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Date: 21 July 2023 



||Note|Yearended|Yearended|
|---|---|---|---|
|||31March|31March|
|||2023|2022|
|||Unrestricted|Unrestricted|
|||funds|funds|
|||£|£|
|Incomefrom:||||
|Donationsandlegacies|||2,500|
|Investments||||
|Rentreceivable||291,695|288,459|
|Listedinvestments||1,614,909|1,612,111|
|Interestreceived||73|84|
|Total||1,906,677|1,903,154|
|Expenditureon:||||
|Raisingfunds||||
|Investmentmanagementcosts|3|833,663|898,130|
|Propertymanagement,repairsand||||
|maintenancecosts|3|168,498|175,372|
|||1,002,161|1,073,502|
|Charitableactivities||||
|Grantsanddonationspayable|3|3,277,470|3,729,509|
|Total||4,279,631|4,803,011|
|Netexpenditurebefore(losses)/gainson||||
|investments||(2,372,954)|(2,899,857)|
|Net(losses)/gainsoninvestments|4|(2,266,872)|4,208,100|
|Gainsonrevaluationoftangiblefixedassets|8|320,000||
|Netmovementinfunds||(4,319,826)|1,308,243|
|Reconciliationoffunds:||||
|Totalfundsbroughtforwardat1April||88,343,805|87,035,562|
|Totalfundscarriedforwardat31March||84,023,979|88,343,805|





|||31March|31March|
|---|---|---|---|
|||2023|2022|
|||£|£|
|FIXEDASSETS||||
|TangibleAssets|8|1,525,000|1,205,000|
|Investments||||
|InvestmentProperties|9a|8,995,000|7,921,438|
|ListedInvestments|9b|73,069,835|78,454,993|
|||82,064,835|86,376,431|
|||83,589,835|87,581,431|
|CURRENTASSETS||||
|Debtors|10|77,144|83,700|
|Cashatbankandinhand||583,688|930,490|
|||660,832|1,014,190|
|Creditors:Amountsfallingdue|11|(226,688)|(251,816)|
|withinoneyear||||
|NETCURRENTASSETS||434,144|762,374|
|TOTALNETASSETS||84,023,979|88,343,805|
|THEFUNDSOFTHECHARITY:||||
|UnrestrictedFunds||||
|-General|12|83,648,979|88,288,805|
|Revaluationreserve|12|375,000|55,000|
|||84,023,979|88,343,805|





||2023|2022|
|---|---|---|
||£|£|
|Reconciliationofnetexpendituretonet|(4,319,826)|1,308,243|
|cashusedinoperatingactivities|||
|Adjustmentsfor:|||
|Losses/(gains)oninvestments|1,946,872|(4,208,100)|
|Dividends,interestandrentsfrom|||
|investments|(1,906,677)|(1,900,586)|
|Decreaseindebtors|6,556|6,283|
|Decrease/(increase)increditors|(25,128)|44,662|
|Netcashusedinoperatingactivities|(4,298,203)|(4,749,498)|
|Investingactivities:|||
|Dividends,interestandrentsfrom|||
|investments|1,906,677|1,900,654|
|Proceedsfromsaleofinvestments|41,673,925|29,470,898|
|Purchaseofinvestments|(39,629,201)|(26,406,914)|
|Netcashfrominvestingactivities|3,951,401|4,964,638|
|Changeincashandcashequivalentsinthe|||
|reportingperiod|(346,802)|215,140|
|Cashandcashequivalentsat1April|930,490|715,350|
|Cashandcashequivalentsat31March|583,688|930,490|





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|<br>memberislimitedto£1(2022:£1).<br>xpenditure||||
|---|---|---|---|
||Direct|Support|Total|
||Costs|Costs|2023|
||`£`|`£`|<br>`£`|
|Expenditureonraisingfunds:||||
|Investmentmanagementcosts|833,663||833,663|
|Propertymanagement,repairsandmaintenancecosts|136,950|31,548|168,498|
||970,613|31,548|1,002,161|
|Expenditureoncharitableactivities:||||
|Grantsanddonations:||||
|UnitedKingdom|2,211,037|159,543|2,370,580|
|SouthAfrica|807,265|88,567|895,832|
|Pensioners'welfarecosts|28,901|3,712|32,613|
||3,047,203|251,822|3,299,025|
|Profitonforeigncurrency|(21,555)|-|(21,555)|
||3,025,648|251,822|3,277,470|
||3,996,261|283,370|4,279,631|
||Direct|Support|Total|
||Costs|Costs|2022|
||£|£|£|
|Expenditureonraisingfunds:||||
|Investmentmanagementcosts|898,130||898,130|
|Propertymanagement,repairsandmaintenancecosts|151,874|23,498|175,372|
||1.050,004|23,498|1,073,502|
|Expenditureoncharitableactivities:||||
|Grantsanddonations:||||
|UnitedKingdom|2,758,273|117,954|2,876,227|
|SouthAfrica|804,680|28,385|833,065|
|Pensioners'welfarecosts|34,448|2,765|37,213|
||3,597,401|149,104|3,746,505|
|Profitonforeigncurrency|(16,996)|-|(16,996)|
||3,580,405|149,104|3,729,509|
||4,630,409|172,602|4,803,011|





## 

|||2023|2022|
|---|---|---|---|
||Supportcosts:|||
||Officerunningcosts|14,941|14,675|
||Staffcosts|73,098|67,293|
||Legalandprofessionalfees|37,697|34,166|
||Bankcharges|2,026|1,994|
||Officeandadministrationcosts|13,924|13,171|
||Websitedevelopmentcosts|41,580||
||Governancecosts(3(a))|100,104|41,303|
|||283,370|172,602|
|||2023|2022|
|(a)|GovernanceCosts:|||
||Administrationstaffcosts|11,154|10,154|
||Externalauditfees|21,726|21,522|
||Trustees'meetings|2,295|3,641|
||Trustees'expenses(includingsitevisits)|64,929|5,986|
|||100,104|41,303|
|||2023|2022|
|4)|Netgains/(losses)oninvestments|||
||Realisedandunrealisedgainsoninvestments|(3,340,434)|4,243,800|
||Impairmentofunlistedinvestments||(210,700)|
||Revaluationofinvestmentproperties|1,073,562|175,000|
|||(2,266,872)|4,208,100|
|||2023|2022|
|5)|NetExpenditure|||
||Netexpenditureisstatedaftercharging/(crediting):|||
||ReportingAuditorsfees:|||
||Auditfee—currentyear|21,600|21,522|
||Auditfee—prioryear(disbursements)|126||
||Accountancyservices|4,514||
||Profitonforeigncurrency|(21,555)|(16,996)|
||Rentalincome|(291,695)|(288,459)|





|||2023|2022|
|---|---|---|---|
|||No.|No.|
|6)|StaffCosts|||
||Theaveragenumberoffullandpart-timeemployeesduringtheyear|||
||was:|||
||Part-time|2|2|
|||2023|2022|
|||£|£|
||Staffcostsfortheabovepersons:|||
||Wagesandsalaries|72,604|67,325|
||Socialsecuritycosts|2,903|2,850|
||Employer'spensioncosts|8,745|7,272|
|||84,252|77,447|



## 

||2023|2022|
|---|---|---|
||£|£|
|Trustees'meetingsandtravel|64,929|5,986|
||2023|2022|
||No.|No.|
|NumberofTrusteesincurringexpensesintheperiod|5|6|





## 

|||
|---|---|
|TangibleFixedAssets|Freehold|
||Landand|
||Buildings|
|Valuation||
|Asat1April2022|1,205,000|
|Revaluation|320,000|
|Asat31March2023|1,525,000|
|Depreciation||
|Asat1April2022and31March||
|2023||
|NetBookValue||
|Asat31March2023|1,525,000|
|Asat31March2022|1,205,000|



|||Total|
|---|---|---|
|9a)|InvestmentProperties||
||Valuation||
||Asat1April2022|7,921,438|
||Revaluation|1,073,562|
||Asat31March2023|8,995,000|





## 

|FixedAssetInvestments-ManagedFunds||
|---|---|
|Valuation||
|Asat1April2022|78,454,993|
|Additionstoinvestmentportfolio|39,629,201|
|Disposalproceeds|(41,673,925)|
|Netgainonrevaluation|(3,340,434)|
|Asat31March2023|73,069,835|



||2023|2022|
|---|---|---|
||£|£|
|Listedsecuritiescomprised:|||
|UKEquities|6,547,207|11,386,372|
|OverseasEquities|27,620,275|30,149,882|
|UKBonds andGilts|6,717,263|6,175,041|
|OverseasBonds|11,416,332|9,213,632|
|UnitTrustsandFunds|2,939,593|417,866|
|Property|4,520,213|5,312,718|
|Commodities|4,099,860|5,737,884|
|Other|8,002,765|8,541,561|
||71,863,508|76,934,956|
|Cash|1,206,327|1,520,037|
||73,069,835|78,454,993|
|Detailsofmaterialinvestmentsareasfollows:|2023|2022|
||%valueof|%valueof|
||Portfolio|Portfolio|
|RufferSICAVFixedincomeZGBP|11.65|6.58|
|TheGrowthTrustForCharitiesIncomeUnits|5.49|5.86|
|VanguardS&P500UCITSExchangeTraded|||
|Fund|5.13|5.16|





|I0)|Debtors|2023|2022|
|---|---|---|---|
|||£|£|
||Tradedebtors|370||
||Otherdebtors|73,011|81,170|
||Prepayments|3,763|2,530|
|||77,144|83,700|
|11)|Creditors:Amountsfallingduewithinoneyear|2023|2022|
|||£|£|
||Tradecreditors|15,350|3,886|
||Othertaxandsocialsecurity|2,073|1,772|
||Othercreditors|58,764|88,867|
||Accruals|133,225|140,674|
||Deferredincome|17,276|16,617|
|||226,688|251,816|





## 

|Analysisofnetassetsbetweenfunds|||
|---|---|---|
||2023|2022|
||£|£|
|Fundbalances|||
|Unrestricted|||
|Broughtforward|88,288,805|86,980,562|
|(Deficit)/surplusfortheyear(excluding|||
|losses)|(4,639,826)|1,308,243|
|Carriedforward|83,648,979|88,288,805|
|Revaluationreserve|||
|Broughtforward|55,000|55,000|
|Unrealisedgain(note8)|320,000||
|Carriedforward|||
||375,000|55,000|
||84,023,979|88,343,805|
|Fundbalanceisrepresentedby:|||
|Tangiblefixedassets|1,525,000|1,205,000|
|Investmentproperties|8,995,000|7,921,438|
|Fixedassetinvestments|73,069,835|78,454,993|
|Currentassets|660,832|1,014,190|
|Currentliabilities|(226,688)|(251,816)|
|TotalNetAssets|84,023,979|88,343,805|





## 

||2023|2023|2022|2022|
|---|---|---|---|---|
||£|0/0|£|"A|
|Education—SouthAfrica-charitable|||||
|objects(d)and(e)|807,265|26.49|804,680|22.37|
|Racing—UnitedKingdom-charitable|||||
|object(b)|266,837|8.76|325,000|9.03|
|Healthandassociatedcauses—United|||||
|Kingdom-charitableobjects(a)and(1)|1,740,700|57.12|2,125,222|59.08|
|JewishCharities—UnitedKingdom-|||||
|charitableobject(c)|203,500|6.68|308,051|8.56|
||3,018,302||3,562,953||
|Pensioners'Welfare—charitableobject|||||
|(a)|28,901|0.95|34,448|0.96|
||3,047,203|100.0|3,597,401|100.0|



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