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|We have nothing to report in respect ofthe following matters where the Companies Act2006requires us to report|
|---|
|to you if, in our opinion:|
|~<br>adequate<br>accounting records have not been kept, or returns<br>adequate for our audit have not been received|
|from branches not visited by us; or|
|~<br>the fmancial<br>statements<br>are not in agreement<br>with the accounting<br>records and returns; or|
|certain disclosures oftrustees'<br>remuneration<br>specified by law are not made; or|
|~<br>we have not received all the information<br>and explanations<br>we require for our audit; or|
|~<br>the Trustees were not entitled to prepare the financial statements<br>in accordance with the small companies'|
|regime and take advantage ofthe small companies'<br>exemption &om the requirement<br>to prepare aStrategic Report|
|or in preparing<br>the Trustees' Report.|



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|||||Note|Year ended|Year ended|
|---|---|---|---|---|---|---|
||||||31March|31March|
||||||2022|2021|
||||||Unrestricted|Unrestricted|
||||||funds|funds|
|Income from:|||||||
|Donations<br>and legacies|||||2,500||
|Investments|||||||
|Rent receivable|||||288,459|238,518|
|Listed investments|||||1,612,111|1,461,994|
|Interest received|||||84|7,490|
||||||1,900,654|1,708,002|
|Gain on the disposal|ofplant, property||||||
|and eqmpment||||||263,638|
|Total|||||1,903,154|1,971,640|
|Expenditure<br>on:|||||||
|Raising funds|||||||
|Investment<br>management|||costs||898,130|790,031|
|Property management,|||repairs and||||
|maintenance<br>costs|||||175,372|168,327|
||||||1,073,502|958,358|
|Charitable<br>activities|||||||
|Grants and donations||payable|||3,729,509|3,829,031|
|Total|||||4,803,011|4,787,389|
|Net expenditure<br>before||gains on|||||
|investments|||||(2,899,857)|(2,815,749)|
|Net gains on investments|||||4,208,100|13,836,227|
|Net movement<br>in funds|||||1,308,243|11,020,478|
|Reconciliation offunds:|||||||
|Total funds brought|forward at 1 April||||87,035,562|76,015,084|
|Total funds carried|forward at31||||||
|March|||||S8,343,805|87,035,562|





||||31March|31March|
|---|---|---|---|---|
||||2022|2021|
|FIXEDASSETS|||||
|Tangible Assets|||1,205,000|1,590,000|
|Investments|||||
|Investment<br>Properties||8a|7,921,438|7,361,438|
|Listed Investments||9|78,454,993|77,275,245|
|Unlisted<br>Investments||9a||210,700|
||||86,376,431|84,847,383|
||||87,581,431|86,437,383|
|CURRENT ASSETS|||||
|Debtors||10|83,700|89,983|
|Cash at bank and in hand|||930,490|715,350|
||||1,014,190|805,333|
|Creditors: Amounts|falling due||(251,816)|(207,154)|
|within one year|||||
|NET CURRENT ASSETS|||762/74|598,179|
|TOTAL NET ASSETS|||88,343,805|87,035„562|
|THE FUNDS OFTHE|||||
|CHARITY'|||||
|Unrestricted<br>Funds|||||
|-General||12|88,343,805|87,035,562|





|||Note|2022|2021|
|---|---|---|---|---|
|Operating<br>activities:|||||
|Net cash used in operating||13|(4,749,498)|(4,884,279)|
|activities|||||
|Investing activities:|||||
|Dividends,<br>interest and rents|||1,900,586|1,708,002|
|from investments|||||
|Proceeds from the sale ofproperty,||||793,638|
|plant and equipment|||||
|Proceeds from sale ofinvestments|||29,470,966|24,356,199|
|Purchase ofinvestments|||(26,406,914)|(22,154,366)|
|Net cash from investing|activities||4,964,638|4,703,473|
|Change in cash and cash|||||
|equivalents<br>in the reporting period|||215,140|(180,806)|
|Cash and cash equivalents|at 1||715,350|896,156|
|April|||||
|Cash and cash equivalents|at 31|13|930,490|715,350|
|March|||||





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|)|member is limited to Kl <br>Expenditure|(2|021:K|l).|||||
|---|---|---|---|---|---|---|---|---|
||||||Direct|Support|Total|Total|
||||||Costs|Costs|2022|2021|
||Expenditure<br>on raising||funds:||||||
||Investment<br>management||costs||898,130||898,130|790,031|
||Property management,|repairs and|||||||
||maintenance<br>costs||||151,874|23,498|175,372|168,327|
||||||1,050,004|23,498|1,073,502|958,358|
||Expenditure<br>on charitable activities:||||||||
||Grants and donations:||||||||
||United Kingdom||||2,758,273|117,954|2,876,227|3,033,323|
||South A&ica||||804,680|28,385|833,065|723,857|
||Pensioners'<br>welfare costs||||34,448|2,765|37,213|107,816|
||||||3,597,401|149,104|3,746,505|3,864,996|
||Profit on foreign currency||||(16,996)|-|(16,996)|(35,965)|
||||||3,580,405|149,104|3,729,509|3,829,031|
||||||4,630,409|172,602|4,803,011|4,787,389|
||||||||2022|2021|
||Support costs:||||||||
||Office running<br>costs||||||14,675|15,857|
||Staffcosts||||||67,293|64,718|
||Legal and professional|fees|||||34,166|33,417|
||Bank charges||||||1,994|2,110|
||Office and administration||costs||||13,171|11,877|
||Governance<br>costs (3(a))||||||41,303|33,527|
||||||||172,602|161,506|
||||||||2022|2021|
|(a)|Governance Costs:||||||||
||Administration<br>staff costs||||||10,154|10,009|
||External audit fees||||||21,522|20,400|
||Trustees'<br>meetings||||||3,641|1,809|
||Trustees'<br>expenses (including|||site visits)|||5,986|1,309|
||||||||41,303|33,527|





|||||||2022|2021|
|---|---|---|---|---|---|---|---|
|4)|Net gains/{losses) on investments|||||||
||Realised and unrealised<br>gains on investments|||||4,243,800|13,838,727|
||Impairment<br>ofunlisted<br>investments|||||(210,700)|(52,500)|
||Revaluation ofinvestment|properties||||175,000|50,000|
|||||||4,208,100|13,836,227|
||||||||2021|
|5)|Net Expenditure|||||||
||Net expenditure<br>is stated aiter charging/(crediting):|||||||
||Reporting Auditors fees:|||||||
||Audit fee —current year|||||21,522|20,400|
||Accountancy<br>services||||||3,900|
||Gain on disposal ofplant,|property|and|equipment|||263,638|
||Profit on foreign currency|||||(16,996)|(35,965)|
||Rental income|||||(288,459)|(238,518)|
|||||||2022|2021|
|||||||No.|No.|
|6)|StaffCosts|||||||
||The average number offull and part-time|||employees|during the year|||
||was:|||||||
||Part-time|||||||
|||||||2022|2021|
||Staffcosts for the above persons:|||||||
||Wages and salaries|||||67,325|64,651|
||Social security costs|||||2,850|2,497|
||Employer's<br>pension costs|||||7,272|7,579|
|||||||77,447|74,727|
||No member ofstaff earned|in excess of||f60,000.||||





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||||||2022|2021|
|---|---|---|---|---|---|---|
||Trustees' meetings|and|travel||5,986|1,309|
||||||2022|2021|
||||||No.|No.|
||Number ofTrustees|incurring||expenses in the period|||
|8)|Tangible Fixed Assets|||||Freehold|
|||||||Land and|
|||||||Buildings|
||Valuation||||||
||As at 1April 2021|||||1,590,000|
||Transfer to Investment||Properties|||(385,000)|
||As at 31March 2022|||||1,205,000|
||Depreciation||||||
||As at 1April 2021|and|31March||||
||2022||||||
||Net BookValue||||||
||As at 31March 2022|||||1,205,000|
||As at 31March 2021|||||1,590,000|
|||||||Total|
|8a)|Investment<br>Properties||||||
||Valuation||||||
||As at 1 April 2021|||||7,361,438|
||Transfer &om Tangible||Fixed|Assets||385,000|
||Revaluations|||||175,000|
||As at 31March 2022|||||7,921,438|
|||||||18|





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|Fixed Asset Investments|- Managed Funds||
|---|---|---|
|Valuation|||
|As at 1 April 2021||77,275,245|
|Additions to investment|portfolio|26,406,914|
|Disposal proceeds||(29,470,966)|
|Net gain on revaluation||4,243,800|
|As at 31March 2022||78,454,993|



|The historical cost ofthe investments<br>at th|e year end was $64,013,099(202|1:$59,978,385).|
|---|---|---|
||2022|2021|
|Listed securities comprised:|||
|UK Equities|11,386,372|12,475,974|
|Overseas Equities|30,149,882|30,304,956|
|UK Bonds and Gilts|6,175,041|5,056,393|
|Overseas Bonds|9,213,632|8,405,088|
|Unit Trusts and Funds|417,866|395,084|
|Property|5,312,718|4,617,726|
|Commodities|5,737,S84|3,441,824|
|Other|8,541,561|8,043,047|
||76,934,956|72,740,092|
||1,520,037|4,535,153|
||78,454,993|77,275,245|





|9)|Fixed Asset Investments|-Managed Funds (continued)|||
|---|---|---|---|---|
||Details ofmaterial<br>investments<br>are as follows:||2022|2021|
||||/o value of|%value of|
||||Portfolio|Portfolio|
||Ruffer SICAV Fixed income ZGBP||6.58|8.78|
||RuAer Illiquid Multi Strategies Fund 2015Limited||3.55|5.49|
||The Growth Trust For Charities Income Units||5.S6|5.34|
||Vanguard<br>SAP 500UCITS Exchange Traded||||
||Fund||5.16|5.27|
|||||Total|
|9a)|Fixed Asset Investments|—Unlisted|||
||Cost||||
||As at 1 April 2021|||210,700|
||Impairment|||(210,700)|
||As at 31March 2022||||
||The unlisted<br>investment|is in Smart Matrix Limited and the company||went into administration|
||on 16December 2021 and it has therefore been fully impaired in the|||year.|
|10)|Debtors||2022|2021|
||Other debtors||81,170|75,547|
||P repayments||2,530|14,436|
||||83,700|89,983|
|11)|Creditors: Amounts<br>falling due within one year||2022|2021|
||Trade creditors||3,S86|23,929|
||Other tax and social security||1,772|1,731|
||Other creditors||88,867|28,000|
||Accruals||140,674|138,850|
||Deferred income||16,617|14,644|
||||251,816|207,154|





## 

|12)|Analysis ofnet assets betw|een fun|ds|||
|---|---|---|---|---|---|
|||||2022|2021|
||Fund balance —Unrestricted|||88,343,805|87,035,562|
||Fund balance is represented|by:||||
||Tangible fixed assets|||1,205,000|1,590,000|
||Investment<br>properties|||7,921,438|7,361,438|
||Fixed asset investments|||78,454,993|77,485,945|
||Current assets|||1,014,190|805,333|
||Current liabilities|||(251,816)|(207,154)|
||Total Net Assets|||88,343,805|87,035,562|
|13)|Reconciliation ofnet expenditure||to|||
||net cash used in operating|activities||2022|2021|
||Net income for the year|||1,308,243|11,020,478|
||Adjustments<br>for:|||||
||Gains on investments|||(4,208,100)|(13,836,227)|
||Dividends,<br>interest and rents lrom<br>investments|||(1,900,586)|(1,708,002)|
||Gain on disposal ofplant, property<br>and equipment||||(263,638)|
||Decrease in debtors|||6,283|28,191|
||Increase/(decrease)<br>in creditors|||44,662|(125,081)|
||Net cash used in operating|activities||(4,749,498)|(4,884,279)|
||Analysis ofcash and cash|equivalents||2022|2021|
||Cash at bank and in hand|||930,490|715,350|





## 

|An analysis ofgrants made per object ofth|e Trust is as follo|ws:|||
|---|---|---|---|---|
||2022|2022|2021|2021|
|||0/|||
|Education —South A&ica - charitable|||||
|objects (d) and (e}|804,680|22.37|695,572|18.70|
|Racing —United Kingdom -charitable<br>object (b)|325,000|9.03|55,000|148|
|Health and associated causes —United|||||
|Kingdom - charitable objects (a) and (f)|2,125,222|59.08|2,595,526|69.73|
|Jewish Charities —United Kingdom-|||||
|charitable object (c)|308,051|8.56|274,400|7.37|
||3,562,953||3,620,498||
|Pensioners'<br>Welfare —charitable object|||||
|(a)|34,448|0.96|101,283|2.72|
||3,597,401|100.0|3,721,781|100.0|



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