrease) In	cash and	cash
equivalents			24,810,032	(3,356,074)
Cash and cash equivalents	at beginning	ofyear	12,499,766	15,854,840
Cash and cash equivalents	at end of	year	37,308,798	12,498,766

			Unrestricted	Total
			funds
			2021f	2020f
Gift sid receivable			14,718,750
investments
			Unrestricted	Unrestricted
			funds	funds
			2021	2020
			5
Rental Income			20,965,934	21,350,667
Interest receivable			34,516	12,326
			21,000,450	21,362,993
Charitable	activities
			Unrestricted	Unrestricted
			funds	funds
			2021	2020
			5	6
Charitable	grants to	institutions	15,533,914	13,018,672
Share ofsupport costs (see note 7)			30,478	87,301
Share ofgovernance		costs (see note 7)	32,582	30,000
			15,596,974	13,135,973

					Unrestricted	Unrestricted
					funds	funds
					2021	2020
					6	6
Ground	rents, Insurance	premiums,	legal snd professional	fees	1,775,666	2,287,064
Interest	paysbls				1,685,179	2,444,192
					3,460,845	4,731,256

Support	costs
		Support	Governance	2021	Support	Governance	2020
		costs	costs		costs	costs
			6	6	8	6	6
Support costs		30,478		30,478	87,301		87,301
Audit fees			27,500	27,500		25,000	25,000
Accountancy			5,082	5,082		5,000	5,000
		30,478	32,582	63,060	87,301	30,000	117,301
Analysed	between
Charitable	activities	30,478	32,582	63,060	87,301	30,000	117,301

								Unrestricted	Unrestricted
								funds	funds
								2021	2020
									8
	Revaluation		ofinvestment		properties			24,155,779	8,631,874
	Gals/(loss)		on sale of Investment				properties	16,326,503	1,250,340
								40,482,282	9,882,214
12	Investment		property
									2021
									6
	Fair value
	At 1 January		2021						416,283,093
	Additions	through		acquisitions		snd gifts			36,424,428
	Dlsposals								(61,305,685)
	Net gains	orlosses through			fair value adjustments				24,149,771
	At 31 December 2021								415,551,607

13	Oebtors
			2021	2020
	Amounts falling due within one year:		6	0
	Trade debtors Other debtors		1,726,370 179,828	1,496,334 755,844
	Prepsyments	and accrued income	714,529	822,487
			2,620,727	3,074,665
14	Loans and overdrsfts
			2021	2020
				5
	Bankloans		36,958,581	71,138,473
	Payable within	one year	953,000	2,456,979
	Payable after	one year	36,005,581	68,681,494
	Amounts included above which fall due alter five years:
	Payable other	than by lnstalments	12,167,500	13,067,500

Creditors: am	ounts	falling due within one year
				2021	2020
			Notes	5	6
Bank loans			14	953,000	2,456,979
Other taxation	and social security			736,930	606,949
Trade creditors				1,390,865	2,157,413
Other creditors				2,842,302	933,313
Accruals and deferred		income		4,535,697	5,147,283
				10,458,794	11,301,937

These are u	nrestricted funds	which ars material to ths ch	arity's activities made up as follows:	arity's activities made up as follows:	arity's activities made up as follows:
			Movement ln funds
		Bslsnce sl	incoming	Resources	Revelneuons,	Belence at
		1January zc21	resources	expended	gelns snd losses	21 December
		f		f	f	2ez(I
Unrestricted	funds	351,873,094	35,719,200	(19,057,819)	40,482,282	409,016,757

19	Cash generated from operations	Cash generated from operations			2021	2020
					8	8
	Surplus forthe year				57,143,663	13,377,978
	AdJustments for:
	Investment Income recognised Gain on disposal ofinvestment Fair value gains and losses on	in statement property investment	offinancial activities properties		(21,000,450) (16,326,503) (24,155,779)	(21,362,993) (1,250,340) (8,631,874)
	Movements in working capital:
	Decrease/(increase) In debtors				454,348	(808,565)
	Increase/(decrease) in creditors				660,837	(10,246,188)
	Cash absorbed by operations				(3,223,884)	(28,921,982)
20	Analysis ofchanges in net funds/(debt)
				At 1Jshusry	Cash itsws	At 31Oscsmhsr
				2C21f		2S21 6
	Cash at bank and In hand			12,496,766	24,810,032	37,308,798
	Loans falling due within one year			(2,456,979)	1,503,979	(953,000)
	Loans falling due after more than one year			(68,681,494)	32,675,913	(36,005,581)
				(58,639,707)	58,989,924	350,217