2021-06-30-accounts

		Page
Legal and administrative	information
Report ofthe Trustees		4-10
independent auditors'	report tothe Trustees	11-14
Statement offinancial	activities	15
Balance sheet		16
Cashf low statement		17
Notes tothe financial statements		18-27

	Note	Unrestdicted	Unrestricted	Total	Total
		Income Fund	Capital Fund	Funds	Funds
		2021	2021	2021	2020
		6	6	f	E
Income from:
Donations and legacies		15,000	3,898,449	3,913,449	29,596,328
Income from investments:
Investment income		320,931		320,931	57,639
Total income		335,931	3,898,449	4,234.380	29,653,967
Expenditure on:
Costs of raising funds			133,920	133,920	25,859
Expenditure on charitable
activities	4	4602)87	3,490	464,377	531,897
Total expenditure		460,887	137,410	598,297	557,756
Net income for the year before
gains and losses		(124,956)	3,761,039	3,636,083	29,096,211
Realised investment gains/(losses):
— on foreign currency		(182822)		(182,422)	775,995
— on fixed asset investments			102,921	102,921	115,966
		(182/I22)	102,921	(79,501)	891,961
Unrealised investment
gains/(losses):
- on foreign currency		2,007		2,007	(500)
- on fixed asset investments			(1,559,0211	(1,559,021)	569,935
		2,007	(1,559p021)	(1,557,014	569,435
Net gains/(losses) on investments		(180/I15	(1/I56,100)	(1,636,515)	1,461,396
Net income		(305,371)	2 304939	1,999,568	30,557,607
Transfer between funds		520,474	(520,474)
Net movement in funds		215,103	1,784,465	1,999,568	30,557,607
Reconciliation offunds
Balance brought forward at 1July
2020		2/I56,868	30,323,387	32,780,255	2,222,648
Balance carried forward at 30June 2021	12	2,671,971	32,107,852	34,779,823	32,780,255

				Note
					2021	2020
					6	6
Fixed assets
Investments					32,104,536	25,771,126
Tangible assets					3,316	6,806
					32,107,852	25,777,932
Current assets
Cash at bank	and in hand				2,715,804	7,112,354
Debtors					43,645	67,655
					2,759,449	7,180,009
Current liabilities
Creditors: amounts		falling	due within one year-	10	(80,435)	(177,686)
unrestricted
Net current	assets				2,679,014	7,002,323
Total assets	less current		liabilities		34,786,866	32,780,255
Creditors: amounts		falling due after more than one
Year - unrestricted					(7,043)
Net assets					34,779,823	32,780,255
Funds
unrestricted	capital fund				32,107,852	30,323,387
unrestricted	income fund				2,671,971	2,456,868
Total unrestricted		funds		12	34,779,823	32,780,255

				2021	2021	2020	2020
				f	f	f	E
Net cash inflow from	operating
activities (Note 14)					3,252,444		28,960,521
Returns on investment		and servicing
offinance
Dividends received				214,345		54,669
Interest received				106,586		2,970
					320,931		57,639
Capital expenditure	and financial
Investment
Proceeds from sale ofinvestments				7,649,983		3,018,034
Purchase offixed assets						(4,933)
Purchase ofinvestments				(28,187,227)		(8,203,448)
					(20~537~244)		(5,190,347)
Effect ofcurrency translation			on cash
and cash equivalents					(1,676,367)		851,617
Net increase in cash					(18,640,236)		24,679,430
Analysis ofnet funds
					Net balance	Cash increase	Net balance
					at 1July	/(decrease)in	at 30June
					2020 f	the yearf	2021 f
Cash at bank					7,112,354	(4,396,550)	2,715,804
Investment cash (see		note below)			17,775,087	(14,243,686)	3,531,400
					24,887,441	(18,640,236)	6,247,204
Note
Iocreasef(decrease)	in cash awaitinginvestment			(oore 7)			(12,747,734)
Unrealised gains oo	cash held forinvestment						(1,495,952)
							(14,243,686)

			2021	2020
				6
Donations	—unrestricted		3,898,449	29,581,328
Value ofservices received treated as a donation		—unrestricted	15,000	15,000
			3,913,449	29,596,328
estment	income
			2021	2020
			6	6
Bank interest			101,992	2,700
Dividend	income		214,345	54,669
Otherlnterest			4,594	270
			320,931	57,639

		2021	2020
		6	f
Grant-making	(see below)	203,423	248,251
Support costs		245,612	266,552
Governance	costs	15,342	17,094
		464,377	531,897

The following grants were made during the year:
			2021	2020
			6	E
Apricot Centre —Contribution to support young people leaving		care	18,100
Association of Rema Minority Representatives —Covid-19	relief grant			9,799
BAGazs Public Benefit Association —Covid-19 relief grant				3,016
Barefoot Kitchen —Support costs for new community growing		site	9,000
Bike Stop —Covid-19 relief grant				1,295
Brookside Theatre —Contribution toward a youth production			10,450
Buddhist Heritage Project —Archive building repairs			5,386	45,399
Buddhist Heritage Project-Contribution towards operating costs				37,279
Buddhist Heritage project —Covid-19 emergency funding				849
Buddhist Heritage Project —Overheads 2021			32,324
Buddhist Heritage Project —Workshop				5,094
Csodamuhely Association —Support towards adult education				16,896
programme
Devon Environment Foundation —Support for environmental		projects in	10,000
Devon
Earth Doctors Ltd "Big River Bakery"			15,150
Enactus UK —Covid-19 relief grant			5,000
Ethnic Talents Nonprofit Bt-Contribution towards labour integration of marginalised communities	market		(11,356)
Flow Foundation —Contribution towards capacity building	work		10,643
Foundation Futures —Contribution towards 'Makes Stuff'	pilot			26,080
Giving Yoga Foundation —Contribution towards development				2,577
jai Bhim Trirantna Buddhist Community —Support for financial stabilisation			14,089
Let's Help Each Other Association —Contribution towards refurbishment and opening ofa sandwich factory	the			13,707
Live Consciously Association —Contribution towards purchase		ofa van	613	5,798
Live Consciously Association —Covid-19 relief grant				3,684
Mahajana Foundation —Covid-19 relief grant				4,885
Make Your Way CIC —Contribution towards external business		support		3,000
Make Your Way CIC —Covid-19 relief grant				4,000
Multi-Faith Centre —Covid-19 relief grant				700
Oswin Project —Contribution toward Cafe 16			26,000	25,700
Plastic Free North Devon —'Protect our Playground' project			8,995
SIMPACT —Support for social enterprise development programme				12,493
T-Tudok - Assiastance to introducing a new methodology	in a	school	4,645
Well Grounded —Covid-19 relief grant			(24,500)	25,000
Wonderworkshop Association —Support for Community Assistants Programme			35,256
Woodshed Workshop CIC —Contribution to provide support for learners			17,630
Woodshed Workshop CIC- Covid-19 relief grant			674	1,000
Youth Realities —Contribution to meet increased service	demand		15,324
Total ofgrants awarded			203,423	248,251

received remuneration		and ben	efi	ts amounting to more than f60,00	0 in either year is	nil.
					2021	2020
					f	f
Salaries					104,711	104,269
Social Security Costs					11,296	12,295
Pension Costs					2p352	2,306
					118,359	118,870
Net incoming resources
					2021	2020
					f	f
This is stated after charging:
Auditors' remuneration		—audit of	accounts		10,409	9,794
Auditors' remuneration		—other services			2,023
Depreciation					3,490	2,985
Loss on disposal ofassets
Net incoming resources		are shown	after any foreign exchange movement.
nvestments
					2021	2020
					f	f
Market value at 1July	2020				25,771,126	2,225,857
Purchases made during		the year			28,187,227	3,078,188
Sales proceeds received					(7,649,983)	(3,018,034)
Increase/(decrease) in	cash awaiting			investment	(12,747,734)	17,673,954
Securities transferred	in specie					5,125,260
Gains and (losses) on investments			for the year
— Realised					102,921	115,966
Unrealised					(1~559p021)	569,935
Market value at 30June 2021					32,104,536	25,771,126

nalysis o	fmar	ket value at 30June 2021
			2021	2020
			f	E
Equities	—listed on a recognised Stock Exchange		5,108,726	581,263
Bonds			22,083,625	6,523,334
Absolute	return funds		1,380,785	891,443
Cash awaiting		investment	3,531,400	17,775,086
Market	value	at 30June 2021	32,104,536	25,771,126

	Furniture,	Website	Total
	fittings and	design and
	equipment	development
	E
Cost
At 1July 2020	22,209	5,956	28,165
Additions during the year
Disposals
At 30June 2021	22,209	5,956	28,165
Depreciation
At 1July 2020	15,403	5,956	21,359
Charge for the year	3,490		3,490
Depreciation on disposal
At 30June 2021	18,893	5,956	24,849
Net book value
At 30June 2021	3,316		3,316
At 30June 2020	6,806		6,806

					2021	2020
					6	6
Prepayments					23,073	30,283
Other debtors					20,572	37,372
					43,645	67,655
reditors - Amounts	falling due within		one year
					2021	2020
					f	6
Trade creditors					3,581	5,423
Grant commitments					33,865	137,279
Accruals					42,699	34,700
Other creditors					290	284
					80,435	177,686
reditors -Amounts	falling due after		more than one	year
					2021	2020
					6	6
Grant commitments					7,043
					7,043
nalysis ofnet assets		between funds
			Unrestricted	Unrestricted	2021	2020
			income fund	capital fund
					Total	Total
Tangible fixed assets				3,316	3,316	6,806
Investments				32,104,536	32,104,536	25,771,126
Net current assets			2,679,014		2,679,014	7,002,323
Creditors due after one year			(7,043)		(7,043)
Net surplus			2,671,971	32,107,852	34,779,823	32,780,255

ovement in fund	s
		Unrestricted	Unrestricted	2021	2020
		income fund	capital fund
				Total	Total
				6	f
Balance at 1July 2020		2,456,868	30,323,387	32,780,255	2,222,648
Incoming resources		335,931	3,898,449	4,234,380	29,653,967
Resources expended		(4602)87)	(137,410)	(598p297)	(557,756)
Realised/unrealised	gains and losses	(180,415)	(1,456,100)	(1,636,515)	1,461,396
Transfer between funds		520/74	(520,474)
Balance at 30June	2021	2,671,971	32,107,852	34,779,823	32,780,255

econciliation ofne	t incoming	resources to operating act	ivities
			2021	2020
			f	E
Net income for the year before		gains/(losses)	3,636,083	29,096,211
Depreciation charges			3,490	2,984
Loss on disposal ofassets
Dividend and interest	receivable		(320,931)	(57,639)
Decrease/(increase)	in debtors		24,010	2,015
Increase/(decrease)	in creditors		6,163	(10,058)
Increase/(decrease)	in grant commitments		(96,371)	(72,992)
Net cash inflow from operating		activities	3,252,444	28,960,521

		2021	2020
Within one year		19,483	34,115
After one year but within	five years	9,742
After five years
Total		29,225	34,115