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|Trustees'|annual<br>report|(incorporating|the director's report)|||
|Independent<br>auditor's||report to the members||||
|Statement|offinancial|activities (including||income and expenditure||
|account)|||||10|
|Statement|offinancial|position||||
|Statement|ofcash flows||||12|
|Notes to|the financial|statements|||13|





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|||Y|EARENDED|31DECE|MBER2021|MBER2021||
|---|---|---|---|---|---|---|---|
||||||2021||2020|
||||||Unrestricted|||
||||||funds|Total funds|Total funds|
|||||Note||||
|Income and endowments||||||||
|Donations<br>and legacies||||5|1,930,220|1,930,220|1,995,130|
|Investment<br>income||||6|278,756|2789756|61,682|
|Total income|||||2,208,976|2,208,976|2,056,812|
|Expenditure||||||||
|Expenditure<br>on raising funds:||||||||
|Investment<br>management||costs||7|(56,141)|(56)141)|(40,034)|
|Expenditure<br>on charitable|activities|||8,9|(435,154)|(435,154)|(576,156)|
|Other expenditure||||12|||(6,564)|
|Total expenditure|||||(491,295)|(491,295)|(622,754)|
|Net gains on investments||||13|665,059|665,059|696,509|
|Net income and net movement|||in funds||2,382,740|2,382,740|2,130,567|
|Reconciliation offunds||||||||
|Total funds brought<br>forward|||||7,349,883|7,349,883|5,219,316|
|Total funds carried forward|||||9,732,623|9,732i623|7,349,883|





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|||STATEM|E|NT OF FINANCIAL POSITION|NT OF FINANCIAL POSITION|||
|---|---|---|---|---|---|---|---|
||||'|31DECEMBER 2021||||
||||||2021|2020||
|||||Note||f||
|Fixed assets||||||||
|Investments||||16|8,734,834||6,635,751|
|Current<br>assets||||||||
|Debtors||||17|423,311|134,758||
|Cash at bank|and in hand||||581,578|581,174||
||||||1,004,889|715,932||
|Creditors: amounts||falling due||||||
|within<br>one year||||18|' (7,100)|'(1,800)||
|Net current|assets||||997&789||714,132|
|Total assets|less current liabilities||||9,732,623||7,349,883|
|Net assets|||||9,732,623||7,349,883|
|Funds ofthe|charity|||||||
|Unrestricted|funds||||9,732,623||7,349,883|
|Total charity|funds|||19|9,732,623||7,349,883|






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|||||2021|2020|
|---|---|---|---|---|---|
||||||f|
|Cash flows from operating||activities||||
|Net income||||2,382,740|2,130,567|
|Adjustments for:||||||
|Net gains on investments||||(665,059)|(696,509)|
|Other interest receivable<br>and similar income||||(278,756)|(61,682)|
|Interest payable<br>and similar||charges||492|485|
|Changes in:||||||
|Trade and other debtors||||(288,553)|102,331|
|Trade and other creditors||||5,300||
|Cash generated<br>from operations||||1,156,164|1,475,192|
|Interest paid||||(492)|(485)|
|Interest received||||278,756|61,682|
|Net cash from operating<br>activities||||1,434,428|1,536,389|
|Cash flows from investing||activities||||
|Purchases ofother investments||||(2,662,175)|(2,584,702)|
|Proceeds from sale ofother||investments||1,228,151|1,072,397|
|Net cash used in investing|activities|||(1,434,024)|(1,512,305)|
|Net increase in cash and|cash equivalents|||404|24,084|
|Cash and cash equivalents||at beginning|ofyear|581,174|557,090|
|Cash and cash equivalents||at end ofyear||581,578|581,174|





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|DONATION|S|AND LEGACIE|S||||
|---|---|---|---|---|---|---|
||||Unrestricted|Total Funds|Unrestricted|Total Funds|
||||Funds|2021|Funds|2020|
||||8||||
|Donations|||||||
|Donations|||951,102|951,102|500,000|500,000|
|Endowment|-|Investments|979,118|979,118|1,495,130|1,495,130|
||||1,930,220|1)930,220|1,995,130|1,995,130|



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|INVE|STMENT|INCOME|||||
|---|---|---|---|---|---|---|
||||Unrestricted|Total Funds|Unrestricted|Total Funds|
||||Funds|2021|Funds|2020|
|Bank|interest receivable||38|38|240|240|
|Other|investment|income|278,718|278,718|61,442|61,442|
||||278,756|278,756|61,682|61,682|



||Bank interest receivable<br>Other investment<br>income|Bank interest receivable<br>Other investment<br>income|38<br>278,718<br>278,756||38<br>278,718<br>278,756|240<br>61,442<br>61,682|240<br>61,442<br>61,682|
|---|---|---|---|---|---|---|---|
|7.|INVESTMENT MANAGEMENT||COSTS|||||
||||Unrestricted|Total Funds||Unrestricted|Total Funds|
||||Funds||2021|Funds|2020|
|||||||6||
||Portfolio|management|56,141||56,141|40,034|40,034|
|8,|EXPENDITURE ON CHARITABLE ACTIVITIES||||BYFUND TYPE|||
||||Unrestricted|Total Funds||Unrestricted|Total Funds|
||||Funds||2021|Funds|2020|
|||||||6||
||Charitable|donations|432,600||432,600|573,610|573,610|
||Supportcosts||2,554||2,554|2,546|2,546|
||||435,154||435)154|576,156|576,156|





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|EXPENDI|TURE ON CHARI|TABLE ACTIVITIE|S BYACTIVI|TY TYPE||
|---|---|---|---|---|---|
|||Grant||||
|||funding of||Total funds|Total fund|
|||activities|Support costs|2021|2020|
|Charitable|donations|432,600||432,600|573,610|
|Governance|costs||2,554|2,554|2,546|
|||432,600|2,554|435,154|576,156|



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|ANALYSIS|OF SUPPO|R|T|COS|TS|||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||Legal and||||
|||Bank||charges||Accountancy||professional||||
|||||and|fees||fees|fees|Total|2021|Total 2020|
|||||||||6||||
|Finance costs|||||492|||||492|485|
|Governance|costs||||||1,800|262||2,062|2,061|
||||||492||1,800|262||2,554|2,546|
|ANALYSIS|OF GRANTS|||||||||||
||||||||||||2021|
|Grants to institutions||||||||||||
|Royal Opera|House Covent||Garden Foundation||||||||250,000|
|Royal Ballet|School||||||||||50,000|
|Protection Against<br>Stalking|||||||||||25,000|
|Royal National Lifeboat||Institution|||||||||25,000|
|The Pepper Foundation|||||||||||20,000|
|Prostate Cancer UK|||||||||||25,000|
|Helford River Children's||Sailing Trust|||||||||10,000|
|Royal Academy ofDance|||||||||||10,000|
|Other grants|less than 610,000||||||||||17,600|
||||||||||||432,600|
|Total grants||||||||||||
|The gmnts to institutions||to|support the|||charity's objectives are as follows:||||||
||||||||||||2021|
|Advancement|ofthe arts,|culture, heritage and|||||science||||310,100|
|Advancement|ofeducation,||health||and|saving lives|||||119,500|
|Advancement|for the relief||of|poverty|||||||3,000|
|Total Grants|||||||||||432,600|



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|||||Unrestricted|Total Funds|Unrestricted|Total Funds|
|---|---|---|---|---|---|---|---|
|||||Funds|2021|Funds|2020|
||Foreign exchange losses|||||6,564|6,564|
|13.|NET GAINS|ON INVESTMENTS||||||
|||||Unrestricted|Total Funds|Unrestricted|Total Funds|
|||||Funds|2021|Funds|2020|
|||||5||||
||Gains/(losses)|on revaluation|of|||||
||investments|||635,895|635,895|584,975|584,975|
||Gains/(losses)|on disposal of||||||
||investments|||29,164|29,164|111,534|111,534|
|||||665,059|665,059|696,509|696,509|
|14.|AUDITORS|REMUNERATION||||||
|||||||2021|2020|
||Fees payable|for the audit ofthe financial||statements||1,800|1,800|



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|||Listed|
|---|---|---|
|||investments|
|Valuation|||
|At 1 January 2021||69635,751|
|Additions||2,662,175|
|Disposals||(1,198,987)|
|Fair value|movements|635,895|
|At 31December 2021||8,734,834|
|Carrying|amount||
|At 31December 2021||8,734i834|
|At 31December 2020||6,635,751|





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|17.|The historical <br> DEBTORS|cost ofinve|stments<br>was 86,4|7|4,720(20|20:55,101,196)|.||
|---|---|---|---|---|---|---|---|---|
||||||||2021|2020|
||Trade debtors||||||423,311|134,758|
|18.|CREDITORS: amounts||falling due within||one year||||
||||||||2021|2020|
||||||||8|f|
||Accruals and|deferred income|||||1,800|1,800|
||Other creditors||||||5,300||
||||||||7,100|1,800|
|19.|ANALYSIS|OF CHARITABLE FUNDS|||||||
||Unrestricted|funds|||||||
||||At|||||At|
||||1 January||||Gains and|31December|
||||2021||Income|Expenditure|losses|2021|
||General funds||7,349,883|2,208,976||(491,295)|665,059|9,732,623|
||||At|||||At|
||||1 January||||Gains and|31December|
||||2020||Income|Expenditure|losses|2020|
||||||a|||s|
||General funds||5,219,316|2,056,812||(622,754)|696,509|7,349,883|



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|20.|ANALYSIS|OF N|ET AS|SETS|BETWEEN|FUN|DS|||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||Unrestricted|Total Funds|
|||||||||||Funds|2021|
|||||||||||f||
||Investments|||||||||8,734,834|8,734,834|
||Current assets|||||||||1,004,889|1,004,889|
||Creditors<br>less|than|1 year|||||||(7,100)|(7,100)|
||Net assets|||||||||9,732,623|9,732,623|
|||||||||||Unrestricted|Total Funds|
|||||||||||Funds|2020|
||Investments|||||||||6,635,751|6,635,751|
||Current assets|||||||||715,932|715,932|
||Creditors less|than|1 year|||||||(1,800)|(1,800)|
||Net assets|||||||||7,349,883|7,349,883|
|21.|FINANCIAL|INSTRUMENTS||||||||||
||The carrying|amount for each category offinancial|||||instrument||is as follows:|||
|||||||||||2021|2020|
|||||||||||E||
||Financial assets measured|||at fair value through|||income and||expenditure|||
||Investments|||||||||8,734,834|6,635,751|
||Financial assets that are|||debt instruments||measured||at amortised||cost||
||Current assets|||||||||1,004,889|715,932|
||Financial<br>liabilities||measured||at amortised|cost||||||
||Current liabilities|||||||||1,800|1,800|
|22.|ANALYSIS OF CHANGES IN NET DEBT|||||||||||
|||||||||At|||At|
|||||||||1 Jan 2021||Cash flows|31Dec 2021|
||Cash at bank and in||hand|||||581,174||404|581,578|