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|Page|||
|---|---|---|
|1-6|Trustees'<br>Report||
||Independent<br>Auditor's|Report|
|10|Statement ofFinancial|Acthrities|
||Balance Sheet||
|12|Cash Flow Statement||
|13—22|Notes tothe Financial|Statements|





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||||||Note|Year ended|Year ended|
|---|---|---|---|---|---|---|---|
|||||||31March|31March|
|||||||2021|2020|
|||||||Unrestricted|Unrestricted|
|||||||funds|funds|
|Income from:||||||||
|Investments||||||||
|Rent receivable||||||238,518|225,244|
|Listed inveslments||||||1,461)994|1,976,216|
|Interest received||||||7,490|15,452|
|||||||1,708,002|2,216,912|
|Other|||||||3,674|
|Gain on the disposal of||phmt, property||||||
|snd equipment||||||263,638||
|||||||1,971,640|2,220,586|
|Expenditure<br>ont||||||||
|Raising ftmds||||||||
|Investment<br>management|||costs|||790,031|773)261|
|Froperty management,|||repairs and|||||
|maintenance<br>costs||||||168,327|232,596|
|||||||958,358|1,005,857|
|Charitable<br>activities||||||||
|Grants and donations||payable||||3,829,031|3,250,195|
|Total||||||4,787,389|4,256,052|
|Net expenditure<br>before||gains/(losses)||on||||
|inveslm ants||||||(2,815,749)|(2,035,466)|
|Net gains/(losses)|on investments||||4|13,836,227|(3,693,855)|
|Net movement<br>in|funds|||||11,020,478|(5,729,321)|
|Reconciliation of|fiends:|||||||
|Total funds brought forward at I April||||||76,015,084|81,744,405|
|Total funds carried forward at31||||||||
|March||||||87,035,562|76,015,084|





||||31March|31March|
|---|---|---|---|---|
||||2021|2020|
||||g||
|FIXEDASSETS|||||
|Tangible Assets|||1,590,000|2,425,000|
|Investments|||||
|Investment<br>Properlies||ga|7361,438|7,006,438|
|Listed Investments||9|77/75/45|65,702,051|
|Unlisted Investments||9a|210,700|199,500|
||||84,847,383|72,907,989|
||||86,437,383|75,332,989|
|CURRENT ASSETS|||||
|Debtors||10|89,983|118,174|
|Cash atbank and in hand|||715,350|896,156|
||||805,333|1,014,330|
|Creditors:<br>Amounts|falling due|11|(207,154)|(332,235)|
|within one year|||||
|NET CURRENT ASSETS|||598,179|682,095|
|TOTAL NET ASSETS|||87,035,562|76,015,084|
|THE FUNDS OFTHE|||||
|CHARITY:|||||
|Unrtntricted<br>Funds|||||
|-General||12|87,035,562|76,015,084|






||||Note|2021|2020|
|---|---|---|---|---|---|
|Net cash used in operating|||13|(4,884,279)|(4,127,386)|
|achviTdes||||||
|Investing activities:||||||
|Dividends,<br>interest and rents||||1,708,002|2,216,912|
|fmm investments||||||
|Proceeds from the sale ofproperty,||||793,638||
|plant and equipment||||||
|Purchase ofproperty,<br>plant||and|||(1,321,438)|
|equipment||||||
|Proceeds &om sale ofinvestments||||24,356,199|16,897,615|
|Purchase ofinvestments||||(22,154366)|(13,233,911)|
|Net cash from investing|activities|||4,703,473|4,559,178|
|Change in cash and cash||||||
|equivalents<br>inke reporting||period||(180,806)|431,792|
|Cash and cash equivalents||at 1||896,156|464,364|
|April||||||
|Cash and cash equivalents||at 31|13|715350|896,156|
|March||||||





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||member<br>is limited to gI <br>Expenditure|(2|020:Z|I).|||||
|---|---|---|---|---|---|---|---|---|
||||||Direct|Support|Total|Total|
||||||Costs|Costs|2021|2020|
||||||g|g|g||
||Expeaditure<br>on raising||funds:||||||
||Investment<br>management||costs||790,031||790,031|773,261|
||Property management,|repairs and|||||||
||maintenance<br>costs||||150,036|8,291|168,327|232,596|
||||||940,067|18,291|958,358|1,005,857|
||Expeaditure<br>on charitable acdvities:||||||||
||Grants and donations:||||||||
||United Kingdom||||2,924,926|IG8,397|3,033,323|2,325,414|
||South Africa||||695,572|28,285|723,857|830,230|
||Pensioners'<br>weifaie costs||||101,283|6,533|107,816|93,357|
||||||3,721,781|143,215|3)864,996|3)249,001|
||(Profit)/loss<br>on foreign|cunency|||(35,965)|-|(35,965)|1,194|
||||||3,685,816|143,215|3,829,031|3450,195|
||||||4,625,883|161,506|4,787,389|4,256,052|
||||||||2021|2020|
|||||||||g|
||Support costs:||||||||
||06ice running<br>costs||||||15,857|20,030|
||Staffcosts||||||64,718|56,777|
||Legal snd professional|fees|||||33,417|34,926|
||Bank charges||||||2,110|2,136|
||Office and administmtion||costs||||11,877|14,650|
||Governance<br>costs (3(a))||||||33,527|64,799|
||||||||161,5G6|193,318|
||||||||2021|2020|
|(a)|Governance Costs:||||||8||
||Administration<br>stafFcosts||||||10,009|8,678|
||External audit fees||||||20,400|19,773|
||Tfusio:s<br>iilcctmgs||||||],809|2,383|
||Trustees'<br>expenses (including|||site visits)|||1,309|33,965|
||||||||33,527|64,799|





||||||||2021|2020|
|---|---|---|---|---|---|---|---|---|
|4)|Net gains/(losses)<br>on investments||||||8||
||Realised and unrealised||gams/(losses)||on investments||13,838,727|(3,693,855)|
||Impairmeot|ofunlisted|investments||||(52,500)||
||Revaluation|ofinvestment||properties|||50,000||
||||||||13,836327|(3,693,855)|
|5)|Net Income/(Expenditure)||||||||
||Net income/(expenditure)|||is stated atter charging/(crediting);|||||
||Reporting|Auditors fees:|||||||
||Audit fee|—cunerrt year|||||20,400|19,200|
||Audit fee|—prior year||||||573|
||Accountancy<br>services||||||3,900|7,200|
||Gain on disposal ofplant,|||property aud|equipment||263,638||
||(Profit)/loss|on foreign|currency||||(35,965)|1,194|
||Rental income||||||(238,518)|(225,244)|
||||||||2021|2020|
||||||||No.|No,|
|6)|StaffCosta||||||||
||The avemge|number offuBand part-time<br>employees||||during the year|||
||was:||||||||
||Part-thne||||||||
||||||||2021|2020|
||Staffcosts for the above||persons:||||||
||Wages snd|salaries|||||64,651|56,815|
||Social security costs||||||2,497|2,459|
||Employer's|pension costs|||||7,579|6,181|
||||||||74,727|65,455|
||No member|ofstaff earned||in excess ofB@,OOG.|||||






|7)|Payments te Trustees|Payments te Trustees|Payments te Trustees|Payments te Trustees|2021<br>g|2020|
|---|---|---|---|---|---|---|
||The Trustees received no remuneration||||for their work as Trustees. The Trustees arc|considered|
||to be the only key management|||personnek|||
||Trustees' expenses|during the||period under review were as follows:|||
||Trustees' meetings|and|travel||1,3G9|33,965|
||||||2021|2020|
||||||No.|No.|
||Number ofTrustees|incurring||expenses|in the period||
|8)|Tangible Hxed Assets|||||Freehold|
|||||||Land and|
|||||||Bugdings|
|||||||8|
||Valuation||||||
||As at 1 April 2020|||||2,425,000|
||Disposals|||||(530,000)|
||Transfer to Investment||Properties|||(305,000)|
||As at31March 2021|||||1,590,000|
||Depreciation||||||
||As at I April 2020|and|31March||||
||2021||||||
||Net BookValue||||||
||As at 31March 2021|||||1,590,000|
||As at31March 2G20|||||2,425,000|
|||||||Total|
|ga)|Investment<br>Properties||||||
||Valuadon||||||
||As at 1 April 2020|||||7,006,438|
||Transfer from Tangible||Fixed|Assets||305,000|
||Revaluations|||||50,000|
||As at 31March 2021|||||7,361,438|





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|No depreciation<br>isprovid|ed<br>in respect|ofinvestment|properties.||
|---|---|---|---|---|
|||||Total|
|Fixed Asset Investments|- Managed|Funds|||
|Valuation|||||
|As at 1April 2020||||65,702,051|
|Additions to investment|portfolio|||22,090,666|
|Disposal proceeds||||(24,356,199)|
|Net gain on revaluation||||13,838,727|
|As at 31March 2021||||77,275,245|
|The historical costofthe|investments|atthe year end|wasf59,978/85 (2020:$58,751,697).||
||||2021|2020|
||||8||
|Listed securities comprised:|||||
|UK Equities|||12,475,974|13,629,117|
|Overseas Equities|||30,304,956|17,530,962|
|UKBonds and Giltx|||5,056,393|8,331,381|
|Overseas Bonds|||8,405,088|6,342,017|
|Unit Trusts and Funds|||395,084|303,285|
|Property|||4,617,726|4,734,646|
|Commodities|||3,441,824|3,545,053|
|Other|||8,043,047|6,973,980|
||||72,740,092|61,390,441|
|Cash|||4,535,153|4,311,610|
||||77,275,245|65,702,051|





|9)|Hxed Asset Investments -|Hxed Asset Investments -|Managed Funds|Managed Funds|||
|---|---|---|---|---|---|---|
||(continued)||||||
||Details ofmaterial<br>investments<br>me as follovm:||||202I|2020|
||||||%value of|%value of|
||||||PoMolio|Portfolio|
||Ruffer SICAV Fixed|income ZGBP|||8.78|11.05|
||Ruffer Illiquid Multi Strategies Fund 2015Limited||||5.49|6.1S|
||The Growth Trust For Charities Income|||Units|5.34|6.48|
||Vanguard<br>SdbP 500UCITS||Exchange Traded||||
||Fund||||5.27|4.75|
|||||||Total|
|9a)|Axed Asset Investments -||Unlisted||||
||Cost||||||
||As at I April 2020|||||199,500|
||Additions|||||63,700|
||Impairment|||||(52,500)|
||As at 31March 2021|||||210,700|
|10)|Debtors||||202I|2020|
||||||K||
||Other debtors||||75,547|111,374|
||Prepayments||||14,436|6,800|
||||||89,983|118,174|
|11)|Creditors: Amounts|failing due within||one year|202I|2020|
||||||g||
||Trade creditors||||23,929|2,050|
||Other tax and sound security||||1,731|1,283|
||Other creditors||||28,000|195,584|
||Accruals||||138,850|126,410|
||Deferred income||||14,644|6,908|
||||||207,154|332,235|





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|12)|Funds Summary||||||
|---|---|---|---|---|---|---|
|||||||2020|
|||||||8|
||Fund balance —Unrestricted||||87,035,562|76,015,084|
||Fund balance is represented||by:||||
||Tangible frxed assets||||1,590,000|2,425,000|
||Investment<br>propaties||||7,361,438|7,006,438|
||Fixed asset investments||||77,485,945|6S,901,551|
||Current assets||||805,333|1,014,330|
||Current liabilities||||(207,154)|(332,235)|
||Total Net Assets||||87,035,562|76,01S,084|
|13)|Reconciliation ofaet expenditure|||to|||
||net cash generated<br>used|in|||2021|2020|
||operations||||||
||Net income/(expenditure)|for the year|||11,020,478|(5,729,321)|
||Adjuslments<br>for:||||||
||(Gains)/Losses<br>on investments||||(13,836427)|3,693,855|
||Dividends,<br>interest and rents <br>investments||from||(1,708,002)|(2,216,912)|
||Gain on disposal ofplant, <br>and equipment|property|||(263,638)||
||Decrease in debtors||||28,191|9,722|
||(Decrease)/increase<br>in creditors||||(125,081)|115,270|
||Net cash used in operating|activines|||(4,884,279)|(4,127,386)|
||Analysis ofcash aud cash equivalents||||2021|2020|
|||||||8|
||Cash at bank and in band||||715,350|896,156|





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