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|`Trustees`|MMCFTrusteeLimited|
|---|---|
|Charitynumber|`1140648`|
|`Principaladdress`|AlexandraHouse|
||StJohnsStreet|
||Salisbury|
||Wiltshire|
||SP12SB|
|Independentexaminer|JamesFletcherFCA|
||`Fletcher~ Partners`|
||CrownChambers|
||BridgeStreet|
||Salisbury|
||SP12LZ|
|Solicitors|WilsonsSolicitorsLLP|
||AlexandraHouse|
||StJohnsStreet|
||Salisbury|
||Wiltshire|
||SP12SB|
|Investmentadvisors|QuitterCheviotInvestmentManagement|
||90LongAcre|
||`London`|
||WC2E9RA|
||SAGAS.A.|
||13rueCeard|
||CasePostale3638|
||CH-1211Geneva3|
||Switzerland|
||JuliusBaer&CoLtd|
||LefebvreCourt,LefebvreStreet|
||StPeterPort|
||Guernsey|
||ChannelIslands|
||GY14BS|





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||`Page`|
|---|---|
|Trustee'sreport|`1 -3`|
|Statementoftrustee'sresponsibilities||
|Independentexaminer'sreport||
|Statementoffinancialactivities||
|Balancesheet|7|
|Notestotheaccounts|8 -13|





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|FORTHEYEARENDED5APRIL2021|||||
|---|---|---|---|---|
||||`2021`|`2020`|
||Notes||£|£|
|Incomefrom:|||||
|`Investments`|`2`||`149,201.38`|`186,423.03`|
|Expenditureon:|||||
|Raisingfunds|3|(107,347.01)||(92,414.28)|
|Charitableactivities|`4`|`(460.747.331`||`(298.407.691`|
|Totalexpenditure|||||
|Netgains/(losses)oninvestments|`7`|`2.968.171.71`||`(388.866.491`|
|Netmovementinfunds|||||
|Fundbalancesat6April2020||`11,528,970.9912,122,236.42`|||
|Fundbalancesat5April2021||wi|<br>n-se~~n~iA Acannonnn||





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|||`2021`|`2021`|`2020`|`2020`|
|---|---|---|---|---|---|
||Notes|E|£|£|<br>£|
|Fixedassets||||||
|`Investments`|`11`||`14,103,883.67`||`11,531,490.28`|
|Currentassets||||||
|Debtors|9|3,247.46||6,110.12||
|Cashatbankandinhand||79,480.52||62,459.49||
|||`82,727.98`||`68,569.61`||
|Creditors:amountsfallingduewithin|10|||||
|`oneyear`||`(108,361.91)`||`(71,088.90)`||
|Netcurrentliabilities|||(25,633.93)||(2,519.29)|
|Totalassetslesscurrentliabilities|||14,078,249.74||11,528,970.99|
|`Unrestrictedfunds`|||`14,078,249.74`||`11,528,970.99`|
||||`14,078,249.74`||`11,528,970.99`|






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|||`2021`|`2020`|
|---|---|---|---|
|||`E`|`E`|
||Incomefromlistedinvestments|147,287.08|181,305.23|
||Interestreceivable|`41.78`|`382.62`|
||Accruedincome|`1.872.52`|`4.735.18`|
|||~cs~~~y~ct:~r:ixr~~~F~||
|3|Raisingfunds|||
|||`2021`|`2020`|
|||`E`|`E`|
||Investmentmanagement|`107,347.01`|`92,414.28`|
|||`107.347.01`|`92.414.28`|





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|4|Charitableactivities||||
|---|---|---|---|---|
||||`2021`|`2020`|
||||E|£|
||Grantfundingofactivities(seenote5)||406,241.76|256,003.00|
||Shareofgovernancecosts(seenoteb)||54,505.57|42,404.69|
|5|Grantspayable||||
||||`2021`|`2020`|
||||E|E|
||Grantstoinstitutions:||286,000.00|197,500.00|
||Grantstoindividuals:||120.241.76|58.503.00|
|6|Supportcosts||||
|||`2021`||`2020`|
|||£||£|
||IndependentExaminationsfees|2,400.00||2,400.00|
||`TrusteeExpenses`|`95.92`||`6,686.76`|
||`Legalfees`|`50,664.60`||`32,340.00`|
||Sundrydisbursements|948.00||467.52|
||`Bankcharges`|`30.05`||`17.84`|
||Federalstamp|-||125.57|
||LegalfeesreTrustCompany|367.00||367.00|
|||`54,505.57`||`42,404.69`|





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|7|Unrealisedandrealisedgains/(losses)|`2021`|`2020`|
|---|---|---|---|
|||`E`|`E`|
||Realisedgainsonsatesofinvestments|`468,498.04`|`360,537.20`|
||Revaluationofinvestments|`2.499.673.67`|`(749.403.691`|
||Netgains/(losses)oninvestments|L,y6tS,7/7./7|(3tS~S,tS66.4y)|



|9|Debtors|||
|---|---|---|---|
|||`2021`|`2020`|
||Amountsfallingduewithinoneyear:|£|£|
||Otherdebtors|3,247.46|6,110.12|
|10|Creditors:amountsfallingduewithinoneyear|||
|||`2021`|`2020`|
|||£|£|
||Othercreditors|`108,361.91`|`71,088.90`|





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|FixedAssetInvestments||||||||
|---|---|---|---|---|---|---|---|
|||||||`2021`|`2020`|
||`Equities`|`Bonds`|`Other`|`Cash`||`£`|`E`|
|`Marketvalueat5 Apri12020`|`7,825,124.99`|`2,935,668.45`|`643,412.29`||`127,284.55`|`11,531,490.28`|`12,113,569.12`|
|`Acquisitionsinyear`|`1,571,412.62`|`1,402,508.72`|`178,873.59`|||`3,152,794.93`|`2,372,931.36`|
|`Disposalsinyearatcarryingvalue`|`(1,870,653.20)`|<br>`(1,581,260.65)`|<br>`(105,570.47)`|||`(3,557,484.32)`|`(2,432,598.17)`|
|`Unrealisedgains/(losses)onrevaluation`|`2,199,254.27`|`129,075.01`|`353,134.22`|||`2,681,463.50`|`(502,070.69)`|
|`Increase/(decrease)ininvestmentcash`|||||`295,619.28`|`295,619.28`|`(20,341.34)`|
|`Marketvalueat5 Apri12021`|`9,725,138.68`|`2,885,991.53`|`1,069,849.63`||`422,903.83`|`14,103,883.67`|`11,531,490.28`|
|`Listedonrecognisedstockexchanges`||||||`13,680,979.84`|`11,404,205.73`|
|`Cash`||||||`422,903.83`|`127,284.55`|
|||||||`14,103,883.67`|`11,531,490.28`|
||Equities|Bonds|Other|||£|E|
|`Historicalcostat5 Apri12021`|`5,597,544.55`|`2,772,512.00`|`1,011,177.34`|||`9,381,233.89`|`£9,603,848.03`|





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