|||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|21| |Detailed Statement ofFinancial Activities|22|to|23| |TRUSTEES|A E Law||||| |---|---|---|---|---|---| ||Mrs Z Law||||| ||R Sadewsky||||| ||E A EHoskyns-Abrahall|||(appointed|27.4.21)(resigned 27.5.21)| |PRINCIPAL ADDRESS|Caxton Europe Asset||Management||| ||40 Berkley Square||||| ||London||||| ||W1JSAL||||| |REGISTERED CHARITY|1141997||||| |NUMBER|||||| |INDEPENDENT AUDITORS|Martin
and Company||Audit Limited||| ||Chartered
Accountants||||| ||and Statutory|Auditors|||| ||25 StThomas|Street|||| ||Winchester||||| ||Hampshire||||| ||SO23 9HJ||||| |SOLICITORS|Forsters LLP||||| ||31 Hill Street||||| ||London||||| ||W1J 5LS||||| |BANKERS|Coutts k. Co||||| ||440 Strand||||| ||London||||| ||WC2R OQS||||| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||||Period|| |---|---|---|---|---|---| |||||5.4.21|| |||||to|Year Ended| |||||31.3.22|4.4.21| |||||Unrestricted|Total| |||||fund|funds| ||||||as restated| ||||Notes||| |INCOME AND ENDOWMENTS||FROM|||| |Donations
and legacies|||||48,491,120| |Investment
income||||329,479|156,999| |Total||||329)479|48,648,119| |EXPENDITURE ON|||||| |Raising funds||||26,865|7,783| |Charitable
activities|||||| |Charitable
giving||||11,157,236|10,833,285| |Total||||11)184,101|10,841,068| |Net gains on investments||||5,953,971|8,904,171| |NET INCOME/(EXPENDITURE)||||(4,900,651)|46,711,222| |RECONCILIATION|OII' FUNDS||||| |Total funds brought|forward||||| |As previously
reported||||56,422,713|26,950,435| |Prior year adjustment||||17238,944|| |As restated||||73)661&657|26,950,435| |TOTAL FUNDS CARRIED FORWARD||||68,761,006|73.661,6)7| ## ||||31.3.22|4.4.21| |---|---|---|---|---| ||||Unrestricted|Total| ||||fund|funds| |||||as restated| |||Notes||| |FIXED|ASSETS|||| |Tangible|assets|12|224|298| |Investments||13|58 878 868|53 125,248| ||||58,879,092|53,125,546| |CURRENT ASSETS||||| |Stocks||14||17,238,944| |Debtors||15||6,250,000| |Cash at|bank||14,756,839|2,169,300| ||||14,756,839|25,658,244| |CREDITORS||||| |Amounts|falling due within one year|16|(2,562,925)|(1,515,133)| |NET CURRENT ASSETS|||12,193,914|24,143,111| |TOTAL|ASSETS LESSCURRENT|||| |LIABILITIES|||71,073,006|77,268,657| |CREDITORS||||| |Amounts|falling due after more than one year|17|(2,312,000)|(3,607,000)| |NET ASSETS|||68,761,1186|73,661,657| |FUNDS||18||| |Unrestricted
funds|||68,761,006|73,661,657| |TOTAL|FUNDS||68,761,006|73,661,657| ## ## ||||||Period|| |---|---|---|---|---|---|---| ||||||5.4.21|| ||||||to|Year Ended| ||||||31.3.22|4.4.21| |||||||as restated| |||||Notes||| |Cash flows from operating|activities|||||| |Cash generated
from operations|||||124&4574|13613266| |Net cash provided
by operating||activities|||H 4114,574|18,613,266| |Cash flows from investing|activities|||||| |Purchase offixed asset investments|||||(8,739,889)|(25,141,470)| |Sale offixed asset investments|||||8,894)343|| |Interest received|||||17,841|6,180| |Dividends
received|||||311,638|148,819| |Third party investment
management|||charges||(26,865)|| |Decrease cash held pending|settlement||||45)897|| |Net cash provided
by/(used|in)|investing||activities|502,965|~4916471)| |Change
in cash and cash equivalents||||in||| |the reporting
period|||||12,587,539|(6,373,205)| |Cash and cash equivalents|at|the||||| |beginning
ofthe reporting|period||||2,169,300|8,542,505| |Cash and cash equivalents|at|the end||of||| |the reporting
period|||||14,756 239|2,169,300| ## ## |OPERATING AC|TIV|I|TIES|||||| |---|---|---|---|---|---|---|---|---| ||||||||Period|| ||||||||5.4.21|| ||||||||to|Year Ended| ||||||||31.3.22|4.4.21| |||||||||as restated| |Net (expenditure)/income|||for the|reporting|period (as per the|||| |Statement
ofFinancial|||Activities)||||(4,900,651)|46,711,222| |Adjustments
for:||||||||| |Depreciation
charges|||||||74|99| |Gain on investments|||||||(5,953,971)|(8,904,171)| |Interest received|||||||(17,841)|(6,180)| |Dividends
received|||||||(311,638)|(148,819)| |Third party investment||management||oharges|||26,865|| |Decrease/(increase)|in stocks||||||17,238,944|(17,23 8,944)| |Decrease/(increase)
(Decrease)/increase|in debtors
in creditors||||||6,250,000
~247,288|(6,250,000)
4,450,059| |Net cash provided|hy|operations|||||12D84274|18,613,266| |ANALYSIS OF CHANGES IN NET FUNDS||||||||| |||||||At 5.4.21|Cash flow|At 31.3.22| |Net cash||||||||| |Cash at bank||||||2,169,300|12,587,539|14,756,839| |||||||2,169,300|12,587,539|14,756&839| |Total||||||2,169,300|12,587&539|14,756,839| ## ## ## ## ## ## ## ## ## ## |3.|in the Statement ofFinancial Activities.
No unquoted
i
DONATIONS
AND LEGACIES|nvestments
are held.|| |---|---|---|---| |||Period|| |||5.4.21|| |||to|Year Ended| |||31.3.22|4.4.21| ||||as restated| ||Donations||42,241,120| ||Gilt aid||6,250,000| ||||48,491,120| |4.|INVESTMENT INCOME||| |||Period|| |||5.4.21|| |||to|Year Ended| |||31.3.22|4.4.21| ||||as restated| ||||6| ||Rents received||2,000| ||Portfolio income|311,638|148,819| ||Deposit account interest|17,841|6,180| |||329,479|156,999| |5.|RAISING FUNDS|||||||||| |---|---|---|---|---|---|---|---|---|---|---| ||Investment
management|||costs||||||| ||||||||||Period|| ||||||||||5.4.21|| ||||||||||to|Year Ended| ||||||||||31.3.22|4.4.21| |||||||||||as restated| ||Third party investment||management||||charges||26,865|7,783| |6,|CHARITABLE ACTIVITIES||||COSTS|||||| |||||||||Grant||| |||||||||funding of||| |||||||||activities|Support|| |||||||||(see note|costs (see|| |||||||||7)|note 8)|Totals| ||||||||||5|| ||Charitable
giving|||||||11,088,733|68,503|11,157,236| |7.|GRANTS PAYABLE|||||||||| ||||||||||Period|| ||||||||||5.4.21|| ||||||||||to|Year Ended| ||||||||||31.3.22|4.4.21| |||||||||||as restated| ||||||||||g|| ||Charitable
giving||||||||11,088,733|10,797,506| ||The total grants payable||to|institutions|||in the|period was as follows:||| ||||||||||31.3.22|4.4.21| ||Speakers for Schools||||||||5,315,000|1,885,000| ||Place2be||||||||2,720)000|| ||Law Family Educational||Trust||||||1,500,000|1,000,000| ||Pro Bono Economics||||||||792,650|1,292,650| ||Game &Wildlife Conservation||||Trust||||210,000|157,600| ||The Clocktower
Foundation||||||||106,000|| ||Rise Up Clean Up||||||||90,000|| ||The New Tavistock Youth|||Cafe|||||60,000|| ||Lord Mayors Appeal||||||||50,000|50,000| ||Long Covid Kids and Friends||||||||50,000|| ||Blavatnik
School of|Government,||||University||ofOxford|50,000|| ||The Sutton Trust||||||||30,000|30,000| ||Manchester
FC City|in|the|Community|||||25,000|55,000| ||Devon Environment|Foundation|||||||25,000|| ||Institute ofInternational||Monetary|||Research|||25&000|| ||Photographers
Gallery||||||||15,000|| ||The Atlantic
Partnership||||||||7,500|| ||Savage Foundation||||||||5,000|| ||Grassington
festival||||||||5,000|17,343| ## ## |GRANTS PAYABLE|GRANTS PAYABLE|GRANTS PAYABLE||- continued|||| |---|---|---|---|---|---|---|---| |Maggie's
at Marsden||||||3,997|1,369| |Other donations
under|||gL000|||3,585|2,544| |University|ofSheffield||||||5,850,000| |Policy Exchange|||||||175,000| |University|ofYork||||||160,000| |Synchronicity||Earth|||||35,000| |Noah's
Ark|Children's||Hospice||||25,000| |Nyumbani|&Hotcourses|||Foundation|||25,000| |British Fashion Council|||||||15,000| |Greenhouse||Sport|||||10,000| |Red Squirrel||Survival|Trust||||6,000| |St Andrew's||Youth Club|||||5,000| |||||||11,1188,732|10.797306| |SUPPORT COSTS|||||||| |||||||Governance|| ||||||Management|costs|Totals| ||||||||g| |Charitable|giving||||30,403|38,100|68)503| |Support costs, included||||in the above, are as follows:|||| |Management|||||||| |||||||Period|| |||||||5.4.21|| |||||||to|Year Ended| |||||||31.3.22|4.4.21| ||||||||as restated| |||||||Charitable|Total| |||||||giving|activities| |Rent||||||21,870|25,101| |Rates||||||2,363|2,063| |Office costs||||||6,096|4,152| |Depreciation||||||74|99| |||||||~30 403|~31 415| ## ## ## ## |||Period|| |---|---|---|---| |||5.4.21|| |||to|Year Ended| |||31.3.22|4.4.21| ||||as restated| |||Charitable|Total| |||giving|activities| |Auditors'|remuneration|5,100|3,270| |Accountancy||1,740|| |Consultancy||~31 260|| |||38,100|3,270| ## ## ## ## |12.|TANGIBLE FIXEDASSETS|||| |---|---|---|---|---| |||Office|Computer|| |||equipment|equipment
f|Totals
f| ||COST|||| ||At 5 April 2021 and 31 March 2022|1,676|1,300|~2976| ||DEPRECIATION|||| ||At 5 April 2021|1,378|1,300|2,678| ||Charge for year|74||74| ||At 31 March 2022|1,452|1,300|2&752| ||NET BOOK VALUE|||| ||At 31 March 2022|224||224| ||At 4 April 2021|298||298| |13.|FIXEDASSET INVESTMENTS|||| ||||Cash and|| |||Listed|settlements|| |||investments|pending|Totals
f| ||MARKET VALUE|||| ||At 5 April 2021|52,949,468|175,781|53,125,249| ||Additions|8,739,889||8,739,889| ||Disposals|(8,392,064)|(45&899)|(8,437&963)| ||Revaluations|5,451,693||5,451,693| ||At 31 March 2022|58,748,986|129,882|58,878,868| ||NET BOOK VALUE|||| ||At 31 March 2022|58,748,986|12&,882|88,878,868| ||At 4 April 2021|52,949,468|175,781|53,125,249| ## |14.|STOCKS|STOCKS|||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |||||||||||31.3.22|4.4.21| ||||||||||||as restated| ||Property|for resale|||||||||17.238 944| |15.|DEBTORS:AMOUNTS FALLING DUE WITHIN ONE YEAR||||||||||| |||||||||||31.3.22|4.4.2I| ||||||||||||as restated| |||||||||||5|| ||Other debtors||||||||||6,250,000| |16.|CREDITORS: AMOUNTS FALLING||||||DUE WITHIN ONE YEAR||||| |||||||||||31.3.22|4.4.21| ||||||||||||as restated| ||Grants payable|||||||||2,555,000|1,510,333| ||Accrued|expenses||||||||7,925|4,800| |||||||||||2,562,925|1,515,133| |17.|CREDITORS: AMOUNTS FALLING||||||DUE AFTER MORE THAN ONE|||YEAR|| |||||||||||31.3.22|4.4.21| ||||||||||||as restated| |||||||||||8|f| ||Grants payable|||||||||2,312,000|3,607,000| |18.|MOVEMENT|||IN FUNDS|||||||| ||||||||||Prior|Net|| ||||||||||year|movement|At| ||||||||At 5.4.21||adjustment|in funds|31.3.22| ||Unrestricted||funds||||||||| ||General|fund|||||56,422,7]3||17,238,944|(4,900,651)|68,761,006| ||TOTAL|FUNDS|||||56,422,713||17,230,944|)4,9110,651)|68,761,006| ||Net movement|||in funds,|included|in the above are as||follows:|||| ||||||||Incoming||Resources|Gains and|Movement| ||||||||resources||expended|losses|in funds| |||||||||6|||| ||Unrestricted||funds||||||||| ||General|fund|||||329,479||(11,184,101)|5,953,971|(4,900,651)| ||TOTAL|FUNDS|||||329,479||(11,184,101)|5,953,971|(4,900,651)| ## |||||Net|| |---|---|---|---|---|---| |||||movement|At| ||||At 5.4.20|in funds|4.4.21| ||||8||| |Unrestricted||funds|||| |General|fund||26,950,435|46,711,222|73,661,657| |TOTAL|FUNDS||6,956,435|46,711,222|73,661,657| ||||Incoming|Resources|Gains and|Movement| |---|---|---|---|---|---|---| ||||resources|expended|losses|in funds| |||||f,||| |Unrestricted||funds||||| |General|fund||48,648,119|(10,841,068)|8,904,171|46,711,222| |TOTAL|FUNDS||48,648,119|(]0,841,068)|8,904,171|46,711,222| ## ## |||||||Period|| |---|---|---|---|---|---|---|---| |||||||5.4.21|| |||||||to|Year Ended| |||||||31.3.22|4.4.21| ||||||||as restated| |INCOME AND||ENDOWMENTS|||||| |Donations
and||legacies|||||| |Donations|||||||42,241,120| |Gift aid|||||||6,250,000| ||||||||48,491,120| |Investment
income|||||||| |Rents received|||||||2,000| |Portfolio income||||||311,638|148,819| |Deposit account||interest||||17,841|6,180| |||||||3&9479|766.999| |Total incoming||resources||||329,479|48,648,119| |EXPENDITURE|||||||| |Investment
management||||costs|||| |Third party investment|||management||charges|26,865|7,783| |Charitable
activities|||||||| |Grants to institutions||||||11,088,733|10,797,506| |Supportcosts|||||||| |Management|||||||| |Rent||||||21)870|25,101| |Rates||||||2,363|2,063| |Office costs||||||6,096|4,152| |Office equipment||||||74|99| |||||||30,403|31,415| |Finance|||||||| |Bank charges|||||||1,094| |Governance|costs||||||| |Auditors'
remuneration||||||5,100|3,270| |Accountancy||||||1&740|| |Consultancy||||||31,260|| |||||||38&100|3,270| ## ## ||||Period|| |---|---|---|---|---| ||||5.4,21|| ||||to|Year Ended| ||||31.3.22|4.4.21| |||||as restated| |Total resources|expended||11,184,1111|10841,068| |Net (expenditure)/income||before gains and||| |losses|||(1098549622)|37,807,051| |Gains and losses||||| |Gains/(losses)|on fixed asset investments||5955971|8904171| |Net (expenditure)/income|||~4,9llb,6517|46,711,222|