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|**Trustees**|**A M Fox**|(Chairman)|
|---|---|---|
||S M J Leary||
|**Principal office**|Linden House||
||Linden Close||
||Tunbridge Wells||
||Kent||
||TN4 8HH||
|**Independent examiner**|Si Wakefield ACA||
||Dixon Wilson||
||22 Chancery Lane||
||London||
||WC2A 1LS||
|**Charity number**|**1122463**||
|**Bankers**|**Coutts & Co**||
||440 Strand||
||London||
||WC2R OQS||
|**Investment manager**|Hottinger _Investment _|_Management_ Limited|
||St. James's||
||London||
||SW I H 9BU||
|**Solicitors**|Boodle Hatfield LLP||
||240 Blackfriars Road||
||London||
||SE I 8NW||





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||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**Funds**|**Funds**|
||**2022**|**2021**|
||**_E_**|**_E_**|
|**Receipts**|||
|**Investment income**|**4,666**|**_4,478_**|
|**Receipts from sale of listed investments**|**129,942**|**_261,609_**|
|**Receipts from sale of unlisted investments**|**399,925**|**_268,977_**|
|**Loan repayments**|**600**|**_15,600_**|
|**Royalties**|**1,425**|**_2,395_**|
|**Donations**|**5**|**14**|
|**Other receipts**|**876**||
|**Total receipts**|**537,439**|**_553,073_**|
|**Payments**|||
|**Charitable donations**|**96,358**|**_359,662_**|
|**Purchase of investments**|**151,509**||
|**Administrative costs**|**40,103**|**_43,213_**|
|**Total payments**|**287,970**|**_402,875_**|
|**N e t receipts for the year**|**249,469**|**_150,198_**|
|**Cash at** **_bank at I_ January**|**172,201**|**_22,003_**|
|**Cash a t bank a t 31 December**|**421,670**|**172,201**|





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||**Unrestricted**|**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**Funds**|**Funds**|
|||**2022**|**2021**|
|**Investment assets**||||
|Listed investment portfolio (market value)||**431,145**|**_425,988_**|
|Shares in Grosvenor Research Trading and Investments Ltd||||
|(estimated value of shares at 31 December 2022)||9,000|**_1,095,365_**|
|Shares in Internet Mobile Communications Ltd|||**_126,976_**|
|Loan to Internet Mobile Communications Ltd||1,003,838||
|**Cash at bank**||**421,670**|**:72,20!**|
|**Other monetary assets**||||
|Loans (2021 figure restated— see priorperiodrestatement on page6)||63,404|**_64,004_**|
|Copyrights||7,310|**_7,310_**|
|**Liabilities**||||
|Legal fees|||**_11,018_**|
|Independent examiner's fee accrual||3,960|**_3,600_**|
|Other liabilities||1,551|**_514_**|
|The financial statementsonpages 8 and 9 were approved by the Trustees on|5/|October|2023 and were|