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2021-03-31-accounts

The Lovington Foundation

Financial Statements Year Ended 31 March 2021 Charity No.: 1151072

The Lovington Foundation

Report and Financial Statements for the year ended 31 March 2021

Contents

Page:

1 Reference and administrative information 2-4 Report of the Trustees 5 Report of the Independent Examiners 6 Statement of Financial Activities 7 Balance Sheet 8-12 Notes forming part of the Financial Statements 13 Appendix Trustees Lady B M F Lupton Annabelle M O Lupton Camilla C Lupton Victoria F Lupton Sam A C Lupton Chairman Annabelle M O Lupton Principal Office Lovington House, Ovington, Alresford, Hampshire, SO24 0RD Independent Examiner Aphrodite Lefevre, BDO LLP, 62-64 Thorpe Road, Norwich, NR1 1RY Bankers National Westminister Bank PLC, Bishopsgate, 15 Bishopsgate, London, EC2P 2AP Solicitors Farrer & Co LLP, 66 Lincln's Inn Fields, London, WC2A 3LH

1

The Lovington Foundation

Report of the Trustees for the year ended 31 March 2021

The Trustees present their report along with the financial statements of the charity for the year ended 31 March 2021. The Financial Statements have been prepared in accordance with the accounting policies set out on page 8 and comply with the charity’s trust deed and applicable law.

The Trustees who served throughout the year were:

Lady B M F Lupton Annabelle M O Lupton Camilla C Lupton Victoria F Lupton Sam A C Lupton

Registered office

Lovington House, Ovington, Alresford, Hampshire, SO24 0RD

Governing Document

The Lovington Foundation is an unincorporated charitable Trust established by Declaration of Trust dated 28 February 2013. The Foundation was approved by the Charity Commission on 5 March 2013 under number 1151072.

Organisational Structure

The Trust was established by an initial gift from James Lupton CBE.

The Trustees are responsible for the strategic direction and policy of the Trust. New Trustees are appointed by the existing Trustees. There are a minimum number of Trustees set out in the Trust Deed as two, with a maximum of eight. The Trustees must hold at least two meetings each year.

Risk management

The Trustees have reviewed areas where potential and major risks may arise to the Trust in accordance with the statement of recommended practice and have established systems and procedures to manage those risks. The Trustees consider there to be no significant areas of concern.

The Trustees have prepared the financial statements on a going concern basis. However, before reaching their decision to do so, careful consideration has been given to the possible implications of COVID-19.

The main consideration was the volatility of the stock market and its implication on both the value of the investment portfolio and the level of income arising therefrom. However, the Trust does not rely solely on the dividends received to meet its liabilities as and when they fall due, as the the Trust has received significant donations from Lord Lupton CBE. The Trust's investment fund value has withstood the economic presented by the pandemic. As a result of their discussions the Trustees are satisfied that it is appropriate to prepare the financial statements on a going concern basis.

Objectives and Activities

The objectives of the Trust are such charitable purposes for the benefit of the public as the Trustees may decide.

The main causes for support of the Trust are:

2

The Lovington Foundation

Report of the Trustees for the year ended 31 March 2021 (continued)

Public benefit

The Trustees have taken account of the Charity Commission's guidance on public benefit. The main activity undertaken to further the Trust's purposes for the public benefit is the issuance of grants.

Achievements and Performance

The Trustees are able to utilise the funds to make grants. Grants made during the year were £250,000 this year (2020 - £150,000).

Financial Review

At the end of the reporting period, the Trust had net assets and unrestricted funds of £2,351,682 (2020 - £2,124,807).

The attached financial statements show the current state of the Trust's finances to be acceptable.

Investment Policy

The Trust can invest moneys not immediately required for its immediate purposes in or upon such investments, securities or property as may be thought it subject to conditions or consents as may for the time being be imposed or required by law. The Trustees believe the investments of the Trust have been acceptable.

Reserves policy

The Trustees are aware that contributions to the Trust are likely to be irregular. In order to enable a steady building up of annual gifts, the Trustees therefore believe that it will be prudent to build a significant reserve in the early years of the Trust's existence, from which income can be derived to smooth donations in future years. At 31 March 2021, the unrestricted funds stood in a surplus position of £2,351,682 (2020 - £2,124,807).

Plans for the future

As in the earlier years, the intention is to build up the assets of The Lovington Foundation. The financial statements are not published on a website.

Trustees’ responsibilities in relation to the financial statements

The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Charity law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources, including the income and expenditure, of the Trust for that period.

In preparing these financial statements, the Trustees are required to:

3

The Lovington Foundation

Report of the Trustees for the year ended 31 March 2021 (continued)

Trustees’ responsibilities in relation to the financial statements (continued)

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Trust's transactions and disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees and signed on their behalf by:

Annabelle M O Lupton Trustee

Date:

4

Independent Examiner's Report to the Trustees of

The Lovington Foundation

I report to the Trustees on my examination of the accounts of the Trust for the year ended 31 March 2021, which are set out on pages 6 to 12.

This report is made solely to the charity's Trustees, as a body, in accordance with Regulation 31 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity's Trustees as a body, for my work, for this report, or for the statement I have made.

Responsibilities and basis for report

As the charity Trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the ACT').

I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Aphrodite Lefevre

BDO LLP Norwich, UK

Date:

5

The Lovington Foundation

Statement of Financial Activities for the year ended 31 March 2021

Notes
Income and endowments from
Donations and legacies
4
Investments
5
Total
Expenditure on
Raising funds
6
Charitable activities
Activities undertaken
8
Support costs
9
Total
Net income/(expenditure) before investment gains/(losses)
Realised gains/(losses) on investments
Unrealised gains/(losses) on investments
10
Net income
Other recognised (losses)/gains
Realised gains on currency exchange
Net movement in funds
Total funds at 1 April 2020
Total funds at 31 March 2021		 2021
£
-
29,952
29,952
10,148
250,000
9,231
269,379
(239,427)
117,159
349,215
226,947
(72)
226,875
2,124,807
2,351,682		 2020
£
500,000
20,544
520,544
8,919
150,000
2,247
161,166
359,378
25,805
(138,441)
246,742
33
246,775
1,878,032
2,124,807

All funds are unrestricted and relate to continuing activities.

The notes on pages 8 to 12 form part of these financial statements

6

The Lovington Foundation

Balance Sheet as at 31 March 2021

Notes
Fixed Assets
Investments
10
Current Assets
Cash at bank and in hand
11
Current Liabilities
Creditors:amounts falling due within one year
12
Net current assets
Total net assets
Funds
Unrestricted Funds		 £
£
2,342,211
2,342,211
12,802
(3,331)
9,471
2,351,682
2,351,682
2021		 £
£
2,106,108
2,106,108
21,883
(3,184)
18,699
2,124,807
2,124,807
2020		 £
£
2,106,108
2,106,108
21,883
(3,184)
18,699
2,124,807
2,124,807
2020
2,124,807
2,124,807

Approved by the Trustees and signed on their behalf by:

Annabelle M O Lupton Trustee Date:

The notes on pages 8 to 12 form part of these financial statements

7

Notes to the financial statements for the year ended 31 March 2021

The Lovington Foundation

1 General information

The Lovington Foundation is an unincorporated charitable Trust established by Declaration of Trust dated 28 February 2013. The Foundation was approved by the Charity Commission on 5 March 2013 under number 1151072. The address of the principle office is on the reference and administrative information page and the nature of the charities operations and its activities are set out in the Trustees' report.

2 Principal Accounting Policies

(a) Accounting Convention

The financial statements are prepared under the historical cost convention and in preparing the financial statements the charity follows best practice as laid down in the Statement of Recommended Practice “Accounting and Reporting by Charities” (Charities SORP (FRS 102)) and comply with the Charities (Accounts and Reports) Regulations 2008 issued under the Charities Act 2011.

The financial statements have been prepared to give a “true and fair view” and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a “true and fair view”. This departure has involved following the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 1 January 2019 rather than the Statement of Recommended Practice: Accounting and Reporting by Charities which was effective from 1 April 2005 but which has since been withdrawn.

(b)[Going Concern]

The Trustees have considered the impact of COVID-19 and despite a cash balance of £12,802 (2020 - £21,883) they have concluded that the Charity has access to sufficient resourcing, to allow the Charity to continue to trade for a period of at least twelve months. Therefore the trustees believe, that while there is some uncertainty, the going concern basis is an appropriate basis for these financial statements.

(c) Donations, legacies and similar income

Donations, legacies and similar income are shown in the accounts when receivable and the value of the incoming resources can be measured with sufficient reliability.

(d)[Investment income]

Investment income is accounted for in the period in which the charity is entitled to receipt.

(e)[Resources expended]

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis.

(f)[Charitable activities]

Costs of charitable activities include grants made and an apportionment of overhead and support costs where applicable.

Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the Trust.

8

The Lovington Foundation

Notes to the financial statements for the year ended 31 March 2021

2 Principal Accounting Policies (continued)

(g)[Governance costs]

Governance costs comprise costs relating to the general running of the charity as opposed to those associated with generating funds or charitable activity.

(h) Fixed asset investments

Investments are stated at closing market value at the balance sheet date. Any gains or losses on revaluation and disposal are shown in the Statement of Financial Activities.

(i) Realised gains and losses

Gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and purchase cost. Unrealised gains and losses are calculated as the difference between the market value at year end and opening market value (or purchase date if later). Realised and unrealised gains and losses are not separated in the Statement of Financial Assets.

(j)[Taxation]

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

(k) Functional and presentation currency

Items included in the financial statements are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The financial statements are presented in sterling, which is the company’s functional presentation currency.

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling the balance sheet date. Transactions in foreign currency are translated at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

(l)[Financial instruments]

The Charity only has financial assets and financial liabilities that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3 Judgements

Preparation of financial statements requires management to exercise judgement in applying the charity's accounting policies. Estimates and assumptions used in the preparation of the financial statements are continually reviewed and revised as necessary.

In preparing these financial statements, the Trustees have not made any significant judgements that materially affect the carrying value of assets and liabilities at the reporting date.

4 Donations 2021 2020
£ £
Donations received - 500,000

9

The Lovington Foundation

Notes to the financial statements for the year ended 31 March 2021

5
Investment income
Dividend income
6
Raising Funds
Investment managers fees
7
Charitable Activities
Arts & Culture
Education
Other Charitable Purposes
8
Grants paid or payable
Art History Link-Up
Clean Break
Create
Football Beyond Borders
Gasworks Dock Partnership
Penygraig Community Project
The Bridge At Waterloo
The Bulldog Trust
The Story Museum		 Activities
Undertaken
Directly
(see note 8)
£
20,000
20,000
210,000
250,000
1172792
1017560
1099733
1158046
1141523
516007
1167768
1123081
1107809
Registered
Charity No.		 2021
£
29,952
2021
£
10,148
Support
Costs
(see note 9)
£
738
738
7,755
9,231
2021
£
10,000
-
-
10,000
10,000
10,000
10,000
200,000
-
250,000		 Total
2021
£
20,738
20,738
217,755
259,231		 2020
£
20,544
2020
£
8,919
Total
2020
£
20,300
30,449
101,498
152,247
2020
£
-
10,000
10,000
10,000
-
-
-
100,000
20,000
150,000

10

The Lovington Foundation

Notes to the financial statements for the year ended 31 March 2021

9
Support Costs
2021
£
Independent Examiner Fees
2,332
- prior year underprovision
146
Bank charges
3
Consultancy fees
6,750
9,231
10 Investments
£
£
Market value at 1 April 2020
1,909,066
Additions
1,218,935
Disposals
(1,217,489)
1,446
Unrealised gains / (losses)
349,215
349,215
Market value at 31 March 2021
2,259,727
Cash held within the investment portfolio
82,484
Total value of portfolio at 31 March 2021
2,342,211
2021
£
Investments at market value comprised:
UK Securities
131,369
Foreign Securities
1,312,550
Bonds
782,686
Hedge Funds
115,606
2,342,211
Historical cost at 31 March 2021
1,952,960
2021		 2020
£
2,239
-
8
-
2,247
£
£
1,765,632
856,529
(574,654)
281,875
(138,441)
(138,441)
1,909,066
197,042
2,106,108
2020
£
356,227
896,134
628,021
225,726
2,106,108
1,951,514
2020		 2020
£
2,239
-
8
-
2,247
1,909,066
197,042
2,106,108
2020
£
356,227
896,134
628,021
225,726
2,106,108
1,951,514

11

The Lovington Foundation

Notes to the financial statements for the year ended 31 March 2021

11 Cash at bank and in hand
Natwest
12 Creditors: Amounts falling due within one year
Investment Management Fees
Independent Examiner Fees		 2021
£
12,802
2021
£
1,000
2,331
3,331		 2020
£
21,883
2020
£
1,000
2,184
3,184

13 Related parties

During the year, Lord Lupton CBE (Trustee resigned 23 October 2019) donated £Nil (2020 - £500,000) to the Trust without any conditions attached.

14 Trustees' and other employees

The Trust had no staff costs in the year (2020 - £Nil). On average there were zero people employed under contracts of service (2020 - Nil).

No Trustees received any remuneration or other benefits in the year (2020 - £Nil).

There were no expenses reimbursed to Trustees (2020 - £Nil).

12

The Lovington Foundation Appendix Schedule of Investments 31 March 2021

The Lovington Foundation

Vestra Schedule of Investments for the year ended 31 March 2021

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Unrealised
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Gain/(Loss)
£ £ £ £ £ £ £ £ £
iShares II Plc USD Tips UCITS ETF GBP Dis Hedged
01-Apr-20 b/fwd 14,970 75,970 76,310
03-Jun-20 Sale 10,000 51,932 50,748 1,184
11-Jun-20 Purchase 6,766 35,383
18-Nov-20 Sale 555 2,961 2,866 95
21-Jan-21 Sale 380 2,062 1,962 99
31-Mar-21 c/fwd 10,800 55,776 57,456 1,340
iShares II Plc USD Treas BD 7-10YR UCIT ETF GBP Dis HGD
01-Apr-20 b/fwd 11,565 61,930 66,609
03-Jun-20 Sale 6,750 38,612 36,146 2,466
11-Jun-20 Purchase 4,445 25,427
18-Nov-20 Sale 550 3,105 3,042 63
31-Mar-21 c/fwd 8,710 48,169 46,320 (6,528)
iShares IV Plc USD Treasur BD 20YR UCIT ETF GBP Dis HDG
01-Apr-20 b/fwd
26-Feb-21 Purchase 5,390 26,870
31-Mar-21 c/fwd 5,390 26,870 26,125 (745)
Allianz Global Investors GMBH Strategic Bond I Acc GBP Acc
01-Apr-20 b/fwd
19-Jan-21 Purchase 37,680 52,801
31-Mar-21 c/fwd 37,680 52,801 50,597 (2,204)

1

The Lovington Foundation

Vestra Schedule of Investments for the year ended 31 March 2021

Opening Balances Opening Balances Acquisitions Acquisitions Acquisitions Disposals Closing Unrealised
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Gain/(Loss)
£ £ £ £ £ £ £ £ £
AXA Investment Managers UK Ltd US SHT Duration High YLD BD ZI Gross Acc
01-Apr-20 b/fwd
32,500		 47,840 44,168
08-Jun-20 Sale 7,185 10,418 10,576 (158)
28-Aug-20 Dividend/Retention of Income - 813
28-Aug-20 Accumulation Equalisation - (395)
19-Nov-20 Sale 740 1,104 1,101 3
26-Feb-21 Dividend/Retention of Income - 735
31-Mar-21 c/fwd 24,575 37,315 37,182 3,539
Henderson Investment Funds Ltd Janus Janus Henderson Strategic Bond Acc
01-Apr-20 b/fwd
30-Apr-20 Purchase 15,900 57,876
08-Jun-20 Sale 1,980 7,417 7,207 210
31-Jul-20 Conversion (13,920) (50,669)
31-Mar-21 c/fwd (0) 0
Henderson Investment Funds Ltd Strategic Bond G Gbp Acc
01-Apr-20 b/fwd
31-Jul-20 Conversion 14,733 50,669
28-Aug-20 Dividend/Retention of Income - 493
28-Aug-20 Accumulation Equalisation - (143)
19-Nov-20 Sale 423 1,561 1,463 98
30-Nov-20 Dividend/Retention of Income - 482
19-Jan-21 Sale 14,310 53,305 50,037 3,267
26-Feb-21 Dividend/Retention of Income - (506) - (506)
31-Mar-21 c/fwd - -

2

The Lovington Foundation

Vestra Schedule of Investments for the year ended 31 March 2021

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Unrealised
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Gain/(Loss)
£ £ £ £ £ £ £ £ £
Jupiter Unit Trust Managers Strategic Bond X Gbp Acc
01-Apr-20 b/fwd
08-Jul-20 Converted 81,151 81,444
30-Sep-20 Dividend/Retention of Income 577
31-Dec-20 Dividend/Retention of Income 704
31-Mar-21 Dividend/Retention of Income 772
31-Mar-21 c/fwd 81,151 83,497 83,042 (455)
Jupiter Unit Trust Managers Strategic Bond Z Acc
01-Apr-20 b/fwd
94,296		 104,859 101,651
08-Jun-20 Sale 21,741 24,367 24,176 191
30-Jun-20 Dividend/Retention of Income - 861
30-Jun-20 Accumulation Equalisation - (100)
08-Jul-20 Converted (72,555) (81,444)
31-Mar-21 c/fwd - 3,208
Muzinich & Co Ireland Limited Global Tactical Credit G Gbp Acc Hedged
01-Apr-20 b/fwd
11-Jun-20 Purchase 415 41,351
18-Nov-20 Sale 15 1,563 1,495 68
31-Mar-21 c/fwd 400 39,856 41,860 2,004
Jupiter Fund Managers Limited UK Smaller Companies U1 Gbp Acc Co (Formerly Merian Investment Management Ltd)
01-Apr-20 b/fwd
14,435		 25,943 19,949
30-Sep-20 Dividend/Retention of Income - 83
30-Sep-20 Accumulation Equalisation - (30)
19-Nov-20 Sale 3,620 7,135 6,519 616
22-Jan-21 Sale 10,815 22,690 19,477 3,213
31-Mar-21 c/fwd - 5,994

3

The Lovington Foundation

Vestra Schedule of Investments for the year ended 31 March 2021

Opening Balances Opening Balances Acquisitions Acquisitions Acquisitions Disposals Closing Unrealised
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Gain/(Loss)
£ £ £ £ £ £ £ £ £
Link Fund Solutions Ltd LF Lindsell Train UK Equity DIS
01-Apr-20 b/fwd 20,125 64,470 57,934
26-May-20 Conversion (20,125) (64,470)
31-Mar-21 c/fwd - 6,536
Link Fund Solutions Ltd LF Lindsell Train UK Equity D Dis
01-Apr-20 b/fwd
26-May-20 Conversion 39,773 64,470
09-Jun-20 Sale 9,798 15,768 15,882 (114)
19-Nov-20 Sale 985 1,618 1,597 22
22-Jan-21 Sale 28,990 48,419 46,991 1,428
31-Mar-21 c/fwd - -
Link Fund Solutions Ltd Trojan Income X Inc
01-Apr-20 b/fwd 64,950 67,481 56,312
08-Jun-20 Sale 15,230 14,563 15,824 (1,261)
22-Jan-21 Sale 49,720 47,333 51,658 (4,324)
31-Mar-21 c/fwd - 11,170
Liontrust Fund Partners LLP Special Situations Inc INSTIT
01-Apr-20 b/fwd 6,710 28,408 24,232
08-Jun-20 Sale 1,595 6,590 6,753 (163)
31-Jul-20 Equalisation - (78)
22-Jan-21 Sale 5,115 23,218 21,578 1,640
31-Mar-21 c/fwd 0 4,176
Schroder Unit Trusts Income L Acc
01-Apr-20 b/fwd 89,320 66,856 47,349
24-Apr-20 Dividend/Retention of Income - 2,640
24-Apr-20 Accumulation Equalisation (1,233) -
26-May-20 Sale 89,320 48,778 68,263 (19,485)
31-Mar-21 c/fwd 0 19,508

4

The Lovington Foundation

Vestra Schedule of Investments for the year ended 31 March 2021

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Unrealised
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Gain/(Loss)
£ £ £ £ £ £ £ £ £
Threadneedle Investment Funds ICVC UK Equity Income L GBP Acc
01-Apr-20 b/fwd 20,643 67,095 51,082
07-May-20 Dividend/Retention of Income - 501
07-May-20 Accumulation Equalisation - (97)
08-Jun-20 Sale 5,528 15,561 18,076 (2,515)
07-Aug-20 Dividend/Retention of Income - 441
06-Nov-20 Dividend/Retention of Income - 355
25-Jan-21 Sale 15,115 47,030 50,219 (3,188)
05-Feb-21 Dividend/Retention of Income - (346) - (346)
31-Mar-21 c/fwd 0 16,013
Findlay Park Partners LLP American GBP Hedged Dis
01-Apr-20 b/fwd 1,605 84,740 94,230
08-Jun-20 Sale 235 16,300 12,407 3,892
18-Nov-20 Sale 135 10,323 7,128 3,196
17-Feb-21 Sale 436 35,931 23,020 12,911
31-Mar-21 c/fwd 799 42,185 66,253 14,578
MSIM Fund Management (Ireland) Ltd INVF US Advantage HSC ZH GBP
01-Apr-20 b/fwd 925 27,232 36,639
08-Jun-20 Sale 120 6,402 3,533 2,869
28-Jan-21 Purchase 225 16,835
31-Mar-21 c/fwd 1,030 40,534 75,509 25,568
T Rowe Price (Lux) Mgt Sarl US Smaller Cos Equity F Q Acc
01-Apr-20 b/fwd
17-Feb-21 Purchase 864 35,580
31-Mar-21 c/fwd 864 35,580 35,519 (60)

5

The Lovington Foundation

Vestra Schedule of Investments for the year ended 31 March 2021

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Unrealised
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Gain/(Loss)
£ £ £ £ £ £ £ £ £
Coupland Cardiff Funds CC Japan Inc&Growth GBP
01-Apr-20 b/fwd 2,345 37,231 31,688
09-Jun-20 Sale 510 7,548 8,097 (549)
17-Nov-20 Sale 1,835 27,978 29,134 (1,156)
31-Mar-21 c/fwd - 5,543
MSIM Fund Management (Ireland) Ltd Asia Opportunity J USD Acc
01-Apr-20 b/fwd
27-Jul-20 Purchase 1,240 37,602
18-Nov-20 Purchase 318 11,048
31-Mar-21 c/fwd 1,558 48,650 54,739 6,089
Schroder Inv Mgmt Europe SA ISF Asian Total Return C Dis AV
01-Apr-20 b/fwd 125 44,215 38,136
08-Jun-20 Sale 35 12,689 12,380 309
18-Nov-20 Purchase 33 14,486
31-Mar-21 c/fwd 123 46,321 57,153 16,912
Brown Advisory Funds Global Leaders SI GBP Acc
01-Apr-20 b/fwd
28-May-20 Purchase 3,990 40,139
08-Jun-20 Sale 510 5,258 5,131 128
18-Nov-20 Sale 130 1,485 1,308 177
28-Jan-21 Purchase 3,120 36,442
31-Mar-21 c/fwd 6,470 70,143 77,122 6,980
Fundrock Management Company SA Fundsmith Sicav Equity I Usd Dis
01-Apr-20 b/fwd 5,270 67,364 92,496
09-Jun-20 Sale 950 19,228 12,143 7,085
19-Nov-20 Sale 260 5,674 3,323 2,351
19-Mar-21 Excess Reportable Income - 116
31-Mar-21 c/fwd 4,060 52,013 91,279 14,133

6

The Lovington Foundation

Vestra Schedule of Investments for the year ended 31 March 2021

Opening Balances Opening Balances Acquisitions Acquisitions Acquisitions Disposals Closing Unrealised
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Gain/(Loss)
£ £ £ £ £ £ £ £ £
KBA Consulting Management Limited Lindsell Train Global Equity B Gbp Dis
01-Apr-20 b/fwd
26-Jan-21 Purchase 13,380 56,409
31-Mar-21 c/fwd 13,380 56,409 54,916 (1,493)
Link Fund Manager Solutions Ireland Ardevora Global Equity C Acc Nav
01-Apr-20 b/fwd
26-Jan-21 Purchase 15,570 58,567
31-Mar-21 c/fwd 15,570 58,567 54,791 (3,776)
MDO Management Company RWC global emerging market
01-Apr-20 b/fwd 130 21,898 19,090
24-Jul-20 Sale 130 25,121 21,898 3,223
31-Mar-21 c/fwd - 2,808
MSIM Fund Management (Ireland) Ltd Global brands ZH Acc Nav
01-Apr-20 b/fwd 1,820 99,374 95,350
08-Jun-20 Sale 450 27,158 24,571 2,587
25-Jan-21 Sale 520 34,554 28,393 6,161
19-Mar-21 Excess Reportable Income - 552
31-Mar-21 c/fwd 850 46,963 57,996 15,056
T Bailey Fund Services Ltd Evenlode Global Income C Gbp Acc
01-Apr-20 b/fwd
17-Sep-20 Purchase 25,100 32,650
29-Jan-21 Dividend/Retention of Income - 150
29-Jan-21 Accumulation Equalisation - (150)
03-Feb-21 Converted (25,100) (32,650)
31-Mar-21 c/fwd - -

7

The Lovington Foundation

Vestra Schedule of Investments for the year ended 31 March 2021

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Unrealised
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Gain/(Loss)
£ £ £ £ £ £ £ £ £
T Bailey Fund Services Ltd Evenlode Global Income C Gbp Acc
01-Apr-20 b/fwd
03-Feb-21 Converted 24,943 32,650
31-Mar-21 c/fwd 24,943 32,650 34,798 2,148
Blackrock (Luxembourg) S.A BSF Global Event Driven D2 GBP HGD
01-Apr-20 b/fwd 270 30,675 28,679
08-Jun-20 Sale 65 7,482 7,385 98
28-Jan-21 Purchase 65 7,898
31-Mar-21 c/fwd 270 31,188 33,118 3,925
Federated Hermes UK Llp Short Term Sterling Prime 3 Inc Nav
01-Apr-20 b/fwd
11-Jun-20 Purchase 60,000 60,000
09-Sep-20 Sale 60,000 60,000 60,000 -
31-Mar-21 c/fwd - -
Blackrock Asset Mgmt Ireland Ltd Ics Sterling Liquidity Premier Gbp Acc
01-Apr-20 b/fwd
11-Jun-20 Purchase 305 32,045
23-Jul-20 Sale 102 10,719 10,717 2
09-Sep-20 Sale 203 21,335 21,328 7
31-Mar-21 c/fwd - -
1,023,582 981,902 687,457 831,443 805,552 25,891 905,487 1,035,775 171,968

8

The Lovington Foundation

Tribe Schedule of Investments for the year ended 31 March 2021

Opening Balances Opening Balances Opening Balances Acquisitions Acquisitions Acquisitions Acquisitions Disposals Closing Unrealised
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Gain/(Loss)
£ £ £ £ £ £ £ £ £
United Kingdom (Government of) 0.125% Gilt
01-Apr-20 b/fwd
62,000		 75,769 81,873
14-Apr-20 Sale 29,662 39,384 36,249 3,135
21-May-20 Sale 32,338 43,301 39,519 3,781
31-Mar-21 c/fwd - - - (6,104)
Liontrust Fund Partners LLP Sustainable Future Corp Bond 6 Net Acc
01-Apr-20 b/fwd
-		 - -
15-Apr-20 Purchase 21,260 30,000
30-Jun-20 Dividend/Retention of Income - 258
30-Jun-20 Accumulation Equalisation - (150)
30-Sep-20 Dividend/Retention of Income - 261
31 /1 2/20 Dividend/Retention of Income - 252
21-Jan-21 Purchase 7,747 12,000
31-Mar-21 Dividend/Retention of Income - 327
31-Mar-21 Accumulation Equalisation - (45)
31-Mar-21 c/fwd 29,007 42,904 43,816 912
Threadneedle Investment Funds UK Social Bond IGI INC NAV
01-Apr-20 b/fwd
22,471		 25,306 24,419
31-Mar-21 c/fwd 22,471 25,306 25,479 1,061
Blueorchard Asset MGT (Lux) SA Blueorchard microfinance D GBP
01-Apr-20 b/fwd
826		 86,406 92,346
31-Jul-20 Purchase 89 10,000
19-Aug-20 Excess Reportable Income - 4,816
31-Mar-21 c/fwd 915 101,222 103,664 (3,497)

1

The Lovington Foundation

Tribe Schedule of Investments for the year ended 31 March 2021

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Unrealised
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Gain/(Loss)
£ £ £ £ £ £ £ £ £
Blueorchard Asset Mgt (Lux) SaEmg Mkts Sdg Impact Bond D Gbp AccHgd
01-Apr-20 b/fwd - - -
15-Dec-20 Purchase 380 38,000
31-Mar-21 c/fwd 380 38,000 37,704 (296)
Fundrock Management Company SA Pareto Global Corporate Bond H Eur Acc
01-Apr-20 b/fwd - - -
30-Dec-20 Converted 359 33,000
31-Mar-21 c/fwd 359 33,000 36,258 3,258
Fundrock Management Company SA Pareto Global Corporate Bond H Eur Acc
01-Apr-20 b/fwd - - -
03-Jun-20 Purchase 384 33,000
30-Dec-20 Converted (384) (33,000)
31-Mar-21 c/fwd - - - -
NN Investment Partners B.V. Green Bond Short DUR I CAP GBP HDG
01-Apr-20 b/fwd 304 30,500 29,116
21-Jan-21 Purchase 244 25,000
31-Mar-21 c/fwd 548 55,500 55,903 1,787
Triodos Sicav II Microfinance KI GBP INC
01-Apr-20 b/fwd 2,662 60,231 62,014
30-Sep-20 Sale 2,662 57,410 60,231 (2,821)
31-Mar-21 c/fwd - - - (1,783)
UBS ETF SICAV SUS DEV Bank UCITS ETF USD A Acc
01-Apr-20 b/fwd - - -
27-May-20 Purchase 2,800 32,270
21-Oct-20 Purchase 1,400 16,109
31-Mar-21 c/fwd 4,200 48,379 47,460 (919)

2

The Lovington Foundation

Tribe Schedule of Investments for the year ended 31 March 2021

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Unrealised
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Gain/(Loss)
£ £ £ £ £ £ £ £ £
Wellington Mgmnt Funds (Ireland) Global Impact Bond S GBP Acc HGD
01-Apr-20 b/fwd 3,000 30,000 29,306
21-Jan-21 Purchase 5,700 59,995
31-Mar-21 c/fwd 8,700 89,995 89,821 520
Civitas Social Housing PLC
01-Apr-20 b/fwd 17,709 20,000 16,992
27-Jan-21 Purchase 5,000 5,331
31-Mar-21 c/fwd 22,709 25,331 24,503 2,180
Home Reit Plc Ord
01-Apr-20 b/fwd - - -
08-Oct-20 Purchase 11,800 11,800
31-Mar-21 c/fwd 11,800 11,800 13,423 1,623
Edentree Investment Management Amity UK Fund B INST INC
01-Apr-20 b/fwd 11,662 27,869 22,019
10-Jan-21 Sale 11,662 28,503 27,869 634
31-Mar-21 c/fwd - - - 5,851
Gore Street Energy Storage Fund Plc Ord GBP0.01
01-Apr-20 b/fwd 17,368 16,586 16,890
06-Jul-20 Purchase 8,132 7,815
14-Dec-20 Purchase 8,670 8,670
31-Mar-21 c/fwd 34,170 33,071 36,904 3,528
Greencoat UK Wind Plc Ord
01-Apr-20 b/fwd - - -
29-Sep-20 Purchase 16,800 22,008
31-Mar-21 c/fwd 16,800 22,008 21,622 (386)

3

The Lovington Foundation

Tribe Schedule of Investments for the year ended 31 March 2021

Opening Balances Opening Balances Acquisitions Acquisitions Acquisitions Disposals Closing Unrealised
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Gain/(Loss)
£ £ £ £ £ £ £ £ £
Liontrust Fund Partners LLP Sustainable Future UK Growth 2 Acc NAV
01-Apr-20 b/fwd 23,021 48,308 43,469
30-Sep-20 Dividend/Retention of Income - 210
11-Dec-20 Sale 10,055 25,000 21,192 3,808
31-Mar-21 Dividend/Retention of Income - 116
31-Mar-21 c/fwd 12,966 27,442 34,919 12,315
First State Investments (UK) Stewart Inv Asia Paci LDRS B GBP Acc
01-Apr-20 b/fwd 5,809 41,420 39,376
30-Sep-20 Dividend/Retention of Income - 303
31-Mar-21 Dividend/Retention of Income - 28
31-Mar-21 c/fwd 5,809 41,751 55,418 15,711
Baillie Gifford & Co Positive Change B Acc
01-Apr-20 b/fwd 29,088 42,106 54,395
07-Oct-20 Sale 10,013 30,000 14,495 15,505
31-Mar-21 c/fwd 19,075 27,611 63,958 24,058
Fundrock Partners Ltd FP Wheb Sustainability C Acc NAV
01-Apr-20 b/fwd 20,792 42,711 41,443
30-Apr-20 Dividend/Retention of Income - 153
22-May-20 Sale 9,108 21,000 18,777 2,223
21-Jan-21 Sale 11,684 34,159 24,087 10,072
31-Mar-21 c/fwd - - - 1,268
UBS Fund Management Luxembourg Sa Sols Sust Develop Bank Bds Ucits Etf A
01-Apr-20 b/fwd 2,114 19,992 20,211
23-Jul-20 Purchase 1,050 9,984
21-Oct-20 Sale 3,164 29,130 29,976 (846)
31-Mar-21 c/fwd - - - (219)

4

The Lovington Foundation

Tribe Schedule of Investments for the year ended 31 March 2021

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Unrealised
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Gain/(Loss)
£ £ £ £ £ £ £ £ £
Henderson Investment Funds Ltd Janus Henderson GBL Sustainable Equity I
01-Apr-20 b/fwd 25,739 84,396 92,041
29-May-20 Dividend/Retention of Income - 119
24-Jul-20 Sale 2,442 11,000 8,019 2,981
30-Nov-20 Dividend/Retention of Income - 229
21-Jan-21 Sale 5,179 28,000 17,058 10,942
31-Mar-21 c/fwd 18,117 59,666 93,447 26,135
Impax Funds (Ireland) Environmental Leaders (IRE) A GBP Acc
01-Apr-20 b/fwd 42,620 70,750 65,934
24-Jul-20 Sale 5,112 10,000 9,650 350
19-Aug-20 Excess Reportable Income - 473
27-Nov-20 Sale 37,508 81,993 61,573 20,420
31-Mar-21 c/fwd - - - 4,816
Lemanik Asset Management S.A. Sustainable Global Water F GBP Acc
01-Apr-20 b/fwd - - -
27-Nov-20 Purchase 309 36,000
31-Mar-21 c/fwd 309 36,000 37,512 1,512
Montanaro Asset Management Limited Better World GBP Dis
01-Apr-20 b/fwd 23,753 30,000 26,496
31-Mar-21 c/fwd 23,753 30,000 38,907 12,411
Ninety One Fund Managers Uk Ltd Global Environment K Gbp Acc
01-Apr-20 b/fwd - - -
27-Nov-20 Purchase 58,786 82,000
31-Mar-21 c/fwd 58,786 82,000 85,809 3,809

5

The Lovington Foundation

Tribe Schedule of Investments for the year ended 31 March 2021

Opening Balances Opening Balances Acquisitions Acquisitions Disposals Closing Unrealised
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Gain/(Loss)
£ £ £ £ £ £ £ £ £
Pictet Asset Management (Europe) SA GBL Environmental Opps I DY GBP
01-Apr-20 b/fwd
439		 79,000 80,953
20-May-20 Transfer from Nominees (439) -
20-May-20 Transfer into Nominees 439 -
19-Aug-20 Excess Reportable Income - 130
30-Nov-20 Sale 142 37,000 25,521 11,479
21-Jan-21 Sale 98 28,000 17,721 10,279
31-Mar-21 c/fwd 199 35,889 53,880 16,038
Pictet Asset Management (Europe) SA Water I DY GBP DIS
01-Apr-20 b/fwd
143		 41,000 41,093
19-Aug-20 Excess Reportable Income - 16
31-Mar-21 c/fwd 143 41,016 54,850 13,741
Sarasin Funds Management (IRE) Ltd IE Sust GBL Real Estate Eqty P GBP Acc
01-Apr-20 b/fwd
1,302		 25,581 20,483
24-Jun-20 Merger (1,302) (25,581)
20-Aug-20 Excess Reportable Income - (267) - (267)
31-Mar-21 c/fwd - - - 5,099
Sarasin Funds Management (Ire) Ltd Ie Sust Gbl Real Estate Eqty A Gbp Acc
01-Apr-20 b/fwd
-		 - -
24-Jun-20 Merger 1,020 25,581
27-Jul-20 Converted (1,020) (25,581)
27-Jul-20 Dividend/Retention of Income - (408) - (408)
31-Mar-21 c/fwd - - - -
Sarasin Funds Management (Ire) Ltd Ie Sust Gbl Real Estate Eqty I GBP Acc
01-Apr-20 b/fwd
-		 - -
24-Jun-20 Conversion 960 25,581
31-Mar-21 c/fwd 960 25,581 23,278 (2,303)

6

The Lovington Foundation

Tribe Schedule of Investments for the year ended 31 March 2021

Units
Cost
Value
Units
Cost
Units
£
£
£
Opening Balances
Acquisitions
Schroder Inv Mgmt Europe SA Global Energy Transition C GBP Dis
01-Apr-20
b/fwd
-
-
-
01-Dec-20
Purchase
429
47,000
31-Mar-21
c/fwd
Schroder International Select FD Global Energy Transition E USD Acc
01-Apr-20
b/fwd
338
30,000
26,291
31-Mar-21
c/fwd
UBP Asset Management Europe SA Positive Impact Emg Equity Yd GBP Dis
01-Apr-20
b/fwd
-
-
-
01-Dec-20
Purchase
255
37,000
31-Mar-21
c/fwd
927,931
927,160
531,478		 Proceeds
Cost
Profit/Loss
Units
£
£
£
Disposals
429
338
255
503,205
411,937
91,268		 Unrealised
Cost
Value
Gain/(Loss)
£
£
£
Closing
47,000
52,082
5,082
30,000
52,983
26,692
37,000
40,349
3,349
1,047,472
1,223,949
177,248

7