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|||Page||
|---|---|---|---|
|Report ofthe Trustees|1|to|3|
|Report ofthe Independent<br>Auditors|4|to|6|
|Statement ofFinancial Activities||||
|Balance Sheet|8|to|9|
|Cash Flow Statement||10||
|Notes to the Cash Flow Statement||||
|Notes to the Financial Statements|12|to|18|
|Detailed Statement ofFinancial Activities|19|to|20|





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||||||31/3/23|31/3/22|
|---|---|---|---|---|---|---|
||||||Unrestricted|Total|
||||||fund|funds|
|||||Notes|||
|INCOME|AND ENDOWMENTS FROM||||||
|Donations|and legacies||||(124,926)|1,259,394|
|Investment|income||||936,022|3,177,531|
|Other income||||||10,695|
|Total|||||811)096|4,447,620|
|EXPENDITURE ON|||||||
|Charitable|activities||||||
|General|||||229)730|481,438|
|Other|||||918,603|2,101,779|
|Total|||||1,148,333|2,583,217|
|Net gains|on investments||||11,274)424|9,232,404|
|NET INCOME|||||10J37,187|11,096,807|
|RECONCILIATION|||OF FUNDS||||
|Total funds brought||forward|||40,087,935|28,991,128|
|TOTAL FUNDS CARRIED FORWARD|||||51,025,122|40,087,935|





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|||31/3/23|31/3/22|
|---|---|---|---|
|||Unrestricted|Total|
||Notes|fundf|funds|
|FIXEDASSETS||||
|Tangible assets|11|4,081,942|4,113,316|
|Investments|12|41,087,554|30,246,071|
|||45&169,496|34,359,387|
|CURRENT ASSETS||||
|Debtors|13|8,479,856|7,753,953|
|Cash at bank||167/82|930,645|
|||8,647,138|8,684,598|
|CREDITORS||||
|Amounts<br>falling due within one year|14|(38812)|(179,422)|
|NET CURRENT ASSETS||8,608&826|8,505,176|
|TOTAL ASSETSLESSCURRENT||||
|LIABILITIES||53&778822|42,864,563|
|CREDITORS||||
|Amounts<br>falling due after more than one year|15|(2,753,200)|(2,776,628)|
|NET ASSETS||51,025,122|40,087,935|
|FUNDS|18|||
|Unrestricted<br>funds||51,025,122|40,087,935|
|TOTAL FUNDS||51,025,122|40,087,935|





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|||||31/3/23|31/3/22|
|---|---|---|---|---|---|
||||Notes|||
|Cash flows from operating|activities|||||
|Cash generated<br>&om operations||||(1,747,507)|(10,024,782)|
|Interest paid||||(106,479)|(103,401)|
|Finance costs paid|||||(6,300)|
|Net cash used in operating|activities|||(1,853,986)|(10,134,483)|
|Cash flows from investing|activities|||||
|Purchase oftangible fixed assets<br>Purchase offixed asset investments<br>Sale oftangible<br>fixed assets||||(671,000)|(90,876)<br>(3,060,162)<br>10,695|
|Sale offixed asset investments||||947382|12,564,165|
|Interest received||||819,695|878,376|
|Dividends<br>received||||138,945||
|Net cash provided<br>by investing<br>activities||||1,235,022|10,302,198|
|Change<br>in cash and cash equivalents||in||||
|the reporting<br>period||||(618,964)|167,715|
|Cash and cash equivalents|at the|||||
|beginning<br>ofthe reporting|period||2|786,246|618,531|
|Cash and cash equivalents|at the end|of||||
|the reporting<br>period||||167482|786,246|





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||RECONCILIATION|RECONCILIATION|RECONCILIATION|RECONCILIATION|OFNET INCOME TO|OFNET INCOME TO|NET CASH FLOW FROM|NET CASH FLOW FROM|OPERATING ACTIVITIES|OPERATING ACTIVITIES|
|---|---|---|---|---|---|---|---|---|---|---|
||||||||||31/3/23|31/3/22|
||||||||||f||
||Net income|for the||reporting||period (as per the Statement||of Financial|||
||Activities)||||||||10,937,187|11,096,807|
||Adjustments|for:|||||||||
||Depreciation|charges|||||||31)372|31,372|
||Profit on disposal offixed assets|||||||||(10,695)|
||Interest received||||||||(819,695)|(878,376)|
||Interest paid||||||||106,479|103,401|
||Finance costs|||||||||6,300|
||Dividends<br>received||||||||(138,945)||
||Impairment|ofinvestments|||||||2,624,951|2,075,979|
||Revaluation|gains|||||||(13,742,814)|(9,232,404)|
||Conversion|ofLoans||to Investments||||||(21,338,001)|
||(increase)/decrease||in||debtors||||(725,903)|8,196,173|
||Decrease in|creditors|||||||(20,139)|(75,338)|
||Net cash used in operations||||||||(1,747,507)|(10,024,782)|
|2.|ANALYSIS|OF CASH AND||||CASH EQUIVALENTS|||||
||||||||||31/3/23|31/3/22|
||||||||||f||
||Notice deposits (less|||than 3 months)|||||167,282|930,645|
||Overdrails<br>included|||in|bank loans and overdraits||falling due|within one year||(144,399)|
||Total cash and cash||equivalents||||||167,282|786,246|
|3.|ANALYSIS|OF CHANGES||||IN NET DEBT|||||
|||||||||At 1/4/22|Cash flow|At 31/3/23|
|||||||||f.||f|
||Net cash||||||||||
||Cash at bank|||||||930,645|(763,363)|167,282|
||Bank overdraft|||||||(144399)|144&399||
|||||||||786446|(618,964)|167,282|
||Debt||||||||||
||Debts falling|due after|||1 year|||(1,760,000)||(1,760,000)|
|||||||||(1,760,000)||(1,760,000)|
||Total|||||||(973,754)|(618,964)|(1,592,718)|





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|3.|DONATIO|NS<br>AND LEG|ACIES|||
|---|---|---|---|---|---|
|||||31/3/23|31/3/22|
|||||f||
||Donations|||(124,926)|1,259,394|
||A donation|incorrectly received in aprior period has been repaid during the year.||||
|4.|INVESTMENT INCOME|||||
|||||31/3/23|31/3/22|
||Rents received|||61,522|30,828|
||(Loss)/Profit|on investment|disposal|(84,140)|2,268,327|
||Amounts<br>received on investment|||138'45||
||Interest receivable|||819,695|878,376|
|||||936)022|3,177,531|
|5.|CHARITABLE ACTIVITIES COSTS|||||
||||||Support|
||||||costs (see|
||||||note 6)|
||General||||229,730|



## 

|SUPPORT COSTS||||||
|---|---|---|---|---|---|
|||||Governance||
||Management|Finance|Other|costs|Totals|
|||5||||
|Other resources expended||||28,400|28,400|
|General|140i505|99&727|(10,519)|17|229,730|
||140,505|99,727|(101519)|28,417|2589130|
|NET INCOME/(EXPENDITURE)||||||



||||31/3/23|31/3/22|
|---|---|---|---|---|
||||f|f|
|Depreciation||-owned assets|31/74|31,372|
|Surplus|on disposal offixed assets|||(10,695)|





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||STAFF COSTS|||||||
|---|---|---|---|---|---|---|---|
|||||||31/3/23|31/3/22|
||Wages and salaries||||||5,617|
||||||||5,617|
||The average monthly|number ofemployees|||during the year was as follows:|||
|||||||31/3/23|31/3/22|
||Employees||||||1|
||No employees<br>received||emoluments|in excess off60,000.||||
|10.|COMPARATIVES|FOR THE STATEMENT OF FINANCIAL ACTIVITIES||||||
||||||||Unrestricted|
||||||||fund|
||INCOME AND ENDOWMENTS|||FROM||||
||Donations<br>and legacies||||||1,259,394|
||Investment<br>income||||||3,177,531|
||Other income||||||10,695|
||Total||||||4,447,620|
||EXPENDITURE ON|||||||
||Charitable<br>activities|||||||
||General||||||481,438|
||Other||||||2,101,779|
||Total||||||2,583,217|
||Net gains on investments||||||9,232,404|
||NET INCOME||||||11,096,807|
||RECONCILIATION||OF FUNDS|||||
||Total funds brought|forward|||||28,991,128|





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|10.|COMPARATIVES F|ORTHE STATEMENT|OF FINANCI|AL ACTIVITIES|- continued||
|---|---|---|---|---|---|---|
|||||||Unrestricted|
|||||||fund|
||TOTAL FUNDS CARRIED FORWARD|||||40,087,935|
|11.|TANGIBLE FIXEDASSETS||||||
|||||Improvements|Fixtures||
||||Freehold|to|and||
||||property|property|fittings|Totals|
||COST||||||
||At 1 April 2022 and 31|March 2023|3,953,277|191,477|17,676|4,162,430|
||DEPRECIATION||||||
||At I April 2022|||44,778|4336|49,114|
||Charge for year|||28,722|2,652|31,374|
||At 31March 2023|||73,500|6,988|80,488|
||NET BOOK VALUE||||||
||At 31March 2023||3,953,277|117,977|10,688|49081 9142|
||At 31 March 2022||3,953,277|146,699|13,340|4,113,316|
|12.|FIXEDASSETINVESTMKNTS||||||
|||||||Unlisted|
||~TVALUE|||||investments|
||At I April 2022|||||30,246,071|
||Additions|||||671,000|
||Disposals|||||(947,382)|
||Revaluations|||||13,742,815|
||Itnpairment<br>s|||||(2,624,950)|
||At 31 March 2023|||||41,087,554|
||NET BOOK VALUE||||||
||At 31 March 2023|||||419087,554|
||At 31 March 2022|||||30746,071|
||There were no investment|assets outside the UK,|||||





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|||||||Unlisted|
|---|---|---|---|---|---|---|
|||||||investments|
|||||||f|
||Valuation<br>in|2022||||6,993,970|
||Valuation<br>in|2023||||11,117,865|
||Cost|||||22,975,719|
|||||||41,087,554|
|13.|DEBTORS:|AMOUNTS||FALLING DUK WITHIN ONE YEAR|||
||||||31/3/23|31/3/22|
||Trade debtors||||87,298|87,285|
||Other debtors||||4519495|189,050|
||Loans due trom related parties||||7,935)125|7,474,258|
||Prepayments|and accrued||income|5,938|3,360|
||||||8,479,856|7,753,953|
|14.|CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR||||||
||||||31/3/23|31/3/22|
||||||f||
||Bank loans and overdralts|||(see note 16)||144,399|
||Trade creditors||||1,184|1,212|
||Accruals<br>and|deferred|income||37,128|33,811|
||||||38,312|179,422|
|15|CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR||||||
||||||31/3/23|31/3/22|
||||||f|f|
||Bank loans (see note 16)||||1,760,000|1,760,000|
||Accruals and|deferred|income||993,200|1,016,628|
||||||2,753,200|2,776,628|





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|||||31/3/23|31/3/22|
|---|---|---|---|---|---|
|||||f||
||Amounts<br>falling due within one year on||demand:|||
||Bank overdrafis||||144,399|
||Amounts<br>falling due between two and five years:|||||
||Bank loans -|2-5 years||1,760,000|1,760,000|
|17.|SECURED DEBTS|||||
||The following|secured debts are included|within creditors:|||
|||||31/3/23|31/3/22|
||||||f.|
||Bank loans|||1,760,000|1,760,000|



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|MOVE|MEN|T IN FUNDS|||||
|---|---|---|---|---|---|---|
||||||Net||
||||||movement|At|
|||||At l/4/22|in funds|31/3/23|
|||||f.|||
|Unrestricted||funds|||||
|General|fund|||40,087,935|10,937,187|51,025,122|
|TOTALFUNDS||||40,087,935|10,937,187|51,025,122|
|Net movement||in funds, included|in the above are as follows:||||
||||Incoming|Resources|Gains and|Movement|
||||resources|expended|losses<br>f|in funds|
|Unrestricted||funds|||||
|General|fund||811,096|(1,148333)|11,274,424|10„937,187|
|TOTAL|FUNDS||811,096|(1,148333)|11,274,424|10,937,187|





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||||Net||
|---|---|---|---|---|
||||movement|At|
|||At 1/4/21|in funds|31/3/22|
|||||6|
|Unrestricted|funds||||
|General fund||28,991,128|11,096,807|40,087,935|
|TOTALFUNDS||28,991,128|11,096,807|40,087,935|



|||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|---|
|||resources|expended|losses|in funds|
|Unrestricted|funds|||||
|General fund||4,447,620|(2,583,217)|9,232,404|11,096,807|
|TOTAL FUNDS||4,447,620|(2,583,217)|9,232,404|11,096,807|



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||||||31/3/23|31/3/22|
|---|---|---|---|---|---|---|
|||||||5|
|INCOME AND|ENDOWMENTS||||||
|Donations<br>and legacies|||||||
|Donations|||||(124,926)|1,259,394|
|Investment<br>income|||||||
|Rents received|||||61,522|30,828|
|(Loss)/Profit<br>on|investment|||disposal|(84&140)|2,268,327|
|Amounts<br>received on||investment|||138&945||
|Interest receivable|||||819,695|878,376|
||||||936&022|3,177,531|
|Other income|||||||
|Gain on sale oftangible|||fixed assets|||10,695|
|Total incoming|resources||||811,096|4,447,620|
|EXPENDITURE|||||||
|Other|||||||
|Impairment<br>losses - investment|||||890,203|2,075,979|
|Support costs|||||||
|Management|||||||
|Rates and water||||||2,888|
|Insurance|||||13&752|3,807|
|Telephone|||||108|511|
|Consultancy|||||4/20|4,320|
|IT and website|costs||||3,054|2,828|
|Gifis and donations|||||68&500|125,572|
|Subscriptions|||||49|45|
|Travelling|||||75|506|
|Property expenses|||||13,251|103,104|
|Rental expenses|||||6,024|1,590|
|Depn Improvements||to|property||28,721|28,721|
|Depn Fixtures and fittings|||||2,651|2,651|
||||||140+05|276,543|
|Finance|||||||
|Bank charges|||||517|6,745|
|Bank interest|||||31,681|25,457|
|Bank loan interest|||||74,798|77,944|
|Loan charges||||||6,300|
|Exceptional<br>items|||||(7,269)|70,304|
||||||99,727|186,750|





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||||31/3/23|31/3/22|
|---|---|---|---|---|
|||||f.|
|Finance|||||
|Human<br>resources|||||
|Wages||||5,617|
|Other|||||
|Foreign exchange <br>HMRC Penalties||(gains)/losse<br>and Fines|(6,704)<br>(3,815)|7,907<br>200|
||||(10,519)|8,107|
|Governance|costs||||
|Accountancy<br>Legal fees|fees||28,400<br>17|25,800<br>4,421|
||||28,417|30,221|
|Total resources|expended||I 148833|2 583217|
|Net (expenditure)/income|||(337,237)|1,864,403|