|||Page||
|---|---|---|---|
|Reference and Administrative
Details||||
|Trustees'
Report|2|to|5|
|Statement ofTrustees'
Responsibilities||||
|Report ofthe Independent
Auditors|7|to|9|
|Statement ofFinancial Activities||10||
|Balance Sheet||||
|Cash Flow Statement||12||
|Notes to the Cash Flow Statement||13||
|Notes to the Financial Statements|14|to|20|
|Detailed Statement ofFinancial Activities|21|to|22|
##
|TRUSTEES|AE Law||||
|---|---|---|---|---|
||Z Law||||
||RSadewsky|(appointed 22.7.20)|||
|PRINCIPAL ADDRESS|Caxton Europe Asset|||Management|
||40Berkeley Square||||
||London||||
||WIJ 5AL||||
|REGISTERED CHARITY|1141997||||
|NUMBER|||||
|INDEPENDENT AUDITORS|Martin and Company|||Audit Limited|
||Chartered
Accountants||||
||and Statutory||Auditors||
||25 St Thomas||Street||
||Winchester||||
||Hampshire||||
||SO23 9HJ||||
|SOLICITORS|Fortsers LLP||||
||31Hill Street||||
||London||||
||W1JSLS||||
|BANKERS|Coutts &Co||||
||440 Strand||||
||London||||
||WC2R OQS||||
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|||||4.4.21|4.4.20|
|---|---|---|---|---|---|
|||||Unrestricted|Total|
|||||fund|funds|
||||Notes||f|
|INCOME AND ENDOWMENTS FROM||||||
|Donations
and legacies||||31,252,176||
|Investment
income||||156,999|90,900|
|Total||||31,409,175|90,900|
|EXPENDITURE|ON|||||
|Raising funds||||7,783||
|Charitable
activities||||||
|Charitable
giving||||10,833,285|5,530,952|
|Total||||10,841,068|5,530,952|
|Net gains/(losses)|on investments|||0504171|~271,19H|
|NET INCOME/(EXPENDITURE)||||297472,278|(5,711,243)|
|RECONCILIATION||OF FUNDS||||
|Total funds brought||forward||26,950,435|32,661,678|
|TOTAL FUNDS|CARRIED FORWARD|||56,422,713|26 050 435|
##
##
|||4,4.21|4.4.20|
|---|---|---|---|
|||Unrestricted|Total|
|||fund|funds|
||Notes|||
|FIXEDASSETS||||
|Tangible
assets|11|298|397|
|Investments|12|53,125,248|19,079,607|
|||53,1253546|19,080,004|
|CURRENT ASSETS||||
|Debtors|13|6,250,000||
|Cash at bank||2,160,3011|3,542 505|
|||8,4197300|8,542,505|
|CREDITORS||||
|Amounts
falling due within one year|14|(1,5157133)|(338,741)|
|NET CURRENT ASSETS||6,0114167|11,203,764|
|TOTAL ASSETSLESSCURRENT||||
|LIABILITIES||60,029,713|27,283,768|
|CREDITORS||||
|Amounts
falling due after more than one year|15|(3,607,000)|(333,333)|
|NET ASSETS||56,422,713|26.050.431|
|FUNDS|16|||
|Unrestricted
funds||56423713|26050435|
|TOTAL FUNDS||56422 713|26,050,435|
##
##
||||4.4.21|4.4.20|
|---|---|---|---|---|
|||Notes|||
|Cash flows from operating
activities
Cash generated
from operations
Interest paid||1|1$,6139266|(4,973,981)
~1.5047|
|Net cash provided
by/(used|in) operating|activities|18613
6|~4075 4857|
|Cash flows from investing|activities||||
|Purchase offixed asset investments|||(25,141,470)|(9,010,000)|
|Interest received|||6,180|90,900|
|Dividends
received|||148,819||
|Net cash used in investing|activities||24 986471|8,919,100|
|Change in cash and cash|equivalents|in|||
|the reporting
period|||(6,3739205)|(13,894,585)|
|Cash and cash equivalents|at the||||
|beginning
ofthe reporting|period||8,542&505|22,437,090|
|Cash and cash equivalents|at the end|of|||
|the reporting
period|||2,169 5011|II 542 505|
##
|OPERATING AC|TIVITI|ES||||
|---|---|---|---|---|---|
|||||4.4.21|4.4.20|
|Net income/(expenditure)
for the reporting
Statement ofFinancial Activities)|||period (as per the|29&472,278|(5,71],243)|
|Adjustments
for:||||||
|Depreciation
charges||||99|133|
|(Gain)/losses
on investments||||(8,904,171)|271,191|
|Interest received||||(6,180)|(90,900)|
|Interest paid|||||1,504|
|Dividends
received||||(148,819)||
|Increase
in debtors||||(67250,000)||
|Increase in creditors||||4450,059|555,334|
|Netcashprovided|by/(used|in)operations||~18513 66|~4.973901|
##
|ANALYSIS OF CHANGES IN NET|FUNDS|||
|---|---|---|---|
||At 5.4.20|Cash flaw|At 4.4.21
f|
|Net cash||||
|Cash at bank|~84ZS05|~63, 73Sll|~3769 00|
||8,542,505|i6673POSJ|3,169300|
|Total|8,542,505|+63~732~05|2,169,300|
##
##
##
##
##
##
||DONATIO|NS
AND LE|GACIES||||
|---|---|---|---|---|---|---|
||||||4.4.21|4.4.20|
||||||g||
||Donations||||25,002,176||
||Gift aid||||6,250,000||
||||||31,252,176||
|4.|INVESTMENT INCOME||||||
||||||4.4.21|4.4.20|
||||||g||
||Rents received||||2,000||
||Portfolio income||||148,819||
||Deposit account interest||||6,180|90,900|
||||||~156 999|90,900|
|5.|RAISING|FUNDS|||||
||Investment|management|costs||4.4.21|4.4.20|
||Portfolio management||||3
7 783||
|6.|CHARITABLE ACTIVITIES COSTS||||||
|||||Grant|||
|||||funding of|||
|||||activities|Support||
|||||(see note|costs (see||
|||||7)|note 8)|Totals|
|||||5|||
||Charitable|giving||10,797,506|35,779|18,833285|
##
|7.|GRANTS PAYABLE|||||||
|---|---|---|---|---|---|---|---|
|||||||4.4.21|4.4.20|
|||||||f||
||Charitable
giving|||||111,797,596|I 413,451|
||The total grants payable||to institutions||in the year was as follows:|||
|||||||4.4.20|4.4.20|
||University
ofSheffield|||||5,850,000||
||Speakers for Schools|||||1,885,000|660,000|
||Pro Bono Economics|||||1,292,650|140,000|
||Law Family Educational||Trust|||1,000,000|3,000,000|
||Policy Exchange|||||175,000|35,000|
||University
ofYork|||||160,000||
||Game ttt Wildlife Conservation|||Trust||157,600|100,000|
||MCFC City in the Community|||Foundation||55,000|25,000|
||Lord Mayors Appeal|||||50,000|50,000|
||Synchronicity
Earth|||||35,000|35,000|
||The Sutton Trust|||||30,000||
||Noah's Ark Children's|Hospice||||25,000|25,000|
||Nyumbani
dr Hotcourses||Foundation|||25,000||
||The Savage Foundation|||||17,343||
||British Fashion Council|||||15,000||
||Greenhouse
Sport|||||10,000||
||Red Squirrel
Survival|Trust||||6,000||
||St Andrew's
Youth Club|||||5,000||
||Maggie's at Marsden|||||1,369|268,669|
||Other donations
under|fl,000||||2,544|3,782|
||Royal United Services|Institute|||||1,000,000|
||Shine||||||50,000|
||Royal Botanical Gardens||- Kew gardens||||6,000|
||Tavistock Youth Centre||||||5,000|
||Grassington
Festival||||||5,000|
||Place 2Be||||||5,000|
|||||||19,797,5116|5,413,451|
##
|8.|SUPPORT|COSTS||||||
|---|---|---|---|---|---|---|---|
|||||||Governance||
|||||Management|Finance|costs
f|Totals
f|
||Charitable
giving|||31,415|1,094|3,270|~35 779|
||Support costs, included||in the above,|are as follows:||||
||Management|||||||
|||||||4.4.21|4.4.20|
|||||||Charitable|Total|
|||||||giving|activities|
||Rent|||||25,101|42,713|
||Rates|||||2,063|1,775|
||Office costs|||||49152|9,636|
||Consultancy||||||60,000|
||Depreciation|||||99|133|
|||||||31,415|114,257|
||Governance|costs||||||
|||||||4.4.21|4.4.20|
|||||||Charitable|Total|
|||||||giving
f|activities|
||Auditors'
remuneration|||||3,270||
||Independent|examiner's|fees||||1,740|
|||||||3,270|1,740|
##
##
##
||There are no employees
so consequently
no staff c|osts have been incurred.||||
|---|---|---|---|---|---|
|11.|TANGIBLE FIXEDASSETS|||||
|||Office|Computer|||
|||equipment|equipment|Totals||
|||||6||
||COST|||||
||At 5 April 2020 and 4 April 2021|~1676|I
00|~2976||
||DEPRECIATION|||||
||At 5 April 2020|17279|1,300|2,579||
||Charge foryear|99|||99|
||At 4 April 2021|1,378|1,300|2,678||
||NET BOOK VALUE|||||
||At 4 April 2021|298|||298|
||At 4 April 2020|397|||397|
|12.|FIXED ASSETINVESTMKNTS|||||
||||Cash and|||
|||Listed|settlements|||
|||investments|pending|Totals||
|||||6||
||MARKET VALUE|||||
||At 5 April 2020|19,070,326|9,280|19,079,606||
||Additions|24,974,971|166,500|25,141,471||
||Revaluations|8,904,171||0504,|171|
||At 4 April 2021|52,040,440|175,780|53 125|240|
||NET BOOKVALUE|||||
||At 4 April 2021|52,949,468|175,780|53,125,248||
||At 4 April 2020|19,070,326|9,280|19,079,606||
|13.|DEBTORS:|AMOUNTS FALLING|AMOUNTS FALLING|AMOUNTS FALLING|DUE WITHIN ONE YEAR|DUE WITHIN ONE YEAR||||
|---|---|---|---|---|---|---|---|---|---|
|||||||||4.421|4.4.20|
||Other debtors|||||||~6250 000||
|14.|CREDITORS:||AMOUNTS FALLING DUE WITHIN ONK YEAR|||||||
|||||||||4.4.21|4.4.20|
||Grants payable|||||||1,510,333|333,333|
||Accrued expenses|||||||4,800|5,408|
|||||||||~1,515133|~338741|
|15.|CREDITORS:||AMOUNTS FALLING DUE AFTER MORE THAN ONE|||||YEAR||
|||||||||4.4.21
f|4.4.20
f|
||Grants payable|||||||3,607,000|~333 333|
|16.|MOVEMENT||IN FUNDS|||||||
|||||||||Net||
|||||||||movement|At|
|||||||At|5.4.20
f|in funds|4.4.21
f|
||Unrestricted|funds||||||||
||General fund|||||26,950,435||29,472,278|56,422,713|
||TOTAL FUNDS|||||26,900,435||29472878|56,422,713|
||Net movement||in funds, included|in the above are as follows:||||||
||||||Incoming|Resources||Gains and|Movement|
||||||resources
f|expended
f||losses|in funds
f|
||Unrestricted|funds||||||||
||General
fund||||31,409,175|(1098419068)||8,904,171|29,472,278|
||TOTAL FUNDS||||31,409,170|~I0841 068||0,904,171|29,472,270|
##
##
|Comparatives|for movement
in funds||||
|---|---|---|---|---|
||||Net||
||||movement|At|
|||At 5.4.19|in funds|4.4.20|
|Unrestricted|funds||||
|General fund||32,661,678|(5,711,243)|26,950,435|
|TOTALFUNDS||32.661,679|~5711.2433|269511435|
||||Incoming|Resources|Gains and|Moveinent|
|---|---|---|---|---|---|---|
||||resources|expended|losses|in funds|
|Unrestricted||funds|||||
|General|fund||90,900|(5,530,952)|(271,191)|(5,711,243)|
|TOTAL|FUNDS||~90 900|~5,530952)|~271 191|~5,711,2'l3)|
##
##
||||4.4.21|4.4.20|
|---|---|---|---|---|
|INCOME AND|ENDOWMENTS||||
|Donations
and legacies|||||
|Donations|||25,002,176||
|Gitl aid|||6S5IItra||
||||31,252,176||
|Investment
income|||||
|Rents received|||2,000||
|Portfolio income|||148,819||
|Deposit account|interest||6,180|90,900|
||||156,999|90,900|
|Total incoming|resources||31,409,175|90,900|
|EXPENDITURE|||||
|Investment
management||costs|||
|Portfolio management|||7,783||
|Charitable
activities|||||
|Grants to institutions|||10,797,506|5,413,451|
|Support costs|||||
|Management|||||
|Rent|||25,101|42,713|
|Rates|||2,063|1,775|
|Office costs|||4,152|9,636|
|Consultancy||||60,000|
|Office equipment|||99|l33|
||||31415|114257|
|Finance|||||
|Bank charges|||1,094||
|Bank interest||||1,504|
||||1,094|1,504|
|Governance
costs|||||
|Auditors'
reruuueration|||3,270||
|Independent
examiner's||fees||1,740|
||||3,270|1,740|
##
##
|||4.4.21|4.4.20|
|---|---|---|---|
|Total resources expended||1118411168|5 539 952|
|Net income/(expenditure)|before gains and|||
|losses||20,568,107|(5,440,052)|
|Gains and losses
Gains/(losses)
on fixed asset investments||8 984171|~271,1915|
|Net income/(expenditure)||~29.472
78|~5.711243|