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|`Trustees`|MMCFTrusteeLimited|
|---|---|
|Charitynumber|`1140648`|
|Principaladdress|AlexandraHouse|
||StJohnsStreet|
||Salisbury|
||Wiltshire|
||SP12S6|
|Independentexaminer|JamesFletcherFCA|
||FletcherftPartners|
||CrownChambers|
||BridgeStreet|
||Salisbury|
||`SP12LZ`|
|Solicitors|WilsonsSolicitorsLLP|
||`AlexandraHouse`|
||StJohnsStreet|
||Salisbury|
||Wiltshire|
||SP125B|
|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|4|
|Independentexaminersreport|5|
|Statementoffinancialactivities|6|
|`Balancesheet`|`7`|
|Notestotheaccounts|8-13|





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|INCLUDINGINCOMEANDEXPENDITUREAC<br>FORTHEYEARENDED5APRIL2022|COUNT|||
|---|---|---|---|
|||`2022`|`2021`|
||Notes|E|E|
|Incomefrom•||||
|`Investments`|`2`|`166,192.43`|`149,201.38`|
|Expenditureon•||||
|Raisingfunds|3|(133,551.27)|(107,347.01)|
|Charitableactivities|4|(486,563.12)|(460,747.33)|
|`Totalexpenditure`||`(620,114.39)`|<br>`(568,094.34)`|
|Netgains/(losses)oninvestments|7|762,568.14|2,968,171.71|
|Netmovementinfunds||308,646.18|2,549,278.75|
|Fundbalancesat6April2021||14,078,249.74|11,528,970.99|
|Fundbalancesat5April2022||14,386,895.92|14,078,249.74|





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|||`2oz2`|`2oz2`|`2021`|`2021`|
|---|---|---|---|---|---|
||Notes|E|E|E|E|
|Fixedassets||||||
|Investments|11||`14,289,012.66`||14,103,883.67|
|`Currentassets`||||||
|Debtors|9|`1,254.85`||3,247.46||
|Cashatbankandinhand||`125,968.55`||||
|||`127,223.40`||||
|Creditors:amountsfallingduewithin|10|||||
|`oneyear`||||`(108,361.91)`||
|Netcurrentassets/(liabilities)||||||
|Totalassetslesscurrentliabilities|||14,386,895.92|||
|Unrestrictedfunds|||14,386,895.92||`14,078,249.74`|








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## 

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||`2022`|`2021`|
|---|---|---|
||£|£|
|Incomefromlistedinvestments|`165,026.94`|`147,287.08`|
|Interestreceivable|`28.42`|`41.78`|
|Accruedincome|`1.137.07`|`1.872.52`|
||1[Z~L'l~~~L'L'~4~1~2:1||
|Raisingfunds|||
||`2022`|`2021`|
||£|£|
|Investmentmanagement|`133,551.27`|`107,347.01`|
||`133.551.27`|`107.347.01`|



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|4|. . .<br>Chartableactivities||||
|---|---|---|---|---|
||||`2022`|`2021`|
||||£|£|
||Grantfundingofactivities(seenote5)||438,546.23|406,241.76|
||Shareofgovernancecosts(seenote6)||48,016.89|54,505.57|
||||`486,563.12`|`460,747.33`|
|5|Grantspayable||||
||||`2022`|`2021`|
||||£|£|
||Grantstoinstitutions:||353,000.00|286,000.00|
||Grantstoindividuals:||85,546.23|120,241.76|
|6|Supportcosts||||
|||`2022`||`2021`|
|||£||E|
||`IndependentExaminationsfees`|`2,400.00`||`2,400.00`|
||`TrusteeExpenses`|`1,881.17`||`95.92`|
||`Legalfees`|`42,823.80`||`50,664.60`|
||Sundrydisbursements|516.00||948.00|
||`Bankcharges`|`28.92`||`30.05`|
||LegalfeesreTrustCompany|367.00||367.00|
|||`48,016.89`||`54,505.57`|





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|7|Unrealisedandrealisedgains/(losses)|`2022`|`2021`|
|---|---|---|---|
|||£|E|
||Realisedgainsonsalesofinvestments|`608,869.99`|`468,498.04`|
||Revaluationofinvestments|||
||Netgains/(losses)oninvestments|||



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|9|Debtors|||
|---|---|---|---|
|||`2022`|`2021`|
||Amountsfallingduewithinoneyear:|E|E|
||Otherdebtors|1,254.85|3,247.46|
|10|Creditors:amountsfallingduewithinoneyear|||
|||`2022`|`2021`|
|||E|£|
||Othercreditors|`29,340.14`|`108,361.91`|







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|FixedAssetInvestments||||||||
|---|---|---|---|---|---|---|---|
|||||||`2022`|`2021`|
||`Equities`|`Bonds`|`Other`|`Cash`||||
|Marketvalueat5April2021|`9,725,138.68`|`2,885,991.53`|`1,069,849.63`||`422,903.83`|`14,103,883.67`|`11,531,490.28`|
|Acquisitionsinyear|`581,120.20`|`547,143.82`|`267,686.29`|||1,395,950.31|`3,152,794.93`|
|Disposalsinyearatcarryingvalue|`(1,435,023.61)`|<br>`(393,436.06)`|<br>`(97,756.49)`|||(1,926,216.16)|`(3,557,484.32)`|
|Unrealisedgains/(losses)onrevaluation|`736,550.74`|`(74,331.43)`|<br>`10,002.65`|||`672,221.96`|`2,681,463.50`|
|Increase/(decrease)ininvestmentcash|||||`43,172.88`|||
|Marketvalueat5April2022||||||14,289,012.66|14,103,883.67|
|Listedonrecognisedstockexchanges||||||13,822,935.95|13,680,979.84|
|`Cash`||||||||
|||||||14,289,012.66|14,103,883.67|
||Equities|Bonds|Other|||||
|Historicalcostat5April2022|`5,282,892.20`|`2,907,845.76`|`1,178,753.89`|||`9,369,491.85`|`9,381,233.89`|






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