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# **3rd February** 



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||Note|2021|2020|
|---|---|---|---|
|IncomeandExpenditure||||
|Incomefrom:||||
|Investments|2|51,448.37|4,937.19|
|InterestReceivable|2|-|52.43|
|||51,448.37|4,989.62|
|Expenditureon:||||
|RaisingFunds||||
|InvestmentManagementFees||10,507.19||
|Charitableactivities||||
|Donations|9|455,553.94|665,803.20|
|Fundingcommitments|10|1,792,268.01||
|OtherExpenditure||||
|MacfarlanesFees||18,600.00|13,816.55|
|AccountancyFees||5,100.00|-|
|ConsultancyFeesandExpenses||||
|SASM.G.I.I.||-|13,853.13|
|CepedaFees||236.64|-|
|BankCharges||407.58|368.76|
|LEIRegistrationFee||-|78.00|
|TotalResourcesExpended||2,282,673.36|693,919.64|
|Realisedgains(losses)||90,819.82|64,679.53|
|Unrealisedgains(losses)||(414,861.56)|(331,131.59)|
|NetCurrencygains(losses)||(83,261.89)|113,117.58|
|Netgains(losses)oninvestments||(407,303.63)|(153,334.48)|
|Netmovementinfunds||(2,638,528.62)|(842,264.50)|
|Fundbalancesat6April2020||5,010,482.92|5,852,747.42|
|Fundbalancesat5April2021||£2,371,954.30|£5,010,482.92|
|Allfundsareunrestricted||||





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||NOTESTOTHEFINANCIALSTATEMENTSFORT|HEyearto5April2021||
|---|---|---|---|
|2|IncomefromInvestments|2021|2020|
||IncomefromOverseasSecurities|51,448.37|4,937.19|
||InterestonCashDeposits||52.43|
|||51,448.37|4,989.62|



## 

|5|Netgains/(losses)onInvestments|2021|2020|
|---|---|---|---|
|||£|£|
||RevaluationofInvestments|(414,861.56)|(331,131.59)|
||Gain/lossonSaleofInvestments|90,819.82|64,679.53|
||Currency|(83,261.89)|113,117.58|
|||(407,303.63)|(153,334.48)|
|6|FixedAssetInvestments|2021|2020|
|||£|£|
||UnlistedInvestments|||
||ListedInvestments|3,849,289.82|4,873,283.86|
|||3,849,289.82|4,873,283.86|
||ListedInvestmentsincludedabove:|||
||OverseasSecurities|3,849,289.82|4,873,283.86|



## 



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||MovementsinFixedAssetInvestments|2021|2020|
|---|---|---|---|
|||Shares|Shares|
|||£|£|
||CostorValuation|||
||At5April2020|4,873,283.86|5,843,106.23|
||Additions|4,792,999.00|5,796,399.37|
||ValuationChanges|(414,861.56)|(331,131.59)|
||Disposals|(5,402,131.48)|(6,435,090.15)|
||At5April2021|3,849,289.82|4,873,283.86|
||CarryingAmount|||
||At5April2021|3,849,289.82|4,873,283.86|
|7|FinancialInstruments|||
|||2021|2020|
|||c|£|
||CarryingAmountofFinancialAssets|3,849,289.82|4,873,283.86|
||Equityinstrumentsmeasuredatfairvalue|||
||throughprofitorloss|3,849,289.82|4,873,283.86|
||CarryingAmountofFinancialLiabilities|||
||Measuredatamortisedcost|1,512,264.81|12,104.40|
||FinancialLiabilities:breakdown|||
||Amountsfallingduewithinoneyear:|||
||AccountancyFees|5,100.00|7,200.00|
||ConsultancyFees||4,904.40|
||MacfarlanesFees|2,400.00||
||Fundingcommitments|447,176.46||
|||454,676.46|12,104.40|
||Fundingcommitmentsdueafteroneyear|1,057,588.35||
|||1,512,264.81|12,104.40|
|8|Cashatbankandinhand|||
|||2021|2020|
|||£|£|
||Macfarlanes|3,108.49|6,508.49|
||ItauPrivateBank:|||
||US$CurrentAccount($44,241.64)|31,820.80|142,794.97|
|||34,929.29|149,303.46|





## 

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|CharitableDonationsmadebyTheTrust||||
|---|---|---|---|
||2021||2020|
||£||£|
|JohnsHopkinsUniversity|||158,548.00|
|InstituteABCD|395,344.64||297,888.12|
|Prosaber|40,300.13||30,077.30|
|SPDMAssociacaoPaulistaParaDesen|19,909.17||30,549.40|
|Y-Mind|||148,740.38|
||£455,553.94|£|665,803.20|



## 



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## 

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|OverseasSecurityInterest||||||
|---|---|---|---|---|---|
||Holding|Date|Gross|Tax|Net|
|BancoBradesco(Grand||||||
|CaymanBranch)5.75%||||||
|1.3.2022|200,000.00|01/09/20|<br>4,292.12||4,292.12|
|||01/03/21|<br>4,124.16||4,124.16|
|BancodoBrasil(Grand||||||
|CaymanBranch)5.875%||||||
|26.01.22|200,000.00|26/07/20|<br>4,592.89||4,592.89|
|||26/01/21|<br>4,280.08||4,280.08|
|CitigroupInc4.5%14/01/2022|189,000.00|14/07/20|<br>3,390.05||3,390.05|
|||14/01/21|<br>3,107.79||3,107.79|
|GoldmanSachs5.25%||||||
|27.07.21|190,000.00|27/07/20|<br>3,873.62||3,873.62|
|||27/01/21|<br>3,640.90||3,640.90|
|ItauUnibanco6.2%21.12.21|200,000.00|21/12/20|<br>4,644.39||4,644.39|
|MorganStanley4.1%22.05.23|183,000.00|22/11/20|<br>2,823.68||2,823.68|
|Naturacosmeticos5.375%||||||
|01.02.23|200,000.00|01/08/20|<br>4,107.64||4,107.64|
|||01/02/21|<br>3,929.10||3,929.10|
|Petrobas6.125%17.01.22|191,000.00|17/07/20|<br>4,641.95||4,641.95|
||||51,448.37||51,448.37|





|2)|Investmentsheldat5|Investmentsheldat5|April2020||Investmentsheldat5April2021|Investmentsheldat5April2021|Investmentsheldat5April2021||
|---|---|---|---|---|---|---|---|---|
|||||||Costor|||
||Holding|Cost|Market|Holding|Cost|2020|Market|Unrealised|
||||Value|||Adjusted|Value|gains/(losses)|
|||||||Value|||
|AmundiFunds|||||||||
|SICAVCash|||||||||
|USD||||5889.81|<br>510,655.45|510,655.45|463,149.00|(47,506.45)|
|Banco|||||||||
|Bradesco|||||||||
|(Grand|||||||||
|Cayman|||||||||
|Branch)5.75%|||||||||
|1.3.2022||||200,000|<br>171,029.03|171,029.03|149,982.40|(21,046.63)|
|Bancodo|||||||||
|Brasil(Grand|||||||||
|Cayman|||||||||
|Branch)|||||||||
|5.875%|||||||||
|26.01.22||||200,000|<br>170,806.15|170,806.15|150,461.40|(20,344.75)|
|CitigroupInc|||||||||
|4.5%|||||||||
|14/01/2022||||189,000|<br>163,844.50|163,844.50|141,716.31|(22,128.19)|
|Goldman|||||||||
|Sachs5.25%|||||||||
|27.07.21||||190,000|<br>163,805.82|163,805.82|140,013.36|(23,792.46)|
|'tauAAAFund|||||||||
|Moderate|||||||||
|Class4|51,119.365|5,204,415.45|<br>4,873,283.86||||||
|RauBBA|||||||||
|International|||||||||
|Plc||||1,209,000|<br>915,843.13|915,843.13|867,346.88|(48,496.25)|
|ItauUnibanco|||||||||
|6.2%21.12.21||||200,000|<br>168,468.26|168,468.26|149,303.51|(19,164.75)|
|JPMorgan|||||||||
|LiquiditySICAV|||||||||
|USDFundA||||78.77|<br>874,247.41|874,247.41|790,883.44|(83,363.97)|
|MFSMeridian|||||||||
|FundsSICAV|||||||||
|USGovtBond|||||||||
|FundAl||||36,307.054|<br>560,505.55|560,505.55|489,634.66|(70,870.89)|
|Morgan|||||||||
|Stanley4.1%|||||||||
|22.05.23||||183,000|<br>160,467.46|160,467.46|142,851.12|(17,616.34)|
|Natura|||||||||
|Cosmeticos|||||||||
|5.375%|||||||||
|01.02.23||||200,000|<br>166,236.79|166,236.79|149,460.95|(16,775.84)|
|Nordea1|||||||||
|SICAVUS|||||||||
|CORPBOND|||||||||
|FUNDBP||||17,910.448|<br>238,241.83|238,241.83|214,486.79|(23,755.04)|
|||£5,204,415.45|<br>£4,873,283.86||£4,264,151.38|£4,264,151.38|£3,849,289.82|(£414,861.56)|





## 

|Acquisitions|||||
|---|---|---|---|---|
||Holding|Date|Cost/Book|Event|
||||Value||
||||£||
|AmundiFunds|||||
|SICAVCash|||||
|USD|10,083.417|08/07/20|874,247.38|Purchase|
|Banco|||||
|Bradesco|||||
|(Grand|||||
|Cayman|||||
|Branch)5.75%|||||
|1.3.2022|200,000|07/07/20|171,029.03|Purchase|
|Bancodo|||||
|Brasil(Grand|||||
|Cayman|||||
|Branch)|||||
|5.875%|||||
|26.01.22|200,000|07/07/20|170,806.15|Purchase|
|CitigroupInc|||||
|4.5%|||||
|14/01/2022|189,000|07/07/20|163,844.50|Purchase|
|Goldman|||||
|Sachs5.25%|||||
|27.07.21|190,000|07/07/20|163,805.82|Purchase|
|ItauBBA|||||
|International|||||
|Plc|1,209,000|31/07/20|915,843.13|Purchase|
|RauUnibanco|||||
|6.2%21.12.21|200,000|07/07/20|168,468.26|Purchase|
|JPMorgan|||||
|Liquidity|||||
|SICAVUSD|||||
|FundA|78.766|08/07/20|874,247.41|Purchase|
|MFSMeridian|||||
|FundsSICAV|||||
|USGovtBond|||||
|FundAl|36,307.054|08/07/20|560,505.55|Purchase|





## 

|Morgan|||||||
|---|---|---|---|---|---|---|
|Stanley4.1%|||||||
|22.05.23|183,000|07/07/20||160,467.46|Purchase||
|Natura|||||||
|Cosmeticos|||||||
|5.375%|||||||
|01.02.23|200,000|07/07/20||166,236.79|Purchase||
|Nordea1|||||||
|SICAVUS|||||||
|CORPBOND|||||||
|FUNDBP|17,910.448|09/07/20||238,241.83|Purchase||
|Petrobas|||||||
|6.125%|||||||
|17.01:22|191,000|07/07/20||165,255.69|Purchase||
|||||4,792,999.00|||
|Disposals|||||||
||Holding|Date|MarketValue|Proceeds|Profit/(Loss)|Event|
||||£|£|£||
|AmundiFunds|||||||
|SICAVCash|||||||
|USD|1,449.116|12/08/20|125,640.53|121,284.74|<br>(4,355.79)|Sale|
||2,744.49|11/02/21|237,951.40|217,124.99|<br>(20,826.41)|Sale|
|ItauAAAFund|||||||
|Moderate|||||||
|Class4|51,119.365|17/04/20|4,873,283.86|4,992,908.94|<br>119,625.08|Sale|
|Petrobras|||||||
|6.125%|||||||
|17.01.22|191,000|21/09/20|165,255.69|161,632.63|<br>(3,623.06)|Sale|
|Totals|||£5,402,131.48|£5,492,951.30|£90,819.82||