2020-09-30-accounts - The Master Charitable Trust

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		Page
Trustee's Annual Report		1-4
Independent Auditor's	Report	5-7
Statement ofFinancial	Activities
Balance Sheet
Cash Flow Statement		10
Notes to the Financial	Statements	11 - 19

Dates ofDeeds	Dates ofDeeds	Declaration	ofTrust - 23rd December 2009	ofTrust - 23rd December 2009
		Deed ofAmendment - 5th January 2011
Trustee		Messrs. Hoare Trustees
Directors ofMessrs. Hoare Trustees			A SHoare
			VEHoare
			SM Hoare
			BSHoare
			AR Q Hoare
			N I Macpherson
		A new Trustee or director may		be appointed	at any time and notwithstanding
		that the total	number ofTrustees may exceed four.
		Training is provided to the Trustee(s) on an on going basis.
Nature ofTrust		A registered	charity, registered	with the Charity Commissioners		for England
		and Wales as number 1139904.
Principal Office		Messrs. Hoare Trustees
		37Fleet Street
		London
		EC4P 4DQ
Independent	Auditors	Moore Kingston Smith LLP
		Devonshire	House
		60 Goswell	Road
		London
		ECIM 7AD
Bankers		C.Hoare &	Co.
		37Fleet Street
		London
		EC4P 4DQ
Solicitors		Bates Wells	LLP
		10Queen Street Place
		London
		EC4R IBE

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	Notes
FIXEDASSETS
Listed Investments	9
Unlisted Investments	9
Programme Related Investments	10
Tangible fixed assets	11
CURRENT ASSETS
Cash at Bank
Sundry Debtors	13
CURRENT LIABILITIES
Creditors - falling due within one year	14
NET CURRENT ASSETS
Total assets plus current assets
NET ASSETS
UNRESTRICTED FUNDS
General Endowment Fund
Giving Funds
Expendable Endowment
Income Funds

2020	2019
83,726,504	59,623,796
1,287,307	2,243,726
238,298	170,040
20,200	22,725
85,272,309	62,060,287
96,107,990	73,117,901
210,446	621,953
96,318,436	73,739,854
269,026	590,654
96,049,410	73,149,200
181,321,719	135,209,487
181,321,719	135,209,487
379,304	371,909
180,754,946	134,677,530
187,469	160,048
181,321,719	135,209,487

						2020	2019
					Notes
Cash flows from operating activities
Net cash provided by operating activities					16	15,252,898	25,562,486
Cash flows from investing activities
Dividends and interest from investments					3	1,154,712	1,515,796
Proceeds from sale offixed asset investments					9	49,253,821	28,274,714
Proceeds from sale ofprogramme related investments					10	10,000	10,188
Purchase offixed asset investments					9	(42,603,099)	(39,675,843)
Purchase ofprogramme related investments					10	(78,242)	(50,040)
Purchase oftangible fixed assets					11		(25,250)
Net cash (used in) investing activities						7,737,191	(9,950,436)
Change in cash and cash equivalents	in the	reporting	period			22,990,089	15,612,051
Cash and cash equivalents at the beginning		ofthe reporting		period		73,117,901	57,505,850
Cash and cash equivalents at the end	ofthe	reporting	period			96,107,990	73,117,901
The charity has no net debt and accoridngly	no net	debt note is	presented.

INVESTMENT INCOME
											2020	2019
Investment income											800,821	874,889
Interest on cash deposits											116,176	272,986
Interest on loan notes											238,022	366,260
Compensationaiy sum received re incorrect stock transfer												1,608
Income cash currency (loss)/gain											(307)	53
											1,154,712	1,515,796
INCOME FROM OTHER TRADING ACTIVITIES
											2020	2019
Hurlingham Club charity ball and auction												292,825
												292,825
CHARITABLE ACTIVITIES
The charity undeitook no direct charitable		activities but		awarded		donations			to a number ofinstitutions		in furtherance	ofits
charitable activities.
											2020	2019
Grants made during the year											43,533,342	25,027,469
Previous years donation adjustments	- Over provision ofprevious					year					(2,284)
	- Under		provision ofHod		HaCamel			committed		payments		15,933
Support costs (see note 7)											500,238	423,444
											44,031,296	25,466,846
The total comprised grants to the following:
The prevention or relief ofpoverty											3,779,801	980,634
The advancement ofeducation											5,993,814	4,015,328
The advancement ofreligion											813,853	491,191
The advancement ofhealth or the saving oflives											15,778,193	4,545,753
The advancement ofcitizenship or	community		development								1,775,869	8,865,987
The advancement ofthe arts, culture, heritage			or science								4,744,601	2,290,355
The advancement ofamateur sport											108,940	156,980
The advancement ofhuman rights,	conflict	resolution or		reconciliation			or the
promotion ofreligious or racial	harmony		or equality	and diversity							51,030	316,000
The advancement ofenvironmental	protection		or improvement								787,987	319,080
The reliefofthose in need, by reason ofyouth, age, ill-health,					disability,
financial hardship or other disadvantage											3,975,834	1,297,700
The advancement ofanimal welfare											473,072	165,600
The promotion ofthe efficiency of	the armed		forces ofthe Crown,			orof		the
efficiency ofthe police, fire and rescue		services or ambulance				services					218,545	575,319
Any other charitable puipose											5,031,803	1,007,542
											43,533,342	25,027,469

Institutional Donations of	f100,0	00 and over
Action on Addiction						624,873
Advance Advocacy &Non-Violence		Community	Edu		cation	150,000
Age UK						260,650
Age UK Kensington &Chelsea						125,000
Alzheimer's Society						150,475
British Exploring Society						170,254
British Red Cross						600,500
Chelsea and Westminster Hospital NHS Foundation				T rust		500,000
Christopher &Dana Reeve Foundation						241,594
City Bridge Trust						200,000
Clink Charity						2,000,000
Cornwall Air Ambulance						104,500
COVID-19 Relief &Recovery, Barbados						1,301,556
Crisis UK						260,000
Dementia UK						160,500
Edith Cavell Fund for Nurses						250,000
Emmaus Gloucestershire						200,000
Fareshare						745,000
Film &Television Charity						100,000
Five Towns Plus Hospice Fund						157,500
Forward Trust						451,500
Glass Door Homeless Charity						250,000
Gloucester Cathedral						250,000
Gloucestershire Community	Foundation					100,000
Governors For Schools						985,000
Heart-Based Living Initiative						195,000
Helpforce Community Trust						250,000
Hestia Housing &Support						100,000
Hospice UK						500,000
Institute for Cancer Vaccines	and Immunotherapy					400,000
Kensington &Chelsea Foundation						110,000
Longfield Hospice Care						155,000
Machynlleth Tabernacle Trust						100,000
Macmillan Cancer Support						252,425
Maggie Keswick Jencks Cancer Caring Centres			Trust			655,000
Mailforce Charity CIO						1,000,000
Marylebone Project						150,000
National Emergencies Trust						500,000
National Gallery Trust						346,067
Neurokinex Charitable Trust						262,000
NHS Charities Together						5,250,000
One Small Thing						471,000
Passage 2000						560,000
Pepper Foundation						100,000
Ramsdell Church &Village Hall						200,000
Refuge						600,000
Royal Academy ofArts						2,506,000
Royal Foundation						255,110
Royal Opera House Covent Garden		Foundation				522,750
Royal Osteoporosis Society						250,000
Royal Trinity Hospice						251,225
Royal Voluntary Service						200,000
Balance carried forward					P14	26480479

5	CHARITABLE ACTIVITIES (continued)
				2020
	Institutional Donations off100,000 and over
	Balance brought forward			26,480,479
	Safelives			150,000
	Samaritans			250,225
	Smart Works Charity			112,000
	Solace Women's Aid			150,000
	StMartin-in-the-Fields Charity			600,500
	StMary's Bourne Street			100,000
	St Ma&y's PCC, Chipping Norton			100,000
	StMungo Community Housing Association			251,450
	Stewardship Services Ltd			490,000
	Stowe School Foundation			350,000
	Strategic Resource Group Inc.			700,000
	Substance Abuse Foundation			870,803
	Sue Ryder			205,000
	Sutton's Hospital In Charterhouse			100,000
	Synchronicity Earth			335,000
	Target Ovarian Cancer			120,000
	Teenage Cancer Trust			130,000
	Temple Church			109,843
	The Big Give Trust			200,000
	The Care Workers Charity			250,000
	The Prudence Trust			3,250,876
	Trussell Trust			360,500
	UK Friends ofthe Association for the Wellbeing	ofIsrael's Soldiers		100,000
	United World Schools			100,571
	University ofBuckingham			100,000
	Victoria and Albert Museum			502,000
	Whitley Fund for Nature			114,000
	Winnie Mabaso Foundation			175,000
	Women's Aid Federation ofEngland			150,000
	Zoological Society ofLondon			160,000
	Total grants over %,100,000			37,068,247
6	RELATED PARTY TRANSACTIONS
			2020	2019
	Donations received from aDirector ofthe Trustee		45,000	93,750
	Donations received from other charities where
	Messrs. Hoare Trustees is aTrustee:
	The Golden Bottle Trust (Charity Commission	no. 327026)	108,000	82,000
			153,000	175,750

ANALYSIS OF SUPP	ORT COSTS
			2020	2019
Bank charges			322	190
Cost ofprinting voucher	books		5,988	3,048
Miscellaneous expenses				772
Depreciation oftangible	fixed asset		2,525	2,525
Legal fees			50,046	36,050
Administration			58,626	104,304
GOVERNANCE COSTS
Trustee Administration	Fee (including	VAT)	359,676	247,291
Independent Auditor's Remuneration			23,055	17,500
(Over)fUnder provision ofprevious		years audit fee		(20)
Legal Costs				11,784
			500,238	423,444
INVESTMKNT RELATED FEES
Investment Management	fees		156,499	115,049
Custody Fees			22,646	12,626
Enhance Investment Review Fees			1,350	950
			180,495	128,625

FIXEDAS	SETINVESTMENTS	SETINVESTMENTS
Movement	in fixed asset investments		Listed	Unlisted	Total
					2020	2019
Investments
Market Value Brought		Forward	59,623,796	2,243,726	61,867,522	41,555,104
Investments	gifted in		27,333,911		27,333,911	6,302,937
Add:	Acquisition costs		42,542,045	61,054	42,603,099	39,675,843
Less:	Disposal proceeds		(48,236,348)	(1,017,473)	(49,253,821)	(28,274,714)
Realised (losses)/gains		on disposals	(1,476,629)		(1,476,629)	1,120,433
Unrealised	gains:		3,939,729		3,939,729	1,487,919
Market Value Carried		Forward	83,726,504	1,287,307	85,013,811	61,867,522
Historical cost as at 30th September 2020			76,340,372	62,521	76,402,893	57,379,590

Movement	in programme relate	d in	vestments
					2020	2019
Unlisted programme related investments
Value brought forward					170,040	130,188
Adjustment	to previous year - CW		Renewable	Energy		(188)
Programme	related investments	Acquired:
	813 Herddle Group	Limited			78,242	50,040
Programme	related investments	Redeemed:
	100 London Missional		Housing Bond		(10,000)	(10,000)
Unrealised	profit on investments				16
Value Carried Forward					238,298	170,040
Historical	cost as at 30th September		2020		238,469	170,227

ed	programme related investments held	programme related investments held				2020	2019
	40,000	Adoption UK Charity 5%Fixed Rate Unsecured			Loan Notes 2021	40,000	40,000
	25,000	CW Renewable Energy EISFund				25,000	25,000
	1	EcoPower Indian Ocean Ltd				23,165
	813	Herddle Group Limited				50,040	50,040
	100	London Missional Housing Bond					10,000
	10,000	Mission Housing Limited 1.25%	Loan 30/11/2024			10,623
	50,000	Mustard Seed Maze Social Entrepreneurship		Fund		44,470
33.33333		Oikocredit GBPDepository Receipts				5,000	5,000
	39	Relational Analytics Ordinary f.l	Shares			39	39
	14,961	Relational Analytics Preference Shares ofKl				14,961	14,961
	25,000	Relational Analytics Subordinated	Loan Notes			25,000	25,000
						238,298	170,040

TANGIBLE FIXEDASSETS
		2020
		Motor vehicles	Totals
Cost
At 1stOctober 2019and 30 September 2020		25,250	25,250
Depreciation
At 1stOctober 2019		2,525	2,525
Charge for year		2,525	2,525
Disposals
At 30th September 2020		5,050	5,050
Net book. value
At 30th September 2020		20,200	20,200
At 30th September 2019	P17	22,725	22,725


DEBTORS								2020	2019
Cash due fiom donors									371,150
Gift Aid tax reclaim								62,688	5,091
Investment income/interest			due					1,186	1,036
Recoverable tax on investment				income				64,131	43,305
Donations to be repaid/to			be received					25,000	145,973
Loan to Herddle Limited								5,000
Other Debtors and prepayments								52,441	55,398
								210,446	621,953
CREDITORS								2020	2019
Due within one year
Trustee Administration		Fees						102,620	180,833
Independent Auditor's	Remuneration							40,305	17,500
Investment Management			Fees					43,259	28,380
Custody fees								5,581	3,923
Donation Committed-
	-	Hod HaCarmel			Educational	Centre for Children			220,658
	-	University ofExeter Social				Mobility Scholarships	Fund		100,000
Other creditors								77,261	39,360
								269,026	590,654

15	ANALYSIS OF N	ET	ASSET	SBETWEEN FUNDS
					——————-Unrestricted		Funds ——————-
				General
				Endowment		Expendable
				Fund	Income	Endowment		Total Funds
				2020	2020		2020	2020
	Fixed Assets
	Listed Investments			350,727			83,375,777	83,726,504
	Unlisted Investments						1,287,307	1&287&307
	Programme Related		Investments				238,298	238,298
	Tangible fixed assets						20,200	20,200
	Current Assets
	Cash			29,917	187,469		95,890,604	96,107,990
	Sundry Debtors						210,446	210,446
	Creditors due within	one year		(1,340)			(267,686)	(269,026)
	Creditors due over one		year
	Total			379,304	187,469	180,754,946		181,321,719
					——————-Unrestricted		Funds ——————-
				General
				Endowment		Expendable
				Fund	Income	Endowment		Total Funds
				2019	2019		2019	2019
	Fixed Assets
	Listed Investments			353,244			59,270,552	59,623,796
	Unlisted Investments						2,243,726	2,243,726
	Programme Related Investments						170,040	170,040
	Tangible fixed assets						22,725	22,725
	Current Assets
	Cash			19,811	160,048		72,938,042	73,117,901
	Sundty Debtors			458			621,495	621,953
	Creditors due within	one year		(1,604)			(589,050)	(590,654)
	Creditors due over one		year
	Total			371,909	160,048	134,677,530		135,209,487
16	RECONCILIATION		OF OPERATING SURPLUS TO NET CASH				2020	2019
	INFLOW FROM OPERATING ACTIVITIES
	Net operating income					43,688,152		33,556,241
	Investment income						(1,154,712)	(1,515,796)
	Investments gifted					(27,333,911)		(6,302,937)
	Gains on Currency transactions						(39,036)	260,716
	Depreciation						2,525	2,525
	(Increase) in Debtors						411,507	(199,277)
	(Decrease)/increase	in Creditors					(321,628)	(238,986)
	Net cash inflow from operating			activities		15,252,898		25,562,486