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## 

||_Page _|
|---|---|
|Trustees'AnnualReport||
|Report oftheIndependentExaminers|5|
|StatementofFinancialActivities|6|
|BalanceSheet|7|
|Cashflow|8|
|Notes totheFinancialStatements|9|





## 

## 



## 

|Objects,Objectives,|TheFoundation providesfundingto organisationswhosecorefocusistoseemeaningful|
|---|---|
|Governance &Management|<br>incomeupliftforthosewhoneeditmost,as wellastofightclimatechange.Thesupportthe|
||Foundation providesisstructured asgrants,loansorequityinvestments,andfunding|
||decisionsare alwaysdrivenbythesocialand environmentalimpact.|
||TheDirectorsareresponsibleforthestrategicdirectionandpolicyoftheFoundation and,|
||subject to anyprudentdelegationtoadvisersandagents,make allsubstantivedecisionsin|
||relationtotheFoundation.|
|ActivitiesandAchievements|Inthefinancialperiodending 31December2021,MontpelierFoundation(MF) continuedits|
||livelihoodsgrant-makingtoitslong-standingnon-profitpartnersintheUKand|
||internationally.MF'sCovid-19reliefsmallgrantsprogrammein Perucontinuedforasecond|
||andfinalyear,distributing over£200,000to13grassrootsorganisationsin 2021. MFalso|
||addedthefightagainstclimatechangeasanewline ofwork,whichamountedto over|
||£500,000ingrant-making,oraboutathirdoftotalgrants.Totalgrant-makingincreasedby|
||15%to£1,587,057,whilecostsdecreasedby26%to£217,064(thisincludes costsof|
||generatingfunds,staffandsupportcosts,aswellasgovernance costs).|
||Programme-RelatedInvestment(PRI)activitycontinuedto decreasein 2021,with nonew|
||PRlsmadeandthetotaloutstandingbalance decreasingbyabout20%to beworth under|
||£70,000,thankstorepaymentsfromTalentFund(Peru).MFcontinuestocarefullymonitor|
||its PRls.|
|FuturePlans|TheFoundationintendstocontinueitsworktofightpovertyandclimatechangegloballyat|
||similargrant-makinglevels which enablecapitalpreservation.|
|Grant-MakingPolicy|TheFoundationmainlyprovidesgrantstonon-profitsworkingtoimprovelivelihoodsandthe|
||environmentintheGlobalSouth andtheUK.TheDirectors reservetheright tomake grants|
||thatmayfalloutsideofthese areasinastrictsense,asdescribedintheGrant-Making|
||Policyapproved bytheBoard,suchastocombathomelessnessortodealwith a health or|
||humanitariancrisis.|
||Allgrantsareapproved orpre-approvedbyDirectorsbasedoncriteriasuch asimpact,|
||leadership,and pastand potentialgrowth,followingastandardisedduediligence process.|
||Wedonotacceptunsolicited proposals.|
|PublicBenefit|As requiredbythe CharitiesAct2011,theDirectorshavereferredtotheCharity|
||Commission'sgeneralguidance on publicbenefitwhenmakinggrantsandProgramme-|
||RelatedInvestments.|
|FinancialReview|TheFoundationreceived£82,673(2020:£182,799)ininterestanddividendincome,as well|
||as£38,922(2020:£97,292)ingrantsand donations.Outgoingscomprised ofcharitable|
||donationsof£1,587,057(2020:£1,384,032)andrunningcostsof£217,064(2020:|
||£283,567).|
||Inaddition,theFoundationhadrealisedand unrealisednetgainsonitsinvestmentsand|
||foreignexchangeof£1,158,504(2020:£924,992).|
||Asaresult,thenetmovementoffunds wasanoutgoingof£487,512(2020:outgoingof|
||£475,869),andtheFoundationendedtheyearwithCapitalandReservesof£8,014,953|
||(2020:£8,502,466).|
|RiskManagement|Themajor riskstowhichtheCharityisexposed,asidentifiedbytheDirectors,havebeen|
||reviewed andtheDirectorsaresatisfiedthatthesystemsin placemitigatethoserisks.A|
||RiskPolicy wasapproved bytheDirectorsaspartofthisprocess.TheRiskRegisterwas|
||updatedasofDecember2021.|





|RiskManagement(cont'd)|ThemajorrisksasidentifiedbytheDirectorsintheRiskRegisterare:|
|---|---|
||-Economicorgovernanceriskatagranteeorganisationlevel.Thisriskismitigatedbyan|
||extensivedue diligenceprocessandrigorousreportingrequirements,andbystaggered|
||paymentswhicharecontingentuponsatisfactoryreporting.|
||-Economicand politicalriskatacountrylevel.However,theriskis spread overawide|
||rangeofcountries.Thisportfolioisreviewed bytheBoardona regularbasisto ensurethis|
||riskremainsmitigated.|
||-InvestmentRiskinEndowment.Outside theProgramme,theendowmentisinvestedina|
||diversifiedportfolioofassetswithappropriaterisk/rewardprofilesfortheCharity'slong-term|
||goals.|
||-Particularrisksassociatedwith granteesworkingwithvulnerable groups(childrenin|
||particular).Verifyingthe existenceandapplication ofachildprotectionpolicyispartofthe|
||Charity'sdue diligence process.Thisincludesensuringthatpotentialgranteesorinvestees|
||oftheCharityperformthenecessarybackgroundchecksandtrainingofemployees,|
||volunteersandotheradultswhointeractwithvulnerablebeneficiaries.|
||-InvestmentRiskinProgrammeRelatedInvestments (PRls).PRlsare monitoredclosely|
||bothfinanciallyand ontheirsocialoutcomes,andtheyareimpairedand/orexitedas|
||appropriate.Thebook valueofthefivePRlswasunder£70,000asat31December2021.|
|InvestmentPolicyand|Under theFoundation'sArticlesofAssociation,theDirectorshavewidepowersof|
|Performance|investmentinrespectoftheFoundation'sassets.Inrecognitionoftheirgeneraldutyof|
||prudenceandtheneed tohave properregardtothesuitabilityofinvestmentsandtheneed|
||toconsiderdiversification,theDirectorshaveadoptedthecurrentinvestmentpolicyto|
||maintainacertainlevelofincomeandcapitalgrowthwhileavoidingspeculative or|
||hazardousinvestments suchasfuturesortradedoptions.Theprudentinvestmentofthe|
||Foundation'sassetscontinuedwith abalance ofcashandinvestmentsprovidingboth|
||incomeandthepotentialforcapitalappreciation.TheDirectorsreviewedthepositionsof|
||thenon-PRIinvestmentportfolio andnotedthediversificationintermsofassetclass,|
||sector,geography,andcurrencyexposure.Additionally,theboardnoted aninvestment|
||portfolioXIRRof12.1%fromtheperiodfrom14September2011to31December2021and|
||of23.4%forcalendaryear2021.TheFoundation'sassetshavenotdiminishedintenyears|
||fromthestartingpointof£8.1millionasat theend of2011,despitea netdistributionin|
||grantsandprogramme-relatedinvestmentsofover£8.5million over thesameperiod.|
||Regarding theProgrammeRelatedInvestment(PRI)strategy, ilisalignedwiththe|
||charitablemissionand objectivesoftheFoundation.TheFoundation's socialinvestments|
||are designedto achievethefinancialsustainabilityandscaleofthetargetedenterprises,|
||whilstseekingasocialreturn oninvestment.In2021,therewerenonewPRlsandthese|
||wereworthunder£70,000.|
|CharityGovernanceCode|TheBoard have notedtheupdatestothe CharityGovernanceCode.Thecharityaimsto|
||embodytheprinciplesofequality,diversityandinclusion(EDI)throughitsinvestmentand|
||grant-making,forexamplebyavoidingfundingorganisationsoflowintegrityandchoosing|
||granteeswithparticipatorypractices(suchas community-leddevelopment,representation|
||ofthepeopleserved bythecharityin processesandadvisoryboards,etc).TheBoardwill|
||also bemindfulofEDIwhenappointing anynewdirectors.|
|Reserves Policy|TheTrusteeshavedeterminedthatMFshould maintain 50%ofitsannualstaffand|
||governancecostsinreserves.Thisfigureamountsto£96,603(2020:£131,688),whichis|
||sufficientlycoveredbyunrestrictedfundstotalling £8,014,953asat31December2021|
||(2020:£8,439,823).Lookingforward,the grant-makingactitivitiesandthecharity'scostsare|
||expected toremain atthesameleveltoallowMFtocontinueitsworkfortheforeseeable|
||future.|
|AppointmentofNewDirectors|NewDirectorsmaybeappointed bytheshareholdersorbytheDirectorsthemselves,tofill|
||avacancyorasanadditionalDirector. Inrespectoffuture appointments,theFoundation|
||shallselectappropriateDirectorsandprovidetothemwiththenecessarymaterialsand|
||trainingto acquaint themwiththegovernanceandpoliciesoftheFoundation aswellaswith|
||whatisexpectedofthem.Additional informationisprovided totheDirectorsonanongoing|
||basis.|
|IndependentExaminers|MooreKingstonSmith LLPhaveindicatedtheirwillingnesstocontinueinoffice andin|
||accordancewiththeprovisionsoftheCompaniesAct,itisproposedthat theybere-|
||appointedindependentexaminersforthe ensuingyear.|






1 September 2022 



## 

## 

|||||**2021 **|2020|
|---|---|---|---|---|---|
|||Unrestricted|Restricted|**Total **|Total|
||Note|Funds|Funds|**Funds **|Funds|
|||£|£|£|£|
|**INCOME **||||||
|Investments|3|82,673||**82,673**|182,799|
|Grants anddonations|4||38,922|**38,922 **|97,292|
|**TOTAL INCOMING RESOURCES **||82,673|38,922|**121,595 **|280,091|
|**EXPENDITURE **||||||
|GeneratingFunds|5|11,774||**11,774**|10,380|
|Charitableactivities|6|1,690,782|101,565|**1,792,347 **|1,667,599|
|**TOTAL RESOURCES EXPENDED **||1,702,556|101,565|**1,804,121 **|1,677,980|
|**NET INCOME/(EXPENDITURE) **||(1,619,883)|(62,643)|(1,682,526)|(1,397,888)|
|**NETGAINS/(LOSSES) ON INVESTMENTS **||||||
|Realised|11.1|181,003||181,003|121,191|
|Unrealised|11.1|977,501||977,501|803,801|
|||1,158,504||1,158,504|924,992|
|**OTHER RECOGNISED GAINS/(LOSSES) **||||||
|Gains/{losses)onforeign exchange||36,511||**36,511 **|(2,973)|
|**NET MOVEMENT IN FUNDS **||**(424,868) **|**(62,643) **|**(487.511) **|(475.869)|
|**RECONCILLIATION OF FUNDS **||||||
|Totalfundsbroughtforward|15|8,439,821|62,643|8,502,464|8,978,333|
|**TOTAL FUNDS CARRIED FORWARD**||8,014,953||**8,014,953 **|8,502,464|





||Note|**2021 **|2020|
|---|---|---|---|
|||£|£|
|**FIXED ASSETS **||||
|TangibleAssets|10|448|852|
|Investments:||||
|Investments|11.1|5,376,695|6,616,841|
|Programmerelatedinvestments|11.2|69,563|87,911|
|||5,446,706|6,705,604|
|**CURRENT ASSETS **||||
|Debtors|12|11,058|13,778|
|Cash atBankandinHand||2,569,137|1,795,763|
|||2,580,195|1,809,541|
|**LIABILITIES **||||
|Creditors:fallingduewithinoneyear|13|(11,947)|(12,680)|
|**NETCURRENT ASSETS **||2,568,248|1,796,861|
|**TOTAL ASSETS LESS LIABILITIES **||8,014,954|8,502,465|
|**CAPITAL AND RESERVES **||||
|ShareCapital|14|1|1|
|Unrestrictedreserves|15|8,014,953|8,439,821|
|RestrictedReserves|15||62,643|
|||**8,014,954**|**8,502,465 **|







## 

## 

|CASHFLOWSTATEMENT|||||
|---|---|---|---|---|
||**Notes **||**2021 **|**2020 **|
||||£|£|
|**Cash generated from operating activities: **|||||
|Netcashprovidedby(usedin)operating activities|seebelow||(1,751,754)|(1,560,379)|
|**Cash flows from investing activites: **|||||
|Dividends,interest andrentsfrominvestments|3||82,673|<br>182,799|
|Purchase ofinvestments|11.1&11.2||(553,652)|(1,574,855)|
|Proceedsfromsaleofofinvestments|111&11.2||2,966,606|<br>3,393,204|
|(Profit)/LossonForexdifferences|||36,511|(2,973)|
|InvestmentManagementFees|5||(7,010)|(7,553)|
|**Net cash provided by investment investing activities **|||**2,525,128 **|**1,990,622 **|
|Changeincashandcashequivalentsinthereportingperiod|||773,374|430,243|
|**Cash and cash equivalents at the beginningof the reportingperiod **|||**1,795,763 **|**1,365,521 **|
|**Cash and cash equvalents at the endof the reporting period **|||**2,569,137 **|**1,795,763 **|
|**Reconciliation of net income/(expenditure) to net cash flow from operating activities **|||||
||||**2021 **|**2020 **|
||||£|£|
|**Net income/ (expenditure) (as per the statement of **|**Notes **|**SOFA **|**(487,511) **|**(475,869) **|
|**financial activties) **|||||
|**Adjustments for: **|||||
|Depreciationcharges|10||404|1,043|
|Dividends,interest andrentsfrominvestments|3||(82,673)|(182,799)|
|Loss/(profit)onForexdifferences|||(36.511)|<br>2,973|
|Revaluationofinvestments|11.111.2||(1,154,461)|<br>(911,765)|
|InvestmentManagementFees|5||7,010|<br>7,553|
|(lncrease)/decreasein debtors|12||2,720|(650)|
|lncrease/(decrease)increditors|13||(732)|(1,282)|
|**Net cash provided by (used in) operatingactivities **|||**(1,751,754) **|**(1,560,796) **|
|**Analysis of cash and cash equivalents **|||||
||||**2021 **|**2020 **|
||||£|£|
|**Total cash andcash equivalents **|||**2,569,137 **|**1,795,763 **|





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## 

||Unrestricted|Restricted|Total||
|---|---|---|---|---|
||£|£|£||
|IncomefromInvestments|73,486||73,486||
|Interestoncashdeposits|9,187||9,187||
||82,673||82,673||
|Yearto 31December2020|||||
||Unrestricted|Restricted|Total||
||£|£|£||
|IncomefromInvestments|66,445||66,445||
|InvestmentManagementFeeRebates|440||440||
|Interestoncashdeposits|115,914||115,914||
||182,799||182,799||
|**4. GRANTS ANDDONATIONS **|||||
|Yearto 31December2021|||||
||Unrestricted|Restricted|Total||
||£|£|£||
|PeruCovidReliefProgramme||37,000|37,000||
|SupportLaoChildrenFund||1,922|1,922||
|||38,922|38,922||
|Yearto31December2020|||||
||Unrestricted|Restricted|Total||
||£|£|£||
|MontpelierAssetManagement|19,477||19,477||
|PeruCovidReliefProgramme||60,000|60,000||
|SupportLaoChildrenFund||17,815|17,815||
||19,477|77,815|97,292||
|||||Page11|





## 

||Unrestricted|Restricted|Total|
|---|---|---|---|
||£|£|£|
|Travel&Entertainment|56||56|
|Subscriptions|4,255||4,255|
|BankCharges|453||453|
|InvestmentManagementFees|7,010||7,010|
||11,774||11,774|
|Yearto 31December2020||||
||Unrestricted|Restricted|Total|
||£|£|£|
|Travel&Entertainment|684||684|
|Subscriptions|1,716||1,716|
|Bank Charges|427||427|
|InvestmentManagementFees|7,553||7,553|
||10,380||10,380|



## 

||Unrestricted|Restricted|Total|
|---|---|---|---|
||£|£|£|
|**Analysis of donations and grants **||||
|RaspberryPiFoundation|15,000||15,000|
|BOMA|109,369||109,369|
|SheffieldFutures|7,500||7,500|
|ClientEarth|350,000||350,000|
|SupportLaoChildren|50,658|4,565|55,223|
|HelpingHandsBolivia|79,737||79,737|
|GlobalGreengrantsFundUK|143,771||143,771|
|ResurgoTrust|100,000||100,000|
|GeckoProjectsInvestigationsLtd|15,000||15,000|
|RighttoSucceed|152,000||152,000|
|DriveForwardFoundation|75,000||75,000|
|DepaulUK|55,000||55,000|
|ProximityDesigns|73,137||73,137|
|BridgestoProsperity|54,789||54,789|
|AmalAcademy|95,078||95,078|
|PeruCovidReliefProgramme|109,453|97,000|206,453|
||1,485,492|101,565|1,587,057|
|Staffcosts(seenote 9)|188,212||188,212|
|Supportcosts(seenote 7)|4,994||4,994|
|Governance Costs|12,084||12,084|
|TotalCharitable activities|1,690,782|101,565|1,792,347|





## 

||Unrestricted|Restricted|Total|
|---|---|---|---|
||£|£|£|
|**Analysis of donations and grants **||||
|ActionTutoring|75,000||75,000|
|**BOMA **|113,054||113,054|
|LaDifférenceDRC|15,000||15,000|
|**YMCA **NorthStafford|20,000||20,000|
|SupportLaoChildren|55,033|18,585|73,618|
|HelpingHandsBolivia|47,233|99|47,332|
|Educate Girls|112,444||112,444|
|ResurgoTrust|102,500||102,500|
|Medha|56,222||56,222|
|RighttoSucceed|150,000||150,000|
|NationalEmergenciesTrust|200,000||200,000|
|DriveForwardFoundation|50,000||50,000|
|DepaulUK|50,000||50,000|
|ProximityDesigns|75,791||75,791|
|BridgestoProsperity|58,050||58,050|
|AmalAcademy|56,925||56,925|
|PeruCovid ReliefProgramme|128,096||128,096|
||1,365,348|18,684|1,384,032|
|Staffcosts(seenote 9)|240,872||240,872|
|Supportcosts(seenote 7)|22,505||22,505|
|Governance Costs|20,191||20,191|
|TotalCharitableactivities|1,648,916|18,684|1,667,600|



## 

||Generating|Charitable||
|---|---|---|---|
||Funds|Actvities|Total|
||£|£|£|
|OfficeUsere-charge|2,668||2,668|
|ComputerSupport|344||344|
|Depreciation|404||404|
|Postage|26||26|
|Supplies|22||22|
|Insurance|1,266||1,266|
|Couriers|110||11O|
|Telephone|154||154|
||4,994||4,994|
|GovernanceCosts|12,084||12,084|
||17,078||17,078|





## 

## 

## 

||Generating|Charitable||
|---|---|---|---|
||Funds|Actvities|Total|
||£|£|£|
|OfficeUsere-charge|19,477||19,477|
|ComputerSupport|422||422|
|Depreciation|1,043||1,043|
|Postage|10||10|
|Supplies|60||60|
|Insurance|1,118||1,118|
|Telephone|375||375|
||22,505||22,505|
|GovernanceCosts|20,191||20,191|
||42,696||42,696|



## 

||**2021 **|**2020 **|
|---|---|---|
||£|£|
|Accountancy|||
|Auditor'sfee|2,220|14,772|
|IndependentExaminer'sfee|6,000||
|OverseasAuditor'sfee||4,107|
|Legaland professionalfees|3,864|1,312|
||**12,084**|**20,191 **|
|**9. ST AFF COSTS **|||
||**2021 **|**2020 **|
||£|£|
|Gross salaries|155,926|200,861|
|Socialsecurity costs|16,532|21,105|
|PrivateHealthInsurance|6,637|6,913|
|PensionContributions(ScottishWidowsWorkplacePensionScheme)|9,117|11,993|
||**188,212 **|**240,872 **|





## 

|**10. FIXED ASSETS **||
|---|---|
|**Tangible Assets **|Computer|
||equipment|
||£|
|**Costor marketvalue**||
|At1January2020|7,805|
|Additions||
|At31December2020|7,805|
|**Depreciation **||
|At1January2021|6,953|
|Chargefortheyear|404|
|At31December2021|7,357|
|**Net book value**||
|At31December2021|**448 **|
|At31December2020|852|



## 

|**Listed Investments **|**Quoted **|Quoted|
|---|---|---|
||**Investments **|Investments|
||**2021 **|2020|
||£|£|
|Balancebroughtforward|6,616,840|7,475,187|
|Acquisitionsatcost|553,652|1,574,855|
|Less:disposalproceeds|(2,952,302)|(3,358,194)|
|NetRealised(Losses)/gainsondisposals|181,004|121,191|
|NetUnrealisedgain onrevaluation|977,501|803,801|
|**Market ValueCarried Forward **|**5,376,695 **|**6,616,840 **|
|_Historical Cost _|_2,672,942 _|_4,044,277 _|
|**Geographical Analysis **|||
|UnitedKingdominvestments|2,395,678|2,910,136|
|Overseasinvestments|2,981,017|3,706,704|
||**5,376,695**|**6,616,841 **|



|Thefollowinginvestmentscomprisein excessof5%ofthevalueoftheportfolio:||||
|---|---|---|---|
|QuotedInvestments|**Valueasat 31 Dec2021 **|||
|SPOR S&P500ETF TRUST|£|1,876,273||
|iSharesIllPLCMSCIWorldUCITA(GBP)|£|1,548,360||
|VanguardInformationTechnologyETF|£|659,700||
|EmpiricStudentPropertyPic|£|479,511||
|QuotedInvestments|**Valueasat 31 Dec 2020 **|||
|SPORS&P500ETFTRUST|£|1,640,664||
|iSharesIllPLCMSCIWorldUCITA(GBP)|£|1,252,316||
|7.875%LloydsBank2014withoutfixedmaturity|£|1,240,200||
|ArisaigGlobalEmergingMarketsConsumerFundLimited|£|664,219||
|VanguardInformationTechnologyETF|£|621,002||
|EmpiricStudentPropertyPic|£|417,621||
||||Page15|





## 

|**Asat 31 December 2021 **|**Level 1 **|**Level 2 **|**Level 3 **|**Total **|
|---|---|---|---|---|
|Managedfunds|5,376,695|||5,376,695|
|Programmerelatedinvestments|||69,563|69,563|
|Total|5,376,695||69,563|5,446,258|
|**Asat 31 December2020 **|**Level 1 **|**Level 2 **|**Level3 **|**Total **|
|Managedfunds|6,616,841|||6,616,841|
|Programmerelated investments|||87,911|87,911|
|Total|6,616,841||87,911|6,704,752|
|**11.2. FIXED ASSET PROGRAMME **|**RELATED INVESTMENTS **||||
||||**Programme related **||
||||**Investments **|Total|
||||**2021 **|2020|
||||£|£|
|Balance broughtforward|||87,911|136,150|
|CapitalRepayments|||(14,304)|(35,010)|
|FXRevaluation|||(4.044)|(13,228)|
|**Market Value Carried Forward **|||**69,563 **|**87,911 **|
||||**2021 **|2020|
|**Programme Related Investments**|||**Total **|Total|
|TalentFundPeru|||18,204|36,552|
|FutureShapers(Sheffield)'|||325|325|
|lngaboPlantHealth|||41,362|41,362|
|RumbukaSeeds|||9,672|9,672|
||||**69,563 **|**87,911 **|






## 

## 

|||||**2021 **|**2020 **|**2020 **||
|---|---|---|---|---|---|---|---|
|||||**Total **|**Total **|||
|||||£|£|||
|Accruals||||10,468|12,690|||
|Othercreditors||||1,479||(10)||
|||||**11,947 **|**12,680 **|||
|**14. SHARE CAPITAL **|||||||**Allocated, **|
||||||||**Called Up **|
||||||||**andFully **|
||||||**Authorised **||**Paid **|
||||||£||£|
|Ordinarysharesof£1eachat1Januaryand31December|||2021|||||
|**15. MOVEMENT OF RESERVES**||||||||
||**1st January**|**Incoming **|<br>**Outgoing **|**Gains **&|**Fund **||**31st December **|
||**2021 **|**Resources **|<br>**Resources **|**(Losses) **|**Transfers **||**2021 **|
||£|£|<br>£|£||£|£|
|**Restricted Funds: **||||||||
|SupportLaoChildrenFund|2,643|1,922|(4,565)|||||
|PeruCovidReliefProgramme|<br>60,000|37,000|(97,000)|||||
|HelpingHandsFund||||||||
|**Total Restricted Funds **|**62,643 **|**38,922 **|**(101,565) **|||||
|**Unrestricted Funds: **||||||||
|Unrestrictedgeneralfunds|8,439,821|82,673|(1,702,556)|1,195,015|||8,014,953|
|**Total Funds **|**8,502,464 **|**121,595 **|**(1804.121) **|**1,195,015 **|||**8,014,953 **|



## 

## 

|Yearto 31December2021||||
|---|---|---|---|
||**Unrestricted **|**Restricted **|**Total **|
||**Funds **|**Funds **|**2021 **|
||£|£|£|
|**Fixed assets andinvestments **|5,446,706||5,446,706|
|**Current assets **|2,580,195||2,580,195|
|**Creditors **|(11,947)||(11,947)|
||**8,014,954**||**8,014,954 **|





## 

## 

|Yearto31December2020||||
|---|---|---|---|
||**Unrestricted **|**Restricted **|**Total **|
||**Funds **|**Funds **|**2020 **|
||£|£|£|
|**Fixed assets and investments **|6,705,604||6,705,604|
|**Current assets **|1,746,898|62,643|1,809,541|
|**Creditors **|(12,680)||(12,680)|
||**8,439,822 **|**62,643 **|**8,502,465 **|



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