2022-09-30-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

Dates ofDeeds	Dates ofDeeds	Declaration ofTrust - 23rd December 2009	Declaration ofTrust - 23rd December 2009	Declaration ofTrust - 23rd December 2009	Declaration ofTrust - 23rd December 2009
		Deed ofAmendment - 5th January			2011
Trustee		Messrs. Hoare Trustees
Directors of	Messrs. Hoare Trustees	A SHoare
		VEHoare
		SM Hoare
		BS Hoare
		A RQ Hoare
		RR Hoare (appointed			10May 2022)
		N IMacpherson	(resigned 10May 2022)
		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.
Nicholas		Messrs. Hoare Trustees
		37Fleet Street
		London
		EC4P 4DQ
Independent	Auditors	Moore Kingston Smith LLP
		9Appold Street
		London
		EC2A 2AP
Bankers		C.Hoare &Co.
		37Fleet Street
		London
		EC4P 4DQ
Solicitors		Bates Wells LLP
		10Queen Street Place
		London
		EC4R IBE

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		Notes	2022	2021
FIXEDASSETS
Listed Investments		8	159,867,653	138,372,354
Unlisted Investments		8	949,689	868,795
Programme Related Investments		9	228,198	238,298
Tangible fixed assets		10	15,150	17,675
			161,060,690	139,497,122
CURRENT ASSETS
Cash at Bank			152,295,914	96,423,258
Sundry Debtors			235,880	2,906,365
			152,531,794	99,329,623
CURRENT LIABILITIES
Creditors - falling due within one year		12	521,468	2,067,457
NET CURRENT ASSETS			152,010,326	97,262,166
Total assets plus current assets			313,071,016	236,759,288
NET ASSETS			313,071,016	236,759,288
UNRESTRICTED FUNDS
General Endowment	Fund	14	351,586	394,628
Giving Funds
Expendable Endowment		14	312,510,712	236,172,091
Income Funds		14	208,718	192,569
			313,071,016	236,759,288

								2022	2021
							Notes
Cash flows from operating		activities
Net cash provided by operating activities							15	78,266,296	14,96],090
Cash flows from investing		activities
Dividends and interest from		investments						2,229,788	1,488,148
Proceeds from sale offixed		asset investments						82,625,597	41,630,514
Proceeds from sale ofprogramme related investments								6,211	679
Purchase offixed asset investments								(105,928,880)	(59,315,162)
Purchase ofprogramme related investments								(1,445,673)
Redemption ofprogramme	related investments							1,469,317
Net cash (used in) investing		activities						(21,043,640)	(16,195,822)
Cash flows from investing		activities
Movement on loan								(1,350,000)	1,550,000
Net cash (used in) investing		activities						(1,350,000)	1,550,000
Change in cash and cash equivalents			in the	reporting	period			55,872,656	315,268
Cash and cash equivalents		at the beginning		ofthe reporting		period		96,423,258	96,107,990
Cash and cash equivalents		at the end	ofthe	reporting	period			152,295,914	96,423,258
Net debt
								Other
				At start ofyear			Cash flows	movements	At end ofyear
Cash and cash equivalents					96,423,258		55,872,656		152,295,914
Loan					(1,550,000)		612,000	738,000	(200,000)
Net debt					94,873,258		56,484,656	738,000	152,095,914

		2022	2021
Investment	income	2,058,270	1,231,089
Interest on	cash deposits	164,316	2,413
Interest on	loan notes		252,255
Income cash currency gain/(loss)		7,202	2,391
		2,229,788	1,488,148

The charity undertook no direct cha charitable activities.	ritable act	ivities but	award	ed	donati	ons to a number o	finstitutions in furtherance	ofits
							2022	2021
Grants made during the year							45,335,450	58,183,436
Support costs (see note 6)							655,082	565,557
Realised loss on lease ofWarren Farm							825,215
							46,815,747	58,748,993
The total comprised grants to the following:
The prevention or relief ofpoverty							4,921,615	4,774,552
The advancement ofeducation							6,336,483	13,695,443
The advancement ofreligion							401,943	487,760
The advancement ofhealth or the saving oflives							6,398,245	10,141,625
The advancement ofcitizenship or	community	development					9,699,276	10,690,567
The advancement ofthe arts, culture, heritage		or science					8,395,247	9,955,351
The advancement ofamateur sport							381,320	450,057
The advancement ofhuman rights,	conflict resolution or		reconciliation			or the
promotion ofreligious or racial	harmony	or equality	and diversity				385,791	131,321
The advancement ofenvironmental	protection	or improvement					1,261,459	1,006,892
The relief ofthose in need, by reason ofyouth, age, ill-health,				disability,
financial hardship or other disadvantage							2,429,689	4,636,572
The advancement ofanimal welfare							377,750	318,594
The promotion ofthe efficiency of	the armed	forces ofthe Crown,			orofthe
efficiency ofthe police, fire and	rescue services or ambulance				services		76,120	124,820
Any other charitable purpose							4,270,512	1,769,882
							45,335,450	58,183,436

CHARITABLE ACTIVITI	ES (continued)
		2022
Institutional Donations off250,000 and over
Royal Academy ofArts		5,014,000
Prince's Trust		3,143,758
Centrepoint Soho		3,000,350
UK Youth		2,771,435
Charities Aid Foundation		1,764,619
National Portrait Gallery		1,500,607
Shai Fund, Inc.		1,200,763
Duke ofEdinburgh's Award		970,000
Substance Abuse Foundation		904,270
One Small Thing		888,500
Governors For Schools		884,024
Forward Trust		773,672
Strategic Resource Group Inc.		700,000
National Gallery Trust		655,800
The Branch Trust, Chipping	Norton	650,500
Cancer Research UK		644,465
Woolf Institute		500,000
British Red Cross		436,100
Stanhill Foundation		420,000
Institute for Cancer Vaccines	and Immunotherapy	400,000
Kindred Squared		400,000
Disasters Emergency Committee		387,672
Roundhouse Trust		375,000
ShelterBox		356,000
Stowe School Foundation		355,000
Barnardo's		325,000
Greenhouse Sports		306,950
Canine Partners For Independence		300,000
Kensington &Chelsea Foundation		300,000
Synchronicity Earth		300,000
The Big Give Trust		266,500
Boston Children's Hospital		266,000
Christian Aid		250,450
		31,411,435

RELATE	D PARTY TRANSACTIONS
			2022	2021
Donations	received from aDirector ofthe Trustee		62,500	50,000
Donations	received from other charities where
Messrs. Hoare Trustees is aTrustee:
The Golden Bottle Trust (Charity Commission		no. 327026)	20,000	41,000
			82,500	91,000

ANALYSIS OF	SUPPORT COSTS
			2022	2021
Bank charges			783	757
Cost ofprinting	voucher books		2,760	2,532
Depreciation of	tangible fixed asset		2,525	2,525
Legal fees			12,404	26,123
Administration			38,349	28,360
GOVERNANCE COSTS
Trustee Administration Fee (including		VAT)	577,821	482,415
Independent Auditor's Remuneration			28,825	25,500
(Over)/Under	provision ofprevious	years audit fee	(8,385)	(2,655)
			655,082	565,557
INVESTMENT	RELATED FEES
Investment Management fees			290,865	283,343
Custody Fees			45,500	8,334
Enhance Investment Review Fees			1,750	1,500
			338,115	293,177

FIXEDAS	SETINVESTMENTS
Movement	in fixed asset investments	Listed	Unlisted	Total
				2022	2021
Investments
Market Value Brought Forward		138,372,354	868,795	139,241,149	85,013,811
Investments	gifted in	19,105,003		19,105,003	10,212,383
Add:	Acquisition costs	105,928,880		105,928,880	59,315,162
Less:	Disposal proceeds	(82,625,597)		(82,625,597)	(41,630,514)
Realised (losses)/gains on disposals		(4,883,538)		(4,883,538)	7,458,171
Unrealised	(losses)/gains	(16,029,449)	80,894	(15,948,555)	18,872,136
Market Value Carried Forward		159,867,653	949,689	160,817,342	139,241,149
Historical cost as at 30th September 2022		159,184,370	47,570	159,231,940	114,314,473

									2022	2021
Unlisted		programme related investments
Value	brought forward								238,298	238,298
Programme related investments Acquired:
			Land at Warren Farm						1,445,673
Programme related investments Redeemed:
			Mustard Seed Maze equalisation		payment				(6,211)	(679)
		40,000	Adoption UK Charity 5%Fixed Rate Unsecured				Loan Notes 2021		(53,607)
		813	Herddle Group Limited						(50,039)
			Land at Warren Farm leased to	Surrey Wildlife Trust					(1,365,673)
Gain on		investments							19,757	679
Value	Carried		Forward						228,198	238,298
Historical cost as at 30th September 2022									221,539	238,469
All ofthe programme related investments were				held in the United			Kingdom	and are unlisted.	They have therefore been valued
at par,
Unlisted		programme related investments held							2022	2021
		0	Adoption UK Charity 5%Fixed Rate Unsecured				Loan Notes 2021			40,000
		25,000	CW Renewable Energy EISFund						25,000	25,000
		1	EcoPower Indian Ocean Ltd						23,165	23,165
		0	Herddle Group Limited							50,040
		10,000	Mission Housing Limited 1.25%		Loan 30/11/2024				10,623	10,623
		50,000	Mustard Seed Maze Social Entrepreneurship			Fund			44,410	44,470
	33.33333		Oikocredit GBPDepository Receipts						5,000	5,000
		39	Relational Analytics Ordinary	f.1	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
			Land retained at Warren Farm						80,000
									228,198	238,298

10	TANGIBLE FIXED	AS	SETS
					2022
					Motor vehicles	Totals
	Cost
	At 1stOctober 2021				25,250	25,250
	Additions
	Disposals
	At 30th September	2022			25,250	25,250
	Depreciation
	At 1st October 2021				7,575	7,575
	Charge for year				2,525	2,525
	At 30th September	2022			10,100	10,100
	Net book value
	At 30th September	2022			15,150	15,150
	At 30th September	2021			17,675	17,675
11	DEBTORS				2022	2021
	Cash due from donors					400
	Gift Aid tax reclaim				142,500	1,293,524
	Investment income/interest		due		7,396	66
	Recoverable tax on investment			income	997	64,612
	Donations to be repaid/to		be received			30,000
	Loan to Herddle Limited					5,000
	Other Debtors and prepayments				84,987	1,512,763
					235,880	2,906,365
12	CREDITORS				2022	2021
	Due within one year
	Loan				200,000	1,550,000
	Trustee Administration	Fees			164,206	357,216
	Independent Auditor's	Remuneration			29,340	48,555
	Investment Management		Fees		68,253	59,767
	Custody fees				10,361	8,782
	Other creditors				49,308	43,137
					521,468	2,067,457

14	ANALYSIS OF NET	ASSET	S BETWEEN FUNDS	——————-Unrestricted	Funds ————	—--
			General
			Endowment		Expendable
			Fund	Income	Endowment	Total Funds
			2022	2022	2022	2022
	Fixed Assets
	Listed Investments		333,556		159,534,097	159,867,653
	Unlisted Investments				949,689	949,689
	Programme Related	Investments			228,198	228,198
	Tangible fixed assets				15,150	15,150
	Current Assets
	Cash		31,224	208,718	152,055,972	152,295,914
	Sundry Debtors		425		235,455	235,880
	Creditors due within one year		(13,619)		(507,849)	(521,468)
	Total		351,586	208,718	312,510,712	313,071,016
				——————-Unrestricted	Funds —————--
			General
			Endowment		Expendable
			Fund	Income	Endowment	Total Funds
			2021	2021	2021	2021
	Fixed Assets
	Listed Investments		349,145		138,023,209	138,372,354
	Unlisted Investments				868,795	868,795
	Programme Related Investments				238,298	238,298
	Tangible fixed assets				17,675	17,675
	Current Assets
	Cash		47,022	192,569	96,183,667	96,423,258
	Sundry Debtors				2,906,365	2,906,365
	Creditors due within one year		(1,539)		(2,065,918)	(2,067,457)
	Total		394,628	192,569	236,172,091	236,759,288
15	RECONCILIATION	OF OPERATING SURPLUS TO NET CASH			2022	2021
	INFLOW FROM OPERATING ACTIVITIES
	Net operating income				95,247,903	29,549,663
	Investment income				(2,229,788)	(1,488,148)
	Investments gifted				(19,105,003)	(10,212,383)
	Gains on Currency transactions				1,876,161	(443,080)
	Depreciation				2,525	2,525
	(Increase)/decrease in	Debtors			2,670,485	(2,695,919)
	Increase/(decrease) in	Creditors			(195,989)	248,431
	Net cash inflow from operating		activities		78,266,296	14,961,090